Stockabbreviation:SemcorpStockcode:002812AnnouncementNo.:2024-070Bondabbreviation:EnergyConvertibleBondBondcode:128095
YunnanEnergyNewMaterialCo.,Ltd.
2023AnnualReport
April2024
2023AnnualReport
Section1ImportantNotes,ContentsandDefinitionsTheBoardofDirectorsanditsmembers,theSupervisoryCommitteeanditsmembersandtheseniormanagementwarrantthatthecontentsoftheAnnualReportaretruthful,accurateandcomplete,withoutanyfalsestatement,misrepresentationormajoromission,andthattheyarejointlyandseverallyliableforthem.
PaulXiaomingLee(theCompany’spersonincharge),LiJian(thepersoninchargeoffinance)andDengJinhuan(thepersoninchargeoftheaccountingdepartment)herebydeclareandwarrantthatthecontentsofthefinancialstatementsinthisAnnualReportaretruthful,accurateandcomplete.AllDirectorswerepresentattheBoardmeetingtoreviewthisAnnualReport.
Thefutureplans,developmentstrategiesandotherforward-lookingdescriptionsinthisreportdonotconstitutematerialcommitmentsoftheCompanytoinvestors.Investorsandrelatedpersonsshouldbefullyawareoftherisksinconnectiontherewithandshouldunderstandthedifferencebetweenplan,forecastandcommitment.Investorsareadvisedtopayattentiontoinvestmentrisks.
Fordetails,pleaserefertothe“3.RiskstheCompanyMayFace”underthe“XI.OutlookfortheCompany’sFutureProspects”intheSection3“ManagementDiscussionandAnalysis”ofthisreport.
TheproposedprofitdistributionplanoftheCompanyasconsideredandapprovedbytheBoardis:Basedon967,343,387shareswhichistheCompany’stotalsharecapitalof977,755,643sharesasat11April2024minus10,412,256sharesheldintheCompany'srepurchasespecialsecuritiesaccount,acashdividendofRMB15.51(taxinclusive)per10shareswillbedistributedtoallshareholders,0bonusshareswillbeissued(taxinclusive),andnosharewillbeconvertedfromreserveintosharecapital.
ContentsSection1ImportantNotes,ContentsandDefinitions.........................错
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Section2CompanyProfile&KeyFinancialIndicators.....................错误！未定义书签。
Section3ManagementDiscussionandAnalysis..................................错误！未定义书签。
Section4CorporateGovernance...........................................................错误！未定义书签。
Section5EnvironmentandSocialResponsibiliy.................................错
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Section6SignificantEvents..................................................................错
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Section7ShareChangesandShareholderDetails............................错
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Section8DetailsaboutPreferredShares............................................错
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Section9Detailsaboutbonds...............................................................错
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DocumentsAvailableforInspection
I.Financialstatementssignedandsealedbythelegalrepresentative,thepersoninchargeoffinanceandthepersonincharge
oftheaccountingdepartmentoftheCompany.
II.TheoriginalcopiesofalldocumentsandannouncementsoftheCompanywhichhavebeenpubliclydisclosedinnewspapers
designatedbytheChinaSecuritiesRegulatoryCommissionduringtheReportingPeriod.III.Theoriginaltextofthe2023annualreportsignedbythechairmanoftheBoardofDirectors.IV.Theplacewheretheabovedocumentsaremaintained:theCompany’sSecuritiesDepartment.
Definitions
| Terms | Definitions |
| EnergyTechnology,thisCompany,theCompany | YunnanEnergyNewMaterialCo.,Ltd. |
| Actualcontroller,PaulXiaomingLeefamily | PaulXiaomingLee,LiXiaohua,YanMa,YanYangHui,SherryLee,JerryYangLi |
| HongtaPlastic | YunnanHongtaPlasticCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany |
| DexinPaper | YunnanDexinPaperCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany |
| HongchuangPackaging | YunnanHongchuangPackagingCo.,Ltd.,acontrolledsubsidiaryoftheCompany |
| ShanghaiEnergy | ShanghaiEnergyNewMaterialTechnologyCo.,Ltd.,acontrolledsubsidiaryoftheCompany |
| ZhuhaiEnergy | ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
| WuxiEnergy | WuxiEnergyNewMaterialTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
| JiangsuEnergy | JiangsuEnergyNewMaterialsTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
| ChongqingEnergy | ChongqingEnergyNewMaterialTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
| YuxiEnergy | YuxiEnergyNewMaterialsCo.,Ltd.,asubsidiaryoftheCompany |
| XiamenEnergy | XiamenEnergyNewMaterialsCo.,Ltd.,asubsidiaryoftheCompany |
| NewmiTech | ChongqingEnergyNewmiTechnologicalCo.,Ltd.,asubsidiaryoftheCompany |
| JiangxiTonry | JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.,asubsidiaryoftheCompany |
| JiangsuRuijie | JiangsuRuijieNewMaterialsTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
| JiangsuSanhe | JiangsuSanheBatteryMaterialTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
| JiangxiRuijie | JiangxiRuijieNewMaterialsTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
| JiangxiEnergy | JiangxiEnergyNewMaterialsTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
| JiangxiEnpo | JiangxiEnpoNewMaterialsCo.,Ltd.,asubsidiaryoftheCompany |
| HubeiEnergy | HubeiEnergyNewMaterialsTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
| SuzhouGreenPower | SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.,asubsidiaryoftheCompany |
| SEMCORPHungaryKFT | SEMCORPHungaryKorlátoltFelel?sség?Társaság(Hungary),asubsidiaryoftheCompany |
| HeyiInvestment | YuxiHeyiInvestmentCo.,Ltd.,ashareholderholdingmorethan5%oftheCompany’sshares |
| HeliInvestment | YuxiHeliInvestmentCo.,Ltd.,anemployeestockownershipplatformoftheCompany |
| GeneralMeetingofShareholders | ThegeneralmeetingofshareholdersofYunnanEnergyNewMaterialCo.,Ltd. |
| BoardofDirectors | TheBoardofDirectorsofYunnanEnergyNewMaterialCo.,Ltd. |
| SupervisoryCommittee | ThesupervisorycommitteeofYunnanEnergyNewMaterialCo.,Ltd. |
| CSRC | ChinaSecuritiesRegulatoryCommission |
| SZSE | ShenzhenStockExchange |
| CompanyLaw | CompanyLawofthePeople’sRepublicofChina |
| SecuritiesLaw | SecuritiesLawofthePeople’sRepublicofChina |
| ArticlesofAssociation | ArticlesofAssociationofYunnanEnergyNewMaterialCo.,Ltd. |
| Designatedinformationdisclosuremedia | ChinaSecuritiesJournal,ShanghaiSecuritiesJournal,SecuritiesTimes,SecuritiesDaily,Cninfo(www.cninfo.com.cn) |
| RMB,RMB10thousand,RMB100million | RMB,RMB10thousand,RMB100million |
| ReportingPeriod,thisReportingPeriod | January1,2023toDecember31,2023 |
| Sameperiodlastyear | January1,2022toDecember31,2022 |
| Lithium-ionbattery,lithiumbattery | Rechargeablebattery,whichmainlydependsonthelithiumionmovingbetweenthepositiveandnegativeelectrodes.Itgenerallyusesmaterialscontaininglithiumastheelectrodes,andistherepresentativeofmodernhigh-performancebatteries |
| Lithiumbatteryseparator,theseparator | Inthestructureoflithiumbattery,theseparatorisoneofthekeyinnercomponents.Itsmainfunctionistoseparatethepositiveandnegativeelectrodesofthebattery,preventingtheshortcircuitarisingfromthecontactbetweenthetwoelectrodes,currentconductionandoverheating |
| Basefilm,baseseparator | Theseparatorimmersedintheelectrolyteoflithiumbatteryiswidelydistributedwithnano-scalemicroporesonitssurfaceforlithiumionstomovefreelybetweenthepositiveandnegativeelectrodes |
| Coatingfilm,coatedseparator | Theseparatorwithcoatingtreatment |
| Wet-process,Wet-processing | Aprocesstechniqueoflithiumbatteryseparator,alsoknownasphaseseparationprocessorthermallyinducedphaseseparationprocess,istoaddsmallmoleculeswithhighboilingpointasporogentopolyolefin,heatandmeltthemintoauniformstate,extrudethecastingsheetbyscrew,extracttheporogenwithorganicsolventaftersimultaneousorsequentialbiaxialstretching,andthenobtainmicroporousseparatormaterialthroughpost-processingsuchasstretchingheatsettingprocess |
| Dry-process,Dry-processing | Alsoknownasmelt-stretchingprocess,includingunidirectionalstretchingprocess,biaxialstretchingprocessandblowmoldingprocess.Itreferstoapreparationprocessofmeltingandextrudingpolyolefinresinintocrystallinethinpolymerfilm,whichiscrystallizedandannealedtoobtainahighcrystallinitystructure,andthenfurtherstretchingathightemperaturetopeeloffthecrystallineinterfacetoformporousstructure |
| Cigarettelabel | Cigarettepackaging,commonlyknownas“cigarettepack” |
| Asepticpackaging | Compositepackagingmaterialsforasepticfillingofdairyproductsornon-carbonatedsoftdrinks |
| Specialtypaper | Specialtypaperreferstothepaperwithspecialfunctions,ageneraltermforallkindsofspecialpurposepaperorartpaper.Theterm“specialtypaper”inthisreportmainlyreferstospecialpackagingpaper |
| BOPPfilm | Theseparatormadebystretchingandprocessing(suchascorona,coating,etc.)thethickfilmmadeofpolymerpolypropylenemeltatacertaintemperatureandspeedinaspecialstretcher |
| Cigarettefilm | BOPPfilmusedforthepackagingofcigarette,alsoknownas“BOPPcigarettefilm” |
| Flatfilm | BOPPfilmforgeneralpackaging,alsoknownas“BOPPflatfilm” |
| Aluminumlaminatedfilm | Aluminumlaminatedcompositefilmforlithium-ionpouchcell,apackagingmaterialforlithium-ionbatteries,whichprotectstheinternalmaterialsoflithium-ionbatteries |
| ConvertibleBonds,EnergyConvertibleBonds | TheconvertiblecorporatebondsofRMB1.6billionissuedonFebruary11,2020withacodeof128095 |
Section2CompanyProfile&KeyFinancialIndicators
I.CorporateInformation
| StockName | EnergyTechnology | StockCode | 002812 |
| Stocknamepriortochange(Ifany) | InnovationCo.,Ltd. | ||
| Thestockexchangewherethesharesarelisted | ShenzhenStockExchange | ||
| NameoftheCompanyinChinese | 云南恩捷新材料股份有限公司 | ||
| ShortNameoftheCompanyinChinese | 恩捷股份 | ||
| NameoftheCompanyinEnglish(Ifany) | YUNNANENERGYNEWMATERIALCO.,LTD. | ||
| ShortNameoftheCompanyinEnglish(Ifany) | ENERGYTECHNOLOGY | ||
| LegalRepresentativeoftheCompany | PaulXiaomingLee | ||
| RegisteredAddress | No.125,FuxianRoad,High-techZone,YuxiCity,YunnanProvince | ||
| PostalCodeforRegisteredAddress | 653100 | ||
| HistoricalChangesoftheRegisteredAddressoftheCompany | No | ||
| OfficeAddress | No.125,FuxianRoad,High-techZone,YuxiCity,YunnanProvince | ||
| PostalCodeforOfficeAddress | 653100 | ||
| OfficialWebsite | www.semcorp.com | ||
| groupheadquarter@cxxcl.cn | |||
II.ContactInformation
| BoardSecretary | SecuritiesAffairsRepresentative | |
| Name | YuXue | |
| CorrespondenceAddress | No.125,FuxianRoad,High-techZone,YuxiCity,YunnanProvince | |
| Telephone | 0877-8888661 | |
| Fax | 0877-8888677 | |
| groupheadquarter@cxxcl.cn | ||
III.InformationDisclosureandthePlaceWheretheAnnualReportisKept
| ThewebsiteofthestockexchangewheretheCompanydisclosesitsannualreport | ShenzhenStockExchange(www.szse.cn) |
| ThenamesandwebsitesofthemediawheretheCompanydisclosestheannualreport | SecuritiesTimes,ChinaSecuritiesJournal,ShanghaiSecuritiesJournal,SecuritiesDailyandCninfo(www.cninfo.com.cn) |
| Theplacewheretheannualreportiskept | SecuritiesDepartmentoftheCompany |
IV.ChangesofRegistration
| Unifiedsocialcreditcode | 91530000727317703K |
| ChangesofmainbusinessessincetheCompany’slisting | WhentheCompanywaslisted,itsmainbusinessesweredividedintotwocategories:(1)packagingmaterials:BOPPfilms(cigarettefilmandflatfilm)andspecialtypaper |
| (ifany) | products(lasertransferanti-counterfeitingpaper,directplatingpaperandcellophane);(2)packagingprintingproducts:mainlyincludingcigarettelabelproductsandasepticpackagingproducts.Uponthecompletionofmajorassetrestructuringin2018,theCompany’smainbusinessesweredividedintothreecategories:(1)filmproducts(lithiumbatteryseparator,cigarettefilmandflatfilm);(2)packagingprintingproducts(cigarettelabelandasepticpackaging);and(3)packagingproducts(specialtypapers,holographicanti-counterfeitingelectrochemicalaluminumandotherproducts). |
| Changesofcontrollingshareholders(ifany) | Mr.PaulXiaomingLeeandMs.SherryLee,whoareshareholdersandactualcontrollersoftheCompanyandmembersofXiaomingLee’sfamily,signedthePowerofAttorneyforShareholdingonJanuary14,2020.PursuanttothePowerofAttorney,Ms.SherryLeefullydelegatedtheshareholders’rights,suchasrightstoaddressinquiries,proposeandvote,inconnectionwithallthesharessheheldintheCompany,toherfatherMr.PaulXiaomingLee,foraperiodofthreeyearsfromthedateofthePowerofAttorney.Afterthesigningoftheabove-mentionedPowerofAttorneyforShareholding,Mr.PaulXiaomingLeehasbecomethesingleshareholderoftheCompanywiththelargestnumberofshareswithvotingright,andthecontrollingshareholderoftheCompanychangedfromHeyiInvestmenttoMr.PaulXiaomingLee.Theabove-mentionedPowerofAttorneyforShareholdingexpired.Atpresent,Mr.PaulXiaomingLeeisstillthecontrollingshareholderoftheCompany. |
V.OtherRelevantInformationTheaccountingfirmengagedbytheCompany
| Thenameoftheaccountingfirm | DahuaCPAs(SGP) |
| Theofficeaddressoftheaccountingfirm | 12/F,Building7,16XiSiHuanZhongRoad,HaidianDistrict,Beijing |
| Thenamesoftheaccountants | KangWenjunandYaoRui |
ThesponsorengagedbytheCompanytoperformcontinuoussupervisiondutiesduringtheReportingPeriod?Applicable□Notapplicable
| Nameofsponsor | Officeaddressofsponsor | Nameofsponsorrepresentative | Supervisionduration |
| CITICSecuritiesCompanyLimited | 21/F,CITICSecuritiesTower,No.48LiangmaqiaoRoad,ChaoyangDistrict,Beijing | WangJiajiandLiuChunqin | FromJune20,2023toDecember31,2024 |
ThefinancialadviserengagedbytheCompanytoperformcontinuoussupervisiondutiesduringtheReportingPeriod
□Applicable?notapplicableVI.KeyAccountingDataandFinancialIndicators
WhethertheCompanyisrequiredtoretroactivelyadjustorrestateprioryears’accountingdata
□Yes?NoTheloweroftheCompany’snetprofitsbeforeandafterthedeductionofnon-recurringgainsorlossesforthelastthreefiscalyearsarenegative,andtheauditreportforthelatestyearshowsthatCompany’sabilitytocontinueasagoingconcernisuncertain
| 2023 | 2022 | Increaseordecreasefortheyearoverlastyear | 2021 | |
| Operatingrevenue(RMB) | 12,042,229,789.30 | 12,590,925,529.68 | -4.36% | 7,982,426,810.59 |
| Netprofitsattributabletoshareholdersofthelistedcompany(RMB) | 2,526,688,570.92 | 4,000,461,964.37 | -36.84% | 2,717,628,798.01 |
| Netprofitsattributabletoshareholdersofthelistedcompany(excludingnon-recurringprofitandloss)(RMB) | 2,461,257,928.99 | 3,839,792,123.08 | -35.90% | 2,567,054,537.19 |
| Netcashflowsfromoperatingactivities(RMB) | 2,667,453,259.32 | 503,587,598.66 | 429.69% | 1,418,645,377.82 |
| Basicearningspershare(RMB/share) | 2.68 | 4.48 | -40.18% | 3.06 |
| Dilutedearningspershare(RMB/share) | 2.58 | 4.46 | -42.15% | 3.05 |
□Yes?NoThelowerofthenetprofitbeforeandafterthedeductionofnon-recurringgainsorlossesisnegative
□Yes?NoVII.AccountingDataDifferencesunderDomesticandForeignAccountingStandards
1.DifferencebetweenthenetprofitandnetassetsofthefinancialreportdisclosedinaccordancewiththeinternationalaccountingstandardsandinaccordancewiththeChineseaccountingstandards
□Applicable?NotapplicableTherewasnodifferencebetweenthenetprofitandnetassetsofthefinancialreportoftheCompanydisclosedinaccordancewiththeinternationalaccountingstandardsandinaccordancewiththeChineseaccountingstandardsduringtheReportingPeriod.
2.DifferencebetweenthenetprofitandnetassetsofthefinancialreportdisclosedinaccordancewiththeoverseasaccountingstandardsandinaccordancewiththeChineseaccountingstandards
□Applicable?NotapplicableTherewasnobetweenthenetprofitandnetassetsofthefinancialreportoftheCompanydisclosedinaccordancewiththeoverseasaccountingstandardsandinaccordancewiththeChineseaccountingstandardsduringtheReportingPeriod.
VIII.KeyFinancialIndicatorsbyQuarter
Unit:RMB
| Q1 | Q2 | Q3 | Q4 | |
| Operatingrevenue | 2,568,465,530.97 | 3,000,010,371.70 | 3,524,931,659.68 | 2,948,822,226.95 |
| Netprofitsattributabletoshareholdersofthelistedcompany | 649,239,029.72 | 755,422,136.90 | 748,899,694.20 | 373,127,710.10 |
| Netprofitsattributabletoshareholdersofthelistedcompany(excludingnon-recurringprofitandloss) | 627,858,465.64 | 716,050,741.18 | 710,064,403.06 | 407,284,319.11 |
| Netcashflowsfromoperatingactivities | 726,077,344.95 | 544,779,211.99 | 1,782,153,270.14 | -385,556,567.76 |
WhethertheabovefinancialindicatorsortheirsumsaremateriallydifferentfromthosedisclosedinthequarterlyandinterimreportsoftheCompany
□Yes?No
IX.ItemsandAmountsofNon-RecurringGainsorLosses
?Applicable□Notapplicable
Unit:RMB
| Weightedaveragereturnonnetassets | 11.87% | 25.39% | -13.52% | 21.85% |
| Endof2023 | Endof2022 | Increaseordecreasefortheyearoverlastyear | Endof2021 | |
| Totalassets(RMB) | 47,200,916,635.69 | 38,622,731,492.57 | 22.21% | 26,122,184,844.54 |
| Netassetsattributabletoshareholdersofthelistedcompany(RMB) | 26,926,495,494.24 | 17,726,202,872.37 | 51.90% | 13,831,866,927.31 |
| Item | Amountin2023 | Amountin2022 | Amountin2021 | Description |
| Gainsandlossesfromthedisposalofnon-currentassets | -2,635,244.01 | -4,869,891.53 | -1,303,244.16 | |
| Governmentsubsidiesrecognizedincurrentprofitorloss(exceptforthosecloselyrelatedtotheCompany’snormalbusinessandareinlinewithnationalpoliciesandinaccordancewithdefinedcriteriathathaveacontinuingimpactontheCompany'sprofitorloss) | 91,546,051.06 | 171,995,624.29 | 140,888,128.01 | |
| Gainsorlossesfromchangesinfairvaluearisingfromfinancialassetsandfinancialliabilitiesheldbynon-financialcorporation,andgainsorlossesfromdisposaloffinancialassetsandfinancialliabilities,excludingtheeffectivehedgingbusinessrelatedtotheCompany’snormalbusinessoperations | 15,433,062.02 | 21,836,255.17 | 137,194.34 | |
| Gainsorlossesonentrustedinvestmentsorassetsmanagement | 27,838,099.70 | 25,422,322.79 | ||
| Reversaloftheprovisionsforimpairmentofreceivablessubjecttoseparateimpairmenttest | 102,906.06 | 2,078,410.35 | 11,749,733.34 | |
| One-offshare-basedpaymentexpenserecognizedasaresultofcancellationandmodificationoftheshareincentivescheme | -21,942,152.71 | |||
| Non-operatingincomeandexpensesotherthanabove-mentioneditems | -44,249.00 | 818,785.95 | 4,316,746.86 | |
| Otheritemswithinthedefinitionofnon-recurringgainsorlosses | 589,416.97 | 5,824,344.40 | 5,038,461.95 | |
| Less:effectoftheincometax | 12,614,212.47 | 56,380,407.08 | 27,937,401.47 | |
| Effectofminorityequities | 5,004,935.99 | 8,471,379.96 | 7,737,680.84 | |
| Total | 65,430,641.93 | 160,669,841.29 | 150,574,260.82 | -- |
Detailsofotherprofitorlossitemsthatfallwithinthemeaningofnon-recurringgainorloss:
□Applicable?NotapplicableTheCompanyhasnodetailsofotherprofitorlossitemsthatfallwithinthemeaningofnon-recurringgainorloss.ThereasonfortheCompanytodefinethenon-recurringprofitorlossitemsillustratedintheInformationDisclosureandPresentationRulesforCompaniesMakingPublicOfferingofSecuritiesNo.1–Non-recurringProfitorLossasrecurringprofitorlossitems
□Applicable?NotapplicableTheCompanydidnotdefinethenon-recurringprofitorlossitemsillustratedintheInformationDisclosureandPresentationRulesforCompaniesMakingPublicOfferingofSecuritiesNo.1–Non-recurringProfitorLossasrecurringprofitorlossitems.
Section3ManagementDiscussionandAnalysisI.IndustryOverviewoftheCompanyduringtheReportingPeriod
TheCompanyshallcomplywiththedisclosurerequirementssetoutin“RubberandPlasticProductsManufacturing”under“ChemicalIndustryRelatedBusiness”intheSelf-DisciplinaryRegulatoryGuidelinesforCompaniesListedontheShenzhenStockExchangeNo.3–IndustryInformationDisclosure.
1.IndustryconditionsandtheindustrypositionoftheCompanyIn2023,withincreasingglobalattentionongreen,low-carbon,andsustainabledevelopment,morethan150countriessetambitiousgoalsforcarbonneutrality.AttheUnitedNationsClimateChangeConference,nearly200countriesreachedamilestoneagreement-"UAEConsensus",markingthefirstconsensusinnearlythreedecadesontransitioningtheenergysystemfromfossilfuelstocleanenergy.Inviewofthestronggrowthmomentumofglobalnewenergyvehiclemarket,countriesintensifiedeffortstopromotethedevelopmentofthenewenergyindustrycenteredaroundlithiumbatterytechnology.GuidedbyChina'snationalstrategicgoalsofcarbonneutralityandcarbonpeaking,thenewenergyvehicleandenergystorageindustrieswillcontinuetomaintaintherapiddevelopmentmomentum.Asoneofthefourkeymaterialsoflithiumbatteries,lithiumbatteryseparatorsarewidelyusedinelectricvehicles,consumerelectronics,energystoragebatteries,andotherfields,playingapivotalroleindrivingthedevelopmentofChina'sandevenglobalnewenergyindustries.Asaleadingcompanyinthelithiumbatteryseparatorindustry,theCompanynotonlypossessessignificantcompetitivenessinglobalproductioncapacity,productquality,cost-effectiveness,andtechnologicalresearchanddevelopment,butalsohassuccessfullyintegratedintothesupplychainsystemsofthevastmajorityofmainstreamlithiumbatterymanufacturersworldwide.Ourproductscoverthethreemajorfieldsofpower,consumerelectronics,andenergystorage,withabundantapplicationscenarios.In2023,theCompanymaintaineditsleadingpositionintheindustry,withbothproductioncapacityandshipmentvolumeofseparatorproductsrankingfirstintheindustry.
2.IndustrydevelopmenttrendsTherapiddevelopmentoftheglobalnewenergyvehicleindustryandenergystoragemarket,alongwiththecontinuousexpansionofthelithiumbatteryindustrymarket,hasbroughtvastmarketpotentialandhistoricdevelopmentopportunitiesforthelithiumbatteryseparatorindustry.AccordingtotheChinaLithium-ionBatterySeparatorIndustryDevelopmentWhitePaper(2024)releasedbyresearchinstitutionEVTankincollaborationwithChinaYiWeiInstituteofEconomics,theshipmentvolumeoflithium-ionbatteryseparatorsinChinaincreasedby32.8%year-on-yearin2023,reaching17.69billionsquaremeters.Specifically,theshipmentvolumeofwet-processseparatorsreached12.94billionsquaremeters,whilethatofdry-processseparatorsreached4.75billionsquaremeters.EVTankstatedinthewhitepaperthattheglobalshipmentvolumeoflithium-ionbatteryseparatorsexceeded21billionsquaremetersin2023,andtheglobalshareofshipmentsfromChineseseparatorcompanieshadsurpassed83%inthesameyear.
(1)TheseparatorindustryhasvastmarketpotentialandhighproductioncapacityrequirementsFromaglobalperspective,Chinahastakentheleadinthedevelopmentofelectricvehicles,whileoverseasregionssuchasEuropeandAmericaarerapidlycatchingup.Giventheenormousgrowthpotentialofoverseasnewenergyvehicleandlithiumbatterymarkets,theGaogongIndustryInstitute(GGII)predictsthatgloballithiumbatteryshipmentswillexceed4TWhby2030.Thepenetrationrateofnewenergyvehiclesinoverseasmarketsisstilllowercomparedtodomesticmarkets;therefore,thegrowthrateofoverseasmarketsisexpectedtosurpassthatofdomesticmarketsinthefuture.Asanindispensablekeyrawmaterialinlithiumbatterymanufacturing,thestableandreliableproductioncapacityandproductqualityoflithiumbatteryseparatorsiscrucialforseparatorcompaniestoundertakelarge-scaleordersfromdownstreamcustomers.Leveragingtheirproductioncapacity,productandtechnologyR&Dadvantages,separatormanufacturerscancontinuouslydeepencooperationwithcorecustomers,therebyhelpingthemtofurtherexpandmarketshareandenhancemarketinfluence.
(2)TheimportanceofenhancingresearchanddevelopmentinnovationcapabilitiesandoptimizingproductandcustomerstructuresbecomemoreprominentLithiumbatteriesarethecorecomponentsofnewenergyvehicles.Asthemarketgraduallytransitionsfrompolicy-orientedtomarket-driven,manufacturershaveincreasinglystringentrequirementsforkeyperformanceattributesoflithiumbatteries,suchassafety,rangecapacity,andlifespan.Thecontinuousadvancementoflithiumbatterytechnologyimposeshigherrequirementsontheperformanceimprovementandtechnologicaliterationofseparatorproducts.Therefore,separatorcompaniesthatpossesscoretechnologiesandindependentR&Dandinnovationcapabilitieswillhavebetterdevelopmentprospectsandpotential.Sincethebeginningof2023,thecompetitionintheseparatorindustryhasbecomeincreasinglyfierce,andoptimizingproductandcustomerstructureshasbecomeoneofthetrendsinthedevelopmentofseparatorcompanies.Coatinginorganicceramicmaterials,PVDF,aramid,andothermaterialsonthebasefilmcaneffectivelyenhancethepunctureresistanceandheatresistanceoflithiumbatteryseparators,improvingthesafetyandlifespanofbatteries.Comparedwithbasefilms,coatedfilmsarebetterabletomeetthekeyperformancerequirementsoflithiumbatteriesforseparators,offeringhigherproductaddedvalue.Therefore,separatorcompaniesthatpossessthecoretechnologyofhigh-qualitycoatedfilmshavebetterdevelopmentprospects,andincreasingtheshipmentvolumeofcoatedfilmshelpsenhancethecomprehensiveprofitability.Meanwhile,separatorcompaniesneedtocontinuouslydevelopnewproductstoensurethattheypossessnewproductioncapabilities.Intermsofspecificproductfeatures,improvingtheheatresistance,mechanicalstrength,andotherperformanceaspectsofseparatorproductstomeetthesafetyandlifespanrequirementsoflithiumbatteries,whilemeetingthedemandforslimmingtoenhancetheenergydensityandrangeoflithiumbatteries,
remainsatrendinseparatorproductdevelopment.Intermsofoptimizingcustomerstructure,wemustrampupeffortsinthemaintenanceanddevelopmentofkeycustomerswhileinexploringoverseasmarketsandacceleratingglobaloutreach.Inaddition,theCompanyhasdiverseproductlinesinmultipleproductsegmentssuchasBOPPfilm,asepticpackaging,andaluminum-plasticfilm.Afterapproximately30yearsofsteadydevelopmentoftheBOPPfilmindustryinChina,thetechnologyhasbecomeincreasinglymature,whilethemarketcompetitionhasalsobecomefiercer.Inthefuture,thedevelopmentdirectionoftheindustrywillfocusmoreonmanufacturingdifferentiatedproductsthatmeetcustomerdemands,suchascigarettepackwrappingfilmandlaserfilm.Theseproductswillbewidelyusedinpackagingsegmentssuchascigarettesandfood,whichhaveenormousmarketpotential.Withthecontinuousexpansionoftheterminalmarket,theBOPPfilmindustrywillalsobepoisedfornewgrowthopportunities.Inrecentyears,China'sasepticpackagingmarkethasgraduallyestablishedaproductsystemwithmaturetechnologyanddiverseproducttypes,capableofmeetingtheneedsofasepticfillingofvariousliquids.Theprimaryapplicationareasofasepticpackagingareconcentratedinthefoodandbeverageindustriessuchasliquiddairyproductsandnon-carbonatedbeverages.Withthecontinuousprosperityofthedomesticeconomyandtheincreaseinurbanresidents'income,consumermindsetandhealthawarenesshavegraduallyimproved,leadingtoarapidgrowthmomentumintheconsumptionofdairyproductsandnon-carbonatedbeverages.Atthesametime,theincreasingattentionfromboththegovernmentandconsumersonfoodsafetyhasledtostricterrequirementsforpackagingmaterials,especiallyasepticpackagingmaterials,resultinginrisingdemands.Althoughinternationalpackaginggiantsstilldominatethemarketduetotheirfirst-moveradvantage,withthecontinuousprogressofdomesticmaterialtechnologyandproductiontechnology,thedomesticasepticpackagingmarketispoisedforrapidgrowthopportunities.Lookingahead,leveragingcost-effectivenessadvantages,domesticmanufacturersareexpectedtograduallyexpandtheirproductsfromthemid-to-low-endmarkettothehigh-endasepticpackagingmarket.Asaresult,themarketshareofdomesticasepticpackagingmanufacturersisexpectedtograduallyincrease.Aluminumlaminatedfilm,asacrucialencapsulationmaterialforpouchcells,representsoneofthemosttechnicallychallengingaspectsinthepouchcellindustrychain,exertingsignificantinfluenceonthequalityofpouchcells.Comparedtocylindricalandprismaticbatteries,pouchbatteriesdemonstrateevidentadvantagesinenergydensity,cyclelife,safety,andflexibility.Intherealmofconsumerelectronicswhichseekshigh-capacityandlightweight,pouchcellshavebecomethemainstreamchoice,withtheirpenetrationratesurpassing80%inmobilephonesandlaptops,andapproachingsaturationintabletbatteries.Inthefieldoftractionbatteries,theEuropeanandAmericannewenergyvehiclemarketsshowastrongpreferenceforpouchpowerbatteries.Withcontinuousadvancementsinbatterytechnologyanddecliningcosts,thecompetitivenessofpouchbatteriesisgraduallyimproving.Anincreasingnumberofautomotivemanufacturersareoptingforpouchcellsasthepowersourcefornewenergyvehicles,furtherdrivingthegrowthofpouchcellshipments.Itisanticipatedthat,drivenbydownstreamlithiumbatterydemand,themarketdemandforpouchcellsandaluminumlaminatedfilmwillcontinuetoexpand,withthemarketsizeofaluminumlaminatedfilmexpectedtogrowcontinuouslyinthecomingyears.
3.IndustrypoliciesAsanindispensablecorecomponentinlithiumbatterymanufacturing,theCompany'smainproduct-lithiumbatteryseparators,hasreceivedsignificantattentionandsupportfromnationalpolicies.Inrecentyears,thegovernmenthasissuedaseriesofrelatedindustrialpoliciesforthissector,asdetailedbelow:
| Date | IssuingAuthority | NameofPolicyorRegulation | MainContent |
| August2022 | NinedepartmentsincludingMOST,NDRCandMIIT | TechnologytoSupportCarbonEmissionPeakandCarbonNeutralImplementationPlan(2022-2030) | Proposetheactionplanforlow-carbonandzero-carbontechnologyresearchinurbanandruralconstructionandTransportation,focusingonrecentbreakthroughsinbasicresearchinkeyareassuchasnewenergydevelopmentandcutting-edgeenergystorage |
| November2022 | MIIT,SAMR | NoticeonPromotingtheCoordinatedandStableDevelopmentoftheLithium-ionBatteryIndustrySupplyChain | Guidinglithiumbatteryenterprisestomoderatelyexpandproductionscaleasneededunderthepremiseofstablesupplyofkeymaterials,sufficientinvestmentinresearchanddevelopmentinnovation,andadequatesupportingfunds.It'simportanttooptimizetheindustrialregionallayout,avoidlow-levelhomogeneousdevelopmentandviciouscompetition,andestablishadevelopmentpatternledbyinnovation,prioritizingtechnology,faircompetition,andorderlyexpansion. |
| January2023 | MIIT | GuidingOpinionsonPromotingtheDevelopmentoftheEnergyElectronicsIndustry(DraftforComments) | Promotetheintelligentupgradingofbasicmaterialproduction,enhancetheproductionofsiliconmaterials,siliconwafers,energystoragebatterymaterials,andhigh-performancebatteries.Improvethemechanizationandautomationlevelsofpackaging,storage,andtransportationtoenhanceproductconsistencyandstability. |
| February2023 | EightdepartmentsincludingMIIT | CircularontheOrganizationofPilotZonesfortheFullElectrificationofPublicSectorVehicles | Thegoalistosignificantlyincreasethelevelofelectrificationforvehicles,aimingtoreach80%inurbanpublictransportation,taxis,sanitation,postalandexpressdelivery,andurbanlogisticsdistributionsectors |
| June2023 | MIIT,MOF,MOC,GAC,andSAMR | DecisiononAmendingthe“MeasureontheParallelAdministrationoftheCorporateAverageFuelConsumptionandNewEnergyVehicleCreditsof | Adjustthemethodofpointcalculationandtheupperlimitofpoints;establishaflexiblepointtradingmechanism,exploretheestablishmentofapointspoolsystem;optimizeotherpointsmanagementsystems. |
| PassengerVehicleEnterprises” | |||
| June2023 | MOF,STA,MIIT | AnnouncementonRenewaloftheVehiclePurchaseTaxExemptionPolicyforNewEnergyVehicles | Duringtheperiodfrom1January2024to31December2025,newenergyvehiclesareexemptfromvehiclepurchasetax,witheachnewenergypassengercareligibleforataxexemptionofuptoRMB30,000 |
| September2023 | NDRC,NEA | BasicRulesfortheElectricitySpotMarket(Trial) | Thegoalistoenhancetheadjustmentcapacityofthepowersystem,promotetheconsumptionandabsorptionofrenewableenergy,andfacilitatethetransformationofthepowersystemtowardsaclean,low-carbon,safe,andefficientdirection |
II.MainBusinessesoftheCompanyduringtheReportingPeriod
TheCompanyshallcomplywiththedisclosurerequirementsforthechemicalindustrysetforthintheSelf-DisciplinaryRegulatoryGuidelinesforCompaniesListedontheShenzhenStockExchangeNo.3–IndustryInformationDisclosureProcurementmodelformajorrawmaterials:
Unit:RMB
| Majorrawmaterials | Procurementmodel | Proportionintotalprocurementamount | Whethertherearesignificantchangesinsettlementmethods | Averagepriceinthefirsthalfoftheyear | Averagepriceinthesecondhalfoftheyear |
| RawmaterialA | Marketprocurement | 32.82% | No | 23.27 | 24.30 |
| RawmaterialB | Marketprocurement | 24.24% | No | 12.16 | 11.92 |
| RawmaterialC | Marketprocurement | 11.48% | No | 7.48 | 7.35 |
| RawmaterialD | Marketprocurement | 8.02% | No | 7.40 | 6.80 |
Energyprocurementcostsaccountforover30%oftotalproductioncosts
□Applicable?NotapplicableProductiontechnologyformajorproducts
| Majorproducts | Phaseinproductiontechnology | Informationaboutkeytechnicalpersonnel | Patenttechnology | StrengthsinproductR&D |
| Lithiumbatteryseparator | Industrialization | AllareemployeesoftheCompany,whocontinuetocarryoutR&Dprojectsandproactivelyrespondtotheneedsofdownstreamcustomers | TheCompany'sR&Dteamforlithiumbatteryseparatorshasachievedaseriesofaccomplishmentsinimprovingproductionefficiencyandlithiumbatteryseparatorbusiness.Currently,thereareatotalof407validpatents,including34internationalpatents.Additionally,258patentsarecurrentlyunderapplication,including102internationalpatentapplications. | TheCompanyhasbuiltawell-establishedR&Dteamovertheyears,coveringawiderangeofresearchareasincludingseparatorandcoatingproductionequipment,improvementsinseparatorpreparationprocessesandrawmaterials,coatingprocesses,slurryformulations,recyclingandenergy-savingtechnologies,aswellasthedevelopmentofforward-lookingtechnologicalreserveprojects.TheCompany'spioneeringonlinecoatingtechnologyhasfurtherenhancedthequalityandproductionefficiencyofcoatedfilmproducts.Additionally,theCompany'slithiumbatteryseparatorR&Dteamnotonlycustomizesthedevelopmentofvariousnewproductsfordownstreamcustomersbutalsocollaborateswiththemtodevelopproductsthatmeetdiversecustomerneeds. |
| BOPPfilm | Industrialization | AllareemployeesoftheCompany,whodeveloprelevantproductsinproactiveresponsetotheneedsofdownstreamcustomers | Currently,thereare60validpatents,including6inventionpatentsand54utilitymodelpatents;1patentiscurrentlyunderapplication. | TheCompanyhasaccumulatednearlythirtyyearsofexperienceintechnicalresearchanddevelopment.Leveragingawell-establishedR&DteamwithintheCompany'sresearchinstitutesystem,theCompanycandeveloprelatedproductsaccordingtocustomerneeds.Itisoneofthefewdomesticenterprisescapableofproducinganti-counterfeitingprintedcigarettefilms. |
| Asepticpackaging | Industrialization | AllareemployeesoftheCompany,whodeveloprelevantproductsbasedondemandsofthemarketanddownstreamcustomers | Currently,thereare41validpatents,including2inventionpatents,30utilitymodelpatents,and9designpatents;2patentsarecurrentlyunderapplication. | Leveragingawell-establishedR&DteamwithintheCompany'sresearchinstitutesystem,theCompanycandeveloprelatedproductsaccordingtocustomerneedstomeetdiversecustomerneeds. |
Productioncapacityofmajorproducts
| Majorproducts | Designedcapacity | Capacityutilization | Capacityunder | Investmentinconstruction |
| rate | construction | |||
| Lithiumbatteryseparator | 200millionsquaremeters | 83.22% | ChongqingEnergy(PhaseII),JiangsuEnergy,HubeiEnergy,YuxiEnergy | PartoftheproductionlinesofChongqingEnergy(PhaseII),JiangsuEnergy,andHubeiEnergyhavebeenputintooperation,whiletheconstructionofYuxiEnergyisunderway |
| BOPPfilm | 70,000tons | 70.40% | 1relocationproductionlineininstallation | 1relocationproductionlineininstallation |
| Asepticpackaging | 5.2billionpackagingboxes | 82.42% | Ma'anshanAsepticPackagingProductionBase | TheconstructionworkoftheMa'anshanAsepticPackagingProductionBaseiscurrentlyunderway |
Note:Intheabovetable,theproductioncapacityoflithium-ionbatteryseparatorparentrolliscalculatedbasedonthenormalwearcausedbyrotationspeed,widthanddowntimeformaintenance,andthetimeweightedforproductionlineputinoperation.Inaddition,dependingonthedifferentproducts,thefinalproductsaresoldaftercutting,coatingandotherprocesses.Thewearandtearvaryfromdifferentprocesses,andtheoutputofthefinalproductisdifferentfromthatoftheparentroll.Productcategoriesinmajorchemicalparks
| Majorchemicalpark | Productcategory |
| ShanghaiEnergy,ZhuhaiEnergy,WuxiEnergy,JiangxiTonry,SuzhouGreenPower,ChongqingEnergy,NewmiTech,JiangsuEnergy,HubeiEnergy,HungaryEnergy,JiangxiEnergy | Lithiumbatteryseparator |
| HongtaPlastics,ChengduHongtaPlastic | BOPPfilm |
| HongchuangPackaging | Asepticpackaging |
EnvironmentalImpactAssessment(EIA)approvalsbeingappliedforornewlyobtainedduringtheReportingPeriod?Applicable□Notapplicable
DuringtheReportingPeriod,HongchuangPackaging(Anhui)Co.,Ltd.receivedtheenvironmentalimpactassessmentapprovalof“MaJingKaiHuanShen[2023]No.36”issuedbytheEcologyandEnvironmentBureauofMa'anshanEconomicandTechnologicalDevelopmentZone.AsattheendoftheReportingPeriod,theenvironmentalimpactassessmentapprovalsofJiangxiTonryandJiangxiEnpowereinprogress.Uptonow,theenvironmentalimpactassessmentapprovalsof“GaoHuanPingZi[2024]No.2”and“GaoHuanPingZi[2024]No.12”issuedbyYichunGao'anEcologyandEnvironmentBureauhavebeenobtained.AbnormalproductionshutdownsoccurringinthelistedcompanyduringtheReportingPeriod
□Applicable?NotapplicableRelevantapprovals,permits,qualificationsandtheirvalidityperiods
□Applicable?NotapplicableConductingpetroleumprocessingandpetroleumtradingbusiness
□Yes?NoConductingfertilizerbusiness
□Yes?NoConductingpesticidebusiness
□Yes?NoConductingchlor-alkaliandsodaashbusinesses
□Yes?No
III.AnalysisofCoreCompetitiveness
1.ScaleadvantageAsoftheendoftheReportingPeriod,theCompanyisaworldleaderintermsoftheproductionscaleofwet-processedlithiumbatteryseparator,andhasthelargestlithiumbatteryseparatorsupplycapacityintheworld.TheCompanyistheworld'slargestsupplieroflithiumbatteryseparator,rankingNo.1globallyintermsofmarketshare.ThescaleadvantageoftheCompanyismainlyreflectedincostcontrolandsalesexpansion.TheCompanyhastheabilitytotakelarge-scaleordersfromleadingbatterymanufacturerssuchasLGES,CATL,CALB,EVEandGotionHigh-tech.Furthermore,theCompany’sscaleadvantagealsohelpsimproveproductionefficiencyandprocurementadvantage,effectivelyreducingcosts.Intermsofcostcontrol,theCompany’sscaleadvantagefirstlyimprovesitscostadvantageinrawmaterialsprocurementaslarge-scalecentralizedprocurementmakestheCompany’srawmaterialscostslowerthanthatofitsindustrypeers.Secondly,theCompany’shugesalesscalebringsalargenumberoforderstotheCompany,sothattheCompanycaneffectivelyreducethefrequencyofdowntimeduringproductionandeffectivelyreducecostscausedbydowntimethroughreasonableproductionscheduling.Asaresult,theCompanyleadsitspeersintermsofoperatingrateandcapacityutilizationrate.Intermsofsalesdevelopment,theconcentrationofthelithiumbatteryindustryisincreasingdaybyday.Theexistingand
under-constructionproductionlinesofdomesticfirst-classlithiumbatterymanufacturersboasthugeproductionscale.Therefore,whetherthesuppliershaveasupplycapacitytomeetthecurrentandfuturedemandofworld-classlithiumbatterymanufacturersisthefirstconsiderationintheirselectionofsuppliers.Astheworld’slargestlithiumbatteryseparatorsupplier,theCompanyboastsacompetitiveadvantagethankstoitssufficientsupplycapacity.
2.CostadvantageTheCompanyhaslongbeencommittedtothedevelopmentandimprovementoftheproductiontechnologyforadvancedwet-processedlithiumbatteryseparators.ThankstothecontinuousimprovementofproductionequipmentandprocesstechniquebytheCompany’sproductionmanagementandtechnicalteams,theCompanyleadsitsindustrypeersintermsofoutputfromasingleproductionequipmentlineoflithiumbatteryseparatorsandfurtherreducesunitdepreciation,energyconsumptionandlaborcosts.Moreover,thankstoitscontinuousimprovementofproductiontechnologyandproductionmanagement,theCompanyalsoleadsitspeersintermsofyieldcoefficientandfirstpassyieldoflithiumbatteryseparators.Besides,theCompanyhascontinuallyimprovedtherecoveryefficiencyofauxiliarymaterials,anditsconsumptionofauxiliarymaterialsisfarlowerthanthatofcompetitorsintheindustry.Onthewhole,theCompany’scostadvantageisbroughtforthbytheintegrationofcontinuousimprovementofproductionequipmentandproductiontechnology,sustainedinvestmentinR&D,constantimprovementofproductionmanagement,strongmarketdevelopmentabilityandhugeproductionscale,givingtheCompanyalong-termcompetitiveedge.
3.ProductadvantageTheCompanyhaslongbeencommittedtotheR&Doflithiumbatteryseparatorsandcreatingvalueforcustomerswithhigh-qualityproductsandexcellentservices.Mainstreamlithiumbatterymanufacturers,especiallyworld-classlithiumbatterymanufacturers,havestrictrequirementsformaterialquality.Asoneofthecorematerialsforlithiumbatteries,theseparatorhashightechnicalbarrieranditsperformancedirectlyaffectsthedischargecapacity,cyclelifeandsafetyoflithiumbattery.Lithiumbatterymanufacturinghasextremelyhighrequirementsonseparatorsintermsofproperties,suchasthesize,distributionuniformityandconsistencyofseparatormicropores.Mainstreamlithiumbatterymanufacturersapplyalongsystemverificationprocess,coveringproduct,processandproductionflow,whenselectingmaterialsuppliers.TheCompanyhassuccessfullycooperatedwithmostdomesticmainstreamlithiumbatterymanufacturers,andisincludedinthemostdemandingoverseaspowerbatterysupplychainsystems.Thequalityofourproductshasbeenrecognizedbymanylithiumbatterymanufacturers.Inaddition,theCompanyhascontinuallyinvestedinthedevelopmentofnewproductsandcarriedoutproductresearchandforward-lookingtechnicalreservewhilemeetingcustomers’demandforcustomizedproducts.TheCompanyhasbecomeasupplierwiththemostdiversifiedlithiumbatteryseparatorproductstomeetvariousdemandsofdifferentcustomers.
4.R&DadvantageTheCompanyhasestablishedaR&Dteamwithasoundsystemthroughyearsofaccumulation.ItsR&Dscopecoversseparatorandcoatingproductionequipment,improvementofseparatorpreparationprocess,raw&auxiliarymaterials,coatingprocess,slurryformula,recoveryandenergysavingtechnologiesaswellastheR&Dofforward-lookingtechnicalreserveprojects.TheCompany’sR&Dteamoflithiumbatteryseparatorhasmadeaseriesofachievementsinimprovingproductionefficiency,enhancingthequalityoflithiumbatteryseparatorsanddevelopingnewproducts.TheCompanynowhas420effectivepatents(including34internationalpatents)and291ongoingpatentapplications(including120internationalpatentapplications).TheCompany'sinnovativeonlinecoatingtechnologyfurtherimprovesthequalityandproductionefficiencyofcoatingfilmproducts.TheCompany’sR&Dteamoflithiumbatteryseparatorcannotonlycustomizeavarietyofnewproductsfordownstreamcustomers,butalsojointlydevelopproductswithdownstreamcustomerstomeettheirdiversifiedneeds.
5.TalentadvantageThelithiumbatteryseparatorindustryiscurrentlyanemergingindustryinChinawithahistoryofonlyoveradecade.Withtherapidgrowthoftheglobalenergyindustryinrecentyears,thereareinsufficienttalentsandalackofqualifiedprofessionalsinthelithiumbatteryseparatorindustry.Relyingonatalentpoolaccumulatedthroughmorethan20yearsofengagementintheBOPPfilmindustry,whichissimilartothelithiumbatteryseparatorindustry,theCompanyhasestablishedawell-functioningtalentincentivemechanismtorecruittalentsworldwide.AsoftheendoftheReportingPeriod,theCompanyhadmorethan180employeeswithamaster’sdegreeoraboveworkinginthelithiumbatteryseparatorsegment,andhassetupacoretechnologicalR&DteamcomposedofprofessionalR&DstafffromtheUnitedStates,Japan,SouthKoreaandothercountries.Furthermore,throughlong-termefforts,theCompanyhasestablishedcompleteprofessionalteamsinproductionmanagement,systemconstruction,qualitycontrol,marketexpansionandequipmentdesign,installationandmaintenance,etc.AllteamsoftheCompanyhaveachievedfruitfulresultsintheirrespectiveprofessionalfieldstojointlyhelptheCompanybecomeaninternationallycompetitiveleaderinthelithiumbatteryseparator.
6.MarketandcustomerresourcesadvantagesIn2023,theCompanycontinuedtomaintainaleadingpositioninthewet-processedlithiumbatteryseparatormarket.Sofar,theCompanyhasenteredthesupplychainsystemofmostmainstreamlithiumbatterymanufacturersintheworld,includingoverseaslithiumbatteryproductiongiants(e.g.Panasonic,SamsungandLGES,andaleadingoverseasautomobilemanufacturer)anddomesticmainstreamlithiumbatteryenterprises(e.g.CATL,EVE,CALB,BYD,GotionHigh-tech,FarasisEnergyandLishen).TheCompanyhasestablishedstableandsoundpartnershipswithdownstreamcustomers,within-depthtechnicalexchangesduringcooperation.Therefore,theCompanyhasaprofoundunderstandingofcustomerneeds,andcanquicklyrespondtocustomerneedsandprovidecorrespondingservices.Withtherapiddevelopmentoftheindustryandcontinuousunleashingofitsproductioncapacity,theCompanyispoisedtogrowalongwithitsdownstreamcustomers.
IV.AnalysisonMainBusinesses
1.OverviewIn2023,drivenbythegoalofcarbonemissionsreduction,theglobalnewenergyEVmarketandenergystoragemarketcontinuedtherobustgrowthmomentum.However,affectedbyfactorssuchasdownstreamdestockingandcostreductionrequirements,theconcentratedreleaseofnewcapacitybyseparatorenterprises,andintensifiedmarketcompetition,theoverallproductpricesinseparatorindustryhavebeencontinuouslydecreasingforayear.In2023,theCompany'soperatingincomewasRMB12.042billion,representingayear-on-yeardecreaseof4.36%,andthenetprofitattributabletoshareholdersofthelistedcompanywasRMB2.527billion,representingayear-on-yeardecreaseof36.84%.
(1)Focusingonthelithiumbatteryseparatorbusiness,pursuingglobalexpansion,andoptimizingproductandcustomerstructuresDuringtheReportingPeriod,theCompanycontinuedtofocusontheseparatorbusinessandoptimizeitsproductandcustomerstructure.In2023,theCompany'srevenuefromlithiumbatteryseparatorbusinessreachedRMB10.082billion.Despiteaslightyear-on-yeardecreaseduetointensifiedmarketcompetitionandoverallpricedecline,theproportionofhighervalue-addedcoatedfilmproductsincreased.Additionally,theCompany'soverseassalesrevenuegrewsignificantlyby51.45%year-on-year,accountingforahigherproportionoftotalrevenue.AccordingtoEVTank'sChinaLithium-ionBatterySeparatorIndustryDevelopmentWhitePaper(2024),asoftheendof2023,theCompanyhadmaintaineditsleadingmarketshareforsixconsecutiveyears.TheCompany'scustomerbaseisnowcoveringmajorgloballithiumbatterymanufacturersandlargeautomobilecompanies.DuringtheReportingPeriod,theCompanyestablishedpartnershipswithseveralglobalbatterygiants,includingreceivingasuppliernominationletterandsigningcapacitylock-inagreements.Furthermore,theCompany'sproductsandservicesreceivedrecognitionfromcustomers,earningtitlessuchasLGES's"ExcellentPartnerof2023"and"S-levelSupplier",NingdeTimes'"2023AnnualSafetyProductionProgressAward",EVEEnergy's"JointInnovation"Award,CALB's"DiamondSupplier"title,Lision's"StrategicPartner"title,Sunwoda's"BestStrategicPartner"title,GotionHightech's"OutstandingContribution"award,FarasisEnergy's"QualityProgressAward",andDFDNewEnergy's"StrategicPartner"title.Inthelongterm,theprospectsforthedevelopmentofthenewenergyvehicleandenergystorageindustriesarepromising,especiallyinoverseasmarketswherethereisampleroomforgrowth.Agroupofoutstandingenterprises,representedbynewenergyvehiclemanufacturersanddownstreamlithiumbatterymanufacturers,areacceleratingtheiroverseasexpansion.Withthefurtherexpansionoftheirdomesticandoverseasproductioncapacity,theirdemandforlithiumbatteryseparatorsinthemarketwillalsoincreaseaccordingly.Basedonfactorssuchassupplycontinuityandsecurity,enterpriseswithlarge-scale,high-qualityproductioncapacityandsolidsupplycapabilitiesaremorelikelytobefavoredbylarge-scalecustomers.TheCompany'scapacityconstructionprojectsaresteadilyprogressing.DuringtheReportingPeriod,theCompanycompletedtheissuanceunderthe2021non-publicofferingofAshares,raisingatotalofRMB7.5billion.Theprogressofrelatedinvestmentprojectswassatisfactory.TheChongqingEnergyHigh-performanceLithium-ionBatteryMicroporeSeparatorProject(PhaseI)andtheSuzhouGreenPowerLithiumBatteryCoatingSeparatorProjectwithanannualoutputof200millionsquaremeterswereputintoproduction.TheChongqingEnergyHigh-performanceLithium-ionBatteryMicroporeSeparatorProject(PhaseII)with7productionlineshasbeenputintoproduction.SomeproductionlinesofJiangsuEnergyLithiumTractionBatterySeparatorIndustrializationProjecthavebeenputintooperation,whiletheJiangsuRuijieEVLithiumBatteryAluminumLaminatedFilmIndustrializationProjectwasunderconstructionasplanned.OtherdomesticprojectssuchasHubeiEnergyandYuxiEnergywerestillprogressinginanorderlymanner,withsomeproductionlinesofHubeiEnergybeingputintooperationduringtheReportingPeriod.TheCompany'sdry-processlithiumbatteryseparatorprojectisalsoprogressingsteadily,withthefirstdry-processseparatorproductionlineputintooperationduringtheReportingPeriod,andtheremainingproductionlinesareputintooperationtomeetthedemandoftheenergystoragemarket.Intermsofoverseasexpansion,theCompany'slithiumbatteryseparatorproductionbaseinHungaryhasbeencompleted.ThefirstcoatingfilmproductionlinewasstartedduringtheReportingPeriod,andthefirstbasefilmproductionlinehasbeenfullyoperational.ItisexpectedthattheHungaryproductionbasewillbeabletorapidlyrespondtothedemandsofcustomersinEuropeandotherregionsstartingfrom2024.Furthermore,HungaryEnergyhassignedacooperationagreementwithDebrecenUniversity,awell-knownpubliccomprehensiveresearchuniversityinHungary.ThetwopartieswillcollaborateonresearchactivitiesanddevelopmentprojectstofurtherpromotethetransformationofscientificresearchresultsandcultivatetalentswithinternationalperspectivesfortheCompany.Inaddition,toacceleratetheprogressoftheCompany'slithiumbatteryseparatorprojectintheUnitedStatesandtoquicklyrespondtotheneedsofcustomersinNorthAmerica,aswellastoincreasetheCompany'sglobalmarketshareofseparatorproducts,theCompanyadjustedtheinvestmentamountforthelithiumbatteryseparatorprojectintheUnitedStatestoapproximatelyUSD276millioninJanuary2024.Thisadjustmentwillinvolvetheconstructionof14productionlineswithatotalannualcapacityof700millionsquaremetersforlithiumbatterycoatedseparators.TheCompany'sglobalmarketshareisexpectedtofurtherincrease.
(2)FocusingonR&Dinvestmenttodrivehigh-qualitydevelopmentthroughinnovationTheCompanyhasalwaysdrivenhigh-qualitydevelopmentwithinnovation.DuringtheReportingPeriod,itcontinuedtostrengthenitsinvestmentinresearchanddevelopment,withR&Dexpensesaccountingfor6.04%ofoperatingincome.AsoftheendoftheReportingPeriod,theCompanyanditssubsidiarieshadatotalof606patentscumulatively,including396utilitymodelpatents,164domesticinventionpatents,34internationalpatents,and12designpatents.TheCompanyplacesimportanceoninternationalpatentlayout,withapplicationsforregistrationfor120internationalpatentsand175domesticpatents,whichhavebeenaccepted.Intermsofcoreproductdevelopment,theCompanymadesignificantprogressinseveralresearchanddevelopmentprojectsduringtheReportingPeriod.Inparticular,anewgenerationofultra-high-strength,high-porositybasefilmforpowerapplications,independentlydevelopedbythe
Company,hasenteredthepromotionstagetoenhancethefast-chargingperformanceoflithiumbatteries.Themassproductionofanewgenerationofseparatorswithlowshutdowntemperatureandhighsafetyhasbeenachieved.Inthefieldofsemi-solid-statebatteries,theCompanyhasestablishedJiangsuSanhe,ajointventurewithBeijingWeLionandTianmuGuide,fortheresearchandproductionofsemi-solid-stateelectrolyte-coatedseparatorsandvarioushigh-endcoatedseparators.Theconstructionofthefirst-phasefactoryforthisprojecthasbeencompleted,andtwohigh-performancecoatingfilmproductionlineshaveenteredthetrialproductionphase.DuringtheReportingPeriod,theCompany'sinnovationabilityandlevelcontinuedtoberecognizedbytheindustryandcustomers.ShanghaiEnergywashonoredtobelistedonthe"2023ShanghaiHardcoreTechnologyEnterprisesTOP100"releasedattheShanghaiIndustrialTechnologyInnovationConference,andwasdistinguishedfrommorethan1,500outstandingenterprisesandwasawardedthe"NationalEnterpriseTechnologyCenter"attheconference.TheCompanywasawardedthe"TechnologyInnovationAward"bySVOLTforovercomingtechnologicaldifficultiesandachievingtechnologicalbreakthroughsinprojects,andwasalsoawardedthe"ExcellenceinTechnologyAward"byCosmxin2023,whichwashighlypraisedbycustomers.Inaddition,duringtheReportingPeriod,theCompanyandtheNationalInnovationCenterParExcellenceannouncedtheestablishmentofthe"NICE-EnergyJointInnovationCenter",whichwillintegratethestrengthsofbothpartiestocarryoutstrategicresearch,anddedicateitselftomakebreakthroughinthekeytechnologies,commontechnologiesandcutting-edgetechnologiesoftheindustry,whichisconducivetofurtherenhancingthecorecompetitivenessoftheCompany.
(3)EnhancingtheCompany'sinternalmanagementlevelanddigitalempowermentof"smartmanufacturing"ofseparatorsBasedonthedevelopmentprospectsoftheinternationalmarketinthenewenergyindustry,theCompanyisboundtogoglobal,excellentinternalmanagementisthecornerstoneoftheglobalizationofenterprises,whilecostcontrolistheeternalthemeofenterprisedevelopment.Inthefaceofthechallengesofthecurrentintensifiedmarketcompetition,theCompanyactivelyrespondedtothesituationbyhiringaninternationallyrenownedconsultingorganizationtofurtherenhancetheCompany'sinternaloperationandmanagementlevelduringtheReportingPeriod,inordertoconsolidatethefoundationfortheCompany'sglobalizationdevelopment,andplannedtomakeconstantimprovementsinproduction,procurement,market,safety,quality,humanresources,informatization,andotheraspects.Atthesametime,basedonindustrialbigdata,industrialartificialintelligenceandintelligentcontroltechnology,theCompanycontinuedtoempowerthe"intelligentmanufacturing"ofseparator,helpingtoimproveproductionefficiency.Accordingtothe"Casesof2023NewGenerationofTypicalITProducts,ApplicationsandService(FirstBatch)List"publishedbytheMinistryofIndustryandInformationTechnology,theCompany'sITachievementsofthe"industrialInternetplatforminnovationapplicationsbasedonnewenergylithiumbatteryseparatormanufacturingscenarios"weresuccessfullyselectedasindustrialInternetplatform-leadinginnovationapplicationcasesonintelligentmanufacturing.TheCompanywasmovingtowardsdigitalizationandintelligentization.
(4)SteadyriseinpackagingbusinessIntermsofthepackagingbusiness,theCompany'sBOPPfilmbusinessachievedsteadydevelopmentduringtheReportingPeriod,withoperatingrevenueincreasingby11.28%year-on-year.TheasepticpackagingbusinessoftheCompanyisoperatingwell.TheCompanymainlyserveslargedairyenterprisesandregionalwell-knowndairyenterprises.Throughcontinuousdevelopmentofnewproducts,itprovidescustomizedservicesforcustomerstoachieverapidgrowthinsalesofasepticpackagingproducts.In2023,theCompany'sasepticpackagingbusinessincreasedsignificantly,achievinganoperatingrevenueofRMB0.778billion,representingayear-on-yearincreaseof25.47%.ThesalesvolumeoftheCompanywasmorethan4.0billionunits,representingayear-on-yearincreaseofmorethan30%.TheCompany'sasepticpackagingproductshaveexcellentheatsealability,strongadaptabilitytodifferentmachines,lowfillinglossandothercharacteristics,andtheproductqualityandperformanceindicatorshavereachedtheindustry-leadinglevel.TheCompanywillstrengthenmarketdevelopment,seizemarketgrowthopportunitieswithlargedairyenterprisesandachieverapiddevelopmentofasepticpackagingbusiness.AsattheendoftheReportingPeriod,HongchuangPackaging'sasepticpackagingproductionbaseprojectinMa'anshanwasundergoinginfrastructurework.
2.Revenueandcost
(1)Breakdownofoperatingrevenue
Unit:RMB
| 2023 | 2022 | Year-on-yearincreaseordecrease | |||
| Amount | Proportioninoperatingrevenue | Amount | Proportioninoperatingrevenue | ||
| Totaloperatingrevenue | 12,042,229,789.30 | 100% | 12,590,925,529.68 | 100% | -4.36% |
| Byindustry | |||||
| Manufacturing | 11,749,728,885.23 | 97.57% | 12,217,521,522.39 | 97.03% | -3.83% |
| Otherbusinesses | 292,500,904.07 | 2.43% | 373,404,007.29 | 2.97% | -21.67% |
| Byproduct | |||||
| Filmproducts | 10,763,628,558.00 | 89.38% | 11,250,255,657.25 | 89.35% | -4.33% |
| Cigarettelabels | 30,859,185.05 | 0.26% | 129,096,161.72 | 1.03% | -76.10% |
| Asepticpackaging | 777,626,183.85 | 6.46% | 619,760,249.96 | 4.92% | 25.47% |
| Specialtypaper | 147,283,740.79 | 1.22% | 192,672,092.83 | 1.53% | -23.56% |
| Otherproducts | 30,331,217.54 | 0.25% | 25,737,360.63 | 0.20% | 17.85% |
| Otherbusinesses | 292,500,904.07 | 2.43% | 373,404,007.29 | 2.97% | -21.67% |
| Byregion | |||||
| SouthwestChina | 1,244,462,107.76 | 10.33% | 1,713,083,683.51 | 13.61% | -27.36% |
| EastChina | 5,489,000,474.42 | 45.58% | 5,797,739,284.92 | 46.05% | -5.33% |
| NorthChina | 131,870,158.40 | 1.10% | 162,432,864.37 | 1.29% | -18.82% |
| SouthCentralChina | 3,091,888,271.61 | 25.68% | 3,248,090,813.64 | 25.80% | -4.81% |
| NorthwestChina | 22,092,075.52 | 0.18% | 290,175,100.70 | 2.30% | -92.39% |
| NortheastChina | 45,904,469.23 | 0.38% | 47,590,945.63 | 0.38% | -3.54% |
| Overseasregions | 2,017,012,232.36 | 16.75% | 1,331,812,836.91 | 10.58% | 51.45% |
Note:Intheabovetable,"filmproducts"includeBOPPfilmsandlithiumbatteryseparators(grade-Aandgrade-Bproductsofdry-processandwet-process).In2023,theoperatingrevenueoflithiumbatteryseparatorwasRMB10,082,122,418.04(5.22%slightdecreaseyear-on-year),accountingfor83.72%oftheoperatingrevenue.
(2)Industries,products,regionsandsalesmodelsthataccountformorethan10%oftheCompany'soperatingrevenueoroperatingprofit?Applicable□NotapplicableTheCompanyshallcomplywiththedisclosurerequirementsforthechemicalindustrysetforthintheSelf-DisciplinaryRegulatoryGuidelinesforCompaniesListedontheShenzhenStockExchangeNo.3–IndustryInformationDisclosure
Unit:RMB
| Operatingrevenue | Operatingcost | Grossmargin | Year-on-yearincreaseordecreaseinoperatingrevenue | Year-on-yearincreaseordecreaseinoperatingcost | Year-on-yearincreaseordecreaseingrossmargin | ||
| Byindustry | |||||||
| Manufacturing | 11,749,728,885.23 | 7,486,113,707.42 | 36.29% | -3.76% | 17.69% | -11.61% | |
| Byproduct | |||||||
| Filmproducts | 10,763,628,558.00 | 6,654,382,003.21 | 38.18% | -4.33% | 19.22% | -12.21% | |
| Byregion | |||||||
| SouthwestChina | 1,244,462,107.76 | 902,364,789.50 | 27.49% | -27.36% | -9.27% | -14.45% | |
| EastChina | 5,489,000,474.43 | 3,186,718,242.91 | 41.94% | -5.33% | 13.70% | -9.71% | |
| SouthCentralChina | 3,091,888,271.61 | 2,118,793,939.85 | 31.47% | -4.81% | 11.73% | -10.14% | |
| Overseasregions | 2,017,012,232.36 | 1,182,486,916.29 | 41.37% | 51.45% | 88.63% | -11.56% | |
In2023,theoperatingrevenueoflithiumbatteryseparatorunderfilmproductswasRMB10,082,122,418.04(5.22%slightdecreaseyear-on-year),operatingcostwasRMB6,066,791,977.45(19.43%increaseyear-on-year),withagrossmarginof39.83%(slightdecreaseyear-on-year).UnderthecircumstancesthatthestatisticspecificationsfortheCompany’sdataonmainbusinesswereadjustedduringtheReportingPeriod,theCompany’sdataonmainbusinessofthispastyeariscalculatedbasedontheadjustedstatisticspecificationsattheendoftheReportingPeriod.
□Applicable?Notapplicable
Unit:RMB
| Productname | Output | Sales | Revenueachieved | MovementinsalespriceduringtheReportingPeriod | Reasonforchange |
| Lithiumbatteryseparator | 7,099millionsquaremeters | 6,200millionsquaremeters | 10,082,122,418.04 | Decline | Fiercemarketcompetition |
Intheabovetable,"lithiumbatteryseparator"representsgrade-Aandgrade-Bproductsofdry-processandwet-process.Operatingrevenueornetprofitarisingfromoffshoreoperationsaccountedfor10%oraboveoftheCompany’sauditedoperatingrevenueornetprofitinthemostrecentfiscalyear?Yes□No
| Nameofoverseasbusiness | Detailsofthecommencement | ImpactoftaxpolicyonoverseasbusinessduringtheReportingPeriod | Company’sresponse |
| Lithiumbatteryseparator | Salesoflithiumbatteryseparatorproductstooverseas | TherewasnomaterialchangeintaxpolicyduringtheReportingPeriodascomparedwith | Expandingoverseascapacityandcontinuouslyexploringoverseasmarketsto |
| customersthroughdirectsales | thesameperiodlastyear | increasemarketshare |
(3)WhethertheCompany'srevenuefromthesaleofphysicalproductsishigherthantherevenuefromservicecharges
?Yes□No
| Industrycategory | Item | Unit | 2023 | 2022 | Year-on-yearincreaseordecrease |
| Filmproducts | Sales | Ton | 119,948.70 | 102,765.07 | 16.72% |
| Output | Ton | 127,773.43 | 106,761.27 | 19.68% | |
| Inventory | Ton | 18,881.63 | 11,056.90 | 70.77% | |
| Cigarettelabels | Sales | 10,000boxes | 22.29 | 49.27 | -54.76% |
| Output | 10,000boxes | -0.05 | 42.97 | -100.12% | |
| Inventory | 10,000boxes | 0.95 | 3.18 | -70.13% | |
| Asepticpackaging | Sales | 10,000 | 422,136.62 | 322,228.15 | 31.01% |
| Output | 10,000 | 428,729.83 | 328,252.96 | 30.61% | |
| Inventory | 10,000 | 38,459.95 | 31,866.74 | 20.69% | |
| Specialtypaper | Sales | Ton | 8,026.38 | 11,791.64 | -31.93% |
| Output | Ton | 7,364.27 | 10,877.02 | -32.30% | |
| Inventory | Ton | 1,786.46 | 2,448.57 | -27.04% |
Reasonsforayear-on-yearchangeofmorethan30%intherelevantdata?Applicable□Notapplicable
①Thesignificantchangesinthesalesandoutputfilmproductsweremainlyduetothelargeincreaseintheoutput,salesandinventoryoflargeweightBOPPfilmproducts.
②In2023,thesalesoflithiumbatteryseparatorunderfilmproducts(grade-Aandgrade-Bproductsofdry-processandwet-process)was6,200millionsquaremeters,andtheoutputwas7,099millionsquaremeters,representingaslightyear-on-yearincrease;theinventorywas1,969millionsquaremeters,uplargelyyear-on-year,mainlyduetostockpreparation.
③Thesignificantincreaseintheoutput,salesandinventoryofasepticpackagingproductswasmainlyduetotheactivemarketexpansionofasepticpackagingbusinessandtheincreaseinoperatingresults.
④Thesignificantdecreaseinthecigarettelabelsandspecialtypaperproductsismainlyduetothereductioninbusinessscale.
(4)ExecutionofmaterialsalescontractsandmaterialprocurementcontractssignedbytheCompanyasoftheReportingPeriod
□Applicable?Notapplicable
(5)BreakdownofoperatingcostProductcategory
Unit:RMB
| Productcategory | Item | 2023 | 2022 | Year-on-yearincreaseordecrease | ||
| Amount | Percentageoftheoperatingcost | Amount | Percentageoftheoperatingcost | |||
| Filmproducts | Rawmaterial | 3,583,825,915.48 | 53.86% | 2,930,223,822.90 | 52.50% | 22.31% |
In2023,amongtheoperatingcostsofthelithiumbatteryseparatorunderfilmproducts,rawmaterialswereRMB3,080,921,122.89(accountingfor50.78%oftheoperatingcosts),laborwasRMB487,866,060.03(accountingfor8.04%oftheoperatingcosts),manufacturingcostwereRMB1,287,715,097.84(accountingfor21.23%oftheoperatingcosts),andenergyandpowerwereRMB1,210,289,696.69(accountingfor
19.95%oftheoperatingcosts).
Notes:
①“Filmproducts”includeBOPPcigarettefilm,BOPPflatfilmandlithiumbatteryseparatorproducts.
②“Otherproducts”referredtointhe“Breakdownofoperatingrevenue”and“Breakdownofoperatingcost”inSectionIVofthisreportmainlyincludeholographichotstampingfoils,filmproducts,packagingfilmsforwrappingbyhand,aluminumlaminatedfilms,othermiscellaneousproductsandsubstandardproducts.Theseproductsaccountforasmallvolumeofbusiness,andthepercentageofthesalesofsuchproductsinthetotalsalesislow.Thus,suchproductsbelongtothecategoryofotherproductsofmainbusinesses.
③“Otherbusinesses”referredtointhe“Breakdownofoperatingrevenue”inSectionIVofthisreportmainlyreferstotheCompany’srevenuefromthesaleofmaterials,leasedassetsandthesaleofleftoverbitsandpieces.OtherbusinessesdonotbelongtothecategoryoftheCompany’smainbusinesses.
(6)WhetherthescopeoftheconsolidatedfinancialstatementschangedduringtheReportingPeriod
?Yes□NoThenumberofcompaniesincludedinthescopeoftheconsolidatedfinancialstatementsduringtheReportingPeriodincreasedbyoneascomparedwiththepreviousperiod,withoutanydecreaseinthenumberofsuchcompanies.ThenewsubsidiaryincludedinthescopeofconsolidationduringtheReportingPeriodisYunnanJiechenPackagingMaterialsCo.,Ltd.,whichisanewlyinvestedsubsidiary.
(7)MajorchangesoradjustmentsintheCompany’sbusinesses,productsorservicesduringtheReportingPeriod
□Applicable?Notapplicable
(8)KeycustomersandsuppliersTheCompany'skeycustomers
| Totalsalesofthetopfivecustomers(RMB) | 6,417,871,928.00 |
| Proportionoftotalsalesofthetopfivecustomersovertotalsalesfortheyear | 53.29% |
| Proportionofsalesofrelatedpartiesinthetopfivecustomersovertotalsalesfortheyear | 0.00% |
Labor
| Labor | 521,134,511.83 | 7.83% | 397,348,373.24 | 7.12% | 31.15% | |
| Manufacturingcost | 1,314,988,670.49 | 19.76% | 1,430,735,154.33 | 25.63% | -8.09% | |
| Energyandpower | 1,234,432,905.41 | 18.55% | 823,370,486.37 | 14.75% | 49.92% | |
| Cigarettelabels | Rawmaterial | 11,439,116.45 | 48.15% | 41,880,099.43 | 71.44% | -72.69% |
| Labor | 6,464,506.27 | 27.21% | 11,385,802.91 | 19.42% | -43.22% | |
| Manufacturingcost | 5,053,470.32 | 21.27% | 4,178,744.59 | 7.13% | 20.93% | |
| Energyandpower | 799,693.93 | 3.37% | 1,175,089.60 | 2.00% | -31.95% | |
| Asepticpackaging | Rawmaterial | 568,677,917.68 | 88.60% | 442,144,630.94 | 91.70% | 28.62% |
| Labor | 42,628,863.02 | 6.64% | 22,368,092.22 | 4.64% | 90.58% | |
| Manufacturingcost | 20,466,257.07 | 3.19% | 13,133,577.93 | 2.72% | 55.83% | |
| Energyandpower | 10,079,401.67 | 1.57% | 4,492,472.93 | 0.93% | 124.36% | |
| Specialtypaper | Rawmaterial | 100,096,543.76 | 89.41% | 147,608,537.66 | 93.00% | -32.19% |
| Labor | 4,009,313.17 | 3.58% | 3,842,056.17 | 2.42% | 4.35% | |
| Manufacturingcost | 5,930,569.64 | 5.30% | 4,932,633.82 | 3.11% | 20.23% | |
| Energyandpower | 1,910,737.13 | 1.71% | 2,328,616.99 | 1.47% | -17.95% | |
| OtherProducts | Rawmaterial | 27,194,586.27 | 50.20% | 20,402,468.26 | 58.72% | 33.29% |
| Labor | 6,625,261.90 | 12.23% | 4,119,488.87 | 11.86% | 60.83% | |
| Manufacturingcost | 16,663,483.15 | 30.76% | 8,371,308.39 | 24.09% | 99.05% | |
| Energyandpower | 3,691,982.77 | 6.81% | 1,849,782.05 | 5.32% | 99.59% |
InformationontheCompany’stopfivecustomers
| No. | Customername | Sales(RMB) | Percentageoftotalsalesfortheyear |
| 1 | Customer1 | 2,354,630,028.06 | 19.55% |
| 2 | Customer2 | 1,394,575,025.37 | 11.58% |
| 3 | Customer3 | 1,398,179,548.69 | 11.61% |
| 4 | Customer4 | 760,998,770.64 | 6.32% |
| 5 | Customer5 | 509,488,555.04 | 4.23% |
Otherinformationonkeycustomers?Applicable□NotapplicableTheCompanyhadnoconnectedrelationshipwiththetopfivecustomers.Directors,supervisors,seniormanagement,coretechnicians,shareholdersholdingmorethan5%oftheshares,defactocontrollersandotherrelatedpartiesoftheCompanydonotdirectlyorindirectlyholdtheirinterestsinthetopfivecustomers.TheCompany’skeysuppliers
| Totalsalesofthetopfivesuppliers(RMB) | 3,817,946,411.26 |
| Proportionoftotalsalesofthetopfivesuppliersovertotalsalesfortheyear | 28.54% |
| Proportionofsalesofrelatedpartiesinthetopfivesuppliersovertotalsalesfortheyear | 0.00% |
InformationontheCompany’stopfivesuppliers
| No. | Suppliername | Purchaseamount(RMB) | Percentageofthetotalpurchaseamountfortheyear |
| 1 | Supplier1 | 981,078,879.89 | 7.33% |
| 2 | Supplier2 | 945,194,012.35 | 7.07% |
| 3 | Supplier3 | 794,020,480.73 | 5.94% |
| 4 | Supplier4 | 605,709,466.76 | 4.53% |
| 5 | Supplier5 | 491,943,571.53 | 3.68% |
Otherinformationonkeysuppliers?Applicable□NotapplicableTheCompanyhadnoconnectedrelationshipwiththetopfivesuppliers.Directors,supervisors,seniormanagement,coretechnicians,shareholdersholdingmorethan5%oftheshares,defactocontrollersandotherrelatedpartiesoftheCompanydonotdirectlyorindirectlyholdtheirinterestsinthetopfivesuppliers.
3.Expenses
Unit:RMB
| 2023 | 2022 | Year-on-yearincreaseordecrease | Explanationsofmaterialchanges | |
| Sellingexpenses | 89,338,734.45 | 74,455,043.47 | 19.99% | |
| Administrativeexpenses | 383,415,488.72 | 323,291,931.01 | 18.60% | |
| Financialexpenses | 238,639,677.08 | 211,531,870.97 | 12.81% | |
| R&Dexpenses | 727,481,001.67 | 724,297,699.66 | 0.44% |
4.InvestmentinR&D
?Applicable□Notapplicable
| NamesofkeyR&Dprojects | Projectpurposes | Projectprogress | Objectivestobeachieved | ExpectedimpactsontheCompany'sfuturedevelopment |
| Developmentofceramiccoatingproductsfeaturinglowmoistureandhighheatresistance | EnteringthesupplychainoflocalbatteryenterprisesinEuropeandrealizingbatchsupply | Productiterationisunderway | Homogenizationofbasefilmmicrostructureanddevelopmentofcoatingproductsfeaturinghighheatresistanceandlowmoisture | ImprovingthecompetitivenessandsalesvolumeoftheCompany'sseparatorproducts,enteringthesupplychainofoverseashigh-qualitycustomersandincreasing |
| theCompany'smarketshare | ||||
| Developmentofbasefilmswithhighsafetybyusingsimultaneousbiaxialstretchingprocess | BatchsupplyforaTopJapanesecustomer | Customerreviewhasbeencompleted,specificationshavebeensigned,andwehavethemassproductioncapability | Massproductionandshipment | ImprovingthesalesvolumeoftheCompany'sseparatorproducts,improvingthestickinessofoverseashigh-qualitykeycustomersandestablishingstablecooperativerelations |
| Aramidcoatingseparators | BatchsupplyforaJapaneseendcustomer | Massproductionhasbeenachieved | Massproductionandshipment | Theaddedvalueoftheproductishigherthanthatofconventionalcoatedfilm.Theproducthelpsusenterthesupplychainofoverseashigh-endcustomersandimprovetheCompany'smarketshare |
| Ultra-thinhigh-strengthseparators | Developingultra-thin5μmseparatorforhighenergydensitylithiumbattery | Goingthroughcustomervalidationwithmassproductioncapability | Massproductionandshipment | ImprovingthecompetitivenessandsalesvolumeoftheCompany'sseparatorproductsandincreasingtheCompany'smarketshare |
| Massproductionofsemi-solid-statelithium-ionconductivityseparators | Developinghighenergydensityandhighsafetylithiumbatteryseparatorwithanenergydensityofabove250wh/kg | Smallbatchproductionhasbeenachieved | Massproductionandshipment | Withtheaidoftechnologicalinnovation,meetingthedemandforlithiumbatterieswithhighenergydensityandhighsafety,enhancingtheCompany’stechnicalleadershipandcomprehensivecompetitiveness |
| Designanddevelopmentofthethird-generationbasefilmswithlowshutdowntemperatureandhighsafety | Reducingtheshutdowntemperatureandimprovingthesafetyofseparators | Customerreviewhasbeencompleted,specificationshavebeensigned,andwehavethemassproductioncapability | Massproductionandshipment | ImprovingthecompetitivenessandsalesvolumeoftheCompany’sseparatorproductsandincreasingtheCompany’smarketshare |
| Basicdevelopmentofbasefilmswithultra-highmeltingtemperatureandhighsafety | Increasingmeltingtemperaturetoenhancethesafetyofseparators | Massproductionhasbeenachieved | Massproductionandshipment | Withtheaidoftechnologicalinnovation,comprehensivelyimprovingthesafetyofseparatorsandenhancingthecompetitivenessoftheCompany'sproductsandtechnologicaladvantages |
| Massproductionofhigh-porosity/high-strengthbasefilms | Massproductionandshipmentfordomesticandoverseasendcustomers | Massproductionhasbeenachieved | Massproductionandshipment | ImprovingthesalesvolumeoftheCompany'sseparatorproducts,improvingthestickinessofhigh-qualitycustomersathomeandabroadandestablishingstablecooperativerelations |
| Massproductionofnew-generationcoatedfilmsfeaturinglowcost,highadherenceandhighheat-resistance | Massproductionandshipmentfordomesticandoverseasendcustomers | Massproductionhasbeenachieved | Massproductionandshipment | Reducingcosts,improvingseparatorbondingperformanceandincreasingthecompetitivenessoftheCompany'sproducts |
| Ultra-thinceramiccoatedfilms | Ultra-thin,ultra-highheat-resistantcoatingforimprovingbatterysafety | Samplesareavailable,andtheproductisatpromotionstage | Massproductionandshipment | ImprovingthecompetitivenessandsalesvolumeoftheCompany’sseparatorproductsandincreasingtheCompany’smarketshare |
| In-linedouble-sidedcoatinganddouble-sidedglueing | Coat4layersatonce | Massproductionhasbeenachieved | Massproductionandshipment | ImprovingthecompetitivenessandsalesvolumeoftheCompany’sseparatorproductsandincreasingtheCompany’smarketshare |
| Highpuncturestrengthandhigh-porositybasefilms | Respondingtothehighenergydensityrequirementsofterminalbatteriesandfastchargingcapabilities | Samplesareavailable,andtheproductisatpromotionstage | Massproductionandshipment | ImprovingthecompetitivenessandsalesvolumeoftheCompany’sseparatorproductsandincreasingtheCompany’smarketshare |
| Ultra-lowcostbasefilms | Developmentofultra-lowcostwet-processfilmsthatarecomparabletodry-processfilms | Underdevelopment | Massproductionandshipment | ImprovingthecompetitivenessandsalesvolumeoftheCompany’sseparatorproductsandincreasingtheCompany’smarketshare |
| Self-capturingfilms | Inordertobondthefilmtotheelectrode，helpingtoimprovethecyclelifeofthebatteryandthestabilityoftheelectrodestructure | Underdevelopment | Massproductionandshipment | ImprovingthecompetitivenessandsalesvolumeoftheCompany’sseparatorproductsandincreasingtheCompany’smarketshare |
| Fourth-generationfilmswithlowshutdowntemperature,highpuncturestrengthandhighporosity | Reducingshutdowntemperature,increasingpuncturestrengthandimprovingfilmsafety | Samplesareavailable,andtheproductisatpromotionstage | Massproductionandshipment | ImprovingthecompetitivenessandsalesvolumeoftheCompany’sseparatorproductsandincreasingtheCompany’smarketshare |
| Basicdevelopmentofultra-smallporesizespecialfiltrationmembranes | ExpandingtheCompany'sbusinessandincreasingtheapplicationscenariosofseparators | Pilotproductionhasbeencompleted | Massproductionandshipment | ExpandingtheapplicationscenariosofseparatorsandtheCompany'sscopeofbusiness,andstrengtheningtheCompany’soverallcompetitiveness |
| Developmentofmembranesformunicipalandindustrialwastewatertreatment | ExpandingtheCompany'sbusinessandincreasingtheapplicationscenariosofseparators | Operationalmodelhasbeendetermined | Determiningoperationalmodelandachievingmassproductionandshipment | ExpandingtheapplicationscenariosofseparatorsandtheCompany'sscopeofbusiness,andstrengtheningtheCompany'soverallcompetitiveness |
| Developmentofaluminumlaminatedfilms | Achievingmassproductionandshipmentandcontinuallyimprovingproductperformancetoenterthesupplychainofhigh-endcustomers | Stablemassproductionhasbeen,andbothdryandthermalproductsaremorecompetitiveinthemarket,whichhavebeensuppliedinbulktoalargenumberofcustomers. | Realizingmassproductionandshipment,continuallyimprovingproductperformanceandenteringthesupplychainofhigh-endcustomers | Comprehensivelyimprovingproductperformancetoreachthegloballyadvancedlevelsoastolayasolidfoundationforenteringhigh-endmarketsandenhancetheCompany'soverallcompetitiveness |
| R&Dofnew-typedegradablefilmmaterials | Developingdegradablefilmmaterials | Pilotproductionisunderway | Developingdegradablefilmmaterials | Complyingwiththerequirementsofecologicalenvironmentprotection,relevantregulationsandpolicies,fulfillingsocialresponsibilities,improvingthemarketcompetitivenessoftheCompany'sproductsandimprovingtheCompany'seconomicreturnsandcorporateimage |
| R&Dofbio-basedpolyethyleneplasticcaps | Meetingmarketdemandwiththeaidoftechnicalreserve | Goingthroughtrialmassproductionandbeinginthestageofpromotingtheproductindownstreamsectors | Replacingpetroleum-basedpolymermaterialswithbio-basedpolymermaterialstoachieve100%naturaldegradationofpackagingmaterialsandachievesustainabledevelopment | Adaptingtothedevelopmentconceptof"ecologicalandenvironmentalprotection,energyconservationandcarbonreduction",andlayingafoundationfortheCompany'sasepticpackagingproductstoenterthemarketofroofpackagewithcover. |
| Scratchandsniffgabletoppackaging | Expandingthemarketofpackagingmaterialsforliquid | Goingthroughtrialmassproduction | Makingconventionalpackaginginteresting.Customerscansmellthefragranceafterscratchingthedesignatedarea, | Makingpackagingmaterialsforliquidmoreinnovativeandattractiveandenhancingthemarketcompetitivenessofthe |
| improvingtheexperienceforendcustomers | Company'sasepticpackagingproducts | |||
| HighbarrieroilpackagingmaterialswithAl-PE-Papercomplexstructure | Expandingthemarketofedibleoil,soysauceandothercondiments | Multipleordershavebeenreceived,andtheproductisbeingpromotedintheflavoringproductmarket | Replacingtraditionalpackagingforedibleoilwithmoldedpulppackagingtoreducetheuseofplastics | Thematerialhasagoodbarrieragainstlight,watervaporandoxygen,thusimprovingthesealingoftheCompany'sasepticpackagingproductsandlayingafoundationfortheCompany'sasepticpackagingproductstodevelopdiversifiedmarkets. |
InformationontheCompany’sR&Dpersonnel
| 2023 | 2022 | Year-on-yearchange(%) | |
| NumberofR&Demployees | 507 | 512 | -0.98% |
| R&Demployeesasapercentageoftotalemployees | 5.43% | 6.87% | -1.44% |
| EducationalbackgroundstructureofR&Dpersonnel | |||
| Bachelor’sdegree | 403 | 408 | -1.23% |
| Master’sdegree | 104 | 104 | 0.00% |
| AgestructureofR&Dpersonnel | |||
| Under30 | 224 | 183 | 22.40% |
| Aged30-40 | 218 | 252 | -13.49% |
InformationoninvestmentinR&D
| 2023 | 2022 | Year-on-yearchange(%) | |
| AmountofinvestmentinR&D(RMB) | 727,481,001.67 | 724,297,699.66 | 0.44% |
| InvestmentinR&Dasapercentageofoperatingrevenue | 6.04% | 5.75% | 0.29% |
| CapitalizedinvestmentinR&D(RMB) | 0.00 | 0.00 | 0.00% |
| CapitalizedinvestmentinR&DasapercentageoftotalinvestmentinR&D | 0.00% | 0.00% | 0.00% |
ReasonsforandimpactsofsignificantchangesinthecompositionoftheCompany’sR&Dpersonnel
□Applicable?NotapplicableReasonsforsignificantyear-on-yearchangesininvestmentinR&Dasapercentageofoperatingrevenue
□Applicable?NotapplicableReasonsandjustificationforsignificantchangesinthecapitalizationrateofinvestmentinR&D
□Applicable?Notapplicable
5.Cashflow
Unit:RMB
| Item | 2023 | 2022 | Year-on-yearincreaseordecrease |
| Subtotalofcashinflowsfromoperatingactivities | 11,626,206,968.78 | 8,891,273,722.39 | 30.76% |
| Subtotalofcashoutflowsfromoperatingactivities | 8,958,753,709.46 | 8,387,686,123.73 | 6.81% |
| Netcashflowsfromoperatingactivities | 2,667,453,259.32 | 503,587,598.66 | 429.69% |
| Subtotalofcashinflowsfrominvestmentactivities | 174,676,679.85 | 72,299,752.44 | 141.60% |
| Subtotalofcashoutflowsfrominvestmentactivities | 8,164,800,691.58 | 5,757,926,436.30 | 41.80% |
| Netcashflowsfrominvestmentactivities | -7,990,124,011.73 | -5,685,626,683.86 | -- |
| Subtotalofcashinflowsfromfinancingactivities | 20,895,450,020.58 | 14,379,311,728.60 | 45.32% |
| Subtotalofcashoutflowsfromfinancingactivities | 15,758,526,797.94 | 7,600,203,806.51 | 107.34% |
| Netcashflowsfromfinancingactivities | 5,136,923,222.64 | 6,779,107,922.09 | -24.22% |
| Netincreaseincashandcashequivalents | -183,022,124.16 | 1,602,756,557.41 | -111.42% |
Mainreasonsforsignificantyear-on-yearchangesintherelevantdata?Applicable□Notapplicable
(1)ThesignificantincreaseinsubtotalofcashinflowsfromoperatingactivitiesandnetcashflowsfromoperatingactivitiesweremainlyduetotheincreaseinsalesproceedsreceivedbytheCompany.
(2)Thesignificantincreaseinsubtotalofcashinflowsfrominvestmentactivitieswasmainlyduetotherecoveryoftimedepositsuponmaturity,thesignificantincreaseinsubtotalofcashoutflowsfrominvestmentactivitiesandthesignificantdecreaseinnetcashflowsfrominvestmentactivitiesweremainlyduetotheincreaseininvestmentinnewproductionlines.
(3)Thesignificantincreaseinsubtotalofcashinflowsfromfinancingactivitieswasmainlyduetothecompletionofthenon-publicissuanceofAsharesin2021andtheproceedsfrominvestmentprojects;thesignificantincreaseinsubtotalofcashoutflowsfromfinancingactivitieswasmainly
duetotherepaymentofborrowings.MainreasonsforthemarkeddifferencebetweennetcashflowfromoperatingactivitiesduringtheReportingPeriodandnetprofitfortheyear
□Applicable?Notapplicable
V.AnalysisofNon-mainBusinesses
□Applicable?Notapplicable
VI.AnalysisofAssetsandLiabilities
1.Significantchangesinthecompositionofassets
Unit:RMB
| Endof2023 | Beginningof2023 | Percentagechange | Reasonsforsignificantchanges | |||
| Amount | Asapercentageoftotalassets | Amount | Asapercentageoftotalassets | |||
| Monetarycapital | 3,835,530,538.70 | 8.13% | 3,954,316,829.31 | 10.24% | -2.11% | Mainlyduetotherelativedecreaseinbankdeposits |
| Accountsreceivable | 6,719,699,762.18 | 14.24% | 6,559,717,117.36 | 16.98% | -2.74% | Mainlyduetotheincreaseinsalesproceeds |
| Contractassets | 0.00% | 0.00% | 0.00% | |||
| Inventories | 3,000,558,853.64 | 6.36% | 2,463,490,238.80 | 6.38% | -0.02% | |
| Investmentproperties | 7,865,069.42 | 0.02% | 8,399,300.54 | 0.02% | 0.00% | |
| Long-termequityinvestments | 3,209,980.10 | 0.01% | 5,017,642.31 | 0.01% | 0.00% | |
| Fixedassets | 19,380,327,177.42 | 41.06% | 14,306,873,399.88 | 37.04% | 4.02% | |
| Projectsunderconstruction | 6,207,408,467.99 | 13.15% | 3,584,554,509.73 | 9.28% | 3.87% | Mainlyduetotheincreaseininvestmentinnewproductionlines |
| Right-of-useassets | 2,387,711.07 | 0.01% | 3,926,781.90 | 0.01% | 0.00% | |
| Short-termborrowings | 7,290,694,906.27 | 15.45% | 9,527,853,434.55 | 24.67% | -9.22% | Mainlyduetotherepaymentofborrowingsuponmaturity |
| Contractliabilities | 29,791,971.25 | 0.06% | 24,596,154.15 | 0.06% | 0.00% | |
| Long-termborrowings | 4,685,315,817.70 | 9.93% | 4,179,264,746.86 | 10.82% | -0.89% | |
| Leaseliabilities | 182,663.88 | 0.00% | 1,331,485.16 | 0.00% | 0.00% | |
OverseasassetsaccountedforahighpercentageoftheCompany’stotalassets
□Applicable?Notapplicable
2.Assetsandliabilitiesmeasuredatfairvalue
?Applicable□Notapplicable
Unit:RMB
| Item | AmountasatthebeginningoftheReportingPeriod | ProfitandlossfromthefairvaluechangesduringtheReportingPeriod | Accumulatedfairvaluechangesrecognizedthroughequity | ImpairmentprovidedduringtheReportingPeriod | AmountofpurchaseduringtheReportingPeriod | AmountofsaleduringtheReportingPeriod | Otherchanges | AmountasattheendoftheReportingPeriod |
| Financialassets | ||||||||
| 2.Derivativefinancialassets | 9,850,069.59 | 9,850,069.59 | ||||||
| 4.Otherinvestmentin | 110,000,000.00 | -21,000,000.00 | 89,000,000.00 | |||||
| equityinstruments | ||||||||
| Sub-totaloffinancialassets | 119,850,069.59 | -21,000,000.00 | 9,850,069.59 | 89,000,000.00 | ||||
| Others | 692,286,629.08 | 408,354,641.63 | 692,286,629.08 | 408,354,641.63 | ||||
| Including:Bankacceptancebills | 692,286,629.08 | 408,354,641.63 | 692,286,629.08 | 408,354,641.63 | ||||
| Total | 812,136,698.67 | -21,000,000.00 | 408,354,641.63 | 702,136,698.67 | 497,354,641.63 | |||
| Financialliabilities | 94,394.79 | 94,394.79 | 0.00 |
OtherchangesArethereanysignificantchangesinthemeasurementattributesoftheCompany’smajorassetsduringtheReportingPeriod
□Yes?No
3.RestrictionofassetrightsasoftheendoftheReportingPeriod
| Item | Closingbalance | Closingbookvalue | Reasonsforrestriction |
| Monetaryfunds | 1,045,522,070.90 | 1,045,522,070.90 | Bankdraftmargin,letterofcreditmargin,letterofguaranteemargin,performancedeposit,securitydepositsforlockexchange,depositregulatedbybanks |
| Billsreceivables | 248,473,890.50 | 248,473,890.50 | Bankloansthroughpledge |
| Othercurrentassets | 251,828,755.71 | 251,828,755.71 | Bankloansthroughpledge,bankacceptancebills |
| Othernon-currentassets | 53,500,694.44 | 53,500,694.44 | Bankloansthroughpledge |
| Non-currentassetswithinoneyear | 268,759,015.31 | 268,759,015.31 | Bankloansthroughpledge,bankacceptancebills |
| Fixedassets | 581,698,498.88 | 518,129,104.90 | Bankloansthroughpledge |
| Constructioninprogress | 92,118,326.54 | 92,118,326.54 | Bankloansthroughpledge |
| Intangibleassets | 309,173,107.74 | 288,826,669.43 | Bankloansthroughpledge |
| Total | 2,851,074,360.02 | 2,767,158,527.73 |
Inadditiontotheitemslistedintheabovetable,theCompany'scontrollingsubsidiaryShanghaiEnergypledgedits100%equityinterestinSuzhouGreenPowertoobtainbankloans,whichresultedinSuzhouGreenPower'sequityinterestbeingrestrictedassets.
VII.AnalysisofInvestments
1.Summary
?Applicable□Notapplicable
| TotalinvestmentamountduringtheReportingPeriod(RMB) | Totalinvestmentamountduringthesameperiodoflastyear(RMB) | Change(%) |
| 9,414,839,968.03 | 7,648,313,351.79 | 23.10% |
2.SubstantialequityinvestmentsobtainedduringtheReportingPeriod
□Applicable?Notapplicable
3.Substantialongoingnon-equityinvestmentsduringtheReportingPeriod?Applicable□Notapplicable
Unit:RMB
| Projectname | Investmentmode | Whetheritisaninvestmentinfixedassets | Industriesrelatedtotheinvestmentproject | AmountofinvestmentduringtheReportingPeriod | AccumulatedactualinvestmentasoftheendoftheReportingPeriod | Sourceoffunds | Projectprogress | Projectedrevenue | AccumulatedrealizedrevenueasattheendoftheReportingPeriod | Reasonsforfailingtomakeplannedprogressandgenerateprojectedrevenue | Disclosuredate(ifany) | Indextodisclosure(ifany) |
| WuxiEnergyNewMaterialIndustrialBasePhaseII | Self-construction | Yes | Lithiumbatteryseparator | 37,968,802.36 | 2,405,871,799.95 | ①self-ownedandself-raisedfunds;②raisefundsbywayofnon-publicofferingin2020 | 98.66% | 669,284,321.20 | N/A | July2,2019 | PleaserefertotheAnnouncementonCapitalIncreasebyShanghaiEnergytoWuxiEnergyandInvestmentinWuxiEnergyNewMaterialIndustrialBasePhaseII-LithiumBatterySeparatorFilm(No.:2019-076)disclosedontheCninfowebsite | |
| JiangxiTonryPhaseI | Self-construction | Yes | Lithiumbatteryseparator | 1,739,610,313.02 | ①self-ownedandself-raisedfunds;②raisefundsbyconvertiblebonds | 100.00% | 1,177,661,572.45 | N/A | November2,2018 | PleaserefertotheAnnouncementonAControlledSubsidiary’sAcquisitionof100%EquityofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.(No.:2018-141)disclosedontheCninfowebsite | ||
| JiangxiTonryPhaseIExpansion | Self-construction | Yes | Lithiumbatteryseparator | 65,084,421.94 | 2,536,821,641.06 | ①self-ownedandself-raisedfunds;②raisefundsbywayofnon-publicofferingin2020 | 98.67% | 783,378,774.73 | N/A | November2,2018 | PleaserefertotheAnnouncementonAControlledSubsidiary’sAcquisitionof100%EquityofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.(No.:2018-141)disclosedontheCninfowebsite | |
| HungaryLithiumBatterySeparator | Self-construction | Yes | Lithiumbatteryseparator | 1,712,420,424.58 | 2,691,911,519.75 | self-ownedandself-raisedfunds | 76.50% | 0.00 | N/A | November11,2020 | PleaserefertotheAnnouncementonConstructionofWet-processLithiumBatterySeparatorProjectinHungary |
| Projectname | Investmentmode | Whetheritisaninvestmentinfixedassets | Industriesrelatedtotheinvestmentproject | AmountofinvestmentduringtheReportingPeriod | AccumulatedactualinvestmentasoftheendoftheReportingPeriod | Sourceoffunds | Projectprogress | Projectedrevenue | AccumulatedrealizedrevenueasattheendoftheReportingPeriod | Reasonsforfailingtomakeplannedprogressandgenerateprojectedrevenue | Disclosuredate(ifany) | Indextodisclosure(ifany) |
| Project | (No.:2020-204)disclosedontheCninfowebsite | |||||||||||
| ChongqingEnergyHigh-performanceLithiumBatteryMicroporeSeparator(PhaseI | Self-construction | Yes | Lithiumbatteryseparator | 118,586,033.05 | 780,914,545.41 | ①self-ownedandself-raisedfunds;②raisefundsbywayofnon-publicofferingin2021 | 100.00% | 192,582,487.03 | N/A | November23,2021 | PleaserefertotheAnnouncementonPlanforNon-publicOfferingofASharesin2021(No.:2021-188)disclosedontheCninfowebsite | |
| ChongqingEnergyHigh-performanceLithiumBatteryMicroporeSeparator(PhaseII) | Self-construction | Yes | Lithiumbatteryseparator | 996,071,433.63 | 1,664,917,596.46 | ①self-ownedandself-raisedfunds;②raisefundsbywayofnon-publicofferingin2021 | 85.00% | 145,334,579.06 | N/A | November23,2021 | PleaserefertotheAnnouncementonPlanforNon-publicOfferingofASharesin2021(No.:2021-188)disclosedontheCninfowebsite | |
| ChongqingEnergyHigh-performanceLithiumBatteryMicroporeSeparator(PhaseIII) | Self-construction | Yes | Lithiumbatteryseparator | 2,738,730.35 | 45,227,719.18 | ①self-ownedandself-raisedfunds;②raisefundsbywayofnon-publicofferingin2021 | 100.00% | 0.00 | N/A | December8,2021 | PleaserefertotheAnnouncementontheProgressofChongqingEnergyHigh-performanceLithiumBatteryMicroporeSeparatorProject(No.:2021-203)disclosedontheCninfowebsite | |
| JiangsuEnergyEVLithiumBatterySeparatorIndustrializationProject | Self-construction | Yes | Lithiumbatteryseparator | 2,374,453,347.86 | 2,620,238,706.47 | ①self-ownedandself-raisedfunds;②raisefundsbywayofnon-publicofferingin2021 | 60.00% | 56,095,136.14 | N/A | November23,2021 | PleaserefertotheAnnouncementonPlanforNon-publicOfferingofASharesin2021(No.:2021-188)disclosedontheCninfowebsite |
| Projectname | Investmentmode | Whetheritisaninvestmentinfixedassets | Industriesrelatedtotheinvestmentproject | AmountofinvestmentduringtheReportingPeriod | AccumulatedactualinvestmentasoftheendoftheReportingPeriod | Sourceoffunds | Projectprogress | Projectedrevenue | AccumulatedrealizedrevenueasattheendoftheReportingPeriod | Reasonsforfailingtomakeplannedprogressandgenerateprojectedrevenue | Disclosuredate(ifany) | Indextodisclosure(ifany) |
| JiangsuRuijieEVLithiumBatteryAluminumLaminatedFilmIndustrializationProject | Self-construction | Yes | Aluminumlaminatedfilm | 155,597,069.62 | 490,163,188.87 | ①self-ownedandself-raisedfunds;②raisefundsbywayofnon-publicofferingin2021 | 48.00% | 0.00 | N/A | November23,2021 | PleaserefertotheAnnouncementonPlanforNon-publicOfferingofASharesin2021(No.:2021-188)disclosedontheCninfowebsite | |
| SuzhouGreenPowerAnnualProductionof200millionSquareMetersofLithium-ionBatteryCoatingSeparatorsProject | Self-construction | Yes | Lithiumbatteryseparator(Coatingfilms) | 139,777,126.21 | 591,333,628.81 | ①self-ownedandself-raisedfunds;②raisefundsbywayofnon-publicofferingin2021 | 95.00% | 274,599,931.23 | N/A | November23,2021 | PleaserefertotheAnnouncementonPlanforNon-publicOfferingofASharesin2021(No.:2021-188)disclosedontheCninfowebsite | |
| YuxiEnergylithiumbatteryseparatorproductionlineconstructionprojectwithanannualproductioncapacityof1.6billionsquaremeters | Self-construction | Yes | Lithiumbatteryseparator | 5,825,641.56 | 8,236,530.91 | self-ownedandself-raisedfunds | 5.40% | 0.00 | N/A | March30,2022 | AnnouncementontheprogressonYuxiMunicipalPeople’sGovernmentSigningtheStrategicCooperationFrameworkAgreement(AnnouncementNo.:2022-044)disclosedontheCninfowebsite |
| Projectname | Investmentmode | Whetheritisaninvestmentinfixedassets | Industriesrelatedtotheinvestmentproject | AmountofinvestmentduringtheReportingPeriod | AccumulatedactualinvestmentasoftheendoftheReportingPeriod | Sourceoffunds | Projectprogress | Projectedrevenue | AccumulatedrealizedrevenueasattheendoftheReportingPeriod | Reasonsforfailingtomakeplannedprogressandgenerateprojectedrevenue | Disclosuredate(ifany) | Indextodisclosure(ifany) |
| Dry-processLithium-ionBatterySeparatorFilmsProject | Self-construction | Yes | Lithiumbatteryseparator(Dry-process) | 574,171,113.17 | 903,960,750.87 | self-ownedandself-raisedfunds | 50.00% | -24,870,145.36 | N/A | February1,2021 |
AnnouncementonGaoanMunicipalPeople’sGovernmentinJiangxiProvinceSigningtheContractfortheConstructionofDry-processLithium-ionBatterySeparatorsProject(AnnouncementNo.:2021-018)disclosedontheCninfowebsite
| HubeiEnergyEVLithiumBatterySeparatorIndustrializationProject | Self-construction | Yes | Lithiumbatteryseparator | 1,781,367,103.17 | 1,839,067,518.02 | self-ownedandself-raisedfunds | 40.78% | -10,398,197.04 | N/A | August3,2021 | AnnouncementonthePlantoSetUpaJointVenturewithEVEtoConstructaWet-ProcessingLithiumBatterySeparatorFilmProject(AnnouncementNo.:2021-128)disclosedontheCninfowebsite | |
| Total | -- | -- | -- | 7,964,061,247.50 | 18,318,275,458.78 | -- | -- | 3,263,668,459.44 | -- | -- | -- |
4.Financialassetinvestments
(1)Investmentsinsecurities
□Applicable□NotapplicableNoinvestmentsinsecuritiesduringtheReportingPeriod.
(2)Investmentsinderivatives
?Applicable□Notapplicable
1)InvestmentsinderivativesforhedgingduringtheReportingPeriod?Applicable□Notapplicable
Unit:RMB’0,000
| Typeofderivativeinvestment | Initialinvestmentamount | Openingamount | Profitandlossfromchangesinfairvalueduringthecurrentperiod | Accumulatedchangesinfairvalueincludedinequity | AmountofpurchaseduringtheReportingPeriod | AmountofsaleduringtheReportingPeriod | Closingamount | InvestmentamountattheendoftheperiodasapercentageoftheCompany'snetassetsattheendoftheReportingPeriod |
| Forwardforeignexchangecontract | 27,247.85 | 27,247.85 | 0 | 0 | 0 | 27,247.85 | 0 | 0.00% |
| Total | 27,247.85 | 27,247.85 | 0 | 0 | 0 | 27,247.85 | 0 | 0.00% |
| AccountingpoliciesandspecificprinciplesofaccountingforhedgingbusinessduringtheReportingPeriod,anddetailsofwhethertherearesignificantchangesascomparedwiththepreviousReportingPeriod | AccountingiscarriedoutinaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,AccountingStandardsforBusinessEnterprisesNo.37-PresentationofFinancialInstruments,AccountingStandardsforBusinessEnterprisesNo.39–MeasurementofFairValue,etc.TherearenosignificantchangesascomparedwiththepreviousReportingPeriod. | |||||||
| ActualprofitandlossduringtheReportingPeriod | No | |||||||
| HedgingEffect | WiththeincreasingtransparencyoftheRMBpricingmechanismandtheaccelerationofthemarket-orientedreformoftheexchangerate,thevolatilityofexchangerateandinterestratehasbeenincreasing,andtheuncertaintyofforeignexchangemarkethasbecomeincreasinglyprominent.WiththedevelopmentoftheCompany'sglobalbusinesslayout,theCompany'sexportbusinessrevenueincreasecontinuously,foreigncurrencybusinessisinvolvedindailyoperation,andacertainamountofforeignexchangeassetsandforeignexchangeliabilitiesareheld.Inordertolockcostsandpreventtheriskofexchangeratefluctuations,itisnecessaryfortheCompanytocarryouttheforeignexchangederivativestradingbusinessrelatedtothedailybusinessneedsaccordingtothespecificsituation,inordertoreducetheriskofexchangerateorinterestratefluctuationsthattheCompanyfaces.TheforeignexchangederivativestradingbusinesscarriedoutbytheCompanyiscloselyrelatedtothedailyoperationneeds,whichcanfurtherimprovetheCompany'sabilitytodealwiththeriskofforeignexchangefluctuations,avoidandpreventtheriskofforeignexchangerateandinterestratemarketfluctuationsbetter,andenhancetheCompany'sfinancialstability.TherelevanthedgingbusinesscarriedoutbytheCompanythisyearachievedtheexpectedresults. | |||||||
| Capitalsourceofderivativeinvestment | TheCompany'sforeignexchangehedgingtransactionsaremainlyforwardforeignexchangecontracts,andthefairvalueofthecontractisthepriceinthevaluationnoticeofeachbank | |||||||
| RiskanalysisandcontrolmeasuresofderivativeduringtheReportingPeriod(includingbutnotlimitedtomarketrisks,liquidityrisks,creditrisks,operationalrisks,legalrisks,etc.) | TheCompany'sforeignexchangederivativestradingbusinessshallfollowtheprinciplesoflegality,prudence,safetyandeffectiveness,andshallnotcarryoutspeculativeandpurearbitragetrading.However,theforeignexchangederivativestradingoperationstillhasthefollowingrisks,includingbutnotlimitedto:1.Marketrisks:thedifferencebetweentheexchangerateandinterestrateofthecontractandtheactualexchangerateandinterestrateonthematuritydateofforeignexchangederivativestradingwillgeneratetradingprofitsandlosses.Duringthedurationofforeignexchangederivatives,revaluationgainsandlosseswillbegeneratedineachaccountingperiod.Thecumulativevalueofrevaluationgainsandlossestillthematuritydateisequaltothetradinggainsandlosses.2.Liquidityrisks:foreignexchangederivativesarebasedontheCompany'sforeignexchangeassetsandliabilitiesandmatchwiththeactualforeignexchangereceiptsandpaymentstoensurethat | |||||||
| therearesufficientfundsforclearingatthetimeofdelivery,soastoreducethecashflowdemandonthematuritydate.3.Performancerisk:ThecounterpartiesoftheCompany'sforeignexchangederivativestransactionsarebankswithgoodcreditandhaveestablishedlong-termbusinessrelationswiththeCompany,sotheperformanceriskislow.4.Operationalrisks:whenconductingtransactions,iftheoperatorsfailtoconductforeignexchangederivativestradingaccordingtotheprescribedproceduresorfailtofullyunderstandthederivativesinformation,itwillbringoperationalrisks.5.Legalriskscausedbycontractterms:ifthetermsofthetransactioncontractarenotclear,itmaybringlegalrisks.RiskcontrolmeasurestakenbytheCompanyforforeignexchangederivativestransactions:1.TheCompanyhasformulatedtheForeignExchangeDerivativesTradingBusinessManagementSystem,whichclearlystipulatestheoperationprinciples,approvalauthority,managementandinternaloperationprocess,informationisolationmeasures,internalriskreportingsystem,riskhandlingprocedures,informationdisclosureandothermeasuresoftheforeignexchangederivativestradingbusinesstocontrolthetransactionrisks.2.TheforeignexchangederivativestransactionscarriedoutbytheCompanyareaimedatlockingcosts,avoidingandpreventingexchangerateandinterestraterisks,andanyriskspeculationisprohibited.3.TheCompanywillcarefullyreviewthecontracttermssignedwithbankstopreventlegalrisks.4.TheFinanceDepartmentoftheCompanywilltrackthechangesintheopenmarketpriceorfairvalueofforeignexchangederivativescontinuously,timelyassessthechangesoftheriskexposureofforeignexchangederivativestransactions,andregularlyreporttothemanagementoftheCompany,timelyreportanyabnormalitiesfound,andwarnthemanagementofrisksandimplementemergencymeasures.5.TheinternalauditdepartmentoftheCompanyshallsuperviseandinspectthecomplianceofthedecision-making,managementandexecutionofforeignexchangederivativestransactions. | |
| ChangesinmarketpriceorproductfairvalueofinvestedderivativesduringtheReportingPeriod,theanalysisofthefairvalueofderivativesshoulddisclosethespecificmethodologyusedandthesettingofrelevantassumptionsandparameters | N/A |
| Litigations(ifapplicable) | N/A |
| DisclosuredateoftheannouncementoftheBoardofDirectorsontheapprovalofderivativeinvestments(ifany) | March3,2023 |
| Disclosuredateoftheannouncementoftheshareholdermeetingontheapprovalofderivativeinvestments(ifany) | March24,2023 |
| SpecialopinionsofindependentdirectorsontheCompany'sderivativeinvestmentsandriskcontrol | TheCompanyhasissuedafeasibilityanalysisreportontheproposedforeignexchangederivativetradingbusiness.ThemainpurposeofcarryingouttheforeignexchangederivativetradingbusinessistoavoidforeignexchangeriskscausedbythefluctuationofRMBexchangerates,effectivelycontroluncertaintiesincostscausedbyforeignexchangerisks,andmeettheCompany'soperationanddevelopmentneeds.TheCompanyhasformulatedtheForeignExchangeDerivativesTradingBusinessManagementPolicyandrelevantriskcontrolmeasures,whichwillhelpusstrengthentheriskmanagementandcontrolofforeignexchangederivativestrading.Whilecarryingouttheforeignexchangederivativetradingbusiness,theCompanyhasperformedthecorrespondingdecision-makingproceduresandinformationdisclosureobligations,complieswiththerelevantprovisionsoftheSelf-DisciplinaryRegulatoryGuidelinesforCompaniesListedontheShenzhenStockExchangeNo.1-StandardizedOperationof |
TheCompanyshallcomplywiththedisclosurerequirementsforthechemicalindustrysetforthintheSelf-DisciplinaryRegulatoryGuidelinesforCompaniesListedontheShenzhenStockExchangeNo.3–IndustryInformationDisclosure
2)InvestmentsinderivativesforspeculationduringtheReportingPeriod
□Applicable?NotapplicableNoinvestmentsinderivativesforspeculationduringtheReportingPeriod.
5.Useoffundsraised?Applicable□Notapplicable
(1)Overalluseoffundsraised
?Applicable□Notapplicable
Unit:RMB’0,000
CompaniesListedontheMainBoard,anddoesnotharmtheinterestsoftheCompanyandallshareholders,especiallyminorityshareholders.WeapprovetheforeignexchangederivativetradingbusinessoftheCompany.Yearofraisingfunds
| Yearofraisingfunds | Wayofraisingfunds | Totalamountoffundsraised | Netamountoffundsraised | TotalamountoffundsusedduringtheReportingPeriod | Cumulativeamountoffundsused | TotalamountoffundsraisedwithchangesofuseduringtheReportingPeriod | Totalcumulativeamountoffundsraisedwithchangesofuse | Totalcumulativeamountoffundsraisedwithchangesofuseasapercentageofthetotalamountoffundsraised | Totalamountofunusedfunds | Useandwhereaboutsofunusedfunds | Amountoffundsraisedthathavebeenidleformorethantwoyears |
| 2016 | Initialpublicoffering | 78,376.68 | 74,776.70 | 1,347.23 | 64,188.02 | 0 | 10,588.68 | 14.16% | 9,241.45 | Depositedtoaspecialbankaccountforraisedfunds | 9,241.45 |
| 2020 | Publicofferingofconvertiblecorporatebondsin2020 | 160,000.00 | 158,612.26 | 0 | 160,000.00 | 0 | 0 | 0.00% | 0 | N/A | 0 |
| 2020 | Non-publicofferingofsharesin2020 | 500,000 | 498,250.46 | 0 | 503,663.58 | 0 | 0 | 0.00% | 0 | N/A | 0 |
| 2023 | Non-publicofferingofsharesin2021 | 750,000.00 | 745,354.61 | 654,488.20 | 654,488.20 | 0 | 0 | 0.00% | 90,866.41 | Depositedtoaspecialbankaccountforraised | 0 |
| funds | ||
| Explanationsoftheoveralluseofthefundsraised | ||
| I.InitialPublicOfferingWiththeapprovaloftheCSRCinZhengJianXuKe[2016]No.1886,theCompanymadeitsinitialpublicofferingof33.48millionRMB-denominatedordinaryshares.ChinaMerchantsSecuritiesCo.,Ltd.,themainunderwriter,issued33.48millionsharesbycombiningofflineenquiryandallotmenttoinvestorsandonlinesubscriptionbasedonmarketvaluetopublicinvestors.Allofthesharesissuedarenewshares,withnotransferofoldshares.Amongthem,3.348millionshareswereallottedoffline,30.1320millionshareswereissuedonlineatapriceofRMB23.41pershare.AfterdeductingRMB3,599.98ofnewlyincreasedexternalexpensesdirectlyrelatedtotheissuanceofequitysecurities,suchasonlineissuancefees,prospectusprintingfees,accountancyfeesrelatingtofilingtherelevantdocuments,lawyerfeesandvaluationfees,thenetamountofraisedfundswasRMB747.767million.TheavailabilityoftheaboveraisedfundswasverifiedbyDahuaCPAs(SGP)withthecapitalverificationreporttitled“DaHuaYanZi[2016]No.000897”.AsofSeptember30,2016,theCompany’sself-ownedfundsinvestedintheprojectsfinancedbyfundsraisedreachedRMB236.6591million,whichwasauditedbyDahuaCPAs(SGP)withtheissuanceofthereporttitled“DaHuaHeZiNo.[2016]No.004562”.In2017,thetotalamountofraisedfundsusedwasRMB26,067,736.89.In2018,thetotalamountofraisedfundsusedwasRMB36,288,006.85.In2019,thetotalamountofraisedfundsusedwasRMB24,728,775.11.From2020to2022,thetotalamountofraisedfundsusedwasRMB0.00.DuringtheReportingPeriod,thetotalamountofraisedfundsusedwasRMB13,472,295.56.AsofDecember31,2023,theoutstandingbalanceoffundsraisedwasRMB104,651,892.51(includingthenetinterestincomeofthespecialbankaccountofRMB12,237,424.12(afterdeductinghandlingcharges).AsofDecember31,2023,theactualbalanceoffundsraisedwasRMB23,459,448.07.InQ12024,RMB81.4594millionwasrefundedduetoterminationofsomepurchasecontracts.II.PublicOfferingofConvertibleCorporateBondsin2020UpontheapprovaloftheCSRCwiththeReplyonApprovingthePublicOfferingofConvertibleCorporateBondsofYunnanEnergyNewMaterialCo.,Ltd.(ZhengJianXuKe[2019]No.2701),theCompanypubliclyissued16millionconvertiblecorporatebondsonFebruary11,2020,withafacevalueofRMB100eachbondandatotalamountofRMB1,600,000,000.Afterdeductingtheunderwritingandsponsorshipfees(pre-tax)ofRMB9,433,962.26andotherofferingexpenses(pre-tax)ofRMB4,443,396.23fromthetotalamountofproceedsfromthepublicofferingofconvertiblecorporatebonds,thenetamountofproceedsfromtheofferingbytheCompanywasRMB1,586,122,641.51.TheavailabilityoffundsraisedthistimewasverifiedbyDahuaCPAs(SGP)withthecapitalverificationreporttitled“DaHuaYanZi[2020]No.000047”.AsverifiedbyDahuaCPAs(SGP),theCompanyhasutilizedthefundsraisedofRMB1,586,122,641.51forthecompletereplacementofpartoftheself-collectedfundsthathavebeenpreviouslyinvestedintheproceedfinancedproject.AsofDecember31,2020,fundsraisedfromconvertiblecorporatebondsissuedbytheCompanywereallusedtoreplaceself-raisedfunds,theoutstandingbalanceofthespecialaccountwasRMB0.00,andtheCompanyhadcancelledthespecialaccount.III.Non-publicOfferingofSharesin2020UpontheapprovaloftheCSRCwiththeReplyonApprovingtheNon-publicOfferingofSharesofYunnanEnergyNewMaterialCo.,Ltd.(ZhengJianXuKe[2020]No.1476),theCompanynon-publiclyissued69,444,444RMB-denominatedordinarysharesto22specificinvestorsonAugust17,2020,withafacevalueofRMB1.00eachshare,attheofferingpriceofRMB72.00pershare,andthetotalamountofthefundsraisedfromthisofferingwasRMB4,999,999,968.00.Afterdeductingtheunderwritingandsponsorshipfees(pre-tax)ofRMB14,150,943.40andotherofferingexpenses(pre-tax)ofRMB3,344,470.11fromthetotalamountofthefundsraisedfromthisoffering,thenetamountoffundsraisedfromthisofferingbytheCompanywasRMB4,982,504,554.49.TheavailabilityoffundsraisedbythisofferingwasverifiedbyDahuaCPAs(SGP)withthecapitalverificationreporttitled“DaHuaYanZi[2020]No.000460”.AsverifiedbyDahuaCPAs(SGP),theCompanyhasutilizedthefundsraisedofRMB254,221,260.11forthereplacementoftheself-collectedfundsthathavebeenpreviouslyinvestedintheproceedsfinancedproject.TheamountofraisedfundsusedwasRMB1,999,307,646.21in2020.TheamountofraisedfundsusedwasRMB2,637,743,136.15in2021.TheamountofraisedfundsusedwasRMB145,363,757.34in2022.AsofDecember31,2022,theoutstandingbalanceoftheaccountoffundsraisedwasRMB0.00,andtheCompanyhadcancelledthespecialaccountofraisedfunds.IV.Non-publicOfferingofSharesin2021UpontheapprovaloftheCSRCwiththeReplyonApprovingtheNon-publicOfferingofSharesofYunnanEnergyNewMaterialCo.,Ltd.(ZhengJianXuKe[2022]No.1343),theCompanynon-publiclyissued85,421,412RMB-denominatedordinarysharestospecificinvestorsonMay24,2023,withafacevalueofRMB1.00eachshare,attheofferingpriceofRMB87.80pershare,andthetotalamountofthefundsraisedfromthisofferingwasRMB7,499,999,973.60.Afterdeductingthepre-taxofferingexpensesofRMB46,453,872.58,theactualamountoffundsraisedfromthisofferingbytheCompanywasRMB7,453,546,101.02.TheavailabilityoffundsraisedbythisofferingwasverifiedbyDahuaCPAs(SGP)withthecapitalverificationreporttitled“DaHuaYanZi[2023]No.000250”.AsverifiedbyDahuaCPAs(SGP),theCompanyhasutilizedthefundsraisedofRMB3,998,086,272.07forthereplacementofthepartofself-collectedfundsthathavebeenpreviouslyinvestedintheproceedsfinancedproject.TheamountofraisedfundsusedduringtheReportingPeriodwasRMB6,544,882,040.41.AsofDecember31,2023,theoutstandingbalanceoffundsraisedwasRMB1,337,638,064.30(includingthenetinterestincomeofRMB37,423,499.21fromthespecialaccountofraisedfundsafterdeductinghandlingfees). | ||
(2)ProjectsinwhichtheCompanyundertakestoinvestthefundsraised
?Applicable□Notapplicable
Unit:RMB’0,000
| ProjectsinwhichtheCompanyundertakestoinvestthefundsraisedandthewhereaboutsoftheoverraisedfunds | Whethertheprojecthasbeenchanged,includingchangesofsomepartsoftheproject | TotalamountoffundstheCompanyundertakestoinvest | Totalinvestmentamountaftertheadjustment(1) | InvestmentamountduringtheReportingPeriod | CumulativeinvestmentamountasoftheendoftheReportingPeriod(2) | InvestmentprogressasoftheendoftheReportingPeriod(3)＝(2)/(1) | Dateonwhichtheprojectwillbereadyforuse | BenefitsachievedduringtheReportingPeriod | Whethertheexpectedbenefitsareachieved | Whetherthefeasibilityoftheprojecthaschangedsignificantly |
| ProjectsinwhichtheCompanyundertakestoinvest | ||||||||||
| 1.Reconstructionandexpansionprojectofcolorpackagingboxeswithannualproductionoutputof3billionpieces | No | 28,414.7 | 28,414.7 | 28,414.7 | 100.00% | August15,2019 | 6,944.54 | Yes | No | |
| 2.Reconstructionandexpansionprojectofhigh-gradeenvironmental-friendlyspecialtypaperswithannualproductionoutputof13,000tons | Yes | 10,684.57 | 3,617.5 | 3,617.5 | 100.00% | N/A | Yes | |||
| 3.R&Dcenterconstructionproject | Yes | 4,993.17 | 1,471.56 | 1,471.56 | 100.00% | N/A | No | |||
| 4.Repaymentofbankloans | No | 20,000 | 20,000 | 20,000 | 100.00% | N/A | No | |||
| 5.Additiontocurrentcapital(IPO) | No | 10,684.26 | 10,684.26 | 10,684.26 | 100.00% | N/A | No | |||
| 6.Lithiumbatteryseparatorproject(PhaseI)withanannualproductionoutputof400millionsquaremetersofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | No | 58,612.26 | 58,612.26 | 58,612.26% | No | No | ||||
| 7.WuxiEnergyNewMaterialIndustrialBase | No | 100,000 | 100,000 | 100,000 | 100.00% | September30,2020 | 23,436.83 | No | No | |
| 8.Expansionoflithiumbatteryseparatorproject(PhaseI)ofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | No | 148,250.46 | 148,250.46 | 149,909.24 | 100.00% | July31,2022 | 34,050.47 | No | No | |
| 9.ExpansionofWuxiEnergyNewMaterialIndustrialBasePhaseII | No | 200,000 | 200,000 | 203,754.33 | 100.00% | October31,2022 | 25,655.2 | No | No | |
| 10.Additiontocurrentcapital(non-publicofferingin2020) | No | 150,000 | 150,000 | 150,000 | 100.00% | N/A | No | |||
| 11.MicroporousmembraneprojectofhighperformanceLithium-ionbatteryofChongqingEnergy(phaseI) | No | 41,010 | 41,010 | 41,010 | 41,010 | 100.00% | July31,2022 | 9,765.71 | No | No |
| 12.MicroporousmembraneprojectofhighperformanceLithium-ionbatteryofChongqingEnergy(phaseII) | No | 140,630 | 140,630 | 140,630 | 140,630 | 100.00% | December31,2025 | 13,787.73 | No | No |
| 13.SuzhouGreenPowerProjectwithanannualoutputof200millionsquare | No | 35,160 | 35,160 | 35,160 | 35,160 | 100.00% | November30,2023 | 1,585.66 | No | No |
| metersoflithium-ionbatterycoatedseparator | ||||||||||
| 14.JiangsuEnergyEVLithiumBatterySeparatorIndustrializationProject | No | 281,250 | 281,250 | 225,700.01 | 225,700.01 | 80.25% | December31,2024 | 5,894.28 | No | No |
| 15.JiangsuRuijieEVLithiumBatteryAluminumLaminatedFilmIndustrializationProject | No | 76,170 | 76,170 | 40,853.58 | 40,853.58 | 53.63% | December31,2025 | No | No | |
| 16.Additiontocurrentcapital(non-publicofferingin2021) | No | 171,134.61 | 171,134.61 | 171,134.61 | 171,134.61 | 100.00% | N/A | No | ||
| SubtotaloftheprojectsinwhichtheCompanyundertakestoinvest | -- | 1,476,994.03 | 1,466,405.35 | 654,488.20 | 1,322,339.79 | -- | -- | 121,120.42 | -- | -- |
| Whereaboutsoftheoverraisedfunds | ||||||||||
| No | 0 | |||||||||
| Subtotalofwhereaboutsofoverraisedfunds | -- | -- | -- | 0 | -- | -- | ||||
| Total | -- | 1,476,994.03 | 1,466,405.35 | 654,488.20 | 1,322,339.79 | -- | -- | 121,120.42 | -- | -- |
| Accordingtothesituationofeachproject,explainthereasonsfornotachievingtheplannedprogressandestimatedbenefits(including"whethertheestimatedbenefitshavebeenachieved"andthereasonsforselecting"N/A") | Theestimatedbenefitistheestimatedannualnetprofitwhentheprojectisreadyforuseandthecapacityisfullyreleased.AsofDecember31,2023,underthe“Lithiumbatteryseparatorproject(PhaseI)withanannualproductionoutputof400millionsquaremetersofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.”,“WuxiEnergyNewMaterialIndustrialBase”,“Expansionoflithiumbatteryseparatorproject(PhaseI)ofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.”and“ExpansionofWuxiEnergyNewMaterialIndustrialBasePhaseII”,basefilmhadreleasetheircapacities,butcoatingfilmdidnotreleasethecapacities,anddidnotreachtheestimatedbenefitsfortheyear."MicroporousmembraneprojectofhighperformanceLithium-ionbatteryofChongqingEnergy(phaseII)","JiangsuEnergyEVLithiumBatterySeparatorIndustrializationProject"and"JiangsuRuijieEVLithiumBatteryAluminumLaminatedFilmIndustrializationProject"havenotbeenfullyconstructedintooperation;"microporousmembraneprojectofhighperformanceLithium-ionbatteryofChongqingEnergy(phaseI)"and"SuzhouGreenPowerProjectwithanannualoutputof200millionsquaremetersoflithium-ionbatterycoatedseparator"areinramp-upstage. | |||||||||
| Significantchangesinthefeasibilityoftheprojects | I.InitialPublicOffering1.The“reconstructionandexpansionprojectofhigh-gradeenvironment-friendlyspecialpaperwithanadditionalannualoutputof13,000tons”wasplannedbytheCompanybasedonthemarketsituationandtheCompany’sproductioncapacitybeforelisting.Astimegoesby,themarkethaschangeddramatically.Since2016,theprocurementmodeofdownstreamtobaccomanufacturersforspecialpaperproductshasbeenadjustedfromquantityallocationbycigarettemanufacturerstotheindependentprocurementmodethroughcentralizedbiddingorcommercialnegotiationbycigarettelabelprintingenterprises.Cigarette-relatedenterprisescanexpandtheirbargainingrangefromregiontotheentirecountrybymeansoftenderingorcommercialnegotiationthroughpublicmarketinquiryandbargainingbythemselves,breakingtheoriginalcompetitivelandscapefeaturingfixedshareandregion.Asaresult,specialpapermanufacturerstookactivecompetitionstrategieslikepricecutstosnapuporders,andtheindustrypatternchanged.Asaresultoftheaboveindustrialpolicyadjustments,thespecialpaperindustryhasformedanewpatternfeaturingfullmarketcompetition,withintensifiedmarketcompetitionandasharpdeclineinprices.Iftheprojectwentonasscheduled,wemayfacerisksthattheutilizationrateofraisedfundsmaydeclineandtheexpectedinvestmentobjectivemaynotbeachieved.Therefore,theCompanyterminatedtheimplementationofthisprojectin2019.2.The“R&Dcenterconstructionproject”waslaunchedtomeettheCompany’sdemandforR&Dinitsmainbusinessesbeforelisting.Withthecompletionofmajorassetrestructuringin2018,theCompany’smainbusinessesincludedlithiumbatteryseparator,whichhashightechnologicalrequirements.Themanufacturingoflithiumbatterieshasahighrequirementforthecharacteristicsofseparatormaterials,especiallyconsistency,andthesizeanduniformityofdistributionofseparatormicropores.BasedontheCompany’sbusinessdevelopmentplanandmarketdemand,inordertobetterimplementitsdevelopmentstrategy,theCompanyintendstointegratethetechnologycenterscurrentlyscatteredinsubordinatecompanies,soastoensurethattheCompany’sR&Dtechnologycanfurtherimproveproductionefficiency,productqualityandnewproductdevelopmentcapacity.Theabovechangewasdeliberatedandapprovedbythe27thMeetingoftheThirdBoardofDirectorsoftheCompany,the22ndMeetingoftheThirdSupervisoryCommitteeandthe2018AnnualGeneralMeeting. | |||||||||
| Amount,useandstatusofoverraisedfunds | N/A | |||||||||
| Changesinthelocationtoimplementtheproceedsfinancedprojects | Applicable | |||||||||
| Occurredinthepast | ||||||||||
| UponthedeliberationandapprovaloftheProposalonChangingSomeProceedsFinancedProjectsatthe27thMeetingoftheThirdBoardofDirectorsoftheCompany,itwasagreedtoterminatethe“reconstructionandexpansionprojectofhigh-gradeenvironment-friendlyspecialpaperwithanadditionalannualoutputof13,000tons”andthe“R&Dcenterconstructionproject”,andinvestthebalanceofthefundsraisedforthesetwoprojects,totalingRMB105.8868million,andcorrespondinginterestincome,inthenew | ||||||||||
| proceedsfinancedprojectof“EnergyTechnologyResearchInstitute”.TheCompanywillinvesttoestablishawholly-ownedsubsidiary(whichhasnotbeenregisteredsofar,subjecttotheapprovaloftheindustryandcommerceauthorities)astheentitytoimplementtheprojectofEnergyTechnologyResearchInstitute,andwillleasetheexperimentalbuildinginthefactoryareaofShanghaiEnergy.Thelocationtoimplementtheprojectischangedto155NanluRoad,PudongNewArea,Shanghai. | |
| Adjustmenttotheimplementationmethodoftheproceedsfinancedprojects | N/A |
| Preliminaryinvestmentintheproceedsfinancedprojectsandreplacementwiththefundsraised | Applicable |
| I.InitialPublicOfferingUponthedeliberationandapprovaloftheProposalonReplacingSelf-collectedFundsPreliminarilyInvestedinProceedsFinancedProjectswithFundsRaisedatthe18thMeetingoftheSecondBoardofDirectorsoftheCompany,itwasagreedtoreplacetheself-collectedfundsofRMB236.6591millionthathadbeeninvestedinproceedsfinancedprojects.RMB197.9357millionwaspreliminarilyinvestedinthe“thereconstructionandexpansionprojectofcolorpackagingboxeswithanadditionalannualoutputof3billionpieces”,RMB24.2138millionwaspreliminarilyinvestedinthe“reconstructionandexpansionprojectofhigh-gradeenvironment-friendlyspecialpaperswithanadditionalannualoutputof13,000tons”,andRMB14.5096millionwaspreliminarilyinvestedinthe“R&Dcenterconstructionproject”.II.PublicOfferingofConvertibleCorporateBondsin2020Atthe42ndMeetingoftheThirdBoardofDirectorsoftheCompany,theProposalontheUseofProceedsfromConvertibleCorporateBondstoReplaceSelf-collectedFundsPreliminarilyInvestedinProceedsFinancedProjectswasdeliberatedandapproved,anditwasagreedthattheCompanyusedthefundsraisedfromthisofferingtoreplacesomeoftheself-collectedfundsalreadyinvestedinproceedsfinancedprojects.AsofMarch16,2020,theCompanyaccumulativelyinvestedself-collectedfundsofRMB1,697.9844millioninproceedsfinancedprojects,andthenetamountoffundsraisedfromthisofferingofconvertiblecorporatebondswasRMB1,586.1226million,whichwasusedfullytoreplacethepreliminarilyinvestedself-collectedfunds.Specifically,RMB586.1226millionofself-collectedfundsinvestedin“WuxiEnergyNewMaterialIndustrialBase”,inwhichRMB596.8886millionwasinitiallyinvested,wasreplaced;RMB1,000millionofself-collectedfundsinvestedinthe“lithiumbatteryseparatorproject(PhaseI)withanannualoutputof400millionsquaremetersofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.”,inwhichRMB1,101.0959millionwasinitiallyinvested,wasreplaced.III.Non-publicOfferingofSharesin2020Atthe11thMeetingoftheFourthBoardofDirectorsandthe11thMeetingoftheFourthSupervisoryCommittee,theProposalonReplacingPreliminarilyInvestedSelf-collectedFundsinProceedsFinancedProjectswithProceedsfromtheNon-publicOfferingofASharesin2020wasdeliberatedandapproved,anditwasagreedtoreplacetheself-collectedfundsofRMB254.2213millionalreadyinvestedintheprojectswiththefundsraised.Specifically,RMB157.1693millionwaspreliminarilyinvestedinthe“expansionprojectoflithiumbatteryseparator(PhaseI)ofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.”,andRMB97.052millionwaspreliminarilyinvestedinthe“expansionprojectofWuxiEnergyNewMaterialIndustrialBasePhaseII”.IV.Non-publicOfferingofSharesin2021AtthesixthMeetingoftheFifthBoardofDirectorsandthesixthMeetingoftheFifthSupervisoryCommittee,theProposalonReplacingPreliminarilyInvestedSelf-collectedFundsinProceedsFinancedProjectswithProceedsfromtheNon-publicOfferingofASharesin2021wasdeliberatedandapproved,anditwasagreedtoreplacepartofself-collectedfundsalreadyinvestedintheproceedsfinancedprojectswiththefundsraised.AsofJune13,2023,theamountpreliminarilyinvestedbytheCompanyintheproceedsfinancedprojectswithself-collectedfundswasRMB4,017,576,500.58,andtheamountreplacedwithraisedfundsamountedtoRMB3,998,086,272.07.Specifically,preliminarilyinvestedfundsamountedtoRMB411,491,379.33for“ChongqingEnergyHighPerformanceLithium-ionBatteryMicroporousSeparatorProject(PhaseI)”,andRMB410,100,000.00ofsuchfundswerereplaced.PreliminarilyinvestedfundsamountedtoRMB1,409,367,607.63for“ChongqingEnergyHighPerformanceLithium-ionBatteryMicroporousSeparatorProject(PhaseII),andRMB1,406,300,000.00ofsuchfundswerereplaced.PreliminarilyinvestedfundsamountedtoRMB1,421,550,504.48for“JiangsuEnergyEVLithiumBatterySeparatorIndustrializationProject”,andRMB1,421,550,504.48ofsuchfundswerereplaced.PreliminarilyinvestedfundsamountedtoRMB408,535,767.59for“JiangsuRuijieEVLithiumBatteryAluminumLaminatedFilmIndustrializationProject”,andRMB408,535,767.59ofsuchfundswerereplaced.PreliminarilyinvestedfundsamountedtoRMB366,631,241.55for“SuzhouGreenPowerLithium-ionBatteryCoatingSeparatorsProjectwithanAnnualOutputof200MillionSquareMeters”,andRMB351,600,000.00ofsuchfundswerereplaced. | |
| Useidlefundsraisedtotemporarilyreplenishworkingcapital | Applicable |
| I.InitialPublicOfferingOnFebruary24,2020,atthe41stMeetingoftheThirdBoardofDirectorsandthe36thMeetingoftheThirdSupervisoryCommittee,theProposalonUsingSomeIdleFundsRaisedtoTemporarilySupplementWorkingcapitalwasdeliberatedandapproved,anditwasagreedtouseidlefundsraisedofnomorethanRMB110milliontotemporarilysupplementworkingcapitalwithin12monthsfromthedateoftheapprovaloftheaboveproposal.Bothindependentdirectorsandsponsorexpressedopinionsofagreeingupon |
| theproposal.OnAugust26,2020,theCompanyreturnedtheaforementionedRMB110millionthatwastemporarilyusedtosupplementworkingcapitaltoaspecialaccountforfundsraised,andinformedthesponsorCITICSecuritiesandsponsorrepresentativeofthereturnofthefundsinatimelymanner.II.Non-publicOfferingofSharesin2020OnSeptember7,2020,atthe11thMeetingoftheFourthBoardofDirectorsandthe11thMeetingoftheFourthSupervisoryCommittee,theProposalonUsingSomeIdleFundsRaisedtoTemporarilySupplementWorkingcapitalwasdeliberatedandapproved,anditwasagreedtouseidlefundsraisedfromthenon-publicofferingofsharesin2020ofnomorethanRMB800milliontotemporarilysupplementworkingcapitalforproductionandoperationactivitiesrelatedtotheCompany’smainbusinesswithin12monthsfromthedateonwhichtheSixthExtraordinaryGeneralMeetingofShareholdersof2020approvedtheproposal.Bothindependentdirectorsandsponsorexpressedopinionsofagreeingupontheproposal.AsofJune1,2021,theCompanyreturnedtheidleraisedfundsofRMB800millionusedtotemporarilysupplementworkingcapitaltotheCompany'sspecialaccountforraisedfunds,andtimelyinformedthesponsorCITICSecuritiesandsponsorrepresentativeofthereturnofthefunds. | |
| Amountofandreasonsforanybalanceofthefundsraisedaftertheprojectimplementation | N/A |
| Useandwhereaboutsofunusedraisedfunds | Depositedtoaspecialbankaccountforraisedfunds |
| Problemsandothersituationsintheutilizationanddisclosureoftheraisedfunds | None |
(3)Projectwithchangeduseoffundsraised
?Applicable□Notapplicable
Unit:RMB’0,000
| Projectafterthechange | Projectbeforethechange | Totalamountofintendedinvestmentfromthefundsraisedintheprojectafterthechange(1) | ActualinvestmentamountduringtheReportingPeriod | ActualcumulativeinvestmentamountasattheendoftheReportingPeriod(2) | InvestmentprogressasattheendoftheReportingPeriod(3)=(2)/(1) | Dateonwhichtheprojectwillbereadyforuse | BenefitsachievedduringtheReportingPeriod | Whethertheexpectedbenefitsareachieved | Whetherthefeasibilityofthechangedprojecthaschangedsignificantlyafterthechange |
| ProjectofEnergyTechnologyResearchInstitute | 1.Reconstructionandexpansionprojectofhigh-gradeenvironment-friendlyspecialpaperwithanadditionalannualoutputof13,000tons;2.R&Dcenterconstructionproject | 10,588.68 | 1,347.23 | 1,347.23 | 12.72% | - | - | N/A | Yes |
| Reasonforchange,decisionmakingprocedureandinformationdisclosure(byspecificproject) | 1.The“reconstructionandexpansionprojectofhigh-gradeenvironment-friendlyspecialpaperwithanadditionalannualoutputof13,000tons”wasplannedbytheCompanybasedonthemarketsituationandtheCompany’sproductioncapacitybeforelisting.Astimegoesby,themarkethaschangeddramatically.Since2016,theprocurementmodeofdownstreamtobaccomanufacturersforspecialpaperproductshasbeenadjustedfromquantityallocationbycigarettemanufacturerstotheindependentprocurementmodethroughcentralizedbiddingorcommercialnegotiationbycigarettelabelprintingenterprises.Cigarette-relatedenterprisescanexpandtheirbargainingrangefromregiontotheentirecountrybymeansoftenderingorcommercialnegotiationthroughpublicmarketinquiryandbargainingbythemselves,breakingtheoriginalcompetitivelandscapefeaturingfixedshareandregion.Asaresult,specialpapermanufacturerstookactivecompetitionstrategieslikepricecutstosnapuporders,andtheindustrypattern | ||||||||
| changed.Asaresultoftheaboveindustrialpolicyadjustments,thespecialpaperindustryhasformedanewpatternfeaturingfullmarketcompetition,withintensifiedmarketcompetitionandasharpdeclineinprices.Iftheprojectwentonasscheduled,wemayfacerisksthattheutilizationrateofraisedfundswilldeclineandtheexpectedinvestmentobjectivemaynotbeachieved.Therefore,theCompanyterminatedtheimplementationofthisprojectin2019.2.The“R&Dcenterconstructionproject”waslaunchedtomeettheCompany’sdemandforR&Dinitsmainbusinessesbeforelisting.Withthecompletionofmajorassetrestructuringin2018,theCompany’smainbusinessesincludedlithiumbatteryseparator,whichhashightechnologicalrequirements.Themanufacturingoflithiumbatterieshasahighrequirementforthecharacteristicsofseparatormaterials,especiallyconsistency,andthesizeandtheuniformityofdistributionofseparatormicropores.BasedontheCompany’sbusinessdevelopmentplanandmarketdemand,inordertobetterimplementitsdevelopmentstrategy,theCompanyintendstointegratethetechnologycenterscurrentlyscatteredinsubordinatecompanies,soastoensurethattheCompany’sR&Dtechnologycanfurtherimproveproductionefficiency,productqualityandnewproductdevelopmentcapacity.Theabovechangewasdeliberatedandapprovedatthe27thMeetingoftheThirdBoardofDirectorsoftheCompany,the22ndMeetingoftheThirdSupervisoryCommitteeandthe2018AnnualGeneralMeeting.Fordetails,pleaserefertotheAnnouncementonChangesinSomeoftheProceedsFinancedProjects(AnnouncementNo.:2019-041)publishedbytheCompanyonCninfo.com.cnonApril26,2019. | |
| Statusofandreasonforfailingtomakeplannedprogressorachieveexpectedreturns(byspecificproject) | Notapplicable |
| Descriptionofmajorchangesinprojectfeasibilityafterthechange | Notapplicable |
VIII.SaleofSignificantAssetsandEquityInterests
1.Saleofsignificantassets
□Applicable?NotapplicableTheCompanydidnotsellanysignificantassetsduringtheReportingPeriod.
2.Saleofsignificantequityinterests
□Applicable?Notapplicable
IX.AnalysisofMajorCompaniesinWhichtheCompanyHasaStakeoraControllingStake?Applicable□NotapplicableMajorsubsidiariesandcompaniesinwhichtheCompanyhasastakewitheachcontributingtoover10%oftheCompany’snetprofit
Unit:RMB100million
| Companyname | CompanyType | MainBusiness | RegisteredCapital | TotalAssets | NetAssets | Operatingrevenue | OperatingProfit | NetProfit |
| ShanghaiEnergy | Subsidiary | Lithiumbatteryseparator | 3.89 | 434.19 | 123.19 | 103.78 | 26.07 | 23.07 |
AcquisitionanddisposalofsubsidiariesduringtheReportingPeriod?Applicable□Notapplicable
| Companyname | WayofacquisitionordisposalofsubsidiariesduringtheReportingPeriod | ImpactontheCompany’soverallproduction,operationandearnings |
| YunnanJiechenPackagingMaterialsCo.,Ltd. | Establishmentbyinvestment | Noimpactsofar |
ExplanationonmajorcompaniesinwhichtheCompanyhasastakeoracontrollingstakeShanghaiEnergyisaholdingsubsidiaryoftheCompany.AsattheendoftheReportingPeriod,theCompanyhelda95.22%stakeinShanghaiEnergy,whosemajorproductislithiumbatteryseparatorandmajorsubsidiariesincludeZhuhaiEnergy,WuxiEnergy,JiangxiTonry,SuzhouGreenPower,NewmiTechandChongqingEnergy.Since2023,marketcompetitionintensifiedwiththeconcentratedreleaseoflarge-scaleproductioncapacityofseparatorcompanies,ShanghaiEnergyachievedoperatingrevenueofRMB10,378millionin2023,representingadecreaseof5.61%yearonyear,andanetprofitattributabletotheowneroftheparentcompanyofRMB2,317million,representingadecreaseof40.18%yearonyear.
X.StructuredBodiesControlledbytheCompany
□Applicable?Notapplicable
XI.FutureDevelopmentProspectoftheCompany
1.CorporatestrategyTheCompanywillfocusonthelithiumbatteryseparatorsector,marchtowardsthevisiontobecomea“world-classpolymermaterialresearch,developmentandproductionenterprise”andbearinmindthephilosophyofcreatingvaluesforcustomerswithquality,priceandservice.TheCompanywillcontinuouslyscaleupthecapacity,improveproductquality,andstrengthenR&D.TheCompanywillenrichtheproductmatrix,seekcostreductionandbenefitenhancementthroughleanmanagement,builduptechnicalinnovationcapacitytoidentifynewprofitgrowthdrives.TheCompanywillactivelyexpanddomesticandoverseasmarkets,improvethecoremarketcompetitiveness,activelycapturedevelopmentopportunitiesinthenewenergysector,anddedicateitselftocreatingvaluesforcustomers.TheCompanywillattackthesterilepackage,BOPPfilmandaluminumlaminatedfilmsectorstobecomethemostcompetitivenewmaterialproducerinChina.
2.Operatingplanfor2024Theglobalnewenergysectorhasbeenthriving.Asaleaderinthewet-processlithiumbatteryseparatorsector,theCompanywillpersistinadvancingtheconstructionforproductionbasesbothdomesticallyandoverseasaccordingtoourestablishedplans,hasteningtheprocessofglobalization.TheCompanymaintainakeenfocusoncutting-edgetechnologicaldevelopments,suchasthesolidstateelectrolytecoatingseparatorsapplicabletosemi-solid-statebatteries.WiththecompletionoftheJiangsuSanheproject,theCompany'sstrategiclayoutintheseparatorsectorwillbefurtherrefined.Inaddition,theCompanyfurtherimproveditscorecompetitivenessbyactivelyedgingintothealuminumlaminatedfilmbusinessandenrichingtheproductlines.
Lookingahead,theCompanywillcontinuetoenhanceourproductinnovationcapabilitiesbybolsteringourresearchanddevelopmentefforts.Giventheintensifyingmarketcompetition,theCompanyneedtocapitalizeonourexistingindustry-leadingscaleandcostadvantages,placegreateremphasisonthedevelopmentofnewproductsandtechnologiestodriveprofitabilityandinnovation-ledgrowthinthelongrun.In2024,
theCompanycontinuetoactivelypromoteoverseasprojects,rampupeffortsinoverseasmarketdevelopment,accelerateourgloballayout,optimizeproductportfoliousingourcorecompetitiveadvantages,andincreasemarketshareabroad.OurproductionbaseinHungaryhasbeencompletedandissettocommenceoperationsin2024,enablingrapidresponsetothedemandforlithiumbatteryseparatorsfromEuropeancustomersandbeyond.
Furthermore,inresponsetothefiercelycompetitiveenvironmentandthefutureneedforglobaldevelopment,inadditiontocontinuousimprovementsinequipment,processes,andqualitytoenhanceproductionefficiencyandproductquality,therebyachievingcostreductionandefficiencyenhancement,andconsolidatingourcorecompetitiveadvantages,theCompanyhaveengagedagloballyrenownedconsultingfirmtofurtherenhanceouroperationalmanagementcapabilitiesforfuturelong-termdevelopment.Leveragingindustrialbigdata,industrialartificialintelligence,andintelligentcontroltechnologies,weaimtocontinuouslyempowerthe"smartmanufacturing"ofseparators.ThefocusfortheupcomingyearwillprimarilybeondevelopingintelligentcontrolsystemsforbaseseparatorthicknessandAIvisioninspectionandclassificationsystemstoachieveonlineadaptivecontrolofseparatorthickness,furtherenhancingconsistency.Movingforward,theCompanywilldrivehigh-qualitydevelopmentthroughnewproductiveforces,deepentechnologicalinnovation,digitizeseparator"smartmanufacturing,"andpropelourindustrytowardshigh-endandintelligentdevelopment.
3.RiskstheCompanymayface
(1)Nationalregulatoryriskrelatingtolithiumbatteryseparatorbusiness
Inrecentyears,variouscountrieshaveintensivelyintroducedindustrypoliciestosupportthedevelopmentofnewenergyvehicleindustry.Benefitingfrompolicysupport,theproductionvalueofnewenergyvehicleindustryrapidlyincreased,drivingtherapiddevelopmentoftheupstreamlithiumbatteryindustry.Iftherearesignificantadversechangesincarbonemissions,renewableenergyapplicationandotherrelevantindustrypoliciesinthefuture,therelevantpoliciesmayhaveanegativeimpactonthedevelopmentofthewholeindustrychainofnewenergyvehicle,thushavinganadverseimpactontheupstreamlithiumbatteryseparatorindustryandtheCompany’soperationresult.
Countermeasures:ByactivelyinvestingintheR&Dofnewapplicationsoffilm,theCompanywillexploreitsnewcommercialapplicationmarket.Atthesametime,theCompanyalsoinvestsresourcestodistributenewproductprojectstodiversifybusinessrisksandreducetheimpactofpolicyfluctuationsontheCompanytoacertainextent.
(2)Intensifiedmarketcompetitionrisk
Therapidgrowthofthenewenergyvehicleindustryhasdriventhedevelopmentoflithiumbatteryseparatorintheupstreampart,andthelithiumbatteryseparatorindustryhasattractedmanydomesticenterprisesduetoitshighergrossmargin,withalotoffundsinvestedinit,increasingitscapacityrapidly.Currently,thedomesticcompetitioninthissegmentisbecomingincreasinglyfierce.TheincreasinglyfiercecompetitionwillhaveanadverseimpactontheresultsoftheCompanyifitcan’tdeeplyunderstandthelawofindustrialdevelopmentandmakeconstanteffortsfortechnologicalinnovationandoperationalmanagementimprovementtoimproveproductqualityandreduceproductioncosts.
Countermeasures:TheCompany’slithium-ionbatteryfilmbusinesshasformedindustryleadingadvantagesinproductioncapacity,R&Dcapacity,productquality,leanmanagement,customerandmarketandotheraspects.TheCompanywillcontinuetoreducecostsandincreaseefficiency,improvetheproductqualityandreducetheproductioncoststhroughtechnologicalinnovation,boostprofitabilitythroughR&Dinnovation,anddevelopdiversifiedcustomergroupsindomesticandoverseasmarketstoreducetheimpactofdomesticandforeignmarketfluctuationsontheCompany’sperformance.
(3)Riskofpricefluctuationofmajorrawmaterials
ThemajorrawmaterialsusedbytheCompanyaresubjectedtopricefluctuationtosomeextent,especiallypolypropyleneandpolyethylene,whosepricesareaffectedbythestrongfluctuationsoftheinternationalcrudeoilprice.TheresultsoftheCompanymaybeadverselyaffectedbythegrossprofitmarginwhichmaybeaffectedtosomeextentifthepricesofmajorrawmaterialsfluctuatesharplyduetothemacroeconomicfluctuations,thedemandandsupplyrelationforenterprisesintheupstreamanddownstreampartsandotherfactors.
Countermeasures:TheCompanyhasestablishedlong-termandstablecooperativerelationswithmajorsuppliers,establishedastrategicpurchasesystemasawhole,andimprovedthebargainingpowerandreducedthecostofrawmaterialsbymeansoflarge-scalepurchase.TheCompanywillalsoreducetheproportionofrawmaterialcostinproductioncostthroughtechnologicalinnovation,processequipmentprocesstransformation,productionefficiencyimprovementandlossreduction.
(4)Riskrelatingtoconstructioninprogress
CurrentconstructioninprogressincludesChongqingEnergy(phaseII),JiangsuEnergy,HubeiEnergy,YuxiEnergy,JiangsuRuijieandUSEnergyandotherproductionbases,whichrequirealargeamountofcapital.IftheCompanyfailstoraisefundsintime,completeandputintooperationonschedule,itwillhaveanegativeimpactonthesubsequentproductionandoperationandfutureprofits.
Countermeasures:TheCompanyhasraisedRMB7.5billionthroughnon-publicissuanceofAsharestofundtheconstructionofrelatedprojects.Additionally,theCompanymadereasonablearrangementsforfutureinvestmentplans(includingfunds)byincreasingcooperationwithfinancialinstitutions,andimprovingbankcreditlines.
(5)Riskoftechnicallossandlossofcorepersonnel
Anenterpriseengaginginlithiumbatteryseparatorrequiresadvancedtechnologyandprocess,richmanagementexperienceanddeepunderstandingoftheindustry.Toensuretheabilityofconstantinnovationandthesteadygrowthofbusiness,theCompanyshouldhaveteamsconsistingofsteadyhigh-qualityemployeesinscientificresearch,managementandsale.TheCompanyconstantlyimprovesthemechanismsfortalentcultivation,incentive,promotionandrestriction,butthereisstillthepossibilityoftheoutflowofcoreemployeesfromtheCompany.Incaseofleakageofthecoretechnologyorthedepartureofcoreemployees,theproductionandoperationoftheCompanymaybeadverselyaffected.
Countermeasures:TheCompanyhasimplementedequityincentivetothecoreemployees,sothattheemployeescansharethevalueofthegrowthoftheenterprise,butalsomaketheinterestsoftheCompanyandtheinterestsofemployeesdeeplytied.TheCompanywillcontinuetoincreasetheintroductionandtrainingofcoretechnicalpersonnel,furthermaintainthestabilityofcoreemployees,continuetomaintainthecompany’sindustry-leadingtechnicallevel.
(6)Technologicalprogressandproductsubstitutionrisk
Lithium-ionbatteryismainlyusedformobilephones,computers,newenergyvehicles,powerstationforenergystorageandotherindustries.Afterdevelopmentformanyyears,lithium-ionbatterieshavebeensuperiortotraditionalstoragebatteriessuchasnickel-cadmiumbatteries,nickel-metalhydridebatteries,lead-acidbatteriesintermsofvolumetricspecificenergy,gravimetricspecificenergy,gravimetricspecificpower,cyclelife,charge/dischargeefficiency,etc.,becominganewenergyindustrywithprioritysupportandkeydevelopmentfromnationalgovernments.Althoughthelithium-ionbatteryisthefirstchoiceforelectronicproductsandpureelectricvehicles,anditwilltakequitealongtimetocommercializeotheremergingbatteriessuchasall-solid-statebatterieswhichareimmaturetechnically,themarketdemandsforlithium-ion
batterieswillbeaffectedwhenemergingbatteriessuchasall-solid-statebatteriesbreakthetechnicalbottleneck,achievemassproductionandarefullycommercialized,andthelithiumbatteryseparatorintheindustrychainwillalsobeaffectedadversely.Countermeasures:AfteryearsofR&Dinvestmentandtechnologyaccumulation,theCompanyhasstrongresearchonnewproductsandprospectivetechnologyreserves.TheR&DDepartmentoftheCompanycontinuestopayattentiontothemarketdevelopmenttrend,andorganizesadiscussiongrouponfilmtechnologydevelopment,developsprojectdevelopmentplansforR&D,andactivelydevelopsothernewproductsandtechnologiesoffunctionalfilm.Inaddition,theCompanystrengthensstrategiccooperationwithwell-knownlithium-ionbatterymanufacturersathomeandabroad,developsproductstogetherwithcustomersin-depthcooperation,timelygraspsthetechnicaldevelopmenttrendandcomplieswiththemarketdemand.
(7)RiskofexchangeratefluctuationTheexportsalesvolumeoftheCompanyincreasesconstantlyastheCompanyexpandsitsbusinessscaleandgraduallystrengthensthedevelopmentintheinternationalmarket.IftheRMBexchangerateandtheforeignexchangerateinthecountrieswhereourproductsweresoldfluctuatesharplyinthefuture,theresultsoftheCompanymaybeaffectedtosomeextent.Countermeasures:TheCompanywillminimizetheexchangeriskwithsuchmeasuresascloselywatchingtheexchangerate,adjustingtheproductpricesintimebasedontheexchangeratetoguaranteetheproductprofit,strengtheningcostcontrolandconductingtheforeignexchangederivativestradingforthepurposeofhedging.
(8)RisksarisingfromchangesintheinternationalbusinessandtradeenvironmentTheinternationalbusinessandtradeenvironmentlandscapeisfraughtwithsuchasfluctuationsrangingfromshiftsintheglobaleconomicclimatetopolicyadjustments.Nevertheless,theCompany'sglobalizationstrategyremainsparamount.However,amidstescalatinginternationalcompetitionandthebackdropofcountriesliketheUnitedStates,majorregionsrepresentedbyEuropeandAmericaareprogressivelyintroducingpoliciestosupportthedevelopmentofdomesticmanufacturingindustries.FailingtoswiftlyalignwiththesepoliciesandexecuteourglobalizationagendacouldpotentiallyimpedetheCompany'smarketpenetrationandoverallperformance.Countermeasures:WhilepayingcloseattentiontotherelevantpoliciesofEuropeandAmerica,theCompanywillcontinuouslypayattentiontotheR&Deffortsandtechnicalimprovementofproductsofvariousbusinesssystems,improveproductqualityandproductionefficiency,constantlyconsolidateandstrengthenitscompetitiveadvantagesintechnologicalR&D,capacityscale,productquality,costefficiencyandotheraspects,andreducecostsandincreaseefficiencyonthepremiseofensuringproductquality.Wewillalsocontinuouslyexpandmarketdevelopmentindomesticandoverseasregionsandactivelyestablishstablecooperativerelationswithglobalcustomers.
(9)ManagementriskafterexpansionofbusinessscaleWiththedevelopmentoftheCompany’sbusiness,thescaleoftheCompany’sassetsandbusinesswillbefurtherexpanded,whichraiseshigherrequirementsforthemanagementleveloftheCompany.ThemanagementriskarisesifthecapabilitiesoftheCompanytomanagetheproduction,sales,qualitycontrolandriskscan’tmeettherequirementsforscaleexpansion,andthesystemsfortalentcultivation,organizationpatternandmanagementarenotfurtherimproved.Countermeasures:TheCompanywillcontinuouslyimprovethemanagementsystem,ensuretheefficientoperationofproduction,qualitycontrol,sales,managementandotherbusinesslinks,establishaneffectiveincentivesystem,attracttalentsthroughtheCompany'sbroaddevelopmentplatformandeffectiveincentivesystems,strengthentalenttraininganddelivertalentsfortheCompany'sdevelopmentthroughtargetedtrainingandtrainingmeasuresforemployeesandmanagersatalllevels.XII.ReceptionofVisitorstotheCompanyforPurposesofResearch,Communication,andInterviewduringtheReportingPeriod?Applicable□Notapplicable
| ReceptionDate | ReceptionVenue | ReceptionMode | TypeofVisitors | Visitors | MajorDiscussionsandMaterialsProvided | IndextoMainEnquiryInformation |
| March3,2023 | Livestreaming | Onlinecommunicationonnetworkplatform | Others | Investorsparticipatingintheconferencethroughlivestreaming | TheCompany'spresentationofitsannualresults,productionandoperation,developmentandESGin2022. | 2022AnnualResultsBriefingdisclosedatCninfo.com.cn |
| April27,2023 | ShanghaiEnergyConferenceRoom | Onlinecommunicationonnetworkplatform | Others | InvestorsparticipatingintheCompany's2023firstquarterresultscommunicationmeetingvianetworkplatformsandtelephone | TheimpactoftheIRAActontheCompany,therelativestrengthsoftheCompanyoveritsdomesticcompetitors,thelocalizationtrendofseparatorequipment,amongothers | RecordofInvestorRelationsActivitiesdisclosedatCninfo.com.cn |
| May11,2023 | ShanghaiEnergy | Online | Others | Investors | TheCompany's | Announcementon |
| ConferenceRoom | communicationonnetworkplatform | participatingintheconferencethroughlivestreaming | 2022annualresults,corporategovernance,developmentstrategy,operatingconditions,financingplans,equityincentives,sustainabledevelopment,andothertopicsofconcernsofinvestors | Attendingthe2022AnnualOnlineInvestorsCollectiveReceptionDayforListedCompaniesinYunnandisclosedatCninfo.com.cn | ||
| May17,2023 | WuxiEnergyNewMaterialTechnologyCo.,Ltd. | On-siteinvestigation | Institutionalinvestors | PIMCO,GenharmonyCapital,OriginFund,YunnanEnergyInvestmentandotherinstituteinvestors | Thefollow-uparrangementsfortheprivateplacement,howtoviewthetechnologicalrevolutioninsodium-ionbatteriesandsolid-statebatteries,thepricingmethodforseparatorsandotherissues. | TheRecordofInvestorRelationsActivitiesondisclosedatCninfo.com.cn |
| August24,2023 | Telephoneconference | Telephonecommunication | Institutionalinvestors | BOCOMSchroders,OriginFund,ChinaAssetManagement,HarvestFund,UBSAG,Temasek,FedelityFund,NorgesBank,AllianzGlobalInvestors,amongothers | Globalseparatordemandoutlookforthesecondhalfoftheyear,pricesoftheCompany'sseparatorsandotherissues | TheRecordofInvestorRelationsActivitiesondisclosedatCninfo.com.cn |
XIII.ImplementationoftheActionPlanfor“DualImprovementsinQualityandReturns”
WhethertheCompanyhasdisclosedtheactionplanfor“DualImprovementsinQualityandReturns”.
□Yes?No
Section4CorporateGovernanceI.BasicInformationofCorporateGovernanceTheCompanyestablishedandimprovedthemodernenterprisesysteminstrictaccordancewiththeCompanyLaw,theSecuritiesLaw,theShenzhenStockExchangeListingRules,theCodeofCorporateGovernanceforListedCompaniesinChinaandotherrelevantlawsandregulations,andconstantlyimprovedthecorporategovernancestructure,improvedtheinternalcontrolsystemandstandardizedtheCompany’soperation.DuringtheReportingPeriod,theCompany,inaccordancewiththeCompanyLaw,theSecuritiesLaw,theManagementMeasuresforIndependentDirectorsofListedCompanies,theRulesGoverningtheListingofSharesontheShenzhenStockExchange,theSelf-DisciplinaryRegulatoryGuidelinesforCompaniesListedontheShenzhenStockExchangeNo.1--StandardizedOperationofCompaniesListedontheMainBoardandotherrelevantlaws,regulationsandregulatorydocuments,andinthelightoftheactualsituationoftheCompany,madetherelevantamendmentstotheArticlesofAssociation,theRulesofProcedureoftheGeneralMeetingofShareholders,theRulesofProcedureoftheBoardofDirectors,theRulesofProcedureoftheSupervisoryCommittee,SystemofIndependentDirectors,AnnualReportingSystemofIndependentDirectors,theRulesofProcedureoftheAuditCommittee,theRulesofProcedureoftheRemunerationandAppraisalCommittee,theRulesofProcedureoftheStrategyCommittee,theRulesofProcedureoftheNominationCommittee,andotherrelevantregulations.DuringtheReportingPeriod,theCompanyheld9shareholders’generalmeetings,18boardmeetings,15meetingsoftheSupervisoryCommittee.Theproceduresforholdingthemeetingsarelegalandtheresolutionsarelegalandeffective.WerethereanysignificantdifferencesbetweentheCompany’sactualgovernancestatusandlaws,administrativeregulations,andtheregulationsissuedbyCSRConlistedcompanygovernance
□Yes?NoTherewasnodifferencebetweentheCompany’sactualgovernancestatusandlaws,administrativeregulations,andtheregulationsissuedbyCSRConlistedcompanygovernance.II.DetailsoftheCompany’sSeparationfromtheControllingShareholderandActualControllerwithRespecttoCorporateAssets,Personnel,Finance,Organization,Business,etc.TheCompanyisindependentofitsshareholdersintermsofbusiness,assets,personnel,institutions,financialaffairs,etc.,hasanindependentandcompletebusinesssystemandmarket-orientedindependentoperationability,andhasacompletesupply,productionandsalessystem.
1.AssetsintegrityTheCompanyhasindependentandcompletebusinessassetsthatcanbeusedforbusinessactivities.TheCompanyhascompletesites,facilities,instrumentsandequipment,trademarks,patents,etc.requiredforproductionindependentofshareholdersandotherrelatedparties.TheCompany’sassetsarestrictlyseparatedfromtheshareholdersandactualcontroller,andthereisnocasethattheshareholdersandactualcontrollerencroachontheCompany’sassets.
2.PersonnelindependenceTheGeneralManager,DeputyGeneralManager,ChiefFinancialOfficer,SecretaryoftheBoardandotherseniormanagersoftheCompanyareallfull-timeworkingintheCompanyandreceivingremuneration,andthereisnocasethattheyholdanypostotherthandirectororsupervisoratthecontrollingshareholder,actualcontrollerandotherenterprisesundertheircontrol,orholdanypositioninotherenterpriseswiththesameorsimilarbusinesswiththeCompany.TheCompany’sfinancialpersonnelarenotdoingpart-timejobinthecontrollingshareholders,actualcontrollersandotherenterprisesundertheircontrol.TheCompanyiscompletelyindependentintermsofsocialsecurityandsalary.
3.FinanceindependenceTheCompanyhassetupanindependentfinancialdepartment,andestablishedanindependentandcompletefinancialaccountingsystemaccordingtothecurrentaccountingstandardsandrelevantlawsandregulations,whichcanhelpmakefinancialdecisionsindependently.TheCompanyhasastandardizedfinancialaccountingsystemandfinancialmanagementsystem.TheCompanyhassetupanindependentbankaccountand,asanindependenttaxpayer,hasgonethroughtaxregistrationwiththetaxbureauofYuxiHigh-techZone.TheCompanydoesnotguaranteethedebtsofshareholdersorotherrelatedpartieswiththeCompany’sassets,interestsorreputation.TheCompanyhascompletecontroloverallassets,andthereisnocasethatmonetaryfundsorotherassetsareoccupiedbyshareholdersanddamagetheCompany’sinterests.
4.InstitutionalindependenceTheCompanyhasaproductionandoperationplaceandorganizationindependentofthecontrollingshareholder,andthereisnomixedoperationorjointofficewiththecontrollingshareholder.ThereisnointerferenceofthecontrollingshareholderandanyotherunitsorindividualsintheCompany’sorganizationalstructure.InaccordancewiththerequirementsoftheCompanyLaw,theCompanyhasestablishedandimprovedtheorganizationalstructuresystemofthegeneralmeetingofshareholders,theBoardofDirectors,theSupervisoryCommittee,andthemanagement,andiscompletelyindependentoftheaffiliatedenterprisesintermsofinstitutionalsetting.TheshareholderunitnominatesdirectorstoparticipateinthemanagementoftheCompanyinaccordancewiththeprovisionsoftheCompanyLawandtheArticlesofAssociation,anddoesnotdirectlyinterferewiththeproductionandoperationactivitiesoftheCompany.
5.BusinessindependenceTheCompanyhasanindependentproduction,supplyandmarketingsystem,andindependentlycarriesoutvariousbusinesses.Thereisnocaseofrelyingonorentrustingshareholdersorotherrelatedpartiestosellproducts,orrelyingonorentrustingshareholdersorotherrelatedpartiestopurchaserawmaterials.Thereisnohorizontalcompetitionwiththecontrollingshareholder,actualcontrollerandtheenterprisesundertheircontrol.
III.HorizontalCompetition
□Applicable?NotapplicableIV.DetailsabouttheAnnualGeneralMeetingandExtraordinaryGeneralMeetingofShareholdersConvenedduringtheReportingPeriod
1.Detailsabouttheshareholders’generalmeetingduringtheReportingPeriod
| Meeting | MeetingType | InvestorParticipation | DateConvened | DisclosureDate | MeetingResolution |
| AnnualGeneralMeetingofShareholdersof2022 | AnnualGeneralMeetingofShareholders | 55.01% | March24,2023 | March25,2023 | AnnouncementonResolutionsoftheAnnualGeneralMeetingofShareholdersin2022(AnnouncementNo.2023-046)onwww.cninfo.com.cn |
| FirstExtraordinaryGeneralMeetingofShareholdersin2023 | ExtraordinaryGeneralMeetingofShareholders | 53.22% | May8,2023 | May9,2023 | AnnouncementonResolutionsoftheFirstExtraordinaryGeneralMeetingofShareholdersin2023(AnnouncementNo.2023-072)onwww.cninfo.com.cn |
| SecondExtraordinaryGeneralMeetingofShareholdersin2023 | ExtraordinaryGeneralMeetingofShareholders | 39.17% | July11,2023 | July12,2023 | AnnouncementonResolutionsoftheSecondExtraordinaryGeneralMeetingofShareholdersin2023(AnnouncementNo.2023-119)onwww.cninfo.com.cn |
| ThirdExtraordinaryGeneralMeetingofShareholdersin2023 | ExtraordinaryGeneralMeetingofShareholders | 42.87% | August7,2023 | August8,2023 | AnnouncementonResolutionsoftheThirdExtraordinaryGeneralMeetingofShareholdersin2023(AnnouncementNo.2023-136)onwww.cninfo.com.cn |
| FourthExtraordinaryGeneralMeetingofShareholdersin2023 | ExtraordinaryGeneralMeetingofShareholders | 41.22% | September11,2023 | September12,2023 | AnnouncementonResolutionsoftheFourthExtraordinaryGeneralMeetingofShareholdersin2023(AnnouncementNo.2023-161)onwww.cninfo.com.cn |
| FifthExtraordinaryGeneralMeetingofShareholdersin2023 | ExtraordinaryGeneralMeetingofShareholders | 42.13% | October9,2023 | October10,2023 | AnnouncementonResolutionsoftheFifthExtraordinaryGeneralMeetingofShareholdersin2023(AnnouncementNo.2023-185)onwww.cninfo.com.cn |
| SixthExtraordinaryGeneralMeetingofShareholdersin2023 | ExtraordinaryGeneralMeetingofShareholders | 39.93% | October12,2023 | October13,2023 | AnnouncementonResolutionsoftheSixthExtraordinaryGeneralMeetingofShareholdersin2023(AnnouncementNo.2023-186)onwww.cninfo.com.cn |
| SeventhExtraordinaryGeneralMeetingofShareholdersin2023 | ExtraordinaryGeneralMeetingofShareholders | 35.90% | October19,2023 | October20,2023 | AnnouncementonResolutionsoftheSeventhExtraordinaryGeneralMeetingofShareholdersin2023(AnnouncementNo.2023-190)onwww.cninfo.com.cn |
| EighthExtraordinaryGeneralMeetingofShareholdersin2023 | ExtraordinaryGeneralMeetingofShareholders | 41.80% | December29,2023 | December30,2023 | AnnouncementonResolutionsoftheEighthExtraordinaryGeneralMeetingofShareholdersin2023(AnnouncementNo.2023-231)onwww.cninfo.com.cn |
2.Extraordinarygeneralmeetingrequestedbythepreferredshareholderwithrestitutedvotingrights
□Applicable?Notapplicable
V.DetailsonDirectors,Supervisors,andSeniorManagement
1.Basicinformation
| Name | Gender | Age | Title | Servicestatus | Startdate | Enddate | Sharesheldatthebeginningoftheperiod(share) | Quantityofsharesincreasedinthecurrentperiod(share) | Quantityofsharesdecreasedinthecurrentperiod(share) | Otherincreasedordecreasedchanges(share) | Quantityofsharesheldattheendoftheperiod(share) | Reasonforshareincrease/decrease |
| PaulXiaomingLee | Male | 66 | Chairman | Incumbent | April20,2011 | March23,2026 | 126,192,257 | 1,246,718 | 127,438,975 | ShareholdingIncreasePlan | ||
| LiXiaohua | Male | 62 | Director | Incumbent | April20,2011 | March23,2026 | 66,919,389 | 831,600 | 67,750,989 | ShareholdingIncreasePlan | ||
| YanMa | Female | 65 | Director | Departure | April20,2011 | July18,2023 | ||||||
| AlexCheng | Male | 66 | Director | Departure | April8,2020 | July18,2023 | ||||||
| ZhaiJun | Male | 50 | Director | Incumbent | August7,2023 | March23,2026 | ||||||
| XiangMing | Male | 61 | Director | Incumbent | August7,2023 | March23,2026 | ||||||
| MaWeihua | Male | 57 | Director | Incumbent | November22,2021 | March23,2026 | 17,000 | 17,000 | ShareholdingIncreasePlan | |||
| FengJie | Male | 60 | Director | Incumbent | January4,2017 | March23,2026 | 82,000 | 82,000 | ShareholdingIncreasePlan | |||
| LuJiankai | Male | 46 | IndependentDirector | Departure | April20,2017 | March24,2023 | ||||||
| TangChangjiang | Male | 54 | IndependentDirector | Departure | April8,2020 | March24,2023 | ||||||
| ZhengHaiying | Female | 61 | IndependentDirector | Departure | April8,2020 | March24,2023 | ||||||
| ShouChunyan | Female | 53 | IndependentDirector | Departure | March24,2023 | December29,2023 | 400 | 400 | ||||
| LiZhe | Male | 37 | IndependentDirector | Incumbent | December29,2023 | March23,2026 | ||||||
| PanSiming | Male | 47 | IndependentDirector | Incumbent | March24,2023 | March23,2026 |
| ZhangJing | Female | 63 | IndependentDirector | Incumbent | March24,2023 | March23,2026 | ||||||
| ZhangTao | Male | 47 | Supervisor | Incumbent | January3,2019 | March23,2026 | 10,000 | 10,000 | ShareholdingIncreasePlan | |||
| ChenTao | Male | 46 | Supervisor | Departure | April20,2011 | March24,2023 | ||||||
| LiBing | Male | 57 | Supervisor | Incumbent | March24,2023 | March23,2026 | 3,600 | 7,400 | 11,000 | ShareholdingIncreasePlan | ||
| KangWenting | Female | 37 | Supervisor | Incumbent | April8,2020 | March23,2026 | ||||||
| YuXue | Female | 37 | BoardSecretary | Incumbent | November4,2021 | March23,2026 | 81,100 | 81,100 | ||||
| LiJian | Male | 46 | ChiefFinancialOfficer | Incumbent | September30,2020 | March23,2026 | ||||||
| Total | -- | -- | -- | -- | -- | -- | 193,196,346 | 2,195,118 | 0 | 0 | 195,391,464 | -- |
WhethertherewasanydepartureofDirectorsandSupervisorsanddismissalofseniormanagementduringthetermofofficeduringtheReportingPeriod?Yes□No
(1)OnMarch24,2023,therenewalofthe5thBoardofDirectorsoftheCompanywasconcluded,andthemembersofthe4thBoardofDirectorsoftheCompany,Mr.LuJiankai(IndependentDirector),Mr.TangChangjiang(IndependentDirector)andMs.ZhengHaiying(IndependentDirector),departedfromtheCompanyuponexpirationoftheirtermofoffice,andwillnolongerserveastheCompany’sIndependentDirectorsandtherelevantpositionsoftheSpecializedCommitteesoftheBoardofDirectorsfollowingtheirdeparturefromtheBoardofDirectorsnorholdanypositionsintheCompany.
(2)OnMarch24,2023,therenewalofthe5thSupervisoryCommitteeoftheCompanywasconcluded,andMr.ChenTao(Supervisor),amemberofthe4thSupervisoryCommitteeoftheCompany,departeduponexpirationofhistermofoffice,andwillnolongerholdthepositionofSupervisoroftheCompany,yethestillservesasthedeputygeneralmanageroftheCompany’scontrollingsubsidiary,YunnanHongchuangPackagingCo.,Ltd.
(3)OnJuly18,2023,Ms.YanMa,aDirectoroftheCompany,appliedforresignationasaDirectoroftheCompanyduetopersonalreasonsandwillnotholdanypositionintheCompanyuponresignation.
(4)OnJuly18,2023,Mr.AlexCheng,aDirectoroftheCompany,appliedforresignationasaDirectoroftheCompanyduetopersonalreasons,yethestillservesasaseniortechnicaladvisorintheCompanyuponhisresignation.
(5)On29December2023,Ms.ShouChunyan,anIndependentDirectoroftheCompany,appliedforresignationasanIndependentDirectoroftheCompanyandrelatedpositionsintheSpecializedCommitteesoftheBoardofDirectorsduetopersonalreasons,andwillnolongerholdanypositionintheCompanyuponherresignation.ChangesinDirectors,supervisorsandseniormanagementoftheCompany?Applicable□Notapplicable
| Name | Positionheld | Type | Date | Reason |
| YanMa | Director | Departure | July18,2023 | ShehasappliedforresignationasaDirectoroftheCompanyduetopersonalreasons,andwillnotholdanypositionintheCompanyuponherresignation. |
| AlexCheng | Director | Departure | July18,2023 | HehasappliedforresignationasaDirectoroftheCompanyduetopersonalreasons,butwillholdthepositionofseniortechnicaladvisorintheCompanyuponhisresignation. |
| ZhaiJun | Director | Elected | August7,2023 | Newly-appointed |
| XiangMing | Director | Elected | August7,2023 | Newly-appointed |
| LuJiankai | IndependentDirector | Departureonexpirationoftermofoffice | March24,2023 | Departureonexpirationofthetermofofficeofthe4thBoardofDirectors |
| TangChangjiang | IndependentDirector | Departureonexpirationoftermofoffice | March24,2023 | Departureonexpirationofthetermofofficeofthe4thBoardofDirectors |
| ZhengHaiying | IndependentDirector | Departureonexpirationoftermofoffice | March24,2023 | Departureonexpirationofthetermofofficeofthe4thBoardofDirectors |
| ShouChunyan | IndependentDirector | Departure | December29,2023 | ShehasappliedforresignationfromthepositionofIndependentDirectoroftheCompanyandrelatedpositionsintheSpecializedCommitteesoftheBoardofDirectorsduetopersonalreasons,andwillnolongerholdanypositionintheCompanyuponherresignation. |
| LiZhe | IndependentDirector | Elected | December29,2023 | Newly-appointed |
| PanSiming | IndependentDirector | Elected | March24,2023 | Newly-appointed |
| ZhangJing | IndependentDirector | Elected | March24,2023 | Newly-appointed |
| ChenTao | Supervisor | Departureonexpirationoftermofoffice | March24,2023 | Departureonexpirationofthetermofofficeofthe4thSupervisoryCommittee |
| LiBing | Supervisor | Elected | March24,2023 | Newly-appointed |
2.PositionsHeld
Professionalbackground,mainworkingexperienceandmaindutiesintheCompanyofcurrentdirectors,supervisors,andseniorexecutivesoftheCompany(I)MembersoftheBoardofDirectors
1.PaulXiaomingLee,ChairmanoftheCompany,male,bornin1958,Americannationalitywiththerightofresidenceinforeigncountry,andmaster’sdegree.JoinedKunmingPlasticResearchInstituteofChinain1982,actedastheVicePresidentfrom1984to1989,graduatedfromthepolymermaterialdisciplineattheUniversityofMassachusettsofAmericainDecember1992,servedastheManageroftheTechnicalDepartmentofInteplastCorporationinAmericafrom1992to1995.SinceApril1996,hehassuccessivelyservedastheViceGeneralManager,GeneralManager,ViceChairmanandChairmanofHongtaPlastic,ChairmanandGeneralManagerofDexinPaper,andChairmanofChengduHongtaPlastic(成都紅塑).JoinedInnovativeColorPrintingastheChairmanin2006.Now,servesastheChairmanoftheCompany.
2.LiXiaohua,ViceChairmanoftheCompany,male,bornin1962,Chinesenationalitywiththerightofresidenceinforeigncountry,andmaster’sdegree.GraduatedfromthepolymermaterialdisciplineattheUniversityofMassachusettsofAmericainFebruary1993,andworkedatWorld-PakCorporationintheUSfrom1993to1996.SinceApril1996,hehassuccessivelyservedastheViceGeneralManagerandViceChairmanofHongtaPlastic,theViceChairmanofDexinPaper,andtheGeneralManagerandViceChairmanofChengduHongtaPlastic.JoinedInnovativeColorPrintingastheGeneralManagerandViceChairmanin2006.Now,servesastheGeneralManagerandViceChairmanoftheCompany.
3.ZhaiJun,DirectoroftheCompany,male,bornin1974,Chinesenationality,andmaster’sdegree.HegraduatedfromWuhanUniversityofTechnologymajoringinVehicleEngineeringinJune2000andservedasprojectmanagerinStateDevelopmentandInvestmentCorporationfromApril2000toJanuary2006.Mr.ZhaiworkedforValeoAutomotiveAirConditioningHubeiCo.,Ltd.asadirectoranddeputygeneralmanagerfromJanuary2006toMarch2009;heservedasaprojectmanagerofTheStateDevelopmentandHi-techInvestmentCorporationfromMarch2009toJuly2009;andhealsoservedasamanagingdirectorofSDICInvestmentManagementCo.,Ltd.fromJuly2009topresent.HeiscurrentlyaDirectoroftheCompany.
4.XiangMing,DirectoroftheCompany,male,bornin1963,Chinesenationality,anddoctoralcandidate.HegraduatedfromtheInstituteofPolymerResearchofChengduUniversityofScienceandTechnologyin1988,andservedintheInstituteofPolymerResearchofSichuanUniversitysince1988,andretiredinApril2023.Mr.XiangservedastheChairmanofChengduHuichengTechnologyCo.,Ltd.since2011.HeiscurrentlyaDirectoroftheCompany.
5.MaWeihua,DirectoroftheCompany,male,bornin1967,Chinesenationality,andbachelor’sdegree,engineer.From1989to1997,successivelyservedasDeputySectionChiefofEquipmentSectionofZhenyuanGoldMine,YunnanProvince,andtechnicianofEquipmentSectionofYuxiHydropowerEquipmentFactory;from1997to2016,successivelyservedastheDirectorofProductionDepartment,ViceGeneralManagerandDirectorofHongtaPlastic.HeiscurrentlytheGeneralManagerofShanghaiEnergy.
6.FengJie,DirectoroftheCompany,male,bornin1964,Chinesenationality,andbachelor’sdegreeandmediumindustrialeconomist.ServedinSimaoIndustrialandCommercialBankofChinafrom1981to1984;servedasastatisticianoftheComprehensiveManagementSection,DirectoroftheComputerCenterandtheSecretaryoftheCommunistYouthLeagueatYunnanOpticalInstrumentFactoryfrom1989to1997;servedasatechnician,statisticalofficerandDirectoroftheGeneralManager’sOfficeatHongtaPlasticfrom1997to2005;servedastheDirectorofChengduOfficeofHongtaPlasticfrom2005to2009;since2009,hassuccessivelyservedastheDirectoroftheSalesDepartment,theViceGeneralManagerandGeneralManagerofChengduHongtaPlastic.HeisnowtheDirectoroftheSalesDepartmentandtheGeneralManagerofChengduHongtaPlastic,andaDirectoroftheCompany.
7.LiZhe,IndependentDirectoroftheCompany,male,bornin1987,Chinesenationality,anddoctoralcandidate.HeisthedeputydirectoroftheFinanceDepartment,associateprofessoroftheSchoolofAccounting,andthetutorofdoctoralcandidateofCentralUniversityofFinanceandEconomics.HehasbeenanindependentdirectorofLeyardOptoelectronicCo.,Ltd.fromJanuary2023topresent.Mr.LiservedanindependentdirectorofGenertecKunmingMachineToolCo.,Ltd.fromAugust2023topresent.HeiscurrentlyanIndependentDirectoroftheCompany.
8.PanSiming,anIndependentDirectoroftheCompany,bornin1977,Chinesenationality,andbachelor’sdegree.HeservedasfinancialanalysisofHuachenAutomotiveGroupfromJuly2001toDecember2009.HeservedasfinancialmanagerofZhejiangLongshengGroupCo.,Ltd.fromDecember2009toAugust2012.Mr.Panwasappointedasthedirectorofpost-loanmanagementofthesmallandmedium-sizeddepartmentofMinshengBankfromAugust2012toApril2016,andhasbeenappointedasthedirectorofpost-investmentmanagementofYangYueShanghaiInvestmentManagementLtd.fromApril2016tothepresent.HeiscurrentlyanIndependentDirectoroftheCompany.
9.ZhangJing,IndependentDirectoroftheCompany,bornin1961,Chinesenationality,professoranddoctoraltutorofAppliedPhysicsintheCollegeofScienceofDonghuaUniversity,executivevicepresidentoftheCollegeofScienceofDonghuaUniversity.ShewasadirectorofShanghaiEnergyfrom2016to2018.ShewasadirectorofthePlasmaScienceandTechnologyCommitteeoftheCSTAMfrom2015to2020.Ms.ZhanghasbeenadirectorofShanghaiSunshineEsailchemTechnologyCorp.,Ltd.since2018.Ms.ZhanganassociateeditorofthejournalPlasmaScienceandTechnologysince2021.SheiscurrentlyanIndependentDirectoroftheCompany.(II)MembersoftheSupervisoryCommittee
1.ZhangTao,ChairmanoftheSupervisoryCommitteeoftheCompany,male,bornin1977,Chinesenationality,andbachelor’sdegree.WorkedasafinancialanalystattheFinancialCenterofBeijingMarketingCompanyofHaciCo.,Ltd.fromJuly2000toJanuary2001;workedasanaccountantattheFinanceDepartmentofYunnanHongtaPlasticCo.,Ltd.fromAugust2001toAugust2006;andhasservedastheManageroftheFinanceDepartmentofYunnanDexinPaperCo.,Ltd.fromSeptember2006toMarch2019.HehasservedasthesupervisorofYuxiKunshasiPlasticMasterbatchCo.,Ltd.fromOctober2021tothepresent.HehasservedastheDeputyChiefFinancialOfficerfromApril2019tothepresent.Currently,heservesasChairmanoftheSupervisoryCommitteeoftheCompany.
2.LiBing,SupervisoroftheCompany,male,bornin1967,Chinesenationality,andJuniorcollegedegree,assistantengineer.HeservedasatechnicianintheprocesstechnologysectionofYuxiHydroelectricEquipmentFactoryfromSeptember1988toDecember1995.HeservedasaworkshopsupervisorandheadoftheprocesstechnologysectionofYuxiGlobeColourPrintingCartonCo.,Ltd.fromDecember1995toJuly2004.HeservedasasalesmanagerofYunnanDexinPaperCo.,Ltd.fromOctober2005toFebruary2021.HeservedasasalesmanagerofYunnanEnergyNewMaterialCo.,Ltd.andYunnanDexinPaperCo.,Ltd.fromMarch2021toJune2021.Mr.LiwasappointedasthegeneralmanagerofYunnanDexinPaperCo.,Ltd.fromJuly2021topresent.NowheisaSupervisoroftheCompany.
3.KangWenting,SupervisoroftheCompany,female,bornin1987,Chinesenationality,andbachelor’sdegree.ServedasthePersonnelSupervisorofKunmingXingheSpaResort&Hotelfrom2013to2014,andfrom2015toMarch2019,hassuccessivelyservedasthePersonnel
SupervisoroftheHumanResourcesDepartmentoftheCompany.SheservesasthemanageroftheOperationSupportDepartmentandAdministrativeDepartmentfromOctober2019tothepresent.NowsheisaSupervisoroftheCompany.(III)SeniorManagement
1.LiXiaohua,ViceChairmanandGeneralManageroftheCompany,male,bornin1962,Chinesenationalitywiththerightofresidenceinforeigncountry,andmaster’sdegree.GraduatedfromthepolymermaterialdisciplineattheUniversityofMassachusettsinFebruary1993,andworkedatWorld-PakCorporationintheUSfrom1993to1996.SinceApril1996,hassuccessivelyservedastheViceGeneralManagerandViceChairmanofHongtaPlastic,theViceChairmanofDexinPaper,andtheGeneralManagerandViceChairmanofChengduHongtaPlastic.JoinedInnovativeColorPrintingastheGeneralManagerandViceChairmanin2006.Now,servesastheGeneralManagerandViceChairmanoftheCompany.
2.YuXue,ViceGeneralManageroftheCompany,SecretaryoftheBoardofDirectors,female,bornin1987,Chinesenationality,andmaster’sdegree.ServedastheCompany’sSecuritiesAffairsRepresentativefromMarch2013toNovember2021.Now,servesastheChairmanofHunanSemcorp,ViceGeneralManagerandSecretaryoftheBoardofDirectorsoftheCompany.
3.LiJian,ChiefFinancialOfficeroftheCompany,male,Han,bornin1978,Chinesenationality,andbachelor’sdegree,ChineseCertifiedPublicAccountantandChineseCertifiedTaxAgent.From1997toOctober2016,hasservedastheGeneralBudgetAccountantatLiujiaqiaoFiscalOfficeoftheFinanceBureauofChongrenCounty,JiangxiProvince,theFinancialManagerofShundeOuyadianBuildingMaterialCo.,Ltd.,theProjectManagerofShenzhenPengchengAccountingFirm,theAssistanttotheChiefFinancialOfficerofJiangsuSafetySteelRopeCo.,Ltd.andtheChiefFinancialOfficerofSuzhouALTONElectricIndustryCo.,Ltd.SinceOctober2016,hasservedastheChiefFinancialOfficerofShanghaiEnergyNewMaterialTechnologyCo.,Ltd.Now,servesastheChiefFinancialOfficeroftheCompany.Positionsheldattheshareholder’sentity
□Applicable?NotapplicablePositionsheldatotherentities?Applicable□Notapplicable
| Name | OtherEntityNames | Positionsinotherorganizations | Startdate | Enddate | Receivingremunerationandallowanceatotherentities |
| PaulXiaomingLee | ShanghaiRuijiNewMaterialTechnologyCo.,Ltd. | Director | January20,2020 | March3,2023 | No |
| PaulXiaomingLee | YuxiKunshasiPlasticMasterbatchCo.,Ltd. | ViceChairman | May1,1996 | March3,2023 | No |
| LiXiaohua | ShanghaiRuijiNewMaterialTechnologyCo.,Ltd. | Chairman | January20,2020 | April25,2024 | No |
| LiXiaohua | YuxiKunshasiPlasticMasterbatchCo.,Ltd. | DirectorandGeneralManager | May1,1996 | April25,2024 | No |
| LiXiaohua | SuzhouJieshengTechnologyCo.,Ltd. | ExecutiveDirector | October29,2021 | April25,2024 | No |
| LiXiaohua | SuzhouRSTechnologyCo.,Ltd. | Chairman | February24,2022 | April25,2024 | No |
| LiXiaohua | JiangsuJieshengIntelligentEquipmentTechnologyCo.,Ltd. | ExecutiveDirector | November26,2021 | April25,2024 | No |
| LiXiaohua | ChangshuJuxingMachineryCo.,Ltd. | ExecutiveDirectorandGeneralManager | May12,2022 | May30,2023 | No |
| LiZhe | LeyardOptoelectronicCo.,Ltd. | IndependentDirector | January16,2023 | April25,2024 | Yes |
| LiZhe | GenertecKunmingMachineToolCo.,Ltd. | IndependentDirector | October11,2023 | April25,2024 | Yes |
| ZhangTao | YuxiKunshasiPlasticMasterbatchCo.,Ltd. | Supervisor | October11,2021 | April25,2024 | No |
| XiangMing | ChengduHuichengTechnologyCo.,Ltd. | Chairman | July6,2011 | April25,2024 | No |
| ZhaiJun | HenanKelongnewenergyCo.,Ltd. | Director | December13,2016 | April25,2024 | No |
| ZhaiJun | HXFSAWCo.,Ltd. | Director | October22,2012 | April25,2024 | No |
| ZhaiJun | ShanghaiDiandaInformationTechnologyCo.,Ltd. | Director | April27,2015 | April25,2024 | No |
| ZhaiJun | IntelligentVehicleInnovationandDevelopmentPlatform(Shanghai)Co.,Ltd. | Director | April25,2024 | No | |
| ZhaiJun | JingciMaterialScienceCo.,Ltd. | Director | June11,2018 | April25,2024 | No |
| ZhangJing | ShanghaiSunshineEsailchemTechnologyCo.,Ltd. | Director | April25,2024 | No |
Penaltiestothecurrentdirectors,supervisorsandseniormanagementoftheCompanyandthoseleavingofficeduringtheReportingPeriodbysecuritiesregulatoryagenciesinthepastthreeyears
□Applicable?Notapplicable
3.RemunerationforDirectors,Supervisors,andSeniorManagement
Decision-makingprocedures,determinationbasisandactualpaymentofremunerationfordirectors,supervisors,andseniormanagement
1.Decision-makingprocedureforremunerationsofdirectors,supervisorsandseniormanagement:TheRemuneration&EvaluationCommitteeoftheBoardofDirectorsoftheCompanystudiesandestablishestheevaluationstandard,remunerationpolicyandplanforthedirectors,GeneralManagerandotherseniormanagementmembersoftheCompany,theBoardofDirectorsreviewstheremunerationsfortheseniormanagement,theGeneralMeetingofShareholdersreviewstheremunerationsofthedirectorsandthesupervisors,andtheHumanResourcesDepartmentandtheFinanceDepartmentoftheCompanyassisttheRemuneration&EvaluationCommitteeoftheBoardofDirectorstoimplementtheremunerationplanforthedirectorsandtheseniormanagementoftheCompany.
2.Basisfordeterminingtheremunerationsofdirectors,supervisorsandseniormanagement:TheremunerationsforthedirectorsandsupervisorsaredeterminedinlinewiththeactualworkingstatusoftheCompanyandincombinationofthecurrentmarketsituation.TheremunerationsoftheseniormanagementaredeterminedinlinewithrelatedprovisionsoftheCompanyandincombinationoftheoperatingobjectivesoftheCompanyin2023andspecificjobresponsibilitiestheseniormanagementmembersoftheCompanytaketocompletetheannualoperatingobjectives.
3.Actualpaymentofremunerationstothedirectors,supervisorsandseniormanagement:TheremunerationsoftheIndependentDirectorsarepaidtopersonalaccountsbasedonthestandardandscheduleeveryquarter.Theremunerationsofotherpeoplearepaidbasedonrespectiveevaluationresultonamonthlybasisoratthetimespecifiedbytheremunerationpaymentpolicy.RemunerationforDirectors,supervisors,andseniormanagementduringtheReportingPeriod
Unit:RMB0’000
| Name | Gender | Age | Tile | Servicestatus | Totalpre-taxremunerationsreceivedfromtheCompany | WhetherremunerationwasreceivedfromrelatedpartiesoftheCompany |
| PaulXiaomingLee | Male | 66 | Chairman | Incumbent | 218.4 | No |
| LiXiaohua | Male | 62 | Director | Incumbent | 187.2 | No |
| YanMa | Female | 65 | Director | Departure | 0 | No |
| AlexCheng | Male | 66 | Director | Departure | 53 | No |
| ZhaiJun | Male | 50 | Director | Incumbent | 0 | No |
| XiangMing | Male | 61 | Director | Incumbent | 0 | No |
| MaWeihua | Male | 57 | Director | Incumbent | 96.24 | No |
| FengJie | Male | 60 | Director | Incumbent | 32.68 | No |
| LuJiankai | Male | 46 | IndependentDirector | Departure | 2.4 | No |
| TangChangjiang | Male | 54 | IndependentDirector | Departure | 2.4 | No |
| ZhengHaiying | Female | 61 | IndependentDirector | Departure | 2.4 | No |
| ShouChunyan | Female | 53 | IndependentDirector | Departure | 2.6 | No |
| LiZhe | Male | 37 | IndependentDirector | Incumbent | 0 | No |
| PanSiming | Male | 47 | IndependentDirector | Incumbent | 2.6 | No |
| ZhangJing | Female | 63 | IndependentDirector | Incumbent | 2.6 | No |
| ZhangTao | Male | 47 | Supervisor | Incumbent | 27.25 | No |
| ChenTao | Male | 46 | Supervisor | Departure | 6.27 | No |
| LiBing | Male | 57 | Supervisor | Incumbent | 36.64 | No |
| KangWenting | Female | 37 | Supervisor | Incumbent | 12.3 | No |
| YuXue | Female | 37 | BoardSecretary | Incumbent | 73.64 | No |
| LiJian | Male | 46 | ChiefFinancialOfficer | Incumbent | 97.91 | No |
| Total | - | - | - | - | 856.53 | - |
Otherexplanation
□Applicable?Notapplicable
VI.PerformanceofDirectorsduringtheReportingPeriod
1.MeetingsoftheBoardofDirectorsduringtheReportingPeriod
| Meeting | DateConvened | DisclosureDate | MeetingResolution |
| The54thmeetingofthe4thBoardofDirectors | January30,2023 | January31,2023 | ThemeetingconsideredandadoptedtheResolutiononNoEarlyRedemptionof"EnergyConvertibleCorporateBonds",theResolutiononAnticipatedDailyConnectedTransactionsin2023,theResolutionontheEstablishmentofaSpecialAccountforRaisedFundsandAuthorizationofEnteringintoaSupervisoryAgreementforRaisedFunds,andtheResolutiononChangesinAccountingPolicies |
| The55thmeetingofthe4thBoardofDirectors | March2,2023 | March3,2023 | ThemeetingconsideredandadoptedtheResolutionontheWorkReportoftheBoardofDirectorsfor2022,theResolutionontheCompany's2022GeneralManagerWorkReport,theResolutionontheCompany's2022AnnualFinancialSettlementReport,theResolutionon2022ProfitDistributionPlan,theResolutionontheCompany'sInternalControlEvaluationReportfor2022,theResolutionontheCompany'sSelf-checkListfortheImplementationofInternalControlRulesfor2022,theResolutionontheCompany'sAnnualReportfor2022anditsAbstract,theResolutionontheCompany's2022AnnualEnvironmental,SocialandGovernanceReport(ESGReport),theResolutiononRenewingtheEmploymentofDahuaCPAs(SGP)astheCompany'sFinancialAuditorandInternalControlAuditorin2023,theResolutionontheDepositionandUseofRaisedFundsoftheCompanyin2022,theResolutiononDirectors'RemunerationoftheCompanyfor2022,theResolutionontheRemunerationoftheSeniorManagementtheCompanyfor2022,theResolutiononApplyingfortheGeneralCreditLimitinBanksin2023,theResolutionontheAmountofGuaranteeWithintheScopeoftheCompany'sConsolidatedStatementsin2023,theResolutiononAnticipatedDeposit,LoanandGuaranteeBusinessinAssociatedBanksin2023,theResolutiononUsingSomeoftheIdleSelf-ownedFundstoPurchaseInvestmentQuotasofFinancialProductsinBanks,theResolutiononProvidingFinancialAssistancetoSubsidiariesoftheHoldingCompanyandtheirSubsidiaries,theResolutiononDevelopingForeignExchangeDerivativesTradingBusiness,theResolutionontheConductofForeignExchangeDerivativesTransactionsin2023,theResolutionontheElectionoftheCompany'sBoardofDirectorsandtheCandidatesfortheNon-IndependentDirectorsofthe5thBoardofDirectors,theResolutionontheElectionoftheCompany'sBoardofDirectorsandtheNominationoftheCandidatesfortheIndependentDirectorsofthe5thBoardofDirectors,theResolutionontheEstablishmentofSpecializedCommitteesoftheCompany's5thBoardofDirectorsandtheResolutiononConveningtheCompany's2022AnnualGeneralMeetingofShareholders |
| The1stmeetingofthe5thBoardofDirectors | April6,2023 | April7,2023 | ThemeetingconsideredandadoptedtheResolutionontheElectionoftheCompany'sChairmanandViceChairmanandtheResolutionontheRe-appointmentoftheCompany'sGeneralManager,DeputyGeneralManagerandBoardSecretary |
| The2ndmeetingofthe5thBoardofDirectors | April21,2023 | April22,2024 | ThemeetingconsideredandadoptedtheResolutiononExtendingtheValidityPeriodoftheResolutionoftheGeneralMeetingofShareholdersontheCompany'sNon-publicOfferingofShares,theResolutiononRequestingtheGeneralMeetingofShareholderstoExtendtheValidityPeriodoftheAuthorizationfortheBoardofDirectorstoHandleMattersRelatingtotheCompany'sNon-publicOffering,andtheResolutionontheConveningoftheFirstExtraordinaryGeneralMeetingofShareholdersoftheCompanyin2023 |
| The3rdmeetingofthe5thBoardofDirectors | April26,2023 | April27,2023 | ThemeetingconsideredandadoptedtheResolutionregardingtheCompany'sFirstQuarterlyReportin2023 |
| The4thmeetingofthe5thBoardofDirectors | May4,2023 | May5,2023 | ThemeetingconsideredandadoptedtheResolutionontheRepurchaseoftheCompany'sShares |
| The5thmeetingofthe5thBoardofDirectors | May14,2023 | May15,2023 | ThemeetingconsideredandadoptedtheResolutiononAdjustmentoftheScaleofFundsRaisedfromtheCompany'sNon-publicOfferingofAShares |
| The6thmeetingofthe5thBoardofDirectors | June13,2023 | June14,2023 | ThemeetingconsideredandadoptedtheResolutiononReplacementofPreliminarilyInvestedSelf-collectedFundswiththeProceedsfromtheNon-publicOfferingofASharesin2021,theResolutiononthePaymentofFundsforFundRaisingProjectsUsingBankAcceptanceandReplacementoftheSameAmountwithRaisedFunds,andtheResolutionontheUseofPartoftheIdleFundRaisedforCashManagement |
| The7thmeetingofthe5thBoardofDirectors | June25,2023 | June26,2023 | ThemeetingconsideredandadoptedtheResolutiononAdjustmentoftheExercisePriceofStockOptionsandCancellationofCertainStockOptionsunderthe2022StockOptionandRestrictedStockIncentivePlan,theResolutiononCompliancewiththeExerciseConditionsduringtheFirstExercisePeriodoftheCompany's2022StockOptionsandRestrictedStockIncentivePlan,andtheResolutiononRepurchaseandCancellationofCertainRestrictedSharesunderthe2022StockOptionandRestrictedStockIncentivePlan,theResolutiononCompliancewiththeConditionsforReleaseofRestrictedSharesduringtheFirstReleasePeriodofRestrictedSharesundertheCompany's2022StockOptionandRestrictedShareIncentivePlan,theResolutiononChangingtheRegisteredCapitalandAmendingtheArticlesofAssociationandRegisteringtheChangesinIndustryandCommerce,andtheResolutiononConveningtheSecondExtraordinaryGeneralMeetingof |
| ShareholdersoftheCompanyin2023 | |||
| The8thmeetingofthe5thBoardofDirectors | July21,2023 | July22,2023 | ThemeetingconsideredandadoptedtheResolutionontheAdditionofCandidatesfortheBoardofDirectors,theResolutiononNoEarlyRedemptionof"EnergyConvertibleCorporateBonds",theResolutionontheProposedDistributionofProfitin2022,theResolutionontheConveningofthe3rdExtraordinaryGeneralMeetingofShareholdersoftheCompanyin2023 |
| The9thmeetingofthe5thBoardofDirectors | August18,2023 | August19,2023 | ThemeetingconsideredandadoptedtheResolutiononChangingtheRegisteredCapitalandAmendingtheArticlesofAssociationandRegisteringtheChangesinIndustryandCommerce |
| The10thmeetingofthe5thBoardofDirectors | August23,2023 | August24,2023 | ThemeetingconsideredandadoptedtheResolutionontheCompany'sSemi-annualReportfor2023anditsSummary,theResolutionontheDepositandUtilizationoftheCompany'sFundRaisedintheSemi-annualPeriodin2023,theResolutionontheProposedDistributionofInterimProfitin2023,andtheResolutionontheConveningofthe4thExtraordinaryGeneralMeetingofShareholdersin2023 |
| The11thmeetingofthe5thBoardofDirectors | September18,2023 | September19,2023 | ThemeetingconsideredandadoptedtheResolutiononChangingtheRegisteredCapitalandAmendingtheArticlesofAssociationandRegisteringtheChangesinIndustryandCommerce,andtheResolutionontheConveningofthe5thExtraordinaryGeneralMeetingofShareholdersin2023 |
| The12thmeetingofthe5thBoardofDirectors | September21,2023 | September22,2023 | ThemeetingconsideredandadoptedtheResolutiononChangingtheRegisteredCapitalandAmendingtheArticlesofAssociationandRegisteringtheChangesinIndustryandCommerceandtheResolutionontheConveningofthe6thExtraordinaryGeneralMeetingofShareholdersin2023 |
| The13thmeetingofthe5thBoardofDirectors | September28,2023 | September29,2023 | ThemeetingconsideredandadoptedtheResolutiononthePurchaseofMinorityShareholders'EquityInterestsinaControllingSubsidiaryandConnectedTransaction,theResolutionontheRepurchaseoftheCompany'sShares,andtheResolutionontheConveningofthe7thExtraordinaryGeneralMeetingofShareholdersin2023 |
| The14thmeetingofthe5thBoardofDirectors | October29,2023 | October30,2023 | ThemeetingconsideredandadoptedtheResolutionontheTerminationofthePurchaseoftheMinorityShareholders'EquityInterestsinaControllingSubsidiaryandConnectedTransaction |
| The15thmeetingofthe5thBoardofDirectors | October30,2023 | October31,2023 | ThemeetingconsideredandadoptedtheResolutionontheCompany'sThirdQuarterlyReportin2023 |
| The16thmeetingofthe5thBoardofDirectors | December13,2023 | December14,2023 | ThemeetingconsideredandadoptedtheResolutiononAmendingtheArticlesofAssociationoftheCompanyandCertainSystems,theResolutiononAmendingtheArticlesofAssociationoftheCompany,theResolutiononAmendingtheRulesofProcedureoftheGeneralMeetingofShareholders,theResolutiononAmendingtheRulesofProcedureoftheBoardofDirectors,theResolutiononAmendingtheRulesofProcedureoftheSupervisoryCommittee,theResolutiononAmendingtheRulesofProcedureoftheIndependentDirectors,theResolutiononAmendingtheWorkingRulesfortheAnnualReportoftheIndependentDirectors,theResolutiononAmendingtheRulesofProcedureoftheAuditCommittee,theResolutiononAmendingtheRulesofProcedureoftheRemunerationandAppraisalCommittee,theResolutiononAmendingtheRulesofProcedureoftheStrategyCommittee,theResolutiononAmendingtheRulesofProcedureoftheNominationCommittee,theResolutionontheBy-electionofIndependentDirectors,theResolutiononAdjustingtheMembersofCertainSpecializedCommitteesoftheBoardofDirectorsoftheCompany,andtheResolutiononConveningthe8thExtraordinaryGeneralMeetingofShareholdersin2023 |
2.Detailsofdirectors’attendanceatboardmeetingsandshareholders’generalmeetings
| Detailsofdirectors’attendanceatboardmeetingsandshareholders’generalmeetings | |||||||
| Nameofdirector | MeetingsrequiredtoattendduringtheReportingPeriod(times) | Attendanceinperson(times) | Attendancebywayoftelecommunication(times) | Entrustedpresence(times) | Absence(times) | Whethernon-attendanceinpersonfortwoconsecutivetimesornot | Attendanceinshareholders’generalmeeting |
| PaulXiaomingLee | 18 | 15 | 3 | 0 | 0 | No | 9 |
| LiXiaohua | 18 | 18 | 0 | 0 | 0 | No | 9 |
| YanMa | 9 | 0 | 9 | 0 | 0 | No | 3 |
| AlexCheng | 9 | 0 | 9 | 0 | 0 | No | 3 |
| ZhaiJun | 8 | 0 | 8 | 0 | 0 | No | 6 |
| XiangMing | 8 | 0 | 8 | 0 | 0 | No | 6 |
| MaWeihua | 18 | 18 | 0 | 0 | 0 | No | 9 |
| FengJie | 18 | 0 | 18 | 0 | 0 | No | 9 |
| LuJiankai | 2 | 0 | 2 | 0 | 0 | No | 1 |
| TangChangjiang | 2 | 0 | 2 | 0 | 0 | No | 1 |
| ZhengHaiying | 2 | 0 | 2 | 0 | 0 | No | 1 |
| ShouChunyan | 16 | 0 | 16 | 0 | 0 | No | 8 |
| LiZhe | 0 | 0 | 0 | 0 | 0 | No | 0 |
| PanSiming | 16 | 0 | 16 | 0 | 0 | No | 8 |
| ZhangJing | 16 | 0 | 16 | 0 | 0 | No | 8 |
Explanationsfornon-attendanceinpersonfortwoconsecutivetimes
3.Detailsondirectors’objectiontorelevantmattersWhetherDirectorsobjecttorelevantmattersoftheCompany
□Yes?NoDuringtheReportingPeriod,noDirectorsobjectedtorelevantmattersoftheCompany.
4.OtherdetailsabouttheperformanceofdirectorsWhetheradvicetotheCompanyfromDirectorsadopted?Yes□NoExplanationonadvicetotheCompanyfromDirectorsbeingadoptedornotadoptedDuringtheReportingPeriod,directorsoftheCompanywerediligent,conscientious,honestandself-disciplined,andfaithfullyperformedtheresponsibilitiesasdirectors.ThedirectorscarefullylistenedtothereportoftheCompany’srelevantprincipalsonprojectconstruction,developmentstrategy,profitdistributionplan,effectivenessofinternalcontrol,appointmentoffinancialauditinstitutions,etc.,andactivelyexpressedopinionsontheBoardofDirectors.Theindependentdirectorsissuedindependent,fairandobjectiveopinionsandprioracknowledgementonissuesoftheCompanyduringtheReportingyearthatneedindependentdirectors’opinions,activelyandeffectivelyperformedtheresponsibilitiesofindependentdirectors,improvedtheCompany’ssupervisionmechanism,andsafeguardedthelegitimaterightsandinterestsoftheCompanyandminorityshareholders.
VII.DetailsonSpecializedCommitteesundertheBoardofDirectorsduringtheReportingPeriod
| CommitteeName | Members | NumberofMeetingsHeld | DateConvened | MeetingContent | ImportantOpinionsandSuggestionsProposed | OtherDutyPerformanceInformation | DetailsonObjectiontoMatters(Ifany) |
| StrategyCommitteeofthe5thBoardofDirectors | Mr.PAULXIAOMINGLEE,Mr.LiXiaohua,Mr.FengJie,Ms.ShouChunyan,Mr.PanSiming | 4 | April20,2023 | ThemeetingconsideredtheResolutiononExtendingtheValidityPeriodoftheResolutionoftheGeneralMeetingofShareholdersontheCompany'sNon-PublicOfferingofShares | Unanimouslyadopted | Nil | Nil |
| StrategyCommitteeofthe5thBoardofDirectors | Mr.PAULXIAOMINGLEE,Mr.LiXiaohua,Mr.FengJie,Ms.ShouChunyan,Mr.PanSiming | 4 | May13,2023 | ResolutiononAdjustmentoftheScaleofFundsRaisedfromtheCompany'sNon-publicOfferingofAShares | Unanimouslyadopted | Nil | Nil |
| StrategyCommitteeofthe5thBoardofDirectors | Mr.PAULXIAOMINGLEE,Mr.LiXiaohua,Mr.FengJie,Ms.ShouChunyan,Mr.PanSiming | 4 | September27,2023 | ThemeetingconsideredtheResolutiononthePurchaseofMinorityShareholders'EquityInterestsinaControllingSubsidiaryandConnectedTransaction | Unanimouslyadopted | Nil | Nil |
| StrategyCommitteeofthe5thBoardofDirectors | Mr.PAULXIAOMINGLEE,Mr.LiXiaohua,Mr.FengJie,Ms.ShouChunyan,Mr.PanSiming | 4 | October28,2023 | ThemeetingconsideredtheResolutionontheTerminationofthePurchaseoftheMinorityShareholders'EquityInterestsinaControllingSubsidiaryandConnectedTransaction | Unanimouslyadopted | Nil | Nil |
| AuditCommitteeofthe4thBoardofDirectors | LuJiankai,ZhengHaiying,LiXiaohua | 2 | January29,2023 | ThemeetingconsideredtheResolutiononChangesofAccountingPolicies | Unanimouslyadopted | Nil | Nil |
| AuditCommitteeofthe4thBoardofDirectors | LuJiankai,ZhengHaiying,LiXiaohua | 2 | March1,2023 | ThemeetingconsideredtheResolutionontheCompany'sAuditReportfor2022andtheResolutiononRenewingtheEmploymentofDahuaCPAs(SGP)astheCompany'sFinancialAuditorandInternalControlAuditorin2023 | Unanimouslyadopted | Nil | Nil |
| AuditCommitteeofthe5thBoardofDirectors | Ms.ShouChunyan,Mr.LiXiaohua,Mr.PanSiming | 5 | April25,2023 | ThemeetingconsideredtheResolutionontheCompany'sFirstQuarterlyReportin2023 | Unanimouslyadopted | Nil | Nil |
| AuditCommitteeofthe5thBoardofDirectors | Ms.ShouChunyan,Mr.LiXiaohua,Mr.PanSiming | 5 | August22,2023 | ThemeetingconsideredtheResolutionontheCompany'sSemi-annualReportfor2023anditsSummary | Unanimouslyadopted | Nil | Nil |
| AuditCommitteeofthe5thBoard | Ms.ShouChunyan,Mr.LiXiaohua,Mr.Pan | 5 | September27,2023 | ThemeetingconsideredtheResolutiononthePurchaseofMinorityShareholders'EquityInterests | Unanimouslyadopted | Nil | Nil |
| ofDirectors | Siming | inaControllingSubsidiaryandConnectedTransaction | |||||
| AuditCommitteeofthe5thBoardofDirectors | Ms.ShouChunyan,Mr.LiXiaohua,Mr.PanSiming | 5 | October28,2023 | ThemeetingconsideredtheResolutionontheTerminationofthePurchaseoftheMinorityShareholders'EquityInterestsinaControllingSubsidiaryandConnectedTransaction | Unanimouslyadopted | Nil | Nil |
| AuditCommitteeofthe5thBoardofDirectors | Ms.ShouChunyan,Mr.LiXiaohua,Mr.PanSiming | 5 | October29,2023 | ThemeetingconsideredtheResolutionontheCompany'sThirdQuarterlyReportin2023 | Unanimouslyadopted | Nil | Nil |
| RemunerationandAppraisalCommitteeofthe4thBoardofDirectors | Mr.PAULXIAOMINGLEE,Ms.ZhengHaiying,Mr.TangChangjiang | 1 | March21,2023 | ThemeetingconsideredtheResolutiononDirectors'Remunerationfor2022andtheResolutionontheRemunerationoftheSeniorManagementtheCompanyfor2022 | Unanimouslyadopted | Nil | Nil |
| RemunerationandAppraisalCommitteeofthe5thBoardofDirectors | Mr.PAULXIAOMINGLEE,Ms.ShouChunyan,Ms.ZhangJing | 1 | June24,2023 | ThemeetingconsideredtheResolutiononCompliancewiththeExerciseConditionsduringtheFirstExercisePeriodoftheCompany's2022StockOptionsandRestrictedStockIncentivePlanandtheResolutiononCompliancewiththeConditionsforReleaseofRestrictedSharesduringtheFirstReleasePeriodofRestrictedSharesundertheCompany's2022StockOptionandRestrictedShareIncentivePlan | Unanimouslyadopted | Nil | Nil |
| NominationCommitteeofthe4thBoardofDirectors | Mr.TangChangjiang,Mr.LuJiankai,Mr.FengJie | 1 | March1,2023 | ThemeetingconsideredtheResolutionontheElectionoftheCompany'sBoardofDirectorsandtheCandidatesfortheNon-IndependentDirectorsofthe5thBoardofDirectors,theResolutionontheElectionoftheCompany'sBoardofDirectorsandtheCandidatesfortheIndependentDirectorsofthe5thBoardofDirectors,andtheResolutionontheEstablishmentofSpecializedCommitteesoftheCompany's5thBoardofDirectors | Unanimouslyadopted | Nil | Nil |
| NominationCommitteeofthe5thBoardofDirectors | Mr.PanSiming,Ms.ZhangJing,Mr.FengJie | 3 | April5,2023 | ThemeetingconsideredtheResolutionontheElectionoftheCompany'sChairmanandViceChairmanandtheResolutionontheRe-appointmentoftheCompany'sGeneralManager,DeputyGeneralManagerandBoardSecretary | Unanimouslyadopted | Nil | Nil |
| NominationCommitteeofthe5thBoardofDirectors | Mr.PanSiming,Ms.ZhangJing,Mr.FengJie | 3 | July20,2023 | ThemeetingconsideredtheResolutionontheAdditionofCandidatesfortheBoardofDirectors | Unanimouslyadopted | Nil | Nil |
| Nomination | Mr.PanSiming,Ms. | 3 | December11, | ThemeetingconsideredtheResolutionontheBy- | Unanimouslyadopted | Nil | Nil |
| Committeeofthe5thBoardofDirectors | ZhangJing,Mr.FengJie | 2023 | electionofIndependentDirectors |
VIII.DetailsontheWorkoftheSupervisoryCommittee
WhetherthereanyrisksintheCompanyaccordingtothesupervisionoftheSupervisoryCommitteeduringtheReportingPeriod
□Yes?NoTheSupervisoryCommitteeraisednoobjectiontomattersundersupervisionduringtheReportingPeriod.
IX.EmployeesoftheCompany
1.Numberofemployees,compositionbyprofession,andeducationallevel
| IncumbentstaffofparentcompanyattheendoftheReportingPeriod(person) | 12 |
| IncumbentstaffofmajorsubsidiaryattheendoftheReportingPeriod(person) | 7,820 |
| TotalincumbentstaffattheendoftheReportingPeriod(person) | 9,333 |
| Totalstaffreceivingremunerationsincurrentperiod(person) | 13,101 |
| Numberofretireeswhoseexpensesshallbebornebytheparentcompanyandmajorsubsidiaries(person) | 0 |
| Compositionbyprofession | |
| Categoryofprofession | Numberofprofession(person) |
| Productionstaff | 7,745 |
| Salespeople | 103 |
| Technician | 507 |
| Financialstaff | 75 |
| Administrativestaff | 903 |
| Total | 9,333 |
| Educationallevel | |
| Categoryofeducationallevel | Number(person) |
| Doctor’sdegreeandabove | 23 |
| Master’sdegree | 162 |
| Bachelor’sdegree | 955 |
| Juniorcollege | 2,035 |
| Technicalsecondaryschoolandbelow | 6,158 |
| Total | 9,333 |
2.Remunerationpolicy
DuringtheReportingPeriod,theCompanyobservedtheprinciplesofdistributionbasedonlabor,efficiencyprioritycombiningfairnessandsustainabledevelopment,andonthisbasis,theCompanymadedetailedpoliciesinrespectofstaff’sremuneration,fringebenefit,performanceevaluationandotheraspects.TheCompanybuiltanewsalaryarchitecturefeaturingawiderangeand“hierarchicalladder”,andimplementedthetwo-levelsalarydistributionmechanism.Atthesametime,theCompanyhaslinkedthesalaryandbonustotheworkingtimeattheCompany,output,cost,fixedstaffofeveryposition,equipmentmaintenanceandotherfactors,andestablishedareasonableevaluationmechanism.TheCompanyhastakenmultifacetedmeasures,includingdiversificationofinternalremunerationstructure,tomotivateemployeesandattracthigh-qualityhumanresources.ThesemeasureshavehelpedtheCompanyimprovetheoverallperformance,realizedasustainabledevelopmentoftheCompanyandmadetheCompanymorecompetitiveinthemarket.TheCompanyhasactivelyexploredandcontinuouslydeepenedtheincomedistributionsystem.Infuture,theCompanywillmakeamoderateadjustmenttotheremunerationsystembasedonitsperformance,marketsituationandindustrytrend.
3.Trainingplan
DuringtheReportingPeriod,theCompanykepttakinginexcellenttalents,activelystrengthenedinternalpersonneltraining,establishedasoundtrainingsystemandenhancedtheprofessionaldevelopmentabilityofemployees.TheCompanyhasrecordedatotalof7,295trainingevents,including7,171internaltrainingsessionand124externaltrainingsessions,andrecordedatotalof129,800classhours.Thesetrainingshavebenefitedatotalof165,600people.Thesetrainingscovernewemployeetraining,jobskilltraining,riskmanagementtraining,qualityandsafetymanagementtraining,foodsafetytraining,productknowledgetraining,anti-fraudtraining,generalmanagementtraining,certificationtraining,safetytrainingandreservetalenttraining.
4.Laboroutsourcing
□Applicable?Notapplicable
X.ProfitDistributionandConversionofCapitalReserveintoShareCapital
Formulation,executionoradjustmentsofprofitdistributionpolicy,especiallycashdividendpolicy,duringtheReportingPeriod?Applicable□Notapplicable(I)AccordingtotheArticlesofAssociation,theCompany’sprofitdistributionpolicyisasfollows:
1.TheCompany’sprofitdistributionpolicyshallfocusonthereasonableinvestmentreturntoinvestors,takeintoaccountthesustainable
developmentoftheCompany,reflectthestrongawarenessofrewardingshareholders,andmaintaincontinuityandstability.
2.Formofprofitdistribution,proportionofcashdividends:TheCompanypaysdividendsincashorbysharesinapositivemanner.WheretheCompany’sauditednetprofitispositivewithnosignificantinvestmentplanorsignificantcashexpenditureinayear,theCompanyshallincludethecashdistributioninitsprofitdistributionschemeforthatyear.TheannualcashdividendoftheCompanyshallnotbelessthan20%ofthedistributableprofitrealizedinthecurrentyear(excludingtheundistributedprofitatthebeginningoftheyear).Whereavailable,theCompanymaydistributeinterimcashdividends.IftheCompany’srevenuegrowsrapidlyandtheBoardofDirectorsconsidersthatthestockpriceoftheCompanydoesnotmatchthesizeoftheCompany’ssharecapital,itmaymakeaPlanfordividenddistributionbystockwhilesatisfyingtheaboverequirementforcashdividenddistribution.
3.Intervalforprofitdistribution:subjecttothesatisfactionofthecashdividendconditionsstipulatedinparagraph4below,theCompanyshall,inprinciple,paycashdividendsonceayear,andtheBoardofDirectorsoftheCompanymayproposeinterimcashdividendsbasedontheprofitstatusandcapitaldemandsoftheCompany.TheBoardofDirectorsoftheCompanyshall,takingintoaccountthecharacteristicsoftheindustryinwhichitoperates,itsdevelopmentstage,itsownbusinessmodel,itsprofitabilitylevel,andanyplanofitssignificantcapitalexpenditure,distinguishthefollowingcircumstancesandproposeadifferentiatedcashdividendpolicyinaccordancewiththeproceduressetforthintheArticlesofAssociationoftheCompany:
(1)IftheCompanyisinamaturitystageandhasnoplanofsignificantexpenditure,theproportionofcashdividendsintheoverallprofitdistributionshallaccountforatleast80%;
(2)IftheCompanyisinamaturitystageandhasanyplanofsignificantexpenditure,theproportionofcashdividendsintheoverallprofitdistributionshallaccountforatleast40%;
(3)IftheCompanyisinagrowthstageandhasanyplanofsignificantexpenditure,theproportionofcashdividendsintheoverallprofitdistributionshallaccountforatleast20%;
4.Conditionsfordistributingcashdividends
(1)TheremainingdistributableprofitoftheCompanyispositiveaftertheprofitachievedinthecurrentyearisusedformakingupforthelossesofpreviousyearsandmakingprovisionforsurplusreserves.
(2)TheauditoroftheCompanyissuesastandardunqualifiedauditreportonthefinancialstatementsoftheCompanyinthecurrentyear.
(3)TheCompanyhasnosignificantinvestmentplansorsignificantcashexpenditure.SignificantinvestmentplanorsignificantcashexpendituremeansthattheaccumulativeexpenditureoftheCompanyfortheproposedexternalinvestment,assetsacquisitionorequipmentpurchasewithinthenexttwelvemonthsreachesorexceeds30%oftheCompany’slatestauditednetassetsandexceedsRMB300million.
5.Conditionsfordistributingstockdividends:wheretheCompanyiswell-run,withrapidgrowthofoperatingrevenueandnetprofit,andtheBoardofDirectorsbelievesthattheCompanyisinthegrowthstage,theleveloftheCompany’snetassetsishighandthestockpricedoesnotmatchthesizeofthesharecapital,itmayproposeaPlanforstockdividenddistribution,subjecttotheconsiderationandapprovalatthegeneralmeetingofshareholdersoftheCompany.Stockdividendmaybedistributedseparatelyorinconjunctionwithcashdividend.(II)DuringtheReportingPeriod,theimplementationoftheequitydistributionin2022andthe2023semi-annualequitydistributionbytheCompanywasincompliancewiththerelevantprovisionsoftheArticlesofAssociationoftheCompany,withdueconsiderationgiventothereasonabledemandsfrominvestorsatlarge,whileprotectingthelawfulrightsandinterestsofsmallandmedium-sizedinvestors.OnJuly21,2023,theCompanyconvenedthe8thMeetingofthe5thBoardofDirectorstoconsiderandapprovetheResolutionontheProposedDistributionofProfitin2022,theIndependentDirectorsexpressedtheirconcurringindependentopinionsonsuchresolution,whichwasimplementedafterbeingconsideredandapprovedatthe3rdExtraordinaryGeneralMeetingofShareholdersin2023convenedbytheCompanyonAugust7,2023.Fordetails,pleaserefertotheAnnouncementontheResolutionontheProposedDistributionofProfitin2022(AnnouncementNo.2023-130)andtheAnnouncementontheImplementationofEquityDistributionfor2022(AnnouncementNo.2023-141)publishedbytheCompanyonwww.cninfo.com.cn.OnAugust23,2023,theCompanyconvenedthe10thMeetingofthe5thBoardofDirectorstoconsiderandapprovetheResolutionontheProposedDistributionofInterimProfitin2023,theIndependentDirectorsexpressedtheirconcurringindependentopinionsonsuchresolution,whichwasimplementedafterbeingconsideredandapprovedatthe4thExtraordinaryGeneralMeetingofShareholdersin2023convenedbytheCompanyonSeptember11,2023.Fordetails,pleaserefertotheAnnouncementontheResolutionontheProposedDistributionofInterimProfitin2023(AnnouncementNo.2023-150)andtheAnnouncementontheImplementationofSemi-annualEquityDistributionfor2023(AnnouncementNo.2023-166)publishedbytheCompanyonwww.cninfo.com.cn.
| Specialexplanationoncashdividenddistributionpolicy | |
| WhetherornotthepolicyisincompliancewiththeprovisionsoftheArticlesofAssociationorrequirementsoftheresolutionsofthegeneralmeetingofshareholdersoftheCompany: | Yes |
| Whetherornotthestandardandproportionofdividendsareclearanddefined: | Yes |
| Whetherornottherelevantdecision-makingprocessandmechanismarecomplete: | Yes |
| WhetherornottheIndependentDirectorsfullyperformtheirdutiesandplaytheirroles: | Yes |
Incaseofnotconductingcashdividenddistribution,theCompanyshalldisclosethespecificreasonsandthenextstepstobeadoptedtoenhanceinvestorreturnlevel:
| Notapplicable | |
| Whetherornotminorityshareholdershavetheopportunitytovoicetheiropinionsanddemands,andwhetherornottheirlegitimaterightsandinterestsarefullyprotected: | Yes |
| Ifthecashdividendpolicyisadjustedoramended,whetherornottheconditionsandproceduresarecompliantandtransparent: | Yes |
TheCompanymadeaprofitduringtheReportingPeriodandtheprofitdistributabletotheshareholdersoftheparentCompanywaspositive,butitdidnotputforwardaplanforcashdividenddistributiontoshareholders
□Applicable?NotapplicableProfitdistributionandconversionofcapitalreservetosharecapitalduringtheReportingPeriod?Applicable□Notapplicable
| Numberofbonussharesper10shares(shares) | 0 |
| Dividendper10shares(RMB)(includingtax) | 15.51 |
| Equitybasefordistributionproposal(shares) | 967,343,387 |
| Cashdividendamount(RMB)(includingtax) | 1,500,000,000.00 |
| Amountofcashdividendsinothermeans(e.g.,sharerepurchase)(RMB) | 549,976,686.75 |
| Totalcashdividends(includingothermeans)(RMB) | 2,049,976,686.75 |
| Distributableprofit(RMB) | 1,667,202,765.19 |
| Totalcashdividends(includingothermeans)asapercentageoftotalprofitdistribution | 73.17% |
| Cashdividendfortheperiod | |
| IncaseoftheCompanyenteringintodevelopmentstagewitharrangementofsignificantcapitalexpenditure,theminimumpercentageofcashdividendintheprofitdistributionfortheperiodshallreach20% | |
| ThebreakdownoftheproposedProfitDistributionorConversionofCapitalReservetoShareCapital | |
| Basedonthe967,342,327sharescalculatedbythetotalsharecapitalasofApril11,2024deducting10,412,256sharesinthedesignatedsecuritiesaccountforrepurchase,cashdividendofRMB15.51(inclusiveoftax)per10shares,withatotalcashdividendofRMB1,500,000,000.00,willbepaidtoallshareholderswithoutbonusshares.Nocapitalreservewillbeconvertedtosharecapital.InaccordancewiththerelevantprovisionsoftheGuidelinesontheSelf-RegulationofListedCompaniesofShenzhenStockExchangeNo.1--ShareRepurchase,theamountofsharerepurchasesimplementedbytheCompanyin2023amountingtoRMB549,976,686.75(excludingcommissions,transferfeesandothertransactioncosts)wasdeemedtobetheamountofcashdividends.IfthetotalamountoftheCompany'ssharecapitalentitledtoprofitdistributionchangesduringtheperiodfromApril11,2024totheimplementationofthedistributionplanasaresultofthelistingofnewshares,exerciseofoptionsundertheshareincentive,conversionofconvertiblebonds,sharerepurchase,etc.,thedistributionratiowillbeadjustedaccordinglyonthebasisofnochangeinthetotaldistribution. | |
XI.ImplementationofanyEquityIncentivePlan,EmployeeStockOwnershipSchemeorOtherIncentiveMeasuresforEmployees?Applicable□Notapplicable
1.EquityIncentive
TheCompanyheldthe41stmeetingofthe4thBoardofDirectorsandthe2ndExtraordinaryGeneralMeetingofShareholdersof2022onJanuary24,2022andFebruary14,2022,respectively,toapprovetheimplementationofthe2022StockOptionandRestrictedStockIncentivePlanoftheCompany.OnMarch14,2022,theCompanycompletedtheregistrationofgrantingof1,585,437optionsto877incentiveobjects.OnMay23,2022,theCompanycompletedtheregistrationofgrantingof1,585,437restrictedsharesto826incentiveobjects.Theimplementationofthe2022StockOptionandRestrictedShareIncentivePlanduringtheReportingPeriodwasasfollows:
OnJune25,2023,the7thmeetingofthe5thBoardofDirectorsand7thmeetingofthe5thBoardofSupervisorsconsideredandadoptedtheResolutiononAdjustmentoftheExercisePriceofStockOptionsunderthe2022StockOptionandRestrictedStockIncentivePlanandCancellationofPartialStockOptions,theResolutiononCompliancewiththeExerciseConditionsduringtheFirstExercisePeriodofStockOptionsunderthe2022StockOptionsandRestrictedStockIncentivePlanoftheCompany,theResolutionontheRepurchaseandCancellationofPartialRestrictedStocksunderthe2022StockOptionandRestrictedStockIncentivePlan,theResolutionontheCompliancewiththeConditionsforReleaseofRestrictedSharesduringtheFirstReleasePeriodofRestrictedSharesunderthe2022StockOptionandRestrictedShareIncentivePlanoftheCompany;atwhichitagreedthattheCompanywouldreleasethe1,496,807restrictedsharesheldby765incentiveobjects;andagreedthatthe1,461,960stockoptionsheldby794incentiveobjectsoftheCompanytoenterintothefirstexerciseperiod;agreedthattheCompanyshouldrepurchaseandcancel88,630restrictedsharesgrantedto68incentiveobjectswhohadnotmettheconditionsforthereleaseofrestrictedshares;andagreedthattheCompanyshouldcancel123,477stockoptionsheldby90incentiveobjectswhohadnotmettheconditionsfortheexerciseofstockoptions,whichhadbeengrantedbutnotyetapprovedfortheexerciseofstockoptions.TheindependentdirectorsoftheCompanyexpressedconcurringindependentopinionsontherelevantmatters.Fordetails,pleaserefertotheAnnouncementonAdjustmentoftheExercisePriceofStockOptionsunderthe2022StockOptionandRestrictedStockIncentivePlanandCancellationofPartialStockOptions(AnnouncementNo.2023-102),theAnnouncementontheCompliancewiththeExerciseConditionsduringtheFirstExercisePeriodofStockOptionsunderthe2022StockOptionsandRestrictedStockIncentivePlanoftheCompany(AnnouncementNo.:2023-103),andtheAnnouncementontheRepurchaseandCancellationofPartialRestrictedStocksunderthe2022StockOptionandRestrictedStockIncentivePlan(AnnouncementNo.:No.2023-104)andtheAnnouncementonCompliancewiththeConditionsforReleaseofRestrictedSharesduringtheFirstReleasePeriodofRestrictedSharesunderthe2022StockOptionandRestrictedShareIncentivePlanoftheCompany(AnnouncementNo.:No.2023-105)disclosedbytheCompanyinthedesignatedinformationdisclosuremediaonJune26,2023.
(2)OnJuly3,2023,theCompanycompletedtheproceduresforthecancellationof123,477stockoptionsheldbytheaforesaid90incentiveobjectswhohadnotmettheconditionsfortheexerciseofstockoptions.Fordetails,pleaserefertotheCompany'sAnnouncementontheCompletionoftheCancellationofPartialStockOptionsunderthe2022StockOptionandRestrictedStockIncentivePlanoftheCompany''(AnnouncementNo.2023-116)disclosedbytheCompanyinthedesignatedinformationdisclosuremediaonJuly4,2022.
(3)OnJuly11,2023,theaforesaidmattersrelatingtotherepurchaseandcancellationof88,630restrictedsharesgrantedto68incentiveobjectswereconsideredandapprovedbytheSecondExtraordinaryGeneralMeetingofShareholdersof2023oftheCompany,andtherelevantproceduresfortherepurchaseandcancellationofrestrictedshareswerecompletedonJuly19,2023.Fordetails,pleaserefertotheCompany’sAnnouncementontheCompletionofRepurchaseandCancellationofPartialRestrictedSharesunderthe2022ShareOptionandRestrictedShareIncentivePlan(AnnouncementNo.2023-123)disclosedbytheCompanyinthedesignatedinformationdisclosuremediaonJuly20,2022.TheCompanydidnotimplementanynewshareincentiveplanduringtheReportingPeriod.
EquityincentivesgrantedtotheCompany'sDirectorsandseniormanagement?Applicable□Notapplicable
Unit:share
| Name | Post | Thenumberofstockoptionsheldatthebeginningoftheyear | ThenumberofnewlygrantedstockoptionsduringtheReportingPeriod | ThenumberofexercisableoptionsduringtheReportingPeriod | ThenumberofexercisedoptionsduringtheReportingPeriod | TheexercisepriceofthenumberofoptionsexercisedduringtheReportingPeriod(RMBpershare) | Thenumberofstockoptionsheldattheendoftheperiod | ThemarketpriceattheendoftheReportingPeriod(RMBpershare) | Thenumberofrestrictedsharesheldatthebeginningoftheperiod | Thenumberofunlockedsharesduringthecurrentperiod | ThenumberofnewlygrantedrestrictedsharesduringtheReportingPeriod | Thegrantpriceofrestrictedshares(RMBpershare) | Thenumberofrestrictedsharesheldattheendoftheperiod |
| YuXue | BoardSecretary | 40,000 | 0 | 16,000 | 0 | 40,000 | 70,825 | 10,000 | 0 | 0 | 60,825 | ||
| Total | -- | 40,000 | 0 | 16,000 | 0 | -- | 40,000 | -- | 70,825 | 10,000 | 0 | -- | 60,825 |
| Remarks(ifany) | The30,825restrictedsharesheldbyYuXueasatthebeginningoftheperiodareexecutivelocked-upshares,andthe36,825executivelocked-upsharesareincludedintherestrictedsharesheldbyYuXueattheendoftheperiod. | ||||||||||||
Evaluationmechanismandincentiveofseniormanagement
TheCompanyhasestablishedacompleteperformanceevaluationsystem,andtheincomeofseniormanagementislinkedtotheoveralloperatingperformance.DuringtheReportingPeriod,theBoardofDirectorsoftheCompanyevaluatedtheworkperformanceofseniormanagementaccordingtotheannualoperatingperformanceoftheCompany,thejobresponsibilitiesofseniormanagementandthecompletionofannualworkobjectives,andpreparedincentivecompensationplansforseniormanagementaccordingtotheevaluationresults.Suchplansweresubmittedforreviewinaccordancewithregulations.TheCompanyencouragedseniormanagementwiththeequityincentiveplan.TheCompanyformulatedimplementationcheck-upmanagementmeasuresforalloftheCompany’sequityincentiveplans.TheCompany'scheck-upindicatorsarerelatedtotheCompany'smediumandlong-termdevelopmentstrategiesandannualbusinessobjectives.Accordingtotherelevantcheck-upmethods,theCompanyconductedindividuallevelperformanceassessmentontheincentiveobjectsaccordingtothekeyworkperformance,workability,workattitudeandotherindicators,andfinallydeterminedthenumberofrestrictedsharesoroptionsthatshouldbeunlockedbytheincentiveobjectsbasedontheCompanylevelandindividuallevelassessmentresults.
2.ImplementationofEmployeeStockOwnershipPlan
□Applicable?Notapplicable
3.OtherEmployeeIncentives
□Applicable?Notapplicable
XII.InternalControlSystemConstructionandImplementationduringtheReportingPeriod
1.InternalcontrolconstructionandimplementationDuringtheReportingPeriod,theCompany,inaccordancewiththeBasicNormsforEnterprises’InternalControlandrelatedguidelines,updatedandperfecteditsinternalcontrolsysteminduetime,andestablishedaninternalcontrolsystemfeaturingscientificdesign,simplicity,applicability,andeffectiverunning.TheAuditCommitteeoftheBoardofDirectorsandinternalauditdepartmentjointlyformedtheCompany’sriskmanagementandinternalcontrolorganizationsystemtosuperviseandevaluatetheinternalcontrolmanagementoftheCompany.Throughtheoperation,analysisandevaluationoftheinternalcontrolsystem,theCompanyeffectivelypreventedrisksinoperationalmanagementandpromotedtherealizationofinternalcontrolobjectives.
2.DetailsonmaterialweaknessintheCompany’sinternalcontrolduringtheReportingPeriod
□Yes?No
XIII.Company’sManagementandControlofSubsidiariesduringtheReportingPeriod
AccordingtotheCompanyLaw,ArticlesofAssociationandotherrelevantlaws,regulationsandrules,theCompanywillcontinuetomanageandsupervisethestandardizedoperation,informationdisclosure,financialcapital,operationandothermattersofitssubsidiaries,andtimelytrackthefinancialstatusofitssubsidiariesandotherimportantmatters,inordertoensurethelegalcomplianceofoperationandmanagement,assetsafety,andtheaccuracyandcompletenessofthefinancialreportsandrelatedinformation,andfurtherimprovetheoperationandmanagementandriskmanagementcapabilitiesofsubsidiaries.XIV.InternalControlAssessmentReportorInternalControlAuditReport
1.Assessmentreportoninternalcontrol
| Disclosuredateoftheassessmentreportoninternalcontrol | April25,2024 | |
| Disclosureindexoftheassessmentreportoninternalcontrol | 2023AssessmentReportonInternalControldisclosedonhttp://www.cninfo.com.cn/onApril25,2024 | |
| RatiooftotalassetsoftheunitincludedintheassessmentscopetothetotalassetsontheCompany’sconsolidatedfinancialstatements | 100.00% | |
| RatioofoperatingrevenueoftheunitincludedintheassessmentscopetotheoperatingrevenueontheCompany’sconsolidatedfinancialstatements | 100.00% | |
| Defectidentificationcriteria | ||
| Type | Financialreport | Non-financialreport |
| Qualitativecriteria | Generaldefects:Thereislittlepossibilitythatafailuretotakeanyactionwillresultinpotentialmisstatement,economiclossorunachievedbusinessobjectives.Materialdefects:Thereissomepossibilitythatafailuretotakeanyactionwillresultinpotentialmisstatement,economiclossorunachievedbusinessobjectives.Majordefects:Thereisthepossibilitythatafailuretotakeanyactionwillresultinpotentialmisstatement,economiclossorunachievedbusinessobjectives. | Generaldefects:Thereislittlepossibilitythatafailuretotakeanyactionwillresultinpotentialmisstatement,economiclossorunachievedbusinessobjectives.Materialdefects:Thereissomepossibilitythatafailuretotakeanyactionwillresultinpotentialmisstatement,economiclossorunachievedbusinessobjectives.Majordefects:Thereisthepossibilitythatafailuretotakeanyactionwillresultinpotentialmisstatement,economiclossorunachievedbusinessobjectives. |
| Quantitativecriteria | Generaldefects:<0.25%ofTotalAssets,<0.5%ofOperatingrevenue;materialdefects:≥0.25%ofTotalAssetsand<1%ofTotalAssets,≥0.5%ofOperatingrevenueand<1.5%ofOperatingrevenue;majordefects:≥1%ofTotalAssets,≥1.5%ofOperatingrevenue. | Generaldefects:<0.25%ofTotalAssets,<0.5%ofOperatingrevenue;materialdefects:≥0.25%ofTotalAssetsand<1%ofTotalAssets,≥0.5%ofOperatingrevenueand<1.5%ofOperatingrevenue;majordefects:≥1%ofTotalAssets,≥1.5%ofOperatingrevenue. |
| Numberofmajordefectsinthefinancialreport | 0 | |
| Numberofmajordefectsinthenon-financialreport | 0 | |
| Numberofmaterialdefectsinthefinancialreport | 0 | |
| Numberofmaterialdefectsinthenon-financialreport | 0 | |
2.Auditreportoninternalcontrol
?Applicable□Notapplicable
| Auditopinionintheauditreportoninternalcontrol | |
| AccordingtotheidentificationofmajordefectsintheinternalcontroloftheCompany’sfinancialreport,therewerenomajordefectsintheinternalcontrolofthefinancialreportasofthebasedateoftheinternalcontrolassessmentreport.TheBoardofDirectorsbelievedthattheCompanymaintainedeffectiveinternalcontroloverfinancialreportinginallmajoraspectsinaccordancewiththerequirementsoftheenterpriseinternalcontrolstandardsystemandrelatedregulations.AccordingtotheidentificationofmajordefectsintheinternalcontroloftheCompany’snon-financialreport,therewerenomajordefectsintheinternalcontrolofthenon-financialreportasofthebasedateoftheinternalcontrolassessmentreport.Fromthebasedateoftheinternalcontrolassessmentreporttotheissuedateoftheinternalcontrolassessmentreport,nofactorsaffectingtheassessmentconclusionoftheeffectivenessofinternalcontroloccurred. | |
| Disclosureoftheauditreportoninternalcontrol | Disclosed |
| Disclosuredateofthefullauditreportoninternalcontrol | April25,2024 |
| Disclosureindexoftheauditreportoninternalcontrol | TheAuthenticationReportonInternalControlofYunnanEnergyNewMaterialCo.,Ltd.(DaHuaNeiZiNo.[2024]0011000067)disclosed |
| bytheCompanyonhttp://www.cninfo.com.cnonApril25,2024 | |
| Typeofopinionintheauditreportoninternalcontrol | Standardunqualifiedopinion |
| Whethertherewasanymajordefectinthenon-financialreport | No |
Whethertheaccountingfirmissueaqualifiedauditreportoninternalcontrolornot
□Yes?NoWhethertheauditreportoninternalcontrolissuedbytheaccountingfirmconsistentwiththeself-assessmentreportfromtheBoardofDirectorsornot?Yes□NoXV.RectificationofProblemsFoundinSelf-InspectionoftheSpecialOperationonImprovingCorporateGovernanceofListedCompaniesNotapplicable
Section5EnvironmentandSocialResponsibilityI.MajorEnvironmentalProtectionIssues
Whetherthelistedcompanyanditssubsidiariesfellintomajorpollutant-dischargeunitspublishedbytheenvironmentalprotectionauthorities?Yes□NoEnvironmentalprotectionrelatedpoliciesandindustrystandardsTheCompanystrictlyabidesbytheEnvironmentalProtectionLawofthePeople’sRepublicofChina,theEnvironmentalImpactAssessmentLawofthePeople’sRepublicofChina,theWaterLawofthePeople’sRepublicofChina,theEnergyConservationLawofthePeople’sRepublicofChina,theDecisionoftheStateCouncilonStrengtheningEnergyConservation(GuoFa[2006]No.28)andothernationalandlocallawsandregulationsinitsdailyproductionandoperation.TheGroupdischargeswastegas,wastewaterandsolidwasteinaccordancewiththeIntegratedEmissionStandardofAir(DB31/933-2015),theDischargeStandardofPollutantsforSyntheticResinIndustry(GB31572-2015),theDischargeLimitsofWaterPollutants(DB44/26-2001)andtheNationalCatalogofHazardousWastes(2021Edition).EnvironmentalprotectionadministrativepermitsTheCompanyanditssubsidiarieshavecompletedthePollutantDischargePermitandotherrelevantenvironmentalprotectionqualificationproceduresinaccordancewiththerelevantlawsandregulations.
Industryemissionstandardsandspecificconditionsofpollutantemissionsinvolvedinproductionandoperationactivities
| NameofCompanyorSubsidiary | CategoryoftheMajorPollutantsandSpecificPollutants | NameoftheMajorPollutantsandSpecificPollutants | DischargeMethod | NumberofDischargeOutlets | DistributionofDischargeOutlets | Concentration/intensityoftheDischarge | PollutantDischargeStandardsImplemented | TotalDischarge | TotalDischargeApproved | ExcessDischarge |
| WuxiEnergy | Exhaustgas | Carrene | Organizedemission | 12 | Plantarea | 19.7799mg/m? | IntegratedEmissionStandardofAirPollutantsDB31033-2015 | 6.15392 | 49.6345 | Nil |
| Nitrogenoxide | 12 | Plantarea | 18.7869mg/m? | 3.786 | 5.88 | Nil | ||||
| Sulfurdioxide | 12 | Plantarea | 17.2782mg/m? | 2.468 | 3.36 | Nil | ||||
| Particulatematter | 12 | Plantarea | 24.5452mg/m? | 1.879 | 2.65672 | Nil | ||||
| Non-methanetotalhydrocarbon | 12 | Plantarea | Notmonitored | EmissionStandardofPollutantsforSyntheticResinIndustryCB31572-2015 | / | 0.224 | Nil | |||
| SuzhouGreenPower | Exhaustgas | Carrene | Organizedemission | 5 | Plantarea | 5.4mg/m? | IntegratedEmissionStandardofAirPollutantsDB32/4041-2021 | 0.30924 | 15.24208 | Nil |
| Nitrogenoxide | 7 | Plantarea | 27mg/m? | EmissionStandardofAirPollutantsforBoilersDB32/4385-2022 | 2.4408 | 10.2005 | Nil | |||
| Sulfurdioxide | 7 | Plantarea | 3mg/m? | 1.90008 | 4.302 | Nil | ||||
| Particulatematter | 7 | Plantarea | 1mg/m? | 0.5796 | 3.207 | Nil | ||||
| Non-methanetotalhydrocarbon | 12 | Plantarea | 2.14mg/m? | EmissionStandardofPollutantsforSyntheticResinIndustryGB31572-2015 | 0.1494472 | 8.861888 | Nil | |||
| Solidwaste | DMACwasteliquid | Handledbyqualifieddisposalunits | / | Temporarystorageofhazardouswaste | / | DirectoryofNationalHazardousWastes(Version2021) | 258.5 | 1000 | Nil | |
| Wastewhiteclay | / | / | 324.36 | 350 | Nil | |||||
| Sludge | / | / | 65.42 | 150 | Nil | |||||
| Wasteslurry | / | / | 40.22 | 100 | Nil | |||||
| Wastemotoroil | / | / | 0 | 0.5 | Nil | |||||
| Laboratorywasteliquid | / | / | 0 | 0.5 | Nil | |||||
| Wasterag | / | / | 0 | 0.3 | Nil | |||||
| Wasteemptydrums | / | / | 0 | 0.5 | Nil | |||||
| Wasteactivatedcarbon | / | / | 0 | 200 | Nil | |||||
| Wasteactivatedcarbonfibers | / | / | 0 | 10 | Nil | |||||
| Wasteparaffinoil | / | / | 0 | 50 | Nil | |||||
| ShanghaiEnergy | Exhaustgas | Nitrogenoxide | Organizedemission | 20 | Plantarea | 40.28mg/m? | EmissionStandardofAirPollutantsforBoilersGB13271-2018 | 3.8662 | 4.9841 | Nil |
| Exhaustgas | Sulfurdioxide | Organizedemission | 20 | Plantarea | 10mg/m? | EmissionStandardofAirPollutantsforBoilersGB13271-2018 | 0.2064 | 0.2065 | Nil | |
| Exhaustgas | Particulatematter | Organized | 20 | Plantarea | 3.33mg/m? | EmissionStandardofAirPollutantsfor | 0.0688 | 0.0765 | Nil |
| NameofCompanyorSubsidiary | CategoryoftheMajorPollutantsandSpecificPollutants | NameoftheMajorPollutantsandSpecificPollutants | DischargeMethod | NumberofDischargeOutlets | DistributionofDischargeOutlets | Concentration/intensityoftheDischarge | PollutantDischargeStandardsImplemented | TotalDischarge | TotalDischargeApproved | ExcessDischarge |
| emission | BoilersGB13271-2018 | |||||||||
| Exhaustgas | Non-methanetotalhydrocarbon | Organizedemission | 20 | Plantarea | 10.67mg/m? | EmissionStandardofPollutantsforSyntheticResinIndustryGB31572-2015 | 3.528 | 4.1343 | Nil | |
| Wastewater | CODcr | Organizedemission | 1 | Plantarea | 60mg/L | EmissionStandardofPollutantsforSyntheticResinIndustryGB31572-2015 | 0.484 | 0.526 | Nil | |
| Wastewater | Ammonianitrogen(NH3-N) | Organizedemission | 1 | Plantarea | 8.0mg/L | EmissionStandardofPollutantsforSyntheticResinIndustryGB31572-2015 | 0.0401 | 0.0416 | Nil | |
| Wastewater | Totalnitrogen | Organizedemission | 1 | Plantarea | 40mg/L | EmissionStandardofPollutantsforSyntheticResinIndustryGB31572-2015 | 0.0635 | 0.07001 | Nil | |
| ZhuhaiEnergy, | Wastewater | CODcr | Organizedemission | 1 | Sewagestation | 74mg/l | DischargeLimitsofWaterPollutantsDB44/26-2001 | 0.13482 | 0.2552 | Nil |
| BOD | 1 | Sewagestation | 23.2mg/l | 0.04128 | / | Nil | ||||
| Petroleum | 1 | Sewagestation | 0.59mg/l | 0.000762 | / | Nil | ||||
| Exhaustgas | Nitrogenoxide | Organizedemission | 5 | Plantarea | 20.01mg/m? | EmissionStandardofAirPollutantsforBoilers（DB44/765-2019） | 4.825 | 35.998 | Nil | |
| Sulfurdioxide | 5 | Plantarea | 0.4mg/m? | 0.264 | 1.96 | Nil | ||||
| Non-methanetotalhydrocarbon | 14 | Plantarea | 4.5mg/m? | EmissionStandardofPollutantsforSyntheticResinIndustry(GB31572-2015) | 12.493 | 8.79 | Nil | |||
| Solidwaste | Solidwaste | Transferredbyqualifieddisposalunits | / | Temporarystorageofhazardouswaste | 595.632t/a | DirectoryofNationalHazardousWastes(Version2021) | 595.632 | / | Nil | |
| ChongqingEnergy | Solidwaste | Wastefilter | Transferredbyqualifieddisposalunits | / | Temporarystorageofhazardouswaste | / | DirectoryofNationalHazardousWastes(Version2021) | / | 3 | Nil |
| Wastewhiteoil | / | / | / | 5162.1 | Nil | |||||
| Wasteactivatedcarbon | / | / | / | 80.34 | Nil | |||||
| Wasteoilslick | / | / | / | 0.3 | Nil | |||||
| Sludge | / | / | / | 21 | Nil | |||||
| Wastemotoroil | / | / | / | 4.5 | Nil | |||||
| Wastewhiteclay | / | / | / | 1142.36 | Nil |
DisposalofPollutantsTheCompanystrictlycomplieswiththeLawofthePeople’sRepublicofChinaonthePreventionandControlofAtmosphericPollution,theLawofthePeople’sRepublicofChinaonthePreventionandControlofWaterPollution,theLawofthePeople’sRepublicofChinaonthePreventionandControlofEnvironmentalPollutionbySolidWaste,andotherlawsandregulationsonthepreventionandcontrolofenvironmentalpollution.WehaveformulatedtheCompilationofEnvironmentalandHazardousWasteManagementPolicies,theManagementRegulationsofSolidWaste,WasteGas,WasteWaterandNoiseandotherrelevantpolicies.TheSafetyandEnvironmentalProtectionDepartmentofeachcompanyconductsinternalsupervision,managementandfeedbackonthedischargeofexhaustgas,wastewaterandwastebasedonthestandardssetbylocalenvironmentalprotectionauthorities.Meanwhile,weregularlyappointexternalinspectionunitsandacceptexternalinspectionsfromtimetotimetoensurethatouremissionsmeettherelevantstandards.
1.ExhaustGasEmissionManagementTheGroupstrictlyabidesbytheLawofthePeople'sRepublicofChinaonthePreventionandControlofAtmosphericPollution,theActionPlanofYunnanProvinceonthePreventionandControlofAtmosphericPollutionandothernationalandlocallawsandregulationsonexhaustgasemissionmanagement,andadherestostandardsonemissions.TheexhaustgasgeneratedbytheGroupmainlycomesfromworkshopexhaustgasandboilerexhaustgas,includingVOCs(volatileorganiccompounds)emissionsandnitrogenoxideemissions,amongwhichVOCsmainlycomefromworkshopexhaustgas.TheGrouphasformulatedrelevantexhaustgasmanagementpolicies,includingtheExhaustGasEmissionManagementPolicy,theExhaustGasAbsorptionSystemOperatingProcedures,etc.,andstrictlyimplementsthem.TheGroupcontinuestoinvestinwastegasrecoveryandtreatmentdevicestoreduceemissions.Ithassetuptreatmentfacilitiessuchasplasmapurifiers,oilsmokepurificationdevicesandtwo-stageactivatedcarbonadsorptiondevicesintheworkshops.JiangxiRuijieadoptsregenerativethermaloxidizers(“RTO”)torecoverwasteheatwhiletreatingwastegas.Werequirethattheexhaustgasabsorptionfacilitiesandexhaustgastreatmentsystemsofeachworkshopmustoperatenormally,andwecarryoutregularrepairandmaintenanceofrelatedequipment.Wehavesetupmonitoringinstrumentsintheworkshops,whichwillalertemployeestoevacuateoncethepresetconcentrationisexceeded.TheVOCsexhaustgasonlinemonitoringsystemhasalsobeenputintooperationincertainplants,andwillbecomeavailableinadditionalareasinthefuture,sothatwewillgraduallyachievereal-timemonitoringofemissionconcentration.Inaddition,eachbaseoftheGrouphasdedicatedpersonnelwhoareresponsibleforsafetyandenvironmentalprotectionworkandregularlyconducton-sitesupervisionandinspectiontocheckwhetheremissions,suchasexhaustgasandwastewateremissions,arecompliantwiththerelevantstandardsandregulations.Inaccordancewiththerequirementsofrelevantnationallawsandregulations,wehavealsoengagedqualifiedthirdpartiestoconductregularandongoingmonitoringofvariousindicatorsofexhaustemissions.
2.WastewaterDischargeManagementTheCompanystrictlycomplieswiththeLawofthePeople’sRepublicofChinaonthePreventionandControlofWaterPollution,theWorkPlanofYunnanProvinceonthePreventionandControlofWaterPollutionandothernationalandlocallawsandregulationsonwastewaterdischargemanagement,andadherestostandardsonemissions.TheGrouphasformulatedtheWastewaterDischargeManagementPolicyandstrictlyimplementsthem.WastewaterdischargedbytheGroupincludesproductionwastewateranddomesticwastewater.Productionwastewateristreatedbysewagetreatmentfacilities,suchasMBRseparator,anaerobicpoolandgridsedimentationpool,incompliancewiththerelevantregulationsbasedontheproductionpracticesineachregionwhereweoperate,andthenreusedordischargedintothemunicipalsewagepipenetwork.Fordomesticsewage,theCompany’splantsareallequippedwithfacilitiestotreatandregularlymonitordomesticsewage.TakeShanghaiEnergyinthenewenergysegmentasanexample.ThereisasewagetreatmentstationinShanghaiEnergy,andthewastewaterisdischargedtothemunicipalpipenetworkafterprimaryprecipitation,secondaryprecipitation,andfiltrationtreatment.Weconductstrictandeffectiveinternalmonitoringonthecomplianceofwastewaterdischarge:firstly,therelevantpersonnelmanuallycarryoutinspectionsonadailybasis;secondly,weengageathirdpartytocheckandissuereportsonamonthlybasis;andthirdly,theGroupconductsrandominspectionsonaquarterlybasis.Inthepackagingsegment,ChengduHongtaPlastichasnoproductionwastewater,anditsdomesticwastewaterisdischargedtofourwastewaterpre-treatmenttanks(septictanks)viasewagepipenetworkbeforebeingdischargedtothewastewatertreatmentplantinthelocalparkviathesaidnetwork.HongchuangPackaginghaswastewatertreatmentequipment,anditsdomesticwastewaterisdirectlyusedforwateringgreeneryandplantsinthecompanyafterbeingtreatedandreachingtheprescribedstandard.
3.Wastemanagement
TheCompanystrictlyabidesbytheLawofthePeople'sRepublicofChinaonthePreventionandControlofSolidWastePollution,theImplementationPlanofYunnanProvinceonSolidWastePollutionControlandothernationalandlocallawsandregulationsonwastemanagement,andadherestoemissionanddisposalstandards.WehaveformulatedrelevantmanagementpoliciessuchastheGeneralSolidWasteManagementPolicy,theHazardousWasteManagementPolicy,theHazardousWastePollutionPreventionandControlResponsibilityPolicy,theHazardousWasteTransferPolicy,theHazardousWasteStorageFacilitiesManagementPolicy,andtheSolidWasteManagementRules,amongothers,andstrictlyenforcethem.Duringtheproductionandresearchanddevelopmentprocess,theGroupgeneratescertaintypesandasmallnumberofhazardouswastesandnon-hazardouswastes.Weclassifyandcollectwasteinaccordancewithregulations,storeandclassifywasteinseparateareas.Amongthem,allhazardouswastesarehandledbyqualifiedthirdpartiesaftertheyaretakenawayfromtheplants.Wecarefullyconfirmtheirrelevantqualificationswhensigningcontractswiththird-partyprocessingagenciesandregularlylearnabouttheiractualtreatmentmethodsfortheGroup’swastes.Hazardouswastesincludewasteactivatedcarbon,wasteinksolventsandwasteengineoilaswellasheattransferoil,laboratorywastes,biochemicalpondsludgeandotherwastes.Wasteactivatedcarbon,wasteinksolvents,wasteengineoil,heattransferoilandlaboratorywastesareusuallystoredinseparatehazardouswastewarehousesanddisposedoftwotothreetimesayear.Amongnon-hazardouswastes,paperandplasticbottlesarerecycledthroughtherecyclingbinssetupintheGroup,anddomesticwasteishandledbythesanitationdepartment.TheCompanyactivelycarriesouttechnologyinnovationtoreducetheemissionsofhazardouswastesandotherharmfulwastes.Wehavesubstitutedalcohol-basedinksforgrease-basedinks,andintendtofurtherreplacesuchgrease-basedinkswithwater-basedinkswhereverfeasibleintheapplicationscenarios.Eachplantstrictlyfollowstheregulationsongarbagesortinganddisposal,separatesfoodwastegeneratedinthecanteensfromotherwastesanddumpssuchwasteindividually,andexplainsgarbagesortingonthebulletinboardsintheworkplacestohelpemployeeshaveaclearerunderstandingofgarbagesortingmethods.ContingencyplansforenvironmentalemergenciesInordertoeffectivelyrespondtosecurityrisksarisingfromemergencies,eachcompanyhasformulatedcomprehensiveandspecialcontingencyplanssuchastheContingencyPlanforFireAccidents,theContingencyPlanforEnvironmentalEmergencies,theContingencyPlanforProductionSafetyAccidents,theContingencyPlanforCraneAccidentsandInjuries,andtheSpecialContingencyPlanforNaturalGasLeakage,andregularlyorganizesdrillsforitsemployees,soastoensuretheeffectivedeploymentofitscontingencyplans.Environmentalself-monitoringplanTheCompanyanditssubsidiarieshavedevelopedself-monitoringplansinaccordancewiththerequirementsofrelevantlawsandregulations,installedautomatictestingfacilitiesinstrictaccordancewiththeplans,andregularlyconductorentrustqualifiedthirdpartiestoorganizeself-monitoringofpollutantssuchasdischargedexhaustgas,wastewater,andnoise.InvestmentinenvironmentalgovernanceandprotectionandpaymentofenvironmentalprotectiontaxDuringtheReportingPeriod,theCompany’senvironmentalprotectionexpenditureamountedtoRMB51,180,000,includinginvestmentinenvironmentalprotectionequipmentandpollutanttreatmentfacilities;anditpaidRMB865,700inenvironmentalprotectiontax.MeasurestakentoreducecarbonemissionsduringtheReportingPeriodandtheireffects?Applicable?Notapplicable(I)Energyconservationandemissionreduction:
IntegratingrequirementssuchasISO14001intotheCompany’smanagementsystem,wesetupatop-downmanagementandmonitoringsystemforenergyconservationbyformulatingtheMeasuresforEnergyManagementandAdministrative,MeasuresforEnergyConversationandConsumptionReductionforGroupcompanies,sothatenergyconservationimplementationandmanagementiscentralizedintheOperationsandMaintenanceDepartment(OMD).A3-tiersystemcenteredontheOMD,businessunits(workshops)andteams(individual)arethusestablishedtotakelayeredownershipofenergyconservationmanagementandeachpartyisresponsibleforitsrespectiveroleinthenetworkofenergyconservationmanagement.TheOperationandMaintenanceDepartmentisresponsibleforguiding,supervising,inspectingandassessingdepartments’energymanagement;settinggoalsandindicatorsforenergysavingandconsumptionreductionforthecomingyearbasedontheenergyconsumptioninthepreviousyear;establishingenergymanagementtargetsandresponsibilitysystemtoensuretargetachievementandthecomplianceandeffectivenessoftheenergymanagementsystem;aswellaspenalizingandrectifyinginternalbreachoftheenergymanagementsystem.Apartfromsavingenergy,reducingconsumption,maintainingequipmentandreportingexceptions,workshopsandmanufacturingteamsarealsoworkingtogethertoorganizeandconductenergymanagementpromotion,educationandtraining,includingfocusedtrainingandgeneraleducationtargetingenergysavingandconsumptionreductionmanagementandallotheremployeesrespectivelytoenhancethecompany’senergyconsumptionandsavingstandard,andraiseemployees’awarenessofenergysaving,sothattheywillparticipateoutoftheirowninitiative.Intheproductionprocess,theGroupuseselectricenergy,naturalgasandsteamasthemainenergysources,andsetsspecifictargetsforthe
consumptionofenergyeachyear.Sincethefactoryisorder-basedproduction,reducingenergyconsumptionismainlyachievedthroughscientificproductionscheduling,timeoptimization,improvementofequipmentproductionefficiency,andimprovementofyieldrate.Wehaveestablishedenergy-savingconceptssuchas"savingelectricity"and"savinggas"inourdailyoperations.Thepracticessuchasreducingstandbyenergyconsumptionofequipment,notusingillegalelectricalappliances,airconditioningtemperaturesettingregulations,aircircuitpressurechecking,andswitchingofflightswhennotinuseareclarifiedthroughthesystemandreflectedintheslogansoftheoperationsitetoachievefullstaffawarenessandworkimplementation.Case:SuzhouGreenPowercarriedoutenergy-savingtransformationforprocesscoolingwaterbyusingconverterstoreducethepowerconsumedbywaterpumps,andcarriedout2TDheatrecoverytransformationfor7and8linestoreducethepowerconsumedbyheatingovens.Inaddition,SuzhouGreenPowertookmultiplemeasuresfor5and6lines,suchascondensaterecoveryandrecyclingandutilizationofhigh-temperaturesteamcondensatetoboilersbyusingdimethylacetamide(DMAC),toreducetheconsumptionofnaturalgasandtapwater.Italsoreplacedthedamagedinsulationcottonofallsteampipelinesintheplant,toreduceheatlossandsavenaturalgas.Forlines3-8,rectificationfeedsecurityfilterswereinstalledwithrecoverypipelinestoreducethelossofdichloromethanefromreplacementoffilterbags.(II)Carbonreductionmeasures:
TheGroupactivelypracticeseconomyandimplementsgreenoffice,followingtheconceptofgreendevelopmentandtherequirementsofgreenandlowcarbon,andeffectivelyreducesunreasonableconsumptionbehaviors.WehaveformulatedtheMeasuresforUseofAirConditionersinOfficesandothersystems.Weactivelypracticetheconceptofenergysavingandconsumptionreduction,createagreenandenvironmentallyfriendlyofficemodel,andstrivetobealoyalpractitionerinthecreationofa"resource-saving"society.
1.Reduceofficepaperconsumption:TheGroupusesOA,ERPandotherofficesystemstoeffectivelyreducetheuseofpaperandusese-mailinsteadofprintingandphotocopying.Whenusingprintersorphotocopiers,weuserecycledpaperasmuchaspossibleandadoptdouble-sidedprinting;wesetupthreetypesofpaperrecyclingbinstocollectuseddouble-sidedpaperseparately,suchascopypaper,oldenvelopes,letterheads,newspapers,wrappingpaper,packagingboxes;weusenewspapersaspaddinginpackagingboxes;choosefaxmachinesthatcanuseplainpaperinsteadoffaxmachinesthatusethermalfaxpaper;TheAdministrativeDepartmentsetstheprintvolumeonprintersbasedoneachdepartment'sworkrequirements,andworkedwiththeITDepartmenttosetblackandwhiteprintingasdefaultforeachdepartment.
2.Reduceenergyconsumption:TheGroupadvocatescarpoolingtoreducevehiclegasolineconsumption;wesetcomputerstoentersleepmodeifthescreenisnotusedformorethanfiveminutestosaveelectricity;turnoffthelightsinthemeetingroomintime,andusenaturallightingasmuchaspossibleduringtheday;whenpurchasingnewelectricalappliances,whileconsideringthepricefactor,wetrytochooseproductswithhighenergyefficiencyratio;wecontroltheairconditionertemperaturesettingsinsummerandwintertoavoidthetemperaturebeingtoolowortoohigh.
3.Reduceresourceconsumption:EachdepartmentformulatesandsubmitsannualandmonthlyplanstotheAdministrationDepartmentforreview,andplaceprocurementordersasplannedonamonthlybasis.Wereplacedisposablepapercupsorplasticbottleswithpreferredreusablecups;advocatetheuseofpenswithreplaceablecores,tonercartridges,rechargeablebatteries,andotherrecyclableitems;setupasimplerecyclingsystemtorecycleglassbottles,aluminumcans;reducepackagingandfoodwastebyreducingthepurchasepre-packagingproductsandreusingshoppingbags.Meanwhile,wearealsocommittedtocreatinglow-carbonandenvironmental-friendlyproducts,andimplementtheconceptinthedevelopment,designandproductionprocessoftheproduct.Ourdevelopmentstrategyaimstointegrategreendesign,greentechnology&process,greenproduction,greenmanagementandgreensupplychainintothewholelifecycleofproductsthroughtechnologicalinnovationandsystemoptimization,onthebasisofcurrentfunctionandqualityofourproducts,whileminimizingadverseimpactontheenvironmentandmaximizingtheefficiencyofresourceuse,withtheultimategoaltoachievehighereconomic,ecologicalandsocialbenefitsthroughimprovedcoordination.
1.Regardingnewenergyproducts,theInstituteofRecyclingandEnergySavingundertheShanghaiEnergyResearchInstituteismainlyresponsiblefortherecycle,improvementandreuseofwhiteoil,dichloromethane,DMAC[DMAC:dimethylacetamide,isanorganicsolventusedinthecoatingprocess.],acetoneandclayusedinmanufacturingoflithiumbatteryseparators,aswellastheresearchontherecoveryandtreatmentofwastewaterandwastegasbydesigningeffectiveplansandusingadvancedseparationandrecoveryequipmenttoensuretherecoveryrateofwhiteoil,dichloromethane,DMAC,acetoneandwhiteclay.Inaddition,wehavealsoimprovedtherecyclingrateofwastewaterandwastegastosaveenergy,reduceconsumptionandcontributetotheenvironmentalfriendlinessofR&Dandproductdesignactivities.
2.ToimprovetheyieldofBOPPfilmproducts,andreducewastefilm,HongtaPlasticstakesmeasuressuchasincreasingtherewardsforonlinetrimscraprecoveryandfortheteamthatrecoversmosttrimscrapsasanincentivetoencourageemployeestorecovermoretrimscraps.Thefilm-makingworkshopstrictlyfollowstheFilmManufacturingOrderandtherequirementsontheeffectivewidthoftheparentrollinitsmanufacturing;whiletheTechnicalandQualityAssuranceDepartmentstrictlycontrolsthesamplingsizeaccordingtothetestingrequirementswhenselectingparentrollsamples,oversamplingisprohibitedandcuttingwasteisminimizedtoreducewastesinthemanufacturingprocess.
3.Intermsofpackagingproducts,inresponsetotheecologicalcivilizationconstructionstrategyimplementedbythecountryandinlinewiththedevelopmentideologyof“embraceecologicalenvironmentalprotectionthroughenergysavingandcarbonreduction”,wecontinuetoembraceinnovationinpackagingmaterials.Duringthereportingperiod,HongchuangPackagingusedspecialtechnologyandmaterialstoreplacetraditional
oilpackagingwithpaper-plasticpackagingtoreducetheuseofplastic.Inaddition,HongchuangPackagingalsoreformedtheroofpackagingdesigntoreducethesizeoftrashandimproveuser-friendlinesstopromotethegreendevelopmentoftheindustrialchain.Webelievetheindustryisleadingtoagreenerfuture,andlifecycleassessmentassistscompaniestodeterminethestrategiesanddirectionofgreendevelopment.in2023,wecontinuedtoconductproductlifecycleenvironmentalimpactassessments.Forexample,WuxiEnergyperformedlifecycleassessmentsoncertainproductsinaccordancewiththerequirementsofISO14040andISO14044asthebasisfortheresearchonreducingproductcarbonfootprints.AdministrativepenaltiesimposedonenvironmentalissuesduringtheReportingPeriodNoneOtherenvironmentalinformationthatshouldbepubliclydisclosedOtherenvironmentalprotection-relatedinformationTheCompanyshallcomplywiththedisclosurerequirementsforthechemicalindustrysetforthintheSelf-DisciplinaryRegulatoryGuidelinesforCompaniesListedontheShenzhenStockExchangeNo.3–IndustryInformationDisclosureInformationaboutenvironmentalaccidentsoccurringinthelistedcompany
II.SocialResponsibility
Fordetails,pleaserefertotheEnvironmental,SocialandGovernanceReport2023(ESGreport)disclosedbytheCompanyatCninfo.com.cnonApril25,2024.
TheCompanyshallcomplywiththedisclosurerequirementsforthechemicalindustrysetforthintheSelf-DisciplinaryRegulatoryGuidelinesforCompaniesListedontheShenzhenStockExchangeNo.3–IndustryInformationDisclosureIII.InformationaboutEffortstoConsolidateandExtendtheAchievementsofPovertyAlleviationandRuralRevitalization
NoactionswerecarriedoutduringtheReportingPeriod.
Section6SignificantEventsI.Performanceofcommitments
1.CommitmentsoftheCompany’sactualcontroller,shareholders,relatedpartiesandacquirer,aswellastheCompanyandothercommitmentmakersperformedduringtheReportingPeriodorongoingattheendoftheReportingPeriod
?Applicable□Notapplicable
| Commitment | Commitmentmadeby | Typeofcommitment | Detailsofcommitment | Timeofcommitment | Termofcommitment | Performanceofcommitment |
| Commitmentsmadeduringassetrestructuring | TheCompanyandalldirectors,supervisorsandseniormanagement | Commitmenttosubmittrue,accurateandcompleteinformation | 1.Therearenofalserecords,misleadingstatementsormajoromissionsintheinformationdisclosedandapplicationdocumentssubmittedbyEnergyTechnology,andthosemakingthecommitmentsshallbejointlyandseverallyliablefortheauthenticity,accuracyandintegrityofsuchdocuments2.Iftheinformationprovidedordisclosedforthismajorassetsrestructuringcontainsfalserecords,misleadingstatementsormajoromissions,andisputonfilebythejudicialorganforinvestigationorbytheCSRCforinvestigation,beforetheconclusionoftheinvestigationismade,thosemakingthecommitmentswillnottransfertheshareswithinterestsinEnergyTechnology,andwillsubmittheapplicationforsuspendingthetransferandshareaccountstotheBoardofDirectorsoftheEnergyTechnologywithintwotradingdaysafterreceivingthenoticeoftheinvestigation,andtheBoardofDirectorsshallapplyforlockuptothestockexchangeandtheregistrationandclearingcompanyonbehalfofthosemakingthecommitments;iftheBoardofDirectorsfailstosubmitthelockupapplicationwithintwotradingdays,itwillauthorizetheBoardofDirectorstodirectlysubmittheidentityandaccountinformationofthosemakingthecommitmentstothestockexchangeandtheregistrationandclearingcompanyafterverificationandapplyforlockup;iftheBoardofDirectorsfailstosubmittheidentityandaccountinformationofthosemakingthecommitmentstothestockexchangeandtheregistrationandclearingcompany,thosemakingthecommitmentswillauthorizethestockexchangeandtheregistrationandclearingcompanytodirectlylockuptherelatedshares.Iftheinvestigationfoundthatthereisanyviolationoflawsorregulations,thosemakingthecommitmentspromisetousevoluntarilytheshareslockeduptocompensatetherelatedinvestors. | June13,2017 | Longterm | Strictlyperformed |
| Commitmentsmadeduringassetrestructuring | TheCompany | Commitmentonlegalcompliance | 1.TheCompanyanditscontrollingshareholderandactualcontrollerhavenotbeeninvestigatedbyjudicialauthoritiesforsuspectedcrimesorinvestigatedbytheCSRCforsuspectedviolationsoflawsandregulationsinrecent3years;2.theCompanyanditscontrollingshareholdersandactualcontrollershavenotbeenpubliclycensuredbythestockexchangeandhavenoothermajoractsofdishonestyinthepast12months;3.TheCompanyanditsincumbentdirectorsandseniormanagementhavenotbeeninvestigatedbyjudicialauthoritiesforsuspectedcrimesorinvestigatedbytheCSRCforsuspectedviolationsoflawsandregulations. | June13,2017 | Longterm | Strictlyperformed |
| Commitmentsmadeduringassetrestructuring | DirectorsandseniormanagementoftheCompany | Commitmentondilutionofcurrentreturnandremedialmeasures | 1.Iherebycommitneithertotunneltootherunitsorindividualswithoutcompensationorunderunfairconditions,nortodamagetheCompany’sinterestsinotherways.2.Iherebycommittorestrictmyposition-relatedconsumptionactivities.3.IherebycommitnottousetheCompany’sassetsforinvestmentandconsumptionactivitiesnotrelatedtoexecutionofmyduties.4.IherebycommittolinktheremunerationsystemformulatedbytheBoardofDirectorsortheRemunerationCommitteeorAssessmentCommitteeoftheCompanywiththeexecutionofthereturnrecoverymeasures.5.Iherebycommittolinkthevestingconditionswiththeimplementationofthereturnrecoverymeasuresif | May25,2017 | Longterm | Strictlyperformed |
| theCompanywillimplementanyshareincentiveschemeinthefuture.6.Sincethedateofthiscommitmentuptocompletionofthismajorassetrestructuring,iftheCSRCimposesothernewregulatoryrequirementsinrelationtothereturnrecoverymeasuresanditscommitmentsandsuchcommitmentscannotmeetsuchrulesoftheCSRC,IcommittoissuesupplementalundertakingsinaccordancewiththelatestrequirementsoftheCSRC. | ||||||
| Commitmentsmadeduringassetrestructuring | Counterparty | Commitmenttosubmittrue,accurateandcompleteinformation | ThecounterpartywilltimelyprovideEnergyTechnologywithinformationrelatedtorestructuring,andguaranteetheauthenticity,accuracyandcompletenessoftheinformationprovided.Incaseofanyfalserecord,misleadingstatementormajoromissionoftheinformationprovided,resultinginanylosstoEnergyTechnologyorinvestors,itshallbeliableforcompensationaccordingtolaw.Incaseofanyfalserecord,misleadingstatementormajoromissionintheinformationprovidedordisclosedinthismaterialassetsrestructuring,whichisputonfilebythejudicialorganforinvestigationorbytheCSRCforinvestigation,thecounterpartywillsuspendthetransferoftheshareswithinterestsinEnergyTechnologyuntilthecaseinvestigationconclusionisclear. | June13,2017 | Longterm | Strictlyperformed |
| Commitmentsmadeduringassetrestructuring | Counterparty | Commitmentonlegalcompliance | 1.GaoXiangwastheCFOofShanghaiLvxinPackagingMaterialsCo.,Ltd.(Shunhao).DuetoShunhao’sfailuretodiscloserelatedtransactionswithrelatednaturalpersonsaccordingtolaw,inviolationoftherelevantprovisionsoninformationdisclosureintheSecuritiesLawandtheAdministrativeMeasuresforInformationDisclosureofListedCompanies,onJuly27,2016,ShanghaiSecuritiesRegulatoryBureauissuedawarningtoShunhaoandrelatedparties,includingGaoXiang,andimposedanadministrativepenaltyofRMB30,000onGaoXiang;onJanuary5,2017,ShenzhenStockExchangemadetheDecisiononCriticismtoShanghaiShunhaoNewMaterialsTechnologyCo.,Ltd.andRelatedPartiesthroughCirculatingNotices,andcirculatednotificationofcriticismtoShunhaoandrelatedparties,includingGaoXiang.Inaddition,othercounterpartieshavenotbeensubjecttoadministrativeorcriminalpenaltiesrelatedtothesecuritiesmarketinthepastfiveyears,andhavenotinvolvedinmajorcivillitigationorarbitrationrelatedtoeconomicdisputes.2.CounterpartiesareeligibletopurchasesharesnotpubliclyofferedbyEnergyTechnology,andarenotunderanycircumstanceswheretheyarenotallowedtopurchasesharesnotpubliclyofferedbyEnergyTechnologyasstipulatedbylaws,regulations,rulesornormativedocuments.3.Overthelastfiveyears,thecounterpartieshavenotfailedtorepayalargeamountofdebtsasscheduled,failedtofulfillitsdeclaration,beensubjecttoadministrativemeasuresbytheCSRCordisciplinedbythestockexchangeandtherearenoongoingorthreatenedadministrativeorjudicialproceedingsforinvestigationagainstmymaterialviolationoflawsorregulations. | June13,2017 | Longterm | Strictlyperformed |
| Commitmentsmadeduringassetrestructuring | Counterparty | Commitmentonintegrityofassetownership | 1.SharesofShanghaiEnergyheldbycounterpartiesaccordingtolaw.ThecounterpartyhasperformeditscontributionobligationtoShanghaiEnergyinaccordancewiththelaw,andthereisnofalsecontribution,delayedcontribution,withdrawalofcapitalandotheractsinviolationofitsobligationsandresponsibilitiesasashareholder,andthereisnosituationthatmayaffectthelegalsurvivalofShanghaiEnergy.2.TheequityofShanghaiEnergyheldbythecounterpartyisactuallylegallyowned.Thereisnoownershipdispute,thereisnotrust,entrustedshareholdingorsimilararrangement,andthereisnopledge,freezing,sealing,propertypreservationorotherrightsrestrictionsontheequityofShanghaiEnergyheldbythecounterparty. | June13,2017 | Longterm | Strictlyperformed |
| Commitmentsmadeduringassetrestructuring | Counterparty | Commitmentonnoinsidertrading | I/theenterpriseanditsmainmanagementdonotleakanyinsiderinformationofEnergyTechnologyorleverageinsiderinformationtoconductinsidertrading.Iftheabovecommitmentsareviolated,alllossescausedtothelistedcompanywillbeborne. | June13,2017 | Longterm | Strictlyperformed |
| Commitmentsmadeduringassetrestructuring | HeyiInvestment,PaulXiaomingLeefamily | Commitmenttoregulaterelatedtransactions | Afterthecompletionofthemajorassetrestructuring,theenterprisesthatarecontrolledbythosemakingthecommitmentswillavoidandreducetherelatedtransactionswithEnergyTechnologyasfaraspossible.Forthoserelatedtransactionsthatcannotbeavoidedorhavereasonablereasons,theenterprisesthatarecontrolledbythosemakingthecommitmentswillsignagreementswithEnergyTechnologyandperformlegalproceduresinaccordancewiththeprinciplesofjustice,fairnessandcompensationforequalvalue,andshall,inaccordancewiththeprovisionsofrelevantlaws,regulations,othernormativedocumentsandtheArticlesofAssociationofYunnanEnergyNewMaterialCo.,Ltd.,performrelevantinternaldecision-makingapprovalproceduresinaccordancewiththelawandtimelyperforminformationdisclosureobligations,guaranteenottotradewithEnergyTechnologyunderunfairconditionscomparedwiththemarket,guaranteenottoillegallytransferthefundsandprofitsofEnergyTechnologybyusingrelatedpartytransactions,anddonotusesuchtransactionstoengageinanybehaviorthatdamagesthelegitimaterights | June13,2017 | Longterm | Strictlyperformed |
| andinterestsofEnergyTechnologyandothershareholders.IfabreachoftheabovecommitmentresultsindamagetotheinterestsofEnergyTechnology,thosemakingthecommitmentswillcompensatetheEnergyTechnologyforthelossescausedbytheaboveactstoEnergyTechnology. | ||||||
| Commitmentsmadeduringassetrestructuring | HeyiInvestment,PaulXiaomingLeefamily | Commitmenttoavoidhorizontalcompetition | 1.Atpresent,thosemakingthecommitmentsarenotdirectlyorindirectlyengagedinthesameorsimilarbusinesswiththeexistingbusinessofEnergyTechnologyorShanghaiEnergythroughotheroperatingentitiesdirectlyorindirectlycontrolledbyitorinthenameofnaturalperson,anddonotholdanypositionoractasanykindofconsultantinanyoperatingentitywiththemainbusinesssameasorsimilartothatinEnergyTechnologyorShanghaiEnergy,orengageinanyothercompetitionwithEnergyTechnologyorShanghaiEnergy.2.Thecommitmentmakerguaranteesthatafterthecompletionofthismajorassetrestructuring,itwillnotcarryoutoroperatethesameorsimilarbusinesswiththemainbusinessofEnergyTechnologyorShanghaiEnergyinitsownway,directlyorindirectlythroughotherbusinessentitiesunderitsdirectorindirectcontrol;donotholdanypositionoractasanykindofconsultantinanyoperatingentitywiththesameorsimilarbusinesswithEnergyTechnologyorShanghaiEnergy;donotprovidetechnicalservicesforexistingcustomersofEnergyTechnologyorShanghaiEnergyinthenameofotherthanEnergyTechnologyorShanghaiEnergy;avoidanyhorizontalcompetition.3.IfanylossiscausedtoEnergyTechnologyorShanghaiEnergyduetothecommitmentmaker’sbreachoftheabovecommitments,theoperatingprofitobtainedshallbeownedbyEnergyTechnologyandalllossessufferedbyEnergyTechnologyorShanghaiEnergyshallbecompensated. | June13,2017 | Longterm | Strictlyperformed |
| Commitmentsmadeduringassetrestructuring | HeyiInvestment,PaulXiaomingLeefamily | Commitmentonensuringtheindependenceofthelistedcompany | Beforethismajorassetrestructuring,EnergyTechnologyhasbeencompletelyseparatedfromotherenterprisescontrolledbythecommitmentmakerintermsofbusiness,assets,institutions,personnelandfinance.EnergyTechnology’sbusiness,assets,institutions,personnelandfinanceareindependent.Afterthecompletionofthismajorassetrestructuring,thecommitmentmakerundertakesnottousetheidentityofthecontrollingshareholderoractualcontrollerofEnergyTechnologytoaffecttheindependenceofEnergyTechnology,andtoensuretheindependenceofEnergyTechnologyinbusiness,assets,institutions,personnelandfinanceasfaraspossible. | June13,2017 | Longterm | Longterm |
| Commitmentsmadeduringassetrestructuring | PaulXiaomingLeefamily | Commitmentontheexistenceofpreviousadministrativepenalty | TherewereadministrativepunishmentsinfirecontrolandwateraffairsinShanghaiEnergy.Asofthedateofthisletterofcommitment,ShanghaiEnergyanditssubsidiariesdonothaveanyadministrativepenaltythathasnotbeenimplementedorrectified.InNovember2015,ShanghaiPudongNewAreaAdministrationofWorkSafetyorderedShanghaiEnergytorectifythethreedichloromethanestoragetankswithinatimelimit.ShanghaiEnergyhascompletedtherectification,buthasnotcompletedthesafetyacceptanceaftertherectification.IftherelevantcompetentdepartmentsinthelocalplacewhereShanghaiEnergyanditssubsidiariesarelocatedinhavemadeadministrativepunishmenttoShanghaiEnergyanditssubsidiariesforfirecontrol,waterserviceorthethreedichloromethanetanksatanytime,thecommitmentmakerpromisestomakecashcompensationforalleconomiclossessufferedbyShanghaiEnergyoritssubsidiarieswithin30daysaftertheactualpunishmentorlossamountisdetermined,soastoensurethatitwillnothaveamaterialimpactontheproduction,operationandfinancialsituationofShanghaiEnergyanditssubsidiaries.Jointandseveralliabilityshallbebornebythosemakingthecommitments. | May25,2017 | Longterm | Strictlyperformed |
| Commitmentsmadeduringassetrestructuring | LiXiaohua | CommitmentoncapitalsourceofShanghaiEnergy | AlthoughIholdthecertificateofpermanentresidencerightoftheUnitedStates,Ihavenotchangedmynationality,IamstillaChinesenationality;myowninvestmentinShanghaiEnergyisallChina’sincome,anddoesnotinvolvethecontributionofforeignexchangeorforeignassets. | June13,2017 | Longterm | Strictlyperformed |
| Commitmentsmadeduringassetrestructuring | ZhuhaiHengjie | Commitmentoftheenterprisenotbelongingtoprivateinvestmentfundsoraprivatefundmanager | ThisenterpriseistheemployeestockownershipplatformofShanghaiEnergy,andtheenterprisedoesnotexisttoraisefundsinanon-publicwaytoqualifiedinvestors.Thereisnoassetmanagementbythefundmanagerorgeneralpartner,nordoesitserveasthemanagerofanyprivateequityfund.Therefore,theenterprisedoesnotbelongtotheprivateinvestmentfundoraprivatefundmanagerintheInterimMeasuresfortheSupervisionandAdministrationofPrivateInvestmentFundsandtheMeasuresfortheRegistrationandFilingofPrivateInvestmentFundManagers(forTrialImplementation),anddoesnotneedtofollowtheInterimMeasuresfortheSupervisionandAdministrationofPrivateInvestmentFundsandtheMeasuresfortheRegistrationandFilingofPrivateInvestmentFundManagers(forTrialImplementation)andotherrelevantlawsandregulationstofulfilltheregistrationandfilingprocedures. | June13,2017 | Longterm | Strictlyperformed |
| Commitments | Huachen | Commitmentof | TheCompanyisnotestablishedbyraisingfundsfromqualifiedinvestorsinanon-publicway,ordoesn’thavethe | June13,2017 | Longterm | Strictlyperformed |
| madeduringassetrestructuring | Investment | theenterprisenotbelongingtoprivateinvestmentfundsoraprivatefundmanager | assetsmanagedbythefundmanagerorthegeneralpartner,oractasthemanagerofanyprivateinvestmentfund.Therefore,theCompanydoesnotbelongtotheprivateinvestmentfundsoraprivatefundmanagerintheInterimMeasuresfortheSupervisionandAdministrationofPrivateInvestmentFundsandtheMeasuresfortheRegistrationandFilingofPrivateInvestmentFundManagers(forTrialImplementation),anddoesnotneedtofollowtheInterimMeasuresfortheSupervisionandAdministrationofPrivateInvestmentFundsandtheMeasuresfortheRegistrationandFilingofPrivateInvestmentFundManagers(forTrialImplementation)andotherrelevantlawsandregulationstofulfilltheregistrationandfilingprocedures. | |||
| Commitmentsmadeduringassetrestructuring | PaulXiaomingLee,LiXiaohua | Non-competitioncommitment | DuringthetermofofficeofShanghaiEnergyorwithin2yearsaftertheresignationofShanghaiEnergy,itwillnotdirectlyorindirectlyoperatethesameorsimilarbusinesswithEnergyTechnologyorShanghaiEnergyonitsownorinthenameofothers,norwillitholdanypostorprovideanyserviceinentitieswiththesameorsimilarbusinesswithEnergyTechnologyorShanghaiEnergy;iftheyviolatetheaforesaidnon-competitioncommitment,theyshallpayapenaltyofRMB5milliontoEnergyTechnology,andshallturnoveralltheoperatingprofits,wages,remunerationandotherincomeearnedbythemduetotheviolationofthecommitmenttoEnergyTechnology.IftheaforesaidcompensationstillcannotmakeupforEnergyTechnology,EnergyTechnologyhastherighttorequestthebreachpartytobeliableforthelosssufferedbyEnergyTechnology. | May2,2017 | Termofserviceandwithintwoyearsafterresignation | Withintheperformanceperiod,strictlyperformed |
| Commitmentsmadeduringassetrestructuring | PaulXiaomingLee,LiXiaohua | Commitmentonnopart-timework | DuringthetermofofficeatShanghaiEnergy,withouttheconsentofEnergyTechnology,itisnotallowedtoworkpart-time(exceptfordirectorsandsupervisors)inothercompanies,andtheincomeviolatingtheprohibitionofconcurrentoperationshallbeownedbyInnovationCo.,Ltd. | May2,2017 | Termofservice | Withintheperformanceperiod,strictlyperformed |
| Commitmentsmadeduringassetrestructuring | JerryYangLi | Commitmenttoensuretheindependenceoflistedcompanies | DuetothedeathofMs.WangYuhua,amemberofPaulXiaomingLee’sfamilywhoistheshareholderandactualcontrolleroftheCompany,I,asoneoftheheirs,inherited10,416,022sharesoftheCompanyheldbyheraccordingtoherwillandthecontributionoftheCompany’scontrollingshareholderHeyiInvestmentofRMB17.955million.Aftersuccession,Idirectlyandindirectlyhold54,655,167sharesoftheCompanythroughHeyiInvestment,accountingfor11.53%ofthetotalsharecapitaloftheCompany.MydirectlyholdingsharesisacquiredbyMs.WangYuhuaasoneofcounterparties,throughpurchasingtheequityofShanghaiEnergythroughissuingsharesoftheCompany.Therefore,withregardtotheindependenceoflistedcompaniesinvolvedinthisrestructuring,Iherebymakethefollowingconfirmationandcommitment:beforethisrestructuring,ShanghaiEnergyhasbeencompletelyseparatedfromotherenterprisesundermycontrolintermsofbusiness,assets,institutions,personnelandfinance,andShanghaiEnergy’sbusiness,assets,institutions,personnelandfinanceareindependent.Afterthecompletionofthisrestructuring,Ipromisenottousetheidentityoftheactualcontrollerofthelistedcompanytoaffecttheindependenceofthelistedcompany,andtoensuretheindependenceofthelistedcompanyinbusiness,assets,institutions,personnelandfinanceasfaraspossible. | October25,2018 | Longterm | Strictlyperformed |
| Commitmentsmadeduringassetrestructuring | JerryYangLi | Commitmentonregulatingrelatedtransactions | DuetothedeathofMs.WangYuhua,amemberofPaulXiaomingLee’sfamilywhoistheshareholderandactualcontrolleroftheCompany,I,asoneoftheheirs,inherited10,416,022sharesoftheCompanyheldbyheraccordingtoherwillandthecontributionoftheCompany’scontrollingshareholderHeyiInvestmentofRMB17.955million.Aftersuccession,Idirectlyandindirectlyhold54,655,167sharesoftheCompanythroughHeyiInvestment,accountingfor11.53%ofthetotalsharecapitaloftheCompany.MydirectlyholdingsharesisacquiredbyMs.WangYuhuaasoneofcounterparties,throughpurchasingtheequityofShanghaiEnergythroughissuingsharesoftheCompany.Inordertoreduceandstandardizetherelatedtransactionsthatmayoccurwiththelistedcompany,Iherebymakethefollowingcommitments:afterthecompletionofthisrestructuring,theenterprisesundermycontrolwillavoidandreducetherelatedtransactionswiththelistedcompanyasmuchaspossible.Fortherelatedtransactionsthatcannotbeavoidedorhavereasonablereasons,theenterprisesundermycontrolwillfollowtheprinciplesofjustice,fairness,equalvalueandcompensationwiththelistedcompanyinaccordancewiththelawsigntheagreement,performthelegalprocedures,andinaccordancewiththeprovisionsofrelevantlaws,regulations,othernormativedocumentsandtheArticlesofAssociationofYunnanEnergyNewMaterialCo.,Ltd.,performtherelevantinternaldecision-makingapprovalproceduresinaccordancewiththelawandtimelyperformtheobligationofinformationdisclosure,ensurethat | October25,2018 | Longterm | Strictlyperformed |
| transactionswithlistedcompanieswillnotbeconductedinanunfairmannercomparedwiththemarket,andthatthefundsandprofitsoflistedcompaniesshouldnotbetransferredillegallybyrelatedtransactions,norwilltheyengageinanyactthatdamagesthelegitimaterightsandinterestsoflistedcompaniesandothershareholders.Ifthereisanyviolationoftheabovecommitments,resultingindamagestotheinterestsofthelistedcompany,IwillcompensatethelistedcompanyforthelossescausedbytheforegoingbehaviortothelistedCompany. | ||||||
| Commitmentsmadeduringassetrestructuring | JerryYangLi | Commitmentonavoidinghorizontalcompetition | DuetothedeathofMs.WangYuhua,amemberofPaulXiaomingLee’sfamilywhoistheshareholderandactualcontrolleroftheCompany,I,asoneoftheheirs,inherited10,416,022sharesoftheCompanyheldbyheraccordingtoherwillandthecontributionoftheCompany’scontrollingshareholderHeyiInvestmentofRMB17.955million.Aftersuccession,Idirectlyandindirectlyhold54,655,167sharesoftheCompanythroughHeyiInvestment,accountingfor11.53%ofthetotalsharecapitaloftheCompany.MydirectlyholdingsharesisacquiredbyMs.WangYuhuaasoneofcounterparties,throughpurchasingtheequityofShanghaiEnergythroughissuingsharesoftheCompany.Therefore,inordertoprotectthelegitimaterightsandinterestsofthelistedcompanyandothershareholdersandavoidhorizontalcompetitionwiththelistedcompany,Iherebymakethefollowingsolemncommitment:1.Atpresent,IhavenotdirectlyorindirectlyengagedinthesameorsimilarbusinesswiththeexistingbusinessofthelistedcompanyorShanghaiEnergythroughotherbusinessentitiesdirectlyorindirectlycontrolledbymeorinthenameofnaturalpersons,havenotheldanypositionoractedasanykindofconsultantinanybusinessentitywiththesameorsimilarmainbusinessasthelistedcompanyorShanghaiEnergy,oranyothersituationofhorizontalcompetitionwiththelistedcompanyorShanghaiEnergy.2.Iguaranteethatafterthecompletionofthistransaction,IwillnotcarryoutoroperatethesameorsimilarbusinesswiththemainbusinessofthelistedcompanyandShanghaiEnergythroughotherbusinessentitiesdirectlyorindirectlycontrolledbymyself,directlyorindirectly;IwillnotholdanypositionorserveasanyformofconsultantinanybusinessentitywiththesameorsimilarbusinesswiththelistedcompanyorShanghaiEnergy;donotprovidetechnicalservicesforlistedcompaniesorexistingcustomersofShanghaiEnergyinthenameoflistedcompaniesorotherthanShanghaiEnergy;avoidanyhorizontalcompetition.3.IfanylossiscausedtothelistedcompanyorShanghaiEnergyduetomyviolationoftheabovecommitments,theoperatingprofitobtainedshallbeownedbythelistedcompanyandalllossessufferedbythelistedcompanyorShanghaiEnergyshallbecompensated. | October25,2018 | Longterm | Strictlyperformed |
| CommitmentsmadeatthetimeofIPOorrefinancing | TheCompany,controllingshareholdersandtheactualcontroller,directors,supervisorsandseniormanagement | Commitmentonauthenticity,accuracyandcompletenessofdocumentsrelatedtoIPO | (I).Company’scommitment:1.therearenofalserecords,misleadingstatementsormajoromissionsintheprospectusoftheCompany’sinitialpublicoffering.2.IfanycompetentauthorityfindsthattheinitialprospectusissuedbytheCompanyhasfalserecords,misleadingstatementsormajoromissions,whichwillmakeasignificantandsubstantialimpactonjudgingwhetheritmeetstherequirementsofthelaw,theCompanywillrepurchaseallthenewsharesoftheIPOinaccordancewiththelaw.3.Within10tradingdaysafterthecompetentauthoritydeterminesthattheprospectusoftheCompanyhasfalserecords,misleadingstatementsormajoromissionsthathaveasignificantandsubstantialimpactonthejudgmentofwhethertheCompanycomplieswiththeissuanceconditionsstipulatedbythelaw,theBoardofDirectorsoftheCompanyshallformulatethesharerepurchaseplanandsubmitittotheGeneralMeetingofShareholdersfordeliberationandapproval,andafteritisapproved,reviewedorfiledbytherelevantcompetentdepartment(ifnecessary),sharerepurchasemeasureswillbestarted,andallnewsharesoftheinitialpublicofferingwillberepurchasedaccordingtolaw;therepurchaseprice(incaseofex-rightandex-dividendduetocashdividend,sharedistribution,conversiontosharecapitalandnewshareissuance,therightshallberestoredinaccordancewiththerelevantprovisionsofShenzhenStockExchange,thesamebelow)shallbedeterminedaccordingtorelevantlawsandregulations,andshallnotbelowerthantheissuancepriceoftheinitialpublicofferingshares.4.IftheprospectusoftheCompany’sinitialpublicofferingcontainsfalserecords,misleadingstatementsormajoromissions,whichcausesinvestorstosufferlossesinsecuritiestrading,theCompanywillcompensateinvestorsforlossesaccordingtolaw.(II).CommitmentofthecontrollingshareholderandactualcontrolleroftheCompany:1.therearenofalserecords,misleadingstatementsormajoromissionsintheprospectusoftheCompany’sinitialpublicoffering.2.Ifanycompetentauthoritydeterminesthattherearefalserecords,misleadingstatementsormajoromissionsintheprospectusoftheCompany’sinitialpublicoffering,whichhaveasignificantandsubstantialimpactonthejudgmentofwhetheritmeetstheissuanceconditionsprescribedbylaw,HeyiInvestmentandthefamilywillbuybackthetransferredoriginal | September14,2016 | Longterm | Performed |
| restrictedsharesaccordingtolaw;HeyiInvestmentandthefamilywillformulateshareswithin10tradingdaysaftertheabovemattersareidentified,theoriginalrestrictedsharesissuedbytheCompany’sshareholdersatthetimeofinitialpublicofferingshallberepurchasedinaccordancewiththelawbymeansofcentralizedbiddingtransactioninsecondarymarket,bulktransaction,agreementtransfer,tenderoffer,etc.Therepurchasepriceisdeterminedaccordingtothenegotiatedpriceorsecondarymarketprice,butnotlowerthantheoriginaltransferpriceandthepricedeterminedaccordingtorelevantlawsandregulationsandregulatoryrules.IfHeyiInvestmentandthefamilybuybacktheoriginalrestrictedsharesthathavebeentransferredtotriggerthetenderofferconditions,HeyiInvestmentandthefamilywillperformthetenderofferproceduresinaccordancewiththelawandperformthecorrespondinginformationdisclosureobligations.3.IftheprospectusoftheCompany’sinitialpublicofferingcontainsfalserecords,misleadingstatementsormajoromissions,whichcausesinvestorstosufferlossesinsecuritiestrading,HeyiInvestmentandthefamilywillcompensateinvestorsforlossesaccordingtolaw.(III).Commitmentofdirectors,supervisorsandseniormanagersoftheCompany:1.theprospectusoftheissuer’sinitialpublicofferingdoesn’tcontainfalserecords,misleadingstatementsormajoromissions,andIamjointlyandseverallyliableforitsauthenticity,accuracyandcompleteness.2.Iftheprospectusoftheissuer’sinitialpublicofferingcontainsfalserecords,misleadingstatementsormajoromissions,whichcausesinvestorstosufferlossesinsecuritiestrading,Iwillcompensateinvestorsforlossesaccordingtolaw. | ||||||
| CommitmentsmadeatthetimeofIPOorrefinancing | Controllingshareholder,actualcontroller,andShanghaiGuohe,ashareholderholdingmorethan5%shares | Aboutshareholdingintentionandreductionintention | (I).Commitmentofcontrollingshareholdersandactualcontrollers’shareholdingintentionandreductionintention:1.asthecontrollingshareholderandactualcontrolleroftheCompany,HeyiInvestmentandthefamilyholdtheCompany’ssharesinstrictaccordancewiththeprovisionsoflaws,regulations,normativedocumentsandregulatoryrequirements,andabidebythesharelockingperiod;aftertheexpirationofthelockingperiod,theCompany’ssharesheldbyHeyiInvestmentandthefamily’sreductionshallcomplywiththerequirementsofrelevantlaws,regulations,normativedocumentsandrulesofthestockexchange;2.HeyiInvestmentandthefamilyshallnotreducethesharesoftheCompanydirectlyheldwithinthreeyearsaftertheCompany’slisting;aftertheCompany’slistingforthreeyears,thesharesoftheCompanydirectlyorindirectlyheldbyHeyiInvestmentandthefamilytransferredeachyearshallnotexceed25%ofthetotalsharesoftheCompanydirectlyorindirectlyheldbythem.3.Withintwoyearsaftertheexpirationoftheequitylock-inperiodpromisedbyHeyiInvestmentandthefamily,thesharesoftheCompanyshallbereducedatapricenotlowerthantheissuepriceoftheCompany’sinitialpublicofferingshares(incaseofex-rightandex-dividendmatters,theissuepriceshallbetreatedasex-rightandex-dividendaccordingly).Withintwoyearsaftertheexpirationofthelock-upperiod,thetotalnumberofsharesheldbyHeyiInvestmentandthefamilyshallnotexceed30%ofthetotalsharesheldbyHeyiInvestmentandthefamilydirectlyorindirectlybeforetheissuance.4.Withintwoyearsaftertheexpirationoftheshareholdinglock-inperiodofHeyiInvestmentandthefamily’scommitment,thepriceofsharesoftheCompanyreducedbyHeyiInvestmentandthefamilythroughthesecondarymarketwillbedeterminedaccordingtothemarketpriceatthattimeonthepremiseofmeetingthecommitmentsmadebyHeyiInvestmentandthefamily,andthespecificreductionplanwillbeformulatedaccordingtothemarketsituationatthattime.5.HeyiInvestmentandthefamilypromisetomakeanannouncementthroughtheCompanythreetradingdaysinadvancewhencarryingoutthereduction,andcompletetheannouncementwithinsixmonths,andfulfilltheobligationofinformationdisclosureaccuratelyandcompletelyinaccordancewiththerulesofthestockexchange.(II).ShanghaiGuohe’scommitmenttoshareholdingintentionandreductionintention:1.WithintwoyearsaftertheexpirationoftheshareholdinglockingperiodpromisedbytheCompany,theCompanyintendstoreduceitsshareholdingbymeansof,includingbutnotlimitedto,centralizedcompetitivetradinginthesecondarymarket,blocktrading,agreement-basedtransfer,etc.Thereductionpricewillnotbelowerthanthepriceofnetassetspershare,andthespecificreductionpricewillbedeterminedaccordingtothemarketpriceatthetimeofthereductiononthepremiseofmeetingthecommitmentsmadebytheCompany;thespecificreductionplanwillbebasedonthemarketconditionsatthattime.ThespecificreductionplanwillbeformulatedinaccordancewiththemarketconditionsandtheoperatingconditionoftheCompany.2.TheenterprisecommitsthatitwillmakeanannouncementthroughtheCompanythreedaysaheadofscheduleintheimplementationofthereduction.Atthesametime,itwillfulfilltheobligationofinformationdisclosureaccuratelyandcompletelyinaccordancewiththerulesofthestockexchange,exceptwhenitholdsshareslessthan5%equityoftheCompany.3.Theenterprisewillstrictlyfulfilltheabovecommitments,andpromisetoabidebythe | September14,2016 | Shareholdingperiod | Withintheperformanceperiod,strictlyperformed |
| followingbindingmeasures:(1)ifitfailstofulfilltheabovecommitments,theCompany’scashdividendsIshouldreceivewillbewithheldbytheCompanyandownedbytheCompany;(2)ifitfailstofulfilltheabovecommitments,itwillbearrelevantlegalliabilitiesaccordingtolawsandregulations. | ||||||
| CommitmentsmadeatthetimeofIPOorrefinancing | TheCompany | Commitmentonremedialmeasuresforbreakingfaith | 1.IftheCompanyfailstotakethespecificmeasuresaspromisedtostabilizethestockprice,theCompanyundertakestoacceptthefollowingbindingmeasures:(1)theCompanywillpubliclyexplainthespecificreasonsfornottakingtheabovemeasuresintheGeneralMeetingofShareholdersandthenewspapersdesignatedbytheCSRC,andapologizetotheshareholdersoftheCompanyandthepublicinvestors;(2)Iftheinvestorsufferslossesinthesecuritiestradingduetothefailuretofulfillthecommitments,theCompanywillcompensatetheinvestorforthelossesaccordingtolawafterbeingrecognizedbytheCSRC,thestockexchangeorthejudicialorgan;(3)ThecommitmentofstockpricestabilityisthetruemeaningoftheCompany.Theresponsiblepartiesvoluntarilyacceptthesupervisionoftheregulatorybody,self-disciplineorganizationandthepublic.Incaseoftheviolationoftherelevantcommitments,themainbodywillbearcorrespondingresponsibilitiesaccordingtolaw.2.IfthecontrollingshareholderandtheactualcontrollerhavedeliveredthenoticeofincreasetotheCompany,butfailtofulfilltheobligationofincreasingtheholdings,theCompanyhastherighttodetaintheequalamountofthecashdividendspayabletothecontrollingshareholderandtheactualcontrolleruntilthecontrollingshareholderandtheactualcontrollerfulfilltheirobligationtoincrease.3.Ifacompanydirectororseniormanagerfailstofulfillhisobligationtoincreasehisorherholdings,theCompanyshallhavetherighttodetainsalariesandcashdividendsofdirectorsandseniormanagementuntilthedirectorsandseniormanagersfulfilltheirobligationstoincreasetheirholdings.4.Ifthereareanyfalserecords,misleadingstatementsormajoromissionsintheprospectusofthispublicofferingofshares,theCompanywillmakeatimelyannouncement,andtheCompanywilldiscloseinitsregularreportthattheCompany,itscontrollingshareholders,actualcontrollers,anditsdirectors,supervisorsandseniormanagementbuybacksharesduetoinformationdisclosureviolations,performanceofcommitmentssuchasacquisitionofsharesandcompensationforlosses,aswellasremediationandcorrectionincaseoffailuretoperformcommitments.5.IftheCompanyfailstoperform,hasfailedtoperformorfailstoperformonscheduleduetoobjectivereasonsbeyondthecontroloftheCompany,suchaschangesinrelevantlawsandregulations,policies,naturaldisastersandotherforcemajeure,theCompanyshalltakethefollowingmeasures:(1)TimelyandfullydisclosethespecificreasonsfortheCompany’sfailure,failuretofulfillitscommitmentsorfailuretofulfillitscommitmentsonschedule;(2)makesupplementaryoralternativecommitmentstotheinvestorsoftheCompany(relevantcommitmentsshallbesubjecttorelevantapprovalproceduresinaccordancewithlaws,regulationsandthearticlesofassociation),soastoprotecttherightsandinterestsofinvestorsasmuchaspossible. | September14,2016 | Longterm | Strictlyperformed |
| CommitmentsmadeatthetimeofIPOorrefinancing | Controllingshareholder,actualcontroller | Commitmentonremedialmeasuresforbreakingfaith | 1.IfthecontrollingshareholderandtheactualcontrollerhavedeliveredthenoticeofincreasetotheCompany,butfailedtofulfilltheobligationofincreasingtheholdings,theCompanyhastherighttodetaintheequalamountofthecashdividendspayabletothecontrollingshareholderandtheactualcontrolleruntilthecontrollingshareholderandtheactualcontrollerfulfilltheirobligationtoincrease.2.Thecontrollingshareholderandtheactualcontrollerhavesignedthecommitmentletteroffalserecord,misleadingstatementormajoromissionintheprospectusofthispublicofferingofshares.ThecontrollingshareholderandtheactualcontrollertaketheprofitdistributionenjoyedbythecontrollingshareholderandtheactualcontrollerintheCompany’sprofitdistributionplanofthecurrentyearandthefollowingyearsastheperformanceguaranteeoftheabovecommitment,andifthecontrollingshareholderandtheactualcontrollerfailstofulfilltheabove-mentionedobligationofacquisitionorcompensation,thesharesoftheCompanyheldbythecontrollingshareholderandtheactualcontrollershallnotbetransferredbeforefulfillingtheabove-mentionedcommitment.3.Thecontrollingshareholderandtheactualcontrollerhavesignedthepromiseofcontrollingshareholderandactualcontroller’sshareholdingintentionandreductionintention.Thecontrollingshareholderandtheactualcontrollerwillstrictlycarryouttheabovecommitmentsandpromisetoabidebythefollowingrestraintmeasures:(1)Iftheabovecommitmentsarenotperformed,thecashdividendstobeobtainedbythecontrollingshareholderandtheactualcontrollershallbewithheldbytheCompanyandownedbytheCompany;(2)iftheabovecommitmentsarenotperformed,thecontrollingshareholderandtheactualcontrollershallextendthelock-inperiodforsixmonthsafterthelock-inperiodtheypromised;(3)TheremunerationthattheemployeesintheCompanyshouldreceivefromtheCompanyshallbewithheldbytheCompanyandownedbytheCompany;(4)iftheabove | September14,2016 | Longterm | Strictlyperformed |
| commitmentsarenotperformedandtheinvestorssufferlossesinthesecuritiestrading,thecontrollingshareholderandtheactualcontrollerwillcompensatetheinvestorsforthelossesaccordingtolaw.4.IftheCompanyfailstoperform,hasfailedtoperformorfailstoperformonscheduleduetoobjectivereasonsbeyondthecontroloftheCompany,suchaschangesinrelevantlawsandregulations,policies,naturaldisastersandotherforcemajeure,theCompanyshalltakethefollowingmeasures:(1)TimelyandfullydisclosethespecificreasonsfortheCompany’sfailure,failuretofulfillitscommitmentsorfailuretofulfillitscommitmentsonschedule;(2)makesupplementaryoralternativecommitmentstotheinvestorsoftheCompany(relevantcommitmentsshallbesubjecttorelevantapprovalproceduresinaccordancewithlaws,regulationsandthearticlesofassociation),soastoprotecttherightsandinterestsofinvestorsasmuchaspossible. | ||||||
| CommitmentsmadeatthetimeofIPOorrefinancing | Directors,supervisorsandseniormanagers | Commitmentonremedialmeasuresforbreakingfaith | 1.IfanydirectororseniormanagementoftheCompanyfailstofulfillhisobligationtoincreasetheholdings,theCompanyshallhavetherighttodetaindirectorsandseniormanagementsalariesandcashdividendsuntilthedirectorsandseniormanagersfulfilltheirobligationstoincreasetheirholdings.2.Thedirectors,supervisorsandseniormanagershavemadecorrespondingcommitmentsontheinformationdisclosureofIPOandlisting.Thedirectors,supervisorsandseniormanagerstakethedividendoftheCompanyinthecurrentyearandthefollowingyearsobtainedbyholdingtheCompany’ssharesdirectlyorindirectlyandthesalaryreceivedfromtheCompanyinthecurrentyearandthefollowingyearsastheperformanceguaranteeoftheabovecommitments.Ifthedirector,supervisororseniormanagerfailstoperform,hasfailedtoperformorfailstoperformonscheduleduetoobjectivereasonsbeyondthecontrolofthedirector,supervisororseniormanagersuchaschangesinrelevantlawsandregulations,policies,naturaldisastersandotherforcemajeure,thedirector,supervisororseniormanagershalltakethefollowingmeasures:(1)TimelyandfullydisclosethespecificreasonsfortheCompany’sfailure,failuretofulfillitscommitmentsorfailuretofulfillitscommitmentsonschedule;(2)makesupplementaryoralternativecommitmentstotheinvestorsoftheCompany(relevantcommitmentsshallbesubjecttorelevantapprovalproceduresinaccordancewithlaws,regulationsandthearticlesofassociation),soastoprotecttherightsandinterestsofinvestorsasmuchaspossible. | September14,2016 | Longterm | Strictlyperformed |
| CommitmentsmadeatthetimeofIPOorrefinancing | PaulXiaomingLeefamily,HeyiInvestmentandHeliInvestment | Commitmentonavoidinghorizontalcompetition | 1.Theundertakerdoesnot,andwillnot,directlyorindirectlyengageinanyactivitythatconstituteshorizontalcompetitionwiththeexistingandfuturebusinessoftheCompanyanditsholdingsubsidiaries,andiswillingtoassumecompensationliabilityfortheeconomiclossescausedtotheCompanyduetoviolationoftheabovecommitments.2.Forotherenterprisesdirectlyandindirectlycontrolledbytheundertaker,theundertakerwilladopttherepresentativeofficeandpersonnel(includingbutnotlimitedtodirectors,generalmanagers,etc.)andthecontrollingpositionoftheundertakerinsuchenterprises,toensurethatsuchenterprisesperformthesameobligationsastheundertakerunderthisletterofcommitment,toensurethatsuchenterprisesdonotcompetewiththeCompanyanditsholdingsubsidiariesinthesameindustry,andtheundertakeriswillingtobearallcompensationliabilitiesfortheeconomiclossescausedtotheCompanyduetoviolationoftheabovecommitments.3.IftheCompanyfurtherexpandsitsscopeofbusinessonthebasisofitsexistingbusiness,andtheundertakerandtheenterprisecontrolledbytheundertakerhavecarriedoutproductionandoperationonthis,theundertakerpromisestotransferthepossiblehorizontalcompetitionbusinessorequityheldbythisenterprise,andagreesthattheCompanyhastheprioritytoacquireandoperateunderthesamecommercialconditions.4.ExceptfortheinvestmentintheCompany,theundertakerwillnotinvestinoroperatetheproducts(orsimilarproducts,orproductswithalternativefunction)developed,producedoroperatedbytheCompanyanditsholdingsubsidiariesinanywayinanyplace.5.ThiscommitmentletteriseffectiveduringtheperiodwhentheundertakerandthecompanycontrolledbytheundertakerarerelatedpartiesoftheCompany. | November10,2012 | Effectiveduringtheperiodinwhichtheundertakerandthecompanieshe/shecontrolledhaverelationwiththeCompany | Strictlyperformed |
| CommitmentsmadeatthetimeofIPOorrefinancing | TheCompany,controllingshareholderandactualcontroller,directorandseniormanagement | ThecommitmentthattheCompany’scompensationmeasurescanbeeffectivelyperformed | 1.TheCompanyanditscontrollingshareholderandtheactualcontrollermakeacommitmenttotheCompany’sabilitytofillinthereturnmeasures.ItdoesnotexceedtheauthoritytointerfereintheCompany’smanagementactivitiesanddoesnotoccupytheCompany’sinterests.2.DirectorsandseniormanagersmakeacommitmenttofulfilltheCompany’sreturnmeasures:(1)Promisenottotransferintereststootherunitsorindividualsfreeofchargeorunderunfairconditions,andnottodamagetheinterestsoftheCompanyinotherways;(2)Promisetorestrictthepostconsumptionbehaviorofdirectorsandseniormanagers;(3)PromisenottousetheCompany’sassetstoengageininvestmentandconsumptionactivitiesunrelatedtotheperformanceofitsduties;(4)CommitthattheremunerationsystemformulatedbytheboardofdirectorsorremunerationcommitteeislinkedtotheimplementationoftheCompany’smeasurestofill | September14,2016 | Longterm | Strictlyperformed |
| thereturn;(5)PromisedthattheexerciseconditionsoftheCompany’sequityincentivetobeannouncedarelinkedtotheimplementationoftheCompany’scompensationmeasures. | ||||||
| CommitmentsmadeatthetimeofIPOorrefinancing | HeyiInvestment,acontrollingshareholder,andfamilymembersofPaulXiaomingLee,theactualcontrollersoftheCompany | CommitmentonavoidingoccupationoftheCompany’sfunds | Theundertaker,closerelativeandtheaffiliatedenterpriseundercontrolstrictlyrestrictthefundsoftheCompanyanditssubsidiarycompaniesintheoperatingcapitaltransactionsbetweentheCompanyanditssubsidiaries;theCompanyanditssubsidiariesshallnotberequiredtopaywages,welfare,insurance,advertisingandotherexpenses;theCompanyanditssubsidiaryfundsarenotdirectlyorindirectlyprovidedtotheundertaker,closerelativesandcontrolledaffiliatedenterprises,including:1.tolendfundstotheundertaker,closerelativesandcontrolledaffiliatedenterprisesforusewithcompensationorfreeofcharge;2.toprovideentrustedloanswithoutcommercialsubstancetotheundertaker,closerelativesandcontrolledaffiliatedenterprisesthroughbanksornon-bankfinancialinstitutions;3.Entrusttheundertaker,closerelativesandcontrolledaffiliatedenterprisestocarryoutinvestmentactivitieswithoutcommercialsubstance;4.Toissuecommercialacceptancebillswithoutrealtransactionbackgroundfortheundertaker,closerelativesandcontrolledaffiliatedenterprises;5.Repaydebtsonbehalfoftheundertaker,closerelativesandcontrolledaffiliatedenterprises;6.Providefundstotheundertaker,closerelativesandcontrolledaffiliatedenterprisesinotherwayswithoutconsiderationforgoodsandservices;7.OthermethodsrecognizedbyChinaSecuritiesRegulatoryCommission. | September14,2016 | Longterm | Strictlyperformed |
| CommitmentsmadeatthetimeofIPOorrefinancing | JerryYangLi | Commitmentonremedialmeasuresforbreakingfaith | DuetothedeathofMs.WangYuhua,amemberofPaulXiaomingLee’sfamilywhoistheshareholderandactualcontrolleroftheCompany,I,asoneoftheheirs,inherited10,416,022sharesoftheCompanyheldbyheraccordingtoherwillandthecontributionoftheCompany’scontrollingshareholderHeyiInvestmentofRMB17.955million.IpromisethatIwillstrictlyfulfillthecommitmentsdisclosedintheinitialpublicofferingandlistingprospectusofthecontrollingshareholderandactualcontroller.Ifthecommitmentsofthecontrollingshareholderandactualcontrollerarenotperformed,cannotbeperformedorcannotbeperformedonschedule(exceptforobjectivereasonsbeyondthecontrolofcontrollingshareholdersandactualcontrollerssuchaschangesinrelevantlawsandregulations,policies,naturaldisastersandanotherforcemajeure),Ipromisetostrictlyabidebythefollowingmeasures:1.IfthecontrollingshareholderortheactualcontrollerhasservedtheCompanywiththeincreasenoticebutfailedtofulfilltheincreaseobligation,theCompanyhastherighttowithholdthecashdividendspayabletothesameamountuntilthecontrollingshareholderortheactualcontrollerfulfillstheincreaseobligation;2.Thecontrollingshareholderandtheactualcontrollerhavesignedthecommitmentletteroffalserecord,misleadingstatementormajoromissionintheprospectusofthispublicofferingofshares.ThecontrollingshareholderandtheactualcontrollertaketheprofitdistributionenjoyedbythecontrollingshareholderandtheactualcontrollerintheCompany’sprofitdistributionplanofthecurrentyearandthefollowingyearsastheperformanceguaranteeoftheabovecommitment,andifthecontrollingshareholderandtheactualcontrollerfailstoperformtheabove-mentionedacquisitionorcompensationobligations,thesharesoftheCompanyheldbythecontrollingshareholderandtheactualcontrollershallnotbetransferredbeforetheabove-mentionedcommitmentsareperformed;3.Thecontrollingshareholderandtheactualcontrollerhavesignedthecommitmentofthecontrollingshareholderandtheactualcontroller’sshareholdingintentionandreductionintention.Thecontrollingshareholderandtheactualcontrollerwillstrictlyperformtheabovecommitmentsandpromisetoabidebythefollowingbindingmeasures:(1)Iftheabovecommitmentsarenotperformed,thecashdividendstobeobtainedbythecontrollingshareholderandtheactualcontrollershallbewithheldbytheCompanyandownedbytheCompany;(2)iftheabovecommitmentsarenotperformed,thecontrollingshareholderandtheactualcontrollershallextendthelock-inperiodforhalfayear;(3)TheremunerationthattheemployeesintheCompanyshouldreceivefromtheCompanyshallbewithheldbytheCompanyandownedbytheCompany;(4)iftheabovecommitmentsarenotperformedandtheinvestorssufferlossesinthesecuritiestrading,thecontrollingshareholderandtheactualcontrollerwillcompensatetheinvestorsforthelossesaccordingtolaw;4.IftheCompanyfailstoperform,hasfailedtoperformorfailstoperformonscheduleduetoobjectivereasonsbeyondthecontroloftheCompany,suchaschangesinrelevantlawsandregulations,policies,naturaldisastersandotherforcemajeure,theCompanyshalltakethefollowingmeasures:(1)TimelyandfullydisclosethespecificreasonsfortheCompany’sfailure,failuretofulfillitscommitmentsorfailuretofulfillitscommitmentsonschedule;(2)makesupplementaryoralternativecommitmentstotheinvestorsoftheCompany(relevantcommitmentsshallbesubjecttorelevantapprovalproceduresinaccordancewithlaws,regulationsandthearticlesofassociation),soastoprotecttherightsandinterestsofinvestorsasmuchaspossible. | October25,2018 | Longterm | Strictlyperformed |
| CommitmentsmadeatthetimeofIPOorrefinancing | JerryYangLi | CommitmentonavoidingcapitaloccupationofEnergyTechnology | 1.Theundertakerdoesnot,andwillnot,directlyorindirectlyengageinanyactivitythatconstituteshorizontalcompetitionwiththeexistingandfuturebusinessoftheCompanyanditsholdingsubsidiaries,andiswillingtoassumecompensationliabilityfortheeconomiclossescausedtotheCompanyduetoviolationoftheabovecommitments;2.Forotherenterprisesdirectlyandindirectlycontrolledbytheundertaker,theundertakerwilladopttherepresentativeofficeandpersonnel(includingbutnotlimitedtodirectors,generalmanagers,etc.)andthecontrollingpositionoftheundertakerinsuchenterprises,toensurethatsuchenterprisesperformthesameobligationsastheundertakerunderthisletterofcommitment,toensurethatsuchenterprisesdonotcompetewiththeCompanyanditsholdingsubsidiariesinthesameindustry,andtheundertakeriswillingtobearallcompensationliabilitiesfortheeconomiclossescausedtotheCompanyduetoviolationoftheabovecommitments;3.IftheCompanyfurtherexpandsitsscopeofbusinessonthebasisofitsexistingbusiness,andtheundertakerandtheenterprisecontrolledbytheundertakerhavecarriedoutproductionandoperationonthis,theundertakerpromisestotransferthepossiblehorizontalcompetitionbusinessorequityheldbythisenterprise,andagreesthattheCompanyhastheprioritytoacquireandoperateunderthesamecommercialconditions;4.ExceptfortheinvestmentintheCompany,theundertakerwillnotinvestinoroperatetheproducts(orsimilarproducts,orproductswithalternativefunction)developed,producedoroperatedbytheCompanyanditsholdingsubsidiariesinanywayinanyplace;5.ThiscommitmentletteriseffectiveduringtheperiodwhentheundertakerandthecompanycontrolledbytheundertakerarerelatedpartiesoftheCompany. | October25,2018 | Longterm | Strictlyperformed |
| CommitmentsmadeatthetimeofIPOorrefinancing | JerryYangLi | Commitmentonreductionintention | DuetothedeathofMs.WangYuhua,amemberofPaulXiaomingLee’sfamilywhoistheshareholderandactualcontrolleroftheCompany,I,asoneoftheheirs,inherited10,416,022sharesoftheCompanyheldbyheraccordingtoherwillandthecontributionofRMB17.955millionbyHeyiInvestment,theCompany’scontrollingshareholder.WithrespecttotheCompany’ssharesindirectlyheldbymethroughHeyiInvestment,myshareholdingintentionandreductionintentionareasfollows:1.astheactualcontrolleroftheCompany,IholdtheCompany’ssharesinstrictaccordancewiththeprovisionsoflaws,regulations,normativedocumentsandregulatoryrequirements,andabidebythesharelockingperiod;aftertheexpirationofthelockingperiod,IshallreducemyholdingoftheCompany’ssharesinaccordancewiththerequirementsofrelevantlaws,regulations,normativedocumentsandrulesofthestockexchange;2.withinthreeyearsafterthelistingoftheCompany,IwillnotreducethesharesoftheCompanyIdirectlyhold;uponexpiryofthreeyearsafterthelistingoftheCompany,IwilltransferthesharesoftheCompanyIdirectlyholdeachyearnotmorethan25%ofthetotalsharesoftheCompanyIdirectlyhold;3.withintwoyearsafterthelockingperiodIcommitted,theCompany’sshareswillbereducedatapricenotlowerthantheinitialpublicofferingpriceoftheCompany.IftheCompany’ssharesaresubjecttoex-rightandex-dividendduringtheperiod,suchasdividenddistribution,stockdistribution,capitalreserveconvertedtosharecapital,theissuepriceshallbeex-rightandex-dividendaccordingly;4.Aftertwoyearsaftertheexpirationofmycommitmenttoholdshares,Iwill,throughthereductionofthepriceoftheCompany’ssharesinthesecondarymarket,meetthecommitmentsmadeonthebasisofthemarketprice,andthespecificreductionplanwillbedrawnupaccordingtothemarketsituationatthattime;5.IpromisethatIwillannouncetheimplementationofthereductionthroughtheCompanythreetradingdaysinadvance,andcompletetheannouncementwithinsixmonths.Atthesametime,Iwillfulfilltheobligationofinformationdisclosureaccuratelyandcompletelyinaccordancewiththerulesofthestockexchange;6.Iwillstrictlyfulfilltheabovecommitments,andpromisetoabidebythefollowingbindingmeasures:(1)ifIfailtofulfilltheabovecommitments,theCompany’scashdividendsIshouldreceivewillbewithheldbytheCompanyandownedbytheCompany;(2)theCompanywillowntheprofitsIgetfromreducingthesharesheldinviolationoftheabovecommitments;(3)TheremunerationthattheemployeesintheCompanyshouldreceivefromtheCompanyshallbewithheldbytheCompanyandownedbytheCompany;(4)iftheabovecommitmentsarenotperformedandtheinvestorssufferlossesinthesecuritiestrading,Iwillcompensatetheinvestorsforthelossesinaccordancewiththelaw. | October25,2018 | Holdingperiod | Withintheperformanceperiod,strictlyperformed |
| CommitmentsmadeatthetimeofIPOorrefinancing | JerryYangLi | CommitmentonavoidingcapitaloccupationofEnergyTechnology | (1)Exceptforthecapitaloccupationdisclosedinwritingtotherelevantintermediaryinstitutions,thereisnoothercapitaloccupationthatshallbedisclosedbutnotdisclosedinaccordancewiththelawsandregulationsandtherelevantprovisionsoftheCSRCforthetimebeingbytheundertaker,closerelatives,controlledaffiliatedenterprisesandtheCompanyanditssubsidiaries;(2)Theundertaker,closerelativesandcontrolledaffiliatedenterpriseswillstrictlylimittheoccupationoffundsoftheCompanyanditssubsidiariesintheoperationalcapitaltransactionswiththeCompany | October25,2018 | Longterm | Strictlyperformed |
| anditssubsidiaries;(3)Theundertaker,closerelativesandcontrolledaffiliatedenterprisesshallnotrequiretheCompanyanditssubsidiariestoadvancewages,welfare,insurance,advertisingandotherexpenses,orrequiretheCompanyanditssubsidiariestobearcostsandotherexpensesonbehalfofthem;(4)Theundertaker,closerelativesandcontrolledaffiliatedenterprisesdonotseektoprovidethefundsoftheCompanyanditssubsidiariesdirectlyorindirectlytotheundertaker,closerelativesandcontrolledaffiliatedenterprisesinthefollowingways,including:a.Tolendfundstotheundertaker,closerelativesandcontrolledaffiliatedenterprisesforusewithcompensationorfreeofcharge;b.Provideentrustedloanswithoutcommercialsubstancetotheundertaker,closerelativesandcontrolledaffiliatedenterprisesthroughbanksornon-bankfinancialinstitutions;c.Entrusttheundertaker,closerelativesandcontrolledaffiliatedenterprisestocarryoutinvestmentactivitieswithoutcommercialsubstance;d.Toissuecommercialacceptancebillswithoutrealtransactionbackgroundfortheundertaker,closerelativesandcontrolledaffiliatedenterprises;e.Repaydebtsonbehalfoftheundertaker,closerelativesandcontrolledaffiliatedenterprises;f.Providefundstotheundertaker,closerelativesandcontrolledaffiliatedenterprisesinotherwayswithoutconsiderationforgoodsandservices;g.OthermethodsrecognizedbyChinaSecuritiesRegulatoryCommission;(5)Iftheundertaker,closerelativesandcontrolledaffiliatedenterprisesoccupythefundsoftheCompanyanditssubsidiariesandrequiretheCompanyanditssubsidiariestoprovideguaranteesinviolationoflawsandregulations,theCompany’sboardofdirectorsshallnottransferthesharesoftheCompanyheldandcontrolledbeforealltheoccupiedfundsarereturnedandalltheillegalguaranteesarereleased,andhandletheproceduresofsharelockingfortherelevantparties.TheboardofdirectorsoftheCompanyshall,within5tradingdaysfromthedateofknowingthefactthattheundertaker,closerelativesandcontrolledaffiliatedenterprisesoccupythefundsoftheCompanyanditssubsidiaries,andtheCompanyanditssubsidiariesprovideguaranteesinviolationoflawsandregulations,handlethelockingproceduresfortherelevantparties. | ||||||
| CommitmentsmadeatthetimeofIPOorrefinancing | SherryLee | Commitmentonreductionintention | DuetothedeathofMs.WangYuhua,amemberofPaulXiaomingLee’sfamilywhoistheshareholderandactualcontrolleroftheCompany,I,asoneoftheheirs,inherited15,624,033sharesoftheCompanyheldbyheraccordingtoherwillandthecontributionofRMB9.045millionbyHeyiInvestment,theCompany’scontrollingshareholder.Beforeinheritance,Ihaveheld27,593,884sharesoftheCompany,ofwhich15,997,000shareswereheldatthetimeofIPOandlistingoftheCompany,11,596,884sharesoftheCompanyacquiredbytheCompany’sissuanceofsharestopurchasesharesofShanghaiEnergy.Afterinheritance,Iholddirectlyandhold65,503,802sharesoftheCompanyindirectlythroughHeyiInvestment,accountingfor13.82%ofthetotalsharecapitaloftheCompany.WithrespecttolockingperiodfortheCompany’ssharesdirectlyandindirectlyheldbyme,Icommitasfollows:1.astheactualcontrolleroftheCompany,IholdtheCompany’ssharesinstrictaccordancewiththeprovisionsoflaws,regulations,normativedocumentsandregulatoryrequirements,andabidebythesharelockingperiod;aftertheexpirationofthelockingperiod,IshallreducemyholdingoftheCompany’ssharesinaccordancewiththerequirementsofrelevantlaws,regulations,normativedocumentsandrulesofthestockexchange;2.withinthreeyearsafterthelistingoftheCompany,IwillnotreducethesharesoftheCompanyIdirectlyhold;uponexpiryofthreeyearsafterthelistingoftheCompany,IwilltransferthesharesoftheCompanyIdirectlyholdeachyearnotmorethan25%ofthetotalsharesoftheCompanyIdirectlyhold;3.withintwoyearsafterthelockingperiodIcommitted,theCompany’sshareswillbereducedatapricenotlowerthantheinitialpublicofferingpriceoftheCompany.IftheCompany’ssharesaresubjecttoex-rightandex-dividendduringtheperiod,suchasdividenddistribution,stockdistribution,capitalreserveconvertedtosharecapital,theissuepriceshallbeex-rightandex-dividendaccordingly;4.Aftertwoyearsaftertheexpirationofmycommitmenttoholdshares,Iwill,throughthereductionofthepriceoftheCompany’ssharesinthesecondarymarket,meetthecommitmentsmadeonthebasisofthemarketprice,andthespecificreductionplanwillbedrawnupaccordingtothemarketsituationatthattime;5.IpromisethatIwillannouncetheimplementationofthereductionthroughtheCompanythreetradingdaysinadvance,andcompletetheannouncementwithinsixmonths.Atthesametime,Iwillfulfilltheobligationofinformationdisclosureaccuratelyandcompletelyinaccordancewiththerulesofthestockexchange;6.Iwillstrictlyfulfilltheabovecommitments,andpromisetoabidebythefollowingbindingmeasures:(1)ifIfailtofulfilltheabovecommitments,theCompany’scashdividendsIshouldreceivewillbewithheldbythe | October25,2018 | Shareholdingperiod | Withintheperformanceperiod,strictlyperformed |
| CompanyandownedbytheCompany;(2)theCompanywillowntheprofitsIgetfromreducingthesharesheldinviolationoftheabovecommitments;(3)TheremunerationthattheemployeesintheCompanyshouldreceivefromtheCompanyshallbewithheldbytheCompanyandownedbytheCompany;(4)iftheabovecommitmentsarenotperformedandtheinvestorssufferlossesinthesecuritiestrading,Iwillcompensatetheinvestorsforthelossesinaccordancewiththelaw. | ||||||
| CommitmentsmadeatthetimeofIPOorrefinancing | DirectorsandseniormanagementoftheCompany | Commitmentondilutiononcurrentreturnsasaresultofthepublicofferingofconvertiblecorporatebonds,andthereturnrecoverymeasures | 1.Neithertotunneltootherunitsorindividualswithoutcompensationorunderunfairconditions,nortodamagetheCompany’sinterestsinotherways;2.torestrictmyposition-relatedconsumptionactivities;3.nottousetheCompany’sassetsforinvestmentandconsumptionactivitiesnotrelatedtoexecutionofmyduties;4.tolinktheremunerationsystemformulatedbytheBoardofDirectorsortheRemunerationCommitteeorAssessmentCommitteeoftheCompanywiththeexecutionofthereturnrecoverymeasures;5.tolinkthevestingconditionswiththeimplementationofthereturnrecoverymeasuresiftheCompanywillimplementanyshareincentiveschemeinthefuture;6.sincethedateofthiscommitmentuptocompletionofthispublicofferingofconvertiblecorporatebonds,iftheCSRCimposesothernewregulatoryrequirementsinrelationtothereturnrecoverymeasuresanditscommitmentsandsuchcommitmentscannotmeetsuchrulesoftheCSRC,IcommittoissuesupplementalundertakingsinaccordancewiththelatestrequirementsoftheCSRC.Inordertoensuretheproperimplementationofthereturnrecoverymeasures,Icommittostrictlyperformtheabovecommitments.IfIbreachorrefusetofulfilltheabovecommitments,IwillperformobligationsofinterpretationandapologyasrequiredundertheGuidingOpinionsonMattersrelatingtotheDilutiononCurrentReturnsasaresultofInitialPublicOffering,RefinancingandMajorAssetRestructuring(CSRCAnnouncementNo.[2015]31),andagreethatrelevantregulatoryorself-regulationmeasuresshallbeimposedortakeninaccordancewiththerelevantprovisionsandrulesspecifiedorpublishedbyCSRCandShenzhenStockExchange;iftheCompanyorinvestorssufferedlossesasaresultofmybreachorrefusal,Iamwillingtoassumerelevantliabilityforcompensation. | May14,2019 | Longterm | Strictlyperformed |
| CommitmentsmadeatthetimeofIPOorrefinancing | Company’sactualcontrollerandcontrollingshareholder | Commitmentondilutiononcurrentreturnsasaresultofthepublicofferingofconvertiblecorporatebonds,andthereturnrecoverymeasures | 1.NotinterferewiththeoperationandmanagementactivitiesoftheCompanybeyondtheauthority,andnotencroachontheinterestsoftheCompany;2.sincethedateofthiscommitmentuptocompletionoftheconvertiblecorporatebonds,iftheCSRCimposesothernewregulatoryrequirementsinrelationtothereturnrecoverymeasuresanditscommitmentsandsuchcommitmentscannotmeetsuchrulesoftheCSRC,IcommittoissuesupplementalundertakingsinaccordancewiththelatestrequirementsoftheCSRC.Inordertoensuretheproperimplementationofthereturnrecoverymeasures,Icommittostrictlyperformtheabovecommitments.IfIbreachorrefusetofulfilltheabovecommitments,IwillperformobligationsofinterpretationandapologyasrequiredundertheGuidingOpinionsonMattersrelatingtotheDilutiononCurrentReturnsasaresultofInitialPublicOffering,RefinancingandMajorAssetRestructuring(CSRCAnnouncementNo.[2015]31),andagreethatrelevantregulatoryorself-regulationmeasuresshallbeimposedortakeninaccordancewiththerelevantprovisionsandrulesspecifiedorpublishedbyCSRCandShenzhenStockExchange;iftheCompanyorinvestorssufferedlossesasaresultofmybreachorrefusal,Iamwillingtoassumerelevantliabilityforcompensation. | May14,2019 | Longterm | Strictlyperformed |
| CommitmentsmadeatthetimeofIPOorrefinancing | AlldirectorsofEnergyTechnology | Commitmentontheauthenticity,accuracyandcompletenessofinformationsubmittedinconnectionwiththenon-publicofferingofAsharesin2020 | AlldirectorsoftheCompanycommitthatthereportonthisofferingandtheannouncementonlistingdon’tcontainfalserecords,misleadingstatementsormajoromissions,andtheywilljointlyandseverallyliableforitsauthenticity,accuracyandcompleteness. | September3,2020 | Longterm | Strictlyperformed |
| Commitmentsmadeatthetime | Controllingshareholderandactualcontroller | Commitmentondilutiononcurrentreturnsas | 1.IpromisenottointerferewiththeoperationandmanagementactivitiesoftheCompanybeyondtheauthority,andnotencroachontheinterestsoftheCompany;2.IcommittoproperlyimplementationofthecurrentreturnrecoverymeasuresformulatedbytheCompanyandfulfillanycommitmentImakeinrelationtothecurrentreturnrecovery | March23,2020 | Longterm | Strictlyperformed |
| ofIPOorrefinancing | aresultofthenon-publicofferingofAsharesin2020,andthereturnrecoverymeasures | measures,andassumetheliabilityforcompensationtotheCompanyorinvestorsaccordingtolawifIviolatesuchcommitmentsandasaresultcauseanylosstotheCompanyorinvestors;3.sincethedateofthiscommitmentuptocompletionofthisnon-publicofferingofsharesbyEnergyTechnology,iftheCSRCimposesothernewregulatoryrequirementsinrelationtothereturnrecoverymeasuresanditscommitmentsandsuchcommitmentscannotmeetsuchrulesoftheCSRC,IcommittoissuesupplementalundertakingsinaccordancewiththelatestrequirementsoftheCSRC. | ||||
| CommitmentsmadeatthetimeofIPOorrefinancing | Directorsandseniormanagement | Commitmentondilutiononcurrentreturnsasaresultofthenon-publicofferingofAsharesin2021,andthereturnrecoverymeasures | 1.Ipromisenottotunneltootherunitsorindividualswithoutcompensationorunderunfairconditions,ortodamagetheCompany’sinterestsinotherways;2.Icommittorestrictmyposition-relatedconsumptionactivities;3.IcommittonotusetheCompany’sassetsforinvestmentandconsumptionactivitiesnotrelatedtoexecutionofmyduties;4.IcommittolinktheremunerationsystemformulatedbytheBoardofDirectorsortheRemunerationCommitteeorAssessmentCommitteeoftheCompanywiththeexecutionofthereturnrecoverymeasures;5.IcommittolinkthevestingconditionswiththeimplementationofthereturnrecoverymeasuresiftheCompanywillimplementanyshareincentiveschemeinthefuture;6.sincethedateofthiscommitmentuptocompletionofthisnon-publicofferingofshares,iftheCSRCimposesothernewregulatoryrequirementsinrelationtothereturnrecoverymeasuresanditscommitmentsandsuchcommitmentscannotmeetsuchrulesoftheCSRC,IcommittoissuesupplementalundertakingsinaccordancewiththelatestrequirementsoftheCSRC. | November21,2021 | Longterm | Strictlyperformed |
| CommitmentsmadeatthetimeofIPOorrefinancing | Controllingshareholdersandactualcontroller | Commitmentondilutiononcurrentreturnsasaresultofthenon-publicofferingofAsharesin2021,andthereturnrecoverymeasures | IpromisenottointerferewiththeoperationandmanagementactivitiesoftheCompanybeyondtheauthority,andnotencroachontheinterestsoftheCompany;IcommittoproperlyimplementationofthecurrentreturnrecoverymeasuresformulatedbytheCompanyandfulfillanycommitmentImakeinrelationtothecurrentreturnrecoverymeasures,andassumetheliabilityforcompensationtotheCompanyorinvestorsaccordingtolawifIviolatesuchcommitmentsandasaresultcauseanylosstotheCompanyorinvestors;sincethedateofthiscommitmentuptocompletionofthisnon-publicofferingofsharesbytheCompany,iftheCSRCimposesothernewregulatoryrequirementsinrelationtothereturnrecoverymeasuresanditscommitmentsandsuchcommitmentscannotmeetsuchrulesoftheCSRC,IcommittoissuesupplementalundertakingsinaccordancewiththelatestrequirementsoftheCSRC. | November21,2021 | Longterm | Strictlyperformed |
| CommitmentsmadeatthetimeofIPOorrefinancing | 21shareholdersofthenon-publicofferingofsharesin2021 | Commitmentonthelock-upofshares | TheCompanyagreednottotransferthesharesunderthissubscriptionforwithinsixmonthsfromthedateofcompletionoftheissuanceofEnergyTechnology(i.e.thedateonwhichthesharesarelistedundertheissuance),andtoauthorizetheBoardofDirectorsofEnergyTechnologytoapplyforlock-upproceduretotheShenzhenBranchofChinaSecuritiesDepositoryandClearingCorporationLimitedregardingtheaboveshares,soastoensurethattheabovesharesheldbytheCompanywillnotbetransferredwithinsixmonthsfromthedateofcompletionoftheissuance. | June20,2023 | June20,2023-December19,2023 | Performed |
| Commitmentonstockownershipincentivescheme | TheCompany | Othercommitments | Nottoofferloansoranyotherformoffinancialaidstotheincentiveobjectsforthemtoobtainrelatedstockoptionsorrestrictedsharesaccordingtothisincentiveplan,includingguaranteeingtheloans. | January24,2022 | TheperiodwhentheCompany’s2022StockOptionandRestrictedStockIncentivePlanwasimplemented | Strictlyperformed |
| Commitmentonstockownershipincentivescheme | Incentiveobjects | Othercommitments | Incaseofanyfalserecord,misleadingstatementormajoromissionintheinformationdisclosedbytheCompany,resultinginincompliancewiththearrangementsforgrantingorexercisingtheinterests,theincentiveobjectswill,uponacknowledgmentofanyfalserecord,misleadingstatementormajoromissionexistinginanyrelatedinformationdisclosuredocument,returnallinterestsobtainedfromtheequityincentiveplan. | January24,2022 | Longterm | Strictlyperformed |
| OthercommitmentstosmallandmediumshareholdersoftheCompany | TheCompany | Shareholderreturnplanforthenextthreeyears(2021-2023) | TheCompanypaysdividendsincashorbysharesinapositivemanner.WheretheCompany’sauditednetprofitispositiveandnosignificantinvestmentplanorsignificantcashexpenditureinayear,theCompanyshallincludethecashdistributioninitsprofitdistributionschemeforthatyear.TheannualcashdividendoftheCompanyshallnotbelessthan20%ofthedistributableprofitrealizedinthecurrentyear(excludingtheundistributedprofitatthebeginningoftheyear).Whereavailable,theCompanymaydistributeinterimcashdividends.IftheCompany’srevenuegrowsrapidlyandtheBoardofDirectorsconsidersthatthestockpriceoftheCompanydoesnotmatchthesizeoftheCompany’ssharecapital,itmaymakeaplanfordividenddistributionbystockwhilesatisfyingtherequirementforcashdividenddistribution. | November21,2021 | November21,2021-November21,2024 | Withintheperformanceperiod,strictlyperformed |
| Othercommitments | PaulXiaomingLee | UndertakingnottoreducetheirshareholdingintheCompany’shares | InviewofhisconfidenceinthefuturedevelopmentprospectsoftheCompanyandhisrecognitionofthelong-terminvestmentvalue,Mr.PaulXiaomingLeeundertakesnottoreducehisshareholdingintheCompany’shareswithinsixmonthsfromthedateofthisannouncementonvoluntarybasis.Duringtheabovecommitmentperiod,anyincreaseofsharesduetoreasonssuchasbonusshares,conversionofcapitalreservetosharecapitalandrightsissueshallalsocomplywiththeabovecommitmentofnottodiminishhisshareholdings. | August24,2023 | August24,2023-February23,2024 | Performed |
| PaulXiaomingLee,LiXiaohua | CommitmentonincreaseofsharesintheCompany | 1.TocomplywiththerelevantrequirementsoftheCSRCandtheShenzhenStockExchangeonchangesinequityoflistedcompaniesandstocktradingsensitiveperiodsduringtheimplementationoftheshareincreaseplan;2.Duringtheperiodfortheimplementationoftheshareincreaseplanandthestatutoryperiod,nottoreducethesharesintheCompany. | June27,2023 | Periodfortheimplementationoftheshareincreaseplan | Performed | |
| Certaindirectors,supervisors,seniormanagementandcoreemployees | CommitmentonincreaseofsharesintheCompany | 1.Thedirectors,supervisorsandseniormanagementundertaketostrictlycomplywiththerelevantlawsandregulationsonstocktradingsuchastheCSRCandtheShenzhenStockExchange,andcompletetheshareincreaseplanwithintheperiodfortheimplementationoftheshareincreaseplan;duringtheperiodfortheimplementationoftheshareincreaseplanandthestatutoryperiod,nottoreducethesharesintheCompany;noinsidertradingorshort-termtrading,andnotradingoftheCompany’ssharesduringthewindowperiod.2.Duringperiodfortheimplementationoftheshareincreaseplanandthestatutoryperiod,coremanagement,technicalandbusinessemployeesundertaketocompletetheshareincreaseplan,nottoreducethesharesintheCompany,andstrictlycomplywiththerelevantlawsandregulationsonstocktradingsuchastheCSRCandtheShenzhenStockExchange. | October28,2023 | Periodfortheimplementationoftheshareincreaseplan | Withintheperformanceperiod,strictlyperformed | |
| Whetherthecommitmentisperformedontime | Yes | |||||
| Ifthecommitmentsareoverdueandhavenotbeenfulfilled,thespecificreasonfornon-fulfilmentandfurtherworkplanshallbeexplainedindetail | Notapplicable | |||||
2.WhereanyearningsforecastwasmadeforanyoftheCompany’sassetsorprojectsandtheReportingPeriodisstillwithintheforecastperiod,theCompanyshallexplainwhethertheperformanceoftheassetorprojectreachestheearningsforecastandthereason
□Applicable?Notapplicable
II.OccupationoftheListedCompany’sCapitalbytheControllingShareholderorItsRelatedPartiesforNon-OperatingPurposes
□Applicable?NotapplicableIntheReportingPeriod,nocontrollingshareholderoritsrelatedpartyoccupiedcapitalofthelistedcompanyfornon-operatingpurposes.
III.Illegalexternalguarantee
□Applicable?NotapplicableTheCompanydidn’tprovideanyillegalexternalguaranteeduringtheReportingPeriod.
IV.ExplanationoftheBoardofDirectorsRegardingthe“Non-standardAuditReport”IssuedfortheLatestPeriod
□Applicable?NotapplicableV.ExplanationoftheBoardofDirectors,theSupervisoryCommitteeandIndependentDirectors(IfAny)Regardingthe“Non-standardAuditReport”IssuedbytheAccountingFirmfortheReportingPeriod
□Applicable?NotapplicableVI.ReasonforChangesinScopeoftheConsolidatedFinancialStatementsasComparedtotheFinancialReportforthePreviousFiscalYear?Applicable□Notapplicable(I)OnJanuary30,2023,theCompanyheldthe54thmeetingofthe4thBoardofDirectorsandthe47thmeetingofthe4thSupervisoryCommitteetoconsiderandadopttheResolutionontheChangesofAccountingPolicies.SinceJanuary1,2023,theCompanyhasimplementedthecontentonthe"AccountingTreatmentofDeferredIncomeTaxRelatedtoAssetsandLiabilitiesGeneratedbyaSingleTransactionNotApplicabletoInitialRecognitionExemption"assetforthintheAccountingStandardsforBusinessEnterprisesNo.16promulgatedbytheMinistryofFinance.SuchchangesinaccountingpoliciesarereasonableaspertherelevantregulationspromulgatedbytheMinistryofFinance,whichisincompliancewithrelevantregulatoryrequirementsandtheactualsituationoftheCompany,withoutsignificantimpactontheCompany'sfinancialposition,operatingresultsandcashflow.Fordetails,pleaserefertotheAnnouncementonChangesinAccountingPoliciesdisclosedondesignatedinformationdisclosuremediabytheCompanyonJanuary31,2023(AnnouncementNo.2023-010).(II)OnApril10,2024,theCompanyheldthe22ndmeetingofthe5thBoardofDirectorsandthe18thmeetingofthe5thSupervisoryCommitteetoconsiderandadopttheResolutionontheChangesofAccountingPolicies.SinceOctober25,2023,theCompanyhasimplementedtheAccountingStandardsforBusinessEnterprisesNo.17"AccountingforLeasebackafterSale"promulgatedbytheMinistryofFinancein2023.SuchchangesinaccountingpoliciesarereasonableaspertherelevantregulationspromulgatedbytheMinistryofFinance,whichisincompliancewithrelevantregulatoryrequirementsandtheactualsituationoftheCompany,withoutsignificantimpactontheCompany'sfinancialposition,operatingresultsandcashflow.Fordetails,pleaserefertotheAnnouncementonChangesinAccountingPoliciesdisclosedondesignatedinformationdisclosuremediabytheCompanyonApril11,2023(AnnouncementNo.2024-057).VII.ReasonforChangesinScopeoftheConsolidatedFinancialStatementsasComparedtotheFinancialReportforthePreviousFiscalYear
?Applicable□NotapplicableIntheReportingPeriod,therewereonecompanynewlyincludedinthescopeoftheconsolidatedstatements:YunnanJiechenPackagingMaterialsCo.,Ltd.,whichwasnewlyinvestedduringtheReportingPeriod.
VIII.EngagementandDisengagementofCPAsFirmCPAfirmengagedatpresent
| NameofthedomesticCPAfirm | DahuaCPAs(SGP) |
| RemunerationofthedomesticCPAfirm(RMB0’000) | 265 |
| Consecutiveyearsofauditservicesprovidedbythedomesticauditor | 11years |
| Namesofthecertifiedpublicaccountantsfromdomesticaccountingfirm | KangWenjun,YaoRui |
| ConsecutiveyearsofauditservicesprovidedbytheCertifiedPublicAccountantsfromdomesticaccountingfirm | KangWenjunandYaoRuiprovideauditservicesfortwoyearsandthreeyearsrespectively |
WhethertheCPAsfirmwaschangedinthecurrentperiod
□Yes?NoEngagementofanyCPAsfirm,financialadvisororsponsorforinternalcontrolandaudit?Applicable□NotapplicableTheCompanyhiredDahuaCPAs(SGP)astheauditingandaccountingfirmforinternalcontrolduringtheReportingPeriod;theCompanyengagedCITICSecuritiesCo.,Ltd.asthesponsorforthenon-publicofferingofAsharestoraisefunds.IX.PossibilityofDelistingafterDisclosureofthisAnnualReport
□Applicable?NotapplicableX.MattersRelatedtoBankruptcyandReorganization
□Applicable?NotapplicableTheCompanywasnotbankruptandreorganizedduringtheReportingPeriod.
XI.MaterialLitigationandArbitration?Applicable□Notapplicable
| Basicinformationonlitigation(arbitration) | Amountinvolved(RMB0’000) | Whethercausedestimatedliabilities | Progressinlitigation(arbitration) | Hearingresultandimpactoflitigation(arbitration) | Judgmentexecutionoflitigation(arbitration) | Disclosuredate | DisclosureIndex |
ZhuhaiEnergysuedHebeiGellecNewEnergyScience&TechnologyCo.Ltd(“Gellec”)forinfringingthecompany'sinventionpatentNo.ZL201810751698.9
| 3,000 | No | WithdrawninNovember2023 | NoimpactontheCompany'sprofitforthecurrentandsubsequentperiods | -- | May22,2023 | AnnouncementonLitigationInitiatedbySubsidiaryoftheCompany(AnnouncementNo.:2023-079)ontheCninfowebsite | |
| ShanghaiEnergysuedGellecforinfringingthecompany'sutilitymodelpatentNo.ZL201920914445.9 | 2,000 | No | WithdrawninMarch2024 | NoimpactontheCompany'sprofitforthecurrentandsubsequentperiods | -- | May22,2023 | AnnouncementonLitigationInitiatedbySubsidiaryoftheCompany(AnnouncementNo.:2023-079)ontheCninfowebsite |
| ShanghaiEnergysuedGellecforinfringingthecompany'sutilitymodelpatentNo.ZL201921292978.4 | 2,000 | No | WithdrawninMarch2024 | NoimpactontheCompany'sprofitforthecurrentandsubsequentperiods | -- | May22,2023 | AnnouncementonLitigationInitiatedbySubsidiaryoftheCompany(AnnouncementNo.:2023-079)on |
| theCninfowebsite | |||||||
| ShanghaiEnergysuedGellecforinfringingthecompany'sinventionpatentNo.ZL201380061102.8 | 10,500 | No | CommencedonApril17,2024 | Thefinaloutcomeofthejudgementremainsuncertain.ItisnotpossibletopredicttheimpactontheCompany'sprofitforthecurrentorsubsequentperiods.Thefinalactualimpactissubjecttotheoutcomeofthecourt'sfinaljudgement | -- | August9,2023 | AnnouncementonLitigationMattersInvolvingSubsidiaryoftheCompany(No.:2023-138);,theCorrigendumAnnouncementonLitigationInitiatedbySubsidiaryoftheCompany(AnnouncementNo.:2023-139)ontheCninfowebsite. |
| ShanghaiEnergysuedGellecforinfringingthecompany'sinventionpatentNo.ZL201810710744.0 | 10,500 | No | CommencedonApril17,2024 | Thefinaloutcomeofthejudgementremainsuncertain.ItisnotpossibletopredicttheimpactontheCompany'sprofitforthecurrentorsubsequentperiods.Thefinalactualimpactissubjecttotheoutcomeofthecourt'sfinaljudgement | -- | August9,2023 | AnnouncementonLitigationMattersInvolvingSubsidiaryoftheCompany(AnnouncementNo.:2023-138),theCorrigendumAnnouncementonLitigationInitiatedbySubsidiaryoftheCompany(AnnouncementNo.:2023-139)ontheCninfowebsite |
| GellecsuedShanghaiEnergyandZhuhaiEnergyforinfringingtheinventionpatentNo.ZL201810969215.2 | 5,000 | No | Notyetcommenced | Ithasnotyetcommenced.Thefinaloutcomeofthejudgementremainsuncertain.ItisnotpossibletopredicttheimpactontheCompany'sprofitforthecurrentorsubsequentperiods.Thefinalactualimpactissubjecttotheoutcomeofthecourt'sfinaljudgement | -- | December18,2023 | AnnouncementonLitigationMattersInvolvingSubsidiaryoftheCompany(AnnouncementNo.:2023-223)ontheCninfowebsite |
| GellecsuedShanghaiEnergyandZhuhaiEnergyforinfringingtheinventionpatentNo.ZL201810859589.9 | 9,900 | No | Notyetcommenced | Ithasnotyetcommenced.Thefinaloutcomeofthejudgementremainsuncertain.ItisnotpossibletopredicttheimpactontheCompany'sprofitforthecurrentorsubsequentperiods.Thefinalactualimpactissubjecttotheoutcomeofthecourt'sfinaljudgement | -- | December18,2023 | AnnouncementonLitigationMattersInvolvingSubsidiaryoftheCompany(AnnouncementNo.:2023-223)ontheCninfowebsite |
ThetotalsuminvolvingotherlitigationsincurredbytheCompanyduringtheReportingPeriodamountedtoRMB4,195,000,includingtheoutstandingcaseamountingtoRMB0asattheendoftheReportingPeriod,whichwillnotresultinanyestimatedliabilities.XII.PunishmentsandRectifications
□Applicable?NotapplicableTheCompanymadenopunishmentorrectificationduringtheReportingPeriod.
XIIITheCompanymadenopunishmentorrectificationduringtheReportingPeriod.?Applicable□NotapplicableDuringtheReportingPeriod,theCompanyanditscontrollingshareholderandtheactualcontrollerwereingoodstanding,andtherewerenocasesofnon-performanceofcourtjudgmentsinforceorlargedebtsduebutunpaid.
XIV.Significantrelatedtransactions
1.Relatedtransactionsarisingfromroutineoperation?Applicable□Notapplicable
| Relatedtransactionparty | Relation | Typeofrelatedtransaction | Detailsofrelatedtransaction | Pricingprincipleoftherelatedtransaction | Relatedtransactionprice | Relatedtransactionamount(RMB0’000) | Proportioninthetotalamountoftransactionofthesametype | Approvedtransactionlimit(RMB0’000) | Whetherthetransactionexceededtheapprovedlimitornot | Settlementmodeforrelatedtransaction | Obtainablemarketpriceforthetransactionofthesametype | Disclosuredate | DisclosureIndex |
| Kunshasi | AcompanyinvestedinbytheCompany | Purchaserawmaterialsfromrelatedparties | Purchaseadditives | Agreedbybothpartiesbasedonmarketprice | -- | 3,374.13 | 52.82% | 5,500 | No | Bankdepositoracceptancedraft | RNB18.53/kg | January31,2023 | Fordetails,pleaserefertotheAnnouncementontheExpectedRoutineRelatedTransactionsin2023(No.:2023-008)disclosedontheCninfowebsite. |
| Sellproductsandcommoditiestorelatedparties | Sellrawmaterials | Agreedbybothpartiesbasedonmarketprice | -- | 947.86 | 77.49% | 2,500 | No | RNB9.46/kg | January31,2023 | ||||
| Leasetorelatedparties | Leaseworkshop | Agreedbybothpartiesbasedonmarketprice | -- | 2.40 | 1.33% | 2.4 | No | Bankdeposit | -- | January31,2023 | |||
| HeyiInvestment | AshareholderoftheCompany | Leasetorelatedparties | Leaseoffice | Agreedbybothpartiesbasedonmarketprice | -- | 0.33 | 0.19% | 0.33 | No | Bankdeposit | -- | January31,2023 | |
| HeliInvestment | AshareholderoftheCompany | Leasetorelatedparties | Leaseoffice | Agreedbybothpartiesbasedonmarketprice | -- | 0.24 | 0.14% | 0.24 | No | Bankdeposit | -- | January31,2023 | |
| JieshengTechnologyCo.,Ltd.anditssubsidiaries | AcompanyinvestedinbytheCompany | Purchaseequipmentandsparepartsfromrelatedparties | Purchaseequipmentandspareparts | Agreedbybothpartiesbasedonmarketprice | -- | 30,715.20 | 5.37% | 32,497.03 | No | Bankdepositoracceptancedraft | -- | January31,2023 | |
| ZhuhaiChenyuNew | AcompanyinvestedinbytheCompany | Purchasematerialsfromrelatedparties | Purchasematerials | Agreedbybothpartiesbasedonmarketprice | -- | 12,765.89 | 8.03% | 28,350 | No | Bankdepositoracceptancedraft | -- | January31,2023 |
| MaterialTechnologyCo.,Ltd.anditssubsidiaries | Sellpackagingmaterialsandotherstorelatedparties | Sellpackagingmaterials | -- | 125.97 | 0.38% | 150 | No | Bankdepositoracceptancedraft | -- | January31,2023 | |||
| IndustrialandCommercialBankofChinaLimited | ThespouseofMs.ZhengHaiying(IndependentDirector)isaNon-executiveDirectoroftheICBC | Applyforloans(includingapplyingforgeneralcreditlimits,acceptancebill,letterofcredit,letterofguarantee,etc.)fromrelatedbanks | Loan | Marketpricing,nothigherthantheloanbenchmarkinterestrateforthesameperiodorthemarketinterestratelevelunderthesameconditions | -- | 235,762.75 | 19.69% | 521,000 | No | Notapplicable | -- | March3,2023 | Fordetails,pleaserefertotheAnnouncementontheExpectedDeposit,LoanandGuaranteewithRelatedBankin2023(No.:2023-028)disclosedontheCninfowebsite. |
| Depositswithrelatedbanks(includingdemanddeposits,timedeposits,calldeposits,etc.) | Deposit | Marketpricing,nothigherthanthedepositbenchmarkinterestrateforthesameperiod | -- | 12,587.48 | 2.70% | 55,000 | No | Notapplicable | -- | March3,2023 | |||
| MutualguaranteesbetweencompaniesforthepurposeoftheCompany’sconsolidatedfinancialstatementsthroughtherelatedbanks | Guarantee | Agreedbybothpartiesbasedonmarketprice | -- | 498,700.00 | 14.96% | 521,000 | No | Notapplicable | -- | March3,2023 | |||
| Total | -- | -- | 794,982.25 | -- | 1,133,502.97 | -- | -- | -- | -- | -- | |||
| Detailsofanysalesreturnofalargeamount | No | ||||||||||||
| GivetheactualsituationduringtheReportingPeriod(ifany)whereaforecasthadbeenmadeforthetotalamountsofroutinerelatedtransactionsbytypetooccurinthecurrentperiod | TheactualroutinetransactionamountbetweentheCompanyandtherelatedpartiesdidnotexceedthetotalamountofroutinerelatedtransactionsestimatedbytheCompanybytype. | ||||||||||||
| Reasonforanysignificantdifferencebetweenthetransactionpriceandthemarketreferenceprice(ifapplicable) | Notapplicable | ||||||||||||
2.Related-partytransactionsrelevanttoacquisitionandsalesofassetsorequities
□Applicable?NotapplicableTheCompanydidn’tacquireorsellassetsorequitiesduringtheReportingPeriod.
3.Related-partytransactionsinconnectionwithjointexternalinvestments
□Applicable?NotapplicableTheCompanyhadnorelated-partytransactioninconnectionwithjointexternalinvestmentsduringtheReportingPeriod.
4.Creditsandliabilitieswithrelatedparties?Applicable□NotapplicableWhethertherewereanycreditsorliabilitieswithrelatedpartiesfornon-operatingpurposes
□Yes?NoTherewerenocreditsorliabilitieswithrelatedpartiesfornon-operatingpurposeduringtheReportingPeriod.
5.Dealingwithrelatedfinancialcompanies
□Applicable?NotapplicableTherewasnodeposit,loan,creditgrantingorotherfinancialbusinessbetweentheCompanyandtherelatedfinancialcompaniesandtherelatedparties.
6.DealingbetweenthefinancialcompaniescontrolledbytheCompanyandtherelatedparties
□Applicable?NotapplicableTherewasnodeposit,loan,creditgrantingorotherfinancialbusinessbetweenthefinancialcompaniescontrolledbytheCompanyandtherelatedparties.
7.Othersignificantrelatedpartytransactions?Applicable□NotapplicableOnSeptember28,2023,the13thmeetingofthe5thBoardofDirectorsandthe10thmeetingofthe5thSupervisoryCommitteeoftheCompanyconsideredandapprovedthe'ProposalontheAcquisitionofMinorityInterestinaControlledSubsidiaryandConnectedTransaction.TheCompanyproposedtouseitsownandself-financingfundstoacquire3.25%equityinterestand1.53%equityinterestinShanghaiEnergyNewMaterialTechnologyCo.,Ltd.fromMs.YanMaandMr.AlexCheng.OnOctober13,2023,thecounterparties,Ms.YanMaandMr.AlexCheng,voluntarilysupplementedtheirperformanceundertakings.OnOctober19,2023,the7thextraordinarygeneralmeetingoftheCompanyof2023consideredandapprovedthisconnectedtransaction.OnOctober29,2023,theCompanyheldthe14thmeetingofthe5thBoardofDirectorsandthe11thmeetingofthe5thSupervisoryCommittee,atwhichitconsideredandapprovedtheProposalonTerminationoftheAcquisitionofMinorityInterestinHoldingSubsidiaryandConnectedTransaction.InviewofthefactthattheCompanyiscurrentlyfocusingonacceleratingtheoverseasstrategiclayoutinordertopromptlygraspthedevelopmentopportunitiesinoverseasmarketsinthefuture,promotetheco-operationwithoverseascustomers,andfurtherstrengthenoverseascompetitiveadvantages,therelevantdevelopmentneedsaremorepressing.Bytakingintoconsiderationofavarietyoffactors,includingthecurrentmarketconditions,theCompanyandthecounterpartieshavedecidedtoterminatethetransactionafterfullcommunicationandarms-lengthnegotiation.Relevantinformationregardingtheinterimannouncementdisclosurewebsiteforsignificantrelatedpartytransactions
| Nameofinterimannouncement | Disclosuredateoftheinterimannouncement | Nameoftheinterimannouncementdisclosurewebsite |
| ProposalontheAcquisitionofMinorityInterestinaControlledSubsidiaryandConnectedTransaction | September29,2023 | TheCninfowebsite |
| ProposalontheAcquisitionofMinorityInterestinaControlledSubsidiaryandConnectedTransaction(Revised) | October13,2023 | TheCninfowebsite |
| AnnouncementontheResponsetotheLetterofConcernfromShenzhenStockExchange | October13,2023 | TheCninfowebsite |
| Announcementonthe7thExtraordinaryGeneralMeetingoftheCompanyof2023 | October20,2023 | TheCninfowebsite |
| ProposalonTerminationoftheAcquisitionofMinorityInterestinHoldingSubsidiaryandConnectedTransaction(Updated) | October30,2023 | TheCninfowebsite |
XV.Significantcontractsandtheirexecution
1.Trusteeships,Contracts,andLeases
(1)Trusteeships
□Applicable?NotapplicableTherewasnotrusteeshipduringtheReportingPeriod.
(2)Contracts
□Applicable?NotapplicableNosuchcasesduringtheReportingPeriod.
(3)Leases
□Applicable?NotapplicableNoleasesoftheCompanyduringtheReportingPeriod.
2.Significantguarantees
?Applicable□Notapplicable
Unit:RMB0’000
| ExternalguaranteesprovidedbytheCompanyanditssubsidiaries(excludingthoseforsubsidiaries) | ||||||||
| Guaranteedparty | Disclosuredateoftheguaranteelineannouncement | Guaranteeline | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Periodofguarantee | Performedornot | Guaranteeforarelatedpartyornot |
| Guaranteesprovidedbysubsidiariesforsubsidiaries | ||||||||
| Guaranteedparty | Disclosuredateoftheguaranteelineannouncement | Guaranteeline | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Periodofguarantee | Performedornot | Guaranteeforarelatedpartyornot |
| HongtaPlastic | March4,2023 | 4,400 | May18,2022 | 1,969.22 | Joint-liabilityguarantee | 1year | No | No |
| HongtaPlastic | March4,2023 | 4,000 | May17,2022 | 0 | Joint-liabilityguarantee | 5years | No | No |
| HongtaPlastic | March4,2023 | 7,800 | November10,2020 | 0 | Joint-liabilityguarantee | 3years | No | No |
| HongtaPlastic | March4,2023 | 5,165 | November9,2020 | 5,000 | Joint-liabilityguarantee | 3years | No | No |
| HongtaPlastic | March4,2023 | 8,000 | March18,2021 | 4,100 | Joint-liabilityguarantee | 4years | No | No |
| HongtaPlastic | March4,2023 | 3,500 | October29,2021 | 3,500 | Joint-liabilityguarantee | 3years | No | No |
| HongtaPlastic | March4,2023 | 10,000 | November29,2021 | 136.67 | Joint-liabilityguarantee | 1year | No | No |
| HongtaPlastic | March4,2023 | 12,900 | January12,2022 | 7,960.55 | Joint-liabilityguarantee | 3years | No | No |
| HongtaPlastic | March4,2023 | 6,000 | May5,2022 | 6,000 | Joint-liabilityguarantee | 2years | No | No |
| HongtaPlastic | March4,2023 | 5,000 | November30,2020 | 0 | Joint-liabilityguarantee | 1year | No | No |
| HongtaPlastic | March4,2023 | 5,000 | October24,2022 | 2,000 | Joint-liabilityguarantee | 1year | No | No |
| DexinPaper | March4,2023 | 800 | March30,2021 | 0 | Joint-liabilityguarantee | 3years | No | No |
| DexinPaper | March4,2023 | 1,000 | January12,2022 | 1,000 | Joint-liabilityguarantee | 2years | No | No |
| DexinPaper | March4,2023 | 1,000 | June7,2022 | 1,000 | Joint-liabilityguarantee | 4years | No | No |
| DexinPaper | March4,2023 | 2,000 | October24,2022 | 0 | Joint-liabilityguarantee | 1year | No | No |
| DexinPaper | March4,2023 | 2,000 | November13,2019 | 0 | Joint-liabilityguarantee | 3years | No | No |
| HongchuangPackaging | March4,2023 | 6,600 | May18,2022 | 4,296.26 | Joint-liabilityguarantee | 1year | No | No |
| HongchuangPackaging | March4,2023 | 5,000 | January12,2022 | 0 | Joint-liabilityguarantee | 5years | No | No |
| HongchuangPackaging | March4,2023 | 3,000 | February23,2022 | 2,904.06 | Joint-liabilityguarantee | 3years | No | No |
| HongchuangPackaging | March4,2023 | 5,600 | March1,2022 | 0 | Joint-liabilityguarantee | 3years | No | No |
| HongchuangPackaging | March4,2023 | 16,200 | March15,2022 | 7,317.25 | Joint-liabilityguarantee | 3years | No | No |
| HongchuangPackaging | March4,2023 | 4,000 | March21,2022 | 0 | Joint-liabilityguarantee | 2years | No | No |
| HongchuangPackaging | March4,2023 | 12,000 | May1,2022 | 417.21 | Joint-liabilityguarantee | 4years | No | No |
| HongchuangPackaging | March4,2023 | 4,000 | June23,2022 | 3,114.33 | Joint-liabilityguarantee | 1year | No | No |
| HongchuangPackaging | March4,2023 | 11,000 | July8,2022 | 3,813.25 | Joint-liabilityguarantee | 1year | No | No |
| HongchuangPackaging | March4,2023 | 843.83 | July21,2022 | 616.83 | Joint-liabilityguarantee | 1year | No | No |
| HongchuangPackaging,ShanghaiEnergy,WuxiEnergy,JiangsuEnergy | March4,2023 | 39,224.9 | September30,2022 | 30,000 | Joint-liabilityguarantee | 八years | No | No |
| HongchuangPackaging | March4,2023 | 10,000 | October21,2022 | 0 | Joint-liabilityguarantee | 1year | No | No |
| HongchuangPackaging | March4,2023 | 6,000 | October21,2022 | 4,214.95 | Joint-liabilityguarantee | 3years | No | No |
| ChengduHongtaPlastic | March4,2023 | 7,500 | May11,2022 | 360 | Joint-liabilityguarantee | 1year | No | No |
| ChengduHongtaPlastic | March4,2023 | 3,000 | September30,2020 | 0 | Joint-liabilityguarantee | 1year | No | No |
| ShanghaiEnergy | March4,2023 | 85,600 | October23,2020 | 63,600 | Joint-liabilityguarantee | 7years | No | No |
| ShanghaiEnergy | March4,2023 | 66,000 | March5,2021 | 40,000 | Joint-liabilityguarantee | 5years | No | No |
| ShanghaiEnergy | March4,2023 | 11,000 | March16,2021 | 0 | Joint-liabilityguarantee | Indefiniteterm | No | No |
| ShanghaiEnergy | March4,2023 | 24,000 | July14,2021 | 0 | Joint-liabilityguarantee | 3years | No | No |
| ShanghaiEnergy | March4,2023 | 90,000 | September15,2021 | 81,800 | Joint-liabilityguarantee | 3years | No | No |
| ShanghaiEnergy | March4,2023 | 4,622.59 | January1,2022 | 0 | Joint-liabilityguarantee | 5years | No | No |
| ShanghaiEnergy | March4,2023 | 45,000 | February7,2022 | 20,000 | Joint-liabilityguarantee | 5years | No | No |
| ShanghaiEnergy,WuxiEnergy | March4,2023 | 10,000 | February14,2022 | 0 | Joint-liabilityguarantee | 2years | No | No |
| ShanghaiEnergy | March4,2023 | 30,000 | February14,2022 | 0 | Joint-liabilityguarantee | 5years | No | No |
| ShanghaiEnergy,ZhuhaiEnergy | March4,2023 | 34,382 | February15,2022 | 0 | Joint-liabilityguarantee | 3years | No | No |
| ShanghaiEnergy | March4,2023 | 20,000 | March8,2022 | 14,800 | Joint-liabilityguarantee | 1year | No | No |
| ShanghaiEnergy | March4,2023 | 20,000 | March21,2022 | 20,000 | Joint-liabilityguarantee | 1year | No | No |
| ShanghaiEnergy | March4,2023 | 12,000 | March17,2022 | 12,000 | Joint-liabilityguarantee | 1year | No | No |
| ShanghaiEnergy | March4,2023 | 80,000 | November30,2021 | 25,000 | Joint-liabilityguarantee | 1year | No | No |
| ShanghaiEnergy | March4,2023 | 58,695.9 | May10,2022 | 20,000 | Joint-liabilityguarantee | 2years | No | No |
| ShanghaiEnergy | March4,2023 | 50,000 | June5,2022 | 42,750 | Joint-liabilityguarantee | 1year | No | No |
| ShanghaiEnergy | March4,2023 | 120,000 | June9,2022 | 59,992.5 | Joint-liabilityguarantee | 15years | No | No |
| ShanghaiEnergy | March4,2023 | 87,500 | April18,2022 | 30,000 | Joint-liabilityguarantee | 1year | No | No |
| ShanghaiEnergy | March4,2023 | 20,900 | July21,2022 | 0 | Joint-liabilityguarantee | 2years | No | No |
| ShanghaiEnergy | March4,2023 | 16,500 | June10,2022 | 15,000 | Joint-liabilityguarantee | 2years | No | No |
| ShanghaiEnergy | March4,2023 | 60,600 | July21,2022 | 26,500 | Joint-liabilityguarantee | 1year | No | No |
| ShanghaiEnergy | March4,2023 | 19,600 | September2,2022 | 400 | Joint-liabilityguarantee | 1year | No | No |
| ShanghaiEnergy | March4,2023 | 50,000 | September1,2022 | 19,000 | Joint-liabilityguarantee | 4years | No | No |
| ShanghaiEnergy | March4,2023 | 5,000 | September21,2022 | 5,000 | Joint-liabilityguarantee | 1year | No | No |
| ShanghaiEnergy | March4,2023 | 20,000 | September16,2022 | 9,750 | Joint-liabilityguarantee | 1year | No | No |
| ZhuhaiEnergy | March4,2023 | 20,000 | October14,2022 | 0 | Joint-liabilityguarantee | 5years | No | No |
| ZhuhaiEnergy | March4,2023 | 22,000 | March5,2021 | 16,911.59 | Joint-liabilityguarantee | 2years | No | No |
| ZhuhaiEnergy | March4,2023 | 30,000 | October27,2022 | 0 | Joint-liabilityguarantee | 1year | No | No |
| ZhuhaiEnergy | March4,2023 | 27,000 | December28,2022 | 0 | Joint-liabilityguarantee | 3years | No | No |
| ZhuhaiEnergy | March4,2023 | 10,000 | December11,2019 | 5,580.15 | Joint-liabilityguarantee | 4years | No | No |
| ZhuhaiEnergy | March4,2023 | 3,200 | November30,2021 | 3,000 | Joint-liabilityguarantee | 1year | No | No |
| ZhuhaiEnergy | March4,2023 | 30,000 | May21,2021 | 1,394.2 | Joint-liabilityguarantee | 1year | No | No |
| ZhuhaiEnergy | March4,2023 | 20,000 | May18,2021 | 1,773.12 | Joint-liabilityguarantee | 1year | No | No |
| ZhuhaiEnergy | March4,2023 | 20,000 | June24,2021 | 4,800 | Joint-liabilityguarantee | 1year | No | No |
| ZhuhaiEnergy | March4,2023 | 30,000 | September1,2021 | 30,000 | Joint-liabilityguarantee | 2years | No | No |
| ZhuhaiEnergy | March4,2023 | 15,000 | September1,2021 | 10,000 | Joint-liabilityguarantee | 3years | No | No |
| WuxiEnergy | March4,2023 | 10,000 | January19,2022 | 0 | Joint-liabilityguarantee | 3years | No | No |
| WuxiEnergy | March4,2023 | 10,000 | February7,2022 | 6,800 | Joint-liabilityguarantee | 1year | No | No |
| WuxiEnergy,JiangxiTonry,SuzhouGreenPower,ChongqingEnergy,JiangxiRuijie,JiangsuEnergy,JiangsuRuijie,JiangxiEnpo,HubeiEnergy,JiangsuSanhe,YuxiEnergy | March4,2023 | 70,000 | March30,2022 | 0 | Joint-liabilityguarantee | 4years | No | No |
| WuxiEnergy,JiangxiTonry,SuzhouGreenPower,ChongqingEnergy,JiangxiRuijie,JiangsuEnergy,JiangsuRuijie,JiangxiEnpo,HubeiEnergy,JiangsuSanhe,YuxiEnergy,XiamenEnergy,NewmiTech,JiangxiEnergy | March4,2023 | 300,000 | May18,2022 | 9,268.49 | Joint-liabilityguarantee | 1year | No | No |
| WuxiEnergy,JiangxiTonry,SuzhouGreenPower,ChongqingEnergy,JiangxiRuijie,JiangsuEnergy,JiangsuRuijie,JiangxiEnpo,HubeiEnergy,YuxiEnergy,XiamenEnergy,JiangxiEnergy | March4,2023 | 150,000 | July08,2022 | 19 | Joint-liabilityguarantee | 3years | No | No |
| WuxiEnergy,JiangxiTonry,SuzhouGreenPower,ChongqingEnergy,JiangxiRuijie,JiangsuEnergy,JiangsuRuijie,JiangxiEnpo,HubeiEnergy,JiangsuSanhe,YuxiEnergy,XiamenEnergy | March4,2023 | 150,000 | September23,2022 | 0 | Joint-liabilityguarantee | 3years | No | No |
| WuxiEnergy | March4,2023 | 7,000 | September7,2022 | 6,954.59 | Joint-liabilityguarantee | 1year | No | No |
| WuxiEnergy | March4,2023 | 20,000 | October27,2022 | 7,700 | Joint-liabilityguarantee | 1year | No | No |
| WuxiEnergy | March4,2023 | 15,000 | May1,2021 | 0 | Joint-liabilityguarantee | 1year | No | No |
| JiangxiTonry | March4,2023 | 13,500 | August7,2021 | 10,000 | Joint-liabilityguarantee | 3years | No | No |
| JiangxiTonry | March4,2023 | 10,000 | January5,2022 | 10,000 | Joint-liabilityguarantee | 1year | No | No |
| JiangxiTonry | March4,2023 | 10,000 | April11,2022 | 10,000 | Joint-liabilityguarantee | 1year | No | No |
| JiangxiTonry | March4,2023 | 10,000 | June10,2021 | 10,000 | Joint-liabilityguarantee | 1year | No | No |
| JiangxiTonry | March4,2023 | 20,000 | May30,2022 | 19,000 | Joint-liabilityguarantee | 1year | No | No |
| JiangxiTonry | March4,2023 | 5,000 | August12,2022 | 5,000 | Joint-liabilityguarantee | 1year | No | No |
| JiangxiTonry | March4,2023 | 10,000 | October8,2022 | 10,000 | Joint-liabilityguarantee | 1year | No | No |
| SuzhouGreenPower | March4,2023 | 10,400 | November1,2022 | 0 | Joint-liabilityguarantee | 5years | No | No |
| SuzhouGreenPower | March4,2023 | 10,000 | January22,2021 | 0 | Joint-liabilityguarantee | 5years | No | No |
| SuzhouGreenPower | March4,2023 | 10,000 | October17,2022 | 6,058.95 | Joint-liabilityguarantee | 1year | No | No |
| ChongqingEnergy | March4,2023 | 30,000 | October28,2022 | 0 | Joint-liabilityguarantee | 1year | No | No |
| JiangxiRuijie | March4,2023 | 40,000 | September17,2021 | 30,000 | Joint-liabilityguarantee | 7years | No | No |
| SEMCORPHUNGARYKFT. | March4,2023 | 100,000 | July1,2020 | 4,341.25 | Joint-liabilityguarantee | 5years | No | No |
| SEMCORPHUNGARYKFT. | March4,2023 | 45,000 | November30,2021 | 0 | Joint-liabilityguarantee | 4years | No | No |
| JiangsuEnergy | March4,2023 | 20,000 | April8,2021 | 5,000 | Joint-liabilityguarantee | 1year | No | No |
| HubeiEnergy | March4,2023 | 49,500 | March9,2022 | 36,694.19 | Joint-liabilityguarantee | 5years | No | No |
| HubeiEnergy | March4,2023 | 165,000 | May30,2022 | 90,955.68 | Joint-liabilityguarantee | 9years | No | No |
| YuxiEnergy | March4,2023 | 50,000 | October8,2022 | 41,075.44 | Joint-liabilityguarantee | 3years | No | No |
| YuxiEnergy | March4,2023 | 100,000 | November01,2021 | 9,441.25 | Joint-liabilityguarantee | 3years | No | No |
| YuxiEnergy | March4,2023 | 80,000 | May6,2022 | 0 | Joint-liabilityguarantee | 9years | No | No |
| ShanghaiEnergyTradingCo.,Ltd. | March4,2023 | 1,000 | May5,2022 | 1,000 | Joint-liabilityguarantee | 1year | No | No |
| HongchuangPackaging(Anhui)Co.,Ltd. | March4,2023 | 21,000 | July14,2021 | 0 | Joint-liabilityguarantee | 1year | No | No |
| JiangxiTonry | March4,2023 | 50,000 | December27,2021 | 0 | Joint-liabilityguarantee | 1year | No | No |
| JiangxiTonry | March4,2023 | 180,000 | April13,2022 | 0 | Joint-liabilityguarantee | 3years | No | No |
| JiangxiEnpo | March4,2023 | 180,000 | May17,2022 | 0 | Joint-liabilityguarantee | 3years | No | No |
| JiangxiTonry | March4,2023 | 150,000 | November24,2022 | 0 | Joint-liabilityguarantee | 5years | No | No |
| ZhuhaiEnergy | March4,2023 | 75,000 | June10,2021 | 28,000 | Joint-liabilityguarantee | 6years | No | No |
| ZhuhaiEnergy | March4,2023 | 20,000 | August14,2017 | 0 | Joint-liabilityguarantee | 2years | No | No |
| WuxiEnergy | March4,2023 | 116,000 | August1,2019 | 45,449.29 | Joint-liabilityguarantee | 9years | No | No |
| JiangxiTonry | March4,2023 | 150,000 | May8,2020 | 0 | Joint-liabilityguarantee | 5years | No | No |
| SuzhouGreenPower | March4,2023 | 55,000 | June9,2022 | 22,972.03 | Joint-liabilityguarantee | 5years | No | No |
| ChongqingEnergy | March4,2023 | 160,000 | December1,2020 | 88,099.87 | Joint-liabilityguarantee | 6years | No | No |
| TotallineofguaranteesgrantedtosubsidiariesduringtheReportingPeriod(B1) | 5,738,300 | TotalactualamountofguaranteesinfavourofsubsidiariesduringtheReportingPeriod(B2) | 1,345,041.37 | |||||
| TotallineofguaranteesgrantedtosubsidiariesasattheendoftheReportingPeriod(B3) | 5,738,300 | TotalactualamountofguaranteesinfavourofsubsidiariesasattheendoftheReportingPeriod(B4) | 1,182,602.16 | |||||
| Guaranteesprovidedbysubsidiariesforsubsidiaries | ||||||||
| Guaranteedparty | Disclosuredateoftheguaranteelineannouncement | Guaranteeline | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Periodofguarantee | Performedornot | Guaranteeforarelatedpartyornot |
| JiangsuEnergy | March4,2023 | 160,000 | June30,2022 | 40,909.74 | Joint-liabilityguarantee | 3years | No | No |
| JiangsuRuijie | March4,2023 | 43,500 | June30,2022 | 16,964.27 | Joint-liabilityguarantee | 3years | No | No |
| TotallineofguaranteesgrantedtosubsidiariesduringtheReportingPeriod(C1) | 203,500 | TotallineofguaranteesgrantedtosubsidiariesduringtheReportingPeriod(C2) | 62,747.36 | |||||
| TotallineofguaranteesgrantedtosubsidiariesasattheendoftheReportingPeriod(C3) | 203,500 | TotalactualamountofguaranteesinfavourofsubsidiariesasattheendoftheReportingPeriod(C4) | 57,874.02 | |||||
| TotalguaranteeamountprovidedbytheCompany(sumoftheaforesaidthreecategories) | ||||||||
| TotallineofguaranteesgrantedduringtheReportingPeriod(A1+B1+C1) | 5,941,800 | TotalactualamountofguaranteesduringtheReportingPeriod(A2+B2+C2) | 1,407,788.73 | |||||
| TotallineofguaranteesgrantedasattheendoftheReportingPeriod(A3+B3+C3) | 5,941,800 | TotalactualamountofguaranteesasattheendoftheReportingPeriod(A4+B4+C4) | 1,240,476.18 | |||||
| Actualtotalguarantees(A4+B4+C4)inproportiontonetassetoftheCompany | 46.07% | |||||||
| Including: | ||||||||
| Balanceofguaranteesgivenforshareholders,actualcontrollersandtheirrelatedparties(D) | 0 | |||||||
| Balanceofdebtguaranteesdirectorindirectlygivenforguaranteepartieswithgearingratioofover70%(E) | 1,957,625.39 | |||||||
| Amountoftotalguaranteesinexcessof50%ofnetassets(F) | 4,591,754.01 | |||||||
| Totaloftheabovethreeguaranteeamounts(D+E+F) | 4,591,754.01 | |||||||
| Forunexpiredguarantees,descriptionsabouttheguaranteeliabilitiesorpossiblejointandseveralliabilitiesofrepaymentoccurredduringtheReportingPeriod(ifany) | Nil | |||||||
| Externalguaranteesinbreachofproceduralrequirements(ifany) | Nil | |||||||
3.Entrustedcashassetsmanagement
(1)Entrustedwealthmanagement?Applicable□NotapplicableOverviewofentrustedwealthmanagementduringtheReportingPeriod
Unit:RMB0’000
| Type | Sourceofcapitalundertheentrustedwealthmanagement | AmountoftheEntrustedwealthmanagement | Undueamount | Overdueamountnotrecovered | Impairmentofoverduewealthmanagementnotrecovered |
| Bankwealthmanagementproducts | Self-ownedfund | 85,192.75 | 72,192.75 | 0 | 0 |
| Total | 85,192.75 | 72,192.75 | 0 | 0 | |
Particularsofhigh-riskentrustedwealthmanagementwithsignificantsingleamountorlowsecurityandlowliquidity
□Applicable?NotapplicableWhetherthereisthecasewheretheprincipalcannotberecoveredatmaturityorothercasewhereimpairmentmayoccur
□Applicable?Notapplicable
(2)Entrustedloans
□Applicable?NotapplicableTherewasnoentrustedloanoftheCompanyduringtheReportingPeriod.
4.Othermajorcontracts
□Applicable?Notapplicable
XVI.ExplanationforOtherSignificantEvents
?Applicable□Notapplicable
1.FromJanuary3,2023toJanuary30,2023,theCompany'sstocktriggeredtheredemptionclauseof"EnergyConvertibleBonds".The54thmeetingofthe4thsessionoftheBoardofDirectorsoftheCompanyresolvednottoexercisetheearlyredemptionrightof"EnergyConvertibleBonds"duringtheperiodfromJanuary31,2023toJune30,2023.FromJuly3,2023toJuly21,2023,theCompany'sstocktriggeredtheredemptionclauseof"EnergyConvertibleBonds".The8thmeetingofthe5thBoardofDirectorsoftheCompanyresolvednottoexercisetheearlyredemptionrightof"EnergyConvertibleBonds"duringtheperiodfromJuly22,2023toDecember31,2023.Fordetails,pleaserefertotheAnnouncementonNoEarlyRedemptionof"EnergyConvertibleBonds"(AnnouncementNos:2023-007and2023-129)publishedbytheCompanyinthedesignatedinformationdisclosuremediaonJanuary31,2023andJuly22,2023,respectively.
2.TheCompanycompletedthegeneralelectionoftheBoardofDirectorsandtheSupervisoryCommitteeonMarch24,2023.Followingtheelectionatthe2022AnnualGeneralMeetingheldonMarch24,2023andtheEmployees’RepresentativesConferenceheldonFebruary24,2023,themembersofthe5thBoardofDirectorsoftheCompanyareMr.PaulXiaomingLee,Mr.LiXiaohua,Ms.YanMa,Mr.AlexCheng,Mr.MaWeihua,Mr.FengJie,Ms.ShouChunyan,Mr.PanSimingandMs.ZhangJing;andthemembersofthe5thSupervisoryCommitteeoftheCompanyareMr.ZhangTao,Mr.LiBingandMs.KangWenting.OnApril6,2023,thefirstmeetingofthe5thBoardofDirectorsandthefirstmeetingofthe5thSupervisoryCommitteeoftheCompanyelectedthechairmanandvice-chairmanofthe5thBoardofDirectorsandthechairmanofthe5thSupervisoryCommitteeoftheCompany,andrenewedtheappointmentofthegeneralmanager,thedeputygeneralmanagerandthesecretaryoftheBoardoftheCompany.Fordetails,pleaserefertotheAnnouncementontheResolutionsofthe2022AnnualGeneralMeeting(AnnouncementNo.:2023-046)andtheAnnouncementontheCompletionoftheGeneralElectionoftheBoardofDirectorsandtheSupervisoryCommitteeandtheRe-appointmentofSeniorManagement(AnnouncementNo.:2023-050),whichweredisclosedbytheCompanyontheCninfowebsiteonMarch25,2023andApril7,2023,respectively.
3.DuringtheReportingPeriod,theCompanyimplementedatotaloftwosharerepurchaseplansoftheCompanyfortheexecutionofequityincentiveoremployeestockownershipscheme,withitsownfunds.FromMay4,2023toMay9,2023,theCompanyrepurchasedatotalof1,469,800sharesthroughthedesignatedaccountforrepurchasebywayofcentralizedbiddingtransactions,withthetotalamountpaidforrepurchaseamountingtoRMB149,973,873.79(excludingtransactioncosts).PleaserefertotheAnnouncementontheCompletionofShareRepurchaseandChangesinShares(AnnouncementNo.:2023-074)publishedbytheCompanyinthedesignatedinformationdisclosuremediaonMay10,2023fordetails.FromSeptember28,2023toDecember25,2023,theCompanyrepurchasedatotalof7,238,804sharesbywayofcentralizedbiddingtransactionsthroughthedesignatedaccountforrepurchase,andthetotalamountpaidfortherepurchasewasRMB400,002,812.96(excludingtransactioncosts),pleaserefertothe'AnnouncementontheCompletionofShareRepurchaseandChangesinShares(AnnouncementNo.:2023-229)publishedbytheCompanyinthedesignatedinformationdisclosuremediaonDecember26,2023fordetails.
4.Basedontherecognitionofthelong-termdevelopmentoftheCompany,Mr.PaulXiaomingLee(chairman)andMr.LiXiaohua(vicechairmanandgeneralmanager),actualcontrollersoftheCompany,increasedtheirshareholdingsintheCompanybyatotalof2,078,318sharesbymeansofcentralizedbiddingtransactionsthroughthetradingsystemoftheShenzhenStockExchangefromJune27,2023toJuly17,2023,withanincreaseintheamountofRMB194million,ofwhichMr.PaulXiaomingLeeincreasedhisshareholdingsby1,246,718shares,withanincreaseamountofRMB116million;Mr.LiXiaohuaincreasedhisshareholdingsby831,600shares,withanincreaseamountofRMB78million.Therelevantshareincreaseplanwascompleted.Fordetails,pleaserefertotheAnnouncementonthePlanofControllingShareholdersandActualControllerstoIncreaseTheirShareholdingsintheCompany(AnnouncementNo.:2023-112)andAnnouncementontheCompletionofthePlanofControllingShareholdersandActualControllerstoIncreaseTheirShareholdingintheCompany(AnnouncementNo.:2023-122),whichwerepublishedbytheCompanyinthedesignateddisclosureofinformationmediaonJune26,2023andJuly18,2023,respectively.Inaddition,Mr.PaulXiaomingLeevoluntarilyundertooknottoreducehisshareholdingsintheCompanywithin6monthsfromAugust24,2023.Fordetails,pleaserefertotheAnnouncementontheUndertakingoftheControllingShareholdersoftheCompanyNottoReduceTheirShareholdingsintheCompany(AnnouncementNo.:2023-153)publishedbytheCompanyinthedesignateddisclosureofinformationmediaonAugust24,2023.Currently,theundertakinghasbeenfulfillednow.
5.BasedontheconfidenceintheCompany'sfuturedevelopmentandrecognitionofitslong-terminvestmentvalue,someoftheCompany'sdirectors,supervisors,seniormanagementandcoremanagement,technicalandbusinesspersonnelintendtoincreasetheirshareholdingsintheCompanywithin6monthsfromOctober28,2023,withanaggregateamountofnotlessthanRMB200million(inclusive)andnotmorethanRMB400million(inclusive).Fordetails,pleaserefertotheAnnouncementonthePlansforIncreaseinShareholdingsintheCompanybySomeofDirectors,Supervisors,SeniorManagementandCorePersonnel(AnnouncementNo.:2023-192)publishedbytheCompanyinthedesignatedinformationdisclosuremediaonOctober30,2023.AsoftheendoftheReportingPeriod,theabovepersonshaveincreasedtheirequityinterestby144,300shares,withatotalincreaseofRMB8.8802million.Thisshareincreaseplanisbeingimplemented.TheCompanywillcontinuetopayattentiontotheimplementationoftheshareincreaseplan,managetheincreasedsharesintheCompany,supervisesuchpersonsofpurchaseandsaleoftheCompany'ssharesinstrictaccordancewiththerelevantprovisions,timelyfulfilltheinformationdisclosureobligations.
6.OnNovember22,2022,theCompanypublishedthe'AnnouncementonMaterialMatters(AnnouncementNo.:2022-146)inthedesignatedinformationdisclosuremedia.OnJanuary30,2023,April11,2023andAugust26,2023,theCompanypublishedthe'AnnouncementonUpdateofMaterialMatters'(AnnouncementNos:2023-004,2023-053and2023-155)inthedesignatedinformationdisclosuremedia.TherelevantauthoritiesliftedthecompulsorymeasuresimposedonMr.LiXiaohuaandMr.PaulXiaomingLee.Mr.PaulXiaomingLeereceivedtheWrittenDecisionofRecallingaCaseissuedbythepublicsecurityauthority.Atpresent,bothMr.LiXiaohuaandMr.PaulXiaomingLeeareperformingtheirdutiesnormallyintheCompanywithdiligenceandareactivelyparticipatingintheoperationandmanagementoftheCompany.
XVII.SignificantEventsoftheCompanyandItsSubsidiaries
?Applicable□Notapplicable
1.DuringtheReportingPeriod,ShanghaiEnergyestablishedgoodcooperationwithanumberofimportantcustomers.ShanghaiEnergyenteredintoa2023GuaranteedSupplyAgreementwithCATL,pursuanttowhichShanghaiEnergysuppliedlithium-ionbatterywet-process
separatortoCATL(includingCATLanditsaffiliates)basedontheagreedquantities;ShanghaiEnergyenteredintoaCapacityLockingAgreementwithawell-knowngloballarge-scalelithiumbatteryproducerforsupplyingnolessthan960millionsquaremetersoflithiumbatteryseparatormaterialstothatproducerfromitsHungarianplantintheperiodof2025-2033,subjecttothepurchaseorder;ShanghaiEnergyreceivedasuppliernominationletterfromaglobalbatterycompanyconfirmingthatShanghaiEnergyhadbecomeitslithiumbatteryseparatorsupplierforsupplyingseparatorfilmproductsforitslithiumbatteriesofmainstreamautomodelsatitsproductionbasesinEurope,Asia,etc.from2023to2031,subjecttothepurchaseorder.Fordetails,pleaserefertotheAnnouncementontheSigningofGuaranteedSupplyAgreementbytheCompany'sControlledSubsidiaryShanghaiEnergy(AnnouncementNo.:2023-016),theAnnouncementontheSigningofCapacityLockingAgreementbyControlledSubsidiaryShanghaiEnergyNewMaterialTechnologyCo.,Ltd.(AnnouncementNo.:2023-158)andtheAnnouncementontheReceiptofSupplierNominationLetter(AnnouncementNo.:2023-164),whichweredisclosedbytheCompanyinthedesignatedinformationdisclosuremediaonFebruary14,2023,August30,2023andSeptember13,2023,respectively.
2.OnApril12,2023,HongchuangPackagingandJiangsuJintanEconomicDevelopmentZoneenteredintotheInvestmentAgreementofHongchuangAsepticPackagingProductionBaseProject,decidingtoterminatetheformerInvestmentCooperationAgreementfor“EnergyLiquidPackagingProject”signedbybothpartiesonDecember20,2021;onthesameday,HongchuangPackagingenteredintotheInvestmentAgreementofHongchuangAsepticPackagingProductionBaseProjectwiththeManagementCommitteeofMa'anshanEconomicandTechnologicalDevelopmentZone,pursuanttowhichthewholly-ownedprojectcompanyofHongchuangPackaginglocatedwithintheareaunderthejurisdictionoftheManagementCommitteeofMa'anshanEconomicandTechnologicalDevelopmentZoneinvestedintheconstructionofHongchuangAsepticPackagingProductionBaseProject.Theprojectcompanycompletedthefilingoftheprojectandthefilingofthechangeintheindustrialandcommercialregistrationfortherelocation,andobtainedtheBusinessLicensere-issuedbytheMa'anshanAdministrationforMarketRegulation.Fordetails,pleaserefertotheAnnouncementontheProgressoftheSigningofInvestmentandCooperationAgreementonEnergyLiquidPackagingProjectbetweenHongchuangPackagingandtheManagementCommitteeofJiangsuJintanEconomicDevelopmentZone(AnnouncementNo.:2023-055)andtheAnnouncementontheCompletionbyaSubsidiaryofFilingofChangesintheIndustrialandCommercialRegistration(AnnouncementNo.:2023-057),whichweredisclosedbytheCompanyinthedesignatedinformationdisclosuremediaonApril14andApril17,2023,respectively.
3.TheCompanyintendstosetuptheShanghaimanagementheadquartersfornewenergy,EnergyResearchInstituteandoverseasoperationheadquartersinJinqiaoDevelopmentZone,withanestimatedtotalprojectinvestmentofnomorethanRMB1,720million.OnMay22,2023,ShanghaiEnergyandShanghaiJinqiao(Group)Co.,Ltd.enteredintoaFrameworkAgreement,pursuanttowhichJinqiaoGroupwouldtransfertheexclusivepartsofBuildingB,CandDattheJinqiao1851projectbywayofpre-sale.Thetotaltentativepre-salepricewasRMB1,714.5million.TheCompanywouldpaythetotaltentativepre-salepriceasagreedintheagreementinbatches.Fordetails,pleaserefertotheAnnouncementontheProgressoftheInvestmentintheConstructionoftheGroup'sHeadquartersOfficeBuilding,ResearchandDevelopmentCenterandOverseasOperationHeadquarters(AnnouncementNo.:2023-080),whichwasdisclosedbytheCompanyinthedesignatedinformationdisclosuremediaonMay23,2023.
Section7ShareChangesandShareholderDetailsI.ChangesinShares
1.Changesinshares
Unit:shares
| Beforethechange | Increaseordecrease(＋,－) | Afterthechange | |||||||
| Numberofshares | Proportion | Newsharesissued | Bonusissuance | Conversionofreserveintoshare | Others | Subtotal | Numberofshares | Proportion | |
| I.Sharessubjecttorestrictionsonsale | 150,367,377 | 16.85% | -2,949,509 | -2,949,509 | 147,417,868 | 15.08% | |||
| 1.Sharesheldbystate | 0 | 0.00% | 0 | 0.00% | |||||
| 2.Sharesheldbystate-ownedlegalpersons | 0 | 0.00% | 0 | 0.00% | |||||
| 3.Sharesheldbyotherdomesticinvestors | 55,714,351 | 6.24% | -3,881,014 | -3,881,014 | 51,833,337 | 5.30% | |||
| Including:Sharesheldbydomesticlegalpersons | 0 | 0.00% | 0 | 0.00% | |||||
| Sharesheldbydomesticnaturalpersons | 55,714,351 | 6.24% | -3,881,014 | -3,881,014 | 51,833,337 | 5.30% | |||
| 4.Sharesheldbyoverseasinvestors | 94,653,026 | 10.61% | 931,505 | 931,505 | 95,584,531 | 9.78% | |||
| Including:Sharesheldbyoverseaslegalpersons | 0 | 0.00% | 0 | 0.00% | |||||
| Sharesheldbyoverseasnaturalpersons | 94,653,026 | 10.61% | 931,505 | 931,505 | 95,584,531 | 9.77% | ||
| II.SharesnotsubjecttorestrictionsonSale | 742,044,313 | 83.15% | 85,421,412 | 2,870,968 | 88,292,380 | 830,336,693 | 84.92% | |
| 1.Renminbidenominatedcommonshares | 742,044,313 | 83.15% | 85,421,412 | 2,870,968 | 88,292,380 | 830,336,693 | 84.92% | |
| 2.Domestically-listedforeignshares | 0 | 0.00% | 0 | 0.00% | ||||
| 3.Foreignshareslistedoverseas | 0 | 0.00% | 0 | 0.00% | ||||
| 4.Others | 0 | 0.00% | 0 | 0.00% | ||||
| III.Totalshares | 892,411,690 | 100.00% | 85,421,412 | -78,541 | 85,342,871 | 977,754,561 | 100.00% |
Reasonforchangesinshares?Applicable□Notapplicable
1.ConversionofconvertiblecorporatebondsintosharesUndertheapprovalgrantedbytheCSRCundertheReplyonApprovingthePublicOfferingofConvertibleCorporateBondsbyYunnanEnergyNewMaterialCo.,Ltd.(ZhengJianXuKe[2019]No.2701),theCompanymadeapublicofferingof16millionconvertiblecorporatebonds(bondsabbreviation:EnergyConvertibleBond,bondscode:128095)onFebruary11,2020andstartedtradingatShenzhenStockExchangeonFebruary28,2020.Theconversionperiodof“EnergyConvertibleBonds”startedonAugust17,2020.DuringtheReportingPeriod,atotalof10,089shareswereconvertedfromthebonds,andbytheendoftheReportingPeriod,atotalof17,629,685shareswereconvertedfromthebonds.
2.2022StockOptionandRestrictedStockIncentivePlanOnJune25,2023,the7thmeetingofthe5thBoardofDirectorsconsideredandadoptedtheResolutiononRepurchaseandCancellationofCertainRestrictedSharesunderthe2022StockOptionandRestrictedStockIncentivePlanandtheResolutionontheRestrictedSharesunderthe2022StockOptionandRestrictedStockIncentivePlanoftheCompanyMeetingtheUnlockingConditionsintheFirstUnlockingPeriod.OnJuly11,2023,theCompanyheldtheSecondExtraordinaryGeneralMeetingofShareholdersof2023,atwhichitconsideredandapprovedtheResolutionontheRepurchaseandCancellationofCertainRestrictedSharesunderthe2022StockOptionandRestrictedStockIncentivePlan.OnJuly19,2023,theCompanycompletedtherepurchaseandcancellationof88,630restrictedsharesunderthe2022StockOptionandRestrictedStockIncentivePlan.OnJuly3,2023,598,537shares,whichmettheunlockingconditionsduringthefirstunlockingperiodofthe2022StockOptionandRestrictedStockIncentivePlan,werelistedfortrading.
3.Listingfortradingofnon-publiclyissuedsharesUpontheapprovaloftheCSRCwiththeReplyonApprovingtheNon-publicOfferingofSharesofYunnanEnergyNewMaterialCo.,Ltd.(ZhengJianXuKe[2022]No.1343),theCompanymadeanon-publicofferingof85,421,412RMB-denominatedordinarysharesonJune8,2023,whichwerelistedfortradingontheSZSEonJune20,2023.OnDecember20,2022,85,421,412sharesthatwerenon-publiclyofferedbytheCompanywerereleasedfromsalerestrictionandlistedfortrading.Afterthelisting,thenatureoftheaforesaidshareswaschangedfromrestrictedsharestounrestrictedshares.
4.ReasonsforotherchangesThesharesheldbythedirectorsandseniormanagersoftheCompanyhavebeenlockedinaccordancewiththeListingRulesofShenzhenStockExchange,Self-DisciplinaryRegulatoryGuidelinesforCompaniesListedontheShenzhenStockExchangeNo.1--StandardizedOperationofCompaniesListedontheMainBoard,theSeveralProvisionsRegardingShareReductionbyShareholders,Directors,SupervisorsandSeniorExecutivesofListedCompanies,theImplementationRulesofShenzhenStockExchangeRegardingShareReductionbyShareholders,Directors,SupervisorsandSeniorExecutivesofListedCompaniesandotherrelatedprovisions.Approvalofchangesinshares?Applicable□Notapplicable
1.ConvertiblecorporatebondsUndertheapprovalgrantedbyChinaSecuritiesRegulatoryCommissionundertheReplyonApprovingthePublicOfferingofConvertibleCorporateBondsbyYunnanEnergyNewMaterialCo.,Ltd.(CSRCLicenseNo.[2019]2701),theCompanymadeapublicofferingof16millionconvertiblecorporatebonds(bondsabbreviation:EnergyConvertibleBond,bondscode:128095)onFebruary11,2020andstartedtradingatShenzhenStockExchangeonFebruary28,2020.Theconversionperiodof“EnergyConvertibleBonds”startedonAugust17,2020.
2.2022StockOptionandRestrictedStockIncentivePlanInordertofurtherimprovetheCompany'slong-termincentivemechanismandfullymobilizetheenthusiasmofcoreemployees,onMarch17,2021,theCompanyheldthe24
th
meetingofthefourthBoardofDirectorstoconsiderandadopttheResolutiononRepurchasingtheCompany'sShares,agreeingthattheCompanywoulduseitsownfundstorepurchasetheCompany'spublicsharesthroughcentralizedbiddingtrade.Therepurchasedshareswereusedtoimplementequityincentiveoremployeeshareholdingplans.OnJanuary24,2022andFebruary14,2022,theCompanyheldthe41
stmeetingofthefourthBoardofDirectorsandtheSecondExtraordinaryGeneralMeetingofShareholdersof2022toconsiderandadopttheResolutionontheCompany's2022StockOptionandRestrictedStockIncentivePlan(Draft)anditsSummaryaswellasotherrelevantmotions.OnJune25,2023andJuly11,2023,theCompanyheldthe7thmeetingofthefifthBoardofDirectorsandthesecond
extraordinarygeneralmeetingof2023,respectively,atwhichitconsideredandapprovedtheResolutionontheRepurchaseandCancellationofCertainRestrictedSharesunderthe2022StockOptionandRestrictedStockIncentivePlanoftheCompany.OnJuly19,2023,theCompanycompletedtherepurchaseandcancellationof88,630partialrestrictedsharesunderthe2022StockOptionandRestrictedStockIncentivePlan.OnJune25,2026,theCompanyheldthe7thmeetingofthefifthBoardofDirectors,atwhichitconsideredandapprovedtheResolutionontheRestrictedSharesunderthe2022StockOptionandRestrictedStockIncentivePlanoftheCompanyMeetingtheUnlockingConditionsintheFirstUnlockingPeriod,approvingthatatotalof598,537sharesthatwereheldby765incentiveobjectsunderthe2022StockOptionandRestrictedStockandmettheunlockingconditionswerereleasedfromsalesrestriction.
3.Listingfortradingofnon-publiclyissuedsharesin2021UpontheapprovaloftheCSRCwiththeReplyonApprovingtheNon-publicOfferingofSharesofYunnanEnergyNewMaterialCo.,Ltd.(ZhengJianXuKe[2022]No.1343),theCompanymadeanon-publicofferingof85,421,412RMB-denominatedordinaryshares(Ashares)to21specificinvestors.TheregistrationproceduresofnewshareswerecompletedattheCSDCShenzhenBranchonJune8,2023andlistedontheSZSEonJune20,2023,withalockingperiodof6monthsfromthedateoflisting.Thelockingperiodfortheabovementionednon-publiclyissuedRMB-denominatedordinaryshareshadexpired.TheaforesaidrestrictedshareswerereleasedfromrestrictionandlistedfortradingonDecember20,2023aftertheCompanyappliedtotheShenzhenStockExchangeandtheCSDCShenzhenBranchforthereleaseofsalesrestriction.Transferofshareownership?Applicable□Notapplicable
1.Unlockingofrestrictedsharesforthefirstunlockingperiodunderthe2022StockOptionandRestrictedStockIncentivePlan
TheCompanycompletedtheunlockingproceduresofrestrictedsharesattheCSDCShenzhenBranch.ThedateoflistingfortradingoftheunlockedrestrictedshareswasJuly3,2023.598,537restrictedshareswereunlockedwith765incentiveobjectsmeetingtheunlockingconditions.
2.Listingofnon-publiclyissuedsharesin2021TheCompanycompletedthepre-registrationattheCSDCShenzhenBranchonJune8,2023andobtainedtheConfirmationofAcceptanceonApplicationforShareRegistration(ServiceNo.101000012459),andtheCSDCShenzhenBranchacceptedthematerialsofthenon-publicissueofnewshareswiththerelevantsharestransferredonJune1,2023.Thenumberofnewsharesinthenon-publicofferingwas85,421,412shares.OnDecember20,2023,thenon-publiclyissuedsharesin2021werereleasedfromsalesrestriction.
3.ConversionofconvertiblecorporatebondsintosharesAtotalof10,089shareswereconvertedfrom“EnergyConvertibleBonds”duringtheReportingPeriod,andatotalof17,629,685shareswereconvertedasoftheendoftheReportingPeriod.
4.Repurchaseandcancellationofrestrictedsharesunderthe2022StockOptionandRestrictedStockIncentivePlanTheCompanycompletedtherepurchaseof88,630restrictedshareswhichweregrantedbutnotreleasedfromrestrictionunderthe2022StockOptionandRestrictedStockIncentivePlan,basedonthesumoftherepurchasepriceplustheinterestondepositswiththebankforthesameperiod.TherepurchaseandcancellationofcertainrestrictedsharesbytheCompanywasverifiedbyDahuaCPAs(SGP),whichissuedtheCapitalVerificationReport(DaHuaYanZi[2023]No.000386.OnJuly17,2023,theaforesaidrepurchaseandcancellationwasreviewedandconfirmedbyCSDCShenzhenBranchandtheprocesswascompleted.EffectsofchangesinsharesonthebasicEPS,dilutedEPS,netassetspershareattributabletoordinaryshareholdersoftheCompany,andotherfinancialindicatorsfortheprioryearandthelastReportingPeriod?Applicable□Notapplicable
①DuringtheReportingPeriod,theconversionof10,089sharesfromthe“EnergyConvertibleBonds”hadsmallimpactonthebasicearningspershareandthedilutedearningspershareandthenetassets;
②ThenumberofrestrictedsharesgrantedbutnotyetunlockedthatwererepurchasedandcancelledbytheCompanyunderthestockincentiveplanwassmall,thereforetheimpactonbasicearningspersharewassmall;
③DuringtheReportingPeriod,theCompanymadeanon-publicofferingof85,421,412shares,affectingbasicearningspersharebyRMB-
0.16/share,dilutedearningspersharebyRMB-0.26/share,andnetassetspershareoftheCompanybyapproximatelyRMB5.53/share.OthercontentsthattheCompanyconsidersarenecessary,orarerequiredbythesecuritiesregulatoryauthorities,todisclose
□Applicable?Notapplicable
2.Changesinrestrictedshares
?Applicable□Notapplicable
Unit:Shares
| Nameofshareholder | Numberofrestrictedsharesatthebeginningofperiod | Increaseofrestrictedsharesinthecurrentperiod | Numberofrestrictedsharesunlockedinthecurrentperiod | Numberofrestrictedsharesattheendofperiod | Reasonforrestriction | Dateofunlocking |
| PaulXiaomingLee | 94,644,193 | 935,038 | 95,579,231 | Locked-upsharesheldbyseniorexecutives | Adirectorcanunlock25%ofthetotalsharesheorsheholdseveryyear | |
| LiXiaohua | 52,378,417 | 623,700 | 2,188,875 | 50,813,242 | Locked-upsharesheldbyseniorexecutives | Adirectorcanunlock25%ofthetotalsharesheorsheholdseveryyear |
| MaWeihua | 0 | 12,750 | 12,750 | Locked-upshares | Adirectorcanunlock25% |
| heldbyseniorexecutives | ofthetotalsharesheorsheholdseveryyear | |||||
| FengJie | 0 | 61,500 | 61,500 | Locked-upsharesheldbyseniorexecutives | Adirectorcanunlock25%ofthetotalsharesheorsheholdseveryyear | |
| YuXue | 70,825 | 10,000 | 60,825 | ①Locked-upsharesheldbyseniorexecutives②therestrictedsharesunderthe2022StockOptionandRestrictedStockIncentivePlanoftheCompany | ①AsecretaryoftheBoardcanunlock25%ofthetotalsharesheorsheholdseveryyear;②therestrictedsharesunderthe2022StockOptionandRestrictedStockIncentivePlanoftheCompanywillbeexercisedandreleasedinthreeinstallments12monthsafterthecompletionofthegrantregistration | |
| ZhangTao | 0 | 7,500 | 7,500 | Locked-upsharesheldbyseniorexecutives | Asupervisorcanunlock25%ofthetotalsharesheorsheholdseveryyear | |
| LiBing | 0 | 8,250 | 8,250 | Locked-upsharesheldbyseniorexecutives | Asupervisorcanunlock25%ofthetotalsharesheorsheholdseveryyear | |
| XiongWei | 202,500 | 202,500 | 0 | Locked-upsharesheldbyseniorexecutives | HeresignedfromthepositionoftheBoardSecretaryinNovember2021,andduringthetermrecognizedwhenheheldthepositionandwithinsixmonthsaftertheexpirationoftheterm,heshallnottransfertheCompany’ssharesheholdswithinhalfayearafterresignation,andthesharestransferredeveryyearshallbenotmorethan25%ofthetotalsharesoftheCompanyheholds | |
| PangQizhi | 248,250 | 248,250 | 0 | Locked-upsharesheldbyseniorexecutives | HeresignedfromthepositionoftheChiefFinancialOfficerinSeptember2020,andduringthetermdeterminedwhenheheldthepositionandwithinsixmonthsaftertheexpirationoftheterm,heshallnottransfertheCompany’ssharesheholdswithinhalfayearafterresignation,andthesharestransferredeveryyearshallbenomorethan25%ofthetotalsharesoftheCompanyheholds | |
| XuMing | 1,277,755 | 1,277,755 | 0 | Locked-upsharesheldbyseniorexecutives | HeresignedfromthepositionofthedirectorinNovember2021,andduringthetermdeterminedwhenheheldthepositionandwithinsixmonthsaftertheexpirationoftheterm,heshallnottransfertheCompany’ssharesheholdswithinhalfayearaftersignation,andthesharestransferredeveryyearshallbenotmorethan25%ofthetotalsharesoftheCompanyheholds |
| Totalnumberofotherincentiveobjects(764persons) | 1,545,437 | 671,167 | 874,270 | Restrictedsharesforequityincentive | ①Outofthe825incentiveobjectsofrestrictedsharesgrantedunderthe2022StockOptionandRestrictedStockIncentivePlanoftheCompany,60incentiveobjectsresignedduetopersonalreasons,1incentiveobjectnointhelineofduty,and7personnelfailedtomeetthestandardsofthefirstperformanceappraisal.TheCompanyhasrepurchasedandcancelledanaggregateof88,630restrictedsharesheldbytheabove68personnelthatweregrantedbutnotyetunlocked;②DuringtheReportingPeriod,theunlockingconditionsforthefirstunlockingperiodofthe2022StockOptionandRestrictedShareIncentivePlanoftheCompanywerefulfilled,andtheCompanyreleased582,537restrictedsharesheldby764incentiveobjectsfromsalesrestriction | |
| Shareholdersofnon-publicofferingofAsharesin2021(21) | 0 | 85,421,412 | 85,421,412 | 0 | Restrictedsharesafterinitialoffering | December20,2023 |
| Total | 150,367,377 | 87,070,150 | 90,019,959 | 147,417,568 | -- | -- |
II.IssuanceandListingofSecurities
1.Issuanceofsecurities(excludingpreferredshares)duringtheReportingPeriod?Applicable□Notapplicable
| Namesofsharesandderivativesecurities | Issuedate | Issueprice(orinterestrate) | Numberofissues | ListingDate | Numberofapprovedlistings | Dateofterminationoftrading | Disclosureindex | Disclosuredate | |
| Shares | |||||||||
| EnergyTechnology(Asharesnon-publiclyofferedin2021) | June8,2023 | 87.8 | 85,421,412 | June20,2023 | 85,421,412 | AnnouncementontheListingofNon-publiclyissuedAShares(AnnouncementNo.:2023-095)disclosedontheCninfowebsite | June19,2023 | ||
DescriptionofsecuritiesissuedduringtheReportingPeriod(excludingpreferredshares)
TheCompany'snon-publicofferingofAsharesin2021isasfollows:
UpontheapprovaloftheCSRCwiththeReplyonApprovingtheNon-publicOfferingofSharesofYunnanEnergyNewMaterialCo.,Ltd.(ZhengJianXuKe[2022]No.1343),theCompanymadeanon-publicofferingof85,421,412RMB-denominatedordinaryshares(Ashares)to21specificinvestors,attheofferingpriceofRMB87.80pershare.TheregistrationofnewshareswascompletedattheShenzhenbranchoftheCCSBonJune8,2023,andlistedontheSZSEonJune20,2023witharestrictedperiodof6monthsfromthedateoflisting.Theabovementioned85,421,412shareswerereleasedfromsalesrestrictionsandlistedfortradingonDecember20,2023.Fordetails,pleaserefertoHoldingAnnouncementontheListingofNon-publiclyIssuedRestrictedShares(AnnouncementNo.:2023-224)disclosedbytheCompanyinthedesignatedinformationdisclosuremediaonDecember19,2023.
2.StatementonchangesintotalsharesandshareholderstructureoftheCompany,andchangesinassetsandliabilitiesoftheCompany?Applicable□NotapplicableAtthebeginningofperiod,theCompanyrecordedatotalsharecapitalof892,411,690sharesandagearingratioof51.18%.DuringtheReportingPeriod,theCompanymadeanon-publicofferingof85,421,412RMB-denominatedordinaryshares(Ashares);the“EnergyConvertibleBonds”wereconvertedinto10,089shares.TheCompanyrepurchasedandcancelled88,630restrictedsharesunderthe2022StockOptionandRestrictedStockIncentivePlanthathavenotmettheunlockingconditions.AsoftheendoftheReportingPeriod,theCompanyrecordedatotalsharecapitalof977,754,561sharesandagearingratioof39.23%.
3.ExistingsharesheldbyinternalemployeesoftheCompany
□Applicable?NotapplicableIII.DetailsofShareholdersandActualControllers
1.Numberofshareholdersandtheirshareholdings
Unit:shares
| TotalordinaryshareholdersattheendoftheReportingPeriod | 98,774 | Totalordinaryshareholdersattheendofthepreviousmonthbeforeannualreportdisclosuredate | TotalpreferredshareholdersresumingvotingrightattheendoftheReportingPeriod(ifany)(seeNote8) | 0 | Totalpreferredshareholdersresumingvotingrightattheendofthepreviousmonthbeforeannualreportdisclosuredate(ifany)(seeNote8) | 0 | ||
| Shareholdersholdingmorethan5%ofsharesorshareholdingsofthetop10shareholders(excludingshareslentthroughsecuritieslendingandrefinancing) | ||||||||
| Nameofshareholder | Natureofshareholder | Shareholdingratio | NumberofsharesheldattheendoftheReportingPeriod | IncreaseordecreaseofsharesduringtheReportingPeriod | Numberofrestrictedsharesheld | Numberofunrestrictedsharesheld | Pledged,taggedorfrozen | |
| Statusofshares | Numberofshares | |||||||
| PaulXiaomingLee | Overseasnaturalperson | 13.03% | 127,438,975 | 1246718 | 95,579,231 | 31,859,744 | Frozen | 25,000,000 |
| YuxiHeyiInvestmentCo.,Ltd. | Domesticnon-state-ownedlegalperson | 12.22% | 119,449,535 | 0 | 0 | 119,449,535 | Frozen | 77,720,000 |
| SherryLee | Overseasnaturalperson | 7.29% | 71,298,709 | 0 | 0 | 71,298,709 | N/A | 0 |
| LiXiaohua | Domesticnaturalperson | 6.93% | 67,750,989 | 831600 | 50,813,242 | 16,937,747 | Frozen | 37,880,000 |
| HongKongSecuritiesClearingCompanyLimited | Overseaslegalperson | 5.21% | 50,931,586 | -29524408 | 0 | 50,931,586 | N/A | 0 |
| JerryYangLi | Overseasnaturalperson | 1.51% | 14,735,754 | 0 | 0 | 14,735,754 | N/A | 0 |
| ChinaMerchantsBankCo.,Ltd.－QuanguoXuyuanthree-yearmixedsecuritiesinvestmentfund | Other | 1.48% | 14,428,748 | 10500398 | 0 | 14,428,748 | N/A | 0 |
| KunmingHuachenInvestmentCo.,Ltd. | Domesticnon-state-ownedlegalperson | 1.43% | 13,983,913 | -4442700 | 0 | 13,983,913 | N/A | 0 |
| ZhangYong | Domesticnaturalperson | 1.42% | 13,917,907 | -2005000 | 0 | 13,917,907 | Frozen | 9,922,907 |
| ShanghaiHengzouEnterprise | Domesticnon-state-ownedlegalperson | 1.19% | 11,645,173 | 0 | 0 | 11,645,173 | N/A | 0 |
| ManagementOffice(LimitedPartnership) | ||||
| Strategicinvestorsorgenerallegalpersonswhohavebecometop10shareholdersduetonewshareallotment(ifany)(seeNote3) | TheCompanyissued85,421,412Asharestospecificinvestorsin2021,ofwhichOriginAssetManagementCo.,Ltd.subscribed3,416,856sharesincash,whichwerelockedupforaperiodof6months,andwerereleasedfromrestrictionandlistedfortradingonDecember20,2023.TheshareholdingsofChinaMerchantsBankCo.,Ltd-QuanguoXuyuanthree-yearmixedsecuritiesinvestmentfundareshowninthetableabove. | |||
| Statementonrelatedpartyrelationshiporconcertedactionbetweenabove-mentionedshareholders | PaulXiaomingLee,SherryLee,LiXiaohuaandJerryYangLiareallthefamilymembersoftheCompany’sactualcontrollerPaulXiaomingLeeandrepresentthepersonsactinginconcertwithHeyiInvestmentunderhiscontrol.ShanghaiHengzouEnterpriseManagementOffice(LimitedPartnership)istheemployeestockownershipplatform.Theothershareholdersarenotknownastowhethertheyhavetherelatedpartyrelationshipsbetweenthemorconstitutethepersonsactinginconcert. | |||
| Explanationofdelegation/acceptanceofvotingrightandwaiverofvotingrightinvolvingtheaboveshareholders | Mr.PaulXiaomingLeeandMs.SherryLeesignedthePowerofAttorneyforShareholdingonJanuary14,2020,bywhichMs.SherryLeefullydelegatedtheshareholders’rights,suchasrightstoquestion,proposalandvote,inconnectionwith73,470,459sharessheheldintheCompany,toherfatherMr.PaulXiaomingLee,foraperiodofthreeyearsfromthedateofthePowerofAttorney. | |||
| Specialexplanationontheexistenceofdesignatedrepurchaseaccountamongthetop10shareholders(ifany)(seeNote10) | N/A | |||
| Top10shareholdersholdingunrestrictedshares | ||||
| Nameofshareholder | NumberofunrestrictedsharesheldattheendoftheReportingPeriod | Typeofshares | ||
| Typeofshares | Numberofshares | |||
| YuxiHeyiInvestmentCo.,Ltd. | 119,449,535 | Renminbidenominatedcommonshares | 119,449,535 | |
| SherryLee | 71,298,709 | Renminbidenominatedcommonshares | 71,298,709 | |
| HongKongSecuritiesClearingCompanyLimited | 50,931,586 | Renminbidenominatedcommonshares | 50,931,586 | |
| JerryYangLi | 14,735,754 | Renminbidenominatedcommonshares | 14,735,754 | |
| ChinaMerchantsBankCo.,Ltd.－QuanguoXuyuanthree-yearmixedsecuritiesinvestmentfund | 14,428,748 | Renminbidenominatedcommonshares | 14,428,748 | |
| KunmingHuachenInvestmentCo.,Ltd. | 13,983,913 | Renminbidenominatedcommonshares | 13,983,913 | |
| ZhangYong | 13,917,907 | Renminbidenominatedcommonshares | 13,917,907 | |
| ShanghaiHengzouEnterpriseManagementOffice(LimitedPartnership) | 11,645,173 | Renminbidenominatedcommonshares | 11,645,173 | |
| ThedesignatedaccountforrepurchaseofYunnanEnergyNewMaterialCo.,Ltd. | 8,708,604 | Renminbidenominatedcommonshares | 8,708,604 | |
| OrientSecuritiesCompanyLimited－ZhonggengValueVanguardStockSecuritiesInvestmentFund | 7,497,837 | Renminbidenominatedcommonshares | 7,497,837 | |
| Statementonrelatedpartyrelationshipsorconcertedactionbetweentop10shareholderswithunrestrictedsharesandbetweentop10shareholderswithunrestrictedsharesandtop10shareholders | PaulXiaomingLee,SherryLee,LiXiaohuaandJerryYangLiareallthefamilymembersoftheCompany’sactualcontrollerPaulXiaomingLeeandrepresentthepersonsactinginconcertwithHeyiInvestmentunderhiscontrol.ShanghaiHengzouEnterpriseManagementOffice(LimitedPartnership)istheemployeestockownershipplatformoftheCompany.Itisnotknownwhethertheothershareholdershaverelatedpartyrelationshipsbetweenthemorconstitutethepersonsactinginconcert. | |||
| Statementontop10ordinaryshareholders’participationinsecuritiesmargintradingbusiness(ifany)(seeNote4) | Nil | |||
Shareslentthroughsecuritieslendingandrefinancingbytoptenshareholders
□Applicable?NotapplicableChangeinthetoptenshareholdersfromthepreviousperiod
□Applicable?NotapplicableDidanyofthetop10ordinaryshareholdersortop10ordinaryshareholderswithunrestrictedsharesoftheCompanyconductanytransactionsonagreedrepurchaseduringtheReportingPeriod
□Yes?NoTop10ordinaryshareholdersandtop10ordinaryshareholderswithoutsalesrestrictiondidn’tconducttransactionsonagreedrepurchaseduringtheReportingPeriod.
2.DetailsaboutthecontrollingshareholderNatureofcontrollingshareholder:ThenatureofthecontrollingentityisunclearTypeofcontrollingshareholder:Naturalperson
| Controllingshareholder’sname | Nationality | Acquisitionofrightofresidenceinothercountriesorregions |
| PaulXiaomingLee | American | Yes |
| YanMa | American | Yes |
| SherryLee | American | Yes |
| LiXiaohua | China | Yes |
| YanyangHui | American | Yes |
| JerryYangLi | American | Yes |
| MajorOccupationandPosition | PaulXiaomingLeeservesastheChairmanoftheCompany.LiXiaohuaservesastheViceChairmanandGeneralManageroftheCompany.YanMa,YanyangHui,SherryLeeandJerryYangLitakenopositionsattheCompany. | |
| EquitiesinotherdomesticandoverseaslistedcompaniesundercontrolandwithparticipationduringtheReportingPeriod | None | |
ChangeofcontrollingshareholderduringtheReportingPeriod
□Applicable?NotapplicableThecontrollingshareholderoftheCompanyhasnotchangedduringtheReportingPeriod.
3.DetailsabouttheactualcontrollerandpersonsactinginconcertNatureofactualcontroller:Domesticnaturalperson;overseasnaturalpersonTypeofactualcontroller:Naturalperson
| Nameofactualcontroller | Relationshipwithactualcontroller | Nationality | Acquisitionofrightofresidenceinothercountriesorregions |
| PaulXiaomingLee | Actinconcert(includingagreement,kinshipandcommoncontrol) | American | Yes |
| YanMa | Actinconcert(includingagreement,kinshipandcommoncontrol) | American | Yes |
| LiXiaohua | Actinconcert(includingagreement,kinshipandcommoncontrol) | American | Yes |
| SherryLee | Actinconcert(includingagreement,kinshipandcommoncontrol) | Chinese | Yes |
| YanyangHui | Actinconcert(includingagreement,kinshipandcommoncontrol) | American | Yes |
| JerryYangLi | Actinconcert(includingagreement,kinshipandcommoncontrol) | American | Yes |
| HeyiInvestment | Actinconcert(includingagreement,kinshipandcommoncontrol) | Chinese | No |
| MajorOccupationandPosition | PaulXiaomingLeeservesastheChairmanoftheCompany.LiXiaohuaservesastheViceChairmanandGeneralManageroftheCompany.YanMa,YanyangHui,SherryLeeandJerryYangLitakenopositionsattheCompany. | ||
| Controloverdomesticandoverseaslistedcompaniesoverpast10years | None | ||
ChangeofactualcontrollerduringtheReportingPeriod
□Applicable?NotapplicableTheactualcontrolleroftheCompanyhasnotchangedduringtheReportingPeriod.
AblockdiagramofthepropertyrightsandcontrolrelationshipbetweentheCompanyandtheactualcontroller
TheactualcontrollercontrolstheCompanythroughtrustorotherassetmanagementmethods
□Applicable?Notapplicable
4.TheaccumulatednumberofpledgedsharesoftheCompany’scontrollingshareholderorthelargestshareholderoftheCompanyanditspersonsactinginconcertaccountfor80%oftheCompany’ssharesheld
□Applicable?Notapplicable
5.Othercorporateshareholdersholdingmorethan10%oftheshares
?Applicable□Notapplicable
| Nameoflegalpersonshareholder | LegalRepresentative/PrincipalofOrganization | DateofIncorporation | RegisteredCapital | Majoroperatingactivitiesormanagementactivities |
| HeyiInvestment | LiXiaohua | November10,2010 | RMB30million | Conductventurecapitalactivitieswithfreecapital;makeprojectinvestmentandmanageinvestmentproject;investmentmanagement,investmentconsultingandsocialandeconomicconsultation. |
6.Detailsaboutrestrictionsonreductionofshareholdingsofcontrollingshareholders,actualcontrollers,restructuringparties,andotherentitiesmakingcommitments
□Applicable?Notapplicable
IV.InformationonimplementationofsharerepurchaseduringtheReportingPeriod
Progressinimplementationofsharerepurchase?Applicable□Notapplicable
| Schemedisclosuredate | Numberofsharesintendedtoberepurchased(shares) | Percentageofthegeneralcapital | Amountintendedtoberepurchased(RMB0’000) | Intendedrepurchaseperiod | Repurchasepurpose | Numberofsharesrepurchased(shares) | Ratioofsharesrepurchasedtotheunderlyingsharesunderthestockincentiveplan(ifany) |
| May6,2023 | 714,200sharesto1,071,400shares | 0.08%to0.12% | NotlessthanRMB100million(inclusive)andnotmorethanRMB150million(inclusive) | May4,2023toNovember3,2023 | Usedforimplementationofthestockincentiveoremployeestockownershipplan | 1,469,800 | 16.88% |
| September29,2023 | 2,970,300sharesto4,950,500shares | 0.30%to0.51% | NotlessthanRMB300million(inclusive)andnotmorethanRMB500million(inclusive) | September28,2023toMarch27,2024 | Usedforimplementationofthestockincentiveoremployeestockownershipplan | 7,238,804 | 83.12% |
Progressofcentralizedbiddingforreductionofsharesrepurchased
□Applicable?Notapplicable
Section8DetailsaboutPreferredShares
□Applicable?NotapplicableDuringtheReportingPeriod,therewerenopreferredsharesintheCompany.
Section9Detailsaboutbonds?Applicable□NotapplicableI.Corporatebonds
□Applicable?NotapplicableDuringtheReportingPeriod,therewerenocorporatebondsoftheCompany.
II.Debentures
□Applicable?NotapplicableDuringtheReportingPeriod,therewerenodebenturesoftheCompany.
III.Debtfinancinginstrumentsofnon-financialenterprises
□Applicable?NotapplicableDuringtheReportingPeriod,therewerenonon-financialenterprisedebtfinancingtooloftheCompany.
IV.Convertiblecorporatebonds?Applicable□Notapplicable
1.AllPreviousAdjustmentstotheConversionPriceUpontheapprovalofthefile"ZhengJianXuKe[2019]No.2701"promulgatedbyChinaSecuritiesRegulatoryCommission,theCompanypubliclyissued16millionconvertiblebondsonFebruary11,2020,withfacevalueofRMB100each,totalissueamountofRMB1.6billion,andatermof6years.Withtheapprovalofthefile"ShenZhengShang[2020]No.109"ofShenzhenStockExchange,theCompany'sconvertiblebondsofRMB1.6billionwouldbelistedandtradedinShenzhenStockExchangefromFebruary28,2020.Thebondisreferredtoas"EnergyConvertibleBond"andthebondcodeis"128095".Theinitialconversionpriceof"EnergyConvertibleBond"isRMB64.61/share.InMay2020,theCompanyimplementedtheannualprofitdistributionplanfor2019:BasedonthetotalsharecapitaloftheCompany,namely805,370,770shares,distributeRMB1.25incash(inclusiveoftax)forevery10sharestoallshareholders,distributeatotalcashdividendofRMB100,671,346.25(inclusiveoftax),distributenodividendshares,convertnosurplusreserveintosharecapital,andsettheex-dividenddateasMay21,2020.Pursuanttorelatedarticlesconcerningtheadjustmentoftheconversionpricefortheconvertiblecorporatebonds,theCompanyhasmadecorrespondingadjustmenttotheconversionpriceof“EnergyConvertibleBonds”fromRMB64.61/sharebeforetheadjustmenttoRMB64.49/shareafteradjustment,andtheconversionpriceafteradjustmenttookeffectonMay21,2020.InSeptember2020,undertheapprovalgrantedbyChinaSecuritiesRegulatoryCommissionundertheApprovalofPrivateShareOfferingbyYunnanEnergyNewMaterialCo.,Ltd.(ZhengJianXuKe[2020]No.1476),theCompanymadeaprivateofferingof69,444,444shares(Ashares)to22specificinvestors.ThesesharesstartedtradingatanissuingpriceofRMB72.00/shareatShenzhenStockExchangeonSeptember4,2020.Pursuanttorelatedarticlesconcerningtheadjustmentoftheconversionpricefortheconvertiblecorporatebonds,theCompanyhasmadecorrespondingadjustmenttotheconversionpriceof“EnergyConvertibleBonds”fromRMB64.49/sharebeforetheadjustmenttoRMB65.09/shareafteradjustment,andtheconversionpriceafteradjustmenttookeffectonSeptember4,2020.InSeptember2020,theCompanyrepurchasedandcanceledatotalof23,120restrictedsharesheldby4incentiveobjectswithapersonalassessmentratingof“good”whenthe2017RestrictedStockIncentivePlanwasunlockedforthethirdtime.TherepurchasepricewasRMB8.426pershare.ThecancellationforrepurchasewascompletedonSeptember28,2020.Duetothesmallnumberofsharescanceledinthisrepurchase,theconversionpriceof“EnergyConvertibleBonds”remainedunchangedatRMB65.09pershareaftercalculatinginaccordancewiththerelevanttermsregardingtheadjustmenttotheconversionpriceofconvertiblecorporatebonds.InApril2021,theCompanyimplementedtheannualprofitdistributionplanfor2020:BasedonthetotalsharecapitaloftheCompany,namely888,160,636shares,distributeRMB1.696948incash(inclusiveoftax)forevery10sharestoallshareholders,distributeatotalcashdividendofRMB150,716,245.67(inclusiveoftax),distributenodividendshares,convertnosurplusreserveintosharecapital,andsettheex-dividenddateasApril30,2021.Pursuanttorelatedarticlesconcerningtheadjustmentoftheconversionpricefortheconvertiblecorporatebonds,theCompanyhasmadeacorrespondingadjustmenttotheconversionpriceof“EnergyConvertibleBonds”fromRMB65.09/sharetoRMB64.92/share,andtheconversionpriceafteradjustmenttookeffectonApril30,2021.InMay2022,theCompanyimplementedthe2021annualprofitdistributionplan:baseduponthe890,823,196sharesequalto892,408,633sharesoftheCompany'stotalcapitalontheshareregistrationdate(i.e.May13,2022)minus1,585,437sharesinthespecialsecuritiesaccountforrepurchase,RMB3.030904(includingtax)incashwillbepaidtoallshareholdersforevery10shareswithoutbonusshares.Nocapitalreserveshallbeconvertedascapitalincrease.Inaccordancewithrelevantprovisionsontheadjustmenttotheconversionpriceofconvertiblecorporatebonds,theconversionpriceof"EnergyConvertibleBond"wasadjustedfromRMB64.92persharetoRMB64.62pershare,andtheadjustedconversionpricewouldtakeeffectfromMay16,2022.UpontheapprovaloftheChinaSecuritiesRegulatoryCommissionwiththeReplyonApprovingtheNon-publicOfferingofSharesofYunnanEnergyNewMaterialCo.,Ltd.(ZhengJianXuKe[2022]No.1343),theCompanymadeanon-publicofferingof85,421,412RMB-denominatedordinaryshares(Ashares)to21specificinvestors,whichwerelistedfortradingontheShenzhenStockExchangeonJune20,2023.Pursuanttorelatedarticlesconcerningtheadjustmentoftheconversionpricefortheconvertiblebonds,theCompanyhasmadecorrespondingadjustmenttotheconversionpriceof“EnergyConvertibleBonds”.StartingfromJune20,2023,thepriceof“EnergyConvertibleBonds”hasbeenadjustedtoRMB66.64/share.OnJune25,2023,the7thmeetingofthe5thBoardofDirectorsandthe7thmeetingofthe5thBoardofSupervisorsoftheCompanyconsideredandapprovedtheResolutionontheRepurchaseandCancellationofPartialRestrictedSharesunderthe2022StockOptionandRestrictedStockIncentivePlan".As60incentiveobjectsofrestrictedsharesunderthe2022StockOptionandRestrictedStockIncentivePlanresignedduetopersonalreasons,oneincentiveobjectdiedotherthanasaresultoftheperformanceofhisduties,fourincentiveobjectsreceivedapersonal
performanceappraisalratingofB,twoincentiveobjectsreceivedapersonalperformanceappraisalratingofC,andoneincentiveobjectreceivedapersonalperformanceappraisalratingofD,theCompanyrepurchasedandcancelledatotalof88,630restrictedsharesgrantedtotheabove68incentiveobjectsbutnotyetunlockedatarepurchasepriceofRMB64.18pershare(excludinginterestonbankdepositsforthesameperiod).AstheproportionofsharesrepurchasedandcancelledisrelativelysmallcomparedtothetotalsharecapitaloftheCompany,afterthecompletionoftherepurchaseandcancellation,theconversionpriceof“EnergyConvertibleBonds”,uponcalculation,remainsunchangedatRMB66.64pershare.InAugust2023,theCompanyimplementedthe2022annualprofitdistributionplan:Basedonthe976,282,205sharescalculatedbythetotalsharecapitalof977,752,005sharesdeducting1,469,800sharesfromthedesignatedsecuritiesaccountforrepurchase,atotalofRMB173,778,232.00,representingRMB1.78(includingtax)per10shares,willbepaidtoallshareholderswithoutbonusshares.Nocapitalreservewillbeconvertedtosharecapital.Pursuanttorelatedarticlesconcerningtheadjustmentoftheconversionpricefortheconvertiblecorporatebonds,correspondingadjustmentwasmadetotheconversionpriceof“EnergyConvertibleBonds”fromRMB66.64/sharebeforetheadjustmenttoRMB66.46/shareafteradjustment,withtheconversionpriceafteradjustmentbeingeffectiveonAugust21,2023.InSeptember2023,theCompanyimplementedthe2023interimprofitdistributionplan:Basedonthe976,283,180sharescalculatedbythetotalsharecapitalof977,752,980sharesdeducting1,469,800sharesfromthedesignatedsecuritiesaccountforrepurchase,atotalofRMB200,137,953.50,representingRMB2.05(includingtax)per10shares,willbepaidtoallshareholderswithoutbonusshares.Nocapitalreservewillbeconvertedtosharecapital.Pursuanttorelatedarticlesconcerningtheadjustmentoftheconversionpricefortheconvertiblecorporatebonds,correspondingadjustmentwasmadetotheconversionpriceof“EnergyConvertibleBonds”fromRMB66.46/sharebeforetheadjustmenttoRMB66.26/shareafteradjustment,withtheconversionpriceafteradjustmentbeingeffectiveonSeptember21,2023.
2.CumulativeShareConversion
?Applicable□Notapplicable
| Abbreviationforconvertiblebond | Startandenddateofshareconversion | Totalvolumeofbondissuance(numberofbonds) | Totalamountofissuance(RMB) | Cumulativeconversionamount(RMB) | Cumulativenumberofsharesconverted(shares) | RatioofthenumberofsharesconvertedtothetotalissuedsharesoftheCompanybeforethestartoftheconversion | Amountofsharesnotyetconverted(RMB) | Ratioofamountofsharesnotyetconvertedtothetotalamountofissuance |
| EnergyConvertibleBonds | August17,2020toFebruary11,2026 | 16,000,000 | 1,600,000,000.00 | 1,146,901,900.00 | 17,629,685 | 2.19% | 453,098,100.00 | 28.32% |
3.TopTenHoldersofConvertibleBonds
| No. | Nameofholderofconvertiblebonds | Natureofholderofconvertiblebonds | NumberofconvertiblebondsheldattheendoftheReportingPeriod(numberofconvertiblebonds) | AmountofconvertiblebondsheldattheendoftheReportingPeriod(RMB) | PercentageofconvertiblebondsheldattheendoftheReportingPeriod |
| 1 | AgriculturalBankofChinaLimited-Penghuaconvertiblebondsecuritiesinvestmentfund | Other | 358,518 | 35,851,800.00 | 7.91% |
| 2 | ChinaConstructionBankLimited-Huashangcreditenhancedbondsecuritiesinvestmentfund | Other | 321,220 | 32,122,000.00 | 7.09% |
| 3 | DajiaAssetManagement-ChinaCITICBank-DajiaAssetManagementHoukunNo.40collectiveassetsmanagementproducts | Other | 240,611 | 24,066,100.00 | 5.31% |
| 4 | Efundsustainingmixedpensionproducts－IndustrialandCommercialBankofChinaLimited | Other | 200,150 | 20,015,000.00 | 4.42% |
| 5 | EfundAnyingreturnfixedincomepensionproducts－Industrialand | Other | 200,060 | 20,006,000.00 | 4.42% |
| CommercialBankofChinaLimited | |||||
| 6 | DajiaAssetManagement－MinshengBanking－DajiaAssetManagement－sustainingselectionNo.3(Tranche5)collectiveassetsmanagementproducts | Other | 137,050 | 13,705,000.00 | 3.02% |
| 7 | EfundYixinmixedpensionproducts－BankofChinaLimited | Other | 132,710 | 13,271,000.00 | 2.93% |
| 8 | IndustrialandCommercialBankofChinaLimited－HuashangFenglienhancedfixed-termopenbondsecuritiesinvestmentfund | Other | 121,190 | 12,119,000.00 | 2.67% |
| 9 | DajiaAssetManagement－MinshengBanking－DajiaAssetManagement－valueselectionNo.1collectiveassetsmanagementproducts | Other | 104,330 | 10,433,000.00 | 2.30% |
| 10 | PICCPensionsustainingHengxinfixedincomepensionproducts－ChinaEverbrightBankCo.,Ltd. | Other | 100,173 | 10,017,300.00 | 2.21% |
4.SignificantChangesintheGuarantor’sProfitability,AssetStatus,andCreditStatus
□Applicable?Notapplicable
5.TheCompany’sLiabilitiesandCreditChangesattheEndoftheReportingPeriod,andCashArrangementsforDebtRepaymentinFutureYears
(1)TheCompany’sliabilities:relevantindicatorssuchastheasset-liabilityratio,interestcoveragemultiple,andloanrepaymentrateattheendoftheReportingPeriod,andyear-on-yearchangesaredetailedinthe“VIII.MajorAccountingdataandfinancialindicatorsoftheCompanyintherecenttwoyearsasattheendoftheReportingPeriod”.
(2)ChangesintheCompany’screditstanding:AccordingtotheFollow-upRatingReportonPublicOfferingofConvertibleCorporateBondsbyYunnanEnergyNewMaterialCo.,Ltd.(No.Follow-upRatingonCorporateBondsbyShanghaiBrilliance(2020)100053,Follow-upRatingonCorporateBondsbyShanghaiBrilliance(2021)100043,Follow-upRatingonCorporateBondsbyShanghaiBrilliance(2022)100280),Follow-upRatingonCorporateBondsbyShanghaiBrilliance(2023)100005))issuedbythecreditratingagency-ShanghaiBrillianceCreditRating&InvestorsServiceCo,Ltd.,thecreditratingoftheCompanyonthewholewasAA,thecreditratingof“EnergyConvertibleBonds”wasAA,andthesaidbondswereaffirmedwitha“stable”outlook.Theabove-mentionedfollow-upratingresultshavenotchangedcomparedwiththepreviousratingresults.Fordetailsabouttheabove-mentionedfollow-upratingreports,refertohttp://www.cninfo.com.cn/.
(3)Casharrangementsfordebtrepaymentinfutureyears:TheCompany’screditstatusisgood,theasset-liabilitystructureisreasonable,andbanksandotherfinancialinstitutionsgrantsufficientcomprehensivecredittotheCompany.TheCompanycanquicklyandeffectivelyobtainfinancingsupportfromfinancialinstitutions.TheCompanyhasstableoperationsandgoodperformance,andcanobtainstableoperatingcashflowthroughendogenousgrowth.Atthesametime,theCompanyactivelypromotestheimplementationoffundraisingprojectsthroughconvertiblecorporatebondstofurtherenhanceitsprofitability.IftheCompanymeetstheputprovisionandredemptionclausesandrepaymentofprincipalandinterestwhendueasdisclosedintheprospectusofconvertiblecorporatebonds,theCompanycanpaythebondholders’principalandinterestwithitsownfundsandfinancing.
V.LossesinthescopeofconsolidatedstatementsduringtheReportingPeriodexceeding10%ofthenet
assetsasattheendoftheprioryear
□Applicable?Notapplicable
VI.Overduerepaymentofinterest-bearingdebtotherthanbondsasattheendoftheReportingPeriod
□Applicable?NotapplicableVII.ViolationofrulesandregulationsduringtheReportingPeriod
□Yes?No
VIII.MajorAccountingdataandfinancialindicatorsoftheCompanyintherecenttwoyearsasatthe
endoftheReportingPeriod
Unit:RMB’0,000
| Item | AttheendoftheReportingPeriod | Attheendoftheprioryear | IncreaseordecreaseattheendofthecurrentReportingPeriodcomparedwiththeendofprioryear |
| CurrentRatio | 1.413000 | 1.103800 | 28.01% |
| Asset-LiabilityRatio | 39.23% | 51.18% | -11.95% |
| Quickratio | 1.019200 | 0.875700 | 16.39% |
| TheReportingPeriod | Thecorrespondingperiodofprioryear | IncreaseordecreaseoftheReportingPeriodcomparedwiththecorrespondingperiodofprioryear | |
| Netprofitafterdeductionofnon-recurringgainsandlosses | 246,125.79 | 383,979.21 | -35.90% |
| Debt-to-EBITDAratio | 26.38% | 30.99% | -4.61% |
| Interestcoverageratio | 7.880000 | 15.260000 | -48.36% |
| Cashinterestcoverageratio | 7.990000 | 4.210000 | 89.79% |
| EBITDAinterestcoverageratio | 11.310000 | 18.500000 | -38.86% |
| Loanrepaymentrate | 100.00% | 100.00% | 0.00% |
| Interestcoveragerate | 100.00% | 100.00% | 0.00% |
Section10FinancialReport
I.AuditReport
| Typeofauditopinion | Standardunqualifiedopinion |
| Signaturedateofauditreport | April24,2024 |
| Auditorganizationname | DahuaCPAs(SGP) |
| AuditreportNo. | DaHuaShenZiNo.[2024]0011001946 |
| NameofCertifiedPublicAccountant | KangWenjun,YaoRui |
Bodyoftheauditreport
ToallshareholdersofYunnanEnergyNewMaterialCo.,Ltd.:
I.AuditOpinions
WehaveauditedthefinancialstatementsofYunnanEnergyNewMaterialCo.,Ltd.(“EnergyTechnology”),includingtheconsolidatedandtheparentcompany’sbalancesheetsasofDecember31,2023,theconsolidatedandparentcompany’sincomestatement,theconsolidatedandtheparentcompany’scashflowstatement,theconsolidatedandtheparentcompany’sstatementofchangesinequityfor2023,andtherelevantnotestofinancialstatements.Inouropinion,theenclosedfinancialstatementswerepreparedinaccordancewiththeAccountingStandardsforBusinessEnterprisesinallmaterialaspectsandfairlyreflectedtheEnergyTechnology’sconsolidatedandtheparentcompany’sfinancialpositionsasofDecember31,2023aswellastheconsolidatedandtheparentcompany’soperationresultsandcashflowfor2023.II.BasisforAuditOpinionsWecarriedouttheauditworkaccordingtotheAuditingStandardsforChineseCPA.OurresponsibilitiesundertheStandardsarefurtherdescribedunderthesectiontitled“responsibilitiesofCPAforauditingfinancialstatements”inthisauditreport.WeareindependentfromEnergyTechnologyandhavefulfilledtheobligationsintermsofprofessionalethicsaccordingtoCodeofProfessionalConductforChineseCPAs.Webelievethattheevidencesweobtainedareadequateandproper,andlayasolidfoundationfortheauditopinion.III.KeyAuditMatters
Keyauditmattersarethosethatwebelieveareofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodbasedonprofessionaljudgment.Thesemattersareaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Wehavedeterminedthatthefollowingmattersarekeyauditmatterstobecommunicatedintheauditreport.
1.Revenuerecognition
2.Provisionforbaddebtsofaccountsreceivable(I)Revenuerecognitionmatters
1.DescriptionofmattersPleaserefertoNoteIV-(33)andNoteVI-44oftheconsolidatedfinancialstatementsfortheaccountingpoliciesandbookamountinformationoftherevenuerecognitionofEnergyTechnologyinthisyear.TheoperatingrevenueofEnergyTechnologyin2023amountedtoRMB12,042,229,800,whichwasthemainsourceofitsprofitandaffecteditskeyperformanceindicators.Inaddition,accordingtotheindustrypractice,aftersigningthesalesorderwithcustomer,EnergyTechnologyarrangesproductionbasedoncustomer’srequirements,deliversittocustomerspursuanttotheagreeddeliverymethod,obtainsthecustomer’sevidenceonthetransferoftheownershipofgoods,andthenrecognizesthesalesrevenue.Sincethetimeofrevenuerecognitionislaterthantheproductdelivery,andthedeliverytimeanddeliverydocumentrecognitionarealldependentonthecustomer,theremaybesignificantriskofmisstatementifthesalesrevenueisfullyincludedintheappropriateaccountingperiod.Therefore,werecognizerevenueasakeyauditmatter.
2.AuditResponseOurkeyauditproceduresforrevenuerecognitioninclude:
(1)Understandandevaluatethedesignofinternalcontrolofrevenuerecognitionbythemanagement,andtesttheeffectivenessofkeycontrolimplementation;
(2)Obtainamajorbusinesscontract,identifytermsandconditionsrelatedtothetransferofcommodityownership,andassesswhethertheincomerecognitionpolicyofEnergyTechnologyisinlinewiththerelevantprovisionsoftheenterpriseaccountingstandards;
(3)PerformanalyticalreviewproceduresonrevenueandgrossprofitbasedontheproducttypesandcustomerconditionsofEnergyTechnology,anddeterminethereasonablenessofthechangesinsalesrevenueandgrossprofitmargin;
(4)Understandthebackgroundandbasicinformationofthemaincustomers,identifywhethertheyarerelatedparties,andconfirmtheaccountsreceivablebalanceandsalesamountofthemaincustomersbyconfirmationletters;
(5)Selectsamplesfromthesalesrevenueledger,checktherelevantdocumentssuchascontracts(orders),invoices,deliverydocuments,payattentiontothedeliverytime,andchecktherevenuerecognitiontimepoint;
(6)Checkthesalesrevenuerecognizedbeforeandafterthebalancesheetdatewithsupportingdocumentsofsalesrevenuerecognition,andimplementthecut-offtestandsubsequentinspectionproceduresforrevenuerecognition;
(7)Assesswhetherthemanagement’sdisclosureofincomestatementisappropriate.Accordingtotheauditproceduresandtheevidencewehaveobtained,webelievethattheincomeofEnergyTechnologyisrealandrecordedcorrectlyduringtheaccountingperiod.(II)Provisionforbaddebtsofaccountsreceivable
1.DescriptionofmattersPleaserefertoNoteIV-(12)andNoteVI-4oftheconsolidatedfinancialstatementsfortheaccountingpoliciesandbookvalueamountofaccounts
receivablesofEnergyTechnologyinthisyear.OnDecember31,2023,theoriginalbookvalueofaccountsreceivableofEnergyTechnologywasRMB6,865,281,600,thebaddebtprovisionwasRMB1,455,818andthenetvaluewasRMB67,196,998,accountingfor14.24%ofthetotalassetsattheendoftheperiod.Basedonthefinancialsituationofthecounterparty,themanagementevaluatestheguaranteeobtainedtotheaccountsreceivable,theagingoftheaccountsreceivable,thecreditratingandhistoricalrepaymentrecordofthecounterparty,andwithreferencetothehistoricalcreditlossexperience,combinedwiththecurrentsituationandtheforecastofthefutureeconomicsituation,themanagementconsiderstoaccruebaddebtfortheaccountsreceivableaccordingtotheexpectedcreditlossinthewholeduration.Asthedeterminationoftheamountofbaddebtprovisionrequiresthemanagementtousesignificantaccountingestimatesandjudgments,andaccountsreceivableisimportanttothefinancialstatements,therefore,weregardthebaddebtprovisionofaccountsreceivableasakeyauditmatter.
2.Auditresponse
(1)Understandandevaluatethemanagement’skeyinternalcontroloverthedailymanagementandprovisionforaccountsreceivable,andcarryoutthecorrespondingwalk-throughtest;
(2)Foraccountsreceivablewithsignificantsingleamountandcreditimpairmentoccurredafterinitialrecognition,thebasesforthemanagement’sassessmentoftheexpectedfutureavailablecashflowshallbereviewedtoanalyzewhetheritisreasonable;
(3)Fortheaccountsreceivableofbaddebtprovisionwithdrawnbythemanagementaccordingtothecombinationofcreditriskcharacteristics,combinedwiththecreditriskcharacteristicsandaginganalysis,evaluatetherationalityofthewithdrawalofbaddebtprovisionbythemanagement;
(4)Evaluatedtheadequacyofthemanagement’sprovisionforbaddebtincombinationwiththecheckofpaymentcollectionaftertheperiod;
(5)Assesswhetherthemanagement’sdisclosureofaccountsreceivablefinancialstatementsisappropriate.Basedontheauditprocedureswehaveimplementedandtheevidencewehaveobtained,webelievethattheaccountingestimatesofthebaddebtprovisionofaccountsreceivablemadebyEnergyTechnologyarefullyreasonable.IV.OtherInformationEnergyTechnology’smanagementisresponsiblefortheotherinformation.Theotherinformationcomprisesalloftheinformationincludedinthefinancialreportotherthanthefinancialstatementsandourauditor’sreportthereon.Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementoftheotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.
V.ResponsibilitiesofManagementandThoseChargedwithGovernanceforFinancialStatements
EnergyTechnology’smanagementisresponsibleforthepreparationofthefinancialstatementsthatgiveafairviewinaccordancewithCAS,andfordesigning,implementingandmaintainingsuchinternalcontrolasthemanagementdeterminesisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthefinancialstatements,themanagementisresponsibleforassessingtheEnergyTechnology’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessthemanagementeitherintendstoliquidateEnergyTechnologyortoceaseoperations,orhavenorealisticalternativebuttodoso.ThosechargedwithgovernanceareresponsibleforoverseeingEnergyTechnology’sfinancialreportingprocess.
VI.ResponsibilitiesofCPAforAuditingFinancialStatements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithCASwillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.AspartofanauditinaccordancewithCAS,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:
1.Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.
2.Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.
3.Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebythemanagement.
4.Concludeontheappropriatenessofthemanagement’suseofthegoingconcernbasisofaccounting.Basedontheauditevidenceobtained,concludeonwhetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtonEnergyTechnology’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredbyCAStodrawusers’attentioninourauditor’sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycauseEnergyTechnologytoceasetocontinueasagoingconcern.
5.Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.
6.ObtainsufficientandappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithinEnergyTechnologytoexpressanopiniononthefinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceoftheCompanyauditandremainsolelyresponsibleforourauditopinion.Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganynoteworthydeficienciesininternalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andcommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,
relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.II.FinancialStatements
Theunitofnotestofinancialstatementsis:RMB
1.ConsolidatedbalancesheetPreparedby:YunnanEnergyNewMaterialCo.,Ltd.
December31,2023
Unit:RMB
| Item | December31,2023 | January1,2023 |
| Currentassets: | ||
| Monetaryfunds | 3,835,530,538.70 | 3,954,316,829.31 |
| Settlementreserves | ||
| Loanstobanksandotherfinancialinstitutions | ||
| Held-for-tradingfinancialassets | 9,850,069.59 | |
| Derivativefinancialassets | ||
| Notesreceivable | 760,968,387.25 | 637,755,156.47 |
| Accountsreceivable | 6,719,699,762.18 | 6,559,717,117.36 |
| Receivablefinancing | 408,354,641.63 | 692,286,629.08 |
| Prepayments | 175,605,702.96 | 220,239,470.09 |
| Premiumsreceivable | ||
| Reinsurancepremiumreceivable | ||
| Reinsurancecontractprovisionreceivable | ||
| Otherreceivables | 26,568,094.26 | 20,596,472.81 |
| Including:Interestreceivable | ||
| Dividendsreceivable | ||
| Financialassetsheldunderresaleagreements | ||
| Inventories | 3,000,558,853.64 | 2,463,490,238.80 |
| Contractualassets | ||
| Held-for-salesassets | ||
| Non-currentassetsduewithinoneyear | 618,295,576.83 | 87,029,166.67 |
| Othercurrentassets | 746,345,684.12 | 321,998,218.33 |
| Totalcurrentassets | 16,291,927,241.57 | 14,967,279,368.51 |
| Non-currentassets: | ||
| Loansandadvancestocustomers | ||
| Debtinvestment | ||
| Otherdebtinvestment | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 3,209,980.10 | 5,017,642.31 |
| Investmentsinotherequityinstruments | 89,000,000.00 | 111,000,000.00 |
| Othernon-currentfinancialassets | ||
| Investmentproperties | 7,865,069.42 | 8,399,300.54 |
| Fixedassets | 19,380,327,177.42 | 14,306,873,399.88 |
| Constructioninprogress | 6,207,408,467.99 | 3,584,554,509.73 |
| Productivebiologicalassets | ||
| Oilandgasassets | ||
| Right-of-useassets | 2,387,711.07 | 3,926,781.90 |
| Intangibleassets | 1,119,341,214.09 | 1,054,043,010.42 |
| Developmentexpenditures |
| Goodwill | 520,230,679.65 | 520,230,679.65 |
| Long-termunamortizedexpenses | 524,481.50 | 1,317,972.74 |
| Deferredincometaxassets | 432,868,864.70 | 315,538,499.73 |
| Othernon-currentassets | 3,145,825,748.18 | 3,744,550,327.16 |
| Totalnon-currentassets | 30,908,989,394.12 | 23,655,452,124.06 |
| Totalassets | 47,200,916,635.69 | 38,622,731,492.57 |
| Currentliabilities: | ||
| Short-termborrowings | 7,290,694,906.27 | 9,527,853,434.55 |
| Borrowingsfromthecentralbank | ||
| Placementsfrombanksandotherfinancialinstitutions | ||
| Held-for-tradingfinancialliabilities | 94,394.79 | |
| Derivativefinancialliabilities | ||
| Notespayable | 802,933,704.02 | 609,315,699.02 |
| Accountspayable | 1,608,309,616.46 | 1,720,586,992.11 |
| Advancesfromcustomers | ||
| Contractualliabilities | 29,791,971.25 | 24,596,154.15 |
| Financialassetssoldunderrepurchaseagreements | ||
| Customerbankdepositsandduetobanksandotherfinancialinstitutions | ||
| Customerbrokeragedeposits | ||
| Securitiesunderwritingbrokeragedeposits | ||
| Employeebenefitspayable | 87,688,714.29 | 54,164,141.80 |
| Taxespayable | 180,293,856.11 | 279,461,730.79 |
| Otherpayables | 244,698,302.33 | 209,680,232.86 |
| Including:Interestpayable | ||
| Dividendspayable | 95,117,453.54 | 9,778,239.09 |
| Feesandcommissionspayable | ||
| Reinsuranceamountspayable | ||
| Hold-for-saleliabilities | ||
| Non-currentliabilitiesduewithinoneyear | 1,095,554,519.11 | 858,495,954.79 |
| Othercurrentliabilities | 189,792,221.12 | 275,222,986.34 |
| Totalcurrentliabilities | 11,529,757,810.96 | 13,559,471,721.20 |
| Non-currentliabilities: | ||
| Insurancecontractreserves | ||
| Long-termborrowings | 4,685,315,817.70 | 4,179,264,746.86 |
| Bondspayable | 435,900,486.76 | 425,795,937.76 |
| Including:preferredshares | ||
| Perpetualbonds | ||
| Leaseliabilities | 182,663.88 | 1,331,485.16 |
| Long-termpayables | ||
| Long-termpayrollpayable | ||
| Estimatedliabilities | ||
| Deferredincome | 994,974,995.96 | 823,467,109.47 |
| Deferredincometaxliabilities | 308,332,028.16 | 236,759,482.43 |
| Othernon-currentliabilities | 564,217,694.55 | 542,217,694.55 |
| Totalnon-currentliabilities | 6,988,923,687.01 | 6,208,836,456.23 |
| Totalliabilities | 18,518,681,497.97 | 19,768,308,177.43 |
| Owners’equity: | ||
| Sharecapital | 977,754,217.00 | 892,411,690.00 |
| Otherequityinstruments | 50,242,778.32 | 50,317,083.84 |
| Including:preferredshares | ||
| Perpetualbonds |
| Capitalreserve | 15,070,954,107.76 | 7,685,332,598.80 |
| Less:treasurystock | 607,261,671.95 | 101,753,346.66 |
| Othercomprehensiveincome | 89,911,398.03 | 7,774,250.92 |
| Specialreserve | ||
| Surplusreserve | 399,014,802.99 | 191,644,843.59 |
| Generalriskprovision | ||
| Undistributedprofits | 10,945,879,862.09 | 9,000,475,751.88 |
| Totalowners’equityattributabletoparentcompany | 26,926,495,494.24 | 17,726,202,872.37 |
| Minorityinterests | 1,755,739,643.48 | 1,128,220,442.77 |
| Totalowners’equity | 28,682,235,137.72 | 18,854,423,315.14 |
| Totalliabilitiesandowners’equity | 47,200,916,635.69 | 38,622,731,492.57 |
Legalrepresentative:PaulXiaomingLeeLegalrepresentative:LiJianFinancialManager:DengJinhuan
2.Balancesheetoftheparentcompany
Unit:RMB
| Item | December31,2023 | January1,2023 |
| Currentassets: | ||
| Monetaryfunds | 1,382,521,361.78 | 264,731,171.00 |
| Held-for-tradingfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | 300,000.00 | 700,000.00 |
| Accountsreceivable | 14,842,141.47 | 33,130,270.37 |
| Receivablefinancing | 500,000.00 | |
| Prepayments | 315,497.60 | 1,340,081.33 |
| Otherreceivables | 14,132,822,217.29 | 6,831,112,472.90 |
| Including:Interestreceivable | ||
| Dividendsreceivable | 2,011,040,000.00 | 211,040,000.00 |
| Inventories | 3,831,510.64 | 9,356,812.38 |
| Contractualassets | ||
| Held-for-salesassets | ||
| Non-currentassetsduewithinoneyear | ||
| Othercurrentassets | ||
| Totalcurrentassets | 15,534,632,728.78 | 7,140,870,807.98 |
| Non-currentassets: | ||
| Debtinvestment | ||
| Otherdebtinvestment | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 4,959,728,962.52 | 4,750,066,580.90 |
| Investmentsinotherequityinstruments | 89,000,000.00 | 111,000,000.00 |
| Othernon-currentfinancialassets | ||
| Investmentproperties | ||
| Fixedassets | 18,234,472.92 | 61,119,717.03 |
| Constructioninprogress | 1,595,104.80 | 1,219,946.39 |
| Productivebiologicalassets | ||
| Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets | 37,069,860.82 | 38,206,008.22 |
| Developmentexpenditures | ||
| Goodwill | ||
| Long-termunamortizedexpenses | ||
| Deferredincometaxassets | 5,349,914.01 | 110,400.07 |
| Othernon-currentassets | 15,000.00 | 259,030.00 |
| Totalnon-currentassets | 5,110,993,315.07 | 4,961,981,682.61 |
| Totalassets | 20,645,626,043.85 | 12,102,852,490.59 |
| Currentliabilities: | ||
| Short-termborrowings | 59,543,098.59 | 194,346,485.13 |
| Held-for-tradingfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 20,301,025.31 | 7,831,403.74 |
| Advancesfromcustomers | ||
| Contractualliabilities | ||
| Employeebenefitspayable | 84,981.79 | 328.46 |
| Taxespayable | 35,169,433.18 | 60,535,712.47 |
| Otherpayables | 519,178,786.86 | 374,372,490.35 |
| Including:Interestpayable | ||
| Dividendspayable | ||
| Hold-for-saleliabilities | ||
| Non-currentliabilitiesduewithinoneyear | 6,070,366.96 | 120,063,422.78 |
| Othercurrentliabilities | 300,000.00 | 500,000.00 |
| Totalcurrentliabilities | 640,647,692.69 | 757,649,842.93 |
| Non-currentliabilities: | ||
| Long-termborrowings | ||
| Bondspayable | 435,900,486.76 | 425,795,937.76 |
| Including:preferredshares | ||
| Perpetualbonds | ||
| Leaseliabilities | ||
| Long-termpayables | ||
| Long-termpayrollpayable | ||
| Estimatedliabilities | ||
| Deferredincome | ||
| Deferredincometaxliabilities | 250,000.00 | |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 435,900,486.76 | 426,045,937.76 |
| Totalliabilities | 1,076,548,179.45 | 1,183,695,780.69 |
| Owners’equity: | ||
| Sharecapital | 977,754,217.00 | 892,411,690.00 |
| Otherequityinstruments | 50,242,778.32 | 50,317,083.84 |
| Including:preferredshares | ||
| Perpetualbonds | ||
| Capitalreserve | 17,125,627,483.84 | 9,738,751,318.24 |
| Less:treasurystock | 607,261,671.95 | 101,753,346.66 |
| Othercomprehensiveincome | -15,750,000.00 | 750,000.00 |
| Specialreserve | ||
| Surplusreserve | 371,262,292.00 | 163,892,332.60 |
| Undistributedprofits | 1,667,202,765.19 | 174,787,631.88 |
| Totalowners’equity | 19,569,077,864.40 | 10,919,156,709.90 |
| Totalliabilitiesandowners’equity | 20,645,626,043.85 | 12,102,852,490.59 |
3.Consolidatedincomestatement
Unit:RMB
| Item | 2023 | 2022 |
| I.Totaloperatingrevenue | 12,042,229,789.30 | 12,590,925,529.68 |
| Including:Operatingrevenue | 12,042,229,789.30 | 12,590,925,529.68 |
| Interestincome |
| Earnedpremium | ||
| Feeandcommissionincomes | ||
| II.Totaloperatingcost | 9,048,863,438.70 | 7,959,405,882.79 |
| Including:operatingcost | 7,535,223,456.34 | 6,568,148,382.65 |
| Interestexpense | ||
| Feeandcommissionsexpenses | ||
| Cashsurrenderamount | ||
| Netpaymentsforinsuranceclaims | ||
| Netprovisionforinsuranceliabilitycontractreserves | ||
| Policydividendexpenses | ||
| Reinsuranceexpenses | ||
| Taxesandsurcharges | 74,765,080.44 | 57,680,955.03 |
| Sellingexpenses | 89,338,734.45 | 74,455,043.47 |
| Administrativeexpenses | 383,415,488.72 | 323,291,931.01 |
| R&Dexpenses | 727,481,001.67 | 724,297,699.66 |
| Financialexpenses | 238,639,677.08 | 211,531,870.97 |
| Including:Interestexpense | 376,997,402.81 | 287,498,131.60 |
| Interestincome | 84,200,436.11 | 26,258,474.95 |
| Add:Otherincome | 209,120,211.75 | 156,434,027.51 |
| Investmentincome(lossisindicatedwith“-”) | 16,784,148.14 | 22,731,466.27 |
| Including:Incomefrominvestmentinassociatesandjointventures | 1,351,086.12 | 1,471,658.10 |
| Derecognizedfinancialassetsmeasuredbyamortizedcost | -21,537,307.12 | -18,658,871.90 |
| Exchangegain(lossisindicatedwith“-”) | ||
| Netexposurehedgingincome(lossisindicatedwith“-”) | ||
| Incomefromchangesinfairvalue(lossisindicatedwith“-”) | 9,755,674.80 | |
| Creditimpairmentlosses(lossisindicatedwith“-”) | -3,872,510.61 | -8,324,053.71 |
| Assetimpairmentlosses(lossisindicatedwith“-”) | -186,376,180.23 | -42,921,534.91 |
| Incomefromdisposalofassets(lossisindicatedwith“-”) | 204,866.12 | 223,345.22 |
| III.Operatingprofit(lossisindicatedwith“-”) | 3,029,226,885.77 | 4,769,418,572.07 |
| Add:Non-operatingrevenue | 2,516,231.14 | 1,962,503.26 |
| Less:Non-operatingexpenses | 5,400,590.27 | 6,236,954.06 |
| IV.Totalprofit(totallossisindicatedwith“-”) | 3,026,342,526.64 | 4,765,144,121.27 |
| Less:Incometaxexpense | 376,128,124.08 | 553,009,563.88 |
| V.Netprofit(netlossisindicatedwith“-”) | 2,650,214,402.56 | 4,212,134,557.39 |
| (I)Classifiedaccordingtooperatingcontinuity | ||
| 1.Netprofitfromcontinuingoperations(netlossisindicatedwith“-”) | 2,650,214,402.56 | 4,212,134,557.39 |
| 2.Netprofitfromdiscontinuingoperations(netlossisindicatedwith“-”) | ||
| (II)Classifiedaccordingtoattributionoftheownership | ||
| 1.Netprofitattributabletoshareholdersoftheparentcompany | 2,526,688,570.92 | 4,000,461,964.37 |
| 2.Profitorlossofminorityinterest | 123,525,831.64 | 211,672,593.02 |
| VI.Othercomprehensiveincome,netoftax | 87,088,686.32 | 12,061,121.08 |
| Othercomprehensiveincomeattributabletoownersofparentcompany,netoftax | 82,137,147.11 | 11,520,449.49 |
| (I)Othercomprehensiveincomethatcannotbereclassifiedtoprofitorloss | -16,500,000.00 | 750,000.00 |
| 1.Changesarisingfromre-measurementofthedefinedbenefitplan | ||
| 2.Othercomprehensiveincomethatcannotbereclassifiedintoprofitorlossundertheequitymethod |
| 3.Changesinfairvalueofotherequityinstrumentinvestments | -16,500,000.00 | 750,000.00 |
| 4.Changesinfairvalueoftheenterprise’screditrisk | ||
| 5.Others | ||
| (II)Othercomprehensiveincomethatwillbereclassifiedsubsequentlytoprofitorloss | 98,637,147.11 | 10,770,449.49 |
| 1.Othercomprehensiveincomethatcanbereclassifiedintoprofitorlossundertheequitymethod | ||
| 2.Changesinfairvalueofotherdebtinvestments | ||
| 3.Amountofthefinancialassetreclassifiedintoothercomprehensiveincome | ||
| 4.Provisionforcreditimpairmentofotherdebtinvestment | ||
| 5.Cashflowhedgingreserve | ||
| 6.Exchangedifferencesfromtranslationofstatementsdenominatedinforeigncurrencies | 98,637,147.11 | 11,527,018.37 |
| 7.Others | ||
| Othercomprehensiveincomeattributabletominorityinterests,netoftax | 4,951,539.21 | 540,671.59 |
| VII.Totalcomprehensiveincome | 2,737,303,088.88 | 4,224,195,678.47 |
| Totalcomprehensiveincomeattributabletoownersofparentcompany | 2,608,825,718.03 | 4,011,982,413.86 |
| Totalcomprehensiveincomeattributabletominorityinterests | 128,477,370.85 | 212,213,264.61 |
| VIII.Earningspershare: | ||
| (I)Basicearningspershare | 2.68 | 4.48 |
| (II)Dilutedearningspershare | 2.58 | 4.46 |
Ifabusinesscombinationoccursundercommoncontrolinthecurrentperiod,thenetprofitrealizedbythemergedpartybeforethecombinationwas:RMB0.00,andthenetprofitrealizedbythemergedpartyinthepreviousperiodwas:RMB0.00.Legalrepresentative:PaulXiaomingLeeLegalrepresentative:LiJianFinancialManager:DengJinhuan
4.Incomestatementofparentcompany
Unit:RMB
| Item | 2023 | 2022 |
| I.Operatingrevenue | 63,116,038.61 | 150,233,416.05 |
| Less:Operatingcost | 49,925,691.72 | 85,513,828.29 |
| Taxesandsurcharges | 4,034,635.44 | 5,613,303.27 |
| Sellingexpenses | 576,692.02 | 666,580.27 |
| Administrativeexpenses | 23,590,872.61 | 17,079,899.57 |
| R&Dexpenses | 2,671,152.31 | 7,274,587.70 |
| Financialexpenses | -316,352,130.41 | -203,997,298.76 |
| Including:Interestexpense | 33,567,175.48 | 35,182,103.58 |
| Interestincome | 350,004,443.73 | 239,246,217.64 |
| Add:Otherincome | 611,188.63 | 2,595,991.42 |
| Investmentincome(lossisindicatedwith“-”) | 1,850,000,000.00 | |
| Including:Incomefrominvestmentinassociatesandjointventures | ||
| Derecognizedfinancialassetsmeasuredbyamortizedcost(lossisindicatedwith“-”) | ||
| Netexposurehedgingincome(lossisindicatedwith“-”) | ||
| Incomefromchangesinfairvalue(lossisindicatedwith“-”) | ||
| Creditimpairmentlosses(lossisindicatedwith“-”) | -160,407.34 | -50,423.38 |
| Assetimpairmentlosses(lossisindicatedwith“-”) | -135,155.16 | -141,430.14 |
| Incomefromdisposalofassets(lossisindicatedwith“-”) | 596.59 | 26,910.57 |
| II.Operatingprofit(lossisindicatedwith“-”) | 2,148,985,347.64 | 240,513,564.18 |
| Add:Non-operatingrevenue | 22,748.59 | 454,747.63 |
| Less:Non-operatingexpenses | 105,542.48 | 10,000.00 |
| III.Totalprofit(totallossisindicatedwith“-”) | 2,148,902,553.75 | 240,958,311.81 |
| Less:Incometaxexpense | 75,202,959.73 | 58,439,098.55 |
| IV.Netprofit(netlossisindicatedwith“-”) | 2,073,699,594.02 | 182,519,213.26 |
| (I)Netprofitfromcontinuingoperations(netlossisindicatedwith“-”) | 2,073,699,594.02 | 182,519,213.26 |
| (II)Netprofitfromdiscontinuingoperations(netlossisindicatedwith“-”) | ||
| V.Othercomprehensiveincome,netoftax | -16,500,000.00 | 750,000.00 |
| (I)Othercomprehensiveincomethatcannotbereclassifiedtoprofitorloss | -16,500,000.00 | 750,000.00 |
| 1.Changesarisingfromre-measurementofthedefinedbenefitplan | ||
| 2.Othercomprehensiveincomethatcannotbereclassifiedintoprofitorlossundertheequitymethod | ||
| 3.Changesinfairvalueofotherequityinstrumentinvestments | -16,500,000.00 | 750,000.00 |
| 4.Changesinfairvalueoftheenterprise’screditrisk | ||
| 5.Others | ||
| (II)Othercomprehensiveincomethatwillbereclassifiedsubsequentlytoprofitorloss | ||
| 1.Othercomprehensiveincomethatcanbereclassifiedintoprofitorlossundertheequitymethod | ||
| 2.Changesinfairvalueofotherdebtinvestments | ||
| 3.Amountofthefinancialassetreclassifiedintoothercomprehensiveincome | ||
| 4.Provisionforcreditimpairmentofotherdebtinvestment | ||
| 5.Cashflowhedgingreserve | ||
| 6.Exchangedifferencesfromtranslationofstatementsdenominatedinforeigncurrencies | ||
| 7.Others | ||
| VI.Totalcomprehensiveincome | 2,057,199,594.02 | 183,269,213.26 |
| VII.Earningspershare: | ||
| (I)Basicearningspershare | ||
| (II)Dilutedearningspershare |
5.Consolidatedcashflowstatement
Unit:RMB
| Item | 2023 | 2022 |
| I.Cashflowsfromoperatingactivities: | ||
| Cashreceivedfromthesaleofgoodsorrenderingofservices | 10,446,360,770.22 | 8,308,323,229.28 |
| Netincreaseindepositsfromcustomersandplacementsfromcorporationsinthesameindustry | ||
| Netincreaseinborrowingsfromthecentralbank | ||
| Netincreaseinplacementsfromotherfinancialinstitutions | ||
| Cashreceivedforreceivingpremiumoforiginalinsurancecontract | ||
| Netcashreceivedfromreinsurancebusiness | ||
| Netincreaseindepositsoftheinsuredandinvestment | ||
| Cashreceivedfrominterests,feesandcommissions | ||
| Netincreaseinplacementsfrombanksandotherfinancialinstitutions | ||
| Netincreaseinrepurchasing | ||
| Netcashreceivedfromactingsaleofsecurities | ||
| Receiptsoftaxrefunds | 721,095,698.04 | 280,936,013.05 |
| Othercashreceiptsrelatedtooperatingactivities | 458,750,500.52 | 302,014,480.06 |
| Subtotalofcashinflowsfromoperatingactivities | 11,626,206,968.78 | 8,891,273,722.39 |
| Cashpaymentsforgoodspurchasedandservicesreceived | 6,189,875,575.33 | 6,268,851,123.90 |
| Netincreaseinloansandadvances |
| NetincreaseindepositsintheCentralBankandotherfinancialinstitutions | ||
| Cashpaidforclaimsettlementsonoriginalinsurancecontract | ||
| Netincreaseinplacementstobanksandotherfinancialinstitutions | ||
| Cashpaidforinterests,feesandcommissions | ||
| Cashpaidforpolicydividends | ||
| Cashpaidtoandonbehalfofemployees | 1,161,970,056.10 | 883,089,073.20 |
| Paymentsofalltypesoftaxes | 1,069,293,242.57 | 900,675,889.00 |
| Othercashpaymentsrelatingtooperatingactivities | 537,614,835.46 | 335,070,037.63 |
| Subtotalofcashoutflowsduetooperatingactivities | 8,958,753,709.46 | 8,387,686,123.73 |
| Netcashflowsfromoperatingactivities | 2,667,453,259.32 | 503,587,598.66 |
| II.Cashflowsfrominvestmentactivities: | ||
| Cashreceivedfromdisposalofinvestments | 132,832,319.38 | 55,000,000.00 |
| Cashreceivedfromprocuringinvestmentincome | 14,079,456.62 | 12,217,774.71 |
| Netamountofcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 27,764,903.85 | 5,081,977.73 |
| Netcashreceivedfromdisposalsofsubsidiariesandotherbusinessunits | ||
| Othercashreceivedrelatingtoinvestmentactivities | ||
| Subtotalofcashinflowsfrominvestmentactivities | 174,676,679.85 | 72,299,752.44 |
| Cashpaidforacquisitionoffixedassets,intangibleassetsandotherlong-termassets | 7,823,808,926.29 | 5,257,761,880.77 |
| Cashpaidforacquisitionofinvestments | 300,000,000.00 | 350,000,000.00 |
| Netincreaseinpledgeloans | ||
| Netcashpaymentsforacquisitionsofsubsidiariesandotherbusinessunits | ||
| Othercashpaidrelatingtoinvestmentactivities | 40,991,765.29 | 150,164,555.53 |
| Subtotalofcashoutflowsduetoinvestmentactivities | 8,164,800,691.58 | 5,757,926,436.30 |
| Netcashflowsfrominvestmentactivities | -7,990,124,011.73 | -5,685,626,683.86 |
| III.Cashflowsfromfinancingactivities: | ||
| Cashreceivedfromabsorbinginvestment | 8,036,235,783.60 | 372,446,946.93 |
| Including:Cashreceivedfromsubsidiaries’absorbingminorityshareholderinvestment | 582,691,751.93 | 270,693,600.27 |
| Cashreceivedfromborrowings | 12,859,214,236.98 | 14,006,864,781.67 |
| Othercashreceivedrelatingtofinancingactivities | ||
| Subtotalofcashinflowsfromfinancingactivities | 20,895,450,020.58 | 14,379,311,728.60 |
| Cashpaidfordebtrepayment | 13,704,612,776.52 | 6,748,216,372.27 |
| Cashpaidfordistributingdividendsandprofitsorpayinginterests | 719,029,212.87 | 595,877,608.26 |
| Including:Dividendsandprofitspaidtominorityshareholdersbysubsidiaries | ||
| Cashpaymentsrelatingtootherfinancingactivities | 1,334,884,808.55 | 256,109,825.98 |
| Subtotalofcashoutflowsfromfinancingactivities | 15,758,526,797.94 | 7,600,203,806.51 |
| Netcashflowsfromfinancingactivities | 5,136,923,222.64 | 6,779,107,922.09 |
| IV.Effectofchangesinexchangerateoncashandcashequivalents | 2,725,405.61 | 5,687,720.52 |
| V.Netincreaseincashandcashequivalents | -183,022,124.16 | 1,602,756,557.41 |
| Add:Openingbalanceofcashandcashequivalents | 2,972,056,126.01 | 1,369,299,568.60 |
| VI.Closingbalanceofcashandcashequivalents | 2,789,034,001.85 | 2,972,056,126.01 |
6.Cashflowstatementofparentcompany
Unit:RMB
| Item | 2023 | 2022 |
| I.Cashflowsfromoperatingactivities: | ||
| Cashreceivedfromthesaleofgoodsorrenderingofservices | 71,880,593.33 | 145,968,617.09 |
| Receiptsoftaxrefunds | 96,584.46 | 8,852,166.05 |
| Othercashreceiptsrelatedtooperatingactivities | 53,858,322.26 | 12,817,429.72 |
| Subtotalofcashinflowsfromoperatingactivities | 125,835,500.05 | 167,638,212.86 |
| Cashpaymentsforgoodspurchasedandservicesreceived | 32,907,746.19 | 20,871,988.83 |
| Cashpaidtoandonbehalfofemployees | 16,383,482.17 | 24,270,586.06 |
| Paymentsofalltypesoftaxes | 135,972,576.99 | 44,796,093.76 |
| Othercashactivities | 29,098,017.34 | 21,244,359.26 |
| Subtotalofcashoutflowsduetooperatingactivities | 214,361,822.69 | 111,183,027.91 |
| Netcashflowsfromoperatingactivities | -88,526,322.64 | 56,455,184.95 |
| II.Cashflowsfrominvestmentactivities: | ||
| Cashreceivedfromdisposalofinvestments | 30,000,000.00 | |
| Cashreceivedfromprocuringinvestmentincome | 50,000,000.00 | 164,200.00 |
| Netamountofcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 39,908,191.62 | |
| Netcashreceivedfromdisposalsofsubsidiariesandotherbusinessunits | ||
| Othercashactivities | 758,017,645.64 | 589,627,793.34 |
| Subtotalactivities | 847,925,837.26 | 619,791,993.34 |
| Cashpaidforacquisitionoffixedassets,intangibleassetsandotherlong-termassets | 214,338.12 | 2,527,820.95 |
| Cashpaidforacquisitionofinvestments | 186,000,000.00 | |
| Netcashpaymentsforacquisitionsofsubsidiariesandotherbusinessunits | ||
| Othercashpaidrelatingtoinvestmentactivities | 5,997,573,198.61 | 530,126,014.26 |
| Subtotalofcashoutflowsduetoinvestmentactivities | 6,183,787,536.73 | 532,653,835.21 |
| Netcashflowsfrominvestmentactivities | -5,335,861,699.47 | 87,138,158.13 |
| III.Cashflowsfromfinancingactivities: | ||
| Cashreceivedfromabsorbinginvestment | 7,453,546,101.02 | 101,753,346.66 |
| Cashreceivedfromborrowings | 59,500,000.00 | 218,200,000.00 |
| Othercashactivities | 469,700,000.00 | 200,800,000.00 |
| Subtotalofcashinflowsfromfinancingactivities | 7,982,746,101.02 | 520,753,346.66 |
| Cashpaidfordebtrepayment | 290,190,000.00 | 219,010,000.00 |
| Cashpaidfordistributingdividendsandprofitsorpayinginterests | 383,380,310.88 | 278,706,732.17 |
| Cashpaymentsrelatingtootherfinancingactivities | 764,644,041.58 | 131,740,024.60 |
| Subtotalofcashoutflowsfromfinancingactivities | 1,438,214,352.46 | 629,456,756.77 |
| Netcashflowsfromfinancingactivities | 6,544,531,748.56 | -108,703,410.11 |
| IV.Effectofchangesinexchangerateoncashandcashequivalents | ||
| V.Netincreaseincashandcashequivalents | 1,120,143,726.45 | 34,889,932.97 |
| Add:Openingbalanceofcashandcashequivalents | 261,730,980.89 | 226,841,047.92 |
| VI.Closingbalanceofcashandcashequivalents | 1,381,874,707.34 | 261,730,980.89 |
7.Consolidatedstatementofchangesinowners’equity
Amountofcurrentperiod
Unit:RMB
| Item | 2023 | ||||||||||||||
| Owner’sequityattributabletoparentcompany | Minorityinterests | Totalowners’equity | |||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Generalriskprovision | Undistributedprofits | Other | Subtotal | |||||
| Preferredstock | Perpetualbonds | Other | |||||||||||||
| I.Closingbalanceofthepreviousyear | 892,411,690.00 | 50,317,083.84 | 7,685,332,598.80 | 101,753,346.66 | 7,774,250.92 | 191,644,843.59 | 9,000,475,751.88 | 17,726,202,872.37 | 1,128,220,442.77 | 18,854,423,315.14 | |||||
| Add:Effectsofchangesinaccountingpolicies | |||||||||||||||
| Effectsofcorrectionofprioryearerrors | |||||||||||||||
| Others | |||||||||||||||
| II.Openingbalanceofthecurrentyear | 892,411,690.00 | 50,317,083.84 | 7,685,332,598.80 | 101,753,346.66 | 7,774,250.92 | 191,644,843.59 | 9,000,475,751.88 | 17,726,202,872.37 | 1,128,220,442.77 | 18,854,423,315.14 | |||||
| III.Increase/decreasefortheperiod(decreaseisindicatedwith“-”) | 85,342,527.00 | -74,305.52 | 7,385,621,508.96 | 505,508,325.29 | 82,137,147.11 | 207,369,959.40 | 1,945,404,110.21 | 9,200,292,621.87 | 627,519,200.71 | 9,827,811,822.58 | |||||
| (I)Totalcomprehensiveincome | 82,137,147.11 | 2,526,688,570.92 | 2,608,825,718.03 | 128,477,370.85 | 2,737,303,088.88 | ||||||||||
| (II)Contributionandwithdrawalofcapitalbyowners | 85,342,527.00 | -74,305.52 | 7,385,621,508.96 | 505,508,325.29 | 6,965,381,405.15 | 584,381,044.31 | 7,549,762,449.46 | ||||||||
| 1.Commonsharesinvestedbyowner | 85,421,412.00 | 7,368,252,287.14 | 7,453,673,699.14 | 582,564,153.80 | 8,036,237,852.94 | ||||||||||
| 2.Capitalinvestedbyotherequityinstrumentholders | 10,089.00 | -74,305.52 | 732,247.16 | 668,030.64 | 668,030.64 | ||||||||||
| 3.Amountofsharepaymentcreditedtoowner’sequity | -88,974.00 | 16,636,974.66 | 505,508,325.29 | -488,960,324.63 | 1,816,890.51 | -487,143,434.12 | |||||||||
| 4.Other | |||||||||||||||
| (III)Profitdistribution | 207,369,959.40 | -581,284, | -373,914,50 | -85,339,214. | -459,253,715. | ||||||||||
| 460.71 | 1.31 | 45 | 76 | |||||||||||
| 1.Withdrawalofsurplusreserve | 207,369,959.40 | -207,369,959.40 | ||||||||||||
| 2.Provisionforgeneralrisk | ||||||||||||||
| 3.Distributiontoowners(orshareholders) | -373,914,501.31 | -373,914,501.31 | -85,339,214.45 | -459,253,715.76 | ||||||||||
| 4.Other | ||||||||||||||
| (IV)Internalcarry-forwardofowners’equity | ||||||||||||||
| 1.Conversionofcapitalreserveintocapital(orshares) | ||||||||||||||
| 2.Conversionofsurplusreserveintocapital(orshares) | ||||||||||||||
| 3.Makinggoodoflosswithsurplusreserve | ||||||||||||||
| 4.Carry-forwardofchangesinthedefinedbenefitplanforretainedearnings | ||||||||||||||
| 5.Carry-forwardofothercomprehensiveincomeforretainedearnings | ||||||||||||||
| 6.Other | ||||||||||||||
| (V)Specialreserve | ||||||||||||||
| 1.Amountwithdrawnintheperiod | ||||||||||||||
| 2.Amountutilizedintheperiod | ||||||||||||||
| (VI).Other | ||||||||||||||
| IV.Closingbalancefortheperiod | 977,754,217.00 | 50,242,778.32 | 15,070,954,107.76 | 607,261,671.95 | 89,911,398.03 | 399,014,802.99 | 10,945,879,862.09 | 26,926,495,494.24 | 1,755,739,643.48 | 28,682,235,137.72 |
Amountofpreviousperiod
Unit:RMB
| Item | 2022 |
| Owner’sequityattributabletoparentcompany | Minorityinterests | Totalowners’equity | |||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Generalriskprovision | Undistributedprofits | Other | Subtotal | |||||
| Preferredstock | Perpetualbonds | Other | |||||||||||||
| I.Closingbalanceofthepreviousyear | 892,406,822.00 | 50,352,323.80 | 7,635,639,929.52 | 204,444,302.78 | -3,746,198.57 | 173,392,922.26 | 5,288,265,431.08 | 13,831,866,927.31 | 705,424,784.78 | 14,537,291,712.09 | |||||
| Add:Effectsofchangesinaccountingpolicies | |||||||||||||||
| Effectsofcorrectionofprioryearerrors | |||||||||||||||
| Other | |||||||||||||||
| II.Openingbalanceofthecurrentyear | 892,406,822.00 | 50,352,323.80 | 7,635,639,929.52 | 204,444,302.78 | -3,746,198.57 | 173,392,922.26 | 5,288,265,431.08 | 13,831,866,927.31 | 705,424,784.78 | 14,537,291,712.09 | |||||
| III.Increase/decreasefortheperiod(decreaseisindicatedwith“-”) | 4,868.00 | -35,239.96 | 49,692,669.28 | -102,690,956.12 | 11,520,449.49 | 18,251,921.33 | 3,712,210,320.80 | 3,894,335,945.06 | 422,795,657.99 | 4,317,131,603.05 | |||||
| (I)Totalcomprehensiveincome | 11,520,449.49 | 4,000,461,964.37 | 4,011,982,413.86 | 212,213,264.61 | 4,224,195,678.47 | ||||||||||
| (II)Contributionandwithdrawalofcapitalbyowners | 4,868.00 | -35,239.96 | 49,692,669.28 | -102,690,956.12 | 152,353,253.44 | 210,582,393.38 | 362,935,646.82 | ||||||||
| 1.Commonsharesinvestedbyowner | -35,462,199.34 | -35,462,199.34 | 253,057,480.66 | 217,595,281.32 | |||||||||||
| 2.Capitalinvestedbyotherequityinstrumentholders | 4,868.00 | -35,239.96 | 343,945.88 | 313,573.92 | 313,573.92 | ||||||||||
| 3.Amountofsharepaymentcreditedtoowner’sequity | 84,810,922.74 | -102,690,956.12 | 187,501,878.86 | 7,117,549.88 | 194,619,428.74 | ||||||||||
| 4.Other | 0.00 | -49,592,637.16 | -49,592,637.16 | ||||||||||||
| (III)Profitdistribution | 18,251,921.33 | -288,251,643.57 | -269,999,722.24 | 0.00 | -269,999,722.24 | ||||||||||
| 1.Withdrawalofsurplusreserve | 18,251,921.33 | -18,251,9 | 0.00 | 0.00 | 0.00 | ||||||||||
| 21.33 | ||||||||||||||
| 2.Provisionforgeneralrisk | -269,999,722.24 | -269,999,722.24 | 0.00 | -269,999,722.24 | ||||||||||
| 3.Distributiontoowners(orshareholders) | ||||||||||||||
| 4.Other | ||||||||||||||
| (IV)Internalcarry-forwardofowners’equity | ||||||||||||||
| 1.Conversionofcapitalreserveintocapital(orshares) | ||||||||||||||
| 2.Conversionofsurplusreserveintocapital(orshares) | ||||||||||||||
| 3.Makinggoodoflosswithsurplusreserve | ||||||||||||||
| 4.Carry-forwardofchangesinthedefinedbenefitplanforretainedearnings | ||||||||||||||
| 5.Carry-forwardofothercomprehensiveincomeforretainedearnings | ||||||||||||||
| 6.Other | ||||||||||||||
| (V)Specialreserve | ||||||||||||||
| 1.Amountwithdrawnintheperiod | ||||||||||||||
| 2.Amountutilizedintheperiod | ||||||||||||||
| (VI)Other | ||||||||||||||
| IV.Closingbalancefortheperiod | 892,411,690.00 | 50,317,083.84 | 7,685,332,598.80 | 101,753,346.66 | 7,774,250.92 | 191,644,843.59 | 9,000,475,751.88 | 17,726,202,872.37 | 1,128,220,442.77 | 18,854,423,315.14 |
8.Statementofchangesinowners’equityofparentcompany
Amountofcurrentperiod
Unit:RMB
| Item | 2023 | |||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofits | Other | Totalowners’equity | |||
| Preferredstock | Perpetualbonds | Other | ||||||||||
| I.Closingbalanceofthepreviousyear | 892,411,690.00 | 50,317,083.84 | 9,738,751,318.24 | 101,753,346.66 | 750,000.00 | 163,892,332.60 | 174,787,631.88 | 10,919,156,709.90 | |||
| Add:Effectsofchangesinaccountingpolicies | |||||||||||
| Effectsofcorrectionofprioryearerrors | |||||||||||
| Other | |||||||||||
| II.Openingbalanceofthecurrentyear | 892,411,690.00 | 50,317,083.84 | 9,738,751,318.24 | 101,753,346.66 | 750,000.00 | 163,892,332.60 | 174,787,631.88 | 10,919,156,709.90 | |||
| III.Increase/decreasefortheperiod(decreaseisindicatedwith“-”) | 85,342,527.00 | -74,305.52 | 7,386,876,165.60 | 505,508,325.29 | -16,500,000.00 | 207,369,959.40 | 1,492,415,133.31 | 8,649,921,154.50 | |||
| (I)Totalcomprehensiveincome | -16,500,000.00 | 2,073,699,594.02 | 2,057,199,594.02 | ||||||||
| (II)Contributionandwithdrawalofcapitalbyowners | 85,342,527.00 | -74,305.52 | 7,386,876,165.60 | 505,508,325.29 | 6,966,636,061.79 | ||||||
| 1.Commonsharesinvestedbyowner | 85,421,412.00 | 7,368,124,689.02 | 7,453,546,101.02 | ||||||||
| 2.Capitalinvestedbyotherequityinstrumentholders | 10,089.00 | -74,305.52 | 732,247.16 | 668,030.64 | |||||||
| 3.Amountofsharepaymentcreditedtoowner’sequity | -88,974.00 | 18,019,229.42 | 505,508,325.29 | -487,578,069.87 | |||||||
| 4.Other | |||||||||||
| (III)Profitdistribution | 207,369,959.40 | -581,284,460.71 | -373,914,501.31 | ||||||||
| 1.Withdrawalofsurplusreserve | 207,369,959.40 | -207,369,959.40 | |||||||||
| 2.Distributiontoowners(orshareholders) | -373,914,501.31 | ||||||||||
| 3.Other | |||||||||||
| (IV)Internalcarry-forwardofowners’equity | |||||||||||
| 1.Conversionofcapitalreserveintocapital(orshares) | |||||||||||
| 2.Conversionofsurplusreserveintocapital(orshares) | |||||||||||
| 3.Makinggoodoflosswithsurplusreserve | |||||||||||
| 4.Carry-forwardofchangesinthedefinedbenefitplanforretainedearnings |
| 5.Carry-forwardofothercomprehensiveincomeforretainedearnings | |||||||||||
| 6.Other | |||||||||||
| (V)Specialreserve | |||||||||||
| 1.Amountwithdrawnintheperiod | |||||||||||
| 2.Amountutilizedintheperiod | |||||||||||
| (VI)Other | |||||||||||
| IV.Closingbalancefortheperiod | 977,754,217.00 | 50,242,778.32 | 17,125,627,483.84 | 607,261,671.95 | -15,750,000.00 | 371,262,292.00 | 1,667,202,765.19 | 19,569,077,864.40 |
Amountofpreviousperiod
Unit:RMB
| Item | 2022 | |||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofits | Other | Totalowners’equity | |||
| Preferredstock | Perpetualbonds | Other | ||||||||||
| I.Closingbalanceofthepreviousyear | 892,406,822.00 | 50,352,323.80 | 9,749,414,509.20 | 204,444,302.78 | 145,640,411.27 | 280,520,062.19 | 10,913,889,825.68 | |||||
| Add:Effectsofchangesinaccountingpolicies | ||||||||||||
| Effectsofcorrectionofprioryearerrors | ||||||||||||
| Other | ||||||||||||
| II.Openingbalanceofthecurrentyear | 892,406,822.00 | 50,352,323.80 | 9,749,414,509.20 | 204,444,302.78 | 145,640,411.27 | 280,520,062.19 | 10,913,889,825.68 | |||||
| III.Increase/decreasefortheperiod(decreaseisindicatedwith“-”) | 4,868.00 | -35,239.96 | -10,663,190.96 | -102,690,956.12 | 750,000.00 | 18,251,921.33 | -105,732,430.31 | 5,266,884.22 | ||||
| (I)Totalcomprehensiveincome | 750,000.00 | 182,519,213.26 | 183,269,213.26 | |||||||||
| (II)Contributionandwithdrawalofcapitalbyowners | 4,868.00 | -35,239.96 | -10,663,190.96 | -102,690,956.12 | 91,997,393.20 | |||||||
| 1.Commonsharesinvestedbyowner | -102,690,956.12 | -102,690,956.12 | ||||||||||
| 2.Capitalinvestedbyotherequityinstrumentholders | 4,868.00 | -35,239.96 | 343,945.88 | 313,573.92 | ||||||||
| 3.Amountofsharepaymentcreditedtoowner’sequity | 91,683,819.28 | -102,690,956.12 | 194,374,775.40 | ||||||||
| 4.Other | |||||||||||
| (III)Profitdistribution | 18,251,921.33 | -288,251,643.57 | -269,999,722.24 | ||||||||
| 1.Withdrawalofsurplusreserve | 18,251,921.33 | -18,251,921.33 | |||||||||
| 2.Distributiontoowners(orshareholders) | -269,999,722.24 | -269,999,722.24 | |||||||||
| 3.Other | |||||||||||
| (IV)Internalcarry-forwardofowners’equity | |||||||||||
| 1.Conversionofcapitalreserveintocapital(orshares) | |||||||||||
| 2.Conversionofsurplusreserveintocapital(orshares) | |||||||||||
| 3.Makinggoodoflosswithsurplusreserve | |||||||||||
| 4.Carry-forwardofchangesinthedefinedbenefitplanforretainedearnings | |||||||||||
| 5.Carry-forwardofothercomprehensiveincomeforretainedearnings | |||||||||||
| 6.Other | |||||||||||
| (V)Specialreserve | |||||||||||
| 1.Amountwithdrawnintheperiod | |||||||||||
| 2.Amountutilizedintheperiod | |||||||||||
| (VI)Other | |||||||||||
| IV.Closingbalancefortheperiod | 892,411,690.00 | 50,317,083.84 | 9,738,751,318.24 | 101,753,346.66 | 750,000.00 | 163,892,332.60 | 174,787,631.88 | 10,919,156,709.90 |
III.CorporateInformation
(i)Companyregistrationaddress,organizationformandheadquartersaddressYunnanEnergyNewMaterialCo.,Ltd.(hereinafterreferredtoasthe“Company”or“ourCompany”)wasformerlyYunnanYuxiInnovationColorPrintingCo.,Ltd.withtheapprovalofDepartmentofCommerceofYunnanProvincedocumentYSZ[2011]No.50,theshareholdersoftheCompanysignedthesponsoragreementonMarch28,2011,unanimouslyagreedtochangetheCompanyasawholeintoacompanylimitedbyshare,andobtainedthebusinesslicenseofenterpriselegalpersonNo.530400400000009issuedbyYunnanProvincialAdministrationforIndustryandCommerce,whichisnowchangedtotheunifiedsocialcreditcode91530000727317703K,withtheregisteredaddressandheadquartersaddressofNo.125,FuxianRoad,High-techZone,YuxiCity,YunnanProvince.TheCompany’slegalrepresentativeisPAULXIAOMINGLEE.Inaccordancewiththeresolutionofthefirstextraordinarygeneralmeetingofshareholdersin2014heldinMarch2014andtherevisedarticlesofassociationoftheCompany,andtheApprovalofInitialPublicOfferingofSharesofYunnanInnovativeNewMaterialsCo.,Ltd.(ZhengJianXuKe[2016]No.1886)issuedbyChinaSecuritiesRegulatoryCommission,theCompanyissuedRMB-denominatedordinaryshares(Ashares)of33,480,000tothepublic.ItwaspricedandissuedtothepublicinvestorsonSeptember6,2016,withaparvalueofRMB1.00pershare,asubscriptionpriceofRMB23.41pershare,andatotalofRMB783,766,800.00raisedfunds.AfterdeductingtheissuancerelatedexpensesofRMB35,999,800.00,theactualnetamountofraisedfundsisRMB747,767,000.00yuan,whichisincludedsharecapitalofRMB33,480,000.00andcapitalreserve-sharecapitalpremiumofRMB714,287,000.00.AlltheabovecontributionshavebeenpaidinplaceandhavebeenverifiedbyDahuaCPAs(SGP)issuingthecapitalverificationreport(DaHuaYanZi[2016]No.000897).AccordingtotheNoticeontheListingofRMB-denominatedOrdinarySharesofYunnanInnovativeNewMaterialsCo.,Ltd.(SZSNo.(2016)618)issuedbyShenzhenStockExchange,thesharesoftheCompanywerelistedonShenzhenStockExchangeonSeptember14,2016.AccordingtothefourthmeetingofthethirdboardofdirectorsheldonJune1,2017,whichdeliberatedandpassedtheResolutiononGrantingRestrictedSharestoIncentiveObjectof2017RestrictedStockIncentivePlanoftheCompany,theCompanyissued2.57millionRMB-denominatedordinaryshares(issueprice:RMB28.65/share)to84employeesqualifiedforparticipantsofequityincentiveplan,amongthem:theamountofsharecapitalisRMB2,570,000.00,andcapitalreserve-sharecapitalpremiumisRMB71,060,500.00.AlltheabovecapitalcontributionshavebeensubscribedinplaceandhavebeenverifiedbyDahuaCPAs(SGP)issuingthecapitalverificationreport(DaHuaYanZi[2017]No.000338).WhereastheCompanyhascompletedcapitalreserveconvertedtosharecapital,accordingtotheresolutionofthesecondextraordinarygeneralmeetingofshareholdersin2018heldonMay10,2018andtherevisedarticlesofassociation,theregisteredcapitaloftheCompanyhasincreasedfromRMB136,450,000.00toRMB272,900,000.00.InaccordancewiththeresolutionofthefourteenthmeetingofthethirdboardofdirectorsheldbytheCompanyonJuly20,2018andtherevisedarticlesofassociation,andapprovedbyChinaSecuritiesRegulatoryCommission(hereinafterreferredtoas“CSRC”)ZhengJianXuKe[2018]No.671andMinistryofCommerceofthePeople’sRepublicofChina(hereinafterreferredtoas“MinistryofCommerce”)ShangZiChanHan[2018]No.225,theCompanyissued201,023,712A-sharesinprivatetoPaulXiaomingLee,LiXiaohua,WangYuhua,KunmingHuachenInvestmentCo.,Ltd.,SherryLee,FutureIndustryInvestmentFund(LimitedPartnership),ShanghaiHengzouEnterpriseManagementFirm(LimitedPartnership),HuangShuhua,ZhangTao,GaoXiang,HeBaohua,HuangYuchen,HuJiadong,WangChizhou,JiangXinmin,ZhangFang,ZhangFan,ZhengMei,LiuWei,DuJunandCaoBen,withaparvalueofRMB1.00pershareandasubscriptionpriceofRMB24.87pershare.Aftertheissuanceoftheshares,theshareholders’equityassetsofRMB4,999,459,975.00wereactuallyreceived,andtheregisteredcapitalofRMB201,023,712.00wasactuallypaid,andthemodeofcontributionwasequitycapitalcontribution.ThenewlyincreasedsharecapitalisRMB201,023,712.00,thenewlyincreasedcapitalreserve(sharecapitalpremium)isRMB4,798,436,263.00,andtheregisteredcapitalafterthechangeisRMB473,923,712.00,whichhasbeenverifiedbyDahuaCPAs(SGP)withthecapitalverificationreport(DaHuaYanZi[2018]No.000430).Accordingtotheresolutionofthefourthextraordinarygeneralmeetingofshareholdersof2018heldbytheCompanyonSeptember3,2018andtherevisedarticlesofassociationoftheCompany,theCompanycanceledtherepurchaseofpartofincentiveshares,repurchasedthesharessubscribedbysevennaturalpersonsintheformofmonetarycapital,totalingRMB799,335.00,including:reducingsharecapitalbyRMB55,800.00,reducingcapitalreserve-sharecapitalpremiumbyRMB743,535.00.Ithasbeenverifiedbythecapitalverificationreport(DaHuaYanZi[2018]No.No.000514)issuedbyDahuaCPAs(SGP).Accordingtotheresolutionofthe19thmeetingofthethirdboardofdirectorsheldbytheCompanyonSeptember28,2018andtherevisedarticlesofassociation,theCompanychangeditsnamefromYunnanInnovativeNewMaterialCo.,Ltd.toYunnanEnergyNewMaterialCo.,Ltd.WhereastheCompanyhascompletedtheconversionofcapitalreservetosharecapital,accordingtotheresolutionofthesixthextraordinarygeneralmeetingofshareholdersin2019heldonJuly29,2019andtherevisedarticlesofassociation,theregisteredcapitaloftheCompanyhasincreasedfromRMB473,867,912.00toRMB805,575,450.00.Accordingtotheresolutionofthesixthextraordinarygeneralmeetingofshareholdersof2019heldbytheCompanyonJuly29,2019,theresolutionoftheseventhextraordinarygeneralmeetingofshareholdersof2019heldonAugust15,2019andtheamendedarticlesofassociation,theCompanycanceledtherepurchaseofpartofincentiveshares,repurchasedthesharessubscribedby17naturalpersonsinmonetaryfunds,withatotalamountofRMB1,151,665.68,including:reductionofsharecapitalbyRMB136,680.00,reducingcapitalreserve-sharecapitalpremiumbyRMB1,014,985.68.Inaddition,accordingtotheresolutionoftheseventhextraordinarygeneralmeetingofshareholdersin2019heldonAugust15,2019andtherevisedarticlesofassociation,theCompanycanceledthesharebuybackoftheresignedincentiveobjects,andrepurchasedthesharessubscribedbyonenaturalpersonintheformofmonetarycapital,withatotalamountofRMB601,580.59,includingadecreaseofsharecapitalofRMB68,000.00andadecreaseofcapitalreserve-sharecapitalpremiumofRMB533,580.59.Ithasbeenverifiedbythecapitalverificationreport(DaHuaYanZi[2019]No.000324)issuedbyDahuaCPAs(SGP).Accordingtotheresolutionsofthe43rdmeetingofthethirdboardofdirectorsheldonMarch23,2020,theresolutionsofthe2020firstextraordinarygeneralmeetingofshareholdersheldonApril9,2020,andtheresolutionsofthethirdmeetingoffourthboardofdirectorsheldonJune12,2020andtheApprovaloftheNon-publicIssuanceofSharesbyYunnanEnergyNewMaterialCo.,Ltd.”(ZhengJianXuKe[2020]No.1476)issuedbyChinaSecuritiesRegulatoryCommission,theCompany’snon-publicissuanceshallnotexceed241,611,231RMB-denominatedordinaryshares.TheCompanynon-publiclyissued69,444,444RMB-denominatedordinaryshares(Ashares)tospecificinvestorsonAugust17,2020,withaparvalueofRMB1.00pershare,andasubscriptionpriceofRMB72.00pershare.AtotalofRMB4,999,999,968.00wasraised.
ExcludingthecostofRMB17,495,413.51relatedtotheissuance,theCompany’sactualnetfundsraisedwereRMB4,982,504,554.49,ofwhichRMB69,444,444.00wasincludedinthesharecapitalandRMB4,913,060,110.49wasincludedinthecapitalreserve-sharecapitalpremium.AlltheabovecapitalcontributionshavebeensubscribedinplaceandhavebeenverifiedbyDahuaCPAs(SGP)issuingthecapitalverificationreport(DaHuaYanZi[2020]No.000460).ApprovedbytheReplyonApprovalofYunnanEnergyNewMaterialCo.,Ltd.toIssueConvertibleCorporateBondsPublicly(ZhengJianXuKe[2019]No.2701)issuedbyChinaSecuritiesRegulatoryCommission,theCompanypubliclyissued16millionconvertiblecorporatebondsonFebruary11,2020.Theconversionperiodofconvertiblecorporatebondsshallstartfromthefirsttradingdaysixmonthsaftertheendoftheissuancetothematuritydateoftheconvertiblecorporatebonds,thatis,fromAugust17,2020toFebruary11,2026.AsofDecember31,2023,atotalof17,629,685.00sharesofconvertiblecorporatebondswereconvertedcumulativelyintoshares.Accordingtotheresolutionofthefourthextraordinarygeneralmeetingofshareholdersof2020heldbytheCompanyonJuly30,2020andtherevisedarticlesofassociationoftheCompany,theCompanycanceledtherepurchaseofpartofincentiveshares,repurchasedthesharessubscribedbyfournaturalpersonsintheformofmonetarycapital,totalingRMB194,809.12,including:reducingsharecapitalbyRMB23,120.00,reducingcapitalreserve-sharecapitalpremiumbyRMB171,689.12.Ithasbeenverifiedbythecapitalverificationreport(DaHuaYanZi[2020]No.000561)issuedbyDahuaCPAs(SGP).AccordingtotheprovisionsoftheResolutionontheCompany's2022StockOptionandRestrictedStockIncentivePlan(Draft)andItsAbstract,theResolutionontheFormulationoftheCompany's2022StockOptionandRestrictedStockIncentivePlanImplementationAssessmentManagementMeasures,andtheResolutiononRequestingtheGeneralMeetingofShareholderstoAuthorizetheBoardofDirectorstoHandleMattersRelatedtoEquityIncentive,whichwerereviewedandapprovedatthe2ndExtraordinaryGeneralMeetingof2022heldbyEnergyTechnologyonFebruary14,2022,theCompanygrantedatotalof1,585,437.00restrictedsharesto826naturalpersonsincludingYuXueatagrantpriceofRMB64.18pershare.ThecapitalcontributionofRMB101,753,346.66hasbeenpaidinfullamount,whichhasbeenverifiedbyDaHuaCertifiedPublicAccountants(SpecialGeneralPartnership)throughthecapitalverificationreport(DaHuaYanZi[2022]No.00L00001).ThesourceoftherestrictedstockincentiveplaninthecurrentperiodisthecommonstocksrepurchasedbyEnergyTechnologyfromthesecondarymarket.Aftertheimplementationofthisrestrictedstockincentiveplan,thetotalsharecapitalofEnergyTechnologyremainsunchanged.Accordingtotheresolutionsofthe38thmeetingofthefourthboardofdirectorsheldonNovember21,2021,theresolutionsofthe2022firstextraordinarygeneralmeetingofshareholdersheldonJanuary17,2022,theresolutionsofthesecondmeetingoffifthboardofdirectorsheldonApril21,2023,theresolutionsofthe2023firstextraordinarygeneralmeetingofshareholdersheldonMay8,2023,andtheresolutionsofthefifthmeetingoffifthboardofdirectorsheldonMay14,2023,andtheApprovaloftheNon-publicIssuanceofSharesbyYunnanEnergyNewMaterialCo.,Ltd.(ZhengJianXuKe[2022]No.1343)issuedbyChinaSecuritiesRegulatoryCommissionapprovingthattheCompany’snon-publicissuanceshallnotexceed267,721,996RMB-denominatedordinaryshares.TheCompanynon-publiclyissued85,421,412RMB-denominatedordinaryshares(Ashares)tospecificinvestorsonJune1,2023,withaparvalueofRMB1.00pershare,andasubscriptionpriceofRMB87.8pershare.AtotalofRMB7,499,999,973.60wasraised.ExcludingthecostofRMB46,453,872.58(excludingvalue-addedtax)relatedtotheissuance,theCompany’sactualnetfundsraisedwereRMB7,453,546,101.02,ofwhichRMB85,421,412.00wasincludedinthesharecapitalandRMB7,368,124,689.02wasincludedinthecapitalreserve-sharecapitalpremium.AlltheabovecapitalcontributionshavebeensubscribedinplaceandhavebeenverifiedbyDahuaCPAs(SGP)issuingthecapitalverificationreport(DaHuaYanZi[2023]No.000250).Accordingtotheresolutionofthesecondextraordinarygeneralmeetingofshareholdersof2023heldbytheCompanyonJuly11,2023andtherevisedarticlesofassociationoftheCompany,theCompanycanceledtherepurchaseofpartofincentiveshares,repurchasedthesharessubscribedby68naturalpersonsintheformofmonetarycapital,totalingRMB5,710,003.24.IthasbeenverifiedbyDahuaCPAs(SGP)issuingthecapitalverificationreport(DaHuaYanZi[2023]No.000386).Inaddition,oneincentiveobjectdiedotherthanasaresultoftheperformanceofhisduties,theCompanyrepurchasedandcancelledatotalof344.00restrictedsharesgrantedtosuchobjectbutnotyetunlockedatotalofRMB22,122.96fortherepurchaseandinterest.TheabovetransactionsreducingsharecapitalbyRMB88,974.00,reducingcapitalreserve-sharecapitalpremiumbyRMB5,643,152.20.Afteryearsofdistributionofbonusshares,allotmentofnewshares,conversionofsharecapitalandissuanceofnewshares,asofDecember31,2023,theCompanyhasissuedatotalnumberof977,754,217.00shares,witharegisteredcapitalofRMB977,754,217.00.
(ii)BusinessnatureandmainbusinessactivitiesoftheCompany
ThescopeofbusinessoftheCompanymainlyincludes:Packaginganddecorationandotherprintingproductsprinting;commoditytrademarkprinting(includingtobaccoanddrugtrademarks),trademarkdesign;packagingboxproduction,processingandsales;colorprinting;paperproducts(excludingpapermaking),plasticproductsandothersupportingproductsproduction,processingandsales;production,processingandsalesofprintingrawmaterialsandauxiliarymaterials;production,processing,saleoflaminatedfilmandmodifiedplastics;production,processingandsaleoflasertransferpaper,goldandsilvercardpaper,liquidpackagingpaper,electrifiedaluminum,high-gradepackagingpaper;production,processingandmarketingofanti-counterfeitinglabels,anti-counterfeitingmaterials;packagingmachinery,packagingmachinerysparepartsdesign,manufacture,processingandmarketing;production,processingandsaleofnewenergymaterialsandcorrespondingnewtechnologiesandnewproductsdevelopment;importandexportofgoods(exceptthosewithnationalrestrictionsandprohibition).(theaboveprojectsdonotinvolvespecialmanagementmeasuresforforeigninvestmentaccess)(approvalsfromcompetentauthoritiesshallbeobtainedfortheoperationoftheactivitiesrequiringapprovalinaccordancewiththelaws)TheCompanyisarubberandplasticproductsindustry,andthemainproductscanbedividedintothreecategories:(1)filmproducts,mainlyincludinglithium-ionseparator,BOPPfilmandspecialpaper.Lithium-ionseparatorproductsincludebasefilmandcoatingfilm,andBOPPfilmproductsincludesmokefilmandflatfilm;(2)packagingandprintingproducts,mainlyincludingcigarettelabelandasepticpackaging;(3)paperproductspackagingmainlyincludesspecialpaperproducts,holographicanti-counterfeitingelectrifiedaluminum,transferfilmandotherproducts.Specialpaperproductsincludelasertransferanti-counterfeitingpaper,directplatingpaperandcoatedpaper.
(iii)ScopeoftheConsolidatedFinancialStatements
Thereare37subsidiariesincludedintheconsolidationscopeinthisperiod.Fordetails,pleasereferto“NoteVIII.InterestsinOtherEntities”.
Comparedwiththelastperiod,onenewentitywasincludedinandnoentitywasremovedfromtheconsolidatedfinancialstatementsthisperiod.Pleasereferto“VII.Changeofconsolidationscope”fordetailsofthesubjectinthescopeofconsolidatedfinancialstatements.(iv)Authorizationoffinancialstatementsforissue
ThesefinancialstatementswereauthorizedforissuebytheCompany’sBoardofDirectorsonApril24,2024.
IV.BasisforPreparationofFinancialStatements
1.BasisforpreparationThepreparationoffinancialstatementsoftheCompanyisbasedontheactualtransactionsandeventsinaccordancewiththeAccountingStandardsforBusinessEnterprises-BasicStandardspublishedbytheMinistryofFinanceandspecificcorporateaccountingstandards,applicationguidelinesforcorporateaccountingstandards,corporateaccountingstandardsinterpretationsandotherrelevantregulations(hereinaftercollectivelyreferredtoas“corporateaccountingstandards”)forconfirmationandmeasurement,combiningtheprovisionsof“RegulationsontheInformationDisclosureandCompilationofCompaniesOfferingSecuritiestothePublicNo.15-GeneralProvisionsonFinancialReports”(revisedin2023)publishedbyCSRC.
2.Goingconcernbasis
TheCompanyhasevaluatedtheabilitytocontinueasagoingconcernfor12monthsfromtheendoftheReportingPeriodandhasnotidentifiedanyissuesorcircumstancesthatresultinsignificantdoubtsaboutitsabilitytocontinueasagoingconcern.Therefore,thefinancialstatementshavebeenpreparedonagoingconcernbasis.V.SignificantAccountingPoliciesandAccountingEstimatesRemindersonspecificaccountingpoliciesandaccountingestimates:
1.Statementofcompliancewiththeaccountingstandardsforbusinessenterprises
Thefinancialstatementsareincompliancewiththerequirementsofaccountingstandardsforbusinessenterprises,andtrulyandcompletelyreflectthefinancialstatus,operatingresults,cashflowandotherrelevantinformationoftheCompanyduringtheReportingPeriod.
2.AccountingperiodTheCompany’saccountingyearstartsonJanuary1andendsonDecember31.
3.OperatingcycleOperatingcyclereferstotheperiodfromthepurchaseofassetsforprocessingtotherealizationofcashorcashequivalents.TheCompanytakes12monthsasanoperatingcycleandusesitasthestandardfordividingtheliquidityofassetsandliabilities.
4.FunctionalcurrencyTheCompany’sfunctionalcurrencyisRenminbi(RMB).OverseassubsidiariestakethecurrencyinthemaineconomicenvironmentinwhichtheyoperateastherecordingcurrencyandareconvertedintoRMBduringthepreparationoffinancialstatements.
5.Methodsfordeterminationandbasisforselectionofthematerialitycriteria
?Applicable□Notapplicable
| Items | MaterialityCriteria |
| Significantreceivablesforallowanceforbaddebtsprovidedonindividualbasis | ≥RMB1million |
| Significantreceivableswrittenoff | ≥RMB1million |
| Significantotherreceivableswrittenoff | ≥RMB1million |
| Significantconstructioninprogress | Top10engineeringprojectsinbookvalueofconstructioninprogress |
| Significantpayablesageingover1year | ≥RMB5million |
| Significantotherpayablesageingover1yearoroverdue | ≥RMB5million |
| Significantothergains | ≥RMB5million |
| Significantnon-whollyownedsubsidiaries | TheCompanyhasidentifiedsubsidiarieswithtotalassets/totalincome/totalprofitexceeding10%ofthetotalassets/totalincome/totalprofitoftheGroupassignificantnon-whollyownedsubsidiaries |
6.Accountingtreatmentsforbusinesscombinationundercommoncontrolandnotundercommoncontrol
(1)Whentheterms,conditionsandeconomicinfluenceoftransactionsintheprocessofastep-by-stepcombinationconformtooneormoreofthefollowing,accountingformultipletransactionsistreatedasapackagetransaction.
1)Thesetransactionsaremadesimultaneouslyorwithconsiderationofinfluenceoneachother;
2)Thesetransactionscanonlyachieveacompletebusinessoutcomewhentreatedasawhole;
3)Theoccurrenceofatransactiondependsontheoccurrenceofatleastoneoftheothertransactions;
4)Atransactionisuneconomicalwhentreatedalone,butiseconomicalwhenconsideredtogetherwithothertransactions.
(2)Businesscombinationundercommoncontrol
TheassetsandliabilitiesacquiredbytheCompanyinbusinesscombinationsaremeasuredinaccordancewiththebookvalueofassetsandliabilitiesofthecombinedpartyintheultimatecontroller’sconsolidatedfinancialstatementsonthedateofcombination(includingthegoodwilloftheultimatecontrollingpartyresultingfromtheacquisitionofthecombinedparty).Thedifferencebetweenthebookvalueofnetassetsacquiredinthecombinationandthebookvalueoftheconsiderationpaidforthecombination(orthetotalparvalueofsharesissued)isusedtoadjustthecapitalstockpremiuminthecapitalreserve,andwhenthecapitalstockpremiuminthecapitalreserveisinsufficientforoffset,itisusedtoadjusttheretainedearnings.Ifthereisacontingentconsiderationanditisnecessarytoconfirmtheestimatedliabilitiesorassets,thedifferencebetweentheestimatedamountofliabilitiesorassetsandthesettlementamountofsubsequentcontingentconsiderationisusedtoadjustthecapitalreserve(capitalpremiumorpremiumoncapitalstock),andwhenthecapitalreserveisinsufficient,itisusedtoadjusttheretainedearnings.Forabusinesscombinationthatisultimatelyrealizedthroughmultipletransactions,ifitisapackagetransaction,eachtransactionistreatedasatransactionthatacquirescontrol;ifitisnotapackagetransaction,onthedateofacquisitionofcontrol,thedifferencebetweentheinitialcostoflong-termequityinvestmentandthebookvalueoflong-termequityinvestmentbeforethecombinationplusthebookvalueofthenewpaidconsiderationonthedateofcombinationisusedtoadjustthecapitalreserve;andwhenthecapitalreserveisinsufficientforoffset,itisusedtoadjusttheretainedearnings.Forequityinvestmentsheldpriortothedateofcombination,noaccountingtreatmentiscarriedoutforothercomprehensiveincomerecognizedbyequityaccountingorfinancialinstrumentconfirmationandmeasurementstandards,anduptothedisposaloftheinvestment,theaccountingtreatmentshallbebasedonthesamebasisasthedirectdisposaloftheassetsorliabilitiesoftheinvestedentity;otherchangesinowner’sequityotherthannetprofitorloss,othercomprehensiveincomeorprofitdistributionofnetassetsoftheinvestedcompanyrecognizedbyequitymethodarenotsubjecttoaccounting,andwillbetransferredtothecurrentprofitandlossuntilthedisposaloftheinvestment.
(3)Businesscombinationnotunderthecommoncontrol
PurchasedatereferstothedatewhentheCompanyactuallyobtainsthecontrolrightovertheacquire,thatis,thedatewhenthecontrolrightoverthenetassetsorproductionandoperationdecisionistransferredtotheCompany.Whenthefollowingconditionsaremetatthesametime,theCompanygenerallyconsidersthatthetransferofcontrolrighthasbeenrealized:
1)ThebusinesscombinationcontractoragreementhasbeenapprovedbytheinternalauthorityoftheCompany.
2)Thebusinesscombinationmattersthatneedtobeconsideredandapprovedbytherelevantcompetentdepartmentsofthestatehavebeen
approved.
3)Necessaryproceduresfortransferofpropertyrightshavebeencompleted.
4)TheCompanyhaspaidmostofthecombinationprice,andhastheabilityandplantopaytheremainingamount.
5)Infact,theCompanyhascontrolledthefinancialandoperationalpoliciesoftheacquiree,enjoyedcorrespondingbenefitsandassumedcorrespondingrisks.TheassetspaidandliabilitiesincurredorassumedoftheCompanyasaconsiderationforthebusinesscombinationaremeasuredatfairvalueonthedateofpurchase,andthedifferencebetweenthefairvalueandthebookvalueisrecognizedinprofitorloss.ThedifferencebetweenthehighercombinationcostandlowerfairvalueofidentifiablenetassetsoftheacquireegainedinthecombinationisrecognizedasgoodwillbytheCompany.Incasethecombinationcostislessthanthefairvalueoftheshareoftheattributablenetidentifiableassetsoftheacquiree,areviewofthemeasurementofthefairvaluesoftheidentifiableassets,liabilitiesandcontingentliabilitiesoftheacquireeandthecombinationcostisconducted.Ifthereviewindicatesthatthefairvalueofthecombinationcostisindeedlessthanthefairvalueoftheshareoftheattributablenetidentifiableassetsoftheacquiree,thedifferenceisincludedincurrentprofitorloss.Forthecasewhereabusinesscombinationinvolvingenterprisesnotundercommoncontrolisfinallyrealizedthroughmultipletransactionsstepbystep,ifitisapackagetransaction,eachtransactionistreatedasatransactionforacquiringcontrol;ifitisnotapackagetransaction,iftheequityinvestmentheldbeforethedateofcombinationisaccountedforbyequitymethod,thebookvalueofequityinvestmentoftheacquireeheldbeforethedateofacquisitionplusthenewinvestmentcostonthedateofacquisitionisrecognizedastheinitialcostoftheinvestment;theothercomprehensiveincomeconfirmedbyequitymethodbeforethedateofacquisitionisaccountedfor,whentheinvestmentisdisposed,onthesamebasisasthosetheinvestedpartyadopteddirectlytodisposetherelevantassetsorliabilities.Iftheequityinvestmentheldbeforethedateofcombinationisaccountedforbyfinancialinstrumentrecognitionandmeasurementcriteria,thefairvalueofequityinvestmentonthedateofcombinationplusthenewinvestmentcostistakenastheinitialinvestmentcostonthedateofcombination.Thedifferencebetweenthefairvalueandthebookvalueoftheoriginalequityinterest,andtheaccumulatedfairvaluechangesoriginallyincludedinothercomprehensiveincomeshouldbetransferredtoinvestmentincomeinthecurrentperiodofcombinationdate.
(4)Relatedexpensesincurredforbusinesscombination
Theagencyfeespaidforaudits,legalservices,assessmentsandotherrelatedexpensesincurredinthebusinesscombinationarerecognizedinprofitorlossintheperiodinwhichtheyareincurred.Thetransactioncostsfortheissuanceofequitysecuritiesforthebusinesscombinationthatmaybedirectlyattributedtoequitytransactionscanbedeductedfromequity.
7.Criteriaforjudgementofcontrolandmethodsforpreparationoftheconsolidatedfinancialstatements
(1)CriteriaforjudgementofcontrolControlreferstotheinvestorhasthepowerovertheinvestee,enjoysvariablereturnsbyparticipatingintherelevantactivitiesoftheinvestee,andhastheabilitytousethepowerovertheinvesteetoinfluencetheamountofreturns.TheCompanymakesjudgmentsonwhetherornotitcontrolstheinvesteeafterconsideringallrelevantfactsandcircumstances.Oncechangesinrelevantfactsandcircumstancesleadtochangesintherelevantelementsinvolvedinthedefinitionofcontrol,theCompanywillre-evaluatethem.Therelevantfactsandcircumstancesmainlyinclude:
1)thepurposeofestablishmentoftheinvestee.
2)therelevantactivitiesoftheinvesteeandhowtomakedecisionsabouttherelevantactivities.
3)whethertheinvestorhastherighttodirecttherelevantactivitiesoftheinvestee.
4)whethertheinvestorisentitledtovariablereturnsfromitsinvolvementwiththeinvestee.
5)whethertheinvestorhastheabilitytouseitspowerovertheinvesteetoaffecttheamountofitsreturns.
6)therelationshipbetweentheinvestorandotherparties.
(2)ThescopeofconsolidationThescopeofconsolidationoftheCompany’sconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol,andallsubsidiaries(includingseparateentitiescontrolledbytheCompany)areincludedintheconsolidatedfinancialstatements.
(3)ProceduresforconsolidationTheCompanypreparesconsolidatedfinancialstatementsbasedonthefinancialstatementsofitselfanditssubsidiariesandotherrelevantinformation.Whilepreparingconsolidatedfinancialstatements,theCompanytreatstheentireenterprisegroupasanaccountingentity,andinaccordancewiththerequirementsforconfirmation,measurementandpresentationofrelevantenterpriseaccountingstandards,andbasedonunifiedaccountingpolicies,reflectstheoverallfinancialstatus,operatingresultsandcashflowoftheenterprisegroup.TheaccountingpoliciesandaccountingperiodsadoptedbyallsubsidiariesincludedintheconsolidatedfinancialstatementsareconsistentwiththeCompany.IftheaccountingpoliciesoraccountingperiodsadoptedbythesubsidiariesareinconsistentwiththeCompany,necessaryadjustmentswillbemadeinaccordancewiththeCompany’saccountingpoliciesandaccountingperiodswhenpreparingconsolidatedfinancialstatements.TheimpactofinternaltransactionsbetweentheCompanyanditssubsidiaries,andinternaltransactionsbetweensubsidiaries,ontheconsolidatedbalancesheet,consolidatedincomestatement,consolidatedcashflowstatementandconsolidatedstatementofchangesinshareholders’equityisoffsetinthepreparationofconsolidatedfinancialstatements.IfthedeterminationofthesametransactionisdifferentfromtheperspectiveoftheconsolidatedfinancialstatementsoftheenterprisegroupandwiththeCompanyorsubsidiariesastheaccountingentity,thetransactionshallbeadjustedfromtheperspectiveoftheenterprisegroup.Subsidiaryowners’equity,currentnetprofitandloss,andcurrentcomprehensiveincomeoftheminorityshareholdersareseparatelypresentedundertheowner’sequityitemintheconsolidatedbalancesheet,thenetprofititemintheconsolidatedincomestatement,andthetotalcomprehensiveincomeitem.Ifthecurrentlossessharedbytheminorityshareholdersofasubsidiaryexceedtheshareenjoyedbytheminorityshareholderintheinitialowner’sequityofthesubsidiary,theexcessisdeductedfromtheminorityinterests.Forsubsidiariesacquiredfromabusinesscombinationinvolvingenterprisesundercommoncontrol,theindividualfinancialstatementsofthesubsidiariesshallbeadjustedbasedonthebookvalueoftheirassetsandliabilities(includingthegoodwillarisingfromtheultimatecontroller’sacquisitionofthesubsidiary)intheultimatecontroller’sfinancialstatements.Forsubsidiariesacquiredfromabusinesscombinationinvolvingenterprisesnotundercommoncontrol,thefinancialstatementsofthesubsidiariesareadjustedbasedonthefairvalueoftheidentifiablenetassetsattheacquisitiondate.
(1)IncreaseinsubsidiaryorbusinessDuringtheReportingPeriod,ifasubsidiaryorbusinessisaddedduetoabusinesscombinationundercommoncontrol,theopeningamountoftheconsolidatedbalancesheetshallbeadjusted;theincome,expensesandprofitsofthesubsidiaryorbusinesscombinationfromthebeginningofthecurrentperiodtotheendoftheReportingPeriodshallbeincludedintheconsolidatedincomestatement;thecashflowfromthebeginningofthecurrentperiodtotheendoftheReportingPeriodofthesubsidiaryorbusinesscombinationisincludedintheconsolidatedcashflowstatement,andtherelevantitemsinthecomparativestatementareadjustedatthesametime,asiftheconsolidatedreportingentityhasbeeninexistencesincetheultimatecontrollerbeginsthecontrol.Iftheinvesteeunderthecommoncontrolcanbecontrolledduetoadditionalinvestmentorotherreasons,thepartiesinvolvedinthecombinationshallbedeemedtohavemadeadjustmentsintheircurrentstatewhentheultimatecontrollingpartybeginsthecontrol.Fortheequityinvestmentheldbythemergingentitypriortoobtainingcontroloverthemergedentity,therelevantprofitandloss,othercomprehensiveincomeandotherchangestonetassetsrecognizedintheperiodfromthedateofacquiringtheoriginalequityorthedatewhenthemergingentityandmergedentityareundercommoncontrol,whicheverislater,tothedateofcombination,shallbecoveredbywritingdowntheopeningretainedearningsorcurrentprofitandlossofthecomparisonperiod.
DuringtheReportingPeriod,ifasubsidiaryorbusinessisaddedduetoabusinesscombinationinvolvingenterprisesundernon-commoncontrol,theopeningbalanceoftheconsolidatedbalancesheetisnotadjusted;theincome,expensesandprofitsofthesubsidiaryandbusinessfromthedateofacquisitiontotheendoftheReportingPeriodareincludedintheconsolidatedincomestatement;thecashflowsofthesubsidiaryandbusinessfromthedateofacquisitiontotheendoftheReportingPeriodareincludedintheconsolidatedcashflowstatement.Iftheinvesteeunderthecommoncontrolcanbecontrolledduetoadditionalinvestmentorotherreasons,theequityinterestheldintheacquireepriortothedateofacquisitionisre-measuredaccordingtoitsfairvalueatthedateofacquisition.Thedifferencebetweenthefairvalueandthebookvalueisrecognizedasinvestmentincomeforthecurrentperiod.Iftheequityheldintheacquireeheldbeforetheacquisitiondateinvolvesothercomprehensiveincomeundertheequitymethodandotherchangesinowner’sequityotherthannetprofitandloss,othercomprehensiveincomeandprofitdistribution,relatedothercomprehensiveincome,andotherchangesinowner’sequityareconvertedintotheinvestmentincomeofthecurrentperiodontheacquisitiondate,exceptforothercomprehensivegainsarisingfromthere-measurementofnetliabilitiesofthedefinedbenefitplanmadebytheinvestedpartyorchangesinnetassets.
(2)Disposalofsubsidiaryorbusiness
1)GeneraltreatmentmethodDuringtheReportingPeriod,iftheCompanydisposesofasubsidiaryorbusiness,theincome,expensesandprofitsofthesubsidiaryorbusinessfromthebeginningoftheperiodtothedisposaldateareincludedintheconsolidatedincomestatement;thecashflowsofthesubsidiaryorbusinessfromthebeginningoftheReportingPeriodtothedisposaldateareincludedintheconsolidatedcashflowstatement.WhentheCompanylosescontrolovertheinvestedpartyduetodisposalofpartoftheequityinvestmentorotherreasons,theremainingequityinvestmentafterdisposalwillbere-measuredaccordingtoitsfairvaluebytheCompanyonthedateoflossofcontrol.Thedifferenceofthesumoftheconsiderationobtainedfromthedisposaloftheequityandthefairvalueoftheremainingequity,lessthesumoftheshareofnetassetsandgoodwilloftheoriginalsubsidiarythatshouldbeenjoyedinaccordancewiththeoriginalshare-holdingratiosincethedateofacquisitionorcombination,isaccountedfortheinvestmentincomeinthecurrentperiodoflossofcontrol.Othercomprehensiveincomerelatedtotheequityinvestmentoftheoriginalsubsidiaryorotherchangesinowner’sequityotherthannetprofitandloss,othercomprehensiveincomeandprofitdistribution,willbeconvertedintocurrentinvestmentincomewhencontrolislost,exceptforothercomprehensivegainsarisingfromthere-measurementofnetliabilitiesofthedefinedbenefitplanmadebytheinvestedpartyorchangesinnetassets.
2)DisposalofsubsidiariesinstepsIftheequityinvestmentinasubsidiaryisdisposedofinstepsthroughmultipletransactionsuntilthelossofcontrol,theterms,conditions,andeconomicimpactofthedisposaloftheequityinvestmentinthesubsidiarymeetoneormoreofthefollowingconditions,itusuallyindicatesthatmultipletransactionsshallbeaccountedasapackagedeal:
A.Thesetransactionsaremadesimultaneouslyorwithconsiderationofinfluenceoneachother;B.Thesetransactionscanonlyachieveacompletebusinessoutcomewhentreatedasawhole;C.Theoccurrenceofatransactiondependsontheoccurrenceofatleastoneoftheothertransactions;D.Atransactionisuneconomicalwhentreatedalone,butiseconomicalwhenconsideredtogetherwithothertransactions.
Ifalltransactionsfromdisposalofequityinvestmentinsubsidiariestolossofcontrolbelongtoapackagedeal,eachtransactionshallbetreatedasatransactionfordisposalofequityinvestmentinsubsidiariesandlossofcontrol.Thedifferencebetweeneachdisposalpriceandtheshareofthesubsidiary’snetassetscorrespondingtothedisposalinvestmentbeforethelossofthecontrolisrecognizedasothercomprehensiveincomeintheconsolidatedfinancialstatements,whichistransferredintothecurrentprofitandlosswhenthecontrolislost.Ifthedisposaloftheequityinvestmentinthesubsidiaryuntilthelossofcontrolisnotapackagedeal,beforethelossofcontrol,theaccountingtreatmentshallbecarriedoutinaccordancewiththerelevantpoliciesforpartialdisposaloftheequityinvestmentofthesubsidiarywithoutlossofcontrol;whenthecontrolislost,theaccountingtreatmentshallbecarriedoutinaccordancewiththegeneraltreatmentmethodforthedisposalofthesubsidiary.
(3)Acquisitionofminority’equityinsubsidiaryThedifferencebetweentheadditionallong-termequityinvestmentarisingfromtheacquisitionofminorityequityandthenetassetsofthesubsidiary,whichiscalculatedaccordingtothenewholdingproportionsincethedateofacquisition(orthedateofcombination)shallbecoveredbyadjustingtheequitypremiumincapitalreserveoftheconsolidatedbalancesheet;iftheequitypremiumincapitalreserveisnotsufficientforwrite-off,retainedearningsshallbeadjusted.
(4)PartialdisposaloftheequityinvestmentofthesubsidiarywithoutlossofcontrolIftheparentcompanydisposesofpartofitslong-termequityinvestmentinthesubsidiarywithoutlosingitscontrol,thedifferencebetweenthedisposalpriceandthenetassetsofthesubsidiarycorrespondingtotheequityinvestmentdisposedofsincethedateofacquisitionorthedateofcombinationshallbecoveredbyadjustingtheequitypremiumincapitalreserveoftheconsolidatedbalancesheet;iftheequitypremiumincapitalreserveisnotsufficientforwrite-off,retainedearningsshallbeadjusted.
8.Classificationofjointventurearrangementsandaccountingtreatmentmethodforjointoperations
(1)ClassificationofjointarrangementsTheCompanydividesjointventurearrangementsintojointoperationsandjointventuresbasedonfactorssuchasthestructure,legalform,andtermsinthejointventurearrangementandotherrelevantfactsandcircumstances.
Jointventurearrangementsthatarenotreachedthroughseparateentitiesareclassifiedasjointoperations;jointarrangementsreachedthroughseparateentitiesareusuallyclassifiedasjointventures;thereisconclusiveevidencethatjointarrangementsthatmeetanyofthefollowingconditionsandcomplywithrelevantlawsandregulationsareclassifiedasjointoperations:
1)Thelegalformofthejointarrangementindicatesthatthejointventurepartyhastherightsandobligationsoftherelatedassetsandliabilitiesinthearrangement.
2)Accordingtocontractualtermsofthejointarrangement,thejointventurepartyhastherightsandobligationsoftherelatedassetsandliabilitiesinthearrangement
3)Otherrelevantfactsandcircumstancesindicatethatthejointventurepartyhastherightsandobligationsoftherelatedassetsandliabilitiesinthearrangement.Forexample,thejointventurepartyenjoysalmostalltheoutputrelatedtothejointventurearrangement,andthesettlementoftheliabilitiesinthearrangementcontinuestorelyonthesupportfromthejointventureparty.
(2)AccountingtreatmentforjointoperationsTheCompanyrecognizesthefollowingitemsrelatedtotheshareofinterestsinjointoperationsandmakesaccountingtreatmentaccordingtotherelevantASBE:
1)Recognizestheassetsheldseparately,andtheassetsheldjointlyaccordingtoitsproportion;
2)Recognizestheliabilitiesassumedseparately,andtheliabilitiesassumedjointlyaccordingtoitsproportion;
3)Recognizestheincomefromthesalesofitsshareintheoutputsofjointoperation;
4)Recognizestheincomefromthesalesoftheoutputsofjointoperationaccordingtoisproportion;
5)Recognizestheexpensesincurredseparately,andrecognizetheexpensesincurredjointlyaccordingtoitsproportion.IftheCompanyinvestsorsellsassets,etc.toajointoperation(exceptthatiftheassetconstitutesabusiness),beforetheasset,etc.,issoldbythejointoperationtoathirdparty,onlytheprofitandlossarisingfromthetransactionattributabletootherparticipantsinthejointoperationisrecognized.IntheeventofassetimpairmentlossescomplyingwiththeAccountingStandardsforBusinessEnterprisesNo.8-AssetImpairmentandotherprovisionsofassetsinvestedorsold,theCompanyshallrecognizethelossinfull.IftheCompanypurchasesassets,etc.fromajointoperation(exceptthatiftheassetconstitutesabusiness),beforetheasset,etc.,issoldtoathirdparty,onlytheprofitandlossarisingfromthetransactionattributabletootherparticipantsinthejointoperationisrecognized.IntheeventofassetimpairmentlossescomplyingwiththeAccountingStandardsforBusinessEnterprisesNo.8-AssetImpairmentandotherprovisionsofassetspurchased,theCompanyshallrecognizethelossbasedontheshareitholds.TheCompanydoesnothavejointcontroloverthejointoperation.IftheCompanyenjoysthejointoperation-relatedassetsandassumesthejointoperation-relatedliabilities,theaccountingtreatmentshallstillbecarriedoutinaccordancewiththeaboveprinciples;otherwise,theaccountingtreatmentshallbecarriedoutinaccordancewiththerelevantcorporateaccountingstandards.
9.Determinationstandardsforcashandcashequivalents
Inthepreparationofthecashflowstatement,theCompany’scashonhandanddepositsthatcanbereadilyusedforpaymentarerecognizedascash.Theinvestmentthathasthefourconditionsofshortmaturity(generallyduewithinthreemonthsfromthedateofpurchase),strongliquidity,easyconversionintocashofaknownamount,andlowriskofvaluechangeswillbedeterminedascashequivalents.
10.Foreigncurrencybusinessandforeigncurrencystatementtranslation
(1)ForeigncurrencybusinessIntheinitialconfirmationofforeigncurrencytransactions,thespotexchangerateonthedateofoccurrenceofthetransactionshallbeusedastheconversionratetoconvertintoRMBforaccounting.Atthebalancesheetdate,foreigncurrencymonetaryitemsaretranslatedatthespotexchangerateonthebalancesheetdate,andtheresultingexchangedifferencesareincludedinthecurrentprofitandloss,exceptfortheexchangedifferencesarisingfromforeigncurrencyspecialborrowingsrelatedtotheacquisitionandconstructionofassetseligibleforcapitalization,whicharetreatedinaccordancewiththeprincipleofcapitalizationofborrowingcosts.Theforeigncurrencynon-monetaryitemsmeasuredathistoricalcostarestilltranslatedatthespotexchangerateonthedateoftransactionwithoutchangingtheamountofrecordingcurrency.Foreigncurrencynon-monetaryitemsmeasuredatfairvalueshallbetranslatedatthespotexchangerateonthedateofdeterminationoffairvalue.Thedifferencebetweenthetranslatedamountofrecordingcurrencyandtheoriginalamountofrecordingcurrencyshallbetreatedasfairvaluechanges(includingchangesinexchangerate),andincludedinthecurrentprofitandlossorrecognizedasothercomprehensiveincome.
(2)TranslationofforeigncurrencyfinancialstatementsTheassetsandliabilitiesitemsinthebalancesheetshallbetreatedatthespotexchangerateonthebalancesheetdate.Exceptforthe“undistributedprofit”items,otherowner’sequityitemsshallbetranslatedatthespotexchangerateatthetimeofoccurrence.Theincomeandexpenseitemsintheincomestatementshallbetranslatedatthecurrentaverageexchangerate.Theexchangedifferencesontranslationofforeigncurrencyfinancialstatementsgeneratedinaccordancewiththeabovetranslationshallbeincludedinothercomprehensiveincome.Whendisposingofanoverseasoperation,thedifferenceintranslationoftheforeigncurrencyfinancialstatementsrelatedtotheoverseasoperationlistedinothercomprehensiveincomeitemsinthebalancesheetshallbetransferredfromothercomprehensiveincomeitemstotheprofitsandlossesofthecurrentperiodfordisposal.Whentheproportionofoverseasbusinessinterestsheldisreducedduetothedisposalofpartofequityinvestmentorotherreasonsbuttherightofcontroloveroverseasbusinessisnotlost,thedifferenceoftranslationofforeigncurrencystatementsrelatedtothedisposalpartofoverseasbusinesswillbeattributedto
minorityshareholders’rightsandinterestsandwillnotbetransferredtocurrentprofitandloss.Whendisposingofpartoftheequityofanoverseasoperationthatisanassociateorajointventure,thedifferenceontranslationoftheforeigncurrencystatementrelatedtotheoverseasoperationshallbetransferredtothedisposalofthecurrentprofitandlossaccordingtotheproportionofthedisposaloftheoverseasoperation.
11.Financialinstruments
WhentheCompanybecomesapartytoafinancialinstrument,itrecognizesafinancialassetorliability.Theeffectiveinterestmethodreferstothemethodofcalculatingtheamortizedcostoffinancialassetsorliabilitiesandallocatinginterestincomeorinterestexpenseintoeachaccountingperiod.Theeffectiveinterestratereferstotheinterestrateusedtodiscounttheestimatedfuturecashflowofafinancialassetorfinancialliabilityduringitsexpecteddurationtothebookbalanceofthefinancialassetortheamortizedcostofthefinancialliability.Whendeterminingtheeffectiveinterestrate,theexpectedcashflowisestimatedonthebasisofconsideringallcontracttermsoffinancialassetsorliabilities(suchasprepayment,extension,calloptionsorothersimilaroptions),buttheexpectedcreditlossisnotconsidered.Theamortizedcostofafinancialassetorfinancialliabilityistheaccumulatedamortizationamountformedbydeductingtherepaidprincipalfromtheinitialrecognitionamountofthefinancialassetorfinancialliability,addingorsubtractingthedifferencebetweentheinitialrecognitionamountandthematurityamountbyusingtheeffectiveinterestmethod,andthendeductingtheaccumulatedaccruedlossreserve(onlyapplicabletofinancialassets).
(1)Classification,recognitionandmeasurementoffinancialassetsAccordingtothebusinessmodelofthefinancialassetsundermanagementandthecontractualcashflowcharacteristicsofthefinancialassets,theCompanydividesthefinancialassetsintothefollowingthreecategories:
1)Financialassetsmeasuredatamortizedcost.
2)Financialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome.
3)Financialassetsmeasuredatfairvaluethroughprofitandloss.Financialassetsaremeasuredatfairvaluewheninitiallyrecognized,butiftheaccountsornotesreceivablearisingfromthesaleofgoodsortheprovisionofservicesdonotcontainsignificantfinancingcomponentsordonotconsiderfinancingcomponentsfornomorethanoneyear,theinitialmeasurementshallbemadeatthetransactionprice.Forfinancialassetsmeasuredatfairvaluethroughprofitandloss,transactionexpensesaredirectlyrecognizedinthecurrentprofitandloss.Forotherfinancialassets,transactionexpensesareincludedintheinitialrecognitionamount.Subsequentmeasurementoffinancialassetsdependsontheirclassification.AllrelatedfinancialassetsaffectedwillbereclassifiedwhenandonlywhentheCompanychangesitsbusinessmodelofmanagingfinancialassets.A.FinancialassetsclassifiedasmeasuredatamortizedcostThecontracttermsofafinancialassetstipulatethatthecashflowgeneratedonaspecificdateisonlythepaymentoftheprincipalandtheinterestontheamountofoutstandingprincipal,andthebusinessmodelformanagingthefinancialassetistocollectthecontractualcashflow,thentheCompanyclassifiesthefinancialassetasmeasuredatamortizedcost.FinancialassetsoftheCompanythatareclassifiedasmeasuredatamortizedcostincludemonetaryfunds,somenotesreceivableandaccountsreceivablemeasuredatamortizedcost,otherreceivables,etc.TheCompanyrecognizesinterestincomefromsuchfinancialassetswiththeeffectiveinterestmethod,andcarriesoutsubsequentmeasurementatamortizedcost.Gainsorlossesarisingfromimpairmentorderecognitionormodificationareincludedinthecurrentprofitandloss.TheCompanycalculatesanddeterminestheinterestincomebasedonthebookbalanceoffinancialassetsmultipliedbytheeffectiveinterestrateexceptforthefollowingcircumstances:
a.Forpurchasedororiginatedcredit-impairedfinancialassets,theCompanycalculatesanddeterminestheirinterestincomeattheamortizedcostofthefinancialassetandthecredit-adjustedeffectiveinterestratesincetheinitialrecognition.b.Forfinancialassetsthathavenotbeencredit-impairedatthetimeofbeingpurchasedororiginatedbutbecomecredit-impairedinthesubsequentperiod,theCompanycalculatesanddeterminestheirinterestincomeattheamortizedcostandtheeffectiveinterestrateofthefinancialassetsinthesubsequentperiod.Ifthefinancialinstrumentisnolongercredit-impairedduetotheimprovementofitscreditriskinthesubsequentperiod,theCompanycalculatesanddeterminestheinterestincomebymultiplyingtheeffectiveinterestratebythebookbalanceofthefinancialasset.B.FinancialassetsclassifiedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomeThecontracttermsofafinancialassetstipulatethatthecashflowgeneratedonaspecificdateisonlythepaymentoftheprincipalandtheinterestontheamountofoutstandingprincipal,andthebusinessmodelformanagingthefinancialassetisbothtocollectcontractualcashflowsandforitssale,thentheCompanyclassifiesthefinancialassetasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome.TheCompanyrecognizesinterestincomefromsuchfinancialassetswiththeeffectiveinterestmethod.Exceptthattheinterestincome,impairmentlossandexchangedifferencearerecognizedasthecurrentprofitandloss,otherchangesinfairvalueareincludedinothercomprehensiveincome.Whenthefinancialassetisderecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincomearetransferredoutandincludedinthecurrentprofitandloss.Notesandaccountsreceivablemeasuredatfairvaluewithchangesincludedinothercomprehensiveincomearereportedasreceivablesfinancing,andsuchotherfinancialassetsarereportedasothercreditors’investments.Amongthem,othercreditors’investmentsmaturingwithinoneyearfromthebalancesheetdatearereportedasnon-currentassetsmaturingwithinoneyear,andothercreditors’investmentsmaturingwithinoneyeararereportedasothercurrentassets.C.Financialassetsdesignatedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome
Atthetimeofinitialrecognition,theCompanymayirrevocablydesignatenon-tradingequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomeonthebasisofindividualfinancialassets.Changesinthefairvalueofsuchfinancialassetsareincludedinothercomprehensiveincomewithoutprovisionforimpairment.Whenthefinancialassetisderecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincomearetransferredoutandincludedintheretainedearnings.DuringtheinvestmentperiodwhentheCompanyholdstheequityinstrument,thedividendincomeisrecognizedandincludedinthecurrentprofitandlosswhentheCompany’srighttoreceivedividendshasbeenestablished,theeconomicbenefitsrelatedtodividendsarelikelytoflowintotheCompany,andtheamountofdividendscanbemeasuredreliably.TheCompanyreportedsuchfinancialassetsunderotherequityinstrumentinvestmentitems.Aninvestmentinequityinstrumentsisafinancialassetmeasuredatfairvaluethroughprofitandlosswhenitisobtainedmainlyforrecentsale,orispartoftheidentifiableportfoliooffinancialassetscentrallymanaged,andobjectiveevidenceexistsforashort-termprofitmodelinthenearfuturewheninitiallyrecognized,orisaderivative(exceptderivativesdefinedasfinancialguaranteecontractsanddesignatedaseffectivehedginginstruments).D.FinancialassetsclassifiedasmeasuredatfairvaluethroughprofitandlossIffailingtobeclassifiedasmeasuredatamortizedcostoratfairvalueandwhosechangesareincludedinothercomprehensiveincome,ornotdesignatedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome,financialassetsareallclassifiedasmeasuredatfairvaluethroughprofitandloss.TheCompanycarriesoutsubsequentmeasurementofsuchfinancialassetsatfairvalue,andincludesgainsorlossesarisingfromchangesinfairvalueaswellasdividendsandinterestincomeassociatedwithsuchfinancialassetsintocurrentprofitandloss.TheCompanyreportssuchfinancialassetsastradingfinancialassetsandothernon-currentfinancialassetsaccordingtotheirliquidity.E.FinancialassetsdesignatedasmeasuredatfairvaluethroughprofitandlossAtthetimeofinitialrecognition,theCompanymayirrevocablydesignatefinancialassetsasmeasuredatfairvaluethroughprofitandlossonthebasisofindividualfinancialassetsinordertoeliminateorsignificantlyreduceaccountingmismatches.Ifthemixedcontractcontainsoneormoreembeddedderivativeinstrumentsanditsmaincontractisnotanyfinancialassetasabove,theCompanymaydesignatethewholeofthemixedcontractasafinancialinstrumentmeasuredatfairvaluethroughprofitandloss.Exceptunderthefollowingcircumstances:
a.Embeddedderivativesdonotsignificantlychangethecashflowofmixedcontracts.b.Whendeterminingforthefirsttimewhethersimilarmixedcontractsneedtobesplit,itisalmostclearthatembeddedderivativescontainedinthemshouldnotbesplitwithoutanalysis.Iftheprepaymentrightembeddedinaloanallowstheholdertoprepaytheloanatanamountclosetotheamortizedcost,theprepaymentrightdoesnotneedtobesplit.TheCompanycarriesoutsubsequentmeasurementofsuchfinancialassetsatfairvalue,andincludesgainsorlossesarisingfromchangesinfairvalueaswellasdividendsandinterestincomeassociatedwithsuchfinancialassetsintocurrentprofitandloss.TheCompanyreportssuchfinancialassetsastradingfinancialassetsandothernon-currentfinancialassetsaccordingtotheirliquidity.
(2)Classification,recognitionandmeasurementoffinancialliabilitiesTheCompanyclassifiesafinancialinstrumentoritscomponentsintofinancialliabilitiesorequityinstrumentsuponinitialrecognitionaccordingtothecontracttermsofandtheeconomicessencereflectedbythefinancialinstrumentissued,ratherthanonlyinlegalform,incombinationwiththedefinitionsoffinancialliabilitiesandequityinstruments.Financialliabilitiesareclassifiedatinitialrecognitionasmeasuredatfairvalueandwhosechangesareincludedincurrentprofitandloss,orotherfinancialliabilities,orderivativesdesignatedaseffectivehedginginstruments.Financialliabilitiesaremeasuredatfairvalueuponinitialrecognition.Forfinancialliabilitiesmeasuredatfairvalueandwhosechangesareincludedincurrentprofitandloss,relevanttransactionexpensesaredirectlyincludedincurrentprofitandloss.Forothercategoriesoffinancialliabilities,relevanttransactionexpensesareincludedintheinitialrecognitionamount.Subsequentmeasurementoffinancialliabilitiesdependsontheirclassification:
1)FinancialliabilitiesmeasuredatfairvaluethroughprofitandlossSuchfinancialliabilitiesincludetradingfinancialliabilities(includingderivativesfallingunderfinancialliabilities)andfinancialliabilitiesdesignatedasmeasuredatfairvalueandwhosechangesareincludedincurrentprofitandlossuponinitialrecognition.Thefinancialliabilityisatradingfinancialliabilityifitismainlyundertakenforrecentsaleorrepurchase,orispartoftheidentifiableportfoliooffinancialinstrumentscentrallymanaged,andthereisobjectiveevidencethattheenterprisehasrecentlyemployedashort-termprofitmodel,orisaderivativeinstrument,exceptderivativesdesignatedaseffectivehedginginstrumentsandderivativesconformingtofinancialguaranteecontracts.Tradingfinancialliabilities(includingderivativesbelongingtofinancialliabilities)shallbesubsequentlymeasuredaccordingtofairvalue.Exceptinrelationtohedgeaccounting,allchangesinfairvalueshallberecordedintocurrentprofitandloss.TheCompanyirrevocablydesignatesfinancialliabilitiesasmeasuredatfairvalueandwhosechangesareincludedincurrentprofitandlossatthetimeofinitialrecognitioninordertoprovidemorerelevantaccountinginformationif:
A.Suchfinancialliabilitiescaneliminateorsignificantlyreduceaccountingmismatches.B.Thefinancialliabilityportfolioortheportfoliooffinancialassetsandliabilitiesismanagedandevaluatedforperformanceonthebasisoffairvalueaccordingtotheenterpriseriskmanagementorinvestmentstrategystatedintheofficialwrittendocuments,andisreportedtokeymanagementpersonnelwithintheenterpriseonthisbasis.TheCompanysubsequentlymeasuressuchfinancialliabilitiesatfairvalue.ExceptchangesinfairvaluethatarebroughtaboutbychangesintheCompany’sowncreditriskareincludedinothercomprehensiveincome,otherchangesinfairvalueareincludedincurrentprofitandloss.Unlessincludingsuchchangesinothercomprehensiveincomewillcauseorexpandaccountingmismatch
inprofitorloss,theCompanywillincludeallchangesinfairvalue(includingtheamountaffectedbychangesinitsowncreditrisk)incurrentprofitandloss.
2)OtherfinancialliabilitiesTheCompanyclassifiesfinancialliabilitiesexceptforthefollowingitemsasmeasuredatamortizedcost.Suchfinancialliabilitiesarerecognizedbytheeffectiveinterestmethodandsubsequentlymeasuredatamortizedcost.Gainsorlossesarisingfromderecognitionoramortizationareincludedinthecurrentprofitandloss:
A.Financialliabilitiesmeasuredatfairvaluethroughprofitandloss.B.Financialliabilitiesresultingfromthetransferoffinancialassetsthatdonotmeettheconditionsforderecognitionorcontinuetobeinvolvedinthetransferredfinancialassets.C.Financialguaranteecontractsthatdonotfallunderthefirsttwocategoriesofthisarticle,andloancommitmentsthatdonotfallundercategory1)ofthisarticleandlendatabelow-marketinterestrate.Financialguaranteecontractsrefertocontractsthatrequiretheissuertopayaspecificamounttothecontractholderwhohassufferedlosseswhenaspecificdebtorfailstopaythedebtinaccordancewiththeoriginalormodifiedtermsofthedebtinstrument.Financialguaranteecontractsthatarenotfinancialliabilitiesdesignatedasmeasuredatfairvalueandwhosechangesareincludedincurrentprofitandlossaremeasuredafterinitialrecognitionaccordingtothelossreserveamountandoftheinitialrecognitionamount,lesstheaccumulatedamortizationamountduringtheguaranteeperiod,whicheverishigher.
(3)Derecognitionoffinancialassetsandliabilities
1)Financialassetsarederecognized,i.e.writtenofffromitsaccountandbalancesheetif:
A.Thecontractualrighttoreceivecashflowfromthefinancialassetisterminated.B.Thefinancialassethasbeentransferred,whichmeetstherequirementsforderecognitionoffinancialassets.
2)ConditionsforderecognitionoffinancialliabilitiesIfthecurrentobligationofafinancialliability(orpartthereof)hasbeendischarged,suchfinancialliability(orpartthereof)isderecognized.Theexistingfinancialliabilityisderecognizedwithanewonerecognized,andthedifferencebetweenthecarryingamountandtheconsiderationpaid(includingtransferrednon-cashassetsorassumedliabilities)isincludedinthecurrentprofitandloss,ifanagreementissignedbetweentheCompanyandthelendertoreplacetheexistingfinancialliabilitybyassuminganewone,andthecontracttermsofthesetwofinancialliabilitiesaresubstantiallydifferent,orthecontracttermsoftheexistingfinancialliability(orpartthereof)aresubstantiallymodified.IftheCompanyrepurchasespartofafinancialliability,thecarryingamountofthefinancialliabilityshallbedistributedaccordingtotheproportionofthefairvalueofthecontinuingrecognitionportionandthederecognitionportiontotheoverallfairvalueontherepurchasedate.Thedifferencebetweenthecarryingamountallocatedtothederecognizedportionandtheconsiderationpaid(includingtransferrednon-cashassetsorliabilitiesassumed)shallbeincludedinthecurrentprofitandloss.
(4)RecognitionbasisandmeasurementmethodoffinancialassettransferWhenafinancialassetistransferred,theCompanyevaluatestherisksandrewardsretainedofthefinancialassetownership:
1)Ifalmostalltherisksandrewardsofthefinancialassetownershiparetransferred,suchfinancialassetshallbederecognized,andtherightsandobligationsgeneratedorretainedinthetransfershallbeseparatelyrecognizedasassetsorliabilities.
2)Ifalmostalltherisksandrewardsofthefinancialassetownershipareretained,suchfinancialassetshallcontinuetoberecognized.
3)IncircumstanceswhentheCompanyneithertransfersnorretainsalmostalltherisksandrewardsofthefinancialassetownership(i.e.circumstancesotherthan1)and2)ofthisarticle),accordingtowhetheritretainscontroloversuchfinancialasset:
A.Thefinancialassetshallbederecognized,andtherightsandobligationsgeneratedorretainedinthetransfershallbeseparatelyrecognizedasassetsorliabilitiesifsuchcontrolisnotretained.B.Therelevantfinancialassetshallcontinuetoberecognizedtotheextentthatitcontinuestobeinvolvedinthetransferredfinancialasset,andtherelevantliabilitiesshallberecognizedaccordinglyifsuchcontrolisretained.TheextentthatitcontinuestobeinvolvedinthetransferredfinancialassetreferstotheextenttheCompanybearstherisksorrewardsonchangesinthevalueofthetransferredfinancialasset.Whenjudgingwhetherthetransferoffinancialassetsmeetstheaboveconditionsforderecognitionoffinancialassets,theprincipleofsubstanceoverformshallbeadopted.TheCompanydividesthetransferoffinancialassetsintooveralltransferandpartialtransfer.
1)Iftheoveralltransferoffinancialassetsmeetstheconditionsforderecognition,thedifferencebetweenthefollowingtwoamountsshallbeincludedinthecurrentprofitandloss:
A.Thecarryingamountofthetransferredfinancialassetonthedateofderecognition.B.Thesumoftheconsiderationreceivedforthetransferoffinancialassetsandtheamountofthecorrespondingderecognizedportionoftheaccumulatedchangesinfairvalueoriginallyincludedinothercomprehensiveincomedirectly(thefinancialassetsinvolvedinthetransferarefinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome).
2)Ifthefinancialassetispartiallytransferredandthetransferredpartmeetstheconditionsforderecognition,thecarryingamountofthefinancialassetbeforetransfershallbeallocatedbetweenthederecognitionportionandthecontinuingrecognitionportion(inthiscase,theretainedserviceassetshallberegardedasthecontinuingrecognitionpartofthefinancialasset)accordingtotherespectiverelativefairvaluesonthetransferdate,andthedifferencebetweenthefollowingtwoamountsshallbeincludedinthecurrentprofitandloss:
A.Thecarryingamountofthederecognizedportiononthederecognitiondate.B.Thesumoftheconsiderationreceivedforthederecognizedportionandtheamountofthecorrespondingderecognizedportionoftheaccumulatedchangesinfairvalueoriginallyincludedinothercomprehensiveincome(thefinancialassetsinvolvedinthetransferarefinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome).Ifthetransferofafinancialassetdoesnotmeettheconditionsforderecognition,thefinancialassetshallcontinuetoberecognizedandtheconsiderationreceivedshallberecognizedasafinancialliability.
(5)DeterminationoffairvalueoffinancialassetsandliabilitiesThefairvalueofafinancialassetorliabilitywithanactivemarketshallbedeterminedbythequotedpriceintheactivemarket,unlessthefinancialassethasasell-offperiodfortheassetitself.Forthefinancialassetsrestrictedfortheassetsthemselves,thecompensationamountdemandedbymarketparticipantsduetotheriskofnotbeingabletosellthefinancialassetsontheopenmarketwithinthespecifiedperiodshallbedeductedfromthequotedpriceintheactivemarket.Quotedpricesintheactivemarketincludesthoseforrelatedassetsorliabilitiesthatcanbeeasilyandregularlyobtainedfromexchanges,dealers,brokers,industrygroups,pricingorregulatoryagencies,andcanrepresentactualandrecurringmarkettransactionsonthebasisoffairtrade.Thefairvalueoffinancialassetsinitiallyacquiredorderivedorfinancialliabilitiesassumedshallbedeterminedonthebasisofmarkettransactionprice.Thefairvalueoffinancialassetsorliabilitieswithoutanactivemarketshallbedeterminedbyvaluationtechniques.Atthetimeofvaluation,theCompanyadoptsvaluationtechniquesthatareapplicableunderthecurrentcircumstancesandaresupportedbysufficientavailabledataandotherinformation,selectsinputvaluesconsistentwiththecharacteristicsofrelevantassetsorliabilitiesconsideredbymarketparticipantsinthetransactionsthereof,andgivesprioritytotheuseofrelevantobservableinputvalueswheneverpossible.Iftherelevantobservableinputvaluecannotbeobtainedorbefeasiblyobtained,theunobservableinputvalueshallbeused.
(6)ImpairmentoffinancialinstrumentsBasedontheexpectedcreditloss,theCompanyconductsimpairmentaccountingoffinancialassetsclassifiedasmeasuredatamortizedcostandfinancialassetsclassifiedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomeandrecognizeslossreserves.Expectedcreditlossreferstotheweightedaverageofthecreditlossesoffinancialinstrumentsweightedbytheriskofdefault.CreditlossreferstothedifferencebetweenallcontractualcashflowsdiscountedattheoriginaleffectiveinterestrateandreceivableaccordingtothecontractandallcashflowsexpectedtobecollectedoftheCompany,i.e.thepresentvalueofallcashshortfalls.Amongthem,credit-impairedpurchasedororiginatedfinancialassetsoftheCompanyshallbediscountedatthecredit-adjustedeffectiveinterestrateofsuchfinancialassets.Forcontractualassets,notesreceivableandreceivablesarisingfromtransactionsregulatedbytheincomecriteria,theCompanymeasuresthelossreserveaccordingtotheamountequivalenttotheexpectedcreditlossduringtheentireduration.Forcredit-impairedpurchasedororiginatedfinancialassets,onlytheaccumulatedchangesintheexpectedcreditlossesduringtheentiredurationsincetheinitialrecognitionarerecognizedaslossreservesonthebalancesheetdate.Oneachbalancesheetdate,theamountofchangeintheexpectedcreditlossduringtheentiredurationisincludedinthecurrentgainsandlossesasimpairmentlossesorgains.Eveniftheexpectedcreditlossduringtheentiredurationonthebalancesheetdateislessthanthatreflectedintheestimatedcashflowuponinitialrecognition,thefavorablechangeintheexpectedcreditlossisrecognizedasimpairmentgains.Inadditiontootherfinancialassetsadoptingtheabovesimplifiedmeasurementmethodandotherthanthecredit-impairedpurchasedororiginatedones,theCompanyevaluateswhetherthecreditriskofrelevantfinancialinstrumentshasincreasedsignificantlysincetheinitialrecognition,measuresitslossreservesandrecognizestheexpectedcreditlossanditschangesrespectivelyaccordingtothefollowingcircumstancesoneachbalancesheetdate:
1)Ifthecreditriskofthefinancialinstrumenthasnotincreasedsignificantlysinceitsinitialrecognitionandisinthefirststage,itslossreserveshallbemeasuredaccordingtoanamountequivalenttoitsexpectedcreditlossinthenext12months,andtheinterestincomeshallbecalculatedatthebookbalanceandtheeffectiveinterestrate.
2)Ifthecreditriskofthefinancialinstrumenthasincreasedsignificantlysincetheinitialrecognitionbutnocreditimpairmenthasoccurred,itisinthesecondstage,thenitslossreserveshallbemeasuredaccordingtoanamountequivalenttoitsexpectedcreditlossthroughoutitslife,andtheinterestincomeshallbecalculatedatthebookbalanceandtheeffectiveinterestrate.
3)Ifthefinancialinstrumentiscredit-impairedsinceitsinitialrecognition,itisinthethirdstage,andtheCompanyshallmeasureitslossreserveaccordingtoanamountequivalenttoitsexpectedcreditlossthroughoutitslife,andcalculatetheinterestincomeattheamortizedcostandtheeffectiveinterestrate.Theincreaseorreversedamountofthecreditlossreserveforfinancialinstrumentsshallbeincludedinthecurrentprofitandlossasimpairmentlossesorgains.Exceptforfinancialassetsclassifiedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome,thecreditlossreservewilloffsetthecarryingamountofthefinancialassets.Forfinancialassetsclassifiedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome,theCompanyrecognizesitscreditlossreserveinothercomprehensiveincomewithoutreducingitscarryingamountpresentedinthebalancesheet.Inthepreviousaccountingperiod,theCompanyhasmeasuredthelossreserve,theamountofwhichisequivalenttotheexpectedcreditlossofthefinancialinstrumentthroughoutitslife.However,onthebalancesheetdateofthecurrentperiod,thefinancialinstrumentnolongerconformstothesituationofsignificantincreaseincreditrisksinceinitialconfirmation;onthebalancesheetdateofthecurrentperiod,theCompanyhasmeasuredthelossreserveofthefinancialinstrument,theamountofwhichisequivalenttotheexpectedcreditlossinthenext12months,andthereversedamountofthelossreservethusformedisincludedinthecurrentprofitandlossasimpairmentprofit.A.Significantincreaseofcreditrisk
Inordertodeterminewhetherthecreditriskoffinancialinstrumentshasincreasedsignificantlysincetheinitialrecognition,theCompanyusestheavailablereasonableandbasedforward-lookinginformationandcomparestheriskofdefaultoffinancialinstrumentsonthebalancesheetdatewiththeriskofdefaultontheinitialconfirmationdate.WhentheCompanyappliesprovisionsondepreciationoffinancialinstrumentstofinancialguaranteecontracts,theinitialrecognitiondateshallberegardedasthedatewhentheCompanybecomesapartytomakeirrevocablecommitments.Fortheassessmentofwhetherthecreditriskhasincreasedsignificantly,theCompanywillconsiderthefollowingfactorsa.Whethertheactualorexpectedoperatingresultsofthedebtorhavechangedsignificantly;b.Whethertheregulatory,economicortechnologicalenvironmentofthedebtorhasundergonesignificantadversechanges;c.Whetherthefollowingitemshavechangedsignificantly:thevalueofcollateralasdebtmortgage,ortheguaranteeprovidedbyathirdparty,orthequalityofcreditenhancement;thesechangeswillreducethedebtor’seconomicmotivationtorepaytheloanwithinthetimelimitstipulatedinthecontractorimpacttheprobabilityofdefault;d.Whetherthedebtor’sexpectedperformanceandrepaymentbehaviorhavechangedsignificantly;e.WhethertheCompany’screditmanagementmethodsforfinancialinstrumentshavechanged,etc.If,onthebalancesheetdate,thecreditriskofthefinancialinstrumentisjudgedtobelowbytheCompany,theCompanyassumesthatthecreditriskofthefinancialinstrumenthasnotincreasedsignificantlysincetheinitialrecognition.Thefinancialinstrumentwillbedeemedtohavelowercreditriskunderthefollowingcircumstances:thedefaultriskofthefinancialinstrumentislower;theborrowerhasastrongabilitytofulfillitscontractualcashflowobligationsinashorttime;furthermore,evenifthereareadversechangesintheeconomicsituationandoperatingenvironmentforalongperiodoftime,itmaynotnecessarilyreducetheborrower’sabilitytofulfillitscontractualcashflowobligations.B.FinancialassetswithcreditimpairmentIfoneormoreeventshaveadverseeffectsontheexpectedfuturecashflowofafinancialasset,thefinancialassetwillbecomeafinancialassetthathassufferedcreditimpairment.Thefollowingobservableinformationcanberegardedasevidenceofcreditimpairmentoffinancialassets:
a.Theissuerordebtorisinseriousfinancialdifficulties;b.Thedebtorbreachesthecontract,suchasdefaultoroverduepaymentofinterestorprincipal,etc.;c.Thecreditorgivesconcessionstothedebtorduetoeconomicorcontractualconsiderationsrelatedtothedebtor’sfinancialdifficulties;theconcessionswillnotbemadeunderanyothercircumstances;d.Thereisagreatpossibilityofbankruptcyorotherfinancialrestructuringofthedebtor;e.Thefinancialdifficultiesoftheissuerordebtorcausethedisappearanceoftheactivemarketforthefinancialasset;f.Thepurchaseororiginofafinancialassetatasubstantialdiscountthatreflectsthefactthatacreditlosshasoccurred.Creditimpairmentoffinancialassetsmaynotbecausedbyseparatelyidentifiableevents,butmaybecausedbythecombinedeffectofmultipleevents.C.DeterminationofexpectedcreditlossTheCompany’sassessmentoftheexpectedcreditlossesoffinancialinstrumentsisbasedonsingleitemsandcombinations.Duringtheevaluation,theCompanywilltakeintoaccountreasonableandreliableinformationaboutpastevents,currentsituationandfutureeconomicsituationforecast.TheCompanydividesfinancialinstrumentsintodifferentcombinationsonthebasisofcommoncreditriskcharacteristics.CommoncreditriskcharacteristicsadoptedbytheCompanyinclude:typeoffinancialinstrument,creditriskrating,agingportfolio,overdueagingportfolio,contractsettlementperiod,debtor'sindustry,etc.Tounderstandtheindividualevaluationcriteriaandcombinedcreditriskcharacteristicsofrelevantfinancialinstruments,pleaserefertotheaccountingpoliciesofrelevantfinancialinstrumentsfordetails.TheCompanyadoptsthefollowingmethodstodeterminetheexpectedcreditlossesofrelevantfinancialinstruments:
a.Intermsoffinancialassets,creditlossisequivalenttothepresentvalueofthedifferencebetweenthecontractcashflowthattheCompanyshallreceiveandtheexpectedcashflow.b.Intermsofleasereceivables,creditlossisequivalenttothepresentvalueofthedifferencebetweenthecontractcashflowthattheCompanyshallreceiveandtheexpectedcashflow.c.Intermsofthefinancialguaranteecontract,creditlossisequaltotheexpectedamountofpaymentmadebytheCompanytotheholderofthecontractforcreditlossincurred,lessthepresentvalueofthedifferencebetweentheamountexpectedtobecollectedfromtheholderofthecontract,thedebtororanyotherparty.d.If,onthebalancesheetdate,afinancialassethassufferedcreditimpairment,butonedoesnotpurchaseororiginateafinancialassetthathassufferedcreditimpairment,thecreditlossisequivalenttothedifferencebetweenthebookbalanceofthefinancialassetandthepresentvalueoftheestimatedfuturecashflowdiscountedattheoriginalactualinterestrate.FactorsreflectedintheCompany’smethodofmeasuringtheexpectedcreditlossesforfinancialinstrumentsinclude:unbiasedprobabilityweightedaverageamountdeterminedbyevaluatingaseriesofpossibleresults;timevalueofmoney;reasonableandreliableinformationaboutpastevents,currentsituationandfutureeconomicsituationforecastthatcanbeobtainedonthebalancesheetdatewithoutunnecessaryextracostsorefforts.
4)Write-offoffinancialassetsIftheCompanycannotreasonablyexpectthecontractcashflowofthefinancialassettobefullyorpartiallyrecovered,thebookbalanceofthefinancialassetwillbewrittenoffdirectly.Thiswrite-offconstitutesthederecognitionofrelevantfinancialassets.
(7)OffsetoffinancialassetsandfinancialliabilitiesInthebalancesheet,financialassetsandfinancialliabilitiesareshownseparatelywithoutoffsettingeachother.However,ifthefollowingconditionsaremetatthesametime,thenetamountafteroffsetwillbelistedinthebalancesheet:
1)TheCompanyhasthelegalright,whichiscurrentlyenforceable,tooffsettheconfirmedamount;
2)TheCompanyplanstosettleonanetbasis,orrealizethefinancialassetsandsettlethefinancialliabilitiesatthesametime.
12.NotesreceivableForthedeterminationmethodandaccountingtreatmentmethodoftheCompanyfortheexpectedcreditlossesonnotesreceivable,pleasereferto“11-(6)Impairmentoffinancialinstruments”inthissection.TheCompanyseparatelydeterminescreditlossesfornotesreceivablesthathavesufficientevidencetoassessexpectedcreditlossesatareasonablecostatthelevelofasingleinstrument.Whensufficientevidenceofexpectedcreditlosscannotbeevaluatedatareasonablecostatthelevelofsingleinstrument,theCompanywillrefertotheexperienceofhistoricalcreditloss,combinethecurrentsituationandjudgmentonfutureeconomicsituation,dividebillsreceivableintoseveralcombinationsaccordingtothecharacteristicsofcreditrisk,andcalculateexpectedcreditlossonthebasisofcombinations.Thebasisfordeterminingtheportfolioisasfollows:
| Item | Basisfordeterminingportfolio | Method |
| Bankacceptancebillportfolio | Typeofbill | Refertotheexperienceofhistoricalcreditloss,combinethecurrentsituationandjudgmentonfutureeconomicsituationtomeasuretheexpectedcreditloss |
| Commercialacceptancebillportfolio | Typeofbill | Refertotheexperiencehistoricalcreditloss,combinethecurrentsituationandjudgementonfutureeconomicsituation,andprepareacomparisontableofagingandexpectedcreditlossrateaccordingtotheexpectedcreditlossinthewholeduration,onwhichtheexpectedcreditlossiscalculated. |
13.Accountsreceivable
ForthedeterminationmethodandaccountingtreatmentmethodoftheCompanyfortheexpectedcreditlossesonaccountsreceivable,pleasereferto“11-(6)Impairmentoffinancialinstruments”inthissection.Foraccountsreceivablewithsignificantsingleamountandcreditimpairmentoccurringafterinitialrecognition,theCompanyseparatelydeterminesitscreditlosses.Ifsufficientevidenceofexpectedcreditlosscannotbeassessedatreasonablecostatthelevelofsingleinstrument,theCompanywilldividetheaccountsreceivableintoseveralportfoliosaccordingtothecreditriskcharacteristics,andcalculatetheexpectedcreditlossonthebasisoftheportfolio(withreferencetotheexperienceofhistoricalcreditloss,andincombinationwiththecurrentsituationwiththejudgmentoffutureeconomicsituation).Thebasisfordeterminingtheportfolioisasfollows:
| Item | Basisfordeterminingportfolio | Method |
| Agingportfolio | Accountsreceivablewithsimilarcreditriskcharacteristicsbyaging | Referringtohistoricalcreditlossexperience,combinedwiththecurrentsituationandtheforecastoffutureeconomicsituation,accordingtotheexpectedcreditlossduringtheentireduration,acomparativetableofageandexpectedcreditlossrateisdeveloped,basedonwhichtheexpectedcreditlossiscalculated. |
14.Receivablesfinancing
Billsreceivableandaccountsreceivableclassifiedasmeasuredatfairvaluethroughothercomprehensiveincome,whosematurityiswithinoneyear(includingoneyear)fromtheinitialrecognitiondate,arepresentedasreceivablesfinancing;thosewithamaturityofmorethanoneyearfromtheinitialrecognitiondatearepresentedasotherdebtinvestments.PleaserefertoNote11forrelevantaccountingpolicies.
ForthedeterminationmethodandaccountingtreatmentmethodoftheCompany’sexpectedcreditlossonreceivablesfinancing,pleasereferto“11-(6)Impairmentoffinancialinstruments”inthissection.
TheCompanyseparatelydeterminescreditlossesforreceivablesfinancingwhichsufficientevidenceofexpectedcreditlosscanbeassessedatareasonablecostatthelevelofasingleinstrument.
Ifsufficientevidenceofexpectedcreditlosscannotbeassessedatreasonablecostatthelevelofsingleinstrument,theCompanywilldividethereceivablesintoseveralportfoliosaccordingtothecreditriskcharacteristics,andcalculatetheexpectedcreditlossonthebasisoftheportfolios(withreferencetotheexperienceofhistoricalcreditloss,andincombinationwiththecurrentsituationwiththejudgmentoffutureeconomicsituation).Thebasisfordeterminingtheportfolioisasfollows:
| Item | Basisfordeterminingportfolio | Accrualmethod |
| Agingportfolio | Accountsreceivablewithsimilarcreditriskcharacteristicsbyaging | Referringtohistoricalcreditlossexperience,combinedwiththecurrentsituationandtheforecastoffutureeconomicsituation,accordingtotheexpectedcreditlossduringtheentireduration,acomparativetableofageandexpectedcreditlossrateisdeveloped,basedonwhichtheexpectedcreditlossiscalculated |
15.Otherreceivables
ForthedeterminationmethodandaccountingtreatmentmethodoftheCompany’sexpectedcreditlossonotherreceivables,pleasereferto“11-(6)Impairmentoffinancialinstruments”inthissection.
TheCompanyseparatelydeterminescreditlossesforotherreceivablesthatwhichsufficientevidenceofexpectedcreditlosscanbeassessedatthelevelofasingleinstrument.
Ifsufficientevidenceofexpectedcreditlosscannotbeassessedatreasonablecostatthelevelofsingleinstrument,theCompanywilldividetheotherreceivablesintoseveralportfoliosaccordingtothecreditriskcharacteristics,andcalculatetheexpectedcreditlossonthebasisoftheportfolios(withreferencetotheexperienceofhistoricalcreditloss,andincombinationwiththecurrentsituationwiththejudgmentoffutureeconomicsituation).Thebasisfordeterminingtheportfolioisasfollows:
| Item | Basisfordeterminingportfolio | Method |
| Agingportfolio | Otherreceivableswithsimilarcreditriskcharacteristicsbyaging | Withreferencetohistoricalcreditlossexperience,combinedwithcurrentconditionsandforecastsoffutureeconomicconditions,theexpectedcreditlossiscalculatedthroughthedefaultriskexposureandthecreditlossrateinthenext12monthsortheentireduration |
16.Contractualassets
17.Inventories
(1)Classificationofinventories,valuationmethodforissuance,inventorysystemandamortizationmethodoflow-valueconsumablesandpackages
1)Classificationofinventories
InventoriesrefertothefinishedproductsorcommoditiesheldforsalebytheCompanyinthecourseofitsdailyactivities,theproductsbeingintheprocessofproduction,andthematerialsandsuppliesconsumedintheprocessofproductionorprovisionoflaborservices,etc.TheCompanyclassifiesinventoriesintorawmaterials,turnovermaterials,work-in-processproducts,self-madesemi-finishedproducts,finishedproducts(inventorygoods),issuedgoods,etc.
2)Valuationmethodforissuanceofinventories
Whentheinventoriesareacquired,itisinitiallymeasuredatcost,includingpurchasecost,processingcostandothercosts.Whentheinventoriesaredelivered,itshallbevaluedbythefirst-in,first-outmethodandweightedaveragemethodattheendofthemonth.
3)Inventorysystem
Aperpetualinventorysystemisadopted.
4)Amortizationmethodoflow-valueconsumablesandpackages
A.Low-valueconsumablesareamortizedbytheone-offwriting-offmethod.
B.Packagesareamortizedbytheone-offwriting-offmethod.
C.Otherturnovermaterialsareamortizedbytheone-offwriting-offmethod.
(2)recognitionauditandprovisionmethodforprovisionforinventoryimpairment
Provisionforinventoryimpairmentisrecognizedoradjustedatthelowerofcostsandthenetrealizablevalueafterconductingathoroughcheckofinventoriesattheendoftheyear.Forinventoriesofgoodsdirectlyusedforsale,suchasfinishedgoods,merchandiseinventoriesandmaterialsforsale,inthenormalproductionandoperationprocess,thenetrealizablevalueisdeterminedbytheamountoftheestimatedsellingpriceoftheinventorylesstheestimatedsalescostandrelevanttaxesandfees;formaterialinventoriesthatneedtobeprocessed,inthenormalproductionandoperationprocess,thenetrealizablevalueisdeterminedbytheamountoftheestimatedsellingpriceoffinishedproductsproducedlesstheestimatedcosttobeoccurredatthetimeofcompletion,theestimatedsellingexpensesandrelatedtaxes;forinventoriesheldfortheexecutionofsalescontractsorlaborcontracts,thenetrealizablevalueiscalculatedonthebasisofthecontractprice,andifthequantityofinventoriesheldismorethanthequantityspecifiedinsalescontracts,thenetrealizablevalueofexcessinventoriesiscalculatedbasedonthegeneralsalesprice.
Attheendoftheyear,inventoryvaluationallowanceisaccruedaccordingtoindividualinventoryitems;butforalargenumberofinventorieswithlowerunitprices,inventoryvaluationallowanceisaccruedaccordingtoinventorycategory;forinventoriesrelatedtotheproductseriesproducedandsoldinthesameregionwiththesameorsimilarenduseorpurpose,andthatisdifficulttobemeasuredseparatelyfromotheritems,inventoryvaluationallowanceisaccruedcombinedwithotheritems.
Iftheinfluencingfactorsofthewrite-downofinventoryvaluehavedisappeared,theamountwritten-downisrecoveredandreversedtotheamountofinventoryvaluationallowancealreadyaccrued,andtheamountreversedisincludedinthecurrentprofitandloss.
18.Held-for-salesassets
19.Debtinvestment
20.Otherdebtinvestment
21.Long-termreceivables
22.Long-termequityinvestment
(1)Recognitionofinitialinvestmentcost
1)Forthelong-termequityinvestmentformedbythebusinesscombination,thespecificaccountingpoliciesaredetailedin“(6).Accountingtreatmentsforbusinesscombinationundercommoncontrolandnotundercommoncontrol”inthissection.
2)Long-termequityinvestmentacquiredbyothermeansForlong-termequityinvestmentacquiredbycashpayment,theactualacquisitionpriceisrecognizedasinitialinvestmentcost.Theinitialinvestmentcostincludesexpenses,taxesandothernecessaryexpensesdirectlyrelatedtotheacquisitionofthelong-termequityinvestment.Foralong-termequityinvestmentobtainedbyissuingequitysecurities,theinitialinvestmentcostshallbethefairvalueoftheequitysecuritiesissued.Transactioncostsincurredintheissuanceoracquisitionofone’sownequityinstrumentsthosecanbedirectlyattributabletotheequitytransactionshallbedeductedfromtheequity.Providedthatthenon-monetaryassetexchangecontainscommercialsubstanceandthefairvalueoftheassetsreceivedorassetssurrenderedcanbereliablymeasured,theinitialinvestmentcostofthelong-termequityinvestmentreceivedwithnon-monetaryassetsisdeterminedbasedonthefairvalueoftheassetssurrendered,exceptthatthereisconclusiveevidenceindicatesthatthefairvalueofassetsreceivedismorereliable.Fornon-monetaryassetexchangethatdonotsatisfytheabovecondition,thebookvalueofassetssurrenderedandrelatedtaxesandfeespayablearerecognizedastheinitialinvestmentcostofthelong-termequityinvestment.Theinitialinvestmentcostofalong-termequityinvestmentacquiredbydebtrestructuringisdeterminedonthebasisoffairvalue.
(2)Subsequentmeasurementandrecognitionofrelatedprofitandloss
1)CostmethodTheCompanycanusethecostmethodtocalculatethelong-termequityinvestmentcontrolledbytheinvestedentity,priceitaccordingtotheinitialinvestmentcost,andincreaseorrecoupthecostofinvestmentonadjustingalong-termequityinvestment.Exceptforthedeclaredbutundistributedcashdividendsorprofitsincludedintheactualpaymentorconsiderationwhentheinvestmentisobtained,theCompanyshallrecognizethecashdividendsorprofitsdeclaredtobedistributedbytheinvestedentityascurrentinvestmentincome.
2)EquitymethodTheCompanyadoptsequitymethodforaccountingoflong-termequityinvestmentsinassociatesandjointventures.Fortheequityinvestmentinassociatesinwhichpartofitisheldindirectlythroughventurecapitalinstitutions,mutualfunds,trustcompaniesorsimilarentitiesincludinginvestment-linkedinsurancefunds,itshallbemeasuredatfairvalueanditschangesshallberecordedintoprofitsandlosses.Forthebalancethattheinitialinvestmentcostoflong-termequityinvestmentsisbiggerthanthefairvaluesharesofinvestedunits’distinguishednetassetswhichshallbeenjoyedbytheCompany,theCompanywillnotadjusttheinitialinvestmentcostoflong-termequityinvestments;forthebalancethattheinitialinvestmentcostissmallerthanthefairvaluesharesofinvestedunits’distinguishednetassetswhichshallbeenjoyedbytheCompany,itshallbeincludedinthecurrentprofitandloss.AftertheCompanyobtainslong-termequityinvestment,itshallrecognizeinvestmentincomeandothercomprehensiveincomerespectivelyaccordingtoitsshareofthenetprofitorlossrealizedbytheinvestedentityandothercomprehensiveincome,andadjustthebookvalueoflong-termequityinvestmentatthesametime.Inaddition,theparttobeenjoyedshallbecalculatedaccordingtotheprofitorcashdividenddeclaredbytheinvestedentitytobedistributed,andthebookvalueoflong-termequityinvestmentshallbereducedaccordingly.Forotherchangesinowners’equityotherthannetprofitandloss,othercomprehensiveincomeandprofitdistributionoftheinvestedentity,thebookvalueoflong-termequityinvestmentshallbeadjustedandrecordedintoowners’equity.
Whenconfirmingthesharesofinvestedunits’netgainorlosstobeenjoyed,theCompanywilladjustandconfirmtheinvestedunits’netprofitbasedonthefairvalueoftheinvestedunits’distinguishableassetswheninvestmentsareobtained.Forthegainorlossonthenon-realizedinternaltransactionsbetweentheCompanyandassociates,jointventures,thepartattributingtotheCompanywillbecalculatedaspertheproportiontobeenjoyed,willbewrittendown,andonthisbasis,theinvestmentprofitandlosswillbeconfirmed.
TheCompanyrecognizesthatthelosssufferedbytheinvestedunitshouldbedealtwithinthefollowingorder:first,reducethebookvalueoflong-termequityinvestments.Secondly,ifthebookvalueoflong-termequityinvestmentsisnotsufficienttooffset,thebookvalueofotherlong-termequitythatsubstantiallyconstitutethenetinvestmentintheinvestedentityshallbeusedtocontinuetorecognizetheinvestmentlossandoffsetthebookvalueoflong-termreceivables.Finally,aftertheabovetreatment,accordingtotheinvestmentcontractoragreement,theenterprisestillassumestheadditionalobligations,anditwillconfirmtheprovisionsaccordingtotheexpectedobligationsandshallbeincludedinthecurrentinvestmentlosses.
Iftheinvesteemakesprofitsinthefuture,theCompanyshall,afterdeductingtheunrecognizedlossshare,dealwithitinthereverseorder,writedownthebookbalanceoftheconfirmedprovisions,recoverotherlong-termequitythatsubstantiallyconstitutethenetinvestmenttotheinvesteeandthebookvalueoflong-termequityinvestments,andresumetherecognitionofinvestmentincome.
(3)Transformationofaccountingmethodoflong-termequityinvestments
1)Transferoffairvaluemeasurementtoequitymethod
TheequityinvestmentoriginallyheldbytheCompanythatdoesnothavecontrol,jointcontrolorsignificantinfluenceontheinvesteeandissubjecttoaccountingtreatmentaccordingtotherecognitionandmeasurementstandardsoffinancialinstrumentscanexertsignificantinfluenceontheinvesteeorimplementjointcontrolbutdoesnotconstitutecontrolduetoadditionalinvestmentandotherreasons,thesumofthefairvalueoftheoriginallyheldequityinvestmentplusthenewlyincreasedinvestmentcostdeterminedinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstrumentsshallberegardedastheinitialinvestmentcostcalculatedaccordingtotheequitymethod.
Theinitialinvestmentcostcalculatedbytheequitymethodislessthanthedifferencebetweenthefairvalueoftheidentifiablenetassetsoftheinvesteeontheadditionalinvestmentdatecalculatedanddeterminedaccordingtothenewshareholdingratioaftertheadditionalinvestment,thebookvalueoflong-termequityinvestmentsisadjustedandincludedinthenon-operatingrevenueofthecurrentperiod.
2)Transferoffairvaluemeasurementorequitymethodtocostmethod
TheequityinvestmentoriginallyheldbytheCompanythatdoesnothavecontrol,jointcontrolorsignificantimpactontheinvesteeandissubjecttoaccountingtreatmentinaccordancewiththerecognitionandmeasurementstandardsoffinancial
instruments,orthelong-termequityoriginallyheldbytheCompanyinassociatesandjointventures:Iftheinvesteeunderdifferentcontrolcanbecontrolledduetoadditionalinvestmentandotherreasons,whenpreparingindividualfinancialstatements,thebookvalueofequityinvestmentoriginallyheldplusnewinvestmentcostshallbetakenastheinitialinvestmentcostcalculatedbycostmethodinstead.Theothercomprehensiveincome,whichisrecognizedasequityinvestmentheldbeforethepurchasedate,isaccountedforbytheequitymethod.Whendisposingtheinvestment,itadoptsthesamebasisastherelevantassetsorliabilitiesdirectlydisposedofbytheinvestedentityforaccountingtreatment.IftheequityinvestmentheldbeforetheacquisitiondateisaccountedforinaccordancewiththerelevantprovisionsoftheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,thechangesintheaccumulatedfairvalueoriginallyincludedinothercomprehensiveincomearetransferredtothecurrentprofitandlosswhenthecostmethodisusedforaccounting.
3)TransferofequitymethodtofairvaluemeasurementIftheCompanylosesjointcontrolorsignificantimpactontheinvestedentityduetodisposalofpartofequityinvestment,theremainingequityafterdisposalshallbeaccountedaccordingtoAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,andthedifferencebetweenthefairvalueandbookvalueonthedateoflossofjointcontrolorsignificantimpactshallbeincludedinthecurrentprofitandloss.
Theothercomprehensiveincomeoftheoriginalequityinvestmentrecognizedduetotheuseofequitymethodshallbeaccountedonthesamebasisastheinvestedunit’sdirectdisposalofrelevantassetsorliabilitieswhentheequitymethodisterminated.
4)Transferofcostmethodtoequitymethod
IftheCompanylosesthecontrolovertheinvesteeduetothedisposalofpartoftheequityinvestmentandotherreasons,whenpreparingindividualfinancialstatements,iftheresidualequityafterdisposalcanexercisejointcontrolorexertsignificantinfluenceontheinvestee,theequitymethodshallbeusedforaccountinginstead,andtheresidualequityshallbedeemedtobeadjustedbytheequitymethodwhenitisobtained.
5)Transferofcostmethodtofairvaluemeasurement
IftheCompanylosescontrolovertheinvesteeduetothedisposalofpartofequityinvestmentandotherreasons,whenpreparingindividualfinancialstatements,iftheresidualequityafterdisposalcannotexercisejointcontrolorexertsignificantinfluenceontheinvestee,theaccountingtreatmentshallbecarriedoutinaccordancewiththerelevantprovisionsoftheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments.Thedifferencebetweenthefairvalueandthebookvalueonthedateoflossofcontrolisincludedinthecurrentprofitandloss.
(4)DisposalofLong-TermEquityInvestments
Forthedisposaloflong-termequityinvestments,thedifferencebetweenthebookvalueandtheactuallyobtainedpriceshallbeincludedinthecurrentprofitandloss.Long-termequityinvestmentsaccountedbytheequitymethodshallbedisposedonthesamebasisastheinvestee’sdirectdisposalofrelevantassetsorliabilities,andthepartoriginallyincludedinothercomprehensiveincomeshallbeaccountedaccordingtothecorrespondingproportion.
Iftheterms,conditionsandeconomicimpactofthedisposalofvarioustransactionsofequityinvestmentinsubsidiariesmeetoneormoreofthefollowingconditions,multipletransactionsshallbeaccountedasapackagedeal:
1)Thesetransactionsaremadesimultaneouslyorwithconsiderationofinfluenceoneachother;
2)Thesetransactionscanonlyachieveacompletebusinessoutcomewhentreatedasawhole;
3)Theoccurrenceofatransactiondependsontheoccurrenceofatleastoneoftheothertransactions;
4)Atransactionisuneconomicalwhentreatedalone,butiseconomicalwhenconsideredtogetherwithother.
Ifthecontrolovertheoriginalsubsidiarycompanyislostduetothedisposalofpartofequityinvestmentorotherreasons,anditdoesnotbelongtoapackagedeal,therelevantaccountingtreatmentshallbemadebydistinguishingindividualfinancialstatementsandconsolidatedfinancialstatements:
1)Inindividualfinancialstatements,fortheequitydisposed,thedifferencebetweenthebookvalueandtheactuallyobtainedpriceisincludedinthecurrentprofitandloss.Iftheresidualequityafterdisposalcanexercisejointcontrolorexertsignificantinfluenceontheinvestee,itshallbeaccountedbyequitymethod,andtheresidualequityshallbedeemedasadjustedbyequitymethodwhenitisacquired;Iftheresidualequityafterdisposalcannotexercisejointcontrolorexertsignificantinfluenceontheinvestee,itshallbeaccountedinaccordancewiththerelevantprovisionsoftheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,andthedifferencebetweenthefairvalueandbookvalueonthedateoflossofcontrolshallbeincludedinthecurrentprofitandloss.
2)Intheconsolidatedfinancialstatements,forthedifferencebetweenthedisposalpriceandthecorrespondingshareofnetassetsofthesubsidiarycalculatedcontinuouslyfromthepurchasedateorthecombinationdateforeachtransactionbeforethelossofcontroloverthesubsidiary,thecapitalreserve(sharecapitalpremium)shallbeadjusted.Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted;ifthecontrolrightoverthesubsidiaryislost,theremainingequityshallberemeasuredaccordingtoitsfairvalueonthedateoflosingthecontrolright.Thedifferencebetweenthesumoftheconsiderationobtainedfromthedisposalofequityandthefairvalueoftheremainingequityminustheshareofthenetassetsoftheoriginalsubsidiarycalculatedcontinuouslyfromthepurchasedatecalculatedaccordingtotheoriginalshareholdingratioshallbeincludedintheinvestmentincomeofthecurrentperiodwhenthecontrolrightislost,andgoodwillshallbeoffsetatthesametime.Othercomprehensiveincomerelatedtotheequityinvestmentoftheoriginalsubsidiarywillbeconvertedintothecurrentinvestmentincomewhenthecontrolrightislost.
Ifalltransactionsfromdisposalofequityinvestmentinsubsidiariestolossofcontrolbelongtoapackagedeal,eachtransactionshallbetreatedasatransactionfordisposalofequityinvestmentinsubsidiariesandlossofcontrol,andrelevantaccountingtreatmentshallbeconductedaccordingtoindividualfinancialstatementsandconsolidatedfinancialstatements:
1)Inindividualfinancialstatements,thedifferencebetweeneachdisposalpriceandthelong-termequityinvestmentbookvaluecorrespondingtothedisposedequitybeforethelossofcontrolrightisrecognizedasothercomprehensiveincome,whichistransferredtothelossandprofitofthecurrentperiodwhenthecontrolrightislost.
2)Intheconsolidatedfinancialstatements,thedifferencebetweeneachdisposalpriceandtheshareofthesubsidiary’snetassetscorrespondingtothedisposalinvestmentbeforethelossofthecontrolrightisrecognizedasothercomprehensiveincome,whichistransferredintothecurrentprofitandlosswhenthecontrolrightislost.
(5)Judgmentforjointcontrolandsignificantimpact
IftheCompanycontrolsanarrangementcollectivelywithotherparticipantsinaccordancewithrelevantagreements,andtheactivitydecision-makingthathasasignificantimpactonthereturnofthearrangementneedstoexistaftertheconsensusoftheparticipantssharingthecontrolright,itisdeemedthattheCompanyandotherparticipantsjointlycontrolanarrangement,whichisajointventurearrangement.
Whenthejointventurearrangementisreachedbyasinglebody,theindividualentityshallbejudgedasajointventureandtheequitymethodshallbeusedforaccountingwhentheCompanyhastherighttoenjoythenetassetsoftheindividualentityaccordingtotherelevantagreement.IfitisjudgedthattheCompanydoesnothavetherighttothenetassetsoftheindividualsubjectaccordingtotherelevantagreement,theindividualsubjectshallberegardedasthejointoperation,theCompanyshallrecognizetheitemsrelatedtotheshareofinterestsofthejointoperation,andcarryoutaccountingtreatmentinaccordancewiththeprovisionsoftherelevantaccountingstandardsforbusinessenterprises.
Significantinfluencemeansthattheinvestorhastherighttoparticipateinthedecision-makingofthefinancialandoperationalpoliciesoftheinvestee,butcannotcontrolorjointlycontroltheformulationofthesepolicieswithotherparties.TheCompanyjudgestohaveasignificantimpactontheinvesteethroughoneormoreofthefollowingcircumstancesandcomprehensiveconsiderationofallfactsandcircumstances:1)havingarepresentativeontheboardofdirectorsorsimilarauthorityoftheinvestee;2)participateinthefinancialandoperationalpolicy-makingprocessoftheinvestee;3)therearesignificanttransactionswiththeinvestee;4)dispatchmanagementpersonneltotheinvestee;and5)providekeytechnicaldatatotheinvestee.
23.InvestmentpropertiesMeasuringmodeofinvestmentpropertiesMeasuredatcostDepreciationoramortizationmethod
TheCompanyadoptsthecostmodelforsubsequentmeasurementofinvestmentproperty.Depreciationoramortizationisaccruedonbuildingsandlanduserightsaccordingtotheestimatedservicelifeandnetresidualvaluerate.Theestimatedservicelife,netresidualvaluerateandannualdepreciation(amortization)rateofinvestmentpropertiesarelistedasfollows:
| Type | Theestimatedservicelife(Year) | Theestimatednetresidualvaluerate(%) | Annualdepreciation(amortization)rate(%) |
| Landuserights | Servicelifeoflanduserights | 1/Servicelife*100 | |
| Propertyandplant | 20 | 5-10 | 4.50-4.75 |
See30"Impairmentoflong-termassets"formethodsoftestingandprovidingforimpairmentofinvestmentproperties.
24.Fixedassets
(1)Recognitioncriteria
Fixedassetsmeantangibleassetsheldforthepurposeofproducinggoods,renderingofservices,leasesoroperationmanagement,whoseservicelifeismorethanonefiscalyear.Fixedassetssatisfyingthefollowingconditionsarerecognized:
1)Theeconomicbenefitsassociatedwiththefixedassetsarelikelytoflowintotheenterprise;
2)Thecostofthefixedassetcanbemeasuredinareliableway.
(2)Depreciationmethod
| Type | Depreciationmethod | Depreciationlife(year) | Rateofresidualvalue(%) | Annualdepreciationrate(%) |
| Propertyandplant | Straight-linemethod | 20 | 5-10 | 4.50-4.75 |
| Machineryandequipment | Straight-linemethod | 6-13 | 5-10 | 6.92-15.83 |
| Transportationequipment | Straight-linemethod | 5 | 5-10 | 18.00-19.00 |
| Electronicequipment | Straight-linemethod | 5 | 5-10 | 18.00-19.00 |
| Officeequipment | Straight-linemethod | 5 | 5-10 | 18.00-19.00 |
| Otherequipment | Straight-linemethod | 5 | 5-10 | 18.00-19.00 |
TheCompanyshallcomplywiththedisclosurerequirementsinthechemicalindustrysetforthintheSelf-DisciplinaryRegulatoryGuidelinesforCompaniesListedontheShenzhenStockExchangeNo.3–IndustryInformationDisclosure.
25.ConstructioninprogressTheCompanyshallcomplywiththedisclosurerequirementsinthechemicalindustrysetforthintheSelf-DisciplinaryRegulatoryGuidelinesforCompaniesListedontheShenzhenStockExchangeNo.3–IndustryInformationDisclosure.
ConstructioninprogressbuiltbytheCompanyisvaluedattheactualcost,whichconsistsofthenecessaryexpensesincurredbeforetheconstructionoftheassetisreachestheexpectedusablestatus,includingengineeringmaterialscosts,laborcosts,relatedtaxesandfees,borrowingcoststhatshouldbecapitalizedandindirectcoststhatshouldbeapportioned.Fortheconstructioninprogressproject,allexpensesincurredbeforetheconstructionoftheassetreachestheexpectedserviceablestateshallbetakenastheentryvalueoffixedassets.Iftheconstructioninprogresshasreachedtheexpectedserviceablecondition,butthefinalaccountsofcompletionhavenotyetbeenhandled,fromthedateofreachingtheexpectedserviceablecondition,itshallbetransferredtofixedassetsaccordingtotheestimatedvalueaccordingtotheprojectbudget,costoractualcostoftheproject,andthedepreciationoffixedassetsshallbeaccruedaccordingtotheCompany’sfixedassetsdepreciationpolicy.Theoriginalestimatedvalueshallbeadjustedaccordingtotheactualcostafterthecompletionoffinalaccounts,buttheamountofdepreciationthathasbeenaccruedshallnotbeadjusted.See"(30)Impairmentoflong-termassets"inthissectionformethodsoftestingandprovidingforimpairmentofconstructioninprogress.
26.Borrowingcosts
(1)RecognitionprinciplesofcapitalizationofborrowingcostsBorrowingcostsincurredbytheCompanythataredirectlyattributabletotheacquisition,constructionorproductionofqualifyingassets,shallbecapitalizedandincludedinthecostofrelevantassets.Otherborrowingcostsshallberecognizedasexpensesaccordingtotheamountincurredandincludedintheprofitsorlossesinthecurrentperiod.Assetseligibleforcapitalizationrefertofixedassets,investmentproperties,inventoryandotherassetsthatareexpectedtobeusableorsalableafteraconsiderableperiodofpurchaseandconstructionorproductionactivities.Capitalizationshallcommencewhen:
1)Expendituresarebeingincurred,whichcomprisedisbursementsincurredintheformofpaymentsofcash,transferofnon-monetaryassetsorassumptionofinterest-bearingdebts;
2)Borrowingcostsarebeingincurred,and;
3)Purchase,constructionormanufacturingactivitiesthatarenecessarytopreparetheassetsfortheirintendeduseorsaleareinprogress.
(2)Capitalizationperiodforborrowingcosts
Capitalizationperiodreferstotheperiodfromcommencementofcapitalizationofborrowingcoststoitscessation;periodofsuspensionforcapitalizationisexcluded.
Capitalizationofborrowingcostsshallceasewhenthequalifyingassetunderacquisition,constructionorproductiongetsreadyforintendeduseorsale.
Wherepartoftheprojectofacquisition,constructionorproductionofqualifyingassetshasbeencompletedrespectivelyandcanbeputintouseindividually,capitalizationofborrowingcostsofthatpartshouldcease.
Whereeachpartofassetspurchased,constructedormanufacturedhasbeencompletedseparatelybutcanbeusedorsoldonlyafterallpartshavebeencompleted,capitalizationofborrowingcostsshallceaseatthecompletionofallpartsofthesaidassets.
(3)Periodofsuspensionforcapitalization
Capitalizationofborrowingcostsshallbesuspendedduringperiodsinwhichpurchase,constructionormanufacturingofassetseligibleforcapitalizationisinterruptedabnormally,andtheinterruptionisforacontinuousperiodofmorethan3months;iftheinterruptionisthenecessaryproceduretopreparetheassetspurchased,constructedormanufacturedassetseligibleforcapitalizationfortheirintendeduseorsale,theborrowingcostsshallcontinuetobecapitalized.Borrowingcostsincurredduringtheinterruptionshallberecognizedincurrentprofitorloss,andshallcontinuetobecapitalizedwhenpurchase,constructionormanufacturingoftherelevantassetsresumes.
(4)Measurementofcapitalizedamountsofborrowingcosts
Interestchargesonspecialborrowings(excludinginterestincomeonunusedborrowingsdepositedinthebank,orinvestmentincomeontemporaryinvestment)andtheirancillaryexpensesshallbecapitalizedbeforetheassetspurchased,constructedorproducedthatmeetthecapitalizationconditionsarereadyforintendeduseorsale.
Theamountofcapitalizedinterestongeneralborrowingsiscalculatedbytheweightedaverageoftheexcessportionoftheaccumulativeassetexpendituresoverthespecialborrowingsmultipliedbythecapitalizationrateofgeneralborrowings.Thecapitalizationrateisdeterminedbasedontheweightedaverageinterestrateofgeneralborrowings.
Wheretherearediscountsorpremiumsonborrowings,theamountsofinterestforeachaccountingperiodshallbeadjustedtakingaccountofamortizablediscountorpremiumamountsfortheperiodbyeffectiveinterestmethod.
27.Right-of-useassets
TheCompanyinitiallymeasurestheright-of-useassetsonthebasisofthecost,whichincludes:
(1)Theamountofinitialmeasurementofleaseliabilities;
(2)Fortheleasepaymentpaidonorbeforethebeginningoftheleaseterm,ifthereisleaseincentiveplan,therelevantamountofleaseincentiveenjoyedshallbededucted;
(3)Theinitialdirectcostsincurredbythecompany;
(4)ThecostsexpectedtobeincurredbytheCompanytodismantleorremovetheleasedassets,restorethesitewheretheleasedassetsarelocatedorrestoretheleasedassetstothestateagreedintheleaseterms(excludingthecostsincurredfortheproductionofinventories).Afterthebeginningdateoftheleaseterm,theCompanyadoptsthecostmodelforsubsequentmeasurementoftheright-of-useassets.Ifitcanbereasonablydeterminedthattheownershipoftheleasedassetisobtainedattheexpirationoftheleaseterm,theCompanyshallaccruedepreciationwithintheremainingservicelifeoftheleasedasset.Ifitisimpossibletoreasonablydeterminethattheownershipoftheleasedassetcanbeobtainedattheexpirationoftheleaseterm,theCompanyshallaccruedepreciationwithintheshortertermbetweentheleasetermandtheremainingservicelifeoftheleasedasset.Fortheright-of-useassetswithimpairmentprovision,thedepreciationshallbeaccruedonthebasisofthebookvalueafterdeductingtheimpairmentprovisioninthefuturewithreferencetotheaboveprinciples.InaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.8-AssetImpairment,theCompanydetermineswhethertheright-of-useassetshavebeenimpairedandaccountsfortheidentifiedimpairmentlosses.Pleasereferto“24.Impairmentoflong-termassets”inthesectionfordetails.
28.Biologicalassets
29.Oilandgasassets
30.Intangibleassets
(1)Theservicelifeanditsdeterminationbasis,estimatedsituation,amortizationmethodorreviewproceduresTheCompanydeterminestheusefullifeofintangibleassetsonacquisition,whichareclassifiedasintangibleassetswithlimitedusefullifeandindefiniteusefullife.
1)IntangibleassetswithlimitedusefullivesFortheintangibleassetswithlimitedservicelife,theyareamortizedbythestraight-linemethodwithintheperiodofbringingeconomicbenefitstotheenterprise.Theestimatedlifeandbasisofintangibleassetswithlimitedservicelifeareasfollows:
| Item | Expectedservicelife | Basisforestimates |
| Software | 10years | Expectedservicelife |
| Landuserights | 50years | Certificateoflandusingright |
| Patentrights | 10years | Benefitperiod |
| Non-proprietarytechnology | 10years | Benefitperiod |
Theservicelifeoftheintangibleassetswithlimitedservicelifeanditsamortizationmethodshallbereviewedattheendofeachperiod.Adjustmentswillbemadeifnecessary.
2)Intangibleassetswithuncertainusefullives
IntangibleassetswithunforeseeableeconomicbenefitstotheCompanyaredeemedtobeintangibleassetswithanindefiniteusefullife.
Intangiblesassetswithuncertainusefullivesarereviewedforremainingusefullivesateachperiodend.Ifthereisevidencetosuggestthattheperiodinwhichtheintangibleassetwillbringeconomicbenefitstotheenterpriseisforeseeable,theCompanywillestimateitsusefullifeandamortizeitaccordingtotheamortizationpolicyforintangibleassetswithlimitedusefullife.See"30.Impairmentoflong-termassets"inthissectionformethodsoftestingandprovidingforimpairmentofintangiblesassets.
(2)SweepscopeforR&Dexpensesandrelevantaccountingtreatments
1)CriteriaforclassificationofresearchphaseanddevelopmentphaseofinternalR&DprojectsoftheCompanyResearchphase:thephaseinwhichoriginalandplannedinvestigationandresearcharecarriedoutwithpurposeofgainingandunderstandingnewscientificortechnicalknowledge.
Developmentphase:beforecommercialproductionandutilization,thephaseinwhichtheresearchachievementorotherknowledgeisappliedtoaparticularprojectordesigninordertoproduceneworsubstantiallyimprovedmaterials,devices,products,etc.
TheexpenditureofinternalR&Dprojectsincurredduringresearchphaseisrecognizedinprofitorlosswhenincurred.
2)ExpendituresarisingfromdevelopmentphaseoninternalR&DprojectsmustbecapitalizediftheCompanycansatisfyallofthefollowingcriteria:
A.Thereistechnicalfeasibilityofcompletingtheintangibleassets(sothattheywillbeavailableforuseorsale);
B.Thereisanintentiontocompleteanduseorselltheassets;
C.howtheintangibleassetwillgenerateeconomicbenefitsincludingthereisevidencethattheproductsproducedusingtheintangibleassethasamarketortheintangibleassetitselfhasamarket;iftheintangibleassetisforinternaluse,thereisevidencethatthereexistsusagefortheintangibleasset;
D.Thereareadequatetechnical,financialandotherresourcestocompletethedevelopmentandtheabilitytouseorselltheintangibleassets;
E.Theexpenditureattributabletothedevelopmentphaseofintangibleassetscanbereliablymeasured.
Iftheexpenditureatthedevelopmentphasedoesnotmeettheabovecondition,itshallbechargedtocurrentprofitsorlosseswhenoccurring.Ifitisnotpossibletodistinguishbetweenresearchphaseexpendituresanddevelopmentphaseexpenditures,allresearchanddevelopmentexpendituresincurredarerecognizedinthecurrentprofitsandlosses.Thecostofintangibleassetsresultingfrominternaldevelopmentactivitiesincludesonlythetotalamountofexpenditureincurredfromthepointatwhichthecapitalizationconditionismetuntiltheintangibleassetreachesitsintendeduse.Noadjustmentismadetotheexpenditurethathasbeenexpensedtoprofitorlossbeforethecapitalizationconditionismetforthesameintangibleassetinthedevelopmentprocess.
31.Impairmentoflong-termassets
Ateachbalancesheetdate,theCompanyinspectswhethertherearesignsofpossibleimpairmentoflong-termequityinvestments,investmentpropertiesmeasuredusingthecostmethod,fixedassets,constructioninprogressandintangibleassetswithdefiniteusefullives.Ifthereisanysignofimpairmentofalong-termasset,therecoverableamountshallbeestimatedonthebasisofasingleasset;ifitisdifficulttoestimatetherecoverableamountofasingleasset,therecoverableamountoftheassetgrouptowhichtheassetbelongsshallbedetermined.
Therecoverableamountofanassetisestimatedbasedonthehigherofthenetamountofitsfairvaluelessdisposalexpensesandthepresentvalueoftheexpectedfuturecashflowoftheasset.
Ifthemeasurementresultsoftherecoverableamountshowthattherecoverableamountofthelong-termassetislowerthanitsbookvalue,thebookvalueofthelong-termassetshallbewrittendowntotherecoverableamount,andthewritten-downamountshallberecognizedastheimpairmentlossoftheasset,whichshallberecordedintothecurrentprofitandloss,andthecorrespondingassetimpairmentprovisionshallbedrawnatthesametime.Oncetheimpairmentlossofassetsisrecognized,itshallnotbereversedinthefutureaccountingperiod.
Aftertheassetimpairmentlossisrecognized,thedepreciationoramortizationexpensesoftheimpairedassetshallbeadjustedaccordinglyinthefutureperiod,sothattheadjustedassetbookvalue(deductingtheestimatednetresidualvalue)willbesystematicallyapportionedovertheremainingservicelifeoftheasset.
Forgoodwillandintangibleassetswithuncertainservicelifeduetobusinesscombination,nomatterwhetherthereisanysignofimpairmentornot,impairmenttestshallbecarriedouteveryyear.
Intheimpairmenttestofgoodwill,thebookvalueofgoodwillwouldbeapportionedtoassetgrouporportfolioofassetgroupexpectedtobenefitfromthesynergyeffectofabusinesscombination.Whencarryingoutanimpairmenttestontherelevantassetgrouporportfolioofassetgroupcontaininggoodwill,ifthereisasignofimpairmentontheassetgrouporportfolioofassetgrouprelatedtothegoodwill,theCompanyfirstcalculatestherecoverableamountaftertestingtheassetgrouporportfolioofassetgroupwhichdoesnotcontainthegoodwillforimpairment,andthencomparesitwiththerelatedbookvaluetorecognizethecorrespondingimpairmentloss.Next,theCompanyconductsanimpairmenttestontheassetgrouporportfolioofassetgroupwhichcontainsthegoodwillandcomparesthebookvalueoftherelatedassetgrouporportfolioofassetgroup(bookvalueincludestheshareofgoodwill)withtherecoverableamount.Iftherecoverableamountoftherelatedassetgrouporportfolioofassetgroupislowerthanthebookvalue,theCompanywillrecognizetheimpairmentlossofgoodwill.
32.Long-termdeferredexpenses
(1)Amortizationmethod
Long-termdeferredexpensesrefertoexpensesthathavealreadybeenspentbytheCompany,butshallbeapportionedinthecurrentperiodandthefutureperiodsandthebenefitperiodisover1year.Long-termprepaidexpensesareamortizedusingthestraight-linemethodovertheperiodofprojectedearnings.
(2)Amortizationperiod
| Type | Amortizationperiod | Notes |
| Technicalservicesfee | Agreedinthecontract | |
| Renovationfee | 3-5years | |
| PowerGridaccessfee | 10years | |
| Softwaresystemimplementationfee | 5years | |
| Repairandmaintenancefee | 2-3years |
33.Contractualliabilities
TheCompanyrecognizesasacontractualliabilitytheportionofitsobligationtotransfercommoditiestoacustomerforwhichthecustomerconsiderationhasbeenreceivedorisreceivable.
34.Employeecompensation
(1)Accountingtreatmentofshort-termemployeecompensation
Duringtheaccountingperiodwhenemployeesprovideservices,theCompanyrecognizestheshort-termbenefitspayableasaliabilityandincludesthesameintherelevantassetcostsandexpensesonthebasisofthebeneficiariesoftheservicesprovidedbyemployees.
(2)Accountingtreatmentforpost-employmentbenefitsThepost-employmentbenefitplansoftheCompanyareclassifiedasdefinedcontributionplansanddefinedbenefitplans.Thedefinedcontributionplanforpost-employmentbenefitsismainlytoparticipateinthesocialbasicendowmentinsurance,unemploymentinsurance,etc.,organizedandimplementedbylocallaborandsocialsecurityinstitutions.DuringtheaccountingperiodwhenemployeesprovideservicestotheCompany,theamountofdepositpayablecalculatedaccordingtothedefineddepositplanshallberecognizedasliabilitiesandincludedinthecurrentprofitandlossorrelatedassetcosts.Aftermakingregularpaymentsfortheaforementionedamountsinaccordancewithnationalstandardsandpensionplans,theCompanywillnolongerhaveanyadditionalpaymentobligations.
(3)Accountingtreatmentforterminationbenefits
TerminationbenefitsrefertothecompensationpaidtoanemployeewhentheCompanyterminatesthelaborrelationshipwithanemployeebeforethelaborcontractexpires,orofferscompensationforencouragingtheemployeetoaccepttheredundanciesvoluntarily.Theliabilitiesarisingfromtheterminationoflaborrelationswiththeemployeearedetermined,andalsoincludedinthecurrentprofitandloss,atthetimewhentheCompanycannotunilaterallywithdrawtheterminationofthelaborrelationshipplanorredundanciesproposal,orthetimewhenthecostassociatedwithrestructuringinvolvingpaymentofterminationbenefitsisconfirmed,whicheverisearlier.TheCompanyprovidesearlyretirementbenefitstoemployeeswhoacceptinternalretirementarrangements.EarlyretirementwelfarereferstothewagespaidtotheemployeeswhofailtoreachtheretirementagestipulatedbythestateandvoluntarilyquittheirjobswiththeapprovaloftheCompany’smanagementandthesocialinsurancepremiumspaidforthem.TheCompanyshallpaytheinternalretirementbenefitstotheearlyretiredemployeesfromthecommencementdateoftheinternalretirementarrangementtothedatewhentheemployeesreachthenormalretirementage.Fortheearlyretirementwelfare,theCompanyshallcarryoutaccountingtreatmentaccordingtotheterminationbenefits.Whentherelevantrecognitionconditionsoftheterminationbenefitsaremet,thewagesandsocialinsurancepremiumstobepaidtotheearlyretiredemployeesfromthedatewhentheemployeesstopprovidingservicestothenormalretirementdateshallberecognizedasliabilitiesandincludedinthecurrentprofitandlossonalump-sumbasis.Thedifferencecausedbythechangeofactuarialassumptionandtheadjustmentofwelfarestandardofearlyretirementwelfareshallbeincludedinthecurrentprofitandlosswhenitoccurs.
(4)Accountingtreatmentmethodforotherlong-termemployeebenefits
35.EstimatedLiabilities
(1)Recognitioncriteriaofestimatedliabilities
Whenanobligationrelatedtoacontingencyisacurrentobligationundertakenbythecompany,andthefulfillmentofsuchobligationislikelytoresultinanoutflowofeconomicbenefits,andtheamountofsuchobligationcanbereliablymeasured,itisrecognizedasanestimatedliability.
(2)Measurementofestimatedliabilities
TheestimatedliabilitiesoftheCompanyareinitiallymeasuredonthebasisofthebestestimateoftheexpenditurerequiredtoperformtherelevantcurrentobligations.
Whendeterminingthebestestimate,theCompanyconsidersfactorssuchasrisks,uncertaintiesandtimevalueofmoneyrelatedtocontingentevents.Wherethetimevalueofmoneyhasasignificantimpact,thebestestimateisdeterminedbydiscountingtherelevantfuturecashoutflows.
Thebestestimatesarehandledasfollows:
Incasethatthereisacontinuousrange(orinterval)ofrequiredexpenditures,withinwhichthepossibilityofoccurrenceofvariousresultsisthesame,thebestestimateisdeterminedbytheaverageofthemiddlevalueoftherange,thatis,theaverageoftheupperandlowerlimits.
Incasethatthereisnocontinuousrange(orinterval)ofrequiredexpenditures,orthereisacontinuousrangebutthepossibilityofvariousresultsintherangeisdifferent,ifthecontingencyinvolvesasingleitem,thebestestimateshouldbedeterminedbasedonthemostprobableamount;ifacontingencyinvolvesmultipleitems,thebestestimateisdeterminedbasedonvariouspossibleoutcomesandassociatedprobabilities.
IfallorpartoftheexpensesrequiredbytheCompanytosettletheprovisionsareexpectedtobecompensatedbyathirdparty,thecompensationamountisseparatelyrecognizedasanassetwhenitisbasicallyconfirmedtobereceived,andtherecognizedcompensationamountshouldnotexceedthebookvalueofestimatedliabilities.
36.Leaseliability
TheCompanyinitiallymeasurestheleaseliabilityaccordingtothepresentvalueoftheleasepaymentsthathavenotbeenpaidonthebeginningoftheleaseperiod.Whencalculatingthepresentvalueoftheleasepayment,theCompanyusestheinterestrateimplicitintheleaseasthediscountrate;iftheinterestrateimplicitintheleasecannotbedetermined,theCompany’sincrementalborrowingrateisusedasthediscountrate.Leasepaymentsinclude:
(1)Thefixedpaymentamountandtheactualfixedpaymentamountafterdeductingtheleasingincentiverelatedamount;
(2)Variableleasepaymentsdependingonindexorratio;
(3)WhentheCompanyreasonablydeterminesthattheoptionwillbeexercised,theleasepaymentincludestheexercisepriceofthepurchaseoption;
(4)WhentheleasetermreflectsthattheCompanywillexercisetheoptiontoterminatethelease,theleasepaymentincludestheamounttobepaidfortheexerciseoftheoptiontoterminatethelease;
(5)TheexpectedpaymentduetotheresidualvalueoftheguaranteeprovidedbytheCompany.
TheCompanycalculatestheinterestexpenseoftheleaseliabilityineachperiodoftheleasetermatafixeddiscountrate,andincludeitinthecurrentprofitandlossorrelatedassetcosts.Variableleasepaymentsthatarenotincludedinthemeasurementofleaseliabilitiesshouldbeincludedincurrentprofitorlossorrelatedassetcostswhentheyactuallyoccur.
37.Share-basedpayments
(1)Categoriesofshare-basedpayments
Theshare-basedpaymentoftheCompanyisdividedintoequity-settledshare-basedpaymentandcash-settledshare-basedpayment.
(2)Determinationmethodoffairvalueofequityinstruments
Forthegrantedequityinstrumentssuchasoptionswithactivemarket,theirfairvalueshallbedeterminedaccordingtothequotedpriceintheactivemarket.Forthegrantedequityinstrumentswithoutactivemarket,theoptionpricingmodelisusedtodeterminetheirfairvalue.Thefollowingfactorsareconsideredintheoptionpricingmodel:(1)theexercisepriceoftheoption;(2)thevalidityperiodoftheoption;(3)thecurrentpriceofthetargetshare;(4)theexpectedvolatilityoftheshareprice;(5)theexpecteddividendoftheshare;(6)therisk-freeinterestrate.
Whendeterminingthefairvalueoftheequityinstrumentonthegrantdate,theimpactofmarketconditionsandnon-vestingconditionsspecifiedintheshare-basedpaymentagreementshallbeconsidered.Iftherearenon-vestingconditionsforshare-basedpayment,aslongastheemployeesorotherpartiesmeetallnon-marketconditions(suchasserviceterm,etc.)inallofthevestingconditions,thecorrespondingcostoftheservicesreceivedshallberecognized.
(3)Basisfordeterminingthebestestimateofexercisableequityinstruments
Ateachbalancesheetdateinthevestingperiod,theCompanywouldmakebestestimateinaccordancewiththenewlyacquiredinformationsuchaschangesinthenumberofemployeeswithexercisablerights,andamendthenumberofestimatedexercisableequityinstruments.Ontheexercisedate,theultimateestimatednumberofexercisableequityinstrumentscoincideswiththeactualnumber.
(4)Accountingtreatment
1)Accountingtreatmentforequity-settledandcash-settledshare-basedpayment
Theequity-settledshare-basedpaymentshallbemeasuredatthefairvalueoftheequityinstrumentgrantedtotheemployee.Iftherightisexercisableimmediatelyafterthegrant,therelevantcostorexpenseshallberecordedinaccordancewiththefairvalueoftheequityinstrumentonthegrantdate,andthecapitalreserveshallbeincreasedaccordingly.Iftherightisnotexercisableuntiltheservicewithinthewaitingperiodiscompletedortheperformanceconditionsaremet,oneachbalancesheetdatewithinthewaitingperiod,theservicesacquiredinthecurrentperiodshallbeincludedintorelevantcostsorexpensesandcapitalreservesbasedonthebestestimateofthenumberoftheequityinstrumentsoftheexercisablerightsandbasedonthefairvalueonthegrantdateoftheequityinstruments.Noadjustmentsshallbemadeafterthevestingdatefortherelatedcostsorexpensesrecognizedandtotalowners’equity.
Thecash-settledshare-basedpaymentismeasuredatthefairvalueoftheliabilitiesbornebytheCompanyandcalculatedbasedonsharesorotherequityinstruments.Wheretherightisfeasibleimmediatelyafterthegrant,thefairvalueoftheliabilitiesbornebytheCompanyshallbeincludedintotherelevantcostsorexpensessatthefairvalueoftheliabilitiesassumedbytheCompanyonthegrantdate,andtheliabilitiesshallbeincreasedaccordingly.Wheretheshare-basedpaymentisnotexercisableuntiltheserviceinthevestingperiodiscompletedorspecifiedperformanceconditionsaremet,thenateachbalancesheetdatewithinthevestingperiod,theserviceobtainedinthecurrentperiodshallbeincludedincostorexpensesandinliabilitiesatthefairvalueoftheCompany’sliabilitiesbasedonthebestestimatesofthequantityofexercisableequityinstrumentsmadebytheCompany.Ateachbalancesheetdateandsettlementdatebeforerelevantliabilitiesaresettled,thefairvalueoftheliabilitiesisremeasuredandthechangesarerecognizedinprofitorloss.
2)Accountingtreatmentformodificationoftermsandconditionsofshare-basedpayment
Fortheunfavorablemodifications,theCompanywillcontinuetoaccountfortheservicesreceivedasifthechangeshaveneveroccurred.
Forfavorablemodifications,theCompanywillhandletheminaccordancewiththefollowingregulations:Ifthemodificationsincreasethefairvalueoftheequityinstrumentsgranted,theenterpriseshouldrecognizetheincreaseinservicesreceivedinaccordancewiththeincreaseinthefairvalueoftheequityinstruments.Ifthemodificationoccurswithinthewaitingperiod,whenrecognizingthefairvalueofservicesreceivedbetweenthedateofthemodificationandtheexercisabledateafterthemodification,boththeserviceamountdeterminedbasedonthefairvalueoftheoriginalequityinstrumentonthegrantdateovertheremainingoriginalwaitingperiodandtheincreaseinthefairvalueoftheequityinstrumentshallbeincluded.Ifthemodificationoccursaftertheexercisedate,theincreaseinfairvalueoftheequityinstrumentshallberecognizedimmediately.Iftheequity-settledshare-basedpaymentagreementrequiresemployeestocompleteanextendedperiodofservicebeforeobtainingthemodifiedequityinstrument,theenterpriseshouldrecognizetheincreaseofthefairvalueoftheequityinstrumentthroughoutthewaitingperiod.
Ifthemodificationincreasesthenumberofequityinstrumentsgranted,thefairvalueoftheincreasedequityinstrumentsisrecognizedasanincreaseinservicesreceived.Ifthemodificationoccursduringthewaitingperiod,whenrecognizingthefairvalueofservicesreceivedfromthedateofthemodificationtotheexercisabledateoftheincreasedequityinstruments,boththeserviceamountdeterminedbasedonthefairvalueoftheoriginalequityinstrumentsonthegrantdateduringtheremainingoriginalwaitingperiodandtheincreaseinthefairvalueoftheequityinstrumentsshallbeincluded.
Iftheenterprisemodifiestheexerciseconditionsinfavortheemployees,suchasshorteningthewaitingperiod,changingorcancelingtheperformanceconditions(ratherthanmarketconditions),theenterpriseshouldconsidertherevisedexerciseconditionswhendealingwiththeexerciseconditions.
3)Accountingtreatmentforshare-basedpaymentcancelations
Ifthegrantedequityinstrumentiscancelledinthewaitingperiod,theCompanywilltreatthecancellationofthegrantedequityinstrumentasacceleratedexercise,andtheamounttoberecognizedintheremainingwaitingperiodwillbeincludedinthecurrentprofitandlossimmediately,andcapitalreservewillberecognizedatthesametime.Iftheemployeeorotherpartiescanchoosetomeetthenon-vestingconditionsbutfailtomeetthemwithinthewaitingperiod,theCompanywilltreatthemasthecancellationofthegrantedequityinstrument.
38.Preferredstock,perpetualbondsandotherfinancialinstruments
39.Revenue
Disclosureofaccountingpoliciesforrecognitionandmeasurementofrevenuebybusinesstype
ThetimingofrevenuerecognitionoftheCompanyformajorproductsrespectivelyareasfollows:(1)ForBOPPcigarettefilms,cigarettelabels,asepticpackagingproducts,whentheproductsaredeliveredtothelocationsdesignatedbythecustomers,andthedeliveryiscompletedandtheevidenceoftransferofcontrolofthegoodsisobtainedfromthecustomers.(2)ForBOPPflatfilmsandlithiumbatteryseparators,whenthedeliveryhasbeencompletedaccordingtothemethodagreedbythecustomers,andtheevidenceoftransferofcontrolofgoodsisobtainedfromthecustomersorthecarriersdesignatedbythecustomers.(3)Forspecialpaperproducts,theproductsaredeliveredtothelocationsdesignatedbythecustomers,thedeliveryiscompletedandtheevidenceofconformingrequirementsfromcustomersisobtained.
TheCompanyhasfulfilleditsobligationsunderthecontract,thatis,whenthecustomeracquirescontroloftherelevantgoodsorservices,therevenueisrecognizedaccordingtothetransactionpriceapportionedtotheperformanceobligations.PerformanceobligationreferstothecommitmentoftheCompanyinthecontracttoassigncommoditiesorservicesthatcanbeclearlydistinguishedtothecustomer.Obtainingthecontrolrightoftherelatedcommoditymeanstobeabletodominatetheuseofthecommodityandobtainalmostalltheeconomicbenefitsfromit.
TheCompanyshallevaluatethecontractonthecommencementdateofthecontract,identifytheindividualperformanceobligationscontainedinthecontract,anddeterminewhethereachindividualperformanceobligationshallbeperformedwithinacertainperiodoftimeoratacertainpointintime.Ifoneofthefollowingconditionsissatisfied,theperformanceobligationshallbeperformedwithinacertainperiodoftime,andtheCompanyshallrecognizetheincomewithinacertainperiodoftimeaccordingtotheperformanceprogressoftheCompany:(1)theclientshallobtainandconsumetheeconomicbenefitsbroughtbytheperformanceoftheCompanyastheCompanyperformsthecontract;(2)thecustomerisabletocontrolthegoodsunderconstructionduringtheperformanceoftheCompany;and(3)theproductsproducedbytheCompanyduringtheperformanceofthecontractareofirreplaceableuse,andtheCompanyisentitledtocollectpaymentforthepartofthecontractwhichhasbeencompletedsofarduringthewholetermofthecontract.Otherwise,theCompanyrecognizesrevenueatthetimepointwhenthecustomeracquirescontroloftherelevantgoodsorservices.
Fortheperformanceobligationsperformedduringacertainperiodoftime,theCompanywillusetheoutput/inputmethodtodeterminetheappropriateperformanceschedulebasedonthenatureofthegoodsandservices.Theoutputmethoddeterminestheperformancescheduleaccordingtothevaluetothecustomerofthegoodsthathavebeentransferredtothecustomer(theinputmethoddeterminestheperformancescheduleaccordingtotheCompany’sinputtofulfilltheperformanceobligation).IftheperformanceschedulecannotbereasonablydeterminedandtheCompanyisexpectedtobecompensatedforthecostsalreadyincurred,therevenueshallberecognizedinaccordancewiththeamountofcostsalreadyincurreduntiltheperformanceprogresscanbereasonablydetermined.
Differencesinrecognitionandmeasurementmethodsofrevenueduetodifferentbusinessmodelsforsimilarbusinesses
TheCompanyshallcomplywiththedisclosurerequirementsinthechemicalindustrysetforthintheSelf-DisciplinaryRegulatoryGuidelinesforCompaniesListedontheShenzhenStockExchangeNo.3–IndustryInformationDisclosure.
(1)Contractswithsalesreturnclauses
Forsaleswithsalesreturnclauses,whenthecustomerobtainsthecontrolrightoftherelevantgoods,therevenueisrecognizedaccordingtotheamountofconsiderationexpectedtobeentitledtoreceiveduetothetransferofgoodstothecustomer(i.e.,excludingtheamountexpectedtoberefundedduetosalesreturn),andtheliabilitiesarerecognizedaccordingtotheamountexpectedtoberefundedduetosalesreturn.Atthesametime,thebalanceofthebookvalueatthetimeoftransferofthegoodsexpectedtobereturnedafterdeductingtheexpectedcostofrecoveringthegoods(includingtheimpairmentofthevalueofthereturnedgoods)shallbeaccountedforanasset.Accordingtothebookvalueofthetransferredgoodsatthetimeoftransfer,deductthenetcarryingcostoftheabove-mentionedassetcosts.
(2)Contractswithqualityassuranceclauses
Forsaleswithqualityassuranceclauses,ifthequalityassuranceprovidesaseparateservicetothecustomerotherthanensuringthatthegoodsorservicessoldmeettheestablishedstandards,thequalityassuranceconstitutesasingleperformanceobligation.Otherwise,theCompanywillaccountforthequalityassuranceresponsibilityinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo.13–Contingencies.
(3）Salescontractswithadditionalcustomerpurchaseoptions
Theadditionalpurchaseoptionofcustomersincludessalesincentives,customerrewardpoints,optionofrenewal,otherdiscountsforfuturegoodsorservices,etc.Withrespecttotheadditionalpurchaseoptionwithmaterialrightsprovidedto
customers,theCompanyregardsitasasingleperformanceobligation,andrecognizesrelevantrevenueuponobtainingthecontroloverrelevantgoodsorservicesbythecustomerswhoexercisethepurchaseoptioninfutureoruponlapseofsuchoption.Iftheseparatesellingpriceofthecustomer'sadditionalpurchaseoptioncannotbedirectlyobserved,anestimateshallbemadeaftercomprehensivelyconsideringallrelevantinformationsuchasthedifferenceindiscountsobtainedbythecustomeruponexerciseandnon-exerciseoftheoptionandthepossibilityofthecustomerexercisingtheoption.
(4)ContractsforgrantingintellectualpropertylicensestocustomersAssesswhethertheintellectualpropertylicenseconstitutesasingleperformanceobligation,andfurtherdeterminewhetheritisperformedwithinacertainperiodoratacertainpointintime.IftheCompanygrantsanintellectualpropertylicensetoacustomerandagreestocollectroyaltiesaccordingtotheactualsalesoruseofthecustomer,therevenueshallberecognizedatthelaterofthefollowingtwopoints:thesubsequentsalesoruseofthecustomeroccurs;andtheCompanyperformsrelevantperformanceobligations.
(5)After-salesrepurchase
1)Contractswithrepurchaseobligationsduetoforwardarrangementswithcustomers:inthiscase,thecustomerdoesnotobtaincontroloftherelevantgoodsatthetimeofsales,sotheyareaccountedforaccordinglyasleasetransactionsorfinancingtransactions.Wheretherepurchasepriceislowerthantheoriginalsellingprice,itshallberegardedasaleasetransactionandaccountedforinaccordancewiththerelevantprovisionsoftheAccountingStandardsforBusinessEnterprises.;Iftherepurchasepriceisnotlowerthantheoriginalsellingprice,itshallberegardedasafinancingtransaction,andthefinancialliabilitiesshallberecognizedwhenthecustomer'spaymentisreceived,andthedifferencebetweenthepaymentandtherepurchasepriceshallberecognizedasinterestexpensesduringtherepurchaseperiod.IftheCompanydoesnotexercisetherepurchaserightwhenitexpires,thefinancialliabilitiesshallbederecognizedwhentherepurchaserightexpires,andtherevenueshallberecognizedatthesametime.
2)Contractswithrepurchaseobligationsincurredattherequestofcustomers:ifitisassessedthatthecustomerhassignificanteconomicdrivers,theafter-salesrepurchaseshallbetreatedasaleasetransactionorafinancingtransactionandaccountedforinaccordancewiththeprovisionsof1)ofthisarticle;otherwise,itshallbetreatedasasalestransactionwithsalesreturnclauses.
(6)Contractsthatchargecustomersinitialfeesthatdonotneedtobereturned
Theinitialfeechargedtothecustomerat(ornear)thecommencementofthecontractthatisnotrefundableshallbeincludedinthetransactionprice.IftheCompanyassessesthattheinitialfeeisrelatedtothetransferofpromisedgoodstothecustomerandthegoodsconstituteasingleperformanceobligation,therevenueshallberecognizedaccordingtothetransactionpriceapportionedtothegoodswhenthegoodsaretransferred;Iftheinitialfeeisrelatedtothetransferofpromisedgoodstothecustomerbutthegoodsdonotconstituteasingleperformanceobligationwhenthesingleperformanceobligationcontainingthegoodsisperformed,therevenueshallberecognizedaccordingtothetransactionpriceapportionedtothesingleperformanceobligation;Iftheinitialfeeisnotrelatedtothetransferofthepromisedgoodstothecustomer,theinitialfeeshallberecognizedastheadvancereceiptforthegoodstobetransferredinthefutureandshallberecognizedasrevenuewhenthegoodsaretransferredinthefuture.
40.Contractcost
(1)Coststofulfilacontract
Forthecostincurredforthefulfillmentofacontract,ifitdoesnotfallwithinthescopeofotheraccountingstandardsforbusinessenterprisesotherthantherevenuestandardsandmeetsallthefollowingcriteria,itshallberecognizedasanassetfromthecostsincurredtofulfillacontract:
1)Thecostisdirectlyrelatedtoacurrentortoananticipatedcontract,includingdirectlabor,directmaterials,manufacturingexpenses(orsimilarexpenses),costsclearlybornebythecustomer,andothercostsincurredsolelyduetothecontract;
2)ThecostsenhanceresourcesoftheCompanythatwillbeusedinsatisfyingperformanceobligationsinthefuture.
3)Thecostsareexpectedtoberecovered.
Theassetisreportedininventoriesorothernon-currentassetsbasedonwhethertheamortizationperiodexceedsonenormalbusinesscycleatthetimeofitsinitialrecognition.
(2)Coststoobtainacontract
IftheincrementalcostincurredbytheCompanyinobtainingthecontractisexpectedtoberecoverable,itshallberecognizedasanassetofobtainingacontract.IncrementalcostreferstothecostthattheCompanyincurstoobtainacontractwithacustomerthatitwouldnothaveincurredifthecontracthadnotbeenobtained,suchassalescommission.Iftheamortizationperioddoesnotexceedoneyear,itshallbeincludedinthecurrentprofitsandlosseswhenitoccurs.
(3)Amortizationofcontractcosts
Theaboveassetsrelatedtocontractcostsareamortizedatthetimeoffulfilmentofperformanceobligationsoraccordingtothefulfillmentprogressofperformanceobligationsonthesamebasisastherecognitionofrevenuefromgoodsorservicesrelatedtotheassetsandincludedincurrentprofitsandlosses.
(4)Impairmentofcontractcosts
Ifthebookvalueoftheabove-mentionedassetsrelatedtothecontractcostishigherthanthedifferencebetweentheresidualconsiderationexpectedtobeobtainedbytheCompanyduetothetransferofthegoodsrelatedtotheassetandtheestimatedcosttobeincurredforthetransferoftherelatedgoods,theexcessshallbeprovidedforimpairmentandrecognizedasassetimpairmentloss.
Aftertheimpairmentprovisionismade,ifthefactorsofimpairmentinthepreviousperiodchange,makingthedifferencebetweentheabovetwoitemshigherthanthebookvalueoftheasset,theoriginallymadeassetimpairmentprovisionshallbereversedandincludedinthecurrentprofitsandlosses,butthebookvalueofthereversedassetshallnotexceedthebookvalueoftheassetonthereversaldateassumingthatnoimpairmentprovisionismade.
41.Governmentgrant
(1)Type
Governmentsubsidiesaretransfersofmonetaryornon-monetaryassetsfromthegovernmenttotheGroupatnilconsideration.Accordingtothesubsidytargetsstipulatedintherelevantgovernmentdocuments,governmentsubsidiesareclassifiedintogovernmentsubsidiesrelatedtoassetsandgovernmentsubsidiesrelatedtoincome.
Forgovernmentsubsidieswherethesubsidytargetshavenotbeenspecifiedinthegovernmentdocuments,theCompanycategorizesthemintoclassifiedintogovernmentsubsidiesrelatedtoassetsandgovernmentsubsidiesrelatedtoincomeaccordingtotheactualsubsidytargets.Fordetailsofrelevantbasisofjudgments,pleaserefertoNoteV“51.Deferredincome”/“74.Non-operatingincome”.
ThegovernmentsubsidiesrelatedtoassetsrefertothegovernmentsubsidiesobtainedbytheCompanyforpurchasingandconstructingorforminglong-termassetsinotherways.Governmentsubsidiesrelatedtoincomerefertogovernmentsubsidiesotherthanthoserelatedtoassets.
(2)RecognitionofgovernmentsubsidiesIfthereisevidenceattheendoftheperiodthattheCompanycanmeettherelevantconditionsspecifiedinthefinancialsupportpolicyanditisexpectedtoreceivethefinancialsupportfunds,thegovernmentsubsidyshallberecognizedaccordingtothereceivableamount.Otherwise,governmentsubsidiesarerecognizedwhentheyareactuallyreceived.Ifagovernmentsubsidyisamonetaryasset,itismeasuredattheamountreceivedorreceivable.Ifagovernmentsubsidyisanon-monetaryasset,itismeasuredatfairvalue.Ifthefairvaluecannotbeobtainedinareliableway,itismeasuredatthenominalamount(RMB1).Governmentsubsidiesmeasuredatnominalamountsarerecognizeddirectlyinthecurrentprofitandloss.
(3)Accountingtreatment
Accordingtotheessenceofeconomicbusiness,theCompanydetermineswhetherthetotalamountmethodorthenetamountmethodshouldbeusedforaccountingtreatmentofacertaintypeofgovernmentsubsidybusiness.Generally,theCompanyonlyselectsonemethodforthesameorsimilargovernmentsubsidybusiness,andconsistentlyusesthemethodforthebusiness.
Thegovernmentsubsidiesrelatedtotheassetsshallbewrittenoffagainstthebookvalueoftherelevantassetsorrecognizedasdeferredincome.Ifthegovernmentsubsidyrelatedtotheassetisrecognizedasdeferredincome,itshallberecordedintotheprofitandlossinstagesinaccordancewithareasonableandsystematicmethodduringtheservicelifeoftheassetbuiltorpurchased.
Ifthegovernmentsubsidyrelatedtotheincomeisusedtocompensatetherelevantexpensesorlossesoftheenterpriseinthefutureperiod,itshallberecognizedasdeferredincomeandrecordedintothecurrentprofitandloss,orwritedowntherelevantcostsduringtheperiodofrecognitionoftherelevantexpensesorlosses;Ifitisusedtocompensatetherelatedexpensesorlossesincurredbytheenterprise,itshallbedirectlyrecordedintothecurrentprofitandlossorwritedowntherelevantcostswhenobtained.
Thegovernmentsubsidiesrelatedtothedailyactivitiesoftheenterpriseshallbeincludedinotherincomeorusedtowriteoffrelatedcostsandexpenses;Governmentsubsidiesnotrelatedtothedailyactivitiesoftheenterpriseshallbeincludedinthenon-operatingrevenueandexpenditure.
Governmentsubsidiesrelatedtothediscountinterestreceivedfrompolicy-relatedpreferentialloansoffsettherelevantborrowingcosts;ifthepolicy-basedpreferentialinterestrateloanprovidedbythelendingbankisobtained,theborrowingamountactuallyreceivedshallbetakenastheentryvalueoftheborrowings,andborrowingcostshouldbecalculatedusingthepreferentialinterestrateaccordingtotheloanprincipalandthepolicy.
Incasethataconfirmedgovernmentsubsidyisrequiredtobereturned,thebookvalueoftheassetisadjustedifthebookvalueofrelevantassetsisoffsetattheinitialrecognition;ifthereisrelateddeferredincome,thebookbalanceofdeferredincomeshouldbeoffset,andtheexcessisincludedinthecurrentprofitandloss;incaseofothercircumstances,itisdirectlyincludedinthecurrentprofitandloss.
42.Deferredincometaxassets/Deferredincometaxliabilities
Deferredtaxassetsanddeferredtaxliabilitiesarecalculatedandrecognizedbasedonthedifferencesarisingbetweenthetaxbasesofassetsandliabilitiesandtheircarryingamounts(temporarydifferences).Onthebalancesheetdate,deferredtaxassetsanddeferredtaxliabilitiesaremeasuredattheapplicabletaxrateduringtheperiodwhentheassetisexpectedtoberecoveredortheliabilityisexpectedtobesettled.
(1)Basisforrecognitionofdeferredincometaxassets
TheCompanyrecognizesthedeferredtaxassetsgeneratedbythedeductibletemporarydifferencestotheextentthatitislikelytoobtainthetaxableincomethatcanbeusedtooffsetthedeductibletemporarydifferences,carryforwardthedeductiblelossesandtaxcreditsinthefollowingyears.However,deferredtaxassetsarisingfromtheinitialrecognitionofassetsorliabilitiesintransactionswiththefollowingcharacteristicsshallnotberecognized:1)thetransactionisnotabusinesscombination;and2)thetransactiondoesnotaffecttheaccountingprofitortaxableincomeordeductibleloss.
Forthedeductibletemporarydifferencesrelatedtotheinvestmentofassociatedenterprises,ifthefollowingconditionsaremetatthesametime,thecorrespondingdeferredtaxassetsshallbeconfirmed:thetemporarydifferencesarelikelytobereversedintheforeseeablefuture,andthetaxableincomeusedtodeductthedeductibletemporarydifferencesislikelytobeobtainedinthefuture.
(2)Basisforrecognitionofdeferredincometaxliabilities
TheCompanyrecognizesthetaxabletemporarydifferencesthatshouldbepaidbutnotpaidinthecurrentperiodandthepreviousperiodasdeferredtaxliabilities,excluding:
1)Thetemporarydifferenceformedbytheinitialconfirmationofgoodwill;
2)Thetransactionoreventnotformedbybusinesscombination,andtheoccurrenceofthetransactionoreventdoesnotaffecttheaccountingprofitorthetemporarydifferenceformedbythetaxableincome(ordeductibleloss);
3)Forthetaxabletemporarydifferencerelatedtotheinvestmentinsubsidiariesandassociatedenterprises,thetimeofreversalofthetemporarydifferencecanbecontrolledandthetemporarydifferenceisunlikelytobereversedintheforeseeablefuture.
(3)Whenthefollowingconditionsaremetatthesametime,thedeferredincometaxassetsanddeferredincometaxliabilitiesarepresentedatthenetamountafteroffset
1)Theenterprisehasthelegalrighttosettlethecurrentincometaxassetsandcurrentincometaxliabilitieswithnetamount;
2)Thedeferredincometaxassetsandthedeferredincometaxliabilitiesmayberelatedtotheincometaxleviedbythesametaxofficeonthesameordifferenttaxpayer.Inthelattercase,theinvolvedtaxpayersintendtosettlethecurrentincometaxassetsandcurrentincometaxliabilitieswithnetamount,orobtainassetsandpayoffdebtsatthesametimeineachfutureperiodwhentheimportantdeferredincometaxassetsanddeferredincometaxliabilitiesarereversed.
43.Leases
(1)Accountingtreatmentoftheleasesasthelessee
Atthecommencementoftheleaseterm,theCompanyrecognizestheright-of-useassetsandleaseliabilitiesforleases,exceptforshort-termleasesandlow-valueassetleasesthatapplysimplifiedtreatment.
1)Short-termleaseandlow-valueassetlease
Ashort-termleaseisaleasethathasaleasetermof12monthsorlessanddoesnotincludeanoptiontopurchase.Low-valueassetleasereferstotheleasewithlowervaluewhenasingleleasedassetisabrand-newasset.
TheCompanyrecognizesright-of-useassetsandleaseliabilitiesforshort-termleasesandlow-valueassetleases.
2)SeeNotes27and36inthissectionfortheaccountingpoliciesofright-of-useassetsandleaseliabilities.
(2)Accountingtreatmentoftheleasesasthelessor
1)Classificationofleases
LeasesaredividedbytheCompanyintofinanceleasesandoperatingleasesatthecommencementofleases.Financeleaseisaleasethathastransferredinsubstancealltherisksandrewardsrelatedtotheownershipofanasset.Theownershipofitmayormaynoteventuallybetransferred.Operatingleasereferstoaleaseotherthanafinancinglease.
Wherealeasesatisfiesoneormoreofthefollowingcriteria,theCompanyshallrecognizeitasafinancelease:
A.Theownershipoftheleasedassetistransferredtothelesseewhenthetermofleaseexpires.
B.Thelesseehastheoptiontobuytheleasedassetatapricewhichisexpectedtobefarlowerthanthefairvalueoftheleasedassetatthedatewhentheoptionbecomesexercisable.
C.Eveniftheownershipoftheassetisnottransferred,theleasetermcoversthemajorpartoftheuselifeoftheleasedasset.
D.Thepresentvalueoftheminimumleasereceiptsontheleasebeginningdateamountstosubstantiallyallofthefairvalueoftheleasedassetontheleasebeginningdate;
E.Theleasedassetsareofaspecializednaturethatonlythelesseecanusethemwithoutmakingmajormodifications.
Wherealeasesatisfiesoneormoreofthefollowingcriteria,theCompanymayalsorecognizeitasafinancelease:
A.Ifthelesseecancelsthelease,thelesseeshallbearthelossescausedtothelessorbythecancellationofthelease.
B.Gainsorlossesarisingfromfluctuationsinthefairvalueofresidualvaluesofassetsareattributabletothelessee.
C.Thelesseecancontinuetheleaseatarentthatisfarbelowthemarketleveluntilthenextperiod.
2)Accountingtreatmentforfinanceleases
Onthedatewhenleasestarts,theCompanyrecognizesthefinanceleasesasthereceivableofthefinancialleasewhichisfinallyderecognizedasthefinanceleasingassets.
Whenthefinanceleasereceivablesareinitiallymeasured,thesumoftheunsecuredresidualvalueandthepresentvalueoftheleasereceivablesthathavenotbeenreceivedonthebeginningdateoftheleasetermdiscountedattheimplicitinterestrateoftheleaseshallbetakenastheentryvalueofthefinanceleasereceivables.Leasereceiptsinclude:
A.Theamountoffixedpaymentandactualfixedpaymentamountafterdeductingtherelevantamountofleaseincentive;
B.Variableleasepaymentsdependingonindexorratio;
C.Whenitisreasonablydeterminedthatthelesseewillexercisetheoptions,thereceivedamountofleaseincludestheexercisepriceoftheoptions;
D.Whentheleasetermreflectsthatthelesseewillexercisetheoptiontoterminatethelease,theleasecollectionincludestheamounttobepaidbythelesseetoexercisetheoptiontoterminatethelease;E.Theguaranteedresidualvalueprovidedbythelessee,thepartyrelatedtothelesseeandtheindependentthirdpartywiththefinancialabilitytoperformtheguaranteeobligationtothelesser.TheCompanycalculatesandrecognizestheinterestincomeduringeachleasetermaccordingtothefixedinterestrateimplicitinlease,andthevariableleasepaymentobtainedbutnotincludedinthemeasurementofnetleaseinvestmentisincludedinthecurrentprofitsandlosseswhenitactuallyarises.
3)Accountingtreatmentofoperatingleases
TheCompanyrecognizestheleasereceiptsfromoperatingleasesasrentalincomebythestraight-linemethodorothersystematicandreasonablemethodsduringeachleaseterm;Theincurredinitialdirectcostsrelatedtotheoperatingleaseshallbeamortizedovertheleasetermonthesamebasisastherecognitionofrentalincomeandincludedinthecurrentprofitsandlossesbystages;Thevariableleasepaymentsobtainedthatarerelatedtotheoperatingleasebutnotincludedintheleasereceiptsareincludedinthecurrentprofitsandlosseswhentheyactuallyarise.
44.DebtRestructuring
(1)Recordingdebtrestructuringobligationsasadebtor
Adebtrestructuringinwhichthedebtissettledbyassetsisderecognizedwhentherelevantassetsandthesettleddebtmeettheconditionsforderecognition,andthedifferencebetweenthecarryingamountofthesettleddebtandthecarryingamountofthetransferredassetsisrecognizedinprofitorlossforthecurrentperiod.
AdebtrestructuringthatconvertsadebtintoanequityinstrumentisderecognizedbytheCompanywhenthesettleddebtmeetstheconditionsforderecognition.TheequityinstrumentoftheCompanyismeasuredatitsfairvalueuponinitialrecognition,andifthefairvaluecannotbereliablymeasured,itismeasuredatthefairvalueofthesettleddebt.Thedifferencebetweenthecarryingamountofthesettleddebtandtheamountrecognizedfortheequityinstrumentisrecognizedincurrentprofitorloss.
DebtrestructuringbymodifyingothertermsshallberecognizedandmeasuredinaccordancewithAccountingStandardsforBusinessEnterprisesNo.22–RecognitionandMeasurementofFinancialInstrumentsandAccountingStandardsforBusinessEnterprisesNo.37–Presentationoffinancialinstruments.
Ifdebtrestructuringiscarriedoutbyusingmultipleassetstopayoffdebtsorcombination,equityinstrumentsandrestructureddebtsshallberecognizedandmeasuredaccordingtotheabovementionedmethods.Thedifferencebetweenthecarryingamountofthesettleddebtsandthecarryingamountofthetransferredassetsandthesumoftherecognizedamountsoftheequityinstrumentsandrestructureddebtsshallbeincludedinthecurrentprofitsorlosses.
(2)Recordingdebtrestructuringobligationsasacreditor
Fordebtrestructuringinwhichassetsareusedtopayoffdebts,assetsotherthanthetransferredfinancialassetsareinitiallyrecognizedatcost.Thecostofinventoryincludesthefairvalueofabandonedcreditor’srightsandothercostsdirectlyattributabletotheasset,suchastaxes,transportationcosts,handlingcharges,insurancepremiums,etc.,incurredtoenabletheassettoreachitscurrentpositionandstate.Thecostofaninvestmentinanassociateorjointventureandthecostofinvestmentpropertyrespectivelyincludethefairvalueofabandonedcreditor’srightsandothercostsdirectlyattributabletotheasset,suchastaxes.Thecostofafixedassetincludesthefairvalueofabandonedcreditor’srightsandothercostsdirectlyattributabletotheasset,suchastaxes,transportationcosts,handlingcharges,installationcosts,professionalservicesfee,incurredbeforebringingtheassettoitsintendedusablecondition.Thecostofanintangibleassetincludesthefairvalueofabandonedcreditor’srightsandothercostssuchastaxesthataredirectlyattributabletobringingtheassettoitsintendeduse.Thedifferencebetweenthefairvalueandthecarryingvalueofabandonedcreditor’srightsshouldberecognizedinprofitorlossforthecurrentperiod.
IfthedebtrestructuringofconvertingdebtintoequityinstrumentcausestheCompanytoconvertthecreditor’srightintoequityinvestmentinanassociateorajointventure,theinitialinvestmentcostshallbemeasuredaccordingtothefairvalueoftheabandonedcreditor’srightandothercostssuchastaxesdirectlyattributabletotheasset.Thedifferencebetweenthefairvalueandthecarryingamountoftheabandonedcreditor’srightsrecognizedinprofitorlossforthecurrentperiod.
Fordebtrestructuringbymodifyingotherterms,thecreditor’srightsrestructuredshallberecognizedandmeasuredinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo.22–RecognitionandMeasurementofFinancialInstruments.
Ifdebtrestructuringiscarriedoutbyusingmultipleassetstopayoffdebtsorcombination,firstly,thetransferredfinancialassetsandcreditor’srightrestructuredarerecognizedandmeasuredinaccordancewiththeprovisionsofAccountingStandardsforBusinessEnterprisesNo.22–RecognitionandMeasurementofFinancialInstruments,andthenthenetamountofthefairvalueoftheabandonedcreditor’srightsafterdeductingtherecognizedamountofthetransferredfinancialassetsandtherestructuredcreditor’srightsareallocatedinproportiontothefairvalueofeachassetotherthanthetransferredfinancialassets.Onthisbasis,thecostofeachassetisdeterminedseparatelyinaccordancewiththeabovemethod.Thedifferencebetweenthefairvalueandthecarryingamountoftheabandonedcreditor’srightsisrecognizedinprofitorlossforthecurrentperiod.
45.RepurchaseofsharesoftheCompany
ConsiderationandtransactioncostspaidbytheCompanytorepurchaseitsownequityinstrumentsreduceowners’equity.IftheCompanyreducesitscapitalbypurchasingtheCompany’ssharesinaccordancewithlegalprocedures,thesharecapitalshallbereducedaccordingtothetotalbookvalueofthesharescanceled,andthedifferencebetweentheprice(includingtransactionexpenses)paidfortherepurchaseofsharesandtheparvalueofthesharesshallbeadjustedtotheowner’sequity,andtheportionexceedingthetotalparvalueshallbedeductedfromthecapitalreserve(sharepremium),surplusreserveandundistributedprofitsequentially;ifitislessthanthetotalbookvalue,theportionlessthanthetotalbookvaluewillbeincreasedtothecapitalreserve
(sharepremium).NogainorlossisrecognizedbytheCompanyasaresultoftheissue,repurchase,saleorcancelationoftheCompany’sownequityinstruments.Therepurchasedsharespriortocancellationortransferofsharesaremanagedastreasuryshares.Allcostsincurredfromrepurchaseofsharesarerecognizedasthecostsoftreasuryshares.
Upontransferoftreasuryshares,theexcessoftransferincomeoverthecostoftreasurysharesiscreditedtocapitalreserve(sharepremium);theportionlowerthanthecostoftreasurysharesshallbedeductedfromcapitalreserve(sharepremium),surplusreserveandundistributedprofitsequentially.
TreasurysharesformedbytheCompany’srepurchaseofitsordinarysharesshallnotparticipateintheCompany’sprofitdistributionandshallbepresentedasanitemofallowanceforowner’sequityinthebalancesheet.
46.Hedgeaccounting
Accordingtothehedgingrelationship,theCompanydivideshedgingintofairvaluehedging,cashflowhedgingandoverseasnetinvestmenthedging.
(1)Hedginginstrumentsthatmeetthefollowingconditionsatthesametimeshallbetreatedwithhedgingaccountingmethod
1)Thehedgingrelationshipisonlycomposedofqualifiedhedginginstrumentsandhedgeditems.
2)Atthebeginningofhedging,theCompanyformallydesignatedhedginginstrumentsandhedgeditems,andpreparedwrittendocumentsonhedgingrelationship,riskmanagementstrategyandriskmanagementobjectivesforhedging.
3)Thehedgingrelationshipmeetstherequirementsofhedgingeffectiveness.
Ifthehedgingmeetsthefollowingconditionsatthesametime,thehedgingrelationshipshallbedeemedtomeettherequirementsofhedgingeffectiveness:
A.Thereisaneconomicrelationshipbetweenthehedgeditemandthehedginginstrument.Thiseconomicrelationshipmakesthevalueofthehedginginstrumentandthehedgeditemchangeintheoppositedirectionduetothesamehedgedrisk.
B.Inthevaluechangescausedbytheeconomicrelationshipbetweenthehedgeditemandthehedginginstrument,theimpactofcreditriskdoesnotdominate.
C.ThehedgingratioofthehedgingrelationshipisequaltotheratiooftheactualnumberofhedgeditemshedgedbytheCompanytotheactualnumberofhedginginstrumentshedged,butdoesnotreflecttheimbalanceoftherelativeweightofthehedgeditemsandhedginginstruments.Thisimbalancewillleadtoineffectivehedgingandmayproduceaccountingresultsinconsistentwiththehedgingaccountingobjectives.
(2)Accountingtreatmentforfairvaluehedges
1)Gainsorlossesarisingfromhedginginstrumentsshallbeincludedincurrentprofitandloss.Ifthehedginginstrumenthedgesthenon-tradableequityinstrumentinvestment(oritscomponents)thatisselectedtobemeasuredatfairvalueanditschangeisincludedinothercomprehensiveincome,thegainsorlossesgeneratedbythehedginginstrumentareincludedinothercomprehensiveincome.
2)Gainsorlossesofthehedgeditemarisingfromthehedgedriskexposureareincludedinthecurrentprofitandloss,andthebookvalueofthehedgeditemthatisnotmeasuredatfairvalueisadjusted.Ifthehedgeditemisafinancialasset(oritscomponent)measuredatfairvalueanditschangeisincludedinothercomprehensiveincome,theprofitorlossgeneratedfromthehedgedriskexposureisincludedinthecurrentprofitandloss,anditsbookvaluehasbeenmeasuredatfairvaluewithoutadjustment;thehedgeditemisthenon-tradableequityinstrumentinvestment(oritscomponents)thatthecompanychoosestomeasureatfairvalueanditschangeisincludedinothercomprehensiveincome,thegainsorlossesarisingfromthehedgedriskexposureareincludedinothercomprehensiveincome,anditsbookvaluehasbeenmeasuredatfairvaluewithoutadjustment.
Ifthehedgeditemisanunrecognizedfirmcommitment(oritscomponent),theaccumulatedchangeinfairvaluecausedbythehedgedriskafterthedesignationofthehedgingrelationshipshallberecognizedasanassetorliability,andtherelevantgainsorlossesshallbeincludedintheprofitsandlossesofeachrelevantperiod.Whentheassetorliabilityisacquiredbyfulfillingtheestablishedcommitment,theinitialrecognizedamountoftheassetorliabilityisadjustedtoincludethefairvaluecumulativechangeoftherecognizedhedgeditem.
3)Ifthehedgeditemisafinancialinstrument(oritscomponent)measuredatamortizedcost,theadjustmentofbookvalueofthehedgeditemshallbeamortizedaccordingtotheactualinterestraterecalculatedontheamortizationdateandincludedinthecurrentprofitandloss.Theamortizationcanstartfromtheadjustmentdate,butnotlaterthanthetimepointwhenthehedginggainsandlossesareadjustedfortheterminationofthehedgeditem.Ifthehedgeditemisafinancialasset(oritscomponent)measuredatfairvalueanditschangeisincludedinothercomprehensiveincome,theaccumulatedrecognizedhedginggainsorlossesshallbeamortizedinthesamewayandincludedinthecurrentprofitandloss,butthebookvalueofthefinancialasset(oritscomponent)shallnotbeadjusted.
(3)Accountingforcashflowhedges
1)Theportionofthegainorlossonthehedginginstrumentthatisdeterminedtobeaneffectivehedge,whichisregardedasthecashflowhedgingreserve,andshallberecognizedinothercomprehensiveincome:Theamountofthecashflowhedgereserveshallbedeterminedbytheloweroftheabsoluteamountofthefollowingtwoitems:
A.thecumulativegainorlossonthehedginginstrumentfrominceptionofthehedge;and
B.thepresentvalueofthecumulativechangeinthehedgedexpectedfuturecashflowsofthehedgeditemfrominceptionofthehedge.Theamountofthecashflowhedgereserverecognizedintheothercomprehensiveincomeduringeachaccountingperiodisthechangeinthecurrentcashflowhedgereserve.
2)Theportionofgainorlossonthehedginginstrument(thatis,othergainsorlossesafterdeductingothercomprehensiveincome)ishedgeineffectivenessthatshallberecognizedinprofitorloss.
3)Theamountofcashflowhedgereserveshallbeaccountedforasfollows:
A.Thehedgeditemisanexpectedtransaction,andtheexpectedtransactioncausesthecompanytosubsequentlyresultsintherecognitionofanon-financialassetornon-financialliability,ortheexpectedtransactionofnon-financialassetoranon-financialliabilitybecomesafirmcommitmentforwhichfairvaluehedgeaccountingisapplied,theCompanyshallremovethatamountfromthecashflowhedgereserveandincludeitdirectlyintheinitialcostorothercarryingamountoftheassetortheliability.
B.Forcashflowhedgesotherthanthosecoveredbypreviousclause,thatamountshallbereclassifiedfromthecashflowhedgereserveoriginallyrecognizedinothercomprehensiveincometoprofitorlossasareclassificationadjustmentinthesameperiodorperiodsduringwhichthehedgedexpectedfuturecashflowsaffectprofitorloss.
C.However,ifthatamountisalossandtheCompanyexpectsthatalloraportionofthatlosswillnotberecoveredinoneormorefutureperiods,itshallimmediatelyreclassifytheamountthatisnotexpectedtoberecoveredintoprofitorlossasareclassificationadjustment.
(4)Hedgesofanetinvestmentinaforeignoperation
Hedgesofanetinvestmentinaforeignoperation,includingahedgeofamonetaryitemthatisaccountedforaspartofthenetinvestment,shallbeaccountedforsimilarlytocashflowhedges:
1)Theportionofthegainorlossonthehedginginstrumentthatisdeterminedtobeaneffectivehedgeshallberecognizedinothercomprehensiveincome.Thegainorlossonthehedginginstrumentrelatingtotheeffectiveportionofthehedgethathasbeenaccumulatedintheforeigncurrencytranslationreserveshallbereclassifiedfromequitytoprofitorlossasareclassificationadjustmentonthedisposalorpartialdisposaloftheforeignoperation.
2)Theineffectiveportionshallberecognizedinprofitorloss.
(5)Terminationofhedgeaccounting
Incaseofanyofthefollowingcircumstances,theapplicationofhedgeaccountingshallbeterminated:
1)thehedgingrelationshipnolongermeetstheriskmanagementobjectiveduetochangesinriskmanagementobjective.
2)thehedginginstrumentorinstrumentshavebeenexpired,soldorcontractterminatedorexecuted.
3)thereisnolongeraneconomicrelationshipbetweenthehedgeditemandthehedginginstrumentortheeffectofcreditriskstartstodominatethevaluechangesthatresultfromthateconomicrelationship.
4)Thehedgingrelationshipdoesnotsatisfyotherconditionsofundertakinghedgeaccounting.Ifrebalancingofthehedgingrelationshipapplies,theCompanyshallconsidertherebalancingthehedgingrelationshipfirstandsubsequentlyassesswhetherthehedgingrelationshipsatisfiestheconditionsofundertakinghedgeaccounting.
Theterminationofhedgingaccountingmayaffectthewholeorapartofthehedgingrelationship.Whenonlyapartofitisaffected,theremainingunaffectedpartsstillapplieshedgingaccounting.
(6)Optiontodesignateacreditexposureasmeasuredatfairvalue
Whenthecreditriskexposureofafinancialinstrument(oritscomponents)ismanagedbyusingacreditderivativeinstrumentmeasuredatfairvaluethroughcurrentprofitandloss,thefinancialinstrument(oritscomponents)canbeatthetimeofinitialrecognition,subsequentmeasurementorunconfirmed,itshallbedesignatedasafinancialinstrumentmeasuredatfairvaluewithitschangesincludedinthecurrentprofitandloss,andwrittenrecordsshallbemadeatthesametime,butthefollowingconditionsshallbemetsimultaneously:
1)thenameofthecreditexposure(forexample,theborrower,ortheholderofaloancommitment)matchesthereferenceentityofthecreditderivative(‘namematching’);
2)theseniorityofthefinancialinstrumentmatchesthatoftheinstrumentsthatcanbedeliveredinaccordancewiththecreditderivative.
47.Discontinuedoperations
DiscontinuedcomponentsarethosecomponentsoftheCompanythatmeetoneofthefollowingconditionsandcanbeseparatelydistinguished,andwhichhavebeendisposedoforclassifiedasheldforsale:
(1)Thecomponentrepresentsaseparatemajorbusinessoramajorareaofoperation.
(2)Thecomponentispartofanassociatedplanfortheproposeddisposalofaseparatemajorbusinessoraseparatemajoroperatingarea.
(3)Thecomponentisasubsidiaryacquiredexclusivelyforresale.
Operatinggainsandlossessuchasimpairmentlossesandreversalsofamountsfromdiscontinuedoperationsandgainsandlossesondisposalsarepresentedinthestatementofprofitorlossasgainsandlossesofdiscontinuedoperations.
48.Changesinothercriticalaccountingpoliciesandaccountingestimates
49.Changesincriticalaccountingpoliciesandaccountingestimates
(1)Changesincriticalaccountingpolicies?Applicable□Notapplicable
Unit:RMB
| Contentandreasonofaccountingpolicychange | Namesoftheitemsmateriallyaffected | Amountsaffected |
| TheCompanyhasstartedtoimplementtheInterpretationNo.16ofAccountingStandardsforBusinessEnterprises“accountingtreatmentofdeferredincometaxrelatingtoassetsandliabilitiesarisingfromasingletransactionforwhichtheinitialrecognitionexemptiondoesnotapply”issuedbytheMinistryofFinancein2022sinceJanuary1,2023. | Deferredtaxassets,deferredtaxliabilitiesandincometaxexpense | |
| TheCompanyhasstartedtoimplementtheInterpretationNo.17ofAccountingStandardsforBusinessEnterprises"accountingtreatmentonsaleleaseback"issuedbytheMinistryofFinancein2023sinceOctober25,2023. | 0.00 |
1)ImpactofimplementingtheInterpretationNo.16oftheAccountingStandardsforBusinessEnterprisesontheCompanyOnDecember13,2022,theMinistryofFinanceissuedtheInterpretationNo.16oftheAccountingStandardsforBusinessEnterprises(CaiKuai[2022]No.31,hereinafterreferredtoas"InterpretationNo.16").InterpretationNo.16“accountingtreatmentofdeferredincometaxrelatingtoassetsandliabilitiesarisingfromasingletransactionforwhichtheinitialrecognitionexemptiondoesnotapply"hasbeenimplementedfromJanuary1,2023,whichallowscompaniestoimplementaheadofschedulefromthereleaseyear.TheCompanyhasimplementedaccountingtreatmentonthismatterthisyear.Theimplementationof“accountingtreatmentofdeferredincometaxrelatingtoassetsandliabilitiesarisingfromasingletransactionforwhichtheinitialrecognitionexemptiondoesnotapply"hasnosignificantimpactonthefinancialstatementsduringtheReportingPeriod.
2)ImpactofimplementingInterpretationNo.17oftheAccountingStandardsforBusinessEnterprisesontheCompanyOnOctober25,2023,theMinistryofFinanceissuedInterpretationNo.17oftheAccountingStandardsforBusinessEnterprises(CaiKuai[2023]No.21,hereinafterreferredtoas"InterpretationNo.17").TheCompanyhasstartedtoimplementthe"accountingtreatmentonsaleleaseback"fromOctober25,2023.
Theimplementationof"accountingtreatmentonsaleleaseback"hasnosignificantimpactonthefinancialstatementsduringtheReportingPeriod.
(2)Criticalaccountingestimatechange
□Applicable?Notapplicable
(3)Adjustmentstorelevantitemsoffinancialstatementsatthebeginningofthefirstimplementationyearduetotheimplementationofthenewaccountingstandardsin2023
□Applicable□Notapplicable
50.Other
VI.Taxation
1.MainTaxTypesandTaxRates
| Taxtype | Taxationbasis | Taxrate |
| Valueaddedtax(“VAT”) | Salesofgoods,taxablesalesserviceincome,intangibleassetsorrealestate | 13%,9%,6% |
| Citymaintenanceandconstructiontax | AmountofVATpaid | 7%,5%,1% |
| Propertytax | Basedon70%oftheoriginalvalueoftheproperty(orrentalincome)asthetaxbenchmark | 1.2%/12% |
Explanationofdisclosurefortaxpayerswithdifferentcorporateincometaxrates
| Taxpayer | Incometaxrate |
| TheCompany | 25% |
| YunnanDexinPaperCo.,Ltd. | 15% |
| YunnanJiechenPackagingMaterialsCo.,Ltd. | 25% |
| YunnanHongchuangPackagingCo.,Ltd. | 15% |
| YunnanHongtaPlasticCo.,Ltd. | 15% |
| HongtaPlastic(Chengdu)Co.,Ltd. | 15% |
| YuxiFeiermuTradingCo.,Ltd. | 25% |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 15% |
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 15% |
| GuangdongEnergyNewMaterialInstituteCo.,Ltd. | 25% |
| WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 15% |
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 15% |
| JiangsuRuijieNewMaterialTechnologyCo.,Ltd. | 25% |
| JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | 15% |
| SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd | 15% |
| ChongqingEnergyNewmiTechnologicalCo.,Ltd. | 15% |
| JiangxiEnpoNewMaterialTechnologyCo.,Ltd. | 25% |
| JiangxiEnergyNewMaterialTechnologyCo.,Ltd. | 25% |
| JiangsuEnergyNewMaterialTechnologyCo.,Ltd. | 25% |
| HunanEnergyAdvancedNewMaterialTechnologyCo.,Ltd | 25% |
| NingboEnergyNewMaterialCo.,Ltd. | 25% |
| ChongqingEnergyNewMaterialTechnologyCo.,Ltd. | 15% |
| HainanEnergyInvestmentCo.,Ltd. | 25% |
| HubeiEnergyNewMaterialTechnologyCo.,Ltd. | 25% |
| JiangsuSanheBatteryMaterialTechnologyCo.,Ltd. | 25% |
| HongchuangPackaging(Anhui)Co.,Ltd. | 25% |
| ShanghaiEnergyNewMaterialsResearchCo.,Ltd. | 25% |
| Energy(ZhuhaiHengqin)NewMaterialTechnologyCo.,Ltd. | 25% |
| XiamenEnergyNewMaterialCo.,Ltd. | 25% |
| YuxiEnergyNewMaterialCo.,Ltd. | 25% |
| ShanghaiEnergyTradingCo.,Ltd. | 25% |
| JiangsuEnergyNewMaterialsResearchCo.,Ltd. | 25% |
| ChuangxinNewMaterial(HongKong)Co.,Ltd. | 16.5% |
| SEMCORPGlobalHoldingsKft. | 9% |
| SEMCORPHungaryKft. | 9% |
| SEMCORPPropertiesKft. | 9% |
| SEMCORPAmericaInc. | 20% |
| SEMCORPManufacturingUSALLC | 20% |
2.Preferentialtaxtreatment
InaccordancewiththeAnnouncementonEnterpriseIncomeTaxIssuesRelatedtotheIn-depthImplementationoftheWesternDevelopmentStrategy(AnnouncementNo.12,2012oftheStateAdministrationofTaxation),thesubsidiaryYunnanHongchuangPackagingCo.,Ltd.,thesub-subsidiaryChongqingEnergyNewMaterialTechnologyCo.,Ltd.continuetoenjoythepreferentialtaxpoliciesforthewesterndevelopmentduringthisperiod.Theenterpriseincometaxshallbepaidatthereducedtaxrateof15%.
AccordingtotheEnterpriseIncomeTaxLawofthePeople’sRepublicofChina(2018Amendment)andNoticeoftheMinistryofScienceandTechnology,theMinistryofFinance,theStateAdministrationofTaxationontheRevisionandPrintingoftheAdministrativeMeasuresfortheRecognitionofHighandNewTechnologyEnterprises(GuoKeFaHuo[2016]No.32),itssubsidiariesYunnanHongtaPlasticCo.,Ltd.andYunnanDexinPaperCo.,Ltd.,itssub-subsidiaryHongtaPlastic(Chengdu)Co.,Ltd.,itssubsidiaryShanghaiEnergyNewMaterialTechnologyCo.,Ltd.,itssub-subsidiariesZhuhaiEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.,JiangxiRuijieNewMaterialTechnologyCo.,Ltd.,WuxiEnergyNewMaterialTechnologyCo.,Ltd.,SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.,ChongqingEnergyNewmiTechnologicalCo.,Ltd.,arerecognizedashigh-techenterprisesuponapplication,andthepreferentialtaxrateforhigh-techenterprisesshallbe15%.
3.Other
VII.NotestoItemsinConsolidatedFinancialStatements
1.Monetaryfunds
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Cash | 53,243.07 | 89,904.57 |
| Cashatbank | 2,788,980,758.78 | 2,971,966,221.44 |
| Othercurrencyfund | 1,046,496,536.85 | 982,260,703.30 |
| Total | 3,835,530,538.70 | 3,954,316,829.31 |
| Including:totalamountoffundsdepositedabroad | 144,903,602.10 | 165,306,437.54 |
Otherexplanations:
Thedetailsofrestrictedmonetaryfundsareasfollows:
| Item | Closingbalance | Openingbalance |
| Bankacceptanceguaranteedeposit | 948,496,165.94 | 564,943,382.12 |
| L/Cdeposit | 83,177,241.54 | 351,765,589.48 |
| L/Gdeposit | 10,321,400.00 | 14,600,182.55 |
| Performancebond | 3,478,063.38 | 46,169,473.09 |
| Securitydepositforlockexchange | 4,500,000.00 | |
| Depositsregulatedbythebank | 49,200.04 | 244,721.07 |
| Total | 1,045,522,070.90 | 982,223,348.31 |
2.Tradingfinancialassets
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Financialassetsthataremeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss | 9,850,069.59 | |
| Including: | ||
| Derivativefinancialassets | 9,850,069.59 | |
| Including: | ||
| Total | 9,850,069.59 |
Otherexplanations:
3.Notesreceivable
(1)Notesreceivablebytype
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Bankacceptance | 521,271,854.08 | 373,752,860.32 |
| Commercialacceptance | 248,750,000.00 | 282,058,196.57 |
| Provisionforbaddebts | -9,053,466.83 | -18,055,900.42 |
| Total | 760,968,387.25 | 637,755,156.47 |
(2)Disclosurebybaddebtprovisionmethods
Unit:RMB
| Type | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
| Amount | Proportion | Amount | Provisionproportion | Amount | Proportion | Amount | Provisionproportion | |||
| Including: | ||||||||||
| Notesreceivablewithbaddebtreservewithdrawnaspertheportfolioofcreditriskcharacteristics | 770,021,854.08 | 100.00% | 9,053,466.83 | 1.18% | 760,968,387.25 | 655,811,056.89 | 100.00% | 18,055,900.42 | 2.75% | 637,755,156.47 |
| Including: | ||||||||||
| Bankacceptancenoteportfolio | 521,271,854.08 | 67.70% | 521,271,854.08 | 373,752,860.32 | 56.99% | 373,752,860.32 | ||||
| Commercialacceptancebillportfolio | 248,750,000.00 | 32.30% | 9,053,466.83 | 3.64% | 239,696,533.17 | 282,058,196.57 | 43.01% | 18,055,900.42 | 6.40% | 264,002,296.15 |
| Total | 770,021,854.08 | 100.00% | 9,053,466.83 | 1.18% | 760,968,387.25 | 655,811,056.89 | 100.00% | 18,055,900.42 | 2.75% | 637,755,156.47 |
Ifprovisionwasmadeforbaddebtsofnotesreceivableinaccordancewiththegeneralexpectedcreditlossmodel:
□Applicable?Notapplicable
(3)Provisionforbaddebtsaccrued,recoveredorreversedduringtheReportingPeriod
ProvisionforbaddebtsduringtheReportingPeriod:
Unit:RMB
| Type | Openingbalance | Changesinamountfortheperiod | Closingbalance | |||
| Provision | Recoveryorreverse | Write-offs | Other | |||
| Notesreceivablesubjecttoprovisionforbaddebtsbyportfolio | 18,055,900.42 | -9,002,433.59 | 9,053,466.83 | |||
| Total | 18,055,900.42 | -9,002,433.59 | 9,053,466.83 | |||
Amongthem,theimportantamountofrecoveryorreverseofbaddebtprovisionfortheperiod:
□Applicable?Notapplicable
(4)NotesreceivablepledgedbytheCompanyattheendoftheReportingPeriod
Unit:RMB
| Item | AmountpledgedattheendoftheReportingPeriod |
| Bankacceptancenote | 248,473,890.50 |
| Total | 248,473,890.50 |
(5)NotesreceivableendorsedordiscountedbytheCompany,whichwerenotyetdueonthebalancesheetdateasattheendoftheReportingPeriod
Unit:RMB
| Item | DerecognizedamountattheendoftheReportingPeriod | RecognizedamountattheendoftheReportingPeriod |
| Bankacceptancenote | 429,647,605.93 | |
| Total | 429,647,605.93 |
4.Accountsreceivable
(1)Disclosurebyaging
Unit:RMB
| Aging | BookbalanceattheendoftheReportingPeriod | BookbalanceatthebeginningoftheReportingPeriod |
| Lessthan1year(inclusive) | 6,126,420,159.69 | 5,861,888,390.15 |
| 1-2years | 590,091,823.97 | 643,794,466.73 |
| 2-3years | 23,644,434.60 | 65,856,575.88 |
| Over3years | 125,125,171.09 | 122,356,195.60 |
| 3-4years | 6,235,113.36 | 15,606,473.84 |
| 4-5years | 14,217,259.73 | 29,747,534.47 |
| Over5years | 104,672,798.00 | 77,002,187.29 |
| Total | 6,865,281,589.35 | 6,693,895,628.36 |
(2)Disclosurebybaddebtprovisionmethods
Unit:RMB
| Type | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
| Amount | Proportion | Amount | Provisionproportion | Amount | Proportion | Amount | Provisionproportion | |||
| Accountsreceivablewithsignificantsingleamountandhavingbaddebtreserveindependently | 102,694,913.11 | 1.50% | 102,694,913.11 | 100.00% | 92,553,001.41 | 1.38% | 92,553,001.41 | 100.00% | ||
| Including: | ||||||||||
| Accountsreceivablewithbaddebtreservewithdrawnaspertheportfolioofcreditriskcharacteristics | 6,762,586,676.24 | 98.50% | 42,886,914.06 | 0.63% | 6,719,699,762.18 | 6,601,342,626.95 | 98.62% | 41,625,509.59 | 0.63% | 6,559,717,117.36 |
| Including: | ||||||||||
| Agingportfolio | 6,762,586,676.24 | 100.00% | 42,886,914.06 | 0.63% | 6,719,699,762.18 | 6,601,342,626.95 | 100.00% | 41,625,509.59 | 0.63% | 6,559,717,117.36 |
| Total | 6,865,281,589.35 | 100.00% | 145,581,827.17 | 2.12% | 6,719,699,762.18 | 6,693,895,628.36 | 100.00% | 134,178,511.00 | 2.00% | 6,559,717,117.36 |
Provisionforbaddebtsbyindividual:
Unit:RMB
| Name | Openingbalance | Closingbalance | ||||
| Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | Provisionproportion | Provisionreason | |
| OptimumNanoEnergyCo.,Ltd. | 32,249,003.26 | 32,249,003.26 | 32,249,003.26 | 32,249,003.26 | 100.00% | Estimatedtobeuncollectible |
| eTrustPowerGroupLtd. | 17,481,429.49 | 17,481,429.49 | 17,481,429.49 | 17,481,429.49 | 100.00% | Estimatedtobeuncollectible |
| ShaanxiOptimumNanoNewEnergyCo.,Ltd. | 14,847,098.36 | 14,847,098.36 | 14,847,098.36 | 14,847,098.36 | 100.00% | Estimatedtobeuncollectible |
| YunnanZhongyunLi’aoPackagePrintingCo.,Ltd. | 6,062,972.00 | 6,062,972.00 | 6,062,972.00 | 6,062,972.00 | 100.00% | Estimatedtobeuncollectible |
| HeilongjiangLongdanDairyTechnologyCo.,Ltd. | 5,075,381.00 | 5,075,381.00 | 5,075,381.00 | 5,075,381.00 | 100.00% | Estimatedtobeuncollectible |
| JiangxiFarEastBatteryCo.,Ltd. | 3,779,397.05 | 3,779,397.05 | 3,676,530.89 | 3,676,530.89 | 100.00% | Estimatedtobeuncollectible |
| XinyuEternalENERGYCo.,Ltd. | 3,025,906.40 | 3,025,906.40 | 100.00% | Estimatedtobeuncollectible | ||
| ChengduHenglideFoodCo.,Ltd. | 2,780,677.50 | 2,780,677.50 | 2,780,677.50 | 2,780,677.50 | 100.00% | Estimatedtobeuncollectible |
| ZhongshanYuankangyuanFoodCo.,Ltd. | 2,591,501.42 | 2,591,501.42 | 2,591,501.42 | 2,591,501.42 | 100.00% | Estimatedtobeuncollectible |
| HubeiYuLongNewEnergyCo.,Ltd. | 2,177,165.60 | 2,177,165.60 | 100.00% | Estimatedtobeuncollectible | ||
| AnHuiTeamskyNewEnergyTechnologyCo.,Ltd. | 1,477,646.78 | 1,477,646.78 | 100.00% | Estimatedtobeuncollectible | ||
| ShenzhenTeamgiantNewEnergyTechnologyCo.,Ltd. | 1,470,081.04 | 1,470,081.04 | 1,470,081.04 | 1,470,081.04 | 100.00% | Estimatedtobeuncollectible |
| JingzhouWotemaBatteryCo.,Ltd. | 1,175,130.00 | 1,175,130.00 | 1,175,130.00 | 1,175,130.00 | 100.00% | Estimatedtobeuncollectible |
| ShenzhenGRANDPowersourceGroupCo.,Ltd. | 1,004,401.76 | 1,004,401.76 | 100.00% | Estimatedtobeuncollectible | ||
| ShenzhenLukewanTechnologyCo.,Ltd. | 1,000,000.00 | 1,000,000.00 | 1,000,000.00 | 1,000,000.00 | 100.00% | Estimatedtobeuncollectible |
| Sub-totaloflessthanRMB1million | 4,040,330.29 | 4,040,330.29 | 6,599,987.61 | 6,599,987.61 | 100.00% | Estimatedtobeuncollectible |
| Total | 92,553,001.41 | 92,553,001.41 | 102,694,913.11 | 102,694,913.11 |
Provisionforbaddebtsbyportfolio:
Unit:RMB
| Name | Closingbalance | ||
| Bookbalance | Provisionforbaddebts | Provisionproportion | |
| Lessthan1year | 6,126,389,525.89 | 7,569,283.78 | 0.12% |
| 1-2years | 589,982,749.56 | 5,521,281.92 | 0.94% |
| 2-3years | 15,005,999.70 | 640,742.08 | 4.27% |
| 3-4years | 3,323,338.08 | 1,427,533.16 | 42.95% |
| 4-5years | 2,614,666.73 | 2,457,676.84 | 94.00% |
| Over5years | 25,270,396.28 | 25,270,396.28 | 100.00% |
| Total | 6,762,586,676.24 | 42,886,914.06 | |
Explanationsofthebasisfordeterminationoftheportfolio:
Ifprovisionwasmadeforbaddebtsofaccountsreceivableinaccordancewiththegeneralexpectedcreditlossmodel:
□Applicable?Notapplicable
(3)Provisionforbaddebtsaccrued,recoveredorreversedduringtheReportingPeriod
ProvisionforbaddebtsduringtheReportingPeriod:
Unit:RMB
| Type | Openingbalance | Changesinamountfortheperiod | Closingbalance | |||
| Provision | Recoveryorreverse | Write-offs | Other | |||
| Baddebtprovisionmadeonindividualbasis | 92,553,001.41 | 10,294,637.07 | 102,866.16 | 377,623.00 | 327,763.79 | 102,694,913.11 |
| Baddebtprovisionmadeonacollectivebasis | 41,625,509.59 | 2,482,809.24 | 893,640.98 | -327,763.79 | 42,886,914.06 | |
| Total | 134,178,511.00 | 12,777,446.31 | 102,866.16 | 1,271,263.98 | 145,581,827.17 | |
(4)Actualwrite-offofaccountsreceivablefortheperiod
Unit:RMB
| Item | Amountofwrite-off |
| Actualwrite-offofaccountsreceivable | 1,271,263.98 |
(5)Topfivecustomerswithclosingbalanceofaccountsreceivablecollectedbyarrearparty
Unit:RMB
| Companyname | Closingbalanceofaccountsreceivable | Closingbalanceofcontractassets | Closingbalanceofaccountsreceivableandcontractassets | Percentageoftotalofclosingbalanceofaccountsreceivableandcontractassets | Closingbalanceofbaddebtprovisionforaccountsreceivableandimpairmentprovisionforcontractassets |
| Company1 | 1,033,587,142.70 | 1,033,587,142.70 | 15.06% | 1,778,382.69 | |
| Company2 | 705,647,352.68 | 705,647,352.68 | 10.28% | 352,820.05 | |
| Company3 | 425,297,171.27 | 425,297,171.27 | 6.19% | 212,648.59 | |
| Company4 | 418,132,124.01 | 418,132,124.01 | 6.09% | 209,066.06 | |
| Company5 | 347,029,963.48 | 347,029,963.48 | 5.05% | 173,514.98 | |
| Total | 2,929,693,754.14 | 2,929,693,754.14 | 42.67% | 2,726,432.37 |
5.Accountsreceivablefinancing
(1)Accountsreceivablefinancingbytype
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Notesreceivable | 408,354,641.63 | 692,286,629.08 |
| Total | 408,354,641.63 | 692,286,629.08 |
(2)AccountsreceivablefinancingendorsedordiscountedbytheCompany,whichwerenotyetdueonthebalancesheetdateasattheendoftheReportingPeriod
Unit:RMB
| Item | DerecognizedamountattheendoftheReportingPeriod | RecognizedamountattheendoftheReportingPeriod |
| Bankacceptancenote | 2,882,456,673.36 | |
| Total | 2,882,456,673.36 |
(3)Otherexplanations
6.Otherreceivables
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Otherreceivables | 26,568,094.26 | 20,596,472.81 |
| Total | 26,568,094.26 | 20,596,472.81 |
（
(1)Otherreceivables
1)Otherreceivablesbynature
Unit:RMB
| Natureofamount | BookbalanceattheendoftheReportingPeriod | BookbalanceatthebeginningoftheReportingPeriod |
| Guaranteesanddeposits | 14,092,694.79 | 13,605,388.98 |
| Reservefund | 2,523,618.93 | 2,159,379.95 |
| Substituteadvance | 5,158,505.75 | 4,229,597.77 |
| Other | 6,544,924.41 | 2,349,468.28 |
| Total | 28,319,743.88 | 22,343,834.98 |
）Disclosurebyaging
Unit:RMB
| Aging | BookbalanceattheendoftheReportingPeriod | BookbalanceatthebeginningoftheReportingPeriod |
| Lessthan1year(inclusive) | 17,914,957.69 | 19,545,497.64 |
| 1-2years | 8,862,725.63 | 717,797.90 |
| 2-3years | 217,095.12 | 782,560.00 |
| Over3years | 1,324,965.44 | 1,297,979.44 |
| 3-4years | 464,050.00 | 91,980.00 |
| 4-5years | 15,780.00 | 24,507.50 |
| Over5years | 845,135.44 | 1,181,491.94 |
| Total | 28,319,743.88 | 22,343,834.98 |
3）Disclosurebybaddebtprovisionmethods
?Applicable□Notapplicable
Unit:RMB
| Type | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
| Amount | Proportion | Amount | Provisionproportion | Amount | Proportion | Amount | Provisionproportion | |||
| Baddebtprovisionmadeonindividualbasis | 268,475.44 | 0.95% | 268,475.44 | 100.00% | 455,491.94 | 2.04% | 455,491.94 | 100.00% | ||
| Including: | ||||||||||
| Baddebtprovisionmadeonacollectivebasis | 28,051,268.44 | 99.05% | 1,483,174.18 | 5.29% | 26,568,094.26 | 21,888,343.04 | 97.96% | 1,291,870.23 | 5.90% | 20,596,472.81 |
| Including: | ||||||||||
| Total | 28,319,743.88 | 100.00% | 1,751,649.62 | 6.18% | 26,568,094.26 | 22,343,834.98 | 100.00% | 1,747,362.17 | 7.82% | 20,596,472.81 |
Provisionforbaddebtsbyindividual:
Unit:RMB
| Name | Openingbalance | Closingbalance | ||||
| Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | Provisionproportion | Provisionreason | |
| GuangzhouYuchengEnergyTechnologyCo.,Ltd. | 157,534.54 | 157,534.54 | 157,534.54 | 157,534.54 | 100.00% | Estimatedtobeuncollectible |
| ShantouHAIXINDevelopmentCo.,Ltd. | 45,108.30 | 45,108.30 | 45,108.30 | 45,108.30 | 100.00% | Estimatedtobeuncollectible |
| FuQiong | 29,000.00 | 29,000.00 | 29,000.00 | 29,000.00 | 100.00% | Estimatedtobeuncollectible |
| LuoLin | 20,000.00 | 20,000.00 | 20,000.00 | 20,000.00 | 100.00% | Estimatedtobeuncollectible |
| YixingHengyuanEnvironmentalProtectionMachineryCompany | 13,200.00 | 13,200.00 | 13,200.00 | 13,200.00 | 100.00% | Estimatedtobeuncollectible |
| Other | 3,632.60 | 3,632.60 | 3,632.60 | 3,632.60 | 100.00% | Estimatedtobeuncollectible |
| Total | 268,475.44 | 268,475.44 | 268,475.44 | 268,475.44 | ||
BaddebtprovisionassessedbasedonECLmodel:
Unit:RMB
| Provisionforbaddebts | StageI | StageII | StageIII | Total |
| 12-monthECL | LifetimeECL(notcredit-impaired) | LifetimeECL(credit-impaired) | ||
| BalanceofJanuary1,2023 | 919,770.23 | 372,100.00 | 455,491.94 | 1,747,362.17 |
| BalanceofJanuary1,2023fortheperiod | ||||
| Provisionfortheperiod | 275,403.95 | -75,000.00 | 200,403.95 | |
| Reversedfortheperiod | 39.90 | 39.90 | ||
| Write-offsfortheperiod | 9,100.00 | 186,976.60 | 196,076.60 | |
| BalanceofDecember31,2023 | 1,195,174.18 | 288,000.00 | 268,475.44 | 1,751,649.62 |
ClassificationbasisandbaddebtprovisionratioforeachstageChangesinbookbalancewithsignificantchangesinlossreservesfortheperiod
□Applicable?Notapplicable
）Provisionforbaddebtsaccrued,recoveredorreversedduringtheReportingPeriod
ProvisionforbaddebtsduringtheReportingPeriod:
Unit:RMB
| Type | Opening | Changesinamountfortheperiod | Closingbalance |
| balance | Provision | Recoveryorreverse | Write-offs | Other | ||
| Baddebtprovisionmadeonindividualbasis | 455,491.94 | 39.90 | 186,976.60 | 268,475.44 | ||
| Baddebtprovisionmadeonacollectivebasis | 1,291,870.23 | 200,403.95 | 9,100.00 | 1,483,174.18 | ||
| Total | 1,747,362.17 | 200,403.95 | 39.90 | 196,076.60 | 1,751,649.62 |
5)Actualwrite-offofotherreceivablesfortheperiod:
Unit:RMB
| Item | AmountofWrite-offs |
| Actualwrite-offofotherreceivables | 196,076.60 |
6)Topfivecustomerswithclosingbalanceofotherreceivablescollectedbyarrearparty
Unit:RMB
| Nameofcompany | Natureofotherreceivable | Closingbalance | Aging | Percentageoftotalofclosingbalanceofotherreceivables | Closingbalanceofbaddebtprovision |
| BureauofNaturalResourcesandPlanningofJintanDistrict,Changzhou | Guaranteesanddeposits | 8,114,200.00 | 1-2years | 28.65% | 352,967.70 |
| Endowmentinsurance | Substituteadvance | 2,205,718.38 | Lessthan1year | 7.79% | 95,948.75 |
| Housingfund | Substituteadvance | 1,707,708.47 | Lessthan1year | 6.03% | 74,285.32 |
| StateAdministrationofTaxationofHongtaDistrict,Yuxi,Yunnan | Guaranteesanddeposits | 1,100,000.00 | Lessthan1year | 3.88% | 47,850.00 |
| YunnanLingdongPaperIndustryCo.,Ltd. | Guaranteesanddeposits | 548,734.00 | Lessthan1year | 1.94% | 23,869.93 |
| Total | 13,676,360.85 | 48.29% | 594,921.70 |
7.Prepayments
(1)Prepaymentsbyaging
Unit:RMB
| Aging | BookbalanceattheendoftheReportingPeriod | BookbalanceatthebeginningoftheReportingPeriod | ||
| Amount | Proportion | Amount | Proportion | |
| Lessthan1year(inclusive) | 175,163,739.05 | 99.75% | 219,773,112.71 | 99.79% |
| 1-2years | 188,822.79 | 0.11% | 272,315.21 | 0.12% |
| 2-3years | 126,752.48 | 0.07% | 43,880.21 | 0.02% |
| Over3years | 126,388.64 | 0.07% | 150,161.96 | 0.07% |
| Total | 175,605,702.96 | 220,239,470.09 | ||
Explanationofreasonsfordelayedsettlementofimportantprepaymentswithanagingexceeding1year:
(2)Topfivesupplierswithclosingbalanceofprepaymentcollectedbyprepaidentity
| Companyname | Closingbalance | Proportion(%) | Time | Reason |
| Company1 | 37,972,257.65 | 21.62 | Lessthan1year | Contractnotbeenperformed |
| Company2 | 13,724,032.57 | 7.82 | Lessthan1year | Contractnotbeenperformed |
| Company3 | 11,961,651.28 | 6.81 | Lessthan1year | Contractnotbeenperformed |
| Company4 | 9,443,035.72 | 5.38 | Lessthan1year | Contractnotbeenperformed |
| Company5 | 8,230,856.02 | 4.69 | Lessthan1year | Contractnotbeenperformed |
| Total | 81,331,833.24 | 46.32 |
8.Inventories
DidtheCompanyneedtocomplywiththedisclosurerequirementsoftherealestateindustryNo
(1)ClassificationofInventories
Unit:RMB
| Item | Closingbalance | Openingbalance | ||||
| Bookbalance | Inventoryprovisionreserveorcontractperformancecostdepreciationreserve | Bookvalue | Bookbalance | Inventoryprovisionreserveorcontractperformancecostdepreciationreserve | Bookvalue | |
| Rawmaterial | 540,759,974.02 | 3,482,756.26 | 537,277,217.76 | 732,684,233.61 | 3,387,999.66 | 729,296,233.95 |
| Goodsinprocess | 5,554,243.47 | 5,554,243.47 | 8,039,493.75 | 8,039,493.75 | ||
| Finishedgoods | 2,366,399,195.15 | 223,726,592.32 | 2,142,672,602.83 | 1,576,705,880.42 | 91,327,179.57 | 1,485,378,700.85 |
| Turnovermaterial | 141,408,010.67 | 141,408,010.67 | 76,766,583.56 | 76,766,583.56 | ||
| Goodsintransit | 125,095,000.14 | 101,045.05 | 124,993,955.09 | 118,482,726.44 | 1,891,361.63 | 116,591,364.81 |
| Consignedprocessingmaterial | 1,756,624.05 | 1,756,624.05 | 1,854,345.23 | 1,854,345.23 | ||
| Semi-finishedgoods | 51,065,707.25 | 4,169,507.48 | 46,896,199.77 | 48,468,133.40 | 2,904,616.75 | 45,563,516.65 |
| Total | 3,232,038,754.75 | 231,479,901.11 | 3,000,558,853.64 | 2,563,001,396.41 | 99,511,157.61 | 2,463,490,238.80 |
(2)Inventoryprovisionreserveandcontractperformancecostdepreciationreserve
Unit:RMB
| Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance | ||
| Provision | Others | Recoveryorreversal | Others | |||
| Rawmaterial | 3,387,999.66 | 2,120,979.72 | 2,026,223.12 | 3,482,756.26 | ||
| Finishedgoods | 91,327,179.57 | 181,216,485.21 | 48,817,072.46 | 223,726,592.32 | ||
| Goodsintransit | 1,891,361.63 | 96,768.42 | 1,887,085.00 | 101,045.05 | ||
| Semi-finishedgoods | 2,904,616.75 | 2,941,946.87 | 1,677,056.14 | 4,169,507.48 | ||
| Total | 99,511,157.61 | 186,376,180.22 | 54,407,436.72 | 231,479,901.11 | ||
Descriptionofinventoryprovisionreserve:Resalesfortheyearareduetothesaleoftheinventoryoftheinventoryprovisionreservealreadyaccrued.Provisionforinventorydepreciationbygroup
Unit:RMB
| Portfolioname | Attheendofperiod | Atthebeginningofperiod | ||||
| Closingbalance | Allowanceforimpairment | Provisionratioofallowanceforimpairment | Openingbalance | Allowanceforimpairment | Provisionratioofallowanceforimpairment | |
Theprovisionstandardsforinventorydepreciationreservesbygroup
(3)OtherdescriptionofinventoryThemainreasonforthelargerincreaseintheendingbalanceoftheCompany’sinventoriesovertheopeningbalanceistherapidgrowthoftheCompany’sbusiness,andthecorrespondingbusinessvolumegrowth.
9.Non-currentassetsduewithinoneyear
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Largedepositcertificate | 571,927,500.00 | 82,832,319.38 |
| Undueinterestreceivable | 46,368,076.83 | 4,196,847.29 |
| Total | 618,295,576.83 | 87,029,166.67 |
(1)Debtinvestmentduewithinoneyear
□Applicable?Notapplicable
(2)Otherdebtinvestmentduewithinoneyear
□Applicable?Notapplicable
10.Othercurrentassets
Unit:RMB
| Item | Closingbalance | Openingbalance |
| prepaymentoftax | 6,819,992.30 | 23,919,612.73 |
| Inputtaxtobededucted | 487,696,936.11 | 298,078,605.60 |
| Timedeposit | 251,828,755.71 | |
| Total | 746,345,684.12 | 321,998,218.33 |
Otherexplanations:
Explanationofothercurrentassets:AsofDecember31,2023,theCompanyhaspledgedRMB251,828,755.71offixeddeposittoobtainbankloansandbankacceptance.
11.Otherequityinstrumentinvestment
Unit:RMB
| Item | Closingbalance | Openingbalance | Profitrecognizedinothercomprehensiveincomefortheperiod | Losschargedtoothercomprehensiveincomefortheperiod | Accumulatedprofitinothercomprehensiveincomeattheendoftheperiod | Accumulatedlossesinothercomprehensiveincomeattheendoftheperiod | Dividendincomerecognizedduringtheperiod | Reasonfordesignatingasafinancialassetmeasuredatfairvalueanditschangesareincludedinothercomprehensiveincome |
| SuzhouJieshengTechnologyCo.,Ltd | 89,000,000.00 | 111,000,000.00 | 22,000,000.00 | 21,000,000.00 | TheCompanyplanstoholditforalongtimeforstrategicpurposes | |||
| Total | 89,000,000.00 | 111,000,000.00 | 22,000,000.00 | 21,000,000.00 |
Disclosurebynon-transactionalequityinstrumentinvestmentduringtheperiod
Unit:RMB
| Item | Recognizeddividendincome | Accumulatedgains | Accumulatedlosses | Amounttransferredfromothercomprehensiveincometoretainedearnings | Reasonfordesignatingasafinancialassetmeasuredatfairvalueanditschangesareincludedinothercomprehensiveincome | Reasonfortransferringfromothercomprehensiveincometoretainedearnings |
| SuzhouJieshengTechnologyCo.,Ltd | 21,000,000.00 |
Otherexplanations:
Otherexplanationsofotherequityinstrumentinvestments:AsevaluatedbyShanghaiPan-ChinaAssetsValuationCo.,Ltd*(上海众华资产评估有限公司),asofDecember31,2023,theoverallequityvalueofSuzhouJieshengTechnologyCo.,LtdisRMB890,000,000.00,andtheCompanyholds10%equityofSuzhouJieshengTechnologyCo.,LtdandthefairvalueofthecorrespondingequityisRMB89,000,000.00.
12.Long-termequityinvestment
Unit:RMB
| Nameofinvestees | Openingbalance(bookvalue) | Openingbalanceofprovisionforimpairment | Increase/Decreasefortheperiod | Closingbalance(bookvalue) | Closingbalanceofprovisionforimpairment | |||||||
| Increaseininvestment | Decreaseininvestment | Investmentprofitorlossrecognizedunderequitymethod | Adjustmentstoothercomprehensiveincome | Otherchangesinequity | Cashdividendsorprofitdeclared | Provisionforimpairment | Other | |||||
| I.Jointventures | ||||||||||||
| II.Associates | ||||||||||||
| YuxiKunshasiPlasticColorMasterbatchCo.,Ltd. | 5,017,642.31 | 1,351,086.12 | -3,158,748.33 | 3,209,980.10 | ||||||||
| Subtotal | 5,017,642.31 | 1,351,086.10 | -3,158,748.33 | 3,209,980.10 | ||||||||
| Total | 5,017,642.31 | 1,351,086.10 | -3,158,748.33 | 3,209,980.10 | ||||||||
Therecoverableamountisdeterminedbasedonthenetamountafterdeductingdisposalexpensesfromfairvalue
□Applicable?NotapplicableTherecoverableamountisdeterminedbasedonthepresentvalueofexpectedfuturecashflows
□Applicable?NotapplicableReasonsforsignificantdiscrepanciesbetweentheaforementionedandtheinformationorexternalinformationusedinpreviousyears'impairmenttestingReasonsforsignificantdiscrepanciesbetweentheinformationusedintheCompany’spreviousannualimpairmenttestsandtheactualsituationofthecurrentyearOtherexplanations:
13.Investmentproperties
(1)Adoptionofthecostmeasurementmodeforinvestmentproperties
?Applicable□Notapplicable
Unit:RMB
| Item | Propertyandplant | Landuserights | Constructioninprogress | Total |
| I.Originalbookvalue | ||||
| 1.Openingbalance | 11,871,802.82 | 11,871,802.82 | ||
| 2.Increasefortheperiod | ||||
| (1)Externalpurchase | ||||
| (2)Transferofinventory/fixedassets/constructioninprogress | ||||
| (3)Increaseinbusinesscombination |
3.Decreasefortheperiod
| 3.Decreasefortheperiod |
| (1)Disposal |
| (2)Othertransferredout |
4.Closingbalance
| 4.Closingbalance | 11,871,802.82 | 11,871,802.82 | |
| II.Accumulativedepreciationandamortization | |||
| 1.Openingbalance | 3,472,502.28 | 3,472,502.28 | |
| 2.Increasefortheperiod | 534,231.12 | 534,231.12 |
| (1)Provisionoramortization | 534,231.12 | 534,231.12 |
3.Decreasefortheperiod
| 3.Decreasefortheperiod |
| (1)Disposal |
| (2)Othertransferredout |
4.Closingbalance
| 4.Closingbalance | 4,006,733.40 | 4,006,733.40 | |
| IIIProvisionforimpairment | |||
| 1.Openingbalance | |||
| 2.Increasefortheperiod | |||
| (1)Provision |
3.Decreasefortheperiod
| 3.Decreasefortheperiod |
| (1)Disposal |
| (2)Othertransferredout |
4.Closingbalance
| 4.Closingbalance | |||
| IVbookvalue | |||
| 1.Closingbookvalue | 7,865,069.42 | 7,865,069.42 | |
| 2.Openingbookvalue | 8,399,300.54 | 8,399,300.54 |
Therecoverableamountisdeterminedbasedonthenetamountafterdeductingdisposalexpensesfromfairvalue
□Applicable?NotapplicableTherecoverableamountisdeterminedbasedonthepresentvalueofexpectedfuturecashflows
□Applicable?NotapplicableReasonsforsignificantdiscrepanciesbetweentheaforementionedandtheinformationorexternalinformationusedinpreviousyears’impairmenttestingReasonsforsignificantdiscrepanciesbetweentheinformationusedintheCompany’spreviousannualimpairmenttestsandtheactualsituationofthecurrentyearOtherexplanations:
(2)Fixedassetsnotobtainingthetitlecertificate
Unit:RMB
| Item | Bookvalue | Reason |
| Propertyandplant | 7,865,069.42 | Beingprocessed |
Otherexplanations:
14.Fixedassets
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Fixedassets | 19,380,327,177.42 | 14,306,873,399.88 |
| Fixedassetspendingfordisposal | ||
| Total | 19,380,327,177.42 | 14,306,873,399.88 |
(1)Fixedassets
Unit:RMB
| Item | Propertyandplant | Machineryandequipment | Transportationequipment | ElectronicequipmentandOther | Total |
| I.Originalbookvalue | |||||
| 1.Openingbalance | 3,306,510,126.80 | 14,835,902,778.01 | 37,006,952.48 | 780,284,428.73 | 18,959,704,286.02 |
| 2.Increasefortheperiod | 1,424,833,001.31 | 5,060,260,483.30 | 12,374,718.99 | 35,510,428.48 | 6,532,978,632.08 |
| (1)Externalpurchase | 86,910,908.37 | 268,461,609.55 | 10,344,527.94 | 22,430,736.92 | 388,147,782.78 |
| (2)Transferof | 1,337,896,346.52 | 4,791,798,873.75 | 2,012,503.09 | 10,152,369.01 | 6,141,860,092.37 |
| constructioninprogress | |||||
| (3)Increaseinbusinesscombination | |||||
| ConverteddifferenceinForeignCurrencyStatements | 25,746.42 | 17,687.96 | 2,927,322.55 | 2,970,756.93 | |
| 3.Decreasefortheperiod | 11,993,224.97 | 548,291.50 | 1,039,545.22 | 13,581,061.69 | |
| (1)Disposalorscrapping | 11,993,224.97 | 548,291.50 | 1,038,243.42 | 13,579,759.89 | |
| ConverteddifferenceinForeignCurrencyStatements | 1,301.80 | 1,301.80 | |||
| 4.Closingbalance | 4,731,343,128.11 | 19,884,170,036.34 | 48,833,379.97 | 814,755,311.99 | 25,479,101,856.41 |
| II.Accumulativedepreciation | |||||
| 1.Openingbalance | 493,255,204.60 | 3,732,303,873.81 | 19,601,409.34 | 115,963,612.57 | 4,361,124,100.32 |
| 2.Increasefortheperiod | 169,305,101.30 | 1,211,586,189.29 | 4,851,126.81 | 63,109,267.58 | 1,448,851,684.98 |
| (1)Provision | 169,304,617.79 | 1,211,586,189.29 | 4,849,781.93 | 63,104,775.66 | 1,448,845,364.67 |
| ConverteddifferenceinForeignCurrencyStatements | 483.51 | 1,344.88 | 4,491.92 | 6,320.31 | |
| 3.Decreasefortheperiod | 1,701,784.48 | 380,101.86 | 739,668.00 | 2,821,554.34 | |
| (1)Disposalorscrapping | 1,701,784.48 | 380,101.86 | 739,141.28 | 2,821,027.62 | |
| ConverteddifferenceinForeignCurrencyStatements | 526.72 | 526.72 | |||
| 4.Closingbalance | 662,560,305.90 | 4,942,188,278.62 | 24,072,434.29 | 178,333,212.15 | 5,807,154,230.96 |
| III.Provisionforimpairment | |||||
| 1.Openingbalance | 291,682,004.56 | 15,759.89 | 9,021.37 | 291,706,785.82 | |
| 2.Increasefortheperiod | |||||
| (1)Provision |
3.Decreasefortheperiod
| 3.Decreasefortheperiod | 86,337.79 | 86,337.79 | ||
| (1)Disposalorscrapping | 86,337.79 | 86,337.79 |
4.Closingbalance
| 4.Closingbalance | 291,595,666.77 | 15,759.89 | 9,021.37 | 291,620,448.03 | |
| IV.Bookvalue | |||||
| 1.Closingbookvalue | 4,068,782,822.21 | 14,650,386,090.95 | 24,745,185.79 | 636,413,078.47 | 19,380,327,177.42 |
| 2.Openingbookvalue | 2,813,254,922.20 | 10,811,916,899.64 | 17,389,783.25 | 664,311,794.79 | 14,306,873,399.88 |
(2)Fixedassetsintemporaryidle
Unit:RMB
| Item | Originalbookvalue | Accumulativedepreciation | Provisionforimpairment | Bookvalue | Notes |
| Propertyandplant | 2,105,695.50 | 1,062,274.18 | 1,043,421.32 | AsofDecember31,2023,therecoverableamountwasestimatedbasedonthesellingpricesofsimilarhousesandbuildingsinthesamelot.Therecoverableamountwashigherthanthebookvalue,sonoprovisionforimpairmentoffixedassetswasmade. | |
| Machineryandequipment | 9,135,247.28 | 6,956,840.88 | 2,178,406.40 | AsofDecember31,2023,therecoverableamountwasestimatedbasedonthesellingpriceofsimilarmachineryandequipment.Therecoverableamountwashigherthanthebookvalue,sonoprovisionforimpairmentoffixedassetswasmade. | |
| Total | 11,240,942.78 | 8,019,115.06 | 3,221,827.72 |
(3)Fixedassetsnotobtainingthetitlecertificate
Unit:RMB
| Item | Bookvalue | Reason |
| Propertyandplant | 2,702,786,726.75 | Beingprocessed |
Otherexplanations:
(4)Otherexplanationsoffixedassets
1)ThemainreasonforthelargerincreaseintheendingbalanceoftheCompany’sfixedassetsovertheopeningbalanceis:theincreaseinassemblylinescompletedofthesubsidiaryShanghaiEnergyNewMaterialTechnologyCo.,Ltd.anditssubsidiariesinthisyearaccordingly.
2)AsofDecember31,2023,theCompanyhasobtainedcomprehensivebankcreditandloansbymortgagingfixedassetsofRMB518,129,104.90.
15.Constructioninprogress
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Constructioninprogress | 6,194,674,917.74 | 3,560,975,559.05 |
| Engineeringmaterials | 12,733,550.25 | 23,578,950.68 |
| Total | 6,207,408,467.99 | 3,584,554,509.73 |
(1)Constructioninprogress
Unit:RMB
| Item | Closingbalance | Openingbalance | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| Hungarianfactory | 2,716,335,255.30 | 2,716,335,255.30 | 979,491,095.17 | 979,491,095.17 | ||
| JiangsuEnergyEVLithiumBatterySeparatorIndustrializationProject | 880,545,589.70 | 880,545,589.70 | 245,785,358.61 | 245,785,358.61 | ||
| JiangxiEnpoNewMaterialCo.,Ltd.Lithium-ionBatteryDryProcessSeparatorFilmConstructionProject | 610,590,508.50 | 610,590,508.50 | 320,992,819.79 | 320,992,819.79 | ||
| HubeiEnergyEVLithiumBatterySeparatorIndustrializationPhaseIIProject | 579,124,129.51 | 579,124,129.51 | ||||
| MicroporousMembraneProjectofHigh-performanceLithium-ionBatteryofChongqingEnergy(PhaseII) | 283,616,453.18 | 283,616,453.18 | 283,663,955.03 | 283,663,955.03 | ||
| Americanfactory | 279,543,528.16 | 279,543,528.16 | 193,048,364.00 | 193,048,364.00 | ||
| JiangsuRuijieEVLithiumBatteryAluminumLaminatedFilmIndustrializationProject | 237,272,443.83 | 237,272,443.83 | 334,566,119.25 | 334,566,119.25 | ||
| HubeiEnergyEVLithiumBatterySeparatorIndustrializationProject | 221,353,261.99 | 221,353,261.99 | 57,554,406.26 | 57,554,406.26 | ||
| SuzhouGreenPowerProjectwithanAnnualOutputof200MillionSquareMetersofLithium-ionBatteryCoatedSeparator | 65,443,591.49 | 65,443,591.49 | 451,556,502.60 | 451,556,502.60 | ||
| AllSolidStateElectrolyteCoatingSeparatorPhaseIProjectofJiangsuSanhe | 47,264,794.65 | 47,264,794.65 | 79,766,481.76 | 79,766,481.76 | ||
| Other | 273,585,361.43 | 273,585,361.43 | 614,550,456.58 | 614,550,456.58 | ||
| Total | 6,194,674,917.74 | 6,194,674,917.74 | 3,560,975,559.05 | 3,560,975,559.05 | ||
(2)Changesinimportantprojectsinprogressfortheperiod
Unit:RMB
| Item | Budget | Openingbalance | Increasefortheperiod | TransfertoFixedassetsfortheperiod | Decreaseinotheramountsfortheperiod | Closingbalance | Proportionoftotalprojectinvestmentinbudget | Progressoftheproject | Capitalizedaccumulatedamountofinterest | Including:Capitalizedamountofinterestfortheperiod | Capitalizationrateofinterestfortheperiod | Sourceofcapital |
| Hungarianfactory | 272,902.61 | 979,491,095.17 | 1,712,420,424.58 | -24,423,735.55 | 2,716,335,255.30 | 99.86% | 76.50 | Other | ||||
| JiangsuEnergyEVLithiumBatterySeparatorIndustrializationProject | 520,000.00 | 245,785,358.61 | 2,374,453,347.86 | 1,739,693,116.77 | 880,545,589.70 | 60.00% | 60.00 | 20,219,866.40 | 18,011,771.28 | 3.43% | Other | |
| JiangxiEnpoNewMaterialCo.,Ltd.Lithium-ionbatterydryprocessseparatorfilmconstructionproject | 200,000.00 | 320,992,819.79 | 574,171,113.17 | 284,573,424.46 | 610,590,508.50 | 45.84% | 50.00 | 10,008,010.50 | 5,377,573.78 | 4.47% | Other | |
| HubeiEnergyEVLithiumBatterySeparatorIndustrializationphaseIIProject | 190,000.00 | 717,476,471.46 | 138,352,341.95 | 579,124,129.51 | 43.85% | 45.00 | 3,250,641.78 | 3,250,641.78 | 3.05% | Other | ||
| Microporousmembraneprojectofhigh-performancelithium-ionbatteryofChongqingEnergy(phaseII) | 300,000.00 | 283,663,955.03 | 996,071,433.63 | 996,118,935.48 | 283,616,453.18 | 85.00% | 85.00 | 20,035,252.40 | 9,098,868.68 | 3.94% | Other | |
| Americanfactory | 196,899.06 | 193,048,364.00 | 82,845,510.25 | -3,649,653.91 | 279,543,528.16 | 14.20% | 10.00 | Other | ||||
| JiangsuRuijieEVLithiumBatteryAluminumLaminatedFilmIndustrializationProject | 160,000.00 | 334,566,119.25 | 155,597,069.62 | 252,890,745.04 | 237,272,443.83 | 43.00% | 48.00 | 7,702,783.60 | 6,124,147.99 | 3.52% | Other | |
| HubeiEnergyEVLithiumBatterySeparatorIndustrializationProject | 190,000.00 | 57,554,406.26 | 1,048,911,973.82 | 885,113,118.09 | 221,353,261.99 | 68.32% | 70.00 | 908,966.04 | 908,966.04 | 3.05% | Other | |
| SuzhouGreenPowerProjectwithanannualoutputof200millionsquaremetersoflithium-ionbatterycoatedseparator | 100,000.00 | 451,556,502.60 | 139,777,126.21 | 525,890,037.32 | 65,443,591.49 | 66.71% | 95.00 | 10,230,900.31 | 5,991,042.53 | 3.42% | Other | |
| AllsolidstateelectrolytecoatingseparatorphaseIprojectofJiangsuSanhe | 65,000.00 | 79,766,481.76 | 73,181,547.49 | 105,683,234.60 | 47,264,794.65 | 30.84% | 30.84 | Other | ||||
| Total | 2,194,801.67 | 2,946,425,102.47 | 7,874,906,018.09 | 4,928,314,953.71 | -28,073,389.46 | 5,921,089,556.31 | 72,356,421.03 | 48,763,012.08 |
(3)Impairmenttestingofconstructioninprogress
□Applicable?Notapplicable
(4)Projectmaterials
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| Engineeringmaterials | 11,426,690.84 | 11,426,690.84 | ||||
| Equipmentnotinstalled | 12,733,550.25 | 12,733,550.25 | 12,152,259.84 | 12,152,259.84 | ||
| Total | 12,733,550.25 | 12,733,550.25 | 23,578,950.68 | 23,578,950.68 |
16.Right-of-useassets
(1)Right-of-useassets
Unit:RMB
| Item | Propertyandbuildings | Other | Total |
| I.Originalbookvalue | |||
| 1.Openingbalance | 3,828,415.83 | 1,376,146.80 | 5,204,562.63 |
| 2.Increasefortheperiod |
3.Decreasefortheperiod
3.Decreasefortheperiod
4.Closingbalance
| 4.Closingbalance | 3,828,415.83 | 1,376,146.80 | 5,204,562.63 |
| II.Accumulativedepreciation | |||
| 1.Openingbalance | 1,208,973.42 | 68,807.31 | 1,277,780.73 |
| 2.Increasefortheperiod | 1,263,841.59 | 275,229.24 | 1,539,070.83 |
| (1)Provision | 1,263,841.59 | 275,229.24 | 1,539,070.83 |
3.Decreasefortheperiod
| 3.Decreasefortheperiod |
| (1)Disposal |
4.Closingbalance
| 4.Closingbalance | 2,472,815.01 | 344,036.55 | 2,816,851.56 |
| III.Provisionforimpairment | |||
| 1.Openingbalance | |||
| 2.Increasefortheperiod | |||
| (1)Provision |
3.Decreasefortheperiod
| 3.Decreasefortheperiod |
| (1)Disposal |
4.Closingbalance
| 4.Closingbalance | |||
| IV.Bookvalue | |||
| 1.Closingbookvalue | 1,355,600.82 | 1,032,110.25 | 2,387,711.07 |
| 2.Openingbookvalue | 2,619,442.41 | 1,307,339.49 | 3,926,781.90 |
17.Intangibleassets
(1)Intangibleassets
Unit:RMB
| Item | Landuserights | Patentrights | Non-patenttechnology | Software | Total |
| I.Originalbookvalue | |||||
| 1.Openingbalance | 1,081,619,526.59 | 30,854,368.93 | 23,338,200.00 | 35,376,607.37 | 1,171,188,702.89 |
| 2.Increasefortheperiod | 77,428,704.66 | 4,786,898.11 | 14,509,467.70 | 96,725,070.47 | |
| (1)Purchase | 77,428,704.66 | 4,786,898.11 | 14,502,845.82 | 96,718,448.59 | |
| (2)InternalR&D |
| (3)Increaseinbusinesscombination | |||
| ConverteddifferenceinForeignCurrencyStatements | 6,621.88 | 6,621.88 | |
| 3.Decreasefortheperiod | |||
| (1)Disposal |
4.Closingbalance
| 4.Closingbalance | 1,159,048,231.25 | 35,641,267.04 | 23,338,200.00 | 49,886,075.07 | 1,267,913,773.36 |
| II.Accumulativeamortization | |||||
| 1.Openingbalance | 78,274,407.83 | 7,730,744.38 | 20,693,244.35 | 9,243,797.46 | 115,942,194.02 |
| 2.Increasefortheperiod | 22,793,539.63 | 3,364,318.90 | 491,228.55 | 4,777,779.72 | 31,426,866.80 |
| (1)Provision | 22,793,539.63 | 3,364,318.90 | 491,228.55 | 4,776,133.32 | 31,425,220.40 |
| ConverteddifferenceinForeignCurrencyStatements | 1,646.40 | 1,646.40 | |||
| 3.Decreasefortheperiod | |||||
| (1)Disposal |
4.Closingbalance
| 4.Closingbalance | 101,067,947.46 | 11,095,063.28 | 21,184,472.90 | 14,021,577.18 | 147,369,060.82 |
| III.Provisionforimpairment | |||||
| 1.Openingbalance | 1,203,498.45 | 1,203,498.45 | |||
| 2.Increasefortheperiod | |||||
| (1)Provision |
3.Decreasefortheperiod
| 3.Decreasefortheperiod |
| (1)Disposal |
4.Closingbalance
| 4.Closingbalance | 1,203,498.45 | 1,203,498.45 | |||
| IV.Bookvalue | |||||
| 1.Closingbookvalue | 1,057,980,283.79 | 24,546,203.76 | 950,228.65 | 35,864,497.89 | 1,119,341,214.09 |
| 2.Openingbookvalue | 1,003,345,118.76 | 23,123,624.55 | 1,441,457.20 | 26,132,809.91 | 1,054,043,010.42 |
TheproportionofintangibleassetsproducedthroughinternalresearchanddevelopmentoftheCompanyinthebalanceofintangibleassetsattheendofthecurrentperiod.
(2)DetailsofintangibleassetsAsofDecember31,2023,theCompanyobtainedcomprehensivebankcreditandloansbypledgingintangibleassetswithanamountofRMB288,826,669.43.
18.Goodwill
(1)Originalbookvalueofgoodwill
Unit:RMB
| Eventsthatmaygenerategoodwillthroughinvesteenames | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance | ||
| Generatedbybusinesscombination | Other | Disposal | Other | |||
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 34,483,188.64 | 34,483,188.64 | ||||
| ChongqingEnergyNewmiTechnologicalCo.,Ltd. | 15,589,757.32 | 15,589,757.32 | ||||
| SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 470,157,733.69 | 470,157,733.69 | ||||
| Total | 520,230,679.65 | 520,230,679.65 | ||||
(2)Provisionforimpairmentofgoodwill
Unit:RMB
| Eventsthatmaygenerategoodwillthroughinvesteenames | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance | ||
| Provision | Other | Disposal | Other | |||
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | ||||||
| ChongqingEnergyNewmiTechnologicalCo.,Ltd. | ||||||
| SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | ||||||
| Total | ||||||
(3)Theprocessandkeyparametersofgoodwillimpairmenttesting,aswellastherecognitionmethodofgoodwillimpairmentlosses
1)GoodwillrelatedtoJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.GoodwillcalculationprocessofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.(“JiangxiTonry”)mergedbyenterprisesnotundercommoncontrol:
TheacquisitioncostminusthefairvalueofthebookidentifiablenetassetsofJiangxiTonryontheacquisitiondatemultipliedbytheproportionofacquiredequityequalstogoodwill,thatis,200,000,000.00minus165,516,811.36multipliedby100%equalstoRMB34,483,188.64.TheCompanyidentifiedJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.asanassetgroupandconductedgoodwillimpairmenttest.Therecoverableamountofgoodwilliscalculatedaccordingtothepresentvalueofestimatedfuturecashflow.Theestimatedfuturecashflowisdeterminedaccordingtothefinancialbudgetoftherelevantassetgroupfrom2024to2028.After2028,itwillbeaperpetualperiod.Itisestimatedthattheannualcashflowwillkeepunchanged,andtherecoverablevalueoftheassetgroupwillbecalculatedaccordingtothediscountrateof6.98%.Therecoverablevalueexceedsthebookvalueoftheassetgroupincludingallshareholdersgoodwill,andthereisnogoodwillimpairment.
2)GoodwillrelatedtoSuzhouGreenPowerNewEnergyMaterialCo.,Ltd.
GoodwillcalculationprocessofSuzhouGreenPowerNewEnergyMaterialCo.,Ltd.(“SuzhouGreenPower”)mergedbyenterprisesnotundercommoncontrol:
TheacquisitioncostminusthefairvalueofthebookidentifiablenetassetsofSuzhouGreenPowerontheacquisitiondatemultipliedbytheproportionofacquiredequityequalstogoodwill,thatis,739,219,511.67minus269,061,777.98multipliedby100%equalstoRMB470,157,733.69.
TheCompanyidentifiedSuzhouGreenPowerNewEnergyMaterialCo.,Ltd.asanassetgroupandconductedgoodwillimpairmenttest.Therecoverableamountofgoodwilliscalculatedaccordingtothepresentvalueofestimatedfuturecashflow.Theestimatedfuturecashflowisdeterminedaccordingtothefinancialbudgetoftherelevantassetgroupfrom2024to2028.After2028,itwillbeaperpetualperiod.Itisestimatedthattheannualgrowthrateofcashflowwillbe1.96%,andtherecoverablevalueoftheassetgroupwillbecalculatedaccordingtothediscountrateof13.68%.Therecoverablevalueexceedsthebookvalueoftheassetgroupincludingallshareholdersgoodwill,andthereisnogoodwillimpairment.
3)GoodwillrelatedtoChongqingEnergyNewmiTechnologicalCo.,Ltd.
GoodwillcalculationprocessofChongqingEnergyNewmiTechnologicalCo.,Ltd.(“NewmiTech”)mergedbyenterprisesnotundercommoncontrol:
TheacquisitioncostminusthefairvalueofthebookidentifiablenetassetsofNewmiTechontheacquisitiondatemultipliedbytheproportionofacquiredequityequalstogoodwill,thatis,68,259,500.00minus68,977,915.28multipliedby76.3574%equalstoRMB15,589,757.32.
TheCompanyidentifiedChongqingEnergyNewmiTechnologicalCo.,Ltd.asanassetgroupandconductedgoodwillimpairmenttest.Therecoverableamountofgoodwilliscalculatedaccordingtothepresentvalueofestimatedfuturecashflow.Theestimatedfuturecashflowisdeterminedaccordingtothefinancialbudgetoftherelevantassetgroupfrom2024to2028.After2028,itwillbeaperpetualperiod.Itisestimatedthattheannualcashflowwillbestable,andtherecoverablevalueoftheassetgroupwillbecalculatedaccordingtothediscountrateof12.05%.Therecoverablevalueexceedsthebookvalueoftheassetgroupincludingallshareholdersgoodwill,andthereisnogoodwillimpairment.
19.Long-termunamortizedexpenses
Unit:RMB
| Item | Openingbalance | Increasefortheperiod | Amortizedamountfortheperiod | Decreaseinotheramounts | Closingbalance |
| Renovationcost | 437,783.16 | 109,794.36 | 327,988.80 | ||
| Softwaresystemimplementationfee | 492,657.24 | 372,437.04 | 120,220.20 | ||
| Technicalservicefee | 350,000.00 | 300,000.00 | 50,000.00 | ||
| Powergridaccessfee | 37,532.34 | 11,259.84 | 26,272.50 | ||
| Total | 1,317,972.74 | 793,491.24 | 524,481.50 |
Otherexplanations:
20.Deferredincometaxassets/Deferredincometaxliabilities
(1)Deferredincometaxassetsbeforeoffset
Unit:RMB
| Item | Closingbalance | Openingbalance | ||
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Assetimpairmentprovision | 678,621,646.31 | 102,285,613.92 | 547,896,879.72 | 83,770,394.31 |
| Unrealizedprofitofinternaltransaction | 322,965,743.09 | 64,272,680.66 | 277,615,165.77 | 58,267,096.82 |
| Deductiblelosses | 569,317,545.40 | 100,878,883.39 | 174,757,523.83 | 35,329,320.47 |
| Governmentsubsidy | 980,671,337.01 | 152,902,430.39 | 811,175,227.79 | 124,328,538.97 |
| Stockincentive | 35,142,855.13 | 5,271,428.28 | 91,108,307.69 | 13,341,111.40 |
| Changesinfairvalueofotherequityinstrumentinvestments | 21,000,000.00 | 5,250,000.00 | ||
| Other | 14,741,121.22 | 2,346,728.27 | 3,346,918.44 | 502,037.76 |
| Total | 2,622,460,248.16 | 433,207,764.91 | 1,905,900,023.24 | 315,538,499.73 |
(2)Deferredincometaxliabilitiesbeforeoffset
Unit:RMB
| Item | Closingbalance | Openingbalance | ||
| Taxabletemporarydifference | Deferredincometaxliabilities | Taxabletemporarydifference | Deferredincometaxliabilities | |
| Appraisalandappreciationofassetsinmergersofcompaniesnotundercommoncontrol | 64,061,162.33 | 9,609,174.35 | 73,262,048.87 | 10,989,307.33 |
| Pre-taxdeductionofequipmentandinstrumentsatonetime | 1,918,835,132.08 | 297,600,075.77 | 1,442,317,999.00 | 223,014,994.83 |
| Other | 8,840,787.78 | 1,461,678.25 | 14,937,672.15 | 2,755,180.27 |
| Total | 1,991,737,082.19 | 308,670,928.37 | 1,530,517,720.02 | 236,759,482.43 |
(3)Netamountofoffsetdeferredincometaxassetsorliabilities
Unit:RMB
| Item | OffsettingamountofdeferredincometaxassetsanddeferredincometaxliabilitiesattheendoftheReportingPeriod | Closingbalanceofdeferredincometaxassetsorliabilitiesafteroffset | OffsettingamountofdeferredincometaxassetsanddeferredincometaxliabilitiesatthebeginningoftheReportingPeriod | Openingbalanceofdeferredincometaxassetsorliabilitiesafteroffset |
| Deferredincometaxassets | 338,900.21 | 432,868,864.70 | 315,538,499.73 | |
| Deferredincometax | 338,900.21 | 308,332,028.16 | 236,759,482.43 |
（
）Detailsofunrecognizeddeferredincometaxassets
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Deductibleloss | 38,261,232.97 | 5,494,780.64 |
| Provisionforassetimpairment | 2,069,144.90 | 71,547.21 |
| Total | 40,330,377.87 | 5,566,327.85 |
(5)Deductiblelossesforwhichdeferredincometaxassetswereunrecognizedwillexpireinthefollowingyears
Unit:RMB
| Year | Closingamount | Openingamount | Notes |
| 2026 | 155,294.79 | 155,294.79 | |
| 2027 | 12,225,377.12 | 5,339,485.85 | |
| 2028 | 25,880,561.06 | ||
| Total | 38,261,232.97 | 5,494,780.64 |
Otherexplanations:
Descriptionofone-timepre-taxdeductionofequipmentandinstrumentsinthedeferredincometaxliabilitiesbeforeoffset:
1.AccordingtotheNoticeoftheMinistryofFinanceandtheStateAdministrationofTaxationonthePolicyofDeductingtheEnterpriseIncomeTaxofEquipmentandInstruments(CaiShui[2018]No.54)andAnnouncementtheMinistryofFinanceandtheStateAdministrationofTaxationonExtendingtheImplementationPeriodofSomePreferentialTaxPolicies(AnnouncementoftheMinistryofFinanceandtheStateAdministrationofTaxationof2021No.6),theCompanyanditssubsidiariesdeductedtheenterpriseincometaxofequipmentandinstrumentswiththeunitvalueofbelowRMB5millionpurchasedfromJanuary1,2018toDecember31,2023inonetimewhencalculatingthetaxableincome.Asaresult,taxabletemporarydifferenceisformedandfurtherturnedintodeferredincometaxliabilities.
2.AccordingtotheAnnouncementoftheMinistryofFinance,theStateAdministrationofTaxationandtheMinistryofScienceandTechnologyonStrengtheningthePre-taxDeductioninSupportofScientificandTechnologicalInnovation(AnnouncementNo.[2022]28oftheMinistryofFinance,theStateAdministrationofTaxationandtheMinistryofScienceandTechnology),thesubsidiariesoftheCompanydeductedtheenterpriseincometaxofequipmentandinstrumentspurchasedduringthefourthquarterof2022inonetimewhencalculatingthetaxableincome.Asaresult,taxabletemporarydifferenceisformedandfurtherturnedintodeferredincometaxliabilities.
21.Othernon-currentassets
Unit:RMB
| Item | Closingbalance | Openingbalance | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| Advancepaymentforprojectandequipment | 1,829,576,771.04 | 1,829,576,771.04 | 2,776,143,563.28 | 2,776,143,563.28 | ||
| Qualityguarantee(Note1) | 1,350,000.00 | 1,350,000.00 | 1,350,000.00 | 1,350,000.00 | ||
| Installmentforsaleofequipment(Note2) | 32,425,949.76 | 32,425,949.76 | 13,327,609.02 | 13,327,609.02 | ||
| Advancepaymentforhouseandland | 1,121,966,430.21 | 1,121,966,430.21 | 200,000,000.00 | 200,000,000.00 | ||
| Timedeposits(Note3) | 160,506,597.17 | 160,506,597.17 | 753,729,154.86 | 753,729,154.86 | ||
| Total | 3,145,825,748.18 | 3,145,825,748.18 | 3,744,550,327.16 | 3,744,550,327.16 | ||
Otherexplanations:
ThemainreasonforthelargerincreaseintheendingbalanceoftheCompany’sothernon-currentassetsovertheopeningbalanceis:severalproductionbasesoftheCompanywereunderconstructionduringtheperiod;theadvancepaymentforconstructionandequipmentincreasesaccordinglyaswellasthesub-subsidiaryZhuhaiEnergyNewMaterialTechnologyCo.,Ltd.purchasecertificatesoflargedepositwhichtheypreparetoholdtomaturity.
Note1:GuizhouHaoyiduoDairyCo.,Ltd.signedanagreementwiththeCompany,andthetwopartiesenteredintoalong-termstrategicpartnership.TheCompanyprovidedGuizhouHaoyiduoDairyCo.,Ltd.withtheabovemoneyasitsqualityguarantee.GuizhouHaoyiduoDairyCo.,Ltd.promisedtopurchasenolessthan13millionpackagingboxesofproductsfromtheCompanyeveryyear,andreturntheabovemoneyaftertheterminationofthepartnership.Aslongasthecooperationrelationshipisnotterminated,theagreementwillautomaticallycontinueafterexpiration.Duringthereportingperiod,GuizhouHaoyiduoDairyCo.,Ltd.hasagoodcooperationrelationshipwiththeCompany,andtheannualorderquantitytotheCompanyexceedstheagreedquantityintheaboveagreement.TheCompanyexpectsthattheaboveagreementwillcontinue.
Note2:TheCompanypurchasesfillingmachinesandauxiliaryequipmentandsellsthemtocustomersbyinstallmentsales.ThepriceoftheequipmentshallbepaidtogetherwiththepaymentfortheCompany’sproductspurchasedbycustomers.Untiltheappointedtime,allthepaymentsforequipmentshallberecovered,invoicesshallbeissuedandthepropertyrightsoftheequipmentshallbetransferredtocustomers.
Note3:AsofDecember31,2023,termdepositsofRMB53,500,694.44werepledgedtosecurebankborrowings.
22.Short-termloans
(1)Classificationofshort-termborrowings
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Pledgedloan | 644,093,855.11 | 275,049,783.20 |
| Guaranteedloan | 6,604,597,126.61 | 9,147,455,802.07 |
| Creditloan | 37,852,112.49 | 94,190,000.00 |
| Undueinterestpayables | 4,151,812.06 | 11,157,849.28 |
| Total | 7,290,694,906.27 | 9,527,853,434.55 |
ExplanationforClassificationofshort-termborrowings:
ThemainreasonforthelargerincreaseintheendingbalanceoftheCompany’sshort-termloansovertheopeningbalanceis:Thenon-publicissuanceofRenminbiordinarysharesoftheCompanyleadstothereliefofcapitaldemandfordailybusinessactivitiesandthedecreaseofbankloans.
Pledgedloan:thesubsidiaryShanghaiEnergyNewMaterialTechnologyCo.,Ltd.obtainedaloanofRMB99,745,908.64bypledgingitsownnotesreceivableofRMB100,234,469.14;thesubsidiaryZhuhaiEnergyNewMaterialTechnologyCo.,Ltd.obtainedaloanofRMB147,486,873.04bypledgingitsownlargedepositcertificateofRMB160,590,833.33;thesubsidiaryJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.obtainedaloanofRMB147,275,865.12bypledgingitsownnotesreceivableofRMB148,239,421.36andobtainedaloanofRMB199,761,666.65bypledgingitsowntimedepositofRMB201,674,166.67;thesubsidiarySuzhouGreenPowerobtainedaloanofRMB49,823,541.66bypledgingitsowntimedepositofRMB50,154,589.04.SeeVII-61assetswithrestrictedownershiporuserightfordetailsofpledge.
Guaranteedloans:pleaserefertoXIV.RelatedPartiesandRelatedPartyTransactions-5.Relatedpartytransactions-(5).RelatedpartyguaranteesfordetailsoftheloansguaranteedbytheCompany'sactualcontrollers,theCompanyanditssubsidiaries.
23.Tradingfinancialliabilities
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Including: | ||
| Financialliabilitiesdesignatedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome | 94,394.79 | |
| Including: | ||
| Derivativefinancialliabilities | 94,394.79 | |
| Total | 94,394.79 |
Otherexplanations:
24.Notespayable
Unit:RMB
| Type | Closingbalance | Openingbalance |
| Commercialacceptance | 798,224,515.32 | 604,656,235.72 |
| Bankacceptance | 4,709,188.70 | 4,659,463.30 |
| Total | 802,933,704.02 | 609,315,699.02 |
25.Accountspayable
(1)Accountspayable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Materialspayable | 680,801,257.32 | 514,269,975.80 |
| Engineeringequipmentpayable | 752,175,443.55 | 1,070,892,790.28 |
| Accessoriesandsparepartspayable | 54,096,569.19 | 37,809,458.76 |
| Transportationfeepayable | 43,961,121.64 | 41,599,051.31 |
| Otherpayable | 77,275,224.76 | 56,015,715.96 |
| Total | 1,608,309,616.46 | 1,720,586,992.11 |
(2)Majoraccountspayableagedoveroneyear
Unit:RMB
| Item | Closingbalance | Reasonsforoutstandingorcarry-over |
| SuzhouRSTechnologyCo.,Ltd. | 11,375,211.22 | Notmature |
| YunnanYuxiHengdaInterspaceSteelStructureCo.,Ltd. | 9,674,433.76 | Notmature |
| YunnanShangjingArchitecturalDecorationEngineeringCo.,Ltd. | 5,889,908.19 | Notmature |
| SuruiIntelligent(Mingguang)Co.,Ltd. | 5,849,197.02 | Notmature |
| Total | 32,788,750.19 |
Otherexplanations:
26.Otherpayables
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Dividendspayable | 95,117,453.54 | 9,778,239.09 |
| Otherpayables | 149,580,848.79 | 199,901,993.77 |
| Total | 244,698,302.33 | 209,680,232.86 |
(1)Dividendspayable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Commonsharedividends | 95,117,453.54 | 9,778,239.09 |
| Total | 95,117,453.54 | 9,778,239.09 |
Otherexplanations,includingimportantdividendspayablethathavenotbeenpaidformorethanoneyear,shalldisclosethereasonsfornonpayment:
Theyear-endbalanceofdividendspayableisthedividendpayablebythesubsidiaryShanghaiEnergyNewMaterialTechnologyCo.,Ltd.tominorityshareholders.
(2)Otherpayables
1)Otherpayableslistedbynatureofpayment
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Restrictedstockrepurchaseobligations | 57,284,985.20 | 101,753,346.66 |
| Equityacquisition | 42,736,010.00 | 42,736,010.00 |
| Depositsandguarantees | 26,896,046.27 | 44,077,111.71 |
| Withholdingemployees’socialinsurance | 1,916,544.15 | 3,758,967.93 |
| Reimbursement | 14,000,000.00 | |
| Other | 1,105,898.00 | 1,865,087.72 |
| Item | 5,641,365.17 | 5,711,469.75 |
| Total | 149,580,848.79 | 199,901,993.77 |
2)Majorotherpayablesagedoveroneyearordue
Unit:RMB
| Item | Closingbalance | Reasonsforoutstandingorcarry-over |
| Gao’anKeweiinvestmentpartnership(limitedpartnership) | 22,380,000.00 | Paymenttermsnotbeenmet |
| DENCOLIMITED | 20,356,010.00 | Paymenttermsnotbeenmet |
| Total | 42,736,010.00 |
3)TopfivecustomerswithclosingbalanceofotherpayablescollectedbycounterpartyOtherexplanations:
27.Contractualliabilities
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Advancereceivableforgoods | 21,662,658.20 | 22,179,220.18 |
| Rebate | 8,129,313.05 | 2,416,933.97 |
| Total | 29,791,971.25 | 24,596,154.15 |
28.Employeebenefitspayable
(1)Employeebenefitspayable
Unit:RMB
| Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance |
| I.Short-termremuneration | 48,625,919.20 | 1,172,265,125.01 | 1,136,158,487.84 | 84,732,556.37 |
| II.Retirementpensionprogram-defined | 5,538,222.60 | 91,017,719.56 | 93,599,784.24 | 2,956,157.92 |
| contributionplan | ||||
| III.dismissalbenefits | 604,881.64 | 604,881.64 | ||
| Total | 54,164,141.80 | 1,263,887,726.21 | 1,230,363,153.72 | 87,688,714.29 |
(2)Short-termbenefits
Unit:RMB
| Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance |
| 1.Wage,bonus,allowanceandsubsidies | 43,284,880.55 | 1,021,606,122.16 | 983,840,255.53 | 81,050,747.18 |
| 2.Employeewelfare | 32,004.00 | 59,067,475.09 | 59,099,479.09 | |
| 3.Socialinsurance | 3,853,982.83 | 46,875,100.06 | 49,307,918.66 | 1,421,164.23 |
| Including:medicalinsurance | 3,592,763.70 | 41,859,688.20 | 44,118,578.54 | 1,333,873.36 |
| Laborinjuryinsurance | 261,219.13 | 2,668,471.67 | 2,882,960.43 | 46,730.37 |
| Maternityinsurancepremium | 1,146,186.18 | 1,105,625.68 | 40,560.50 | |
| Supplementarymedicalinsurance | 1,103,428.36 | 1,103,428.36 | ||
| 4.Housingfund | 605,311.99 | 39,270,101.36 | 38,543,455.35 | 1,331,958.00 |
| 5.Laborunionbudgetandstaffeducationfund | 849,739.83 | 5,398,118.50 | 5,319,171.37 | 928,686.96 |
| Othershort-termbenefits | 48,207.84 | 48,207.84 | ||
| Total | 48,625,919.20 | 1,172,265,125.01 | 1,136,158,487.84 | 84,732,556.37 |
(3)Definedcontributionplans
Unit:RMB
| Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance |
| 1.Basicpension | 5,371,528.09 | 88,148,682.21 | 90,653,634.88 | 2,866,575.42 |
| 2.Unemploymentinsurance | 166,694.51 | 2,869,037.35 | 2,946,149.36 | 89,582.50 |
| Total | 5,538,222.60 | 91,017,719.56 | 93,599,784.24 | 2,956,157.92 |
Otherexplanations:
29.Taxespayable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| VAT | 27,197,483.43 | 70,699,654.71 |
| Corporateincometax | 125,352,993.96 | 188,809,538.54 |
| Personalincometax | 7,468,828.49 | 1,328,104.94 |
| Citymaintenanceandconstructiontax | 1,221,378.93 | 3,176,657.88 |
| Propertytax | 13,107,647.84 | 7,997,292.20 |
| Landusingtax | 2,402,253.38 | 1,069,578.09 |
| Educationsurtax | 997,712.64 | 2,720,034.27 |
| Vehicleandvesselusagetax | 1,378,475.54 | |
| Stampduty | 2,332,118.04 | 2,071,485.34 |
| Other | 213,439.40 | 210,909.28 |
| Total | 180,293,856.11 | 279,461,730.79 |
Otherexplanations:
30.Non-currentliabilitiesduewithinoneyear
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Long-termloansduewithin1year | 1,088,108,156.55 | 853,139,372.52 |
| Bondspayableduewithin1year | 6,070,366.96 | 3,980,586.67 |
| Leaseliabilitiesduewithin1year | 1,375,995.60 | 1,375,995.60 |
| Total | 1,095,554,519.11 | 858,495,954.79 |
Otherexplanations:
31.Othercurrentliabilities
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Outputvalue-addedtaxpayable | 2,219,902.48 | 2,536,656.79 |
| Endorsementofunconfirmedbankacceptancebill | 181,173,715.43 | 252,146,381.12 |
| Endorsementfortransferofunconfirmedsupplychainvoucher | 6,398,603.21 | 20,539,948.43 |
| Total | 189,792,221.12 | 275,222,986.34 |
Changeinshort-termbondspayable:
Unit:RMB
| Nameofbond | Parvalue | couponrate | Issuedate | Term | Issuesize | Openingbalance | Issuedincurrentperiod | Interestprovisionedbyparvalue | Amortizationofdiscountsandpremiums | Paidinthecurrentperiod | Sharesconvertedinthecurrentperiod | Closingbalance | Defaultornot |
| ConvertiblecorporatebondsofYunnanEnergyNewMaterialCo.,Ltd. | 1,600,000,000.00 | February11,2020 | 6years | 1,600,000,000.00 | 425,795,937.76 | 10,774,649.00 | -670,100.00 | 435,900,486.76 | No | ||||
| Total |
Otherexplanations:
AccordingtotheListingRulesofSharesontheShenzhenStockExchangeStockandtheProspectusofYunnanEnergyNewMaterialCo.,Ltd.onthePublicIssuanceofConvertibleCorporateBonds,thedebtandshareconversionperiodofYunnanEnergycommencesfromthefirsttradingdayinthesixmonthsaftertheendoftheissuancetothematuritydateoftheconvertiblecorporatebonds,thatis,fromAugust17,2020toFebruary11,2026,andtheinitialconversionpriceisRMB64.61pershare.
OnMay21,2020,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyimplementsthe2019annualequitydistributionplan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedfromRMB64.61persharetoRMB64.49pershare.
OnSeptember3,2020,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyadoptsthenon-publicissuanceofnewshares,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB65.09pershare.
AsatSeptember28,2020,inaccordancewiththeAnnouncementontheNon-adjustmentofConvertibleCorporateBondConversionPricefortheRepurchaseandCancellationofSomeRestrictedShares,theCompanyrepurchasedandcancelledtheCompany’srestrictedsharesheldbythefourincentiveobjectsbecausethepersonalassessmentgradeofthefourincentiveobjectswas“good”whentheCompany’s2017RestrictedStockIncentivePlanwasunlockedforthethirdtime.DuetothesmallproportionoftherepurchasedandcancelledsharesintheCompany’stotalsharecapital,aftertherepurchaseandcancellation,theconversionpriceofdebtsandsharesofYunnanEnergyremainedunchangedatRMB65.09pershare.
OnApril30,2021,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyimplementsthe2020annualequitydistributionplan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB64.92pershare.
OnMay16,2022,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyImplementedthe2021annualequityallocationplan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB64.62pershare.
OnJune20,2023,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyimplementednon-publicissuanceofRenminbiordinaryshares,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB66.64pershare.
OnJuly20,2023,accordingtotheAnnouncementontheNon-adjustmentofConvertibleCorporateBondConversionPricefortheRepurchaseandCancellationofSomeRestrictedShares,theCompanyrepurchasedandcancelledtheCompany’scertainrestrictedsharesheldby2022StockOptionsandRestrictedStockIncentivePlan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB64.64pershare.
OnAugust21,2023,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyimplementsthe2022annualequitydistributionplan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB66.46pershare.
OnSeptember21,2023,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyimplementsthe2023semi-annualequitydistributionplan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB66.26pershare.
32.Long-termborrowings
(1)Long-termborrowingsbytype
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Pledgedloan | 636,000,000.00 | 1,175,100,000.00 |
| Mortgagedloan | 1,191,337,067.22 | 833,353,874.05 |
| Guaranteedloan | 3,571,102,307.79 | 2,707,281,656.13 |
| Creditloan | 370,000,000.00 | 306,000,000.00 |
| Undueinterestpayables | 4,984,599.24 | 10,668,589.20 |
| Long-termloansandinterestduewithin1year | -1,088,108,156.55 | -853,139,372.52 |
| Total | 4,685,315,817.70 | 4,179,264,746.86 |
Descriptionforlong-termborrowingsbytype:
Otherexplanationsoflong-termborrowings:
ThemainreasonforthelargerincreaseintheendingbalanceoftheCompany’slong-termborrowingsovertheopeningbalanceis:theincreaseinspecialloanforprojectconstructionbythesubsidiaryShanghaiEnergyanditssubsidiaries.Pledgedloans:thesubsidiaryShanghaiEnergyNewMaterialTechnologyCo.,Ltd.willpledgeits100%equityinSuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.toobtainaloanofRMB636,000,000.00.
Mortgagedloan:thesubsidiaryYunnanHongtaPlasticCo.,Ltd.,thesub-subsidiariesZhuhaiEnergyNewMaterialTechnologyCo.,Ltd.,WuxiEnergyNewMaterialTechnologyCo.,Ltd.,HubeiEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuEnergyNewMaterialTechnologyCo.,Ltd.,ChongqingEnergyNewMaterialTechnologyCo.,Ltd.obtainedaloanofRMB1,191,337,067.22bypledgingtheirownfixedassets,intangibleassetsandconstructioninprogress.SeeVII61.AssetswithRestrictedOwnershipinthissectionfordetailsofpledge.
Guaranteedloan:FordetailsofloansobtainedthroughtheguaranteeprovidedbyactualcontrollersoftheCompany,theCompanyanditssubsidiaries,pleasereferto“XIV.RelatedPartiesandRelatedPartyTransactions-5.Relatedpartytransactions-(5).Relatedpartyguarantees”inthissection.Otherexplanations,includinginterestraterange:
33.Bondspayable
(1)Bondspayable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Convertiblecorporatebonds | 441,970,853.72 | 429,776,524.43 |
| Less:Bondspayableduewithin1year | -6,070,366.96 | -3,980,586.67 |
| Total | 435,900,486.76 | 425,795,937.76 |
(2)Changesinbondspayable:(excludingpreferredsharesclassifiedasfinancialliabilities,perpetualbondsandotherfinancialinstruments)
Unit:RMB
| Nameofbond | Parvalue | couponrate | Issuedate | Term | Issuesize | Openingbalance | Issuedincurrentperiod | Interestprovisionedbyparvalue | Amortizationofdiscountsandpremiums | Paidinthecurrentperiod | Sharesconvertedinthecurrentperiod | Closingbalance | Defaultornot |
| ConvertiblecorporatebondsofYunnanEnergyNewMaterialCo.,Ltd. | 1,600,000,000.00 | 0.40%-2.00% | February11,2020 | 6years | 1,600,000,000.00 | 425,795,937.76 | 10,774,649.00 | -670,100.00 | 435,900,486.76 | No | |||
| Total | —— | —— | |||||||||||
(3)Explanationonconvertiblecorporatebonds
AccordingtotheListingRulesofSharesontheShenzhenStockExchangeStockandtheProspectusofYunnanEnergyNewMaterialCo.,Ltd.onthePublicIssuanceofConvertibleCorporateBonds,thedebtandshareconversionperiodofYunnanEnergycommencesfromthefirsttradingdayinthesixmonthsaftertheendoftheissuancetothematuritydateoftheconvertiblecorporatebonds,thatis,fromAugust17,2020toFebruary11,2026,andtheinitialconversionpriceisRMB64.61pershare.
OnMay21,2020,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyimplementsthe2019annualequitydistributionplan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedfromRMB64.61persharetoRMB64.49pershare.
OnSeptember3,2020,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyadoptsthenon-publicissuanceofnewshares,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB65.09pershare.
AsatSeptember28,2020,inaccordancewiththeAnnouncementontheNon-adjustmentofConvertibleCorporateBondConversionPricefortheRepurchaseandCancellationofSomeRestrictedShares,theCompanyrepurchasedandcancelledtheCompany’srestrictedsharesheldbythefourincentiveobjectsbecausethepersonalassessmentgradeofthefourincentiveobjectswas“good”whentheCompany’s2017RestrictedStockIncentivePlanwasunlockedforthethirdtime.DuetothesmallproportionoftherepurchasedandcancelledsharesintheCompany’stotalsharecapital,aftertherepurchaseandcancellation,theconversionpriceofdebtsandsharesofYunnanEnergyremainedunchangedatRMB65.09pershare.
OnApril30,2021,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyimplementsthe2020annualequitydistributionplan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB64.92pershare.
OnMay16,2022,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyImplementedthe2021annualequityallocationplan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB64.62pershare.
OnJune20,2023,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyimplementednon-publicissuanceofRenminbiordinaryshares,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB66.64pershare.
OnJuly20,2023,accordingtotheAnnouncementontheNon-adjustmentofConvertibleCorporateBondConversionPricefortheRepurchaseandCancellationofSomeRestrictedShares,theCompanyrepurchasedandcancelledtheCompany’scertainrestrictedsharesheldby2022StockOptionsandRestrictedStockIncentivePlan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB64.64pershare.
OnAugust21,2023,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyimplementsthe2022annualequitydistributionplan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB64.46pershare.
OnSeptember21,2023,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyimplementsthe2023semi-annualequitydistributionplan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB64.26pershare.
34.Leaseliabilities
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Within1year | 1,375,995.60 | 1,375,995.60 |
| 1to2years | 229,332.60 | 1,375,995.60 |
| 2to3years | 229,332.60 | |
| Less:Unrecognizedfinancingexpenses | -46,668.72 | -273,843.04 |
| Less:Leaseliabilitiesduewithinoneyear | -1,375,995.60 | -1,375,995.60 |
| Total | 182,663.88 | 1,331,485.16 |
Otherexplanations:
TheinterestexpenseofleaseliabilitieswasRMB227,174.32fortheperiod.
35.Deferredincome
Unit:RMB
| Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance | Reason |
| Governmentsubsidiesrelatedtoassets | 823,467,109.47 | 219,247,493.64 | 80,100,443.82 | 962,614,159.29 | Note9:Governmentsubsidies(II) |
| Governmentsubsidiesrelatedtoincome | 1,032,073.81 | 372,693.31 | 659,380.50 | Note9:Governmentsubsidies(II) | |
| VATdeduction | 67,869,658.14 | 36,168,201.97 | 31,701,456.17 | ||
| Total | 823,467,109.47 | 288,149,225.59 | 116,641,339.10 | 994,974,995.96 | -- |
Otherexplanations:
36.Othernon-currentliabilities
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Governmentsupportforlithiumbatteryseparationfilmproject(Note1) | 455,517,694.55 | 455,517,694.55 |
| Investmentinlithiumbatteryseparationfilmproject(Note2) | 86,000,000.00 | 86,000,000.00 |
| SubsidyforlithiumbatteryseparationfilmR&Dproject | 700,000.00 | 700,000.00 |
| SubsidyforhighsafetyandreliabilitylithiumbatteryandhighstrengthseparationfilmR&Dprojectforenergyelectronics(Note3) | 22,000,000.00 | |
| Total | 564,217,694.55 | 542,217,694.55 |
Otherexplanations:
Explanationsofothernon-currentliabilities:
Note1:JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.,athird-levelsubsidiaryoftheCompany,hasbuiltanitemproductionbaseoflithiumionseparatorinGao’anCity,YichunCity,JiangxiProvince,withpolicysupportfromthelocalgovernment.Accordingtotherelevantprovisionsoftheinvestmentagreement,thegovernmentborrowsmoneyinadvancetopayforthepurchaseofequipment.Wheneachlithium-ionfilmproductionlineisputintouse,theequipmentsubsidyshallberecognizedinbatchesaccordingtothecorrespondingproportionofthevalueoftheimportedequipmentoftheproductionlinethathasbeenputintooperation.
Note2:ChongqingEnergyNewMaterialTechnologyCo.,Ltd.,athird-levelsubsidiaryoftheCompany,hasbuiltaproductionlinebaseofhigh-performancelithium-ionbatterymicroporeseparatorinChangshouEconomicandTechnologicalDevelopmentZone,ChongqingCity,withpolicysupportfromthelocalgovernment.Accordingtotherelevantprovisionsoftheinvestmentagreement,thegovernmentgrantsinfrastructureconstructionindustrydevelopmentfundsintheformofagovernmentsubsidy,andafterthecommitmentoftheinvestmentagreementisfulfilled,thesubsidyshallberecognizedinbatchesastheplantandequipmentsubsidyaccordingtothecorrespondingproportionofthevalueoftheplantandequipment.
Note3:ChongqingEnergy,thethird-levelsubsidiariesoftheCompany,ChongqingEnergyNewmiTechnologicalCo.,Ltd.,ChongqingEnergyNewMaterialTechnologyCo.,Ltd.,SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.,constructedthejointventurewithSuzhouRSTechnologyCo.,Ltd.andHubeiEvePowerCo.,Ltd.,tojointlyparticipateinimplementationofthekeytasksrecommendedbytheChongqingEconomicandInformationTechnologyCommissionforhighsafetyandreliabilitylithiumbatteriesandhigh-strengthseparatorsforenergyelectronics.Accordingtotheprojectcontract,theElectronicInformationDepartmentoftheMinistryofIndustryandInformationTechnologyconductsassessmentsbasedontheannualprogressandachievementofgoalsoftheconsortium,andissuesfundsaccordingtothefinancialfundplan.Theproposedapprovaloffiscalfundsshallnotexceed30%ofthetotalprojectinvestment,andtheamountoffiscalfundstobedisbursedshallbedeterminedbasedonthefinalacceptanceassessment.
37.Sharecapital
Unit:RMB
| Openingbalance | Increaseordecrease(+、-) | Closingbalance | |||||
| Newissues | Bonusissuance | Conversionofreserveintoshare | Others | Subtotal | |||
| Totalamountofshares | 892,411,690.00 | 85,421,412.00 | -78,885.00 | 85,342,527.00 | 977,754,217.00 | ||
Otherexplanations:
Explanationsonthechangeofsharecapital:
1.See“I.BasicinformationoftheCompany”.TheconvertiblebondspubliclyissuedbytheCompanyenteredthesharetransferperiodonAugust17,2020.AsofDecember31,2023,theCompany’ssharecapitalincreasedbyRMB10,089.00duetothesharetransfer.
2.See“I.BasicinformationoftheCompany”.Non-publicissuanceofRenminbiordinaryshares(AShare)of85,421,412.
3.See“I.BasicinformationoftheCompany”.TheCompanyrepurchasedandcancelledtherestrictedstocksofRMB88,974.00.
38.Otherequityinstruments
(1)Outstandingpreferredshares,perpetualbondsandotherfinancialinstrumentsasattheendoftheReportingPeriod
UndertheApprovaloftheIssuanceofConvertibleCorporateBondsbyYunnanEnergyNewMaterialCo.,Ltd.(ZhengJianXuKe[2019]No.2701)issuedbytheChinaSecuritiesRegulatoryCommission,theCompanypubliclyissued16millionconvertiblecorporatebondsonFebruary11,2020,whichwascalculatedasthevalueofthedebtinstrumentsoftheconvertiblecorporatebondswasRMB1,408,703,126.08,andthevalueoftheequityinstrumentswasRMB177,419,515.43byreferringtotheinterestratesofthecreditbondsofsimilarenterpriseswithAAcreditratingandsimilarmaturitiesinthemarketanddeductingthebondissuanceexpenses.
(2)Tableofchangesinoutstandingpreferredshares,perpetualbondsandotherfinancialinstrumentsasattheendoftheReportingPeriod
Unit:RMB
| Outstandingfinancialinstruments | Atthebeginningoftheperiod | Increasefortheperiod | Decreasefortheperiod | Attheendoftheperiod | ||||
| Numberofshares | Bookvalue | Numberofshares | Bookvalue | Numberofshares | Bookvalue | Numberofshares | Bookvalue | |
| Equityinstrumentofconvertiblecorporatebonds | 50,317,083.84 | 74,305.52 | 50,242,778.32 | |||||
| Total | 50,317,083.84 | 74,305.52 | 50,242,778.32 | |||||
ExplanationsonchangesinotherfinancialinstrumentsandreasonsthereofasattheendoftheReportingPeriod,andbasisforrelatedaccountingtreatment:
In2023,theCompany’s“EnergyConvertibleBond”decreasedbyRMB670,100.00(6,701.00bonds)duetothetransferof10,089.00sharesandreducedtheotherequityinstrumentbyRMB74,305.52.
Otherexplanations:
In2023,theCompany’s“EnergyConvertibleBond”decreasedbyRMB670,100.00(6,701.00bonds)duetothetransferof10,089.00sharesandreducedtheotherequityinstrumentbyRMB74,305.52.
39.Capitalreserve
Unit:RMB
| Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance |
| Capitalpremium(capitalstockpremium) | 7,600,521,676.06 | 7,368,984,534.30 | 5,643,152.20 | 14,963,863,058.16 |
| Othercapitalreserve | 84,810,922.74 | 22,280,126.86 | 107,091,049.60 | |
| Total | 7,685,332,598.80 | 7,391,264,661.16 | 5,643,152.20 | 15,070,954,107.76 |
Otherexplanations,includingchangesandreasonsthereofasattheendoftheReportingPeriod:
1.Thecapitalpremium(capitalstock)increasedbyRMB7,368,984,534.30fortheperiod,mainlybecause:
(1)TheconvertiblebondspubliclyissuedbytheCompanyenteredthesharetransferperiodonAugust17,2020.TheCompany’scapitalreserveincreasedbyRMB732,247.16duetothesharetransfer.
(2)TheCompany’scapitalreserveincreasedbyRMB7,368,124,689.02duetothenon-publicissuanceofRenminbiordinaryshares.
(3)Theminorityshareholdersofthesub-subsidiaryJiangxiEnpoNewMaterialsCo.,Ltd.injectedcapitalfortheperiod,resultinginanincreaseofRMB127,598.12incapitalreserve.
2.Thecapitalpremium(sharecapitalpremium)decreasedbyRMB5,643,152.20fortheperiod,mainlyduetotherepurchaseandcancellationofrestrictedstocksbytheCompany.
3.TheincreaseofothercapitalreserveswasRMB22,280,126.86fortheperiod,mainlydueto:
(1)TheCompanyimplementedstockincentiveforemployeesandrecognizedrelatedexpensesforsharebasedpayments,resultinginanincreaseofRMB21,993,180.34inothercapitalreserves.
(2)ThesubsidiaryYunnanHongchuangPackagingCo.,Ltd.implementedstockincentiveforemployeesandrecognizedrelatedexpensesforshare-basedpayments,resultinginanincreaseofRMB286,946.52inothercapitalreserves.
40.Treasurystock
Unit:RMB
| Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance |
| Equityincentiverepurchase | 549,976,686.75 | 549,976,686.75 | ||
| Restrictedshare-basedpayment | 101,753,346.66 | 44,468,361.46 | 57,284,985.20 | |
| Total | 101,753,346.66 | 549,976,686.75 | 44,468,361.46 | 607,261,671.95 |
Otherexplanations,includingchangesandreasonsthereofasattheendoftheReportingPeriod:
1.BecausetheCompanyusedtherepurchasedsharesforstockincentive,thetreasurysharesdecreasedbyRMB549,976,686.75;
2.PleaserefertoXIII.Share-basedpayment.DuetothecancellationofrestrictedstockrepurchasesanddividendsoftheCompany,thetreasurysharesdecreasedbyRMB44,468,361.46.
3.In2023,theCompanyrepurchased88,974.00sharesduetotheimplementationofstockincentive,accountingfor0.01%ofthetotalissuedsharesoftheCompany,representingthecumulativeproportionoftreasurystockstothetotalissuedsharesof0.98%.
41.Othercomprehensiveincome
Unit:RMB
| Item | Openingbalance | Amountforthecurrentperiod | Closingbalance | |||||
| Amountincurredbeforetheincometaxinthecurrentperiod | Less:Amountincludedintoothercomprehensiveincomeinthepriorperiodandtransferredintotheprofitandlossinthecurrentperiod | Less:Amountincludedintoothercomprehensiveincomeinthepriorperiodandtransferredintotheretainedearningsinthecurrentperiod | Less:Incometaxexpense | After-taxamountattributabletotheparentcompany | After-taxamountattributabletominorityshareholders | |||
| I.Othercomprehensiveincomethatcannotbereclassifiedsubsequentlytoprofitorloss | 750,000.00 | -22,000,000.00 | -5,500,000.00 | -16,500,000.00 | -15,750,000.00 | |||
| Changesinfairvalueofotherequityinstrumentinvestments | 750,000.00 | -22,000,000.00 | -5,500,000.00 | -16,500,000.00 | -15,750,000.00 | |||
| II.Othercomprehensiveincomethatwillbereclassifiedsubsequentlytoprofitorloss | 7,024,250.92 | 103,588,686.32 | 98,637,147.11 | 4,951,539.21 | 105,661,398.03 | |||
| Exchangedifferencesfromtranslationofstatementsdenominatedinforeigncurrencies | 7,024,250.92 | 103,588,686.32 | 98,637,147.11 | 4,951,539.21 | 105,661,398.03 | |||
| Totalothercomprehensiveincome | 7,774,250.92 | 81,588,686.32 | -5,500,000.00 | 82,137,147.11 | 4,951,539.21 | 89,911,398.03 | ||
Otherexplanations,includingadjustingtheeffectiveportionofcashflowhedgingprofitandlosstotheinitialrecognitionamountofthehedgeditem:
42.Surplusreserve
Unit:RMB
| Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance |
| Statutorysurplusreserve | 169,074,481.22 | 207,369,959.40 | 376,444,440.62 | |
| Reservefund | 21,153,681.64 | 21,153,681.64 | ||
| Enterprisedevelopmentfund | 1,416,680.73 | 1,416,680.73 |
| Total | 191,644,843.59 | 207,369,959.40 | 399,014,802.99 |
Explanationsonsurplusreserve,includingexplanationaboutthereasonofthechange:
Theincreaseinsurplusreservefortheyearwasduetotheprovisionof10%ofthenetprofitoftheparentcompanyfortheyear.
43.Undistributedprofit
Unit:RMB
| Item | Currentperiod | Previousperiod |
| Undistributedprofitbeforeadjustmentsattheendofthepriorperiod | 9,000,475,751.88 | 5,288,265,431.08 |
| Undistributedprofitadjustedatthebeginningoftheperiod | 9,000,475,751.88 | 5,288,265,431.08 |
| Add:Netprofitattributabletoownersofparentcompanyinthecurrentperiod | 2,526,688,570.92 | 4,000,461,964.37 |
| Less:Withdrawalofstatutorysurplusreserve | 207,369,959.40 | 18,251,921.33 |
| Commonsharedividendspayable | 373,914,501.31 | 269,999,722.24 |
| Undistributedprofitsattheendoftheperiod | 10,945,879,862.09 | 9,000,475,751.88 |
Breakdownoftheundistributedprofitatthebeginningoftheperiodofadjustment:
44.Operatingincomeandoperatingcost
Unit:RMB
| Item | Amountforcurrentperiod | Amountforpreviousperiod | ||
| Income | Cost | Income | Cost | |
| Mainbusinesses | 11,749,728,885.23 | 7,486,113,707.42 | 12,217,521,522.39 | 6,360,676,130.43 |
| Otherbusinesses | 292,500,904.07 | 49,109,748.92 | 373,404,007.29 | 207,472,252.22 |
| Total | 12,042,229,789.30 | 7,535,223,456.34 | 12,590,925,529.68 | 6,568,148,382.65 |
Whethertheloweroftheauditednetprofitbeforeandafterdeductionofnon-recurringgainsorlossesisnegative
□Yes?NoOtherexplanationsInformationontransactionpriceallocatedtoremainingperformanceobligations:
ThecorrespondingrevenuefromperformanceobligationsthathavebeencontractedbutnotyetperformedorcompletedamountedtoRMB0.00asattheendoftheReportingPeriod.
45.Taxesandsurcharges
Unit:RMB
| Item | Amountforcurrentperiod | Amountforpreviousperiod |
| Citymaintenanceandconstructiontax | 11,959,666.52 | 10,137,102.35 |
| Educationsurcharge | 9,228,982.47 | 8,928,750.72 |
| Propertytax | 32,927,258.96 | 24,477,126.87 |
| Landusingtax | 11,181,669.21 | 6,789,704.51 |
| Vehicleandvesselusagetax | 38,704.59 | 25,019.80 |
| Stampduty | 8,354,706.02 | 6,466,537.77 |
| Other | 1,074,092.67 | 856,713.01 |
| Total | 74,765,080.44 | 57,680,955.03 |
46.Administrativeexpenses
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod |
| Item | ||
| Employeecompensation | 206,470,581.73 | 158,061,912.74 |
| Share-basedexpense | 12,760,449.61 | 51,022,209.61 |
| Depreciationandamortization | 54,578,336.94 | 43,343,632.86 |
| Agencies | 27,679,857.67 | 14,296,148.37 |
| Maintenancecosts | 5,663,215.76 | 4,223,440.57 |
| Officeexpense | 9,921,970.42 | 7,044,955.89 |
| Travelexpense | 6,423,228.89 | 4,088,667.43 |
| Entertainmentexpense | 7,546,211.37 | 2,531,330.21 |
| Environmentalprotectionfee | 14,810,244.45 | 8,110,686.32 |
| Others | 37,561,391.88 | 30,568,947.01 |
| Total | 383,415,488.72 | 323,291,931.01 |
47.Sellingexpenses
Unit:RMB
| Item | Amountforcurrentperiod | Amountforpreviousperiod |
| Item | ||
| Salescommission | 23,423,364.38 | 15,749,712.52 |
| Laborcosts | 28,291,192.38 | 29,479,359.97 |
| Salesagencyexpense | 8,618,890.35 | 9,528,124.63 |
| Depreciationandamortization | 10,385,360.44 | 5,805,912.99 |
| Entertainmentexpense | 5,312,208.11 | 3,459,975.18 |
| Travelexpense | 4,564,811.36 | 2,899,891.55 |
| Share-basedpayment | 590,797.55 | 2,293,041.47 |
| Other | 8,152,109.88 | 5,239,025.16 |
| Total | 89,338,734.45 | 74,455,043.47 |
48.R&Dexpenses
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod |
| Item | ||
| Materialcosts | 345,485,094.08 | 403,898,381.02 |
| Employeecompensation | 214,976,253.76 | 179,390,617.59 |
| Depreciationandamortization | 41,886,506.67 | 44,490,331.35 |
| Utilitycosts | 63,170,087.39 | 46,238,014.05 |
| Others | 61,963,059.77 | 50,280,355.65 |
| Total | 727,481,001.67 | 724,297,699.66 |
49.Financialexpenses
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod |
| Item | ||
| Interestexpenses | 376,997,402.81 | 287,498,131.60 |
| Less:interestincome | -84,200,436.11 | -26,258,474.95 |
| Exchangegain/loss | -62,517,076.68 | -61,184,128.02 |
| Bankchargesandother | 8,359,787.06 | 11,476,342.34 |
| Total | 238,639,677.08 | 211,531,870.97 |
50.OtherIncome
Unit:RMB
| Othersourcesofincome | Amountforthecurrentperiod | Amountforpreviousperiod |
| Governmentsubsidy | 170,294,191.72 | 155,302,624.29 |
| Returnofindividualincometaxservicecharge | 589,416.97 | 1,131,403.22 |
| VATdeduction | 36,168,201.97 | |
| Taxincentivesforindependententrepreneurship | 2,068,401.09 | |
| Total | 209,120,211.75 | 156,434,027.51 |
51.Gainsonfairvaluechange
Unit:RMB
| Sourceofgainsonfairvaluechange | Amountforthecurrentperiod | Amountforpreviousperiod |
| Tradingfinancialassets | 9,850,069.59 | |
| Tradingfinancialliabilities | -94,394.79 | |
| Total | 9,755,674.80 |
Otherexplanations:
52.Investmentincome
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod |
| Gainonlong-termequityinvestmentssubjecttoaccountingwithequitymethod | 1,351,086.12 | 1,471,658.10 |
| Investmentincomefromdisposaloftradingfinancialassets | 7,906,094.29 | 12,080,580.37 |
| Proceedsfromwealthmanagementproducts | 29,064,274.85 | 27,838,099.70 |
| Investmentincomefromderecognitionoffinancialassetsatamortizedcost | -21,537,307.12 | -18,658,871.90 |
| Total | 16,784,148.14 | 22,731,466.27 |
53.Creditimpairmentlosses
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod |
| Baddebtlossesonnotesreceivable | 9,002,433.59 | -8,690,103.00 |
| Baddebtlossesonreceivables | -12,674,580.15 | 80,338.10 |
| Baddebtlossesonotherreceivables | -200,364.05 | -649,051.50 |
| Impairmentlossesonaccountsreceivablefinancing | 934,762.69 | |
| Total | -3,872,510.61 | -8,324,053.71 |
Otherexplanations:
Intheabovetable,lossisindicatedwith“-”.
54.Assetimpairmentlosses
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod |
| I.Inventoryfallingpricelossesandcontractperformancecostdepreciationlosses | -186,376,180.23 | -42,921,534.91 |
| Total | -186,376,180.23 | -42,921,534.91 |
55.Gainsondisposalofassets
Unit:RMB
| Source | Amountforthecurrentperiod | Amountforpreviousperiod |
| Disposaloffixedassets | 204,866.12 | 223,345.22 |
56.Non-operatingincome
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod | Amountofnon-recurringgainorlossincludedinthecurrentperiod |
| Acceptingdonations | 26,000.00 | 111,645.43 | 26,000.00 |
| Compensationreceived | 354,106.48 | 249,743.26 | 354,106.48 |
| Paymentsthatdonotneedtobemadeuponapproval | 1,019,939.10 | 614,291.80 | 1,019,939.10 |
| Others | 1,116,185.56 | 986,822.77 | 1,116,185.56 |
| Total | 2,516,231.14 | 1,962,503.26 | 2,516,231.14 |
57.Non-operatingexpenses
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod | Amountofnon-recurringgainorlossincludedinthecurrentperiod |
| Donation | 645,413.15 | 524,578.80 | 645,413.15 |
| Abandonmentlossesofnon-currentassets | 2,840,110.13 | 5,093,236.75 | 2,840,110.13 |
| Others | 1,915,066.99 | 619,138.51 | 1,915,066.99 |
| Total | 5,400,590.27 | 6,236,954.06 | 5,400,590.27 |
58.Incometaxexpense
(1)Tableofincometaxexpenses
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod |
| Currentincometax | 416,385,943.32 | 520,107,429.64 |
| Deferredincometax | -40,257,819.24 | 32,902,134.24 |
| Total | 376,128,124.08 | 553,009,563.88 |
(2)Adjustmentprocessofaccountingprofitandincometaxexpense
Unit:RMB
| Item | Amountforthecurrentperiod |
| Totalprofit | 3,026,342,526.64 |
| Incometaxexpensescalculatedbasedonthestatutory(orapplicable)taxrates | 756,585,687.36 |
| Impactofdifferenttaxratesappliedtosubsidiaries | -277,801,695.00 |
| Impactofadjustingincometaxinpreviousperiods | 4,157,782.23 |
| Impactofnon-taxableincome | -202,662.92 |
| Impactofnon-deductiblecost,expenseandloss | 2,090,683.23 |
| Impactofdeductiblelossesnotrecognizedasdeferredincometaxassetsbeforeutilization | 348,236.53 |
| Impactofdeductibletemporarydifferencesordeductiblelossesnotrecognizedasdeferredincometaxassetsfortheperiod | 6,851,580.43 |
| ImpactofR&Dexpensesplusdeduction | -110,583,320.62 |
| Impactofincometaxcreditforinvestmentinspecialequipment | -14,994,738.27 |
| Impactofstockincentive | 7,891,571.85 |
| Taxrateadjustmentleadstochangesinthebalanceofdeferredtaxassets/liabilitiesatthebeginningoftheperiod | 1,565,871.00 |
| Others | 219,128.26 |
| Incometaxexpenses | 376,128,124.08 |
59.Cashflowstatement
(1)CashreceivedrelatingtooperatingactivitiesCashreceivedrelatingtootheroperatingactivities
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod |
| InterestIncome | 83,263,325.15 | 27,599,543.01 |
| Subsidyincome | 332,690,039.01 | 228,642,477.43 |
| Recovereddeposit | 23,568,900.61 | 38,768,179.58 |
| Reservefundsreceived | 1,439,058.27 | |
| Otherreceivablesreceived | 16,292,885.44 | 5,656,068.58 |
| Others | 1,496,292.04 | 1,348,211.46 |
| Total | 458,750,500.52 | 302,014,480.06 |
Cashpaymentsrelatingtootheroperatingactivities
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod |
| Depositpayment | 252,595,453.94 | 132,561,185.22 |
| Otherpayablepaid | 2,381,661.10 | 1,217,235.92 |
| AdministrativeexpensesandR&Dexpenses | 219,285,376.85 | 149,669,000.84 |
| Operatingexpenses | 49,819,589.40 | 36,248,947.35 |
| Servicecharge | 8,359,787.06 | 11,476,342.34 |
| Donationexpenditure | 645,413.15 | 524,578.80 |
| Reservefundpaid | 2,612,486.97 | 3,101,817.82 |
| Others | 1,915,066.99 | 270,929.34 |
| Total | 537,614,835.46 | 335,070,037.63 |
(2)Cashpaymentsrelatingtoinvestingactivities
Cashpaymentsrelatingtootherinvestingactivities
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod |
| Depositforletterofcreditandbill | 40,991,765.29 | 150,164,555.53 |
| Total | 40,991,765.29 | 150,164,555.53 |
(3)CashpaymentsrelatingtofinancingactivitiesCashpaymentsrelatingtootherfinancingactivities
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod |
| ForfaitingBusinessDeposit | 777,800,000.00 | 253,459,886.80 |
| Leasepayment | 1,375,995.60 | 2,649,939.18 |
| Sharerepurchase | 549,976,686.75 | |
| Restrictedstockrepurchase | 5,732,126.20 | |
| Total | 1,334,884,808.55 | 256,109,825.98 |
Explanationsoncashpaymentsrelatingtootherfinancingactivities:
Changesinliabilitiesarisingfromfinancingactivities?Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance | ||
| Cashmovements | Non-cashmovements | Cashmovements | Non-cashmovements | |||
| Short-termborrowings | 9,527,853,434.55 | 10,139,434,318.26 | 160,076,613.42 | 11,876,805,624.28 | 659,863,835.68 | 7,290,694,906.27 |
| Long-termborrowings | 5,032,404,119.38 | 2,719,779,918.72 | 189,624,197.95 | 2,168,384,261.80 | 5,773,423,974.25 | |
| Bondspayable | 429,776,524.43 | 17,402,031.29 | 4,537,602.00 | 670,100.00 | 441,970,853.72 | |
| Leaseliabilities | 2,707,480.76 | 227,174.32 | 1,375,995.60 | 1,558,659.48 | ||
| Total | 14,992,741,559.12 | 12,859,214,236.98 | 367,330,016.98 | 14,051,103,483.68 | 660,533,935.68 | 13,507,648,393.72 |
60.Supplementaryinformationofcashflowstatement
(1)Supplementaryinformationofcashflowstatement
Unit:RMB
| Supplementaryinformation | Amountforthecurrentperiod | Amountforthepreviousperiod |
| 1.Reconciliationofnetprofittocashflowsfromoperatingactivities | ||
| Netprofit | 2,650,214,402.56 | 4,212,134,557.39 |
| Plus:impairmentprovisionforassets | 190,248,690.84 | 51,245,588.62 |
| Creditimpairmentlosses | 1,448,870,122.29 | 1,043,974,672.99 |
| Depreciationoffixedassets,depreciationofoilandgasassets,anddepreciationofproductivebiologicalassets | 1,539,070.83 | 1,208,973.42 |
| Depreciationofright-of-useassets | 28,503,276.98 | 20,775,544.18 |
| Amortizationofintangibleassets | 793,491.24 | 3,261,644.43 |
| Amortizationoflong-termunamortizedexpenses | -204,866.12 | -223,345.22 |
| Lossesfromdisposaloffixedassets,intangibleassets,andotherlong-termassets(gainisindicatedwith“-”) | 2,840,110.13 | 5,093,236.75 |
| Lossesfromscrappingoffixedassets(gainisindicatedwith“-”) | -9,755,674.80 | |
| Lossesfromchangeoffairvalue(gainisindicatedwith“-”) | 332,671,324.28 | 275,513,745.88 |
| Financialexpenses(gainisindicatedwith“-”) | -16,784,148.14 | -22,731,466.27 |
| Investmentlosses(gainisindicatedwith“-”) | -117,330,364.97 | -62,684,028.87 |
| Decreaseindeferredincometaxassets(increaseisindicatedwith”-”) | 71,572,545.73 | 95,615,449.71 |
| Increaseindeferredincometaxliabilities(decreaseisindicatedwith”-”) | -723,444,795.06 | -824,963,603.42 |
| Decreaseininventory(increaseisindicatedwith”-”) | -2,526,548,835.52 | -4,529,233,502.65 |
| Decreaseinoperatingreceivables(increaseisindicatedwith”-”) | 1,300,453,267.13 | 152,648,586.65 |
| Increaseinoperatingpayables(decreaseisindicatedwith”-”) | 24,059,967.12 | 91,707,219.87 |
| Others | 2,667,453,259.32 | 503,587,598.66 |
| Netcashflowsfromoperatingactivities | ||
| 2.Significantinvestmentandfinancingactivitiesnotinvolvingcashreceiptsandpayments: | ||
| Conversionofdebtintocapital | ||
| Convertiblebondsduewithinoneyear | ||
| Fixedassetsacquiredunderfinanceleases | ||
| 3.Netchangesincashandcashequivalents: | 2,789,034,001.85 | 2,972,056,126.01 |
| Closingbalanceofcash | 2,972,056,126.01 | 1,369,299,568.60 |
| Less:openingbalanceofcash | ||
| Plus:closingbalanceofcashequivalents | ||
| Less:openingbalanceofcashequivalents | -183,022,124.16 | 1,602,756,557.41 |
(2)Totalcashoutflowrelatedtolease
TotalcashoutflowrelatedtoleaseforthecurrentperiodwasRMB1,375,995.60(previousperiod:RMB2,649,939.18).
(3)Compositionofcashandcashequivalents
Unit:RMB
| Item | Closingbalance | Openingbalance |
| I.Cash | 2,789,034,001.85 | 2,972,056,126.01 |
| Including:Cashonhand | 53,243.07 | 89,904.57 |
| Cashatbankthatcanbereadilydrawnondemand | 2,788,980,758.78 | 2,971,966,221.44 |
| III.CashandcashequivalentsattheendoftheReportingPeriod | 2,789,034,001.85 | 2,972,056,126.01 |
61.AssetswithRestrictedOwnershiporUseRights
| Item | Closingbookvalue | Closingbookvalue | Reasonofrestriction |
| Monetarycapital | 1,045,522,070.90 | 1,045,522,070.90 | Bankdraftmargin,letterofcreditmargin,letterofguaranteemargin,performancedeposit,securitydepositsforlockexchange,depositregulatedbybanks |
| Notesreceivable | 248,473,890.50 | 248,473,890.50 | Bankloansthroughpledge |
| Othercurrentassets | 251,828,755.71 | 251,828,755.71 | Bankloansandbankacceptancethroughpledge |
| Othernon-currentassets | 53,500,694.44 | 53,500,694.44 | Bankloansthroughpledge |
| Non-currentassetsduewithinoneyear | 268,759,015.31 | 268,759,015.31 | Bankloansandbankacceptancethroughpledge |
| Fixedassets | 581,698,498.88 | 518,129,104.90 | Bankloansthroughpledge |
| Constructioninprogress | 92,118,326.54 | 92,118,326.54 | Bankloansthroughpledge |
| Intangibleassets | 309,173,107.74 | 288,826,669.43 | Bankloansthroughpledge |
| Total | 2,851,074,360.02 | 2,767,158,527.73 |
Inadditiontotheitemslistedintheabovetable,theCompany'ssubsidiaryShanghaiEnergypledgedits100%equityinterestinSuzhouGreenPowertoobtainbankloans,whichresultedintheaboveCompany'sequityinterestbeingrestrictedassets.
62.Monetaryitemsdenominatedinforeigncurrencies
(1)Monetaryitemsdenominatedinforeigncurrencies
Unit:RMB
| Item | Endingbalanceofforeigncurrency | Exchangerate | EndingbalanceconvertedintoRMB |
| Monetarycapital | 357,860,441.32 | ||
| Including:USD | 24,736,411.72 | 7.08270 | 175,200,583.29 |
| Euro | 17,417,685.56 | 7.85920 | 136,889,074.35 |
| HKD | 9.23 | 0.90622 | 8.36 |
| JPY | 772,807,782.14 | 0.050213 | 38,804,997.16 |
| HUF | 340,721,456.23 | 0.020444 | 6,965,709.45 |
| Accountsreceivable | 555,563,573.06 | ||
| Including:USD | 69,650,072.81 | 7.08270 | 493,310,570.69 |
| Euro | 499,491.62 | 7.85920 | 3,925,604.54 |
| JPY | 1,161,599,532.00 | 0.05021 | 58,327,397.30 |
| Accountspayables | 240,891,782.12 | ||
| Including:USD | 33,900,073.59 | 7.08270 | 240,104,051.22 |
| Euro | 81,063.20 | 7.8592 | 637,091.90 |
| JPY | 3,000,000.00 | 0.050213 | 150,639.00 |
Otherexplanations:
63.Lease
(1)TheCompanyasthelessor?Applicable□NotapplicableThevariableleasepaymentsthatarenotincludedinthemeasurementoftheleaseliabilities
□Applicable?NotapplicableTheshort-termleasesandlow-valueassetleasesthataresimplified
□Applicable?NotapplicableVIIIR&Dexpenses
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforpreviousperiod |
| Materialcosts | 345,485,094.08 | 403,898,381.02 |
| Employeecompensation | 214,976,253.76 | 179,390,617.59 |
| Depreciationandamortization | 41,886,506.67 | 44,490,331.35 |
| Utilitycosts | 63,170,087.39 | 46,238,014.05 |
| Others | 61,963,059.77 | 50,280,355.65 |
| Total | 727,481,001.67 | 724,297,699.66 |
| Including:R&Dexpenditure | 727,481,001.67 | 724,297,699.66 |
IX.ChangesintheConsolidationScope
1.Mergerofenterprisesnotundercommoncontrol
(1)Otherexplanations
Businesscombinationnotundercommoncontroloccurredthisperiod
2.Mergerofenterprisesundercommoncontrol
(1)OtherexplanationsNobusinesscombinationundercommoncontroloccurredthisperiod
3.Reversepurchase
Basicinformationofthetransaction,basisforreversepurchaseofthetransaction,whethertheassetsandliabilitiesretainedbythelistedcompanyconstitutebusinessandtheirbasis,determinationofmergercosts,adjustmentofequityamountandcalculationwhentreatingequitytransactions:
Noreversepurchaseoccurredthisperiod
4.Disposalofsubsidiaries
Whethertherightofcontrolislostaftertransactionsoreventsinsubsidiaries
□Applicable?NotapplicableWhethertherightofcontrolislostforthecurrentperiodafterdisposalofinvestmentinsubsidiariesthroughmultipletransactions
□Applicable?Notapplicable
5.ChangesintheconsolidationscopeduetootherreasonsExplainthechangesinthescopeofconsolidationcausedbyotherreasons(suchastheestablishmentofnewsubsidiaries,liquidationofsubsidiaries,etc.)andrelevantinformation:
Duringtheperiod,thenumberofentitiesincludedintotheconsolidatedfinancialstatementincreasedby1anddecreasedby0,including:
Subsidiariesnewlyincludedintheconsolidationscopeinthecurrentperiod
| Name | Reasonforchange |
| YunnanJiechenPackagingMaterialsCo.,Ltd. | Newinvestment |
X.InterestsinOtherEntities
1.Interestsinsubsidiaries
(1)Constitutionoftheenterprisegroup
Unit:RMB
| Nameofsubsidiaries | Registeredcapital | Principalplaceofbusiness | Placeofregistration | Natureofbusiness | Shareholdingproportion | Methodofacquisition | |
| Direct | Indirect | ||||||
| YunnanDexinPaperCo.,Ltd. | 138,210,800.00 | Yuxi,Yunnan | Yuxi,Yunnan | Paperproductionandsales | 100.00% | 0.00% | Newlyestablished |
| YunnanJiechenPackagingMaterialsCo.,Ltd. | 150,000,000.00 | Yuxi,Yunnan | Yuxi,Yunnan | Productionandsalesofpackagingmaterials | 100.00% | 0.00% | Newlyestablished |
| YunnanHongchuangPackagingCo.,Ltd. | 152,381,819.00 | Yuxi,Yunnan | Yuxi,Yunnan | Productionandsalesofasepticpackingbox | 60.90% | 0.00% | Newlyestablished |
| HongchuangPackaging(Anhui)Co.,Ltd. | 300,000,000.00 | Ma'anshan,Anhui | Ma'anshan,Anhui | Productionandsalesofasepticpackingbox | 0.00% | 100.00% | Newlyestablished |
| YunnanHongtaPlasticCo.,Ltd. | 330,723,618.00 | Yuxi,Yunnan | Yuxi,Yunnan | Boppfilmproduction | 100.00% | 0.00% | Newlyestablished |
| andsales | |||||||
| HongtaPlastic(Chengdu)Co.,Ltd. | 172,581,213.00 | Chengdu,Sichuan | Chengdu,Sichuan | Boppfilmproductionandsales | 0.00% | 100.00% | Newlyestablished |
| YuxiFeiermuTradingCo.,Ltd. | 39,907,500.00 | Yuxi,Yunnan | Yuxi,Yunnan | Trading | 0.00% | 100.00% | Newlyestablished |
| NingboEnergyNewMaterialCo.,Ltd. | 10,000,000.00 | Ningbo,Zhejiang | Ningbo,Zhejiang | Trading | 100.00% | 0.00% | Newlyestablished |
| XiamenEnergyNewMaterialsCo.,Ltd. | 1,600,000,000.00 | Xiamen,Fujian | Xiamen,Fujian | Productionandsalesofnewmaterials | 0.00% | 100.00% | Newlyestablished |
| ShanghaiEnergyNewMaterialResearchCo.,Ltd. | 100,000,000.00 | Shanghai | Shanghai | Technicalservices | 100.00% | 0.00% | Newlyestablished |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 389,210,834.00 | Shanghai | Shanghai | Productionandsalesoflithiumbatteryseparator | 95.22% | 0.00% | Mergerofenterprisesundercommoncontrol |
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 1,600,000,000.00 | Zhuhai,Guangdong | Zhuhai,Guangdong | Productionandsalesoflithiumbatteryseparator | 0.00% | 100.00% | Newlyestablished |
| GuangdongEnergyNewMaterialInstituteCo.,Ltd. | 10,000,000.00 | Zhuhai,Guangdong | Zhuhai,Guangdong | Technicalservices | 0.00% | 100.00% | Newlyestablished |
| WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 1,600,000,000.00 | Wuxi,Jiangsu | Wuxi,Jiangsu | Productionandsalesoflithiumbatteryseparator | 0.00% | 100.00% | Newlyestablished |
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 1,200,000,000.00 | Yichun,Jiangxi | Yichun,Jiangxi | Productionandsalesoflithiumbatteryseparator | 0.00% | 100.00% | Businesscombinationnotunderthecommoncontrol |
| JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | 8,000,000.00 | Yichun,Jiangxi | Yichun,Jiangxi | Productionandsalesofpackagingmaterials | 0.00% | 82.00% | Businesscombinationnotunderthecommoncontrol |
| SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 421,741,781.00 | Suzhou,Jiangsu | Suzhou,Jiangsu | Productionandsalesoflithiumbatteryseparator | 0.00% | 100.00% | Businesscombinationnotunderthecommoncontrol |
| ChongqingEnergyNewmiTechnologicalCo.,Ltd. | 291,000,000.00 | Chongqing | Chongqing | Productionandsalesoflithiumbatteryseparator | 0.00% | 76.36% | Businesscombinationnotunderthecommoncontrol |
| JiangxiEnpoNewMaterialCo.,Ltd. | 600,000,000.00 | Yichun,Jiangxi | Yichun,Jiangxi | Productionandsalesoflithiumbatteryseparator | 0.00% | 51.00% | Newlyestablished |
| JiangxiEnergyNewMaterialTechnologyCo.,Ltd. | 100,000,000.00 | Yichun,Jiangxi | Yichun,Jiangxi | Productionandsalesoflithiumbatteryseparator | 0.00% | 100.00% | Newlyestablished |
| ChongqingEnergyNewMaterial | 1,600,000,000.00 | Chongqing | Chongqi | Production | 0.00% | 100.00% | Newly |
| TechnologyCo.,Ltd. | ng | andsalesoflithiumbatteryseparator | established | ||||
| HainanEnergyInvestmentCo.,Ltd. | 390,000,000.00 | ChengmaiCounty,HainanProvince | ChengmaiCounty,HainanProvince | Investmentandtechnologyservices | 0.00% | 100.00% | Newlyestablished |
| ChuangxinNewMaterial(HongKong)Co.,Ltd. | HongKong | HongKong | Trading | 0.00% | 100.00% | Newlyestablished | |
| SEMCORPGlobalHoldingsKft. | Hungary | Hungary | Investmentandtechnologyservices | 0.00% | 100.00% | Newlyestablished | |
| SEMCORPHungaryKft. | Hungary | Hungary | Productionandsalesoflithiumbatteryseparator | 0.00% | 100.00% | Newlyestablished | |
| SEMCORPPropertiesKft. | Hungary | Hungary | Saleofself-ownedrealestate | 0.00% | 100.00% | Newlyestablished | |
| SEMCORPAmericaInc. | USA | USA | Investmentandtechnologyservices | 0.00% | 100.00% | Newlyestablished | |
| SEMCORPManufacturingUSALLC | USA | USA | Productionandsalesoflithiumbatteryseparator | 0.00% | 100.00% | Newlyestablished | |
| JiangsuEnergyNewMaterialTechnologyCo.,Ltd. | 550,000,000.00 | Changzhou,Jiangsu | Changzhou,Jiangsu | Productionandsalesoflithiumbatteryseparator | 0.00% | 100.00% | Newlyestablished |
| JiangsuRuijieNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | Changzhou,Jiangsu | Changzhou,Jiangsu | Productionandsalesofpackagingmaterials | 0.00% | 100.00% | Newlyestablished |
| HunanEnergyFrontierNewMaterialTechnologyCo.,Ltd. | 20,000,000.00 | Changsha,Hunan | Changsha,Hunan | Productionandsalesofnewmaterials | 0.00% | 65.00% | Newlyestablished |
| HubeiEnergyNewMaterialTechnologyCo.,Ltd. | 1,600,000,000.00 | Jingmen,Hubei | Jingmen,Hubei | Productionandsalesofnewmaterials | 0.00% | 55.00% | Newlyestablished |
| JiangsuSanheBatteryMaterialTechnologyCo.,Ltd. | 100,000,000.00 | Liyang,Jiangsu | Liyang,Jiangsu | Productionandsalesofnewmaterials | 0.00% | 51.00% | Newlyestablished |
| Energy(ZhuhaiHengqin)NewMaterialsTechnologyCo.,Ltd. | 5,000,000.00 | Zhuhai,Guangdong | Zhuhai,Guangdong | Trading | 0.00% | 100.00% | Newlyestablished |
| YuxiEnergyNewMaterialsCo.,Ltd. | 500,000,000.00 | Yuxi,Yunnan | Yuxi,Yunnan | Productionandsalesofnewmaterials | 0.00% | 100.00% | Newlyestablished |
| ShanghaiEnergyTradingCo.,Ltd. | 30,000,000.00 | Shanghai | Shanghai | Trading | 0.00% | 100.00% | Newlyestablished |
| JiangsuEnergyNewMaterialResearchCo.,Ltd. | 200,000,000.00 | Changzhou,Jiangsu | Changzhou,Jiangsu | Trading/technologyservices | 0.00% | 100.00% | Newlyestablished |
Explanationofthedifferencebetweenshareholdingratioinsubsidiariesandvotingrightratio:
Basisforthecontrolofaninvesteewhileholdingitshalforlessthanhalfvotingrights,andthenon-controlofaninvesteewhileholdingitsmorethanhalfvotingrights：
Forimportantstructuredentitiesincludedintheconsolidationscope,thebasisforcontrol:
Basisfordeterminingwhetherthecompanyisanagentorprincipal:
Otherexplanations:
(2)Keynon-whollyownedsubsidiaries
Unit:RMB
| Nameofsubsidiaries | Percentageofsharesheldbyminorityshareholders | Profitorlossattributabletominorityshareholdersinthecurrentperiod | Dividendsdeclaredtominorityshareholdersinthecurrentperiod | Endingbalanceofminorityinterests |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 4.78% | 110,756,903.59 | 85,339,214.45 | 545,143,657.61 |
Explanationofthedifferencebetweenshareholdingratioinsubsidiariesandvotingrightratio:
Otherexplanations:
(3)Mainfinancialinformationofkeynon-whollyownedsubsidiaries
Unit:RMB
| Nameofsubsidiaries | Closingbalance | Openingbalance | ||||||||||
| Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 13,716,651,194.45 | 29,701,952,419.55 | 43,418,603,614.00 | 24,645,128,994.96 | 6,453,980,374.27 | 31,099,109,369.23 | 13,502,604,003.27 | 22,422,407,308.96 | 35,925,011,312.23 | 19,133,053,749.43 | 5,703,845,349.32 | 24,836,899,098.75 |
Unit:RMB
| Nameofsubsidiaries | Amountforcurrentperiod | Amountforpreviousperiod | ||||||
| Operatingincome | Netprofit | Totalcomprehensiveincome | Cashflowfromoperatingactivities | Operatingincome | Netprofit | Totalcomprehensiveincome | Cashflowfromoperatingactivities | |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 10,378,457,282.96 | 2,306,778,425.88 | 2,488,527,447.83 | 2,385,389,946.51 | 10,995,549,786.70 | 3,884,344,520.12 | 2,410,367,112.20 | 336,486,281.72 |
2.Interestsinjointarrangementorassociates
(1)Importantjointventuresorassociates
| Nameofjointventuresorassociates | Principalplaceofbusiness | Placeofregistration | Natureofbusiness | Shareholdingproportion | AccountingtreatmentforInvestmentsinjointventuresorassociates | |
| Direct | Indirect | |||||
| YuxiKunshasiPlasticMasterbatchCo.,Ltd. | Yuxi,Yunnan | Yuxi,Yunnan | Plasticproducts | 40% | Equitymethod | |
(2)Mainfinancialinformationofimportantassociates
Unit:RMB
| Closingbalance/Amountforthecurrentperiod | Openingbalance/Amountforthepreviousperiod |
Currentassets
| Currentassets | 10,520,809.76 | 15,373,699.64 |
| Non-currentassets | 298,204.40 | 134,814.50 |
| Totalassets | 10,819,014.16 | 15,508,514.14 |
| Currentliabilities | 2,794,063.91 | 2,964,408.36 |
| Non-currentliabilities | ||
| Totalliabilities | 2,794,063.91 | 2,964,408.36 |
Minorityinterest
| Minorityinterest | ||
| Shareholders’equityattributabletotheparentcompany | 8,024,950.25 | 12,544,105.78 |
| Proratasharesofthenetassetscalculated | 3,209,980.10 | 5,017,642.31 |
| Adjustment | ||
| --Goodwill | ||
| --unrealizedprofitsfrominternaltransactions | ||
| --Other | ||
| Bookvalueofequityinvestmentsinassociates | 3,209,980.10 | 5,017,642.31 |
| Fairvalueofequityinvestmentinassociateswithpublicquotation | ||
| Operatingincome | 29,874,156.04 | 35,018,727.82 |
| Netprofit | 3,377,715.29 | 3,679,145.26 |
| Netprofitfromdiscontinuedoperations | ||
| Othercomprehensiveincome | ||
| Totalcomprehensiveincome | 1,351,086.12 | 1,471,658.10 |
Dividendsreceivedfromassociatesduringtheyear
| Dividendsreceivedfromassociatesduringtheyear | 3,158,748.33 |
XI.Governmentgrants
1、Liabilityitemsrelatingtogovernmentgrants?Applicable□Notapplicable
Unit:RMB
| Itemrelatedtoaccounting | Openingbalance | Amountofnewgrantsfortheperiod | Amountrecognizedinnon-operatingincomefortheperiod | Amounttransferredtootherincomefortheperiod | Otherchangesfortheperiod | Closingbalance | Relationwithassets/revenue |
| Deferredincome | 823,467,109.47 | 220,279,567.45 | 80,473,137.13 | 963,273,539.79 | |||
| SupportandincentivepaymentoftheXishanEconomicandTechnologicalDevelopmentZone | 247,166,279.03 | 51,298,000.00 | 22,463,447.44 | 276,000,831.59 | Relatedtoassets |
| Itemrelatedtoaccounting | Openingbalance | Amountofnewgrantsfortheperiod | Amountrecognizedinnon-operatingincomefortheperiod | Amounttransferredtootherincomefortheperiod | Otherchangesfortheperiod | Closingbalance | Relationwithassets/revenue |
| EquipmentsubsidiesoftheGao’anMunicipalPeople’sGovernment | 245,247,614.82 | 25,125,178.56 | 220,122,436.26 | Relatedtoassets | |||
| Itemsubsidyforthedevelopmentofadvanced | 148,179,039.62 | 14,308,295.40 | 133,870,744.22 | Relatedtoassets | |||
| SubsidiesforbuildingsofJiangsuEnergy | 45,141,000.00 | 189,668.07 | 44,951,331.93 | Relatedtoassets | |||
| SubsidiesforequipmentofRuijie | 35,907,266.17 | 35,907,266.17 | Relatedtoassets | ||||
| SpecialfundsforthedevelopmentofprovincialstrategicemergingindustriesofWuxiEnergy | 26,538,461.58 | 2,307,692.31 | 24,230,769.27 | Relatedtoassets | |||
| Subsidiesforinfrastructureconstruction | 22,790,200.24 | 1,340,599.92 | 21,449,600.32 | Relatedtoassets | |||
| SubsidywithinterestsofImportedequipmentforJiangxiTonry | 8,535,608.65 | 11,687,700.00 | 800,707.17 | 19,422,601.48 | Relatedtoassets | ||
| SupportfundforimportedequipmentindustryofGao'anMunicipalPeople’sGovernment | 18,109,140.71 | 1,545,796.28 | 16,563,344.43 | Relatedtoassets | |||
| NationalimportdiscountforWuxiEnergy | 10,784,050.78 | 6,061,400.00 | 1,055,406.38 | 15,790,044.40 | Relatedtoassets | ||
| SubsidiesforequipmentofJiangsuEnergy | 15,113,066.73 | 98,226.66 | 15,014,840.07 | Relatedtoassets | |||
| LandsubsidyforSanhevillage,Jiangsu | 8,413,407.19 | 6,464,700.00 | 267,063.69 | 14,611,043.50 | Relatedtoassets | ||
| EnterprisesupportfundsallocatedbyGao’anNewWorldIndustrialCityFinanceOffice | 15,406,082.68 | 804,404.76 | 14,601,677.92 | Relatedtoassets | |||
| SpecialfundsforthedevelopmentofprovincialstrategicemergingindustriesofJiangsuEnergy | 12,000,000.00 | 59,282.79 | 11,940,717.21 | Relatedtoassets | |||
| High-performancelithiumionbatteryseparatorprojectwithanoutputof90millionsquaremeters | 10,835,090.16 | 2,696,405.76 | 8,138,684.40 | Relatedtoassets | |||
| Municipaltechnologicaltransformationprojectforhigh-qualitydevelopment | 8,906,250.00 | 1,125,000.00 | 7,781,250.00 | Relatedtoassets | |||
| NationalimportdiscountforChongqingEnergy | 7,726,599.00 | 166,761.12 | 7,559,837.88 | Relatedtoassets | |||
| LandsubsidiesgrantedbytheAdministrativeCommitteeofYuxiHigh-techIndustrialDevelopmentZonefor | 6,766,262.19 | 777,000.00 | 440,202.10 | 7,103,060.09 | Relatedtoassets |
| Itemrelatedtoaccounting | Openingbalance | Amountofnewgrantsfortheperiod | Amountrecognizedinnon-operatingincomefortheperiod | Amounttransferredtootherincomefortheperiod | Otherchangesfortheperiod | Closingbalance | Relationwithassets/revenue |
| theannualproductionof1billionliquidpackingboxes | |||||||
| Technologicaltransformationprojectoftheproductionlineoflithium-ionbatteryseparator | 8,006,026.90 | 1,080,781.56 | 6,925,245.34 | Relatedtoassets | |||
| Enterprisedevelopmentsupportfunds(subsidyforplantconstructionofJiangxiEnpo) | 6,315,328.00 | 336,817.49 | 5,978,510.51 | Relatedtoassets | |||
| TechnicaltransformationfundsforJiangxiTonry | 6,000,000.00 | 136,812.92 | 5,863,187.08 | Relatedtoassets | |||
| Technologicaltransformationprojectofthesecondbatchofindustrialtransformationin2020 | 6,450,000.00 | 900,000.00 | 5,550,000.00 | Relatedtoassets | |||
| Technicaltransformation | |||||||
| guidancefunds | 5,299,515.00 | 264,975.75 | 5,034,539.25 | Relatedtoassets | |||
| Specialfundsfor70,000-tonBOPPprojects | 5,300,000.00 | 530,000.03 | 4,769,999.97 | Relatedtoassets | |||
| Lithium-ionbatterymicroporousseparatorproductiondigitalizedworkshopBofChongqingEnergy | 4,000,000.00 | 52,173.90 | 3,947,826.10 | Relatedtoassets | |||
| Specialfundforthedevelopmentofsmallandmedium-sizedenterprisesattheprovinciallevelforJiangxiTonry | 3,300,000.00 | 211,939.86 | 3,088,060.14 | Relatedtoassets | |||
| FundforthedevelopmentofdigitaleconomyanddigitaltransformationforWuxiEnergy | 3,000,000.00 | 21,739.13 | 2,978,260.87 | Relatedtoassets | |||
| SupportsubsidiesofcleanerproductionforShanghaiEnergy | 3,000,000.00 | 125,000.00 | 2,875,000.00 | Relatedtoassets | |||
| Specialfundsforbasicprojects | 3,083,332.99 | 307,692.48 | 2,775,640.51 | Relatedtoassets |
Specialfundforthedevelopmentofsmallandmedium-sizedenterprisesattheprovinciallevelin2021byYuxiMunicipalBureauofIndustryandInformationTechnology
| 2,239,898.21 | 143,265.70 | 2,096,632.51 | Relatedtoassets | ||||
| Boilerupgradingandreconstructionprojects | 2,165,138.56 | 196,830.72 | 1,968,307.84 | Relatedtoassets | |||
| NationalimportdiscountforSuzhouGreenPower | 1,936,935.00 | 27,084.36 | 1,909,850.64 | Relatedtoassets | |||
| Cabletrenchsubsidy | 2,181,667.17 | 339,999.96 | 1,841,667.21 | Relatedto |
| Itemrelatedtoaccounting | Openingbalance | Amountofnewgrantsfortheperiod | Amountrecognizedinnon-operatingincomefortheperiod | Amounttransferredtootherincomefortheperiod | Otherchangesfortheperiod | Closingbalance | Relationwithassets/revenue |
| assets | |||||||
| NationalimportdiscountforJiangxiEnergy | 1,637,100.00 | 11,415.13 | 1,625,684.87 | Relatedtoassets | |||
| Investmentsubsidiesforhigh-performancelithium-ionbatterymicroporousseparatorkeyproject(phaseI)ofChongqingEnergy | 1,000,000.00 | 13,452.90 | 986,547.10 | Relatedtoassets | |||
| Coretechnicalknow-howforindustrializationofWuxiEnergy | 1,000,000.00 | 31,744.57 | 968,255.43 | Relatedtoassets | |||
| Low-nitrogentransformationprojectsubsidyoftheFinanceBureauofChangshou | 928,571.44 | 71,428.56 | 857,142.88 | Relatedtoassets | |||
| KeyindustrialtechnologyinnovationprojectfundsofSuzhou | 700,000.00 | 700,000.00 | Relatedtoassets | ||||
| SpecialfundsforbasicprojectsofJiangxiTonry | 769,231.16 | 76,922.88 | 692,308.28 | Relatedtoassets | |||
| EnterprisedevelopmentsupportfundsofWuxiEnergy | 707,692.25 | 61,538.52 | 646,153.73 | Relatedtoassets | |||
| SubsidiesfortalentleadingofShanghaiEnergy | 600,000.00 | 29,787.23 | 570,212.77 | Relatedtoassets | |||
| VOCssubsidiesforprojectgovernanceofHongchuangPackaging | 585,000.00 | 48,750.00 | 536,250.00 | Relatedtoassets | |||
| District-leveladministrativeapprovalpre-intermediaryserviceprojectofHubeiEnergy | 443,926.05 | 443,926.05 | Relatedtoassets | ||||
| SpecialfundsfortheconstructionoftheYuximunicipalindustrialparkin2017 | 469,282.40 | 34,977.60 | 434,304.80 | Relatedtoassets | |||
| Provincial-levelspecialfundsforhighqualitydevelopmentofmanufacturingindustryforHubeiEnergy | 400,000.00 | 5,161.29 | 394,838.71 | Relatedtoassets | |||
| SubsidiesoftheYuxiMunicipalBureauofFinanceforthefirstmajortechnicalequipment | 415,094.48 | 113,207.52 | 301,886.96 | Relatedtoassets | |||
| RewardforSuzhoutobuildanintelligentdemonstrationworkshopofadvancedmanufacturingbasein2020 | 329,670.24 | 65,933.97 | 263,736.27 | Relatedtoassets | |||
| Fundsforthepreparation | 262,506.61 | 14,720.04 | 247,786.57 | Relatedto |
| Itemrelatedtoaccounting | Openingbalance | Amountofnewgrantsfortheperiod | Amountrecognizedinnon-operatingincomefortheperiod | Amounttransferredtootherincomefortheperiod | Otherchangesfortheperiod | Closingbalance | Relationwithassets/revenue |
| oftouringinspectionactivitiesinYichunandcentralizedcommencementandcompletionactivitiesofmajorprojectsinYichun,allocatedbyGao’anNewWorldIndustrialCityFinanceOffice | assets | ||||||
| National-levelsubsidyfornewenergyprojectsofShanghaiEnergy | 167,800.69 | 2,151.30 | 165,649.39 | Relatedtoassets | |||
| SubsidiesfortherenovationofpowersupportingprojectsoutsidetheplantsintheJiulongdistrictoftheYuxiHigh-TechDevelopmentZoneManagementCommittee | 166,666.41 | 50,000.04 | 116,666.37 | Relatedtoassets | |||
| National-levelsubsidyfornewenergyprojectsofShanghaiEnergy | 1,032,073.81 | 372,693.31 | 659,380.50 | Relatedtorevenue |
2.Governmentgrantsrecognizedinprofitorlossfortheperiod
?Applicable□Notapplicable
Unit:RMB
| Itemrelatedtoaccounting | Amountincurredinthecurrentperiod | Amountincurredinthepreviousperiod |
| Otherincome | 28,818,978.59 | 28,315,730.87 |
| Otherincome | 24,252,700.00 | 27,456,200.00 |
| Otherincome | 22,463,447.44 | 16,557,514.46 |
| Otherincome | 14,308,295.40 | 14,308,295.40 |
| Otherincome | 12,854,416.65 | |
| Otherincome | 11,897,179.30 | 3,102,696.34 |
| Otherincome | 8,136,616.07 | |
| Otherincome | 5,802,187.32 | 5,802,187.32 |
| Otherincome | 31,140,000.00 | |
| Otherincome | 13,000,000.00 | |
| Otherincome | 41,760,370.95 | 15,619,999.90 |
| Financialexpenses | -1,099,103.16 | -91,800.00 |
| Financialexpenses | -253,200.00 | -16,693,000.00 |
XII.RisksRelatedtoFinancialInstruments
1.Categoriesofrisksarisingfromfinancialinstruments
TheCompany’sprimaryfinancialinstrumentsincludecashandcashequivalents,equityinvestment,loans,receivables,payablesandconvertiblebonds,etc.Indailybusinessactivities,theCompanyisfacedwithvariousrisksoffinancialinstruments,mainlyincludingcreditrisk,liquidityriskandmarketrisk.Therisksassociatedwiththesefinancialinstrumentsandtheriskmanagementpoliciesadopted
bytheCompanytomitigatetheserisksaredescribedasfollows:
TheboardofdirectorsisresponsibleforplanningandestablishingtheCompany’sriskmanagementframework,formulatingriskmanagementpoliciesandrelevantguidelines,andsupervisingtheimplementationofriskmanagementmeasures.TheCompanyhasformulatedriskmanagementpoliciestoidentifyandanalyzetherisks.Theseriskmanagementpoliciesclearlystipulatedthespecificrisks,coveringmarketrisk,creditrisk,liquidityriskmanagementandmanyotheraspects.TheCompanyregularlyevaluatesthemarketenvironmentandchangesinitsbusinessactivitiestodeterminewhethertoupdateitsriskmanagementpoliciesandsystems.TheCompany’sriskmanagementiscarriedoutbytheriskmanagementcommitteeinaccordancewiththepoliciesapprovedbytheboardofdirectors.Theriskmanagementcommitteeidentifies,evaluatesandavoidsrelevantrisksthroughclosecooperationwithotherdepartments.Theinternalauditdepartmentperformsregularauditonriskmanagementcontrolsandprocedures,andreportstheauditresultstotheauditcommittee.TheCompanydispersestheriskoffinancialinstrumentsthroughappropriatediversifiedinvestmentandbusinessportfolio,andreducestherisksofbeingconcentratedonasingleindustry,specificregionorspecificcounterpartybyformulatingcorrespondingriskmanagementpolicies.
(I)Creditrisk
CreditriskreferstotheriskoffinanciallosstotheCompanycausedbythecounterparty’sfailuretoperformitscontractualobligations.Themanagementhasformulatedappropriatecreditpoliciesandconstantlymonitorstheexposureofcreditrisk.TheCompanyhasadoptedapolicyoftradingonlywithcreditworthycounterparties.Inaddition,theCompanyassessesthecreditqualificationofcustomersandsetscorrespondingcreditperiodbasedontheirfinancialstatus,thepossibilityofobtainingguaranteefromathirdparty,creditrecordsandotherfactorssuchascurrentmarketconditions.TheCompanycontinuouslymonitorsthebalanceandrecoveryofnotesandaccountsreceivable.Forcustomerswithpoorcreditrecords,theCompanywillusewrittendunning,shorteningcreditperiodorcancelingcreditperiodtoensurethattheCompanywillnotfacesignificantcreditloss.Inaddition,theCompanyreviewstherecoveryoffinancialassetsoneachbalancesheetdatetoensurethattherelevantfinancialassetsarefullypreparedfortheexpectedcreditloss.OtherfinancialassetsoftheCompanyincludecashandcashequivalents,otherreceivables,etc.Thecreditriskofthesefinancialassetscomesfromthedefaultofthecounterparty,andthemaximumcreditriskexposureisthebookamountofeachfinancialassetinthestatementoffinancialposition.Thecompanydoesnotprovideanyotherguaranteethatmayexposecompanytocreditrisk,exceptforthefinancialguaranteesmadebytheCompanyasstatedinNoteXIV.(II).ThecashandcashequivalentsheldbytheCompanyaremainlydepositedinthestate-ownedholdingbanksandotherlargeandmedium-sizedcommercialbanksandotherfinancialinstitutions.Themanagementbelievesthatthesecommercialbankshavehighreputationandassetstatus,thereisnosignificantcreditrisk,andtherewillbenosignificantlosscausedbythedefaultoftheotherparty.Thecompany’spolicyistocontroltheamountofdepositdepositedaccordingtothemarketreputation,businessscaleandfinancialbackgroundofeachwell-knownfinancialinstitution,soastolimittheamountofcreditrisktoanysinglefinancialinstitution.AsapartoftheCompany’screditriskassetmanagement,theCompanyusesaccountagingtoassesstheimpairmentlossofaccountsreceivableandotherreceivables.Theaccountsreceivableandotherreceivablesinvolvealargenumberofcustomers.Theaginginformationcanreflectthesolvencyandbaddebtriskofthesecustomersforaccountsreceivableandotherreceivables.Basedonhistoricaldata,theCompanycalculatesthehistoricalactualbaddebtrateofdifferentaccountageperiods,andtakesintoaccounttheforecastofcurrentandfutureeconomicconditions,suchasnationalGDPgrowth,totalinfrastructureinvestment,nationalmonetarypolicyandotherforward-lookinginformationtoadjusttheexpectedlossrate.Forlongtermreceivables,theCompanycomprehensivelyconsidersthesettlementperiod,paymentperiodagreedinthecontract,thefinancialsituationofthedebtorandtheeconomicsituationofthedebtor’sindustry,andreasonablyevaluatestheexpectedcreditlossafteradjustingtheaforesaidforward-lookinginformation.AsofDecember31,2023,thebookbalanceandexpectedcreditimpairmentlossofrelatedassetsareasfollows:
| Item | Bookbalance | Provisionforimpairment |
| Notesreceivable | 770,021,854.08 | 9,053,466.83 |
| Accountsreceivable | 6,865,281,589.35 | 145,581,827.17 |
| Otherreceivables | 28,319,743.88 | 1,751,649.62 |
| Othercurrentassets | 251,828,755.71 | |
| Non-currentassetsduewithinoneyear | 618,295,576.83 | |
| Othernon-currentassets | 160,506,597.17 | |
| Receivablefinancing | 408,354,641.63 | |
| Total | 9,102,608,758.65 | 156,386,943.62 |
AsofDecember31,2023,theamountoffinancialguaranteesprovidedbytheCompanywasRMB43,680.3422million.PleaserefertoXIV.(II)fordetailsoffinancialguaranteecontracts.ThemanagementoftheCompanyhasassessedwhethertheguaranteedloansareoverdue,thefinancialpositionsofborrowersandtheeconomicconditionsoftheindustrieswhichtheborrowersarein.itisbelievedthattherelevantcreditriskshavenotincreasedsignificantlysincetheinitialrecognitionoffinancialguaranteecontracts.Therefore,theCompanymeasuresitsimpairmentprovisionattheamountequivalenttotheexpectedcreditlossoftheabove-mentionedfinancialguaranteecontractsinthenext12months.DuringtheReportingPeriod,theCompany'sassessmentmethodsandmajorassumptionshavenotchanged.AccordingtotheassessmentoftheCompany'smanagement,therearenosignificantexpectedprovisionofimpairmentsontherelevantfinancialguarantees.ThemajorclientsoftheCompanyhavereliableandgoodreputation.Therefore,theCompanydoesnotbelievethatsuchcustomershavesignificantcreditrisks.AstheCompanyhasawiderangeofcustomers,thereisnosignificantcreditconcentrationrisk.NocollateralisrequiredastheCompanyonlytransactswithapprovedandreputablethirdparties.Creditriskconcentrationismanagedonacustomerbasis.AsatDecember31,2023,theCompanyhascertainconcentrationofcreditrisk.42.67%(December31,2022:
44.23%)oftheCompany'saccountsreceivablecamefromthetopfivecustomersinthebalance.TheCompanydoesnotholdanycollateralorothermeasuresoncreditenhancementonitsaccountsreceivablebalances.ThemaximumcreditriskexposureoftheCompanyisthebookvalueofeachfinancialassetinthebalancesheet.Intermsofthewealthmanagementproductsofbanks,whichareinvestedinbytheCompany,thecreditratingofthecounterpartymustbehigherthanorthesameasthatoftheCompany.Inviewofthegoodcreditratingofthecounterparty,themanagementoftheCompanydoesnotexpectthatthecounterpartywillbeunabletoperformitsobligations.
(II)Liquidityrisk
LiquidityriskreferstotheriskoffundshortagewhentheCompanysatisfiestheobligationofsettlementbydeliveringcashorotherfinancialassets.EachmemberoftheCompanyisresponsiblefortheirowncashflowforecast.Basedonthecashflowforecastresultsofeachmemberenterprise,thesubordinatefinancialdepartmentoftheCompanycontinuouslymonitorstheshort-termandlong-termcapitaldemandoftheCompanyattheCompanyleveltoensurethatsufficientcashreservesaremaintained;atthesametime,itcontinuouslymonitorswhetheritconformstotheprovisionsoftheloanagreementandobtainsthecommitmentofprovidingsufficientreservefundsfromthemainfinancialinstitutionstomeettheshort-termandlong-termcapitaldemand.Inaddition,theCompanyenteredintoafinancinglinecreditagreementwithmajorbusinessbankstoprovidesupportfortheCompanytofulfillitsobligationsrelatedtocommercialbills.AsofDecember31,2023,theCompanyhashadabankcreditlineofRMB32,140.3422milliongrantedbyseveraldomesticbanks,RMB12,031.9544millionofwhichhasbeenused.AsofDecember31,2023,allthefinancialliabilitiesandoff-balancesheetguaranteesoftheCompanyarepresentedatundiscountedcontractualcashflowsbymaturitydateasfollows:
| Item | Closingbalance | ||
| Lessthan1year | 1-5years | Total | |
| Non-derivativefinancialliabilities | |||
| Short-termborrowings | 7,290,694,906.27 | 7,290,694,906.27 | |
| Notespayable | 802,933,704.02 | 802,933,704.02 | |
| Accountspayable | 1,441,243,438.57 | 167,066,177.89 | 1,608,309,616.46 |
| Otherpayables | 134,044,694.47 | 110,653,607.86 | 244,698,302.33 |
| Long-termborrowings | 1,088,108,156.55 | 4,685,315,817.70 | 5,773,423,974.25 |
| Bondspayable | 6,070,366.96 | 435,900,486.76 | 441,970,853.72 |
| Subtotalofnon-derivativefinancialliabilities | 10,763,095,266.84 | 5,398,936,090.21 | 16,162,031,357.05 |
| Total | 10,763,095,266.84 | 5,398,936,090.21 | 16,162,031,357.05 |
Marketrisk
1.ExchangerateriskTheCompany’smajoroperationalactivitiesarecarriedoutinChina,anditsmainbusinessissettledinRMB.However,therecognizedassetsandliabilitiesdenominatedinforeigncurrenciesandfuturetransactionsdenominatedinforeigncurrencies(theassetsandliabilitiesdenominatedinforeigncurrenciesandtransactionsdenominatedinforeigncurrenciesaremainlydenominatedinUSD,EURandJPY)stillhaveexchangeraterisk.ThefinancialdepartmentoftheCompanyisresponsibleformonitoringthescaleoftransactionsdenominatedinforeigncurrenciesandassetsandliabilitiesoftheCompanydenominatedinforeigncurrenciestominimizetheexchangeraterisk;therefore,theCompanymaysignforwardforeignexchangecontractsorcurrencyswapcontractstoavoidexchangeraterisk.
(1)TherewasonforwardexchangecontractsorcurrencyswapcontractssignedbytheCompanyfortheyear.
(2)AsofDecember31,2023,thefinancialassetsandthefinancialliabilitiesdenominatedinforeigncurrenciesheldbytheCompany,areexpressedinRMBasfollows:
| Item | Closingbalance | |||||
| USD | JPY | EUR | HKD | HUF | Total | |
| Financialassetsdenominatedinforeigncurrencies: | ||||||
| Monetarycapital | 175,200,583.29 | 38,804,997.16 | 136,889,074.35 | 8.36 | 6,965,709.45 | 357,860,372.61 |
| Accountsreceivable | 493,310,570.69 | 58,327,397.30 | 3,925,604.54 | 555,563,572.53 | ||
| Subtotal | 668,511,153.98 | 97,132,394.46 | 140,814,678.89 | 8.36 | 6,965,709.45 | 913,423,945.14 |
| Financialliabilitiesdenominatedinforeigncurrencies: | ||||||
| Accountspayable | 240,104,051.22 | 150,639.00 | 637,091.90 | 240,891,782.12 | ||
| Sub-total | 240,104,051.22 | 150,639.00 | 637,091.90 | 240,891,782.12 | ||
(3)Sensitivityanalysis:
AsofDecember31,2023,forallkindsofUSD,EURandJPYfinancialassetsandUSD,EURandJPYfinancialliabilitiesoftheCompany,ifRMBappreciatesordepreciates10%againstUSD,EURandJPY,andotherfactorsremainunchanged,theCompanywillreduceorincreaseitsnetprofitbyaboutRMB57.1652million(aboutRMB35.2179millionin2022).
2.InterestrateriskTheinterestrateriskoftheCompanymainlyderivesfrombankloansandothers.Thefinancialliabilitiesatfloatinginterestrateexpose
theCompanytotheinterestrateriskofcashflow,andfinancialliabilitieswithfixedinterestrateexposetheCompanytotheinterestrateriskoffairvalue.Thecompanydeterminestherelativeproportionoffixedrateandfloatingratecontractsaccordingtothemarketenvironmentatthattime.ThefinancialdepartmentoftheCompanycontinuouslymonitorstheinterestratelevelofcompany.Therisinginterestratewillincreasethecostofnewinterest-bearingdebtandtheinterestexpenseoftheoutstandinginterest-bearingdebtatfloatinginterestrate,andhaveasignificantadverseimpactonthefinancialperformanceofcompany.Themanagementwillmaketimelyadjustmentsaccordingtothelatestmarketconditions,whichmaybeinterestrateswaparrangementstoreduceinterestraterisk.
(1)TheCompanyhadnosignificantinterestrateswaparrangementsthisyear.
(2)AsofDecember31,2023,theCompany’slong-terminterest-bearingliabilitieswerethefloatingratecontractdenominatedinRMB,amountingtoRMB5,768.4394million,assetoutinnoteV.32.
(3)Sensitivityanalysis:
AsofDecember31,2023,iftheloaninterestrateonthefloatinginterestrateborrowingsrisesorfallsby50basispoints,whileotherfactorsremainunchanged,theCompany’snetprofitwilldecreaseorincreasebyaboutRMB42,246,600(approximatelyRMB29,618,500in2022).TheabovesensitivityanalysisassumesthattheinterestratehaschangedonthebalancesheetdateandhasbeenappliedtoallborrowingsobtainedbytheCompanyatafloatinginterestrate.
3.PriceriskPriceriskreferstotheriskoffluctuationduetothechangeofmarketpriceotherthanexchangerateriskandinterestraterisk,whichmainlycomesfromthechangeofcommodityprice,stockmarketindex,equityinstrumentpriceandotherriskvariables.
XIII.DisclosureofFairValue
1.Fairvalueofassetsandliabilitiesmeasuredatfairvalueattheendoftheperiod
Unit:RMB
| Item | Closingfairvalue | |||
| Fairvaluemeasuredatthefirstlevel | Fairvaluemeasuredatthesecondlevel | Fairvaluemeasuredatthethirdlevel | Total | |
| I.Continuousfairvaluemeasurement | -- | -- | -- | -- |
| (II)Otherdebtinvestment | 408,354,641.63 | 408,354,641.63 | ||
| (III)Otherequityinstrumentinvestment | 89,000,000.00 | 89,000,000.00 | ||
| Totalassetsmeasuredatfairvalueonacontinuousbasis | 497,354,641.63 | 497,354,641.63 | ||
| II.Non-continuousfairvaluemeasurement | -- | -- | -- | -- |
2.Determinationbasisofthemarketpriceoftheitemmeasuredusingthefirst-levelcontinuousandnon-continuousfairvaluemeasurementNone
3.Valuationtechniquesandqualitativeandquantitativeinformationonimportantparametersadoptedforthesecond-levelcontinuousandnon-continuousfairvaluemeasurement
None
4.Valuationtechniquesandqualitativeandquantitativeinformationonimportantparametersadoptedforthethird-levelcontinuousandnon-continuousfairvaluemeasurementThenon-tradingequityinstrumentsatfairvaluethroughothercomprehensiveincomeheldbytheCompany,whosefairvalueismeasuredatthethirdlevel,aremainlytheequityinvestmentprojectsthatarenotavailableforverificationbydatainobservableactivemarkets,forwhichthefinancialforecastismadeusingtheirowninformation,ThereceivablesfinancingheldbytheCompanywerethebankacceptancebillsheldbytheCompany,whoseremaininglifeisshortandbookvalueisclosetotheirfairvalue.
5.Continuousthird-levelfairvaluemeasurementitems,adjustmentinformationbetweentheopeningandclosingbookvaluesandsensitivityanalysisofunobservableparameters
(1)Reconciliationinformationbetweenopeningandclosingbookvalues
| Item | Openingbalance | TransferintoLevel3 | Transferoutoflevel3 | Totalgainsorlossesfortheperiod | Purchases,issues,salesandsettlements | Endingbalance | ChangesinunrealizedgainsorlossesfortheperiodincludedinprofitorlossforassetsheldattheendoftheReportingPeriod | ||||
| Chargedtoprofitorloss | Chargedtoothercomprehensiveincome | Purchase | Issue | Sales | Settlement | ||||||
| Receivablesfinancing | 692,286,629.08 | 408,354,641.63 | 692,286,629.08 | 408,354,641.63 | |||||||
| Investmentsinotherequityinstruments | 111,000,000.00 | -22,000,000.00 | 89,000,000.00 | ||||||||
| Totalassets | 803,286,629.08 | -22,000,000.00 | 408,354,641.63 | 692,286,629.08 | 497,354,641.63 | ||||||
6.Forthecontinuousfairvaluemeasurementitems,ifthereisaconversionbetweenlevelsinthecurrentperiod,describethereasonfortheconversionandthepolicyfordeterminingthetimepointoftheconversionTheabovecontinuousfairvaluemeasurementprojectoftheCompanyhasnotchangedbetweendifferentlevelsinthisyear.
7.ChangesinvaluationtechniquesandthecauseofchangesinthecurrentperiodThefairvaluevaluationtechnologyoftheCompany’sfinancialinstrumentshasnotchangedinthisyear.
8.FairvalueoffinancialassetsandfinancialliabilitiesthatarenotmeasuredatfairvalueFinancialassetsandliabilitiesnotmeasuredatfairvaluemainlyincludereceivables,shorttermloans,payables,non-currentliabilitiesmaturingwithinoneyearandlong-termloans.Thedifferencebetweenbookvalueandfairvalueoftheabovefinancialassetsandliabilitiesnotmeasuredatfairvalueisverysmall.
XIV.RelatedPartiesandRelatedPartyTransactions
1.InformationaboutParentCompanyoftheCompany
DescriptionofInformationaboutParentCompanyoftheCompany:
AsofDecember31,2023,theactualcontrolleroftheCompanywasthePaulXiaomingLeefamily.ThePaulXiaomingLeefamilyheld
41.60%oftheCompany’ssharesdirectlyandindirectly,andactuallycontrolledtheCompany.TheshareholdingofPaulXiaomingLee’sfamilyisasfollows:hisfamilymemberPaulXiaomingLeeholds13.03%ofthesharesdirectly,hisfamilymemberLiXiaohuaholds
6.93%ofthesharesdirectly,hisfamilymemberSherryLeeholds7.29%ofthesharesdirectly,andhisfamilymemberJerryYangLiholds1.51%ofthesharesdirectly.PaulXiaomingLee’sfamilymembersindirectlyhold12.84%equityoftheCompanythroughYuxiHeyiInvestmentCo.,Ltd,YuxiHeliInvestmentCo.,LtdandShanghaiHengzouEnterpriseManagementFirm(LimitedPartnership).TheultimatecontrolleroftheCompanywasthePaulXiaomingLeefamily.Otherexplanations:
2.InformationaboutsubsidiariesoftheCompany
PleaserefertoNoteX(I).InterestinSubsidiariesfordetailsofthesubsidiariesoftheCompany.
3.InformationaboutjointventuresandassociatesoftheCompany
PleaserefertoNoteX(II).EquityinJointVenturesorAssociatesEnterprisesfordetailsofjointventuresandassociatesoftheCompany.Informationonotherassociatesorjointventureswhichhaverelated-partytransactionswiththeCompanyinthecurrentperiodorwhoserelated-partytransactionswiththeCompanyproducedbalanceinpreviousyearsisasfollows:
| Nameofjointventureorassociate | RelationshipwiththeCompany |
| YuxiKunshasiPlasticMasterbatchCo.,Ltd. | AnassociateoftheCompany |
Otherexplanation:
4.InformationaboutOtherRelatedParties
| Nameofotherrelatedparty | RelationshipwiththeCompany |
| YuxiHeliInvestmentCo.,Ltd. | Shareholder |
| YuxiHeyiInvestmentCo.,Ltd. | Shareholder |
| ZhuhaiChenyuNewMaterialTechnologyCo.,Ltd. | LiXiaohua,oneoftheactualcontrollersoftheCompany,vicechairmanandgeneralmanager,holds5%ofitsequityinterests,andShanghaiEnergyNewMaterialTechnologyCo.,Ltd.,asubsidiaryoftheCompany, |
| holds8%ofitsequityinterests | |
| SuzhouJieshengTechnologyCo.,Ltd. | LiXiaohua,oneoftheactualcontrollersoftheCompany,vicechairmanandgeneralmanager,servesasitsexecutivedirectorandgeneralmanager |
| SuzhouFuqiangTechnologyCo.,Ltd. | LiXiaohua,oneoftheactualcontrollersoftheCompany,vicechairmanandgeneralmanager,servesasitschairperson |
| SuzhouFuqiangJianengMachineryCo.,Ltd. | LiXiaohua,oneoftheactualcontrollersoftheCompany,vicechairmanandgeneralmanager,servesasitschairperson |
| ChangshuJuxingMachineryCo.,Ltd. | LiXiaohua,oneoftheactualcontrollersoftheCompany,vicechairmanandgeneralmanager,servesasitsexecutivedirectorandgeneralmanager |
| PaulXiaomingLee | Mainmemberoftheultimatecontrollerfamily |
| LiXiaohua | Mainmemberoftheultimatecontrollerfamily |
| SherryLee | Mainmemberoftheultimatecontrollerfamily |
| JerryYangLi | Mainmemberoftheultimatecontrollerfamily |
| IndustrialandCommercialBankofChinaLimited | ThespouseofMs.ZhengHaiying,anindependentDirectorwhoceasedtoholdofficeonMarch24,2023,isanon-executiveDirectorofICBC |
Otherexplanations:
5.Relatedpartytransactions
(1)Relatedpartytransactionsonpurchaseandsalesofgoodsandrenderingandreceivingofservices
Statementofpurchaseofgoods/acceptanceofservices
Unit:RMB
| Relatedparty | ParticularsofRelatedpartytransaction | Amountforthecurrentperiod | Approvedtransactionlimit | Whetherexceedingthetransactionlimit | Amountforthepreviousperiod |
| YuxiKunshasiPlasticMasterbatchCo.,Ltd. | Purchaseofadditives | 29,859,590.68 | 40,000,000.00-55,000,000.00 | No | 35,018,727.82 |
| ZhuhaiChenyuNewMaterialTechnologyCo.,Ltd. | Procurementofmaterials | 112,972,507.96 | Notmorethan283,500,000.00 | No | 93,132,510.82 |
| SuzhouJieshengTechnologyCo.,Ltd.anditssubsidiaries | Purchaseofequipmentandspareparts | 271,815,892.27 | Notmorethan324,970,300.00 | No | 103,670,771.66 |
| Total | 414,647,990.91 | No | 231,822,010.30 |
Statementofsalesofgoods/renderingofservices
Unit:RMB
| Relatedparty | Particularsofrelatedpartytransaction | Amountforthecurrentperiod | Amountforthepreviousperiod |
| YuxiKunshasiPlasticMasterbatchCo.,Ltd. | Salesofrawmaterials | 8,394,304.54 | 10,055,309.73 |
| ZhuhaiChenyuNewMaterialTechnologyCo.,Ltd. | Salesofpackagingmaterials | 1,114,800.87 | 125,486.73 |
| Total | 9,509,105.41 | 10,180,796.46 |
Descriptionofrelated-partytransactionsonpurchaseandsalesofgoodsandrenderingandreceivingofservices
(2)Relatedpartytrusteemanagement/contractingandproxymanagement/situationofoutsourcing:None
(3)Leaseswithrelatedparties
TheCompanyasthelessor:
Unit:RMB
| Lessee’sname | Typeofleasedassets | Rentalincomerecognizedfortheperiod | Rentalincomerecognizedinthepreviousperiod |
| YuxiHeliInvestmentCo.,Ltd. | Office | 2,285.72 | 2,285.72 |
| YuxiHeyiInvestmentCo.,Ltd. | Office | 3,077.77 | 3,142.84 |
| YuxiKunshasiPlasticMasterbatchCo.,Ltd. | Workshop | 22,018.34 | 22,857.14 |
| Total | 27,381.83 | 28,285.70 |
TheCompanyasaLessee:None
(4)RelatedpartyguaranteesTheCompanyastheguarantor
Unit:
RMB
| Securedparty | Guaranteeamount | Commencementdateofguarantee | Expirydateofguarantee | Whethertheguaranteehasbeenfullyfulfilled |
| YunnanHongtaPlasticCo.,Ltd. | 44,000,000.00 | April25,2023 | March24,2024 | No |
| YunnanHongtaPlasticCo.,Ltd. | 40,000,000.00 | November9,2020 | October23,2025 | No |
| YunnanHongtaPlasticCo.,Ltd. | 78,000,000.00 | November29,2021 | November29,2024 | No |
| YunnanHongtaPlasticCo.,Ltd. | 51,650,000.00 | May5,2022 | May4,2025 | No |
| YunnanHongtaPlasticCo.,Ltd. | 80,000,000.00 | October24,2022 | October23,2026 | No |
| YunnanHongtaPlasticCo.,Ltd. | 35,000,000.00 | March18,2023 | March18,2026 | No |
| YunnanHongtaPlasticCo.,Ltd. | 100,000,000.00 | March30,2023 | March30,2024 | No |
| YunnanHongtaPlasticCo.,Ltd. | 129,000,000.00 | July7,2023 | April6,2026 | No |
| YunnanHongtaPlasticCo.,Ltd. | 60,000,000.00 | July15,2023 | July15,2025 | No |
| YunnanHongtaPlasticCo.,Ltd. | 50,000,000.00 | August21,2023 | August21,2024 | No |
| YunnanHongtaPlasticCo.,Ltd. | 50,000,000.00 | August25,2023 | August10,2024 | No |
| YunnanDexinPaperCo.,Ltd. | 8,000,000.00 | March30,2021 | December31,2024 | No |
| YunnanDexinPaperCo.,Ltd. | 10,000,000.00 | June7,2022 | December31,2024 | No |
| YunnanDexinPaperCo.,Ltd. | 10,000,000.00 | October24,2022 | October23,2026 | No |
| YunnanDexinPaperCo.,Ltd. | 20,000,000.00 | March30,2023 | March30,2024 | No |
| YunnanDexinPaperCo.,Ltd. | 20,000,000.00 | April18,2023 | April18,2026 | No |
| YunnanHongchuangPackagingCo.,Ltd. | 66,000,000.00 | April25,2023 | March24,2024 | No |
| YunnanHongchuangPackagingCo.,Ltd. | 50,000,000.00 | February23,2022 | February23,2027 | No |
| YunnanHongchuangPackagingCo.,Ltd. | 30,000,000.00 | March1,2022 | March1,2025 | No |
| YunnanHongchuangPackagingCo.,Ltd. | 56,000,000.00 | March15,2022 | March15,2025 | No |
| YunnanHongchuangPackagingCo.,Ltd. | 162,000,000.00 | March21,2022 | March20,2025 | No |
| YunnanHongchuangPackagingCo.,Ltd. | 40,000,000.00 | May1,2022 | April30,2024 | No |
| YunnanHongchuangPackagingCo.,Ltd. | 120,000,000.00 | October21,2022 | October20,2026 | No |
| YunnanHongchuangPackagingCo., | 40,000,000.00 | December20,2022 | December19,2023 | No |
| Securedparty | Guaranteeamount | Commencementdateofguarantee | Expirydateofguarantee | Whethertheguaranteehasbeenfullyfulfilled |
| Ltd. | ||||
| YunnanHongchuangPackagingCo.,Ltd. | 110,000,000.00 | March30,2023 | March30,2024 | No |
| YunnanHongchuangPackagingCo.,Ltd. | 8,438,340.60 | June27,2023 | June26,2024 | No |
| YunnanHongchuangPackagingCo.,Ltd.,ShanghaiEnergyNewMaterialTechnologyCo.,Ltd.,WuxiEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiEnergyNewMaterialTechnologyCo.,Ltd. | 392,249,000.00 | November30,2020 | May30,2028 | No |
| YunnanHongchuangPackagingCo.,Ltd. | 100,000,000.00 | August8,2023 | August8,2024 | No |
| YunnanHongchuangPackagingCo.,Ltd. | 60,000,000.00 | September22,2023 | September22,2026 | No |
| HongtaPlastic(Chengdu)Co.,Ltd. | 75,000,000.00 | July24,2023 | December31,2024 | No |
| HongtaPlastic(Chengdu)Co.,Ltd. | 30,000,000.00 | November23,2023 | November22,2024 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 856,000,000.00 | September28,2020 | September27,2027 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 660,000,000.00 | February7,2022 | February7,2027 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 110,000,000.00 | November30,2020 | No | |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 240,000,000.00 | June5,2022 | June4,2025 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 900,000,000.00 | June9,2022 | June8,2025 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 46,225,860.00 | June10,2022 | June10,2027 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 450,000,000.00 | March5,2021 | March5,2026 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd.、WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 100,000,000.00 | December28,2022 | June28,2024 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 300,000,000.00 | August18,2022 | August18,2027 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd.,ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 343,820,000.00 | April10,2023 | April10,2026 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | April18,2023 | April17,2024 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | April12,2023 | April11,2024 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 120,000,000.00 | April11,2023 | April10,2024 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 800,000,000.00 | April23,2023 | April17,2024 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 586,959,000.00 | May4,2023 | May4,2025 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 500,000,000.00 | July7,2023 | July6,2024 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 1,200,000,000.00 | August1,2023 | August1,2038 | No |
| ShanghaiEnergyNewMaterial | 875,000,000.00 | July27,2023 | July20,2024 | No |
| Securedparty | Guaranteeamount | Commencementdateofguarantee | Expirydateofguarantee | Whethertheguaranteehasbeenfullyfulfilled |
| TechnologyCo.,Ltd. | ||||
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 209,000,000.00 | September20,2023 | September20,2025 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 165,000,000.00 | October27,2023 | October26,2025 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 606,000,000.00 | November10,2023 | October12,2024 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 196,000,000.00 | November13,2023 | July11,2024 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 500,000,000.00 | December22,2023 | December21,2027 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 50,000,000.00 | December27,2023 | December27,2024 | No |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | December12,2023 | December11,2024 | No |
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | February21,2023 | February21,2028 | No |
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 220,000,000.00 | September1,2021 | December31,2023 | No |
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 300,000,000.00 | January19,2022 | January11,2023 | No |
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 270,000,000.00 | February7,2022 | February6,2025 | No |
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 100,000,000.00 | July8,2022 | July8,2026 | No |
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 32,000,000.00 | September23,2022 | September22,2023 | No |
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 300,000,000.00 | September7,2022 | August29,2023 | No |
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | October27,2022 | October26,2023 | No |
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | May11,2023 | May10,2024 | No |
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 300,000,000.00 | July13,2023 | July14,2025 | No |
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 150,000,000.00 | May29,2023 | May29,2026 | No |
| WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 100,000,000.00 | August7,2021 | August7,2024 | No |
| WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 100,000,000.00 | October8,2022 | October7,2023 | No |
| WuxiEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.,SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.,ChongqingEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiRuijieNewMaterialTechnologyCo.,Ltd.,JiangxiEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuRuijieNewMaterialsTechnologyCo.,Ltd.,JiangxiEnpoNewMaterialsCo.,Ltd.,HubeiEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuSanheBattery | 700,000,000.00 | May6,2022 | April10,2026 | No |
| Securedparty | Guaranteeamount | Commencementdateofguarantee | Expirydateofguarantee | Whethertheguaranteehasbeenfullyfulfilled |
| MaterialTechnologyCo.,Ltd.,YuxiEnergyNewMaterialCo.,Ltd. | ||||
| WuxiEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.,SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.,ChongqingEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiRuijieNewMaterialTechnologyCo.,Ltd.,JiangxiEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuRuijieNewMaterialsTechnologyCo.,Ltd.,JiangxiEnpoNewMaterialsCo.,Ltd.,HubeiEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuSanheBatteryMaterialTechnologyCo.,Ltd.,YuxiEnergyNewMaterialCo.,Ltd.,XiamenEnergyNewMaterialsCo.,Ltd.,ChongqingEnergyNewmiTechnologicalCo.,Ltd.,JiangxiEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiEnergyNewMaterialsTechnologyCo.,Ltd. | 3,000,000,000.00 | March1,2023 | December31,2024 | No |
| WuxiEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.,SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.,ChongqingEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiRuijieNewMaterialTechnologyCo.,Ltd.,JiangxiEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuRuijieNewMaterialsTechnologyCo.,Ltd.,JiangxiEnpoNewMaterialsCo.,Ltd.,HubeiEnergyNewMaterialTechnologyCo.,Ltd.,YuxiEnergyNewMaterialCo.,Ltd.,XiamenEnergyNewMaterialsCo.,Ltd.,JiangxiEnergyNewMaterialTechnologyCo.,Ltd. | 1,500,000,000.00 | April10,2023 | April10,2026 | No |
| WuxiEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.,SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.,ChongqingEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiRuijieNewMaterialTechnologyCo.,Ltd.,JiangxiEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuRuijieNewMaterialsTechnologyCo.,Ltd.,JiangxiEnpoNewMaterialsCo.,Ltd.,HubeiEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuSanheBatteryMaterialTechnologyCo.,Ltd.,YuxiEnergyNewMaterialCo.,Ltd.,XiamenEnergyNewMaterialsCo.,Ltd. | 1,500,000,000.00 | April11,2022 | April11,2025 | No |
| WuxiEnergyNewMaterial | 70,000,000.00 | May18,2023 | May11,2024 | No |
| Securedparty | Guaranteeamount | Commencementdateofguarantee | Expirydateofguarantee | Whethertheguaranteehasbeenfullyfulfilled |
| TechnologyCo.,Ltd. | ||||
| WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | August31,2023 | July24,2024 | No |
| WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 150,000,000.00 | November6,2023 | July3,2024 | No |
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 135,000,000.00 | January22,2021 | January21,2024 | No |
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 100,000,000.00 | May24,2023 | June23,2024 | No |
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 100,000,000.00 | May24,2023 | June23,2024 | No |
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 100,000,000.00 | May24,2023 | June23,2024 | No |
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 200,000,000.00 | August4,2023 | August4,2024 | No |
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 50,000,000.00 | September15,2023 | October14,2024 | No |
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 100,000,000.00 | October31,2023 | October31,2024 | No |
| SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 104,000,000.00 | March9,2022 | March9,2027 | No |
| SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 100,000,000.00 | November30,2021 | November30,2026 | No |
| SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 100,000,000.00 | December27,2023 | November20,2024 | No |
| ChongqingEnergyNewMaterialTechnologyCo.,Ltd. | 300,000,000.00 | December27,2023 | October8,2024 | No |
| JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | 400,000,000.00 | April12,2023 | April12,2030 | No |
| SEMCORPHUNGARYLIMITEDLIABILITYCOMPANY | 1,000,000,000.00 | July14,2021 | July13,2026 | No |
| SEMCORPHUNGARYLIMITEDLIABILITYCOMPANY | 450,000,000.00 | December27,2021 | December26,2025 | No |
| JiangxiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | August7,2023 | August6,2024 | No |
| HubeiEnergyNewMaterialTechnologyCo.,Ltd. | 495,000,000.00 | May24,2023 | May23,2028 | No |
| HubeiEnergyNewMaterialTechnologyCo.,Ltd. | 1,650,000,000.00 | May24,2023 | November21,2032 | No |
| YuxiEnergyNewMaterialCo.,Ltd. | 500,000,000.00 | November24,2022 | November23,2025 | No |
| YuxiEnergyNewMaterialCo.,Ltd. | 1,000,000,000.00 | March1,2023 | December31,2026 | No |
| YuxiEnergyNewMaterialCo.,Ltd. | 800,000,000.00 | October26,2023 | October25,2032 | No |
| ShanghaiEnergyTradingCo.,Ltd. | 10,000,000.00 | September21,2023 | September20,2024 | No |
| HongchuangPackaging(Anhui)Co.,Ltd. | 210,000,000.00 | November15,2023 | November14,2024 | No |
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 500,000,000.00 | December28,2023 | December27,2024 | No |
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 1,800,000,000.00 | June10,2021 | April9,2024 | No |
| JiangxiEnpoNewMaterialsCo.,Ltd. | 1,800,000,000.00 | June10,2021 | April9,2024 | No |
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 1,500,000,000.00 | September17,2019 | December31,2024 | No |
TheCompanyasthesecuredparty
Unit:RMB
| Guarantor | Guaranteeamount | Commencementdateofguarantee | Expirydateofguarantee | Whethertheguaranteehasbeenfullyfulfilled |
| YunnanDexinPaperCo.,Ltd. | 50,000,000.00 | 15July,2023 | 15July,2025 | No |
Descriptionofrelatedguarantees
(5)Remunerationforkeymanagement
Unit:RMB
(6)Otherrelatedpartytransactions
| Typeoftransaction | Nameofrelatedparty | Amountforthe | Amountforthe | Pricingmethodand |
| currentperiod | previousperiod | Procedurefordecision-making | ||
| Loanswithrelatedbanks(includingapplicationforcomprehensivefacility,acceptancedraft,letterofcredit,bankguarantee,etc.) | IndustrialandCommercialBankofChinaLimited | 2,357,627,477.75 | 791,539,307.31 | Marketprice/asapprovedattheGeneralMeetingofShareholders |
| Depositswithrelatedbanks(includingdemanddeposits,timedeposits,calldeposits,etc.) | IndustrialandCommercialBankofChinaLimited | 125,874,834.09 | 165,881,639.38 | Marketprice/asapprovedattheGeneralMeetingofShareholders |
| Mutualguaranteesbetweencompanieswithinthescopeofthecompany’sconsolidatedfinancialstatementsthroughtherelatedbanks | IndustrialandCommercialBankofChinaLimited | 4,987,000,000.00 | 4,016,900,000.00 | Marketprice/asapprovedattheGeneralMeetingofShareholders |
6.Amountsduetoandduefromrelatedparties
(1)Receivable
Unit:RMB
| Item | Relatedparty | Closingbalance | Openingbalance | ||
| Bookbalance | Provisionforbaddebt | Bookbalance | Provisionforbaddebt | ||
| Accountsreceivable | ZhuhaiChenyuNewMaterialTechnologyCo.,Ltd. | 1,294,218.60 | 11,840.48 | ||
| Othernon-currentasset | SuzhouFuqiangJianengMachineryCo.,Ltd. | 43,734,000.00 | |||
| Othernon-currentasset | ChangshuJuxingMachineryCo.,Ltd. | 155,840,000.00 | 93,548,000.00 | ||
(2)Payables
Unit:RMB
| Item | Relatedparty | BookbalanceattheendoftheReportingPeriod | BookbalanceatthebeginningoftheReporting |
| Accountspayable | YuxiKunshasiPlasticMasterbatchCo.,Ltd. | 7,565,425.22 | 9,291,722.26 |
Item
| Item | Amountforcurrentperiod | Amountforpreviousperiod |
| Remunerationforkeymanagementpersonnel | 8,565,304.72 | 12,889,745.41 |
| Accountspayable | SuzhouJieshengTechnologyCo.,Ltd | 10,751,701.00 | |
| Accountspayable | SuzhouFuqiangTechnologyCo.,Ltd. | 31,914,852.79 | 19,539,555.22 |
| Accountspayable | ZhuhaiChenyuNewMaterialTechnologyCo.,Ltd. | 26,867,834.58 | 44,210,584.04 |
XV.Share-basedPayment
1.Generalinformationaboutshare-basedpayment?Applicable□Notapplicable
Unit:RMB
| Categoryofgrantee | Grantfortheperiod | Exercisefortheperiod | Unlockfortheperiod | Lapsefortheperiod | ||||
| Number | Amount | Number | Amount | Number | Amount | Number | Amount | |
| Sales | 14,866.00 | 954,099.88 | 1,996.00 | 128,103.28 | ||||
| Management | 180,000.00 | 990,000.00 | 325,126.00 | 20,866,586.68 | 118,876.00 | 4,108,661.68 | ||
| R&D | 73,547.00 | 4,720,246.46 | 5,654.00 | 362,873.72 | ||||
| Production | 38,624.00 | 2,478,888.32 | 121,792.00 | 775,010.56 | ||||
| Total | 180,000.00 | 990,000.00 | 452,163.00 | 29,019,821.34 | 248,318.00 | 5,374,649.24 | ||
Optionsorotherequityinstrumentsoutstandingattheendoftheperiod?Applicable□Notapplicable
| Categoryofgrantee | Optionsoutstandingattheendoftheperiod | Otherequityinstrumentsoutstandingattheendoftheperiod | ||
| Rangeofoptionexerciseprice | Remainingcontractualterm | Rangeofoptionexerciseprice | Remainingcontractualterm | |
| Sales | RMB265.36pershare | 2monthsand14months | ||
| Management | RMB265.36pershare | 2monthsand14months | ||
| R&D | RMB265.36pershare | 2monthsand14months | ||
| Production | RMB265.36pershare | 2monthsand14months | ||
Oherexplanations:
2.Informationonequity-settledshare-basedpayment
?Applicable□Notapplicable
Unit:RMB
Otherexplanation:
| Determinationmethodofthefairvalueofequityinstrumentsonthegrantdate | (1)Thefairvalueofrestrictedsharesisrecognizedattheclosingpriceonthegrantdate;(2)ThefairvalueofstockoptionsisrecognizedbyBlack-Scholesmodel |
| Importantparametersoffairvalueofequityinstrumentsatgrantdate | Historicalvolatility,risk-freereturnrate,dividendyield |
| Basisfordeterminingthenumberofvestedequityinstruments | Oneachbalancesheetdateoflock-upperiods,theestimationshallbemadeaccordingtothelatestnumberofpeoplewhosestockoptionsarevested,performanceindicatorsandotherfollow-upinformation |
| Reasonsforsignificantdifferencesbetweenthecurrentestimatesandthepreviousestimates | N/A |
| Accumulatedamountofequity-settledshare-basedpaymentincludedincapitalreserve | 107,091,049.60 |
| Totalexpensesrecognizedforequity-settledshare-basedpaymentinthecurrentperiod | 24,097,017.37 |
3Informationoncash-settledshare-basedpayment
□Applicable?Notapplicable
4.Share-basedpaymentfortheperiod
?Applicable□Notapplicable
Unit:RMB
| Categoryofgrantee | Informationonequity-settledshare-basedpayment | Informationoncash-settledshare-basedpayment |
| Sales | 590,797.55 | |
| Management | 12,760,449.61 | |
| R&D | 3,362,613.46 | |
| Production | 7,383,156.75 | |
| Total | 24,097,017.37 |
Otherexplanation:
XVI.CommitmentsandContingencies
1.Significantcommitments
Significantcommitmentsonthebalancesheetdate
(1)MortgageofassetsAsofDecember31,2023,theCompanyhasobtainedthebank’scomprehensivecreditlinewiththemortgageofpropertyandplantinfixedassets,machineryandequipment,landuserightinintangibleassetsandconstructioninprogressofRMB899,074,100.SeenoteVII61formore.
(2)PledgeofassetsAsofDecember31,2023,theCompanyobtainedbankloansofRMB1,280,093,900bypledgingcertificateofdeposit,notesreceivable,and100%equityinterestinitssub-subsidiarySuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.Fordetails,seenoteVII22,32and61.
2.Contingencies
(1)Significantcontingenciesonthebalancesheetdate
1)ContingenciesarisingfrompendinglitigationorarbitrationandtheirfinancialimpactsThecontrollingsubsidiaryoftheCompany,ShanghaiEnergyNewMaterialTechnologyCo.,Ltd.anditssubsidiary,ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd.receivedthesubpoena[Casenumber:No.2419and3054ofYue73ZhiMinChu(2023)](【案号为（2023）粤73知民初2419、3054号】)andthecivilindictmentandotherlegaldocumentsservedbytheGuangzhouIntellectualPropertyCourtonDecember15,2023,inwhichHebeiGellecNewEnergyScience&TechnologyJointStockCo.,Ltd.(“Gellec”)filedalawsuitagainstShanghaiEnergyandZhuhaiEnergy.Initslawsuit,GellecclaimedthatShanghaiEnergyandZhuhaiEnergyinfringeditspatentrightsandappliedforfinancialcompensationintotalofRMB149million.AsofDecember31,2023,thislawsuithasnotyetbeenheardandthefinalverdictisuncertain.
2)Contingenciesarisingfromexternaldebtguaranteeandtheirfinancialimplications
Fordetailsofguaranteesprovidedtorelatedparties,pleaserefertoNoteXII,RelatedGuaranteesforRelatedPartyTransactions
3)Letterofguaranteeandletterofcredit
AsofDecember31,2023,thebalanceoflettersofcreditissuedbyfinancialinstitutionsfortheCompanywasRMB333,078,202.82,USD1,747,755.00,JPY21,644,516,000.00andEuro444,444.40,andtheamountoftheL/GwasRMB211,428,000.00andEuro1,023,300.00.
Asat31December2023,exceptforthedisclosuresabove,therewerenoothermajorcontingenciesthatarerequiredtobedisclosed.
(2)WheretheCompanyhasnodisclosablesignificantcontingencies,relevantexplanationsshouldbemade:
TheCompanyhasnosignificantcontingenciestodisclose.XVII.EventsSubsequenttotheBalanceSheetDate
1.Profitdistribution
BasedonthetotalsharecapitaloftheCompanyasatApril11,2024afterdeducting10,412,256sharesfromthespecialsecuritiesaccountforrepurchaseoftheCompany,namely967,342,327shares,distributeRMB15.51incash(inclusiveoftax)forevery10sharestoallshareholders,distributeatotalcashdividendofRMB1,500,000,000.00billion,distributenodividendshares,convertnosurplusreserveintosharecapital.InaccordancewiththerelevantprovisionsofSelf-RegulatoryGuidelinesforListedCompaniesoftheShenzhenStockExchangeNo.9–ShareRepurchase,theCompany’ssharerepurchaseamountofRMB549,976,686.75(excludingtransactionexpensessuchascommissionfeeandstockexchangefee)implementedin2023isdeemedascashdividend.IfthetotalsharecapitaloftheCompanyentitledtotheprofitdistributionrightschangesduetothelistingofnewlyissuedshares,exerciseofequityincentivescheme,convertiblebonds,sharerepurchaseandothermattersduringtheperiodfromApril11,2024totheimplementationofthedistributionplan,thedistributionratiowillbeadjustedaccordingtotheprinciplethatthetotaldistributionamountremainsunchanged.
2.Detailsofothereventsafterthebalancesheetdate
ThesubsidiaryoftheCompany,JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.receivedtheCopyListfromtheOfficeofthePeople’sGovernmentofGao’anCity(《高安市人民政府办公室抄告单》)onJanuary30,2024,andthePeople’sGovernmentofGao’anCityagreedto,inaccordancewiththejointacceptancedeterminationoftherelevantauthoritiesfor9-16separationfilmproductionlinesofJiangxiTonry(includingthesupportingin-linecoatingline)andthe5off-linecoatingline,transfertheremainingborrowingsofJiangxiTonryfromthePeople’sGovernmentofGao’anCityofRMB455,517,694.55intoprojectsupportfunds.Thisgovernmentsubsidyisnotsustainable.Exceptfortheaboveeventsafterthebalancesheetdate,asatthedateofapprovalofthefinancialstatements,theCompanyhasnoothersignificanteventsafterthebalancesheetdatethatneedtobedisclosedbuthavenotbeendisclosed.
XVIII.OtherSignificantEvents
1.Segmentinformation
(1)DeterminationbasisandaccountingpolicyofreportingsegmentsTheCompanydeterminesthebusinesssegmentbasedonitsinternalorganizationalstructure,managementrequirementsandinternalreportingsystem.TheoperatingsegmentsoftheCompanyrefertothecomponentsmeetingthefollowingconditionsatthesametime:
1)Thecomponentcangenerateincomeandexpensesindailyactivities;
2)Themanagementcanregularlyevaluatetheoperationresultsofthecomponenttodecidetoallocateresourcestoitandevaluateitsperformance;
3)Therelevantaccountinginformationcanbeobtainedfromthefinancialstatus,operatingresultsandcashflowofthecomponent.TheCompanydeterminesthereportingsegmentbasedontheoperatingsegment,andtheoperatingsegmentmeetingoneofthefollowingconditionsisdeterminedasthereportingsegment:
1)Thesegmentrevenueofthebusinesssegmentaccountsfor10%ormoreofthetotalrevenueofallsegments;
2)Theabsoluteprofit(loss)ofthesegmentaccountsfor10%ormoreoftheabsolutesumofthetotalprofitsofallprofitsegmentsorthetotallossesofalldeficitsegments.Whenthetotalamountofexternaltransactionrevenueoftheoperatingsegmentofthereportingsegmentdeterminedaccordingtothe
aboveaccountingpoliciesdoesnotaccountfor75%ofthetotalconsolidatedrevenue,increasethenumberofreportingsegments,andincludeotheroperatingsegmentsnotasreportingsegmentsintothescopeofreportingsegmentsaccordingtothefollowingprovisionsuntiltheproportionreaches75%:
1)Determinetheoperatingsegmentthatthemanagementbelievesthedisclosureoftheoperatingsegmentinformationisusefultotheusersofaccountinginformationasthereportingsegment;
2)Thebusinesssegmentismergedwithoneormoreotherbusinesssegmentswhichhavesimilareconomiccharacteristicsandmeetthemergerconditionsofthebusinesssegmentasareportingsegment.Thetransferpricebetweensegmentsisdeterminedbyreferringtothemarketprice,andtheassetsandrelatedexpensesusedtogetherwitheachsegmentaredistributedamongdifferentsegmentsaccordingtotheincomeproportion.
(2)TheCompany’sfactorsconsideredindeterminingthereportingsegment,andthetypesofproductsandservicesofthereportingsegment:
ThereportsegmentsoftheCompanyareallbusinessunitsprovidingdifferentproductsandservices.Asvariousbusinessesrequiredifferenttechnologiesandmarketstrategies,theCompanyindependentlymanagestheproductionandoperationactivitiesofeachreportingsegment,andseparatelyevaluatesitsoperatingresultstodetermineitsallocationofresourcesandevaluateitsperformance.TheCompanyhas2reportingsegments:thelithiumbatteryseparatorbusinesssegmentandtheBOPPfilmbusinesssegment.Thelithiumbatteryseparatorbusinesssegmentisresponsiblefortheproductionoflithiumbatteryseparator,whichismainlyusedfortheproductionofEVbatteriesand3Cproductbatteries;theBOPPfilmbusinesssegmentisresponsiblefortheproductionofBOPPfilm,whichismainlyusedfortheouterpackagingofcigaretteboxes,foodandotherproducts.
(3)Financialinformationofreportingsegments
| Closingbalance/amountfortheperiod | |||||
| Item | Lithiumbatteryseparationfilmbusinesssegment | BOPPfilmbusinesssegment | Others | Elimination | Total |
| Operatingincome | 1,037,845.73 | 69,893.05 | 104,748.68 | -8,264.48 | 1,204,222.98 |
| Including:Incomefromexternaltrade | 1,037,845.73 | 69,893.05 | 96,484.20 | 1,204,222.98 | |
| Incomefrominter-segmenttrade | 8,264.47 | -8,264.47 | |||
| Operatingcost | 780,095.67 | 65,803.65 | 68,291.27 | -9,304.25 | 904,886.34 |
| Including:Depreciationandamortizationcosts | 126,902.75 | 2,672.79 | 483,366.63 | 1,297.26 | 614,239.43 |
| Incomefrominvestmentinjointventuresandassociates | 135.11 | 135.11 | |||
| Assetimpairmentlosses | -292.61 | -178.41 | 701.75 | 156.52 | 387.25 |
| Creditimpairmentlosses | 18,015.71 | 75.69 | 546.22 | 18,637.62 | |
| Totalprofit | 260,325.61 | 4,740.07 | 221,685.32 | -184,116.75 | 302,634.25 |
| Incometaxexpense | 29,647.77 | 269.61 | 7,474.62 | 220.81 | 37,612.81 |
| Netprofit | 230,677.84 | 4,470.46 | 214,210.70 | -184,337.56 | 265,021.44 |
| Totalassets | 4,305,696.00 | 105,673.32 | 2,252,334.10 | -1,986,898.64 | 4,676,804.78 |
| Totalliabilities | 3,079,203.95 | 52,776.59 | 170,908.93 | -1,481,854.52 | 1,821,034.95 |
XIX.NotestoMajorItemsofFinancialStatementsoftheParentCompany
1.Accountsreceivable
(1)Disclosurebyage
Unit:RMB
| Aging | Closingbookbalance | Openingbookbalance |
| Lessthan1year(inclusive) | 14,842,420.52 | 33,092,406.15 |
| 1to2years | 32,553.90 | |
| 2to3years | 5,927.37 | |
| Over3years | 5,927.37 | |
| 3to4years | 5,927.37 | |
| Total | 14,848,347.89 | 33,130,887.42 |
(2)Disclosurebybaddebtprovisionmethod
Unit:RMB
| Category | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
| Amount | Percentage | Amount | Proportion | Amount | Percentage | Amount | Proportion | |||
| Accountsreceivablesubjecttoprovisionforbaddebtmadeonanindividualbasis | 5,390.00 | 0.04% | 5,390.00 | 100.00% | ||||||
| Including: | ||||||||||
| Accountsreceivablesubjecttoprovisionforbaddebtmadeonaportfoliobasis | 14,842,957.89 | 99.96% | 816.42 | 0.01% | 14,842,141.47 | 33,130,887.42 | 100.00% | 617.05 | 0.00% | 33,130,270.37 |
| Including: | ||||||||||
| Ageingportfolio | 698,160.59 | 4.70% | 816.42 | 0.12% | 697,344.17 | 25,100,634.86 | 75.76% | 617.05 | 0.00% | 25,100,017.81 |
| Relatedpartiesportfoliowithinthescopeofconsolidation | 14,144,797.30 | 95.30% | 14,144,797.30 | 8,030,252.56 | 24.24% | 8,030,252.56 | ||||
| Total | 14,848,347.89 | 100.00% | 6,206.42 | 0.04% | 14,842,141.47 | 33,130,887.42 | 100.00% | 617.05 | 0.00% | 33,130,270.37 |
Provisionforbaddebtsmadeonanindividualbasis:
Unit:RMB
| Name | Closingbalance | Openingbalance | ||||
| Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | Proportion | Reason | |
| YunnanFuyuedaBusinessandEconomyCo.Ltd. | 5,390.00 | 5,390.00 | 5,390.00 | 5,390.00 | 100.00% | Estimatedtobeuncollectible |
| Total | 5,390.00 | 5,390.00 | 5,390.00 | 5,390.00 |
Provisionforbaddebtsmadeonaportfoliobasis:
Unit:RMB
| Name | Closingbalance | ||
| Bookbalance | Provisionforbaddebts | Proportion | |
| Lessthan1year | 697,623.22 | 279.05 | 0.04% |
| 1-2years | |||
| 2-3years | |||
| 3-4years | 537.37 | 537.37 | 100.00% |
| Total | 698,160.59 | 816.42 | |
Adescriptionofthebasisfordeterminingtheportfolio:
Ifprovisionwasmadeforbaddebtsofaccountsreceivableinaccordancewiththegeneralexpectedcreditlossmodel:
□Applicable?Notapplicable
(3)Provisionforbaddebtsaccrued,recoveredorreversedduringtheReportingPeriodProvisionforbaddebtsduringtheReportingPeriod:
Unit:RMB
| Type | Openingbalance | Changesinamountfortheperiod | Closingbalance | |||
| Provision | Recoveryorreverse | Write-offs | Other | |||
| Provisionforbaddebtsmadeonanindividualbasis | 5,378.68 | 11.32 | 5,390.00 | |||
| Provisionforbaddebtsmadeonanportfoliobasis | 617.05 | 210.69 | -11.32 | 816.42 | ||
| Portfolioofrelatedpartieswithinthescopeofconsolidation | ||||||
| Total | 617.05 | 5,589.37 | 6,206.42 | |||
Amongthem,theimportantamountrecoveredorreversedofbaddebtprovisionfortheperiod:
Unit:RMB
| Companyname | Amountrecoveredorreversed | Reversalreason | Recovermeasure | Basisfordeterminingtheoriginalbaddebtprovisionpercentageanditsreasonableness |
(4)Topfivecustomerswithclosingbalanceofaccountsreceivableandcontractassetscollectedbyarrearparty
Unit:RMB
| Companyname | Closingbalanceofaccountsreceivable | Closingbalanceofcontractassets | Closingbalanceofaccountsreceivableandcontractassets | Percentageoftotalofclosingbalanceofaccountsreceivableandcontractassets | Closingbalanceofprovisionforbaddebtsonaccountsreceivableandprovisionforimpairmentoncontractassets |
| Company1 | 14,102,187.59 | 14,102,187.59 | 94.97% |
| Company2 | 697,623.22 | 697,623.22 | 4.70% | 279.05 | |
| Company3 | 40,706.51 | 40,706.51 | 0.27% | ||
| Company4 | 5,390.00 | 5,390.00 | 0.04% | 5,390.00 | |
| Company5 | 1,903.20 | 1,903.20 | 0.01% | ||
| Total | 14,847,810.52 | 14,847,810.52 | 99.99% | 5,669.05 |
2.Otherreceivables
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Dividendsreceivable | 2,011,040,000.00 | 211,040,000.00 |
| Otherreceivables | 12,121,782,217.29 | 6,620,072,472.90 |
| Total | 14,132,822,217.29 | 6,831,112,472.90 |
(1)Dividendsreceivable
1)Dividendsreceivablebytype
Unit:RMB
| Item(orinvestee) | Closingbalance | Openingbalance |
| YunnanDexinPaperCo.,Ltd. | 40,000,000.00 | 70,000,000.00 |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 1,841,040,000.00 | 141,040,000.00 |
| YunnanHongtaPlasticCo.,Ltd. | 130,000,000.00 | |
| Total | 2,011,040,000.00 | 211,040,000.00 |
(2)Otherreceivables
1)Informationonotherreceivablesbynature
Unit:RMB
| Natureofamount | Bookbalanceattheendoftheperiod | Bookbalanceatthebeginningoftheperiod |
| Securitydepositandguaranteedeposit | 486,939.90 | |
| Pettycash | 1,464,876.46 | |
| Advancemoney | 21,686.80 | |
| Others | 5,937,803.88 | 609,566.09 |
| Capitallending | 12,116,102,707.88 | 6,617,788,956.75 |
| Total | 12,122,040,511.76 | 6,620,372,026.00 |
2)Disclosurebyaging
Unit:RMB
| Aging | Bookbalanceattheendoftheperiod | Bookbalanceatthebeginningoftheperiod |
| Lessthan1year(inclusive) | 6,349,115,309.07 | 608,992,319.74 |
| 1to2years | 584,822,661.99 | 4,984,332,772.34 |
| 2to3years | 4,421,873,925.04 | 1,026,771,717.42 |
| Over3years | 766,228,615.66 | 275,216.50 |
| 3to4years | 766,228,615.66 | 68,200.00 |
| 4to5years | 20,000.00 | |
| Over5years | 187,016.50 | |
| Total | 12,122,040,511.76 | 6,620,372,026.00 |
3)Disclosurebybaddebtprovisionmethod
Unit:RMB
| Category | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
| Amount | Percentage | Amount | Proportion | Amount | Percentage | Amount | Proportion | |||
| Provisionforbaddebtmadeonanindividualbasis | 187,016.50 | 0.00% | 187,016.50 | 100.00% | ||||||
| Including: | ||||||||||
| Provisionforbaddebtmadeonaportfoliobasis | 12,122,040,511.76 | 100.00% | 258,294.47 | 0.00% | 12,121,782,217.29 | 6,620,185,009.50 | 100.00% | 112,536.60 | 0.00% | 6,620,072,472.90 |
| Including: | ||||||||||
| Ageingportfolio | 5,937,803.88 | 0.05% | 258,294.47 | 4.35% | 5,679,509.41 | 2,396,052.75 | 0.04% | 112,536.60 | 4.70% | 2,283,516.15 |
| Relatedpartiesportfoliowithinthescopeofconsolidation | 12,116,102,707.88 | 99.95% | 12,116,102,707.88 | 6,617,788,956.75 | 99.96% | 6,617,788,956.75 | ||||
| Total | 12,122,040,511.76 | 100.00% | 258,294.47 | 0.00% | 12,121,782,217.29 | 6,620,372,026.00 | 100.00% | 299,553.10 | 0.01% | 6,620,072,472.90 |
Provisionforbaddebtsmadeonaportfoliobasis:
Unit:RMB
| Name | Closingbalance | ||
| Bookbalance | Provisionforbaddebts | Proportion | |
| Lessthan1year | 5,716,799.88 | 248,680.80 | 4.35% |
| 1-2years | 1,004.00 | 43.67 | 4.35% |
| 2-3years | 20,000.00 | 870.00 | 4.35% |
| 3-4years | 200,000.00 | 8,700.00 | 4.35% |
| Total | 5,937,803.88 | 258,294.47 | |
Adescriptionofthebasisfordeterminingtheportfolio:
Ifprovisionwasmadeforbaddebtsinaccordancewiththegeneralexpectedcreditlossmodel:
Unit:RMB
| Provisionforbaddebts | StageI | StageII | StageIII | Total |
| 12-monthECL | LifetimeECL(notcredit-impaired) | LifetimeECL(credit-impaired) | ||
| BalanceonJanuary1,2023 | 103,436.60 | 9,100.00 | 187,016.50 | 299,553.10 |
| BalanceonJanuary1,2023 |
| forthecurrentperiod | ||||
| Provisionfortheperiod | 154,857.87 | 154,857.87 | ||
| Reversalfortheperiod | 39.90 | 39.90 | ||
| Write-offfortheperiod | 9,100.00 | 186,976.60 | 196,076.60 | |
| BalanceonDecember31,2023 | 258,294.47 | 258,294.47 |
BasisofclassificationofeachstageandpercentageofprovisionforbaddebtsMovementofbookbalanceofsignificantchangeinprovisionforlossfortheperiod
□Applicable?Notapplicable
4)Provisionforbaddebtsaccrued,recoveredorreversedduringtheperiod
Provisionforbaddebtsduringtheperiod:
Unit:RMB
| Type | Openingbalance | Changesinamountfortheperiod | Closingbalance | |||
| Provision | Recoveryorreverse | Offsetorwrite-off | Other | |||
| Provisionforbaddebtsmadeonanindividualbasis | 187,016.50 | 39.90 | 186,976.60 | |||
| Provisionforbaddebtsmadeonaportfoliobasis | 112,536.60 | 154,857.87 | 9,100.00 | 258,294.47 | ||
| Total | 299,553.10 | 154,857.87 | 39.90 | 196,076.60 | 258,294.47 | |
5)Otherreceivablesactuallywrittenoffduringtheperiod
Unit:RMB
| Item | Amountwrittenoff |
| Otherreceivablesactuallywrittenoff | 196,076.60 |
6)Topfivecustomerswithclosingbalanceofotherreceivablescollectedbyarrearparty
Unit:RMB
| Companyname | Natureofamount | Closingbalance | Aging | Asapercentageoftotalclosingbalanceofotherreceivables | Closingbalanceofprovisionforbaddebts |
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | Capitallending | 5,460,046,571.37 | Lessthan1year,1-2yearsand2-3years | 45.04% | |
| WuxiEnergyNewMaterialTechnologyCo.,Ltd. | Capitallending | 3,431,529,640.47 | Lessthan1year,1-2yearsand2-3years | 28.31% | |
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | Capitallending | 2,357,531,428.00 | Lessthan1year,1-2years,2-3yearsand3-4years | 19.45% | |
| JiangsuEnergyNewMaterialsTechnologyCo.,Ltd. | Capitallending | 848,676,586.25 | Lessthan1year | 7.00% | |
| ShanghaiEnergyNewMaterialsResearchCo.,Ltd. | Capitallending | 17,018,481.79 | Lessthan1year | 0.14% | |
| Total | 12,114,802,707.88 | 99.94% |
3.Long-termequityinvestment
Unit:RMB
| Item | Closingbalance | Openingbalance | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| Investmentinsubsidiaries | 4,959,728,962.52 | 4,959,728,962.52 | 4,750,066,580.90 | 4,750,066,580.90 | ||
| Total | 4,959,728,962.52 | 4,959,728,962.52 | 4,750,066,580.90 | 4,750,066,580.90 | ||
(1)Investmentsinsubsidiaries
Unit:RMB
| Nameinvestee | of | Openingbalance(bookvalue) | Openingbalanceofprovisionforimpairment | Increase/Decreasefortheperiod | Closingbalancevalue) | (book | Closingbalanceprovisionimpairment | offor | ||||
| Increaseininvestment | Decreaseinvestment | in | Provisionforimpairment | Others | ||||||||
| YunnanDexinPaperCo.,Ltd. | 162,135,598.40 | 162,135,598.40 | ||||||||||
| YunnanHongtaPlasticCo.,Ltd. | 418,898,313.03 | 418,898,313.03 | ||||||||||
| YunnanHongchuangPackagingCo.,Ltd. | 441,809,808.43 | 441,809,808.43 | ||||||||||
| ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 3,672,486,280.07 | 10,999,304.28 | 3,683,485,584.35 | |||||||||
| ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 8,155,258.92 | 2,109,064.17 | 10,264,323.09 | |||||||||
| JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 7,181,169.11 | 2,141,251.81 | 9,322,420.92 | |||||||||
| JiangxiEnpoNewMaterialsCo.,Ltd. | 321,122.98 | 107,548.34 | 428,671.32 | |||||||||
| Energy(ZhuhaiHengqin)NewMaterialsTechnologyCo.,Ltd. | 4,852,881.22 | 1,307,387.39 | 6,160,268.61 | |||||||||
| JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | 2,572,109.89 | 659,946.83 | 3,232,056.72 | |||||||||
| SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 9,451,353.93 | 1,583,786.89 | 11,035,140.82 | |||||||||
| WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 12,792,257.04 | 3,003,828.78 | 15,796,085.82 | |||||||||
| ChongqingEnergyNewmiTechnologicalCo.,Ltd. | 9,156,039.27 | 1,665,065.00 | 10,821,104.27 | ||
| ChongqingEnergyNewMaterialTechnologyCo.,Ltd. | 33,135.86 | 11,097.65 | 44,233.51 | ||
| JiangsuEnergyNewMaterialsTechnologyCo.,Ltd. | 221,252.75 | 74,100.48 | 295,353.23 | ||
| ShanghaiEnergyNewMaterialsResearchCo.,Ltd. | 100,000,000.00 | 100,000,000.00 | |||
| YunnanJiechenPackagingMaterialsCo.,Ltd. | 86,000,000.00 | 86,000,000.00 | |||
| Total | 4,750,066,580.90 | 209,662,381.62 | 4,959,728,962.52 |
4.Operatingincomeandoperatingcost
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforthepreviousperiod | ||
| Income | Cost | Income | Cost | |
| Mainbusinesses | 47,324,192.93 | 37,369,699.69 | 145,520,947.85 | 82,994,977.23 |
| Otherbusinesses | 15,791,845.68 | 12,555,992.03 | 4,712,468.20 | 2,518,851.06 |
| Total | 63,116,038.61 | 49,925,691.72 | 150,233,416.05 | 85,513,828.29 |
Informationontransactionpriceallocatedtoremainingperformanceobligations:
ThecorrespondingrevenuefromperformanceobligationsthathavebeencontractedbutnotyetperformedorcompletedamountedtoRMB0.00millionasattheendoftheReportingPeriod.
5.Investmentincome
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforthepreviousperiod |
| Gainfromlong-termequityinvestmentunderthecostmethod | 1,850,000,000.00 | |
| Total | 1,850,000,000.00 |
XX.SupplementaryInformation
1.Breakdownofnon-recurringgainorlossforthecurrentperiod?Applicable□Notapplicable
Unit:RMB
| Item | Amount | Notes |
| Gainsandlossesfromthedisposalofnon-currentassets | -2,635,244.01 | |
| Governmentsubsidiesrecognizedincurrentgainsorlosses(exceptforthosecloselyrelatedtotheCompany’sbusinessandareinlinewiththenationalpoliciesbasedonestablishedcriteria,whichhaveacontinuousimpactontheprofitorlossoftheCompany) | 91,546,051.06 |
| Gainsorlossesfromchangesinfairvaluearisingfromtheholdingoffinancialassetsandtradingfinancialliabilitiesbynon-financialenterprises,andincomearisingfromdisposaloffinancialassetsandfinancialliabilities,excludingtheeffectivehedgingbusinessrelatedtotheCompany’snormalbusinessoperations | 15,433,062.02 | |
| Reversaloftheprovisionsforimpairmentofreceivablessubjecttoseparateimpairmenttest | 102,906.06 | |
| One-offshare-basedpaymentexpenserecognizedforcancellationandmodificationofequityincentiveplans | -21,942,152.71 | |
| Non-operatingincomeandexpensesotherthanabove-mentioneditems | -44,249.00 | |
| Otheritemswithinthedefinitionofnon-recurringgainsorlosses | 589,416.97 | |
| Less:effectoftheincometax | 12,614,212.47 | |
| Effectofminorityequities(aftertax) | 5,004,935.99 | |
| Total | 65,430,641.93 | -- |
Detailsofotherprofitorlossitemsthatfallwithinthemeaningofnon-recurringgainorloss:
□Applicable?NotapplicableTherewasnootherprofitorlossitemoftheCompanythatfallwithinthemeaningofnon-recurringgainorlossThereasonfortheCompanytodefinethenon-recurringprofitorlossitemsillustratedintheInformationDisclosureandPresentationRulesforCompaniesMakingPublicOfferingofSecuritiesNo.1–Non-recurringProfitorLossasrecurringprofitorlossitems
□Applicable?Notapplicable
2.Returnonequityandearningspershare
| ProfitduringtheReportingPeriod | Weightedaveragereturnonequity | Earningspershare | |
| Basicearningspershare(RMB/share) | Dilutedearningspershare(RMB/share) | ||
| NetprofitsattributabletocommonstockholdersoftheCompany | 13.31% | 2.68 | 2.58 |
| NetprofitsattributabletocommonstockholdersoftheCompanyafterthedeductionofnon-recurringgainsandloss | 12.96% | 2.62 | 2.61 |