ChinaFangdaGroupCo.,Ltd.
2024AnnualReport
April2025
2024AnnualReport
Chapter1ImportantStatement,TableofContentsandDefinitions
ThemembersoftheBoardandtheCompanyguaranteethattheannouncementisfreefromanyfalseinformation,misleadingstatementormaterialomissionandarejointlyandseverallyliablefortheinformation'struthfulness,accuracyandintegrity.
Mr.XiongJianming,theChairmanofBoard,Mr.LinKebin,theChiefFinancialOfficer,andMr.WuBohua,themanagerofaccountingdepartmentdeclare:theFinancialReportcarriedinthisreportisauthenticandcompleted.
AlltheDirectorshaveattendedthemeetingoftheboardmeetingatwhichthisreportwasexamined.
Thisannualreportcontainsforward-lookingstatementssuchasfutureplans,whichdonotconstituteasubstantialcommitmentbytheCompanytoinvestors.Investorsandrelatedpartiesshouldmaintainsufficientriskawarenessandunderstandthedifferencesbetweenplans,forecasts,andcommitments.
Thecompanyhasdescribedtheexistingmarketrisks,managementrisksandproductionandoperationrisksinthisreport.Pleaserefertotherisksthatmaybefacedmentionedin"11.ProspectsfortheCompany'sFutureDevelopment"inIIIManagementDiscussionandAnalysis.
TheBoardmeetingreviewedandapprovedtheprofitdistributionpreplan:
distributingcashdividendofRMB0.50(taxincluded)foreachtensharestoallshareholdersonthebasisof1,073,874,227sharesoftheCompanyandnodividendshareisissuedtoshareholders.Noreserveiscapitalized.
ContentsChapter1ImportantStatement,TableofContentsandDefinitions
...... 2ChapterIIAbouttheCompanyandFinancialHighlights ...... 10
I.Companyprofiles ...... 10
II.Contactsandliaisons ...... 10
III.Informationdisclosureandinquiring ...... 10
IV.Registrationchanges ...... 11
V.Otherinformation ...... 11
VI.FinancialHighlight ...... 11
VII.Differencesinaccountingdataunderdomesticandforeignaccountingstandards ...... 12
VIII.Financialhighlightsbyquarters ...... 12
IX.Accidentalgain/lossitemandamount ...... 13
ChapterIIIManagementDiscussionandAnalysis ...... 14
I.MajorbusinessesoftheCompanyduringthereportperiod ...... 14
II.CoreCompetitivenessAnalysis ...... 19
III.IndustrySituationDuringtheReportingPeriod ...... 22
IV.CoreBusinessAnalysis ...... 30
V.Non-coreBusinessAnalysis ...... 38
VI.AssetsandLiabilities ...... 38
VII.Investment ...... 40
VIII.Majorassetsandequitysales ...... 44
IX.Analysisofmajorjointstockcompanies ...... 44
X.StructuralentitiescontrolledbytheCompany ...... 45
XI.FutureProspect ...... 45
XIII.StatusofFormulationandImplementationofMarketValueManagementSystemandValuationEnhancementPlan ...... 49
XIV.ImplementationStatusofthe"DualEnhancementofQualityandReturns"ActionPlan ...... 49
ChapterIVCorporationGovernance ...... 50
I.Overview ...... 50
II.TheindependenceoftheCompanyrelativetothecontrollingshareholdersandactualcontrollersinensuringtheCompany'sassets,personnel,finance,institutions,business,etc ...... 50
III.Competition ...... 50
IV.Annualandextraordinaryshareholdermeetingsheldduringthereportperiod ...... 51
V.ParticularsabouttheDirectors,Supervisors,andSeniorManagement ...... 51
VI.Performanceofdirectorsduringthereportperiod ...... 57
VII.Specialcommitteesundertheboardofdirectorsduringthereportingperiod ...... 60
VIII.PerformanceofSupervisoryCommittee ...... 61
IX.Employees ...... 63
X.ProfitdistributionoftheCompanyandconversionofcapitalreserveintosharecapital ...... 64
XI.Shareincentiveschemes,staffshareholdingprogramorotherincentiveplans ...... 65
XII.Constructionandimplementationofinternalcontrolsystemduringthereportingperiod ...... 66
XIII.Managementandcontrolofsubsidiariesduringthereportingperiod ...... 66
XIV.Internalcontrolevaluationreportorinternalcontrolauditreport ...... 66
XV.Rectificationofproblemsinselfinspectionofspecialactionsforgovernanceoflistedcompanies.68ChapterV.Environmentalandsocialresponsibility ...... 69
1.Majorenvironmentalproblem ...... 69
2.Socialresponsibilities ...... 70
3.Consolidateandexpandtheachievementsofpovertyalleviationandruralrevitalization ...... 70
ChapterVISignificantEvents ...... 71
I.Performanceofpromises ...... 71
II.Non-operatingcapitalusebythecontrollingshareholderorrelatedpartiesinthereportingterm.71III.Incompliantexternalguarantee ...... 71
IV.Descriptionoftheboardofdirectorsonthelatest"non-standardauditreport" ...... 71
V.StatementoftheBoardofDirectors,SupervisoryCommitteeandIndependentDirectors(ifapplicable)onthe"non-standardauditors'report"issuedbytheCPAonthecurrentreportperiod..71VI.Descriptionofchangesinaccountingpolicies,accountingestimatesorcorrectionofmajoraccountingerrorscomparedwiththefinancialreportofthepreviousyear ...... 71
VII.Statementofchangeinthefinancialstatementconsolidationscopecomparedwiththepreviousfinancialreport ...... 73
VIII.EngaginganddismissingofCPA ...... 73
IX.Delistingafterdisclosureofannualreport ...... 73
X.Bankruptcyandcapitalreorganizing ...... 74
XI.Significantlawsuitandarbitration ...... 74
XII.Punishmentandrectification ...... 74
XIII.CredibilityoftheCompany,controllingshareholderandactualcontroller ...... 74
XIV.Materialrelatedtransactions ...... 74
XV.Significantcontractsandperformance ...... 75
XVI.Othermaterialevents ...... 82
XVII.Materialeventsofsubsidiaries ...... 82
ChapterVIIChangesinShareCapitalandShareholders ...... 83
I.Changesinshares ...... 83
II.Shareplacingandlisting ...... 85
III.ShareholdersandthesubstantialcontrolleroftheCompany ...... 85
IV.Specificimplementationofsharerepurchaseinthereportingperiod ...... 89
ChapterVIIIPreferredShares ...... 90
ChapterIXInformationabouttheCompany'sSecurities ...... 90
ChapterXFinancialStatements ...... 91
I.Auditor'sreport ...... 91
II.Financialstatements ...... 98
III.GeneralInformation ...... 116
IV.Basisforthepreparationoffinancialstatements ...... 117
V.SignificantAccountPoliciesandEstimates ...... 118
VI.Taxation ...... 185
VII.Notestotheconsolidatedfinancialstatements ...... 187
Note:ThedecreaseinthestatutorysurplusreserveduringthecurrentperiodisduetothefairvaluechangeoftheCompany'sotherequityinstrumentinvestmentsinShenyangFangda.AstheCompanyhasgonebankruptduringthecurrentperiod,therecognitionhasbeenterminated,andtheamounthasbeen
transferredfromothercomprehensiveincometoretainedearnings. ...... 226
VIII.R&Dexpenses ...... 240
IX.ChangetoConsolidationScope ...... 240
X.EquityinOtherEntities ...... 241
XI.GovernmentSubsidies ...... 247
XII.RisksofFinancialTools ...... 247
XIII.FairValue ...... 255
XIV.RelatedPartiesandTransactions ...... 256
XV.CommitmentandContingentEvents ...... 260
XVI.Post-balance-sheetEvents ...... 266
XVII.Othermaterialevents ...... 266
XVIII.NotestoFinancialStatementsoftheParent ...... 268
XIX.SupplementaryMaterials ...... 274
Reference
1.Financialstatementsstampedandsignedbythelegalrepresentative,CFOandaccountingmanager;
2.OriginalcopyoftheAuditors'ReportunderthesealoftheCPAandsignedbyandunderthesealofcertifiedaccountants;
3.OriginalsofalldocumentsandmanuscriptsofPublicNoticesoftheCompanydisclosedinpublic.
Definitions
| Terms | Refersto | Description |
| FangdaGroup,company,theCompany | Refersto | ChinaFangdaGroupCo.,Ltd. |
| ArticlesofAssociation | Refersto | ArticlesofAssociationofChinaFangdaGroupCo.,Ltd. |
| Meetingofshareholders | Refersto | MeetingsofshareholdersofChinaFangdaGroupCo.,Ltd. |
| BoardofDirectors | Refersto | BoardofDirectorsofChinaFangdaGroupCo.,Ltd. |
| SupervisoryCommittee | Refersto | SupervisoryCommitteeofChinaFangdaGroupCo.,Ltd. |
| BanglinTechnology | Refersto | ShenzhenBanglinTechnologiesDevelopmentCo.,Ltd. |
| ShengjiuCo. | Refersto | ShengjiuInvestmentLtd. |
| FangdaJianke | Refersto | ShenzhenFangdaJiankeGroupCo.,Ltd. |
| FangdaZhiyuan | Refersto | FangdaZhichuangTechnologyCo.,Ltd. |
| FangdaJiangxiNewMaterial | Refersto | FangdaNewMaterials(Jiangxi)Co.,Ltd. |
| FangdaNewResource | Refersto | ShenzhenFangdaNewEnergyCo.,Ltd. |
| FangdaProperty | Refersto | ShenzhenFangdaPropertyDevelopmentCo.,Ltd. |
| FangdaChengduTechnology | Refersto | ChengduFangdaConstructionTechnologyCo.,Ltd. |
| FangdaDongguanNewMaterial | Refersto | DongguanFangdaNewMaterialCo.,Ltd. |
| KechuangyuanSoftware | Refersto | ShenzhenQianhaiKechuangyuanSoftwareCo.,Ltd. |
| FangdaProperty | Refersto | ShenzhenFangdaPropertyManagementCo.,Ltd. |
| FangdaJiangxiProperty | Refersto | Fangda(Jiangxi)PropertyDevelopmentCo.,Ltd. |
| FangdaHongjunInvestment | Refersto | ShenzhenHongjunInvestmentCo.,Ltd. |
| FangdaInvestment | Refersto | ShenzhenFangdaInvestmentPartnership(LimitedPartnership) |
| FangdaYunzhu | Refersto | ShenzhenFangdaYunzhuTechnologyCo.,Ltd. |
| FangdaZhijian | Refersto | ShanghaiFangdaZhijianTechnologyCo.,Ltd |
| FangdaIntelligentManufacturing | Refersto | JiangxiFangdaIntelligentManufacturingTechnologyCo.,Ltd. |
| SZSE | Refersto | ShenzhenStockExchange |
ChapterIIAbouttheCompanyandFinancialHighlights
I.Companyprofiles
| StockID | FangdaGroup,FangdaB | Stockcode | 000055,200055 |
| ModifiedstockID(ifany) | No | ||
| StockExchange | ShenzhenStockExchange | ||
| Chinesename | ChinaFangdaGroupCo.,Ltd. | ||
| Chineseabbreviation | FangdaGroup | ||
| Englishname(ifany) | CHINAFANGDAGROUPCO.,LTD. | ||
| Englishabbreviation(ifany) | CFGC | ||
| Legalrepresentative | XiongJianming | ||
| Registeredaddress | FangdaTechnologyBuilding,Kejinan12thAvenue,High-techZone,Hi-techParkSouthZone,NanshanDistrict,Shenzhen,PRChina. | ||
| Zipcode | 518057 | ||
| ChangesintheCompany'sregisteredaddress | No | ||
| Officeaddress | 39thFloor,BuildingT1,FangdaTown,No.2,Longzhu4thRoad,NanshanDistrict,Shenzhen | ||
| Zipcode | 518055 | ||
| Website | http://www.fangda.com | ||
| fd@fangda.com | |||
II.Contactsandliaisons
| SecretaryoftheBoard | RepresentativeofStockAffairs | |
| Name | YeZhiqing | GuoLinchen |
| Address | 39thFloor,BuildingT1,FangdaTown,No.2,Longzhu4thRoad,NanshanDistrict,Shenzhen | 39thFloor,BuildingT1,FangdaTown,No.2,Longzhu4thRoad,NanshanDistrict,Shenzhen |
| Telephone | 86(755)26788571ext.6622 | 86(755)26788571ext.6622 |
| Fax | 86(755)26788353 | 86(755)26788353 |
| zqb@fangda.com | zqb@fangda.com |
III.Informationdisclosureandinquiring
| WebsiteofthestockexchangewheretheCompanydisclosesitsannualreport | ShenzhenStockExchangehttp://www.szse.cn |
| NamesandwebsitesofthemediawheretheCompanydisclosesitsannualreport | ChinaSecuritiesJournal,SecurityTimes,ShanghaiSecuritiesDaily,SecuritiesDaily,HongKongCommercialDailyandwww.cninfo.com.cn |
| Placeforinformationinquiry | 39thFloor,BuildingT1,FangdaTown,No.2,Longzhu4thRoad,NanshanDistrict,Shenzhen |
IV.Registrationchanges
| UnifiedSocialCreditCode | 91440300192448589C |
| ChangesinmainbusinessessincethelistingoftheCompany | None |
| Changesinthecontrollingshareholders(ifany) | None |
V.Otherinformation
PublicaccountantsemployedbytheCompany
| Publicaccountants | RSMThornton(limitedliabilitypartnership) |
| Address | 90122to90126,ForeignTradeBuilding,No.22,FuchengmenwaiStreet,XichengDistrict,Beijing,China |
| Signingaccountantnames | ZhouJunchao,LiuGen,HuGaosheng |
SponsorengagedbytheCompanytoperformcontinuedsupervisionandguideduringthereportingperiod
□Applicable?InapplicableFinancialadvisorengagedbytheCompanytoperformcontinuedsupervisionandguideduringthereportingperiod
□Applicable?Inapplicable
VI.FinancialHighlight
WhethertheCompanyneedstomakeretroactiveadjustmentorrestatementoffinancialdataofpreviousyears
□Yes?No
| 2024 | 2023 | Increase/decrease | 2022 | |
| Turnover(yuan) | 4,424,224,197.71 | 4,292,204,716.01 | 3.08% | 3,846,975,948.44 |
| Netprofitattributabletoshareholdersofthelistedcompany(yuan) | 144,813,705.53 | 272,758,249.50 | -46.91% | 282,933,854.32 |
| Netprofitattributabletotheshareholdersofthelistedcompanyandafterdeductingofnon-recurringgain/loss(yuan) | 159,778,410.13 | 272,138,072.87 | -41.29% | 270,965,220.96 |
| Netcashflowgeneratedbybusinessoperation(yuan) | 270,894,093.43 | 299,742,202.08 | -9.62% | 221,211,632.30 |
| Basicearningspershare(yuan/share) | 0.13 | 0.25 | -48.00% | 0.26 |
| DilutedEarningspershare(yuan/share) | 0.13 | 0.25 | -48.00% | 0.26 |
| Weightedaveragenetincome/assetratio | 2.41% | 4.67% | Decreaseby2.26percentagepoints | 5.03% |
| Endof2024 | Endof2023 | Increase/decreasefromtheendoflastyear | Endof2022 | |
| Totalasset(yuan) | 13,555,387,225.21 | 13,376,351,856.86 | 1.34% | 12,745,185,294.02 |
| Netprofitattributabletotheshareholdersofthelistedcompany(RMB) | 6,125,803,906.35 | 5,960,140,567.07 | 2.78% | 5,749,940,874.92 |
Thecompany'sannualrevenuefor2024increasedby3.08%,whilethenetprofitattributabletoshareholdersofthelistedcompanydecreasedby46.91%.Themainreasonsforthedeclineinnetprofitare:adecreaseinthegrossmarginofthecurtainwallandnewmaterialsindustries,whichledtoa1.61percentagepointdecreaseintheoverallgrossmarginfortheperiod;andtheimpactoftherealestateindustry,whichcauseddelaysinprojectsettlementandpaymentcollection,leadingtoanincreaseintheprovisionforbaddebtsofaccountsreceivablefortheperiod.TheCompany'snetprofitbeforeandafternon-recurringgainsandlosseswasnegativeforthelastthreefiscalyears,andthelatestauditreportshoweduncertaintyabouttheCompany'sabilitytocontinueoperating
□Yes?NoNetprofitbeforeandafterdeductingnon-recurrentgainsandlossesisnegative
□Yes?NoVII.Differencesinaccountingdataunderdomesticandforeignaccountingstandards
1.DifferencesinnetprofitsandassetsinfinancialstatementsdisclosedaccordingtotheinternationalandChineseaccountstandards
□Applicable?InapplicableThereisnodifferenceinnetprofitsandassetsinfinancialstatementsdisclosedaccordingtotheinternationalandChineseaccountstandardsduringthereportperiod.
2.DifferencesinnetprofitsandassetsinfinancialstatementsdisclosedaccordingtotheoverseasandChineseaccountstandards
□Applicable?InapplicableThereisnodifferenceinnetprofitsandassetsinfinancialstatementsdisclosedaccordingtotheinternationalandChineseaccountstandardsduringthereportperiod.VIII.Financialhighlightsbyquarters
InRMB
| Q1 | Q2 | Q3 | Q4 | |
| Turnover | 915,576,687.71 | 1,218,268,900.05 | 1,072,709,446.52 | 1,217,669,163.43 |
| Netprofitattributabletotheshareholdersofthelistedcompany | 51,467,996.23 | 65,327,121.39 | 32,916,073.08 | -4,897,485.17 |
| Netprofitattributabletotheshareholdersofthelistedcompanyandafterdeductingofnon-recurringgain/loss | 50,881,206.26 | 60,807,899.13 | 29,591,488.32 | 18,497,816.42 |
| Cashflowgeneratedbybusinessoperations,net | -295,706,302.26 | 124,175,304.05 | 18,286,417.04 | 424,138,674.60 |
Wherethereisdifferencebetweentheabove-mentionedfinancialdataorsumandrelatedfinancialdatainquarterreportandinterimreportdisclosedbytheCompany
□Yes?No
IX.Accidentalgain/lossitemandamount?Applicable□Inapplicable
InRMB
| Item | 2024 | 2023 | 2022 | Notes |
| Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade) | -1,101,723.90 | 381,572.12 | -1,421,880.09 | |
| Governmentgrantsrecognizedinthecurrentperiod'sprofitorloss(exceptforgovernmentgrantsthatarecloselyrelatedtotheCompany'snormalbusinessoperations,inlinewithnationalpoliciesandinaccordancewithdefinedcriteria,andhaveacontinuousimpactontheCompany'sprofitorloss) | 12,652,732.81 | 8,781,578.52 | 10,138,362.96 | |
| Gainsandlossesfromchangesinthefairvalueoffinancialassetsandliabilitiesheldbynon-financialcorporationsandgainsandlossesfromthedisposaloffinancialassetsandliabilities,exceptforeffectivehedgingoperationsrelatedtotheCompany'snormalbusinessoperations | -1,663,158.03 | 509,477.49 | 4,666,147.76 | |
| Capitalusingexpensechargedtonon-financialenterprisesandaccountedintothecurrentincomeaccount | 3,790,999.98 | 8,619,807.35 | ||
| Write-backofimpairmentprovisionofreceivablesforwhichimpairmenttestisperformedindividually | 13,228,201.06 | 6,138,338.91 | ||
| Gain/lossfromdebtreorganization | -118,701.78 | |||
| One-timeexpensesincurredbytheCompanyduetodiscontinuationofcertainbusinessactivities,suchasexpendituresforemployeeresettlement: | -10,301,966.12 | ThisamountwasspentonemployeeresettlementassociatedwiththerelocationoftheCompany'sproductionsite. | ||
| Gain/lossfromchangeoffairvalueofinvestmentpropertymeasuredatfairvalueinfollow-upmeasurement | -18,397,296.67 | -28,482,701.26 | -10,095,973.89 | |
| Othernon-businessincomeandexpendituresotherthantheabove | 87,650.88 | 1,262,814.78 | -2,764,570.20 | |
| Less:Influencedamountofincometax | -3,890,432.45 | -1,262,507.89 | 3,172,419.69 | |
| Influencedamountofminorityshareholders'equity(after-tax) | 12,674.24 | 114,273.95 | 139,179.75 | |
| Total | -14,964,704.60 | 620,176.63 | 11,968,633.36 | -- |
Othergain/lossitemssatisfyingthedefinitionofnon-recurringgain/lossaccount:
□Applicable?InapplicableTheCompanyhasnoothergain/lossitemssatisfyingthedefinitionofnon-recurringgain/lossaccountCircumstancethatshouldbedefinedasrecurrentprofitandlosstoExplanationAnnouncementofInformationDisclosureNo.1-Non-recurringgain/loss
□Applicable?Inapplicable
ChapterIIIManagementDiscussionandAnalysis
I.MajorbusinessesoftheCompanyduringthereportperiod
TheCompanyprimarilyengagesinhigh-endsmartcurtainwallsystemsandnewmaterials,intelligentplatformscreendoorequipmentandsystemsforrailtransit,newenergy,commercialmanagementandservices,amongotherbusinesses.TheCompany'smainproducts,smartcurtainwallsandintelligentplatformscreendoorequipmentandsystemsforrailtransit,havebecomeglobalindustrybenchmarks.TheurbanrailtransitplatformscreendoorsystemhasbeenrecognizedbytheMinistryofIndustryandInformationTechnologyasa"SingleChampionProductinManufacturing,"andthecomprehensivestrengthofthesmartcurtainwallsystemranksamongthetopintheindustry.TheCompanycurrentlyhas7nationalhigh-techenterprises,6"specialized,refined,andinnovative"enterprises,2"nationalintellectualpropertyadvantageenterprises,"1"nationalqualityleaderenterprise,"and2provincialengineeringtechnologyresearchcenters.
With"digitalintelligenceempowermentandscientificmanagement"asitscore,theCompanyvigorouslypromotestheintelligentmanufacturing+AIstrategyacrossvariousindustries.Throughmeasuressuchastechnologicalinnovation,marketexpansion,systemoptimization,andtalentcultivation,theCompanyhasbuiltanefficientmanagementandoperationsystem.Byleveragingthedualdriversofglobalizationandintelligence,theCompanypromotesthehigh-qualitydevelopmentofitsbusinesssegments.
Duringthereportingperiod,theCompany'soveralloperatingconditionwasgood,achievinganoperatingincomeofRMB4,424,224,200,anetprofitattributabletoshareholdersoftheparentcompanyofRMB144,813,700,andanetoperatingcashflowofRMB270,894,100.Asoftheendofthereportingperiod,theCompany'sorderbacklogwasRMB8,287,395,900,whichis
1.87timestherevenuefor2024,providingimportantsupportfortheCompany'scontinuedhealthydevelopment.
(I)Smartcurtainwallsystemsandnewmaterials
①Implementationofintelligentmanufacturing+AIstrategytoacceleratethedevelopmentofnewqualityproductivity
"5G+SmartFactory"commissioning:Topromotehigh-qualitydevelopment,theCompanyhasimplementedanintelligentmanufacturing+AIstrategyinprojectmanagement,factoryproduction,andoperationmaintenance,continuouslyempoweringtheCompany'sdevelopmentandacceleratingthedevelopmentofnewqualityproductivity.Duringthereportingperiod,theFangda(Ganzhou)Low-CarbonIntelligentManufacturingBaseprojectconstructedbytheCompanywasputintooperation.Thisbaseisa"5G+SmartFactory"integrating5G,digitalization,IoT,andintelligence.TheCompanyhasfullyimplementedend-to-enddigitalmanagement,becomingtheindustry'sfirstenterprisetoachievefull-processcoveragewithanERPsystem.ThroughintelligentlogisticstechnologiessuchasAGVunmannedvehiclesandautomaticconveyors,productturnoverefficiencyhasbeencomprehensivelyimproved,strivingforleanproductionwith"zerodamage,zerostagnation".Thedigitalcontrolsystemallowsproductionpacingtobeprecisetothe"second"level,andtheworkshop'sdigitalmanagementmeetstheinternational8Sstandards,greatlyenhancingthelevelofintelligenceanddigitalizationinproduction.TheCoatingCenterisrecognizedbytheMinistryofEcologyandEnvironmentasanational"GreenIslandProject".Throughtheco-constructionandsharingofintensiveenvironmentalprotectioninfrastructure,unifiedtreatmentofpollutantsandresourcerecyclingwithinthepark
areachieved,activelyrespondingtothenational"dualcarbon"goalsandbecominganindustrybenchmarkforgreenmanufacturing.TheprojectintegratesinnovativetechnologiessuchasAIlayoutandautomaticpaintmixing,withcolordifferencecontrolprecisionreachingtheindustry'stoplevel.
"Intelligentmanufacturing+AI"empoweringindustrialdevelopment:Duringthereportingperiod,theCompanyestablishedaspecialteamfor"IntelligentManufacturing+AI"tocoordinatedigitaltransformation.RelyingonthecollaborativedevelopmentoffivemajorindustrialbasesinShenzhen,Dongguan,Shanghai,Chengdu,andGanzhou,anintelligentrapidresponsemechanismfor"order-design-production"wasestablished,shorteningtheproductdeliverycycleandempoweringindustriesthroughAIapplications.Duringthereportingperiod,theCompany'soperatingincomefromthecurtainwallsystemsandmaterialsindustrywasRMB3,555,996,900,anincreaseof2.27%comparedtothesameperiodlastyear.
IntheproductR&Danddesignphase,thefeasibilityandeconomicviabilityofsolutionsarequicklyiteratedandverifiedusingAI+BIM-drivenparametrictools.Additionally,technologiessuchasfeaturecodingareusedtoachievepreciseparametercalls,therebyimprovingdesignefficiencyandaccuracy.Furthermore,combiningtopologyoptimizationalgorithmsallowsforreasonablecontrolofmaterialusagewhilemeetingmechanicalperformancerequirements,reducingcarbonemissions.
Intheproductproductionphase,AI-assistedoptimizationofproductionprocessesiscarriedout,combinedwithintelligentequipmentandtheCompany'sself-developedMESsystem,toimproveoverallproductionefficiency.
Intheproductinstallationphase,AIassistsinoptimizingconstructionsequences,shorteningconstructiontime.BycombiningdroneaerialphotographyandCVtechnology,AIassistsinidentifyingqualityandsafetyissuesduringconstruction,effectivelyreducingqualityandsafetyrisks.
Constructionof"DigitalFangda":Duringthereportingperiod,theCompanyacceleratedtheadvancementofthe"DigitalFangda"construction.Buildingontheself-developedPMSprojectmanagementplatform,MESproductionmanagementplatform,VPOsuppliermanagementplatform,andqualityandsafetymanagementplatform,theCompanycompletedthedevelopmentandapplicationofacontractmanagementplatform,refinedmanagementplatform,andcostmanagementsystem.ThroughAItechnology,theCompanyachievedcomprehensiveinformationmanagementacrosstheentirechainofcontractexecution,enablingfullmonitoringandreal-timesharingfrommaterialsupply,productionstatus,factoryprocessingprogresstoprojectmanagementstatus.Thisgreatlysimplifiedtheprocessofinformationdataprocessingandprovidedreal-timebusinessdatasupportformanagementdecision-making,meetingtherefinedmanagementrequirementsforcurtainwallproducts.
②Deepeningtechnologicalinnovationandacceleratingthetransformationofinnovativeachievements
Buildingacollaborativeindustry-university-researchplatform:TheCompanyiscommittedtobuildingacollaborativeindustry-university-researchplatform,whichhasbecomeanimportantmodelforinnovation-drivendevelopment.Duringthereportingperiod,theCompanycollaboratedwithJinanUniversitytodevelopthecableandringbeamcompositecurtainwallsystem,fullyleveragingtheirrespectivetechnicaladvantagesinthefieldsofarchitecturalcurtainwallsandfiniteelementsimulationanalysis.Theresearchresultsweresuccessfullyappliedtothe"ShenzhenChinaResourcesSnowHeadquartersBuilding"curtainwallproject,achievingbreakthroughsinthestabilityoflarge-spancurvedcablecurtainwalls,high-altitudeprecisioninstallation,processingofspecial-shapedmaterials,andenvironmentaladaptationtechnologies.Thisovercametheconstructionchallengesofhigh-risecurvedcablecurtainwalls,wasrecognizedasanindustrybenchmarkcase,andenhancedtheCompany'sscientificresearchcapabilitiesinthehigh-endcurtainwallfield.
Launchingmultiplegreeninnovativeproducts:TheCompanyactivelyrespondstonationalenergy-savingandcarbon-reductionpolicies,focusingonthefieldsofgreen,energy-saving,prefabricated,newmaterials,andhigh-endcurtainwallsystems.RelyingonitsadvantageastheGuangdongProvincePrefabricatedBuildingCurtainWallEngineeringTechnologyResearchCenter,theCompanyvigorouslyconductstechnicalresearchandproductinnovation,acceleratestechnologicalinnovationandachievementtransformation,continuouslybreaksthroughkeycoretechnologies,andmeetsthediverseapplicationscenarioneedsofcustomers.Duringthereportingperiod,theCompanylaunchedseveralgreeninnovativeproducts,includingthegreenlow-carboninorganicfiber-freeboardcurtainwallsystem,specialcurvedstonecurtainwallsystem,residentialprefabricatedunitaluminumplateandwindow-wallcombinationsystem,high-adaptabilitycurvedunitcurtainwallsystem,newanti-lateral
displacementgrooveembeddingsystem,andultra-highperformancelow-energyaluminumalloysystemdoorsandwindows,andhigh-efficiencysystemlouversdevelopedforoverseasmarkets.Theseproductsbettermeetthedomesticandinternationaldemandforhigh-endcurtainwallsandtherequirementsforgreenlow-carbonbuildings.
Inaddition,theCompanyhasalsoachievedtechnologicalinnovationintheinspectionandtestingofbuildingcurtainwalls,activelypromotingtheapplicationofdroneinspections,thermalinfrareddetection,andothertechnologies.Theseinnovationseffectivelyimproveinspectionefficiency,reducethesafetyrisksofhigh-altitudeoperations,enhancethesafetyofbuildingfacades,andensurepublicsafety.
ContinuousR&DInvestment:Duringthereportingperiod,theCompany'sR&DinvestmentamountedtoRMB171,031,400,accountingfor3.87%ofitsoperatingincome.TheCompanyhasobtained671patenttechnologiesforsmartcurtainwallsystemsandnewmaterials,aswellas21softwarecopyrights.Itparticipatedinthedraftingof35national/industrytechnicalspecificationsandstandards.Notably,thenationalstandardsBuildingCurtainWallThermalCyclingandCondensationDetectionMethodGB/T43496-2023,AluminumSinglePanelforArchitecturalDecorationGB/T23443-2024,andMetalandMetalCompositeCeilingPanelsGB/T23444-2024werepublishedduringthereportingperiod.Sixsubsidiariesengagedinthesmartcurtainwallsystemandnewmaterialsindustryarerecognizedasnationalhigh-techenterprises,withfiveofthembeing"specialized,refined,andinnovative"enterprises.TheyhaveconsecutivelybeenrecognizedasNationalIntellectualPropertyAdvantageEnterprises,NationalQualityLeaders,"Specialized,Refined,andInnovative"LittleGiants,GuangdongProvincialEngineeringTechnologyResearchCenter,JiangxiProvincialEnterpriseTechnologyCenter,JiangxiProvincialIntelligentManufacturingBenchmarkEnterprises,GuangdongProvincialInnovativeSMEs,andholdersofEnterpriseInnovationRecords.TheseaccoladeshighlighttheCompany'sleadingpositionandcomprehensivestrengthincurtainwallproductdesign,manufacturing,andinstallationtechnology.
③DeepeningfocusonkeydomesticregionsandachievingnewhighsinoverseasordersInthefaceofadverseimpactssuchaseconomicrestructuring,aslowdowninnationalfixedassetinvestmentgrowth,andintensifiedindustrycompetition,theCompanyremainscommittedtoaprincipleofcontrollablerisk.Itactivelyplansthemarketlayoutforhigh-endcurtainwallsbothdomesticallyandinternationally,focusingonhigh-qualityclients,keyregions,andmajorprojects,continuouslyadvancingtowardshigh-qualitydevelopmentgoals.Duringthereportingperiod,theCompanydeeplypenetratedtheGuangdong-HongKong-MacaoGreaterBayAreamarket,winningbidsforaseriesofinfluentiallargeprojectssuchastheShenzhenSuperHeadquartersBase—ShenzhenBayCoastalBusinessCenterSection1,theShenzhenZTEHeadquartersBuilding,andtheJDShenzhenHeadquarterscurtainwallproject.Additionally,theCompanywonthebidforthe"FirstVillageofShenzhenUrbanRenewal"ShenzhenBayAreaSmartPlazaproject,withaheightof358meters;thehighestbuildinginGuangzhouFinancialCityEastArea—the248-meterGuangdongConstructionEngineeringTechnologyInnovationBuildingproject;andtheDongguanOPPOBinhaiwanHigh-LevelTalentHousingproject,amongothers.
Whiledomesticbusinesscontinuestodevelopsteadily,overseasordershavealsoachievednewbreakthroughs,withnewlysignedoverseascurtainwallsystemandmaterialprojectordersincreasingby60.98%comparedtothesameperiodlastyear.Notably,thecurtainwallprojectforMelbourneSquarePhaseIIinAustralia,withaheightof247meters,setanewrecordfortheCompany'shighestprojectinAustralia.Asoftheendofthereportingperiod,theCompany'sorderreserveforthesmartcurtainwallandnewmaterialsindustryreachedRMB5,776,069,900,whichis1.62timesthe2024operatingincomeoftheCompany'scurtainwallsystemandmaterialsindustry,layingasolidfoundationfortheCompany'scontinuedhigh-qualitydevelopment.
④Deepeningglobalizationstrategyandenhancinglocalizeddecision-makingefficiencyDuringthereportingperiod,theCompanyfirmlypursuedthegoalofdeepeningitsglobalizationstrategy,integratinghigh-qualitymarketresourcesacrossthegroup.WhileconsolidatingitsstrongpresenceinadvantageousmarketslikeAustralia,theCompanyactivelyexpandedintoemergingmarketsinSoutheastAsiaandtheMiddleEast.Ithasestablishedbranchesincountriesandregionsalongthe"BeltandRoad"initiative,includingSingapore,India,Australia,Bangladesh,theUAE,SaudiArabia,andHongKong.TheCompanyimplementsadual-outputmodelof"technology+service"andemploysmatrixmanagementforitsoverseasbusiness,enhancinglocalizeddecision-makingefficiency.Duringthereportingperiod,overseasrevenuefromthehigh-
endsmartcurtainwallsystemandmaterialsindustryincreasedby8.27%comparedtothepreviousyear.
(II)RailTransitIntelligentPlatformScreenDoorEquipmentandSystemIndustry
①RemarkableresultsofoverseasstrategyhighlightindustryleadershipContinuingtodeepenoverseasmarkets:Theyear2024marksthebeginningofthenewdecadeforthe"BeltandRoad"initiative.Asapioneerandleaderintherailtransitplatformscreendoorindustry,theCompanyhasbecomeapractitionerandbeneficiaryofthenational"BeltandRoad"initiative.ExpandingthebrandoverseashasbecomeanimportantwayfortheCompanytoenhancemarketcompetitivenessandachievehigh-qualitydevelopment.Foroveradecade,theCompanyhasbeendeeplyengagedincountriesandregionsalongthe"BeltandRoad"initiative.IthassecuredrailtransitplatformscreendoorsystemprojectsincountriesandregionssuchasSingapore,Malaysia,HongKong,Taipei,Thailand,India,Greece,Colombia,andthePhilippines.Byestablishinggoodrelationshipswithoverseaspartnersandrelyingonexcellentproducts,technology,andservices,theCompanycontinuesto"ridethewaves"intheglobalmarket.Recordhighorderreserve:Duringthereportingperiod,9metroprojectsworldwidethatusetheCompany'srailtransitplatformscreendoorsystemsweresuccessivelyopenedforoperation.Amongthem,theMumbaiMetroLine3inIndiaistheCompany'sthirdoperationalprojectintheIndianmarket,followingtheNoidaMetroandAhmedabadMetroprojects.Duringthereportingperiod,theoperatingrevenueoftheCompany'srailtransitintelligentplatformscreendoorequipmentandsystemindustrywasRMB612,820,600,anincreaseof9.74%comparedtothepreviousyear.Domesticrevenueaccountedfor56.93%,whileoverseasrevenueaccountedfor43.07%,furtherconsolidatingthemutuallyreinforcingdevelopmentpatternofdomesticandinternationaldualcirculation.Asoftheendofthereportingperiod,theorderreservefortheCompany'srailtransitintelligentplatformscreendoorequipmentandsystemindustryreachedRMB2,511,326,000,anincreaseof3.39%comparedtotheendofthepreviousyear.Thisis4.10timestheoperatingrevenueoftherailtransitplatformscreendoorequipmentandsystemindustryin2024,settinganewhistoricalhighandlayingasolidfoundationforthecontinuedreleaseofsubsequentperformance.Inthecontextofweakglobaleconomicrecoveryandinsufficientdomesticeffectivedemand,theCompany'srailtransitintelligentplatformscreendoorequipmentandsystemindustryhasmaintainedstrongresilience,demonstratingstrongcompetitivenessandoverallstrengthintechnology,brand,andmarket,aswellassignificantadvantagesinnewqualityproductivity.
②AcceleratingtechnologicalinnovationandleadingstandardizationLeadingthedevelopmentofindustrytechnicalspecifications:TheCompanyconsistentlyadherestotechnologyinnovationasitsdrivingforceandmarketdemandasitsguide,committedtoprovidinghigh-qualityrailtransitplatformscreendoorproductsandservicestoglobalcustomers.Asanationalintellectualpropertyadvantageenterprise,theCompanyledthepreparationofthefirstdomesticindustrystandardforplatformscreendoorsystems.ItiscurrentlyspearheadingthedraftingofChina'sfirstnationalstandardforplatformscreendoorproducts,titledUrbanRailTransitPlatformScreenDoorSystems.Additionally,theCompanyisparticipatinginthedraftingofTechnicalGuidelinesforSmartStationConstructioninRailTransit,TechnicalSpecificationsforIntelligentDetectionSystemsofForeignObjectsintheGapbetweenUrbanRailTransitPlatformScreenDoorsandTrainDoors,andthegroupstandardHigh-SpeedRailwayPlatformDoorSystems,consolidatingitsleadingposition.
AI+drivinginnovationachievementstransformation:Inrecentyears,theCompanyhascontinuouslyimproveditstechnologicalinnovationsystem,deeplyengagedintacklingkeycoretechnologies,vigorouslydeveloped"AI+",andactivelypromotedthetransformationandapplicationoftechnologicalinnovationachievements,achievingaleapinproductivityquality.Duringthereportingperiod,theCompany'sindependentlydevelopedpneumatic-drivenscreendoorsystem,intelligentoperationandmaintenancesystem,three-modulefull-heightscreendoorstructureproducts,slidingdoorlateralpressanti-pinchself-rescuelock,andothernewtechnologiesandproductshavebeensuccessfullyappliedinmultipleprojects.FangdaZhiyuanhasbeenlistedforsixconsecutiveyearsamongthe"Top100ShenzhenIndustryLeaderEnterprises".TheCompanyhasdevelopedagloballyleadinghigh-speedrailplatformscreendoorsystemwithcompletelyindependentintellectualpropertyrights,utilizingartificialintelligenceandAIvisionsystems.Thissystemcanautomaticallyrecognizehigh-speedtrainmodelsandtrainpositioning,allowingarbitrarysettingofplatformdooropeningpositionsanddooropeningsizestoaccommodatedifferentmodels'various
openingpositionsandsizerequirements.Thisinnovationsignificantlyenhancesthesafetyprotectionlevelofhigh-speedandintercityrailwayplatforms,improvestrainoperationorganizationandtransportationefficiency,andenhancespassengerservicequality.Ithassignificantengineeringimplicationsandservesasanimportantdemonstrationforpromotingrailtransitconstructionandleadingthetechnologicalupgradeoftherailtransitindustry,earningthe"ShenzhenEnterpriseInnovationRecord"honor.Thisproducthasobtained36patentsandpromisesbroadapplicationscenariosandmarketspaceinthefuture.
③Possessingfullindustrychainone-stopservicecapability,maintenancebusinessgrowingannuallyTheCompanyhasafullindustrychainone-stopservicecapabilityforrailtransitplatformscreendoorsystems,offeringservicesthatincluderesearchanddevelopment,design,equipmentmanufacturing,engineeringservices,technicalservicesandmaintenance,andsparepartssupply.Thiscomprehensiveservicecapabilityeffectivelyreducescustomers'construction,operation,andmanagementcosts,lowerstheriskofcompatibilityissuesincomplexlinesystems,andminimizestheimpactofrenovationprojectsandmaintenanceonnormaloperations.Astheoperationalmileageofurbanrailtransitcontinuestoincrease,thedemandforoperationandmaintenanceisgraduallybecomingprominent,revealingtheenormouspotentialoftherailtransitaftermarket.Intelligenceandspecializationaresettobecomefuturedevelopmenttrends.TheCompany'sindependentlydevelopedplatformscreendoorintelligentoperationandmaintenancesupportsystemutilizesartificialintelligence(AI),bigdata,andotherinformationtechnologiestoeffectivelyachievereal-timemonitoringofrailtransitsystemequipmentstatus,faultearlywarning,andintelligentmaintenancedecision-making.Thisreducessystemoperationandmaintenancecosts,lowersequipmentfailurerates,improvesmaintenanceefficiency,andenhancestheintelligencelevelofstationoperations.Duringthereportingperiod,theCompany'smaintenancerevenuefromtherailtransitplatformscreendoorindustrywasRMB70,484,800,accountingfor11.50%oftherailtransitplatformscreendoorbusinessrevenue,representinganincreaseof11.76%comparedtothesameperiodlastyear.ThegooddevelopmentopportunitiesfortheCompany'sprofessionaltechnicalmaintenanceservicesbusinessaregraduallyemerging.
(3)Newenergyindustry
TheCompany'snewenergyindustrymainlyconsistsofBuildingIntegratedPhotovoltaics(BIPV)anddistributedsolarphotovoltaicpowerstations.Againstthebackdropofthenationaldualcarbonstrategyandgreendevelopment,theCompanyhasconsistentlyadheredtotheconceptsoflowcarbon,energysaving,green,andenvironmentalprotection.ItisoneoftheearlydevelopersandapplicatorsofBIPVandphotovoltaicpowergenerationsystemdesign,manufacturing,integration,andoperationinChina,possessingmaturetechnicalexperienceandhavingcompletedsomeoftheearliestBIPVprojectsinthecountry.Currently,theCompanyhaswonthebidfortheEgretLakeCentercurtainwallproject,oneofthesevenkeyareasinLonghuaDistrict,Shenzhen.Leveragingitsadvantagesincurtainwallbusiness,theprojectemploysBIPVtechnology,withaphotovoltaiccurtainwallareaofapproximately1,000squaremeters.Oncecompleted,itisexpectedtogenerateabout62,000kWhofelectricityannually,saveapproximately17.8tonsofstandardcoalperyear,andreducecarbondioxideemissionsby43.4tons,contributingtotheaccelerationofachievingzerocarbontargetsintheconstructionsector.
TheCompanyhascompletedseveraldistributedsolarphotovoltaicpowerstations,suchasthePingxiangdistributedphotovoltaicpowerstationinJiangxi,theNanchangJiangxiIsuzuMotorsparkinglotphotovoltaicpowerstation,andtheDongguanSongshanLakebasephotovoltaicpowerstationinGuangdong,whichhaveachievedintelligentoperationandmaintenancetoensurelong-termstablereturns.
(4)Commercialmanagementandserviceindustry
TheCompany'scommercialdevelopmentmanagementandpropertyserviceprojectsareprimarilylocatedinShenzhenandNanchang.Shenzhen,asthemostdynamicmodernmetropolisinChina,continuestoattractvariousenterpriseswithitsuniqueadvantagesamidthedeepinterconnectivityoftheGuangdong-HongKong-MacaoGreaterBayArea.Throughdifferentiatedpositioningandadigitalinvestmentpromotionsystem,theCompanyhasmaintainedahigher-than-industryaverageclearancerateandoccupancyrate.Bytheendofthereportingperiod,thesalesclearancerateoftheShenzhenFangdaCityprojectwas98.84%,withaself-ownedpropertyoccupancyrateof83.69%,andtheFangdaTechnologyBuildingoccupancyratewas81.54%.TheFangdaCenterprojectinNanchangislocatedintheHonggutanNewDistrict,acoreareaofNanchang's"OneRiver,TwoBanks,
TwinCitiesEmbracingtheRiver"strategy,alsoknownasNanchang's"UrbanLivingRoom,"withsignificantlocationaladvantagesandpositivemarketexpectations.Attheendofthereportingperiod,thesalerateofNanchangFangdaCenterprojectwas43.02%,andtheoccupancyrateofself-ownedpropertieswas91.35%.Inthefuture,theCompanywillcontinuetoimproveitsoperationalmanagementmodel,consistentlycontributingtotheCompany'sprofitsinastableandhealthymanner.TheCompanyactivelyembracesAItechnology,vigorouslypromotingthedigitalconstructionofpropertyservicestoachieveintelligentmanagement.IthasestablishedsmartsystemsincludingtheFangdaPropertySmartParkapplet,enterpriseWeChatonlinecustomerservice,onlineworkorders,andintelligentlightingcontrol.Byanalyzingandminingmassivedata,theCompanygainsdeepinsightsintocustomerneedsandhabits,providingpersonalizedservicestoenhancesmartpropertymanagementlevelsandreducemanagementcosts.
TheplannedprojectinitiationworkfortheCompany'sHenggangDakangurbanrenewalprojectinShenzhenisongoing.
II.CoreCompetitivenessAnalysis
(I)Smartcurtainwallsystemandmaterial
1.TechnologicalinnovationadvantagesTheCompanyadherestotechnologyleadershipandinnovation-drivenstrategies,developingnewqualityproductivitytailoredtolocalconditions,andactivelyutilizingdigitalandgreentechnologiesthroughAItechnologytoempowerthetraditionalcurtainwallindustry.TheCompanyhasobtained671patentsforsmartcurtainwallsystemsandnewmaterials,aswellas21softwarecopyrights.Ithasparticipatedinthedraftingof35nationalorindustrystandards,includingtheEnergyConservationDesignStandardsforPublicBuildings.Itwasthefirstintheindustrynationwidetoestablishresearchanddevelopmentinstitutionssuchasanenterprisepost-doctoralworkstation,aprovincialengineeringtechnologyresearchcenter,andaresearchdesigninstitute,withindependentinnovationcapabilitiesandtechnicallevelsreachingtheadvancedlevelofthedomesticindustry.Sixsubsidiariesengagedinthesmartcurtainwallsystemsandmaterialsindustryarenationalhigh-techenterprises,withfiveofthemrecognizedas"specialized,refined,andinnovative"enterprises,providingastrongplatformsupportfortheCompany'shigh-qualityinnovationdevelopment.TheCompanyhasbeenconsecutivelyawardedhonorssuchastheNationalIntellectualPropertyAdvantageEnterprise,NationalQualityLeaderEnterprise,"Specialized,Refined,andInnovative"LittleGiant,GuangdongProvincialEngineeringTechnologyResearchCenter,JiangxiProvincialEnterpriseTechnologyCenter,JiangxiProvincialIntelligentManufacturingBenchmarkEnterprise,andGuangdongProvincialInnovativeSmallandMediumEnterprises.TheCompany'sindependentandcontinuousinnovationhasestablisheditsleadingtechnologicallevelandproductdeliverycapabilities.
Duringthereportingperiod,asaleadingenterpriseinthecurtainwallindustry,theCompanyhostedahigh-qualitycurtainwallengineeringobservationconference,attractingover200industrypeerstoobservetheTencentShenzhenHeadquartersCloudBuildingcurtainwallprojectconstructedbytheCompany,showcasingitsstrength.TheCompanypublishedninepapersinprofessionaljournals,providingin-depthanalysisofthedesignessenceofseveralkeyprojects.TheR&Dachievementsfromindustry-university-researchcollaborationweresuccessfullyappliedtoprojectssuchasthe"ShenzhenChinaResourcesSnowHeadquartersBuilding",fullydemonstratingtheCompany'sbenchmarkroleinthecurtainwallindustrytechnologyfield.
2.BrandvalueadvantagesTheCompanyhasbeendeeplyinvolvedinthecurtainwallfieldforoverthirtyyears,consistentlyadheringtoaquality-firstapproach.Withlong-termexcellenceinproductadvantagesandservicequality,ithasgainedhighrecognitionfromtheindustryandnumerousprofessionals,earningagoodreputationasoneofthepreferredbrandsinthedomestichigh-endcurtainwallsystemmaterialsindustry.TheCompanyhasreceivedover200awardsatthenationalandprovinciallevels,includingtheNationalQualityAward,theLubanAward(NationalQualityEngineering),theZhanTianyouAward,andtheChinaBuildingDecorationAward.Globally,theCompanyhascreatedover1,000landmarkprojects,establishingitselfasaleadingbrandinthehigh-endcurtainwallsector.TheFangdatrademarkhasbeenrecognizedasa"ChinaWell-knownTrademark,"andhasalsobeenawardedthetitlesof"InternationalReputationBrand"and"ShenzhenOldBrand."
Duringthereportingperiod,thehigh-endcurtainwallprojectsundertakenbytheCompany,ShenzhenUniversityLihuCampusandShenzhenZhongzhouCoastalBusinessCenter,bothwontheChinaBuildingEngineeringDecorationAward.TheTencentShenzhenHeadquartersCloudBuilding,GuangzhouNanshaInternationalFinancialForum(IFF)PermanentVenue,andShenzhenHankinCentercurtainwallprojectswererespectivelyawardedthe"EraIcon,""Foresight",and"Innovation"honorsatthe2024AlphaArchitectureConference.TheHubeiBroadcastingandTelevisionMediaBuildingprojectwonthe"2023-2024MyFavoriteCurtainWallProject",theKunmingHuanchengBusinessCentercurtainwallprojectphaseonewontheYunnanProvince"ExcellentEngineeringSecondPrize,"andtheGuangzhouNanshaInternationalFinancialForum(IFF)PermanentVenuecurtainwallprojectwonthe"GuangzhouCityExcellentEngineeringAward".Duringthereportingperiod,theCompanysuccessfullycompleted38curtainwallprojectsglobally,coveringlandmarkbuildingsinmultiplefieldssuchas:KingdeeCloudCenter,UBTECHRoboticsBuilding,CCCCGroupSouthernHeadquartersBuilding,ByteDanceShenzhenHouhaiCenterBuilding,ShenzhenChinaResourcesSnowHeadquartersBuilding,HaitianGroupHeadquartersBuilding,AustraliaSeafarers,andAustraliaPFMCCHospital.TheCompany'sproductsandserviceshavereceivedwidespreadpraisefromclientswithintheindustry,earninghonorssuchas"ExcellentSupplier"and"ExcellentSubcontractor"multipletimes.
3.IndustriallayoutadvantagesAfteryearsofdevelopment,theCompany'sintelligentcurtainwallsystemsandmaterialsindustryhasestablishedanationwideindustriallayoutwithShenzhenasitsheadquartersandproductionbasesinShanghai,Chengdu,Dongguan,Ganzhou,andotherlocations.Thissetupprovidescustomerswithintegratedsolutionsencompassingresearchanddevelopment,design,production,projectmanagementandconstruction,aswellasmaintenanceservices,creatingacompleteindustrialchaininthefieldofcurtainwallsystemsandmaterials.Amongthese,theFangda(Ganzhou)Low-CarbonIntelligentManufacturingBaseprojectcommencedoperationsduringthereportingperiod.Thisbaseisa"5G+SmartFactory"integrating5G,digitalization,theInternetofThings,andintelligence.Itleadstheindustryinsysteminnovation,productdevelopment,andmanufacturing,andhasnowbecomea"GreenIsland"factorywithinthesmartmanufacturingandAIsystem.TheCompany'swell-establishedproductionbaselayoutandcompleteindustrialchainenableittooptimizeproductioncosts,enhanceefficiency,andquicklyrespondtomarketdemandchanges,providingessentialsupportforincreasingmarketshareandcomprehensivecompetitiveness.
4.Talent
TheCompanyimplementsaninnovation-drivendevelopmentstrategy,acceleratingthecultivationofinnovativetalentthroughmultiplechannels,activelyintroducingandnurturingvariousprofessionaltechnicalandmanagementtalents,andiscommittedtobuildinganinnovativeandefficientmanagementandoperationalteam.Afteryearsofdevelopment,theCompanyboastsanexperienced,internationally-mindedseniormanagementteamandmid-levelmanagerswithsolidexpertiseandstrongexecutioncapabilities.Ithasacomprehensivetalentdevelopmentsystemandtalentreserve,withsmoothcareerdevelopmentpaths.Additionally,theCompanyhasawell-establishedincentiveandevaluationsystemforthetransformationoftechnologicalachievements,fullystimulatingtheinnovativevitalityofR&Dpersonnel.ThissupportsandguidestheCompanytowardsqualityimprovement,efficiencyenhancement,andsustainablehealthydevelopmentthroughtechnologicalinnovation,steadfastlypursuingindependentinnovationtotrulybecomeaforcedrivinghigh-qualitycorporatedevelopment.Duringthereportingperiod,theCompanyrecruited97newgraduates,layingasolidfoundationforitstalentreserve.
(I)RailTransitPlatformScreenDoorEquipmentandSystemIndustry
1.TechnicalR&DadvantageTheCompanyadherestoindependentinnovationandwasthefirstinChinatodeveloparailtransitplatformscreendoorsystemwithindependentintellectualpropertyrights,breakingthemonopolyofforeigncompaniesinChina'srailtransitplatformscreendoorfield.Throughyearsofcontinuousengineeringpracticeandtechnologicalinnovation,theCompanyhasaccumulatedprofoundtechnicalexpertise,givingitatechnologicalR&Dadvantage.TheCompany'stechnologicalR&Dsystemiswell-established.TheplatformscreendoorsystemR&DcenterofFangdaZhiyuanhasbeenawardedtheGuangdongEngineeringTechnologyCenterbytheGuangdongScienceandTechnologyDepartment.TheCompanyhasacomprehensive,experienced,and
highlyskilledinternationaltechnicaltalentteam.TheR&Dteamhasstrongtechnologicalinnovationcapabilities,anditsresearchachievementshavesuccessivelyreceivedtheGuangdongScienceandTechnologyAwardandtheShenzhenScienceandTechnologyProgressAward,amongothers.TheCompany'surbanrailtransitplatformsafetydoorshavebeenrecognizedbytheMinistryofIndustryandInformationTechnologyasa"SingleChampionProductinManufacturing."FangdaZhiyuanhasbeenselectedasa"NationalIntellectualPropertyAdvantageEnterprise"andaShenzhen"Specialized,Refined,Special,andNew"Enterprise.ItwasthemaineditorofChina'sfirstindustrystandardfor"UrbanRailTransitPlatformScreenDoors"andiscurrentlyleadingthedraftingofChina'sfirstnationalstandardfor"UrbanRailTransitPlatformScreenDoorSystems."TheR&Dprojectforthehigh-speedrailstationplatformdoorsystemhasbeenrecognizedasa"ShenzhenEnterpriseInnovationRecord",highlightingFangda'scontinuouscomprehensiveleadingstrengthandindustrybenchmarkpositioninthefieldofurbanrailtransitequipment.
2.IndustrychainadvantageAsapioneerinChina'smetroplatformscreendoorindustry,theCompanypossessesthecapabilitytoprovideone-stopservicesacrosstheentireindustrychain,includingR&Ddesign,equipmentmanufacturing,engineeringservices,technicalservicesandmaintenance,andsparepartssupply.AcompleteindustrialchainhelpstheCompanytorealizeresourcesharingatallstagesandmeetthemarketdemandforspecializedproductsandservices,therebyeffectivelyreducingtheCompany'sproductionandmanagementcostsandimprovingprofitabilityandcompetitiveadvantages.
WiththecontinuousincreaseinurbanrailtransitoperatingmileageinChina,thenationhasbecomeagloballeaderwiththelongestoperatingmileageandahighlydenselinenetwork.Manymetroplatformscreendoorsystemsareenteringthemaintenanceperiod,promptingtheCompanytoactivelyexpanditsmetromaintenancebusiness.TheintelligentmaintenancemanagementsystemdevelopedbytheCompanycancountandanalyzetheoperationstatusofsiteequipmentinrealtime,remotelyguidetheon-sitetechnicalserviceteam,andprovideprofessionaltechnicalsupporttocustomersinatimelyandefficientmanner.TheCompany'soperationandmaintenancemanagementserviceteamisnowspreadacrossmorethan30citiesworldwide.Asservicecapabilitiesimproveandcustomerrecognitionincreases,therevenuecontributionfromtheCompany'stechnicalservicesisexpectedtocontinuetogrow.
3.Brandandmarketpositionadvantages
TheCompanywasanearlyentrantintotheplatformscreendoorsystemfield.Withoutstandingadvantagesinproductsafety,reliability,availability,andsustainability,ithasreceivedhighpraiseandrecognitionfromnumerouscustomers,establishingFangda'sbrandadvantageandmarketposition.Duringthereportingperiod,FangdaZhiyuanwasratedasoneofthe"Top100IndustryLeadersinShenzhenin2024"andfeaturedonthe"InnovationPowerListofEnterprisesintheGuangdong-HongKong-MacaoGreaterBayArea".Itwasalsorecognizedbyseveralmetrocompanieswithtitlessuchas"ExcellentEquipmentSupplier","OutstandingContributionUnit",and"ExcellentMaintenanceUnit".Intherailtransitplatformscreendoorsystemfield,theCompanyactsasthesolestrategicpartnerofinternationallyinfluentialcompanieslikeAlstom,Siemens,andLG,participatingintheconstructionofglobalurbanrailtransitscreendoorsystemprojects.
Duringthereportingperiod,leveragingitsstrongbrandimageandmarketreputation,theCompanysuccessivelywonbidsandsignedordersforplatformscreendoorsystemprojectssuchasHefeiMetroLine8,ShenyangMetroLine3Phase1,TianjinMetroLine8Phase1,andWuhanMetroXinGangLinePhase1.Additionally,itsecuredtechnicalmaintenanceserviceordersforrailtransitscreendoorsforprojectslikeShenzhenMetroLines2,7,9Phase1,11Phase1,and20,NanningMetroLine5,WuhanMetroLine6,Wuhan-XiaoganIntercity,andWuhan-XiantaoIntercity.Moreover,theCompanyhasbeenapioneerinenteringtheinternationalmarket,securingseveralmajorrailtransitscreendoorsystemprojectsincountriesandregionssuchasSingapore,Malaysia,HongKongSAR,Taipei,Thailand,India,Greece,Colombia,andthePhilippines.TheCompany'scapabilitiesinproductdesign,deliverytimeliness,andproductqualitystabilityhavebeenfullyrecognizedbyoverseasclients.TheCompany'sstrongbrandimageandmarketreputationcontributetoitsongoingcompetitivenessenhancement,layingasolidfoundationforitshealthydevelopment.
4.Organizationalstructureadvantage
TheCompanyofferscustomizedurbanrailtransitplatformscreendoorsystems,whichinvolvevariousmanagementstagesfromorderacquisitiontofinalprojectdelivery,includingresearchanddevelopment,design,manufacturing,testing,installation,andmaintenance.Theseservicesarecharacterizedbyhighcontractworkrefinementandlongperformancecycles.Toprovidemorecomprehensiveservices,theCompanyhasestablishedanorganizationalstructurethatmeetscustomerneeds,equippedwithprofessionalsineachservicestage.
TheCompanypossessesoutstandingprofessionalcapabilitiesandawell-configuredresearchanddevelopmentteam,capableofprovidingtechnicalsolutionsforcustomers'specialrequirements.Intermsofproductdesign,theCompany'stechnicalteamhasextensiveexperience.Inproductmanufacturing,theCompanyownsalarge-scaleproductionfactoryandhasacompleteandreliablesupplychain.Forproducttesting,theCompanyhaswell-equippedandprofessionaltestingequipmentandmethods.Intermsofinstallation,theCompanyholdsthefirst-levelqualificationofnationalconstructionmechanicalandelectricalinstallationengineering,enablingittoindependentlyundertakeinstallationworkasstipulatedbycontracts.Intermsofmaintenance,theCompanyhasanoperationsandmaintenancecenterwithprofessionalmaintenanceteams.Maintenancecentersareestablishedatcustomerlocationsandprojectsites,allowingforfasterandmoreconsiderateservices.
(3)Newenergyindustry
TheCompany'snewenergyindustryprimarilyfocusesontheapplicationofnewenergyandenergy-savingtechnologies,suchassolarphotovoltaicpowerplantsandbuilding-integratedphotovoltaics(BIPV).Itsbusinessscopespansacrosstheconstructionandphotovoltaicpowergenerationindustries.TheCompanyhasbeenactivelydevelopingsolarphotovoltaiccurtainwallsystemtechnologyforovertwentyyears.Itisoneofthedomesticenterprisesthatstartedearlyinthedesign,manufacturing,andintegrationofsolarphotovoltaicbuilding-integrated(BIPV)systems.
DistributedsolarpowerPVpowergenerationiscloselyrelatedtotheCompany'scurtainwallbusiness.PartofthedistributedsolarpowerPVsystemsarecloselyrelatedtoconstruction.Moreover,intermsofproductsystemintegration,theCompanyhasovertwentyyearsofexperienceinelectromechanicalproductintegrationandprojectmanagement.Itpossessesprofessionalqualificationsinmechanicalandelectricalinstallation,amongothers.
(4)Commercialmanagementandserviceindustry
Throughyearsofoperationalserviceandthecreationofadifferentiatedbrand,theCompanyhascontinuouslyenhancedthevalueandeffectivenessoftheFangdabrand,steadilyadvancinginintensemarketcompetition.Overtheyears,theCompanyhasestablishedaprofessional,capable,andenterprisingmanagementteamfullofyouthfulvigor,accumulatingrichexperiencetoensuretheefficiencyandexecutionofcompanymanagement.
III.IndustrySituationDuringtheReportingPeriod
(I)Smartcurtainwallsystemandmaterial
1.IndustrydevelopmentIn2024,China'seconomyoperatedsmoothlyoverall,progressingsteadilywithsolidadvancementsinhigh-qualitydevelopment.Thecompany'sintelligentcurtainwallbusinesshasgrownalongsideurbandevelopment,makingitoneoftheimportantindustriesinnationaleconomicconstructionandcloselyconnectedtothemacroeconomicdevelopmentlevel.AccordingtodatafromtheNationalBureauofStatistics,in2024,thegrossdomesticproduct(GDP)wasRMB134,908.35billion,anincreaseof5.0%year-on-year,withtheaddedvalueoftheconstructionindustryreachingRMB32,650.1billion,upby3.9%year-on-year.Theconstructionindustryremainsacrucialpillarindustryofthenationaleconomy,closelylinkedtotheoveralleconomicdevelopmentofthecountry,andholdssignificantimportanceinstabilizingtheeconomiclandscape.TheCentralEconomicWorkConferenceandthegovernmentworkreportpointedoutthatthereisstillconsiderableroomfordevelopmentandimprovementinChina'surbanization.Withthecontinuousadvancementofnewurbanization,theintegrationofurbanagglomerationssuchasBeijing-Tianjin-Hebei,theYangtzeRiverDelta,theGuangdong-HongKong-MacaoGreaterBayArea,andChengdu-Chongqingregionisdrivingfurtherdemandforinfrastructurelikepublicservicefacilities,providingmore
marketopportunitiesforleadingcompaniesintheindustry.Meanwhile,theapplicationofdigitaltechnologiessuchasartificialintelligence(AI)andbigdataandtherapidadvancementofnewbuildingindustrializationandintelligentcurtainwalltechnologieswillacceleratethetransformationandinnovativedevelopmentofthebuildingcurtainwallindustry.
InMay2024,theStateCouncilissuedthe2024-2025EnergyConservationandCarbonReductionActionPlan,proposingto"vigorouslydevelopprefabricatedbuildings,activelypromoteintelligentconstruction,andacceleratetheintegrationofbuildingphotovoltaics".Thenationalimplementationoftechnologyinnovationtodriveindustrialinnovationandaseriesofmeasuresforenergyconservationandcarbonreductionwillmakegreenbuildingsadevelopmenttrendintheindustry,furtheracceleratingtheoptimizationandupgradingofthecurtainwallindustrychain.
2.BusinessStatus
(1)Mainproductsandpurposes
TheCompany'sintelligentcurtainwallsystemsarewidelyusedinavarietyofbuildingssuchashigh-endofficebuildings,corporateheadquarters,urbancomplexes,hotels,largevenues,institutionalorgovernmentofficebuildings,urbanpublicbuildings,andhigh-endresidentialproperties.Thesesystemseffectivelyenhancethevisualaestheticsofbuildings,improveenergyefficiencyandenvironmentalsustainability,andbettermeettheneedsofpeople'sworkandlife.Intelligentcurtainwallscombinemodernarchitecturaltechnologywithintelligentsystemsolutions,developedonthebasisofsmartbuildings.Theyintegrateappropriatecontrolofbuildingsupportingtechnologies(suchasheating,thermal,lighting,andelectricalsystems)andreduceenergyconsumptionthroughdigitalandartificialintelligencetechnologies.TheCompany'sintelligentcurtainwallproductshaverepeatedlywonthehighestawardinChina'sconstructionfield,theLubanPrize(NationalQualityProjectAward),placingthemamongthetopcompetitorsgloballyandestablishingthebrandasarenownednameintheglobalcurtainwallindustry.Thisreflectsthehigh-qualitycharacteristicsofnewproductiveforces.
TheCompanyfullyutilizesitstechnical,service,andtalentadvantagestoconductinspectionsandchecksonbuildingexteriormaintenancesystems,implementbuildingenergy-savingrenovations,providewaterproofingandanti-corrosionservices,aswellasmaintenanceandrelatedtechnicalservices.TheCompanyhasprovidedtheseservicestobuildingswithatotalareaexceeding8millionsquaremeters,demonstratingstrongcompetitivenesswithintheindustry.
Newmaterials,focusingonlow-carbon,environmentalprotection,intelligence,andsustainability,areoneoftheCompany'skeydevelopmentareas.TheCompanypossessesstrongR&DcapabilitiesandadvancedproductionandmanufacturingbasesforPVDFaluminumpanelsandaluminumhoneycombpanels.Theseproductshavebeenwidelyappliedinmanymajorprojectsacrossmorethan160citiesworldwide.
(2)Mainbusinessmodes,specificrisksandchanges;
TheCompany'smainoperatingmodelisprimarilyanintegrated"design-production-construction"approach,whichremainedunchangedduringthereportingperiod.Thecontractsforthedesign,installation,andconstructionoftheCompany'sintelligentcurtainwallsareprimarilyobtainedthroughbiddingprocesses(openbiddingandinvitationalbidding).Basedontherequirementsofeachorder,theCompanyprovidesacomprehensivesolutionthatincludesdesign,rawmaterialprocurement,productionandprocessing,installationandconstruction,aswellasafter-salesservice.Thisapproachischaracterizedbynon-standardizationandcustomization.Thegrossprofitmarginlevelsofdifferentordersareinfluencedbymultiplefactors,includingtheowner'sbudgetinvestment,biddingcompetitionconditions,productmaterials,complexityofbuildingstructuresandconstructions,projecttimelines,on-siteconstruction,andcostmanagement,resultingincertainvariations.Inaddition,duetothelongperiodoforderimplementation,itisgreatlyaffectedbynationalindustrialpolicies,rawmaterialprices,andfluctuationsinthelabormarket.Differentordershavedifferenttechnicalrequirements.Itisimpossibletosimplycopytheexistingexperience,andtherequirementsfortechnologyandmanagementarerelativelyhigh.Theengineeringpaymentsettlementprocessforordersisdividedintostagessuchasengineeringadvancepayment,engineeringprogresspayment,completionacceptance,completionsettlementpayment,andqualityguaranteedeposit.Thespecificsettlementsituationdependsonthecompletionprogressandcontractagreement.
(3)MarketcompetitionpatterninwhichtheCompanyislocatedandtheCompany'smarketpositionThefuturedevelopmentdirectionofthearchitecturalcurtainwallindustryincludestransformationandupgrading,greendevelopment,andintelligentconstruction.Thisinvolvesnotonlyinnovationincurtainwallconstructiontechnologybutalsoreshapingtheindustryfromaspectssuchasbusinessphilosophy,marketform,productform,constructionmethods,andindustrymanagement.Leadingenterprisesintheindustry,whichpossessadvantagesintalent,technology,brand,andcapital,andhavethecapabilitytoundertakecomplex,innovative,andcomprehensiveprojects,areincreasinglyhighlightingtheircompetitiveedgeinthemarket.Inthefuture,technologicalinnovationsdominatedbyartificialintelligence(AI),modularassembly,andBuildingInformationModeling(BIM)willbecomeimportantdrivingforcesfortheindustry'sdevelopment.
TheCompanyhasbeendeeplyinvolvedinthecurtainwallindustryformorethan30yearsandhasaprofoundtechnicalaccumulation.FangdaJiankeCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany,hasthehighestqualificationsforcurtainwalldesignandconstructionenterprisesinChina-thefirst-classqualificationforprofessionalcontractingofarchitecturalcurtainwallengineeringandthefirst-classqualificationforarchitecturalcurtainwallengineeringdesign.ItistheleadingenterpriseinChina'scurtainwallindustry.FangdaJiankehaswonthehighestawardsinthenationalconstructionindustry,including"LubanAward","NationalQualityEngineeringAward","ZhanTianyouCivilEngineeringAward","ChinaBuildingDecorationAward",andover200provincialandministerialawards.FangdaJiankehasparticipatedinthepreparationofmorethan35nationalorindustrialstandardssuchastheDesignStandardforEnergyEfficiencyofPublicBuildings,andhascreated18newrecordsforChineseenterprises.ItisanintellectualpropertydemonstrationenterpriseinGuangdongProvince.Itisthefirstoneinthesameindustryinthecountrytosetupenterprisepost-doctoralworkstations,provincialengineeringtechnologyresearchcenters,researchanddesigninstitutesandotherresearchanddevelopmentinstitutions,withindependentinnovationcapabilityandtechnologylevelreachingtheadvancedlevelinthesameindustryinthecountry,withtheinnovativecharacteristicsofnewqualityproductivity.Goodsocialcredibility,highqualityservicequality,successfullyestablishedtheCompany'sbrandawarenessandreputation,fullydemonstratedthestrengthoftheCompanyastheindustryleader.TheCompanywillcloselyfollownationalstrategicdirections,seizingimportantopportunitiessuchasthedualcirculationstrategy,expandingdomesticdemand,unifyingthelargemarket,technologicalinnovation,andgreendevelopment.Byconsolidatingandenhancingitsleadingpositioninitscorebusinesssectors,theCompanyaimstocontinuouslycreatenewvalueandnewmomentum,therebyachievingitsgoalofsustainedscalegrowth.
(4)Industryqualificationtypesandvalidityperiod
TheCompanyhasaClassAqualificationforbuildingcurtainwallengineeringcontractingandclassAqualificationforbuildingcurtainwallengineeringdesign.ItisthehighestlevelforcurtainwalldesignandconstructioncompaniesinChina.Duringthereportingperiod,theCompany'srelevantqualificationshavenotchangedsignificantly,andthevalidityperiodhasnotexpired.Detailsofthemeetingsaredisclosedasfollows:
| No. | Qualification | Validperiod |
| 1 | ConstructioncurtainwalldesigningclassA | ByFebruary14,2030 |
| 2 | ConstructioncurtainwallcontractingclassA | UntilDecember04,2028 |
| 3 | Professionalcontractingforsecondarylevelbuildingmechanicalandelectricalinstallationengineering | ByDecember11,2028 |
| 4 | ConstructiondecorationcontractingclassB | ByDecember11,2028 |
| 5 | SteelstructureengineeringcontractingclassB | ByDecember11,2028 |
| 6 | Professionalcontractingforsecondarylevelurbanandroadwaylightingengineering | ByDecember11,2028 |
| 7 | Designandconstructionofmetalroof(wall)surfaceofbuilding | ByDecember18,2026 |
(5)Qualitycontrolsystem,implementationstandards,controlmeasuresandoverallevaluation
Qualitycontrolsystem:Asaleadingenterpriseofhigh-endcurtainwall,theCompanypaysattentiontoqualitymanagement.ItisthefirstintheindustrytopassISO9001,ISO14001,OHSAS18001internationalanddomesticdualcertification,GB/T29490intellectualpropertymanagementsystemcertification,andisthefirsttoestablishsales,design,supply,production,one-stopqualitycontrolsystemsuchasconstruction,after-sales,customerservice,etc.,implementstrictqualitycontrolandsupervisionforeachlink,andcreateastrongqualitymanagementsystem.
Implementationofthestandard:Intheprocessofbuildingcurtainwallbusiness,theCompanystrictlycomplieswithGB/T21086-2007"BuildingCurtainWall",JG/T231-2007"BuildingGlassLightingRoof"andothernationalandindustrialstandards.
Controlmeasures:TheCompanyhasestablishedcompleteandeffectivequalitycontrolmeasuresandqualitymanagementinstitutions,introduceddigitalinformationmanagement,anddigitizedtheCompany'svariousbusinesses,rawmaterials,factoryworkshops,andconstructionsiteoperatingproceduresthroughcomputerinformationintegrationsystems.Throughcloudterminaltechnology,informationisquicklytransmittedandsharedforcollaborativeapplication.Strictlyimplementvariousqualitymanagementandcontrolmeasurestoprovidecustomerswithhigh-qualityproductsandservices.
Overallevaluation:TheCompany'squalitycontrolsystemandexecutivestandardsmeettherelevantrequirementsofthecurrentrelevantnationalnormsandstandards,maintaingoodoperation,andprovidecustomerswithstableandreliableproductsandservices.
(6)Majorprojectqualityproblemduringthereportingperiod
None.
(7)Operationofthesafetyproductionsystem
TheCompanyconsistentlyadherestothesafetyworkpolicyof"safetyfirst,preventionforemost,comprehensivemanagement",firmlyestablishingtheconceptofsafedevelopment.Byestablishingasafetyassurancesystem,signingtheSafetyProductionResponsibilityAgreement,andconductingSafetyProductionMonthactivities,theCompanyfulfillsthemainresponsibilityforsafetyproduction,strengthensthefoundation,enhanceson-sitesupervisionandmanagement,improvestheabilitytoidentifyrisksandhazards,andenhancesemployees'emergencyresponsecapabilities,therebyfurtherimprovingtheoperationlevelofthesafetysystem.Duringthereportingperiod,theCompany'ssafetymanagementsystemoperatedwell,withnomajorsafetyincidentsoccurring.
(II)RailTransitIntelligentPlatformScreenDoorEquipmentandSystemIndustry
1.IndustrydevelopmentTheintelligentplatformscreendoorsystemforrailtransitisanindispensablecomponentoftheurbanrailtransitindustrychain,closelyrelatedtothenationaleconomicdevelopmentlevelandurbanrailtransitdevelopmentandconstructionplanning.AccordingtotheUrbanRailTransitOperationDataBulletinreleasedbytheMinistryofTransport,bytheendof2024,atotalof54citiesinChinahadopened325urbanrailtransitlines,withanoperatingmileageof10,945.6kilometersand6,324stations.In2024,Chinaadded18newurbanrailtransitlines,increasingtheoperatingmileageby748kilometers.ThisnotonlymarkstheincreasinglycompleteandefficientoperationofChina'surbanrailtransitnetworkbutalsorepresentsadeeppracticeandcontinuouspromotionofgreenandconvenienttravelmethods.In2024,atotalof40.85milliontraintripsweremade,withapassengervolumeof32.24billion,anincreaseof2.8billionfrom2023,representingayear-on-yeargrowthof9.5%.Thisgrowthreflectstheincreasinglyprominentbackboneroleofrailtransitintheurbanpublictransportationsystemastheurbanrailtransitnetworkcontinuestodensifyandoptimize,attractingmorecitizenstochooserailtransitfortravel.Iteffectivelyalleviatesroadtrafficpressureandplaysanimportantroleineasingurbancongestion.
InJuly2024,theStateCouncilissuedtheFive-YearActionPlanforDeeplyImplementingthePeople-CenteredNew-TypeUrbanizationStrategy,whichproposesimplementingactionstocultivatemodernmetropolitanareas,acceleratingthetransformationofmegaandsuper-largecitydevelopmentmethods,andpromotingthedevelopmentofsurroundingcitiesandcountieswithcentralcitiesasthedrivingforce.Itaimstoacceleratethecultivationofanumberofmodernmetropolitanareas,
strengthentheinterconnectionofmetropolitanareatransportationinfrastructure,andsteadilyadvancetheconstructionofmetropolitanarearailtransitnetworks,bringingnewopportunitiesforthedevelopmentofurbanrailtransit.Withthecontinuousincreaseinurbanrailtransitoperatingmileage,China'srailtransitplatformscreendoorsystemmaintenancemarketisinarapiddevelopmentstage,withintelligenceandspecializationbeingthemaintrends.Inthefuture,withtechnologicalprogressandincreasingmarketdemand,thisfieldwillusheringreaterdevelopmentopportunities,whilealsoneedingtoaddressthechallengesbroughtbyintensemarketcompetitionandtechnologicalupdates.
AscountriesandregionsalongtheBeltandRoadincreaseinvestmentinurbanrailtransitconstruction,Chinesehigh-endequipmentmanufacturingenterprisesareexpectedtoplayagreaterroleintheinternationalmarket.Asaleaderandpromoterintheconstructionandoperationandmaintenanceofrailtransitplatformscreendoorsystems,theCompanywillcontinuetobeguidedbynationalstrategiesandrelevantindustrialpolicies,adapttoindustrydevelopmenttrendsandmarketdemands,increaseeffortsintechnologicalinnovation,continuouslyimproveitscorecompetitiveness,focusondevelopinghigh-techvalue-addedproducts,andfurtherincreasetheCompany'smarketshareinrailtransitplatformscreendoorsystems.
2.BusinessStatus
(1)MainproductsandpurposesTheCompany'smainproductsaresmartplatformscreendoorsystemsappliedtourbanrailtransit,andalsoprovideoperationandmaintenanceservicesfortheaboveproducts.Theplatformscreendoorsystemofurbanrailtransitisinstalledattheedgeoftheplatformofurbanrailtransitstationtoisolatetherunningtrackareafromthewaitingareaoftheplatform.Itisequippedwithacontinuousmovabledoorbodybarriercorrespondingtothetraindoor,whichcanbeopenedandclosedbymulti-levelcontrol,includingthefull-heightclosedscreendoorsystem,thefull-heightnon-closedscreendoorsystem,andthehalf-heightscreendoorsystem.Inaddition,theCompany'sindependentlydevelopedplatformsafetydoorsystem,suitableforthecomplexenvironmentofhigh-speedrailways,canintelligentlymatchtheplatformsafetydoorswiththetraindoorsbasedonthedifferentmodelsofincominghigh-speedtrains.Thisinnovationwillopenupnewapplicationscenariosandmarketspacesinthefuture.
Theplatformscreendoorsystemisolatesthetrackfromtheplatformwaitingarea,effectivelyensuringthesafetyofpassengers,preventingthemfromfallingoffthetrack,andalsopreventingunauthorizedentryintothetunnel;Incaseoffireorotherfaultmodes,itcanbelinkedandcontrolledwithrelevantsystemstoachieverapidsmokeexhaustandpassengerevacuationandescapefunctions.Atthesametime,theplatformscreendoorsystemcaneffectivelyreducedust,noise,andtunnelwindpressureenteringtheplatformfromthetunnel,providingpassengerswithaquiet,comfortable,andsafetravelingenvironment.Inaddition,theplatformscreendoorsystemalsohasapassengerflowcountingfunction,whichcanguidepassengerstolow-densitycarriagesduringpeakpassengerhours.Theplatformscreendoorsystemcanalsoserveasaplatformforpassengerconsultationsystems,achievingmultimediainteractionfunctionssuchasinformationbroadcasting,consultationdissemination,andcommercialpromotionforpassengers.
(2)Mainbusinessmodel
TheoperatingentityoftheCompany'srailtransitintelligentplatformscreendoorequipmentindustryisitssubsidiary,FangdaZhiyuan.FangdaZhiyuanisasupplierandserviceproviderofrailtransitintelligentplatformscreendoorsystems,integratingresearchanddevelopment,design,manufacturing,installation,andtechnicalservices,andpossessingacompleteindustrychain.Amatureandcompletemanagementsystemforresearchanddevelopment,procurement,production,salesandO&Mhasbeenestablished.Intermsofresearchanddevelopment,theCompanyhasformedaresearchanddevelopmentprojectinitiationmechanismthatcombinesindependentbasicresearchwithprojectneeds;Intermsofprocurement,suppliersaremainlyselectedandpurchasedbytheproject,andaspecialprocurementteamissetuptocarryouttheprocurementwork;Intermsofproduction,managetheCompany'sproductionactivitiesaccordingtocontractrequirementsandcustomer'sproductioninstructions;Intermsofsales,theCompany'scustomersaremetrocompaniesaroundtheworldandelectromechanicalgeneralcontractingunitsintherailtransitindustry,allofwhicharedirectsales,andthereisnodistribution;intermsofoperationandmaintenance,theCompany
alreadyhasanintelligentoperationandmaintenanceguaranteesystemforplatformscreendoors,whichcanmonitortheoperationdatainrealtimeandquicklydiagnoseandeliminatefaults.
(3)MarketcompetitionpatterninwhichtheCompanyislocatedandtheCompany'smarketpositionAsaworld-classsupplierofrailtransitscreendoorsystems,theCompanyisthemosttrustedexpertinrailtransitscreendoorsystemsforitsclients.TheCompany'srailtransitintelligentscreendoorsystemshaveacoveragerateofover60%incitieswithoperationalmetrosystemsinChinaandcovermorethan120linesinover40citiesworldwide,continuingtoleadstrongly.TheCompanyactivelyrespondstothenational"BeltandRoad"initiative,experiencingagoldenperiodofdevelopmentinitsoverseasscreendoorbusiness,securingmajorrailtransitscreendoorsystemprojectsincountriesandregionsalongthe"BeltandRoad",includingSingapore,Malaysia,HongKong(China),Taipei(China),Thailand,India,Greece,Colombia,andthePhilippines.Withthecontinuousexpansionanddeepeningofitsoverseasbusiness,theCompanyispoisedtooccupyamoresignificantpositionintheglobalrailtransitintelligentscreendoorsector.TheCompanyhasbeendedicatedtotherailtransitplatformscreendoorfieldforover20years,successfullydevelopingarailtransitintelligentscreendoorsystemwithindependentintellectualpropertyrightsandmaintainingaleadingtechnologicaladvantage.TheCompanyboastsacomprehensiveteamofcompoundprofessionalsskilledinR&D,design,manufacturing,installation,andtechnicalservices.Itledthedraftingofthefirstindustrystandardforrailtransitplatformscreendoors,UrbanRailTransitPlatformScreenDoors(CJ/T236-2022),andparticipatedinthedraftingofthegroupstandardAcceptanceSpecificationforUrbanRailTransitFullyAutomaticOperationSystems(T/URTA0009-2022).Duringthereportingperiod,theCompanyisleadingthedraftingofthefirstnationalstandardfortheindustry,UrbanRailTransitPlatformScreenDoorSystems,andisparticipatinginthecompilationoftheTechnicalGuidelinesforIntelligentStationConstructionofRailTransit,TechnicalSpecificationforIntelligentDetectionSystemforForeignObjectsintheGapbetweenUrbanRailTransitPlatformScreenDoorsandTrainDoors,andHigh-SpeedRailwayPlatformDoorSystems,fullydemonstratingtheCompany'sprofoundtechnicalfoundationandleadingposition.Additionally,theCompany'surbanrailtransitplatformsafetydoorshavebeenrecognizedbytheMinistryofIndustryandInformationTechnologyasa"ManufacturingSingleChampionProduct".FangdaZhiyuanhasbeenawardedmultiplehonorsandqualifications,includingbeingrecognizedasaNationalIntellectualPropertyAdvantageEnterprise,receivingtheGuangdongScienceandTechnologyAward,NationalKeyNewProducts,NationalTorchPlanIndustrializationDemonstrationProject,GuangdongIntelligentRailTransitPlatformDoorEngineeringTechnologyResearchCenter,ShenzhenScienceandTechnologyProgressAward,andthetitleofShenzhen"Specialized,Refined,andNew"Enterprise.ItwasalsothefirsttopasstheInternationalRailwayIndustryStandard(IRIS)managementsystemandRAMScertification.Thecompanyholdsdomesticandinternationalpatentsandcomputersoftwarecopyrights,formingacoretechnologygroupandintellectualpropertysystemwithindependentintellectualpropertyrights.Duringthereportingperiod,FangdaZhiyuanalsoreceivedtheEcoVadisSustainabilityRating"Silver"certification,rankingitinthetop15%ofratedcompaniesglobally,whichfullyacknowledgestheCompany'scontinuouseffortsinenvironmentalprotection,laborandhumanrights,businessethics,andsustainableprocurement.
(3)Newenergyindustry
Withtheadvancementof"carbonneutrality"andgreenbuildingpolicies,BuildingIntegratedPhotovoltaics(BIPV)hasbecometheprimarydevelopmentdirectioninthecurtainwallindustry.PoliciessuchastheGeneralSpecificationforBuildingEnergyEfficiencyandRenewableEnergyUtilizationissuedbytheMinistryofHousingandUrban-RuralDevelopmentprovidelegalassuranceforthepromotionofBIPVandcreateincrementalmarketspacefortheapplicationofphotovoltaicsystemsinnewbuildings.Moreover,withthereductioninphotovoltaicmodulecostsandtechnologicaladvancements,thepenetrationrateofBIPVisexpectedtofurtherincrease,bringingnewgrowthopportunitiestotheindustry.
(4)Commercialmanagementandserviceindustry
1.IndustrydevelopmentIn2024,China'srealestatemarketcontinuestoexhibitanoveralladjustmenttrend.WiththeCentralPoliticalBureaumeetingexplicitlyproposingto"promotethestabilizationandrecoveryoftherealestatemarket",therehavebeenmoreactivechangesintherealestatemarketundertheinfluenceofacombinationofpolicies,graduallyboostingmarketconfidence.Real
estateisapillarindustryofthenationaleconomy,andtherestorationoftherealestateindustrychainisoneofthekeystoexpandingdomesticdemand.Itisexpectedthatthepolicyspacetosupportthestabilizationandrecoveryofrealestatewillfurtheropenup,andtherealestatemarketwillgraduallyreturntostability,maintainingahealthyandstabledevelopmenttrendinthemediumtolongterm.
2.TheCompany'smainbusinessmodel,businessprojectformat,marketpositionandcompetitiveadvantage,mainrisksandcountermeasuresTheCompany'scommercialdevelopmentprojectsmainlyadoptaself-developmentmodel,withpartialsalesandpartialretention.Currently,theproductsdevelopedbytheCompanyprimarilyincludeoffice,commercial,andapartmentspaces.Throughyearsofoperationalservice,theCompanyhasestablishedaprofessionalandefficientteam,efficientmanagementprocesses,andaninformationsystemcapableofprovidinghigh-qualitymanagementandservices.TheCompany'sspecializationcapabilities,brandawareness,occupancyrate,andincomelevelscontinuetoimprove.TheCompanyhasoccupiedacertainmarketpositionthroughthebrandadvantageofcommercialprojects,differentiatedpositioning,andregionaladvantages.However,itstillfacesmultiplerisksinthefuture,includingfluctuationsinhousingprices,policyregulation,andmarketcompetition.TheCompanywillcontinuouslyoptimizebrandbuildingandmarketingpromotionthroughrefinedmanagement,flexiblestrategyadjustments,andseizingpolicybenefitstoreduceoperationalandmanagementrisksandmaintainstabledevelopment.
3.Newlandreserveprojects
| Parcelorprojectname | Landlocation | Purpose | Landarea(m2) | Buildingarea(m2) | Obtainingmethod | Interestspercentage | Totallandprice(tenthousandyuan) | Equityconsideration(tenthousandyuan) |
| No |
4.Totallandreserve
| Project/regionname | Floorarea(10,000m2) | Totalbuildingarea(10,000m2) | Remainingbuildingarea(10,000m2) |
| No |
5.Mainproductiondevelopmentstatus
| City/region | Projectname | Landlocation | Projectform | Interestspercentage | Startingtime | Developmentprogress | Completionrate | Landarea(m2) | Planningconstructionarea(m2) | Areacompletedinthisphase(m2) | Totalareacompletedinthisphase(m2) | Estimatedtotalinvestment(inRMB10,000) | Accumulatedtotalinvestment(inRMB10,000) |
| ShenzhenNanshanDistrict | FangdaTown | No.2Longzhu4thRoad | Officecommercialcomplex | 100.00% | May1,2014 | 100% | 100.00% | 35,397.60 | 212,400.00 | - | 217,763.69 | 258,500 | 283,600 |
| HonggutanNewDistrict, | FangdaCenter | No.1516GanjiangNorth | Officecommercialcomplex | 100.00% | May1,2018 | 100% | 100.00% | 16,608.55 | 66,432.61 | - | 65,376.94 | 67,000 | 66,992.35 |
| Nanchang | AvenueFangdaCenter |
6.Mainprojectsales
| City/region | Projectname | Landlocation | Projectform | Interestspercentage | Buildingarea | Sellablearea(m2) | Cumulativesalesarea(m2) | Currentperiodsalesarea(m2) | Currentperiodsalesamount(RMB10,000) | Cumulativesettlementarea(m2) | Settlementareainthecurrentperiod(m2) | Settlementamountinthisperiod(RMB10,000) |
| ShenzhenNanshanDistrict | FangdaTown | No.2Longzhu4thRoad | Officecommercialcomplex | 100.00% | 217,763.69 | 93,086.25 | 92,002.95 | 365.21 | 1,775.84 | 92,002.95 | 365.21 | 1,775.84 |
| HonggutanNewDistrict,Nanchang | FangdaCenter | No.1516GanjiangNorthAvenueFangdaCenter | Officecommercialcomplex | 100.00% | 65,376.94 | 25,996.84 | 11,183.86 | 879.70 | 891.58 | 11,183.86 | 879.70 | 891.58 |
7.Mainprojectlease
| Projectname | Landlocation | Projectform | Interestspercentage | Leasablearea(m2) | Cumulativeleasedarea(m2) | Averageleaseratio |
| ShenzhenFangdaTown | ShenzhenNanshanDistrict | Commercialandofficebuilding | 100.00% | 92,470.58 | 77,392.42 | 83.69% |
| ShenzhenFangdaBuilding | ShenzhenNanshanDistrict | Officebuilding | 100.00% | 20,464.75 | 16,687.10 | 81.54% |
| JiangxiNanchangScienceandTechnologyPark | Nanchang,JiangxiProvince | Plantandofficebuilding | 100.00% | 85,472.88 | 17,070.57 | 19.97% |
| JiangxiNanchangFangdaCenter | Nanchang,JiangxiProvince | Commercialandofficebuilding | 100.00% | 38,165.36 | 34,864.67 | 91.35% |
8.First-leveldevelopmentofland
□Applicable?Inapplicable
9.Financingchannel
| Financingsource | Endingfinancingbalance(in | Financingcostrange/averagefinancingcost | Termstructure(monetaryunit:RMB10,000) | |||
| Within1year | 1-2years | 2-3years | Over3years | |||
| RMB10,000) | ||||||
| Bankloan | 66,000.00 | Annualinterestrateof2.5%-5% | 10,000.00 | 39,000.00 | 17,000.00 | 0.00 |
| Total | 66,000.00 | Annualinterestrateof2.5%-5% | 10,000.00 | 39,000.00 | 17,000.00 | 0.00 |
10.DevelopmentstrategyandoperationplaninnextyearIn2025,themaintasksfortheCompany'scommercialmanagementandservicebusinessaretoincreasetheoccupancyrateoftheShenzhenFangdaTownprojectandcleartheremaininginventory,aswellastovigorouslypromotethesalesoftheNanchangFangdaCenterproject.TheCompanywillcontinuouslyfocusoncutting-edgetechnologiesinthepropertyservicesector,deeplyadvancedigitalconstruction,andactivelyexploretheapplicationofnewtechnologiessuchasartificialintelligenceinpropertymanagement.Thisincludessmartcustomerservice,intelligentsecuritysystems,andsmartcleaningrobots,toprovidecustomerswithamoreconvenient,efficient,andintelligentpropertyserviceexperience.
Atthesametime,theCompanywill,inaccordancewiththelatestpolicies,integrateandoptimizeexistingresourcestosteadilyadvancetheapplicationandapprovalprocessfortheurbanrenewalprojectoftheShenzhenHenggangDakangproject.
11.Bankmortgageloanguaranteeprovidedforcommercialhousingpurchasers
?Applicable□InapplicableInlinewithbusinesspractices,theCompany'scommercialmanagementandservicebusinessprovidesmortgageloanguaranteesforcommodityhousingbuyers.Thetypeofguaranteeisaphasedguarantee.Thetermoftheperiodicguaranteelastsfromtheeffectivenessofguaranteecontractstothecompletionofmortgageregistrationandtransferofhousingownershipcertificatestobanks.AsofDecember31,2024,theCompanyhasundertakentheabovephasedguaranteeamountofRMB3,940,000.
12.Co-investmentbydirectors,seniormanagementandsupervisorsandlistedcompany
□Applicable?Inapplicable
IV.CoreBusinessAnalysis
1.Summary
See"I.MainBusinessConditionsoftheCompanyDuringtheReportingPeriod"inChapterIIIManagementDiscussionandAnalysis.
2.Incomeandcosts
(1)Turnovercomposition
InRMB
| 2024 | 2023 | YOYchange(%) | |||
| Amount | Proportioninoperatingcosts(%) | Amount | Proportioninoperatingcosts(%) | ||
| Totalturnover | 4,424,224,197.71 | 100% | 4,292,204,716.01 | 100% | 3.08% |
| Industry | |||||
| Metalproduction | 3,555,996,915.26 | 80.38% | 3,477,209,982.02 | 81.01% | 2.27% |
| Railroadindustry | 612,820,581.01 | 13.85% | 558,421,443.33 | 13.01% | 9.74% |
| Newenergyindustry | 18,259,004.01 | 0.41% | 19,389,107.63 | 0.45% | -5.83% |
| Businessservice | 222,272,168.63 | 5.02% | 222,262,890.97 | 5.18% | 0.00% |
| Others | 14,875,528.80 | 0.34% | 14,921,292.06 | 0.35% | -0.31% |
| Product | |||||
| Curtainwallsystemandmaterials | 3,555,996,915.26 | 80.38% | 3,477,209,982.02 | 81.01% | 2.27% |
| Subwayscreendoorandservice | 612,820,581.01 | 13.85% | 558,421,443.33 | 13.01% | 9.74% |
| PVpowergenerationproducts | 18,259,004.01 | 0.41% | 19,389,107.63 | 0.45% | -5.83% |
| Realestaterentalandsalesandpropertyservices | 222,272,168.63 | 5.02% | 222,262,890.97 | 5.18% | 0.00% |
| Others | 14,875,528.80 | 0.34% | 14,921,292.06 | 0.35% | -0.31% |
| District | |||||
| InChina | 4,027,988,850.55 | 91.04% | 3,886,216,878.96 | 90.54% | 3.65% |
| OutofChina | 396,235,347.16 | 8.96% | 405,987,837.05 | 9.46% | -2.40% |
| Sub-salesmode | |||||
| Directsales | 4,424,224,197.71 | 100.00% | 4,292,204,716.01 | 100.00% | 3.08% |
(2)Industry,product,regionandsalesmodeaccountingformorethan10%oftheCompany'soperatingrevenueoroperatingprofit?Applicable□Inapplicable
InRMB
| Turnover | Operatingcost | Grossmargin | Year-on-yearchangeinoperatingrevenue | Year-on-yearchangeinoperatingcosts | Year-on-yearchangeingrossmargin | |
| Industry | ||||||
| Metalproduction | 3,555,996,915.26 | 3,087,899,840.01 | 13.16% | 2.27% | 5.03% | -2.29% |
| Businessservice | 222,272,168.63 | 57,446,713.15 | 74.15% | 0.00% | 3.97% | -0.99% |
| Railroadindustry | 612,820,581.01 | 434,682,301.34 | 29.07% | 9.74% | 6.36% | 2.25% |
| Product | ||||||
| Curtainwallsystemandmaterials | 3,555,996,915.26 | 3,087,899,840.01 | 13.16% | 2.27% | 5.03% | -2.29% |
| Realestaterentalandsalesandpropertyservices | 222,272,168.63 | 57,446,713.15 | 74.15% | 0.00% | 3.97% | -0.99% |
| Subwayscreendoorandservice | 612,820,581.01 | 434,682,301.34 | 29.07% | 9.74% | 6.36% | 2.25% |
| District | ||||||
| InChina | 4,027,988,850.55 | 3,347,223,008.41 | 16.90% | 3.65% | 6.50% | -2.23% |
| OutofChina | 396,235,347.16 | 240,919,288.07 | 39.20% | -2.40% | -10.50% | 5.50% |
| Sub-salesmode | ||||||
| Directsales | 4,424,224,197.71 | 3,588,142,296.48 | 18.90% | 3.08% | 5.16% | -1.61% |
Mainbusinessstatisticsadjustedintherecentoneyearwiththestatisticscriteriaadjustedinthereportperiod
□Applicable?InapplicableTheCompanyneedstocomplywiththedisclosurerequirementsofthedecorationanddecorationindustryintheGuidelinesfortheSelf-disciplineandSupervisionofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure.
InRMB
| Turnover | Operatingcost | Grossmargin | Year-on-yearchangeinoperating | Year-on-yearchangeinoperating | Year-on-yearchangein |
| revenue | costs | grossmargin | ||||
| Industry | ||||||
| Metalproduction | 3,555,996,915.26 | 3,087,899,840.01 | 13.16% | 2.27% | 5.03% | -2.29% |
| Product | ||||||
| Curtainwallsystemandmaterials | 3,555,996,915.26 | 3,087,899,840.01 | 13.16% | 2.27% | 5.03% | -2.29% |
| District | ||||||
| InChina | 3,423,722,269.52 | 2,994,558,127.93 | 12.54% | 2.05% | 4.70% | -2.22% |
| OutofChina | 132,274,645.74 | 93,341,712.08 | 29.43% | 8.27% | 16.68% | -5.08% |
| Sub-salesmode | ||||||
| Directsales | 3,555,996,915.26 | 3,087,899,840.01 | 13.16% | 2.27% | 5.03% | -2.29% |
Mainbusinessstatisticsadjustedintherecentoneyearwiththestatisticscriteriaadjustedinthereportperiod
□Applicable?InapplicableDifferentbusinesstypesoftheCompany
InRMB
| Businesstype | Turnover | Operatingcost | Grossmargin |
| Curtainwallsystemandmaterials | 3,555,996,915.26 | 3,087,899,840.01 | 13.16% |
WhethertheCompanyrunsbusinessthroughtheInternet
□Yes?NoWhethertheCompanyrunsoverseasprojects?Yes□No
| No. | Location | Numberofoverseasprojectsinthecurtainwallandmaterialindustry(number) | Totalamountofoverseasprojectcontracts(RMB10,000) |
| 1 | Australia | 6 | 19,617.35 |
| 2 | Asia | 10 | 8,226.93 |
| 3 | Others | 1 | 45.27 |
| Total | 17 | 27,889.55 |
(3)Thephysicalsalesrevenueishighthelaborservicerevenue
□Yes?No
(4)PerformanceofmajorsalescontractsandmajorpurchasecontractssignedbytheCompanyasofthereportingperiod?Applicable□InapplicablePerformanceofsignedmajorsalescontractsinthereportperiod
□Applicable?InapplicablePerformanceofsignedmajorpurchasingcontractsinthereportperiod
□Applicable?InapplicableTheCompanyneedstocomplywiththedisclosurerequirementsofthedecorationanddecorationindustryintheGuidelinesfortheSelf-disciplineandSupervisionofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure.
InRMB
| Projectamount | Cumulativerecognizedoutputvalue | Amountofunfinishedpart |
| Unfinishedproject | 9,450,932,927.96 | 3,674,863,053.66 | 5,776,069,874.30 |
Majorunfinishedproject
□Applicable?InapplicableOthers:
□Applicable?Inapplicable
InRMB
| Accumulativeoccurredcosts | Accumulativerecognizedgrossmargin | Estimatedloss | Settledamount | Balanceofunpaidamountoffinishedproject | |
| Finishedbutnotsettledproject | 4,678,491,270.56 | 588,702,407.24 | 0.00 | 5,277,614,638.84 | 462,185,163.49 |
Anymajoroutstandingunsettledprojectsduringthereportingperiod.
□Applicable?InapplicableOthers:
□Applicable?Inapplicable
(5)OperationcostcompositionIndustry
InRMB
| Industry | Item | 2024 | 2023 | YOYchange | ||
| Amount | Proportioninoperatingcosts(%) | Amount | Proportioninoperatingcosts(%) | |||
| Metalproduction | Rawmaterials | 2,034,486,729.78 | 65.89% | 1,932,192,480.92 | 65.72% | 0.17% |
| Metalproduction | Installationandengineeringcosts | 716,075,096.74 | 23.19% | 696,854,007.54 | 23.70% | -0.51% |
| Metalproduction | Laborcost | 163,122,222.74 | 5.28% | 167,624,916.35 | 5.70% | -0.42% |
| Railroadindustry | Rawmaterials | 266,583,537.05 | 61.33% | 233,864,345.57 | 57.22% | 4.11% |
| Railroadindustry | Installationandengineeringcosts | 63,941,667.48 | 14.71% | 66,075,375.05 | 16.17% | -1.46% |
| Railroadindustry | Laborcost | 63,994,720.60 | 14.72% | 53,754,378.09 | 13.15% | 1.57% |
| Businessservice | Laborcost | 15,189,230.19 | 26.44% | 17,680,251.05 | 32.00% | -5.56% |
| Businessservice | Waterandelectricity | 11,944,357.22 | 20.79% | 14,072,626.36 | 25.47% | -4.68% |
| Businessservice | Constructionandinstallationcost | 5,369,696.30 | 9.35% | 2,885,553.07 | 5.22% | 4.13% |
| Businessservice | Landcost | 4,973,045.71 | 8.66% | 2,436,118.72 | 4.41% | 4.25% |
Note:Inadditiontotheabovecosts,othercostitemsinthemetalmanufacturingandrailtransitindustriesmainlyincludeenergyconsumptioncostssuchaswaterandelectricity,rent,etc.,whilecommercialservicemainlyincludescostssuchaspropertymaintenanceandcleaning.TheCompanyneedstocomplywiththedisclosurerequirementsofthedecorationanddecorationindustryintheGuidelinesfortheSelf-disciplineandSupervisionofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure.
Mainbusinesscost
InRMB
| Costcomposition | Businesstype | 2024 | 2023 | YOYchange(%) | ||
| Amount | Proportioninoperatingcosts(%) | Amount | Proportioninoperatingcosts(%) | |||
| Rawmaterials | Curtainwallsystemandmaterials | 2,034,486,729.78 | 65.89% | 1,932,192,480.92 | 65.72% | 0.17% |
| Installationandengineeringcosts | Curtainwallsystemandmaterials | 716,075,096.74 | 23.19% | 696,854,007.54 | 23.70% | -0.51% |
| Laborcost | Curtainwallsystemandmaterials | 163,122,222.74 | 5.28% | 167,624,916.35 | 5.70% | -0.42% |
(6)Changetotheconsolidationscopeinthereportperiod?Yes□NoInthecurrentperiod,fivenewsubsidiarieswereaddedthroughestablishment:FangdaFacadeSingaporePteLtd,FangdaFacadePhilippinesInc.,GeneralRailTechnologyPhilippines,Inc.,FangdaGulfDMCC,andGlobalMEGAInternationalHoldingsLimited.Additionally,onenewsubsidiarywasaddedthroughnon-businessmerger:FangdaArchitecturalTechnologyCompany.Meanwhile,threesubsidiarieswerederegisteredinthecurrentperiod:FangdaXunfuInvestment,FangdaLifuInvestment,andFangdaInvestmentPartnership.
(7)Majorchangesoradjustmentofbusiness,productsorservicesinthereportperiod
□Applicable?Inapplicable
(8)MajorsalescustomersandsuppliersMaincustomers
| Totalsalesamounttotop5customers(RMB) | 1,219,781,078.17 |
| Proportionofsalestotop5customersintheannualsales | 27.57% |
| Percentageofsalesofrelatedpartiesintop5customersintheannualsales | 0.00% |
InformationoftheCompany'stop5customers
| No. | Customer | Sales(RMB) | Percentageintheannualsales |
| 1 | No.1 | 287,511,967.05 | 6.50% |
| 2 | GuangdongOujiaHoldingsCo.,Ltd. | 275,843,635.74 | 6.23% |
| 3 | No.3 | 271,953,188.45 | 6.15% |
| 4 | MTRCorporationLimited | 249,379,222.30 | 5.64% |
| 5 | No.5 | 135,093,064.63 | 3.05% |
| Total | -- | 1,219,781,078.17 | 27.57% |
Otherinformationaboutmajorcustomers?Applicable□InapplicableThereisnoaffiliationbetweentheCompanyanditstopfivecustomers.TherearenodirectorindirectownershipinterestsheldbytheCompany'sdirectors,supervisors,seniormanagementpersonnel,coretechnicalpersonnel,shareholderswithmorethan5%stake,actualcontrollers,orotherrelatedpartiesamongitsmajorclients.Mainsuppliers
| Purchaseamountoftop5suppliers(RMB) | 700,317,930.65 |
| Proportionofpurchaseamountoftop5suppliersinthetotalannualpurchaseamount | 18.44% |
| Percentageofpurchasingamountofrelatedpartiesintop5customersintheannualpurchasingamount | 0.00% |
InformationoftheCompany'stop5suppliers
| No. | Supplier | Purchaseamount(RMB) | Percentageintheannualpurchaseamount |
| 1 | No.1 | 207,543,053.89 | 5.46% |
| 2 | No.2 | 132,115,198.81 | 3.48% |
| 3 | No.3 | 128,100,967.36 | 3.37% |
| 4 | No.4 | 118,628,032.57 | 3.12% |
| 5 | No.5 | 113,930,678.02 | 3.00% |
| Total | -- | 700,317,930.65 | 18.44% |
Otherinformationaboutmajorsuppliers?Applicable□InapplicableThereisnoaffiliationbetweentheCompanyanditstopfivesuppliers.TherearenodirectorindirectownershipinterestsheldbytheCompany'sdirectors,supervisors,seniormanagementpersonnel,coretechnicalpersonnel,shareholderswithmorethan5%stake,actualcontrollers,orotherrelatedpartiesamongitsmajorsuppliers.
3.Expenses
InRMB
| 2024 | 2023 | YOYchange(%) | Notes | |
| Salesexpense | 55,140,153.13 | 51,009,165.29 | 8.10% | |
| Administrativeexpense | 191,667,435.20 | 174,674,755.81 | 9.73% | |
| Financialexpenses | 65,297,933.04 | 72,826,944.85 | -10.34% | |
| R&Dcost | 171,031,371.73 | 180,070,801.25 | -5.02% |
4.R&Dinvestment
?Applicable□Inapplicable
| R&Dprojectname | Purpose | Progress | Objective | ExpectedimpactonthefuturedevelopmentoftheCompany |
| Researchanddevelopmentofnew | Improveproductquality,improve | Someprojectshavecompletedresearchand | Byenhancingstandardization, | Thisapproachalignswiththenational |
| industrializedcurtainwallsystem | installationefficiency,improveconstructionsafetyandreduceenergyconsumptionandconstructionenergyconsumptionintheconstructionprocess. | development,performancetesting,andprototypeproduction,andwillbedeployedinactualprojects. | modularization,andlow-carbonproductdesign,weaimtoelevatethelevelofprefabricatedconstructiondevelopmentandbuildingenergyefficiency,maintainingaleadingpositionintheindustry. | policiesonlow-carbon,energyefficiency,andenvironmentalprotection.Byexpandingtheapplicationscenariosofourproductsandimprovingourtechnologicaladvantagesintheindustry,wewilldrivecontinuouscompanygrowthandenhanceourmarketcompetitiveness. |
| Researchanddevelopmentofintelligentcurtainwallsystem | Enhanceproductintelligence,improveproductperformance,reduceenergyconsumption,anddevelopnewproducts. | Someprojectshavecompletedresearchanddevelopment,performancetesting,andprototypeproduction,andwillbedeployedinactualprojects. | Byenhancingthelevelofsystemintelligence,weaimtoreducebuildingenergyconsumptionandmeetthedemandsofthemarket. | Thisalignswithnationalpolicyguidelinesandhelpstoimprovethecomfortofresidentialandworkspaceswhilereducingbuildingenergyconsumption.Itholdspromisingmarketprospectsandcanadapttothefuturedevelopmenttrendsofbuildingcurtainwalls. |
| Researchanddevelopmentofanintegratedflexibleintelligentproductionsystem | Improveproductionefficiencyandadapttocustomizedproduction. | Completed | Improvetheautomationandintelligenceofproductionprocesses,increaseproductioncapacity,outputandproductquality,andreduceproductioncosts. | Enhancetheautomation,intelligence,anddigitalizationlevelsofproductionequipment,aligningwiththeconceptsofgreenfactoriesandgreenproductiontoensureproductioncapacityandproductqualitywhilereducingmanufacturingandmanagementcosts. |
| Researchanddevelopmentofanewgenerationofplatformdoorcontrolsystemforrailtransit | Enhanceproductsafety,reliabilityandavailabilitytomeettheadvancedrequirementsofthecoresystem. | Someprojectshavebeencompleted | Optimizeproductsystemperformanceandmaintainindustryleadership. |
ImprovingthedesignandmanufacturingoftheCompany'splatformdoorsystemisbeneficialfortheCompanytomaintainitstechnologicalleadershipadvantage.
| Intelligentplatformdoorsystemdevelopment | Enhanceproductintelligence,improveproductperformanceandreliability. | Someprojectshavebeencompleted | Improveproductperformanceandreliability,maintainingindustryleadership. | Expandapplicationscenariosforcompanyproducts,enhanceindustry-leadingtechnologicaladvantages,andbroadensaleschannelsfortheCompany. |
| Researchonmetalplateformingmethodsandsurfacetreatmentprocesses | Improveprocessingefficiencyandproductquality. | Completed | Improveprocessingefficiency,productquality,andappearanceeffects. | Developproductsthatconformtotheconceptofgreenandenvironmentallyfriendlybuildings,enhanceindustrytechnologicalleadingadvantages,andenhancecompetitiveness. |
R&Dpersonnel
| 2024 | 2023 | Change | |
| R&Dstaffnumber | 575 | 678 | -15.19% |
| R&Dstaffpercentage | 19.21% | 21.50% | -2.29% |
| AcademicstructureofR&Dpersonnel | |||
| Bachelor | 423 | 394 | 7.36% |
| Master'sdegree | 9 | 8 | 12.50% |
| AgecompositionofR&Dpersonnel | |||
| Under30 | 234 | 242 | -3.31% |
| 30-40 | 242 | 273 | -11.36% |
R&Dinvestment
| 2024 | 2023 | Change | |
| R&Dinvestmentamount(RMB) | 171,031,371.73 | 180,070,801.25 | -5.02% |
| Investmentpercentageinoperationturnover | 3.87% | 4.20% | -0.33% |
| CapitalizationofR&Dinvestmentamount(RMB) | 0.00 | 0.00 | 0.00% |
| PercentageofcapitalizationofR&DinvestmentintheR&Dinvestment | 0.00% | 0.00% | 0.00% |
ReasonsandeffectsofmajorchangesinthecompositionofR&DpersonneloftheCompany
□Applicable?InapplicableReasonfortheincreaseinthepercentageofR&Dinvestmentinthebusinessturnover
□Applicable?InapplicableExplanationoftheincreaseinthecapitalizationofR&Dinvestment
□Applicable?Inapplicable
5.Cashflow
InRMB
| Item | 2024 | 2023 | YOYchange(%) |
| Sub-totalofcashinflowfrombusinessoperations | 4,615,555,164.42 | 4,318,247,194.04 | 6.88% |
| Sub-totalofcashoutflowfrombusinessoperations | 4,344,661,070.99 | 4,018,504,991.96 | 8.12% |
| Cashflowgeneratedbybusinessoperations,net | 270,894,093.43 | 299,742,202.08 | -9.62% |
| Sub-totalofcashinflowgeneratedfrominvestment | 10,161,087.41 | 375,640.16 | 2,605.01% |
| Subtotalofcashoutflows | 258,855,539.89 | 118,940,749.97 | 117.63% |
| Cashflowgeneratedbyinvestmentactivities,net | -248,694,452.48 | -118,565,109.81 | -109.75% |
| Subtotalofcashinflowfromfinancingactivities | 3,967,291,354.43 | 2,876,228,738.64 | 37.93% |
| Subtotalofcashoutflowfromfinancingactivities | 3,738,674,210.69 | 3,063,841,135.33 | 22.03% |
| Netcashflowgeneratedbyfinancingactivities | 228,617,143.74 | -187,612,396.69 | 221.86% |
| Netincreaseincashandcashequivalents | 252,064,097.92 | -4,016,810.64 | 6,375.23% |
Explanationofmajorchangesinrelateddatafromthesameperiodlastyear?Applicable□InapplicableTheCompany'snetcashflowfrominvestingactivitiesdecreasedby109.75%comparedtolastyear,primarilyduetopaymentsfortheconstructionandequipmentoftheFangda(Ganzhou)Low-CarbonIntelligentManufacturingBaseduringthecurrentperiod.Thenetcashflowfromfinancingactivitiesincreasedby221.86%comparedtolastyear,mainlyduetoanincreaseinthenetamountofbankloansreceivedduringthecurrentperiod.Explanationofmajordifferencebetweenthecashflowgeneratedbyoperatingactivitiesandthenetprofitintheyear?Applicable□InapplicableThemainreasonforthedifferencebetweenthenetcashflowfromoperatingactivitiesandthenetprofitfortheyearduringthereportingperiodistheprovisionforvariousassetimpairmentlossesamountingtoRMB145,947,400inthecurrentperiod.V.Non-coreBusinessAnalysis?Applicable□Inapplicable
InRMB
| Amount | Profitpercentage | Reason | Whethercontinuous | |
| Investmentincome | -4,547,362.60 | -2.85% | No | |
| Gain/losscausedbychangesinfairvalue | -18,394,198.42 | -11.54% | Mainlyduetoadjustmentoffairvalueofinvestmentrealestate | No |
| Assetsimpairment | -35,260,579.49 | -22.13% | Mainlytheprovisionforimpairmentofcontractassets | No |
| Non-operatingrevenue | 1,712,412.29 | 1.07% | No | |
| Non-businessexpenses | 2,226,292.50 | 1.40% | No | |
| Creditimpairmentloss | -110,686,852.25 | -69.46% | Mainlybaddebtprovisioncorrespondingtoaccountsreceivable | No |
VI.AssetsandLiabilities
1.Majorchangesinassetscomposition
InRMB
| Endof2024 | Beginningof2024 | Change(%) | Notes | |||
| Amount | Proportionintotalassets | Amount | Proportionintotalassets | |||
| Monetarycapital | 1,491,777,341.84 | 11.01% | 1,425,151,116.24 | 10.65% | 0.36% | |
| Accountreceivable | 1,123,506,196.98 | 8.29% | 911,486,914.19 | 6.81% | 1.48% | |
| Contractassets | 2,247,698,479.96 | 16.58% | 2,488,429,802.41 | 18.60% | -2.02% | |
| Inventory | 705,666,408.74 | 5.21% | 755,624,486.51 | 5.65% | -0.44% | |
| Investmentrealestate | 5,835,036,098.20 | 43.05% | 5,756,809,168.26 | 43.04% | 0.01% | |
| Long-termshareequityinvestment | 56,690,973.97 | 0.42% | 54,757,017.40 | 0.41% | 0.01% | |
| infixedassets | 940,894,344.39 | 6.94% | 620,828,178.38 | 4.64% | 2.30% | |
| Constructioninprocess | 7,265,104.44 | 0.05% | 109,414,347.33 | 0.82% | -0.77% | |
| Userightassets | 15,683,121.04 | 0.12% | 20,776,829.58 | 0.16% | -0.04% | |
| Short-termloans | 1,663,696,422.48 | 12.27% | 2,208,055,039.21 | 16.51% | -4.24% | |
| Contractliabilities | 268,594,041.26 | 1.98% | 198,164,209.47 | 1.48% | 0.50% | |
| Long-termloans | 1,137,000,000.00 | 8.39% | 660,000,000.00 | 4.93% | 3.46% | |
| Leaseliabilities | 10,652,607.48 | 0.08% | 6,675,870.04 | 0.05% | 0.03% | |
| Non-currentliabilitiesduein1year | 131,374,661.05 | 0.97% | 64,135,136.46 | 0.48% | 0.49% | |
Theproportionofoverseasassetsisrelativelyhigh
□Applicable?Inapplicable
2.Assetsandliabilitiesmeasuredatfairvalue
?Applicable□Inapplicable
InRMB
| Item | Openingamount | Gain/losscausedbychangesinfairvalue | Accumulativechangesinfairvalueaccountingintotheincomeaccount | Impairmentprovidedintheperiod | Amountpurchasedintheperiod | Amountsoldintheperiod | Otherchange | Closingamount |
| Financialassets | ||||||||
| 1.Derivativefinancialassets | 173,737.06 | |||||||
| 2.Receivablefinancing | 6,979,428.14 | 4,568,000.10 | ||||||
| 3.Othernon-currentfinancialassets | 7,455,617.17 | 3,098.25 | 148,062.00 | 1,087,037.25 | 6,519,740.17 | |||
| Subtotal | 14,608,782. | 3,098.25 | 148,062.00 | 1,087,037.2 | 11,087,740. | |||
| 37 | 5 | 27 | ||||||
| Investmentrealestate | 5,747,572,171.31 | -22,024,705.79 | 216,410,569.98 | 5,157,977.68 | 12,296,393.00 | 116,627,048.00 | 5,835,036,098.20 | |
| Total | 5,762,180,953.68 | -22,021,607.54 | 216,410,569.98 | 5,306,039.68 | 13,383,430.25 | 116,627,048.00 | 5,846,123,838.47 | |
| Financialliabilities | 0.00 | 1,520,625.00 |
Otherchanges:Theincreaseinotherchangesininvestmentpropertiesismainlyduetothetransferofsomepropertiesfromself-usetorentalduringthecurrentperiodandtheadoptionofthefairvaluemodelformeasurement.Fordetails,seeSectionX.FinancialReports,VII.NotestoConsolidatedFinancialStatements,15.InvestmentProperties.MajorchangesintheassetsmeasurementpropertyoftheCompanyinthereportperiod
□Yes?No
3.Rightrestrictionofassetsattheendoftheperiod
| Item | BookvalueonDecember31,2024(RMB) | Reason |
| Monetarycapital | 460,052,125.50 | Variousdeposits |
| Notesreceivable | 34,490,806.03 | Billsendorsedordiscountedbutnotyetdue |
| Accountreceivable | 33,851,277.04 | Loanbypledge |
| infixedassets | 355,978,425.04 | Loanbypledge |
| Intangibleassets | 23,212,463.67 | Loanbypledge |
| Investmentrealestate | 1,822,483,172.10 | Loanbypledge |
| Equitypledge | 200,000,000.00 | 100%stakeinFangdaPropertyDevelopmentheldbytheCompany |
| Total | 2,930,068,269.38 |
VII.Investment
1.Generalsituation
?Applicable□Inapplicable
| Investment(yuan)inthereportperiod | Investment(yuan)inthepreviousperiod | Change |
| 232,441,120.00 | 69,500,000.00 | 234.45% |
2.Majorequityinvestmentinthereportperiod
□Applicable?Inapplicable
3.Majornon-equityinvestmentinthereportperiod
?Applicable□Inapplicable
InRMB
| Project | Methodof | Whetheritis | Industries | Investment | Actualinvest | Capital | Progre | Estimate | Accumulated | Reasonsfor | Disclosure | Disclosure |
| name | investment | fixedassetsinvestment | involvedininvestmentprojects | inthereportperiod | mentbytheendofthereportperiod | source | ss | return | incomerealizedbytheendofthereportingperiod | failingtoreachtheplannedprogressandexpectedincome | date(ifany) | source(ifany) |
| Fangda(Ganzhou)Low-CarbonIntelligentManufacturingBase | Self-built | Yes | MainlyproducePVDFaluminumveneer,nanoaluminumveneerandothernewmaterials,smartcurtainwallsystem,photovoltaicbuildingintegrationsystem,aluminumalloycomponents,andprecisionsteelcomponents. | 232,441,120.00 | 302,441,120.00 | Ownfundsandloansfromfinancialinstitutions | 100.00% | 0.00 | 0.00 | -- | December17,2022 | AnnouncementonInvestmentandConstructionofFangda(Ganzhou)LowCarbonIntelligentManufacturingHeadquartersBasereleasedonhttp://www.cninfo.com.cn/ |
| Total | -- | -- | -- | 232,441,120.00 | 302,441,120.00 | -- | -- | 0.00 | 0.00 | -- | -- | -- |
4.Financialassetsinvestment
(1)Securitiesinvestment
□Applicable?InapplicableTheCompanymadenoinvestmentinsecuritiesinthereportperiod
2.Derivativeinvestment?Applicable□Inapplicable
1)Derivativeinvestmentsforhedgingpurposesduringthereportingperiod?Applicable□Inapplicable
InRMB10,000
| Type | Initialinvestmentamount | Openingamount | Gain/losscausedbychangesinfairvalue | Accumulativechangesinfairvalueaccountingintotheincomeaccount | Amountinthisperiod | Amountsoldinthisperiod | Closingamount | Proportionofclosinginvestmentamountintheclosingnetassetsinthereportperiod |
| Shanghaialuminum | 0.00 | 0.00 | -152.06 | -152.06 | 4,608.45 | 0.00 | 4,608.45 | 0.75% |
| Forwardforeignexchange | 6,210.72 | 6,210.72 | -17.37 | 0.00 | 1,932.29 | 8,143.01 | 0.00 | 0.00% |
| Total | 6,210.72 | 6,210.72 | -169.43 | -152.06 | 6,540.74 | 8,143.01 | 4,608.45 | 0.75% |
| Accountingpoliciesandspecificaccountingprinciplesofhedgingbusinessduringthereportingperiod,aswellaswhethertherearesignificantchangescomparedwiththepreviousreportingperiod | ThealuminumfuturesandforwardforeignexchangebusinessesoftheCompanymeettheapplicableconditionsofhedgeaccountingspecifiedintheaccountingstandardsandareapplicabletohedgeaccounting,whichareclassifiedascashflowhedging.Thecorrespondingaccountingpoliciesandaccountingprincipleshavenotchangedfromthepreviousreportingperiod. | |||||||
| Descriptionofactual | TheactualincomeofthealuminumfutureshedginginstrumentandthespotvaluechangeofthehedgedaluminumingotinthereportingperiodisRMB-481,100;Thegainsandlossesarisingfromforwardforeignexchangehedging | |||||||
| profitandlossduringthereportingperiod | instrumentsoffsetthevaluechangesofthehedgeditemsduetoexchangeratefluctuations. |
| Descriptionofhedgingeffect | TheprofitandlossgeneratedbytheCompany'shedginginstrumentcanoffsetthevaluechangeofthehedgeditem,andthehedgingeffectofthehedgingbusinessisgood. |
| Capitalsource | Self-ownedfund |
| Riskanalysisandcontrolmeasuresforthederivativeholdinginthereportperiod(includingwithoutlimitationmarket,liquidity,credit,operationandlegalrisks) | ThealuminumfutureshedgingandforeignexchangederivativestradingbusinessescarriedoutbytheCompanyarederivativeinvestmentbusinesses.ThederivativeinvestmentbusinesscarriedoutbytheCompanyfollowsthebasicprincipleoflockingthepriceandexchangerateofrawmaterials,doesnotcarryoutspeculativetradingoperations,andcarriesoutstrictriskcontrolwhensigninghedgingcontractsandclosingpositions.TheCompanyhasestablishedandimplementedthe"DerivativesInvestmentBusinessManagementMeasures"and"CommodityFuturesHedgingBusinessInternalControlandRiskManagementSystem".Ithasmadeclearregulationsontheapprovalauthority,businessmanagement,riskmanagement,informationdisclosureandfilemanagementofderivativestradingbusiness,whichcaneffectivelycontroltheriskoftheCompany'sderivativesholdingpositions. |
| Changesinthemarketpriceorfairvalueofthederivativeinthereportperiod,theanalysisofthederivative'sfairvalueshoulddisclosethemethodusedandrelatedassumptionsandparameters. | Fairvalueofderivativesaremeasuredatopenpricesintheopenmarket |
| Lawsuitinvolved | No |
| DisclosuredateofderivativeinvestmentapprovalbytheBoard | October29,2024 |
2)Derivativeinvestmentforthepurposeofspeculationduringthereportingperiod
□Applicable?InapplicableDuringthereportingperiod,therewasnoderivativeinvestmentforthepurposeofspeculation.
5.Useofraisedcapital
□Applicable?InapplicableTheCompanyusednoraisedcapitalinthereportperiod.
VIII.Majorassetsandequitysales
1.Majorassetssales
□Applicable?InapplicableTheCompanysoldnoassetsinthereportperiod.
2.Majorequitysales
□Applicable?InapplicableIX.Analysisofmajorjointstockcompanies
?Applicable□InapplicableMajorsubsidiariesandjointstockcompaniesaffectingmorethan10%oftheCompany'snetprofit
InRMB
ofDirectors
Company
| Company | Type | Mainbusiness | Registeredcapital | Totalassets | Netassets | Turnover | Operationprofit | Netprofit |
| FangdaJianke | Subsidiaries | Curtainwallsystemandmaterials | 600,000,000.00 | 5,650,208,397.22 | 1,827,169,125.94 | 3,257,470,473.40 | 42,522,450.32 | 58,291,151.69 |
| FangdaShanghaiZhijian | Subsidiaries | Curtainwallsystemandmaterials | 100,000,000.00 | 306,112,836.09 | 116,718,706.99 | 290,976,527.54 | 21,631,166.08 | 19,878,380.02 |
| FangdaZhiyuan | Subsidiaries | Subwayscreendoorandservice | 105,000,000.00 | 1,032,310,791.63 | 394,403,045.96 | 612,820,581.01 | 95,460,100.43 | 82,433,670.84 |
| FangdaProperty | Subsidiaries | Realestatesales | 200,000,000.00 | 5,667,461,354.07 | 2,627,553,948.41 | 130,744,702.16 | 32,796,214.56 | 24,278,156.52 |
| FangdaPropertyManagement | Subsidiaries | Propertymanagementservice | 10,000,000.00 | 79,448,255.36 | 57,674,633.49 | 77,822,477.00 | 24,945,633.40 | 18,727,641.22 |
Acquisitionanddisposalofsubsidiariesinthereportperiod
?Applicable□Inapplicable
| Company | Acquisitionanddisposalofsubsidiariesinthereportperiod | Impactsonoverallproduction,operationandperformance |
| FangdaFacadeSingaporePteLtd | Newlyset | None |
| FangdaFacadePhilippinesInc. | Newlyset | None |
| GeneralRailTechnologyPhilippines,Inc. | Newlyset | None |
| FangdaGulfDMCC | Newlyset | None |
| GlobalMEGAInternationalHoldingsLimited | Newlyset | None |
| ShenzhenFangdaConstructionTechnologyCo.,Ltd. | Acquiredthroughnon-businessmerger | None |
| ShenzhenXunfuInvestmentCo.,Ltd | Cancel | None |
| ShenzhenLifuInvestmentCo.,Ltd | Cancel | None |
| ShenzhenFangdaInvestmentPartnership(LimitedPartnership) | Cancel | None |
X.StructuralentitiescontrolledbytheCompany
□Applicable?InapplicableXI.FutureProspect
(1)Competitionmapanddevelopmenttrend
1.Smartcurtainwallandmaterialsystemindustry
Inrecentyears,astheconcentrationofthecurtainwallmarkethasfurtherincreased,internationalcompetitionhasintensified,andtrendstowardgreeningandintelligencehavedeveloped,industrycompetitionhasintensified,andthedegreeofindustryconcentrationandscalewillcontinuetodeepen.Leadingenterprisesintheindustry,whichpossessadvantagesintalent,technology,brand,andcapital,andhavethecapabilitytoundertakecomplex,innovative,andcomprehensiveprojects,areincreasinglyhighlightingtheircompetitiveedgeinthemarket.Inthefuture,technologicalinnovationsdominatedbyartificialintelligence(AI),modularassembly,andBuildingInformationModeling(BIM)willbecomeimportantdrivingforcesfortheindustry'sdevelopment.Theacceleratedconstructionofthenationalunifiedmarkethasprovidedmoremarketopportunitiesfortheindustry'sleadingenterprises.Thehigh-qualityconstructionof"OneBelt,OneRoad"isgoingdeeperanddeeper,creatingafavorablemarketenvironmentforenterprisestoexpandoverseasmarkets.
2.Railtransitplatformscreendoorequipmentandsystemindustry
Asanimportantcomponentofthemoderntransportationsystemandamajorlivelihoodproject,railtransitisincreasinglyrecognizedforitsmanyadvantages,suchasbeingfast,efficient,low-carbon,andenvironmentallyfriendly,anditreceivessupportfromnationalindustrialpolicies.Inrecentyears,thenationalurbanizationdevelopmentstrategyhascontinuouslyinjectedmomentumintotheurbanrailtransitindustry.Theregionalcoordinateddevelopmentstrategyhasbeenfurtherimplemented,withmajornationalstrategiessuchasthedeploymentof"newinfrastructure,"acceleratingthenetworkingofrailtransitincityclustersandmetropolitanareas,andpromotingtheaccelerateddevelopmentofmetropolitanarea(suburban)railways.Thedevelopmentofintercityandmetropolitanarea(suburban)railtransitisexpectedtoexperiencegrowth.Asthenumberofrailtransitlinesinoperationcontinuestoincrease,equipmentiscontinuouslyenteringmaintenanceperiods,andtheoverhaulandmaintenancemarketisexpectedtofurthergrow.
3.Newenergyindustry
Currently,carbonneutralityhasbecomeaglobalconsensusforsustainabledevelopment.Guidedbythe"dualcarbon"strategyandsupportedbynationalpoliciesinChina,thephotovoltaicpowergenerationindustryhasenteredanewstageofhigh-qualitydevelopment.Asagreenandenvironmentallyfriendlypowergenerationmethod,theCompany'sdistributedphotovoltaic
powerstationswillleverageitsindustrialadvantagestoundertaketheconstructionofphotovoltaicpowerstationsandpromotethebusinessofbuilding-integratedphotovoltaics(BIPV)basedonmarketconditions.Thiswilldrivethehigh-qualitydevelopmentofthenewenergyindustry.
4.Commercialmanagementandservices
In2025,withcontinuedpolicysupport,confidenceintherealestatemarketisgraduallystrengthening,andthesocio-economicenvironmentcontinuestoimprove.RegionaldifferentiationwillbringnewdevelopmentopportunitiestotheGuangdong-HongKong-MacaoGreaterBayArea,whereindustrialdevelopmentismature,populationattractionisstrong,andenterpriseoccupancyratesarehigh.TheintegrationofShenzhenandHongKongiscontinuouslyadvancing,andtheShenzhenmarketstillholdssignificantpotentialforthefuture.
(2)Companydevelopmentstrategyandbusinessplan
In2025,theCompanywillfocusonthethemeof"DigitalIntelligenceEmpowermentandScientificManagement",upholdahighsenseofresponsibility,continuetoconsolidateitscorebusiness,activelyexplorenewbusinessesandmarkets,andeffectivelycontroloperationalrisks.Throughtechnologicalinnovation,processupgrades,anddigitalempowerment,theCompanywillseizeopportunitiesinnew-qualityproductivity,activelyaimingtocapturethehighgroundinthefuturecurtainwallandrailtransitplatformscreendoorindustries.Inlinewiththeannualbusinessobjectives,theCompanywillcomprehensivelyundertakethefollowingkeytasks:
(1)FocusoninnovationandR&DtoenhancecorecompetitivenessInnovationisthecoredrivingforcefortheCompany'sdevelopment.TheCompanywilloptimizetheinnovationenvironmentfromsystemsandmechanisms,closelyfocusonmarketdemand,andenhanceindustry-university-researchcollaborationwithuniversitiesandresearchinstitutions.Byleveragingexternalintellectualresources,theCompanywillactivelyexplorenewtechnologies,products,industries,andmarketssuitableforitsdevelopment,cultivatenew-qualityproductivity,promotedigitaltools,exploreAIapplicationsinbusinesspractices,empowercompanymanagement,andhigh-qualityindustrialdevelopment,establishadata-drivendecision-makingmechanism,andenhancetheCompany'scorecompetitiveness.
(2)Strengthenmarketresearchandpreciselypositionthelayout
Toachieveprecisemarketpositioningandscientificstrategiclayout,in-depthmarketresearchisrequired,withaparticularfocusondetailedanalysisofindustrydevelopmenttrends.Whileconsolidatingthefoundationofthedomesticmarket,theCompanywilldeeplycultivateoverseasmarkets,activelyexploreregionswithbroadprospectsandgreatpotential,andfurtherexpandmarketshareandbrandinfluence.
(3)Enhanceprojectmanagementandimproveperformancequality
TheCompanywillemphasizemanagementduringprojectexecution,continuetostrengthenthecollectionofprojectacceptancepayments,settlementpayments,andqualityassurancedeposits,shortenthesettlementcycle,reducesettlementrisks,andsafeguardcompanyrights.TheCompanywillreshapethequalityandsafetymanagementchain,establishamechanismforidentifyingqualityandsafetyincidents,clarifytherewardandpunishmentsystem,strengthenemployees'senseofresponsibility,andensurethatqualityandresponsibilityareclearlyimplementedtoeachresponsibleperson.
(4)Strengthentalentpipelinedevelopment
TheCompanywillenhancetalentidentification,cultivation,management,andutilization,buildamechanismforkeypositions'functionsandresponsibilities,qualifications,rotationaltraining,andselectionandappointment,andfurtherstandardizetalentmanagementanddevelopment.Atalentreservesystemwillbeestablished,optimizingthetalentstructurefromaspectssuchasage,professionalknowledge,andabilitylevel,strengtheningtalentcultivationandteambuilding,andensuringthesupplyoftalentforkeypositions,especiallyforoverseasbusinessexpansion.
(3)Potentialrisks
1.Risksofmacroenvironmentandpolicychanges
TheCompany'smainbusinesssegmentsarecloselyrelatedtomacroeconomicandindustrialpoliciesandaregreatlyaffectedbytheoverallmacroenvironment.Theyear2025isayearinwhichtheCompanytakessignificantstridestowardstheglobalmarket.Ifthereareadversechangesintheinternationalanddomesticmacroeconomicenvironment,sloweconomicdevelopmentandreducedinvestmentinfixedassetsinthefuture,whichwillaffectthedemandofpublicbuildingcurtainwallindustryandrailtransitequipmentindustry,orfaceindustrydepressionorexcessivecompetition,whichwillhaveanadverseimpactontheCompany'sfutureprofitability,evenprojectdelayorsuspension,deferredpaymentofprojectsunderconstruction,etc,thusaffectingtheCompany'soperatingperformance.
Tobetterrespondtotheopportunitiesandchallengesbroughtaboutbychangesintheeconomicenvironmentandpolicyshifts,theCompanywillcloselymonitorchangesindomesticandinternationalmacroeconomicandpolicysituations,andpromptlyadjustitsbusinessstrategies.Atthesametime,theCompanywillactivelyexploretheapplicationofartificialintelligence(AI)incompanymanagementandbusinessoperations,empoweringmanagementandhigh-qualityindustrialdevelopment,increasingmarketshare,andaddressingrisksbroughtaboutbymacroeconomicandpolicychanges.
2.Marketcompetitionrisks
IntherailtransitPSDmarket,thetechnologyofotherdomesticmanufacturersisbecomingmoreandmoremature,andtheCompanymayfacetheriskofintensifiedmarketcompetition.IftheCompanycannotmaintainaleadingpositioninthemarket,itwillhaveacertainadverseimpactonthedevelopmentandbenefitsoftheCompany'srailtransitPSDbusiness.Inthisregard,theCompanywillcontinuetoadoptastablebusinesspolicy,improvethecompetitiveadvantageofproductsthroughtechnologicalinnovationandfinemanagement,acceleratethereturnoffunds,andimprovetheoperationefficiencyandmarketcompetitivenessoftheCompany.
TheCompanywillcloselytrackindustrydevelopmenttrendsandtechnologicalupdates,enhancingproductcompetitiveadvantagesthroughtechnologicalinnovationandrefinedmanagement,andacceleratingtherecoveryoffunds.Byrelyingonindustry-university-researchcollaborations,theCompanywilljointlyconductresearchoncutting-edgetechnologiesandproductdevelopment,acceleratingthetransformationofscientificandtechnologicalachievements,andpursuinghigh-qualitygrowthwithhightechnologyandhighefficiency.Whileconsolidatingthedomesticmarket,theCompanywillintensifytheexpansionofinternationalmarkets,solidifyingtheCompany'sdual-cycledevelopmentpatternofdomesticandinternationalmarkets.
3.Productionandoperationrisks
Themacro-economyandmarketdemandhaveaddedtothefluctuationinpricesofmainrawmaterialsandlabor,affectingtheCompany'sprofitabilityandcreatingadditionalproductionandoperationrisksfortheCompany.
TheCompanywillhedgeandtransferthepricefluctuationriskofsomerawmaterialsbyusingfuturesproducthedging,negotiatingwithpartnerstosupplementthecontractamount,reasonablyarrangingmaterialprocurementplanandothermeasures;TheCompanyimplementsastrictsuppliermanagementmechanism,activelyimprovesthescientificandtechnologicallevelofproductionmanagement,increasestechnologyresearchanddevelopment,iscommittedtoprocessimprovement,improvestheautomationandintelligenceofproductionequipment,andreducesthelossofrawmaterials.TheCompanywillcontinuetopromoteintelligentanddigitalconstructionsystem,widelyapplynewtechnologiesandprocesses,strengthenstaffskilltraining,andimprovequalityandefficiencyonthebasisofensuringsafety.
4.Managementrisks
Inrecentyears,withtheexpansionoftheCompany'sbusinessscaleandtheincreaseofthenumberofsubsidiaries,thedailymanagementoftheCompanyisbecomingmoreandmoredifficult,whichmayfacethemanagementriskofindustrialscaleexpansion.Inaddition,inrecentyears,theregulatoryrequirementsforlistedcompanieshavebeencontinuouslyimprovedanddeepened.TheCompanyneedstofurtherstrengthenmanagement,continuetopromotemanagementreform,constantlyoptimizeprocessandorganizationalstructure,improvevariousrulesandregulations,andvigorouslyintroducehigh-quality,highlyskilledandmultidisciplinarytechnologyandmanagementtalents,graduallyoptimizetheallocationofhumanresources,optimizetheechelonstructure,andeffectivelyreducethemanagementrisksbroughtbybusinessdevelopment.
XII.Receptionofinvestigations,communications,orinterviewsinthereportingperiod
?Applicable□Inapplicable
| Time/date | Place | Way | Visitor | Visitor | Maincontentinvolvedandmaterialsprovided | Disclosureofinformation |
| January15,2024 | Meetingroom | Onsiteinvestigation | Institution | NortheastSecurities:ZhuangJiajun | Businessandfuturedevelopment | InvestorRelationshipRecordFormonwww.cninfo.com.cn |
| January25,2024 | Meetingroom | Onsiteinvestigation | Institution | GreatWallSecurities:HuaJiangyue,WangLongZhongtianGuofuSecurities:ZhuYi | Businessandfuturedevelopment | InvestorRelationshipRecordFormonwww.cninfo.com.cn |
| February28,2024 | Meetingroom | Onsiteinvestigation | Institution | CITICSecurities:LaiZhijian,WuShaozhenShenzhenChenghechangPrivateSecuritiesCompany:JiangJin,DaiJiuhou | Businessandfuturedevelopment | InvestorRelationshipRecordFormonwww.cninfo.com.cn |
| April9,2024 | Networkplatform | Onlinecommunicationononlineplatforms | Others | InvestorsparticipatingintheCompany's2023PerformancePresentation | Businessandfuturedevelopment | InvestorRelationshipRecordFormonwww.cninfo.com.cn |
| July3,2024 | Meetingroom | Onsiteinvestigation | Institution | ShanxiSecurities:YeZhongzheng,FengRui | Businessandfuturedevelopment | InvestorRelationshipRecordFormonwww.cninfo.com.cn |
| July15,2024 | Meetingroom | Onsiteinvestigation | Institution | EastmoneySecurities:WangPianpian | Businessandfuturedevelopment | InvestorRelationshipRecordFormonwww.cninfo.com.cn |
| December12,2024 | http://rs.p5w.net/ | Onlinecommunicationononlineplatforms | Others | Investorsparticipatinginthecollectivereceptionday | Businessandfuturedevelopment | InvestorRelationshipRecordFormonwww.cninfo.com.cn |
XIII.StatusofFormulationandImplementationofMarketValueManagementSystemandValuationEnhancementPlan
HastheCompanyestablishedamarketvaluemanagementsystem?
□Yes?NoHastheCompanydisclosedavaluationenhancementplan??Yes□NoOnApril22,2025,theCompanydisclosedthe"ChinaFangdaGroupCo.,Ltd.ValuationEnhancementPlan"onCNINFO(http://www.cninfo.com.cn).ThisdocumentspecificallyexplainsthetriggeringcircumstancesandproceduresfortheformulationofthevaluationenhancementplanandprovidesadetailedintroductiontothespecificmeasurestheCompanyhasdevelopedtoenhanceitsvaluation.TheplaniscloselyalignedwiththeCompany'sactualsituationanddevelopmentstrategy,whichhelpsimprovetheCompany'soperationalqualityandinvestmentvalue,enhanceinvestorreturns,andpromotetheCompany'slong-termstabledevelopment.
XIV.ImplementationStatusofthe"DualEnhancementofQualityandReturns"ActionPlanHastheCompanydisclosedtheannouncementofthe"DualEnhancementofQualityandReturns"actionplan?
□Yes?No
ChapterIVCorporationGovernanceI.OverviewDuringthereportingperiod,theCompanystrictlyadheredtotherequirementsofrelevantlaws,regulations,andnormativedocuments,suchastheCompanyLaw,SecuritiesLaw,MeasuresfortheAdministrationofIndependentDirectorsofListedCompanies,andGuidelinesforCorporateGovernanceofListedCompanies.Wecontinuouslyoptimizedthecorporategovernancestructure,establishedandimprovedtheinternalcontrolsystemandvariousinternalmanagementsystems.Wefullyutilizedtheparticipationofindependentdirectorsindecision-making,supervisorychecksandbalances,andprofessionalconsultationroles.Weclarifiedtheresponsibilitiesandauthorityindecision-making,execution,andsupervision,forminganeffectivedivisionofresponsibilitiesandasystemofchecksandbalances.WeconstantlypromotedstandardizedoperationlevelsandsafeguardedtheinterestsofinvestorsandtheCompany.Anysignificantdifferencebetweentheactualsituationofcorporategovernanceandthelaws,administrativeregulationsandtheprovisionsonthegovernanceoflistedcompaniesissuedbytheCSRC
□Yes?NoThereisnosignificantdifferencebetweentheactualsituationofcorporategovernanceandthelaws,administrativeregulationsandtheprovisionsonthegovernanceoflistedcompaniesissuedbytheCSRC.II.TheindependenceoftheCompanyrelativetothecontrollingshareholdersandactualcontrollersinensuringtheCompany'sassets,personnel,finance,institutions,business,etcTheCompanyiscompletelyindependentfromitscontrollingshareholderandactualcontrollerintermsofbusiness,personnel,assets,organization,andfinance,possessingindependentandcompletebusinessandautonomousoperationalcapabilities.Detailsofthemeetingsaredisclosedasfollows:
(1)Intheaspectofbusiness:theCompanyhasitsownpurchasing,production,sales,andcustomerservicesystemwhichperformingindependently.Thereisnotanymaterialrelatedtransactionsoccurredwiththecontrollingshareholders.
(2)Inpersonnel,thelabormanagement,personnelandsalarymanagementareoperatedindependentlyfromthecontrollingshareholder.TheseniormanagementstakesalariesfromtheCompanyandnoneofthemtakesseniormanagementpositioninthecontrollingparty.
(3)Inassets,theCompanyownsitsproduction,supplementaryproductionsystemandaccessoryequipmentindependently,andpossessesitsownindustrialproperties,non-patenttechnologies,andtrademark.
(4)Inorganization,theproductionandbusinessoperation,executivemanagement,anddepartmentsettingarecompletelyindependentfromthecontrollingshareholder.Nosituationofcombinedofficeexists.TheCompanyadjustsitsorganizingstructureonlyforitsownpracticalrequirementofdevelopmentandmanagement.
(5)Inaccounting,theCompanyhasitsownindependentaccountingandauditingdivision,establishedindependentandcompletedaccountingsystemandmanagementrules,hasitsownbankaccount,andexerciseitsliabilityoftaxationindependently.III.Competition
□Applicable?Inapplicable
IV.Annualandextraordinaryshareholdermeetingsheldduringthereportperiod
1.Annualshareholdermeetingduringthereportperiod
| Meeting | Type | Participationofinvestors | Date | Dateofdisclosure | Meetingresolution |
| 1stProvisionalShareholders'Meeting2024 | Extraordinaryshareholders'meeting | 23.93% | January8,2024 | January9,2024 | Fordetails,pleaserefertothe"ChinaFangdaGroupCo.,Ltd.2024FirstExtraordinaryGeneralMeetingResolutionAnnouncement"publishedonCNINFO(http://www.cninfo.com.cn). |
| 2023AnnualShareholderMeeting | Annualshareholders'meeting | 24.21% | April22,2024 | April23,2024 | Pleaserefertotheinformationpublishedonhttp://www.cninfo.com.cnAnnouncementontheResolutionofthe2023GeneralMeetingofShareholdersofChinaFangdaGroupCo.,Ltd. |
| 2ndProvisionalShareholders’Meeting2024 | Extraordinaryshareholders'meeting | 24.72% | November13,2024 | November14,2024 | Fordetails,pleaserefertothe"ChinaFangdaGroupCo.,Ltd.2024SecondExtraordinaryGeneralMeetingResolutionAnnouncement"publishedonCNINFO(http://www.cninfo.com.cn). |
2.Shareholdersofpreferencesharesofwhichvotingrightresumeconveninganextraordinaryshareholders'meeting
□Applicable?Inapplicable
V.ParticularsabouttheDirectors,Supervisors,andSeniorManagement
1.Profiles
| Name | Gender | Age | Position | Jobstatus | Startingdate | Enddateof | Numberof | Increased | Decreased | Otherincreas | Numberof | Reasons |
| oftheterm | theterm | sharesheldatbeginningoftheperiod | sharesinthisperiod(share) | sharesinthisperiod(share) | eanddecrease(share) | sharesheldatendoftheperiod | ||||||
| XiongJianming | M | 67 | Chairman | Inoffice | November20,1995 | March19,2026 | 5,110,257 | 0 | 0 | 0 | 5,110,257 | Inapplicable |
| XiongXi | M | 42 | Chairman,President | Inoffice | March20,2023 | March19,2026 | 0 | 0 | 0 | 0 | 0 | Inapplicable |
| XiongXi | M | 42 | ViceChairman | Inoffice | March29,2024 | March19,2026 | 0 | 0 | 0 | 0 | 0 | Inapplicable |
| XiongJianwei | M | 56 | Director | Inoffice | April16,1999 | March19,2026 | 0 | 0 | 0 | 0 | 0 | Inapplicable |
| LinKebin | M | 47 | Director | Inoffice | April11,2017 | March19,2026 | 0 | 0 | 0 | 0 | 0 | Inapplicable |
| LinKebin | M | 47 | Vicepresident | Inoffice | June6,2008 | March19,2026 | 0 | 0 | 0 | 0 | 0 | Inapplicable |
| CaoZhongxiong | M | 46 | Independentdirector | Inoffice | May8,2020 | March19,2026 | 0 | 0 | 0 | 0 | 0 | Inapplicable |
| ZhanWeizai | M | 60 | Independentdirector | Inoffice | March20,2023 | March19,2026 | 0 | 0 | 0 | 0 | 0 | Inapplicable |
| SongMing | F | 46 | Independentdirector | Inoffice | January8,2024 | March19,2026 | 0 | 0 | 0 | 0 | 0 | Inapplicable |
| CaoNaisi | F | 46 | SupervisoryCommitteemeetingconvener | Inoffice | March20,2023 | March19,2026 | 0 | 0 | 0 | 0 | 0 | Inapplicable |
| FanXiaodong | M | 38 | Supervisor | Inoffice | May8,2020 | March19,2026 | 8,800 | 0 | 0 | 0 | 8,800 | Inapplicable |
| XiYingzhe | M | 40 | Supervisor | Inoffice | November13,2024 | March19,2026 | 0 | 0 | 0 | 0 | 0 | Inapplicable |
| WeiYuexing | M | 56 | Vicepresident | Inoffice | July29,2011 | March19,2026 | 0 | 0 | 0 | 0 | 0 | Inapplicable |
| Dong | M | 46 | Vice | In | March | March | 0 | 0 | 0 | 0 | 0 | Inappli |
| Gelin | president | office | 20,2023 | 19,2026 | cable | |||||||
| YeZhiqing | M | 50 | SecretaryoftheBoard | Inoffice | November13,2024 | March19,2026 | 29,000 | 0 | 0 | 0 | 29,000 | Inapplicable |
| XiaoYangjian | M | 41 | SecretaryoftheBoard | Resigned | June23,2020 | September26,2024 | 0 | 0 | 0 | 0 | 0 | Inapplicable |
| YeZhiqing | M | 50 | Supervisor | Resigned | March20,2023 | November13,2024 | 29,000 | 0 | 0 | 0 | 29,000 | Inapplicable |
| HuangYaying | M | 62 | Independentdirector | Resigned | May8,2020 | January8,2024 | 0 | 0 | 0 | 0 | 0 | Inapplicable |
| Total | -- | -- | -- | -- | -- | -- | 5,177,057 | 0 | 0 | 0 | 5,177,057 | -- |
Duringthereportingperiod,whethertherewasanyresignationofdirectorsandsupervisorsanddismissalofseniormanagersduringtheirtermofoffice?Yes□NoDuringthereportingperiod,theCompany'sindependentdirectorHuangYayingandboardsecretaryXiaoYangjianresignedforpersonalreasons,andsupervisorYeZhiqingresignedduetoworkadjustments.PleaseseebelowforchangesintheCompany'sdirectors,supervisors,andseniormanagementpersonnel.ChangesintheDirectors,SupervisorsandSeniorExecutives?Applicable□Inapplicable
| Name | Job | Type | Date | Reason |
| HuangYaying | Independentdirector | Resigned | January8,2024 | Resignedfromthepositionofindependentdirectorforpersonalreasons |
| SongMing | Independentdirector | Elected | January8,2024 | Electedasanindependentdirectoratthe2024FirstExtraordinaryGeneralMeeting |
| XiongXi | ViceChairman | Elected | March29,2024 | ElectedasViceChairmanattheseventhmeetingofthetenthBoardofDirectors |
| XiaoYangjian | SecretaryoftheBoard | Dismissed | September26,2024 | Resignedfromthepositionofboardsecretaryforpersonalreasons |
| YeZhiqing | Supervisor | Resigned | November13,2024 | Resignedfromthepositionofsupervisorduetoworkadjustments |
| XiYingzhe | Supervisor | Elected | November13,2024 | Electedasasupervisor |
| atthe2024SecondExtraordinaryGeneralMeeting | ||||
| YeZhiqing | SecretaryoftheBoard | Engaged | November13,2024 | Appointedastheboardsecretaryatthe11thmeetingofthe10thBoardofDirectors |
2.OfficeDescription
Professionalbackground,workexperienceandmaindutiesintheCompanyofexistingdirectors,supervisorsandseniormanagement
(1)Mr.XiongJianming:Ph.D.inBusinessAdministrationPhilosophy,SeniorEngineer,FounderoftheCompany,andcurrentlyChairmanoftheCompany.Heisadeputytothe13thand14thNationalPeople'sCongress,amemberofthesixthsessionoftheChinaSocietyforPromotionoftheGuangcaiProgram,thepresidentoftheGanMerchantsAssociation,andthechairmanoftheFederationofIndustryandCommerceofNanshanDistrict,Shenzhen.PreviouslyworkedatJiangxiMachineryIndustryDesignandResearchInstitute,ShenzhenMunicipalPeople'sGovernmentShekouDistrictManagementBureau,andotherunits.Servedasarepresentativeofthe10thGuangdongProvincialPeople'sCongress,amemberofthe11thJiangxiProvincialPoliticalConsultativeConference,arepresentativeofthe4thPartyCongressoftheCommunistPartyofChinainShenzhen,arepresentativeofthe2nd,3rd,and6thShenzhenMunicipalPeople'sCongress,amemberofthe5thShenzhenMunicipalPoliticalConsultativeConference,andthefoundingpresidentoftheShenzhenSemiconductorLightingPromotionAssociation.
(2)Mr.XiongXi:Master'sdegree,currentlyservesasthevicechairmanandpresidentoftheCompany,chairmanofFangdaZhiyuanTechnology,andamemberoftheseventhShenzhenCPPCC(ChinesePeople'sPoliticalConsultativeConference).PreviouslyservedasadatabaseengineeratChinaMerchantsBankCo.,Ltd.,deputydirectoroftheTechnologyInformationDepartment,deputydirectoroftheHumanResourcesDepartment,assistanttothepresident,anddeputygeneralmanagerofFangdaConstructionTechnologyCompany.
(3)Mr.XiongJianwei:Masterofbusinessadministration.NowheisthedirectoroftheCompany,chairmanofFangdaJiankecompany,andmemberofthe14thNanchangCPPCCStandingCommittee.
(4)Mr.LinKebin:Bachelor'sdegree,currentlyservesasadirectorandvicepresidentoftheCompany,andgeneralmanagerofFangdaZhiyuanTechnologyCompany.PreviouslyservedastheCompany'sfinancialdirector.
(5)Dr.CaoZhongxiong:Ph.D.,currentlyservesasanindependentdirectoroftheCompany,assistantdirectoroftheChinaDevelopmentInstitute(Shenzhen),anddirectoroftheInstituteofDigitalStrategyandEconomics.Heisengagedinresearchandconsultingworkinneweconomyandcorporatestrategy.HeusedtobeatechnicianofChinaChemicalGroupBluestarDetergentCo.,Ltd.andtheexecutivedirectoroftheNewEconomyResearchInstituteoftheComprehensiveDevelopmentResearchInstitute(Shenzhen,China).
(6)ZhanWeizai:doctor,senioraccountant.CurrentlyservingasanindependentdirectoroftheCompany,chairmanofShenzhenJiangcairenEducationManagementCo.,Ltd.,supervisorofShenzhenDewoInvestmentDevelopmentCo.,Ltd.andShenzhenDewoIndustrialCo.,Ltd.,directorofChinaTellingCo.,Ltd.,independentdirectorofShenzhenEverwinPrecisionTechnologyCo.,Ltd.andJWIPCTechnologyCo.,Ltd.,visitingprofessorattheSchoolofEconomicsandManagementofWuhanUniversityandtheSchoolofMathematicsandStatisticsofCentralChinaNormalUniversity,andpart-timementoratJiangxiUniversityofFinanceandEconomics.HeusedtobeSecretaryoftheGeneralBranchoftheLeagueofEconomicManagementDepartmentofXizangUniversity,DeputyManageroftheFinanceDepartmentofShenzhenDonghuiIndustrialCo.,Ltd.,DirectorandChiefFinancialOfficerofShenzhenQiaosheIndustrialCo.,Ltd.,ChiefFinancialOfficerofShenzhenTourism(Group)Co.,Ltd.,DeputyGeneralManagerofHua'anPropertyInsuranceCo.,Ltd.,DeputyGeneralManagerofHua'anInsuranceAsset
ManagementCenter,IndependentDirectorofChongqingZijianElectronicsCo.,Ltd.,andIndependentDirectorofWeiyeConstructionGroupCo.,Ltd.
(7)Ms.SongMing:DoctorofLaws,currentlyanindependentdirectoroftheCompany,ExecutiveDirectoroftheResearchCenterforSARLegislationofShenzhenUniversity,DirectoroftheDepartmentofConstitutionalandAdministrativeLawoftheSchoolofLawofShenzhenUniversity,DirectoroftheResearchCenterfortheAdministrativeRuleofLawofShenzhenUniversity,andExecutiveDirectoroftheShenzhenLawSociety,doctoralsupervisor,ChairmanoftheResearchSocietyfortheStudyofAdministrativeLawoftheShenzhenLawSociety,InvitedSupervisoroftheShenzhenMunicipalPartyCommitteeofPoliticalandLegalAffairs,andExpertJuroroftheShenzhenAdministrativeTrialCenter.ShealsoservesasaninvitedsupervisoroftheShenzhenMunicipalCommitteeofPoliticalandLegalAffairs,andanexpertjuroroftheShenzhenAdministrativeTrialCenter.
(8)Ms.CaoNaisi:Bachelor'sdegree,intermediateeconomist,currentlytheconvenoroftheSupervisoryCommitteeoftheCompanyandthedeputygeneralmanagerofFangdaJianke.SheonceservedasthesecuritiesaffairsrepresentativeoftheCompany,thedirectoroftheauditandsupervisiondepartment,thedeputydirectorofthehumanresourcesdepartment,thegeneralmanagerofFangdaJiankeBeijingBranch,thegeneralmanagerofFangdaJiankeSouthChinaBranchandsoon.
(9)Mr.FanXiaodong:Bachelor'sdegreeinLaw,currentlyservingastheSupervisoroftheCompanyandDeputyDirectoroftheLegalDepartment.
(10)Mr.XiYingzhe:Bachelor'sdegree,CertifiedInternalAuditor(CIA),currentlyservingastheSupervisoroftheCompanyandDirectoroftheAuditandSupervisionDepartment.HepreviouslyheldthepositionofDirectoroftheAuditDepartmentatCGNEnergyConservationIndustryDevelopmentCo.,Ltd.
(11)Mr.WeiYuexing:Undergraduate,SeniorEngineer,currentlyVicePresidentoftheCompanyandGeneralManagerofFangdaJianke.
(12)Mr.DongGreen:Bachelor'sdegree,SeniorEngineer,currentlyVicePresidentoftheCompany,DeputytotheEighthNationalPeople'sCongressofNanshanDistrict,Shenzhen.HehasservedasasupervisoroftheCompany,adesignerofFangdaConstructionEngineeringCompany,achiefengineerofadesigninstitute,ageneralmanagerofFangdaConstructionEngineeringBeijingBranch,andadeputygeneralmanagerofFangdaConstructionEngineering.
(13)Mr.YeZhiqing:Bachelor'sdegree,SeniorEngineer,currentlyservingastheSecretaryoftheBoardofDirectorsoftheCompanyandChairmanoftheSupervisoryBoardofFangdaZhiyuanTechnology.HepreviouslyservedasSupervisoroftheCompany,GeneralManagerofFangdaRealEstateCompany,DeputyDirectorofFangdaJiankeDesignInstitute,AssistantGeneralManagerofFangdaJianke,andGeneralManageroftheShanghaiBranchofFangdaJianke.Officesheldatshareholderentities?Applicable□Inapplicable
| Name | Shareholderentity | Office | Startingdateoftheterm | Enddateoftheterm | Whetheranyremunerationispaidattheshareholderentity |
| XiongJianming | ShengjiuInvestmentLtd. | Director | October6,2011 | No | |
| Officedescription | No | ||||
Officesheldatotherentities?Applicable□Inapplicable
| Name | Entityname | Positionheldinanotherentity | Startingdateoftheterm | Enddateoftheterm | Whetheranyremunerationispaidattheshareholderentity |
| XiongJianming | JiangxiBusinessInnovative | Director | January10,2018 | No |
| PropertyJointStockCo.,Ltd. | |||||
| XiongJianming | GongqingCityShengtaiInvestmentPartnership(LimitedPartnership) | Executivepartner | December1,2022 | No | |
| CaoZhongxiong | GeneralDevelopmentResearchInstitute(Shenzhen,China) | AssistanttotheDeanandDirectoroftheInstituteofDigitalStrategyandEconomics. | January1,2022 | Yes | |
| ZhanWeizai | ShenzhenDewoIndustrialDevelopmentCo.,Ltd. | Supervisor | June1,2010 | January23,2025 | Yes |
| ZhanWeizai | ShenzhenJiangcaiEducationManagementCo.,Ltd. | Chairman | July1,2017 | No | |
| ZhanWeizai | ShenzhenDewoInvestmentDevelopmentCo.,Ltd. | Supervisor | June1,2012 | No | |
| ZhanWeizai | ShenzhenEverwinPrecisionTechnologyCo,Ltd. | Independentdirector | May15,2020 | Yes | |
| ZhanWeizai | JWIPCTechnologyCo.,Ltd. | Independentdirector | November1,2024 | Yes | |
| ZhanWeizai | TellingTelecommunicationHoldingCo.,Ltd. | Director | November26,2021 | Yes | |
| ZhanWeizai | GuangdongHuilaiRuralCommercialBankCo.,Ltd. | Supervisor | July29,2020 | Yes | |
| ZhanWeizai | ShenzhenHuazhangFinancingGuaranteeCo.,Ltd. | Supervisor | December1,2012 | No | |
| SongMing | LawSchoolofShenzhenUniversity | DirectoroftheCenterforAdministrativeRuleofLawResearch | April3,2017 | Yes | |
| Officedescription | No | ||||
Penaltiesgivenbyexistingsecuritiesregulatorsondirectors,supervisorsandseniormanagementandthosewhohaveresignedinthereportperiod
□Applicable?Inapplicable
III.RemunerationsoftheDirectors,SupervisorsandSeniorExecutives
Decisionmakingprocedures,basisandactualpaymentofremunerationsoftheDirectors,SupervisorsandSeniorExecutivesRemunerationschemesfordirectorsandsupervisorsareproposedbytheRemunerationandAssessmentCommitteeoftheBoard,andimplementeduponapprovaloftheBoardandtheShareholders'Meetings;theremunerationschemesforexecutivesareapprovedandimplementedbytheBoard.TheremunerationschemefordirectorsandsupervisorsoftheCompanyshallbedeterminedbytheshareholders'generalmeeting,whilethecompensationschemeforseniorexecutivesshallbedeterminedbytheBoardofDirectors.Additionally,theremunerationandassessmentcommitteeoftheBoardofDirectorsshallreviewtheactualpaymentofremunerationonanannualbasis.RemunerationsoftheDirectors,SupervisorsandSeniorExecutivesoftheCompanyDuringthereportingperiod
InRMB10,000
| Name | Gender | Age | Position | Jobstatus | Totalremuneration | Remunerationfromrelatedparties |
| XiongJianming | M | 67 | Chairman | Inoffice | 224.77 | No |
| XiongXi | M | 42 | ViceChairmanandPresident | Inoffice | 217.55 | No |
| XiongJianwei | M | 56 | Director | Inoffice | 104.08 | No |
| LinKebin | M | 47 | Director,vicepresident | Inoffice | 118.98 | No |
| CaoZhongxiong | M | 46 | Independentdirector | Inoffice | 8.00 | No |
| ZhanWeizai | M | 60 | Independentdirector | Inoffice | 8.00 | No |
| SongMing | F | 46 | Independentdirector | Inoffice | 7.86 | No |
| CaoNaisi | F | 46 | SupervisoryCommitteemeetingconvener | Inoffice | 56.36 | No |
| FanXiaodong | M | 38 | Supervisor | Inoffice | 49.36 | No |
| XiYingzhe | M | 40 | Supervisor | Inoffice | 16.02 | No |
| WeiYuexing | M | 56 | Vicepresident | Inoffice | 100.3 | No |
| DongGelin | M | 46 | Vicepresident | Inoffice | 76.96 | No |
| YeZhiqing | M | 50 | SecretaryoftheBoard | Inoffice | 80.41 | No |
| XiaoYangjian | M | 40 | SecretaryoftheBoard | Resigned | 49.20 | No |
| HuangYaying | M | 61 | Independentdirector | Resigned | 0.14 | No |
| Total | -- | -- | -- | -- | 1,117.99 | -- |
Othermatters
□Applicable?Inapplicable
VI.Performanceofdirectorsduringthereportperiod
1.BoardofDirectorsinthereportingperiod
| Meeting | Date | Dateofdisclosure | Meetingresolution |
| TheseventhmeetingofthetenthBoardofDirectors | March29,2024 | April2,2024 | Proposalapproved:1.Chairman'sWorkReportfor2023;2.TheBoardofDirectors'WorkReport2023;3.AnnualReport2023andtheSummary;4.FinancialSettlementReport2023;5.ProposalontheCompany'sprofitdistributionplanfor2023;6.TheCompany'sInternalControlSelf-EvaluationReport2023;7.Proposalonapplyingforcreditguaranteefrombanksandotherfinancialinstitutions;8.TheCompany'sproposalonengagingoftheCPAforyear2024;9.ProposalontheCompany's2023socialresponsibilityreport;10.ProposalregardingtheelectionofViceChairmanoftheBoardofDirectors;11.Proposalonchangingtheuseofpartialpremises;12.Theproposalofconveningthe2023Shareholders'Meeting. |
| TheeighthmeetingoftheTenthBoardofDirectors | April26,2024 | Reviewedandapproved:TheCompany's2024FirstQuarterReport. | |
| TheninthmeetingofthetenthBoardofDirectors | August26,2024 | ReviewingandapprovingtheInterimReport2024andtheSummaryoftheReport | |
| ThetenthmeetingofthetenthBoardofDirectors | October25,2024 | October29,2024 | Proposalapproved:1.ProposalontheCompany's2024ThirdQuarterReport;2.ResolutiononcontinuingtoengageinfutureshedgingandforeignexchangederivativetradingbusinessintheCompany;3.ProposalonconveningtheCompany'ssecondextraordinaryshareholders'meetingin2024. |
| TheeleventhmeetingofthetenthBoardofDirectors | November13,2024 | November14,2024 | Reviewedandapproved:ProposalonappointingthecompanysecretaryoftheBoardofDirectors. |
| ThetwelfthmeetingofthetenthBoardofDirectors | December19,2024 | Reviewedandapproved:Proposalonchangingtheuseofcertainrealestate |
2.Directors'presentingofboardmeetingsandshareholders'meetingsinthereportperiod
properties.
Directors'presentingofboardmeetingsandshareholders'meetingsinthereportperiod
| Directors'presentingofboardmeetingsandshareholders'meetingsinthereportperiod | |||||||
| Nameofdirector | Timeofboardmeetingsshouldhaveattended | Numberofboardmeetingsattended | Presentedbytelecom | Numberofboardmeetingsattendedbyproxy | Numberofboardmeetingsnotattended | Absentfortwoconsecutivemeetings | Numberofshareholders'meetingsattended |
| XiongJianming | 6 | 5 | 1 | 0 | 0 | No | 3 |
| XiongXi | 6 | 5 | 1 | 0 | 0 | No | 3 |
| XiongJianwei | 6 | 5 | 1 | 0 | 0 | No | 3 |
| LinKebin | 6 | 5 | 1 | 0 | 0 | No | 3 |
| CaoZhongxiong | 6 | 3 | 3 | 0 | 0 | No | 3 |
| ZhanWeizai | 6 | 3 | 3 | 0 | 0 | No | 3 |
| SongMing | 6 | 3 | 3 | 0 | 0 | No | 2 |
| HuangYaying | 0 | 0 | 0 | 0 | 0 | No | 1 |
StatementforabsencefortwoconsecutiveboardmeetingsInapplicable
3.Objectionraisedbydirectors
AnyobjectionraisedbydirectorsagainsttheCompany'srelatedissues
□Yes?NoDirectorsmadenoobjectiononrelatedissuedoftheCompanyinthereportperiod.
4.OtherstatementforperformanceofdirectorsAdoptionofsuggestionproposedbydirectors?Yes□NoStatementforsuggestionadoptedornotbytheCompany
ThedirectorsoftheCompanystrictlycomplywiththeprovisionsoflawsandregulationssuchastheCompanyLaw,SecuritiesLaw,MeasuresfortheAdministrationofIndependentDirectorsofListedCompanies,GuidelinesforCorporateGovernanceofListedCompanies,ShenzhenStockExchangeListingRules,ArticlesofAssociation,andotherrelevantcompanysystems.Theyfulfilltheirresponsibilitiesinaccordancewiththelaw.Duringthereportingperiod,thedirectorsoftheCompanyattendedthemeetingsoftheBoardofDirectors,andexpressedtheirviewsandin-depthdiscussionsonvariousproposalssubmittedtotheboardofdirectorsforconsideration,madesuggestionsforthehealthydevelopmentoftheCompany,fullyconsideredtheinterestsanddemandsofminorityshareholderswhenmakingdecisions,andeffectivelystrengthenedthescientificityandfeasibilityofthedecision-makingoftheboardofdirectors.Atthesametime,thedirectorsoftheCompanyactivelyparticipateinrelevanttraining,improvetheirabilitytoperformtheirduties,activelypayattentiontotheCompany'soperationandmanagementinformation,financialstatusandmajorevents,andpromotethesustainable,stableandhealthydevelopmentoftheCompany'sproductionandoperation.Theindependentdirectorshavediligentlyperformedtheirdutiesand
carefullyreviewedvariousresolutionsoftheBoardofDirectors,playinganactiveroleinsafeguardingtheinterestsoftheCompanyandminorityshareholders.VII.Specialcommitteesundertheboardofdirectorsduringthereportingperiod
| Committeename | Membership | Numberofmeetingsheld | Date | Meetingcontent | Importantopinionsandsuggestionsputforward | Otherperformanceofduties | Detailsofobjections(ifany) |
| DevelopmentStrategyCommittee | XiongJianming,XiongXi,CaoZhongxiong,XiongJianwei | 2 | March29,2024 | Heardandconsidered:1.ReviewoftheCompany'sproductionandoperationin2023;2.TheCompany's2024annualproductionandoperationworkplan. | Afterfullcommunicationanddiscussion,allproposalswereunanimouslypassed. | ||
| August26,2024 | ListenedtoandreviewedthereviewoftheCompany'sproductionandoperationinthefirsthalfof2024andthemainworkinthesecondhalfof2024. | Afterfullcommunicationanddiscussion,allproposalswereunanimouslypassed. | |||||
| AuditCommittee | ZhanWeizai,SongMing,XiongJianwei | 5 | March21,2024 | ListenedtoandreviewedthefinancialstatementsoftheCompanyin2023afterthepreliminaryopinionsissuedbytheannualauditaccountant. | ThefinancialandaccountingreportoftheCompanyfor2023hasbeenpreparedinaccordancewiththenewaccountingstandardsforbusinessenterprisesandrelevantfinancialregulationsoftheCompany,whichtrulyreflectsthefinancialstatusoftheCompanyasofDecember31,2023andtheoperatingresultsandcashflowin2023.Itisagreedtodeterminethefinalfinancialreportfor2023onthisbasis. | ||
| March29,2024 | ThemeetinglistenedtothereportfromYongchengAccountingFirmontheCompany'sauditsituationfor2023andtheCompany's2023financialworkreport,andreviewedandapprovedthefollowingproposals:1.TheCompany'sauditedfinancialaccountingreportfor2023;2.Proposalonappointingtheauditinstitutionfor2024;3.TheCompany'sinternalauditworkreportfor2023;4.TheCompany'sinternal | Afterthoroughcommunicationanddiscussion,itwasunanimouslyagreedtosubmitproposals1,2,and4totheCompany'sBoardofDirectorsforreview. |
| controlself-assessmentreportfor2023;5.TheCompany'sinternalauditworkplanfor2024. | |||||
| April26,2024 | ThefinancialstatementsoftheCompanyforthefirstquarterof2024werereviewedandapproved. | Afterfullcommunicationanddiscussion,theproposalwasunanimouslyadoptedandagreedtobesubmittedtotheboardofdirectorsoftheCompanyfordeliberation. | |||
| August26,2024 | Reviewedthefinancialworkreportandinternalauditworkreportforthefirsthalfof2024,andapprovedtheCompany'sunauditedsemi-annualfinancialstatementsfor2024. | Afterfullcommunicationanddiscussion,theproposalwasunanimouslyadoptedandagreedtobesubmittedtotheboardofdirectorsoftheCompanyfordeliberation. | |||
| October25,2024 | Reviewedandapproved:1.TheCompany'sfinancialandaccountingstatementsforthethirdquarterof2024;2.Proposaloncontinuingtocarryoutfutureshedgingandforeignexchangederivativestradingbusiness. | Afterfullcommunicationanddiscussion,itwasunanimouslyapprovedandagreedtosubmitallproposalstotheboardofdirectorsoftheCompanyfordeliberation. | |||
| RemunerationandAssessmentCommittee | SongMing,XiongXi,CaoZhongxiong | 1 | March29,2024 | Theproposalontheremunerationofdirectorsandseniormanagersin2023wasconsideredandadopted. | In2023,theCompany'sdirectorsandseniormanagementdiligentlyandresponsiblycompletedtheannualbusinessobjectivesandotherworktasks.TheremunerationreceivedbytheCompany'sdirectorsandseniormanagementin2023wasinaccordancewiththeCompany'sremunerationmanagementplanfordirectorsandseniormanagement. |
VIII.PerformanceofSupervisoryCommittee
(1)RisksfortheCompanydiscoveredbytheSupervisoryCommittee
□Yes?NoNodisagreementwithsupervisoryissuesbytheSupervisoryCommitteeduringthereportperiod.
(2)TheSupervisoryCommittee'WorkReport2024In2024,theSupervisoryCommitteeperformeditsdutiesandobligationsinsupervisionandprotectallshareholders'andtheCompany'sinterestsinaccordancewiththeCompanyLaw,ShareListingRules,ArticlesofAssociationandRulesoftheProcedureoftheSupervisoryCommittee.The2024supervisorycommittee'sworkplanisasfollows:
I.OpinionsoftheSupervisoryBoardonrelevantmattersoftheCompanyduringthereportingperiod
1.LegalcomplianceIn2024,theBoardofSupervisorsoftheCompanysupervisedtheoperationoftheCompanyinaccordancewiththelaw.Inthereportperiod,theCompanyhasbeenoperatedinaccordancewithlaw.TheconveningofmeetingoftheBoardandthedecision-makingprocessarecompliantwithlaw,regulationsandArticlesofAssociation;theinternalcontrolsystemissolid.Directorsandseniormanagementhaveperformedtheirobligations.Noviolationagainstlaw,regulations,ArticlesofAssociationandinterestsoftheCompanyandshareholderswasdiscovered.
(2)FinancialconditionIn2024,theBoardofSupervisorssupervisedthefinancialaffairsoftheCompany.TheaccountingmanagementhasbeencompliantwiththeAccountingLaw,EnterpriseAccountingStandard.Nofalse,misleadingstatementorsignificantomissionwasfoundinfinancialstatements.ThefinancialreportsoftheCompanyreflecttheCompany'sfinancialposition,operationperformance,cashflowsandmajorriskstruthfully,accuratelyandcompletely.TheCPAhasissuedthestandardauditor'sreportin2024,whichisobjective,fairandtruthful.ItreflectstheCompany'sfinancialpositionandoperationperformance.
(3)ImplementationofinternalcontrolAccordingtotheboardofsupervisors,thedesignandoperationoftheinternalcontroliseffectiveandmeetstheCompany'smanagementanddevelopmentrequirements.Itcanensurethetruthfulness,lawfulness,completenessofthefinancialmaterialsandensurethesafetyandcompletenessoftheCompany'sproperty.In2024,theCompanydidnotviolatethesecuritieslaw,thestandardsforthegovernanceoflistedcompanies,theselfregulatoryguidelinesforlistedcompaniesofShenzhenStockExchangeNo.1-standardizedoperationoflistedcompaniesonthemainboardandtheCompany'sinternalcontrolsystem.The2024InternalControlSelf-evaluationReporttruthfullyandobjectivelyreflectstheestablishment,implementationandimprovementoftheCompany'sinternalcontrolsystem.Therearenosignificantorimportantproblemsinthefinancialandnon-financialreportsinthereportperiod.
(4)FulfillmentofsocialresponsibilitiesIn2024,theCompanyhasmadeduecontributionstoeconomicdevelopmentandenvironmentalprotection,activelyparticipatedinpublicwelfareandcharity,conscientiouslyfulfilleditsduesocialresponsibility,andsafeguardedtheinterestsofshareholders,customersandemployees.
2.MeetingsandresolutionsofthesupervisorymeetinginthereportperiodFourmeetingswereheldin2024,allofwhichareon-sitemeetings.Allproposalwereapprovedanddisclosedasrequired:
| No. | Meeting | Date | Conveningmethod | Topic |
| 1 | TheseventhmeetingofthetenthSupervisoryBoard | March29,2024 | On-site | 1.ReviewtheCompany's2023SupervisoryBoardWorkReport";2.ReviewtheCompany's2023AnnualReportFullTextandSummary";3.ReviewtheCompany's2023FinancialSettlementReport";4.ReviewtheCompany's2023ProfitDistributionPlan;5.Reviewtheproposalforappointingtheauditinstitutionfor2024;6.ReviewtheCompany's2023InternalControlSelf-AssessmentReport. |
| 2 | Theeighthmeetingofthe | April26,2024 | On-site | ReviewtheproposalfortheCompany's2024FirstQuarterReport. |
| tenthSupervisoryBoard | ||||
| 3 | TheninthmeetingofthetenthSupervisoryBoard | August26,2024 | On-site | ProposalregardingtheInterimReport2024andtheSummaryoftheReport |
| 4 | ThetenthmeetingofthetenthSupervisoryBoard | October25,2024 | On-site | 1.ReviewtheproposalfortheCompany's2024ThirdQuarterReport;2.Reviewtheproposalontheby-electionofnon-employeerepresentativesupervisorsforthetenthSupervisoryBoard;3.ReviewtheproposaltorequesttheCompany'sBoardofDirectorstoconveneanextraordinaryshareholders'meeting. |
IX.Employees
1.Staffnumber,professionalcompositionandeducation
| Staffnumberoftheparentattheendofthereportingperiod | 59 |
| Numberofon-the-jobemployeesofmajorsubsidiariesattheendofthereportingperiod(person) | 2,935 |
| Totalnumberofactiveemployeesattheendofthereportingperiod(person) | 2,994 |
| Numberofemployeesreceivingremunerationintheperiod | 2,994 |
| Resignedandretiredstaffnumbertowhomtheparentandmajorsubsidiariesneedtopayremuneration | 0 |
| Professionalcomposition | |
| Categoriesofprofessions | Numberofpeople |
| Production | 1,379 |
| Sales&Marketing | 136 |
| Technicians | 1,243 |
| Finance&Accounting | 63 |
| Administration | 173 |
| Total | 2,994 |
| Education | |
| Categoriesofeducation | Numberofpeople |
| Highschoolorbelow | 1,251 |
| Collegediploma | 593 |
| Bachelor | 1,102 |
| Master'sdegree | 46 |
| Doctor'sdegree | 2 |
| Total | 2,994 |
2.Remunerationpolicy
Staffremunerationpolicy:TheCompany'sstaffremunerationcomprisespostwage,performancewage,allowanceandannualbonus.TheCompanyhassetupaneconomicresponsibilityassessmentsystemaccordingtotheannualoperationtargetandresponsibilityindicatorsforalldepartments.Theperformancewageisdeterminedbytheeconomicindicators,managementindicators,optimizationindicatorsandinternalcontrol.TheannualbonusisdeterminedbytheCompany'sannualprofitandfulfillmentoftargetssetforvariousdepartments.ThestaffremunerationandwelfarewillbeadjustedaccordingtotheCompany'sbusinessoperationandchangesinthelocalstandardoflivingandpriceindex.
Since2008,theCompanyhasbeenimplementingtheRegulationsonPaidAnnualLeaveforEmployees(StateCouncilOrderNo.514)issuedbytheStateCouncil.AllemployeesoftheCompanyareentitledtopaidannualleaveinaccordancewiththeseregulations.
3.TrainingprogramStafftrainingplan:TheCompanyhaspaidcontinuousattentiontotraininganddevelopmentofthestaffandintroducesinnovativelearningaspartofthelong-termstrategy.Weprovidetrainingprogramsthroughdifferentchannelsandindifferentfieldsfordifferentemployeeswillhelpthemfulfilltheirworks,includingnewstafftraining,on-the-jobtraining,operationandmanagementtrainingprograms.TheseprogramshavelargelyelevatedcapabilitiesofthestaffandunderpinthesuccessoftheCompany.
4.Laboroutsourcing
?Applicable□Inapplicable
| Totalnumberofhoursoflaboroutsourcing | 17,659,126.79 |
| Totalremunerationpaidforlaboroutsourcing(RMB) | 667,515,354.51 |
X.ProfitdistributionoftheCompanyandconversionofcapitalreserveintosharecapital
Establishment,implementationoradjustmentofprofitdistributionpoliciesespeciallythecashdividendpolicyduringthereportperiod?Applicable□Inapplicable
Duringthereportperiod,theCompanyimplementedtheprofitdistributionplanfor2023.Accordingtothedeliberationandapprovalofthe2023annualgeneralmeetingheldonApril22,2024,theCompany's2023profitdistributionplanisasfollows:theCompanywilldistributecashdividendsofRMB0.80(includingtax)per10sharestoallshareholdersbasedonthetotalsharecapitalof1,073,874,227sharesaftertheclosingofthestockmarketontheequityregistrationdatewhentheprofitdistributionplanisimplemented,withatotalofRMB85,909,938.16incash,andwillnotdistributebonussharesnortransfercapitalreservestosharecapital.
TheCompanyattachesimportancetothereasonablereturntoinvestors,implementsacontinuousandstableprofitdistributionpolicy,theformulationandimplementationoftheprofitdistributionpolicycomplywiththerelevantprovisionsoftheArticlesofAssociationandtherequirementsoftheresolutionsoftheGeneralMeetingofShareholders,thedividendstandardandproportionareclearandclear,therelevantdecision-makingproceduresandmechanismsarecomplete,theindependentdirectors
performtheirdutiesandplaytheirduerole,andtheCompany'sprofitdistributionplansaresubmittedtotheGeneralMeetingofShareholdersforconsideration,Theprofitdistributionpolicyiscompliantandtransparent.Smallandmedium-sizedshareholdershavetheopportunitytofullyexpresstheiropinionsandappeals,andtheirlegitimaterightsandinterestshavebeenfullyprotected.
| ExplanationofCashDividendDistributionPolicies | |
| ComplywiththeArticlesofAssociationorresolutionmadeattheGeneralShareholders'Meeting | Yes |
| Clearanddefinitedistributionstandardandproportion | Yes |
| Decision-makingprocedureandmechanism | Yes |
| Independentdirectorsfulfilltheirduties | Yes |
| IftheCompanydoesnotdistributecashdividends,specificreasonsshouldbedisclosed,aswellasthemeasurestobetakennexttoenhanceinvestorreturns: | Inapplicable |
| Middleandsmallshareholdersexpresstheiropinionsandclaims.Thererightsarewellprotected. | Yes |
| Cashdividenddistributionpoliciesareadjustedorrevisedaccordingtolaw | Inapplicable |
Thecompanymadeprofitsduringthereportingperiodandtheprofitavailabletoshareholdersoftheparentcompanywaspositive,butnocashdividenddistributionplanwasproposed
□Applicable?InapplicableProfitDistributionandReserveCapitalizationintheReportPeriod?Applicable□Inapplicable
| Bonussharesforeverytenshares | 0 |
| Cashdividendforeverytenshares(yuan,tax-included) | 0.50 |
| Atotalnumberofsharesasthedistributionbasis | 1,073,874,227 |
| Cashdividend(includingtax) | 53,693,711.35 |
| Cashdividendpaidinothermanners(suchasrepurchaseofshares) | 0.00 |
| Totalcashdividend(includingothermanners) | 53,693,711.35 |
| Distributableprofit(yuan) | 1,105,291,052.65 |
| Proportionofcashdividendinthedistributableprofit(includingothermanners) | 100% |
| Cashdividend | |
| TheCompanyisinafastgrowthstage.Therefore,thecashdividendwillreach20%oftheprofitdistributionatleast. | |
| Detailsofprofitdistributionorreservecapitalizationplan | |
| Theprofitdistributionplanfor2024approvedbytheboardofdirectorsoftheCompanyis:theCompanyplanstodistributecashdividendsofRMB0.50(taxincluded)forevery10sharestoallshareholdersbasedonthetotalsharecapitalof1,073,874,227sharesonDecember31,2024,withatotalcashdistributionofRMB53,693,711.35.Nodividendshareorcapitalizationsharewasissuedintheyear.AftertheannouncementoftheCompany'sprofitdistributionplantothetimeofimplementation,ifthetotalsharecapitalchanges,inaccordancewiththeprincipleof“distributingcashdividendsofRMB0.50(taxincluded)forevery10shares”,thetotalsharecapitalafterthemarketclosesontheequityregistrationdatewhentheprofitdistributionplanisimplementedshallbeused.ThetotalamountofcashdividendswillbedisclosedintheCompany'sprofitdistributionimplementationannouncement. | |
XI.Shareincentiveschemes,staffshareholdingprogramorotherincentiveplans
□Applicable?Inapplicable
Thereisnoshareincentiveschemes,staffshareholdingprogramorotherincentiveplansinthereportperiod
XII.Constructionandimplementationofinternalcontrolsystemduringthereportingperiod
1.ConstructionandimplementationofinternalcontrolTheCompanyhasestablishedandimproveditsinternalcontrolsysteminaccordancewiththeBasicNormsforEnterpriseInternalControlanditssupportingguidelines,aswellasotherinternalcontrolsupervisionrequirements,combinedwiththeactualsituationoftheCompany.TheriskinternalcontrolmanagementorganizationalsystemoftheCompanyisjointlycomposedoftheAuditCommitteeandtheInternalAuditDepartment,whichsupervisesandevaluatestheCompany'sinternalcontrolmanagement,improvestheCompany'sstandardizedoperationlevel,andpromotesthehealthyandsustainabledevelopmentoftheCompany.The2024InternalControlSelfEvaluationReportdisclosedbytheCompanyonhttp://www.cninfo.com.cn,truthfully,andaccuratelyreflectstheactualsituationoftheCompany'sinternalcontrol.Duringthereportingperiod,theCompanydidnothaveanysignificantdeficienciesininternalcontrol.
2.Majorproblemsininternalcontroldiscoveredinthereportperiod
□Yes?No
XIII.Managementandcontrolofsubsidiariesduringthereportingperiod
| Company | Integrationplan | Integrationprogress | Problemsencounteredinintegration | Solutionstaken | Solutionprogress | Followupsolutionplan |
| Inapplicable | No | No | No | No | No | No |
XIV.Internalcontrolevaluationreportorinternalcontrolauditreport
1.Internalcontrolreport
| Dateofdisclosureoftheinternalcontrolevaluationreport | April22,2025 | |
| Disclosureoftheinternalcontrolevaluationreport | www.cninfo.com.cn | |
| Percentageofassetsintheevaluationscopeinthetotalassetsintheconsolidatedfinancialstatements | 98.54% | |
| Percentageofoperationincomeintheevaluationscopeinthetotaloperationincomeintheconsolidatedfinancialstatements | 99.07% | |
| Standard | ||
| Type | Financialreport | Non-financialreport |
| Standard | I.Deficiencieswiththefollowingcharacteristicsareidentifiedassignificantdeficiencies: | I.Thefollowingconditionindicatessignificantproblemsintheinternalcontrolofnon-financialreports:1.Seriousviolationagainstnationallaws, |
| 1.Ineffectivecontrolenvironment;2.Fraudulentbehaviorbycompanydirectors,supervisors,andseniormanagementresultinginsignificantlossandadverseimpactontheCompany;3.Significantmisstatementfoundinthecurrentfinancialstatementsbythecertifiedpublicaccountant,whichwasnotdetectedbyinternalcontrolduringitsoperation.4.IneffectivesupervisionbytheCompany'sauditdepartmentoverinternalcontrols.2.Thefollowingproblemsareconsideredsignificantproblems:1accountingpoliciesareselectedandusedwithoutcomplyingtowidelyacceptedaccountingstandards;2.Noanti-corruptandimportantbalancesystemandcontrolmeasuresaretaken;3.Separateormultipleproblemsinthepreparationoffinancialreports,whichareseriousenoughtoaffectingthetruthfulnessandaccuracyofthereports;nocontrolsystemisestablishedandnorelatedcompensationsystemisimplementedforaccountsofirregularorspecialtransactions3.Otherproblemsareconsiderednormalproblems. | regulationsorspecifications;2.Seriousbusinesssystemproblemsandsystemineffectiveness;3.Majororimportantproblemscannotbecorrected;4.Lackofinternalcontrolandpoormanagement;5.Lossofmanagementpersonnelorkeyemployees;6.Safetyandenvironmentalaccidentsthatcausemajoradverseimpacts;7.OthersituationsthatcausemajoradverseimpactsontheCompany.II.Thefollowingsituationsindicatethattheremaybesignificantproblemswiththeinternalcontrol:1.businesssystemproblemsandsystemineffectiveness;2.Majororimportantproblemscannotbecorrected;3.OthersituationsthatcausemajoradverseimpactsontheCompanyIII.Thefollowingsituationindicatelikelynormalproblemsintheinternalcontrol:1.Problemsinthegeneralbusinesssystem;2.Normalproblemsintheinternalcontrolsupervisioncannotbecorrectlypromptly. | |
| Standard | 1.Significantproblem:1mistakesaffecting5%andmoreofthepre-taxprofitandmorethanRMB5millionintheconsolidatedstatements;2.Mistakesaffecting5%andmoreoftheconsolidatedassetsandmorethanRMB5million2.Importantproblem:1.Mistakesaffecting1%-5%ofthepre-taxprofitintheconsolidatedstatements;2.Mistakesaffecting1%-5%theconsolidatedassets.III.Normalproblem:1.Mistakesaffectinglessthan1%ofthepre-taxprofitandtotalassetsoftheconsolidatestatements. | Seetherecognitionstandardoftheinternalcontrolproblemsforfinancialstatements |
| Significantproblemsinfinancialstatements | 0 | |
| Significantproblemsinnon-financialstatements | 0 | |
| Importantproblemsinfinancialstatements | 0 | |
| Importantproblemsinnon-financialstatements | 0 | |
2.Internalcontrolauditreport
?Applicable□Inapplicable
| Commentsintheinternalcontrolauditreport | |
| WebelievethatChinaFangdaGrouphasmaintainedeffectiveinternalcontrolonfinancialreportsaccordingtoBasicRegulationsonEnterpriseInternalControlandrelatedregulationsonDecember31,2024. | |
| Disclosureofinternalauditor'sreport | Disclosed |
| Dateofdisclosureoftheinternalcontrolauditreport | April22,2025 |
| Sourceofdisclosureoftheinternalcontrolauditreport | www.cninfo.com.cn |
| Opiniontype | Standardopinionauditor'sreport |
| Problemsinnon-financialstatements | No |
Non-standardinternalcontrolauditreportbytheCFA
□Yes?NoConsistencybetweentheinternalcontrolauditreportandself-evaluationreport?Yes□NoXV.RectificationofproblemsinselfinspectionofspecialactionsforgovernanceoflistedcompaniesInapplicable
ChapterV.Environmentalandsocialresponsibility
I.Majorenvironmentalproblem
WhethertheCompanyanditssubsidiariesarekeypollutingcompaniesdisclosedbytheenvironmentalprotectionauthority
□Yes?NoAdministrativepenaltiesforenvironmentalproblemsduringthereportingperiod
| Companyorsubsidiary | Reason | Violations | Punishmentresult | Impactontheproductionandoperationoflistedcompanies | RectificationmeasuresoftheCompany |
| No | No | No | No | No | No |
RefertootherenvironmentalinformationdisclosedbykeypollutantdischargeunitsDuringthereportingperiod,thelistedcompanyanditssubsidiarieswerenotkeypollutantdischargeunitsannouncedbytheenvironmentalprotectiondepartment,andtherewerenoadministrativepenaltiesforenvironmentalproblems.Measuresandeffectstakentoreducecarbonemissionsduringthereportingperiod?Applicable□InapplicableTheCompanyiscommittedtopromotinggreenmanufacturingandintegratingtheconceptsofenvironmental,social,andcorporategovernance(ESG)intoitscorporatecultureandoperations.Sinceitsinception,theCompanyhasadheredtothemissionofgreenandenvironmentalprotection,activelyexploringthepathofenvironmentalfriendlinessandcomplementarydevelopmentoftheenterprise.TheCompany'ssmartcurtainwall,photovoltaicbuildingintegration(BIPV)project,railtransitPSDsystem,solarphotovoltaicpowerstationandotherindustrieshaveenvironmentalprotectiongenes.Combinedwiththecharacteristicsoftheindustry,theCompanyintegratestheconceptofenvironmentalprotectionintotechnologicalinnovation,successivelydevelopsnationalandprovincialkeyenvironmentalprotectionnewproductssuchasventilatedandphotovoltaiccurtainwalls,nanoself-cleaningandfireproofhoneycombaluminumcompositeplates,andtakestheleadindevelopingthesubwayPSDsystemwithindependentintellectualpropertyrightsinChina.TheCompany's"fullheightopenplatformscreendoorofrailtransit"technologyhasreducedtheenergyconsumptionofairconditioningandventilationsystembymorethan20%,andtheproductsofdouble-layerbreathingcurtainwallsystemsaveenergybymorethan30%comparedwiththetraditionalcurtainwall.In2024,thesubsidiary,FangdaZhiyuan,receivedthe"Silver"certificationmedalintheEcoVadissustainabilityrating,rankingamongthetop15%ofratedcompaniesglobally.ThisrecognitionfullyaffirmstheCompany'songoingeffortsinenvironmentalprotection,laborandhumanrights,businessethics,andsustainableprocurement.Inresponsetothenational"14thFive-YearPlan"forecologicalandenvironmentalprotection,andtovigorouslypromotethehigh-end,intelligent,andgreendevelopmentofthemanufacturingindustry,thenewlyconstructedFangda(Ganzhou)Low-CarbonIntelligentManufacturingBaseProjecthasbuiltleadingenvironmentalprotectionequipmentandintelligentequipment.Thisproject,centeredon"intensiveconstructionandsharedpollutioncontrol",isanenvironmentalpublicinfrastructureprojectandhasbeenrecognizedasa"GreenIsland"projectbytheMinistryofEcologyandEnvironment.Theprojectaimstoreducethepollutioncontrolcostsforsurroundingsmallandmedium-sizedenterprisesbycentralizingpollutanttreatment,whilealsoimprovingregionalenvironmentalmanagementefficiency.ThisdemonstratestheCompany'shighsenseofresponsibilityandforesightinenvironmentalprotection.
Duringthereportingperiod,theCompanywasawardedtheNational(Shenzhen)ExcellentForeign-InvestedEnterprise—GreenandCarbonReductionPromotionAward.Thenewenergyindustryphotovoltaicpowergenerationamountedto
approximately18.64millionkilowatt-hours,equivalenttosaving6,710tonsofstandardcoal,reducingcarbondioxideemissionsbynearly18,583tons,reducingsulfurdioxideemissionsby211.9tons,andreducingwaterusageby74,560tons.TheChinaElectronicsBuildingproject,undertakenbythesubsidiaryFangdaConstructionTechnology,wasevaluatedasatwo-starlevelaccordingtotheGreenBuildingEvaluationStandard(GB/T50378-2014),withagreenbuildingareaof208,500squaremeters.
Reasonsfornon-disclosureofotherenvironmentalinformationTheCompanyanditssubsidiariesarenotamongthekeypollutantdischargeunitspublishedbytheenvironmentalprotectiondepartment,andthereisnootherenvironmentalinformationthatneedstobedisclosed.
II.Socialresponsibilities
Whilecreatingenterprisevalue,theCompanyadherestoitsoriginalmission,attachesgreatimportancetothesustainabledevelopmentoftheenvironmentandsociety,andactivelyperformsitssocialresponsibilities.In2024,theCompany
effectivelyfulfilleditssocialresponsibilitiesinareassuchasstandardizedgovernanceandoperations,protectionofshareholders'andcreditors'rights,safetyproduction,environmentalprotectionandenergyconservation,protectionofemployees'rights,protectionoftherightsofsuppliers,customers,andconsumers,publicrelations,andsocialwelfareundertakings.Forspecificdetails,pleaserefertothe2024CorporateSocialResponsibilityReportofChinaFangdaGroupCo.,Ltd.publishedonhttp://www.cninfo.com.cn.III.Consolidateandexpandtheachievementsofpovertyalleviationandruralrevitalization
Whilecreatingeconomicvalue,theCompanyactivelypracticescorporatesocialresponsibilitytopromotesustainablesocialdevelopment.Bymakingpositiveexamplesinthefieldsofecologicalenvironmentalprotectionandpromotingsocialdevelopment,theCompanyhasdemonstratedtheresponsibilityofanindustryleader.TheCompanyhascarriedoutindustrialsupportinGuangdong,Shaanxi,Guizhou,JiangxiandTibet,helpingruralareastoplantcashcropssuchasteamushroomsandliliesaccordingtolocalconditions,supportingruralcollectivebreedingindustryprojects,constructinggreenhousephotovoltaicpowerstations,distributedphotovoltaicpowerstationsandotherruralindustrial"blood-creation"projects,andfosteringnewimpetustothedevelopmentofruraleconomy,helpingtobuildathrivingindustryandecologicaldevelopment.Helpingtobuildabeautifulcountrysideintheneweraofprosperousindustry,ecologicallivability,civilizedcountryside,effectivegovernance,andaffluentlife,whichhasachievedgoodsocialeffectsandgainedhighpraisefromallwalksoflife.
Inaddition,theCompanyhasbeenactivelyinvolvedinvariouspublicwelfareactivities,includingpubliceducation,publichealth,ruralmedicalcare,disasterrelief,environmentalprotection,ruralrevitalizationandmanyotheraspects.TheCompanyhasbeenconsecutivelyawardedhonorssuchas"OutstandingEnterpriseinFulfillingSocialResponsibility".
ChapterVISignificantEventsI.Performanceofpromises
1.Commitmentsthathavebeenfulfilledandnotfulfilledbyactualcontroller,shareholders,relatedparties,acquirersoftheCompany
□Applicable?InapplicableThereisnocommitmentthathasnotbeenfulfilledbyactualcontroller,shareholders,relatedparties,acquirersoftheCompany
2.Explanationandreasonofprofitforecastsonassetsorprojectsthatremaininthereportperiod
□Applicable?InapplicableII.Non-operatingcapitalusebythecontrollingshareholderorrelatedpartiesinthereportingterm
□Applicable?InapplicableThecontrollingshareholderanditsaffiliatesoccupiednocapitalfornon-operatingpurposeoftheCompanyduringthereportperiod.III.Incompliantexternalguarantee
□Applicable?InapplicableTheCompanymadenoincompliantexternalguaranteeinthereportperiod.
IV.Descriptionoftheboardofdirectorsonthelatest"non-standardauditreport"
□Applicable?InapplicableV.StatementoftheBoardofDirectors,SupervisoryCommitteeandIndependentDirectors(ifapplicable)onthe"non-standardauditors'report"issuedbytheCPAonthecurrentreportperiod
□Applicable?Inapplicable
VI.Descriptionofchangesinaccountingpolicies,accountingestimatesorcorrectionofmajoraccountingerrorscomparedwiththefinancialreportofthepreviousyear?Applicable□Inapplicable
(1)Changesinaccountingpolicies
①ImplementtheinterpretationofaccountingstandardsforBusinessEnterprisesNo.17
OnOctober25,2023,theMinistryofFinanceissuedtheInterpretationNo.17oftheAccountingStandardsforBusinessEnterprises(CK[2023]No.21,hereinafterreferredtoasInterpretationNo.17),whichwillbeimplementedfromJanuary1,2024.StartingfromJanuary1,2024,theCompanyimplementstheprovisionsofInterpretationNo.17.A.Ontheclassificationofcurrentliabilitiesandnon-currentliabilitiesThisprovisionhasnosignificantimpactontheCompany'sfinancialstatementsforthereportingperiod.B.OnthedisclosureofsupplierfinancingarrangementsInaccordancewiththerequirementsofInterpretationNo.17,theCompany'sfinancialreportundersectionVII,"NotestotheConsolidatedFinancialStatements,"item62"(4)SupplierFinancingArrangements,"hasdisclosedrelevantinformationonsupplierfinancingarrangementsfortheyear2024.C.OntheaccountingtreatmentofsaleandleasebacktransactionsThisprovisionhasnosignificantimpactontheCompany'sfinancialstatementsforthereportingperiod.
②Reclassificationofwarrantyexpenses
InMarch2024,theMinistryofFinanceissuedtheCompilationofApplicationGuidelinesforEnterpriseAccountingStandards2024andonDecember6,2024,releasedInterpretationNo.18oftheAccountingStandardsforBusinessEnterprises,whichstipulatesthatwarrantyexpensesshouldbeincludedintheoperatingcosts.
Startingfromthefiscalyear2024,theCompanywillimplementthisprovisionbyincludingwarrantyexpensesintheoperatingcosts.TheimplementationofthisaccountingtreatmentprovisionhasacumulativeimpactofRMB0ontheretainedearningsasreportedintheearliestperiodofthefinancialstatements.Theadjustmentstotherelevantitemsinthecomparativefinancialstatementsfortheyear2023forboththeconsolidatedandtheparentcompanyareasfollows:
InRMB
| Affecteditem | For2023(consolidated) | For2023(parentcompany) | ||
| Beforeadjustment | Afteradjustment | Beforeadjustment | Afteradjustment | |
| Salesexpense | 58,488,714.76 | 51,009,165.29 | Thereisnoimpactonthedataoftheparentcompany. | |
Operatingcost
| Operatingcost | 3,404,642,473.33 | 3,412,122,022.80 |
(2)Changesinmajoraccountingestimates
Duringthereportingperiod,theCompanyhadnosignificantchangesinaccountingestimates.
VII.Statementofchangeinthefinancialstatementconsolidationscopecomparedwiththepreviousfinancialreport
?Applicable□Inapplicable
Inthecurrentperiod,fivenewsubsidiarieswereaddedthroughestablishment:FangdaFacadeSingaporePteLtd,FangdaFacadePhilippinesInc.,GeneralRailTechnologyPhilippines,Inc.,FangdaGulfDMCC,andGlobalMEGAInternationalHoldingsLimited.Additionally,onenewsubsidiarywasaddedthroughnon-businessmerger:FangdaArchitecturalTechnologyCompany.Meanwhile,threesubsidiarieswerederegisteredinthecurrentperiod:FangdaXunfuInvestment,FangdaLifuInvestment,andFangdaInvestmentPartnership.
VIII.EngaginganddismissingofCPA
CPAengagedcurrently
| Domesticpublicaccountantsname | RSMThornton(limitedliabilitypartnership) |
| Remunerationforthedomesticpublicaccountants(inRMB10,000) | 150 |
| Consecutiveyearsofservicebythedomesticpublicaccountants | 6 |
| Nameofcertifiedaccountantsofthedomesticpublicaccountants | ZhouJunchao,LiuGen,HuGaosheng |
| Consecutiveyearsofservicebythedomesticpublicaccountants | ZhouJunchaohasprovidedauditservicesfor2consecutiveyears,LiuGenfor1year,andHuGaoshengfor5consecutiveyears. |
| Overseaspublicaccountantsname(ifany) | No |
| Remunerationfortheoverseaspublicaccountants(inRMB10,000) | 0 |
| Consecutiveyearsofservicebytheoverseaspublicaccountants(ifany) | No |
| Nameofcertifiedaccountantsoftheoverseaspublicaccountants(ifany) | No |
WhethertheCPAisreplaced
□Yes?NoEngagingofinternalcontrolauditCPA,financialadvisorandsponsor?Applicable□InapplicableDuringthereportingperiod,theCompanycontinuedengagingRSMChina(limitedliabilitypartnership)asthefinancialstatementandinternalcontrolauditingCPAwithafeeofRMB1.5million.
IX.Delistingafterdisclosureofannualreport
□Applicable?Inapplicable
X.Bankruptcyandcapitalreorganizing
□Applicable?InapplicableTheCompanyhasnobankruptcyorreorganizationeventsinthereportperiod.
XI.Significantlawsuitandarbitration
□Applicable?InapplicableTheCompanyhasnosignificantlawsuitorarbitrationaffairinthereportperiod.Asoftheendofthereportingperiod,thetotalamountinvolvedinotherlawsuitsnotmeetingthecriteriaformajorlitigationdisclosureisapproximatelyRMB460,000,000,ofwhichtheamountinvolvedasthedefendanttotalsapproximatelyRMB35,000,000.TheselawsuitsaremultipleindependentcasesandwillnothaveasignificantadverseimpactontheCompany'sfinancialconditionandabilitytocontinueoperations.
XII.Punishmentandrectification
□Applicable?InapplicableTheCompanyreceivednopenaltyandmadenocorrectioninthereportperiod.
XIII.CredibilityoftheCompany,controllingshareholderandactualcontroller?Applicable□InapplicableTheCompanyanditscontrollingshareholdersandactualcontrollersdonotfailtoperformtheeffectivejudgmentofthecourt,andthedebtswithalargeamountarenotpaidoffwhendue.XIV.Materialrelatedtransactions
1.Relatedtransactionsrelatedtoroutineoperation
□Applicable?InapplicableTheCompanymadenorelatedtransactionrelatedtodailyoperatinginthereportperiod.
2.Relatedtransactionsrelatedtoassetstransactions
□Applicable?InapplicableTheCompanymadenorelatedtransactionofassetsorequityrequisitionandsalesinthereportperiod.
3.Relatedtransactionsrelatedtojointexternalinvestment
□Applicable?InapplicableTheCompanymadenorelatedtransactionofjointexternalinvestmentinthereportperiod.
4.Relatedcreditsanddebts
□Applicable?InapplicableTheCompanyhadnorelateddebtinthereportperiod.
5.Transactionswithrelatedfinancialcompanies
□Applicable?InapplicableThereisnodeposit,loan,creditorotherfinancialbusinessbetweentheCompanyandtherelatedfinancialcompany.
6.TransactionsbetweenfinancialcompaniescontrolledbytheCompanyandrelatedparties
□Applicable?InapplicableThereisnodeposit,loan,creditorotherfinancialbusinessbetweenthefinancialcompanycontrolledbytheCompanyanditsrelatedparties.
7.Othermajorrelatedtransactions
□Applicable?InapplicableTheCompanyhasnoothersignificantrelatedtransactioninthereportperiod.
XV.Significantcontractsandperformance
1.Assetentrusting,leasing,contracting
(1)Assetentrusting
□Applicable?InapplicableTheCompanymadenocustodyinthereportperiod.
(2)Contracting
□Applicable?InapplicableTheCompanymadenocontractinthereportperiod
(3)Leasing
□Applicable?InapplicableTheCompanydoesnothaveanysignificantleasingactivitiesduringthereportingperiod.
2.Significantguarantee?Applicable□Inapplicable
InRMB10,000
| ExternalguaranteesmadebytheCompanyandsubsidiaries(excludethosemadeforsubsidiaries) | ||||||||||
| Guaranteeprovidedto | Dateofdisclosure | Guaranteeamount | Actualdate | Actualamountofguarantee | Typeofguarantee | Collateral(ifany) | Counterguarantee(ifany) | Term | Completedornot | Relatedparty |
| No | ||||||||||
| Guaranteeprovidedtosubsidiaries | ||||||||||
| Guaranteeprovidedto | Dateofdisclosure | Guaranteeamount | Actualdate | Actualamountofguarantee | Typeofguarantee | Collateral(ifany) | Counterguarantee(ifany) | Term | Completedornot | Relatedparty |
| FangdaJianke | February28,2023 | 93,000 | December28,2023 | 65,431.48 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaJianke | April2,2024 | 24,000 | May27,2024 | 18,715.69 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaJianke | April2,2024 | 30,000 | November11,2024 | 17,933.07 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaJianke | April2,2024 | 50,000 | September4,2024 | 30,880.51 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaJianke | February28,2023 | 30,000 | October20,2023 | 15,400 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaJianke | February28,2023 | 39,000 | January24,2024 | 15,436.8 | Jointliability | No | No | sinceengageofcontractto3yearsupon | No | Yes |
| dueofdebt | ||||||||||
| FangdaJianke | April2,2024 | 15,000 | May11,2024 | 15,000 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaJianke | April2,2024 | 48,000 | December15,2024 | 33,926.95 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaJianke | April2,2024 | 60,000 | December19,2024 | 59,900 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaJianke | February28,2023 | 11,400 | August16,2023 | 1,016.43 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaJianke | April2,2024 | 20,000 | November4,2024 | 15,827.15 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaJianke | April2,2024 | 4,000 | June20,2024 | 4,000 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| Fangda | April2, | 60,000 | June27, | 22,000 | Joint | No | No | since | No | Yes |
| Jianke | 2024 | 2024 | liability | engageofcontractto3yearsupondueofdebt | ||||||
| FangdaJianke | February28,2023 | 30,000 | December21,2023 | 5,000 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaJianke | April2,2024 | 20,000 | December27,2024 | 11,000 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaZhiyuan | April2,2024 | 36,000 | June27,2024 | 16,438.3 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaZhiyuan | April2,2024 | 15,000 | May30,2024 | 2,991.69 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaZhiyuan | April2,2024 | 20,000 | November11,2024 | 2,485.95 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaZhiyuan | April2,2024 | 15,000 | September4,2024 | 7,824.13 | Jointliability | No | No | sinceengageofcontractto3 | No | Yes |
| yearsupondueofdebt | ||||||||||
| FangdaZhiyuan | April2,2024 | 10,000 | May11,2024 | 924.76 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaZhiyuan | April2,2024 | 18,000 | December15,2024 | 5,728.31 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaZhiyuan | February28,2023 | 15,550 | November21,2023 | 8,574.38 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaZhiyuan | February28,2023 | 10,000 | September25,2023 | 70.41 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaZhiyuan | February28,2023 | 10,000 | December21,2023 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes | |
| FangdaYunzhu | April2,2024 | 600 | June3,2024 | 24.78 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaYunzhu | April2,2024 | 1,000 | May7,2024 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes | |
| FangdaYunzhu | April2,2024 | 1,000 | June28,2024 | 1,000 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaNewMaterial | February28,2023 | 8,500 | November2,2023 | 1,844.24 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaNewMaterial | April2,2024 | 10,000 | July8,2024 | 599.23 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaProperty | December4,2019 | 135,000 | February25,2020 | 66,000 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaZhijian | April2,2024 | 7,000 | May17,2024 | 4,559.39 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaIntelligentManufac | December23,2023 | 30,000 | February22,2024 | 30,000 | Jointliability | No | No | sinceengageofcontract | No | Yes |
| turing | to3yearsupondueofdebt | |||||||||
| FangdaDongguanNewMaterial | April2,2024 | 5,000 | August26,2024 | 2,865.45 | Jointliability | No | No | sinceengageofcontractto3yearsupondueofdebt | No | Yes |
| FangdaZhiyuan | December23,2023 | 31,896.02 | February17,2024 | 31,896.02 | Jointliability | No | No | Fromthedateofissuanceoftheguaranteeletteruntilthecompletionoftheprojectcontract | No | Yes |
| FangdaZhiyuan | December23,2023 | 24,885.16 | February17,2024 | 24,885.16 | Jointliability | No | No | Fromthedateofissuanceoftheguaranteeletteruntilthecompletionoftheprojectcontract | No | Yes |
| Totalofguaranteetosubsidiariesapprovedinthereportterm(B1) | 469,600.00 | Totalofguaranteetosubsidiariesactuallyoccurredinthereportterm(B2) | 586,533.44 | |||||||
| Totalofguaranteetosubsidiariesapprovedasofthereportterm(B3) | 938,831.18 | Totalofbalanceofguaranteeactuallyprovidedtothesubsidiariesasofendofreportterm(B4) | 540,180.29 | |||||||
| Guaranteeprovidedtosubsidiaries | ||||||||||
| Guaranteeprovidedto | Dateofdisclosure | Guaranteeamount | Actualdate | Actualamountofguarantee | Typeofguarantee | Collateral(ifany) | Counterguarantee(ifany) | Term | Completedornot | Relatedparty |
| No | ||||||||||
| TotalofguaranteeprovidedbytheCompany(totaloftheabovethree) | ||||||||||
| Totalofguaranteeapprovedinthe | 469,600.00 | Totalofguaranteeoccurredinthe | 586,533.44 | |||||||
| reportterm(A1+B1+C1) | reportterm(A2+B2+C2) | ||
| Totalofguaranteeapprovedasofendofreportterm(A3+B3+C3) | 938,831.18 | Totalofguaranteeoccurredasoftheendofreportterm(A4+B4+C4) | 540,180.29 |
| Percentageofthetotalguaranteeoccurred(A4+B4+C4)onnetassetoftheCompany | 88.18% | ||
| Including: | |||
| Guaranteeprovideddirectlyorindirectlytoobjectswithover70%ofliabilityonassetratio(E) | 2,865.45 | ||
| Amountofguaranteeover50%ofthenetasset(F) | 233,890.09 | ||
| Totaloftheabove3(D+E+F) | 233,890.09 | ||
NoteofcompoundguaranteeNone
3.Entrustedcashcapitalmanagement
(1)Wealthmanagement
□Applicable?InapplicableTheCompanymadenotrustinvestmentinthereportperiod
(2)Trustedloans
□Applicable?InapplicableTheCompanyborrowednotrustloaninthereportperiod.
4.Othersignificantcontract
□Applicable?InapplicableTheCompanyenteredintonoothersignificantcontractinthereport.
XVI.Othermaterialevents
□Applicable?InapplicableTheCompanyhadnoothersignificanteventtobeexplainedinthereportperiod.
XVII.Materialeventsofsubsidiaries
□Applicable?Inapplicable
ChapterVIIChangesinShareCapitalandShareholders
I.Changesinshares
1.Changesinshares
Inshare
| Beforethechange | Change(+,-) | Afterthechange | |||||||
| Quantity | Proportion | Issuednewshares | Bonusshares | Transferredfromreserves | Others | Subtotal | Quantity | Proportion | |
| I.Shareswithtraderestrictionconditions | 3,861,043 | 0.36% | 0 | 0 | 0 | 0 | 0 | 3,861,043 | 0.36% |
| 1.State-ownedshares | |||||||||
| 2.State-ownedlegalpersonshares | |||||||||
| 3.Otherdomesticshares | 3,861,043 | 0.36% | 0 | 0 | 0 | 0 | 0 | 3,861,043 | 0.36% |
| Including:Sharesheldbydomesticlegalpersons | |||||||||
| Domesticnaturalpersonshares | 3,861,043 | 0.36% | 0 | 0 | 0 | 0 | 0 | 3,861,043 | 0.36% |
| 4.Sharesheldbyforeigninvestors | |||||||||
| Including:Sharesheldby | |||||||||
| foreignlegalpersons | |||||||||
| Domesticnaturalpersonshares | |||||||||
| II.Unrestrictedshares | 1,070,013,184 | 99.64% | 0 | 0 | 0 | 0 | 0 | 1,070,013,184 | 99.64% |
| 1.CommonsharesinRMB | 675,854,429 | 62.94% | 0 | 0 | 0 | 0 | 0 | 675,854,429 | 62.94% |
| 2.Foreignsharesindomesticmarket | 394,158,755 | 36.70% | 0 | 0 | 0 | 0 | 0 | 394,158,755 | 36.70% |
| 3.Foreignsharesinoverseasmarket | |||||||||
| 4.Others | |||||||||
| III.Totalofcapitalshares | 1,073,874,227 | 100.00% | 0 | 0 | 0 | 0 | 0 | 1,073,874,227 | 100.00% |
Reasons
□Applicable?InapplicableApprovalofthechange
□Applicable?InapplicableSharetransfer
□Applicable?InapplicableImpactsonfinancialindicatorsincludingbasicanddilutedearningspershare,netassetspershareattributabletocommonshareholdersoftheCompanyinthemostrecentyearandperiod
□Applicable?InapplicableOthersthatneedtobedisclosedasrequiredbythesecuritiessupervisor
□Applicable?Inapplicable
2.Changesinconditionalshares
□Applicable?Inapplicable
II.Shareplacingandlisting
1.Securitiesissuance(excludingpreferenceshares)duringthereportperiod
□Applicable?Inapplicable
2.Statementofchangesinsharenumberandshareholderstructure,assetsandliabilitiesstructure
□Applicable?Inapplicable
3.Currentemployees'shares
□Applicable?InapplicableIII.ShareholdersandthesubstantialcontrolleroftheCompany
1.Shareholdersandshareholding
Inshare
| Numberofshareholdersofcommonsharesattheendofthereportperiod | 46,403 | Totalnumberofordinaryshareshareholdersattheendofthemonthbeforethedisclosuredateoftheannualreport | 45,957 | Numberofshareholdersofpreferredstocksofwhichvotingrightsrecoveredinthereportperiod(ifany)(note8) | 0 | Totalnumberofshareholdersofpreferencesharesofwhichvotingrightsresumedattheendofthemonthbeforethedisclosuredateoftheannualreport(ifany)(seenote8) | 0 | |
| Shareholdingsofshareholdersholdingmorethan5%orthetop10shareholders(excludingshareslentthroughrefinancing) | ||||||||
| Nameofshareholder | Natureofshareholder | Shareholdingpercentage | Numberofsharesheldattheendofthereportingperiod | Changeinthereportingperiod | Conditionalshares | Amountofshareswithoutsalesrestriction | Pledge,markingorfreezing | |
| Sharestatus | Quantity | |||||||
| ShenzhenBanglinTechnologiesDevelopmentCo.,Ltd. | Domesticnon-statelegalperson | 11.11% | 119,332,846 | - | 0 | 119,332,846 | Inapplicable | 0 |
| ShengjiuInvestmentLtd. | Foreignlegalperson | 10.25% | 110,116,276 | - | 0 | 110,116,276 | Inapplicable | 0 |
| FangWei | Domesticnaturalperson | 4.72% | 50,665,439 | 6,336,900 | 0 | 50,665,439 | Inapplicable | 0 |
| ZhouYouming | Domesticnaturalperson | 0.92% | 9,924,210 | -837,000 | 0 | 9,924,210 | Inapplicable | 0 | ||
| XuZhe | Domesticnaturalperson | 0.63% | 6,760,000 | 6,110,000 | 0 | 6,760,000 | Inapplicable | 0 | ||
| XuLei | Domesticnaturalperson | 0.59% | 6,320,000 | 5,820,000 | 0 | 6,320,000 | Inapplicable | 0 | ||
| ShenwanHongyuanSecurities(HongKong)Co.,Ltd. | Foreignlegalperson | 0.51% | 5,470,550 | - | 0 | 5,470,550 | Inapplicable | 0 | ||
| WuXuandong | Domesticnaturalperson | 0.49% | 5,233,136 | -152,614 | 0 | 5,233,136 | Inapplicable | 0 | ||
| XiongJianming | Domesticnaturalperson | 0.48% | 5,110,257 | - | 3,832,693 | 1,277,564 | Inapplicable | 0 | ||
| ZhuangLiangjin | Domesticnaturalperson | 0.47% | 5,005,000 | 736,000 | 0 | 5,005,000 | Inapplicable | 0 | ||
| AstrategicinvestororordinarylegalpersonbecomestheTop10shareholderdueastockissue. | No | |||||||||
| Notestotoptenshareholderrelationshipor"actioninconcert" | Amongtheaboveshareholders,ShenzhenBanglinTechnologyDevelopmentCo.,Ltd.,ShengjiuInvestmentCo.,Ltd.,andXiongJianmingarepersonsactinginconcert.TheCompanyisnotnotifiedofotheraction-in-concertorrelatedpartiesamongtheotherholders. | |||||||||
| Descriptionoftheaboveshareholdersinvolvedinentrusted/entrustedvotingrightandwaiverofvotingright | No | |||||||||
| Specialinstructionsontheexistenceofspecialrepurchaseaccountamongthetop10shareholders(ifany) | No | |||||||||
| Shareholdingstatusofthetop10shareholderswithunrestrictedshares(excludingshareslentthroughmarginfinancingandsecuritieslending,andshareslockedbyseniormanagement) | ||||||||||
| Nameofshareholder | Amountofshareswithoutsalesrestriction | Categoryofshares | ||||||||
| Categoryofshares | Quantity | |||||||||
| ShenzhenBanglinTechnologiesDevelopmentCo.,Ltd. | 119,332,846 | RMBcommonshares | 119,332,846 | |||||||
| ShengjiuInvestmentLtd. | 110,116,276 | Domesticallylistedforeignshares | 110,116,276 | |||||||
| FangWei | 50,665,439 | RMBcommonshares | 50,665,439 | |||||||
| ZhouYouming | 9,924,210 | RMBcommonshares | 9,924,210 | |||||||
| XuZhe | 6,760,000 | RMBcommonshares | 6,760,000 | |||||||
| XuLei | 6,320,000 | RMBcommonshares | 6,320,000 | |||||||
| ShenwanHongyuanSecurities(HongKong)Co.,Ltd. | 5,470,550 | Domesticallylistedforeignshares | 5,470,550 |
| WuXuandong | 5,233,136 | RMBcommonshares | 5,233,136 |
| ZhuangLiangjin | 5,005,000 | RMBcommonshares | 5,005,000 |
| QuChunlin | 4,444,000 | RMBcommonshares | 4,444,000 |
| Noaction-in-concertorrelatedpartiesamongthetop10unconditionalshareholdersandbetweenthetop10unconditionalshareholdersandthetop10shareholders | Amongtheaboveshareholders,ShenzhenBanglinTechnologyDevelopmentCo.,Ltd.,ShengjiuInvestmentCo.,Ltd.,andXiongJianmingarepersonsactinginconcert.TheCompanyisnotnotifiedofotheraction-in-concertorrelatedpartiesamongtheotherholders. | ||
| Top-10commonshareshareholdersparticipatinginmargintrade | XuLeiholds3,660,000sharesoftheCompanythroughacustomercredittransactionguaranteesecuritiesaccountwithGuolianSecuritiesCo.,Ltd.XuLeiholds3,300,000sharesoftheCompanythroughacustomercredittransactionguaranteesecuritiesaccountwithGuolianSecuritiesCo.,Ltd.WuXuandongholds5,205,136stocksoftheCompanythroughtheHuaxiSecuritiescustomercredittransactionguaranteesecuritiesaccount;ZhuangLiangjinholds5,005,000sharesoftheCompanythroughacustomercredittransactionguaranteesecuritiesaccountwithGreatWallSecuritiesCo.,Ltd. | ||
Thesituationregardingthelendingofsharesbyshareholdersholdingmorethan5%,thetop10shareholders,andthetop10shareholdersofunrestrictedcirculatingsharesparticipatinginthemarginfinancingandsecuritieslendingbusiness.
□Applicable?InapplicableChangesoccurredcomparedtothepreviousperiodduetothelending/returningofsharesbythetop10shareholdersandthetop10shareholdersofunrestrictedcirculatingsharesformarginfinancingandsecuritieslendingreasons.
□Applicable?InapplicableAgreedre-purchasingbytheCompany'stop10shareholdersofcommonsharesandtop10shareholdersofunconditionalcommonsharesinthereportperiod
□Yes?NoNoagreedre-purchasingbytheCompany'stop10shareholdersofcommonsharesandtop10shareholdersofunconditionalcommonsharesinthereportperiod
2.Profileofthecontrollingshareholders
Shareholdernature:naturalpersonholdingTypeofshareholder:legalperson
| Nameofcontrollingshareholder | Legalrepresentative/responsibleperson | DateofEstablishment | Organizationcode | Mainbusiness |
| ShenzhenBanglinTechnologiesDevelopmentCo.,Ltd. | ChenJinwu | June7,2001 | 914403007298400552 | Industrialinvestment,developingofelectronicproducts,technicalconsulting,domesticcommerce,materialtrading |
| Stockownershipofotherdomesticandoverseaslistedcompanycontrolledorwhosesharesareheldbycontrolling | No | |||
Changesinthecontrollingshareholderinthereportingperiod
□Applicable?InapplicableNochangeinthecontrollingshareholderinthereportperiod
3.Actualcontrollerandpersonsactinginconcert
Natureofactualcontroller:domesticnaturalpersonTypeofactualcontroller:naturalperson
shareholdersNameofsubstantialcontroller
| Nameofsubstantialcontroller | Relationshipwiththeactualcontroller | Nationality | Rightofresidenceinanothercountryorregion |
| XiongJianming | Himself | Chinese | Yes |
| Jobandposition | ServedasChairmanoftheCompany. | ||
| Profilesofdomesticandoverseaslistedcompaniesinwhichthecontrollerheldshares | Thecontrollerheldnoshareinotherlistedcompaniesinthelasttenyears. | ||
Changeintheactualcontrollerinthereportperiod
□Applicable?InapplicableNochangeintheactualshareholderinthereportperiod
7.Chartofthecontrollingrelationship
ControllingovertheCompanybythesubstantialcontrollerthroughtrustorotherassetmanagement
□Applicable?Inapplicable
4.ThecumulativenumberofPledgedSharesoftheCompany'scontrollingshareholderorthelargestshareholderanditsconcertedactorsaccountsfor80%oftheCompany'sshares
□Applicable?Inapplicable
5.Otherlegalpersonshareholderswithover10%oftotalshares
□Applicable?Inapplicable
6.Conditionaldecreaseofshareholdingbycontrollingshareholder,actualcontroller,reorganizerandotherentities
□Applicable?Inapplicable
IV.SpecificimplementationofsharerepurchaseinthereportingperiodProgressintheimplementationofsharerepurchase
□Applicable?InapplicableProgressintheimplementationofthereductionofshareholdingsharesbymeansofcentralizedbidding
□Applicable?Inapplicable
ChapterVIIIPreferredShares
□Applicable?InapplicableTheCompanyhadnopreferredshareinthereportperiod.
ChapterIXInformationabouttheCompany'sSecurities
□Applicable?Inapplicable
ChapterXFinancialStatements
I.Auditor'sreport
| Type | Standardopinionauditor'sreport |
| Issuedon | April18,2025 |
| Auditor | RSMThornton(limitedliabilitypartnership) |
| ReportNo. | RSM[2025]No.510Z0004 |
| CPAnames | ZhouJunchao,LiuGen,HuGaosheng |
Auditors'Report
RSM[2025]No.510Z0004
TotheshareholdersofChinaFangdaGroupCo.,Ltd.:
1.Auditors'OpinionsWehaveauditedthefinancialstatementsofFangdaGroupCo.,Ltd.(hereinafterreferredtoasFangdagroupcompany),includingtheconsolidatedandparentcompany'sbalancesheetasofDecember31,2024,theconsolidatedandparentcompany'sincomestatement,consolidatedandparentcompany'scashflowstatement,consolidatedandparentcompany'sstatementofchangesinowner'sequityandnotestorelevantfinancialstatementsin2024.WebelievethatFangdaGrouphasbeenfollowingwiththeEnterpriseAccountingStandardinpreparingoftheFinancialStatements.TheFinancialStatementsisreflecting,inallimportantaspects,thefinancialsituationofFangdaGroupasofDecember31,2024,andthebusinessperformanceandcashflowofyear2024.
2.BasisoftheOpinionsWecarriedouttheauditingworkswithcompliancetoChineseCPAAuditingStandard,The"CPA'sResponsibilityforAuditingFinancialStatements"sectionoftheauditreportfurtherelaboratedourresponsibilitiesundertheseguidelines.InaccordancewiththeCodeofEthicsforChineseCertifiedPublicAccountants,weareindependentofFangdaGroupandperformotherprofessionalethicsduties.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.
3.KeyAuditMatters
Thekeyauditmattersarethemattersthatwebelievearemostimportantfortheauditofthecurrentfinancialstatementsbasedonprofessionaljudgment.Theresponsetothesemattersisbasedontheoverallauditofthefinancialstatementsandtheformationofanauditopinion.Wedonotcommentonthesemattersseparately.
(1)Incomerecognition
Forrelatedinformationdisclosure,pleaserefertoNoteIII,25,NoteV,45andNoteXV,2ofthefinancialstatements.
1.Description
In2024,theoperatingrevenueofFangdaGroupisRMB4.424billion,ofwhichtherevenueofcurtainwallandmetroplatformscreendooraccountsfor94.23%ofthetotalrevenueoftheGroup.
FangdaGroup'sperformanceobligationsrelatedtotheconstructionsubcontractingcontractincludebuildingcurtainwallandmetroplatformscreendoor.AsthecustomercancontrolthecommodityunderconstructionintheprocessofperformanceofFangdagroup,theCompanyregardsitastheperformanceobligationwithinacertainperiodoftime,andrecognizestherevenueaccordingtotheperformanceprogress.TheCompanyshalldeterminetheperformancescheduleofservicesaccordingtotheinputmethod.Theperformancescheduleshallbedeterminedaccordingtotheproportionoftheactualcontractcosttotheestimatedtotalcontractcost.ManagementneedstomakeareasonableestimateoftheinitialtotalcontractrevenueandtotalcontractcostsfortheEngineeringcontractingcontractandcontinuetoassessandreviseitduringthecontractimplementationprocess,whichinvolvessignificantaccountingestimatesofthemanagement.
Therefore,weidentifyrevenuerecognitionrelatedtoconstructioncontractsaskeyauditmatters.
2.Auditresponse
Ourauditproceduresforrevenuerecognitionrelatedtoconstructionsubcontractingcontractsmainlyinclude:
(1)Understandandevaluatethedesignofinternalcontrolrelatedtomanagementcontractandengineeringsubcontractingcontractbudgetandrevenuerecognition,andtesttheeffectivenessofkeycontrolimplementation.
(2)Obtainedamajorengineeringsubcontractingcontract,verifiedthecontractrevenue,andreviewedkeycontractterms.Checktheengineeringcontractingcontractandcostbudgetinformationonwhichmanagementexpectstotalrevenueandestimatedtotalcost.
(3)Obtaintheconstructionsubcontractingcontractaccountandprojectrevenueandcostsummarytable,carryoutanalyticalreviewonthegrossprofitoftheproject,andrecalculatetheperformanceprogressandrevenueintheconstructionsubcontractingcontractaccounttoverifyitsaccuracy.
(4)Selectsamplestochecktheprojectengineeringdetailsofthemainproject,subcontractedlaborapprovalforms,andtheowner'sproductionvalueapprovaldocumentsandrecordstoverifythecontractcostsincurred.
(5)Selectsamplestocheckiftherelevantcontractcostsarerecordedintheappropriateaccountingperiod.
(6)Selectasampletoconductasiteinspectionoftheprogressoftheprojectimagetoverifythereasonablenessoftheproject'sperformanceschedule.
(2)Measurementoffairvalueofinvestmentrealestate
Forrelatedinformationdisclosure,pleaserefertoNoteIII,16,NoteV,15(2),NoteV53andNoteXIofthefinancialstatements.
1.Description
AsofTuesday,December31,2024,thebookbalanceoftheinvestmentrealestateofFangdagroupwhichadoptsthefairvaluemodelforsubsequentmeasurementisRMB5.835billion,accountingfor43.05%ofthetotalassets.TheincomefromchangesinfairvaluerealizedinthecurrentperiodisRMB-18,000,000whichhasagreatimpactonthefinancialindicatorsoftheGroup'sconsolidatedstatements.
ThemanagementofFangdaGroupannuallyemploysathird-partyassessmentagencywithrelevantqualificationstoevaluatethefairvalueoftheinvestmentrealestate.Theevaluationadoptsthemarketcomparisonmethodandtheincomemethodtocomprehensivelyanalyzevariousfactorsthataffecttherealestatepriceoftheappraisalsubject.Theassessmentofthefairvalueofinvestmentrealestateinvolvesmanyestimatesandassumptions,suchastheanalysisoftheeconomicenvironmentandfuturetrendsoftherealestatewheretheinvestmentrealestateislocated,discountrates,etc.Thechangesinestimatesandassumptionswillhavebigimpactsonthefairvalueoftheinvestmentrealestateevaluated.Therefore,weidentifythemeasurementoffairvalueofinvestmentrealestateasakeyauditmatter.
2.Auditresponse
Ourauditproceduresforthemeasurementoffairvalueofinvestmentrealestatemainlyinclude:
(1)Assessthecompetency,professionalquality,independenceandobjectivityofthird-partyassessmentagenciesemployedbythemanagement.
(2)Obtaintheassessmentreport,selectedmajorortypicalsamples,anduseourrealestateappraisalexpertstoreviewandreviewtheassessmentmethodsandassumptionsusedintheassessmentreportandtherationalityoftheselectedkeyassessmentparameters.Checktheaccuracyandrelevanceofthedatausedbythemanagementinvaluation.
(3)Reviewthemeasurement,presentationanddisclosureoffairvalueofinvestmentrealestateinthefinancialstatements.(III)MeasurementofexpectedcreditlossofaccountsreceivableandcontractassetsForrelatedinformationdisclosure,pleaserefertoNoteIII,10,NoteV,4,NoteV,9andNoteV,22ofthefinancialstatements.
1.DescriptionAsofDecember31,2024,thetotalamountofaccountsreceivableoftheCompanywasRMB1.498billion,theprovisionforbaddebtsaccruedwasRMB374million,thetotalamountofcontractassetsoftheCompanywasRMB2.619billion,theprovisionforimpairmentaccruedwasRMB222million,andthetotalbookvalueofaccountsreceivableandcontractassetsaccountedfor
25.97%ofthetotalassets.DuetothelargeamountofaccountsreceivableandcontractassetsofFangdagroup,themanagementneedstouseimportantaccountingestimationandjudgmentwhendeterminingtheexpectedrecoverableamountofaccountsreceivableandcontractassets,andtheexpectedcreditlossofaccountsreceivableandcontractassetsisimportantforfinancialstatements.Therefore,wedeterminethemeasurementofexpectedcreditlossofaccountsreceivableandcontractassetsasthekeyauditaccountingmatters.
2.Auditresponse
(1)UnderstandandevaluatetheeffectivenessofinternalcontroldesignrelatedtotheprovisionforbaddebtsofaccountsreceivableandprovisionforimpairmentofcontractassetsofFangdaGroup,andtesttheeffectivenessofkeycontroloperation.
(2)Reviewtherelevantconsiderationsandobjectiveevidenceofthemanagement'screditriskassessmentofaccountsreceivableandcontractassets,andevaluatewhetherthemanagementhasproperlyidentifiedthecreditriskcharacteristicsofvariousaccountsreceivable.
(3)Reviewtheaccrualprocessofbaddebtprovisionforaccountsreceivableandimpairmentprovisionforcontractassetsofthemanagement,including:①foraccountsreceivableandcontractassetsthatmeasureexpectedcreditlossbasedonportfolio,evaluatetherationalityofthemanagement'sdivisionofportfolioaccordingtocreditriskcharacteristics;Checkthemeasurementmodelofexpectedcreditlossandevaluatetherationalityofmajorassumptionsandkeyparametersinthemodel;Obtainthecomparisontablebetweentheagingofaccountsreceivableandtheexpectedcreditlossrateforthewholedurationpreparedbythemanagement,andtesttheaccuracyandintegrityofthedatausedbythemanagementandwhetherthecalculationofbaddebtreservesisaccurate;②Foraccountsreceivableandcontractassetswithindividualprovisionforexpectedcreditloss,reviewtheaccuracyandrationalityoftheinformationandrelevantassumptionsusedbythemanagementinthetestprocess;Checktheaccuracyoftheprovisionforimpairmentofaccountsreceivableandcontractassetswithlongaging,accountsreceivableand
contractassetsinvolvinglitigationmatters.
(4)Accordingtothecharacteristicsandnatureofcustomertransactions,selectsamplestoimplementtheaccountsreceivableconfirmationprocedureandcheckthecollectionaftertheperiod,andevaluatetherationalityoftheprovisionforbaddebtsofaccountsreceivable.
4.Otherinformation
ThemanagementofFangdaGroup(hereinafterreferredtoasmanagement)isresponsibleforotherinformation.TheotherinformationincludestheinformationcoveredinFangdaGroup's2024annualreport,butdoesnotincludethefinancialstatementsandourauditreport.
Ourauditopinionspublishedinthefinancialstatementsdonotcoverotherinformationandwedonotpublishanyformofassuranceconclusiononotherinformation.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadotherinformation.Intheprocess,weconsiderwhetherthereisamaterialinconsistencyorothermaterialmisstatementofotherinformationwhetheritisinthefinancialstatementsorwhatwehavelearnedduringtheauditprocess.
Basedontheworkwehaveperformed,ifwedeterminethatthereisamaterialmisstatementofotherinformation,weshouldreportthatfact.Inthisregard,wehavenothingtoreport.
5.Executives'responsibilitiesontheFinancialStatements
(1)PreparingthesefinancialstatementsaccordingtotheAccountingStandardsforBusinessEnterprisesandpresentingthemfairly;(2)designing,implementingandmaintainingnecessaryinternalcontroltomakesurethatthesefinancialstatementsarefreefrommaterialmisstatement,whetherduetofraudorerror.
Inthepreparationofthefinancialstatements,themanagementisresponsibleforassessingFangdaGroup'sabilitytocontinueasagoingconcern,disclosingissuesrelatedtogoingconcern(ifapplicable),andapplyingthegoingconcernassumptionunlessmanagementplanstoliquidateFangdaGroup,terminateoperationsortherearenootherrealisticchoices.
ThemanagementisresponsibleforoverseeingthefinancialreportingprocessofFangdaGroup.
6.Auditor'sresponsibilityforauditingfinancialstatements
Ourobjectiveistoobtainreasonableassuranceastowhethertheentirefinancialstatementsarefreefrommaterialmisstatementduetofraudorerrorandtoissueanauditreportcontainingauditopinions.Reasonableassuranceisahighlevelofassurance,butitdoesnotguaranteethatanauditperformedinaccordancewithauditingstandardscanalwaysbediscoveredwhen
amajormisstatementexists.Thereportmaybeduetofraudormistakes,andifareasonableexpectationofmisstatementaloneoraggregatedmayaffecttheeconomicdecision-makingmadebyusersoffinancialstatementsbasedonthefinancialstatements,themisstatementisgenerallyconsideredtobematerial.
Intheprocessofconductingauditworkinaccordancewithauditingstandards,weuseprofessionaljudgmentandmaintainprofessionalsuspicion.Atthesametime,wealsoperformthefollowingtasks:
(1)Identifyandassessrisksofmaterialmisstatementoffinancialstatementsduetofraudorerrors,designandimplementauditprocedurestoaddresstheserisks,andobtainadequateandappropriateauditevidenceasabasisforissuingauditopinions.Asfraudmayinvolvecollusion,forgery,willfulomission,misrepresentationoroverrideofinternalcontrol,theriskofnotdiscoveringamaterialmisstatementduetofraudishigherthantheriskofnotdiscoveringamaterialmisstatementresultingfromamistake.
(2)Understandaudit-relatedinternalcontrolstodesignappropriateauditprocedures.
(3)Evaluatetheappropriatenessofaccountingpoliciesadoptedbythemanagementandthereasonablenessofaccountingestimatesandrelateddisclosures.
(4)Concludeontheappropriatenessofmanagement'suseofcontinuingoperationsassumptions.Atthesametime,basedontheauditevidenceobtained,itconcludesthatwhethertherearemajoruncertaintiesinthemattersorcircumstancesthatmaycausemajordoubtsabouttheabilityoftheCompany'scontinuingoperations.Ifweconcludethattherearesignificantuncertainties,theauditingstandardsrequireustorequesttheusersofthereporttopayattentiontotherelevantdisclosuresinthefinancialstatementsintheauditreport;ifthedisclosureisnotsufficient,weshouldpublishnon-unqualifiedopinions.Ourconclusionsarebasedontheinformationavailableasofthedateoftheauditreport.However,futureeventsorcircumstancesmayresultinFangdaGroup'sinabilitytocontinueoperating.
(5)Evaluatetheoverallpresentation,structure,andcontentofthefinancialstatementsandevaluatewhetherthefinancialstatementsfairlyreflecttherelevanttransactionsandevents.
(6)ObtainsufficientandappropriateauditevidenceonthefinancialinformationofentityorbusinessactivitiesinFangdaGrouptoexpressopinionsonthefinancialstatements.Weareresponsiblefordirecting,supervisingandexecutinggroupauditsandassumefullresponsibilityforauditopinions.
Wecommunicatewiththegovernanceteamonplannedauditscope,timing,andmajorauditfindings,includingcommunicationoftheinternalcontroldeficienciesthatweidentifiedduringtheaudit.
Wealsoprovideastatementtothemanagementoncompliancewithethicalrequirementsrelatedtoindependence,and
communicatewiththemanagementonallrelationshipsandothermattersthatmayreasonablybeconsideredtoaffectourindependence,aswellasrelatedpreventivemeasures(ifapplicable).Fromthematterspassedwiththemanagement,wedeterminewhichitemsaremostimportantfortheauditofthefinancialstatementsofthecurrentperiodandthusconstitutethekeyauditmatters.Wedescribethesemattersinourauditreport,unlesslawsandregulationsprohibitthepublicdisclosureofthesematters,orinrarecases,ifitisreasonablyexpectedthatthenegativeconsequencesofcommunicatingsomethingintheauditreportwilloutweighthebenefitsinthepublicinterest,wedeterminethatsuchmattershouldnotbecommunicatedintheauditreport.
(Thispagehasnotext.ItisthesignatureandstamppageofauditreportNo.[2025]510Z0004ofChinaFangdaGroupCo.,Ltd.）
| RSMChina(limitedliabilitypartnership) | CPA:ZhouJunchao(ProjectPartner)CPA:LiuGen |
| Beijing,China | CPA:HuGaosheng |
April18,2025
II.FinancialstatementsUnitforstatementsinnotestofinancialstatements:RMByuan
1.ConsolidatedBalanceSheet
Preparedby:ChinaFangdaGroupCo.,Ltd.
December31,2024
InRMB
April18,2025Item
| Item | Closingbalance | Openingbalance |
| Currentasset: | ||
| Monetarycapital | 1,491,777,341.84 | 1,425,151,116.24 |
| Settlementprovision | ||
| Outgoingcallloan | ||
| Transactionalfinancialassets | ||
| Derivativefinancialassets | 173,737.06 | |
| Notesreceivable | 73,887,694.24 | 47,372,881.27 |
| Accountreceivable | 1,123,506,196.98 | 911,486,914.19 |
| Receivablefinancing | 4,568,000.10 | 6,979,428.14 |
| Prepayment | 23,355,036.11 | 33,976,569.36 |
| Insurancereceivable | ||
| Reinsurancereceivable | ||
| ProvisionsofReinsurancecontractsreceivable | ||
| Otherreceivables | 168,322,524.80 | 145,113,323.33 |
| Including:interestreceivable | ||
| Dividendreceivable | ||
| Repurchasingoffinancialassets | ||
| Inventory | 705,666,408.74 | 755,624,486.51 |
| Including:dataresources | ||
| Contractassets | 2,247,698,479.96 | 2,488,429,802.41 |
| Assetsheldforsales | ||
| Non-currentassetsduein1year | 327,120,273.54 | |
| Othercurrentassets | 307,777,143.14 | 248,401,322.80 |
| Totalcurrentassets | 6,146,558,825.91 | 6,389,829,854.85 |
| Non-currentassets: | ||
| Loanandadvancementprovided | ||
| Debtinvestment | ||
| Otherdebtinvestment | ||
| Long-termreceivables | ||
| Long-termshareequityinvestment | 56,690,973.97 | 54,757,017.40 |
| Investmentinotherequitytools | ||
| Othernon-currentfinancialassets | 6,519,740.17 | 7,455,617.17 |
| Investmentrealestate | 5,835,036,098.20 | 5,756,809,168.26 |
| infixedassets | 940,894,344.39 | 620,828,178.38 |
| Constructioninprocess | 7,265,104.44 | 109,414,347.33 |
| Productivebiologicalassets | ||
| Gas&petrol | ||
| Userightassets | 15,683,121.04 | 20,776,829.58 |
| Intangibleassets | 124,052,394.79 | 140,073,209.88 |
| Including:dataresources | ||
| R&Dexpense | ||
| Including:dataresources | ||
| Goodwill | ||
| Long-termamortizableexpenses | 4,041,025.70 | 6,749,314.04 |
| Deferredincometaxassets | 205,986,926.71 | 182,858,549.07 |
| Othernon-currentassets | 212,658,669.89 | 86,799,770.90 |
| Totalofnon-currentassets | 7,408,828,399.30 | 6,986,522,002.01 |
| Totalofassets | 13,555,387,225.21 | 13,376,351,856.86 |
| Currentliabilities | ||
| Short-termloans | 1,663,696,422.48 | 2,208,055,039.21 |
| LoansfromCentralBank | ||
| Callloanreceived | ||
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | 1,520,625.00 | |
| Notespayable | 681,188,127.97 | 868,886,946.79 |
| Accountpayable | 2,146,594,890.57 | 1,972,293,782.27 |
| Prepaymentreceived | 1,513,398.39 | 1,432,885.03 |
| Contractliabilities | 268,594,041.26 | 198,164,209.47 |
| Sellingofrepurchasedfinancialassets | ||
| Depositreceivedandheldforothers | ||
| Entrustedtradingofsecurities | ||
| Entrustedsellingofsecurities |
| Employees'wagepayable | 76,243,647.97 | 74,063,112.26 |
| Taxespayable | 48,847,117.19 | 42,375,068.55 |
| Otherpayables | 120,918,002.02 | 117,581,764.15 |
| Including:interestpayable | ||
| Dividendpayable | ||
| Feesandcommissionspayable | ||
| Reinsurancefeepayable | ||
| Liabilitiesheldforsales | ||
| Non-currentliabilitiesduein1year | 131,374,661.05 | 64,135,136.46 |
| Othercurrentliabilities | 50,835,559.67 | 53,524,655.05 |
| Totalcurrentliabilities | 5,191,326,493.57 | 5,600,512,599.24 |
| Non-currentliabilities: | ||
| Insurancecontractprovision | ||
| Long-termloans | 1,137,000,000.00 | 660,000,000.00 |
| Bondpayable | ||
| Including:preferredstock | ||
| Perpetualbond | ||
| Leaseliabilities | 10,652,607.48 | 6,675,870.04 |
| Long-termpayable | 48,400,000.00 | |
| Long-termemployees'wagepayable | ||
| Anticipatedliabilities | 1,286,391.72 | 4,842,411.47 |
| Deferredearning | 10,669,612.13 | 8,978,678.72 |
| Deferredincometaxliabilities | 1,030,341,141.92 | 1,012,146,459.12 |
| Othernon-currentliabilities | ||
| Totalofnon-currentliabilities | 2,189,949,753.25 | 1,741,043,419.35 |
| Totalliabilities | 7,381,276,246.82 | 7,341,556,018.59 |
| Owner'sequity: | ||
| Sharecapital | 1,073,874,227.00 | 1,073,874,227.00 |
| Otherequitytools | ||
| Including:preferredstock | ||
| Perpetualbond | ||
| Capitalreserves | 4,357,948.33 | 11,459,588.40 |
| Less:Sharesinstock | ||
| Othermiscellaneousincome | 158,405,014.52 | 23,121,870.79 |
| Specialreserves | ||
| Surplusreserve | 83,974,716.22 | 79,324,940.43 |
| Commonriskprovisions | ||
| Retainedprofit | 4,805,192,000.28 | 4,772,359,940.45 |
| Totalofowner'sequitybelongtotheparentcompany | 6,125,803,906.35 | 5,960,140,567.07 |
| Minorshareholders'equity | 48,307,072.04 | 74,655,271.20 |
| Totalofowners'equity | 6,174,110,978.39 | 6,034,795,838.27 |
| Totalofliabilitiesandowner'sinterest | 13,555,387,225.21 | 13,376,351,856.86 |
Legalrepresentative:XiongJianmingCFO:LinKebingAccountingManager:WuBohua
2.BalanceSheetoftheParentCompany
InRMB
| Item | Closingbalance | Openingbalance |
| Currentasset: | ||
| Monetarycapital | 45,751,906.05 | 45,926,194.32 |
| Transactionalfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountreceivable | 2,885,125.35 | 683,592.53 |
| Receivablefinancing | ||
| Prepayment | 145,287.27 | 324,209.77 |
| Otherreceivables | 1,622,103,166.85 | 1,684,718,397.92 |
| Including:interestreceivable | ||
| Dividendreceivable | ||
| Inventory | ||
| Including:dataresources | ||
| Contractassets | ||
| Assetsheldforsales | ||
| Non-currentassetsduein1year | ||
| Othercurrentassets | 2,081,838.29 | 1,849,530.81 |
| Totalcurrentassets | 1,672,967,323.81 | 1,733,501,925.35 |
| Non-currentassets: | ||
| Debtinvestment | ||
| Otherdebtinvestment | ||
| Long-termreceivables | ||
| Long-termshareequityinvestment | 1,657,062,530.00 | 1,526,831,253.00 |
| Investmentinotherequitytools | ||
| Othernon-currentfinancialassets | 30,000,001.00 | 30,000,001.00 |
| Investmentrealestate | 380,644,350.00 | 333,236,768.00 |
| infixedassets | 46,688,469.68 | 63,599,689.10 |
| Constructioninprocess | ||
| Productivebiologicalassets | ||
| Gas&petrol | ||
| Userightassets | 8,030,919.38 | 8,346,277.85 |
| Intangibleassets | 1,200,848.82 | 852,064.55 |
| Including:dataresources | ||
| R&Dexpense | ||
| Including:dataresources | ||
| Goodwill | ||
| Long-termamortizableexpenses | 285,478.52 | 472,845.61 |
| Deferredincometaxassets | ||
| Othernon-currentassets |
| Totalofnon-currentassets | 2,123,912,597.40 | 1,963,338,899.11 |
| Totalofassets | 3,796,879,921.21 | 3,696,840,824.46 |
| Currentliabilities | ||
| Short-termloans | 300,270,416.67 | |
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountpayable | 873,640.82 | 804,004.81 |
| Prepaymentreceived | 749,684.15 | 736,644.20 |
| Contractliabilities | ||
| Employees'wagepayable | 2,834,942.51 | 2,781,026.66 |
| Taxespayable | 286,140.09 | 364,147.97 |
| Otherpayables | 1,437,682,555.06 | 1,041,696,906.24 |
| Including:interestpayable | ||
| Dividendpayable | ||
| Liabilitiesheldforsales | ||
| Non-currentliabilitiesduein1year | 3,531,740.50 | 3,936,569.69 |
| Othercurrentliabilities | 164,239.72 | 41,741.14 |
| Totalcurrentliabilities | 1,446,122,942.85 | 1,350,631,457.38 |
| Non-currentliabilities: | ||
| Long-termloans | ||
| Bondpayable | ||
| Including:preferredstock | ||
| Perpetualbond | ||
| Leaseliabilities | 4,614,693.40 | 5,464,762.02 |
| Long-termpayable | ||
| Long-termemployees'wagepayable | ||
| Anticipatedliabilities | ||
| Deferredearning | ||
| Deferredincometaxliabilities | 42,909,713.11 | 37,279,049.28 |
| Othernon-currentliabilities | ||
| Totalofnon-currentliabilities | 47,524,406.51 | 42,743,811.30 |
| Totalliabilities | 1,493,647,349.36 | 1,393,375,268.68 |
| Owner'sequity: | ||
| Sharecapital | 1,073,874,227.00 | 1,073,874,227.00 |
| Otherequitytools | ||
| Including:preferredstock | ||
| Perpetualbond | ||
| Capitalreserves | 360,835.52 | 360,835.52 |
| Less:Sharesinstock | ||
| Othermiscellaneousincome | 39,731,740.46 | -10,082,945.37 |
| Specialreserves | ||
| Surplusreserve | 83,974,716.22 | 79,324,940.43 |
| Retainedprofit | 1,105,291,052.65 | 1,159,988,498.20 |
| Totalofowners'equity | 2,303,232,571.85 | 2,303,465,555.78 |
| Totalofliabilitiesandowner'sinterest | 3,796,879,921.21 | 3,696,840,824.46 |
3.ConsolidatedIncomeStatement
InRMB
| Item | 2024 | 2023 |
| 1.Totalrevenue | 4,424,224,197.71 | 4,292,204,716.01 |
| Incl.Businessincome | 4,424,224,197.71 | 4,292,204,716.01 |
| Interestincome | ||
| Insurancefeeearned | ||
| Feeandcommissionreceived | ||
| 2.Totalbusinesscost | 4,114,643,580.92 | 3,931,058,087.22 |
| Incl.Businesscost | 3,588,142,296.48 | 3,412,122,022.80 |
| Interestexpense | ||
| Feeandcommissionpaid | ||
| Insurancedischargepayment | ||
| Netclaimamountpaid | ||
| Netinsurancepolicyresponsibilitycontractreservesprovided | ||
| Insurancepolicydividendpaid | ||
| Reinsuranceexpenses | ||
| Taxesandsurcharges | 43,364,391.34 | 40,354,397.22 |
| Salesexpense | 55,140,153.13 | 51,009,165.29 |
| Administrativeexpense | 191,667,435.20 | 174,674,755.81 |
| R&Dcost | 171,031,371.73 | 180,070,801.25 |
| Financialexpenses | 65,297,933.04 | 72,826,944.85 |
| Including:interestcost | 60,377,020.35 | 87,186,232.75 |
| Interestincome | 19,230,549.61 | 29,144,115.88 |
| Add:othergains | 19,683,263.58 | 17,113,408.26 |
| Investmentgains("-"forloss) | -4,547,362.60 | -4,562,134.58 |
| Incl.Investmentgainsfromaffiliatesandjointventures | -70,043.43 | -212,024.74 |
| Financialassetsderecognizedasaresultofamortizedcost | -2,538,217.26 | -4,656,380.30 |
| Exchangegains("-"forloss) | ||
| Netopenhedgegains("-"forloss) | ||
| Gainsfromchangeoffairvalue("-"forloss) | -18,394,198.42 | -28,534,518.77 |
| Creditimpairment("-"forloss) | -110,686,852.25 | -35,051,664.32 |
| Investmentimpairmentloss("-"forloss) | -35,260,579.49 | 6,020,287.93 |
| Investmentgains("-"forloss) | -500,192.81 | 381,572.12 |
| 3.Operationalprofit("-"forloss) | 159,874,694.80 | 316,513,579.43 |
| Plus:non-operationalincome | 1,712,412.29 | 2,639,291.21 |
| Less:non-operationalexpenditure | 2,226,292.50 | 1,376,476.43 |
| 4.Grossprofit("-"forloss) | 159,360,814.59 | 317,776,394.21 |
| Less:Incometaxexpenses | 13,192,524.27 | 40,817,495.88 |
| 5.Netprofit("-"fornetloss) | 146,168,290.32 | 276,958,898.33 |
| (1)Byoperatingconsistency | ||
| 1.Netprofitfromcontinuousoperation("-"fornetloss) | 146,168,290.32 | 276,958,898.33 |
| 2.Netprofitfromdiscontinuousoperation("-"fornetloss) | ||
| (2)Byownership | ||
| 1.Netprofitattributabletotheshareholdersoftheparentcompany | 144,813,705.53 | 272,758,249.50 |
| 2.Minorshareholders'equity | 1,354,584.79 | 4,200,648.83 |
| 6.After-taxnetamountofothermisc.incomes | 113,857,440.93 | -8,854,510.96 |
| After-taxnetamountofothermisc.incomesattributedtoparent'sowner | 113,861,211.98 | -8,864,846.00 |
| (1)Othermisc.incomesthatcannotbere-classifiedintogainandloss | -8,976,730.40 | |
| 1.Re-measurethechangeinthedefinedbenefitplan | ||
| 2.Othercomprehensiveincomethatcannotbetransferredtoprofitorlossundertheequitymethod | ||
| 3.Fairvaluechangeofinvestmentinotherequitytools | -8,976,730.40 | |
| 4.FairvaluechangeoftheCompany'screditrisk | ||
| 5.Others | ||
| (2)Othermisc.incomesthatwillbere-classifiedintogainandloss | 113,861,211.98 | 111,884.40 |
| 1.Othercomprehensiveincomethatcanbetransferredtoprofitorlossundertheequitymethod | ||
| 2.Fairvaluechangeofotherdebtinvestment | ||
| 3.Gainsandlossesfromchangesinfairvalueofavailable-for-salefinancialassets | ||
| 4.Othercreditinvestmentcreditimpairmentprovisions | ||
| 5.Cashflowhedgereserve | -1,440,207.76 | -273,758.04 |
| 6.Translationdifferenceofforeignexchangestatement | -769,741.24 | 385,642.44 |
| 7.Others | 116,071,160.98 | |
| After-taxnetofothermisc.incomeattributedtominorityshareholders | -3,771.05 | 10,335.04 |
| 7.Totalofmisc.incomes | 260,025,731.25 | 268,104,387.37 |
| Totalofmisc.incomesattributabletotheownersoftheparentcompany | 258,674,917.51 | 263,893,403.50 |
| Totalmisc.gainsattributabletotheminorshareholders | 1,350,813.74 | 4,210,983.87 |
| 8.Earningspershare | ||
| (1)Basicearningspershare | 0.13 | 0.25 |
| (2)Dilutedearningspershare | 0.13 | 0.25 |
NetprofitcontributedbyentitiesmergedundercommoncontrolinthereportperiodwasRMB0.00,netprofitrealizedbypartiesmergedduringthepreviousperiodisRMB0.00.Legalrepresentative:XiongJianmingCFO:LinKebingAccountingManager:WuBohua
4.IncomeStatementoftheParentCompany
InRMB
| Item | 2024 | 2023 |
| 1.Turnover | 22,532,419.32 | 24,692,199.04 |
| Less:Operationcost | 81,137.33 | 26,289.08 |
| Taxesandsurcharges | 1,424,024.13 | 1,317,388.51 |
| Salesexpense | ||
| Administrativeexpense | 32,460,638.60 | 30,558,951.47 |
| R&Dcost | ||
| Financialexpenses | 4,841,621.43 | 8,388,228.10 |
| Including:interestcost | 4,405,563.35 | 9,288,176.00 |
| Interestincome | 260,151.97 | 831,166.04 |
| Add:othergains | 108,256.72 | 117,077.52 |
| Investmentgains("-"forloss) | 72,929,550.62 | |
| Incl.Investmentgainsfromaffiliatesandjointventures | ||
| Financialassetsderecognizedasaresultofamortizedcost("-"forloss) | ||
| Netopenhedgegains("-"forloss) | ||
| Gainsfromchangeoffairvalue("-"forloss) | -4,092,950.00 | |
| Creditimpairment("-"forloss) | -238,257.79 | 360,899.21 |
| Investmentimpairmentloss("-"forloss) | ||
| Investmentgains("-"forloss) | 1,053,415.23 | |
| 2.Operationalprofit("-"forloss) | 53,485,012.61 | -15,120,681.39 |
| Plus:non-operationalincome | 5,025.67 | 44,168.07 |
| Less:non-operationalexpenditure | 24,170.61 | 121,511.80 |
| 3.Grossprofit("-"forloss) | 53,465,867.67 | -15,198,025.12 |
| Less:Incometaxexpenses | -3,818,332.48 | -3,431,141.95 |
| 4.Netprofit("-"fornetloss) | 57,284,200.15 | -11,766,883.17 |
| (1)Netprofitfromcontinuousoperation("-"fornetloss) | 57,284,200.15 | -11,766,883.17 |
| (2)Netprofitfromdiscontinuousoperation("-"fornetloss) | ||
| 5.After-taxnetamountofothermisc.incomes | 28,392,754.08 | -8,976,730.40 |
| (1)Othermisc.incomesthatcannotbere-classifiedintogainandloss | -8,976,730.40 | |
| 1.Re-measurethechangeinthedefinedbenefitplan | ||
| 2.Othercomprehensiveincomethatcannotbetransferredtoprofitorlossundertheequitymethod | ||
| 3.Fairvaluechangeofinvestmentinotherequitytools | -8,976,730.40 | |
| 4.FairvaluechangeoftheCompany'screditrisk | ||
| 5.Others | ||
| (2)Othermisc.incomesthatwillbere-classifiedintogainandloss | 28,392,754.08 | |
| 1.Othercomprehensiveincomethatcanbetransferredtoprofitorlossundertheequitymethod | ||
| 2.Fairvaluechangeofotherdebtinvestment | ||
| 3.Gainsandlossesfromchangesinfairvalueofavailable-for-salefinancialassets | ||
| 4.Othercreditinvestmentcreditimpairmentprovisions | ||
| 5.Cashflowhedgereserve | ||
| 6.Translationdifferenceofforeignexchangestatement | ||
| 7.Others | 28,392,754.08 | |
| 6.Totalofmisc.incomes | 85,676,954.23 | -20,743,613.57 |
| 7.Earningspershare | ||
| (1)Basicearningspershare | ||
| (2)Dilutedearningspershare |
5.ConsolidatedCashFlowStatement
InRMB
| Item | 2024 | 2023 |
| 1.Netcashflowfrombusinessoperations: | ||
| Cashreceivedfromsalesofproductsandprovidingofservices | 4,480,307,796.77 | 4,203,440,613.14 |
| Netincreaseofcustomerdepositsandcapitalkeptforbrothercompany | ||
| Netincreaseofloansfromcentralbank | ||
| Netincreaseofinter-bankloansfromotherfinancialbodies | ||
| Cashreceivedagainstoriginalinsurancecontract | ||
| Netcashreceivedfromreinsurancebusiness | ||
| Netincreaseofclientdepositandinvestment | ||
| Cashreceivedasinterest,processingfee,andcommission | ||
| Netincreaseofinter-bankfundreceived | ||
| Netincreaseofrepurchasingbusiness | ||
| Netcashreceivedfromtradingsecurities | ||
| Taxrefunded | 20,223,216.89 | 8,419,916.54 |
| Othercashreceivedfrombusinessoperation | 115,024,150.76 | 106,386,664.36 |
| Sub-totalofcashinflowfrombusinessoperations | 4,615,555,164.42 | 4,318,247,194.04 |
| Cashpaidforpurchasingproductsandservices | 3,476,800,439.66 | 3,045,048,069.68 |
| Netincreaseofclienttradeandadvance | ||
| Netincreaseofsavingsincentralbankandbrothercompany | ||
| Cashpaidfororiginalcontractclaim | ||
| Netincreaseinfundsdismantled | ||
| Cashpaidforinterest,processingfeeandcommission | ||
| Cashpaidforpolicydividend | ||
| Cashpaidtoandforthestaff | 500,142,274.75 | 459,342,426.54 |
| Taxespaid | 187,032,846.31 | 245,852,193.38 |
| Othercashpaidforbusinessactivities | 180,685,510.27 | 268,262,302.36 |
| Sub-totalofcashoutflowfrombusinessoperations | 4,344,661,070.99 | 4,018,504,991.96 |
| Cashflowgeneratedbybusinessoperations,net | 270,894,093.43 | 299,742,202.08 |
| 2.Cashflowgeneratedbyinvestment: | ||
| Cashreceivedfrominvestmentrecovery | 1,785,649.27 | |
| Cashreceivedasinvestmentprofit | 214,188.46 | |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 8,161,249.68 | 375,640.16 |
| Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
| Otherinvestment-relatedcashreceived | ||
| Sub-totalofcashinflowgeneratedfrominvestment | 10,161,087.41 | 375,640.16 |
| Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 229,651,090.29 | 118,890,749.97 |
| Cashpaidasinvestment | 27,416,773.30 | 0.00 |
| Netincreaseofloanagainstpledge | ||
| Netcashpaidforacquiringsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestment | 1,787,676.30 | 50,000.00 |
| Subtotalofcashoutflows | 258,855,539.89 | 118,940,749.97 |
| Cashflowgeneratedbyinvestmentactivities,net | -248,694,452.48 | -118,565,109.81 |
| 3.Cashflowgeneratedbyfinancingactivities: |
| Cashreceivedfrominvestment | 14,873.62 | |
| Incl.Cashreceivedfrominvestmentattractedbysubsidiariesfromminorityshareholders | 14,873.62 | |
| Cashreceivedfromborrowedloans | 3,503,675,536.37 | 2,876,228,738.64 |
| Othercashreceivedfromfinancingactivities | 463,600,944.44 | |
| Subtotalofcashinflowfromfinancingactivities | 3,967,291,354.43 | 2,876,228,738.64 |
| Cashpaidtorepaydebts | 3,451,800,000.00 | 2,647,603,587.53 |
| Cashpaidasdividend,profit,orinterests | 167,473,899.50 | 141,883,286.28 |
| Incl.Dividendandprofitpaidbysubsidiariestominorityshareholders | 6,962,732.02 | |
| Othercashpaidforfinancingactivities | 119,400,311.19 | 274,354,261.52 |
| Subtotalofcashoutflowfromfinancingactivities | 3,738,674,210.69 | 3,063,841,135.33 |
| Netcashflowgeneratedbyfinancingactivities | 228,617,143.74 | -187,612,396.69 |
| 4.Influenceofexchangeratechangesoncashandcashequivalents | 1,247,313.23 | 2,418,493.78 |
| 5.Netincreaseincashandcashequivalents | 252,064,097.92 | -4,016,810.64 |
| Plus:Balanceofcashandcashequivalentsatthebeginningofterm | 779,661,118.42 | 783,677,929.06 |
| 6.Balanceofcashandcashequivalentsattheendoftheperiod | 1,031,725,216.34 | 779,661,118.42 |
6.CashFlowStatementoftheParentCompany
InRMB
| Item | 2024 | 2023 |
| 1.Netcashflowfrombusinessoperations: | ||
| Cashreceivedfromsalesofproductsandprovidingofservices | 23,297,859.17 | 17,959,740.25 |
| Taxrefunded | 278,140.90 | |
| Othercashreceivedfrombusinessoperation | 1,444,921,260.13 | 5,000,885,248.92 |
| Sub-totalofcashinflowfrombusinessoperations | 1,468,219,119.30 | 5,019,123,130.07 |
| Cashpaidforpurchasingproductsandservices | 3,898,051.28 | 4,266,205.51 |
| Cashpaidtoandforthestaff | 17,406,198.35 | 18,497,935.21 |
| Taxespaid | 2,519,884.87 | 2,566,398.39 |
| Othercashpaidforbusinessactivities | 991,774,056.35 | 4,903,847,461.83 |
| Sub-totalofcashoutflowfrombusinessoperations | 1,015,598,190.85 | 4,929,178,000.94 |
| Cashflowgeneratedbybusinessoperations,net | 452,620,928.45 | 89,945,129.13 |
| 2.Cashflowgeneratedbyinvestment: | ||
| Cashreceivedfrominvestmentrecovery | 235,323,000.00 | |
| Cashreceivedasinvestmentprofit | 72,929,550.62 | |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | ||
| Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
| Otherinvestment-relatedcashreceived | ||
| Sub-totalofcashinflowgeneratedfrominvestment | 308,252,550.62 | |
| Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 508,802.14 | 285,589.76 |
| Cashpaidasinvestment | 365,554,277.00 | 69,500,000.00 |
| Netcashpaidforacquiringsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestment | ||
| Subtotalofcashoutflows | 366,063,079.14 | 69,785,589.76 |
| Cashflowgeneratedbyinvestmentactivities,net | -57,810,528.52 | -69,785,589.76 |
| 3.Cashflowgeneratedbyfinancingactivities: | ||
| Cashreceivedfrominvestment |
| Cashreceivedfromborrowedloans | 300,000,000.00 | |
| Othercashreceivedfromfinancingactivities | ||
| Subtotalofcashinflowfromfinancingactivities | 300,000,000.00 | |
| Cashpaidtorepaydebts | 300,000,000.00 | 300,000,000.00 |
| Cashpaidasdividend,profit,orinterests | 90,940,972.34 | 62,021,628.02 |
| Othercashpaidforfinancingactivities | 4,061,076.00 | |
| Subtotalofcashoutflowfromfinancingactivities | 395,002,048.34 | 362,021,628.02 |
| Netcashflowgeneratedbyfinancingactivities | -395,002,048.34 | -62,021,628.02 |
| 4.Influenceofexchangeratechangesoncashandcashequivalents | 17,360.14 | 77,994.33 |
| 5.Netincreaseincashandcashequivalents | -174,288.27 | -41,784,094.32 |
| Plus:Balanceofcashandcashequivalentsatthebeginningofterm | 45,676,194.32 | 87,460,288.64 |
| 6.Balanceofcashandcashequivalentsattheendoftheperiod | 45,501,906.05 | 45,676,194.32 |
7.StatementofChangeinOwners'Equity(Consolidated)
AmountoftheCurrentTerm
InRMB
| Item | 2024 | ||||||||||||||
| Owners'EquityAttributabletotheParentCompany | Minorshareholders'equity | Totalofowners'equity | |||||||||||||
| Sharecapital | Otherequitytools | Capitalreserves | Less:Sharesinstock | Othermiscellaneousincome | Specialreserves | Surplusreserve | Commonriskprovisions | Retainedprofit | Others | Subtotal | |||||
| Preferredshare | Perpetualbond | Others | |||||||||||||
| 1.Balanceattheendoflastyear | 1,073,874,227.00 | 11,459,588.40 | 23,121,870.79 | 79,324,940.43 | 4,772,359,940.45 | 5,960,140,567.07 | 74,655,271.20 | 6,034,795,838.27 | |||||||
| 2.Balanceatthebeginningofcurrentyear | 1,073,874,227.00 | 11,459,588.40 | 23,121,870.79 | 79,324,940.43 | 4,772,359,940.45 | 5,960,140,567.07 | 74,655,271.20 | 6,034,795,838.27 | |||||||
| 3.Changeamountin | -7,101,640.07 | 135,283,143.73 | 4,649,775.79 | 32,832,059.83 | 165,663,339.28 | -26,348,199.16 | 139,315,140.12 | ||||||||
| thecurrentperiod("-"fordecrease) | ||||||||||
| (1)Totalofmisc.incomes | 113,861,211.98 | 144,813,705.53 | 258,674,917.51 | 1,350,813.74 | 260,025,731.25 | |||||
| (2)Investmentordecreasingofcapitalbyowners | -7,101,640.07 | -7,101,640.07 | -20,736,280.88 | -27,837,920.95 | ||||||
| 1.Commonsharesinvestedbyowners | -20,736,280.88 | -20,736,280.88 | ||||||||
| 2.Capitalcontributedbyotherequityinstrumentholders | ||||||||||
| 3.Amountofsharespaid |
| andaccountedasowners'equity | ||||||||||||
| 4.Others | -7,101,640.07 | -7,101,640.07 | -7,101,640.07 | |||||||||
| (3)Profitallotment | 5,728,420.02 | -91,638,358.18 | -85,909,938.16 | -6,962,732.02 | -92,872,670.18 | |||||||
| 1.Provisionofsurplusreserves | 5,728,420.02 | -5,728,420.02 | ||||||||||
| 2.Distributiontoowners(orshareholders) | -85,909,938.16 | -85,909,938.16 | -6,962,732.02 | -92,872,670.18 | ||||||||
| (4)Internalcarry-overofowners'equity | 21,421,931.75 | -1,078,644.23 | -20,343,287.52 | |||||||||
| 1.Othermiscellaneousincome | 21,421,931.75 | -1,078,644.23 | -20,343,287.52 | |||||||||
| (5)Spec |
| ialreserves | |||||||||||||||
| (6)Others | |||||||||||||||
| 4.Balanceattheendofthisperiod | 1,073,874,227.00 | 0.00 | 0.00 | 0.00 | 4,357,948.33 | 0.00 | 158,405,014.52 | 0.00 | 83,974,716.22 | 4,805,192,000.28 | 6,125,803,906.35 | 48,307,072.04 | 6,174,110,978.39 |
AmountofthePreviousTerm
InRMB
| Item | 2023 | ||||||||||||||
| Owners'EquityAttributabletotheParentCompany | Minorshareholders'equity | Totalofowners'equity | |||||||||||||
| Sharecapital | Otherequitytools | Capitalreserves | Less:Sharesinstock | Othermiscellaneousincome | Specialreserves | Surplusreserve | Commonriskprovisions | Retainedprofit | Others | Subtotal | |||||
| Preferredshare | Perpetualbond | Others | |||||||||||||
| 1.Balanceattheendoflastyear | 1,073,874,227.00 | 11,459,588.40 | 31,986,716.79 | 79,324,940.43 | 4,553,295,402.30 | 5,749,940,874.92 | 70,444,287.33 | 5,820,385,162.25 | |||||||
| 2.Balanceatthebeginningofcurrentyear | 1,073,874,227.00 | 11,459,588.40 | 31,986,716.79 | 79,324,940.43 | 4,553,295,402.30 | 5,749,940,874.92 | 70,444,287.33 | 5,820,385,162.25 | |||||||
| 3.Changeamountinthe | -8,864,846.00 | 219,064,538.15 | 210,199,692.15 | 4,210,983.87 | 214,410,676.02 | ||||||||||
| currentperiod("-"fordecrease) | ||||||||
| (1)Totalofmisc.incomes | -8,864,846.00 | 272,758,249.50 | 263,893,403.50 | 4,210,983.87 | 268,104,387.37 | |||
| (2)Investmentordecreasingofcapitalbyowners | ||||||||
| (3)Profitallotment | -53,693,711.35 | -53,693,711.35 | -53,693,711.35 | |||||
| 1.Provisionofsurplusreserves | ||||||||
| 2.Distributiontoowners(orshareholders) | -53,693,711.35 | -53,693,711.35 | -53,693,711.35 | |||||
| (4)Internalcarry-overofowners'equit |
| y | |||||||||||||
| (5)Specialreserves | |||||||||||||
| (6)Others | |||||||||||||
| 4.Balanceattheendofthisperiod | 1,073,874,227.00 | 11,459,588.40 | 23,121,870.79 | 79,324,940.43 | 4,772,359,940.45 | 5,960,140,567.07 | 74,655,271.20 | 6,034,795,838.27 |
8.StatementofChangeinOwners'Equity(ParentCompany)
AmountoftheCurrentTerm
InRMB
| Item | 2024 | |||||||||||
| Sharecapital | Otherequitytools | Capitalreserves | Less:Sharesinstock | Othermiscellaneousincome | Specialreserves | Surplusreserve | Retainedprofit | Others | Totalofowners'equity | |||
| Preferredshare | Perpetualbond | Others | ||||||||||
| 1.Balanceattheendoflastyear | 1,073,874,227.00 | 360,835.52 | -10,082,945.37 | 79,324,940.43 | 1,159,988,498.20 | 2,303,465,555.78 | ||||||
| 2.Balanceatthebeginningofcurrentyear | 1,073,874,227.00 | 360,835.52 | -10,082,945.37 | 79,324,940.43 | 1,159,988,498.20 | 2,303,465,555.78 | ||||||
| 3.Changeamountinthecurrentperiod("-"fordecrease) | 49,814,685.83 | 4,649,775.79 | -54,697,445.55 | -232,983.93 | ||||||||
| (1)Totalofmisc.incomes | 28,392,754.08 | 57,284,200.15 | 85,676,954.23 | |||||||
| (2)Investmentordecreasingofcapitalbyowners | ||||||||||
| (3)Profitallotment | 5,728,420.02 | -91,638,358.18 | -85,909,938.16 | |||||||
| 1.Provisionofsurplusreserves | 5,728,420.02 | -5,728,420.02 | ||||||||
| 2.Distributiontoowners(orshareholders) | -85,909,938.16 | -85,909,938.16 | ||||||||
| (4)Internalcarry-overofowners'equity | 21,421,931.75 | -1,078,644.23 | -20,343,287.52 | |||||||
| 1.Othermiscellaneousincome | 21,421,931.75 | 0.00 | -1,078,644.23 | -20,343,287.52 | ||||||
| (5)Specialreserves | ||||||||||
| (6)Others | ||||||||||
| 4. | 1,073, | 360,83 | 39,731 | 83,974 | 1,105, | 2,303, |
| Balanceattheendofthisperiod | 874,227.00 | 5.52 | ,740.46 | ,716.22 | 291,052.65 | 232,571.85 |
AmountofthePreviousTerm
InRMB
| Item | 2023 | |||||||||||
| Sharecapital | Otherequitytools | Capitalreserves | Less:Sharesinstock | Othermiscellaneousincome | Specialreserves | Surplusreserve | Retainedprofit | Others | Totalofowners'equity | |||
| Preferredshare | Perpetualbond | Others | ||||||||||
| 1.Balanceattheendoflastyear | 1,073,874,227.00 | 360,835.52 | -1,106,214.97 | 79,324,940.43 | 1,225,449,092.72 | 2,377,902,880.70 | ||||||
| 2.Balanceatthebeginningofcurrentyear | 1,073,874,227.00 | 360,835.52 | -1,106,214.97 | 79,324,940.43 | 1,225,449,092.72 | 2,377,902,880.70 | ||||||
| 3.Changeamountinthecurrentperiod("-"fordecrease) | -8,976,730.40 | -65,460,594.52 | -74,437,324.92 | |||||||||
| (1)Totalofmisc.incomes | -8,976,730.40 | -11,766,883.17 | -20,743,613.57 | |||||||||
| (2)Investmentordecreasingofcapitalbyowners | ||||||||||||
| (3)Profitallotm | -53,693,711.3 | -53,693,711.3 | ||||||||||
| ent | 5 | 5 | ||||||||
| 1.Provisionofsurplusreserves | ||||||||||
| 2.Distributiontoowners(orshareholders) | -53,693,711.35 | -53,693,711.35 | ||||||||
| (4)Internalcarry-overofowners'equity | ||||||||||
| (5)Specialreserves | ||||||||||
| (6)Others | ||||||||||
| 4.Balanceattheendofthisperiod | 1,073,874,227.00 | 360,835.52 | -10,082,945.37 | 79,324,940.43 | 1,159,988,498.20 | 2,303,465,555.78 |
III.GeneralInformation
ChinaFangdaGroupCo.,Ltd.(the"Company"orthe"Group")isajointstockcompanyregisteredinShenzhen,GuangdongandwasapprovedbytheGovernmentofShenzhenwithDocument深府办函(1995)194号,andwasfounded,onthebasisofShenzhenFangdaConstructionMaterialCo.,Ltd.,bywayofshareissuinginOctober1995.Theunifiedsocialcreditcodeis:91440300192448589C;registeredaddress:FangdaTechnologyBuilding,KejiSouth12thRoad,SouthDistrict,High-techIndustrialPark,NanshanDistrict,Shenzhen.Mr.XiongJianmingisthelegalrepresentative.TheCompanyissuedforeigncurrencyshares(Bshares)andlocalcurrencyshares(Ashares)andlistedinNovember1995andApril1996respectivelyinShenzhenStockExchange.TheCompanyreceivedtheReplytotheNon-publicShareIssuanceofFangdaChinaGroupCo.,Ltd.(CSRCLicense[2016]No.825)toallowtheCompanytoconductnon-publicissuanceof
32,184,931A-sharesinJune20116.Accordingtotheprofitdistributionplanfor2016approvedbythe2016generalshareholders'meeting,theCompanyissuedfivesharesforeverytensharestoallshareholdersthroughsurpluscapitalizationbasedonthetotal789,094,836sharesonDecember31,2016.Theregisteredcapitalattheendof2017wasRMB1,183,642,254.00.TheCompanyrepurchasedandcancelled28,160,568.00BsharesinAugust2018,32,097,497.00BsharesinJanuary2019,35,105,238.00BsharesinMay2020,14404724.00BsharesinApril2021andcancelledinApril2021.TheexistingregisteredcapitalisRMB1,073,874,227.00yuan.TheCompanyhasestablishedthecorporategovernancestructureoftheGeneralMeetingofShareholders,theBoardofDirectorsandtheBoardofSupervisors.Atpresent,ithassetupthePresident'sOffice,theAdministrationDepartment,theHumanResourcesDepartment,theEnterpriseManagementDepartment,theFinanceDepartment,theAuditandSupervisionDepartment,theSecuritiesDepartment,theLegalDepartment,theInformationManagementDepartment,theTechnologyInnovationDepartment,theDevelopmentPlanningDepartmentandotherdepartments,andhasShenzhenFangdaConstructionTechnologyGroupCo.,Ltd.(hereinafterreferredtoasFangdaConstructionTechnologyCo.,Ltd.)FangdaZhiyuanTechnologyCo.,Ltd.(hereinafterreferredtoasFangdaZhiyuanTechnologyCo.,Ltd.),FangdaJiangxiNewMaterialsCo.,Ltd.,FangdaRealEstateCo.,Ltd.,FangdaNewEnergyCo.,Ltd.andothersubsidiaries.
ThebusinessnatureandmainbusinessactivitiesoftheCompanyanditssubsidiariesinclude:(1)curtainwalldivision,productionandsalesofcurtainwallmaterials,design,productionandinstallationofbuildingcurtainwalls,andcurtainwalltestingandmaintenanceservices;(2)Railtransitbranch,assemblyandprocessingofsubwayscreendoors,screendoordetectionandmaintenanceservices;(3)Therealestatedivisionisengagedinrealestatedevelopment,operationandpropertymanagementonthelandthathaslegallyobtainedtherighttouse;(4)Newenergydivision,photovoltaicpowergenerationandsales;R&D,installationandsalesofphotovoltaicequipment,designandinstallationofphotovoltaicpowerstationproject.Dateoffinancialstatementapproval:ThisfinancialstatementisapprovedbytheBoardofDirectorsoftheCompanyonApril18,2025.
IV.Basisforthepreparationoffinancialstatements
1.Preparationbasis
TheCompanypreparesthefinancialstatementsbasedoncontinuousoperationandaccordingtoactualtransactionsandevents,withfiguresconfirmedandmeasuredincompliancewiththeAccountingStandardsforBusinessEnterprisesandotherspecificaccountstandards,applicationguideandinterpretations.TheCompanyhasalsodisclosedrelatedfinancialinformation
accordingtotherequirementoftheRegulationsofInformationDisclosureNo.15–GeneralProvisionsforFinancialStatements(Revisedin2023)issuedbytheCSRC.
2.Continuousoperation
TheCompanyassessedthecontinuingoperationscapabilityoftheCompanyforthe12monthsfromtheendofthereportingperiod.NomatterswerefoundthatwouldaffecttheCompany'sabilitytocontinueasagoingconcern.ItisreasonablefortheCompanytopreparefinancialstatementsbasedoncontinuingoperations.
V.SignificantAccountPoliciesandEstimates
Thefollowingmajoraccountingpoliciesandaccountingestimatesshallbeformulatedinaccordancewiththeaccountingstandardsoftheenterprise.Unmentionedoperationsarecarriedoutinaccordancewiththerelevantaccountingpoliciesintheenterpriseaccountingstandards.
1.StatementofcompliancetotheEnterpriseAccountingStandard
ThesefinancialstatementsmeettherequirementsoftheAccountingStandardsforBusinessEnterprisesandtrulyandfullyreflecttheCompany'sfinancialstatus,performanceresult,changesinshareholders'equityandcashflows.
2.FiscalPeriod
TheCompanyThefiscalperiodrangesbetweenJanuary1andDecember31oftheGregoriancalendar.
3.Operationperiod
Ournormalbusinesscycleisoneyear
4.Bookkeepingstandardmoney
TheCompany'sbookkeepingstandardcurrencyisRenminbi,andoverseassubsidiariesarebasedonthecurrencyofthemaineconomicenvironmentinwhichtheyoperate.
5.Methodfordeterminingimportancecriteriaandselectioncriteria?Applicable□Inapplicable
| Item | Importancecriteria |
| Amountofbaddebtreservesrecoveredorreversed | Amountgreaterthan5%ofthetotalconsolidatedprofitandgreaterthan |
| forimportantaccountsreceivableinthecurrentperiod;importantaccountsreceivablewriteoff | RMB5million |
| Importantongoingprojects | Amountgreaterthan1%oftotalconsolidatednetassets |
| Importantpayableswithanagingofover1year | Asingleprojectisgreaterthan0.1%ofthecombinedtotalassets |
| Majornonwholly-ownedsubsidiaries | Individualnetassetsgreaterthan1%ofthetotalconsolidatednetassets |
| Significantjointoperations | Theindividualprofitbeforetaxisgreaterthan5%oftheconsolidatedprofitbeforetaxandexceedsRMB5,000,000. |
| Importantjointventuresandassociates | Theinvestmentreturnisgreaterthan5%ofthetotalconsolidatedprofitandisgreaterthanRMB5million |
6.Accountingtreatmentoftheentitiesundercommonanddifferentcontrol
(1)ConsolidationofentitiesundercommoncontrolTheassetsandliabilitiesacquiredbytheCompanyinabusinesscombinationaremeasuredatthebookvalueofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthedateofcombination.ForpartiesbeingmergedwithaccountingpoliciesandperiodsdifferentfromthoseoftheCompanybeforethemerger,theaccountingpoliciesareunifiedbasedontheprincipleofmateriality.ThismeansadjustingthebookvalueoftheassetsandliabilitiesofthemergedpartyaccordingtotheCompany'saccountingpoliciesandperiods.IfthereisadifferencebetweenthebookvalueofthenetassetsacquiredbytheCompanyinthebusinesscombinationandthebookvalueoftheconsiderationpaid,firstadjustthebalanceofthecapitalreserve(capitalpremiumorequitypremium),thebalanceofthecapitalreserve(capitalpremiumorequitypremium)Ifitisinsufficienttooffset,thesurplusreserveandundistributedprofitswillbeoffsetinsequence.
Fortheaccountingtreatmentmethodofbusinesscombinationnotunderthesamecontrolthroughstep-by-steptransactions,seeChapterX,V.importantaccountingpoliciesandaccountingestimates7.(6).
(2)Consolidationofentitiesunderdifferentcontrol
AllidentifiableassetsandliabilitiesacquiredbytheCompanyduringthemergershallbemeasuredatitsfairvalueonthedateofpurchase.ForpartiesbeingacquiredwithaccountingpoliciesandperiodsdifferentfromthoseoftheCompanybeforetheacquisition,theaccountingpoliciesareunifiedbasedontheprincipleofmateriality.ThismeansadjustingthebookvalueoftheassetsandliabilitiesoftheacquiredpartyaccordingtotheCompany'saccountingpoliciesandperiods.ThemergercostoftheCompanyonthedateofpurchaseisgreaterthanthefairvalueoftheassetsandliabilitiesrecognizedbythepurchaserinthemerger,andisrecognizedasgoodwill.Ifthemergercostislessthanthedifferencebetweentheidentifiableassetsandthefairvalueoftheliabilitiesobtainedbythepurchaserintheenterprisemerger,themergercostandthefairvalueoftheidentifiableassetsandtheliabilitiesobtainedbythepurchaserintheenterprisemergerarereviewed,andthemergercostisstilllessthanthe
fairvalueoftheidentifiableassetsandliabilitiesobtainedbythepurchaserafterthereview,thedifferenceisconsideredastheprofitandlossofthecurrentperiodofthemerger.Fortheaccountingtreatmentmethodofbusinesscombinationnotunderthesamecontrolthroughstep-by-steptransactions,seeChapterX,V.importantaccountingpoliciesandaccountingestimates.7.(6).
(3)TreatmentofrelatedtransactionfeeinenterprisemergerAgencyexpensesandotheradministrativeexpensessuchasauditing,legalconsulting,orappraisalservicesoccurredrelatingtothemergerofentitiesareaccountedintocurrentincomeaccountwhenoccurred.Thetransactionfeesofequitycertificatesorliabilitycertificatesissuedbythepurchaserforpaymentfortheacquisitionareaccountedattheinitialamountofthecertificates.
7.Judgmentcriteriaforcontrolandpreparationmethodsforconsolidatedfinancialstatements
(1)DeterminationofcontrolcriteriaandconsolidationscopeControlmeansthepowerpossessedbytheCompanyoninvestedentitiestosharevariablereturnsbyparticipatinginrelatedactivitiesoftheinvestedentitiesandtoimpacttheamountofthereturnsbyusingthepower.Thedefinitionofcontrolincludesthreebasicelements:first,theinvestorhasthepowerovertheinvestee;second,enjoysvariablereturnsduetoparticipationintheinvestee'srelatedactivities;andthird,hastheabilitytousethepowerovertheinvesteetoinfluenceitsreturnamount.WhentheCompany'sinvestmentintheinvestedpartymeetstheabovethreeelements,itindicatesthattheCompanycancontroltheinvestedparty.
Theconsolidatedscopeoftheconsolidatedfinancialstatementsisdeterminedonacontrolbasisandincludesnotonlysubsidiariesdeterminedonthebasisofvotingrights(orsimilarvotingrights)themselvesorinconjunctionwithotherarrangements,butalsostructuredsubjectsdeterminedonthebasisofoneormorecontractualarrangements.ThesubsidiarycompanyisthesubjectcontrolledbytheCompany(includingtheenterprise,thedivisiblepartoftheinvestedunitandthestructuredsubjectcontrolledbytheenterprise,etc.).Thestructuredsubjectisthesubjectwhichisnotdesignedtodeterminethecontrollingpartybytakingthevotingrightorsimilarrightasthedecisivefactor.
(2)Specialprovisionsregardingtheparentcompanybeinganinvestmententity
Iftheparentcompanyisaninvestmententity,onlythosesubsidiarycompaniesthatprovideservicesrelatedtoinvestmentactivitiesoftheinvestmententityshallbeincludedintheconsolidationscope.Othersubsidiarycompaniesshallnotbeconsolidatedandtheirequityinvestmentsshallberecognizedasfinancialassetsmeasuredatfairvaluewithchangesinfairvaluerecognizedinprofitorloss.
Theparentcompanyqualifiesasaninvestmententitywhenitsimultaneouslymeetsthefollowingconditions:
①Thecompanyobtainsfundsfromoneormoreinvestorswiththepurposeofprovidinginvestmentmanagementservicestotheinvestors.
②ThesolepurposeoftheCompany'soperationsistogeneratereturnsfortheinvestorsthroughcapitalappreciation,investmentincome,orboth.
③Thecompanyevaluatesandassessestheperformanceofalmostallofitsinvestmentsbasedonfairvalue.
Whentheparentcompanychangesfromanon-investmententitytoaninvestmententity,itshallonlyincludethosesubsidiarycompaniesthatproviderelevantservicesforitsinvestmentactivitiesinthepreparationofconsolidatedfinancialstatements.Othersubsidiarycompaniesshallnolongerbeconsolidated,andtheprincipleofrecognizingpartiallydisposedsubsidiarycompanies'equitywhileretainingcontrolshallbeapplied.
Whentheparentcompanychangesfromaninvestmententitytoanon-investmententity,thesubsidiarycompaniesthatwerepreviouslynotincludedintheconsolidationfinancialstatementsshallbeincludedasofthedateofthechange.Thefairvalueofthesesubsidiarycompaniesonthedateofthechangeshallberegardedasthetransactionpriceoftheacquisitionandaccountedforusingtheaccountingtreatmentforbusinesscombinationsundercommoncontrol.
(3)PreparationofConsolidatedFinancialStatements
TheCompanypreparesconsolidatedfinancialstatementsbasedonthefinancialstatementsofitselfanditssubsidiariesandbasedonotherrelevantinformation.
TheCompanycompilesconsolidatedfinancialstatements,regardsthewholeenterprisegroupasanaccountingentity,reflectstheoverallfinancialstatus,operatingresultsandcashflowoftheenterprisegroupaccordingtotheconfirmation,
measurementandpresentationrequirementsoftherelevantenterpriseaccountingstandards,andtheunifiedaccountingpolicyandaccountingperiod.
①Mergetheassets,liabilities,owner'srightsandinterests,income,expensesandcashflowofparentcompanyandsubsidiarycompany.
②Offsetthelong-termequityinvestmentoftheparentcompanytothesubsidiarycompanyandtheshareoftheparentcompanyintheownershiprightsofthesubsidiarycompany.
③Offsettheinfluenceofinternaltransactionbetweenparentcompany,subsidiarycompanyandsubsidiarycompany.Ifaninternaltransactionindicatesthattherelevantassethassufferedanimpairmentloss,thepartofthelossshallbeconfirmedinfull.
④adjustthespecialtransactionfromtheangleofenterprisegroup.
(4)Processingofsubsidiariesduringthereportingperiod
①Increaseofsubsidiariesorbusiness
A.Subsidiaryorbusinessincreasedbybusinesscombinationunderthesamecontrol
(A)Whenpreparingtheconsolidatedbalancesheet,adjusttheopeningnumberoftheconsolidatedbalancesheetandadjusttherelateditemsofthecomparativestatement.Thesamereportentityastheconsolidatedbalancesheetwillexistfromthetimeofthefinalcontrolparty.
(B)Whenpreparingtheconsolidatedcashflowstatement,thecashflowsofthesubsidiaryandthebusinesscombinationfromthebeginningofthecurrentperiodtotheendofthereportingperiodareincludedintheconsolidatedcashflowstatement,andtherelateditemsofthecomparativestatementareadjusted,whichisregardedasthecombinedreportbodysincethefinalThecontrollerhasbeentheresincethebeginningofcontrol.
(C)Whenpreparingtheconsolidatedcashflowstatement,thecashflowsofthesubsidiaryandthebusinesscombinationfromthebeginningofthecurrentperiodtotheendofthereportingperiodareincludedintheconsolidatedcashflowstatement,andtherelateditemsofthecomparativestatementareadjusted,whichisregardedasthecombinedreportbodysincethefinalThecontrollerhasbeentheresincethebeginningofcontrol.
B.Subsidiaryorbusinessincreasedbybusinesscombinationunderthesamecontrol(A)Whenpreparingtheconsolidatedbalancesheet,theopeningnumberoftheconsolidatedbalancesheetisnotadjusted.(B)Whenpreparingtheconsolidatedprofitstatement,theincome,expenseandprofitofthesubsidiarycompanyandthebusinessPurchasedateandClosingbalanceshallbeincludedintheconsolidatedprofitstatement.
(C)Whentheconsolidatedcashflowstatementisprepared,thecashflowfromthepurchasedateofthesubsidiarytotheendofthereportingperiodisincludedintheconsolidatedcashflowstatement.
②Disposalofsubsidiariesorbusiness
A.Whenpreparingtheconsolidatedbalancesheet,theopeningnumberoftheconsolidatedbalancesheetisnotadjusted.
B.Whenpreparingtheconsolidatedprofitstatement,theincome,expenseandprofitofthesubsidiarycompanyandthebusinessopeninganddisposaldateshallbeincludedintheconsolidatedprofitstatement.
C.Whentheconsolidatedcashflowstatementisprepared,thecashflowfromtheBeginningoftheperiodofthesubsidiarytotheendofthereportingperiodisincludedintheconsolidatedcashflowstatement.
(5)Specialconsiderationsinconsolidationoffsets
①Thelong-termequityinvestmentheldbyasubsidiarycompanyshallberegardedastheinventorysharesoftheCompanyasasubtractionoftheowner'srightsandinterests,whichshallbelistedundertheitemof"subtraction:Stockshares"undertheitemofowner'srightsandinterestsintheconsolidatedbalancesheet.
Thelong-termequityinvestmentsheldbythesubsidiariesareoffsetbythesharesoftheshareholdersofthesubsidiaries.
②The"specialreserve"and"generalriskpreparation"projects,becausetheyareneitherrealcapital(orsharecapital)norcapitalreserve,butalsodifferentfromtheretainedincomeandundistributedprofits,arerestoredaccordingtotheownershipoftheparentcompanyafterthelong-termequityinvestmentisoffsetbytheownershiprightsandinterestsofthesubsidiarycompany.
③Ifthereisatemporarydifferencebetweenthebookvalueofassetsandliabilitiesintheconsolidatedbalancesheetandthetaxablebasisofthetaxpayerduetotheoffsetoftheunrealizedinternalsalesgainorloss,thedeferredincometaxassetorthe
deferredincometaxliabilityisconfirmedintheconsolidatedbalancesheet,andtheincometaxexpenseintheconsolidatedprofitstatementisadjusted,withtheexceptionofthedeferredincometaxrelatedtothetransactionoreventdirectlyincludedintheowner'sequityandthemergeroftheenterprise.
④TheunrealizedinternaltransactiongainsandlossesincurredbytheCompanyfromsellingassetstosubsidiariesshallbefullyoffsetagainstthe"netprofitattributabletotheownersoftheparentcompany".TheunrealizedinternaltransactiongainsandlossesarisingfromthesaleofassetsbythesubsidiarytotheCompanyshallbeoffsetbetweenthe"netprofitattributabletotheownersoftheparentcompany"andthe"minorityshareholdergainsandlosses"inaccordancewiththeCompany'sdistributionratiotothesubsidiary.Theunrealizedinternaltransactiongainsandlossesarisingfromthesaleofassetsbetweensubsidiariesshallbeoffsetbetweenthe"netprofitattributabletotheownersoftheparentcompany"andthe"minorityshareholders'gainsandlosses"inaccordancewiththeCompany'sdistributionratiototheseller'ssubsidiary.
⑤Ifthecurrentlosssharedbytheminorityshareholdersofthesubsidiaryexceedstheshareoftheminorityshareholdersintheowner'sequityofthesubsidiaryatthebeginningoftheperiod,thebalanceshouldstillbeoffsetagainsttheminorityshareholders'equity.
(6)Accountingtreatmentofspecialtransactions
①Purchaseminorityshareholders'equity
TheCompanypurchasesthesharesofthesubsidiariesownedbytheminorityshareholdersofthesubsidiaries.Intheindividualfinancialstatements,theinvestmentcostsofthenewlyacquiredlong-terminvestmentsoftheminoritysharesshallbemeasuredatthefairvalueofthepricepaid.Intheconsolidatedfinancialstatements,thedifferencebetweenthenewlyacquiredlong-termequityinvestmentduetothepurchaseofminorityequityandtheshareofnetassetsthatshouldbecontinuouslycalculatedbythesubsidiarysincethepurchasedateorthemergerdateshouldbeadjustedaccordingtothenewshareholdingratio.Theproduct(capitalpremiumorequitypremium),ifthecapitalreserveisinsufficienttooffset,thesurplusreserveandundistributedprofitsareoffsetinturn.
②Step-by-stepacquisitionofcontrolofthesubsidiarythroughmultipletransactions
A.Enterprisemergerundercommoncontrolthroughmultipletransactions
Onthedateofthemerger,theCompanydeterminestheinitialinvestmentcostofthelong-termequityinvestmentintheindividualfinancialstatementsbasedontheshareofthesubsidiary'snetassetsthatshouldbeenjoyedafterthemergerinthefinalcontroller'sconsolidatedfinancialstatements;theinitialinvestmentcostandthedifferencebetweenthebookvalueofthelong-termequityinvestmentbeforethemergerplusthebookvalueoftheconsiderationpaidfornewsharesacquiredonthemergerdate,thecapitalreserve(capitalpremiumorequitypremium)isadjusted,andthecapitalreserve(capitalpremiumorequitypremium)isinsufficienttooffsetReduced,inturnoffsetthesurplusreserveandundistributedprofits.
Inconsolidatedfinancialstatements,assetsandliabilitiesobtainedbythemergingpartyfromthemergedpartyshouldbemeasuredatthebookvalueinthefinalcontrollingparty'sconsolidatedfinancialstatementsotherthantheadjustmentmadeduetodifferencesinaccountingpolicies;adjustthecapitalsurplus(sharepremium)accordingtothedifferencebetweentheinitialinvestmentcostandthebookvalueoftheheldinvestmentbeforemergerplusthebookvalueoftheconsiderationpaidonthemergerdate.Wherethecapitalsurplusfallsshort,theretainedincomeshouldbeadjusted.
Changesinrecognizedrelatedprofitandloss,othermisc.incomesandotherowner'sequitybetweenthelateroneofthedatewhentheoriginalstockequitywasobtainedandthedatewhenthemergedpartyandmergingpartybecomeunderthecommoncontrolshouldrespectivelywritedowntheretainedprofitinbeginningofthereportperiodorcurrentperiod’sprofitorloss.
A.Enterprisemergerundercommoncontrolthroughmultipletransactions
Onthemergerday,inindividualfinancialstatements,theinitialinvestmentcostofthelong-termequityinvestmentonthemergerdayisbasedonthebookvalueofthelong-termequityinvestmentpreviouslyheldplusthesumoftheadditionalinvestmentcostsonthemergerday.
Intheconsolidatedfinancialstatements,theequityheldintheacquireepriortotheacquisitiondateisremeasuredatitsfairvalueontheacquisitiondate.Iftheequityheldintheacquireebeforetheacquisitiondateisdesignatedasafinancialassetmeasuredatfairvaluethroughothercomprehensiveincome,thedifferencebetweenthefairvalueanditscarryingamountisincludedinretainedearnings,andtheaccumulatedfairvaluechangesoriginallyincludedinothercomprehensiveincomearetransferredouttoretainedearnings.Iftheequityheldintheacquireepriortotheacquisitiondateisafinancialassetmeasuredatfairvaluethroughprofitorlossoralong-termequityinvestmentaccountedforusingtheequitymethod,thedifferencebetweenthefairvalueanditscarryingamountisincludedinthecurrentperiod'sinvestmentincome.Forequityheldintheacquireebeforetheacquisitiondatethatinvolvesothercomprehensiveincomeundertheequitymethodandchangesinotherequityoutsideofnet
profitorloss,othercomprehensiveincome,andprofitdistributionundertheequitymethod,therelatedothercomprehensiveincomeisaccountedforonthesamebasisasiftheinvesteedirectlydisposedoftherelatedassetsorliabilitiesontheacquisitiondate,andtherelatedchangesinotherequityaretransferredtotheinvestmentincomeofthecurrentperiodtowhichtheacquisitiondatebelongs.
(3)TheCompanydisposesoflong-termequityinvestmentinsubsidiarieswithoutlosingcontrolTheparentcompanypartiallydisposesofthelong-termequityinvestmentinthesubsidiarycompanywithoutlosingcontrol.Intheconsolidatedfinancialstatements,thedisposalpricecorrespondstothedisposalofthelong-termequityinvestment.Thedifferencebetweenthesharesisadjustedforthecapitalreserve(capitalpremiumorequitypremium).Ifthecapitalreserveisinsufficienttooffset,theretainedearningsareadjusted.
④TheCompanydisposesoflong-termequityinvestmentinsubsidiariesandlosescontrolA.OnetransactiondispositionIftheCompanylosescontrolovertheInvestedPartyduetothedisposalofpartoftheequityinvestment,itshallremeasuretheremainingequityaccordingtoitsfairvalueatthedateoflossofcontrolwhencompilingtheconsolidatedfinancialstatement.Thedifferencebetweentheconsiderationobtainedfromthedisposalofequityplusthefairvalueoftheremainingequity,minustheshareofnetassetsandgoodwilloftheoriginalsubsidiarycalculatedcontinuouslyfromtheacquisitiondateorconsolidationdatebasedontheoriginalshareholdingratio,isincludedintheinvestmentincomefortheperiodinwhichcontrolislost.Othercomprehensiveincomeandchangesinotherequityrelatedtoequityinvestmentsintheoriginalsubsidiaryareaccountedforonthesamebasisasiftheassetsorliabilitiesrelatedtotheoriginalsubsidiaryweredirectlydisposedof,atthetimeoflossofcontrol.Changesinotherequityrelatedtotheoriginalsubsidiaryaccountedforundertheequitymethodaretransferredtothecurrentperiod'sprofitorlossatthetimeoflossofcontrol.
B.Multi-transactionstep-by-stepdispositionInconsolidatedfinancialstatements,youshouldfirstdeterminewhetherastep-by-steptransactionisa"blankettransaction".Ifthestep-by-steptransactiondoesnotbelongtoa"packagedeal",intheindividualfinancialstatements,foreachtransactionbeforethelossofcontrolofthesubsidiary,thebookvalueofthelong-termequityinvestmentcorrespondingtoeach
disposalofequityiscarriedforward,thepricereceivedandthedisposalThedifferencebetweenthebookvalueofthelong-termequityinvestmentisincludedinthecurrentinvestmentincome;intheconsolidatedfinancialstatements,itshouldbehandledinaccordancewiththerelevantprovisionsof"theparentcompanydisposesofthelong-termequityinvestmentinthesubsidiarywithoutlosingcontrol."Ifastep-by-steptransactionbelongstoa"blankettransaction",thetransactionshallbetreatedasatransactionthatdisposesofthesubsidiaryandlosescontrol;Inindividualfinancialstatements,thedifferencebetweeneachdisposalpricebeforethelossofcontrolandthebookvalueofthelong-termequityinvestmentcorrespondingtotheequitybeingdisposedofisfirstrecognizedasotherconsolidatedgainsandthenconvertedtothecurrentlossofcontrolatthetimeofthelossofcontrol;Intheconsolidatedfinancialstatements,foreachtransactionpriortothelossofcontrol,thedifferencebetweenthedispositionofthepriceandthedispositionoftheinvestmentcorrespondingtotheshareinthenetassetsofthesubsidiaryshallberecognizedasotherconsolidatedgainsandshall,atthetimeofthelossofcontrol,betransferredtothelossofcontrolforthecurrentperiod.
Wheretheterms,conditions,andeconomicimpactofeachtransactionmeetoneormoreofthefollowingconditions,usuallymultipletransactionsaretreatedasa"packagedeal":
(a)Thesetransactionswereconcludedatthesametimeorinconsiderationofmutualinfluence.
(b)Thesetransactionscanonlyachievethebusinessresultasawhole;
(c)Theeffectivenessofonetransactiondependstheoccurrenceofatleastanothertransaction;
(d)Asingletransactionisnoteconomicandiseconomicwhenconsideredtogetherwithothertransactions.
(5)Proportionofminorityshareholdersinfactorcompanieswhoincreasecapitalanddiluteownershipofparentcompanies
ProportionofOthers(minorityshareholdersinfactorcompanieswhoincreasecapital,diluteSubsidiariesofparentcompanies.Intheconsolidatedfinancialstatements,theshareoftheparentcompanyinthenetbookassetsoftheformersubsidiaryofthecapitalincreaseiscalculatedaccordingtotheshareratiooftheparentcompanybeforethecapitalincrease,thedifferencebetweentheshareandthenetbookassetsofthelattersubsidiaryafterthecapitalincreaseiscalculatedaccordingtotheshareratiooftheparentcompany,thecapitalreserve(capitalpremiumorcapitalpremium),thecapitalreserve(capitalpremiumorcapitalpremium)isnotoffset,andtheretainedincomeisadjusted.
8.Recognitionofcashandcashequivalents
Cashreferstocashinstockanddepositsthatcanbeusedforpaymentatanytime.Cashequivalentsrefertoinvestmentswithashortholdingperiod(generallyreferringtoexpirywithinthreemonthsfromthedateofpurchase),strongliquidity,easytoconverttoaknownamountofcash,andlittleriskofvaluechange.
9.Foreignexchangebusinessandforeignexchangestatementtranslation
(1)Methodsfordeterminingconversionratesinforeigncurrencytransactions
TheCompanytranslatesforeigncurrencytransactionsintothefunctionalcurrencyattheinitialrecognitionusingthespotexchangerateonthetransactiondateoranapproximateexchangeratethatisdeterminedaccordingtoareasonablemethodandisclosetothespotexchangerateonthetransactiondate.Theresultingamountisrecordedintheaccountingcurrency.
(2)Methodsofconversionofforeigncurrencyitemsonbalancesheetdays
Atthebalancesheetdate,foreigncurrencyitemsaretranslatedonthespotexchangerateofthebalancesheetdate.Theexchangedifferencescausedbythedifferenceinexchangeratesonthebalancesheetdateandinitialrecognizingdateorpreviousbalancesheetdateareincludedinthecurrentprofitsandlosses.Forforeigncurrencynon-monetaryitemsmeasuredathistoricalcost,thespotexchangerateonthetransactiondateisstillusedfortranslation.Forinventorymeasuredatthelowerofcostandnetrealizablevalue,wheninventoryispurchasedinforeigncurrencyanditsnetrealizablevalueisreflectedinforeigncurrencyatthebalancesheetdate,thenetrealizablevalueisfirsttranslatedintothebookkeepingbasecurrencyatthespotexchangerateonthebalancesheetdate,andthencomparedwiththeinventorycostreflectedinthebookkeepingbasecurrencytodeterminetheend-of-periodvalueoftheinventory.Forforeigncurrencynon-monetaryitemsmeasuredatfairvalue,thespotexchangerateonthefairvaluedeterminationdateisusedfortranslation.Forfinancialassetsmeasuredatfairvaluethroughprofitorloss,thedifferencebetweenthetranslatedbookkeepingbasecurrencyamountandtheoriginalbookkeepingbasecurrencyamountisincludedinthecurrentperiod'sprofitorloss.Fornon-tradingequityinstrumentinvestmentsdesignatedasmeasuredatfairvaluethroughothercomprehensiveincome,thedifferencebetweenthetranslatedbookkeepingbasecurrencyamountandtheoriginalbookkeepingbasecurrencyamountisincludedinothercomprehensiveincome.
(3)Translationofforeignexchangestatements
Priortotheconversionofthefinancialstatementsofanenterprise'soverseasoperations,theaccountingperiodandpolicyoftheoverseasoperationsshouldbeadjustedtoconformtotheaccountingperiodandpolicyoftheenterprise.Thefinancialstatementsofthecorrespondingcurrency(otherthanthefunctionalcurrency)shouldbepreparedaccordingtotheadjustedaccountingpolicyandtheaccountingperiod.Thefinancialstatementsoftheoverseasoperationsshouldbeconvertedaccordingtothefollowingmethods:
①Theassetsandliabilitiesitemsinthebalancesheetaretranslatedatthespotexchangerateonthebalancesheetdate.Exceptforthe"undistributedprofits"items,theowner'sequityitemsaretranslatedatthespotexchangeratewhentheyoccur.
②Theincomeandexpenseitemsintheprofitstatementareconvertedatthespotexchangerateonthetransactiondateortheapproximateexchangerateofthespotexchangerate.
③Theforeigncurrencycashflowandtheforeignsubsidiary'scashflowareconvertedusingtheimmediateexchangerateortheapproximateexchangerateatthedateofthecashflow.Theimpactofexchangeratechangesoncashshouldbeusedasanadjustmentitemandpresentedseparatelyinthecashflowstatement.
④Theforeigncurrencytranslationdifferencesgeneratedarepresentedunderthe"OtherComprehensiveIncome"itemwithintheowner'sequitysectionoftheconsolidatedbalancesheetwhenpreparingtheconsolidatedfinancialstatements.
Whenforeignoperationsaredisposedofandthecontrolrightsarelost,thedifferenceinforeigncurrencystatementsrelatedtotheoverseasoperationsthatarelistedintheshareholders'equityitemsinthebalancesheetistransferredtotheprofitorlossforthecurrentperiod,eitherinwholeorinproportiontothedisposaloftheforeignoperations.
10.Financialinstrument
Financialinstrumentreferstoacompany'sfinancialassetsandcontractsthatformotherunitsoffinancialliabilitiesorequityinstruments.
(1)Recognitionandde-recognitionoffinancialinstrument
TheCompanyrecognizesafinancialassetorliabilitywhenitbecomesonepartyinthefinancialinstrumentcontract.
Financialassetisderecognizedwhen:
①Thecontractualrighttoreceivethecashflowsofthefinancialassetsisterminated;
②Thefinancialassetistransferredandmeetsthefollowingderecognitioncondition.Ifthecurrentobligationofafinancialliability(orpartofit)hasbeendischarged,theCompanyderecognizesthefinancialliability(orpartofthefinancialliability).WhentheCompany(borrower)andlenderenterintoanagreementtoreplacetheoriginalfinancialliabilitiesbyundertakingnewfinancialliabilitiesandthecontracttermsforthenewfinancialliabilitiesareessentiallydifferentfromthosefortheoriginalone,theoriginalfinancialliabilitieswillbederecognizedandnewfinancialliabilitieswillberecognized.WheretheCompanymakessubstantialamendmentstothecontracttermsoftheoriginalfinancialliability(orpartthereof),itshallterminatetheoriginalfinancialliabilityandconfirmanewfinancialliabilityinaccordancewiththeamendedterms.
Financialassettransactionsinregularwaysarerecognizedandde-recognizedonthetransactiondate.Theconventionalsaleoffinancialassetsmeansthedeliveryoffinancialassetsinaccordancewiththecontractualtermsandconditions,atthetimesetoutintheregulationsormarketpractices.TransactiondatereferstothedatewhentheCompanypromisestobuyorsellfinancialassets.
(2)Classificationandsubsequentmeasurementoffinancialassets
Atinitialrecognition,theCompanyclassifiesfinancialassetsintothefollowingthreecategoriesbasedonthebusinessmodelofmanagingfinancialassetsandthecontractualcashflowcharacteristicsoffinancialassets:financialassetsmeasuredatamortizedcostaremeasuredatfairvalueandtheirchangesareincludedinotherfinancialassetswithcurrentprofitandlossandfinancialassetsmeasuredatfairvaluethroughprofitorloss.UnlesstheCompanychangesthebusinessmodelformanagingfinancialassets,inthiscase,allaffectedfinancialassetsarereclassifiedonthefirstdayofthefirstreportingperiodafterthebusinessmodelchanges,otherwisethefinancialassetsmaynotbeinitiallyconfirmed.
Financialassetsaremeasuredatthefairvalueattheinitialrecognition.Forfinancialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount,relatedtransactionexpensesareaccountedintothecurrentincome.Forotherfinancialassets,therelatedtransactionexpensesareaccountedintotheinitialrecognizedamounts.Billsreceivableandaccountsreceivablearisingfromthesaleofcommoditiesortheprovisionoflaborservicesthatdonotcontainordonotconsidersignificantfinancingcomponents,theCompanyperformsinitialmeasurementaccordingtothetransactionpricedefinedbytheincomestandard.
Thesubsequentmeasurementoffinancialassetsdependsontheirclassification:
①FinancialassetsmeasuredatamortizedcostFinancialassetsthatmeetthefollowingconditionsatthesametimeareclassifiedasfinancialassetsmeasuredatamortizedcost:TheCompany'sbusinessmodelformanagingthisfinancialassetistocollectcontractualcashflowsasitsgoal;thecontracttermsofthefinancialassetstipulatethatCashflowisonlythepaymentofprincipalandinterestbasedontheoutstandingprincipalamount.Forsuchfinancialassets,theactualinterestratemethodisusedforsubsequentmeasurementaccordingtotheamortizedcost.Thegainsorlossesarisingfromtheterminationofrecognition,amortizationorimpairmentbasedontheactualinterestratemethodareincludedinthecurrentprofitandloss.
②FinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomeFinancialassetsthatmeetthefollowingconditionsatthesametimeareclassifiedasfinancialassetsmeasuredatfairvalueandtheirchangesareincludedinothercomprehensiveincome:TheCompany'sbusinessmodelformanagingthisfinancialassetistobothtargetthecollectionofcontractualcashflowsandthesaleoffinancialassets.Objective;Thecontractualtermsofthefinancialassetstipulatethatthecashflowgeneratedonaspecificdateisonlyforthepaymentofprincipalandinterestbasedontheoutstandingprincipalamount.Forsuchfinancialassets,fairvalueisusedforsubsequentmeasurement.Exceptforimpairmentlossesorgainsandexchangegainsandlossesrecognizedascurrentgainsandlosses,changesinthefairvalueofsuchfinancialassetsarerecognizedasothercomprehensiveincome.Untilthefinancialassetisderecognized,itsaccumulatedgainsorlossesaretransferredtocurrentgainsandlosses.However,therelevantinterestincomeofthefinancialassetcalculatedbytheactualinterestratemethodisincludedinthecurrentprofitandloss.TheCompanyirrevocablychoosestodesignateaportionofnon-tradableequityinstrumentinvestmentasafinancialassetmeasuredatfairvalueandwhosevariationisincludedinotherconsolidatedincome.Onlytherelevantdividendincomeisincludedinthecurrentprofitandloss,andthevariationoffairvalueisrecognizedasotherconsolidatedincome.
③FinancialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccountTheabovefinancialassetsmeasuredatamortizedcostandotherfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomeareclassifiedasfinancialassetsmeasuredatfairvalueandwhosechangesare
includedinthecurrentprofitandloss.Forsuchfinancialassets,fairvalueisusedforsubsequentmeasurement,andallchangesinfairvalueareincludedincurrentprofitandloss.
(3)ClassificationandmeasurementoffinancialliabilitiesTheCompanyclassifiesfinancialliabilitiesintofinancialliabilitiesmeasuredatfairvalueandtheirchangesincludedinthecurrentprofitandloss,loancommitmentsandfinancialguaranteecontractliabilitiesforloansbelowmarketinterestrates,andfinancialliabilitiesmeasuredatamortizedcost.Thesubsequentmeasurementoffinancialliabilitiesdependsontheirclassification:
①FinancialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccountSuchfinancialliabilitiesincludetransactionalfinancialliabilities(includingderivativesthatarefinancialliabilities)andfinancialliabilitiesdesignatedasatfairvaluethroughprofitorloss.Aftertheinitialrecognition,thefinancialliabilitiesaresubsequentlymeasuredatfairvalue.Exceptforthehedgeaccounting,thegainsorlosses(includinginterestexpenses)arerecognizedinprofitorloss.However,forthefinancialliabilitiesdesignatedasfairvalueandwhosevariationsareincludedintheprofitsandlossesofthecurrentperiod,thevariableamountofthefairvalueofthefinancialliabilityduetothevariationofcreditriskofthefinancialliabilityshallbeincludedintheotherconsolidatedincome.Whenthefinancialliabilityisterminated,thecumulativegainsandlossespreviouslyincludedintheotherconsolidatedincomeshallbetransferredoutoftheotherconsolidatedincomeandshallbeincludedintheretainedincome.
②LoancommitmentsandfinancialsecuritycontractualliabilitiesAloancommitmentisapromisethattheCompanyprovidestocustomerstoissueloanstocustomerswithestablishedcontracttermswithinthecommitmentperiod.Loancommitmentsareprovidedforimpairmentlossesbasedontheexpectedcreditlossmodel.
AfinancialguaranteecontractreferstoacontractthatrequirestheCompanytopayaspecificamountofcompensationtothecontractholderwhosufferedalosswhenaspecificdebtorisunabletorepaythedebtinaccordancewiththeoriginalormodifieddebtinstrumentterms.Financialguaranteecontractliabilitiesaresubsequentlymeasuredbasedonthehigherofthelossreserveamountdeterminedinaccordancewiththeprincipleofimpairmentoffinancialinstrumentsandtheinitialrecognitionamountafterdeductingtheaccumulatedamortizationamountdeterminedinaccordancewiththerevenuerecognitionprinciple.
③FinancialliabilitiesmeasuredatamortizedcostAfterinitialrecognition,otherfinancialliabilitiesaremeasuredatamortizedcostusingtheeffectiveinterestmethod.Exceptinspecialcircumstances,financialliabilitiesandequityinstrumentsaredistinguishedaccordingtothefollowingprinciples:
①IftheCompanycannotunconditionallyavoiddeliveringcashorotherfinancialassetstofulfillacontractualobligation,thecontractualobligationmeetsthedefinitionoffinancialliability.Whilesomefinancialinstrumentsdonotexplicitlycontaintermsandconditionsforthedeliveryofcashorotherfinancialassets,theymayindirectlyformcontractualobligationsthroughothertermsandconditions.IfafinancialinstrumentisrequiredtobesettledwithorcanbesettledwiththeCompany'sownequityinstruments,theCompany'sownequityinstrumentusedtosettletheinstrumentneedstobeconsideredasasubstituteforcashorotherfinancialassetsorfortheholderoftheinstrumenttoenjoytheremainingequityintheassetsafterallliabilitiesarededucted.Ifitistheformer,theinstrumentisthefinancialliabilitiesoftheissuer;ifitisthelatter,theinstrumentistheequityinstrumentoftheissuer.Insomecases,afinancialinstrumentcontractprovidesthattheCompanyshallormayuseitsowninstrumentofinterest,inwhichtheamountofacontractualrightorobligationisequaltotheamountoftheinstrumentofitsowninterestwhichmaybeacquiredordeliveredmultipliedbyitsfairvalueatthetimeofsettlement,whethertheamountofthecontractualrightorobligationisfixedorisbasedentirelyorinpartonavariationofavariableotherthanthemarketpriceoftheinstrumentofitsowninterest,suchastherateofinterest,thepriceofacommodityorthepriceofafinancialinstrument,thecontractisclassifiedasafinancialliability.
(4)Derivativefinancialinstrumentsandembeddedderivatives
Derivativefinancialinstrumentsareinitiallymeasuredatthefairvalueofthedaywhenthederivativetransactioncontractissigned,andaresubsequentlymeasuredattheirfairvalues.Derivativefinancialinstrumentswithapositivefairvaluearerecognizedasasset,andinstrumentswithanegativefairvaluearerecognizedasliabilities.
Thegainsandlossesarisingfromthechangeinfairvalueofderivativesaredirectlyincludedintheprofitsandlossesofthecurrentperiod,exceptthatthepartofthecashflowthatisvalidinthehedgeisincludedintheotherconsolidatedincomeandtransferredoutwhenthehedgeditemaffectsthegainandlossofthecurrentperiod.
Forahybridinstrumentcontaininganembeddedderivativeinstrument,iftheprincipalcontractisafinancialasset,thehybridinstrumentasawholeappliestherelevantprovisionsofthefinancialassetclassification.Ifthemaincontractisnotafinancialasset,andthehybridinstrumentisnotmeasuredatfairvalueanditschangesareincludedinthecurrentprofitandlossforaccounting,theembeddedderivativedoesnothaveacloserelationshipwiththemaincontractintermsofeconomiccharacteristicsandrisks,anditisIftheinstrumentswiththesameconditionsandexistseparatelymeetthedefinitionofderivativeinstruments,theembeddedderivativeinstrumentsareseparatedfromthemixedinstrumentsandtreatedasseparatederivativefinancialinstruments.Ifthefairvalueoftheembeddedderivativeontheacquisitiondateorthesubsequentbalancesheetdatecannotbemeasuredseparately,thehybridinstrumentasawholeisdesignatedasafinancialassetorfinancialliabilitymeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitorloss.
(5)FinancialinstrumentLess
TheCompanyshallconfirmthepreparationforlossonthebasisofexpectedcreditlossforfinancialassetsmeasuredatamortizationcosts,creditor'srightsinvestmentsmeasuredatfairvalue,contractualassets,leasingreceivables,loancommitmentsandfinancialguaranteecontracts,etc.
①Measurementofexpectedcreditlossesofaccountsreceivable
Theexpectedcreditlossreferstotheweightedaverageofthecreditlossesoffinancialinstrumentsthatareweightedbytheriskofdefault.CreditlossreferstothedifferencebetweenallcontractualcashflowsreceivablefromthecontractandallcashflowsexpectedtobereceivedbytheCompanyattheoriginalactualinterestrate,thatis,thepresentvalueofallcashshortages.Amongthem,thefinancialassetswhichhavebeenpurchasedorbornbytheCompanyshallbediscountedaccordingtotheactualrateofcreditadjustmentofthefinancialassets.
Theexpectedlifetimecreditlossistheexpectedcreditlossduetoallpossibledefaulteventsduringtheentireexpectedlifeofthefinancialinstrument.
Expectedcreditlossesinthenext12monthsareexpectedtoresultfrompossibledefaultsinfinancialinstrumentswithin12monthsafterthebalancesheetdate(orestimateddurationoffinancialinstrumentsiftheexpecteddurationislessthan12months)Creditlossesarepartoftheexpectedlifetimecreditloss.
Oneachbalancesheetday,theCompanymeasurestheexpectedcreditlossesoffinancialinstrumentsatdifferentstages.Wherethecreditriskhasnotincreasedsignificantlysincetheinitialconfirmationofthefinancialinstrument,itisinthefirststage.TheCompanymeasuresthepreparationforlossaccordingtotheexpectedcreditlossinthenext12months.Wherethecreditriskhasincreasedsignificantlysincetheinitialconfirmationbutthecreditimpairmenthasnotoccurred,thefinancialinstrumentisinthesecondstage.Whereacreditimpairmenthasoccurredsincetheinitialconfirmationofthefinancialinstrument,itshallbeinthethirdstage,andtheCompanyshallprepareformeasuringtheexpectedcreditlossofthewholesurvivalperiodoftheinstrument.Forfinancialinstrumentswithlowcreditriskonthebalancesheetdate,theCompanyassumesthatthecreditriskhasnotincreasedsignificantlysincetheinitialrecognition,andmeasuresthelossprovisionbasedontheexpectedcreditlossesinthenext12months.Forfinancialinstrumentsthatareinthefirstandsecondstagesandwithlowercreditrisk,theCompanycalculatesinterestincomebasedontheirbookbalancesandactualinterestrateswithoutdeductionforimpairmentprovision.Forfinancialinstrumentsinthethirdstage,interestincomeiscalculatedbasedontheamortizedcostandtheactualinterestrateafterthebookbalanceminustheprovisionforimpairment.Regardingbillsreceivable,accountsreceivableandfinancingreceivables,regardlessofwhetherthereisasignificantfinancingcomponent,theCompanymeasuresthelossprovisionbasedontheexpectedcreditlossesthroughouttheduration.Accountsreceivable/contractassetsWherethereisobjectiveevidenceofimpairment,aswellasotherreceivableinstruments,receivables,otherreceivables,receivablesfinancingandlong-termreceivablesapplicabletoindividualassessments,separateimpairmenttestsareperformedtoconfirmexpectedcreditlossesandprepareindividualimpairment.Fornotesreceivable,accountsreceivable,otherreceivables,financingofreceivables,long-termreceivables,andcontractassetsforwhichthereisnoobjectiveevidenceofimpairment,orwhenindividualfinancialassetscannotbeassessedatareasonablecost,theCompanydividesbillsreceivable,accountsreceivable,otherreceivables,receivablefinancing,long-termreceivables,andcontractassetsintoseveralcombinationsbasedoncreditriskcharacteristics,andcalculatesexpectedcreditlossesonthebasisofthecombination.Thebasisfordeterminingthecombinationisasfollows:
Thebasisfordeterminingthecombinationofnotesreceivableisasfollows:
NotesReceivableCombination1CommercialAcceptanceBillNotesReceivableCombination2BankAcceptanceBillForNotesreceivabledividedintoportfolios,theCompanyreferstohistoricalcreditlossexperience,combinedwithcurrentconditionsandpredictionsoffutureeconomicconditions,andcalculatesthroughdefaultriskexposureandexpectedcreditlossratewithinthenext12monthsortheentiredurationExpectedcreditlosses.Thebasisfordeterminingthecombinationofaccountsreceivableisasfollows:
Accountsreceivablecombination1AccountsreceivablebusinessAccountsreceivablecombination2RealestatereceivablebusinessAccountsreceivablecombination3OthersreceivablebusinessOtherreceivableportfolio4ReceivablesfromrelatedpartieswithinthescopeofconsolidationFortheaccountsreceivabledividedintoacombination,theCompanyreferstothehistoricalcreditlossexperience,combinedwiththecurrentsituationandtheforecastofthefutureeconomicsituation,compilestheaccountreceivableageandthewholeexpectedcreditlossratetable,andcalculatestheexpectedcreditloss.Thebasisfordeterminingthecombinationofotherreceivablesisasfollows:
Otherreceivableportfolio1InterestreceivablePortfolioofotherreceivables2DividendsreceivableOthercombinationsofreceivables3DepositandmarginreceivableOtherreceivableportfolio4ReceivableadvancesCombinationofotherreceivables5Value-addedtaxreceivableisincreasedandrefundedOtherreceivableportfolio6Receivablesfromrelatedpartieswithinthescopeofconsolidation
Otherreceivablesportfolio7OtherreceivablesForotherreceivablesdividedintoportfolios,theCompanyreferstohistoricalcreditlossexperience,combinedwithcurrentconditionsandpredictionsoffutureeconomicconditions,andcalculatesthroughdefaultriskexposureandexpectedcreditlossratewithinthenext12monthsortheentiredurationExpectedcreditlosses.
Thebasisfordeterminingthecombinationofreceivablesfinancingisasfollows:
Receivablesfinancingportfolio1bankacceptancebillForNotesreceivabledividedintoportfolios,theCompanyreferstohistoricalcreditlossexperience,combinedwithcurrentconditionsandpredictionsoffutureeconomicconditions,andcalculatesthroughdefaultriskexposureandexpectedcreditlossratewithinthenext12monthsortheentiredurationExpectedcreditlosses.
Thebasisfordeterminingtheportfolioofcontractassetsisasfollows:
Contractassetsportfolio1conditionalcollectionrightofsalesContractassetsportfolio2CompletedandunsettledprojectnotmeetingcollectionconditionsContractassetsportfolio3QualityguaranteedepositnotmeetingcollectionconditionsForcontractassetsdividedintoportfolios,theCompanyreferstohistoricalcreditlossexperience,combinedwithcurrentconditionsandpredictionsoffutureeconomicconditions,andcalculatesthroughdefaultriskexposureandexpectedcreditlossratewithinthenext12monthsortheentiredurationExpectedcreditlosses.
OtherdebtinvestmentForotherreceivablesdividedintoportfolios,theCompanyreferstohistoricalcreditlossexperience,combinedwithcurrentconditionsandpredictionsoffutureeconomicconditions,andcalculatesthroughdefaultriskexposureandexpectedcreditlossratewithinthenext12monthsortheentiredurationExpectedcreditlosses.
②Lowercreditrisk
Iftheriskofdefaultonfinancialinstrumentsislow,theborrower'sabilitytomeetitscontractualcashflowobligationsintheshorttermisstrong,andeveniftheeconomicsituationandoperatingenvironmentareadverselychangedoveralongperiodoftime,itmaynotnecessarilyreducethereceivables'performanceoftheircontractualcash.Theabilityoftheflowobligation,thefinancialinstrumentisconsideredtohavealowercreditrisk.
③Significantincreaseincreditrisk
TheCompanycomparesthedefaultprobabilityofthefinancialinstrumentduringtheexpectedlifetimedeterminedbythebalancesheetdatewiththedefaultprobabilityoftheexpectedlifetimeduringtheinitialconfirmationtodeterminetherelativeprobabilityofthedefaultprobabilityofthefinancialinstrumentduringtheexpectedlifetimeChangestoassesswhetherthecreditriskoffinancialinstrumentshasincreasedsignificantlysinceinitialrecognition.
Indeterminingwhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition,theCompanyconsidersreasonableandevidencedinformation,includingforward-lookinginformation,thatcanbeobtainedwithoutunnecessaryadditionalcostsoreffort.TheinformationconsideredbytheCompanyincludes:
A.Significantchangesininternalpriceindicatorsresultingfromchangesincreditrisk;
B.Adversechangesinbusiness,financialoreconomicconditionsthatareexpectedtocausesignificantchangesinthedebtor'sabilitytoperformitsdebtserviceobligations;
C.Whethertheactualorexpectedoperatingresultsofthedebtorhavechangedsignificantly;whethertheregulatory,economicortechnicalenvironmentofthedebtorhasundergonesignificantadversechanges;
D.Whetherthereisasignificantchangeinthevalueofthecollateralusedasdebtcollateralortheguaranteeprovidedbyathirdpartyorthequalityofcreditenhancement.Thesechangesareexpectedtoreducethedebtor'seconomicmotivationforrepaymentwithinthetimelimitspecifiedinthecontractoraffecttheprobabilityofdefault;
E.Whetherthereisasignificantchangeintheeconomicmotivationthatisexpectedtoreducethedebtor'srepaymentaccordingtothecontractualdeadline;
F.Anticipatedchangestotheloancontract,includingwhethertheexpectedviolationofthecontractmayresultintheexemptionorrevisionofcontractobligations,grantinginterest-freeperiods,risinginterestrates,requiringadditionalcollateralorguarantees,ormakingotherchangestothecontractualframeworkoffinancialinstrumentschange;G.Whethertheexpectedperformanceandrepaymentbehaviorofthedebtorhaschangedsignificantly;H.Whetherthecontractpaymentisoverdueformorethan(including)30days.Basedonthenatureoffinancialinstruments,theCompanyassesseswhethercreditriskhasincreasedsignificantlyonthebasisofasinglefinancialinstrumentorcombinationoffinancialinstruments.Whenconductinganassessmentbasedonacombinationoffinancialinstruments,theCompanycanclassifyfinancialinstrumentsbasedoncommoncreditriskcharacteristics,suchasoverdueinformationandcreditriskratings.
Iftheoverdueperiodexceeds30days,theCompanyhasdeterminedthatthecreditriskoffinancialinstrumentshasincreasedsignificantly.UnlesstheCompanydoesnothavetopayexcessivecostsoreffortstoobtainreasonableandwarrantedinformation,itprovesthatalthoughithasexceededthetimelimitof30daysagreeduponintheContract,creditriskshavenotincreasedsignificantlysincetheinitialconfirmation.
④Financialassetswithcreditimpairment
TheCompanyassessesonthebalancesheetdatewhetherfinancialassetsmeasuredatamortizedcostandcreditinvestmentsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomehaveundergonecreditimpairment.Whenoneormoreeventsthatadverselyaffecttheexpectedfuturecashflowsofafinancialassetoccur,thefinancialassetbecomesafinancialassetthathassufferedacreditimpairment.Evidencethatcreditimpairmenthasoccurredinfinancialassetsincludesthefollowingobservableinformation:
Majorfinancialdifficultieshaveoccurredtotheissuerorthedebtor;Breachofcontractbythedebtor,suchaspaymentofinterestordefaultoroverdueofprincipal;(B)Theconcessionthatthedebtorwouldnotmakeunderanyothercircumstancesforeconomicorcontractualconsiderationsrelatingtothefinancialdifficultiesofthedebtor;Thedebtorislikelytobebankruptorundertakeotherfinancialrestructuring;Thefinancialdifficultiesoftheissuerordebtorleadtothedisappearanceoftheactivemarketforthefinancialasset;Topurchaseorgenerateafinancialassetatasubstantialdiscount,whichreflectsthefactthatacreditlosshasoccurred.
⑤PresentationofexpectedcreditlossmeasurementInordertoreflectthechangesinthecreditriskoffinancialinstrumentssincetheinitialrecognition,theCompanyre-measurestheexpectedcreditlossesoneachbalancesheetdate,andtheincreaseorreversalofthelossprovisionresultingtherefromisincludedasanimpairmentlossorgain.Currentprofitandloss.Forfinancialassetsmeasuredatamortizedcost,thelossallowanceoffsetsthebookvalueofthefinancialassetlistedonthebalancesheet;fordebtinvestmentsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome,theCompanyRecognitionofitslossprovisionsingainsdoesnotoffsetthebookvalueofthefinancialasset.
⑥CanceledIfitisnolongerreasonablyexpectedthatthecontractcashflowofthefinancialassetswillbefullyorpartiallyrecovered,thebookbalanceofthefinancialassetswillbedirectlyreduced.Suchwrite-offconstitutethederecognitionofrelatedfinancialassets.ThisusuallyoccurswhentheCompanydeterminesthatthedebtorhasnoassetsorsourcesofincomethatgeneratesufficientcashflowtocovertheamountthatwillbewrittendown.
Ifthefinancialassetsthathavebeenwrittendownarerecoveredinthefuture,thereversaloftheimpairmentlossisincludedintheprofitorlossofthecurrentperiod.
(6)Transferoffinancialassets
Thetransferoffinancialassetsreferstothefollowingtwosituations:
A.Transferthecontractualrighttoreceivecashflowoffinancialassetstoanotherparty;
B.Transfersthefinancialassetstotheotherpartyinwholeorinpart,butreservesthecontractualrighttocollectthecashflowofthefinancialassetsandundertakesthecontractualobligationtopaythecollectedcashflowtooneormorerecipients.
①De-identificationoftransferredfinancialassets
Thosewhohavetransferredalmostallrisksandrewardsintheownershipoffinancialassetstothetransferee,orhaveneithertransferrednorretainedalmostalltherisksandrewardsintheownershipoffinancialassets,buthavegivenupcontrolofthefinancialassets,terminatetheconfirmationThefinancialasset.
Indeterminingwhethercontroloverthetransferredfinancialassethasbeenwaived,theactualcapacityofthetransferortosellthefinancialassetisdetermined.Ifthetransferorisabletosellthetransferredfinancialassetswhollytoathirdpartythatdoesnothavearelationshipwiththem,andhasnoadditionalconditionstolimitthesale,itindicatesdshaswaivedcontroloverthefinancialassets.TheCompanypaysattentiontotheessenceoffinancialassettransferwhenjudgingwhetherfinancialassettransfermeetstheconditionoffinancialassettermination.Iftheoveralltransferoffinancialassetsmeetstheconditionsforterminationofconfirmation,thedifferencebetweenthefollowingtwoamountsisincludedinthecurrentprofitandloss:
A.ContinuingidentificationoftransferredBookvalue；
B.Thesumoftheamountreceivedasaresultofthetransferandtheamountaccruedasaresultofthechangeinthefairvalueofthetransferinrespectoftheterminationrecognizedportionoftheamountpreviouslychargeddirectlytotheotherconsolidatedproceeds(thefinancialassetsinvolvedinthetransferarethoseclassifiedinaccordancewithArticle18ofEnterpriseAccountingStandardNo.22-FinancialInstrumentsRecognitionandMeasurementasmeasuredbythefairvalueandwhosechangeischargedtotheotherconsolidatedproceeds).
Ifthepartialtransferoffinancialassetsmeetstheconditionsforderecognition,thebookvalueoftheentiretransferredfinancialassetswillbeincludedinthederecognizedpartandtheunterminatedpart(inthiscase,theretainedserviceassetsareregardedaspartofthecontinuedrecognitionoffinancialassets)Betweenthem,theyareapportionedaccordingtotheirrespectiverelativefairvaluesonthetransferdate,andthedifferencebetweenthefollowingtwoamountsisincludedinthecurrentprofitandloss:
A.Terminationofthebookvalueoftherecognizedportiononthedateofderecognition;
B.Thesumoftheamountreceivedasaresultofthetransferandtheamountaccruedasaresultofthechangeinthefairvalueofthetransferinrespectoftheterminationrecognizedportionoftheamountpreviouslychargedtotheotherconsolidatedproceeds(thefinancialassetsinvolvedinthetransferarethoseclassifiedinaccordancewithArticle18ofEnterpriseAccountingStandardNo.22-FinancialInstrumentsRecognitionandMeasurementasmeasuredbythefairvalueandwhosechangeischargedtotheotherconsolidatedproceeds).
②ContinuetobeinvolvedinthetransferredfinancialassetsIfneithertransfernorretainalmostalltherisksandrewardsoftheownershipoffinancialassets,andhavenotgivenupcontrolofthefinancialassets,therelevantfinancialassetsshouldbeconfirmedaccordingtotheextentoftheircontinuedinvolvementinthetransferredfinancialassets,andtherelevantliabilitiesshouldberecognizedaccordingly.
Theextenttowhichthetransferredfinancialassetscontinuetobeinvolvedreferstotheextenttowhichtheenterpriseundertakestheriskorcompensationofthevaluechangeofthetransferredfinancialassets.
(III)Continuingidentificationoftransferredfinancialassets
Wherealmostallrisksandremunerationinrelationtoownershipofthetransferredfinancialassetsareretained,thewholeofthetransferredfinancialassetsshallcontinuetoberecognizedandtheconsiderationreceivedshallberecognizedasafinancialliability.
Thefinancialassetandtherecognizedrelatedfinancialliabilitiesshallnotoffseteachother.Inthesubsequentaccountingperiod,theenterpriseshallcontinuetorecognizetheincome(orgain)generatedbythefinancialassetandthecosts(orlosses)incurredbythefinancialliability.
(7)Deductionoffinancialassetsandliabilities
Financialassetsandfinancialliabilitiesshouldbelistedseparatelyinthebalancesheet,andcannotbeoffsetagainsteachother.However,ifthefollowingconditionsaremet,thenetamountoffsetbyeachotherislistedinthebalancesheet:
TheCompanyhasastatutoryrighttooffsettheconfirmedamount,andsuchlegalrightiscurrentlyenforceable;
TheCompanyplanstosettlethenetassetsorrealizethefinancialassetsandliquidatethefinancialliabilitiesatthesametime.
Thetransferringpartyshallnotoffsetthetransferredfinancialassetsandrelatedliabilitiesifitdoesnotmeettheconditionsforterminatingtherecognition.
(8)RecognitionoffairvalueofFinanceinstruments
Forthemethodfordeterminingthefairvalueoffinancialassetsandfinancialliabilities,see33(3)inChapterX,V.Importantaccountingpoliciesandaccountingestimates.
11.Notesreceivable
SeeChapterX,V,ImportantAccountingPoliciesandAccountingEstimates10.FinancialTools.
12.Accountreceivable
SeeChapterX,V,ImportantAccountingPoliciesandAccountingEstimates10.FinancialTools.
TheCompanyneedstocomplywiththedisclosurerequirementsofthedecorationanddecorationindustryintheGuidelinesfortheSelf-disciplineandSupervisionofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure.
13.Receivablefinancing
SeeChapterX,V,ImportantAccountingPoliciesandAccountingEstimates10.FinancialTools.
14.Otherreceivables
SeeChapterX,V,ImportantAccountingPoliciesandAccountingEstimates10.FinancialTools.
15.Contractassets
TheCompanypresentscontractassetsorliabilitiesinthebalancesheetaccordingtotherelationshipbetweenperformanceobligationandcustomerpayment.TheconsiderationforwhichtheCompanyisentitledtoreceive(subjecttofactorsotherthanthepassageoftime)forthetransferofgoodsortheprovisionofservicestocustomersislistedascontractassets.TheCompany'sobligationtotransfergoodsorprovideservicestocustomersforconsiderationreceivedorreceivablefromcustomersislistedascontractualliabilities.
Contractassetsandcontractliabilitiesarelistedseparatelyinthebalancesheet.Contractassetsandcontractliabilitiesunderthesamecontractarelistedinnetamount.Ifthenetamountisthedebitbalance,itshallbelistedin"contractassets"or"othernon-currentassets"accordingtoitsliquidity;ifthenetamountisthecreditbalance,itshallbelistedin"contractliabilities"or"othernon-currentliabilities"accordingtoitsliquidity.Contractassetsandcontractliabilitiesunderdifferentcontractscannotoffseteachother.
ForthedeterminationmethodandaccountingtreatmentmethodoftheCompany'sexpectedcreditlossofcontractassets,see
10.FinancialinstrumentsinChapterX,V.Importantaccountingpoliciesandaccountingestimates.
16.Inventories
(1)ClassificationofinventoriesInventoryreferstothefinishedproductsorcommoditiesheldbytheCompanyforsaleindailyactivities,theproductsinprocessofproduction,thematerialsandmaterialsconsumedintheprocessofproductionorprovidinglaborservices,includingentrustedprocessingmaterials,rawmaterials,productsinprocess,materialsintransit,storedgoods,lowvalueconsumables,developmentcosts,developmentproductsandcontractperformancecosts,etc.
(2)PricingofdeliveringinventoryInventoriesaremeasuredatcostwhenprocured.Rawmaterials,productsinprocessandcommoditystocksintransitaremeasuredbytheweightedaveragemethod.Theinventoryofrealestatebusinessmainlyincludesinventorymaterials,developmentcosts,developmentproducts,etc.Theactualcostsofdevelopmentproductsincludelandtransferpayment,infrastructureandfacilitycosts,installationengineeringcosts,borrowsbeforecompletionofthedevelopmentandothercostsduringthedevelopmentprocess.Thespecialmaintenancefundscollectedinthefirstperiodareincludedinthedevelopmentoverheads.Whenthecontrolrightofdevelopmentproductsistransferred,theindividualvaluationmethodisusedtodetermineitsactualcost.
(3)InventorysystemTheCompanyinventoryadoptstheperpetualinventorysystem,countingatleastonceayear,theinventoryprofitandlossamountisincludedinthecurrentyear'sprofitandloss.
(4)CriteriaforrecognizingandprovidingforprovisionfordeclineinvalueofinventoriesOnthebalancesheetdate,inventoriesareaccounteddependingonwhichislowerbetweenthecostandthenetrealizablevalue.Ifthecostishigherthanthenetrealizablevalue,theimpairmentprovisionwillbemade.
Therealizablenetvalueofinventoryshouldberecognizedbasedonsolidevidencewiththepurposeoftheinventoryandafter-balance-sheet-dateeventstakenintoconsideration.
(1)Inthecourseofnormalproductionandoperation,thenetrealizablevalueoffinishedgoods,commoditiesandmaterialsdirectlyusedforsaleshallbedeterminedbytheestimatedpriceoftheinventoryminustheestimatedcostofsaleandrelatedtaxes.Theinventoryheldfortheexecutionofasalescontractoralaborcontractshallbemeasuredonthebasisofthecontractpriceasitsnetrealizablevalue;Ifthequantityheldisgreaterthanthequantityorderedunderthesalescontract,thenetrealizablevalueoftheexcessinventoryismeasuredonthebasisofthegeneralsalesprice.Formaterialsusedforsale,themarketpriceshallbeusedasthemeasurementbasisforthenetrealizablevalue.
②Inthenormalproductionandoperationprocess,theinventoryofmaterialsthatneedtobeprocessedisdeterminedbytheamountoftheestimatedsellingpriceofthefinishedproductminustheestimatedcosttobeincurredatthetimeofcompletion,estimatedsalesexpensesandrelatedtaxesRealizethenetvalue.Ifthenetrealizablevalueofthefinishedproductproducedbyitishigherthanthecost,thematerialismeasuredatcost;Ifthedecreaseinthepriceofthematerialindicatesthatthenetrealizablevalueofthefinishedproductislowerthanthecost,thematerialismeasuredasthenetrealizablevalueandtheinventoryispreparedforadecreasebasedonitsdifference.
③Ifthefactorsaffectingthepreviouswrite-downofinventoryvaluehavedisappearedonthebalancesheetdate,theamountofthewrite-downwillberestoredandtransferredbackwithintheamountofinventorydepreciationreservethathasbeenaccrued,andtheamountreturnedwillbeincludedinthecurrentprofitandloss.
(5)Methodsofamortizationofswingmaterials
Low-valueconsumablesareamortizedonon-offamortizationbasisatusing.
17.Long-termshareequityinvestment
TheGroup'slong-termequityinvestmentincludescontroloninvestedentitiesandsignificantimpactsonequityinvestment.InvestedentitiesonwhichtheGrouphassignificantimpactsareassociatesoftheGroup.
(1)Basisforrecognitionofcommoncontrolandmajorinfluenceoninvestedentities
Commoncontrolreferstothecommoncontrolofanarrangementinaccordancewiththerelevantagreement,andtherelevantactivitiesofthearrangementmustbeagreeduponbytheparticipantswhosharecontrol.Indeterminingwhetherthereis
commoncontrol,thefirststepistodeterminewhetheralloragroupofparticipantscollectivelycontrolthearrangement,whichisconsideredcollectivecontrolbyalloragroupofparticipantsifalloragroupofparticipantsmustacttogethertodeterminetheactivitiesassociatedwiththearrangement.Secondly,itisjudgedwhetherthedecisiononrelatedactivitiesofthearrangementmustbeagreedbytheparticipantswhocollectivelycontrolthearrangement.Ifthereisacombinationoftwoormorepartiesthatcancollectivelycontrolanarrangement,itdoesnotconstitutejointcontrol.Whenjudgingwhetherthereisjointcontrol,theprotectiverightsenjoyedarenotconsidered.Majorinfluencereferstothepowertoparticipateindecision-makingoffinancialandoperationpoliciesofacompany,butcannotcontrolorjointlycontrolthemakingofthepolicies.WhenconsideringwhethertheCompanycanimposesignificantimpactsontheinvestedentity,impactsofconversionofshareswithvotingrightshelddirectlyorindirectlybytheinvestorandvotingrightsthatcanbeexecutedinthisperiodheldbytheinvestorandotherpartyintosharesoftheinvestedentityshouldbeconsidered.
IftheCompanydirectlyorthroughsubsidiariesholdsmorethan20%(inclusive)butlessthan50%oftheshareswithvotingrightsoftheinvestedentity,unlessthereisclearevidenceprovingthattheCompanycannotparticipatethedecision-makingofproductionandoperationoftheinvestedentity,theCompanyhasmajorinfluenceontheinvestedentity.
(2)Recognitionofinitialinvestmentcosts
Long-termequityinvestmentsformedbymergerofenterprisesshallbedeterminedinaccordancewiththefollowingprovisions:
A.Inthecaseofanenterprisemergerunderthesamecontrol,wherethemergingpartymakesavaluationofthemergerbypaymentofcash,transferofnon-cashassetsorundertakingliabilities,theshareofthebookvalueoftheowner'sinterestinthefinalcontrollingparty'sconsolidatedfinancialstatementsastheinitialinvestmentcostofthelong-termequityinvestmentatthedateofthemerger.Thedifferencebetweentheinitialinvestmentcostoflong-termequityinvestmentandthecashpaid,thetransferrednon-cashassetsandthebookvalueofthedebtassumedshallbeadjustedtothecapitalreserve;ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted;
Long-termequityinvestmentgeneratedbyenterprisemerger:forlong-termequityinvestmentobtainedbymergerofenterprisesundercommoncontrol,theobtainedshareofbookvalueoftheinterestsofthemergedparty'sownerintheconsolidatefinancialstatementsonthemergerdateiscosts;forlong-termequityinvestmentobtainedbymergerofenterprisesnotunder
commoncontrol,themergercostistheinvestmentcost.Adjustthecapitalreserveaccordingtothedifferencebetweentheinitialinvestmentcostoflong-termequityinvestmentandthetotalfacevalueoftheissuedshares.Ifthecapitalreserveisinsufficienttooffsetorreduce,theretainedincomeshallbeadjusted;Formergerofentitiesunderdifferentcontrol,themergercostisthefairvalueoftheassetpaid,liabilityundertaken,andequitysecuritiesissuedforexchangingofcontrolpowerovertheentitiesatthedayofacquisition.Agencyexpensesandotheradministrativeexpensessuchasauditing,legalconsulting,orappraisalservicesoccurredrelatingtothemergerofentitiesareaccountedintocurrentincomeaccountwhenoccurred.Long-termequityinvestmentsformedbymergerofenterprisesshallbedeterminedinaccordancewiththefollowingprovisions:
Forlong-termequityinvestmentobtainedbycash,theactuallypaidconsiderationistheinitialinvestmentcost.Initialinvestmentcostsincludeexpenses,taxesandothernecessaryexpendituresdirectlyrelatedtotheacquisitionoflong-termequityinvestments;B.Long-termequityinvestmentsacquiredfromtheissuanceofinterestsecuritiesaretheinitialinvestmentcostsbasedonthefairvalueoftheissueinterestsecurities;C.Forlong-termequityinvestmentsobtainedthroughnon-monetaryassetexchanges,iftheexchangehascommercialsubstanceandthefairvalueoftheexchangedassetsorexchangedassetscanbereliablymeasured,thefairvalueoftheexchangedassetsandrelevanttaxesshallbeusedastheinitialInvestmentcost,thedifferencebetweenthefairvalueandbookvalueoftheswapped-outassetisincludedinthecurrentprofitandloss;ifthenon-monetaryassetexchangedoesnotmeettheabovetwoconditionsatthesametime,thebookvalueoftheswapped-outassetandrelevanttaxeswillbeusedastheinitialinvestmentcost.
D.Long-termequityinvestmentsacquiredthroughdebtrestructuringdeterminetheirrecordedvalueatthefairvalueofthewaivedclaimsandothercostssuchastaxesdirectlyattributabletotheassetsandaccountforthedifferencebetweenthefairvalueandthebookvalueofthewaivedclaims.
(3)Subsequentmeasurementandrecognitionofgain/loss
TheCompanyusesthecostmethodtomeasurelong-termshareequityinvestmentinwhichtheCompanycancontroltheinvestedentity;andusestheequitymethodtomeasurelong-termshareequityinvestmentinwhichtheCompanyhassubstantialinfluenceontheinvestedentity.
①Cost
Forthelong-termequityinvestmentmeasuredonthecostbasis,exceptfortheannouncedcashdividendorprofitincludedinthepracticalcostorpricewhentheinvestmentwasmade,thecashdividendsorprofitdistributedbytheinvestedentityarerecognizedasinvestmentgainsinthecurrentgain/lossaccount.
Equity
Gainsfromlong-termequityinvestmentmeasuredbyequity
Whentheequitymethodisusedtomeasurelong-termequityinvestment,theinvestmentcostwillnotbeadjustediftheinvestmentcostofthelong-termequityinvestmentislargerthantheshareoffairvalueoftherecognizableassetsoftheinvestedentity.Whenitissmallerthantheshareoffairvalueoftherecognizableassetsoftheinvestedentity,thebookvaluewillbeadjustedandthedifferenceisincludedinthecurrentgainsoftheinvestment.
Whentheequitymethodisused,thecurrentinvestmentgainistheshareofthenetgainrealizedinthecurrentyearthatcanbesharedorborne,recognizedasinvestmentgainandothermisc.income.Thebookvalueofthelong-termequityinvestmentisadjustedaccordingly.Thebookvalueofthelong-termequityinvestmentshouldbeaccordinglydecreasedbasedontheshareofprofitorcashdividendannouncedbytheinvestedentity;accordingtootherchangesintheowner'sequityexceptfornetprofitandloss,othermisc.incomeandprofitdistributionoftheinvestedentity,adjustthebookvalueofthelong-termequityinvestmentandrecorditinthecapitalsurplus(othercapitalsurplus).Whentheshareofthenetgainsthatcanbeenjoyedisrecognized,itisrecognizedafterthenetprofitoftheinvestedentityisadjustedbasedonthefairvalueoftherecognizableassetsoftheinvestedentityaccordingtotheCompany'saccountingpoliciesandaccountingperiod.WheretheaccountingpolicyandaccountingperiodadoptedbytheInvestedunitareinconsistentwiththeCompany,thefinancialstatementsoftheInvestedunitshallbeadjustedinaccordancewiththeaccountingpolicyandaccountingperiodoftheCompany,andtheinvestmentincomeandotherconsolidatedincomeshallberecognized.InternaltransactiongainnotrealizedbetweentheCompanyandaffiliatesismeasuredaccordingtotheshareholdingproportionandtheinvestmentgainsisrecognizedafterdeduction.TheunrealizedinternaltransactionlossbetweentheCompanyandtheinvestedentityistheimpairmentlossoftransferredassetsandshouldnotbewrittenoff.
Wheresubstantialinfluenceoninvestedentitiesisimposedorjointcontrolisimplementedduetoincreaseininvestment,thesumofthefairvalueoftheoriginalequityandincreasedinvestmentontheconversiondateistheinitialinvestmentcostundertheequitymethod.Iftheequityinvestmentoriginallyheldisclassifiedasotherequityinstrumentinvestment,thedifferencebetweenthefairvalueandthebookvalue,aswellastheaccumulatedgainsorlossesoriginallyincludedinothercomprehensiveincome,shallbetransferredoutofothercomprehensiveincomeandincludedinretainedincomeinthecurrentperiodwhentheequitymethodisadopted.
Wherejointcontrolorsubstantialinfluenceoninvestedentitiesislostduetodisposalofpartofinvestment,theremainingequityafterthedisposalshouldbetreatedaccordingtotheEnterpriseAccountingStandardNo.22–RecognitionandMeasurementofFinancialInstrumentsfromthedateoflosingthejointcontrolorsubstantialinfluence.Thedifferencebetweenthefairvalueandbookvalueshouldbeaccountedtheprofitandlossofthecurrentperiod.Forothermisc.incomesoforiginalshareequityinvestmentdeterminedusingtheequitymethod,whentheequitymethodisnolongerused,itshouldbetreatedbasedonthesamebasisofthetreatmentofrelatedassetsorliabilityoftheinvestedentities;theotherowners'interestsrelatedtotheoriginalshareequityinvestmentshouldbetransferredtogain/lossofthecurrentperiod.
(4)Equityinvestmentheldforsale
Fortheremainingequityinvestmentsnotclassifiedasassetsheldforsale,theequitymethodisadoptedforaccountingtreatment.
Equityinvestmentsclassifiedasheldforsaletoassociatesthatarenolongereligibletoholdclassifiedassetsforsaleareretrospectivelyadjustedusingtheequitymethodstartingfromthedatethattheyareclassifiedasheldforsale.Theclassificationisadjustedtoholdthefinancialstatementsfortheperiodtobesold.
(5)Impairmentexaminationandprovidingofimpairmentprovision
Forinvestmentsinsubsidiaries,associatesandjointventures,themethodofaccruingassetimpairmentisshownin23.Long-termassetimpairmentinChapterX,V.Importantaccountingpoliciesandaccountingestimates.XVIII.Investmentrealestate
(1)Classificationofinvestmentrealestate
Investmentrealestateisheldforrentorcapitalappreciation,orboth.Theseinclude,interalia:
①Leasedlandusingright
(2)therighttousethelandthatistransferredafterholdingandpreparingfortheincrement.
③Leasedbuilding
(2)MeasurementofinvestmentrealestateForinvestmentrealestatewithanactiverealestatetransactionmarketandtheCompanycanobtainmarketpriceandotherinformationofsameorsimilarrealestatetoreasonablyestimatetheinvestmentrealestate'sfairvalue,theCompanywillusethefairvaluemodetomeasuretheinvestmentrealestatesubsequently.Variationsinfairvalueareaccountedintothecurrentgain/lossaccount.Thefairvalueofinvestmentrealestateisdeterminedwithreferencetothecurrentmarketpricesofsameorsimilarrealestateinactivemarkets;whennosuchpriceisavailable,withreferencetotherecenttransactionpricesandconsiderationoffactorsincludingtransactionbackground,dateanddistricttoreasonablyestimatethefairvalue;orbasedontheestimatedleasegainsandpresentvalueofrelatedcashflows.
Forinvestmentrealestateunderconstruction(includinginvestmentrealestateunderconstructionforthefirsttime),ifthefairvaluecannotbereliablydeterminedbuttheexpectedfairvalueoftherealestateaftercompletioniscontinuouslyandreliablyobtained,theinvestmentrealestateunderconstructionismeasuredbycost.Whenthefairvaluecanbemeasuredreliablyoraftercompletion(theearlierone),itismeasuredatfairvalue.Foraninvestmentrealestatewhosefairvalueisprovenunabletobeobtainedcontinuouslyandreliablybyobjectiveevidence,therealestatewillbemeasuredatcostbasisuntilitisdisposedandnoresidualvalueremainsasassumed.
Ifthecostmodelisusedforsubsequentmeasurementofinvestmentrealestate,depreciationoramortizationiscalculatedaccordingtothestraight-linemethodafterthecostofinvestmentrealestateminusaccumulatedimpairmentandnetresidualvalue.SeethisChapterXV.Importantaccountingpolicies,forthemethodofaccruingassetimpairment23.Impairmentoflong-termassetsinaccountingestimates.
Thetypesofinvestmentrealestate,estimatedeconomicusefullifeandestimatednetresidualvalueratearedeterminedasfollows:
| Type | Serviceyear(year) | Residualrate% | Annualdepreciationrate% |
| Houses&buildings | 20-50 | 10.00 | 1.80-4.50 |
19.Fixedassets
(1)RecognitionconditionsFixedassetsarerecognizedattheactualcostofacquisitionwhenthefollowingconditionsaremet:(1)Theeconomicbenefitsassociatedwiththefixedassetsarelikelytoflowintotheenterprise.Fixedassetsarerecognizedattheactualcostofacquisitionwhenthefollowingconditionsaremet:(1)Theeconomicbenefitsassociatedwiththefixedassetsarelikelytoflowintotheenterprise.
②Thecostofthefixedassetscanbemeasuredreliably.Overhaulcostgeneratedbyregularexaminationonfixedassetsisrecognizedasfixedassetscostswhenthereisevidenceprovingthatitmeetsfixassetsrecognitionconditions.Ifnot,itwillbeaccountedintothecurrentgain/lossaccount.
(2)Depreciationmethod
| Type | Depreciationmethod | Serviceyear(year) | Residualrate% | Annualdepreciationrate% |
| Houses&buildings | Averageage | 20-50 | 10.00 | 1.80-4.50 |
| Mechanicalequipment | Averageage | 10 | 10.00 | 9.00 |
| Transportationfacilities | Averageage | 5 | 10.00 | 18.00 |
| Electronicsandotherdevices | Averageage | 5 | 10.00 | 18.00 |
| PVpowerplants | Averageage | 20 | 5.00 | 4.75 |
20.Constructioninprocess
(1)Constructioninprogressisaccountedforbyprojectclassification.
(2)StandardandtimingfortransferringconstructioninprocessintofixedassetsThefullexpenditureincurredontheconstruction-in-progressprojectasafixedassetisrecordedasthevalueoftheassetbeforetheassetisconstructedtotheintendedusablestate.Thisincludesconstructioncosts,theoriginalcostofequipment,othernecessaryexpendituresincurredinordertoenabletheconstructionworkstoreachtheintendedusablestatusandtheborrowing
costsincurredforthespecificborrowingoftheprojectandthegeneralborrowingexpensesincurredbeforetheassetsreachtheintendedusablestatus.Constructioninprocesswillbetransferredtofixedassetswhenitreachesthepresetservicecondition.Thefixedassetsthathavereachedtheintendedusablestatebuthavenotbeencompletedshallbetransferredtothefixedassetsaccordingtotheestimatedvalueaccordingtotheestimatedvalueaccordingtotheestimatedvalueaccordingtotheprojectbudget,costoractualprojectcost,etc.ThedepreciationofthefixedassetsshallbeaccruedaccordingtotheCompany'sfixedassetsdepreciationpolicy.Theoriginalestimatedvalueshallbeadjustedaccordingtotheactualcostafterthecompletion.XXI.Borrowingexpenses
(1)RecognitionprinciplesforcapitalizationofborrowingexpensesBorrowingexpensesoccurredtotheCompanythatcanbeaccountedaspurchasingorproductionofassetsatisfyingtheconditionsofcapitalizing,arecapitalizedandaccountedascostofrelatedasset.
(1)Assetexpenditurehasoccurred;
②Theborrowingexpensehasalreadyoccurred;
③Purchasingorproductionactivity,whichisnecessaryfortheassettoreachtheusefulstatus,hasalreadystarted.Otherinterestonloans,discountsorpremiumsandexchangedifferencesareincludedintheincomeandlossincurredinthecurrentperiod.
Iftheconstructionorproductionofassetssatisfyingthecapitalizingconditionsissuspendedabnormallyforover3months,capitalizingofborrowingexpensesshallbesuspended.Duringthenormalsuspensionperiod,borrowingexpenseswillbecapitalizedcontinuously.Whentheassetsatisfyingthecapitalizingconditionshasreacheditsusableorsellablestatus,capitalizingofborrowingexpensesshallbeterminated.
(2)Calculationofthecapitalizationamountofborrowingexpense
Interestexpensesgeneratedbyspecialborrowingslesstheinterestsincomeobtainedfromthedepositofunusedborrowingsorinvestmentgainsfromtemporaryinvestmentiscapitalized;thecapitalizationamountforgeneralborrowingisdeterminedbased
onthecapitalizationratewhichistheexceedingpartoftheaccumulativeassetsexpenseoverweightedaverageoftheassetsexpenseofthespecialborrowing/usedgeneralborrowing.
Iftheassetsthatareconstructedorproducedundertheconditionofcapitalizationoccupythegeneralborrowing,theinterestamounttobecapitalizedinthegeneralborrowingshallbecalculatedanddeterminedbymultiplyingthecapitalrateofthegeneralborrowingbytheweightedaverageoftheassetexpenditureoftheaccumulatedassetswhoseexpenditureexceedsthatofthespecializedborrowing.Thecapitalizationratioistheweightedaverageinterestrateofgeneralborrowings.XXII.IntangibleassetsRecordedattheactualcostofacquisition.
(1)Amortizationofintangibleassets
①Usefullifeofintangibleassetswithlimitedusefullife
| Item | Estimatedusefullife | Basis |
| Landusingright | Term | Userightassets |
| Trademarksandpatents | 10 | Referencetodeterminethelifetimeofacompanyforwhichitcanbringeconomicbenefits |
| Proprietarytechnology | 10 | Referencetodeterminethelifetimeofacompanyforwhichitcanbringeconomicbenefits |
| Software | 5.10years | Referencetodeterminethelifetimeofacompanyforwhichitcanbringeconomicbenefits |
Attheendofeachyear,theCompanywillreexaminetheusefullifeandamortizationbasisofintangibleassetswithlimitedusefullife.Uponreview,theservicelifeandamortizationmethodsofintangibleassetsattheendoftheperiodarenotdifferentfromthosepreviouslyestimated.
(2)Intangibleassetswhichcannotbeforeseeabletobringeconomicbenefitstoenterprisesshallberegardedasintangibleassetswhoseusefullifeisuncertain.Forintangibleassetswithuncertainservicelife,theCompanyreviewstheservicelifeofintangibleassetswithuncertainservicelifeattheendofeachyear.Ifitisstilluncertainafterrechecking,itshallconductanimpairmenttestonthebalancesheetdate.
③Amortizationofintangibleassets
Forintangibleassetswithfiniteusefullives,theCompanydeterminestheirusefullivesuponacquisitionandamortizesthemsystematicallyandreasonablyusingthestraight-linemethodovertheirusefullives.Theamortizationamountisincludedinthecurrentperiod'sprofitorlossaccordingtothebeneficiaryprojectsorincludedinthecostoftherelatedassets.Thespecificamortizationamountistheamountafterthecostisdeductedfromtheestimatedresidualvalue.Forfixedassetsforwhichdepreciationprovisionismade,thedepreciationratewillbedeterminedaftertheaccumulativedepreciationprovisionamountisdeducted.Theresidualvalueofanintangibleassetwithlimitedusefullifeistreatedaszero,exceptwhereathirdpartyundertakestopurchasetheintangibleassetattheendofitsusefullifeortoobtainexpectedresidualvalueinformationbasedontheactivemarket,whichislikelytoexistattheendofitsusefullife.Intangibleassetswithuncertainservicelifewillnotbeamortized.Attheendofeachyear,theusefullifeofintangibleassetswithuncertainusefullifeisreviewed,andifthereisevidencethattheusefullifeofintangibleassetsislimited,theusefullifeisestimatedandthesystemisreasonablyamortizedwithintheexpectedusefullife.
(2)ScopeofR&Dexpendituresandrelatedaccountingtreatment
Specificstandardfordistinguishbetweenresearchanddevelopmentstage
①TheCompanytakestheinformationandrelatedpreparatoryactivitiesforfurtherdevelopmentactivitiesastheresearchstage,andtheintangibleassetsexpenditureintheresearchstageisincludedinthecurrentprofitandlossperiod.
②ThedevelopmentactivitiescarriedoutaftertheCompanyhascompletedtheresearchstageasthedevelopmentstage.
Specificconditionsforcapitalizationofexpendituresinthedevelopmentphase
Expendituresinthedevelopmentphasecanberecognizedasintangibleassetsonlywhenthefollowingconditionsaremet:
A.Itistechnicallyfeasibletocompletetheintangibleassetsothatitcanbeusedorsold;
B.Havetheintentiontocompletetheintangibleassetanduseorsellit;
C.Thewayintangibleassetsgenerateeconomicbenefits,includingtheabilitytoprovethattheproductsproducedbytheintangibleassetsexistinthemarketortheintangibleassetsthemselvesexistinthemarket,andtheintangibleassetswillbeusedinternally,whichcanprovetheirusefulness;
D.Havesufficienttechnical,financialandotherresourcesupporttocompletethedevelopmentoftheintangibleasset,andhavetheabilitytouseorselltheintangibleasset;E.Theexpenditureattributabletothedevelopmentstageoftheintangibleassetcanbereliablymeasured.
23.Assetsimpairment
TheGroupusesthecostmodetocontinuemeasuringtheassetsimpairmenttoinvestmentrealestate,fixedassetsconstructioninprogress,intangibleassetsandgoodwill(exceptfortheinventories,investmentrealestatemeasuredbythefairvaluemode,deferredincometaxassetsandfinancialassets).Themethodisdeterminedasfollows:
TheCompanyjudgeswhetherthereisasignofimpairmenttoassetsonthebalancesheetday.Ifsuchsignexists,theCompanyestimatestherecoverableamountandconductstheimpairmenttest.Impairmenttestisconductedannuallyforgoodwillgeneratedbymergersandintangibleassetsthathavenotreachedtheusefulconditionnomatterwhethertheimpairmentsignexists.
Therecoverableamountisdeterminedbythehigherofthenetoffairvalueminusdisposalexpenseandthepresentvalueofthepredictedfuturecashflow.TheCompanyestimatestherecoverableamountontheindividualassetitembasis;whetheritishardtoestimatetherecoverableamountontheindividualassetitembasis,determinetherecoverableamountbasedontheassetgroupthattheassetsbelongto.TheassetsgroupisdeterminedbywhetherthemaincashflowgeneratedbytheGroupisindependentfromthosegeneratedbyotherassetsorassetsgroups.
Whentherecoverableamountoftheassetsorassetsgroupislowerthanitsbookvalue,theCompanywritesdownthebookvaluetotherecoverableamount,thewrite-downamountisaccountedintothecurrentincomeaccountandtheassetsimpairmentprovisionismade.
Forgoodwillimpairmenttest,thebookvalueofgoodwillgeneratedbymergersisamortizedthroughreasonablemeasuressincethepurchasedaytorelatedassetgroups;thosecannotbeamortizedtorelatedassetsgroupsareamortizedtorelatedcombinationofassetgroups.TherelatedassetgroupsorcombinationofassetgroupsrefertothosethatcanbenefitfromthesynergisticeffectofmergersandmustnotexceedtothereportingrangedeterminedbytheCompany.
Whentheimpairmenttestisconducted,ifthereissignofimpairmenttotheassetgrouporcombinationofassetgroupsrelatedtogoodwill,firstperformimpairtestforassetgrouporcombinationofassetgroupswithoutgoodwillandcalculatetherecoverableamountandrecognizetherelatedimpairmentloss.Thenconductimpairmenttestonthosewithgoodwill,comparethe
bookvaluewithrecoverableamount.Iftherecoverableamountislowerthanthebookvalue,recognizetheimpairmentlossofthegoodwill.Oncerecognized,theassetimpairmentlosscannotbewrittenbackinsubsequentaccountingperiod.
24.Long-termamortizableexpensesThelong-termdeferredexpensesshallbeusedtocalculatetheexpensesthathaveoccurredbutshouldbebornebytheCompanyinthecurrentandsubsequentperiodswithaamortizationperiodofmorethanoneyear.TheCompany'slong-termdeferredexpensesareamortizedaveragelyduringthebenefitperiod.
25.Contractliabilities
See15.ContractassetsinChapterX,V.ImportantAccountingPoliciesandAccountingEstimatesfordetails.
26.Staffremuneration
(1)Accountingofoperationalleasing
①Basicsalaryofemployees(salary,bonus,allowance,subsidy)Intheaccountingperiodforwhichthestaffandworkersprovideservices,theCompanyshallconfirmtheactualshort-termremunerationasliabilitiesandshallaccountforthecurrentincomeandloss,exceptasrequiredorpermittedbyotheraccountingstandards.
②EmployeewelfareTheemployeebenefitsincurredbytheCompanyshallbeincludedinthecurrentprofitandlossorrelatedassetcostsaccordingtotheactualamountincurred.Wheretheemployee'sbenefitisnon-monetary,itshallbemeasuredonthebasisoffairvalue.
③Socialinsurancepremiumsandhousingaccumulationfundssuchashealthinsurancepremiums,workinjurypremiums,birthinsurancepremiums,tradeunionfundsandstaffandeducationfundsTheCompanypaysthemedicalinsurancepremiums,workinjuryinsurancepremiums,birthinsurancepremiums,etc.socialinsurancepremiumsandhousingaccumulationfundsforthestaffandworkers,aswellastheunionfundsandthestaffand
workerseducationfundsaccordingtotheregulations,intheaccountingperiodforwhichthestaffandworkersprovideservices,thecorrespondingsalaryamountofthestaffandworkers,andconfirmsthecorrespondingliabilities,whichareincludedinthecurrentprofitandlossorrelatedassetcosts.
④Short-termpaidleaveTheCompanyaccumulatesthesalaryoftheemployeeswhoareabsentfromworkwithpaywhentheemployeesprovideservice,thusincreasingtheirfuturerightofabsencewithpay.TheCompanyconfirmsthesalaryoftheemployeerelatedtotheabsenceofnon-cumulativesalaryduringtheactualabsenceaccountingperiod.
⑤Short-termprofitshareprogramIftheprofit-sharingplanmeetsthefollowingconditionsatthesametime,theCompanyshallconfirmthesalarypayabletothestaffandworkers:
A.Thelegalorpresumptiveobligationoftheenterprisetopaytheremunerationofitsemployeesasaresultofpastmatters;B.Theamountofemployeecompensationobligationsduetotheprofitsharingplancanbereliablyestimated.
(2)Accountingofpost-employmentwelfareTheCompany'spost-employmentbenefitplanisdefinedcontributionplan.Definedcontributionplansincludebasicendowmentinsurance,unemploymentinsurance,etc.Duringtheaccountingperiodwhenemployeesprovideservicesforthem,theCompanyshallrecognizethedepositamountcalculatedaccordingtothedefineddepositplanasliabilitiesandincludeitinthecurrentprofitsandlossesorrelatedassetcosts.
(3)Accountingofdismisswelfare
IftheCompanyprovidesterminationbenefitstoemployees,theemployeecompensationliabilitiesarisingfromtheterminationbenefitsshallberecognizedattheearliestofthefollowingtwoandshallbeincludedinthecurrentprofitandloss:
①Anenterprisemaynotunilaterallywithdrawtheresignationbenefitsprovidedforbythedismissalplanorreductionproposal;
②Whentheenterpriserecognizesthecostsorexpensesrelatedtothereorganizationinvolvingthepaymentofresignationbenefits.
27.Anticipatedliabilities
(1)Recognitionstandardsofanticipatedliabilities
Whenresponsibilitiesoccurredinconnectiontocontingentissues,andallofthefollowingconditionsaresatisfied,theyarerecognizedasexpectableliabilityinthebalancesheet:
①ThisresponsibilityisacurrentresponsibilityundertakenbytheCompany;
②ExecutionofthisresponsibilitymaycausefinancialbenefitoutflowfromtheCompany;
③Amountoftheliabilitycanbereliablymeasured.
(2)Measurementofanticipatedliabilities
Expectedliabilitiesareinitiallymeasuredatthebestestimationontheexpensestoexercisethecurrentresponsibility,andwithconsiderationstotherelativerisks,uncertainty,andperiodicvalueofcurrency.Oneachbalancesheetdate,reviewthebookvalueoftheestimatedliabilities.Wherethereisconclusiveevidencethatthebookvaluedoesnotreflectthecurrentbestestimate,thebookvalueisadjustedtothecurrentbestestimate.
28.Revenue
(1)Generalprinciples
IncomeisthetotalinflowofeconomicbenefitsformedinthedailyactivitiesoftheCompany,whichwillleadtotheincreaseofshareholders'equityandhasnothingtodowiththecapitalinvestedbyshareholders.
TheCompanyhasfulfilledtheperformanceobligationinthecontract,thatis,therevenueisrecognizedwhenthecustomerobtainsthecontrolrightofrelevantgoods.Toobtainthecontrolrightoftherelevantcommoditymeanstobeabletodominatetheuseofthecommodityandobtainalmostalltheeconomicbenefitsfromit.
Iftherearetwoormoreperformanceobligationsinthecontract,theCompanywillallocatethetransactionpricetoeachsingleperformanceobligationaccordingtotherelativeproportionoftheseparatesellingpriceofthegoodsorservicespromisedbyeachsingleperformanceobligationonthestartdateofthecontract,andmeasuretheincomeaccordingtothetransactionpriceallocatedtoeachsingleperformanceobligation.ThetransactionpricereferstotheamountofconsiderationthattheCompanyisexpectedtobeentitledtoreceiveduetothetransferofgoodsorservicestocustomers,excludingtheamountcollectedonbehalfofathirdparty.Whendeterminingthecontracttransactionprice,ifthereisavariableconsideration,theCompanyshalldeterminethebestestimateofthevariableconsiderationaccordingtotheexpectedvalueorthemostlikelyamount,andincludeitinthetransactionpricewiththeamountnotexceedingtheaccumulatedrecognizedincomewhentherelevantuncertaintyiseliminated,whichismostlikelynottohaveasignificantreversal.Ifthereisasignificantfinancingcomponentinthecontract,theCompanywilldeterminethetransactionpriceaccordingtotheamountpayableincashwhenthecustomerobtainsthecontrolrightofthecommodity.Thedifferencebetweenthetransactionpriceandthecontractconsiderationwillbeamortizedbytheeffectiveinterestmethodduringthecontractperiod.Iftheintervalbetweenthecontrolrighttransferandthecustomer'spaymentislessthanoneyear,theCompanywillnotconsiderthefinancingcomponentPoints.Ifoneofthefollowingconditionsismet,theperformanceobligationshallbeperformedwithinacertainperiodoftime;otherwise,theperformanceobligationshallbeperformedatacertainpointoftime:
①WhenthecustomerperformsthecontractintheCompany,heobtainsandconsumestheeconomicbenefitsbroughtbytheCompany'sperformance;
②Customerscancontrolthegoodsunderconstructionduringtheperformanceofthecontract;
③ThegoodsproducedbytheCompanyintheprocessofperformancehaveirreplaceableuses,andtheCompanyhastherighttocollectmoneyfortheperformancepartthathasbeencompletedsofarduringthewholecontractperiod.
Fortheperformanceobligationsperformedwithinacertainperiodoftime,theCompanyshallrecognizetherevenueaccordingtotheperformanceprogresswithinthatperiod,exceptthattheperformanceprogresscannotbereasonablydetermined.TheCompanydeterminestheprogressofperformancefortheprovisionofservicesonthebasisoftheinput(oroutput)method.Whentheprogressofperformancecannotbereasonablydetermined,ifthecostincurredbytheCompanyisexpectedtobe
compensated,therevenueshallberecognizedaccordingtotheamountofcostincurreduntiltheprogressofperformancecanbereasonablydetermined.Fortheperformanceobligationperformedatacertaintimepoint,theCompanyrecognizestherevenueatthetimepointwhenthecustomerobtainsthecontrolrightofrelevantgoods.Indeterminingwhetheracustomerhasacquiredcontrolofgoodsorservices,theCompanywillconsiderthefollowingsigns:
①TheCompanyhastherighttoreceivepaymentforthegoodsorservices,thatis,thecustomerhastheobligationtopayforthegoods;
②TheCompanyhastransferredthelegalownershipofthegoodstothecustomer,thatis,thecustomerhasthelegalownershipofthegoods;
③TheCompanyhastransferredthegoodsinkindtothecustomer,thatis,thecustomerhaspossessedthegoodsinkind;
④TheCompanyhastransferredthemainrisksandrewardsoftheownershipofthegoodstothecustomer,thatis,thecustomerhasobtainedthemainrisksandrewardsoftheownershipofthegoods;
⑤Theproducthasbeenacceptedbythecustomer.
Salesreturnclause
Forthesaleswithsalesreturnclauses,whenthecustomerobtainsthecontrolrightoftherelevantgoods,theCompanyshallrecognizetherevenueaccordingtotheamountofconsiderationitisentitledtoobtainduetothetransferofthegoodstothecustomer,andrecognizetheamountexpectedtobereturnedduetothesalesreturnastheestimatedliability;atthesametime,theCompanyshalldeducttheestimatedcostofrecoveringthegoodsaccordingtothebookvalueoftheexpectedreturnedgoodsatthetimeoftransfer(Thebalanceafterdeductingthevalueofthereturnedgoodsisrecognizedasanasset,thatis,thecostofreturnreceivable,whichiscarriedforwardbydeductingthenetcostoftheaboveassetsaccordingtothebookvalueofthetransferredgoodsatthetimeoftransfer.Oneachbalancesheetdate,theCompanyreestimatesthereturnoffuturesalesandremeasurestheaboveassetsandliabilities.
Warrantyobligations
Accordingtothecontractandlegalprovisions,theCompanyprovidesqualityassuranceforthegoodssoldandtheprojectsconstructed.Fortheguaranteequalityassurancetoensurethatthegoodssoldmeettheestablishedstandards,theCompanyconductsaccountingtreatmentinaccordancewiththeaccountingstandardsforBusinessEnterprisesNo.13-contingencies.Fortheservicequalityassurancewhichprovidesaseparateserviceinadditiontoguaranteeingthatthegoodssoldmeettheestablishedstandards,theCompanytakesitasasingleperformanceobligation,allocatespartofthetransactionpricetotheservicequalityassuranceaccordingtotherelativeproportionoftheseparatesellingpriceofthegoodsandservicequalityassurance,andrecognizestherevenuewhenthecustomerobtainstheservicecontrolright.Whenevaluatingwhetherthequalityassuranceprovidesaseparateserviceinadditiontoassuringcustomersthatthegoodssoldmeettheestablishedstandards,theCompanyconsiderswhetherthequalityassuranceisastatutoryrequirement,thequalityassuranceperiod,andthenatureoftheCompany'scommitmenttoperformthetask.
Customerconsiderationpayable
Ifthereisconsiderationpayabletothecustomerinthecontract,unlesstheconsiderationistoobtainotherclearlydistinguishablegoodsorservicesfromthecustomer,theCompanywilloffsetthetransactionpricewiththeconsiderationpayable,andoffsetthecurrentincomeatthelatertimeofconfirmingtherelevantincomeorpaying(orpromisingtopay)thecustomer'sconsideration.
Contractualrightsnotexercisedbycustomers
IftheCompanyadvancessalesofgoodsorservicestocustomers,theamountshallberecognizedasliabilitiesfirst,andthenconvertedintoincomewhenrelevantperformanceobligationsarefulfilled.WhentheCompanydoesnotneedtoreturntheadvancepaymentandthecustomermaygiveupallorpartofthecontractrights,iftheCompanyexpectstohavetherighttoobtaintheamountrelatedtothecontractrightsgivenupbythecustomer,theaboveamountshallberecognizedasincomeinproportionaccordingtothemodeofthecustomerexercisingthecontractrights;otherwise,theCompanyonlyhastheverylowpossibilityofthecustomerrequiringtoperformtheremainingperformanceobligationsTherelevantbalanceoftheaboveliabilitiesisconvertedintoincome.
Contractchange
WhentheconstructioncontractbetweentheCompanyandthecustomerischanged:
①Ifthecontractchangeincreasestheclearlydistinguishableconstructionserviceandcontractprice,andthenewcontractpricereflectstheseparatepriceofthenewconstructionservice,theCompanywilltreatthecontractchangeasaseparatecontractforaccounting;
②Ifthecontractchangedoesnotbelongtotheabove-mentionedsituation(1),andthereisacleardistinctionbetweenthetransferredconstructionserviceandthenon-transferredconstructionserviceonthedateofcontractchange,theCompanywillregarditastheterminationoftheoriginalcontract,andatthesametime,combinethenonperformancepartoftheoriginalcontractandthecontractchangepartintoanewcontractforaccountingtreatment;
③Ifthecontractchangedoesnotbelongtotheabovesituation(1),andthereisnocleardistinctionbetweenthetransferredconstructionservicesandthenontransferredconstructionservicesonthedateofcontractchange,theCompanywilltakethecontractchangepartasanintegralpartoftheoriginalcontractforaccountingtreatment,andtheresultingimpactontherecognizedincomewillbeadjustedtothecurrentincomeonthedateofcontractchange.
(2)ThespecificmethodsofrevenuerecognitionoftheCompanyareasfollows:
①Commoditysalescontract
ThecommoditysalescontractbetweentheCompanyandthecustomerincludestheperformanceobligationoftransferringcurtainwallmaterials,screendoormaterials,electricenergy,etc.,whichbelongstotheperformanceobligationatacertaintimepoint.
Revenuefromdomesticsalesofproductsisrecognizedatthetimewhenthecustomerobtainstherightofcontrolofthegoodsonthebasisofcomprehensiveconsiderationofthefollowingfactors:theCompanyhasdeliveredtheproductstothecustomeraccordingtothecontract,thecustomerhasacceptedthegoods,thepaymentforgoodshasbeenrecoveredorthereceipthasbeenobtained,andtherelevanteconomicbenefitsarelikelytoflowin,themainrisksandrewardsoftheownershipofthegoodshavebeentransferred,thelegalownershiphasbeentransferred;
Thefollowingconditionsshouldbemetfortherecognitionofexportproductrevenue:theCompanyhasdeclaredtheproductaccordingtothecontract,obtainedthebilloflading,collectedthepaymentforgoodsorobtainedthereceiptcertificate,andtherelevanteconomicbenefitsarelikelytoflowin,themainrisksandrewardsoftheownershipofgoodshavebeentransferred,andthelegalownershipofgoodshasbeentransferred.
②ServicecontractTheservicecontractbetweentheCompanyanditscustomersincludestheperformanceobligationsofmetroplatformscreendooroperationmaintenance,curtainwallmaintenanceandpropertyservices.AstheCompany'sperformanceatthesametime,thecustomersobtainandconsumetheeconomicbenefitsbroughtbytheCompany'sperformance,theCompanytakesitastheperformanceobligationwithinacertainperiodoftimeandallocatesitequallyduringtheserviceprovisionperiod.
③EngineeringcontractTheprojectcontractbetweentheCompanyandthecustomerincludestheperformanceobligationsofcurtainwallprojectandmetroplatformscreendoorprojectconstruction.AsthecustomercancontrolthegoodsunderconstructionintheprocessoftheCompany'sperformance,theCompanytakesthemastheperformanceobligationswithinacertainperiodoftime,andrecognizestheincomeaccordingtotheperformanceprogress,exceptthattheperformanceprogresscannotbereasonablydetermined.TheCompanydeterminestheperformancescheduleofprovidingconstructionservicesaccordingtotheinputmethod.Theperformancescheduleshallbedeterminedaccordingtotheproportionoftheactualcontractcosttotheestimatedtotalcontractcost.
④RealestatesalescontractTheincomeoftheCompany'srealestatedevelopmentbusinessisrecognizedwhenthecontrolofthepropertyistransferredtothecustomer.TheincomeisrecognizedwhenthecustomerobtainsthephysicalownershiporlegalownershipofthecompletedpropertyandtheCompanyhasobtainedthecurrentrightofcollectionandislikelytorecovertheconsideration.Whenconfirmingthecontracttransactionprice,ifthefinancingcomponentissignificant,theCompanywilladjustthecontractcommitmentconsiderationaccordingtothefinancingcomponentofthecontract.
(3)AdoptionofdifferentbusinessmodelsforthesametypeofbusinessinvolvingdifferentrevenuerecognitionandmeasurementmethodsThereisnodifferenceinrevenuerecognitionduetotheadoptionofdifferentaccountingpoliciesforsimilarbusinesses.
29.Contractcosts
Contractcostisdividedintocontractperformancecostandcontractacquisitioncost.
ThecostincurredbytheCompanyinperformingthecontractshallberecognizedasanassetwhenthefollowingconditionsaremetsimultaneously:
Thecostisdirectlyrelatedtoacurrentorexpectedcontract,includingdirectlabor,directmaterials,manufacturingexpenses(orsimilarexpenses),clearlybornebythecustomer,andothercostsincurredonlyduetothecontract;
②ThiscostincreasestheCompany'sfutureresourcesforfulfillingitsperformanceobligations.
③Thecostisexpectedtoberecovered.
IftheincrementalcostincurredbytheCompanytoobtainthecontractisexpectedtoberecovered,itshallberecognizedasanassetasthecontractacquisitioncost.
Theassetsrelatedtothecontractcostshallbeamortizedonthesamebasisastheincomefromgoodsorservicesrelatedtotheassets;however,iftheamortizationperiodofthecontractacquisitioncostislessthanoneyear,theCompanyshallincludeitinthecurrentprofitandlosswhenitoccurs.
Ifthebookvalueoftheassetsrelatedtothecontractcostishigherthanthedifferencebetweenthefollowingtwoitems,theCompanywillmakeprovisionforimpairmentfortheexcesspartandrecognizeitasthelossofassetimpairment,andfurtherconsiderwhethertheestimatedliabilitiesrelatedtothelosscontractshouldbemade:
①Theresidualconsiderationexpectedtobeobtainedduetothetransferofgoodsorservicesrelatedtotheasset;
②Theestimatedcosttobeincurredforthetransferoftherelevantgoodsorservices.
Iftheaboveprovisionforimpairmentofassetsissubsequentlyreversed,thebookvalueoftheassetafterreversalshallnotexceedthebookvalueoftheassetonthereversaldatewithoutprovisionforimpairment.
Thecontractperformancecostrecognizedasanassetwithanamortizationperiodofnomorethanoneyearoronenormalbusinesscycleatthetimeofinitialrecognitionshallbelistedinthe"inventory"item,andtheamortizationperiodofnomorethanoneyearoronenormalbusinesscycleatthetimeofinitialrecognitionshallbelistedinthe"othernon-currentassets"item.
Thecontractacquisitioncostrecognizedasanassetshallbelistedintheitemof"othercurrentassets"whentheamortizationperioddoesnotexceedoneyearoronenormalbusinesscycleatthetimeofinitialrecognition,andlistedintheitem
of"othernon-currentassets"whentheamortizationperiodexceedsoneyearoronenormalbusinesscycleatthetimeofinitialrecognition.
30.Governmentsubsidy
(1)GovernmentsubsidyGovernmentsubsidiesarerecognizedwhenthefollowingconditionsaremet:
①Requirementsattachedtogovernmentsubsidies;
②TheCompanycanreceivegovernmentsubsidies.
(2)GovernmentsubsidyWhenagovernmentsubsidyismonetarycapital,itismeasuredatthereceivedorreceivableamount.Nonemonetarycapitalaremeasuredatfairvalue;ifnoreliablefairvalueavailable,recognizedatRMB1.
(3)Recognitionofgovernmentsubsidies
①Assets-relatedGovernmentsubsidiesrelatedtoassetsareobtainedbytheCompanytopurchase,buildorformulateinothermannerslong-termassets;orsubsidiesrelatedtobenefits.Iftheasset-relatedgovernmentsubsidyisrecognizedasdeferredgain,shouldberecordedingainandlossintheservicelife.Governmentsubsidymeasuredatthenominalamountisaccountedintocurrentincomeaccount.Iftherelevantassetsaresold,transferred,scrappedordamagedbeforetheendoftheirusefullife,theunallocatedrelevantdeferredincomebalanceshallbetransferredtotheprofitandlossofthecurrentperiodofdispositionoftheassets.
Gain-relatedgovernmentsubsidyshouldbeaccountedasfollows:
TheCompanydividesgovernmentsubsidiesintoassets-relatedandearnings-relatedgovernmentsubsidies.Gain-relatedgovernmentsubsidyshouldbeaccountedasfollows:
Subsidythatwillbeusedtocompensaterelatedfuturecostsorlossesshouldberecognizedasdeferredgainandrecordedinthegainandlossofthecurrentreportandoffsetrelatedcost;
Subsidythatisusedtocompensateexistingcostorlossshouldberecordedinthegainandlossofthecurrentperiodoroffsetrelatedcost.
Forgovernmentsubsidiesthatincludebothasset-relatedandincome-relatedparts,separatedifferentpartsforaccountingtreatment;Itisdifficulttodistinguishbetweentheoverallclassificationofgovernmentsubsidiesrelatedtobenefits.
Governmentsubsidyrelatedtoroutineoperationsshouldberecordedinothergainsoroffsetrelatedcost.Governmentsubsidynotrelatedtoroutineoperationsshouldberecordedinnon-operatingincomeorexpense.
③Policypreferentialloandiscount
Thepolicy-basedpreferentialloanobtainedhasinterestsubsidy.Ifthegovernmentallocatestheinterest-subsidyfundstothelendingbank,theloanamountactuallyreceivedwillbeusedastheentryvalueoftheloan,andtheborrowingcostwillbecalculatedbasedontheloanprincipalandpolicy-basedpreferentialinterestrate.
Ifthegovernmentallocatestheinterest-bearingfundsdirectlytotheGroup,discountinterestwilloffsettheborrowingcosts.
④Governmentsubsidyrefund
Whenaconfirmedgovernmentsubsidyneedstobereturned,thebookvalueoftheassetisadjustedagainstthebookvalueoftherelevantassetatinitialrecognition.Ifthereisarelateddeferredincomebalance,thebookbalanceoftherelateddeferredincomeiswrittenoffandtheexcessiscreditedtothecurrentprofitorloss;Inothercases,itisdirectlyincludedinthecurrentprofitandloss.
31.Differedincometaxassetsanddifferedincometaxliabilities
TheCompanyusesthetemporarydifferencebetweenthebookvalueoftheassetsandliabilitiesonthebalancesheetdayandthetaxbaseandtheliabilitiesmethodtorecognizethedeferredincometax.26.Deferredincometaxassetsanddeferredincometaxliabilities
(1)Deferredincometaxassets
Fordeductibletemporarydiscrepancies,deductiblelossesandtaxoffsetsthatcanbecarriedforwardforfutureyears,theimpactonincometaxiscalculatedattheestimatedincometaxrateforthetransfer-backperiodandtheimpactisrecognizedas
deferredincometaxassets,providedthattheCompanyislikelytoobtainfuturetaxableincomefordeductibletemporarydiscrepancies,deductiblelossesandtaxoffsets.Atthesametime,theimpactonincometaxofdeductibletemporarydiscrepanciesresultingfromtheinitialrecognitionofassetsorliabilitiesintransactionsormatterswiththefollowingcharacteristicsisinconclusiveasdeferredincometaxassets:
A.Thetransactionisnotabusinesscombination;B.thetransactionisnotamergerandthetransactiondoesnotaffecttheaccountingprofitortaxableproceeds;However,forindividualtransactionsthatsimultaneouslysatisfytheabovetwoconditionsandwheretheinitiallyrecognizedassetsandliabilitiesresultinequaltaxabletemporarydifferencesanddeductibletemporarydifferences,theexemptionfornotrecognizingdeferredtaxliabilitiesanddeferredtaxassetsuponinitialrecognitiondoesnotapply.Forthetaxabletemporarydifferencesanddeductibletemporarydifferencesarisingfromtheinitialrecognitionofassetsandliabilitiesinthistransaction,theCompanyrecognizesthecorrespondingdeferredtaxliabilitiesanddeferredtaxassetsatthetimethetransactionoccurs.
Intheeventoftemporarydiscrepancyofdeductibleinvestmentrelatedtosubsidiaries,jointventuresandjointventures,andmeetingthefollowingtwoconditions,theamountofimpact(talent)onincometaxshallbedeemedasdeferredincometaxassets:
A.Temporarydiscrepanciesarelikelytobereversedintheforeseeablefuture;
B.Inthefuture,itislikelytoobtaintaxableincomethatcanbeusedtooffsetthedeductibletemporarydifferences;
Onthebalancesheetdate,ifthereisconclusiveevidencethatsufficienttaxableincomeislikelytobeobtainedinthefuturetooffsetthedeductibletemporarydifferences,thedeferredincometaxassetsthathavenotbeenrecognizedinthepreviousperiodarerecognized.
Onthebalancesheetday,theCompanyre-examinesthebookvalueofthedeferredincometaxassets.Ifitisunlikelytohaveadequatetaxableproceedstoreducethebenefitsofthedeferredincometaxassets,lessthedeferredincometaxassets'bookvalue.Whenthereisadequatetaxableproceeds,thelessenedamountwillbereversed.
(2)Deferredincometaxassets
AllprovisionaldifferencesintaxableincomeoftheCompanyshallbemeasuredonthebasisoftheestimatedincometaxratefortheperiodoftransfer-backandshallberecognizedasdeferredincometaxliabilities,exceptthat:
Atthesametime,theimpactonincometaxofdeductibletemporarydiscrepanciesresultingtheinitialrecognitionofassetsorliabilitiesintransactionsormatterswiththefollowingcharacteristicsisinconclusiveasdeferredincometaxLiabilities:
A.Initialrecognitionofgoodwill;
B.Initialrecognitionofgoodwill,orofassetsorliabilitiesgeneratedintransactionswiththefollowingfeatures:thetransactionisnotamergerandthetransactiondoesnotaffecttheaccountingprofitortaxableproceeds;
②Intheeventoftemporarydiscrepancyofdeductibleinvestmentrelatedtosubsidiaries,Jointventurejointventures,andmeetingthetwoconditions,theamountofimpact(talent)onincometaxshallbedeemedasdeferredincometaxassets:
A.TheCompanyisabletocontrolthetimeoftemporarydiscrepancytransfers;
BTemporarydiscrepanciesarelikelytobereversedintheforeseeablefuture;
(3)Deferredincometaxassets
(1)Deferredincometaxliabilitiesorassetsassociatedwithenterpriseconsolidation
Temporarydifferenceoftaxabletaxordeductibletemporarydifferencegeneratedbyenterprisemergerundernon-samecontrol.Whendeferredincometaxliabilityordeferredincometaxassetisrecognized,relateddeferredincometaxexpense(orincome)isusuallyadjustedasrecognizedgoodwillinenterprisemerger.
②Amountofsharespaidandaccountedasowners'equity
Exceptfortheadjustmentgoodwillgeneratedbymergersordeferredincometaxrelatedtotransactionsoreventsdirectlyaccountedintotheowners'equity,incometaxisaccountedasincometaxexpenseintothecurrentgain/lossaccount.Theeffectsoftemporarydiscrepancyonincometaxincludethefollowing:Otherintegratedbenefitssuchasfairvaluechangeoffinancialassetsavailableforsale,retroactiveadjustmentofaccountingpolicychangesorretroactiverestatementofaccountingerrorcorrectiondiscrepancytoadjusttheinitialretainedincome,andmixedfinancialinstrumentsincludingliabilitiesandequity.
③CompensationforlossesandtaxdeductionsA.CompensablelossesandtaxdeductionsfromtheCompany'sownoperationsDeductiblelossesrefertothelossescalculatedanddeterminedinaccordancewiththeprovisionsofthetaxlawthatareallowedtobemadeupwiththetaxableincomeofsubsequentyears.Theuncoveredlosses(deductiblelosses)andtaxdeductionsthatcanbecarriedforwardinaccordancewiththetaxlawaretreatedasdeductibletemporarydifferences.Whenitisexpectedthatsufficienttaxableincomeislikelytobeobtainedinthefutureperiodwhenitisexpectedtobeavailabletomakeupforlossesortaxdeductions,thecorrespondingdeferredincometaxassetsarerecognizedwithinthelimitofthetaxableincomethatislikelytobeobtained,whilereducingthecurrentperiodIncometaxexpenseintheincomestatement.B.CompensableuncoveredlossesofthemergedcompanyduetobusinessmergerInabusinesscombination,iftheCompanyobtainsthedeductibletemporarydifferenceofthepurchasedpartyanddoesnotmeetthedeferredincometaxassetrecognitionconditionsonthepurchasedate,itshallnotberecognized.Within12monthsafterthepurchasedate,ifneworfurtherinformationisobtainedindicatingthattherelevantconditionsonthepurchasedatealreadyexist,andtheeconomicbenefitsbroughtaboutbythetemporarydifferenceareexpectedtobedeductedonthepurchasedate,confirmtherelevantdelivery.Deferredincometaxassets,whilereducinggoodwill,ifthegoodwillisnotenoughtooffset,thedifferenceisrecognizedasthecurrentprofitandloss;exceptfortheabovecircumstances,thedeferredtaxassetsrelatedtothebusinesscombinationarerecognizedandincludedinthecurrentprofitandloss.
④TemporarydifferencecausedbymergeroffsetIfthereisatemporarydifferencebetweenthebookvalueofassetsandliabilitiesintheconsolidatedbalancesheetandthetaxablebasisofthetaxpayerduetotheoffsetoftheunrealizedinternalsalesgainorloss,thedeferredincometaxassetorthedeferredincometaxliabilityisconfirmedintheconsolidatedbalancesheet,andtheincometaxexpenseintheconsolidatedprofitstatementisadjusted,withtheexceptionofthedeferredincometaxrelatedtothetransactionoreventdirectlyincludedintheowner'sequityandthemergeroftheenterprise.
⑤SharepaymentsettledbyequityIfthetaxlawprovidesforallowablepre-taxdeductionofexpensesrelatedtosharepayment,withintheperiodforwhichthecostandexpensearerecognizedinaccordancewiththeaccountingstandards,theCompanyshallcalculatethetaxbasisand
temporarydiscrepancybasedontheestimatedpre-taxdeductionamountattheendoftheaccountingperiodandconfirmtherelevantdeferredincometaxifitmeetstheconditionsforconfirmation.Ofthese,theamountthatcanbedeductedbeforetaxinthefutureexceedsthecostrelatedtosharepaymentrecognizedinaccordancewiththeaccountingstandards,andtheexcessincometaxshallbedirectlyincludedintheowner'sequity.
⑥DividendsrelatedtofinancialinstrumentsclassifiedasequityinstrumentsForfinancialinstrumentsclassifiedasequityinstrumentswiththeCompanyastheissuer,wheretherelateddividendexpensesaredeductiblebeforecorporateincometaxaccordingtorelevanttaxpolicyprovisions,theCompanyrecognizestheincometaximpactrelatedtothedividendswhenrecognizingthepayabledividends.Ifthedistributedprofitsarederivedfromtransactionsoreventsthatpreviouslyresultedinprofitorloss,theincometaximpactofthedividendsisincludedinthecurrentperiod'sprofitorloss.Ifthedistributedprofitsarederivedfromtransactionsoreventspreviouslyrecognizedinowners'equity,theincometaximpactofthedividendsisincludedintheowners'equityitems.
(4)BasisforpresentationofdeferredtaxassetsanddeferredtaxliabilitiesonanetbasisThedeferredincometaxassetsanddeferredincometaxliabilitiesoftheCompanyarepresentedasanetamountafteroffsettingwhenthefollowingconditionsaremetsimultaneously:
TheCompanyhasalegalrighttooffsetcurrentincometaxassetsandcurrentincometaxliabilitiesonanetbasis.Thedeferredincometaxassetsanddeferredincometaxliabilitiesarerelatedtoincometaxesleviedbythesametaxauthorityonthesametaxableentity,orarerelatedtoincometaxesleviedbydifferenttaxauthoritiesbutthesignificantdeferredincometaxassetsanddeferredincometaxliabilitieswillbesettledonanetbasisforcurrentincometaxesorsimultaneousacquisitionofassetsandsettlementofliabilitieswithineachfutureperiodinwhichtherelatedtaxableentityintendstosettlethecurrentincometaxassetsandliabilitiesonanetbasis.
32.Leasing
(1)IdentificationofleaseOnthecommencementdateofthecontract,theCompanyevaluateswhetherthecontractisaleaseorincludesalease.Ifonepartyinthecontracttransferstherighttocontroltheuseofoneormoreidentifiedassetswithinacertainperiodinexchangeforconsideration,thecontractisaleaseorincludesalease.Inordertodeterminewhetherthecontracttransferstherighttocontrolthe
useoftheidentifiedassetswithinacertainperiod,theCompanyevaluateswhetherthecustomersinthecontracthavetherighttoobtainalmostalltheeconomicbenefitsarisingfromtheuseoftheidentifiedassetsduringtheuseperiod,andhavetherighttodominatetheuseoftheidentifiedassetsduringtheuseperiod.
(2)SeparateidentificationofleaseIfthecontractincludesmultipleseparateleasesatthesametime,theCompanywillsplitthecontractandconductaccountingtreatmentforeachseparatelease.Ifthefollowingconditionsaremetatthesametime,therighttousetheidentifiedassetconstitutesaseparateleaseinthecontract:①thelesseecanprofitfromusingtheassetaloneortogetherwithothereasilyavailableresources;②Theassetisnothighlydependentorhighlyrelatedtootherassetsinthecontract.
(3)AccountingtreatmentmethodoftheCompanyaslesseeOnthebeginningdateoftheleaseterm,theCompanyrecognizestheleasewithaleasetermofnomorethan12monthsandexcludingthepurchaseoptionasashort-termlease;Whenasingleleasedassetisabrand-newasset,theleasewithlowervalueisrecognizedasalowvalueassetlease.IftheCompanysubletsorexpectstosublettheleasedassets,theoriginalleaseisnotrecognizedasalowvalueassetlease.
Forallshort-termleasesandlowvalueassetleases,theCompanywillrecordtheleasepaymentamountintotherelevantassetcostorcurrentprofitandlossaccordingtothestraight-linemethod(orothersystematicandreasonablemethods)ineachperiodoftheleaseterm.Inadditiontotheaboveshort-termleasesandlowvalueassetleaseswithsimplifiedtreatment,theCompanyrecognizestherighttouseassetsandleaseliabilitiesfortheleaseonthebeginningdateoftheleaseterm.
①Userightassets
Theterm"righttouseassets"referstotherightofthelesseetousetheleasedassetsduringtheleaseterm.
Atthebeginningoftheleaseterm,therightofuseassetsareinitiallymeasuredatcost.Thiscostincludes:
?Theinitialmeasurementamountofleaseliabilities;?Fortheleasepaymentpaidonorbeforethebeginningoftheleaseterm,ifthereisleaseincentive,therelevantamountof
leaseincentiveenjoyedshallbededucted;
?Initialdirectexpensesincurredbythelessee;
?Theestimatedcostincurredbythelesseefordismantlingandremovingtheleasedassets,restoringthesitewheretheleasedassetsarelocatedorrestoringtheleasedassetstothestateagreedintheleaseterms.TheCompanyrecognizesandmeasuresthecostinaccordancewiththerecognitionstandardsandmeasurementmethodsofestimatedliabilities.See27.EstimatedliabilitiesinChapterX,V.importantaccountingpoliciesandaccountingestimatesfordetails.Iftheabovecostsareincurredfortheproductionofinventories,theywillbeincludedinthecostofinventories.Depreciationofrightofuseassetsisaccruedbyusingthestraight-linemethod.Ifitcanbereasonablydeterminedthattheownershipoftheleasedassetwillbeobtainedattheexpirationoftheleaseterm,thedepreciationrateshallbedeterminedaccordingtotheassetcategoryoftherighttouseandtheestimatednetresidualvalueratewithintheexpectedremainingservicelifeoftheleasedasset;Ifitisimpossibletoreasonablydeterminethattheownershipoftheleasedassetwillbeobtainedattheexpirationoftheleaseterm,thedepreciationrateshallbedeterminedaccordingtotheassetcategoryoftherightofusewithintheshorteroftheleasetermandtheremainingservicelifeoftheleasedasset.
②LeaseliabilitiesTheleaseliabilitiesareinitiallymeasuredCompanyshallaccordingtothepresentvalueoftheunpaidleasepaymentsatthebeginningoftheleaseterm.Theleasepaymentincludesthefollowingfiveitems:
?Fixedpaymentamountandsubstantialfixedpaymentamount.Ifthereisleaseincentive,therelevantamountoflease
incentiveshallbededucted;
?Variableleasepaymentsdependingonindexorratio;?Theexercisepriceofthepurchaseoption,providedthatthelesseereasonablydeterminesthattheoptionwillbe
exercised;
?Theamounttobepaidforexercisingtheoptiontoterminatethelease,providedthattheleasetermreflectsthatthelessee
willexercisetheoptiontoterminatethelease;
?Theamountexpectedtobepaidaccordingtotheresidualvalueoftheguaranteeprovidedbythelessee.
Whencalculatingthepresentvalueofleasepayments,theimplicitinterestrateoftheleaseisusedasthediscountrate.Iftheimplicitinterestrateoftheleasecannotbedetermined,theincrementalborrowinginterestrateoftheCompanyisusedasthediscountrate.Thedifferencebetweentheleasepaymentamountanditspresentvalueisregardedasunrecognizedfinancingexpenses,andtheinterestexpensesarerecognizedaccordingtothediscountrateofthepresentvalueoftheleasepaymentamountduringeachperiodoftheleasetermandincludedinthecurrentprofitandloss.Theamountofvariableleasepaymentsnotincludedinthemeasurementofleaseliabilitiesshallbeincludedinthecurrentprofitandlosswhenactuallyincurred.
Afterthebeginningdateoftheleaseterm,whentheactualfixedpaymentamountchanges,theexpectedpayableamountoftheguaranteedresidualvaluechanges,theindexorratiousedtodeterminetheleasepaymentamountchanges,theevaluation
resultsoractualexerciseofthepurchaseoption,renewaloptionorterminationoptionchanges,theCompanyremeasurestheleaseliabilityaccordingtothepresentvalueofthechangedleasepaymentamount,Andadjustthebookvalueoftherighttouseassetsaccordingly.
(4)AccountingtreatmentmethodoftheCompanyaslessorOntheleasecommencementdate,theCompanyclassifiesleasesthathavesubstantiallytransferredalmostalltherisksandrewardsrelatedtotheownershipoftheleasedassetsasfinancialleases,andallotherleasesareoperatingleases.
①OperatingleaseDuringeachperiodoftheleaseterm,theCompanyrecognizestheleasereceiptsasrentalincomeaccordingtothestraight-linemethod(orothersystematicandreasonablemethods),andtheinitialdirectexpensesincurredarecapitalized,amortizedonthesamebasisastherecognitionofrentalincome,andincludedinthecurrentprofitandlossbystages.ThevariableleasepaymentsobtainedbytheCompanyrelatedtooperatingleasesthatarenotincludedintheleasereceiptsareincludedinthecurrentprofitsandlosseswhenactuallyincurred.
②FinanceleaseOntheleasebeginningdate,theCompanyrecognizesthefinancialleasereceivablesaccordingtothenetamountoftheleaseinvestment(thesumoftheunsecuredresidualvalueandthepresentvalueoftheleasereceiptsnotreceivedontheleasebeginningdatediscountedaccordingtotheleaseembeddedinterestrate),andterminatestherecognitionofthefinancialleaseassets.Duringeachperiodoftheleaseterm,theCompanycalculatesandrecognizestheinterestincomeaccordingtotheinterestrateembeddedinthelease.
TheamountofvariableleasepaymentsobtainedbytheCompanythatarenotincludedinthemeasurementofnetleaseinvestmentshallbeincludedinthecurrentprofitandlosswhenactuallyincurred.
(5)Accountingtreatmentofleasechange
①Changeofleaseasaseparatelease
Iftheleasechangesandmeetsthefollowingconditionsatthesametime,theCompanywilltreattheleasechangeasaseparateleaseforaccounting:a.theleasechangeexpandstheleasescopebyincreasingtheuserightofoneormoreleasedassets;
B.Theincreasedconsiderationisequivalenttotheamountadjustedaccordingtotheconditionsofthecontractattheseparatepriceformostoftheexpansionoftheleasescope.
②TheleasechangeisnottreatedasaseparateleaseA.TheCompanyaslesseeOntheeffectivedateoftheleasechange,theCompanyreconfirmedtheleasetermanddiscountedthechangedleasepaymentatthereviseddiscountratetore-measuretheleaseliability.Whencalculatingthepresentvalueoftheleasepaymentafterthechange,theimplicitinterestrateoftheleaseduringtheremainingleaseperiodshallbeusedasthediscountrate;Ifitisimpossibletodeterminetheimplicitinterestrateoftheleasefortheremainingleaseperiod,theincrementalloaninterestrateontheeffectivedateoftheleasechangeshallbeusedasthediscountrate.
Theimpactoftheaboveleaseliabilityadjustmentshallbeaccountedforaccordingtothefollowingcircumstances:
?Iftheleasescopeisreducedortheleasetermisshortenedduetotheleasechange,thebookvalueoftherighttouseassetsshallbereduced,andtherelevantgainsorlossesofpartialorcompleteterminationoftheleaseshallbeincludedinthecurrentprofitsandlosses;?Forotherleasechanges,thebookvalueoftherighttouseassetsshallbeadjustedaccordingly.
TheCompanyasleasorIftheoperatingleaseischanged,theCompanywilltreatitasanewleaseforaccountingfromtheeffectivedateofthechange,andtheamountofleasereceiptsreceivedinadvanceorreceivablerelatedtotheleasebeforethechangeisregardedastheamountofnewleasereceipts.Ifthechangeoffinancialleaseisnotaccountedforasaseparatelease,theCompanywilldealwiththechangedleaseunderthefollowingcircumstances:ifthechangeofleasetakeseffectontheleasecommencementdateandtheleasewillbeclassifiedasanoperatinglease,theCompanywillaccountforitasanewleasefromtheeffectivedateofleasechange,andtakethenetleaseinvestmentbeforetheeffectivedateofleasechangeasthebookvalueofleasedassets;Iftheleasechangetakeseffectontheleasecommencementdate,theleasewillbeclassifiedasafinanciallease,andtheCompanywillconductaccountingtreatmentinaccordancewiththeprovisionsonmodifyingorrenegotiatingthecontract.
(6)Saleandlease-back
TheCompanyassessesanddetermineswhethertheassettransferinthesaleandleasebacktransactionisasaleinaccordancewiththeprovisionsof28.IncomeinChapterX,V,Importantaccountingpoliciesandaccountingestimates.
①TheCompanyasseller(lessee)
Iftheassettransferinthesaleandleasebacktransactiondoesnotbelongtosales,theCompanywillcontinuetorecognizethetransferredassets,recognizeafinancialliabilityequaltothetransferincome,andconductaccountingtreatmentforthefinancialliabilityinaccordancewith10。FinancialinstrumentsinChapterX,V,Importantaccountingpoliciesandaccountingestimates.Iftheassettransferbelongstosales,theCompanymeasurestherighttouseassetsformedbysaleandleasebackaccordingtothepartofthebookvalueoftheoriginalassetsrelatedtotherighttouseobtainedbyleaseback,andonlyrecognizestherelevantgainsorlossesontherightstransferredtothelessor.
②TheCompanyasbuyer(lessor)
Iftheassettransferinthesaleandleasebacktransactiondoesnotbelongtosales,theCompanydoesnotrecognizethetransferredasset,butrecognizesafinancialassetequaltothetransferincome,andcarriesoutaccountingtreatmentonthefinancialassetinaccordancewith10.FinancialinstrumentsinChapterX,V.Importantaccountingpoliciesandaccountingestimates.Iftheassettransferbelongstosales,theCompanyshallconductaccountingtreatmentforassetpurchaseandassetleaseinaccordancewithotherapplicableaccountingstandardsforbusinessenterprises.
33.Othersignificantaccountingpoliciesandestimates
(1)Accountingofhedging
(1.1)Classificationofinventories
TheCompanyclassifieshedgesintofairvaluehedgesandcashflowhedges.
①Fairvaluehedge.Itreferstohedgingactivitiesconductedtomitigatetheriskofchangesinthefairvalueofrecognizedassetsorliabilities,unrecognizedfirmcommitments,orcomponentsoftheaforementioneditems.ThefairvaluechangesarecausedbyspecificrisksthatwillimpacttheCompany'sprofitorothercomprehensiveincome.
①Cashflowhedgingreferstothehedgingofcashflowrisk.Thechangeincashflowisderivedfromspecificrisksassociatedwithrecognizedassetsorliabilities,expectedtransactionsthatarelikelytooccur,orwithrespecttothecomponentsoftheabove-mentionedprojectandwillaffecttheprofitsandlossesoftheenterprise.
(1.2)Hedgingtoolsandhedgedprojects
HedgingmeansafinancialinstrumentdesignatedbytheCompanyforthepurposeofhedging,whosefairvalueorcashflowvariationisexpectedtooffsetthefairvalueorcashflowvariationofthehedgeditem,including:
①FinancialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccountCheck-outoptionscanonlybeusedasahedgingtooliftheoptionishedged,includingthoseembeddedinahybridcontract.Derivativesembeddedinahybridcontractbutnotsplitcannotbeusedasseparatehedgingtools.
②Non-derivativefinancialassetsornon-derivativefinancialliabilitiesthataremeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss,butdesignatedasfairvalueandwhosechangesareincludedinthecurrentprofitandloss,andtheirowncreditriskchangescausedbychangesinfairvalueexceptforfinancialliabilitiesincludedinothercomprehensiveincome.
Ownequityinstrumentsarenotfinancialassetsorfinancialliabilitiesandcannotbeusedashedginginstruments.
AhedgeditemreferstoanitemthatexposestheCompanytotheriskofchangesinfairvalueorcashflowandisdesignatedasthehedgedobjectandcanbereliablymeasured.TheCompanydesignatesthefollowingindividualprojects,projectportfoliosortheircomponentsashedgedprojects:
①Confirmedassetsorliabilities.
②Confirmedcommitmentsthathavenotyetbeenconfirmed.Confirmedcommitmentreferstoalegallybindingagreementtoexchangeaspecificamountofresourcesatanagreedpriceonaspecificdateorperiodinthefuture.
③Expectedtransactionsthatarelikelytooccur.Anticipatedtransactionsrefertotransactionsthathavenotyetbeencommittedbutareexpectedtooccur.
④Netinvestmentinoverseasoperations.
Theabove-mentionedprojectcomponentsrefertothepartsthatarelessthantheoverallfairvalueorcashflowchangesoftheproject.TheCompanydesignatesthefollowingprojectcomponentsortheircombinationsashedgeditems:
①Thepartofthechangeinfairvalueorcashflow(riskcomponent)thatisonlycausedbyoneormorespecificrisksintheoverallfairvalueorcashflowchangesoftheproject.Accordingtotheassessmentinaspecificmarketenvironment,theriskcomponentshouldbeabletobeindividuallyidentifiedandreliablymeasured.Theriskcomponentalsoincludesthepartwherethefairvalueorcashflowofthehedgeditemchangesonlyaboveorbelowaspecificpriceorothervariables.
②Oneormoreselectedcontractualcashflows.
③Thecomponentofthenominalamountoftheproject,thatis,thespecificpartofthewholeamountorquantityoftheproject,maybeacertainproportionofthewholeproject,ormaybeacertainlevelofthewholeproject.Ifacertainlevelincludesearlyrepaymentrightsandthefairvalueoftheearlyrepaymentrightsisaffectedbychangesintheriskofthehedge,thelevelshallnotbedesignatedasthehedgeditemofthefairvaluehedge,butinthemeasurementofthehedgeditemexceptwhenthefairvaluehasincludedtheinfluenceoftheprepaymentright.
(1.3)Evaluationofhedgingrelationship
Whenthehedgingrelationshipisinitiallyspecified,theGroupofficiallyspecifiestherelatedhedgingrelationshipswithofficialdocumentsrecordingthehedgingrelationships,riskmanagementtargetsandhedgingstrategies.Thisdocumentsetsoutthehedgingtools,hedgeditems,thenatureofhedgedrisks,andtheCompany'sassessmentofhedgedeffectiveness.HedgingmeansafinancialinstrumentdesignatedbytheCompanyforthepurposeofhedging,whosefairvalueorcashflowvariationisoffsetthefairvalueorcashflowvariationofthehedgeditem,including:Suchhedgesarecontinuouslyevaluatedonandaftertheinitialspecifieddatetomeettherequirementsforhedgingvalidity.
Ifthehedginginstrumenthasexpired,beensold,thecontractisterminatedorexercised(buttheextensionorreplacementaspartofthehedgingstrategyisnottreatedasexpiredorcontracttermination),ortheriskmanagementobjectivechanges,resultinginhedgingTherelationshipnolongermeetstheriskmanagementobjectives,ortheeconomicrelationshipbetweenthehedgeditemandthehedginginstrumentnolongerexists,ortheimpactofcreditriskbeginstodominateinthevaluechangescausedbytheeconomicrelationshipbetweenthehedgeditemandthehedginginstrument,orwhenthehedgenolongermeetstheotherconditionsofthehedgeaccountingmethod,theCompanyterminatestheuseofhedgeaccounting.
Ifthehedgingrelationshipnolongermeetstherequirementsforhedgingeffectivenessduetothehedgingratio,buttheriskmanagementobjectiveofthedesignatedhedgingrelationshiphasnotchanged,theCompanyshallrebalancethehedgingrelationship.
(1.4)Revenuetheofrevenuerecognitionandmeasurement
Iftheconditionsforapplyinghedgeaccountingmethodaremet,itshallbehandledaccordingtothefollowingmethods:
①Fairvaluehedging
Gainsorlossesarisingfromhedginginstrumentsarerecognizedinthecurrentperiod'sincomestatement.Ifthehedgingisconductedforspecifiednon-derivativeequityinvestments(orcomponentsthereof)measuredatfairvaluewithchangesinfairvaluerecognizedinothercomprehensiveincome,gainsorlossesfromthehedginginstrumentsarerecognizedinothercomprehensiveincome.Gainsorlossesarisingfromthehedgeditemsduetothehedgingriskexposurearerecognizedintheincomestatement.Atthesametime,thecarryingamountofthedesignatedhedgeditemsthatarenotmeasuredatfairvalueisadjusted.Ifthehedgeditemisaspecifiednon-derivativeequityinvestment(orcomponentthereof)measuredatfairvaluewithchangesinfairvaluerecognizedinothercomprehensiveincome,gainsorlossesresultingfromthehedgingriskexposurearerecognizedinothercomprehensiveincome,andthecarryingamountofthehedgeditemhasalreadybeenmeasuredatfairvalueanddoesnotrequireadjustment.
Regardingfairvaluehedgesrelatedtofinancialinstruments(orcomponentsthereof)measuredatamortizedcost,anyadjustmentsmadetothecarryingamountofthehedgeditemareamortizedusingtheeffectiveinterestraterecalculatedfromthedateofthecommencementofamortizationandrecognizedintheincomestatement.Theamortizationdateforadjustmentsshouldbeginfromtheadjustmentdateandshouldnotbelaterthanthepointatwhichhedginggainsandlossesareadjusteduponterminationofthehedgeditem.Forhedgeditemsthatarefinancialassets(orcomponentsthereof)measuredatfairvaluewithchangesinfairvaluerecognizedinothercomprehensiveincome,theaccumulatedhedginggainsorlossesshouldbeamortizedinthesamemannerandrecognizedintheincomestatement.However,thecarryingamountofthefinancialassets(orcomponentsthereof)shouldnotbeadjusted.
Forhedgeditemsthatareunrecognizedfirmcommitments(orcomponentsthereof),thecumulativefairvaluechangescausedbythehedgingriskafterthehedgingrelationshipisdesignatedshouldberecognizedasanassetorliability.Therelatedgainsorlossesshouldberecognizedintheincomestatement.Whenfulfillingafirmcommitmentandacquiringanassetor
assumingaliability,theinitialrecognizedamountoftheassetorliabilityshouldbeadjustedtoincludethecumulativefairvaluechangesofthedesignatedhedgeditemthathavebeenrecognized.
②CashflowhedgingThepartofhedgingtoolgainsorlossesthatisvalidforhedgingisrecognizedasothercomprehensiveincomeasacashflowhedgingreserve,andthepartthatisinvalidforhedging(thatis,othergainsorlossesafterdeductingothercomprehensiveincome),arecountedIntothecurrentprofitandloss.Theamountofcashflowhedgingreserveisdeterminedaccordingtotheloweroftheabsoluteamountsofthefollowingtwoitems:①accumulatedgainsorlossesofhedginginstrumentssincethehedging.Theamountintheeffectivearbitrageisrecognizedbytheaccumulativegainsorlossesfromthestartingofarbitrageandaccumulativechangestothecurrentvalueoffutureforecastcashflowsfromthestartofarbitrage.Iftheexpectedtransactionofthehedgedassetissubsequentlyrecognizedasanon-financialassetornon-financialliability,oriftheexpectedtransactionofthenon-financialassetornon-financialliabilityformsadefinedcommitmenttotheapplicablefairvaluehedgeaccounting,theamountofthecashflowhedgereserveoriginallyrecognizedintheotherconsolidatedincomeistransferredouttoaccountfortheinitialrecognizedamountoftheassetorliability.Fortheremainingcashflowhedges,duringthesameperiodwhentheexpectedcashflowtobehedgedaffectstheprofitandloss,iftheexpectedsalesoccur,thecashflowhedgereserverecognizedinothercomprehensiveincomeistransferredoutandincludedinthecurrentprofitandloss.
(2)RepurchaseoftheCompany'sshares
①IntheeventofareductionintheCompany'ssharecapitalasapprovedbylegalprocedure,theCompanyshallreducethesharecapitalbythetotalamountofthewritten-offshares,adjusttheowner'sequitybythedifferencebetweenthepricepaidbythepurchasedstocks(includingtransactioncosts)andthetotalamountofthewritten-offshares,offsetthecapitalreserve(sharecapitalpremium),surplusreserveandundistributedprofitsinturn;Aportionofacapitalreserve(sharecapitalpremium)thatislessthanthetotalfacevalueandlessthanthetotalfacevalue.
②ThetotalexpenditureoftherepurchasesharesoftheCompany,whichismanagedasaninventorysharebeforetheyarecancelledortransferred,isconvertedtothecostoftheinventoryshares.
③Increaseinthecapitalreserve(capitalpremium)atthetimeoftransferofaninventoryunit,theportionofthetransferincomeabovethecostoftheinventoryunit;Lowerthantheinventorystockcost,thecapitalreserve(sharecapitalpremium),surplusreserve,undistributedprofitsinturn.
(3)MeasurementofFairValue
Fairvaluereferstotheamountofassetexchangeorliabilitiessettlementbybothtransactionpartiesfamiliarwiththesituationinafairdealonavoluntarybasis.
TheCompanymeasuresthefairvalueofrelatedassetsorliabilitiesatthepricesinthemainmarket.Ifthereisnomajormarket,theCompanymeasuresthefairvalueoftherelevantassetsorliabilitiesatthemostfavorablemarketprices.TheGroupusesassumptionsthatmarketparticipantsusetomaximizetheireconomicbenefitswhenpricingtheassetorliability.
Themainmarketreferstothemarketwiththehighesttransactionvolumeandactivityoftherelatedassetsorliabilities.Themostfavorablemarketmeansthemarketthatcanselltherelatedassetsatthehighestamountortransfertherelatedliabilitiesatthelowestamountafterconsideringthetransactioncostandtransportationcost.
Forfinancialassetsorliabilitiesinanactivemarket,TheCompanydeterminestheirfairvaluebasedonquotationsintheactivemarket.Ifthereisnoactivemarket,theCompanyusesevaluationtechniquestodeterminethefairvalue.
Forthemeasurementofnon-financialassetsatfairvalue,theabilityofmarketparticipantstousetheassetsforoptimalpurposestogenerateeconomicbenefits,ortheabilitytoselltheassetstoothermarketparticipantsthatcanbeusedforoptimalpurposestogenerateeconomicbenefits.
①Valuationtechnology
TheCompanyadoptsvaluationtechniquesthatareapplicableinthecurrentperiodandaresupportedbysufficientdataandotherinformation.Thevaluationtechniquesusedmainlyincludemarketmethod,incomemethodandcostmethod.TheCompanyusesamethodconsistentwithoneormoreofthevaluationtechniquestomeasurefairvalue.Ifmultiplevaluationtechniquesareusedtomeasurefairvalue,thereasonablenessofeachvaluationresultshallbeconsidered,andthefairvalueshallbeselectedasthemostrepresentativeoffairvalueunderthecurrentcircumstances.Theamountofvalueisregardedasfairvalue.
TheCompanyequipmentareapplicableinthecurrentcircumstancesandhavesufficientavailabledataandotherinformationtosupporttheuseoftherelevantobservableinputvaluesprioritized.Unobservableinputvaluesareusedonlywhentheobservableinputvaluecannotbeobtainedorisnotfeasible.Observableinputvaluesareinputvaluesthatcanbeobtainedfrommarketdata.TheGroupusesassumptionsthatmarketparticipantsusetomaximizetheireconomicbenefitswhenpricingtheasset
orliability.Non-observableinputvaluesareinputvaluesthatcannotbeobtainedfrommarketdata.Theinputvalueisobtainedbasedonthebestinformationavailableonassumptionsusedbymarketparticipantsinpricingtherelevantassetorliability.
②FairvaluehierarchyThiscompanydividestheinputvalueusedinfairvaluemeasurementintothreelevels,andfirstusesthefirstlevelinputvalue,thenusesthesecondlevelinputvalue,andfinallyusesthethirdlevelinputvalue.Firstlevel:quotationofsameassetsorliabilitiesinanactivemarket(unadjusted)Thesecondlevelinputvalueisadirectlyorindirectlyobservableinputvalueoftheassetorliabilityinadditiontothefirstlevelinputvalue.Theinputvalueofthethirdlevelistheunobservableinputvalueoftherelatedassetorliability.
(4)SignificantaccountingjudgmentandestimateTheCompanycontinuouslyreviewssignificantaccountingjudgmentandestimateadoptedforthereasonableforecastoffutureeventsbasedonitshistoricalexperienceandotherfactors.Significantaccountingjudgmentandassumptionsthatmayleadtomajoradjustmentofthebookvalueofassetsandliabilitiesinthenextaccountingyeararelistedasfollows:
ClassificationoffinancialassetsThemajorjudgementsinvolvedintheclassificationoffinancialassetsincludetheanalysisofbusinessmodelandcontractcashflowcharacteristics.Thecompanydeterminesthebusinessmodeofmanagingfinancialassetsattheleveloffinancialassetportfolio,takingintoaccountsuchfactorsashowtoevaluateandreportfinancialassetperformancetokeymanagers,therisksthataffectfinancialassetperformanceandhowtomanageit,andhowtoobtainremunerationforrelatedbusinessmanagers.WhentheCompanyassesseswhetherthecontractualcashflowoffinancialassetsisconsistentwiththebasicborrowingarrangement,therearethefollowingmainjudgments:whethertheprincipalmaychangeduetoearlyrepaymentandotherreasonsduringthedurationoftheperiodortheamountofchange;whethertheinterestIncludingthetimevalueofmoney,creditrisk,otherbasicborrowingrisks,andconsiderationofcostsandprofits.Forexample,doestheamountpaidinadvancereflectonlytheunpaidprincipalandtheinterestbasedontheunpaidprincipal,aswellasthereasonablecompensationpaidforearlyterminationofthecontract.
MeasurementofexpectedcreditlossesofaccountsreceivableTheCompanycalculatestheexpectedcreditlossofaccountsreceivablethroughtheriskexposureofaccountsreceivabledefaultandtheexpectedcreditlossrate,anddeterminestheexpectedcreditlossratebasedonthedefaultprobabilityandthe
defaultlossrate.Whendeterminingtheexpectedcreditlossrate,theCompanyusesinternalhistoricalcreditlossexperienceandotherdata,combinedwithcurrentconditionsandforward-lookinginformationtoadjustthehistoricaldata.Whenconsideringforward-lookinginformation,theindicatorsusedbytheCompanyincludetherisksofeconomicdownturn,changesintheexternalmarketenvironment,technologicalenvironment,andcustomerconditions.TheCompanyregularlymonitorsandreviewsassumptionsrelatedtothecalculationofexpectedcreditlosses.DeferredincometaxassetsIfthereisadequatetaxableprofittodeducttheloss,thedeferredincometaxassetsshouldberecognizedbyalltheunusedtaxloss.Thisrequiresthemanagementtomakealotofjudgmenttoforecastthetimeandamountoffuturetaxableprofitanddeterminetheamountofthedeferredtaxassetsbasedonthetaxationstrategy.IncomerecognitionTheCompany'srevenuefromprovidingcurtainwallconstructionandmetroplatformscreendoorinstallationservicesisrecognizedoveraperiodoftime.TherecognitionoftheincomeandprofitofsuchengineeringinstallationservicesdependsontheCompany'sestimationofthecontractresultsandperformanceprogress.Iftheactualamountoftotalrevenueandtotalcostishigherorlowerthantheestimatedvalueofthemanagement,itwillaffecttheamountofrevenueandprofitrecognitionoftheCompanyinthefuture.EngineeringcontractThemanagementshallmakerelevantjudgmenttoconfirmtheincomeandexpensesofprojectcontractingbusinessaccordingtotheperformanceprogress.Iflossesareexpectedtooccurintheprojectcontract,suchlossesshallberecognizedascurrentexpenses.ThemanagementoftheCompanyestimatesthepossiblelossesaccordingtothebudgetoftheprojectcontract.TheCompanydeterminesthetransactionpriceaccordingtothetermsofthecontractandincombinationwithpreviouscustomarypractices,andconsiderstheinfluenceofvariableconsideration,majorfinancingcomponentsinthecontractandotherfactors.Duringtheperformanceofthecontract,theCompanycontinuouslyreviewstheestimatedtotalcontractrevenueandtheestimatedtotalcontractcost.Whentheinitialestimatechanges,suchascontractchanges,claimsandawards,theestimatedtotalcontractrevenueandtheestimatedtotalcontractcostarerevised.Whentheestimatedtotalcontractcostexceedsthetotalcontractrevenue,themainbusinesscostandestimatedliabilitiesshallberecognizedaccordingtothelosscontracttobeexecuted.
Estimateoffairvalue
TheCompanyusesfairvaluetomeasureinvestmentrealestateandneedstoestimatethefairvalueofinvestmentrealestateatleastquarterly.Thisrequiresthemanagementtoreasonablyestimatethefairvalueoftheinvestmentrealestatewiththehelpofvaluationexperts.DevelopmentcostForpropertythathasbeenhandedoverwithincomerecognized,butwhosepublicfacilitieshavenotbeenconstructedornotbeencompleted,themanagementwillestimatethedevelopmentcostforthepartthathasnotbeenstartedaccordingtothebudgettoreflecttheoperationresultofthepropertysales.
34.Majorchangesinaccountingpoliciesandestimates
1.Changesinimportantaccountingpolicies
?Applicable□Inapplicable
InRMB
| Accountpolicychangesandreasons | Namesoffinancialstatementitemssignificantlyaffectedforthecomparableperiodoffiscalyear2023 | Affectedamount |
| OnOctober25,2023,theMinistryofFinanceissuedtheInterpretationNo.17oftheAccountingStandardsforBusinessEnterprises(CK[2023]No.21,hereinafterreferredtoasInterpretationNo.17),whichwillbeimplementedfromJanuary1,2024. | No | No |
| InMarch2024,theMinistryofFinanceissuedtheCompilationofApplicationGuidelinesforEnterpriseAccountingStandards2024andonDecember6,2024,releasedInterpretationNo.18oftheAccountingStandardsforBusinessEnterprises,whichstipulatesthatwarrantyexpensesshouldbeincludedintheoperatingcosts. | Salesexpense | -7,479,549.47 |
| Operatingcost | 7,479,549.47 |
①ImplementtheinterpretationofaccountingstandardsforBusinessEnterprisesNo.17
OnOctober25,2023,theMinistryofFinanceissuedtheInterpretationNo.17oftheAccountingStandardsforBusinessEnterprises(CK[2023]No.21,hereinafterreferredtoasInterpretationNo.17),whichwillbeimplementedfromJanuary1,2024.StartingfromJanuary1,2024,theCompanyimplementstheprovisionsofInterpretationNo.17.
A.Ontheclassificationofcurrentliabilitiesandnon-currentliabilities
ThisprovisionhasnosignificantimpactontheCompany'sfinancialstatementsforthereportingperiod.
B.Onthedisclosureofsupplierfinancingarrangements
InaccordancewiththerequirementsofInterpretationNo.17,theCompany'sfinancialreportundersectionVII,"NotestotheConsolidatedFinancialStatements,"item62"(4)SupplierFinancingArrangements,"hasdisclosedrelevantinformationonsupplierfinancingarrangementsfortheyear2024.C.OntheaccountingtreatmentofsaleandleasebacktransactionsThisprovisionhasnosignificantimpactontheCompany'sfinancialstatementsforthereportingperiod.
②Reclassificationofwarrantyexpenses
InMarch2024,theMinistryofFinanceissuedtheCompilationofApplicationGuidelinesforEnterpriseAccountingStandards2024andonDecember6,2024,releasedInterpretationNo.18oftheAccountingStandardsforBusinessEnterprises,whichstipulatesthatwarrantyexpensesshouldbeincludedintheoperatingcosts.
Startingfromthefiscalyear2024,theCompanywillimplementthisprovisionbyincludingwarrantyexpensesintheoperatingcosts.TheimplementationofthisaccountingtreatmentprovisionhasacumulativeimpactofRMB0ontheretainedearningsasreportedintheearliestperiodofthefinancialstatements.Theadjustmentstotherelevantitemsinthecomparativefinancialstatementsfortheyear2023forboththeconsolidatedandtheparentcompanyareasfollows:
InRMB
| Affecteditem | For2023(consolidated) | For2023(parentcompany) | ||
| Beforeadjustment | Afteradjustment | Beforeadjustment | Afteradjustment | |
| Salesexpense | 58,488,714.76 | 51,009,165.29 | Thereisnoimpactonthedataoftheparentcompany. | |
| Operatingcost | 3,404,642,473.33 | 3,412,122,022.80 | ||
(2)Changesinmajoraccountingestimates
□Applicable?Inapplicable
(3)Implementationofnewaccountingstandardsadjustmentforthefirsttimestartingfrom2024,andimplementationoffinancialstatementrelateditemsatthebeginningoftheyearforthefirsttime
□Applicable?Inapplicable
VI.Taxation
1.Majortaxesandtaxrates
| Tax | Taxbasis | Taxrate(%) |
| VAT | Taxableincome | 1,3,5,6,9,and13 |
| Citymaintenanceandconstructiontax | Taxableturnover | 1,5,7 |
| Educationsurtax | Taxableturnover | 3 |
| Localeducationsurtax | Taxableturnover | 2 |
| Enterpriseincometax | Taxableincome | Seethefollowingtable |
Taxratesapplicablefordifferenttaxpayers
| Taxpayer | Incometaxrate |
| TheCompany | 25% |
| ShenzhenFangdaJiankeCo.,Ltd.(hereinafterFangdaJianke) | 15% |
| FangdaZhiyuanTechnologyCo.,Ltd.(hereinafterFangdaZhiyuan) | 15% |
| FangdaNewMaterial(Jiangxi)Co.,Ltd.(hereinafterFangdaJiangxiNewMaterial) | 15% |
| ChengduFangdaConstructionTechnologyCo.,Ltd.(hereinafterFangdaChengduTechnology) | 15% |
| DongguanFangdaNewMaterialCo.,Ltd.(hereinafterFangdaDongguanNewMaterial) | 25% |
| ShenzhenFangdaPropertyDevelopmentCo.,Ltd.(hereinafterFangdaPropertyDevelopment) | 25% |
| ShenzhenFangdaNewEnergyCo.,Ltd.(hereinafterFangdaNewEnergy) | 25% |
| ShenzhenFangdaPropertyDevelopmentCo.,Ltd.(hereinafterFangdaPropertyDevelopment) | 25% |
| JiangxiFangdaPropertyDevelopmentCo.,Ltd.(hereinafterFangdaJiangxiPropertyDevelopment) | 25% |
| PingxiangFangdaLuxinNewEnergyCo.,Ltd.(hereinafterFangdaLuxinNewEnergy) | 25% |
| NanchangXinjianFangdaNewEnergyCo.,Ltd.(hereinafterFangdaXinjianNewEnergy) | 25% |
| DongguanFangdaNewEnergyCo.,Ltd.(hereinafterFangdaDongguanNewEnergy) | 25% |
| ShenzhenQianhaiKechuangyuanSoftwareCo.,Ltd.(hereinafterKechuangyuanSoftware) | 25% |
| FangdaZhiyuanTechnology(HongKong)Co.,Ltd,(FangdaZhiyuanHongKong) | 16.50% |
| FangdaZhiyuanTechnology(Wuhan)Co.,Ltd,(FangdaWuhanZhiyuan) | 25% |
| FangdaZhiyuanTechnology(Nanchang)Co.,Ltd,(FangdaNanchangZhiyuan) | 25% |
| FangdaZhiyuanRailwayTransportationEquipment(Dongguan)Co.,Ltd.(hereinafterreferredtoasFangdaZhiyuanDongguan) | 25% |
| GeneralRailTechnologyPrivateLimited | 17% |
| ShihuiInternationalHoldingCo.,Ltd.(hereinafterFangdaShihuiInternational) | 0.00% |
| ShenzhenHongjunInvestmentCo.,Ltd.(hereinafterFangdaHongjunInvestment) | 25% |
| FangdaAustraliaPtyLtd(hereinafterFangdaAustralia) | 30% |
| ShanghaiFangdaZhijianTechnologyCo.,Ltd.(hereinafterreferredtoasFangdaShanghaiZhijiancompany) | 15% |
| ShenzhenFangdaYunzhiTechnologyCo.,Ltd.(hereinafterFangdaYunzhi) | 25% |
| ShanghaiFangdaJianzhiTechnologyCo.,Ltd.(hereinafterFangdaShanghaiJianzhi) | 25% |
| ShenzhenZhongrongLitaiInvestmentCo.Ltd.(ZhongrongLitai) | 25% |
| ChengduFangdaCurtainWallTechnologyCo.,Ltd.(hereinafterFangdaChengduCurtainWall) | 25% |
| FangdaSoutheastAsiaCo.,Ltd.(hereinafterFangdaSoutheastAsia) | 20% |
| ShenzhenXunfuInvestmentCo.,Ltd.(hereinafterreferredtoasFangdaXunfuInvestment) | 25% |
| ShenzhenLifuInvestmentCo.,Ltd.(hereinafterreferredtoasFangdaLifu | 25% |
| Investment) | |
| ShenzhenFangdaInvestmentPartnership(LimitedPartnership)(hereinafterreferredtoasFangdaInvestment) | Inapplicable |
| FangdaJianke(HongKong)Co.,Ltd.(hereinafterFangdaJiankeHongKong) | 16.50% |
| ShenzhenFangdaYunzhuTechnologyCo.,Ltd.(hereinafterFangdaYunzhu) | 15% |
| ShenzhenYunzhuTestingTechnologyCo.,Ltd.(HereinafterFangdaYunzhuTesting) | 25% |
| JiangxiFangdaIntelligentManufacturingTechnologyCo.,Ltd.(hereinafterreferredtoasFangdaIntelligentManufacturingCompany) | 15% |
| ShenzhenFangdaJianchuangTechnologyCo.,Ltd.(hereinafterFangdaJianchuang) | 25% |
| ShenzhenFangdaConstructionTechnologyCo.,Ltd.(FangdaConstructionTechnology) | 25% |
| FangdaFacadeSingaporePteLtd(FacadeSingapore) | 17% |
| FangdaFacadePhilippinesInc.(FacadePhilippines) | 20% |
| GENERALRailTechnologyPhilippines,Inc. | 20% |
| FangdaGulfDMCC | 9% |
| GlobalMEGAInternationalHoldingsLimited(GlobalMEGAInternational) | 20% |
2.Taxpreference
(1)OnDecember26,2024,thesubsidiaryFangdaConstructionTechnologyobtainedthe"High-techEnterpriseCertificate"jointlyissuedbytheShenzhenMunicipalBureauofIndustryandInformationTechnology,ShenzhenMunicipalFinanceBureau,andtheStateAdministrationofTaxationShenzhenMunicipalTaxationBureau,withcertificatenumber:GR202444207062.Afterobtainingthequalificationasahigh-techenterprise,theincometaxwillbeleviedat15%forthreeyears(2024to2026).
(2)OnDecember26,2024,thesubsidiaryFangdaZhiyuanTechnologyobtainedthe"High-techEnterpriseCertificate"jointlyissuedbytheShenzhenMunicipalBureauofIndustryandInformationTechnology,ShenzhenMunicipalFinanceBureau,andtheStateAdministrationofTaxationShenzhenMunicipalTaxationBureau,withcertificatenumber:GR202444201506.Afterobtainingthequalificationasahigh-techenterprise,theincometaxwillbeleviedat15%forthreeyears(2024to2026).
(3)OnOctober28,2024,thesubsidiaryFangdaJiangxiNewMaterialCo.,Ltd.obtainedthecertificateofhightechenterprisejointlyissuedbyJiangxiProvincialDepartmentofScienceandTechnology,JiangxiProvincialDepartmentofFinance,StateAdministrationofTaxationandJiangxiProvincialBureauofTaxation.ThecertificatenumberisGR202436000046.Withinthreeyearsafterobtainingthequalificationofhightechenterprise(2024-2026),theincometaxwillcontinuetobeleviedat15%.
(4)OnOctober16,2023,thesubsidiaryFangdaChengduTechnologyobtainedthecertificateofhightechenterpriseNo.GR202351000927jointlyissuedbytheDepartmentofScienceandTechnologyofSichuanProvince,theDepartmentofFinanceofSichuanProvince,theStateAdministrationofTaxationandtheSichuanProvincialTaxationBureau.Withinthreeyearsafterobtainingthequalificationofhightechenterprise(2023-2025),theincometaxwillcontinuetobeleviedat15%.
(5)ThesubsidiaryKechuangyuanSoftwareisanenterpriselocatedinQianhaiShenzhenHongKongModernServiceIndustryCooperationZone.ItsmainbusinessmeetstheconditionsofPreferentialCatalogueofEnterpriseIncomeTaxinQianhaiShenzhenHongKongModernServiceIndustryCooperationZone(2021)(theRegulationshallbeimplementedfromJanuary1,2021toDecember31,2025),andtheincometaxisleviedat15%.
(6)OnNovember15,2023,thesubsidiaryFangdaShanghaiZhijianobtainedthecertificateofhightechenterpriseGR202331002267jointlyissuedbyShanghaiScienceandTechnologyCommission,ShanghaiFinanceBureauandShanghaiTaxationBureau.Withinthreeyears(from2023to2025)afterobtainingthequalificationofhightechenterprise,theincometaxwillcontinuetobechargedat15%.
(7)OnNovember15,2023,thesubsidiaryFangdaYunzhuCo.,Ltd.obtainedthecertificateofhightechenterprisejointlyissuedbyShenzhenScienceandTechnologyInnovationCommission,ShenzhenFinanceBureau,StateAdministrationofTaxationandShenzhenTaxationBureau.ThecertificatenumberisGR202344205791.Withinthreeyearsafterobtainingthequalificationofhightechenterprise(from2023to2025),theincometaxwillbeleviedat15%.
(8)AccordingtotheAnnouncementonFurtherImplementingPreferentialIncomeTaxPoliciesforSmallandMicroEnterprises(MinistryofFinanceandStateAdministrationofTaxationAnnouncementNo.13of2022),theAnnouncementonPreferentialIncomeTaxPoliciesforSmallandMicroEnterprisesandIndividualBusinesses(MinistryofFinanceandStateAdministrationofTaxationAnnouncementNo.6of2023),andtheAnnouncementonFurtherSupportingTaxandFeePoliciesfortheDevelopmentofSmallandMicroEnterprisesandIndividualBusinesses(MinistryofFinanceandStateAdministrationofTaxationAnnouncementNo.12of2023),somecompanieswillbeclassifiedassmallandmicro-profitenterprisesin2024,andtheirincomewillbetaxedaccordingtotheprovisionsoftheabovedocuments.
VII.Notestotheconsolidatedfinancialstatements
1.Monetarycapital
InRMB
| Item | Closingbalance | Openingbalance |
| Inventorycash: | 148.01 | 752.40 |
| Bankdeposits | 1,052,461,034.10 | 787,363,734.05 |
| Othermonetarycapital | 439,316,159.73 | 637,786,629.79 |
| Total | 1,491,777,341.84 | 1,425,151,116.24 |
| Including:totalamountdepositedinoverseas | 76,232,428.11 | 45,201,676.97 |
Others:
(1)Amongtheendingbalanceofbankdeposits,restrictedfundsamounttoRMB27,819,832.20,includingRMB24,340,459.89inspecialaccountsforlaborprotectionandmigrantworkers'wages,RMB86,361.51ininterestonfixeddeposits,RMB3,384,510.80inamountsjudiciallyfrozen,andRMB8,500.00inETCstoredvalue.Amongothermonetaryfunds,restrictedfundsattheendoftheperiodamounttoRMB432,232,293.30,primarilyconsistingofbilldepositmargins,stageguaranteedepositmargins,andguaranteeletterissuancedepositmargins.Inthepreparationofthecashflowstatement,theabove-mentioneddepositsandotherrestricteddepositsarenotusedascashandcashequivalents.
(2)Inaddition,therearenootherfundsinthemonetaryfundsattheendoftheperiodthathaverestrictionsonuseandpotentialrecoveryrisksduetomortgages,pledgesorfreezing.
2.Derivativefinancialassets
InRMB
| Item | Closingbalance | Openingbalance |
| Forwardforeignexchangecontract | 0.00 | 173,737.06 |
| Total | 0.00 | 173,737.06 |
3.Notesreceivable
(1)Classificationofnotesreceivable
InRMB
| Item | Closingbalance | Openingbalance |
| Bankacceptance | 39,584,331.31 | 21,487,899.17 |
| Commercialacceptance | 34,303,362.93 | 25,884,982.10 |
| Total | 73,887,694.24 | 47,372,881.27 |
(2)Disclosurebybaddebtaccrualmethod
InRMB
| Type | Closingbalance | Openingbalance | ||||||||
| Remainingbookvalue | Baddebtprovision | Bookvalue | Remainingbookvalue | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion | Amount | Provisionrate | Amount | Proportion | Amount | Provisionrate | |||
| Notesreceivablewithprovisionforbad | 74,530,950.99 | 100.00% | 643,256.75 | 0.86% | 73,887,694.24 | 47,778,354.93 | 100.00% | 405,473.66 | 0.85% | 47,372,881.27 |
| debtsbyportfolio | ||||||||||
| Including: | ||||||||||
| Commercialacceptance | 34,946,619.68 | 46.89% | 643,256.75 | 1.84% | 34,303,362.93 | 26,290,455.76 | 55.03% | 405,473.66 | 1.54% | 25,884,982.10 |
| Bankacceptance | 39,584,331.31 | 53.11% | 39,584,331.31 | 21,487,899.17 | 44.97% | 21,487,899.17 | ||||
| Total | 74,530,950.99 | 100.00% | 643,256.75 | 0.86% | 73,887,694.24 | 47,778,354.93 | 100.00% | 405,473.66 | 0.85% | 47,372,881.27 |
Provisionforbaddebtsbycombination:tradeacceptance
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Commercialacceptance | 34,946,619.68 | 643,256.75 | 1.84% |
| Total | 34,946,619.68 | 643,256.75 | |
Provisionforbaddebtsbycombination:bankacceptance
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Bankacceptance | 39,584,331.31 | 0.00 | 0.00% |
| Total | 39,584,331.31 | 0.00 | |
Iftheprovisionforbaddebtsonaccountsreceivableisbeingmadebasedontheexpectedcreditlossgeneralmodel:
□Applicable?Inapplicable
(3)Baddebtprovisionmade,returnedorrecoveredintheperiod
Baddebtprovisionmadeintheperiod:
InRMB
| Type | Openingbalance | Changeintheperiod | Closingbalance | |||
| Provision | Written-backorrecovered | Canceled | Others | |||
| Commercialacceptance | 405,473.66 | 237,783.09 | 643,256.75 | |||
| Total | 405,473.66 | 237,783.09 | 643,256.75 | |||
Includingsignificantrecoveryorreversal:
□Applicable?Inapplicable
(4)TheGrouphasnoendorsedordiscountedimmaturereceivablenotesattheendoftheperiod.
InRMB
| Item | De-recognizedamount | Notde-recognizedamount |
| Bankacceptance | 33,147,312.95 |
| Commercialacceptance | 1,353,372.70 | |
| Total | 34,500,685.65 |
4.Accountreceivable
(1)Accountage
InRMB
| Age | Closingbalanceofbookvalue | Openingbalanceofbookvalue |
| Within1year(inclusive) | 535,457,065.77 | 480,886,398.43 |
| 1-2years | 197,202,489.75 | 202,348,687.37 |
| 2-3years | 196,353,916.70 | 158,881,321.32 |
| Over3years | 568,801,528.90 | 335,427,049.97 |
| 3-4years | 173,116,205.07 | 134,723,171.92 |
| 4-5years | 134,492,519.77 | 50,830,831.78 |
| Over5years | 261,192,804.06 | 149,873,046.27 |
| Total | 1,497,815,001.12 | 1,177,543,457.09 |
TheCompanyneedstocomplywiththedisclosurerequirementsofthedecorationanddecorationindustryintheGuidelinesfortheSelf-disciplineandSupervisionofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure.Significantindividualamountsofaccountsreceivableinthecurtainwallandmaterialsindustrythathaveexceededthreeyearsinage
| Customer | Balanceofaccountsreceivableofover3years(RMB) | Balanceofprovisionforbaddebts(RMB) | Reasonoftheage | Whetherthereisariskofrecovery |
| Customer1 | 106,220,361.31 | 50,982,174.13 | Customercreditstatusdeteriorates | Yes |
| Customer2 | 54,873,223.21 | 54,873,223.21 | Customercreditstatusdeteriorates | Yes |
| Customer3 | 28,770,560.55 | 28,770,560.55 | Customercreditstatusdeteriorates | Yes |
| Customer4 | 26,558,000.66 | 18,659,625.79 | Customercreditstatusdeteriorates | Yes |
| Customer5 | 25,794,327.13 | 25,794,327.13 | Customercreditstatusdeteriorates | Yes |
| Customer6 | 19,541,985.85 | 16,037,781.34 | Customercreditstatusdeteriorates | Yes |
| Customer7 | 17,374,148.42 | 17,374,148.42 | Customercreditstatusdeteriorates | Yes |
| Customer8 | 14,271,744.99 | 14,271,744.99 | Customercreditstatusdeteriorates | Yes |
| Customer9 | 13,461,834.96 | 13,461,834.96 | Customercreditstatusdeteriorates | Yes |
| Customer10 | 13,387,598.42 | 2,849,370.91 | Customercreditstatusdeteriorates | Yes |
| Customer11 | 10,478,293.72 | 4,522,431.57 | Detailsofthefinalpaymentforcustomerprojectsareundernegotiationduetodisputes. | No |
(2)Disclosurebybaddebtaccrualmethod
InRMB
| Type | Closingbalance | Openingbalance | ||||||||
| Remainingbookvalue | Baddebtprovision | Bookvalue | Remainingbookvalue | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion | Amount | Provisionrate | Amount | Proportion | Amount | Provisionrate | |||
| Accountreceivableforwhichbaddebtprovisionismadebygroup | 127,640,916.83 | 8.51% | 97,987,987.52 | 76.77% | 29,652,929.31 | 80,430,339.27 | 6.83% | 74,382,698.73 | 92.48% | 6,047,640.54 |
| Including: | ||||||||||
| Customer1 | 54,873,223.21 | 3.66% | 54,873,223.21 | 100.00% | 54,873,223.21 | 4.67% | 54,873,223.21 | 100.00% | ||
| Customer2 | 47,210,577.56 | 3.15% | 23,605,288.79 | 50.00% | 23,605,288.77 | |||||
| Customer3 | 13,461,834.96 | 0.90% | 13,461,834.96 | 100.00% | 13,461,834.96 | 1.14% | 13,461,834.96 | 100.00% | ||
| Customer4 | 7,096,421.00 | 0.47% | 3,548,210.50 | 50.00% | 3,548,210.50 | 7,096,421.00 | 0.60% | 3,548,210.50 | 50.00% | 3,548,210.50 |
| Customer5 | 4,998,860.10 | 0.33% | 2,499,430.06 | 50.00% | 2,499,430.04 | 4,998,860.10 | 0.42% | 2,499,430.06 | 50.00% | 2,499,430.04 |
| Accountreceivableforwhichbaddebtprovisionismadebygroup | 1,370,174,084.29 | 91.49% | 276,320,816.62 | 20.17% | 1,093,853,267.67 | 1,097,113,117.82 | 93.17% | 191,673,844.17 | 17.47% | 905,439,273.65 |
| Including: | ||||||||||
| Portfolio1:Engineeringoperationssection | 1,201,581,352.19 | 80.23% | 270,560,899.59 | 22.52% | 931,020,452.60 | 881,971,973.34 | 74.90% | 181,121,184.71 | 20.54% | 700,850,788.63 |
| Portfolio2:Realestatebusinesspayments | 87,166,812.19 | 5.82% | 2,181,218.43 | 2.50% | 84,985,593.76 | 144,374,822.98 | 12.26% | 8,293,566.86 | 5.74% | 136,081,256.12 |
| Portfolio | 81,425,9 | 5.44% | 3,578,69 | 4.40% | 77,847,2 | 70,766,3 | 6.01% | 2,259,09 | 3.19% | 68,507,2 |
| 3:Otherbusinessmodels | 19.91 | 8.60 | 21.31 | 21.50 | 2.60 | 28.90 | ||||
| Total | 1,497,815,001.12 | 100.00% | 374,308,804.14 | 24.99% | 1,123,506,196.98 | 1,177,543,457.09 | 100.00% | 266,056,542.90 | 22.59% | 911,486,914.19 |
Separatebaddebtprovision:separateprovision
InRMB
| Name | Openingbalance | Closingbalance | ||||
| Remainingbookvalue | Baddebtprovision | Remainingbookvalue | Baddebtprovision | Provisionrate | Reason | |
| Customer1 | 54,873,223.21 | 54,873,223.21 | 54,873,223.21 | 54,873,223.21 | 100.00% | |
| Customer2 | 47,210,577.56 | 23,605,288.79 | 50.00% | |||
| Customer3 | 13,461,834.96 | 13,461,834.96 | 13,461,834.96 | 13,461,834.96 | 100.00% | |
| Customer4 | 7,096,421.00 | 3,548,210.50 | 7,096,421.00 | 3,548,210.50 | 50.00% | |
| Customer5 | 4,998,860.10 | 2,499,430.06 | 4,998,860.10 | 2,499,430.06 | 50.00% | |
| Total | 80,430,339.27 | 74,382,698.73 | 127,640,916.83 | 97,987,987.52 | ||
Provisionforbaddebtsbycombination:Portfolio1:Engineeringbusiness
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Lessthan1year | 434,542,505.23 | 8,518,488.97 | 1.96% |
| 1-2years | 153,324,126.70 | 8,678,145.58 | 5.66% |
| 2-3years | 169,472,582.50 | 21,624,701.52 | 12.76% |
| 3-4years | 170,186,095.94 | 33,628,772.56 | 19.76% |
| 4-5years | 133,612,334.38 | 57,667,083.52 | 43.16% |
| Over5years | 140,443,707.44 | 140,443,707.44 | 100.00% |
| Total | 1,201,581,352.19 | 270,560,899.59 | |
Grouprecognitionbasis:
See10.FinancialToolsinChapterX,V,ImportantAccountingPoliciesandAccountingEstimatesfortherecognitioncriteriaandinstructionsforwithdrawingbaddebtreservesbyportfolioBaddebtprovisionbyportfolio:portfolio2:realestatebusinessfunds
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Lessthan1year | 54,413,740.54 | 543,431.46 | 1.00% |
| 1-2years | 16,671,818.48 | 833,590.92 | 5.00% |
| 2-3years | 16,079,919.21 | 803,995.96 | 5.00% |
| 3-4years | 1,333.96 | 200.09 | 15.00% |
| 4-5years | |||
| Over5years | |||
| Total | 87,166,812.19 | 2,181,218.43 | |
Provisionforbaddebtsbycombination:portfolio3:Othersbusiness
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Lessthan1year | 44,731,417.29 | 326,523.94 | 0.73% |
| 1-2years | 23,798,443.43 | 499,767.31 | 2.10% |
| 2-3years | 8,896,019.47 | 749,044.84 | 8.42% |
| 3-4years | 2,496,128.86 | 618,540.73 | 24.78% |
| 4-5years | 880,185.39 | 761,096.31 | 86.47% |
| Over5years | 623,725.47 | 623,725.47 | 100.00% |
| Total | 81,425,919.91 | 3,578,698.60 |
Iftheprovisionforbaddebtsonaccountsreceivableisbeingmadebasedontheexpectedcreditlossgeneralmodel:
□Applicable?Inapplicable
(3)Baddebtprovisionmade,returnedorrecoveredintheperiod
Baddebtprovisionmadeintheperiod:
InRMB
| Type | Openingbalance | Changeintheperiod | Closingbalance | |||
| Provision | Written-backorrecovered | Canceled | Others | |||
| Separatebaddebtprovision | 74,382,698.73 | 17,584,187.04 | 6,021,101.75 | 97,987,987.52 | ||
| Provisionforbaddebtsbycombination | 191,673,844.17 | 92,211,524.23 | 1,531,354.19 | -6,033,197.59 | 276,320,816.62 | |
| Total | 266,056,542.90 | 109,795,711.27 | 1,531,354.19 | -12,095.84 | 374,308,804.14 | |
Note:"Others"referstotheimpactofconversionofdifferentcategoriesofbaddebtprovisionsandforeignexchangestatementtranslationdifferences.
(4)Written-offaccountreceivableduringtheperiod
InRMB
| Item | Amount |
| Accountreceivablewrittenoff | 1,531,354.19 |
(5)Accountsreceivableandcontractassetswiththetop-5endingbalances,groupedbypartyowed
InRMB
| Entity | Closingbalanceofaccountsreceivable | Closingbalanceofcontractassets | Closingbalanceofaccountsreceivableandcontractassets | Percentageoftotalendingbalanceofaccountsreceivableandcontractassets | Closingbalanceofprovisionforbaddebtsonaccountsreceivableandimpairmentofcontractassets |
| No.1 | 123,432,623.99 | 123,432,623.99 | 3.00% | 53,155,500.46 | |
| No.2 | 18,361,801.19 | 78,109,255.80 | 96,471,056.99 | 2.34% | 1,967,864.37 |
| No.3 | 19,732,113.69 | 63,386,093.17 | 83,118,206.86 | 2.02% | 11,399,107.69 |
| No.4 | 8,967,200.00 | 66,626,539.51 | 75,593,739.51 | 1.84% | 4,338,104.72 |
| No.5 | 13,109,762.47 | 61,246,571.24 | 74,356,333.71 | 1.81% | 5,680,284.50 |
| Total | 183,603,501.34 | 269,368,459.72 | 452,971,961.06 | 11.01% | 76,540,861.74 |
5.Contractassets
(1)Contractassets
InRMB
| Item | Closingbalance | Openingbalance | ||||
| Remainingbookvalue | Baddebtprovision | Bookvalue | Remainingbookvalue | Baddebtprovision | Bookvalue | |
| Completedandunsettledprojectfundsthatfailtomeetthecollectionconditions | 2,303,529,715.41 | 196,836,354.61 | 2,106,693,360.80 | 2,536,843,592.06 | 179,066,040.85 | 2,357,777,551.21 |
| Qualityguaranteedepositthatfailstomeetthecollectionconditions | 262,289,726.50 | 24,254,807.14 | 238,034,919.36 | 157,921,009.28 | 13,409,302.47 | 144,511,706.81 |
| Salesfundswithconditionalcollectionright | 52,852,539.43 | 727,775.89 | 52,124,763.54 | 51,338,008.75 | 436,594.78 | 50,901,413.97 |
| Less:Contractassetsshowninothernon-currentassets | 160,412,051.45 | 11,257,487.71 | 149,154,563.74 | 69,887,873.01 | 5,127,003.43 | 64,760,869.58 |
| Total | 2,458,259,929.89 | 210,561,449.93 | 2,247,698,479.96 | 2,676,214,737.08 | 187,784,934.67 | 2,488,429,802.41 |
(2)Theamountandreasonforthesignificantchangeinthebookvalueduringthereportingperiod
InRMB
| Item | Change | Reason |
| Completedandunsettledprojectfundsthatfailtomeetthecollectionconditions | -251,084,190.41 | Mainlyduetothetransferofcontractassetstoaccountsreceivablefromconstructioncontractsthatmetthecollectionconditionsthisyear. |
| Qualityguaranteedepositthatfailstomeetthecollectionconditions | 93,523,212.55 | Mainlyduetotheincreaseinwarrantyfundsnotmeetingcollectionconditions. |
| Less:Contractassetsshowninothernon-currentassets | 84,393,694.16 | Mainlyduetotheincreaseinwarrantyfundsforcompletedprojectsthathavenotyetmatured. |
| Total | -241,954,672.02 | —— |
(3)Disclosurebybaddebtaccrualmethod
InRMB
| Type | Closingbalance | Openingbalance | ||||
| Remainingbook | Baddebtprovision | Book | Remainingbook | Baddebtprovision | Book | |
| value | value | value | value | |||||||
| Amount | Proportion | Amount | Provisionrate | Amount | Proportion | Amount | Provisionrate | |||
| Separatebaddebtprovision | 16,288,576.53 | 0.66% | 9,033,247.20 | 55.46% | 7,255,329.33 | 16,288,576.53 | 0.61% | 9,033,247.20 | 55.46% | 7,255,329.33 |
| Including: | ||||||||||
| Customer1 | 14,510,658.66 | 0.59% | 7,255,329.33 | 50.00% | 7,255,329.33 | 14,510,658.66 | 0.59% | 7,255,329.33 | 50.00% | 7,255,329.33 |
| Customer2 | 1,777,917.87 | 0.07% | 1,777,917.87 | 100.00% | 1,777,917.87 | 0.07% | 1,777,917.87 | 100.00% | ||
| Provisionforbaddebtsbycombination | 2,441,971,353.36 | 99.34% | 201,528,202.73 | 8.25% | 2,240,443,150.63 | 2,659,926,160.55 | 99.39% | 178,751,687.47 | 6.72% | 2,481,174,473.08 |
| Including: | ||||||||||
| Combination1:salespaymentwithconditionalcollectionright | 52,852,539.43 | 2.15% | 727,775.89 | 1.38% | 52,124,763.54 | 51,338,008.75 | 1.92% | 436,594.78 | 0.85% | 50,901,413.97 |
| Portfolio2:Completedandunsettledprojectnotmeetingcollectionconditions | 2,286,329,426.34 | 93.01% | 187,097,333.23 | 8.18% | 2,099,232,093.11 | 2,519,643,302.99 | 94.15% | 169,724,313.35 | 6.74% | 2,349,918,989.64 |
| Portfolio3:Qualityguaranteedepositnotmeetingcollectionconditions | 102,789,387.59 | 4.18% | 13,703,093.61 | 13.33% | 89,086,293.98 | 88,944,848.81 | 3.32% | 8,590,779.34 | 9.66% | 80,354,069.47 |
| Total | 2,458,259,929.89 | 100.00% | 210,561,449.93 | 8.57% | 2,247,698,479.96 | 2,676,214,737.08 | 100.00% | 187,784,934.67 | 7.02% | 2,488,429,802.41 |
Separatebaddebtprovision:separateprovision
InRMB
| Name | Openingbalance | Closingbalance | ||||
| Remainingbookvalue | Baddebtprovision | Remainingbookvalue | Baddebtprovision | Provisionrate | Reason | |
| Customer1 | 14,510,658.66 | 7,255,329.33 | 14,510,658.66 | 7,255,329.33 | 50.00% | |
| Customer2 | 1,777,917.87 | 1,777,917.87 | 1,777,917.87 | 1,777,917.87 | 100.00% | |
| Total | 16,288,576.53 | 9,033,247.20 | 16,288,576.53 | 9,033,247.20 | ||
Provisionforbaddebtsbyportfolio:Portfolio1:Salespaymentswithconditionalcollectionrights.
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Salesfundswithconditionalcollectionright | 52,852,539.43 | 727,775.89 | 1.38% |
| Total | 52,852,539.43 | 727,775.89 | |
Grouprecognitionbasis:
See10.FinancialToolsinChapterX,V,ImportantAccountingPoliciesandAccountingEstimatesfortherecognitioncriteriaandinstructionsforwithdrawingbaddebtreservesbyportfolioProvisionforbaddebtsbyportfolio:Portfolio2:Unsettledprojectpaymentsforcompletedprojectsnotmeetingcollectionconditions.
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Completedandunsettledprojectfundsthatfailtomeetthecollectionconditions | 2,286,329,426.34 | 187,097,333.23 | 8.18% |
| Total | 2,286,329,426.34 | 187,097,333.23 | |
Provisionforbaddebtsbyportfolio:Portfolio3:Warrantyfundsnotmeetingcollectionconditions.
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Qualityguaranteedepositthatfailstomeetthecollectionconditions | 102,789,387.59 | 13,703,093.61 | 13.33% |
| Total | 102,789,387.59 | 13,703,093.61 | |
Provisionforbaddebtsbasedongeneralmodelofexpectedcreditlosses
□Applicable?Inapplicable
(4)Baddebtprovisionmade,returnedorrecoveredintheperiod
InRMB
| Item | Provision | Recoveredorreversedduringtheperiod | Writtenoffinthecurrentperiod | Reason |
| Provisionforbaddebtsbycombination | 22,776,515.26 | |||
| Total | 22,776,515.26 | —— |
6.Receivablefinancing
(1)Presentationofreceivablesfinancingclassification
InRMB
| Item | Closingbalance | Openingbalance |
| Notesreceivable | 4,568,000.10 | 6,979,428.14 |
| Total | 4,568,000.10 | 6,979,428.14 |
(2)Disclosurebybaddebtaccrualmethod
InRMB
| Type | Closingbalance | Openingbalance | ||||||||
| Remainingbookvalue | Baddebtprovision | Bookvalue | Remainingbookvalue | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion | Amount | Provisionrate | Amount | Proportion | Amount | Provisionrate | |||
| Provisionforbaddebtsbycombination | 4,568,000.10 | 100.00% | 0.00 | 0.00% | 4,568,000.10 | 6,979,428.14 | 100.00% | 0.00 | 0.00% | 6,979,428.14 |
| Including: | ||||||||||
| Bankacceptance | 4,568,000.10 | 100.00% | 0.00 | 0.00% | 4,568,000.10 | 6,979,428.14 | 100.00% | 0.00 | 0.00% | 6,979,428.14 |
| Total | 4,568,000.10 | 100.00% | 0.00 | 0.00% | 4,568,000.10 | 6,979,428.14 | 100.00% | 0.00 | 0.00% | 6,979,428.14 |
Provisionforbaddebtsbycombination:bankacceptance
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Bankacceptance | 4,568,000.10 | 0.00 | 0.00% |
| Total | 4,568,000.10 | 0.00 | |
Grouprecognitionbasis:
See10.FinancialToolsinChapterX,V,ImportantAccountingPoliciesandAccountingEstimatesfortherecognitioncriteriaandinstructionsforwithdrawingbaddebtreservesbyportfolio
(3)Attheendoftheperiod,theCompanyhasendorsedordiscountedaccountsreceivablefinancingthathasnotyetmaturedasofthebalancesheetdate.
InRMB
| Item | De-recognizedamount | Notde-recognizedamount |
| Bankacceptance | 60,867,571.05 | |
| Total | 60,867,571.05 |
7.Otherreceivables
InRMB
| Item | Closingbalance | Openingbalance |
| Otherreceivables | 168,322,524.80 | 145,113,323.33 |
| Total | 168,322,524.80 | 145,113,323.33 |
(1)Otherreceivables
1)Otherreceivablesaredisclosedbynature
InRMB
| Bynature | Closingbalanceofbookvalue | Openingbalanceofbookvalue |
| Depositandpledgepaid | 101,364,611.15 | 96,041,429.79 |
| Constructionborrowingandadvancedpayment | 39,950,652.16 | 41,180,355.37 |
| Staffborrowingandpettycash | 3,221,577.94 | 2,515,436.58 |
| VATrefundreceivable | 642,493.02 | 798,918.77 |
| Refundableadvancepaymentsforgoods | 18,884,265.12 | |
| Others | 12,294,754.02 | 11,974,398.52 |
| Total | 176,358,353.41 | 152,510,539.03 |
(2)Accountage
InRMB
| Age | Closingbalanceofbookvalue | Openingbalanceofbookvalue |
| Within1year(inclusive) | 45,432,663.12 | 30,123,678.94 |
| 1-2years | 11,015,466.34 | 4,793,018.03 |
| 2-3years | 4,495,902.18 | 5,310,261.72 |
| Over3years | 115,414,321.77 | 112,283,580.34 |
| 3-4years | 3,882,310.18 | 9,787,862.62 |
| 4-5years | 9,518,614.26 | 7,701,603.22 |
| Over5years | 102,013,397.33 | 94,794,114.50 |
| Total | 176,358,353.41 | 152,510,539.03 |
TheCompanyneedstocomplywiththedisclosurerequirementsofthedecorationanddecorationindustryintheGuidelinesfortheSelf-disciplineandSupervisionofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure.Significantindividualamountsofotheraccountsreceivableinthecurtainwallandmaterialsindustrythathaveexceededthreeyearsinage
| Customer | Balanceofotherreceivablesolderthanthreeyears(RMB) | Balanceofprovisionforbaddebts(RMB) | Reasonoftheage | Whetherthereisariskofrecovery |
| Customer1 | 1,970,381.89 | 1,970,381.89 | Customercreditstatusdeteriorates | Yes |
(3)Disclosurebybaddebtaccrualmethod
?Applicable□Inapplicable
InRMB
| Type | Closingbalance | Openingbalance | ||||||||
| Remainingbookvalue | Baddebtprovision | Bookvalue | Remainingbookvalue | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion | Amount | Provisionrate | Amount | Proportion | Amount | Provisionrate | |||
| Provisionforbaddebtsbycombination | 176,358,353.41 | 100.00% | 8,035,828.61 | 4.56% | 168,322,524.80 | 152,510,539.03 | 100.00% | 7,397,215.70 | 4.85% | 145,113,323.33 |
| Including: | ||||||||||
| Portfolio1:Firststage | 167,771,508.00 | 95.13% | 2,498,265.50 | 1.49% | 165,273,242.50 | 143,789,155.16 | 94.28% | 2,143,506.61 | 1.49% | 141,645,648.55 |
| Portfolio2:Secondstage | 3,143,590.00 | 1.78% | 94,307.70 | 3.00% | 3,049,282.30 | 3,574,882.60 | 2.34% | 107,207.82 | 3.00% | 3,467,674.78 |
| Portfolio3:Thirdstage | 5,443,255.41 | 3.09% | 5,443,255.41 | 100.00% | 0.00 | 5,146,501.27 | 3.38% | 5,146,501.27 | 100.00% | 0.00 |
| Total | 176,358,353.41 | 100.00% | 8,035,828.61 | 4.56% | 168,322,524.80 | 152,510,539.03 | 100.00% | 7,397,215.70 | 4.85% | 145,113,323.33 |
Provisionforbaddebtsbyportfolio:Portfolio1:stageone
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Portfolio1:Firststage | 167,771,508.00 | 2,498,265.50 | 1.49% |
| Total | 167,771,508.00 | 2,498,265.50 | |
Descriptionofthebasisfordeterminingtheportfolio:Provisionforbaddebtsismadeonthebasisofthegeneralmodelofexpectedcreditlosses.Provisionforbaddebtsbyportfolio:Portfolio2:stagetwo
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Portfolio2:Secondstage | 3,143,590.00 | 94,307.70 | 3.00% |
| Total | 3,143,590.00 | 94,307.70 | |
Provisionforbaddebtsbyportfolio:Portfolio3:stagethree
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Portfolio3:Thirdstage | 5,443,255.41 | 5,443,255.41 | 100.00% |
| Total | 5,443,255.41 | 5,443,255.41 | |
Provisionforbaddebtsbasedongeneralmodelofexpectedcreditlosses
InRMB
| Baddebtprovision | Firststage | Secondstage | Thirdstage | Total |
| Expectedcredit | Expectedcreditlossforthe | Expectedcreditlossfor |
| lossesinthenext12months | entireduration(nocreditimpairment) | theentireduration(creditimpairmenthasoccurred) | ||
| BalanceonJanuary1,2024 | 2,143,506.61 | 107,207.82 | 5,146,501.27 | 7,397,215.70 |
| BalanceonJanuary1,2024inthecurrentperiod | ||||
| Provision | 369,503.87 | -12,900.12 | 296,754.14 | 653,357.89 |
| Canceledinthecurrentperiod | 14,542.62 | 14,542.62 | ||
| Otherchange | -202.36 | -202.36 | ||
| BalanceonDecember31,2024 | 2,498,265.50 | 94,307.70 | 5,443,255.41 | 8,035,828.61 |
Changesinbookbalanceswithsignificantchangesinthecurrentperiod
□Applicable?Inapplicable
4)Baddebtprovisionmade,returnedorrecoveredintheperiodBaddebtprovisionmadeintheperiod:
InRMB
| Type | Openingbalance | Changeintheperiod | Closingbalance | |||
| Provision | Written-backorrecovered | Write-off | Others | |||
| Provisionforbaddebtsbycombination | 7,397,215.70 | 653,357.89 | 14,542.62 | -202.36 | 8,035,828.61 | |
| Total | 7,397,215.70 | 653,357.89 | 14,542.62 | -202.36 | 8,035,828.61 | |
5)Otherreceivablewrittenoffinthecurrentperiod
InRMB
| Item | Amount |
| Otherreceivablewrittenoff | 14,542.62 |
6)Balanceoftop5otherreceivablesattheendoftheperiod
InRMB
| Entity | Bynature | Closingbalance | Age | Percentage(%) | Balanceofbaddebtprovisionattheendoftheperiod |
| ShenzhenYikangRealEstateCo.Ltd. | Marginandcurrentaccount | 6,000,000.00 | 1-2years | 43.13% | 1,133,333.87 |
| 62,675.83 | 4-5years | ||||
| 70,000,000.00 | Over5years | ||||
| BangshenElectronics(Shenzhen)Co.,Ltd. | Deposit | 20,000,000.00 | Over5years | 11.34% | 298,000.00 |
| JiangxiYajinghongTradingCo.,Ltd. | Refundableprepayments | 16,215,255.00 | Lessthan1year | 9.19% | 241,607.30 |
| ShenzhenHenggangDakangCo.,Ltd. | Deposit | 8,000,000.00 | Over5years | 4.54% | 119,200.00 |
| ChinaMerchantsFuturesBrokerageCo.,Ltd. | Deposit | 6,386,728.75 | Lessthan1year | 3.62% | 95,162.26 |
| Total | 126,664,659.58 | 71.82% | 1,887,303.43 |
8.Prepayment
(1)Accountagesofprepayments
InRMB
| Age | Closingbalance | Openingbalance | ||
| Amount | Proportion | Amount | Proportion | |
| Lessthan1year | 17,938,392.45 | 76.81% | 29,398,144.01 | 86.53% |
| 1-2years | 1,949,630.86 | 8.35% | 1,713,380.35 | 5.04% |
| 2-3years | 1,404,616.03 | 6.01% | 648,638.59 | 1.91% |
| Over3years | 2,062,396.77 | 8.83% | 2,216,406.41 | 6.52% |
| Total | 23,355,036.11 | 33,976,569.36 | ||
Attheendoftheperiod,therearenoimportantprepaymentsexceedingoneyearinage.
(2)Balanceoftop5prepaymentsattheendoftheperiod
Thetotaloftop5prepaymentsintermsoftheprepaidentitiesintheperiodisRMB8,511,258.52,accountingfor36.44%ofthetotalprepaymentsattheendoftheperiod.
9.Inventories
WhethertheCompanyneedstocomplywithdisclosurerequirementsoftherealestateindustry.Yes
(1)Classificationofinventories
TheCompanyneedstocomplywiththedisclosurerequirementsoftherealestateindustryintheGuidelinesfortheSelf-disciplineandSupervisionofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure.Classifiedbynature:
InRMB
| Item | Closingbalance | Openingbalance | ||||
| Remainingbookvalue | Provisionforinventorydepreciationorcontractperformancecostimpairmentprovision | Bookvalue | Remainingbookvalue | Provisionforinventorydepreciationorcontractperformancecostimpairmentprovision | Bookvalue | |
| Rawmaterials | 110,961,372.14 | 110,961,372.14 | 131,800,215.01 | 131,800,215.01 | ||
| Productinprocess | 91,796,788.96 | 91,796,788.96 | 120,647,582.06 | 120,647,582.06 | ||
| Finishedgoodsinstock | 8,694,704.45 | 8,694,704.45 | 11,240,201.57 | 11,240,201.57 | ||
| Developmentcost | 230,990,938.09 | 230,990,938.09 | 224,969,147.17 | 224,969,147.17 | ||
| Developmentproducts | 124,380,755.91 | 124,380,755.91 | 134,821,091.47 | 134,821,091.47 | ||
| Lowpriceconsumable | 178,098.23 | 178,098.23 | 171,286.80 | 171,286.80 | ||
| OEMmaterials | 13,483,327.00 | 13,483,327.00 | 15,096,929.98 | 15,096,929.98 | ||
| Contractperformancecosts | 102,358,825.07 | 102,358,825.07 | 90,470,830.76 | 90,470,830.76 | ||
| Goodsdelivered | 20,251,212.30 | 20,251,212.30 | 23,270,292.17 | 23,270,292.17 | ||
| Materialsintransit | 2,570,386.59 | 2,570,386.59 | 3,136,909.52 | 3,136,909.52 | ||
| Total | 705,666,408.74 | 705,666,408.74 | 755,624,486.51 | 755,624,486.51 |
Developmentcostandcapitalizationrateofitsinterestaredisclosedasfollows:
InRMB
| Projectname | Startingtime | Estimatedfinishtime | Estimatedtotalinvestment | Openingbalance | Transferredtodevelopmentproductinthisperiod | Otherdecreaseinthisperiod | Increase(developmentcost)inthisperiod | Closingbalance | Accumulativecapitalizedinterest | Including:capitalizedinterestforthecurrentperiod | Capitalsource |
| DakangVillageProjectinShenzhen | December1,2026 | December31,2032 | 3,600,000,000.00 | 201,016,423.09 | 201,016,423.09 | ||||||
| FangdaBangshenIndustryPark | December1,2025 | December31,2026 | 870,000,000.00 | 23,952,724.08 | 6,021,790.92 | 29,974,515.00 | |||||
| Total | -- | -- | 4,470,000,000.00 | 224,969,147.17 | 6,021,790.92 | 230,990,938.09 | -- |
Disclosethemainprojectinformationof"DevelopmentProducts"accordingtothefollowingformat:
InRMB
| Projectname | Completiontime | Openingbalance | Increase | Decrease | Closingbalance | Accumulativecapitalizedinterest | Including:capitalizedinterestforthecurrentperiod |
| PhaseIofFangdaTown | 29December2016 | 12,095,397.45 | 8,447,099.62 | 5,009,991.10 | 15,532,505.97 | 549,009.88 | |
| NanchangFangdaCenter | April27,2021 | 122,725,694.02 | 13,877,444.08 | 108,848,249.94 | 4,221,936.03 | ||
| Total | -- | 134,821,091. | 8,447,099.62 | 18,887,435.1 | 124,380,755. | 4,770,945.91 |
| 47 | 8 | 91 |
(2)Capitalizationrateofinterestintheclosinginventorybalance
AsofDecember31,2024,thecapitalizationamountofborrowingcostsintheendinginventorybalanceisRMB4,770,945.91.
10.Non-currentassetsduein1year
InRMB
| Item | Closingbalance | Openingbalance |
| Fixeddepositcertificateandinterest | 327,120,273.54 | |
| Total | 327,120,273.54 |
11.Othercurrentassets
InRMB
| Item | Closingbalance | Openingbalance |
| ReclassificationofVATdebitbalance | 292,626,079.84 | 230,260,579.29 |
| Overpaymentandprepaymentofincometax | 11,197,246.58 | 2,852,830.41 |
| Otherprepaidtaxes | 949,974.83 | 3,836,971.59 |
| Paymenttobecollectedonbehalfofsuppliers | 3,003,841.89 | 3,003,841.89 |
| Pendingdevelopmentproducts | 8,447,099.62 | |
| Total | 307,777,143.14 | 248,401,322.80 |
12.Investmentinotherequitytools
InRMB
| Projectname | Closingbalance | Openingbalance | Gainsrecognizedinothercomprehensiveincomeduringthecurrentperiod | Lossesrecognizedinothercomprehensiveincomeduringthecurrentperiod | Accumulatedgainsrecognizedinothercomprehensiveincomeattheendofthecurrentperiod | Accumulatedlossesrecognizedinothercomprehensiveincomeattheendofthecurrentperiod | Dividendincomerecognizedinthecurrentperiod | Reasonformeasurementatfairvaluewithvariationsaccountedintocurrentincomeaccount |
| ShenyangFangda | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | Investmentsinnon-tradingequityinstruments |
Derecognitionoccurredduringthisperiod
InRMB
| Projectname | Cumulativegainstransferredtoretainedearnings | Cumulativelossestransferredtoretainedearnings | Reasonforderecognition |
| ShenyangFangda | 21,421,931.75 | Bankruptcy |
13.Long-termshareequityinvestment
InRMB
| Investedentity | Openingbookvalue | Beginningbalanceofimpairmentprovisions | Change(+,-) | Closingbookvalue | Balanceofimpairmentprovisionattheendoftheperiod | |||||||
| Increasedinvestment | Decreasedinvestment | Investmentgainandlossrecognizedusingtheequitymethod | Othermiscellaneousincomeadjustment | Otherequitychange | Cashdividendorprofitannounced | Impairmentprovision | Others | |||||
| 1.Jointventure | ||||||||||||
| 2.Associate | ||||||||||||
| GanshangJointInvestment | 2,402,065.72 | 775.78 | 2,402,841.50 | |||||||||
| JiangxiBusinessInnovativePropertyJointStockCo.,Ltd. | 52,354,951.68 | 2,004,000.00 | -70,819.21 | 54,288,132.47 | ||||||||
| Subtotal | 54,757,017.40 | 2,004,000.00 | -70,043.43 | 56,690,973.97 | ||||||||
| Total | 54,757,017.40 | 2,004,000.00 | -70,043.43 | 56,690,973.97 | ||||||||
Therecoverableamountisdeterminedasthenetamountafterdeductingthedisposalcostsfromthefairvalue.
□Applicable?InapplicableTherecoverableamountisdeterminedbasedonthepresentvalueofestimatedfuturecashflows.
□Applicable?Inapplicable
14.Othernon-currentfinancialassets
InRMB
| Item | Closingbalance | Openingbalance |
| Financialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | 6,519,740.17 | 7,455,617.17 |
| Total | 6,519,740.17 | 7,455,617.17 |
15.Investmentrealestate
(1)Investmentrealestatemeasuredatcosts?Applicable?Inapplicable
InRMB
| Item | Houses&buildings | Total |
| I.Bookvalue | ||
| 1.Openingbalance | 17,388,824.39 | 17,388,824.39 |
| 2.Increaseinthisperiod | ||
| 3.Decreaseinthisperiod | 17,388,824.39 | 17,388,824.39 |
| (1)Othertransfer-out | 17,388,824.39 | 17,388,824.39 |
| 4.Closingbalance | ||
| II.Accumulativedepreciationandamortization | ||
| 1.Openingbalance | 8,151,827.44 | 8,151,827.44 |
| 2.Increaseinthisperiod | 449,408.04 | 449,408.04 |
| (1)Provisionoramortization | 449,408.04 | 449,408.04 |
| 3.Decreaseinthisperiod | 8,601,235.48 | 8,601,235.48 |
| (1)Othertransfer-out | 8,601,235.48 | 8,601,235.48 |
| 4.Closingbalance | ||
| III.Impairmentprovision | ||
| 1.Openingbalance | ||
| 2.Increaseinthisperiod | ||
| 3.Decreaseinthisperiod | ||
| 4.Closingbalance | ||
| IV.Bookvalue | ||
| 1.Closingbookvalue | 0.00 | 0.00 |
| 2.Openingbookvalue | 9,236,996.95 | 9,236,996.95 |
(2)Investmentrealestatemeasuredatfairvalue?Applicable□Inapplicable
InRMB
| Item | Houses&buildings | Total |
| I.Openingbalance | 5,747,572,171.31 | 5,747,572,171.31 |
| II.Changeinthisperiod | 87,463,926.89 | 87,463,926.89 |
| Add:externalpurchase | 5,157,977.68 | 5,157,977.68 |
| Inventory/fixedassets/intangibleassetstransfer | 270,595,130.00 | 270,595,130.00 |
| Less:disposal | 12,296,393.00 | 12,296,393.00 |
| Transfer-outtofixedassets | 153,968,082.00 | 153,968,082.00 |
| Changeinfairvalue | 22,024,705.79 | 22,024,705.79 |
| III.Closingbalance | 5,835,036,098.20 | 5,835,036,098.20 |
TheCompanyneedstocomplywiththedisclosurerequirementsoftherealestateindustryintheGuidelinesfortheSelf-disciplineandSupervisionofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure.Disclosureofinvestmentrealestatemeasuredatfairvaluebyprojects
InRMB
| Projectname | Location | Completiontime | inbuildingarea | Rentalincomeinthereportperiod | Openingfairvalue | Closingfairvalue | Changeinfairvalue | Reasonforthechangeandreport |
| FangdaTowncommercialandofficebuildings | Shenzhen | 11October2017 | 92,470.58 | 107,661,780.00 | 4,953,418,721.02 | 4,816,996,153.02 | -2.75% | Primarilyduetosomepropertiesbeingtransferredfromrentaltoself-usethisperiod,andthedecreaseinassessedfairvalue,asperappraisalreportreference"ShenzhenGuoyuAppraisalNo.[2025]01004-1". |
| FangdaBuilding | Shenzhen | 28December2002 | 20,464.75 | 14,866,799.77 | 333,236,768.00 | 380,644,350.00 | 14.23% | Primarilyduetosomepropertiesbeingtransferredfromself-usetorentalthisperiod,andthedecreaseinassessedfairvalue,asperappraisalreportreference"ShenzhenGuoyuAppraisalNo.[2025]01004-1". |
| NanchangFangdaCenter | Nanchang | December10,2020 | 38,165.36 | 14,059,406.72 | 412,678,972.00 | 415,552,403.00 | 0.70% | Primarilyduetosome |
| propertiesbeingtransferredfrominventorytorentalthisperiod,andthedecreaseinassessedfairvalue,asperappraisalreportreference"ShenzhenGuoyuAppraisalNo.[2025]01003". | ||||||||
| NanchangFangdaTechnologyPark | Nanchang | August2,2005 | 85,472.88 | 502,363.17 | 0.00 | 185,877,848.00 | - | Duetotransferfromself-usetorentalthisperiod,asperappraisalreportreference"ShenzhenGuoyuAppraisalNo.[2025]01004-2". |
| Others | Guangzhou,Zhuhai,Shaoguan,etc. | 3,567.27 | 146,201.85 | 48,237,710.29 | 35,965,344.18 | -25.44% | Primarilyduetothedisposalandacquisitionofnewinvestmentpropertiesthisperiod,asperappraisalreportreference"ShenzhenGuoyuAppraisalNo.[2025]01002-1to7". | |
| Total | 240,140.84 | 137,236,551.51 | 5,747,572,171.31 | 5,835,036,098.20 | 1.52% |
WhethertheCompanyhasinvestmentrealestateinthecurrentconstructionperiod
□Yes?NoWhetherthereisnewinvestmentrealestatemeasuredatfairvalueinthereportperiod?Yes□NoNewly-addedinvestmentrealestatemeasuredbyfairvalueinthecurrentperiod:
InRMB
| Projectname | Originalaccountingmethod | Originalbookvalue | Recordedfairvalue | Closingfairvalue | Changetime | Differenthandlingmethodandbasis |
| FangdaBuilding | Fixedassets,measuredatcost | 38,180,910.56 | 76,037,916.00 | 75,229,002.00 | March31,2024 | Accordingtorelevantprovisionsofinvestmentpropertystandards,whenconvertingothercost-measuredassetstoinvestmentpropertymeasuredatfairvalue,anyexcessofthefairvalueovertheoriginalbookvalueontheconversiondateisincludedinothercomprehensiveincome,whileanyshortfallisincludedinthecurrentperiod'sprofitorloss.Subsequentchangesinfairvalueareincludedinthecurrentperiod'sprofitorloss. |
| NanchangFangdaCenter | Inventory,measuredatcost | 6,997,689.14 | 8,679,366.00 | 8,679,366.00 | June30andSeptember30,2024 | |
| NanchangFangdaTechnologyPark | Fixedassets,intangibleassets,etc.,measuredatcost | 72,893,286.32 | 185,877,848.00 | 185,877,848.00 | December31,2024 | |
| Others | Newlyacquiredthroughproperty-for-debtsettlementforprojectpayments | 4,866,513.76 | 4,866,513.76 | 4,193,140.00 | December31,2024 | Changesinfairvalueareincludedinthecurrentperiod'sprofitorloss. |
| Total | 122,938,399.78 | 275,461,643.76 | 273,979,356.00 |
(3)Conversiontoinvestmentpropertyandmeasuredatfairvalue
InRMB
| Item | Accountingsubjectbeforeconversion | Amountbeforeconversion | Reasonforconversion | Approvalprocedure | Impactonprofitorloss | Impactonothercomprehensiveincome |
| FangdaBuilding | Fixedassets,measuredatcost | 38,180,910.56 | Self-usetorental | ResolutionattheBoardofDirectors; | 0.00 | 37,857,005.44 |
| NanchangFangdaCenter | Inventory,measuredatcost | 6,997,689.14 | Inventorytorental | Managementprocessapproval | 0.00 | 1,681,676.86 |
| NanchangFangdaTechnologyPark | Fixedassets,intangibleassets,etc.,measuredatcost | 72,893,286.32 | Self-usetorental | ResolutionattheBoardofDirectors; | 0.00 | 112,984,561.68 |
| Total | 118,071,886.02 |
(4)Investmentrealestatewithoutownershipcertificate
InRMB
| Item | Bookvalue | Reason |
| 5unitsatLanzhouRailway-CityDawn | 4,584,155.96 | Thedeveloperiscompletingrelevantprocedures. |
16.Fixedassets
InRMB
| Item | Closingbalance | Openingbalance |
| infixedassets | 939,548,074.59 | 620,828,178.38 |
| Disposaloffixedassets | 1,346,269.80 | |
| Total | 940,894,344.39 | 620,828,178.38 |
(1)Fixedassets
InRMB
| Item | Houses&buildings | Mechanicalequipment | Transportationfacilities | Electronicsandotherdevices | PVpowerplants | Total |
| I.Originalbookvalue: | ||||||
| 1.Openingbalance | 604,581,780.49 | 133,179,843.02 | 20,556,336.60 | 52,612,038.36 | 129,596,434.84 | 940,526,433.31 |
| 2.Increaseinthisperiod | 404,433,492.70 | 41,922,814.83 | 1,142,284.06 | 4,566,255.09 | 760,170.69 | 452,825,017.37 |
| (1)Purchase | 156,893.47 | 3,702,669.74 | 1,142,284.06 | 3,259,174.34 | 8,261,021.61 | |
| (2)Transfer-inofconstructioninprogress | 250,308,517.23 | 38,220,145.09 | 1,307,080.75 | 760,170.69 | 290,595,913.76 | |
| (3)Investmentpropertyconvertedtoself-use | 153,968,082.00 | 153,968,082.00 | ||||
| 3.Decreaseinthisperiod | 152,854,058.84 | 46,217,053.73 | 378,343.47 | 5,818,037.65 | 602,476.07 | 205,869,969.76 |
| (1)Disposalor | 46,217,053.73 | 378,343.47 | 5,818,037.65 | 602,476.07 | 53,015,910.92 |
| retirement | ||||||
| (2)Convertedtoinvestmentproperty | 152,854,058.84 | 152,854,058.84 | ||||
| 4.Closingbalance | 856,161,214.35 | 128,885,604.12 | 21,320,277.19 | 51,360,255.80 | 129,754,129.46 | 1,187,481,480.92 |
| II.Accumulativedepreciation | ||||||
| 1.Openingbalance | 127,270,899.06 | 95,754,806.52 | 15,333,003.26 | 34,440,400.13 | 46,802,676.46 | 319,601,785.43 |
| 2.Increaseinthisperiod | 17,557,578.58 | 4,968,886.18 | 789,353.89 | 2,729,323.92 | 6,385,038.54 | 32,430,181.11 |
| (1)Provision | 17,557,578.58 | 4,968,886.18 | 783,921.28 | 2,729,323.92 | 6,384,647.23 | 32,424,357.19 |
| (2)Otherincreases | 5,432.61 | 391.31 | 5,823.92 | |||
| 3.Decreaseinthisperiod | 57,174,907.34 | 41,437,192.62 | 529,613.73 | 4,728,217.21 | 233,710.51 | 104,103,641.41 |
| (1)Disposalorretirement | 41,437,192.62 | 529,613.73 | 4,728,217.21 | 233,710.51 | 46,928,734.07 | |
| (2)Convertedtoinvestmentproperty | 57,174,907.34 | 57,174,907.34 | ||||
| 4.Closingbalance | 87,653,570.30 | 59,286,500.08 | 15,592,743.42 | 32,441,506.84 | 52,954,004.49 | 247,928,325.13 |
| III.Impairmentprovision | ||||||
| 1.Openingbalance | 79,843.20 | 16,626.30 | 96,469.50 | |||
| 2.Increaseinthisperiod | 2,500,000.00 | 2,500,000.00 | ||||
| (1)Provision | 2,500,000.00 | 2,500,000.00 | ||||
| 3.Decreaseinthisperiod | 2,574,762.00 | 16,626.30 | 2,591,388.30 | |||
| (1)Disposalorretirement | 2,574,762.00 | 16,626.30 | 2,591,388.30 | |||
| 4.Closingbalance | 5,081.20 | 5,081.20 | ||||
| IV.Bookvalue | ||||||
| 1.Closingbookvalue | 768,507,644.05 | 69,594,022.84 | 5,727,533.77 | 18,918,748.96 | 76,800,124.97 | 939,548,074.59 |
| 2.Openingbookvalue | 477,310,881.43 | 37,345,193.30 | 5,223,333.34 | 18,155,011.93 | 82,793,758.38 | 620,828,178.38 |
Note:AsofDecember31,2024,thenetvalueofRMB355,978,425.04oftheCompany'shousesandbuildingshasbeenmortgagedtothebank.
(2)Fixedassetswithoutownershipcertificate
InRMB
| Item | Bookvalue | Reason |
| YuehaiOfficeBuildingC502 | 100,277.49 | Historicalreasons |
(3)Impairmenttestoffixedassets
?Applicable□InapplicableTherecoverableamountisdeterminedasthenetamountafterdeductingthedisposalcostsfromthefairvalue.?Applicable□Inapplicable
InRMB
| Item | Bookvalue | Recoverableamount | Impairmentamount | Methodfordeterminingfairvalueanddisposalcosts | Keyparameters | Basisfordeterminingkeyparameters |
| Mechanicalequipment | 3,846,269.79 | 1,346,269.79 | 2,500,000.00 | Estimatedrecoverableamountfromdisposal | Estimateddisposalamount | Marketinquiry |
| Total | 3,846,269.79 | 1,346,269.79 | 2,500,000.00 |
Therecoverableamountisdeterminedbasedonthepresentvalueofestimatedfuturecashflows.
□Applicable?Inapplicable
(4)Disposaloffixedassets
InRMB
| Item | Closingbalance | Openingbalance |
| Disposaloffixedassets | 1,346,269.80 | |
| Total | 1,346,269.80 |
17.Constructioninprocess
InRMB
| Item | Closingbalance | Openingbalance |
| Constructioninprocess | 7,265,104.44 | 109,414,347.33 |
| Total | 7,265,104.44 | 109,414,347.33 |
(1)Constructioninprogress
InRMB
| Item | Closingbalance | Openingbalance | ||||
| Remainingbookvalue | Impairmentprovision | Bookvalue | Remainingbookvalue | Impairmentprovision | Bookvalue | |
| Fangda(Ganzhou)Low- | 109,181,428.63 | 109,181,428.63 | ||||
| CarbonIntelligentManufacturingBase | ||||||
| Fangda(Ganzhou)LowCarbonIntelligentManufacturingBaseexhibitionhallandinstallationequipment | 7,018,372.92 | 7,018,372.92 | ||||
| FangdaBuildingmonitoringsystemremodeling | 232,918.70 | 232,918.70 | ||||
| SongshanLakeproductionbaseexhibitionhallrenovation | 246,731.52 | 246,731.52 | ||||
| Total | 7,265,104.44 | 7,265,104.44 | 109,414,347.33 | 109,414,347.33 |
(2)Changesinmajorconstructioninprocessinthisperiod
InRMB
| Projectname | Budget | Openingbalance | Increaseinthisperiod | Amounttransfer-intofixedassetsinthisperiod | Otherdecreaseinthisperiod | Closingbalance | Proportionofaccumulativeengineeringinvestmentinthebudget | Projectprogress | Accumulativecapitalizedinterest | Including:capitalizedinterestforthecurrentperiod | Interestcapitalizationrate | Capitalsource |
| Fangda(Ganzhou)Low-CarbonIntelligentManufacturingBase | 331,540,000.00 | 109,181,428.63 | 180,654,314.44 | 289,835,743.07 | 87.42% | Completed | 5,372,500.00 | 5,372,500.00 | 3.15% | Ownfundsandloansfromfinancialinstitutions | ||
| Total | 331,540,000.00 | 109,181,428.63 | 180,654,314.44 | 289,835,743.07 | 5,372,500.00 | 5,372,500.00 | 3.15% |
(3)Provisionforimpairmentofconstructioninprogressduringthecurrentperiod
ThereisnosignofimpairmenttotheCompany'sconstructioninprocessbyDecember31,2024.
(4)Impairmenttestingofconstructioninprogress
□Applicable?Inapplicable
18.Userightassets
(1)Right-to-useassets
InRMB
| Item | Houses&buildings | Transportationfacilities | Total |
| I.Bookvalue | |||
| 1.Openingbalance | 39,794,489.03 | 1,959,448.83 | 41,753,937.86 |
| 2.Increaseinthisperiod | 6,417,768.38 | 7,325,612.86 | 13,743,381.24 |
| (1)NewLease | 6,417,768.38 | 7,325,612.86 | 13,743,381.24 |
| 3.Decreaseinthisperiod | 28,376,858.70 | 28,376,858.70 | |
| (1)LeaseTermination | 28,376,858.70 | 28,376,858.70 | |
| 4.Closingbalance | 17,835,398.71 | 9,285,061.69 | 27,120,460.40 |
| II.Accumulativedepreciation | |||
| 1.Openingbalance | 19,803,178.07 | 1,173,930.21 | 20,977,108.28 |
| 2.Increaseinthisperiod | 14,364,399.53 | 674,034.72 | 15,038,434.25 |
| (1)Provision | 14,364,399.53 | 674,034.72 | 15,038,434.25 |
| 3.Decreaseinthisperiod | 24,578,203.17 | 24,578,203.17 | |
| (1)Disposal | 24,578,203.17 | 24,578,203.17 | |
| 4.Closingbalance | 9,589,374.43 | 1,847,964.93 | 11,437,339.36 |
| III.Impairmentprovision | |||
| 1.Openingbalance | |||
| 2.Increaseinthisperiod | |||
| 3.Decreaseinthisperiod | |||
| 4.Closingbalance | |||
| IV.Bookvalue | |||
| 1.Closingbookvalue | 8,246,024.28 | 7,437,096.76 | 15,683,121.04 |
| 2.Openingbookvalue | 19,991,310.96 | 785,518.62 | 20,776,829.58 |
(2)Impairmenttestingofright-of-useassets
?Applicable?InapplicableAsofDecember31,2024,therewasnoindicationofimpairmentoftheCompany'sright-of-useassets.
19.Intangibleassets
(1)Intangibleassets
InRMB
| Item | Landusingright | Trademarks,patentsandknow-how | Software | Others | Total |
| I.Bookvalue | |||||
| 1.Openingbalance | 152,914,836.88 | 9,017,372.69 | 23,236,225.88 | 185,168,435.45 | |
| 2.Increaseinthisperiod | 42,499.68 | 1,031,095.94 | 720,000.00 | 1,793,595.62 | |
| (1)Purchase | 42,499.68 | 1,031,095.94 | 1,073,595.62 | ||
| (2)Increaseduetonon-businesscombination | 720,000.00 | 720,000.00 | |||
| 3.Decreaseinthisperiod | 10,905,114.96 | 10,905,114.96 | |||
| (1)Disposal | |||||
| (2)Convertedtoinvestmentproperty | 10,905,114.96 | 10,905,114.96 | |||
| 4.Closingbalance | 142,009,721.92 | 9,059,872.37 | 24,267,321.82 | 720,000.00 | 176,056,916.11 |
| II.Accumulativeamortization | |||||
| 1.Openingbalance | 23,080,721.81 | 8,919,025.53 | 13,095,478.23 | 45,095,225.57 | |
| 2.Increaseinthisperiod | 5,322,570.92 | 27,343.96 | 2,013,033.51 | 7,362,948.39 | |
| (1)Provision | 5,322,570.92 | 27,343.96 | 2,013,033.51 | 7,362,948.39 | |
| 3.Decreaseinthisperiod | 4,297,658.49 | 4,297,658.49 | |||
| (1)Disposal | |||||
| (2)Convertedtoinvestmentproperty | 4,297,658.49 | 4,297,658.49 | |||
| 4.Closingbalance | 24,105,634.24 | 8,946,369.49 | 15,108,511.74 | 48,160,515.47 | |
| III.Impairmentprovision | |||||
| 1.Openingbalance | |||||
| 2.Increaseinthisperiod | 3,844,005.85 | 3,844,005.85 | |||
| (1)Provision | 3,844,005.85 | 3,844,005.85 | |||
| 3.Decreaseinthisperiod | |||||
| 4.Closingbalance | 3,844,005.85 | 3,844,005.85 | |||
| IV.Bookvalue | |||||
| 1.Closingbookvalue | 114,060,081.83 | 113,502.88 | 9,158,810.08 | 720,000.00 | 124,052,394.79 |
| 2.Openingbookvalue | 129,834,115.07 | 98,347.16 | 10,140,747.65 | 140,073,209.88 |
(2)Impairmenttestofintangibleassets
?Applicable□InapplicableTherecoverableamountisdeterminedasthenetamountafterdeductingthedisposalcostsfromthefairvalue.
?Applicable□Inapplicable
InRMB
| Item | Bookvalue | Recoverableamount | Impairmentamount | Methodfordeterminingfairvalueanddisposalcosts | Keyparameters | Basisfordeterminingkeyparameters |
| Landusingright | 45,151,005.85 | 41,307,000.00 | 3,844,005.85 | Estimatedrecoverableamountfromdisposal | Estimateddisposalamount | Calculatedanddeterminedaccordingtorelevantpolicyprovisions |
| Total | 45,151,005.85 | 41,307,000.00 | 3,844,005.85 |
Therecoverableamountisdeterminedbasedonthepresentvalueofestimatedfuturecashflows.
□Applicable?Inapplicable
20.Long-termamortizableexpenses
InRMB
| Item | Openingbalance | Increaseinthisperiod | Amortizedamountinthisperiod | Otherdecrease | Closingbalance |
| XuanfengChayuanvillageandZhuyuanvillagelandtransfercompensation | 916,323.98 | 56,101.56 | 860,222.42 | ||
| SporadicdecorationandrenovationcostsofFangdaTown | 3,015,993.78 | 1,873,758.56 | 1,142,235.22 | ||
| SporadicdecorationandrenovationcostsofFangdaCenter | 684,013.47 | 108,275.63 | 424,855.20 | 367,433.90 | |
| Others | 2,132,982.81 | 1,038,069.95 | 1,499,918.60 | 1,671,134.16 | |
| Total | 6,749,314.04 | 1,146,345.58 | 3,854,633.92 | 4,041,025.70 |
21.Differedincometaxassetsanddifferedincometaxliabilities
(1)Non-deducteddeferredincometaxassets
InRMB
| Item | Closingbalance | Openingbalance | ||
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Assetsimpairmentprovision | 227,880,793.93 | 35,025,619.90 | 301,423,517.61 | 56,628,793.35 |
| Creditimpairmentprovision | 382,932,070.72 | 60,483,324.52 | 273,785,349.40 | 42,172,039.47 |
| Unrealizablegrossprofit | 108,593,435.66 | 26,573,799.68 | 111,802,930.49 | 27,117,416.46 |
| Deductibleloss | 286,565,331.75 | 67,193,424.59 | 130,536,168.91 | 31,566,961.10 |
| Anticipatedliabilities | 4,191,535.03 | 628,730.25 | 4,842,411.47 | 726,361.72 |
| Unrealizedinvestmentincome | 281,712,399.15 | 55,842,834.35 | 281,819,399.92 | 55,869,584.56 |
| Deferredearning | 5,946,064.06 | 1,041,584.25 | 3,922,402.14 | 744,121.83 |
| Changeinfairvalue | 8,623,065.19 | 1,303,042.83 | 9,127,633.52 | 1,369,145.03 |
| Leaseliabilities | 15,352,065.96 | 2,788,081.55 | 20,573,028.70 | 4,335,420.74 |
| Accruedandunpaidlandtax | 16,012,293.28 | 4,003,073.33 | 16,543,205.26 | 4,135,801.32 |
| Reservedexpense | 36,589,539.42 | 5,488,430.92 | 36,216,407.02 | 5,434,461.06 |
| Taxandaccountingdifferencesofoverseassubsidiaries | 8,617,276.57 | 2,585,182.97 | ||
| Total | 1,383,015,870.72 | 262,957,129.14 | 1,190,592,454.44 | 230,100,106.64 |
(2)Non-deducteddeferredincometaxliabilities
InRMB
| Item | Closingbalance | Openingbalance | ||
| Taxabletemporarydifference | Deferredincometaxliabilities | Taxabletemporarydifference | Deferredincometaxliabilities | |
| Changeinfairvalue | 4,296,974,960.10 | 1,071,313,064.75 | 4,161,500,052.20 | 1,040,357,639.32 |
| Acquirepremiumtoforminventory | 1,535,605.48 | 383,901.37 | 1,535,605.47 | 383,901.37 |
| Userightassets | 15,683,121.04 | 2,901,986.66 | 20,776,829.58 | 4,110,042.13 |
| EstimatedgrossmarginwhenFangdaTownrecordsincome,butdoesnotreachthetaxableincomelevel | 24,131,708.41 | 6,032,927.10 | 29,608,338.87 | 7,402,084.72 |
| Rentalincome | 26,717,859.03 | 6,679,464.47 | 28,537,396.58 | 7,134,349.15 |
| Total | 4,365,043,254.06 | 1,087,311,344.35 | 4,241,958,222.70 | 1,059,388,016.69 |
(3)Netdeferredincometaxassetsorliabilitieslisted
InRMB
| Item | Deferredincometaxassetsandliabilitiesattheendoftheperiod | Offsetbalanceofdeferredincometaxassetsorliabilitiesafteroffsetting | Deferredincometaxassetsandliabilitiesatthebeginningoftheperiod | Offsetbalanceofdeferredincometaxassetsorliabilitiesafteroffsetting |
| Deferredincometaxassets | 56,970,202.43 | 205,986,926.71 | 47,241,557.57 | 182,858,549.07 |
| Deferredincometaxliabilities | 56,970,202.43 | 1,030,341,141.92 | 47,241,557.57 | 1,012,146,459.12 |
(4)Detailsofunrecognizeddeferredincometaxassets
InRMB
| Item | Closingbalance | Openingbalance |
| Deductibletemporarydifference | 434,437.85 | 462,778.59 |
| Deductibleloss | 383,366.61 | 17,530,215.40 |
| Total | 817,804.46 | 17,992,993.99 |
(5)Deductiblelossesoftheun-recognizeddeferredincometaxassetwillexpireinthefollowingyears
InRMB
| Year | Closingamount | Openingamount | Remarks |
| 2024 | 1,276,235.76 | ||
| 2025 | 2,679.34 | 213,129.83 | |
| 2026 | 449.91 | 2,355,213.17 | |
| 2027 | 125,759.62 | 3,698,098.44 | |
| 2028 | 122,872.18 | 9,987,538.20 | |
| 2029andlater | 131,605.56 | ||
| Total | 383,366.61 | 17,530,215.40 |
22.Othernon-currentassets
InRMB
| Item | Closingbalance | Openingbalance | ||||
| Remainingbookvalue | Impairmentprovision | Bookvalue | Remainingbookvalue | Impairmentprovision | Bookvalue | |
| Contractassets | 160,412,051.45 | 11,257,487.71 | 149,154,563.74 | 69,887,873.01 | 5,127,003.43 | 64,760,869.58 |
| Prepaidhouseandequipmentamount | 63,504,106.15 | 63,504,106.15 | 20,034,901.32 | 20,034,901.32 | ||
| Others | 2,004,000.00 | 2,004,000.00 | ||||
| Total | 223,916,157.60 | 11,257,487.71 | 212,658,669.89 | 91,926,774.33 | 5,127,003.43 | 86,799,770.90 |
23.Assetswithrestrictedownershiporuserights
InRMB
| Item | Closingbalance | Beginningoftheperiod | ||||||
| Remainingbookvalue | Bookvalue | Typeofrestriction | Restrictedsituation | Remainingbookvalue | Bookvalue | Typeofrestriction | Restrictedsituation | |
| Monetarycapital | 460,052,125.50 | 460,052,125.50 | Forpledgeorrestricteduse | Variousdeposits | 645,489,997.82 | 645,489,997.82 | Forpledgeorrestricteduse | Variousdeposits |
| Notesreceivable | 34,500,685.65 | 34,490,806.03 | Forendorsementordiscounting | Billsendorsedordiscountedbutnotyetdue | 27,937,899.17 | 27,843,496.17 | Forendorsementordiscounting | Billsendorsedordiscountedbutnotyetdue |
| infixedassets | 362,760,741.16 | 355,978,425.04 | Usedascollateral | Loanbypledge | 45,915,995.84 | 43,108,073.24 | Usedascollateral | Loanbypledge |
| Intangibleassets | 24,179,649.75 | 23,212,463.67 | Usedascollateral | Loanbypledge | ||||
| Accountreceivable | 34,364,041.60 | 33,851,277.04 | Forpledge | Loanbypledge | 39,392,140.71 | 38,094,032.45 | Forpledge | Loanbypledge |
| Investmentrealestate | 1,822,483,172.10 | 1,822,483,172.10 | Usedascollateral | Loanbypledge | 1,943,287,098.56 | 1,943,287,098.56 | Usedascollateral | Loanbypledge |
| Non-currentassetsduein1year | 327,120,273.54 | 327,120,273.54 | Forpledge | Loanbypledge | ||||
| Equitypledge | 200,000,000.00 | 200,000,000.00 | Forpledge | 100%stakeinFangdaProperty | 200,000,000.00 | 200,000,000.00 | Forpledge | 100%stakeinFangdaProperty |
| DevelopmentheldbytheCompany | DevelopmentheldbytheCompany | |||||||
| Total | 2,938,340,415.76 | 2,930,068,269.38 | 3,229,143,405.64 | 3,224,942,971.78 |
24.Short-termborrowings
(1)Classificationofshort-termborrowings
InRMB
| Item | Closingbalance | Openingbalance |
| Guaranteeloan | 720,642,744.49 | 711,492,580.56 |
| Creditborrow | 300,270,416.67 | |
| Guaranteeandpledgeloan | 943,053,677.99 | 1,184,641,572.44 |
| Otherloans | 11,650,469.54 | |
| Total | 1,663,696,422.48 | 2,208,055,039.21 |
Explanationofshort-termloanclassification:Attheendoftheperiod,guaranteedloansincludeanamountofRMB626,563,805.58guaranteedbytheCompanyforitssubsidiary,FangdaConstructionTechnology,andanamountofRMB94,078,938.91guaranteedbytheCompanyforitssubsidiary,FangdaZhiyuanTechnology.Attheendoftheperiod,guaranteedandpledgedloansincludeanamountofRMB892,984,789.10guaranteedbytheCompanyforitssubsidiary,FangdaConstructionTechnology,andpledgedbyFangdaConstructionTechnologywithitshelddeposits;anamountofRMB40,055,111.11guaranteedbytheCompanyandShenzhenHigh-techInvestmentandFinancingGuaranteeCo.,Ltd.forFangdaConstructionTechnology,andpledgedbyFangdaConstructionTechnologywithitsintellectualpropertiesand"UnitizedCeramicPanelCurtainWall";anamountofRMB10,013,777.78guaranteedbytheCompanyandShenzhenHigh-techInvestmentandFinancingGuaranteeCo.,Ltd.foritssubsidiary,YunzhuTechnology,andpledgedbyYunzhuTechnologywithitsintellectualproperties"UtilityModelPatentforaCurtainWallHoneycombPanelConnectionStructure"and"UtilityModelPatentforaBrightFrameCurtainWallStructure."
25.Derivativefinancialliabilities
InRMB
| Item | Closingbalance | Openingbalance |
| Futurescontracts | 1,520,625.00 | |
| Total | 1,520,625.00 |
26.Notespayable
InRMB
| Type | Closingbalance | Openingbalance |
| Commercialacceptance | 8,958,406.41 | 8,781,696.46 |
| Bankacceptance | 672,229,721.56 | 860,105,250.33 |
| Total | 681,188,127.97 | 868,886,946.79 |
ThetotalamountofpayablebillsthathavematuredbutnotbeenpaidattheendoftheperiodisRMB0.00.
27.Accountpayable
(1)Accountpayable
InRMB
| Item | Closingbalance | Openingbalance |
| Accountrepayableandengineeringrepayable | 1,528,510,873.88 | 1,374,752,105.25 |
| Payableinstallationandimplementationfees | 558,215,149.23 | 481,683,031.93 |
| Constructionpayable | 27,062,009.47 | 86,851,302.81 |
| Others | 32,806,857.99 | 29,007,342.28 |
| Total | 2,146,594,890.57 | 1,972,293,782.27 |
(2)Significantaccountspayableolderthanoneyearorpastdue
Therearenosignificantaccountspayableoverdueorwithanagingoveroneyearattheendoftheperiod.
28.Otherpayables
InRMB
| Item | Closingbalance | Openingbalance |
| Otherpayables | 120,918,002.02 | 117,581,764.15 |
| Total | 120,918,002.02 | 117,581,764.15 |
(1)Otherpayables
1)Otherpayablespresentedbynature
InRMB
| Item | Closingbalance | Openingbalance |
| Performanceandqualitydeposit | 42,955,873.85 | 40,096,446.17 |
| Deposit | 22,843,813.76 | 24,659,670.94 |
| Reservedexpense | 5,336,051.21 | 4,785,143.40 |
| Others | 49,782,263.20 | 48,040,503.64 |
| Total | 120,918,002.02 | 117,581,764.15 |
(2)Significantotheraccountspayableolderthan1yearorpastdue
InRMB
| Item | Closingbalance | Reason |
| ShenzhenYikangRealEstateCo.Ltd. | 26,159,711.72 | Paymentpaidasagreedinthecontract |
| Total | 26,159,711.72 |
29.Prepaymentreceived
(1)Prepaymentreceived
InRMB
| Item | Closingbalance | Openingbalance |
| Rentreceivedinadvance | 1,513,398.39 | 1,432,885.03 |
| Total | 1,513,398.39 | 1,432,885.03 |
30.Contractliabilities
InRMB
| Item | Closingbalance | Openingbalance |
| Projectfundscollectedinadvance | 259,315,011.77 | 175,345,246.29 |
| Realestatesalespayment | 1,261,218.35 | |
| Materialloan | 8,934,838.06 | 21,432,889.85 |
| Others | 344,191.43 | 124,854.98 |
| Total | 268,594,041.26 | 198,164,209.47 |
31.Employees'wagepayable
(1)Employees'wagepayable
InRMB
| Item | Openingbalance | Increase | Decrease | Closingbalance |
| 1.Short-termremuneration | 73,557,667.19 | 453,162,042.83 | 456,773,086.90 | 69,946,623.12 |
| 2.Retirementpensionprogram-definedcontributionplan | 381,396.01 | 28,148,338.83 | 27,767,165.11 | 762,569.73 |
| 3.Dismisscompensation | 124,049.06 | 14,696,713.58 | 9,286,307.52 | 5,534,455.12 |
| Total | 74,063,112.26 | 496,007,095.24 | 493,826,559.53 | 76,243,647.97 |
(2)Short-termremuneration
InRMB
| Item | Openingbalance | Increase | Decrease | Closingbalance |
| 1.Wage,bonus,allowanceandsubsidies | 72,008,514.84 | 415,218,703.20 | 418,637,124.08 | 68,590,093.96 |
| 2.Employeewelfare | 321,678.16 | 13,439,222.07 | 13,533,036.17 | 227,864.06 |
| 3.Socialinsurance | 142,502.10 | 12,290,261.29 | 12,245,533.89 | 187,229.50 |
| Including:medicalinsurance | 118,083.98 | 8,723,480.34 | 8,671,254.33 | 170,309.99 |
| Laborinjuryinsurance | 5,534.39 | 1,193,882.79 | 1,188,934.06 | 10,483.12 |
| Breeding | 18,883.73 | 883,098.16 | 895,545.50 | 6,436.39 |
| insurance | ||||
| Medicalinsurance | 229,200.00 | 229,200.00 | ||
| Unemploymentinsurance | 1,260,600.00 | 1,260,600.00 | ||
| 4.Housingfund | 143,003.33 | 10,966,038.78 | 11,035,669.88 | 73,372.23 |
| 5.Laborunionbudgetandstaffeducationfund | 542,240.97 | 1,109,311.00 | 1,321,722.88 | 329,829.09 |
| 6.Short-termpaidleave | 399,727.79 | 138,506.49 | 538,234.28 | |
| Total | 73,557,667.19 | 453,162,042.83 | 456,773,086.90 | 69,946,623.12 |
(3)Definedcontributionplan
InRMB
| Item | Openingbalance | Increase | Decrease | Closingbalance |
| 1.Basicpension | 373,813.17 | 27,034,102.31 | 26,657,009.38 | 750,906.10 |
| 2.Unemploymentinsurance | 7,582.84 | 1,114,236.52 | 1,110,155.73 | 11,663.63 |
| Total | 381,396.01 | 28,148,338.83 | 27,767,165.11 | 762,569.73 |
Othernotes:DuetotherelocationoftheCompany'sproductionsite,anaccrualofRMB10,301,966.12hasbeenmadeforemployeesettlementexpensesrelatedtotheterminationoflaborcontracts,ofwhichRMB5,042,865.12isyettobepaid.
32.Taxespayable
InRMB
| Item | Closingbalance | Openingbalance |
| VAT | 5,014,443.15 | 5,063,851.12 |
| Consumptionservicetax | 237,874.41 | 10,359.29 |
| Enterpriseincometax | 22,749,953.33 | 13,798,160.21 |
| Personalincometax | 1,436,564.89 | 1,750,380.58 |
| Citymaintenanceandconstructiontax | 442,894.30 | 636,181.87 |
| Landusingtax | 342,015.86 | 608,959.21 |
| Propertytax | 1,433,309.14 | 2,656,539.62 |
| Educationsurtax | 194,329.75 | 273,885.15 |
| Localeducationsurtax | 129,553.00 | 182,589.47 |
| LandVAT | 16,012,293.28 | 16,543,205.26 |
| Others | 853,886.08 | 850,956.77 |
| Total | 48,847,117.19 | 42,375,068.55 |
33.Non-currentliabilitiesduewithin1year
InRMB
| Item | Closingbalance | Openingbalance |
| Long-termloansduewithin1year | 123,355,127.55 | 914,958.90 |
| Leaseliabilitiesduewithinoneyear | 5,114,390.19 | 13,897,158.66 |
| Long-termpayablesduewithin1year | 49,323,018.90 | |
| Provisionsexpectedtomaturewithinoneyear | 2,905,143.31 | |
| Total | 131,374,661.05 | 64,135,136.46 |
34.Othercurrentliabilities
InRMB
| Item | Closingbalance | Openingbalance |
| Unterminatednotesreceivable | 21,426,278.75 | 27,937,899.17 |
| SubstitutedmoneyonVAT | 29,409,280.92 | 25,586,755.88 |
| Total | 50,835,559.67 | 53,524,655.05 |
35.Long-termborrowings
(1)Classificationoflong-termborrowings
InRMB
| Item | Closingbalance | Openingbalance |
| Guarantee,mortgageandpledgeloan | 1,260,355,127.55 | 660,914,958.90 |
| Less:Long-termloansduewithin1year | 123,355,127.55 | 914,958.90 |
| Total | 1,137,000,000.00 | 660,000,000.00 |
Notestoclassificationoflong-termborrowings:
(1)Amongtheaforementionedguaranteed,mortgaged,andpledgedloans,anamountofRMB660,795,616.44ispledgedwith100%equityofthesubsidiaryFangdaRealEstate,directlyandindirectlyheldbytheCompany,andthereceivablesfromrentalpropertiesofFangdaTownheldbytheCompany.AnamountofRMB30,028,875.00isguaranteedbytheCompanyforitssubsidiaryFangdaIntelligentManufacturing,andmortgagedbyFangdaIntelligentManufacturingwithitsfixedassetsandindustrialland.AnamountofRMB299,270,761.11isguaranteedbytheCompanyforitssubsidiaryFangdaConstructionTechnology.
(2)Theinterestraterangeforlong-termborrowingsis2.5%to5%.
36.Leaseliabilities
InRMB
| Item | Closingbalance | Openingbalance |
| Leasepayments | 18,828,149.71 | 23,255,219.85 |
| Less:unrecognizedfinancingexpenses | 3,061,152.04 | 2,682,191.15 |
| Less:leaseliabilitiesduewithinoneyear | 5,114,390.19 | 13,897,158.66 |
| Total | 10,652,607.48 | 6,675,870.04 |
37.Long-termpayables
InRMB
| Item | Closingbalance | Openingbalance |
| Long-termpayable | 48,400,000.00 | |
| Total | 48,400,000.00 |
(1)Longtermaccountspayablelistedbynature
InRMB
| Item | Closingbalance | Openingbalance |
| Equityrepurchasepayment | 97,723,018.90 | |
| Less:long-termpayablesduewithinoneyear | 49,323,018.90 | |
| Total | 48,400,000.00 |
38.Anticipatedliabilities
InRMB
| Item | Closingbalance | Openingbalance | Reason |
| Losscontracttobeexecuted | 369,328.45 | 193,502.52 | |
| Maintenancefee | 917,063.27 | 4,648,908.95 | Productqualitywarranty |
| Total | 1,286,391.72 | 4,842,411.47 |
39.Deferredearning
InRMB
| Item | Openingbalance | Increase | Decrease | Closingbalance | Reason |
| Governmentsubsidy | 8,978,678.72 | 2,321,892.00 | 630,958.59 | 10,669,612.13 | Seethefollowingtable |
| Total | 8,978,678.72 | 2,321,892.00 | 630,958.59 | 10,669,612.13 | -- |
Others:
| Item | December31,2023 | Amountofnewsubsidy | Amountincludedinnon-operatingrevenue | Othermisc.gainsrecordedinthisperiod | Otherchange | December31,2024 | Relatedtoassets/earning |
| Railwaytransportscreendoorcontrollingsystemandinformationtransmissiontechnology | 3,458.27 | 3,458.27 | Assets-related | ||||
| MajorinvestmentprojectprizefromIndustryandTrade | 1,395,238.70 | 57,142.80 | 1,338,095.90 | Assets-related |
| Item | December31,2023 | Amountofnewsubsidy | Amountincludedinnon-operatingrevenue | Othermisc.gainsrecordedinthisperiod | Otherchange | December31,2024 | Relatedtoassets/earning |
| DevelopmentDivisionofDongguanFinanceBureau | |||||||
| DistributedPVpowergenerationprojectsubsidysponsoredbyDongguanReformandDevelopmentCommission | 293,750.33 | 24,999.96 | 268,750.37 | Assets-related | |||
| Subsidizedlandtransfer | 162,376.31 | 3,725.64 | 158,650.67 | Assets-related | |||
| Specialsubsidyforindustrialtransformation,upgradinganddevelopment | 1,150,688.31 | 151,739.16 | 998,949.15 | Assets-related | |||
| EnterpriseinformationizationsubsidyprojectofShenzhenSmallandMediumEnterpriseServiceAgency | 276,000.00 | 48,000.00 | 228,000.00 | Assets-related | |||
| NationalIndustryRevitalizationandTechnologyRenovationProjectfund | 4,762,526.30 | 307,728.60 | 4,454,797.70 | Assets-related | |||
| Subsidyfornewplant | 934,640.50 | 26,143.80 | 908,496.70 | Assets-related | |||
| Landsubsidyfunds | 2,321,892.00 | 8,020.36 | 2,313,871.64 | Assets-related | |||
| Total | 8,978,678.72 | 2,321,892.00 | 630,958.59 | 10,669,612.13 |
40.Capitalshare
InRMB
| Openingbalance | Change(+,-) | Closingbalance | |||||
| Issuednewshares | Bonusshares | Transferredfromreserves | Others | Subtotal | |||
| Totalofcapitalshares | 1,073,874,227.00 | 1,073,874,227.00 | |||||
41.Capitalreserve
InRMB
| Item | Openingbalance | Increase | Decrease | Closingbalance |
| Capitalpremium(sharecapitalpremium) | 10,005,491.05 | 7,101,640.07 | 2,903,850.98 |
| Othercapitalreserves | 1,454,097.35 | 1,454,097.35 | ||
| Total | 11,459,588.40 | 7,101,640.07 | 4,357,948.33 |
Note:Thedecreaseincapitalpremiumduringthecurrentperiodisduetotheimpactofacquiringminorityshareholders'equityinthesubsidiaryFangdaZhiyuan.
42.Othermiscellaneousincome
InRMB
| Item | Openingbalance | Amountoccurredinthecurrentperiod | Closingbalance | |||||
| Amountbeforeincometax | Less:amountwrittenintoothergainsandtransferredintogain/lossinpreviousterms | Less:amountwrittenintoothergainsandtransferredintogain/lossinpreviousterms | Less:Incometaxexpenses | After-taxamountattributedtotheparent | After-taxamountattributedtominorityshareholders | |||
| I.Othercomprehensiveincomethatwillnotbesubsequentlyreclassifiedintoprofitandloss | -25,201,209.27 | -21,421,931.75 | 21,421,931.75 | -3,779,277.52 | ||||
| Including:Fairvaluechangeofinvestmentinotherequitytools | -25,201,209.27 | -21,421,931.75 | 21,421,931.75 | -3,779,277.52 | ||||
| 2.Othermisc.incomesthatwillbere-classifiedintogainandloss | 48,323,080.06 | 150,055,369.63 | 36,197,928.70 | 113,861,211.98 | -3,771.05 | 162,184,292.04 | ||
| Cashflowhedgereserve | 170,878.62 | -1,694,362.06 | -254,154.30 | -1,440,207.76 | -1,269,329.14 | |||
| Translationdifferenceofforeignexchangestatement | 236,706.94 | -773,512.29 | -769,741.24 | -3,771.05 | -533,034.30 | |||
| Investmentrealestatemeasuredatfairvalue | 47,915,494.50 | 152,523,243.98 | 36,452,083.00 | 116,071,160.98 | 163,986,655.48 | |||
| Othermiscellaneousincome | 23,121,870.79 | 150,055,369.63 | -21,421,931.75 | 36,197,928.70 | 135,283,143.73 | -3,771.05 | 158,405,014.52 |
43.Surplusreserves
InRMB
| Item | Openingbalance | Increase | Decrease | Closingbalance |
| Statutorysurplusreserves | 79,324,940.43 | 5,728,420.02 | 1,078,644.23 | 83,974,716.22 |
| Total | 79,324,940.43 | 5,728,420.02 | 1,078,644.23 | 83,974,716.22 |
Note:ThedecreaseinthestatutorysurplusreserveduringthecurrentperiodisduetothefairvaluechangeoftheCompany'sotherequityinstrumentinvestmentsinShenyangFangda.AstheCompanyhasgonebankruptduringthecurrentperiod,therecognitionhasbeenterminated,andtheamounthasbeentransferredfromothercomprehensiveincometoretainedearnings.
44.Retainedprofit
InRMB
| Item | Currentperiod | Lastperiod |
| Adjustmentonretainedprofitofpreviousperiod | 4,772,359,940.45 | 4,553,295,402.30 |
| Retainedprofitadjustedatbeginningofyear | 4,772,359,940.45 | 4,553,295,402.30 |
| Plus:Netprofitattributabletoownersoftheparent | 144,813,705.53 | 272,758,249.50 |
| Less:Statutorysurplusreserves | 5,728,420.02 | |
| Commonsharedividendpayable | 85,909,938.16 | 53,693,711.35 |
| Others | 20,343,287.52 | |
| Closingretainedprofit | 4,805,192,000.28 | 4,772,359,940.45 |
Note:OtherchangesareduetothefairvaluechangeoftheCompany'sotherequityinstrumentinvestmentsinShenyangFangda.AstheCompanyhasgonebankruptduringthecurrentperiod,therecognitionhasbeenterminated,andtheamounthasbeentransferredfromothercomprehensiveincometoretainedearnings.
45.Operationalrevenueandcosts
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod | ||
| Income | Cost | Income | Cost | |
| Mainbusiness | 4,373,119,434.75 | 3,545,394,888.31 | 4,118,334,153.38 | 3,389,441,885.55 |
| Otherbusinesses | 51,104,762.96 | 42,747,408.17 | 173,870,562.63 | 22,680,137.25 |
| Total | 4,424,224,197.71 | 3,588,142,296.48 | 4,292,204,716.01 | 3,412,122,022.80 |
Isthelowerofthenetprofitbeforeandafterdeductingthenonrecurringprofitandlossnegative
□Yes?NoBreakdownofoperatingrevenuesandoperatingcosts:
InRMB
| Contractclassification | Segment1-curtainwall | Segment2-railtransitdivision | Segment3-realestatesegment | Segment4-newenergy | Segment5-othersegments | Total | ||||||
| Turnover | Operatingcost | Turnover | Operatingcost | Turnover | Operatingcost | Turnover | Operatingcost | Turnover | Operatingcost | Turnover | Operatingcost | |
| Businesstype | 3,555,996,915.26 | 3,087,899,840.01 | 612,820,581.01 | 434,682,301.34 | 222,272,168.63 | 57,446,713.15 | 18,259,004.01 | 8,032,304.65 | 14,875,528.80 | 81,137.33 | 4,424,224,197.71 | 3,588,142,296.48 |
| Including: | ||||||||||||
| Curtainwallsystemandmaterials | 3,555,996,915.26 | 3,087,899,840.01 | 3,555,996,915.26 | 3,087,899,840.01 | ||||||||
| Subwayscreendoorandservice | 612,820,581.01 | 434,682,301.34 | 612,820,581.01 | 434,682,301.34 | ||||||||
| Realestaterentalandsalesandpropertyservices | 222,272,168.63 | 57,446,713.15 | 222,272,168.63 | 57,446,713.15 | ||||||||
| PVpowergenerationproducts | 18,259,004.01 | 8,032,304.65 | 18,259,004.01 | 8,032,304.65 | ||||||||
| Others | 14,875,528.80 | 81,137.33 | 14,875,528.80 | 81,137.33 | ||||||||
| Byoperatingregion | 3,555,996,915.26 | 3,087,899,840.01 | 612,820,581.01 | 434,682,301.34 | 222,272,168.63 | 57,446,713.15 | 18,259,004.01 | 8,032,304.65 | 14,875,528.80 | 81,137.33 | 4,424,224,197.71 | 3,588,142,296.48 |
| Including: | ||||||||||||
| InChina | 3,423,722,269.52 | 2,994,558,127.93 | 348,859,879.59 | 287,104,725.35 | 222,272,168.63 | 57,446,713.15 | 18,259,004.01 | 8,032,304.65 | 14,875,528.80 | 81,137.33 | 4,027,988,850.55 | 3,347,223,008.41 |
| OutofChina | 132,274,645.74 | 93,341,712.08 | 263,960,701.42 | 147,577,575.99 | 396,235,347.16 | 240,919,288.07 |
(1)Themainbusinessincomeislistedasfollowsaccordingtothebreakdowninformation:
In2024,theinformationofoperatingrevenuebrokendownbyrevenuerecognitiontimeisasfollows:
| Item | 2024(RMB) | 2023(RMB) |
| Revenuerecognizedatacertainpointintime | 545,412,251.88 | 422,284,637.84 |
| Revenuerecognizedoveraperiodoftime | 3,878,811,945.83 | 3,869,920,078.17 |
| Total | 4,424,224,197.71 | 4,292,204,716.01 |
(2)PerformanceobligationForcurtainwallmaterials,realestateandothercommoditysalestransactions,theCompanycompletestheperformanceobligationswhenthecustomerobtainsthecontroloftherelevantcommodities;forprovidingbuildingcurtainwall,Metroscreendoordesign,productionandinstallationandotherservicetransactions,theCompanyconfirmsthecompletedperformanceobligationsaccordingtotheperformanceprogressduringthewholeserviceperiod.ThecontractpriceoftheCompanyisusuallyduewithinoneyear,andthereisnosignificantfinancingcomponent.
(3)InformationrelatedtoremainingperformanceobligationsAsofDecember31,2024,theCompany'sremainingcontractualobligationsaremainlyrelatedtotheCompany'sengineeringcontracts,andtheremainingcontractualobligationsareexpectedtoberecognizedasrevenueaccordingtotheperformanceprogressinthefutureperformanceperiodofthecorrespondingengineeringcontracts.Theamountofrevenuecorrespondingtotheperformanceobligationsthathavebeensigned,butnotyetperformedornotyetperformedattheendofthereportingperiodisRMB8,383,716,494.29,ofwhichRMB4,137,298,056.27isexpectedtoberecognizedin2025,andRMB2,489,095,405.25isexpectedtoberecognizedin2026,RMB1,757,323,032.76isexpectedtoberecognizedin2027andbeyond.
TheCompanyneedstocomplywiththedisclosurerequirementsoftherealestateindustryintheGuidelinesfortheSelf-disciplineandSupervisionofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure.
Top-5projectsintermsofincomereceivedandrecognizedinthereportingperiod:
InRMB
| No. | Projectname | Balance |
| 1 | FangdaTown | 124,990,513.02 |
| 2 | NanchangFangdaCenter | 22,239,065.45 |
46.Taxesandsurcharges
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Citymaintenanceandconstructiontax | 6,526,296.57 | 7,636,023.14 |
| Educationsurtax | 4,894,545.68 | 5,578,210.15 |
| Propertytax | 20,235,700.43 | 19,326,390.99 |
| Landusingtax | 1,967,709.57 | 1,939,918.65 |
| Stamptax | 5,125,991.22 | 4,994,254.63 |
| LandVAT | 4,535,890.32 | 792,772.36 |
| Others | 78,257.55 | 86,827.30 |
| Total | 43,364,391.34 | 40,354,397.22 |
47.Managementexpense
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Laborcosts | 137,729,076.22 | 114,574,462.83 |
| Maintenancecosts | 307,817.06 | 169,712.22 |
| Agencies | 6,918,578.15 | 14,255,903.98 |
| Depreciationandamortization | 17,246,520.96 | 15,223,179.96 |
| Officeexpense | 5,648,928.52 | 5,653,172.50 |
| Entertainmentexpense | 7,993,709.32 | 6,244,445.47 |
| Rental | 2,254,738.54 | 2,693,465.85 |
| Lawsuit | 296,491.06 | 2,349,777.80 |
| Travelexpense | 4,337,710.40 | 3,709,314.11 |
| Propertymanagementfee | 1,102,485.41 | 910,548.22 |
| Waterandelectricity | 1,204,391.67 | 765,449.98 |
| Materialconsumption | 342,404.87 | 226,667.84 |
| Others | 6,284,583.02 | 7,898,655.05 |
| Total | 191,667,435.20 | 174,674,755.81 |
48.Salesexpense
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Laborcosts | 30,449,690.40 | 28,836,318.58 |
| Salesagencyfee | 1,595,221.91 | 1,614,681.20 |
| Entertainmentexpense | 8,485,462.87 | 6,830,220.67 |
| Travelexpense | 2,955,271.55 | 3,382,495.03 |
| Advertisementandpromotionfee | 2,144,452.78 | 2,171,392.31 |
| Rental | 629,569.36 | 232,462.72 |
| Depreciationandamortization | 2,269,054.34 | 780,990.05 |
| Officecosts | 895,531.77 | 650,584.73 |
| Materialconsumption | 1,352,405.66 | 1,260,859.63 |
| Others | 4,363,492.49 | 5,249,160.37 |
| Total | 55,140,153.13 | 51,009,165.29 |
49.R&Dcost
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Laborcosts | 100,670,006.36 | 103,430,062.05 |
| Materialcosts | 50,544,384.90 | 55,562,482.97 |
| Agencies | 11,574,101.52 | 8,698,692.37 |
| Depreciationcosts | 3,722,562.74 | 2,081,830.87 |
| Amortizationofintangibleassets | 1,008,134.37 | 1,024,410.27 |
| Travelexpense | 458,913.41 | 703,972.61 |
| Rental | 391,107.49 | 501,204.01 |
| Others | 2,662,160.94 | 8,068,146.10 |
| Total | 171,031,371.73 | 180,070,801.25 |
50.Financialexpense
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Interestexpense | 60,377,020.35 | 87,186,232.75 |
| Including:interestexpenseofleaseliabilities | 1,270,121.44 | 873,165.18 |
| Less:discountgovernmentsubsidies | 2,616,200.00 | -131,680.00 |
| Less:Interestincome | 19,230,549.61 | 29,144,115.88 |
| Netinterestexpenditure | 38,530,270.74 | 58,173,796.87 |
| Exchangenetloss | -3,073,376.55 | -8,640,174.72 |
| Discountexpense | 23,766,144.18 | 18,204,015.63 |
| Commissionchargesandothers | 6,074,894.67 | 5,089,307.07 |
| Total | 65,297,933.04 | 72,826,944.85 |
51.Othergains
InRMB
| Source | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Governmentsubsidy | 14,027,285.85 | 12,902,308.18 |
| Handlingfeesforindividualincometaxwithholding | 282,947.24 | 292,496.06 |
| Additionaldeductionofinputtax | 5,373,030.49 | 3,877,999.70 |
| Others | 40,604.32 | |
| Total | 19,683,263.58 | 17,113,408.26 |
52.Incomefromfairvaluefluctuation
InRMB
| Sourceofincomefromfluctuationoffairvalue | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Investmentrealestatemeasuredatfairvalue | -18,397,296.67 | -28,482,701.26 |
| Othernon-currentfinancialassets | 3,098.25 | -51,817.51 |
| Total | -18,394,198.42 | -28,534,518.77 |
53.Investmentincome
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Gainsfromlong-termequityinvestmentmeasuredbyequity | -70,043.43 | -212,024.74 |
| Investmentincomeoftradingfinancialassetsduringtheholdingperiod | -50,000.00 | |
| Investmentincomefromdisposaloftradingfinancialassets | -1,666,256.28 | 611,295.00 |
| Debtrestructuringgains | -118,701.78 | |
| Financialassetsderecognizedasaresultofamortizedcost | -2,538,217.26 | -4,656,380.30 |
| Incomefromderecognitionofotherfinancialassetsmeasuredatfairvalue | -154,143.85 | -255,024.54 |
| Total | -4,547,362.60 | -4,562,134.58 |
54.Creditimpairmentloss
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Baddebtlossofnotesreceivable | -237,783.09 | 1,874,688.90 |
| Baddebtlossofaccountreceivable | -109,795,711.27 | -40,828,905.43 |
| Baddebtlossofotherreceivables | -653,357.89 | 3,902,552.21 |
| Total | -110,686,852.25 | -35,051,664.32 |
55.Assetsimpairmentloss
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Fixedassetsimpairmentloss | -2,500,000.00 | |
| Assetimpairmentloss | -3,844,005.85 | |
| Contractassetimpairmentloss | -28,916,573.64 | 6,020,287.93 |
| Total | -35,260,579.49 | 6,020,287.93 |
56.Assetsdisposalgains
InRMB
| Source | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Dispositionnotclassifiedaspossessionoffixedassetstobesold, | -571,500.30 | 58,292.27 |
| constructioninprogress,productivebiologicalassetsandintangibleassets | ||
| Including:Fixedassets | -571,500.30 | 58,292.27 |
| Disposalofuserightassets | 71,307.49 | 323,279.85 |
| Total | -500,192.81 | 381,572.12 |
57.Non-businessincome
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod | Amountaccountedintothecurrentaccidentalgain/loss |
| Penaltyincome | 169,756.38 | 159,340.58 | 169,756.38 |
| Compensationreceived | 110,450.67 | 1,906,958.87 | 110,450.67 |
| Payableaccountnotabletobepaid | 1,105,933.49 | 1,105,933.49 | |
| Others | 291,705.96 | 572,991.76 | 291,705.96 |
| Gainsfromdamageandwrite-offofnon-currentassets | 34,565.79 | 34,565.79 | |
| Total | 1,712,412.29 | 2,639,291.21 | 1,712,412.29 |
58.Non-businessexpenses
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod | Amountaccountedintothecurrentaccidentalgain/loss |
| Donation | 50,000.00 | 356,897.00 | 50,000.00 |
| Lossfromretirementofdamagednon-currentassets | 636,096.88 | 143,132.97 | 636,096.88 |
| Penaltyandoverduefine | 724,692.03 | 653,180.55 | 724,692.03 |
| Others | 815,503.59 | 223,265.91 | 815,503.59 |
| Total | 2,226,292.50 | 1,376,476.43 | 2,226,292.50 |
59.Incometaxexpenses
(1)Detailsaboutincometaxexpense
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Incometaxexpensesinthisperiod | 31,496,973.61 | 53,600,826.25 |
| Deferredincometaxexpenses | -18,304,449.34 | -12,783,330.37 |
| Total | 13,192,524.27 | 40,817,495.88 |
(2)Adjustmentprocessofaccountingprofitandincometaxexpense
InRMB
| Item | Amountoccurredinthecurrentperiod |
| Totalprofit | 159,360,814.59 |
| Incometaxexpensescalculatedbasedonthelegal(orapplicable)taxrates | 39,840,203.65 |
| Impactsofdifferenttaxratesapplicableforsomesubsidiaries | -8,294,886.53 |
| Impactsofincometaxbeforeadjustment | 3,211,604.88 |
| Impactofnon-taxableincome | -76,932.15 |
| Impactsofnon-deductiblecost,expenseandloss | 4,712,097.88 |
| Impactsofusingdeductiblelossofunrecognizeddeferredincometaxassets | -1,309,161.43 |
| Deductibletemporarydifferenceanddeductiblelossofunrecognizeddeferredincometaxassets | 21,524.27 |
| AdditionaldeductionofR&Dexpense | -25,192,633.13 |
| Profitandlossofassociatesandjointventurescalculatedusingtheequitymethod | 17,510.86 |
| Effectoftaxratechangeondeferredincometax | -910,541.83 |
| Impactofdeductiblelossesofdeferredincometaxassetsrecognizedinthepreviousperiodexceedingtherecoverableperiod | 1,173,737.80 |
| Incometaxexpenses | 13,192,524.27 |
60.Othermiscellaneousincome
RefertoNote42ofthissection,OtherComprehensiveIncome.
61.Notestothecashflowstatement
(1)CashinflowrelatedtooperationOthercashreceivedfrombusinessoperations
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Interestincome | 13,149,043.03 | 15,162,422.54 |
| Subsidyincome | 14,815,630.09 | 9,796,358.90 |
| Retrievingofbiddingdeposits | 32,822,259.64 | 40,653,182.62 |
| Otheroperatingaccounts | 26,028,503.64 | 40,774,700.30 |
| Netreceiptofdepositssuchasbillsofexchange | 28,208,714.36 | |
| Total | 115,024,150.76 | 106,386,664.36 |
Othercashpaidforbusinessoperations
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Pocketexpenses | 127,740,024.89 | 140,382,530.54 |
| Biddingdepositpaid | 35,416,621.23 | 30,514,126.58 |
| Othertrades | 17,528,864.15 | 38,434,058.15 |
| Netdraftdepositnetpaid | 58,931,587.09 | |
| Total | 180,685,510.27 | 268,262,302.36 |
(2)Cashrelatedtoinvestmentactivities
Othercashpaidforinvestment
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Investmentcommission | 50,000.00 | |
| Settlementinvestmentlosses | 1,787,676.30 |
| Total | 1,787,676.30 | 50,000.00 |
Significantcashpaymentsrelatedtoinvestmentactivities
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Acquisitionofminorityshareholders'equityinFangdaZhiyuan | 26,616,725.71 | |
| Total | 26,616,725.71 |
(3)Cashrelatedtofinancing
Othercashreceivedfromfinancingactivities
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Recoveryofloandeposits | 133,000,000.00 | |
| Recoveryoftimedeposits | 330,600,944.44 | |
| Total | 463,600,944.44 |
Othercashpaidrelatedtofinancingactivities
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Financingfee | 3,078,784.45 | 1,910,251.87 |
| Principalandinterestofleaseliabilities | 16,984,180.17 | 16,510,621.53 |
| Paymentofloandeposits | 142,460,000.00 | |
| PaymentforrepurchaseofequityinterestinFangdaZhiyuan | 98,116,151.32 | 113,473,388.12 |
| Paymenttominorityshareholdersduetosubsidiaryliquidation | 1,221,195.25 | |
| Total | 119,400,311.19 | 274,354,261.52 |
Changesinliabilitiesarisingfromfinancingactivities?Applicable□Inapplicable
InRMB
| Item | Openingbalance | Increase | Decrease | Closingbalance | ||
| Changeincash | Non-cashchange | Changeincash | Non-cashchange | |||
| Short-termloans | 2,208,055,039.21 | 2,904,675,536.37 | 1,850,888.00 | 3,450,885,041.10 | 1,663,696,422.48 | |
| Dividendpayable | 92,872,670.18 | 92,872,670.18 | ||||
| Non-currentliabilitiesduein1year | 64,135,136.46 | 0.00 | 131,949,671.67 | 67,615,290.39 | 128,469,517.74 | |
| Long-termloans | 660,000,000.00 | 599,000,000.00 | 0.00 | 0.00 | 122,000,000.00 | 1,137,000,000.00 |
| Leaseliabilities | 6,675,870.04 | 0.00 | 12,178,149.14 | 0.00 | 8,201,411.70 | 10,652,607.48 |
| Long-termpayable | 48,400,000.00 | 0.00 | 0.00 | 48,400,000.00 | 0.00 | |
| Total | 2,987,266,045.71 | 3,503,675,536.37 | 238,851,378.99 | 3,659,773,001.67 | 130,201,411.70 | 2,939,818,547.70 |
(4)Explanationofcashflowspresentedonanetbasis
| Item | Relevantfactualinformation | Basisforadoptingnetpresentation | Financialimpact |
| Netmarginpaidonbillsofexchange,etc. | Correspondingdepositsforbillsofexchangearepresentedonanetbasisaccordingtochangesintheirbalances | Quickturnaroundandshortmaturity | None |
Netdepositsreceivedsuchasbillsofexchange
(5)Significantactivitiesandfinancialeffectsthatdonotinvolvecurrentcashreceiptsanddisbursementsbutaffecttheenterprise'sfinancialpositionormayaffecttheenterprise'scashflowsinthefutureNo
62.Supplementarydataofcashflowstatement
(1)Supplementarydataofcashflowstatement
InRMB
Netdepositsreceivedsuchasbillsofexchange
Supplementaryinformation
| Supplementaryinformation | AmountoftheCurrentTerm | AmountofthePreviousTerm |
| 1.Netprofitadjustedtocashflowrelatedtobusinessoperations | ||
| Netprofit | 146,168,290.32 | 276,958,898.33 |
| Plus:Assetimpairmentprovision | 145,947,431.74 | 29,031,376.39 |
| Fixedassetdepreciation,gasandpetroldepreciation,productiongoodsdepreciation | 32,873,765.23 | 29,636,300.00 |
| Depreciationofrighttouseassets | 15,038,434.25 | 14,476,910.31 |
| Amortizationofintangibleassets | 7,362,948.39 | 5,534,923.47 |
| Amortizationoflong-termamortizableexpenses | 3,854,633.92 | 4,175,586.27 |
| Lossfromdisposaloffixedassets,intangibleassets,andotherlong-termassets("-"forgains) | 500,192.81 | -381,572.12 |
| Lossfromfixedassetdiscard("-"forgains) | 601,531.09 | 143,132.97 |
| Lossfromfairvaluefluctuation("-"forgains) | 18,394,198.42 | 28,534,518.77 |
| Financialexpenses("-"forgains) | 62,507,793.94 | 95,144,503.65 |
| Investmentlosses("-"forgains) | 1,855,001.49 | -349,270.27 |
| Decreaseofdeferredincometaxasset("-"forincrease) | -34,722,077.39 | 40,194,671.27 |
| Increaseofdeferredincometaxasset("-"forincrease) | -6,409,546.15 | -52,978,001.64 |
| Decreaseofinventory("-"forincrease) | 42,960,388.63 | -45,092,089.19 |
| Decreaseofoperationalreceivableitems("-"forincrease) | -288,233,573.56 | -372,906,407.75 |
| Increaseofoperationalreceivableitems("-"fordecrease) | 93,985,965.94 | 306,550,308.71 |
| Others | 28,208,714.36 | -58,931,587.09 |
| Cashflowgeneratedbybusinessoperations,net | 270,894,093.43 | 299,742,202.08 |
| 2.Majorinvestmentandfinancingactivitieswithnocashinvolved | ||
| Debttransferredtoassets | ||
| Convertiblecorporatebondsduewithinoneyear | ||
| Additionofright-of-useassets | 13,743,381.24 | 17,901,587.49 |
| 3.Netchangeincashandcashequivalents: | ||
| Balanceofcashatperiodend | 1,031,725,216.34 | 779,661,118.42 |
| Less:Initialbalanceofcash | 779,661,118.42 | 783,677,929.06 |
| Add:Endingbalanceofcashequivalents | ||
| Less:Endingbalanceofcashequivalents | ||
| Netincreaseincashandcashequivalents | 252,064,097.92 | -4,016,810.64 |
(2)Compositionofcashandcashequivalents
InRMB
| Item | Closingbalance | Openingbalance |
| I.Cash | 1,031,725,216.34 | 779,661,118.42 |
| Including:Cashinstock | 148.01 | 752.40 |
| Banksavingscanbeusedatanytime | 1,024,641,201.90 | 765,436,788.41 |
| Othermonetarycapitalcanbeusedatanytime | 7,083,866.43 | 14,223,577.61 |
| III.Balanceofcashandcashequivalentsatendofterm | 1,031,725,216.34 | 779,661,118.42 |
(3)Monetaryfundsotherthancashandcashequivalents
InRMB
| Item | AmountoftheCurrentTerm | AmountofthePreviousTerm | Reasonsfornotbeingcashandcashequivalents |
| Variousdeposits | 460,052,125.50 | 645,489,997.82 | Userestricted |
| Total | 460,052,125.50 | 645,489,997.82 |
(4)Supplierfinancingarrangements
①TermsandconditionsofsupplierfinancingarrangementsSupplierFinancingArrangement1:TheCompanyprocessesreversefactoringbusinessthroughthe"e-Credit"supplychainfinancialserviceplatform,providedincooperationwithJianxinRongtongCo.,Ltd.andChinaConstructionBankCorporationShenzhenBranch(hereinafterreferredtoas"CCB").Thisserviceisforsuppliersholdingelectronicdebtcertificatesonthe"e-Credit"platformwithpaymentsduefromtheCompany.SupplierstransfertheaccountsreceivableundertheCompany'selectronicdebtcertificatestoCCBandapplyfor"e-Credit"businessservices.CCBevaluatesandanalyzestheapplication,andifconditionsaremet,provides"e-Credit"businessservicestosuppliers.TheCompany'sobligationtofulfillpaymentundertheelectronicdebtcertificatesisunconditionalandirrevocable,unaffectedbyanycommercialdisputesamongpartiesinvolvedinthecirculationofelectronicdebtcertificates.Thecompanydoesnotclaimoffsetordefenseagainstthispaymentobligation.TheCompanywilltransferanamountequivalenttotheelectronicdebtcertificatesonthepromisedpaymentdateaccordingtothebusinessrulesofthe"e-Credit"platform.
Supplierfinancingarrangement2:TheCompanyprocessesreversefactoringbusinessthroughthe"e-Account"supplychainfinancialserviceplatform,providedbytheAgriculturalBankofChinaShenzhenOverseasChineseTownBranch(hereinafterreferredtoas"ABC").Thisserviceisforsuppliersholdingelectronicdebtcertificatesonthe"e-Account"platformwithpaymentsduefromtheCompany.SupplierstransfertheaccountsreceivableundertheCompany'selectronicdebtcertificatestoABCandapplyfor"e-Account"businessservices.ABCevaluatesandanalyzestheapplication,andifconditionsaremet,provides"e-Account"businessservicestosuppliers.TheCompany'sobligationtofulfillpaymentundertheelectronicdebtcertificatesisunconditionalandirrevocable,unaffectedbyanycommercialdisputesamongpartiesinvolvedinthecirculationofelectronicdebtcertificates.Thecompanydoesnotclaimoffsetordefenseagainstthispaymentobligation.Thecompanywilltransferanamountequivalenttotheelectronicdebtcertificatesonthepromisedpaymentdateaccordingtothebusinessrulesofthe"e-Account"platform.
Supplierfinancingarrangement3:TheCompanyhassignedaPaymentAgencyCooperationAgreementwithChinaMerchantsBankCorporationShenzhenBranch,authorizingthebranchtodeductpaymentsfromthepaymentaccountaccordingtotheAgencyPaymentDetailsprovidedbythegrouponthespecifieddate.Whensuppliersinitiatefinancingapplications,ChinaMerchantsBankCorporationShenzhenBranchusestheCompany'screditlinetoprocessdomesticfactoringservicesforsuppliers.Uponmaturityofthefactoring,theCompanyisonlyrequiredtopaythefactoringfinancingamounttoChinaMerchantsBankCorporationShenzhenBranchwithoutinterest.
②FinancialLiabilitiesunderSupplierFinancingArrangementsReportedontheBalanceSheetandTheirBookValue,andAmountsReceivedbySuppliersfromFinancingProviders
InRMB
| Item | December31,2024 | January1,2024 |
| Accountpayable | 465,016,938.13 | 390,132,169.21 |
| Including:Amountsreceivedbysuppliers | 341,199,057.49 | - |
③Paymentduedaterangeforfinancialliabilitiesundersupplierfinancingarrangements
| Item | December31,2024 |
| Financialliabilitiesundersupplierfinancingarrangements | 90-300daysfromreceiptofinvoice |
| Comparableaccountspayablenotundersupplierfinancing | 0-180daysfromreceiptofinvoice |
63.Foreigncurrencymonetaryitems
(1)Foreigncurrencymonetaryitems
InRMB
arrangements
Item
| Item | Closingforeigncurrencybalance | Exchangerate | ClosingRMBbalance |
| Monetarycapital | 121,724,087.68 | ||
| Including:USD | 4,446,005.48 | 7.1884 | 31,959,660.43 |
| HKDollar | 56,349,679.26 | 0.926 | 52,182,057.00 |
| INR | 36,207,844.47 | 0.084 | 3,042,732.64 |
| Vietnamesecurrency | 1,666,020,450.00 | 0.0003 | 469,924.39 |
| SGD | 1,489,480.22 | 5.3214 | 7,926,120.04 |
| AUD | 5,781,688.88 | 4.507 | 26,058,071.79 |
| PhilippinePeso | 688,013.00 | 0.1243 | 85,521.39 |
| Accountreceivable | 26,499,393.16 | ||
| Including:USD | 706,093.63 | 7.1884 | 5,075,683.44 |
| HKDollar | 19,588,663.45 | 0.926 | 18,139,885.90 |
| AUD | 609,202.07 | 4.507 | 2,745,673.73 |
| INR | 5,621,535.00 | 0.084 | 472,377.59 |
| SGD | 12,360.00 | 5.3214 | 65,772.50 |
| Contractassets | 117,500,531.71 | ||
| Including:USD | 11,023,664.91 | 7.1884 | 79,242,512.83 |
| INR | 41,669,105.47 | 0.084 | 3,501,454.93 |
| Euro | 2,436,878.88 | 7.5257 | 18,339,219.39 |
| SGD | 500.00 | 5.3214 | 2,660.70 |
| AUD | 1,106,608.38 | 4.507 | 4,987,483.97 |
| HKDollar | 12,339,855.62 | 0.926 | 11,427,199.89 |
| Otherreceivables | 3,528,403.79 | ||
| Including:USD | 159,577.82 | 7.1884 | 1,147,109.20 |
| HKDollar | 66,000.00 | 0.926 | 61,118.64 |
| AUD | 29,943.84 | 4.507 | 134,956.89 |
| INR | 560,655.41 | 0.084 | 47,111.87 |
| SGD | 393,664.33 | 5.3214 | 2,094,845.38 |
| UAEDirham | 1,000.00 | 1.9628 | 1,962.78 |
| SaudiRiyal | 15,000.00 | 1.9284 | 28,926.26 |
| PhilippinePeso | 99,538.00 | 0.1243 | 12,372.77 |
| Accountpayable | 13,716,720.68 | ||
| Including:USD | 497,906.03 | 7.1884 | 3,579,147.71 |
| HKDollar | 4,943,022.21 | 0.926 | 4,577,436.29 |
| SGD | 19,193.50 | 5.3214 | 102,136.29 |
| INR | 22,881,875.03 | 0.084 | 1,922,763.96 |
| AUD | 780,782.71 | 4.507 | 3,518,987.67 |
| PhilippinePeso | 130,720.00 | 0.1243 | 16,248.76 |
| Otherpayables | 2,399,887.18 | ||
| Including:USD | 276,371.25 | 7.1884 | 1,986,667.09 |
| HKDollar | 1,175.27 | 0.926 | 1,088.35 |
| AUD | 74,906.47 | 4.507 | 337,603.46 |
| SaudiRiyal | 16,675.20 | 1.9284 | 32,156.74 |
| SGD | 6,098.47 | 5.3214 | 32,452.40 |
| PhilippinePeso | 79,800.00 | 0.1243 | 9,919.14 |
(2)Thenoteofoverseasoperatingentitiesshouldincludethemainoperationplaces,bookkeepingcurrenciesandselectionbasis.Wherethebookkeepingcurrencyischanged,thereasonshouldalsobeexplained.
□Applicable?Inapplicable
64.Leasing
(1)TheCompanyistheleasee?Applicable□InapplicableVariableleasepaymentsnotincludedinthemeasurementoftheleaseliability
□Applicable?InapplicableLeasecostsforshort-termleasesorlow-valueassetswithsimplifiedtreatment?Applicable□Inapplicable
Currentgainsandlossesandcashflowsrelatedtoleases
| Item | 2024 |
| Shorttermleaseexpenseswithsimplifiedtreatmentincludedincurrentprofitandloss | 37,912,641.43 |
| Leaseexpensesoflowvalueassetswithsimplifiedtreatmentincludedincurrentprofitandloss(exceptshort-termlease) | 267,467.65 |
| Interestexpenseonleaseliabilities | 1,270,121.44 |
| Totalcashoutflowrelatedtoleasing | 51,854,374.29 |
Involvementinsale-and-leasebacktransactions:None.
(2)TheCompanyaslessor
Operatingleasesaslessor?Applicable□Inapplicable
InRMB
| Item | Rentalincome | Including:Incomerelatedtovariableleasepaymentsnotincludedinleasereceipts |
| Rentalincome | 137,236,551.51 | 350,971.03 |
| Total | 137,236,551.51 | 350,971.03 |
Financingleasesaslessor
□Applicable?InapplicableUndiscountedleasereceiptsforeachofthenextfiveyears
?Applicable□Inapplicable
InRMB
| Item | Annualundiscountedleasereceipts | |
| Closingamount | Openingamount | |
| Firstyear | 134,938,024.44 | 132,605,879.94 |
| Secondyear | 106,208,000.52 | 115,552,250.91 |
| Thirdyear | 72,916,499.50 | 94,134,268.43 |
| Fourthyear | 53,731,466.05 | 59,112,763.63 |
| Fifthyear | 32,774,253.57 | 39,342,690.51 |
| Totalundiscountedleasereceiptsafterfiveyears | 89,046,751.97 | 90,429,704.69 |
VIII.R&Dexpenses
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Laborcosts | 100,670,006.36 | 103,430,062.05 |
| Materialcosts | 50,544,384.90 | 55,562,482.97 |
| Agencies | 11,574,101.52 | 8,698,692.37 |
| Depreciationcosts | 3,722,562.74 | 2,081,830.87 |
| Amortizationofintangibleassets | 1,008,134.37 | 1,024,410.27 |
| Travelexpense | 458,913.41 | 703,972.61 |
| Rental | 391,107.49 | 501,204.01 |
| Others | 2,662,160.94 | 8,068,146.10 |
| Total | 171,031,371.73 | 180,070,801.25 |
| Including:ExpensedR&Dexpenditure | 171,031,371.73 | 180,070,801.25 |
IX.ChangetoConsolidationScope
1.ChangetotheconsolidationscopeforotherreasonsChangeintheconsolidationscopeduetootherreasons(suchasnewsubsidiariesandliquidationofsubsidiaries)andthesituations:
Duringthecurrentperiod,thescopeofconsolidationchangedwiththeestablishmentof5newsubsidiaries:FacadeSingapore,FacadePhilippines,GeneralRailTechnologyPhilippines,FangdaGulfDMCC,andGlobalMEGAInternationalHoldings.Additionally,throughanon-businesscombination,onenewsubsidiarywasadded:FangdaConstructionTechnology.Simultaneously,threesubsidiarieswerederegisteredduringthisperiod:FangdaXunfuInvestment,FangdaLifuInvestment,andFangdaInvestment.
X.EquityinOtherEntities
1.Interestsinsubsidiaries
(1)GroupComposition
InRMB
| Company | Registeredcapital | Placeofbusiness | Registeredaddress | Business | Shareholdingpercentage | Obtainingmethod | |
| Direct | Indirect | ||||||
| ShihuiInternationalHoldingCo.,Ltd. | 21,248,100.00 | VirginIslands | VirginIslands | Investment | 100.00% | Incorporation | |
| ShenzhenHongjunInvestmentCo.,Ltd. | 100,000,000.00 | Shenzhen | Shenzhen | Investment | 98.00% | 2.00% | Incorporation |
| ShenzhenFangdaInvestmentPartnership(LimitedPartnership) | 237,700,000.00 | Shenzhen | Shenzhen | Projectinvestmentandinvestmentconsultancy | 99.00% | 0.52% | Incorporation |
| JiangxiFangdaIntelligentManufacturingTechnologyCo.,Ltd. | 100,000,000.00 | Ganzhou | Ganzhou | Productionandsalesofnew-typematerialscompositematerialsandproductionofcurtainwalls | 99.00% | 1.00% | Incorporation |
| ShenzhenFangdaJiankeGroupCo.,Ltd. | 600,000,000.00 | Shenzhen | Shenzhen | Designing,manufacturing,andinstallationofcurtainwalls | 98.66% | 1.34% | Incorporation |
| DongguanFangdaNewMaterialCo.,Ltd. | 272,800,000.00 | Dongguan | Dongguan | Installationandsalesofbuildingcurtainwalls | 100.00% | Incorporation | |
| ChengduFangdaConstructionTechnologyCo.,Ltd. | 50,000,000.00 | Chengdu | Chengdu | Trustedprocessingofbuildingcurtainwallmaterials | 100.00% | Incorporation | |
| FangdaAustraliaCo.,Ltd. | 14,545,200.00 | Australia | Australia | Designing,manufacturing,andinstallationofcurtainwalls | 100.00% | Incorporation | |
| FangdaSoutheastAsiaCo., | 3,000,000.00 | Vietnam | Vietnam | Designing,manufacturing,and | 100.00% | Incorporation | |
| Ltd. | installationofcurtainwalls | ||||||
| ShanghaiFangdaZhijianTechnologyCo.,Ltd | 100,000,000.00 | Shanghai | Shanghai | Intelligenttechnology,newenergy,automatedtechnology | 30.00% | 70.00% | Incorporation |
| FangdaJiankeHongKongCo.,Ltd. | 36,594.00 | HongKong | HongKong | Design,saleandinstallationofbuildingcurtainwall | 100.00% | Incorporation | |
| ShanghaiFangdaJianzhiTechnologyCo.,Ltd. | 50,000,000.00 | Shanghai | Shanghai | Constructiontechnology,intelligenttechnology,automationtechnology,design,productionandinstallationofbuildingcurtainwalls | 100.00% | Incorporation | |
| ChengduFangdaCurtainWallTechnologyCo.,Ltd. | 50,000,000.00 | Chengdu | Chengdu | Buildingdecorationandotherconstructionindustry | 100.00% | Incorporation | |
| ShenzhenFangdaJianchuangTechnologyCo.,Ltd. | 50,000,000.00 | Shenzhen | Shenzhen | Productionandsalesofbuildingcurtainwalls | 100.00% | Incorporation | |
| ShenzhenFangdaNewEnergyCo.,Ltd. | 100,000,000.00 | Shenzhen | Shenzhen | DesignandconstructionofPVpowerplants | 99.00% | 1.00% | Incorporation |
| PingxiangFangdaLuxinNewEnergyCo.,Ltd. | 10,000,000.00 | Pingxiang | Pingxiang | DesignandconstructionofPVpowerplants | 100.00% | Incorporation | |
| NanchangXinjianFangdaNewEnergyCo.,Ltd. | 10,000,000.00 | Nanchang | Nanchang | DesignandconstructionofPVpowerplants | 100.00% | Incorporation | |
| DongguanFangdaNewEnergyCo.,Ltd. | 10,000,000.00 | Dongguan | Dongguan | DesignandconstructionofPVpowerplants | 100.00% | Incorporation | |
| ShenzhenXunfuInvestmentCo.,Ltd | 100,000.00 | Shenzhen | Shenzhen | Projectinvestmentandinvestment | 100.00% | Incorporation |
| consultancy | |||||||
| ShenzhenLifuInvestmentCo.,Ltd | 1,000,000.00 | Shenzhen | Shenzhen | Projectinvestmentandinvestmentconsultancy | 52.00% | Incorporation | |
| FangdaZhichuangTechnologyCo.,Ltd. | 105,000,000.00 | Shenzhen | Shenzhen | Production,processingandinstallationofsubwayscreendoors | 51.00% | 49.00% | Incorporation |
| ShenzhenQianhaiKechuangyuanSoftwareCo.,Ltd. | 5,000,000.00 | Shenzhen | Shenzhen | Softwaredevelopment | 100.00% | Incorporation | |
| FangdaZhiyuanTechnology(HongKong)Co.,Ltd. | 8,435.80 | HongKong | HongKong | Metroscreendoor | 100.00% | Incorporation | |
| FangdaZhiyuanTechnology(Wuhan)Co.,Ltd. | 10,000,000.00 | Wuhan | Wuhan | Production,processingandinstallationofsubwayscreendoors | 100.00% | Incorporation | |
| FangdaZhiyuanRailwayTransportationEquipment(Dongguan)Co. | 1,000,000.00 | Dongguan | Dongguan | Production,processingandinstallationofsubwayscreendoors | 100.00% | Incorporation | |
| FangdaZhiyuanTechnology(Nanchang)Co.,Ltd. | 1,000,000.00 | Nanchang | Nanchang | Production,processingandinstallationofsubwayscreendoors | 100.00% | Incorporation | |
| GeneralRailwayTechnologyLtd. | 47,880.30 | Singapore | Singapore | Production,processingandinstallationofsubwayscreendoors | 100.00% | Incorporation | |
| ShenzhenFangdaPropertyDevelopmentCo.,Ltd. | 200,000,000.00 | Shenzhen | Shenzhen | Realestatedevelopmentandoperation | 99.00% | 1.00% | Incorporation |
| ShenzhenFangdaPropertyManagementCo.,Ltd. | 10,000,000.00 | Shenzhen | Shenzhen | Propertymanagement | 100.00% | Incorporation |
| Fangda(Jiangxi)PropertyDevelopmentCo.,Ltd. | 100,000,000.00 | Nanchang | Nanchang | Realestatedevelopmentandoperation | 100.00% | Incorporation | |
| ShenzhenFangdaYunzhiTechnologyCo.,Ltd. | 50,000,000.00 | Shenzhen | Shenzhen | Technologydevelopmentandsales;Investinindustry;Operationmanagementofscienceandtechnologypark | 100.00% | Incorporation | |
| ShenzhenZhongrongLitaiInvestmentCo.,Ltd. | 121,000,000.00 | Shenzhen | Shenzhen | Businessservice | 55.00% | Purchase | |
| FangdaNewMaterials(Jiangxi)Co.,Ltd. | 99,328,800.00 | Nanchang | Nanchang | Productionandsalesofnew-typematerialscompositematerialsandproductionofcurtainwalls | 75.00% | 25.00% | Incorporation |
| ShenzhenFangdaYunzhuTechnologyCo.,Ltd. | 10,000,000.00 | Shenzhen | Shenzhen | Inspection,technicalserviceandconsultationofbuildingsafetyandbuildingenergysavingsystem | 100.00% | Consolidationofentitiesundercommoncontrol | |
| ShenzhenYunzhuTestingTechnologyCo.,Ltd. | 5,000,000.00 | Shenzhen | Shenzhen | Inspection,technicalserviceandconsultationofbuildingsafetyandbuildingenergysavingsystem | 100.00% | Consolidationofentitiesundercommoncontrol | |
| ShenzhenFangdaConstructionTechnologyCo.,Ltd. | 50,000,000.00 | Shenzhen | Shenzhen | Installationandsalesofbuildingcurtainwalls | 100.00% | Non-businesscombination | |
| FangdaFacadeSingapore | 1,596,420.00 | Singapore | Singapore | Installationandsalesofbuilding | 100.00% | Incorporation |
| Pte.Ltd. | curtainwalls | ||||||
| FangdaFacadePhilippinesInc. | 1,437,680.00 | Philippines | Philippines | Installationandsalesofbuildingcurtainwalls | 99.00% | Incorporation | |
| GeneralRailTechnologyPhilippinesInc. | 1,437,680.00 | Philippines | Philippines | Metroscreendoorsalesandinstallation | 100.00% | Incorporation | |
| FangdaGulfDMCC | 785,113.60 | Dubai | Dubai | Installationandsalesofbuildingcurtainwalls | 100.00% | Incorporation | |
| GLOBALMEGAINTERNATIONALHOLDINGSLIMITED | 4,313,040.00 | SaudiArabia | SaudiArabia | Designing,manufacturing,andinstallationofcurtainwalls | 100.00% | Incorporation |
Othernotes:FangdaInvestment,FangdaLifuInvestment,andFangdaXunfuInvestmenthavebeenderegisteredduringthisperiod.
(2)Majornonwholly-ownedsubsidiaries
InRMB
| Company | Shareholdingofminorityshareholders | Profitandlossattributedtominorityshareholders | Dividendtobedistributedtominorityshareholders | Interestbalanceofminorityshareholdersintheendoftheperiod |
| ZhongrongLitai | 45.00% | 8,583.38 | 48,308,010.96 | |
| FangdaZhiyuanTechnology | 1,346,867.37 | 6,962,732.02 |
Othernotes:Duringthisperiod,theCompany'ssubsidiary,FangdaConstructionTechnology,acquiredallminorityshareholderequityofFangdaZhiyuanTechnology,makingFangdaZhiyuanTechnologyawholly-ownedsubsidiaryoftheCompany.
(3)Financialhighlightsofmajornonwhollyownedsubsidiaries
InRMB
| Company | Closingbalance | Openingbalance | ||||||||||
| Currentassets | Non-currentassets | Totalofassets | Currentliabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalofassets | Currentliabilities | Non-currentliabilities | Totalliabilities | |
| ZhongrongLitai | 209,711,213.30 | 31,600.00 | 209,742,813.30 | 102,391,677.87 | 102,391,677.87 | 209,637,980.81 | 285,106.81 | 209,923,087.62 | 102,400,696.16 | 190,330.21 | 102,591,026.37 | |
| FangdaZhiyuanTechnology | 886,569,276.32 | 145,741,515.31 | 1,032,310,791.63 | 618,892,852.75 | 19,014,892.92 | 637,907,745.67 | 772,725,686.09 | 147,607,926.78 | 920,333,612.87 | 484,982,075.34 | 13,696,876.21 | 498,678,951.55 |
InRMB
| Company | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod | ||||||
| Turnover | Netprofit | Totalofmisc.incomes | Businessoperationcashflows | Turnover | Netprofit | Totalofmisc.incomes | Businessoperationcashflows | |
| ZhongrongLitai | 110,091.72 | 19,074.18 | 19,074.18 | -27,370.15 | 110,091.72 | -122,439.25 | -122,439.25 | 90,964.60 |
| FangdaZhiyuanTechnology | 612,820,581.01 | 82,433,670.84 | 94,596,194.92 | 161,768,148.66 | 558,421,443.33 | 71,424,880.42 | 71,598,313.27 | -5,772,922.82 |
Othernotes:Duringthisperiod,theCompany'ssubsidiary,FangdaConstructionTechnology,acquiredallminorityshareholderequityofFangdaZhiyuanTechnology,makingFangdaZhiyuanTechnologyawholly-ownedsubsidiaryoftheCompany.
2.Changeintheownershipshareofthesubsidiaryandcontrolofthetransactionofthesubsidiary
(1)Descriptionofchangesinowner'sequitysharesofsubsidiariesDuringthisperiod,theCompany'ssubsidiary,FangdaConstructionTechnology,acquiredallminorityshareholderequityofFangdaZhiyuanTechnology,makingFangdaZhiyuanTechnologyawholly-ownedsubsidiaryoftheCompany.
(2)Impactoftransactiononminorityshareholders'equityandowner'sequityattributabletoparentcompany
InRMB
| FangdaZhiyuanTechnology | |
| Purchasecost/disposalconsideration-cash | 26,616,725.71 |
| Less:shareofnetassetsofsubsidiariescalculatedaccordingtotheproportionofequityacquired/disposed | 19,515,085.64 |
| Difference | 7,101,640.07 |
| Including:adjustmentofcapitalreserve | 7,101,640.07 |
3.Interestsinjointventuresorassociates
(1)Financialsummaryofinsignificantjointventuresandassociates
InRMB
| Closingbalance/amountoccurredinthisperiod | Openingbalance/amountoccurredinpreviousperiod | |
| Jointventure: | ||
| Totalshareholding | ||
| Associate: | ||
| Totalbookvalueofinvestment | 56,690,973.97 | 54,757,017.40 |
| Totalshareholding | ||
| Netprofit | -70,043.43 | -212,024.74 |
| --Totalofmisc.incomes | -70,043.43 | -212,024.74 |
XI.GovernmentSubsidies
1.Governmentalsubsidyrecognizedasreceivableattheendofthereportperiod
?Applicable□InapplicableEndingbalanceofreceivables:RMB642,493.02.Reasonsfornotreceivingtheestimatedamountofgovernmentgrantsattheexpectedpointintime
□Applicable?Inapplicable
2.Liabilitiesinvolvinggovernmentsubsidies
?Applicable□Inapplicable
InRMB
| Accountingitem | Openingbalance | Amountofnewsubsidy | Amountincludedinnon-operatingrevenue | Othermisc.gainsrecordedinthisperiod | Otherchangeinthecurrentperiod | Closingbalance | Assets/earning-related |
| Deferredearning | 8,978,678.72 | 2,321,892.00 | 630,958.59 | 10,669,612.13 | Assets-related | ||
| Total | 8,978,678.72 | 2,321,892.00 | 630,958.59 | 10,669,612.13 | Assets-related |
3.Governmentsubsidiesaccountedintocurrentprofitorloss.
?Applicable□Inapplicable
InRMB
| Accountingitem | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Othergains | 14,027,285.85 | 12,902,308.18 |
| Financialexpenses | 2,616,200.00 | -131,680.00 |
| Total | 16,643,485.85 | 12,770,628.18 |
XII.RisksofFinancialTools
1.TypesofrisksarisingfromfinancialinstrumentsTherisksassociatedwiththefinancialinstrumentsoftheCompanyarisefromthevariousfinancialassetsandliabilitiesrecognizedbytheCompanyinthecourseofitsoperations,includingcreditrisks,liquidityrisksandmarketrisks.
ThemanagementobjectivesandpoliciesofvariousrisksrelatedtofinancialinstrumentsaregovernedbythemanagementoftheCompany.Theoperatingmanagementisresponsiblefordailyriskmanagementthroughfunctionaldepartments(forexample,theCompany'screditmanagementdepartmentreviewstheCompany'screditsalesonacase-by-casebasis).TheinternalauditdepartmentoftheCompanyconductsdailysupervisionoftheimplementationoftheCompany'sriskmanagementpoliciesandprocedures,andreportsrelevantfindingstotheCompany'sauditcommitteeinatimelymanner.
TheoverallgoaloftheCompany'sriskmanagementistoformulateriskmanagementpoliciesthatminimizetherisksassociatedwithvariousfinancialinstrumentswithoutexcessivelyaffectingtheCompany'scompetitivenessandresilience.A.CreditriskCreditriskiscausedbythefailureofonepartyofafinancialinstrumentinperformingitsobligations,causingtheriskoffinanciallossfortheotherparty.ThecreditriskoftheCompanymainlycomesfrommonetarycapital,notesreceivable,accountsreceivable,otherreceivables,receivablesfinancing,contractassets,etc.Thecreditriskofthesefinancialassetscomesfromthedefaultofthecounterparties,andthemaximumriskexposureisequaltothebookamountoftheseinstruments.
TheCompany'smoneyandfundsaremainlydepositedinthecommercialbanksandotherfinancialinstitutions.TheCompanybelievesthatthesecommercialbankshavehigherreputationandassetstatusandhavelowercreditrisk.
Fornotesreceivable,accountsreceivable,otherreceivables,receivablesfinancingandcontractassets,theCompanysetsrelevantpoliciestocontrolcreditriskexposure.TheGroupsetthecreditlineandtermfordebtorsaccordingtotheirfinancialstatus,externalrating,andpossibilityofgettingthird-partyguarantee,creditrecordandotherfactors.TheGroupregularlymonitorsdebtors'creditrecord.Forthosewithpoorcreditrecord,theGroupwillsendwrittenpaymentreminders,shortenorcancelcredittermtolowerthegeneralcreditrisk.
(1)Significantincreasesincreditrisk
Thecreditriskofthefinancialinstrumenthasnotincreasedsignificantlysincetheinitialconfirmation.Indeterminingwhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition,theCompanyconsidersreasonableandevidencedinformation,includingforward-lookinginformation,thatcanbeobtainedwithoutunnecessaryadditionalcostsoreffort.TheCompanydeterminestherelativeriskofdefaultriskofthefinancialinstrumentbycomparingtheriskofdefaultofthefinancialinstrumentonthebalancesheetdatewiththeriskofdefaultontheinitialrecognitiondatetoassessthecreditriskofthefinancialinstrumentfrominitialrecognition.
Whenoneormoreofthefollowingquantitativeandqualitativecriteriaaretriggered,theCompanybelievesthatthecreditriskoffinancialinstrumentshasincreasedsignificantly:thequantitativecriteriaaremainlytheprobabilityofdefaultintheremaininglifeofthereportingdateincreasedbymorethanacertainproportioncomparedwiththeinitialrecognition;thequalitativecriteriaarethemajoradversechangesintheoperationorfinancialsituationofthemajordebtors,theearlywarningofcustomerlist,etc.
(2)DefinitionofassetswherecreditimpairmenthasoccurredInordertodeterminewhetherornotcreditimpairmentoccurs,thestandardadoptedbyourcompanyisconsistentwiththecreditriskmanagementtargetforrelatedfinancialinstruments,andquantitativeandqualitativeindicatorsareconsidered.
Majorfinancialdifficultieshaveoccurredtotheissuerorthedebtor;Breachofcontractbythedebtor,suchaspaymentofinterestordefaultoroverdueofprincipal;(B)Theconcessionthatthedebtorwouldnotmakeunderanyothercircumstancesforeconomicorcontractualconsiderationsrelatingtothefinancialdifficultiesofthedebtor;Thedebtorislikelytobebankruptorundertakeotherfinancialrestructuring;Thefinancialdifficultiesoftheissuerordebtorleadtothedisappearanceoftheactivemarketforthefinancialasset;Topurchaseorgenerateafinancialassetatasubstantialdiscount,whichreflectsthefactthatacreditlosshasoccurred.
Creditimpairmentinfinancialassetsmaybecausedbyacombinationofmultipleevents,notnecessarilybyeventsthatcanbeidentifiedseparately.
(3)Expectedcreditlossmeasurement
Dependingonwhetherthereisasignificantincreaseincreditriskandwhetheracreditimpairmenthasoccurred,theCompanypreparesdifferentassetsfora12-monthorfullexpectedcreditloss.Thekeyparametersofexpectedcreditlossmeasurementincludedefaultprobability,defaultlossrateanddefaultriskexposure.Takingintoaccountthequantitativeanalysisandforward-lookinginformationofhistoricalstatistics(suchascounterpartyratings,guarantymethods,collateralcategories,repaymentmethods,etc.),theCompanyestablishesthedefaultprobability,defaultlossrateanddefaultriskexposuremodel.
Definition:
Theprobabilityofdefaultreferstothepossibilitythatthedebtorwillnotbeabletofulfillitsobligationtopayinthenext12monthsorthroughouttheremainingperiod.
BreachLossRatemeanstheextentoflossexpectedbytheCompanyforbreachriskexposure.Dependingonthetypeofcounterparty,themannerandpriorityofrecourse,andthedifferentcollateral,thedefaultlossrateisalsodifferent.Thedefaultlossrateisthepercentageoftheriskexposurelossatthetimeofthedefault,calculatedonthebasisofthenext12monthsortheentirelifetime.
ExposuretodefaultistheamountpayabletotheCompanyatthetimeofdefaultinthenext12monthsorthroughouttheremaininglife.Prospectiveinformationcreditriskssignificantlyincreasedandexpectedcreditlosseswerecalculated.Throughtheanalysisofhistoricaldata,theCompanyhasidentifiedthekeyeconomicindexesthataffectthecreditriskofeachbusinesstypeandtheexpectedcreditloss.ThelargestcreditriskfacingtheGroupisthebookvalueofeachfinancialassetonthebalancesheet.TheGroupmakesnoguaranteethatmaycausetheGroupcreditrisks.AmongtheGroup’sreceivables,accountsreceivablefromtop5customersaccountfor20.50%ofthetotalaccountsreceivable(beginningoftheperiod:23.89%);amongotherreceivables,otherreceivablesfromtop5customersaccountfor71.82%ofthetotalotherreceivables(beginningoftheperiod:72.01%).
B.Liquidityrisk
LiquidityriskistheriskofcapitalshortagewhentheGroupneedstopaycashorsettledwithotherfinancialassets.TheCompanyisresponsibleforthecashmanagementofitssubsidiaries,includingshort-terminvestmentsincashsurplusesandloanstomeetprojectedcashrequirements.TheCompany'spolicyistoregularlymonitorshortandlong-termliquidityrequirementsandcompliancewithborrowingagreementstoensureadequatecashreservesandreadilyavailablesecurities.TheCompanywillalsoconsidernegotiatingwithsupplierstoadoptsupplierfinancingarrangementstoextendthepaymentperiod,inordertoalleviatetheCompany'scashflowpressure.AsofDecember31,2024,thematurityoftheCompany'sfinancialliabilitiesisasfollows:
InRMB10,000
| Item | December31,2024 | |||
| Lessthan1year | Within1-3years | Over3years | Total | |
| Short-termloans | 166,369.64 | 166,369.64 | ||
| Derivativefinancialliabilities | 152.06 | 152.06 | ||
| Notespayable | 68,118.81 | 68,118.81 | ||
| Accountpayable | 213,195.52 | 297.46 | 1,166.51 | 214,659.49 |
| Otherpayables | 8,013.60 | 1,109.24 | 2,968.96 | 12,091.80 |
| Non-currentliabilitiesduein1year | 12,846.95 | 12,846.95 | ||
| Othercurrentliabilities | 5,083.56 | 5,083.56 | ||
| Long-termloans | 96,700.00 | 17,000.00 | 113,700.00 | |
| Leaseliabilities | 923.06 | 142.20 | 1,065.26 | |
| Total | 473,780.14 | 99,029.76 | 21,277.67 | 594,087.57 |
(Continued)
InRMB10,000
| Item | December31,2023 | |||
| Lessthan1year | Within1-3years | Over3years | Total | |
| Short-termloans | 220,805.50 | 220,805.50 | ||
| Notespayable | 86,888.69 | 86,888.69 | ||
| Accountpayable | 195,524.32 | 1,415.80 | 289.26 | 197,229.38 |
| Otherpayables | 5,168.51 | 1,010.36 | 5,579.31 | 11,758.18 |
| Non-currentliabilitiesduein1year | 6,413.51 | 6,413.51 | ||
| Othercurrentliabilities | 5,352.47 | 5,352.47 | ||
| Long-termloans | 30,000.00 | 36,000.00 | 66,000.00 | |
| Leaseliabilities | 578.60 | 88.99 | 667.59 | |
| Long-termpayable | 4,840.00 | 4,840.00 | ||
| Total | 520,153.00 | 37,844.76 | 41,957.56 | 599,955.32 |
C.Marketrisk
(1)CreditrisksTheexchangerateriskoftheCompanymainlycomesfromtheassetsandliabilitiesoftheCompanyanditssubsidiariesinforeigncurrencynotdenominatedinitsfunctionalcurrency.ExceptfortheuseofHongKongdollars,UnitedStatesdollars,Australiandollars,Vietnamesedong,euro,IndianrupeesorSingaporecurrenciesbyitssubsidiariesestablishedinandoutsidetheHongKongSpecialAdministrativeRegion,othermajorbusinessesoftheCompanyshallbedenominatedinRenminbi.AsofDecember31,2024,theCompany'syear-endforeigncurrencyfinancialassetsandforeigncurrencyfinancialliabilitiesarepresentedinNote63ofthissectionunderforeigncurrencymonetaryitems.
TheCompanypayscloseattentiontotheimpactofexchangeratechangesontheCompany'sexchangeraterisk.TheCompanycontinuouslymonitorsthescaleofforeigncurrencytransactionsandforeigncurrencyassetsandliabilitiestominimizeforeignexchangerisks.Tothisend,theCompanymayavoidforeignexchangerisksbysigningforwardforeignexchangecontractsorcurrencyswapcontracts.
(2)ExchangerateriskTheGroup'sinterestrateriskmainlyarisesfromlong-terminterest-bearingdebtssuchaslong-termbankloans.FinancialliabilitieswithfloatinginterestratecausecashflowinterestrateriskfortheGroup.FinancialliabilitieswithfixedinterestratecausefairvalueinterestrateriskfortheGroup.TheGroupdecidestheproportionbetweenfixedinterestrateandfloatinginterestrateaccordingtothemarketenvironmentandregularlyreviewsandmonitorsthecombinationoffixedandfloatinginterestrateinstruments.TheFinanceDepartmentattheCompany'sheadofficemonitorstheleveloftheGroup'sinterestratesonanongoingbasis.Therisinginterestratewillincreasethecostofthenewinterest-bearingdebtandtheinterestexpenditureoninterest-bearingdebtwhichhasnotyetbeenpaidbytheCompanyatthefloatingrate,andwillhaveasignificantadverseeffectontheCompany'sfinancialperformance.Managementwillmakeadjustmentsintimeaccordingtothelatestmarketconditions.
AsofDecember31,2024,whenotherriskvariablesremainunchanged,iftheborrowinginterestratecalculatedbyfloatinginterestrateincreasesordecreasesby50basispoints,thenetprofitoftheCompanyinthatyearwilldecreaseorincreasebyRMB4.8million(December31,2023:RMB3.6million).
2.Hedging
(1)TheCompanyconductshedgingbusinessforriskmanagement.?Applicable□Inapplicable
| Item | Correspondingriskmanagementstrategiesandobjectives | Qualitativeandquantitativeinformationaboutthehedgedrisk | Economicrelationshipsbetweenhedgeditemsandrelatedhedginginstruments | Effectiveachievementofexpectedriskmanagementobjectives | Theimpactofthecorrespondinghedgingactivitiesontheriskexposure |
| Aluminumfutureshedging | Utilizingthehedgingfunctionoffuturestools,theCompanycarriesoutaluminumfutureshedgingbusinesstoreasonablyavoidtherisksbroughtaboutbyfluctuationsinthepricesofrelevantrawmaterialstoitsoperations,to | TheCompanyusesaluminumfuturestohedgealuminum-relatedrawmaterialsinitsprospectiveprocurementbusiness.TheCompanyadoptsthestrategyofdynamichedgingofcommoditypriceriskexposurebyadjustingits | Theunderlyingvariablesarestandardaluminumprices,andthevaluesofhedgeditemsandhedginginstrumentschangeinoppositedirectionsduetofacingthesamehedgedrisks,andthereisarelationshipofmutualhedgingof | TheCompanyhasformulatedrelevantinternalmanagementsystemsforitsaluminumfutureshedgingandforwardforeignexchangetradingbusiness,andcontinuouslyevaluatestheeffectivenessofhedgingtoensure | Buyorsellcorrespondingaluminumfuturescontractstohedgetheriskexposureexistinginthespotbusinessside. |
| enhancetheCompany'soverallabilitytowithstandrisksandtostrengthentherobustnessofitsoperatingactivities. | futurescontractpositionaccordingtoacertainpercentageofitsprospectiveprocurementexposure,andtheexposure*hedgingratioisbasicallythesameasthequantityofthecommodityrepresentedbythefuturesposition. | risks. | thatthehedgingrelationshipiseffectiveinthedesignatedaccountingperiod,andthattherisksoffluctuationsinrawmaterialpurchasingpricesandexchangeratefluctuationsofforeign-currencyreceivablesarecontrolledwithinareasonablerange,soastoenhancetheCompany'srisk-resistanceabilityandincreasetherobustnessofitsoperatingactivities. |
Forwardforeignexchangecontractvaluepreservation
| Forwardforeignexchangecontractvaluepreservation | Utilizingthehedgingandprotectionfunctionofforwardforeignexchangecontracts,theCompanycarriesoutthebusinessofhedgingforeigncurrencyreceivablesinordertoreasonablyavoidtherisksbroughtbyexchangeratefluctuationstoitsoperations,enhancetheCompany'soverallabilitytowithstandrisks,andstrengthenthesoundnessofitsoperatingactivities. | TheCompanyusesforwardforeignexchangecontractstohedgeexpectedreceivables.TheCompanyemploysastrategyofdynamichedgingofexchangerateexposures,wherebyforeignexchangecontractpositionsareadjustedaccordingtoacertainpercentageoftheexpectedforeigncurrencyreceivableexposure,andtheratiooftheexposure*hedgeisessentiallythesameasthereceivablerepresentedbythecontractposition. | Theunderlyingvariablesareallforeigncurrencyexchangerates.Theexchangeratesofthehedgeditemandthehedginginstrumentchangeinoppositedirectionsduetoexposuretothesamehedgedrisk,andthereisarelationshipofriskhedging. | Buyorsellcorrespondingforwardforeignexchangecontractstohedgetheriskexposureofforeigncurrencyreceivables. |
(2)TheCompanyconductseligiblehedgingoperationsandapplieshedgeaccounting.
InRMB
| Item | Carryingvalueassociatedwithhedgeditemsandhedginginstruments | Cumulativefairvaluehedgeadjustmentstohedgeditemsincludedinthecarryingvalueofthehedgeditemrecognized | Hedgeeffectivenessandsourcesofhedgeineffectiveness | ImpactofhedgeaccountingrelatedtotheCompany'sfinancialstatements |
| Typesofhedgerisk | ||||
| Pricerisk | 1,520,625.00 | Inapplicable | Relevanceofhedgeditemstohedginginstruments | Derivativefinancialliabilities:RMB1,520,625.00;other |
| comprehensiveincome:RMB1,292,531.25;deferredtaxassets:RMB228,093.75. | ||||
| Exchangeraterisk | Inapplicable | Relevanceofhedgeditemstohedginginstruments | Investmentincome:RMB-1,675,192.30 | |
| Type | ||||
| Cashflowhedging | 1,520,625.00 | Inapplicable | Relevanceofhedgeditemstohedginginstruments | Derivativefinancialliabilities:RMB1,520,625.00;othercomprehensiveincome:RMB1,292,531.25;deferredtaxassets:RMB228,093.75;investmentincome:RMB-1,675,192.30. |
(3)TheCompanyconductshedgingbusinessforriskmanagementandexpectstoachieveitsriskmanagementobjectivesbutdoesnotapplyhedgeaccounting.
□Applicable?Inapplicable
3.FinancialAssets
(1)Classificationoftransfermethods?Applicable□Inapplicable
InRMB
| Wayoftransfer | Natureoffinancialassetstransferred | Amountoffinancialassetstransferred | Derecognition | Basisforjudgingderecognition |
| Endorsementordiscount | Outstandingpromissorynotesinnotesreceivable | 34,500,685.65 | Notderecognized | Promissorynotesusedfordiscountingorendorsementareacceptedbybanksorenterpriseswithlowcreditratings,discountingorendorsementdoesnotaffectrecourse,andthecreditriskanddeferredpaymentriskassociatedwiththenotesremainnottransferred |
| Endorsementordiscount | Outstandingbankers'acceptancesinreceivablesfinancing | 65,199,427.07 | Derecognition | Bankers'acceptancesusedfordiscountingorendorsementareacceptedbybankswithhighcreditratingsandthecreditriskanddeferredpaymentriskassociatedwiththeinstrumentsarelow |
| Factoring | Outstandingreceivablesinreceivablesfinancing | 87,143,569.89 | Derecognition | Non-recoursefactoring |
| Total | 186,843,682.61 |
(2)Financialassetsderecognizedduetotransfers?Applicable□Inapplicable
InRMB
| Item | Transfermethodoffinancialassets | Amountoffinancialassetsderecognized | Gainorlossrelatedtothede-recognition |
| Outstandingbankers'acceptancesinreceivablesfinancing | Endorsementordiscount | 65,199,427.07 | -154,143.85 |
| Accountreceivable | Factoring | 87,143,569.89 | -2,538,217.26 |
| Total | 152,342,996.96 | -2,692,361.11 |
(3)Transferoffinancialassetswithcontinuinginvolvementinassets
□Applicable?InapplicableXIII.FairValue
1.Closingfairvalueofassetsandliabilitiesmeasuredatfairvalue
InRMB
| Item | Closingfairvalue | |||
| Firstlevelfairvalue | Secondlevelfairvalue | Thirdlevelfairvalue | Total | |
| 1.Continuousfairvaluemeasurement | -- | -- | -- | -- |
| (1)Investmentrealestate | 5,835,036,098.20 | 5,835,036,098.20 | ||
| 1.Leasedbuilding | 5,835,036,098.20 | 5,835,036,098.20 | ||
| (2)Receivablefinancing | 4,568,000.10 | 4,568,000.10 | ||
| (iii)Othernon-currentfinancialassets | 6,519,740.17 | 6,519,740.17 | ||
| Totalassetsmeasuredatfairvaluecontinuously | 4,568,000.10 | 5,841,555,838.37 | 5,846,123,838.47 | |
| (iv)Financialliabilitiesheldfortrading | 1,520,625.00 | 1,520,625.00 | ||
| 1.Derivativefinancialliabilities | 1,520,625.00 | 1,520,625.00 | ||
| Totalassetsmeasuredatfairvaluecontinuously | 1,520,625.00 | 1,520,625.00 | ||
| 2.Discontinuousfairvaluemeasurement | -- | -- | -- | -- |
2.Recognitionbasisofmarketvalueofcontinuousanddiscontinuousitemsmeasuredatfirstlevelfairvalue
Forthefinancialinstrumentstradedintheactivemarket,theCompanydeterminestheirfairvaluebasedontheirquotedpricesintheactivemarket;forthefinancialinstrumentsnottradedintheactivemarket,theCompanyadoptsvaluationtechnologytodeterminetheirfairvalue.Thevaluationmodelsaremainlycashflowdiscountmodelandmarketcomparablecompanymodel.Theinputvalueofvaluationtechnologymainlyincludesrisk-freeinterestrate,benchmarkinterestrate,exchangerate,creditpointdifference,liquiditypremium,lackofliquiditydiscount,etc.
3.Valuationtechniqueandqualitativeandquantitativeinformationforkeyparametersofcontinuousanddiscontinuoussecondlevelfairvalueitems
Forderivativefinancialassetsandderivativefinancialliabilitieswithfairvalueofforwardexchangecontracts,thefairvalueisdeterminedbasedonthemarketvalueofexpectedearningsatthebalancesheetdate.Receivablesfinancedatfairvaluethroughothercomprehensiveincomearenotesreceivable,forwhichthefairvalueisdeterminedbasedonthebookvalueduetotheshortremainingmaturity.
4.Valuationtechniqueandqualitativeandquantitativeinformationforkeyparametersofcontinuousanddiscontinuousthirdlevelfairvalueitems
Investmentpropertiesmeasuredatfairvalueareappraisedusingthecomparativeandincomeapproaches.Comparisonmethod:Itselectsacertainnumberofcomparableexamples,comparesthemwiththevaluationobjectandprocessesthecomparableinstancetransactionpricesaccordingtothedifferencetoobtainthevalueorpriceofthevaluationobject.Theincomeapproachisamethodofpredictingthefutureearningsoftheobjectofvaluation,andusingtherateofcompensationorcapitalizationrate,incomemultipliertoconvertthefutureearningsintovaluetogetthevalueorpriceoftheobjectofvaluation.
5.Switchbetweendifferentlevels,switchreasonandswitchingtimepolicy
TheCompanytakestheoccurrencedateoftheeventsleadingtothetransitionbetweenlevelsasthetimepointtoconfirmthetransitionbetweenlevels.Intheperiod,thereisnoswitchinthefinancialassetsmeasuredatfairvaluebetweenthefirstandsecondlevelortransferinoroutofthethirdlevel.
6.Fairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalue
Financialassetsandliabilitiesmeasuredatamortizedcostinclude:monetarycapital,billsreceivable,accountsreceivable,otherreceivables,short-termborrowings,notespayable,accountspayables,otherpayables,andlong-termpayables.
XIV.RelatedPartiesandTransactions
1.ParentoftheCompany
| Parent | Registeredaddress | Business | Registeredcapital | Shareoftheparentco.intheCompany | Votingpoweroftheparentcompany |
| ShenzhenBanglinTechnologiesDevelopmentCo.,Ltd. | Shenzhen | Industrialinvestment | RMB30million | 11.11% | 11.11% |
| ShengjiuInvestmentLtd. | HongKong | Industrialinvestment | HKD1,000,000 | 10.25% | 10.25% |
ParticularsabouttheparentoftheCompany
①AlloftheinvestorsofShenzhenBanglinTechnologyDevelopmentCo.,Ltd.,theholdingshareholderoftheCompany,arenaturalpersons.Amongthem,ChairmanXiongJianmingisholding85％shares,andMr.XiongXiisholding15%oftheshares.
②Amongthetop10shareholders,ShenzhenBanglinTechnologyDevelopmentCo.,Ltd.andShengjiuInvestmentCo.,Ltd.areactinginconcert.
ThefinalcontrolleroftheCompanyisXiongJianming.
2.SubsidiariesoftheCompany
Fordetailsofsubsidiariesoftheenterprise,pleaserefertoNoteXofthischapter,rightsandinterestsinotherentities.
3.Jointventuresandassociates
Theenterprisehasnosignificantjointventuresorassociatesthisyear.
Informationaboutotherjointventuresorassociateswithrelatedtransactionsinthisperiodorwithbalancegeneratedbyrelatedtransactionsinpreviousperiod:
| Jointventureorassociate | RelationshipwiththeCompany |
| GanshangJointInvestment | AffiliatesoftheCompany |
4.Otherassociates
| Otherrelatedparties | RelationshipwiththeCompany |
| JiangxiBusinessInnovativePropertyJointStockCo.,Ltd. | AffiliatesoftheCompany |
| ShenyangFangda | Subsidiaryinliquidation |
| ShenzhenYikangRealEstateCo.Ltd. | Controlledsubsidiaries |
| ShenzhenQijianTechnologyCo.,Ltd.(QijianTechnology) | Commonactualcontroller |
| Director,managerandsecretaryoftheBoard | Keymanagement |
5.Relatedtransactions
(1)Relatedtransactionsforpurchaseandsaleofgoods,provisionandacceptanceofservices
Salesofgoodsandservices
InRMB
| Affiliatedparty | Relatedtransaction | Amountoccurredinthe | Occurredinpreviousperiod |
| currentperiod | |||
| QijianTechnology | Propertyserviceandsalesofgoods | 17,392.00 | 181,132.08 |
(2)Relatedleasing
TheCompanyistheleasor:
InRMB
| Nameoftheleasee | Categoryofassetforlease | Rentalrecognizedintheperiod | Rentalrecognizedintheperiod |
| QijianTechnology | Houses&buildings | 86,857.15 | 868,571.40 |
(3)Relatedguarantees
TheCompanyistheguarantor:
InRMB10,000
| Beneficiaryparty | Amountguaranteed | Startdate | Duedate | Completedornot |
| FangdaJianke | 24,000.00 | May5,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaJianke | 15,000.00 | May25,2022 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaJianke | 4,000.00 | May15,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaJianke | 30,000.00 | September25,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaJianke | 48,000.00 | December15,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaJianke | 20,000.00 | October9,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaJianke | 50,000.00 | September28,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaJianke | 60,000.00 | January21,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaJianke | 20,000.00 | March31,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaJianke | 20,000.00 | November2,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaZhiyuan | 10,000.00 | May25,2022 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaZhiyuan | 20,000.00 | October7,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaZhiyuan | 18,000.00 | December15,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaZhiyuan | 15,000.00 | September25,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaZhiyuan | 36,000.00 | June20,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaZhiyuan | 15,000.00 | May5,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaNewMaterial | 10,000.00 | April18,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaZhijian | 7,000.00 | May15,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaYunzhu | 1,000.00 | March30,2023 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| FangdaYunzhu | 600.00 | May11,2023 | Threeyearsaftertheexpiration | Yes |
| dateofdebtperformance | ||||
| FangdaJianke | 39,000.00 | December9,2022 | Threeyearsaftertheexpirationdateofdebtperformance | Yes |
| Totalamountofguaranteefulfilled | 462,600.00 | |||
| FangdaJianke | 93,000.00 | December28,2023 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 39,000.00 | January24,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 15,000.00 | May11,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 48,000.00 | December15,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 11,400.00 | August16,2023 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 50,000.00 | September4,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 30,000.00 | November11,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 30,000.00 | October20,2023 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 4,000.00 | June20,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 20,000.00 | November4,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 60,000.00 | June27,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 24,000.00 | May27,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 30,000.00 | December21,2023 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 20,000.00 | December27,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaJianke | 60,000.00 | December19,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaZhiyuan | 10,000.00 | September25,2023 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaZhijian | 7,000.00 | May17,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaZhiyuan | 10,000.00 | December21,2023 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaZhiyuan | 18,000.00 | December15,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaZhiyuan | 36,000.00 | June27,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaZhiyuan | 15,000.00 | May30,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaZhiyuan | 20,000.00 | November11,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaZhiyuan | 15,000.00 | September4,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaZhiyuan | 10,000.00 | May11,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaZhiyuan | 15,550.00 | November21,2023 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaYunzhu | 1,000.00 | May7,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaYunzhu | 1,000.00 | June28,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaYunzhu | 600.00 | June3,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaNewMaterial | 10,000.00 | July8,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaNewMaterial | 8,500.00 | November2,2023 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaDongguanNewMaterial | 5,000.00 | August26,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaProperty | 135,000.00 | February25,2020 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaIntelligentManufacturing | 30,000.00 | February22,2024 | Threeyearsaftertheexpirationdateofdebtperformance | No |
| FangdaZhiyuan | 31,896.02 | February17,2024 | Dateofcompletionofprojectcontract | No |
| FangdaZhiyuan | 24,885.16 | February17,2024 | Dateofcompletionofprojectcontract | No |
| Totalamountofguaranteebeingperformed | 938,831.18 |
Descriptionofrelatedpartyguarantee:Theabove-mentionedguaranteesareallassociatedguaranteeswithininterestedentitiesoftheCompany.
6.Receivableandpayablesduewithrelatedparties
(1)Receivableinterest
InRMB
| Projectname | Affiliatedparty | Closingbalance | Openingbalance | ||
| Remainingbookvalue | Baddebtprovision | Remainingbookvalue | Baddebtprovision | ||
| Accountreceivable | QijianTechnology | 85,792.00 | 857.92 | 4,763.36 | 47.63 |
| Otherreceivables | GanshangJointInvestment | 3,791,089.25 | 56,487.23 | 3,791,089.25 | 56,487.23 |
| Otherreceivables | ShenzhenYikangRealEstateCo.Ltd. | 76,062,675.83 | 1,133,333.87 | 76,062,675.83 | 1,133,333.87 |
(2)Receivableinterest
InRMB
| Projectname | Affiliatedparty | Closingbalanceofbookvalue | Openingbalanceofbookvalue |
| Otherpayables | ShenzhenYikangRealEstateCo.Ltd. | 26,159,711.72 | 26,102,009.60 |
| Otherpayables | QijianTechnology | 19,760.00 | 400.00 |
| Otherpayables | GanshangJointInvestment | 3,355.36 |
XV.CommitmentandContingentEvents
1.Majorcommitments
(1)OnNovember6,2017,FangdaRealEstateCo.,Ltd.,asubsidiaryoftheCompany,andBangshenElectronics(Shenzhen)Co.,Ltd.signedthe"JointDevelopmentAgreementonFangdaBangshenIndustrialPark(TemporaryName)UrbanRenewalProject",andthetwopartiesagreedtodevelopcooperatively.Inordertodevelopurbanrenewingprojectssuchasa"renovation
project",FangdaRealEstateprovidedPartyAwithpropertycompensationthroughrenovatingandrenovatingthepropertyallocationtermsagreeduponbybothparties,andobtainedindependentdevelopmentrightsoftheproject.AsofDecember31,2024,FangdaRealEstatehaspaidadepositofRMB20millionandatransitionalcompensationofRMB5million.
(2)InJuly2018,theCompany'ssubsidiaryFangdaRealEstateCo.Ltd.(PartyA)signedacontractwithShenzhenYikangRealEstateCo.Ltd.(PartyB1)andShenzhenQianhaiZhongzhengDingfengNo.6InvestmentEnterprise(LimitedPartnership)(PartyB2),"ShenzhenHenggangDakangVillageProjectCooperationAgreement".PartyBagreestotransfertheentireequityoftheprojectcompanyitholdsandtheentiredevelopmentinterestoftheprojecttoPartyA.PartyAshallpayPartyBatotalofRMB600millionforthecooperationprice.AsofDecember31,2024,FangdaPropertyhaspaidPartyBandtheprojectcompanyRMB50millionofsecuritydeposit,RMB20millionofservicefee,RMB61,937,200ofequitytransferandRMB79,362,900ofotherrelatedpayments.
TheCompanyhasnoothercommitmentsthatshouldbedisclosedbyDecember31,2024.
2.Contingencies
Significantcontingenciesonthebalancesheetdate:
(1)Contingentliabilitiesformedbymateriallawsuitorarbitration,andtheirinfluencesonthefinancialposition
①OnJune19,2019,LangfangAomeiJiyuanRealEstateDevelopmentCo.,Ltd.filedalawsuitagainstFangdaJiankeCompanyatthePeople'sCourtofLangfangDevelopmentZone,requestingtheterminationoftheconstructioncontract,compensationfordelayandqualitybreachpenaltiesofRMB13,721,315.00,doublereturnoftheprojectpaymentofRMB6,000,000,andlateraddedaclaimforrepairprojectcostsofRMB22,935,269.98;FangdaJiankefiledacounterclaimonSeptember11,2019,requestingpaymentforprojectcostsandotherstotalingRMB13,939,863.27.Asofthedisclosuredateofthisreport,thecaseisstillundertrial.
②InMarch2022,XianghengRealEstate(Jinan)Co.,Ltd.filedanarbitrationwiththeJinanArbitrationCommission,requestingFangdaJianketobearthededuction,maintenance,rectificationandreworkcostsofRMB8,956,563.81andlawyer'sfeesofRMB350,000.00causedbythequalityproblemsofthesupplyandinstallationofaluminumalloydoorsandwindows,louversandcurtainwallsofJinanKerrycomprehensivedevelopmentproject(phaseIandII);InApril2022,FangdaConstructionTechnologyCo.,Ltd.filedanantiarbitrationapplication,requiringXianghengRealEstate(Jinan)Co.,Ltd.topayatotalofRMB18,062,462.28fortheprojectfundsandprojectexpenses.Asofthedateofthisreport,thetwocasesareunderjointtrial.
③InAugust2024,FangdaJiankefiledalawsuitwiththePeople'sCourtofLonggangDistrict,Shenzhen,requestingSouthChinaInternationalIndustrialRawMaterialCity(Shenzhen)Co.,Ltd.andSouthChinaCityHoldingsCo.,Ltd.topayFangdaJianketheprincipalandinterestoftheprojectpaymentfortheSouthChinaInternationalElectronicIndustrialRawMaterialsLogisticsZone(PhaseI)intheamountofRMB46,004,481.42,andassertedthepriorityrightofcompensationforconstructionprojectpayment.Asofthedisclosuredateofthisreport,thecourthasfiledandacceptedthecase,andisawaitingahearing.
④InOctober2024,FangdaJiankefiledalawsuitwiththePeople'sCourtofQingyangDistrict,Chengdu,requestingChengduZhongdaInvestmentCo.,Ltd.topayFangdaJianketheprincipalandinterestoftheprojectpaymentfortheFengdeChengdaCenterProjectintheamountofRMB10,134,822.27,andassertedthepriorityrightofcompensationforconstructionprojectpayment.ChengduZhongdaInvestmentCo.,Ltd.hasfiledacounterclaimapplication,demandingthatFangdaJiankepayatotalofRMB9,089,237.21inliquidateddamagesforprojectdelay,finesfordelayedparallelacceptance,andcompensationfordelayedentrylosses.Asofthedisclosuredateofthisreport,thecaseisstillundertrial.
⑤InOctober2024,FangdaJiankefiledalawsuitwiththeNanshanDistrictPeople'sCourtofShenzhenCity,requestingShenzhenEnergyEnvironmentalProtectionCo.,Ltd.topayFangdaJianketheprincipalandinterestoftheprojectpaymentforthecurtainwallengineeringoftheShenzhenMawanUrbanEnergyEcologicalParkProject,amountingtoRMB13,346,184.19,andassertedthepriorityrightofcompensationforconstructionprojectpayments.Asofthedisclosuredateofthisreport,thecourthasfiledandacceptedthecase,andisawaitingahearing.
⑥InDecember2024,FangdaJiankefiledalawsuitwiththeFutianDistrictPeople'sCourtofShenzhen,requestingShenzhenSuhaoInvestmentCo.,Ltd.andZhangShengjietopayFangdaJianketheprincipalandinterestoftheprojectpaymentfortheZiyuanyuanBuildingcurtainwallproject,amountingtoRMB18,600,899.46,andassertedthepriorityrightofcompensationforconstructionprojectpayments.Asofthedisclosuredateofthisreport,thecourthasfiledandacceptedthecase,andisawaitingahearing.
(2)Pendingmajorlawsuits
①InSeptember2022,FangdaRealEstateCo.,Ltd.filedalawsuittothePeople'sCourtofNanshanDistrict,Shenzhen,requiringShenzhenHongtaoGroupCo.,Ltd.topaythetotalprincipalandinterestofFangdaRealEstateCo.,Ltd.toFangdaRealEstateCo.,Ltd.forthepurchaseofbuilding3#inFangdaCity,amountingtoRMB56,527,427.01,andHongtaoCompany'scounterclaimparty,DadaRealEstateCo.,Ltd.,requestedtocancelthesignedSupplementaryAgreementonRealEstateSalesandpaytheliquidateddamagesofRMB44,046,859.04foroverduecertificateprocessing.Thecourthasissuedafirstinstance
judgment,rulingthatHongtaoCompanyshallpayFangdaRealEstateCompanythepurchasepriceofRMB40,127,678.19andoverduepaymentinterest(temporarilycalculatedasRMB8,418,135.54untilJune30,2022).ThesubsequentinterestshallbecalculatedbasedonRMB40,127,678.19andcontinuetobecalculateduntiltheactualpaymentdateaccordingtotheloanmarketquotationinterestratestandardpublishedbytheNationalInterbankFundingCenter.RejectallcounterclaimrequestsfromHongtaoCompany.Bothpartieslaterfiledanappeal.Asofthedisclosuredateofthisreport,thesecondinstancejudgmenthasbeenissuedandtheoriginaljudgmenthasbeenupheld.Currently,thecasehasenteredtheexecutionstage.
②InApril2023,FangdaJiankefiledalawsuitwiththeGuangzhouIntermediatePeople'sCourt,demandingtheterminationoftheconstructioncontractsignedwithGuangzhouKaidarInvestmentCo.,Ltd.fortheKaidarHubInternationalPlazaproject,andrequiringGuangzhouKaidarInvestmentCo.,Ltd.topaytheprincipalamountoftheprojectpaymentofRMB113,529,244.60andinteresttoFangdaJianke,andclaimingthepriorityrighttoreceivecompensationfortheconstructionprojectprice.Asofthedateofthisreport,thecourthasissuedafirstinstancejudgment,statingthatKedarisrequiredtopaytheprincipalamountoftheprojectpaymentofRMB113，
，
244.60andcorrespondinginteresttoFangdaJianke,andhasthepriorityrighttobecompensatedforthediscountorauctionpriceoftheprojectcurtainwall.Currently,thecasehasenteredtheexecutionstage.
③InSeptember2022,FangdaJiankeCo.,Ltd.filedalawsuittothePeople'sCourtofLonghuaDistrict,requiringLongguangEngineeringConstructionCo.,Ltd.topaythetotalprincipalandinterestoftheprojectfundsofLongguangJiuzuanProjectPlot05andPlot09toFangdaConstructionTechnologyCo.,Ltd.,totalingRMB33,197,543.00.Asofthedisclosuredateofthisreport,thecaseconcerningtheJiuzuanPlot05projecthasresultedinbothfirst-instanceandsecond-instancejudgments:Thefirst-instancejudgmentorderedLongguangCompanytopayFangdaJianketheprojectpaymentofRMB7,709,679.55,thequalityassurancedepositofRMB6,033,911.38,andthecorrespondinginterest,whilegrantingthepriorityrightofcompensationfromtheproceedsofthesaleorauctionofthecurtainwallproductionandinstallationproject.Thesecond-instancejudgmentupheldthefirst-instancedecisionregardingtheprojectpayment,qualityassurancedeposit,correspondinginterest,andthepriorityrightofcompensation,andadditionallyruledthattheowneroftheLongguangJiuzuanProjectPlot05,ShenzhenLongguangJunjingRealEstateDevelopmentCo.,Ltd.,bearsjointandseveralliabilityforthepaymenttoFangdaJianke.FangdaJiankehasappliedforcompulsoryenforcement.Asofthedisclosuredateofthisreport,thecaseconcerningtheJiuzuanPlot09projecthasresultedinbothfirst-instanceandsecond-instancejudgments:Thefirst-instancejudgmentorderedLongguangCompanytopayFangdaJianketheprojectpaymentofRMB9,166,924.08,thequalityassurancedepositofRMB4,875,762.96,andthecorrespondinginterest,whilegrantingthepriorityrightofcompensationfromtheproceedsofthesaleorauctionofthecurtainwallproduction
andinstallationproject.Thesecond-instancejudgmentupheldthefirst-instancedecisionregardingtheprojectpayment,qualityassurancedeposit,correspondinginterest,andthepriorityrightofcompensation,andadditionallyruledthattheowneroftheLongguangJiuzuanProjectPlot09,ShenzhenLongguangJunjingRealEstateDevelopmentCo.,Ltd.,bearsjointandseveralliabilityforthepaymenttoFangdaJianke.FangdaJiankehasappliedforcompulsoryenforcement.
④InNovember2023,FangdaJiankefiledalawsuitwiththePeople'sCourtofHonggutanDistrict,Nanchang,requestingJiangxiHuilianRealEstateCo.,Ltd.andJiangxiBonengIndustrialGroupCo.,Ltd.topaytheprojectpaymentandinterestfortheNanchangShanglianCenterProject,totalingRMB45,309,399.07,andassertedthepriorityrightofcompensationfortheprojectpayment.Thefirst-instancejudgmentruledthatJiangxiHuilianRealEstateCo.,Ltd.shouldpayFangdaJiankeRMB38,800,206.53andinterest,andthatJiangxiBonengIndustrialGroupCo.,Ltd.shouldbearjointandseveralliabilityforRMB37,563,144.42oftheprojectpaymentandinterest.Therequestforacceleratedmaturityofthequalityassurancedepositandthepriorityrightofcompensationfortheprojectpaymentwasnotsupported,leadingFangdaJianketofileanappeal.Thesecond-instancejudgmentsupportedthepriorityrightofcompensation.Asofthedisclosuredateofthisreport,FangdaJiankehasappliedtothecourtforcompulsoryenforcement.
(3)Contingentliabilitiesformedbyprovidingofguaranteetoothercompanies'debtsandtheirinfluencesonfinancialsituation
ByDecember31,2024,theCompanyhasprovidedloanguaranteesforthefollowingentities:
| Nameofguaranteedentity | Guarantee | Amount(RMB10,000) | Term | Remarks |
| FangdaProperty | Guaranteeandmortgageguarantee | 66,000.00 | 2020.03.13-2030.03.12 | |
| FangdaIntelligentManufacturing | Guarantee | 30,000.00 | 2024.03.15-2030.03.14 | |
| FangdaJianke | Guarantee | 10,500.00 | 2024.06.05-2025.03.05 | |
| FangdaJianke | Guarantee | 4,000.00 | 2024.03.14-2025.03.14 | |
| FangdaJianke | Guarantee | 5,000.00 | 2024.05.17-2025.05.16 | |
| FangdaJianke | Guarantee | 5,000.00 | 2024.11.29-2025.05.29 | |
| FangdaJianke | Guarantee | 4,000.00 | 2024.06.20-2025.06.15 |
| FangdaJianke | Guarantee | 29,900.00 | 2024.06.26-2026.06.25 |
| FangdaYunzhu | Guarantee | 1,000.00 | 2024.06.28-2025.06.23 |
| FangdaZhiyuan | Guarantee | 2,000.00 | 2024.06.21-2025.06.21 |
| FangdaZhiyuan | Guarantee | 4,000.00 | 2024.06.24-2025.06.24 |
| FangdaZhiyuan | Guarantee | 2,400.00 | 2024.07.12-2025.07.11 |
| FangdaJianke | Guarantee | 3,000.00 | 2024.08.13-2025.07.13 |
| FangdaJianke | Guarantee | 5,000.00 | 2024.08.14-2025.08.13 |
| Total | 171,800.00 |
Note1:ContingentliabilitiescausedbyguaranteesprovidedforotherentitiesareallrelatedguaranteesbetweeninterestedentitiesintheCompany.Notes2:TheCompany’spropertybusinessprovidesperiodicmortgageguaranteeforpropertypurchasers.Thetermoftheperiodicguaranteelastsfromtheeffectivenessofguaranteecontractstothecompletionofmortgageregistrationandtransferofhousingownershipcertificatestobanks.AsofDecember31,2024,theCompanyhasundertakentheabovephasedguaranteeamountofRMB3.94million.
(4)Othercontingentliabilitiesandtheirinfluences
AsofDecember31,2024,theCompanyhasnoothersignificantcontingenciesthatneedtobedisclosed.
3.Others
Statusofnon-revocationofcompanyasatDecember31,2024:
| Currency | Guaranteebalance(originalcurrency) | Deposit(RMB) | Creditlineused(RMB) |
| CNY | 963,954,497.55 | 845,397.96 | 963,109,099.59 |
| INR | 38,164,259.78 | 46,099.32 | 3,161,110.58 |
| HKD | 22,259,665.45 | 15,000,000.00 | 5,613,340.59 |
| USD | 3,562,595.83 | 1,475,777.51 | 24,133,586.35 |
| SGD | 15,681,338.00 | 83,700,709.71 | |
| AUD | 2,232,300.00 | 234,364.00 | 9,826,612.10 |
| EUR | 3,771,764.01 | 28,385,164.41 | |
| Total | 17,601,638.79 | 1,117,929,623.33 |
XVI.Post-balance-sheetEvents
1.Profitdistribution
| Proposeddividendper10shares(RMB) | 0.50 |
| Dividendper10sharesdeclaredandapprovedfordistribution(RMB) | 0.50 |
| Profitdistributionplan | OnApril18,2025,theCompanyheldthe13thmeetingofthe10thBoardofDirectorsandpassedtheProposalonthe2024AnnualProfitDistribution.Accordingtothe13thmeetingofthe10thBoardofDirectors,basedonthetotalsharecapitalof1,073,874,227sharesasofDecember31,2024,theCompanyplanstodistributeacashdividendofRMB0.50(inclusiveoftax)forevery10sharestoallshareholders,totalingRMB53,693,711.35.Nodividendshareorcapitalizationsharewasissuedintheyear. |
2.Notestootherissuesinpostbalancesheetperiod
TheCompanyhasnootherissuesinpostbalancesheetperiodthatneedtobedisclosedonApril18,2025(reportdateapprovedbytheBoardofDirectors).XVII.Othermaterialevents
1.Segmentinformation
(1)Recognitionbasisandaccountingpolicyforsegmentreport
TheGroupdividesitsbusinessesintofivereportingsegments.Thereportingsegmentsaredeterminedbasedonfinancialinformationrequiredbyroutineinternalmanagement.TheGroup'smanagementregularlyreviewtheoperatingresultsofthereportingsegmentstodetermineresourcedistributionandevaluatetheirperformance.
Thereportingsegmentsare:
①Curtainwalldivision:productionandsalesofcurtainwallmaterials,design,productionandinstallationofbuildingcurtainwalls,curtainwalltestingandmaintenanceservices;
②Railtransitbranch:assemblyandprocessingofsubwayscreendoors,screendoordetectionandmaintenanceservices;
(3)Realestatesegment:developmentandoperatingofrealestateonlandofwhichlanduserightislegallyobtainedbytheCompany;propertymanagement;
(4)Newenergysegment:photovoltaicpowergeneration,photovoltaicpowerplantsales,photovoltaicequipmentR&D,installation,andsales,andphotovoltaicpowerplantengineeringdesignandinstallation
(5)Others
Thesegmentreportinformationisdisclosedbasedontheaccountingpoliciesandmeasurementstandardsusedbythesegmentswhenreportingtothemanagement.Thepoliciesandstandardsshouldbeconsistentwiththoseusedinpreparingthefinancialstatement.
(2)Financialinformation
InRMB
| Item | Curtainwall | Railtransport | Realestate | Newenergy | Others | Offsetbetweensegments | Total |
| Turnover | 3,561,702,648.49 | 612,820,581.01 | 230,469,222.06 | 19,026,115.66 | 22,532,419.32 | 22,326,788.83 | 4,424,224,197.71 |
| Including:externaltransactionincome | 3,555,996,915.26 | 612,820,581.01 | 222,272,168.63 | 18,259,004.01 | 14,875,528.80 | 4,424,224,197.71 | |
| Inter-segmenttransactionincome | 5,705,733.23 | 8,197,053.43 | 767,111.65 | 7,656,890.52 | 22,326,788.83 | ||
| Including:majorbusinessturnover | 3,507,442,041.54 | 612,264,588.95 | 229,870,892.86 | 19,026,115.66 | 22,532,419.32 | 18,016,623.58 | 4,373,119,434.75 |
| Operatingcost | 3,091,539,824.79 | 438,654,376.83 | 61,531,185.13 | 8,032,304.65 | 81,137.33 | 11,696,532.25 | 3,588,142,296.48 |
| Including:majorbusinesscost | 3,047,951,367.08 | 438,554,056.89 | 61,531,185.13 | 8,032,304.65 | 81,137.33 | 10,755,162.77 | 3,545,394,888.31 |
| Operationcost | 429,824,307.98 | 78,706,103.75 | 106,801,017.62 | 611,754.43 | -32,044,875.40 | -92,308,898.05 | 676,207,206.43 |
| Operatingprofit/(loss) | 40,338,515.72 | 95,460,100.43 | 62,137,019.31 | 10,382,056.58 | 54,496,157.39 | 102,939,154.63 | 159,874,694.80 |
| Totalassets | 7,532,568,590.72 | 1,032,310,791.63 | 6,175,077,185.56 | 135,707,679.69 | 3,854,072,616.26 | 5,174,349,638.65 | 13,555,387,225.21 |
| Totalliabilities | 5,019,209,775.53 | 637,907,745.67 | 3,341,408,537.22 | 4,400,541.98 | 1,564,868,771.71 | 3,186,519,125.29 | 7,381,276,246.82 |
Note:Basedonthebusinessdevelopmentsituation,theCompanyhasreportedtherentalincomeofrealestatefromtherealestatesegmentundermainbusinessrevenueforthisperiod.
(3)Others
Regionalinformationonoperatingrevenues:
InRMB
| Item | 2024 | 2023 |
| InChina | 4,027,988,850.55 | 3,886,216,878.96 |
| OutofChina | 396,235,347.16 | 405,987,837.05 |
| Total | 4,424,224,197.71 | 4,292,204,716.01 |
XVIII.NotestoFinancialStatementsoftheParent
1.Accountreceivable
(1)Accountage
InRMB
| Age | Closingbalanceofbookvalue | Openingbalanceofbookvalue |
| Within1year(inclusive) | 2,857,394.06 | 416,495.45 |
| Over3years | 359,129.89 | 359,129.89 |
| 3-4years | 359,129.89 | |
| 4-5years | 359,129.89 | |
| Total | 3,216,523.95 | 775,625.34 |
(2)Disclosurebybaddebtaccrualmethod
InRMB
| Type | Closingbalance | Openingbalance | ||||||||
| Remainingbookvalue | Baddebtprovision | Bookvalue | Remainingbookvalue | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion | Amount | Provisionrate | Amount | Proportion | Amount | Provisionrate | |||
| Including: | ||||||||||
| Accountreceivableforwhichbaddebtprovisio | 3,216,523.95 | 100.00% | 331,398.60 | 10.30% | 2,885,125.35 | 775,625.34 | 100.00% | 92,032.81 | 11.87% | 683,592.53 |
| nismadebygroup | ||||||||||
| Including: | ||||||||||
| Portfolio3.Others | 3,216,523.95 | 100.00% | 331,398.60 | 10.30% | 2,885,125.35 | 775,625.34 | 100.00% | 92,032.81 | 11.87% | 683,592.53 |
| Total | 3,216,523.95 | 100.00% | 331,398.60 | 10.30% | 2,885,125.35 | 775,625.34 | 100.00% | 92,032.81 | 11.87% | 683,592.53 |
Provisionforbaddebtsbycombination:portfolio3:Othersbusiness
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Lessthan1year | 2,857,394.06 | 20,858.98 | 0.73% |
| 1-2years | |||
| 2-3years | |||
| 3-4years | |||
| 4-5years | 359,129.89 | 310,539.62 | 86.47% |
| Over5years | |||
| Total | 3,216,523.95 | 331,398.60 | |
Explanationofthebasisfordeterminingtheprovision:Fortherecognitioncriteriaandexplanationofthebaddebtprovisionfortheportfolio,seeSectionX,V,ImportantAccountingPoliciesandAccountingEstimates,item10,FinancialInstruments.Iftheprovisionforbaddebtsonaccountsreceivableisbeingmadebasedontheexpectedcreditlossgeneralmodel:
□Applicable?Inapplicable
(3)Baddebtprovisionmade,returnedorrecoveredintheperiod
Baddebtprovisionmadeintheperiod:
InRMB
| Type | Openingbalance | Changeintheperiod | Closingbalance | |||
| Provision | Written-backorrecovered | Canceled | Others | |||
| Portfolio3.Others | 92,032.81 | 239,365.79 | 331,398.60 | |||
| Total | 92,032.81 | 239,365.79 | 331,398.60 | |||
(4)Accountsreceivableandcontractassetswiththetop-5endingbalances,groupedbypartyowed
InRMB
| Entity | Closingbalanceofaccountsreceivable | Closingbalanceofcontractassets | Closingbalanceofaccountsreceivableandcontractassets | Percentageoftotalendingbalanceofaccountsreceivableandcontractassets | Closingbalanceofprovisionforbaddebtsonaccountsreceivableandimpairmentofcontractassets |
| No.1 | 1,564,854.29 | 1,564,854.29 | 48.65% | 11,423.44 | |
| No.2 | 1,117,948.18 | 1,117,948.18 | 34.76% | 8,161.02 | |
| No.3 | 359,129.89 | 359,129.89 | 11.17% | 310,539.62 | |
| No.4 | 150,805.71 | 150,805.71 | 4.69% | 1,100.88 | |
| No.5 | 8,785.28 | 8,785.28 | 0.27% | 64.13 |
| Total | 3,201,523.35 | 3,201,523.35 | 99.54% | 331,289.09 |
2.Otherreceivables
InRMB
| Item | Closingbalance | Openingbalance |
| Otherreceivables | 1,622,103,166.85 | 1,684,718,397.92 |
| Total | 1,622,103,166.85 | 1,684,718,397.92 |
InRMB
(1)Otherreceivables
1)Otherreceivablesaredisclosedbynature
InRMB
| Bynature | Closingbalanceofbookvalue | Openingbalanceofbookvalue |
| Deposit | 80,000.00 | |
| Others | 62,836.90 | 57,199.41 |
| Accountsbetweenrelatedpartieswithinthescopeofconsolidation | 1,622,041,266.22 | 1,684,583,242.78 |
| Total | 1,622,104,103.12 | 1,684,720,442.19 |
(2)Accountage
InRMB
| Age | Closingbalanceofbookvalue | Openingbalanceofbookvalue |
| Within1year(inclusive) | 53,408,271.79 | 692,784,064.86 |
| 1-2years | 642,978,380.00 | 92,578,310.00 |
| 2-3years | 92,577,980.00 | 694,397,404.79 |
| Over3years | 833,139,471.33 | 204,960,662.54 |
| 3-4years | 680,897,404.79 | 204,960,662.54 |
| 4-5years | 152,242,066.54 | |
| Total | 1,622,104,103.12 | 1,684,720,442.19 |
(3)Disclosurebybaddebtaccrualmethod
InRMB
| Type | Closingbalance | Openingbalance | ||||||||
| Remainingbookvalue | Baddebtprovision | Bookvalue | Remainingbookvalue | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion | Amount | Provisionrate | Amount | Proportion | Amount | Provisionrate | |||
| Including: | ||||||||||
| Provisionforbaddebtsby | 1,622,104,103.12 | 100.00% | 936.27 | 0.00% | 1,622,103,166.85 | 1,684,720,442.19 | 100.00% | 2,044.27 | 0.00% | 1,684,718,397.92 |
| combination | ||||||||||
| Including: | ||||||||||
| Firststage | 62,836.90 | 0.00% | 936.27 | 1.49% | 61,900.63 | 137,199.41 | 0.01% | 2,044.27 | 1.49% | 135,155.14 |
| Relatedpartyfundswithinthescopeofconsolidation | 1,622,041,266.22 | 100.00% | 0.00 | 0.00% | 1,622,041,266.22 | 1,684,583,242.78 | 99.99% | 0.00 | 0.00% | 1,684,583,242.78 |
| Total | 1,622,104,103.12 | 100.00% | 936.27 | 0.00% | 1,622,103,166.85 | 1,684,720,442.19 | 100.00% | 2,044.27 | 0.00% | 1,684,718,397.92 |
Provisionforbaddebtsbyportfolio:Portfolio1:stageone
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Portfolio1:Firststage | 62,836.90 | 936.27 | 1.49% |
| Total | 62,836.90 | 936.27 | |
Descriptionofthebasisfordeterminingtheportfolio:Provisionforbaddebtsismadeonthebasisofthegeneralmodelofexpectedcreditlosses.Provisionforbaddebtsbyportfolio:Portfolio4:Amountsfromrelatedpartieswithinthescopeofconsolidation
InRMB
| Name | Closingbalance | ||
| Remainingbookvalue | Baddebtprovision | Provisionrate | |
| Portfolio4:relatedpartyfundswithinthescopeofconsolidation | 1,622,041,266.22 | 0.00 | 0.00% |
| Total | 1,622,041,266.22 | 0.00 | |
Provisionforbaddebtsbasedongeneralmodelofexpectedcreditlosses
InRMB
| Baddebtprovision | Firststage | Secondstage | Thirdstage | Total |
| Expectedcreditlossesinthenext12months | Expectedcreditlossfortheentireduration(nocreditimpairment) | Expectedcreditlossfortheentireduration(creditimpairmenthasoccurred) | ||
| BalanceonJanuary1,2024 | 2,044.27 | 0.00 | 0.00 | 2,044.27 |
| BalanceonJanuary1,2024inthecurrentperiod | ||||
| Provision | -1,108.00 | -1,108.00 | ||
| BalanceonDecember31,2024 | 936.27 | 0.00 | 0.00 | 936.27 |
Changesinbookbalanceswithsignificantchangesinthecurrentperiod
□Applicable?Inapplicable
4)Baddebtprovisionmade,returnedorrecoveredintheperiodBaddebtprovisionmadeintheperiod:
InRMB
| Type | Openingbalance | Changeintheperiod | Closingbalance | |||
| Provision | Written-backorrecovered | Write-off | Others | |||
| Otherreceivablesandbaddebtprovision | 2,044.27 | -1,108.00 | 936.27 | |||
| Total | 2,044.27 | -1,108.00 | 936.27 | |||
5)Balanceoftop5otherreceivablesattheendoftheperiod
InRMB
| Entity | Bynature | Closingbalance | Age | Percentage(%) | Balanceofbaddebtprovisionattheendoftheperiod |
| ShenzhenFangdaPropertyDevelopmentCo.,Ltd. | Relatedpartyfundswithinthescopeofconsolidation | 53,345,434.89 | Lessthan1year | 87.00% | 0.00 |
| 625,478,380.00 | 1-2years | ||||
| 72,577,980.00 | 2-3years | ||||
| 538,000,000.00 | 3-4years | ||||
| 121,782,273.45 | 4-5years | ||||
| Fangda(Jiangxi)PropertyDevelopmentCo.,Ltd. | Relatedpartyfundswithinthescopeofconsolidation | 17,500,000.00 | 1-2years | 11.12% | 0.00 |
| 20,000,000.00 | 2-3years | ||||
| 142,897,404.79 | 3-4years | ||||
| ShihuiInternationalHoldingCo.,Ltd. | Relatedpartyfundswithinthescopeofconsolidation | 30,459,793.09 | 3-4years | 1.88% | 0.00 |
| Reservefund | Non-affiliatedparty | 31,372.00 | Lessthan1year | 0.00 | 467.44 |
| Socialsecurityfees | Non-affiliatedparty | 27,410.63 | Lessthan1year | 0.00 | 408.42 |
| Total | 1,622,100,048.85 | 100.00% | 875.86 |
3.Long-termshareequityinvestment
InRMB
| Item | Closingbalance | Openingbalance | ||||
| Remainingbookvalue | Impairmentprovision | Bookvalue | Remainingbookvalue | Impairmentprovision | Bookvalue | |
| Investmentinsubsidiaries | 1,657,062,530.00 | 1,657,062,530.00 | 1,526,831,253.00 | 1,526,831,253.00 | ||
| Total | 1,657,062,530.00 | 1,657,062,530.00 | 1,526,831,253.00 | 1,526,831,253.00 |
(1)Investmentinsubsidiaries
InRMB
| Investedentity | Openingbookvalue | Beginningbalanceofimpairmentprovisions | Change(+,-) | Closingbookvalue | Balanceofimpairmentprovisionattheendoftheperiod | |||
| Increasedinvestment | Decreasedinvestment | Impairmentprovision | Others | |||||
| FangdaJianke | 751,950,000.00 | 751,950,000.00 | ||||||
| FangdaJiangxiNewMaterial | 74,496,600.00 | 74,496,600.00 | ||||||
| FangdaProperty | 198,000,000.00 | 198,000,000.00 | ||||||
| ShihuiInternational | 61,653.00 | 61,653.00 | ||||||
| FangdaNewEnergy | 99,000,000.00 | 99,000,000.00 | ||||||
| FangdaHongjunInvestment | 98,000,000.00 | 98,000,000.00 | ||||||
| FangdaInvestment | 235,323,000.00 | 235,323,000.00 | 0.00 | |||||
| FangdaIntelligentManufacturing | 70,000,000.00 | 128,000,000.00 | 198,000,000.00 | |||||
| FangdaZhiyuan | 237,554,277.00 | 237,554,277.00 | ||||||
| Total | 1,526,831,253.00 | 365,554,277.00 | 235,323,000.00 | 1,657,062,530.00 | ||||
4.Operationalrevenueandcosts
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod | ||
| Income | Cost | Income | Cost | |
| Mainbusiness | 22,532,419.32 | 81,137.33 | ||
| Otherbusinesses | 24,692,199.04 | 26,289.08 | ||
| Total | 22,532,419.32 | 81,137.33 | 24,692,199.04 | 26,289.08 |
Note:Basedonthebusinessdevelopmentsituation,theCompanyhasreportedtherentalincomeofrealestatefromtheparentcompanyundermainbusinessrevenueforthisperiod.Breakdownofoperatingrevenuesandoperatingcosts:
InRMB
| Contractclassification | Others | Total | ||
| Turnover | Operatingcost | Turnover | Operatingcost | |
| Businesstype | ||||
| Including:others | 22,532,419.32 | 81,137.33 | 22,532,419.32 | 81,137.33 |
| Total | 22,532,419.32 | 81,137.33 | 22,532,419.32 | 81,137.33 |
Theamountofrevenuecorrespondingtotheperformanceobligationsthathavebeensigned,butnotyetperformedornotyetperformedattheendofthereportingperiodisRMB65,594,370.96,ofwhichRMB13,587,159.35isexpectedtoberecognizedin2025,andRMB9,355,837.91isexpectedtoberecognizedin2026,RMB42,651,373.70isexpectedtoberecognizedin2027andbeyond.
5.Investmentincome
InRMB
| Item | Amountoccurredinthecurrentperiod | Occurredinpreviousperiod |
| Dividendsdistributedbysubsidiaries | 72,929,550.62 | 0.00 |
| Total | 72,929,550.62 | 0.00 |
XIX.SupplementaryMaterials
1.Detailedaccidentalgain/loss
?Applicable□Inapplicable
InRMB
| Item | Amount | Notes |
| Gain/lossofnon-currentassets | -1,101,723.90 | |
| Governmentgrantsrecognizedinthecurrentperiod'sprofitorloss(exceptforgovernmentgrantsthatarecloselyrelatedtotheCompany'snormalbusinessoperations,inlinewithnationalpoliciesandinaccordancewithdefinedcriteria,andhaveacontinuousimpactontheCompany'sprofitorloss) | 12,652,732.81 | |
| Gainsandlossesfromchangesinthefairvalueoffinancialassetsandliabilitiesheldbynon-financialcorporationsandgainsandlossesfromthedisposaloffinancialassetsandliabilities,exceptforeffectivehedgingoperationsrelatedtotheCompany'snormalbusinessoperations | -1,663,158.03 | |
| Gain/lossfromdebtreorganization | -118,701.78 | |
| One-timeexpensesincurredbytheCompanyduetodiscontinuationofcertainbusinessactivities,suchasexpendituresforemployeeresettlement: | -10,301,966.12 | ThisamountwasspentonemployeeresettlementassociatedwiththerelocationoftheCompany'sproductionsite. |
| Gain/lossfromchangeoffairvalueofinvestmentpropertymeasuredatfairvalueinfollow-upmeasurement | -18,397,296.67 | |
| Othernon-businessincomeandexpendituresotherthantheabove | 87,650.88 |
| Less:Influencedamountofincometax | -3,890,432.45 | |
| Influencedamountofminorityshareholders'equity(after-tax) | 12,674.24 | |
| Total | -14,964,704.60 | -- |
Othergain/lossitemssatisfyingthedefinitionofnon-recurringgain/lossaccount:
□Applicable?InapplicableTheCompanyhasnoothergain/lossitemssatisfyingthedefinitionofnon-recurringgain/lossaccountCircumstancethatshouldbedefinedasrecurrentprofitandlosstoExplanationAnnouncementofInformationDisclosureNo.1-Non-recurringgain/loss
□Applicable?Inapplicable
2.Netincomeonassetratioandearningpershare
| Profitofthereportperiod | Weightedaveragenetincome/assetratio | Earningpershare | |
| Basicearningspershare(yuan/share) | DilutedEarningspershare(yuan/share) | ||
| NetprofitattributabletocommonshareholdersoftheCompany | 2.41% | 0.13 | 0.13 |
| NetprofitattributabletothecommonownersofthePLCafterdeductingofnon-recurringgains/losses | 2.66% | 0.15 | 0.15 |
3.Differencesinaccountingdataunderdomesticandforeignaccountingstandards
(1)DifferencesinnetprofitsandassetsinfinancialstatementsdisclosedaccordingtotheinternationalandChineseaccountstandards
□Applicable?Inapplicable
(2)DifferencesinnetprofitsandassetsinfinancialstatementsdisclosedaccordingtotheinternationalandChineseaccountstandards
□Applicable?Inapplicable
(3)Differencesinfinancialdatausingdomesticandforeignaccountingstandards,theoverseasinstitutionnameshouldbespecifiedifthedifferenceindataauditedbyanoverseasauditorisadjustedNone