FIRST QUARTER REPORT 2019
April 2019
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,supervisors and senior management of BOE Technology Group Co., Ltd. (hereinafter referredto as the “Company”) hereby guarantee the factuality, accuracy and completeness of thecontents of this Report and its summary, and shall be jointly and severally liable for anymisrepresentations, misleading statements or material omissions therein.All the Company’s directors have attended the Board meeting for the review of this Reportand its summary.Mr. Wang Dongsheng, the Company’s legal representative, Mr. Chen Yanshun, President ofthe Execution Committee (Chief Executive Officer) of the Company, Ms. Sun Yun, theCompany’s Chief Financial Officer, and Ms. Yang Xiaoping, head of the Company’s financialdepartment (equivalent to financial manager)hereby guarantee that the Financial Statementscarried in this Report are factual, accurate and complete.This Report has been prepared in both Chinese and English. Should there be anydiscrepancies or misunderstandings between the two versions, the Chinese version shallprevail.
Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.□ Yes √ No
| Item | Q1 2019 | Q1 2018 | Change (%) |
| Operating revenue (RMB) | 26,454,258,554.00 | 21,566,813,037.00 | 22.66% |
| Net profit attributable to the listed company’s shareholders (RMB) | 1,051,781,919.00 | 2,018,692,554.00 | -47.90% |
| Net profit attributable to the listed company’s shareholders before exceptional items (RMB) | 352,304,432.00 | 1,238,599,228.00 | -71.56% |
| Net cash generated from/used in operating activities (RMB) | 6,164,241,385.00 | 7,198,088,816.00 | -14.36% |
| Basic earnings per share (RMB/share) | 0.030 | 0.058 | -48.28% |
| Diluted earnings per share (RMB/share) | 0.030 | 0.058 | -48.28% |
| Weighted average return on equity (%) | 1.22% | 2.35% | -1.13% |
| Item | 31 March 2019 | 31 December 2018 | Change (%) |
| Total assets (RMB) | 308,295,146,086.00 | 304,028,491,385.00 | 1.40% |
| Equity attributable to the listed company’s shareholders (RMB) | 87,077,785,020.00 | 85,856,748,703.00 | 1.42% |
Exceptional gains and losses:
√ Applicable □ Not applicableUnit: RMB
| Item | Q1 2019 | Note |
| Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) | 265,209.00 | N/A |
| Tax rebates, reductions and exemptions with ultra vires approval or in lack of duly approved document | 0.00 | N/A |
| Government subsidies charged to current profit and loss (exclusive of government subsidies given in the Company’s ordinary course of business at fixed quotas or amounts as per government’s uniform standards ) | 718,192,876.00 | N/A |
| Capital occupation charges on non-financial enterprises that are charged to current gains and losses | 0.00 | N/A |
| Income equal to the amount by which investment costs for the Company to obtain subsidiaries, associates and joint ventures are lower than the Company’s enjoyable fair value of identifiable net assets of investees when making investments | 0.00 | N/A |
| Gains and losses on non-monetary asset swap | 0.00 | N/A |
| Gains and losses on investment or asset management entrustments to other entities | 0.00 | N/A |
| Allowance for asset impairments due to acts of God such as natural disasters | 0.00 | N/A |
| Gains and losses on debt restructuring | 0.00 | N/A |
| Restructuring costs in staff arrangement, integration, etc. | 0.00 | N/A |
| Gains and losses on over-fair value amount as a result of transactions with distinctly unfair prices | 0.00 | N/A |
| Current gains and losses on subsidiaries acquired through business mergers under same control from period-beginning to merger dates, net | 0.00 | N/A |
| Gains and losses on contingencies that do not arise in the Company’s ordinary course of business | 0.00 | N/A |
| Gain or loss on fair-value changes in trading financial assets and liabilities and derivative financial assets and liabilities & investment income from disposal of trading financial assets and liabilities and derivative financial assets and liabilities, and other creditors’ investment (exclusive of effective portion of hedges that arise in the Company’s ordinary course of business) | 45,166,494.00 | N/A |
| Reversed portion of impairment allowance for accounts receivable and contract assets which are tested individually for impairment | 0.00 | N/A |
| Gains and losses on loan entrustment | 0.00 | N/A |
| Gains and losses on fair value changes in investment property of which subsequent measurement is carried out using fair value method | 0.00 | N/A |
| Effects of all adjustments required by taxation, accounting and other applicable laws and regulations on current gains and losses | 0.00 | N/A |
| Income from charges on entrusted management | 0.00 | N/A |
| Non-operating income and expense other than above | 31,130,674.00 | N/A |
| Other gains and losses that meet definition of nonrecurring gain/loss | 0.00 | N/A |
| Less: Income tax effects | 54,217,884.00 | N/A |
| Non-controlling interests effects (net of tax) | 41,059,882.00 | N/A |
| Total | 699,477,487.00 | -- |
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the ExplanatoryAnnouncement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/LossItems:
□ Applicable √ Not applicableNo such cases for the Reporting Period.
II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2019
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as Holdings of Top 10 Shareholders
Unit: share
| Number of ordinary shareholders at the period-end | 1,612,810 (including 1,573,114 A-shareholders and 39,696 B-shareholders) | |||||
| Top 10 shareholders | ||||||
| Name of shareholder | Nature of shareholder | Shareholding percentage | Total shares held | Restricted shares held | Shares in pledge or frozen | |
| Status | Shares | |||||
| Beijing State-owned Capital Operation and Management Center | State-owned legal person | 11.68% | 4,063,333,333 | 0 | N/A | 0 |
| Chongqing Ezcapital Opto-electronic Industry Investment Co., Ltd. | State-owned legal person | 7.62% | 2,652,813,041 | 0 | N/A | 0 |
| Hefei Jianxiang Investment Co., Ltd. | State-owned legal person | 7.21% | 2,510,142,953 | 0 | N/A | 0 |
| Beijing Yizhuang Investment Holdings Co., Ltd | State-owned legal person | 3.57% | 1,241,423,641 | 0 | N/A | 0 |
| Beijing BOE Investment & Development Co., Ltd. | State-owned legal person | 2.36% | 822,092,180 | 0 | N/A | 0 |
| Hong Kong Securities Clearing Company Ltd. | Foreign legal person | 1.13% | 392,805,995 | 0 | N/A | 0 |
| Beijing Electronics Holdings Co., Ltd. | State-owned legal person | 0.79% | 273,735,583 | 0 | N/A | 0 |
| Central Huijin Assets Management Co., Ltd | State-owned legal person | 0.71% | 248,305,300 | 0 | N/A | 0 |
| National Social Security Fund Portfolio 108 | State-owned legal person | 0.52% | 180,722,899 | 0 | N/A | 0 |
| China Securities Finance Corporation Limited | State-owned legal person | 0.38% | 132,480,249 | 0 | N/A | 0 |
| Top 10 unrestricted shareholders | ||||||
| Name of shareholder | Unrestricted shares held | Shares by type | ||||
| Type | Shares | |||||
| Beijing State-owned Capital Operation and Management Center | 4,063,333,333 | RMB ordinary share | 4,063,333,333 | |||
| Chongqing Ezcapital Opto-electronic Industry Investment Co., Ltd. | 2,652,813,041 | RMB ordinary share | 2,652,813,041 | |||
| Hefei Jianxiang Investment Co., Ltd. | 2,510,142,953 | RMB ordinary share | 2,510,142,953 |
| Beijing Yizhuang Investment Holdings Co., Ltd | 1,241,423,641 | RMB ordinary share | 1,241,423,641 |
| Beijing BOE Investment & Development Co., Ltd. | 822,092,180 | RMB ordinary share | 822,092,180 |
| Hong Kong Securities Clearing Company Ltd. | 392,805,995 | RMB ordinary share | 392,805,995 |
| Beijing Electronics Holdings Co., Ltd. | 273,735,583 | RMB ordinary share | 273,735,583 |
| Central Huijin Assets Management Co., Ltd | 248,305,300 | RMB ordinary share | 248,305,300 |
| National Social Security Fund Portfolio 108 | 180,722,899 | RMB ordinary share | 180,722,899 |
| China Securities Finance Corporation Limited | 132,480,249 | RMB ordinary share | 132,480,249 |
| Related or acting-in-concert parties among the shareholders above | 1. Beijing State-owned Capital Operation and Management Center held 100% equities of Beijing Electronics Holdings Co., Ltd. 2. Beijing Electronics Holdings Co., Ltd. held 66.25% equities of Beijing BOE Investment & Development Co., Ltd. and was its controlling shareholder. 3. After the non-public issuing of BOE in 2014, Hefei Jianxiang Investment Co., Ltd. and Chongqing EzcCapital Opto-electronic Industry Investment Co., Ltd., by entering into Implementation Protocol of Voting Right respectively, agreed to maintain all of the shares held by them respectively unanimous with Beijing BOE Investment & Development Co., Ltd. when executing the voting rights of the shareholders. 4. After the non-public issuing of the Company in 2014, Beijing State-owned Capital Operation and Management Center handed over 70% of the shares directly held by it to Beijing Electronics Holdings Co., Ltd. for management through Stock Management Protocol, and Beijing Electronics Holdings Co., Ltd. gained the incidental shareholders’ rights except for disposing right and usufruct of the shares, of which the rest 30% voting right maintained unanimous with Beijing Electronics Holdings Co., Ltd. through the agreement according to Implementation Protocol of Voting Right. 5. Except for the above relationships, the Company does not know any other connected party or acting-in-concert party among the top 10 shareholders. | ||
| Top 10 ordinary shareholders involved in securities margin trading (if any) | None | ||
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the Company conducted any promissory repo during the ReportingPeriod.
□ Yea √ NoNo such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable1. The current portion of non-current liabilities as at 31 March 2019 rose 35% compared to 31 December 2018, primarily driven bythe transfer of the current portion of long-term borrowings into this item in Q 1 2019.2. Bonds payable as at 31 March 2019 declined 94% compared to 31 December 2018, primarily driven by the advance cashing ofcorporate bonds in Q 1 2019.3. R&D expense went up 88% during Q 1 2019 compared to Q1 2018, primarily driven by a higher amount of R&D investment inQ1 2019.4. Finance costs went up 58% during Q 1 2019 compared to Q1 2018, primarily driven by a smaller exchange loss and a higherinterest expense resulted from the operation of new projects in Q1 2019.5. Asset impairment loss went down 42% during Q 1 2019 compared to Q1 2018, primarily driven by a decrease in the inventoryvaluation allowance recorded in Q1 2019 according to the lower of cost and net realizable value.6. Return on investment went down 84% during Q 1 2019 compared to Q1 2018, primarily driven by a decrease in mature wealthmanagement products in Q1 2019.
II Progress, Influence and Solutions with regard to Significant Events
√ Applicable □ Not applicable1. The wholly-owned subsidiary, BOE Technology (Hong Kong) Co., Ltd., filed lawsuits to Beijing Municipal Higher People's Courtagainst following Defendants: Letv Mobile Intelligent Information Technology (Beijing) Co., Ltd. (referred to as “Letv Mobilehereinafter”) , TV Plus Holdings (Beijing) Limited, Leseil Mobile Technology (Beijing) Co., Ltd. and Jia Yueting, with the totalamount of claims being about US$41.84 million. Beijing Municipal Higher People's Court issued Notice of Case Acceptance andCivil Ruling Paper for property preservation on 6 July 2017 and 31 July 2017 respectively. Letv Mobile raised the jurisdictionobjection to Beijing Municipal Higher People's Court, which was rejected, and also instituted an appeal to the Supreme People'sCourt for verdict on jurisdiction objection. The Supreme People's Court made the final verdict and rejected the appeal of Letv mobile,upholding the original verdict. On 8 March 2019, this case was heard for the first time by Beijing Municipal Higher People’s Court,waiting for the notice or judgment from the court for the next step. For receivables corresponding to aforementioned amount ofclaims, the Company has counted provision for bad debts as per regulations in accounting standard accordingly; therefore, it hasuncertain influences on the Company.2. The corporate bonds (Phase I) of BOE Technology Group Co., Ltd. issued to public qualified investors from 21 March 2016 to 22March 2016 reached 3 full years by 21 March 2019. According to regulations, the interest should be paid once per year during theinterest-bearing period. According to the agreed put provisions from Prospectus of the Corporate Bonds (Phase I) of BOETechnology Group Co., Ltd. Issued to Public Qualified Investors in 2016, the Company published The First Reminder of NoAdjustments to Coupon Rate of Corporate Bonds “16BOE01” and Implementation Measures for Put-backs by Investors(Announcement No.: 2019-001), The Second Reminder of No Adjustments to Coupon Rate of Corporate Bonds “16BOE01” andImplementation Measures for Put-backs by Investors (Announcement No.: 2019-003), and The Third Reminder of No Adjustments toCoupon Rate of Corporate Bonds “16BOE01” and Implementation Measures for Put-backs by Investors (Announcement No.:
2019-004) on 31 January 2019, 1 February 2019, and 12 February 2019 respectively. Investors can choose to sell all their holding
“16BOE01” or part of it back to the Company within the registered period of put-backs with the price of RMB100/piece (excludinginterests). In accordance with the data provided by Shenzhen Branch of China Securities Depository and Cleaning CorporationLimited, the number of the put-backs of “16BOE01” was 96,705,976, and the price was RMB9,975,221,424.40 (including interests),and the remaining number for trusteeship was 3,294,024. The Company issued Announcement on Payment “16BOE01” Interest 2019(Announcement No.: 2019-009) on 14 March 2019, in which the interest should be paid as per the standard of RMB31.5(tax-inclusive) for every 10 bonds. 21 March 2019 was the payment date for capital and interests of this put-back declaration, and theCompany has paid principal and the current interests to the bondholders of “16BOE01” declared effectively for put-back. TheCompany convened the 1
st
Meeting of Bondholders in 2019 for 2016 Corporate Bonds on 28 March 2019, which reviewed andapproved the Proposal on Payment in Advance to 2016 Corporate Bonds of BOE Technology Group Co., Ltd, and the Companydisclosed Announcement on Resolutions Made at the 1
st
Meeting of Bondholders in 2019 for 2016 Corporate Bonds (AnnouncementNo.: 2019-022) on 29 March 2019. The Company paid the interests of “16BOE01” bonds from 21 March 2019 to 2 April 2019 andits principal on 3 April 2019. The Bonds was delisted on 3 April 2019, and the record date of payment for principal and interests was2 April 2019. The trading of “16BOE01” was terminated on the trading system of Shenzhen Stock Exchange on 3 April 2019.3. The Company issued Pre-disclosure Announcement on Stock Reduction of Shareholders with More than 5% Stocks (I)(Announcement No.: 2019-007) and Pre-disclosure Announcement on Stock Reduction of Shareholders with More than 5% Stocks(II) (Announcement No.: 2019-008) on 6 March 2019; shareholders of the Company as Hefei Jianxiang Investment Co., Ltd. andChongqing EzcCapital Opto-electronic Industry Investment Co., Ltd. planned to reduce no more than 1.00% of general capital of theCompany by means of centralized competitive bidding within 3 months after 15 working days since the issuance of eachAnnouncement.
| Summary of the significant event | Disclosure date | Index to the related announcement |
| Announcement on Project of Investing and Establishing Beijing BOE Life Science and Technology Industrial Base (Phase I) | 26 March 2019 | www.cninfo.com.cn |
Progress of any share repurchases:
□ Applicable √ Not applicableProgress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during theReporting Period
□ Applicable √ Not applicableNo such cases in the Reporting Period.
IV Operating Performance Forecast for H1 2019
Warning of a forecast loss on or a forecast significant year-on-year change in the net profit of H1 2019, as well as explanation ofwhy:
□ Applicable √ Not applicable
V Securities Investments
√ Applicable □ Not applicable
| Variety of security | Symbol of security | Name of security | Initial investment cost | Accounting measurement model | Beginning carrying value | Gain/loss of changes in fair value in the Reporting Period | Accumulative changes in fair value recorded into equities | Purchased in the Reporting Period | Sold in the Reporting Period | Gain/loss in Reporting Period | Ending carrying value | Accounting title | Capital source |
| Domestic and overseas stock | HK00903 | TPV Technology | 134,658,158.00 | Fair value method | 25,613,279.00 | 0.00 | 9,987,282.00 | 0.00 | 0.00 | 0.00 | 38,030,589.00 | Other equity instruments investment | Self-owned funds |
| Domestic and overseas stock | SH600658 | Electronic Zone | 90,160,428.00 | Fair value method | 83,995,943.00 | 0.00 | 43,781,546.00 | 0.00 | 0.00 | 0.00 | 90,457,170.00 | Other equity instruments investment | Self-owned funds |
| Domestic and overseas stock | HK01963 | Bank of Chongqing | 120,084,375.00 | Fair value method | 98,705,065.00 | 0.00 | -11,584,716.00 | 0.00 | 0.00 | 0.00 | 108,499,659.00 | Other equity instruments investment | Self-owned funds |
| Domestic and overseas stock | HK06066 | China Securities | 70,041,364.00 | Fair value method | 44,412,575.00 | 0.00 | -1,855,538.00 | 0.00 | 0.00 | 0.00 | 68,185,826.00 | Other equity instruments investment | Self-owned funds |
| Domestic and overseas stock | HK01518 | New Century Healthcare | 140,848,850.00 | Fair value method | 125,909,255.00 | 0.00 | -36,922,892.00 | 0.00 | 0.00 | 0.00 | 103,925,958.00 | Other equity instruments investment | Self-owned funds |
| Other securities investments held at the period-end | 0.00 | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -- | -- |
| Total | 555,793,175.00 | -- | 378,636,117.00 | 0.00 | 3,405,682.00 | 0.00 | 0.00 | 0.00 | 409,099,202.00 | -- | -- |
| Disclosure date of the announcement about the board’s consent for the securities investment | N/A | ||||||||||
| Disclosure date of the announcement about the general meeting’s consent for the securities investment (if any) | N/A | ||||||||||
VI Investments in Derivative Financial Instruments
□ Applicable √ Not applicableNo such cases in the Reporting Period.
VII Communications with the Investment Community such as Researches, Inquiries andInterviews during the Reporting Period
√ Applicable □ Not applicable
| Date | Way of communication | Type of communication party | Index to main information communicated |
| 17 January 2019 | One-on-one meeting | Institution | Main contents: 1. the main situations of the industry 2. main operating information of the Company 3. innovations of technology and products 4. future strategy layout For details, see www.cninfo.com.cn |
| 21 January 2019 | One-on-one meeting | Institution | |
| 22 January 2019 | One-on-one meeting | Institution | |
| 15 February 2019 | One-on-one meeting | Institution | |
| 25 February 2019 | One-on-one meeting | Institution | |
| 26 March 2019 | One-on-one meeting | Institution |
VIII Irregularities in the Provision of Guarantees
□ Applicable √ Not applicableNo such cases in the Reporting Period.
IX Occupation of the Company’s Capital by the Controlling Shareholder or Its RelatedParties for Non-Operating Purposes
□ Applicable √ Not applicableNo such cases in the Reporting Period.
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by BOE Technology Group Co., Ltd.
Unit: RMB
| Item | 31 March 2019 | 31 December 2018 |
| Current assets: | ||
| Monetary capital | 49,875,146,641.00 | 51,481,539,711.00 |
| Settlement reserve | 0.00 | 0.00 |
| Interbank loans granted | 0.00 | 0.00 |
| Trading financial assets | 5,165,010,209.00 | 0.00 |
| Financial assets at fair value through profit or loss | 0.00 | 0.00 |
| Derivative financial assets | 0.00 | 0.00 |
| Notes and accounts receivable | 18,291,151,255.00 | 20,537,462,095.00 |
| Including: Notes receivable | 249,576,484.00 | 656,781,577.00 |
| Accounts receivable | 18,041,574,771.00 | 19,880,680,518.00 |
| Prepayments | 995,850,752.00 | 770,633,448.00 |
| Premiums receivable | 0.00 | 0.00 |
| Reinsurance receivables | 0.00 | 0.00 |
| Receivable reinsurance contract reserve | 0.00 | 0.00 |
| Other receivables | 708,631,265.00 | 2,454,174,971.00 |
| Including: Interest receivable | 153,524,757.00 | 140,597,317.00 |
| Dividends receivable | 3,711,768.00 | 3,711,768.00 |
| Financial assets purchased under resale agreements | 0.00 | 0.00 |
| Inventories | 12,802,431,291.00 | 11,985,398,172.00 |
| Contractual assets | 0.00 | 0.00 |
| Assets classified as held for sale | 0.00 | 0.00 |
| Current portion of non-current assets | 0.00 | 0.00 |
| Other current assets | 8,061,234,978.00 | 12,463,073,779.00 |
| Total current assets | 95,899,456,391.00 | 99,692,282,176.00 |
| Non-current assets: |
| Loans and advances to customers | 0.00 | 0.00 |
| Investments in debt obligations | 0.00 | 0.00 |
| Available-for-sale financial assets | 0.00 | 734,022,359.00 |
| Investments in other debt obligations | 13,046,664.00 | 0.00 |
| Held-to-maturity investments | 0.00 | 0.00 |
| Long-term receivables | 0.00 | 0.00 |
| Long-term equity investments | 2,444,706,447.00 | 2,389,166,886.00 |
| Investments in other equity instruments | 746,668,015.00 | 0.00 |
| Other non-current financial assets | 0.00 | 0.00 |
| Investment property | 1,273,733,185.00 | 1,283,867,651.00 |
| Fixed assets | 130,606,378,836.00 | 128,157,730,995.00 |
| Construction in progress | 59,754,270,991.00 | 56,423,354,887.00 |
| Productive living assets | 0.00 | 0.00 |
| Oil and gas assets | 0.00 | 0.00 |
| Right-of-use assets | 0.00 | 0.00 |
| Intangible assets | 6,591,394,536.00 | 5,937,679,394.00 |
| R&D expense | 0.00 | 0.00 |
| Goodwill | 904,370,509.00 | 904,370,509.00 |
| Long-term prepaid expense | 364,264,719.00 | 360,640,853.00 |
| Deferred income tax assets | 202,939,103.00 | 252,373,622.00 |
| Other non-current assets | 9,493,916,690.00 | 7,893,002,053.00 |
| Total non-current assets | 212,395,689,695.00 | 204,336,209,209.00 |
| Total assets | 308,295,146,086.00 | 304,028,491,385.00 |
| Current liabilities: | ||
| Short-term borrowings | 6,233,728,256.00 | 5,449,954,885.00 |
| Borrowings from central bank | 0.00 | 0.00 |
| Interbank loans obtained | 0.00 | 0.00 |
| Trading financial liabilities | 0.00 | 0.00 |
| Financial liabilities at fair value through profit or loss | 0.00 | 0.00 |
| Derivative financial liabilities | 0.00 | 0.00 |
| Notes and accounts payable | 21,692,639,566.00 | 22,805,065,888.00 |
| Advances from customers | 1,201,127,923.00 | 1,218,934,743.00 |
| Financial assets sold under repurchase agreements | 0.00 | 0.00 |
| Customer deposits and interbank deposits | 0.00 | 0.00 |
| Payables for acting trading of securities | 0.00 | 0.00 |
| Payables for underwriting of securities | 0.00 | 0.00 |
| Payroll payable | 1,269,963,130.00 | 2,224,931,171.00 |
| Taxes payable | 733,397,450.00 | 970,108,298.00 |
| Other payables | 22,758,208,584.00 | 22,956,979,828.00 |
| Including: Interest payable | 252,445,480.00 | 1,016,761,921.00 |
| Dividends payable | 8,051,171.00 | 23,648,778.00 |
| Handling charges and commissions payable | 0.00 | 0.00 |
| Reinsurance payables | 0.00 | 0.00 |
| Contractual liabilities | 0.00 | 0.00 |
| Liabilities directly associated with assets classified as held for sale | 0.00 | 0.00 |
| Current portion of non-current liabilities | 7,556,602,983.00 | 5,597,563,204.00 |
| Other current liabilities | 1,086,728,649.00 | 1,004,557,061.00 |
| Total current liabilities | 62,532,396,541.00 | 62,228,095,078.00 |
| Non-current liabilities: | ||
| Insurance contract reserve | 0.00 | 0.00 |
| Long-term borrowings | 106,633,660,880.00 | 94,780,077,864.00 |
| Bonds payable | 629,445,083.00 | 10,288,666,233.00 |
| Including: Preferred shares | 0.00 | 0.00 |
| Perpetual bonds | 0.00 | 0.00 |
| Lease liabilities | 0.00 | 0.00 |
| Long-term payables | 1,307,079,824.00 | 1,416,092,239.00 |
| Long-term payroll payable | 0.00 | 0.00 |
| Provisions | 16,457,010.00 | 16,457,010.00 |
| Deferred income | 2,649,128,572.00 | 2,187,558,533.00 |
| Deferred income tax liabilities | 1,458,211,638.00 | 1,419,373,545.00 |
| Other non-current liabilities | 10,202,545,218.00 | 11,334,873,322.00 |
| Total non-current liabilities | 122,896,528,225.00 | 121,443,098,746.00 |
| Total liabilities | 185,428,924,766.00 | 183,671,193,824.00 |
| Owners’ equity: | ||
| Share capital | 34,798,398,763.00 | 34,798,398,763.00 |
| Other equity instruments | 0.00 | 0.00 |
| Including: Preferred shares | 0.00 | 0.00 |
| Perpetual bonds | 0.00 | 0.00 |
| Capital reserves | 38,214,670,857.00 | 38,213,100,596.00 |
| Less: Treasury stock | 0.00 | 0.00 |
| Other comprehensive income | -166,590,853.00 | -125,258,252.00 |
| Special reserves | 0.00 | 0.00 |
| Surplus reserves | 1,152,626,310.00 | 1,152,626,310.00 |
| General reserve | 0.00 | 0.00 |
| Retained earnings | 13,078,679,943.00 | 11,817,881,286.00 |
| Total equity attributable to owners of the Company as the parent | 87,077,785,020.00 | 85,856,748,703.00 |
| Non-controlling interests | 35,788,436,300.00 | 34,500,548,858.00 |
| Total owners’ equity | 122,866,221,320.00 | 120,357,297,561.00 |
| Total liabilities and owners’ equity | 308,295,146,086.00 | 304,028,491,385.00 |
Legal representative: Wang Dongsheng Chief Financial Officer: Sun YunHead of the Company’s Financial Department: Yang Xiaoping
2. Balance Sheet of the Company as the Parent
Unit: RMB
| Item | 31 March 2019 | 31 December 2018 |
| Current assets: | ||
| Monetary capital | 2,667,974,474.00 | 3,829,814,050.00 |
| Trading financial assets | 0.00 | 0.00 |
| Financial assets at fair value through profit or loss | 0.00 | 0.00 |
| Derivative financial assets | 0.00 | 0.00 |
| Notes and accounts receivable | 1,184,249,134.00 | 38,452,623.00 |
| Including: Notes receivable | 0.00 | 1,500,000.00 |
| Accounts receivable | 1,184,249,134.00 | 36,952,623.00 |
| Prepayments | 41,788,399.00 | 25,020,734.00 |
| Other receivables | 2,988,125,815.00 | 2,015,828,460.00 |
| Including: Interest receivable | 10,332,429.00 | 9,659,279.00 |
| Dividends receivable | 14,115,915.00 | 14,115,915.00 |
| Inventories | 9,599,554.00 | 9,289,141.00 |
| Contractual assets | 0.00 | 0.00 |
| Assets classified as held for sale | 0.00 | 0.00 |
| Current portion of non-current assets | 500,000,000.00 | 450,000,000.00 |
| Other current assets | 35,030,768.00 | 47,805,096.00 |
| Total current assets | 7,426,768,144.00 | 6,416,210,104.00 |
| Non-current assets: | ||
| Investments in debt obligations | 0.00 | 0.00 |
| Available-for-sale financial assets | 0.00 | 128,297,254.00 |
| Investments in other debt obligations | 0.00 | 0.00 |
| Held-to-maturity investments | 0.00 | 0.00 |
| Long-term receivables | 0.00 | 0.00 |
| Long-term equity investments | 144,743,554,939.00 | 143,499,733,485.00 |
| Investments in other equity instruments | 147,175,791.00 | 0.00 |
| Other non-current financial assets | 0.00 | 0.00 |
| Investment property | 288,811,264.00 | 290,253,475.00 |
| Fixed assets | 950,684,291.00 | 969,371,352.00 |
| Construction in progress | 267,128,991.00 | 251,314,313.00 |
| Productive living assets | 0.00 | 0.00 |
| Oil and gas assets | 0.00 | 0.00 |
| Right-of-use assets | 0.00 | 0.00 |
| Intangible assets | 1,185,571,674.00 | 514,186,496.00 |
| R&D expense | 0.00 | 0.00 |
| Goodwill | 0.00 | 0.00 |
| Long-term prepaid expense | 91,765,654.00 | 99,701,797.00 |
| Deferred income tax assets | 267,504,641.00 | 290,794,548.00 |
| Other non-current assets | 183,698,395.00 | 284,243,667.00 |
| Total non-current assets | 148,125,895,640.00 | 146,327,896,387.00 |
| Total assets | 155,552,663,784.00 | 152,744,106,491.00 |
| Current liabilities: | ||
| Short-term borrowings | 2,800,000,000.00 | 1,000,000,000.00 |
| Trading financial liabilities | 0.00 | 0.00 |
| Financial liabilities at fair value through profit or loss | 0.00 | 0.00 |
| Derivative financial liabilities | 0.00 | 0.00 |
| Notes and accounts payable | 36,017,407.00 | 35,322,286.00 |
| Advances from customers | 2,537,775,252.00 | 1,577,035,515.00 |
| Contractual liabilities | 0.00 | 0.00 |
| Payroll payable | 88,873,048.00 | 201,139,261.00 |
| Taxes payable | 152,178,466.00 | 250,558,556.00 |
| Other payables | 6,405,223,216.00 | 8,209,736,090.00 |
| Including: Interest payable | 126,523,572.00 | 330,964,989.00 |
| Dividends payable | 6,451,171.00 | 6,451,171.00 |
| Liabilities directly associated with assets classified as held for sale | 0.00 | 0.00 |
| Current portion of non-current liabilities | 2,593,400,000.00 | 2,590,000,000.00 |
| Other current liabilities | 0.00 | 0.00 |
| Total current liabilities | 14,613,467,389.00 | 13,863,791,708.00 |
| Non-current liabilities: | ||
| Long-term borrowings | 36,090,830,556.00 | 26,520,000,000.00 |
| Bonds payable | 328,712,026.00 | 9,976,533,425.00 |
| Including: Preferred shares | 0.00 | 0.00 |
| Perpetual bonds | 0.00 | 0.00 |
| Lease liabilities | 0.00 | 0.00 |
| Long-term payables | 0.00 | 0.00 |
| Long-term payroll payable | 0.00 | 0.00 |
| Provisions | 0.00 | 0.00 |
| Deferred income | 5,296,569,445.00 | 5,523,949,841.00 |
| Deferred income tax liabilities | 0.00 | 0.00 |
| Other non-current liabilities | 21,763,404,139.00 | 20,954,104,125.00 |
| Total non-current liabilities | 63,479,516,166.00 | 62,974,587,391.00 |
| Total liabilities | 78,092,983,555.00 | 76,838,379,099.00 |
| Owners’ equity: | ||
| Share capital | 34,798,398,763.00 | 34,798,398,763.00 |
| Other equity instruments | 0.00 | 0.00 |
| Including: Preferred shares | 0.00 | 0.00 |
| Perpetual bonds | 0.00 | 0.00 |
| Capital reserves | 37,590,966,191.00 | 37,590,966,191.00 |
| Less: Treasury stock | 0.00 | 0.00 |
| Other comprehensive income | -268,562,087.00 | -28,507,585.00 |
| Special reserves | 0.00 | 0.00 |
| Surplus reserves | 1,152,626,310.00 | 1,152,626,310.00 |
| Retained earnings | 4,186,251,052.00 | 2,392,243,713.00 |
| Total owners’ equity | 77,459,680,229.00 | 75,905,727,392.00 |
| Total liabilities and owners’ equity | 155,552,663,784.00 | 152,744,106,491.00 |
3. Consolidated Income Statement
Unit: RMB
| Item | Q1 2019 | Q1 2018 |
| 1. Revenue | 26,454,258,554.00 | 21,566,813,037.00 |
| Including: Operating revenue | 26,454,258,554.00 | 21,566,813,037.00 |
| Interest income | 0.00 | 0.00 |
| Premium income | 0.00 | 0.00 |
| Handling charge and commission income | 0.00 | 0.00 |
| 2. Costs and expenses | 25,956,845,201.00 | 20,263,550,173.00 |
| Including: Cost of sales | 21,782,563,658.00 | 17,087,543,193.00 |
| Interest expense | 0.00 | 0.00 |
| Handling charge and commission expense | 0.00 | 0.00 |
| Surrenders | 0.00 | 0.00 |
| Net claims paid | 0.00 | 0.00 |
| Net amount provided as insurance contract reserve | 0.00 | 0.00 |
| Expenditure on policy dividends | 0.00 | 0.00 |
| Reinsurance premium expense | 0.00 | 0.00 |
| Taxes and surcharges | 226,900,931.00 | 126,606,726.00 |
| Selling expense | 692,725,472.00 | 645,056,446.00 |
| Administrative expense | 1,088,056,984.00 | 1,042,782,270.00 |
| R&D expense | 1,446,311,254.00 | 767,711,603.00 |
| Finance costs | 592,127,674.00 | 374,634,713.00 |
| Including: Interest expense | 1,045,208,338.00 | 624,044,167.00 |
| Interest income | 212,034,995.00 | 190,990,756.00 |
| Asset impairment loss | 128,159,228.00 | 219,215,222.00 |
| Credit impairment loss | 0.00 | 0.00 |
| Add: Other income | 708,917,047.00 | 969,676,260.00 |
| Return on investment (“-” for loss) | 13,643,831.00 | 83,598,808.00 |
| Including: Share of profit or loss of joint ventures and associates | -827,046.00 | 1,295,650.00 |
| Foreign exchange gain (“-” for loss) | 0.00 | 0.00 |
| Net gain on exposure hedges (“-” for loss) | 0.00 | 0.00 |
| Gain on changes in fair value (“-” for loss) | 34,134,042.00 | 339,163.00 |
| Asset disposal income (“-” for loss) | 148,256.00 | 1,632,178.00 |
| 3. Operating profit (“-” for loss) | 1,254,256,529.00 | 2,358,509,273.00 |
| Add: Non-operating income | 43,268,744.00 | 36,995,667.00 |
| Less: Non-operating expense | 2,745,286.00 | 6,417,967.00 |
| 4. Profit before tax (“-” for loss) | 1,294,779,987.00 | 2,389,086,973.00 |
| Less: Income tax expense | 452,920,271.00 | 452,265,009.00 |
| 5. Net profit (“-” for net loss) | 841,859,716.00 | 1,936,821,964.00 |
| 5.1 By operating continuity | ||
| 5.1.1 Net profit from continuing operations (“-” for net loss) | 841,859,716.00 | 1,936,821,964.00 |
| 5.1.2 Net profit from discontinued operations (“-” for net loss) | 0.00 | 0.00 |
| 5.2 By ownership | ||
| 5.2.1 Net profit attributable to owners of the Company as the parent | 1,051,781,919.00 | 2,018,692,554.00 |
| 5.2.1 Net profit attributable to non-controlling interests | -209,922,203.00 | -81,870,590.00 |
| 6. Other comprehensive income, net of tax | 153,368,686.00 | 26,569,758.00 |
| Attributable to owners of the Company as the parent | 164,858,780.00 | 79,286,210.00 |
| 6.1 Items that will not be reclassified to profit or loss | 32,749,507.00 | 0.00 |
| 6.1.1 Changes caused by remeasurements on defined benefit pension schemes | 0.00 | 0.00 |
| 6.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | 0.00 | 0.00 |
| 6.1.3 Changes in the fair value of investments in other equity instruments | 32,749,507.00 | 0.00 |
| 6.1.4 Changes in the fair value of the company’s credit risks | 0.00 | 0.00 |
| 6.1.5 Other | 0.00 | 0.00 |
| 6.2 Items that will be reclassified to profit or loss | 132,109,273.00 | 79,286,210.00 |
| 6.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | 0.00 | 0.00 |
| 6.2.2 Changes in the fair value of investments in other debt obligations | 0.00 | 0.00 |
| 6.2.3 Gain/Loss on changes in the fair value of available-for-sale financial assets | 0.00 | 11,492,337.00 |
| 6.2.4 Other comprehensive income arising from the reclassification of financial assets | 0.00 | 0.00 |
| 6.2.5 Gain/Loss arising from the reclassification of held-to-maturity investments to available-for-sale financial assets | 0.00 | 0.00 |
| 6.2.6 Allowance for credit impairments in investments in other debt obligations | 0.00 | 0.00 |
| 6.2.7 Reserve for cash flow hedges | 0.00 | 0.00 |
| 6.2.8 Differences arising from the translation of foreign currency-denominated financial statements | 132,109,273.00 | 67,793,873.00 |
| 6.2.9 Other | 0.00 | 0.00 |
| Attributable to non-controlling interests | -11,490,094.00 | -52,716,452.00 |
| 7. Total comprehensive income | 995,228,402.00 | 1,963,391,722.00 |
| Attributable to owners of the Company as the parent | 1,216,640,699.00 | 2,097,978,764.00 |
| Attributable to non-controlling interests | -221,412,297.00 | -134,587,042.00 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | 0.030 | 0.058 |
| 8.2 Diluted earnings per share | 0.030 | 0.058 |
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees beforethe combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.Legal representative: Wang Dongsheng Chief Financial Officer: Sun YunHead of the Company’s Financial Department: Yang Xiaoping
4. Income Statement of the Company as the Parent
Unit: RMB
| Item | Q1 2019 | Q1 2018 |
| 1. Operating revenue | 1,550,181,250.00 | 1,357,965,239.00 |
| Less: Cost of sales | 5,726,539.00 | 4,315,232.00 |
| Taxes and surcharges | 11,878,427.00 | 11,104,418.00 |
| Selling expense | 9,331.00 | 289,489.00 |
| Administrative expense | 163,686,723.00 | 167,963,569.35 |
| R&D expense | 412,873,692.00 | 232,327,650.65 |
| Finance costs | 263,332,770.00 | 158,619,260.00 |
| Including: Interest expense | 299,804,031.00 | 171,461,456.04 |
| Interest income | 11,512,552.00 | 8,397,222.02 |
| Asset impairment loss | 0.00 | 0.00 |
| Credit impairment loss | 0.00 | 0.00 |
| Add: Other income | 227,895,820.00 | 227,603,341.00 |
| Return on investment (“-” for loss) | 805,532,954.00 | 1,295,650.00 |
| Including: Share of profit or loss of joint ventures and associates | -827,046.00 | 1,295,650.00 |
| Net gain on exposure hedges (“-” for loss) | 0.00 | 0.00 |
| Gain on changes in fair value (“-” for loss) | 0.00 | 0.00 |
| Asset disposal income (“-” for loss) | 0.00 | 0.00 |
| 2. Operating profit (“-” for loss) | 1,726,102,542.00 | 1,012,244,611.00 |
| Add: Non-operating income | 1,416,727.00 | 1,217,875.00 |
| Less: Non-operating expense | 206,858.00 | 314,221.00 |
| 3. Profit before tax (“-” for loss) | 1,727,312,411.00 | 1,013,148,265.00 |
| Less: Income tax expense | 189,406,330.00 | 148,804,250.00 |
| 4. Net profit (“-” for net loss) | 1,537,906,081.00 | 864,344,015.00 |
| 4.1 Net profit from continuing operations (“-” for net loss) | 1,537,906,081.00 | 864,344,015.00 |
| 4.2 Net profit from discontinued operations (“-” for net loss) | 0.00 | 0.00 |
| 5. Other comprehensive income, net of tax | 16,046,756.00 | -15,563,430.00 |
| 5.1 Items that will not be reclassified to profit or loss | 16,046,756.00 | 0.00 |
| 5.1.1 Changes caused by remeasurements on defined benefit pension schemes | 0.00 | 0.00 |
| 5.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | 0.00 | 0.00 |
| 5.1.3 Changes in the fair value of investments in other equity instruments | 16,046,756.00 | 0.00 |
| 5.1.4 Changes in the fair value of the company’s credit risks | 0.00 | 0.00 |
| 5.1.5 Other | 0.00 | 0.00 |
| 5.2 Items that will be reclassified to profit or loss | 0.00 | -15,563,430.00 |
| 5.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | 0.00 | 0.00 |
| 5.2.2 Changes in the fair value of investments in other debt obligations | 0.00 | 0.00 |
| 5.2.3 Gain/Loss on changes in the fair value of available-for-sale financial assets | 0.00 | -15,563,430.00 |
| 5.2.4 Other comprehensive income arising from the reclassification of financial assets | 0.00 | 0.00 |
| 5.2.5 Gain/Loss arising from the reclassification of held-to-maturity investments to available-for-sale financial assets | 0.00 | 0.00 |
| 5.2.6 Allowance for credit impairments in investments in other debt obligations | 0.00 | 0.00 |
| 5.2.7 Reserve for cash flow hedges | 0.00 | 0.00 |
| 5.2.8 Differences arising from the translation of foreign currency-denominated financial statements | 0.00 | 0.00 |
| 5.2.9 Other | 0.00 | 0.00 |
| 6. Total comprehensive income | 1,553,952,837.00 | 848,780,585.00 |
| 7. Earnings per share | ||
| 7.1 Basic earnings per share | 0.044 | 0.248 |
| 7.2 Diluted earnings per share | 0.044 | 0.248 |
5. Consolidated Cash Flow Statement
Unit: RMB
| Item | Q1 2019 | Q1 2018 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 28,976,834,648.00 | 23,118,428,990.00 |
| Net increase in customer deposits and interbank deposits | 0.00 | 0.00 |
| Net increase in borrowings from the central bank | 0.00 | 0.00 |
| Net increase in loans from other financial institutions | 0.00 | 0.00 |
| Premiums received on original insurance contracts | 0.00 | 0.00 |
| Net proceeds from reinsurance | 0.00 | 0.00 |
| Net increase in deposits and investments of policy holders | 0.00 | 0.00 |
| Net increase in proceeds from disposal of financial assets at fair value through profit or loss | 0.00 | 0.00 |
| Interest, handling charges and commissions received | 0.00 | 0.00 |
| Net increase in interbank loans obtained | 0.00 | 0.00 |
| Net increase in proceeds from repurchase transactions | 0.00 | 0.00 |
| Net proceeds from acting trading of securities | 0.00 | 0.00 |
| Tax rebates | 2,355,511,638.00 | 1,805,270,382.00 |
| Cash generated from other operating activities | 2,570,053,908.00 | 2,205,347,118.00 |
| Subtotal of cash generated from operating activities | 33,902,400,194.00 | 27,129,046,490.00 |
| Payments for commodities and services | 20,594,035,550.00 | 13,690,161,934.00 |
| Net increase in loans and advances to customers | 0.00 | 0.00 |
| Net increase in deposits in the central bank and in interbank loans granted | 0.00 | 0.00 |
| Payments for claims on original insurance contracts | 0.00 | 0.00 |
| Net increase in financial assets held for trading purposes | 0.00 | 0.00 |
| Net increase in interbank loans granted | 0.00 | 0.00 |
| Interest, handling charges and commissions paid | 0.00 | 0.00 |
| Policy dividends paid | 0.00 | 0.00 |
| Cash paid to and for employees | 3,330,366,285.00 | 2,994,748,596.00 |
| Taxes paid | 1,145,908,172.00 | 753,214,990.00 |
| Cash used in other operating activities | 2,667,848,802.00 | 2,492,832,154.00 |
| Subtotal of cash used in operating activities | 27,738,158,809.00 | 19,930,957,674.00 |
| Net cash generated from/used in operating activities | 6,164,241,385.00 | 7,198,088,816.00 |
| 2. Cash flows from investing activities: |
| Proceeds from disinvestment | 9,102,274,502.00 | 16,230,696,269.00 |
| Return on investment | 103,065,934.00 | 130,869,955.00 |
| Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 23,832,600.00 | 5,615,725.00 |
| Net proceeds from the disposal of subsidiaries and other business units | 0.00 | 0.00 |
| Cash generated from other investing activities | 404,836,348.00 | 2,311,084,521.00 |
| Subtotal of cash generated from investing activities | 9,634,009,384.00 | 18,678,266,470.00 |
| Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 13,135,877,971.00 | 11,114,423,433.00 |
| Payments for investments | 7,598,763,556.00 | 19,209,443,548.00 |
| Net increase in pledged loans granted | 0.00 | 0.00 |
| Net payments for the acquisition of subsidiaries and other business units | 0.00 | 0.00 |
| Cash used in other investing activities | 1,583,359,747.00 | 1,421,766,786.00 |
| Subtotal of cash used in investing activities | 22,318,001,274.00 | 31,745,633,767.00 |
| Net cash generated from/used in investing activities | -12,683,991,890.00 | -13,067,367,297.00 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | 1,549,510,000.00 | 10,800,000.00 |
| Including: Capital contributions by non-controlling interests to subsidiaries | 1,549,510,000.00 | 10,800,000.00 |
| Borrowings obtained | 20,199,473,125.00 | 11,080,692,010.00 |
| Net proceeds from the issuance of bonds | 0.00 | 0.00 |
| Cash generated from other financing activities | 292,244,720.00 | 871,517,387.00 |
| Subtotal of cash generated from financing activities | 22,041,227,845.00 | 11,963,009,397.00 |
| Repayments of borrowings | 14,696,160,916.00 | 4,142,696,634.00 |
| Payments for interest and dividends | 1,916,272,904.00 | 1,613,157,999.00 |
| Including: Dividends paid by subsidiaries to non-controlling interests | 0.00 | 0.00 |
| Cash used in other financing activities | 761,344,064.00 | 466,162,322.00 |
| Subtotal of cash used in financing activities | 17,373,777,884.00 | 6,222,016,955.00 |
| Net cash generated from/used in financing activities | 4,667,449,961.00 | 5,740,992,442.00 |
| 4. Effect of foreign exchange rate changes on cash and cash equivalents | -265,879,224.00 | -597,677,611.00 |
| 5. Net increase in cash and cash equivalents | -2,118,179,768.00 | -725,963,650.00 |
| Add: Cash and cash equivalents, beginning of the period | 43,350,696,520.00 | 47,913,287,583.00 |
| 6. Cash and cash equivalents, end of the period | 41,232,516,752.00 | 47,187,323,933.00 |
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
| Item | Q1 2019 | Q1 2018 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 2,196,646,203.00 | 1,294,746,503.00 |
| Tax rebates | 0.00 | 0.00 |
| Cash generated from other operating activities | 83,421,848.00 | 657,722,589.00 |
| Subtotal of cash generated from operating activities | 2,280,068,051.00 | 1,952,469,092.00 |
| Payments for commodities and services | 121,424,803.00 | 127,644,428.00 |
| Cash paid to and for employees | 365,563,871.00 | 302,566,071.00 |
| Taxes paid | 310,536,542.00 | 161,742,076.00 |
| Cash used in other operating activities | 1,718,497,541.00 | 187,172,675.00 |
| Subtotal of cash used in operating activities | 2,516,022,757.00 | 779,125,250.00 |
| Net cash generated from/used in operating activities | -235,954,706.00 | 1,173,343,842.00 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 306,360,000.00 | 142,759,980.00 |
| Return on investment | 537,081,499.00 | 0.00 |
| Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 140.00 | 310.00 |
| Net proceeds from the disposal of subsidiaries and other business units | 0.00 | 0.00 |
| Cash generated from other investing activities | 61,722,270.00 | 506,485,679.00 |
| Subtotal of cash generated from investing activities | 905,163,909.00 | 649,245,969.00 |
| Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 746,350,526.00 | 79,067,306.00 |
| Payments for investments | 1,281,730,200.00 | 5,928,800,200.00 |
| Net payments for the acquisition of subsidiaries and other business units | 0.00 | 0.00 |
| Cash used in other investing activities | 1,800,155,397.00 | 0.00 |
| Subtotal of cash used in investing activities | 3,828,236,123.00 | 6,007,867,506.00 |
| Net cash generated from/used in investing activities | -2,923,072,214.00 | -5,358,621,537.00 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | 0.00 | 0.00 |
| Borrowings obtained | 11,864,230,556.00 | 7,367,000,000.00 |
| Net proceeds from the issuance of bonds | 0.00 | 0.00 |
| Cash generated from other financing activities | 759,851,347.00 | 0.00 |
| Subtotal of cash generated from financing activities | 12,624,081,903.00 | 7,367,000,000.00 |
| Repayments of borrowings | 10,160,597,600.00 | 1,340,000,000.00 |
| Payments for interest and dividends | 441,999,300.00 | 418,524,483.00 |
| Cash used in other financing activities | 499,280.00 | 0.00 |
| Subtotal of cash used in financing activities | 10,603,096,180.00 | 1,758,524,483.00 |
| Net cash generated from/used in financing activities | 2,020,985,723.00 | 5,608,475,517.00 |
| 4. Effect of foreign exchange rate changes on cash and cash equivalents | -23,798,379.00 | 17,463.00 |
| 5. Net increase in cash and cash equivalents | -1,161,839,576.00 | 1,423,215,285.00 |
| Add: Cash and cash equivalents, beginning of the period | 3,829,814,050.00 | 2,990,801,501.00 |
| 6. Cash and cash equivalents, end of the period | 2,667,974,474.00 | 4,414,016,786.00 |
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of any NewStandards Governing Financial Instruments, Revenue or Leases
√ Applicable □ Not applicableConsolidated Balance Sheet
Unit: RMB
| Item | 31 December 2018 | 1 January 2019 | Adjusted |
| Current assets: | |||
| Monetary capital | 51,481,539,711.00 | 51,481,539,711.00 | 0.00 |
| Settlement reserve | 0.00 | 0.00 | 0.00 |
| Interbank loans granted | 0.00 | 0.00 | 0.00 |
| Trading financial assets | N/A | 5,534,413,566.00 | 5,534,413,566.00 |
| Financial assets at fair value through profit or loss | 0.00 | N/A | 0.00 |
| Derivative financial assets | 0.00 | 0.00 | 0.00 |
| Notes and accounts receivable | 20,537,462,095.00 | 20,537,462,095.00 | 0.00 |
| Including: Notes receivable | 656,781,577.00 | 656,781,577.00 | 0.00 |
| Accounts receivable | 19,880,680,518.00 | 19,880,680,518.00 | 0.00 |
| Prepayments | 770,633,448.00 | 770,633,448.00 | 0.00 |
| Premiums receivable | 0.00 | 0.00 | 0.00 |
| Reinsurance receivables | 0.00 | 0.00 | 0.00 |
| Receivable reinsurance contract reserve | 0.00 | 0.00 | 0.00 |
| Other receivables | 2,454,174,971.00 | 2,454,174,971.00 | 0.00 |
| Including: Interest receivable | 140,597,317.00 | 140,597,317.00 | 0.00 |
| Dividends receivable | 3,711,768.00 | 3,711,768.00 | 0.00 |
| Financial assets purchased under resale agreements | 0.00 | 0.00 | 0.00 |
| Inventories | 11,985,398,172.00 | 11,985,398,172.00 | 0.00 |
| Contractual assets | N/A | 0.00 | 0.00 |
| Assets classified as held for sale | 0.00 | 0.00 | 0.00 |
| Current portion of non-current assets | 0.00 | 0.00 | 0.00 |
| Other current assets | 12,463,073,779.00 | 6,928,660,213.00 | -5,534,413,566.00 |
| Total current assets | 99,692,282,176.00 | 99,692,282,176.00 | 0.00 |
| Non-current assets: | |||
| Loans and advances to customers | 0.00 | 0.00 | 0.00 |
| Investments in debt obligations | N/A | 0.00 | 0.00 |
| Available-for-sale financial assets | 734,022,359.00 | N/A | -734,022,359.00 |
| Investments in other debt obligations | N/A | 12,866,432.00 | 12,866,432.00 |
| Held-to-maturity investments | 0.00 | N/A | 0.00 |
| Long-term receivables | 0.00 | 0.00 | 0.00 |
| Long-term equity investments | 2,389,166,886.00 | 2,389,166,886.00 | 0.00 |
| Investments in other equity instruments | N/A | 721,155,927.00 | 721,155,927.00 |
| Other non-current financial assets | N/A | 0.00 | 0.00 |
| Investment property | 1,283,867,651.00 | 1,283,867,651.00 | 0.00 |
| Fixed assets | 128,157,730,995.00 | 128,157,730,995.00 | 0.00 |
| Construction in progress | 56,423,354,887.00 | 56,423,354,887.00 | 0.00 |
| Productive living assets | 0.00 | 0.00 | 0.00 |
| Oil and gas assets | 0.00 | 0.00 | 0.00 |
| Right-of-use assets | N/A | 0.00 | 0.00 |
| Intangible assets | 5,937,679,394.00 | 5,937,679,394.00 | 0.00 |
| R&D expense | 0.00 | 0.00 | 0.00 |
| Goodwill | 904,370,509.00 | 904,370,509.00 | 0.00 |
| Long-term prepaid expense | 360,640,853.00 | 360,640,853.00 | 0.00 |
| Deferred income tax assets | 252,373,622.00 | 252,373,622.00 | 0.00 |
| Other non-current assets | 7,893,002,053.00 | 7,893,002,053.00 | 0.00 |
| Total non-current assets | 204,336,209,209.00 | 204,336,209,209.00 | 0.00 |
| Total assets | 304,028,491,385.00 | 304,028,491,385.00 | 0.00 |
| Current liabilities: | |||
| Short-term borrowings | 5,449,954,885.00 | 5,449,954,885.00 | 0.00 |
| Borrowings from central bank | 0.00 | 0.00 | 0.00 |
| Interbank loans obtained | 0.00 | 0.00 | 0.00 |
| Trading financial liabilities | N/A | 0.00 | 0.00 |
| Financial liabilities at fair value through profit or loss | 0.00 | N/A | 0.00 |
| Derivative financial liabilities | 0.00 | 0.00 | 0.00 |
| Notes and accounts payable | 22,805,065,888.00 | 22,805,065,888.00 | 0.00 |
| Advances from customers | 1,218,934,743.00 | 1,218,934,743.00 | 0.00 |
| Financial assets sold under repurchase agreements | 0.00 | 0.00 | 0.00 |
| Customer deposits and interbank deposits | 0.00 | 0.00 | 0.00 |
| Payables for acting trading of securities | 0.00 | 0.00 | 0.00 |
| Payables for underwriting of securities | 0.00 | 0.00 | 0.00 |
| Payroll payable | 2,224,931,171.00 | 2,224,931,171.00 | 0.00 |
| Taxes payable | 970,108,298.00 | 970,108,298.00 | 0.00 |
| Other payables | 22,956,979,828.00 | 22,956,979,828.00 | 0.00 |
| Including: Interest payable | 1,016,761,921.00 | 1,016,761,921.00 | 0.00 |
| Dividends payable | 23,648,778.00 | 23,648,778.00 | 0.00 |
| Handling charges and commissions payable | 0.00 | 0.00 | 0.00 |
| Reinsurance payables | 0.00 | 0.00 | 0.00 |
| Contractual liabilities | N/A | 0.00 | 0.00 |
| Liabilities directly associated with assets classified as held for sale | 0.00 | 0.00 | 0.00 |
| Current portion of non-current liabilities | 5,597,563,204.00 | 5,597,563,204.00 | 0.00 |
| Other current liabilities | 1,004,557,061.00 | 1,004,557,061.00 | 0.00 |
| Total current liabilities | 62,228,095,078.00 | 62,228,095,078.00 | 0.00 |
| Non-current liabilities: | |||
| Insurance contract reserve | 0.00 | 0.00 | 0.00 |
| Long-term borrowings | 94,780,077,864.00 | 94,780,077,864.00 | 0.00 |
| Bonds payable | 10,288,666,233.00 | 10,288,666,233.00 | 0.00 |
| Including: Preferred shares | 0.00 | 0.00 | 0.00 |
| Perpetual bonds | 0.00 | 0.00 | 0.00 |
| Lease liabilities | N/A | 0.00 | 0.00 |
| Long-term payables | 1,416,092,239.00 | 1,416,092,239.00 | 0.00 |
| Long-term payroll payable | 0.00 | 0.00 | 0.00 |
| Provisions | 16,457,010.00 | 16,457,010.00 | 0.00 |
| Deferred income | 2,187,558,533.00 | 2,187,558,533.00 | 0.00 |
| Deferred income tax liabilities | 1,419,373,545.00 | 1,419,373,545.00 | 0.00 |
| Other non-current liabilities | 11,334,873,322.00 | 11,334,873,322.00 | 0.00 |
| Total non-current liabilities | 121,443,098,746.00 | 121,443,098,746.00 | 0.00 |
| Total liabilities | 183,671,193,824.00 | 183,671,193,824.00 | 0.00 |
| Owners’ equity: | |||
| Share capital | 34,798,398,763.00 | 34,798,398,763.00 | 0.00 |
| Other equity instruments | 0.00 | 0.00 | 0.00 |
| Including: Preferred shares | 0.00 | 0.00 | 0.00 |
| Perpetual bonds | 0.00 | 0.00 | 0.00 |
| Capital reserves | 38,213,100,596.00 | 38,213,100,596.00 | 0.00 |
| Less: Treasury stock | 0.00 | 0.00 | 0.00 |
| Other comprehensive income | -125,258,252.00 | -331,449,633.00 | -206,191,381.00 |
| Special reserves | 0.00 | 0.00 | 0.00 |
| Surplus reserves | 1,152,626,310.00 | 1,152,626,310.00 | 0.00 |
| General reserve | 0.00 | 0.00 | 0.00 |
| Retained earnings | 11,817,881,286.00 | 12,024,072,667.00 | 206,191,381.00 |
| Total equity attributable to owners of the Company as the parent | 85,856,748,703.00 | 85,856,748,703.00 | 0.00 |
| Non-controlling interests | 34,500,548,858.00 | 34,500,548,858.00 | 0.00 |
| Total owners’ equity | 120,357,297,561.00 | 120,357,297,561.00 | 0.00 |
| Total liabilities and owners’ equity | 304,028,491,385.00 | 304,028,491,385.00 | 0.00 |
Note for adjustment:
The Group began to implement the Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement ofFinancial Instruments, the Accounting Standards for Business Enterprises No. 23 – Transfer of Financial Assets, the AccountingStandards for Business Enterprises No. 24 – Hedging Accounting, and the Accounting Standards for Business Enterprises No. 37 –Presentation of Financial Instruments revised in 2017 from 1 January 2019. The Company adjusted related items of the FinancialStatements at the Beginning of the First Execution Year according to the requirements of the standards.
Balance Sheet of the Company as the Parent
Unit: RMB
| Item | 31 December 2018 | 1 January 2019 | Adjusted |
| Current assets: | |||
| Monetary capital | 3,829,814,050.00 | 3,829,814,050.00 | 0.00 |
| Trading financial assets | N/A | 0.00 | 0.00 |
| Financial assets at fair value through profit or loss | 0.00 | N/A | 0.00 |
| Derivative financial assets | 0.00 | 0.00 | 0.00 |
| Notes and accounts receivable | 38,452,623.00 | 38,452,623.00 | 0.00 |
| Including: Notes receivable | 1,500,000.00 | 1,500,000.00 | 0.00 |
| Accounts receivable | 36,952,623.00 | 36,952,623.00 | 0.00 |
| Prepayments | 25,020,734.00 | 25,020,734.00 | 0.00 |
| Other receivables | 2,015,828,460.00 | 2,015,828,460.00 | 0.00 |
| Including: Interest receivable | 9,659,279.00 | 9,659,279.00 | 0.00 |
| Dividends receivable | 14,115,915.00 | 14,115,915.00 | 0.00 |
| Inventories | 9,289,141.00 | 9,289,141.00 | 0.00 |
| Contractual assets | N/A | 0.00 | 0.00 |
| Assets classified as held for sale | 0.00 | 0.00 | 0.00 |
| Current portion of non-current assets | 450,000,000.00 | 450,000,000.00 | 0.00 |
| Other current assets | 47,805,096.00 | 47,805,096.00 | 0.00 |
| Total current assets | 6,416,210,104.00 | 6,416,210,104.00 | 0.00 |
| Non-current assets: | |||
| Investments in debt obligations | N/A | 0.00 | 0.00 |
| Available-for-sale financial assets | 128,297,254.00 | N/A | -128,297,254.00 |
| Investments in other debt obligations | N/A | 0.00 | 0.00 |
| Held-to-maturity investments | 0.00 | N/A | 0.00 |
| Long-term receivables | 0.00 | 0.00 | 0.00 |
| Long-term equity investments | 143,499,733,485.00 | 143,499,733,485.00 | 0.00 |
| Investments in other equity instruments | N/A | 128,297,254.00 | 128,297,254.00 |
| Other non-current financial assets | N/A | 0.00 | 0.00 |
| Investment property | 290,253,475.00 | 290,253,475.00 | 0.00 |
| Fixed assets | 969,371,352.00 | 969,371,352.00 | 0.00 |
| Construction in progress | 251,314,313.00 | 251,314,313.00 | 0.00 |
| Productive living assets | 0.00 | 0.00 | 0.00 |
| Oil and gas assets | 0.00 | 0.00 | 0.00 |
| Right-of-use assets | N/A | 0.00 | 0.00 |
| Intangible assets | 514,186,496.00 | 514,186,496.00 | 0.00 |
| R&D expense | 0.00 | 0.00 | 0.00 |
| Goodwill | 0.00 | 0.00 | 0.00 |
| Long-term prepaid expense | 99,701,797.00 | 99,701,797.00 | 0.00 |
| Deferred income tax assets | 290,794,548.00 | 290,794,548.00 | 0.00 |
| Other non-current assets | 284,243,667.00 | 284,243,667.00 | 0.00 |
| Total non-current assets | 146,327,896,387.00 | 146,327,896,387.00 | 0.00 |
| Total assets | 152,744,106,491.00 | 152,744,106,491.00 | 0.00 |
| Current liabilities: | |||
| Short-term borrowings | 1,000,000,000.00 | 1,000,000,000.00 | 0.00 |
| Trading financial liabilities | N/A | 0.00 | 0.00 |
| Financial liabilities at fair value through profit or loss | 0.00 | N/A | 0.00 |
| Derivative financial liabilities | 0.00 | 0.00 | 0.00 |
| Notes and accounts payable | 35,322,286.00 | 35,322,286.00 | 0.00 |
| Advances from customers | 1,577,035,515.00 | 1,577,035,515.00 | 0.00 |
| Contractual liabilities | N/A | 0.00 | 0.00 |
| Payroll payable | 201,139,261.00 | 201,139,261.00 | 0.00 |
| Taxes payable | 250,558,556.00 | 250,558,556.00 | 0.00 |
| Other payables | 8,209,736,090.00 | 8,209,736,090.00 | 0.00 |
| Including: Interest payable | 330,964,989.00 | 330,964,989.00 | 0.00 |
| Dividends payable | 6,451,171.00 | 6,451,171.00 | 0.00 |
| Liabilities directly associated with assets classified as held for sale | 0.00 | 0.00 | 0.00 |
| Current portion of non-current liabilities | 2,590,000,000.00 | 2,590,000,000.00 | 0.00 |
| Other current liabilities | 0.00 | 0.00 | 0.00 |
| Total current liabilities | 13,863,791,708.00 | 13,863,791,708.00 | 0.00 |
| Non-current liabilities: | |||
| Long-term borrowings | 26,520,000,000.00 | 26,520,000,000.00 | 0.00 |
| Bonds payable | 9,976,533,425.00 | 9,976,533,425.00 | 0.00 |
| Including: Preferred shares | 0.00 | 0.00 | 0.00 |
| Perpetual bonds | 0.00 | 0.00 | 0.00 |
| Lease liabilities | N/A | 0.00 | 0.00 |
| Long-term payables | 0.00 | 0.00 | 0.00 |
| Long-term payroll payable | 0.00 | 0.00 | 0.00 |
| Provisions | 0.00 | 0.00 | 0.00 |
| Deferred income | 5,523,949,841.00 | 5,523,949,841.00 | 0.00 |
| Deferred income tax liabilities | 0.00 | 0.00 | 0.00 |
| Other non-current liabilities | 20,954,104,125.00 | 20,954,104,125.00 | 0.00 |
| Total non-current liabilities | 62,974,587,391.00 | 62,974,587,391.00 | 0.00 |
| Total liabilities | 76,838,379,099.00 | 76,838,379,099.00 | 0.00 |
| Owners’ equity: |
| Share capital | 34,798,398,763.00 | 34,798,398,763.00 | 0.00 |
| Other equity instruments | 0.00 | 0.00 | 0.00 |
| Including: Preferred shares | 0.00 | 0.00 | 0.00 |
| Perpetual bonds | 0.00 | 0.00 | 0.00 |
| Capital reserves | 37,590,966,191.00 | 37,590,966,191.00 | 0.00 |
| Less: Treasury stock | 0.00 | 0.00 | 0.00 |
| Other comprehensive income | -28,507,585.00 | -284,608,843.00 | -256,101,258.00 |
| Special reserves | 0.00 | 0.00 | 0.00 |
| Surplus reserves | 1,152,626,310.00 | 1,152,626,310.00 | 0.00 |
| Retained earnings | 2,392,243,713.00 | 2,648,344,971.00 | 256,101,258.00 |
| Total owners’ equity | 75,905,727,392.00 | 75,905,727,392.00 | 0.00 |
| Total liabilities and owners’ equity | 152,744,106,491.00 | 2,648,344,971.00 | 0.00 |
Note for adjustment:
The Company began to implement the Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement ofFinancial Instruments, the Accounting Standards for Business Enterprises No. 23 – Transfer of Financial Assets, the AccountingStandards for Business Enterprises No. 24 – Hedging Accounting, and the Accounting Standards for Business Enterprises No. 37 –Presentation of Financial Instruments revised in 2017 from 1 January 2019. The Company adjusted related items of the FinancialStatements at the Beginning of the First Execution Year according to the requirements of the standards.
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any NewStandards Governing Financial Instruments or Leases
□ Applicable √ Not applicable
III Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.□Yes √ NoThese financial statements have not been audited by such an auditor.
Chairman of the Board (signature)：Wang Dongsheng
Date of the Board’s approval of this Report: 29 April 2019