Changhong Meiling Co., Ltd.The First Quarterly Report of 2020
April 2020
Section I. Important NotesBoard of Directors and the Supervisory Committee of Changhong Meiling Co., Ltd. (hereinafter referred toas the Company) and its directors, supervisors and senior executives should guarantee the reality, accuracy andcompletion of the quarterly report, there are no any fictitious statements, misleading statements or importantomissions carried in this report, and shall take legal responsibilities, individual and/or joint.Mr.Wu Dinggang, person in charge of the Company, Mr. Pang Haitao, person in charge of accounting worksand Mr.Yang Jun, person in charge of accounting organ (accounting officer) hereby confirm that the FinancialReport of this Quarterly Report is authentic, accurate and complete.Prompt of non-standard audit opinion
□ Applicable √ Not applicable
The First Quarterly Report of 2020 has not been audited.All Directors are attended the Board Meeting for Quarterly Report deliberation.
Section II. Basic situation of the Company
I. Main accounting data and financial indexesWhether it has retroactive adjustment or re-statement on previous accounting data or not
□Yes√ No
This Period | Same period of last year | Changes of this period over same period of last year | |
Operating income (RMB) | 2,281,578,242.02 | 4,222,693,607.41 | -45.97% |
Net profit attributable to shareholders of the listed company (RMB) | -270,008,124.67 | 60,526,575.53 | -546.10% |
Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses (RMB) | -282,956,643.92 | 36,385,461.05 | -877.66% |
Net cash flow arising from operating activities (RMB) | -1,003,451,132.76 | -921,543,887.11 | -8.89% |
Basic earnings per share (RMB/Share) | -0.2585 | 0.0579 | -546.46% |
Diluted earnings per share (RMB/Share) | -0.2585 | 0.0579 | -546.46% |
Weighted average ROE | -5.54% | 1.20% | 6.74 percentage points down |
End of this period | End of last period | Changes of this period-end over same period-end of last year | |
Total assets (RMB) | 13,792,441,370.31 | 14,202,233,615.47 | -2.89% |
Net assets attributable to shareholder of listed company (RMB) | 4,730,295,775.70 | 5,004,947,673.36 | -5.49% |
Items of non-recurring gains and losses
√ Applicable □ Not applicable
In RMB
Item | Amount from year-begin to period-end | Note |
Gains/losses from the disposal of non-current asset (including the write-off that accrued for impairment of assets) | 262,008.65 | Found in “Asset disposal income” |
Governmental subsidy reckoned into current gains/losses (not including the subsidy enjoyed in quota or ration according to national standards, which are closely relevant to enterprise?s business) | 10,210,370.52 | Found in “Other income” |
Losses/gains from changes of fair values occurred in holding trading financial assets, derivative financial assets, trading financial liabilities and derivative financial liabilities, and investment income obtaining from | 3,689,775.73 | Found in “Investment income” and “Changes in fair value |
the disposal of trading financial assets, derivative financial assets, trading financial liability, derivative financial liability and other debt investment, excluded effective hedging business relevant with normal operations of the Company | gains/losses” | |
Other non-operating income and expenditure except for the aforementioned items | 717,561.73 | Found in “Non-operating income”, “Non-operating expenditure” |
Less: impact on income tax | 1,957,669.87 | -- |
Impact on minority shareholders? equity (post-tax) | -26,472.49 | -- |
Total | 12,948,519.25 | -- |
Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on InformationDisclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss, and the itemsdefined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss in Q&AAnnouncement No.1 on Information Disclosure for Companies Offering Their Securities to the Public ---Extraordinary Profit/loss, explain reasons
□ Applicable √ Not applicable
The Company has no items defined as recurring profit (gain)/loss according to the lists of extraordinary profit(gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities tothe Public --- Extraordinary Profit/loss, in the period.
II. Total number of shareholders at the end of this report period and top ten shareholders
1. Total number of common shareholders and preference shareholders with voting rights recovered and topten common shareholders
In shares
Total number of common shareholders at the end of report period | 64,281 | Total preference shareholders with voting rights recovered at end of reporting period (if applicable) | 0 | |||||
Top ten shareholders | ||||||||
Shareholder?s name | Nature of shareholder | Proportion of shares held | Amount of shares held | Amount of lock-up shares held | Number of share pledged/frozen | |||
State of share | Amount | |||||||
Sichuan Changhong Electric Co., Ltd. | State-owned legal person | 23.79% | 248,457,724 | 0 | - | - | ||
Hefei Industrial Investment Holding (Group) Co., Ltd. | State-owned legal person | 4.58% | 47,823,401 | 0 | - | - |
Changhong (Hong Kong) Trade Co., Ltd. | Foreign legal person | 2.59% | 27,077,797 | 0 | - | - | ||
CAO SHENGCHUN | Foreign nature person | 1.41% | 14,766,086 | 0 | - | - | ||
Caitong Fund- Ningbo Bank-Haitong Xingtai (Anhui) Emerging Industry Investment Fund (Limited Partnership) | Domestic non-State-owned legal person | 1.03% | 10,733,452 | 0 | - | - | ||
Shanghai Fangda Investment Management Co., Ltd. | Domestic non-State-owned legal person | 0.78% | 8,180,000 | 0 | - | - | ||
Ma Guobin | Domestic nature person | 0.69% | 7,192,100 | 0 | - | - | ||
China Construction Bank - China Central Zhongzheng Sichuan Reform of State-owned Enterprise ETF | Domestic non-State-owned legal person | 0.63% | 6,576,100 | 0 | - | - | ||
Philip Securities (H.K.) Co., Ltd. | Foreign legal person | 0.60% | 6,296,913 | 0 | - | - | ||
Huatai Securities Co., Ltd.-Zhonggeng Value Pilot Mixed Securities Investment Fund | Domestic non-State-owned legal person | 0.46% | 4,808,128 | 0 | - | - | ||
Top ten shareholders with unrestricted shares held | ||||||||
Shareholder?s name | Amount of unrestricted shares held | Type of shares | ||||||
Type | Amount | |||||||
Sichuan Changhong Electric Co., Ltd. | 248,457,724 | RMB ordinary shares | 248,457,724 | |||||
Hefei Industrial Investment Holding (Group) Co., Ltd. | 47,823,401 | RMB ordinary shares | 47,823,401 | |||||
Changhong (Hong Kong) Trade Co., Ltd. | 27,077,797 | Domestically listed foreign shares | 27,077,797 | |||||
CAO SHENGCHUN | 14,766,086 | Domestically listed foreign shares | 14,766,086 | |||||
Caitong Fund- Ningbo Bank-Haitong Xingtai (Anhui) Emerging Industry Investment Fund (Limited Partnership) | 10,733,452 | RMB ordinary shares | 10,733,452 | |||||
Shanghai Fangda Investment Management Co., Ltd. | 8,180,000 | RMB ordinary shares | 8,180,000 | |||||
Ma Guobin | 7,192,100 | RMB ordinary shares | 7,192,100 | |||||
China Construction Bank - China Central Zhongzheng Sichuan Reform of State-owned Enterprise ETF | 6,576,100 | RMB ordinary shares | 6,576,100 | |||||
Philip Securities (H.K.) Co., Ltd. | 6,296,913 | Domestically listed foreign shares | 6,296,913 |
Huatai Securities Co., Ltd.-Zhonggeng Value Pilot Mixed Securities Investment Fund | 4,808,128 | RMB ordinary shares | 4,808,128 | |
Explanation on associated relationship among the aforesaid shareholders | Among the above shareholders, CHANGHONG (HK) TRADING LIMITED (hereinafter referred to as Hong Kong Changhong) is the wholly-owned subsidiary of Sichuan Changhong Electric Co., Ltd.; except the shares of the Company directly held by Hong Kong Changhong, 6,296,913 shares of B-stock are also held through Phillip Securities (Hong Kong) Co., Ltd., the foregoing shareholders constitute persons of uniform action. There existed no associated relationship or belong to the concerted actors as specified in the Measures for the Administration of Information Disclosure of Shareholder Equity Changes of Listed Companies among Sichuan Changhong, Hong Kong Changhong and other top 7 shareholders (except Philip Securities (H.K.) Co., Ltd.); “Caitong Fund- Ningbo Bank-Haitong Xingtai (Anhui) Emerging Industry Investment Fund (Limited Partnership) ” refers to the products of Caitong Fund Management Company subscribe for privately placement of 2016; The company neither knows whether there is any association among other shareholders, nor knows whether other shareholders belong to the persons acting in concert that is stipulated in the “Administrative Measures on Information Disclosure of Changes in Shareholding of Listed Companies”. | |||
Explanation on top ten common shareholders involving margin business (if applicable) | As of 31 March 2020, among the top 10 common shareholders, Shanghai Fangda Investment Management Co., Ltd. holds 8,180,000 shares of the Company through customer credit trading secured account of Guoyuan Securities Co., Ltd. Ma Guobin holds 7,192,100 shares of the Company through customer credit trading secured account of Founder Securities Co., Ltd. |
Note 1: At end of the reporting period, the person acting in concert with controlling shareholder SichuanChanghong-- CHANGHONG (HK) TRADING LIMITED, holds B-stock of the Company as 33,374,710 shares,among which, 6,296,913 shares are held through Philip Securities (H.K.) Co., Ltd. by CHANGHONG (HK)TRADING LIMITED.Note 2: In the above table, "Particulars about shares held above 5% by shareholders or top 10 shares holding"is subject to the data on stock transfer books provided by China Securities Depository and Clearing CorporationLimited Shenzhen Branch.
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have abuy-back agreement dealing in reporting period
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of theCompany have no buy-back agreement dealing in reporting period.
2. Total shareholders with preferred stock held and shares held by top ten shareholders with preferredstock held
□ Applicable √ Not applicable
Section III. Significant EventsI. Particulars about material changes in items of main accounting statement and financialindex and explanations of reasons
√ Applicable □Not applicable
(I) Changes and reasons of items in balance sheet
In RMB
Item | Ending balance | Opening balance | Changes ratio | Item |
Notes receivable | 1,240,758,237.17 | 1,865,165,499.50 | -33.48% | Mainly due to the decrease in the company's sales revenue leading to a decrease in bills receivable. |
Advance payment | 78,439,029.82 | 25,270,406.37 | 210.40% | Mainly due to the increase in the company's advance payment for bulk materials. |
Other current assets | 237,637,798.24 | 63,604,031.96 | 273.62% | Mainly due to the increase in corporate wealth management in the current period. |
Short term loan | 1,608,643,732.12 | 1,103,991,045.96 | 45.71% | Mainly due to the increase in short-term loans of the company in the current period. |
Transactional financial liabilities | 3,755,882.63 | 1,081,534.93 | 247.27% | Change of the fair value for FXA (Forward Exchange Agreement) carried out in the period |
Payroll payable | 125,222,435.70 | 196,507,174.68 | -36.28% | Mainly due to the payment of employee compensation in the current period. |
Taxes payable | 29,339,909.58 | 68,558,391.66 | -57.20% | Mainly due to the payment of value-added tax by Meiling Group, a subsidiary of the current period. |
Undistributed profit | 614,119,618.75 | 884,127,743.42 | -30.54% | Mainly caused by the company's losses in the current period. |
(II) Changes and reasons of items in profit statement
In RMB
Item | Amount at the period | Amount at the same period of last year | Changes ratio | Reasons of changes |
Operating income | 2,281,578,242.02 | 4,222,693,607.41 | -45.97% | Mainly due to the impact of the new coronary pneumonia epidemic, which resulted in a decrease in operating income. |
Operating cost | 1,991,759,544.67 | 3,378,498,741.74 | -41.05% | Same as “Operating income” |
Taxes and surcharges | 18,907,987.65 | 41,279,976.29 | -54.20% | Same as “Operating income” |
Sales expenses | 371,060,681.20 | 613,574,029.12 | -39.52% | Same as “Operating income” |
R&D expenses | 81,217,573.94 | 52,209,017.77 | 55.56% | Mainly due to the y-o-y increase in R & D investment in this period. |
Financial expenses | 4,376,275.14 | 12,386,522.10 | -64.67% | Mainly due to the y-o-y increase in interest income in the current period |
Other income | 10,962,097.40 | 15,924,209.49 | -31.16% | Government grants received in the period decreased from a year earlier |
Investment income | 7,493,976.04 | -3,294,794.60 | 327.45% | Mainly due to the company's forward foreign exchange contract delivery income. |
Changing income of fair value | -3,935,681.27 | 17,239,305.01 | -122.83% | Change of the fair value for FXA (Forward Exchange Agreement) carried out in the period |
Assets impairment loss | -15,425,929.32 | -8,114,711.29 | -90.10% | Mainly due to the y-o-y increase in impairment losses of inventory assets in the current period. |
Credit impairment loss | -33,262,321.33 | 4,348,457.12 | -864.92% | Mainly due to the y-o-y increase in the impairment loss of notes receivable and accounts receivable in the current period. |
Assets disposal income | 262,008.65 | -786,764.45 | 133.30% | Mainly due to the y-o-y increase in the company?s disposal of part of the asset income during the period. |
Income tax expense | -6,990,752.22 | 10,546,657.77 | -166.28% | Mainly due to the reduction of taxable income in the current period resulting in a reduction in income tax expenses. |
Minority interest | -8,756,819.19 | -5,022,513.61 | -74.35% | Some of the wholly-owned subsidiary have deficit in the period with a y-o-y increased |
(III) Changes and reasons of items in cash flow statement
In RMB
Item | Amount at the period | Amount at the same period of last year | Changes ratio | Reasons of changes |
Cash received from selling goods and providing services | 2,514,448,244.56 | 3,904,690,858.42 | -35.60% | Mainly due to the decrease in the company?s income resulting in a decrease in the return. |
Write-back of tax received | 110,892,572.91 | 67,038,256.22 | 65.42% | The export rebate received in the period increased from a year earlier |
Other cash received in connection with business activities | 25,388,923.86 | 73,527,737.20 | -65.47% | Mainly due to the company received government subsidies and restricted reversal decreased year-on-year. |
Taxes paid | 80,120,060.82 | 159,372,262.81 | -49.73% | Mainly due to the y-o-y decrease in the company's |
VAT payment during the period. | ||||
Other cash paid concerning operation activities | 188,388,232.21 | 295,623,725.22 | -36.27% | Mainly due to the y-o-y decrease in expenses of the company during the payment period. |
Cash received from investment recovery | - | 430,000,000.00 | -100.00% |
Cash received from investment income | 2,279,362.48 | 1,512,445.59 | 50.71% | Mainly due to the y-o-y increase in the investment income of the joint ventures received by the company during the period. |
Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 600.00 | 557,933.20 | -99.89% |
Other cash received in connection with investment activities | 39,748,651.98 | 30,122,236.60 | 31.96% | Mainly due to the y-o-y increase in the company's interest income during the period. |
Cash paid for acquisition and construction of fixed assets, intangible assets and other long-term assets | 65,387,929.38 | 137,742,454.20 | -52.53% | Mainly due to the y-o-y decrease in the purchase and construction of fixed assets of the company in the current period. |
Cash paid for investments | 150,000,000.00 | 424,000,000.00 | -64.62% | Mainly due to the y-o-y decrease in the principal paid by the company for entrusted wealth management in the current period. |
Other cash paid concerning investment activities | - | 5,481,620.00 | -100.00% | Mainly due to the loss of delivery of forward foreign exchange contracts of the previous period of the company, no such item occurred in this period. |
Cash received from borrowing | 976,420,210.00 | 470,219,380.02 | 107.65% | Mainly due to the y-o-y increase in loans obtained by the company during the period. |
Cash paid for debt repayment | 377,260,642.92 | 695,000,000.00 | -45.72% | Mainly due to the y-o-y decrease in cash paid by the company for debt repayment in the current period. |
Cash paid for dividend/profit distribution or interest expenses | 23,019,861.96 | 35,295,622.65 | -34.78% | Mainly due to the decrease in dividends paid by the company in the current period. |
Other cash paid concerning financing activities | 358,999.60 | 25,073,514.40 | -98.57% | Mainly due to the limited use of the company's fund-raising deposits in the previous period, none in this period. |
II. Analysis and explanation of significant events and their influence and solutions
√ Applicable □Not applicable
(i) Particular about process of the fund raised and investment of fund raised in the report periodThe Company implemented a private placement of A-share in year of 2016, totally 1,569,999,998.84 Yuan
raised, net money raised amounting to 1,540,732,722.76 Yuan after deducted vary issuance costs (tax included)29,267,276.08 Yuan.The resolutions of the 35th session of the 9th Board of Directors of the Company, the 18th session of the 9thBoard of Supervisors of the Company, and the 2nd Extraordinary General Meeting of 2020 passed, and theindependent directors consented, and the sponsor institution made unanimous verification opinions to agree thecompany to use the idle raised funds of not exceeding RMB 199 million to invest in the principal-protectedfinancial products with high security, good liquidity and allotted time of single item not more than one year, theauthorization period is valid for one year from the date of approval by the company?s general meeting ofshareholders. Up to now, the company is normatively using the raised funds to purchase bank financial product inaccordance with the decision-making and relevant regulations and requirements.As of 31 March 2020, the fund raising project of non-public stock issuance of 2016 has 1,010,048,884.54yuan actually used in total, at the same time, the amount permanent supplementary working capital of theCompany cumulatively as 432,609,413.91 yuan. Of which, during the reporting period, the fund raising used bythe Company amounted to 28,932,773.05 yuan (including bank handling fee and cost of labor 235 yuan), theamount permanently supplements the working capital was 126,766,362.64 yuan. In addition, the specific accountfor fund raising gains a deposit interest of 398,140.81 yuan, the income from bank financial products on due withidle fund raising was 0 yuan. As of 31 March 2020, balance of the specific account for fund raising was217,901,445.91 yuan (including interest income 3,451,161.54 yuan, income from bank financial products on due35,730,920.38 yuan and the bank financial products of 1,500,000,000,000 yuan purchased by idle fund raising).more details are:
In RMB
Serial | Name | Total project investment | Proposed investment amount of raised funds | Accumulated investment amount (as of March 31, 2020) | Permanent replenishment the working capital | Balance of raised funds (including financing income and deposit interest income) |
1 | Construction of intelligent manufacturing project | 39,870.65 | 39,100.00 | 296,366,258.29 | - | 133,721,577.30 |
1.1 | Including: Intelligent Manufacturing (Hefei) project | 27,870.65 | 27,100.00 | 251,686,803.48 | - | 56,150,268.08 |
1.2 | Production line for the annual capacity of 2 million washing machines (Phase II) | 12,000.00 | 12,000.00 | 44,679,454.81 | - | 77,571,309.22 |
2 | Construction of intelligent R&D capability and new | 55,900.00 | 55,900.00 | 397,800,962.48 | 126,766,362.64 | 84,179,868.61 |
products development of the intelligent appliance technology | ||||||
3 | Intelligent life project | 32,076.00 | 32,000.00 | 45,001,600.00 | 305,843,051.27 | 0 |
4 | Supplementary the floating capital | 30,000.00 | 27,073.27 | 270,880,063.77 | - | 0 |
Total | 157,846.65 | 154,073.27 | 1,010,048,884.54 | 432,609,413.91 | 217,901,445.91 |
Note 1: According to the plan for the use of raised funds approved by the shareholders' general meeting, thecompany has withdrawn the remaining funds raised and interest income from this “Intelligent life project” account,a total of 305,843,051.27 yuan, to permanently supplement the company?s working capital on 26 July 2019, 19August, and 11 October respectively. After the withdrawal, the remaining funds of the special account for theraised funds were 0 yuan, and the account was cancelled. At the same time, the company implemented theliquidation and cancellation of Changmei Technology Co., Ltd., the main body of the project, and is currentlyworking on the liquidation and cancellation.
Note 2: According to the plan for the use of raised funds approved by the shareholders' general meeting, onJanuary 15, 2020, the company withdrew the remaining raised funds, wealth management and interest incometotaling 126,766,362.64 yuan after deducting the balance of the contract to be paid and the guarantee deposit fromthe “intelligent research and development project” account for permanent supplements of the company?s workingcapital. After the withdrawal, the remaining funds of the special account of the raised funds would continue to beused to pay the contract balance and guarantee deposit.
(ii) Implementation for annual performance incentive fund
On August 9, 2012 and August 28, 2012, the Company considers the adoption of "Hefei Meiling annualperformance incentive fund implementation plan" (hereinafter referred to as "" stimulus "") on the 16th meeting ofthe 7th board of directors and the 2012-second provisional shareholders meeting. Details were disclosed oninformation disclosure media appointed by the Company as "Securities Times", "Chinese Securities Daily","Hong Kong Commercial Daily" and the Juchao network (www.cninfo.com.cn) on August 10, 2012 and August29 in the form of announcement (No.: 2012-028, No.:2012-035).
1. Implementation about 2012, 2013, 2014 and 2016 performance incentive fund provision anddistribution plan
See details in "Implementation of the company's annual incentive fund" in "XV Implementation of thecompany's stock incentive plan, employee stock ownership plan, or other employee incentive measures" in"Section V Important Events" of the company's "2019 Annual Report" disclosed on 28 March 2020.
Up to the end of this reporting period, the company's stock purchased by some 2012 annual performanceincentive objects (non-directors, supervisors and senior management), 2013 annual performance incentive objects(non-directors, supervisors and senior management), the 2014 annual performance incentive objects
(non-directors, supervisors and senior management) with their granted 2012 annual performance incentive fundsand own funds and 2013 & 2014 annual performance incentive funds and own funds have been fully released fortrading; the stock purchased by some 2016 annual performance incentive objects (non-directors, supervisors andsenior management), with their granted 2016 annual performance incentive funds and own funds are expired fortwo years, 50% of the stock shall be released for trading, details of the share reduction for the above mentionedobjects see below. In the Period, the Company?s shares purchased by the current directors, supervisors and seniorexecutives among the performance incentive targets due to the implementation of the 2012, 2013, 2014 and 2016annual performance incentive plans have not reduced the shareholdings.
2. Shareholding and reducing of performance incentive objects of the CompanyEnded as 31 March 2020, shares hold by all incentive objects amounting to 11,074,817 shares, a 1.0602 % intotal share capital of the Company, including 9,384,924 A-share, a 0.8984% in total share capital and 1,689,893B-share, a 0.1618% in total share capital of the Company. Other grantees of the 2012, 2013, 2014 and 2016incentive plan (not being directors, supervisors and senior management) have reduced holding of 5,438,998 inaggregate, accounting for about 0.5207% of the total share capital and 125,400 shares are reduced in the reportingperiod.(iii) Transaction with Sichuan Changhong Group Finance Co., LtdThe resolution of the 34th meeting of the 8th board of directors on August 9, 2017 and the secondextraordinary general meeting of 2017 on September 12, 2017 approved and agreed the company to continuecarry out the financial service cooperation with Sichuan Changhong Group Finance Co., Ltd. (hereinafter referredto as “Changhong Finance Company”) and sign a triennial Financial Service Agreement. According to the“Proposal on Expected Continuous Related Transactions with Sichuan Changhong Group Finance Co., Ltd. in2020” approved by the deliberations of the 31st session of the 9th Board of Directors, the 16th session of the 9thBoard of Supervisors and the 4th Extraordinary General Meeting of 2019 of the Company, Changhong FinanceCompany provides a series of financial services such as deposits and loans within the scope of its business inaccordance with the requirements of the Company and its subsidiaries. The related transactions between thecompany and its subsidiaries and Changhong Finance Company from the beginning of the year to the end of thereporting period are as follows:
In RMB
Item | Opening balance | Increase in this period | Decrease in this period | Ending balance | Interest, handling charge paid or received |
I. Savings in Changhong Group Finance Company | 3,702,382,630.38 | 9,362,019,060.80 | 10,317,554,648.25 | 2,746,847,042.93 | 24,236,057.29 |
II. Borrowings from Changhong Group Finance |
Item | Opening balance | Increase in this period | Decrease in this period | Ending balance | Interest, handling charge paid or received |
Company | |||||
1.Short-term loans | |||||
2.Long-term loans | |||||
III. Other financial business | |||||
1.Notes drawing | 999,585,345.49 | 318,892,949.99 | 486,624,547.81 | 831,853,747.67 | 165,497.35 |
2.Notes discounted | 638,333,179.10 | 385,957,932.57 | 601,115,523.97 | 423,175,587.70 | 2,757,667.95 |
(iv) Other significant events
Overview | Date for disclosure | Information index for temporary report disclosure |
According to the operation needs and capital management, the Company will recover all the remaining investment in advance, which are under the No. 135 directional assets management plan issued by Soochow Securities Co., Ltd. (hereinafter, Soochow Securities) subscribed in the earlier period. | 2020-1-2 | Juchao Website: http://www.cninfo.com.cn (No. 2019-094) |
After deliberated and approved by BOD, BOS and extraordinary shareholders? general meeting, it is agreed that the Company will provide a credit guarantee to its wholly-owned and controlling subsidiaries with 3670 million yuan in total for year of 2020. The guarantee period for the newly added guarantee lines and the renewed guaranteed lines in the current year shall be one year. | 2019-12-26 2020-1-11 | Juchao Website: http://www.cninfo.com.cn (No. 2019-088, No. 2019-089, No. 2019-090, No. 2020-002) |
After deliberated and approved by BOD, BOS and extraordinary shareholders? general meeting, it is agreed that the Company will complete the “Intelligent R&D project”, and balance of the fund raised of 125,084,220.44 yuan (including interest income of financing and deposit 47,970,805.20 yuan) and the interest settled in the future are used to permanently supplement the working capital as of 30 November 2019. The specific amount shall be the actual amount after deducting the reservation contract balance payment and quality retention money from the special account on the day the fund is transferred out. Meanwhile, total of 114,368,326.60 yuan of the outstanding contract balance payment and quality retention money shall continue to be kept in the fund raising account and shall be paid as agreed in the contract. | 2019-12-26 2020-1-11 | Juchao Website: http://www.cninfo.com.cn (No. 2019-088, No. 2019-089, No. 2019-091, No. 2020-002) |
After deliberated and approved by BOD, BOS and shareholders? general meeting, it is agreed that the Company and its subsidiaries shall use their own idle funds (1.3 billion yuan at most, and the line can be used in a rolling way) to invest in the bank financial products with high security, good liquidity, low risk and stability within one year, and the authorization period shall be valid for one year from the date of approval by the shareholders? general meeting. | 2020-1-21 | Juchao Website: http://www.cninfo.com.cn (No. 2020-003, No. 2020-004, No. 2020-009) |
After deliberated and approved by BOD, BOS and shareholders? general meeting, it is | 2020-1-21 | Juchao Website: |
agreed that the Company can use up to 199 million yuan of idle raised funds (the amount can be used on a rolling basis) to invest in a capital-guaranteed financial products with high security, good liquidity and a single product period of no more than one year, the authorization period shall be valid within one year from the date of approval by the shareholders? general meeting. | http://www.cninfo.com.cn (No. 2020-003, No. 2020-004, No. 2020-006) | |
During the reporting period, the Company purchased the principal-guaranteed financial products of Chengdu Branch of Bohai Bank Co., ltd with idle raised funds of 100 million yuan. | 2020-2-21 | Juchao Website: http://www.cninfo.com.cn (No. 2020-010) |
During the reporting period, the Company purchased the principal-guaranteed financial products of Mianyang Economic Development Zone Branch of Bank of China Co., ltd with idle raised funds of 50 million yuan. | 2020-3-11 | Juchao Website: http://www.cninfo.com.cn (No. 2020-011) |
After deliberated and approved by BOD, it is agreed that the Company and its subsidiary shall carry out forward foreign exchange capital trading business from 1 July 2020 to 30 June 2021, with a business transaction balance not exceeding US$650 million (mainly including US dollars, Australian dollars and Euros, and all other foreign exchange converted into US dollars), the longest period of a single business delivery is not more than one year. This matter still needs to be submitted for deliberation and approval from AGM of the Company. | 2020-3-28 | Juchao Website: http://www.cninfo.com.cn (No. 2020-012, No. 2020-017) |
After deliberated and approved by BOD, it is agreed that the Company and its wholly-owned subsidiary Sichuan Changhong Air Conditioning Co., Ltd. (hereinafter the Changhong AC) will jointly increase the capital of 150 million yuan to Zhongshan Changhong with their own funds according to the current shareholding ratio, of which the capital increase of the Company is 135 million yuan and the capital increase of Changhong AC is 15 million yuan. The capital increase matters still need to be submitted for deliberation and approval from shareholders? general meeting of the Company without approval of other external departments. | 2020-3-28 | Juchao Website: http://www.cninfo.com.cn (No. 2020-012, No. 2020-018) |
After deliberated and approved by BOD and BOS, it is agreed that the Company will increase the credit guarantee line of no more than 30 million yuan to Zhongke Meiling with period of one year for day-to-day production and operation. The guarantee matter shall be submitted for deliberation and approval from shareholders? general meeting of the Company. | 2020-3-28 | Juchao Website: http://www.cninfo.com.cn (No. 2020-012, No. 2020-013, No. 2020-019) |
After deliberated and approved by BOD, it is agreed that the Company applies for a special credit line of up to 700 million yuan for bill pool from Hefei Luyang Branch of China Construction Bank Co., Ltd with a credit period of two years. Type of credit is mainly used for the special business of the bill pool with bill pledge means. This matter still needs to be submitted for deliberation and approval from AGM of the Company. | 2020-3-28 | Juchao Website: http://www.cninfo.com.cn (No. 2020-012, No. 2020-020) |
After deliberated and approved by BOD, it is agreed to continue appointing the Shine Wing Certified Public Accountants (LLP) as the auditing institution of the financial report and internal control of the Company for 2020 for a period of one year. Meanwhile, request the shareholders? general meeting to authorize the management of the Company to determine its annual audit charges according to the industry standards and actual works of the audit. This matter still needs to be submitted for deliberation | 2020-3-28 | Juchao Website: http://www.cninfo.com.cn (No. 2020-012,No. 2020-015) |
(v) Implementation progress of shares buy-back
□ Applicable √ Not applicable
(vi) Implementation progress of the reduction of repurchases shares by centralized bidding
□ Applicable √ Not applicable
III. Commitments completed in Period and those without completed till end of the Periodfrom actual controller, shareholders, related parties, purchaser and companies
□ Applicable √ Not applicable
The Company has no commitments completed in Period and those without completed till end of the Periodfrom actual controller, shareholders, related parties, purchaser and companies.IV. Forecast of operation performance from Jan. – June of 2020Estimation on accumulative net profit from the beginning of the year to the end of next report period to beloss probably or the warning of its material change compared with the corresponding period of the last year andexplanation on reason
□ Applicable √ Not applicable
V. Securities Investment
□ Applicable √ Not applicable
No security investment in Period.VI. Trust financing
√Applicable □ Not applicable
In 10 thousand Yuan
and approval from AGM of the Company.Type
Type | Capital resources | Amount for entrust | Undue balance | Overdue amount |
Bank financing products | Raised funds | 15,000 | 15,000 | 0 |
Total | 15,000 | 15,000 | 0 |
Details of the single major amount, or high-risk trust investment with low security, poor fluidity andnon-guaranteed:
√Applicable □ Not applicable
In 10 thousand Yuan
Trustee institution (or name of trustee) | Trustee type | Product type | Amount | Source of funds | Start date | Expiry date | Capital investment purpose | Criteria for fixing reward | Reference annual rate of return | Anticipated income (if applicable) | Actual gains/losses in period | Actual collected gains/losses in period | Amount of reserve for devaluation of withdrawing (if applicable) | Whether approved by legal procedure (Y/N) | Whether has entrust finance plan in the future | Summary of the items and related query index (if applicable) |
Chengdu Branch of Bohai Bank Co., Ltd | Bank | Principal-guaranteed with floating income | 10,000 | Idle raised funds | 2020-2-21 | 2020-5-25 | The structured deposit product, the structural derivatives tied with the 3-month interbank lending rate in London (Libor) | Annualized returns: 3.80% | 3.80% | 99.22 | - | - | N/A | Y | Not applicable | Juchao Website(www.cninfo.com.cn) (Notice No.: 2020-010) |
Mianyang Branch of Bank of China Limited | Bank | Guaranteed minimum income | 5,000 | Idle raised funds | 2020-3-10 | 2020-6-10 | The structured deposit product, the spot rate of the US dollar against the Swiss fanc is taken from the quotation of US dollar against the Swiss franc taken by EBS (Interbank Electronic Trading System) between 5 a.m. Sydney time every Monday and 5 p.m. New York time ever Friday. | Annualized returns: 3.60% | 3.60% | 46.00 | - | - | N/A | Y | Not applicable | Juchao Website(www.cninfo.com.cn) (Notice No.: 2020-011) |
Total | 15,000 | -- | -- | -- | -- | -- | -- | 145.22 | 0.00 | -- | -- | -- | -- | -- |
Entrust financial expected to be unable to recover the principal or impairment might be occurred
□Applicable √ Not applicable
VII. Derivative investment
√ Applicable □Not applicable
In 10 thousand Yuan
Operator | Related relationship | Whether related trade or not | Type | Initial investment | Start date | End date | Investment amount at period-begin | Amount purchased in the reporting period | Amount sales in the reporting period | Amount of reserve for devaluation of withdrawing (if applicable) | Investment amount at period-end | Ratio of investment amount at period-end in net assets of the Company at period-end | Actual gains/losses in period |
Financial institution | N/A | No | Forward foreign exchange contract | 118,035.04 | 2019-6-28 | 2020-12-22 | 73,225.52 | 44,809.51 | 47,527.30 | - | 69,745.19 | 14.74% | 762.55 |
Total | 118,035.04 | -- | -- | 73,225.52 | 44,809.51 | 47,527.30 | - | 69,745.19 | 14.74% | 762.55 | |||
Capital resource | Self-owned capital | ||||||||||||
Lawsuit involved (if applicable) | Not applicable | ||||||||||||
Disclosure date for approval from the Board for investment of derivatives (if applicable) | 2019-3-29 | ||||||||||||
Disclosure date for approval from board of shareholders for investment of derivatives (if applicable) | 2019-5-22 |
Risk analysis and controlling measures for derivatives holdings in the Period (including but not limited to market risk, liquidity risk, credit risks, operation risk and law risks etc.) | Risk analysis: 1. Market risk: domestic and international economic situation changes may lead to exchange rate fluctuations, forward foreign exchange transactions are under certain market risk. Forward foreign exchange business is aiming to reducing impact on corporate profits by foreign exchange settlement and sale prices, exchange rate fluctuations. The Company will follow up the exchange fluctuation, on the basis of target rate determined from the business, relying on the research of the foreign currency exchange rates, combined with prediction of consignments, and burdening ability to price variations due to exchange rate fluctuations, then determine the plan of forward foreign exchange contracts, and make dynamic management to the business, to ensure reasonable profit level. 2. Liquidity risk: all foreign exchange transactions are based on a reasonable estimate of the future import and export business, to meet the requirements of the trade authenticity. In addition, forward foreign exchange transactions are processed with bank credit, will not affect liquidity of company funds. 3. Bank default risk: if cooperative banks collapse within the contract time, the Company will not be able to transact the original foreign exchange contracts with contract price, which leads the risk of income uncertainty. So the Company chose Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank and other chines e-funded banks with a joint-stock system as Everbright and Industrial Bank, as well as the foreign-funded banks as UOB, Oversea Chinese Bank and the Bank of East Asia etc. to conduct the trading of foreign exchange capital. These banks share a solid strength and management whose failure and the risk of loss may bring to the Company is very low. 4. Operational risk: improper operation of the person in charge of forward foreign exchange transactions may cause related risk also. The Company has formulated related management system which defines the operation process and responsibility to prevent and control risks. 5. The legal risks: unclear terms based in contract signed with banks for related transactions may lead legal risks when forward foreign exchange transactions are processing. The Company will strengthen legal review, and choose good bank to carry out this kind of business as to risk control. |
Risk analysis and controlling measures for derivatives holdings in the Period (including but not limited to market risk, liquidity risk, credit risks, operation risk and law risks etc.) | The Company determines fair value in accordance with the Chapter VII “Determination of Fair Value” carried in the Accounting Standards for Business Enterprises No.22 - Recognition and Measurement of Financial Instruments. Fair-value is basically obtained according to prices offered by bank and other pricing services. While fair-value of derivatives is mainly obtained according to the balance between prices given by outstanding contracts and forward prices given by contracts signed during the reporting period with bank. The differences are identified as trading financial assets and liabilities. During the reporting period, forward foreign exchange profit and loss of the Company is RMB 7,625,500. |
Specific principle of the accounting policy and calculation for derivatives in the Period compared with last period in aspect of major changes | Not applicable |
Special opinion on derivative investment and risk control by independent directors | Upon inspection,we believes that: During the reporting period, the Company carried out its foreign exchange forward deals in strict compliance with the standardized operation guidelines for listed issuer issued by Shenzhen Stock Exchange, the Articles of Association, Authorization Management of the Company, Management System in relating to Foreign Exchange Forward Deals of Changhong Meiling Co., Ltd., and these deals were conducted within the authorization scope under general meeting and board meeting. The Company conducts no foreign exchange transactions on the purpose of getting profit only, all of the forward foreign exchange transactions are operates based on normal operating and production, which is relying on specific business operations with purpose of avoiding the preventing the risks in exchange rate. The forward foreign exchange transactions of the Company is related with the routine operation needs of the Company are beneficial to prevent the exchange risks exposed by import and export business and thus met its requirement for operation development. There was no speculative operation, no break of relevant rules and regulations and relevant business was conducted under corresponding decision-making procedures. Interests of the Company and entire shareholders, especially minority shareholders, were not prejudiced. |
VIII. Registration form for receiving research, communication and interview in the reportperiod
□Applicable √Not applicable
The Company had no receiving research, communication or interview in the report period.IX. Guarantee outside against the regulation
□Applicable √Not applicable
The Company had no guarantee outside against the regulation in the reporting period.X. Non-operational fund occupation from controlling shareholders and its related party
□ Applicable √ Not applicable
The Company had no non-operational fund occupation from controlling shareholders or its related party inthe reporting period.
Section IV. Financial StatementI. Financial statement
1. Consolidate balance sheet
Prepared by Changhong Meiling Co., Ltd.
In RMB
Items | 2020-3-31 | 2019-12-31 |
Current assets: | ||
Monetary fund | 4,882,859,840.95 | 5,499,601,030.64 |
Settlement provisions | ||
Capital lent | ||
Trading financial assets | 6,364,166.63 | 7,730,268.92 |
Derivative financial assets | ||
Note receivable | 1,240,758,237.17 | 1,865,165,499.50 |
Account receivable | 1,637,290,986.80 | 1,387,961,981.66 |
Receivable financing | ||
Accounts paid in advance | 78,439,029.82 | 25,270,406.37 |
Insurance receivable | ||
Reinsurance receivables | ||
Contract reserve of reinsurance receivable | ||
Other account receivable | 104,178,485.83 | 97,241,894.80 |
Including: Interest receivable | 14,693,117.79 | 9,510,208.63 |
Dividend receivable | - | 661,434.48 |
Buying back the sale of financial assets | ||
Inventories | 1,830,086,308.07 | 1,460,910,189.06 |
Contractual assets | ||
Assets held for sale | ||
Non-current asset due within one year | ||
Other current assets | 237,637,798.24 | 63,604,031.96 |
Total current assets | 10,017,614,853.51 | 10,407,485,302.91 |
Non-current assets: | ||
Loans and payments on behalf | ||
Debt investment | ||
Other debt investment | ||
Long-term account receivable | ||
Long-term equity investment | 85,942,081.95 | 88,556,511.70 |
Investment in other equity instrument | ||
Other non-current financial assets | 45,000,000.00 | 45,000,000.00 |
Investment real estate | 95,457,633.37 | 96,343,760.13 |
Fixed assets | 2,147,214,232.73 | 2,180,572,946.87 |
Construction in progress | 267,284,695.07 | 252,494,792.31 |
Productive biological asset | ||
Oil and gas asset | ||
Right-of-use assets | ||
Intangible assets | 952,952,239.82 | 933,248,463.84 |
Expense on Research and Development | 75,425,499.82 | 101,078,659.57 |
Goodwill | ||
Long-term expenses to be apportioned | ||
Deferred income tax asset | 105,550,134.04 | 97,453,178.14 |
Other non-current asset | ||
Total non-current asset | 3,774,826,516.80 | 3,794,748,312.56 |
Total assets | 13,792,441,370.31 | 14,202,233,615.47 |
Current liabilities: | ||
Short-term loans | 1,608,643,732.12 | 1,103,991,045.96 |
Loan from central bank | ||
Capital borrowed | ||
Trading financial liability | 3,755,882.63 | 1,081,534.93 |
Derivative financial liability | ||
Note payable | 2,962,055,820.54 | 3,490,271,482.40 |
Account payable | 2,279,637,384.89 | 2,343,116,374.58 |
Accounts received in advance | 425,149,194.97 | |
Contractual liability | 383,304,119.83 | |
Selling financial asset of repurchase | ||
Absorbing deposit and interbank deposit | ||
Security trading of agency | ||
Security sales of agency | ||
Wage payable | 125,222,435.70 | 196,507,174.68 |
Taxes payable | 29,339,909.58 | 68,558,391.66 |
Other account payable | 724,844,325.96 | 689,477,603.21 |
Including: Interest payable | 5,310,750.29 | 12,340,385.61 |
Dividend payable | 3,579,491.94 | 3,579,491.94 |
Commission charge and commission payable | ||
Reinsurance payable | ||
Liability held for sale | ||
Non-current liabilities due within one year | 1,587,746.72 | 1,708,193.90 |
Other current liabilities | ||
Total current liabilities | 8,118,391,357.97 | 8,319,860,996.29 |
Non-current liabilities: | ||
Insurance contract reserve | ||
Long-term loans | 499,280,000.00 | 401,280,000.00 |
Bonds payable | ||
Including: Preferred stock | ||
Perpetual capital securities | ||
Lease liability | ||
Long-term account payable | 3,067,489.41 | 3,016,921.44 |
Long-term wages payable | 12,563,012.23 | 13,774,110.61 |
Accrual liability | 144,428,338.86 | 166,099,143.97 |
Deferred income | 181,190,990.64 | 179,970,971.92 |
Deferred income tax liabilities | 5,324,787.11 | 6,256,759.14 |
Other non-current liabilities |
Total non-current liabilities | 845,854,618.25 | 770,397,907.08 |
Total liabilities | 8,964,245,976.22 | 9,090,258,903.37 |
Owner?s equity: | ||
Share capital | 1,044,597,881.00 | 1,044,597,881.00 |
Other equity instrument | ||
Including: Preferred stock | ||
Perpetual capital securities | ||
Capital public reserve | 2,684,366,619.10 | 2,684,366,619.10 |
Less: Inventory shares | ||
Other comprehensive income | -23,575,203.35 | -18,931,430.36 |
Reasonable reserve | ||
Surplus public reserve | 410,786,860.20 | 410,786,860.20 |
Provision of general risk | ||
Retained profit | 614,119,618.75 | 884,127,743.42 |
Total owner? s equity attributable to parent company | 4,730,295,775.70 | 5,004,947,673.36 |
Minority interests | 97,899,618.39 | 107,027,038.74 |
Total owner? s equity | 4,828,195,394.09 | 5,111,974,712.10 |
Total liabilities and owner? s equity | 13,792,441,370.31 | 14,202,233,615.47 |
Legal Representative: Wu DinggangPerson in charge of accounting works: Pang HaitaoPerson in charge of accounting institute: Yang Jun
2. Balance Sheet of Parent Company
In RMB
Item | 2020-3-31 | 2019-12-31 |
Current assets: | ||
Monetary funds | 3,924,871,911.39 | 4,040,632,437.18 |
Trading financial assets | 5,325,998.00 | 5,967,556.00 |
Derivative financial assets | ||
Note receivable | 1,046,047,812.80 | 1,722,707,248.74 |
Account receivable | 1,413,288,673.24 | 1,158,563,389.33 |
Receivable financing | ||
Accounts paid in advance | 84,102,893.69 | 34,374,932.07 |
Other account receivable | 41,742,662.90 | 41,964,639.42 |
Including: Interest receivable | 13,395,491.25 | 7,880,186.85 |
Dividend receivable | - | 661,434.48 |
Inventories | 423,373,756.82 | 339,728,296.66 |
Contractual assets | ||
Assets held for sale | ||
Non-current assets maturing within one year | ||
Other current assets | 154,470,915.67 | 11,930,690.86 |
Total current assets | 7,093,224,624.51 | 7,355,869,190.26 |
Non-current assets: | ||
Debt investment | ||
Other debt investment | ||
Long-term receivables | ||
Long-term equity investments | 1,698,744,114.99 | 1,698,744,114.99 |
Investment in other equity instrument | ||
Other non-current financial assets | 45,000,000.00 | 45,000,000.00 |
Investment real estate | 7,228,307.83 | 7,314,721.80 |
Fixed assets | 1,116,125,789.03 | 1,138,092,635.67 |
Construction in progress | 134,687,477.84 | 106,575,581.28 |
Productive biological assets | ||
Oil and natural gas assets | ||
Right-of-use assets | ||
Intangible assets | 497,240,869.94 | 483,887,751.05 |
Research and development costs | 34,501,060.86 | 56,295,271.74 |
Goodwill | ||
Long-term deferred expenses | ||
Deferred income tax assets | 85,146,759.60 | 77,849,317.77 |
Other non-current assets | ||
Total non-current assets | 3,618,674,380.09 | 3,613,759,394.30 |
Total assets | 10,711,899,004.60 | 10,969,628,584.56 |
Current liabilities | ||
Short-term borrowings | 1,255,000,000.00 | 1,009,757,944.82 |
Trading financial liability | 3,584,866.30 | 1,016,052.00 |
Derivative financial liability | ||
Notes payable | 1,867,320,003.85 | 1,936,867,907.42 |
Account payable | 1,111,671,463.42 | 1,497,704,307.48 |
Accounts received in advance | 147,365,864.56 | |
Contractual liability | 136,433,267.64 | |
Wage payable | 19,786,202.12 | 39,633,867.87 |
Taxes payable | 12,990,681.34 | 20,427,731.13 |
Other accounts payable | 450,948,036.99 | 520,559,494.30 |
Including: Interest payable | 4,316,007.40 | 13,175,235.76 |
Dividend payable | 3,579,491.94 | 3,579,491.94 |
Liability held for sale | ||
Non-current liabilities due within one year | ||
Other current liabilities | ||
Total current liabilities | 4,857,734,521.66 | 5,173,333,169.58 |
Non-current liabilities: | ||
Long-term loans | 499,280,000.00 | 401,280,000.00 |
Bonds payable | ||
Including: preferred stock | ||
Perpetual capital securities | ||
Lease liability | ||
Long-term account payable | ||
Long term employee compensation payable | 12,563,012.23 | 13,774,110.61 |
Accrued liabilities | 137,071,514.10 | 158,742,319.21 |
Deferred income | 71,011,372.14 | 67,664,815.53 |
Deferred income tax liabilities | 261,169.76 | 742,725.60 |
Other non-current liabilities | ||
Total non-current liabilities | 720,187,068.23 | 642,203,970.95 |
Total liabilities | 5,577,921,589.89 | 5,815,537,140.53 |
Owners? equity: | ||
Share capital | 1,044,597,881.00 | 1,044,597,881.00 |
Other equity instrument | ||
Including: preferred stock | ||
Perpetual capital securities | ||
Capital public reserve | 2,753,017,007.10 | 2,753,017,007.10 |
Less: Inventory shares | ||
Other comprehensive income | ||
Special reserve | ||
Surplus reserve | 410,568,694.52 | 410,568,694.52 |
Retained profit | 925,793,832.09 | 945,907,861.41 |
Total owner?s equity | 5,133,977,414.71 | 5,154,091,444.03 |
Total liabilities and owner?s equity | 10,711,899,004.60 | 10,969,628,584.56 |
Legal Representative: Wu DinggangPerson in charge of accounting works: Pang HaitaoPerson in charge of accounting institute: Yang Jun
3. Consolidated Profit Statement
In RMB
Item | Current period | Last period |
I. Total operating income | 2,281,578,242.02 | 4,222,693,607.41 |
Including: Operating income | 2,281,578,242.02 | 4,222,693,607.41 |
Interest income | ||
Insurance gained | ||
Commission charge and commission income | ||
II. Total operating cost | 2,534,145,650.00 | 4,181,088,607.59 |
Including: Operating cost | 1,991,759,544.67 | 3,378,498,741.74 |
Interest expense | ||
Commission charge and commission expense |
Cash surrender value | ||
Net amount of expense of compensation | ||
Net amount of withdrawal of insurance contract reserve | ||
Bonus expense of guarantee slip | ||
Reinsurance expense | ||
Tax and extras | 18,907,987.65 | 41,279,976.29 |
Sales expense | 371,060,681.20 | 613,574,029.12 |
Administrative expense | 66,823,587.40 | 83,140,320.57 |
R&D expense | 81,217,573.94 | 52,209,017.77 |
Financial expense | 4,376,275.14 | 12,386,522.10 |
Including: Interest expenses | 21,823,849.54 | 27,122,066.28 |
Interest income | 36,615,193.00 | 25,211,309.83 |
Add: other income | 10,962,097.40 | 15,924,209.49 |
Investment income (Loss is listed with “-”) | 7,493,976.04 | -3,294,794.60 |
Including: Investment income on affiliated company and joint venture | -131,480.96 | 2,406,312.81 |
The termination of income recognition for financial assets measured by amortized cost(Loss is listed with “-”) | ||
Exchange income (Loss is listed with “-”) | ||
Net exposure hedging income (Loss is listed with “-”) | ||
Income from change of fair value (Loss is listed with “-”) | -3,935,681.27 | 17,239,305.01 |
Loss of credit impairment (Loss is listed with “-”) | -33,262,321.33 | 4,348,457.12 |
Losses of devaluation of asset (Loss is listed with “-”) | -15,425,929.32 | -8,114,711.29 |
Income from assets disposal (Loss is listed with “-”) | 262,008.65 | -786,764.45 |
III. Operating profit (Loss is listed with “-”) | -286,473,257.81 | 66,920,701.10 |
Add: Non-operating income | 1,226,885.79 | 1,031,286.96 |
Less: Non-operating expense | 509,324.06 | 1,901,268.37 |
IV. Total profit (Loss is listed with “-”) | -285,755,696.08 | 66,050,719.69 |
Less: Income tax expense | -6,990,752.22 | 10,546,657.77 |
V. Net profit (Net loss is listed with “-”) | -278,764,943.86 | 55,504,061.92 |
(i) Classify by business continuity | ||
1.continuous operating net profit (net loss listed with ?-”) | -278,764,943.86 | 55,504,061.92 |
2.termination of net profit (net loss listed with ?-”) | ||
(ii) Classify by ownership | ||
1.Net profit attributable to owner?s of parent company | -270,008,124.67 | 60,526,575.53 |
2.Minority shareholders? gains and losses | -8,756,819.19 | -5,022,513.61 |
VI. Net after-tax of other comprehensive income | -5,014,374.15 | -2,085,506.09 |
Net after-tax of other comprehensive income attributable to owners of parent company | -4,643,772.99 | -1,048,132.75 |
(I) Other comprehensive income items which will not be reclassified subsequently to profit of loss | ||
1.Changes of the defined benefit plans that re-measured | ||
2.Other comprehensive income under equity method that cannot be transfer to gain/loss | ||
3.Change of fair value of investment in other equity instrument | ||
4.Fair value change of enterprise's credit risk | ||
5. Other | ||
(ii) Other comprehensive income items which will be reclassified subsequently to profit or loss | -4,643,772.99 | -1,048,132.75 |
1.Other comprehensive income under equity method that can transfer to gain/loss | ||
2.Change of fair value of other debt investment | ||
3.Amount of financial assets re-classify to other comprehensive income | ||
4.Credit impairment provision for other debt investment | ||
5.Cash flow hedging reserve | ||
6.Translation differences arising on translation of foreign currency financial statements | -4,643,772.99 | -1,048,132.75 |
7.Other | ||
Net after-tax of other comprehensive income attributable to minority shareholders | -370,601.16 | -1,037,373.34 |
VII. Total comprehensive income | -283,779,318.01 | 53,418,555.83 |
Total comprehensive income attributable to owners of parent Company | -274,651,897.66 | 59,478,442.78 |
Total comprehensive income attributable to minority shareholders | -9,127,420.35 | -6,059,886.95 |
VIII. Earnings per share: | ||
(i) Basic earnings per share | -0.2585 | 0.0579 |
(ii) Diluted earnings per share | -0.2585 | 0.0579 |
Enterprise combine under the same control in the Period, the combined party realized net profit of 0 Yuan before combination, andrealized 0 Yuan at last period for combined partyLegal Representative: Wu DinggangPerson in charge of accounting works: Pang HaitaoPerson in charge of accounting institute: Yang Jun
4. Profit Statement of Parent Company
In RMB
Item | Current period | Last period |
I. Operating income | 1,281,482,775.64 | 2,235,042,419.73 |
Less: Operating cost | 1,184,575,349.81 | 1,952,295,548.80 |
Taxes and surcharge | 11,663,936.82 | 22,080,703.51 |
Sales expenses | 33,721,660.12 | 182,856,903.44 |
Administration expenses | 27,845,465.65 | 33,905,037.20 |
R&D expenses | 36,443,568.44 | 22,605,067.51 |
Financial expenses | -3,083,596.30 | 3,903,872.42 |
Including: interest expenses | 18,493,137.60 | 19,232,245.83 |
Interest income | 29,941,251.74 | 15,126,621.45 |
Add: other income | 4,057,643.39 | 6,673,926.51 |
Investment income (Loss is listed with “-”) | 5,887,302.00 | 1,728.66 |
Including: Investment income on affiliated Company and joint venture | - | 3,970,903.07 |
The termination of income recognition for financial assets measured by amortized cost (Loss is listed with “-”) | ||
Net exposure hedging income (Loss is listed with “-”) | ||
Changing income of fair value (Loss is listed with “-”) | -3,210,372.30 | 5,211,659.64 |
Loss of credit impairment (Loss is listed with “-”) | -22,678,326.56 | 4,032,480.31 |
Losses of devaluation of asset (Loss is listed with “-”) | -2,385,899.85 | -3,052,384.53 |
Income on disposal of assets (Loss is listed with “-”) | -4,964.88 | -645,262.95 |
II. Operating profit (Loss is listed with “-”) | -28,018,227.10 | 29,617,434.49 |
Add: Non-operating income | 125,200.11 | 188,670.00 |
Less: Non-operating expense | - | - |
III. Total Profit (Loss is listed with “-”) | -27,893,026.99 | 29,806,104.49 |
Less: Income tax | -7,778,997.67 | 2,167,930.63 |
IV. Net profit (Net loss is listed with “-”) | -20,114,029.32 | 27,638,173.86 |
(i)continuous operating net profit (net loss listed with ?-”) | -20,114,029.32 | 27,638,173.86 |
(ii) termination of net profit (net loss listed with ?-”) | ||
V. Net after-tax of other comprehensive income | ||
(I) Other comprehensive income items which will not be reclassified subsequently to profit of loss | ||
1.Changes of the defined benefit plans that re-measured | ||
2.Other comprehensive income under equity method that cannot be transfer to gain/loss | ||
3.Change of fair value of investment in other equity instrument | ||
4.Fair value change of enterprise's credit risk | ||
5. Other | ||
(II) Other comprehensive income items which will be reclassified subsequently to profit or loss | ||
1.Other comprehensive income under equity method that can transfer to gain/loss | ||
2.Change of fair value of other debt investment | ||
3.Amount of financial assets re-classify to other comprehensive income | ||
4.Credit impairment provision for other debt investment | ||
5.Cash flow hedging reserve | ||
6.Translation differences arising on translation of foreign currency financial statements | ||
7.Other |
VI. Total comprehensive income | -20,114,029.32 | 27,638,173.86 |
VII. Earnings per share: | ||
(i) Basic earnings per share | -0.0193 | 0.0265 |
(ii) Diluted earnings per share | -0.0193 | 0.0265 |
Legal Representative: Wu DinggangPerson in charge of accounting works: Pang HaitaoPerson in charge of accounting institute: Yang Jun
5. Consolidated Cash Flow Statement
In RMB
Item | Current period | Last period |
I. Cash flows arising from operating activities: | ||
Cash received from selling commodities and providing labor services | 2,514,448,244.56 | 3,904,690,858.42 |
Net increase of customer deposit and interbank deposit | ||
Net increase of loan from central bank | ||
Net increase of capital borrowed from other financial institution | ||
Cash received from original insurance contract fee | ||
Net cash received from reinsurance business | ||
Net increase of insured savings and investment | ||
Cash received from interest, commission charge and commission | ||
Net increase of capital borrowed | ||
Net increase of returned business capital | ||
Net cash received by agents in sale and purchase of securities |
Write-back of tax received | 110,892,572.91 | 67,038,256.22 |
Other cash received concerning operating activities | 25,388,923.86 | 73,527,737.20 |
Subtotal of cash inflow arising from operating activities | 2,650,729,741.33 | 4,045,256,851.84 |
Cash paid for purchasing commodities and receiving labor service | 3,028,183,707.21 | 4,065,487,408.62 |
Net increase of customer loans and advances | ||
Net increase of deposits in central bank and interbank | ||
Cash paid for original insurance contract compensation | ||
Net increase of capital lent | ||
Cash paid for interest, commission charge and commission | ||
Cash paid for bonus of guarantee slip | ||
Cash paid to/for staff and workers | 357,488,873.85 | 446,317,342.30 |
Taxes paid | 80,120,060.82 | 159,372,262.81 |
Other cash paid concerning operating activities | 188,388,232.21 | 295,623,725.22 |
Subtotal of cash outflow arising from operating activities | 3,654,180,874.09 | 4,966,800,738.95 |
Net cash flows arising from operating activities | -1,003,451,132.76 | -921,543,887.11 |
II. Cash flows arising from investing activities: | ||
Cash received from recovering investment | - | 430,000,000.00 |
Cash received from investment income | 2,279,362.48 | 1,512,445.59 |
Net cash received from disposal of fixed, intangible and other long-term assets | 600.00 | 557,933.20 |
Net cash received from disposal of subsidiaries and other units |
Other cash received concerning investing activities | 39,748,651.98 | 30,122,236.60 |
Subtotal of cash inflow from investing activities | 42,028,614.46 | 462,192,615.39 |
Cash paid for purchasing fixed, intangible and other long-term assets | 65,387,929.38 | 137,742,454.20 |
Cash paid for investment | 150,000,000.00 | 424,000,000.00 |
Net increase of mortgaged loans | ||
Net cash received from subsidiaries and other units obtained | ||
Other cash paid concerning investing activities | - | 5,481,620.00 |
Subtotal of cash outflow from investing activities | 215,387,929.38 | 567,224,074.20 |
Net cash flows arising from investing activities | -173,359,314.92 | -105,031,458.81 |
III. Cash flows arising from financing activities | ||
Cash received from absorbing investment | ||
Including: Cash received from absorbing minority shareholders? investment by subsidiaries | ||
Cash received from loans | 976,420,210.00 | 470,219,380.02 |
Other cash received concerning financing activities | ||
Subtotal of cash inflow from financing activities | 976,420,210.00 | 470,219,380.02 |
Cash paid for settling debts | 377,260,642.92 | 695,000,000.00 |
Cash paid for dividend and profit distributing or interest paying | 23,019,861.96 | 35,295,622.65 |
Including: Dividend and profit of minority shareholder paid by subsidiaries | ||
Other cash paid concerning financing activities | 358,999.60 | 25,073,514.40 |
Subtotal of cash outflow from financing activities | 400,639,504.48 | 755,369,137.05 |
Net cash flows arising from financing activities | 575,780,705.52 | -285,149,757.03 |
IV. Influence on cash and cash equivalents due to fluctuation in exchange rate | -3,198,606.93 | -7,529,242.84 |
V. Net increase of cash and cash equivalents | -604,228,349.09 | -1,319,254,345.79 |
Add: Balance of cash and cash equivalents at the period -begin | 5,385,807,475.51 | 4,484,643,187.93 |
VI. Balance of cash and cash equivalents at the period -end | 4,781,579,126.42 | 3,165,388,842.14 |
Legal Representative: Wu DinggangPerson in charge of accounting works: Pang HaitaoPerson in charge of accounting institute: Yang Jun
6. Cash Flow Statement of Parent Company
In RMB
Item | Current period | Last period |
I. Cash flows arising from operating activities: | ||
Cash received from selling commodities and providing labor services | 1,503,481,532.94 | 2,044,451,401.10 |
Write-back of tax received | 68,849,689.93 | 34,183,811.93 |
Other cash received concerning operating activities | 7,674,946.80 | 14,223,467.81 |
Subtotal of cash inflow arising from operating activities | 1,580,006,169.67 | 2,092,858,680.84 |
Cash paid for purchasing commodities and receiving labor service | 1,611,391,194.70 | 2,460,080,220.15 |
Cash paid to/for staff and workers | 92,574,310.37 | 146,712,285.95 |
Taxes paid | 19,950,761.92 | 27,729,284.95 |
Other cash paid concerning operating activities | 83,323,378.97 | 105,382,944.46 |
Subtotal of cash outflow arising from operating activities | 1,807,239,645.96 | 2,739,904,735.51 |
Net cash flows arising from operating activities | -227,233,476.29 | -647,046,054.67 |
II. Cash flows arising from investing activities: | ||
Cash received from recovering investment | - | 430,000,000.00 |
Cash received from investment income | 661,434.48 | 1,512,445.59 |
Net cash received from disposal of fixed, intangible and other long-term assets | - | 500,000.00 |
Net cash received from disposal of subsidiaries and other units | ||
Other cash received concerning investing activities | 30,225,918.40 | 208,059,288.34 |
Subtotal of cash inflow from investing activities | 30,887,352.88 | 640,071,733.93 |
Cash paid for purchasing fixed, intangible and other long-term assets | 37,868,399.94 | 54,735,486.93 |
Cash paid for investment | 150,000,000.00 | 430,000,000.00 |
Net cash received from subsidiaries and other units obtained | ||
Other cash paid concerning investing activities | - | 55,481,620.00 |
Subtotal of cash outflow from investing activities | 187,868,399.94 | 540,217,106.93 |
Net cash flows arising from investing activities | -156,981,047.06 | 99,854,627.00 |
III. Cash flows arising from financing activities | ||
Cash received from absorbing investment | ||
Cash received from loans | 699,899,950.00 | 289,000,000.00 |
Other cash received concerning financing activities | 5,230,480.90 | 31,346,756.76 |
Subtotal of cash inflow from financing activities | 705,130,430.90 | 320,346,756.76 |
Cash paid for settling debts | 359,757,944.82 | 655,000,000.00 |
Cash paid for dividend and profit distributing or interest paying | 20,706,333.52 | 32,672,266.77 |
Other cash paid concerning financing activities | 56,113,405.64 | 114,243,780.75 |
Subtotal of cash outflow from financing activities | 436,577,683.98 | 801,916,047.52 |
Net cash flows arising from financing activities | 268,552,746.92 | -481,569,290.76 |
IV. Influence on cash and cash equivalents due to fluctuation in exchange rate | -98,749.36 | -4,061,294.11 |
V. Net increase of cash and cash equivalents | -115,760,525.79 | -1,032,822,012.54 |
Add: Balance of cash and cash equivalents at the period -begin | 4,017,400,437.18 | 2,894,384,811.05 |
VI. Balance of cash and cash equivalents at the period -end | 3,901,639,911.39 | 1,861,562,798.51 |
Legal Representative: Wu DinggangPerson in charge of accounting works: Pang HaitaoPerson in charge of accounting institute: Yang Jun
II. Explanation on financial statement adjustment
1. Financial statement adjustment at the beginning of the first year when implementation of new revenuerules and new leasing rules from 2020
√ Applicable □Not applicable
(1) Consolidate balance sheet
In RMB
Item | 2019-12-31 | 2020-01-01 | Adjustment amount |
Current assets: | |||
Monetary fund | 5,499,601,030.64 | 5,499,601,030.64 | |
Settlement provisions |
Capital lent | |||
Trading financial assets | 7,730,268.92 | 7,730,268.92 | |
Derivative financial assets | |||
Note receivable | 1,865,165,499.50 | 1,865,165,499.50 | |
Account receivable | 1,387,961,981.66 | 1,387,961,981.66 | |
Receivable financing | |||
Accounts paid in advance | 25,270,406.37 | 25,270,406.37 | |
Insurance receivable | |||
Reinsurance receivables | |||
Contract reserve of reinsurance receivable | |||
Other account receivable | 97,241,894.80 | 97,241,894.80 | |
Including: Interest receivable | 9,510,208.63 | 9,510,208.63 | |
Dividend receivable | 661,434.48 | 661,434.48 | |
Buying back the sale of financial assets | |||
Inventories | 1,460,910,189.06 | 1,460,910,189.06 | |
Contractual assets | |||
Assets held for sale | |||
Non-current asset due within one year | |||
Other current assets | 63,604,031.96 | 63,604,031.96 | |
Total current assets | 10,407,485,302.91 | 10,407,485,302.91 | |
Non-current assets: | |||
Loans and payments on behalf | |||
Debt investment | |||
Other debt investment | |||
Long-term account receivable |
Long-term equity investment | 88,556,511.70 | 88,556,511.70 | |
Investment in other equity instrument | |||
Other non-current financial assets | 45,000,000.00 | 45,000,000.00 | |
Investment real estate | 96,343,760.13 | 96,343,760.13 | |
Fixed assets | 2,180,572,946.87 | 2,180,572,946.87 | |
Construction in progress | 252,494,792.31 | 252,494,792.31 | |
Productive biological asset | |||
Oil and gas asset | |||
Right-of-use assets | |||
Intangible assets | 933,248,463.84 | 933,248,463.84 | |
Expense on Research and Development | 101,078,659.57 | 101,078,659.57 | |
Goodwill | |||
Long-term expenses to be apportioned | |||
Deferred income tax asset | 97,453,178.14 | 97,453,178.14 | |
Other non-current asset | |||
Total non-current asset | 3,794,748,312.56 | 3,794,748,312.56 | |
Total assets | 14,202,233,615.47 | 14,202,233,615.47 | |
Current liabilities: | |||
Short-term loans | 1,103,991,045.96 | 1,103,991,045.96 | |
Loan from central bank | |||
Capital borrowed | |||
Trading financial liability | 1,081,534.93 | 1,081,534.93 | |
Derivative financial liability | |||
Note payable | 3,490,271,482.40 | 3,490,271,482.40 | |
Account payable | 2,343,116,374.58 | 2,343,116,374.58 | |
Accounts received in advance | 425,149,194.97 | -425,149,194.97 |
Contractual liability | 425,149,194.97 | 425,149,194.97 | |
Selling financial asset of repurchase | |||
Absorbing deposit and interbank deposit | |||
Security trading of agency | |||
Security sales of agency | |||
Wage payable | 196,507,174.68 | 196,507,174.68 | |
Taxes payable | 68,558,391.66 | 68,558,391.66 | |
Other account payable | 689,477,603.21 | 689,477,603.21 | |
Including: Interest payable | 12,340,385.61 | 12,340,385.61 | |
Dividend payable | 3,579,491.94 | 3,579,491.94 | |
Commission charge and commission payable | |||
Reinsurance payable | |||
Liability held for sale | |||
Non-current liabilities due within one year | 1,708,193.90 | 1,708,193.90 | |
Other current liabilities | |||
Total current liabilities | 8,319,860,996.29 | 8,319,860,996.29 | |
Non-current liabilities: | |||
Insurance contract reserve | |||
Long-term loans | 401,280,000.00 | 401,280,000.00 | |
Bonds payable | |||
Including: Preferred stock | |||
Perpetual capital securities | |||
Lease liability | |||
Long-term account payable | 3,016,921.44 | 3,016,921.44 | |
Long-term wages payable | 13,774,110.61 | 13,774,110.61 | |
Accrual liability | 166,099,143.97 | 166,099,143.97 |
Deferred income | 179,970,971.92 | 179,970,971.92 | |
Deferred income tax liabilities | 6,256,759.14 | 6,256,759.14 | |
Other non-current liabilities | |||
Total non-current liabilities | 770,397,907.08 | 770,397,907.08 | |
Total liabilities | 9,090,258,903.37 | 9,090,258,903.37 | |
Owner?s equity: | |||
Share capital | 1,044,597,881.00 | 1,044,597,881.00 | |
Other equity instrument | |||
Including: Preferred stock | |||
Perpetual capital securities | |||
Capital public reserve | 2,684,366,619.10 | 2,684,366,619.10 | |
Less: Inventory shares | |||
Other comprehensive income | -18,931,430.36 | -18,931,430.36 | |
Reasonable reserve | |||
Surplus public reserve | 410,786,860.20 | 410,786,860.20 | |
Provision of general risk | |||
Retained profit | 884,127,743.42 | 884,127,743.42 | |
Total owner? s equity attributable to parent company | 5,004,947,673.36 | 5,004,947,673.36 | |
Minority interests | 107,027,038.74 | 107,027,038.74 | |
Total owner? s equity | 5,111,974,712.10 | 5,111,974,712.10 | |
Total liabilities and owner? s equity | 14,202,233,615.47 | 14,202,233,615.47 |
Statement of adjustment:
The Company implemented the Accounting Standards for Business Enterprise No.14- Revenue (Cai Kuai [2017]No.22) since 1 January 2020, the “Accounts received in advance” will list as “Contractual liability”.
(2) Balance Sheet of Parent Company
In RMB
Item | 2019-12-31 | 2020-01-01 | Adjustment amount |
Current assets: |
Monetary funds | 4,040,632,437.18 | 4,040,632,437.18 | |
Trading financial assets | 5,967,556.00 | 5,967,556.00 | |
Derivative financial assets | |||
Note receivable | 1,722,707,248.74 | 1,722,707,248.74 | |
Account receivable | 1,158,563,389.33 | 1,158,563,389.33 | |
Receivable financing | |||
Accounts paid in advance | 34,374,932.07 | 34,374,932.07 | |
Other account receivable | 41,964,639.42 | 41,964,639.42 | |
Including: Interest receivable | 7,880,186.85 | 7,880,186.85 | |
Dividend receivable | 661,434.48 | 661,434.48 | |
Inventories | 339,728,296.66 | 339,728,296.66 | |
Contractual assets | |||
Assets held for sale | |||
Non-current assets maturing within one year | |||
Other current assets | 11,930,690.86 | 11,930,690.86 | |
Total current assets | 7,355,869,190.26 | 7,355,869,190.26 | |
Non-current assets: | |||
Debt investment | |||
Other debt investment | |||
Long-term receivables | |||
Long-term equity investments | 1,698,744,114.99 | 1,698,744,114.99 | |
Investment in other equity instrument | |||
Other non-current financial assets | 45,000,000.00 | 45,000,000.00 | |
Investment real estate | 7,314,721.80 | 7,314,721.80 | |
Fixed assets | 1,138,092,635.67 | 1,138,092,635.67 | |
Construction in progress | 106,575,581.28 | 106,575,581.28 |
Productive biological assets | |||
Oil and natural gas assets | |||
Right-of-use assets | |||
Intangible assets | 483,887,751.05 | 483,887,751.05 | |
Research and development costs | 56,295,271.74 | 56,295,271.74 | |
Goodwill | |||
Long-term deferred expenses | |||
Deferred income tax assets | 77,849,317.77 | 77,849,317.77 | |
Other non-current assets | |||
Total non-current assets | 3,613,759,394.30 | 3,613,759,394.30 | |
Total assets | 10,969,628,584.56 | 10,969,628,584.56 | |
Current liabilities | |||
Short-term borrowings | 1,009,757,944.82 | 1,009,757,944.82 | |
Trading financial liability | 1,016,052.00 | 1,016,052.00 | |
Derivative financial liability | |||
Notes payable | 1,936,867,907.42 | 1,936,867,907.42 | |
Account payable | 1,497,704,307.48 | 1,497,704,307.48 | |
Accounts received in advance | 147,365,864.56 | -147,365,864.56 | |
Contractual liability | 147,365,864.56 | 147,365,864.56 | |
Wage payable | 39,633,867.87 | 39,633,867.87 | |
Taxes payable | 20,427,731.13 | 20,427,731.13 | |
Other accounts payable | 520,559,494.30 | 520,559,494.30 | |
Including: Interest payable | 13,175,235.76 | 13,175,235.76 | |
Dividend payable | 3,579,491.94 | 3,579,491.94 | |
Liability held for sale |
Non-current liabilities due within one year | |||
Other current liabilities | |||
Total current liabilities | 5,173,333,169.58 | 5,173,333,169.58 | |
Non-current liabilities: | |||
Long-term loans | 401,280,000.00 | 401,280,000.00 | |
Bonds payable | |||
Including: preferred stock | |||
Perpetual capital securities | |||
Lease liability | |||
Long-term account payable | |||
Long term employee compensation payable | 13,774,110.61 | 13,774,110.61 | |
Accrued liabilities | 158,742,319.21 | 158,742,319.21 | |
Deferred income | 67,664,815.53 | 67,664,815.53 | |
Deferred income tax liabilities | 742,725.60 | 742,725.60 | |
Other non-current liabilities | |||
Total non-current liabilities | 642,203,970.95 | 642,203,970.95 | |
Total liabilities | 5,815,537,140.53 | 5,815,537,140.53 | |
Owners? equity: | |||
Share capital | 1,044,597,881.00 | 1,044,597,881.00 | |
Other equity instrument | |||
Including: preferred stock | |||
Perpetual capital securities | |||
Capital public reserve | 2,753,017,007.10 | 2,753,017,007.10 | |
Less: Inventory shares | |||
Other comprehensive income | |||
Special reserve |
Surplus reserve | 410,568,694.52 | 410,568,694.52 | |
Retained profit | 945,907,861.41 | 945,907,861.41 | |
Total owner?s equity | 5,154,091,444.03 | 5,154,091,444.03 | |
Total liabilities and owner?s equity | 10,969,628,584.56 | 10,969,628,584.56 |
Statement of adjustmentThe Company implemented the Accounting Standards for Business Enterprise No.14- Revenue (Cai Kuai [2017]No.22) since 1 January 2020, the “Accounts received in advance” will list as “Contractual liability”.
2. Retrospective adjustment of the comparative data for initial implementation of new revenue rules andnew leasing rules from 2020
□Applicable √Not applicable
III. Audit reportWhether the Q1 report has been audited or not
□Yes √ No
The Q1 report of the Company has not been audited.
Changhong Meiling Co., Ltd.Chairman: Wu Dinggang18 April 2020