Stock Code: 688007 Stock Short Name: Appotronics
Appotronics Corporation LimitedThe First Quarter Report in 2020
CONTENT
I.Important Notes ................................................................. 3II.Basic Information ............................................................... 3III.Significant Events ............................................................... 8IV.Annex ...................................................................... 155
I. Important Notes
1.1 The Board of Directors, the Board of Supervisors, directors, supervisors and senior officers of the
Company hereby warrant that the information contained in this Quarter Report is true, accurate andcomplete and this Quarter Report is free from any misrepresentation, misleading statement ormaterial omission, and agree to assume joint and several liability for this Quarter Report.
1.2 All directors of the Company attended the meeting of the Board of Directors for deliberation of this
Quarter Report.
1.3 BO Lianming, Principal of the Company; ZHAO Ruijin, the Person in Charge of the Accounting
Body; and WEI Yanlin, the Chief Accountant (the Person in Charge of Accounting) herebyrepresent that the financial statements contained in this Quarter Report are true, accurate andcomplete.
1.4 The Company's first quarter report has not been audited.
II.Basic Information
2.1 Major financial data
In RMB
At the end of the reporting
period
At the end of the prior year
Changes at the end of thereporting period from the end of
the prior year (%)Total assets 2,984,904,808.293,099,508,090.85-3.70Net assetsattributable toshareholders of thelisted company
2,001,216,429.951,974,559,837.641.35
From the beginning of the
year to the end of thereporting period
From the beginning of the prioryear to the end of the reportingperiod of the prior year
Changes over the same period of
the prior year (%)Net cash flow fromoperating activities
-38,289,185.55-65,364,673.16N/AFrom the beginning of the
year to the end of thereporting period
From the beginning of the prioryear to the end of the reportingperiod of the prior year
Changes over the same period of
the prior year (%)Operating income
306,900,748.84359,369,025.24-14.60Net profits 13,322,216.2927,848,207.29-52.16
attributable toshareholders of thelisted companyNet profitsattributable toshareholders of thelisted company afterdeduction ofnon-recurringprofits or losses
-7,989,708.1417,279,140.15-146.24
Weighted averagereturn on net assets(%)
0.673.83Decrease by 3.16%Basic earnings pershare (RMB/share)
0.030.07-57.14Diluted earnings pershare (RMB/share)
0.030.07-57.14Proportion of R&Dinvestments to theoperating income(%)
14.2610.17Increase by 4.09%
The net profit attributable to shareholders of the listed company after deduction of non-recurringprofit or loss for the current period amounted to RMB -7,989,708.14, down 146.24%, primarily due to thedecline in the comprehensive gross margin caused by changed product income structure during the period;the expenses during the period, including the share-based payments charged to recurring profit or lossamounted to RMB 9,027,862.06, increased by 8.72% year over year; and the non-recurring gains for thecurrent period increased by RMB 12,528,305.13, primarily contributed by the income from wealthmanagement products and government grants.
Items and amounts of non-recurring profit or loss
√Applicable □ N/A
In RMBItem 2019 DescriptionProfit or loss on disposal ofnon-current assets
238,395.63Government grants recognized inprofit or loss other than grants whichare closely related to the Company'sbusiness and are either in fixedamounts or determined underquantitative methods in accordancewith the national standard
11,818,995.29The government grants primarily
represent those recognized in profitor loss for the current period,including government grantsreceived in the current period andthose previously received butrecognized in the current period foramortization.Net profit or loss of subsidiaries from 5,827,864.14It refers to the realized part of
the beginning of the period up to thebusiness combination date recognizedas a result of business combination ofenterprises involving entities undercommon control
unrealized profits and losses fromtransactions prior to businesscombination involving entitiesunder common control.Profit or loss on changes in the fairvalue of held-for-trading financialassets, derivative financial assets,held-for-trading financial liabilitiesand derivative financial liabilities andinvestment income on disposal ofheld-for-trading financial assets,derivative financial assets,held-for-trading financial liabilities,derivative financial liabilities andother debt investments, other thanthose used in the effective hedgingactivities relating to normal operatingbusiness
6,232,108.77It primarily refers to the gains from
wealth management productspurchased by temporarily idlefunds
Other non-operating income orexpenses other than the above
-344,986.73Effects attributable to minorityinterests (net of tax)
-120,908.65Income tax effects -2,339,544.02
Total 21,311,924.43
2.2 Total number of shareholders, and the shareholding of top ten shareholders and top ten unrestricted
shareholders as of the end of reporting period
In ShareTotal number of shareholders (account) 17,029
The shareholding of top ten shareholders
Shareholder name(full name)
Number ofshares heldat the end ofthe period
Proportion (%)
Number ofrestrictedshares held
Number ofrestrictedsharesincludingshares leasedout forrefinancingbusiness
Description of
pledge or
freeze
Nature
ofshareholders
Ifpledged
orfrozen
Num
ber
ShenzhenAppotronicsHoldings Limited
79,762,679 17.6679,762,67979,762,679No 0
Non-state-ownedcorporation in ChinaSAIF IV HongKong (ChinaInvestments)Limited
62,980,676 13.95 62,980,67662,980,676No 0
OverseacorporationCITIC PEInvestment (HongKong) 2016Limited
41,774,562 9.25 41,774,56241,774,562No 0
OverseacorporationFuzhou StraitAppotronicsInvestmentPartnership (LP)
25,064,737 5.55 25,064,73725,064,737No 0
Non-state-ownedcorporation in ChinaShenzhen YuanshiLaser IndustrialInvestmentConsultingPartnership (LP)
24,139,500 5.35 24,139,50024,139,500No 0
Non-state-ownedcorporation in ChinaShenzhenAppotronics DayeInvestmentPartnership (LP)
20,430,250 4.52 20,430,25020,430,250No 0
Non-state-ownedcorporation in ChinaGREEN FUTUREHOLDINGSLIMITED
16,504,518 3.66 16,504,51816,504,518No 0
OverseacorporationShenzhenAppotronicsHongye InvestmentPartnership (LP)
15,662,374 3.47 15,662,37415,662,374No 0
Non-state-ownedcorporation in ChinaShenzhen JinleijingInvestment LimitedPartnership (LP)
12,353,106 2.74 12,353,10612,353,106No 0
Non-state-ownedcorporation in ChinaChangzhouLisheng EquityInvestmentPartnership (LP)
11,667,635 2.58 11,667,63511,667,635No 0
Non-state-ownedcorporation in ChinaThe shareholding of top ten shareholders of non-restricted sharesShareholder name Number of unrestricted
circulating shares
Category and number of sharesCategory Number
National Social Security FundPortfolio 102
1,742,168
RMB ordinaryshares
1,742,168UBS AG 1,517,479
RMB ordinaryshares
1,517,479ZHONG Haidi 822,804
RMB ordinary
shares
822,804Agricultural Bank of ChinaLimited - BOCOM SchroderPioneer Hybrid SecuritiesInvestment Fund
594,434
RMB ordinaryshares
594,434LONG Shixue 464,700
RMB ordinaryshares
464,700GAO Ermei 393,713
RMB ordinaryshares
393,713WANG Danping 329,210
RMB ordinaryshares
329,210ZHANG Shangmin 317,734
RMB ordinaryshares
317,734ZHOU Qiping 273,940
RMB ordinaryshares
273,940Industrial and Commercial Bank ofChina Limited - BOCOM SchroderTechnology Innovation FlexibleAllocation Hybrid SecuritiesInvestment Fund
272,708
RMB ordinaryshares
272,708Explanation for related-partyrelationship or concerted actionsamong aforementionedshareholders
1. As of March 31, 2020, the Company has received no statement
from aforementioned shareholders to confirm there is arelated-party relationship or concerted action, except the concertedaction among Shenzhen Appotronics Holdings Limited, ShenzhenYuanshi Laser Industrial Investment Consulting Partnership (LP),Shenzhen Appotronics Daye Investment Partnership ( LP),Shenzhen Appotronics Hongye Investment Partnership (LP), andShenzhen Jinleijing Investment Limited Partnership (LP) in top 10shareholders of the Company.
2. The Company is unaware that whether there is a related-party
relationship among circulating shareholders or whether they arepersons acting in concert as stipulated in the Measures for theAdministration of Disclosure of Shareholder Equity Changes ofListed Companies.Explanation on preferredshareholders of voting powerrecovered and shareholdingnumbers
N/A
2.3 Total number of preferred shareholders, and the shareholding of top ten preferred shareholders and
top ten unrestricted preferred shareholders as of the end of reporting period
□ Applicable √ N/A
III.Significant Events
3.1 Significant changes in the Company's main accounting line items and financial highlights and
reasons thereof
√Applicable □ N/A
1. Changes in line items of the balance sheet and reasons thereof
In RMBItem March 31, 2020 December 31, 2019Proportion
of change
Reason for change
Receivablesfinancing
1,169,000.001,980,500.00-40.97%Primarily due to the
acceptance of maturedbank acceptance billsNotes payable 22,379,090.0137,335,841.79-40.06%Primarily due to the
acceptance of maturedbank acceptance billsReceipts inadvance
184,444,643.33N/APrimarily due to the
implementation ofnew standardsContractliabilities
198,880,050.18
N/APrimarily due to the
implementation ofnew standardsEmployeebenefits payable
13,882,223.3350,586,932.71-72.56%Primarily due to the
payment of 2019year-end bonus in thecurrent periodTaxes payable 10,525,791.1142,924,647.79-75.48%Primarily due to the
decreased payment ofenterprise income taxand the decline intaxes payable in thecurrent periodNon-currentliabilities duewithin one year
36,459,795.6664,968,795.02-43.88%Primarily due to the
decreased balance oflong-term borrowings
due within one yearOthercomprehensiveincome
7,084,382.663,287,063.85115.52%Primarily due to the
exchange differences
on translation of
financial statements
denominated in
foreign currencies
2. Changes in line items of the income statement and reasons thereof
In RMBItem For the period from
January 1, 2020 toMarch 31, 2020
For the period fromJanuary 1, 2019 to
March 31, 2019
Proportionof change
Reason for change
Taxes and levies 848,964.732,713,456.49-68.71%Primarily due to the
decreased payment ofVAT in the currentperiodAdministrativeexpenses
34,641,364.44 26,453,737.41 30.95%Primarily due to the
increased expenses ofshare-based paymentsin the current periodFinancialexpenses
3,640,120.4610,183,619.72-64.26%Primarily due to
decreased loan interestexpenses andincreased depositinterest incomeOther income 13,967,683.296,995,045.2699.68%Primarily due to
increases ingovernment grantsrecognized in thecurrent periodInvestmentincome
6,951,747.26-4,299,742.78N/APrimarily due to the
income from wealthmanagement productsrecognized in thecurrent period anddecreased losses ofinvestments inassociatesLosses of creditimpairment
3,178,689.5413,856.6822839.76%Primarily due to the
decrease in the
provision for bad debtsof accounts receivableImpairmentlosses of assets
-4,230,773.801,936,993.19-318.42%Primarily due to the
increase in theprovision for declinein value of inventoriesin the current periodIncome taxexpense
6,583,959.0015,103,968.68-56.41%Primarily due to the
decreased profitsbefore tax in thecurrent periodNet profit 7,299,713.17 37,606,521.44 -80.59%Primarily due to
decreased income andincreased expenses inthe current periodNet profitsattributable toowners of theParent Company
13,322,216.2927,848,207.29-52.16%Primarily due to
decreased income andincreased expenses inthe current periodProfit or lossattributable tominorityshareholders
-6,022,503.129,758,314.15-161.72%Primarily due to the
decreased profits ofsubsidiaries in thecurrent periodExchangedifferences ontranslation offinancialstatementsdenominated inforeign currencies
3,797,318.81-2,985,768.48N/APrimarily due to
increased assetsdominated in foreigncurrencies and theexchange rate changeBasic and dilutedearnings per share
0.030.07-57.14%Primarily due to
decreased profits andincreased shares
3. Changes in line items of the cash flow statement and reasons thereof
In RMBItem For the period from
January 1, 2020 toMarch 31, 2020
For the period fromJanuary 1, 2019 toMarch 31, 2019
Proportionof change
Reason for change
Net cash flowfrom operating
-38,289,185.55-65,364,673.16N/A Primarily due to the
decreased payment
activities for purchase in the
current periodNet cash flowfrom investingactivities
56,240,044.30-5,455,447.62N/A Primarily due to the
redemption of and
gains from wealth
management products
purchased by
temporarily idle fundsNet cash flowfrom financingactivities
-53,008,882.64-9,610,541.75N/A Primarily due to the
decrease in new
borrowings in the
current period as
compared with the
same period of last
year.Effect of foreignexchange ratechanges on cashand cashequivalents
419,408.45-2,687,466.36N/A Primarily due to
exchange profit or
loss and the exchange
differences on
translation of
financial statements
denominated in
foreign currenciesNet increase incash and cashequivalents
-34,638,615.44-83,118,128.89N/A Primarily due to the
comprehensive effects
on changes in each
line item above of the
cash flow statement
3.2 Description of analysis on progresses of significant events and their influences and solutions
√Applicable □ N/A
(I) Litigation
1.Civil litigation and arbitration cases where the Company acted as a defendant
As of the date of issue of the financial statements, there have been 5 civil litigation cases where theCompany was a defendant, with details as below:
Case No.
Cause of
action
Plaintiffs Defendant/AppelleePatents involved
Amountinvolved
Progress(2019) Yue 73Zhi Min Chu
Infringement of patent
DeltaElectronics,
AppotronicsCorporation Limited;
ZL201610387831.8
RMB16,145,300
Suspensionof hearing
2.Civil litigation and arbitration cases where the Company acted as a plaintiff
As of the disclosure date of the report, there have been 30 civil litigation cases where the Companyacted as a plaintiff. In these cases, 28 cases were caused by infringement of invention patents with relevantclaims as follows: requiring the defendant to stop infringing the Company's patents for invention anddestroy the equipment and mold used to produce the infringed products; requiring the defendant tocompensate the plaintiff with economic losses and reasonable expenses incurred for stopping theinfringement, and to bear the joint and several liability. No other credit and debit disputes were involved.And 2 cases are brought for correcting the inventors of the patents, with relevant claims of correcting LI Yiand HU Fei as the inventors of the US Patent No. 9,024,241 and the China Patent No. ZL201610387831.8.
3. In March 2020, the Company concluded the Mediation Agreement with Casio Computer Co., Ltd.,
pursuant to which both parties voluntarily reached a mediation on a number of litigation cases, andwithdrew relevant cases respectively. The details were disclosed by the Company on the official site ofShanghai Stock Exchange (www.sse.com.cn) on March 21, 2020 and in the 2020-008 Announcement indesignated information disclosure media. As of the disclosure date of the report, the withdrawal of casesby both parties is in progress.
(II) Invalidation plea
1. Invalidation plea cases where the Company acted a patentee
As of the disclosure date of the report, there have been 4 invalidation plea cases where the Companyacted as a patentee, with details as below:
SerialNo.
Case code Patentee Patent No. involved Petitioner
forinvalidation
Remark1 4W110045 Appotronics
CorporationLimited
ZL200880107739.5 Delta
Electronics(Shanghai)
The National
Intellectual
Property
No.662 rights of
inventions
Inc. Shenzhen Futian
Suopuni ProjectionVideo SystemCommercial Firm(2019) Yue 73Zhi Min ChuNo.663
ZL201310017478.0
RMB16,145,300
Pending(2019) Yue 73Zhi Min ChuNo.664
ZL20310625063.1
RMB16,145,300
Pending(2019) Jing 73Min ChuNo.1275
Infringement of patentrights ofinventions
DeltaElectronics,Inc.
Fengmi (Beijing)Technology Co.,Ltd.; AppotronicsCorporation Limited
ZL201410249663.7
RMB16,010,000
Pending(2019) Jing 73Min ChuNo.1276
ZL201610387831.8
RMB16,010,000
Pending
Co., Ltd. Administration of
the PRC acceptedthe invalidationplea. Details weredisclosed in2020-007TemporaryAnnouncement.2 4W108668 Appotronics
CorporationLimited
ZL200810065225.X Dehao
ElectronicTechnologyLtd.
Pending
3 4W108847 Appotronics
CorporationLimited
ZL200810065225.X WEI Qun Pending4 4W110041 Appotronics
CorporationLimited
ZL200810065225.X Delta
Electronics(Shanghai)Co., Ltd.
The NationalIntellectualPropertyAdministration ofthe PRC acceptedthe invalidationplea. Details weredisclosed in2020-007TemporaryAnnouncement.
2. Invalidation plea cases where the Company acted a petitioner
As of the disclosure date of the report, there have been 4 invalidation plea cases where the Companyacted as a petitioner, all of which are related to the invalidation plea against patents held by DeltaElectronics, Inc.
3.3 Commitments failed in completion as scheduled within the reporting period
□ Applicable √ N/A
3.4 Warning of the estimate that the accumulated net profits from the beginning of the year to the end of
the next reporting period will be negative or will change significantly comparing with the same
period of the previous year, and description of reasons
√Applicable □ N/A
Though the COVID-19 epidemic has been effectively controlled in China, it still spreads all overthe world in a tendency far from optimistic, which has greatly affected the worldwide economy andindustry. Due to the impact of this epidemic, businesses in the movie industry where the Company's
cinema light source lease service belongs have also suspended, causing the Company’s shutdown of itscinema projector light source lease service business, hence the Company’s income from cinemaprojector light source lease service has been directly affected. Meanwhile, the shrink of consumptiondemand as the result of the macro environment has also affected the Company’s other businesses to acertain extent. As GDC invested by the Company belongs to the cinema projection equipment industry, itis also affected by the discontinued operation of cinemas, so that it may fail to achieve the expected results,which will increase the Company’s external investment risks. Therefore, the Company is exposed to therisk that the Company’s performance from the beginning of the year to the end of the next reportingperiod will be significantly lower than that of the same period of the previous year.
Company
name
Appotronics CorporationLimitedLegalRepresentative
BO LianmingDateApril 29, 2020
IV. Annex
4.1 Financial statements
Consolidated Balance Sheet
March 31, 2020Prepared by: Appotronics Corporation Limited
In RMB, UnauditedItem March 31, 2020 December 31, 2019Current Assets:
Cash and bank balances 827,117,516.74875,858,784.58Balances with clearing agenciesPlacements with banks and otherfinancial institutionsHeld-for-trading financial assets 485,000,000.00540,000,000.00Derivative financial assetsNotes receivable 4,583,773.784,042,559.63Accounts receivable 138,433,481.93176,035,155.24Receivables financing 1,169,000.001,980,500.00Prepayments 30,274,385.6235,070,999.13Premiums receivableAmounts receivable underreinsurance contractsReinsurer's share of insurancecontract reservesOther receivables 11,893,750.499,618,750.08Including: Interest receivable
Dividends receivableFinancial assets purchased underresale agreementsInventories 347,382,515.07299,966,170.35Contract assetsHeld-for-sale assetsNon-current assets due within oneyear
Other current assets 41,590,854.5044,405,513.30
Total Current Assets 1,887,445,278.131,986,978,432.31Non-current Assets:
Loans and advancesDebt investmentsOther debt investments
Long-term receivablesLong-term equity investments 142,382,489.82139,534,371.94Other equity instrumentinvestments
11,975,419.3811,975,419.38Other non-current financial assetsInvestment propertiesFixed assets 465,654,761.50471,204,340.95Construction in progress 14,552,980.5420,132,004.07Bearer biological assetsOil and gas assetsUse right assetsIntangible assets 328,514,812.96332,331,324.07Development expenditureGoodwillLong-term prepaid expenses 16,759,002.1516,908,070.34Deferred tax assets 106,192,677.72109,023,941.85Other non-current assets 11,427,386.0911,420,185.94Total Non-current Assets 1,097,459,530.161,112,529,658.54Total assets 2,984,904,808.293,099,508,090.85Current Liabilities:
Short-term borrowings 97,656,413.9376,765,319.05Loans from the central bankTaking from banks and otherfinancial institutionsHeld-for-trading financialliabilitiesDerivative financial liabilitiesNotes payable 22,379,090.0137,335,841.79Accounts payable 156,802,981.12176,624,445.46Receipts in advance 184,444,643.33Contract liabilities 198,880,050.18Financial assets sold underrepurchase agreementsCustomer deposits and depositsfrom banks and other financialinstitutionsFunds from securities tradingagencyFunds from underwritingsecurities agencyEmployee benefits payable 13,882,223.3350,586,932.71Taxes payable 10,525,791.1142,924,647.79
Other payables 14,972,938.2014,364,076.43Including: Interest payable
Dividends payableFees and commissions payableAmounts payable underreinsurance contracts
Held-for-sale liabilitiesNon-current liabilities due withinone year
36,459,795.6664,968,795.02Other current liabilitiesTotal Current Liabilities 551,559,283.54648,014,701.58Non-current Liabilities:
Insurance contract reservesLong-term borrowings 240,199,125.63279,615,107.27Bonds payableIncluding: Preferred shares
Perpetual bondsLeasing liabilitiesLong-term payables 3,542,550.003,488,100.00Long-term employee benefitspayableProvisions 29,568,184.7227,072,676.49Deferred income 15,034,378.4817,108,361.69Deferred tax liabilitiesOther non-current liabilitiesTotal Non-current Liabilities 288,344,238.83327,284,245.45Total Liabilities 839,903,522.37975,298,947.03Owners’ (or Shareholders’)equity:
Paid-in capital (or share capital) 451,554,411.00451,554,411.00Other equity instrumentsIncluding: Preferred shares
Perpetual bondsCapital reserve 1,216,200,640.701,207,942,318.37Less: Treasury sharesOther comprehensive income 7,084,382.663,287,063.85Special reserveSurplus reserve 22,800,224.1322,800,224.13General risk reserveRetained profits 303,576,771.46288,975,820.29Total Owners’(or Shareholders’)Equity Attributable to Owners of the
2,001,216,429.951,974,559,837.64
Parent CompanyMinority interests 143,784,855.97149,649,306.18Total Owners’ (orShareholders’) Equity
2,145,001,285.922,124,209,143.82Total Liabilities and Owners’(or Shareholders’) Equity
2,984,904,808.293,099,508,090.85
Legal Representative: Person in Charge of the Accounting Body: Chief Accountant:
BO Lianming ZHAO Ruijin WEI Yanlin
Balance Sheet of the Parent Company
March 31, 2020Prepared by: Appotronics Corporation Limited
In RMB, UnauditedItem March 31, 2020 December 31, 2019Current Assets:
Cash and bank balances 469,608,752.61570,479,390.49Held-for-trading financial assets 485,000,000.00540,000,000.00Derivative financial assetsNotes receivable 2,909,223.783,542,559.63Accounts receivable 288,187,483.95299,315,776.44Receivables financing 129,000.00442,500.00Prepayments 5,305,552.696,410,257.48Other receivables 70,959,929.8367,227,575.21Including: Interest receivable
Dividends receivableInventories 163,646,069.08135,617,379.22Contract assetsHeld-for-sale assetsNon-current assets due within oneyear
Other current assets 10,924,913.9212,280,164.39Total Current Assets 1,496,670,925.861,635,315,602.86Non-current Assets:
Debt investmentsOther debt investmentsLong-term receivablesLong-term equity investments 391,378,475.54257,795,276.13Other equity instrumentinvestments
7,075,419.387,075,419.38Other non-current financial assets
Investment propertiesFixed assets 58,631,091.7760,391,512.92Construction in progress 2,245,799.091,385,496.59Bearer biological assetsOil and gas assetsUse right assetsIntangible assets 327,120,322.03330,796,423.87Development expenditureGoodwillLong-term prepaid expenses 13,072,982.4412,771,126.83Deferred tax assets 7,861,742.779,545,438.20Other non-current assets 6,439,815.166,744,453.85Total Non-current Assets 813,825,648.18686,505,147.77Total assets 2,310,496,574.042,321,820,750.63Current Liabilities:
Short-term borrowings 20,000,000.0010,217,738.36Held-for-trading financialliabilitiesDerivative financial liabilitiesNotes payable 22,379,090.0137,335,841.79Accounts payable 159,440,057.91162,596,838.45Receipts in advance 11,116,659.11Contract liabilities 13,163,978.16Employee benefits payable 7,794,625.2326,985,668.92Taxes payable 735,473.271,534,242.70Other payables 46,393,502.3242,599,703.36Including: Interest payable
Dividends payableHeld-for-sale liabilitiesNon-current liabilities due withinone yearOther current liabilitiesTotal Current Liabilities 269,906,726.90292,386,692.69Non-current Liabilities:
Long-term borrowingsBonds payableIncluding: Preferred shares
Perpetual bondsLeasing liabilitiesLong-term payables 3,542,550.003,488,100.00Long-term employee benefitspayable
Provisions 15,151,566.6814,631,273.00Deferred income 13,668,257.4515,724,174.30Deferred tax liabilitiesOther non-current liabilitiesTotal Non-current Liabilities 32,362,374.1333,843,547.30Total Liabilities 302,269,101.03326,230,239.99Owners’ (or Shareholders’)equity:
Paid-in capital (or share capital) 451,554,411.00451,554,411.00Other equity instrumentsIncluding: Preferred shares
Perpetual bondsCapital reserve 1,319,967,729.881,310,939,867.82Less: Treasury sharesOther comprehensive incomeSpecial reserveSurplus reserve 21,522,683.4021,522,683.40Retained profits 215,182,648.73211,573,548.42Total Owners’ (orShareholders’) Equity:
2,008,227,473.011,995,590,510.64Total Liabilities and Owners’(or Shareholders’) Equity:
2,310,496,574.042,321,820,750.63
Legal Representative: Person in Charge of the Accounting Body: Chief Accountant:
BO Lianming ZHAO Ruijin WEI Yanlin
Consolidated Income StatementFor the period from January 1, 2020 to March 31, 2020Prepared by: Appotronics Corporation Limited
In RMB, UnauditedItem The First Quarter in 2020The First Quarter in 2019I. Total operating income 306,900,748.84359,369,025.24Including: Operating income 306,900,748.84359,369,025.24
Interest incomePremiums earnedFee and commission incomeII. Total operating costs 312,526,014.17311,930,400.24Including: Operating costs 205,113,820.04211,196,655.46
Interest expensesFee and commission expenses
SurrendersClaims and policyholder benefits (netof amounts recoverable from reinsurers)
Net withdrawal of insurance contractreserves
Insurance policyholder dividends
Expenses for reinsurance accepted
Taxes and levies 848,964.732,713,456.49
Selling expenses 24,522,520.3024,850,190.08
Administrative expenses 34,641,364.4426,453,737.41
R&D expenses 43,759,224.2036,532,741.08
Financial expenses 3,640,120.4610,183,619.72
Including: Interest expense 5,974,996.528,508,945.58
Interest income 2,452,836.80656,900.44Add: other income 13,967,683.296,995,045.26
Investment income (loss is indicatedby “-”)
6,951,747.26-4,299,742.78
Including: Income from investmentsin associates and joint ventures
719,638.49-4,299,742.78Gains from derecognition offinancial assets at amortized assets
Foreign exchange gains (loss isindicated by “-”)
Gains from net exposure hedges (lossis indicated by “-”)
Gains from changes in fair values(loss is indicated by “-”)
Losses of credit impairment (loss isindicated by “-”)
3,178,689.5413,856.68
Impairment losses of assets (loss isindicated by “-”)
-4,230,773.801,936,993.19
Gains from disposal of assets (loss isindicated by “-”)
0.000.00III. Operating profit (loss is indicated by “-”)14,242,080.9652,084,777.35Add: Non-operating income 17,320.21881,216.12Less: Non-operating expenses 375,729.00255,503.35IV. Total profits (total losses are indicated by“-”)
13,883,672.1752,710,490.12Less: Income tax expenses 6,583,959.0015,103,968.68V. Net profits (net losses are indicated by “-”)7,299,713.1737,606,521.44(I) Categorized by the continuity of operation
1. Net profits from continuing
operations (net losses are indicated by “-”)
7,299,713.1737,606,521.44
2. Net profits from discontinued
operations (net losses are indicated by “-”)(II) Categorized by the ownership
1.Net profits attributable to shareholders
of the Parent Company (net losses areindicated by “-”)
13,322,216.2927,848,207.29
2. Profits or losses attributable to
minority shareholders (net losses areindicated by “-”)
-6,022,503.129,758,314.15VI. Other comprehensive income, net of tax 3,832,339.57-3,083,099.94(I) Other comprehensive income that canbe attributable to owners of the ParentCompany, net of tax
3,797,318.81-2,985,768.48
1. Other comprehensive income that
cannot be reclassified subsequently to profitor loss
(1) Changes from remeasurement of
defined benefit plans
(2) Other comprehensive income that
cannot be reclassified to profit or loss underthe equity method
(3) Changes in fair value of investments in
other equity instruments
(4) Changes in fair value of enterprises’
own credit risks
2.Other comprehensive income that will
be reclassified to profit or loss
3,797,318.81-2,985,768.48
(1) Other comprehensive income that will
be reclassified to profit or loss under theequity method
(2) Changes in fair value of other debt
investments
(3) Amount of financial assets reclassified
to other comprehensive income
(4) Provision for credit impairment of
other debt investments
(5) Reserve for cash flow hedges
(6) Exchange differences on translation of
financial statements denominated in foreigncurrencies
3,797,318.81-2,985,768.48
(7) Others
(II) Other comprehensive income that canbe attributable to minority shareholders, net
35,020.76-97,331.46
of taxVII. Total comprehensive income 11,132,052.7434,523,421.50
(I) Total comprehensive income that canbe attributable to owners of the ParentCompany
17,119,535.1024,862,438.81
(II) Total comprehensive income that canbe attributable to minority shareholders
-5,987,482.369,660,982.69VIII. Earnings per share:
(I) Basic earnings per share (RMB/share) 0.030.07(II) Diluted earnings per share (RMB/share
0.030.07
For business combination involving entities under common control occurred during the period, net profitof the acquiree generated before the business combination is nil, and net profit of the acquiree generated inprior period is nil.
Legal Representative: Person in Charge of the Accounting Body: Chief Accountant:
BO Lianming ZHAO Ruijin WEI Yanlin
Income Statement of the Parent CompanyFor the period from January 1, 2020 to March 31, 2020Prepared by: Appotronics Corporation Limited
In RMB, UnauditedItem
The First Quarter in
2020
The First Quarter in 2019I. Operating income 149,314,735.41200,753,485.99Less: Operating costs 95,623,590.51138,936,932.06
Taxes and levies 414,212.022,021,050.85Selling expenses 14,007,454.1719,037,302.68Administrative expenses 24,524,700.8318,742,524.81R&D expenses 25,612,027.2921,264,581.55Financial expenses -3,569,835.962,396,569.61Including: Interest expense 13,174.141,267,455.77
Interest income 3,279,548.301,998,509.13Add: other income 11,797,618.374,522,798.93
Investment income (loss is indicated by“-”)
6,232,108.77-64,542.33
Including: Income from investments inassociates and joint ventures
Gains from derecognition offinancial assets at amortized assets
Gains from net exposure hedges (loss is
indicated by “-”)
Gains from changes in fair values (loss isindicated by “-”)
Losses of credit impairment (loss isindicated by “-”)
175,684.06939,710.43
Impairment losses of assets (loss isindicated by “-”)
-3,221,027.461,825,144.32
Gains from disposal of assets (loss isindicated by “-”)II. Operating profit (loss is indicated by “-”) 7,686,970.295,577,635.78Add: Non-operating income 17,318.89879,954.73Less: Non-operating expenses 14,740.5963,711.29III. Total profits (total losses are indicated by“-”)
7,689,548.596,393,879.22Less: Income tax expenses 4,080,448.28931,193.96VI. Net profits (net losses are indicated by “-”) 3,609,100.315,462,685.26
(I) Net profits from continuing operations(net losses are indicated by “-”)
3,609,100.315,462,685.26
(II) Net profits from discontinued operations(net losses are indicated by “-”)V. Other comprehensive income, net of tax
(I) Other comprehensive income that cannotbe reclassified subsequently to profit or loss
1.Changes from remeasurement of defined
benefit plans
2. Other comprehensive income that cannot
be reclassified to profit or loss under the equitymethod
3.Changes in fair value of investments in
other equity instruments
4.Changes in fair value of enterprises’
own credit risks
(II) Other comprehensive income that will bereclassified to profit or loss
1. Other comprehensive income that will be
reclassified to profit or loss under the equitymethod
2. Changes in fair value of other debt
investments
3. Amount of financial assets reclassified to
other comprehensive income
4.Provision for credit impairment of other
debt investments
5. Reserve for cash flow hedges
6. Exchange differences on translation of
financial statements denominated in foreigncurrencies
7. Others
VI. Total comprehensive income 3,609,100.315,462,685.26VII. Earnings per share:
(I) Basic earnings per share (RMB/share) 0.010.01(II) Diluted earnings per share (RMB/share)0.010.01
Legal Representative: Person in Charge of the Accounting Body: Chief Accountant:
BO Lianming ZHAO Ruijin WEI Yanlin
Consolidated Cash Flow StatementFor the period from January 1, 2020 to March 31, 2020Prepared by: Appotronics Corporation Limited
In RMB, UnauditedItem
The First Quarter in 2020
The First Quarter in 2019
I. Cash Flows from OperatingActivities:
Cash receipts from the sale of goodsand the rendering of services
397,384,359.17431,315,369.06
Net increase in customer deposits anddeposits from banks and other financialinstitutions
Net increase in loans from the centralbank
Net increase in taking from banks andother financial institutions
Cash receipts from premiums underdirect insurance contracts
Net cash receipts from reinsurancebusiness
Net cash receipts frompolicyholders’ deposits and investmentcontract liabilities
Cash receipts from interest, fees andcommissions
Net increase in taking from banks
Net increase in financial assets soldunder repurchase arrangementsNet cash received from securitiestrading agencies
Receipts of tax refunds 2,267,811.011,515,965.19
Other cash receipts relating tooperating activities
34,991,984.03 27,092,157.24Sub-total of cash inflows fromoperating activities
434,644,154.21 459,923,491.49Cash payments for goods purchasedand services received
298,323,599.64340,681,052.03Net increase in loans and advances tocustomers
Net increase in balance with thecentral bank and due from banks andother financial institutions
Cash payments for claims andpolicyholders' benefits under directinsurance contracts
Net increase in placements with banksand other financial institutions
Cash payments for interest, fees andcommissions
Cash payments for insurancepolicyholder dividends
Cash payments to and on behalf ofemployees
99,940,689.1578,312,969.04
Payments of various types of taxes 35,918,878.8953,102,338.02
Other cash payments relating tooperating activities
38,750,172.0853,191,805.56Sub-total of cash outflows fromoperating activities
472,933,339.76525,288,164.65Net cash flow from operatingactivities
-38,289,185.55-65,364,673.16II. Cash Flows from InvestingActivities:
Cash receipts from disposals andrecovery of investments
540,000,000.003,700,000.00
Cash receipts from investment income6,232,108.77
Net cash receipts from disposals offixed assets, intangible assets and otherlong-term assets
2,281.47
Net cash receipts from disposals of
subsidiaries and other business units
Other cash receipts relating toinvesting activitiesSub-total of cash inflows frominvesting activities
546,234,390.243,700,000.00
Cash payments to acquire or constructfixed assets, intangible assets and otherlong-term assets
4,994,345.949,155,447.62
Cash payments to acquire investments485,000,000.00
Net increase in pledged loansreceivables
Net cash payments for acquisitions ofsubsidiaries and other business units
Other cash payments relating toinvesting activitiesSub-total of cash outflows frominvesting activities
489,994,345.949,155,447.62Net cash flow from investingactivities
56,240,044.30-5,455,447.62III. Cash Flows from FinancingActivities:
Cash receipts from capitalcontributionsIncluding: cash receipts from capitalcontributions from minority shareholdersof subsidiariesCash receipts from borrowings 31,049,660.15101,960,000.00Other cash receipts relating tofinancing activitiesSub-total of cash inflows fromfinancing activities
31,049,660.15101,960,000.00
Cash repayments of borrowings 77,790,695.10103,168,350.00
Cash payments for distribution ofdividends or profits or settlement ofinterest expenses
6,267,847.698,402,191.75
Including: payments for distribution ofdividends or profits to minorityshareholders of subsidiaries
Other cash payments relating tofinancing activitiesSub-total of cash outflows fromfinancing activities
84,058,542.79111,570,541.75Net cash flow from financing -53,008,882.64-9,610,541.75
activitiesIV. Effect of Foreign Exchange RateChanges on Cash and CashEquivalents
419,408.45-2,687,466.36V. Net Increase in Cash and CashEquivalents
-34,638,615.44-83,118,128.89Add: Opening balance of cash andcash equivalents
829,789,487.86472,508,550.40VI. Closing Balance of Cash and CashEquivalents
795,150,872.42 389,390,421.51
Legal Representative: Person in Charge of the Accounting Body: Chief Accountant:
BO Lianming ZHAO Ruijin WEI Yanlin
Cash Flow Statement of the Parent CompanyFor the period from January 1, 2020 to March 31, 2020Prepared by: Appotronics Corporation Limited
In RMB, UnauditedItem
The First Quarter in 2020
The First Quarter in 2019
I. Cash Flows from OperatingActivities:
Cash receipts from the sale of goodsand the rendering of services
175,632,699.35259,244,374.99
Receipts of tax refunds 1,258,598.520.00
Other cash receipts relating tooperating activities
69,010,030.5227,903,540.81Sub-total of cash inflows fromoperating activities
245,901,328.39287,147,915.80Cash payments for goods purchasedand services received
148,745,453.42177,525,319.52Cash payments to and on behalf ofemployees
58,149,160.9948,748,387.90Payments of various types of taxes 2,326,794.9727,672,453.21Other cash payments relating tooperating activities
59,079,296.1544,283,765.25Sub-total of cash outflows fromoperating activities
268,300,705.53298,229,925.88Net cash flow from operatingactivities
-22,399,377.14-11,082,010.08
II. Cash Flows from InvestingActivities:
Cash receipts from disposals andrecovery of investments
540,000,000.004,635,457.67
Cash receipts from investment income6,232,108.77
Net cash receipts from disposals offixed assets, intangible assets and otherlong-term assets
2,281.47
Net cash receipts from disposals ofsubsidiaries and other business units
Other cash receipts relating toinvesting activitiesSub-total of cash inflows frominvesting activities
546,234,390.244,635,457.67
Cash payments to acquire or constructfixed assets, intangible assets and otherlong-term assets
3,965,789.678,002,000.13
Cash payments to acquire investments616,213,540.00
Net cash payments for acquisitions ofsubsidiaries and other business units
Other cash payments relating toinvesting activitiesSub-total of cash outflows frominvesting activities
620,179,329.678,002,000.13Net cash flow from investingactivities
-73,944,939.43-3,366,542.46III. Cash Flows from FinancingActivities:
Cash receipts from capitalcontributionsCash receipts from borrowings 20,000,000.00Other cash receipts relating tofinancing activitiesSub-total of cash inflows fromfinancing activities
20,000,000.00
Cash repayments of borrowings 10,000,000.0044,440,000.00
Cash payments for distribution ofdividends or profits or settlement ofinterest expenses
230,912.501,347,159.22
Other cash payments relating tofinancing activitiesSub-total of cash outflows fromfinancing activities
10,230,912.5045,787,159.22
Net cash flow from financingactivities
9,769,087.50-45,787,159.22IV. Effect of Foreign Exchange RateChanges on Cash and CashEquivalents
-327,571.48-2,970,439.13V. Net Increase in Cash and CashEquivalents
-86,902,800.55-63,206,150.89Add: Opening balance of cash andcash equivalents
524,648,100.62295,049,085.02VI. Closing Balance of Cash and CashEquivalents
437,745,300.07231,842,934.13
Legal Representative: Person in Charge of the Accounting Body: Chief Accountant:
BO Lianming ZHAO Ruijin WEI Yanlin
4.2 Description of adjustments in opening balances of line items in financial statements of the year due to
the implementation of new revenue standard and new lease standard since 2020
√Applicable □ N/A
Consolidated Balance Sheet
In RMBItem December 31, 2019 January 1, 2020 Adjusted amountCurrent Assets:
Cash and bank balances 875,858,784.58875,858,784.58Balances with clearing agenciesPlacements with banks and otherfinancial institutions
Held-for-trading financial assets 540,000,000.00540,000,000.00Derivative financial assetsNotes receivable 4,042,559.634,042,559.63Accounts receivable 176,035,155.24195,363,317.97 19,328,162.73Receivables financing 1,980,500.001,980,500.00Prepayments 35,070,999.1335,070,999.13Premiums receivableAmounts receivable underreinsurance contracts
Reinsurer’s share of insurancecontract reserves
Other receivables 9,618,750.089,618,750.08
Including: Interest receivable
Dividends receivable
Financial assets purchased underresale agreements
Inventories 299,966,170.35283,610,860.13 -16,355,310.22
Contract assets
Held-for-sale assets
Non-current assets due withinone year
Other current assets 44,405,513.3044,405,513.30Total Current Assets 1,986,978,432.311,989,951,284.82 2,972,852.51Non-current Assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 139,534,371.94139,534,371.94
Other equity instrumentinvestments
11,975,419.3811,975,419.38
Other non-current financialassets
Investment properties
Fixed assets 471,204,340.95471,204,340.95
Construction in progress 20,132,004.0720,132,004.07
Bearer biological assets
Oil and gas assets
Use right assets
Intangible assets 332,331,324.07332,331,324.07
Development expenditure
Goodwill
Long-term prepaid expenses 16,908,070.3416,908,070.34
Deferred tax assets 109,023,941.85109,023,941.85
Other non-current assets 11,420,185.9411,420,185.94
Total Non-current Assets 1,112,529,658.541,112,529,658.54Total assets 3,099,508,090.853,102,480,943.36 2,972,852.51Current Liabilities:
Short-term borrowings 76,765,319.0576,765,319.05
Loans from the central bank
Taking from banks and otherfinancial institutions
Held-for-trading financialliabilities
Derivative financial liabilities
Notes payable 37,335,841.7937,335,841.79
Accounts payable 176,624,445.46176,624,445.46
Receipts in advance 184,444,643.33 -184,444,643.33Contract liabilities 184,444,643.33 184,444,643.33Financial assets sold underrepurchase agreements
Customer deposits and depositsfrom banks and other financialinstitutions
Funds from securities tradingagency
Funds from underwritingsecurities agency
Employee benefits payable 50,586,932.7150,586,932.71
Taxes payable 42,924,647.7945,265,272.99 2,340,625.20
Other payables 14,364,076.4314,364,076.43
Including: Interest payable
Dividends payable
Fees and commissions payable
Amounts payable underreinsurance contracts
Held-for-sale liabilities
Non-current liabilities duewithin one year
64,968,795.0264,968,795.02
Other current liabilities
Total Current Liabilities 648,014,701.58650,355,326.78 2,340,625.20Non-current Liabilities:
Insurance contract reservesLong-term borrowings 279,615,107.27279,615,107.27Bonds payableIncluding: Preferred shares
Perpetual bondsLeasing liabilitiesLong-term payables 3,488,100.003,488,100.00Long-term employee benefitspayable
Provisions 27,072,676.4927,072,676.49Deferred income 17,108,361.6917,108,361.69Deferred tax liabilitiesOther non-current liabilities
Total Non-current Liabilities 327,284,245.45327,284,245.45Total Liabilities 975,298,947.03977,639,572.23 2,340,625.20Owners’ (or Shareholders’) equity:
Paid-in capital (or share capital) 451,554,411.00451,554,411.00Other equity instruments
Including: Preferred shares
Perpetual bondsCapital reserve 1,207,942,318.371,207,942,318.37Less: Treasury sharesOther comprehensive income 3,287,063.853,287,063.85Special reserveSurplus reserve 22,800,224.1322,800,224.13General risk reserveRetained profits 288,975,820.29290,254,555.17 1,278,734.88Total Owners’ (orShareholders’) Equity Attributableto Owners of the Parent Company
1,974,559,837.641,975,838,572.52 1,278,734.88Minority interests 149,649,306.18149,002,798.61 -646,507.57
Total Owners’ (orShareholders’) Equity
2,124,209,143.822,124,841,371.13 632,227.31Total Liabilities andOwners’ (or Shareholders’) Equity
3,099,508,090.853,102,480,943.36 2,972,852.51
Description of adjustments on each item:
√Applicable □ N/A
In accordance with the Accounting Standards for Business Enterprises No.14- Revenue (Cai Kuai[2017] No. 2) issued by the Ministry of Finance on July 5, 2017, for enterprises listed in domestic andoversea stock exchange concurrently and enterprises listed overseas with the financial statements preparedunder international financial reporting standards or accounting standards for business enterprises, the newrevenue standard shall be implemented from January 1, 2018; and for other enterprises listed indomestically, the revenue standard shall be implemented from January 1, 2020. As a domestic listedcompany, the Company adopted the new revenue standard as at January 1, 2020, according to which: (1)the goods payments received in advance originally qualified for conditions of “Receipts in advance”were charged to the line item of “Contract liabilities”, with an adjustment on the opening balance ofrelevant item recognized in the financial statements of 2020, but the data in comparable period can beunadjusted; (2) for goods sold under the model of “profit distribution”, income from customers receivedbut not recognized were changed as it satisfied the condition of revenue recognition under the new revenuestandard, with an adjustment on the opening balance of relevant item recognized in the balance sheet foradopting a transition treatment during the implementation of standards.
Balance Sheet of the Parent Company
In RMBItem December 31, 2019 January 1, 2020 Adjusted amountCurrent Assets:
Cash and bank balances 570,479,390.49570,479,390.49Held-for-trading financialassets
540,000,000.00540,000,000.00Derivative financial assets
Notes receivable 3,542,559.633,542,559.63Accounts receivable 299,315,776.44299,315,776.44Receivables financing 442,500.00442,500.00Prepayments 6,410,257.486,410,257.48Other receivables 67,227,575.2167,227,575.21Including: Interest receivable
Dividends receivableInventories 135,617,379.22135,617,379.22Contract assetsHeld-for-sale assetsNon-current assets due withinone year
Other current assets 12,280,164.3912,280,164.39Total Current Assets 1,635,315,602.861,635,315,602.86Non-current Assets:
Debt investmentsOther debt investmentsLong-term receivablesLong-term equity investments 257,795,276.13257,795,276.13Other equity instrumentinvestments
7,075,419.387,075,419.38Other non-current financialassets
Investment propertiesFixed assets 60,391,512.9260,391,512.92Construction in progress 1,385,496.591,385,496.59Bearer biological assetsOil and gas assetsUse right assetsIntangible assets 330,796,423.87330,796,423.87Development expenditureGoodwillLong-term prepaid expenses 12,771,126.8312,771,126.83Deferred tax assets 9,545,438.209,545,438.20Other non-current assets 6,744,453.856,744,453.85Total Non-current Assets 686,505,147.77686,505,147.77Total assets 2,321,820,750.632,321,820,750.63Current Liabilities:
Short-term borrowings 10,217,738.3610,217,738.36Held-for-trading financialliabilities
Derivative financial liabilities
Notes payable 37,335,841.7937,335,841.79Accounts payable 162,596,838.45162,596,838.45Receipts in advance 11,116,659.11 -11,116,659.11Contract liabilities 11,116,659.11 11,116,659.11Employee benefits payable 26,985,668.9226,985,668.92Taxes payable 1,534,242.701,534,242.70Other payables 42,599,703.3642,599,703.36Including: Interest payable
Dividends payableHeld-for-sale liabilitiesNon-current liabilities duewithin one year
Other current liabilitiesTotal Current Liabilities 292,386,692.69292,386,692.69Non-current Liabilities:
Long-term borrowingsBonds payableIncluding: Preferred shares
Perpetual bondsLeasing liabilitiesLong-term payables 3,488,100.003,488,100.00Long-term employee benefitspayable
Provisions 14,631,273.0014,631,273.00Deferred income 15,724,174.3015,724,174.30Deferred tax liabilitiesOther non-current liabilitiesTotal Non-current Liabilities 33,843,547.3033,843,547.30Total Liabilities 326,230,239.99326,230,239.99Owners’ (or Shareholders’) equity:
Paid-in capital (or share capital) 451,554,411.00451,554,411.00Other equity instrumentsIncluding: Preferred shares
Perpetual bondsCapital reserve 1,310,939,867.821,310,939,867.82Less: Treasury sharesOther comprehensive incomeSpecial reserveSurplus reserve 21,522,683.4021,522,683.40Retained profits 211,573,548.42211,573,548.42Total Owners’ (orShareholders’) Equity:
1,995,590,510.641,995,590,510.64
Total Liabilities andOwners’ (or Shareholders’)Equity:
2,321,820,750.632,321,820,750.63
Description of adjustments on each item:
√Applicable □ N/A
In accordance with the Accounting Standards for Business Enterprises No.14- Revenue (Cai Kuai[2017] No. 2) issued by the Ministry of Finance on July 5, 2017, for enterprises listed in domestic andoversea stock exchange concurrently and enterprises listed overseas with the financial statements preparedunder international financial reporting standards or accounting standards for business enterprises, the newrevenue standard shall be implemented from January 1, 2018; and for other enterprises listed indomestically, the revenue standard shall be implemented from January 1, 2020. As a domestic listedcompany, the Company adopted the new revenue standard as at January 1, 2020, according to which thegoods payments received in advance originally qualified for conditions of “Receipts in advance” werecharged to the line item of “Contract liabilities”, with an adjustment on the opening balance of relevantitem recognized in the financial statements of 2020, but the data in comparable period can be unadjusted.
4.3 Description of retrospective adjustments in comparable data for previous periods upon the first
adoption of the new revenue standard and new lease standard since 2020
□ Applicable √ N/A
4.4 Auditor's report
□ Applicable √ N/A