Stock Code: 601689 Abbr.:Tuopu Group
Ningbo Tuopu Group Co., Ltd.
Semi-annual Report 2023
August 2023
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Important NotesI. The Board of Directors, Board of Supervisors, Directors, Supervisors and Senior Managementof Ningbo Tuopu Group Co., Ltd. hereby guarantee that the information presented in thisreport shall be authentic, accurate and complete and free of any false records, misleadingstatements or material omissions, and they will bear joint and several liability for suchinformation.II. All directors attended the meeting of the Board of Directors.III. This semi-annual report has not yet been audited.IV. Wu Jianshu, a person in charge of the Company, Hong Tieyang, an officer in charge ofaccounting work and accounting institution (Accounting Officer) hereby declare and warrantthat the financial statements in the annual report are authentic, accurate, and complete.V. The profit distribution plan for the reporting period or the plan for converting public reservefunds into additional share capital after consideration by the Board of DirectorsNo profit distribution or conversion of public reserve funds into additional share capital is made inthis reporting periodVI. Risk statement of forward-looking statements
√Applicable □Non-applicable
The forward-looking description of the future development strategy, business plan, performanceforecast and other aspects in relation to the Company as contained herein will not constitute a substantialcommitment to investors. All investors of the Company are advised to be cautious about the investmentrisks.VII. Whether there is any non-operating capital occupation by the controlling shareholder and its
affiliatesNoVIII. Whether there is any external guarantee provided in violation of the prescribed decision
proceduresNoIX. Whether there are more than half of the directors who cannot guarantee the annual report
disclosed by the Company as to its authenticity, accuracy and completenessNoX. Significant risk statement
The Company has described the significant risks that may adversely affect the future developmentof the Company and the realization of its business objectives herein. More details are available in"Section III Discussion and Analysis of Business Conditions" under this report.XI. Other
√Applicable □Non-applicable
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
On 9 December 2022, the company convened the second XVII meeting of the fourth session of theBoard of Directors, where the relevant proposal in connection with the 2022 non-public offering planwas considered and passed. On 28 December 2022, the company held the 2022 third extraordinarygeneral meeting, where the above proposal was considered and passed.On 3 February 2023, the Company's application for non-public issue of shares was accepted byCSRC.On 22 February 2023, the company held the second XVIII meeting of the fourth session of theBoard of Directors. Considering the approval of the issuance of shares by listed companies to specifictargets under the registration-based IPO system, where appropriate to the company, and referring to theapplicable laws and regulations, the content of the issuance scheme of this offering to specific targetswas adjusted. The proposal on the adjustment of the 2022 offering scheme to specific targets was alsopassed. On 13 March 2023, the 2023 first extraordinary general meeting was convened where the aboveproposals were considered and approved.On 13 March 2023, the Company received the “Review Inquiry Letter on the Issue of Shares toSpecific Targets by Ningbo Tuopu Group Co., Ltd.” (SSE Review (Refinancing) [2023] No. 96) issuedby the Shanghai Stock Exchange. SSE’s reviewing organisation reviewed the application files inconnection with the offering to specific targets, and finalized the audit inquiry questions.On 5 July 2023, the Company received the “Reply Letter on Consenting the Registration of theOffering by Ningbo Tuopu Group Co., Ltd. to Specific Targets” (CSRC Consent [2023] No. 1443)issued by the CSRC.As at the date of disclosure of this report, the above matter is still under process and the Companywill duly fulfill its information disclosure obligations whenever appropriate.
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Contents
Section 1 Definitions ...... 5
Section 2 Company Profile and Key Financial Indicators ...... 5
Section 3 Discussion and Analysis of Operation Conditions ...... 8
Section 4 Corporate Governance ...... 27
Section 5 Environmental and Social Responsibility ...... 28
Section 6 Significant Events ...... 36
Section 7 Changes in Shares and Shareholders ...... 55
Section 8 Information about Preference Shares ...... 60
Section 9 Information of Corporate Bonds ...... 60
Section 10 Financial Report ...... 64
| Catalogue of Files for Future Inspection | (1) Full text and extracts of this semi-annual report affixed with the signature of the company's legal representative and common seal. |
| (2) Financial statements signed and sealed by the legal representative of the company, the officer in charge of accounting work and the person in charge of the accounting institution. | |
| (3) Original and manuscript of all company documents and announcements that are disclosed on the information disclosure media designated by the company during the reporting period |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Section 1 Definitions
In this report, unless the context requires otherwise, the following words and terms shall be construed as:
| Common terms and definitions | ||
| The Company, issuer, Tuopu | Refers to | Ningbo Tuopu Group Co., Ltd. |
| MECCA HK | Refers to | Mecca International Holding (HK) Limited, the controlling shareholder of the Company |
| Reporting Period | Refers to | From January 1, 2023 to June 30, 2023 |
| Board of Directors, Board of Supervisors, General Meeting of Shareholders | Refers to | Board of Directors, Board of Supervisors, General Meeting of Shareholders of Ningbo Tuopu Group Co., Ltd. |
| 1.00 Yuan, 10,000 Yuan, 100 million Yuan | Refers to | ?1.00, ?10,000.00, ?100,000,000.00 |
Section 2 Company Profile and Key Financial IndicatorsI. Company Information
| Company Name in Chinese | Ningbo Tuopu Group Co., Ltd. |
| Company Abbreviation in Chinese | 拓普集团 |
| Company Name in English | Ningbo Tuopu Group Co.,Ltd. |
| Company Abbreviation in English | Tuopu Group |
| Legal Representative of the Company | Wu Jianshu |
II. Contact Person and Contact Information
| Security of the Board | Representative of Securities Affairs | |
| Name | Wang Mingzhen | Gong Yuchao |
| Contact Address | 268 Yuwangshan Rd, Beilun District, Ningbo | 268 Yuwangshan Rd, Beilun District, Ningbo |
| Tel. | 0574-86800850 | 0574-86800850 |
| Fax | 0574-86800877 | 0574-86800877 |
| wmz@tuopu.com | gyc@tuopu.com |
III. General Information Summary
| Registered Address of the Company | 268 Yuwangshan Rd, Daqi Street, Beilun District, Ningbo, Zhejiang |
| Change History of Registered Address | On 16 June 2020, the company address was changed from “215 Huangshan West Road, Beilun, Ningbo, Zhejiang” to “268 Yuwangshan Rd, Daqi Street, Beilun District, Ningbo, Zhejiang” |
| Office Address of the Company | 268 Yuwangshan Rd, Daqi Street, Beilun District, Ningbo, Zhejiang |
| Postal Code of Office Address | 315806 |
| Website | www.tuopu.com |
| tuopu@tuopu.com | |
| Search index of changes during the reporting period | NA |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
IV. Information Disclosure and Location
| The Media Selected by the Company for Disclosure | Securities Times |
| Website Designated by CSRC for Publishing Semi-annual Report | SSE website (www.sse.com.cn) |
| Location for Annual Report of the Company | Office of Board Secretary |
| Search index of changes during the reporting period | NA |
V. Overview of Stock Information
| Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Stock Abbreviation Before Change |
| A-share | Shanghai Stock Exchange | Tuopu Group | 601689 | - |
VI. Other Related Information
□Applicable √Non-applicable
VII. Key Accounting Data and Financial Indicators over the Past Three Years
(1) Key Accounting Data
Unit：Yuan Currency：RMB
| Key Accounting Data | During this reporting period (January-June) | Figures in previous period | Increase/decrease compared with previous year (%) |
| Operating income | 9,160,451,044.52 | 6,793,989,768.80 | 34.83 |
| Net profit attributable to shareholders of the listed Company | 1,094,024,695.52 | 707,806,710.76 | 54.57 |
| Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses | 1,027,259,033.76 | 684,872,435.30 | 49.99 |
| Net cash flow generated by operational activities | 1,226,121,434.62 | 1,119,114,445.35 | 9.56 |
| End of this reporting period | End of previous year | Increase/Decrease at the end of the current year compared with the end of the previous year (%) | |
| Net assets attributable to shareholders of the listed company | 12,724,554,709.93 | 12,129,379,340.29 | 4.91 |
| Total assets | 28,372,725,807.35 | 27,510,130,823.47 | 3.14 |
(2) Key Financial Indicators
| Key Financial Indicators | During this reporting period (January-June) | Figures in previous period | Increase/decrease compared with previous year (%) |
| Basic Earnings per Share (RMB/Share) | 0.99 | 0.64 | 54.69 |
| Diluted Earnings per Share (RMB/Share) | 0.99 | 0.64 | 54.69 |
| Basic Earnings per Share after deducting non-recurring gains and losses (RMB/Share) | 0.93 | 0.62 | 50.00 |
| Weighted Average ROE | 8.63 | 6.47 | Increased by 2.16 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| % | |||
| Weighted Average ROE after deducting non-recurring gains and losses (%) | 8.10 | 6.26 | Increased by 1.84% |
Notes to the key accounting data and financial indicators over the previous three years at the end of thereporting period
□Applicable √Non-applicable
VIII. Differences in Accounting Data under Chinese and International Accounting Standards
□Applicable √Non-applicable
IX. Non-recurring Gains and Losses Items and Amounts
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Non-recurring Gains and Losses Items | Amount | Note (if applicable) |
| Gains and losses from disposal of non-current assets | -11,742,432.46 | |
| Approval beyond authority, or without formal approval document, or incidental tax rebates, deducts and exempts | ||
| Government subsidies included in the current profit and loss, but closely associated with the regular business operations of the Company, except for government subsidies that are consistent with national policies and continuously granted at a fixed quota or amount under certain national standard | 87,132,153.51 | X、VII、84 |
| Payment for the use of funds charged from non-financial enterprises that is included in current profit and loss | ||
| Income generated from the investment cost of the Company in acquiring subsidiaries, associates and joint ventures that is less than the fair value of the identifiable net assets held by the invested entity at the acquisition of investment | ||
| Gains and losses from exchange of non-monetary assets | ||
| Gains and losses from the engagement of others in investment or management | ||
| Provisions for impairment of various assets due to force majeure factors including natural disasters | ||
| Gains and losses from restructuring of debts | ||
| Expenses incurred in enterprise restructuring, including those incurred in staff placement and integration | ||
| Gains and losses from the part of transactions whose prices are clearly unfair in excess of the fair value | ||
| Net profits and losses for the current period from the beginning of the period to the date of the merger arising from a business combination under the same control | ||
| Profits and losses generated from contingent events that are unrelated to the regular business operations of the Company | ||
| Profits and losses resulting from the changes in fair value for holding trading financial assets, derivative financial assets and trading financial liabilities, derivative financial liabilities and investment income from disposal of trading financial assets, derivative financial assets, trading financial liabilities, derivative financial liabilities and other obligatory right investments, except for valid hedging businesses associated with the regular business operations of the Company | 3,336,956.62 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Reversal of the receivables and contract assets depreciation reserves for separate impairment test | ||
| Gains and losses from external entrusted loans | ||
| Profits and losses generated from a change in the fair value of investment real estates that are subsequently measured by the fair value model | ||
| Impact of one-off adjustment to the current profit and loss under the requirements of taxation, accounting and other laws and regulations on the current profit and loss | ||
| Custody fee income from entrusted operations | ||
| Non-operating income and expenses other than the above | 615,033.25 | |
| Other gains and losses items that fit the definition of non-recurring gains and losses | ||
| Less: Impact of income tax | 12,621,214.56 | |
| Impact of minority equity (after tax) | -45,165.40 | |
| Total | 66,765,661.76 |
For items of non-recurring gains and losses defined by the Company under the "Explanatory Notice toInformation Disclosure of the Company Offering Shares to the Public No. 1 - Non-recurring Gains andLosses" and items defining non-recurring gains and losses enumerated in " Explanatory Notice toInformation Disclosure of the Company Offering Shares to the Public No. 1 - Non-recurring Gains andLosses" as recurring gains and losses, it is required to give the reason.
□Applicable √Non-applicable
X. Other
□Applicable √Non-applicable
Section 3 Discussion and Analysis of Operation ConditionsI. Main business operations, business model and profile of industry during the reporting period
(1) Industry Landscape
It has been reported that about 11.281 million units of passenger cars were produced and 11.268million units were sold across China in the first half of the year, up by 8.1% and 8.8% over the priorperiod respectively. 3.788 million units of NEVs were produced and 3.747 million units of NEVs weresold, up by 42.4% and 44.1% over the prior period respectively, with the market penetration up to 28.3%,suggesting a rapid growth period of NEVs.
(2) Main business operations
1. Main operations
The Company specializes in the research and development, production and sales of auto parts. The mainproducts include automobile NVH Anti-vibration System, interior and exterior trim parts, lightweightbody, intelligent cockpit components, thermal management system, chassis system, air suspensionsystem, intelligent driving system. The major customers it serves include international and domesticsmart electric car makers and traditional OEM car makers at home and abroad. In line with the businessphilosophy of creating value for customers, the Company adheres to R&D and innovation, boosts globallandscaping, enhances overall competitiveness, and strives to be a more trusted partner for car makers.
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
2. Business process and operation pattern
3.During the reporting period, the Company’s main business by industry, product, and region is listedbelow:
| Unit:Yuan Currency: RMB | ||||||
| Main business operations by industry | ||||||
| By industry | Operating income | Operating cost | Gross profit rate (%) | Increase/Decrease of operating income over the previous year (%) | Increase/Decrease of operating cost over the previous year (%) | Increase/Decrease of gross profit rate over the previous year (%) |
| Automobile parts | 8,702,538,262.43 | 6,820,269,065.35 | 21.63% | 34.36% | 30.62% | Increased by 2.25% |
| Main business operations by product | ||||||
| By product | Operating income | Operating cost | Gross profit rate (%) | Increase/Decrease of operating income over the previous year (%) | Increase/Decrease of operating cost over the previous year (%) | Increase/Decrease of gross profit rate over the previous year (%) |
| NVH Anti-vibration System | 1,815,867,947.43 | 1,370,513,879.44 | 24.53% | -0.92% | -2.42% | Increased by 1.16% |
| Interior & Exterior System | 3,144,142,466.34 | 2,519,715,772.52 | 19.86% | 46.24% | 41.56% | Increased by 2.65% |
| Chassis System | 2,882,458,017.58 | 2,236,435,828.89 | 22.41% | 61.54% | 52.91% | Increased by 4.37% |
| Intelligent | 83,800,7 | 63,738,825.7 | 23.94% | -10.23% | -8.17% | Decreased |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Driving System | 17.48 | 2 | by1.70% | |||
| Thermal Management System | 776,269,113.60 | 629,864,758.78 | 18.86% | 25.92% | 24.70% | Increased by0.79% |
| Main business operations by region | ||||||
| By region | Operating income in the current period | Increase or decrease of operating income over the previous period (%) | ||||
| Domestic | 5,807,532,891.56 | 33.84% | ||||
| Overseas | 2,895,005,370.87 | 35.42% | ||||
II． Analysis of core competitiveness during the reporting period
√Applicable □Non-applicable
To date, the rapid development of the world's cutting-edge technology drives AI on the fast lane,intelligent driving and robots are the key areas where AI brings changes to our life, with broad marketpotentials. The Company is a participant of NEVs and intelligent driving accessible to trillions of marketcapacity, ample room for market development and long business life cycle, featurestechnology-intensive, capital-intensive, and the existing competition pattern has to reshape, which meansa good historical opportunity for leap-forward development. The expansion of business footprints torobots is expected to bring about ample market potentials.
In the course of 40 years after founding, the Company has been consistently enhancing overallcompetitiveness, raised the competition threshold and shaped a moat.
1. Strength of product platform.
Keeping up with the trend of industry development, the Company makes a prospective distributionof NEVs track, expands its product lines, and forms a platform-based corporation. Now it owns 8product lines: Automobile Vibration Control System, Interior & Exterior System, Body LightweightProducts, Cabin Comfort System, Thermal Management System, Chassis System, Air SuspensionSystem, Intelligent Braking System. The unit price of components per vehicle is about 30,000 and thereis some room to expand the product line.
The company also expands its industrial footprint to the motion actuator for robot, the trackexpected to generate multi-billion revenue for the mankind in future with enormous potentials.
The Company has a wide range of product lines which can provide customers with one-stop,system-grade and modularized products and services, and some products are scarce and hardlybenchmarked in the global market of automobile parts. In the era of industrial transformation andbusiness model innovation, labor collaboration with customers can in turn enhance customer satisfactionand pave the way for getting bigger and stronger.
The Company has a wide array of product lines such as suspension system, brake-by-wire andsteering-by-wire, impressive chassis tuning capabilities, and requisite factors to integrate drive-by-wirechassis and skateboard chassis. Drive-by-wire chassis is an essential condition to realize high-level autopiloting. In contrast, skateboard chassis can create a new car-making model featuring faster speed of
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
making and lower cost. With a proven ability to render further services to customers, the Company ishighly responsive to the technology development trend of vehicle E/E control architecture andsub-domain control and the creative car-making model that may appear.The product lines are briefly described here: 1. Vibration Control System, comprising powertrainmount support, drive motor damper, cylinder support, torsional damper, sub-frame support, andhydraulic bushing; 2.Interior & Exterior System, comprising automobile door panel, roof, main carpet,coat rack, heat and sound insulation components, luggage insulation components, and exterior trimproducts such as sealing strips and decorative strips; 3. Body Lightweight Products, comprisingone-piece front and rear floor panels, body structural part, door structural part, and battery packstructural part; 4. Cabin Comfort System, comprising rotary screen controller, electric tailgate, electricsliding door, and seat comfort system; 5. Thermal Management System, comprising integrated heatpump assembly, multi-port valve, electronic water pump, and electronic expansion valve; 6. ChassisSystem, comprising front and rear sub-frames, aluminum sub-frame, control arms, rods, and steeringknuckles; 7. Air Suspension System, comprising integrated air supply unit, air suspension, and heightsensor; 8. Intelligent Braking System, comprising steer-by-wire, brake-by-wire, and power-adjustablesteering columns. 9. Manipulator motion actuators, including rotary and linear actuators.
2. Strength of customer group and business pattern
The Company undertakes the mission statement of creating values for its customers and has beengenerally accepted by customers in cooperation. The TUOPU brand reputation has been enhanced, alongwith higher loyalty level of customers. In the era of intelligent electrification, capitalizing on the corecompetitiveness generated from QSTP, the Company has established and maintained stable cooperationwith domestic and overseas carmakers.The Company brings Tier0.5 grade cooperation into practice and establishes strategic partnershipswith customers. This creative supply chain cooperation is expected to improve efficiency and reducecost for car makers, fit the present needs of developing automotive industry, and to keep the competitionthreshold higher. The rendering of “responsive and answerable” services to every strategic customer hasbeen positively rated and recognized by customers, which in turn paves the way for supplyingcomponents to millions of units.
3. Strength of R&D.
The only way leading to a world-class automobile parts enterprise is to improve capabilities ofR&D and innovation. Sticking to R&D and innovation, the Company was the first participant within theindustry to lay down the forward R&D development strategy as early as twenty years ago.After thetechnological accumulation for years,The Company kicks off basic research works in order to furthermaintain its leading edge in research and development. With uninterrupted investments in systemconstruction, recruitment of talents and testing capacity, the Company maintains the average percentageof annual R&D investments in operating income at a level about 5%, signaling the continuousimprovement of R&D competitiveness.
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
With R&D centers set up in North America, Europe, Shanghai, Shenzhen, and Ningbo, theCompany is able to provide better services to global customers and recruit quality talents at home andabroad. Thanks to its efforts, the Company has put a scientific research team consisting of nearly 2,000members in place, including more than 100 holders of doctoral and master degrees.
The Company has set up a test center of global excellence which has the testing and validationcapabilities with respect to materials, products, systems and vehicles. With certified CNASISO/IEC17025 system, the Company has been appointed by many automakers to conduct in-vehicletests.
Leveraging the top-down R&D capabilities, the Company can expand its product line and enhancethe value of components per vehicle, and also renders T0.5-level service to customers.
4. Strength of plant layout and capacity.
The Company has set up manufacturing bases in Ningbo, Chongqing, Wuhan and other placesencircling major automobile industry clusters in China. To render better services to global customers, theCompany has established manufacturing plants or warehouse centers in the United States, Canada,Brazil and Malaysia,Tuopu Poland have switched to volume production, and Tuopu Mexico IndustrialPark and the factory in the United States are planning production activities in order. Under this plantlayout, the Company is able to render faster and more efficient services to its customers and guaranteethe business development on global platforms.
The penetration rate of NEVs features by a rapid increase, but the industrial chain capacity ofNEVs is obviously insufficient, global auto part makers are under a heavy burden of transformation,their investment willingness is weak, and the investment level and rate of home auto part makers are notenough. According to the company-specific capacity requirement and future forecasts, the Company isexpected to build up capacity in order to maintain its leading edge in production capacity, technology,and equipment.
In addition, the automobile industry requires a large-sum investment in the plant layout, theconstruction period is long and the complex equipment and process are involved, so it can hardly bereplaced like the cellphone industry chain.
5. Strength of intelligent manufacturing.
Relying on the intelligent manufacturing strategy and pinpointing the goal of building a lighthousefactory, the Company enhances the digitalization of the factory, and fabricates a smart factory.Leveraging DFM virtual simulation technology, the Company simulates factory layout, productionline design, production process, parameter control, visual inspection, takt time, distribution andwarehousing, energy saving and consumption reduction in the stage of product supplying and R&D,which in turn sharply reduces the duration of volume production, improves quality and reduces cost.
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
The Company has set up an equipment automation division to enhance the production automation,strengthens quality assurance capabilities, increase the output per capita, and prepares for benchmarkingthe international level.The availability of production automation, coupled with AI visual inspection, AGV automaticlogistics, intelligent warehousing and RFID barcode and traceability system, is driven by AI, big dataanalysis, and 5G to improve intelligent manufacturing capabilities, ensure quality and reduce costs.
6. Strength of management.
Under the IATF16949 quality system, the Company has established a specific management systemwith typical features through years of innovation efforts.
For management structure, the division-based management structure is laid down for the group,which can relieve the stress of management, highlight the business operations, improve the efficiency ofoperation, and lead to relative competition; divisions are subject to the horizontal flat management withsales activities standing in the core, for market-oriented construction of the organization, pool resourcesand make quick response; under the pyramid organization, business units enforce standard processes toimprove efficiency and reduce cost.
For management system, the Company has established a full set of standard processes, managementsystems and assessment indicators as directed by process, information, standardization, and leanproduction, and is leveraging some information tools such as SAP, PLM, OA, and MES to implementexact processes, bring digitalized operation into practice, thereby improving management,decision-making efficiency and business performance.
For incentive mechanism, the Company lays up a career platform that is adequately authorized forstaff members, in which the Company tapes into internal development and promotion mode that is fairand just, in order to keep the channel of promotion smooth, fit to the growth strategy, and form apositive cycle for business growth and career path.
7. Strength of talents.
The Company puts the screening and training of talents in priority. The post-doctoral workstationwithin the Company solicits and recruits technical specialists globally. Adhering to the concept of“recruiting and promoting members on their merits”, the Company is committed to building acompetitive management team. The Company has established an integrated, specific and open financialindicator system to transform officers from managers to operators and entrepreneurs.
The Company encourages for the formation of a learning organization that is fully authorized, andforges a young and experienced international team specialized in sales, R&D activities and productionwho can pave the way for leapfrog development of the Company.
8. Strength of culture.
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
The Company undertakes the mission statement of “making our customers, employees,shareholders, the community and partners satisfied, and becomes a corporate citizen of excellence.Aligning with the business philosophy of serving the country with industrial achievements, theCompany stands at the industry front, gets immersed in R&D and innovation, goes all out to solve“bottlenecking” technical issues, and contributions to the industry safety and development. Adhering tothe operation concept of legal compliance, the Company undertakes social responsibility and iscommitted to infusing positive energy into social development.The Company gives its employees an access to comfortable workplace, equal interpersonalrelationships, appealing salary and benefits, and an extraordinary career development platform, in orderto tap into the potentials of all employees. The Company has established partnerships with suppliers,respected the business philosophy of seeking equality and win-win results, and driven the commondevelopment of the supply chain.The Company values and protects the interests of investors, strictly abides by the rules governinginformation disclosure and other provisions, and distributes dividends to investors even though thecapital expenditures have been increased. All staff members are united to improve operatingperformance, in order to maximize the benefits to investors.
9. Strength of equity structure.
The Company is run and operated by founder, which in turn maintains the prudence of majordecisions, values long-term benefits and development, makes quick decisions and assures goodexecution. The founder holds a higher percentage of shares, keeps a clear equity structure, and exerciseslongstanding control on the Company from the top-level design, in order to keep the Company runningsteadily for a long time and have an ample potential for capital expansion. The members of the Board ofDirectors led by the chairman demonstrate impressive experience, have clear division of work, keep alow profile, keep ambitious and energetic, and use their best endeavors to drive the Company to theforefront of the industry in the right way.
10. Strength of risk control.
The Company keeps the debt-to-equity ratio at low level and has an abundant cash flow. Thewell-established financial system and the strict risk control system can in turn guarantee theimplementation of strategic plan and investment plan, or allow it to seek mergers and expansionwhenever appropriate, or reduce the risk exposure to business operation, and maintain its long-terminvestment value.
III. Discussion and Analysis of Operation ConditionsDuring the reporting period, the company’s revenue came at RMB 9,160 million, an increase of
34.83% compared with a year earlier; total profit came at RMB 1,274 million, an increase of 48.07%
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
compared with a year earlier; and net profit attributable to shareholders of the listed company came atRMB 1,094 million, an increase of 54.57% compared with a year earlier.Based on the accounting standards, the bonds payable were subject to initial and subsequentmeasurements at amortized cost for the convertible bonds held by the company. For the period fromJanuary 2023 to June 2023, the financial expense of RMB 42,522,999.52 and the actual interest expensepayable of RMB 2,479,369.63 were recognized, which has an impact on the net profit of RMB40,043,629.89.
During the reporting period, the net cash flow from operating activities came at RMB 1.226 billion;the cash outflows from investing activities came at RMB 2.550 billion, of which the cash spent on thepurchase and construction of fixed assets and other long-term assets was RMB 1.750 billion, allowingthe company to make a good preparation for the rapid growth of NEVs and raise the barrier tocompetition.
As at the end of this report, total assets were RMB 28.373 billion, an increase of 3.14% over theend of prior year; total liabilities were RMB 15.612 billion, a decrease of 1.70% over the end of prioryear; the asset-liability ratio was 55.02%; the owner's equity attributable to the parent company came atRMB 12.725 billion, an increase of 4.91% over the end of prior year.
During the reporting period, the Company managed to improve its operating efficiency andbusiness performance in spite of economy and industry fluctuations. The positive factors including broadproduct line of the NEV industry, overall R&D capabilities and innovative business pattern drove a rapidgrowth of sales proceeds and profit, and brought the operation and management activities to the growthtrack, with particular information described below:
(1) Marketing and Sales.
The Tier0.5 cooperation mode rolled out by the Company and its strategic customers has made anexemplary success. Under this mode, the number and amount of components per vehicle are higher, andthe Company is able to provide better QSTP products and services to customers, create value forcustomers.Adhering to the cooperation concept of “quick response and all-out cooperation”, theCompany has been highly rated by strategic customers, and there is an ample potential of businessgrowth. Tuopu Poland has been put into operation, and the construction of Tuopu Mexico’s factory ispaced up to fulfill the order request of strategic customers and deepen strategic partnerships.
The Tier0.5 cooperation has been continuously promoted. In the domestic market, the company'scooperation with Huawei, Jinkang, BYD, Geely NEV, Lixiang, NIO, Xiaopeng and other NEVcompanies has advanced at a fast rate, and the amount of components per vehicle is increasing. In theinternational market, the Company has engaged in full-on cooperation with some US innovative carmakers such as s RIVIAN and LUCID, technology-intensive companies, and traditional car makers suchas FORD, GM, and FCA.
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
The advancement of the product platform strategy and the improvement of the market acceptanceof the new marketing pattern have led to a rapid growth of new orders placed to the Company this year,which in turn boosts the sustainable fast development in future.The company-specific IBS project, EPS project, air suspension project, thermal managementproject, and intelligent cockpit project have been designated as stable supplies to FAW, Geely, Huawei,Jinkang, Lixiang, BYD, Xiaomi, Hycan, and HiPhi, which in turn paves the way for long-termdevelopment.
(2) R&D and Innovation.
During the reporting period, the Company intensified the efforts in R&D investment, allocatedmore resources, maintained its leading edge in research and development,and broadened productlines.Owning to continuous R&D and innovation, the Company now owns 8 product lines: automobileNVH Anti-vibration System, interior and exterior trim parts, lightweight body, intelligent cockpitcomponents, thermal management system, chassis system, air suspension system, intelligent drivingsystem. The unit price of components per vehicle is about 30,000,which in turn paves the way forrealizing 100-billion-level enterprise.
Influenced by the corporate culture calling for R&D and innovation, the company has investedlarge sums in procuring the world's leading R&D and testing facilities, solicited well-performing R&Dteam, and a full set of R&D system, adhered to the management practice that works slowly but surely,instead of rushing for quick results. As a result, the company is improving the R&D capacity. Fromproduct R&D to system R&D and fundamental research, and from mechanical capabilities to electroniccontrol and software capabilities, the company has developed impressive R&D capabilities, filed anumber of patents and intellectual property rights, well-positioned to further extend product lines, andpaved the road to achieving the target of “technology-intensive Tuopu”.
(3) Setup of Electric Drive BU.
Robots is one of the most potential emerging industries with broad applications in various scenariossuch as intelligent manufacturing, medical care and services, liberating work forces and improving thelife quality of the mankind. By 2030, hundreds of millions of jobs are projected to be replaced by robots,and the capacity of the global robot industry reaches multi-billion yuan, with enormous marketpotentials. The rapid development of AI and other cutting-edge technologies and the aging of populationwill drive the robot industry to the fast lane.
The company has researched and developed the intelligent brake system IBS project for years,especially in the fields of machinery, deceleration mechanism, motor, electronic control, and software,and horizontally extends its footprints to thermal management system, intelligent steering system, airsuspension system, cockpit comfort system, and actuator for robotics. Actuator for robotics is theessential component of robot which comprises linear actuators and rotary actuators. To simulate thecoordination of various human motions and MDOF flexibility, all the technical conditions -lightweighting, miniaturisation, and low-power consumption - should be satisfied. Actuator for robotics
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
is required to break through a lot of engineering design limits, optimize the integration andcommunication of motors, reduction mechanisms, sensors, encoders, drives, and controllers. That’s whyit has a complex structure and intensive technology.The competitive edges in actuator for robotics include: 1. In-house research and development ofvarious types of motors such as permanent magnet servo motors, frameless motors; 2. Proven experiencein integrating motors, gearboxes, and controllers; 3) Precision machining capability; 4. Collaborativecapacity of R&D resources and testing resources. In summary, the Company has proven competitiveedges in this field which gives it an upper hand in larger market share.
The linear actuators and rotary actuators for robotics developed in house have been sampled anddelivered to customers with positive reviews from them. The project is scheduled to start the volumeproduction ramp-up from 2024 Q1, with an initial order quantity of 100 units per week. In line withcustomer specifications, four sets of production lines are required to install and test run this year, so thatthe Phase 1 capacity of 100,000 units per year is set in place. The annual capacity will escalate tomillions of units. For smooth execution of the project, the Company will make full use of the five-axismachining center, precision CNC lathes and other resources to keep up with the project schedule and tomaximize the efficiency of resources.For simulation of human movement, robot has to be equipped with XV motion actuators, with asingle unit valued about tens of thousands yuan, with ample market potentials. To seize the developmentopportunity of the robotics business, the management sets up the Robotics BU through strategic analysisand decision-making, draws up an independent management architecture, and form an elite team ofspecialists, and integrates favorable resources, which in turn paves the way for driving this business tofast lane.
The setup of Electric Drive BU indicates the dynamic tuning and implementation of the companystrategy. The integration of favorable resources, elite team of specialists and business focus will providestrategic guarantee for the business development.
Aside from the development of eight product lines of intelligent EV, the Company seizes thehistorical opportunity of the fast-lane development of the robotics industry, stays focused and expandsthe key products and core technologies of the robot industry chain, keeps the intelligent automobilecomponents sided with robot components, which paves the way for driving the company to fast lane.
(4) Capacity Landscaping.
In consideration of new orders placed, and the projects over the penetration rate of NEV, theCompany paces up its capacity landscaping. Efforts are made to accelerate the construction of HangzhouBay Phase 6, 7, 8, 9 and of Chongqing Factory, with covered areas of about 1,400 mu. In addition, theplanning and implementation of Tuopu Huzhou, Tuopu Xi’an, and Tuopu Mexico, is also accelerated.
In the short run, the investment and construction of these factories are expected to impose a certaincost pressure. In the times of NEV rapid development, even though car makers have some capacityavailable, the supply chain of parts has not yet kept up with the pace. In this concern, the capacity boosthas been weighed and decided as appropriate with impressive forward-looking character.
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
(5) Cost Control.
During the reporting period, the cost of raw materials and labor services has obviously risen, theCompany implements cost control by purchasing in large quantity, technological innovation, strictbudget control and other proper measures.
With new factories built every year, the overhead and manufacturing expenses are higher in theprocess of production ramp-up and trial production, the average cost of a facory is around tens ofmillions of yuan. As a new factory reaches the initial production capacity and comes at the break-evenpoint, it would make a greater contribution to the group’s profit.
A number of research projects in process and the employment of many technical specialists led to arapid increase in R&D expenditures. As driven by the capacity expansion needs of the company, capitalexpenditures increased enormously and the ratio of depreciation and amortization also rose.In future, thevolume production and sales growth are expected to spread R&D cost, capital expenditures andmiscellaneous cost, and there is more room for gross margin.
(6) Manufacturing Upgrade.
The Company proceeds digital factory, implements MES management system, enables effectivemanagement in respect of quality control, product traceability, lean production, equipment management,and promotes the interconnectivity between the company-wide data and customer data, in order to buildan smart factory accredited with Industry 4.0.
News factories leverage virtual simulation DFM to conduct full-scale simulations on quality,traceability, automation, visual inspection, energy utilization, carbon emissions to ensure the highestlevel of product quality and cost, and reduce the duration of volume production to the extent possible.
(7) Photovoltaic Power Generation.
The company fulfills its corporate responsibilities in ESG, boosts green and low-carbon production,fulfills corporate social responsibilities of energy saving, low-carbon environmental protection, andcontributes to "carbon peaking and carbon neutrality". As of the first half of 2023, the installedphotovoltaic capacity is 78.2 MW, the annual power generation will reach 79.93 million kWh, and thecarbon dioxide emissions will be reduced by 79,694 tons a year. In future, efforts will be intensified tobroaden the scope of distributed photovoltaic power plants, and a package of initiatives will be taken toscale down carbon emissions and attain the goal of zero-carbon factory step by step.
(8) Refinancing.
The company wrapped up the issuance of convertible bonds this year, raised RMB 2.5 billion andinitiated refinancing of RMB 4 billion. In turn, it further enhances the financial strength, seizes theopportunity for developing NEV, and accelerate the development of various projects. With the drasticgrowth of sales and profits, its own cash flow will cover, even outrun capital expenditures, andsubsequent external financing will reduce.
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Significant changes in operating conditions of the Company during the reporting period, as well asevents that significantly impact its operating conditions during the reporting period and areexpected to have a significant impact in the future
□Applicable√Non-applicable
IV. Main business operations during the reporting period
(1) Analysis of main business operations
1 1. Analysis of changes in related subjects of income statement and cash flow statement
Unit：Yuan Currency：RMB
| Subject | Amount in the current period | Amount in previous period | Change as percentage (%) |
| Operating income | 9,160,451,044.52 | 6,793,989,768.80 | 34.83 |
| Operating cost | 7,091,717,971.79 | 5,342,716,658.15 | 32.74 |
| Cost of sales | 100,232,455.37 | 93,359,456.70 | 7.36 |
| Overhead expenses | 250,407,616.23 | 186,965,967.60 | 33.93 |
| Financial expenses | -13,280,974.34 | -12,647,345.29 | - 5.01 |
| R&D cost | 450,976,583.06 | 323,760,820.10 | 39.29 |
| Net cash flow from operating activities | 1,226,121,434.62 | 1,119,114,445.35 | 9.56 |
| Net cash flows from investing activities | -1,768,915,625.69 | -1,677,276,680.19 | NA |
| Net cash flow from financing activities | 432,865,813.68 | 1,536,387,053.02 | -71.83 |
Note to the reason for changes in operating income: attributed to large volume of orders placed bydomestic and foreign valued customers solicited by the Company in the current periodNote to the reason for changes in operating cost: attributed to the year-on-year increase in operatingincome for the current period.Note to the reason for changes in cost of sales:attributed to an increase in selling service fees andbusiness hospitality expenses during the periodNote to the reason for changes in overhead expenses: mainly due to the increase in management staffand salary increase in the current period.Note to the reason for changes in financial expenses:attributed to an increase in foreign exchange gainsin the current periodNote to the reason for changes in R&D expenses: attributed to a continuous intensification of R&D andinnovation efforts and of R&D investments in the current periodNote to the reason for changes in net cash flow from operating activities:attributable to an increase inpayments received during the period
2 Particulars of major changes in the business type, profit composition or source of profit of theCompany during the current period
□Applicable√Non-applicable
(2) Note to major changes in profits caused by operations other than main operations
□Applicable√Non-applicable
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
(3) Analysis of assets and liabilities
√Applicable □Non-applicable
1. 1. Assets and liabilities
√适用 □不适用
Unit：Yuan
| Item | Amount at the end of the current period | Amount at the end of the current period as a percentage of total assets (%) | Amount at the end of previous period | Amount at the end of previous period as a percentage of total assets | Change in the amount at the end of the current period as a percentage of the amount at the end of previous period (%) | Remark |
| Trading financial assets | 50,738,089.82 | 0.18 | 954,888.48 | 0.00 | 5,213.51 | Attributable to an increase in the amount of financial products purchased during the period |
| Short-term loan | 399,311,561.63 | 1.41 | 1,132,536,757.84 | 4.12 | -64.74 | Attributable to a decrease in short-term bank borrowings during the period. |
| Contract liabilities | 28,818,833.42 | 0.10 | 22,053,112.07 | 0.08 | 30.68 | Attributable to an increase of advances from customers during the period |
| Other payables | 535,660,443.02 | 1.89 | 22,729,867.88 | 0.08 | 2,256.64 | Attributabel to an increase of dividends payable during the period |
| Non-current liabilities due within one year | 1,396,532,197.38 | 4.92 | 23,450,209.53 | 0.09 | 5,855.31 | Attributable to an increase in long-term borrowings reclassified to non-current liabilities due within one year during the period |
| Other current liabilities | 27,015,565.76 | 0.10 | 166,036,174.17 | 0.60 | -83.73 | Attributable to a decrease in finance lease borrowings during the period |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
2. Overseas assets
√Applicable □Non-applicable
(1) Scale of assets
Including: overseas assets RMB 1,686,101,618.06 (Unit: Yuan Currency: RMB), in 5.94% of totalassets.
(2) Notes to overseas assets
□Applicable √Non-applicable
3. Major asset restrictions as of the end of the reporting period
√Applicable □Non-applicable
Unit：Yuan
| Item | Book value at the end of the period | Reason for restricted use |
| Cash and bank balances | 529,094,882.77 | Security deposit |
| Notes receivable | 466,175,674.44 | Pledge |
| Fixed Assets | 1,202,895,242.92 | mortgage |
| Intangible Assets | 248,256,916.37 | mortgage |
| Receivable financing | 648,018,085.35 | Pledge |
| Total | 3,094,440,801.85 | / |
4. Other Notes
□Applicable √Non-applicable
(4) Investment condition
1. Overall analysis of external equity investments
□Applicable √Non-applicable
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
(1) Significant equity investment
□Applicable √Non-applicable
(2) Significant non-equity investment
□Applicable √Non-applicable
ⅰ. Condition of purchased landOn 28 Feb. 2023, Xi’an Tuopu Automobile Parts Co., Ltd, a wholly-owned subsidiary of the Company, won the bid for the use right of a state-owned constructionland parcel covering an area about 120 mu at a price of RMB 33.87 million.ⅱ. Updates of investments
| NO. | Date of Signing | Reference number of announcement | Title of announcement | Main content | Update of event |
| 1 | Dec. 2021 | 2021-086 | Tuopu’s Notice on Signing an Investment Intent Agreement in Shouxian County, Anhui Province | The Company and the People's Government of Shapingba District of Chongqing signed the "Project Cooperation Agreement on the Production Base of Tuopu NEV Lightweight Chassis System and Interior Acoustic Insulation Parts System ", intending to invest RMB 1.5 billion in Shapingba District to construct the production base for NEV product lines in phases. | To date the main works have been completed and the ancillary works are under construction. |
| 2 | August 2022 | 2022-072 | Tuopu’s Notice on Signing an Investment Intent Agreement in Shouxian County, Anhui Province | The Company signed a project agreement with the Administration Committee of Xinqiao International Industrial Park in Shouxian County, Anhui Province. The Company intends to invest RMB 2.5 billion in Shouxian Xinqiao International Industrial Park to construct a production base for critical NEV components in phases. | To date the main works have been completed and the ancillary works are under construction. |
| 3 | Sept. 2022 | 2022-079 | Tuopu’s Notice on Signing an | The Company and the Administration Committee of Xi'an Economic and Technological Development | To date, the design and planning approval have been completed and the construction |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Investment Intent Agreement in Xi’an | Zone signed the "Project Landing Agreement on Auto Parts Production Project". The Company intends to invest RMB 3 billion in Xi'an Economic and Technological Development Zone to construct a production base for NEV critical parts. | permit is in process. | |||
| 4 | Sept. 2022 | 2022-081 | Tuopu’s Notice on Incorporating a Wholly-owned Subsidiary in Mexico | The Company incorporated a new wholly-owned subsidiary TUOPU GROUP MEXICO,S.de R.L. de C.V in Mexico, and intends to purchase an industrial land in Mexico to construct a production base for NEV auto parts. | About 220 acres of land acquired has been transferred; for the sake of better efficiency, this project is quickly driven by means of "renting and building", and the land plant lease procedure is in process. |
| 5 | Sept. 2022 | 2022-082 | Tuopu’s Notice on Signing an Investment Intent Agreement in Changxing, Huzhou | The Company signed the Investment Agreement with the Administration Committee of Huzhou Changxing Economic and Technological Development Zone. The Company intends to invest an amount not less than RMB 2 billion in Changxing Economic and Technological Development Zone to construct a production base for NEV critical parts. | To date, the site dynamic compaction and piling works have been completed, the foundation of the plant is excavated, the foundation reinforcement bars are tied and film wrapped, and it is ready for accepting concealed works and concrete pouring. |
(3) Financial assets measured at fair value
□Applicable √Non-applicable
Securities investment
□Applicable √Non-applicable
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Note to securities investment
□Applicable √Non-applicable
PE investment
□Applicable √Non-applicable
Derivatives investment
□Applicable √Non-applicable
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
(5) Disposal of major assets and equity
□Applicable √Non-applicable
(6) Analysis of major controlling and participating companies
√Applicable □Non-applicable
Unit：in 10,000 Yuan
| Company name | Paid-in capital | Total assets in the reporting period | Total liabilities in the reporting period | Total net assets in the reporting period | Operating income in the reporting period | Net profit in the current period |
| Ushone Electronic Chassis | 2,000.00 | 3,942.43 | 768.27 | 3,174.16 | 7,636.37 | -70.24 |
| Tuopu Imp&Exp. | 18,000.00 | 67,200.70 | 26,398.38 | 40,802.32 | 189,873.15 | 14,561.44 |
| Tuopu Parts | 20,000.00 | 133,805.99 | 106,827.66 | 26,978.33 | 358,561.81 | 2,876.36 |
| Tuopu Acoustics Vibration | 18,500.00 | 155,047.59 | 129,535.29 | 25,512.29 | 283,092.16 | 5,209.66 |
| Sichuan Tuopu | 2,000.00 | 9,281.20 | 5,640.48 | 3,640.72 | 9,351.52 | -44.05 |
| Yantai Tuopu | 6,280.00 | 9,056.09 | 2,741.26 | 6,314.83 | 5,416.52 | -195.25 |
| Pinghu Tuopu | 20,800.00 | 29,635.70 | 6,592.90 | 23,042.80 | 22,058.66 | 45.37 |
| Suining Tuopu | 15,000.00 | 32,443.64 | 7,333.72 | 25,109.92 | 19,458.19 | 2,044.77 |
| Zhejiang Towin | 18,000.00 | 56,553.04 | 7,314.00 | 49,239.03 | 14,825.02 | 237.98 |
| Tuopu Automotive Electronics | 250,000.00 | 577,829.22 | 182,341.18 | 395,488.04 | 288,290.70 | 37,364.51 |
| Tuopu Thermal Management | 378,600.00 | 465,701.01 | 84,054.98 | 381,646.02 | 85,297.59 | 776.10 |
| Hunan Tuopu | 71,659.00 | 94,567.96 | 22,417.03 | 72,150.93 | 25,077.33 | 1,743.81 |
| Tuopu Chassis | 51,490.00 | 81,534.27 | 23,319.24 | 58,215.03 | 33,664.07 | 3,998.59 |
| Ningbo Qianhui | 2,725.86 | 8,331.84 | 1,858.62 | 6,473.23 | 1,899.22 | -257.08 |
| Tuopu North American Ltd | 5.00 | 7,312.10 | 6,432.95 | 879.15 | 70,132.63 | 1,275.79 |
| Tuopu Poland | 1,800.00 | 12,031.01 | 7,748.73 | 4,282.29 | 24,336.24 | 2,808.40 |
| Tuopu Electrical Appliances | 5,000.00 | 21,051.41 | 5,986.80 | 15,064.61 | 12,245.48 | 2,489.89 |
| Ningbo Borgers | 2,100.00 | 23,912.85 | 8,244.94 | 15,667.90 | 19,840.13 | -303.77 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
(7) Structured entities controlled by the Company
□Applicable √Non-applicable
I.Other disclosures
(1) Potential risks
√Applicable □Non-applicable
1. Exchange rate, tariffs, fluctuations in material prices, and price reduction requested by customersmay expose business operations to risk. The Company intends to resolve these risks by enhancingoverall competitiveness. In the course of 40 years after founding,the Company stayed on the track ofgood business performance and development in spite of the risk exposures, and developed a well-fit riskcontrol system based on the past experience.
2. The NEVs track in which the Company is currently engaged has been fully recognized bygovernments and the industry community and put into practice, with proven signs of right direction andbright future. For this reason, there is no risk borne in the strategic direction and investments.
(2) Other disclosures
√Applicable □Non-applicable
1. Note to the deposit and use of proceeds
As the proceeds in the special account of proceeds of the 2017 non-public offering have been usedup for the specified purposes, the Company has permanently treated the balance of proceeds of RMB105,501,144.05 as additional working fund in May 2023, and completed the procedure of closing thespecial account. Because of the fund balance in the special account for proceeds to the net proceeds fromthe private offering is less than 5%, under the provisions of the “Rules Governing the Listing of Stockson Shanghai Stock Exchange (Revised in 2022)” and the “Guidelines No. 1 of the Shanghai StockExchange for Self-regulation of Listed Companies - Standard Operation”, with all of the proceedsinvestment projects wrapped up, if the balance of the proceeds (including interest income) is less than 5%of the net proceeds, the Board of Directors may be exempted from the deliberation procedures, and theopinions of the Independent Directors, Sponsor and Supervisory Committee shall not be required. Afterthe closure of the special account for proceeds, the tripartite supervision agreement signed between theCompany, the sponsor and the bank shall be terminated.
As the proceeds in the special account of proceeds of the 2021 non-public offering have been usedup for the specified purposes, the Company has permanently treated the balance of proceeds of RMB77,811,194.61 as additional working fund in June 2023, and completed the procedure of closing thespecial account. Because of the fund balance in the special account for proceeds to the net proceeds fromthe private offering is less than 5%, under the provisions of the “Rules Governing the Listing of Stockson Shanghai Stock Exchange (Revised in 2022)” and the “Guidelines No. 1 of the Shanghai StockExchange for Self-regulation of Listed Companies - Standard Operation”, with all of the proceedsinvestment projects wrapped up, if the balance of the proceeds (including interest income) is less than 5%
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
of the net proceeds, the Board of Directors may be exempted from the deliberation procedures, and theopinions of the Independent Directors, Sponsor and Supervisory Committee shall not be required. Afterthe closure of the special account for proceeds, the tripartite supervision agreement signed between theCompany, the sponsor and the bank shall be terminated.For details refer to the “Report on the Deposit and Use of Proceeds by Tuopu Group for the FirstHalf of 2023”.
Section 4 Corporate Governance
I. Brief Information about General Meetings
| Session | Date of convention | The search index of the specified website to publish resolutions | Date of disclosure to publication of resolutions | Resolution |
| 2023 first extraordinary general meeting | 13 March 2023 | www.sse.com.cn | 14 March 2023 | More details are available in the "Announcement on Resolutions of the 2023 Annual General Meeting of Shareholders of Tuopu Group" (Announcement No.: 2023-015) |
| 2022 general meeting | 19 June 2023 | www.sse.com.cn | 20 June 2023 | More details are available in the "Announcement on Resolutions of the 2022 Second Extraordinary General Meeting of Shareholders of Tuopu Group" (Announcement No.: 2023-050) |
Preferred shareholders whose voting rights have been restored request to convene anextraordinary general meeting
□Applicable√Non-applicable
Note to General Meeting
√Applicable □Non-applicable
During the reporting period, the Company held two general meetings. These meetings are convenedand held under the applicable laws, regulations and these "Articles of Association"; the persons presentat and convening such meetings hold legal and valid qualifications; the voting procedure is consistentwith the applicable relevant laws, regulations, normative documents and these "Articles of Association".The voting results are legal and valid.II. Changes in directors, supervisors and officers
□Applicable√Non-applicable
Note to the changes in directors, supervisors and officers
□Applicable√Non-applicable
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
III. The plan for the profit distribution of common stocks or the transfer of capital reservesThe drafted semi-annual plan for the profit distribution of common stocks or the transfer ofcapital reserves
| Whether for the profit distribution or the transfer of capital reserves | No |
| Number of bonus issues (stocks) every 10 shares | NA |
| Number of dividends distributed (Yuan) (with tax included) every 10 shares | NA |
| Number of additional shares (stocks) every 10 shares | NA |
| Note to the plan for the profit distribution of common stocks or the transfer of capital reserves | |
| No | |
IV. Conditions and Impact of Equity Incentive Plan, ESOP (employee stock ownership plan) orOther Employee Incentive Measures of the Company
(1) Related incentive events have been disclosed in the provisional announcement and there is noprogress or change in subsequent implementation
□Applicable√Non-applicable
(2) Incentives that are not disclosed in the provisional announcement or there is a progress insubsequent implementationCondition of equity incentives
□Applicable√Non-applicable
Other notse
□Applicable√Non-applicable
ESOP
□Applicable√Non-applicable
Other incentives
□Applicable√Non-applicable
Section 5 Environmental and Social Responsibility
Ⅰ.Information about environment
(1)Notes to the environmental protection conditions of companies and their important subsidiariesannounced by the environmental protection authority as key emission entities
√Applicable □Non-applicable
1. Information about emissions
√Applicable □Non-applicable
(1)As written in the “Notice of Ningbo Bureau of Ecology and Environment on Issuing the List ofNingbo Key Entities for Environmental Supervision and Control in 2023 (YONG HUAN FA [2023] No.
25) issued by Ningbo Bureau of Ecology and Environment on 31 March 2023:
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
The Company is included in the list of key environmental risk control entities (radiation).Its plant addressed at Guanhai Road, Chunxiao, Beilun District, Ningbo ("Guanhai Road Plant") isincluded in the list of key regulatory entities for water environment pollution and the list of key controlentities for environmental risks (hazardous waste);
Its suspension plant addressed at Chunxiao, Beilun District, Ningbo ("Chunxiao Suspension Plant")is included in the list of key control entities for environmental risks (hazardous waste and radiation).
Its plant addressed at Longtanshan Road, Beilun District, Ningbo (“Longtanshan Road Plant”) isincluded in the list of key environmental risk control units (hazardous waste, radiation).
Ningbo Tuopu Automotive Electronics Co., Ltd.(“Tuopu Automotive Electronics”), awholly-owned subsidiary of the Company located in Ningbo Qianwan New District, is included in the elist of key environmental risk control entities (hazardous waste and radiation).
Ningbo Tuopu Chassis System Co., Ltd. (“Yinzhou Chassis”), a wholly-owned subsidiary of theCompany located in Yinzhou District, Ningbo, is included in the list of key environmental risk controlentities (hazardous waste).
(3) Under the “Notice on Releasing the List of Jinhua Environmental Supervision and Control KeyEntities in 2023” circulated by the Bureau of Ecology and Environment of Jinhua City on 31 March2023, Zhejiang Towin Automobile Parts Co., Ltd. (“Zhejiang Towin”), a wholly-owned subsidiary of theCompany located in Baifaoshan Industrial Park, Wuyi County, Jinhua City, is included in the list of keysewage discharging entities and the list of key environmental risk control entities.
(4) Under the “Notice on Releasing the List of 2023 Environmental Supervision Key Entities ofSuining” circulated by the Bureau of Ecology and Environment of Suining City on 31 March 2023,Suining Tuopu Automotive Chassis Systems Co., Ltd. (“Suining Tuopu”), a wholly-owned subsidiary ofthe Company located in the Industrial Cluster Development Zone of Anju District, Suining, is includedin the list of the 2023 environmental supervision key entities of Suining City.
2. Construction and operation of pollution control facilities
√Applicable □Non-applicable
All plants of the Company arrange production facilities in a reasonable way, improve processes andincrease the recycling of water, and reduce the emissions of sewage, waste liquid, general solid wastesand hazardous wastes. The automatic waste monitoring system is running normally and transmitting datato the environment protection authority in real time, allowing environment protection authorities at alllevels to perform real-time monitoring. Each plant has set up a yard for storage of hazardous wastes inaccordance with the measures applicable to the control of hazardous wastes, taken reasonablemeasures against seepage, leakage and overflowing, maintained the hazardous waste managementaccount and transfer form, and subjected hazardous wastes to the transfer form system.
The construction and operation of pollution control facilities in the plants or subsidiaries includedon the list of key emission entities are as follows:
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
(1) Guanhai Road Factory and Longtanshan Road Factory: diversion of rainwater and sewage andseparating of sewage, granted the permit for urban sewage connection to the drainage network, and thesewage discharge permit or registration receipts issued by the local ecology and environment bureau.The reference numbers are: Sewage: No. 36 Guanhai Road: 91330200761450380T001V, No. 59Guanhai Road: 91330200761450380T007Y, No. 99 Chunxiao Avenue: 91330200761450380T006Z, andNo. 1 Longtanshan Road: 91330200761450380T004Y; Drainage: No. 36 Guanhai Road: Zhe Lun Pai ZiNo. 00767, Longtanshan Road No. 1: Zhe Lun Pai Zi No. 00398.
Production wastewater: the production wastewater as gathered from the plant area via the pipelineto the regulating tank of sewage treatment station are subject to neutralization, flocculation, coarsesedimentation, air flotation, acidifying, aerobic biochemistry reaction, sedimentation and regulating.Once acceptable to the standard, the production wastewater will be discharged to the municipal sewagepipeline, an intelligent sewage treatment control system that can prevent any unacceptable sewage fromaccessing to the municipal sewage pipeline. An automatic monitoring system is implemented in the plantarea, which allows the environmental protection authority to monitor how the sewage station operates inthe plant area.
Domestic sewage: The oily wastewater generated in the canteen is pretreated by the oil trappingfacility, and the domestic sewage is treated by the septic tank. Once acceptable to the pipelineconveyance standard designated by Chunxiao Sewage Treatment Plant, the domestic wastewater will bedischarged to the municipal sewage pipeline system.
The above wastewater and sewage subject to the treatment process are finally discharged toChunxiao municipal sewage pipeline system via a drain outlet, finally to Chunxiao Sewage Treatmentplant. The normative standard applicable to sewage discharge of Chunxiao Plant: total zinc is subject toGrade 1 standard as contained in Table 4 of the "Integrated Wastewater Discharge Standard"(GB8978-1996), other contents are subject to the pipeline conveyance standard of Chunxiao SewageTreatment Plant. Actual data of production wastewater test: total zinc is 0.038mg/L, pH value is 8.31,suspended matter is 10mg/L, COD is 55mg/L; domestic wastewater test data: pH value is 7.60,suspended matter is 97mg/L, COD It is 354mg/L, all data are acceptable.
In the plant, rubber scraps, non-conforming products in production, and scrap metal generated bymold repair are identified as general solid wastes, sorted out by category, then disposed and recycled.Waste activated carbon, waste paint slags, pickling and phosphate slags, and waste oil generated in theproduction process are identified as hazardous wastes, a yard for storage of hazardous wastes has beenset up in accordance with the national applicable provisions. The application for transfer of hazardouswastes has been submitted in accordance with the applicable management provisions of NingboEcological Environment Bureau. And the agreements for disposal of hazardous wastes have been signedwith Ningbo Beilun Environmental Solid Waste Disposal Co., Ltd., Hangzhou Fuyang Shenneng SolidWaste Environmental Recycling Co., Ltd., and Ningbo Zhende Environmental Technology Co., Ltd.
（2）Tuopu Automotive Electronics: diversion of rainwater and sewage, diversion of clean waterand sewage, obtain the permit for urban sewage to the drainage pipeline system, serial no.: Zhe Zi
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
No.19119; obtain the emission permit granted from Hangzhou Bay New Area Ecological EnvironmentBureau, serial no.:91330201MA2833A9XR001Q.
Production wastewater: the production wastewater as gathered from the plant area via the pipelineto the regulating tank of sewage treatment station are subject to neutralization, flocculation, coarsesedimentation, air flotation, acidifying, aerobic biochemistry reaction, sedimentation and regulating.Once acceptable to the standard, the production wastewater will be discharged to the municipal sewagepipeline of the Development Zone. Unacceptable sewage is prohibited from accessing to the municipalsewage pipeline.
Domestic sewage: The oily wastewater generated in the canteen is pretreated by the oil trappingfacility, and the domestic sewage is treated by the septic tank. Once acceptable to the pipelineconveyance standard designated by Hangzhou Bay New Area Sewage Treatment Plant, the domesticwastewater will be discharged to the municipal sewage pipeline system.
Subject to the treatment process, one pipeline of the above wastewater and sewage is discharged via02WS863 drain outlet, the other pipeline is discharged via 01WS703 drain outlet to the municipalwastewater pipeline Hangzhou Bay New Area, finally treated in the Municipal Wastewater TreatmentPlant.
The normative standard applicable to sewage discharge of Tuopu Automotive Electronics: Grade 3standard of "Integrated Wastewater Discharge Standard" (GB8978-1996 Ammonia nitrogen and totalphosphorus are subject to the "Zhejiang Local Standard Industrial Enterprise Wastewater Nitrogen andPhosphorus Pollutant Indirect Discharge Limits" (DB33/887-2013 ), then discharged into the municipalsewage pipeline, and finally treated in the sewage treatment plant to meet the Grade 1 standard of the"Urban Sewage Treatment Plant Pollutant Discharge Standard" (GB18918-2002) before beingdischarged into the sea.
The sewage from Hangzhou Bay Plant is first treated and tested acceptable, then discharged to thecity pipeline. The test data of produced wastewater: pH value 6.0, COD 50mg/l, ammonia nitrogen
0.249mg /l, suspended solids <4mg /l, petroleum 2.53mg/l, total phosphorus 0.12mg/l, zinc 0.03mg/l,anionic surfactant <0.05mg/l, total nitrogen 3.95 mg/l, five-day BOD 35.9 mg/l, which are found in linewith the discharge standard.
In the plant, metal scraps, non-conforming products in production, scrap metal from mold repairs,rubber scraps, and waste packaging are identified as general solid waste, collected, then disposed andutilized. For waste paint residues, scrap rubber, waste drums, sludge, activated carbon, cleaning wasteliquid, waste emulsion, waste oil, aluminum ash and dross identified as hazardous waste, hazardouswaste yards and warehouses are constructed in accordance with the national requirements governing thecollection of hazardous wastes, packaging, storage, transportation, disposal of hazardous wastes, thefiling for transit of hazardous waste is made under the "National Solid Waste and ChemicalManagement Information System" in line with the request governing hazardous waste control of theEnvironmental Protection Bureau, and relevant agreements in connection with disposal of hazardouswastes are concluded with Ningbo Beilun Environmental Protection Solid Waste Disposal Co., Ltd.,
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Zhejiang Kaikang Metal Products Co., Ltd., Ningbo Bochuan Waste Liquid Disposal Co., Ltd.,Dongyang Meichen Industry and Trade Co., Ltd., Ningbo Juxin Environmental Protection Products Co.,Ltd., Zhejiang Lyuchen Environmental Protection Science and Technology Co., Ltd., ZhejiangEnvironmental Protection Group Beilun Shangke Environmental Protection Science and Technology Co.,Ltd.
10 units of Type III X-ray detectors and 4 units of Type II X-ray detectors are used for plantprojects. On 12 May 2022, the Company was granted the radiation safety permit issued by theDepartment of Ecology and Environment of Zhejiang, with the certificate number Zhe Huan Fu Zheng[B2971].
（3）Zhejiang Towin: diversion of rainwater and sewage, diversion of clean water and sewage,obtain the permit for urban sewage to the drainage pipeline system, serial no.: Zhe Wu Wu Pai Zi No.2022085; obtain the emission permit granted from Jinhua Ecological Environment Bureau, serialno.:91330723MA29PBM72F001U.
Production wastewater: the production wastewater as gathered from the plant area via the pipelineto the regulating tank of sewage treatment station are subject to neutralization, flocculation, coarsesedimentation, air flotation, acidifying, aerobic biochemistry reaction, sedimentation and regulating.Once acceptable to the standard, the production wastewater will be discharged to the municipal sewagepipeline of the Development Zone. An automatic monitoring system is implemented to prevent anyunacceptable sewage from accessing to the municipal sewage pipeline. The environmental protectionauthorities at all levels across the nation can monitor how the sewage station operates in the plant areaand the emission indexes.。
Domestic sewage: The oily wastewater generated in the canteen is pretreated by the oil trappingfacility, and the domestic sewage is treated by the septic tank. Once acceptable to the pipelineconveyance standard designated by Wuyi NO.1 Sewage Treatment Plant, the domestic wastewater willbe discharged to the municipal sewage pipeline system.
The above wastewater and sewage subject to the treatment process are finally discharged to themunicipal sewage pipeline system of Wuyi Baihuashan Industrial Park via a drain outlet, finally to WuyiSewage Treatment plant.
The normative standard applicable to sewage discharge of Zhejiang Towin: total zinc is subject toGrade 3 standard of "Integrated Wastewater Discharge Standard" (GB8978-1996), the sewage subject totreatment process is discharged into the municipal pipeline system. Actual data of production wastewatertest: pH value 7.30, suspended matter 22mg/l, COD 62mg/l, five-day BOD 38.7 mg/l, ammonia nitrogen
0.65mg /l, total phosphorus 0.63 mg/l, petroleum 0.47mg/l, anionic surfactant 1.2mg/l <0.05mg/l, whichare found in line with the discharge standard.
In Zhejiang Towin Plant, rubber scraps, non-conforming products in production, and scrap metalgenerated by mold repair are identified as general solid wastes, collected, then disposed and utilized.Waste paint slags, pickling and phosphate slags, and waste oil generated in the production process areidentified as hazardous wastes, a dedicated storehouse for hazardous wastes is set up under the national
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
provisions applicable to collection, packaging, storage, conveyance and disposal of hazardous wastes,the storage registration account is created on Zhejiang Solid Wastes Monitoring Information System,and the agreements for disposal of hazardous wastes have been signed with Zhejiang Red LionEnvironmental Protection Co., Ltd. and Zhejiang Yulong Environmental Protection Technology Co.,Ltd.Zhejiang Towin Plant arranges production facilities in a reasonable way, improves processes andincrease the recycling of water, and reduces the emissions of sewage. The automatic waste monitoringsystem is running normally and transmitting data to the environment protection authority in real time.The access control facility (environmental protection authorities at the central, provincial, municipal andcounty level can perform real-time monitoring) is added. The plant has set up a yard and storehouse forhazardous wastes in accordance with the measures applicable to the control of hazardous wastes, andmaintained the hazardous waste management account and transfer form.
（4）Suining Tuopu: diversion of rainwater and sewage, diversion of clean water and sewage,obtain the permit for urban sewage to the drainage pipeline system, and the emission permit grantedfrom Suining Ecological Environment Bureau of Sichuan (serial no.: 91510904071417225P001U).Production wastewater: the production wastewater as gathered from the plant area via the pipelineto the regulating tank of sewage treatment station are subject to neutralization, flocculation, coarsesedimentation, air flotation, acidifying, aerobic biochemistry reaction, sedimentation and regulating.Once acceptable to the standard, the production wastewater will be discharged to Longyanjing SewageTreatment Plant. An automatic monitoring system is implemented, which allows the environmentalprotection authorities at all levels in Sichuan to monitor how the sewage station operates in the plantarea and the emission indexes.
Domestic sewage: The oily wastewater generated in the canteen is pretreated by the oil trappingfacility, and the domestic sewage is treated by the septic tank, then treated in Longyanjing SewageTreatment Plant. Discharged once acceptable to the standard.
The above wastewater and sewage subject to the treatment process are discharged into themunicipal sewage pipeline of Anju Industrial Concentration Development Zone, finally to LongyanjingSewage Treatment Plant.
The normative standard applicable to sewage discharge of the plant is Grade 3 standard of"Integrated Wastewater Discharge Standard" (GB8978-1996).The sewage subject to treatment process isdischarged into the municipal pipeline system. Actual data of production wastewater test: Total nickel
0.053mg/l, pH value 7.2, COD 140mg/l, ammonia nitrogen 8.31mg/l (five standard values in connectionwith this project), petroleum 0.36mg/l.
Actual data of domestic wastewater test: pH value is 7.8,suspended matter is 98mg/L, COD is 306mg/L, all data are acceptable.
In the plant, rubber scraps, non-conforming products in production, and scrap metal generated bymold repair are identified as general solid wastes, collected, then disposed and utilized. Waste paintslags, pickling and phosphate slags, and waste oil generated in the production process are identified as
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
hazardous wastes, a dedicated yard and storehouse for hazardous wastes is set up under the nationalprovisions applicable to collection, packaging, storage, conveyance and disposal of hazardous wastes,the application for transfer of hazardous wastes has been submitted in accordance with the applicablemanagement provisions of Anju Environmental Protection Bureau, and the agreements for disposal ofhazardous wastes have been signed with Suining Tuopu and Zigong Jinlong Cement Co., Ltd.
The plant arranges production facilities in a reasonable way, improves processes and increase therecycling of water, and reduces the emissions of sewage. The automatic sewage monitoring system isoperating normally and connected to the environmental protection authority for data transmission in realtime, and the environmental protection authorities at the provincial, city and county levels can monitor itin real time.Sichuan Maigao has been approved in the environmental protection acceptance procedure bySuining Environmental Protection Bureau and filed for urban rainwater and sewage pipeline. Acting instrict accordance with the national emission standards, Sichuan Maigao is committed to improving theenvironment, with minor impact on the surrounding environment.The sludge, waste oil, and waste paintslag generated from the sewage station are disposed by Sichuan Maigao and Zigong Jinlong Cement Co.,Ltd.
(5) Yinzhou Chassis: a new plant with all kinds of of pollution prevention and control facilitiespending for approval and preparation, more details will be disclosed after this plant is put into operation.
3. EIA of construction projects and administrative permits granted to other environmental
protection
√Applicable □Non-applicable
All construction projects in each plant are subject to the project-specific EIA requirement andcomply with the national emission standards, approved by the environmental protection acceptance andfiled for urban rainwater and sewage pipeline. All environmental impact factors are acceptable to theproject-specific EIA requirement. Each plant is committed to improving the environment.
4. Emergency response for environmental contingencies
√Applicable □Non-applicable
The Company has drawn up general and special emergency response plans for environmentalcontingencies which are intended to specify and direct the emergency rescue operations forenvironmental emergencies, and make a filing to local environmental emergency enterprise filingplatform or in the Ecological Environment Bureau. The file numbers in connection with the relevantsubsidiaries or plants are 330206-2022-013-L, 330282(H)-2022-043L, 330206-2015-007-L and510904-2021-018-L respectively.
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
5. In-house environmental monitoring plan
√Applicable □Non-applicable
The Company tests wastewater, waste gas, and noise at plant boundaries in all plants at regularintervals every year, which are found to be acceptable under the national standards; the plan for disposalof hazardous wastes is submitted earlier each year.
6. Administrative penalties due to environmental concerns during the reporting period
□Applicable √Non-applicable
7. Other environmental information that should be disclosed
□Applicable √Non-applicable
(2)Notes to the environmental protection of the companies other than key emission entities
□Applicable √Non-applicable
(3)Notes to updates or changes in the disclosure of environmental information during thereporting period
□Applicable √Non-applicable
(4)Relevant information that benefits ecosystem protection, pollution control, and fulfillmentenvironmental responsibilities
□Applicable √Non-applicable
The company fulfills its corporate responsibilities in ESG, boosts green and low-carbon production,fulfills corporate social responsibilities of energy saving, low-carbon environmental protection, andcontributes to "carbon peaking and carbon neutrality".
(5)Measures and effects taken to reduce carbon emissions during the reporting period
√Applicable □Non-applicable
As of the first half of 2023, the installed photovoltaic capacity is 78.2 MW, the annual powergeneration is up to 79.93 million kWh, and the carbon dioxide emissions will be reduced by 796.94 tonsa year. In future, efforts will be intensified to broaden the scope of distributed photovoltaic power plants,and a package of initiatives will be taken to scale down carbon emissions and attain the goal ofzero-carbon factory step by step.
II.Particulars of consolidating and expanding the deliverables of poverty alleviation, ruralrevitalization and other tasks
□Applicable √Non-applicable
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Section 6 Significant Events
I. Performance of commitments
（1）Commitments made by actual controllers, shareholders, related parties, acquirers of the Company, and the Company and other related partiesmaking commitments during the reporting period or continuing to the reporting period
√Applicable □Non-applicable
| Background of commitment | Type of commitment | Committed by | Content of commitment | Date and deadline of commitment | Whether there is a deadline for performance | Whether performed strictly and timely | If such commitments cannot be completed timely, state the specific reason | If such commitments cannot be completed timely, state the next plan |
| Commitment related to the share reform | ||||||||
| Commitment made in the report of acquisition or the report of equity change | ||||||||
| Commitment related to significant asset restructuring | ||||||||
| Commitment related to IPO | intratype competition | MECCA INTERNATIONAL HOLDING （HK） LIMITED | 1. The Company does not have, and will not be directly or indirectly engaged in, or by any form including but not limited to holding, participating of shares, joint venture, | March 2012, continuous | No | Yes | NA | NA |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| constitute competition, Tuopu Group shall have the right of first refusal as to the trusted management (contracting operation, leasing operation) or acquisition in respect of such operations that have constituted or may potentially constitute competition. 4. The above commitments are unconditional, if a violation of the above commitments inflicts any financial loss to Tuopu Group, the Company will indemnify other shareholders or interested parties of Tuopu Group against such losses as comprehensive, prompt and sufficient. 5. This letter of commitment shall remain in force and effect whenever the Company and any company controlled by the Company are related to Tuopu Group. | |||||||
| Resolve related party transactions | MECCA INTERNATIONAL HOLDING （HK） LIMITED | 1. The Company and its controlled entities will do the utmost to avoid related transactions with the issuer and its subsidiaries. 2. If related party transactions are unavoidable, both parties to the transactions will strictly follow the normal business code of conduct. The pricing policy applicable to related party transactions must follow the principles of fairness, impartiality and openness in the market, and the transaction price is fixed at the price at which the transaction are conducted with an independent third party in the | March 2012, continuous | No | Yes | NA | NA |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| above commitments inflicts any financial loss to Tuopu Group, the Company will indemnify other shareholders or interested parties of Tuopu Group against such losses as comprehensive, prompt and sufficient. 6. This letter of commitment shall remain in force and effect whenever the Company and its controlled entities are related to Tuopu Group. | |||||||
| other | MECCA INTERNATIONAL HOLDING （HK） LIMITED | If the issuer's prospectus contains any falsified records, misleading statements or material omissions, which constitutes a significant and substantial impact on determining whether the issuer meets the issuance conditions as prescribed by law, the Company will, within 30 days after the CSRC rules illegal facts, repurchase the restricted shares that are originally transferred, and urge the issuer to repurchase all new shares in this public offering; the Company will fix the repurchase price at the higher of the issuer's stock issue price and the average transaction price of the issuer's stock within 30 trading days before the CSRC rules illegal facts, and repurchase all the original restricted shares that have been sold. If the issuer's shares are involved in the issuance of bonus shares or conversion of capital reserves into share capital, such issue price and repurchase quantity will be adjusted where | March 2015, continuous | No | Yes | NA | NA |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| applicable. The Company will indemnify the investors enduring financial losses in securities transactions due to false records, misleading statements or material omissions in the issuer's prospectus for this public offering of stocks. Within 30 days after such illegal facts are ruled by CSRC, the stock exchange or the judicial authority, the Company will, in line with the principles of simplifying procedures, actively negotiating, compensating in advance, maintaining the interests of investors, especially small and medium investors, and in accordance with the measurable economic losses directly endured by investors, elect to reconcile with investors, mediate with investors through third parties, or otherwise establish investor compensation funds to actively indemnify the investors harmless from and against the direct economic losses endured therein. The standard, scope of subjects and sum of such indemnity shall be subject to the final indemnification plan prevailing in the occurrence of the above circumstances. | |||||||
| other | MECCA INTERNATIONAL HOLDING （HK） LIMITED | From August 31, 2012, nothing will procure Ningbo Tuopu Group Co., Ltd. to use any raised funds from this issuance and listing for real estate business or real estate enterprises. | August 2012, continuous | No | Yes | NA | NA |
| other | Ningbo Tuopu | If the issuer's prospectus contains any | March 2015, | No | Yes | NA | NA |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Group Co., Ltd. | falsified records, misleading statements or material omissions, which constitutes a significant and substantial impact on determining whether the issuer meets the issuance conditions as prescribed by law, the Company will, within 30 days after the CSRC rules illegal facts, repurchase the restricted shares that are originally transferred, and urge the issuer to repurchase all new shares in this public offering; the Company will fix the repurchase price at the higher of the issuer's stock issue price and the average transaction price of the issuer's stock within 30 trading days before the CSRC rules illegal facts, and repurchase all the original restricted shares that have been sold. If the issuer's shares are involved in the issuance of bonus shares or conversion of capital reserves into share capital, such issue price and repurchase quantity will be adjusted where applicable. The Company will indemnify the investors enduring financial losses in securities transactions due to false records, misleading statements or material omissions in the issuer's prospectus for this public offering of stocks. Within 30 days after such illegal facts are ruled by CSRC, the stock exchange or the judicial authority, the Company will, in line with the principles of | continuous |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| simplifying procedures, actively negotiating, compensating in advance, maintaining the interests of investors, especially small and medium investors, and in accordance with the measurable economic losses directly endured by investors, elect to reconcile with investors, mediate with investors through third parties, or otherwise establish investor compensation funds to actively indemnify the investors harmless from and against the direct economic losses endured therein. The standard, scope of subjects and sum of such indemnity shall be subject to the final indemnification plan prevailing in the occurrence of the above circumstances. | |||||||
| other | Ningbo Tuopu Group Co., Ltd. | If the company's stock price falls below its audited net assets per share in the previous year within three years after its IPO and listing (hereinafter referred to as "net asset value per share", total number of the ordinary shareholders' equity attributable to the parent in the consolidated financial statements/number of shares of the company at the end of the year, if the company conducts ex-rights or ex-dividends due to distribution of cash dividends, bonus shares, conversion of share capital, additional issuance of new shares, the above price should be adjusted accordingly, hereinafter inclusive). The Company | March 2015, continuous | No | Yes | NA | NA |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| repurchases its shares through centralized bidding, tender offer or other means as approved by the securities regulatory authorities. The Company further commits that total amount of funds used to repurchase shares must not exceed the total sum of funds raised by its IPO of new shares; the amount of funds used to repurchase its shares for stabilizing the stock price within each period of 12 months from the date of listing shall not be less than RMB 50 million, and the repurchase price must not exceed the latest audited net asset value per share before the announcement of such price stability plan. | |||||||
| other | Ningbo Tuopu Group Co., Ltd. | From August 31, 2012, nothing will procure Ningbo Tuopu Group Co., Ltd. to use any raised funds from this issuance and listing for real estate business or real estate enterprises. | August 2012, continuous | No | Yes | NA | NA |
| Resolve related party transactions | Wu Jianshu | 1. I and controlled entities will do the utmost to avoid related transactions with the issuer and its subsidiaries. 2. If related party transactions are unavoidable, both parties to the transactions will strictly follow the normal business code of conduct. The pricing policy applicable to related party transactions must follow the principles of fairness, impartiality and openness in the market, and the transaction price is fixed at the price at which the transaction are conducted | March 2012, continuous | No | Yes | NA | NA |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| unconditional, if a violation of the above commitments inflicts any financial loss to Tuopu Group, I will indemnify other shareholders or interested parties of Tuopu Group against such losses as comprehensive, prompt and sufficient. 6. This letter of commitment shall remain in force and effect whenever I and any company controlled by I are related to Tuopu Group. | |||||||
| Resolve intratype competition | Wu Jianshu | 1. I does not have, and will not be directly or indirectly engaged in, or by any form including but not limited to holding, participating of shares, joint venture, associate partnership, lease, agent operation, trust or other similar form engage in any operation or activity that may have constituted or substantially constitute a current or potential competition against the existing and future operations of Tuopu Group and its holding subsidiaries. 2. For companies and economic entities directly or indirectly controlled by I, I will procure such companies and economic entities to perform the obligations of avoiding competition as contained in the letter of commitment having equivalent standards to I by sending out institutions and persons (including but not limited to directors, managing directors, financial officers) or by gaining the controlling status (e.g.: | March 2012, continuous | No | Yes | NA | NA |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| shareholders’ rights, directors’ rights), so as to keep such companies and economic entities from competing against Tuopu Group and its subsidiaries. 3. If any change in policies and regulations or other reasons that are not attributable to I unavoidably causes other companies or economic entities controlled by Company/Enterprise or any company or economic entity that I may impose significant impact has constituted or may potentially constitute competition, Tuopu Group shall have the right of first refusal as to the trusted management (contracting operation, leasing operation) or acquisition in respect of such operations that have constituted or may potentially constitute competition. 4. The above commitments are unconditional, if a violation of the above commitments inflicts any financial loss to Tuopu Group, I will indemnify other shareholders or interested parties of Tuopu Group against such losses as comprehensive, prompt and sufficient. 5. This letter of commitment shall remain in force and effect whenever I and any company controlled by I are related to Tuopu Group. | |||||||
| Other | Wu Jianshu | The Company will indemnify the investors enduring financial losses in securities transactions due to false records, misleading statements or | March 2015, continuous | No | Yes | NA | NA |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| material omissions in the issuer's prospectus for this public offering of stocks. Within 30 days after such illegal facts are ruled by CSRC, the stock exchange or the judicial authority, the Company will, in line with the principles of simplifying procedures, actively negotiating, compensating in advance, maintaining the interests of investors, especially small and medium investors, and in accordance with the measurable economic losses directly endured by investors, elect to reconcile with investors, mediate with investors through third parties, or otherwise establish investor compensation funds to actively indemnify the investors harmless from and against the direct economic losses endured therein. The standard, scope of subjects and sum of such indemnity shall be subject to the final indemnification plan prevailing in the occurrence of the above circumstances. | ||||||||
| Commitment related to refinancing | ||||||||
| Commitment related to equity incentives | ||||||||
| Other commitments made to the | ||||||||
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| small and medium shareholders of the Company | ||||||||
| Other commitments | ||||||||
II. Whether there is any non-operating capital occupation by the controlling shareholder and its affiliates
□Applicable √Non-applicable
III. Violation of guarantee
□Applicable √Non-applicable
IV. Audit of the semi-annual report
□Applicable √Non-applicable
V. Changes and handling of matters involved in non-standard audit opinions in the previous year’sannual report
□Applicable √Non-applicable
VI. Matters concerning bankruptcy and reorganization
□Applicable √Non-applicable
VII. Significant Lawsuits and Arbitrations
□The Company is involved in any significant lawsuits and arbitrations in the current year √TheCompany is not involved in any significant lawsuits and arbitrations in the current yearVIII. Listed companies and their directors, supervisors, officers, controlling shareholders, and
actual controllers suspected of violations of laws and regulations, or subject to punishment andrectification
□Applicable √Non-applicable
IX. Notes to the Credit Standing of the Company and Its Controlling Shareholders and ActualControllers during the Reporting Period
□Applicable √Non-applicable
X. Significant Related-party Transactions
(1) Related-party transactions related to daily operations
1. Events that have been disclosed in the provisional announcement and there is no progress orchange in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement, but there is no progress orchange in subsequent implementation
□Applicable √Non-applicable
3. Events that are not disclosed in the provisional announcement
□Applicable √Non-applicable
(2) Related-party transactions in the acquisition or sale of assets or equity
1. Events that have been disclosed in the provisional announcement and there is no progress orchanges in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement, but there is a progress orchange in subsequent implementation
□Applicable √Non-applicable
3. Events that are not disclosed in the provisional announcement
□Applicable √Non-applicable
4. Where there is a performance agreement involved, the performance achieved during thereporting period shall be disclosed
□Applicable √Non-applicable
(3) Significant related-party transactions of joint external investment
1. Events that have been disclosed in the provisional announcement and there is no progress orchanges in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement, but there are progress orchanges in subsequent implementation
□Applicable √Non-applicable
3. Events that are not disclosed in the provisional announcement
□Applicable √Non-applicable
(4) Related credits and liabilities
1. Events that have been disclosed in the provisional announcement, but there is no progress orchange in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement, but there is a progress orchange in subsequent implementation
□Applicable √Non-applicable
3. Events that have not been disclosed in the provisional announcement
□Applicable √Non-applicable
(5) Financial business between the Company and the associated financial company, the Company'sholding financial company and the related party
□Applicable √Non-applicable
(6) Other major related transactions
□Applicable √Non-applicable
(7) Other
□Applicable √Non-applicable
XI. Major contracts and contract performance1 Matters relating to trusteeship, contracting and leasing
□Applicable √Non-applicable
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
2 Significant guarantees performed and unfulfilled during the reporting period
√Applicable □Non-applicable
√适用 □不适用
Unit：Yuan Currency： RMB
| External guarantees by the Company (other than its guarantees to subsidiaries) | |||||||||||||||
| Guarantor | Relation between the guarantor and the listed company | Guaranteed party | Guaranteed amount | Date of guarantee occurred (date of agreement execution) | From | Until | Type of guarantee | Main debts | Collateral (if any) | Whether the guarantee has been fulfilled | Whether the guarantee is overdue | Guarantee overdue amount | Counter-guarantee situation | Whether it is a guarantee for related parties | Associating relation |
| Total amount of guarantees during the reporting period (other than guarantees to subsidiaries) | 0 | ||||||||||||||
| Total balance of guarantees at the end of the reporting period (A) (other than guarantees to subsidiaries) | 0 | ||||||||||||||
| Guarantees by the Company to its subsidiaries | |||||||||||||||
| Total amount of guarantees to subsidiaries during the reporting period | 0 | ||||||||||||||
| Total balance of guarantees to subsidiaries at the end of the reporting period (B) | 96,174,400 | ||||||||||||||
| Total amount of company guarantees (including its guarantees to subsidiaries) | |||||||||||||||
| Total guarantees (A+B) | 96,174,400 | ||||||||||||||
| Total guarantees as a percentage of the Company's net assets (%) | 0.75 | ||||||||||||||
| Including: | |||||||||||||||
| Amount of guarantees provided for shareholders, actual controllers and their related parties (C) | 0 | ||||||||||||||
| Amount of debt guarantee provided directly or indirectly for the guaranteed object whose asset-liability ratio exceeds 70% (D) | 0 | ||||||||||||||
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Amount of the total guarantees exceeding 50% of the net assets (E) | 0 | |
| Total of the above three guarantees (C+D+E) | 0 | |
| Note to unexpired guarantees that may bear joint liability for repayment | ||
| Statement of guarantees | (1)Tuopu Poland sp.z.o.o, ("Tuopu Poland") is a wholly-owned subsidiary established by Tuopu Group in Poland in March 2021. It leases 7R PROJEKT 35 Sp. z oo ("7R Project Company"). The customized plant will accept and produce European orders and has assigned a lease agreement with 7R Project Company on March 15, 2021. Given business practices and actual needs, the Company provided performance guarantee for the said plant lease agreement signed by Tuopu Poland.The total liability of the letter of guarantee is up to 7 million euros (calculated at the exchange rate on the day before the announcement on March 19, 2021, equivalent to RMB 54.174 million), and the effective term covers the validity period of the said lease agreement (84 months counted from March 15, 2021) and five months after its expiration or termination, but no later than August 1, 2029. The above performance guarantees have been reviewed and approved at the 5th meeting of the fourth Board of Directors. More details are available in “Announcement of Tuopu Group on Providing Performance Guarantees for the Lease of Industrial Plants for Overseas Wholly-owned Subsidiaries”disclosed by the company on the portal site of Shanghai Stock Exchange on March 19, 2021. (Announcement No. 2021-018). The guarantee still exists during the reporting period. (2) Tuopu Photovoltaic Technology (Ningbo Hangzhou Bay New District) Co., Ltd. (hereinafter referred to as "Tuopu Photovoltaic Technology (Hangzhou Bay"), a wholly-owned sub-subsidiary, entered into a loan contract (Contract No.: 3302202101100001111) with China Development Bank Ningbo Branch on 9 December 2021, with a loan amount of RMB 60 million. The length of loan maturity starts from 9 December 2021 to 9 December 2033. The Company provides Tuopu Photovoltaic Technology (Hangzhou Bay) addressed at No. 59 Chunxiao Guanhai Road, Beilun District, Ningbo under mortgage guarantee. As at 30 June 2023, the balance of the medium- and long-term borrowings under this contract is RMB 42.00 million, the original value of the property used for mortgage is RMB 45,324,720.72 and the net value is RMB 35,921,649.09; the original value of the land placed under mortgage is RMB 13,070,562.81 and the net value is RMB 9,715,785.12. The above performance guarantee was considered and approved at the 14th meeting of the | |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
fourth board of directors of the company. More details are available in the “Announcement ofTuopu Group on providing guarantee for wholly-owned sub-subsidiary to apply for bankloans”(Announcement Number: 2021-079）as disclosed by the company on the official websiteof Shanghai Stock Exchange on 20 November 2021. The guarantee still exists during thereporting period.
The gross sum of (1) and (2) guarantees as referred to above is RMB 96,174,400.
3 Other major contracts
□Applicable √Non-applicable
XII. Explanation of other important matters
□Applicable √Non-applicable
Section 7 Changes in Shares and Shareholders
I. Condition in change of equity
(1) Condition in change of shares
1. Condition in change of shares
Unit：shares
| Prior to this change | Increase/decrease in this change (+，-) | After this change | |||||||
| Number of shares | Percent (%) | Issuance of new shares | issuance of shares as dividends | public reserve funds converted to shares | others | subtotal | quantity | Percent (%) | |
| I. Restricted sahres | |||||||||
| 1. Shares held by the state | |||||||||
| 2. Shares held by state-owned corporate | |||||||||
| 3. Shares held by other domestic capital | |||||||||
| In which: shares held by domestic non-state-owned corporate | |||||||||
| Shares held by domestic natural | |||||||||
| person | |||||||||
| 4. Shares held by foreign capital | |||||||||
| In which: shares held by overseas corporate | |||||||||
| Shares held by overseas natural person | |||||||||
| II. Non-restricted shares outstanding | 1,102,046,572 | 100 | 1,736 | 1,736 | 1,102,048,308 | 100 | |||
| 1. Common shares denominated in RMB | 1,102,046,572 | 100 | 1,736 | 1,736 | 1,102,048,308 | 100 | |||
| 2. Domestic listed foreign shares | |||||||||
| 3. Overseas listed foreign shares | |||||||||
| 4. Other | |||||||||
| III. Total shares | 1,102,046,572 | 100 | 1,736 | 1,736 | 1,102,048,308 | 100 |
2. Changes in shares
√Applicable □Non-applicable
During the reporting period, the convertible bonds "Tuopu Convertible Bonds" issued by the Companywere partially converted, resulting in an increase of 1,736 shares in the total shares.
3. Impact of changes in common shares on financial indexes such as EPS and net assets per sharefrom the reporting period to the disclosure of the semi-annual report (if any)
□Applicable √Non-applicable
4. Other content as the Company deems necessary to disclose or required by the securitiesregulatory institution
□Applicable √Non-applicable
(2) Changes in restricted sale of shares
□Applicable √Non-applicable
II. Condition of Shareholders
(1) Total shareholders
| Total number (accounts) of common shareholders as of the end of the reporting period | 25,829 |
| Total number (accounts) of preferred shareholders whose voting rights have been restored as of the end of the reporting period | NA |
(2) Shares held by the top ten shareholders and top ten tradable shareholders (or shareholders notsubject to restricted sale) as of the end of the reporting period
Unit：shares
| Shares held by the top ten shareholders | |||||||
| Name of Shareholder (Full Name) | Increase/Decrease during the reporting period | Number of shares held at the end of the period | Percentage (%) | Number of shares held subject to restricted sale | Condition of pledge, marking or freezing | Nature of shareholders | |
| Status of shares | Number of shares | ||||||
| MECCA INTERNATIONAL HOLDING （HK） LIMITED | 693,680,000 | 62.94 | 0 | Pledge | 200,000,000 | Foreign corporate | |
| Hong Kong Securities Clearing Company Limited | 63,753,576 | 5.79 | 0 | No | Unknown | ||
| Shanghai Ruiyang Investment Management Co., Ltd.-Ruiyang Emerging Growth Private Placement Investment Fund | 14,000,000 | 1.27 | 0 | No | Unknown | |||||
| Wu Jianshu | 7,210,308 | 0.65 | 0 | No | Foreign natural person | |||||
| Ningbo Zhuyue Investment Management Co., Ltd. | 5,407,630 | 0.49 | 0 | No | Domestic non-SOE corporate | |||||
| China Construction Bank-Cinda NEV Selected Hybrid Securities Investment Fund | 3,458,646 | 0.31 | 0 | No | Unknown | |||||
| National Social Security Fund-0Ⅶ Portfolio | 3,227,171 | 0.29 | 0 | No | Unknown | |||||
| China Merchants Bank Corporation - Fullgoal Clean Energy Industry Flexible Allocation Hybrid Securities Investment Fund | 3,103,130 | 0.28 | 0 | No | Unknown | |||||
| National Social Security Fund 403 Portfolio | 2,665,126 | 0.24 | 0 | No | Unknown | |||||
| Industrial and Commercial Bank of China Limited - China Universal Asset Management Yingxin Flexible Allocation Hybrid Securities Investment Fund | 2,648,900 | 0.24 | 0 | No | Unknown | |||||
| Shares held by the top ten shareholders not subject to restricted sale | ||||||||||
| Name of Shareholder | Number of tradable shares held not subject to restricted sale | Class and number of shares | ||||||||
| Class | Number of shares | |||||||||
| MECCA INTERNATIONAL HOLDING （HK） LIMITED | 693,680,000 | RMB common share | 693,680,000 | |||||||
| Hong Kong Securities Clearing Company Limited | 63,753,576 | RMB common share | 63,753,576 | |||||||
| Shanghai Ruiyang Investment Management Co., Ltd.-Ruiyang Emerging Growth Private Placement Investment Fund | 14,000,000 | RMB common share | 14,000,000 | |||||||
| Wu Jianshu | 7,210,308 | RMB common share | 7,210,308 | |||||||
| Ningbo Zhuyue Investment Management Co., Ltd. | 5,407,630 | RMB common share | 5,407,630 |
| China Construction Bank-Cinda NEV Selected Hybrid Securities Investmen | 3,458,646 | RMB common share | 3,458,646 |
| National Social Security Fund-0Ⅶ Portfolio | 3,227,171 | RMB common share | 3,227,171 |
| China Merchants Bank Corporation - Fullgoal Clean Energy Industry Flexible Allocation Hybrid Securities Investment Fund | 3,103,130 | RMB common share | 3,103,130 |
| National Social Security Fund 403 Portfolio | 2,665,126 | RMB common share | 2,665,126 |
| Industrial and Commercial Bank of China Limited - China Universal Asset Management Yingxin Flexible Allocation Hybrid Securities Investment Fund | 2,648,900 | RMB common share | 2,648,900 |
| Description of the repurchase of special accounts among the top ten shareholders | NA | ||
| Notes to the voting rights entrusted by or to, and waived by the above shareholders | NA | ||
| Notes to the associated relationship or concerted action of the above shareholders | Among these shareholders: 1. Mr. Wu Jianshu holds 100% of the shares in MECCA INTERNATIONAL HOLDING （HK） LIMITED. 2. Ningbo Zhuyue Investment Management Co., Ltd. is a wholly-owned sub-subsidiary of MECCA INTERNATIONAL HOLDING （HK） LIMITED, the controlling shareholder of the Company, and is a person acting in concert. In addition, the Company doesn’t know whether there is an associated relationship among the above shareholders or whether they are parties acting in concert. 3. 200,000,000 shares owned by Tuopu Group pledged by the controlling shareholder of the Company, MECCA INTERNATIONAL HOLDING (HK) LIMITED, were released from the pledge on 3 July 2023. | ||
| Notes to the preferred shareholders whose voting rights have been restored and the number of shares held | NA | ||
Number of shares held by the top ten shareholders subject to restricted sale and the conditions ofrestricted sales
□Applicable √Non-applicable
(3) Strategic investors or general legal persons become the top ten shareholders due to theplacement of new shares
□Applicable √Non-applicable
III. Directors, supervisors and officers
(1) Changes in shareholding of current and resigned directors, supervisors and officers during thereporting period
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
(2) Share incentives granted by directors, supervisors and officers during the reporting period
□Applicable √Non-applicable
(3) Other notes
□Applicable √Non-applicable
IV. Changes in controlling shareholders or actual controlle
□Applicable √Non-applicable
Section 8 Information about Preference Shares
□Applicable √Non-applicable
Section 9 Information of Corporate Bonds
I. Corporate bonds, debentures and non-financial corporate debt financing instruments
□Applicable √Non-applicable
一、II. Condition of convertible corporate bonds
√Applicable □Non-applicable
√适用 □不适用
√Applicable □Non-applicable
(1) Issuance of convertible bonds
Under the CSRC’s approval on the public offering of convertible corporate bonds by Ningbo TuopuGroup Co., Ltd. (CSRC Permit [2022] No. 830), the Company issued 25 million convertible corporatebonds at a nominal value of RMB 100 on 14 July 2022, with a total amount of RMB 2,500 million and aduration of 6 years.BDO China Shu Lun Pan CPAs (Special General Partnership) assessed the capital for this issuanceand released the “Capital Verification Report of Ningbo Tuopu Group Co., Ltd.” (Xin Kuai Shi Bao Zi[2022] No. ZF10923). Through capital verification, as at 20 July 2022, the proceeds raised by theCompany from this issuance come at RMB 2,500,000.00 million. Netting of the tax-excluded expensesof RMB 11,027,358.47, the net proceeds come at RMB 2,488,972,641.53.As agreed under the SSE Self-disciplinary Supervision Decision [2022] No. 218, the convertiblebonds of RMB 250,000,000 were available for trading on SSE from 12 August 2022, with the bondabbreviated as "Tuopu Convertible Bonds" and the bond code "113061".
(2) Convertible bond holders and guarantors during the reporting period
| Title of convertible corporate bond | Tuopu Convertible Bonds | ||
| Number of bondholders at the end of the period | 11,008 | ||
| Guarantor of convertible bonds | NA | ||
| Significant changes in the guarantor's profitability, asset status and credit standing | NA | ||
| Particulars about the top XV bondholders of convertible bonds: | |||
| Name of bondholder | Name of bonds held at the end of the period (RMB) | Percent of share held (%) | |
| Northwest Investment Management Hong Kong Limited- Northwest Feilong Fund Ltd | 86,000,000 | 3.44 | |
| Bank of China Limited-Southern Asset Management Changyuan Convertible Bond Securities Investment Fund | 78,983,000 | 3.16 | |
| Agricultural Bank of China Limited - Southern Asset Management Xiyuan Convertible Bond Securities Investment Fund | 72,313,000 | 2.89 | |
| Hua Chuang Securities Co., Ltd. | 70,854,000 | 2.83 | |
| Industrial and Commercial Bank of China Limited - China | 70,000,000 | 2.80 | |
| Universal Asset Management Convertible Bond Securities Investment Fund | ||
| Industrial and Commercial Bank of China Limited- Southern Asset Management Guangli Return Bond Securities Investment Fund | 66,023,000 | 2.64 |
| Industrial Bank Co., Ltd.-Guangfa Jiyu Bond Securities Investment Fund | 65,067,000 | 2.60 |
| National Social Security Fund 414 Portfolio | 62,000,000 | 2.48 |
| Industrial and Commercial Bank of China Limited-Golden Eagle Yuanfeng Bond Securities Investment Fund | 54,592,000 | 2.18 |
| Bank of Shanghai Company Limited-Maxwealth Fund Huajia Credit Bond Securities Investment Fund | 43,673,000 | 1.75 |
(3) Changes in convertible bonds during the reporting period
Unit:Yuan Currency:RMB
| Title of convertible corporate bonds | Prior to this change | Increase/decrease | After this change | ||
| Converted | Redeemed | Put-back | |||
| Tuopu Convertible Bonds | 2,500,000,000 | 124,000 | 2,499,876,000 | ||
(4) Cumulative conversion of convertible bonds during the reporting period
| Title of convertible corporate bond | Tuopu Convertible Bonds |
| Amount converted during the reporting period (in RMB) | 124,000 |
| Shares converted during the reporting period (shares) | 1,736 |
| Cumulative shares converted (shares) | 1,736 |
| Cumulative shares converted as a percent of total shares issued (%) | 0.000158% |
| Amount not converted (in RMB) | 2,499,876,000 |
| Unconverted convertible bonds as a percent of of total convertible bonds issued (%) | 99.995040% |
(5) Conversion price adjustments
Unit:Yuan Currency:RMB
| Name of Convertible Corporate Bond | Tuopu Convertible Bond | ||||
| Date of | Adjusted | Date disclosed | Disclosing media | Note to | |
| conversion price adjusted | conversion price | conversion price adjustment | ||
| 17 July 2023 | RMB 70.92/share | 10 July 2023 | SSE website, Securities Times | Adjustment made to “Tuopu Convertible Bonds” as a result of the implementation of the 2022 Profit Distribution Plan |
| Latest conversion price as of the end of the reporting period | RMB 70.92/share | |||
(6) Liabilities, credit standing change and cash arrangement for debt repayment in the comingyearsThe Company runs stable business and as at 30 June 2023, its asset-liability ratio is 55.02% which isconsidered good credit standing.
(7) Note to other conditions about convertible bonds
NA.
Section 10 Financial ReportI. Audit report
√Applicable □Non-applicable
II. Financial Statements
Consolidated Balance Sheet
As of 30 June 2023Prepared by:Ningbo Tuopu Group Co., Ltd.
Unit:Yuan Currency:RMB
| Item | Note | 2023.6.30 | 2022.12.31 |
| Current assets: | |||
| Cash and Bank Balances | Ⅶ、1 | 2,840,707,385.15 | 2,795,531,830.43 |
| Deposit Reservation for Balance | |||
| Loans to Banks and Other Financial Institutions | |||
| Trading Financial Assets | Ⅶ、2 | 50,738,089.82 | 954,888.48 |
| Derivative Financial Assets | |||
| Notes receivable | Ⅶ、4 | 484,866,628.35 | 410,801,964.08 |
| Accounts receivable | Ⅶ、5 | 4,764,490,027.41 | 4,347,460,987.76 |
| Receivables Financing | Ⅶ、6 | 858,734,547.80 | 1,157,514,623.70 |
| Prepayments | Ⅶ、7 | 108,648,851.45 | 117,134,585.39 |
| Premium Receivable | |||
| Reinsurance Accounts Receivable | |||
| Reinsurance Contract Reserves Receivable | |||
| Other Receivables | Ⅶ、8 | 112,965,254.45 | 140,748,361.64 |
| Including: interest receivable | |||
| Dividends Receivable | |||
| Buying Back the Sale of Financial Assets | |||
| Inventory | Ⅶ、9 | 2,786,474,497.42 | 3,255,860,915.66 |
| Contract Assets | |||
| Holding for-sale assets | |||
| Non-current Assets Due within 1 Year | |||
| Other Current Assets | Ⅶ、13 | 236,557,239.23 | 208,497,764.18 |
| Subtotal of Current Assets | 12,244,182,521.08 | 12,434,505,921.32 | |
| Non-current Assets: | |||
| Granting of loans and advances | |||
| Investment in Creditor's Rights | |||
| Investment in Other Creditor's Rights | |||
| Long-term Receivables | |||
| Long-term Equity Investment | Ⅶ、17 | 152,846,026.31 | 141,704,726.21 |
| Investment in Other Equity Instruments | |||
| Other Non-current Financial Assets | |||
| Investment Property | Ⅶ、20 | 24,396,977.64 | 25,126,095.85 |
| Fixed Assets | Ⅶ、21 | 9,061,099,727.73 | 8,725,700,134.49 |
| Projects under Construction | Ⅶ、22 | 3,923,624,909.84 | 3,553,833,187.91 |
| Productive Biological Assets | |||
| Oil and gas assets | |||
| Right-of-use Assets | Ⅶ、25 | 86,303,649.76 | 89,083,423.67 |
| Intangible Assets | Ⅶ、26 | 1,380,157,950.14 | 1,227,723,584.59 |
| Development Expenditure | |||
| Goodwill | Ⅶ、28 | 209,241,595.49 | 209,241,595.49 |
| Long-term unamortized expenses | Ⅶ、29 | 179,553,483.10 | 157,573,682.61 |
| Deferred Income Tax Assets | Ⅶ、30 | 200,504,264.03 | 191,559,722.76 |
| Other Non-current Assets | Ⅶ、31 | 910,814,702.23 | 754,078,748.57 |
| Total Non-current Assets | 16,128,543,286.27 | 15,075,624,902.15 | |
| Total Assets | 28,372,725,807.35 | 27,510,130,823.47 | |
| Current Liabilities: | |||
| Short-term loan | Ⅶ、32 | 399,311,561.63 | 1,132,536,757.84 |
| Borrowings from the Central Bank | |||
| Borrowings from Banks and Other Financial Institutions | |||
| Transactional financial liabilities | |||
| Derivative Financial Liabilities | |||
| Notes Payable | Ⅶ、35 | 2,865,014,837.02 | 2,986,683,115.16 |
| Accounts Payable | Ⅶ、36 | 4,365,638,995.48 | 4,828,236,418.41 |
| Received Prepayments | |||
| Contract liabilities | Ⅶ、38 | 28,818,833.42 | 22,053,112.07 |
| Financial Assets Sold for Repurchase | |||
| Deposit Taking and Interbank Deposit | |||
| Receiving from Vicariously Traded Securities | |||
| Receiving from Vicariously Sold Securities | |||
| Payroll payable | Ⅶ、39 | 211,068,617.24 | 268,698,963.77 |
| Tax Payable | Ⅶ、40 | 192,638,618.28 | 170,226,721.86 |
| Other Payables | Ⅶ、41 | 535,660,443.02 | 22,729,867.88 |
| Including: interest payable | 4,821,678.63 | 2,342,465.75 | |
| Dividends Payable | 510,248,373.09 | ||
| Service Charge and Commission Payable | |||
| Reinsurance Accounts Payable | |||
| Holding for-sale liabilities | |||
| Non-current Liabilities Due within 1 Year | Ⅶ、43 | 1,396,532,197.38 | 23,450,209.53 |
| Other Current Liabilities | Ⅶ、44 | 27,015,565.76 | 166,036,174.17 |
| Subtotal of Current Liabilities | 10,021,699,669.23 | 9,620,651,340.69 | |
| Non-current Liabilities: | |||
| Insurance Contract Reserves | |||
| Long-term loan | Ⅶ、45 | 2,633,140,551.03 | 2,825,000,000.00 |
| Bonds Payable | 2,397,337,692.56 | 2,357,411,642.30 | |
| Including: Preferred Stocks | |||
| Perpetual Bonds | |||
| Lease Liabilities | 60,634,357.75 | 67,084,816.51 | |
| Long-term Payables | |||
| Long-term payroll payable | |||
| Expected Liabilities | |||
| Deferred Income | Ⅶ、51 | 397,314,039.88 | 367,153,765.44 |
| Deferred Income Tax Liabilities | Ⅶ、30 | 101,739,303.28 | 112,925,117.20 |
| Other Non-current Liabilities | |||
| Total Non-current Liabilities | 5,590,165,944.50 | 5,729,575,341.45 | |
| Total Liabilities | 15,611,865,613.73 | 15,350,226,682.14 | |
| Owners’ Equity (or Shareholders' Equity): | |||
| Paid-in capital (or share Capital) | Ⅶ、53 | 1,102,048,308.00 | 1,102,046,572.00 |
| Other Equity Instruments | Ⅶ、54 | 143,205,876.32 | 143,214,233.30 |
| Including: Preferred Stocks | |||
| Perpetual Bonds | |||
| Capital Reserves | Ⅶ、55 | 5,340,923,159.86 | 5,340,798,886.81 |
| Less: Treasury Share | |||
| Other Comprehensive Incomes | Ⅶ、57 | -10,062,436.72 | -21,343,831.86 |
| Special Reserves | |||
| Surplus Reserves | Ⅶ、59 | 631,484,906.94 | 631,484,906.94 |
| General Risk Reserves | |||
| Undistributed Profits | Ⅶ、60 | 5,516,954,895.53 | 4,933,178,573.10 |
| Total Shareholders' Equity Attributable to the Parent Company | 12,724,554,709.93 | 12,129,379,340.29 | |
| Minority Shareholders' Equity | 36,305,483.69 | 30,524,801.04 | |
| Total Shareholders' Equity | 12,760,860,193.62 | 12,159,904,141.33 | |
| Total Liabilities and Shareholders' Equity | 28,372,725,807.35 | 27,510,130,823.47 | |
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Balance Sheet of the Parent Company
As of 30 June 2023Prepared by:Ningbo Tuopu Group Co., Ltd.
Unit: Yuan Currency:RMB
| Item | Note | 2023.6.30 | 2022.12.31 |
| Current Assets: | |||
| Cash and Bank Balances | 1,050,175,912.33 | 1,284,945,846.63 | |
| Trading Financial Assets | 50,000,000.00 | ||
| Derivative Financial Assets | |||
| Notes receivable | |||
| Accounts receivable | XVⅦ、1 | 2,042,923,284.32 | 2,297,269,083.20 |
| Receivables Financing | 93,215,190.02 | 144,939,077.24 | |
| Prepayments | 26,802,210.99 | 77,638,963.69 | |
| Other Receivables | XVⅦ、2 | 284,428,657.45 | 229,141,399.78 |
| Including: interest receivable | |||
| Dividends Receivable | |||
| Inventory | 811,286,268.80 | 957,961,047.03 | |
| Contract Assets | |||
| Holding for-sale assets | |||
| Non-current Assets Due within 1 Year | |||
| Other Current Assets | |||
| Subtotal of Current Assets | 4,358,831,523.91 | 4,991,895,417.57 | |
| Non-current Assets: | |||
| Investment in Creditor's Rights | |||
| Investment in Other Creditor's Rights | |||
| Long-term Receivables | |||
| Long-term Equity Investment | XVⅦ、3 | 11,991,245,621.68 | 10,971,501,286.58 |
| Investment in Other Equity Instruments | |||
| Other Non-current Financial Assets | |||
| Investment Property | 24,396,977.64 | 25,126,095.85 | |
| Fixed Assets | 2,318,942,574.86 | 2,365,475,521.30 | |
| Projects under Construction | 336,394,947.28 | 346,048,327.78 | |
| Productive Biological Assets | |||
| Oil and gas assets | |||
| Right-of-use Assets | |||
| Intangible Assets | 285,502,263.31 | 284,237,623.81 | |
| Development Expenditure | |||
| Goodwill | |||
| Long-term unamortized expenses | 20,304,453.24 | 19,995,272.51 | |
| Deferred Income Tax Assets | 51,071,629.18 | 46,914,435.70 | |
| Other Non-current Assets | 86,222,339.23 | 85,008,025.51 | |
| Total Non-current Assets | 15,114,080,806.42 | 14,144,306,589.04 | |
| Total Assets | 19,472,912,330.33 | 19,136,202,006.61 | |
| Current Liabilities: | |||
| Short-term loan | 199,152,657.53 | 499,962,135.61 | |
| Transactional financial liabilities | |||
| Derivative Financial Liabilities | |||
| Notes Payable | 479,291,234.82 | 583,212,539.50 | |
| Accounts Payable | 1,342,837,048.90 | 1,497,847,166.32 | |
| Received Prepayments | |||
| Contract liabilities | 1,411,036.10 | 1,362,904.31 | |
| Payroll payable | 73,405,471.77 | 92,793,014.53 | |
| Tax Payable | 31,483,162.73 | 44,282,203.95 | |
| Other Payables | 519,849,219.56 | 6,768,604.13 | |
| Including: interest payable | 4,821,678.63 | 2,342,465.75 | |
| Dividends Payable | 510,248,373.09 | ||
| Holding for-sale liabilities | |||
| Non-current Liabilities Due within 1 Year | 1,370,000,000.00 | ||
| Other Current Liabilities | 183,434.70 | 60,409,522.56 | |
| Subtotal of Current Liabilities | 4,017,613,266.11 | 2,786,638,090.91 | |
| Non-current Liabilities: | |||
| Long-term loan | 2,000,000,000.00 | 2,780,000,000.00 | |
| Bonds Payable | 2,397,337,692.56 | 2,357,411,642.30 | |
| Including: Preferred Stocks | |||
| Perpetual Bonds | |||
| Lease Liabilities | |||
| Long-term Payables | |||
| Long-term payroll payable | |||
| Expected Liabilities | |||
| Deferred Income | 118,303,396.71 | 99,343,459.89 | |
| Deferred Income Tax Liabilities | 72,369,692.29 | 82,605,938.28 | |
| Other Non-current Liabilities | |||
| Subtotal of Non-current Liabilities | 4,588,010,781.56 | 5,319,361,040.47 | |
| Total Liabilities | 8,605,624,047.67 | 8,105,999,131.38 | |
| Owners’ Equity (or Shareholders' Equity): | |||
| Paid-in Capital (or Share Capital) | 1,102,048,308.00 | 1,102,046,572.00 | |
| Other Equity Instruments | 143,205,876.32 | 143,214,233.30 | |
| Including: Preferred Stocks | |||
| Perpetual Bonds | |||
| Capital Reserves | 5,340,923,159.86 | 5,340,798,886.81 | |
| Less: Treasury Share | |||
| Other Comprehensive Incomes | |||
| Special Reserves | |||
| Surplus Reserves | 631,484,906.94 | 631,484,906.94 | |
| Undistributed Profits | 3,649,626,031.54 | 3,812,658,276.18 | |
| Total Owners’ Equity (or Shareholders' Equity) | 10,867,288,282.66 | 11,030,202,875.23 | |
| Total Liabilities and Owners’ Equity (or Shareholders' Equity) | 19,472,912,330.33 | 19,136,202,006.61 | |
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Consolidated Income StatementFor the Period from January 2023 to June 2023
Unit: Yuan Currency:RMB
| Item | Note | Semi-annual 2023 | Semi-annual 2022 |
| I. Total Operating Revenue | 9,160,451,044.52 | 6,793,989,768.80 |
| Including: Operating Revenue | Ⅶ、61 | 9,160,451,044.52 | 6,793,989,768.80 |
| Interest Income | |||
| Earned Premiums | |||
| Service Charge and Commission Income | |||
| II. Total Operating Cost | 7,948,124,959.21 | 5,972,984,810.89 | |
| Including: Operating Cost | Ⅶ、61 | 7,091,717,971.79 | 5,342,716,658.15 |
| Interest Expenditures | |||
| Service Charge and Commission Expenses | |||
| Surrender Value | |||
| Net Claims Paid | |||
| Net Amount of Withdrawn Reserve for Insurance Liability Contract | |||
| Policyholder Dividend Expense | |||
| Reinsurance Cost | |||
| Taxes and Surcharges | Ⅶ、62 | 68,071,307.10 | 38,829,253.63 |
| Sales Expenses | Ⅶ、63 | 100,232,455.37 | 93,359,456.70 |
| Administration expenses | Ⅶ、64 | 250,407,616.23 | 186,965,967.60 |
| Research and development expense | Ⅶ、65 | 450,976,583.06 | 323,760,820.10 |
| Financial Expenses | Ⅶ、66 | -13,280,974.34 | -12,647,345.29 |
| Including: interest expenses | 110,183,341.40 | 37,501,673.22 | |
| Interest Income | 20,349,051.18 | 9,832,744.02 | |
| Add: Other income | Ⅶ、67 | 87,704,709.64 | 24,660,039.88 |
| Investment Income (Mark"-" for Loss) | Ⅶ、68 | 14,695,055.38 | 15,340,505.13 |
| Including: Investment Income from Affiliates and Joint Ventures | 11,141,300.10 | 10,569,117.18 | |
| Profits from derecognition of Financial Assets at Amortized Cost | |||
| Exchange Gains (Mark"-" for Losses) | |||
| Profit of Net Exposure Hedging (Mark"-" for Loss) | |||
| Incomes from changes in fair value (losses marked with "-") | Ⅶ、70 | -216,798.66 | -197,311.14 |
| Credit Impairment Losses (Mark"-" for Loss) | Ⅶ、71 | -23,825,581.51 | 7,316,287.04 |
| Asset Impairment Losses (Mark"-" for Loss) | Ⅶ、72 | -5,466,369.89 | -6,424,175.11 |
| Asset Disposal Income (Mark"-" for Loss) | Ⅶ、73 | 16,240.57 | -544,422.83 |
| III. Operating Profit (Mark"-" for Loss) | 1,285,233,340.84 | 861,155,880.88 | |
| Add: Non-operating Revenues | Ⅶ、74 | 1,230,582.52 | 482,097.90 |
| Less: Non-operating Expenses | Ⅶ、75 | 12,649,565.28 | 1,355,441.72 |
| IV. Total Profit (Mark"-" for Total Loss) | 1,273,814,358.08 | 860,282,537.06 | |
| Less: Income Tax Expense | Ⅶ、76 | 174,651,897.40 | 143,664,603.42 |
| V. Net Profit (Mark"-" for Net Loss) | 1,099,162,460.68 | 716,617,933.64 | |
| (1) Classified by operation continuity | |||
| 1. Net Profit as a Going Concern (Mark"-" for Net Loss) | 1,099,162,460.68 | 716,617,933.64 | |
| 2. Net Profit of Discontinued Operation (Mark"-" for Net Loss) | |||
| (2). Classified by the attribution of ownership | |||
| 1. Net Profit Attributable to Shareholders of Parent Company | 1,094,024,695.52 | 707,806,710.76 | |
| 2. Minority Shareholders' Profit and Loss | 5,137,765.16 | 8,811,222.88 | |
| VI. Net Amount of Other Comprehensive Incomes after Tax | 11,924,312.63 | 2,917,207.31 | |
| (1) Net Amount of Other Comprehensive Incomes after Tax Attributable to the Parent Company's Owner | 11,281,395.14 | 2,496,654.82 | |
| 1, Other comprehensive income that cannot be reclassified as P/L | |||
| (1) Re-measure the variation of the defined benefit plan | |||
| (2) Other comprehensive income that cannot be transferred to P/L under the equity method | |||
| (3) Changes in the fair value of investment in other equity instruments | |||
| (4) Changes in the fair value of the credit risk of the enterprise | |||
| 2. Other comprehensive income that will be reclassified as P/L | 11,281,395.14 | 2,496,654.82 | |
| (1) Other comprehensive income that can be transferred to P/L under the equity method | |||
| (2) Changes in the fair value of investment in other creditor's rights | |||
| (3) Financial assets reclassified into other comprehensive income | |||
| (4) Provisions for the credit impairment of investment in other creditor's rights | |||
| (5) Cash flow hedge reserves | |||
| (6) Currency translation difference | 11,281,395.14 | 2,496,654.82 | |
| (7) Others | |||
| (2) Net Amount of Other Comprehensive Incomes After Tax Attributable to Minority Shareholders | 642,917.49 | 420,552.49 | |
| VII. Total Comprehensive Income | 1,111,086,773.31 | 719,535,140.95 | |
| (1) Total Comprehensive Income Attributable to the Parent Company's Owner | 1,105,306,090.66 | 710,303,365.58 | |
| (2) Total Comprehensive Income Attributable to Minority Shareholders | 5,780,682.65 | 9,231,775.37 | |
| VIII. Earnings per Share: | |||
| (1) Basic Earnings per Share | 0.99 | 0.64 | |
| (2) Diluted Earnings per Share | 0.99 | 0.64 | |
If there is a business combination under the same control in the current period, the net profit earned by thecombined party before the combination is: RMB 0, and the net profit earned by the combined party in theprevious period is: RMB 0.Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Income Statement of the Parent CompanyFrom the Period from January 2023 to June 2023
Unit:Yuan Currency:RMB
| Item | Note | Semi-annual 2023 | Semi-annual 2022 |
| I. Operating Revenue | XVⅦ、4 | 3,316,719,220.00 | 3,151,230,932.04 |
| Less: Operating Cost | 2,561,210,134.54 | 2,426,178,750.90 | |
| Taxes and Surcharges | 24,566,052.81 | 17,800,081.17 | |
| Sales Expenses | 2,219,982.67 | 8,797,853.03 | |
| Administration expenses | 92,649,704.85 | 79,981,135.61 | |
| Research and development expense | 261,363,476.97 | 189,227,537.44 | |
| Financial Expenses | 73,390,894.50 | 25,891,503.15 | |
| Including: interest expenses | 96,974,427.83 | 27,914,193.91 | |
| Interest Income | 13,235,863.64 | 2,963,062.17 | |
| Add: Other income | XVⅦ、5 | 64,467,568.03 | 11,187,773.12 |
| Investment Income (Mark"-" for Loss) | 14,695,055.38 | 15,340,505.13 | |
| Including: Investment Income from Affiliates and Joint Ventures | 11,141,300.10 | 10,569,117.18 | |
| Profits from Derecognition of Financial Assets at Amortized Cost | |||
| Profit of Net Exposure Hedging (loss in "-") | |||
| Incomes from changes in fair value (loss in "-") | |||
| Credit Impairment Losses (loss in "-") | -7,136,533.70 | 1,048,276.69 | |
| Asset Impairment Losses (loss in "-") | -4,560,248.49 | -4,438,427.15 | |
| Asset Disposal Income (loss in "-") | -673,710.01 | ||
| II. Operating Profit (loss in "-") | 368,784,814.88 | 425,818,488.52 | |
| Add: Non-operating Revenues | 166,447.50 | 139,448.74 | |
| Less: Non-operating Expenses | 778,532.27 | ||
| III. Total Profit (total loss in “-“) | 368,172,730.11 | 425,957,937.26 | |
| Less: Income Tax Expense | 20,956,601.66 | 62,319,221.38 | |
| IV. Net Profit (Mark for Net Loss) | 347,216,128.45 | 363,638,715.88 | |
| (I) Net Profit as a Going Concern (net loss in “-“) | 347,216,128.45 | 363,638,715.88 | |
| (II) Net Profit of Discontinued Operation (net loss in “-“) | |||
| V. Net Amount of Other Comprehensive Incomes After Tax | |||
| (1) Other comprehensive income that cannot be reclassified as P/L | |||
| 1. Re-measure the variation of the defined benefit plan | |||
| 2. Other comprehensive income that cannot be transferred to P/L under the equity method | |||
| 3. Changes in the fair value of investment in other equity instruments | |||
| 4. Changes in the fair value of the credit risk of the enterprise | |||
| (2) Other comprehensive income that will be reclassified as P/L | |||
| 1. Other comprehensive income that can be transferred to P/L under the equity method | |||
| 2. Changes in the fair value of |
| investment in other creditor's rights | |||
| 3. Financial assets reclassified into other comprehensive income | |||
| 4. Provisions for the credit impairment of investment in other creditor's rights | |||
| 5. Cash flow hedge reserves | |||
| 6. Currency translation difference | |||
| 7. Others | |||
| VI. Total Comprehensive Income | 347,216,128.45 | 363,638,715.88 | |
| VII. Earnings per Share: | |||
| (I) Basic Earnings per Share | 0.32 | 0.33 | |
| (II) Diluted Earnings per Share | 0.32 | 0.33 | |
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Consolidated Cash Flow StatementFrom the Period from January 2023 to June 2023
Unit：Yuan Currency：RMB
| Item | Note | Semi-annual 2023 | Semi-annual 2022 |
| I. Cash Flow Generated by Operational Activities: | |||
| Cash from Sales of Merchandise and Provision of Services | 9,619,106,701.87 | 7,440,880,665.97 | |
| Net Increase in Customer's Bank Deposits and Interbank Deposits | |||
| Net Increase in Borrowings from the Central Bank | |||
| Net Increase in Borrowings from Other Financial Institutions | |||
| Cash Arising from Receiving Premiums for the Original Insurance Contract | |||
| Net Amount Arising from Reinsurance Business | |||
| Net Increase in Deposits and Investments from Policyholders | |||
| Cash Arising from Interests, Service Charges and Commissions | |||
| Net Increase in Borrowings from Banks and Other Financial Institutions | |||
| Net Increase in Repurchase Business Funds | |||
| Net Amount of Cash Received from the Vicariously Traded Securities | |||
| Tax Refund | 351,926,788.38 | 459,410,287.49 | |
| Other Received Cashes Related to Operational Activities | Ⅶ、78 | 200,796,761.92 | 109,806,391.64 |
| Subtotal of cash inflow from operational activities | 10,171,830,252.17 | 8,010,097,345.10 | |
| Cash Paid for Merchandise and Services | 6,856,237,308.91 | 5,381,672,109.84 | |
| Net Increase in Loans and Advances to Customers | |||
| Net Increase in Deposits with Central Bank and Other Financial Institutions | |||
| Cash Paid for Original Insurance Contract Claims | |||
| Net increase of funds lent | |||
| Cash Paid for Interests, Service Charges and Commissions | |||
| Cash Paid for Policy Dividends | |||
| Cash Paid to and for Employees | 1,161,002,065.58 | 904,641,537.32 | |
| Cash Paid for Taxes and Surcharges | 555,679,717.07 | 325,019,727.17 | |
| Other Paid Cashes Related to Operational Activities | Ⅶ、78 | 372,789,725.99 | 279,649,525.42 |
| Subtotal of cash outflow from operational activities | 8,945,708,817.55 | 6,890,982,899.75 | |
| Net cash flow generated by operating activities | 1,226,121,434.62 | 1,119,114,445.35 | |
| II. Cash Flow from Investment Activities: | |||
| Cash Arising from Disposal of Investments | 753,553,755.28 | 324,771,387.95 | |
| Cash Arising from Investment Incomes | 12,719,979.84 | ||
| Net Cash Arising from Disposal of Fixed Assets, Intangible Assets and Other Long-term Assets | 7,458,918.50 | 186,343.77 | |
| Net Cash Arising from Disposal of Subsidiaries and Other Business Units | |||
| Other Received Cashes Related to Investment Activities | Ⅶ、78 | 20,397,800.00 | 16,804,204.70 |
| Subtotal of cash inflow from investment activities | 781,410,473.78 | 354,481,916.26 | |
| Cash Paid for Purchase and Construction of Fixed Assets, Intangible Assets and Other Long-term Assets | 1,750,326,099.47 | 1,991,758,596.45 | |
| Cash Paid for Investments | 800,000,000.00 | 40,000,000.00 | |
| Net Increase in Pledge Loans | |||
| Net Cash Paid for Acquisition of Subsidiaries and Other Business Units | |||
| Other Paid Cashes Related to Investment Activities | |||
| Subtotal of Cash Outflow from Investment Activities | 2,550,326,099.47 | 2,031,758,596.45 | |
| Net amount of cash flow generated by investment activities | -1,768,915,625.69 | -1,677,276,680.19 | |
| III. Cash Flow from Financing Activities: | |||
| Cash Arising from Absorbing Investments | |||
| Including: Cash Arising from Subsidiaries Absorbing Investments by Minority Shareholders | |||
| Cash Arising from Borrowings | 1,890,636,991.85 | 3,418,166,160.00 | |
| Other Received Cashes Related to Financing Activities | Ⅶ、78 | 206,900,000.00 | 100,000.00 |
| Subtotal of cash inflow from financing activities | 2,097,536,991.85 | 3,418,266,160.00 | |
| Cash Paid for Debts Repayment | 1,445,323,840.82 | 1,366,280,600.00 | |
| Cash Paid for Distribution of Dividends and Profits or Payment of Interests | 65,822,611.38 | 341,217,229.76 | |
| Including: Dividends and Profits Paid to Minority Shareholders by Subsidiaries | |||
| Other Paid Cashes Related to Financing Activities | Ⅶ、78 | 153,524,725.97 | 174,381,277.22 |
| Subtotal of cash outflow from financing activities | 1,664,671,178.17 | 1,881,879,106.98 | |
| Net cash flow generated by financing activities | 432,865,813.68 | 1,536,387,053.02 | |
| IV. Impact of Fluctuation in Exchange Rate on Cash and Cash Equivalents | 11,328,326.49 | 7,532,599.78 | |
| V. Net Increase in Cash and Cash Equivalents | -98,600,050.90 | 985,757,417.96 | |
| Add: Cash and Cash Equivalents at the Commencement of the Period | 2,410,212,553.28 | 935,672,390.98 | |
| VI. Cash and Cash Equivalents at the End of the Period | 2,311,612,502.38 | 1,921,429,808.94 |
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Cash Flow Statement of the Parent CompanyFor the Period from January 2023 to June 2023
Unit:Yuan Currency:RMB
| Item | Note | Semi-annual 2023 | Semi-annual 2022 |
| I. Cash Flow Generated by Operational Activities: | |||
| Cash from Sales of Merchandise and Provision of Services | 2,977,681,619.26 | 3,233,465,875.90 | |
| Tax Refund | |||
| Other Received Cashes Related to Operational Activities | 110,627,064.59 | 38,406,368.50 | |
| Subtotal of cash inflow from operational activities | 3,088,308,683.85 | 3,271,872,244.40 | |
| Cash Paid for Merchandise and Services | 1,601,746,545.26 | 1,919,296,159.52 | |
| Cash Paid to and for Employees | 373,274,736.23 | 356,239,477.83 | |
| Cash Paid for Taxes and Surcharges | 202,512,854.26 | 185,627,055.79 | |
| Other Paid Cashes Related to Operational Activities | 151,342,264.77 | 113,690,302.91 | |
| Subtotal of cash outflow from operational activities | 2,328,876,400.52 | 2,574,852,996.05 | |
| Net cash flow generated by operating activities | 759,432,283.33 | 697,019,248.35 | |
| II. Cash Flow from Investment Activities: | |||
| Cash Arising from Disposal of Investments | 753,553,755.28 | 324,771,387.95 | |
| Cash Arising from Investment Incomes | 12,719,979.84 | ||
| Net Cash Arising from Disposal of Fixed Assets, Intangible Assets and Other Long-term Assets | 61,090,739.28 | 54,566,653.56 | |
| Net Cash Arising from Disposal of Subsidiaries and Other Business Units | |||
| Other Received Cashes Related to Investment Activities | |||
| Subtotal of cash inflow from investment activities | 814,644,494.56 | 392,058,021.35 | |
| Cash Paid for Purchase and Construction of Fixed Assets, Intangible Assets and Other Long-term Assets | 208,943,615.06 | 121,391,689.21 | |
| Cash Paid for Investments | 1,808,603,035.00 | 1,162,786,120.82 | |
| Net Cash Paid for Acquisition of Subsidiaries and Other Business Units | |||
| Other Paid Cashes Related to Investment Activities | 74,665,000.00 | 496,109,600.00 | |
| Subtotal of Cash Outflow from Investment Activities | 2,092,211,650.06 | 1,780,287,410.03 | |
| Net amount of cash flow generated by investment activities | -1,277,567,155.50 | -1,388,229,388.68 | |
| III. Cash Flow from Financing Activities: | |||
| Cash Arising from Absorbing Investments | |||
| Cash Arising from Borrowings | 1,099,000,000.00 | 2,660,000,000.00 | |
| Other Received Cashes Related to Financing Activities | 106,900,000.00 | 100,000.00 | |
| Subtotal of cash inflow from financing activities | 1,205,900,000.00 | 2,660,100,000.00 | |
| Cash Paid for Debts Repayment | 809,500,000.00 | 1,050,000,000.00 | |
| Cash Paid for Distribution of Dividends and Profits or Payment of Interest | 54,761,063.14 | 334,396,752.03 | |
| Other Paid Cashes Related to Financing Activities | 60,232,345.00 | 140,033,461.98 | |
| Subtotal of cash outflow from financing activities | 924,493,408.14 | 1,524,430,214.01 | |
| Net cash flow generated by financing activities | 281,406,591.86 | 1,135,669,785.99 | |
| IV. Impact of Fluctuation in Exchange Rate on Cash and Cash Equivalents | |||
| V. Net Increase in Cash and Cash Equivalents | -236,728,280.31 | 444,459,645.66 | |
| Add: Cash and Cash Equivalents at the Commencement of the Period | 1,278,492,772.64 | 495,802,119.38 | |
| VI. Cash and Cash Equivalents at the End of the Period | 1,041,764,492.33 | 940,261,765.04 | |
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Consolidated Statement of Changes in Owners' EquityFor the Period from January 2023 to June 2023
Unit:Yuan Currency:RMB
| Item | Semi-annual 2023 | ||||||||||||||
| Shareholders' Equity Attributable to the Parent Company's Owner | Minority Shareholders 'Equity | Total Shareholder s' Equity | |||||||||||||
| Paid-in Capital (or Share Capital) | Other Equity Instruments | Capital Reserves | Less: Treasury Shares | Other Comprehensive Incomes | Special Reserves | Surplus Reserves | General Risk Reserves | Undistributed Profits | Others | Subtotal | |||||
| Preferred Stocks | Perpetual Bonds | Others | |||||||||||||
| I. Balance at the End of Last Year | 1,102,046,572.00 | 143,214,233.30 | 5,340,798,886.81 | -21,343,831.86 | 631,484,906.94 | 4,933,178,573.10 | 12,129,379,340.29 | 30,524,801.04 | 12,159,904,141.33 | ||||||
| Add: Changes in Accounting Policies | |||||||||||||||
| Correction of Errors in the Previous Period | |||||||||||||||
| Consolidated under the Same Control | |||||||||||||||
| Others | |||||||||||||||
| II. Balance at the Start of This Year | 1,102,046,572.00 | 143,214,233.30 | 5,340,798,886.81 | -21,343,831.86 | 631,484,906.94 | 4,933,178,573.10 | 12,129,379,340.29 | 30,524,801.04 | 12,159,904,141.33 | ||||||
| III. Increases or Decreases in This Period | 1,736.00 | -8,356.98 | 124,273.05 | 11,281,395.14 | 583,776,322.43 | 595,175,369.64 | 5,780,682.65 | 600,956,052.29 | |||||||
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| (Decreases in "-") | |||||||||||||||
| (I) Total Comprehensive Income | 11,281,395.14 | 1,094,024,695.52 | 1,105,306,090.66 | 5,780,682.65 | 1,111,086,773.31 | ||||||||||
| (II) Shareholders' Contribution and Reduction in Capital | 1,736.00 | -8,356.98 | 124,273.05 | 117,652.07 | 117,652.07 | ||||||||||
| 1. Common stock invested by the owner | |||||||||||||||
| 2. Capital Invested by Holders of Other Equity Instruments | 1,736.00 | -8,356.98 | 124,273.05 | 117,652.07 | 117,652.07 | ||||||||||
| 3. Amount of Share-based Payments Recorded into Shareholder |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| s' Equity | |||||||||||||||
| 4. Others | |||||||||||||||
| (III) Profit Distribution | -510,248,373.09 | -510,248,373.09 | -510,248,373.09 | ||||||||||||
| 1. Appropriation of Surplus Reserves | |||||||||||||||
| 2. Appropriation of General Risk Reserves | |||||||||||||||
| 3. Distribution to Owners (or Shareholders) | -510,248,373.09 | -510,248,373.09 | -510,248,373.09 | ||||||||||||
| 4. Others | |||||||||||||||
| (IV) Internal Carry-forward of Shareholders' Equity | |||||||||||||||
| 1. Capital Reserves Transferred into Capital (or Share Capital) | |||||||||||||||
| 2. Surplus Reserves Transferred into Capital (or Share |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Capital) | |||||||||||||||
| 3. Surplus Reserves Covering Losses | |||||||||||||||
| 4. Carry-forward retained earnings of the variation of the defined benefit plan | |||||||||||||||
| 5. Other Carry-forward Retained Earnings of the Comprehensive Income | |||||||||||||||
| 6. Others | |||||||||||||||
| (V) Special Reserves | |||||||||||||||
| 1. Withdrawal in this period | |||||||||||||||
| 2. Used in this period | |||||||||||||||
| (VI) Others | |||||||||||||||
| IV. Balance at the End of This Period | 1,102,048,308.00 | 143,205,876.32 | 5,340,923,159.86 | -10,062,436.72 | 631,484,906.94 | 5,516,954,895.53 | 12,724,554,709.93 | 36,305,483.69 | 12,760,860,193.62 |
| Item | Semi-annual 2022 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Shareholders' Equity Attributable to the Parent Company's Owner | Minority Shareholders' Equity | Total Shareholders' Equity | |||||||||||||
| Paid-in Capital (Or Share Capital) | Other Equity Instruments | Capital Reserves | Less: Treasury Share | Other Comprehensive Incomes | Special Reserves | Surplus Reserves | Genera l Risk Reserves | Undistributed Profits | Others | Subtotal | |||||
| Preferred Stocks | Perpetual Bonds | Others | |||||||||||||
| I. Balance at the End of Last Year | 1,102,046,572.00 | 5,340,798,886.81 | -24,978,896.47 | 543,809,467.58 | 3,627,091,164.15 | 10,588,767,194.07 | 31,658,215.24 | 10,620,425,409.31 | |||||||
| Add: Changes in Accounting Policies | |||||||||||||||
| Correction of Errors in the Previous Period | |||||||||||||||
| Consolidated under the Same Control | |||||||||||||||
| Others | |||||||||||||||
| II. Balance at the Start of This Year | 1,102,046,572.00 | 5,340,798,886.81 | -24,978,896.47 | 543,809,467.58 | 3,627,091,164.15 | 10,588,767,194.07 | 31,658,215.24 | 10,620,425,409.31 | |||||||
| III. Increases or Decreases in This Period (Decreases in “-“) | 2,496,654.82 | 401,437,763.74 | 403,934,418.56 | 9,231,775.37 | 413,166,193.93 | ||||||||||
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| (I) Total Comprehensive Income | 2,496,654.82 | 707,806,710.76 | 710,303,365.58 | 9,231,775.37 | 719,535,140.95 | ||||||||||
| (II) Shareholders' Contribution and Reduction in Capital | |||||||||||||||
| 1. Common stock invested by the owner | |||||||||||||||
| 2. Capital Invested by Holders of Other Equity Instruments | |||||||||||||||
| 3. Amount of Share-based Payments Recorded into Shareholders' Equity | |||||||||||||||
| 4. Others | |||||||||||||||
| (III) Profit Distribution | -306,368,947.02 | -306,368,947.02 | -306,368,947.02 | ||||||||||||
| 1. Appropriation of Surplus Reserves |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| 2. Appropriation of General Risk Reserves | |||||||||||||||
| 3. Distribution to Owners (or Shareholders) | -306,368,947.02 | -306,368,947.02 | -306,368,947.02 | ||||||||||||
| 4. Others | |||||||||||||||
| (IV) Internal Carry-forward of Shareholders' Equity | |||||||||||||||
| 1. Capital Reserves Transferred into Capital (or Share Capital) | |||||||||||||||
| 2. Surplus Reserves Transferred into Capital (or Share Capital) | |||||||||||||||
| 3. Surplus Reserves Covering Losses | |||||||||||||||
| 4. Carry-forward retained earnings of the variation of |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| the defined benefit plan | |||||||||||||||
| 5. Other Carry-forward Retained Earnings of the Comprehensive Income | |||||||||||||||
| 6. Others | |||||||||||||||
| (V) Special Reserves | |||||||||||||||
| 1. Withdrawal in this period | |||||||||||||||
| 2. Used in this period | |||||||||||||||
| (VI) Others | |||||||||||||||
| IV. Balance at the End of This Period | 1,102,046,572.00 | 5,340,798,886.81 | -22,482,241.65 | 543,809,467.58 | 4,028,528,927.89 | 10,992,701,612.63 | 40,889,990.61 | 11,033,591,603.24 |
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Statement of Changes in Owners' Equity of the Parent Company
For the Period from January 2023 to June 2023
Unit:Yuan Currency:RMB
| Item | Semi-annual 2023 | ||||||||||
| Paid-in Capital (or Share Capital) | Other Equity Instruments | Capital Reserves | Less: Treasury Share | Other Comprehensive Incomes | Special Reserves | Surplus Reserves | Undistributed Profits | Total Shareholders' Equity | |||
| Preferred Stocks | Perpetual Bonds | Others | |||||||||
| I. Balance at the End of Last | 1,102,046,572.0 | 143, | 5,340,798,886.8 | 631,484,906.9 | 3,812,658,276.1 | 11,030,202,875.2 | |||||
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Year | 0 | 214,233.30 | 1 | 4 | 8 | 3 | |||||
| Add: Changes in Accounting Policies | |||||||||||
| Correction of Errors in the Previous Period | |||||||||||
| Others | |||||||||||
| II. Balance at the Start of This Year | 1,102,046,572.00 | 143,214,233.30 | 5,340,798,886.81 | 631,484,906.94 | 3,812,658,276.18 | 11,030,202,875.23 | |||||
| III. Increases or Decreases in This Period (Decreases in “-“) | 1,736.00 | -8,356.98 | 124,273.05 | -163,032,244.64 | -162,914,592.57 | ||||||
| (1) Total comprehensive income | 347,216,128.45 | 347,216,128.45 | |||||||||
| II) Shareholders' Contribution and Reduction in Capital | 1,736.00 | -8,356.98 | 124,273.05 | 117,652.07 | |||||||
| 1. Common stock invested by the owner | |||||||||||
| 2. Capital Invested by Holders of Other Equity Instruments | 1,736.00 | -8,356.98 | 124,273.05 | 117,652.07 | |||||||
| 3. Amount of Share-based Payments Recorded into Shareholders' Equity | |||||||||||
| 4. Others | |||||||||||
| (III) Profit Distribution | -510,248,373.09 | -510,248,373.09 | |||||||||
| 1. Appropriation of Surplus Reserves | |||||||||||
| 2. Distribution to Owners (or Shareholders) | -510,248,373.09 | -510,248,373.09 | |||||||||
| 3. Others | |||||||||||
| (IV) Internal Carry-forward of Shareholders' Equity | |||||||||||
| 1. Capital Reserves Transferred into Capital (or Share Capital) |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| 2. Surplus Reserves Transferred into Capital (or Share Capital) | |||||||||||
| 3. Surplus Reserves Covering Losses | |||||||||||
| 4. Carry-forward retained earnings of the variation of the defined benefit plan | |||||||||||
| 5. Other Carry-forward Retained Earnings of the Comprehensive Income | |||||||||||
| 6. Others | |||||||||||
| (V) Special Reserves | |||||||||||
| 1. Withdrawal in this period | |||||||||||
| 2. Used in This Period | |||||||||||
| (VI) Others | |||||||||||
| IV. Balance at the End of This Period | 1,102,048,308.00 | 143,205,876.32 | 5,340,923,159.86 | 631,484,906.94 | 3,649,626,031.54 | 10,867,288,282.66 |
| Item | Semi-annual 2022 | ||||||||||
| Paid-in Capital (Or Share Capital) | Other Equity Instruments | Capital Reserves | Less: Treasury Share | Other Comprehensive Incomes | Special Reserves | Surplus Reserves | Undistributed Profits | Total Shareholders' Equity | |||
| Preferred Stocks | Perpetual Bonds | Others | |||||||||
| I. Balance at the End of Last Year | 1,102,046,572.00 | 5,340,798,886.81 | 543,809,467.58 | 3,329,948,268.95 | 10,316,603,195.34 | ||||||
| Add: Changes in Accounting Policies | |||||||||||
| Correction of Errors in the Previous Period | |||||||||||
| Others | |||||||||||
| II. Balance at the Start of This Year | 1,102,046,572.00 | 5,340,798,886.81 | 543,809,467.58 | 3,329,948,268.95 | 10,316,603,195.34 | ||||||
| III. Increases or Decreases in | 57,269,768.86 | 57,269,768.86 | |||||||||
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| This Period (Decreases in “-“) | |||||||||||
| (I) Total Comprehensive Income | 363,638,715.88 | 363,638,715.88 | |||||||||
| (II) Shareholders' Contribution and Reduction in Capital | |||||||||||
| 1. Common stock invested by the owner | |||||||||||
| 2. Capital Invested by Holders of Other Equity Instruments | |||||||||||
| 3. Amount of Share-based Payments Recorded into Shareholders' Equity | |||||||||||
| 4. Others | |||||||||||
| (III) Profit Distribution | -306,368,947.02 | -306,368,947.02 | |||||||||
| 1. Appropriation of Surplus Reserves | |||||||||||
| 2. Distribution to Owners (or Shareholders) | -306,368,947.02 | -306,368,947.02 | |||||||||
| 3. Others | |||||||||||
| (IV) Internal Carry-forward of Shareholders' Equity | |||||||||||
| 1. Capital Reserves Transferred into Capital (or Share Capital) | |||||||||||
| 2. Surplus Reserves Transferred into Capital (or Share Capital) | |||||||||||
| 3. Surplus Reserves Covering Losses | |||||||||||
| 4. Carry-forward retained earnings of the variation of the defined benefit plan | |||||||||||
| 5. Other Carry-forward Retained Earnings of the Comprehensive Income | |||||||||||
| 6. Others | |||||||||||
| (V) Special Reserves |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| 1. Withdrawal in this period | |||||||||||
| 2. Used in this period | |||||||||||
| (VI) Others | |||||||||||
| IV. Balance at the End of This Period | 1,102,046,572.00 | 5,340,798,886.81 | 543,809,467.58 | 3,387,218,037.81 | 10,373,872,964.20 |
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
III. Basic Information about the Company
1. Company Profile
√Applicable □Non-applicable
Ningbo Tuopu Group Co., Ltd. (hereinafter referred to as "Company" or "The Company"), acompany limited by shares changed from Ningbo Tuopu Brake System Co., Ltd., incorporated byMECCA INTERNATIONAL HOLDING （HK） LIMITED, Ningbo Jinlun Equity InvestmentPartnership (Limited Partnership) and Ningbo Jinrun Equity Investment Partnership (LimitedPartnership), holder of the Corporate Business License (Registration No.: 91330200761450380T), listedon Shanghai Stock Exchange (SSE) in March 2015, is specialized in manufacturing - automobilemanufacturing.As of June 30, 2023, the Company has issued a total of 1,102,048,308 shares, with a registeredcapital of RMB 1,102,048,308· million, registered address: 268 Yuwangshan Road, Daqi Street, BeilunDistrict, Ningbo, Zhejiang, headquartered in 268 Yuwangshan Road, Daqi Street, Beilun District,Ningbo, Zhejiang, is engaged in R&D, production and sales of automobile parts. MECCAINTERNATIONAL HOLDING （HK） LIMITED is the parent company of the Company is, and WuJianshu is the actual controller of the Company.This financial statement was approved for release by the Board of Directors on August 28, 2023.
2. Scope of consolidated statement
√Applicable □Non-applicable
As at 30 June 2023, the subsidiaries within the scope of the consolidated financial statements areset out as:
| Name of Subsidiary |
| 1.Ningbo Tuopu Import and Export Co., Ltd. (hereinafter referred to as "Tuopu Imp&Exp.") |
| 2. Ningbo Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Tuopu Parts") |
| 3. Ningbo Tuopu Acoustics Vibration Technology Co., Ltd. (hereinafter referred to as "Tuopu Acoustics Vibration") |
| 4. Yantai Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Yantai Tuopu") |
| 5. Liuzhou Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Liuzhou Tuopu") |
| 6. Shenyang Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Shenyang Tuopu") |
| 7. Ningbo Ushone Electronic Chassis Co., Ltd. (hereinafter referred to as “Ushone Electronic Chassis”) |
| 8. Tuopu North American Ltd (hereinafter referred to as " North American ") |
| 9. Ningbo Qianhui Automobile Trim Parts Co., Ltd. (hereinafter referred to as "Ningbo Qianhui") |
| 10. Tuopu North American USA Limited,INC (hereinafter referred to as " Tuopu North American USA") |
| 11. Sichuan Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Sichuan Tuopu") |
| 12. Wuhan Tuopu Maigao Automobile Parts Co., Ltd. (hereinafter referred to as "Wuhan Tuopu") |
| 13. Pinghu Tuopu Special Fabric Co., Ltd. (hereinafter referred to as "Pinghu Tuopu") |
| 14. Shanghai Towin Automotive Technology Co., Ltd. (hereinafter referred to as "Shanghai Towin") |
| 15.Ningbo Tuopu Industrial Automation Co., Ltd. (hereinafter referred to as "Tuopu Industrial Automation") |
| 16. Ningbo Tuopu Investment Co., Ltd. (hereinafter referred to as "Tuopu Investment") |
| 17. Ningbo Yuxiang E-commerce Co., Ltd. (hereinafter referred to as "Yuxiang E-commerce") |
| 18. Tuopu Group International Co., Ltd. (hereinafter referred to as "Tuopu International") |
| 19. Baoji Tuopu Maigao Automobile Parts Co., Ltd. (hereinafter referred to as "Baoji Tuopu") |
| 20. Taizhou Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Taizhou Tuopu") |
| 21.Ningbo Tuopu Mechatronic System Co., Ltd. (hereinafter referred to as "Tuopu Mechatronic System") |
| 22. Tuopu Do Brasil Autope?as Ltda (hereinafter referred to as "Tuopu Brasil") |
| 23. Tuopu Sweden Technology AB (hereinafter referred to as "Tuopu Sweden") |
| 24. Jinzhong Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Jinzhong Tuopu") |
| 25. Shenzhen Towin Automotive Technology Co., Ltd. (hereinafter referred to as "Shenzhen Towin") |
| 26. Zhejiang Towin Automobile Parts Co., Ltd. (hereinafter referred to as "Zhejiang Towin") |
| 27. Suining Tuopu Automobile Chassis System Co., Ltd. (hereinafter referred to as "Suining Tuopu ") |
| 28. Hunan Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Hunan Tuopu") |
| 29. TUOPU (MALAYSIA) SDN.BHD. (hereinafter referred to as "Tuopu Malaysia") |
| 30. Tuopu USA, LLC (hereinafter referred to as "Tuopu USA") |
| 31. Ningbo Tuopu Chassis System Co., Ltd. (hereinafter referred to as "Tuopu Chassis") |
| 32.Tuopu EV Thermal Management System (Ningbo) Co., Ltd. (hereinafter referred to as "Tuopu Thermal Management") |
| 33. Huzhou Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as “Huzhou Tuopu”) |
| 34. Xi’an Tuopu Automobile Parts Co., Ltd (hereinafter referred to as “Xi’an Tuopu”) |
| 35. Shanghai Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as “Shanghai Tuopu”) |
| 36. Tuopu Poland SP.Z.O.O (hereinafter referred to as “Tuopu Poland”) |
| 37. Tuopu Photovoltaic Technology (Ningbo Beilun) Co., Ltd. (hereinafter referred to as “Tuopu Photovoltaic Technology (Ningbo Beilun)”) |
| 38. Tuopu Photovoltaic Technology (Ningbo Hangzhou Bay New Area) Co., Ltd. (hereinafter referred to as “Tuopu Photovoltaic Technology (Ningbo Hangzhou Bay New Area)”) |
| 39. Tuopu Photovoltaic Technology (Pinghu) Co., Ltd.(hereinafter referred to as “Tuopu Photovoltaic Technology (Tuopu Photovoltaic Technology (Pinghu))”) |
| 40. Ningbo Ushone Smart Mobility Co., Ltd. (hereinafter referred to as “Ushone Smart Mobility”) |
| 41. Tuopu Automotive Chassis (Chongqing) Co., Ltd. (hereinafter referred to as "Chongqing Chassis") |
| 42. Tuopu Skateboard Chassis (Ningbo) Co., Ltd. (hereinafter referred to as "Skateboard Chassis") |
| 43. Tuopu Automotive Chassis (Anhui) Co., Ltd. (hereinafter referred to as "Anhui Tuopu") |
| 44、TUOPU GROUP MEXICO,S.de R.L. de C.V(hereinafter referred to as"Tuopu Mexico") |
| 45. Chongqing Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Chongqing Tuopu") |
| 46. Hangzhou Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Hangzhou Tuopu") |
| 47. Tuopu Photovoltaic Technology (Taizhou) Co., Ltd. (hereinafter referred to as " Tuopu Photovoltaic Technology (Taizhou)") |
| 48. Tuopu Photovoltaic Technology (Jinhua) Co., Ltd. (hereinafter referred to as " Tuopu Photovoltaic Technology (Jinhua)") |
| 49. Tuopu Photovoltaic Technology (Yinzhou) Co., Ltd. (hereinafter referred to as " Tuopu Photovoltaic Technology (Yinzhou)") |
| 50. Henan Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as “Henan Tuopu”) |
| 51. Jinan Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as “Jinan Tuopu”) |
| 52. Tuopu Photovoltaic Power Generation Technology (Xiangtan) Co., Ltd. (hereinafter referred to as "Tuopu Photovoltaic Power Generation (Xiangtan)") |
| 53. Tuopu Photovoltaic Power Generation Technology (Wuhan) Co., Ltd. (hereinafter referred to as "Tuopu Photovoltaic Power Generation (Wuhan)") |
| 54. Lingshui Tuopu Photovoltaic Technology (Jinhua) Co., Ltd. (hereinafter referred to as " Tuopu Photovoltaic Technology (Lingshui)") |
| 55. Suining Tuopu Photovoltaic Technology (Jinhua) Co., Ltd. (hereinafter referred to as " Tuopu Photovoltaic Technology (Suining)") |
56. LiuzhouTuopu Photovoltaic Technology (Jinhua) Co., Ltd. (hereinafter referred to as " TuopuPhotovoltaic Technology (Liuzhou)")
57. Tuopu Smart Photovoltaic Technology (Shenyang) Co., Ltd (hereinafter referred to as "TuopuPhotovoltaic (Shenyang)")
More details about the subsidiaries of the Company are available in “IX. Interests in other entities”.More details about the changes in the scope of consolidation are available in “VIII. Changes in thescope of consolidation”.
IV. Basis for Preparing the Financial Statement
1. Basis for the preparation
The Company prepares the financial statement, as a going concern.Based on transactions and matters that have actually occurred, in accordance with “AccountingStandards for Business Enterprises - Basic Standards” issued by the Ministry of Finance and all specificaccounting standards, application guidelines for accounting standards for business enterprises,explanations on the accounting standards for business enterprises and other related regulations(hereinafter collectively as "Accounting Standards for Business Enterprises"), and the disclosure
provisions in the “Preparation Rules for Information Disclosures by Companies Offering Securities tothe Public No. 15 - General Provisions on Financial Reports” issued by CSRC.
2. Going concern
√Applicable □Non-applicable
The Company has the capability to continue as a going concern for at least 12 months as of the endof current reporting period, without any significant item affecting the capability for continuing as agoing concern.V. Significant Accounting Polices and Accounting EstimatesNotes to specific accounting policies and accounting estimates:
√Applicable □Non-applicable
The following disclosures cover the specific accounting policies and accounting estimatesformulated by the Company according to the characteristics of its production and operation.
1. Statement on compliance with Accounting Standards for Business Enterprises
This financial statement is in compliance with the requirements in the Accounting Standards forBusiness Enterprises promulgated by the Ministry of Finance and presents truly and completely thefinancial position, operating results and cash flows of the Company.
2. Accounting period
The accounting period of the Company is from 1 January to 31 December of each calendar year.
3. Operating cycle
√Applicable □Non-applicable
The Company's operating cycle is 12 months.
4. Functional currency
Renminbi (RMB) is used as local currency of account. The subsidiaries of the Company fix theirlocal currency of account given the major economic environments where they are currently operating.The financial statements are presented in RMB.
5. The accounting treatment of business combinations involving enterprises under common controland business combinations not involving enterprises under common control
√Applicable □Non-applicable
Business combination under common control: The assets and liabilities acquired by the mergingparty in business combination shall be measured at the book value of the assets, liabilities of the mergedparty (including goodwill incurred in the acquisition of the merged party by ultimate controlling party)in the consolidated financial statements of the ultimate controlling party on the date of combination. Thedifference between the book value of the net assets obtained and the book value of the considerationpaid for the combination (or total nominal value of the issued shares) is adjusted to capital premium incapital reserve. Adjustments shall be made to retained earnings in the event that the share premiums inthe capital reserves are not sufficient for write-down.
Business combinations involving entities not under common control: The assets paid and liabilitiesincurred or committed as a consideration of business combination by the merging party were measuredat fair value on the date of acquisition and the difference between the fair value and its book value shallbe charged to the profit or loss for the period. Where the cost of combination is higher than the fair valueof the identifiable net assets acquired from the merging party in business combination, such differenceshall be recognized as goodwill; where the cost of combination is less than the fair value of theidentifiable net assets acquired from the merging party in business combination, such difference shall becharged to the profit or loss for the period. The identifiable assets, liabilities and contingent liabilities ofthe merged party obtained in business combination that meet the recognition conditions are measured attheir fair values on the purchase date.
The fees which are directly related to the business combination shall be recognized as the profit orloss in the period when the costs are incurred; the transaction expenses of issuing equity securities ordebt securities for business merger shall be initially capitalized for equity securities or debt securities.
6. Preparation method of consolidated financial statements
√Applicable □Non-applicable
1. Scope of Consolidation
The scope of consolidation of the consolidated financial statements is based on controlling interestsand includes the Company and all the subsidiaries. Control means that the Company has the rights overthe investee, enjoys variable returns through participating in relevant activities of the investee, and hasthe ability to influence the amount of returns by exercising its rights over the investee.
2. Procedures of consolidation
The Company regards the Enterprise Group as an accounting entity and prepares consolidatedfinancial statements in accordance with unified accounting policies to reflect the overall financialposition, operating result and cash flow of the Enterprise Group. The influence of internal transactionsbetween the Company and the Subsidiaries and between the Subsidiaries shall be offset. Where internaltransaction indicates the occurrence of impairment loss to relevant assets, such loss shall be recognizedin full. In preparing the consolidated financial statements, where the accounting policies and theaccounting periods are inconsistent between the Company and subsidiaries, the financial statements ofsubsidiaries are adjusted where necessary in accordance with the accounting policies and accountingperiod of the Company.
The owner's equity, the net profit or loss and the comprehensive income attributable to minorityshareholders of a subsidiary of the current period are presented separately under the owners' equity in theconsolidated balance sheet, the net profit and the total comprehensive income in the consolidated incomestatement respectively. Where losses attributable to the minority shareholders of a subsidiary of thecurrent period exceed the minority shareholders' interest entitled in the shareholders' equity of thesubsidiary at the beginning of the period, the excess is allocated against the minority shareholdersinterest.
(1) Acquisition of subsidiaries or Business
For acquisition of subsidiaries or business due to business combination involving entities undercommon control during the reporting period, the operating results and cash flows of such subsidiaries orbusiness from the beginning to the end of the reporting period when the acquisition occurs shall beincluded in the consolidated financial statements. Adjustments shall be made to the opening balance ofthe consolidated financial statements and the related items in the comparative statements simultaneouslyas if the consolidated reporting entity has been in existence since the beginning of the control by theultimate controlling party.Where the control over the investee under common control is made possible due to additionalinvestment or other reasons, the equity investment held before gaining control of the combined party isrecognized as relevant profit or loss, other comprehensive income and changes of other net assets at thelater of the date of acquisition of the original equity and the date when the combining and the combinedparties are under common control, and shall be written down to the opening retained earnings or currentprofit or loss in the comparative reporting period.
For acquisition of subsidiaries or business due to business combination involving entities not undercommon control during the reporting period, the identifiable assets, liabilities and contingent liabilitiesshall be included in the consolidated financial statements based on the fair value determined on the dateof the acquisition.
In connection with imposing control over the investee not under joint control due to additionalinvestment and other reasons, the equity of acquiree held before acquisition date shall be remeasured bythe Company at the fair value of such equity on the acquisition date and the difference between fairvalue and book value shall be recognized as investment income in current period. Other comprehensiveincome related to the equity held by the Acquiree before the acquisition date which can be reclassifiedinto future profit or loss, and other changes of owners’ equity accounted for under equity
(2) Disposal of subsidiaries
①General Treatment
When losing control of the investee due to partial disposal of the equity investment, or any otherreasons, the remaining equity investment is remeasured at fair value at the date in which control is lost.The sum of consideration received from disposal of equity investment and the fair value of theremaining equity investment, net of the difference between the sum of the Company's previous share ofthe subsidiary's net assets recorded from the acquisition date or combination date and the sum ofgoodwill, is recognized in investment income in the period in which control is lost. Other comprehensiveincome related to the equity investment of the original subsidiary that can be reclassified into futureprofit or loss, and other changes of owners’ equity accounted for under equity method shall berecognized in investment income in the period in which control is lost.
②Disposal of Subsidiary Achieved by Stages
When disposal of equity interests of subsidiaries through multiple transaction until the control islost, generally transactions in stages are treatment as a package deal in accounting if the transaction
terms, conditions, and economic impact of disposal of the subsidiary's equity interests comply with oneor more of the following:
i. These transactions are achieved at the same time or the mutual effects on each other areconsidered;ii. A complete set of commercial results can be achieved with reference to the series oftransactions as a whole;
iii. Achieving a transaction depends on at least achieving of one of the other transaction;iv. One transaction recognized separately is not economical, but it is economical when consideredtogether with other transactions.When losing control of a subsidiary in disposal of equity interests through multiple transactions isrecognized as a package deal, these transactions shall be in accounting treated as loss control of asubsidiary in disposal of equity interests achieved. However, the differences between price on eachdisposal and disposal of investment on the subsidiary's net assets shall be recognized in othercomprehensive income in the consolidated financial statements, and included in profit or loss for theperiod when the control is lost.When all transactions in disposal of equity interests of subsidiaries are not a package deal, accountingtreatment for partial disposal of equity investments of subsidiary without losing control shall be appliedbefore control is lost. When the control is lost, general accounting treatment for disposal of a subsidiaryshall be used.
(3) Acquisition of Minority Interest of Subsidiaries
The Company shall adjust the share premium in the capital reserve of the consolidated balancesheet with respect to any difference between the long-term equity investment arising from the purchaseof minority interest and the net assets attributing to the parent company continuously calculated on thebasis of the newly increased share proportion as of the acquisition date or date of combination, adjust theretained earnings if the share premium in the capital reserve is insufficient for write-down.
(4) Partial Disposal of Equity Investment in Subsidiaries without Losing Control
Disposal price and disposal of long-term equity investment shall be entitled to the differencebetween the shares of the net assets of the subsidiaries calculated continuously from the date of purchaseor acquisition. Adjustments shall be made to the equity premiums in the capital reserve of consolidatedbalance sheet. When the equity premiums in the capital reserve are not sufficient for write-down, theretained earnings shall be adjusted.
7. Classification of Joint Arrangement and Accounting Treatment Methods of Joint Operation
√Applicable □Non-applicable
Joint arrangement can be divided into joint operation and joint venture.
Joint operation refers to a joint arrangement in which the parties have rights to the assets andobligations for the liabilities relating to the joint operation.
The Company recognizes the following items related to the share of interests in the joint operation:
(1) Recognize the assets held separately by the Company and the assets jointly held in accordancewith the share of the Company;
(2) Recognize the liabilities assumed separately by the Company and the liabilities jointlyassumed in accordance with the share of the Company;
(3) Recognize the income generated through the sale of the Company's share of the output of thejoint operation;
(4) Recognize the income generated through the sale of the output of the joint operation inaccordance with the share of the Company；
(5) Recognize the expenses incurred separately, and the expenses incurred in joint operation inaccordance with the share of the Company .The Company's investment in joint venture is accounted for by the equity method, as specified in thenote “V. 21. Long-term Equity Investment”.
8. Recognition criteria of cash and cash equivalents
Cash refers to the cash on hand and deposits that are readily available for disbursement. Cashequivalents are investments held by the Company with short maturities, are highly liquid, are readilyconvertible to known amounts of cash and are subject to an insignificant risk of changes in value.
9. Conversion of transactions and financial statements denominated in foreign currencies
√Applicable □Non-applicable
1. Foreign currency transactions
Foreign currency transactions shall be translated into RMB at the spot exchange rate on the daywhen the transactions occurred, or at an exchange rate fixed in accordance with a systematic andreasonable method that is similar to the spot exchange rate on the day when the transactions occurred.
Balance sheet date foreign currency monetary items shall be translated using the spot exchange rateat the balance sheet date. The resulting exchange differences are recognized in profit or loss for thecurrent period, except for those differences related to the principal and interest on a specific-purposeborrowing denominated in foreign currency for acquisitions, construction or production of the qualifiedassets, which should be capitalized as cost of the assets.
2. Translation of foreign currency financial statements
All assets and liabilities items in balance sheet are translated based on spot exchange rate on the balancesheet date; owners' equity items other than "undistributed profits" are translated at a spot exchange ratewhen accrued. Revenue and expense items as contained in the income statement are translated at a spotexchange rate at the transaction occurrence date.
For disposal of overseas operation, the translation difference as stated in the foreign currencyfinancial statements relating to overseas operation, is accounted for in the profit and loss account in thecurrent period from owners' equity items.
10. Financial instruments
√Applicable □Non-applicable
The Company recognizes a financial asset, financial liability or equity instrument when it becomesa party to a financial instrument contract.
1. Classification of the financial instruments
According to the Company's business model for management of the financial assets and the contractualcash flow features of the financial assets, the financial assets, when initially recognized, are classified as:
financial assets at amortized cost, financial assets at fair value through other comprehensive incomeand financial assets at fair value through profit or loss.For financial assets that meet the following conditions and are not designated to be measured at fairvalue through the current profit or loss, the Company classifies them as financial assets at amortizedcost:
— The business model is aimed at collecting contract cash flow;
Contract cash flow is the payment of principal and interest based on the outstanding principalFor financial assets that meet the following conditions and are not designated to be measured at fairvalue through current profit or loss, the Company classifies them as financial assets at fair valuethrough other comprehensive income (debt instruments).
— The business model is aimed at both collecting contract cash flows and selling financial asset;
— Contract cash flow is the payment of principal and interest based on the outstanding principalamount.
The Company will, at the time of initial recognition, irrevocably designate non-trading investmentsin equity instruments as financial assets measured at fair value and the change shall be included in othercomprehensive income (equity instrument). The designation is made on the basis of independentinvestment, and the related investments fit the definition of an equity instrument from an issuer’sperspective.
In addition to the aforementioned financial assets at amortized cost and at fair value through othercomprehensive income, the Company classifies all other financial assets as financial assets at fair valuethrough current profit or loss. At the time of initial recognition, for financial assets that should have beenclassified as financial assets at amortized cost or fair value through other comprehensive income, theCompany can irrevocably designate them as financial assets at fair value through current profit or loss inorder to eliminate or significantly reduce the accounting mismatch.The financial liabilities, when initially recognized, are classified as: financial liabilities at fair valuethrough profit or loss and financial liabilities at amortized cost.Financial liabilities which meet one of the following conditions will be, when initially measured,designated as financial liabilities at fair value through profit or loss:
1)Such designation may be able to eliminate or significantly reduce the accounting mismatch.
2) The portfolio of financial liabilities or the portfolio of financial assets and financial liabilities
shall be subject to management and performance evaluation on the basis of fair value according to theenterprise risk management or investment strategy contained in the formal documentations, and a reportshall be made to the key management personnel within the enterprise on this basis.
3) Such financial liabilities shall contain embedded derivatives to be split separately.
2. Recognition and measurement of financial instruments
(1) Financial assets at amortized cost
Financial assets at amortized cost include notes receivable, accounts receivable, other receivables,long-term receivables and creditors investment, which shall be initially measured at fair value, and therelevant transaction expenses should be initially capitalized; The accounts receivable that do notcontain material financing compositions and those for which the Company decides to not take intoaccount the financing compositions of no more than one year shall be initially measured at the contracttransaction price.The interest calculated by effective interest method during the holding period is recorded into the currentprofit and loss.At the time of recovery or disposal, the difference between the price obtained and the book value shallbe included in the current profit or loss.
(2) Financial assets measured at fair value and its changes are included in other comprehensiveincome (debt instruments)Financial assets measured at fair value and its changes are included in other comprehensive income(debt instruments) include receivables financing and investments in other creditor's rights. They areinitially measured at fair value, and the value, other than the interest, the impairment loss or profit andthe profit or loss on foreign exchange, shall be included in other comprehensive income.Upon derecognition, the cumulative profits or losses previously included in other comprehensiveincome shall be removed from other comprehensive income and included in the profit or loss for theperiod.
(3) Financial assets at fair value through other comprehensive income (equity instruments)Financial assets at fair value through other comprehensive income (equity instruments) includeinvestment in other equity instruments. They are initially measured at fair value, and the transactionexpenses shall be initially capitalized. These financial assets are subsequently measured at fair value,and the change in fair value shall be included in other comprehensive income. The dividends obtainedshall be included in the profit or loss for the period.Upon derecognition, the cumulative profits or losses previously included in other comprehensiveincome shall be removed from other comprehensive income and included in the carry-forward retainedearnings.
(4) Financial assets at fair value through profit or loss in this period
Financial assets at fair value through profit or loss include trading financial assets, derivative financial
assets and other non-current financial assets. They are initially measured at fair value, and thetransaction expenses related to them are included in the profit or loss for the period. These financialassets are subsequently measured at fair value, and the change in fair value shall be included in theprofit or loss for the period.
(5) Financial Liabilities Measured in Fair Value with Changes Recorded into Current Profit andLossFinancial liabilities at fair value through profit or loss include trading financial liabilities and derivativefinancial liabilities. They are initially measured at fair value, and the transaction expenses related tothem are included in the profit or loss for the period. These financial liabilities are subsequentlymeasured at fair value, and the change in fair value shall be included in the profit or loss for the period.Upon derecognition, the difference between their book value and the consideration paid is included inthe profit or loss for the period.
(6) Financial liabilities at amortized cost
Financial liabilities at amortized cost include short-term loans, notes payable, accounts payable, otherpayables, long-term loans, bonds payable, and long-term payables. They are initially measured at fairvalue, and the transaction expenses shall be initially capitalized.The interest calculated by effective interest method during the holding period is recorded into the currentprofit and loss.Upon derecognition the difference between the consideration paid and the book value of these financialliabilities is included in the current profit or loss.
3. Derecognition and transfer of financial assets
The Company derecognizes financial assets when any one of the following conditions is satisfied:
- The contractual right to receive cash flows of the financial assets has been terminated;
- The financial asset have been transferred and virtually all the risks and rewards related to theownership of the financial asset shave been transferred to the transferee;
- The financial assets have been transferred, and while the Company has neither transferred norretained virtually all of the risks and rewards related to the ownership of the financial assets, ithas not retained control of the financial assets.
The financial assets have been transferred, and while the Company has neither transferred norretained virtually all of the risks and rewards related to the ownership of the financial assets, it has notretained control of the financial assets.The substance-over-form principle shall be adopted while making judgment on whether the transfer offinancial assets satisfies the above conditions for termination of recognition.The transfer of financial assets can be classified into entire transfer and partial transfer. If the transfer ofan entire financial asset satisfies the conditions for termination of recognition, the difference between thetwo amounts below shall be recorded into profit or loss for the period:
(1) The book value of the financial asset transferred;
(2) The consideration received as a result of the transfer, plus the accumulative amount of thechange in fair value previously recorded into the owners' equities (in cases where the transferredfinancial assets are financial assets at fair value through other comprehensive income (debtinstruments)).
If the partial transfer of financial assets satisfies the conditions for termination of recognition, theoverall book value of the transferred financial asset shall be apportioned according to their respectiverelative fair value between the recognition terminated part and the remaining part, and the differencebetween the two amounts below shall be recorded into profit or loss for the current period:
(1) The book value of the recognition terminated portion;
(2) The sum of consideration of the recognition terminated portion and the corresponding portion ofaccumulated change in fair value previously recorded into owners' equity (in cases where the transferredfinancial assets are financial assets at fair value through other comprehensive income (debtinstruments)).Financial assets will still be recognized if they fail to satisfy the conditions for termination of recognition,with the consideration received recognized as a financial liability.
4. Recognition for termination of financial liabilities
When the current obligation under a financial liability is completely or partially discharged, therecognition of the whole or relevant portion of the liability is terminated; an agreement is enteredbetween the Company and a creditor to replace the original financial liabilities with new financialliabilities with substantially different terms, terminate the recognition of the original financial liabilitiesas well as recognize the new financial liabilities.If all or part of the contract terms of the original financial liabilities are substantially amended, therecognition of the original financial liabilities will be terminated in full or in part, and the financialliabilities whose terms have been amended shall be recognized as a new financial liability.When recognition of financial liabilities is terminated in full or in part, the difference between the bookvalue of the financial liabilities terminated and the consideration paid (including transferred non-cashassets or new financial liability) is recognized in profit or loss for the current period.Where the Company repurchases part of its financial liabilities, the book value of such financialliabilities will be allocated according to the relative fair value between the continued recognized partand terminated part on the repurchase date. The difference between the book value of the financialliabilities terminated and the consideration paid (including transferred non-cash assets or new financialliability) is recognized in profit or loss for the current period.
5. Method of determining the fair values of financial assets and liabilities
The fair value of a financial instrument that is traded in an active market is determined at the quotedprice in the active market. The fair value of a financial instrument that is not traded in an active marketis determined by using a valuation technique. The Company uses the valuation technique when it is
applicable under current conditions and there are enough available data and other information to supportand the technique should maximize the use of relevant observable. It chooses the inputs which areconsistent with the asset or liability's characteristics considered by market participants in the transactionof the relevant asset or liability and makes the maximum use of relevant observable inputs.Unobservable inputs are used under the circumstance that the relevant observable inputs cannot beobtained or not feasible.
6. Test method and accounting treatment for impairment of financial assets
The Company estimates the expected credit loss on the financial assets at amortized cost and thefinancial assets at fair value through other comprehensive income (debt instruments), and financialguarantee contracts, either alone or in combination.The Company calculates the probability-weighted amount of the current value of the difference betweenthe cash flows receivable under the Contract and the cash flows expected to receive, and recognizes theexpected credit loss, by taking into account all the reasonable and well-founded information, includingpast events, current condition and forward-looking economic situation, and weighting the risk ofdefault.If the credit risk of this financial instrument has been significantly increased upon initial recognition, theCompany measures its loss provision in accordance with the amount equivalent to the expected creditloss of the financial instrument throughout the duration; if the credit risk of this financial instrument isnot significantly increased upon initial recognition, the Company will measure the loss provision of thisfinancial instrument by the amount of its expected credit loss in the twelve months to come. Theincreased or reversed amount of the loss provision resulting therefrom is included in the current profit orloss as the impairment loss or profit.The Company recognizes the relative changes in the risk of default within the expected duration offinancial instruments, and assesses whether the credit risk of financial instruments has significantlyincreased since the initial recognition by comparing the risk of default of financial instruments on thebalance sheet date with the risk of default on the initial recognition date. If the financial instrumentbecomes overdue for more than 30 days, the Company believes that the credit risk of this financialinstrument has been significantly increased, unless there are concrete evidences that the credit risk ofthis financial instrument has not been significantly increased upon initial recognition.If the financial instrument carries low credit risk at the balance sheet date, the Company believes thatthe credit risk of this financial instrument is not significantly increased upon initial recognition.If there are objective evidences showing that a certain financial asset has been subject to creditimpairment, the Company will accrue impairment provision for this financial asset on the individualasset basis.The Company will always measure the loss provision for the accounts receivable and contract assetsgenerated by transactions regulated by “Accounting Standards for Enterprises No. 14 – Revenue”
(2017), whether they contain material financing compositions or not, by the amount of the expectedcredit loss throughout the duration.The Company will always measure the loss provision for the lease receivable by the amount of theexpected credit loss throughout the duration.The Company shall write down the book balance of a financial asset directly if it no longer reasonablyexpects that the contract cash flow of the financial asset can be recovered in whole or in part.
11. Notes receivable
Determination method and accounting treatment method of expected credit loss of notesreceivable
□Applicable√Non-applicable
12. Accounts receivable
Determination method and accounting treatment method of expected credit loss of accountsreceivable
□Applicable√Non-applicable
13. Receivables financing
□Applicable√Non-applicable
14. Other accounts receivable
Determination method and accounting treatment method of expected credit loss of other accountsreceivable
□Applicable √Non-applicable
15. Inventories
√Applicable □Non-applicable
1. Category and cost of inventories
Inventories are classified as raw materials, turnover materials, commodity stocks, products inprogress and materials commissioned for processing.Inventories are initially measured at cost. Inventory costs include procurement costs, processingcosts, and other expenses incurred to bring the inventory to its current location and condition.
2. Determination of cost for delivered inventory
Cost of inventories is determined using the weighted average method.
3. Basis for the determination of net realizable value and different type of inventories
On the balance sheet date, inventories shall be measured at the lower of cost and net realizablevalue. A provision shall be made for inventory price drops if inventory costs exceed the net realizablevalue. Net realizable value refers to the amount after deducting the estimated costs to be incurred at thetime of completion, the estimated selling expenses and taxes from the estimated sales price ofinventories during daily activities.
Net realizable value of held-for-sale commodity stocks, such as finished goods, goods-in-stock, andheld-for-sale raw materials, during the normal course of production and operation, shall be determinedby their estimated sales less the related selling expenses and taxes; the net realizable value of materialinventories, which need to be processed, during the normal course of production and operation, shall bedetermined by the amount after deducting the estimated cost of completion, estimated selling expensesand relevant taxes from the estimated selling price of finished goods; the net realizable value ofinventories held for execution of sales contracts or labor contracts shall be calculated on the ground ofthe contracted price. If an enterprise holds more inventories than the quantity stipulated in the salescontract, the net realizable value of the exceeding part shall be calculated on the ground of generalselling price.The inventory falling price reserves withdrawn shall be reversed within the amount withdrawn, andthe reversed amount shall be included in current profit or loss, if the net realizable value of an inventoryis higher than its book value after the withdrawal due to the disappearance of the factors that influencethe writing-down of its value.
4. Inventory system
The perpetual inventory system is adopted.
5. Amortization of low-value consumables and packaging materials
Low-value consumables are amortized using the immediate write-off method;Packaging materials are amortized using the immediate write-off method.
16. Contract Assets
(1). Recognition methods and standards of contract assets
√Applicable □Non-applicable
The Company shall show the contract assets or contract liabilities in the balance sheet inaccordance with the relationship between the performance of the contract obligations and the Customerpayment. The Company shall list its right to receive consideration due to the transfer of goods orservices to the Customer (and such rights are subject to factors other than the passage of time) ascontractual assets. Contract assets and contract liabilities under the same contract shall be shown on anet basis. The Company’s unconditional right (depending solely on the passage of time) to collectconsideration from the Customer shall be shown separately as a receivable.
(2). Determination method and accounting treatment for the expected credit loss of contractassets
√Applicable □Non-applicable
See “10. 6. Testing methods and accounting treatment methods for impairment of financialassets” for specified determination method and accounting treatment for the expected credit loss ofcontract assets.
17. Held-for-sale assets
□Applicable √Non-applicable
18. Debt investment
(1). Determination method and accounting treatment method of expected credit loss of debtinvestment
□Applicable √Non-applicable
19. Other debt investment
(1). Determination methods and accounting treatment methods of expected credit losses of otherdebt investments
□Applicable √Non-applicable
20. Long-term receivables
(1) Determination method and accounting treatment method of long-term expected credit loss ofreceivables
□Applicable √Non-applicable
21. Long-term Equity Investment
√Applicable □Non-applicable
1. Joint control or significant influence criterion
Joint control is the contractually agreed sharing of control of an arrangement, and exists only whenrequiring the unanimous consent of the parties sharing control before making decisions about therelevant activities of the arrangement. The Company together with the other joint venture parties canjointly control over the investee and are entitled to the right of the net assets of the investee, as theinvestee is joint venture of the Company.Significant influence refers to the power to participate in making decisions on the financial andoperating policies of an enterprise, but not the power to control, or jointly control, the formulation ofsuch policies with other parties. Where the Company can exercise significant influence over the investee,the investee is an associate of the Company.
2. Determination of initial investment cost
(1) Long-term equity investments formed through business combination of entitiesFor long-term equity investment in a subsidiary generated due to business combinations involvingentities under common control, the share of the book value in the consolidated financial statements ofthe ultimate controlling party on the date of combinations shall be taken as the initial investment cost ofthe long-term equity investments. For difference between the initial cost of long-term equity investmentand the book value of the consideration paid, adjustments shall be made to the equity premiums in thecapital reserve. When the equity premiums in the capital reserve are not sufficient for write-down, theretained earnings shall be adjusted. Where control over the investee under common control is availabledue to additional investment or other reasons, for difference between the initial cost of long-term equityinvestment recognized in accordance with the above principles, and the sum of the book value oflong-term equity investment prior to the combination and the book value of newly paid consideration for
the acquisition of further shares on the date of combination, adjustments shall be made to equitypremiums. When the equity premiums are not sufficient for write-down, the retained earnings shall bewritten down.For long-term equity investment in a subsidiary generated due to business combinations involvingentities not under common control, the cost of the combination recognized on the date of combinationshall be taken as the initial investment cost of the long-term equity investments. In relation to imposingcontrol over the investee not under common control as a result of additional investment and otherreasons, the initial investment shall be the sum of the book value of the equity investment originally heldand the newly increased investment cost.
(2) Long-term equity investments acquired by means other than business combinationThe initial cost of a long-term equity investment obtained by cash payment shall be the purchasecosts actually paid.
The initial cost of investment of a long-term equity investment obtained by means of issuance ofequity securities shall be the fair value of the equity securities issued.
3. Subsequent measurement and recognition of profit or loss
(1) Long-term equity investment calculated by cost method
Long-term equity investment in subsidiaries of the company is calculated by cost method, unlessthe investment meets the conditions for holding for sale. except for the actual consideration paid for theacquisition of investment or the declared but not yet distributed cash dividends or profits which areincluded in the consideration, investment gains are recognized as the Company' shares of the cashdividends or profits declared by the investee.
(2) Long-term equity investment accounted for by equity method
Long-term equity investments of associates and jointly controlled entities are calculated usingequity method. Where the initial investment cost exceeds the investment, the difference between theshare of the fair value of the investee’s identifiable net assets shall be enjoyed and no adjustment shall bemade to the initial investment cost of long-term equity investment; where the initial investment cost isless than the investment, the difference between the share of the fair value of the investee’s identifiablenet assets shall be enjoyed and be included in current profit or loss, and adjustments shall be made to theinitial investment cost of long-term equity investment.
The Company recognizes the investment income and other comprehensive income according to theshares of net profit or loss and other comprehensive income realized by the investee which it shall beentitled or shared respectively, and simultaneously makes adjustment to the book value of long-termequity investments; the book value of long-term equity investment shall be reduced by attributable shareof the profit or cash dividends for distribution declared by the investee; in relation to other changes ofowner's equity except for net profits and losses, other comprehensive income and profit distributions ofthe investee (hereinafter referred to as "changes in other owners' equity"), the book value of long-termequity investments shall be adjusted and included in owner's equity.
When recognizing the amount of proportion of net profit or loss, other comprehensive income andother changes of owner’s equity, in the investee which it entitles, fair value of the identifiable assets ofthe investee at the time when the investment is obtained shall be used as basis, and adjustment shall bemade to the net profit, other comprehensive income and others of the investee in accordance with theaccounting policies and accounting period of the Company.The unrealized profit or loss resulting from internal transactions between the Company and itsassociate or joint venture shall be offset in portion to its equity interests, based on which investmentincome shall be recognized, except when the assets invested or sold constitute transaction. Any lossesresulting from transactions, which are attributable to impairment of assets, shall be fully recognized.
The Company shall be liable for net loss incurred by the Company to the joint venture or associate,and shall write it down to zero with the book value of the long-term equity investment and otherlong-term equity which substantially constitute net investment in the joint venture or associate. Where ajoint venture or associate later realizes net profits, the Company shall resume recognition of its share ofincome after the share of income has made up for the unrecognized share of loss.
(3) Disposal of long-term equity investments
For disposal of long-term equity investment, the difference between the book value and theconsideration actually received shall be included in the current profit or loss.
For long-term equity investments accounted by partial equity disposal method, the remaining equityis still accounted by the equity method. Other comprehensive income recognized by the original equitymethod shall be carried forward in a corresponding proportion on the same basis as the direct disposal ofrelated assets or liabilities by the investee. Changes in the interests of the owners are carried forward tothe current profit and loss on a pro ratio basis.
When losing joint control or significant influence over the investee due to disposal of equityinvestment or other reasons, other comprehensive income of the original equity investment recognizedaccounted by equity method shall be treated using the same basis as the direct disposal of related assetsor liabilities by the investee upon the termination of the use of equity methods. Other changes of owner’sequity shall be converted to the current profit or loss upon the termination of use of equity methods.
When losing the control over the investee due to partially disposal of equity investment and otherreasons, the remaining equities after disposal shall be accounted for under equity method in preparationof individual financial statements provided that joint control or significant influence over the investeecan be imposed, and shall be adjusted as if such remaining equities has been accounted for under theequity method since they are obtained. Other comprehensive income recognized prior to the acquisitionof controls over the investee shall be carried over proportionally using the same basis as the directdisposal of related assets or liabilities by the investee. Other changes of owner’s equity due to the use ofequity method shall be carried over into the current profit or loss proportionally. Where the remainingequities after disposal cannot impose joint control or significant influence over the investee, it shall berecognized as financial asset, and the difference between fair value and the book value on the date oflosing control shall be included in the current profit or loss. All the other comprehensive incomes and
other changes of owners’ equity recognized prior to the acquisition of controls over the investee shall becarried over.When losing control over a subsidiary in step-by-step disposal of its equity interests throughmultiple transactions is recognized as a package deals, these transactions shall be in accounting treatedas loss of control of a subsidiary in disposal of equity interests. The differences between price on eachdisposal prior to loss of control and the long-term equity investment book value of the disposed equityshall be recognized as other comprehensive income in individual financial statements, and included inthe current profit or loss when the control is lost. Transactions not recognized as a package deal shall beaccounted for separately.
22. Investment property
(1). In case of cost measurement:
Depreciation or amortization methodInvestment property refers to the real estate held to generate rental income or capital appreciation,or both, including leased land use rights, land use rights held for transfer after appreciation, and leasedbuildings (including buildings that are leased after completion of self-construction or developmentactivities and buildings in construction or development that are used for rental in the future).
Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets whenthe relevant economic benefits are likely to flow in and the cost can be measured reliably; otherwise, itshall be included in the current profit and loss when occurred.The Company adopts the cost mode to measure the existing investment property. Other subsequentexpenditures shall be included in current profit or loss at the time of occurrence. Investment propertymeasured at cost - buildings held for leasing shall adopt the same depreciation policy for fixed assets ofthe company, land use rights held for leasing shall adopt the same amortization policy for the intangibleassets.
23. Fixed Assets
(1). Conditions for recognition of fixed assets
√Applicable □Non-applicable
Fixed assets are tangible assets that are held for use in the production or supply of goods or services,for rental to others, or for administrative purposes; and have a service life of more than one accountingyear. Fixed asset is recognized when it meets the following conditions:
(1) It is probable that the economic benefits associated with the fixed asset will flow to theenterprise;
(2) Its cost can be reliably measured.
Fixed assets are initially measured at cost (with the influence of expected disposal costs taken intoconsideration).Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets whenthe relevant economic benefits are likely to flow in and the cost can be measured reliably; the book value
of the replaced part is derecognized; other subsequent expenditures shall be included in current profit orloss at the time of occurrence.
(2). Methods for depreciation
√Applicable □Non-applicable
| Category | Depreciation Method | Useful Lives of Depreciation | Residual Ratio | Annual Depreciation |
| Housing and building | Straight-line method | 20 | 10% | 4.50% |
| Machinery and equipment | Straight-line method | 5-10 | 10% | 18.00-9.00% |
| Means of transportation | Straight-line method | 5 | 10% | 18.00% |
| Office equipment and others | Straight-line method | 5 | 10% | 18.00% |
| Buildings for commercial use | Straight-line method | Land use certificate indicates the remaining years but no longer than 40 years | 10% | |
| Photovoltaic engineering | Straight-line method | 20 | 10% | 4.50% |
The depreciation of fixed assets is classified and accrued using the straight-line method, and thedepreciation rate is fixed according to the type of fixed assets, estimated useful life and estimated netresidual value rate. Fixed assets with impairment provision made, the depreciation amount shall bedetermined according to the book value net of the depreciation reserves and the remaining useful life inthe future period. If the useful life of each part of fixed assets is different or provides economic benefitsto the enterprise in different manners, different depreciation rates or depreciation methods shall bechosen and depreciation shall be accrued separately.
(3). Recognition basis, valuation and depreciation method of fixed assets under financing lease
□Applicable √Non-applicable
24. Projects under construction
√Applicable □Non-applicable
Construction in progress is measured at the actual costs incurred. The actual cost includesconstruction costs, installation costs, borrowing costs that meet the capitalization conditions, and othernecessary expenditures incurred before the construction in progress reaches its intended use status.Construction in progress reaching predetermined serviceable conditions shall be converted to fixedassets and begin counting for depreciation the following month.
25. Borrowing Costs
√Applicable □Non-applicable
1. Criteria for recognition of capitalized borrowing costs
For borrowing costs incurred by the Company that are directly attributable to the acquisition,construction or production of assets qualified for capitalization, the costs will be capitalized andincluded in the costs of the related assets. Other borrowing costs shall be recognized as expense in theperiod in which they are incurred and included in profit or loss for the current period.Assets qualified for capitalization are assets (fixed assets, investment property, inventories, etc.)that necessarily take a substantial period of time for acquisition, construction or production to get readyfor their intended use or sale.
2. Capitalization period of borrowing costs
The capitalization period shall refer to the period between the commencement and the cessation ofcapitalization of borrowing costs, excluding the period in which capitalization of borrowing costs istemporarily suspended.
Capitalization of borrowing costs begins when the following three conditions are fully satisfied:
(1) Expenditures for the assets (including cash paid, transferred non-currency assets or expenditurefor holding debt liability for the acquisition, construction or production of assets qualified forcapitalization) have been incurred;（(2) Borrowing costs have been incurred;
(3) Acquisition, construction or production that are necessary to enable the asset reach its intendedusable or salable condition have commenced.
Capitalization of borrowing costs shall be suspended during periods in which the qualifying assetunder acquisition and construction or production ready for the intended use or sale.
3. Suspension of capitalization period
Capitalization of borrowing costs shall be suspended during periods in which the acquisition,construction or production of a qualifying asset is interrupted abnormally, when the interruption is for acontinuous period of more than 3 months; if the interruption is a necessary step for making thequalifying asset under acquisition and construction or production ready for the intended use or sale, thecapitalization of the borrowing costs shall continue. The borrowing costs incurred during such periodshall be recognized as profits and losses of the current period. When the acquisition and construction orproduction of the asset resumes, the capitalization of borrowing costs commences.
4. Calculation of capitalization rate and amount of borrowing costs
Specific borrowings for the acquisition, construction or production of assets qualified forcapitalization, borrowing costs of the specific borrowings actually incurred in the current period minusthe interest income earned on the unused borrowing loans as a deposit in the bank or as investmentincome earned from temporary investment will be used to determine the amount of borrowing costs forcapitalization.
General borrowings for the acquisition, construction or production of assets qualified forcapitalization, the to-be-capitalized amount of interests on the general borrowing shall be calculated anddetermined by multiplying the weighted average asset disbursement of the part of the accumulative assetdisbursements minus the specifically borrowed loans by the capitalization rate of the general borrowing
used. The capitalization rate shall be calculated and determined according to the weighted averageinterest rate of the general borrowing.During the period of capitalization, the exchange balance on the principals and interests of specialforeign currency borrowings shall be capitalized and shall be included in the cost of assets eligible forcapitalization. The exchange balance on the principals and interests of foreign currency borrowings otherthan the special foreign currency borrowings shall be included in current profit or loss.
26. Biological Assets
□Applicable √Non-applicable
27. Oil and Gas Assets
□Applicable √Non-applicable
28. Right-of-use assets
□Applicable √Non-applicable
29. Intangible Assets
(1). Valuation method, useful life, impairment test
√Applicable □Non-applicable
1. Intangible assets are initially measured at cost upon acquisition
(1) Intangible assets are initially measured at cost upon acquisition
The costs of an externally purchased intangible asset include the purchase price, relevant taxes andexpenses paid, and other expenditures directly attributable to putting the asset into condition for itsintended use.
(2) Subsequent measurement
The service life of intangible assets shall be analyzed and judged upon acquisition.
As for intangible assets with a finite service life, they are amortized using the straight-line methodover the term in which economic benefits are brought to the firm; If the term in which economic benefitsare brought to the firm by an intangible asset cannot be estimated, the intangible asset shall be taken asan intangible asset with indefinite service life, and shall not be amortized.
2. Estimated useful lives for the intangible assets with finite service life
| Item | Estimated useful lives | Amortization Method | Basis |
| Land use rights | 38-50 years | Straight-line method | Land use certificate |
| Software | 2-10 years | Straight-line method | Expected benefited period |
| Emission rights | 5 years | Straight-line method | Emission permits |
3. basis for the judgment of intangible assets with uncertain service life and the procedure forreviewing their service life
As of June 30
st, 2023, the Company has no intangible assets with uncertain useful life.
4. Specific criteria for the division of research phase and development phase
The expenses for internal research and development projects of the Company are divided intoexpenses in the research phase and expenses in the development phase.Research phase: Scheduled innovative investigations and research activities to obtain andunderstand scientific or technological knowledge.
Development phase: Apply the research outcomes or other knowledge to a plan or design prior to acommercial production or use in order to produce new or essentially-improved materials, devices,products, etc.
5. Specific condition for capitalizing expenditure during the development phase
Expenses in the research phase are recorded into the profits and losses for the current period whenthey occur. Expenditure during the development phase that simultaneously satisfies the followingconditions shall be recognized as intangible assets. Otherwise shall be included in current profit or loss:
(1) It is technically feasible to complete such intangible asset so that it will be available for useor for sale;
(2) There is intention to complete the intangible asset for use or sale;
(3) The intangible asset can produce economic benefits, including there is evidence that theproducts produced using the intangible asset has a market or the intangible asset itself has a market; ifthe intangible asset is for internal use, there is evidence that there exists usage for the intangible asset;
(4) There is sufficient support in terms of technology, financial resources and other resources inorder to complete the development of the intangible asset, and there is capability to use or sell theintangible asset;
(5) The expenses attributable to the development stage of the intangible asset can be measuredreliably.
The R&D expenditures incurred shall be included in current profit or loss if it is impossible todistinguish expenditure during the research phase and expenditure during the development phase.
(2). Accounting policies for internal research and development expenditures
□Applicable √Non-applicable
30. Impairment of long-term assets
√Applicable □Non-applicable
Long-term assets, such as long-term equity investment, investment properties, fixed assets andconstruction in progress that measured at cost, right-of-use assets，and intangible assets with limitedservice life, are tested for impairment if there is any indication that an asset may be impaired on thebalance sheet date. If the result of the impairment test indicates that the recoverable amount of the assetis less than its book value, a provision for impairment and an impairment loss are recognized for theamount by which the asset's book value exceeds its recoverable amount. The recoverable amount is thehigher of an asset's fair value less costs to sell and the present value of the future cash flows expected tobe derived from the asset. Provision for asset impairment is determined and recognized on the individualasset basis. If it is not possible to estimate the recoverable amount of an individual asset, the recoverable
amount of a group of assets to which the asset belongs to is determined. A group of assets is the smallestgroup of assets that is able to generate cash inflows independently.Goodwill formed due to business combination, intangible assets with uncertain service life andintangible assets that have not yet reached serviceable conditions, shall be tested for impairment at leastat the end of each year, regardless of whether there is any indication of impairment.When the Company carry out impairment test to goodwill, the Company shall, as of the purchasingday, allocate on a reasonable basis the book value of the goodwill formed by merger of enterprises to therelevant asset groups, or if there is a difficulty in allocation, to allocate it to the sets of asset groups. Therelevant asset group or combination of asset groups is the asset group or combination of asset groupsthat can benefit from the synergies of business combination.For the purpose of impairment test on the relevant asset groups or the sets of asset groupscontaining goodwill, if any evidence shows that the impairment of asset groups or sets of asset groupsrelated to goodwill is possible, an impairment test will be made first on the asset groups or sets of assetgroups not containing goodwill, thus calculating the recoverable amount and comparing it with therelevant book value so as to recognize the corresponding impairment loss. Asset group or combinationof group assets containing goodwill are tested for impairment and the book value and recoverableamount shall be compared. If the recoverable amount is less than the book value, the amount ofimpairment loss shall be deducted and apportioned to the book value of goodwill in asset group orcombination of asset groups, before deducting to the book value of all other assets proportionally basedon the proportion of the book value of all assets other than goodwill in the asset group or combination ofasset groups. Once the above asset impairment loss is recognized, it will not be reversed in thesubsequent accounting periods.
31. Long-term prepaid expenses
√Applicable □Non-applicable
Long-term prepaid expenses are expenses which have occurred but will benefit over 1 year and shall beamortized over the current period and subsequent periods.
| Item | Amortization Method | Amortization period |
| Renovation cost | Straight-line method | 5 years |
| Software maintenance fee | Straight-line method | 5 years |
| Others | Straight-line method | 3-5 years |
32. Contract liabilities
(1).Recognition method of contract liabilities
√Applicable □Non-applicable
The Company shall show the contract assets or contract liabilities in the balance sheet inaccordance with the relationship between the performance of the contract obligations and the Customerpayment. The Company’s obligation to transfer goods or provide services to customers for whichconsideration has been received or receivable are presented as contractual liabilities. Contract assets andcontract liabilities under the same contract shall be shown on a net basis.
33. Employee remuneration
(1). Accountant arrangement method of short-term remuneration
√Applicable □Non-applicable
During the accounting period when the staff provides service, the Company will recognize theshort-term remuneration actually incurred as liabilities, and the liabilities would be charged into currentprofits and loss or costs of assets.
The Company will pay social insurance and housing funds, and will make provision of trade unionfunds and staff education costs in accordance with the requirements. During the accounting period whenthe staff provides service, the Company will determine the relevant amount of employee benefits inaccordance with the required provision basis and provision ratios.
The expenses on employee benefit incurred by the Company shall be included in the current profitor loss or related asset cost based on the actual amount when actually incurred, and the non-monetarybenefit shall be measured at its fair value.
(2).Accounting treatment method of retirement benefit plan
√Applicable □Non-applicable
(1) Defined contribution plan
The Company will pay basic pension insurance and unemployment insurance in accordance withthe relevant provisions of the local government for the staff. During the accounting period when the staffprovides service, the Company will calculate the amount payable in accordance with the local stipulatedbasis and proportions which will be recognized as liabilities, and the liabilities would be charged intocurrent profits and loss or costs of assets.
(2) Defined benefit plan
The welfare responsibilities generated from defined benefit scheme based on the formuladetermined by projected unit credit method would be vested to the service period of the staff andcharged into current profits and loss or costs of assets.
The deficit or surplus formed by the present value of obligations of the defined benefit plan minusthe fair value of the assets of the defined benefit plan is recognized as a net liability or net asset of thedefined benefit plan. If there is a surplus in the defined benefit plan, the Company shall use the lower ofthe surplus of the defined benefit plan and the asset ceiling to measure the net assets of the definedbenefit plan.
All defined benefit plan obligations, including obligations expected to be paid within twelvemonths after the end of the annual reporting period in which employees render services, are discounted
at the market rate of return in respect of the national debts matching the term and currency of the definedbenefit plan, or in respect of high-quality corporate bonds available on the active market on the balancesheet date.The service cost incurred by the defined benefit plan and the net interest of the net liabilities or netassets of the defined benefit plan are included in the current profit and loss or the related asset cost; thechanges in the net liabilities or net assets of the defined benefit plan are recorded in other comprehensiveincome, and it will not be reversed to profit or loss in the subsequent accounting period. When theoriginal defined benefit plan is terminated, all that originally included in other comprehensive incomewill be carried forward to undistributed profit within the scope of equity.At the settlement of the defined benefit plan, the gain or loss from the settlement is recognized bythe difference between the present value of the obligation of the defined benefit plan and the settlementprice determined on the settlement date.
(3).Accountant arrangement method of termination benefits
√Applicable □Non-applicable
Where the Company pays termination benefit to employees, the liabilities of employee remunerationgenerated by termination benefit shall be recognized at the earlier of the following date and included inthe current profit or loss: when the company cannot unilaterally withdraw termination benefit providedby labor relationship termination plan or layoff proposal; when the Company recognizes costs orexpenses related to a restructuring of the payment of termination benefits.
(4).Accountant arrangement method of other long-term employee benefits
□Applicable √Non-applicable
34. Lease liabilities
□Applicable √Non-applicable
35. Estimated liabilities
√Applicable □Non-applicable
The obligations related to contingencies in the satisfaction of all of the following conditions will berecorded as estimated liabilities:
(1) The obligation is the current obligation undertaken by the company;
The fulfillment of this obligation is likely to result in the outflow of economic benefits from thecompany;
(3) The amount of the obligation can be reliably measured.
Estimated liabilities are initially measured based on the best estimate of the expenditure required tofulfill the relevant current obligations.
On fixing the best estimate, certain factors such as risks, uncertainties and time value of money inconnection with contingencies shall be considered in full aspects. If the time value of money has asignificant impact, the best estimate is fixed after discounting the relevant future cash outflows.
If there is a continuous range of required expenditures, and the likelihood of occurrence of variousoutcomes within this range is the same, the best estimate shall be fixed at the median value within therange; in other circumstances, the best estimate shall be treated as:
? If a contingency involves one item, it shall be fixed according to the most likely amount.
? If a contingency involves more than one items, it shall be calculated and fixed according tovarious possible results and related probabilities.
If all or part of the expenditure required to pay off the estimated liability is expected to becompensated by a third party, the compensation amount shall be recognized as an asset separately whenvirtually confirmed that it can be received, and the compensation amount recognized must not exceedthe book value of the estimated liability.
The company shall review the book value of estimated liabilities on the balance sheet date. If thereis conclusive evidence that the book value cannot reflect the current best estimate, the book value shallbe adjusted according to the current best estimate.
36. Share-based payment
□Applicable √Non-applicable
37. Preference shares, perpetual bonds and other financial instruments
□Applicable √Non-applicable
38. Revenue
(1). Accounting policies for revenue recognition and measurement
√Applicable □Non-applicable
The Company has fulfilled its contractual obligation to recognize income when the Customerobtains control over the relevant goods or services. Obtaining control over related goods or servicesmeans to be able to dominate the use of the goods or services and obtain virtually all economic benefitsfrom it.
Where the Contract contains the performance of two or more obligations, the Company shall, onthe commencement date of the Contract, apportion the transaction price to each individual performanceobligation on the basis of the relative proportion of the individual selling price of the goods or servicecommitted by each individual performance obligation. The Company shall measure its income on thebasis of the transaction price apportioned to each individual performance obligation.
The transaction price refers to the amount of consideration the Company is expected to be entitledto receive for the transfer of goods or services to the Customer, excluding payments received on behalfof third parties and the amounts expected to be refunded to the Customer. The Company determines thetransaction price in accordance with Contract terms and by taking into consideration its past practices. Indetermining the transaction price, it takes into consideration the impact of variable consideration,material financing elements in the Contract, non-cash consideration, consideration payable to customersand other factors. The Company determines the transaction price that includes the variable considerationat an amount not exceeding the amount of accumulated recognized income which is not likely to be
materially reversed when the relevant uncertainty is eliminated. Where there is material financingcomponents in the Contract, the Company shall determine the transaction price on the basis of theamount payable based on the assumption that the Customer pays in cash upon obtaining control over thegoods or services, and shall amortize the difference between the transaction price and the Contractconsideration by effective interest method during the Contract period.
It shall be deemed as fulfilling performance obligation within a certain period of time if one of thefollowing conditions is satisfied. Otherwise, it shall be deemed as fulfilling performance obligation at acertain point in time:
? The Customer obtains and consumes the economic benefits arising from the Company'sperformance of obligations at the same time of that the Company perform its obligations.? The Customer can control the goods under construction during the process that the Company performits obligations.? The product produced by the Company during the performance of its obligations is irreplaceable inuse, and the Company shall be entitled to receive payment for the accumulated part of the performancecompleted so far during the whole Contract period.
For obligations performed within a certain period of time, the Company shall recognize income onthe basis of the performance progress during that period, except when the performance progress cannotbe reasonably determined. The Company will adopt output method or input method to determine theperformance progress by taking the nature of the goods or services into consideration. Where theperformance progress cannot be reasonably determined and the costs incurred are expected to becompensated, the Company shall recognize income on the basis of the costs incurred until theperformance progress can be reasonably determined.
For obligations performed at a certain point of time, the Company recognizes income at the pointwhen the Customer obtain control over relevant goods or services. The Company takes the followingindications into consideration when determining whether the Customer has obtained control overrelevant goods or services:
? The Company is entitled to collect payment in respect of the goods or services immediately, i.e. theCustomer is obliged to make payment in respect of the goods or services immediately? The Company has transferred legal ownership of the goods to the Customer, i.e. the Customer haslegal ownership of the goods.? The Company has physically transferred the goods to the Customer, i.e. the Customer hasphysically possessed the goods.? The Company has transferred the principal risks and rewards in the ownership of the goods to theCustomer, i.e. the Customer has obtained the principal risks and rewards in the ownership of the goods.? The Customer has received the goods or services, etc.
Specific principles
(1) Domestic company
1) Domestic sales
For sales to domestic carmakers, the goods received by customer and the notice of issuing an invoice istreated as the time point of revenue recognition. For domestic after-sales market sales, the time ofdelivery is treated as the time point of revenue recognition.
2) Overseas
For general trade sales, customs declaration and export are treated as the revenue confirmation timepoint. For the sales based on DDU and DDP as contained in the sales contract, the time of arrival at thedestination and the acknowledgment of receipt by customer is treated as the time point of revenuerecognition.
(2) Tuopu North American Ltd
The time of shipment and the acknowledgment of receipt by customer is treated as the time point ofrevenue recognition.
(2). Different business models adopted for similar businesses leading to differences in revenuerecognition accounting policies
□Applicable√ Non-applicable
39. Contract costs
√Applicable □Non-applicable
Contract costs include contract performance costs and contract acquisition costs.
The Company recognizes the costs incurred for performing the contract and that not fall within thescope of inventories, fixed assets or intangible assets as stipulated by related standards as an asset whenthe following conditions are met:
? The cost is directly related to a current or anticipated contract.? The cost increases the Company's future resources to perform obligations.? The cost is expected to be recovered
The Company regards the incremental cost incurred to acquire the contract and that are expected tobe recovered as contract acquisition costs, and recognizes them as an asset.
Assets related to contract costs shall be amortized using the same basis as income recognition ofgoods or services related to the asset. However, the Company shall include the amount in current profitor loss if the amortization period of the contract acquisition cost is less than one year.
The Company shall draw an impairment provision for the excess part when the book value of anasset related to the contract cost is higher than the difference between the following two items, andrecognize it as an impairment loss of the asset:
1. The remaining consideration expected to be obtained due to the transfer of goods or servicesrelated to the asset;
2. Estimated costs to be incurred for the transfer of goods or services related to the asset.
The Company shall reverse the impairment provision withdrawn and include it in current profit orloss if the impairment factors of the previous period change and cause the aforementioned differencehigher than the book value of the asset. However, the book value of the asset after reverse shall not
exceed the book value of the asset on the reverse date under the assumption that no provision for theimpairment is withdrawn.
40. Government subsidies
√Applicable □Non-applicable
1. Type
Government grants are monetary assets and non-monetary assets acquired by the Company fromthe government free of charge. Government grants are classified into government grants related to assetsand government grants related to revenue.Government grants related to assets refer to government grants acquired by the Company for thepurpose of purchasing or constructing or otherwise forming long-term assets. Government grants relatedto revenue refer to the government grants other than those related to assets.
The specific criteria for classification of government grants as asset-related are as follows: TheCompany defines government grants received for the purpose of acquiring, constructing or otherwiseforming long-term assets as asset-related government grants;
The company classifies government grants into asset-related grants in accordance with thefollowing criteria:Government grants other than asset-related government grants are defined asincome-related government grants;
If the government documents have not yet specified the intended subjects of grants, the Companywill classify the government grants as asset-related or income-related according to the following criteria:
(1) If the government document specifies a item applicable to the grants, it shall be dividedaccording to the relative proportion of the expenditure amount that will form the asset and theexpenditure amount included in the expense in the budget of the specific item, and the division ratioshall be rechecked among each balance sheet date and subject to a if necessary;
(2) The government document only makes a general statement, and no specific item is specified, itis recorded as the income-related government grants.
2. Confirmation of time point
Government subsidies are confirmed when the company can meet its attached conditions and canbe received.
3. Accounting treatment
Government grants related to assets shall write off the book value of relevant assets or berecognized as deferred income. When recognized as deferred income, the government grant related toassets will be period by period credited to the profits and losses of the current period in a reasonable andsystematic manner within the service life of relevant assets (those related to the Company's dailyactivities shall be recognized as other income; those unrelated to the Company's daily activities shall berecognized as non-operating income).
The revenue-related government grants shall be recognized as deferred income if they are used tocompensate relevant expenses or losses in subsequent periods, and they shall be included in profit andloss of the current period (those related to Company's routine activities shall be included in other income;
those unrelated to the Company's routine activities shall be included in non-operating income) or used tooffset relevant expenses or losses during the recognition of related expenses or losses; the grants used tocompensate related expenses or losses incurred shall be included in profit and loss of the current period(those related to Company's routine activities shall be included in other income; those unrelated to theCompany's routine activities shall be included in non-operating income) or used to offset relevantexpenses or losses.
41. Deferred income tax assets/deferred income tax liabilities
√Applicable □Non-applicable
Income tax includes current income tax and deferred income tax. The Company will include currentincome tax and deferred income tax in the current profit or loss, except for income tax arising frombusiness combination and transaction or event directly included in the owners’ equity (including othercomprehensive income).
Deferred income tax assets and deferred income tax liabilities shall be calculated and recognized onthe basis of the difference (temporary difference) between the tax basis of the assets and liabilities andtheir book value.
Deferred income tax assets are recognized to the extent that it is probable that future taxable profitswill be available against which deductible temporary differences can be utilized. For deductible lossesand tax credits that can be reversed in the future period, deferred tax assets shall be recognized to theextent that it is probable that taxable profit will be available in the future to offset the deductible lossesand tax credits.
Save as the exceptions, deferred income tax liabilities shall be recognized for the taxable temporarydifference.
Special circumstances in which deferred income tax assets or deferred income tax liabilities are notrecognized include:
? Initial recognition of goodwill;? Transaction or event that is not a business combination and would not affect accounting profit andtaxable income (or deductible loss) at the time of occurrence.For taxable temporary differences related to investments in subsidiaries, associates and joint ventures,deferred income tax liability is recognized, unless the Company can control the timing of reversal ofsuch temporary differences and such temporary differences are not likely to be reversed in theforeseeable future. For deductible temporary differences related to the investments of subsidiaries,associates and joint ventures, deferred tax asset is recognized when the temporary differences are likelyto be reversed in the foreseeable future and the taxable income amount used to offset the deductibletemporary differences is likely to be obtained in the future.
On the balance sheet date, the Company reviews the book value of the deferred income tax assets.The book value of the deferred income tax asset will be written down if sufficient taxable income is notlikely to be obtained to offset the benefit of the deferred income tax asset in the future period. Thewrite-down amount will be reversed when sufficient taxable income is likely to be obtained.
After granted the legal rights of net settlement and with the intention to use net settlement or obtainassets and repay debt at the same time, the net amount after offsetting its current income tax assets andcurrent income tax liabilities shall be recorded.On the balance sheet date, deferred income tax assets and deferred income tax liabilities shall be, asstipulated by tax law, measured by the applicable tax rate of the period of expected recovery of therelevant assets or settlement of the relevant liabilities.? The taxpayer has the legal right to settle the current income tax assets and current income taxliabilities on a net basis;? Deferred income tax assets and deferred tax liabilities are related to the income tax to be paid bythe same entity liable to pay tax to the same tax collection and management authority or related todifferent entities liable to pay tax. The relevant entity liable to pay tax is intended to apply net settlementof current income tax assets and liabilities or, at the same time, obtain assets and repay debt in everyfuture period that deferred income tax assets and liabilities with importance would be reversed.
42. Lease
(1). Accounting of operating lease
□Applicable √Non-applicable
(2). Accounting treatment method of financing lease
□Applicable √Non-applicable
(3). Determination method and accounting treatment method of lease under the new leasestandard
√Applicable □Non-applicable
Lease refers to a contract in which the landlord transfers the right to use the asset to the tenant in agiven period to obtain consideration. On the commencement date of the contract, the Company assesseswhether the contract is a lease or includes a lease. If a party in the contract transfers the right to controlthe use of one or more identified assets in a given period in exchange for consideration, the contract is alease or includes a lease.
If the contract contains a plurality of separate leases at the same time, the Company will split thecontract and perform accounting treatments for each of the separate leases. If the contract contains bothlease and non-lease parts, the tenant and landlord shall separate the lease and non-lease parts.
(1) Right-of-use assets
On the start date of the lease term, the Company recognizes the right-of-use asset for leases otherthan short-term leases and low-value asset leases. Right-of-use assets are initially measured at cost,which includes:
The initial measurement amount of the lease liability;
For lease payments paid on or before the start of the lease term, if there is a lease incentive, theamount of the lease incentive already enjoyed is deducted;
Initial direct expenses incurred by the Company;
The Company's estimated cost for dismantling and removing the leased assets, restoring the sitewhere the leased assets are located, or restoring the leased assets to the state as set out in the lease termsand conditions, except for the costs incurred for the production of inventory.The Company subsequently uses the straight-line method to depreciate the right-of-use assets. If itcan be reasonably determined that the ownership of the leased asset will be obtained at the end of thelease term, the Company shall depreciate the leased asset over the remaining useful life; otherwise, theleased asset will be depreciated over the lease term or the remaining useful life of the leased asset,whichever is shorter.
The Company determines whether the right-of-use asset has been impaired under the principles asset out in "Note V. (30). Long-term asset impairment", and performs accounting treatment for theidentified impairment loss.
(2) Lease liabilities
On the commencement of the lease term, the Company recognizes lease liabilities for leases otherthan short-term leases and leases of low-value assets. Lease liabilities are initially measured based on thepresent value of the unpaid lease payments. Lease payments include:
Fixed payment (including the actual fixed payment), if there is a lease incentive, the relevantamount of the lease incentive will be deducted;
Variable lease payments that depend on an index or rate;
The amount expected to be paid based on the residual value of the guarantee provided by thecompany;
The exercise price of the purchase option, provided that the Company reasonably determines that itwill exercise the option;
The amount to be paid to exercise the option to terminate the lease, provided that the lease termreflects that the company will exercise the option to terminate the lease.
The Company takes the interest rate implicit in the lease as the discount rate, but if the interest rateimplicit in the lease cannot be reasonably determined, the company's incremental borrowing interest rateis used as the discount rate.
The Company calculates the interest expense of the lease liability during each period of the leaseterm according to a fixed periodic interest rate, and includes it in the current profit and loss or the cost ofrelated assets.
Variable lease payments that are not included in the measurement of lease liabilities are included inthe current profit and loss or the cost of related assets when they actually occur.
After the commencement of the lease term, in any of the following circumstances, the Companyre-measures the lease liability and adjusts the corresponding right-of-use asset. If the book value of theright-of-use asset has been reduced to zero, but the lease liability still needs to be further reduced, it willThe difference is included in the current profit and loss:
? When the evaluation results of the purchase option, the renewal option or the termination optionchange, or the actual exercise of the aforementioned option is inconsistent with the original evaluation
result, the company will discount the lease payment after the change and the revised discount Thepresent value of the rate calculation remeasures the lease liability;? When the actual fixed payment changes, the expected payable amount of the guarantee residualvalue changes, or the index or ratio used to determine the lease payment changes, the companycalculates the present value based on the changed lease payment and the original discount rateRemeasure the lease liability. However, if changes in lease payments originate from changes in floatinginterest rates, the revised discount rate is used to calculate the present value.
(3) Short-term leases and low-value asset leases
The Company elects not to recognize right-of-use assets and lease liabilities for short-term leasesand low-value asset leases, and calculates the relevant lease payments in the current profit and loss orrelated asset costs on a straight-line basis in each period of the lease term. Short-term lease refers to alease that does not include purchase options for a lease period not exceeding 12 months at the beginningof the lease period. Low-value asset leasing refers to a lease with a lower value when a single leasedasset is a new asset. If the Company subleases or expects to sublease the leased assets, the original leaseis not a low-value asset lease.
(4) Lease change
If the lease is changed and the following conditions are met at the same time, the company shalltreat the lease change as a separate lease for accounting treatment:
The lease change expands the scope of the lease by adding one or more use rights to leased assets;
The increased consideration is equivalent to the amount of the individual price of the expandedpart of the lease scope adjusted according to the contract conditions.
If the lease change is not accounted for as a separate lease, on the effective date of the lease change,the Company reapportions the consideration of the contract after the change, re-determines the leaseterm, and calculates the current lease payment based on the lease payment after the change and therevised discount rate. The value of the lease liability is remeasured.
If the lease change causes the scope of the lease to be reduced or the lease term is shortened, theCompany will correspondingly reduce the book value of the right-of-use asset, and the relevant gains orlosses from the partial or complete termination of the lease are included in the current profit and loss. Ifother lease changes cause the lease liability to be remeasured, the company adjusts the book value of theright-of-use asset accordingly.
2. The Company as .landlord
On the commencement date of the lease, the Company divides the lease into financial lease andoperating lease. Finance lease refers to a lease in which almost all the risks and rewards related to theownership of the leased asset are transferred regardless of whether the ownership is ultimatelytransferred. Operating leases refer to leases other than financial leases. When the Company acts as asublease lessor, it classifies subleases based on the right-of-use assets generated from the original lease.
(1) Accounting treatment of operating leases
The lease receipts of operating leases are recognized as rental income in each period of the leaseterm according to the straight-line method. The Company capitalizes the initial direct costs incurredrelated to operating leases, and allocates them to the current profit and loss on the same basis as theconfirmation of rental income during the lease term. Variable lease payments that are not included in thelease receipts are included in the current profit and loss when they actually occur. If an operating lease ischanged, the company will account for it as a new lease from the effective date of the change, and theamount of advance receipts or lease receivables related to the lease before the change shall be regardedas the receipts of the new lease.
(2) Accounting treatment of financial leasing
On the commencement date of the lease, the Company recognizes the financial lease receivables forthe financial lease and terminates the recognition of the financial lease assets. When the Companyinitially measures the financial lease receivables, the net lease investment is taken as the entry value ofthe financial lease receivables. The net lease investment is the sum of the unguaranteed residual valueand the present value of the lease payment that has not been received at the beginning of the lease term,discounted at the interest rate implicit in the lease.
The Company calculates and recognizes the interest income for each period of the lease term basedon a fixed periodic interest rate. The derecognition and impairment of financial lease receivables shall beaccounted for in accordance with this Note "III. (X). Financial Instruments".
Variable lease payments that are not included in the measurement of the net lease investment areincluded in the current profit and loss when they actually occur.
If a financial lease is changed and the following conditions are met at the same time, the Companyshall treat the change as a separate lease for accounting treatment:
? The change expands the scope of the lease by adding one or more use rights to leased assets;
? The increased consideration is equivalent to the amount of the individual price of the expandedpart of the lease scope adjusted according to the contract conditions.
If the change of the financial lease is not accounted for as a separate lease, the company shall dealwith the changed lease in the following situations:
? If the change takes effect on the lease start date, the lease will be classified as an operating lease,and the Company will start accounting for it as a new lease from the lease change effective date, and usethe net lease investment before the lease change effective date as The book value of the leased asset;
? If the change takes effect on the lease start date, the lease will be classified as a financial lease,and the company will conduct accounting treatment in accordance with the policy of this note "V. (10).Financial Instruments" on the modification or renegotiation of the contract.
3. Sale and leaseback transaction
The Company evaluates and determines whether the asset transfer in the sale and leasebacktransaction is a sale in accordance with the principles described in "V. (38). Revenue".
(1) As tenant
If the asset transfer in the sale and leaseback transaction is a sale, the company as the lesseemeasures the right-of-use asset formed by the sale and leaseback based on the portion of the originalasset's book value related to the right to use obtained from the leaseback, and only transfers it to thelease The rights of the person confirm the relevant gains or losses; if the asset transfer in the sale andleaseback transaction does not belong to the sale, the company as the lessee continues to confirm thetransferred assets and at the same time confirms a financial liability equal to the transfer income. For theaccounting treatment of financial liabilities, see "V. (10). Financial Instruments".
(2) As landlord
If the asset transfer in the sale and leaseback transaction is a sale, the company acts as the lessor toaccount for the purchase of the asset, and the asset lease is accounted for in accordance with theaforementioned "2. The company as the lessor" policy; in the sale and leaseback transaction If thetransfer of assets is not a sale, the company as the lessor does not recognize the transferred assets, butrecognizes a financial asset equal to the transfer income. For the accounting treatment of financial assets,see "V. (10). Financial Instruments”.
43. Other significant accounting policies and accounting estimates
□Applicable √Non-applicable
44. Changes in significant accounting policies and accounting estimates
(1). Changes in significant accounting policies
□Applicable √Non-applicable
(2). Changes in significant accounting estimates
□Applicable √Non-applicable
(3). From 2023 onwards, the initial implementation of new accounting standards or standardinterpretations involves adjustments to the financial statements at the beginning of the firstimplementation year
□Applicable √Non-applicable
45. Others
□Applicable √Non-applicable
VI. Taxes
1. Major categories of taxes and tax rates
Main categories of taxes and tax rates
√Applicable □Non-applicable
| Tax Type | Taxation basis | Tax rate |
| VAT | According to the provisions of the tax law, the sales tax shall be calculated on the basis of the income by selling goods and taxable services. After deducting the input tax that is allowed to be deducted from the sales tax in the current period, the difference shall | 13%、9%、6%（Note 1） |
| be the value added tax | ||
| Consumption tax | ||
| Business tax | ||
| Urban Maintenance and Construction Tax | Calculated based on the actual VAT paid | 7%、5%（Note 2） |
| Education Surcharges | Calculated based on the actual VAT paid | 3% |
| Local Education Surcharges | Calculated based on the actual VAT paid | 2% |
| Enterprise income tax | Calculated based on the taxable income | 34%、30%、28%、27%、26.5%、25%、24%、20.6%、19%、16.5%、15% |
Note 1: The sales of goods are subject to VAT at 13% of taxable income, technology developmentservices are subject to VAT at 6% of taxable income, and real estate leasing is subject to VAT at 9% oftaxable income.Note 2: If there are taxable entities applicable to different corporate city maintenance and constructiontax rates, make a disclosure of statement:
| Name of Taxpayer | Urban Maintenance and Construction Tax Rate(%) |
| Ningbo Qianhui | 5 |
| Sichuan Tuopu | 5 |
| Pinghu Tuopu | 5 |
| Taizhou Tuopu | 5 |
| Tuopu Mechatronic System | 5 |
| Zhejiang Towin | 5 |
| Tuopu Thermal Management | 5 |
| Skateboard Chassis | 5 |
| Shanghai Towin | 5 |
| Other companies | 7 |
If there are taxpayers applicable to different corporate local education surcharge rates, make a disclosureof the description
√Applicable □Non-applicable
| Name of Taxpayer | Income Tax Rate (%) |
| The Company | 15 |
| Tuopu Mechatronic System | 15 |
| Zhejiang Towin | 15 |
| Sichuan Maigao | 15 |
| Baoji Tuopu | 15 |
| Xian Tuopu | 15 |
| Jinzhong Tuopu | 15 |
| Chongqing Tuopu | 15 |
| Chongqing Chassis | 15 |
| Tuopu North American Ltd | 26.50 |
| Tuopu North American Ltd | 27 |
| Tuopu North American USA Limited, INC | 16.50 |
| Tuopu International | 19 |
| Tuopu Poland | 20.60 |
| Tuopu Sweden | 24 |
| TUOPU (MALAYSIA) SDN.BHD. | 28 |
| Tuopu USA, LLC | 34 |
| Tuopu Mexico | 30 |
| Other company | 25 |
2. Preferential tax rate
√Applicable □Non-applicable
1. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-techenterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo FinanceBureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.GR202133100574). As set out in the certificate, the Company was accredited as a hi-tech enterprise andthis accreditation is valid for 3 years. Within this period of validity, the preferential tax rate for corporateincome tax is 15%, which is effective from 2021 to 2023.The corporate income tax rate applicable to theCompany for 2023 is 15%.
2. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-techenterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo FinanceBureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.GR202233100803). As set out in the certificate, Tuopu Automotive Electronics was accredited as ahi-tech enterprise and this accreditation is valid for 3 years. Within this period of validity, thepreferential tax rate for corporate income tax is 15%, which is effective from 20222 to 2024. Thecorporate income tax rate applicable to Tuopu Automotive Electronics for 2023 is 15%.
3. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-techenterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo FinanceBureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.GR202233009476). As set out in the certificate, Zhejiang Towin was accredited as a hi-tech enterpriseand this accreditation is valid for 3 years. Within this period of validity, the preferential tax rate forcorporate income tax is 15%, which is effective from 20222 to 2024. The corporate income tax rateapplicable to Zhejiang Towin for 2023is 15%.
4. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policyfor the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the StateAdministration of Taxation, and the National Development and Reform Commission” and “Catalogue of
Encouraged Industries in Western China”, the main operations of Suining Tuopu were accredited as thestate encouraged industry by Sichuan Department of Economic and Information, the preferential tax ratefor corporate income tax is 15%, which is effective from 1 January 2021 to 31 December 2030. Thecorporate income tax rate applicable to Suining Tuopu for 2023 is 15%.
5. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policyfor the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the StateAdministration of Taxation, and the National Development and Reform Commission” and “Catalogue ofEncouraged Industries in Western China”, any enterprise engaged in an encouraged industry in WesternChina will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporateincome tax rate applicable to Baoji Tuopu for 2023 is 15%.
6. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policyfor the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the StateAdministration of Taxation, and the National Development and Reform Commission” and “Catalogue ofEncouraged Industries in Western China”, any enterprise engaged in an encouraged industry in WesternChina will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporateincome tax rate applicable to Xi’an Tuopu for 2023 is 15%.
7. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policyfor the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the StateAdministration of Taxation, and the National Development and Reform Commission” and “Catalogue ofEncouraged Industries in Western China”, any enterprise engaged in an encouraged industry in WesternChina will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporateincome tax rate applicable to Jinzhong Tuopu for 2023 is 15%.
8. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policyfor the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the StateAdministration of Taxation, and the National Development and Reform Commission” and “Catalogue ofEncouraged Industries in Western China”, any enterprise engaged in an encouraged industry in WesternChina will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporateincome tax rate applicable to Chongqing Tuopu for 2023 is 15%.
9. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policyfor the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the StateAdministration of Taxation, and the National Development and Reform Commission” and “Catalogue ofEncouraged Industries in Western China”, any enterprise engaged in an encouraged industry in WesternChina will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporateincome tax rate applicable to Chongqing Chassis for 2023 is 15%.
10. According to the " The Law of the People’s Republic of China on Enterprise Income Tax" andapplicable implementation regulations, the income from investment and operation of the state-sponsoredpublic infrastructure projects shall be exempted for corporate income tax from the first to the third year,and paid in half from the fourth to the sixth year, which commences from the taxable year of the first
sum of production and operation income. Tuopu Photovoltaic Technology (Beilun) was entitled to thethree-year tax exemption and three-year half tax payment policy from 2022 onwards.
11. According to the " The Law of the People’s Republic of China on Enterprise Income Tax" andapplicable implementation regulations, the income from investment and operation of the state-sponsoredpublic infrastructure projects shall be exempted for corporate income tax from the first to the third year,and paid in half from the fourth to the sixth year, which commences from the taxable year of the firstsum of production and operation income. Tuopu Photovoltaic Technology (Hangzhou Bay) was entitledto the three-year tax exemption and three-year half tax payment policy from 2022 onwards.
12. According to the " The Law of the People’s Republic of China on Enterprise Income Tax" andapplicable implementation regulations, the income from investment and operation of the state-sponsoredpublic infrastructure projects shall be exempted for corporate income tax from the first to the third year,and paid in half from the fourth to the sixth year, which commences from the taxable year of the firstsum of production and operation income. Tuopu Photovoltaic Technology (Pinghu) was entitled to thethree-year tax exemption and three-year half tax payment policy from 2022 onwards.
3. Others
□Applicable √Non-applicable
VII. Notes to the Items in the Consolidated Financial Statement
1. Cash and bank balances
√Applicable □Non-applicable
Unit: Yuan Currency:RMB
| Item | Balance at the End of the Period | Balance at the Beginning of the Period |
| Cash on Hand | 18,416.58 | 11,944.28 |
| Bank Balance | 2,311,594,085.80 | 2,410,200,609.00 |
| Other Cash and Bank Balances | 529,094,882.77 | 385,319,277.15 |
| Total | 2,840,707,385.15 | 2,795,531,830.43 |
| Including: Total Amount Deposited in Overseas Banks | 220,341,865.93 | 258,304,097.57 |
| Cash on Hand |
Other notes
Schedule of the cash and bank balances restricted for use
Unit: Yuan Currency:RMB
| Item | Balance at the End of the Period | Balance at the Beginning of the Period |
| Documentary Credit Deposit | 522,669,959.85 | 372,126,161.67 |
| L/C Guarantee deposits | 1,746,224.00 | 4,672,875.48 |
| Guarantee and security deposit | 4,678,698.92 | 8,520,240.00 |
| Total | 529,094,882.77 | 385,319,277.15 |
2. Trading Financial Assets
√Applicable □Non-applicable
Unit: Yuan Currency:RMB
| Item | Balance at the End of the Period | Balance at the Beginning of the Period |
| Financial assets that are measured at fair value and whose changes are included in the current profit and loss | 50,738,089.82 | 954,888.48 |
| Including: | ||
| Investment in debt instruments | ||
| Equity instrument investment | 738,089.82 | 954,888.48 |
| Derivative Financial Assets | ||
| Short-term financial products | 50,000,000.00 | |
| Financial assets that are designated to be measured at fair value and whose changes are included in the current profit and loss | ||
| Including: | ||
| Total | 50,738,089.82 | 954,888.48 |
Other Notes
□Applicable √Non-applicable
3. Derivative Financial Assets
□Applicable √Non-applicable
4. Notes Receivable
(1) Notes receivable presented by category
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the End of the Period | Balance at the Beginning of the Period |
| Bank Acceptance Notes | 454,837,470.30 | 385,818,798.23 |
| Commercial Acceptance Notes | 30,029,158.05 | 24,983,165.85 |
| Total | 484,866,628.35 | 410,801,964.08 |
(2). Notes receivable pledged by the Company at the end of the period
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Pledged amount by the end of period |
| Bank Acceptance Notes | 443,855,674.44 |
| Commercial Acceptance Notes | 22,320,000.00 |
| Total | 466,175,674.44 |
(3). Notes receivable that the Company has endorsed or discounted at the end of the period andthat have not yet expired on the balance sheet date
□Applicable √Non-applicable
(4). Notes that the Company has transferred to accounts receivable due to a failure of contractperformance at the end of the period.
□Applicable √Non-applicable
(5). Categorical disclosure of accounts receivable
□Applicable √Non-applicable
(6). Provision for bad debts
□Applicable √Non-applicable
(7). Notes receivable actually written off in the current period
□Applicable √Non-applicable
Other notes
√Applicable □Non-applicable
As at 30 June 2023, the balance of the company's commercial acceptance bills was RMB31,609,640.05. The unmatured commercial acceptance bills were treated as accounts receivable by theCmpany based on the principle of prudence, and the aging of the accounts receivable was calculatedcontinuously. The bad debt reserves of RMB 1,580,482.00 were accounted for undue commercialacceptance bills.
5. Accounts receivable
(1). Disclosure by aging
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Aging | Book Balance at the End of the Period |
| Within 1 year | |
| Including: sub-item within 1 year | |
| Within 1 year | 4,978,556,563.60 |
| Subtotal within 1 year | 4,978,556,563.60 |
| 1 to 2 years | 27,515,196.05 |
| 2 to 3 years | 9,456,162.03 |
| Over 3 years | 8,695,755.24 |
| 3 to 4 years | |
| 4 to 5 years | |
| Over 5 years | 13,962,435.08 |
| Total | 5,038,186,112.00 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
(2）. Categorical disclosure by provision for bad debts
√Applicable □Non-applicable
√适用 □不适用
Unit：Yuan Currency：RMB
| Category | Balance at the End of the Period | Balance at the Beginning of the Period | ||||||||
| Book Balance | Bad Debt Provision | Book Value | Book Balance | Bad Debt Provision | Book Value | |||||
| Amount | (%) Percentage (%) | Amount | Accrued Proportion (%) | Amount | Percentage (%) | Amount | Accrued Proportion (%) | |||
| Bad debt provision accrued based on single item | 7,536,306.12 | 0.15 | 7,536,306.12 | 100 | 7,536,306.12 | 0.16 | 7,536,306.12 | 100 | ||
| Including: | ||||||||||
| Bad debt provision accrued based on combinations | 5,030,649,805.88 | 99.85 | 266,159,778.47 | 5.29 | 4,764,490,027.41 | 4,588,249,854.79 | 99.84 | 240,788,867.03 | 5.25 | 4,347,460,987.76 |
| Including: | ||||||||||
| Bad debt provision accrued based on aging combinations | 5,030,649,805.88 | 99.85 | 266,159,778.47 | 5.29 | 4,764,490,027.41 | 4,588,249,854.79 | 99.84 | 240,788,867.03 | 5.25 | 4,347,460,987.76 |
| Total | 5,038,186,112.00 | / | 273,696,084.59 | / | 4,764,490,027.41 | 4,595,786,160.91 | / | 248,325,173.15 | / | 4,347,460,987.76 |
Bad debt provision accrued based on single item
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Name | Balance at the End of the Period | |||
| Book Balance | Bad Debt Provision | Accrued Proportion (%) | Reason for Accrual | |
| Chongqing Hyosow Parts Co., Ltd. | 4,682,782.60 | 4,682,782.60 | 100.00 | Expected to be unable to recover |
| Henan Dongqi Chenfei Rubber and Plastic Co., Ltd. | 2,438,745.39 | 2,438,745.39 | 100.00 | Expected to be unable to recover |
| Zhejiang Green Field Motor Co., Ltd. | 414,778.13 | 414,778.13 | 100.00 | Expected to be unable to recover |
| Total | 7,536,306.12 | 7,536,306.12 | 100.00 | / |
Notes to Bad debt provision accrued based on single item:
□Applicable √Non-applicable
Bad debt provision accrued based on combinations
√Applicable □Non-applicable
√适用 □不适用
Portfolio provisioning items: accounts receivable with bad debt reserves by ageing portfolio
Unit：Yuan Currency：RMB
| Name | Balance at the End of the Period | ||
| Accounts Receivable | Bad Debt Provision | Accrued Proportion(%) | |
| Within 1 year | 4,978,556,563.60 | 248,927,828.16 | 5.00 |
| 1 to 2 years | 27,515,196.05 | 2,751,519.60 | 10.00 |
| 2 to 3 years | 9,456,162.03 | 2,836,848.61 | 30.00 |
| 3 to 5 years | 8,695,755.24 | 5,217,453.14 | 60.00 |
| Over 5 years | 6,426,128.96 | 6,426,128.96 | 100.00 |
| Total | 5,030,649,805.88 | 266,159,778.47 | |
Recognition criteria for and notes to bad debt provision by combinations
□Applicable √Non-applicable
If the bad debt provision is made by the general expected credit loss model, e refer to the disclosure ofother receivables:
□Applicable √Non-applicable
(3). Bad debt provision
√Applicable□Non-applicable
Unit：Yuan Currency：RMB
| Category | Balance at the Beginning of the Period | Amount Changed in the Current Period | Balance at the End of the Period | |||
| Provision | Withdrawal or Reversal | Write-off | Other Changes | |||
| Bad debt provision accrued based on single item | 7,536,306.12 | 7,536,306.12 | ||||
| Bad debt provision accrued based on combinations | 240,788,867.03 | 25,370,911.44 | 266,159,778.47 | |||
| Total | 248,325,173.15 | 25,370,9 | 273,696,084.59 | |||
11.44
Significant withdrawal or reversal amount of provision for bad debts in the current period:
□Applicable √Non-applicable
(4). Accounts receivable actually written off in the current period
□Applicable √Non-applicable
(5). Accounts receivable of the top five closing balances collected by debtors
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Name of Entity | Balance at the End of the Period | Proportion in Total Accounts Receivable (%) | Bad Debt Provision |
| No.1 | 1,387,806,807.67 | 27.55 | 69,390,340.38 |
| No.2 | 327,846,487.90 | 6.51 | 16,392,324.40 |
| No.3 | 232,651,884.59 | 4.62 | 11,632,594.23 |
| No.4 | 190,712,088.69 | 3.79 | 9,535,604.43 |
| No.5 | 147,101,733.19 | 2.92 | 7,355,086.66 |
| Total | 2,286,119,002.04 | 45.39 | 114,305,950.10 |
(6).Accounts receivable derecognized due to the transfer of financial assets
□Applicable √Non-applicable
(7). Amount of assets and liabilities formed by the transfer of accounts receivable and continuedinvolvement
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
6. Receivables Financing
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the End of the Period | Balance at the Beginning of the Period |
| Notes receivable | 858,734,547.80 | 1,157,514,623.70 |
| Accounts receivable | ||
| Total | 858,734,547.80 | 1,157,514,623.70 |
Changes in the financing of receivables and changes in fair value in the current period:
√Applicable □Non-applicable
Unit: Yuan Currency:RMB
| Item | Balance at the End of | Increase in the Current | Derecognition in the Current | Other Changes | Balance at the End of | Cumulative loss |
| Previous Year | Period | Period | the Period | provision recognized in other comprehensive income | ||
| Bank Acceptance Notes | 1,131,400,990.15 | 1,036,026,095.39 | 1,341,968,459.97 | 825,458,625.57 | ||
| Commercial Acceptance Notes | 26,113,633.55 | 38,243,348.53 | 30,776,672.45 | -304,387.40 | 33,275,922.23 | |
| Total | 1,157,514,623.70 | 1,074,269,443.92 | 1,372,745,132.42 | -304,387.40 | 858,734,547.80 |
If the bad debt provision is made by the general expected credit loss model, e refer to the disclosure ofother receivables:
□Applicable √Non-applicable
Other Notes:
√Applicable □Non-applicable
1. Notes receivable pledged by the Company at the end of the period
Unit: Yuan Currency:RMB
| Item | Pledged amount by the end of period |
| Bank Acceptance Notes | 614,554,665.98 |
| Commercial Acceptance Notes | 33,463,419.37 |
| Total | 648,018,085.35 |
2. Notes receivable that the Company has endorsed or discounted at the end of the period and thathave not yet expired on the balance sheet date
Unit: Yuan Currency:RMB
| Item | Derecognised amount at the end of the period | Not derecognised amount at the end of the period |
| Bank Acceptance Notes | 509,261,364.26 | |
| Commercial Acceptance Notes | ||
| Total | 509,261,364.26 |
7. Prepayments
(1). Aging analysis of prepayments is as follows
√Applicable □Non-applicable
Unit: Yuan Currency:RMB
| Aging | Balance at the End of the Period | Balance at the Start of the Period | ||
| Amount | Percentage (%) | Amount | Percentage (%) | |
| Within 1 year | 104,388,534.47 | 96.08 | 113,208,636.79 | 96.65 |
| 1-2 years | 2,452,053.02 | 2.26 | 2,274,534.64 | 1.94 |
| 2-3 years | 1,013,768.42 | 0.93 | 856,296.82 | 0.73 |
| Over 3 years | 794,495.54 | 0.73 | 795,117.14 | 0.68 |
| Total | 108,648,851.45 | 100.00 | 117,134,585.39 | 100.00 |
(2).Particulars of advance payment of the top five closing balances by prepayment parties
√Applicable □Non-applicable
Unit: Yuan Currency:RMB
| Name of Entity | Balance at the end of the period | Proportion in total balance of prepayments at the end of the period |
| Ningbo Hangzhou Bay China Resources Gas Co., Ltd. | 5,453,955.53 | 5.02 |
| GLOBAL GLORY GROUP LIMITED | 3,132,769.08 | 2.88 |
| Xiangtan Desheng Energy Distribution and Sales Co., Ltd. | 2,400,726.88 | 2.21 |
| Vorwerk Autotec GmbH & Co. KG | 2,072,711.05 | 1.91 |
| Pinghu Economic and Technological Development Zone Industrial Service Co., Ltd. | 2,000,000.00 | 1.84 |
| Total | 15,060,162.54 | 13.86 |
Other Notes
□Applicable √Non-applicable
8. Other Receivables
Presentation of items
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Interest receivable | ||
| Dividend receivable | ||
| Other Receivables | 112,965,254.45 | 140,748,361.64 |
| Total | 112,965,254.45 | 140,748,361.64 |
Other Notes:
□Applicable √Non-applicable
Interest receivable
(1). Category of interest receivable
□Applicable √Non-applicable
(2). Important late payment interest
□Applicable √Non-applicable
(3). Particulars of bad debt provision
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
Dividend receivable
(1). Dividend Receivable
□Applicable √Non-applicable
(2). Important dividend receivable with an aging over 1 year
□Applicable √Non-applicable
(3). Particulars of bad debt provision
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
Other Receivables
(1) Disclosure by aging
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Aging | Book Balance at the End of the Period |
| Within 1 year | |
| Including: sub-item within 1 year | |
| Within 1 year | 102,912,948.96 |
| Subtotal within 1 year | 102,912,948.96 |
| 1-2 years | 13,672,953.56 |
| 2-3 years | 3,587,541.78 |
| Over 3 years | 952,538.75 |
| 3-4 years | |
| 4-5 years | |
| Over 5 years | 744,660.00 |
| Total | 121,870,643.05 |
(7). Categorized by the nature of funds
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Nature of Funds | Book balance at the end of the period | Book balance at the beginning of the period |
| Petty cash funds | 2,263,422.00 | 1,661,465.71 |
| Deposit and guarantee | 107,535,818.10 | 133,075,160.14 |
| Others | 12,071,402.95 | 17,032,420.25 |
| Total | 121,870,643.05 | 151,769,046.10 |
(8). Particulars of bad debt provision
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
| Bad debt provision | Phase 1 | Phase 2 | Phase 3 | Total |
| Expected credit loss in the next 12 | Expected credit loss throughout the duration (no credit | Expected credit loss throughout the duration (credit |
| months | impairment occurred) | impairment has occurred) | ||
| Balance on January 1, 2023 | 11,020,684.46 | 11,020,684.46 | ||
| Balance of the current period on January 1, 2023 | ||||
| --Transfer to Phase 2 | ||||
| --Transfer to Phase 3 | ||||
| --Transfer to Phase 2 | ||||
| --Transfer to Phase 1 | ||||
| Provision made in the current period | -2,115,295.86 | -2,115,295.86 | ||
| Reversal in the current period | ||||
| Write-off in the current period | ||||
| Write-off in the current period | ||||
| Other changes | ||||
| Balance on December 31, 2023 | 8,905,388.60 | 8,905,388.60 |
Notes to significant changes in the book balance of other receivables that have changed in the currentperiod:
□Applicable √Non-applicable
Amount of bad debt provision in the current period and the basis for assessing whether the credit risk offinancial instruments has increased significantly:
□Applicable √Non-applicable
(9). Particulars of bad debt provision
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
| Category | Balance at the Beginning of the Period | Amount Changed in the Current Period | Balance at the End of the Period | |||
| Provision | Withdrawal or Reversal | Write-off | Other Changes | |||
| Accounts receivable with bad debt accrued based on aging portfolio | 11,020,684.46 | -2,115,295.86 | 8,905,388.60 | |||
| Total | 11,020,684.46 | -2,115,295.86 | 8,905,388.60 | |||
Bad debt provision in the current period with significant amount of withdrawal or reversal:
□Applicable √Non-applicable
(10). Particulars of other receivables actually written off in the current period
□Applicable √Non-applicable
(11). Particulars of other receivables of the top five closing balances collected by debtors
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
| Name of Unit | Nature of funds | Balance at the end of the period | Aging | Proportion in total other receivables at the end of the period (%) | Balance of bad debt provision at the end of the period |
| Administration Committee of Ningbo Qianwan New Area | Deposit and guarantee | 55,732,098.00 | Note | 45.73 | 4,107,382.40 |
| Avalon Risk Management Insurance Ag | Deposit and guarantee | 36,851,580.00 | Within 1 year | 30.24 | 1,842,579.00 |
| 7R PROJEKT 35 SP.Z.O.O | Deposit and guarantee | 4,689,900.00 | Within 1 year | 3.85 | 234,495.00 |
| Ninghai Yule Construction Engineering Service Department | Deposit and guarantee | 1,533,000.00 | Within 1 year | 1.26 | 76,650.00 |
| Zhejiang Holley & Futong Investment Co., Ltd. | Deposit and guarantee | 1,088,000.00 | Within 1 year | 0.89 | 54,400.00 |
| Total | / | 99,894,578.00 | / | 81.97 | 6,315,506.40 |
Note: The amount within 1 year is RMB 42,842,200.00, the amount due within 1-2 years is RMB9,508,485.00, and the amount due within 2-3 years is RMB 3,381,413.00.
(12). Accounts receivable related to government subsidies
□Applicable √Non-applicable
(13). Other accounts receivable derecognised due to transfer of financial assets
□Applicable √Non-applicable
(14). Amount of assets and liabilities generated due to transfer of other receivables and continuedinvolvement
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
9. Inventories
(1).Category of inventories
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
| Item | Balance at the End of the Period | Balance at the Start of the Period | ||||
| Book Balance | Inventory depreciation provision or contract performance cost impairment provision | Book Value | Book Balance | Inventory depreciation provision or contract performance cost impairment provision | Book Value | |
| Raw materials | 648,566,065.57 | 648,566,065.57 | 486,063,273.70 | 486,063,273.70 | ||
| WIPs | ||||||
| Finished goods | 1,058,777,784.32 | 78,700,686.61 | 980,077,097.71 | 1,378,642,132.29 | 77,324,542.77 | 1,301,317,589.52 |
| Revolving materials | 27,656,974.63 | 27,656,974.63 | 46,509,211.87 | 46,509,211.87 | ||
| Consumptive biological assets | ||||||
| Contract performance cost | ||||||
| Production cost | 516,489,585.94 | 516,489,585.94 | 712,904,558.22 | 712,904,558.22 | ||
| Delivered goods | 613,684,773.57 | 613,684,773.57 | 709,066,282.35 | 709,066,282.35 | ||
| Total | 2,865,175,184.03 | 78,700,686.61 | 2,786,474,497.42 | 3,333,185,458.43 | 77,324,542.77 | 3,255,860,915.66 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
(2). Inventory depreciation provision and contract performance cost impairment provision
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the Start of the Period | Increase in the Current Period | Decrease in the Current Period | Balance at the End of the Period | ||
| Accrued | Others | Reversal or Write-off | Others | |||
| Raw materials | ||||||
| WIPs | ||||||
| Finished goods | 77,324,542.77 | 5,466,369.89 | 4,090,226.05 | 78,700,686.61 | ||
| Revolving materials | ||||||
| Consumptive biological assets | ||||||
| Contract performance cost | ||||||
| Production cost | 77,324,542.77 | 5,466,369.89 | 4,090,226.05 | 78,700,686.61 | ||
(3). Notes to the balance at the end of the inventory period with the capitalized amount ofborrowing costs
□Applicable √Non-applicable
(4). Notes to the amortized amount in the current period of contract performance cost
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
10. Contract Assets
(1). Particulars of contract assets
□Applicable √Non-applicable
(2). Amount and reason for the significant change in the book value during the reporting period
□Applicable √Non-applicable
(3). Particulars of impairment provision of contract assets in the current period
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
11. Holding-for-sale assets
□Applicable √Non-applicable
12. Non-current assets due within one year
□Applicable √Non-applicable
13. Other Current Assets
□Applicable √Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the End of the Period | Balance at the Beginning of the Period |
| Contract acquisition cost | ||
| Prepaid income tax | ||
| VAT input tax pending deduction | 236,557,239.23 | 201,427,014.58 |
| Advance payment of corporate income tax | 7,060,542.43 | |
| Unpaid VAT | 10,207.17 | |
| Total | 236,557,239.23 | 208,497,764.18 |
14. Debt Investment
(1). Particulars of debt investment
□Applicable √Non-applicable
(2). Important debt investment at the end of the period
□Applicable √Non-applicable
(3). Particulars of provision for impairment
□Applicable √Non-applicable
15. Other Debt Investments
(1). Particulars of other debt investments
□Applicable √Non-applicable
(2). Other important debt investments at the end of the period
□Applicable √Non-applicable
(3). Particulars of provision for impairment
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
16. Long-term Receivables
(1). Particulars of long-term receivables
□Applicable √Non-applicable
(2). Particulars of provision for bad debts
□Applicable √Non-applicable
(3). Long-term receivables derecognized due to the transfer of financial assets
□Applicable √Non-applicable
(4). The amount of assets and liabilities formed by the transfer of long-term receivables andcontinued involvement
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
17. Long-term Equity Investment
√Applicable □Non-applicable
√适用 □不适用
Unit： Yuan Currency： RMB
| Invested Entity | Balance at the Beginning of the Period | Decrease/Increase in the current period | Balance at the End of the Period | Balance of impairment provision at the end of the period | |||||||
| Investment Increased | Investment Decreased | Investment profit and loss recognized under the equity method | Adjustment on other comprehensive income | Other changes in equity | Cash dividends or profit declared to distribute | Provision for impairment accrued | Others | ||||
| I. Joint ventures | |||||||||||
| Tuopu Electrical Appliances Co., Ltd. | 62,798,436.88 | 12,396,578.45 | 75,195,015.33 | ||||||||
| Ningbo Borgers Tuopu Automobile Parts Co., Ltd. | 78,906,289.33 | -1,255,278.35 | 77,651,010.98 | ||||||||
| Subtotal | 141,704,726.21 | 11,141,300.10 | 152,846,026.31 | ||||||||
| II. Affiliates | |||||||||||
| Subtotal | |||||||||||
| Total | 141,704,726.21 | 11,141,300.10 | 152,846,026.31 | ||||||||
18. Other equity instrument investments
(1). Particulars of other equity instrument investments
□Applicable √Non-applicable
(2). Particulars of investment in non-trading equity instruments
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
19. Other non-current financial assets
□Applicable √Non-applicable
20. Investment property
Measurement options of investment property
(1). Investment properties measured by cost method
Unit： Yuan Currency： RMB
| Item | Buildings and constructions | Land use rights | Projects under Construction | Total |
| I . Original book value | ||||
| 1. Balance at the beginning of the period | 44,143,733.52 | 6,689,012.00 | 50,832,745.52 | |
| 2. Increased in the Current Period | ||||
| (1) Purchase | ||||
| (2) Transfer-in of Inventory\Fixed assets\Construction in progress | ||||
| (3) Increase from business combination | ||||
| 3. Decreased in the Current Period | ||||
| (1) Disposal | ||||
| (2) Other Transfer-out | ||||
| 4. Balance at the end of the period | 44,143,733.52 | 6,689,012.00 | 50,832,745.52 | |
| II. Accumulated Depreciation and Amortization | ||||
| 1. Balance at the beginning of the period | 22,904,353.97 | 2,802,295.70 | 25,706,649.67 | |
| 2. Increased in the Current Period | 638,951.31 | 90,166.90 | 729,118.21 | |
| (1) Accrual or Amortization | 638,951.31 | 90,166.90 | 729,118.21 | |
| 3. Decreased in the Current Period | ||||
| (1) Disposal | ||||
| (2) Other transfer-out | ||||
| 4. Balance at the end of the period | 23,543,305.28 | 2,892,462.60 | 26,435,767.88 | |
| III. Provision for Impairment | ||||
| 1. Balance at the beginning of the period | ||||
| 2. Increased in the Current Period | ||||
| (1) Accrual | ||||
| 3. Decreased in the Current Period | ||||
| (1) Disposal | ||||
| (2) Other Transfer-out | ||||
| 4. Balance at the end of the period | ||||
| IV. Book value | ||||
| 1. Book value at the end of the period | 20,600,428.24 | 3,796,549.40 | 24,396,977.64 | |
| 2. Book value at the beginning of the period | 21,239,379.55 | 3,886,716.30 | 25,126,095.85 | |
(2). Particulars of investment property without the property right certificate granted
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
21. Fixed assets
Presentation of items
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Fixed assets | 9,061,099,727.73 | 8,725,700,134.49 |
| Disposal of fixed assets | ||
| Total | 9,061,099,727.73 | 8,725,700,134.49 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Fixed Assets
(1). Particulars of fixed Assets
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
| Item | Houses and buildings | Machinery and equipment | Means of transportation | Office equipment and others | Buildings for commercial use | Photovoltaic engineering | Total |
| I . Original book value | |||||||
| 1. Balance at the beginning of the period | 3,576,276,434.71 | 7,859,772,115.22 | 38,821,675.76 | 266,418,957.56 | 68,200,328.83 | 98,039,292.65 | 11,907,528,804.73 |
| 2. Increased in the Current Period | 2,814,808.79 | 830,392,847.94 | 1,883,693.36 | 23,483,399.12 | 5,725,433.03 | 864,300,182.24 | |
| (1) Purchase | 1,192,039.51 | 180,891,573.13 | 1,883,693.36 | 19,201,195.10 | 203,168,501.10 | ||
| (2) Transfer-in of construction in progress | 1,622,769.28 | 649,501,274.81 | 4,282,204.02 | 5,725,433.03 | 661,131,681.14 | ||
| (3) Increase from business combination | |||||||
| 3. Decreased in the Current Period | 25,777,376.98 | 716,624.08 | 647,672.67 | 27,141,673.73 | |||
| (1) Disposal or scrapping | 25,777,376.98 | 716,624.08 | 647,672.67 | 27,141,673.73 | |||
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| 4. Balance at the end of the period | 3,579,091,243.50 | 8,664,387,586.18 | 39,988,745.04 | 289,254,684.01 | 68,200,328.83 | 103,764,725.68 | 12,744,687,313.24 |
| II. Accumulated Depreciation | |||||||
| 1. Balance at the beginning of the period | 578,379,672.71 | 2,439,239,381.54 | 22,787,592.26 | 134,633,520.83 | 5,496,346.50 | 1,292,156.40 | 3,181,828,670.24 |
| 2. Increased in the Current Period | 78,073,105.62 | 418,891,903.32 | 2,219,150.97 | 10,665,738.88 | 841,517.12 | 2,287,467.13 | 512,978,883.04 |
| (1) Accrual | 78,073,105.62 | 418,891,903.32 | 2,219,150.97 | 10,665,738.88 | 841,517.12 | 2,287,467.13 | 512,978,883.04 |
| 3. Decreased in the Current Period | 10,005,713.39 | 633,230.89 | 581,023.49 | 11,219,967.77 | |||
| (1) Disposal or scrapping | 10,005,713.39 | 633,230.89 | 581,023.49 | 11,219,967.77 | |||
| 4. Balance at the end of the period | 656,452,778.33 | 2,848,125,571.47 | 24,373,512.34 | 144,718,236.22 | 6,337,863.62 | 3,579,623.53 | 3,683,587,585.51 |
| III. Provision for Impairment | |||||||
| 1. Balance at the beginning of the period | |||||||
| 2. Increased in the Current Period | |||||||
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| (1) Accrual | |||||||
| 3. Decreased in the Current Period | |||||||
| (1) Disposal or scrapping | |||||||
| 4. Balance at the end of the period | |||||||
| IV. Book value | |||||||
| 1.Book value at the end of the period | 2,922,638,465.17 | 5,816,262,014.71 | 15,615,232.70 | 144,536,447.79 | 61,862,465.21 | 100,185,102.15 | 9,061,099,727.73 |
| 2. Book value at the beginning of the period | 2,997,896,762.00 | 5,420,532,733.68 | 16,034,083.50 | 131,785,436.73 | 62,703,982.33 | 96,747,136.25 | 8,725,700,134.49 |
(2). Particulars of temporarily idle fixed assets
□Applicable √Non-applicable
(3). Particulars of fixed assets rented under financial leasing
□Applicable √Non-applicable
Fixed assets rented under operating leases
□Applicable √Non-applicable
(5). Particulars of fixed assets without property right certificate granted
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Book Value | Reason for non-granted property right certificate |
| Houses and buildings | 1,341,601,696.75 | In process |
Other Notes
□Applicable √Non-applicable
Disposal of Fixed Assets
□Applicable √Non-applicable
22. Construction in progress
Presentation of items
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the End of the Period | Balance at the Beginning of the Period |
| Construction in progress | 3,923,624,909.84 | 3,553,833,187.91 |
| Construction supplies and materials | ||
| Total | 3,923,624,909.84 | 3,553,833,187.91 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Construction in Progress
(1). Details of construction in progress
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period | ||||
| Book Balance | Provision for decline in value | Book value | Book Balance | Provision for decline in value | Book value | |
| Equipment and software installation | 2,411,613,036.76 | 2,411,613,036.76 | 2,367,324,618.54 | 2,367,324,618.54 | ||
| Tools under fabrication | 129,446,211.29 | 129,446,211.29 | 137,404,271.66 | 137,404,271.66 | ||
| Parent company project | 9,692,807.58 | 9,692,807.58 | 7,852,391.90 | 7,852,391.90 | ||
| Tuopu EV project | 417,524,092.14 | 417,524,092.14 | 417,137,085.85 | 417,137,085.85 | ||
| Taizhou Tuopu Project | 760,550.45 | 760,550.45 | 390,767.23 | 390,767.23 | ||
| Hunan Tuopu Project | 1,474,775.93 | 1,474,775.93 | ||||
| Tuopu Chassis Project | 20,124,609.70 | 20,124,609.70 | 5,029,993.09 | 5,029,993.09 | ||
| Skateboard Chassis Project | 531,358,395.28 | 531,358,395.28 | 427,307,484.97 | 427,307,484.97 | ||
| Wuhan Tuopu Project | 67,924.53 | 67,924.53 | ||||
| Ningbo Qianhui Project | 1,348,359.07 | 1,348,359.07 | 1,137,867.18 | 1,137,867.18 | ||
| Chongqing Tuopu Project | 375,000.00 | 375,000.00 | 375,000.00 | 375,000.00 | ||
| Ushone Intelligent Driving Project | 26,954,470.52 | 26,954,470.52 | 4,237,442.87 | 4,237,442.87 | ||
| Tuopu Poland Project | 160,731,511.90 | 160,731,511.90 | 139,934,661.06 | 139,934,661.06 | ||
| Chongqing Chassis Project | 59,810,905.73 | 59,810,905.73 | 32,549,117.36 | 32,549,117.36 | ||
| Anhui Tuopu Project | 44,624,565.26 | 44,624,565.26 | ||||
| Huzhou Tuopu Project | 80,074.83 | 80,074.83 | ||||
| Tuopu Photovoltaic Technology (Beilun) Project | 30,032,864.57 | 30,032,864.57 | 10,637,655.77 | 10,637,655.77 | ||
| Tuopu Photovoltaic Technology (Hangzhou Bay) Phase 2 Project | 60,688,689.81 | 60,688,689.81 | 2,446,905.90 | 2,446,905.90 | ||
| Tuopu Photovoltaic Technology (Yinzhou) Project | 7,289,947.51 | 7,289,947.51 | ||||
| Tuopu Photovoltaic Technology (Xiangtan) Project | 5,599,154.51 | 5,599,154.51 | ||||
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Tuopu Photovoltaic Technology (Wuhan) Project | 4,094,887.00 | 4,094,887.00 | ||||
| Total | 3,923,624,909.84 | 3,923,624,909.84 | 3,553,833,187.91 | 3,553,833,187.91 |
(2). Changes in significant construction in progress during the current period
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Budget | Balance at the Start of the Period | Increased in the current period | Transfer amounts of fixed assets in this period | Other amounts decreased in current period | Balance at the End of the Period | Project accumulative investment as a percentage of the budget (%) | Project progress | Accumulated capitalized interest amount | Including: capitalized interest amount in the current period | Capitalization rate of the interest in the current period (%) | Capital Source |
| Equipment and software installation | 2,367,324,618.54 | 657,963,096.24 | 606,144,273.52 | 7,530,404.50 | 2,411,613,036.76 | Under construction | Self-funded or raised | |||||
| Tools under fabrication | 137,404,271.66 | 41,365,790.01 | 48,316,770.75 | 1,007,079.63 | 129,446,211.29 | Under construction | Self-funded | |||||
| Parent company project | 7,852,391.90 | 1,840,415.68 | 9,692,807.58 | Under construction | Self-funded or raised | |||||||
| Tuopu EV project | 417,137,085.85 | 387,006.29 | 417,524,092.14 | Under construction | Self-funded or raised | |||||||
| Taizhou Tuopu Project | 390,767.23 | 456,330.27 | 86,547.05 | 760,550.45 | Under construction | Self-funded |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Hunan Tuopu Project | 1,474,775.93 | 1,474,775.93 | Under construction | Self-funded | ||||||||
| Tuopu Chassis Project | 5,029,993.09 | 15,322,771.95 | 228,155.34 | 20,124,609.70 | Under construction | Self-funded | ||||||
| Skateboard Chassis Project | 1,250,000,000.00 | 427,307,484.97 | 104,050,910.31 | 531,358,395.28 | 42.50 | Under construction | Self-funded or raised | |||||
| Wuhan Tuopu Project | 67,924.53 | 67,924.53 | - | Completed | Self-funded | |||||||
| Ningbo Qianhui Project | 1,137,867.18 | 773,068.81 | 562,576.92 | 1,348,359.07 | Under construction | Self-funded | ||||||
| Chongqing Tuopu Project | 375,000.00 | 375,000.00 | Under construction | Self-funded | ||||||||
| Ushone Intelligent Driving Project | 200,000,000.00 | 4,237,442.87 | 22,717,027.65 | 26,954,470.52 | 13.48 | Under construction | Self-funded | |||||
| Tuopu Poland Project | 200,000,000.00 | 139,934,661.06 | 20,796,850.84 | 160,731,511.90 | 80.37 | Under construction | Self-funded | |||||
| Chongqing Chassis Project | 150,000,000.00 | 32,549,117.36 | 27,261,788.37 | 59,810,905.73 | 39.87 | Under construction | Self-funded | |||||
| Anhui Tuopu Project | 150,000,000.00 | 44,624,565.26 | 44,624,565.26 | 29.75 | Under construction | Self-funded | ||||||
| Huzhou Tuopu Project | 180,000,000.00 | 63,517,774.83 | 63,437,700.00 | 80,074.83 | 35.29 | Under construction | Self-funded |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Tuopu Photovoltaic Technology (Beilun) Project | 45,000,000.00 | 10,637,655.77 | 20,924,555.93 | 1,529,347.13 | 30,032,864.57 | 46.50 | Under construction | Self-funded | ||||
| Tuopu Photovoltaic Technology (Hangzhou Bay) Phase 2 Project | 160,000,000.00 | 2,446,905.90 | 62,437,869.81 | 4,196,085.90 | 60,688,689.81 | 39.02 | Under construction | Self-funded | ||||
| Tuopu Photovoltaic Technology (Yinzhou) Project | 30,000,000.00 | 7,289,947.51 | 7,289,947.51 | 24.30 | Under construction | Self-funded | ||||||
| Tuopu Photovoltaic Technology (Xiangtan) Project | 30,000,000.00 | 5,599,154.51 | 5,599,154.51 | 18.66 | Under construction | Self-funded |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Tuopu Photovoltaic Technology (Wuhan) Project | 20,000,000.00 | 4,094,887.00 | 4,094,887.00 | 20.47 | Under construction | Self-funded | ||||||
| Total | 2,415,000,000.00 | 3,553,833,187.91 | 1,102,898,587.20 | 661,131,681.14 | 71,975,184.13 | 3,923,624,909.84 | / | / | / | / |
(3). Provision for impairment of construction in progress in the current period
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
Construction materials and supplies
(4). Particulars of construction materials and supplies
□Applicable √Non-applicable
23. Productive biological assets
(1). Productive biological assets measured at cost
□Applicable √Non-applicable
(2). Productive biological assets measured at fair value
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
24. Oil and gas assets
□Applicable √Non-applicable
25. Right-of-use assets
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
| Item | Houses and buildings | Total |
| I . Original book value | ||
| 1. Balance at the beginning of the period | 117,838,594.48 | 117,838,594.48 |
| 2. Increased in the Current Period | 9,909,080.12 | 9,909,080.12 |
| (1)New leases | 9,909,080.12 | 9,909,080.12 |
| 3.Decreased in the Current Period | ||
| (1)Transfer out to fixed assets | ||
| 4. Balance at the end of the period | 127,747,674.60 | 127,747,674.60 |
| II. Accumulated amortization | ||
| 1. Balance at the beginning of the period | 28,755,170.81 | 28,755,170.81 |
| 2. Increased in the Current Period | 12,688,854.03 | 12,688,854.03 |
| (1) Accrual | 12,688,854.03 | 12,688,854.03 |
| 3.Decreased in the Current Period | ||
| (1) Disposal | ||
| 4. Balance at the end of the period | 41,444,024.84 | 41,444,024.84 |
| III. Provision for Impairment | ||
| 1. Balance at the beginning of the period | ||
| 2. Increased in the Current Period | ||
| (1) Accrual | ||
| 3.Decreased in the Current Period | ||
| (1) Disposal | ||
| 4. Balance at the end of the period | ||
| IV. Book value | ||
| 1.Book value at the end of the period | 86,303,649.76 | 86,303,649.76 |
| 2.Book value at the beginning of the period | 89,083,423.67 | 89,083,423.67 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
26. Intangible assets
(1). Particulars of intangible assets
√Applicable □Non-applicable
√适用 □不适用
Unit： Yuan Currency： RMB
| Item | Land use rights | Patent rights | Non-patented technologies | Softwares | Emission rights | Total |
| I . Original book value | ||||||
| 1. Opening Balance | 1,254,085,188.75 | 123,985,868.48 | 1,548,222.50 | 1,379,619,279.73 | ||
| 2. Increased in the Current Period | 160,012,235.69 | 12,207,003.32 | 46,902.66 | 172,266,141.67 | ||
| (1) Purchase | 160,012,235.69 | 12,207,003.32 | 46,902.66 | 172,266,141.67 | ||
| (2) Internal research and development | ||||||
| (3) Acquisition | ||||||
| 3. Decreased in the Current Period | ||||||
| (1) Disposal | ||||||
| 4. Balance at the end of the period | 1,414,097,424.44 | 136,192,871.80 | 1,595,125.16 | 1,551,885,421.40 | ||
| II. Accumulated amortization | ||||||
| 1. Balance at the beginning of the period | 104,234,540.05 | 46,307,963.71 | 1,353,191.38 | 151,895,695.14 | ||
| 2. Increased in the Current Period | 12,775,141.38 | 6,880,948.86 | 175,685.88 | 19,831,776.12 | ||
| (1) Accrual | 12,775,141.38 | 6,880,948.86 | 175,685.88 | 19,831,776.12 | ||
| 3. Decreased in the Current Period | ||||||
| (1) Disposal | ||||||
| 4. Balance at the end of the period | 117,009,681.43 | 53,188,912.57 | 1,528,877.26 | 171,727,471.26 | ||
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| III. Provision for Impairment | ||||||
| 1. Balance at the beginning of the period | ||||||
| 2. Increased in the Current Period | ||||||
| (1) Accrual | ||||||
| 3. Decreased in the Current Period | ||||||
| (1) Disposal | ||||||
| 4. Balance at the end of the period | ||||||
| IV. Book value | ||||||
| 1.Book value at the end of the period | 1,297,087,743.01 | 83,003,959.23 | 66,247.90 | 1,380,157,950.14 | ||
| 2.Book value at the beginning of the period | 1,149,850,648.70 | 77,677,904.77 | 195,031.12 | 1,227,723,584.59 | ||
Intangible assets formed from in-house research and development at the end of the period as a percent of the balance of intangible assets is 0%.
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2023
(2). Particulars of land use rights without property right certificate granted
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
27. Development expenditure
□Applicable √Non-applicable
28. Goodwill
(1) Original book value of goodwill
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Name of invested entity or matter forming goodwill | Balance at the beginning of the period | Increased in the current period | Decreased in the current period | Balance at the end of the period | ||
| Generated from business combination | Others | Disposal | Others | |||
| Tuopu North American USA Limited,INC | 1,080,371.29 | 1,080,371.29 | ||||
| Ningbo Qianhui | 6,058,537.77 | 6,058,537.77 | ||||
| Goodwill formed by the acquisition of chassis business from Zhejiang Towin and Sichuan Maigao | 279,645,980.89 | 279,645,980.89 | ||||
| Chongqing Tuopu | 565,010.88 | 565,010.88 | ||||
| Total | 287,349,900.83 | 287,349,900.83 | ||||
(2) Provision of impairment in goodwill
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Name of invested entity or matter forming goodwill | Balance at the beginning of the period | Increased in the current period | Decreased in the current period | Balance at the end of the period | ||
| Accrual | Disposal | |||||
| Goodwill formed by the acquisition of chassis business from | 78,108,305.34 | 78,108,305.34 | ||||
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2023
| Zhejiang Towin and Sichuan Maigao | ||||||
| Total | 78,108,305.34 | 78,108,305.34 |
（3）Information about the asset group or combination of asset groups where the goodwill is a part
□Applicable √Non-applicable
(4). Explain the process of impairment testing of goodwill, key parameters (for example, theforecast period growth rate, stable period growth rate, profit rate, discount rate, forecast period,etc., if applicable) and business Recognition method of reputation impairment loss
□Applicable √Non-applicable
(3). Impact of goodwill impairment test
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
29. Long-term prepaid expenses
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the beginning of the period | Increased in the current period | Prepaid Expenses in This Period | Other Amounts Decreased | Balance at the End of the Period |
| Decoration cost et al. | 64,484,088.01 | 5,168,060.66 | 12,360,191.58 | 644,133.94 | 56,647,823.15 |
| Others | 93,089,594.60 | 61,089,382.89 | 28,637,806.48 | 2,635,511.06 | 122,905,659.95 |
| Total | 157,573,682.61 | 66,257,443.55 | 40,997,998.06 | 3,279,645.00 | 179,553,483.10 |
30. Deferred income tax assets/deferred income tax liabilities
(1). Deferred income tax assets not written off
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period | ||
| Taxable temporary difference | Deferred Income Tax Liabilities | Taxable temporary difference | Deferred Income Tax Liabilities | |
| Provision for impairment of assets | 364,561,957.28 | 83,227,770.39 | 339,360,231.93 | 77,287,878.06 |
| Unrealized profits from internal transactions | 187,248,512.58 | 47,597,503.37 | 194,893,974.99 | 49,508,868.97 |
| Deductible loss | ||||
| Deferred income | 397,314,039.88 | 69,601,402.69 | 367,153,765.44 | 64,717,907.95 |
| Transactional financial assets | 517,250.54 | 77,587.58 | 300,451.88 | 45,067.78 |
| Total | 949,641,760.28 | 200,504,264.03 | 901,708,424.24 | 191,559,722.76 |
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2023
(2). Deferred income tax liabilities not written-off
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period | ||
| Taxable temporary difference | Deferred Income Tax Liabilities | Taxable temporary difference | Deferred Income Tax Liabilities | |
| Assessed appreciation of assets from business combination of the companies not under the same control | 38,473,159.32 | 9,618,289.83 | 40,130,786.36 | 10,032,696.59 |
| Changes in the fair value of other equity instrument investments | ||||
| Changes in the fair value of other debt investments | ||||
| Accelerated depreciation of fixed assets | 522,622,720.38 | 78,393,408.05 | 554,388,471.47 | 83,158,270.72 |
| Temporary differences in convertible bonds | 91,517,369.35 | 13,727,605.40 | 131,560,999.24 | 19,734,149.89 |
| Total | 652,613,249.05 | 101,739,303.28 | 726,080,257.07 | 112,925,117.20 |
(3) Deferred Income Tax Assets or Liabilities Listed by Net Amount after Offset
□Applicable √Non-applicable
(4).Particulars of unrecognized deferred income tax asset
□Applicable √Non-applicable
(5). The deductible losses of unrecognized deferred income tax assets will expire in the followingyears
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
31.Other non-current assets
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period | ||||
| Book balance | Provision for decline in value | Book value | Book balance | Provision for decline in value | Book Value | |
| Contract | ||||||
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2023
| acquisition cost | ||||||
| Contract performance cost | ||||||
| Return cost receivable | ||||||
| Contract assets | ||||||
| Advance payment of land premiums | 61,590,000.00 | 61,590,000.00 | ||||
| Prepayments or construction equipment | 910,814,702.23 | 910,814,702.23 | 692,488,748.57 | 692,488,748.57 | ||
| Total | 910,814,702.23 | 910,814,702.23 | 754,078,748.57 | 754,078,748.57 |
32.Short-term loans
(1). Categories of short-term loan
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Pledge loan | ||
| Mortgage loan | ||
| Guaranteed loan | ||
| Credit loan | 399,000,000.00 | 1,131,827,400.00 |
| Unmatured interest | 311,561.63 | 709,357.84 |
| Total | 399,311,561.63 | 1,132,536,757.84 |
(2). Short-term loans that have been late for repayment
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
33.Transactional financial liabilities
□Applicable √Non-applicable
34.Derivative financial liabilities
□Applicable √Non-applicable
35. Notes payable
√Applicable □Non-applicable
√适用 □不适用
Unit：Yuan Currency：RMB
| Category | Balance at the end of the period | Balance at the beginning of the period |
| Commercial acceptance bill | ||
| Bank acceptance bill | 2,865,014,837.02 | 2,986,683,115.16 |
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2023
| Total | 2,865,014,837.02 | 2,986,683,115.16 |
At the end of the current period, total amount of notes payable that have not yet been paid is 0 Yuan.
36.Accounts payable
(1). Presentation of accounts payable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Within 1 year (including 1 year) | 4,284,896,683.47 | 4,740,966,651.23 |
| 1-2 years (including 2 years) | 64,600,813.22 | 70,949,315.73 |
| 2-3 years (including 3 years) | 6,924,627.13 | 6,775,739.34 |
| Over 3 years | 9,216,871.66 | 9,544,712.11 |
| Total | 4,365,638,995.48 | 4,828,236,418.41 |
(2). Important accounts payable aged over 1 year
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
37.Advance receipts
(1). Presentation of advance receipts
□Applicable √Non-applicable
(2). Important accounts payable aged over 1 year
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
38. Contract liabilities
(1). Particulars of contract liabilities
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Within 1 year (including 1 year) | 20,673,926.94 | 12,611,863.68 |
| 1-2 years (including 2 years) | 1,605,035.49 | 2,297,107.82 |
| 2-3 years (including 3 years) | 433,106.80 | 371,856.86 |
| Over 3 years | 6,106,764.19 | 6,772,283.71 |
| Total | 28,818,833.42 | 22,053,112.07 |
(2). The amount and reason for significant change in the book value during the reporting period
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
39.Payroll payable
(1). Presentation of payroll payable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the Beginning of the Period | Increased in the current period | Decreased in the current period | Balance at the End of the Period |
| I . Short-term remuneration | 267,754,276.65 | 1,044,350,997.50 | 1,101,974,108.27 | 210,131,165.88 |
| II. Demission benefits - defined contribution scheme | 944,687.12 | 57,771,173.76 | 57,778,409.52 | 937,451.36 |
| III. Dismissal benefits | ||||
| IV. Other benefits due within 1 year | ||||
| Total | 268,698,963.77 | 1,102,122,171.26 | 1,159,752,517.79 | 211,068,617.24 |
(2) . Presentation of short-term remuneration
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the Beginning of the Period | Increased in the current period | Decreased in the current period | Balance at the End of the Period |
| 1. Wages or salaries, bonuses, allowances and subsidies | 264,803,873.26 | 897,682,918.30 | 956,918,587.14 | 205,568,204.42 |
| 2. Staff welfare | 18,097.01 | 72,277,950.00 | 70,861,310.63 | 1,434,736.38 |
| 3. Social insurance contributions | 580,088.31 | 33,782,580.86 | 33,709,115.76 | 653,553.41 |
| Including: medical insurance premium | 489,297.07 | 30,992,936.59 | 30,919,740.88 | 562,492.78 |
| Work injury insurance premium | 49,608.84 | 2,560,628.65 | 2,565,340.28 | 44,897.21 |
| Birth insurance premium | 41,182.40 | 229,015.62 | 224,034.60 | 46,163.42 |
| 4. Housing funds | 368,319.00 | 33,881,000.21 | 33,883,216.71 | 366,102.50 |
| 5. Labor union and education funds | 1,983,899.07 | 6,726,548.13 | 6,601,878.03 | 2,108,569.17 |
| 6. Short-term paid absences |
| 7. Short-term profit sharing plan | ||||
| Total | 267,754,276.65 | 1,044,350,997.50 | 1,101,974,108.27 | 210,131,165.88 |
(3). Presentation of defined contribution plan
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the beginning of the period | Increased in the current period | Decreased in the current period | Balance at the end of the period |
| 1. Basic pension insurance premium | 916,376.88 | 55,538,069.52 | 55,544,941.29 | 909,505.11 |
| 2. Unemployment insurance premium | 28,310.24 | 2,233,104.24 | 2,233,468.23 | 27,946.25 |
| 3. Corporate annuity payment | ||||
| Total | 944,687.12 | 57,771,173.76 | 57,778,409.52 | 937,451.36 |
Other Notes
□Applicable √Non-applicable
40.Taxes payable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| VAT | 38,597,281.39 | 25,962,529.83 |
| Consumption tax | ||
| Business tax | ||
| Enterprise Income Tax | 111,344,503.90 | 88,955,249.29 |
| Individual income tax | 1,891,493.97 | 3,141,041.76 |
| Urban Maintenance and Construction Tax | 2,384,530.83 | 1,742,456.18 |
| Property tax | 15,097,491.08 | 23,160,515.09 |
| Education surcharges | 1,182,359.84 | 760,938.23 |
| Local education surcharges | 807,244.07 | 526,879.13 |
| Land use tax | 10,729,306.82 | 15,948,536.03 |
| Environmental protection tax | 1,453.92 | 1,103.54 |
| Disabled security fund | 5,444,496.61 | 3,657,058.18 |
| Special funds for water conservancy construction | 42,222.55 | 37,410.48 |
| Stamp duty | 5,116,233.30 | 6,333,004.12 |
| Total | 192,638,618.28 | 170,226,721.86 |
41.Other payables
Presentation of items
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Interest Payable | 4,821,678.63 | 2,342,465.75 |
| Dividends Payable | 510,248,373.09 | |
| Other payables | 20,590,391.30 | 20,387,402.13 |
| Total | 535,660,443.02 | 22,729,867.88 |
Under the resolution of the 2022 Annual General Meeting, the Company will distribute a cash dividendof RMB4.63 (tax included) for every 10 shares to all shareholders on the basis of the total share capitalas at the share registration date for the implementation of the distribution plan, with total dividends ofRMB 510,248,373.09 distributed.Interest Payable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Interest on long-term loans with interest paid in installments | ||
| Corporate bond interest | 4,821,678.63 | 2,342,465.75 |
| Interest payable on short-term loans | ||
| Interest on preferred stock/perpetual bond classified as financial liabilities | ||
| Total | 4,821,678.63 | 2,342,465.75 |
Significant overdue interest payments:
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
Dividends payable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Dividends on ordinary shares | 510,248,373.09 | |
| Dividends on preference shares\perpetual debt classified as equity instruments | ||
| Preference shares\perpetual debt dividend-XXX | ||
| Preference shares\perpetual debt dividend-XXX | ||
| Dividend payable-XXX | ||
| Dividend payable-XXX | ||
| Total | 510,248,373.09 |
Other payables
(1) Other payables presented by nature of funds
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Security deposits | 12,716,988.48 | 10,412,715.65 |
| Others | 7,873,402.82 | 9,974,686.48 |
| Total | 20,590,391.30 | 20,387,402.13 |
(2). Significant other payables aged over 1 year
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
42. Held-for-sale liabilities
□Applicable √Non-applicable
43. Non-current liabilities due within 1 year
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Long-term loans due within 1 year | 1,370,000,000.00 | |
| Bonds payable due within 1 year | ||
| Long-term payables due within 1 year | ||
| Lease liabilities due within 1 year | 26,532,197.38 | 23,450,209.53 |
| Total | 1,396,532,197.38 | 23,450,209.53 |
44. Other current liabilities
√Applicable □Non-applicable
√适用 □不适用
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Short-term bonds payable | ||
| Return payment payable | ||
| Prepaid and deferred output tax | 2,015,565.82 | 1,637,162.58 |
| Financial lease loan | 24,999,999.94 | 164,399,011.59 |
| Total | 27,015,565.76 | 166,036,174.17 |
Changes in short-term bonds payable:
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
45. Long-term loans
(1). Category of long-term loans
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Pledge loans | ||
| Mortgage loans | 2,292,000,000.00 | 2,485,000,000.00 |
| Guaranteed loans | ||
| Credit loans | 341,140,551.03 | 340,000,000.00 |
| Total | 2,633,140,551.03 | 2,825,000,000.00 |
Other notes, including interest rate range:
□Applicable √Non-applicable
46.Bonds payable
(1). Bonds payable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Convertible corporate bonds | 2,397,337,692.56 | 2,357,411,642.30 |
| Total | 2,397,337,692.56 | 2,357,411,642.30 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
(2). Changes in bonds payable: (excluding preferred stocks, perpetual bonds and other financial instruments classified as financial liabilities)
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Bond title | Face value | Issue date | Maturity term | Issue value | Opening balance | Issue in current period | Accrual of interest on face value | Amortization of premium and discount | Repayment in current period | Closing balance |
| Tuopu Convertible Bond | 100.00 | 2022/7/14 | 6 years | 2,500,000,000.00 | 2,357,411,642.30 | 2,479,369.63 | -42,405,419.89 | 2,397,337,692.56 | ||
| Total | / | / | / | 2,500,000,000.00 | 2,357,411,642.30 | 2,479,369.63 | -42,405,419.89 | 2,397,337,692.56 |
(3). Conversion conditions and time of convertible corporate bonds
√Applicable □Non-applicable
Under the provisions of the "Offering Letter of Tuopu Group’s Public Issuance of Convertible Corporate Bonds ", the conversion price is RMB 71.38 per share,and "Tuopu Bond" began to convert shares on 20 January 2023.Under the “Tuopu Group’s Notice on adjustment of Conversion Price of Convertible Bonds due to 2022 Annual Profit Distribution", as disclosed on 10 July2023, the conversion price of "Tuopu Convertible Bonds" was adjusted due to the implementation of the 2022 Annual Profit Distribution Plan, and the adjustedconversion price is RMB 70.92/share, and the date of adjustment of the conversion price is 17 July 2023.
(4). Notes to other financial instruments classified as financial liabilities
General particulars of other financial instruments such as preferred stocks and perpetual bonds issued atthe end of the period
□Applicable √Non-applicable
Changes in financial instruments such as preferred stocks and perpetual bonds issued at the end of theperiod
□Applicable √Non-applicable
Notes to the basis for classification of other financial instruments as financial liabilities:
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
47.Lease liabilities
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Lease liabilities | 87,166,555.13 | 90,535,026.04 |
| Less: Lease liabilities due within one year | -26,532,197.38 | -23,450,209.53 |
| Total | 60,634,357.75 | 67,084,816.51 |
48. Long-term payables
Presentation of items
□Applicable √Non-applicable
Long-term payables
□Applicable √Non-applicable
Special payables
□Applicable √Non-applicable
49. Long-term payroll payable
□Applicable √Non-applicable
50. Estimated liabilities
□Applicable √Non-applicable
51. Deferred income
Deferred income
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the beginning of the period | Increased in the period | Decreased in the period | Balance at the end of the period | Reason |
| Government grants | 367,153,765.44 | 46,596,000.00 | 16,435,725.56 | 397,314,039.88 | |
| Total | 367,153,765.44 | 46,596,000.00 | 16,435,725.56 | 397,314,039.88 | / |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
Items related to government grants:
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the beginning of the period | Additional grants increased in the period | Amount included in non-operating income in the period | Amount included in other income in this period | Other changes | Balance at the end of the period | Assets-related/income-related |
| Automobile composite fiber production project | 241,666.75 | 49,999.98 | 191,666.77 | Assets-related | |||
| Production and application technology transformation project of lightweight materials for vehicles | 2,625,000.00 | 437,500.02 | 2,187,499.98 | Assets-related | |||
| Technological Transformation Project of Automobile High-Performance Shock Absorbing System | 5,281,393.48 | 330,087.06 | 4,951,306.42 | Assets-related | |||
| Production line transformation project of high-performance shock absorbing system for cars | 1,653,714.00 | 275,619.00 | 1,378,095.00 | Assets-related | |||
| Digital workshop project with an annual capacity of 120,000 sets of intelligent braking systems | 3,242,317.22 | 202,644.84 | 3,039,672.38 | Assets-related | |||
| Robotic production of shock absorbing products with an annual increase of 700,000 sets | 1,298,000.00 | 235,999.98 | 1,062,000.02 | Assets-related | |||
| Technological | 5,347,566.55 | 445,630.56 | 4,901,935.99 | Assets-related |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Transformation Project of Automobile High-Performance Shock Absorbing System | |||||||
| Technological Transformation Project of Automobile Interior and Exterior Trim Parts | 5,246,833.16 | 407,733.24 | 4,839,099.92 | Assets-related | |||
| Technological Transformation Project of Automobile Lightweight Parts Production Line | 5,491,538.67 | 457,628.16 | 5,033,910.51 | Assets-related | |||
| Technological transformation project of automobile chassis lightweight components | 9,196,355.25 | 540,962.04 | 8,655,393.21 | Assets-related | |||
| Technological transformation project of automobile chassis lightweight production line | 865,297.36 | 54,081.06 | 811,216.30 | Assets-related | |||
| Technological Transformation Project of Automobile Lightweight Control Arms | 5,252,250.80 | 437,687.58 | 4,814,563.22 | Assets-related | |||
| Technological transformation project of lightweight auto parts | 5,313,449.27 | 332,090.58 | 4,981,358.69 | Assets-related | |||
| Tuopu Intelligent Mechatronic System Industrial Park Project | 22,748,809.60 | 692,857.14 | 22,055,952.46 | Assets-related | |||
| Auto parts production and industrial automation projects | 71,166,861.65 | 900,000.00 | 70,266,861.65 | Assets-related | |||
| Technological transformation project for the production line of automotive lightweight alloy parts with an annual capacity of 300,000 | 6,790,289.63 | 500,000.10 | 6,290,289.53 | Assets-related |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| sets | |||||||
| Technological Transformation Project of Automobile High-Performance Shock Absorbing System | 4,488,727.80 | 286,603.80 | 4,202,124.00 | Assets-related | |||
| Subsidies for land leveling | 7,468,401.22 | 77,291.16 | 7,391,110.06 | Assets-related | |||
| Technological Transformation Project of Automobile High-Performance Shock Absorbing System 2,000,000 sets | 5,579,166.64 | 325,000.02 | 5,254,166.62 | Assets-related | |||
| Technological transformation project of automotive NVH interior trim parts system | 2,479,810.78 | 144,454.98 | 2,335,355.80 | Assets-related | |||
| Technological transformation project of automotive lightweight components | 5,579,166.65 | 325,000.02 | 5,254,166.63 | Assets-related | |||
| Technological transformation project of automotive lightweight components of 3,000,000 pieces | 5,579,166.65 | 325,000.02 | 5,254,166.63 | Assets-related | |||
| Technological transformation project of NEVs front and rear axle assembly | 17,666,666.63 | 1,000,000.02 | 16,666,666.61 | Assets-related | |||
| Pinghu Tuopu Auto Parts Production Project | 11,141,900.00 | 397,925.00 | 10,743,975.00 | Assets-related | |||
| Relocation project with an annual capacity of 300,000 sets of automotive Interior & Exterior System | 552,968.98 | 55,296.90 | 497,672.08 | Assets-related | |||
| Lightweight suspension system technology transformation project with | 5,188,000.00 | 259,399.98 | 4,928,600.02 | Assets-related |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| an annual capacity of 350,000 sets | |||||||
| Hunan Xiangtan Auto Parts Industry Base Project | 13,379,433.26 | 900,000.00 | 365,451.38 | 13,913,981.88 | Assets-related | ||
| Tuopu Chassis Auto Parts Industry Base Project | 15,727,824.89 | 164,689.26 | 15,563,135.63 | Assets-related | |||
| Production line project with an annual capacity of 300,000 sets of related auto parts | 487,945.66 | 43,399.14 | 444,546.52 | Assets-related | |||
| Automobile chassis parts project with an annual capacity of 500,000 sets | 4,301,229.05 | 51,614.75 | 4,249,614.30 | Assets-related | |||
| Passenger vehicle chassis suspension components project with an annual capacity of 500,000 sets | 1,724,857.60 | 163,026.48 | 1,561,831.12 | Assets-related | |||
| Technological transformation project of automotive suspension chassis production line with an annual capacity of 500,000 sets | 2,751,629.96 | 188,834.14 | 2,562,795.82 | Assets-related | |||
| Technological transformation project for the production line of automobile front and rear axle with an annual output of 200,000 sets | 787,380.56 | 178,346.51 | 609,034.05 | Assets-related | |||
| Technological transformation project of automobile suspension chassis production line with annual capacity of 300,000 sets | 1,107,707.38 | 144,593.61 | 963,113.77 | Assets-related | |||
| Automobile Fabric Production Line Project | 2,620,744.49 | 266,516.39 | 2,354,228.10 | Assets-related | |||
| Intelligent factory construction project with an | 485,833.31 | 55,000.00 | 430,833.31 | Assets-related |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| annual capacity of 2 million sets of automotive Interior & Exterior System | |||||||
| Technological transformation project of car roof, carpet assembly and other Interior & Exterior System with an annual capacity of 1.6 million sets | 660,000.00 | 82,500.00 | 577,500.00 | Assets-related | |||
| Auto Parts Production Project of Liudong New District | 1,193,953.49 | 42,139.54 | 1,151,813.95 | Assets-related | |||
| Auxiliary project outside the factory | 5,700,936.62 | 196,082.50 | 5,504,854.12 | Assets-related | |||
| Shenyang Tuopu Auto Parts Base Project | 194,444.39 | 194,444.39 | 0.00 | Assets-related | |||
| Digital workshop project of NEV thermal management system with an annual capacity of 250,00 | 18,461,538.47 | 1,025,641.02 | 17,435,897.45 | Assets-related | |||
| Technological transformation project of NEV chassis critical components | 7,077,729.31 | 7,960,000.00 | 724,724.44 | 14,313,004.87 | Assets-related | ||
| Technical Transformation Project of Automotive Lightweight Steering System | 18,411,199.97 | 995,200.02 | 17,415,999.95 | Assets-related | |||
| District-level technological transformation project of NEV front and rear axle assemblies | 1,883,333.31 | 100,000.02 | 1,783,333.29 | Assets-related | |||
| District-level technological transformation project of lightweight steering system | 1,883,333.31 | 100,000.02 | 1,783,333.29 | Assets-related | |||
| District-level technological transformation subsidies for chassis shock absorbing | 1,883,333.31 | 100,000.02 | 1,783,333.29 | Assets-related |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| system | |||||||
| The technological transformation project of chassis shock absorbing system in 2022 | 9,341,666.66 | 10,500,000.00 | 912,500.02 | 18,929,166.64 | Assets-related | ||
| Technological transformation project of NEV battery mounting with an annual capacity of 200,000 sets | 5,600,000.00 | 280,006.02 | 5,319,993.98 | Assets-related | |||
| Technological transformation project of automobile chassis lightweight production line with an annual capacity of 100,000 sets | 4,002,391.70 | 219,334.98 | 3,783,056.72 | Assets-related | |||
| Tuopu’s production base project of NEV lightweight chassis system and NVH interior trim parts system | 30,000,000.00 | 0.00 | 30,000,000.00 | Assets-related | |||
| Technological transformation project of NEV drive-by-wire chassis critical components | 17,936,000.00 | 285,176.48 | 17,650,823.52 | Assets-related | |||
| Technological transformation project of automotive control arm | 4,000,000.00 | 33,333.33 | 3,966,666.67 | Assets-related | |||
| Ushone Intelligent Driving production project | 5,300,000.00 | 26,677.86 | 5,273,322.14 | Assets-related | |||
| Total | 367,153,765.44 | 46,596,000.00 | 16,435,725.56 | 397,314,039.88 |
Other Notes:
□Applicable √Non-applicable
52. Other non-current liabilities
□Applicable √Non-applicable
53.Equity
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Balance at the beginning of the period | Balance at the end of the period | ||||||
| Total shares | 1,102,046,572.00 | 1,736.00 | 1,736.00 | 1,102,048,308.00 | |||
Other Notes:
From January to June 2023, the convertible bonds converted to 1,736 shares.
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
54.Other equity instruments
(1). Basic information of other financial instruments such as preferred stocks and perpetual bonds issued at the end of the period
□Applicable √Non-applicable
(2) . Changes in financial instruments such as preferred stocks and perpetual bonds issued at the end of the period
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Changes in other equity instruments during the current period, the reason for the changes, and the basis for related accounting treatments:
√Applicable □Non-applicable
From January to June 2023, the convertible bond holders converted 1,240 convertible bonds into shares, so the corresponding equity portion of the convertiblebonds valued at $8,356.9 is derecognized.
Other Notes:
□Applicable √Non-applicable
| Outstanding financial instruments | As at the beginning of the period | Increase of the period | Decrease of the period | As at the end of the period | ||||
| Quantity | Book value | Quantity | Book value | Quantity | Book value | Quantity | Book value | |
| Equity value of convertible bonds | 25,000,000.00 | 143,214,233.30 | 1,240.00 | 8,356.98 | 24,998,760.00 | 143,205,876.32 | ||
| Total | 25,000,000.00 | 143,214,233.30 | 1,240.00 | 8,356.98 | 24,998,760.00 | 143,205,876.32 | ||
55.Capital reserve
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the beginning of the period | Increased in the period | Decreased in the period | Balance at the end of the period |
| Capital premium (equity premium) | 5,340,788,538.03 | 124,273.05 | 5,340,912,811.08 | |
| Other capital reserves | 10,348.78 | 10,348.78 | ||
| Total | 5,340,798,886.81 | 124,273.05 | 5,340,923,159.86 |
Other notes, including the note to the increase or decrease during the period and the reason for thechange:
The convertible bonds converted to shares in January-June 2023 lead to an increase of RMB124,273.05 in Corporate Capital - Equity Premium.
56.Treasury stocks
□Applicable √Non-applicable
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
57.Other comprehensive income
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the beginning of the period | Amount incurred in the current period | Balance at the end of the period | |||||
| Amount incurred before income tax in the current period | Less: recorded into other comprehensive incomes in previous period and transferred to P/L in current period | Less: Recorded into other comprehensive incomes in previous period and transferred to retained income in current period | Less: Income Tax Expense | Attributable to the Company after tax | Attributable to the minority shareholders after tax | |||
| 1. Other comprehensive income that cannot be reclassified into profit and loss | ||||||||
| Including: re-measurement of changes in defined benefit plans | ||||||||
| Other comprehensive income that cannot be transferred to profit and loss under the equity method | ||||||||
| Changes in the fair value of other equity instrument investments | ||||||||
| Changes in fair value of the enterprise's own credit risk | ||||||||
| 2. Other comprehensive income that will be reclassified into profit and loss | -21,343,831.86 | 11,924,312.63 | 11,281,395.14 | 642,917.49 | -10,062,436.72 | |||
| Including: other comprehensive income that can be transferred to | ||||||||
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| profit or loss under the equity method | ||||||||
| Changes in the fair value of other debt investments | ||||||||
| Amount of financial assets reclassified and included in other comprehensive income | ||||||||
| Provision for impairment of other debt investment | ||||||||
| Cash flow hedge reserves | ||||||||
| Translation difference of foreign currency financial statements | -21,343,831.86 | 11,924,312.63 | 11,281,395.14 | 642,917.49 | -10,062,436.72 | |||
| Total | -21,343,831.86 | 11,924,312.63 | 11,281,395.14 | 642,917.49 | -10,062,436.72 |
58.Special reserves
□Applicable √Non-applicable
59.Surplus reserve
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the beginning of the period | Increased in the current period | Decreased in the current period | Balance at the end of the period |
| Statutory surplus reserve | 631,484,906.94 | 631,484,906.94 | ||
| Discretionary surplus reserve | ||||
| Reserve fund | ||||
| Business development fund | ||||
| Others | ||||
| Total | 631,484,906.94 | 631,484,906.94 |
60. Undistributed profit
√Applicable □Non-applicable
√适用 □不适用
Unit：Yuan Currency：RMB
| Item | Current period | Previous period |
| Undistributed Profit before Adjustment at the End of Previous Period | 4,933,178,573.10 | 3,627,091,164.15 |
| Adjust the total undistributed profits at the start of the period (increase +, decrease -) | ||
| Undistributed Profit after Adjustment at the Start of the Period | 4,933,178,573.10 | 3,627,091,164.15 |
| Add: net profit attributable to parent company's owner in current period | 1,094,024,695.52 | 1,700,131,795.33 |
| Less: withdrawal of statutory surplus reserve | 87,675,439.36 | |
| Withdrawal of discretionary surplus reserve | ||
| Withdrawal of general risk reserve | ||
| Ordinary stock dividend payable | 510,248,373.09 | 306,368,947.02 |
| Ordinary stock dividends converted into equity | ||
| Undistributed profit at the end of the period | 5,516,954,895.53 | 4,933,178,573.10 |
Adjust the particulars of undistributed profit at the beginning of the period:
1. The impact of the retrospective adjustment of the "Accounting Standards for Business Enterprises"and updated regulations on undistributed profit at the beginning of the period is RMB 0.
2. The impact of changes in accounting policies on undistributed profit at the beginning of the period isRMB 0.
3. The impact of the correction of major accounting errors on undistributed profit at the beginning ofthe period is RMB 0.
4. The impact of change in the scope of business combination as a result of the same control onundistributed profit at the beginning of the period is RMB 0.
5. The gross impact of other adjustments on the undistributed profit at the beginning of the period isRMB 0.Other notes to undistributed profits:
According to the resolution passed at 2022 Annual General Meeting, the Company distributedRMB 4.63 per 10 shares (tax included) to all shareholders as cash dividends with total shares on therecord date for distribution plan as the base number, and total dividends at 510,248,373.09 weredistributed.
61. Operating income and operating cost
(1). Particulars of operating income and operating cost
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period | ||
| Income | Cost | Income | Cost | |
| Main operation | 8,702,538,262.43 | 6,820,269,065.35 | 6,476,966,953.32 | 5,221,541,982.74 |
| Other operations | 457,912,782.09 | 271,448,906.44 | 317,022,815.48 | 121,174,675.41 |
| Total | 9,160,451,044.52 | 7,091,717,971.79 | 6,793,989,768.80 | 5,342,716,658.15 |
(2). Particulars of the income generated from contract
□Applicable √Non-applicable
(3). Notes to discharge of obligation
□Applicable √Non-applicable
(4). Notes to allocation to remaining performance obligations
□Applicable √Non-applicable
62.Taxes and surcharges
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Consumption tax | ||
| Business tax | ||
| Urban Maintenance and Construction Tax | 15,583,258.85 | 8,074,140.26 |
| Education Surcharges | 7,387,880.23 | 3,529,547.70 |
| Resource tax | 4,924,670.76 | 2,369,180.60 |
| Property tax | ||
| Land use tax | 17,446,434.72 | 11,764,355.53 |
| Vehicle and vessel use tax | 12,432,093.42 | 8,633,935.65 |
| Stamp duty | 7,165.16 | 13,190.56 |
| Local education surcharges | 10,212,488.91 | 3,564,126.86 |
| Environmental protection tax | 3,150.34 | 7,089.23 |
| Others | 74,164.71 | 873,687.24 |
| Total | 68,071,307.10 | 38,829,253.63 |
63. Sales expense
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Service expense | 49,440,364.49 | 42,376,016.59 |
| Payroll | 25,346,272.50 | 21,455,991.86 |
| Business hospitality expense | 15,683,391.48 | 12,916,387.51 |
| Repair cost | 3,604,247.51 | 11,047,750.36 |
| Travel expense | 2,259,881.35 | 915,934.48 |
| Packaging fee | 28,410.99 | 851,529.53 |
| Vehicle cost | 1,002,945.18 | 1,099,785.21 |
| Exhibition fee | 211,298.67 | |
| Others | 2,655,643.20 | 2,696,061.16 |
| Total | 100,232,455.37 | 93,359,456.70 |
64. Overhead expense
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Payroll | 164,532,947.07 | 116,605,643.54 |
| Depreciation expense | 20,487,074.46 | 16,882,298.57 |
| Business hospitality expense | 2,626,917.81 | 1,610,768.34 |
| Vehicle cost | 2,724,946.91 | 2,032,476.28 |
| Travel expenses | 3,569,709.73 | 942,196.16 |
| Amortization of intangible assets | 14,080,612.16 | 11,178,408.91 |
| Office expenses | 3,203,655.04 | 3,874,134.51 |
| Insurance premiums | 4,778,008.46 | 3,998,507.91 |
| Intermediary fee | 3,856,258.68 | 2,905,267.74 |
| Utility bills | 3,682,787.18 | 2,334,057.77 |
| Service charge | 11,351,636.54 | 9,787,302.53 |
| Rent | 241,206.44 | 1,235,711.93 |
| Others | 15,271,855.75 | 13,579,193.41 |
| Total | 250,407,616.23 | 186,965,967.60 |
65.R&D expenses
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Material | 151,503,275.20 | 99,480,660.19 |
| Payroll | 202,763,696.73 | 150,435,254.13 |
| Depreciation and amortization | 43,882,092.90 | 32,948,309.01 |
| Transportation and storage fee | 4,198,247.10 | 2,403,436.74 |
| Energy consumption fee | 20,677,962.24 | 19,521,719.90 |
| Travel expense | 4,982,972.45 | 3,083,428.15 |
| Trial production expense | 6,977,674.86 | 5,719,530.11 |
| Others | 15,990,661.58 | 10,168,481.87 |
| Total | 450,976,583.06 | 323,760,820.10 |
66. Financial expense
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Interest expense | 110,183,341.40 | 37,501,673.22 |
| interest income | -20,349,051.18 | -9,832,744.02 |
| Gain and loss from exchange | -105,054,401.81 | -42,704,731.05 |
| Handling charge | 1,939,137.25 | 2,388,456.56 |
| Total | -13,280,974.34 | -12,647,345.29 |
67.Other income
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Government grants | 87,132,153.51 | 24,261,834.13 |
| Withholding personal income tax fees | 572,556.13 | 398,205.75 |
| Total | 87,704,709.64 | 24,660,039.88 |
Other Notes:
Government grants included in other income:
Unit：Yuan Currency：RMB
| Item | Amount in the current period | Amount in previous period | Assets-related/Income-related |
| Automobile composite fiber production project | 49,999.98 | 49,999.98 | Assets-related |
| Production and application technology transformation project of lightweight materials for vehicles | 437,500.02 | 437,500.02 | Assets-related |
| Technological Transformation Project of Automobile High-Performance Shock Absorbing System | 330,087.06 | 86,190.00 | Assets-related |
| Production line transformation project of high-performance shock absorbing system for cars | 275,619.00 | 275,619.00 | Assets-related |
| Digital workshop project with an annual capacity of 120,000 sets of intelligent braking systems | 202,644.84 | 202,644.84 | Assets-related |
| Robotic production of shock absorbing products with an annual increase of 700,000 sets | 235,999.98 | 235,999.98 | Assets-related |
| Technological Transformation | 445,630.56 | 445,630.56 | Assets-related |
| Project of Automobile High-Performance Shock Absorbing System | |||
| Technological Transformation Project of Automobile Interior and Exterior Trim Parts | 407,733.24 | 407,733.24 | Assets-related |
| Technological Transformation Project of Automobile Lightweight Parts Production Line | 457,628.16 | 457,628.16 | Assets-related |
| Technological transformation project of automobile chassis lightweight components | 540,962.04 | 540,962.04 | Assets-related |
| Technological transformation project of automobile chassis lightweight production line | 54,081.06 | 54,081.06 | Assets-related |
| Technological Transformation Project of Automobile Lightweight Control Arms | 437,687.58 | 437,687.58 | Assets-related |
| Technological transformation project of lightweight auto parts | 332,090.58 | 292,368.15 | Assets-related |
| Tuopu Intelligent Mechatronic System Industrial Park Project | 692,857.14 | 692,857.14 | Assets-related |
| Auto parts production and industrial automation projects | 900,000.00 | 1,128,583.62 | Assets-related |
| Technological transformation project for the production line of automotive lightweight alloy parts with an annual capacity of 300,000 sets | 500,000.10 | 500,000.10 | Assets-related |
| Technological Transformation Project of Automobile High-Performance Shock Absorbing System | 286,603.80 | 286,603.80 | Assets-related |
| Subsidies for land leveling | 77,291.16 | 77,906.68 | Assets-related |
| Technological Transformation Project of Automobile High-Performance Shock Absorbing System of 2,000,000 sets | 325,000.02 | 325,000.02 | Assets-related |
| Technological transformation project of automotive NVH interior trim parts system | 144,454.98 | 144,454.98 | Assets-related |
| Technological transformation project of automotive lightweight components | 325,000.02 | 325,000.02 | Assets-related |
| Technological transformation project of automotive lightweight components of 3,000,000 pieces | 325,000.02 | 325,000.02 | Assets-related |
| Technological transformation project of NEVs front and rear axle assembly | 1,000,000.02 | 1,000,000.02 | Assets-related |
| Pinghu Tuopu Auto Parts Production Project | 397,925.00 | 397,925.00 | Assets-related |
| Relocation project with an annual capacity of 300,000 sets of automotive Interior & Exterior | 55,296.90 | 55,296.90 | Assets-related |
| System | |||
| Lightweight suspension system technology transformation project with an annual capacity of 350,000 sets | 259,399.98 | Assets-related | |
| Hunan Xiangtan Auto Parts Industry Base Project | 365,451.38 | 216,489.15 | Assets-related |
| Tuopu Chassis Auto Parts Industry Base Project | 164,689.26 | 246,329.24 | Assets-related |
| Production line project with an annual capacity of 300,000 sets of related auto parts | 43,399.14 | 43,399.14 | Assets-related |
| Automobile chassis parts project with an annual capacity of 500,000 sets | 51,614.75 | 51,614.75 | Assets-related |
| Passenger vehicle chassis suspension components project with an annual capacity of 500,000 sets | 163,026.48 | 163,026.48 | Assets-related |
| Technological transformation project of automotive suspension chassis production line with an annual capacity of 500,000 sets | 188,834.14 | 188,834.14 | Assets-related |
| Technological transformation project for the production line of automobile front and rear axle with an annual output of 200,000 sets | 178,346.51 | 189,055.38 | Assets-related |
| Technological transformation project of automobile suspension chassis production line with annual capacity of 300,000 sets | 144,593.61 | 144,593.61 | Assets-related |
| Automobile Fabric Production Line Project | 266,516.39 | 266,516.39 | Assets-related |
| Intelligent factory construction project with an annual capacity of 2 million sets of automotive Interior & Exterior System | 55,000.00 | 55,000.00 | Assets-related |
| Technological transformation project of car roof, carpet assembly and other Interior & Exterior System with an annual capacity of 1.6 million sets | 82,500.00 | 82,500.00 | Assets-related |
| Auto Parts Production Project of Liudong New District | 42,139.54 | 42,139.54 | Assets-related |
| Auxiliary project outside the factory | 196,082.50 | 196,082.50 | Assets-related |
| Shenyang Tuopu Auto Parts Base Project | 194,444.39 | 291,666.66 | Assets-related |
| Digital workshop project of NEV thermal management system with an annual capacity of 250,00 | 1,025,641.02 | 512,820.51 | Assets-related |
| Technological transformation project of NEV chassis critical components | 724,724.44 | Assets-related | |
| Technical Transformation Project | 995,200.02 | 497,600.01 | Assets-related |
| of Automotive Lightweight Steering System | |||
| District-level technological transformation project of NEV front and rear axle assemblies | 100,000.02 | 16,666.67 | Assets-related |
| District-level technological transformation project of lightweight steering system | 100,000.02 | 16,666.67 | Assets-related |
| District-level technological transformation subsidies for chassis shock absorbing system | 100,000.02 | 16,666.67 | Assets-related |
| The technological transformation project of chassis shock absorbing system in 2022 | 912,500.02 | Assets-related | |
| Technological transformation project of NEV battery mounting with an annual capacity of 200,000 sets | 280,006.02 | Assets-related | |
| Technological transformation project of automobile chassis lightweight production line of 0.1 million sets | 219,334.98 | 40,649.51 | Assets-related |
| Tuopu’s production base project of NEV lightweight chassis system and NVH interior trim parts system | Assets-related | ||
| Technological transformation project of NEV drive-by-wire chassis critical components | 285,176.48 | Assets-related | |
| Technological transformation project of automotive control arm | 33,333.33 | Assets-related | |
| Ushone Intelligent Driving production project | 26,677.86 | Assets-related | |
| Enterprise reorder support subsidy | 1,256,300.00 | Income-related | |
| Subsidy for labor recruitment | 502,000.00 | Income-related | |
| Electricity subsidy for qualified capacity expansion | 1,000,000.00 | Income-related | |
| Incentive for Ningbo management innovation standard level-up | 50,000.00 | Income-related | |
| Subsidy for new enterprises above designated size in Qianwan New Area | 50,000.00 | Income-related | |
| Subsidy for the creation of 3 and 4 stars eco-friendly plants | 200,000.00 | Income-related | |
| Incentive for stepping up | 100,000.00 | Income-related | |
| Xiangtan industry boost “Thousand-Hundred XV” project funds | 100,000.00 | Income-related | |
| Going global incentive | 82,800.00 | Income-related | |
| Fund to the first batch of development support incentives 2023 | 120,000.00 | Income-related | |
| Science and technology innovation policy subsidy | 10,000.00 | Income-related | |
| Incentive for upgrading to enterprise above designated size | 150,000.00 | Income-related |
| Subsidy for New Area industrial enterprises rank list 2022 | 100,000.00 | Income-related | |
| Incentive for large, excellent and strong enterprises qualifying output value | 800,000.00 | Income-related | |
| Subsidy for occupational skill training at Pinghu Employment Management Center | 800.00 | Income-related | |
| Output benefit progress reward | 30,000.00 | Income-related | |
| Development support reward | 310,000.00 | Income-related | |
| Phoenix Action Plan (convertible bond refinancing) | 1,000,000.00 | Income-related | |
| Reward for enterprise above designated level | 50,000.00 | Income-related | |
| R&D incentive | 1,200,000.00 | Income-related | |
| Assessment incentive for the Top 100 manufacturing enterprises 2021 from the Bureau of Economy and Information Technology | 11,000,000.00 | Income-related | |
| Incentive for the Q1 statistics from the Bureau of Economy and Information Technology | 1,500.00 | Income-related | |
| Incentive for harmonious labor relation enterprise of Liangjiang New Area Class A reward | 5,000.00 | Income-related | |
| Undistributed part of subsidy for retained labor forces | 183,000.00 | Income-related | |
| Subsidy for enterprise R&D input from the Science and Technology Bureau of Beilun District, Ningbo | 169,200.00 | Income-related | |
| Incentive for the R&D input 2022 from the Science and Technology Bureau of Beilun District, Ningbo | 1,500.00 | Income-related | |
| First-time subsidy for enterprise R&D input | 1,000,000.00 | Income-related | |
| Fund to the first-time development and support incentive 2023 of commercial and trading enterprise | 410,000.00 | Income-related | |
| Subsidy for placement of unemployed persons | 3,972.89 | Income-related | |
| Tax rebate for property tax and land use tax in January-June 2021 | 278,044.56 | Income-related | |
| Incentive for R&D input | 2,006,000.00 | Income-related | |
| Subsidy for the Rank List Model Entities 2022 from the Economy Bureau of Hangzhou Bay | 350,000.00 | Income-related | |
| Subsidy for employing poverty-stricken persons in October-December 2022 from the Employment Bureau | 63,828.00 | Income-related | |
| Subsidy for hiring fresh full-time graduates | 1,000.00 | Income-related | |
| Subsidy for retaining jobs from the unemployment insurance fund of Xiangtan Employment Service Center | 81,500.00 | Income-related |
| One-off subsidy for additional job offers | 158,300.00 | Income-related | |
| Government incentive-output benefit progress award | 50,000.00 | Income-related | |
| Incentive for foreign trade enterprise outbound | 20,000.00 | Income-related | |
| Incentive for foreign trade enterprise outbound | 10,000.00 | Income-related | |
| Subsidy for Specialized and Sophisticated SMEs from the Economy and Commerce Bureau of Wuyi County | 95,000.00 | Income-related | |
| Subsidy for R&D 2021 from the Science and Technology Bureau of Wuyi County | 220,875.00 | Income-related | |
| Reward for special fund to emerging industries –First-time | 1,000,000.00 | Income-related | |
| Incentive fund for star eco-friendly plant | 100,000.00 | Income-related | |
| R&D subsidy | 500,000.00 | Income-related | |
| One-off subsidy for additional job offers | 4,500.00 | Income-related | |
| Tax rebate reward for enterprise qualifying assessment | 21,000,000.00 | Income-related | |
| Second-time tax rebate reward for enterprise qualifying assessment | 19,700,000.00 | Income-related | |
| Subsidy for driving the economic development of Yinzhou | 225,210.00 | Income-related | |
| Subsidy for stabilizing production and promoting growth in Q3 and 4 of Yinzhou | 200,000.00 | Income-related | |
| Stamp duty refund | 4,030,000.00 | Income-related | |
| Stamp duty refund | 15,397.50 | Income-related | |
| Subsidy for stand up to the tide and taking a greater responsibility | 200,000.00 | Income-related | |
| Subsidy for talent recruitment | 1,000.00 | Income-related | |
| Government fund to support reordering | 499,700.00 | Income-related | |
| Stable employment subsidies | 2,719,286.74 | Income-related | |
| Power grants | 150,000.00 | Income-related | |
| Subsidies for “on-the-job training” | 90,000.00 | Income-related | |
| Special Fund for Ningbo Engineering Research Center | 3,000,000.00 | Income-related | |
| Reward for attaining the output value target of Ningbo in 2021 Q4 | 600,000.00 | Income-related | |
| Grants for Ningbo 2021 going global award | 92,300.00 | Income-related | |
| Talent recruitment subsidies | 1,500.00 | Income-related | |
| Government incentives for additional issuance of shares for refinancing | 1,000,000.00 | Income-related | |
| Entrepreneurship and Employment Fee for Retired Soldiers | 42,000.00 | Income-related | |
| Beilun Policy Subsidy (interior and exterior, NEV projects) | 43,100.00 | Income-related |
| Policy for retaining and optimizing employees, maintaining stable growth and promoting investment in the service industry | 75,068.80 | Income-related | |
| 2022 government subsidies for scientific and technological innovation granted by Wuyi Finance Bureau | 353,000.00 | Income-related | |
| Government subsidies for provincial R&D center granted by Wuyi Finance Bureau | 190,000.00 | Income-related | |
| 2022 policy incentive for supporting enterprises in production and growth granted by Wuyi Finance Bureau | 50,000.00 | Income-related | |
| One-time subsidies for job retention and training granted by Wuyi Social Security Bureau | 122,500.00 | Income-related | |
| Suining Anju District Industrial High-quality Development Award | 253,700.00 | Income-related | |
| Suining 2020 R&D Subsidies | 21,800.00 | Income-related | |
| Hangzhou Bay New Area 2021 Economic "Wind and Cloud List" Advanced Unit Award | 500,000.00 | Income-related | |
| Subsidies for attaining the output target of Hangzhou Bay New Area | 1,000,000.00 | Income-related | |
| 2021 subsidies for key enterprises in single champion manufacturing of Hangzhou Bay New Area | 800,000.00 | Income-related | |
| Linhai Industrial Enterprises Rewards for Stable and Expanded Capacity | 200,000.00 | Income-related | |
| Unit yield reward | 200,000.00 | Income-related | |
| High-tech enterprise subsidies | 100,000.00 | Income-related | |
| Government economic conference incentives | 50,000.00 | Income-related | |
| Project construction funds of development zone administration board | 50,000.00 | Income-related | |
| Property tax refund | 46,588.66 | Income-related | |
| Grants from Science and Technology Bureau | 50,000.00 | Income-related | |
| Total | 87,132,153.51 | 24,261,834.13 |
68. Investment income
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Long-term equity investment income calculated by the equity method | 11,141,300.10 | 10,569,117.18 |
| Investment income from disposal of |
| long-term equity investments | ||
| Investment income of trading financial assets during the holding period | ||
| Dividend income from other equity instrument investments during the holding period | ||
| Interest income from debt investment during the holding period | ||
| Interest income from other debt investments during the holding period | ||
| Investment income from disposal of trading financial assets | ||
| Investment income from the disposal of other equity instrument investments | ||
| Investment income from disposal of debt investment | ||
| Investment income from the disposal of other debt investments | ||
| Income from debt restructuring | ||
| Investment income from financial management products | 3,553,755.28 | 4,771,387.95 |
| Total | 14,695,055.38 | 15,340,505.13 |
69. Net exposure hedging income
□Applicable √Non-applicable
70.Gains from changes in fair value
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Sources of income from changes in fair value | Amount incurred in the current period | Amount incurred in previous period |
| Transactional financial assets | -216,798.66 | -197,311.14 |
| Including: income from changes in fair value generated by derivative financial instruments | ||
| Transactional financial liabilities | ||
| Investment real estate measured at fair value | ||
| Total | -216,798.66 | -197,311.14 |
71. Credit impairment loss
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Sources of income from changes in fair value | Amount incurred in the current period | Amount incurred in previous period |
| Bad debt loss on accounts receivable | 265,578.53 | 3,695,368.90 |
| Bad debt loss on accounts receivable | 25,370,911.44 | -12,865,888.98 |
| Bad debt loss on other receivables | -2,115,295.86 | 1,854,233.04 |
| Impairment loss of debt investment |
| Impairment loss of other debt investment | ||
| Bad debt loss of long-term receivables | ||
| Impairment loss of contract assets | ||
| Impairment losses on receivables financing | 304,387.40 | |
| Total | 23,825,581.51 | -7,316,287.04 |
72. Asset impairment loss
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| 1. Loss of bad debts | ||
| 2. Loss of inventory falling price and loss of contract performance cost impairment | 5,466,369.89 | 6,424,175.11 |
| 3. Long-term equity investment impairment losses | ||
| 4. Impairment loss of investment real estate | ||
| 5. Impairment loss of fixed assets | ||
| 6. Impairment loss of construction materials | ||
| 7. Impairment loss of construction in progress | ||
| 8. Impairment loss of productive biological assets | ||
| 9. Impairment losses of oil and gas assets | ||
| 10. Intangible assets impairment loss | ||
| 11. Goodwill impairment loss | ||
| 12. Others | ||
| Total | 5,466,369.89 | 6,424,175.11 |
73. Income from disposal of assets
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Income from disposal of assets | 16,240.57 | -544,422.83 |
| Total | 16,240.57 | -544,422.83 |
Other note:
□Applicable √Non-applicable
74. Non-operating income
√Applicable □Non-applicable
√适用 □不适用
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period | Amount included in the current non-recurring profit and loss |
| Total gains from disposal of non-current assets | 202,979.64 | 202,979.64 | |
| Including: gains from disposal of fixed assets | 202,979.64 | 202,979.64 | |
| Gains from disposal of intangible assets | |||
| Gains from debt restructuring | |||
| Gains from non-monetary asset exchange | |||
| Capital from donation | |||
| Government grants | |||
| Compensation income | 463,914.68 | 463,914.68 | |
| Other | 563,688.20 | 482,097.90 | 563,688.20 |
| Total | 1,230,582.52 | 482,097.90 | 1,230,582.52 |
Government grants included in current profit and loss
□Applicable √Non-applicable
Other note:
□Applicable √Non-applicable
75.Non-operating expenses
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period | Amount included in the current non-recurring profit and loss |
| Total loss from disposal of non-current assets | 11,961,652.67 | 1,171,296.00 | 11,961,652.67 |
| Including: Loss on disposal of fixed assets | 11,961,652.67 | 1,171,296.00 | 11,961,652.67 |
| Loss on disposal of intangible assets | |||
| Gains from debt restructuring | |||
| Loss from exchange of non-monetary assets | |||
| External donation | 7,079.65 | 7,079.65 | |
| Special funds for water conservancy construction | 275,342.98 | 37,136.90 |
| Loss from debt restructuring | 405,489.98 | 147,008.82 | 405,489.98 |
| Total | 12,649,565.28 | 1,355,441.72 | 12,374,222.30 |
76. Income tax expense
(1). Schedule of income tax expense
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Income tax expense in the current period | 194,782,252.59 | 153,222,074.77 |
| Deferred income tax expense | -20,130,355.19 | -9,557,471.35 |
| Total | 174,651,897.40 | 143,664,603.42 |
(2). Adjustment process of accounting profit and income tax expense
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period |
| Total profits | 1,273,814,358.08 |
| Income tax expense calculated at the statutory/applicable tax rate | 191,072,153.71 |
| Impact of different tax rates applied to subsidiaries | 39,048,752.20 |
| Adjusted impact of income tax in prior periods | 2,122,681.68 |
| Impact of non-taxable income | -1,671,195.02 |
| Impact of non-deductible costs, expenses and losses | 2,506,463.75 |
| Impact of using deductible losses of deferred income tax assets that have not been recognized in the previous period | -17,444,756.46 |
| Impact of deductible temporary differences or deductible losses on unrecognized deferred income tax assets in the current period | 22,960,407.52 |
| Change in deferred tax asset/liability balance at the beginning of the period due to tax rate adjustment | |
| Impact of additional tax deductions for enterprise research and development | -63,942,609.98 |
| Income tax expense | 174,651,897.40 |
Other Notes:
□Applicable √Non-applicable
77. Other Comprehensive Income
√Applicable □Non-applicable
More details are available in“Note VII. 57. Other comprehensive income”
78.Cash flow statement items
(1). Other cash received related to operating activities
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Security deposits recovered | 61,477,108.37 | 4,673,237.33 |
| Interest income | 20,349,051.18 | 9,832,744.02 |
| Government grants | 117,300,592.89 | 94,818,312.39 |
| Income from compensation and fines | 463,914.68 | |
| Others | 1,206,094.80 | 482,097.90 |
| Total | 200,796,761.92 | 109,806,391.64 |
(2). Other cash paid related to operating activities
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Security deposits paid | 42,242,994.91 | 20,751,030.02 |
| Business hospitality expense | 18,500,393.95 | 14,643,539.83 |
| Repair cost | 4,682,399.13 | 12,213,120.47 |
| R&D spending | 192,429,230.82 | 131,133,995.25 |
| Travel expense | 7,311,177.51 | 4,941,558.79 |
| Insurance premium | 5,019,052.49 | 4,356,216.36 |
| Office expense | 4,759,382.90 | 5,112,257.02 |
| Vehicle expense | 4,054,065.83 | 3,822,693.46 |
| Service charge | 60,792,001.03 | 51,879,999.64 |
| Intermediary fee | 4,143,994.94 | 2,905,267.74 |
| Packaging fee | 28,410.99 | 851,529.53 |
| Utility bill | 20,308,769.75 | 17,395,736.79 |
| Rent | 379,660.85 | 1,321,608.80 |
| Others | 8,138,190.88 | 8,320,971.72 |
| Total | 372,789,725.99 | 279,649,525.42 |
(3). Other cash received related to investment activities
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Performance bond returned | 20,397,800.00 | |
| Impact of business combination under non-common control on Chongqing Tuopu | 16,804,204.70 | |
| Total | 20,397,800.00 | 16,804,204.70 |
(4). Other cash paid related to investment activities
□Applicable √Non-applicable
(5). Other cash received related to financing activities
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Borrowings received from financial leasing company | 206,900,000.00 | 100,000.00 |
| Total | 206,900,000.00 | 100,000.00 |
(6). Other cash paid related to financing activities
Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Cash paid for lease liabilities | 14,125,714.32 | 13,514,481.89 |
| Repayment of borrowings to the financial leasing company | 139,399,011.65 | 160,866,795.33 |
| Total | 153,524,725.97 | 174,381,277.22 |
79. Additional information on cash flow statement
(1). Additional information on cash flow statement
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Additional Information | Amount in the current period | Amount in previous period |
| 1. Reconciliation of net profit to cash flows from operational activities: | ||
| Net Profit | 1,099,162,460.68 | 716,617,933.64 |
| Add: provision for impairment of assets | 5,466,369.89 | 6,424,175.11 |
| Credit impairment provision | 23,825,581.51 | -7,316,287.04 |
| Depreciation of fixed assets, oil and gas assets, productive biological assets | 513,617,834.35 | 330,700,796.93 |
| Depreciation of right-of-use assets | 12,688,854.03 | 13,425,943.57 |
| Amortization of Intangible Assets | 19,921,943.02 | 14,513,366.81 |
| Amortization of long-term prepaid expenses | 40,997,998.06 | 38,867,848.79 |
| Losses on disposal of fixed assets, intangible assets and other long-term assets (income as in “-”) | -16,240.57 | 544,422.83 |
| Losses on scrapping of fixed assets (income as in “-”) | 11,758,673.03 | 1,171,296.00 |
| Losses on fair value changes (income as in “-”) | 216,798.66 | 197,311.14 |
| Financial expenses (income as in “-”) | 11,163,987.30 | -4,607,525.66 |
| Losses on investment (income as in “-”) | -14,695,055.38 | -15,340,505.13 |
| Decrease on deferred income tax assets (increase as in “-”) | -8,944,541.27 | -10,147,613.81 |
| Increase on deferred income tax liabilities (decrease as in “-”) | -11,185,813.92 | 392,976.10 |
| Decrease on inventories (increase as in “-”) | 463,920,048.35 | -257,861,154.16 |
| Decrease on operational receivables (increase as in “-”) | -497,946,316.20 | -39,042,187.52 |
| Increase on operational payables (decrease as in “-”) | -443,831,146.92 | 330,573,647.75 |
| Others | ||
| Net cash flow generated by operating activities | 1,226,121,434.62 | 1,119,114,445.35 |
| 2. Major investing and financing activities not involving cash receipts and payment: | ||
| Conversion of debt into capital | ||
| Convertible corporate bonds due within one year | ||
| Fixed assets under financing lease | ||
| 3. Net changes in cash and cash equivalents: | ||
| Closing balance of cash | 2,311,612,502.38 | 1,921,429,808.94 |
| Less: opening balance of cash | 2,410,212,553.28 | 935,672,390.98 |
| Add: closing balance of cash equivalents | ||
| Less: opening balance of cash equivalents | ||
| Net additions to balance of equivalents | -98,600,050.90 | 985,757,417.96 |
(2). Net cash receipts from disposal of subsidiaries in this period
□Applicable √Non-applicable
(3). Net cash received from disposal of subsidiaries in the current period
□Applicable √Non-applicable
(4). Composition of cash and cash equivalents
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| 1. Cash | 2,311,612,502.38 | 2,410,212,553.28 |
| Including: cash on hand | 18,416.58 | 11,944.28 |
| Bank deposits that can be used for payment at any time | 2,311,594,085.80 | 2,410,200,609.00 |
| Other currency funds that can be used for payment at any time | ||
| Deposits in the central bank that can be used for payment | ||
| Deposits in Other Financial Institutions | ||
| Call loans from Other Financial Institutions | ||
| 2. Cash equivalents | ||
| Including: bond investments due within three months | ||
| 3. Balance of cash and cash equivalents at the end of the period | 2,311,612,502.38 | 2,410,212,553.28 |
| Including: cash and cash equivalents that are restricted for us by the parent company or subsidiary within the group |
Other Notes:
√Applicable □Non-applicable
“Balance of cash and cash equivalents at the end of the period” as contained in the current cashflow statement is RMB 529,094,882.77 less than the "monetary funds" at the end of the period ascontained in the consolidated balance sheet, because the deposit of RMB 529,094,882.77 for bills andL/C is not treated as cash and cash equivalents.
80. Notes to items in the statement of changes in owners' equity
Give the name of the item “others” adjusting the balance at the end of previous year and the amount ofadjustment:
□Applicable √Non-applicable
81.Assets with restricted ownership or use rights
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Book value at the end of the period | Reason for restricted use |
| Monetary funds | 529,094,882.77 | Bank Acceptance Draft Deposit |
| Notes receivable | 466,175,674.44 | Pledge |
| Inventories | ||
| Fixed assets | 1,202,895,242.92 | Mortgage |
| Intangible assets | 248,256,916.37 | Mortgage |
| Receivables financing | 648,018,085.35 | Pledge |
| Total | 3,094,440,801.85 | / |
82. Foreign currency balance at the end of the period
(1). Foreign currency balance at the end of the period
√Applicable □Non-applicable
Unit：Yuan
| Item | Foreign currency balance at the end of the period | Converted exchange rate | Balance converted to RMB at the end of the period |
| Cash and bank balances | - | - | 248,647,698.47 |
| Including: USD | 15,495,064.93 | 7.2258 | 111,964,240.17 |
| EUR | 6,097,701.16 | 7.8771 | 48,032,201.81 |
| CAD | 10,232,749.40 | 5.4721 | 55,994,627.99 |
| BRL | 12,992,320.57 | 1.4948 | 19,420,920.79 |
| MYR | 7,105,945.13 | 1.5512 | 11,022,742.09 |
| SEK | 196,194.85 | 0.6675 | 130,960.06 |
| PLN | 1,163,102.09 | 1.7711 | 2,059,970.11 |
| MXN | 52,031.76 | 0.4235 | 22,035.45 |
| Accounts receivable | - | - | 1,000,368,274.39 |
| Including: USD | 69,152,418.14 | 7.2258 | 499,681,543.00 |
| EUR | 4,861,663.51 | 7.8771 | 38,295,809.63 |
| CAD | 42,405,375.02 | 5.4721 | 232,046,452.62 |
| GBP | 3,931.20 | 9.1432 | 35,943.75 |
| BRL | 20,668,339.01 | 1.4948 | 30,895,033.15 |
| MYR | 9,816,503.49 | 1.5512 | 15,227,360.21 |
| PLN | 103,995,331.73 | 1.7711 | 184,186,132.03 |
| Other Receivables | - | - | 45,268,712.70 |
| Including: USD | 5,109,729.94 | 7.2258 | 36,921,886.60 |
| SEK | 627,399.58 | 0.6675 | 418,789.22 |
| PLN | 4,476,334.98 | 1.7711 | 7,928,036.88 |
| Accounts payable | 163,751,911.74 | ||
| Including: USD | 7,942,367.38 | 7.2258 | 57,389,958.22 |
| EUR | 702,529.75 | 7.8771 | 5,533,897.09 |
| CAD | 10,735,985.12 | 5.4721 | 58,748,384.19 |
| BRL | 864,212.11 | 1.4948 | 1,291,824.26 |
| MYR | 2,086,548.02 | 1.5512 | 3,236,653.29 |
| SEK | 574,697.00 | 0.6675 | 383,610.25 |
| PLN | 20,771,739.85 | 1.7711 | 36,788,828.44 |
| JPY | 7,560,000.00 | 0.0501 | 378,756.00 |
| Other Payables | 1,527,175.56 | ||
| Including: USD | 85,375.42 | 7.2258 | 616,905.71 |
| MYR | 399,281.14 | 1.5512 | 619,364.90 |
| SEK | 435,812.66 | 0.6675 | 290,904.95 |
(2). Notes to overseas business entities, overseas business locations, functional currency and thebasis for selection in respect of important overseas business entities should be disclosed; if there isa change in the functional currency, the reason for the change should be further disclosed.
√Applicable □Non-applicable
The Company has nine subsidiaries outside of China, i.e.: Tuopu North American USALimited,INC, currently operating in Canada and with Canadian dollars as the functional currency; TuopuNorth American USA Limited, INC, currently operating in the United States and with U.S. dollars as thefunctional currency; Tuopu Brasil, currently operating in Brasil and with Brazilian Real as the functionalcurrency; Tuopu Sweden, currently operating in Sweden and with Swedish krona as the functionalcurrency; Tuopu International, currently operating in Hong Kong and with Hong Kong dollar as thefunctional currency; TUOPU (MALAYSIA) SDN.BHD., currently operating in Malaysia and withRinggit as the functional currency; Tuopu USA, LLC, currently operating in the United States and withU.S. dollars as the functional currency; Tuopu Poland sp.z.o.o, currently operating in Poland and withPLN as the functional currency.Tuopu Mexico, currently operating in Mexico and with Mexican peso asthe functional currency.
83. Hedging
□Applicable √Non-applicable
84. Government subsidies
1. General information of government subsidies
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Category | Amount | Presented Item | Amount included into current profit and loss |
| Automobile composite fiber production project | 1,000,000.00 | Deferred income | 49,999.98 |
| Production and application technology transformation project of lightweight materials for vehicles | 7,000,000.00 | Deferred income | 437,500.02 |
| Technological Transformation Project of | 5,910,700.00 | Deferred | 330,087.06 |
| Automobile High-Performance Shock Absorbing System | income | ||
| Production line transformation project of high-performance shock absorbing system for cars | 4,409,904.00 | Deferred income | 275,619.00 |
| Digital workshop project with an annual capacity of 120,000 sets of intelligent braking systems | 4,041,000.00 | Deferred income | 202,644.84 |
| Robotic production of shock absorbing products with an annual increase of 700,000 sets | 4,720,000.00 | Deferred income | 235,999.98 |
| Technological Transformation Project of Automobile High-Performance Shock Absorbing System | 8,250,992.00 | Deferred income | 445,630.56 |
| Technological Transformation Project of Automobile Interior and Exterior Trim Parts | 7,794,112.00 | Deferred income | 407,733.24 |
| Technological Transformation Project of Automobile Lightweight Parts Production Line | 8,443,472.00 | Deferred income | 457,628.16 |
| Technological transformation project of automobile chassis lightweight components | 10,458,600.00 | Deferred income | 540,962.04 |
| Technological transformation project of automobile chassis lightweight production line | 1,000,500.00 | Deferred income | 54,081.06 |
| Technological Transformation Project of Automobile Lightweight Control Arms | 8,085,312.00 | Deferred income | 437,687.58 |
| Technological transformation project of lightweight auto parts | 6,125,420.00 | Deferred income | 332,090.58 |
| Tuopu Intelligent Mechatronic System Industrial Park Project | 27,000,000.00 | Deferred income | 692,857.14 |
| Auto parts production and industrial automation projects | 90,000,000.00 | Deferred income | 900,000.00 |
| Technological transformation project for the production line of automotive lightweight alloy parts with an annual capacity of 300,000 sets | 10,000,000.00 | Deferred income | 500,000.10 |
| Technological Transformation Project of Automobile High-Performance Shock Absorbing System | 5,713,900.00 | Deferred income | 286,603.80 |
| Subsidies for land leveling | 7,729,116.00 | Deferred income | 77,291.16 |
| Technological Transformation Project of Automobile High-Performance Shock Absorbing System of 2,0000,000 sets | 6,500,000.00 | Deferred income | 325,000.02 |
| Technological transformation project of automotive NVH interior trim parts system | 2,889,100.00 | Deferred income | 144,454.98 |
| Technological transformation project of automotive lightweight components | 6,500,000.00 | Deferred income | 325,000.02 |
| Technological transformation project of automotive lightweight components of 3,000,000 pieces | 6,500,000.00 | Deferred income | 325,000.02 |
| Technological transformation project of NEVs front and rear axle assembly | 20,000,000.00 | Deferred income | 1,000,000.02 |
| Pinghu Tuopu Auto Parts Production Project | 14,470,000.00 | Deferred income | 397,925.00 |
| Relocation project with an annual capacity of 300,000 sets of automotive Interior & Exterior System | 965,300.00 | Deferred income | 55,296.90 |
| Lightweight suspension system technology | 5,188,000.00 | Deferred | 259,399.98 |
| transformation project with an annual capacity of 350,000 sets | income | ||
| Hunan Xiangtan Auto Parts Industry Base Project | 13,900,279.00 | Deferred income | 365,451.38 |
| Tuopu Chassis Auto Parts Industry Base Project | 16,000,000.00 | Deferred income | 164,689.26 |
| Production line project with an annual capacity of 300,000 sets of related auto parts | 1,110,000.00 | Deferred income | 43,399.14 |
| Automobile chassis parts project with an annual capacity of 500,000 sets | 5,032,438.00 | Deferred income | 51,614.75 |
| Passenger vehicle chassis suspension components project with an annual capacity of 500,000 sets | 2,539,990.00 | Deferred income | 163,026.48 |
| Technological transformation project of automotive suspension chassis production line with an annual capacity of 500,000 sets | 3,541,300.00 | Deferred income | 188,834.14 |
| Technological transformation project for the production line of automobile front and rear axle with an annual output of 200,000 sets | 3,056,045.00 | Deferred income | 178,346.51 |
| Technological transformation project of automobile suspension chassis production line with annual capacity of 300,000 sets | 2,582,045.00 | Deferred income | 144,593.61 |
| Automobile Fabric Production Line Project | 4,104,000.00 | Deferred income | 266,516.39 |
| Intelligent factory construction project with an annual capacity of 2 million sets of automotive Interior & Exterior System | 1,100,000.00 | Deferred income | 55,000.00 |
| Technological transformation project of car roof, carpet assembly and other Interior & Exterior System with an annual capacity of 1.6 million sets | 1,650,000.00 | Deferred income | 82,500.00 |
| Auto Parts Production Project of Liudong New District | 1,510,000.00 | Deferred income | 42,139.54 |
| Auxiliary project outside the factory | 7,000,011.00 | Deferred income | 196,082.50 |
| Shenyang Tuopu Auto Parts Base Project | 2,000,000.00 | Deferred income | 194,444.39 |
| Digital workshop project of NEV thermal management system with an annual capacity of 250,00 | 20,000,000.00 | Deferred income | 1,025,641.02 |
| Technological transformation project of NEV chassis critical components | 15,161,900.00 | Deferred income | 724,724.44 |
| Technical Transformation Project of Automotive Lightweight Steering System | 19,904,000.00 | Deferred income | 995,200.02 |
| District-level technological transformation project of NEV front and rear axle assemblies | 2,000,000.00 | Deferred income | 100,000.02 |
| District-level technological transformation project of lightweight steering system | 2,000,000.00 | Deferred income | 100,000.02 |
| District-level technological transformation subsidies for chassis shock absorbing system | 2,000,000.00 | Deferred income | 100,000.02 |
| The technological transformation project of chassis shock absorbing system in 2022 | 9,500,000.00 | Deferred income | 912,500.02 |
| Technological transformation project of NEV battery mounting with an annual capacity of 200,000 sets | 5,600,000.00 | Deferred income | 280,006.02 |
| Technological transformation project of | 4,386,700.00 | Deferred | 219,334.98 |
| automobile chassis lightweight production line of 100,000 sets | income | ||
| Tuopu’s production base project of NEV lightweight chassis system and NVH interior trim parts system | 30,000,000.00 | Deferred income | |
| Technological transformation project of NEV drive-by-wire chassis critical components | 17,936,000.00 | Deferred income | 285,176.48 |
| Technological transformation project of automotive control arm | 4,000,000.00 | Deferred income | 33,333.33 |
| Ushone Intelligent Driving production project | 5,300,000.00 | Deferred income | 26,677.86 |
| Enterprise reorder support subsidy | 1,256,300.00 | Other income | 1,256,300.00 |
| Subsidy for labor recruitment | 502,000.00 | Other income | 502,000.00 |
| Electricity subsidy for qualified capacity expansion | 1,000,000.00 | Other income | 1,000,000.00 |
| Incentive for Ningbo management innovation standard level-up | 50,000.00 | Other income | 50,000.00 |
| Subsidy for new enterprises above designated size in Qianwan New Area | 50,000.00 | Other income | 50,000.00 |
| Subsidy for the creation of 3 and 4 stars eco-friendly plants | 200,000.00 | Other income | 200,000.00 |
| Incentive for stepping up | 100,000.00 | Other income | 100,000.00 |
| Xiangtan industry boost “Thousand-Hundred XV” project funds | 100,000.00 | Other income | 100,000.00 |
| Going global incentive | 82,800.00 | Other income | 82,800.00 |
| Fund to the first batch of development support incentives 2023 | 120,000.00 | Other income | 120,000.00 |
| Science and technology innovation policy subsidy | 10,000.00 | Other income | 10,000.00 |
| Incentive for upgrading to enterprise above designated size | 150,000.00 | Other income | 150,000.00 |
| Subsidy for New Area industrial enterprises rank list 2022 | 100,000.00 | Other income | 100,000.00 |
| Incentive for large, excellent and strong enterprises qualifying output value | 800,000.00 | Other income | 800,000.00 |
| Subsidy for occupational skill training at Pinghu Employment Management Center | 800.00 | Other income | 800.00 |
| Output benefit progress reward | 30,000.00 | Other income | 30,000.00 |
| Development support reward | 310,000.00 | Other income | 310,000.00 |
| Phoenix Action Plan (convertible bond refinancing) | 1,000,000.00 | Other income | 1,000,000.00 |
| Reward for enterprise above designated level | 50,000.00 | Other income | 50,000.00 |
| R&D incentive | 1,200,000.00 | Other income | 1,200,000.00 |
| Assessment incentive for the Top 100 manufacturing enterprises 2021 from the Bureau of Economy and Information Technology | 11,000,000.00 | Other income | 11,000,000.00 |
| Incentive for the Q1 statistics from the Bureau | 1,500.00 | Other | 1,500.00 |
| of Economy and Information Technology | income | ||
| Incentive for harmonious labor relation enterprise of Liangjiang New Area Class A reward | 5,000.00 | Other income | 5,000.00 |
| Undistributed part of subsidy for retained labor forces | 183,000.00 | Other income | 183,000.00 |
| Subsidy for enterprise R&D input from the Science and Technology Bureau of Beilun District, Ningbo | 169,200.00 | Other income | 169,200.00 |
| Incentive for the R&D input 2022 from the Science and Technology Bureau of Beilun District, Ningbo | 1,500.00 | Other income | 1,500.00 |
| First-time subsidy for enterprise R&D input | 1,000,000.00 | Other income | 1,000,000.00 |
| Fund to the first-time development and support incentive 2023 of commercial and trading enterprise | 410,000.00 | Other income | 410,000.00 |
| Subsidy for placement of unemployed persons | 3,972.89 | Other income | 3,972.89 |
| Tax rebate for property tax and land use tax in January-June 2021 | 278,044.56 | Other income | 278,044.56 |
| Incentive for R&D input | 2,006,000.00 | Other income | 2,006,000.00 |
| Subsidy for the Rank List Model Entities 2022 from the Economy Bureau of Hangzhou Bay | 350,000.00 | Other income | 350,000.00 |
| Subsidy for employing poverty-stricken persons in October-December 2022 from the Employment Bureau | 63,828.00 | Other income | 63,828.00 |
| Subsidy for hiring fresh full-time graduates | 1,000.00 | Other income | 1,000.00 |
| Subsidy for retaining jobs from the unemployment insurance fund of Xiangtan Employment Service Center | 81,500.00 | Other income | 81,500.00 |
| One-off subsidy for additional job offers | 158,300.00 | Other income | 158,300.00 |
| Government incentive-output benefit progress award | 50,000.00 | Other income | 50,000.00 |
| Incentive for foreign trade enterprise outbound | 20,000.00 | Other income | 20,000.00 |
| Incentive for foreign trade enterprise outbound | 10,000.00 | Other income | 10,000.00 |
| Subsidy for Specialized and Sophisticated SMEs from the Economy and Commerce Bureau of Wuyi County | 95,000.00 | Other income | 95,000.00 |
| Subsidy for R&D 2021 from the Science and Technology Bureau of Wuyi County | 220,875.00 | Other income | 220,875.00 |
| Reward for special fund to emerging industries –First-time | 1,000,000.00 | Other income | 1,000,000.00 |
| Incentive fund for star eco-friendly plant | 100,000.00 | Other income | 100,000.00 |
| R&D subsidy | 500,000.00 | Other income | 500,000.00 |
| One-off subsidy for additional job offers | 4,500.00 | Other income | 4,500.00 |
| Tax rebate reward for enterprise qualifying assessment | 21,000,000.00 | Other income | 21,000,000.00 |
| Second-time tax rebate reward for enterprise qualifying assessment | 19,700,000.00 | Other income | 19,700,000.00 |
| Subsidy for driving the economic development of Yinzhou | 225,210.00 | Other income | 225,210.00 |
| Subsidy for stabilizing production and promoting growth in Q3 and 4 of Yinzhou | 200,000.00 | Other income | 200,000.00 |
| Stamp duty refund | 4,030,000.00 | Other income | 4,030,000.00 |
| Stamp duty refund | 15,397.50 | Other income | 15,397.50 |
| Subsidy for stand up to the tide and taking a greater responsibility | 200,000.00 | Other income | 200,000.00 |
| Subsidy for talent recruitment | 1,000.00 | Other income | 1,000.00 |
| Government fund to support reordering | 499,700.00 | Other income | 499,700.00 |
(2). Refund of government subsidies
□Applicable √Non-applicable
85. Others
□Applicable √Non-applicable
VIII. Changes in the scope of consolidation
1. Business combination not under common control
□Applicable √Non-applicable
2. Business combination under the same control
□Applicable √Non-applicable
3. Reverse purchase
□Applicable √Non-applicable
4. Disposal of subsidiaries
Whether there is a situation where a single disposal of the investment in the subsidiary will immediatelylead to loss of control
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
5. Changes in the scope of consolidation due to other reasons
Notes to changes in the scope of consolidation due to other reasons (e.g.: incorporated new subsidiaries,subsidiaries on liquidation) and relevant conditions:
√Applicable □Non-applicable
The company incorporated Tuopu Skateboard Chassis (Ningbo) Co., Ltd., Tuopu PhotovoltaicTechnology (Taizhou) Co., Ltd., Tuopu Photovoltaic Technology (Jinhua) Co., Ltd., and the abovesubsidiaries were incorporated as a part of consolidation from the date of incorporation.
6. Others
□Applicable √Non-applicable
IX. Equity in Other Entities
1. Equity in Subsidiaries
(1). Composition of the group
√Applicable □Non-applicable
| Name of Subsidiary | Principal Business Site | Registered Address | Nature of Business | Percentage of Shares (%) | Method of Acquisition | |
| Direct | Indirect | |||||
| Tuopu Automotive Electronics | Ningbo | Ningbo | Manufacturing | 100.00 | Establishment | |
| Tuopu Thermal Management | Ningbo | Ningbo | Manufacturing | 100.00 | Establishment | |
| Tuopu Imp&Exp. | Ningbo | Ningbo | Trading | 100.00 | Business combination under the same control | |
| Tuopu Parts | Ningbo | Ningbo | Trading | 100.00 | Business combination under the same control | |
| Tuopu Acoustics Vibration | Ningbo | Ningbo | Trading | 100.00 | Business combination under the same control | |
| Zhejiang Towin | Jinhua | Jinhua | Manufacturing | 100.00 | Business combination not under the same control | |
| Suining Tuopu | Suining | Suining | Manufacturing | 100.00 | Business combination not under the same control | |
| USHONE ELECTRONIC CHASSIS | Ningbo | Ningbo | Trading | 100.00 | Establishment | |
| Pinghu Tuopu | Jiaxing | Jiaxing | Manufacturing | 100.00 | Establishment | |
| Taizhou Tuopu | Taizhou | Taizhou | Manufacturing | 100.00 | Establishment | |
| Hunan Tuopu | Xiangtan | Xiangtan | Manufacturing | 100.00 | Establishment | |
| Tuopu Chassis | Ningbo | Ningbo | Manufacturing | 100.00 | Establishment | |
| Skateboard Chassis | Ningbo | Ningbo | Manufacturing | 100.00 | Establishment | |
| Tuopu North American | Canada | Canada | Trading | 51.00 | Business combination not under the same control | |
| Tuopu USA, LLC | USA | USA | Trading | 100.00 | Establishment | |
| Xi’an Tuopu | Xi’an | Xi’an | Manufacturing | 100.00 | Establishment | |
| Shanghai Tuopuyu | Shanghai | Shanghai | Manufacturing | 100.00 | Establishment | |
| Wuhan Tuopu | Wuhan | Wuhan | Manufacturing | 100.00 | Establishment | |
| Sichuan Tuopu | Linshui | Linshui | Manufacturing | 100.00 | Establishment | |
| Liuzhou Tuopu | Liuzhou | Liuzhou | Manufacturing | 100.00 | Business combination under the same control | |
| Huzhou Tuopu | Huzhou | Huzhou | Manufacturing | 100.00 | Establishment | |
| Baoji Tuopu | Baoji | Baoji | Manufacturing | 100.00 | Establishment | |
| Yantai Tuopu | Yantai | Yantai | Manufacturing | 100.00 | Business combination under the same control | |
| Ningbo Qianhui | Ningbo | Ningbo | Manufacturing | 51.00 | Business combination not under the same control | |
| Shenyang Tuopu | Shenyang | Shenyang | Manufacturing | 100.00 | Establishment | |
| Jinzhong Tuopu | Jinzhong | Jinzhong | Manufacturing | 100.00 | Establishment | |
| Chongqing Tuopu | Chongqing | Chongqing | Manufacturing | 100.00 | Business combination not under the same control | |
| Hangzhou Tuopu | Hangzhou | Hangzhou | Manufacturing | 100.00 | Business combination not under the same control | |
| Shanghai Towin | Shanghai | Shanghai | R&D | 100.00 | Establishment | |
| Shenzhen Towin | Shenzhen | Shenzhen | R&D | 100.00 | Establishment | |
| Ushone E-commerce | Ningbo | Ningbo | Service | 100.00 | Establishment | |
| Ushone Intelligent Driving | Ningbo | Ningbo | Manufacturing | 100.00 | Establishment | |
| Tuopu Investment | Ningbo | Ningbo | Investment | 100.00 | Establishment | |
| Tuopu International | Hong Kong | Hong Kong | Investment | 100.00 | Establishment | |
| Industrial Automation | Ningbo | Ningbo | Manufacturing | 100.00 | Establishment | |
| Tuopu North America (USA) | USA | USA | Service | 51.00 | Establishment |
| Tuopu Sweden | Sweden | Sweden | R&D | 100.00 | Establishment | |
| Tuopu Brasil | Brasil | Brasil | Manufacturing | 99.96 | 0.04 | Establishment |
| Tuopu Malaysia | Malaysia | Malaysia | Manufacturing | 100.00 | Establishment | |
| Tuopu Poland | Poland | Poland | Manufacturing | 100.00 | Establishment | |
| Chongqing Chassis | Chongqing | Chongqing | Manufacturing | 100.00 | Establishment | |
| Anhui Tuopu | Huainan | Huainan | Manufacturing | 100.00 | Establishment | |
| Tuopu Mexico | Mexico | Mexico | Manufacturing | 99.00 | 1.00 | Establishment |
| Tuopu Photovoltaic Technology（Ningbo Beilun） | Ningbo | Ningbo | Power generation service | 100.00 | Establishment | |
| Tuopu Photovoltaic Technology（Ningbo Hangzhou Bay） | Ningbo | Ningbo | Power generation service | 100.00 | Establishment | |
| Tuopu Photovoltaic Technology（Pinghu） | Jiaxing | Jiaxing | Power generation service | 100.00 | Establishment | |
| Tuopu Photovoltaic Technology (Taizhou) | Taizhou | Taizhou | Power generation service | 100.00 | Establishment | |
| Tuopu Photovoltaic Technology (Jinhua) | Jinhua | Jinhua | Power generation service | 100.00 | Establishment | |
| Tuopu Photovoltaic Technology (Yinzhou) | Ningbo | Ningbo | Power generation service | 100.00 | Establishment | |
| Tuopu Photovoltaic Technology (Xiangtan) | Xiangtan | Xiangtan | Power generation service | 100.00 | Establishment | |
| Tuopu Photovoltaic Technology (Wuhan) | Wuhan | Wuhan | Power generation service | 100.00 | Establishment | |
| Tuopu Photovoltaic Technology (Lingshui) | Linshui | Linshui | Power generation service | 100.00 | Establishment | |
| Tuopu Photovoltaic Technology | Suining | Suining | Power generation service | 100.00 | Establishment |
| (Suining) | ||||||
| Tuopu Photovoltaic Technology (Liuzhou) | Liuzhou | Liuzhou | Power generation service | 100.00 | Establishment | |
| Tuopu Photovoltaic Technology (Shenyang) | Shenyang | Shenyang | Power generation service | 100.00 | Establishment | |
| Henan Tuopu | Zhengzhou | Zhengzhou | Manufacturing | 100 | Establishment | |
| Jinan Tuopu | Ji’nan | Ji’nan | Manufacturing | 100 | Establishment |
(2). Important non-wholly owned subsidiaries
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Name of Subsidiary | Percentage of shares held by minority shareholders | Profit and loss attributable to minority shareholders in the current period | Dividends declared to minority shareholders in the current period | Balance of minority shareholders' equity at the end of the period |
| Tuopu North American USA Limited, INC | 49.00 | 6,251,385.57 | 4,307,855.42 |
Notes to the percentage of shares held by minority shareholder that is different from the percentage ofvoting rights:
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
(3). Main financial information of important non-wholly-owned subsidiaries
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Name of subsidiary | Balance at the end of the period | Balance at the beginning of the period | ||||||||||
| Current assets | Non-current assets | Total assets | Current liabilities | Non-current liabilities | Total Liabilities | Current assets | Non-current assets | Total assets | Current liabilities | Non-current liabilities | Total Liabilities | |
| Tuopu North American USA Limited, INC | 65,798,685.70 | 7,322,326.01 | 73,121,011.71 | 64,329,470.04 | 64,329,470.04 | 48,339,700.01 | 7,345,809.44 | 55,685,509.45 | 60,620,487.68 | 60,620,487.68 | ||
| Name of Subsidiary | Amount incurred in the current period | Amount incurred in previous period | ||||||
| Operating income | Net profit | Total comprehensive income | Cash flow from operating activities | Operating income | Net profit | Total comprehensive income | Cash flow from operating activities | |
| Tuopu North American USA Limited, INC | 701,326,331.18 | 12,757,929.73 | 12,757,929.73 | -33,880,344.85 | 531,336,262.44 | 19,712,929.21 | 19,712,929.21 | 11,210,569.17 |
(4). Significant restrictions on the use of group assets and the settlement of group debts
□Applicable √Non-applicable
(5). Financial support or other support provided to structured entities included in the scope ofconsolidated financial statements
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
2. Transactions leading to a change in the share of owner's equity in the subsidiary and the controlover the subsidiary remains
□Applicable √Non-applicable
3. Rights and interests in joint ventures or associates
□Applicable √Non-applicable
(1). Important joint ventures or associates
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Name of joint venture or associate | Principal Business Site | Registered Address | Business Nature | Percentage of Shares Held (%) | Accounting treatment of investment in joint ventures or associate | |
| Direct | Indirect | |||||
| Tuopu Electrical Appliances | Ningbo | Ningbo | Manufacturing | 50.00 | Equity method | |
| Ningbo Borgers | Ningbo | Ningbo | Manufacturing | 50.00 | Equity method | |
(2).Main financial information of important joint venturesMain financial informationof important joint ventures
√Applicable □Non-applicable
√适用 □不适用
Unit：Yuan Currency：RMB
| Balance at the end of the period/Amount incurred in the current period | Balance at the beginning of the period/Amount incurred in previous period | |||
| Tuopu Electrical Appliances | Ningbo Borgers | Tuopu Electrical Appliances | Ningbo Borgers | |
| Current assets | 167,698,015.47 | 197,087,296.97 | 160,604,921.41 | 185,211,624.66 |
| Including: cash and cash equivalents | 16,879,049.80 | 57,049,835.04 | 12,241,321.35 | 45,252,338.77 |
| Non-current assets | 42,816,092.10 | 42,041,154.03 | 43,592,797.78 | 40,921,651.51 |
| Total assets | 210,514,107.57 | 239,128,451.00 | 204,197,719.19 | 226,133,276.17 |
| Current liabilities | 59,867,966.32 | 82,449,414.56 | 77,803,746.81 | 66,416,544.65 |
| Non-current | 646,750.15 | |||
| liabilities | ||||
| Total liabilities | 59,867,966.32 | 82,449,414.56 | 78,450,496.96 | 66,416,544.65 |
| Minority shareholders' equity | ||||
| Equity attributable to shareholders of the parent company | 150,646,141.25 | 156,679,036.44 | 125,747,222.23 | 159,716,731.52 |
| Share of net assets calculated at the percentage of shares held | 75,323,070.63 | 78,339,518.22 | 62,873,611.12 | 79,858,365.76 |
| Adjusted events | -128,055.30 | -688,506.24 | -75,174.24 | -952,076.43 |
| --Goodwill | ||||
| --Unrealized profits from internal transactions | -128,055.30 | -688,506.24 | -75,174.24 | -952,076.43 |
| - -Others | ||||
| Book value of equity investment in joint ventures | 75,195,015.33 | 77,651,011.98 | 62,798,436.88 | 78,906,289.33 |
| Fair value of equity investment in joint ventures with public offers | ||||
| Operating income | 122,454,781.32 | 198,401,290.53 | 71,509,318.19 | 185,096,067.90 |
| Financial expenses | 282,039.71 | 28,349.48 | -17,838.98 | -412,470.61 |
| Income tax expense | 4,375,262.99 | 359,825.72 | 1,450,535.27 | 3,347,782.12 |
| Net profit | 24,898,919.02 | -3,037,695.08 | 8,219,699.83 | 13,622,276.19 |
| Net profit from discontinued operations | ||||
| Other comprehensive income | ||||
| Total comprehensive income | 24,898,919.02 | -3,037,695.08 | 8,219,699.83 | 13,622,276.19 |
| Dividends received from joint ventures in this year | 9,000,000.00 | |||
(3). Main financial information of important associates
□Applicable √Non-applicable
(4). Summary of financial information for insignificant joint ventures and associates
□Applicable √Non-applicable
(5). Notes to significant restrictions on the ability of joint ventures or associates to transfer fundsto the Company
□Applicable √Non-applicable
(6). Excess losses suffered by joint ventures or associates
□Applicable √Non-applicable
(7). Unconfirmed commitments related to joint venture investment
□Applicable √Non-applicable
(8). Contingent liabilities related to investment in joint ventures or associates
□Applicable √Non-applicable
4. Important joint operations
□Applicable √Non-applicable
5. Equity in structured entities not included in the scope of consolidated financial statementsNotes to structured entities not included in the scope of the consolidated financial statements:
□Applicable √Non-applicable
6. Others
□Applicable √Non-applicable
X. Risks related to financial instruments
√Applicable □Non-applicable
The Company faces various financial risks in the course of its operations: credit risk, liquidity riskand market risk (including exchange rate risk, interest rate risk and other price risks). The said financialrisks and the risk management policies adopted by the Company to reduce these risks are describedbelow:
The Board of Directors is responsible for planning and establishing the risk management structureapplicable to the Company, laying down the risk management policies and guidelines, and supervisingthe implementation of risk management measures. The Company has laid down some risk managementpolicies to identify and analyze the risks exposed to it. These risk management policies clearly identifyspecific risks, ranging from market risk, credit risk to liquidity risk management. The Company assessesthe market environment and changes in its business activities at regular intervals in order to decidewhether to update the risk management policy and system or not. Its risk management is carried out bythe Risk Management Committee in accordance with the policies approved by the Board of Directors.Risk Management Committee will identify, evaluate and avoid related risks by maintaining a closecooperation with other business units within the Company. The internal audit division conducts regular
audits on risk management control and procedures, and reports the audit results to the AuditingCommittee of the Company.
The Company carries out the diversification of risks in financial instruments through appropriatediversified investment and business portfolios, and prepares appropriate risk management policies toreduce the risk concentrated in a single industry, specific region or specific counterparty.
1. Credit risk
Credit risk refers to the risk of the company's financial losses due to the failure of the counterpartyto perform its contractual obligations.
The credit risk exposed to the Company mainly arises from monetary funds, notes receivable,accounts receivable, accounts receivable financing, other receivables, as well as those debt instrumentinvestments and derivative financial assets that are not included in the scope of impairment assessmentand are measured at fair value and whose changes are included in the current profit and loss. On thebalance sheet date, the book value of the Company's financial assets has represented its maximum creditrisk exposure.
The monetary funds owned by the Company are mainly bank deposits deposited in well-reputatedstate-owned banks with high credit ratings and other large and medium-sized listed banks. In the opinionof the Company, there is no significant credit risk, and there will be almost no critical loss caused bybank defaults.
The Company lays down relevant policies to control credit risk exposure in respect of notesreceivable, accounts receivable, financing receivables and other receivables. The Company assesses thecredit profile of each customer and defines the credit term based on its financial standing, the possibilityof obtaining guarantees from a third party, credit record and other factors such as current marketcondition. The Company will monitor the credit record of each customer at regular intervals. For thosefound with poor credit record, the Company will maintain its overall credit risk to the extent controllableby written demand, shortening or cancellation of credit term.
2. Liquidity risk
Liquidity risk refers to the risk of a shortage of funds when an enterprise fulfills its obligation ofsettlement by cash or other financial assets.
The Company's policy is to ensure that there is sufficient cash to repay the liabilities due. Theliquidity risk is under the concentrated control of the Company's Financial Department. Throughmonitoring the balance of cash and securities cashable at any time and rolling forecasting the cash flowin the next 12 months, the Financial Department ensures that the Company has sufficient funds to repayits debts under all reasonable predictions. And it will continue to monitor whether the Companycomplies with the provisions of the borrowing agreement and obtains commitments from major financialinstitutions to provide sufficient reserve funds to meet its funding needs, whether short term or longterm.
3. Market risk
The market risk of financial instruments refers to the risk of fluctuation at fair value of financialinstruments or future cash flows with the change of market prices, including exchange rate risk, interestrate risk and other price risks.
4. Interest rate risk
The interest rate risk refers to the risk in which the fair value or future cash flow of financialinstruments changes due to the change of market interest rate.
Interest-bearing financial instruments applicable to fixed interest rates and floating interest ratesbring the Company up to fair value interest rate risk and cash flow interest rate risk respectively. TheCompany ascertains the ratio of fixed interest rates to floating interest rate instruments based on themarket environment, and maintains an appropriate portfolio of fixed and floating interest rateinstruments at regular intervals. If necessary, the Company will adopt interest rate swap instruments tohedge interest rate risk.
On 30 June 2023, if other variables remain the same, the borrowing interest rate calculated byfloating interest rate rises or falls by 100 base points, the Company's net profit will decrease or increaseby RMB 22,012,260.56. In the opinion of the management,100 base points can reasonably reflect thereasonable range of possible changes in interest rates in the next year.
5. Exchange rate risk
Exchange rate risk refers to the risk that the fair value of financial instruments or future cash flowswill fluctuate due to changes in foreign exchange rates.
The Company will try its best to match the revenues with the expenses in foreign currency, tolower the exchange rate risk. In addition, the Company may also sign forward foreign exchangecontracts or currency swap contracts to avoid exchange rate risks. In the current period and the previousperiod, the company did not sign any forward foreign exchange contracts or currency swap contracts.
The exchange rate risk faced with by the Company is mainly from financial assets and liabilities inUSD. The amounts of assets and liabilities in foreign currencies and converted into RMB are presentedas below:
| Item | Balance at the end of the period | Balance at the End of Last Year | ||||
| US dollars | Other foreign currencies | Total | US dollars | Other foreign currencies | Total | |
| Cash and bank balances | 111,964,240.17 | 136,683,458.30 | 248,647,698.47 | 351,747,676.19 | 157,210,256.29 | 508,957,932.48 |
| Accounts receivable | 499,681,543.00 | 500,686,731.39 | 1,000,368,274.39 | 699,825,946.33 | 397,106,084.55 | 1,096,932,030.88 |
| Other | 36,921,886.60 | 8,346,826.10 | 45,268,712.70 | 15,463,481.67 | 7,783,815.15 | 23,247,296.82 |
| Receivables | ||||||
| Short-term borrowings | 132,327,400.00 | 132,327,400.00 | ||||
| Accounts payable | 57,389,958.22 | 106,361,953.52 | 163,751,911.74 | 200,659,968.79 | 86,626,597.59 | 287,286,566.38 |
| Other Payables | 616,905.71 | 910,269.85 | 1,527,175.56 | 144,032.11 | 955,621.31 | 1,099,653.42 |
| Total | 706,574,533.70 | 752,989,239.16 | 1,459,563,772.86 | 1,400,168,505.09 | 649,682,374.89 | 2,049,850,879.98 |
On 30 June 2023, if all other variables remain the same, if the exchange rate of RMB against any offoreign currencies (principally USD, Euro, CAD, BRL, MYR, SEK, PLN) appreciates or depreciates by5%, the Company will Increase or decrease the net profit by RMB 56,450,279.91. In the opinion of themanagement, 5% can reasonably reflect the reasonable range of possible changes in the exchange rate ofRMB against USD in the next year.
6. Other price risk refers to the risk that the fair value or future cash flow of financial instrumentswill fluctuate due to changes in market prices other than exchange rate risk and interest rate risk.
Other price risks exposed to the Company mainly arise from investments in various equityinstruments, and there is a risk of changes in the price of equity instruments.XI. Disclosure of Fair Values
1. Fair values of the assets and liabilities at the end of the period
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Fair value at the end of the period | |||
| Fair value measurement at the first-level | Fair value measurement at the second-level | Fair value measurement at the third-level | Total | |
| I. Constant measurement at fair value | ||||
| (I) Trading Financial Assets | 738,089.82 | 738,089.82 | ||
| 1. Financial assets at fair value through profit or loss in this period | 738,089.82 | 738,089.82 | ||
| (1) Investment in debt instruments | ||||
| (2) Investment in equity instrument | 738,089.82 | 738,089.82 | ||
| 3)Derivative Financial | ||||
| Assets | ||||
| 2. Designated financial assets that are measured at fair value and whose changes are included in the current profit and loss | ||||
| (1) Investment in debt instruments | ||||
| (2) Investment in equity instrument | ||||
| (II) Investment in Other Creditor's Rights | ||||
| (III) Investment in Other Equity Instruments | ||||
| (IV) Investment Property | ||||
| 1. Land use rights for lease | ||||
| 2. Rented buildings | ||||
| 3. Land use rights held and prepared to transfer after appreciation | ||||
| (V) Biological assets | ||||
| 1. Consumable biological assets | ||||
| 2. Productive Biological Assets | ||||
| (VI) Receivables Financing | 858,734,547.80 | 858,734,547.80 | ||
| Total assets constantly measured at fair value | 738,089.82 | 858,734,547.80 | 859,472,637.62 | |
| (VIII) Transactional financial liabilities | ||||
| 1. Financial liabilities that are measured at fair value and whose changes are included in the current profit and loss | ||||
| Including: issued trading bonds | ||||
| Derivative Financial Liabilities | ||||
| Others | ||||
| 2. Designated Financial Liabilities Measured in Fair Value with Changes Recorded into Current Profit and Loss | ||||
| Total amount of liabilities constantly measured at their fair values | ||||
| II. Non-continuous fair value measurement | ||||
| (1) Holding-for-sale assets |
| Total assets that are not continuously measured at fair value | ||||
| Total liabilities not continuously measured at fair value |
2. Determination basis for the market price of continuous and non-continuous first-level fairvalue measurement projects
□Applicable √Non-applicable
3. Qualitative and quantitative information on the valuation techniques used and importantparameters for continuous and non-continuous second-level fair value measurement items
□Applicable √Non-applicable
4. Continuous and non-sustainable third-level fair value measurement projects, qualitative andquantitative information on valuation techniques and important parameters used
□Applicable √Non-applicable
5. Continuous third-level fair value measurement items, adjustment information between thebook value at the beginning of the period and that at the end of the period and sensitivity analysisof unobservable parameters
□Applicable √Non-applicable
6. Continuous fair value measurement items, if there is a conversion between levels occurred inthe current period, the reasons for the conversion and the policies for determining the time pointof the conversion
□Applicable √Non-applicable
7. Changes in valuation technique in the current period and reasons for the changes
□Applicable √Non-applicable
8. The fair value of financial assets and financial liabilities not measured at fair value
□Applicable √Non-applicable
9. Others
□Applicable √Non-applicable
XII. Related Parties and Related-party Transactions
1. The parent company
√Applicable □Non-applicable
Unit： Yuan Currency： HKD
| Name of parent company | Registered address | Nature of business | Registered capital | Percentage of the Company’s shares held by the parent company | Percentage of the Company’s voting rights held by the parent company |
| MECCA INTERNATIONAL HOLDING （HK） LIMITED | Hong Kong | Investment | 1,000,000.00 | 62.94 | 62.94 |
The ultimate controlling party of the Company is Wu Jianshu.
2. Subsidiaries of the Company
More details of the subsidiaries of the Company are available in the notes.
√Applicable □Non-applicable
Details about the subsidiaries of the Company are available in the note "IX. Interests in otherentities"
3. Joint ventures and associates of the Company
More details of the subsidiaries of the Company are available in the note.
√Applicable □Non-applicable
Details about the subsidiaries of the Company are available in the note "IX. Interests in otherentities"The situation of other joint ventures or associates that have related party transactions with the companyduring the current period or the balance of the related party transactions with the Company in theprevious period is listed as follows.
√Applicable □Non-applicable
| Name of Joint Ventures or Associates | Relationship with the Company |
| Tuopu Electrical Appliances | Joint venture of the Company |
| Ningbo Borgers | Joint venture of the Company |
Other Notes
√Applicable □Non-applicable
4. Other Related Parties
√Applicable □Non-applicable
| Name of Other Related Party | Relationship between Other Related Party and the Company |
| Tuopu Electrical Appliances Co., Ltd. | Joint venture |
| Ningbo Borgers Tuopu Automobile Parts Co., Ltd. | Joint venture |
| Ninghai Jinsuoer Auto Parts Factory | A company controlled by the niece of the actual controller of the Company |
| Ninghai Saipu Rubber and Plastic Parts Factory | A company controlled by the niece of the actual controller of the Company |
| Ninghai Jinxin Packaging Co., Ltd. | A company controlled by the young sister of the actual controller of the Company |
| Ninghai Zhonghao Plastic Products Co., Ltd. | An officer’s brother-in-law holds 40% of the shares and serves as an executive director of the company |
| Ninghai Xidian Qingqing Plastic Factory | A company controlled by the elder sister and brother-in-law of the officer of the Company |
| Ningbo Hongke Auto Parts Co., Ltd. | A company controlled by the niece’s husband of the actual controller of the Company |
| Ningbo Gloyel Intelligent Technology Co. Ltd. | Other company controlled by the actual controller of the Company |
| Ningbo Gloyel Motor Technology Co., Ltd. | Other company controlled by the actual controller of the Company |
| Gloyel Electric (Ningbo) Co., Ltd. | Other company controlled by the actual controller of the Company |
5. Related party transactions
(1). Related-party transactions of purchase and sale of goods, rendering and acceptance of laborservices
List of purchase of goods/acceptance of labor services
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Related party | Related-party transaction | Amount incurred in the current period | Approved transaction limit (if applicable) | Whether the transaction limit is exceeded (if applicable) | Amount incurred in previous period |
| Ningbo Hongke Auto Parts Co., Ltd. | Material | 57,812,434.38 | 54,547,212.19 | ||
| Ninghai Jinsuoer Auto Parts Factory | Material | 6,305,626.81 | 2,957,242.90 | ||
| Ninghai Saipu Rubber and Plastic Parts Factory | Material | 1,870,779.00 | 1,427,451.92 | ||
| Ninghai Jinxin Packaging Co., Ltd. | Material | 7,907,317.42 | 6,405,157.14 | ||
| Ninghai Zhonghao Plastic Products Co., Ltd. | Material | 9,660,854.24 | 10,071,845.25 | ||
| Ninghai Xidian Qingqing Plastic Factory | Material | 2,231,033.04 | 2,184,474.56 | ||
| Tuopu Electrical Appliances Co., Ltd. | Material | 180,839.17 | 262,293.55 | ||
| Ningbo Borgers Tuopu Automobile Parts Co., Ltd. | Material | 6,802,215.97 | - | ||
| Ningbo Gloyel Motor Technology Co., Ltd. | Material | 12,017,177.83 | 14,014,490.00 | ||
| Ningbo Gloyel Intelligent Technology Co. Ltd. | Equipment | 53,169,071.20 | 26,417,522.12 |
List of sale of goods/rendering of labor services
□Applicable √Non-applicable
Unit：Yuan Currency：RMB
| Related party | Content of related transaction | Amount incurred in the current period | Amount incurred in previous period |
| Tuopu Electrical Appliances Co., Ltd. | Goods, labor services, et al. | 2,110,153.72 | 2,992,049.59 |
| Ningbo Borgers Tuopu Automobile Parts Co., Ltd. | Goods, labor services, et al. | 61,156,655.24 | 38,475,609.13 |
Notes to related-party transactions in the purchase and sale of goods, rendering and acceptance of laborservices
□Applicable √Non-applicable
(2). Related trusteeship management/contracting and entrusted management/outsourcingList of trusteeship management/contracting of the Company:
□Applicable √Non-applicable
Related trusteeship/contracting
□Applicable √Non-applicable
List of entrusted management/outsourcing
□Applicable √Non-applicable
Related management/outsourcing
□Applicable √Non-applicable
(3). Related leases
The Company as landlord:
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Name of tenant | Kind of lease assets | Rental income recognized in the current period | Rental income recognized in previous period |
| Ningbo Borgers Tuopu Automobile Parts Co., Ltd. | Houses and structures | 309,633.03 | 309,633.03 |
| Ningbo Gloyel Electric Motor Technology Co., Ltd. | Houses and structures | 99,082.57 | 99,082.57 |
| Total | 408,715.60 | 408,715.60 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
The Company as tenant:
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Name of tenant | Kind of lease assets | Rental charges for short-term leases and leases of low-value assets for simplified processing (if applicable) | Variable lease payments not included in the measurement of the lease liability (if applicable) | Rent paid | Interest expense on lease liability assumed | Added right-of-use assets | |||||
| Amount incurred in the current period | Amount incurred in previous period | Amount incurred in the current period | Amount incurred in previous period | Amount incurred in the current period | Amount incurred in previous period | Amount incurred in the current period | Amount incurred in previous period | Amount incurred in the current period | Amount incurred in previous period | ||
| Gloyel Electric (Ningbo) Co., Ltd. | Houses and structures | 1,569,244.98 | 1,564,744.96 | 141,910.04 | 277,385.03 | ||||||
Affiliated leases
□Applicable √Non-applicable
(4). Related guarantees
The Company as guarantor
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Guaranteed party | Guaranteed amount | From | Until | Whether the guarantee has been fulfilled |
| Tuopu Poland | 5,417.44 | More details are available in Note 1 | More details are available in Note 1 | NO |
| Tuopu Photovoltaic(Hangzhou Bay) | 4,200.00 | 2021-12-9 | 2033-12-9 | NO |
The Company as guaranteed party
√Applicable □Non-applicable
Unit：in 10,000 Yuan Currency：RMB
| Guarantor | Guaranteed amount | From | Until | Whether the guarantee has been fulfilled |
| Tuopu Automotive Electronics | 44,000.00 | More details are available in Note 3 | More details are available in Note 3 | NO |
√适用 □不适用
Notes to related guarantees
√Applicable □Non-applicable
(1) For smooth conduct of business operations in Europe, Tuopu Poland sp.z.o.o, ("Tuopu Poland")is a wholly-owned subsidiary established by Tuopu Group in Poland in March 2021. It leases 7RPROJEKT 35 Sp. z.o.o ("7R Project Company"), customized industrial plants in Poland (includingoffice areas, production areas and warehouses). According to business practice and actual needs, theCompany provided performance bond for the said lease agreement, and authorized the chairman orauthorized representative to sign the relevant guarantee. The total liability of the letter of guarantee mustnot exceed 7 million euros (about RMB 54.1744 million), and the maturity period covers the entire termof the said lease agreement and five months after its expiration or termination, but no later than August 1,2029.
(2)On 9 December 2021, Tuopu Photovoltaic Technology (Ningbo Hangzhou Bay New Area) Co.,Ltd., the wholly-owned sub-subsidiary signed a loan contract with China Development Bank NingboBranch, with the granted credit line at RMB 60 million, under the loan contract number(2021)3302202101100001111. The term of this medium and long-term loan is 12 years whichcommences from 9 February 2021 till 9 December 2023, subject to the repayment schedule as set out inthe contract. The form of guarantee is setting the real property (located at No. 59, Guanhai Road,Chunxiao, Beilun District, Ningbo) on mortgage, such guarantee is provided by Ningbo Tuopu GroupCo., Ltd. for the benefit of Tuopu Photovoltaic Technology (Ningbo Hangzhou Bay New Area) Co., Ltd.As at 30 June 2023, the balance of this medium and long-term loan is RMB 42 million, the original
value and net value of the real property on mortgage is RMB 45,324,720.72 and RMB 35,921,649.09respectively; the original value and net value of land on mortgage is RMB 13,070,562.81 and RMB9,715,785.12 respectively.
(3)On 16 June 2022, the Company signed a loan contract with China Development Bank NingboBranch, with the granted credit line at RMB 440 million, under the loan contract number3302202201100001187, the length of maturity of long-term loans is up to 24 months, the form ofguarantee is setting the real property (located on the north side of Binhai 6th Road, Hangzhou Bay NewDistrict, Ningbo (Yongxin G-156# plot)) held by the wholly-owned subsidiary Ningbo TuopuAutomotive Electronics Co., Ltd. on mortgage. On 30 June 2023, the original value and net value of thereal property on mortgage is RMB 518,372,966.46 and RMB 416,001,767.76 respectively; the originalvalue and net value of land on mortgage is RMB 87,128,775.00 and RMB 77,261,289.31 respectively.
(5). Borrowed funds from related parties
□Applicable √Non-applicable
(6). Asset transfer and debt restructuring of related parties
√Applicable □Non-applicable
(7). Remuneration of key management members
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Remuneration from key management members | 3,587,350.52 | 3,202,550.10 |
(8). Other related-party transactions
□Applicable √Non-applicable
6. Accounts receivable and payable of related parties
(1). Items of receivable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Related party | Balance at the end of the period | Balance at the beginning of the period | ||
| Book balance | Bad debt provision | Book balance | Bad debt provision | ||
| Accounts receivable | Ningbo Borgers | 30,909,553.73 | 1,545,477.69 | 20,694,339.11 | 1,034,716.96 |
| Accounts receivable | Tuopu Electrical Appliances | 2,405,953.85 | 120,297.69 | 2,963,039.73 | 148,151.99 |
| Other non-current assets | Gloyel Intelligent | 1,726,606.64 | 86,330.33 | ||
| Accounts receivable | Ningbo Borgers | 133,000.00 | 133,000.00 | ||
| Notes receivable | Tuopu Electrical Appliances | 1,400,000.00 | |||
(2). Items of payable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Related party | Book balance at the end of the period | Book balance at the beginning of the period |
| Accounts payable | Ningbo Borgers | 5,340,795.27 | 9,988,498.59 |
| Accounts payable | Ninghai Jinsuoer | 6,515,752.16 | 2,001,327.84 |
| Accounts payable | Ninghai Saipu | 1,896,315.14 | 1,308,637.05 |
| Accounts payable | Ninghai Jinxin | 5,671,720.77 | 5,820,481.55 |
| Accounts payable | Tuopu Electrical Appliances | 515,759.70 | 516,104.50 |
| Accounts payable | Ninghai Zhonghao | 8,436,954.97 | 9,425,965.30 |
| Accounts payable | Ninghai Qingqing | 2,211,496.19 | 2,567,426.48 |
| Accounts payable | Ningbo Hongke | 67,239,415.20 | 62,924,747.72 |
| Accounts payable | Gloyel Motor | 3,662,153.34 | 6,348,706.80 |
| Accounts payable | Gloyel Intelligent | 14,418,077.79 | 26,612,246.42 |
| Accounts payable | Gloyel Electrical | 455,225.11 | 106.64 |
7. Related-party commitments
□Applicable √Non-applicable
8. Others
□Applicable √Non-applicable
XIII. Share-based payment
1. General situation of share-based payment
□Applicable √Non-applicable
2. Particulars of equity-settled share-based payment
□Applicable √Non-applicable
3. Particulars of cash-settled share-based payment
□Applicable √Non-applicable
4. Modification and termination of share-based payment
□Applicable √Non-applicable
5. Others
□Applicable √Non-applicable
XIV. Commitments and Contingencies
1. Important commitments
√Applicable □Non-applicable
Important external commitments, nature, and amount on the balance sheet date
√适用 □不适用
(1) On 28 March 2022, the Company signed a loan contract with the Export-Import Bank of ChinaNingbo Branch, with the granted credit line at RMB 500 million, under the loan contract number (2022)Jin Chu Yin (Yong Xin He) No. 1-025, the length of maturity of long-term loans is up to 24 months, therevolving use of credit loans is allowed. As at 30 June 2023, the long-term loan balance under thecontract is RMB 500 million. On 15 June 2022, the Company signed a loan contract with the
Export-Import Bank of China Ningbo Branch, with the granted credit line at RMB 500 million, underthe loan contract number (2022) Jin Chu Yin (Yong Xin He) No. 1-055, the length of maturity oflong-term loans is up to 24 months, the revolving use of credit loans is allowed. As at 30 June 2023, thelong-term loan balance under the contract is RMB 500 million. On 17 June 2022, the Company signed aloan contract with the Export-Import Bank of China Ningbo Branch, with the granted credit line at RMB400 million, under the loan contract number (2022) Jin Chu Yin (Yong Xin He) No. 1-056, the length ofmaturity of long-term loans is up to 24 months, the revolving use of credit loans is allowed. As at 30June 2023, the long-term loan balance under the contract is RMB 400 million. On 14 November 2022,the Company signed a loan contract with the Export-Import Bank of China Ningbo Branch, with thegranted credit line at RMB 300 million, under the loan contract number (2022) Jin Chu Yin (Yong XinHe) No. 1-135. As at 30 June 2023, the long-term loan balance under the contract is RMB 300 million.On 16 January 2023, the Company signed a loan contract with the Export-Import Bank of China NingboBranch, with the granted credit line at RMB 300 million, under the loan contract number (2023) Jin ChuYin (Yong Xin He) No. 1-010. As at 30 June 2023, the long-term loan balance under the contract isRMB 300 million. The form of guarantee is setting houses and structures on mortgage, under theguarantee contract number (2021) Jin Chu Yin (Yong Zui Xin Di) No. 1-018, (2022) Jin Chu Yin (YongZui Xin Di) No. 1-001, and (2022) Jin Chu Yin (Yong Zui Xin Di) No. 1-003. The original value and netvalue of properties on mortgage is RMB 931,765,316.36 and RMB 647,061,626.07 respectively; theoriginal value and net value of land on mortgage is RMB 202,898,354.01 and RMB 161,279,841.94respectively.
(2) On 16 June 2022, the Company signed a loan contract with China Development Bank NingboBranch, with the granted credit line at RMB 440 million, under the loan contract number3302202201100001187, the length of maturity of long-term loans is up to 24 months, the form ofguarantee is setting the real property (located on the north side of Binhai 6th Road, Hangzhou Bay NewDistrict, Ningbo (Yongxin G-156# plot)) held by the wholly-owned subsidiary Ningbo TuopuAutomotive Electronics Co., Ltd. on mortgage, the original value and net value of the real property onmortgage is RMB 931,765,316.36 and RMB 668,026,345.69 respectively; the original value and netvalue of land on mortgage is RMB 518,372,966.46 and RMB 416,001,767.76 respectively; the originalvalue and net value of land on mortgage is RMB 87,128,775.00 and RMB 77,261,289.31 respectively.
(3) On 9 December 2021, Tuopu Photovoltaic Technology (Ningbo Hangzhou Bay New Area)Co., Ltd. signed a loan contract with China Development Bank Ningbo Branch, with the granted creditline at RMB 60 million, under the loan contract number (2021)3302202101100001111. The term of thismedium and long-term loan is 12 years which commences from 9 February 2021 till 9 December 2023,subject to the repayment schedule as set out in the contract. The form of guarantee is setting the realproperty (located at No. 59, Guanhai Road, Chunxiao, Beilun District, Ningbo) on mortgage, suchguarantee is provided by Ningbo Tuopu Group Co., Ltd. for the benefit of Tuopu PhotovoltaicTechnology (Ningbo Hangzhou Bay New Area) Co., Ltd. As of 31 December 2022, the balance of this
medium and long-term loan is RMB 45 million, the original value and net value of the real property onmortgage is RMB 45,324,720.72 and RMB 36,941,455.31 respectively; the origin
(4) In 2022, the Company signed an investment agreement with the Administration Committee ofNingbo Qianwan New District under the contract number Xin Qu Tou Xie [2022]1. As set out in thecontract, the fixed asset investments must reach RMB 3 million/mu and the average tax revenue per mumust reach RMB 380,000/mu, failing which the liquidated damages of RMB 161,100,000 shall be dueand payable. On 19 September 2022, the Company signed an "Irrevocable Bank Guarantee" with theBank of China Beilun Branch in favor of the Administration Committee of Ningbo Qianwan NewDistrict, with a sum not exceeding RMB 161.1 million, under the letter of guarantee numberGC1901322000187. The letter of guarantee is valid from 19 September 2022 to 30 September 2030. Asspecified in the letter of guarantee, the Bank of China Beilun Branch, upon the receipt of the originalprinted copy of claim notice and the proof of breach of contract from the Administration Committee ofNingbo Qianwan New Area, shall pay the Administration Committee of Ningbo Qianwan New Area theliquidated damages with the sum not exceeding RMB 161.10 million.
(5) On 24 April 2022, the Skateboard Chassis signed a construction contract for the civilengineering general contracting project of the new energy vehicle cabin comfort system project ofTuopu Skateboard Chassis (Ningbo) Co., Ltd. with Zhejiang Xinyu Construction Group Co., Ltd., underthe contract number G1012022042401. On 31 May 2022, the Skateboard Chassis signed a paymentguarantee with Bank of China Ningbo Branch in favor of Zhejiang Xinyu Construction Group Co., Ltd,with the sum not exceeding RMB 2,629,200, under the guarantee number GC1900322000280. The termof guarantee is from the effective date of the master contract to 28 days after the payment of the contractsum as set out in the master contract. As specified in the guarantee, if the Skateboard Chassis fails to paythe contract sum to Zhejiang Xinyu Construction Group Co., Ltd. under the master contract, the bankwill pay the amount at or below the guarantee sum. The Company has paid RMB 2,629,200 as thedeposit of guarantee to Bank of China Ningbo Branch.
(6) On 8 May 2022, the Skateboard Chassis signed a construction contract for the civilengineering general contracting project of the Skateboard Chassis System Project Section I ofSkateboard Chassis (Ningbo) Co., Ltd. with Zhejiang Zhongqin Construction Co., Ltd., under thecontract number G1012022050801. On 31 May 2022, the Skateboard Chassis signed a paymentguarantee with Bank of China Ningbo Branch in favor of Zhejiang Zhongqin Construction Co., Ltd.,with the sum not exceeding RMB 3.0764 million, under the guarantee number GC1900322000281. Theterm of guarantee is from the effective date of the master contract to 28 days after the payment of thecontract sum as set out in the master contract. As specified in the guarantee, if the Skateboard Chassisfails to pay the contract sum to Zhejiang Zhongqin Construction Co., Ltd. under the master contract, thebank will pay the amount at or below the guarantee sum. The Company has paid RMB 3,076,400 as thedeposit of guarantee to Bank of China Ningbo Branch.
(7) On 24 April 2022, the Skateboard Chassis signed a construction contract for the civilengineering general contracting project of the Skateboard Chassis System Project Section II of
Skateboard Chassis (Ningbo) Co., Ltd. with Zhejiang Zhhifang Construction Co., Ltd., under thecontract number G1012022050802. On 31 May 2022, the Skateboard Chassis signed a paymentguarantee with Bank of China Ningbo Branch in favor of Zhejiang Zhhifang Construction Co., Ltd.,with the sum not exceeding RMB 2,499,200, under the guarantee number GC1900322000282. The termof guarantee is from the effective date of the master contract to 28 days after the payment of the contractsum as set out in the master contract. As specified in the guarantee, if the Skateboard Chassis fails to paythe contract sum to Zhejiang Zhhifang Construction Co., Ltd. under the master contract, the bank willpay the amount at or below the guarantee sum. The Company has paid RMB 2,499,200 as the deposit ofguarantee to Bank of China Ningbo Branch.
(8) Hunan Tuopu signed an equipment purchase contract with DE HUA MATERIALS TESTING(HOLDINGS) COMPANY LIMITED, under the contract number 10762021121202, and L/C payment isspecified as the payment term. Hunan Tuopu issued a letter of credit at Bank of China Xiangtan Branch,under the L/C number LC1272222000037, and the company paid RMB 4,672,875.48 as L/C deposit tothe bank.
(9) TUOPU (MALAYSIA) SDN.BHD. signed a purchase and sale contract withCLARION(MALAYSIA)SDN.BHD, and signed a letter of bank guarantee with Bank of China(Malaysia) Co., Ltd. in favor of CLARION(MALAYSIA)SDN.BHD., with the sum not exceeding180,000 RM, under the guarantee number LG511172100345. The letter of bank guarantee shall be validfrom 13 December 2021 to 12 December 2022. As specified in the letter of bank guarantee, if TUOPU(MALAYSIA) SDN.BHD. fails to pay the contract sum to CLARION(MALAYSIA)SDN.BHD. underthe master contract, the bank will pay the amount at or below the guarantee sum. The Company has paid180,000 RM (or equivalent to RMB 283,896) as the deposit of guarantee to Bank of China MalaysiaBranch.
(10) TUOPU (MALAYSIA) SDN.BHD. signed a power supply contract with TENAGANASIONAL BERHAD, under which TENAGA NASIONAL BERHAD will supply power to TNBsubstation building of TUOPU (MALAYSIA) SDN.BHD. TUOPU (MALAYSIA) SDN.BHD. signed aletter of bank guarantee with Bank of China (Malaysia) Co., Ltd. in favor of TENAGA NASIONALBERHA, with the sum not exceeding 20,000 RM, under the guarantee number LG5111723000007. Theletter of bank guarantee shall be valid from 4 January 2023 to 3 January 2024. As specified in the letterof bank guarantee, if TUOPU (MALAYSIA) SDN.BHD. fails to pay the contract sum to TENAGANASIONAL BERHA. under the master contract, the bank will pay the amount at or below the guaranteesum. The Company has paid 20,000 RM (or equivalent to RMB 31,544) as the deposit of guarantee toBank of China Malaysia Branch.
(11) The Company and Ping An Bank Ningbo Branch signed a special agreement on the creditextension business (Ping Yin Bei Lun Piao Chi Zi 20210913 No.001) and Additional Agreement to theMaximum Amount Pledge Contract for Bill Pool Credit Business (Yin Bei Lun Piao Chi Zhi Bu Zi20210914 No.001). As at 30 June 2023, there were bank acceptance notes in a sum of RMB
36,000,000.00 under pledge, the bank acceptance deposit of RMB 8,411,420.00 was paid to the bank,and the notes payable of RMB 274,004,757.47 were issued.
(12) Tuopu Acoustics Vibration signed the note pool cooperation agreement 33100000 Zhe ShangPiao Chi Zi 2017 No.01472, the asset pool cooperation agreement 33100000 Zhe Shang Zi Chan Chi Zi2017 No.01472, and the asset pool pledge guarantee contract 33100000 Zhe Shang Zi Chan Chi Zi 2017No.01473 with China Zheshang Bank Beilun Branch. As at 30 June 2023, there were bank acceptancenotes in a sum of RMB 233,154,296.06 under pledg, the bank acceptance deposit of RMB140,045,217.90 was paid to the bank and accordingly, the notes payable in a sum of RMB354,173,294.42 were issued.
(13) Tuopu Acoustics Vibration and Bank of Ningbo Beilun Sub-branch signed the Asset PoolBilling Pass Agreement (No. 05100AT22BFN865, Bank of Ningbo Asset Pool 2019 No. 051), the AssetPool Business Cooperation and Pledge Agreement (No. 0510100015480, Ningbo Asset Pool Zi 2019 No.031). As at 30 June 2023, there were bank acceptance notes in a sum of RMB 210,701,378.38 underpledge and commercial acceptance notes in a sum of RMB 33,463,419.37 under pledge, the bankacceptance deposit of RMB 128,307,099.48 was paid to the bank and accordingly, the notes payable in asum of RMB 363,527,413.07 were issued.
(14) Tuopu Parts signed the note pool cooperation agreement 33100000 Zhe Shang Piao Chi Zi2017 No.01470, the asset pool cooperation agreement 33100000 Zhe Shang Zi Chan Chi Zi 2017No.01470, and the asset pool pledge guarantee contract 33100000 Zhe Shang Zi Chan Chi Zi 2017 No01471 with China Zheshang Bank Beilun Branch. As at 30 June 2023, there were bank acceptance notesin a sum of RMB 142,572,633.85 under pledge, the bank acceptance deposit of RMB 58,417,213.89 waspaid to the bank and accordingly, the notes payable in a sum of RMB 201,984,714.55 were issued.
(15) On 5 July 2018, Tuopu Parts signed the note pool cooperation and note pledge agreement05101PC20188002 with Bank of Ningbo Beilun branch, and 7 November 2018, signed the additionalnote pool cooperation and note pledge agreement 05101PC20188002 with Bank of Ningbo Beilunbranch. As oat 30 June 2023, there were bank acceptance notes in a sum of RMB 362,094,440.22 underpledge and accordingly, the commercial acceptance bills in a sum of RMB 22,320,000.00 were issued,the bank acceptance deposit of RMB 170,545,480.02 was paid to the bank and accordingly, the notespayable in a sum of RMB 449,122,821.32 were issued.
(16) Tuopu Parts signed the note pool cooperation agreement (Xing Yin Yong Piao Chi Fu Zi DiHaishu No.220006) and the maximum limit pledge contract (Xing Yin Yong Zhi (Gao) Zi Di Hai ShuNo.220007) with Industrial Bank Co., Ltd. Ningbo Branch. As at 30 June 2023, there were bankacceptance notes in a sum of RMB 64,198,052.68 under pledge and accordingly, the bank acceptancedeposit of RMB 6,111,148.95 was paid to the bank, the notes payable in a sum of RMB 65,581,951.02were issued.
(17) Ushone Dirve-by-Wire Chassis signed the note pool cooperation and note pledge agreement9411202000000006 and the maximum mortgage contract ZZ9411202000000006 with Shanghai PudongDevelopment Bank Co., Ltd. Ningbo Development Zone Sub-branch. As at 30 June 2023, there were
bank acceptance notes in a sum of RMB 1,000,000.00 under pledge and accordingly, the bankacceptance deposit of RMB 4,604,188.49 was paid to the bank,and the notes payable in a sum of RMB5,540,604.16 were issued.
(18) Ningbo Qianhui signed the maximum pledge contract 06001PC20198005 with Bank ofNingbo Ninghai Branch. As at 30 June 2023, there were bank acceptance notes in a sum of RMB8,689,539.23 under pledge, the bank acceptance deposit of RMB 1,612,841.12 was paid to the bank, andthe notes payable in a sum of RMB 10,027,375.44 were issued.
(19) On 13 September 2022, Tuopu Automotive Electronics signed a financial leasing contract withMaxwealth Financial Leasing Co., Ltd., the leased property is machinery and equipment, the originalbook value of the leased property is RMB 60,718,400, and the net book value of the lease property as at30 June 2023 is RMB 53,009,800. The financial lease contract number is 2022YYZL0225967-ZL-01,the repayment principal of the financial lease is RMB 50 million, the interest is RMB 164,400, and thelease repayment period is 12 months. As of 30 June 2023, the balance of other current liabilities underthe contract is RMB 12.50 million.
(20) On 13 September 2022, Tuopu Automotive Electronics signed a financial leasing contract withMaxwealth Financial Leasing Co., Ltd., the leased property is machinery and equipment, the originalbook value of the leased property is RMB 55,425,300, and the net book value of the lease property as at30 June 2023 is RMB 53,394,500. The financial lease contract number is 2022YYZL0225719-ZL-01,the repayment principal of the financial lease is RMB 50 million, the interest is RMB 164,900, and thelease repayment period is 12 months. As of 30 June 2023, the balance of other current liabilities underthe contract is RMB 12.50 million.
2. Contingencies
(1). Important contingencies existing on the balance sheet date
□Applicable √Non-applicable
(2). Even if the Company has no important contingencies to be disclosed, also state:
□Applicable √Non-applicable
3. Others
□Applicable √Non-applicable
V. Events after the Balance Sheet Date
1. Important non-adjusting events
□Applicable √Non-applicable
2. Profit distribution
?Applicable Non-applicable
Unit：Yuan Currency：RMB
| Proposed distribution of profits or dividends | 510,248,373.09 |
| Profits or dividends declared after deliberation and approval | 510,248,373.09 |
3. Sales return
□Applicable √Non-applicable
4. Notes to Other Events after the Balance Sheet Date
□Applicable √Non-applicable
VI. Other Significant Events
1. Correction of previous accounting errors
(1). Retrospective restatement
□Applicable √Non-applicable
(2). Prospective application
□Applicable √Non-applicable
2. Debt restructuring
□Applicable √Non-applicable
3. Replacement of assets
(1). Exchange of non-monetary assets
□Applicable √Non-applicable
(2). Exchange of other assets
□Applicable √Non-applicable
4. Annuity plan
□Applicable √Non-applicable
5. Discontinuing operation
□Applicable √Non-applicable
6. Segment information
(1). Determination basis and accounting policies of the reportable segment
□Applicable √Non-applicable
(2). Financial information of the reportable segment
□Applicable √Non-applicable
(3). If the Company has no reportable segments or cannot disclose the total assets and totalliabilities of individual reportable segment, state the reason
□Applicable √Non-applicable
(4). Other notes
□Applicable √Non-applicable
7. Other significant transactions and event that have an impact on investors' decisions
□Applicable √Non-applicable
8. Others
□Applicable √Non-applicable
XVII. Notes to the Main Items of the Financial Statements of the Parent Company
1. Accounts receivable
(1). Disclosure by age
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Aging | Book balance at the end of the period |
| Within 1 year | |
| Including: sub-items within 1 year | |
| Within 1 year | 1,963,723,924.73 |
| Subtotal within 1 year | 1,963,723,924.73 |
| 1 to 2 years | 153,517,614.80 |
| 2-3 years | 29,067,825.62 |
| Over 3 years | 47,180,561.46 |
| 3 to 4 years | |
| 4 to 5 years | |
| Over 5 years | 3,372,918.80 |
| Total | 2,196,862,845.41 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
(2). Categorical disclosure by provision for bad debts
√Applicable □Non-applicable
√适用 □不适用
Unit：Yuan Currency：RMB
| Category | Balance at the End of the Period | Balance at the Beginning of the Period | |||||||||
| Book Balance | Bad Debt Provision | Book Value | Book Balance | Bad Debt Provision | Book Value | ||||||
| Amount | Percentage (%) | Amount | Accrued Proportion (%) | Amount | Percentage (%) | Amount | Accrued Proportion (%) | ||||
| Bad debt provision accrued based on single item | |||||||||||
| Including: | |||||||||||
| Bad debt provision accrued based on single item | 2,196,862,845.41 | 100 | 153,939,561.09 | 7.01 | 2,042,923,284.32 | 2,463,613,636.84 | 100 | 166,344,553.64 | 6.75 | 2,297,269,083.20 | |
| Including: | Including: | ||||||||||
| Bad debt provision accrued based on aging combinations | 2,196,862,845.41 | 100 | 153,939,561.09 | 7.01 | 2,042,923,284.32 | 2,463,613,636.84 | 100 | 166,344,553.64 | 6.75 | 2,297,269,083.20 | |
| Total | 2,196,862,845.41 | / | 153,939,561.09 | / | 2,042,923,284.32 | 2,463,613,636.84 | / | 166,344,553.64 | / | 2,297,269,083.20 | |
Bad debt provision accrued based on single item:
□Applicable √Non-applicable
Bad debt provision accrued based on combinations
√Applicable □Non-applicable
√适用 □不适用
Accrued items based on combinations: accounts receivable with bad debt provision by aging portfolio
Unit：Yuan Currency：RMB
| Name | Balance at the End of the Period | ||
| Accounts Receivable | Bad Debt Provision | Accrued Proportion(%) | |
| Within 1 year | 1,963,723,924.73 | 98,186,196.24 | 5.00 |
| 1 to 2 years | 153,517,614.80 | 15,351,761.48 | 10.00 |
| 2 to 3 years | 29,067,825.62 | 8,720,347.69 | 30.00 |
| 3 to 5 years | 47,180,561.46 | 28,308,336.88 | 60.00 |
| Over 5 years | 3,372,918.80 | 3,372,918.80 | 100.00 |
| Total | 2,196,862,845.41 | 153,939,561.09 | |
Recognition criteria for and notes to bad debt provision by combinations
□Applicable √Non-applicable
If the bad debt provision is made by the general expected credit loss model, e refer to the disclosure ofother receivables:
□Applicable √Non-applicable
(3). Bad debt provision
√Applicable □Non-applicable
√适用 □不适用
Unit：Yuan Currency：RMB
| Category | Balance at the Beginning of the Period | Amount Changed in the Current Period | Balance at the End of the Period | |||
| Provision | Withdrawal or Reversal | Write-off | Other Changes | |||
| Bad debt provision accrued based on combinations | 166,344,553.64 | -12,404,992.55 | 153,939,561.09 | |||
| Total | 166,344,553.64 | -12,404,992.55 | 153,939,561.09 | |||
Significant withdrawal or reversal amount of provision for bad debts in the current period:
□Applicable √Non-applicable
(4). Accounts receivable actually written off in the current period
□Applicable √Non-applicable
Write-off of significant accounts receivable
□Applicable √Non-applicable
(5). Accounts receivable of the top five closing balances collected by debtors
√Applicable □Non-applicable
| Name of Entity | Balance at the End of the Period | Proportion in Total | Bad Debt Provision |
| Accounts Receivable (%) | |||
| No.1 | 681,815,664.12 | 31.04 | 34,090,783.21 |
| No.2 | 357,402,663.14 | 16.27 | 17,870,133.16 |
| No.3 | 165,277,151.41 | 7.52 | 8,263,857.57 |
| No.4 | 119,747,109.49 | 5.45 | 5,987,355.47 |
| No.5 | 106,394,773.62 | 4.84 | 5,319,738.68 |
| Total | 1,430,637,361.78 | 65.12 | 71,531,868.09 |
(6).Accounts receivable derecognized due to the transfer of financial assets
□Applicable √Non-applicable
(7). Amount of assets and liabilities formed by the transfer of accounts receivable and continuedinvolvement
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
2. Other Receivables
Presentation of items
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period |
| Interest receivable | ||
| Dividend receivable | ||
| Other Receivables | 284,428,657.45 | 229,141,399.78 |
| Total | 284,428,657.45 | 229,141,399.78 |
Other Notes:
□Applicable √Non-applicable
Interest receivable
(1). Category of interest receivable
□Applicable √Non-applicable
(2). Important late payment interest
□Applicable √Non-applicable
(3). Particulars of bad debt provision
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
Dividend receivable
(1). Dividend Receivable
□Applicable √Non-applicable
(4). Important dividend receivable with an aging over 1 year
□Applicable √Non-applicable
(5). Particulars of bad debt provision
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
Other Receivables
(1). Disclosure by aging
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Aging | Book Balance at the End of the Period |
| Within 1 year | |
| Including: sub-item within 1 year | |
| Within 1 year | 119,324,272.18 |
| Subtotal within 1 year | 119,324,272.18 |
| 1 to 2 years | 157,082,923.56 |
| 2 to 3 years | 36,334,250.00 |
| Over 3 years | 10,654,981.71 |
| 3 to 4 years | |
| 4 to 5 years | |
| Over 5 years | 235,800.00 |
| Total | 323,632,227.45 |
(2）. Categorical disclosure by provision for bad debts
√Applicable□Non-applicable
Unit：Yuan Currency：RMB
| Nature of Funds | Book balance at the end of the period | Book balance at the beginning of the period |
| Temporary borrowings | 319,097,795.11 | 227,415,769.50 |
| Petty cash funds | 1,834,820.00 | 1,632,760.00 |
| Deposit and guarantee | 88,000.00 | 12,887,250.00 |
| Others | 2,611,612.34 | 6,867,664.03 |
| Total | 323,632,227.45 | 248,803,443.53 |
(3). Categorized by the nature of funds
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Bad Debt Provision | Phase 1 | Phase 2 | Phase 3 | Total |
| Expected credit loss in the next 12 months | Expected credit loss throughout the duration (no credit impairment occurred) | Expected credit loss throughout the duration (credit impairment has occurred) | ||
| Balance on January 1, 2023 | 19,662,043.75 | 19,662,043.75 | ||
| Balance of the current period on January 1, 2023 | ||||
| --Transfer to Phase 2 | ||||
| --Transfer to |
| Phase 3 | ||||
| --Transfer to Phase 2 | ||||
| --Transfer to Phase 1 | ||||
| Provision made in the current period | 19,541,526.25 | 19,541,526.25 | ||
| Reversal in the current period | ||||
| Write-off in the current period | ||||
| Write-off in the current period | ||||
| Other changes | ||||
| Balance on June 30, 2023 | 39,203,570.00 | 39,203,570.00 |
Notes to significant changes in the book balance of other receivables that have changed in the currentperiod:
□Applicable √Non-applicable
Amount of bad debt provision in the current period and the basis for assessing whether the credit risk offinancial instruments has increased significantly:
□Applicable √Non-applicable
(4). Particulars of bad debt provision
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Category | Balance at the Beginning of the Period | Amount Changed in the Current Period | Balance at the End of the Period | |||
| Provision | Withdrawal or Reversal | Write-off | Other Changes | |||
| Accounts receivable with bad debt accrued based on aging portfolio | 19,662,043.75 | 19,541,526.25 | 39,203,570.00 | |||
| Total | 19,662,043.75 | 19,541,526.25 | 39,203,570.00 | |||
Bad debt provision in the current period with significant amount of withdrawal or reversal:
□Applicable √Non-applicable
(5). Particulars of other receivables actually written off in the current period
□Applicable √Non-applicable
Other note to write-off of receivables:
□Applicable √Non-applicable
(6). Particulars of other receivables of the top five closing balances collected by debtors
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Name of Unit | Nature of funds | Balance at the end of the period | Aging | Proportion in total other receivables at the end of the period (%) | Balance of bad debt provision at the end of the period |
| Tuopu Poland sp.z.o.o | Temporary borrowings | 204,682,278.66 | Note 1 | 63.25 | 18,071,760.11 |
| Shanghai Towin Automotive Technology Co., Ltd. | Temporary borrowings | 104,915,981.71 | Note 2 | 32.42 | 17,779,589.03 |
| Ningbo Ushone Intelligent Driving Technology Co., Ltd. | Temporary borrowings | 9,500,000.00 | Within 1 year | 2.94 | 475,000.00 |
| LI DONGMEI | Borrowings for work injury | 274,800.00 | Note 3 | 0.08 | 249,700.00 |
| HE JINLEI | Borrowings for work injury | 250,000.00 | 1 to 2 years | 0.08 | 25,000.00 |
| Total | / | 319,623,060.37 | / | 98.76 | 36,601,049.14 |
Note 1: The amount due within 1 year is RMB 47,929,355.10, and the amount due within 1-2 years isRMB 156,752,923.56;Note 2: The amount due within 1 year is RMB 67,400,000.00, the amount due within 1-2 years is RMB27,000,000.00, and the amount due within 2-3 years is RMB 10,515,981.71;Note 3: The amount due within 1 year is RMB 19,000.00, the amount due within 4-5 years is RMB20,000.00, and the amount due over 5 years is RMB 235,800.00;
(7). Accounts receivable related to government subsidies
□Applicable √Non-applicable
(8). Other accounts receivable derecognised due to transfer of financial assets
□Applicable √Non-applicable
(9). Amount of assets and liabilities generated due to transfer of other receivables and continuedinvolvement
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
3. Long-term Equity Investment
√Applicable □Non-applicable
√适用 □不适用
Unit：Yuan Currency：RMB
| Item | Balance at the end of the period | Balance at the beginning of the period | ||||
| Book balance | Impairment provision | Book value | Book balance | Impairment provision | Book value | |
| Investments in subsidiaries | 11,838,399,595.37 | 11,838,399,595.37 | 10,829,796,560.37 | 10,829,796,560.37 | ||
| Investments in joint ventures and associates | 152,846,026.31 | 152,846,026.31 | 141,704,726.21 | 141,704,726.21 | ||
| Total | 11,991,245,621.68 | 11,991,245,621.68 | 10,971,501,286.58 | 10,971,501,286.58 | ||
(1). Investments in subsidiaries
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Invested Entity | Balance at the beginning of the period | Increased in current period | Decreased in current period | Balance at the end of the period | Impairment provision accrued in the current period | Balance at the end of the period of impairment provision |
| Ningbo Tuopu Import and Export Co., Ltd. | 178,081,940.48 | 178,081,940.48 | ||||
| Ningbo Tuopu Automobile Parts Co., Ltd. | 196,984,594.91 | 196,984,594.91 | ||||
| Ningbo Tuopu Acoustics Vibration Technology Co., Ltd. | 184,685,004.03 | 184,685,004.03 | ||||
| Yantai Tuopu Automobile Parts Co., Ltd. | 62,800,000.00 | 62,800,000.00 | ||||
| Liuzhou Tuopu Automobile Parts Co., Ltd. | 100,000,000.00 | 100,000,000.00 | ||||
| Shenyang Tuopu Automobile Parts Co., Ltd. | 10,000,000.00 | 10,000,000.00 | ||||
| Ningbo Tuopu Intelligent Brake System | 20,000,000.00 | 20,000,000.00 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Co., Ltd. | ||||||
| Ningbo Qianhui Automobile Trim Parts Co., Ltd. | 31,210,000.00 | 31,210,000.00 | ||||
| Sichuan Tuopu Automobile Parts Co., Ltd. | 20,000,000.00 | 20,000,000.00 | ||||
| Wuhan Tuopu Maigao Automobile Parts Co., Ltd. | 150,000,000.00 | 150,000,000.00 | ||||
| Pinghu Tuopu Special Fabric Co., Ltd. | 208,000,000.00 | 208,000,000.00 | ||||
| Shanghai Towin Automotive Technology Co., Ltd. | 10,000,000.00 | 10,000,000.00 | ||||
| Ningbo Tuopu Industrial Automation Co., Ltd. | 17,700,000.00 | 17,700,000.00 | ||||
| Ningbo Tuopu Investment Co., Ltd. | 62,160,000.00 | 42,600,000.00 | 104,760,000.00 | |||
| Ningbo Yuxiang E-commerce Co., Ltd. | 3,800,000.00 | 100,000.00 | 3,900,000.00 | |||
| Tuopu Group International Co., Ltd. | ||||||
| Baoji Tuopu Maigao Automobile Parts Co., Ltd. | 18,980,000.00 | 18,980,000.00 | ||||
| Taizhou Tuopu Automobile Parts Co., Ltd. | 100,000,000.00 | 100,000,000.00 | ||||
| Ningbo Tuopu Automotive Electronics Co., Ltd. | 2,500,000,000.00 | 2,500,000,000.00 | ||||
| Jinzhong Tuopu Automobile Parts Co., Ltd. | 8,000,000.00 | 8,000,000.00 | ||||
| Shenzhen Towin Automotive Technology Co., Ltd. | 11,300,000.00 | 11,300,000.00 | ||||
| TUOPU DO BRASIL AUTOPECAS LTDA | 80,776,216.50 | 80,776,216.50 | ||||
| Zhejiang Towin Automobile Parts Co., Ltd. | 571,320,000.00 | 571,320,000.00 | ||||
| Sichuan Maigao Automobile Parts Co., Ltd. | 290,000,000.00 | 290,000,000.00 | ||||
| Hunan Tuopu Automobile Parts Co., Ltd. | 657,890,000.00 | 58,700,000.00 | 716,590,000.00 | |||
| Tuopu USA, LLC | 35,091,204.56 | 35,091,204.56 | ||||
| Ningbo Tuopu Chassis System Co., Ltd. | 514,900,000.00 | 514,900,000.00 | ||||
| Tuopu EV Thermal Management System (Ningbo) Co., Ltd. | 3,500,000,000.00 | 286,000,000.00 | 3,786,000,000.00 | |||
| Huzhou Tuopu Automobile Parts Co., Ltd. | 50,000,000.00 | 50,000,000.00 | ||||
| Tuopu Poland SP.Z.O.O | 18,000,000.00 | 18,000,000.00 |
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Shanghai Tuopuyu Automobile Parts Co., Ltd. | 16,500,000.00 | 16,500,000.00 | ||||
| Xi’an Tuopu Automobile Parts Co., Ltd. | 12,331,916.00 | 35,203,035.00 | 47,534,951.00 | |||
| Ningbo Ushone Electronic Chassis Technology Co., Ltd. | 30,772,460.00 | 17,480,000.00 | 48,252,460.00 | |||
| Tuopu Chassis System (Chongqing) Co., Ltd. | 154,400,000.00 | 34,300,000.00 | 188,700,000.00 | |||
| Tuopu Skateboard Chassis (Ningbo) Co., Ltd. | 943,330,000.00 | 416,280,000.00 | 1,359,610,000.00 | |||
| Tuopu Chassis System (Anhui) Co., Ltd. | 42,200,000.00 | 47,500,000.00 | 89,700,000.00 | |||
| Chongqing Tuopu Automobile Parts Co., Ltd. | 18,583,223.89 | 18,583,223.89 | ||||
| TUOPU GROUP MEXICO,S.de R.L. de C.V | 65,340,000.00 | 65,340,000.00 | ||||
| Jinan Tuopu Automobile Parts Co., Ltd. | 3,800,000.00 | 3,800,000.00 | ||||
| Henan Tuopu Automobile Parts Co., Ltd. | 1,300,000.00 | 1,300,000.00 | ||||
| Total | 10,829,796,560.37 | 1,008,603,035.00 | 11,838,399,595.37 |
(2). Investments in joint ventures and associates
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Invested Entity | Balance at the Beginning of the Period | Decrease/Increase in the current period | Balance at the End of the Period | Balance of impairment provision at the end of the period | |||||||
| Investment Increased | Investment Decreased | Investment profit and loss recognized under the equity method | Adjustment on other comprehensive income | Other changes in equity | Cash dividends or profit declared to distribute | Provision for impairment accrued | Other | ||||
| I. Joint ventures | |||||||||||
| Tuopu Electrical Appliances | 62,798,436.88 | 12,396,578.45 | 75,195,015.33 | ||||||||
| Ningbo Borgers | 78,906,289.33 | -1,255,278.35 | 77,651,010.98 | ||||||||
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2023
| Subtotal | 141,704,726.21 | 11,141,300.10 | 152,846,026.31 | ||||||||
| II. Associates | |||||||||||
| Subtotal | |||||||||||
| Total | 141,704,726.21 | 11,141,300.10 | 152,846,026.31 | ||||||||
Other Notes:
√Applicable □Non-applicable
Other Notes:
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period | ||
| Income | Cost | Income | Cost | |
| Main business operations | 3,061,273,610.19 | 2,376,940,758.50 | 2,928,318,046.77 | 2,267,230,346.42 |
| Other business operations | 255,445,609.81 | 184,269,376.04 | 222,912,885.27 | 158,948,404.48 |
| Total | 3,316,719,220.00 | 2,561,210,134.54 | 3,151,230,932.04 | 2,426,178,750.90 |
(2). Income generated by contracts
□Applicable √Non-applicable
(3). Notes to discharge of obligations
□Applicable √Non-applicable
(4). Notes to allocation to remaining discharge of obligations
□Applicable √Non-applicable
5. Investment income
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount incurred in the current period | Amount incurred in previous period |
| Long-term equity investment income measured by cost method | ||
| Long-term equity investment income measured by equity method | 11,141,300.10 | 10,569,117.18 |
| Investment income from disposal of long-term equity investment | ||
| Investment income of trading financial assets during the holding period | ||
| Dividend income from other equity instrument investments during the holding period | ||
| Interest income from debt investment during the holding period | ||
| Interest income from other debt investments during the holding period | ||
| Investment income from disposal of trading financial assets | ||
| Investment income from the disposal of other equity instrument investments | ||
| Investment income from disposal of debt investments | ||
| Investment income from the disposal of other debt investments | ||
| Income from debt restructuring | ||
| Investment income from wealth management products | 3,553,755.28 | 4,771,387.95 |
| Total | 14,695,055.38 | 15,340,505.13 |
6. Others
□Applicable √Non-applicable
XVIII. Additional Information
1. Current non-recurring profit and loss schedule
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
| Item | Amount | Note |
| Gains and losses from disposal of non-current assets | -11,742,432.46 | |
| Approval beyond authority, or without formal approval document, or incidental tax rebates, deducts and exempts | ||
| Government subsidies included in the current profit and loss, but closely associated with the regular business operations of the Company, except for government subsidies that are consistent with national policies and continuously granted at a fixed quota or amount under certain national standard | 87,132,153.51 | XV、Ⅶ、84 |
| Payment for the use of funds charged from non-financial enterprises that is included in current profit and loss | ||
| Income generated from the investment cost of the Company in acquiring subsidiaries, associates and joint ventures that is less than the fair value of the identifiable net assets held by the invested entity at the acquisition of investment | ||
| Gains and losses from exchange of non-monetary assets | ||
| Gains and losses from the engagement of others in investment or management | ||
| Provisions for impairment of various assets due to force majeure factors including natural disasters | ||
| Gains and losses from restructuring of debts | ||
| Expenses incurred in enterprise restructuring, including those incurred in staff placement and integration | ||
| Gains and losses from the part of transactions whose prices are clearly unfair in excess of the fair value | ||
| Net profits and losses for the current period from the beginning of the period to the date of the merger arising from a business combination under the same control | ||
| Profits and losses generated from contingent events that are unrelated to the regular business operations of the Company | ||
| Profits and losses resulting from the changes in fair value for holding trading financial assets, derivative financial assets and trading financial liabilities, derivative financial liabilities and investment income from disposal of trading financial assets, derivative financial assets, trading financial liabilities, derivative financial liabilities and other obligatory right investments, except for valid hedging businesses associated with the regular business operations of the Company | 3,336,956.62 | |
| Reversal of the receivables and contract assets depreciation reserves for separate impairment test | ||
| Gains and losses from external entrusted loans | ||
| Profits and losses generated from a change in the fair value of investment real estates that are subsequently measured by the fair value model | ||
| Impact of one-off adjustment to the current profit and loss under the requirements of taxation, accounting and other laws and |
| regulations on the current profit and loss | ||
| Custody fee income from entrusted operations | ||
| Non-operating income and expenses other than the above | 615,033.25 | |
| Other gains and losses items that fit the definition of non-recurring gains and losses | ||
| Less: Impact of income tax | 12,621,214.56 | |
| Impact of minority equity | -45,165.40 | |
| Total | 66,765,661.76 |
For items defined as non-recurring gains and losses according to the No. 1 Explanatory Announcementon Information Disclosure for Companies Offering Their Securities to Public - Non-recurring Gains andLosses, or non-recurring gains and losses items listed in the said document defined as recurring ones,state the reasons.
□Applicable √Non-applicable
2. ROE and EPS
√Applicable □Non-applicable
| Profit for the reporting period | Weighted Average ROE (%) | EPS | |
| Basic EPS | Diluted EPS | ||
| Net profit attributable to common shareholders of the Company | 8.63 | 0.99 | 0.99 |
| Net profit attributable to common shareholders of the Company after deducting non-recurring gains and losses | 8.10 | 0.93 | 0.93 |
3. Differences between international and Chinese accounting standards
□Applicable √Non-applicable
4. Others
□Applicable √Non-applicable
Chairman: Wu JianshuDate of Submission to Board of Directors: August 28, 2023
Revisions
□Applicable √Non-applicable