Stock Code: 000541, 200541 Stock Name: FSL, FSL-B Announcement No. 2023-065
FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
THIRD QUARTERLY REPORT 2023Foshan Electrical and Lighting Co., Ltd. (hereinafter referred to as the “Company”) and all the membersof the Company’s Board of Directors hereby guarantee that the contents of this Report are true, accurateand complete and free of any misrepresentations, misleading statements or material omissions.Important Notes:
1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and seniormanagement of the Company hereby guarantee that the contents of this Report are true, accurate and completeand free of any misrepresentations, misleading statements or material omissions, and collectively andindividually accept legal responsibility for such contents.
2. The Company’s legal representative, Chief Financial Officer (CFO), and person-in-charge of the Company’saccounting organ (equivalent to accounting manager) hereby guarantee that the financial statements carried inthis Report are true, accurate and complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes ? No
I Key Financial Information(I) Key Accounting Data and Financial IndicatorsIndicate whether there is any retrospectively restated datum in the table below.?Yes □ NoReason for any retrospectively adjustment or restatementChanges to accounting policies and business Combination under the same control
| Q3 2023 | Q3 2022 | YoY change (%) | Q1-Q3 2023 | Q1-Q3 2022 | YoY change (%) | |||
| Before | Restated | Restated | Before | Restated | Restated | |||
| Operating revenue (RMB) | 2,230,945,274.66 | 2,061,412,360.91 | 2,091,857,134.06 | 6.65% | 6,797,008,003.68 | 6,409,681,360.22 | 6,525,188,527.48 | 4.17% |
| Net profit | 69,756,56 | 60,088,02 | 61,391,47 | 13.63% | 238,691,8 | 220,752,4 | 224,919,4 | 6.12% |
| attributable to the listed company’s shareholders (RMB) | 8.65 | 6.76 | 8.35 | 01.19 | 60.04 | 98.13 | ||
| Net profit attributable to the listed company’s shareholders before exceptional gains and losses (RMB) | 49,838,998.43 | 64,167,908.29 | 64,120,835.07 | -22.27% | 230,228,209.96 | 225,030,432.47 | 226,335,430.41 | 1.72% |
| Net cash generated from/used in operating activities (RMB) | — | — | — | — | 753,566,221.72 | 544,288,075.20 | 575,277,322.38 | 30.99% |
| Basic earnings per share (RMB/share) | 0.0517 | 0.0445 | 0.0455 | 13.63% | 0.1769 | 0.1636 | 0.1667 | 6.12% |
| Diluted earnings per share (RMB/share) | 0.0512 | 0.0441 | 0.0451 | 13.53% | 0.1753 | 0.1636 | 0.1651 | 6.18% |
| Weighted average return on equity (%) | 1.36% | 1.20% | 0.75% | 0.61% | 4.59% | 3.88% | 2.78% | 1.81% |
| 30 September 2023 | 31 December 2022 | YoY change (%) | ||||||
| Before | Restated | Restated | ||||||
| Total assets (RMB) | 15,306,358,220.91 | 15,287,061,119.70 | 15,288,860,907.09 | 0.11% | ||||
| Equity attributable to the listed company’s shareholders (RMB) | 5,187,261,100.02 | 5,173,066,095.76 | 5,173,011,348.74 | 0.28% | ||||
Reason for change to accounting policies :
In November 2022, the Ministry of Finance ("MOF") issued Accounting Standard for Business EnterprisesInterpretation No. 16 (hereinafter referred to as "Interpretation No. 16"), which regulated the accountingtreatment for the exemption from initial recognition of the deferred income taxes related to assets and liabilitiesarising from a single transaction. It specified that, for single transactions that are not business combinations, thataffect neither accounting profit nor taxable income (or deductible losses) at the time the transaction occurs, andwhere the initial recognition of assets and liabilities results in taxable temporary differences and deductibletemporary differences of equal amounts, exemption from initial recognition of deferred income tax liabilities
and deferred income tax assets under Article XI (II) and Article XIII of Accounting Standard for BusinessEnterprises No. 18 -- Income Taxes is not applicable. An enterprise shall recognise the corresponding deferredincome tax liabilities and deferred income tax assets for the taxable temporary differences and deductibletemporary differences arising from the initial recognition of assets and liabilities in respect of the transactionwhen the transaction occurs. This provision came into force on 1 January 2023 and can be executed in advance.For exact amount affected, see “(II) Adjustments to Financial Statement Items at the Beginning of the Year ofthe First Implementation of the New Accounting Standards Implemented since 2023” under Item IV in thisReport.(II) Exceptional Gains and Losses? Applicable □ Not applicable
Unit: RMB
| Item | Q3 2023 | Q1-Q3 2023 | Note |
| Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) | 13,274,955.07 | 11,875,836.12 | |
| Government grants through profit or loss (exclusive of government grants given in the Company’s ordinary course of business at fixed quotas or amounts as per the government’s uniform standards) | 13,550,632.63 | 40,951,624.68 | |
| Capital occupation charges on non-financial enterprises that are recognized in profit or loss | 56,338.62 | 201,762.16 | |
| Gain or loss on fair-value changes on held-for-trading financial assets and liabilities & income from disposal of held-for-trading financial assets and liabilities and available-for-sale financial assets (exclusive of the effective portion of hedges that arise in the Company’s ordinary course of business) | 4,433,195.76 | -16,545,307.62 | |
| Non-operating income and expense other than the above | 1,925,914.53 | 1,084,857.14 | |
| Less: Income tax effects | 4,149,865.85 | 3,183,612.26 | |
| Non-controlling interests effects (net of tax) | 9,173,600.54 | 25,921,568.99 | |
| Total | 19,917,570.22 | 8,463,591.23 | -- |
Other items that meet the definition of exceptional gain/loss:
□Applicable ? Not applicable
No such cases in the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in theExplanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Exceptional Gain/Loss Items:
□Applicable ? Not applicable
No such cases in the Reporting Period.(III) Changes in Key Financial Statement Line Items and Explanation of why? Applicable □ Not applicable
Unit: RMB
| Item | Q1~Q3 2023/ 30 September 2023 | Q1~Q3 2022/ 1 January 2023 | Change (%) | Explanation of why |
| Held-for-trading financial assets | 181,479,512.22 | 261,541,896.45 | -30.61% | Redemption of wealth management products upon maturity in the current period |
| Receivables financing | 364,872,086.77 | 569,868,831.79 | -35.97% | Decreased bank acceptance notes with higher credit ratings in the current period |
| Other current assets | 235,091,397.07 | 79,438,576.89 | 195.94% | Reclassification of large depository receipts to other current assets in the current period |
| Right-of-use assets | 8,388,054.40 | 13,047,727.73 | -35.71% | Expiry of some leases and rent abatements in the current period |
| Held-for-trading financial liabilities | 14,879,250.00 | 4,679,000.00 | 218.00% | Changes in the fair value of forward forex settlement contracts as a result of currency fluctuations |
| Advances from customers | 313,404.00 | 2,532,442.44 | -87.62% | Decrease in advances of rentals |
| Interest payable | 18,359.41 | N/A | Accrued interest payable in the current period | |
| Dividends payable | 10,112.28 | 15,646.07 | -35.37% | Adjustment of dividends that were no longer needed to be paid in the current period |
| Long-term borrowings | 510,871,537.62 | 747,931,023.71 | -31.70% | Repayment of some long-term borrowings in the current period |
| Other non-current liabilities | 205,769.48 | 308,780.61 | -33.36% | Decreased liabilities of subsidiary liquidated and de-registered in the current period |
| Taxes and levies | 56,954,464.79 | 40,721,043.34 | 39.86% | Increased provisions for property tax and surtax of value added tax in the current period |
| Interest expense | 19,331,634.25 | 12,789,860.77 | 51.15% | Increased interest expense on borrowings in the current period |
| Interest income | 38,170,763.00 | 19,191,092.04 | 98.90% | Increased interest income from bank deposits in the current period |
| Other income | 40,940,624.68 | 63,287,513.13 | -35.31% | Decrease in recognized income from fiscal subsidies in the current period |
| Return on investment | 19,490,163.08 | 13,670,258.81 | 42.57% | Increased gains on forward forex settlement contracts in the current period |
| Share of profit or loss of joint ventures and associates | 1,558,105.76 | 985,142.24 | 58.16% | Increase in net profits of associates attributable to owners of the Company as the parent in the current period |
| Credit impairment loss (“-” for loss) | -30,867,217.69 | -6,458,671.84 | -377.92% | Increased receivable balance in the current period, resulting in increased allowances for doubtful amounts |
| Asset disposal income | 12,669,744.50 | 283,064.85 | 4375.92% | Increased income from the disposal of fixed assets in the current period |
| Non-operating income | 5,569,379.68 | 10,752,058.29 | -48.20% | Transfer to non-operating income of payables of subsidiary NationStar Optoelectronics that it did not need to pay in the same period of last year |
| Non-operating expense | 5,267,434.90 | 7,575,079.92 | -30.46% | The same period of last year saw a higher loss on the retirement of fixed assets |
| Other comprehensive income, net of tax | -88,509,238.19 | -378,748,998.86 | 76.63% | Decreased income arising from changes in the fair value of investments in other equity instruments in the current period |
| Other comprehensive income, net of tax attributable to owners of the Company as the parent | -89,542,585.21 | -379,127,519.77 | 76.38% | Decreased income arising from changes in the fair value of investments in other equity instruments in the current period |
| Changes in the fair value of investments in other equity instruments | -90,769,609.63 | -379,785,755.08 | 76.10% | Decreased income arising from changes in the fair value of investments in other equity instruments in the current period |
| Differences arising from the translation of foreign currency-denominated financial statements | 1,227,024.42 | 658,235.31 | 86.41% | Fluctuations of the RMB against foreign currencies |
| Other comprehensive income, net of tax attributable to non-controlling interests | 1,033,347.02 | 378,520.91 | 173.00% | Fluctuations of the RMB against foreign currencies |
| Total comprehensive income | 232,341,926.76 | -37,300,202.99 | 722.90% | Decreased income arising from changes in the fair value of investments in other equity instruments in the current period |
| Total comprehensive income attributable to owners of the Company as the parent | 149,149,215.98 | -154,208,021.64 | 196.72% | Decreased income arising from changes in the fair value of investments in other equity instruments in the current period |
| Net cash generated from/used in operating activities | 753,566,221.72 | 575,277,322.38 | 30.99% | A decreased amount of notes payable that were due were honored with material suppliers in the current period. |
| Net cash generated from/used in investing | -272,237,910.41 | -57,548,961.25 | -373.05% | The same period of last year saw the disposal of the Gotion High-tech shares, resulting in |
| activities | increased cash inflow from investing activities, and wealth management products were purchased in the current period. | |||
| Net cash generated from/used in financing activities | -365,735,695.99 | -869,659,908.56 | 57.94% | More payment for the acquisition of equity interests in subsidiary NationStar Optoelectronics under common control in the same period of last year |
| Net increase in cash and cash equivalents | 120,085,894.40 | -314,428,453.50 | 138.19% | Increased net cash generated from financing activities |
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as wellas Holdings of Top 10 Shareholders
Unit: share
| Number of ordinary shareholders | 63,701 | Number of preference shareholders with resumed voting rights (if any) | 0 | |||
| Top 10 shareholders | ||||||
| Name of shareholder | Nature of shareholder | Shareholding percentage | Total shares held | Restricted shares held | Shares in pledge, marked or frozen | |
| Status | Shares | |||||
| Hong Kong Wah Shing Holding Company Limited | Foreign corporation | 13.84% | 188,496,430 | 0 | ||
| Prosperity Lamps & Components Limited | Foreign corporation | 10.79% | 146,934,857 | 0 | ||
| Guangdong Electronics Information Industry Group Ltd. | State-owned corporation | 9.01% | 122,694,246 | 0 | ||
| Guangdong Rising Holdings Group Co., Ltd. | State-owned corporation | 6.10% | 83,130,898 | 0 | ||
| Essence International Securities (Hong Kong) Limited | Foreign corporation | 2.77% | 37,776,511 | 0 | ||
| Central Huijin Asset Management Co., Ltd. | State-owned corporation | 2.43% | 33,161,800 | 0 | ||
| Rising Investment Development Limited | Foreign corporation | 1.87% | 25,482,252 | 0 | ||
| Zhuang Jianyi | Foreign individual | 0.87% | 11,903,509 | 8,927,632 | ||
| Zhang Shaowu | Domestic individual | 0.86% | 11,700,000 | 0 | ||
| China Merchants Securities (HK) | Foreign corporation | 0.67% | 9,178,398 | 0 | ||
| Co., Limited | |||||
| Top 10 unrestricted shareholders | |||||
| Name of shareholder | Unrestricted ordinary shares held | Shares by class and number | |||
| Class | Shares | ||||
| Hong Kong Wah Shing Holding Company Limited | 188,496,430 | RMB-denominated ordinary share | 188,496,430 | ||
| Prosperity Lamps & Components Limited | 146,934,857 | RMB-denominated ordinary share | 146,934,857 | ||
| Guangdong Electronics Information Industry Group Ltd. | 122,694,246 | RMB-denominated ordinary share | 122,694,246 | ||
| Guangdong Rising Holdings Group Co., Ltd. | 83,130,898 | RMB-denominated ordinary share | 83,130,898 | ||
| Essence International Securities (Hong Kong) Limited | 37,776,511 | Domestically listed foreign share | 37,776,511 | ||
| Central Huijin Asset Management Co., Ltd. | 33,161,800 | RMB-denominated ordinary share | 33,161,800 | ||
| Rising Investment Development Limited | 25,482,252 | Domestically listed foreign share | 25,482,252 | ||
| Zhang Shaowu | 11,700,000 | RMB-denominated ordinary share | 11,700,000 | ||
| China Merchants Securities (HK) Co., Limited | 9,178,398 | Domestically listed foreign share | 9,178,398 | ||
| Hong Kong Securities Clearing Company Limited | 7,495,887 | RMB-denominated ordinary share | 7,495,887 | ||
| Related or acting-in-concert parties among the shareholders above | Among the top 10 shareholders, Hong Kong Wah Shing Holding Company Limited, Guangdong Electronics Information Industry Group Ltd., Guangdong Rising Holdings Group Co., Ltd. and Rising Investment Development Limited are acting-in-concert parties; Prosperity Lamps & Components Limited and Zhuang Jianyi are acting-in-concert parties. Apart from that, it is unknown whether there is among the top 10 shareholders any other related parties or acting-in-concert parties as defined in the Administrative Measures for the Acquisition of Listed Companies. | ||||
| Top 10 shareholders involved in securities margin trading (if any) | None | ||||
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable ? Not applicable
III Other Significant Events? Applicable □ Not applicable
1. Share offering to specific parties
The Company intends to raise gross proceeds of no more than RMB1,094.5518 million through an offering ofA-stock shares to specific parties. The amount exclusive of the issuance costs will be used to invest in the FSL
automation and digital transformation construction project, the FSL Hainan Industrial Park Phase I, theintelligent street light construction project, the automotive lamp module production and construction project,and the R&D centre construction project. The said share offering plan has been approved at the 39
thMeeting ofthe Ninth Board of Directors and a general meeting of shareholders on 14 March 2023 and 31 March 2023,respectively, as well as by the Public Offering Review Centre of the Shenzhen Stock Exchange on 17 July 2023.The approval of the CSRC was obtained on 31 August 2023.
2. Equity incentives
On 12 June 2023, the 2023 Restricted Share Incentive Plan (Draft) and Its Summary, together with otherrelevant proposals, were approved at the 44
th Meeting of the Ninth Board of Directors and the 22
ndMeeting ofthe Ninth Supervisory Committee. As such, it was approved to grant no more than 13,000,000 restricted shares(accounting for 0.95% of the Company’s total share capital of 1,361.9946 million shares at the date of theannouncement on the draft plan of the incentive plan) to 262 awardees. To be specific, there were 11.7 millionshares for the first grant, accounting for 90.00% of the total grant under the incentive plan; and there were 1.3million reserved shares, accounting for 10.00% of the total grant under the incentive plan. The restricted shareswere A-stock ordinary shares repurchased by the Company. And the grant price for the first grant wasRMB3.81/share. This equity incentive plan is subject to approval by the State-owned Assets Supervision andAdministration Commission of Guangdong Province and a general meeting of shareholders of the Company.For further information, see the 2023 Restricted Share Incentive Plan (Draft) and Its Summary and otherrelevant proposals that have been disclosed on http://www.cninfo.com.cn/ dated 13 June 2023.
3. Expropriation of land and above-ground housing of Nanjing Fozhao
The Company held the 24th Meeting of the Ninth Board of Directors on 15 December 2021, where the Proposalon Expropriation of Land and Above-ground Housing of the Wholly-owned Subsidiary Nanjing FozhaoLighting Equipment Manufacturing Co., Ltd., was deliberated and adopted. The Board of Directors agreed thatNanjing Lishui District People's Government expropriates the land use rights and above-land housing ofNanjing Fozhao Lighting Equipment Manufacturing Co., Ltd. (hereinafter referred to as "Nanjing Fozhao"), awholly-owned subsidiary of the Company, at a compensation amount of RMB183,855,895, and Nanjing Fozhaosigned an expropriation and compensation agreement with Lishui County House Dismantling, Moving &Resettling Development Co., Ltd., the implementing unit of the housing expropriation. As of the date of thisreport, Nanjing Fozhao has received 30% of the compensation, that is, RMB55,160,000.00, the land use right
certificate and house ownership certificate of the assets involved have been cancelled, and the site handover isstill in progress.
4. De-registration of FSL Lighting GmbH
The Company held a general manager's office meeting on 22 October 2021, at which the proposal on de-registration of wholly-owned subsidiary FSL Lighting GmbH was approved. As of 30 September 2023, theliquidation and de-registration procedures of FSL Lighting GmbH have been completed.
IV Quarterly Financial Statements(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Foshan Electrical and Lighting Co., Ltd.
30 September 2023
Unit: RMB
| Item | 30 September 2023 | 1 January 2023 |
| Current assets: | ||
| Monetary assets | 2,624,474,183.70 | 2,484,508,907.43 |
| Settlement reserve | ||
| Loans to other banks and financial institutions | ||
| Held-for-trading financial assets | 181,479,512.22 | 261,541,896.45 |
| Derivative financial assets | ||
| Notes receivable | 858,685,880.80 | 821,537,774.07 |
| Accounts receivable | 2,284,154,530.73 | 1,920,770,941.76 |
| Receivables financing | 364,872,086.77 | 569,868,831.79 |
| Prepayments | 53,000,900.42 | 45,526,548.93 |
| Premiums receivable | ||
| Reinsurance receivables | ||
| Receivable reinsurance contract reserve | ||
| Other receivables | 41,462,469.77 | 32,902,865.98 |
| Including: Interest receivable | ||
| Dividends receivable | ||
| Financial assets purchased under resale agreements | ||
| Inventories | 1,807,233,818.39 | 2,031,637,401.87 |
| Contract assets | 5,153,358.98 | 5,466,875.07 |
| Assets held for sale | 17,147,339.84 | 17,147,339.84 |
| Current portion of non-current assets | ||
| Other current assets | 235,091,397.07 | 79,438,576.89 |
| Total current assets | 8,472,755,478.69 | 8,270,347,960.08 |
| Non-current assets: | ||
| Loans and advances to customers | ||
| Debt investments | ||
| Other debt investments |
| Long-term receivables | ||
| Long-term equity investments | 180,920,304.64 | 181,931,792.66 |
| Investments in other equity instruments | 756,422,278.25 | 864,191,346.40 |
| Other non-current financial assets | ||
| Investment property | 42,744,133.50 | 44,611,882.44 |
| Fixed assets | 3,307,248,243.19 | 3,508,094,282.41 |
| Construction in progress | 1,425,371,629.87 | 1,282,780,335.14 |
| Productive living assets | ||
| Oil and gas assets | ||
| Right-of-use assets | 8,388,054.40 | 13,047,727.73 |
| Intangible assets | 337,840,926.53 | 340,166,852.37 |
| Development costs | ||
| Goodwill | 421,831,593.46 | 421,831,593.46 |
| Long-term prepaid expense | 175,648,593.25 | 190,126,627.91 |
| Deferred income tax assets | 96,825,193.47 | 90,186,993.64 |
| Other non-current assets | 80,361,791.66 | 81,543,512.85 |
| Total non-current assets | 6,833,602,742.22 | 7,018,512,947.01 |
| Total assets | 15,306,358,220.91 | 15,288,860,907.09 |
| Current liabilities: | ||
| Short-term borrowings | 148,330,000.00 | 157,715,359.35 |
| Borrowings from the central bank | ||
| Loans from other banks and financial institutions | ||
| Held-for-trading financial liabilities | 14,879,250.00 | 4,679,000.00 |
| Derivative financial liabilities | ||
| Notes payable | 2,018,799,321.11 | 1,975,743,568.71 |
| Accounts payable | 2,573,063,139.88 | 2,513,177,458.14 |
| Advances from customers | 313,404.00 | 2,532,442.44 |
| Contract liabilities | 152,470,713.70 | 125,143,161.61 |
| Financial assets sold under repurchase agreements | ||
| Customer deposits and deposits from other banks and financial institutions | ||
| Payables for acting trading of securities | ||
| Payables for underwriting of securities | ||
| Employee benefits payable | 176,079,014.80 | 173,034,152.18 |
| Taxes and levies payable | 83,220,269.93 | 64,295,552.10 |
| Other payables | 505,681,214.00 | 440,230,081.05 |
| Including: Interest payable | 18,359.41 | |
| Dividends payable | 10,112.28 | 15,646.07 |
| Fees and commissions payable | ||
| Reinsurance payables | ||
| Liabilities directly associated with assets held for sale | ||
| Current portion of non-current liabilities | 63,412,452.73 | 65,540,510.67 |
| Other current liabilities | 108,239,924.32 | 100,192,681.00 |
| Total current liabilities | 5,844,488,704.47 | 5,622,283,967.25 |
| Non-current liabilities: | ||
| Insurance contract reserve | ||
| Long-term borrowings | 510,871,537.62 | 747,931,023.71 |
| Bonds payable | ||
| Including: Preference shares | ||
| Perpetual bonds | ||
| Lease liabilities | 6,115,468.78 | 7,055,542.18 |
| Long-term payables | ||
| Long-term employee benefits payable | ||
| Provisions | 9,360,647.32 | 9,587,043.31 |
| Deferred income | 77,384,101.89 | 97,078,233.43 |
| Deferred income tax liabilities | 192,214,231.86 | 204,371,264.18 |
| Other non-current liabilities | 205,769.48 | 308,780.61 |
| Total non-current liabilities | 796,151,756.95 | 1,066,331,887.42 |
| Total liabilities | 6,640,640,461.42 | 6,688,615,854.67 |
| Owners’ equity: | ||
| Share capital | 1,361,994,647.00 | 1,361,994,647.00 |
| Other equity instruments | ||
| Including: Preference shares | ||
| Perpetual bonds | ||
| Capital reserves | 7,245,971.54 | 7,245,971.54 |
| Less: Treasury stock | 82,165,144.15 | 82,165,144.15 |
| Other comprehensive income | 408,598,433.49 | 498,141,018.70 |
| Specific reserve | ||
| Surplus reserves | 91,359,027.15 | 91,359,027.15 |
| General reserve | ||
| Retained earnings | 3,400,228,164.99 | 3,296,435,828.50 |
| Total equity attributable to owners of the Company as the parent | 5,187,261,100.02 | 5,173,011,348.74 |
| Non-controlling interests | 3,478,456,659.47 | 3,427,233,703.68 |
| Total owners’ equity | 8,665,717,759.49 | 8,600,245,052.42 |
| Total liabilities and owners’ equity | 15,306,358,220.91 | 15,288,860,907.09 |
Legal representative: Wu Shenghui Chief Financial Officer: Tang QionglanPerson-in-charge of the Company’s accounting organ: Liang Yuefei
2. Consolidated Income Statement for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2023 | Q1~Q3 2022 |
| 1. Revenues | 6,797,008,003.68 | 6,525,188,527.48 |
| Including: Operating revenue | 6,797,008,003.68 | 6,525,188,527.48 |
| Interest income | ||
| Insurance premium income | ||
| Fee and commission income | ||
| 2. Costs and expenses | 6,420,801,736.12 | 6,146,972,601.95 |
| Including: Cost of sales | 5,527,480,367.80 | 5,355,208,894.59 |
| Interest expense | ||
| Fee and commission expense | ||
| Surrenders | ||
| Net insurance claims paid | ||
| Net amount provided as insurance contract reserve | ||
| Expenditure on policy dividends | ||
| Reinsurance premium expense | ||
| Taxes and levies | 56,954,464.79 | 40,721,043.34 |
| Selling expense | 211,510,086.07 | 163,048,296.08 |
| Administrative expense | 299,817,354.12 | 291,280,291.37 |
| R&D expense | 359,659,339.75 | 332,426,466.72 |
| Finance costs | -34,619,876.41 | -35,712,390.15 |
| Including: Interest expense | 19,331,634.25 | 12,789,860.77 |
| Interest income | 38,170,763.00 | 19,191,092.04 |
| Add: Other income | 40,940,624.68 | 63,287,513.13 |
| Return on investment (“-” for loss) | 19,490,163.08 | 13,670,258.81 |
| Including: Share of profit or loss of joint ventures and associates | 1,558,105.76 | 985,142.24 |
| Income from the derecognition of financial assets at amortized cost (“-” for loss) | ||
| Exchange gain (“-” for loss) | ||
| Net gain on exposure hedges (“-” for loss) | ||
| Gain on changes in fair value (“-” for loss) | -13,694,620.01 | -15,847,302.07 |
| Credit impairment loss (“-” for loss) | -30,867,217.69 | -6,458,671.84 |
| Asset impairment loss (“-” for loss) | -45,751,119.19 | -46,526,314.03 |
| Asset disposal income (“-” for loss) | 12,669,744.50 | 283,064.85 |
| 3. Operating profit (“-” for loss) | 358,993,842.93 | 386,624,474.38 |
| Add: Non-operating income | 5,569,379.68 | 10,752,058.29 |
| Less: Non-operating expense | 5,267,434.90 | 7,575,079.92 |
| 4. Gross profit (“-” for loss) | 359,295,787.71 | 389,801,452.75 |
| Less: Income tax expense | 38,444,622.76 | 48,352,656.88 |
| 5. Net profit (“-” for net loss) | 320,851,164.95 | 341,448,795.87 |
| 5.1 By operating continuity | ||
| 5.1.1 Net profit from continuing operations (“-” for net loss) | 320,851,164.95 | 341,448,795.87 |
| 5.1.2 Net profit from discontinued operations (“-” for net loss) | ||
| 5.2 By ownership | ||
| 5.2.1 Net profit attributable to shareholders of the Company as the parent (“-” for net loss) | 238,691,801.19 | 224,919,498.13 |
| 5.2.1 Net profit attributable to non-controlling interests (“-” for net loss) | 82,159,363.76 | 116,529,297.74 |
| 6. Other comprehensive income, net of tax | -88,509,238.19 | -378,748,998.86 |
| Attributable to owners of the Company as the parent | -89,542,585.21 | -379,127,519.77 |
| 6.1 Items that will not be reclassified to profit or loss | -90,769,609.63 | -379,785,755.08 |
| 6.1.1 Changes caused by remeasurements on defined benefit schemes | ||
| 6.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | ||
| 6.1.3 Changes in the fair value of investments in other equity instruments | -90,769,609.63 | -379,785,755.08 |
| 6.1.4 Changes in the fair value arising from changes in own credit risk | ||
| 6.1.5 Other | ||
| 6.2 Items that will be reclassified to profit or loss | 1,227,024.42 | 658,235.31 |
| 6.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | ||
| 6.2.2 Changes in the fair value of other debt investments | ||
| 6.2.3 Other comprehensive income arising from the reclassification of financial assets | ||
| 6.2.4 Credit impairment allowance for other debt investments | ||
| 6.2.5 Reserve for cash flow |
| hedges | ||
| 6.2.6 Differences arising from the translation of foreign currency-denominated financial statements | 1,227,024.42 | 658,235.31 |
| 6.2.7 Other | ||
| Attributable to non-controlling interests | 1,033,347.02 | 378,520.91 |
| 7. Total comprehensive income | 232,341,926.76 | -37,300,202.99 |
| 7.1 Attributable to owners of the Company as the parent | 149,149,215.98 | -154,208,021.64 |
| 7.2 Attributable to non-controlling interests | 83,192,710.78 | 116,907,818.65 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | 0.1769 | 0.1667 |
| 8.2 Diluted earnings per share | 0.1753 | 0.1651 |
Where business combinations under common control occurred in the current period, the net profit achieved bythe acquirees before the combinations was RMB0.00, with the amount for the same period of last year beingRMB0.00.Legal representative: Wu Shenghui Chief Financial Officer: Tang QionglanPerson-in-charge of the Company’s accounting organ: Liang Yuefei
3. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2023 | Q1~Q3 2022 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 5,975,682,602.93 | 6,156,929,254.90 |
| Net increase in customer deposits and deposits from other banks and financial institutions | ||
| Net increase in borrowings from the central bank | ||
| Net increase in loans from other financial institutions | ||
| Premiums received on original insurance contracts | ||
| Net proceeds from reinsurance | ||
| Net increase in deposits and investments of policy holders | ||
| Interest, fees and commissions received | ||
| Net increase in loans from other banks and financial institutions | ||
| Net increase in proceeds from repurchase transactions | ||
| Net proceeds from acting trading of securities | ||
| Tax and levy rebates | 164,019,398.33 | 185,461,999.13 |
| Cash generated from other operating activities | 193,974,038.74 | 170,559,869.33 |
| Subtotal of cash generated from operating activities | 6,333,676,040.00 | 6,512,951,123.36 |
| Payments for commodities and services | 4,036,894,176.40 | 4,355,919,362.91 |
| Net increase in loans and advances to customers | ||
| Net increase in deposits in the central bank and other banks and financial institutions | ||
| Payments for claims on original insurance contracts |
| Net increase in loans to other banks and financial institutions | ||
| Interest, fees and commissions paid | ||
| Policy dividends paid | ||
| Cash paid to and for employees | 1,035,295,184.09 | 1,061,563,854.31 |
| Taxes and levies paid | 305,559,029.37 | 264,566,896.10 |
| Cash used in other operating activities | 202,361,428.42 | 255,623,687.66 |
| Subtotal of cash used in operating activities | 5,580,109,818.28 | 5,937,673,800.98 |
| Net cash generated from/used in operating activities | 753,566,221.72 | 575,277,322.38 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 220,981,292.12 | 534,902,240.66 |
| Return on investment | 15,446,758.01 | 15,331,293.58 |
| Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 1,595,864.64 | 1,524,973.60 |
| Net proceeds from the disposal of subsidiaries and other business units | ||
| Cash generated from other investing activities | ||
| Subtotal of cash generated from investing activities | 238,023,914.77 | 551,758,507.84 |
| Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 219,901,065.19 | 483,847,805.78 |
| Payments for investments | 290,000,000.00 | 125,459,663.31 |
| Net increase in pledged loans granted | ||
| Net payments for the acquisition of subsidiaries and other business units | ||
| Cash used in other investing activities | 360,759.99 | |
| Subtotal of cash used in investing activities | 510,261,825.18 | 609,307,469.09 |
| Net cash generated from/used in investing activities | -272,237,910.41 | -57,548,961.25 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | ||
| Including: Capital contributions by non-controlling interests to subsidiaries | ||
| Borrowings received | 143,185,218.89 | 724,436,000.00 |
| Cash generated from other financing activities | 40,461,306.66 | 5,506,572.70 |
| Subtotal of cash generated from financing activities | 183,646,525.55 | 729,942,572.70 |
| Repayment of borrowings | 366,489,526.02 | 355,803,238.15 |
| Interest and dividends paid | 182,483,084.25 | 162,715,594.13 |
| Including: Dividends paid by subsidiaries to non-controlling interests | 31,969,754.99 | 24,282,863.70 |
| Cash used in other financing activities | 409,611.27 | 1,081,083,648.98 |
| Subtotal of cash used in financing activities | 549,382,221.54 | 1,599,602,481.26 |
| Net cash generated from/used in financing activities | -365,735,695.99 | -869,659,908.56 |
| 4. Effect of foreign exchange rates changes on cash and cash equivalents | 4,493,279.08 | 37,503,093.93 |
| 5. Net increase in cash and cash equivalents | 120,085,894.40 | -314,428,453.50 |
| Add: Cash and cash equivalents, beginning of the period | 1,945,971,307.26 | 1,940,209,052.92 |
| 6. Cash and cash equivalents, end of the period | 2,066,057,201.66 | 1,625,780,599.42 |
Legal representative: Wu Shenghui Chief Financial Officer: Tang QionglanPerson-in-charge of the Company’s accounting organ: Liang Yuefei
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementationof the New Accounting Standards Implemented since 2023? Applicable □ Not applicableNote to adjustmentsThe account data of financial statements are retroactively adjusted as follows:
Unit: RMB
| Consolidated balance sheet | |||
| 1 January 2022 | |||
| Item | Before | After | Affected |
| Deferred income tax assets | 82,261,788.58 | 84,159,937.92 | 1,898,149.34 |
| Deferred income tax liabilities | 280,172,789.59 | 282,035,768.42 | 1,862,978.83 |
| Retained earnings | 3,111,864,076.86 | 3,111,882,995.08 | 18,918.22 |
| Total equity attributable to owners of the Company as the parent | 7,036,108,772.54 | 7,036,127,690.76 | 18,918.22 |
| Non-controlling interests | 3,543,741,175.21 | 3,543,757,427.50 | 16,252.29 |
| Total owners’ equity | 10,579,849,947.75 | 10,579,885,118.26 | 35,170.51 |
Unit: RMB
| Consolidated balance sheet | |||
| 1 January 2023 | |||
| Item | Before | After | Affected |
| Deferred income tax assets | 88,387,206.25 | 90,186,993.64 | 1,799,787.39 |
| Deferred income tax liabilities | 202,469,697.60 | 204,371,264.18 | 1,901,566.58 |
| Retained earnings | 3,296,490,575.52 | 3,296,435,828.50 | -54,747.02 |
| Total equity attributable to owners of the Company as the parent | 5,173,066,095.76 | 5,173,011,348.74 | -54,747.02 |
| Non-controlling interests | 3,427,280,735.85 | 3,427,233,703.68 | -47,032.17 |
| Total owners’ equity | 8,600,346,831.61 | 8,600,245,052.42 | -101,779.19 |
Unit: RMB
| Consolidated income statement | |||
| 2022 | |||
| Item | Before | After | Affected |
| Income tax expense | 30,874,328.03 | 31,011,277.73 | 136,949.70 |
| Net profit | 350,843,355.72 | 350,706,406.02 | -136,949.70 |
| Net profit attributable to shareholders of the Company as the parent | 230,394,235.91 | 230,320,570.67 | -73,665.24 |
| Net profit attributable to non-controlling interests | 120,449,119.81 | 120,385,835.35 | -63,284.46 |
Note: The amount affected by the retroactive adjustment of this accounting policy change has not been audited.
(III) Independent Auditor’s ReportIndicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes ? No
These financial statements have not been audited by such an auditor.
The Board of DirectorsFoshan Electrical and Lighting Co., Ltd.
26 October 2023