特力B：2023年年度报告(英文版)

ShenzhenTellusHoldingCo.,Ltd.

2023AnnualReport

March2024

2023AnnualReportSectionIImportantNotice,Contents,andInterpretations

TheBoardofDirectorsandBoardofSupervisors,aswellasdirectors,supervisors,andseniorexecutivesoftheCompanyguaranteethatthepresentannualreportistrue,accurate,andcompletewithoutfalserecords,misleadingstatements,ormajoromissions,andundertakethejointandseverallegalliabilitiesarisingtherefrom.

FuChunlong,headoftheCompany,HuangTianyang,thepersoninchargeofaccounting,andYuTaiping,thepersoninchargeoftheaccountingfirm(accountantincharge)declaretoguaranteethetruthfulness,accuracy,andcompletenessofthefinancialreportinthisannualreport.

AlldirectorsoftheCompanyhaveattendedtheboardmeetingtoreviewthisreport.

TheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness.

Theforward-lookingstatementssuchasplansforthefutureanddevelopmentstrategiesinvolvedinthisannualreportdonotconstituteasubstantialcommitmentoftheCompanytoinvestors.Investorsandstakeholdersshallbeawareoftherisksthereinandunderstandthedifferences

amongplans,forecasts,andcommitments.Investorsshallpayattentiontoinvestmentrisks.

TheCompany'sprofitdistributionplanpassedbytheBoardofDirectorsisasfollows:Basedonatotalof431,058,320shares,acashdividendofRMB

0.31(includingtaxes)per10shareswillbedistributedtoallshareholders,withnobonussharesissued(includingtaxes)andnocapitalizationofreservesforanincreaseincapitalstock.

Contents

SectionIImportantNotice,Contents,andInterpretations ...... 2

SectionIICompanyProfileandMajorFinancialIndicators ...... 7

SectionIIIManagementDiscussionandAnalysis ...... 12

SectionIVCorporateGovernance ...... 40

SectionVEnvironmentalandSocialResponsibility ...... 62

SectionVIImportantMatters ...... 64

SectionVIIChangesinSharesandShareholders ...... 77

SectionVIIIPreferredShares ...... 85

SectionIXBonds ...... 86

SectionXFinancialReport ...... 87

ListofDocumentsforFutureReference

(I)FinancialstatementssignedandsealedbytheheadoftheCompany,thepersoninchargeofaccounting,andthepersoninchargeofthefinancedepartment(accountantincharge).(II)Theoriginalcopyoftheauditor’sreportsealedbyanaccountingfirmandsealedandsignedbycertifiedpublicaccountants.(III)Originalsofallcompanydocumentsandannouncementsthathavebeenpubliclydisclosedduringthereportingperiod.

Interpretations

Term

Term	Refersto	Interpretation
CSRC	Refersto	ChinaSecuritiesRegulatoryCommission
SZSE	Refersto	ShenzhenStockExchange
CSDCShenzhenBranch	Refersto	ChinaSecuritiesDepositoryandClearingCorporationLimitedShenzhenBranch
Company,theCompany,andTellusHolding	Refersto	ShenzhenTellusHoldingCo.,Ltd.
Reportingperiod,thereportingperiod,andtheyear	Refersto	Theyear2023
ShenzhenSASAC	Refersto	State-ownedAssetsSupervisionandManagementCommissionofShenzhenMunicipalPeople'sGovernment
SDG,SDGGroup,andcontrollingshareholder	Refersto	ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.
SIHC	Refersto	ShenzhenInvestmentHoldingsCo.,Ltd.
ShenzhenJewelry	Refersto	ShenzhenJewelryIndustryServiceCo.,Ltd.
GuorunandGuorunGold	Refersto	GuorunGoldShenzhenCo.,Ltd.
TreasurySupplyChainCompanyandTellusTreasury	Refersto	ShenzhenTellusTreasurySupplyChainTechCo.,Ltd.
ShanghaiFanyueandFanyue	Refersto	ShanghaiFanyueDiamondCo.,Ltd.
ZhongtianCompany	Refersto	ShenzhenZhongtianIndustryCo.,Ltd.
AutomobileIndustryandTradeCompany	Refersto	ShenzhenAutomobileIndustryandTradeCo.,Ltd.
SDGHuari	Refersto	ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd.
HuariToyota	Refersto	ShenzhenHuariToyotaSales&ServiceCo.,Ltd.
RenfuTellus	Refersto	ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.
GAC	Refersto	Gems＆JewelryTradeAssociationofChina
TellusJewelryBuilding,JewelryBuilding	Refersto	TellusShuibeiJewelryBuilding
TellusGoldandDiamondBuilding,GoldandDiamondBuilding	Refersto	TellusGoldandDiamondTradingBuilding
Comprehensivetradeplatform	Refersto	ShenzhenInternationalJewelryandJadeComprehensiveTradePlatform

SectionIICompanyProfileandMajorFinancialIndicatorsI.CompanyInformation

Stockabbreviation

Stockabbreviation	TellusAandTellusB	Stockcode	000025and200025
Stockabbreviationbeforechange(ifany)	N/A
Stockexchangeonwhichthesharesarelisted	ShenzhenStockExchange
ChinesenameoftheCompany	ShenzhenTellusHoldingCo.,Ltd.
Chineseabbreviation	TellusA
EnglishnameoftheCompany(ifany)	ShenZhenTellusHoldingCo.,Ltd.
Englishabbreviation(ifany)	N/A
LegalrepresentativeoftheCompany	FuChunlong
Registeredaddress	3F,TellusBuilding,No.56,2ndShuibeiRoad,LuohuDistrict,Shenzhen
Postalcodeoftheregisteredaddress	518020
Officeaddress	3Fand4F,TellusBuilding,No.56,2ndShuibeiRoad,LuohuDistrict,Shenzhen
Postalcodeoftheofficeaddress	518020
WebsiteoftheCompany	www.tellus.cn
E-mail	[e-mail]

II.ContactPersonandContactInformation

	SecretaryoftheBoardofDirectors	Securitiesrepresentative
Name	QiPeng	LiuMenglei
Address	3F,TellusBuilding,No.56,2ndShuibeiRoad,LuohuDistrict,Shenzhen	3F,TellusBuilding,No.56,2ndShuibeiRoad,LuohuDistrict,Shenzhen
PhoneNumber	[phone]	[phone]
Fax	[phone]	[phone]
E-mail	[e-mail]	[e-mail]

III.InformationDisclosureandDesignatedLocation

WebsitedesignatedbytheStockExchangeforpublishingtheannualreport	ShenzhenStockExchange(www.szse.cn)
NewspapersselectedbytheCompanyforinformationdisclosure	SecuritiesTimesandCNINFO(www.cninfo.com.cn)
PlaceforinspectionofannualreportsoftheCompany	SecretariatoftheBoardofDirectorsofShenzhenTellusHoldingCo.,Ltd.

IV.ChangesofRegistration

Unifiedsocialcreditcode

Unifiedsocialcreditcode	91440300192192210U
Changeofmainbusinessafterlisting	WiththestrategictransformationandupgradingoftheCompanyandthedissolutionofHuariToyota,automobilesales,testing,maintenance,andsparepartssalesarenolongerthemainbusinessoftheCompany.ThemainbusinessoftheCompanyduringthereportingperiodincludesjewelrythird-partyservices,commercialcomplexoperation,andpropertyleasingbusiness.
Previouschangesofcontrollingshareholder	1.OnMarch31,1997,theCompanyheldatotalof220.2816millionsharesincapitalstock,andtheformerShenzhenInvestmentManagementCo.,Ltd.,thesolenon-tradableshareholderoftheCompany,transferred159.588millionstatesharesheldbyittoShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.Then,159.588millionshareswereheldbySDGGroup,accountingfor72.45%ofthetotalcapitalstock,andtheseshareswerestateshares.2.SDGGroup,asthecontrollingshareholderoftheCompany,followinganequitydivisionreform,theCompany'snon-publicofferingofA-shares,andthereductioninholdingsomeoftheCompany'sfreelytradableshares,heldatotalof211,591,621sharesoftheCompanybytheendofthereportingperiod,accountingfor49.09%oftheCompany'stotalcapitalstock;AmongthesharesheldbySDGGroup,210,391,621shareswerevotingshares,accountingfor48.81%oftheCompany'stotalcapitalstock,and1,200,000shareswerelentoutundertherefinancingarrangement,accountingfor0.28%oftheCompany'stotalcapitalstock.3.OnDecember28,2022,bysigningtheVotingRightsEntrustmentAgreementwithitswholly-ownedsubsidiarySIHC,ShenzhenSASACentrustedits38.97%votingrightsinSDGGrouptoitswholly-ownedsubsidiarySIHC,therebyenablingSIHCtoindirectlyholdequityintheCompanythroughSDGGroup.TheimplementationoftheVotingRightsEntrustmentAgreementdidnotresultinthechangeofthedirectcontrollingshareholderoftheCompany,whiletheindirectcontrollingshareholderwaschangedfromShenzhenSASACtoitswholly-ownedsubsidiarySIHC.

V.OtherRelatedInformation

AccountingfirmengagedbytheCompany

Nameofaccountingfirm	GrantThorntonChina(SpecialGeneralPartnership)
Officeaddressoftheaccountingfirm	5FofScitechPlaza,No.22,JianguomenwaiStreet,ChaoyangDistrict,Beijing
Namesofsigningaccountants	WuLiang,XieMingming

SponsorinstitutionengagedbytheCompanyforcontinuoussupervisionduringthereportingperiod

□Applicable?NotapplicableFinancialconsultantengagedbytheCompanyforcontinuoussupervisionduringthereportingperiod

□Applicable?Notapplicable

VI.MajorAccountingDataandFinancialIndicators

DoestheCompanyneedtoretrospectivelyadjustorrestatetheaccountingdataforthepreviousyears？

□Yes?No

	Year2023	Year2022	Changeoverthepreviousyear	Year2021
Operatingrevenue(RMB)	1,846,738,841.89	837,656,274.51	120.46%	508,520,026.18

Netprofitattributabletoshareholdersofthelistedcompany(RMB)

Netprofitattributabletoshareholdersofthelistedcompany(RMB)	118,255,140.84	83,496,135.61	41.63%	131,020,764.38
Netprofitattributabletoshareholdersofthelistedcompanyafterdeductingnon-recurringgainsandlosses(RMB)	90,386,717.21	63,268,802.52	42.86%	71,731,038.87
Netcashflowsfromoperatingactivities(RMB)	-60,140,006.46	-51,967,764.29	-15.73%	126,611,734.90
Basicearningspershare(RMB/share)	0.2743	0.1937	41.61%	0.3040
Dilutedearningspershare(RMB/share)	0.2743	0.1937	41.61%	0.3040
Weightedaveragereturnonnetassets	7.59%	5.69%	1.90%	9.56%
	Endof2023	Endof2022	Changeoverthepreviousyear-end	Endof2021
Totalassets(RMB)	2,403,851,684.45	2,232,028,554.57	7.70%	1,859,645,205.43
Netassetsattributabletoshareholdersofthelistedcompany(RMB)	1,603,905,054.93	1,505,638,863.31	6.53%	1,432,924,273.45

WhicheverislowerbetweentheCompany'snetprofitsbeforeandafterdeductingnon-recurringgainsandlossesinthelastthreeaccountingyearsisnegative,andtheauditor’sreportofthelastyearindicatesuncertaintyregardingthecompany'sabilitytocontinueoperating.

□Yes?NoWhicheverislowerbetweennetprofitsbeforeandafterdeductingnon-recurringgainsandlossesisnegative.

□Yes?NoVII.DiscrepancyinAccountingDataunderDomesticandForeignAccountingStandards

1.DiscrepancyinnetprofitandnetassetsinthefinancialreportdisclosedsimultaneouslyaccordingtoInternationalAccountingStandardsandChineseAccountingStandards

□Applicable?NotapplicableThereisnodiscrepancyinnetprofitandnetassetsinthefinancialreportsdisclosedbytheCompanyfollowingInternationalAccountingStandardsandChineseAccountingStandardsinthereportingperiod.

2.DiscrepancyinnetprofitandnetassetsinthefinancialreportdisclosedsimultaneouslyaccordingtoforeignaccountingstandardsandChineseAccountingStandards

□Applicable?NotapplicableThereisnodiscrepancyinnetprofitandnetassetsinthefinancialreportsdisclosedbytheCompanyfollowingforeignaccountingstandardsandChineseAccountingStandardsinthereportingperiod.

VIII.QuarterlyMajorFinancialIndicators

Unit:RMB

Q1

	Q1	Q2	Q3	Q4
Operatingrevenue	339,838,493.18	364,997,917.76	515,753,123.42	626,149,307.53
Netprofitattributabletoshareholdersofthelistedcompany	25,274,084.85	18,865,878.08	29,564,804.35	44,550,373.56
Netprofitattributabletoshareholdersofthelistedcompanyafterdeductingnon-recurringgainsandlosses	20,388,932.14	17,261,748.79	26,008,890.62	26,727,145.66
Netcashflowfromoperatingactivities	-43,397,996.76	33,156,054.86	-62,199,192.47	12,301,127.91

Isthereanygreatdiscrepancybetweentheaboveindicatorsortheirsumandrelevantindicatorsdisclosedinthequarterlyorsemi-annualreport？

□Yes?No

IX.Non-recurringProfitorLossItemsandAmounts

?Applicable□Notapplicable

Unit:RMB

Item	Amountfor2023	Amountfor2022	Amountfor2021	Description
Gainsandlossesonthedisposalofnon-currentassets(includingthewrite-offpartoftheprovisionforimpairmentofassets)	69,475,478.10	8,826,176.39	66,654,129.65	Gainsfromtheremeasurementatfairvalueoftheremainingequityfollowingthelossofcontroloverasubsidiary
Governmentgrantsrecognizedinthecurrentgainsandlosses(excludinggovernmentgrantsrelatedtotheCompany'snormaloperatingactivities,compliantwithnationalpolicies,enjoyedbasedonestablishedstandards,andhavingacontinuousimpactontheCompany'sgainsandlosses)	6,476,027.99	6,575,043.88	2,923,779.58	Subsidiesunderthegovernment'spreferentialpoliciesforenterprises
Gainsorlossesonthefairvaluechangesoffinancialassetsandfinancialliabilitiesheldbynon-financial	-9,882,368.06	10,762,831.81	10,073,533.17	Afterthelossofcontrolofthesubsidiary,thefairvaluechangelossoftheremainingequityis

enterprises,aswellasgainsorlossesonthedisposaloffinancialassetsandfinancialliabilities,excludingeffectivehedgingrelatedtotheCompany'snormaloperatingactivities.

enterprises,aswellasgainsorlossesonthedisposaloffinancialassetsandfinancialliabilities,excludingeffectivehedgingrelatedtotheCompany'snormaloperatingactivities.				reassessedattheendoftheyear,aswellasinvestmentincome
Feeschargedtonon-financialenterprisesforfundusageandrecognizedinthecurrentgainsandlosses			629,671.75
Reversalofimpairmentprovisionsforaccountsreceivabletestedforimpairmentseparately	150,000.00			Recoveryofprovisionsforaccruedimpairments
Othernon-operatingrevenuesandexpensesotherthantheabove	2,089,529.20	3,718,192.18	730,552.50	Liquidateddamages,forfeiteddeposits,etc.
Othergainsorlossesconformingtothedefinitionofnon-recurringgainsorlosses	-36,363,757.77	49,829.40	46,275.77	Staffresettlementexpenses,etc.
Less:Effectonincometax	13,674,541.65	6,628,391.02	19,790,228.25
Effectonminorityequity(after-tax)	-9,598,055.82	3,076,349.55	1,977,988.66
Total	27,868,423.63	20,227,333.09	59,289,725.51	--

Othergainsorlossesconformingtothedefinitionofnon-recurringgainsorlosses:

□Applicable?NotapplicableTheCompanyhasnoothergainsorlossesconformingtothedefinitionofnon-recurringgainsorlosses.Explanationondefiningthenon-recurringgainsorlossessetoutintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingSecuritiestothePublic—Non-RecurringGainsorLossesasrecurringgainsorlosses

□Applicable?NotapplicableTheCompanydoesnotdefineanynon-recurringgainsorlossessetoutintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingSecuritiestothePublic—Non-RecurringGainsorLossesasrecurringgainsorlosses.

SectionIIIManagementDiscussionandAnalysis

I.IndustryDevelopmentduringtheReportingPeriodTheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness.(I)GoldandJewelryIndustry

1.Macro-environmentThedevelopmentofthegoldandjewelryindustryiscloselyrelatedtotheglobalgeopoliticalpatternandeconomicdevelopmenttrend.In2023,thecomplexinternationalsituation,escalatingglobalgeopoliticaltensions,continuousregionalconflicts,andconstantfrictionscausedbymulti-countrytradeprotectionismposedchallengestoglobalpoliticalstabilityandeconomicdevelopment.Undertheimpactofcomplexfactorsathomeandabroadandtheactionofnationalmacro-control,thedomesticeconomicdevelopmenthasgraduallystabilizedandthedomesticjewelryconsumermarkethasgraduallyrecovered.Atthesametime,toregulatethedevelopmentorderofthejewelrymarket,Chinahasissuedaseriesofpoliciesandmeasurestoprotectthedomesticmarketandpromotelegaltrade.

2.OverviewoftheGoldandJewelryIndustryAccordingtotheNationalBureauofStatistics,China'stotalretailsalesofconsumergoodsincreasedby

7.2%year-on-yeartoRMB47.1495trillionin2023,andthetotalretailsalesofgold,silver,andjewelryfromenterprisesabovethedesignatedsizeincreasedby13.3%year-on-yeartoRMB331billion,makingthiscategorythefastest-growingcategoryamongallcommodityretailcategories.China'sconsumerdemandforjewelryisstrong,andthemarketisexpectedtocontinueexpanding.Thestructuraldifferentiationwithinthejewelryindustryisintensifying.Thedemandfornaturaldiamond-setjewelry,whichisanoptionaltypeofconsumerproduct,isinsufficientandrecoversslowly.Lab-growndiamondsalsohaveagreatimpactonthenaturaldiamondmarket.However,gold,withitsuniqueconsumptionandhedgeattributes,holdsadominantmarketposition,withmarketdemandsignificantlyincreasing.Competitionamongcompanieswithintheindustryisbecomingincreasinglyfierce.Leadingcompaniesareacceleratingindustryconsolidationbyactivelyexpandingchannels,upgradingbrands,anddevelopingnewproducts.Bysellingpopularproductssuchasgoldandjewelry,theyarestrivingtoachievestablerevenuegrowthandattractnew-generationconsumergroups.Itisexpectedthattheindustryconcentrationwillfurtherincreaseinthefuture.

Fromtheperspectiveofconsumptionscenarios,China'smarriagerateisdeclining,leadingtoreducedconsumerdemandinwedding-relatedscenarios.Themarketforinlaidproductsisshrinking,whileconsumerdemandforgoldhasincreasedsignificantly.Withtheupgradingofconsumptionandtheriseofaself-indulgencetrendinChina,theconsumerdemandforgoldandjewelryproductsisshiftingtowardspersonalizationanddiversification.Thecontinuousadvancementinthecraftsmanshipofgoldjewelryproductsisdrivingrapidproductiterations,promptingachangeinconsumptionscenariosfromweddingstoself-wearingorgiftingscenarios.

3.DevelopmentTrend

Thegoldandjewelryindustryhasvastopportunitiesforfuturedevelopment,especiallywiththedevelopmentofnewgoldproductcategoriesleadingtofurtherpricereductionsandthegradualpenetrationoflower-tiermarkets.Withawideragerangeamongconsumergroupsandincreasedconsumptionfrequency,brandshavebeenintensifyingandacceleratingtheirdeploymentinonlinechannels.Onlinechannelshavebecomeanimportantsourceofsalesgrowthforcategoriessuchasgoldandjewelry.Additionally,withthecontinuousadvancementofdigitalizationandtechnology,onlineplatformsforgoldandjewelrywillbecontinuouslyoptimizedandimprovedtoprovideconsumerswithmoreconvenientandpersonalizedshoppingexperiences.Digitalapplicationsnotonlyenhancethecustomerexperiencebutalsoincreaseoperationalefficiencyandreducecostsforbusinesses,enablingmoreefficientsupplychainmanagement.Withdatatransparency,traceability,dataanalysisforoptimizedmanagement,anddemandforecasting,thepromotionofdigitalapplicationsiscrucialforfurtherdevelopment.

Relyingonitsadvantages,theCompanymakesfulluseofindustryresourcestopromotestandardization,informatization,andcomplianceinthejewelryindustry,builddifferentiatedcompetitiveadvantageswhileservingthejewelryindustry,buildathird-partyserviceplatformforthejewelryindustry,andactivelyexploreandopenupblueoceanmarkets.

(II)CommercialRealEstateLeasingIndustry

AccordingtothedataoftheChinaRealEstateIndexSystem,officebuildingrentsinmajorbusinessdistrictscontinuedtodeclineinthefirsthalfoftheyear,anddemandrecoveredmoderatelyinthethirdquarter.However,affectedbynewsupplyintothemarket,thevacancyrateofGradeAofficebuildingsincreasedinsomecities.Accordingtostatistics,inthefirstthreequartersof2023,theaveragerentofofficebuildingsinmajorbusinessdistrictsin15keycitiesacrossChinafellby0.52%cumulativelyand0.28%quarter-on-quarterinthethirdquarter.Therentofofficebuildingscontinueditsdownwardtrend.

Somecommercialrealestatecompaniesareactivelystrategizingtoupgradeandtransform,enhancingtheirmarketcompetitivenessthroughimprovedservicequality,optimizedleasingenvironments,andinnovativebusinessmodels.Thegovernmenthasalsointroducedaseriesofpolicymeasurestosupportthehigh-qualitydevelopmentofthehousingrentalindustry,suchasincreasingfinancialsupportfortherentalmarketandpromotinglegislationrelatedtoleasing.Withthesteadyrecoveryofthemacroeconomicenvironmentinthefuture,thereisapossibilityofagradualrecoveryindemandforcommercialrealestateleasing.Inthefaceofachallengingcompetitiveenvironment,theCompanyisenhancingitsoperationalefficiency,servicequality,andsupportingmeasures.Itisalsopromotinggreenandlow-carbonpracticestocontinuouslyimprovetheoperationalcapabilitiesofcommercialcomplexes.Itisfocusingonfosteringaservice-orientedmindset,empoweringmerchants,andenhancingbrandimageandcompetitiveness.II.MainBusinessduringtheReportingPeriodTheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness.

(I)ThemainbusinessoftheCompanyduringthereportingperiodincludesjewelrythird-partyservices,

commercialcomplexoperation,andpropertyleasingbusiness.

1.Jewelrythird-partyservices:Withthedevelopmentvisionof"beingcommittedtoprovidinghigh-

qualityservicesupplyandgrowingwiththejewelryindustry",theCompanyreliesonitsadvantages,gathersdomesticandforeignhigh-qualityindustryresources,andcooperateswithoutstandingleadingenterprisesintheindustrytobuildathird-partyserviceplatformthatmeetstheneedsofthevastindustry.ThecompanyhassetupsubsidiariessuchasShenzhenJewelry,GuorunGold,TellusTreasury,andShanghaiFanyue.Throughtheconstructionandoperationofacomprehensivejewelryandjadetradeplatform,goldcirculationbusiness,andthird-partydepositorybusinessforhigh-endjewelry,itworkswithmultiplepartiesandsectorstocreateawiderangeofserviceproductstofullymeetvariousneedsfromcustomersatdifferentlevels,andgraduallybuildsandenrichestheserviceecosystemofthejewelryindustrythroughasoundserviceindustrialchain.Itstrivestofillthemarketgap,solvecustomers'painpoints,playabenchmarkingroleintheindustry,andpromotethecomplianceprocessoftheindustry.

2.Commercialcomplexoperationandpropertyleasingbusiness:TheCompanyisthelargestownerofTellus-GmondGoldJewelryIndustrialParkintheShuibeiarea.TheTellusJewelryBuildingandTellusGoldand

DiamondTradingBuildinginvestedbytheCompanyhavebeenputintooperationsuccessively,maintainingahighoccupancyrate.Inaddition,theCompanyholdsasignificantamountofpropertyresourcesinareassuchasLuohuandFutianinShenzhen.Whilemaintainingthestabilityofitsexistingleasingbusiness,theCompanyactivelypromotestheimprovementofpropertyquality.Itistransitioningitsoldpropertiesfromtraditionalsimpleleasingtocommercialpropertyoperation,withafocusonenhancingandexploringtheaddedvalueofitspropertybrands.Thisinitiativeaimstoestablishinnovativeindustrialprojectsthatalignwiththeoverallstrategiclayoutofthecity,thedistrict,andtheCompany.(II)Descriptionofthemainbusinessmodelsofthejewelrybusiness

1.SalesmodelAtpresent,theCompanyadoptswholesaleasthemainsalesmodelforgoldandjewelry.Additionally,itprovidessupportingservicessuchascustomsdeclaration,goldpurification/exchange,andsafedepositboxleasing.Thesalesrevenuecompositionofthejewelrybusinessin2023isasfollows:

Salesmodel

Salesmodel	Amountofoperatingrevenue(RMB10,000)	Amountofoperatingcost(RMB10,000)	Grossprofitmargin
Wholesale	152,304.14	150,436.40	1.23%
Otherservices	1,903.03	1,051.08	44.77%
Total	154,207.17	151,487.48	1.76%

2.ProductionmodelAtpresent,theCompany'sgoldandrelatedproductsmainlyuseacommissionedprocessingmodel,whilediamonds,coloredgemstones,andotherproductsdonotinvolveprocessing.Theproductionmodelin2023isasfollows:

ProductionModel	Amount(RMB10,000)	Proportion
Finishedproductsunderthecommissionedprocessingmodel	165,964.80	100.00%
Total	165,964.80	100.00%

3.PurchasemodelGoldandrelatedproducts:TheCompanypurchasesgoldrawmaterialsfromShanghaiGoldExchangeorotherqualifiedorganizationsorleasesthemfrombanks;Diamonds:TheCompanypurchasesfinisheddiamondsfromoverseasdiamondsuppliersandimportsthemthroughShanghaiDiamondExchange;

Otherjewelryandjade:TheCompanypurchasessuchproductsfromoverseasjewelryandjadesuppliersandhandlestax-payingimportproceduresthroughShenzhenJewelry.Thepurchasemodelsin2023areasfollows:

Purchasemodel

Purchasemodel	Rawmaterial	Purchasequantity	Purchaseamount
		(kg,ct)	(RMB10,000)
Spottrading	Gold	3649.54KG	152,722.63
Spottrading	Diamonds	1260.66CT	2,267.00
Goldleasingbusiness	Gold	118.00KG	4,742.38
Total			159,732.01

4.Operationofphysicalstoresduringthereportingperiod

InSeptember2023,theGuorunDirect-salesStore(Tellus)openedonthefirstfloorattheatriumofTellusJewelryBuilding,Shuibei2ndRoad,LuohuDistrict,ShenzhenCity,GuangdongProvince.FromSeptembertoDecember2023,itachievedasalesvolumeof55.89kgandanoperatingrevenueofRMB23.1971million,withanoperatingcostofRMB23.1573millionandagrossprofitmarginof0.17%.

5.Onlinesalesduringthereportingperiod

InNovember2023,Tmall's"TellusShuibeiJewelryFlagshipStore"opened.FromNovembertoDecember2023,itachievedanoperatingincomeofRMB5.3689million,withanoperatingcostofRMB5.2811millionandagrossprofitmarginof1.64%.

InNovember2023,JD.com's"TellusShuibeiJewelryFlagshipStore"opened.FromNovembertoDecember2023,itachievedanoperatingincomeofRMB7.8716million,withanoperatingcostofRMB

7.7941millionandagrossprofitmarginof0.98%.

6.Inventoryofjewelrybusinessduringthereportingperiod

AsofDecember31,2023,theinventorybalanceoftheCompany'sjewelrybusinesswasRMB178.4258million,ofwhichtheamountmeasuredatfairvaluewasRMB178.419,correspondingtohedgeditemswithcommodityfuturescontractsandT+DcontractsashedginginstrumentsandthevalueofgoldleasedfromChinaEverbrightBank.

III.CoreCompetitivenessAnalysis

(I)Locationadvantage

ThecompanyislocatedinShuibei,thecoreclusterofthejewelryindustryinShenzhen.ShuibeiisaninfluentialprofessionaltradingmarketinChina'sjewelryindustryandagoldandjewelryclusterwiththelargestscale,thehighestlevelofdevelopment,andthemostcompleteindustrialchaininChina.Shuibeiaccountsformorethan70%ofChina'sgoldandjewelrymarketshare.InthecoreareaofonesquarekilometerofShuibeiMarket,therearetensofthousandsofgoldandjewelryenterprises.AccordingtothedatafromtheShenzhenGold&JewelryAssociation,theannualphysicalpick-upvolumeofgoldandplatinuminShenzhenaccountsforabout70%ofthephysicalsalesvolumeatShanghaiDiamondExchange,andthephysicalconsumptionofdiamondsaccountsforabout80%oftheimportvalueatShanghaiDiamondExchange.Intermsofbrandclustering,LuohuDistrictencompassesover40leadingjewelryenterprisesand29"ChinaFamousTrademarks"inthejewelrysector,accountingfor30%ofthenationaltotal.IthassuccessfullynurturedthestockexchangelistingsofJewelrycompaniessuchasChowTaiSengandDRGroup.ShuibeihasformedacompleteindustrialchaincoveringdesignandR&D,productionandmanufacturing,exhibitionandtrading,brandoperation,headquartersofficeoperation,inspectionandtesting,talenttraining,etc.RelyingonthesignificantgeographicaladvantagesoftheShuibeiarea,theCompanyhasgatheredalargenumberofjewelrysuppliersandpowerfulmerchants,whichmakesitconvenientfortheCompanytocarryoutcomprehensivethird-partyservicesinthejewelrysector.ThemarketinfluenceofShuibeiandthecentralizedprovisionofcommercialandtradeinformationofferafavorablebusinessenvironmentanddevelopmentplatform.ThisallowstheCompanytopromptlycapturemarketfeedbackinformationandrespondquicklytomarketchanges.(II)ResourceadvantageByleveragingtheendorsementofstate-ownedassetsandharnessingindustrialsynergies,theCompanydeeplyintegratesresourcesfromboththesupplyanddemandsidesofthejewelryindustry.ThispositionstheCompanywithacertainadvantageincoordinatingupstreamresources.TheCompanyhasestablisheddirectcooperationwithdomesticandforeigngoldjewelrysuppliersandprocessorsandheldanumberofdomesticcommodityinspectionmeetingsandbondedexhibitionstoreducethecostofcommodityinspectionandrawmaterialprocurementandimproveitsoperationefficiency.

Intermsofcustomerexpansion,theCompanyhasaccumulatedcertainindustryresourcesandinfluence.ItcloselycooperateswithauthoritativeindustryassociationssuchastheGems&JewelryTradeAssociationofChinaandShenzhenGold&JewelryAssociation,activelyparticipatesinandorganizesvariousindustryactivities,participatesintheformulationofindustrystandards,andcontinuouslyexpandsthepopularityand

influenceoftheindustry.Atthesametime,ithasgraspedthetrendofdigitalizationanddevelopedanonlineplatformthroughdigitaltransformation.Theplatformhaspreliminarilyestablishedacertainlevelofbusinesssupportanddigitalservicecapabilities.Inaddition,theCompanyhasalsobroughtstablebusinessincomeandcashflowthroughcommercialcomplexoperationandpropertyvalueimprovement,whichlaysasolidfoundationforitslong-termdevelopment.Atpresent,theCompanyisthelargestownerofTellus-GmondGoldJewelryIndustrialParkintheShuibeiarea.TheTellusJewelryBuildingandTellusGoldandDiamondTradingBuildinginvestedbytheCompanyhavebeenputintooperationsuccessively,maintainingahighoccupancyrate.Additionally,theCompanyplanstobuildinnovativeindustrialprojectsthatconformtotheoverallstrategiclayoutofthecity,thedistrict,andtheCompanythroughqualityimprovementandrenovation.

(III)ManagementadvantageTheCompanycontinuestoimproveitsmanagementlevel,strengthenstrategicdecompositionandimplementation,optimizeandadjusttheorganizationalstructure,andenhanceitsfunctionalguaranteecapability.Fromtheperspectiveofmanagementpromotionandoperation,theCompanyhasestablisheda"4S"managementmainlinesystembasedonthemanagementorientationandtheactualsituationoftheCompany.Fromstrategicplanningandbusinessplanstomanagementstatementsandassessmentandevaluation,scientificandclosed-loopmanagementconceptshavebeenestablishedandvariousmanagementactionshavebeenlinked,whichservetheCompany'sstrategicimplementationinaunifiedway.Intermsofriskcontrol,theCompanyhasformulatedstrictinternalbusinesscontrolprocessessuchassupplieraccessstandards,acustomerevaluationsystem,andaprocurementpricecomparisonsystemtorealizemulti-levelriskcontrolovercapital,information,andlogistics.Atthesametime,ithasstrengthenedinternalself-inspectionandriskcontrolsystemconstruction,continuouslyoptimizedbusinessprocessesandinternalcontrolsystemsintheprocessofbusinessdevelopment,andcarriedoutresearchandinnovationonnewcategoriesandnewbusinessmodelsunderthepremiseofcontrollablerisks.Withthehelpofinformationsystemconstruction,systemdataanalysis,andforesight,theriskearlywarningcapabilityofbusinessandriskcontroldepartmentshasbeenimproved.

Intermsofhumanresources,theCompanyhasoptimizedtheemployeeemploymentmechanismandinterviewprocesstounleashorganizationalvitalitythroughtwo-waycommunication.Ithasoptimizedandimprovedthetrainingsystem,preliminarilyestablishedamiddle-levelmanagementtrainingmechanismcenteredaroundmanagementabilityassessmentandfeedback,andincreasedeffortsintalentdevelopment.

IV.AnalysisofMainBusiness

1.OverviewIn2023,underthecorrectleadershipoftheGroup'sPartyCommitteeandBoardofDirectors,allTellusstaffworkedtogethertomoveforwardcourageously.Theoveralloperationthroughouttheyearwasstableandtheperformancecontinuedtoimprove.

In2023,theCompany'soperatingincomereachedRMB1,846.74million,withayear-on-yearincreaseof

120.46%.Themainreasonfortherevenuechangewastheexpansionofthegoldandjewelrybusinessscale.In2023,theCompanyrealizedatotalprofitofRMB153.52million,representinganincreaseofRMB50.68millionover2022.ThenetprofitattributabletotheparentcompanywasRMB118.26million,representinganincreaseofRMB34.76millionover2022.Themainreasonsforthechangesincludedchangesinmeasurementmethodsandpaymentofseverancecompensationtoemployeesafterthelossofcontroloverasubsidiary,aswellasthecommencementofoperationofTellusGoldandDiamondBuilding.MainbusinessandoperationoftheCompanyin2023:

(1)Steadilypromotingtheconstructionofacomprehensivetradeplatform:ThecomprehensivetradeplatformwasupgradedtooneofShenzhen'sfivemajortradeplatformsin2023andintroducednationwidewithprecisebusinesspromotiontoregionssuchasEastChina;Ithasbeenincludedinseveralthree-yearactionplansofShenzhen,whichfurtherenhancesitsindustryinfluence;TheTellusJewelryCultureIndustrialPark,centeredaroundtheplatform,madethelistofChina'sTop100ComprehensiveCommodityMarketsandthelistofFashionableMarketsin2023sponsoredbytheStateAdministrationforMarketRegulation,withimprovedservicefunctionsthroughoutthejewelryindustrychain;Positiveprogresshasbeenmadeintheintroductionofupstreamresourcesandcooperationwithjewelrybrands.

(2)Optimizingandimprovingproductsandservicesinjewelrytrading:Thecategoryadvantageshavebeencontinuouslystrengthened,withthebusinessscaleexpandingthroughouttheyear;Atotalof14category-specificviewingmeetingswereheld,resultinginastableyear-over-yeargrowthinimportandexportvolumein2023;Directengagementwithupstreamresourceshasreducedtheprocurementviewingcostsofcustomers;TheCompanycooperatedwiththePearlDepartmentoftheMinistryofNaturalResourcesandEnvironmentalConservationofMyanmar,organizedthe2023FirstMyanmarPearlAuctionShenzhen,China,andcollaboratedwiththeThaiGemandJewelryTradersAssociationandtheSriLankaGemTradersAssociation,providingachannelforplatformmemberstoaccessstableandhigh-qualitysourcesofpearlsandcoloredgemstones.

(3)Promotingthemarketexpansionanddigitizationofthegoldsectorconcurrently:TheCompanyhasinnovatedbusinessmodels,vigorouslyexpandedmarketchannels,involvedsmallandmicrojewelryenterprisesinco-buildingtheTellusShuibeiDesignerCulturalCreativeMuseum,strengthenedsupplychainintegrationandservicecapabilities,andopenedofflinestoresandonlineflagshipstorestocarryoutinvestmentgold

productsalesbusiness;Italsocarriesoutdigitalbusinessoperationtobringbetterservicesandmorevaluetocustomers.

(4)Improvingtheoperationlevelofthephysicalplatformbusiness:TheinvestmentattractionandoperationoftheGoldandDiamondBuildinghaveachievedexcellentresults,withanoveralloccupancyrateofover95%bytheendof2023;Withthesettlementofwell-knownjewelryenterprisesinthebuilding,aclusterofjewelrycompanyheadquartershasbeenestablishedtogatherindustrytraffic;TheJewelryBuildinghasvigorouslytappeditspotentialtoincreaseincome,andnewachievementshavebeenmadeininvestmentattractionandoperation;therevenueofTellusLifeExperienceHallhasrisensteadily;therentalincomeofmanytraditionalpropertyprojectshasincreasedsignificantly.

(5)Improvingthequalityandefficiencyofinternalmanagement:Thestrategicmanagementisstandardizedandorderly,withastrongerleadershiprole,implementingthe"4Smanagementsystem"drivenmainlybystrategy;Organizationalstructureoptimizationaroundstrategicgoalshasbeenaccomplished,withfullpromotionoftheOKRmanagementsystem;Effortshavebeenmadetointensifytalentdevelopmentandreinforceteambuilding;Thecorporatecultureisdeepeningandbecomingmoresubstantialthroughvariousinitiatives,suchasorganizingdiscussionson"striver'sconvention,"furthersolidifyingthefoundationofthecultureofstriving.

(6)AdheringtotheleadershipofPartybuilding:TheCompanyhasstrengthenedlearningforPartybuilding,carriedoutin-depthresearchatthegrassrootslevelaround12topics,conducted18fieldvisitsandsymposiums,andpromotedthesolutiontoanumberofdifficultproblems.ThePartyCommitteeoftheCompanypaysattentiontostrengtheningtheconstructionofgrass-rootsorganizationsoftheParty,givesfullplaytothevanguardandexemplaryroleofpartymembers,activelyexploresandinnovatestheworkingmethodsofPartybuilding,andpromotesthehigh-qualitydevelopmentofvariousworkoftheCompany.

2.Revenuesandcosts

(1)Operatingrevenuecomposition

Unit:RMB

Year2023

	Year2023		Year2022		Year-on-yearmovement
	Amount	Proportioninoperatingrevenue	Amount	Proportioninoperatingrevenue
Totaloperatingrevenue	1,846,738,841.89	100%	837,656,274.51	100%	120.46%
Byindustry
Jewelrysalesandservices	1,542,107,225.96	83.50%	421,483,320.58	50.32%	265.88%
Leasingandservices	250,517,470.48	13.57%	174,756,009.80	20.86%	43.35%
Automobilesales	42,638,840.47	2.31%	196,357,649.27	23.44%	-78.29%

Automobilemaintenanceandtesting

Automobilemaintenanceandtesting	11,475,304.98	0.62%	45,059,294.86	5.38%	-74.53%
Byproduct
Jewelrysalesandservices	1,542,107,225.96	83.50%	421,483,320.58	50.32%	265.88%
Leasingandservices	250,517,470.48	13.57%	174,756,009.80	20.86%	43.35%
Automobilesales	42,638,840.47	2.31%	196,357,649.27	23.44%	-78.29%
Automobilemaintenanceandtesting	11,475,304.98	0.62%	45,059,294.86	5.38%	-74.53%
Byregion
SouthChina	1,417,912,052.46	76.78%	626,167,138.85	74.75%	126.44%
EastChina	335,179,719.17	18.15%	54,966,535.20	6.56%	509.79%
NorthChina	85,710,840.18	4.64%	153,009,382.75	18.27%	-43.98%
CentralChina	6,925,197.35	0.37%	3,513,217.71	0.42%	97.12%
Otherregions	1,011,032.73	0.05%
Bysalesmodel
Directsales	1,846,738,841.89	100.00%	837,656,274.51	100.00%	120.46%

(2)Industries,products,regions,andsalesmodelswithanoperatingrevenueoroperatingprofitaccountingformorethan10%oftheCompany'stotal?Applicable□Notapplicable

Unit:RMB

	Operatingrevenue	Operatingcost	Grossprofitmargin	Year-on-yearmovementinoperatingrevenue	Year-on-yearmovementinoperatingcost	Year-on-yearmovementingrossmargin
Byindustry
Jewelrysalesandservices	1,542,107,225.96	1,514,822,240.15	1.77%	265.88%	266.98%	-0.29%
Leasingandservices	250,517,470.48	85,282,344.36	65.96%	43.35%	36.11%	1.81%
Automobilesales	42,638,840.47	38,385,230.69	9.98%	-78.29%	-79.70%	6.26%
Automobilemaintenanceandtesting	11,475,304.98	9,847,384.40	14.19%	-74.53%	-72.49%	-6.38%
Byproduct
Jewelrysalesandservices	1,542,107,225.96	1,514,822,240.15	1.77%	265.88%	266.98%	-0.29%
Leasingandservices	250,517,470.48	85,282,344.36	65.96%	43.35%	36.11%	1.81%
Automobilesales	42,638,840.47	38,385,230.69	9.98%	-78.29%	-79.70%	6.26%
Automobilemaintenanceandtesting	11,475,304.98	9,847,384.40	14.19%	-74.53%	-72.49%	-6.38%
Byregion
SouthChina	1,417,912,052.46	1,227,470,886.16	13.43%	126.44%	150.00%	-8.16%
EastChina	335,179,719.17	328,741,786.92	1.92%	509.79%	504.35%	0.88%

NorthChina

NorthChina	85,710,840.18	84,311,790.11	1.63%	-43.98%	-44.32%	0.59%
CentralChina	6,925,197.35	6,817,436.10	1.56%	97.12%	96.09%	0.52%
Otherregions	1,011,032.73	995,300.31	1.56%
Bysalesmodel
Directsales	1,846,738,841.89	1,648,337,199.60	10.74%	120.46%	135.38%	-5.66%

IncaseofadjustmentstothestatisticalcriteriaoftheCompany'smainbusinessinthereportingperiod,theCompanywillprovidethemainbusinessdataadjustedaccordingtothecriteriaattheendofthereportingperiodforthemostrecentyear.

□Applicable?Notapplicable

(3)IstheCompany'sphysicalproductsalesrevenuegreaterthantheservicerevenue??Yes□No

Industry	Item	Unit	Year2023	Year2022	Year-on-yearmovement
Wholesaleandretailofgold	Salesvolume	KG	3,563.59	1,128.44	215.80%
	Production	KG	3,781.54	1,345.47	181.06%
	Inventory	KG	434.98	217.03	100.42%

Explanationofthecausesofover30%changesintherelateddata?Applicable□Notapplicable

(2)Thegoldcirculationplatformtookonanewlookofdevelopment.GuorunGoldwasregisteredonJune28,2022,andhasgraduallydevelopeditsbusiness.

(4)PerformanceformajorsalescontractsandmajorprocurementcontractssignedbytheCompanyasofthereportingperiod

□Applicable?Notapplicable

(5)CompositionofoperatingcostIndustryandproductclassificationIndustryandproductclassification

Unit:RMB

Industry	Item	Year2023		Year2022		Year-on-yearmovement
		Amount	Proportioninoperatingcost	Amount	Proportioninoperatingcost
Jewelrysalesandservices	Retailandwholesaleofjewelry	1,514,822,240.15	91.90%	412,785,619.63	58.95%	266.98%
Leasingandservices	Leasing,propertymanagement,andothers	85,282,344.36	5.17%	62,659,156.85	8.95%	36.11%
Automobilesales	Automobilesales	38,385,230.69	2.33%	189,054,253.07	27.00%	-79.70%

Automobilemaintenanceandtesting

Automobilemaintenanceandtesting

Automobilemaintenanceandtesting

9,847,384.40

0.60%

35,790,213.87

5.11%

-72.49%

Unit:RMB

Product	Item	Year2023		Year2022		Year-on-yearmovement
		Amount	Proportioninoperatingcost	Amount	Proportioninoperatingcost
Jewelrysalesandservices	Retailandwholesaleofjewelry	1,514,822,240.15	91.90%	412,785,619.63	58.95%	266.98%
Leasingandservices	Leasing,propertymanagement,andothers	85,282,344.36	5.17%	62,659,156.85	8.95%	36.11%
Automobilesales	Automobilesales	38,385,230.69	2.33%	189,054,253.07	27.00%	-79.70%
Automobilemaintenanceandtesting	Automobilemaintenanceandtesting	9,847,384.40	0.60%	35,790,213.87	5.11%	-72.49%

DescriptionN/A

(6)Hastheconsolidationscopechangedduringthereportingperiod??Yes□NoTheCompanyhadmultiplecommunicationswiththeJapaneseshareholderbeforeandaftertheexpirationofthebusinesstermofitssubsidiary,SDGHuari,regardingSDGHuari'sbusinesstermextension,equitytransactions,dissolution,andliquidation,butconsensuswasnotreachedonanyoftheseissues.UnderthecircumstancethatthebusinesstermofSDGHuarihasexpired,andtheCompanyandtheJapaneseshareholdercouldnotsetupaliquidationteamtocarryoutliquidationwithinfifteendaysfromthedateofexpirationofthebusinesstermofSDGHuari,astheshareholderholding60%equityofSDGHuari,theCompanyappliedinOctober2022fortheappointmentofaliquidationteamdesignatedbythePeople'sCourttocarryoutcompulsoryliquidationofSDGHuariaccordingtoArticles180and183oftheCompanyLawofthePeople'sRepublicofChinaandArticle7oftheProvisions(II)oftheSupremePeople'sCourtonSeveralIssuesConcerningtheApplicationoftheCompanyLawofthePeople'sRepublicofChina.OnDecember21,2022,theShenzhenQianhaiCooperationZonePeople'sCourtinGuangdongProvinceissued[2023]Y0391QSNo.9CivilRuling,decidingtoaccepttheCompany'sapplicationforliquidationagainstSDGHuari.

OnMarch21,2023,theCompanyreceivedtheDecisiononAppointingaLiquidationTeam([2023]Y0391QQNo.4)servedbytheShenzhenQianhaiCooperationZonePeople'sCourt,whichdesignatedKing&WoodMallesonsShenzhenOfficeastheSDGHuariLiquidationTeam.Theliquidationteamreporteditswork

tothecourt,acceptedthesupervisionofthecourtandcreditorsandshareholdersoftheCompany,andexercisedvariousfunctionsandpowersinaccordancewithlegalproceduresduringliquidation.

AccordingtotherelevantprovisionsoftheCompanyLaw,theliquidationteamdesignatedbythecourtshallberesponsibleforsafeguarding,sorting,anddisposingoftheliquidatedcompany'sassetsduringtheliquidationperiod,settlingdebts,andhandlingoutstandingbusinessuntilthefinalderegistrationofthecompany.Duringtheliquidationperiod,theCompanyasashareholdercouldnolongercontrolthebusinessdecisionsofSDGHuariandcouldnotunilaterallyapplytothecourttorevoketheliquidationofSDGHuari.Therefore,afterthecourtappointedaliquidationgroup,theCompanylostcontroloverSDGHuariandshouldnotincludeSDGHuariinitsconsolidationscopeunlesstherewassignificantinfluence.

(7)MajorchangesoradjustmentsintheCompany'sbusiness,products,orservicesduringthereportingperiod

□Applicable?Notapplicable

(8)KeycustomersandkeysuppliersKeycustomersoftheCompany

Totalsalesrevenuefromthetop5customers(RMB)

Totalsalesrevenuefromthetop5customers(RMB)	979,817,424.60
Proportionofthetotalsalesrevenuefromthetop5customersintotalannualsalesrevenue	53.06%
Proportionofthesalesrevenuefromtherelatedpartiesamongthetop5customersintotalannualsalesrevenue	5.70%

Top5customersoftheCompany

S/N	Customername	Salesrevenue(RMB)	Proportionintotalannualsalesrevenue
1	Customer1	474,217,141.00	25.68%
2	Customer2	160,694,752.22	8.70%
3	Customer3	122,782,927.42	6.65%
4	Customer4	116,873,152.53	6.33%
5	Customer5	105,249,451.43	5.70%
Total	--	979,817,424.60	53.06%

Explanationonotherconditionsofkeycustomers

□Applicable?NotapplicableKeysuppliersoftheCompany

Totalpurchaseamountpaidtothetop5suppliers(RMB)	1,440,695,874.42
Proportionofthetotalpurchaseamountpaidtothetop5suppliersinthetotalannualpurchaseamount	81.70%
Proportionofthepurchaseamountoftherelatedpartiesamongthetop5suppliersinthetotalannualpurchaseamount	0.00%

Top5suppliersoftheCompany

S/N

Suppliername

Purchaseamount(RMB)

Proportioninthetotalannualpurchaseamount

1	Supplier1	1,007,734,822.92	57.15%
2	Supplier2	248,756,140.00	14.11%
3	Supplier3	96,871,592.92	5.49%
4	Supplier4	47,105,000.00	2.67%
5	Supplier5	40,228,318.58	2.28%
Total	--	1,440,695,874.42	81.70%

Explanationonotherconditionsofkeysuppliers?Applicable?NotApplicableThesupplieraccountingformorethan50%oftheCompany'stotalannualpurchaseamountduringthereportingperiodwasShanghaiGoldExchange.

3.Expenses

Unit:RMB

	Year2023	Year2022	Year-on-yearmovement	Explanationonmajorchanges
Sellingexpenses	19,128,514.75	22,034,712.48	-13.19%
Administrativeexpenses	85,621,795.09	47,077,679.99	81.87%	First,theincreaseincompensationfortheclosureoftheautomobilebusiness;Second,theyear-on-yearincreaseinconsultingservicefeesoftheGoldandDiamondBuilding,suchastaxconsultationfeesandspecialauditevaluationfees.
Financialexpenses	5,537,879.92	-4,036,653.35	237.19%	First,increasedinterestexpensesonfinancingforthegoldbusiness;Second,afterthetransferoftheGoldandDiamondBuildingtofixedassets,loaninterestswereconvertedtofinancialexpenses.
R&Dexpenses	1,965,795.78	802,753.80	144.88%	IncreasednumberofR&Dprojects

4.InvestmentinR&D

?Applicable□Notapplicable

NameofmajorR&Dproject	Projectpurpose	Projectprogress	Objectivestobeachieved	ExpectedimpactonthefuturedevelopmentoftheCompany
DataModelIndexSystemBasedontheHEARTAnalysisModel	ConstructadatamanagementsystembasedontheHEARTanalysismodeltoobtainandprocess	TheprojecthascompletedthedevelopmentprocessbytheendofApril2023andisin	Improvetheconfigurabilityandexpansibilityofthesystem,andimprovetheintelligent	Providehigh-qualitydigitalproductsanddataservicesforthejewelryindustry.

customsdeclaration,contract,andgoodsinformationinreal-time.

	customsdeclaration,contract,andgoodsinformationinreal-time.	continuousoperation.	capabilityofthesystem.
Cloud-basedTradeImportandExportManagementSystemBasedontheSaaSModel	Developacloud-basedtradeimportandexportmanagementsystembasedontheSaaSmodeltoimprovetheimportandexportmanagementofthejewelryindustry.	TheprojecthascompletedthedevelopmentprocessbytheendofAugust2023andisundertrialoperation.	Realizethereal-timeupdateandsharingofimportandexportdataofjewelryenterprisesandimprovedatasecurity.	Providesystemsupportfortheplatformtodevelopoverseasbusinessandenhancecompetitiveness.
ResearchandDevelopmentofMethodsforOfflineProcessingofBusinessData	Providemoreaccurateandtimelydatasupportthroughcoretechnologiessuchasofflinecache,datapreprocessing,distributedprocessing,andfault-tolerantprocessing.	TheprojecthascompletedthedevelopmentprocessbytheendofJuly2023andisincontinuousoperation.	Establishthecapacitytoprocessdatacollectedofflineinlargequantitiestoreducethecostofmanualdatamigration.	EnabletheCompanytocopewithlarge-scaledataprocessingpressurecausedbythesuddengrowthofbusinessvolumeatspecialtimepoints.
ResearchandDevelopmentofReal-timeDataCalculationPlatform	Buildanefficient,reliable,andscalablereal-timedataprocessingplatformtoprovidemillisecond-leveldataanalysisanddecisionsupportforenterprises.	TheprojecthascompletedthedevelopmentprocessbytheendofOctober2023andisincontinuousoperation.	Beabletoanalyzeandprocessthestreamdatathatneedsreal-timeprocessing,andcontrolmarketchangesinreal-time.	Improvestheefficiencyofbusinessdataprocessingandanalysisincomplexbusinessorcomplexscenarios.
ResearchandDevelopmentofanAll-in-OneComprehensiveIntelligentMemberManagementSystem	Developamembermanagementsystemtostrengthenthemembermanagementabilityandrealizethestandardizationofmembershipandtheunifiedcontrolofmemberdata.	TheprojecthascompletedthedevelopmentprocessbytheendofDecember2023andisundertrialoperation.	Achieveall-in-onemembershipmanagementtoeffectivelyimprovetheworkefficiencyofsalespeople.	Serveplatformmembersbetter,improvememberstickiness,andenablebusinessunitstocarryoutplatformbusinessmoreconveniently.
ResearchandDevelopmentofanOnlineCollaborativeManagementSystemforJewelryInspectionMeetings	Developasystematicplatformforcommodityinspectionmeetingstoimprovetheefficiencyandmanagementofcommodityinspectioninexhibitionactivities.	TheprojecthascompletedthedevelopmentprocessbytheendofJanuary2024andisundertrialoperation.	Achievereal-timedatacollectionandprocessingtoimproveworkefficiency;Adoptadvancedsecuritytechnologytoensuresystemanddatasecurity.	Improvetheplatform'sefficiencyinorganizingcommodityinspectionmeetingstoreducelaborcosts.
InformationSupervisionSystemfortheJewelryIndustry	Developaninformationsupervisionsystemforthejewelryindustrytostrengthenbusinessdatasupervision.	Inthedevelopmentprocess.	Meettheregulatoryrequirementsforbondedgoodsandenhancetrustinenterprises.	Furtherimprovethefunctionsofdatacollection,displayandanalysis,anddatatraceabilityinspection.

R&DpersonneloftheCompany

	Year2023	Year2022	Percentagechange
NumberofR&Dpersonnel(headcount)	6	2	200.00%

ProportionofR&Dpersonnel

ProportionofR&Dpersonnel	3.97%	0.63%	3.34%
EducationalbackgroundstructureofR&Dpersonnel
Bachelor'sdegree	3
Master'sdegree	1
Juniorcollegediploma	2	2
AgecompositionofR&Dpersonnel
Under30	1	1	0.00%
30-40	5	0
Over40		1

R&DinvestmentoftheCompany

	Year2023	Year2022	Percentagechange
R&Dinvestmentamount(RMB)	1,965,795.78	802,753.80	144.88%
ProportionofinvestmentinR&Dinoperatingrevenue	0.11%	0.10%	0.01%
CapitalizedR&Dinvestmentamount(RMB)	0.00	0.00
ProportionofcapitalizedR&DinvestmentinR&Dinvestment	0.00%	0.00%

CausesandimpactofmajorchangesinthecompositionoftheCompany'sR&Dpersonnel

□Applicable?NotapplicableCausesforsignificantyear-on-yearchangesintheproportionofthetotalR&Dinvestmentinoperatingrevenue

□Applicable?NotapplicableExplanationofthereasonforsignificantchangesinthecapitalizationrateofR&Dinvestmentanditsjustification

□Applicable?Notapplicable

5.Cashflow

Unit:RMB

Item	Year2023	Year2022	Year-on-yearmovement
Subtotalofthecashinflowsofoperatingactivities	2,019,506,191.37	1,004,298,180.83	101.09%
Subtotalofthecashoutflowsofoperatingactivities	2,079,646,197.83	1,056,265,945.12	96.89%
Netcashflowfromoperatingactivities	-60,140,006.46	-51,967,764.29	-15.73%
Subtotalofthecashinflowsofinvestmentactivities	677,411,633.15	1,388,465,680.40	-51.21%
Subtotalofthecashoutflowsofinvestmentactivities	810,619,126.84	1,338,619,900.38	-39.44%
Netcashflowofinvestmentactivities	-133,207,493.69	49,845,780.02	-367.24%
Subtotalofthecashinflowsoffinancingactivities	359,922,892.83	206,424,339.14	74.36%
Subtotalofthecashoutflows	397,758,935.44	23,708,532.63	1,577.70%

offinancingactivities

offinancingactivities
Netcashflowoffinancingactivities	-37,836,042.61	182,715,806.51	-120.71%
Netincreaseincashandcashequivalents	-231,183,441.67	179,751,243.50	-228.61%

Explanationofmaininfluencefactorsforyear-on-yearmajorchangesinrelateddata?Applicable□Notapplicable

Item	Year2023	Year2022	Year-on-yearmovement	Description
Subtotalofthecashinflowsofoperatingactivities	2,019,506,191.37	1,004,298,180.83	101.09%	Thebusinessvolumeofgoldandjewelryincreasedduringthereportingperiod
Subtotalofthecashoutflowsofoperatingactivities	2,079,646,197.83	1,056,265,945.12	96.89%	Thebusinessvolumeofgoldandjewelryincreasedduringthereportingperiod
Netcashflowfromoperatingactivities	-60,140,006.46	-51,967,764.29	-15.73%	Goldcreditsalesandstockingbusinessintheyear
Subtotalofthecashinflowsofinvestmentactivities	677,411,633.15	1,388,465,680.40	-51.21%	Year-on-yeardecreaseintheredemptionoffinancialproductsintheyear
Subtotalofthecashoutflowsofinvestmentactivities	810,619,126.84	1,338,619,900.38	-39.44%	Year-on-yeardecreaseinfinancialproductspurchasedintheyear
Netcashflowofinvestmentactivities	-133,207,493.69	49,845,780.02	-367.24%	Year-on-yeardecreaseintheredemptionoffinancialproductsatmaturity
Subtotalofthecashinflowsoffinancingactivities	359,922,892.83	206,424,339.14	74.36%	Loansforthegoldandjewelrybusinessincreasedduringthereportingperiod
Subtotalofthecashoutflowsoffinancingactivities	397,758,935.44	23,708,532.63	1,577.70%	Repaymentoflong-termborrowingsandgoldandjewelrybusinessloansduringthereportingperiod
Netcashflowoffinancingactivities	-37,836,042.61	182,715,806.51	-120.71%	Repaymentoflong-termborrowingsduringthereportingperiod
Netincreaseincashandcashequivalents	-231,183,441.67	179,751,243.50	-228.61%	First,goldcreditsalesandstockingbusiness;Second,long-termloanrepaymentduringthereportingperiod

ExplanationofthesignificantdifferencebetweenthenetcashflowofoperatingactivitiesduringthereportingperiodandthenetprofitoftheCompanyintheyear

□Applicable?Notapplicable

V.AnalysisofNon-mainBusiness

?Applicable□Notapplicable

Unit:RMB

	Amount	Proportionintotalprofit	Reason	Sustainableornot
Investmentincome	93,873,513.18	61.15%	Gainsfromfinancialinvestments,gainsfromusingtheequitymethodtorecognizeinvestmentsinassociatecompanies,andgainsfromtheremeasurementatfairvalueofremainingequityafterlosingcontrolofasubsidiary	No
Gainsorlossesfromchangesinfairvalue	-12,008,283.18	-7.82%	Lossesfromchangesinfairvalueofheld-to-maturityfinancialassets,andafterthelossofcontrolofthesubsidiary,thefairvaluechangelossoftheremainingequityisreassessedattheendoftheyear	No

Impairmentofassets

Impairmentofassets	-1,046,935.57	-0.68%	Provisionfortheimpairmentlossesofinventoriesandfixedassets	No
Non-operatingrevenue	2,390,834.30	1.56%	Confiscationofsecuritydepositsduetoearlysurrenderofleasebymerchants	No
Non-operatingexpenditures	319,297.02	0.21%	Liquidateddamagespaidtotenantsfortheearlyterminationoftenancyforrenovationandqualityimprovementwork	No

VI.AnalysisofAssetsandLiabilities

1.Majorchangesinassetcomposition

Unit:RMB

	Endof2023		Beginningof2023		Proportionincrease/decrease	Explanationonmajorchanges
	Amount	Proportionintotalassets	Amount	Proportionintotalassets
Cashatbankandonhand	220,340,961.64	9.17%	413,028,327.36	18.50%	-9.33%
Accountsreceivable	99,635,751.52	4.14%	41,752,179.56	1.87%	2.27%
Inventory	178,425,833.88	7.42%	116,069,675.39	5.20%	2.22%
Investmentproperties	1,008,137,341.80	41.94%	516,360,139.45	23.13%	18.81%
Long-termequityinvestment	76,511,487.57	3.18%	81,024,365.94	3.63%	-0.45%
Fixedassets	78,935,843.49	3.28%	102,689,546.42	4.60%	-1.32%
Constructioninprogress	7,279,570.05	0.30%	409,933,559.27	18.37%	-18.07%
Right-of-useassets	71,904,716.50	2.99%	4,181,242.86	0.19%	2.80%
Short-termborrowings	145,131,694.44	6.04%	20,000,000.00	0.90%	5.14%
Contractliabilities	7,079,975.38	0.29%	9,259,658.43	0.41%	-0.12%
Long-termloans			144,820,511.42	6.49%	-6.49%
Leaseliabilities	69,524,214.23	2.89%	2,926,184.93	0.13%	2.76%

Highproportionofoverseasassets

□Applicable?Notapplicable

2.Assetsandliabilitiesatfairvalue

?Applicable□Notapplicable

Unit:RMB

Item

Initialamount

Currentgains

Cumulative

Imp

Purchase

Salesamountin

Other

Ending

orlossesfromchangesinfairvalue

		orlossesfromchangesinfairvalue	changeinfairvalueincludedinequity	airmentaccruedintheperiod	amountintheperiod	theperiod	changes	amount
Financialassets
1.Tradingfinancialassets(excludingderivativefinancialassets)	176,133,569.95	-16,611,392.45			550,000,000.00	590,000,000.00	86,772,754.44	206,294,931.94
2.Derivativefinancialassets		298,320.00						298,320.00
3.Otherdebtinvestments		589,566.66			67,038,381.94			67,627,948.60
4.Otherequityinstrumentinvestments	10,176,617.20		-9,793,299.53					383,317.67
Subtotaloffinancialassets	186,310,187.15	-15,723,505.79	-9,793,299.53		617,038,381.94	590,000,000.00	86,772,754.44	274,604,518.21
Hedgeditems	79,191,876.11	-101,030.68		0.00	1,452,078,640.07	1,445,367,090.43	0.00	85,802,395.07
Totaloftheabove	265,502,063.26	-15,824,536.47	-9,793,299.53	0.00	2,069,117,022.01	2,035,367,090.43	86,772,754.44	360,406,913.28
Financialliabilities	19,062,044.91	2,216,990.00			53,588,960.00	18,174,360.00	189,699.85	56,883,334.76

Otherchanges

AftertheCompanylostcontrolofthesubsidiary,theremainingequitywasremeasuredatfairvalueandclassifiedastradingfinancialassets.

DidmajorchangesoccurtothemeasurementattributesofthemainassetsoftheCompanywithinthereportingperiod?

□Yes?No

3.Restrictiononassetrightsasattheendofthereportingperiod

Item	Endingbalance
Depositandinterestofgoldlease	51,328,583.35
Futuresandoptionsaccountmargin	8,188,990.60
Amountofjudicialcontrol	600,000.00

Total

Total

60,117,573.95

VII.AnalysisofInvestment

1.Overview?Applicable□Notapplicable

Investmentinthereportingperiod(RMB)	Amountofinvestmentinthesameperiodofthepreviousyear(RMB)	Percentagechange
81,106,905.72	281,736,012.60	-71.21%

2.Significantequityinvestmentacquiredinthereportingperiod

□Applicable?Notapplicable

3.Significantnon-equityinvestmentongoinginthereportingperiod

□Applicable?Notapplicable

4.Financialassetsinvestment

(1)Securityinvestment

□Applicable?NotapplicableTheCompanyhasnosecuritiesinvestmentduringthereportingperiod.

(2)Investmentinderivatives?Applicable□Notapplicable

1)Investmentinderivativesforhedgingpurposesduringthereportingperiod?Applicable□Notapplicable

Unit:RMB10,000

Typeofinvestmentinderivatives	Initialinvestmentamount	Openingamount	Currentgainsorlossesfromchangesinfairvalue	Cumulativechangeinfairvalueincludedinequity	Buyingamountduringthereportingperiod	Sellingamountduringthereportingperiod	Endingamount	ProportionoftheendinginvestmentamountintheendingnetassetsoftheCompany
Futures(viaaccountatEverbrightFutures)	38.20	546.42	0	0	6,563.17	7,132.21	0	0.00%
Futures(viaaccountatPingAnFutures)	77.60	349.17	0	0	198.98	548.78	358.15	0.22%
Futures(viaaccountatHuataiFutures)	1,050.00	0	29.83	0	6,456.46	5,643.22	667.45	0.42%

Futures(viaaccountatCITICFutures)

Futures(viaaccountatCITICFutures)	57.20	0	-0.14	0	1,301.26	3,125.83	146.61	0.09%
Revenueswap(viaCITICaccount)	50.00	0	0	0	56.48	56.48	0	0.00%
Total	1,273.00	895.59	29.69	0	14,576.35	16,506.52	1,172.21	0.73%
Accountingpoliciesandspecificprinciplesofaccountingforhedgingtransactionsduringthereportingperiodandwhetherthereisanysignificantchangeinthemcomparedtothepreviousreportingperiod	No
Actualgainsandlossesduringthereportingperiod	Duetotheriseingoldpriceandotherreasons,theactualhedginglossoffuturesaccountduringthereportingperiodwasRMB6,254,700
Hedgeeffectiveness	Measurementmethodofhedgeeffectiveness:hedgeeffectiveness=changeinthepriceofhedgingfuturesposition/changeinthepriceofhedgedspotposition.Avaluecloserto100%indicatesahigherlevelofhedgeeffectiveness.AccordingtotheAccountingStandardsforBusinessEnterprisesofChina,ahedgeisconsideredhighlyeffectivewhenitseffectivenessrangesfrom80%to125%.TheCompanysustainedalossofRMB6,254,700duetofuturespricefluctuations.Thehedgeeffectivenesswasabove99%,whichdemonstratesthattheCompany'shedgewashighlyeffective.
Sourceoffundsforinvestmentinderivatives	Ownfunds
Riskanalysisandcontrolmeasuresforpositionsinderivativesduringthereportingperiod(includingbutnotlimitedtomarketrisk,liquidityrisk,creditrisk,operationalrisk,andlegalrisk)	TheCompany'shedgingtransactionsfollowthefollowingbasicprinciples:Thevaluechangeandcontractquantityofthefuturesproductsareapproximatelyequivalenttothespotpositions;thefuturespositionsaretakenintheoppositedirectionofthespotpositions;andtheholdingperiodofthefuturespositionsmatchestheriskexposureperiodinthespotmarket.Themainrisksofpositionsingoldfuturesincludebasisrisk,forcedliquidationrisk,andoperationalerrorrisk.1.Forthebasisrisk,whenthebasisriskshrinks,prioritizeusinggoldleasesasinventoryandminimizeorkeepnoproprietarystock;2.Fortheriskofforcedliquidation,establishariskalertsystemthattriggersasetcapitalplanwhentherearesignificantfluctuationsingoldpricetomaintainadequatefundsinmarginaccounts;Ifthereisanemergencytriggeringforcedliquidation,reportittotheCompany'smanagementpromptlyandreplenishthehedgingpositionthathasbeenforcedliquidated;3.Fortheriskofoperationalerrors,implementatradertrainingmechanism,strictlyadheretosystemandworkflowrequirementstoperformoperationsandreviewsaccordingly,andprovidedailyreportsconsistently.TheCompanyhasestablishedascientificandeffectivehedgingmanagementsystem,whichisimplementedthroughfourkeyaspects:organizationalstructuredesign,planningsystems,managementandevaluationprocedures,anddynamicriskmonitoring.
Changesinmarketpriceorproductfairvalueduringthereportingperiodofinvestedderivatives(theanalysisofthefairvalueofderivativesshoulddisclosethespecificvaluationmethodologiesutilizedandtherelatedassumptionsandparameterinputs)	Duringthereportingperiod,thefairvaluechangeofthefuturescontractsheldforhedgingpurposeswasRMB296,900.TheCompanydeterminedthefairvalueusingtheclosingpriceonthelasttradingdayinDecember2023(December29)ofthefuturescontractsheldontheShanghaiGoldExchange,withthefloatinggainandlossrepresentingthechangeinfairvalue.
Involvementinlitigation	N/A

(ifapplicable)

(ifapplicable)
DisclosuredateoftheannouncementoftheBoardofDirectorsforderivativesinvestmentapproval(ifany)	January13,2023
SpecialopinionsofindependentdirectorsoninvestmentinderivativesandriskcontroloftheCompany	1.TheCompanyusesitsownfundstoestablishagoldinventoryandusestoolssuchasgoldfuturestohedgetheCompany'sowngoldinventory.1.TheCompanyutilizesitsownfundstoengageinhedgingtransactions.ThishedgingstrategyallowstheCompanytolockinexpectedprofitsonproducts,controloperationalrisks,andimproveresilienceagainstmarketfluctuations,withoutdamagingtheinterestsoftheCompanyandallshareholders.2.TheCompanyhasestablishedasoundorganizationalstructure,businessoperationprocedures,approvalprocesses,andHedgingTransactionManagementGuidelinesforitshedgingtransactionsconductedduringthereportingperiod.3.TheapprovalproceduresfollowedbytheCompanytoutilizeitsownfundsforhedgingtransactionscomplywithrelevantnationallaws,regulations,andtheCompany'sArticlesofAssociation.

2)Investmentinderivativesforspeculativepurposesduringthereportingperiod

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnoinvestmentinderivativesforspeculativepurposes.

5.Usageofraisedfunds

□Applicable?NotapplicableNoraisedfundsareusedwithinthereportingperiodoftheCompany.

VIII.SalesofMajorAssetsandEquity

1.Salesofmajorassets

□Applicable?NotapplicableNomajorassetissoldduringthereportingperiodoftheCompany.

2.Salesofmajorequity

□Applicable?NotapplicableIX.AnalysisofMainCompaniesControlledorInvestedinbytheCompany

?Applicable□NotapplicableMainsubsidiariesandequityinvestmentsinassociatedcompaniesthathaveanimpactontheCompany'snetprofitof10%ormore

Unit:RMB

Companyname	Type	Mainbusiness	Registeredcapital	Totalassets	Netassets	Operatingrevenue	Operatingprofit	Netprofit
ShenzhenAutomobileIndustryandTradeCo.,Ltd.	Subsidiary	Propertylease	58,960,000	240,716,215.15	207,597,346.00	32,686,463.27	27,244,769.88	21,284,451.94

ShenzhenZhongtianIndustryCo.,Ltd.

ShenzhenZhongtianIndustryCo.,Ltd.	Subsidiary	Propertylease	366,221,900	630,534,422.14	482,459,825.34	126,894,290.94	73,608,937.18	55,906,497.74
ShenzhenHuariToyotaSales&ServiceCo.,Ltd.	Subsidiary	Automobilesales	2,000,000	5,008,846.45	-11,323,386.27	53,354,433.99	-22,299,456.47	-22,275,215.18
ShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd.	Subsidiary	Propertylease	9,607,800	11,882,661.61	5,218,067.98	7,244,015.35	2,883,640.63	2,740,738.29
ShenzhenTellusXinyongtongAutomobileDevelopmentCo.,Ltd.	Subsidiary	Propertylease	32,900,000	98,426,261.53	79,340,744.75	12,172,954.64	6,733,708.21	5,056,050.73
ShenzhenTellusTreasurySupplyChainTechCo.,Ltd.	Subsidiary	Purchase,sales,andleasingofgoldornamentsandpreciousmetalproducts,leasingofsafedepositboxes,andwarehousingservices	50,000,000	92,141,429.66	46,425,387.23	16,505,468.41	328,517.64	329,343.33
ShenzhenJewelryIndustryServiceCo.,Ltd.	Subsidiary	Jewelryfairplanning,jewelryconsignment,exhibitionplanning,conferenceservices,andmarketingplanning	100,000,000	55,179,925.12	35,955,528.61	12,199,867.27	4,854,978.01	4,854,978.20
GuorunGoldShenzhenCo.,Ltd.	Subsidiary	Salesofgoldbarsforinvestment,goldrecycling,andgoldpurification/exchangeservices	200,000,000	408,845,673.40	197,912,526.79	1,492,021,725.24	-1,555,852.20	-1,528,616.54
ShenzhenTellus-Gmond	Jointstockcompany	Investmentinindustrialdevelopment	53,704,960	386,977,641.70	98,501,690.09	114,967,524.80	45,918,906.43	34,214,249.85

InvestmentCo.,Ltd.

InvestmentCo.,Ltd.

,propertymanagement,andleasing

Acquisitionanddisposalofsubsidiariesduringthereportingperiod

□Applicable?NotapplicableDescriptionofmaincompaniescontrolledorinvestedinbytheCompanyX.StructuredEntitiesControlledbytheCompany

□Applicable?Notapplicable

XI.OutlookofFutureDevelopment

(I)DevelopmentstrategySincetheCompanyformulatedthestrategyforthetransformationtoathird-partycomprehensiveserviceproviderinthejewelryindustryin2014,ithasbeenunswervinglyandsteadilypromotingthestrategictransformationandprojectimplementationinaccordancewiththeestablishedplan.Afteryearsofexplorationandattempts,substantialresultshavebeenachieved.Duringthe"14thFive-YearPlan"period,theCompany,basedonthenewdevelopmentstage,hasbeenfocusingonthestrategicapproachof"adheringtothecomprehensivevaluetocrosstheeconomiccycle,improvingthevaluechainwithservices,seekingcapitalassignment,anddeeplydevelopingthird-partyjewelryservices,"dedicatedtothedevelopmentofajewelrythird-partyserviceplatform,deepeningtheexpansionofthird-partyjewelryservices,promotingindustrialupgrading,enhancingproductivityandefficiency,andstrivingtobecomethemostinfluentialcomprehensivethird-partyserviceproviderinthedomesticjewelryandjadeindustry.In2024,theCompanywillmakeeveryefforttopromotethehigh-qualitydevelopmentofjewelrythird-partycomprehensiveservicesintermsofbusiness,management,talents,technology,andinformation,continuouslybuildcorecompetitiveadvantages,andpromotebreakthroughprogressinvariouswork.

(II)Businessplanfor2024

1.PromotetheconvergenceofPartybuildingandoperationinthesamedirectiontoimprovetheoverallqualityoftheCompany'sParty-buildingwork.Intheprocessofoperationandmanagement,givefullplaytotheleadershiproleoftheCompany'sPartyCommitteeinsettingdirection,overseeingtheoverallsituation,andensuringimplementation,aswellastheexemplaryroleofPartymembers.TheCompany'sPartyCommitteeshallactivelyexploreandinnovatewaysandmethodsofParty-buildingwork,focusonstrengtheningthegrassrootsorganizationoftheParty,andfacilitatethesmoothimplementationofstrategicplanning.

2.Continuouslyadvanceandenhancethecapabilitiesofthecomprehensivethird-partyjewelryservicebusinesswithdeepeningefforts.Comprehensivelystrengthenmarketdevelopment,continuouslybroadenbusinesschannels,deepencustomerstickinessanddiversifiedservices,andpromotetheconstructionofacomprehensivetradeplatform;Improvetheservicesystemandimplementnewservicecategoriesandbusinessmodels;Acceleratedigitalconstructioninlinewithbusinessexpansionrequirementstoempowerhealthybusinessdevelopment.

3.Continuetoinnovateandenhancethecommercialvalueofproperties.CompletethelayoutandadjustmentoftheCompany'sphysicalplatformbusiness,expandphysicalplatformconnectivitychannels,leveragephysicalplatformadvantages,andcontinuouslyexplorevalue-addedservices;Continuouslyenhancemanagementlevel,leveragethesupportroleofinformationsystems,establishcustomeranalysissystems,andimproveservicequality;Continuouslyinnovateinoperationstocreateanefficientbusinessmanagementoperationsteam.

4.Optimizetheorganizationalstructureandcontinuouslyimprovethestrategiccontrolcapability.Promoteperformancewithhardworkanddoagoodjobinteammanagement;Dynamicallyadjusttheorganizationalstructureandstaffingaccordingtobusinessneeds;Continuouslyimprovetheincentivemechanismandstrengthentheconstructionoftalentteams;Optimize4SmanagementsystemandOKRmanagementtools,improvemanagementefficiency,andpromotestrategyimplementation.

5.Improveworksafetyandbuildasolidfoundationforsafedevelopment.Increaseinternalandexternaltrainingandretrainingandestablishacommongrowthmechanism;Paycloseattentiontosafetymanagementsuchasreinforcementandreconstructionofoldproperties;Completetheevaluationsystemandthethree-yearimprovementplanfortheworksafetymanagementsystem.

(III)Possiblerisksandcountermeasures

Intheprocessofstrategyimplementationandprojectoperation,wewillobjectivelyandclearlyrecognizethepossiblerisksandtakeactiveandeffectivemeasurestopreventthem.

1.Riskofmarketpricefluctuation

ThemainrawmaterialsoftheCompanyaregoldanddiamonds.Inrecentyears,affectedbychangesininternationalanddomesticeconomicsituationsandconsumerdemand,thepricesofrawmaterialssuchasgoldfluctuatedtoacertainextent,causinguncertaintyintheCompany'soperation.

Toaddressthisrisk,theCompanywillactivelyimplementvariouspreventivemeasures:First,continuouslystrengthenriskmanagementbyestablishingacompliancemanagementdepartment,innovating

riskpreventionandcontrolmethods,andenhancingriskmanagementcapabilities;Second,firmlyadvancetheCompany'sstrategictransformation,promotetheimplementationoftransformationprojectsthroughinnovativebusinessmodels,exploreincrementalmarkets,expandbusinessscale,andseeknewprofitgrowthpointstocontinuouslyimprovetheCompany'scompetitivenessandprovideasolidfoundationfortheCompany'slong-termstabledevelopment.

2.RiskofinsufficientreserveofprofessionaltalentTalentisthefoundationofenterprisedevelopment.Aftercontinuousoptimizationandadjustment,thetalentissuehasbeenalleviatedtoacertainextent.However,withthecontinuousdeepeningandexpansionoftransformationbusiness,theshortageoftalentisstillserious.Inresponsetothisrisk,theCompanywilltakethefollowingmeasures:First,intensifyinternaltrainingandexternalrecruitmentofprofessionals;Second,acceleratethetrainingandselectionofyoungmanagerialpersonnel;Third,adoptabusiness-orientedapproachtooptimizeorganizationalstructureandpersonnelallocationandenhanceorganizationalefficiency.XII.ReceptionofInvestigation,Communication,Interview,andOtherActivitiesduringtheReportingPeriod?Applicable□Notapplicable

Receptiondate

Receptiondate	Receptionplace	Wayofreception	Typesofvisitor	Visitor	Mainpointstalkedaboutandinformationprovided	Indexofgeneralinvestigationinformation
January4,2023	attheCompany	Telephonecommunication	Individual	Investor	WhethertheCompanydisclosesitsperformanceforecast	N/A
January17,2023	attheCompany	Telephonecommunication	Individual	Investor	WhethertheCompanydisclosesitsperformanceforecast	N/A
February14,2023	attheCompany	Telephonecommunication	Individual	Investor	OperationalstatusoftheCompany	N/A
March3,2023	attheCompany	Telephonecommunication	Individual	Investor	Insurancefordirectors,supervisors,andseniorexecutivesoftheCompany	N/A
March22,2023	attheCompany	Telephonecommunication	Individual	Investor	Disclosuretimepointofthe	N/A

annualreportoftheCompany

					annualreportoftheCompany
April7,2023	attheCompany	Telephonecommunication	Individual	Investor	SharecapitalreductionoftheCompany	N/A
April19,2023	attheCompany	Telephonecommunication	Individual	Investor	BusinesssituationoftheCompany	N/A
May12,2023	attheCompany	Telephonecommunication	Individual	Investor	NumberofshareholdersoftheCompany	N/A
May31,2023	attheCompany	Telephonecommunication	Individual	Investor	MainbusinessoftheCompany	N/A
June21,2023	attheCompany	Telephonecommunication	Individual	Investor	OperationalstatusoftheCompany	N/A
June29,2023	attheCompany	Telephonecommunication	Individual	Investor	StockpriceissuesoftheCompany	N/A
June30,2023	attheCompany	Telephonecommunication	Individual	Investor	DividendmattersoftheCompany	N/A
July3,2023	attheCompany	Telephonecommunication	Individual	Investor	Semi-annualperformanceoftheCompany	N/A
July7,2023	attheCompany	Telephonecommunication	Individual	Investor	SharecapitalreductionoftheCompany	N/A
August2,2023	attheCompany	Telephonecommunication	Individual	Investor	Semi-annualperformanceoftheCompany	N/A
August3,2023	attheCompany	Telephonecommunication	Individual	Investor	BusinesssituationoftheCompany	N/A
August30,2023	attheCompany	Telephonecommunication	Individual	Investor	ESGsituationoftheCompany	N/A
September15,2023	attheCompany	Telephonecommunication	Individual	Investor	BusinesssituationoftheCompany	N/A
October10,2023	attheCompany	Telephonecommunication	Individual	Investor	OperationalsituationoftheCompanyinQ3	N/A
November9,2023	attheCompany	Telephonecommunication	Individual	Investor	OperationalstatusoftheCompany	N/A
December4,2023	attheCompany	Telephonecommunication	Individual	Investor	NumberofshareholdersoftheCompany	N/A
December28,2023	attheCompany	Telephonecommunication	Individual	Investor	PlanfortheGeneralMeetingofShareholdersoftheCompany	N/A

XIII.ImplementationoftheActionPlanfor"ImprovementinQualityandReturn"

HastheCompanydisclosedtheactionplanfor"improvementinqualityandreturn"?

□Yes?No

SectionIVCorporateGovernanceI.BasicInformationonCorporateGovernance

Duringthereportingperiod,theCompanycontinuouslyimprovedthecorporategovernancestructureandtheinternalcontrolsysteminstrictaccordancewiththeCompanyLaw,theSecuritiesLaw,theStockListingRulesoftheShenzhenStockExchange,theBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.1—StandardOperationofListedCompaniesontheMainBoard,andotherrelevantlawsandregulations.Duringthereportingperiod,thecompanyoperatedinastandardizedmannerwithstrongindependenceandproperinformationdisclosure.Thecorporategovernancesituationcomplieswiththeregulatoryrequirementsforlistedcompanies.Themainaspectsofcorporategovernanceareasfollows:

1.ShareholdersandtheGeneralMeetingofShareholders

Theconveningandholdingprocedures,proposalreviewprocedures,anddecision-makingproceduresoftheGeneralMeetingofShareholdersoftheCompanycomplywiththerelevantprovisionsandrequirementsoftheCompanyLaw,theArticlesofAssociation,andtheRulesofProcedureforGeneralMeetingsofShareholders.TheGeneralMeetingsofShareholderswereconvenedandheld,andallshareholders,especiallysmallandmedium-sizedshareholders,weretreatedfairly,enjoyingequalrightsbasedontheirshares.TheCompanystrictlyimplementedtheDetailedRulesfortheImplementationofOnlineVotingattheGeneralMeetingofShareholderstoensureallshareholders'rightstoparticipateinandvoteontheCompany'sdecision-makingmatters,allowingthemtofullyexercisetheirrights.AllpreviousGeneralMeetingsofShareholderswerewitnessedbylawyerstoeffectivelymaintainthelegitimaterightsandinterestsofthelistedcompanyandalltheshareholders.TheCompanyalsocommunicatedwithsmallandmedium-sizedshareholdersthroughtheinvestorrelationscolumnontheofficialwebsiteandtelephone,ensuringasmoothandfairinformationexchangewithsmallandmedium-sizedshareholders,andfullylistenedtothedemandsandsuggestionsofsmallandmedium-sizedshareholders.Duringthereportingperiod,theBoardofDirectorsoftheCompanyconvenedandheldthe2022AnnualGeneralMeetingofShareholdersandtwoExtraordinaryGeneralMeetingsofShareholders,andexerciseditsfunctionsandpowersinaccordancewithlawsandregulations,theArticlesofAssociation,andtheRulesofProcedureforGeneralMeetingsofShareholderstoformeffectiveresolutions.

2.DirectorsandtheBoardofDirectors

Duringthereportingperiod,theCompanyhadninemembersontheBoardofDirectors,including3independentdirectors.ThenumberofmembersontheBoardofDirectorsandtheboardcompositioncompliedwiththerequirementsofrelevantlawsandregulationsandtheArticlesofAssociation.TheBoardofDirectorshasthreespecialcommittees,namely,theStrategyCommittee,theAuditCommittee,andtheRemunerationandAppraisalCommittee.Eachspecialcommitteestrictlyabidesbytherelevantsystemsandregulationsandperformsitsownduties,whicheffectivelystrengthensthestandardizedoperationoftheworkoftheBoardofDirectorsoftheCompanyandprovidesprofessionalopinionsandreferencesforthedecision-makingoftheBoardofDirectors.Duringthereportingperiod,theCompanyheld10meetingsoftheBoardofDirectorsand11meetingsofspecialcommitteesoftheBoardofDirectorsinaccordancewithlawsandregulations,theArticlesofAssociation,theRulesofProcedurefortheBoardofDirectorsandtherulesofprocedureforspecialcommittees.Theconveningprocedures,proposalreviewprocedures,anddecision-makingproceduresofthemeetingallcompliedwithrelevantregulations.Thedirectorsattendedtheboardmeetingswithaseriousandresponsibleattitudeandactivelyparticipatedinrelevanttraining,withfamiliaritywithrelevantlawsandregulationsandanadequateunderstandingoftheirrights,obligations,andresponsibilities.ThemembersoftheBoardofDirectorskeptadiligentandresponsibleattitudewithareasonablestructureofexpertiseintheperformanceoftheirdutiesandsafeguardedtheoverallinterestsoftheCompany.Theindependentdirectorsexpressedpriorapprovalopinionsandindependentopinionsonrelevantmatterswithafairanddiligentattitude,whichhasimprovedthescientificandfairdecision-makingoftheBoardofDirectors.

3.SupervisorsandtheBoardofSupervisors

Duringthereportingperiod,theBoardofSupervisorsoftheCompanyconsistedoffivesupervisors,includingtwoemployeerepresentativesupervisors.ThenumberofsupervisorsontheBoardofSupervisorsandtheboardcompositionmeettherequirementsoflaws,regulations,andtheArticlesofAssociation.Duringthereportingperiod,theCompanyheldthreemeetingsoftheBoardofSupervisorsinaccordancewithrelevantlawsandregulations,theArticlesofAssociation,andtheRulesofProcedurefortheBoardofSupervisors.ThesupervisorssupervisedtheCompany'soperationandfinancialstatusandthelegalityandcomplianceoftheCompany'sdirectorsandseniorexecutivesinperformingtheirdutiesandsafeguardedthelegitimaterightsandinterestsoftheCompanyandshareholders.

4.Aboutseniorexecutives

TheseniorexecutivesoftheCompanyassumedclearresponsibilitiesandperformedtheirdutiesinstrictaccordancewithvariousmanagementsystemssuchastheArticlesofAssociationandtheWorkingRulesfor

GeneralManager,heldadiligentandresponsibleattitude,andearnestlyimplementedandexecutedtheresolutionsoftheBoardofDirectors.

5.InformationdisclosureandinvestorrelationmanagementTheCompany,instrictaccordancewiththerequirementsoftheInformationDisclosureSystem,designatedtheSecretaryoftheBoardofDirectorsoftheCompanytoberesponsibleforinformationdisclosure,receptionofshareholders'visitsandconsultation,anddisclosureofrelevantinformationinatrue,accurate,completeandtimelymannerinstrictaccordancewithrelevantregulations.Duringthereportingperiod,theCompanydesignatedSecuritiesTimesandCNINFOasthenewspaperandwebsiteforinformationdisclosure,ensuringthatallshareholdershaveequalopportunitiestoaccessinformation.

6.RelationshipbetweenthecontrollingshareholderandthelistedcompanyThecontrollingshareholderlegallyexercisedtherightsofinvestorsthroughtheGeneralMeetingofShareholderswithoutdirectlyorindirectlyinterveninginthecompany'sdecision-makingandoperationsthroughanyothermeans.Therewerenooccurrencesofmisappropriatingthefundsofthelistedcompany.TheCompanyandthecontrollingshareholdermaintainedaclearseparationintermsofassets,finances,personnel,organization,andbusinessoperations.TheCompany'sBoardofDirectors,BoardofSupervisors,andinternalmanagementorganizationsoperatedindependentlytoensuresignificantdecisionsoftheCompanyweremadefollowingstandardizedprocedures.

7.PerformanceevaluationandincentiveandrestraintmechanismsTheCompanygraduallyestablishedandimprovedtheopenandtransparentperformanceevaluationstandardsandincentiveandrestraintmechanismsfordirectors,supervisors,andseniorexecutives.TheappointmentofseniorexecutivesoftheCompanywasopenandtransparent,complyingwiththeprovisionsoflawsandregulations.

8.AboutstakeholdersWhilepursuingeconomicbenefitsandprotectingtheinterestsofshareholders,theCompanyfullyrespectedandsafeguardedthelegitimaterightsandinterestsofstakeholders,andeffectivelycommunicatedandcooperatedwithstakeholders.TheCompanypaidattentiontotheprotectionofemployees'rightsandinterestsandsupportedtheCongressofEmployeesandtradeunionorganizationstoexercisetheirfunctionsandpowersaccordingtolaw.Duringthereportingperiod,theCompanycultivatedtalents,attachedimportancetosocialresponsibility,paidattentiontosocialwelfareundertakingssuchaswelfare,environmentalprotection,andvoluntaryservice,andachievedgoodsocialbenefitswhileachievingeconomicbenefits.Asoftheendofthe

reportingperiod,thecorporategovernancestatusofthecompanycompliedwiththerequirementsspecifiedinrelevantnormativedocumentsconcerningthegovernanceoflistedcompanies.IsthereanysignificantdifferencebetweentheactualcorporategovernanceoftheCompanyandtheprovisionsoflaws,administrativeregulations,ortherulesoftheCSRCgoverningthegovernanceoflistedcompanies?

□Yes?NoThereisnosignificantdifferencebetweentheactualcorporategovernanceoftheCompanyandtheprovisionsoflaws,administrativeregulations,ortherulesoftheCSRCgoverningthegovernanceoflistedcompanies.

II.IndependenceoftheCompanyfromControllingShareholderandActualControllerintermsofAssets,Personnel,Finance,Organizations,andBusinessTheCompanyisindependentofthecontrollingshareholderintermsofbusiness,personnel,assets,organizations,andfinance,possessingindependentandcompletebusinessoperationswithautonomousoperatingcapabilities.

1.Business:TheCompanyisanindependentlegalentity.Itiscompletelyindependentofthecontrollingshareholderintermsofbusiness,possessingindependentandcompletebusinessoperationswithautonomousoperatingcapabilities.TheCompanyhasindependentoperationandservicesystemsanditsownleadingbusiness.ThereisnohorizontalcompetitionbetweentheCompanyandthecontrollingshareholderorrelatedparties.

2.Personnel:TheCompanyoperatescompletelyindependentlyintermsoflabor,personnel,andwagemanagementandhasformulatedanindependentmanagementsystem;theGeneralManager,DeputyGeneralManagers,ChiefFinancialOfficer,SecretaryoftheBoardofDirectorsandotherseniorexecutivesoftheCompanyhaveallworkedintheCompanyandreceivedcompensationwhileservingintheirrespectiveroleswithinthecompany,withoutholdinganypositionsinshareholderunits.Thedirectors,supervisors,andseniorexecutivesoftheCompanyareallselectedinstrictaccordancewiththerequirementsandproceduresofrelevantlawsandregulationssuchastheCompanyLaw,ArticlesofAssociation,andrulesofprocedurefortheGeneralMeetingofShareholders,theBoardofDirectorsandtheBoardofSupervisors.

3.Assets:TheCompanyindependentlyandcompletelyownsbusinesssystemsandrelatedassetsrelatedtoitsoperations.Theassetsareindependentlyregistered,accountedfor,managed,andseparatefromthecontrollingshareholderandotherenterprisescontrolledbythecontrollingshareholder.

4.Finance:TheCompanyhassetupanindependentfinancialaccountingdepartmentandestablishedacompletesetofaccountingsystemsandfinancialmanagementsystems;ThereisnocasewherethecontrollingshareholderinterfereswiththeCompany'scapitaloperation;TheCompanyhasopenedanindependentbank

account,andthereisnodepositoffundsintotheaccountofafinancecompanyorasettlementcentercontrolledbyamajorshareholderorotherrelatedparties;TheCompanydoesnotsharebankaccountswiththecontrollingshareholderorotherenterprisesunderitscontrol.

5.Organization:TheBoardofDirectors,theBoardofSupervisorsandotherinternalorganizationsoftheCompanyoperateindependently.AllorganizationswithintheCompanyaresetupaccordingtotherequirementsofthespecificationsoflistedcompaniesandtheactualbusinesscharacteristicsoftheCompany.TheCompanyhasanindependentofficeaddress.III.HorizontalCompetition

□Applicable?Notapplicable

IV.AnnualGeneralMeetingofShareholdersandExtraordinaryGeneralMeetingsofShareholdersduringtheReportingPeriod

1.GeneralMeetingsofShareholdersduringthereportingperiod

Meeting

Meeting	Type	Investorattendanceratio	Holdingdate	Disclosuredate	Meetingresolution
2022AnnualGeneralMeetingofShareholders	AnnualGeneralMeetingofShareholders	55.92%	May18,2023	May19,2023	Fordetails,pleaserefertotheAnnouncementonResolutionsof2022AnnualGeneralMeetingofShareholders(AnnouncementNo.:2023-025)onSecuritiesTimesandCNINFO(www.cninfo.com.cn).
TheFirstExtraordinaryGeneralMeetingofShareholdersin2023	ExtraordinaryGeneralMeetingofShareholders	56.30%	February21,2023	February22,2023	Fordetails,pleaserefertotheAnnouncementonResolutionsoftheFirstExtraordinaryGeneralMeetingofShareholdersin2023(AnnouncementNo.:2023-009)onSecuritiesTimesandCNINFO(www.cninfo.com.cn).
2023SecondExtraordinaryGeneralMeetingofShareholders	ExtraordinaryGeneralMeetingofShareholders	52.91%	October12,2023	October13,2023	Fordetails,pleaserefertotheAnnouncementonResolutionsoftheSecondExtraordinaryGeneralMeetingofShareholdersin2023(AnnouncementNo.:2023-043)onSecuritiesTimesandCNINFO(www.cninfo.com.cn).

2.PreferredshareholderswithresumedvotingrightsrequesttoconveneanExtraordinaryGeneralMeetingofShareholders

□Applicable?Notapplicable

V.Directors,Supervisors,andSeniorExecutives

1.Basicinformation

Name

Name	Gender	Age	Position	Servicestatus	Startingdateoftenure	Endingdateoftenure	Numberofsharesheldatthebeginningoftheperiod(share)	Numberofincreasedsharesintheperiod(share)	Numberofdecreasedsharesintheperiod(share)	Otherincrease/decrease(share)	Numberofsharesattheendoftheperiod(share)	Reasonsfortheincrease/decreaseofshares
FuChunlong	Male	51	Chairman	Inoffice	September7,2018	September12,2024	0	0	0	0	0	-
HongWenya	Male	50	Director	Inoffice	September13,2021	September12,2024	0	0	0	0	0	-
YangXi	Male	43	Director	Inoffice	April29,2022	September12,2024	0	0	0	0	0	-
HuangLiang	Male	37	Director	Inoffice	September15,2022	September12,2024	0	0	0	0	0	-
HuangTianyang	Female	41	Director	Inoffice	October12,2023	September12,2024	0	0	0	0	0	-
HuangTianyang	Female	41	ChiefFinancialOfficer	Inoffice	August2,2023	September12,2024	0	0	0	0	0	-
HuYuming	Male	59	IndependentDirector	Inoffice	January4,2018	September12,2024	0	0	0	0	0	-
JiangDinghang	Male	61	IndependentDirector	Inoffice	September7,2018	September12,2024	0	0	0	0	0	-
ZhangDong	Male	50	IndependentDirector	Inoffice	September7,2018	September12,2024	0	0	0	0	0	-
GuoXiaodong	Male	60	ChairmanofBoardofSupervisors	Inoffice	September7,2018	September12,2024	0	0	0	0	0	-
DaiZhiwei	Male	48	Supervisor	Inoffice	May18,2023	September12,2024	0	0	0	0	0	-
YeCao	Femal	38	Supervisor	Inoffice	May18,2023	September12,2024	0	0	0	0	0	-

e

	e
LiuHaicheng	Female	55	EmployeeSupervisor	Inoffice	September7,2018	September12,2024	0	0	0	0	0	-
ZhangZheng	Male	40	EmployeeSupervisor	Inoffice	September7,2018	September12,2024	0	0	0	0	0	-
TanZhong	Male	56	DeputySecretaryofPartyCommittee	Inoffice	September7,2018	September12,2024	0	0	0	0	0	-
XieJing	Male	59	DeputyGeneralManager	Inoffice	October25,2018	September12,2024	0	0	0	0	0	-
QiPeng	Male	51	DeputyGeneralManager	Inoffice	September29,2021	September12,2024	0	0	0	0	0	-
QiPeng	Male	51	SecretaryoftheBoardofDirectors	Inoffice	December28,2015	September12,2024	0	0	0	0	0	-
WuRuikai	Male	53	GeneralManager	Resigned	September13,2021	November7,2023	0	0	0	0	0	-
WuRuikai	Male	53	Director	Resigned	September13,2021	November7,2023	0	0	0	0	0	-
LouHong	Female	56	ChiefFinancialOfficer	Resigned	January4,2018	August3,2023	0	0	0	0	0	-
LouHong	Female	56	Director	Resigned	February27,2018	August3,2023	0	0	0	0	0	-
ZhangBaojun	Male	54	Supervisor	Resigned	September13,2021	April21,2023	0	0	0	0	0	-
ZengXingyu	Male	43	Supervisor	Resigned	September13,2021	April21,2023	0	0	0	0	0	-
Total	--	--	--	--	--	--	0	0	0	0	0	--

Arethereanyresignationsofdirectorsorsupervisorsanddismissalofseniorexecutivesduringthereportingperiod??Yes□No

Mr.ZhangBaojunandMr.ZengXingyu,theformerSupervisorsoftheCompany,resignedasMembersofthe10thBoardofSupervisorsoftheCompanyduetoworkarrangements.Fordetails,pleaserefertotheAnnouncementonResignationofSupervisors(AnnouncementNo.:2023-013)publishedonSecuritiesTimesandCNINFO(www.cninfo.com.cn)onApril21,2023.Ms.LouHong,theformerDirectorandChiefFinancialOfficeroftheCompany,resignedasaMemberofthe10thBoardofDirectors,ChiefFinancialOfficer,andMemberoftheAuditCommitteeduetopersonalreasons.Fordetails,pleaserefertotheAnnouncementontheResignationoftheCompany'sDirectorandChiefFinancialOfficerandtheAppointmentofChiefFinancialOfficerandBy-electionofDirector(AnnouncementNo.:2023-036)publishedonSecuritiesTimesandCNINFO(www.cninfo.com.cn)onAugust3,2023.

Mr.WuRuikai,theformerDirectorandGeneralManageroftheCompany,resignedasaMemberofthe10thBoardofDirectors,GeneralManager,andMemberoftheStrategyCommitteeoftheBoardofDirectorsduetoworkarrangements.Fordetails,pleaserefertotheAnnouncementonResignationofDirectorandGeneralManager(AnnouncementNo.:2023-045)publishedonSecuritiesTimesandCNINFO(www.cninfo.com.cn)onNovember7,2023.

ChangeofDirectors,Supervisors,andSeniorExecutivesoftheCompany?Applicable□Notapplicable

Name

Name	Position	Type	Date	Reason
ZhangBaojun	Supervisor	Resigned	April21,2023	ResigningasDirectorduetoworkarrangements.
ZengXingyu	Supervisor	Resigned	April21,2023	ResigningasDirectorduetoworkarrangements.
LouHong	Director,ChiefFinancialOfficer,andMemberoftheAuditCommittee	Resigned	August3,2023	ResigningasDirectorandChiefFinancialOfficerforpersonalreasons.
WuRuikai	DirectorandGeneralManager	Resigned	November7,2023	ResigningasDirector,GeneralManager,andMemberoftheStrategyCommitteeoftheBoardofDirectorsduetoworkarrangements.
DaiZhiwei	Supervisor	Elected	May18,2023

ElectedasaMemberofthe10thBoardofSupervisorsoftheCompanyatthe7thMeetingofthe10thBoardofSupervisorsandthe2022AnnualGeneralMeetingofShareholders.

YeCao

Supervisor

Elected

May18,2023

ElectedasaMemberofthe10thBoardofSupervisorsoftheCompanyatthe7thMeetingofthe10thBoardofSupervisorsandthe2022AnnualGeneralMeetingofShareholders.

HuangTianyang	ChiefFinancialOfficer	Elected	August2,2023	ElectedasChiefFinancialOfficeroftheCompanyatthe11thExtraordinaryMeetingofthe10thBoardofDirectors.
HuangTianyang	Director	Elected	October12,2023	ElectedasaMemberofthe10thBoardofDirectorsoftheCompanyatthe11thExtraordinaryMeetingofthe10thBoardofDirectorsandthe2ndExtraordinaryGeneralMeetingofShareholdersin2023.

2.EmploymentProfessionalbackground,themainworkexperience,andthecurrentmaindutiesoftheCompany'sincumbentdirectors,supervisors,andseniorexecutives

Name

Name	MainWorkExperienceandCurrentPosition
FuChunlong	Bornin1973,heholdsamaster'sdegreeandisahumanresourcemanagementprofessional.HeonceservedasaDeputyWorkingGroupLeaderatShenzhenSDGHuatongPackagingCo.,Ltd.,DeputyBusinessManager,BusinessManager,DeputyDirectorandDirectoroftheHumanResourcesDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,VicePresidentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,SupervisorofShenzhenState-OwnedDutyFreeCommodity(Group)Co.,Ltd.,andSupervisoroftheCompany.HeiscurrentlySecretaryofthePartyCommitteeandChairmanoftheBoardofDirectorsoftheCompany.
HongWenya	Bornin1974,heholdsamaster'sdegreeandisasenioraccountant,certifiedpublicaccountant,andCertifiedInternalAuditor(CIA).HeonceservedasFinancialManageroftheBusinessDepartmentandAuditManageroftheSupervisionandAuditHeadquartersofGuosenSecuritiesCo.,Ltd.,ChiefFinancialOfficerofShenzhenInstituteofBuildingResearchCo.,Ltd.,DeputyDirectoroftheFinanceDepartmentofShenzhenYuanzhiInvestmentCo.,Ltd.,officialresponsibleforthebudgetmanagementandfinancialsupervisionofmunicipalstate-ownedenterprisesattheStatisticsandBudgetDepartmentoftheState-ownedAssetsSupervisionandManagementCommissionofShenzhenMunicipalPeople'sGovernment,DeputyDirectoroftheFinanceDepartmentandDirectoroftheComplianceRiskControlDepartmentofShenzhenKunpengCapitalCo.,Ltd.HeiscurrentlyaMemberofthePartyCommittee,Director,andChiefFinancialOfficerofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andaDirectoroftheCompany.
YangXi	Bornin1981,heholdsamaster'sdegree.HesuccessivelyheldthepostsofEngineerofAVICSCC,BusinessManageroftheSecretariatoftheBoardofDirectorsofShenzhenSDGInformationCo.,Ltd.,SeniorDirectoroftheAssetManagementDepartmentofShenzhenYantianPortHoldingsCo.,Ltd.,SecretaryoftheBoardofDirectorsofShenzhenUniluminTechnologyCo.,Ltd.,CapitalOperationManageroftheOfficeoftheSecretaryoftheBoardofDirectors,CapitalOperationManageroftheStrategicInvestmentDepartment,andDeputyGeneralManageroftheStrategicInvestmentDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.HeiscurrentlyGeneralManageroftheStrategicInvestmentDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andaDirectoroftheCompany.
HuangLiang	Bornin1987,heholdsabachelor'sdegreeineconomics.HealsoholdstheSZSEQualificationCertificateforSecretaryoftheBoardofDirectorsandtheSecuritiesQualificationCertificate.HesuccessivelyworkedattheNanshanDistrictAdministrationofWorkSafety,ShenzhenQixinConstructionGroupCo.,Ltd.,HongKongLitongInternationalHoldings(Group)Limited,andChinaBaoanGroupCo.,Ltd.InMay2017,hejoinedShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andsuccessivelyservedasOfficeSecretarialManager,SeniorSecretarialManager,andDeputyOfficeDirector(presidingoverthework).HeiscurrentlytheOfficeDirectorofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andaDirectoroftheCompany.
HuangTianyang	BorninDecember1983,shehasabachelor'sdegreeinmanagementandisanon-practicingcertifiedpublicaccountant,taxadvisor,andintermediateaccountant.ShesuccessivelyservedasanauditoratBakerTillyChinaCertifiedPublicAccountantsShenzhenBranch,asaspecialistresponsibleforconsolidatedstatementsattheFinanceDepartmentoftheCompany,andasAccountingManager,SeniorAccountingManager,andDeputyGeneralManageroftheFinancialManagementDepartmentofShenzhenSpecialDevelopmentGroupCo.,Ltd.ShecurrentlyservesastheCompany'sDirectorandChiefFinancialOfficer.
HuYuming	Bornin1965,heholdsadoctor'sdegreeandisaprofessorofaccounting.Hesuccessivelyworkedasateachingassistant,lecturer,andassociateprofessorattheSchoolofEconomicsofXiamenUniversity,anassociateprofessorattheManagementSchoolofJinanUniversity,DeputyDirectorandDirectoroftheAccountingDepartmentoftheManagementSchoolofJinanUniversity,deanoftheDepartmentofAccounting,DeputyDeanoftheInternationalSchoolofJinanUniversity,andDeputyDeanoftheManagementSchoolofJinanUniversity.HeiscurrentlyaprofessoranddoctoralsupervisorattheManagementSchoolofJinanUniversity,anIndependentDirectorofBy-HealthCo.,Ltd.,andanIndependentDirectoroftheCompany.
JiangDinghang	Bornin1963,heholdsamaster'sdegreeandisalawyer.HeonceservedasDirectoroftheRegulationConsultationDepartmentofShenzhenSocialSecurityBureau,DeputyDirectoroftheOfficeofShenzhenLaborBureau,OfficeDirectorofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,ChairmanofShenzhenSDGSongliCo.,Ltd.,PartyBranchSecretary,Chairman,andGeneralManagerofShenzhenCommunicationIndustryCo.,Ltd.,andanapprenticelawyeratGuangdongZhongAnLawOffice.HeisnowaSeniorPartnerofShanghaiAllBright(Shenzhen)LawFirmandanIndependentDirectoroftheCompany.
ZhangDong	Bornin1974,hehasadoctor'sdegreeandisapostdoctoralfellowineconomics,professoratesenioreconomist,seniorgoldinvestmentanalyst,andGIAresearchgemologist.HeonceservedasDeputyGeneralManagerofShenzhenQiangzhuangComputerTechnologyCo.,Ltd.,DeputyGeneralManagerofShenzhenBrainTimesEconomyandCultureCo.,Ltd.,AssistanttothePresidentofHongKongLeaderCultureMediaCo.,Ltd.,GeneralManagerofShenzhenZhongshiAdvertisingCo.,Ltd.,GeneralManagerofHeilongjiangLiuguifuJewelryCo.,Ltd.,andPresidentofLiuguifuJewelryGroupCo.,Ltd.HeiscurrentlyChairmanofYijixuanJewelry(Chengdu)Co.,Ltd.andanIndependentDirectoroftheCompany.
GuoXiaodong	Bornin1964,heholdsamaster'sdegreeandisasenioreconomist.HeonceservedasDeputyGeneralManagerofShenzhenSDGDevelopmentCenterConstructionSupervisionCompany,DirectorandGeneralManagerofShenzhen

SDGDevelopmentCenterPropertyManagementCompany,DeputyGeneralManagerofShenzhenSDGPropertyCo.,Ltd.,ChairmanoftheBoardofSupervisorsofShenzhenSDGRealEstateCo.,Ltd.andChairmanoftheBoardofSupervisorsofShenzhenSDGXiaomeishaTourismDevelopmentCo.,Ltd.HecurrentlyservesasChairmanoftheBoardofSupervisorsoftheCompany.

	SDGDevelopmentCenterPropertyManagementCompany,DeputyGeneralManagerofShenzhenSDGPropertyCo.,Ltd.,ChairmanoftheBoardofSupervisorsofShenzhenSDGRealEstateCo.,Ltd.andChairmanoftheBoardofSupervisorsofShenzhenSDGXiaomeishaTourismDevelopmentCo.,Ltd.HecurrentlyservesasChairmanoftheBoardofSupervisorsoftheCompany.
DaiZhiwei	BorninJanuary1976,heisamemberoftheCommunistPartyofChinawithamaster'sdegree.Heholdsthetitlesofcertifiedpublicaccountant,accountant,andeconomist.HeonceservedastheDeputyGeneralManagerandChiefFinancialOfficerofGuangdongKaisaJiayunTechnologyCo.,Ltd.,andtheManageroftheFinanceDepartmentandStrategicOperationDepartmentofShenzhenSDGRealEstateCo.,Ltd.HeiscurrentlytheDeputyGeneralManageroftheFinancialManagementDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andaSupervisoroftheCompany.
YeCao	BorninFebruary1985,sheisamemberoftheCommunistPartyofChinawithabachelor'sdegreeandanintermediateaccountant.Previously,shewastheheadoftheAuditDepartmentofShenzhenSDGInformationCo.,Ltd.SheiscurrentlytheDeputyGeneralManageroftheAuditRiskManagementDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andaSupervisoroftheCompany.
LiuHaicheng	Bornin1969,sheholdsamaster'sdegreeandisaseniorengineer.SheonceservedasastaffmemberoftheDesignDepartmentofDongfengMotorWheelCo.,Ltd.,astaffmemberoftheTechnicalDepartmentofShenzhenDongfengMotorCo.,Ltd.,astaffmemberoftheSecretariatofShenzhenAutomobileIndustryAssociation,astaffmemberoftheBusinessDepartmentoftheAutomobileBusinessDivisionoftheCompany,astaffmember,DeputyManager,andManageroftheBusinessManagementDepartmentoftheCompany,andDirectorofSecretariatoftheBoardofDirectorsoftheCompany.SheiscurrentlyDeputyGeneralManageroftheJewelryBusinessManagementDivisionoftheCompanyandanEmployeeRepresentativeSupervisoroftheCompany.
ZhangZheng	Bornin1984,heholdsabachelor'sdegreeandisanintermediateaccountantandhumanresourcemanagementprofessional.HeonceservedasaseniorauditorattheShenzhenBranchofPekingCertifiedPublicAccountants,afinancingspecialistatthePlanningandFinanceDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,DeputyDirectorofthePlanningandFinanceDepartmentoftheCompany,andDirectoroftheAuditDepartmentoftheCompany.HeiscurrentlyanEmployeeRepresentativeSupervisoroftheCompany.
TanZhong	Bornin1968,heholdsabachelor'sdegreeandhasalawyerqualificationcertificateandanenterpriselegalcounselqualificationcertificate.HeonceservedasalegalcounselandDeputyManageroftheEnterpriseManagementDepartmentofShenzhenAutoMotiveIndustry&TradeGeneralCompany,DeputyDirectoroftheSecretariatoftheBoardofDirectors,LegalAffairsRepresentative,andManageroftheEnterpriseManagementDepartmentoftheCompany,andGeneralManagerandSecretaryofthePartyGeneralBranchofShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd.HecurrentlyservesastheCompany'sDeputySecretaryofthePartyCommitteeandChairmanofthetradeunion.
XieJing	Bornin1965,heisaCanadianandholdsabachelor'sdegreeinEngineering.Heisaseniorengineerandcertifiedsupervisionengineer.HeonceservedasastructuralengineeratHunanLightIndustryDesignInstitute,anengineerattheHunanBranchoftheBankofChina,GeneralManagerAssistantoftheRealEstateDepartmentandManageroftheEngineeringDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,DeputyGeneralManagerofShenzhenJinchengRealEstateGroupCo.,Ltd.,ExecutivePresidentofShenzhenJiaandaInvestmentGroupCo.,Ltd.,andGeneralManagerofLandReserveCenterofWeiyeHoldingsLtd.HecurrentlyservesasDeputyGeneralManageroftheCompany.
QiPeng	Bornin1973,heholdsamaster'sdegreeandisaneconomist.HehasobtainedtheSZSEQualificationCertificateforSecretaryoftheBoardofDirectors.HeonceservedastheSecretaryoftheChairmanandtheheadoftheInformationCenterofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,DeputyDirectoroftheSecretariatoftheBoardofDirectors,DeputyManageroftheEnterpriseManagementDepartment,andManageroftheBusinessDepartmentoftheAutomobileBusinessDivisionofShenzhenTellusHoldingCo.,Ltd.,GeneralManagerofShenzhenTellusAutomobileServiceChainCo.,Ltd.,GeneralManagerofShenzhenTellusXinyongtongAutomobileDevelopmentCo.,Ltd.,andDirectoroftheSecretariatoftheBoardofDirectorsofShenzhenTellusHoldingCo.,Ltd.HeiscurrentlyChairmanofShenzhenJewelryIndustryServiceCo.,Ltd.andDeputyGeneralManagerandSecretaryoftheBoardofDirectorsoftheCompany.

Positioninshareholderunits?Applicable□Notapplicable

Individual	Shareholderunit	Positionintheshareholderunit	Startingdateoftenure	Endingdateoftenure	Whetherthereiscompensationorallowanceintheshareholder'sentityornot
HongWenya	ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.	MemberofthePartyCommittee,DirectorandChiefFinancialOfficer	June15,2021		Yes
YangXi	ShenzhenSpecialEconomicZone	GeneralManagerofStrategic	December6,2021		Yes

DevelopmentGroupCo.,Ltd.

	DevelopmentGroupCo.,Ltd.	InvestmentDepartment
HuangLiang	ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.	OfficeDirector	December28,2023		Yes
DaiZhiwei	ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.	DeputyGeneralManagerofFinancialManagementDepartment	February1,2023		Yes
YeCao	ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.	DeputyGeneralManagerofAuditDepartment	February1,2023		Yes

Conditionsonserviceinotherunits?Applicable□Notapplicable

Individual	Nameofotherunits	Positionheldinotherunits	Startingdateoftenure	Endingdateoftenure	Whetherthereiscompensationorallowanceintheotherunitsornot
HongWenya	ShenzhenSDGInformationCo.,Ltd.	Director	December16,2022	July15,2024	No
HongWenya	ShenzhenSEZConstructionGroupCo.,Ltd.	Supervisor	November29,2021		No
YangXi	ShenzhenSDGInformationCo.,Ltd.	Director	December13,2021	July15,2024	No
YangXi	ShenzhenZhishenggaoTechnologyDevelopmentCo.,Ltd.	Chairman	June26,2023		No
DaiZhiwei	ShenzhenSDGMicrofinanceCo.,Ltd.	Director	November6,2023		No
DaiZhiwei	ShenzhenSDGInvestmentCo.,Ltd.	ChiefFinancialOfficer	February9,2023		No
DaiZhiwei	ShenzhenShenshanSpecialCooperationZoneSDGSaigeTechnologyCo.,Ltd.	Supervisor	February9,2023		No
DaiZhiwei	SDGFuhaiEquityInvestmentFundManagement(Shenzhen)Co.,Ltd.	ChiefFinancialOfficer	February9,2023		No
YeCao	ShenzhenMicrogateTechnologyCo.,Ltd.	ChairmanofBoardofSupervisors	February27,2023		No
YeCao	ShenzhenSDGShengaoClubManagementCo.,Ltd.	Supervisor	February9,2023		No
YeCao	ShenzhenSDGMicrofinanceCo.,Ltd.	Supervisor	February9,2023		No
YeCao	ShenzhenZhishenggaoTechnologyResearchInstitute	Supervisor	February9,2023		No
HuYuming	JinanUniversity	ProfessorandDoctoralSupervisoroftheSchoolof	June1,2003		Yes

Management

		Management
HuYuming	By-HealthCo.,Ltd.	IndependentDirector	August24,2023	August23,2026	Yes
JiangDinghang	ShanghaiAllbright(Shenzhen)LawOffices	SeniorPartner	April1,2005		Yes
ZhangDong	YijixuanJewelry(Chengdu)Co.,Ltd.	Chairman	September3,2019		Yes
Conditionsonserviceinotherunits	ThepositionsoftheCompany'sdirectors,supervisorsandseniorexecutivesinotherunitsarethoseofnon-holdingsubsidiariesoftheCompany.

Penaltiesimposedbysecuritiesregulatoryinstitutioninpastthreeyearsondirectors,supervisorsandseniorexecutiveswhoarein-serviceandlefttheirpostsduringthereportingperiod

□Applicable?Notapplicable

3.CompensationofDirectors,SupervisorsandSeniorExecutives

Thedecision-makingprocedures,determinationbasisandactualpaymentofthecompensationofdirectors,supervisorsandseniorexecutivesshallbeimplementedinstrictaccordancewiththeCompany'sDetailedRulesfortheImplementationofCompensationandAppraisalCommitteeoftheBoardofDirectors,ManagementMeasuresforCompensationandPerformanceoftheManagementTeam,CompensationManagementSystemforHeadquartersStaff,PerformanceManagementMeasuresforHeadquartersStaffandotherrelevantsystems.Compensationofthedirectors,supervisorsandseniorexecutivesoftheCompanyduringthereportingperiod:

Unit:RMB10,000

Name	Gender	Age	Position	Servicestatus	TotalcompensationbeforetaxreceivedfromtheCompany	WhethertoreceivecompensationfromrelatedpartiesoftheCompany
FuChunlong	Male	51	Chairman	Inoffice	112.11	No
HongWenya	Male	50	Director	Inoffice	0	Yes
WuRuikai	Male	53	Director,GeneralManager	Resigned	87.97	No
YangXi	Male	43	Director	Inoffice	0	Yes
HuangLiang	Male	37	Director	Inoffice	0	Yes
HuangTianyang	Female	41	Director,ChiefFinancialOfficer	Inoffice	18.41	No
HuYuming	Male	59	IndependentDirector	Inoffice	8	No
JiangDinghang	Male	61	IndependentDirector	Inoffice	8	No
ZhangDong	Male	50	IndependentDirector	Inoffice	8	No
GuoXiaodong	Male	60	ChairmanofBoardofSupervisors	Inoffice	74.88	No
DaiZhiwei	Male	48	Supervisor	Inoffice	0	Yes
YeCao	Female	38	Supervisor	Inoffice	0	Yes
LiuHaicheng	Female	55	EmployeeSupervisor	Inoffice	51.22	No
ZhangZheng	Male	40	EmployeeSupervisor	Inoffice	48.39	No
TanZhong	Male	56	DeputySecretaryofPartyCommittee	Inoffice	76.36	No
XieJing	Male	59	DeputyGeneralManager	Inoffice	73.29	No
QiPeng	Male	51	DeputyGeneralManager,SecretaryoftheBoardof	Inoffice	80.46	No

Directors

			Directors
ZhangBaojun	Male	54	Supervisor	Resigned	0	Yes
ZengXingyu	Male	43	Supervisor	Resigned	0	Yes
LouHong	Female	56	Director,ChiefFinancialOfficer	Resigned	52.21	No
Total	--	--	--	--	699.3	--

Others

□Applicable?NotapplicableVI.DutyPerformanceofDirectorsduringtheReportingPeriod

1.InformationoftheBoardofDirectorsduringthereportingperiod

Meeting	Holdingdate	Disclosuredate	Meetingresolution
TheEighthExtraordinaryMeetingoftheTenthBoardofDirectors	January12,2023	January13,2023	Fordetails,pleaserefertotheAnnouncementonResolutionsoftheEighthExtraordinaryMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2023-001)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn)
TheNinthExtraordinaryMeetingoftheTenthBoardofDirectors	February2,2023	February3,2023	Fordetails,pleaserefertotheAnnouncementonResolutionsoftheNinthExtraordinaryMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2023-004)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn)
TheSeventhFormalMeetingoftheTenthBoardofDirectors	April25,2023	April27,2023	Fordetails,pleaserefertotheAnnouncementonResolutionsoftheSeventhFormalMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2023-014)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn)
TheTenthExtraordinaryMeetingoftheTenthBoardofDirectors	July31,2023	August1,2023	Fordetails,pleaserefertotheAnnouncementonResolutionsoftheTenthExtraordinaryMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2023-033)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn)
TheEleventhExtraordinaryMeetingoftheTenthBoardofDirectors	August2,2023	August3,2023	Fordetails,pleaserefertotheAnnouncementonResolutionsoftheEleventhExtraordinaryMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2023-035)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn)
TheEighthFormalMeetingoftheTenthBoardofDirectors	August23,2023	August24,2023	Fordetails,pleaserefertotheAnnouncementonResolutionsoftheEighthFormalMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2023-037)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn)
TheTwelfthExtraordinaryMeetingoftheTenthBoardofDirectors	September21,2023	September22,2023	Fordetails,pleaserefertotheAnnouncementonResolutionsoftheTwelfthExtraordinaryMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2023-039)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn)
TheNinthFormalMeetingoftheTenthBoardofDirectors	October25,2023		DeliberationontheReportfortheThirdQuarterof2023
TheThirteenth	December5,	December6,	Fordetails,pleaserefertotheAnnouncementonResolutionsofthe

ExtraordinaryMeetingoftheTenthBoardofDirectors

ExtraordinaryMeetingoftheTenthBoardofDirectors	2023	2023	ThirteenthExtraordinaryMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2023-046)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn)
TheFourteenthExtraordinaryMeetingoftheTenthBoardofDirectors	December28,2023	December29,2023	Fordetails,pleaserefertotheAnnouncementonResolutionsoftheFourteenthExtraordinaryMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2023-047)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn)

2.AttendanceofdirectorsattheBoardofDirectorsandGeneralMeetingofShareholders

AttendanceofdirectorsattheBoardofDirectorsandGeneralMeetingofShareholders
NameofDirector	NumberofattendancestotheBoardofDirectorsduringthereportingperiod	AttendancesattheBoardofDirectorsinperson	AttendancesattheBoardofDirectorsthroughcommunicationtools	AttendancesattheBoardofDirectorsthroughentrustingothers	TimesofabsenceattheBoardMeeting	AttendingtheBoardofDirectorsnotinpersonfortwoconsecutivetimesornot	AttendancesattheGeneralMeetingofShareholders
FuChunlong	10	5	5	0	0	No	3
HongWenya	10	5	5	0	0	No	0
YangXi	10	5	5	0	0	No	0
HuangLiang	10	5	5	0	0	No	2
HuangTianyang	3	1	2	0	0	No	0
JiangDinghang	10	5	5	0	0	No	2
HuYuming	10	2	8	0	0	No	1
ZhangDong	10	5	5	0	0	No	3

ExplanationonfailuretoattendtheBoardofDirectorsinpersontwoconsecutivetimes:Duringthereportingperiod,therewerenocaseswheredirectorsdidnotattendtheBoardofDirectorsinpersontwice.

3.ObjectiontorelatedmattersoftheCompanybydirectors

WhetherthedirectorshaveanyobjectiontotherelatedissuesoftheCompanyornot

□Yes?NoThedirectorshavenotraisedanyobjectiontorelatedissuesduringthereportingperiod.

4.OtherinstructionstodutyperformanceofthedirectorsWhetherthesuggestionsrelatedtotheCompanyproposedbythedirectorsareacceptedornot?Yes□NoDescriptiononacceptanceornon-acceptanceofrelevantsuggestionsrelatedtotheCompanyproposedbythedirectors

Duringthereportingperiod,alldirectorsoftheCompanycarriedouttheirworkinstrictaccordancewiththeCompanyLaw,theSecuritiesLaw,theBusinessGuidelinesofShenzhenStockExchangeforSelf-discipline

RegulationofListedCompaniesNo.1—StandardOperationofListedCompaniesontheMainBoardandotherlaws,regulationsandnormativedocuments,aswellastheArticlesofAssociationandtheRulesofProcedureoftheBoardofDirectors,andwerefaithfultotheirduties,diligentandresponsible.TheyallactivelyattendedtheBoardMeeting,understoodtheoperationalsubstanceofthematterunderconsideration,carefullyreviewedanddiscussedvariousproposals,andputforwardtargetedsuggestionsfortheCompany'sinternalcontrol,operationmanagementandstrategiclayout.InaccordancewiththerelevantprovisionsoftheMeasuresfortheAdministrationofIndependentDirectorsofListedCompanies,theindependentdirectorsoftheCompanygivefullplaytotheirownprofessionalknowledge,makeindependentandimpartialjudgments,carryouteffectivesupervisiononthefinancial,productionandoperationactivitiesandinformationdisclosureoftheCompany,playapositiveroleinthescientificdecision-makingandstandardizedoperationoftheBoardofDirectors,andeffectivelysafeguardthelegitimaterightsandinterestsoftheCompanyandallshareholders.TheCompanylistenscarefullytothesuggestionsputforwardbythedirectorsandactivelyadoptsreasonablesuggestionsthatmeetthedevelopmentoftheCompany.

VII.SpecialCommissionSetundertheBoardofDirectorsduringtheReportingPeriod

NameofCommitte

e

NameofCommittee	Members	NumberofMeetingsHeld	Holdingdate	ContentofMeeting	ImportantCommentsandSuggestions	OtherPerformanceofDuties	DetailsofObjections(ifany)
AuditCommitteeoftheTenthBoardofDirectors	HongWenya,LouHong,HuYuming,JiangDinghang,ZhangDong	4	February2,2023	DeliberationontheProposalonReappointmentofAuditorsin2022	Beingapproved	-	-
			February10,2023	Thepreliminaryarrangementsforanauditofthe2022financialreportwereannouncedatthemeeting.	Beingapproved	-	-
			April25,2023	ReportingtotheAuditCommitteeon2022financialpositionandresultsofoperations	Beingapproved	-	-
			August1,2023	DeliberatetheProposalonCarryingouttheSelectionandEmploymentofIntermediariesforFinancialStatementsandInternalControlAuditin2023	Beingapproved	-	-
	HongWenya,HuYuming,JiangDinghang,ZhangDong	1	September20,2023	DeliberatetheProposalonAdjustingMembersoftheAuditCommitteeoftheBoardofDirectors	Beingapproved	-	-
	FuChunlong,HongWenya,Hu	1	October24,2023	DeliberationontheReportfortheThirdQuarterof2023	Beingapproved	-	-

Yuming,JiangDinghang,ZhangDong

	Yuming,JiangDinghang,ZhangDong
CompensationandAppraisalCommitteeoftheTenthBoardofDirectors	FuChunlong,HongWenya,HuYuming,JiangDinghang,ZhangDong	4	April25,2023	DeliberatethePerformanceIndicatorsoftheManagementTeamin2023	Beingapproved	-	-
			August22,2023	1.DeliberatetheProposalonJobAppraisalResultsofDeputyGeneralManageroftheCompany2.DeliberatetheProposalonAmendingtheManagementMeasuresforCompensationandPerformanceoftheManagementTeamoftheCompany	Beingapproved	-	-
			September20,2023	DeliberatetheProposalon2022AnnualAppraisalResultsoftheCompany'sManagementTeam	Beingapproved	-	-
			December27,2023	DeliberatetheProposalonApprovalandPaymentofBonusesfortheCompany'sPartialManagementTeamProjects	Beingapproved	-	-
StrategicCommitteeoftheTenthBoardofDirectors	FuChunlong,HongWenya,WuRuikai,YangXi,HuangLiang	1	September20,2023	DeliberatetheProposalonAmendingtheStrategicPlanningManagementSystem	Beingapproved	-	-

VIII.WorkoftheBoardofSupervisors

WhethertheBoardofSupervisorshasfoundanyrisksintheCompany'ssupervisionactivitiesduringthereportingperiodornot

□Yes?NoTheBoardofSupervisorshasnotraisedanyobjectiontothesupervisionissuesduringthereportingperiod.

IX.EmployeesoftheCompany

1.Numberofemployees,professionalcompositionandlevelofeducation

Numberofexistingemployeesintheparentcompanyattheendofthereportingperiod(person)	103
Numberofexistingemployeesinthemainsubsidiariesattheendofthereportingperiod(person)	48
Totalnumberofexistingemployeesattheendofthereportingperiod(person)	151
Totalnumberofemployeespayableincurrentperiod(person)	188
Numberofretiredemployeeswithexpensesincurredbytheparentcompanyandmainsubsidiaries(person)	0
Professions

Typeofprofessions

Typeofprofessions	Numberofprofessionalpersons(person)
Productionpersonnel	0
Salespersonnel	29
Technician	8
Financialpersonnel	20
Administrativepersonnel	94
Total	151
Levelofeducation
Categoryofeducationlevel	Numberofemployees(person)
Master'sdegreeandabove	32
Bachelor'sdegree	84
Juniorcollegeandbelow	35
Total	151

2.Compensationpolicy

TheCompanyshallstrictlyfollowtheCompensationManagementSystemforHeadquartersStaff,PerformanceAppraisalManagementSystemforHeadquartersStaffandothersystems.

3.Trainingplan

Theannualtrainingfocusesonimprovingthetrainingsystemfornewemployees,enhancingthemanagementskillsofmiddle-levelmanagementpersonnel,strengtheningprofessionaltrainingonjewelry,continuouslyenrichingthetrainingcontent,expandingthetrainingform,optimizingthetrainingprocess,clarifyingthetrainingpurposeandimprovingthetrainingeffectinactualtrainingwork.Specificmeasuresareasfollows:First,enrichandoptimizetheinductionlearningdatabasefornewemployeesandupdatetheemployeemanual;OrganizeandholdtwosymposiumsfornewemployeesthroughouttheyeartohelpthemquicklyintegrateintotheCompany;Second,trytoestablishamiddle-levelmanagementpersonneltrainingsystemwithmanagementabilityevaluationandfeedbackasthecore;Third,organizeprofessionaltrainingonjewelrythroughouttheyear,coveringinternationaltrade,riskmanagement,processingandimportandexportbusiness.

4.Laboroutsourcing

□Applicable?Notapplicable

X.ProfitDistributionandCapitalReserveConvertedintoShareCapitaloftheCompany

Preparation,implementationoradjustmentoftheprofitdistributionpolicyduringthereportingperiod,especiallythecashdividendpolicy?Applicable□Notapplicable

TheCompanyattachesgreatimportancetothereasonablereturntoinvestors.TheArticlesofAssociationspecifiesthestandardsandproportionsofcashdividends,decision-makingproceduresandmechanisms,andtheformofprofitdistribution.TheCompanystrictlyimplementstheArticlesofAssociationandtheresolutionsoftheGeneralMeetingofShareholders.Thestandardsandproportionsofdividenddistributionareclearanddefinite,therelevantdecision-makingproceduresandmechanismsarecomplete,theminorityshareholdershavetheopportunitytofullyexpresstheiropinionsanddemands,andthelegitimaterightsandinterestsofminorityshareholdersarefullysafeguarded.

SpecialExplanationonCashDividendPolicy

SpecialExplanationonCashDividendPolicy
WhetheritcomplieswiththeprovisionsoftheArticlesofAssociationortherequirementsofresolutionsofthegeneralmeetingofshareholders:	Yes
Whetherthedividendstandardsandproportionsaredefiniteandclear:	Yes
Whethertherelevantdecision-makingprocessesandmechanismsarecomplete:	Yes
Whethertheindependentdirectorsperformtheirdutiesandplaytheirduerole:	Yes
IftheCompanydoesnotmakecashdividends,itshalldisclosethespecificreasonsandthenextmeasurestobetakentoenhancethelevelofreturnsforinvestors:	Yes
Whethertheminorityshareholdershavetheopportunitytofullyexpresstheiropinionsanddemandsandwhethertheirlegitimaterightsandinterestsareadequatelyprotected:	Yes
Whethertheconditionsandproceduresforadjustingandchangingthecashdividendpolicyarecompliantandtransparent:	Yes

Duringthereportingperiod,theCompanyhadprofitsandtheparentcompanyhadpositivedistributiveprofitforshareholders;however,thecashbonusdistributionpre-planwasnotproposed

□Applicable?NotapplicableProfitdistributionandcapitalreserveconvertedintosharecapitalduringthereportingperiod?Applicable□Notapplicable

Numberofbonussharesper10shares(share)	0
Numberofdividendsper10shares(RMB)(tax-inclusive)	0.31
Baseofsharecapitalindistributionpre-plan(share)	431,058,320
Amountofcashdividends(RMB)(tax-inclusive)	13,362,807.92
Amountofcashdividendsinotherways(suchassharerepurchase)(RMB)	0.00
Totalamountofcashdividends(includingotherways)(RMB)	13,362,807.92
Distributableprofit(RMB)	103,114,028.96
Theproportionoftotalcashdividends(includingotherways)tototalprofitdistribution	100%
Cashdividendsforthecurrentreportingperiod
Others
Descriptionofdetailsonpre-planofprofitdistributionortransferfromcapitalreservetosharecapital
InordertoactivelyreturnshareholdersandenableinvestorstoparticipateinandsharetheoperatingresultsoftheCompany'sdevelopment,accordingtotheArticlesofAssociation,theShareholderReturnPlanfortheNextThreeYears(2023-2025)oftheCompany,theRulesGoverningtheListingofStocksontheShenzhenStockExchangeandotherregulationsoncashdividends,

andtakingintoaccounttheCompany'sfuturestrategiclayoutandothercapitalexpenditureneeds,theCompanyplanstodistributeacashdividendofRMB0.31(includingtax)forevery10sharestoallshareholdersbasedonthetotalsharecapitalof431,058,320sharesasofDecember31,2023,withatotalcashdividendofRMB13,362,807.92,withoutbonussharesorcapitalincrease.ThisprofitdistributionplanshallbeimplementedafterbeingreviewedandapprovedbytheGeneralMeetingofShareholders.

XI.ImplementationoftheCompany'sEquityIncentivePlan,EmployeeStockOwnershipPlanorOtherEmployeeIncentiveMeasures

□Applicable?NotapplicableDuringthereportingperiod,thereisnoequityincentiveplan,employeestockownershipplanorotheremployeeincentivemeasuresandtheirimplementationfortheCompany.XII.EstablishmentandImplementationofInternalControlSystemduringtheReportingPeriod

1.Establishmentandimplementationofinternalcontrol

Duringthereportingperiod,theCompanyhasestablishedasystematicandeffectiveinternalcontrolsystemfromthegovernanceleveltoeachworkprocesslevelandwillcontinuouslyimproveit.TheBoardofDirectorsisresponsiblefortheestablishment,improvementandeffectiveimplementationoftheinternalcontrolsystem;TheAuditCommitteeassistsintheformulationandreviewoftheCompany'sinternalcontrolsystem,andauditsandsupervisesmajorrelatedpartytransactions;TheComplianceManagementDepartmentisresponsibleforthespecificorganizationandimplementationoftheCompany'sinternalcontrolsystem;Thepersoninchargeoftheenterprise,departmentandofficespecificallyundertakestheinternalcontrolworkoftheenterprise,departmentandoffice;TheBoardofSupervisorsshallsupervisetheinternalcontrolsystemestablishedandimplementedbytheBoardofDirectors.TheCompanyhasestablishedtheaboveinternalcontrolorganizationalstructureaccordingtotheBasicStandardforEnterpriseInternalControlanditssupportingguidelines,definedtheworkobjectives,responsibilitiesandauthoritiesofeachpostoftheCompany,andestablishedcorrespondingchecksandbalancesandsupervisionmechanismstoensurethateachpostperformsitsdutieswithinthescopeofauthority.BasedontheidentificationresultsofmaterialdeficienciesininternalcontroloverfinancialreportsoftheCompany,therearenomaterialdeficienciesininternalcontroloverfinancialreportsonthebasedateoftheinternalcontrolassessmentreport.TheCompanyhasmaintainedeffectiveinternalcontroloverfinancialreportinginallmaterialaspectsinaccordancewiththerequirementsoftheenterprise'sinternalcontrolstandardsystemandrelevantregulations.

2.Detailsaboutmaterialdeficiencyininternalcontrolsduringthereportingperiod

□Yes?No

XIII.ManagementControlovertheSubsidiariesduringtheReportingPeriod

Companyname

Companyname	IntegrationPlan	IntegrationProgress	ProblemsEncounteredinIntegration	SolutionsTaken	ResolutionProgress	Follow-upResolutionPlan
N/A	N/A	N/A	N/A	N/A	N/A	N/A

XIV.InternalControlEvaluationReportorAuditor'sReportonInternalControl

1.InternalControlEvaluationReport

Disclosuredateoftheinternalcontrolevaluationreport	March28,2024
Disclosureindexoftheinternalcontrolevaluationreport	Fordetails,pleaserefertothe2023AnnualInternalControlSelf-evaluationReportdisclosedbytheCompanyonCNINFO(http://www.cninfo.com.cn)
ProportionoftotalunitassetsincludedintheevaluationscopetototalassetsfromtheCompany'sconsolidatedfinancialstatements	100%
ProportionofunitoperatingrevenueincludedintheevaluationscopetooperatingrevenuefromtheCompany'sconsolidatedfinancialstatements	100%
DeficiencyIdentificationStandards
Type	FinancialReports	Non-financialReports
Qualitativestandards	1.Materialdeficiencies:Deficiencies,eitherindividuallyorincombinationwithotherdeficiencies,resultinginamaterialmisstatementinafinancialreportthatcannotbepreventedordetectedandcorrectedinatimelymanner.Thefollowingsituationsshallbedeemedasmaterialdeficiencies:(1)Managementfraudleadstomaterialmisstatementoffinancialresultsorprovisionoffalsefinancialreports,misleadingusersoffinancialreports,resultingindecision-makingerrorsandlitigation;(2)Ineffectivecontrolenvironment;(3)Majorinternalcontroldeficienciesfoundandreportedtothemanagementhavenotbeencorrectedafterareasonableperiodoftime;(4)TheCompanyfailstoperformthecorrespondingdecision-makingproceduresforthedecision-makingofmajormatters,resultinginsignificantlossestotheCompany;	1.Materialdeficiencies:(1)MajordecisionsviolatetheCompany'sprescribedprocedures,causingmajorlossestotheCompany;(2)Seriousviolationoflawsandregulations,causingheavylossestotheCompany;(3)Lackofsystemcontrolorfailureofsystemforimportantbusiness;(4)Seriousturnoverofcoremanagementpersonnelorcoretechnicalpersonnel;(5)Thematerialdeficienciesintheinternalcontrolevaluationresultshavenotbeenrectified;(6)Theinternalcontrolofinformationdisclosurefails,resultingintheCompanybeingpubliclycondemnedbyregulatoryauthorities.2.Significantdeficiencies:(1)TheCompanyviolatestheinternalrulesandregulationsoftheenterprise,resultinginrelativelylargelosses;(2)Seriousbrain-draininkeypositionsoftheCompany;

(5)LackofeffectivecontroloverimportantbusinessesinvolvingtheCompany'sproductionandoperation;

(6)OtherdeficienciesthatseriouslymisleadthecorrectjudgmentoftheuserofthestatementandleadtomajorcompensationoftheCompany.

2.Significantdeficiencies:Deficiencies,eitherindividuallyorincombinationwithotherdeficiencies,resultinginthefailuretopreventordetectandcorrectmisstatementsinthefinancialreportinatimelymannerthatdonotmeetorexceedthelevelofmaterialitybutstilldeservetheattentionofthemanagement.Thefollowingsituationsshallbedeemedassignificantdeficiencies:

(1)Failuretoselectandapplyaccountingpoliciesinaccordancewithgenerallyacceptedaccountingprinciples;

(2)Failuretoestablishanti-fraudproceduresandcontrolmeasures;

(3)Thereisnocorrespondingcontrolmechanismestablishedorimplementedfortheaccountingtreatmentofunconventionalorspecialtransactions,andthereisnocorrespondingcompensatorycontrol;

(4)Thereareoneormoredeficienciesinthecontrolofthefinancialreportingprocessattheendoftheperiod,andthereisnoreasonableassurancethatthefinancialstatementspreparedaretrueandaccurate.

3.Generaldeficiencyreferstootherdeficienciesincontrolotherthantheabove-mentionedmaterialdeficiencyandsignificantdeficiency.

	(5)LackofeffectivecontroloverimportantbusinessesinvolvingtheCompany'sproductionandoperation;(6)OtherdeficienciesthatseriouslymisleadthecorrectjudgmentoftheuserofthestatementandleadtomajorcompensationoftheCompany.2.Significantdeficiencies:Deficiencies,eitherindividuallyorincombinationwithotherdeficiencies,resultinginthefailuretopreventordetectandcorrectmisstatementsinthefinancialreportinatimelymannerthatdonotmeetorexceedthelevelofmaterialitybutstilldeservetheattentionofthemanagement.Thefollowingsituationsshallbedeemedassignificantdeficiencies:(1)Failuretoselectandapplyaccountingpoliciesinaccordancewithgenerallyacceptedaccountingprinciples;(2)Failuretoestablishanti-fraudproceduresandcontrolmeasures;(3)Thereisnocorrespondingcontrolmechanismestablishedorimplementedfortheaccountingtreatmentofunconventionalorspecialtransactions,andthereisnocorrespondingcompensatorycontrol;(4)Thereareoneormoredeficienciesinthecontrolofthefinancialreportingprocessattheendoftheperiod,andthereisnoreasonableassurancethatthefinancialstatementspreparedaretrueandaccurate.3.Generaldeficiencyreferstootherdeficienciesincontrolotherthantheabove-mentionedmaterialdeficiencyandsignificantdeficiency.	(3)TheCompany'simportantbusinesssystemorsystemhasdefects;(4)ThesignificantdeficienciesintheCompany'sinternalcontrolhavenotbeenrectified.3.Generaldeficiencyreferstootherdeficienciesincontrolotherthantheabove-mentionedmaterialdeficiencyandsignificantdeficiency.
Quantitativestandards	1.Materialdeficiencies:misstatement>10%ofthetotalprofit,andtheabsoluteamount>RMB10million;2.Significantdeficiencies:5%ofthetotalprofit<misstatement≤10%ofthetotalprofit,andtheabsoluteamount>RMB5million;orRMB5million<absoluteamount≤RMB10million,andthemisstatementamount>5%ofthetotalprofit;3.Generaldeficiencies:misstatement≤5%ofthetotalprofit,orabsoluteamount≤RMB5million.	1.Materialdeficiencies:theamountofloss>1.5%ofequityoftheowneroftheparentcompany,andtheabsoluteamount>RMB10million;2.Significantdeficiencies:0.5%ofequityoftheowneroftheparentcompany<lossamount≤1.5%ofequityoftheowneroftheparentcompany,orRMB5million<absoluteamount≤RMB10million;3.Generaldeficiencies:theamountofloss≤0.5%ofequityoftheowneroftheparentcompany,ortheabsoluteamount≤RMB5million.
Numberofmaterialdeficienciesinthefinancialreport(Nr.)	0
Numberofmaterialdeficienciesinthenon-financialreport(Nr.)	0
Numberofsignificantdeficienciesinthe	0

financialreport(Nr.)

financialreport(Nr.)
Numberofsignificantdeficienciesinthenon-financialreport(Nr.)	0

2.Auditor'sreportoninternalcontrol

?Applicable□Notapplicable

Reviewopinionparagraphinauditor'sreportoninternalcontrol
Inouropinion,Tellusmaintained,inallmaterialrespects,effectiveinternalcontroloverfinancialreportingasatDecember31,2023inaccordancewiththeBasicStandardforEnterpriseInternalControlandrelevantregulations.
Disclosureofauditor'sreportoninternalcontrol	Disclosure
Disclosuredateofauditor'sreportoninternalcontrol	March28,2024
Disclosureindexofauditor'sreportoninternalcontrol	CNINFO(http://www.cninfo.com.cn)
Typeofopinioninauditor'sreportoninternalcontrol	Standardunqualifiedopinion
Whethertherearematerialdeficienciesinthenon-financialreport	No

Whethertheaccountingfirmissuesanon-standardopinionintheauditor'sreportoninternalcontrol

□Yes?NoWhethertheauditor'sreportoninternalcontrolissuedbytheaccountingfirmisconsistentwiththeself-evaluationreportoftheBoardofDirectors?Yes□No

XV.RectificationofProblemsIdentifiedintheSelf-inspectionovertheListedCompany'sSpecialGovernanceMeasuresN/A

SectionVEnvironmentalandSocialResponsibilityI.MajorEnvironmentalProtectionIssuesWhetherthelistedcompanyanditssubsidiariesbelongtothekeypollutantdischargeunitsannouncedbytheenvironmentalprotectiondepartment

□Yes?NoAdministrativepenaltiesimposedforenvironmentalproblemsduringthereportingperiod

NameofCompanyorSubsidiary

NameofCompanyorSubsidiary	ReasonforPunishment	Violations	Penalty	ImpactontheProductionandOperationoftheListedCompany	RectificationMeasuresoftheCompany
N/A	N/A	N/A	N/A	N/A	N/A

DisclosureofotherenvironmentalinformationwithreferencetokeypollutantdischargeunitsDuringthereportingperiod,theCompanyanditssubsidiarieshavenotbeensubjecttoadministrativepunishmentduetoenvironmentalproblems.Measuresandeffectstoreducecarbonemissionsduringthereportingperiod

□Applicable?NotapplicableReasonsforfailuretodiscloseotherenvironmentalinformation:TheCompanyanditssubsidiariesarenotkeypollutantdischargeunitsannouncedbytheenvironmentalprotectiondepartment,andtherewasnopunishmentduetoviolationsoflawsandregulationsduringthereportingperiod.II.SocialResponsibilities

TheCompanytakesitasitsdutytoreturnshareholders,cultivateoutstandingemployeesandgivebacktosociety.TheCompanyactivelysafeguardedthelegitimaterightsandinterestsofshareholdersbasedontheprincipleoffairness.TheCompanyadvocatedtherealizationofenterprisevalueandself-value,createdacommonandharmoniouscorporateatmospherefordevelopment,andcarriedoutmorethan30eventsandactivities.Itactivelyrepaidthesocietyandthepublictodemonstrateitssenseofresponsibilityasastate-ownedenterprise,carriedout16condolenceactivitiesinhotweatherand7volunteeractivitiesthroughouttheyear,andorganizedsmalladvertisingclean-upcampaignsforshopsonthefirstfloorofTaohuayuanCommunityinSungangSub-districttohelpimprovethecommunityenvironment.

In2023,theCompanyhadnoworksafetyliabilityaccident.TheCompanyfurtherimplementedthemainresponsibilities,signed146worksafetyresponsibilitystatementsforallemployees,completed16worksafetyeducationandtrainingsessionsattendedby372people,carriedout6emergencydrillsonworksafetyaccidentsattendedby482people,investigatedmorethan700hiddendangersandrectifiedthemasscheduled.TheCompanyhiredathird-partyprofessionalorganizationtoevaluatetheworksafetymanagementsystem,solve

thepainpointsanddifficultiesofsafetymanagement,andprovideideasandmethodsupportformanagementimprovement.III.DetailsonConsolidatingandExpandingItsAchievementsinPovertyAlleviationandRuralRevitalizationTheCompanyactivelyrespondedtotheimplementationoftheruralrevitalizationstrategybyassigningspecialpersonneltoChengtianTowninShantouCitytocarryoutassistancework.Itorganizedmorethan60PartymembersandapplicantsforPartymembershiptogotoChengtianTowntolearnaboutthesituationofruralrevitalizationconstructiononsite,visitpooroldPartymembersinthevillage,andsignanagreementwiththePartyorganizationofShangyanVillageinChengtianTownforpairingandco-constructionofenterpriseandvillageorganizations.Since2021,onebackbonePartymemberhasbeensenttoShangyanVillage,ChengtianTown,ShantouCity,afront-linevillageinruralareas,tohelpwithruralrevitalization.Sofar,theservicehaslastedmorethan800days.Atthesametime,theCompanypromotedthesalesofagriculturalandsidelineproductsinpoverty-strickenareasbypurchasinginsteadofdonating,usedconsumptiontohelppoverty-strickenareasbuildagriculturalproductsaleschannels,andeffectivelypromotedlocalpovertyalleviationandruralrevitalizationwithpracticalactions.Inaddition,theCompanyalsoorganized139employeestomakedonationsandraisednearlyRMB17,000.

SectionVIImportantMattersI.PerformanceofCommitments

1.CommitmentsthathavebeenfulfilledduringthereportingperiodandhavenotyetbeenfulfilledasattheendofthereportingperiodbytheCompany'sactualcontroller,shareholders,relatedparties,acquirers,theCompanyandothercommitmentrelatedparties?Applicable□Notapplicable

Commitment

Cause

CommitmentCause	CommitmentParty	CommitmentType	CommitmentContent	CommitmentTime	CommitmentPeriod	Performance
Commitmentmadeinacquisitionreportorreportofequitychange	ShenzhenInvestmentHoldingsCo.,Ltd.	Ensuretheindependenceoflistedcompanies	TheCompanywillmaintaintheindependenceofthelistedcompanyandmaintainpersonnelindependence,institutionalindependence,financialindependenceandassetintegritywiththelistedcompany.Thelistedcompanywillstillhaveindependentoperationability,independentprocurement,productionandsalessystem,andindependentintellectualpropertyrights.Incaseofviolationoftheabovecommitments,theCompanywillbearcorrespondinglegalresponsibilities,includingbutnotlimitedtocompensationforalllossescausedtothelistedcompany.	December30,2022	DuringtheperiodofbeingtheindirectcontrollingshareholderofTellusHolding,alistedcompany	Inperformance
	ShenzhenInvestmentHoldingsCo.,Ltd.	Avoidhorizontalcompetition	1.AsofthesigningdateofthisLetterofCommitment,theCompanyandotherenterprisescontrolledbytheCompanyhavenotengagedinbusinessesandactivitiesthatareindirectcompetitionwithormayconstitutedirectcompetitionwithTellusandwillnotengageinbusinessesandactivitiesthatareindirectcompetitionwithormayconstitutedirectcompetitionwithTellusinthefuture(exceptthosearrangedbasedonShenzhenSASACorsimilargovernmentagencies);2.DuringtheperiodofbeingtheindirectcontrollingshareholderofTellusandduringTellus'listingonShenzhenStockExchange,theCompanywillfullyrespecttheindependentoperationautonomyofallsubsidiariescontrolledbytheCompanyandensurethatthelegitimaterightsandinterestsofTellusanditsminorityshareholderswillnotbeinfringed;3.TheCompanypromisesnottoseekillegitimateinterestswiththestatusofcontrollingshareholderofTellus,thusdamagingtherightsandinterestsofTellusanditsminorityshareholders;4.TheCompanypromisesnottoassistanypartytoengageinanybusinessactivitiesthatareinsubstantialcompetitionorpotentialcompetitionwiththemainbusinessofTellusbyusingtheinformationlearnedorknownfromTellus;5.IftheCompanyorotherenterprisescontrolledbytheCompanyviolatetheabovecommitmentsandguarantees,theCompanyshallbeartheeconomiclossescausedtothelistedcompany.	December30,2022	DuringtheperiodofbeingtheindirectcontrollingshareholderofTellusHolding,alistedcompany	Inperformance
	Shenzhen	Redu	1.TheCompanyandthecompanies,enterprisesandeconomic	Dece	During	In

InvestmentHoldingsCo.,Ltd.

	InvestmentHoldingsCo.,Ltd.	ceandstandardizerelatedpartytransactions	organizationscontrolledoractuallycontrolledbytheCompany(excludingenterprisescontrolledbylistedcompanies,hereinaftercollectivelyreferredtoas"affiliatedcompanies")willexercisetherightsofshareholders,fulfilltheobligationsofshareholders,andmaintaintheindependenceoflistedcompaniesintermsofassets,finance,personnel,businessandinstitutionsinstrictaccordancewiththeprovisionsoflaws,regulationsandothernormativedocuments;2.TheCompanypromisesnottouseitspositionasacontrollingshareholdertourgetheGeneralMeetingofShareholdersortheBoardofDirectorsofthelistedcompanytomakeresolutionsthatinfringeuponthelegitimaterightsandinterestsofothershareholdersofthelistedcompany;3.TheCompanyoritsaffiliatedcompanieswilltrytoavoidrelatedpartytransactionswithlistedcompanies.Ifitisinevitabletohaverelatedpartytransactionswithlistedcompanies,theCompanyoritsaffiliatedcompanieswillurgethecontrolledentitiestotradewithlistedcompaniesonanequalandvoluntarybasisinaccordancewithfair,reasonableandnormalcommercialtransactionconditions;4.TheCompanyoritsaffiliatedcompanieswillperformthedecision-makingproceduresofrelatedpartytransactionsandthecorrespondinginformationdisclosureobligationsinstrictaccordancewiththeArticlesofAssociationofthelistedcompanyandrelevantlawsandregulations;5.TheCompanyoritsaffiliatedcompanieswillensurethattheywillnotseekspecialinterestsbeyondtheaboveprovisionsthroughrelatedpartytransactionswiththelistedcompany,illegallytransferthefundsandprofitsofthelistedcompanythroughrelatedpartytransactions,andmaliciouslydamagethelegitimaterightsandinterestsofthelistedcompanyanditsshareholdersthroughrelatedpartytransactions.Incaseofviolationoftheabovecommitments,theCompanywillbearcorrespondinglegalresponsibilities,includingbutnotlimitedtocompensationforalllossescausedtothelistedcompany.	mber30,2022	theperiodofbeingtheindirectcontrollingshareholderofTellusHolding,alistedcompany	performance
Commitmentmadeduringtheinitialpublicofferingorrefinancing	ShenzhenTellusHoldingCo.,Ltd.	Others	Inthefuture,theCompanywilldiscloserelevantinformationregardingtheprogressofitsnewbusinessesinatimely,accurateandsufficientmannerinaccordancewithrelevantrequirements.	October17,2014	Longterm	Inperformance
OthercommitmentsmadeforminorityshareholdersoftheCompany	ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.	Horizontalcompetition	ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,thecontrollingshareholderoftheCompany,issuedtheLetterofCommitmenttoAvoidingHorizontalCompetitiononMay26,2014.Thecommitmentsareasfollows:1.TheCompanyandotherenterprisescontrolledbytheCompanyotherthanTellusHoldingarenotengagedinbusinessesthatareinsubstantialcompetitionwiththemainbusinessofTellusHolding,andthereisnohorizontalcompetitionrelationshipwithTellusHolding;2.TheCompanyandotherenterprisescontrolledbytheCompanyshallnotdirectlyorindirectlyengageinorparticipateinanybusinessthatconstitutesormayconstitutecompetitionwiththemainbusinessofTellusHoldinginanyform;3.IftheCompanyandotherenterprisescontrolledbytheCompanycanengageinorparticipateinanybusinessopportunitythatmaycompetewiththemainbusinessofTellusHolding,they	May26,2014	Longterm	Inperformance

shallnotifyTellusHoldingoftheabovebusinessopportunitybeforeimplementingorsigningrelevantagreements.IfTellusHoldingmakesapositivereplywithinareasonableperiodspecifiedinthenoticethatitiswillingtotakeadvantageofthebusinessopportunity,thebusinessopportunitywillbegivenprioritytoTellusHolding.

			shallnotifyTellusHoldingoftheabovebusinessopportunitybeforeimplementingorsigningrelevantagreements.IfTellusHoldingmakesapositivereplywithinareasonableperiodspecifiedinthenoticethatitiswillingtotakeadvantageofthebusinessopportunity,thebusinessopportunitywillbegivenprioritytoTellusHolding.
Othercommitments	ShenzhenTellusHoldingCo.,Ltd.	Dividendcommitment	From2023to2025,theCompany'sprofitswillbefirstusedtocoverthelossesofpreviousyears;Aftermakingupforthelossesofpreviousyears,onthepremisethattheCompany'sprofitsandcashflowmeetthenormaloperationandlong-termdevelopmentoftheCompany,theCompanywillimplementanactiveprofitdistributionmethodtorewardshareholders.Fordetails,pleaserefertotheShareholderReturnPlanfortheNextThreeYears(2023-2025)disclosedonwww.cninfo.com.cnonApril27,2023.	April27,2023	December31,2025	Inperformance
Whetherthecommitmentsaredulyperformed	Yes
Ifthecommitmentisnotfulfilledafterthetimelimit,thespecificreasonsforthefailureoffulfillmentandthenextworkplanshallbespecified	N/A

2.IftheprofitforecastcanbecarriedoutfortheCompany'sassetsorprojectsandthereportingperiodiswithintheperiodofprofitforecast,theCompanyshallexplainwhethertheassetsandprojectscanrealizetheoriginalprofitforecastandspecifythereasons.

□Applicable?Notapplicable

II.OccupationofNon-operatingFundsoftheListedCompanyofControllingShareholderandOtherRelatedParties

□Applicable?NotapplicableNon-operatingfundoccupiedbythecontrollingshareholderandotherrelatedpartiestowardsthelistedcompanyisnotidentifiedwithinthereportingperiodoftheCompany.III.IllegalForeignGuarantee

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhasnoillegalforeignguarantees.

IV.DescriptionoftheBoardofDirectorsontheLatest"Non-StandardAuditor'sReport"

□Applicable?Notapplicable

V.DescriptionoftheBoardofDirectors,BoardofSupervisorsandIndependentDirectors(IfAny)onthe"Non-StandardAuditor'sReport"IssuedbytheAccountingFirmduringtheReportingPeriod

□Applicable?Notapplicable

VI.DescriptionoftheChangesinAccountingPoliciesandAccountingEstimatesorCorrectionofMajorAccountingErrorsasComparedwithThoseintheFinancialReportforthePreviousYear

?Applicable□NotapplicableInNovember2022,theMinistryofFinanceissuedInterpretationNo.16oftheAccountingStandardsforBusinessEnterprises(CK[2022]No.31)(hereinafterreferredtoas"InterpretationNo.16").AccordingtotheprovisionsofInterpretationNo.16,whenitisanindividualtransactionthatisnotabusinessmerger,affectsneitheraccountingprofitsnortaxableincome(ordeductiblelosses)atthetimeofthetransaction,andresultsinanequaltaxabletemporarydifferencesanddeductibletemporarydifferencesduetoinitialrecognitionofassetsandliabilities,forthetaxabletemporarydifferencesanddeductibletemporarydifferencesarisingfrominitialrecognitionofassetsandliabilities,thecorrespondingdeferredtaxliabilitiesanddeferredtaxassetsshallberecognizedrespectivelyatthetimeoftransactioninaccordancewiththerelevantprovisionsoftheAccountingStandardsforBusinessEnterprisesNo.18—IncomeTax.FortheabovetransactionsthatoccurbetweenthebeginningoftheearliestperiodforthepresentationofthefinancialstatementsinwhichtheaboveprovisionsarefirstappliedandthedateofimplementationofthisInterpretation,enterprisesshalladjustthebeginningretainedearningsandotherrelevantfinancialstatementitemsfortheearliestperiodinwhichthefinancialstatementsarepresentedaccordingtotheaboveprovisionsforthecumulativeeffect.TheaboveaccountingtreatmentprovisionsshallcomeintoforcefromJanuary1,2023.

Iftaxabletemporarydifferencesanddeductibletemporarydifferencesarisefromtheleaseliabilitiesandright-of-useassetsrecognizedbytheCompanyintheleasebusiness,adjustmentshallbemadeinaccordancewiththeprovisionsofInterpretationNo.16.VII.ExplanationonChangeofScopeofConsolidatedFinancialStatementsComparedwiththeFinancialStatementofthePreviousYear?Applicable□NotapplicableTheCompanyhadmultiplecommunicationswiththeJapaneseshareholderbeforeandaftertheexpirationofthebusinesstermofitssubsidiary,SDGHuari,regardingSDGHuari'sbusinesstermextension,equity

transactions,dissolution,andliquidation,butconsensuswasnotreachedonanyoftheseissues.UnderthecircumstancethatthebusinesstermofSDGHuarihasexpired,andtheCompanyandtheJapaneseshareholdercouldnotsetupaliquidationteamtocarryoutliquidationwithinfifteendaysfromthedateofexpirationofthebusinesstermofSDGHuari,astheshareholderholding60%equityofSDGHuari,theCompanyappliedinOctober2022fortheappointmentofaliquidationteamdesignatedbythePeople'sCourttocarryoutcompulsoryliquidationofSDGHuariaccordingtoArticles180and183oftheCompanyLawofthePeople'sRepublicofChinaandArticle7oftheProvisions(II)oftheSupremePeople'sCourtonSeveralIssuesConcerningtheApplicationoftheCompanyLawofthePeople'sRepublicofChina.

OnDecember21,2022,theShenzhenQianhaiCooperationZonePeople'sCourtinGuangdongProvinceissued[2023]Y0391QSNo.9CivilRuling,decidingtoaccepttheCompany'sapplicationforliquidationagainstSDGHuari.OnMarch21,2023,theCompanyreceivedtheDecisiononAppointingaLiquidationTeam([2023]Y0391QQNo.4)servedbytheShenzhenQianhaiCooperationZonePeople'sCourt,whichdesignatedKing&WoodMallesonsShenzhenOfficeastheSDGHuariLiquidationTeam.Theliquidationteamreporteditsworktothecourt,acceptedthesupervisionofthecourtandcreditorsandshareholdersoftheCompany,andexercisedvariousfunctionsandpowersinaccordancewithlegalproceduresduringliquidation.

AccordingtotherelevantprovisionsoftheCompanyLaw,theliquidationteamdesignatedbythecourtshallberesponsibleforsafeguarding,sorting,anddisposingoftheliquidatedcompany'sassetsduringtheliquidationperiod,settlingdebts,andhandlingoutstandingbusinessuntilthefinalderegistrationofthecompany.Duringtheliquidationperiod,TellusHoldingasashareholdercouldnolongercontrolthebusinessdecisionsofSDGHuariandcouldnotunilaterallyapplytothecourttorevoketheliquidationofSDGHuari.Therefore,afterthecourtappointedaliquidationgroup,TellusHoldinglostcontroloverSDGHuariandshouldnotincludeSDGHuariinitsconsolidationscopeunlesstherewassignificantinfluence.

VIII.EmploymentandDismissalofAccountingFirms

Currentemployedaccountingfirm

Nameofdomesticaccountingfirm

Nameofdomesticaccountingfirm	GrantThorntonChina(SpecialGeneralPartnership)
Salaryofdomesticaccountingfirm(RMB10,000)	75
Durationofauditserviceprovidedbydomesticaccountingfirm	1
NameofCPAofdomesticaccountingfirm	WuLiang,XieMingming
DurationofauditserviceprovidedbyCPAofdomesticaccountingfirm	WuLiang1year,XieMingming1year

Whethertheemploymentoftheaccountingfirmwillbechangedduringthecurrentperiod?Yes□NoWhethertheemploymentoftheaccountingfirmwillbechangedduringaudit

□Yes?NoWhethertheapprovalproceduresarefulfilledforchangingaccountingfirms?Yes□NoDetaileddescriptionofthechangeinemploymentoralterationofaccountingfirms:

InviewofthefactthatRSMChina(SpecialGeneralPartnership)(hereinafterreferredtoas"RSMChina")hasprovidedauditservicesfortheCompanyformanyconsecutiveyearsandconsideringthedevelopmentoftheCompanyandtheauditneeds,theaccountingfirmwaschangedupondeliberationbytheBoardofDirectorsandtheGeneralMeetingofShareholdersoftheCompanyaftertheexpirationofcooperationwithRSMChina,andGrantThorntonChina(SpecialGeneralPartnership)wasemployedasthefinancialauditfirmandinternalcontrolauditfirmoftheCompanyin2023.TheCompanyhasfullycommunicatedwithRSMChinaonthechangeofaccountingfirm,andRSMChinahasclearlyunderstoodthismatterandhasnoobjectiontothischange.Employmentofaccountingfirm,financialconsultantorsponsorforinternalcontrolaudit?Applicable□Notapplicable

TheCompanyemployedGrantThorntonChina(SpecialGeneralPartnership)asits2023annualfinancialandinternalcontrolauditfirm.Theemploymenttermwasoneyear,andtheinternalcontrolauditfeewasRMB250,000.IX.DelistingafterDisclosureofAnnualReport

□Applicable?NotapplicableX.MattersRelatingtoBankruptcyReorganization

□Applicable?NotapplicableMattersconcerningbankruptcyreorganizationarenotidentifiedwithinthereportingperiodoftheCompany.XI.MajorLitigationandArbitrationMatters?Applicable□Notapplicable

Basicinformationoflitigation(arbitration)

Basicinformationoflitigation(arbitration)	Amountinvolved(RMB10,000)	Whetherestimatedliabilitiesareformed	Progressoflitigation(arbitration)	Litigation(arbitration)trialresultsandimpacts	Executionoflitigation(arbitration)judgment	Disclosuredate	Disclosureindex
Disputeoverconfirmati	19.84	No	Closed	Thefirst-instancejudgmentconfirmedtheshareholderqualificationoftheJapanese	-	July7,2023	AnnouncementonProgressofLitigationMattersofHoldingSubsidiaries

onofshareholderqualificationsofSDGHuari

onofshareholderqualificationsofSDGHuari				enterprise,andthesecond-instancejudgmentrejectedtheappealandupheldtheoriginaljudgment;therewasnosignificantimpactontheproductionandoperationoftheCompany.			(AnnouncementNo.:2023-030)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn)
Disputeoverprojectpayment(theCompanyisthedefendant)	33.81	No	Closed	ThecivilmediationdocumentwasreceivedonJuly7,2023,andtheCompanydoesnotneedtobearresponsibility;thereisnosignificantimpactontheproductionandoperationoftheCompany.	-
Disputeoverlandleasecontract(theCompanyistheplaintiff)	1,403.76	No	Ongoing	ThejudgmentofthefirstinstancewasreceivedonSeptember6,2023,rejectingtheCompany'slitigationrequest.TheCompanyhasfiledanappealwithintheappealperiod,andthesecondinstancehasnotyetbeenheld;IthasnosignificantimpactontheproductionandoperationoftheCompany.	N/A

XII.PunishmentandRectification

□Applicable?NotapplicableNopunishmentorrectificationisidentifiedwithinthereportingperiodoftheCompany.

XIII.IntegritySituationoftheCompanyanditsControllingShareholderandActualController

□Applicable?Notapplicable

XIV.MajorRelatedPartyTransactions

1.Relatedpartytransactionsconcerningdailyoperations?Applicable□Notapplicable

Relatedtransactionparties

Relationshipofrelatedparties

Typeofrelatedpartytransactions

Contentofrelatedpartytransaction

Pricingprincipleofrelatedpartytransaction

Priceofrelatedpartytransaction

Amountofrelatedpartytransaction(RMB10,000)

Proportiontotransactionamountofthesamekind

Approvedtransactionamount(RMB10,000)

Exceedtheapprovedamountornot

Settlementmethodsofrelatedpartytransaction

Marketpriceofavailablesimilartransaction

Disclosuredate

Disclosureindex

ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.

ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.	ADirectoroftheCompanyconcurrentlyservesasitsDirector	Dailyrelatedpartytransactions	Providepropertyleasingservices	Marketpricing	545.00	545	2.07%	545	No	Accordingtothecontractamountoragreement	545.00	April27,2023	AnnouncementonDailyRelatedPartyTransactionsin2023(AnnouncementNo.:2023-018)ofSecuritiesTimesandCNINFO
ShenzhenSDGTellusPropertyManagementCo.,Ltd.	Subsidiaryofcontrollingshareholder	Dailyrelatedpartytransactions	Providepropertyleasingservices	Marketpricing	13.49	13.49	0.05%	21	No	Accordingtothecontractamountoragreement	13.49
ShenzhenSDGMicrofinanceCo.,Ltd.	Subsidiaryofcontrollingshareholder	Dailyrelatedpartytransactions	Providepropertyleasingandmanagementservices	Marketpricing	124.22	124.22	0.47%	150	No	Accordingtothecontractamountoragreement	124.22
ShenzhenSDGServiceCo.,Ltd.anditsbranches	Subsidiaryofcontrollingshareholder	Dailyrelatedpartytransactions	Providepropertyleasingandparkingservices	Marketpricing	363.05	363.05	1.38%	510	No	Accordingtothecontractamountoragreement	363.05
ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.	Controllingshareholder	Dailyrelatedpartytransactions	Providevehiclemaintenanceandtestingservices	Marketpricing	0.82	0.82	0.11%	3	No	Accordingtothecontractamountoragreement	0.82
ShenzhenSDGTellusProperty	Subsidiaryofcontr	Dailyrelatedparty	Providevehicle	Marketpricing	0.13	0.13	0.02%	2	No	Accordingtothecontract	0.13

ManagementCo.,Ltd.

ManagementCo.,Ltd.	ollingshareholder	transactions	maintenanceandtestingservices							amountoragreement
ShenzhenSDGEngineeringManagementCo.,Ltd.	Subsidiaryofcontrollingshareholder	Dailyrelatedpartytransactions	Acceptengineeringsupervisionservices	Marketpricing	135.41	135.41	100.00%	200	No	Accordingtothecontractamountoragreement	135.41
ShenzhenSDGServiceCo.,Ltd.anditsbranches	Subsidiaryofcontrollingshareholder	Dailyrelatedpartytransactions	Acceptpropertymanagementandsecurityservices	Marketpricing	1,768.37	1,768.37	84.21%	1,816	No	Accordingtothecontractamountoragreement	1,768.37
ShenzhenSDGTellusPropertyManagementCo.,Ltd.	Subsidiaryofcontrollingshareholder	Dailyrelatedpartytransactions	Acceptpropertymanagementservices	Marketpricing	261.39	261.39	12.45%	340	No	Accordingtothecontractamountoragreement	261.39
GuorenProperty&CasualtyInsuranceCo.,Ltd.	Enterprisescontrolledbyindirectcontrollingshareholders	Dailyrelatedpartytransactions	Acceptinsuranceservices	Marketpricing	41.49	41.49	61.52%	0	Yes	Accordingtothecontractamountoragreement	41.49
Total				--	--	3,253.37	--	3,587	--	--	--	--	--
Detailsoflargesalesreturn				N/A
Theactualperformanceduringthereportingperiod(ifany)ifthetotalamountofdailyrelatedpartytransactionsoccurringinthecurrentperiodisestimatedbycategory				Normalperformance
Reasonsforthegreatdifferencebetweenthetransactionpriceand				N/A

marketreferenceprice(ifapplicable)

2.Relatedpartytransactionsfromacquisitionandsaleofassetsorequity

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhasnorelatedpartytransactionfromtheacquisitionandsaleofassetsorequity.

3.Relatedpartytransactionofjointforeigninvestment

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhasnorelatedpartytransactionofjointforeigninvestment.

4.Transactionrelatedtocreditanddebt?Applicable□NotapplicableWhethertherearetransactionsofnon-operatingrelatedcreditsanddebts

□Yes?NoDuringthereportingperiod,theCompanyhasnotransactionsrelatedtocreditanddebt.

5.Transactionswithrelatedfinancecompanies

□Applicable?NotapplicableThereisnodeposit,loan,creditorotherfinancialbusinessbetweentheCompanyandrelatedfinancecompaniesandrelatedparties.

6.TransactionsbetweenfinancecompaniescontrolledbytheCompanyandrelatedparties

□Applicable?NotapplicableThereisnodeposit,loan,creditorotherfinancialbusinessbetweenthefinancecompaniescontrolledbytheCompanyandrelatedparties.

7.Othermajorrelatedpartytransactions

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhasnoothermajorrelatedpartytransactions.

XV.MajorContractsandPerformance

1.Trusteeship,contractingandleasingmatters

(1)Trusteeship

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhasnotrusteeship.

(2)Contracting

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhasnocontracting.

(3)Leasing

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhasnomajorleases.

2.Significantguarantees?Applicable□Notapplicable

Unit:RMB10,000

ExternalguaranteesoftheCompanyanditssubsidiaries(excludingtheguaranteestosubsidiaries)

ExternalguaranteesoftheCompanyanditssubsidiaries(excludingtheguaranteestosubsidiaries)
Nameofguaranteedparty	Disclosuredateoftherelevantannouncementoftheguaranteeamount	Guaranteeamount	Actualdateofoccurrence	Actualguaranteeamount	Typeofguarantee	Collateral(ifany)	Counter-guarantee(ifany)	Guaranteeperiod	Whetheritisfulfilled	Whetheritisprovidedtorelatedparties
ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.	September30,2014	3,500	March15,2022	1,277.5	Pledge	No	No	Totheexpirationdateofthejointventurecontract	No	Yes
Totalexternalguaranteeamountapprovedduringthereportingperiod(A1)		0		Totalactualexternalguaranteeamountduringthereportingperiod(A2)		1,277.5
Totalexternalguaranteeamountapprovedattheendofthereportingperiod(A3)		3,500		Totalactualexternalguaranteebalanceattheendofreportingperiod(A4)		0
TheCompany'sguaranteetosubsidiaries
Nameofguaranteedparty	Disclosuredateoftherelevant	Guaranteeamount	Actualdateofoccurrence	Actualguaranteeamount	Typeofguarantee	Collateral(ifany)	Counter-guarantee(ifany)	Guaranteeperiod	Whetheritisfulfilled	Whetheritisprovidedto

announcementoftheguaranteeamount

	announcementoftheguaranteeamount									relatedparties
Guaranteebetweensubsidiaries
Nameofguaranteedparty	Disclosuredateoftherelevantannouncementoftheguaranteeamount	Guaranteeamount	Actualdateofoccurrence	Actualguaranteeamount	Typeofguarantee	Collateral(ifany)	Counter-guarantee(ifany)	Guaranteeperiod	Whetheritisfulfilled	Whetheritisprovidedtorelatedparties
TotalamountoftheCompany'sguarantee(i.e.totalofthefirstthreeitems)
Totalguaranteeamountapprovedduringthereportingperiod(A1+B1+C1)		0		Totalactualguaranteeamountduringthereportingperiod(A2+B2+C2)		1,277.5
Totalguaranteeamountapprovedattheendofthereportingperiod(A3+B3+C3)		3,500		Totalactualguaranteebalanceattheendofthereportingperiod(A4+B4+C4)		0
Proportionoftotalactualguaranteeamount(i.e.A4+B4+C4)totheCompany'snetassets				0%
Including:

Specificdescriptionofthecompositeguarantee

3.Managementofcashassetsbyotherentrustedparties

(1)Entrustedfinancialmanagement?Applicable□NotapplicableOverviewofentrustedfinancialmanagementduringthereportingperiod

Unit:RMB10,000

Category	Capitalsourceofentrustedfinancialmanagement	Amountofentrustedfinancialmanagement	Unexpiredbalance	Overdueunrecoveredamount	Theamountofimpairmentaccruedforoverdueunrecoveredfinancialmanagementproducts
Bankfinancialproducts	Ownfunds	59,000	36,500	0	0

Total

Total

59,000

36,500

0

0

Detailsofhigh-riskentrustedfinancialmanagementwithlargeindividualamountorlowsecurityandpoorliquidity

□Applicable?NotapplicablePrincipalunabletoberecoveredorotherconditionscausingimpairmentforentrustedfinancialmanagement

□Applicable?Notapplicable

(2)Entrustedloan

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhasnoentrustedloans.

4.Othermajorcontracts

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhasnomajorcontracts.

XVI.ClarificationonOtherMaterialMatters

□Applicable?NotapplicableTheCompanyhasnoothermajormattersthatneedtobestatedduringthereportingperiod.

XVII.MajorMattersoftheCompany'sSubsidiaries?Applicable□Notapplicable

1.AftertheexpirationofthebusinesstermoftheCompany'sholdingsubsidiarySDGHuari,theshareholderscouldnotreachanagreement,andtheCompanyappliedtotheShenzhenQianhaiCooperationZonePeople'sCourtforthecompulsoryliquidationofSDGHuari.ThecourthasruledtoaccepttheliquidationapplicationforSDGHuarifiledbytheCompanyandhasdesignatedKing&WoodMallesonsShenzhenOfficeastheliquidationteamforSDGHuari.Atpresent,allworkisbeingcarriedoutaccordingtolegalprocedures.Fordetails,pleaserefertotheCompany'sAnnouncementontheCourt'sAcceptanceoftheApplicationforCompulsoryLiquidationofHoldingSubsidiaries(AnnouncementNo.:2023-003),AnnouncementontheProgressofCompulsoryLiquidationofHoldingSubsidiaries(AnnouncementNo.:2023-010)andotherrelevantcontents.

2.ThebusinesspremisesofHuariToyotawerepropertiesownedbySDGHuari,andHuariToyotastillfacedthesituationofhavingnobusinesspremisesafteralongperiodofexploration.Additionally,theeconomicbenefitsandstrategicsignificanceofHuariToyotawerenotprominentenough.Inviewofthis,theCompanydecidedtodissolveHuariToyota.Fordetails,pleaserefertotheCompany'sAnnouncementontheDissolutionofaHoldingSubsidiary(AnnouncementNo.:2023-034)andotherrelevantcontents.

SectionVIIChangesinSharesandShareholdersI.ChangesinShares

1.Changesinshares

Unit:share

Beforethechange

	Beforethechange		Increase(+)/decrease(-)inthischange					Afterthechange
	Quantity	Proportion	Issuanceofnewshares	Stockdividend	Conversionofthereservefundsintoshares	Others	Subtotal	Quantity	Proportion
I.Restrictedshares	0	0.00%	0	0	0	0	0	0	0.00%
1.Stateshareholding	0	0.00%	0	0	0	0	0	0	0.00%
2.State-ownedlegalpersonshareholding	0	0.00%	0	0	0	0	0	0	0.00%
3.Otherdomesticshareholding	0	0.00%	0	0	0	0	0	0	0.00%
Including:Domesticlegalpersonshareholding	0	0.00%	0	0	0	0	0	0	0.00%
Domesticnaturalpersonshareholding	0	0.00%	0	0	0	0	0	0	0.00%
4.Foreignshareholding	0	0.00%	0	0	0	0	0	0	0.00%
Including:Foreignlegalpersonshareholding	0	0.00%	0	0	0	0	0	0	0.00%
Foreignnaturalpersonshareholding	0	0.00%	0	0	0	0	0	0	0.00%
II.Unrestrictedshares	431,058,320	100.00%	0	0	0	0	0	431,058,320	100.00%
1.RMB-denominatedordinaryshares	392,778,320	91.12%	0	0	0	0	0	392,778,320	91.12%
2.Domesticlistedforeignshares	38,280,000	8.88%	0	0	0	0	0	38,280,000	8.88%
3.Foreignlistedforeignshares	0	0.00%	0	0	0	0	0	0	0.00%
4.Others	0	0.00%	0	0	0	0	0	0	0.00%
III.Totalamountofshares	431,058,320	100.00%	0	0	0	0	0	431,058,320	100.00%

Reasonsforchangesinshares

□Applicable?NotapplicableStatusofauthorizationforchangesinshares

□Applicable?NotapplicableStatusoftransferforchangesinshares

□Applicable?Notapplicable

EffectofchangesinsharesonthefinancialindicatorsincludingbasicearningspershareanddilutedearningspershareinthemostrecentyearandinthemostrecentperiodaswellasnetassetpershareattributabletotheCompany'sshareholdersofordinaryshares

□Applicable?NotapplicableOtherinformationdisclosedastheCompanydeemsnecessaryorrequiredbysecuritiesregulatoryauthorities

□Applicable?Notapplicable

2.Changesinrestrictedshares

□Applicable?NotapplicableII.ConditionsonIssuanceandListingofSecurities

1.Conditionsonissuanceofsecurities(excludingpreferredshares)duringthereportingperiod

□Applicable?Notapplicable

2.DescriptionoftotalnumberofsharesoftheCompany,changesinshareholderstructureandchangesintheCompany'sassetandliabilitystructure

□Applicable?Notapplicable

3.Sharesofexistinginternalstaff

□Applicable?NotapplicableIII.ShareholdersandActualController

1.NumberofshareholdersandshareholdingsoftheCompany

Unit:share

Totalnumberofordinaryshareshareholdersasattheendofthereportingperiod

Totalnumberofordinaryshareshareholdersasattheendofthereportingperiod	57,239	Totalnumberofordinaryshareshareholdersasattheendofthepreviousmonthbeforethedisclosuredateoftheannualreport	56,200	Totalnumberofpreferredshareshareholders(ifany)withrestoredvotingrightsasattheendofthereportingperiod(seeNote8)	0	Totalnumberofpreferredshareshareholders(ifany)withrestoredvotingrightsasattheendofthepreviousmonthbeforethedisclosuredateoftheannualreport(seeNote8)	0
Shareholdersholdingmorethan5%sharesorshareholdingoftop10shareholders(excludingshareslentthroughrefinancing)

Nameofshareholder

Nameofshareholder	Natureofshareholder	Shareholdingproportion	Numberofsharesheldattheendofthereportingperiod	Increase/decreaseduringthereportingperiod	Numberofrestrictedsharesheld	Numberofunrestrictedsharesheld	Pledged,markedorfrozenshares
							Statusofshares	Quantity
ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.	State-ownedlegalperson	48.81%	210,391,621	5,593,000	0	210,391,621	N/A	0
ShenzhenCapitalFortuneJewelryIndustryInvestmentEnterprise(LimitedPartnership)	Domesticnon-state-ownedlegalperson	5.08%	21,919,153	-14,693,779	0	21,919,153	N/A	0
LiXiaoming	Domesticnaturalperson	0.71%	3,069,500	177,800	0	3,069,500	N/A	0
HongKongSecuritiesClearingCompanyLimited	Overseaslegalperson	0.51%	2,180,659	2,180,659	0	2,180,659	N/A	0
GuotaiJunanSecurities(HongKong)Limited	Overseaslegalperson	0.40%	1,741,491	0	0	1,741,491	N/A	0
IndustrialandCommercialBankofChinaLimited—ChinaSouthernCSIAllShareRealEstateETF	Others	0.35%	1,518,675	681,200	0	1,518,675	N/A	0
ShenwanHongyuanSecurities	State-ownedlegalperson	0.24%	1,044,530	1,044,530	0	1,044,530	N/A	0
ShanghaiV-InvestCo.,Ltd.—V-InvestQimingxingNo.33PrivateSecuritiesInvestmentFund	Others	0.21%	900,000	900,000	0	900,000	N/A	0
LiDaoqing	Domesticnaturalperson	0.16%	706,600	706,600	0	706,600	N/A	0
WuQiu'an	Domesticnaturalperson	0.16%	675,745	675,745	0	675,745	N/A	0
Statusofthestrategicinvestororgenerallegalpersonbecomingoneoftop10shareholdersduetorightsissue(ifany)(seeNote3)		N/A
Explanationsoftherelatedrelationshiporconcertedactionoftheaboveshareholders		Amongthetop10shareholders,ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.wasnotrelatedtoothershareholdersandwasnotapersonactinginconcertasstipulatedintheMeasuresfortheAdministrationoftheTakeoverofListedCompanies.Itwasunknownwhetherothershareholdersoftradableshareswerepersonsactinginconcert.
Descriptionoftheabove-mentionedshareholders'involvementinentrusting/beingentrustedwiththe		N/A

righttovoteandgivinguptheright.

righttovoteandgivinguptheright.
Specialdescriptionofrepurchasespecialaccountamongthetop10shareholders(ifany)(seeNote10)	N/A
Shareholdingoftop10shareholdersofunrestrictedshares
Nameofshareholder	Numberofunrestrictedsharesheldasattheendofreportingperiod	Sharetype
		Sharetype	Quantity
ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.	210,391,621	RMBordinaryshares	210,391,621
ShenzhenCapitalFortuneJewelryIndustryInvestmentEnterprise(LimitedPartnership)	21,919,153	RMBordinaryshares	21,919,153
LiXiaoming	3,069,500	RMBordinaryshares	3,069,500
HongKongSecuritiesClearingCompanyLimited	2,180,659	RMBordinaryshares	2,180,659
GuotaiJunanSecurities(HongKong)Limited	1,741,491	Domesticlistedforeignshares	1,741,491
IndustrialandCommercialBankofChinaLimited—ChinaSouthernCSIAllShareRealEstateETF	1,518,675	RMBordinaryshares	1,518,675
ShenwanHongyuanSecurities	1,044,530	RMBordinaryshares	1,044,530
ShanghaiV-InvestCo.,Ltd.—V-InvestQimingxingNo.33PrivateSecuritiesInvestmentFund	900,000	RMBordinaryshares	900,000
LiDaoqing	706,600	RMBordinaryshares	706,600
WuQiu'an	675,745	RMBordinaryshares	675,745
Descriptionontherelatedrelationshiporconcertedactionamongtop10shareholdersofunrestrictedtradablesharesandbetweentop10shareholdersofunrestrictedtradablesharesandtop10shareholders	Amongthetop10shareholders,ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,astate-ownedlegal-personshareholder,wasnotrelatedtoothershareholdersandwasnotapersonactinginconcertasstipulatedintheMeasuresfortheAdministrationoftheTakeoverofListedCompanies.Itwasunknownwhetherothershareholdersoftradableshareswerepersonsactinginconcert.
Descriptionofparticipationofthetop10shareholdersofordinarysharesinsecuritiesmargintrading(ifany)(seeNote4)	1.DuetotherefinancingbusinesscarriedoutbyShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,thecontrollingshareholderoftheCompany,thenumberofsharesheldattheendofthisreportingperiodincreasedby5,593,000sharescomparedwiththatattheendof2022.Theincreaseinthenumberofsharesheldisduetothereturnoflentshares.2.TheshareholderShanghaiV-InvestCo.,Ltd.—V-InvestQimingxingNo.33PrivateSecuritiesInvestmentFundheld900,000sharesoftheCompanythroughguaranteedcreditaccountsand0sharesoftheCompanythroughordinarysecuritiesaccounts,holdingatotalof900,000shares.

Thesituationofthetop10shareholdersparticipatingintheshareslentthroughrefinancing?Applicable□Notapplicable

Unit:share

Thesituationofthetop10shareholdersparticipatingintheshareslentthroughrefinancing
Nameofshareholder(full	Ordinaryaccountandcreditaccountshareholdingatthebeginningoftheperiod	Shareslentthroughrefinancingatthebeginningoftheperiod	Ordinaryaccountandcreditaccountshareholdingattheendoftheperiod	Shareslentthroughrefinancingattheendoftheperiodandnotyet

name)

name)			andnotyetreturned				returned
	Totalquantity	Proportionintotalsharecapital	Totalquantity	Proportionintotalsharecapital	Totalquantity	Proportionintotalsharecapital	Totalquantity	Proportionintotalsharecapital
ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.	204,798,621	47.51%	6,793,000	1.58%	210,391,621	48.81%	1,200,000	0.28%

Changesofthetop10shareholderscomparedwiththepreviousperiod?Applicable□Notapplicable

Unit:share

Changesofthetop10shareholdersascomparedwiththeendofthepreviousperiod
Nameofshareholder(fullname)	Addition/withdrawalduringthereportingperiod	Numberofshareslentthroughrefinancingandnotyetreturnedattheendoftheperiod		Numberofsharesheldbyshareholders'ordinaryaccountsandcreditaccountsandshareslentthroughrefinancingandnotyetreturnedattheendoftheperiod
		Totalquantity	Proportionintotalsharecapital	Totalquantity	Proportionintotalsharecapital
HongKongSecuritiesClearingCompanyLimited	Newlyadded	0	0.00%	0	0.00%
ShenwanHongyuanSecurities	Newlyadded	0	0.00%	0	0.00%
ShanghaiV-InvestCo.,Ltd.—V-InvestQimingxingNo.33PrivateSecuritiesInvestmentFund	Newlyadded	0	0.00%	0	0.00%
LiDaoqing	Newlyadded	0	0.00%	0	0.00%
WuQiu'an	Newlyadded	0	0.00%	0	0.00%
LiBozhi	Withdrawal	0	0.00%	0	0.00%
NingboMeishanBondedPortAreaLingdingInvestmentManagementCo.,Ltd.—LingdingChuqiNo.2PrivateSecuritiesInvestmentFund	Withdrawal	0	0.00%	0	0.00%
NanjingShengquanHengyuanInvestmentCo.,Ltd.—ShengquanHengyuanFlexibleConfigurationNo.8PrivateSecuritiesInvestmentFund	Withdrawal	0	0.00%	0	0.00%
NanjingShengquanHengyuanInvestmentCo.,Ltd.—ShengquanHengyuanQuantitativeArbitrageNo.17PrivateSecuritiesInvestmentFund	Withdrawal	0	0.00%	0	0.00%
ChinaMerchantsSecuritiesCo.,Ltd.	Withdrawal	0	0.00%	0	0.00%

WhethertheCompany'stop10shareholdersofordinarysharesandthetop10shareholdersofunrestrictedordinaryshareshaveperformedtheagreedrepurchasetransactionsduringthereportingperiod

□Yes?NoTheCompany'stop10shareholdersofordinarysharesandthetop10shareholdersofunrestrictedordinaryshareshavenotperformedtheagreedrepurchasetransactionsduringthereportingperiod.

2.ControllingshareholderoftheCompany

Natureofcontrollingshareholder:localstate-ownedholdingTypeofcontrollingshareholder:legalperson

Nameofcontrollingshareholder

Nameofcontrollingshareholder	Legalrepresentative/personinchargeoftheunit	Dateofestablishment	Organizationcode	Mainbusiness
ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.	ZhangJunlin	June20,1982	91440300192194195C	Investmentinthedevelopmentofindustries(specificprojectswillbedeclaredseparately);investmentinthedevelopmentofthetourismindustry;realestatedevelopmentandoperation;domestictradeandmaterialsupplyandmarketing(excludingmonopoly,exclusivecontrolandmonopolizedcommodities);economicinformationconsultation(excludingrestricteditems);operationofimportandexportbusiness.
Equityofotherdomesticandforeignlistedcompaniescontrolledandparticipatedbythecontrollingshareholderduringthereportingperiod	Attheendofthereportingperiod,inadditiontoholdingtheequityoftheCompany,SDGGroupalsoheldequityofotherlistedcompaniesasfollows:1.Holding47.78%equityofShenzhenSDGServiceCo.,Ltd.(stockabbreviation:SDGService,stockcode:300917),andholding0.98%equityofShenzhenSDGServiceCo.,Ltd.throughShenzhenSDGInvestmentCo.,Ltd.;2.Holding36.18%equityofShenzhenSDGInformationCo.,Ltd.(stockabbreviation:SDGInformation,stockcode:000070),andcontrolling1.1%equityofShenzhenSDGInformationCo.,Ltd.throughHansecoSanhoCo.,Ltd.;3.Holding8.31%equityofShenzhenMicrogateTechnologyCo.,Ltd.(stockabbreviation:MicrogateTechnology,stockcode:300319),andcontrolling14.5%equityofShenzhenMicrogateTechnologyCo.,Ltd.throughtheCompany'sholdingsubsidiaryShenzhenCapitalFortuneElectronicInformationInvestmentEnterprise(LimitedPartnership).

Changeincontrollingshareholderduringthereportingperiod

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnochangeinthecontrollingshareholder.

3.ActualcontrollersandpersonsactinginconcertoftheCompanyNatureofactualcontroller:localstate-ownedassetsadministrativeauthorityTypeofactualcontroller:legalperson

Nameofactualcontroller	Legalrepresentative/personinchargeoftheunit	Dateofestablishment	Organizationcode	Mainbusiness
State-ownedAssetsSupervisionandManagementCommissionof	WangYongjian	April2,2004	11440300K317280672	Performtheresponsibilitiesoftheinvestoronbehalfofthestate,andsuperviseandmanagethestate-ownedassetsauthorizedforsupervision

ShenzhenMunicipalPeople'sGovernment

ShenzhenMunicipalPeople'sGovernment		accordingtolaw.
Equityofotherdomesticandforeignlistedcompaniescontrolledbytheactualcontrollerduringthereportingperiod	N/A

Changeinactualcontrollerduringthereportingperiod

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnochangeintheactualcontroller.BlockdiagramofpropertyrightsandcontrolrelationshipbetweentheCompanyandtheactualcontroller

Note:OnDecember28,2022,bysigningtheVotingRightsEntrustmentAgreementwithitswholly-ownedsubsidiarySIHC,ShenzhenSASACentrustedits38.97%votingrightsinSDGGrouptoitswholly-ownedsubsidiarySIHC,therebyenablingSIHCtoindirectlyholdequityintheCompanythroughSDGGroup.ActualcontrollercontrollingtheCompanybywayoftrustorotherassetmanagementmethods

□Applicable?Notapplicable

4.TheaccumulativenumberofsharespledgedbytheCompany'scontrollingshareholderorthefirstmajorityshareholderanditspersonsactinginconcertaccountedfor80%oftheCompany'ssharesheldbythem

□Applicable?Notapplicable

5.Otherlegalpersonshareholderswithmorethan10%sharesheld

□Applicable?Notapplicable

6.Restrictioninreductionofsharesheldbycontrollingshareholder,actualcontroller,restructuringpartiesandothercommitmentunits

□Applicable?NotapplicableIV.SpecificImplementationofShareRepurchaseduringtheReportingPeriod

Progressintheimplementationofsharerepurchase

□Applicable?NotapplicableProgressintheimplementationofsharerepurchasereductionthroughcentralizedbidding

□Applicable?Notapplicable

SectionVIIIPreferredShares

□Applicable?NotapplicableDuringthereportingperiod,theCompanyhasnopreferredshares.

SectionIXBonds

□Applicable?Notapplicable

SectionXFinancialReport

I.Auditor'sReport

Auditopiniontype

Auditopiniontype	Standardunqualifiedopinion
Signingdateoftheauditor'sreport	March26,2024
Nameofauditfirm	GrantThorntonChina(SpecialGeneralPartnership)
NameofCPA	WuLiang,XieMingming

TextofAuditor'sReport

TotheShareholdersofShenzhenTellusHoldingCo.,Ltd.：

I.OpinionWehaveauditedthefinancialstatementofShenzhenTellusHoldingCo.,Ltd.(the"Company"),whichcomprisetheconsolidatedstatementoffinancialpositionasat31December2023,andtheconsolidatedstatementofcomprehensiveincome,consolidatedstatementofchangesinequityandconsolidatedstatementofcashflowsfortheyearthenended,andthenotestotheconsolidatedfinancialstatements.Inouropinion,theaccompanyingconsolidatedfinancialstatementpresentfairly,inallmaterialrespects,theconsolidatedfinancialpositionoftheCompanyasat31December2023,anditsconsolidatedfinancialperformanceanditsconsolidatedcashflowsfortheyearthenendedinaccordancewithAccountingStandardsforBusinessEnterprises.II.BasisforOpinionWeconductedourauditinaccordancewithChinaStandardsonAuditing.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor’sResponsibilitiesfortheAuditoftheFinancialStatementSectionofourreport.WeareindependentoftheCompanyinaccordancewiththeCodeofEthicsforChineseCertifiedPublicAccountant(EthicsCode)togetherwiththeethicalrequirementsthatarerelevanttoourauditofthefinancialstatements,andwefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirementsandtheEthicsCode.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.III.KeyAuditItemsKeyaudititemsarethoseitemsthat,inourprofessionaljudgment,wereofthemostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Theseitemswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopinionontheseitems.(I)RevenuerecognitionPleaserefertoNoteIII.26andNoteV.45ofthenotestothefinancialstatementsfordetails.

1.DescriptionTheCompanyismainlyengagedinrealestateleasingandservices,goldandjewelrysalesandservices,automobilesales,automobilemaintenanceandinspection.In2023,theoperatingrevenueamountstoCNY1.847billionyuan,withayear-on-yeargrowthby120.46%.Duetothefactthatoperatingrevenueisoneofthekeyperformanceindicatorsandthereisariskthatmanagementmayuseinappropriaterevenuerecognitiontomeetspecifictargetsorexpectations.Therefore,wehaveidentifiedrevenuerecognitionasakeyauditmatter.

2.ResponsesinauditproceduresOurmainauditproceduresforoperatingrevenuerecognitionareasfollows:

(1)Weobtainedunderstandingsofkeyinternalcontrolsrelatedtorevenuerecognition,assessedthedesignofthesecontrols,determinedwhethertheyhavebeenexecuted,andtestedtheeffectivenessoftheoperation;

(2)Weassessedtheappropriatenessofthecompany'soperatingrevenuerecognitionpolicybyinquiringmanagement,reviewingsalescontracts,andanalyzingthetimingofthetransferofcontrolrelatedtooperatingrevenuerecognition;

(3)Weperformedanalyticalproceduresonoperatingrevenue,including:analysisofrevenue,priceandgrossmarginfluctuations,comparedrevenue,priceandgrossmarginanalysisformajorproductsandserviceswiththepreviousyear,andcomparativeanalysiswithlistedcompaniesinthesameindustry.

(4)Weselectedmajorcustomerstoconfirmthesalesintheyear.Forthesamplesthathavenotreceivedtheconfirmationletter,weverifiedthetransactionbycheckingtothesubsequentcashreceiptsaftertheyearendandthesalescontract,invoiceandothersupportingdocuments.

(5)Wecheckedsupportingdocumentsrelatingtorevenuerecognitionbysamplingmethod,includinggoodssalescontracts,realestateleasecontracts,orders,invoices,deliverylists,paymentevidence,clientacceptancereceipts,etc.,tocheckwhethertherevenuerecognitionisaccurate.

(6)Wecheckedtheoperatingrevenuerecognizedbeforeandafterthebalancesheetdatetosupportingdocumentsbythesamplingmethod,includinginvoices,goodssalescontracts,deliverylistsandclientacceptancereceipts,andweevaluatewhetheroperatingrevenuewasrecognizedintheappropriateperiod.

(7)Wecheckedthebusinessregistrationinformationofnewcustomers,customerswithsignificantchangeinsalesamountandtheirrelatedpartiesduringtheyear,andcheckwhetherthereareanypotentialrelatedpartyrelationshipsandtransactionsthatwerenotidentifiedandphysicallyvisitedimportantcustomers.

(II)SubsidiaryundercompulsoryliquidationPleaserefertoNoteIII.11,15andNoteV.2,52andNoteVI.2tothefinancialstatementsfordetails.

1.DescriptionThecompany'ssubsidiary,ShenzhenTefaHuariAutomobileEnterpriseCo.,Ltd.(hereinafterreferredtoasTefaHuari),haditsoperatingperiodexpireonMarch14,2022.ThecompanyhadmultiplecommunicationswithanothershareholderregardingtheextensionofTefaHuari'soperatingperiodorliquidation.However,theyfailedtoreachanagreement.Consequently,thecompanyappliedforcompulsoryliquidationthroughthecourt.OnMarch21,2023,thecompanyreceiveda"DecisiononDesignatingLiquidationTeam"([2023]Yue0391QiangQingNo.4)fromtheShenzhenQianhaiCooperationZonePeople'sCourt.ThecourtdesignatedBeijingJunHe(Shenzhen)LawFirmastheliquidationteamforTefaHuari.Theliquidationteamreportstheirworktothecourtandoperatesunderthesupervisionofthecourt,companycreditors,andshareholders.Duringtheliquidationperiod,theyexercisevariouspowersaccordingtolegalprocedures,includingtakingoverTefaHuari'sassets,seals,andbooks,aswellasmakingdecisionsoninternalmanagementaffairs,dailyexpenses,andothernecessaryexpenditures.Afterthecourtdesignatedtheliquidationteam,thecompanylostcontroloverTefaHuari.Thecompany’sequityholdingsinTefaHuari,previouslymeasuredatcostaslong-termequityinvestments,werereclassifiedasfinancialassetsmeasuredatfairvalue.Consequently,investmentincomeofCNY69,552,580.12wasrecognized.ThecompulsoryliquidationofTefaHuariconstitutesasignificanttransactionduringtheyearandhasasignificantimpactonthecompany'soperatingresultsfortheyear2023.Therefore,wewilltreatthecompulsoryliquidationofthesubsidiaryasakeyauditmatter.

2.ResponsesinauditproceduresTherelevantproceduresweimplementforthecompulsoryliquidationofthesubsidiarymainlyinclude:

(1)Byinquiringandreviewingmeetingminutes,weobtainedthemanagement'sintentionsregardingTefaHuari'sequityholdingsandsubsequentmanagementstrategies.

(2)ByconsultingwithTefaHuari'sliquidationteamlawyers,weobtainedandexaminedlegalopinionlettersandlegalaffairsconfirmationlettersfromthecompany'sexecutivelegalcounseltoverifytheauthenticityoftheliquidationarrangements.

(3)Basedontheactualcircumstancesofthecompany,andinaccordancewith"EnterpriseAccountingStandardNo.33-ConsolidatedFinancialStatements,"wereviewedthereasonablenessofmanagement'sdeterminationoftheconsolidationscopefortheannualfinancialstatementsandassessedtheappropriatenessofaccountingtreatmentrelatedtoTefaHuari'sliquidationmatters.

(4)WeobtainedtheassetappraisalreportissuedbythevaluationexpertsengagedbyTefaHuari's

liquidationteamasoftheliquidationreferencedate,evaluatedtheircompetence,professionalqualifications,andobjectivityofthevaluationexperts,andutilizedourinternalvaluationexpertstoreviewthevaluationmodel,parameterselection,andevaluatethereasonablenessofthevaluationmethod.

(5)WerecalculatedtheinvestmentincomegeneratedfromthecompulsoryliquidationofTefaHuariandreviewedtheadequacyandappropriatenessofdisclosuresinthenotestofinancialstatementmadebymanagement.IV.OtherinformationTheCompany’smanagementisresponsiblefortheotherinformation.OtherinformationcomprisestheinformationincludedintheCompany’sAnnualReportof2023,butdoesnotincludethefinancialstatementsandourauditor’sreportthereon.Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.V.ResponsibilitiesofManagementandThoseChargedwithGovernancefortheFinancial

StatementsTheManagementisresponsibleforpreparingandpresentingfairlythefinancialstatementsinaccordancewithChinaAccountingStandardsforBusinessEnterprises,aswellasdesigning,implementingandmaintaininginternalcontrolrelevanttothepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthefinancialstatements,theManagementisresponsibleforassessingtheCompany’sabilitytocontinueasagoingconcern,disclosing,asapplicable,itemsrelatedtogoingconcernandusethegoingconcernbasisofaccountingunlesstheManagementeitherintendtoliquidatetheCompanyortoceaseoperations,orhavenorealisticalternativebuttodoso.ThosechargedwithgovernanceareresponsibleforoverseeingtheCompany’sfinancialreportingprocess.VI.Auditor’sResponsibilitiesfortheAuditoftheFinancialStatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithChinaStandardsonAuditingwillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,

individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.AspartofanauditinaccordancewithChinaStandardsonAuditing,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:

?Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.?Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.?Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccounting

estimatesandrelateddisclosuresmadebymanagement.?Concludeontheappropriatenessofmanagement’suseofthegoingconcernbasisofaccountingand,

basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsor

conditionsthatmaycastsignificantdoubtonCompany’sabilitytocontinueasagoingconcern.Ifwe

concludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttothe

relateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyour

opinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.

However,futureeventsorconditionsmaycauseCompanytoceasetocontinueasagoingconcern.?Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,andwhetherthe

financialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfair

presentation.?Obtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusiness

activitieswithinCompanytoexpressanopiniononthefinancialstatements.Weareresponsibleforthe

direction,supervisionandperformanceofthegroupaudit.Weremainsolelyresponsibleforouraudit

opinion.

Wecommunicatewiththosechargedwithgovernanceregarding,amongotheritems,theplannedscope

andtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternal

controlthatweidentifyduringouraudit.

Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevant

ethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandother

itemsthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,related

safeguards.

Fromtheitemscommunicatedwiththosechargedwithgovernance,wedeterminethoseitemsthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyaudititems.Wedescribetheseitemsinourauditor’sreportunlesslaworregulationprecludespublicdisclosureabouttheitemorwhen,inextremelyrarecircumstances,wedeterminethatanitemshouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.II.FinancialStatements

AllamountsareinRMB

1.ConsolidatedBalanceSheetPreparedby:ShenzhenTellusHoldingCo.,Ltd.

December31,2023

Unit:RMB

Item

Item	December31,2023	January1,2023
Currentassets:
Cashatbankandonhand	220,340,961.64	413,028,327.36
Settlementreserve
Lendingstobanksandotherfinancialinstitutions
Tradingfinancialassets	206,294,931.94	176,133,569.95
Derivativefinancialassets	298,320.00
Notesreceivable		87,812,500.00
Accountsreceivable	99,635,751.52	41,752,179.56
Receivablesfinancing
Advancestosuppliers	38,454,434.90	8,127,252.94
Premiumsreceivable
Reinsuranceaccountreceivables
Provisionofcessionreceivable
Otherreceivables	12,383,516.92	7,663,570.87
Including:interestreceivable
Dividendsreceivable	1,305,581.86	1,852,766.21
Financialassetspurchasedunderagreementstoresell
Inventory	178,425,833.88	116,069,675.39
Contractassets
Held-for-saleassets
Currentportionofnon-currentassets	55,206,250.00
Othercurrentassets	104,833,797.59	18,346,711.55
Totalcurrentassets	915,873,798.39	868,933,787.62
Non-currentassets:

Loansandadvancestocustomers

Loansandadvancestocustomers
Debtinvestment
Otherdebtinvestment	67,627,948.60
Long-termreceivables
Long-termequityinvestment	76,511,487.57	81,024,365.94
Otherequityinstrumentinvestments	383,317.67	10,176,617.20
Othernon-currentfinancialassets
Investmentproperties	1,008,137,341.80	516,360,139.45
Fixedassets	78,935,843.49	102,689,546.42
Constructioninprogress	7,279,570.05	409,933,559.27
Productivebiologicalassets
Oilandgasassets
Right-of-useassets	71,904,716.50	4,181,242.86
Intangibleassets	3,915,770.61	49,808,015.72
Developmentexpenditures
Goodwill
Long-termdeferredexpenses	38,392,179.02	25,876,099.49
Deferredtaxassets	37,836,657.43	8,518,233.77
Othernon-currentassets	97,053,053.32	154,526,946.83
Totalnon-currentassets	1,487,977,886.06	1,363,094,766.95
Totalassets	2,403,851,684.45	2,232,028,554.57
Currentliabilities:
Short-termborrowings	145,131,694.44	20,000,000.00
Borrowingsfromthecentralbank
Borrowingsfrombanksandotherfinancialinstitutions
Tradingfinancialliabilities	56,881,954.76	18,572,684.91
Derivativefinancialliabilities	1,380.00	489,360.00
Notespayable
Accountspayable	135,834,414.39	124,716,800.71
Advancesfromcustomers	4,306,567.65	6,119,377.90
Contractliabilities	7,079,975.38	9,259,658.43
Financialassetssoldunderagreementstorepurchase
Depositsfrombanksandotherfinancialinstitutions
Actingtradingsecurities
Customerdepositsforsecuritiesunderwriting
Employeecompensationpayable	33,425,356.15	38,550,181.70
Taxespayable	28,857,448.06	18,891,792.84
Otherpayables	126,826,966.60	105,180,279.00
Including:interestpayable

Dividendspayable

Dividendspayable
Handlingchargesandcommissionpayable
Reinsuranceaccountspayable
Held-for-saleliabilities
Currentportionofnon-currentliabilities	7,304,647.32	2,009,819.15
Othercurrentliabilities	3,388,998.35	68,361,007.70
Totalcurrentliabilities	549,039,403.10	412,150,962.34
Non-currentliabilities:
Insurancecontractreserves
Long-termloans		144,820,511.42
Bondspayable
Including:preferredshares
Perpetualbonds
Leaseliabilities	69,524,214.23	2,926,184.93
Long-termpayables	3,920,160.36	3,920,160.36
Long-termemployeecompensationpayable
Estimatedliabilities	268,414.80	268,414.80
Deferredincome	9,617,683.53	10,579,545.71
Deferredtaxliabilities	40,409,890.41	1,135,031.11
Othernon-currentliabilities
Totalnon-currentliabilities	123,740,363.33	163,649,848.33
Totalliabilities	672,779,766.43	575,800,810.67
Owners'equity:
Sharecapital	431,058,320.00	431,058,320.00
Otherequityinstruments
Including:preferredshares
Perpetualbonds
Capitalreserves	430,866,408.50	431,449,554.51
Less:treasuryshares
Othercomprehensiveincome	-7,318,552.65	26,422.00
Specialreserve
Surplusreserve	63,956,286.46	52,499,172.13
Generalriskprovisions
Undistributedprofits	685,342,592.62	590,605,394.67
Totalequityattributabletoownersoftheparentcompany	1,603,905,054.93	1,505,638,863.31
Minorityshareholders'equity	127,166,863.09	150,588,880.59
Totalowners'equity	1,731,071,918.02	1,656,227,743.90
Totalliabilitiesandowners'equity	2,403,851,684.45	2,232,028,554.57

Legalrepresentative:FuChunlongPersoninchargeofaccounting:HuangTianyangPersoninchargeoftheaccountingfirm:

YuTaiping

2.ParentCompany'sBalanceSheet

Unit:RMB

Item

Item	December31,2023	January1,2023
Currentassets:
Cashatbankandonhand	8,805,213.07	169,733,887.28
Tradingfinancialassets	205,942,363.02	176,133,569.95
Derivativefinancialassets
Notesreceivable
Accountsreceivable	22,080,192.24	147,200.91
Receivablesfinancing
Advancestosuppliers	16,240.74	249,559.50
Otherreceivables	47,432,527.04	4,966,987.96
Including:interestreceivable
Dividendsreceivable	1,305,581.86	1,852,766.21
Inventory
Contractassets
Held-for-saleassets
Currentportionofnon-currentassets
Othercurrentassets	75,546,888.89	137,126.11
Totalcurrentassets	359,823,425.00	351,368,331.71
Non-currentassets:
Debtinvestment
Otherdebtinvestment	47,081,615.27
Long-termreceivables
Long-termequityinvestment	770,687,026.69	865,313,838.67
Otherequityinstrumentinvestments	383,317.67	10,176,617.20
Othernon-currentfinancialassets
Investmentproperties	545,303,744.96	26,915,545.20
Fixedassets	15,211,321.18	16,433,526.75
Constructioninprogress	589,761.00	419,793,938.49
Productivebiologicalassets
Oilandgasassets
Right-of-useassets	74,533,199.59
Intangibleassets	2,559,885.65	48,413,279.08
Developmentexpenditures
Goodwill
Long-termdeferredexpenses	21,243,445.23	8,465,289.34
Deferredtaxassets	31,956,786.10	3,415,402.97
Othernon-currentassets	69,580,748.31	73,340,576.28
Totalnon-currentassets	1,579,130,851.65	1,472,268,013.98
Totalassets	1,938,954,276.65	1,823,636,345.69
Currentliabilities:
Short-termborrowings
Tradingfinancialliabilities

Derivativefinancialliabilities

Derivativefinancialliabilities
Notespayable
Accountspayable	71,449,469.14	58,797,324.02
Advancesfromcustomers	1,060,721.19	962,064.00
Contractliabilities
Employeecompensationpayable	27,402,400.00	28,220,652.45
Taxespayable	13,335,268.63	3,317,946.24
Otherpayables	271,180,563.27	249,870,213.63
Including:interestpayable
Dividendspayable
Held-for-saleliabilities
Currentportionofnon-currentliabilities	6,706,250.92
Othercurrentliabilities	1,810,007.31
Totalcurrentliabilities	392,944,680.46	341,168,200.34
Non-currentliabilities:
Long-termloans		144,820,511.42
Bondspayable
Including:preferredshares
Perpetualbonds
Leaseliabilities	72,936,147.42
Long-termpayables
Long-termemployeecompensationpayable
Estimatedliabilities
Deferredincome
Deferredtaxliabilities	40,269,279.16
Othernon-currentliabilities
Totalnon-currentliabilities	113,205,426.58	144,820,511.42
Totalliabilities	506,150,107.04	485,988,711.76
Owners'equity:
Sharecapital	431,058,320.00	431,058,320.00
Otherequityinstruments
Including:preferredshares
Perpetualbonds
Capitalreserves	428,256,131.23	428,256,131.23
Less:treasuryshares
Othercomprehensiveincome	-7,344,974.65
Specialreserve
Surplusreserve	63,956,286.46	52,499,172.13
Undistributedprofits	516,878,406.57	425,834,010.57
Totalowners'equity	1,432,804,169.61	1,337,647,633.93
Totalliabilitiesandowners'equity	1,938,954,276.65	1,823,636,345.69

3.ConsolidatedIncomeStatement

Unit:RMB

Item

Item	Theyear2023	2022
I.Totaloperatingrevenue	1,846,738,841.89	837,656,274.51
Including:operatingrevenue	1,846,738,841.89	837,656,274.51
Interestrevenue
Premiumsearned
Handlingchargesandcommissionincome
II.Totaloperatingcost	1,783,821,294.20	773,501,949.10
Including:operatingcost	1,648,337,199.60	700,289,243.42
Interestexpenses
Handlingchargesandcommissionexpenditure
Surrendervalue
Netpaymentsforinsuranceclaims
Netprovisionforinsurancecontractreserves
Policydividendexpenses
Reinsuranceexpenses
Taxesandsurcharges	23,230,109.06	7,334,212.76
Sellingexpenses	19,128,514.75	22,034,712.48
Administrativeexpenses	85,621,795.09	47,077,679.99
R&Dexpenses	1,965,795.78	802,753.80
Financialexpenses	5,537,879.92	-4,036,653.35
Including:interestexpenses	9,444,953.16	338,730.75
Interestrevenue	4,682,945.54	5,472,748.37
Add:otherincomes	8,491,050.39	6,624,873.28
Investmentincome(losstobelistedwith"-")	93,873,513.18	33,372,099.57
Including:incomefrominvestmentinassociatesandjointventures	19,872,836.15	10,897,171.28
Revenuesfromthederecognitionoffinancialassetsatamortizedcost
Exchangeincome(losstobelistedwith"-")
Netexposurehedgingincome(losstobelistedwith"-")
Incomefromfairvaluechanges(losstobelistedwith"-")	-12,008,283.18	-1,592,750.24
Creditimpairmentloss(losstobelistedwith"-")	-714,346.29	-1,635,359.90

Assetimpairmentloss(losstobelistedwith"-")

Assetimpairmentloss(losstobelistedwith"-")	-1,046,935.57	-1,839,486.29
Incomeofassetsdisposal(losstobelistedwith"-")	-59,110.10	40,765.92
III.Operatingprofit(losstobelistedwith"-")	151,453,436.12	99,124,467.75
Add:non-operatingrevenue	2,390,834.30	4,134,654.43
Less:non-operatingexpenses	319,297.02	416,462.25
IV.Totalprofit(totallossestobelistedwith"-")	153,524,973.40	102,842,659.93
Less:incometaxexpenses	42,084,506.48	21,523,196.08
V.Netprofit(netlosstobelistedwith"-")	111,440,466.92	81,319,463.85
(I)Classifiedbyoperatingcontinuity
1.Netprofitfromcontinuingoperations(netlosstobelistedwith"-")	111,440,466.92	81,319,463.85
2.Netprofitfromdiscontinuedoperations(netlosstobelistedwith"-")
(II)Classifiedbyattributionofownership
1.Netprofitattributabletotheparentcompany'sshareholders	118,255,140.84	83,496,135.61
2.Minorityshareholder'sprofitsandlosses	-6,814,673.92	-2,176,671.76
VI.Netafter-taxamountofothercomprehensiveincome	-7,344,974.65
Netafter-taxamountofothercomprehensiveincomeattributabletotheowneroftheparentcompany	-7,344,974.65
(I)Othercomprehensiveincomesthatcannotbereclassifiedintoprofitsandlosses	-7,344,974.65
1.Changesarisingfromthere-measurementofthedefinedbenefitplan
2.Othercomprehensiveincomethatcannotbereclassifiedintoprofitorlossundertheequitymethod
3.Changesinthefairvalueofinvestmentsinotherequityinstruments	-7,344,974.65
4.Changesinfairvalueofthecompany'sowncreditrisk
5.Others
(II)Othercomprehensiveincometobereclassifiedintoprofitorloss
1.Othercomprehensiveincomethatcanbereclassifiedintoprofitorlossundertheequitymethod
2.Changesinfairvalueofotherdebtinvestments
3.Amountoffinancialassetsreclassifiedintoothercomprehensiveincomes
4.Impairmentprovisionforcreditofotherdebtinvestments
5.Reservesforcashflowhedge

6.Translationdifferencearisingfromforeigncurrencyfinancialstatements

6.Translationdifferencearisingfromforeigncurrencyfinancialstatements
7.Others
Netafter-taxamountofothercomprehensiveincomesattributabletominorityshareholders
VII.Totalcomprehensiveincome	104,095,492.27	81,319,463.85
Totalcomprehensiveincomeattributabletoownersoftheparentcompany	110,910,166.19	83,496,135.61
Totalcomprehensiveincomeattributabletominorityshareholders	-6,814,673.92	-2,176,671.76
VIII.Earningspershare
(I)Basicearningspershare	0.2743	0.1937
(II)Dilutedearningspershare	0.2743	0.1937

Incaseofabusinessmergerundercommoncontrolinthecurrentperiod,thenetprofitrealizedbythemergedpartybeforethemergerisRMBandthenetprofitrealizedbythemergedpartyinthepreviousperiodisRMB.Legalrepresentative:FuChunlongPersoninchargeofaccounting:HuangTianyangPersoninchargeoftheaccountingfirm:

YuTaiping

4.ParentCompany'sIncomeStatement

Unit:RMB

Item	Theyear2023	2022
I.Operatingrevenue	86,993,917.15	39,568,530.33
Less:Operatingcosts	39,689,422.24	10,680,130.69
Taxesandsurcharges	13,736,806.06	1,102,099.28
Sellingexpenses	4,396,824.98
Administrativeexpenses	50,763,196.78	36,500,937.81
R&Dexpenses
Financialexpenses	3,446,761.53	-2,003,919.64
Including:interestexpenses	3,344,312.82
Interestrevenue	1,929,975.93	2,226,376.85
Add:otherincomes	500.00	112,656.14
Investmentincome(losstobelistedwith"-")	164,693,779.53	267,169,944.69
Including:incomefrominvestmentinassociatesandjointventures	19,872,836.15	10,897,171.28
Incomefromderecognitionoffinancialassetsatamortizedcost(losstobelistedwith"-")
Netexposurehedgingincome(losstobelistedwith"-")
Incomefromfairvaluechanges(losstobelistedwith"-")	-10,680,391.42	-633,155.32
Creditimpairmentloss(losstobelistedwith"-")	-350,592.82	-69,164.09
Assetimpairmentloss(losstobe

listedwith"-")

listedwith"-")
Incomeofassetsdisposal(losstobelistedwith"-")
II.Operatingprofit(losstobelistedwith"-")	128,624,200.85	259,869,563.61
Add:non-operatingrevenue	577,326.80	74,563.02
Less:non-operatingexpenses	111,423.00	396,639.55
III.Totalprofit(totallossestobelistedwith"-")	129,090,104.65	259,547,487.08
Less:incometaxexpenses	14,518,961.36	20,566.71
IV.Netprofit(netlosstobelistedwith"-")	114,571,143.29	259,526,920.37
(I)Netprofitfromcontinuingoperations(netlosstobelistedwith"-")	114,571,143.29	259,526,920.37
(II)Netprofitfromdiscontinuedoperations(netlosstobelistedwith"-")
V.Netafter-taxamountofothercomprehensiveincome	-7,344,974.65
(I)Othercomprehensiveincomesthatcannotbereclassifiedintoprofitsandlosses	-7,344,974.65
1.Changesarisingfromthere-measurementofthedefinedbenefitplan
2.Othercomprehensiveincomethatcannotbereclassifiedintoprofitorlossundertheequitymethod
3.Changesinthefairvalueofinvestmentsinotherequityinstruments	-7,344,974.65
4.Changesinfairvalueofthecompany'sowncreditrisk
5.Others
(II)Othercomprehensiveincometobereclassifiedintoprofitorloss
1.Othercomprehensiveincomethatcanbereclassifiedintoprofitorlossundertheequitymethod
2.Changesinfairvalueofotherdebtinvestments
3.Amountoffinancialassetsreclassifiedintoothercomprehensiveincomes
4.Impairmentprovisionforcreditofotherdebtinvestments
5.Reservesforcashflowhedge
6.Translationdifferencearisingfromforeigncurrencyfinancialstatements
7.Others
VI.Totalcomprehensiveincome	107,226,168.64	259,526,920.37
VII.Earningspershare
(I)Basicearningspershare
(II)Dilutedearningspershare

5.ConsolidatedCashFlowStatement

Unit:RMB

Item

Item	Theyear2023	2022
I.Cashflowsfromoperatingactivities:
Cashreceivedfromsalesofgoodsandprovisionofservices	1,963,588,534.65	969,342,149.01
Netincreaseincustomerdepositsandinterbankdeposits
Netincreaseinborrowingsfromthecentralbank
Netincreaseinborrowingsfromotherfinancialinstitutions
Cashreceivedfrompremiumsoforiginalinsurancecontracts
Netcashreceivedfromreinsuranceoperations
Netincreaseindepositsoftheinsuredandinvestment
Cashreceivedfrominterests,handlingchargesandcommissions
Netincreaseinborrowingsfrombanksandotherfinancialinstitutions
Netincreasefromrepurchasingbusinessfunds
Netcashreceivedfromactingtradingsecurities
Refundoftaxesreceived	2,622,913.63	11,635,764.89
Othercashreceivedrelatingtooperatingactivities	53,294,743.09	23,320,266.93
Subtotalofthecashinflowsofoperatingactivities	2,019,506,191.37	1,004,298,180.83
Cashpaidforthepurchaseofgoodsandreceiptofservices	1,817,964,267.12	895,794,039.65
Netincreaseinloansandadvancestocustomers
Netincreaseindepositsinthecentralbankandotherfinancialinstitutions
Cashpaidforclaimsoforiginalinsurancecontract
Netincreaseinlendingstobanksandotherfinancialinstitutions
Cashpaidforinterest,handlingchargesandcommissions
Cashpaidforpolicydividends
Cashpaidtoandforemployees	92,874,692.73	66,872,318.98
Taxesandsurchargespaid	61,298,201.45	74,780,657.47
Othercashpaidrelatingtooperatingactivities	107,509,036.53	18,818,929.02
Subtotalofthecashoutflowsofoperatingactivities	2,079,646,197.83	1,056,265,945.12
Netcashflowfromoperatingactivities	-60,140,006.46	-51,967,764.29

II.Cashflowfrominvestingactivities:

II.Cashflowfrominvestingactivities:
Cashreceivedfromthereturnofinvestment	628,726,990.40	1,333,567,068.74
Cashreceivedfromreturnsoninvestments	28,100,805.87	31,135,993.24
Netcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets	9,871,552.72	7,764,134.42
Netcashreceivedfromdisposalofsubsidiariesandotherbusinessunits
Othercashreceivedrelatingtoinvestingactivities	10,712,284.16	15,998,484.00
Subtotalofthecashinflowsofinvestmentactivities	677,411,633.15	1,388,465,680.40
Cashpaidtoacquirefixedassets,intangibleassetsandotherlong-termassets	84,887,465.21	152,045,278.38
Cashpaidforinvestments	717,659,265.39	1,177,618,780.00
Netincreaseinpledgeloans
Netcashpaidforacquisitionofsubsidiariesandotherbusinessunits
Othercashpaidrelatingtoinvestingactivities	8,072,396.24	8,955,842.00
Subtotalofthecashoutflowsofinvestmentactivities	810,619,126.84	1,338,619,900.38
Netcashflowofinvestmentactivities	-133,207,493.69	49,845,780.02
III.Cashflowsfromfinancingactivities:
Cashreceivedfromabsorbinginvestments		128,500,000.00
Including:cashreceivedbysubsidiariesabsorbingminorityshareholders'investments		128,500,000.00
Cashreceivedfromborrowings	359,669,472.83	77,924,339.14
Othercashreceivedrelatingtofinancingactivities	253,420.00
Subtotalofthecashinflowsoffinancingactivities	359,922,892.83	206,424,339.14
Cashpaidforrepaymentofdebts	358,930,058.69
Cashpaidfordistributionofdividendsandprofitsorinterestrepayment	31,604,191.60	20,834,386.73
Including:cashpaidbysubsidiariesasdividendsorprofitstominorityshareholders
Othercashpaidrelatingtofinancingactivities	7,224,685.15	2,874,145.90
Subtotalofthecashoutflowsoffinancingactivities	397,758,935.44	23,708,532.63
Netcashflowoffinancingactivities	-37,836,042.61	182,715,806.51
IV.Effectofexchangeratechangesoncashandcashequivalents	101.09	-842,578.74
V.Netincreaseincashandcashequivalents	-231,183,441.67	179,751,243.50
Add:Beginningbalanceofcashandcashequivalents	391,406,829.36	211,655,585.86
VI.Endingbalanceofcashandcashequivalents	160,223,387.69	391,406,829.36

6.ParentCompany'sCashFlowStatement

Unit:RMB

Item

Item	Theyear2023	2022
I.Cashflowsfromoperatingactivities:
Cashreceivedfromsalesofgoodsandprovisionofservices	70,665,037.25	42,472,472.08
Refundoftaxesreceived		8,518,912.36
Othercashreceivedrelatingtooperatingactivities	82,641,549.03	106,200,586.64
Subtotalofthecashinflowsofoperatingactivities	153,306,586.28	157,191,971.08
Cashpaidforthepurchaseofgoodsandreceiptofservices	9,354,262.26
Cashpaidtoandforemployees	44,299,496.50	32,704,526.01
Taxesandsurchargespaid	5,286,561.86	2,536,644.11
Othercashpaidrelatingtooperatingactivities	61,287,642.06	5,514,674.90
Subtotalofthecashoutflowsofoperatingactivities	120,227,962.68	40,755,845.02
Netcashflowfromoperatingactivities	33,078,623.60	116,436,126.06
II.Cashflowfrominvestingactivities:
Cashreceivedfromthereturnofinvestment	414,826,990.40	1,170,000,000.00
Cashreceivedfromreturnsoninvestments	96,430,863.56	29,719,248.83
Netcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets		500.00
Netcashreceivedfromdisposalofsubsidiariesandotherbusinessunits
Othercashreceivedrelatingtoinvestingactivities	10,712,284.16	15,998,484.00
Subtotalofthecashinflowsofinvestmentactivities	521,970,138.12	1,215,718,232.83
Cashpaidtoacquirefixedassets,intangibleassetsandotherlong-termassets	74,600,974.42	153,782,004.60
Cashpaidforinvestments	467,006,215.27	1,131,118,780.00
Netcashpaidforacquisitionofsubsidiariesandotherbusinessunits
Othercashpaidrelatingtoinvestingactivities
Subtotalofthecashoutflowsofinvestmentactivities	541,607,189.69	1,284,900,784.60
Netcashflowofinvestmentactivities	-19,637,051.57	-69,182,551.77
III.Cashflowsfromfinancingactivities:
Cashreceivedfromabsorbinginvestments
Cashreceivedfromborrowings	25,693,122.83	57,924,339.14
Othercashreceivedrelatingtofinancingactivities
Subtotalofthecashinflowsoffinancingactivities	25,693,122.83	57,924,339.14
Cashpaidforrepaymentofdebts	169,953,708.69
Cashpaidfordistributionofdividendsandprofitsorinterestrepayment	15,656,389.63	15,834,386.73

Othercashpaidrelatingtofinancingactivities

Othercashpaidrelatingtofinancingactivities	1,787,614.75
Subtotalofthecashoutflowsoffinancingactivities	187,397,713.07	15,834,386.73
Netcashflowoffinancingactivities	-161,704,590.24	42,089,952.41
IV.Effectofexchangeratechangesoncashandcashequivalents		-209,635.24
V.Netincreaseincashandcashequivalents	-148,263,018.21	89,133,891.46
Add:Beginningbalanceofcashandcashequivalents	157,068,231.28	67,934,339.82
VI.Endingbalanceofcashandcashequivalents	8,805,213.07	157,068,231.28

7.ConsolidatedStatementofChangesinOwners'Equity

Amountforthecurrentperiod

Unit:RMB

Item

Theyear2023

Equityattributabletotheownersoftheparentcompany

Minorityshareholders'equity

Totalowners'equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:treasuryshares

Othercomprehensiveincome

Specialreserve

Surplusreserve

Generalriskprovisions

Undistributedprofits

Others

Subtotal

Preferredshares

Perpetualbonds

Others

I.Endingbalanceofthepreviousyear

431,058,320.00

431,449,554.51

26,422.00

52,499,172.13

590,605,394.67

1,505,638,863.31

150,588,880.59

1,656,227,743.90

Add:changesinaccountingpolicies

8,804.40

8,804.40

8,804.40

Correctionofpriorperio

derrors

derrors
Others
II.Beginningbalanceofthecurrentyear	431,058,320.00		431,449,554.51		26,422.00		52,499,172.13		590,614,199.07		1,505,647,667.71	150,588,880.59	1,656,236,548.30
III.Increases/decreasesinthecurrentperiod(decreasestobelistedwith"-")			-583,146.01		-7,344,974.65		11,457,114.33		94,728,393.55		98,257,387.22	-23,422,017.50	74,835,369.72
(I)Totalcomprehensiveincome					-7,344,974.65				118,255,140.84		110,910,166.19	-6,814,673.92	104,095,492.27
(II)Capitalinvestedanddecreasedbyowners												-4,900,000.00	-4,900,000.00
1.Ordinary												-4,900,00	-4,900,00

sharesinvestedbyowners

sharesinvestedbyowners							0.00	0.00
2.Capitalinvestedbytheholdersofotherequityinstruments
3.Amountofshare-basedpaymentschargedtoowners'equity
4.Others
(III)Profitdistribution		11,457,114.33		-23,526,747.29		-12,069,632.96		-12,069,632.96
1.Withdrawalofsurplus		11,457,114.33		-11,457,114.33

reserve

reserve
2.Appropriationtogeneralriskprovision
3.Distributiontoowners(orshareholders)		-12,069,632.96		-12,069,632.96		-12,069,632.96
4.Others
(IV)Internalcarryoverofowners'equity
1.Capitalreservestransferredtocapital(orsharecapital)
2.Surplusreservetransferredto

capital(orsharecapital)

capital(orsharecapital)

3.Surplusreserveusedtorecoverloss

4.Retainedearningscarriedforwardfromchangesindefinedbenefitplan

5.Retainedearningscarriedforwardfromothercomprehensiveincome

6.Others

(V)Special

reserve

reserve
1.Appropriationinthecurrentperiod
2.Useinthecurrentperiod
(VI)Others			-583,146.01								-583,146.01	-11,707,343.58	-12,290,489.59
IV.Endingbalanceofthecurrentperiod	431,058,320.00		430,866,408.50		-7,318,552.65		63,956,286.46		685,342,592.62		1,603,905,054.93	127,166,863.09	1,731,071,918.02

Amountinthepreviousperiod

Unit:RMB

Item

2022

Equityattributabletotheownersoftheparentcompany

Minorityshareholders'equity

Totalowners'equity

Sharecapital

Otherequityinstruments

Capitalreserves

Less:treasuryshares

Othercomprehensiveincome

Specialreserve

Surplusreserve

Generalriskprovisions

Undistributedprofits

Others

Subtotal

Preferredshares

Perpetualbonds

Others

I.Endingbalanceof

431,058,320.00

431,449,554.51

26,422.00

26,546,480.09

543,843,496.85

1,432,924,273.45

24,265,552.35

1,457,189,825.80

thepreviousyear

thepreviousyear
Add:changesinaccountingpolicies
Correctionofpriorperioderrors
Others
II.Beginningbalanceofthecurrentyear	431,058,320.00		431,449,554.51		26,422.00		26,546,480.09		543,843,496.85		1,432,924,273.45	24,265,552.35	1,457,189,825.80
III.Increases/decreasesinthecurrentperiod(decreasestobelistedwith"-")							25,952,692.04		46,761,897.82		72,714,589.86	126,323,328.24	199,037,918.10
(I)Total									83,496,1		83,496,1	-2,17	81,319,4

comprehensiveincome

comprehensiveincome		35.61		35.61	6,671.76	63.85
(II)Capitalinvestedanddecreasedbyowners					128,500,000.00	128,500,000.00
1.Ordinarysharesinvestedbyowners					128,500,000.00	128,500,000.00
2.Capitalinvestedbytheholdersofotherequityinstruments
3.Amountofshare-basedpaymentscharged

toowners'equity

toowners'equity
4.Others
(III)Profitdistribution		25,952,692.04		-36,734,237.79		-10,781,545.75		-10,781,545.75
1.Withdrawalofsurplusreserve		25,952,692.04		-25,952,692.04
2.Appropriationtogeneralriskprovision
3.Distributiontoowners(orshareholders)				-10,781,545.75		-10,781,545.75		-10,781,545.75
4.Others
(IV)Internalcarryoverofowners'equity

1.Capitalreservestransferredtocapital(orsharecapital)

1.Capitalreservestransferredtocapital(orsharecapital)

2.Surplusreservetransferredtocapital(orsharecapital)

3.Surplusreserveusedtorecoverloss

4.Retainedearningscarriedforwardfromchangesindefinedbenefitplan

5.Retai

nedearningscarriedforwardfromothercomprehensiveincome

nedearningscarriedforwardfromothercomprehensiveincome
6.Others
(V)Specialreserve
1.Appropriationinthecurrentperiod
2.Useinthecurrentperiod
(VI)Others
IV.Endingbalanceofthecurrentperiod	431,058,320.00		431,449,554.51		26,422.00		52,499,172.13		590,605,394.67		1,505,638,863.31	150,588,880.59	1,656,227,743.90

8.ParentCompany'sStatementofChangesinOwners'Equity

Amountforthecurrentperiod

Unit:RMB

Item

Item	Theyear2023
	Sharecapital	Otherequityinstruments			Capitalreserves	Less:treasuryshares	Othercomprehensiveincome	Specialreserve	Surplusreserve	Undistributedprofits	Others	Totalowners'equity
		Preferredshares	Perpetualbonds	Others
I.Endingbalanceofthepreviousyear	431,058,320.00				428,256,131.23				52,499,172.13	425,834,010.57		1,337,647,633.93
Add:changesinaccountingpolicies
Correctionofpriorperioderrors
Others
II.Beginningbalanceofthecurrentyear	431,058,320.00				428,256,131.23				52,499,172.13	425,834,010.57		1,337,647,633.93
III.Increases/decreasesinthecurrentperiod(decreasestobelistedwith"-							-7,344,974.65		11,457,114.33	91,044,396.00		95,156,535.68

")

")
(I)Totalcomprehensiveincome		-7,344,974.65			114,571,143.29		107,226,168.64
(II)Capitalinvestedanddecreasedbyowners
1.Ordinarysharesinvestedbyowners
2.Capitalinvestedbytheholdersofotherequityinstruments
3.Amountofshare-basedpaymentschargedtoowners'equity
4.Others
(III)Profitdistribution				11,457,114.33	-23,526,747.29		-12,069,632.96
1.Withdrawalof				11,457,114.33	-11,457,114.33

surplusreserve

surplusreserve
2.Distributiontoowners(orshareholders)		-12,069,632.96		-12,069,632.96
3.Others
(IV)Internalcarryoverofowners'equity
1.Capitalreservestransferredtocapital(orsharecapital)
2.Surplusreservetransferredtocapital(orsharecapital)
3.Surplusreserveusedtorecoverloss
4.Retainedearningscarried

forwardfromchangesindefinedbenefitplan

forwardfromchangesindefinedbenefitplan
5.Retainedearningscarriedforwardfromothercomprehensiveincome
6.Others
(V)Specialreserve
1.Appropriationinthecurrentperiod
2.Useinthecurrentperiod
(VI)Others
IV.Endingbalanceofthecurrentperiod	431,058,320.00		428,256,131.23		-7,344,974.65		63,956,286.46	516,878,406.57		1,432,804,169.61

Amountinthepreviousperiod

Unit:RMB

Item	2022
	Sharecapital	Otherequityinstruments	Capitalreserve	Less:treasur	Othercompr	Special	Surplus	Undistributed	Others	Totalowners

Preferr

Preferr

Perpet

Others

s

		edshares	ualbonds		s	yshares	ehensiveincome	reserve	reserve	profits		'equity
I.Endingbalanceofthepreviousyear	431,058,320.00				428,256,131.23				26,546,480.09	203,041,327.99		1,088,902,259.31
Add:changesinaccountingpolicies
Correctionofpriorperioderrors
Others
II.Beginningbalanceofthecurrentyear	431,058,320.00				428,256,131.23				26,546,480.09	203,041,327.99		1,088,902,259.31
III.Increases/decreasesinthecurrentperiod(decreasestobelistedwith"-")									25,952,692.04	222,792,682.58		248,745,374.62
(I)Totalcomprehensiveincome										259,526,920.37		259,526,920.37

(II)Capitalinvestedanddecreasedbyowners

(II)Capitalinvestedanddecreasedbyowners
1.Ordinarysharesinvestedbyowners
2.Capitalinvestedbytheholdersofotherequityinstruments
3.Amountofshare-basedpaymentschargedtoowners'equity
4.Others
(III)Profitdistribution		25,952,692.04	-36,734,237.79		-10,781,545.75
1.Withdrawalofsurplusreserve		25,952,692.04	-25,952,692.04
2.Distributiontoowners(or			-10,781,545.75		-10,781,545.75

shareholders)

shareholders)

3.Others

(IV)Internalcarryoverofowners'equity

1.Capitalreservestransferredtocapital(orsharecapital)

2.Surplusreservetransferredtocapital(orsharecapital)

3.Surplusreserveusedtorecoverloss

4.Retainedearningscarriedforwardfromchangesindefinedbenefitplan

5.Retainedearningscarriedforwardfromothercomprehensiveincome

5.Retainedearningscarriedforwardfromothercomprehensiveincome
6.Others
(V)Specialreserve
1.Appropriationinthecurrentperiod
2.Useinthecurrentperiod
(VI)Others
IV.Endingbalanceofthecurrentperiod	431,058,320.00		428,256,131.23		52,499,172.13	425,834,010.57		1,337,647,633.93

III.BasicInformationoftheCompany

ShenzhenTellusHoldingCo.,Ltd.(hereinafterreferredtoas"theCompany")isalimitedliabilitycompanyregisteredinShenzhenAdministrationforIndustryandCommerceonNovember10,1986.TheCompanywasreorganizedandestablishedfromtheformerShenzhenMachineryIndustryCompanywiththeapprovaloftheReplyontheReorganizationofShenzhenMachineryIndustryCompanyintoShenzhenTellusMachineryCo.,Ltd.(SFBF[1991]No.1012)issuedbytheGeneralOfficeofShenzhenMunicipalPeople'sGovernment.TheCompanycurrentlyholdsabusinesslicensewithaunifiedsocialcreditcodeof91440300192192210U,witharegisteredcapitalofRMB431,058,320.00andatotalof431,058,320shares,including392,778,320Asharesand38,280,000Bshareswithouttradingrestrictions.ThebusinessaddressoftheCompany'sheadquartersis

Floors3and4,TellusBuilding,Shuibei2ndRoad,LuohuDistrict,Shenzhen.ThelegalrepresentativeisFuChunlong.In1993,withtheapprovalfromtheReplyontheReorganizationofShenzhenTellusMachineryCo.,Ltd.intoaPublicLimitedLiabilityCompany(SFBF[1992]No.1850)issuedbytheGeneralOfficeofShenzhenMunicipalPeople'sGovernmentandtheReplyontheIssuanceofSharesbyShenzhenTellusMachineryElectricCo.,Ltd.(SRYFZ[1993]No.092)issuedbyShenzhenSpecialEconomicZoneBranchofthePeople'sBankofChina,theCompanywasreorganizedintoapubliclimitedliabilitycompanythroughaninitialpublicoffering,witharegisteredcapitalofRMB166,880,000.00andatotalsharecapitalof166,880,000shares.120,900,000shareswereconvertedfromformerassets,25,980,000wereissuedasAsharesand20,000,000wereissuedasBshares.SharesissuedbytheCompanyhadaparvalueofRMB1pershare.OnJune21,1993,theCompany'sshareswerelistedandtradedontheShenzhenStockExchange.AccordingtotheresolutionoftheCompany's1993AnnualGeneralMeetingofShareholders,basedonthesharecapitalof166,880,000sharesasofDecember31ofthatyear,theCompanydistributedacashdividendofRMB0.5andissued2bonussharestoallshareholdersforevery10sharesheld,totaling33,376,000shares,whichwasimplementedin1994.Afterthesharedividend,theregisteredcapitalwasincreasedtoRMB200,256,000.00.AccordingtotheresolutionoftheCompany's1994AnnualGeneralMeetingofShareholders,basedonthesharecapitalof200,256,000sharesasofDecember31ofthatyear,theCompanydistributedacashdividendofRMB0.5andissued0.5bonussharestoallshareholdersforevery10sharesheld,with0.5additionalshares,totaling20,025,600shares,whichwasimplementedin1995.TheregisteredcapitalwasincreasedtoRMB220,281,600.00afterthesharedividendandtransfer.AccordingtotheresolutionoftheCompany's1994AnnualGeneralMeetingofShareholders,basedonthesharecapitalof200,256,000sharesasofDecember31ofthatyear,theCompanydistributedacashdividendofRMB0.5andissued0.5bonussharestoallshareholdersforevery10sharesheld,with0.5additionalshares,totaling20,025,600shares,whichwasimplementedin1995.TheregisteredcapitalwasincreasedtoRMB220,281,600.00afterthesharedividendandtransfer.AccordingtotheresolutionofthefourthExtraordinaryGeneralMeetingofShareholdersoftheCompanyin2014,upontheapprovaloftheReplytotheApprovalofNon-publicOfferingofSharesbyShenzhenTellusHoldingCo.,Ltd.(ZJXK[2015]No.173)issuedbytheChinaSecuritiesRegulatoryCommission,theCompanyissued77,000,000ordinaryAsharestoShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andShenzhenCapitalFortuneJewelryIndustryInvestmentEnterprise(LimitedPartnership)in2015.Aftertheissuance,theregisteredcapitalwasincreasedtoRMB297,281,600.00.AccordingtotheresolutionoftheCompany's2018AnnualGeneralMeetingofShareholders,basedonthesharecapitalof297,281,600sharesasofDecember31ofthatyear,theCompanyincreased4.5sharesforevery10sharestoallshareholderswithcapitalreserves,totaling133,776,720shares,whichwasimplementedin2019.Afterthetransfer,theregisteredcapitalwasincreasedtoRMB431,058,320.00.Mainbusinessactivities:propertyleasingandservices,jewelryoperation,automobilesales,automobilemaintenanceandtesting,etc.ThefinancialstatementsandnotestothefinancialstatementswereapprovedbytheTenthFormalMeetingoftheTenthBoardofDirectorsonMarch26,2024.

IV.BasisforPreparationoftheFinancialStatements

1.PreparationbasisTheCompanypreparedthefinancialstatementsaccordingtoAccountingStandardsforBusinessEnterprisesissuedbytheMinistryofFinanceandrelevantapplicationguidelines,interpretationsandotherprovisions(hereinaftercollectivelyreferredtoas"ASBE").Inaddition,theCompanyalsodisclosedrelevantfinancialinformationinaccordancewiththeRulesforthePreparationofInformationDisclosureofCompaniesIssuingSecuritiestothePublicNo.15—GeneralProvisionsonFinancialReports(Revisedin2023)issuedbytheCSRC.

2.GoingconcernThefinancialstatementshavebeenpreparedonthebasisofgoingconcern.V.SignificantAccountingPoliciesandAccountingEstimatesNotestospecificaccountingpoliciesandaccountingestimates:

Thecompanyhasdeterminedthepoliciesforinvestmentpropertydepreciation,fixedassetdepreciation,andrevenuerecognitionbasedonitsownproductionandoperationalcharacteristics.PleaseseeNotes16,17and26forspecificaccountingpolicies.

1.DeclarationoncompliancewithASBEThefinancialstatementshavebeenpreparedincompliancewithASBEtotrulyandcompletelyreflecttheconsolidatedandcompany'sfinancialpositionsasatDecember31,2023andtheconsolidatedandcompany'soperatingresultsandcashflowsfortheyearthenended.

2.AccountingperiodTheaccountingperiodoftheCompanyisfromJanuary1toDecember31ofeachcalendaryear.

3.BusinesscycleThebusinesscycleoftheCompanyis12months.

4.BookkeepingbasecurrencyTheCompanyanditsdomesticsubsidiariestakeRMBasthebookkeepingbasecurrency.TheCompanyusesRMBtopreparethefinancialstatements.

5.Methodofdeterminingsignificancecriteriaandbasisofselection.

?Applicable□Notapplicable

Item

Item	SignificanceCriteria

Significantreceivableswithprovisionforbaddebtsdrawnonasinglebasis

Significantreceivableswithprovisionforbaddebtsdrawnonasinglebasis	AmountexceedingCNY1,000,000.00oraccountformorethan1%ofalltypesofreceivables
Significantconstructioninprogress	BudgetamountforindividualprojectsexceedingCNY20,000,000.00
Significantaccountspayableandotherpayables	Individualaccountspayable/otherpayablewithagingexceeding1yearismorethan1%ofthetotalaccountspayable,andamountgreaterthanCNY1,000,000.00
Significantnon-whollyownedsubsidiaries	Totalrevenueoftheasubsidiaryaccountsformorethan10%ofthetotalrevenueoftheconsolidatedstatementortheabsolutevalueofnetprofitaccountsformorethan10%ofthenetprofitoftheconsolidatedstatement.
Significantinvestingactivities	Singleinvestmentactivitiesaccountformorethan10%ofthetotalcashinflowsoroutflowsrelatedtoreceivingorpayinginvestmentactivitiesorthetotaloutflowisgreaterthanCNY100,000,000.00
Significantjointventuresorassociates	Forindividuallong-termequityinvestmentsininvesteeentities,ifthecarryingamountexceedsCNY15million,oriftheinvestmentprofitorlossundertheequitymethodaccountsformorethan3%oftheconsolidatednetprofitofthecompany.
Significanteventsafterthebalancesheetdate	Thecompanyconsiderstheprofitdistributionsituationafterthebalancesheetdateassignificant.

6.Accountingtreatmentmethodforbusinessmergerundercommoncontrolandnotundercommoncontrol

(1)BusinessmergerundercommoncontrolForabusinessmergerundercommoncontrol,themergingpartyshallmeasuretheassetsandliabilitiesacquiredfromthemergedpartyattheirbookvalueonthemergerdateintheconsolidatedfinancialstatementsoftheultimatecontrollingparty.Thedifferencebetweenthebookvalueofthenetassetsobtainedinthebusinessmergerandthebookvalueofthemergerisusedtoadjustthecapitalreserve.Wherethecapitalreserveisinsufficientforoffset,retainedearningsshallbeadjusted.Businessmergerundercommoncontrolrealizedstep-by-stepthroughmultipletransactionsTheassetsandliabilitiesacquiredbythemergingpartyfromthemergedpartyshallbemeasuredbasedontheirbookvalueonthemergerdateintheconsolidatedfinancialstatementsoftheultimatecontrollingparty.Accordingtothedifferencebetweenthesumofthebookvalueofholdinginvestmentbeforemergerandthebookvalueofnewlypaidconsiderationonthemergerdateandthebookvalueofnetassetsobtainedbymerging,thecapitalreserveshallbeadjusted;ifthecapitalreserveisinsufficientforoffset,retainedearningsmaybeadjusted.Thelong-termequityinvestmentheldbeforetheacquisitionofthemergedparty'scontrolbythemergingpartyandtheprofitorloss,othercomprehensiveincomesandchangesinotherowners'equitiesthathavebeenrecognizedduringtheperiodfromthedateofacquisitionoftheoriginalequity,orthedateofcommoncontrolofthemergingpartyandthemergedentity(whichislater)tothemergingdateshalloffsetagainsttheretainedbeginningearningsorcurrentprofitsandlossesrespectivelyduringtheperiodofcomparativestatement.

(2)BusinessmergernotundercommoncontrolForabusinessmergernotundercommoncontrol,themergercostsarethefairvalueofassetspaid,liabilitiesincurredorassumedandequitysecuritiesissuedbytheCompanyontheacquisitiondatetoobtaincontrolover

theacquiree.Theassets,liabilitiesandcontingentliabilitiesoftheacquireeobtainedarerecognizedasperthefairvalueontheacquisitiondate.Thedifferencebetweenthemergingcostandthefairvalueofidentifiablenetassetsobtainedfromtheacquireeshallberecognizedasgoodwill,andsuccessivelymeasuredbydeductingtheaccumulativedepreciationprovisionbycost;thedifferencebetweenthemergingcostandthefairvalueofidentifiablenetassetsobtainedfromtheacquireeshallbeincludedinthecurrentprofitsandlossesafterreview.Businessmergernotundercommoncontrolrealizedstep-by-stepthroughmultipletransactionsThemergingcostshallbeequaltothesumoftheconsiderationpaidontheacquisitiondateandthefairvalueoftheacquiree'sequity,whichhasbeenheldbeforetheacquisitiondate,ontheacquisitiondate.Theacquiree'sequityheldbeforetheacquisitiondateshallbere-measuredatitsfairvalueontheacquisitiondate,andthedifferencebetweenthefairvalueanditsbookvalueshallbeincludedinthecurrentinvestmentincome;Iftheacquiree'sequityheldbeforethedateofacquisitioninvolvesothercomprehensiveincome,changesinotherowners'equityshallbetransformedintothecurrentprofitontheacquisitiondate,exceptcomprehensiveincomegeneratedduetoremeasuringthechangeinnetliabilitiesornewassetsofdefinedbenefitplanbytheinvesteeandothercomprehensiveincomerelatedtonon-tradingequityinstrumentinvestmentoriginallymeasuredatfairvaluethroughothercomprehensiveincome.

(3)DisposalofrelatedhandlingchargesforbusinessmergerIntermediationcostssuchasaudit,legalserviceandassessmentandconsultationandotheradministrativeexpensesincurredshallbeincludedinthecurrentprofitandlosswhenincurredduringthebusinessmerger.Thetransactionexpensesofequitysecuritiesordebtsecuritiesissuedasmergerconsiderationshallbeincludedintheinitiallyrecognizedamountofequitysecuritiesordebtsecurities.

7.Judgmentstandardforcontrolandpreparationofconsolidatedfinancialstatements

(1)JudgmentstandardforcontrolTheconsolidationscopeofconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol.ControlmeansthepoweroftheCompanyovertheinvestee,withwhichtheCompanyenjoysvariablereturnsthroughparticipatinginrelatedactivitiesoftheinvesteeandisabletoinfluenceitsamountofreturnbyusingtheinvestees'spower.Oncechangesinrelevantfactsandcircumstancesleadtochangesinrelevantelementsinvolvedintheabovedefinitionofcontrol,theCompanywillconductreassessment.Whendeterminingwhethertoincludeastructuredentityintheconsolidationscope,theCompanyconsiderswhethertocontrolthestructuredentitybasedonallfactsandcircumstances,includingthepurposesanddesignofthestructuredentity,thetypesofvariablereturns,andwhetherparticipatinginitsrelatedactivitieswillfullyorpartiallyinfluencethevariabilityofreturns.

(2)PreparationofconsolidatedfinancialstatementsConsolidatedfinancialstatementsarepreparedbytheCompanyonthebasisofthefinancialstatementsoftheCompanyanditssubsidiariesandotherrelateddata.Inthepreparationofconsolidatedfinancialstatements,the

accountingpoliciesandaccountingperiodsoftheCompanyanditssubsidiariesarerequiredtobeconsistent,andsignificanttransactionsandcurrentbalancesbetweencompaniesareoffset.Whereasubsidiaryorbusinesshasbeenacquiredthroughabusinessmergerundercommoncontrolinthereportingperiod,thesubsidiaryorbusinessshallbeincludedintheconsolidatedfinancialstatementfromthedateitiscontrolledbytheultimatecontrollingparty.Theoperatingresultsandcashflowsfromthedateofitscontrolbytheultimatecontrollershallberespectivelyincorporatedintotheconsolidatedincomestatementandconsolidatedcashflowstatement.Whereasubsidiaryorbusinesshasbeenacquiredthroughabusinessmergernotundercommoncontrolinthereportingperiod,itsrevenues,expenses,andprofitsfromthedateofacquisitiontotheendofthereportingperiodshallbeincorporatedintotheconsolidatedincomestatementanditscashflowsintotheconsolidatedcashflowstatement.Theportionofshareholders'equityofsubsidiariesnotbelongingtotheCompanyshallbelistedseparatelyundertheitem"Shareholders'Equity"inconsolidatedbalancesheetasminorityshareholders'equity.Theportionofnetprofitorlossofsubsidiariesincurrentperiodbelongingtominorityshareholders'equityshallbelistedseparatelyundertheitem"MinorityShareholders'ProfitorLoss"intheconsolidatedincomestatement.Ifthelossofasubsidiarybornebyminorityshareholdersexceedsitsshareintheowner'sequityofthesubsidiaryatthebeginningoftheperiod,thebalanceshallstilloffsettheminorityequity.

(3)AcquisitionofequityfromminorityshareholdersofsubsidiariesThecapitalreserveinconsolidatedbalancesheetshallbeadjustedduetothebalancebetweenthelong-termequityinvestmentcostnewlyobtainedfromminorityequityandthenetassetshareofsubsidiariescalculatedcontinuouslystartingfromthepurchasedateorconsolidationaspernewshareholdingratioandthebalancebetweendisposingmoneyobtainedfrompartialdisposalofsubsidiaries’equityinvestmentwithoutlossofcontrolandthenetassetshareofsubsidiariescalculatedcontinuouslystartingfromthepurchasedateorconsolidationcorrespondingtothedisposaloflong-termequityinvestment.Ifthecapitalreserveisinsufficientforoffset,retainedearningsmaybeadjusted.

(4)DisposalofthelossofcontroloversubsidiariesIftheCompany'scontrolovertheoriginalsubsidiariesislostduetothedisposalofpartofequityinvestmentorotherreason,theremainingequityshallberecalculatedatfairvalueonthedaywhenthecontrolislost.Thedifferencebetweenthesumofconsiderationacquiredfromdisposalofequityandthefairvalueoftheremainingequityminusthesumoftheshareofnetassetsandthegoodwilloftheoriginalsubsidiariescalculatedconstantlybasedontheoriginalshareholdingproportionfromtheacquisitiondateshallbeincludedincurrentinvestmentincomeatthetimeoflossofcontrol.WhentheCompanylosescontrolovertheoriginalsubsidiaries,othercomprehensiveincomeinconnectionwithequityinvestmentoftheoriginalsubsidiariesshallbesubjecttoaccountingtreatmentusingthesamebasisonwhichtheoriginalsubsidiariesdirectlydisposesrelevantassetsorliabilities,andotherchangesinowners’equityrelatedtotheoriginalsubsidiariesundertheequitymethodshallbetransferredintocurrentprofitorlossatthetimeoflossofcontrol.

8.ClassificationofjointarrangementsandaccountingtreatmentmethodsforjointoperationsJointarrangementsrefertoarrangementsjointlycontrolledbytwoormoreparticipants.ThejointarrangementsoftheCompanycanbeclassifiedintojointoperationsandjointventures.

(1)JointoperationsJointoperationsrefertojointarrangementsinwhichtheCompanyenjoysassetsrelatedtothearrangementsandbearsliabilitiesrelatedtothearrangements.TheCompanyrecognizesthefollowingitemsrelatedtothequantumofinterestinjointoperationsandcarriesoutaccountingtreatmentinaccordancewithrelevantprovisionsofASBE:

A.Recognizetheassetsheldsolelyandtheassetsheldjointlyidentifiedasperitsshares;B.Recognizetheliabilitiesbornesolelyandtheliabilitiesbornejointlyidentifiedasperitsshares;C.Recognizetherevenuegeneratedfromthesaleofsharesenjoyedinthejointoperation;D.Recognizetherevenuegeneratedfromthesaleofsharesenjoyedinthejointoperationasperitsshares;E.Recognizetheexpensesincurredseparatelyandtheexpensesincurredfromthejointoperationaspertheirshares.

(2)JointventuresJointventuresrefertojointarrangementsinwhichtheCompanyonlyhasrightsoverthenetassetsofthearrangements.TheCompanycarriesoutaccountingtreatmentforinvestmentinjointventuresaccordingtotheprovisionsonequitymethodaccountingoflong-termequityinvestments.

9.StandardsfordefiningcashandcashequivalentsCashreferstocashonhandanddepositsthatarereadilyavailableforpayment.Cashequivalentsrefertoshort-termhighlyliquidinvestmentsheldbytheCompanythatarereadilyconvertibleintoknownamountsofcashandhaveaninsignificantriskofchangeinvalue.

10.ForeigncurrencytransactionandforeigncurrencystatementtranslationForeigncurrencytransactionsoftheCompanyaretranslatedintobookkeepingbasecurrencyaccordingtothespotexchangerateonthetransactiondate.Asatthebalancesheetdate,monetaryitemsdenominatedinforeigncurrencyareexchangedtoRenminbi(“RMB”)byadoptingtheprevailingexchangerateonthatdate.Exchangedifferencesarisingfromthedifferencebetweenthespotexchangerateonthebalancesheetdateandthatatinitialrecognitionoronthepreviousbalancesheetdateshallbeincludedincurrentprofitandloss;foreigncurrencynon-monetaryitemsmeasuredathistoricalcostarestilltranslatedatthespotexchangerateonthetransactiondate;foreigncurrencynon-monetaryitemsmeasuredatfairvalueshallbetranslatedatthespotexchangerateonthedatewhenthefair

valueisdetermined.Thedifferencebetweenthetranslatedamountinrecordingcurrencyandtheoriginalamountinrecordingcurrencyshallbeincludedincurrentprofitandlossorothercomprehensiveincomeaccordingtothenatureofthenon-monetaryitems.

11.FinancialinstrumentsFinancialinstrumentsrefertocontractsthatformthefinancialassetsofapartyandformfinancialliabilitiesorequityinstrumentsofotherparties.

(1)RecognitionandderecognitionoffinancialinstrumentsTheCompanyrecognizesafinancialassetorfinancialliabilitywhenitbecomesonepartytothecontractofthefinancialinstrument.Financialassetsshallbederecognizediftheymeetoneofthefollowingconditions:

①Thecontractualrighttoreceivecashflowfromthefinancialassetisterminated;

②Thefinancialassethasbeentransferred,andisinaccordancewiththefollowingconditionsforderecognition.Ifthecurrentobligationofafinancialliabilityhasbeendischargedinwholeorinpart,suchfinancialliabilityorpartthereofshallbederecognized.TheCompany(theDebtor)andtheCreditorsignanagreementtoreplacetheexistingfinancialliabilitiesbyassumingnewfinancialliabilities,andifthecontractualtermsofthenewfinancialliabilitiesaresubstantiallydifferentfromthoseoftheexistingfinancialliabilities,theexistingfinancialliabilitiesshallbederecognizedandthenewfinancialliabilitiesshallberecognizedatthesametime.Financialassetstransactedinaconventionalwayaresubjecttoaccountingrecognitionandderecognitiononthetransactionday.

(2)ClassificationandmeasurementoffinancialassetsAccordingtothebusinessmodeoffinancialassetsmanagementandthecontractualcashflowcharacteristicsoffinancialassets,uponinitialrecognition,theCompanyclassifiesfinancialassetsintofinancialassetsmeasuredatamortizedcost,financialassetsatfairvaluethroughothercomprehensiveincome,andfinancialassetsatfairvaluethroughprofitorloss.Financialassetsaremeasuredatfairvalueatinitialrecognition.Forfinancialassetsmeasuredatfairvaluethroughprofitorloss,therelatedtransactionfeesaredirectlyincludedinthecurrentprofitorloss;forotherfinancialassets,therelatedtransactionfeesareincludedintheinitiallyrecognizedamount.Foraccountsreceivablearisingfromthesaleofproductsortheprovisionoflaborservices,whichdonotincludeordonotconsidersignificantfinancingcomponents,theamountofconsiderationtheCompanyisexpectedtobeentitledtoreceiveistakenastheinitialrecognitionamount.FinancialassetsmeasuredatamortizedcostTheCompanyclassifiesthefinancialassetsthatmeetallofthefollowingconditionsandarenotdesignatedtobemeasuredatfairvaluethroughprofitorlossasthosemeasuredatamortizedcost:

ThebusinessmodeloftheCompanytomanagesuchfinancialassetsisaimedatcollectingcontractualcashflows;Thecontracttermsofthefinancialassetsstipulatethatcashflowsgeneratedonaspecificdateareonlypaymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,suchfinancialassetsaremeasuredatamortizedcostusingtheeffectiveinterestmethod.Anygainsorlossesonfinancialassetsatamortizedcostthatarenotpartofthehedgingrelationshiparechargedtothecurrentprofitandlossatderecognition,amortizationusingtheeffectiveinterestmethod,orrecognitionofimpairment.FinancialassetsatfairvaluethroughothercomprehensiveincomeTheCompanyclassifiesfinancialassetsthatmeetthefollowingconditionsandarenotdesignatedtobefinancialassetsatfairvaluethroughprofitorlossasfinancialassetsatfairvaluethroughothercomprehensiveincome:

??TheCompanymanagesthefinancialassetinabusinessmodethataimsatbothcollectingcontractual

cashflowsandsellingthefinancialasset;??Thecontracttermsofthefinancialassetsstipulatethatcashflowsgeneratedonaspecificdateareonlypaymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,suchfinancialassetsaresubsequentlymeasuredatfairvalue.Interest,impairmentlossesorgains,andexchangegainsandlossescalculatedbytheeffectiveinterestmethodareincludedinthecurrentprofitorloss,andothergainsorlossesareincludedinothercomprehensiveincome.Atthetimeofderecognition,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincomeshallbetransferredoutfromothercomprehensiveincomeandincludedinthecurrentprofitorlossforthecurrentperiod.FinancialassetsmeasuredatfairvaluethroughprofitorlossExceptfortheabove-mentionedfinancialassetsmeasuredatamortizedcostandfairvaluethroughothercomprehensiveincome,theCompanyclassifiesallremainingfinancialassetsasfinancialassetsatfairvaluethroughprofitorloss.Attheinitialrecognition,inordertoeliminateorsignificantlyreduceaccountingmismatches,theCompanyirrevocablydesignatessomefinancialassetsthatshouldhavebeenmeasuredatamortizedcostsoratfairvaluethroughothercomprehensiveincomeasthefinancialassetsatfairvaluethroughprofitorloss.Suchfinancialassetsaresubsequentlymeasuredatfairvalueafterinitialrecognition,andtheresultinggainsorlosses(includinginterestanddividendrevenue)areincludedincurrentprofitandlossunlessthefinancialassetsarepartofthehedgingrelationship.However,theCompanyirrevocablydesignates,attheinitialrecognition,thenon-tradingequityinstrumentinvestmentasfinancialassetsatfairvaluethroughothercomprehensiveincome.Suchdesignationshallbemadeonthebasisofindividualinvestment,andsuchinvestmentmustconformtothedefinitionofequityinstrumentfromtheissuer'spointofview.

Afterinitialrecognition,suchfinancialassetsaresubsequentlymeasuredatfairvalue.Dividendrevenuethatmeetstheconditionsisincludedinprofitorloss,andothergainsorlossesandchangesinfairvalueareincludedinothercomprehensiveincome.Atthederecognition,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincomesaretransferredfromtheretothecurrentprofitsorlosses.ThebusinessmodelofmanagingfinancialassetsreferstohowtheCompanymanagesfinancialassetstogeneratecashflows.ThebusinessmodeldetermineswhetherthecashflowoffinancialassetsmanagedbytheCompanycomesfromcollectingcontractualcashflows,sellingfinancialassetsorboth.TheCompanydeterminesthebusinessmodelformanagingfinancialassetsonthebasisofobjectivefactsandspecificbusinessobjectivesformanagingfinancialassetsdecidedbykeymanagementpersonnel.TheCompanyevaluatesthecontractualcashflowcharacteristicsoffinancialassetstodeterminewhetherthecontractualcashflowgeneratedbytherelevantfinancialassetsonthespecificdateisonlythepaymentofprincipalandinterestbasedontheprincipalamountoutstanding.Amongthem,theprincipalreferstothefairvalueoffinancialassetsuponinitialrecognition;interestincludesconsiderationforthetimevalueofmoney,creditrisksrelatedtotheprincipalamountoutstandinginthespecificperiod,andotherbasiclendingrisks,costsandprofits.Inaddition,theCompanyevaluatesthecontracttermsthatmayleadtochangesinthetimedistributionoramountofcontractualcashflowoffinancialassetstodeterminewhethertheymeettherequirementsoftheabove-mentionedcontractualcashflowcharacteristics.OnlywhentheCompanychangesthebusinessmodeofmanagingfinancialassetswillallaffectedrelatedfinancialassetsbereclassifiedonthefirstdayofthefirstreportingperiodafterthebusinessmodechanges,otherwise,financialassetscannotbereclassifiedafterinitialrecognition.

(3)ClassificationandmeasurementoffinancialliabilitiesTheCompany'sfinancialliabilitiesareclassifiedintothefollowingcategoriesatthetimeofinitialrecognition:

thefinancialliabilitiesatfairvaluethroughprofitorloss,andthefinancialliabilitiesmeasuredatamortizedcosts.Forfinancialliabilitiesnotclassifiedasfinancialliabilitiesatfairvaluethroughprofitorloss,thetransactioncostsarerecognizedintheinitiallyrecognizedamount.FinancialliabilitiesmeasuredatfairvaluethroughcurrentprofitorlossFinancialliabilitiesatfairvaluethroughprofitorlossincludeheld-for-tradingfinancialliabilitiesandthosedesignatedtobemeasuredatfairvaluethroughprofitorlossuponinitialrecognition.Suchfinancialliabilitiesshallbesubsequentlymeasuredatfairvalue,andtheprofitsorlossesarisingfromchangesinfairvalueaswellasdividendsandinterestexpensesrelatedtosuchfinancialliabilitiesshallbeincludedincurrentprofitandloss.FinancialliabilitiesmeasuredatamortizedcostOtherfinancialliabilitiesaresubsequentlymeasuredatamortizedcostwiththeeffectiveinterestmethod,andgainsorlossesarisingfromderecognitionoramortizationareincludedincurrentprofitsandlosses.DistinctionbetweenfinancialliabilitiesandequityinstrumentsFinancialliabilitiesrefertothosethatmeetoneofthefollowingconditions:

①Acontractualobligationtodelivercashoranotherfinancialassettoanotherentity.

②AcontractualobligationtoexchangefinancialassetsorfinancialliabilitieswithanotherentityunderconditionsthatarepotentiallyunfavorabletotheCompany.

③Anon-derivativecontractthatwillormaybesettledintheCompany'sownequityinstrumentsandtheCompanyisobligedtodeliveravariablenumberoftheCompany'sownequityinstrumentsaccordingtothecontract.

④AderivativeinstrumentcontractthatwillormaybesettledintheCompany'sownequityinstruments,exceptforaderivativeinstrumentcontractthatissettledbytheexchangeofafixednumberoftheCompany'sownequityinstrumentsforafixedamountofcashorotherfinancialassets.Equityinstrumentsrefertocontractsthatcanprovetheownershipofresidualequityinanenterprise'sassetsafterdeductingallliabilities.IftheCompanycannotunconditionallyavoidperformingacontractualobligationbydeliveringcashorotherfinancialassets,thecontractualobligationmeetsthedefinitionoffinancialliabilities.IfafinancialinstrumentmustorcanbesettledwiththeCompany'sownequityinstruments,itisnecessarytoconsiderwhethertheCompany'sownequityinstrumentsusedforsettlementofsuchinstrumentsareusedassubstitutesforcashorotherfinancialassetsortoenabletheinstrumentholdertoenjoyresidualequityintheassetsoftheissuerafterdeductingallliabilities.Ifitistheformer,theinstrumentisafinancialliabilityoftheCompany;ifitisthelatter,theinstrumentisanequityinstrumentoftheCompany.

(4)DerivativefinancialinstrumentsandembeddedderivativeinstrumentsThederivativefinancialinstrumentsoftheCompanyareinitiallymeasuredatthefairvalueonthedateofsigningthederivativedealcontract,andsubsequentlymeasuredatfairvalue.Derivativefinancialinstrumentswithpositivefairvaluesarerecognizedasanassetandthosewithnegativefairvaluesasaliability.Anygainorlossarisingfromchangesinfairvaluethatdoesnotcomplywiththeprovisionsofhedgeaccountingisdirectlyincludedincurrentprofitandloss.Forhybridinstrumentscontainingembeddedderivativeinstruments,ifthemaincontractisfinancialassets,therelevantprovisionsoffinancialassetclassificationshallapplytothehybridinstrumentsasawhole.Ifthemaincontractisnotafinancialassetandthehybridinstrumentisnotmeasuredatfairvaluethroughprofitorlossforaccountingtreatment,theembeddedderivativeinstrumentsarenotcloselyrelatedtothemaincontractintermsofeconomiccharacteristicsandrisksandhavethesameconditionsastheembeddedderivativeinstruments.Iftheseparatelyexistinginstrumentsmeetthedefinitionofderivativeinstruments,theembeddedderivativeinstrumentsshallbeseparatedfromthehybridinstrumentsandtreatedasseparatederivativefinancialinstruments.Iftheembeddedderivativeinstrumentscannotbemeasuredseparatelyatthetimeofacquisitionoronthesubsequentbalancesheetdate,thehybridinstrumentsaredesignatedasfinancialassetsorfinancialliabilitiesatfairvaluethroughprofitorlossasawhole.

(5)FairvalueoffinancialinstrumentsSee"DisclosureofFairValue"formethodsfordeterminingthefairvalueoffinancialassetsandfinancialliabilities.

(6)Impairmentoffinancialassets

TheCompanycarriesoutimpairmentaccountingtreatmentandrecognizesthelossprovisionforthefollowingitemsonthebasisofexpectedcreditlosses:

??Financialassetsmeasuredatamortizedcost;??Receivablesanddebtinstrumentinvestmentsatfairvaluethroughothercomprehensiveincome;??ContractassetsasdefinedintheAccountingStandardsforBusinessEnterprisesNo.14-Revenue;??Leasereceivables;??Financialguaranteecontracts(exceptforthosemeasuredatfairvaluethroughprofitorloss,wherethe

transferoffinancialassetsdoesnotmeetderecognitionconditionsoriscontinuouslyinvolvedinthetransferredfinancialassets).MeasurementofexpectedcreditlossTheexpectedcreditlossreferstotheweightedaverageofthecreditlossesoffinancialinstrumentsthatareweightedbytheriskofdefault.CreditlossreferstothedifferencebetweenallcontractcashflowthattheCompanydiscountsattheoriginaleffectiveinterestrateandisreceivableinaccordancewiththecontractandallcashflowexpectedtobereceived,thatis,thepresentvalueofallcashshortages.TheCompanyconsidersreasonableandwell-foundedinformationaboutpastevents,currentconditionsandforecastsoffutureeconomicconditions,takestheriskofdefaultasaweight,calculatestheprobability-weightedamountofthepresentvalueofthedifferencebetweenthecashflowreceivableunderthecontractandtheexpectedcashflowtobereceived,andrecognizestheexpectedcreditloss.TheCompanymeasurestheexpectedcreditlossesoffinancialinstrumentsatdifferentstagesrespectively.Ifthecreditriskoffinancialinstrumentshasnotincreasedsignificantlysinceinitialrecognition,itisinthefirststage.TheCompanymeasuresthelossprovisionaccordingtotheexpectedcreditlossesinthenext12months;ifthecreditriskofafinancialinstrumenthasincreasedsignificantlysinceinitialrecognitionbutnocreditimpairmenthasoccurred,itisinthesecondstage.TheCompanymeasuresthelossprovisionaccordingtotheexpectedcreditlossoftheinstrumentthroughoutitsduration;ifafinancialinstrumenthasbeencredit-impairedsinceinitialrecognition,itisinthethirdstage.TheCompanymeasuresthelossprovisionaccordingtotheexpectedcreditlossoftheinstrumentthroughoutitsduration.Forfinancialinstrumentswithlowcreditriskonthebalancesheetdate,theCompanyassumesthattheircreditriskshavenotincreasedsignificantlysinceinitialrecognitionandmeasuresthelossprovisionaccordingtotheexpectedcreditlossesinthenext12months.Theexpectedcreditlossofthewholedurationreferstotheexpectedcreditlosscausedbyallpossibledefaulteventsoffinancialinstrumentsthroughouttheestimatedduration.Theexpectedcreditlossinthenext12monthsreferstotheexpectedcreditlosscausedbythepossibledefaulteventsoffinancialinstrumentswithin12months(or,theexpectedduration,iftheexpecteddurationoffinancialinstrumentsislessthan12months)afterthebalancesheetdate,whichispartoftheexpectedcreditlossinthewholeduration.

Whenmeasuringtheexpectedcreditloss,thelongesttermthattheCompanyneedstoconsideristhelongestcontracttermthattheenterprisefacescreditrisk(includingtheoptiontorenewthecontract).Forfinancialinstrumentsinthefirstandsecondstagesandwithlowcreditrisk,theCompanycalculatesinterestincomeaccordingtothebookbalancebeforedeductingprovisionforimpairmentandtheactualinterestrate.Forfinancialinstrumentsinthethirdstage,theCompanycalculatesinterestincomeaccordingtotheamortizedcost(thatis,thebookbalancelesstheimpairmentprovision)andtheeffectiveinterestrate.Fornotesreceivable,accountsreceivableandotherreceivables,ifthecreditriskcharacteristicsofacustomeraresignificantlydifferentfromthoseofothercustomersintheportfolio,orthecreditriskcharacteristicsofthecustomerhavechangedsignificantly,theCompanyshallmakeprovisionforbaddebtsonthereceivableitem.Exceptforreceivableswithprovisionforbaddebtsdrawnonasinglebasis,theCompanydividesreceivablesintoportfoliosaccordingtocreditriskcharacteristicsandcalculatesprovisionforbaddebtsonthebasisofportfolios.NotesreceivableandaccountsreceivableFornotesreceivableandaccountsreceivable,regardlessofwhetherthereisasignificantfinancingcomponent,theCompanyalwaysmeasurestheirlossprovisionaccordingtotheamountequivalenttotheexpectedcreditlossinthewholeduration.Whentheinformationofexpectedcreditlosscannotbeevaluatedatareasonablecostforasinglefinancialasset,theCompanydividesthenotesreceivableandaccountsreceivableintoportfoliosaccordingtothecreditriskcharacteristics,calculatestheexpectedcreditlossonthebasisoftheportfolio,anddeterminestheportfoliobasedonthefollowing:

A.Notesreceivable??Notesreceivableportfolio1:bankacceptancebills??Notesreceivableportfolio2:commercialacceptancebills

B.Accountsreceivable

??Accountsreceivableportfolio1:leasingandothercombinations??Accountsreceivableportfolio2:jewelrysalesbusinessportfolioFornotesreceivabledividedintoportfolios,theCompanyreferstothehistoricalcreditlossexperience,combinesthecurrentsituationwiththeforecastofthefutureeconomicsituation,andcalculatestheexpectedcreditlossthroughdefaultriskexposureandtheexpectedcreditlossrateforthewholeduration.Fornotesreceivabledividedintoportfolios,theCompanyreferstothehistoricalcreditlossexperience,combinesthecurrentsituationwiththeforecastofthefutureeconomicsituation,andformulatesthecomparisontableofagingofaccountsreceivableandthelifetimeexpectedcreditlossrate,andcalculatestheexpectedcreditloss.Theageofaccountsreceivableshallbecalculatedfromthedateofrecognition.

OtherreceivablesTheCompanydividesotherreceivablesintoseveralportfoliosbasedoncreditriskcharacteristics,calculatestheexpectedcreditlossonthebasisoftheportfolio,anddeterminestheportfoliobasedonthefollowing:

??Otherreceivablesportfolio1:agingportfolio??Otherreceivablesportfolio2:portfolioofdepositsandsecuritydepositsreceivable??Otherreceivablesportfolio3:portfolioofconcernedintercoursefundswithintheconsolidationscope

ofreceivablesForotherreceivablesthataredividedintoportfolios,theCompanycalculatestheexpectedcreditlossbasedonthedefaultriskexposureandtheexpectedcreditlossratewithinthenext12monthsorthewholeduration.Theageofotherreceivablesdividedintoportfoliosbyagingshallbecalculatedfromthedateofrecognition.Long-termreceivablesThelong-termreceivablesoftheCompanyincludeconcernedintercoursefundsreceivable,etc.TheCompanydividesconcernedintercoursefundsreceivableintoseveralportfoliosbasedoncreditriskcharacteristics,calculatestheexpectedcreditlossonthebasisoftheportfolio,anddeterminestheportfoliobasedonthefollowing:

??Long-termreceivablesportfolio1:otherreceivablesForconcernedintercoursefundsreceivabledividedintoportfolios,theCompanyreferstothehistoricalcreditlossexperience,combinesthecurrentsituationwiththeforecastofthefutureeconomicsituation,andcalculatestheexpectedcreditlossthroughdefaultriskexposureandtheexpectedcreditlossrateforthewholeduration.Forotherreceivablesandlong-termreceivablesdividedintoportfoliosexceptforconcernedintercoursefundsreceivableandlaborpaymentsreceivable,theexpectedcreditlossiscalculatedbasedonthedefaultriskexposureandtheexpectedcreditlossratewithinthenext12monthsorthewholeduration.DebtinvestmentandinvestmentinotherdebenturesFordebtinstrumentsandinvestmentinotherdebentures,theCompanycalculatestheexpectedcreditlossaccordingtothenatureoftheinvestmentandvarioustypesofcounterpartyandriskexposurethroughdefaultriskexposureandtheexpectedcreditlossratewithinthenext12monthsorthewholeduration.AssessmentofsignificantincreaseincreditriskInordertodeterminetherelativechangesinthedefaultriskoffinancialinstrumentsduringtheirexpectedlifeandtoassesswhetherthecreditriskoffinancialinstrumentshasincreasedsignificantlysinceinitialrecognition,theCompanycomparesthedefaultriskoffinancialinstrumentsonthebalancesheetdatewiththedefaultriskontheinitialrecognitiondate.

Whendeterminingwhetherthecreditriskhassignificantlyincreasedsincetheinitialrecognition,theCompanyconsidersreasonableandwell-foundedinformationobtainedwithoutunnecessaryadditionalcostoreffort,includingforward-lookinginformation.TheinformationconsideredbytheCompanyincludes:

??Thedebtorfailstopaytheprincipalandinterestbythecontractexpirationdate;??Theexternalorinternalcreditratings(ifany)offinancialinstruments,whichhaveoccurredorare

expected,deterioratesignificantly;

??Thedebtor'soperatingresults,whichhaveoccurredorareexpected,deterioratesignificantly;??Changesintheexistingorexpectedtechnical,market,economicorlegalenvironmentwillhaveasignificantadverseimpactonthedebtor'sabilitytorepaytheCompany.Accordingtothenatureoffinancialinstruments,theCompanyevaluateswhetherthecreditriskhasincreasedsignificantlyonthebasisofindividualfinancialinstrumentsorportfoliosoffinancialinstruments.Whenevaluatingonthebasisofportfoliosoffinancialinstruments,theCompanymayclassifythefinancialinstrumentsbasedoncommoncreditriskcharacteristics,suchasoverdueinformationandcreditriskrating.Ifthefinancialinstrumentisoverdueformorethan30days,theCompanydeterminesthatitscreditriskhassignificantlyincreased.TheCompanyconsidersthatadefaultofafinancialassetoccurswhen:

??TheborrowerisunlikelytopayinfullwhatisowedtotheCompanyandtheassessmentdoesnotcoverrealizationofthecollateral(ifheld)orotherrecourseactionsbytheCompany;

??Financialassetsareoverdueformorethan90days.

Credit-impairedfinancialassetsOnthebalancesheetdate,theCompanyevaluateswhetherthecreditimpairmenthasoccurredtofinancialassetsmeasuredatamortizedcostanddebtinvestmentmeasuredatfairvaluethroughothercomprehensiveincome.Whenoneormoreeventsthathaveanadverseeffectontheexpectedfuturecashflowofafinancialassetoccur,thefinancialassetbecomesacredit-impairedfinancialasset.Evidenceforcredit-impairedfinancialassetsincludesthefollowingobservableinformation:

??Theissuerordebtoriscaughtinaseriousfinancialdifficulty;??Thedebtorbreachestheagreementofcontract,suchasdefaultoroverduepaymentofinterestor

principal;

??TheCompanygivesconcessionstothedebtorthatwillnotbemadeunderanyothercircumstancesfor

economicorcontractualconsiderationsrelatedtothedebtor'sfinancialdifficulties;

??Thereliesagreatprobabilityofbankruptcyorotherfinancialrestructuringforthedebtor;

??Theissuerordebtoriscaughtinfinancialdifficulties,whichleadstothedisappearanceoftheactivemarketofthefinancialasset;PresentationofprovisionforexpectedcreditlossInordertoreflectthechangesinthecreditriskoffinancialinstrumentssincetheinitialrecognition,theCompanyre-measurestheexpectedcreditlossoneachbalancesheetdate.Theincreaseorreversalamountofprovisionforlosstherefromshallberegardedasimpairmentlossorgainandincludedinthecurrentprofitandloss.Forthefinancialassetsmeasuredatamortizedcost,theprovisionforlossshallbeusedtooffsetagainstthebookvalueoffinancialassetspresentedinthebalancesheet;fordebtinvestmentmeasuredatfairvaluethroughothercomprehensiveincome,theCompanyrecognizestheprovisionforlossinothercomprehensiveincome,andthebookvalueoffinancialassetswillnotbededucted.Write-offWhentheCompanynolongerreasonablyexpectsthatthecontractcashflowofthefinancialassetcanberecoveredinwholeorinpart,thebookbalanceofthefinancialassetisdirectlywrittendown.Suchwrite-downconstitutesthederecognitionofrelatedfinancialassets.ThisusuallyhappenswhentheCompanydeterminesthatthedebtorhasnoassetsorsourcesofrevenuetogeneratesufficientcashflowtorepaytheamounttobewrittenoff.However,accordingtotheCompany'sproceduresforrecoveringdueamounts,written-downfinancialassetsmaystillbeaffectedbyimplementationactivities.Ifthewritten-offfinancialassetsarerecoveredlater,theyshallberegardedasthereversalofimpairmentlossandincludedinthecurrentprofitandloss.

(7)TransferoffinancialassetsTransferoffinancialassetsreferstotheassignmentordeliveryoffinancialassetstoapartyotherthantheissuerofsuchfinancialassets(thetransferee).IftheCompanyhastransferredsubstantiallyallrisksandrewardsofownershipofafinancialassettothetransferee,thefinancialassetshallbederecognized;ifitretainssubstantiallyallrisksandrewardsofownershipofthefinancialasset,thefinancialassetshallnotbederecognized.IftheCompanyneithertransfersnorretainsalmostallrisksandrewardsofownershipofafinancialasset,itshalldealwiththemasfollows:ifthecontroloverthefinancialassetiswaived,thefinancialassetshallbederecognizedandtheassetsandliabilitiesincurredshallberecognized;ifthecontroloverthefinancialassetisnotwaived,therelevantfinancialassetshallberecognizedtotheextentthatitcontinuestobeinvolvedinthetransferredfinancialasset,andtherelevantliabilitiesshallberecognizedaccordingly.

(8)OffsetoffinancialassetsandfinancialliabilitiesWhentheCompanyhasalegalrighttooffsettherecognizedfinancialassetsandfinancialliabilities,andsuchlegalrightiscurrentlyenforceable,andtheCompanyplanstosettleonanetbasisorrealizethefinancialassetsandpayoffthefinancialliabilitiessimultaneously,thefinancialassetsandfinancialliabilitiesarepresentedinthebalancesheetattheamountafteroffsettingeachother.Otherwise,financialassetsandfinancialliabilitiesarepresentedseparatelyinthebalancesheetandarenotmutuallyoffset.

TheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness.

12.Inventories

TheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness.

(1)ClassificationofinventoriesTheCompany'sinventoriesincluderawmaterials,finishedgoods,hedgeditems,materialsprocessedonacommissionbasis,andgoodssoldonacommissionbasis.

(2)ValuationmethodsforinventoriestransferredoutTheCompany'sinventoriesarevaluedbytheactualcostwhenacquired.Rawmaterialsandfinishedgoodsarevaluedbythefirst-infirst-outmethodandthespecificidentificationmethodwhentransferredout.

(3)RecognitionandwithdrawalofprovisionfordeclineinthevalueofinventoriesOnthebalancesheetdate,inventoriesarevaluedbycostornetrealizablevalue,whicheverislower.Ifthenetrealizablevalueislower,theprovisionfordeclineinthevalueofinventoriesisprovided.Netrealizablevalueistheestimatedsellingpricelessestimatedcoststobeincurreduponcompletion,estimatedsellingexpensesandrelatedtaxes.Whendeterminingthenetrealizablevalueofinventories,theobtainedconcreteevidenceistakenasbasis,andthepurposeofholdinginventoriesandtheimpactofeventsafterthebalancesheetdatearetakenintoconsideration.TheCompanyusuallywithdrawstheinventoryfallingpricereservesonsingleinventoryitembasis.Fortheinventorieswithhighquantityandlowunitprice,inventoryfallingpricereservesmaybewithdrawnbyinventoryclass.Onthebalancesheetdate,ifthefactorsaffectingthepreviouswrite-downofinventoryvaluehavedisappeared,theprovisionfordeclineinthevalueofinventoriesshallbereversedwithintheamountoriginallywithdrawn.

(4)InventorysystemTheCompanyadoptstheperpetualinventorysystem.

(5)Amortizationmethodforlow-valueconsumablesTheCompanyadoptstheone-offamortizationmethodforlow-valueconsumablescollected.

13.Long-termequityinvestmentsLong-termequityinvestmentsincludeequityinvestmentsinsubsidiaries,jointventuresandassociates.WheretheCompanycanexercisesignificantinfluenceovertheinvestee,theinvesteeisanassociate.

(1)Recognitionofinitialinvestmentcost

Long-termequityinvestmentacquiredthroughbusinessmerger:Forlong-termequityinvestmentacquiredthroughbusinessmergerundercommoncontrol,thebookvalueshareofowner'sequityobtainedfromthemergedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyshallberecognizedastheinvestmentcostonthedateofmerger;forlong-termequityinvestmentacquiredthroughbusinessmergernotundercommoncontrol,themergercostshallberecognizedastheinvestmentcostoflong-termequityinvestment.Long-termequityinvestmentacquiredthroughothermethod:Forlong-termequityinvestmentacquiredthroughcashpayment,theactuallypaidpurchasepriceistakenastheinitialinvestmentcost;forlong-termequityinvestmentacquiredthroughissuingequitysecurities,thefairvalueoftheissuedequitysecuritiesistakenastheinitialinvestmentcost.

(2)SubsequentmeasurementandrecognitionofprofitorlossInvestmentinsubsidiariesshallbecalculatedwiththecostmethod,unlesstheinvestmentmeetstheconditionsfortreatmentasanassetheldforsale;theinvestmentinassociatesandjointventuresshallbecalculatedwiththeequitymethod.Forlong-termequityinvestmentcalculatedwiththecostmethod,exceptforthedeclaredbutnotyetreleasedcashdividendsorprofitsincludedintheactualpriceorconsiderationpaidwhenacquiringtheinvestment,thedistributedcashdividendsorprofitsdeclaredbytheinvesteeshallberecognizedasinvestmentincomeandincludedincurrentprofitandloss.Whenlong-termequityinvestmentisaccountedbyequitymethod,wheretheinvestmentcostexceedsentitledshareoffairvalueofinvestee'snetidentifiableassetsuponinvestment,noadjustmentismadetoinvestmentcostofsuchlong-termequityinvestment;wheretheinvestmentcostislessthanentitledshareoffairvalueofinvestee'snetidentifiableassetsuponinvestment,theadjustmentismadetothebookvalueofsuchlong-termequityinvestment.Thebalanceshallbeincludedincurrentprofitorloss.Forlong-termequityinvestmentsaccountedwiththeequitymethod,theCompanyshallrecognizetheinvestmentincomeandothercomprehensiveincomerespectivelyaccordingtoitsshareoftherealizednetprofitorlossandothercomprehensiveincomewhichtheinvesteeshouldenjoyorshare,andadjustthebookvalueoflong-termequityinvestmentsatthesametime.Thebookvalueoflong-termequityinvestmentsshallbedecreasedaccordinglyaccordingtothecalculatedpartoftheprofitorcashdividendsdeclaredanddistributedbytheinvesteewhichtheinvesteeshouldenjoy.Forothervariationofowners'equityotherthanthenetprofitorloss,othercomprehensiveincomeandprofitdistribution,thebookvalueoflong-termequityinvestmentsareadjustedandincludedincapitalreserves(othercapitalreserves).Whenrecognizingtheshareofnetprofitorlossoftheinvestee,theCompanyshallrecognizethenetprofitoftheinvesteeafteradjustmentbasedonthefairvalueofvariousidentifiableassetsoftheinvesteewhenacquiringtheinvestmentandinaccordancewiththeaccountingpoliciesandaccountingperiodsoftheCompany.Ifitispossibletoexertsignificantinfluenceontheinvesteeorimplementcommoncontrolbutdoesnotconstitutecontrolduetoadditionalinvestmentandotherreasons,thesumofthefairvalueoftheoriginalequityplusthenewinvestmentcostshallbetakenastheinitialinvestmentcostcalculatedbytheequitymethodontheconversiondate.Iftheoriginalequityisclassifiedasnon-tradingequityinstrumentinvestmentatfairvaluethroughothercomprehensiveincome,therelatedaccumulatedchangesinfairvalueoriginallyincludedinothercomprehensiveincomeshallbetransferredtoretainedearningswhenaccountingbytheequitymethod.

IftheCompanylosesjointcontroloverorsignificantinfluenceontheinvesteeduetodisposalofpartialequityinvestmentandotherreasons,theremainingequityafterdisposalshallbesubjecttoaccountingtreatmentaccordingtotheAccountingStandardsforBusinessEnterprisesNo.22—RecognitionandMeasurementofFinancialInstrumentsonthedateoflosingjointcontrolorsignificantinfluence,andthedifferencebetweenfairvalueandbookvalueshallbeincludedincurrentprofitandloss.Othercomprehensiveincomefromoriginalequityinvestmentaccountedandrecognizedwiththeequitymethodshallbesubjecttotheaccountingtreatmentonthesamebasisfordirectdisposalofrelevantassetsorliabilitiesoftheinvesteewhentheequitymethodisnotusedanymore.Otherowners’equityvariationrelatedtotheoriginalequityinvestmentshallbetransferredinthecurrentprofitandloss.IncasethattheCompanylosescontrolovertheinvesteeduetosuchreasonasthedisposalofpartoftheequityinvestment,iftheremainingequityafterdisposalcanexertjointcontroloverorsignificantinfluenceontheinvestee,itshallbeaccountedwiththeequitymethod,anditshallbeadjustedasitiscalculatedbytheequitymethodsinceitisacquired.Iftheremainingequityafterdisposalcannotexertjointcontroloverorsignificantinfluenceontheinvestee,theaccountingtreatmentshallbecarriedoutaspertheAccountingStandardsforBusinessEnterprisesNo.22—RecognitionandMeasurementofFinancialInstruments,andthebalancebetweenthefairvalueandthebookvaluesincethedateoflosingthecontrolshallbeincludedincurrentprofitorloss.IftheshareholdingproportionoftheCompanydecreasesduetocapitalincreasebyotherinvestors,resultinginlossofcontrolbutcommoncontroloverorsignificantinfluenceontheinvestee,theCompany'sshareofnetassetsincreasedduetocapitalincreaseandshareexpansionoftheinvesteeshallberecognizedaccordingtothenewshareholdingproportion,andthedifferencebetweentheoriginalbookvalueoflong-termequityinvestmentcorrespondingtothedecreaseinshareholdingproportionthatshallbecarriedforwardshallbeincludedincurrentprofitandloss;thenewshareholdingproportionisthenadjustedasifithadbeenaccountedforusingtheequitymethodsincetheacquisitionoftheinvestment.TheunrealizedprofitorlossfrominternaltransactionsenteredintobetweentheCompanyanditsassociateorjointventureisoffsetaccordingtotheshareholdingpercentageheldbytheCompanyandtheremainingportionisrecognizedasinvestmentincomeorloss.However,theunrealizedlossontheinternaltransactionamongtheCompanyanditsinvesteesattributabletoimpairmentlossofassettransferredshallnotbeoffset.

(3)BasisfordeterminingjointcontrolandsignificantinfluenceontheinvesteeCommoncontrolreferstothesharingofcontrolovercertainarrangementsunderrelatedagreements,andrelatedactivitiesofthearrangementcanbedeterminedonlywhentheunanimousconsentofthepartiessharingthecontrolrightisobtained.Indeterminingwhetherornotitisacommoncontrol,theCompanyconsiderswhetheralltheparticipantsorgroupofparticipantscollectivelycontrolthearrangement,andwhetherthedecisionsfortheactivitiesrelatedtothearrangementmustbeagreedbyparticipantswhocollectivelycontrolthearrangement.Wheretheactivitiesrelatedtocertainarrangementmustbeagreedbyallsuchparticipantsorgroupsofparticipant,thearrangementisconsideredtobejointlycontrolledbyalltheparticipantsorgroupsofparticipants,whiletwoormoregroupsofparticipantsthatcanjointlycontrolcertainarrangementdonotconstitutecommoncontrol.Protectiverightsarenottakenintoaccountindeterminingwhetherornotthereisjointcontrol.

Significantinfluencemeansthepoweroftheinvestortoparticipateinmakingdecisionsonthefinancialandoperatingpoliciesofaninvestee,buttheinvestorcannotcontrolorjointlycontrolwithotherpartiesovertheformulationofthesepolicies.Whendeterminingwhethersignificantinfluencecanbeexertedontheinvestee,considertheimpactofvotingsharesdirectlyorindirectlyheldbytheinvestorandcurrentexecutablepotentialvotingrightsheldbytheinvestorandotherpartiesaftertheyareassumedtobeconvertedintoequityintheinvestee,includingtheimpactofcurrentconvertiblewarrants,shareoptionsandconvertiblecorporatebondsissuedbytheinvestee.IftheCompanydirectlyownsorindirectlyowns,viaitssubsidiaries,morethan20%(including)butlessthan50%ofvotingsharesoftheinvestee,theconditionshallberecognizedasbeingofsignificantinfluenceontheinvesteeunlessconcreteevidenceshowsthatparticipationintheproductionandbusinessdecisionsoftheinvesteeisnotallowedwithoutconstitutingsignificantinfluence.IfthevotingsharesoftheinvesteeownedbytheCompanyislessthan20%(notincluding),theconditionshallnotbeconsideredasbeingofsignificantinfluenceontheinvesteeingeneralunlessconcreteevidenceshowsthattheCompanycanparticipateintheproductionandbusinessdecisionsoftheinvesteeunderthiscondition,constitutingsignificantinfluence.

(4)ImpairmenttestmethodandaccrualmethodforimpairmentprovisionForinvestmentsinsubsidiaries,associatesandjointventures,pleaseseeNoteV.19fortheaccrualmethodforimpairmentprovision.

14.InvestmentpropertiesMeasurementmodelofinvestmentpropertiesCostmethodDepreciationoramortizationmethodInvestmentpropertiesarepropertiesheldforthepurposeofearningrentorcapitalappreciation,orboth.InvestmentpropertiesoftheCompanyincludethelandrightofusewhichhasalreadybeenrented,thelandrightofuseheldfortransferafterappreciationandthebuildingswhichhavebeenrented.InvestmentpropertiesoftheCompanyshallbeinitiallymeasuredasperthepriceuponacquisitionanddepreciatedoramortizedonscheduleasperrelevantprovisionsonfixedassetsorintangibleassets.Investmentpropertiesaremeasuredsubsequentlyasperthecostmodel.SeeNoteV.19forprovisionmethodofassetsimpairment.Thedisposalincomefromthesale,transfer,discardordestructionoftheinvestmentpropertiesshallbeincludedinthecurrentprofitorlossafterdeductingtheircarryingamountandrelevanttaxes.

15.Fixedassets

(1)Recognitionconditions

FixedassetsoftheCompanyrefertotangibleassetsheldforproducinggoods,renderinglaborservices,renting,orbusinessmanagementandhaveaservicelifeofoveronefiscalyear.

FixedassetscanberecognizedonlywhentheeconomicbenefitsrelatedtosuchassetsarelikelytoflowintotheCompanyandthecostofsuchassetscanbemeasuredreliably.

FixedassetsoftheCompanyshallbeinitiallymeasuredattheactualcostwhenacquired.

Forthesubsequentexpensesrelatedtofixedassets,iftheeconomicbenefitsoftheassetsarelikelytoflowintotheCompanyandthecostcanbereliablymeasured,theyareincludedinthecostoffixedassets;dailyrepaircostsoffixedassetsthatdonotmeettheconditionsforsubsequentexpensesforcapitalizationoffixedassetsareincludedincurrentprofitsandlossesorinthecostofrelevantassetsaccordingtothebeneficiariesuponoccurrence.Thebookvalueofthepartbeingreplacedwillbederecognized.

(2)Depreciationmethod

Type

Type	Depreciationmethod	Depreciationperiod	Residualratio	Annualdepreciationrate
Housesandbuildings	Straight-linemethod	10and35-40	0and3	10and2.43-2.77
Including:decorationofself-ownedhouses	Straight-linemethod	10	0	10
Machineryandequipment	Straight-linemethod	12	3	8.08
Electronicequipment	Straight-linemethod	5-7	3	13.86-19.4
Transportationequipment	Straight-linemethod	7	3	13.86
Officeandotherequipment	Straight-linemethod	7	3	13.86

Thedepreciationrateoffixedassetswithprovisionforimpairmentshallbecalculatedbydeductingtheaccumulatedamountofprovisionforimpairmentoffixedassets.

16.ConstructioninprogressThecostofconstructioninprogressoftheCompanyisdeterminedaccordingtotheactualconstructionexpenditures,includingvariousnecessaryconstructionexpendituresincurredduringtheconstructionperiod,borrowingcoststhatshallbecapitalizedbeforetheprojectreachestheexpectedserviceableconditionandotherrelevantexpenses.Constructioninprogressistransferredtofixedassetswhenitisreadyforitsintendeduse.SeeNoteV.19fortheprovidingmethodofassetsimpairmentoftheconstructioninprogress.

17.Borrowingcosts

(1)RecognitionprincipleforcapitalizationofborrowingcostsBorrowingcostsincurredbytheCompanythataredirectlyattributabletotheacquisition,constructionorproductionofassetseligibleforcapitalizationshallbecapitalizedandincludedinrelevantassetcosts;otherborrowingcostsshallberecognizedasexpensesaccordingtotheiramountwhenincurredandincludedincurrentprofitandloss.Borrowingcostsshallbecapitalizedwhenallofthefollowingconditionsaresatisfied:

①Expendituresonanassethaveincurred,andexpendituresontheassetcomprisepaymentsincash,transferofnon-cashassetsorassumptionofdebtswithinterestsforacquisitionandconstructionorproductionoftheassetqualifyingforcapitalization;

②Borrowingcostshavebeenoccurred;

③Theacquisition,construction,orproductionactivitiesnecessarytobringtheassetstotheirintendeduseorsalehavestarted.

(2)PeriodofborrowingcostscapitalizationThecapitalizationofborrowingcostsshallceasewhentheassetseligibleforcapitalizationacquired,constructedorproducedbytheCompanyarereadyfortheirintendeduseorsale.Borrowingcostsincurredaftertheassetsmeetingcapitalizationconditionsarereadyfortheirintendeduseorsaleshallberecognizedasexpensesaccordingtotheamountincurredandincludedinthecurrentprofitandloss.Iftheacquisition,constructionorproductionofassetseligibleforcapitalizationisinterruptedabnormallyandtheinterruptionperiodexceeds3consecutivemonths,thecapitalizationofborrowingcostsshallbesuspended;theborrowingcostsduringthenormalinterruptionperiodshallcontinuetobecapitalized.

(3)CalculationmethodforborrowingcostscapitalizationrateandcapitalizedamountThebalanceoftheinterestfromspecialborrowingsactuallyoccurredincurrentperioddeductingtheinterestincomeacquiredfromunusedborrowingswhicharedepositedinbanks,ordeductinginvestmentincomefromtemporaryinvestmentoftheborrowingsshallbecapitalized.Thecapitalizedamountofgeneralborrowingshallbedeterminedbymultiplyingtheweightedaverageoftheassetexpendituresfromtheaccumulativeassetexpendituresexceedingthespecialborrowingbythecapitalizationrateofgeneralborrowingoccupied.Thecapitalizationrateiscalculatedandrecognizedaspertheweightedaverageinterestrateofgeneralborrowing.

Duringcapitalizationperiod,thebalanceofexchangeforspecialforeigncurrencyborrowingshallbecapitalizedinfullamount,whilethatofgeneralforeigncurrencyborrowingshallbeincludedincurrentprofitandloss.

18.Intangibleassets

(1)Servicelifeanditsdeterminationbasis,estimation,amortizationmethod,orreviewprocedureTheCompany'sintangibleassetsincludelanduserights,computersoftware,andtrademarks.Intangibleassetsareinitiallymeasuredatcostandtheirservicelifeisdetermineduponacquisition.Iftheservicelifeofanintangibleassetislimited,itshallbeamortizedwithintheestimatedservicelifewithanamortizationmethodthatcanreflecttheexpectedrealizationmodeofeconomicbenefitsrelatedtotheassetsincetheassetisavailableforuse;iftheexpectedrealizationmodecannotbereliablydetermined,theassetshallbeamortizedwiththestraight-linemethod;intangibleassetswithuncertainservicelifeshallnotbeamortized.Theamortizationmethodforintangibleassetswithlimitedservicelifeisasfollows:

Category

Category	Servicelife	Determinationbasisofservicelife	Amortizationmethod	Note
Landuseright	50years	Legalrighttouse	Straight-linemethod
Computersoftware	5years	DeterminetheservicelifewithreferencetothetermthatcanbringeconomicbenefitstotheCompany	Straight-linemethod
Trademark	10years	DeterminetheservicelifewithreferencetothetermthatcanbringeconomicbenefitstotheCompany	Straight-linemethod

Attheendofeachyear,theCompanyshallrechecktheservicelifeandamortizationmethodofintangibleassetswithfiniteservicelife.Ifitisdifferentfromthepreviousestimate,theoriginalestimateshallbeadjustedandthechangeshallbehandledaccordingtotheaccountingestimate.IfanintangibleassetisexpectednolongertogeneratefutureeconomicbenefitsfortheCompanyatthebalancesheetdate,thebookvalueoftheassetischargedtothecurrentprofitandloss.SeeNoteV.19fortheprovidingmethodofassetsimpairmentoftheintangibleassets.

(2)CollectionscopeofR&DexpendituresandrelevantaccountingtreatmentmethodsTheR&DexpendituresoftheCompanyrefertoexpendituresdirectlyrelatedtotheR&DactivitiesoftheCompany,includingsalariesofR&Dpersonnel,directR&Dinvestments,depreciationexpensesandlong-termdeferredexpenses,designexpenses,equipmentcommissioningexpenses,amortizationexpensesofintangibleassets,expensesincurredfromcommissionedexternalR&D,andotherexpenses.ThesalariesofR&DpersonnelareincludedinR&Dexpendituresaccordingtotheprojectworkinghours.TheCompanydividestheexpenditureofinternalR&Dprojectsintoresearchstageexpenditureanddevelopmentstageexpenditure.

Expendituresattheresearchstageshallbeincludedincurrentprofitandlosswhenincurred.Expendituresatthedevelopmentstagecanbecapitalizedonlywhenallofthefollowingconditionsaremet,namely:itistechnicallyfeasibletocompletetheintangibleassetssothattheycanbeusedorsold;thereisanintentiontocompletetheintangibleassetanduseorsellit;waysforintangibleassetstogenerateeconomicbenefits,includingprovingthatthereisamarketfortheproductsproducedbyusingtheintangibleassetsortheintangibleassetsthemselves,andprovingtheirusefulnessiftheyaretobeusedinternally;therearesufficienttechnical,financialandotherresourcestocompletethedevelopmentoftheintangibleassetsandhavetheabilitytouseorsellthem;theexpendituresattributabletothedevelopmentstageofintangibleassetscanbemeasuredreliably.Developmentexpendituresthatdonotmeettheaboveconditionsareincludedinthecurrentprofitandloss.AftertheR&DprojectsoftheCompanymeettheaboveconditions,passthetechnicalfeasibilityandeconomicfeasibilitystudy,andformtheprojectestablishment,theyshallenterthedevelopmentstage.Thecapitalizedexpendituresinthedevelopmentstageshallbepresentedasdevelopmentcostsonthebalancesheetandshallbetransferredintointangibleassetsfromthedatewhentheprojectmeetstheexpectedusage.

19.Impairmentoflong-termassetsTheimpairmentofthelong-termequityinvestmentsinsubsidiaries,associatesandjointventures,investmentpropertiessubsequentlymeasuredbycostmodel,fixedassets,constructioninprogress,right-of-useassets,intangibleassets,etc.(exceptforinventories,investmentpropertiesmeasuredbyfairvaluemodel,deferredincometaxassetsandfinancialassets)shallbedeterminedbytheCompanyaccordingtothefollowingmethods:

TheCompanyjudgeswhetherthereisasignofimpairmenttoassetsonthebalancesheetdate.Ifsuchasignexists,theCompanyestimatestherecoverableamountandconductstheimpairmenttest.Forgoodwillarisingfromabusinessmerger,intangibleassetswithindefiniteservicelifeandintangibleassetsthathavenotreachedtheusableconditionaretestedforimpairmentannuallyregardlessofwhethersuchindicationexists.Therecoverableamountisthenetamountthatthefairvalueofassetsdeductsthedisposalfees,orthepresentvalueofestimatedfuturecashflowoftheassets,whicheverishigher.TheCompanyestimatestherecoverableamountonasingleassetbasis.Ifitisdifficulttoestimatetherecoverableamountofasingleasset,therecoverableamountoftheassetgroupshallbedeterminedbasedontheassetgrouptowhichtheassetbelongs.Theassetsgroupisdeterminedbywhetherthemaincashflowgeneratedbytheassetsgroupisindependentofthosegeneratedbyotherassetsorassetsgroups.Whentheassetorassetgroup'srecoverableamountislowerthanitsbookvalue,theCompanyreducesitsbookvaluetoitsrecoverableamount,thereducedamountisrecordedinthecurrentprofitandlossandtheprovisionforimpairmentofassetsisrecognized.Fortheimpairmenttestofgoodwill,thebookvalueofgoodwillformedbythebusinessmergershallbeamortizedtorelevantassetgroupswithareasonablemethodsincetheacquisitiondate;ifitisdifficulttoamortizetorelevantassetgroups,itshallbeamortizedtorelevantassetgroupportfolios.AssetgrouporportfolioofassetgroupisanassetgrouporportfolioofassetgroupthatcanbenefitfromsynergiesofabusinessmergerandisnotgreaterthanthereportablesegmentoftheCompany.

Inimpairmenttesting,ifindicationofimpairmentexistsinassetgrouporportfolioofassetgroupcontainingallocatedgoodwill,impairmenttestisfirstconductedonassetgrouporportfolioofassetgroupthatdoesnotcontaingoodwill,andcorrespondingrecoverableamountisestimatedandanyimpairmentlossisrecognized.Thenassetgrouporportfolioofassetgroupcontaininggoodwillisconductedimpairmenttestbycomparingitsbookvalueanditsrecoverableamount.Iftherecoverableamountislessthanthebookvalue,impairmentlossofgoodwillisrecognized.Oncerecognized,theimpairmentlossofassetsshallnotbereversedinfutureaccountingperiods.

20.Long-termdeferredexpensesLong-termdeferredexpensesoftheCompanyshallbevaluedasperactualcostandaveragelyamortizedaspertheexpectedbenefitperiod.Ifthelong-termdeferredexpenseprojectwillnotbenefitthefutureaccountingperiod,theamortizedvalueoftheprojectshallbeincludedinthecurrentprofitandlossinfullamount.

21.Employeecompensation

(1)Accountingtreatmentforshort-termcompensationDuringtheaccountingperiodwhenemployeesprovideservices,theCompanyrecognizestheactualsalaryandbonusofemployees,socialinsurancepremiumssuchasmedicalinsurancepremiums,work-relatedinjuryinsurancepremiumsandmaternityinsurancepremiumspaidforemployeesaccordingtothespecifiedbenchmarkandproportion,andhousingfundasliabilities,andincludesthemincurrentprofitandlossorrelevantassetcosts.

(2)Accountingtreatmentforpost-employmentbenefitsPost-employmentbenefitplansincludedefinedcontributionplansanddefinedbenefitplans.Amongthem,thedefinedcontributionplanreferstoapost-employmentbenefitplaninwhichtheenterprisehasnofurtherpaymentobligationafterpayingfixedexpensestoanindependentfund;thedefinedbenefitplanreferstoapost-employmentbenefitplanotherthanadefinedcontributionplan.DefinedcontributionplansThedefinedcontributionplanincludesthebasicendowmentinsurance,unemploymentinsurance,etc.Duringtheaccountingperiodwhenemployeesprovideservices,theamountpayablecalculatedaccordingtothedefinedcontributionplanisrecognizedasaliabilityandincludedinthecurrentprofitandlossorrelatedassetcosts.DefinedbenefitplansFordefinedbenefitplans,anindependentactuaryshallcarryoutactuarialvaluationontheannualbalancesheetdate,anddeterminethecostofprovidingbenefitswiththeexpectedcumulativewelfareunitmethod.TheemployeecompensationcostsarisingfromthedefinedbenefitplanoftheCompanyincludethefollowingcomponents:

①Servicecost,includingcurrentservicecost,pastservicecostandanygainorlossonsettlement.Amongthem,thecurrentservicecostreferstotheincreaseinthepresentvalueofdefinedbenefitplanobligationscausedbyemployeesprovidingservicesinthecurrentperiod;thepastservicecostreferstotheincreaseordecreaseinthepresentvalueofdefinedbenefitplanobligationsrelatedtoemployeeservicesinpreviousperiodscausedbymodificationsofdefinedbenefitplans.

②Netinterestonthedefinedbenefitplannetliabilitiesorassets,includinginterestincomeonplanassets,interestcostonthedefinedbenefitplanobligation,andinterestontheeffectoftheassetceiling;

③Changesasaresultofre-measurementofthenetdefinedbenefitplanliabilitiesorassets.Unlessotheraccountingstandardsrequireorallowemployee'sbenefitcoststobeincludedinassetscosts,theaboveitems①and②shallbeincludedbytheCompanyincurrentprofitorlossanditem③shallbeincludedinothercomprehensiveincomeandbenotreversedtoprofitorloss.Whentheoriginaldefinedbenefitplanisterminated,theamountincludedinothercomprehensiveincomebeforeshallbecompletelycarriedforwardtheundistributedprofit.

(3)AccountingtreatmentforterminationbenefitsIftheCompanyprovidesterminationbenefitstoemployees,theemployeecompensationliabilitiesarisingfromtheterminationbenefitsshallberecognizedattheearliestofthefollowingtwodatesandincludedinthecurrentprofitandloss:whentheCompanycannotunilaterallywithdrawtheterminationbenefitsprovidedduetothelaborrelationshipterminationplanorlayoffproposal;theCompanyrecognizesthecostsorexpensesrelatedtotherestructuringinvolvingthepaymentofterminationbenefits.Ifanemployee'sinternalretirementplanisimplemented,theeconomiccompensationbeforetheofficialretirementdatebelongstotheterminationbenefits.Duringtheperiodfromthedatewhentheemployeestopsprovidingservicestothenormalretirementdate,thewagestobepaidtotheearlyretiredemployeesandthesocialinsurancepremiumstobepaidareincludedinthecurrentprofitandlossinalumpsum.Economiccompensationaftertheofficialretirementdate(suchasnormalpension)istreatedaspost-employmentbenefits.

(4)Accountingtreatmentforotherlong-termemployeebenefitsOtherlong-termbenefitsprovidedbytheCompanytotheemployeessatisfiedtheconditionsforclassifyingasadefinedcontributionsplan;thosebenefitsareaccountedforinaccordancewiththeaboverequirementsrelatingtodefinedcontributionplan.Ifitmeetsthedefinedbenefitplan,itshallbehandledinaccordancewiththerelevantprovisionsonthedefinedbenefitplanabove,butthepartof"changesarisingfromre-measuringthenetliabilitiesornetassetsofthedefinedbenefitplan"intherelevantemployeecompensationcostsshallbeincludedinthecurrentprofitandlossortherelevantassetcosts.

22.EstimatedliabilitiesObligationsrelatedtocontingencies,ifsatisfyingthefollowingconditionsatthesametime,willberecognizedasestimatedliabilitiesbytheCompany:

(1)SuchobligationisacurrentobligationundertakenbytheCompany;

(2)PerformanceofsuchobligationwillprobablycauseoutflowofeconomicinterestoftheCompany;

(3)Theamountofsuchobligationcanbemeasuredreliably.Estimatedliabilitiesareinitiallymeasuredattheoptimalestimaterequiredtoperformtherelevantcurrentobligation,incomprehensiveconsiderationoftherisks,uncertainty,timevalueofmoney,andotherfactorspertinenttotheContingencies.Wherethetimevalueofmoneyisofsignificantinfluence,theoptimalestimateisrecognizedthroughthediscountofrelevantfuturecashoutflows.Atthebalancesheetdate,thebookvalueoftheestimatedliabilitiesisreviewedandadjustedbytheCompanytoreflectthecurrentbestestimate.Ifallorpartoftheexpendituresnecessaryforclearingofftherecognizedestimatedliabilitiesareexpectedtobecompensatedbyathirdpartyoranyotherparty,theamountofcompensationshallberecognizedasassetsseparatelyonlywhenitisbasicallysurethattheamountcanbeobtained.Therecognizedamountofcompensationshallnotexceedthebookvalueofrecognizedliabilities.

23.RevenueAccountingpoliciesforrevenuedisclosurerecognitionandmeasurementbybusinesstypes

(1)GeneralprincipleTheCompanyhasfulfilleditsperformanceobligationsoftheContract,whichmeansitrecognizestherevenuewhenthecustomerhasacquiredthecontrolrightsoftherelevantgoodsorservices.Ifthecontractcontainstwoormoreperformanceobligations,theCompanyshall,atthebeginningdateofthecontract,apportionthetransactionpricetoeachperformanceobligationaccordingtotherelativeproportionoftheindividualsellingpriceofthecommoditiesorservicespromisedbyeachperformanceobligation,andmeasuretherevenueaccordingtothetransactionpriceapportionedtoeachperformanceobligation.Aperformanceobligationisdeemedsatisfiedwithinaperiodoftimewhenoneofthefollowingconditionsismet;orotherwiseitissatisfiedatapointoftime:

①ThecustomerobtainsandconsumestheeconomicbenefitsbroughtbytheperformanceofthecontractbytheCompanyatthesametime.

②ThecustomercancontrolthegoodsunderconstructionduringtheCompany'sperformance;

③ThegoodsgeneratedduringtheperformanceoftheCompanyareirreplaceable,andtheCompanyisentitledtoreceivepaymentfortheperformanceaccumulatedsofarthroughoutthetermofthecontract.Fortheperformanceobligationsperformedwithinacertainperiodoftime,theCompanyshallrecognizetherevenuewithinthatperiodaccordingtotheperformanceprogress.Iftheperformanceprogresscannotbereasonablyconfirmed,andthecostsincurredbytheCompanycanbeexpectedtobecompensated,therevenueshallberecognizedaccordingtotheamountofcostsincurreduntiltheperformanceprogresscanbereasonably

confirmed.Forperformanceobligationsperformedatacertaintimepoint,theCompanyshallconfirmtherevenueatthetimepointwhenthecustomergainscontrolrightsoftherelevantcommoditiesorservices.Indeterminingwhetheracustomerhasobtainedthecontrolrightsofthegoodsorservices,theCompanyshalltakethefollowingindicationsintoconsideration:

①TheCompanyenjoysthecurrentcollectionrightinregardtosuchgoodsorservices,i.e.,thecustomershavetheobligationtopayimmediatelywithrespecttothegoods.

②TheCompanyhastransferredthelegalownershipofthegoodstothecustomer,i.e.,Thecustomerownsthelegalownershipofthegoods;

③TheCompanyhastransferredthegoodstothecustomerinkind,i.e.,thecustomerhaspossessedthegoods.

④TheCompanyhastransferredthemajorrisksandremunerationontheownershipofthegoodstothecustomer,i.e.,thecustomerhasobtainedthemajorrisksandremunerationontheownershipofthegoods.

⑤Thecustomerhasacceptedsuchgoodsorservices.

⑥Othersignsindicatethatthecustomerhasobtainedtherighttocontrolthegoods.

(2)SpecificmethodTheCompany'srevenueismainlyderivedfromthefollowingbusinesses:automobilesales,automobilemaintenanceandtesting,propertyleasingandservices,andjewelrysalesandservices.

①AutomobilesalesThecontractforsalesofgoodsbetweentheCompanyandthecustomerincludestheperformanceobligationofthetransferredgoods,whichbelongstotheperformanceobligationataparticulartimepoint.TheCompanyhasdeliveredthecontractedgoodstothecustomer,andthecustomerhasacceptedthegoods,thepaymentforgoodshasbeenrecoveredorthereceiptvoucherhasbeenobtained,therelatedeconomicbenefitsarelikelytoflowin,thesignificantrisksandrewardsontheownershipofthegoodshavebeentransferred,andthelegalownershipofthegoodshasbeentransferred.TherevenuewillbeconfirmedwhentheCompanyhasdeliveredvehiclestotheconsumer,andtheownershipofthegoodsorvehiclesistransferredtotheconsumer.

②VehiclemaintenanceandtestingservicesThecontractforsalesofgoodsbetweentheCompanyandthecustomerincludestheperformanceobligationofthetransferredgoods,whichbelongstotheperformanceobligationataparticulartimepoint.TheCompanyhascompletedthecontractedvehiclemaintenanceandtestingservicesandsettledallmaterials

andman-hourexpenseswithcustomers.Then,therevenuewillbeconfirmedwhenthevehiclesleavetherepairfactory.

③PropertyleaseandservicesDuringeachperiodoftheleaseterm,theCompanyrecognizesleasereceiptsasrentalincomeonastraight-linebasis,andcapitalizesandapportionstheinitialdirectcostsincurredonthesamebasisasrentalincome,whichshallbechargedtothecurrentprofitsandlosses.TheCompany'svariableleasepaymentwhichisrelatedtooperatingleaseandnotincludedinleasereceiptsisincludedinthecurrentprofitsandlosseswhenitactuallyoccurs.ThecontractfortheprovisionofservicesbetweentheCompanyandthecustomerincludestheperformanceobligationofservicesrelatedtotheleaseofrealestate.SincethecustomerobtainsandconsumestheeconomicbenefitsbroughtbytheCompany'sperformanceatthesametime,theCompanyregardsitastheperformanceobligationtobeperformedwithinacertainperiodoftime,andtherevenueisequallyapportionedandrecognizedduringtheserviceprovisionperiod.

④SalesandservicesofgoldandjewelryTheCompanydetermineswhetheritisthemainresponsiblepersonortheagentduringtransactionsaccordingtoitscontroloverthegoodsorservicesbeforetransferringthemtocustomers.IftheCompanyhascontroloverthegoodsorservicesbeforetransferringthemtocustomers,itwillbethemainresponsiblepersonandrecognizetherevenueaccordingtothetotalconsiderationreceivedorreceivable;otherwise,theCompanyactsasanagentandrecognizestherevenueaccordingtotheamountofcommissionorhandlingchargeexpectedtobeentitled,whichisdeterminedaccordingtothenetamountofthetotalconsiderationreceivedorreceivableafterdeductingthepricepayabletootherrelatedparties,oraccordingtotheestablishedcommissionamountorproportion.Thespecificrecognitionmethodofrevenuesgeneratedfromgoldandjewelrysalesisasfollows:

Ingoldandjewelrysales,theCompanymainlytakesthedirect-salesmodel,withthesalesagencymodelasasupplement.Forthedirect-salesmodel,thesaleschannelsincludewholesalers,e-commerce,andretailindirect-salesstores.Thetimepointsforrevenuerecognitionunderthesalesmodelswithsuchchannelsaswholesalers,e-commerce,andretailareasfollows:

①Inwholesalersales,purchaserscontacttheCompanydirectly.Thetimepointiswhenthegoods-relatedcontrolrightshavebeentransferredtothepurchasers,whichmarkstheperformanceobligationiscompletedaccordingtothesalescontracts.Therevenuewillthenberecognizedaftercustomersacceptthegoodsandissuereceipts.Thisisaperformanceobligationperformedatacertaintimepoint.

②Ine-commercesales,theCompanysellsgoodsone-commerceplatforms.Thesalesrevenuewillberecognizedwhencustomershavesignedforthegoods,andtheCompanyhasreceivedpaymentsorobtainedtherighttoclaimpayments.Thisisaperformanceobligationperformedatacertaintimepoint.

③Inretailthroughdirect-salesstores,theCompanysellsitsgoodsinitsself-ownedrealestates.ThesalesrevenuewillberecognizedwhentheCompanyhassoldgoodstocustomersandreceivedpaymentsorobtainedtherighttoclaimpayments.Thisisaperformanceobligationperformedatacertaintimepoint.

④Inthesalesagencymodel,theCompanysendsproductstostoresofentrustedsellers.Thesalesrevenuewillberecognizedwhenthesellershavesoldgoodstoendconsumers,endconsumershavesigned,andthecontrol

righthasbeentransferredtoendconsumers.Thisisalsothetimepointmarkingtheobligationperformanceisdoneaftercompletingthesalescontract.Thisisaperformanceobligationperformedatacertaintimepoint.SpecificrevenuerecognitionmethodoftheCompanyisasfollows:

Intheindependentgoldrepurchasebusiness,theCompanyobtainsoldgoldfromthemarketandentrustsrefineriestoprocessitintostandardgoldbars.ThestandardgoldbarswillthenbesoldtotheShanghaiGoldExchange.AccordingtothesetpricebytheShanghaiGoldExchangeatspecifictimepoints,theCompanyconfirmstheselling(counting)inthetradingsystemandrecognizestherevenueafterobtainingthesettlementdocumentoftheShanghaiGoldExchange.Inthegoldandjewelrysalesagencybusiness,theCompanyactsasanagentandprovidesagencyservicesforprincipalsaccordingtotheagencypurchaseagreementtoearncommissionfees.TheCompanyrecognizestheagencyfeerevenuewhencustomersmakethepaymentsforgoodsandconfirmthereceiptbysigning.Intheagencygoldrepurchasebusiness,theCompanyactsasasupplieragenttorepurchasegoldandcollectservicefees.Therevenueisrecognizedaccordingtothetimewhenitrepurchasesgoldandiscalculatedaccordingtothecontractedservicefees.

24.GovernmentsubsidiesThegovernmentsubsidiesshallberecognizedwhenalltheattachedconditionscanbesatisfiedandthegovernmentsubsidiescanbereceived.Thegovernmentsubsidiesconsideredmonetaryassetsshallbemeasuredattheamountreceivedorreceivable.Thegovernmentsubsidiesconsiderednon-monetaryassetsaremeasuredbasedonthefairvalue,orthenominalamountofRMB1ifthefairvaluecannotbeacquiredreliably.Asset-relatedgovernmentsubsidiesrefertotheonesthatareacquiredbytheCompanyandusedforestablishinglong-termassetsorforminglong-termassetsinotherways.Othergovernmentsubsidiesareconsideredrevenue-relatedgovernmentsubsidies.Forthegovernmentsubsidieswiththegrantobjectsnotexpresslystipulatedinthegovernmentdocuments,iftheycanbeusedtoformlong-termassets,thegovernmentsubsidiescorrespondingtothevalueoftheassetsaredeemedasasset-relatedgovernmentsubsidieswhiletherestaredeemedasrevenue-relatedgovernmentsubsidies.Forthegovernmentsubsidiesthataredifficulttodifferentiate,thegovernmentsubsidiesasawholearedeemedasrevenue-relatedgovernmentsubsidies.Theasset-relatedgovernmentsubsidiesshallberecognizedasdeferredincome,whichshallbeincludedintheprofitandlossininstallmentinareasonableandsystematicwaywithintheservicelifeoftherelevantassets.Forrevenue-relatedgovernmentsubsidies,theyshallbeincludedinthecurrentprofitandlossifusedtocompensatefortheincurredrelatedcostsorlosses;ifusedtocompensatefortherelatedcostsorlossesduringfutureperiods,theyshallbeincludedinthedeferredincomeandincludedinthecurrentprofitandlossduringtheperiodwhentherelatedcostsorlossesarerecognized.Governmentsubsidiesmeasuredatthenominalamountshallbedirectlyincludedinthecurrentprofitorloss.TheCompanyadoptsthesametreatmentforthosetransactionsofsimilargovernmentsubsidies.Thegovernmentsubsidiesrelatedtodailyactivitiesshallbeincludedinotherincomesaccordingtotheessenceofbusinesstransactions.Governmentsubsidiesirrelevanttodailyactivitiesareincludedinnon-operatingrevenue.

Forthegovernmentsubsidiesrecognizedtoberefunded,ifthegovernmentsubsidiesareusedtooffsetthebookvalueoftherelatedassetswhentheyareinitiallyrecognized,thebookvalueofassetsshallbeadjusted.Ifthereisdeferredincomeconcerned,thegovernmentsubsidiesshallbeoffsetagainstthebookbalanceofthedeferredincome,andtheexcessshallbeincludedinthecurrentprofitorloss.Theyshallbedirectlyincludedinthecurrentprofitorlossinothercases.

25.Deferredtaxassets/deferredtaxliabilitiesIncometaxincludescurrentincometaxanddeferredincometax.Currenttaxanddeferredincometaxareincludedincurrentprofitandlossasincometax,exceptfortheincometaxesrelatedtotheregulationofgoodwillduetobusinessmergerordeferredincometaxrelatedtotransactionsoreventsthataredirectlyrecognizedinshareholders’equity.TheCompanyshallrecognizedeferredincometaxwiththebalancesheetliabilitymethodaccordingtothetemporarydifferencesbetweenthebookvalueofassetsandliabilitiesandtheirtaxbasesatthebalancesheetdate.Relevantdeferredincometaxliabilitiesshallberecognizedforeachtaxabletemporarydifferenceunlessthetaxabletemporarydifferencearisesfromthefollowingtransactions:

(1)Theinitialrecognitionofgoodwillortheinitialrecognitionofassetsorliabilitiesincurredinatransactionwiththefollowingfeatures:thetransactionshouldnotbeabusinessmergeranddoesnotimpactaccountingprofitortaxableincomeatthetimeofthetransaction(exceptforindividualtransactionswithequaltaxabletemporarydifferencesanddeductibletemporarydifferencesresultingfromtheinitialrecognitionofassetsandliabilities);

(2)Fortaxabletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associatesandjointventures,itisabletocontrolthetimeofthereversalofthetemporarydifferenceanditislikelythatthetemporarydifferencewillnotreverseintheforeseeablefuture.Fordeductibletemporarydifferences,deductiblelossesandtaxdeductionthatcanbecarriedforwardtothenextyear,exceptforthedeductibletemporarydifferencesincurredinfollowingtransactions,theCompanyrecognizesthedeferredtaxassetstotheextentthatitislikelythatfuturetaxableincomewillbeavailablefordeductingthedeductibletemporarydifferences,deductiblelossesandtaxdeduction:

(1)Thetransactionshouldnotbeabusinessmergeranddoesnotimpactaccountingprofitortaxableincomeatthetimeofthetransaction(exceptforindividualtransactionswithequaltaxabletemporarydifferencesanddeductibletemporarydifferencesresultingfromtheinitialrecognitionofassetsandliabilities);

(2)Fordeductibletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associates,andjointventures,ifthefollowingconditionsaresatisfiedatthesametime,correspondingdeferredtaxassetsarerecognized:thetemporarydifferencewilllikelybereversedintheforeseeablefutureanditislikelythattaxableincomewillbeavailableinthefuturefordeductingthedeductibletemporarydifferences.Onthebalancesheetdate,deferredtaxassetsanddeferredtaxliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplytotheperiodwhentheassetisrecoveredortheliabilityissettled,andreflecttheincometaxeffectofthemethodoftheexpectedrecoveryofassetsandsettlementofliabilityonthebalancesheetdate.

Onthebalancesheetdate,theCompanyreviewsthebookvalueofanydeferredtaxasset.Ifitislikelythatsufficienttaxableprofitswillnotbeavailableinfutureperiodstodeductthebenefitofthedeferredtaxassets,thebookvalueofthedeferredtaxassetsisreduced.Anysuchwrite-downshallbesubsequentlyreversedwhereitbecomesprobablethatsufficienttaxableincomewillbeavailable.Onabalancesheetdate,thedeferredtaxassetsanddeferredtaxliabilitiesarepresentedinthenetvalueafterset-offwhenthefollowingconditionsaresatisfied:

(1)Thetaxpayerhasthelegalrightofincometaxassetsandliabilitiesinthecurrentperiodsettledatthenetamount;

(2)DeferredtaxassetsanddeferredtaxliabilitiesarerelatedtotheincometaxleviedbythesametaxcollectionagencyonthesametaxpayerwithintheCompany;

26.Leases

(1)AccountingtreatmentmethodforleaseasthelesseeOnthecommencementdateoftheleaseterm,theCompanyshallrecognizetheright-of-useassetsandtheleaseliabilitiesforallleases,exceptfortheshort-termleasesandlow-valueassetleasesthataresubjecttosimplifiedtreatment.Leaseliabilitiesshallbeinitiallymeasuredatthepresentvaluecalculatedbytheinterestrateimplicitinleaseaccordingtotheunpaidleasepaymentonthecommencementdateoftheleaseterm.Iftheinterestrateimplicitinleasecannotbedetermined,theincrementalborrowingrateshallbeusedasthediscountrate.Leasepaymentsincludefixedpaymentsandsubstantiallyfixedpayments;theamountrelatedtoleaseincentive(ifany)shallbededucted;variableleasepaymentsthatdependonanindexorrate;theexercisepriceofapurchaseoption,providedthatthelesseereasonablydeterminesthattheoptionwillbeexercised;paymentsrequiredtoexercisetheleaseterminationoption,providedthattheleasetermreflectsthatthelesseewillexercisetheleaseterminationoption;paymentsexpectedtobemadebasedontheguaranteedresidualvalueprovidedbythelessee.Theinterestexpensesoftheleaseliabilitieswithineachleasetermshallbecalculatedsubsequentlyaccordingtothefixedperiodicrateandincludedinthecurrentprofitandloss.Thevariableleasepaymentthatisnotincludedinthemeasurementofleaseliabilitiesisincludedinthecurrentprofitandlosswhenitactuallyoccurs.Short-termleaseShort-termleasereferstoaleasewithaleasetermofnotmorethan12monthsonthecommencementdateoftheleaseterm,exceptfortheleasecontainingthepurchaseoption.TheCompanyincludesthepaymentamountofshort-termleasesintorelevantassetcostsorcurrentprofitandlossbythestraight-linemethodateachperiodwithintheleaseterm.Forshort-termleases,theCompanyselectstheabove-simplifiedtreatmentmethodfortheitemsmeetingtheshort-termleaseconditionsinthefollowingassettypesaccordingtothecategoryofleasedassets.Low-valueassetlease

Alow-valueassetleasereferstoaleasewithavaluelowerthanRMB40,000whenanindividualleasedassetisbrandnew.TheCompanyincludestheleasepaymentamountoflow-valueassetleasesintorelevantassetcostsorcurrentprofitandlossbythestraight-linemethodateachperiodwithintheleaseterm.Forlow-valueassetleases,theCompanyselectstheabovesimplifiedtreatmentmethodaccordingtothespecificconditionsofeachlease.LeasechangeIftheleasechangesandmeetsthefollowingconditionsatthesametime,theCompanywilltaketheleasechangeasaseparateleasefortheaccountingtreatment:①theleasechangeexpandstheleasescopebyincreasingtherighttouseoneormoreleasedassets,and②theincreasedconsiderationisequivalenttotheamountbyadjustingtheseparatepriceoftheexpandedleasescopeaccordingtothecontract.Iftheleasechangeisnottakenasaseparateleaseforaccountingtreatment,theCompanyshall,ontheeffectivedateoftheleasechange,reallocatetheconsiderationofthechangedcontract,redeterminetheleaseterm,andremeasuretheleaseliabilitiesaccordingtothechangedleasepaymentandthepresentvaluecalculatedbythereviseddiscountrate.Iftheleasescopeisreducedortheleasetermisshortenedduetotheleasechange,theCompanywillcorrespondinglyreducethecarryingamountofright-of-useassetsandincluderelevantprofitsorlossesfrompartialorcompleteterminationoftheleaseinthecurrentprofitandloss.Iftheleaseliabilitiesareremeasuredduetootherleasechanges,theCompanywilladjustthecarryingamountofright-of-useassetsaccordingly.

(2)AccountingtreatmentmethodforleaseasthelessorWhentheCompanyisthelessor,theleasethatsubstantiallytransfersallrisksandrewardsrelatedtotheownershipoftheassetsisrecognizedasafinancelease,andleasesotherthanfinanceleasesarerecognizedasoperatingleases.FinancialleaseInafinancelease,atthecommencementoftheleaseterm,theCompanytakesthenetinvestmentinaleaseastheentryvalueofthefinanceleasereceivables,andthenetinvestmentinaleaseisthesumoftheunguaranteedresidualvalueandthepresentvalueoftheleasereceiptsnotyetreceivedatthecommencementoftheleasetermdiscountedattheinterestrateimplicitinthelease.TheCompany,asthelessor,calculatesandrecognizesinterestincomeineachleasetermatafixedperiodicrate.VariableleasepaymentsobtainedbytheCompanyasthelessorbutnotconsideredinthemeasurementofnetinvestmentinleasesarerecognizedinthecurrentprofitandlosswhenactuallyincurred.ThederecognitionandimpairmentoffinanceleasereceivablesshallbesubjecttoaccountingtreatmentaccordingtotheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstrumentsandtheAccountingStandardsforBusinessEnterprisesNo.23-TransferofFinancialAssets.

OperatingleaseLeaseincomefromoperatingleasesisincludedincurrentprofitandlossbytheCompanyasperthestraight-linemethodovertheleaseterm.Theoccurredinitialdirectcostrelatedtotheoperatingleaseshallbecapitalized,amortizedwithintheleasetermaccordingtothesamebasewiththerecognitionofrentrevenue,andincludedinthecurrentprofitandlossbystages.ThevariableleasereceiptsobtainedbytheCompanyrelatedtooperatingleasesandnotchargedtotheleasereceiptsshallbechargedtothecurrentprofitandlosswhenactuallyincurred.LeasechangeIfthereisachangeintheoperatinglease,theCompanywilltakeitasanewleasefromtheeffectivedateofthechangetocarryoutaccountingtreatment,andtheleasereceiptsreceivedinadvanceorreceivablerelatedtotheleasebeforethechangewillberegardedasthereceiptsforthenewlease.Ifthefinanceleasechangesandmeetsthefollowingconditions,theCompanywilltakethechangeasaseparateleaseforaccountingtreatment:①thechangeexpandstheleasescopebyincreasingtherighttouseoneormoreleasedassets;and②theincreasedconsiderationisequivalenttotheamountbyadjustingtheseparatepriceoftheexpandedleasescopeaccordingtothecontract.Ifthechangeoffinanceleaseisnotaccountedforasaseparatelease,theCompanyshalldealwiththechangedleasebasedonthefollowingcircumstances:①Ifthechangetakeseffectonthecommencementdateoftheleaseandtheleaseisclassifiedasanoperatinglease,theCompanyshalltakeitasanewleasefortheaccountingtreatmentfromtheeffectivedateofleasechangeandtakethenetleaseinvestmentmadebeforetheeffectivedateoftheleasechangeasthebookvalueoftheleasedasset;②Ifthechangetakeseffectonthecommencementdateoftheleaseandtheleaseisclassifiedasafinancelease,theCompanyshallcarryoutaccountingtreatmentaccordingtotheregulationsonmodifyingorrenegotiatingcontractsdescribedinAccountingStandardsforEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments.

27.Othersignificantaccountingpoliciesandaccountingestimates

TheCompanycontinuouslyevaluatesthesignificantaccountingestimatesandkeyassumptionsadoptedbasedonhistoricalexperienceandotherfactors,includingreasonableexpectationsforfutureevents.Significantaccountingestimatesandcriticalassumptionsthatmayleadtomajoradjustmentofthecarryingamountofassetsandliabilitiesinthenextaccountingyeararelistedasfollows:

ClassificationoffinancialassetsMajorjudgmentsinvolvedindeterminingtheclassificationoffinancialassetsincludetheanalysisofbusinessmodelsandthecontractualcashflowcharacteristics.TheCompanydeterminesthebusinessmodelofmanagingfinancialassetsattheleveloffinancialassetportfolio,consideringthewayofevaluatingandreportingfinancialassetperformancetokeyexecutives,therisksaffectingthefinancialassetperformanceandtheirmanagementmethods,andthewayfortherelevantbusinessmanagementpersonneltoobtaintheremuneration.

Whenevaluatingwhetherthecontractualcashflowoffinancialassetsisconsistentwiththebasicloanarrangement,theCompanyhasthefollowingmainjudgments:whethertheprincipalmaychangeinthetimedistributionoramountinthedurationduetoprepaymentandotherreasons;whethertheinterestincludesonlythetimevalueofmoney,creditrisk,otherbasicborrowingrisksandconsiderationwithcostsandprofits.Forexample,whethertheamountprepaidreflectsonlytheoutstandingprincipalandinterestbasedontheoutstandingprincipal,aswellasreasonablecompensationpaidforearlytermination.MeasurementofexpectedcreditlossofaccountsreceivableTheCompanycalculatestheexpectedcreditlossofaccountsreceivablethroughdefaultriskexposureandexpectedcreditlossrateofaccountsreceivable,anddeterminestheexpectedcreditlossratebasedondefaultprobabilityandlossgivendefault.Indeterminingtheexpectedcreditlossrate,theCompanyusestheinternalhistoricalcreditlossexperienceandotherdata,andadjuststhehistoricaldataaccordingtothecurrentsituationandforward-lookinginformation.Whenconsideringforward-lookinginformation,theindicatorsusedbytheCompanyincluderisksofeconomicdownturn,changesinexternalmarketenvironment,technologicalenvironmentandcustomerconditions.TheCompanyregularlymonitorsandreviewstheassumptionsrelatedtothecalculationofexpectedcreditlosses.DeferredtaxassetsTotheextentthatthereisprobablyenoughtaxableprofittooffsetloss,theCompanyrecognizesthedeferredtaxassetswithrespecttotheunusedtaxloss.ThisrequirestheManagementtomakegreatjudgmenttoestimatethedateofoccurrenceandamountoffuturetaxableprofitandtodeterminetherecognizedamountofdeferredtaxassetscombiningwithtaxplanningstrategy.DeterminationoffairvalueofunlistedequityinvestmentThefairvalueofunlistedequityinvestmentisdeterminedaccordingtotheestimatedfuturecashflowsdiscountedusingcurrentdiscountratesforprojectswithsimilartermsandriskcharacteristics.ThisvaluationinvolvesuncertaintybecauseitrequirestheCompanytoestimateexpectedfuturecashflowsanddiscountrates.Underlimitedcircumstances,iftheinformationfordeterminingthefairvalueisinsufficientortherangeofpossibleestimatesoffairvalueiswide,andthecostrepresentsthebestestimateforthefairvaluewithinthisrange,suchcostcouldrepresentitsappropriateestimateforthefairvaluewithinthisdistributionrange.

28.Changesinsignificantaccountingpoliciesandaccountingestimates

(1)Changesinsignificantaccountingpolicies?Applicable□Notapplicable

2.InterpretationNo.16oftheAccountingStandardsforBusinessEnterprisesInNovember2022,theMinistryofFinanceissuedInterpretationNo.16oftheAccountingStandardsforBusinessEnterprises(CK[2022]No.31)(hereinafterreferredtoas"InterpretationNo.16").AccordingtotheprovisionsofInterpretationNo.16,whenitisanindividualtransactionthatisnotabusinessmerger,affectsneitheraccountingprofitsnortaxableincome(ordeductiblelosses)atthetimeofthetransaction,andresultsinanequaltaxabletemporarydifferencesanddeductibletemporarydifferencesduetoinitialrecognitionofassetsandliabilities,forthetaxabletemporarydifferencesanddeductibletemporarydifferences

arisingfrominitialrecognitionofassetsandliabilities,thecorrespondingdeferredtaxliabilitiesanddeferredtaxassetsshallberecognizedrespectivelyatthetimeoftransactioninaccordancewiththerelevantprovisionsoftheAccountingStandardsforBusinessEnterprisesNo.18—IncomeTax.FortheabovetransactionsthatoccurbetweenthebeginningoftheearliestperiodforthepresentationofthefinancialstatementsinwhichtheaboveprovisionsarefirstappliedandthedateofimplementationofthisInterpretation,enterprisesshalladjustthebeginningretainedearningsandotherrelevantfinancialstatementitemsfortheearliestperiodinwhichthefinancialstatementsarepresentedaccordingtotheaboveprovisionsforthecumulativeeffect.TheaboveaccountingtreatmentprovisionsshallcomeintoforcefromJanuary1,2023.Iftaxabletemporarydifferencesanddeductibletemporarydifferencesarisefromtheleaseliabilitiesandright-of-useassetsrecognizedbytheCompanyintheleasebusiness,adjustmentshallbemadeinaccordancewiththeprovisionsofInterpretationNo.16.TheimpactoftheimplementationoftheaboveaccountingpoliciesontheconsolidatedbalancesheetasofDecember31,2023andtheconsolidatedincomestatementfortheyearthenendedisasfollows:

ConsolidatedBalanceSheetItems(December31,2023)

ConsolidatedBalanceSheetItems(December31,2023)	Affectedamount
Deferredtaxassets	19,917,904.83
Deferredtaxliabilities	18,633,299.90
Undistributedprofit	1,284,604.93

ConsolidatedIncomeStatement(2023)

ConsolidatedIncomeStatement(2023)	Affectedamount
IncomeTaxExpense	-1,275,800.53
Netprofit	1,275,800.53
Including:Attributabletoshareholdersoftheparentcompany	1,275,800.53
Minorityinterests	-

TheimpactoftheimplementationoftheaboveaccountingpoliciesontheconsolidatedbalancesheetasatDecember31,2022andtheconsolidatedincomestatementfortheyear2022isasfollows:

ConsolidatedBalanceSheetItems(December31,2022)	Beforeadjustment	Amountadjusted	Afteradjustment
Deferredtaxassets	8,518,233.77	126,841.83	8,645,075.60
Deferredtaxliabilities	1,135,031.11	118,037.43	1,253,068.54
Undistributedprofits	590,605,394.67	8,804.40	590,614,199.07

ConsolidatedIncomeStatement(2022)

ConsolidatedIncomeStatement(2022)	Beforeadjustment	Amountadjusted	Afteradjustment
IncomeTaxExpense	21,523,196.08	-11,430.83	21,511,765.25
Netprofitattributabletoshareholdersoftheparentcompany	83,496,135.61	11,430.83	83,507,566.44

TheeffectoftheimplementationoftheaboveaccountingpoliciesontheconsolidatedbalancesheetasofJanuary1,2022isasfollows:

Iteminconsolidatedbalancesheet

Iteminconsolidatedbalancesheet	Amountsbeforeadjustments	Adjustmentamounts	Amountsafteradjustments
Deferredtaxassets	8,499,551.03	461,922.89	8,961,473.92
Deferredtaxliabilities	963,045.49	464,549.32	1,427,594.81
Undistributedprofit	543,843,496.85	-2,626.43	543,840,870.42

(2)Changesinsignificantaccountingestimates

□Applicable?Notapplicable

(3)Conditionsofthefirstimplementationofnewaccountingstandardsfrom2023toadjusttherelevantitemsinfinancialstatementsatthebeginningofthefirstimplementationyear

□Applicable?Notapplicable

VI.Taxes

1.Maintaxesandtaxrates

Taxtype	Taxbasis	Taxrate
Value-addedtax	Taxablevalue-addedtax(taxableamountshallbesubjecttothebalanceoftaxablesalesamountmultiplyingapplicabletaxrateandthendeductthedeductibleincometaxincurrentperiod)	13%,9%,5%,6%,and3%
Urbanmaintenanceandconstructiontax	Actuallypaidturnovertax	7%
Corporateincometax	Taxableincome	25%,20%
Realestatetax	Fortaxationaccordingtoprice,thetaxespayableshallbecalculatedasper1.2%oftheremainingpriceafterdeducting30%oftheoriginalvalueofhouseproperties;fortaxationaccordingtolease,thetaxespayableshallbecalculatedasper12%oftherentrevenue.	1.2%,12%
Educationsurcharges	Actuallypaidturnovertax	3%
Localeducationalsurcharges	Actuallypaidturnovertax	2%

Disclosurestatementoftaxableentitieswithdifferentcorporateincometaxrates

Nameoftaxableentity	Incometaxrate（%）
ShenzhenTellusChuangyingTechnologyCo.,Ltd.	20
ShenzhenBao'anShiquanIndustryCo.,Ltd.	20
ShenzhenSDGTellusRealEstateCo.,Ltd.	20
ShenzhenAutomobileIndustrySupplyandMarketingCompany	20
ShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd.	20
ShanghaiFanyueDiamondCo.,Ltd.	20
Othertaxableentitiesotherthantheabove	25

2.Taxpreference

①CorporateincometaxAccordingtotheAnnouncementonFurtherImplementingPreferentialIncomeTaxPoliciesforSmallandMicroEnterprises(Announcement[2022]No.13oftheMinistryofFinanceandtheStateTaxationAdministration),fromJanuary1,2022toDecember31,2024,forsmallmicro-profitenterprises,theportionoftheirannualtaxableincomeexceedingRMB1millionbutnotexceedingRMB3millionshallbereducedby25%oftheirtaxableincome,andtheyshallpayenterpriseincometaxatarateof20%.AccordingtotheAnnouncementonImplementingPreferentialIncomeTaxPoliciesforSmallandMicroEnterprisesandIndividualBusinesses(AnnouncementNo.6[2023]oftheMinistryofFinanceandtheStateAdministrationofTaxation),fromJanuary1,2023toDecember31,2024,theportionoftheirannualtaxableincomebutnotexceedingRMB1millionshallbereducedby25%oftheirtaxableincome,andtheyshallpayenterpriseincometaxatarateof20%.ThesubsidiariesoftheCompany,includingTellusChuangying,Bao'anShiquan,TellusRealEstateCompany,AutomobileSupplyandMarketingCompany,ShanghaiFanyue,andXinyongtongTesting,enjoytheabovetaxpreferences.

②Value-addedtaxAccordingtotheNoticeoftheStateAdministrationofTaxationonAdjustingtheRelevantTaxPoliciesofDiamondsandShanghaiDiamondExchange(CS[2006]No.65),taxpayersareexemptedfromimportVATforroughdiamondssoldthroughShanghaiDiamondExchangetothedomesticmarket;forfinisheddiamondssoldbytaxpayersthroughShanghaiDiamondExchangetothedomesticmarket,thepartwithanactualimportVATburdenexceeding4%shallberefundeduponcollectionbythecustoms.Inthedomesticlink,taxpayersshalldeducttheinputtaxbytheVATamountindicatedonthetaxpaymentreceiptissuedbythecustoms.AftertaxpayersfollowthepolicyofVATexemptionandrefund-upon-collectionfordiamondssoldtothedomesticmarketthroughShanghaiDiamondExchange,diamondssoldtothedomesticmarketwillbemanagedbythecustomsinaccordancewithcurrentregulationswhentheyleaveShanghaiDiamondExchange.ShanghaiFanyueDiamondCo.,Ltd.,theCompany'ssubsidiary,isamemberofShanghaiDiamondExchangeandenjoystheabovetaxpreferenceswhenimportingfinisheddiamondsthroughShanghaiDiamondExchange.

VII.NotestoConsolidatedFinancialStatements

1.Cashatbankandonhand

Unit:RMB

Item

Item	Endingbalance	Beginningbalance
Cashonhand	17,215.98	25,673.67
Depositsatbank	120,961,253.61	394,258,891.55
Othercashatbankandonhand	99,362,492.05	18,743,762.14
Total	220,340,961.64	413,028,327.36

Othernotes:

ThecashatthebankandonhandwithlimiteduserightsbytheCompanyismainlygoldleasingandfuturesmargins.Detailsoflimitedcashatbankandonhandareasfollows:

Item

Item	Endingbalance	Endingbalanceofthepreviousyear
Supervisionfundsforplotprojectofindustrialpark03upgradingandreconstruction	-	10,665,656.00
Performancebonddeposit	-	2,000,000.00
Depositandinterestofgoldlease	51,328,583.35	-
Futuresandoptionsaccountmargin	8,188,990.60	8,955,842.00
Amountofjudicialcontrol	600,000.00
Total	60,117,573.95	21,621,498.00

2.Tradingfinancialassets

Unit:RMB

Item	Endingbalance	Beginningbalance
Financialassetsmeasuredatfairvaluethroughprofitorloss	206,294,931.94	176,133,569.95
Including:
Structureddepositsandfinancialproducts	131,495,916.67	176,133,569.95
Equityinstrumentinvestment	74,799,015.27
Including:
Total	206,294,931.94	176,133,569.95

3.Derivativefinancialassets

Unit:RMB

Item	Endingbalance	Beginningbalance
Hedginginstruments—derivativefinancialassetsindesignatedhedgingrelationship	298,320.00
Total	298,320.00

4.Notesreceivable

(1)Classifiedpresentationofnotesreceivable

Unit:RMB

Item	Endingbalance	Beginningbalance
Bankacceptancenotes		87,812,500.00
Total		87,812,500.00

5.Accountsreceivable

(1)Disclosurebyaccountreceivableage

Unit:RMB

Accountreceivableage

Period-endbookbalance

Period-beginningbookbalance

Within1year(inclusive)

Within1year(inclusive)	100,107,755.14	42,172,221.79
1to2years	555,132.97	-
Over3years	48,749,943.16	48,784,845.16
Over5years	48,749,943.16	48,784,845.16
Total	149,412,831.27	90,957,066.95

(2)Disclosurebybaddebtaccrualmethod

Unit:RMB

Type	Endingbalance					Beginningbalance
	Bookbalance		Baddebtprovision		Bookvalue	Bookbalance		Baddebtprovision		Bookvalue
	Amount	Proportion	Amount	Provisionproportion		Amount	Proportion	Amount	Provisionproportion
Accountsreceivablewithprovisionforbaddebtsmadeonasinglebasis	48,746,583.16	32.63%	48,746,583.16	100.00%		48,781,485.16	53.63%	48,781,485.16	100.00%
Including:
Accountsreceivableforwhichprovisionforbaddebtsismadebyportfolio	100,666,248.11	67.37%	1,030,496.59	1.02%	99,635,751.52	42,175,581.79	46.37%	423,402.23	1.00%	41,752,179.56
Including:
Including:Leasingandotherbusinessportfolio	41,303,639.85	27.64%	436,870.51	1.06%	40,866,769.34	41,508,602.26	45.64%	416,732.43	1.00%	41,091,869.83
Jewelrysalesbusinessportfolio	59,362,608.26	39.73%	593,626.08	1.00%	58,768,982.18	666,979.53	0.73%	6,669.80	1.00%	660,309.73
Total	149,412,831.27	100.00%	49,777,079.75	33.32%	99,635,751.52	90,957,066.95	100.00%	49,204,887.39	54.10%	41,752,179.56

Provisionforbaddebtsisaccruedonanindividualbasis:

Unit:RMB

Name

Name	Beginningbalance		Endingbalance
	Bookbalance	Baddebtprovision	Bookbalance	Baddebtprovision	Provisionproportion	Reasonsforprovision
ShenzhenJinluIndustry&TradeCo.,Ltd.	9,846,607.00	9,846,607.00	9,846,607.00	9,846,607.00	100.00%	Longaccountreceivableage,andexpectedtobeunrecoverable
GuangdongZhanjiangSamsungAutomobileCo.,Ltd.	4,060,329.44	4,060,329.44	4,060,329.44	4,060,329.44	100.00%	Longaccountreceivableage,andexpectedtobeunrecoverable
WangChanglong	2,370,760.40	2,370,760.40	2,370,760.40	2,370,760.40	100.00%	Longaccountreceivableage,andexpectedtobeunrecoverable
HuizhouJiandachengRoadandBridgeEngineeringCo.,Ltd.	2,021,657.70	2,021,657.70	2,021,657.70	2,021,657.70	100.00%	Longaccountreceivableage,andexpectedtobeunrecoverable
GuangdongGWHoldingsGroupCo.,Ltd.	1,191,059.98	1,191,059.98	1,862,000.00	1,862,000.00	100.00%	Longaccountreceivableage,andexpectedtobeunrecoverable
JianglingMotorsFactory	1,150,000.00	1,150,000.00	1,191,059.98	1,191,059.98	100.00%	Longaccountreceivableage,andexpectedtobeunrecoverable
YangjiangAutomobileTradingCo.,Ltd.	1,862,000.00	1,862,000.00	1,150,000.00	1,150,000.00	100.00%	Longaccountreceivableage,andexpectedtobeunrecoverable
Others	26,279,070.64	26,279,070.64	26,244,168.64	26,244,168.64	100.00%	Longaccountreceivableage,andexpectedtobeunrecoverable
Total	48,781,485.16	48,781,485.16	48,746,583.16	48,746,583.16

Withdrawofprovisionforbaddebts:leasingandotherbusinessportfolio

Unit:RMB

Name	Endingbalance
	Bookbalance	Baddebtprovision	Provisionproportion
Within1year	40,745,146.88	407,433.86	1.00%
1-2years	555,132.97	27,756.65	5.00%
2-3years

Over3years

Over3years	3,360.00	1,680.00	50.00%
Total	41,303,639.85	436,870.51

Provisionforbaddebtsdrawnbyportfolio:portfolioofjewelrysalesbusiness

Unit:RMB

Name	Endingbalance
	Bookbalance	Baddebtprovision	Provisionproportion
Within1year(inclusive)	59,362,608.26	593,626.08	1.00%
Total	59,362,608.26	593,626.08

Whethertoaccruebaddebtprovisionofaccountsreceivableaccordingtoexpectedcreditloss:

?Applicable□Notapplicable

Unit:RMB

Baddebtprovision	StageI	StageII	StageIII	Total
	Expectedcreditlossinthenext12months	Expectedcreditlossoverthelifetime(nocreditimpairmentoccurred)	Expectedcreditlossoverthelifetime(creditimpairmenthasoccurred)
BalanceasofJanuary1,2023	423,402.23		48,781,485.16	49,204,887.39
BalanceasofJanuary1,2023inthecurrentperiod
Accrualinthecurrentperiod	607,094.36			607,094.36
Otherchanges			34,902.00	34,902.00
BalanceasofDecember31,2023	1,030,496.59		48,746,583.16	49,777,079.75

DivisionbasisateachstageandproportionofbaddebtprovisionaccrualNotesonsignificantchangesinthebookbalanceofreceivablesforwhichchangesintheallowanceforlossesoccurredduringthecurrentperiod:

(3)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiod

Baddebtprovisionprovidedinthereportingperiod:

Unit:RMB

Type	Beginningbalance	Amountchangedinthecurrentperiod				Endingbalance
		Accrual	Accountsrecoveredortransferredback	Write-off	Others
Baddebtprovision	49,204,887.39	607,094.36			34,902.00	49,777,079.75
Total	49,204,887.39	607,094.36			34,902.00	49,777,079.75

(4)Accountsreceivableandcontractualassetswithtopfiveendingbalancecollectedaspertheborrowers

Unit:RMB

CompanyName

CompanyName	Endingbalanceofaccountsreceivable	Endingbalanceofcontractassets	Endingbalanceofaccountsreceivableandcontractassets	Proportionintotalendingbalanceofaccountsreceivableandcontractualassets	Endingbalanceofbaddebtproportionofaccountsreceivableandimpairmentprovisionofcontractualassets
ShenzhenForewayJewelleryGroupCo.,Ltd.	24,198,500.00		24,198,500.00	16.20%	241,985.00
GuojinGoldCo.,Ltd.	20,460,300.00		20,460,300.00	13.69%	204,603.00
ShenzhenJinluIndustry&TradeCo.,Ltd.	9,846,607.00		9,846,607.00	6.59%	9,846,607.00
ShenzhenYichaoGoldFashionCo.,Ltd.	5,390,440.00		5,390,440.00	3.61%	53,904.40
ShenzhenKongFookJewelrySupplyChainCo.,Ltd.	4,696,569.37		4,696,569.37	3.14%	46,965.69
Total	64,592,416.37		64,592,416.37	43.23%	10,394,065.09

6.Otherreceivables

Unit:RMB

Item	Endingbalance	Beginningbalance
Dividendsreceivable	1,305,581.86	1,852,766.21
Otherreceivables	11,077,935.06	5,810,804.66
Total	12,383,516.92	7,663,570.87

(1)Dividendsreceivable

1)Categoryofdividendsreceivable

Unit:RMB

Project(ortheinvestee)	Endingbalance	Beginningbalance
ChinaPufaMachineryIndustryCo.,Ltd.	1,305,581.86	1,852,766.21
Total	1,305,581.86	1,852,766.21

2)Dividendsreceivableofimportantaccountreceivableageofover1year

Unit:RMB

Project(ortheinvestee)	Endingbalance	Accountreceivableage	Reasonfornon-recovery	Whetherimpairmenthasoccurredandthebasisfordeterminingimpairment
ChinaPufaMachineryIndustryCo.,Ltd.	1,305,581.86	1-2years	Notpaidyet	Thefinancialandoperatingconditionsof

theCompanyarenormal,andthedividendsreceivablearenotimpaired.

			theCompanyarenormal,andthedividendsreceivablearenotimpaired.
Total	1,305,581.86

(2)Otherreceivables

1)Classificationofotherreceivablesbynature

Unit:RMB

Natureofpayment	Period-endbookbalance	Period-beginningbookbalance
Temporarypaymentsofreceivables	58,543,570.60	57,765,312.21
Depositsandsecuritydeposits	3,092,523.97	1,182,793.87
Total	61,636,094.57	58,948,106.08

(2)Disclosurebyaccountreceivableage

Unit:RMB

Accountreceivableage	Period-endbookbalance	Period-beginningbookbalance
Within1year(inclusive)	6,100,909.61	4,043,874.77
1-2years	982,244.61	345,930.24
2-3years	192,615.11	447,871.38
Over3years	54,360,325.24	54,110,429.69
3-4years	249,895.55
Over5years	54,110,429.69	54,110,429.69
Total	61,636,094.57	58,948,106.08

3)Classifiedanddisclosedaccordingtothemethodforrecognizingbaddebt

?Applicable□Notapplicable

Unit:RMB

Type	Endingbalance					Beginningbalance
	Bookbalance		Baddebtprovision		Bookvalue	Bookbalance		Baddebtprovision		Bookvalue
	Amount	Proportion	Amount	Provisionproportion		Amount	Proportion	Amount	Provisionproportion
Provisionforbaddebtsrecognizedindividually	52,224,555.56	84.73%	50,017,691.31	95.77%	2,206,864.25	55,282,157.72	93.78%	52,825,293.47	95.56%	2,456,864.25
Including:
Provisio	9,411,5	15.27%	540,468	5.74%	8,871,0	3,665,9	6.22%	312,007	8.51%	3,353,9

nforbaddebtreservesonaportfoliobasis

nforbaddebtreservesonaportfoliobasis	39.01		.20		70.81	48.36		.95		40.41
Including:
Accountreceivableageportfolio	6,319,015.04	10.25%	433,367.62	6.86%	5,885,647.42	2,483,154.49	4.21%	197,657.45	7.96%	2,285,497.04
Portfolioofdepositandsecuritydepositreceivable	3,092,523.97	5.02%	107,100.58	3.46%	2,985,423.39	1,182,793.87	2.01%	114,350.50	9.67%	1,068,443.37
Total	61,636,094.57	100.00%	50,558,159.51	82.03%	11,077,935.06	58,948,106.08	100.00%	53,137,301.42	90.14%	5,810,804.66

Provisionforbaddebtsmadeonaportfoliobasis

Unit:RMB

Name	Endingbalance
	Bookbalance	Baddebtprovision	Provisionproportion
Accountreceivableageportfolio	6,319,015.04	433,367.62	6.86%
Portfolioofdepositandsecuritydepositreceivable	3,092,523.97	107,100.58	3.46%
Total	9,411,539.01	540,468.20

Notesofthebasisofrecognizingthegroup:

Accruebaddebtprovisionofaccountsreceivableaccordingtoexpectedcreditloss:

Unit:RMB

Baddebtprovision	StageI	StageII	StageIII	Total
	Expectedcreditlossinthenext12months	Expectedcreditlossoverthelifetime(nocreditimpairmentoccurred)	Expectedcreditlossoverthelifetime(creditimpairmenthasoccurred)
BalanceasofJanuary1,2023	312,007.95		52,825,293.47	53,137,301.42
BalanceasofJanuary1,2023inthecurrentperiod
Accrualinthecurrentperiod	258,892.87			258,892.87
Reversalamountinthecurrentperiod	20,284.72		144,762.52	165,047.24
Otherchanges	10,147.90	0.00	2,689,652.24	2,699,800.14
BalanceasofDecember31,2023	540,468.20		50,017,691.31	50,558,159.51

DivisionbasisateachstageandproportionofbaddebtprovisionaccrualChangesofbookbalancewithsignificantamountchangedoflossprovisioninthereportingperiod

□Applicable?Notapplicable

4)Baddebtprovisionprovided,recoveredorreversedinthecurrentperiod

Baddebtprovisionprovidedinthereportingperiod:

Unit:RMB

Type

Type	Beginningbalance	Amountchangedinthecurrentperiod				Endingbalance
		Accrual	Accountsrecoveredortransferredback	Write-offorverification	Others
Baddebtprovision	53,137,301.42	238,608.15	144,762.52		2,672,987.54	50,558,159.51
Total	53,137,301.42	238,608.15	144,762.52		2,672,987.54	50,558,159.51

5)Otherreceivablesofthetopfiveendingbalancesbytheowingparty

Unit:RMB

CompanyName	Natureofpayment	Endingbalance	Accountreceivableage	Proportiontoendingbalanceofotherreceivables	Endingbalanceofprovisionforbaddebts
ChinaAutomobileSouthChinaAutomobileSalesCo.,Ltd.	Intercoursefunds	9,832,956.37	Over3years	15.95%	9,832,956.37
ShenzhenNanfangIndustryandTradeIndustrialCo.,Ltd.	Intercoursefunds	7,359,060.75	Over3years	11.94%	7,359,060.75
ShenzhenZhonghao(Group)Co.,Ltd.	Intercoursefunds	5,000,000.00	Over3years	8.11%	5,000,000.00
ShenzhenKaifengSpecialAutomobileIndustryCo.,Ltd.	Intercoursefunds	4,413,728.50	Over3years	7.16%	2,206,864.25
ShenzhenJinbeiliElectricApplianceCo.,Ltd.	Collectionandpaymentonbehalfofothers	2,706,983.51	Over3years	4.39%	2,706,983.51
Total		29,312,729.13		47.55%	27,105,864.88

7.Prepaidaccounts

(1)Prepaidaccountslistedbyaccountreceivableage

Unit:RMB

Accountreceivableage	Endingbalance		Beginningbalance
	Amount	Proportion	Amount	Proportion
Within1year	38,395,924.17	99.85%	8,114,727.00	99.85%
1-2years	45,984.79	0.12%

Over3years

Over3years	12,525.94	0.03%	12,525.94	0.15%
Total	38,454,434.90		8,127,252.94

Explanationofreasonsfordelayedsettlementofimportantprepaidaccountswithaccountreceivableageover1year:

N/A

(2)Advancestosupplierswithtopfiveendingbalancecollectedasperthesupplier

Nameofdebtor	Bookbalance	Proportionintotaladvancestosuppliers(%)	Baddebtprovision
ShanghaiGoldCoinInvestmentCo.,Ltd.	37,507,823.13	97.54	-
ISSTechInformationTechnologyCo.,Ltd.	593,247.17	1.54
ShenzhenWuhuaTianbaoSoftwareCo.,Ltd.	102,574.26	0.27	-
ShenzhenLebangConstructionEngineeringCo.,Ltd.	41,600.00	0.11	-
Guangdong(Shenzhen)PetroleumBranch,SinopecSalesCo.,Ltd.	16,240.74	0.04	-
Total	38,261,485.30	99.50	-

8.Inventories

WhethertheCompanyneedstocomplywiththedisclosurerequirementsfortherealestateindustryNo

(1)Inventoryclassification

Unit:RMB

Item	Endingbalance			Beginningbalance
	Bookbalance	Provisionfordeclineinthevalueofinventories	Bookvalue	Bookbalance	Provisionfordeclineinthevalueofinventories	Bookvalue
Rawmaterial	104,324,596.41	15,028,496.75	89,296,099.66	32,186,382.35	14,959,426.51	17,226,955.84
Goodsinstocks	8,789,356.39	8,789,356.39		35,204,271.37	15,553,427.93	19,650,843.44
Hedgeditems	85,802,395.07		85,802,395.07	79,191,876.11		79,191,876.11
Consignedprocessingmaterials	327,656.05		327,656.05
Goodssoldonacommissionbasis	2,999,683.10		2,999,683.10
Total	202,243,687.02	23,817,853.14	178,425,833.88	146,582,529.83	30,512,854.44	116,069,675.39

TheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness.

(2)Provisionfordeclineinthevalueofinventories/contractperformancecostimpairment

Unit:RMB

Item

Item	Beginningbalance	Increaseincurrentyear		Decreaseincurrentyear		Endingbalance
		Accrual	Others	Reversalorwrite-off	Others
Rawmaterial	14,959,426.51	116,803.81			47,733.57	15,028,496.75
Goodsinstocks	15,553,427.93	92,009.98		1,459,231.10	5,396,850.42	8,789,356.39
Total	30,512,854.44	208,813.79		1,459,231.10	5,444,583.99	23,817,853.14

9.Currentportionofnon-currentassets

Unit:RMB

Item	Endingbalance	Beginningbalance
Certificatesofdepositandinterestsduewithinoneyear	55,206,250.00
Total	55,206,250.00

10.Othercurrentassets

Unit:RMB

Item	Endingbalance	Beginningbalance
InputVATtobededucted	27,618,761.58	17,764,057.26
Taxespre-paid	1,423,927.12	582,654.29
Certificatesofdepositforoneyear	75,791,108.89
Total	104,833,797.59	18,346,711.55

11.Otherdebtinvestments

(1)Informationonotherdebtinvestments

Unit:RMB

Item	Beginningbalance	Accruedinterests	Interestadjustment	Changesinfairvalueinthecurrentperiod	Endingbalance	Cost	Accumulatedchangesinfairvalue	Accumulatedimpairmentprovisionrecognizedinothercomprehensiveincome	Note
Negotiablecertificatesofdeposit					67,627,948.60	67,038,381.94	589,566.66
Total					67,627,948.60	67,038,381.94	589,566.66

Changesinprovisionforimpairmentofotherdebtinvestmentsinthecurrentperiod

Unit:RMB

Item

Item	Beginningbalance	Increaseinthecurrentperiod	Decreaseinthecurrentperiod	Endingbalance
Negotiablecertificatesofdeposit		67,627,948.60		67,627,948.60
Total		67,627,948.60		67,627,948.60

12.Otherequityinstrumentinvestments

Unit:RMB

ProjectName	Endingbalance	Beginningbalance	Gainsorlossesincludedinothercomprehensiveincomeinthecurrentperiod	Gainsorlossesincludedinothercomprehensiveincomeinthecurrentperiod	Gainsaccumulatedintoothercomprehensiveincomeattheendofcurrentperiod	Lossesaccumulatedintoothercomprehensiveincomeattheendofcurrentperiod	Dividendincomerecognizedinthecurrentperiod	Reasonsforbeingmeasuredatdesignatedfairvaluewiththeirchangesincludedinothercomprehensiveincome
Investmentinunlistedequityinstruments	383,317.67	10,176,617.20		-9,793,299.53		-9,793,299.53
Total	383,317.67	10,176,617.20		-9,793,299.53		-9,793,299.53

13.Long-termreceivables

(1)Long-termreceivables

Unit:RMB

Item	Endingbalance			Beginningbalance			Discountraterange
	Bookbalance	Baddebtprovision	Bookvalue	Bookbalance	Baddebtprovision	Bookvalue
Transactionswithrelatedparties	6,146,228.91	6,146,228.91		6,146,228.91	6,146,228.91		-
Total	6,146,228.91	6,146,228.91		6,146,228.91	6,146,228.91

(2)Disclosurebybaddebtaccrualmethod

Unit:RMB

Type	Endingbalance			Beginningbalance
	Bookbalance	Baddebtprovision	Bo	Bookbalance	Baddebtprovision	B

okvalue

	Amount	Proportion	Amount	Provisionproportion	okvalue	Amount	Proportion	Amount	Provisionproportion	ookvalue
Provisionforbaddebtsrecognizedindividually	6,146,228.91	100.00%	6,146,228.91	100.00%		6,146,228.91	100.00%	6,146,228.91	100.00%
Including:
Including:
Total	6,146,228.91	100.00%	6,146,228.91	100.00%		6,146,228.91	100.00%	6,146,228.91	100.00%

14.Long-termequityinvestments

Unit:RMB

Investee

Beginningbalance(bookvalue)

Beginningbalanceofimpairmentprovision

Changesinthecurrentperiod

Endingbalance(bookvalue)

Endingbalanceofimpairmentprovision

Additionalinvestment

Reducedinvestment

Investmentgainsandlossesrecognizedundertheequitymethod

Adjustmentsinothercomprehensiveincome

Changesinotherequity

Cashdividendorprofitdeclaredtodistribute

Provisionsforimpairment

Others

I.Jointventures

ShenzhenTellus-GmondInvestmentCo.,Ltd.

47,143,720.13

17,107,124.93

15,000,000.00

49,250,845.06

ShenzhenTelixingInvestmentCo.,Ltd.

14,200,897.13

-898,585.53

13,302,311.60

Subtot

61,34

16,20

15,00

62,55

al

al	4,617.26			8,539.40		0,000.00		3,156.66
II.Associates
ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.	19,679,748.68			3,664,296.75		9,385,714.52		13,958,330.91
ShenzhenTellusAutomobileServiceChainCo.,Ltd.
ShenzhenYongtongXindaTestingEquipmentCo.,Ltd.
HunanChangyangIndustrialCo.,Ltd.		1,810,540.70							1,810,540.70
ShenzhenJiechengElectronicsCo.,Ltd.		3,225,000.00							3,225,000.00
ShenzhenXiandaoNewMaterialsCo.,Ltd.		4,751,621.62							4,751,621.62
ChinaAutom		400,000.00							400,000.00

otiveIndustryShenzhenTradingCo.,Ltd.

otiveIndustryShenzhenTradingCo.,Ltd.
ShenzhenUniversalStandardPartsCo.,Ltd.		500,000.00		500,000.00
ShenzhenChinaAutomobileSouthChinaAutomobileSalesCo.,Ltd.		2,250,000.00		2,250,000.00
ShenzhenBailiyuanPowerSupplyCo.,Ltd.		1,320,000.00		1,320,000.00
ShenzhenYiminAutoTradingCo.,Ltd.		200,001.10		200,001.10
ShenzhenTorchSparkPlugIndustryCo.,Ltd.		17,849.20		17,849.20
ShenzhenHanliHighTechCeram		1,956,000.00		1,956,000.00

icsCo.,Ltd.

icsCo.,Ltd.
ShenzhenNanfangAutomobileRepairCenter		6,700,000.00							6,700,000.00
Subtotal	19,679,748.68	23,131,012.62		3,664,296.75		9,385,714.52		13,958,330.91	23,131,012.62
Total	81,024,365.94	23,131,012.62		19,872,836.15		24,385,714.52		76,511,487.57	23,131,012.62

Whethertherecoverableamountisdeterminedaccordingtothenetamountwithfairvaluedeductingdisposalexpenses

□Applicable?NotapplicableWhethertherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow

□Applicable?NotapplicableReasonsfortheapparentinconsistencybetweentheaforementionedinformationandtheinformationorexternalinformationusedintheimpairmenttestofpreviousyearsReasonsfortheapparentinconsistencybetweentheinformationadoptedbytheCompany'simpairmenttestinpreviousyearsandtheactualsituationinthatyearOthernotes:

15.Investmentproperties

(1)Investmentpropertiesmeasuredatcost?Applicable□Notapplicable

Unit:RMB

Item	Housesandbuildings	Landuseright	Constructioninprogress	Total
I.Originalbookvalue
1.Beginningbalance	630,510,174.94	49,079,520.00		679,589,694.94
2.Amountincreasedinthecurrentperiod	474,081,142.76	46,587,562.86		520,668,705.62
(1)Outsourcing
(2)Transferredfrominventory/fixedassets/constructioninprogress	474,081,142.76			474,081,142.76
(3)Increaseduetobusinessmerger
(4)Transferredfromintangibleassets		46,587,562.86		46,587,562.86
3.Amountdecreasedinthecurrentperiod
(1)Disposal
(2)Othertransfer-out

4.Endingbalance

4.Endingbalance

1,104,591,317.70

95,667,082.86

1,200,258,400.56

II.Accumulateddepreciationandaccumulatedamortization

II.Accumulateddepreciationandaccumulatedamortization
1.Beginningbalance	158,767,972.34	4,461,583.15		163,229,555.49
2.Amountincreasedinthecurrentperiod	27,023,293.56	1,868,209.71		28,891,503.27
(1)Provisionoramortization	27,023,293.56	1,868,209.71		28,891,503.27

3.Amountdecreasedinthecurrentperiod

3.Amountdecreasedinthecurrentperiod

(1)Disposal

(2)Othertransfer-out

4.Endingbalance

4.Endingbalance	185,791,265.90	6,329,792.86		192,121,058.76
III.Provisionforimpairment
1.Beginningbalance
2.Amountincreasedinthecurrentperiod
(1)Accrual

3.Amountdecreasedinthecurrentperiod

3.Amountdecreasedinthecurrentperiod

(1)Disposal

(2)Othertransfer-out

4.Endingbalance

4.Endingbalance
IV.Bookvalue
1.Endingbookvalue	918,800,051.80	89,337,290.00		1,008,137,341.80
2.Beginningbookvalue	471,742,202.60	44,617,936.85		516,360,139.45

Whethertherecoverableamountisdeterminedaccordingtothenetamountwithfairvaluedeductingdisposalexpenses

□Applicable?NotapplicableWhethertherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow

□Applicable?NotapplicableReasonsfortheapparentinconsistencybetweentheaforementionedinformationandtheinformationorexternalinformationusedintheimpairmenttestofpreviousyearsReasonsfortheapparentinconsistencybetweentheinformationadoptedbytheCompany'simpairmenttestinpreviousyearsandtheactualsituationinthatyear

(2)Investmentpropertiesmeasuredatfairvalue

□Applicable?Notapplicable

(3)Investmentpropertieswhosepropertycertificatesarenotobtained

Unit:RMB

Item	Bookvalue	Reasonsforfailuretoobtainthepropertycertificate
ShopsinBuilding12,Sungang	23,163.75	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled
CNNCOfficeBuilding	3,953,969.61	Duetohistoricalreasons,theproperty

ownershipcertificatehasnotbeenhandled

		ownershipcertificatehasnotbeenhandled
Building12,Sungang	9,517.89	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled
Total	3,986,651.25

16.Fixedassets

Unit:RMB

Item	Endingbalance	Beginningbalance
Fixedassets	78,935,843.49	102,689,546.42
Fixedassetsfordisposal
Total	78,935,843.49	102,689,546.42

(1)Detailsoffixedassets

Unit:RMB

Item	Housesandbuildings	Machineryandequipment	Transportationequipment	Electronicequipment	Fixedassetsofdecoration	Officeandotherequipment	Total
I.Originalbookvalue:
1.Beginningbalance	282,928,324.11	22,445,763.74	5,475,367.29	10,893,270.06	1,569,294.59	8,869,127.96	332,181,147.75
2.Amountincreasedinthecurrentperiod		508,297.35	559,625.73	348,390.45		415,160.52	1,831,474.05
(1)Purchase		508,297.35	559,625.73	348,390.45		415,160.52	1,831,474.05
(2)Transferredfromprojectsunderconstruction
(3)Increaseduetobusinessmerger

3.Amountdecreasedinthecurrentperiod

3.Amountdecreasedinthecurrentperiod	64,346,975.91	6,290,377.75	3,948,465.29	3,823,103.17	427,835.53	1,108,639.69	79,945,397.34
(1)Disposalorscrapping		1,608,826.89	3,948,465.29	249,409.37		813,673.24	6,620,374.79
(2)Changes	64,346,975	4,681,550.		3,573,693.	427,835.53	294,966.45	73,325,022

inconsolidationscope

inconsolidationscope	.91	86		80			.55
4.Endingbalance	218,581,348.20	16,663,683.34	2,086,527.73	7,418,557.34	1,141,459.06	8,175,648.79	254,067,224.46
II.Accumulateddepreciation
1.Beginningbalance	197,126,970.69	10,908,692.02	3,794,318.81	7,350,551.82	949,921.75	4,992,292.92	225,122,748.01
2.Amountincreasedinthecurrentperiod	6,059,966.56	1,046,575.24	237,810.32	829,644.52	19,252.60	839,459.79	9,032,709.03
(1)Accrual	6,059,966.56	1,046,575.24	237,810.32	829,644.52	19,252.60	839,459.79	9,032,709.03

3.Amountdecreasedinthecurrentperiod

3.Amountdecreasedinthecurrentperiod	53,463,711.74	4,223,403.61	2,280,559.64	3,337,058.61	109,098.02	790,293.76	64,204,125.38
(1)Disposalorscrapping		426,806.73	1,436,181.30	249,069.27		588,303.21	2,700,360.51
(2)Changesinconsolidationscope	53,463,711.74	3,796,596.88	844,378.34	3,087,989.34	109,098.02	201,990.55	61,503,764.87
4.Endingbalance	149,723,225.51	7,731,863.65	1,751,569.49	4,843,137.73	860,076.33	5,041,458.95	169,951,331.66
III.Provisionforimpairment
1.Beginningbalance	3,555,385.70	411,135.22	6,165.00	49,190.85	281,382.73	65,593.82	4,368,853.32
2.Amountincreasedinthecurrentperiod		465,698.40		249,335.72		123,087.66	838,121.78
(1)Accrual		465,698.40		249,335.72		123,087.66	838,121.78

3.Amountdecreasedinthecurrent

3.Amountdecreasedinthecurrent

5,215.34

21,710.45

26,925.79

period

period
(1)Disposalorscrapping				2,215.73			2,215.73
(2)Changesinconsolidationscope		5,215.34		19,494.72			24,710.06
4.Endingbalance	3,555,385.70	871,618.28	6,165.00	276,816.12	281,382.73	188,681.48	5,180,049.31
IV.Bookvalue
1.Endingbookvalue	65,302,736.99	8,060,201.41	328,793.24	2,298,603.49		2,945,508.36	78,935,843.49
2.Beginningbookvalue	82,245,967.72	11,125,936.50	1,674,883.48	3,493,527.39	337,990.11	3,811,241.22	102,689,546.42

(2)Fixedassetsleasedoutbyoperatinglease

Unit:RMB

Item	Bookvalueattheendoftheperiod
Housesandbuildings	59,573,894.32

(3)Fixedassetswhosepropertycertificatesarenotobtained

Unit:RMB

Item	Bookvalue	Reasonsforfailuretoobtainthepropertycertificate
YongtongBuilding	22,426,095.19	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled
AutomobileBuilding	20,682,213.64	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled
ParkingLotofTellusBuilding	7,451,101.64	Thepropertyownershipcertificateoftheparkinglotcannotbehandled.
Floor3-5,Plant1#,2#and3#,TaoyuanRoad	2,752,765.03	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled
Transferfloor(s)ofTellusBuilding	1,202,660.36	Unabletoapplyforpropertyownershipcertificate
No.16ApartmentofTaohuayuan	1,006,978.98	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled
Warehouse	707,217.25	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled
FirstFloorofBao'anCommercialandResidentialBuilding	681,044.12	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled

ShuibeiZhongtianBuilding

ShuibeiZhongtianBuilding	510,646.80	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled
WarehouseofTradeDepartment	49,143.49	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled
SongquanApartment(mixed)	10,086.79	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled
BuxinGeneratorRoom	8,046.78	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled
Factoryandshop5-7ofBuxinRoad	35,578.82	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled
GuestHouseonRenminNorthRoad	5,902.41	Duetohistoricalreasons,thepropertyownershipcertificatehasnotbeenhandled
Total	57,529,481.30

(4)Impairmenttestoffixedassets

□Applicable?Notapplicable

17.Projectsunderconstruction

Unit:RMB

Item	Endingbalance	Beginningbalance
Constructioninprogress	7,279,570.05	409,933,559.27
Total	7,279,570.05	409,933,559.27

(1)Informationofprojectsunderconstruction

Unit:RMB

Item	Endingbalance			Beginningbalance
	Bookbalance	Provisionforimpairment	Bookvalue	Bookbalance	Provisionforimpairment	Bookvalue
TellusGoldandDiamondTradingBuilding				409,808,714.95		409,808,714.95
RenovationofExhibitionHallandTreasuryAreaoftheSunkenAreaonB1ofTellusJewelryBuilding	4,740,393.23		4,740,393.23
ReconstructionandUpgradingofShuibei	808,507.65		808,507.65

ZhongtianBuilding

ZhongtianBuilding
DecorationofAnnexBuildingofTellusGoldandDiamondBuilding	108,945.00		108,945.00
Otherprojects	1,621,724.17		1,621,724.17	124,844.32		124,844.32
Total	7,279,570.05		7,279,570.05	409,933,559.27		409,933,559.27

(2)Changesinmajorconstruction-in-progressprojectsinthecurrentperiod

Unit:RMB

ProjectName	Budget	Beginningbalance	Increaseincurrentyear	Amounttransferredintofixedassetsinthecurrentperiod	Otherdecreasesinthecurrentperiod	Endingbalance	Proportionofaccumulatedprojectinvestmentinbudgets	Constructionprogress	Accumulatedamountofcapitalizedinterest	Including:Amountofcapitalizedinterestinthecurrentperiod	Capitalizationrateforcurrentinterest	Sourceoffunds
TellusGoldandDiamondTradingBuilding	491,060,000.00	409,808,714.95	53,179,815.06	462,988,530.01		0.00	94.28%	100%	8,087,368.43	1,776,046.66	3.50%	Others
Total	491,060,000.00	409,808,714.95	53,179,815.06	462,988,530.01		0.00			8,087,368.43	1,776,046.66	3.50%

(3)Impairmenttestofprojectsunderconstruction

□Applicable?Notapplicable

18.Right-of-useassets

(1)Right-of-useassets

Unit:RMB

Item	Housesandbuildings	Total
I.Originalbookvalue
1.Beginningbalance	10,149,723.83	10,149,723.83
2.Amountincreasedinthecurrentperiod	74,305,047.63	74,305,047.63
(1)Rent	74,305,047.63	74,305,047.63
3.Amountdecreasedinthecurrent	3,823,465.75	3,823,465.75

period

period
(1)Due	3,823,465.75	3,823,465.75
4.Endingbalance	80,631,305.71	80,631,305.71
II.Accumulateddepreciation
1.Beginningbalance	5,968,480.97	5,968,480.97
2.Amountincreasedinthecurrentperiod	6,481,996.22	6,481,996.22
(1)Accrual	6,481,996.22	6,481,996.22

3.Amountdecreasedinthecurrentperiod

3.Amountdecreasedinthecurrentperiod	3,723,887.98	3,723,887.98
(1)Disposal
(2)Due	3,723,887.98	3,723,887.98
4.Endingbalance	8,726,589.21	8,726,589.21
III.Provisionforimpairment
1.Beginningbalance
2.Amountincreasedinthecurrentperiod
(1)Accrual

3.Amountdecreasedinthecurrentperiod

3.Amountdecreasedinthecurrentperiod

(1)Disposal

4.Endingbalance

4.Endingbalance
IV.Bookvalue
1.Endingbookvalue	71,904,716.50	71,904,716.50
2.Beginningbookvalue	4,181,242.86	4,181,242.86

(2)Impairmenttestofright-of-useassets

□Applicable?Notapplicable

19.Intangibleassets

(1)Intangibleassets

Unit:RMB

Item	Landuseright	Patentright	Non-patentedtechnologies	Trademark	Computersoftware	Total
I.Originalbookvalue
1.Beginningbalance	50,661,450.00			128,500.00	6,981,220.20	57,771,170.20
2.Amountincreasedinthecurrentperiod	1,485,157.77				388,165.70	1,873,323.47

(1)Purchase

(1)Purchase				388,165.70	388,165.70
(2)InternalR&D
(3)Increaseduetobusinessmerger
(4)Otherincreases	1,485,157.77				1,485,157.77
3.Amountdecreasedinthecurrentperiod	50,178,756.77			173,000.00	50,351,756.77
(1)Disposal
(2)Transfertoinvestmentproperties	50,178,756.77				50,178,756.77
(3)Changesinconsolidationscope				173,000.00	173,000.00
4.Endingbalance	1,967,851.00		128,500.00	7,196,385.90	9,292,736.90
II.Accumulatedamortization
1.Beginningbalance	3,945,345.32		105,675.32	3,912,133.84	7,963,154.48
2.Amountincreasedinthecurrentperiod	448,525.08		5,312.46	724,168.18	1,178,005.72
(1)Accrual	448,525.08		5,312.46	724,168.18	1,178,005.72

3.Amountdecreasedinthecurrentperiod

3.Amountdecreasedinthecurrentperiod	3,591,193.91			173,000.00	3,764,193.91
(1)Disposal
(2)Transfertoinvestmentproperties	3,591,193.91				3,591,193.91
(3)Changesinconsolidationscope				173,000.00	173,000.00
4.Endingbalance	802,676.49		110,987.78	4,463,302.02	5,376,966.29
III.Provisionforimpairment
1.Beginningbalance
2.Amountincreasedinthecurrentperiod
(1)Accrual

3.Amountdecreasedinthecurrentperiod

3.Amountdecreasedinthecurrentperiod

(1)Disposal

4.Endingbalance

4.Endingbalance
IV.Bookvalue
1.Endingbookvalue	1,165,174.51		17,512.22	2,733,083.88	3,915,770.61
2.Beginningbookvalue	46,716,104.68		22,824.68	3,069,086.36	49,808,015.72

(2)Impairmenttestofintangibleassets

□Applicable?Notapplicable

20.Long-termdeferredexpenses

Unit:RMB

Item

Item	Beginningbalance	Increaseincurrentyear	Amortizationamountofthecurrentperiod	Otherdecreasedamount	Endingbalance
Decorationengineering	25,876,099.49	18,963,461.68	6,447,382.15		38,392,179.02
Total	25,876,099.49	18,963,461.68	6,447,382.15		38,392,179.02

21.Deferredtaxassets/deferredtaxliabilities

(1)Deferredtaxassetsnotoffset

Unit:RMB

Item	Endingbalance		Beginningbalance
	Deductibletemporarydifferences	Deferredtaxassets	Deductibletemporarydifferences	Deferredtaxassets
Deductiblelosses	12,429,491.12	3,107,372.77
Creditimpairmentprovision	35,059,422.28	8,764,855.57	34,072,935.08	8,518,233.77
Deferredincome	687,408.75	171,852.19
Changesinfairvalueofheld-for-tradingfinancialassets	13,705,388.76	3,426,347.19
Changesinfairvalueofotherequityinstrumentinvestments	9,793,299.53	2,448,324.88
Leaseliabilities	79,671,619.30	19,917,904.83
Total	151,346,629.74	37,836,657.43	34,072,935.08	8,518,233.77

(2)Deferredtaxliabilitiesnotoffset

Unit:RMB

Item	Endingbalance		Beginningbalance
	Taxabletemporarydifference	Deferredtaxliabilities	Taxabletemporarydifference	Deferredtaxliabilities
Accelerateddepreciationoffixedassets	562,445.00	140,611.25
Timedifferenceofincometaxduetoallocationofrent-freeperiodincome	19,145,855.24	4,786,463.81	4,540,124.44	1,135,031.11
Measurementofremainingequityfairvalue	67,398,061.80	16,849,515.45
Right-of-useassets	74,533,199.60	18,633,299.90
Total	161,639,561.64	40,409,890.41	4,540,124.44	1,135,031.11

(3)Deferredtaxassetsorliabilitiespresentedinnetamountafterbeingoffset

Unit:RMB

Item

Item	Mutualoff-setamountofdeferredtaxassetsandliabilitiesattheperiodend	Endingbalanceofdeferredtaxassetsorliabilitiesafteroffset	Mutualoff-setamountofdeferredtaxassetsandliabilitiesattheperiodbeginning	Beginningbalanceofdeferredtaxassetsorliabilitiesafteroffset
Deferredtaxassets		37,836,657.43		8,518,233.77
Deferredtaxliabilities		40,409,890.41		1,135,031.11

(4)Detailsofunrecognizeddeferredtaxassets

Unit:RMB

Item	Endingbalance	Beginningbalance
Deductibletemporarydifferences	123,519,997.09	128,561,177.79
Deductiblelosses	22,073,706.37	23,458,252.21
Total	145,593,703.46	152,019,430.00

(5)Deductiblelossesofunrecognizeddeferredtaxassetswillbecomematureanddueinthefollowingyears

Unit:RMB

Year	Endingamount	Openingamount	Note
Year2023
2024		113,396.51
2025	3,230,232.35	9,002,510.80
2026	8,589,171.35	8,816,324.17
2027	4,821,009.13	5,526,020.73
2028	5,433,293.54
Total	22,073,706.37	23,458,252.21

22.Othernon-currentassets

Unit:RMB

Item	Endingbalance			Beginningbalance
	Bookbalance	Provisionforimpairment	Bookvalue	Bookbalance	Provisionforimpairment	Bookvalue
Advancepaymentforproject	47,071,710.51		47,071,710.51	49,631,706.19		49,631,706.19
ReclassificationofVATdebitbalance	8,385,565.03		8,385,565.03	8,572,664.86		8,572,664.86
Large-denominationcertificatesofdepositandinterestdue	41,431,777.78		41,431,777.78	96,322,575.78		96,322,575.78

overoneyear

overoneyear
Prepaymentsforsoftware	164,000.00		164,000.00
Total	97,053,053.32		97,053,053.32	154,526,946.83		154,526,946.83

23.Assetswithrestrictedownershiporuseright

Unit:RMB

Item	Endofperiod				Beginningofperiod
	Bookbalance	Bookvalue	Restrictedtype	Restrictions	Bookbalance	Bookvalue	Restrictedtype	Restrictions
Cashatbankandonhand	60,117,573.95	60,117,573.95	Securitydeposits	Securitydepositsandfuturesmarginforbankgoldleasing	21,621,498.00	21,621,498.00	Supervisionfundsandsecuritydeposits	Supervisionfundsandfutures&optionaccountmarginofPlot03oftheTellusGimengGoldJewelryIndustryParkUpgradingandReconstructionProject
Intangibleassets					45,447,359.01	45,447,359.01	Mortgage	Bankborrowingmortgage
Total	60,117,573.95	60,117,573.95			67,068,857.01	67,068,857.01

24.Short-termborrowing

(1)Classificationofshort-termborrowing

Unit:RMB

Item	Endingbalance	Beginningbalance
Creditborrowing	145,131,694.44
Discountedborrowingsofnotesreceivablenotderecognized		20,000,000.00
Total	145,131,694.44	20,000,000.00

25.Held-for-tradingfinancialliabilities

Unit:RMB

Item	Endingbalance	Beginningbalance
Including:
Financialliabilitiesdesignatedasmeasuredatfairvaluethroughprofitand	56,881,954.76	18,572,684.91

loss

loss
Including:
Goldleasing	56,881,954.76	18,572,684.91
Total	56,881,954.76	18,572,684.91

Othernotes:

Note:Thefinancialliabilitiesdesignatedtobemeasuredatfairvalueandwiththeirchangesincludedincurrentprofitsandlossesaretheliabilitiesformedbytheaccountingcompany'sgoldphysicalleasingbusinesswithbanks.TheCompanyrentsgoldfromthebankandbuysgoldofthesamequantityandspecificationthroughShanghaiGoldExchangeonthematuritydatetorepaythebankandpaytheagreedrentalinterest.Theleasetermiswithin1year.AsofDecember31,2023,thecostoffinancialliabilitiesisRMB53,588,960.00,thechangeinfairvalueisRMB3,002,660.00asaloss,andtheinterestpayableisRMB290,334.76.

26.Derivativefinancialliabilities

Unit:RMB

Item	Endingbalance	Beginningbalance
Derivativefinancialliabilitieswithdesignatedhedgingrelationship	1,380.00	489,360.00
Total	1,380.00	489,360.00

27.Accountspayable

(1)Presentationofaccountspayable

Unit:RMB

Item	Endingbalance	Beginningbalance
Purchasepaymentforgoodsandservices	6,150,884.19	5,397,040.27
Paymentforengineeringequipment	129,683,530.20	119,319,760.44
Total	135,834,414.39	124,716,800.71

(2)Significantaccountspayablewiththeaccountreceivableageofover1year

Unit:RMB

Item	Endingbalance	Reasonsfornotrepayingorcarryingover
ShenzhenYinglongJian'an(Group)Co.,Ltd.	28,298,954.80	Project(s)unsettled
ChinaConstructionFirstBuilding(Group)CorporationLimited	7,341,720.70	Project(s)unsettled
ShenzhenSDGRealEstateCo.,Ltd.	6,054,855.46	Outstandingbyrelatedcompanies
ShenzhenYinuoConstructionEngineeringCo.,Ltd.	3,555,095.22	Project(s)unsettled
ShenzhenSDGEngineeringManagementCo.,Ltd.	1,104,477.06	Outstandingbyrelatedcompanies
Total	46,355,103.24

28.Otherpayables

Unit:RMB

Item

Item	Endingbalance	Beginningbalance
Otherpayables	126,826,966.60	105,180,279.00
Total	126,826,966.60	105,180,279.00

(1)Otherpayables

1)Otherpayablespresentedbynatureofpayment

Unit:RMB

Item	Endingbalance	Beginningbalance
Depositandsecuritydeposit	61,572,033.08	42,765,478.88
Currentaccountsassociated	13,217,780.83	18,990,738.98
Withdrawalinadvance	14,559,784.33	11,499,312.36
Temporaryreceiptspayable	37,477,368.36	31,924,748.78
Total	126,826,966.60	105,180,279.00

2)Othersignificantaccountspayablewiththeaccountreceivableageofover1yearoroverdue

Unit:RMB

Item	Endingbalance	Reasonsfornotrepayingorcarryingover
ShenzhenKongFookJewelrySupplyChainCo.,Ltd.	3,000,000.00	Unduesecurity
HongkongYujiaInvestmentLimited	2,146,404.58	Norepaymentfromrelatedcompany
Total	5,146,404.58

29.Advancesfromcustomers

(1)Advancesfromcustomers

Unit:RMB

Item	Endingbalance	Beginningbalance
Rent	4,306,567.65	6,119,377.90
Total	4,306,567.65	6,119,377.90

30.Contractliabilities

Unit:RMB

Item	Endingbalance	Beginningbalance
Goodsfeesreceivableinadvance	2,628,855.25	4,581,999.11
Servicesfeesreceivableinadvance	4,451,120.13	4,677,659.32
Total	7,079,975.38	9,259,658.43

31.Employeecompensationpayable

(1)Employeecompensationpayable

Unit:RMB

Item

Item	Beginningbalance	Increaseinthecurrentperiod	Decreaseinthecurrentperiod	Endingbalance
I.Short-termcompensation	38,550,181.70	56,983,637.48	62,108,463.03	33,425,356.15
II.Post-employmentbenefits—Definedcontributionplan		4,806,720.83	4,806,720.83
III.Dismissalwelfare		29,544,249.87	29,544,249.87
Total	38,550,181.70	91,334,608.18	96,459,433.73	33,425,356.15

(2)Short-termemployeebenefits

Unit:RMB

Item	Beginningbalance	Increaseinthecurrentperiod	Decreaseinthecurrentperiod	Endingbalance
1.Salaries,bonuses,allowances,andsubsidies	37,734,999.53	48,669,608.71	53,066,391.15	33,338,217.09
2.Employeebenefits	23,190.00	47,953.26	71,143.26
3.Socialinsurancepremiums		2,208,891.43	2,208,891.43
Including:medicalinsurancepremium		1,965,092.38	1,965,092.38
Work-relatedinjuryinsurancepremium		80,964.71	80,964.71
Maternityinsurancepremium		162,834.34	162,834.34
4.Housingprovidentfund	1,012.80	3,886,186.53	3,886,186.53	1,012.80
5.Tradeunionfundsandstaffeducationfunds	224,279.37	1,008,573.00	1,232,226.11	626.26
8.Others	566,700.00	1,162,424.55	1,643,624.55	85,500.00
Total	38,550,181.70	56,983,637.48	62,108,463.03	33,425,356.15

(3)Definedcontributionplan

Unit:RMB

Item	Beginningbalance	Increaseinthecurrentperiod	Decreaseinthecurrentperiod	Endingbalance
1.Basicendowmentinsurance		4,771,126.10	4,771,126.10
2.Unemploymentinsurance		35,594.73	35,594.73
Total		4,806,720.83	4,806,720.83

32.Taxespayable

Unit:RMB

Item	Endingbalance	Beginningbalance
Value-addedtax	1,753,636.75	3,220,124.57
Corporateincometax	7,692,722.34	6,942,460.17
Individualincometax	1,174,933.55	1,895,926.96

Urbanmaintenanceandconstructiontax

Urbanmaintenanceandconstructiontax	89,600.86	178,605.67
Educationsurcharges	79,842.74	143,450.67
Landusetax		40,949.07
Landappreciationtax	17,386,832.46	5,362,682.64
Stampduty	526,135.54
Othertaxesandfees	153,743.82	1,107,593.09
Total	28,857,448.06	18,891,792.84

33.Currentportionofnon-currentliabilities

Unit:RMB

Item	Endingbalance	Beginningbalance
Currentportionofleaseliabilities	7,304,647.32	2,009,819.15
Total	7,304,647.32	2,009,819.15

34.Othercurrentliabilities

Unit:RMB

Item	Endingbalance	Beginningbalance
Outputtaxtobetransferred	3,388,998.35	548,507.70
Reversalofnotesreceivablenotderecognized		67,812,500.00
Total	3,388,998.35	68,361,007.70

35.Long-termborrowings

(1)Classificationoflong-termborrowings

Unit:RMB

Item	Endingbalance	Beginningbalance
Mortgageloan		144,820,511.42
Total		144,820,511.42

36.Leaseliabilities

Unit:RMB

Item	Endingbalance	Beginningbalance
Leaseliabilities	69,524,214.23	2,926,184.93
Total	69,524,214.23	2,926,184.93

37.Long-termpayables

Unit:RMB

Item	Endingbalance	Beginningbalance
Long-termpayables	3,920,160.36	3,920,160.36
Total	3,920,160.36	3,920,160.36

(1)Long-termpayablesbynatureofpayment

Unit:RMB

Item

Item	Endingbalance	Beginningbalance
Employeehousingdeposit	3,908,848.40	3,908,848.40
Grantsfortechnologyinnovationprojects	11,311.96	11,311.96
Subtotal	3,920,160.36	3,920,160.36

38.Estimatedliabilities

Unit:RMB

Item	Endingbalance	Beginningbalance	Reasonforformation
Pendinglitigation	268,414.80	268,414.80	Pendinglitigation
Total	268,414.80	268,414.80

39.Deferredincome

Unit:RMB

Item	Beginningbalance	Increaseinthecurrentperiod	Decreaseinthecurrentperiod	Endingbalance	Reasonforformation
Governmentsubsidy	10,579,545.71	1,085,610.00	2,047,472.18	9,617,683.53
Total	10,579,545.71	1,085,610.00	2,047,472.18	9,617,683.53	--

40.Capitalstock

Unit:RMB

	Beginningbalance	Increaseordecrease(+,-)					Endingbalance
		Issuanceofnewshares	Stockdividend	Conversionofthereservefundsintoshares	Others	Subtotal
Totalshares	431,058,320.00						431,058,320.00

41.Capitalreserves

Unit:RMB

Item	Beginningbalance	Increaseinthecurrentperiod	Decreaseinthecurrentperiod	Endingbalance
Capitalpremium(stockpremium)	425,768,053.35		583,146.01	425,184,907.34
Othercapitalreserves	5,681,501.16			5,681,501.16
Total	431,449,554.51		583,146.01	430,866,408.50

Decreaseinthecurrentperiod:NisenInternationalCo.,Ltd.withdrewfromthemergerscopeofitssubsidiaryShenzhenTefaHuariAutomobileEnterpriseCo.,Ltd.in2007,andtheunmadelossesdirectlyincludedintheequityportionwerereturnedtothecapitalreserveadjustedbyshareratio.Thecompulsoryliquidationofthecurrentfactorcompany,ShenzhenTefaHuari

AutomobileEnterpriseCo.,Ltd.isnolongerincludedinthescopeofthemerger,andthecorrespondingcapitalreservesaretransferredout.

42.Othercomprehensiveincome

Unit:RMB

Item

Item	Beginningbalance	Amountincurredinthecurrentperiod						Endingbalance
		Amountincurredbeforeincometaxinthecurrentperiod	Less:Amountincludedinothercomprehensiveincomesinthepreviousperiodbuttransferredtoprofitandlossinthecurrentperiod	Less:Profitorlossincludedinothercomprehensiveincomeatearlystageandtransferredtotheretainedearningsinthecurrentperiod	Less:incometaxexpenses	Netafter-taxincomeattributabletoparentcompany	Attributabletominorityshareholdersaftertax
I.Othercomprehensiveincomethatcannotbereclassifiedthroughprofitorloss						-7,344,974.65		-7,344,974.65
Changesinfairvalueofotherequityinstrumentinvestments						-7,344,974.65		-7,344,974.65
II.Othercomprehensiveincometobereclassifiedthroughprofitorloss	26,422.00							26,422.00
Including:Othercomprehensiveincomeconvertibletoprofitorlossundertheequitymethod	26,422.00							26,422.00
Totalofothercomprehensiveincome	26,422.00					-7,344,974.65		-7,318,552.65

43.Surplusreserves

Unit:RMB

Item

Item	Beginningbalance	Increaseinthecurrentperiod	Decreaseinthecurrentperiod	Endingbalance
Statutorysurplusreserve	52,499,172.13	11,457,114.33		63,956,286.46
Total	52,499,172.13	11,457,114.33		63,956,286.46

44.Undistributedprofit

Unit:RMB

Item	Currentperiod	Previousperiod
Undistributedprofitbeforeadjustmentattheendofthepreviousyear	590,605,394.67	543,843,496.85
Adjustthetotalundistributedprofitatthebeginningoftheyear(increasetobemarkedby+,decreasetobemarkedby-)	8,804.40
Undistributedprofitsatthebeginningoftheperiodafteradjustment	590,614,199.07	543,843,496.85
Add:currentnetprofitattributabletotheparentcompany'sowners	118,255,140.84	83,496,135.61
Less:withdrawalofstatutorysurplusreserves	11,457,114.33	25,952,692.04
Ordinarysharedividendspayable	12,069,632.96	10,781,545.75
Undistributedprofitsattheendoftheperiod	685,342,592.62	590,605,394.67

Breakdownofadjustmentstoundistributedprofitsatthebeginningoftheperiod

1)DuetoretroactiveadjustmentofAccountingStandardsforBusinessEnterprisesanditsrelevantnewregulations,theaffectedretainedearningatthebeginningoftheperiodisRMB0.00.

2)Duetochangesinaccountingpolicies,theaffectedundistributedprofitatthebeginningoftheperiodisRMB8,804.40.

3)Duetocorrectionofmajoraccountingerror,theaffectedretainedearningsatthebeginningoftheperiodare0.00yuan.

4)TheamountthatwillaffecttheundistributedprofitatthebeginningoftheyearduetochangeofconsolidationscopeasaresultofcommoncontrolisRMB0.00.

5)AmountoftheundistributedprofitatthebeginningoftheyearthatwillbeaffectedduetototalofotheradjustmentsisRMB

0.00.

45.Operatingrevenueandoperatingcost

Unit:RMB

Item	Amountincurredinthecurrentperiod		Amountincurredinthepreviousperiod
	Revenue	Cost	Revenue	Cost
Principalbusiness	1,840,775,590.72	1,644,301,037.12	830,367,312.21	693,409,590.68
Otherbusiness	5,963,251.17	4,036,162.48	7,288,962.30	6,879,652.74
Total	1,846,738,841.89	1,648,337,199.60	837,656,274.51	700,289,243.42

Auditednetprofitbeforeandafterdeductingnon-recurringgainsandlosses(whicheverislower,negativevalueornot)

□Yes?NoBreakdowninformationofoperatingrevenuesandoperatingcosts:

Unit:RMB

Classificationofcontract

Classificationofcontract	Segment1		Segment2				Total
	Operatingrevenue	Operatingcost	Operatingrevenue	Operatingcost	Operatingrevenue	Operatingcost	Operatingrevenue	Operatingcost
BusinessType
Including:
Jewelrysalesandservices	1,542,107,225.96	1,514,822,240.15					1,542,107,225.96	1,514,822,240.15
Leasingandservices	250,517,470.48	85,282,344.36					250,517,470.48	85,282,344.36
Automobilesales	42,638,840.47	38,385,230.69					42,638,840.47	38,385,230.69
Automobilemaintenanceandtesting	11,475,304.98	9,847,384.40					11,475,304.98	9,847,384.40
Byoperatingregions
Including:
SouthChina	1,417,912,052.46	1,227,470,886.16					1,417,912,052.46	1,227,470,886.16
EastChina	335,179,719.17	328,741,786.92					335,179,719.17	328,741,786.92
NorthChina	85,710,840.18	84,311,790.11					85,710,840.18	84,311,790.11
CentralChina	6,925,197.35	6,817,436.10					6,925,197.35	6,817,436.10
Otherregions	1,011,032.73	995,300.32					1,011,032.73	995,300.32
Bymarketorcustomertype
Including:

Bycontracttype

Bycontracttype

Including:

Bytimeoftransferofgoods

Bytimeoftransferofgoods

Including:

Bycontractterm

Including:

Including:

Bysaleschannel

Bysaleschannel

Including:

Total

Total

1,846,738,841.89

1,648,337,199.60

1,846,738,841.89

1,648,337,199.60

46.Taxesandsurcharges

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Urbanmaintenanceandconstructiontax	1,077,410.34	673,134.05
Educationsurcharges	461,747.20	293,781.70
Realestatetax	7,253,212.27	4,699,229.57
Landusetax	412,099.40	255,483.11
Landappreciationtax	11,997,689.82
Stampduty	1,718,798.56	1,211,281.94
Localeducationalsurcharges	307,831.47	195,854.47
Vehicleandvesselusetax	1,320.00	5,447.92
Total	23,230,109.06	7,334,212.76

47.Administrativeexpenses

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Employeecompensation	68,670,655.46	36,915,969.42
Consultingandservicefees	7,233,752.18	2,371,263.21
Depreciationandamortization	4,513,002.32	3,380,339.87
Officeexpenses	899,835.11	501,941.40
Hospitalityexpenses	130,697.36	227,403.28
Advertisingexpenses	151,938.34	233,491.72
Transportandtravelexpenses	359,259.18	156,715.15
Others	3,662,655.14	3,290,555.94
Total	85,621,795.09	47,077,679.99

48.Sellingexpenses

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Employeecompensation	7,129,402.58	11,309,494.91
Depreciationandamortization	2,562,163.21	4,461,473.09
Advertisingmarketingexpenses	1,946,341.18	1,452,543.07
Utilitiesandcleaningfees	1,735,848.97	911,189.85
Officeexpenses	291,536.03	386,796.03
Hospitalityexpenses	301,268.22	369,463.33
Materialconsumption	9,253.40	131,482.51
Others	5,152,701.16	3,012,269.69
Total	19,128,514.75	22,034,712.48

49.R&Dexpenses

Unit:RMB

Item

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Employeecompensation	1,849,878.34	517,100.50
Informationtechnologyservicefee		268,755.28
Depreciationandamortization	115,917.44	16,898.02
Total	1,965,795.78	802,753.80

50.Financialexpenses

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Netinterestexpenses	9,444,953.16	338,730.75
Interestrevenue	-4,682,945.54	-5,472,748.37
Exchangeloss/profit	670,928.14	842,578.74
Handlingchargesandothers	104,944.16	254,785.53
Total	5,537,879.92	-4,036,653.35

51.Otherincomes

Unit:RMB

Sourcesofotherincomes	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
I.Governmentsubsidiesincludedinotherincomes	8,480,891.46	6,575,043.88
Including:governmentsubsidyrelatedtodeferredincome	1,747,472.18	1,488,875.50
Governmentsubsidiesincludedinthecurrentprofitsandlosses	6,733,419.28	5,086,168.38
II.Otheritemsrelatedtodailyactivitiesandincludedinotherincomes	10,158.93	49,829.40
Including:servicefeeforindividualincometaxwithholding	10,158.93	49,829.40
Total	8,491,050.39	6,624,873.28

52.Incomefromchangesinfairvalue

Unit:RMB

Sourceofgainfromchangesinfairvalue	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Tradingfinancialassets	-10,477,822.50	-860,218.33
Tradingfinancialliabilities	-2,215,610.00	-787,050.00
Incomefromchangesinfairvalueofhedginginstruments	786,300.00	-489,360.00
Incomefromchangesinfairvalueofhedgingitems	-101,030.68	543,878.09
Others	-120.00
Total	-12,008,283.18	-1,592,750.24

53.Investmentincome

Unit:RMB

Item

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Incomefromlong-termequityinvestmentscalculatedbytheequitymethod	19,872,836.15	10,897,171.28
Investmentincomefromthedisposaloflong-termequityinvestments		8,785,410.47
Investmentincomefromholdingtradingfinancialassets	3,132,190.40	12,132,798.02
Dividendincomefrominvestmentsinotherequityinstrumentsduringtheholdingperiod		1,305,581.86
Profitfromre-measurementofresidualequityatfairvalueafterlossoftherightofcontrol	69,552,580.12
ClosingincomefromcommodityfuturescontractsandT+Dcontracts(hedging)	-5,314,788.02	-26,164.18
ClosingincomefromcommodityfuturescontractsandT+Dcontracts(nohedgingspecified)	-939,938.97	277,302.12
Interestincomefromlarge-denominationcertificatesofdeposit	7,570,633.50
Total	93,873,513.18	33,372,099.57

54.Creditimpairmentloss

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Baddebtlossofaccountsreceivable	-607,094.36	-206,852.71
Baddebtlossofotherreceivables	-107,251.93	-1,428,507.19
Total	-714,346.29	-1,635,359.90

55.Assetimpairmentlosses

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
I.Lossondiminutioninvalueofinventoriesandimpairmentlossoncontractperformancecost	-208,813.79	-1,616,086.03
IV.Lossonimpairmentoffixedassets	-838,121.78	-123,400.26
XII.Others		-100,000.00
Total	-1,046,935.57	-1,839,486.29

56.Incomeondisposalofassets

Unit:RMB

Sourcesofincomefromassetdisposal

Sourcesofincomefromassetdisposal	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Gainsfromdisposaloffixedassets(lossestobelistedwith"-")	-59,110.10	40,765.92

57.Non-operatingincome

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod	Amountchargedtonon-recurringprofitorloss
Gainsfromunpayablepayments	1,620,390.54	2,031,600.42	1,620,390.54
Others	770,443.76	2,103,054.01	770,443.76
Total	2,390,834.30	4,134,654.43	2,390,834.30

58.Non-operatingexpenditures

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod	Amountchargedtonon-recurringprofitorloss
Lossfromretirementofnon-currentassets	17,991.92	26,698.77	17,991.92
Inventorylossoffixedassets		344.92
Overduefineandliquidateddamageexpenditure	185,239.70	35.56	185,239.70
Others	116,065.40	389,383.00	116,065.40
Total	319,297.02	416,462.25	319,297.02

59.Incometaxexpenses

(1)Listofincometaxexpenses

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Currentincometaxexpenses	29,670,941.56	21,369,893.20
Deferredincometaxexpenses	12,413,564.92	153,302.88
Total	42,084,506.48	21,523,196.08

(2)Accountingprofitandincometaxexpenseadjustmentprocess

Unit:RMB

Item	Amountincurredinthecurrentperiod
Totalprofit	153,524,973.40
Incometaxexpensesatlegal/applicabletaxrate	38,381,243.35
Impactofthedifferenttaxrateapplicabletosubsidiaries	-1,507,681.03
Impactofincometaxadjustedinpreviousperiod	1,416,729.31
Effectofcost,expenseandlossnondeductible	3,383,829.40
Profitorlossofjointventuresandassociatescalculatedbyequitymethod	-4,786,295.21

Effectofusingpreviouslyunrecognizeddeductiblelossesofpreviousyearsanddeductibletemporarydifferences(tobelistedwith"-")

Effectofusingpreviouslyunrecognizeddeductiblelossesofpreviousyearsanddeductibletemporarydifferences(tobelistedwith"-")	-1,571,079.25
Effectofusingpreviouslyunrecognizeddeductiblelossesanddeductibletemporarydifferences	6,767,759.91
IncomeTaxExpense	42,084,506.48

60.Othercomprehensiveincome

RefertoNoteV42fordetails.

61.Itemsinthecashflowstatement

(1)OthercashrelatedtooperatingactivitiesOtherreceivedcashrelatedtooperatingactivities

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Depositandsecuritydeposit	30,178,690.12	1,107,514.15
Interestrevenue	4,601,226.17	1,871,273.53
Governmentsubsidiesreceived	5,489,668.98	6,838,363.60
Goldleasingdepositreceived	4,040,160.00
Currentaccountsandothers	8,984,997.82	13,503,115.65
Total	53,294,743.09	23,320,266.93

Othercashpaidrelatingtooperatingactivities

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Out-of-pocketexpenses	24,693,611.96	13,437,173.48
Depositandsecuritydeposit	18,200,617.62	583,931.98
Penaltyforbreachofcontract	78,857.09	389,418.56
Goldleasingdepositpaid	49,095,661.55
Currentaccountsandothers	15,440,288.31	4,408,405.00
Total	107,509,036.53	18,818,929.02

(2)Othercashrelatedtoinvestingactivities

Otherreceivedcasshrelatedtoinvestmentactivities

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Supervisionfundsreceived	10,665,656.00	15,998,484.00
Others	46,628.16
Total	10,712,284.16	15,998,484.00

Otherreceivedcashrelatedtoimportantinvestmentactivities

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Structureddepositsandfinancialproducts	210,000,000.00	350,000,000.00
Total	210,000,000.00	350,000,000.00

Othercashpaidrelatedtoinvestingactivities

Unit:RMB

Item

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Securitydepositforhedginginstruments	1,466,070.40	8,955,842.00
ListofSDGHuari	6,527,338.78
Others	78,987.06
Total	8,072,396.24	8,955,842.00

Otherpaidcashrelatedtoimportantinvestmentactivities

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Structureddepositsandfinancialproducts	320,000,000.00	320,000,000.00
Total	320,000,000.00	320,000,000.00

(3)Cashrelatedtofinancingactivities

Othercashreceivedrelatedtofinancingactivities

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Leasesecuritydepositreceived	253,420.00
Total	253,420.00

Othercashpaidrelatedtofinancingactivities

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Capitalpaidtominorityshareholders*	4,900,000.00
Leasesecuritydepositpaid	1,515,467.96
Principalandinterestonleaseliabilitiespaid	809,217.19	2,874,145.90
Total	7,224,685.15	2,874,145.90

Changesinliabilitiesduetofinancingactivities?Applicable□Notapplicable

Unit:RMB

Item	Beginningbalance	Increaseinthecurrentperiod		Decreaseinthecurrentperiod		Endingbalance
		Cashchanges	Non-cashchanges	Cashchanges	Non-cashchanges
Short-termborrowings		333,976,350.00	3,736,901.47	192,581,557.03		145,131,694.44
Long-termloans	144,820,511.42	25,693,122.83	4,511,712.61	175,025,346.86
Leaseliability	4,936,004.08		1,710,282.74	3,271,797.88		76,828,861.55
Total	149,756,515.50	359,669,472.83	9,958,896.82	370,878,701.77		221,960,555.99

62.Supplementaryinformationofcashflowstatement

(1)Supplementaryinformationofcashflowstatement

Unit:RMB

Supplementaryinformation

Supplementaryinformation	Amountforthecurrentperiod	Amountinthepreviousperiod
1.Reconciliationofnetprofittocashflowsfromoperatingactivities
Netprofit	111,440,466.92	81,319,463.85
Add:Provisionforimpairmentofassets	1,761,281.86	3,474,846.19
Depreciation/consumptionoffixedassets,oilandgasassets,andbearerbiologicalassets	37,924,212.30	36,135,739.82
Depreciationofright-of-useassets	6,481,996.22	2,992,203.84
Intangibleassetamortization	1,178,005.72	318,457.10
Amortizationoflong-termdeferredexpenses	6,447,382.15	5,145,426.72
Lossesonthedisposaloffixedassets,intangibleassetsandotherlong-termassets(gainstobelistedwith"-")	-59,110.10	-14,067.15
Lossesfromretirementoffixedassets(gainstobelistedwith“-”)	17,991.92	344.92
Lossesfromchangesinfairvalue(gainstobelistedwith“-”)	12,008,283.18	1,592,750.24
Financialexpenses(gainstobelistedwith“-”)	9,444,953.16	-2,420,165.35
Investmentlosses(gainstobelistedwith"-")	-93,873,513.18	-33,372,099.57
Decreaseindeferredtaxassets(increasetobelistedwith"-")	-29,318,423.66	-18,682.74
Increasesindeferredtaxliabilities(decreasetobelistedwith"-")	36,817,730.02	171,985.62
Decreaseininventories(increasetobelistedwith"-")	-54,724,534.68	-91,706,958.29
Decreaseinoperatingreceivables(increasetobelistedwith"-")	-102,166,911.92	-109,076,820.34
Increaseinoperatingitemspayable(decreasetobelistedwith"-")	-3,519,816.37	53,489,810.85
Others
Netcashflowfromoperatingactivities	-60,140,006.46	-51,967,764.29
2.Majorinvestmentandfinancingactivitiesnotrelatedtocashdepositandwithdrawal
Conversionofdebtintocapital
Currentportionofconvertiblecorporatebonds
Fixedassetsacquiredunderfinancialleases	74,305,047.63
3.Netchangesincashandcashequivalents:
Endingbalanceofcash	160,223,387.69	391,406,829.36
Less:beginningbalanceofcash	391,406,829.36	211,655,585.86
Add:endingbalanceofcashequivalents
Less:beginningbalanceofcashequivalents
Netincreaseincashandcashequivalents	-231,183,441.67	179,751,243.50

(2)Netcashreceivedfromdisposalofsubsidiariesinthecurrentperiod

Unit:RMB

	Amount
Including:

Less:cashandcashequivalentsheldbythesubsidiaryonthedatewhenthecontrolislost

Less:cashandcashequivalentsheldbythesubsidiaryonthedatewhenthecontrolislost	6,527,338.78
Including:
ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd.	6,527,338.78
Including:
Netcashreceivedfromthedisposalofsubsidiaries	-6,527,338.78

(3)Compositionofcashandcashequivalents

Unit:RMB

Item	Endingbalance	Beginningbalance
I.Cash	160,223,387.69	391,406,829.36
Including:cashonhand	17,215.98	25,673.67
Bankdepositsreadyforpayment	120,361,253.61	381,593,235.55
Othermonetarycapitalreadyforpayment	39,844,918.10	9,787,920.14
III.Endingbalanceofcashandcashequivalents	160,223,387.69	391,406,829.36

(4)Monetaryfundsnotbelongingtocashorcashequivalents

Unit:RMB

Item	Amountforthecurrentperiod	Amountinthepreviousperiod	Reasonsfornotbelongingtocashandcashequivalents
Supervisionfundsforplotprojectofindustrialpark03upgradingandreconstruction		10,665,656.00	Constrainedsupervisionfundsforupgradingprojects
Performancebonddeposit		2,000,000.00	Performancebondsrestricted
Goldleasesecuritydeposit	51,000,666.67		Depositsforgoldleasingbusinessrestricted
Futuresandoptionsaccountmargin	8,188,990.60	8,955,842.00	Depositsforgoldfuturestradingbusinessrestricted
Amountofjudicialcontrol	600,000.00		Judicialcontrol
Makedepositinterest	327,916.68	-	Notactuallyreceived
Total	60,117,573.95	21,621,498.00

63.Foreigncurrencymonetaryitems

(1)Foreigncurrencymonetaryitems

Unit:RMB

Item	Foreigncurrencyendingbalance	Conversionexchangerate	EndingbalanceofconvertedRMB
Cashatbankandonhand
Including:USD	9,855.92	7.0827	69,806.52

EUR

EUR
HKD	32,246.93	0.9062	29,222.17

Accountsreceivable

Accountsreceivable

Including:USD

EUR

HKD

Long-termloans

Long-termloans
Including:USD
EUR
HKD
Otherreceivables
Including:USD	205,381.99	7.0827	1,454,659.02
Otherpayables
Including:USD	12,481.28	7.0827	88,401.16

(2)Thedescriptionofoverseasoperatingentities,includingmainpremisesabroad,bookkeepingbasecurrencyandselectionbasistobedisclosedfortheimportantoverseasoperatingentities;reasonsshallalsobedisclosedforthechangedbookkeepingbasecurrency.

□Applicable?Notapplicable

64.Lease

(1)TheCompanyastheleasee

?Applicable□NotapplicableVariableleasepaymentsnotincludedinthemeasurementofleaseliabilities

□Applicable?NotapplicableLeaseexpensesforshort-termleasesorlow-valueassetsthataresimplified

□Applicable?Notapplicable

(2)TheCompanyasthelessorOperatingleaseswiththeCompanyasthelessor?Applicable□Notapplicable

Unit:RMB

Item	Leaseincome	Including:incomesrelatedtovariableleasepaymentwhichisnotincludedinthemeasurementofleasereceipts
Lease	250,517,470.48	0.00
Total	250,517,470.48

FinanceleasewiththeCompanyasthelessor

□Applicable?Notapplicable

Annualundiscountedleasereceiptsinthenextfiveyears

□Applicable?Notapplicable

VIII.ChangesinConsolidationScope

1.Businessmergeundercommoncontrol

2.Changesinconsolidationscopeforotherreasons

Changesinthescopeofconsolidationduetootherreasons(suchasestablishingnewsubsidiaries,liquidatingsubsidiaries)andrelatedinformation:

TheCompanyhadmultiplecommunicationswiththeJapaneseshareholderbeforeandaftertheexpirationofthebusinesstermofitssubsidiary,SDGHuari,regardingSDGHuari'sbusinesstermextension,equitytransactions,dissolution,andliquidation,butconsensuswasnotreachedonanyoftheseissues.UnderthecircumstancethatthebusinesstermofSDGHuarihasexpired,andtheCompanyandtheJapaneseshareholdercouldnotsetupaliquidationteamtocarryoutliquidationwithinfifteendaysfromthedateofexpirationofthebusinesstermofSDGHuari,astheshareholderholding60%equityofSDGHuari,theCompanyappliedinOctober2022fortheappointmentofaliquidationteamdesignatedbythePeople'sCourttocarryoutcompulsoryliquidationofSDGHuariaccordingtoArticles180and183oftheCompanyLawofthePeople'sRepublicofChinaandArticle7oftheProvisions(II)oftheSupremePeople'sCourtonSeveralIssuesConcerningtheApplicationoftheCompanyLawofthePeople'sRepublicofChina.OnDecember21,2022,theShenzhenQianhaiCooperationZonePeople'sCourtinGuangdongProvinceissued[2023]Y0391QSNo.9CivilRuling,decidingtoaccepttheCompany'sapplicationforliquidationagainstSDGHuari.OnMarch21,2023,theCompanyreceivedtheDecisiononAppointingaLiquidationTeam([2023]Y0391QQNo.4)servedbytheShenzhenQianhaiCooperationZonePeople'sCourt,whichdesignatedKing&WoodMallesonsShenzhenOfficeastheSDGHuariLiquidationTeam.Theliquidationteamreporteditsworktothecourt,acceptedthesupervisionofthecourtandcreditorsandshareholdersoftheCompany,andexercisedvariousfunctionsandpowersinaccordancewithlegalproceduresduringliquidation.AccordingtotherelevantprovisionsoftheCompanyLaw,theliquidationteamdesignatedbythecourtshallberesponsibleforsafeguarding,sorting,anddisposingoftheliquidatedcompany'sassetsduringtheliquidationperiod,settlingdebts,andhandlingoutstandingbusinessuntilthefinalderegistrationofthecompany.Duringtheliquidationperiod,TellusHoldingasashareholdercouldnolongercontrolthebusinessdecisionsofSDGHuariandcouldnotunilaterallyapplytothecourttorevoketheliquidationofSDGHuari.Therefore,afterthecourtappointedaliquidationgroup,TellusHoldinglostcontroloverSDGHuariandshouldnotincludeSDGHuariinitsconsolidationscopeunlesstherewassignificantinfluence.

IX.EquityinOtherEntities

1.Interestsinsubsidiaries

(1)Compositionofthegroup

Unit:RMB

Nameofsubsidiary

Nameofsubsidiary	Registeredcapital	Principalplaceofbusiness	Registeredlocation	Businessnature	Shareholdingproportion		Acquisitionmethod
					Direct	Indirect
ShenzhenTellusXinyongtongAutomobileDevelopmentCo.,Ltd.	32,900,000.00	Shenzhen	Shenzhen	Commerce	5.00%	95.00%	Establishment
ShenzhenBao'anShiquanIndustryCo.,Ltd.	2,000,000.00	Shenzhen	Shenzhen	Commerce		100.00%	Establishment
ShenzhenSDGTellusRealEstateCo.,Ltd.	31,150,000.00	Shenzhen	Shenzhen	Commerce	100.00%		Establishment
ShenzhenTellusChuangyingTechnologyCo.,Ltd.	3,000,000.00	Shenzhen	Shenzhen	Commerce	100.00%		Establishment
ShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd.	9,607,800.00	Shenzhen	Shenzhen	Commerce	51.00%		Establishment
ShenzhenAutomobileIndustryandTradeCo.,Ltd.	58,960,000.00	Shenzhen	Shenzhen	Commerce	100.00%		Establishment
ShenzhenAutomobileIndustrySupplyandMarketingCompany	11,110,000.00	Shenzhen	Shenzhen	Commerce		100.00%	Establishment
ShenzhenZhongtianIndustryCo.,Ltd.	366,221,900.00	Shenzhen	Shenzhen	Commerce	100.00%		Establishment
ShenzhenHuariToyotaSales&ServiceCo.,Ltd.	2,000,000.00	Shenzhen	Shenzhen	Commerce	60.00%		Establishment
ShenzhenTellusTreasurySupplyChainTechCo.,Ltd.	50,000,000.00	Shenzhen	Shenzhen	Commerce	100.00%		Establishment
ShenzhenJewelryIndustryServiceCo.,Ltd.	100,000,000.00	Shenzhen	Shenzhen	Commerce	65.00%		Establishment
ShanghaiFanyueDiamondCo.,Ltd.	3,500,000.00	Shanghai	Shanghai	Commerce		100.00%	Establishment
GuorunGoldShenzhenCo.,Ltd.	200,000,000.00	Shenzhen	Shenzhen	Commerce	36.00%	3.25%	Establishment

Explanationofthefactthattheshareholdingpercentageisdifferentfromproportionofvotesinsubsidiaries:

TheshareholdingproportioninGuorunGoldShenzhenCo.,Ltd.isdifferentfromtheproportionofvotingrights,andthebasisforholdinghalforlessofthevotingrightsbutstillcontrollingtheinvestee:

InJune2022,theCompanycooperatedwithitssubsidiariesShenzhenJewelryIndustryServiceCo.,Ltd.,ShenzhenHTIGroupCo.,Ltd.,ChowTaiFookJewelleryPark(Wuhan)Co.,Ltd.,ChowTaiSengJewelryCo.,Ltd.,BeijingCaishikouDepartmentStoreCo.,Ltd.andShenzhenZHLIndustrialCo.,Ltd.tojointlyinvestintheestablishmentofGuorunGoldShenzhenCo.,Ltd.Amongthem,theCompanycontributedRMB72million,withashareholdingratioof36%;ShenzhenJewelryIndustryServiceCo.,Ltd.,asubsidiaryoftheCompany,contributedRMB10million,withashareholdingratioof5%;ShenzhenHTIGroupCo.,Ltd.held10%,andothershareholdersheld49%intotal.TheCompanysignedaconcertedactionagreementwithShenzhenHTIGroupCo.,Ltd.,stipulatingthatShenzhenHi-techInvestmentGroupCo.,Ltd.shallmaintainaconsensuswiththeCompanywhenvotingattheshareholders'meetingandtheboardofdirectorsofGuorunGoldShenzhenCo.,Ltd.Therefore,theCompanyandits

subsidiariesactuallyhold51%ofthevotingrightsofGuorunGoldShenzhenCo.,Ltd.,andhavecontroloverGuorunGoldShenzhenCo.,Ltd.ThebasisfortheCompany'scontrolovertheinvesteewhenholdinghalforlessofthevotingrightsandtheCompany'scontrolovertheinvesteewhenholdingmorethanhalfofthevotingrights:

Basisforcontrolovertheimportantstructuredentitiesincorporatedinconsolidatedscope:

Basistodeterminethecompanyistheagentortheprincipal:

(2)Importantnon-wholly-ownedsubsidiaries

Unit:RMB

Nameofsubsidiary

Nameofsubsidiary	Shareholdingproportionofminorityshareholders	Profitorlossattributabletominorityshareholdersinthecurrentperiod	Dividendsdeclaredtominorityshareholdersinthecurrentperiod	Balanceofminorityinterestsattheendoftheperiod
ShenzhenHuariToyotaSales&ServiceCo.,Ltd.	40.00%	-8,910,086.07		-4,529,354.51
GuorunGoldShenzhenCo.,Ltd.	60.75%	-928,634.55		116,731,860.02

Notesonthedifferencebetweentheshareholdingpercentageofminorityshareholdersofsubsidiariesandthevotingrightsratio:

(3)Mainfinancialinformationofimportantnon-wholly-ownedsubsidiaries

Unit:RMB

Nameofsubsidiary	Endingbalance						Beginningbalance
	Currentassets	Non-currentassets	Totalassets	Currentliabilities	Non-currentliabilities	Totalliabilities	Currentassets	Non-currentassets	Totalassets	Currentliabilities	Non-currentliabilities	Totalliabilities
ShenzhenHuariToyotaSales&ServiceCo.,Ltd.	5,008,846.45		5,008,846.45	16,332,232.72		16,332,232.72	64,370,969.91	2,808,698.79	67,179,668.70	56,227,839.79		56,227,839.79
GuorunGoldShenzhenCo.,Ltd.	401,436,296.18	7,409,377.22	408,845,673.40	205,997,337.37	4,935,809.24	210,933,146.61	308,524,705.19	3,459,491.14	311,984,196.33	110,466,340.68	2,076,712.32	112,543,053.00

Unit:RMB

Nameofsubsidiary	Amountincurredinthecurrentperiod				Amountincurredinthepreviousperiod
	Operatingrevenue	Netprofit	Totalcomprehensiveincome	Cashflowsfromoperatingactivities	Operatingrevenue	Netprofit	Totalcomprehensiveincome	Cashflowsfromoperatingactivities
ShenzhenHuari	53,354,433.99	-22,275,21	-22,275,21	-15,594,71	239,554,992.87	-232,597.3	-232,597.3	6,742,295.97

ToyotaSales&ServiceCo.,Ltd.

ToyotaSales&ServiceCo.,Ltd.		5.18	5.18	9.04		6	6
GuorunGoldShenzhenCo.,Ltd.	1,492,021,725.24	-1,528,616.54	-1,528,616.54	-182,332,552.52	328,034,404.58	-558,856.67	-558,856.67	-107,590,934.59

2.Equitiesinjointventuresorassociates

(1)Importantassociatesandjointventures

Nameofjointventureorassociate	Principalplaceofbusiness	Registeredlocation	Businessnature	Shareholdingproportion		Accountingmethodsfortheinvestmentinjointventuresorassociates
				Direct	Indirect
I.Jointventures
ShenzhenTellus-GmondInvestmentCo.,Ltd.	Shenzhen	Shenzhen	Leasingservices	50.00%		Accountedforundertheequitymethod
II.Associates
ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.	Shenzhen	Shenzhen	Automobilesales	35.00%		Accountedforundertheequitymethod

Explanationofthefactthattheshareholdingpercentageisdifferentfromtheproportionofvotingrightsinjointventuresorassociates:

Basisfordeterminingashareholderholdinglessthan20%ofthevotingrightshassignificantinfluence,orashareholderholding20%ormoreofthevotingrightsdoesnothavesignificantinfluence:

(2)Mainfinancialinformationofimportantjointventures

Unit:RMB

	Endingbalance/amountincurredinthecurrentperiod	Beginningbalance/amountincurredinthepreviousperiod
	ShenzhenTellus-GmondInvestmentCo.,Ltd.	ShenzhenTellus-GmondInvestmentCo.,Ltd.
Currentassets	60,614,147.72	44,368,420.83
Including:cashandcashequivalents	59,631,516.56	42,326,853.66
Non-currentassets	326,363,493.98	346,703,460.52
Totalassets	386,977,641.70	391,071,881.35
Currentliabilities	47,521,951.61	37,674,441.11
Non-currentliabilities	240,954,000.00	259,110,000.00
Totalliabilities	288,475,951.61	296,784,441.11
Minorityshareholders'equity
Equityattributabletoshareholdersoftheparentcompany	98,501,690.09	94,287,440.24
Sharesofnetassetsattheshareholdingpercentage	49,250,845.05	47,143,720.12

Adjustmentmatters

Adjustmentmatters
-Goodwill
-Unrealizedprofitofinternaltransaction
Others
Bookvalueofequityinvestmentinjointventures	49,250,845.05	47,143,720.13
Fairvalueofequityinvestmentinjointventureswithpublicoffer
Operatingrevenue	114,967,524.80	102,987,695.69
Financialexpenses	10,656,384.56	14,200,209.90
IncomeTaxExpense	11,463,999.39	10,548,286.43
Netprofit	34,214,249.85	29,305,958.68
Netprofitfromdiscontinuedoperations
Othercomprehensiveincome
Totalcomprehensiveincome	34,214,249.85	29,305,958.68

Dividendsreceivedfromjointventuresinthecurrentyear

Dividendsreceivedfromjointventuresinthecurrentyear

15,000,000.00

15,000,000.00

(3)Majorfinancialinformationofimportantassociates

Unit:RMB

	Endingbalance/amountincurredinthecurrentperiod	Beginningbalance/amountincurredinthepreviousperiod
	ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.	ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.
Currentassets	167,519,575.18	206,438,043.83
Non-currentassets	32,145,888.83	31,677,397.21
Totalassets	199,665,464.01	238,115,441.04
Currentliabilities	158,552,555.81	167,288,864.40
Non-currentliabilities	1,231,962.74	14,598,723.35
Totalliabilities	159,784,518.55	181,887,587.75

Minorityshareholders'equity

Minorityshareholders'equity
Equityattributabletoshareholdersoftheparentcompany	39,880,945.46	56,227,853.29
Sharesofnetassetsattheshareholdingpercentage	13,958,330.91	19,679,748.68
Adjustmentmatters
-Goodwill
-Unrealizedprofitofinternaltransaction
Others
Bookvalueofequityinvestmentsinassociates	13,958,330.91	19,679,748.68
Fairvalueofequityinvestmentinassociateswithpublicoffer

Operatingrevenue

Operatingrevenue	1,023,951,420.71	1,088,150,561.97
Netprofit	10,469,419.27	-18,782,486.31
Netprofitfromdiscontinuedoperations
Othercomprehensiveincome
Totalcomprehensiveincome	10,469,419.27	-18,782,486.31

Dividendsreceivedfromassociatesinthecurrentyear

Dividendsreceivedfromassociatesinthecurrentyear

9,385,714.52

3,183,672.81

(4)Summaryoffinancialinformationofunimportantjointventuresandassociates

Unit:RMB

	Endingbalance/amountincurredinthecurrentperiod	Beginningbalance/amountincurredinthepreviousperiod
Jointventures:
Totalbookvalueofinvestments	13,302,311.60	14,200,897.13
Totalamountofthefollowingitemsattheshareholdingpercentage
-Netprofit	-898,585.53	748,674.78
-Totalcomprehensiveincome	-898,585.53	748,674.78
Associates:
Totalamountofthefollowingitemsattheshareholdingpercentage

(5)Excesslossesincurredtojointventuresorassociates

Unit:RMB

Nameofjointventureorassociate	Unrecognizedlossaccumulatedinthepreviousperiod	Unrecognizedlossinthecurrentperiod(ornetprofitsharedinthecurrentperiod)	Unrecognizedlossaccumulatedattheendofthecurrentperiod
ShenzhenTellusAutomobileServiceChainCo.,Ltd.	98,865.26		98,865.26
ShenzhenYongtongXindaTestingEquipmentCo.,Ltd.	1,176,212.73		1,176,212.73

X.Governmentsubsidies

1.Governmentsubsidiesrecognizedasreceivableamountattheendofreportingperiod

□Applicable?NotapplicableReasonsfornotreceivingtheestimatedamountofgovernmentsubsidiesattheexpectedtimepoint

□Applicable?Notapplicable

(2)Liabilitiesprojectswithgovernmentsubsidies

?Applicable□Notapplicable

Unit:RMB

Accounting

subject

Accountingsubject	Beginningbalance	Newlyaddedsubsidiesinthecurrentperiod	Amountincludedinthenon-operatingincomeinthecurrentperiod	Amounttransferredtootherincomesinthecurrentperiod	Otherchangesinthecurrentperiod	Endingbalance	Relatedtoassets/incomes
Deferredincome	10,579,545.71	785,610.00		1,747,472.18		9,617,683.53	Relatedtoassets

3.Governmentsubsidiesincludedinthecurrentprofitsandlosses

?Applicable□Notapplicable

Unit:RMB

Accountingsubject	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Otherincomes	6,733,419.28	5,086,168.38

XI.RisksRelatedtoFinancialInstruments

1.VariousrisksarisingfromfinancialinstrumentsThemajorfinancialinstrumentsoftheCompanyincludemonetarycapitals,notesreceivable,accountsreceivable,otherreceivables,currentportionofnon-currentassets,othercurrentassets,tradingfinancialassets,othercreditor'srightsinvestment,otherequityinstrumentinvestment,long-termreceivables,accountspayable,otherpayables,short-termborrowings,tradingfinancialliabilities,currentportionofnon-currentliabilities,leaseliabilities,andlong-termpayables.DetailsofeachfinancialinstrumentoftheCompanyaredisclosedinthenotesrelated.RisksrelatedtothesefinancialinstrumentsandriskmanagementpoliciesforreducingtheserisksadoptedbytheCompanyaredescribedasfollows.ThemanagementoftheCompanymanagesandmonitorstheseriskexposurestoensurethattheaboverisksarecontrolledinthelimitedscope.ObjectivesandpoliciesofriskmanagementThemajorrisksthatmaybecausedbytheCompany’sfinancialinstrumentsincludecreditrisk,liquidityrisk,andmarketrisk(includingexchangeraterisk,interestraterisk,andcommoditypricerisk).TheoverallriskmanagementplanoftheCompanystrivestoreducethepotentialadverseeffecttothefinancialperformanceoftheCompanyaccordingtotheunpredictabilityoffinancialmarket.TheCompanyhasmadeproperriskmanagementpoliciestoidentifyandanalyzealltherisksfacedbytheCompany,tosetuptheacceptablerisklevel,andtodesigncorrespondinginternalcontrolprocedurestomonitortheCompany’srisklevel.TheseriskmanagementpoliciesandrelatedinternalcontrolsystemswillbereviewedregularlytoaccommodatemarketconditionsorchangesintheCompany'soperatingactivities.Theinternalauditdepartmentwillalsoregularlyorirregularlycheckwhethertheimplementationofsuchinternalcontrolsystemscomplieswithriskmanagementpolicies.

TheCompanydiversifiestheriskoffinancialinstrumentsthroughappropriatediversifiedinvestmentsandbusinesscombinationsandreducestheriskoffocusingonanysingleindustry,specificregion,orspecificcounterpartybydevelopingappropriateriskmanagementpolicies.

(1)CreditriskAcreditriskistheriskoffinanciallossoftheCompanycausedbythecounterparty'sfailuretomeetitsobligationsinthecontract.TheCompanymanagescreditrisksbyclassification.Thecreditriskmainlyarisesfromdepositinbank,notesreceivable,accountsreceivable,otherreceivables,long-termreceivables,otherdebtinvestments,etc.BankdepositsoftheCompanyaremainlykeptinstate-ownedbanksandotherlargeandmedium-sizedlistedbanks,whicharemainlydepositedinfinancialinstitutionswithgoodreputationandhighcreditratings.ItisexpectedthattherewillbenosignificantcreditriskforbankdepositsoftheCompany.Fornotesreceivable,accountsreceivable,otherreceivables,andlong-termreceivables,relevantpolicyisestablishedbytheCompanytocontrolcreditriskexposure.TheCompanyevaluatescustomers'creditqualificationsbasedontheirfinancialstatus,creditrecordsandotherfactorssuchascurrentmarketconditionsandsetscorrespondingcreditperiods.TheCompanywillmonitorthecreditrecordofthecustomerperiodically.Forcustomerswithpoorcreditrecord,measuressuchaswrittencollection,shorteningcreditperiodorcancelingthecreditperiodwillbeadoptedbytheCompany,toensuretheoverallcreditriskbeinginthecontrollablescope.TheCompany’sdebtorsofaccountsreceivablearecustomersdistributedindifferentindustriesandgeographicalarea.TheCompanycontinuouslyperformscreditassessmentonthedebtorsandpurchasescreditguaranteeinsurancewhennecessary.ThemaximumcreditriskexposuretolerablebytheCompanyisthebookamountofeachofthefinancialassetsinthebalancesheet.TheCompanydoesnotprovideanyotherguaranteethatallowstheCompanytoacceptcreditrisk.FortheaccountsreceivableoftheCompany,theaccountsreceivablefromthefivebiggestdebtorsaccountfor

43.23%ofitstotalaccountsreceivable(2022:31.21%);forotheraccountsreceivable,theaccountsreceivablefromthefivebiggestdebtorsaccountfor47.55%ofthetotalotheraccountsreceivable(2022:49.72%).

(2)LiquidityrisksTheliquidityriskreferstotheriskofshortageoffundsarisingfromtheperformanceoftheCompany'sobligationstosettlebydeliveryofcashorotherfinancialassets.Inthemanagementoftheliquidityrisk,theCompanymonitorsandmaintainsalevelofcashandcashequivalentsdeemedadequatebythemanagementtofinancetheCompany’soperationsandmitigatetheeffectoffluctuationsincashflows.ThemanagementoftheCompanymonitorstheutilizationofbankloansandensurescompliancewithborrowingagreements.Meanwhile,theCompanyhasobtainedcommitmentsfrommajorfinancialinstitutionsinrespectofprovisionofadequatereservefundstomeettheCompany'sliquidityrequirementsinshortandlongterms.

ThesourcesoftheCompany’sworkingcapitalincludefundsgeneratedfromoperatingactivities,bankloansandotherborrowings.Attheendoftheperiod,theunusedbankborrowinglimitoftheCompanywasRMB667million(RMB450millionattheendofthepreviousyear).Attheendoftheperiod,financialliabilitiesandoff-balancesheetguaranteeditemsheldbytheCompanyareanalyzedasfollowsbasedontheexpirationdateofundiscountedremainingcontractcashflow(unit:RMB10,000):

Item

Item	Endingbalance
	Within1year	1-2years	2-3years	Over3years	Total
Financialliabilities:
Short-termborrowings	14,513.17				14,513.17
Tradingfinancialliabilities	5,688.20				5,688.20
Derivativefinancialliabilities	0.14				0.14
Accountspayable	13,583.44				13,583.44
Otherpayables	12,682.70				12,682.70
Currentportionofnon-currentliabilities	1,066.04				1,066.04
Leaseliabilities		995.42	912.07	6,102.07	8,009.56
Long-termpayables				392.02	392.02
Totalfinancialliabilitiesandcontingentliabilities	47,533.69	995.42	912.07	6,494.09	55,935.27

Attheendofthepreviousyear,financialliabilitiesandoff-balancesheetguaranteeditemsheldbytheCompanywereanalyzedasfollowsbasedontheexpirationdateofundiscountedremainingcontractcashflow(unit:RMB10,000):

Item	Endingbalanceofthepreviousyear
	Within1year	1-2years	2-3years	Over3years	Total
Financialliabilities:
Accountspayable	12,471.68	-	-	-	12,471.68
Otherpayables	10,518.03	-	-	-	10,518.03
Currentportionofnon-currentliabilities	200.98	-	-	-	200.98
Long-termloans	694.87	907.01	1,024.18	18,356.71	20,982.77
Leaseliabilities	26.84	-	-	-	26.84
Long-termpayables	-	-	-	392.02	392.02
Totalfinancialliabilitiesandcontingentliabilities	23,912.40	907.01	1,024.18	18,748.73	44,592.32

Theamountsoffinancialliabilitiesdisclosedintheabovetableareundiscountedcontractualcashflowsandmaythereforedifferfromtheircarryingamountsinthebalancesheet.Themaximumguaranteeamountofthesignedguaranteecontractdoesnotrepresenttheamounttobepaid.

(3)MarketriskThemarketriskoffinancialinstrumentsreferstotheriskoffluctuationinfairvalueorfuturecashflowoffinancialinstrumentsduetomarketpricedevelopment,includinginterestraterisk,exchangerateriskandotherpricerisk.InterestrateriskInterestrateriskreferstotheriskthatthefairvalueorfuturecashflowsoffinancialinstrumentswillfluctuateduetochangesinmarketinterestrates.Interestrateriskcancomefromtherecognizedinterest-bearingfinancialinstrumentsandunrecognizedfinancialinstruments(suchascertainloancommitments).TheCompany'sinterestrateriskmainlyarisesfromlong-termborrowingsfrombanks,bondspayable,andotherlong-termdebtswithinterest.Duetofinancialliabilitieswithafloatinginterestrate,theCompanyfacescashflowinterestraterisk;duetofinancialliabilitieswithafixedinterestrate,theCompanyfacesfairvalueinterestraterisk.TheCompanydeterminestheratiooffixed-rateandfloating-ratecontractsbasedonthecurrentmarketenvironmentandmaintainsanappropriatecombinationoffixed-rateandfloating-rateinstrumentsbyregularreviewingandmonitoring.TheCompanykeepsaneyeontheeffectofthefluctuationininterestratesonitsinterestraterisk.Atpresent,theCompanydoesnottakeanyinterestratehedgingstrategy.However,themanagementisresponsibleformonitoringinterestraterisksandwillconsiderhedgingsignificantinterestrateriskswhennecessary.Theincreaseininterestrateswillincreasethecostofnewinterest-bearingdebtsandtheCompany’sunpaidinterestexpenseoninterest-bearingdebtsaccruedatfloatinginterestrates,whichwillhaveasignificantadverseeffectontheCompany’sfinancialresults.Themanagementwilldulymakeadjustmentsaccordingtothelatestmarketconditions.Theseadjustmentsmayreduceinterestraterisksviainterestrateswaps.ForfinancialinstrumentsheldonthebalancesheetdatethatexposetheCompanytofairvalueinterestraterisk,theimpactofnetprofitandshareholders'equityintheabovesensitivityanalysisistheimpactafterre-measurementoftheabovefinancialinstrumentsaccordingtothenewinterestrateassumingthattheinterestrateonthebalancesheetdatechanges.Forfloatingratenon-derivativeinstrumentsheldonthebalancesheetdatethatexposetheCompanytocashflowinterestraterisk,theimpactofnetprofitandshareholders'equityintheabovesensitivityanalysisistheimpactoftheaboveinterestratechangesontheestimatedannualinterestexpensesorincome.Thepreviousyear'sanalysiswasbasedonthesameassumptionandmethodology.ExchangerateriskExchangerateriskreferstotheriskoffluctuationsinthefairvalueorfuturecashflowoffinancialinstrumentsduetochangesinforeignexchangerates.Exchangerateriskmaycomefromfinancialinstrumentsvaluedataforeigncurrencyotherthanthebookkeepingbasecurrency.ThemainbusinessoftheCompanyisconductedinChinaandsettledinRMB.Therefore,theCompanybelievesthattheexchangerateriskfacedisnotsignificant.TheCompanykeepsaneyeontheeffectofthefluctuationinexchangeratesonitsexchangeraterisk.Atpresent,theCompanydoesnottakeanyactiontoavoidtheexchangeraterisk.However,themanagementis

responsibleformonitoringexchangeraterisksandwillconsiderhedgingsignificantinterestrateriskswhennecessary.CapitalmanagementTheobjectiveoftheCompany’scapitalmanagementpolicyistoguaranteethegoingconcernoftheCompanytoprovidereturnstoshareholdersandbringbenefitstootherpartiesconcerned,andtomaintainthebestcapitalstructuretoreducecapitalcost.Tomaintainoradjustthecapitalstructure,theCompanymayadjustthefinancingmethodandtheamountofdividendspaidtoshareholders,returncapitaltoshareholders,issuenewsharesandotherequityinstruments,orsellassetstoreduceliabilities.TheCompanymonitorscapitalstructurebasedontheasset-liabilityratio(i.e.totalliabilitiesdividedbytotalassets).Attheendoftheperiod,theCompany'sasset-liabilityratiois27.99%(25.80%attheendofthepreviousyear).

2.Hedging

(1)TheCompanyconductshedgingbusinessforriskmanagement

?Applicable□NotapplicableInordertoavoidtheriskofchangesinfairvalueofgoldrawmaterialsheldbythem(i.e.thehedgedrisk),thesubsidiariesoftheCompany,GuorunGoldShenzhenCo.,Ltd.andShenzhenTellusTreasurySupplyChainTechCo.,Ltd.,analyzedtheexpectedpurchasetransactionsofgoldrawmaterialsbasedonthenumberofgoldbarsbookedandinvestedbycustomersandusedhedginginstrumentssuchasdeferreddeliverycontractsforspotgoldofShanghaiGoldExchange,goldfuturescontractsofShanghaiFuturesExchange,andexchangegoldoptionsonthisbasis.Inthisway,theriskofgoldproductpricedeclinecausedbythesharpdropingoldpricecanbeavoided.GuorunGold,asubsidiaryoftheCompany,formulatedtheHedgingTransactionManagementGuidelines,whichclearlystipulatestheapprovalauthority,operationprocess,andriskcontrolfortheCompanytocarryouthedgingbusiness.ThehedgeisafairvaluehedgeandtheaccountingperiodspecifiedforthehedgingrelationshipisfromJanuary1,2023toDecember31,2023.TheapprovalproceduresfortheCompanytouseitsownfundstocarryouthedgingbusinesscomplywithrelevantnationallaws,regulations,andtheArticlesofAssociation.ThegolddeferredtransactionhedgingbusinesscarriedouttoavoidfluctuationsingoldpricesisconducivetocontrollingoperationalrisksandimprovingtheCompany'sabilitytoresistmarketfluctuations.

(2)TheCompanycarriesouteligiblehedgingbusinessandapplieshedgeaccounting

Thebookvalueofthehedgeditemsandrelatedadjustmentsareasfollows:

Year2023

Item

Item	Bookvalueofhedgeditems		Accumulatedamountofhedgingadjustmentforfairvalueofhedgeditems(includedinthebookvalueofhedgeditems)		Listeditemsofthebalancesheetincludinghedgeditems	Changesinthefairvalueofhedgeditemsusedasabasisforrecognizinganinvalidportionofhedgesin2023
	Assets	Liabilities	Assets	Liabilities
Commoditypricerisk-inventories	85,802,395.07	-	442,847.41	-	Inventory	-

Year2022

Item	Bookvalueofhedgeditems		Accumulatedamountofhedgingadjustmentforfairvalueofhedgeditems(includedinthebookvalueofhedgeditems)		Listeditemsofthebalancesheetincludinghedgeditems	Changesinthefairvalueofhedgeditemsusedasabasisforrecognizinganinvalidportionofhedgesin2022
	Assets	Liabilities	Assets	Liabilities
Commoditypricerisk-inventories	78,647,998.02	-	543,878.09	-	Inventory	-

Changesinthebookvalueandfairvalueofhedginginstrumentsareasfollows:

Year2023

Item	Nominalamountofhedginginstruments	Bookvalueofhedginginstruments		Listeditemsofthebalancesheetincludinghedginginstruments	Changesinthefairvalueofhedginginstrumentsusedasabasisforrecognizinganinvalidportionofhedgesin2023
		Assets	Liabilities
Commoditypricerisk-inventories	85,802,395.07	298,320.00	1,380.00	Derivativefinancialassets/liabilities	-

Year2022

Item	Nominalamountofhedginginstruments	Bookvalueofhedginginstruments		Listeditemsofthebalancesheetincludinghedginginstruments	Changesinthefairvalueofhedginginstrumentsusedasabasisforrecognizinganinvalidportionofhedgesin2022
		Assets	Liabilities
Commoditypricerisk-inventories	78,647,998.02	-	489,360.00	Derivativefinancialliabilities	-

Note:Thevoidpartofthehedgemainlycomesfromthebasisrisk,theriskofsupplyanddemandchangesinthespotorfuturesmarketandotheruncertaintyrisksinthespotorfuturesmarket.Theamountofvoidhedgesrecognisedinthecurrentandpreviousyearsisnotmaterial.

(3)TheCompanycarriesouthedgingbusinessforriskmanagementandexpectstoachievetheriskmanagementobjectives,butdoesnotapplyhedgeaccounting

□Applicable?Notapplicable

3.Financialassets

(1)Classificationoftransfermodes

□Applicable?Notapplicable

(2)Financialassetsderecognizedduetotransfer

□Applicable?Notapplicable

(3)Financialassetstransferredforcontinuousinvolvement

□Applicable?NotapplicableXII.DisclosureofFairValue

1.Endingfairvalueoftheassetsandliabilitiesmeasuredatfairvalue

Unit:RMB

Item

Item	Endingfairvalue
	Level1fairvaluemeasurement	Level2fairvaluemeasurement	Level3fairvaluemeasurement	Total
I.Continuousfairvaluemeasurement	--	--	--	--
(I)Tradingfinancialassets		131,495,916.67	74,799,015.27	206,294,931.94
1.Financialassetsatfairvaluethroughprofitorloss		131,495,916.67	74,799,015.27	206,294,931.94
(2)Investmentinequityinstruments			74,799,015.27	74,799,015.27
(4)Structureddepositsandfinancialproducts		131,495,916.67
(VI)Derivativefinancialassets	298,320.00			298,320.00
1.Hedginginstruments	298,320.00			298,320.00
(VII)Otherdebtinvestments		67,627,948.60		67,627,948.60
1.Large-denominationcertificateofdeposit		67,627,948.60		67,627,948.60
(IX)Otherequityinstrumentinvestments			383,317.67	383,317.67
(X)Hedgeditems	85,802,395.07			85,802,395.07
Totalamountofassetscontinuouslymeasuredatfairvalue	86,100,715.07	199,123,865.27	75,182,332.94	360,406,913.28
(VII)Specifiedasfinancialliabilitiesatfairvaluethroughprofitorloss	56,881,954.76			56,881,954.76
(1)Goldleasing	56,881,954.76			56,881,954.76

(VIII)Derivativefinancialliabilities

(VIII)Derivativefinancialliabilities	1,380.00			1,380.00
1.Hedginginstruments	1,380.00			1,380.00
Totalamountofliabilitiescontinuouslymeasuredatfairvalue	56,883,334.76			56,883,334.76
II.Non-continuousfairvaluemeasurement	--	--	--	--

2.Basisfordeterminingthemarketpriceofitemssubjecttocontinuousandnon-continuouslevel1fairvaluemeasurementLevel1:Quotationsforthesameassetsorliabilitiesinactivemarkets(unadjusted).TheCompanydesignatesthefinancialliabilitiesmeasuredatfairvaluethroughprofitorlossasthephysicalgoldleasingbusinessfrombanksbytheCompany.Thereisanactivemarketforgold(i.e.ShanghaiGoldExchange),andtheShanghaiGoldExchangepublishestheclosingpriceofgoldcontracttransactionsoneachtradingday.Attheendoftheperiod,theCompanyusestheclosingpricepublishedbytheShanghaiGoldExchangeonthelasttradingdayasthebasisfordeterminingthemarketprice.ThehedgeditemsoftheCompanyaregoldproductinventories,andthehedginginstrumentsareassets/liabilitiesarisingfromchangesinthefairvalueofgoldfuturescontractsandgoldspotdeferredsettlementcontractsheldbytheCompany.TheCompanydeterminesthefairvaluebasedonthepublicquotationsofgoldspottransactionsandfuturestransactionsofShanghaiGoldExchangeandShanghaiFuturesExchange.

3.Qualitativeandquantitativeinformationaboutvaluationtechniquesandkeyparametersofitemssubjecttocontinuousandnon-continuouslevel2fairvaluemeasurementLevel2:Observableinputvaluesotherthanmarketquotationsforassetsorliabilitiesinlevel1areuseddirectly(i.e.price)orindirectly(i.e.derivedfromprice).ThetradingfinancialassetsheldbytheCompanyarebankfinancialproductswithone-yearprincipalguaranteedfloatingincome,andtheirfairvalueisdeterminedbasedondiscountedfuturecashflowscalculatedatanagreedexpectedrateofreturn.Thereisnomaterialdifferencebetweenthefairvalueandbookcostofothernon-currentfinancialassetsheldbytheCompany.Relevantinformationonlevel2fairvaluemeasurement

Content	Endingfairvalue	Valuationtechnique	Inputvalue
Derivativeinstrument:
Derivativefinancialassets	--	Discountedcashflowmethod	Expectedinterestrate
Derivativefinancialliabilities	--	Discountedcashflowmethod	Expectedinterestrate

4.Qualitativeandquantitativeinformationaboutvaluationtechniquesandkeyparametersofitemssubjecttocontinuousandnon-continuouslevel3fairvaluemeasurement

5.Informationonadjustmentbetweenbeginningbookvalueandendingbookvalueofitemssubjecttocontinuouslevel3fairvaluemeasurementandsensitivityanalysisofunobservableparametersLevel3:Anyinputvalue(unobservableinputvalue)thatisnotbasedonobservablemarketdataisusedforassetsorliabilities.EquityinstrumentinvestmentsaremeasuredbytheCompanybasedontheinvestmentcostasareasonableestimateofthefairvalue,becausetheoperatingenvironment,operatingconditions,andfinancialconditionsoftheinvestee,ChinaPUFAMachineryIndustryCo.,Ltd.,havenotchangedsignificantly.Quantitativeinformationofsignificantunobservableinputvaluesusedinlevel3fairvaluemeasurement

Content

Content	Endingfairvalue	Valuationtechnique	Unobservableinputvalue	Range(weightedaverage)
Equityinstrumentinvestment:
Unlistedequityinvestment
	383,317.67	Netassets	N/A	N/A

6.ReasonsfortransferandthepoliciesapplicableatthetimeoftransferforitemssubjecttocontinuousfairvaluemeasurementandhavingtransferredbetweenlevelsinthecurrentperiodInthisyear,thefairvaluemeasurementoffinancialassetsandfinancialliabilitiesoftheCompanydidnottransferbetweenLevel1andLevel2,ortransferintooroutofLevel3.ThefairvalueoffinancialinstrumentstradedintheactivemarketshallbedeterminedasperthequotationintheactivemarketbytheCompany;thatoffinancialinstrumentsnottradedintheactivemarketshallbedeterminedbyusingvaluationtechniques.Thevaluationmodelsusedaremainlythediscountedcashflowmodelandthemarketcomparablecompanymodel.Theinputvaluesofvaluationtechniquesmainlyincludetherisk-freeinterestrate,benchmarkinterestrate,exchangerate,creditpointdifference,liquiditypremium,discountforlackofliquidity,etc.

XIII.RelatedPartiesandRelatedTransactions

1.Informationoftheparentcompany

Nameoftheparentcompany	Registeredlocation	Businessnature	Registeredcapital	ShareholdingproportionoftheparentcompanytotheCompany	VotesproportionoftheparentcompanytotheCompany
ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.	Shenzhen	Realestatedevelopmentandoperation,domestic	RMB617,940.60	48.81%	49.09%

commerce

Informationoftheparentcompany

ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.(hereinafterreferredtoas"SDGGroup")wasestablishedonJune201982withtheinvestmentoftheState-ownedAssetsSupervisionandManagementCommissionofShenzhenMunicipalPeople'sGovernment.TheCompanynowholdsabusinesslicensewithaunifiedsocialcreditcodeof91440300192194195C,andaregisteredcapitalofRMB617,940.60.ThereasonfortheinconsistencybetweentheproportionofvotingrightsandtheshareholdingratioofSDGGroupintheCompanyisthatSDGGrouphascarriedouttherefinancingsecuritieslendingbusiness.TheultimatecontrollingpartyoftheCompanyistheState-ownedAssetsSupervisionandManagementCommissionofShenzhenMunicipalPeople’sGovernment.

2.InformationofthesubsidiariesoftheCompany

FordetailsoftheCompany'ssubsidiaries,pleaserefertoNoteIX.1.

3.InformationofthejointventuresandassociatesoftheCompanyTheimportantjointventuresorassociatesoftheCompanyaredetailedinNoteIX.2.Theinformationonotherjointventuresorassociatesthatproducedbalancebyconductingrelated-partytransactionswiththeCompanyinthecurrentperiodorintheearlierperiodisshownasfollows:

commerce

Nameofjointventuresorassociates

Nameofjointventuresorassociates	RelationshipwiththeCompany
ShenzhenTellusXinyongtongAutomobileServiceCo.,Ltd.	Associate
ShenzhenTellusAutomobileServiceChainCo.,Ltd.	Associate
ShenzhenYongtongXindaTestingEquipmentCo.,Ltd.	Associate
ShenzhenXiandaoNewMaterialsCo.,Ltd.	Associate
ShenzhenTelixingInvestmentCo.,Ltd.	Jointventure

4.Informationofotherrelatedparties

Nameofotherrelatedparties	RelationshipbetweenotherrelatedpartiesandtheCompany
ShenzhenSDGMicrofinanceCo.,Ltd.	Controlledsubsidiaryoftheparentcompany
ShenzhenSDGTianeIndustrialCo.,Ltd.	Controlledsubsidiaryoftheparentcompany
ShenzhenMachinery&EquipmentImport&ExportCo.,Ltd.	Controlledsubsidiaryoftheparentcompany
ShenzhenSDGRealEstateCo.,Ltd.	Controlledsubsidiaryoftheparentcompany
HongkongYujiaInvestmentLimited	Controlledsubsidiaryoftheparentcompany
ShenzhenSDGEngineeringManagementCo.,Ltd.	Controlledsubsidiaryoftheparentcompany
ShenzhenTellusYangchunRealEstateCo.,Ltd.	Controlledsubsidiaryoftheparentcompany
ShenzhenLonggangTellusRealEstateCo.,Ltd.	Controlledsubsidiaryoftheparentcompany
ShenzhenSDGTellusPropertyManagementCo.,Ltd.	Controlledsubsidiaryoftheparentcompany
ShenzhenSDGServiceCo.,Ltd.	Controlledsubsidiaryoftheparentcompany
ShenzhenWahlaiDecoration&FurnitureCo.,Ltd.	Associateoftheparentcompany
GuZhiming	Keymanagementpersonnel
ShenzhenZhiguJinyunTechnologyCo.,Ltd.	Enterprisesubjecttosignificantimpactbykeymanagementpersonnel
ShenzhenZHLIndustrialCo.,Ltd.	Minorityshareholderofimportantsubsidiaries
ShenzhenNiubisiJewelryTradingCo.,Ltd.	Enterprisecontrolledbytheminorityshareholderofimportantsubsidiaries
ShenzhenYuepengjinJewelryCo.,Ltd.	Enterprisecontrolledbytheminorityshareholderofimportantsubsidiaries
ShenzhenYuepengjinE-commerceCo.,Ltd.	Enterprisecontrolledbytheminorityshareholderofimportantsubsidiaries

GuorenProperty&CasualtyInsuranceCo.,Ltd.

GuorenProperty&CasualtyInsuranceCo.,Ltd.	Controllingsubsidiaryoftheactualcontrollingshareholder
ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd.	Subsidiarypreviouslycontrolledwithin12months

5.Informationofrelatedtransactions

(1)Relatedtransactionsofpurchase/salesofcommoditiesandrendering/receivingoflaborservices

Informationonpurchaseofcommodities/receiptoflaborservices

Unit:RMB

Relatedparties	Contentofrelatedpartytransaction	Amountincurredinthecurrentperiod	Approvedtransactionamount	Exceedingthetransactionamountornot	Amountincurredinthepreviousperiod
ShenzhenSDGServiceCo.,Ltd.	Receivinglaborservices	16,915,283.92	18,160,000.00	No	10,354,683.50
ShenzhenSDGTellusPropertyManagementCo.,Ltd.	Receivinglaborservices	2,130,623.04	3,400,000.00	No	3,148,143.25
ShenzhenZHLIndustrialCo.,Ltd.	Receivinglaborservices	3,023,066.13		No	1,032,213.33
ShenzhenZhiguJinyunTechnologyCo.,Ltd.	Purchasingcommodities	56,492.11		No	16,814.16
ShenzhenYuepengjinJewelryCo.,Ltd.	Receivinglaborservices	173,547.82		No	631,540.56
ShenzhenSDGEngineeringManagementCo.,Ltd.	Receivinglaborservices	1,314,123.15	2,000,000.00	No	2,384,060.38
ShenzhenZhiguJinyunTechnologyCo.,Ltd.	Softwareusagefee	990,566.01		No
GuorenProperty&CasualtyInsuranceCo.,Ltd.	Purchasingservices	414,886.00		No

Informationonsalesofcommodities/provisionoflaborservices

Unit:RMB

Relatedparties	Contentofrelatedpartytransaction	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
BeijingCaishikouDepartmentStoreCo.,Ltd.	Salesofcommodities	2,832,890.26
ShenzhenNiubisiJewelryTradingCo.,Ltd.	Renderinglaborservices	2,615,621.84	1,309,102.16
ShenzhenZHLIndustrialCo.,Ltd.	Renderinglaborservices	274,809.68
ShenzhenYuepengjinE-commerceCo.,Ltd.	Salesofcommodities	105,249,451.43	26,848,858.40
ShenzhenSDGServiceCo.,Ltd.	Renderinglaborservices	3,251,252.21	8,500.10
ShenzhenSDGMicrofinanceCo.,Ltd.	Renderinglaborservices	161,205.24	202,126.23
ShenzhenYuepengjinJewelryCo.,Ltd.	Renderinglaborservices	368,035.44
ShenzhenZhiguJinyunTechnologyCo.,Ltd.	Renderinglaborservices	566.04
ShenzhenZhongminglongInvestmentCo.,Ltd.	Renderinglaborservices	8,490.60

(2)InformationofrelatedleaseTheCompanyasthelessor:

Unit:RMB

Nameofthelessee

Nameofthelessee	Typeofleasingassets	Leaseincomerecognizedinthecurrentperiod	Leaseincomerecognizedinthepreviousperiod
ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.	Houseleasing	5,190,476.11	5,190,476.19
ShenzhenSDGServiceCo.,Ltd.	Houseleasing	99,521.16	1,962,815.40
ShenzhenSDGTellusPropertyManagementCo.,Ltd.	Houseleasing	158,518.11	38,262.91
ShenzhenSDGMicrofinanceCo.,Ltd.	Houseleasing	1,020,346.44	1,069,279.56
ShenzhenYongtongXindaTestingEquipmentCo.,Ltd.	Houseleasing	32,000.04	16,000.00
ShenzhenYuepengjinJewelryCo.,Ltd.	Houseleasing	1,886,387.76
ShenzhenZhiguJinyunTechnologyCo.,Ltd.	Houseleasing	7,428.58
ShenzhenZhongminglongInvestmentCo.,Ltd.	Houseleasing	52,231.80
ShenzhenYuepengjinJewelryCo.,Ltd.	Advertisingspaceleasing	15,428.57

(3)Remunerationofkeymanagementpersonnel

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Remunerationofkeymanagementpersonnel	5,756,900.00	8,381,400.00

6.Receivablesandpayablesbyrelatedparties

(1)Receivables

Unit:RMB

ProjectName	Relatedparties	Endingbalance		Beginningbalance
		Bookbalance	Baddebtprovision	Bookbalance	Baddebtprovision
Accountsreceivable	BeijingCaishikouDepartmentStoreCo.,Ltd.	656,267.50	6,562.68
Accountsreceivable	ShenzhenNiubisiJewelryTradingCo.,Ltd.	246,015.46	2,460.15	666,979.53	6,669.80
Accountsreceivable	ShenzhenSDGTellusPropertyManagementCo.,Ltd.	127.66	1.28	5,362.00	53.62
Accountsreceivable	ShenzhenSDGMicrofinanceCo.,	142,112.35	1,421.12	355,565.61	3,555.66

Ltd.

	Ltd.
Accountsreceivable	ShenzhenYuepengjinJewelryCo.,Ltd.	1,401,995.50	14,019.96
Prepayments	ShenzhenSDGEngineeringManagementCo.,Ltd.	21,226.42		6,900.00
Otherreceivables	ShenzhenSDGTellusElectronicsCo.,Ltd.	23,852.64	23,852.64	23,852.64	23,852.64
Otherreceivables	ShenzhenTellusAutomobileServiceChainCo.,Ltd.	1,360,390.00	1,360,390.00	1,360,390.00	1,360,390.00
Otherreceivables	ShenzhenXiandaoNewMaterialsCo.,Ltd.	660,790.09	660,790.09	660,790.09	660,790.09
Otherreceivables	ShenzhenTellusXinyongtongAutomobileServiceCo.,Ltd.	114,776.33	114,776.33	114,776.33	114,776.33
Otherreceivables	ShenzhenSDGLimingOptoelectronics(Group)Co.,Ltd.	2,886.00	2,886.00	2,886.00	2,886.00
Otherreceivables	ShenzhenSDGTellusPropertyManagementCo.,Ltd.	33,318.36	1,473.18	16,959.19	409.59
Otherreceivables	ShenzhenYongtongXindaTestingEquipmentCo.,Ltd.	531,882.24	531,882.24	531,882.24	531,882.24
Otherreceivables	ShenzhenTelixingInvestmentCo.,Ltd.	259,566.39	2,595.66	37,608.61	376.09
Otherreceivables	ShenzhenZHLIndustrialCo.,Ltd.	2,607,443.00	26,074.43	10,000.00	100.00
Long-termreceivables	ShenzhenTellusAutomobileServiceChainCo.,Ltd.	6,146,228.91	6,146,228.91	6,146,228.91	6,146,228.91

(2)Payables

Unit:RMB

ProjectName	Relatedparties	Period-endbookbalance	Period-beginningbookbalance
Accountspayable	ShenzhenSDGRealEstateCo.,Ltd.	6,054,855.46	6,054,855.46
Accountspayable	ShenzhenMachinery&EquipmentImport&ExportCo.,Ltd.	45,300.00	45,300.00
Accountspayable	ShenzhenSDGTellusPropertyManagementCo.,Ltd.	336,533.57	336,533.57
Accountspayable	ShenzhenZHLIndustrialCo.,Ltd.	212,993.43	235,873.17
Accountspayable	ShenzhenYuepengjinJewelryCo.,Ltd.	20,680.00	31,300.00
Accountspayable	ShenzhenWahlaiDecoration&FurnitureCo.,Ltd.	334,493.34	432,712.27

Accountspayable

Accountspayable	ShenzhenSDGServiceCo.,Ltd.	3,368,791.51	1,654,014.40
Accountspayable	ShenzhenSDGEngineeringManagementCo.,Ltd.	79,000.00	2,568,038.46
Accountspayable	ShenzhenZhiguJinyunTechnologyCo.,Ltd.	53,714.23
Advancesfromcustomers	ShenzhenSDGEngineeringManagementCo.,Ltd.	21,226.42
Otherpayables	ShenzhenSDGMicrofinanceCo.,Ltd.	237,804.66	237,804.66
Otherpayables	ShenzhenSDGServiceCo.,Ltd.	40,992.00	25,596.00
Otherpayables	ShenzhenTorchSparkPlugIndustryCo.,Ltd.	2,000.00
Otherpayables	ShenzhenYongtongXindaTestingEquipmentCo.,Ltd.	5,602.99	5,602.99
Otherpayables	ShenzhenTellusAutomobileServiceChainCo.,Ltd.	800.00
Otherpayables	ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.	833,334.00	833,334.00
Otherpayables	ShenzhenSDGTellusPropertyManagementCo.,Ltd.	15,841.59	145,043.21
Otherpayables	ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.	3,000.00	12,345,594.94
Otherpayables	ShenzhenTellusYangchunRealEstateCo.,Ltd.	476,217.49	476,217.49
Otherpayables	ShenzhenMachinery&EquipmentImport&ExportCo.,Ltd.	1,554,196.80	1,575,452.52
Otherpayables	ShenzhenWahlaiDecoration&FurnitureCo.,Ltd.	401,140.08	16,933.72
Otherpayables	ShenzhenSDGEngineeringManagementCo.,Ltd.	149,338.46	40,000.00
Otherpayables	ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd.	11,436,392.71
Otherpayables	HongkongYujiaInvestmentLimited	2,146,404.58	2,164,650.90
Otherpayables	ShenzhenSDGTianeIndustrialCo.,Ltd.	23,930.50	28,766.05
Otherpayables	ShenzhenLonggangTellusRealEstateCo.,Ltd.	1,095,742.50	1,095,742.50

XIV.CommitmentsandContingencies

1.Importantcommitments

Importantcommitmentsexistingonthebalancesheetdate

(1)Capitalcommitment

Capitalcommitmentscontractedbutnotyetrecognizedinthefinancialstatements

Endingbalance

Endingbalanceofthepreviousyear

Large-amountcontract

Large-amountcontract

-

70,136,870.42

AsofDecember31,2023,therearenoothercommitmentsthattheCompanyshoulddisclose.

2.Contingencies

(1)ImportantcontingenciesexistingonthebalancesheetdateAsofDecember31,2023,theCompanyhasnopendinglitigation,externalguarantee,andothercontingenciesthatshallbedisclosed.

(2)Incaseofnoimportantcontingenciestobedisclosed,adescriptionshallbegivenTheCompanyhasnoimportantcontingenciestobedisclosed.XV.EventsaftertheBalanceSheetDate

1.Profitdistribution

Numberofdividendsper10sharestobedistributed(RMB)	0.31
Numberofdividendsper10sharesdeclaredafterdeliberationandapproval(RMB)	0.31
Profitdistributionscheme	AccordingtotheproposalpassedinthetenthmeetingofthetenthBoardofDirectorsoftheCompanyonMarch26,2024,regardingthe"ProposalontheProfitDistributionPlanfortheYear2023",theCompanyintendstodistributeacashdividendofCNY0.31(includingtax)forevery10sharestoallshareholders,basedonthetotalsharecapitalof431,058,320sharesasofDecember31,2023.ThetotalcashdividenddistributionamountedtoCNY13,362,807.92.Therewillbenobonussharesissuedandnocapitalreserveconvertedintosharecapitalforthecurrentyear.

2.DescriptionsforothereventsafterthebalancesheetdateAsofMarch26,2024,theCompanyhasnoothereventsafterthebalancesheetdatethatshallbedisclosed.

XVI.OtherSignificantMatters

1.Segmentinformation

(1)DeterminationbasisandaccountingpolicyofreportingsegmentsAccordingtotheCompany'sinternalorganizationalstructure,managementrequirements,andinternalreportingsystem,thebusinessoftheCompanyisdividedintofourreportingsegments.ThesereportingsegmentsaredeterminedbasedonthefinancialinformationrequiredbytheCompany'sdailyinternalmanagement.The

Group'smanagementregularlyevaluatestheoperatingresultsofthesereportingsegmentstodeterminetheallocationofresourcestothemandevaluatetheirperformance.ThereportingsegmentsoftheCompanyinclude:

(1)Vehiclesales,4Spointsalesofvehicles;

(2)Vehiclemaintenanceanddetection,4Spointdetectionandmaintenanceofvehicles;

(3)Leasingandservices,realestateandcommercialrealestateleasing;

(4)Jewelrysalesandservices,wholesaleandretailofgoldjewelry.Thesegmentreportinginformationisdisclosedaccordingtotheaccountingpolicyandmeasurementstandardadoptedwheneachsegmentreportstothemanagement,andtheaccountingpolicyandmeasurementbasisareincorrespondencewiththoseofformulatingfinancialstatements.

(2)Financialinformationofreportingsegments

Unit:RMB

Item

Item	Automobilesales	Vehicleinspection,maintenance,andtesting	Leasingandservices	Jewelrywholesaleandretailservices	Inter-segmentoffset	Total
Operatingrevenue	42,638,840.47	13,368,747.52	253,392,431.36	1,542,157,106.92	-4,818,284.38	1,846,738,841.89
Operatingcost	38,385,230.69	11,719,946.94	86,694,475.52	1,514,872,121.11	-3,334,574.66	1,648,337,199.60
Totalassets	2,556,702.58	22,617,624.69	2,961,749,798.55	556,167,028.18	-1,139,239,469.55	2,403,851,684.45
Totalliabilities	7,136,866.99	29,654,180.14	730,703,499.74	275,873,585.55	-370,588,365.99	672,779,766.43

XVII.NotestoMajorItemsoftheParentCompany’sFinancialStatements

1.Accountsreceivable

(1)Disclosurebyaccountreceivableage

Unit:RMB

Accountreceivableage	Period-endbookbalance	Period-beginningbookbalance
Within1year(inclusive)	22,182,052.01	146,990.82
1-2years	124,487.53
Over3years	488,163.08	488,163.08
Over5years	488,163.08	488,163.08
Total	22,794,702.62	635,153.90

(2)Disclosurebybaddebtaccrualmethod

Unit:RMB

Type

Type	Endingbalance					Beginningbalance
	Bookbalance		Baddebtprovision		Bookvalue	Bookbalance		Baddebtprovision		Bookvalue
	Amount	Proportion	Amount	Provisionproportion		Amount	Proportion	Amount	Provisionproportion
Accountsreceivablewithprovisionforbaddebtsmadeonasinglebasis	484,803.08	2.13%	484,803.08	100.00%		484,803.08	76.33%	484,803.08	100.00%
Including:
Accountsreceivableforwhichprovisionforbaddebtsismadebyportfolio	22,309,899.54	97.87%	229,707.30	1.03%	22,080,192.24	150,350.82	23.67%	3,149.91	2.10%	147,200.91
Including:
Including:accountreceivableageportfolio	22,309,899.54	97.87%	229,707.30	1.03%	22,080,192.24	150,350.82	23.67%	3,149.91	2.10%	147,200.91
Total	22,794,702.62	100.00%	714,510.38	3.13%	22,080,192.24	635,153.90	100.00%	487,952.99	76.82%	147,200.91

Provisionforbaddebtsisaccruedonanindividualbasis:

Unit:RMB

Name	Beginningbalance		Endingbalance
	Bookbalance	Baddebtprovision	Bookbalance	Baddebtprovision	Provisionproportion	Reasonsforprovision
ShenzhenBijiashanClubCo.,Ltd.	172,000.00	172,000.00	172,000.00	172,000.00	100.00%	Longaccountreceivableage,andexpectedtobeunrecoverable
GongYanqing	97,806.64	97,806.64	97,806.64	97,806.64	100.00%	Longaccountreceivableage,andexpectedtobeunrecoverable
Guangzhou	86,940.00	86,940.00	86,940.00	86,940.00	100.00%	Longaccount

TianheLeminComputerCenter

TianheLeminComputerCenter						receivableage,andexpectedtobeunrecoverable
Others	128,056.44	128,056.44	128,056.44	128,056.44	100.00%	Longaccountreceivableage,andexpectedtobeunrecoverable
Total	484,803.08	484,803.08	484,803.08	484,803.08

Withdrawofprovisionforbaddebts:accountreceivableageportfolio

Unit:RMB

Name	Endingbalance
	Bookbalance	Baddebtprovision	Provisionproportion
Within1year	22,182,052.01	221,802.92	1.00%
1-2years	124,487.53	6,224.38	5.00%
2-3years
Over3years	3,360.00	1,680.00	50.00%
Total	22,309,899.54	229,707.30

Whethertoaccruebaddebtprovisionofaccountsreceivableaccordingtoexpectedcreditloss:

?Applicable□Notapplicable

Unit:RMB

Baddebtprovision	StageI	StageII	StageIII	Total
	Expectedcreditlossinthenext12months	Expectedcreditlossoverthelifetime(nocreditimpairmentoccurred)	Expectedcreditlossoverthelifetime(creditimpairmenthasoccurred)
BalanceasofJanuary1,2023	3,149.91		484,803.08	487,952.99
BalanceasofJanuary1,2023inthecurrentperiod
Accrualinthecurrentperiod	226,557.39			226,557.39
BalanceasofDecember31,2023	229,707.30		484,803.08	714,510.38

(3)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiod

Baddebtprovisionprovidedinthereportingperiod:

Unit:RMB

Type	Beginningbalance	Amountchangedinthecurrentperiod				Endingbalance
		Accrual	Accountsrecoveredortransferredback	Write-off	Others
Baddebtprovision	487,952.99	226,557.39				714,510.38
Total	487,952.99	226,557.39				714,510.38

(4)Accountsreceivableandcontractualassetswithtopfiveendingbalancecollectedaspertheborrowers

Unit:RMB

CompanyName

CompanyName	Endingbalanceofaccountsreceivable	Endingbalanceofcontractassets	Endingbalanceofaccountsreceivableandcontractassets	Proportionintotalendingbalanceofaccountsreceivableandcontractualassets	Endingbalanceofbaddebtproportionofaccountsreceivableandimpairmentprovisionofcontractualassets
ShenzhenSouthwestGoldManagementCenterCo.,Ltd.	2,046,208.16		2,046,208.16	8.98%	20,462.08
ChowSangSang(China)Co.,Ltd.	1,935,060.54		1,935,060.54	8.49%	19,350.61
ShenzhenHelinBijouterieCo.,Ltd.	1,286,721.23		1,286,721.23	5.64%	12,867.21
ZhongbaoJinyuan(Shenzhen)IndustrialDevelopmentCo.,Ltd.	1,203,415.57		1,203,415.57	5.28%	12,034.16
ShenzhenXinyufuJewelryCo.,Ltd.	631,483.95		631,483.95	2.77%	6,314.84
Total	7,102,889.45		7,102,889.45	31.16%	71,028.90

2.Otherreceivables

Unit:RMB

Item	Endingbalance	Beginningbalance
Dividendsreceivable	1,305,581.86	1,852,766.21
Otherreceivables	46,126,945.18	3,114,221.75
Total	47,432,527.04	4,966,987.96

(1)Dividendsreceivable

1)Categoryofdividendsreceivable

Unit:RMB

Project(ortheinvestee)	Endingbalance	Beginningbalance
ChinaPufaMachineryIndustryCo.,Ltd.	1,305,581.86	1,852,766.21
Total	1,305,581.86	1,852,766.21

2)Dividendsreceivableofimportantaccountreceivableageofover1year

Unit:RMB

Project(ortheinvestee)	Endingbalance	Accountreceivableage	Reasonfornon-recovery	Whetherimpairmenthasoccurredandthebasisfordeterminingimpairment
ChinaPufaMachineryIndustryCo.,Ltd.	1,305,581.86	1-2years	Notpaidyet	Thefinancialandoperatingconditionsof

theCompanyarenormal,andthedividendsreceivablearenotimpaired.

			theCompanyarenormal,andthedividendsreceivablearenotimpaired.
Total	1,305,581.86

(2)Otherreceivables

1)Classificationofotherreceivablesbynature

Unit:RMB

Natureofpayment	Period-endbookbalance	Period-beginningbookbalance
Othertemporarypaymentsofreceivables	15,738,436.97	14,255,119.76
Depositsandsecuritydeposits	1,774,070.79	46,698.00
Concernedintercoursefundswithintheconsolidationscopeofreceivables	42,400,084.74	2,474,015.88
Total	59,912,592.50	16,775,833.64

(2)Disclosurebyaccountreceivableage

Unit:RMB

Accountreceivableage	Period-endbookbalance	Period-beginningbookbalance
Within1year(inclusive)	43,614,137.53	2,416,319.22
1-2years	1,937,642.51	655,714.30
2-3years	643,606.04	25,867.36
Over3years	13,717,206.42	13,677,932.76
3-4years	39,273.66
Over5years	13,677,932.76	13,677,932.76
Total	59,912,592.50	16,775,833.64

3)Classifiedanddisclosedaccordingtothemethodforrecognizingbaddebt

Unit:RMB

Type	Endingbalance					Beginningbalance
	Bookbalance		Baddebtprovision		Bookvalue	Bookbalance		Baddebtprovision		Bookvalue
	Amount	Proportion	Amount	Provisionproportion		Amount	Proportion	Amount	Provisionproportion
Provisionforbaddebtsrecognizedindividually	13,644,641.06	22.77%	13,644,641.06	100.00%		13,631,234.76	81.26%	13,631,234.76	100.00%
Including:
Provisio	46,267,	77.23%	141,006	0.30%	46,126,	3,144,5	18.74%	30,377.	0.97%	3,114,2

nforbaddebtreservesonaportfoliobasis

nforbaddebtreservesonaportfoliobasis	951.44		.26		945.18	98.88		13		21.75
Including:
Agingportfolio	2,093,795.91	3.49%	72,610.51	3.47%	2,021,185.40	617,774.03	3.68%	7,028.13	1.14%	610,745.90
Portfolioofdepositandsecuritydepositreceivable	1,774,070.79	2.96%	68,395.75	3.86%	1,705,675.04	46,698.00	0.28%	23,349.00	50.00%	23,349.00
Currentaccountsassociatedwithintheconsolidationscope	42,400,084.74	70.77%			42,400,084.74	2,480,126.85	14.78%			2,480,126.85
Total	59,912,592.50	100.00%	13,785,647.32	23.01%	46,126,945.18	16,775,833.64	100.00%	13,661,611.89	81.44%	3,114,221.75

Provisionforbaddebtsmadeonaportfoliobasis

Unit:RMB

Name	Endingbalance
	Bookbalance	Baddebtprovision	Provisionproportion
Agingportfolio	2,093,795.91	72,610.51	3.47%
Portfolioofdepositandsecuritydepositreceivable	1,774,070.79	68,395.75	3.86%
Currentaccountsassociatedwithintheconsolidationscope	42,400,084.74
Total	46,267,951.44	141,006.26

Accruebaddebtprovisionofaccountsreceivableaccordingtoexpectedcreditloss:

Unit:RMB

Baddebtprovision	StageI	StageII	StageIII	Total
	Expectedcreditlossinthenext12months	Expectedcreditlossoverthelifetime(nocreditimpairmentoccurred)	Expectedcreditlossoverthelifetime(creditimpairmenthasoccurred)
BalanceasofJanuary1,2023	30,377.13		13,631,234.76	13,661,611.89
BalanceasofJanuary1,2023inthecurrentperiod

Accrualinthecurrentperiod

Accrualinthecurrentperiod	110,629.13			110,629.13
Otherchanges			13,406.30	13,406.30
BalanceasofDecember31,2023	141,006.26		13,644,641.06	13,785,647.32

DivisionbasisateachstageandproportionofbaddebtprovisionaccrualChangesofbookbalancewithsignificantamountchangedoflossprovisioninthereportingperiod

□Applicable?Notapplicable

4)Baddebtprovisionprovided,recoveredorreversedinthecurrentperiodBaddebtprovisionprovidedinthereportingperiod:

Unit:RMB

Type	Beginningbalance	Amountchangedinthecurrentperiod				Endingbalance
		Accrual	Accountsrecoveredortransferredback	Write-offorverification	Others
Baddebtprovision	13,661,611.89	110,629.13			13,406.30	13,785,647.32
Total	13,661,611.89	110,629.13			13,406.30	13,785,647.32

5)Otherreceivablesofthetopfiveendingbalancesbytheowingparty

Unit:RMB

CompanyName	Natureofpayment	Endingbalance	Accountreceivableage	Proportiontoendingbalanceofotherreceivables	Endingbalanceofprovisionforbaddebts
ShenzhenTellusTreasurySupplyChainTechCo.,Ltd.	Internalcurrentaccounts	40,051,509.11	0-2years	66.85%
ShenzhenZhonghao(Group)Co.,Ltd.	Intercoursefunds	5,000,000.00	Over3years	8.35%	5,000,000.00
ShenzhenJinbeiliElectricApplianceCo.,Ltd.	Intercoursefunds	2,706,983.51	Over3years	4.52%	2,706,983.51
ShenzhenJewelryIndustryServiceCo.,Ltd.	Internalcurrentaccounts	2,275,281.59	0-2years	3.80%
ShenzhenPetrochemical(Group)Co.,Ltd.	Intercoursefunds	1,923,910.07	Over3years	3.21%	1,923,910.07
Total		51,957,684.28		86.73%	9,630,893.58

3.Long-termequityinvestment

Unit:RMB

Item	Endingbalance			Beginningbalance
	Bookbalance	Provisionforimpairment	Bookvalue	Bookbalance	Provisionforimpairment	Bookvalue

Investmentsinsubsidiaries

Investmentsinsubsidiaries	696,131,539.12	1,956,000.00	694,175,539.12	786,245,472.73	1,956,000.00	784,289,472.73
Investmentsinassociatesandjointventures	86,298,649.89	9,787,162.32	76,511,487.57	90,811,528.26	9,787,162.32	81,024,365.94
Total	782,430,189.01	11,743,162.32	770,687,026.69	877,057,000.99	11,743,162.32	865,313,838.67

(1)Investmentsinsubsidiaries

Unit:RMB

Investee	Beginningbalance(bookvalue)	Beginningbalanceofimpairmentprovision	Changesinthecurrentperiod				Endingbalance(bookvalue)	Endingbalanceofimpairmentprovision
			Additionalinvestment	Reducedinvestment	Provisionsforimpairment	Others
ShenzhenSDGTellusRealEstateCo.,Ltd.	31,152,888.87						31,152,888.87
ShenzhenTellusChuangyingTechnologyCo.,Ltd.	14,000,000.00			11,000,000.00			3,000,000.00
ShenzhenTellusXinyongtongAutomobileDevelopmentCo.,Ltd.	57,672,885.22					54,789,240.96	2,883,644.26
ShenzhenZhongtianIndustryCo.,Ltd.	369,680,522.90						369,680,522.90
ShenzhenAutomobileIndustryandTradeCo.,Ltd.	126,251,071.57						126,251,071.57
ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd.	19,224,692.65			19,224,692.65
ShenzhenHuariToyotaSales&ServiceCo.,Ltd.	1,807,411.52						1,807,411.52

ShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd.

ShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd.	10,000,000.00			5,100,000.00			4,900,000.00
ShenzhenTellusTreasurySupplyChainTechCo.,Ltd.	50,000,000.00						50,000,000.00
ShenzhenHanliHighTechCeramicsCo.,Ltd.		1,956,000.00						1,956,000.00
ShenzhenJewelryIndustryServiceCo.,Ltd.	32,500,000.00						32,500,000.00
GuorunGoldShenzhenCo.,Ltd.	72,000,000.00						72,000,000.00
Total	784,289,472.73	1,956,000.00		35,324,692.65		54,789,240.96	694,175,539.12	1,956,000.00

(2)Investmentsinassociatesandjointventures

Unit:RMB

Investee

Beginningbalance(bookvalue)

Beginningbalanceofimpairmentprovision

Changesinthecurrentperiod

Endingbalance(bookvalue)

Endingbalanceofimpairmentprovision

Additionalinvestment

Reducedinvestment

Investmentgainsandlossesrecognizedundertheequitymethod

Adjustmentsinothercomprehensiveincome

Changesinotherequity

Cashdividendorprofitdeclaredtodistribute

Provisionsforimpairment

Others

I.Jointventures

ShenzhenTellus-GmondInvestmentCo.,Ltd.

47,143,720.13

17,107,124.93

15,000,000.00

49,250,845.06

ShenzhenTelixingInvestmentCo.,Ltd.

ShenzhenTelixingInvestmentCo.,Ltd.	14,200,897.13			-898,585.53				13,302,311.60
Subtotal	61,344,617.26			16,208,539.40		15,000,000.00		62,553,156.66
II.Associates
ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.	19,679,748.68			3,664,296.75		9,385,714.52		13,958,330.91
HunanChangyangIndustrialCo.,Ltd.		1,810,540.70							1,810,540.70
ShenzhenJiechengElectronicsCo.,Ltd.		3,225,000.00							3,225,000.00
ShenzhenXiandaoNewMaterialsCo.,Ltd.		4,751,621.62							4,751,621.62
ShenzhenTellusAutomobileServiceChainCo.,Ltd.
Subtotal	19,679,748.68	9,787,162.32		3,664,296.75		9,385,714.52		13,958,330.91	9,787,162.32
Total	81,02	9,787		19,87		24,38		76,51	9,787

4,365.94

4,365.94

,162.32

2,836.15

5,714.52

1,487.57

,162.32

Whethertherecoverableamountisdeterminedaccordingtothenetamountwithfairvaluedeductingdisposalexpenses

□Applicable?NotapplicableWhethertherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow

□Applicable?NotapplicableReasonsfortheapparentinconsistencybetweentheaforementionedinformationandtheinformationorexternalinformationusedintheimpairmenttestofpreviousyearsReasonsfortheapparentinconsistencybetweentheinformationadoptedbytheCompany'simpairmenttestinpreviousyearsandtheactualsituationinthatyear

4.Operatingrevenueandoperatingcost

Unit:RMB

Item	Amountincurredinthecurrentperiod		Amountincurredinthepreviousperiod
	Revenue	Cost	Revenue	Cost
Principalbusiness	86,993,917.15	39,689,422.24	39,568,530.33	10,680,130.69
Total	86,993,917.15	39,689,422.24	39,568,530.33	10,680,130.69

OtherdescriptionsInformationrelatedtotransactionvalueassignedtoresidualperformanceobligations:

TheamountofrevenuecorrespondingtoperformanceobligationsofcontractssignedbutnotperformedornotfullyperformedyetisRMB0.00attheperiod-end,amongwhichRMBXXXisexpectedtoberecognizedintheyearofXXX,RMBXXXintheyearofXXX,andRMBXXXintheyearofXXX.Majorcontractchangesormajortransactionpriceadjustments

Unit:RMB

Item

Accountingtreatmentmethod

Amountofimpactonincome

Othernotes:

5.Investmentincome

Unit:RMB

Item	Amountincurredinthecurrentperiod	Amountincurredinthepreviousperiod
Long-termequityinvestmentincomeaccountedbythecostmethod	69,369,094.20	244,000,000.00
Incomefromlong-termequityinvestmentscalculatedbytheequitymethod	19,872,836.15	10,897,171.28
Investmentincomefromholdingtradingfinancialassets	3,132,190.40	10,967,191.55
Dividendincomefrominvestmentsinotherequityinstrumentsduringtheholdingperiod		1,305,581.86
Interestincomefromlarge-denominationcertificatesofdeposit	4,921,596.99
Profitfromre-measurementofresidualequityatfairvalueafterlossoftherightofcontrol	67,398,061.79

Total

Total

164,693,779.53

267,169,944.69

XVIII.SupplementaryInformation

1.Breakdownofnon-recurringprofitorlossofthecurrentperiod?Applicable□Notapplicable

Unit:RMB

Item	Amount	Description
Profitorlossfromdisposalofnon-currentassets	69,475,478.10	Gainsfromtheremeasurementatfairvalueoftheremainingequityfollowingthelossofcontroloverasubsidiary
Governmentgrantsrecognizedinthecurrentgainsandlosses(excludinggovernmentgrantsrelatedtotheCompany'snormaloperatingactivities,compliantwithnationalpolicies,enjoyedbasedonestablishedstandards,andhavingacontinuousimpactontheCompany'sgainsandlosses)	6,476,027.99	Subsidiesunderthegovernment'spreferentialpoliciesforenterprises
Gainsorlossesonthefairvaluechangesoffinancialassetsandfinancialliabilitiesheldbynon-financialenterprises,aswellasgainsorlossesonthedisposaloffinancialassetsandfinancialliabilities,excludingeffectivehedgingrelatedtotheCompany'snormaloperatingactivities.	-9,882,368.06	Afterthelossofcontrolofthesubsidiary,thefairvaluechangelossoftheremainingequityisreassessedattheendoftheyear,,aswellasinvestmentincome
Reversalofimpairmentprovisionsforaccountsreceivabletestedforimpairmentseparately	150,000.00	Recoveryofprovisionsforaccruedimpairments
Othernon-operatingrevenuesandexpensesotherthantheabove	2,089,529.20	Liquidateddamages,forfeiteddeposits,etc.
Othergainsorlossesconformingtothedefinitionofnon-recurringgainsorlosses	-36,363,757.77	Staffresettlementexpenses,etc.
Less:Effectonincometax	13,674,541.65
Effectonminorityequity(after-tax)	-9,598,055.82
Total	27,868,423.63	--

Othergainsorlossesconformingtothedefinitionofnon-recurringgainsorlosses:

□Applicable?NotapplicableTheCompanyhasnoothergainsorlossesconformingtothedefinitionofnon-recurringgainsorlosses.Explanationondefiningthenon-recurringgainsorlossessetoutintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingSecuritiestothePublic—Non-RecurringGainsorLossesasrecurringgainsorlosses

□Applicable?Notapplicable

2.Returnonnetassetsandearningspershare

Profitduringthereportingperiod	Weightedaveragereturnonnetassets	Earningspershare
		Basicearningspershare	Dilutedearningspershare

(RMB/share)

		(RMB/share)	(RMB/share)
NetprofitattributedtoordinaryshareholdersoftheCompany	7.59%	0.2743	0.2743
NetprofitattributedtoordinaryshareholdersoftheCompanyafterdeductingnon-recurringprofitsandlosses	5.80%	0.2097	0.2097

3.Differenceinaccountingdataunderdomesticandforeignaccountingrules

(1)DifferencesinnetprofitsandnetassetsinthefinancialreportsdisclosedsimultaneouslyaccordingtotheInternationalAccountingStandardsandChineseAccountingStandards

□Applicable?Notapplicable

(2)DifferencesinnetprofitsandnetassetsinthefinancialreportsdisclosedsimultaneouslyaccordingtotheforeignaccountingstandardsandChineseAccountingStandards

□Applicable?Notapplicable

(3)Specifythereasonsfordifferencesinaccountingdataunderdomesticandforeignaccountingstandards;iftheadjustmentismadetodataauditedbytheoverseasauditfirm,specifythenameofsuchauditfirm