SHANDONG CHENMING PAPER HOLDINGS LIMITED
*
2020 Third Quarterly Report
October 2020
I Important NoticeThe board of directors (the “Board”), the supervisory committee (the“Supervisory Committee”) and the directors (the “Directors”), supervisors (the“Supervisors”) and senior management (the “Senior Management”) of theCompany hereby warrant the truthfulness, accuracy and completeness of thisquarterly report which does not contain false representations, misleadingstatements or material omissions, and severally and jointly accept legalresponsibility for its contents.
All Directors were present at the Board meeting to consider and approvethis quarterly report.
Chen Hongguo, the head of the Company, Dong Lianming, the head incharge of accounting, and Zhang Bo, the head of the accounting department(Accounting Officer), declare that they warrant the truthfulness, accuracy andcompleteness of the financial statements in this quarterly report.
II General Information of the Company
I. Major accounting data and financial indicators
Retrospective adjustment to or restatement of the accounting data for prior years by the Company
□ Yes ? No
| As at the end of the reporting period | As at the end of the prior year | Increase/decrease as at the end of the reporting period as compared to the end of the prior year | ||||
| Total assets (RMB) | 94,595,089,642.04 | 97,958,909,935.15 | -3.43% | |||
| Net assets attributable to shareholders of the Company (RMB) | 23,352,056,656.52 | 25,169,743,863.75 | -7.22% | |||
| The reporting period | Increase/decrease compared to the corresponding period of the prior year | The period from the beginning of the year to the end of the reporting period | Increase/decrease for the period from the beginning of the year to the end of the reporting period as compared to the corresponding period of the prior year | |||
| Revenue (RMB) | 8,473,304,915.35 | -2.22% | 22,073,110,681.21 | 0.27% | ||
| Net profit attributable to shareholders of the Company (RMB) | 560,227,575.14 | 0.41% | 1,076,554,278.62 | 0.82% | ||
| Net profit after extraordinary gains or losses attributable to shareholders of the Company (RMB) | 463,336,879.91 | 3.54% | 531,218,996.14 | -29.23% | ||
| Net cash flows from operating activities (RMB) | -- | -- | 7,268,850,121.56 | 11.84% | ||
| Basic earnings per share (RMB per share) | 0.136 | 0.74% | 0.187 | 26.35% | ||
| Diluted earnings per share (RMB per share) | 0.136 | 0.74% | 0.187 | 26.35% | ||
| Rate of return on net assets on weighted average basis | 2.23% | -0.03% | 3.07% | 0.60% | ||
Explanation:
Net profit attributable to shareholders of the Company does not exclude the effect of the interest of perpetualbonds and the dividends of preference shares paid and declared to be paid. When calculating financial indicatorssuch as earnings per share and the rate of return on net assets on weighted average basis, the interest for perpetualbonds from 1 January 2020 to 30 September 2020 of RMB145,632,876.71 and the dividend on preference sharespaid in 2020 of RMB387,101,073.42 are deducted.Items and amounts of extraordinary gains or losses
? Applicable □ Not applicable
Unit: RMB
| Item | Amount for the period from the beginning of the year to the end of the reporting period | Explanation |
| Profit or loss from disposal of non-current assets (including write-off of asset impairment provision) | 39,182,017.64 | |
| Government grants (except for the government grants closely related to the normal operation of the company and granted constantly at a fixed amount or quantity in accordance with a certain standard based on state policies) accounted for in profit or loss for the current period | 872,260,380.05 | |
| Gain or loss arising from change in fair value of financial assets held for trading and financial liabilities held for trading, as well as investment gain on disposal of financial assets held for trading, financial liabilities held for trading and available-for-sale financial assets, excluding the effective hedging business related to the normal operations of the Company | -6,592,990.05 | |
| Change in fair value of consumable biological assets/change in fair value of other non-current financial assets | -9,246,743.86 | |
| Non-operating income and expense other than the above items | -1,565,525.92 | |
| Subtotal | 894,037,137.86 | |
| Less: Effects of income tax | 206,911,149.92 | |
| Effects of non-controlling interests (after tax) | 141,790,705.46 | |
| Total | 545,335,282.48 | -- |
Notes for the Company’s extraordinary gain or loss items as defined in the Explanatory Announcement onInformation Disclosure for Companies Offering Their Securities to the Public No.1 – Extraordinary Gains orLosses and the extraordinary gain or loss items as illustrated in the Explanatory Announcement on InformationDisclosure for Companies Offering Their Securities to the Public No.1 – Extraordinary Gains or Losses defined asits recurring gain or loss items
□ Applicable ? Not applicable
No extraordinary gain or loss items as defined or illustrated in the Explanatory Announcement on InformationDisclosure for Companies Offering Their Securities to the Public No. 1 – Extraordinary Gains or Losses weredefined by the Company as its recurring gain or loss items during the reporting period.
II. Total number of shareholders and shareholdings of the top ten shareholders as at the endof the reporting period
1. Total number of shareholders of ordinary shares and shareholders of preference shares with restoredvoting rights and the shareholding of the top ten shareholders
Unit: share
| Total number of shareholders of ordinary shares as at the end of the reporting period | 118,875, of which 97,991 were holders of A shares, 20,521 were holders of B shares and 363 were holders of H shares | Total number of shareholders of preference shares with restored voting right as at the end of the reporting period (if any) | 0 | ||||||
| Shareholding of the top ten shareholders | |||||||||
| Name of shareholders | Nature of shareholders | Percentage of shareholding | Number of shares held | Number of restricted shares held | Share pledged or locked-up | ||||
| Status of shares | Number | ||||||||
| CHENMING HOLDINGS COMPANY LIMITED | State-owned legal person | 15.32% | 457,322,919 | 0 | Pledged | 349,370,000 | |||
| HKSCC NOMINEES LIMITED | Overseas legal person | 12.51% | 373,331,125 | 0 | |||||
| CHENMING HOLDINGS (HONG KONG) LIMITED | Overseas legal person | 12.20% | 364,131,563 | 0 | |||||
| CENTRAL HUIJIN ASSET MANAGEMENT LTD. | State-owned legal person | 2.02% | 60,206,850 | 0 | |||||
| CHEN Hongguo | Domestic natural person | 1.04% | 31,080,044 | 28,310,033 | |||||
| NATIONAL SOCIAL SECURITY FUND 418 | Others | 0.63% | 18,734,946 | 0 | |||||
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | Overseas legal person | 0.59% | 17,655,985 | 0 | |||||
| BASIC PENSION INSURANCE FUND 1208 | Others | 0.46% | 13,684,084 | 0 | |||||
| VANGUARD EMERGING MARKETS STOCK INDEX FUND | Overseas legal person | 0.44% | 13,121,946 | 0 | |||||
| CHEN Suiqiang | Domestic natural person | 0.42% | 12,600,000 | 0 | ||||||
| Shareholding of the top ten shareholders of non-restricted shares | ||||||||||
| Name of shareholders | Number of non-restricted shares held | Class of shares | ||||||||
| Class of shares | Number | |||||||||
| CHENMING HOLDINGS COMPANY LIMITED | 457,322,919 | RMB ordinary shares | 457,322,919 | |||||||
| HKSCC NOMINEES LIMITED | 373,331,125 | Overseas listed foreign shares | 373,331,125 | |||||||
| CHENMING HOLDINGS (HONG KONG) LIMITED | 364,131,563 | Domestic listed foreign shares | 210,717,563 | |||||||
| Overseas listed foreign shares | 153,414,000 | |||||||||
| CENTRAL HUIJIN ASSET MANAGEMENT LTD. | 60,206,850 | RMB ordinary shares | 60,206,850 | |||||||
| NATIONAL SOCIAL SECURITY FUND 418 | 18,734,946 | RMB ordinary shares | 18,734,946 | |||||||
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 17,655,985 | Domestic listed foreign shares | 17,655,985 | |||||||
| BASIC PENSION INSURANCE FUND 1208 | 13,684,084 | RMB ordinary shares | 13,684,084 | |||||||
| VANGUARD EMERGING MARKETS STOCK INDEX FUND | 13,121,946 | Domestic listed foreign shares | 13,121,946 | |||||||
| CHEN Suiqiang | 12,600,000 | RMB ordinary shares | 12,600,000 | |||||||
| CITIC SECURITIES CO., LTD. - SOCIAL SECURITY FUND 1106 | 10,679,175 | RMB ordinary shares | 10,679,175 | |||||||
| Related party relationship or acting in concert among the above shareholders | A shareholder, Chenming Holdings (Hong Kong) Limited, which is an overseas legal person, is a wholly-owned subsidiary of a shareholder, Chenming Holdings Company Limited, which is a state-owned legal person. Hence, they are persons acting in concert under the Measures for the Administration of Disclosure of Shareholder Equity Changes of Listed Companies. A shareholder, Chen Hongguo, is the legal representative, chairman and general manager of Chenming Holdings Company Limited. Save for the above, it is not aware that any other shareholders of tradable shares are persons acting in concert. It is also not aware that any other shareholders of tradable shares are related to each other. | |||||||||
| Securities margin trading of top | Chenming Holdings Company Limited held 457,322,919 RMB ordinary | |||||||||
| 10 ordinary shareholders, if any | shares, of which 414,122,919 shares were held through ordinary account and 43,200,000 shares were held through credit guarantee security account. Chen Suiqiang held 12,600,000 RMB ordinary shares, of which 0 share was held through ordinary account and 12,600,000 shares were held through credit guarantee security account. |
Whether an agreed repurchase transaction was entered into during the reporting period by the top 10 ordinaryshareholders and top 10 non-restricted ordinary shareholders of the Company
□ Yes ? No
The top 10 ordinary shareholders and top 10 shareholders of non-restricted ordinary shares of the Company didnot enter into any agreed repurchase transaction during the reporting period.
2. Total number of shareholders of preference shares and shareholding of the top ten shareholders ofpreference shares? Applicable □ Not applicable
Unit: share
| Total number of shareholders of preference shares as at the end of the reporting period | 8 | |||||
| Shareholding of the top ten shareholders of preference shares | ||||||
| Name of shareholders | Nature of shareholders | Percentage of shareholding | Number of shares held | Number of restricted shares held | Share pledged or locked-up | |
| Status of shares | Number | |||||
| BEIJING YIBEN ZHONGXING INVESTMENT MANAGEMENT CO., LTD. | Domestic non-state-owned legal person | 27.78% | 12,500,000 | 0 | Pledged | 12,500,000 |
| BANK OF COMMUNICATIONS INTERNATIONAL TRUST CO., LTD. - HUILI NO.167 SINGLE CAPITAL TRUST | Others | 22.44% | 10,100,000 | 0 | ||
| BANK OF COMMUNICATIONS INTERNATIONAL TRUST CO., LTD. – HUILI NO.136 SINGLE CAPITAL TRUST | Others | 14.22% | 6,400,000 | 0 | ||
| QILU BANK CO., LTD. – QILU BANK QUANXIN WEALTH MANAGEMENT PRODUCT SERIES | Others | 13.33% | 6,000,000 | 0 | ||
| SHANGHAI SHIJIE BUSINESS CONSULTING CO., LTD. | Domestic non-state-owned legal person | 9.20% | 4,140,100 | 0 | ||
| HENGFENG BANK CO., LTD. | Domestic non-state-owned legal person | 8.89% | 4,000,000 | 0 | ||
| LEAD CAPITAL MANAGEMENT CO., LTD. – LEAD CAPITAL - LI DE YING NO. 2 ASSET MANAGEMENT PLAN | Others | 2.62% | 1,179,900 | 0 | ||
| LEAD CAPITAL MANAGEMENT | Others | 1.51% | 680,000 | 0 | ||
| CO., LTD.- LEAD CAPITAL – LI DE YING NO. 1 ASSET MANAGEMENT PLAN | |
| Related party relationship or acting in concert among the above shareholders | Among the above holders of preference shares, “BANK OF COMMUNICATIONS INTERNATIONAL TRUST CO., LTD. – HUILI NO.167 SINGLE CAPITAL TRUST” and “BANK OF COMMUNICATIONS INTERNATIONAL TRUST CO., LTD. – HUILI NO.136 SINGLE CAPITAL TRUST”, and “LEAD CAPITAL MANAGEMENT CO., LTD. – LEAD CAPITAL – LI DE YING NO.1 ASSET MANAGEMENT PLAN” and “LEAD CAPITAL MANAGEMENT CO., LTD. – LEAD CAPITAL – LI DE YING NO.2 ASSET MANAGEMENT PLAN”, are persons acting in concert. Save for the above, it is not aware that whether the remaining holders of preference shares are persons acting in concert. It is also not aware that the top ten holders of preference shares and the aforesaid ordinary shareholders are related to each other. |
III Material MattersI. Details of changes in major financial data and financial indicators during the reporting periodand reasons thereof
? Applicable □ Not applicable(I) Analysis of the assets and liabilities of the Company
Unit: RMB
| Item | 30 September 2020 | 31 December 2019 | Change | Reason for change |
| Accounts receivable financing | 646,109,530.46 | 442,915,861.70 | 45.88% | (1) |
| Financial assets held for trading | 189,091,827.10 | - | 100% | (2) |
| Other current assets | 4,876,429,272.68 | 8,108,707,394.70 | -39.86% | (3) |
| Construction in progress | 455,329,505.32 | 5,476,122,928.95 | -91.69% | (4) |
| Bills payable | 4,165,556,883.13 | 1,515,048,206.00 | 174.95% | (5) |
| Taxes payable | 473,218,536.70 | 311,554,116.73 | 51.89% | (6) |
| Other non-current liabilities | 1,387,172,269.72 | 3,042,841,328.86 | -54.41% | (7) |
| Other equity instruments | 5,473,500,000.00 | 7,465,500,000.00 | -26.68% | (8) |
| Minority interest | 1,647,087,783.82 | 1,170,029,016.80 | 40.77% | (9) |
Explanation of the reasons leading to the major changes:
(1) Accounts receivable financing increased by 45.88% as compared to the beginning of the year, mainly due to theincrease in bills held at the end of the reporting period from the beginning of the year.
(2) Financial assets held for trading increased by 100%, mainly due to the increase in the securities investmentduring the reporting period.
(3) Other current assets decreased by 39.86% as compared to the beginning of the year, mainly due to the decreasein the size of the short-term financial lease business as at the end of the reporting period from the beginning of theyear.
(4) Construction in progress decreased by 91.69% as compared to the beginning of the year, mainly due to thereclassification of the Huanggang Chenming pulp production project during the reporting period.
(5) Bills payable increased by 174.95% as compared to the beginning of the year, mainly due to the increase inpayment for goods with bills during the reporting period.
(6) Taxes payable increased by 51.89% as compared to the beginning of the year, mainly due to the increase inincome tax payable at the end of the reporting period from the beginning of the year.
(7) Other non-current liabilities decreased by 54.41% as compared to the beginning of the year, mainly due to thereclassification of the Company’s RMB2 billion medium-term notes to liabilities due within one year during thereporting period.
(8) Other equity instruments decreased by 26.68% as compared to the beginning of the year, mainly due to thepayment of RMB2 billion perpetual bonds by the Company during the reporting period.
(9) Minority interest increased by 40.77% as compared to the beginning of the year, mainly due to the capital
injection into Shouguang Meilun by Dongxing Securities during the reporting period.(II) Reasons for significant year-on-year changes of income statement items
Unit: RMB
| Item | January – September 2020 | January – September 2019 | Change | Reason for change |
| Sales and distribution expenses | 1,011,570,307.54 | 963,752,678.83 | 4.96% | (1) |
| Research and development expenses | 865,743,883.85 | 705,690,315.68 | 22.68% | (2) |
| Other income | 226,087,658.21 | 59,641,233.95 | 279.08% | (3) |
| Loss on impairment of assets | -13,570,727.71 | 82,790,921.68 | -116.39% | (4) |
| Non-operating income | 666,294,459.14 | 268,505,785.14 | 148.15% | (5) |
Explanation of the reasons leading to the major changes:
(1) Selling and distribution expenses increased by 4.96% as compared to the corresponding period of last year,mainly due to the increase in sales and the year-on-year increase in transportation expenses during the reportingperiod.
(2) Research and development expense increased by 22.68% as compared to the corresponding period of last year,mainly due to the increase in research and development investment during the reporting period.
(3) Other income increased by 279.08% as compared to the corresponding period of last year, mainly due to theyear-on-year increase in government grants received by the Company during the reporting period.
(4) Impairment loss of assets increased by 116.39% as compared to the corresponding period of last year, mainlydue to the changes in the conditions of inventory impairment and the reversal of impairment provision forinventories in the last year.
(5) Non-operating income increased by 148.15% as compared to the corresponding period of last year, mainly dueto the receipt of final payment of relocation compensation of Wuhan Chenming during the reporting period.(III) Analysis of cash flows during the reporting period
Unit: RMB
| Item | January – September 2020 | January – September 2019 | Change | Reason for change |
| Net cash flows from operating activities | 7,268,850,121.56 | 6,499,224,141.50 | 11.84% | (1) |
| Net cash flows from investment activities | 431,479,896.26 | -1,620,520,894.62 | 126.63% | (2) |
| Net cash flows from financing activities | -8,245,064,466.81 | -4,486,844,584.52 | -83.76% | (3) |
Explanation of the reasons leading to the major changes:
(1) Net cash flows from operating activities increased by 11.84% as compared to the corresponding period of lastyear, mainly due to the increase in payment with bills by the Company and the decrease in purchase of raw materialswith spot exchange during the reporting period.
(2) Net cash flows from investing activities increased by 126.63% as compared to the corresponding period of lastyear, mainly due to the year-on-year decrease in project investment during the reporting period.
(3) Net cash flows from financing activities decreased by 83.76% as compared to the corresponding period of lastyear, mainly due to the reduction in the borrowings size of the Company during the reporting period.
II. Analysis of and description on the progress of material matters, their impacts and solutions? Applicable □ Not applicable
1. Completion of registration of shares granted under the 2020 Restricted A Share Incentive Scheme.On 15 May 2020, the Company convened the 2020 second extraordinary general meeting, the 2020 first classmeeting for holders of domestic-listed shares and the 2020 first class meeting for holders of overseas-listed shares,during which matters in relation to the implementation of the 2020 Restricted A Share Incentive Scheme by theCompany were considered and approved. On 29 May 2020, the Company convened the tenth extraordinary meetingof the ninth session of the Board, during which the issuance of shares to 111 participants to the incentive scheme andthe granting of 79.6 million restricted A shares were approved. During the reporting period, the registration of the
79.6 million restricted A shares was completed at Shenzhen Branch of China Securities Depository and ClearingCompany Limited, and such shares were listed on 15 July 2020.For details, please refer to the relevant announcement (announcement no.: 2020-061) of the Company published onCNINFO on 9 July 2020.
2. Completion of the implementation of the increase in shareholding of the controlling shareholderDue to its confidence in the Company’s future business growth and development prospects, as at 9 September 2020,Chenming Holdings Company Limited, the controlling shareholder, cumulatively increased its shareholding in theCompany by 17,817,434 A shares through centralized bidding on the Shanghai Stock Exchange trading system,representing 0.6% of the Company’s total share capital. In aggregate, the increase in shareholding amounted toRMB100,118,100, and the implementation of the increase in shareholding was completed.For details, please refer to the relevant announcement (announcement no.: 2020-087) of the Company published onCNINFO on 10 September 2020.Progress of the implementation of share repurchase
□ Applicable ? Not applicable
Progress of the implementation of reduction of shares repurchased by way of centralized bidding
□ Applicable ? Not applicable
III. Undertakings made by parties involved in undertakings including the Company’s beneficialcontrollers, shareholders, related parties, bidders and the Company subsisting during thereporting period
□ Applicable ? Not applicable
During the reporting period, there were no undertakings made by parties involved in undertakings including theCompany’s beneficial controllers, shareholders, related parties, bidders and the Company subsisting during thereporting period.
IV. Financial asset investments
1. Security investments
? Applicable □ Not applicable
Unit: RMB
| Type of security | Stock code | Stock abbreviation | Initial investment cost | Model of accounting measurement | Opening carrying amount | Profit or loss from change in fair value during the period | Cumulative fair value change charged to equity | Purchases during the period | Disposal during the period | Gains or losses during the reporting period | Carrying amount as at the end of the period | Accounting items | Source of fund | |
| Domestic and overseas shares | 09668 | Bohai Bank | 195,684,817.15 | Measurement at fair value | 0.00 | -6,592,990.05 | -6,592,990.05 | 195,684,817.15 | 0.00 | -6,592,990.05 | 189,091,827.10 | Financial assets held for trading | Self-owned funds | |
| Total | 195,684,817.15 | -- | 0.00 | -6,592,990.05 | -6,592,990.05 | 195,684,817.15 | 0.00 | -6,592,990.05 | 189,091,827.10 | -- | -- | |||
| Date of announcement relating to the securities investment approved by the board | 20 June 2020 | |||||||||||||
| Date of announcement relating to the securities investment approved by the board (if any) | Nil | |||||||||||||
2. Derivative investments
□ Applicable ? Not applicable
The Company did not have any derivative investments during the reporting period
V. Progress of investment projects with proceeds
□ Applicable ? Not applicable
VI. Estimate of the operating results for 2020Warning of projection on cumulative net profit for the period from the beginning of the year to the end of the nextreporting period to be at a loss or expected to have material changes as compared to the corresponding period ofprior year and its explanation
□ Applicable ? Not applicable
VII. Material contracts in day-to-day operations
□ Applicable ? Not applicable
VIII. Entrusted wealth management
□ Applicable ? Not applicable
The Company did not have any entrusted wealth management during the reporting period.IX. External guarantees against the rules and regulations
□ Applicable ? Not applicable
There was no external guarantee provided by the Company which was against the rules and regulations during thereporting period.
X. Appropriation of funds of the Company by the controlling shareholder and its related partiesfor non-operating purposes
□ Applicable ? Not applicable
There was no appropriation of funds of the Company by the controlling shareholder and its related parties fornon-operating purposes during the reporting period.XI. Registration form for reception of research investigations, communications and interviewsduring the reporting period? Applicable □ Not applicable
| Time of reception | Place of reception | Mode of reception | Type of subject of reception | Subject of reception | Major topics discussed and information provided | Index for the basic information of the investigation |
| 29 September 2020 | Panorama ? Roadshow platform | Online | Individuals and institutions | Investors participating in the 2020 investor online collective reception day event for listed companies in Shandong | Corporate governance, development strategy, and operating conditions | Panorama ? Roadshow http://rs.p5w.net/ |
IV Financial Statements
I. Financial Statements
1. Consolidated balance sheet
Prepared by: Shandong Chenming Paper Holdings Limited
30 September 2020
Unit: RMB
| Item | 30 September 2020 | 31 December 2019 |
| CURRENT ASSETS： | ||
| Monetary funds | 17,486,813,167.47 | 19,306,529,473.33 |
| Financial assets held for trading | 189,091,827.10 | |
| Bills receivable | ||
| Accounts receivable | 2,459,250,782.88 | 2,525,083,311.03 |
| Accounts receivable financing | 646,109,530.46 | 442,915,861.70 |
| Prepayments | 932,619,933.04 | 603,573,549.08 |
| Other receivables | 2,266,523,374.40 | 2,216,654,598.66 |
| Including: Interest receivable | ||
| Dividends receivable | 13,000,000.00 | |
| Inventories | 5,338,687,801.95 | 4,774,430,110.81 |
| Contract assets | ||
| Assets held-for-sale | ||
| Non-current assets due within one year | 7,265,642,098.07 | 6,974,539,613.30 |
| Other current assets | 4,876,429,272.68 | 8,108,707,394.70 |
| Total current assets | 41,461,167,788.05 | 44,952,433,912.61 |
| NON-CURRENT ASSETS: | ||
| Debt investments | ||
| Other debt investments | ||
| Long-term receivables | 2,522,108,649.88 | 1,200,575,810.95 |
| Long-term equity investments | 3,835,285,635.60 | 3,606,339,023.74 |
| Investment in other equity instruments | ||
| Other non-current financial assets | 147,445,653.55 | 147,445,653.55 |
| Investment property | 5,182,352,435.80 | 5,082,362,293.11 |
| Fixed assets | 37,970,292,532.85 | 34,439,935,032.69 |
| Item | 30 September 2020 | 31 December 2019 |
| Construction in progress | 455,329,505.32 | 5,476,122,928.95 |
| Right-of-use assets | 147,129,301.04 | 152,141,882.05 |
| Intangible assets | 1,828,187,648.67 | 1,781,061,904.51 |
| Development expenditure | ||
| Goodwill | 5,969,626.57 | 5,969,626.57 |
| Long-term prepaid expenses | 46,317,772.47 | 48,203,408.71 |
| Deferred income tax assets | 943,032,126.13 | 892,442,631.04 |
| Other non-current assets | 50,470,966.11 | 173,875,826.67 |
| Total non-current assets | 53,133,921,853.99 | 53,006,476,022.54 |
| Total assets | 94,595,089,642.04 | 97,958,909,935.15 |
| CURRENT LIABILITIES: | ||
| Short-term borrowings | 34,844,113,549.98 | 36,883,156,014.19 |
| Financial liabilities held for trading | ||
| Bills payable | 4,165,556,883.13 | 1,515,048,206.00 |
| Accounts payable | 3,818,079,499.31 | 4,351,087,581.98 |
| Receipts in advance | ||
| Contract liabilities | 1,223,586,364.44 | 968,082,063.13 |
| Employee benefits payable | 243,302,520.73 | 190,229,883.52 |
| Taxes payable | 473,218,536.70 | 311,554,116.73 |
| Other payables | 1,968,444,026.25 | 2,594,249,626.54 |
| Including: Interest payable | 122,575,261.67 | 208,189,699.15 |
| Dividend payable | ||
| Liabilities held-for-sale | ||
| Non-current assets due within one year | 7,345,250,544.13 | 5,662,958,920.03 |
| Other current liabilities | 155,711,997.16 | 222,402,500.00 |
| Total current liabilities | 54,237,263,921.83 | 52,698,768,912.12 |
| NON-CURRENT LIABILITIES: | ||
| Long-term borrowings | 7,871,064,710.32 | 9,140,339,693.56 |
| Bonds payable | 1,558,756,456.07 | 1,258,270,909.49 |
| Including: Preference shares | ||
| Perpetual bonds | ||
| Lease liabilities | 60,271,769.90 | 59,697,128.65 |
| Long-term payables | 2,490,047,622.42 | 3,321,535,538.94 |
| Long-term employee benefits payable |
| Item | 30 September 2020 | 31 December 2019 |
| Provisions | 325,259,082.28 | 325,259,082.28 |
| Deferred income | 1,666,109,369.16 | 1,771,013,335.11 |
| Deferred income tax liabilities | 1,411,125.59 | |
| Other non-current liabilities | 1,387,172,269.72 | 3,042,841,328.86 |
| Total non-current liabilities | 15,358,681,279.87 | 18,920,368,142.48 |
| TOTAL LIABILITIES | 69,595,945,201.70 | 71,619,137,054.60 |
| OWNERS’ EQUITY: | ||
| Share capital | 2,984,208,200.00 | 2,904,608,200.00 |
| Other equity instruments | 5,473,500,000.00 | 7,465,500,000.00 |
| Including: Preference shares | 4,477,500,000.00 | 4,477,500,000.00 |
| Perpetual bonds | 996,000,000.00 | 2,988,000,000.00 |
| Capital reserves | 5,256,000,531.30 | 5,086,686,427.30 |
| Less: Treasury shares | 226,860,000.00 | |
| Other comprehensive income | -785,213,057.79 | -879,452,135.10 |
| Special reserves | - | - |
| Surplus reserves | 1,212,009,109.97 | 1,212,009,109.97 |
| General risk reserves | 74,122,644.20 | 74,122,644.20 |
| Retained profit | 9,364,289,228.84 | 9,306,269,617.38 |
| Total equity attributable to equity holders of the company | 23,352,056,656.52 | 25,169,743,863.75 |
| Minority interest | 1,647,087,783.82 | 1,170,029,016.80 |
| Total owners’ equity | 24,999,144,440.34 | 26,339,772,880.55 |
| TOTAL LIABILITIES AND OWNERS’ EQUITY | 94,595,089,642.04 | 97,958,909,935.15 |
Legal Representative: Chen Hongguo Head in charge of accounting: Dong Lianming Head of the accounting department: Zhang Bo
2. Balance sheet of the Company
Unit: RMB
| Item | 30 September 2020 | 31 December 2019 |
| CURRENT ASSETS： | ||
| Monetary funds | 6,353,643,948.78 | 9,001,257,324.52 |
| Financial assets held for trading | ||
| Bills receivable | 1,689,170,000.00 | 3,254,460,000.00 |
| Accounts receivable | 742,330,617.37 | 39,204,670.00 |
| Accounts receivable financing | 92,509,620.51 | 189,873,567.14 |
| Prepayments | 325,939,372.49 | 722,472,479.01 |
| Other receivables | 10,548,910,904.10 | 13,975,590,537.58 |
| Including: Interest receivable | ||
| Dividends receivable | ||
| Inventories | 880,563,153.40 | 696,487,727.53 |
| Contract assets | ||
| Assets held-for-sale | ||
| Non-current assets due within one year | 245,631,300.05 | 129,546,826.00 |
| Other current assets | 81,935,906.10 | 80,815,659.84 |
| Total current assets | 20,960,634,822.80 | 28,089,708,791.62 |
| NON-CURRENT ASSETS: | ||
| Debt investments | ||
| Other debt investments | ||
| Long-term receivables | 28,467,038.25 | 418,750,862.51 |
| Long-term equity investments | 22,449,689,544.10 | 23,629,780,317.87 |
| Investment in other equity instruments | 3,000,000.00 | |
| Other non-current financial assets | 147,445,653.55 | 147,445,653.55 |
| Investment property | ||
| Fixed assets | 4,043,600,693.20 | 3,901,007,932.88 |
| Construction in progress | 46,206,919.27 | 350,623,821.42 |
| Bearer biological assets | ||
| Oil and gas assets | ||
| Right-of-use assets | ||
| Intangible assets | 538,608,376.11 | 446,430,156.00 |
| Development expenditure |
| Item | 30 September 2020 | 31 December 2019 |
| Goodwill | ||
| Long-term prepaid expenses | ||
| Deferred income tax assets | 405,055,394.12 | 426,711,909.98 |
| Other non-current assets | 110,930,000.00 | |
| Total non-current assets | 27,659,073,618.60 | 29,434,680,654.21 |
| Total assets | 48,619,708,441.40 | 57,524,389,445.83 |
| CURRENT LIABILITIES: | ||
| Short-term borrowings | 11,977,894,807.77 | 11,601,509,632.09 |
| Financial liabilities held for trading | ||
| Bills payable | 8,568,988,482.46 | 9,890,041,170.20 |
| Accounts payable | 976,199,992.44 | 833,526,295.40 |
| Receipts in advance | ||
| Contract liabilities | 1,586,942,663.11 | 2,096,436,345.90 |
| Employee benefits payable | 73,746,920.90 | 71,040,017.13 |
| Taxes payable | 111,921,468.72 | 76,872,851.56 |
| Other payables | 3,365,780,716.24 | 6,426,648,847.95 |
| Including: Interest payable | 83,604,527.77 | 127,278,083.35 |
| Dividend payable | ||
| Liabilities held-for-sale | ||
| Non-current liabilities due within one year | 1,954,953,332.87 | 3,695,934,663.30 |
| Other current liabilities | 306,997,500.01 | 932,402,500.00 |
| Total current liabilities | 28,923,425,884.52 | 35,624,412,323.53 |
| NON- CURRENT LIABILITIES: | ||
| Long-term borrowings | 1,150,692,035.94 | 150,692,035.94 |
| Bonds payable | 439,950,500.00 | 89,070,000.00 |
| Including: Preference shares | ||
| Perpetual bonds | ||
| Lease liabilities | ||
| Long-term payables | 671,919,435.31 | 1,167,426,124.98 |
| Long-term employee benefits payable | ||
| Provisions | 325,259,082.28 | 325,259,082.28 |
| Deferred income | 38,940,459.23 | 42,070,840.27 |
| Deferred income tax liabilities | ||
| Other non-current liabilities | 1,793,483,343.67 | 2,789,283,340.67 |
| Item | 30 September 2020 | 31 December 2019 |
| Total non-current liabilities | 4,420,244,856.43 | 4,563,801,424.14 |
| TOTAL LIABILITIES | 33,343,670,740.95 | 40,188,213,747.67 |
| OWNERS’ EQUITY: | ||
| Share capital | 2,984,208,200.00 | 2,904,608,200.00 |
| Other equity instruments | 5,473,500,000.00 | 7,465,500,000.00 |
| Including: Preference shares | 4,477,500,000.00 | 4,477,500,000.00 |
| Perpetual bonds | 996,000,000.00 | 2,988,000,000.00 |
| Capital reserves | 5,091,821,539.19 | 4,953,557,435.19 |
| Less: Treasury shares | 226,860,000.00 | |
| Other comprehensive income | ||
| Special reserves | ||
| Surplus reserves | 1,199,819,528.06 | 1,199,819,528.06 |
| General risk reserves | 753,548,433.20 | 812,690,534.91 |
| Total owners’ equity | 15,276,037,700.45 | 17,336,175,698.16 |
| TOTAL LIABILITIES AND OWNERS’ EQUITY | 48,619,708,441.40 | 57,524,389,445.83 |
3. Consolidated income statement for the reporting period
Unit: RMB
| Item | Amounts for the period | Amounts for the prior period |
| I. Total revenue | 8,473,304,915.35 | 8,665,530,249.94 |
| Including: Revenue | 8,473,304,915.35 | 8,665,530,249.94 |
| II. Total operating costs | 8,015,225,647.68 | 7,902,495,189.97 |
| Including: Operating costs | 6,426,184,198.87 | 6,283,700,892.83 |
| Taxes and surcharges | 63,667,198.96 | 57,547,747.02 |
| Sales and distribution expenses | 358,827,887.19 | 373,167,721.36 |
| General and administrative expenses | 237,652,742.13 | 246,100,352.99 |
| Research and development expenses | 317,186,736.96 | 274,206,599.62 |
| Finance expenses | 611,706,883.57 | 667,771,876.15 |
| Including: Interest expenses | 696,344,047.21 | 777,506,849.57 |
| Interest income | 125,934,498.91 | 90,102,448.79 |
| Plus: Other income | 92,653,683.76 | 20,809,943.31 |
| Investment income (“-” denotes loss) | 64,675,083.25 | 175,779,271.30 |
| Including: Investment income from associates and joint ventures | 62,040,735.99 | 811,698.89 |
| Gain on change in fair value (“-” denotes loss) | -6,592,990.05 | |
| Credit impairment loss (“-” denotes loss) | 17,208,777.85 | -199,109,603.59 |
| Asset impairment loss (“-” denotes loss) | -13,407,009.95 | |
| Gain on disposal of assets (“-” denotes loss) | 28,934,169.36 | -38,828,228.51 |
| III. Operating profit (“-” denotes loss) | 641,550,981.89 | 721,686,442.48 |
| Plus: Non-operating income | 23,894,341.36 | 31,033,192.17 |
| Less: Non-operating expenses | 9,516,535.09 | 11,007,861.52 |
| IV. Total profit (“-” denotes total loss) | 655,928,788.16 | 741,711,773.13 |
| Less: Income tax expenses | 93,841,592.57 | 160,781,655.00 |
| V. Net profit (“-” denotes net loss) | 562,087,195.59 | 580,930,118.13 |
| (I) Classification according to the continuity of operation | ||
| 1. Net profit from continuing operations (“-” denotes net loss) | 562,087,195.59 | 580,930,118.13 |
| 2. Net profit from discontinued operations (“-” denotes net loss) | ||
| (II) Classification according to ownership | ||
| 1. Net profit attributable to shareholders of the Company | 560,227,575.14 | 557,960,253.43 |
| Item | Amounts for the period | Amounts for the prior period |
| 2. Profit or loss of minority interest | 1,859,620.45 | 22,969,864.70 |
| VI. Net other comprehensive income after tax | 202,803,164.91 | -231,012,416.02 |
| Net other comprehensive income after tax attributable to shareholders of the Company | 202,803,164.91 | -231,012,416.02 |
| (II) Other comprehensive income that will be reclassified to profit and loss in subsequent periods | 202,803,164.91 | -231,012,416.02 |
| 1. Translation differences of financial statements denominated in foreign currency | 202,803,164.91 | -231,012,416.02 |
| Net other comprehensive income after tax attributable to minority interest | ||
| VII. Total comprehensive income | 764,890,360.50 | 349,917,702.11 |
| Total comprehensive income attributable to shareholders of the Company | 763,030,740.05 | 326,947,837.41 |
| Total comprehensive income attributable to minority interest | 1,859,620.45 | 22,969,864.70 |
| VIII. Earnings per share: | ||
| (I) Basic earnings per share | 0.136 | 0.135 |
| (II) Diluted earnings per share | 0.136 | 0.135 |
Legal Representative: Chen Hongguo Head in charge of accounting: Dong Lianming Head of the accounting department: Zhang Bo
4. Statement of profit or loss and other comprehensive income of the Company for the reporting period
Unit: RMB
| Item | Amounts for the period | Amounts for the prior period |
| I. Revenue | 2,276,595,383.89 | 2,000,086,603.00 |
| Less: Operating costs | 1,829,561,648.41 | 1,509,980,777.19 |
| Taxes and surcharges | 22,676,611.57 | 8,956,107.34 |
| Sales and distribution expenses | 63,495,307.13 | 60,328,897.34 |
| General and administrative expenses | 70,602,249.69 | 97,046,884.52 |
| Research and development expenses | 79,872,864.77 | 82,066,921.93 |
| Finance expenses | 35,567,588.94 | 527,818,510.79 |
| Including: Interest expenses | 324,537,885.27 | 680,271,275.54 |
| Interest income | 276,222,561.01 | 160,658,344.73 |
| Plus: Other income | 1,759,793.68 | 1,075,008.68 |
| Investment income (“-” denotes loss) | -984,567.48 | 276,223,938.89 |
| Including: Investment income from associates and joint ventures | -984,567.48 | -1,560,406.88 |
| Gains from changes in fair value (“-” denotes loss) |
| Item | Amounts for the period | Amounts for the prior period |
| Credit impairment loss (“-” denotes loss) | 4,534,752.29 | -47,516,333.91 |
| Loss on impairment of assets (“-” denotes loss) | ||
| Gain on disposal of assets (“-” denotes loss) | 23,262,231.81 | -5,712,679.60 |
| II. Operating profit (“-” denotes loss) | 203,391,323.68 | -62,041,562.05 |
| Plus: Non-operating income | 1,109,607.69 | 11,070,851.80 |
| Less: Non-operating expenses | 563,591.87 | 6,387,118.13 |
| III. Total profit (“-” denotes total loss) | 203,937,339.50 | -57,357,828.38 |
| Less: Income tax expenses | 21,691,423.04 | -17,381,871.64 |
| IV. Net profit (“-” denotes net loss) | 182,245,916.46 | -39,975,956.74 |
| (I) Net profit from continuing operations (“-” denotes net loss) | 182,245,916.46 | -39,975,956.74 |
| VI. Total comprehensive income | 182,245,916.46 | -39,975,956.74 |
5. Consolidated statement of profit or loss from the beginning of the year to the end of the reporting period
Unit: RMB
| Item | Amounts for the period | Amounts for the prior period |
| I. Total revenue | 22,073,110,681.21 | 22,014,178,363.64 |
| Including: Revenue | 22,073,110,681.21 | 22,014,178,363.64 |
| II. Total operating costs | 21,347,078,154.23 | 20,892,416,331.43 |
| Including: Operating costs | 16,611,484,232.18 | 16,037,798,692.65 |
| Taxes and surcharges | 170,715,297.17 | 192,036,292.08 |
| Sales and distribution expenses | 1,011,570,307.54 | 963,752,678.83 |
| General and administrative expenses | 729,639,987.46 | 808,517,752.24 |
| Research and development expenses | 865,743,883.85 | 705,690,315.68 |
| Finance expenses | 1,957,924,446.03 | 2,184,620,599.95 |
| Including: Interest expenses | 2,135,844,207.98 | 2,354,263,128.87 |
| Interest income | 402,049,517.88 | 304,096,729.01 |
| Plus: Other income | 226,087,658.21 | 59,641,233.95 |
| Investment income (“-” denotes loss) | 201,568,566.22 | 166,312,098.33 |
| Including: Investment income from associates and joint ventures | 184,790,525.01 | -8,655,474.08 |
| Gain from changes in fair value (“-” denotes loss) | -15,839,733.91 | -1,883,064.80 |
| Credit impairment loss (“-” denotes loss) | -240,647,125.75 | -261,549,886.93 |
| Item | Amounts for the period | Amounts for the prior period |
| Loss on impairment of assets (“-” denotes loss) | -13,570,727.71 | 82,790,921.68 |
| Gain on disposal of assets (“-” denotes loss) | 24,228,282.47 | -15,331,491.17 |
| III. Operating profit (“-” denotes loss) | 907,859,446.51 | 1,151,741,843.27 |
| Plus: Non-operating income | 666,294,459.14 | 268,505,785.14 |
| Less: Non-operating expenses | 18,524,079.27 | 16,057,989.71 |
| IV. Total profit (“-” denotes total loss) | 1,555,629,826.38 | 1,404,189,638.70 |
| Less: Income tax expenses | 331,801,780.72 | 286,659,474.62 |
| V. Net profit (“-” denotes net loss) | 1,223,828,045.66 | 1,117,530,164.08 |
| (I) Classification according to the continuity of operation | ||
| 1. Net profit from continuing operations (“-” denotes net loss) | 1,223,828,045.66 | 1,117,530,164.08 |
| 2. Net profit from discontinued operations (“-” denotes net loss) | ||
| (II) Classification according to ownership | ||
| 1. Net profit attributable to shareholders of the Company | 1,076,554,278.62 | 1,067,755,825.72 |
| 2. Profit or loss of minority interests | 147,273,767.04 | 49,774,338.36 |
| VI. Net other comprehensive income after tax | 94,239,077.31 | -247,029,104.22 |
| Net other comprehensive income after tax attributable to shareholders of the Company | 94,239,077.31 | -247,029,104.22 |
| (II) Other comprehensive income that will be reclassified to profit or loss | 94,239,077.31 | -247,029,104.22 |
| 1. Exchange differences on translation | 94,239,077.31 | -247,029,104.22 |
| Net other comprehensive income after tax attributable to minority interest | ||
| VII. Total comprehensive income | 1,318,067,122.97 | 870,501,059.86 |
| Total comprehensive income attributable to shareholders of the Company | 1,170,793,355.93 | 820,726,721.50 |
| Total comprehensive income attributable to minority interest | 147,273,767.04 | 49,774,338.36 |
| VIII. Earnings per share: | ||
| (I) Basic earnings per share | 0.187 | 0.148 |
| (II) Diluted earnings per share | 0.187 | 0.148 |
Legal Representative: Chen Hongguo Head in charge of accounting: Dong Lianming Head of the accounting department: Zhang Bo
6. Statement of profit or loss of the Company from the beginning of the year to the end of the reporting period
Unit: RMB
| Item | Amounts for the period | Amounts for the prior period |
| I. Revenue | 6,123,789,041.42 | 4,696,099,019.10 |
| Less: Operating costs | 4,858,035,120.83 | 3,613,267,928.83 |
| Taxes and surcharges | 43,406,698.99 | 31,340,628.12 |
| Sales and distribution expenses | 187,644,083.02 | 156,262,010.50 |
| General and administrative expenses | 229,708,685.85 | 257,448,680.43 |
| Research and development expenses | 208,535,860.54 | 204,332,393.43 |
| Finance expenses | 416,134,913.98 | 1,379,257,085.04 |
| Including: Interest expenses | 1,128,352,909.69 | 1,977,451,686.00 |
| Interest income | 788,346,047.09 | 684,663,818.41 |
| Plus: Other income | 5,924,476.14 | 3,255,881.04 |
| Investment income (“-” denotes loss) | 681,684,463.59 | 1,286,777,082.46 |
| Including: Investment income from in associates and joint ventures | -2,645,536.41 | -14,360,263.31 |
| Gains from changes in fair value (“-” denotes loss) | ||
| Credit impairment loss (“-” denotes loss) | 19,772,653.80 | -48,361,072.12 |
| Loss on impairment of assets (“-” denotes loss) | ||
| Gains on disposal of assets (“-” denotes loss) | 39,365,091.11 | 16,703,489.82 |
| II. Operating profit (“-” denotes loss) | 927,070,362.85 | 312,565,673.95 |
| Plus: Non-operating income | 55,795,173.30 | 89,014,190.80 |
| Less: Non-operating expenses | 1,816,454.84 | 10,583,044.24 |
| III. Total profit (“-” denotes total loss) | 981,049,081.31 | 390,996,820.51 |
| Less: Income tax expenses | 21,656,515.86 | -113,957,576.37 |
| IV. Net profit (“-” denotes net loss) | 959,392,565.45 | 504,954,396.88 |
| (I) Net profit from continuing operations (“-” denotes net loss) | 959,392,565.45 | 504,954,396.88 |
| V. Total comprehensive income | 959,392,565.45 | 504,954,396.88 |
7. Consolidated statement of cash flows from the beginning of the year to the end of the reporting period
Unit: RMB
| Item | Amounts for the period | Amounts for the prior period |
| I. Cash flows from operating activities: | ||
| Cash received from sales of goods and rendering of services | 24,709,035,873.24 | 24,694,452,196.67 |
| Tax rebates received | 4,987,490.79 | 3,235,185.49 |
| Cash received relating to other operating activities | 3,128,476,419.91 | 4,789,319,464.29 |
| Subtotal of cash inflows from operating activities | 27,842,499,783.94 | 29,487,006,846.45 |
| Cash paid for goods and services | 17,553,230,744.56 | 18,654,617,667.62 |
| Cash paid to and for employees | 887,119,561.10 | 957,941,627.76 |
| Payments of taxes and surcharges | 919,411,194.62 | 1,440,370,577.89 |
| Cash paid relating to other operating activities | 1,213,888,162.10 | 1,934,852,831.68 |
| Subtotal of cash outflows from operating activities | 20,573,649,662.38 | 22,987,782,704.95 |
| Net cash flows from operating activities | 7,268,850,121.56 | 6,499,224,141.50 |
| II. Cash flows from investing activities: | ||
| Cash received from disposal of investments | 2,784,345.77 | |
| Cash received from investments income | 26,760,712.33 | 12,000,000.00 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 131,924,763.00 | 131,375,805.90 |
| Net cash received from disposal of subsidiaries and other business units | 217,547,669.15 | 221,000,000.00 |
| Cash received relating to other investing activities | 409,282,077.65 | 767,670,000.00 |
| Subtotal of cash inflows from investing activities | 785,515,222.13 | 1,134,830,151.67 |
| Cash paid for purchase of fixed assets, intangible assets and other long-term assets | 225,778,525.87 | 926,528,167.05 |
| Cash paid on investments | 124,256,800.00 | 1,639,194,479.24 |
| Net cash paid for acquisition of subsidiaries and other business entities | ||
| Cash paid relating to other investing activities | 4,000,000.00 | 189,628,400.00 |
| Subtotal of cash outflows from investing activities | 354,035,325.87 | 2,755,351,046.29 |
| Net cash flows from investing activities | 431,479,896.26 | -1,620,520,894.62 |
| III. Cash flows from financing activities: | ||
| Cash receipts from capital contributions | 596,070,000.00 |
| Item | Amounts for the period | Amounts for the prior period |
| Including: Cash receipts from capital contributions by minority shareholders of subsidiaries | ||
| Cash received from borrowings | 19,337,769,412.42 | 28,024,258,208.07 |
| Cash received relating to other financing activities | 2,738,933,979.49 | 4,096,789,134.60 |
| Subtotal of cash inflows from financing activities | 22,672,773,391.91 | 32,121,047,342.67 |
| Cash repayments of amounts borrowed | 22,137,188,922.54 | 23,844,425,199.09 |
| Cash paid for dividend and profit distribution or interest payment | 2,572,090,031.97 | 3,051,263,128.87 |
| Cash paid relating to other financing activities | 6,208,558,904.21 | 9,712,203,599.23 |
| Subtotal of cash outflows from financing activities | 30,917,837,858.72 | 36,607,891,927.19 |
| Net cash flows from financing activities | -8,245,064,466.81 | -4,486,844,584.52 |
| IV. Effect of foreign exchange rates changes on cash and cash equivalents | 49,151,722.66 | -377,093,948.33 |
| V. Net increase in cash and cash equivalents | -495,582,726.33 | 14,764,714.03 |
| Plus: Balance of cash and cash equivalents as at the beginning of the period | 2,890,328,027.40 | 2,381,558,242.52 |
| VI. Balance of cash and cash equivalents as at the end of the period | 2,394,745,301.07 | 2,396,322,956.55 |
8. Statement of cash flows of the Company from the beginning of the year to the end of the reporting period
Unit: RMB
| Item | Amounts for the period | Amounts for the prior period |
| I. Cash flows from operating activities: | ||
| Cash received from sales of goods and rendering of services | 6,282,142,625.71 | 6,426,249,401.49 |
| Tax rebates received | ||
| Cash received relating to other operating activities | 202,526,578.83 | 1,296,334,093.23 |
| Subtotal of cash inflows from operating activities | 6,484,669,204.54 | 7,722,583,494.72 |
| Cash paid for goods and services | 4,955,500,996.59 | 1,643,706,437.55 |
| Cash paid to and for employees | 259,796,913.91 | 324,122,682.18 |
| Payments of taxes and surcharges | 150,054,752.93 | 145,658,208.00 |
| Cash paid relating to other operating activities | 535,044,976.64 | 815,945,979.17 |
| Subtotal of cash outflows from operating activities | 5,900,397,640.07 | 2,929,433,306.90 |
| Net cash flows from operating activities | 584,271,564.47 | 4,793,150,187.82 |
| II. Cash flows from investing activities: |
| Item | Amounts for the period | Amounts for the prior period |
| Cash received from disposal of investments | 1,466,082,906.51 | 2,784,345.77 |
| Cash received from investment income | 682,430,000.00 | 2,000,000.00 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 104,624,763.00 | 75,806,913.60 |
| Net cash received from disposal of subsidiaries and other business entities | 221,000,000.00 | |
| Cash received relating to other investing activities | 409,282,077.65 | 767,670,000.00 |
| Subtotal of cash inflows from investing activities | 2,662,419,747.16 | 1,069,261,259.37 |
| Cash paid for purchase of fixed assets, intangible assets and other long-term assets | 6,337,885.55 | 39,680,681.99 |
| Cash paid on investments | 1,147,500,000.00 | |
| Net cash paid for acquisition of subsidiaries and other business entities | ||
| Cash paid relating to other investing activities | ||
| Subtotal of cash outflows from investing activities | 6,337,885.55 | 1,187,180,681.99 |
| Net cash flows from investing activities | 2,656,081,861.61 | -117,919,422.62 |
| III. Cash flows from financing activities: | ||
| Cash receipts from capital contributions | 226,860,000.00 | |
| Cash received from borrowings | 12,457,501,284.37 | 8,067,108,555.77 |
| Cash received relating to other financing activities | 3,859,765,533.92 | 5,638,813,889.00 |
| Subtotal of cash inflows from financing activities | 16,544,126,818.29 | 13,705,922,444.77 |
| Cash repayments of amounts borrowed | 12,114,948,547.18 | 8,335,983,231.30 |
| Cash paid for dividend and profit distribution or interest payment | 801,386,060.50 | 1,471,593,054.48 |
| Cash paid relating to other financing activities | 6,215,246,529.40 | 8,479,116,872.45 |
| Subtotal of cash outflows from financing activities | 19,131,581,137.08 | 18,286,693,158.23 |
| Net cash flows from financing activities | -2,587,454,318.79 | -4,580,770,713.46 |
| IV. Effect of foreign exchange rate changes on cash and cash equivalents | 1,867,883.13 | -3,844,637.47 |
| V. Net increase in cash and cash equivalents | 654,766,990.42 | 90,615,414.27 |
| Plus: Balance of cash and cash equivalents as at the beginning of the period | 136,328,721.71 | 607,805,063.02 |
| VI. Balance of cash and cash equivalents as at the end of the period | 791,095,712.13 | 698,420,477.29 |
II. Reason for Adjustment in the Financial Statement
1. Adjustment to the relevant items in the financial statements at the beginning of the year due to the firstadoption of the New Standards for Revenue and the New Standards for Lease in 2020
□ Applicable ? Not applicable
2. Reason for the retrospective adjustment to the comparative data in the prior period due to the firstadoption of the New Standards for Revenue and the New Standards for Lease in 2020
□ Applicable ? Not applicable
III. Auditors’ Report
Has the third quarterly report already been audited yet?
□ Yes ? No
The third quarterly report of the Company is unaudited.
By order of the BoardShandong Chenming Paper Holdings Limited
22 October 2020