Luzhou Laojiao Co., Ltd.
Q3 2020 Report
October 2020
Section I Important StatementsThe Board of Directors, Board of Supervisors, directors, supervisors and senior management guaranteethat the information presented in this report is free of any false records, misleading statements ormaterial omissions, and shall individually and together be legally liable for truthfulness, accuracy andcompleteness of its contents.
All directors attended the board meeting to deliberate this report by themselves.
Liu Miao, responsible person for the Company, Xie Hong, responsible person for accounting work andYan Li, responsible person for the Company’s financial affairs (Accounting Supervisor) have warrantedthat the financial statements in this report are true, accurate and complete.
This Report has been prepared in both Chinese and English. Should there be any discrepancies ormisunderstandings between the two versions, the Chinese version shall prevail.
Section II Key Corporate Information
1. Key accounting data and financial indicators
Whether the Company performed a retroactive adjustment to or restatement of accounting data.? Yes √ No
30 September 2020 | 31 December 2019 | Change | ||||
Total assets (CNY) | 31,366,555,750.89 | 28,919,969,078.32 | 8.46% | |||
Net assets attributable to shareholders of the Company (CNY) | 21,891,477,928.05 | 19,406,845,725.61 | 12.80% | |||
Q3 2020 | YoY change | Q1-Q3 2020 | YoY change | |||
Operating revenues (CNY) | 3,964,495,377.15 | 14.45% | 11,598,978,279.02 | 1.06% | ||
Net profits attributable to shareholders of the Company (CNY) | 1,594,926,776.29 | 52.55% | 4,815,378,966.56 | 26.88% | ||
Net profits attributable to shareholders of the Company before non-recurring gains and losses (CNY) | 1,580,862,798.75 | 48.53% | 4,814,814,647.80 | 26.97% | ||
Net cash flows from operating activities (CNY) | 2,068,649,468.56 | 26.25% | 2,797,464,890.80 | -16.38% | ||
Basic earnings per share (CNY/share) | 1.09 | 53.52% | 3.29 | 27.03% | ||
Diluted earnings per share (CNY/share) | 1.09 | 53.52% | 3.29 | 27.03% | ||
Weighted average ROE | 7.85% | 2.17% | 23.17% | 2.51% |
Non-recurring profits and losses
√ Applicable ? N/A
Unit: CNY
Item | Q1-Q3 2020 | Note |
Profit or loss from disposal of non-current assets (including the write-off portion of the impairment provision) | -597,765.00 | |
Government grants accounted for, in the profit or loss for the current period (except for the government grants closely related to the business of the Company and given at a fixed | 13,125,961.61 |
amount or quantity in accordance with the national uniform standards) | ||
Other non-operating income and expenditure except above-mentioned items | -12,111,385.30 | |
Less: Corporate income tax | 52,488.53 | |
Minority interests (after tax) | -199,995.98 | |
Total | 564,318.76 | -- |
Explain the reasons if the Company classifies an item as a non-recurring profit/loss according to thedefinition in the Explanatory Announcement No. 1 on Information Disclosure for Companies OfferingTheir Securities to the Public-Non-Recurring Profits and Losses, or classifies any non-recurringprofit/loss item mentioned in the said explanatory announcement as a recurring profit/loss item.? Applicable √ N/ANo such cases for the reporting period.
2. Total number of shareholders and shareholdings of top 10 shareholders at the endof the reporting period
2.1 Total numbers of common shareholders and preference shareholders with resumed votingrights as well as shareholdings of top 10 shareholders
Unit: Share
Total number of common shareholders at the end of the reporting period | 113,945 | Total number of preference shareholders with resumed voting rights at the end of the reporting period (if any) | 0 | |||||
Shareholdings of the top 10 shareholders | ||||||||
Name of shareholder | Nature of shareholder | Shareholding percentage | Total shares held | Number of holding restricted shares | Pledged or frozen shares | |||
Status of shares | Number of shares | |||||||
Luzhou Laojiao Group Co., Ltd. | State-owned corporation | 26.02% | 381,088,389 | 0 | ||||
Luzhou XingLu Investment Group Co., Ltd. | State-owned corporation | 24.99% | 365,971,142 | 0 | Pledged | 101,980,000 | ||
China Securities Finance Corporation limited | Other | 2.31% | 33,842,059 | 0 | ||||
Hong Kong Securities Clearing Company Limited | Outbound corporation | 2.23% | 32,674,928 | 0 |
Bank of China Co., Ltd. – Liquor index classification securities investment fund by China Merchants Fund | Other | 1.97% | 28,782,524 | 0 | ||
Bank of China Co., Ltd.-Blue chip selected hybrid securities investment fund by E Fund | Other | 1.58% | 23,078,509 | 0 | ||
Central Huijin Asset Management Co., Ltd. | State-owned corporation | 1.43% | 20,937,500 | 0 | ||
Bank of China Co., Ltd. – Middle and small capital stocks hybrid securities investment fund by E Fund | Other | 1.31% | 19,168,410 | 0 | ||
Agricultural Bank of China Co., Ltd. - Consumption industry stock - based securities investment fund by E Fund | Other | 1.03% | 15,133,020 | 0 | ||
Industrial and Commercial Bank of China Co., Ltd.-Newly growth hybrid securities investment fund by Invesco Great Wall | Other | 1.03% | 15,077,911 | 0 | ||
Shareholdings of the top 10 non-restricted shareholders | ||||||
Name of shareholder | Number of non-restricted shares held | Type of shares | ||||
Type | Number | |||||
Luzhou Laojiao Group Co., Ltd. | 381,088,389 | CNY common shares | 381,088,389 |
Luzhou XingLu Investment Group Co., Ltd. | 365,971,142 | CNY common shares | 365,971,142 |
China Securities Finance Corporation limited | 33,842,059 | CNY common shares | 33,842,059 |
Hong Kong Securities Clearing Company Limited | 32,674,928 | CNY common shares | 32,674,928 |
Bank of China Co., Ltd. – Liquor index classification securities investment fund by China Merchants Fund | 28,782,524 | CNY common shares | 28,782,524 |
Bank of China Co., Ltd.-Blue chip selected hybrid securities investment fund by E Fund | 23,078,509 | CNY common shares | 23,078,509 |
Central Huijin Asset Management Co., Ltd. | 20,937,500 | CNY common shares | 20,937,500 |
Bank of China Co., Ltd. – Middle and small capital stocks hybrid securities investment fund by E Fund | 19,168,410 | CNY common shares | 19,168,410 |
Agricultural Bank of China Co., Ltd. - Consumption industry stock - based securities investment fund by E Fund | 15,133,020 | CNY common shares | 15,133,020 |
Industrial and Commercial Bank of China Co., Ltd.-Newly growth hybrid securities investment fund by Invesco Great Wall | 15,077,911 | CNY common shares | 15,077,911 |
Related parties or acting-in-concert | 1. Luzhou Laojiao Group Co., Ltd. and Luzhou XingLu Investment Group Co., Ltd. are both wholly state-owned companies under the jurisdiction of SASAC of Luzhou. The two companies signed the agreement of persons acting in concert on 31 December 2015. For details, please refer to the announcement of the Company on 5 January 2016 - Announcement on the agreement of persons acting in concert signed by shareholders. The announcement number is 2016-1 (http://www.cninfo.com.cn/). 2. In addition, whether there is an association between the remaining shareholders or they belong to persons acting in concert is unknown. |
Did any of the top 10 common shareholders or the top non-restricted common shareholders of theCompany conduct any promissory repurchase during the reporting period.? Yes √ NoThe top 10 non-restricted common shareholders, the top10 common shareholders did not conduct anypromissory repurchase during the reporting period.
2.2 Total number of preference shareholders and shareholdings of the top 10 preferenceshareholders? Applicable √ N/A
Section III Significant Events
1. Changes in key financial data and indicators in the reporting period and reasonsfor the changes
√ Applicable ? N/A
A. The closing balance of accounts receivables decreased by CNY 16,658,598.21 compared to theopening balance at the beginning of the year, indicating a decrease of 91.06%. It was mainly due to therecovery of amounts due from overseas customers by the Hong Kong subsidiary.B. The closing balance of fixed assets increased by CNY 2,524,819,939.19 compared to the openingbalance at the beginning of the year, indicating an increase of 166.23%. It was mainly due to theincrease in construction in progress that met the expected conditions for use and was transferred tofixed assets in the current period.C. The closing balance of intangible assets increased by CNY 100,815,127.35 compared to the openingbalance at the beginning of the year, indicating an increase of 30.34%. It was mainly due to the increasein land acquisition in the current period.D. The closing balance of other non-current assets decreased by CNY 200,908,108.95 compared to theopening balance at the beginning of the year, indicating a decrease of 84.58%. It was mainly due to thatthe prepayments made in the previous period by subsidiary Brewing Company for engineering and landwere settled in the current period.E. The closing balance of contract liabilities decreased by CNY 755,013,406.91 compared to theopening balance at the beginning of the year, indicating a decrease of 38.01%; and the closing balanceof other current liabilities decreased by CNY 99,307,301.91 compared to the opening balance at thebeginning of the year, indicating a decrease of 38.46%. It was mainly due to that affected by theCOVID-19 outbreak, advance from customer decreased in the current period.F. The closing balance of taxes payable decreased by CNY 595,832,508.99 compared to the openingbalance at the beginning of the year, indicating a decrease of 36.49%. It was mainly due to the paymentin the current period of taxes payable as at the end of last year.G. The closing balance of bonds payable increased by CNY 1,496,206,606.21 compared to the openingbalance at the beginning of the year, indicating an increase of 60.07%. It was mainly due to the publicoffering of corporate bonds to qualified investors in the current period.H. Selling and distribution expenses in the current Q1-Q3 period decreased by CNY 818,430,435.99compared to the same period of last year, indicating a decrease of 31.42%. It was mainly due to thataffected by the COVID-19 outbreak, advertising expenses and market expansion expenses decreasedin the current period.I. Other income in the current Q1-Q3 period decreased by CNY 11,177,946.13 compared to the sameperiod of last year, indicating a decrease of 45.99%. It was mainly due to the decrease in the amortizeddeferred income.
J. Investment income in the current Q1-Q3 period increased by CNY 41,423,745.85 compared to thesame period of last year, indicating an increase of 33.23%. It was mainly due to the increased operatingprofits of associates in the current period.K. Net profit attributable to non-controlling interests in the current Q1-Q3 period decreased by CNY46,825,077.32 compared to the same period of last year. It was mainly due to the decreased operatingprofits of non-wholly-owned subsidiary in the current period.L. Net cash flows from investing activities in the current Q1-Q3 period increased by CNY1,005,716,793.57 compared to the same period of last year. It was mainly due to the decrease in cashpaid to acquire and construct fixed assets, intangible assets and other long-term assets in the currentperiod.M. Net cash flows from financing activities in the current Q1-Q3 period decreased by CNY1,127,039,743.67 compared to the same period of last year. It was mainly due to that the amount offinancing through corporate bonds in the current period was smaller than in the same period of last year.
2. Progress, influence and solutions with regard to significant events
√ Applicable ? N/A
A. The Company’s three savings deposits of CNY 500 million, including ABC Changsha Yingxin Branchand ICBC Nanyang Zhongzhou Branch are involved in contract disputes. The Company has reported tothe public security authorities for intervention with the assets preservation measure and filed civil claimsfor two contract disputes among the three cases. Combined with the assets preservation situation of thepublic security authorities and professional legal advice issued by lawyers, the Company has made aprovision of CNY 200 million for bad debts for the deposit of CNY 500 million. During the reporting period,the Supreme People’s Court made a final judgment on the dispute arising out of the deposit contractbetween the Company and ABC Changsha Yingxin Branch. In respect of the losses that couldn’t berecovered through criminal procedures, ABC Changsha Yingxin Branch should bear 40% of thecompensation liability, ABC Changsha Hongxing Branch 20%, and the remaining losses should beborne by the Company. Henan High People’s Court made a first-instance judgment on the disputearising out of the deposit contract between the Company and ICBC Nanyang Zhongzhou Branch. Inrespect of the losses that couldn’t be recovered through criminal procedures, ICBC Nanyang ZhongzhouBranch should bear 50% of the compensation liability; and in respect of the losses that couldn’t berecovered through criminal procedures in relation to the Company’s principal of CNY 122.1 million,Sanya Rural Commercial Bank Hongsha Branch should bear 10% of the compensation liability; and theremaining losses should be borne by the Company. As of 30 September 2020, the Company hasrecovered a total amount of CNY 214.9551 million in relation to the cases of the three savings deposits.
See details in the Company’s announcements:
Date of announcement | No. | Catalogue | Official website |
15 October 2014 | 2014-35 | Announcement of significant litigation | http://www.cninfo.com.cn/ |
12 November 2014 | 2014-41 | Announcement of significant litigation progress |
6 December 2014 | 2014-43 | Announcement of significant litigation progress part II |
10 January 2015 | 2015-1 | Announcement of significant events |
4 February 2015 | 2015-4 | Announcement of significant events progress |
25 March 2015 | 2015-11 | Announcement of significant litigation progress part III |
18 April 2015 | 2015-20 | Announcement of significant litigation progress part IV |
22 April 2015 | 2015-21 | Announcement of significant events progress part II |
24 April 2015 | 2015-25 | Announcement of significant litigation progress part V |
15 July 2015 | 2015-44 | Announcement of significant litigation progress part VI |
22 July 2015 | 2015-45 | Announcement of significant litigation progress part VII |
6 June 2018 | 2018-17 | Announcement of significant litigation progress part VIII |
7 May 2019 | 2019-11 | Announcement of significant litigation progress part IX |
17 May 2019 | 2019-13 | Announcement of significant litigation progress part X |
24 March 2020 | 2020-6 | Announcement of significant litigation progress part XI |
6 May 2020 | 2020-14 | Announcement of significant litigation progress part XII |
B. The Company held the 16th meeting of the ninth board of directors on 10 January 2020, where theProposal on Change to Accounting Policy was reviewed and approved. As such, the Company decidedto prepare its financial statements according to the Accounting Standard No. 14 for BusinessEnterprises—Revenue (CK [2017] No. 22) revised and issued by the Ministry of Finance, starting from 1January 2020.
C. The Company invested in the technical upgrade program of brewing and implemented the programwith the wholly-owned subsidiary, Brewing Company, as the entity. On 30 June 2020, the Proposal onIncreasing Investment in the Technical Upgrade Program of Brewing was approved by the 2019 Annual
General Meeting upon deliberation. According to the proposal, extra CNY 1,462,996,500 of funds wouldbe invested in the technical upgrade program of brewing. Upon this increase of funds, the totalinvestment in the technical upgrade program of brewing would reach CNY 8,877,276,500. For moreinformation, please refer to the following announcements: Announcement on Investing in the TechnicalUpgrade Program of Brewing by the Subsidiary disclosed on 28 April 2016 with an Announcement No. of2016-12; Announcement on Increasing Investment in the Technical Upgrade Program of Brewingdisclosed on 2 June 2020 with an Announcement No. of 2020-17 (http://www.cninfo.com.cn/). As of 30September 2020, 96% of the project has been completed.
Implementation progress of shares repurchases
□ Applicable √ N/A
Implementation progress of share buyback reduction through centralized bidding
□ Applicable √ N/A
3. Undertakings of the Company's actual controller, shareholders, related partiesand acquirer, as well as the Company and other commitment makers ongoing in thereporting period? Applicable √ N/ANo such cases in the reporting period.
4. Financial assets investment
4.1 Securities investment
√ Applicable ? N/A
Unit: CNY
Category of securities | Stock code | Abbreviation of securities | Initial investment cost | Accounting measurement model | Beginning book balance | Changes in fair value recognized in profit or loss | Changes in the cumulative fair value recorded into equity | Amount of purchase | Amount of sale | Profit and loss during the reporting period | Closing book balance | Accounting item | Capital source |
Domestic and foreign stock | 601211 | GTJA | 12,719,156.76 | Fair value measurement | 217,756,674.52 | -2,944,249.26 | 202,093,268.50 | 0.00 | 0.00 | 214,812,425.26 | Investments in other equity | Owned fund |
instruments | |||||||||||||
Domestic and foreign stock | 002246 | SNC | 1,030,000.00 | Fair value measurement | 11,757,933.60 | 234,533.25 | 10,962,466.85 | 0.00 | 0.00 | 85,995.53 | 11,992,466.85 | Investments in other equity instruments | Owned fund |
Domestic and foreign stock | 1983 | LZBANK | 51,120,000.00 | Fair value measurement | 89,076,363.20 | -743,210.94 | 37,213,152.26 | 0.00 | 0.00 | 4,700,800.00 | 88,333,152.26 | Investments in other equity instruments | Owned fund |
Total | 64,869,156.76 | -- | 318,590,971.32 | -3,452,926.95 | 250,268,887.61 | 0.00 | 0.00 | 4,786,795.53 | 315,138,044.37 | -- | -- |
4.2 Derivative investment
? Applicable √ N/ANo such cases in the reporting period.
5. Progress of projects financed with fund-raising
√ Applicable □ N/A
The Company raised a fund of CNY 3.0 billion through non-public offering of A-shares in 2017. Afterdeduction of the issue fees, all balance was set to use in the technical renovation project of brewing(Phase I); The Company raised a fund of CNY 4.0 billion through the issue of corporate bondsrespectively on 27 August 2019 and 17 March 2020. After deduction of the issue fees, the balanceamount was set to use in the technical renovation project of brewing (Phase II), Project of IntelligentUpgrading and Building of the Information Management System, Project of Acquiring Sealing Equipmentfor the Cellar of Huangyi Brewing Base and Project of Acquiring Accessory Equipment for LeavenMaking for Huangyi Brewing Base. As of 30 September 2020, the Project of Acquiring SealingEquipment for the Cellar of Huangyi Brewing Base has been completed; 96% of the technical renovationproject of brewing has been completed; 55% of the Project of Acquiring Accessory Equipment forLeaven Making for Huangyi Brewing Base has been completed; and the Project of Intelligent Upgradingand Building of the Information Management System is going through the approval procedure, withconstruction not yet started.
6. Operating performance forecast for 2020
Warning of a forecast negative net profit for the current full year or a considerable YoY change therein,as well as the reasons:
? Applicable √ N/A
7. Significant contracts arising from routine operation
? Applicable √ N/A
8. Entrust assets management
? Applicable √ N/ANo such cases in the reporting period.
9. Irregularities in the provision of guarantees
? Applicable √ N/ANo such cases in the reporting period.
10. Occupation of the Company's fund by the controlling shareholder or its relatedparties for non-operating purposes? Applicable √ N/ANo such cases in the reporting period.
11. Visits paid to the Company for purposes of research, communication, interview,etc.
√ Applicable □ N/A
Date of visit | Place of visit | Way of visit | Type of visitor | Visitor | Main inquiry information and materials provided | Index to main inquiry information |
29 August 2020 | Conference Room 1-4 in the east building of the | Field survey | Institution | 4 persons including Hongde Fund and Caitong | Company Performance | http://www.cninfo.com.cn/ |
Company | Fund | |||||
17 September 2020 | Conference Room 401 in the west building of the Company | Field survey | Institution | 25 persons including CITIC Securities and Ping An Asset Management | Company Performance and Plan | http://www.cninfo.com.cn/ |
Section IV Financial Statements
1. Financial statements
1.1 Consolidated balance sheet
Prepared by: Luzhou Laojiao Co., Ltd.
Unit: CNY
Item | 30 September 2020 | 31 December 2019 |
Current assets: | ||
Cash and cash equivalents | 10,058,879,793.25 | 9,753,666,526.78 |
Settlement reserves | ||
Lending funds | ||
Held-for-trading financial assets | ||
Derivative financial assets | ||
Notes receivables | ||
Accounts receivables | 1,635,316.02 | 18,293,914.23 |
Accounts receivables financing | 3,059,298,729.13 | 2,393,797,259.80 |
Prepayment | 184,588,396.33 | 151,818,448.48 |
Premiums receivable | ||
Reinsurance accounts receivable | ||
Reinsurance contract reserve | ||
Other receivables | 168,568,030.68 | 159,753,421.64 |
Including:Interests receivable | 45,938,344.45 | 45,636,744.44 |
Dividends receivable | 25,328,195.77 | |
Buying back the sale of financial assets | ||
Inventories | 3,656,080,823.84 | 3,641,235,092.33 |
Contract assets | ||
Assets held for sale | ||
Non-current assets due within one year | ||
Other current assets | 154,837,553.38 | 195,174,048.57 |
Total current assets | 17,283,888,642.63 | 16,313,738,711.83 |
Non-current assets: | ||
Disbursement of loans and advances | ||
Investments in debt obligations | ||
Investments in other debt obligations | ||
Long-term receivables | ||
Long-term equity investments | 2,454,585,491.48 | 2,230,721,725.72 |
Investments in other equity instruments | 348,942,328.83 | 352,395,255.78 |
Other non-current financial assets | ||
Investment property | ||
Fixed assets | 4,043,685,337.10 | 1,518,865,397.91 |
Construction in progress | 6,227,330,593.20 | 7,257,393,087.56 |
Productive biological assets | ||
Oil and gas assets | ||
Use right assets | ||
Intangible assets | 433,049,159.82 | 332,234,032.47 |
Development expenses | ||
Goodwill | ||
Long-term deferred expenses | 2,516,410.46 | 928,805.23 |
Deferred tax assets | 535,926,448.57 | 676,152,614.07 |
Other non-current assets | 36,631,338.80 | 237,539,447.75 |
Total non-current assets | 14,082,667,108.26 | 12,606,230,366.49 |
Total assets | 31,366,555,750.89 | 28,919,969,078.32 |
Current liabilities: | ||
Short-term loans | ||
Borrowings from the central bank | ||
Loans from other banks | ||
Held-for-trading financial liabilities | ||
Derivative financial liabilities | ||
Notes payable | 76,060,905.98 | |
Accounts payable | 1,823,542,071.26 | 1,868,623,958.02 |
Advance from customer | 2,244,442,643.64 | |
Contract liabilities | 1,231,219,021.09 | |
Financial assets sold for repurchase |
Deposits from customers and inter-bank | ||
Customer brokerage deposits | ||
Securities underwriting brokerage deposits | ||
Employee benefits payable | 404,839,493.80 | 342,025,687.49 |
Taxes payable | 1,037,211,722.68 | 1,633,044,231.67 |
Other payable | 549,992,806.59 | 698,942,399.37 |
Including:Interests payable | 36,427,397.26 | 30,650,684.93 |
Dividends payable | ||
Handling charges and commissions payable | ||
Reinsurance accounts payable | ||
Liabilities held for sale | ||
Non-current liabilities due within one year | ||
Other current liabilities | 158,902,913.73 | |
Total current liabilities | 5,281,768,935.13 | 6,787,078,920.19 |
Non-current liabilities: | ||
Insurance contract reserves | ||
Long-term loans | ||
Bonds payable | 3,987,090,282.60 | 2,490,883,676.39 |
Including:Preference shares | ||
Perpetual bonds | ||
Lease liabilities | ||
Long-term payables | ||
Long-term payroll payables | ||
Accrued liabilities | ||
Deferred income | 27,215,000.00 | 23,845,000.00 |
Deferred tax liabilities | 62,567,221.92 | 63,430,453.64 |
Other non-current liabilities | ||
Total non-current liabilities | 4,076,872,504.52 | 2,578,159,130.03 |
Total liabilities | 9,358,641,439.65 | 9,365,238,050.22 |
Owners' equity | ||
Share capital | 1,464,752,476.00 | 1,464,752,476.00 |
Other equity instruments | ||
Including: preference shares | ||
Perpetual bonds | ||
Capital reserves | 3,722,777,063.13 | 3,722,777,063.13 |
Less: treasury stock | ||
Other comprehensive income | 193,026,803.29 | 194,817,130.57 |
Special reserves | ||
Surplus reserves | 1,464,752,476.00 | 1,464,752,476.00 |
General risk reserve | ||
Undistributed profits | 15,046,169,109.63 | 12,559,746,579.91 |
Total equity attributable to owners of the parent company | 21,891,477,928.05 | 19,406,845,725.61 |
Non-controlling interests | 116,436,383.19 | 147,885,302.49 |
Total owners' equity | 22,007,914,311.24 | 19,554,731,028.10 |
Total liabilities and owners' equity | 31,366,555,750.89 | 28,919,969,078.32 |
Legal representative:Liu MiaoPerson in charge of accounting affairs:Xie HongPerson in charge of accounting department:Yan Li
1.2 Balance sheet of parent company
Unit: CNY
Item | 30 September 2020 | 31 December 2019 |
Current assets: | ||
Cash and cash equivalents | 9,626,852,207.36 | 8,872,692,385.79 |
Held-for-trading financial assets | ||
Derivative financial assets | ||
Notes receivables | ||
Accounts receivables | 2,265,184.78 | 21,562.85 |
Accounts receivables financing | ||
Prepayment | 34,314,930.18 | 11,682,593.27 |
Other receivables | 7,308,139,053.12 | 5,850,481,480.50 |
Including:Interests receivable | 106,700,834.19 | 40,570,144.44 |
Dividends receivable | 25,328,195.77 | |
Inventories | 293,134,577.65 | 1,049,384.24 |
Contract assets | ||
Assets held for sale | ||
Non-current assets due within one year | ||
Other current assets | 2,264,848.40 | 5,562,360.72 |
Total current assets | 17,266,970,801.49 | 14,741,489,767.37 |
Non-current assets: | ||
Investments in debt obligations | ||
Investments in other debt obligations | ||
Long-term receivables | ||
Long-term equity investments | 5,860,545,619.59 | 5,636,681,853.83 |
Investments in other equity instruments | 348,613,407.20 | 352,066,334.15 |
Other non-current financial assets | ||
Investment property | ||
Fixed assets | 516,874,073.31 | 601,481,983.81 |
Construction in progress | 1,057,607,352.00 | 967,953,263.55 |
Productive biological assets | ||
Oil and gas assets | ||
Use right assets | ||
Intangible assets | 290,269,983.66 | 297,830,285.02 |
Development expenses | ||
Goodwill | ||
Long-term deferred expenses | 2,384,849.95 | 777,834.15 |
Deferred tax assets | 90,578,154.20 | 75,249,717.72 |
Other non-current assets | ||
Total non-current assets | 8,166,873,439.91 | 7,932,041,272.23 |
Total assets | 25,433,844,241.40 | 22,673,531,039.60 |
Current liabilities: | ||
Short-term loans | ||
Held-for-trading financial liabilities | ||
Derivative financial liabilities | ||
Notes payable | ||
Accounts payable | 391,781,640.46 | 87,652,671.29 |
Advance from customer | 9,712,630.35 |
Contract liabilities | 3,565,026.55 | |
Employee benefits payable | 153,289,269.77 | 116,124,722.19 |
Taxes payable | 60,175,645.37 | 82,399,599.18 |
Other payables | 3,864,484,910.34 | 1,099,598,588.83 |
Including:Interests payable | 36,427,397.26 | 30,650,684.93 |
Dividends payable | ||
Liabilities held for sale | ||
Non-current liabilities due within one year | ||
Other current liabilities | 463,453.45 | |
Total current liabilities | 4,473,759,945.94 | 1,395,488,211.84 |
Non-current liabilities: | ||
Long-term loans | ||
Bonds payable | 3,987,090,282.60 | 2,490,883,676.39 |
Including:Preference shares | ||
Perpetual bonds | ||
Lease liabilities | ||
Long-term payables | ||
Long-term payroll payables | ||
Accrued liabilities | ||
Deferred income | 2,380,000.00 | 2,380,000.00 |
Deferred tax liabilities | 62,567,221.92 | 63,430,453.64 |
Other non-current liabilities | ||
Total non-current liabilities | 4,052,037,504.52 | 2,556,694,130.03 |
Total liabilities | 8,525,797,450.46 | 3,952,182,341.87 |
Owners' equity | ||
Share capital | 1,464,752,476.00 | 1,464,752,476.00 |
Other equity instruments | ||
Including: preference shares | ||
Perpetual bonds | ||
Capital reserves | 3,706,816,950.12 | 3,706,816,950.12 |
Less: treasury stock | ||
Other comprehensive income | 197,648,014.57 | 192,332,738.05 |
Special reserves |
Surplus reserves | 1,464,752,476.00 | 1,464,752,476.00 |
Undistributed profits | 10,074,076,874.25 | 11,892,694,057.56 |
Total owners' equity | 16,908,046,790.94 | 18,721,348,697.73 |
Total liabilities and owners' equity | 25,433,844,241.40 | 22,673,531,039.60 |
1.3 Consolidated income statement for Q3
Unit: CNY
Item | Q3 2020 | Q3 2019 |
1. Total operating revenue | 3,964,495,377.15 | 3,463,860,724.49 |
Including: Operating revenue | 3,964,495,377.15 | 3,463,860,724.49 |
Interest income | ||
Earned premium | ||
Fee and commission income | ||
2. Total operating costs | 1,959,882,176.10 | 2,113,789,848.58 |
Including: Cost of sales | 519,235,634.27 | 546,211,849.65 |
Interest expense | ||
Handling charges and commission expenses | ||
Refunded premiums | ||
Net payments for insurance claims | ||
Net provision for insurance contracts | ||
Bond insurance expense | ||
Reinsurance Expenses | ||
Taxes and surcharges | 555,948,412.37 | 343,456,085.01 |
Selling and distribution expenses | 674,334,017.41 | 1,066,220,941.17 |
General and administrative expenses | 199,336,866.95 | 197,201,012.14 |
Research and Development expenses | 16,988,784.08 | 16,590,329.10 |
Financial expenses | -5,961,538.98 | -55,890,368.49 |
Including:Interest expenses | 68,109,732.42 | 36,376,972.66 |
Interest income | 79,242,537.00 | 90,878,299.30 |
Plus: Other income | 2,684,286.34 | 7,010,364.48 |
Investment income ("-" for losses) | 61,735,028.91 | 27,625,408.30 |
Including: income from investment in associates and joint ventures | 61,735,028.91 | 27,625,408.30 |
Income from the derecognition of financial assets measured at amortized cost (“-” for losses) | ||
Foreign exchange gains ("-" for losses) | ||
Net gain on exposure hedges (“-” for losses) | ||
Gains from the changes in fair values(“-“ for losses) | ||
Credit impairment losses (“-” for losses) | 415,947.84 | 1,357,167.08 |
Impairment losses(“-“ for losses) | ||
Gains from disposal of assets("-" for losses) | -702,428.83 | |
3. Operating profits ("-" for losses) | 2,068,746,035.31 | 1,386,063,815.77 |
Plus: non-operating income | 20,965,356.95 | 12,817,822.04 |
Less: non-operating expenses | 4,803,797.88 | 43,263,366.45 |
4. Total profits before tax ("-" for total losses) | 2,084,907,594.38 | 1,355,618,271.36 |
Less: income tax expenses | 519,704,589.40 | 318,752,478.09 |
5. Net profit ("-" for net loss) | 1,565,203,004.98 | 1,036,865,793.27 |
5.1 By operating continuity | ||
5.1.1 Net profit from continuing operation ("-" for losses) | 1,565,203,004.98 | 1,036,865,793.27 |
5.1.2 Net profit from discontinued operation ("-" for losses) | ||
5.2 By ownership |
1) Attributable to owners of the parent company | 1,594,926,776.29 | 1,045,505,627.15 |
2) Attributable to non-controlling interests | -29,723,771.31 | -8,639,833.88 |
6. Net of tax from other comprehensive income | -4,597,312.16 | -3,753,845.39 |
Net of tax from other comprehensive income to the owner of the parent company | -3,642,925.47 | -4,147,006.32 |
6.1 Other comprehensive income cannot reclassified into the profit and loss: | -4,143,213.39 | -6,390,187.64 |
1) Remeasure the variation of net indebtedness or net asset of defined benefit plans | ||
2) Share in other comprehensive income that cannot be classified into profit and loss under equity method | ||
3) Changes in fair value of investments in other equity instruments | -4,143,213.39 | -6,390,187.64 |
4) Changes in fair value of the company’s credit risks | ||
5) Other | ||
6.2 Other comprehensive income that will be reclassified into the profit and loss | 500,287.92 | 2,243,181.32 |
1) Share in other comprehensive income that will be classified into profit and loss under equity method | 1,662,036.07 | 1,840,522.43 |
2) Changes in fair value of investments in other debt obligations | ||
3) Other comprehensive income arising from the reclassification of financial assets | ||
4) Allowance for credit impairments in investments in other debt obligations | ||
5) Reserve for cash-flow hedge | ||
6) Balance arising from the translation | -1,161,748.15 | 402,658.89 |
of foreign currency financial statements | ||
7) Others | ||
Net of tax from other comprehensive income to non-controlling interests | -954,386.69 | 393,160.93 |
7. Total comprehensive income | 1,560,605,692.82 | 1,033,111,947.88 |
Total comprehensive income attributable to owners of the parent company | 1,591,283,850.82 | 1,041,358,620.83 |
Total comprehensive income attributable to non-controlling interests | -30,678,158.00 | -8,246,672.95 |
8. Earnings per share | ||
(1) Basic earnings per share | 1.09 | 0.71 |
(2) Diluted earnings per share | 1.09 | 0.71 |
Legal representative:Liu MiaoPerson in charge of accounting affairs:Xie HongPerson in charge of accounting department:Yan Li
1.4 Income statement of parent company for Q3
Unit: CNY
Item | Q3 2020 | Q3 2019 |
1. Operating revenue | 1,469,985,451.57 | 750,765,638.48 |
Less: Cost of sales | 1,180,227,210.17 | 533,780,263.26 |
Taxes and surcharges | 5,444,362.48 | 641,195.04 |
Selling and distribution expenses | ||
General and administrative expenses | 148,585,303.87 | 162,958,203.64 |
Research and Development expenses | 4,866,427.47 | 7,908,705.11 |
Financial expenses | -27,066,059.48 | -63,580,053.40 |
Including:Interest expenses | 46,404,317.98 | 12,264,832.43 |
Interest income | 74,567,009.51 | 77,056,304.34 |
Plus: Other income | 2,729,763.85 | 10,239.44 |
Investment income ("-" for | 61,735,028.91 | 27,625,408.30 |
losses) | ||
Including: income from investment in associates and joint ventures | 61,735,028.91 | 27,625,408.30 |
Income from the derecognition of financial assets at amortized cost | ||
Net gain on exposure hedges (“-” for losses) | ||
Gains from the changes in fair values(“-“ for losses) | ||
Credit impairment losses (“-” for losses) | 1,008,382.61 | -165,680.58 |
Asset impairment losses (“-” for losses) | ||
Gains from disposal of assets("-" for losses) | -697,633.41 | |
2. Operating profits ("-" for losses) | 222,703,749.02 | 136,527,291.99 |
Plus: non-operating income | 6,404,587.65 | 10,799,799.73 |
Less: non-operating expenses | 3,657,268.57 | 43,170,000.00 |
3. Total profits before tax ("-" for total losses) | 225,451,068.10 | 104,157,091.72 |
Less: income tax expenses | 35,173,923.25 | 13,051,013.97 |
4. Net profit ("-" for net loss) | 190,277,144.85 | 91,106,077.75 |
4.1 Net profit from continuing operation ("-" for losses) | 190,277,144.85 | 91,106,077.75 |
4.2 Net profit from discontinued operation ("-" for losses) | ||
5. Net of tax from other comprehensive income | -2,481,177.32 | -4,549,665.21 |
5.1 Other comprehensive income cannot reclassified into the profit and loss: | -4,143,213.39 | -6,390,187.64 |
1) Remeasure the variation of net indebtedness or net asset of defined benefit plans | ||
2) Share in other comprehensive income that cannot be classified into |
profit and loss under equity method | ||
3) Changes in fair value of investments in other equity instruments | -4,143,213.39 | -6,390,187.64 |
4) Changes in fair value of the company’s credit risks | ||
5) Other | ||
5.2 Other comprehensive income that will be reclassified into the profit and loss | 1,662,036.07 | 1,840,522.43 |
1) Share in other comprehensive income that will be classified into profit and loss under equity method | 1,662,036.07 | 1,840,522.43 |
2) Changes in fair value of investments in other debt obligations | ||
3) Other comprehensive income arising from the reclassification of financial assets | ||
4) Allowance for credit impairments in investments in other debt obligations | ||
5) Reserve for cash-flow hedge | ||
6) Balance arising from the translation of foreign currency financial statements | ||
7) Others | ||
6. Total comprehensive income | 187,795,967.53 | 86,556,412.54 |
7. Earnings per share | ||
(1) Basic earnings per share | 0.13 | 0.06 |
(2) Diluted earnings per share | 0.13 | 0.06 |
1.5 Consolidated income statement for Q1~Q3
Unit: CNY
Item | Q1~Q3 2020 | Q1~Q3 2019 |
1. Total operating revenue | 11,598,978,279.02 | 11,476,895,744.21 |
Including: Operating revenue | 11,598,978,279.02 | 11,476,895,744.21 |
Interest income | ||
Earned premium | ||
Fee and commission income | ||
2. Total operating costs | 5,421,758,365.10 | 6,572,402,883.75 |
Including: Cost of sales | 1,905,872,063.12 | 2,172,654,981.84 |
Interest expense | ||
Handling charges and commission expenses | ||
Refunded premiums | ||
Net payments for insurance claims | ||
Net provision for insurance contracts | ||
Bond insurance expense | ||
Reinsurance Expenses | ||
Taxes and surcharges | 1,235,462,243.19 | 1,370,467,012.89 |
Selling and distribution expenses | 1,786,292,226.39 | 2,604,722,662.38 |
General and administrative expenses | 559,350,842.71 | 537,770,434.28 |
Research and Development expenses | 49,017,365.36 | 38,887,814.75 |
Financial expenses | -114,236,375.67 | -152,100,022.39 |
Including:Interest expenses | 134,641,907.41 | 101,183,620.61 |
Interest income | 252,631,979.03 | 251,267,108.73 |
Plus: Other income | 13,125,961.61 | 24,303,907.74 |
Investment income ("-" for losses) | 166,073,785.31 | 124,650,039.46 |
Including: income from investment in associates and joint ventures | 156,693,960.95 | 115,901,369.75 |
Income from the derecognition of financial assets measured at amortized cost | ||
Foreign exchange gains ("-" for |
losses) | ||
Net gain on exposure hedges (“-” for losses) | ||
Gains from the changes in fair values(“-“ for losses) | ||
Credit impairment losses (“-” for losses) | 14,881.14 | -2,478,117.16 |
Impairment losses(“-“ for losses) | ||
Gains from disposal of assets("-" for losses) | -597,765.00 | 248,064.82 |
3. Operating profits ("-" for losses) | 6,355,836,776.98 | 5,051,216,755.32 |
Plus: non-operating income | 31,909,798.66 | 30,578,389.93 |
Less: non-operating expenses | 44,021,183.96 | 48,333,179.36 |
4. Total profits before tax ("-" for total losses) | 6,343,725,391.68 | 5,033,461,965.89 |
Less: income tax expenses | 1,553,980,952.51 | 1,216,984,747.39 |
5. Net profit ("-" for net loss) | 4,789,744,439.17 | 3,816,477,218.50 |
5.1 By operating continuity | ||
5.1.1 Net profit from continuing operation ("-" for losses) | 4,789,744,439.17 | 3,816,477,218.50 |
5.1.2 Net profit from discontinued operation ("-" for losses) | ||
5.2 By ownership | ||
1) Attributable to owners of the parent company | 4,815,378,966.56 | 3,795,286,668.57 |
2) Attributable to non-controlling interests | -25,634,527.39 | 21,190,549.93 |
6. Net of tax from other comprehensive income | -7,604,719.19 | 30,674,250.36 |
Net of tax from other comprehensive income to the owner of the parent company | -1,790,327.28 | 30,269,535.29 |
6.1 Other comprehensive income cannot reclassified into the profit and loss: | -2,589,695.23 | 21,258,063.37 |
1) Remeasure the variation of net indebtedness or net asset of defined |
benefit plans | ||
2) Share in other comprehensive income that cannot be classified into profit and loss under equity method | ||
3) Changes in fair value of investments in other equity instruments | -2,589,695.23 | 21,258,063.37 |
4) Changes in fair value of the company’s credit risks | ||
5) Other | ||
6.2 Other comprehensive income that will be reclassified into the profit and loss | 799,367.95 | 9,011,471.92 |
1) Share in other comprehensive income that will be classified into profit and loss under equity method | 7,904,971.75 | 8,519,627.22 |
2) Changes in fair value of investments in other debt obligations | ||
3) Other comprehensive income arising from the reclassification of financial assets | ||
4) Allowance for credit impairments in investments in other debt obligations | ||
5) Reserve for cash-flow hedge | ||
6) Balance arising from the translation of foreign currency financial statements | -7,105,603.80 | 491,844.70 |
7) Others | ||
Net of tax from other comprehensive income to non-controlling interests | -5,814,391.91 | 404,715.07 |
7. Total comprehensive income | 4,782,139,719.98 | 3,847,151,468.86 |
Total comprehensive income attributable to owners of the parent company | 4,813,588,639.28 | 3,825,556,203.86 |
Total comprehensive income attributable to non-controlling interests | -31,448,919.30 | 21,595,265.00 |
8. Earnings per share | ||
(1) Basic earnings per share | 3.29 | 2.59 |
(2) Diluted earnings per share | 3.29 | 2.59 |
Legal representative:Liu MiaoPerson in charge of accounting affairs:Xie HongPerson in charge of accounting department:Yan Li
1.6 Income statement of parent company for Q1~Q3
Unit: CNY
Item | Q1~Q3 2020 | Q1~Q3 2019 |
1. Operating revenue | 2,972,907,144.96 | 3,197,984,938.60 |
Less: Cost of sales | 2,221,013,458.47 | 2,154,942,678.71 |
Taxes and surcharges | 20,994,127.40 | 25,792,351.08 |
Selling and distribution expenses | ||
General and administrative expenses | 423,205,464.06 | 449,359,503.17 |
Research and Development expenses | 13,877,713.71 | 14,177,692.62 |
Financial expenses | -158,511,925.86 | -167,340,890.51 |
Including:Interest expenses | 79,727,736.67 | 21,535,776.85 |
Interest income | 239,428,703.64 | 190,134,987.34 |
Plus: Other income | 9,541,799.87 | 10,196,731.70 |
Investment income ("-" for losses) | 166,073,785.31 | 124,650,039.46 |
Including: income from investment in associates and joint ventures | 156,693,960.95 | 115,901,369.75 |
Income from the derecognition of financial assets at amortized cost | ||
Net gain on exposure hedges (“-” for losses) | ||
Gains from the changes in fair values(“-“ for losses) | ||
Credit impairment losses (“-” for losses) | 964,250.14 | -342,877.71 |
Asset impairment losses (“-” |
for losses) | ||
Gains from disposal of assets("-" for losses) | -592,969.58 | 108,159.28 |
2. Operating profits ("-" for losses) | 628,315,172.92 | 855,665,656.26 |
Plus: non-operating income | 15,288,152.80 | 15,446,419.23 |
Less: non-operating expenses | 28,034,402.35 | 47,911,335.98 |
3. Total profits before tax ("-" for total losses) | 615,568,923.37 | 823,200,739.51 |
Less: income tax expenses | 105,229,669.84 | 171,506,524.76 |
4. Net profit ("-" for net loss) | 510,339,253.53 | 651,694,214.75 |
4.1 Net profit from continuing operation ("-" for losses) | 510,339,253.53 | 651,694,214.75 |
4.2 Net profit from discontinued operation ("-" for losses) | ||
5. Net of tax from other comprehensive income | 5,315,276.52 | 29,777,690.59 |
5.1 Other comprehensive income cannot reclassified into the profit and loss: | -2,589,695.23 | 21,258,063.37 |
1) Remeasure the variation of net indebtedness or net asset of defined benefit plans | ||
2) Share in other comprehensive income that cannot be classified into profit and loss under equity method | ||
3) Changes in fair value of investments in other equity instruments | -2,589,695.23 | 21,258,063.37 |
4) Changes in fair value of the company’s credit risks | ||
5) Other | ||
5.2 Other comprehensive income that will be reclassified into the profit and loss | 7,904,971.75 | 8,519,627.22 |
1) Share in other comprehensive income that will be classified into profit and loss under equity method | 7,904,971.75 | 8,519,627.22 |
2) Changes in fair value of |
investments in other debt obligations | ||
3) Other comprehensive income arising from the reclassification of financial assets | ||
4) Allowance for credit impairments in investments in other debt obligations | ||
5) Reserve for cash-flow hedge | ||
6) Balance arising from the translation of foreign currency financial statements | ||
7) Others | ||
6. Total comprehensive income | 515,654,530.05 | 681,471,905.34 |
7. Earnings per share | ||
(1) Basic earnings per share | 0.35 | 0.44 |
(2) Diluted earnings per share | 0.35 | 0.44 |
1.7 Consolidated statement of cash flows for Q1~Q3
Unit: CNY
Item | Q1~Q3 2020 | Q1~Q3 2019 |
1. Cash flows from operating activities | ||
Cash received from sale of goods and rendering of services | 11,444,778,961.62 | 12,252,950,015.54 |
Net increase in customer bank deposits and placement from banks and other financial institutions | ||
Net increase in loans from central bank | ||
Net increase in loans from other financial institutions | ||
Premiums received from original insurance contracts | ||
Net cash received from reinsurance business | ||
Net increase in deposits and |
investments from policyholders | ||
Cash received from interest, handling charges and commissions | ||
Net increase in placements from other financial institutions | ||
Net capital increase in repurchase business | ||
Net cash received from customer brokerage deposits | ||
Refunds of taxes and surcharges | 4,282,301.19 | 3,799,803.96 |
Cash received from other operating activities | 343,830,118.82 | 310,987,560.32 |
Subtotal of cash inflows from operating activities | 11,792,891,381.63 | 12,567,737,379.82 |
Cash paid for goods purchased and services received | 2,695,233,461.36 | 2,759,299,910.61 |
Net increase in loans and advances to customers | ||
Net increase in deposits in central bank and other banks and financial institutions | ||
Cash paid for original insurance contract claims | ||
Net increase in lending funds | ||
Cash paid for interests, handling charges and commissions | ||
Cash paid for policy dividends | ||
Cash paid to and on behalf of employees | 590,627,848.79 | 589,812,250.35 |
Cash paid for taxes and surcharges | 4,305,861,309.71 | 3,885,185,716.40 |
Cash paid for other operating activities | 1,403,703,870.97 | 1,988,160,178.69 |
Subtotal of cash outflows from operating activities | 8,995,426,490.83 | 9,222,458,056.05 |
Net cash flows from operating activities | 2,797,464,890.80 | 3,345,279,323.77 |
2. Cash flows from investing activities |
Cash received from disposal of investments | ||
Cash received from returns on investments | 4,786,894.23 | 26,159,166.94 |
Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 913,030.83 | 551,251.89 |
Net cash received from disposal of subsidiaries and other business units | ||
Cash received from other investing activities | ||
Subtotal of cash inflows from investing activities | 5,699,925.06 | 26,710,418.83 |
Cash paid to acquire and construct fixed assets, intangible assets and other long-term assets | 1,509,459,951.58 | 2,616,187,238.92 |
Cash paid for investments | 80,000,000.00 | |
Net increase in pledge loans | ||
Net cash paid to acquire subsidiaries and other business units | ||
Cash paid for other investing activities | ||
Subtotal of cash outflows from investing activities | 1,589,459,951.58 | 2,616,187,238.92 |
Net cash flows from investing activities | -1,583,760,026.52 | -2,589,476,820.09 |
3. Cash flows from financing activities | ||
Cash received from investors | 10,322,014.67 | 3,500,000.00 |
Including: cash received by subsidiaries from investments by minority shareholders | 10,322,014.67 | 3,500,000.00 |
Cash received from borrowings | 1,494,000,000.00 | 2,490,000,000.00 |
Cash received from other financing activities | ||
Subtotal of cash inflows from financing activities | 1,504,322,014.67 | 2,493,500,000.00 |
Cash paid for debt repayments | ||
Cash paid for distribution of dividends and profits or payment of interest | 2,410,673,696.08 | 2,262,492,837.74 |
Including: dividends and profits paid to minority shareholders by subsidiaries | ||
Cash paid for other financing activities | 180,000.00 | 10,499,100.00 |
Subtotal of cash outflows from financing activities | 2,410,853,696.08 | 2,272,991,937.74 |
Net cash flows from financing activities | -906,531,681.41 | 220,508,062.26 |
4. Effect of fluctuation in exchange rate on cash and cash equivalents | -1,959,916.40 | 4,044,326.94 |
5. Net increase in cash and cash equivalents | 305,213,266.47 | 980,354,892.88 |
Plus: balance of cash and cash equivalents at the beginning of the period | 9,752,266,526.78 | 9,365,986,627.68 |
6. Balance of cash and cash equivalents at the end of the period | 10,057,479,793.25 | 10,346,341,520.56 |
1.8 Cash flow statement of parent company for Q1~Q3
Unit: CNY
Item | Q1~Q3 2020 | Q1~Q3 2019 |
1. Cash flows from operating activities | ||
Cash received from sale of goods and rendering of services | 3,350,993,848.07 | 3,800,982,351.28 |
Refunds of taxes and surcharges | ||
Cash received from other operating activities | 307,981,249.59 | 2,956,023,722.38 |
Subtotal of cash inflows from operating activities | 3,658,975,097.66 | 6,757,006,073.66 |
Cash paid for goods purchased and services received | 771,058,329.11 | 2,433,250,662.70 |
Cash paid to and on behalf of employees | 553,602,541.44 | 553,331,416.11 |
Cash paid for taxes and surcharges | 276,607,943.90 | 443,928,121.51 |
Cash paid for other operating activities | 144,961,672.42 | 167,195,165.85 |
Subtotal of cash outflows from operating activities | 1,746,230,486.87 | 3,597,705,366.17 |
Net cash flows from operating activities | 1,912,744,610.79 | 3,159,300,707.49 |
2. Cash flows from investing activities | ||
Cash received from disposal of investments | ||
Cash received from returns on investments | 4,786,894.23 | 26,159,166.94 |
Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 913,030.83 | 487,222.28 |
Net cash received from disposal of subsidiaries and other business units | ||
Cash received from other investing activities | ||
Subtotal of cash inflows from investing activities | 5,699,925.06 | 26,646,389.22 |
Cash paid to acquire and construct fixed assets, intangible assets and other long-term assets | 167,431,018.20 | 175,015,081.79 |
Cash paid for investments | 80,000,000.00 | 10,149,100.00 |
Net cash paid to acquire subsidiaries and other business units | ||
Cash paid for other investing activities | ||
Subtotal of cash outflows from investing activities | 247,431,018.20 | 185,164,181.79 |
Net cash flows from investing | -241,731,093.14 | -158,517,792.57 |
activities | ||
3. Cash flows from financing activities | ||
Cash received from investors | ||
Cash received from loans | 1,494,000,000.00 | 2,490,000,000.00 |
Cash received from other financing activities | ||
Subtotal of cash inflows from financing activities | 1,494,000,000.00 | 2,490,000,000.00 |
Cash paid for debt repayments | ||
Cash paid for distribution of dividends and profits or payment of interest | 2,410,673,696.08 | 2,262,492,837.74 |
Cash paid for other financing activities | 180,000.00 | 350,000.00 |
Subtotal of cash outflows from financing activities | 2,410,853,696.08 | 2,262,842,837.74 |
Net cash flows from financing activities | -916,853,696.08 | 227,157,162.26 |
4. Effect of fluctuation in exchange rate on cash and cash equivalents | ||
5. Net increase in cash and cash equivalents | 754,159,821.57 | 3,227,940,077.18 |
Plus: balance of cash and cash equivalents at the beginning of the period | 8,872,692,385.79 | 6,189,473,157.83 |
6. Balance of cash and cash equivalents at the end of the period | 9,626,852,207.36 | 9,417,413,235.01 |
2. Adjustments to the financial statements
2.1 Adjustments to the financial statements at the beginning of the execution year of any newstandard governing revenue or leases from 2020
√Applicable ?N/A
Whether items of balance sheets at the beginning of the year need to be adjusted
√ Yes □ No
Consolidated balance sheet
Unit: CNY
Item | 31 December 2019 | 1 January 2020 | Adjustment |
Current assets: | |||
Cash and cash equivalents | 9,753,666,526.78 | 9,753,666,526.78 | |
Settlement reserves | |||
Lending funds | |||
Trading financial assets | |||
Derivative financial assets | |||
Notes receivables | |||
Accounts receivables | 18,293,914.23 | 18,293,914.23 | |
Accounts receivables financing | 2,393,797,259.80 | 2,393,797,259.80 | |
Prepayment | 151,818,448.48 | 151,818,448.48 | |
Premiums receivable | |||
Reinsurance accounts receivable | |||
Reinsurance contract reserve | |||
Other receivables | 159,753,421.64 | 159,753,421.64 | |
Including:Interests receivable | 45,636,744.44 | 45,636,744.44 | |
Dividends receivable | |||
Buying back the sale of financial assets | |||
Inventories | 3,641,235,092.33 | 3,641,235,092.33 | |
Contract assets | |||
Assets held for sale | |||
Non-current assets due within one year | |||
Other current assets | 195,174,048.57 | 195,174,048.57 | |
Total current assets | 16,313,738,711.83 | 16,313,738,711.83 |
Non-current assets: | |||
Disbursement of loans and advances | |||
Investment in debt obligations | |||
Investment in other debt obligations | |||
Long-term receivables | |||
Long-term equity investments | 2,230,721,725.72 | 2,230,721,725.72 | |
Other equity instrument investment | 352,395,255.78 | 352,395,255.78 | |
Other non-current financial assets | |||
Investment property | |||
Fixed assets | 1,518,865,397.91 | 1,518,865,397.91 | |
Construction in progress | 7,257,393,087.56 | 7,257,393,087.56 | |
Productive biological assets | |||
Oil and gas assets | |||
Right-to-use assets | |||
Intangible assets | 332,234,032.47 | 332,234,032.47 | |
Development expenses | |||
Goodwill | |||
Long-term deferred expenses | 928,805.23 | 928,805.23 | |
Deferred tax assets | 676,152,614.07 | 676,152,614.07 | |
Other non-current assets | 237,539,447.75 | 237,539,447.75 | |
Total non-current assets | 12,606,230,366.49 | 12,606,230,366.49 | |
Total assets | 28,919,969,078.32 | 28,919,969,078.32 | |
Current liabilities: | |||
Short-term loans | |||
Borrowings from the central bank | |||
Loans from other banks | |||
Trading financial liabilities | |||
Derivative financial |
liabilities | |||
Notes payable | |||
Accounts payable | 1,868,623,958.02 | 1,868,623,958.02 | |
Advance from customer | 2,244,442,643.64 | -2,244,442,643.64 | |
Contract liabilities | 1,986,232,428.00 | 1,986,232,428.00 | |
Financial assets sold for repurchase | |||
Customers deposits and deposits from banks and other financial institutions | |||
Customer brokerage deposits | |||
Securities underwriting brokerage deposits | |||
Employee benefits payable | 342,025,687.49 | 342,025,687.49 | |
Taxes payable | 1,633,044,231.67 | 1,633,044,231.67 | |
Other payable | 698,942,399.37 | 698,942,399.37 | |
Including:Interests payable | 30,650,684.93 | 30,650,684.93 | |
Dividends payable | |||
Handling charges and commissions payable | |||
Reinsurance accounts payable | |||
Liabilities held for sale | |||
Non-current liabilities due within one year | |||
Other current liabilities | 258,210,215.64 | 258,210,215.64 | |
Total current liabilities | 6,787,078,920.19 | 6,787,078,920.19 | |
Non-current liabilities: | |||
Insurance contract reserves | |||
Long-term loans | |||
Bonds payable | 2,490,883,676.39 | 2,490,883,676.39 | |
Including: Preference shares |
Perpetual bonds | |||
Lease liabilities | |||
Long-term payables | |||
Long-term payroll payables | |||
Accrued liabilities | |||
Deferred income | 23,845,000.00 | 23,845,000.00 | |
Deferred tax liabilities | 63,430,453.64 | 63,430,453.64 | |
Other non-current liabilities | |||
Total non-current liabilities | 2,578,159,130.03 | 2,578,159,130.03 | |
Total liabilities | 9,365,238,050.22 | 9,365,238,050.22 | |
Owners' equity: | |||
Share capital | 1,464,752,476.00 | 1,464,752,476.00 | |
Other equity instruments | |||
Including: Preference shares | |||
Perpetual bonds | |||
Capital reserves | 3,722,777,063.13 | 3,722,777,063.13 | |
Less: Treasury stock | |||
Other comprehensive income | 194,817,130.57 | 194,817,130.57 | |
Special reserves | |||
Surplus reserves | 1,464,752,476.00 | 1,464,752,476.00 | |
General risk reserve | |||
Undistributed profits | 12,559,746,579.91 | 12,559,746,579.91 | |
Total equity attributable to owners of the parent company | 19,406,845,725.61 | 19,406,845,725.61 | |
Non-controlling interests | 147,885,302.49 | 147,885,302.49 | |
Total owners' equity | 19,554,731,028.10 | 19,554,731,028.10 | |
Total liabilities and owners' equity | 28,919,969,078.32 | 28,919,969,078.32 |
Note to the adjustments:
Upon the adoption of the new accounting standard governing revenue on 1 January 2020, the Companypresented the advance from customer (net of tax) in contract liabilities and the value added tax in othercurrent liabilities.
Balance sheet of parent company
Unit: CNY
Item | 31 December 2019 | 1 January 2020 | Adjustment |
Current assets: | |||
Cash and cash equivalents | 8,872,692,385.79 | 8,872,692,385.79 | |
Trading financial assets | |||
Derivative financial assets | |||
Notes receivables | |||
Accounts receivables | 21,562.85 | 21,562.85 | |
Accounts receivables financing | |||
Prepayment | 11,682,593.27 | 11,682,593.27 | |
Other receivables | 5,850,481,480.50 | 5,850,481,480.50 | |
Including: Interests receivable | 40,570,144.44 | 40,570,144.44 | |
Dividends receivable | |||
Inventories | 1,049,384.24 | 1,049,384.24 | |
Contract assets | |||
Assets held for sale | |||
Non-current assets due within one year | |||
Other current assets | 5,562,360.72 | 5,562,360.72 | |
Total current assets | 14,741,489,767.37 | 14,741,489,767.37 | |
Non-current assets: | |||
Investment in debt obligations | |||
Investment in other debt obligations | |||
Long-term receivables | |||
Long-term equity investments | 5,636,681,853.83 | 5,636,681,853.83 | |
Other equity instrument investment | 352,066,334.15 | 352,066,334.15 | |
Other non-current financial assets |
Investment property | |||
Fixed assets | 601,481,983.81 | 601,481,983.81 | |
Construction in progress | 967,953,263.55 | 967,953,263.55 | |
Productive biological assets | |||
Oil and gas assets | |||
Right-to-use assets | |||
Intangible assets | 297,830,285.02 | 297,830,285.02 | |
Development expenses | |||
Goodwill | |||
Long-term deferred expenses | 777,834.15 | 777,834.15 | |
Deferred tax assets | 75,249,717.72 | 75,249,717.72 | |
Other non-current assets | |||
Total non-current assets | 7,932,041,272.23 | 7,932,041,272.23 | |
Total assets | 22,673,531,039.60 | 22,673,531,039.60 | |
Current liabilities: | |||
Short-term loans | |||
Trading financial liabilities | |||
Derivative financial liabilities | |||
Notes payables | |||
Accounts payable | 87,652,671.29 | 87,652,671.29 | |
Advance from customer | 9,712,630.35 | -9,712,630.35 | |
Contract liabilities | 8,595,248.10 | 8,595,248.10 | |
Employee benefits payable | 116,124,722.19 | 116,124,722.19 | |
Taxes payable | 82,399,599.18 | 82,399,599.18 | |
Other payables | 1,099,598,588.83 | 1,099,598,588.83 | |
Including:Interests payable | 30,650,684.93 | 30,650,684.93 | |
Dividends payable | |||
Liabilities held for sale | |||
Non-current liabilities due within one year | |||
Other current liabilities | 1,117,382.25 | 1,117,382.25 |
Total current liabilities | 1,395,488,211.84 | 1,395,488,211.84 | |
Non-current liabilities: | |||
Long-term loans | |||
Bonds payable | 2,490,883,676.39 | 2,490,883,676.39 | |
Including: Preference shares | |||
Perpetual bonds | |||
Lease liabilities | |||
Long-term payables | |||
Long-term payroll payables | |||
Accrued liabilities | |||
Deferred income | 2,380,000.00 | 2,380,000.00 | |
Deferred tax liabilities | 63,430,453.64 | 63,430,453.64 | |
Other non-current liabilities | |||
Total non-current liabilities | 2,556,694,130.03 | 2,556,694,130.03 | |
Total liabilities | 3,952,182,341.87 | 3,952,182,341.87 | |
Owners' equity | |||
Share capital | 1,464,752,476.00 | 1,464,752,476.00 | |
Other equity instruments | |||
Including: Preference shares | |||
Perpetual bonds | |||
Capital reserves | 3,706,816,950.12 | 3,706,816,950.12 | |
Less: Treasury stock | |||
Other comprehensive income | 192,332,738.05 | 192,332,738.05 | |
Special reserves | |||
Surplus reserves | 1,464,752,476.00 | 1,464,752,476.00 | |
Undistributed profits | 11,892,694,057.56 | 11,892,694,057.56 | |
Total owners' equity | 18,721,348,697.73 | 18,721,348,697.73 | |
Total liabilities and owners' equity | 22,673,531,039.60 | 22,673,531,039.60 |
Note to the adjustments:
Upon the adoption of the new accounting standard governing revenue on 1 January 2020, the Companypresented the advance from customer (net of tax) in contract liabilities and the value added tax in othercurrent liabilities.
2.2 Retrospective restatement of previous comparative data due to the execution of any newstandard governing revenue or lease from 2020? Applicable √ N/A
3. Auditor’s report
Whether the financial statements of this report have been audited by an auditor
□ Yes √ No
The said financial statements are unaudited by an auditor.