OFFCNEDUCATIONTECHNOLOGYCO.,LTD.
ThirdQuarter2020Report
StockCode:002607StockAbbr.:OFFCNEDU
October,2020
ChapterI.ImportantNotes
Theboardofdirectors,thesupervisorcommittee,thedirectors,supervisors,andseniormanagementoftheCompanyshallherebyguaranteetheauthenticity,accuracyandcompletenessofthisquarterlyreportwithoutmisrepresentations,misleadingstatements,ormaterialomissions,andbearindividualandjointlegalliabilities.Alldirectorsattendedtheboardmeetingapprovingthisquarterlyreport.WangZhendong,theCompany’slegalrepresentative,ShiLei,theresponsiblepersoninchargeofaccountingwork,andLuoXue,thepersoninchargeoftheaccountingdepartment,herebydeclarethatthefinancialreportinthisquarterlyreportisauthentic,accurateandcomplete.Note:TheCompany’sThirdQuarter2020ReportispreparedandpublishedinChineseversion,andtheEnglishversionisforreferenceonly.ShouldtherebeanyinconsistencybetweentheChineseversionandEnglishversion,theChineseversionshallprevail.
ChapterII.CorporateProfile
SectorI.Keyaccountinginformationandfinancialindicators
DoestheCompanyneedtoadjustitsfinancialinformationretrospectivelyorrestateitsaccountinginformationofpreviousyear?
□Yes√No
Endofcurrentreporting
period
| Endofcurrentreportingperiod | Endofthepreviousyear | Increase/decreaseattheendofthisreportingperiodoverendofthepreviousyear | ||||
| Totalassets(RMB) | 15,351,254,073.24 | 9,960,705,427.94 | 54.12% | |||
| NetassetsattributabletoshareholdersofthelistedCompany(RMB) | 3,299,163,560.79 | 3,431,545,903.82 | -3.86% | |||
| Currentreportingperiod | Increase/decreaseincurrentreportingperiodoversameperiodofthepreviousyear | Frombeginningoftheyear2020toendofthisreportingperiod | Increase/decreasefrombeginningoftheyear2020toendofthisreportingperiodoversameperiodofthepreviousyear | |||
| Revenue(RMB) | 4,630,989,349.21 | 83.65% | 7,438,969,829.81 | 20.78% | ||
| NetprofitattributabletoshareholdersofthelistedCompany(RMB) | 1,553,920,155.49 | 233.58% | 1,320,893,510.33 | 37.76% | ||
| NetprofitattributabletoshareholdersofthelistedCompanyafterdeductingnon-recurringgainsorlosses(RMB) | 1,445,848,093.32 | 247.44% | 1,078,305,710.49 | 21.35% | ||
| Netcashflowfromoperatingactivities(RMB) | 2,654,154,595.86 | 302.28% | 6,717,830,100.05 | 120.79% | ||
| Basicearningspershare(RMB/share) | 0.25 | 212.50% | 0.21 | 31.25% | ||
| Dilutedearningspershare(RMB/share) | 0.25 | 212.50% | 0.21 | 31.25% | ||
| Weightedaveragereturnonassets | 51.35% | 31.05% | 42.35% | 8.39% | ||
Itemsandamountsofnon-recurringgainsorlosses
√Applicable□Notapplicable
Unit:RMB
Item
| Item | Amountfrombeginningoftheyear2020toendofthereportingperiod | Notes |
| Gainsorlossesondisposalofnon-currentassets(includingtheoffsettingamountfortheprovisionofimpairmentofassets) | 162,043.59 | |
| Governmentsubsidiesincludedinthecurrentgainsorlosses(notincludingsubsidiesenjoyedinquotaorrationaccordingtonationalstandards,whicharecloselyrelevanttotheCompany’sbusiness.) | 475,756.81 | |
| Gainsorlossesfromentrustingotherstoinvestormanageassets | 130,365,075.07 | |
| Non-operatingincomeandexpensesotherthantheabove | -457,000.58 | |
| Otheritemsthatmeetthedefinitionofnon-recurringgainsorlosses | 159,614,478.41 | |
| Less：Influencedamountofincometax | 47,572,553.46 | |
| Total | 242,587,799.84 | -- |
Provideexplanationsforclassifyingnon-recurringprofitandlossitemsdefinedintheExplanatoryAnnouncementNo.1forPublicCompanyInformationDisclosures-Non-recurringGainsandLosses,andforclassifyingnon-recurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1forPublicCompanyInformationDisclosures–Non-recurringGainsandLossesasrecurringprofitandlossitems.
□Applicable√NotapplicableTheCompanyhasnotclassifiednon-recurringprofitandlossitemsdefinedorlistedintheExplanatoryAnnouncementNo.1forPublicCompanyInformationDisclosures-Non-recurringGainsandLossesasrecurringprofitandlossitemsinthereportingperiod.
SectorII.Tablesonthetotalnumberofshareholdersandsharesheldbythetop10shareholdersattheendofthereportingperiod
1.Tableonthetotalnumberofcommonshareholdersandpreferredshareholderswithrestoredvotingrightsandsharesheldbythetop10shareholders
Unit:share(s)
Totalnumberofcommonshareholdersattheendofreportingperiod
| Totalnumberofcommonshareholdersattheendofreportingperiod | 30,880 | Totalnumberofpreferredshareholderswithrestoredvotingrightsatendofthereportingperiod(ifany) | 0 | ||||||
| Particularsaboutsharesheldbythetop10shareholders | |||||||||
| Nameofshareholder | Natureofshareholder | Shareholdingpercentage(%) | Sharesheld | Numberofsharesheldwithsalesrestrictions | Pledgedorfrozen | ||||
| Statusofshares | Numberofshares | ||||||||
| LuZhongfang | Domesticnaturalperson | 41.36% | 2,550,549,260 | 2,550,549,260 | Pledged | 450,000,000 | |||
| LiYongxin | Domesticnaturalperson | 18.35% | 1,131,415,121 | 1,131,415,121 | Pledged | 774,495,000 | |||
| WangZhendong | Domesticnaturalperson | 15.61% | 962,471,418 | 962,471,418 | Pledged | 107,100,000 | |||
| BeijingAerospaceIndustryInvestmentFund(LimitedPartnership) | Domesticnon-state-ownedlegalperson | 4.33% | 267,353,171 | 267,353,171 | |||||
| BeijingGuangyinVentureCapitalCenter(LimitedPartnership) | Domesticnon-state-ownedlegalperson | 2.89% | 178,235,447 | 178,235,447 | |||||
| BeijingKeruiTechnologyInnovationInvestmentCenter(LimitedPartnership) | Domesticnon-state-ownedlegalperson | 1.44% | 89,117,723 | 89,117,723 | |||||
HongKongSecuritiesClearingCo.,Ltd.
| HongKongSecuritiesClearingCo.,Ltd. | Overseaslegalperson | 1.41% | 86,771,865 | 0 | ||
| BeijingOffcnFutureInformationConsultingCenter(LimitedPartnership) | Domesticnon-state-ownedlegalperson | 1.30% | 80,000,000 | 0 | ||
| ZhouXiayun | Domesticnaturalperson | 1.28% | 78,848,640 | 0 | Pledged | 47,148,845 |
| ZhouHui | Domesticnaturalperson | 1.17% | 72,277,920 | 0 | Pledged | 9,450,000 |
| Particularsaboutsharesheldbythetop10shareholderswithoutsalesrestrictions | ||||||
| Nameofshareholder | Numberofshareswithoutsalesrestrictionsheld | Typeofshares | ||||
| Typeofshares | Numberofshares | |||||
| HongKongSecuritiesClearingCo.,Ltd. | 86,771,865 | RMBcommonshares | 86,771,865 | |||
| BeijingOffcnFutureInformationConsultingCenter(LimitedPartnership) | 80,000,000 | RMBcommonshares | 80,000,000 | |||
| ZhouXiayun | 78,848,640 | RMBcommonshares | 78,848,640 | |||
| ZhouHui | 72,277,920 | RMBcommonshares | 72,277,920 | |||
| ZhouLi | 48,185,280 | RMBcommonshares | 48,185,280 | |||
| ChinaMerchantsBankCo.,Ltd.-ChinaUniversalAssetManagementMid-CapitalizationActiveGrowthHybridSecuritiesInvestmentFund | 10,742,427 | RMBcommonshares | 10,742,427 | |||
| AgriculturalBankofChinaCo.,Ltd.-BOCOMSchrodersGrowthHybridSecuritiesInvestmentFund | 10,163,856 | RMBcommonshares | 10,163,856 | |||
| ChinaConstructionBank | 9,235,717 | RMBcommon | 9,235,717 | |||
Co.,Ltd.-HuataiPinebridgeProsperityOptimalHybridSecuritiesInvestmentFund
| Co.,Ltd.-HuataiPinebridgeProsperityOptimalHybridSecuritiesInvestmentFund | shares | ||
| ChinaCITICBandCo.,Ltd.-BOCOMSchrodersNewVitalityFlexibleAllocationHybridSecuritiesInvestmentFund | 8,493,732 | RMBcommonshares | 8,493,732 |
| ChinaConstructionBankCo.,Ltd.-BOCOMSchrodersBlueChipHybridSecuritiesInvestmentFund | 8,028,102 | RMBcommonshares | 8,028,102 |
| Descriptionoftherelationshiporconcertedactionamongtheabovementionedshareholders | TheCompany'scontrollingshareholderandactualcontrollerLuZhongfangandLiYongxinareinaparent-childrelationship.LuZhongfang,LiYongxin,andBeijingOffcnFutureInformationConsultingCenter(LimitedPartnership)constitutepersonsactinginconcert.ZhouXiayunandZhouHuihaveafather-sonrelationship.ZhouXiayunandZhouLihaveafather-daughterrelationship.Itisunknownwhetherthereisanassociatedrelationshipamongtheabove-mentionedothershareholders,norwhethertheabove-mentionedshareholdersbelongtothepartiesactinginconcertasstipulatedintheAdministrativeMeasuresonInformationDisclosureofShareholdingChangesinListedCompanies. | ||
| Descriptionofthetop10shareholdersparticipatinginthemargintrading(ifany) | None | ||
WhethertheCompany’stop10commonshareholdersandtop10commonshareholderswithoutsalesrestrictionsconductedagreedrepurchasetransactionsduringthereportingperiod?
□Yes√NoTheCompany’stop10commonshareholdersandtop10commonshareholderswithoutsalesrestrictionsdidnotconductagreedrepurchasetransactionsduringthereportingperiod.
2.Tableonthetotalnumberofpreferredshareholdersandsharesheldbythetop10preferredshareholders
□Applicable√NotApplicable
ChapterIII.SignificantEvents
SectionI.Casesandreasonsofmainfinancialdataandindicatorsfluctuationduringthereportingperiod
√Applicable□NotApplicable
BalanceSheet
| BalanceSheet | September30,2020 | December31,2019 | Growth | Statements |
| Cashandcashequivalents | 5,069,423,730.49 | 2,724,335,001.58 | 86.08% | ThemainreasonforthegrowthistherecruitmentexaminationshavebeenfullyresumedandthemarketingandenrollmentoftheCompanyhavereturnedtothenormallevel.Therevenuethereforehasbeenincreased. |
| Financialassetsheldfortrading | 4,123,307,227.54 | 1,754,396,227.54 | 135.03% | Itismainlyduetotheincreasedrevenueoftrainingbusinessinthisreportingperiodandtheincreasedpurchaseoffinancialproducts. |
| Accountsreceivable | 20,252,907.35 | 2,721,638.09 | 644.14% | Itismainlyduetotheincreaseofrentsfromretainedassetsinthemajorassetrestructuringinthecurrentperiod. |
| Prepayments | 5,734,527.16 | 2,461,009.00 | 133.02% | Itismainlyduetotheincreasedprepaymentsfortheemployees’businesstravelairticketstothetravelagency. |
| Non-currentassetsduewithinoneyear | 1,959,426,969.04 | 0.00 | 100.00% |
| Othercurrentassets | 179,404,189.50 | 97,336,600.16 | 84.31% | Itismainlyduetotheincreasedprepaymentsforrentandpropertymanagementinthecurrentperiod. |
| Debtinvestments | 20,000,000.00 | 1,923,598,909.09 | -98.96% |
| Deferredtaxassets | 11,310,880.26 | 21,482,832.13 | -47.35% | Themainreasonisthattheaccrualoftheemployees’remunerationinthepreviousyearispaidinthecurrentperiod. |
| Othernon-currentassets | 500,359,990.69 | 325,967,628.34 | 53.50% | Itismainlyduetotheprepaymentsforthedecorationofbranchesandtrainingcentersinthecurrentperiod. |
| Accountspayable | 124,596,162.88 | 236,481,990.86 | -47.31% | Itismainlyduetothesettlementandpaymentoftheinitialpayablesinthecurrentperiod. |
| Receiptsinadvance | 0.00 | 2,634,276,203.88 | -100.00% | Thereasonisthat“receiptsinadvance” |
carriedoverwithinoneyeararelistedunder“Contractliabilities”and“Othercurrentliabilities”itemaccordingtothenewcriteriaofrevenueinthecurrentperiod.
| carriedoverwithinoneyeararelistedunder“Contractliabilities”and“Othercurrentliabilities”itemaccordingtothenewcriteriaofrevenueinthecurrentperiod. | ||||
| Contractliabilities | 7,410,923,947.05 | 0.00 | 100.00% | Itismainlyduetothe“receiptsinadvance”carriedoverwithinoneyearaftertaxdeductionislistedunder“Contractliabilities”itemaccordingtothenewcriteriaofrevenueinthecurrentperiod. |
| Employeebenefitspayable | 602,771,357.67 | 411,475,636.03 | 46.49% | Itismainlyduetotheexpansionofbusinessscaleandincreaseinpersonnelcosts. |
| Taxespayable | 253,433,295.83 | 184,306,027.84 | 37.51% | ItismainlyduetotheincreaseofincometaxoftheCompanyinthethirdquarterfromthebeginningoftheperiod. |
| Othercurrentliabilities | 222,327,718.41 | 0.00 | 100.00% | Thereasonisthatthependingoutputtaxinthe“receiptsinadvance”carriedoverwithinoneyearisadjustedtobelistedunder“Othercurrentliabilities”itemaccordingtothenewcriteriaofrevenueinthecurrentperiod. |
| IncomeStatement | January-September2020 | January-September2019 | Growth | Statements |
| Taxesandsurcharges | 9,832,926.10 | 43,197,122.47 | -77.24% | Itismainlyduetothetaxreductionandexemptionduringthepandemic. |
| Financialexpenses | 346,754,421.65 | 65,332,528.30 | 430.75% | Itismainlyduetotheincreasedreceivablesandcommissionsinthecurrentperiod. |
| Otherincome | 221,416,613.84 | 500,478.07 | 44141.02% | Itismainlyduetothereductionandexemptionofvalue-addedtaxenjoyedbytheCompanyduringthepandemic. |
| Investmentincome | 187,595,273.90 | 126,753,395.24 | 48.00% | Themainreasonisthattheinterestincomefromfixeddepositisadjustedfrombeingincludedin“financialexpenses”tobeincludedin“investmentincome”basedonthenewaccountingstandardsoffinancialinstruments. |
| Incometaxexpenses | 261,121,317.06 | 189,559,243.49 | 37.75% | Itismainlyduetotheincreaseoftaxableprofits. |
| CashFlowStatement | January-September2020 | January-September2019 | Growth | Statements |
| Cashreceiptsfromthesaleofgoodsandtherenderingofservices | 12,630,977,793.14 | 8,330,180,757.44 | 51.63% | Itismainlyduetotheincreaseoftrainingfeesreceivedinadvanceinthecurrentperiod. |
| Othercashreceiptsrelatedtooperating | 246,310,360.72 | 2,290,953.16 | 10651.44% | Itismainlyduetotheresumptionoflandauctiondepositinthecurrentperiod. |
activities
| activities | ||||
| Cashpaidtoandforemployees | 3,833,750,101.55 | 2,877,043,972.46 | 33.25% | ItismainlyduetotheincreasednumberofthetheCompany’semployee,thusincreasingthepaymentfortheemployees’remuneration. |
| Cashpaidforalltypesoftaxes | 200,151,843.84 | 424,466,382.02 | -52.85% | Itismainlyduetothetaxreductionandexemptionduringthepandemic. |
| Cashreceiptsfromdisposalsandrecoveryofinvestments | 25,895,487,090.00 | 18,199,290,000.00 | 42.29% | Itismainlyduetotheredemptionoffinancialproductsinthecurrentperiod. |
| Cashpaymentstoacquireorconstructfixedassets,intangibleassetsandotherlong-termassets | 897,559,659.37 | 516,034,598.11 | 73.93% | ItismainlyduetotheacquisitionofGuanchengtrainingcenterinShaanxiprovince,theprepaymentsforcooperativeconstructionfundstoShenfutrainingcenterofLiaoningOffcn,andthepaymentsforconstructioninprogress,decorationandetcinthecurrentperiod. |
| Cashpaidforinvestment | 28,265,198,090.00 | 19,445,620,000.00 | 45.36% | ItismainlyduetotheCompany’soptimizedfundmanagementandtheincreasedpurchaseoffinancialproductsinthecurrentperiod. |
| Cashfromborrowings | 3,002,000,000.00 | 986,698,800.00 | 204.25% | Itismainlyduetotheincreasedborrowingsfromthebankinthecurrentperiod. |
| Cashpaidfordebtrepayment | 2,641,000,000.00 | 496698800 | 431.71% | Itismainlyduetotherepaymentofbankloansdueinthecurrentperiod. |
SectionII.Progressofsignificantevents,theirimpactandanalysisonthesolutions
Applicable√NotapplicableProgressintheimplementationofsharerepurchaseApplicable√NotapplicableProgressintheimplementationofcentralizedbiddingtoreduceholdingsofrepurchasedsharesApplicable√NotapplicableSectionIII.CommitmentsinimplementationbytheCompany'sactualcontroller,shareholders,relatedparties,acquirerandtheCompanyitself,etc.duringthereportingperiod
√ApplicableNotapplicableTheimportantcommitmentsmadebythemajorassetrestructuringpartiesareasfollows:
Commitment
| Commitment | Typeofcommitment | Contentofcommitment | Dateofcommitment | Periodofcommitment | Performance |
| LuZhongfang,LiYongxin,WangZhendong,GuoShihong,LiuBin,ZhangYongsheng,YangShaofeng,ZhangZhi’an | Performancecommitmentandcompensationarrangement | 1.Theprofitforecastandcompensationperiodsaretheyearsof2018,2019and2020.2.Performancecommitment:Thecompensationobligorsconfirmandpromisethatthenetprofitsattributabletotheshareholdersoftheparentcompanyafterdeductingnon-recurringgainsandlossesundertheconsolidatedstatementsofOffcnLtd.shallnotbelessthan930millionRMB,1.3billionRMBand1.65billionRMBinyearsof2018,2019and2020respectively.3.ThepartiesagreethatthecertifiedpublicaccountantsemployedbyYaxiaAutoshallreviewtheactualnetprofitsofOffcnLtd.aftertheendofeachofthethreefiscalyears.ThedifferencebetweentheactualnetprofitsofOffcnLtd.andthenetprofitscommittedbythecompensationobligorsshallbereviewedandaspecialauditreportshallbeissued.Attheendofthethirdfiscalyear,anauditingagencywithqualificationsforexecutingsecuritiesandfuturesengagedbyYaxiaAutowillconductanimpairmenttestonOffcnLtd.andissueanimpairmenttestreport,within90daysafterthecertifiedpublicaccountantissuesaspecialauditreport.4.Compensationmeasures:(1)IfthecertifiedpublicaccountantconfirmsthattheactualnetprofitsaccumulatedbyOffcnLtd.failstomeettheaggregatecommittednetprofitsasoftheendofeachofthreefiscalyears,eachcompensationobligorshallassumethecompensationobligationaccordingtotheproportionofthesharestothetotalsharesofOffcnLtd.heldbyallthecompensationobligorsbeforethetransaction.Allcompensationobligorsaregivenprioritytoconductcompensationwithshares.Whenthetotalamountofsharecompensationreaches90%ofthetotalnumberofsharesissuedforpurchasingassets,allcompensationobligorsshallconductcompensationincash.Theformulaforcalculatingtheamountofcompensationpayablebytheobligorsinthecurrentperiodisasfollows:compensationamountforthecurrentperiod=(aggregatecommittednetprofitsasoftheendofthecurrentperiod-accumulatednetprofitsasoftheendofthecurrentperiod)÷thesumofcommittednetprofitsofyearswithinthecompensationperiod×thepriceofOffcnLtd.inthistransaction-aggregatecompensatedamount.Intheapplicationoftheaboveformula,itshouldbeasfollows:①“Asoftheendofthecurrentperiod”referstotheperiodstartingfrom2018andendingattheendofthecurrentperiod;②“thesumofcommittednetprofits”referstothesumofcommittednetprofitsin2018,2019and2020,thatisRMB3.88billion.Numberofsharestobecompensatedbytheobligorinthecurrentperiod=Obligor'scompensationamount÷theissuepricepershareofthesharesissuedforpurchasingassets.Whenthenumberof | May4,2018 | Yearsof2018,2019,2020 | Performancecommitmentsoftheyear2018and2019havebeenfulfilled. |
sharesforcompensationisnotawholenumber,itshallbehandledinaccordancewiththeroundingprinciple.
(2)Theupperlimitofthecompensationobligorinthecompensationcommitmentsandend-of-periodimpairmentcompensationofOffcnLtd.shallnotexceedthetotaltransactionconsiderationobtainedbyallshareholdersinthistransaction.Whenthecalculatedcompensableamountislessthanorequalto0,thevalueistakenas0,thatis,theamountorthesharesthathavebeencompensatedarenotredeemed.
(3)IfYaxiaAutoimplementsex-rightsandex-dividends,suchasbonusshares,thecapitalizationofthecapitalreservetosharecapital,orallotmentwithintheperiodofprofitcompensation,thenumberofsharestobecompensatedshallbeadjustedaccordinglyasfollows:thenumberofsharestobecompensatedbytheobligor(afteradjustment)=thenumberofsharestobecompensatedbytheobligor×(1+theproportionofbonussharesortransferredcapitalstock).
(4)IfYaxiaAutoimplementscashdividendsduringtheperiodofprofitcompensation,thecashdividendsshallbereturnedaccordingly.Thecalculationformulais:repaymentamountofthecompensationobligor=totalcashdistributionreceivedbythecompensationobligor(beforetax)÷thenumberofsharesobtainedbythecompensationobligorinthistransaction(includingsharesacquiredinthistransactionandsharesnewlyaddedbybonussharesandtransferofcapitalstock)×thenumberofobligor’scompensationshares.
5.Impairmenttestandcompensationaftertheperformancecommitmentperiodexpires:
(1)Attheendoftheperformancecommitmentperiod,theauditingagencywithqualificationsforexecutingsecuritiesandfuturesengagedbyYaxiaAutowillperformanimpairmenttestonexchange-inassetsinthistransaction(i.e.100%ofthesharesofOffcnLtd.)andissueanImpairmentTestReport.
(2)Iftheamountofexchange-inassetsimpairmentattheendoftheperiod>thetotalnumberofcompensatedshares×theissueprice+theamountofcompensatedcash,eachcompensationobligorshallcompensateYaxiaAutoseparatelyaccordingtotheproportionofthesharestothetotalsharesofOffcnLtd.heldbyallthecompensationobligorsbeforethetransaction.Thecalculationformulais:theamounttobecompensatedfortheimpairmentoftheexchange-inassets=theamountofimpairmentofexchange-inassetsattheendoftheperiod－thetotalcompensatedamountinthecommitmentyear(s).Inanysituations,thetotalamountofthecompensationforexchange-inassetsimpairmentandthecompensationforperformancecommitmentshallnotexceedthetotalamountofthistransaction'sconsiderationreceivedbyalltheshareholdersofOffcnLtd.
(3)Theaforementionedamountofimpairmentistheconsiderationofexchange-inassetsminustheestimatedvalue
ofexchange-inassetsattheendoftheperiod,deductingtheeffectsofcapitalinjection,capitalreduction,giftacceptanceandprofitdistributionoftheshareholdersduringcompensationperiod.
6.Implementationofcompensation:
(1)IfthecompensationobligorisrequiredtocompensateYaxiaAutobecausethenetprofitsgeneratedbyexchange-inassetsarelowerthanitscommitment,YaxiaAutoshallconveneaboardmeetingwithin30workingdaysafterthespecialauditreportorimpairmenttestreportisissuedbytheaccountingfirm,andshalldeterminethenumberofsharesorcashamounttobecompensatedbyeachcompensationobligorinaccordancewiththe"ProfitForecastCompensationAgreement".Theboardofdirectorsshallconveneageneralmeetingofshareholderstoconsidertherepurchaseand/orcancellationofcompensatedsharesforthecurrentperiod.
(2)Basedonthetermsandconditionsoftheagreement,eachcompensationobligorwillcompensateYaxiaAutointhefollowingorder:eachcompensationobligorshallperformthecompensationobligationaccordingtotheproportionofthesharestothetotalsharesofOffcnLtd.heldbyallthecompensationobligorsbeforethetransaction.
①Firstly,allcompensationobligorsshallcompensatethelistedCompanywithYaxiaAutosharesobtainedinthistransactionaccordingtotheproportionofthesharestothetotalsharesofOffcnLtd.heldbyallthecompensationobligorsbeforethetransaction.Iftheaforementionedsharesareinsufficientforcompensation,eachcompensationobligorshallmakecompensationbypurchasingYaxiaAutosharesfromthesecondarymarketorbyotherlegalmeans.Inordertoavoidambiguity,thecompensationobligorsshallnotbearjointliabilityfortheabovecompensationobligations.
②YaxiaAutoshallnotifyallcompensationobligorsinwritingwithin5workingdaysafterthedateofannouncementofresolutionbytheshareholders’meeting.AllcompensationobligorsshalltransfertheircompensationsharesofthecurrentyeartothedesignatedaccountsetupbytheboardofdirectorsofYaxiaAutoatatotalpriceofRMB1.00within5workingdaysafterreceivingtheaforementionednotice,andcanceltherepurchaseofaforementionedsharesinaccordancewithrelevantlawsandregulations.(Iftherearechangesinrelevantlawsandregulationsand/orinregulationsofrelevantauthoritiesatthattime,thecancellationshallbecompletedinaccordancewiththerelevantregulationsatthattime)
③Fromthedateonwhichthenumberofcompensationsharesofeachcompensationobligorisdetermineduntilthecancellationoftheseshares,thesesharesarewithnovotingrightsorrightsfordividenddistribution.
④IfthecompensationobligorneedstocompensateYaxiaAutoincashinaccordancewiththestipulationsoftheProfitForecastCompensationAgreement,eachcompensation
obligorshallpaythecompensationamounttoYaxiaAutowithintheperiodspecifiedinthenotice.Incaseofoverduepayment,thecompensationobligorshallpaythelatepaymentinteresttoYaxiaAutoontheoverdueportionatdailyinterestrateof5?,withthecontinuityofobligationofcompensation.
| obligorshallpaythecompensationamounttoYaxiaAutowithintheperiodspecifiedinthenotice.Incaseofoverduepayment,thecompensationobligorshallpaythelatepaymentinteresttoYaxiaAutoontheoverdueportionatdailyinterestrateof5?,withthecontinuityofobligationofcompensation. | |||||
| YaxiaIndustry,ZhouXiayun,ZhouHui,ZhouLi,Phase-Iemployeestockownershipplan | Letterofcommitmentonlock-upperiod | Afterthecompletionofthetransaction(startingfromthedateofthelistingofsharesissuedinthistransaction),theCompany/I/theplanshallnottransfertheshareswithrightsofYaxiaAutowithin36months.Afterthecompletionofthetransaction,thesharesheldbytheCompany/I/theplan,derivedfromYaxiaAutosharesduetothedistributionofstockdividendsand/orthetransferofthecapitalreservetosharecapitalbyYaxiaAuto,shallalsocomplywiththeabove-mentionedsalesrestrictions.IftheChinaSecuritiesRegulatoryCommissionand/orShenzhenStockExchangehave/hasotherprovisionsfortheaforementionedlock-upperiodarrangement,theCompany/I/theplanwilladjustandimplementtheaforementionedlock-upperiodaccordingtothelatestregulationsoftheChinaSecuritiesRegulatoryCommissionand/orShenzhenStockExchange.Ifviolatingtheabovecommitments,theCompany/I/theplanwillbearalllossescausedtoYaxiaAuto. | May4,2018 | January31,2022 | Undernormalimplementation |
| LiYongxin | LetterofCommitmentonlock-upperiodforsubscriptionofshares | 1.ThesharesofthelistedCompanysubscribedbymyselfinthistransactionshallnotbetransferredordealtwithinanyotherformswithin36monthsfromthedateofthelistingoftheshares.Within6monthsafterthelistingoftheshares,iftheclosingpriceofthelistedCompanystockislowerthantheissuepriceforconsecutive20tradingdays,ortheclosingpriceofthestockattheendofthe6monthsafterthelistingofthesharesislowerthantheissueprice,thelock-upperiodofconsiderationsharesacquiredbymyselfshallbeautomaticallyextendedfor6months.(Ifex-rightsorex-dividendevents,suchasdividenddistribution,bonusshares,transferofcapitalstock,orallotmenttothelistedCompanyoccurredduringtheaforementionedperiod,theaforementionedissuepriceshallbecalculatedbasedonthepriceadjustedbyfactorsasex-dividendandex-rights,etc.)2.Asthetransfereeof72,696,561YaxiaAutosharesheldbyAnhuiYaxiaIndustryCo.,Ltd.,Ishallnottransfertheaforementionedshareswithin36monthsfromthedateofregistrationinmysecuritiesaccount.3.Theaforesaidarrangementofsharelock-updoesnotaffecttheimplementationofprofitcompensationforthistransaction,thatis,whenIneedtomakeprofitcompensation,thelistedCompanyhastherighttorelievethelock-upofsharesincorrespondingamountinadvanceforprofitcompensation.4.Ipromisetoabidebythefollowingprovision:ifthetransactionisinvestigatedbyjudiciaryauthoritiesortheChinaSecuritiesRegulatoryCommissiononsuspicionof | April27,2018 | January31,2022 | Undernormalimplementation |
misrepresentations,misleadingstatements,ormaterialomissionsinregardtotheinformationprovidedordisclosed,thesharesofthelistedCompanyacquiredinthistransactionshallnotbetransferreduntiltheconclusionoftheinvestigationisclarified.
5.Afterthecompletiondateofthistransaction,myincreasedsharesduetobonussharesandtransferofcapitalstockofthelistedCompanyshallalsocomplywiththeforegoingrequirements.
6.Iftheaforementionedlock-upperiodarrangementdoesnotmatchthelatestlawsandregulationsandthelatestregulatoryrequirementsofthesecuritiesregulatoryinstitution,theenterpriseagreestoimplementthelatestlawsandregulationsandtherequirementsoftheregulatoryagency.
7.Afterthelock-upperiodexpires,itwillbeimplementedinaccordancewiththerelevantregulationsoftheChinaSecuritiesRegulatoryCommissionandtheShenzhenStockExchange.
| misrepresentations,misleadingstatements,ormaterialomissionsinregardtotheinformationprovidedordisclosed,thesharesofthelistedCompanyacquiredinthistransactionshallnotbetransferreduntiltheconclusionoftheinvestigationisclarified.5.Afterthecompletiondateofthistransaction,myincreasedsharesduetobonussharesandtransferofcapitalstockofthelistedCompanyshallalsocomplywiththeforegoingrequirements.6.Iftheaforementionedlock-upperiodarrangementdoesnotmatchthelatestlawsandregulationsandthelatestregulatoryrequirementsofthesecuritiesregulatoryinstitution,theenterpriseagreestoimplementthelatestlawsandregulationsandtherequirementsoftheregulatoryagency.7.Afterthelock-upperiodexpires,itwillbeimplementedinaccordancewiththerelevantregulationsoftheChinaSecuritiesRegulatoryCommissionandtheShenzhenStockExchange. | |||||
| LuZhongfang | Letterofcommitmentonlock-upperiodforsubscriptionofshares | 1.ThesharesofthelistedCompanysubscribedbymyselfinthistransactionshallnotbetransferredordealtwithinanyotherformswithin36monthsfromthedateofthelistingoftheshares.Within6monthsafterthelistingoftheshares,iftheclosingpriceofthelistedCompanystockislowerthantheissuepriceforconsecutive20tradingdays,ortheclosingpriceofthestockattheendofthe6monthsafterthelistingofthesharesislowerthantheissueprice,thelock-upperiodofconsiderationsharesacquiredbymyselfshallbeautomaticallyextendedfor6months.(Ifex-rightsorex-dividendevents,suchasdividenddistribution,bonusshares,transferofcapitalstock,orallotmenttothelistedCompanyoccurredduringtheaforementionedperiod,theaforementionedissuepriceshallbecalculatedbasedonthepriceadjustedbyfactorsasex-dividendandex-rights,etc.)2.Theaforesaidsharelock-uparrangementdoesnotaffecttheimplementationofprofitcompensationforthistransaction,thatis,whenIneedtomakeprofitcompensation,thelistedCompanyhastherighttorelievethelock-upofsharesincorrespondingamountinadvanceforprofitcompensation.3.Ipromisetoabidebythefollowingprovision:ifthetransactionisinvestigatedbyjudiciaryauthoritiesortheChinaSecuritiesRegulatoryCommissiononsuspicionofmisrepresentations,misleadingstatements,ormaterialomissionsinregardtotheinformationprovidedordisclosed,thesharesofthelistedCompanyacquiredinthistransactionshallnotbetransferreduntiltheconclusionoftheinvestigationisclarified.4.Afterthecompletiondateofthistransaction,myincreasedsharesduetobonussharesandtransferofcapitalstockofthelistedCompanyshallalsocomplywiththeforegoingrequirements.5.Iftheaforementionedlock-upperiodarrangementdoesnotmatchthelatestlawsandregulationsandthelatestregulatory | April27,2018 | January31,2022 | Undernormalimplementation |
requirementsofthesecuritiesregulatoryinstitution,Iagreetoimplementthelatestlawsandregulationsandtherequirementsoftheregulatoryagency.
6.Afterthelock-upperiodexpires,itwillbeimplementedinaccordancewiththerelevantregulationsoftheChinaSecuritiesRegulatoryCommissionandtheShenzhenStockExchange.
| requirementsofthesecuritiesregulatoryinstitution,Iagreetoimplementthelatestlawsandregulationsandtherequirementsoftheregulatoryagency.6.Afterthelock-upperiodexpires,itwillbeimplementedinaccordancewiththerelevantregulationsoftheChinaSecuritiesRegulatoryCommissionandtheShenzhenStockExchange. | |||||
| KeruiTechnologyInnovation | Letterofcommitmentonlock-upperiodforsubscriptionofshares | 1.ThesharesofthelistedCompanysubscribedbytheenterpriseinthistransactionshallnotbetransferredordealtwithinanyotherformswithin36monthsfromthedateoflistingoftheshares.Within6monthsafterthelistingoftheshares,iftheclosingpriceofthelistedCompanystockislowerthantheissuepriceforconsecutive20tradingdays,ortheclosingpriceofthestockattheendofthe6monthsafterthelistingofthestockislowerthantheissueprice,thelock-upperiodofconsiderationsharesacquiredinthistransactionshallbeautomaticallyextendedfor6months.(Ifex-rightsorex-dividendevents,suchasdividenddistribution,bonusshares,transferofcapitalstock,orallotmenttothelistedCompanyoccurredduringtheaforementionedperiod,theaforementionedissuepriceshallbecalculatedbasedonthepriceadjustedbyfactorsasex-dividendandex-rights,etc.)2.Theenterprisepromisestoabidebythefollowingprovision:ifthetransactionisinvestigatedbyjudiciaryauthoritiesortheChinaSecuritiesRegulatoryCommissiononsuspicionofmisrepresentations,misleadingstatements,ormaterialomissionsinregardtotheinformationprovidedordisclosed,thesharesofthelistedCompanyacquiredinthistransactionshallnotbetransferreduntiltheconclusionoftheinvestigationisclarified.3.Afterthecompletiondateofthistransaction,thesharesthattheenterpriseownsincreasedduetobonussharesandtransferofcapitalstockofthelistedCompanyshallalsocomplywiththeforegoingrequirements.4.Iftheaforementionedlock-upperiodarrangementdoesnotmatchthelatestlawsandregulationsandthelatestregulatoryrequirementsofthesecuritiesregulatoryinstitution,theenterpriseagreestoimplementthelatestlawsandregulationsandtherequirementsoftheregulatoryagency.5.Afterthelock-upperiodexpires,itwillbeimplementedinaccordancewiththerelevantregulationsoftheChinaSecuritiesRegulatoryCommissionandtheShenzhenStockExchange. | July27,2018 | January31,2022 | UndernormalImplementation |
| AerospaceIndustry,GuangyinVenture | Letterofcommitmentonlock-upperiodforsubscriptionofshares | 1.ThesharesofthelistedCompanysubscribedbytheenterpriseinthistransactionshallnotbetransferredordealtwithinanyotherformswithin36monthsfromthedateoflistingoftheshares.Within6monthsafterthelistingoftheshares,iftheclosingpriceofthelistedCompanystockislowerthantheissuepriceforconsecutive20tradingdays,ortheclosingpriceofthestockattheendofthe6monthsafterthelistingofthestockislowerthantheissueprice,the | July27,2018 | January31,2021 | UndernormalImplementation |
lock-upperiodofconsiderationsharesacquiredinthistransactionshallbeautomaticallyextendedfor6months.(Ifex-rightsorex-dividendevents,suchasdividenddistribution,bonusshares,transferofcapitalstock,orallotmenttothelistedCompanyoccurredduringtheaforementionedperiod,theaforementionedissuepriceshallbecalculatedbasedonthepriceadjustedbyfactorsasex-dividendandex-rights,etc.)
2.Theenterprisepromisestoabidebythefollowingprovision:ifthetransactionisinvestigatedbyjudiciaryauthoritiesortheChinaSecuritiesRegulatoryCommissiononsuspicionofmisrepresentations,misleadingstatements,ormaterialomissionsinregardtotheinformationprovidedordisclosed,thesharesofthelistedCompanyacquiredinthistransactionshallnotbetransferreduntiltheconclusionoftheinvestigationisclarified.
3.Afterthecompletiondateofthistransaction,thesharesthattheenterpriseownsincreasedduetobonussharesandtransferofcapitalstockofthelistedCompanyshallalsocomplywiththeforegoingrequirements.
4.Iftheaforementionedlock-upperiodarrangementdoesnotmatchthelatestlawsandregulationsandthelatestregulatoryrequirementsofthesecuritiesregulatoryinstitution,theenterpriseagreestoimplementthelatestlawsandregulationsandtherequirementsoftheregulatoryagency.
5.Afterthelock-upperiodexpires,itwillbeimplementedinaccordancewiththerelevantregulationsoftheChinaSecuritiesRegulatoryCommissionandtheShenzhenStockExchange.
| lock-upperiodofconsiderationsharesacquiredinthistransactionshallbeautomaticallyextendedfor6months.(Ifex-rightsorex-dividendevents,suchasdividenddistribution,bonusshares,transferofcapitalstock,orallotmenttothelistedCompanyoccurredduringtheaforementionedperiod,theaforementionedissuepriceshallbecalculatedbasedonthepriceadjustedbyfactorsasex-dividendandex-rights,etc.)2.Theenterprisepromisestoabidebythefollowingprovision:ifthetransactionisinvestigatedbyjudiciaryauthoritiesortheChinaSecuritiesRegulatoryCommissiononsuspicionofmisrepresentations,misleadingstatements,ormaterialomissionsinregardtotheinformationprovidedordisclosed,thesharesofthelistedCompanyacquiredinthistransactionshallnotbetransferreduntiltheconclusionoftheinvestigationisclarified.3.Afterthecompletiondateofthistransaction,thesharesthattheenterpriseownsincreasedduetobonussharesandtransferofcapitalstockofthelistedCompanyshallalsocomplywiththeforegoingrequirements.4.Iftheaforementionedlock-upperiodarrangementdoesnotmatchthelatestlawsandregulationsandthelatestregulatoryrequirementsofthesecuritiesregulatoryinstitution,theenterpriseagreestoimplementthelatestlawsandregulationsandtherequirementsoftheregulatoryagency.5.Afterthelock-upperiodexpires,itwillbeimplementedinaccordancewiththerelevantregulationsoftheChinaSecuritiesRegulatoryCommissionandtheShenzhenStockExchange. | |||||
| WangZhendong,GuoShihong,LiuBin,ZhangYongsheng,YangShaofeng,ZhangZhi’an | Letterofcommitmentonlock-upperiodforsubscriptionofshares | 1.ThesharesofthelistedCompanysubscribedbymyselfinthistransactionshallnotbetransferredordealtwithinanyotherformswithin24monthsfromthedateoflistingoftheshares.Within6monthsafterthelistingoftheshares,iftheclosingpriceofthelistedCompanystockislowerthantheissuepriceforconsecutive20tradingdays,ortheclosingpriceofthestockattheendofthe6monthsafterthelistingofthesharesislowerthantheissueprice,thelock-upperiodofconsiderationsharesacquiredinthistransactionbymyselfisautomaticallyextendedfor6months.(Ifdividenddistribution,bonusshares,transferofcapitalstock,orallotmenttothelistedCompanyoccurredduringtheaboveperiod,theaforementionedissuancepriceiscalculatedbasedonthepriceadjustedbyfactorsasex-dividendandex-rights,etc.)IfOffcnLtd.failstomeetthecommittednetprofitsasstipulatedintheProfitForecastCompensationAgreementineither2018or2019,thelock-upperiodofthesharesofthelistedCompanyIobtainedinthistransactionwillbeextendedto36months.Attheexpirationof36monthsfromthedatewhentheaforementionedsharesareregisteredtomysecuritiesaccount,iftheperformancecompensationobligationsundertheProfitForecastCompensationAgreementhavenotbeenfulfilled,theabovelock-upperiod | July27,2018 | January31,2021 | UndernormalImplementation |
willbeextendedtothedatewhenthecompensationobligationsarefulfilled.
2.Theaforesaidsharelock-uparrangementdoesnotaffecttheimplementationofprofitcompensationforthistransaction,thatis,whenIneedtomakeprofitcompensation,thelistedCompanyhastherighttorelievethesharesincorrespondingamountinadvanceforprofitcompensation.
3.Ipromisetoabidebythefollowingprovision:ifthetransactionisinvestigatedbyjudiciaryauthoritiesortheChinaSecuritiesRegulatoryCommissiononsuspicionofmisrepresentations,misleadingstatements,ormaterialomissionsinregardtotheinformationprovidedordisclosed,thesharesofthelistedCompanyacquiredinthistransactionshallnotbetransferreduntiltheconclusionoftheinvestigationisclarified.
4.Afterthecompletiondateofthistransaction,myincreasedsharesduetobonussharesand/ortransferofcapitalstockofthelistedCompanyshallalsocomplywiththeforegoingrequirements.
5.Iftheaforementionedlock-upperiodarrangementdoesnotmatchthelatestlawsandregulationsandthelatestregulatoryrequirementsofthesecuritiesregulatoryinstitution,Iagreetoimplementthelatestlawsandregulationsandtherequirementsoftheregulatoryagency.
6.Afterthelock-upperiodexpires,itwillbeimplementedinaccordancewiththerelevantregulationsoftheChinaSecuritiesRegulatoryCommissionandtheShenzhenStockExchange.
| willbeextendedtothedatewhenthecompensationobligationsarefulfilled.2.Theaforesaidsharelock-uparrangementdoesnotaffecttheimplementationofprofitcompensationforthistransaction,thatis,whenIneedtomakeprofitcompensation,thelistedCompanyhastherighttorelievethesharesincorrespondingamountinadvanceforprofitcompensation.3.Ipromisetoabidebythefollowingprovision:ifthetransactionisinvestigatedbyjudiciaryauthoritiesortheChinaSecuritiesRegulatoryCommissiononsuspicionofmisrepresentations,misleadingstatements,ormaterialomissionsinregardtotheinformationprovidedordisclosed,thesharesofthelistedCompanyacquiredinthistransactionshallnotbetransferreduntiltheconclusionoftheinvestigationisclarified.4.Afterthecompletiondateofthistransaction,myincreasedsharesduetobonussharesand/ortransferofcapitalstockofthelistedCompanyshallalsocomplywiththeforegoingrequirements.5.Iftheaforementionedlock-upperiodarrangementdoesnotmatchthelatestlawsandregulationsandthelatestregulatoryrequirementsofthesecuritiesregulatoryinstitution,Iagreetoimplementthelatestlawsandregulationsandtherequirementsoftheregulatoryagency.6.Afterthelock-upperiodexpires,itwillbeimplementedinaccordancewiththerelevantregulationsoftheChinaSecuritiesRegulatoryCommissionandtheShenzhenStockExchange. | |||||
| OffcnPartnership | Letterofcommitmentonthelock-upofshares | Within36monthsfromthedateofthetransferof80,000,000sharesofYaxiaAutoheldbyAnhuiYaxiaIndustryCo.,Ltd.totheenterprise,thesharesshallnotbetransferred.Thelock-upperiodofthesharesincreasedduringtheaboveperiodduetobonusshares,transferofcapitalstockorallotmentofsharesbyYaxiaAuto,shallalsocomplywiththeforegoingrequirements.Iftheenterpriseviolatescommitmentslistedabove,itwillbearalllossescausedtoYaxiaAuto. | April27,2018 | January31,2022 | UndernormalImplementation |
| LiYongxinandother10counterparties | Letterofcommitmentonthelock-upofOffcnPartnership’scontributionshares | Within36monthsfromthedateofthetransferof80,000,000sharesofYaxiaAutoheldbyAnhuiYaxiaIndustryCo.,Ltd.toBeijingOffcnFutureInformationConsultingCenter(LimitedPartnership),IortheenterpriseshallnotinanywaytransferthesharesofBeijingOffcnFutureInformationConsultingCenter(LimitedPartnership)orwithdrawfromthepartnershipwithBeijingOffcnFutureInformationConsultingCenter(LimitedPartnership),nordowetransfer,assignorauthorizeotherentitiesinanywaytofullyorpartiallyhavetherightsandinterestsindirectlyrelatedtothesharesofYaxiaAutoheldbyBeijingOffcnFutureInformationConsultingCenter(LimitedPartnership). | July27,2018 | January31,2022 | UndernormalImplementation |
| LiYongxinLuZhongfang | Letterofcommitm | personnel | April27,2018 | Long-term | Undernormal |
WangZhendongOffcnPartnership
| WangZhendongOffcnPartnership | entonmaintainingindependenceofthelistedCompany | Company(1)Itisguaranteedthatafterthecompletionoftransaction,thelistedCompanyshallbuildasoundstructureofcorporategovernanceanddevelopanindependentandcompleteorganizationalstructure.(2)Itisguaranteedthatafterthecompletionoftransaction,theshareholders’meeting,theboardofdirectors,andthesupervisorcommitteeshallindependentlyexercisetheirpowersinaccordancewithlaws,regulationsandtheCompany’sarticles.3.GuaranteetheindependenceandcompletenessoftheassetsofthelistedCompany.(1)Itisguaranteedthatafterthetransaction,thelistedCompanyshallhaveindependentandcompleteassetsrelatedtoproductionandoperation.(2)Itisguaranteedthatafterthecompletionoftransaction,thebusinesspremisesofthelistedCompanyshallbeindependentfrommyself/OffcnPartnership,andotherrelatedparties,suchascompanies,enterprises,orothereconomicorganizationscontrolledbymyself/OffcnPartnership.(3)Itisguaranteedthatafterthecompletionoftransaction,exceptfornormalbusinessdealings,thereshallbenocapitaland/orassetsofthelistedCompanyoccupiedbymyself/OffcnPartnership,andotherrelatedparties,suchascompanies,enterprisesoreconomicorganizations,controlledbymyselforOffcnPartnership.4.GuaranteetheindependenceofthelistedCompany’sbusiness.(1)Itisguaranteedthatafterthecompletionoftransaction,thelistedCompanyshallhavethequalificationsofindependentlyconductingbusinessactivitiesandthecapabilitiesofrunningmarket-oriented,independent,autonomous,sustainablebusiness.(2)Itisguaranteedthatafterthecompletionoftransaction,I/OffcnPartnership,orotherrelatedparties,suchascompanies,enterprises,orothereconomicorganization | implementation | |
controlledbymyself/OffcnPartnershipshallavoidbusinesseswhichhaveacompetitiverelationshipwiththelistedCompanyanditssubsidiaries.
(3)Itisguaranteedthatafterthecompletionoftransaction,I/OffcnPartnership,orrelatedparties,suchascompanies,enterprises,orothereconomicorganizationscontrolledbymyself/OffcnPartnershipshallreducerelated-partytransactionswiththelistedCompanyanditssubsidiaries.Related-partytransactionsthatarereallynecessaryandunavoidableshallbeconductedinamarket-orientedandfairwayandperformrelevantapprovalprocessesandinformationdisclosureobligationsinaccordancewithrelevantlaws,regulationsandregulatorydocuments.
5.GuaranteethefinancialindependenceofthelistedCompany.
(1)Itisguaranteedthatafterthecompletionoftransaction,thelistedCompanyshallestablishanindependentfinancialdepartmentwithindependentfinancialaccountingsystemsandstandardizedandindependentfinancialaccountingrules.
(2)Itisguaranteedthatafterthecompletionoftransaction,thelistedCompanyshallopenbankaccountsindependentlyandshallnotsharebankaccountswithmyself/OffcnPartnership/otherrelatedparties,suchascompanies,enterprisesorothereconomicorganizationscontrolledbymyselforOffcnPartnership.
(3)Itisguaranteedthatafterthecompletionoftransaction,financialpersonnelhiredbythelistedCompanyshallnotholdpart-timepositionsinotherrelatedparties,suchascompanies,enterprisesorothereconomicorganizationscontrolledbymyselforOffcnPartnership.
(4)Itisguaranteedthatafterthecompletionoftransaction,thelistedCompanycanmakefinancialdecisionsindependently.I/OffcnPartnershipshallnotinterferewiththeuseoffundsbythelistedCompany.
(5)Itisguaranteedthatafterthecompletionoftransaction,thelistedCompanywillpaytaxesindependentlyaccordingtolaws.I/OffcnPartnershipshallbeliableforalllossescausedtothelistedCompanyanditssubsidiariesduetomy/OffcnPartnership’sfailureinfulfillingtheabovecommitments.
| controlledbymyself/OffcnPartnershipshallavoidbusinesseswhichhaveacompetitiverelationshipwiththelistedCompanyanditssubsidiaries.(3)Itisguaranteedthatafterthecompletionoftransaction,I/OffcnPartnership,orrelatedparties,suchascompanies,enterprises,orothereconomicorganizationscontrolledbymyself/OffcnPartnershipshallreducerelated-partytransactionswiththelistedCompanyanditssubsidiaries.Related-partytransactionsthatarereallynecessaryandunavoidableshallbeconductedinamarket-orientedandfairwayandperformrelevantapprovalprocessesandinformationdisclosureobligationsinaccordancewithrelevantlaws,regulationsandregulatorydocuments.5.GuaranteethefinancialindependenceofthelistedCompany.(1)Itisguaranteedthatafterthecompletionoftransaction,thelistedCompanyshallestablishanindependentfinancialdepartmentwithindependentfinancialaccountingsystemsandstandardizedandindependentfinancialaccountingrules.(2)Itisguaranteedthatafterthecompletionoftransaction,thelistedCompanyshallopenbankaccountsindependentlyandshallnotsharebankaccountswithmyself/OffcnPartnership/otherrelatedparties,suchascompanies,enterprisesorothereconomicorganizationscontrolledbymyselforOffcnPartnership.(3)Itisguaranteedthatafterthecompletionoftransaction,financialpersonnelhiredbythelistedCompanyshallnotholdpart-timepositionsinotherrelatedparties,suchascompanies,enterprisesorothereconomicorganizationscontrolledbymyselforOffcnPartnership.(4)Itisguaranteedthatafterthecompletionoftransaction,thelistedCompanycanmakefinancialdecisionsindependently.I/OffcnPartnershipshallnotinterferewiththeuseoffundsbythelistedCompany.(5)Itisguaranteedthatafterthecompletionoftransaction,thelistedCompanywillpaytaxesindependentlyaccordingtolaws.I/OffcnPartnershipshallbeliableforalllossescausedtothelistedCompanyanditssubsidiariesduetomy/OffcnPartnership’sfailureinfulfillingtheabovecommitments. | |||||
| LiYongxin,LuZhongfang | LetterofCommitmentonavoidinghorizontalcompetition | 1.Asofthedateofsigningthiscommitmentletter,myself,mycloserelativesandothercompanies,enterprisesoreconomicorganizationscontrolledbymyself,andmycloserelatives,exceptforBeijingOffcnOnlineEducationTechnologyCo.,Ltd.(hereinafterreferredtoasOffcnOnline),controlledbymyrelativesXuhuaandLuYan,anditsaffiliatedschoolswhichareinvolvedinthesameorsimilarbusinessesconductedbyOffcnLtd.,otherrelatedpartiesarenotinvolvedinanysame,similarorrelatedbusinessesconductedbythelistedCompany,OffcnLtd.anditsaffiliatedcompaniesandschools..ExceptforservingasadirectorinKunmingWuhuaOffcntrainingschool,whichisaffiliatedto | September20,2018 | 1.ThetransferofKairuierTrainingSchoolinHaidianDistrictofBeijing:within24monthsfromthe | Asoftheendofthereportingperiod,KairuierTrainingSchoolinHaidianDistrictofBeijinghadbeentransferred |
OffcnOnline,LiYongxinneitherholdsanyfull-timeorpart-timepositionsnorprovidesconsultancyatanycompaniesorenterprises,whichconductscompetitivebusinesseswiththelistedCompany,OffcnLtd.andtheiraffiliates.Ialsoholddirectlyorindirectlynostockrights(shares)ofcompaniesorenterprisesconductingthesame,similarorrelatedbusinessesasthelistedCompany,OffcnLtd.anditsaffiliates.
2.Asofthedateofsigningthiscommitmentletter,OffcnOnlineanditstwoaffiliatedtrainingschools’disposalsareasfollow:OffcnOnlineconductsnoeducationbusinesses(tobecanceledafteraffiliatedschoolstransferred).KairuierTrainingSchoolinHaidianDistrictofBeijingistobetransferredtoanunrelatedthirdpartyandthetransferagreementofowner’sequityhasbeensigned.Ifthetransferisnotcompletedwithin24monthssincethedateofsigningthiscommitmentletter,IwillurgeOffcnOnlinetocanceltheKairuierTrainingSchoolinHaidianDistrictofBeijing.KunmingWuhuaOffcnTrainingSchool,associatedwithOffcnOnline,hasbeenclosedanditwillbetransferredtoanunrelatedthirdpartyorwillbecanceledwithin12monthsaftertherevisedRegulationsfortheImplementationoftheLawonthePromotionofPrivateEducationofthePeople’sRepublicofChina(hereinafterreferredtoasRegulationsofImplementation)isofficiallypromulgatedandimplementedandsupportingregulationsformulatedbyrelevantlocaleducationauthoritiesinaccordancewiththerevisedRegulationsofImplementationcomeintoeffect.
3.Asofthedateofsigningthiscommitmentletter,OffcnLtd.astheorganizerintendstotransferits100%oftherightsof33privateschoolsfornon-academicqualificationstoLiYongxin,andithassignedtheAgreementonTransferofRightsofPrivateSchoolsforNon-AcademicQualificationsAffiliatedtoBeijingOffcnEducationTechnologyCo.,Ltd.LiYongxiniswillingtoentrustthetransferred33privateschoolsfornon-academicqualificationstoOffcnLtd.andhassignedtheTrusteeshipAgreementofPrivateSchoolsforNon-academicQualifications.
4.Afterthecompletionoftransaction,exceptfortheabove-mentionedcases,IpromisethatduringthetimeofbeingtheactualcontrollerofthelistedCompany,I,mycloserelativesandotherrelatedparties,suchascompanies,enterprisesorothereconomicorganizations,controlledbymyselfandmycloserelativesshallnotinanyway(includingbutnotlimitedtoselfoperatedorwithotherpartiestooperatejointventure,cooperation,jointoperation,investment,mergence,andtrusteeoperationhomeand/oraboard)engageinthesame,similar,relatedorcompetitivebusinesseswiththelistedCompany,whichincludethefollows:
| OffcnOnline,LiYongxinneitherholdsanyfull-timeorpart-timepositionsnorprovidesconsultancyatanycompaniesorenterprises,whichconductscompetitivebusinesseswiththelistedCompany,OffcnLtd.andtheiraffiliates.Ialsoholddirectlyorindirectlynostockrights(shares)ofcompaniesorenterprisesconductingthesame,similarorrelatedbusinessesasthelistedCompany,OffcnLtd.anditsaffiliates.2.Asofthedateofsigningthiscommitmentletter,OffcnOnlineanditstwoaffiliatedtrainingschools’disposalsareasfollow:OffcnOnlineconductsnoeducationbusinesses(tobecanceledafteraffiliatedschoolstransferred).KairuierTrainingSchoolinHaidianDistrictofBeijingistobetransferredtoanunrelatedthirdpartyandthetransferagreementofowner’sequityhasbeensigned.Ifthetransferisnotcompletedwithin24monthssincethedateofsigningthiscommitmentletter,IwillurgeOffcnOnlinetocanceltheKairuierTrainingSchoolinHaidianDistrictofBeijing.KunmingWuhuaOffcnTrainingSchool,associatedwithOffcnOnline,hasbeenclosedanditwillbetransferredtoanunrelatedthirdpartyorwillbecanceledwithin12monthsaftertherevisedRegulationsfortheImplementationoftheLawonthePromotionofPrivateEducationofthePeople’sRepublicofChina(hereinafterreferredtoasRegulationsofImplementation)isofficiallypromulgatedandimplementedandsupportingregulationsformulatedbyrelevantlocaleducationauthoritiesinaccordancewiththerevisedRegulationsofImplementationcomeintoeffect.3.Asofthedateofsigningthiscommitmentletter,OffcnLtd.astheorganizerintendstotransferits100%oftherightsof33privateschoolsfornon-academicqualificationstoLiYongxin,andithassignedtheAgreementonTransferofRightsofPrivateSchoolsforNon-AcademicQualificationsAffiliatedtoBeijingOffcnEducationTechnologyCo.,Ltd.LiYongxiniswillingtoentrustthetransferred33privateschoolsfornon-academicqualificationstoOffcnLtd.andhassignedtheTrusteeshipAgreementofPrivateSchoolsforNon-academicQualifications.4.Afterthecompletionoftransaction,exceptfortheabove-mentionedcases,IpromisethatduringthetimeofbeingtheactualcontrollerofthelistedCompany,I,mycloserelativesandotherrelatedparties,suchascompanies,enterprisesorothereconomicorganizations,controlledbymyselfandmycloserelativesshallnotinanyway(includingbutnotlimitedtoselfoperatedorwithotherpartiestooperatejointventure,cooperation,jointoperation,investment,mergence,andtrusteeoperationhomeand/oraboard)engageinthesame,similar,relatedorcompetitivebusinesseswiththelistedCompany,whichincludethefollows: |
| (1)Iwillnotdirectlyorindirectlyoperate,participateinor |
| dateofthesigningofthisletterofcommitment2.ThetransferofKunmingWuhuaOffcnTrainingSchool:within12monthsaftertherevisedRegulationsofImplementationofficiallypromulgatedandimplementedandsupportingregulationsformulatedbyrelevantlocaleducationauthoritiesinaccordancewiththerevisedRegulationsofImplementationcomeintoeffect. | toanunrelatedthirdparty.Othercommitmentsareundernormalimplementation. |
(2)Iwillnotdirectlyorindirectlyinvestonanyeconomic
| indirectlycompetewiththelistedCompanyanditsaffiliates,norprovideanyadvice,assistanceorbusinessopportunitiesdirectlyorindirectlytosuchcompetitors.(4)Iwillnotinstigate,mislead,encourageorotherwiseinduce,persuade,orcoercetheemployeesormanagementpersonnelinthelistedCompanyanditsaffiliatestoterminatetheirlabororemploymentrelationshipwiththeCompanyanditsaffiliates.(5)IwillnoturgeotherstohireemployeesormanagementpersonnelfromthelistedCompanyanditsaffiliates.5.IpromisethatifI,mycloserelativesandotherrelatedparties,suchascompanies,enterprisesorothereconomicorganizationscontrolledbymyselfandmycloserelativesobtainanybusinessopportunitiesfromanythirdparty,whichcanormaycompetewiththelistedCompanyanditsaffiliatesinthefuture,IwillnotifythelistedCompanyanditsaffiliatesinwritingwithin5workingdays.Afterobtainingthethirdparty’spromise,IwillattempttotransferthesebusinessopportunitiestothelistedCompanyanditsaffiliates.6.IguaranteethatIwillneverusemyknowledgeaboutandtheinformationI’mawareofthelistedCompanyanditsaffiliatestoassistanythirdpartytoengage,participate,orinvestinbusinessesorprojectsthatcompetewiththelistedCompanyanditsaffiliates.7.IfIviolatetheabovecommitments,thebenefitsobtainedbytheviolationofcommitmentsshallbelongtothelistedCompanyandIshallbeliableforalllossescausedtothelistedCompanyanditsaffiliates.Within30workingdayssincereceivingthewritingnoticefromthelistedCompany,compensationwillbemadeincash.8.Iwilldiscloserelevantinformationinatimelymannerifcommitmentsfailtobefulfilledorfailtobefulfilledonschedulebecauseofobjectivereasons,suchaschangesinrelevantlaws,regulationsandpolicies,ornaturaldisasters.Exceptfortheabove-mentionedobjectivereasons,ifthecommitmentsisanyhowunabletobefulfilledorfulfillingthecommitmentsisnotconducivetosafeguardingtherightsandinterestsofthelistedCompany,IshouldfullydisclosethereasonsandeitherprovideanewcommitmenttothelistedCompanyandrelatedinvestorstoreplacetheoriginalone,orproposeanexemptionfromfulfillingthecommitment.9.ThecommitmentisvalidfromthedateonwhichtheletterofcommitmentissignedtothetimewhenIceasetobetheactualcontrollerofthelistedCompany. | |||||
| WangZhendong,Offcn | LetterofCommitmenton | 1.Asofthedateofsigningthisletterofcommitment,I,mycloserelatives,orrelatedpartiessuchascompanies,enterprisesorothereconomicorganizationscontrolledby | April27,2018 | Long-term | Undernormalimplement |
Partnership
| Partnership | avoidinghorizontalcompetition | indirectlycompetewiththelistedCompanyanditsaffiliates,norprovideanyadvice,assistanceorbusinessopportunitiesdirectlyorindirectlytosuchcompetitors.(4)I/OffcnPartnershipwillnotinstigate,mislead,encourageorotherwiseinduce,persuade,orcoercetheemployeesormanagementpersonnelinthelistedCompanyanditsaffiliatestoterminatetheirlabororemploymentrelationshipwiththeCompanyanditsaffiliates.(5)I/OffcnPartnershipwillnoturgeotherstohireemployees | ation | |
ormanagementpersonnelfromthelistedCompanyanditsaffiliates.
3.I/OffcnPartnershippromise(s)thatifI,mycloserelativesandotherrelatedparties,suchascompanies,enterprisesorothereconomicorganizationscontrolledbymyselfandmycloserelatives/OffcnPartnershipanditsrelatedparties,suchasotherenterprisesoreconomicorganizationscontrolledbyOffcnPartnershipobtainanybusinessopportunitiesfromanythirdparty,whichcanormaycompetewiththelistedCompanyanditsaffiliatesinthefuture,I/OffcnPartnershipwillnotifythelistedCompanyanditsaffiliatesinwritingwithin5workingdays.Afterobtainingthethirdparty’spromise,I/OffcnPartnerhsipwillattempttotransferthesebusinessopportunitiestothelistedCompanyanditsaffiliates.
4.I/OffcnPartnershipguarantee(s)thatI/OffcnPartnershipwillneverusemyknowledgeaboutandtheinformationI’mawareofthelistedCompanyanditsaffiliatestoassistanythirdpartytoengage,participate,orinvestinbusinessesorprojectsthatcompetewiththelistedCompanyanditsaffiliates.IfI/OffcnPartnershipfail(s)tofulfilltheabove-mentionedcommitments,I/OffcnPartnershipshallbeliableforalllossescausedtothelistedCompanyanditsaffiliates.
| ormanagementpersonnelfromthelistedCompanyanditsaffiliates.3.I/OffcnPartnershippromise(s)thatifI,mycloserelativesandotherrelatedparties,suchascompanies,enterprisesorothereconomicorganizationscontrolledbymyselfandmycloserelatives/OffcnPartnershipanditsrelatedparties,suchasotherenterprisesoreconomicorganizationscontrolledbyOffcnPartnershipobtainanybusinessopportunitiesfromanythirdparty,whichcanormaycompetewiththelistedCompanyanditsaffiliatesinthefuture,I/OffcnPartnershipwillnotifythelistedCompanyanditsaffiliatesinwritingwithin5workingdays.Afterobtainingthethirdparty’spromise,I/OffcnPartnerhsipwillattempttotransferthesebusinessopportunitiestothelistedCompanyanditsaffiliates.4.I/OffcnPartnershipguarantee(s)thatI/OffcnPartnershipwillneverusemyknowledgeaboutandtheinformationI’mawareofthelistedCompanyanditsaffiliatestoassistanythirdpartytoengage,participate,orinvestinbusinessesorprojectsthatcompetewiththelistedCompanyanditsaffiliates.IfI/OffcnPartnershipfail(s)tofulfilltheabove-mentionedcommitments,I/OffcnPartnershipshallbeliableforalllossescausedtothelistedCompanyanditsaffiliates. | |||||
| LiYongxin,LuZhongfang | LetterofCommitmentonreducingandregulatingrelated-partytransactions | 1.Afterthetransactioniscompleted,duringthetimeofbeingtheactualcontrollerofthelistedCompany,I,mycloserelativesandothercompanies,enterprisesorothereconomicorganizationscontrolledbymyself,mycloserelativeswilltrytoavoidandreducetherelated-partytransactionswiththelistedCompanyanditsaffiliates;unlessitisnecessaryforthebusinessdevelopmentofthelistedCompany,anyrelated-partytransactionswiththelistedCompanyanditsaffiliateswillnotbeconducted.2.Afterthetransactioniscompleted,fortherelated-partytransactionswhichareunavoidableorreasonabletohappenwiththelistedCompanyanditsaffiliates,I,mycloserelativesandothercompanies,enterprisesoreconomicorganizationscontrolledbymyselfandmycloserelatives,willsignrelated-partytransactionagreementswiththelistedCompanyanditsaffiliatesinaccordancewiththerelevantlaws,regulationsandregulatorydocumentsandfollowthegeneralbusinessprinciplesofequality,willingness,equivalenceandpaid-use.Thepricesofrelated-partytransactionsshallbefair.Decision-makingprocedures,lawfulinformationdisclosureobligationsandrelevantreportingandapprovalproceduresregardingtherelated-partytransactions,shallbefollowed.ThestatusofshareholdersshallnotbeusedtodamagethelegitimaterightsandinterestsofthelistedCompanyandothershareholders.3.Afterthecompletionofthetransaction,Iwillnotusetheshareholders’rightsofthelistedCompanytomanipulateorinstructthelistedCompanyoritsdirectors,supervisorsandseniorexecutivestomakethelistedCompanyprovideor | July27,2018 | Long-term | Undernormalimplementation |
acceptfunds,commodities,servicesorotherassetsunderinequalconditionsorengageinanybehaviorsthatwoulddamagetheinterestsofthelistedCompany.
4.Iwillurgemycloserelativesandothercompanies,enterprisesorothereconomicorganizationscontrolledbymyselfandmycloserelativestoabidebytheaforementionedcommitments.
5.IfI,mycloserelativesandothercompanies,enterprisesorothereconomicorganizationscontrolledbymyselfandmycloserelativesviolatetheabovecommitments,theprofitsobtainedbytheviolationofcommitmentsshallbelongtothelistedCompany,andIshallbeliableforalllossescausedtothelistedCompanyanditsaffiliates.Within30workingdayssincereceivingthewrittennoticefromthelistedCompany,compensationwillbemadeincash.
6.ThecommitmentsarevalidfromthedateonwhichtheletterofcommitmentissignedtothetimewhenIceasetobetheactualcontrollerofYaxiaAutoandthereisnootherrelatedrelationshipwithYaxiaAuto.
| acceptfunds,commodities,servicesorotherassetsunderinequalconditionsorengageinanybehaviorsthatwoulddamagetheinterestsofthelistedCompany.4.Iwillurgemycloserelativesandothercompanies,enterprisesorothereconomicorganizationscontrolledbymyselfandmycloserelativestoabidebytheaforementionedcommitments.5.IfI,mycloserelativesandothercompanies,enterprisesorothereconomicorganizationscontrolledbymyselfandmycloserelativesviolatetheabovecommitments,theprofitsobtainedbytheviolationofcommitmentsshallbelongtothelistedCompany,andIshallbeliableforalllossescausedtothelistedCompanyanditsaffiliates.Within30workingdayssincereceivingthewrittennoticefromthelistedCompany,compensationwillbemadeincash.6.ThecommitmentsarevalidfromthedateonwhichtheletterofcommitmentissignedtothetimewhenIceasetobetheactualcontrollerofYaxiaAutoandthereisnootherrelatedrelationshipwithYaxiaAuto. | |||||
| WangZhendong,AerospaceIndustry,OffcnPartnership | LetterofCommitmentonreducingandregulatingrelated-partytransactions | 1.Afterthecompletionoftransaction,duringtheperiodofbeingtheactualcontroller/shareholder,I,mycloserelativesandothercompanies,enterprisesorothereconomicorganizationscontrolledbymyself,mycloserelatives,AerospaceIndustryorOffcnPartnership,willtrytoavoidandreducetherelated-partytransactionswiththelistedCompanyanditsaffiliates.2.Afterthecompletionoftransaction,fortherelated-partytransactionswhichareunavoidableorreasonabletohappenwiththelistedCompanyanditsaffiliates,myself,mycloserelativesandothercompanies,enterprisesoreconomicorganizationscontrolledbymyselfandmycloserelatives,AerospaceIndustryorOffcnPartnership,willsignrelated-partytransactionagreementswiththelistedCompanyanditsaffiliatesinaccordancewiththerelevantlaws,regulationsandregulatorydocumentsandfollowthegeneralbusinessprinciplesofequality,willingness,equivalenceandpaid-use.Thepricesofrelated-partytransactionsshallbefair.Decision-makingprocedures,lawfulinformationdisclosureobligationsandrelevantreportingandapprovalproceduresregardingtherelated-partytransactions,shallbefollowed.ThestatusofshareholdersshallnotbeusedtodamagethelegitimaterightsandinterestsofthelistedCompanyandothershareholders.3.Afterthecompletionofthetransaction,I/AerospaceIndustry/OffcnPartnershipwillnotusetheshareholders’rightsofthelistedCompanytomanipulateorinstructthelistedCompanyorthedirectors,supervisorsandseniorexecutivesofthelistedCompanytomakethelistedCompanyprovideoracceptfunds,commodities,servicesorotherassetsindifferentformsunderunequalconditionsorengageinanybehaviorsthatwoulddamagetheinterestsofthelistedCompany. | April27,2018 | Long-term | Undernormalimplementation |
SectionIV.Financialassetsinvestment
1.Securitiesinvestment
□Applicable√NotapplicableTherewasnosecuritiesinvestmentduringthereportingperiod.
2.Derivativesinvestment
□Applicable√NotapplicableTherewasnoderivativesinvestmentduringthereportingperiod.SectionV.Progressofthefundedinvestmentproject(s)
□Applicable√Notapplicable
SectionVI.Predictiononannualbusinessperformanceoftheyear2020
Alarmandexplanationsonthatthecumulativenetprofitfromthebeginningoftheyeartotheendofthenextreportingperiodmaybealossorhaveasignificantchangecomparedwiththesameperiodoflastyear.
□Applicable√NotapplicableSectionVII.Significantcontractsofdailyoperations
□Applicable√Notapplicable
SectionVIII.Entrustedfinancing
√Applicable□Notapplicable
Unit:10thousandsRMB
Type
| Type | Sourceofentrustedfinancing | Amountofentrustedfinancing | Unexpiredbalance | Amountnotrecoveredaftertheduedate |
| Bankfinancialproducts | Self-ownedfund | 730,064.8 | 395,326.1 | 0 |
| Brokeragefinancialproducts | Self-ownedfund | 8,000 | 0 | 0 |
| Trustfinancial | Self-ownedfund | 519,953 | 27,000 | 0 |
| I/AerospaceIndustry/OffcnPartnershipshallbeliableforalllossescausedtothelistedCompanyanditsaffiliatesduetomy/AerospaceIndustry’s/OffcnPartnership’sfailuresinfulfillingtheaforementionedcommitments. | |||
| Whetherthecommitmentsarefulfilledonschedule | Yes | ||
products
| products | ||||
| Total | 1,258,017.8 | 422,326.1 | 0 | |
Particularsofhigh-riskentrustedfinancialmanagementwithalargesingleamount,lowsecurity,poorliquidityornocapitalprotection
□Applicable√NotapplicableEntrustedfinancingisoverdueandtheprincipalcannotberecoveredorthereareothercasesthatmaycauseimpairments.
□Applicable√Notapplicable
SectionIX.Externalguaranteeviolatingregulations
□Applicable√NotapplicableTherewasnoexternalguaranteeviolatingregulationsduringthereportingperiodoftheCompany.
SectionX.CapitalofthelistedCompanyusedfornon-operationalpurposesbythecontrollingshareholdersortheirrelatedparties
□Applicable√NotapplicableTherewasnooccupationoftheCompany’scapitalbythecontrollingshareholdersortheirrelatedpartiesfornon-operatingpurposesduringthereportingperiodoftheCompany.SctionXI.Registrationform(s)ofactivitiesincludingreceptionofresearch,communicationorinterviewsduringthereportingperiod
□Applicable√NotapplicableTherewasnoreceptionofresearch,communicationorinterviewsduringthereportingperiodoftheCompany.
ChapterIV.FinancialStatementsSectionI.Financialstatements
1.Consolidatedbalancesheet
Company:OffcnEducationTechnologyCo.,Ltd.
September30,2020
Unit:RMB
Item
| Item | September30,2020 | December31,2019 |
| CurrentAssets: | ||
| Cashandcashequivalents | 5,069,423,730.49 | 2,724,335,001.58 |
| Settlementreserve | ||
| Duefrombanksandotherfinancialinstitutions | ||
| Financialassetsheldfortrading | 4,123,307,227.54 | 1,754,396,227.54 |
| DerivativeFinancialassets | ||
| NotesReceivable | ||
| AccountsReceivable | 20,252,907.35 | 2,721,638.09 |
| Financingreceivables | ||
| Prepayments | 5,734,527.16 | 2,461,009.00 |
| Premiumreceivable | ||
| Reinsurancepremiumreceivable | ||
| Reservereceivableforreinsurance | ||
| Otherreceivables | 276,857,922.57 | 255,013,296.96 |
| Inc:Interestreceivables | 5,104,477.73 | 567,341.68 |
| Dividendsreceivables | ||
| Financialassetspurchasedunderresaleagreements | ||
| Inventories | ||
| Contractassets | ||
| Held-for-saleassets | ||
| Non-currentassetsduewithinoneyear | 1,959,426,969.04 | |
| Othercurrentassets | 179,404,189.50 | 97,336,600.16 |
Totalcurrentassets
| Totalcurrentassets | 11,634,407,473.65 | 4,836,263,773.33 |
| Non-currentassets: | ||
| Loansandadvances | ||
| Debtinvestments | 20,000,000.00 | 1,923,598,909.09 |
| Otherdebtinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestments | ||
| Otherequityinstruments | 162,800,000.00 | 162,800,000.00 |
| Othernon-currentfinancialassets | 138,166,559.96 | 138,166,559.96 |
| Investmentproperties | 673,644,955.82 | 688,475,053.53 |
| Fixedassets | 866,069,135.46 | 672,429,601.44 |
| Constructioninprogress | 838,185,436.29 | 653,580,160.32 |
| Bearerbiologicalassets | ||
| Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets | 192,463,617.08 | 197,507,227.40 |
| Developmentexpenditure | ||
| Goodwill | 99,867,720.38 | 99,867,720.38 |
| Long-termprepaidexpenses | 213,978,303.65 | 240,565,962.02 |
| Deferredtaxassets | 11,310,880.26 | 21,482,832.13 |
| Othernon-currentassets | 500,359,990.69 | 325,967,628.34 |
| TotalNon-currentAssets | 3,716,846,599.59 | 5,124,441,654.61 |
| TotalAssets | 15,351,254,073.24 | 9,960,705,427.94 |
| Currentliabilities: | ||
| Short-termborrowings | 3,228,000,000.00 | 2,867,000,000.00 |
| Borrowingsfromcentralbank | ||
| Placementfrombanksandotherfinancialinstitutions | ||
| Financialliabilitiesheldfortrading | ||
| DerivativeFinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 124,596,162.88 | 236,481,990.86 |
| Receiptsinadvance | 2,634,276,203.88 |
Contractliabilities
| Contractliabilities | 7,410,923,947.05 | |
| Financialassetssoldunderrepurchaseagreements | ||
| Absorbingdepositanddepositininter-bankmarket | ||
| Customerdepositsfortradinginsecurities | ||
| Amountsduetoissuerforsecuritiesunderwriting | ||
| Employeebenefitspayable | 602,771,357.67 | 411,475,636.03 |
| Taxespayable | 253,433,295.83 | 184,306,027.84 |
| Otherpayables | 105,020,152.13 | 88,693,411.98 |
| Inc:Interestpayables | 14,224,814.22 | 4,521,557.54 |
| Dividendspayables | ||
| Feesandcommissionspayable | ||
| Reinsuranceamountspayable | ||
| Held-for-saleliabilities | ||
| Non-currentliabilitiesduewithinoneyear | ||
| Othercurrentliabilities | 222,327,718.41 | |
| TotalCurrentLiabilities | 11,947,072,633.97 | 6,422,233,270.59 |
| Non-currentLiabilities: | ||
| Depositsforinsurancecontracts | ||
| Long-termborrowings | ||
| Bondspayable | ||
| Inc:preferredshare | ||
| Perpetualbond | ||
| Leaseliabilities | ||
| Long-termpayables | ||
| Long-termemployeebenefitspayable | ||
| Provisions | ||
| DeferredIncome | ||
| Deferredtaxliabilities | 105,031,118.33 | 106,932,273.03 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 105,031,118.33 | 106,932,273.03 |
Totalliabilities
| Totalliabilities | 12,052,103,752.30 | 6,529,165,543.62 |
| Owners'equity: | ||
| Sharecapital | 103,807,623.00 | 103,807,623.00 |
| Otherequityinstrument | ||
| Inc:preferredshare | ||
| Perpetualbond | ||
| Capitalreserve | 1,225,481,049.50 | 1,198,581,049.50 |
| Less:Treasurystock | ||
| Othercomprehensiveincome | 37,500,000.00 | 37,500,000.00 |
| Specialreserve | ||
| Surplusreserve | 45,000,000.00 | 45,000,000.00 |
| Generalriskreserve | ||
| Retainedearnings | 1,887,374,888.29 | 2,046,657,231.32 |
| Totalowners'equityattributabletoparentcompany | 3,299,163,560.79 | 3,431,545,903.82 |
| Minorityinterests | -13,239.85 | -6,019.50 |
| Totalowners’equity | 3,299,150,320.94 | 3,431,539,884.32 |
| Totalliabilitiesandowners’equity | 15,351,254,073.24 | 9,960,705,427.94 |
Legalrepresentative:WangZhendongPersoninchargeofaccountingwork:ShiLeiHeadoftheaccountingdepartment:LuoXue
2.Balancesheetoftheparentcompany
Unit:RMB
| Item | September30,2020 | December31,2019 |
| CurrentAssets: | ||
| Cashandcashequivalents | 5,766,823.16 | 6,931,803.33 |
| Financialassetsheldfortrading | 1,601,681.64 | 101,681.64 |
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountsreceivable | 10,887,569.17 | |
| Financingreceivables | ||
| Prepayments | ||
| Otherreceivables | 677,572,345.68 | 1,717,949,520.99 |
| Inc:interestreceivables | ||
| Dividendsreceivables | 1,700,000,000.00 | |
| Inventories |
Contractassets
| Contractassets | ||
| Held-for-saleassets | ||
| Non-currentassetsduewithinoneyear | ||
| Othercurrentassets | 930,179.30 | |
| Totalcurrentassets | 696,758,598.95 | 1,724,983,005.96 |
| Non-currentassets: | ||
| Debtinvestments | ||
| Otherdebtinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 18,582,307,907.14 | 18,582,307,907.14 |
| Otherequityinstruments | 162,800,000.00 | 162,800,000.00 |
| Othernon-currentfinancialassets | ||
| Investmentproperties | 387,476,257.91 | 395,978,156.15 |
| Fixedassets | ||
| Constructioninprogress | 372,569,103.57 | 72,569,103.57 |
| Bearerbiologicalassets | ||
| Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets | ||
| Developmentexpenditure | ||
| Goodwill | ||
| Long-termprepaidexpenses | ||
| Deferredtaxassets | 10,948,186.11 | 10,804,928.62 |
| Othernon-currentassets | ||
| Totalnon-currentassets | 19,516,101,454.73 | 19,224,460,095.48 |
| Totalassets | 20,212,860,053.68 | 20,949,443,101.44 |
| Currentliabilities: | ||
| Short-termborrowings | 800,000,000.00 | |
| Financialliabilitiesheldfortrading | ||
| DerivativeFinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 561,752.26 | 561,752.26 |
Receiptsinadvance
| Receiptsinadvance | ||
| Contractliabilities | ||
| Employeebenefitspayable | ||
| Taxespayable | 1,190,410.34 | 791,191.77 |
| Otherpayables | 7,652,009.31 | 40,275,566.88 |
| Inc:Interestpayables | 957,000.00 | |
| Dividendspayables | ||
| Held-for-saleliabilities | ||
| Non-currentliabilitiesduewithinoneyear | ||
| Othercurrentliabilities | ||
| Totalcurrentliabilities | 809,404,171.91 | 41,628,510.91 |
| Non-currentliabilities: | ||
| Long-termborrowings | ||
| Bondspayable | ||
| Inc:preferredshare | ||
| Perpetualbond | ||
| Leaseliabilities | ||
| Long-termpayables | ||
| Long-termemployeebenefitspayable | ||
| Provisions | ||
| Deferredincome | ||
| Deferredtaxliabilities | 12,500,420.41 | 12,500,420.41 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 12,500,420.41 | 12,500,420.41 |
| Totalliabilities | 821,904,592.32 | 54,128,931.32 |
| Owners’equity: | ||
| Sharecapital | 6,167,399,389.00 | 6,167,399,389.00 |
| Otherequityinstrument | ||
| Inc:preferredshare | ||
| Perpetualbond | ||
| Capitalreserve | 12,775,326,370.33 | 12,775,326,370.33 |
| Less:Treasurystock | ||
| Othercomprehensiveincome | 37,500,000.00 | 37,500,000.00 |
Specialreserve
| Specialreserve | ||
| Surplusreserve | 387,458,806.65 | 387,458,806.65 |
| Retainedearnings | 23,270,895.38 | 1,527,629,604.14 |
| Totalowners’equity | 19,390,955,461.36 | 20,895,314,170.12 |
| Totalliabilitiesandowners’equity | 20,212,860,053.68 | 20,949,443,101.44 |
3.Consolidatedprofitstatementforthereportingperiod
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforthepreviousperiod |
| I.Totalrevenue | 4,630,989,349.21 | 2,521,688,418.01 |
| Inc:Revenue | 4,630,989,349.21 | 2,521,688,418.01 |
| Interestincome | ||
| Insurancegained | ||
| Feeandcommissionincome | ||
| II.Totaloperatingcosts | 3,019,768,100.60 | 2,042,255,143.77 |
| Inc:Costofrevenue | 1,619,290,590.57 | 1,065,755,848.75 |
| Interestexpenses | ||
| Feeandcommissionexpenses | ||
| Cashsurrendervalue | ||
| Netamountofexpenseofcompensation | ||
| Netamountofwithdrawalofinsurancecontractreserve | ||
| Bonusexpenseofguaranteeslip | ||
| Reinsuranceexpenses | ||
| Taxesandsurcharges | 3,555,293.06 | 11,363,875.26 |
| Sellingandmarketing | 577,293,364.56 | 405,619,023.15 |
| Generalandadministrativeexpenses | 383,190,228.80 | 328,939,780.61 |
| Researchanddevelopmentexpenses | 272,338,825.62 | 207,753,576.34 |
| Financialexpenses | 164,099,797.99 | 22,823,039.66 |
| Inc:Interestexpenses | 43,003,356.67 | 27,288,799.46 |
| Interestincome | 9,009,075.02 | 20,145,598.82 |
| Add:Otherincome | 136,961,906.40 | 269,801.65 |
| Investmentincome(Lossesareindicatedby"-") | 58,777,147.46 | 72,781,468.62 |
| Inc:Incomefrominvestmentsinassociates |
andjointventures
| andjointventures | ||
| Theterminationofincomerecognitionforfinancialassetsmeasuredbyamortizedcost(Lossisindicatedby“-”) | ||
| Exchangeincome(Lossisindicatedby“-”) | ||
| Netexposurehedgingincome(Lossisindicatedby“-”) | ||
| Gainsfromchangesinfairvalues(Lossisindicatedby"-") | ||
| Impairmentlossesofcreditability(Lossisindicatedby"-") | -612,214.97 | |
| Impairmentlossesofassets(Lossisindicatedby"-") | ||
| Incomefromassetsdisposal(Lossisindicatedby"-") | -16,145.38 | |
| III.Operatingprofit(Lossisindicatedby"-") | 1,806,348,087.50 | 552,468,399.13 |
| Add:Non-operatingincome | 1,255,543.92 | |
| Less:Non-operatingexpenses | 363,846.30 | 1.02 |
| IV.Totalprofit(TotalLossisindicatedby"-") | 1,805,984,241.20 | 553,723,942.03 |
| Less:Incometaxexpenses | 252,065,622.62 | 87,887,105.17 |
| V.Netprofit(Netlossisindicatedby"-") | 1,553,918,618.58 | 465,836,836.86 |
| 1.Classifiedbycontinuing/discontinuingoperation | ||
| lossisindicatedby"-") | 1,553,918,618.58 | 465,836,836.86 |
| (Netlossisindicatedby"-") | ||
| 2.Classifiedbyownership | ||
| Company | 1,553,920,155.49 | 465,837,656.14 |
| (2)Minorityshareholders’gainsandlosses | -1,536.91 | -819.28 |
| VI:Othercomprehensiveincomeaftertax | ||
| Netothercomprehensiveincomeaftertaxattributabletocontrollinginterest | ||
| 1.Othercomprehensiveincomenotreclassifiedintogainsorlosses |
(1)Changesofthedefinedbenefitplans
| thatre-measured | ||
| ofothercomprehensiveincomenotreclassifiedintogainsorlosses | ||
| equityinstruments | ||
| enterprise’sowncreditrisk | ||
| (5)Others | ||
| 2.Othercomprehensiveincomeclassifiedintogainsorlosses | ||
| ofothercomprehensiveincomewhichcanbereclassifiedintogainsorlosses | ||
| debtinstruments | ||
| reclassifiedtoothercomprehensiveincome | ||
| otherdebtinvestment | ||
| (5)Cashflowhedgingreserve | ||
| currencyfinancialstatements | ||
| (7)Others | ||
| Netafter-taxofothercomprehensiveincomeattributabletominorityshareholders | ||
| VII.Totalcomprehensiveincome | 1,553,918,618.58 | 465,836,836.86 |
| TotalcomprehensiveincomeattributabletoownersoftheCompany | 1,553,920,155.49 | 465,837,656.14 |
| Totalcomprehensiveincomeattributabletominorityinterests | -1,536.91 | -819.28 |
| VIII.Earningspershare | ||
| 1.Basicearningspershare | 0.25 | 0.08 |
| 2.Dilutedearningspershare | 0.25 | 0.08 |
Ifabusinesscombinationunderthesamecontroloccursinthisperiod,thenetprofitrealizedbythecombinedpartybeforethecombinationisRMB0.00andinthepreviousperiodisRMB0.00.
Legalrepresentative:WangZhendongPersoninchargeofaccounting:ShiLeiHeadoftheaccountingdepartment:LuoXue
4.Profitstatementoftheparentcompanyforthereportingperiod
Unit:RMB
Item
| Item | Amountforthecurrentperiod | Amountforthepreviousperiod |
| I.Revenue | 3,638,285.45 | 3,638,285.43 |
| Less:Costofrevenue | 2,833,966.13 | 2,831,674.88 |
| Taxesandsurcharges | 1,043,887.94 | 1,073,115.58 |
| Sellingandmarketing | ||
| Generalandadministrativeexpenses | 340,832.27 | 848,474.90 |
| Researchanddevelopmentexpenses | ||
| Financialexpenses | 9,781,325.12 | 960.04 |
| Inc:Interestexpenses | 9,782,666.66 | |
| Interestincome | 89,668.69 | 310.46 |
| Add:Otherincome | ||
| Investmentincome(Lossisindicatedby"-") | 249,600.00 | |
| Inc:Incomefrominvestmentsinassociatesandjointventures | ||
| Theterminationofincomerecognitionforfinancialassetsmeasuredbyamortizedcost(Lossisindicatedby“-”) | ||
| Netexposurehedgingincome(Lossisindicatedby“-”) | ||
| Gainsfromchangesinfairvalues(Lossisindicatedby"-") | ||
| Impairmentlossesofcreditability(Lossisindicatedby"-") | -191,009.99 | |
| Impairmentlossesofassets(Lossisindicatedby"-") | ||
| Incomefromassetsdisposal(Lossisindicatedby“-”) | ||
| II.Operatingprofit(Lossisindicatedby"-") | -10,303,136.00 | -1,115,939.97 |
| Add:Non-operatingincome | ||
| Less:Non-operatingexpenses |
III.Totalprofit(Totallossisindicatedby"-")
| III.Totalprofit(Totallossisindicatedby"-") | -10,303,136.00 | -1,115,939.97 |
| Less:Incometaxexpenses | -47,752.50 | |
| IV.Netprofit(Netlossisindicatedby"-") | -10,255,383.50 | -1,115,939.97 |
| lossisindicatedby"-") | -10,255,383.50 | -1,115,939.97 |
| lossisindicatedby"-") | ||
| V.Othercomprehensiveincomeaftertax | ||
| 1.Othercomprehensiveincomenotreclassifiedintogainsorlosses | ||
| plansthatre-measured | ||
| ofothercomprehensiveincomenotreclassifiedintogainsorlosses | ||
| equityinstruments | ||
| enterprise’sowncreditrisk | ||
| (5)Others | ||
| 2.Othercomprehensiveincomeclassifiedintogainsorlosses | ||
| ofothercomprehensiveincomewhichcanbereclassifiedintogainsorlosses | ||
| debtinstruments | ||
| reclassifiedtoothercomprehensiveincome | ||
| otherdebtinvestment | ||
| (5)Cashflowhedgingreserve | ||
| currencyfinancialstatements | ||
| (7)Others | ||
| VI.Totalcomprehensiveincome | -10,255,383.50 | -1,115,939.97 |
| VII.Earningspershare |
1.Basicearningspershare
| 1.Basicearningspershare |
| 2.Dilutedearningspershare |
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforthepreviousperiod |
| I.Totalrevenue | 7,438,969,829.81 | 6,159,107,933.49 |
| Inc:Revenue | 7,438,969,829.81 | 6,159,107,933.49 |
| Interestincome | ||
| Insurancegained | ||
| Feeandcommissionincome | ||
| II.Totaloperatingcosts | 6,264,315,976.76 | 5,140,860,641.89 |
| Inc:Costofrevenue | 3,071,901,770.96 | 2,611,044,308.31 |
| Interestexpenses | ||
| Feeandcommissionexpenses | ||
| Cashsurrendervalue | ||
| Netamountofexpenseofcompensation | ||
| Netamountofwithdrawalofinsurancecontractreserve | ||
| Bonusexpenseofguaranteeslip | ||
| Reinsuranceexpenses | ||
| Taxesandsurcharges | 9,832,926.10 | 43,197,122.47 |
| Sellingandmarketing | 1,278,110,818.48 | 1,080,932,122.44 |
| Generalandadministrativeexpenses | 902,149,682.94 | 828,570,826.52 |
| Researchanddevelopmentexpenses | 655,566,356.63 | 511,783,733.85 |
| Financialexpenses | 346,754,421.65 | 65,332,528.30 |
| Inc:Interestexpenses | 128,133,368.78 | 74,213,689.89 |
| Interestincome | 11,898,982.50 | 57,868,274.95 |
| Add:Otherincome | 221,416,613.84 | 500,478.07 |
| Investmentincome(Lossisindicatedby"-") | 187,595,273.90 | 126,753,395.24 |
| Inc:Incomefrominvestmentsinassociatesandjointventures | ||
| Theterminationofincome |
recognitionforfinancialassetsmeasuredbyamortizedcost(Lossisindicatedby“-”)
| recognitionforfinancialassetsmeasuredbyamortizedcost(Lossisindicatedby“-”) | ||
| Exchangeincome(Lossisindicatedby“-”) | ||
| Netexposurehedgingincome(Lossisindicatedby"-") | ||
| Gainsfromchangesinfairvalues(Lossisindicatedby"-") | ||
| Impairmentlossesofcreditability(Lossisindicatedby"-") | -1,382,976.76 | |
| Impairmentlossesofassets(Lossisindicatedby"-") | ||
| Incomefromassetsdisposal(Lossisindicatedby"-") | 162,043.59 | 182,662.36 |
| III.Operatingprofit(Lossisindicatedby"-") | 1,582,444,807.62 | 1,145,683,827.27 |
| Add:Non-operatingincome | 20,148.00 | 2,820,715.78 |
| Less:Non-operatingexpenses | 457,348.58 | 82,997.55 |
| IV.Totalprofit(TotalLossisindicatedby"-") | 1,582,007,607.04 | 1,148,421,545.50 |
| Less:Incometaxexpenses | 261,121,317.06 | 189,559,243.49 |
| V.Netprofit(Netlossisindicatedby"-") | 1,320,886,289.98 | 958,862,302.01 |
| 1.Classifiedbycontinuing/discontinuingoperation | ||
| (Netlossisindicatedby"-") | 1,320,886,289.98 | 958,862,302.01 |
| (Netlossisindicatedby"-") | ||
| 2.Classifiedbyownership | ||
| Company | 1,320,893,510.33 | 958,863,121.29 |
| (2)Minorityshareholders’gainsandlosses | -7,220.35 | -819.28 |
| VI:Othercomprehensiveincomeaftertax | ||
| Netothercomprehensiveincomeaftertaxattributabletocontrollinginterest | ||
| 1.Othercomprehensiveincomenotreclassifiedintogainsorlosses | ||
| plansthatre-measured | ||
(2)Undertheequitymethod,the
| shareofothercomprehensiveincomenotreclassifiedintogainsorlosses | ||
| otherequityinstruments | ||
| enterprise’sowncreditrisk | ||
| (5)Others | ||
| 2.Othercomprehensiveincomeclassifiedintogainsorlosses | ||
| shareofothercomprehensiveincomewhichcanbereclassifiedintogainsorlosses | ||
| otherdebtinstruments | ||
| reclassifiedtoothercomprehensiveincome | ||
| otherdebtinvestment | ||
| (5)Cashflowhedgingreserve | ||
| currencyfinancialstatements | ||
| (7)Others | ||
| Netafter-taxofothercomprehensiveincomeattributabletominorityshareholders | ||
| VII.Totalcomprehensiveincome | 1,320,886,289.98 | 958,862,302.01 |
| TotalcomprehensiveincomeattributabletoownersoftheCompany | 1,320,893,510.33 | 958,863,121.29 |
| Totalcomprehensiveincomeattributabletominorityinterests | -7,220.35 | -819.28 |
| VIII.Earningspershare | ||
| (1)Basicearningspershare | 0.21 | 0.16 |
| (2)Dilutedearningspershare | 0.21 | 0.16 |
Ifabusinesscombinationunderthesamecontroloccursinthisperiod,thenetprofitrealizedbythecombinedpartybeforethecombinationisRMB0.00andinthepreviousperiodisRMB0.00.
Legalrepresentative:WangZhendongPersoninchargeofaccounting:ShiLeiHeadoftheaccountingdepartment:LuoXue
6.Profitstatementoftheparentcompany(fromthebeginningoftheyeartoendofthereportingperiod)
Unit:RMB
Item
| Item | Amountforthecurrentperiod | Amountforthepreviousperiod |
| I.Revenue | 10,914,856.31 | 10,914,856.29 |
| Less:Costofrevenue | 8,501,898.24 | 8,500,488.23 |
| Taxesandsurcharges | 3,164,729.29 | 17,475,546.28 |
| Sellingandmarketing | ||
| Generalandadministrativeexpenses | 3,271,489.33 | 12,769,860.71 |
| Researchanddevelopmentexpenses | ||
| Financialexpenses | 20,454,223.42 | 1,080.25 |
| Inc:Interestexpenses | 20,486,445.83 | |
| Interestincome | 46,061.41 | 2,581.24 |
| Add:Otherincome | 474,801.04 | |
| Investmentincome(Lossisindicatedby"-") | 249,600.00 | 30,534.61 |
| Inc:Incomefrominvestmentsinassociatesandjointventures | ||
| Theterminationofincomerecognitionforfinancialassetsmeasuredbyamortizedcost(Lossisindicatedby"-") | ||
| Netexposurehedgingincome(Lossisindicatedby"-") | ||
| Gainsfromchangesinfairvalues(Lossisindicatedby"-") | ||
| Impairmentlossesofcreditability(Lossisindicatedby"-") | -573,029.96 | |
| Impairmentlossesofassets(Lossisindicatedby"-") | ||
| Incomefromassetsdisposal(Lossisindicatedby"-") | ||
| II.Operatingprofit(Lossisindicatedby"-") | -24,326,112.89 | -27,801,584.57 |
| Add:Non-operatingincome | ||
| Less:Non-operatingexpenses |
III.Totalprofit(Totallossisindicatedby"-")
| III.Totalprofit(Totallossisindicatedby"-") | -24,326,112.89 | -27,801,584.57 |
| Less:Incometaxexpenses | -143,257.49 | |
| IV.Netprofit(Netlossisindicatedby"-") | -24,182,855.40 | -27,801,584.57 |
| (Netlossisindicatedby"-") | -24,182,855.40 | -27,801,584.57 |
| (Netlossisindicatedby"-") | ||
| V.Othercomprehensiveincomeaftertax | ||
| 1.Othercomprehensiveincomenotreclassifiedintogainsorlosses | ||
| plansthatre-measured | ||
| shareofothercomprehensiveincomenotreclassifiedintogainsorlosses | ||
| otherequityinstruments | ||
| enterprise’sowncreditrisk | ||
| (5)Others | ||
| 2.Othercomprehensiveincomeclassifiedintogainsorlosses | ||
| shareofothercomprehensiveincomewhichcanbereclassifiedintogainsorlosses | ||
| otherdebtinstruments | ||
| reclassifiedtoothercomprehensiveincome | ||
| otherdebtinvestment | ||
| (5)Cashflowhedgingreserve | ||
| foreigncurrencyfinancialstatements | ||
(7)Others
| (7)Others | ||
| VI.Totalcomprehensiveincome | -24,182,855.40 | -27,801,584.57 |
| VII.Earningspershare | ||
| 1.Basicearningspershare | ||
| 2.Dilutedearningspershare |
7.Consolidatedcashflowstatement(frombeginningoftheyeartoendofthereportingperiod)
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforthepreviousperiod |
| I.Cashflowsfromoperatingactivities: | ||
| Cashreceiptsfromthesaleofgoodsandtherenderingofservices | 12,630,977,793.14 | 8,330,180,757.44 |
| Netincreaseincustomerbankdepositsandduetobanksandotherfinancialinstitutions | ||
| Netincreaseinborrowingsfromcentralbank | ||
| Netincreaseinplacementsfromotherfinancialinstitutions | ||
| Premiumsreceivedfromoriginalinsurancecontracts | ||
| Netcashreceivedfromreinsurance | ||
| Netincreaseindepositsfrompolicyholders | ||
| Cashreceivedfrominterests,feesandcommissions | ||
| Netincreaseinplacementsfrombanksandotherfinancialinstitutions | ||
| Netincreaseinrepurchasebusinesscapital | ||
| Netcashfromactingtradingsecurities | ||
| Taxrebatesreceived | ||
| Cashreceivedrelatingtootheroperatingactivities | 246,310,360.72 | 2,290,953.16 |
| Sub-totalofcashinflowsfromoperatingactivities | 12,877,288,153.86 | 8,332,471,710.60 |
| Cashpaymentsforgoodspurchasedandservicesreceived | 1,241,258,102.15 | 1,232,423,568.58 |
| Netincreaseinloansandadvancesto |
customers
| customers | ||
| Netincreaseindepositswithcentralbankandotherfinancialinstitutions | ||
| Originalinsurancecontractclaimspaid | ||
| Netincreaseinloanstobanksandotherfinancialinstitutions | ||
| Cashpaidforinterest,feeandcommission | ||
| Cashpaidaspolicydividend | ||
| Cashpaidtoandforemployees | 3,833,750,101.55 | 2,877,043,972.46 |
| Cashpaidforalltypesoftaxes | 200,151,843.84 | 424,466,382.02 |
| Cashpaidrelatingtootheroperatingactivities | 884,298,006.27 | 755,878,077.76 |
| Sub-totalofcashoutflowsfromoperatingactivities | 6,159,458,053.81 | 5,289,812,000.82 |
| Netcashflowfromoperatingactivities | 6,717,830,100.05 | 3,042,659,709.78 |
| II.Cashflowsfrominvestingactivities: | ||
| Cashreceiptsfromdisposalsandrecoveryofinvestments | 25,895,487,090.00 | 18,199,290,000.00 |
| Cashreceiptsfrominvestmentincome | 132,306,688.95 | 135,682,859.12 |
| Netcashreceiptsfromdisposalsoffixedassets,intangibleassetsandotherlong-termassets | 162,043.59 | |
| Netcashreceiptsfromdisposalsofsubsidiariesandotherbusinessunits | ||
| Cashreceivedrelatingtootherinvestingactivities | ||
| Sub-totalofcashinflowsfrominvestingactivities | 26,027,955,822.54 | 18,334,972,859.12 |
| Cashpaymentstoacquireorconstructfixedassets,intangibleassetsandotherlong-termassets | 897,559,659.37 | 516,034,598.11 |
| Cashpaidforinvestment | 28,265,198,090.00 | 19,445,620,000.00 |
| Netincreaseinpledgedloansreceivables | ||
| Netcashpaymentsforacquisitionsofsubsidiariesandotherbusinessunits | ||
| Cashpaidrelatingtootherinvestingactivities |
Sub-totalofcashoutflowsfrominvestingactivities
| Sub-totalofcashoutflowsfrominvestingactivities | 29,162,757,749.37 | 19,961,654,598.11 |
| Netcashflowfrominvestingactivities | -3,134,801,926.83 | -1,626,681,738.99 |
| III.Cashflowsfromfinancingactivities: | ||
| Cashreceivedfrominvestors | ||
| Inc:cashreceiptsfromcapitalcontributionsfromminorityownersofsubsidiaries | ||
| Cashfromborrowings | 3,002,000,000.00 | 986,698,800.00 |
| Cashreceivedrelatingtootherfinancingactivities | ||
| Sub-totalofcashinflowsfromfinancingactivities | 3,002,000,000.00 | 986,698,800.00 |
| Cashrepaymentsofborrowings | 2,641,000,000.00 | 496,698,800.00 |
| Cashpaymentsfordistributionofdividendsorprofitsorsettlementofinterestexpenses | 1,598,605,965.46 | 1,475,449,057.25 |
| Inc:paymentsfordistributionofdividendsorprofitstominorityownersofsubsidiaries | ||
| Cashpaidrelatingtootherfinancingactivities | 333,478.85 | 320,723.05 |
| Sub-totalofcashoutflowsfromfinancingactivities | 4,239,939,444.31 | 1,972,468,580.30 |
| Netcashflowfromfinancingactivities | -1,237,939,444.31 | -985,769,780.30 |
| IV.Effectofforeignexchangeratechangesoncashandcashequivalents | ||
| V.Netincreaseincashandcashequivalents | 2,345,088,728.91 | 430,208,190.49 |
| Add:Initialcashandcashequivalentsbalance | 2,724,335,001.58 | 648,711,545.32 |
| VI.Thefinalcashandcashequivalentsbalance | 5,069,423,730.49 | 1,078,919,735.81 |
8.Cashflowstatementoftheparentcompany(frombeginningoftheyeartoendofthereportingperiod)
Unit:RMB
| Item | Amountforthecurrentperiod | Amountforthepreviousperiod |
| I.Cashflowsfromoperatingactivities: | ||
| Cashreceiptsfromthesaleofgoodsandtherenderingofservices | ||
| Taxrebatesreceived |
Cashreceivedrelatingtootheroperatingactivities
| Cashreceivedrelatingtootheroperatingactivities | 1,765,726.02 | 544,070,513.56 |
| Sub-totalofcashinflowsfromoperatingactivities | 1,765,726.02 | 544,070,513.56 |
| Cashpaymentsforgoodspurchasedandservicesreceived | ||
| Cashpaidtoandforemployees | 895,723.48 | |
| Cashpaidforalltypesoftaxes | 4,063,237.82 | 20,718,284.89 |
| Cashpaidrelatingtootheroperatingactivities | 697,578,290.33 | 105,180,989.65 |
| Sub-totalofcashoutflowsfromoperatingactivities | 701,641,528.15 | 126,794,998.02 |
| Netcashflowfromoperatingactivities | -699,875,802.13 | 417,275,515.54 |
| II.Cashflowsfrominvestingactivities: | ||
| Cashreceiptsfromdisposalsandrecoveryofinvestments | 23,960,000.00 | |
| Cashreceiptsfrominvestmentincome | 1,700,249,600.00 | 1,550,030,534.61 |
| Netcashreceiptsfromdisposalsoffixedassets,intangibleassetsandotherlong-termassets | ||
| Netcashreceiptsfromdisposalsofsubsidiariesandotherbusinessunits | ||
| Cashreceivedrelatingtootherinvestingactivities | ||
| Sub-totalofcashinflowsfrominvestingactivities | 1,700,249,600.00 | 1,573,990,534.61 |
| Cashpaymentstoacquireorconstructfixedassets,intangibleassetsandotherlong-termassets | 300,000,000.00 | 11,929,500.00 |
| Cashpaidforinvestment | 1,500,000.00 | 24,060,000.00 |
| Netcashpaymentsforacquisitionsofsubsidiariesandotherbusinessunits | ||
| Cashpaidrelatingtootherinvestingactivities | ||
| Sub-totalofcashoutflowsfrominvestingactivities | 301,500,000.00 | 35,989,500.00 |
| Netcashflowfrominvestingactivities | 1,398,749,600.00 | 1,538,001,034.61 |
| III.Cashflowsfromfinancingactivities: | ||
| Cashreceivedfrominvestors |
Cashfromborrowings
| Cashfromborrowings | 800,000,000.00 | |
| Cashreceivedrelatingtootherfinancingactivities | ||
| Sub-totalofcashinflowsfromfinancingactivities | 800,000,000.00 | |
| Cashrepaymentsofborrowings | 216,000,000.00 | |
| Cashpaymentsfordistributionofdividendsorprofitsorsettlementofinterestexpenses | 1,499,705,299.19 | 1,738,432,883.87 |
| Cashpaidrelatingtootherfinancingactivities | 333,478.85 | 1,503,370.80 |
| Sub-totalofcashoutflowsfromfinancingactivities | 1,500,038,778.04 | 1,955,936,254.67 |
| Netcashflowfromfinancingactivities | -700,038,778.04 | -1,955,936,254.67 |
| IV.Effectofforeignexchangeratechangesoncashandcashequivalents | ||
| V.Netincreaseincashandcashequivalents | -1,164,980.17 | -659,704.52 |
| Add:Initialcashandcashequivalentsbalance | 6,931,803.33 | 5,304,519.61 |
| VI.Thefinalcashandcashequivalentsbalance | 5,766,823.16 | 4,644,815.09 |
SectionII.Explanationontheadjustmentstothefinancialstatements
1.Adjustmentstothefinancialstatementsatthebeginningofthefirstexecutionyearofthenewstandardsgoverningincomeandleasesince2020
√Applicable□NotapplicableWhetheritemslistedintheconsolidatedbalancesheetatbeginningoftheyearneedtobeadjusted
√Yes□NoConsolidatedBalanceSheet
Unit:RMB
| Item | December31,2019 | January1,2020 | Adjustments |
| CurrentAssets: | |||
| Cashandcashequivalents | 2,724,335,001.58 | 2,724,335,001.58 | |
| Settlementreserve | |||
| Duefrombanksandotherfinancialinstitutions |
Financialassetsheldfortrading
| Financialassetsheldfortrading | 1,754,396,227.54 | 1,754,396,227.54 |
| DerivativeFinancialassets | ||
| NotesReceivable | ||
| AccountsReceivable | 2,721,638.09 | 2,721,638.09 |
| Financingreceivables | ||
| Prepayments | 2,461,009.00 | 2,461,009.00 |
| Premiumreceivable | ||
| Reinsurancepremiumreceivable | ||
| Reservereceivableforreinsurance | ||
| Otherreceivables | 255,013,296.96 | 255,013,296.96 |
| Inc:Interestreceivables | 567,341.68 | 567,341.68 |
| Dividendsreceivables | ||
| Financialassetspurchasedunderresaleagreements | ||
| Inventories | ||
| Contractassets | ||
| Held-for-saleassets | ||
| Non-currentassetsduewithinoneyear | ||
| Othercurrentassets | 97,336,600.16 | 97,336,600.16 |
| Totalcurrentassets | 4,836,263,773.33 | 4,836,263,773.33 |
| Non-currentassets: | ||
| Loansandadvances | ||
| Debtinvestments | 1,923,598,909.09 | 1,923,598,909.09 |
| Otherdebtinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestments | ||
| Otherequityinstruments | 162,800,000.00 | 162,800,000.00 |
| Othernon-currentfinancialassets | 138,166,559.96 | 138,166,559.96 |
| Investmentproperties | 688,475,053.53 | 688,475,053.53 |
Fixedassets
| Fixedassets | 672,429,601.44 | 672,429,601.44 | |
| Constructioninprogress | 653,580,160.32 | 653,580,160.32 | |
| Bearerbiologicalassets | |||
| Oilandgasassets | |||
| Right-of-useassets | |||
| Intangibleassets | 197,507,227.40 | 197,507,227.40 | |
| Developmentexpenditure | |||
| Goodwill | 99,867,720.38 | 99,867,720.38 | |
| Long-termprepaidexpenses | 240,565,962.02 | 240,565,962.02 | |
| Deferredtaxassets | 21,482,832.13 | 21,482,832.13 | |
| Othernon-currentassets | 325,967,628.34 | 325,967,628.34 | |
| Totalnon-currentassets | 5,124,441,654.61 | 5,124,441,654.61 | |
| Totalassets | 9,960,705,427.94 | 9,960,705,427.94 | |
| Currentliabilities: | |||
| Short-termborrowings | 2,867,000,000.00 | 2,867,000,000.00 | |
| Borrowingsfromcentralbank | |||
| Placementfrombanksandotherfinancialinstitutions | |||
| Financialliabilitiesheldfortrading | |||
| DerivativeFinancialliabilities | |||
| Notespayable | |||
| Accountspayable | 236,481,990.86 | 236,481,990.86 | |
| Receiptsinadvance | 2,634,276,203.88 | -2,634,276,203.88 | |
| Contractliabilities | 2,557,549,712.50 | 2,557,549,712.50 | |
| Financialassetssoldunderrepurchaseagreements | |||
| Absorbingdepositanddepositininter-bankmarket | |||
| Customerdepositsfortradinginsecurities | |||
| Amountsduetoissuerfor |
securitiesunderwriting
| securitiesunderwriting | |||
| Employeebenefitspayable | 411,475,636.03 | 411,475,636.03 | |
| Taxespayable | 184,306,027.84 | 184,306,027.84 | |
| Otherpayables | 88,693,411.98 | 88,693,411.98 | |
| Inc:Interestpayables | 4,521,557.54 | 4,521,557.54 | |
| Dividendspayables | |||
| Feesandcommissionspayable | |||
| Reinsuranceamountspayable | |||
| Held-for-saleliabilities | |||
| Non-currentliabilitiesduewithinoneyear | |||
| Othercurrentliabilities | 76,726,491.38 | 76,726,491.38 | |
| Totalcurrentliabilities | 6,422,233,270.59 | 6,422,233,270.59 | |
| Non-currentliabilities: | |||
| Depositsforinsurancecontracts | |||
| Long-termborrowings | |||
| Bondspayable | |||
| Inc:preferredshare | |||
| Perpetualbond | |||
| Leaseliabilities | |||
| Long-termpayables | |||
| Long-termemployeebenefitspayable | |||
| Provisions | |||
| DeferredIncome | |||
| Deferredtaxliabilities | 106,932,273.03 | 106,932,273.03 | |
| Othernon-currentliabilities | |||
| Totalnon-currentliabilities | 106,932,273.03 | 106,932,273.03 | |
| Totalliabilities | 6,529,165,543.62 | 6,529,165,543.62 | |
| Owners'equity: | |||
| Sharecapital | 103,807,623.00 | 103,807,623.00 | |
| Otherequityinstrument |
Inc:preferredshare
| Inc:preferredshare | ||
| Perpetualbond | ||
| Capitalreserve | 1,198,581,049.50 | 1,198,581,049.50 |
| Less:Treasurystock | ||
| Othercomprehensiveincome | 37,500,000.00 | 37,500,000.00 |
| Specialreserve | ||
| Surplusreserve | 45,000,000.00 | 45,000,000.00 |
| Generalriskreserve | ||
| Retainedearnings | 2,046,657,231.32 | 2,046,657,231.32 |
| Totalowners'equityattributabletoparentcompany | 3,431,545,903.82 | 3,431,545,903.82 |
| Minorityinterests | -6,019.50 | -6,019.50 |
| Totalowners’equity | 3,431,539,884.32 | 3,431,539,884.32 |
| Totalliabilitiesandowners’equity | 9,960,705,427.94 | 9,960,705,427.94 |
ExplanationontheadjustmentsPartoftheitem“receiptsinadvance”isadjustedtotheitem“contractliabilities”inaccordancewiththenewrevenuestandard.
Balancesheetoftheparentcompany
Unit:RMB
| Item | December31,2019 | January1,2020 | Adjustments |
| CurrentAssets: | |||
| Cashandcashequivalents | 6,931,803.33 | 6,931,803.33 | |
| Financialassetsheldfortrading | 101,681.64 | 101,681.64 | |
| Derivativefinancialassets | |||
| Notesreceivable | |||
| Accountsreceivable | |||
| Financingreceivables | |||
| Prepayments | |||
| Otherreceivables | 1,717,949,520.99 | 1,717,949,520.99 | |
| Inc:interestreceivables | |||
| Dividendsreceivables | 1,700,000,000.00 | 1,700,000,000.00 | |
| Inventories |
Contractassets
| Contractassets | ||
| Held-for-saleassets | ||
| Non-currentassetsduewithinoneyear | ||
| Othercurrentassets | ||
| Totalcurrentassets | 1,724,983,005.96 | 1,724,983,005.96 |
| Non-currentassets: | ||
| Debtinvestments | ||
| Otherdebtinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 18,582,307,907.14 | 18,582,307,907.14 |
| Otherequityinstruments | 162,800,000.00 | 162,800,000.00 |
| Othernon-currentfinancialassets | ||
| Investmentproperties | 395,978,156.15 | 395,978,156.15 |
| Fixedassets | ||
| Constructioninprogress | 72,569,103.57 | 72,569,103.57 |
| Bearerbiologicalassets | ||
| Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets | ||
| Developmentexpenditure | ||
| Goodwill | ||
| Long-termprepaidexpenses | ||
| Deferredtaxassets | 10,804,928.62 | 10,804,928.62 |
| Othernon-currentassets | ||
| Totalnon-currentassets | 19,224,460,095.48 | 19,224,460,095.48 |
| Totalassets | 20,949,443,101.44 | 20,949,443,101.44 |
| Currentliabilities: | ||
| Short-termborrowings | ||
| Financialliabilitiesheldfortrading | ||
| Derivativefinancial |
liabilities
| liabilities | ||
| Notespayable | ||
| Accountspayable | 561,752.26 | 561,752.26 |
| Receiptsinadvance | ||
| Contractliabilities | ||
| Employeebenefitspayable | ||
| Taxespayable | 791,191.77 | 791,191.77 |
| Otherpayables | 40,275,566.88 | 40,275,566.88 |
| Inc:Interestpayables | ||
| Dividendspayables | ||
| Held-for-saleliabilities | ||
| Non-currentliabilitiesduewithinoneyear | ||
| Othercurrentliabilities | ||
| Totalcurrentliabilities | 41,628,510.91 | 41,628,510.91 |
| Non-currentliabilities: | ||
| Long-termborrowings | ||
| Bondspayable | ||
| Inc:preferredshare | ||
| Perpetualbond | ||
| Leaseliabilities | ||
| Long-termpayables | ||
| Long-termemployeebenefitspayable | ||
| Provisions | ||
| DeferredIncome | ||
| Deferredtaxliabilities | 12,500,420.41 | 12,500,420.41 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 12,500,420.41 | 12,500,420.41 |
| Totalliabilities | 54,128,931.32 | 54,128,931.32 |
| Owners’equity: | ||
| Sharecapital | 6,167,399,389.00 | 6,167,399,389.00 |
| Otherequityinstrument | ||
| Inc:preferredshare |
Perpetualbond
| Perpetualbond | ||
| Capitalreserve | 12,775,326,370.33 | 12,775,326,370.33 |
| Less:Treasurystock | ||
| Othercomprehensiveincome | 37,500,000.00 | 37,500,000.00 |
| Specialreserve | ||
| Surplusreserve | 387,458,806.65 | 387,458,806.65 |
| Retainedearnings | 1,527,629,604.14 | 1,527,629,604.14 |
| Totalowners’equity | 20,895,314,170.12 | 20,895,314,170.12 |
| Totalliabilitiesandowners’equity | 20,949,443,101.44 | 20,949,443,101.44 |
2.Descriptionofretroactiveadjustmentofcomparativedataintheearlystagebythenewrevenuestandardandthenewleasestandardinitiallyimplementedsince2020
□Applicable√NotApplicable
SectionIII.Auditor’sreport
WhetherthisThirdQuarter2020Reporthasbeenaudited
□Yes√NoTheCompany’sThirdQuarter2020Reporthasnotbeenaudited.