Bingshan Refrigeration & Heat Transfer
Technologies Co., Ltd.QUARTERLY REPORT FOR FIRST QUARTER,
2020
April, 2020
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
QUARTERLY REPORT FOR FIRST QUARTER, 2020
§1 Important Notes
1.1 The directors and the Board of Directors, the supervisors and the Supervisory Board, and Senior staffmembers of Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. (hereinafter referred to as theCompany) hereby confirm that there are no any important omissions, fictitious statements or serious misleadingcarried in this report, and shall take all responsibilities, individual and/or joint, for the reality, accuracy andcompleteness of the whole contents.
1.2 All the directors have attended this Board meeting of the Company.
1.3 Chairman of the Board of Directors of the Company Mr. Ji Zhijian, Financial Majordomo Mr. Ma Yun, and thehead of Accounting Department Mrs. Zhang Lingling hereby confirm that the financial report of the quarterlyreport is true and complete.
1.4 This report is written respectively in Chinese and in English. In the event of any discrepancy between the twoabove-mentioned versions, the Chinese version shall prevail.
§2 Company Profile
2.1 Major accounting data and financial indexes
January-March, 2020 January-March, 2019
Increase/decrease compared
with previous yearOperating revenue
463,218,112.74
565,075,729.08
-18.03%
Net profit attributable to shareholders of
listed companies
-58,673,476.79
Net profit attributable to shareholders of
106,786,822.74
-154.94%
Net profit belonging to the
shareholders of
shareholders oflisted companies after the deduction of
non-recurring profit and loss
-29,177,871.92
| listed companies after the deduction of | |
16,426,346.23
-277.63%
Net cash flow from operating activities
-81,344,046.60
-94,192,502.27
13.68%
Basic earnings per share
-0.070
0.125
-156.00%
Diluted earnings per share
-0.070
0.125
-156.00%
Weighted average return on net asset yield
-1.75%
3.11%
points
| Decrease 4.86 percentage |
March 31, 2020 December 31, 2019
Increase/decrease compared
with year beginningTotal assets
5,542,445,476.49
5,525,503,256.26
0.31%
Owner's equity
attributable to shareholders of
listed companies
3,320,891,553.10
attributable to shareholders of
3,379,565,029.89
-1.74%
Net profit attributable to parent company decreased and slipped into loss significantly y-o-y , mainly due to 1.in thesame period of last year, there was a large amount of non-recurring gains,following:(1) The Gain from change infair value of Guotai Junan has been recorded into the current profit and loss, which is about 64.50 millionyuan;(2)During the reporting period, the Company's exchangeable corporate bondholders exchanged a total of
8.3889 million shares, increasing the current investment income about 40.57 million yuan. 2.During the reportingperiod, there are large amount of non-recurring losses, mainly due to that the negative change in fair value of GuotaiJunan has made the Company loss about 29.51million yuan in first quarter,2020.3.During the first quarter, with theaffection of the 2019-nCo, the profit has decreased along with the operating revenue.
non-recurring gains and losses
√ Applicable □ Inapplicable
Item of non-recurring gains and losses Amount from beginning of year to the end of report period
Disposal gains from investments on financial assetsavailable for sale
-34,719,117.68
Other operating revenue or expense27,763.78
Income tax effect-5,203,206.10
Minority shareholders’ gains and losses7,457.07
Total-29,495,604.87
2.2 Total number and particulars of the shareholders by the end of the report period
Total number of shareholders in the reporting period 50,350
Shareholding of top ten shareholdersName Nature Proportion
Total number
shareswith salerestriction
Number of
Number of
pledgedshares or
sharesfrozenDalian Bingshan Group Co., Ltd.
Domestic non-state-ownedlegal person
20.27%
170,916,934
Sanyo Electric Co., Ltd. Overseas legal person 8.72%
73,503,150
Zhang Sufen Domestic natural person 1.18%
9,920,000
Lin Zhenming Foreign natural person 0.77%
6,476,250
Wu An Domestic natural person 0.53%
4,500,000
Sun Huiming Domestic natural person 0.52%
4,384,079
Dalian industrial development investmentCo., Ltd.
Domestic non-state-
legal person
0.40%
owned
3,406,725
Xue Hong Domestic natural person 0.37%
3,160,000
Li Xiaohua Domestic natural person 0.36%
3,011,908
Chen Naisheng Domestic natural person 0.27%
2,311,330
Shareholding of top ten shareholders without sale restrictionName
Number of shares without sale
restriction
Type of sharesDalian Bingshan Group Co., Ltd. 170,916,934
RMB denominated ordinary shares
Sanyo Electric Co., Ltd. 73,503,150
Domestically listed foreign sharesZhang Sufen 9,920,000
RMB denominated ordinary shares
Lin Zhenming 6,476,250
Domestically listed foreign sharesWu An 4,500,000
Domestically listed foreign sharesSun Huiming 4,384,079
Domestically listed foreign sharesDalian industrial development investment Co., Ltd.
3,406,725
RMB denominated ordinary shares
Xue Hong 3,160,000
Domestically listed foreign sharesLi Xiaohua 3,011,908
RMB denominated ordinary shares
Chen Naisheng 2,311,330
RMB denominated ordinary shares
Notes to the associated relationship and uniform
actions of the above shareholders
Sanyo Electric Co., Ltd. among the above shareholders.
| Dalian Bingshan Group Co., Ltd. had the association relationship with | |
| Sanyo Electric | |
Co., Ltd. holds 26.6% of Dalian Bingshan Group Co., Ltd.'s equity.
§3 Important Matters
3.1 Major changes in main financial items and indexes, and description of the cause
√ Applicable □ Inapplicable
1. Other current assets has decreased significantly compared with the beginning of the year, mainly due to the change of valueadded tax allowance.
2. The salary payable has decreased significantly compared with the beginning of the year, mainly due to the payment ofprovision employee compensation of last period-end during the reporting period.
3. The tax payable has decreased significantly compared with the beginning of the year, mainly due to the decreased of VATpayable and income tax payable.
4. The interest payable has decreased significantly compared with the beginning of the year, mainly due to the decrease ofinterest payable of Exchangeable Bonds for which the Company has made provision.
5. The selling expenses has decreased significantly y-o-y,, mainly due to the 2019-nCoV has limited the sales activities.
6. The income on investment has decreased significantly y-o-y,, mainly due to that the holders of “18 daleng EB” hasconcentratedly exchanged their shares and the decrease of profit from joint enterprise.
7. The Gain from change in fair value has decreased significantly y-o-y, mainly due to the change in fair value of Guotai Junan,with that the fair value of Guotai Junan has changed positively in last year.
3.2 Important Progress and the analysis of the influence and solution
□Applicable√Inapplicable
Progress of share buybacks
□Applicable√Inapplicable
Progress of share buybacks in the way of centralized bidding for reduction
□Applicable√Inapplicable
3.3 Commitments of the Company or its shareholders, actual controller and other related parties in the reportingperiod or carried to the reporting period
□ Applicable √ Inapplicable
3.4. The securities investment
√Applicable □Inapplicable
3.5 Trust management
□ Applicable √ Inapplicable
3.6 Derivative investment
□ Applicable √ Inapplicable
3.7 Table of investigation, communication, interview received
□ Applicable √ Inapplicable
3.8 Violation of external guaranty
□ Applicable √ Inapplicable
3.9 Non-operation capital occupation by holding shareholders and their related parties in the listed company
□ Applicable √ Inapplicable
Type ofsecurities
StockCode
Short
theStock
Form of
Initial cost ofinvestment
AccountingMeasurement
Model
Begin Book
value
Fair ValueChange Gainsand Losses in
the Current
Period
Accumu
latedFairValueChangeInclude
d inEquity
Curre
ntPurchase
Current Sale
Gains andlosses duringthe reporting
period
Final Book value
Account
ingsubjects
Sour
ce
| ce | |
| of funds | |
Stock 601211
GuotaiJunan
15,710,008.00
Measuring atfair value
290,478,047.92
-34,719,117.68
0.00
0.00
0.00 -34,719,117.68
255,758,930.24
Othernon-curr
ent
| financial |
assets
Ownfund
Total 15,710,008.00
-- 290,478,047.92
-34,719,117.68
0.00
0.00
0.00 -34,719,117.68
255,758,930.24
-- --
§4 Financial Report (attached)Not audited.
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd..
April 18, 2020
BALANCE SHEET
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. March 31, 2020 Unit: RMB Yuan
Items
31-Mar-2020 31-Dec-2019Consolidation Parent Company
Consolidation Parent Company
Current assets:
Monetary funds
| 257,896,330.71 | 143 | ,480,538.57 | 332,119,146.22 | 175,586,251.46 |
Financial assets which are measured by fair value andwhich changes are recorded in current profit and loss
Derivative financial assets
Transaction financial assets
Notes receivable
| 95,874,315 | .96 | 17,505,928.03 | 119,947,326.41 | 12,692,689.97 |
Accounts receivable
| 1,092,109,911.02 | 486,472,441.91 | 1,030,342,541.88 | 526,554,114.61 |
Accounts in advance
| 156,137,240.17 | 45,579,257.99 | 142,786,528.57 | 44,560,934.56 |
Other receivables
| 38,551,443.01 | 5,554,538.43 | 38,731,228.57 | 5,981,993.82 |
Interest receivables
| 243,833.33 | 243,833.33 | 583,833.33 | 583,833.33 |
Dividend receivable
| 33,450.00 | - |
Inventories 582,037
| ,033.58 | 241,547,521.35 | 539,497,213.39 | 212,558,464.52 | |||||
Contract assets
| 70,543,910.91 | 49,297,421.98 | |||||
Assets held for sale
Non-current asset due within one year
Other current assets
| 8,625,352.10 | 365,330.54 |
| 14,172,130.45 | 3 | 2,843.40 |
Total current assets
| 2,301,775,537.46 | 989,802,978.80 | 2,217,596,115.49 | 977,967,292.34 | ||||
Non-current assets:
Finance asset held available for sales
Held-to-maturity investment
Long-term account receivable
Long-term equity investment
| 1,658,983,146.26 | 2,241,434,653.20 | 1,662,181,009.14 | 2,244,411,383.88 |
Other Non-current financial assets
| 268,750,588.83 | 267,335,446.33 | 303,469,706.51 | 302,054,564.01 |
Investment property
| 94,955,980.73 | 105,325,967.33 | 96,200, | 507.24 | 106,536,035.96 |
Fixed assets
| 974,533,299.81 | 762,357,430.20 | 992,435,172.94 | 776,349,872.24 |
Construction in progress
| 27,750,969.52 | 27,212,183.40 | 36,285,056.80 | 27,212,183.40 |
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets
| 139,897,525.24 | 67,520,635.12 | 141,540,378.10 | 68,221,989.91 |
Expense on Research and Development
Goodwill
| 1,750,799.49 |
1,750,799.49
Long-term expenses to be apportioned
| 10,861,441.14 | 9,378,804.30 | 11,646,845.47 | 9,751,998.84 |
Deferred income tax asset
| 63,186,188.01 | 14,083,416.72 | 62,397,665.08 | 13,858,811.66 |
Other non-current asset
Total non-current asset3,240,
| 669,939.03 | 3,494,648,536.60 | 3,307,907,140.77 |
Total assets
3,548,396,839.905,542,445,476.49
| 5,542,445,476.49 | 4,484,451,515.40 | 5,525,503,256.26 | 4,526,364,132.24 |
Current liabilities:
Short-term loans
| 372,882,000.00 | 325,082,000.00 | 355,252,00 | 0.00 | 308,082,000.00 |
Financial liabilities which are measured by fair valueand which changes are recorded in current profit and
lossDerivative financial liabilities
Transaction financial liabilities
Notes payable
| 274,684,437.37 | 181,430,891.65 |
| 305,468,505.38 | 189,540,652.01 |
Accounts payable
| 900,029,441.58 | 293,858,029.92 |
| 814,331,684.02 | 293,479,043.69 |
Accounts received in advance
| 160,571,622.53 | 47,114,426.48 |
Contract liability
52,055,389.7
| 190,591,881.95 | 0 |
Wage payable
| 17,062,700.96 | 3,208,852.05 |
| 31,701,317.58 | 8,702,907.01 |
Taxes payable
| 5,207,750.17 | 514,994.55 |
| 8,184,018.69 | 5,156,115.24 |
Other accounts payable
| 45,278,459.25 | 10,569,973.15 |
| 55,921,060.69 | 18,817,980.14 |
Interest payable
| 4,195,511.00 | 4,195,511.00 |
| 6,396,385.83 | 6,386,700.29 |
Dividend payable
| 533,156.00 | 533,156.00 |
| 533,156.00 | 533,156.00 |
Liabilities held for sale
Non-current liabilities due within one year 12,581,005.57
14,174,643.42
Other current liabilities
Total current liabilities
| 1,818,317,676.85 | 866,720,131.02 | 1,745,604,852.31 |
Non-current liabilities:
870,893,124.57
Long-term loans
| 160,000,000.00 | 160,000,000.00 |
160,000,000.00
| 160,000,000.00 |
Bonds payable
| 25,000,034.00 | 25,000,034.00 |
| 25,000,034.00 | 25,000,034.00 |
Preferred stock
Perpetual bond
Long-term account payable 397,771.84
397,771.84
Long-term wage payable
Special Payable
Anticipation liabilities
Deferred income
| 108,635,425.29 | 65,510,924.29 |
| 99,157,538.52 | 55,744,166.29 |
Deferred income tax liabilities
| 36,007,338.34 | 36,007,338.34 |
| 41,215,205.99 | 41,215,205.99 |
Other non-current liabilities
Total non-current liabilities
| 330,040,569.47 | 286,518,296.63 |
| 325,770,550.35 | 281,959,406.28 |
Total liabilities
| 2,148,358,246.32 | 1,153,238,427.65 |
| 2,071,375,402.66 | 1,152,852,530.85 |
Shareholders’ equity
Share capital
843,212,507
| 843,212,507.00 | .00 |
| 843,212,507.00 | 843,212,507.00 |
Other equity instruments
Preferred stock
Perpetual bond
Capital public reserve
771,270,562.83
| 726,768,468.00 |
| 726,768,468.00 | 771,270,562.83 |
Less: Treasury stock
Other comprehensive income
| 2,501,459.77 | 1,539,359.10 |
| 2,501,459.77 | 1,539,359.10 |
Special preparation
Surplus public reserve
| 768,723,812.53 | 768,723,812.53 |
| 768,723,812.53 | 768,723,812.53 |
Generic risk reserve
Retained profit
946,46
| 979,685,305.80 | 6,846.29 |
| 1,038,358,782.59 | 988,765,359.93 |
Total owner’s equity attributable to parent company
| 3,320,891,553.10 | 3,331,213,087.75 |
| 3,379,565,029.89 | 3,373,511,601.39 |
Minority interests
| 73,195,677.07 |
74,562,823.71
Total owner’s equity
| 3,394,087,230.17 | 3,331,213,087.75 |
| 3,454,127,853.60 | 3,373,511,601.39 |
Total liabilities and shareholder’s equity
| 5,542,445,476.49 | 4,484,451,515.40 |
| 5,525,503,256.26 | 4,526,364,132.24 |
Legal Representative: Ji Zhijian Chief Financial Official: Ma Yun Person in Charge of Accounting Organization: Zhang Lingling
INCOME STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January-March, 2020 Unit: RMB Yuan
Items
January-March, 2020 January-March, 2019Consolidation Parent Company
Consolidation Parent Company
I. Total sales
| 463,218,112.74 | 217,808,613.09 |
565,075,729.08
187,665,804.78
II. Total operating cost
| 485,575,464.17 | 226,346,383.90 | 582,410,593.94 | 194,321,155.67 |
Including: Operating cost
| 414,328,988.51 | 196,082,951.13 |
489,840,572.83
165,187,241.26
Taxes and associate charges
| 4,038,552.44 | 2,331,118.74 |
4,933,219.41
2,499,744.46
Selling and distribution expenses
| 16,095,155.55 | 4,224,366 | .98 |
27,191,351.97
117,823.03
Administrative expenses
| 35,455,415.17 | 12,585,339.27 |
44,989,946.11
17,738,863.49
R&D expenses
| 11,662,148.49 | 7,332,035.22 |
11,557,843.31
6,485,982.26
Financial expense
| 3,995,204.01 | 3,790,572.56 |
3,897,660.31
2,291,501.17
Including: interest expense
| 4,750,606.24 | 3,778,395.12 |
2,914,151.60
2,141,926.06
interest income
| 448,047.40 | 284,041.47 |
317,613.19
149,671.39
Add:Other income
| 285,999.00 |
1,695,599.00
Gain/(loss) from investment
| - | 3,197,862.88 | - | 2,976,730.68 |
75,093,258.98
77,580,316.64
Including: income from investment on affiliatedenterprise and jointly enterprise
-
-
| 3,197,862.88 | 2,976,730.68 |
34,525,567.58
35,012,625.24
Exchange gains
Gain/(loss) from change in fair value (loss as “-“) -
-
| 34,719,117.68 | 34,719,117.68 |
64,497,437.84
64,497,437.84
Credit impairment loss (loss as “-“)
-
-
| 4,769,827.90 | 1,497,367.18 |
Assets impairment loss (loss as “-“)
-5,211,261.50
-365,183.64
Gain/(loss) from asset disposal (loss as “-“)
-12,865.50
-12,865.50
III. Operating profit
| - | 64,758,160.89 | - | 47,730,986.35 |
118,727,303.96
135,044,354.45
Add: non-business income33,981.40
1,579,118.31
0.07
Less: non-business expense6,217.62
73,431.34
60,000.00
IV. Total profit
| - | 64,730,397.11 | - | 47,730,986.35 |
120,232,990.93
134,984,354.52
Less: Income tax
| - | 4,689,773.68 | - | 5,432,472.71 |
15,051,119.89
13,623,658.34
V. Net profit
| - | 60,040,623.43 | - | 42,298,513.64 |
105,181,871.04
121,360,696.18
(I) Net profit from continuous operation -
-
| 60,040,623.43 | 42,298,513.64 |
105,181,871.04
121,360,696.18
(II)Net profit from discontinuing operation
Net profit attributable to parent company
| - | 58,673,476.79 | - | 42,298,513.64 |
106,786,822.74
121,360,696.18
Minority shareholders’gains and losses
| - | 1,367,146.64 |
-1,604,951.70
VI. After-tax net amount of other comprehensiveincomes
After-tax net amount of other comprehensive incomesattributable to owners of the Company
(I) Other comprehensive incomes that will not bereclassified into gains and losses
1. Changes in net liabilities or assets with a defined
benefit plan upon re-measurement
invests that cannot be reclassified int
| 2. Enjoyable shares in other comprehensive incomes in | |
| o gains and losses | |
under the equity method
(II) Other comprehensive incomes that will bereclassified into gains and losses
invests that will be reclassified into gains and lossesunder the equity method
| 1. Enjoyable shares in other comprehensive incomes in | ||||||||
2. Gains and losses on fair value changes of
available-for-sale financial assets
3. Gains and losses on reclassifying held-to-maturity
investments into available-for-sale financial assets
4. Effective hedging gains and losses on cash flows
5. Foreign-currency financial statement translation
difference
、Others
……
After-tax net amount of other comprehensive incomesattributable to minority shareholders
VII Total comprehensive income
| - | 60,040,623.43 | - | 42,298,513.64 |
105,181,871.04
121,360,696.18
| Total comprehensive income attributable to | parent |
company
-
-
| 58,673,476.79 | 42,298,513.64 |
106,786,822.74
121,360,696.18
shareholders
-1,367,146.64
Total comprehensive income attributable to minority
-1,604,951.70
VIII. Earnings per share
(I) basic earnings per share
| - | 0.070 |
0.125
(II) diluted earnings per share
| - | 0.070 | |||
0.125
Legal Representative: Ji Zhijian Chief Financial Official: Ma Yun Person in Charge of Accounting Organization: Zhang Lingling
CASH FLOW STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January -March, 2020 Unit: RMB Yuan
Items
January -March, 2020 January -March, 2019Consolidation Parent Company
Consolidation Parent Company
I. Cash flows arising from operating activities:
| Cash received from selling commoditie | s and providing |
labor services
| 257,472,529.16 | 125,683,620.91 |
284,070,695.49
81,980,694.01
Write-back of tax received
| 7,307,826.92 | 5,313,787.64 |
3,542,775.88
Other cash received concerning operating activities
| 20,384,332.77 | 12,349,840.37 |
7,857,373.35
1,158,866.54
Subtotal of cash inflow arising from operating activities
285,164,688.85
295,470,844.72
| 143,347,248.92 |
83,139,560.55
Cash paid for purchasing commodities and receiving labor
service
Cash paid for purchasing commodities and receiving labor242,147,949.65
| 242,147,949.65 | 141,669,537.38 |
226,160,305.96
98,322,285.24
Cash paid to/for staff and workers
| 86,707,677.37 | 28,940,034.25 |
111,727,370.94
36,960,571.65
Taxes paid
| 13,355,622.64 | 6,304,759.03 |
20,084,355.47
5,057,595.98
Other cash paid concerning operating activities
| 24,297,485.79 | 6,73 | 1,739.07 |
31,691,314.62
5,099,217.08
Subtotal of cash outflow arising from operating activities
| 366,508,735.45 | 183,646,069.73 | |||||
389,663,346.99
145,439,669.95
Net cash flows arising from operating activities
| - | 81,344,046.60 | - | 40,298,820.81 |
-94,192,502.27
-62,300,109.40
II. Cash flows arising from investing activities:
Cash received from recovering investment
Cash received from investment income33,450.00
33,450.00
other long-term assets
Net cash received from disposal of fixed, intangible and
460,000.00
460,000.00
units
Net cash received from disposal of subsidiaries and other
Other cash received concerning investing activities
Subtotal of cash inflow from investing activities
33,450.00
493,450.00
460,000.00
long-term assets
Cash paid for purchasing fixed, intangible and other2,463,218.90
| 2,463,218.90 | 2,059,890.98 |
4,951,109.06
2,380,864.45
Cash paid for investment
| Net cash | paid for achievement | of subsidiaries and other |
business units
Other cash paid concerning investing activities
Subtotal of cash outflow from investing activities
| 2,463,218.90 | 2,059,890.98 |
4,951,109.06
2,380,864.45
Net cash flows arising from investing activities
| 2,429,768.90 | - | 2,059,890.98 |
-4,457,659.06
-1,920,864.45
III. Cash flows arising from financing activities
Cash received from absorbing investment
shareholders' equity investment by subsidiaries
Including: Cash received from absorbing minority
Cash received from loans
| 151,880,000.00 | 147,000,000.00 |
188,410,100.00
130,000,000.00
Cash received from issuing bonds
Other cash received concerning financing activities
| 30,591,791.66 | 743,155.00 |
38,323,050.64
Subtotal of cash inflow from financing activities
| 182,471,791.66 | 147,743,155.00 |
226,733,150.64
130,000,000.00
Cash paid for settling debts
| 135,080,832.44 | 130,000,000.00 |
169,838,295.15
130,000,000.00
paying
Cash paid for dividend and profit distributing or interest7,527,840.11
| 7,527,840.11 | 6,747,169.98 |
3,755,722.29
3,294,788.91
| Including: | dividends or profit paid by | subsidiaries to |
minority shareholders
Other cash paid concerning financing activities
| 6,904,480.50 | 2,195,748.00 |
59,402,310.07
47,566,389.36
Subtotal of cash outflow from financing activities
| 149,513,153.05 | 138,942,9 | 17.98 |
232,996,327.51
180,861,178.27
Net cash flows arising from financing activities
| 32,958,638.61 | 8,800,237.02 |
-6,263,176.87
-50,861,178.27
IV. Influence on cash due to fluctuation in exchange rate
| 137,331.79 |
-320,169.19
| 168.88 |
-25.09
V. Net increase of cash and cash equivalents
| - | 50,677,845.10 | - | 33,558,305.89 |
-105,233,507.39
-115,082,177.21
-begin
Add: Balance of cash and cash equivalents at the period301,527,354.56
| 301,527,354.56 | 174,843,096.46 |
304,703,434.47
186,976,185.10
| VI. Balance of cash and | cash equivalents at the |
period–end
| 250,849,509.46 | 141,284,790.57 |
199,469,927.08
71,894,007.89
Legal Representative: Ji Zhijian Chief Financial Official: Ma Yun Person in Charge of Accounting Organization: Zhang Lingling