ShenzhenTellusHoldingCo.,Ltd.
2024AnnualReport
March2025
2024AnnualReport
SectionIImportantNotice,Contents,andInterpretationsTheBoardofDirectorsandBoardofSupervisors,aswellasdirectors,supervisors,andseniorexecutivesoftheCompanyguaranteethatthepresentannualreportistrue,accurate,andcompletewithoutfalserecords,misleadingstatements,ormajoromissions,andundertakethejointandseverallegalliabilitiesarisingtherefrom.FuChunlong,headoftheCompany,HuangTianyang,thepersoninchargeofaccounting,andHuangTianyang,thepersoninchargeoftheaccountingfirm(accountantincharge)declaretoguaranteethetruthfulness,accuracy,andcompletenessofthefinancialreportsinthisannualreport.
AlldirectorshaveattendedthemeetingoftheBoardofDirectorstoreviewthisreport.TheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness.
Theforward-lookingstatementssuchasplansforthefutureanddevelopmentstrategiesinvolvedinthisannualreportdonotconstituteasubstantialcommitmentoftheCompanytoinvestors.Investorsandstakeholdersshallbeawareoftherisksthereinandunderstandthedifferencesamongplans,forecasts,andcommitments.Investorsshallpayattentiontoinvestmentrisks.
TheCompany'sprofitdistributionplanpassedbytheBoardofDirectorsisasfollows:
Basedonatotalof431,058,320shares,acashdividendofRMB1(includingtaxes)per10shareswillbedistributedtoallshareholders,withnobonussharesissued(includingtaxes)andnocapitalizationofreservesforanincreaseincapitalstock.
TableofContents
SectionIImportantNotice,Contents,andInterpretations ...... 2
SectionIICompanyProfileandMajorFinancialIndicators ...... 6
SectionIIIManagementDiscussionandAnalysis ...... 10
SectionIVCorporateGovernance ...... 35
SectionVEnvironmentalandSocialResponsibility ...... 54
SectionVIImportantMatters ...... 55
SectionVIIChangesinSharesandShareholders ...... 68
SectionVIIIPreferredShares ...... 75
SectionIXBonds ...... 76
SectionXFinancialReports ...... 77
ListofDocumentsforFutureReference(I)FinancialstatementssignedandsealedbytheheadoftheCompany,thepersoninchargeofaccounting,andthepersoninchargeoftheaccountingfirm(accountantincharge).(II)TheoriginalcopyoftheAuditor'sReportsealedbytheaccountingfirmandsealedandsignedbycertifiedpublicaccountants.
(III)Originalsofallcompanydocumentsandannouncementsthathavebeenpubliclydisclosedduringthereportingperiod.
Interpretations
| Term | Refersto | Interpretation |
| CSRC | Refersto | ChinaSecuritiesRegulatoryCommission |
| SZSE | Refersto | ShenzhenStockExchange |
| CSDCShenzhenBranch | Refersto | ShenzhenBranchofChinaSecuritiesDepositoryandClearingCorporationLimited |
| Company,theCompany,andTellusHolding | Refersto | ShenzhenTellusHoldingCo.,Ltd. |
| Reportingperiod,thereportingperiodandtheyear | Refersto | 2024 |
| ShenzhenSASAC | Refersto | State-ownedAssetsSupervisionandManagementCommissionofShenzhenMunicipalPeople'sGovernment |
| SDGGroup,andcontrollingshareholder | Refersto | ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd. |
| SIHC | Refersto | ShenzhenInvestmentHoldingsCo.,Ltd. |
| ShenzhenJewelry,SJIS | Refersto | ShenzhenJewelryIndustryServiceCo.,Ltd. |
| Guorun,GuorunGold | Refersto | GuorunGoldShenzhenCo.,Ltd. |
| TellusTreasury | Refersto | ShenzhenTellusTreasurySupplyChainTechCo.,Ltd. |
| ShanghaiFanyue | Refersto | ShanghaiFanyueDiamondCo.,Ltd. |
| ZhongtianCompany | Refersto | ShenzhenZhongtianIndustryCo.,Ltd. |
| AutomobileIndustryandTradeCompany | Refersto | ShenzhenAutomobileIndustryandTradeCo.,Ltd. |
| SDGHuari | Refersto | ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd. |
| HuariCompany | Refersto | ShenzhenHuariAutomobileSalesandServiceCo.,Ltd. |
| TellusJewelryBuilding,JewelryBuilding | Refersto | TellusShuibeiJewelryBuilding |
| TellusGoldandDiamondBuilding,GoldandDiamondBuilding | Refersto | TellusGoldandDiamondTradingBuilding |
SectionIICompanyProfileandMajorFinancialIndicators
I.CompanyInformation
| Stockabbreviation | TellusA,TellusB | Stockcode | 000025,200025 |
| Stockabbreviationbeforechange(ifany) | N/A | ||
| Stockexchangeonwhichthesharesarelisted | ShenzhenStockExchange | ||
| ChinesenameoftheCompany | ShenzhenTellusHoldingCo.,Ltd. | ||
| Chineseabbreviation | TellusA | ||
| EnglishnameoftheCompany(ifany) | ShenzhenTellusHoldingCo.,Ltd. | ||
| Englishabbreviation(ifany) | N/A | ||
| LegalrepresentativeoftheCompany | FuChunlong | ||
| Registeredaddress | 3F,TellusBuilding,No.56,2ndShuibeiRoad,LuohuDistrict,Shenzhen | ||
| Postalcodeoftheregisteredaddress | 518020 | ||
| HistoricalchangesoftheCompany'sregisteredaddress | None | ||
| Officeaddress | 3Fand4F,TellusBuilding,No.56,2ndShuibeiRoad,LuohuDistrict,Shenzhen | ||
| Postalcodeoftheofficeaddress | 518020 | ||
| WebsiteoftheCompany | www.tellus.cn | ||
| ir@tellus.cn | |||
II.ContactPersonandContactInformation
| SecretaryoftheBoardofDirectors | Securitiesaffairsrepresentative | |
| Name | QiPeng | LiuMenglei |
| Address | 3F,TellusBuilding,No.56,2ndShuibeiRoad,LuohuDistrict,Shenzhen | 3F,TellusBuilding,No.56,2ndShuibeiRoad,LuohuDistrict,Shenzhen |
| Tel. | (0755)83989390 | (0755)88394183 |
| Fax | (0755)83989386 | (0755)83989386 |
| ir@tellus.cn | liuml@tellus.cn |
III.InformationDisclosureandPlaceforPreparation
| WebsiteofthestockexchangefortheCompanytodisclosetheannualreport | ShenzhenStockExchange(www.szse.cn) |
| NamesandwebsitesofthemediaoutletsfortheCompanytodisclosetheannualreport | SecuritiesTimesandCNINFO(www.cninfo.com.cn) |
| LocationforkeepingannualreportsoftheCompany | SecretariatOfficeoftheBoardofDirectorsoftheCompany |
IV.ChangesofRegistration
| Unifiedsocialcreditcode | 91440300192192210U |
| Changeofmainbusiness | WiththestrategictransformationandupgradingoftheCompanyandthedissolutionofHuari |
| afterlisting(ifany) | Company,startingfrom2023,automobilesales,testing,maintenance,andsparepartssalesarenolongertheCompany'smainbusiness.ThemainbusinessoftheCompanyduringthereportingperiodincludedjewelrythird-partyservices,commercialcomplexoperations,andpropertyleasingbusiness. |
| Previouschangesofcontrollingshareholders(ifany) | 1.OnMarch31,1997,theCompanyheldatotalof220.2816millionsharesincapitalstock,andtheformerShenzhenInvestmentManagementCo.,Ltd.,thesolenon-tradableshareholderoftheCompany,transferred159.588millionstatesharesheldbyittoSDGGroup.ThesharesheldbySDGGroupaccountedfor72.45%ofthetotalcapitalstock,andtheseshareswerestateshares.2.AsthecontrollingshareholderoftheCompany,SDGGrouplaterunderwentanequitydivisionreform,theCompany'snon-publicofferingofA-shares,andareductioninholdingsomeoftheCompany'stradableshareswithouttradingmoratorium.Bytheendofthereportingperiod,SDGGroupheldatotalof211,591,621sharesoftheCompany,accountingfor49.09%oftheCompany'stotalcapitalstock.Thus,itremainsthecontrollingshareholderoftheCompany.3.OnDecember28,2022,ShenzhenSASACsignedtheVotingRightsEntrustmentAgreementwithitswholly-ownedsubsidiarySIHC.Throughthisagreement,ShenzhenSASACentrustedits38.97%votingrightsinSDGGrouptothewholly-ownedsubsidiarySIHC,makingSIHCtheindirectcontrollingshareholderoftheCompany.Thus,theCompany'scontrollingshareholderandactualcontrollerhavenotchanged.4.In2024,ShenzhenSASACtransferredits39.6875%equityinSDGGrouptoSIHCatnocost.ThisequitytransferdoesnotchangetheCompany'scontrollingshareholderoractualcontroller.SDGGroupremainstheCompany'scontrollingshareholder,SIHCistheCompany'sindirectcontrollingshareholder,andShenzhenSASACremainstheCompany'sactualcontroller. |
V.OtherRelatedInformation
AccountingfirmengagedbytheCompany
| Nameofaccountingfirm | GrantThorntonCertifiedPublicAccountants(SpecialGeneralPartnership) |
| Officeaddressoftheaccountingfirm | 5FofScitechPlace,No.22,JianguomenwaiStreet,ChaoyangDistrict,Beijing |
| Namesofsigningaccountants | WuLiang,XiaoNa |
SponsorinstitutionengagedbytheCompanyforcontinuoussupervisionduringthereportingperiod
□Applicable?NotapplicableFinancialconsultantengagedbytheCompanyforcontinuoussupervisionduringthereportingperiod
□Applicable?Notapplicable
VI.MajorAccountingDataandFinancialIndicators
WhethertheCompanyneedstoretrospectivelyadjustorrestatetheaccountingdataforthepreviousyears
□Yes?No
| 2024 | 2023 | Changeoverthepreviousyear | 2022 | |
| Operatingrevenue(RMB) | 2,613,678,204.37 | 1,846,738,841.89 | 41.53% | 837,656,274.51 |
| Netprofitattributabletoshareholdersofthelistedcompany(RMB) | 136,629,870.80 | 118,255,140.84 | 15.54% | 83,496,135.61 |
| Netprofitattributabletoshareholdersofthelistedcompanyafterdeductingnon-recurringgainsandlosses(RMB) | 126,470,887.40 | 90,386,717.21 | 39.92% | 63,268,802.52 |
| Netcashflowsfromoperatingactivities(RMB) | 390,288,813.85 | -60,140,006.46 | 748.97% | -51,967,764.29 |
| Basicearningspershare(RMB/share) | 0.3170 | 0.2743 | 15.57% | 0.1937 |
| Dilutedearningspershare(RMB/share) | 0.3170 | 0.2743 | 15.57% | 0.1937 |
| Weightedaveragereturnonnetassets | 8.21% | 7.59% | 0.62% | 5.69% |
| Endof2024 | Endof2023 | Changeovertheendofthepreviousyear | Endof2022 | |
| Totalassets(RMB) | 2,594,459,237.89 | 2,403,851,684.45 | 7.93% | 2,232,028,554.57 |
| Netassetsattributabletoshareholdersofthelistedcompany(RMB) | 1,726,884,629.56 | 1,603,905,054.93 | 7.67% | 1,505,638,863.31 |
TheloweroftheCompany'snetprofitbeforeandafterdeductingnon-recurringgainsandlossesinthelastthreeaccountingyearsisnegative,andtheauditor’sreportofthelastyearshowsthatthereisuncertaintyabouttheCompany'sgoingconcern.
□Yes?NoThelowerofnetprofitbeforeandafterdeductingnon-recurringgainsandlossesisnegative.
□Yes?NoVII.DiscrepancyofAccountingDataundertheAccountingStandardbothatHomeandAbroad
1.DiscrepancyinnetprofitandnetassetsinthefinancialreportsdisclosedsimultaneouslyaccordingtoInternationalAccountingStandardsandChineseAccountingStandards
□Applicable?NotapplicableTherewasnodiscrepancyinnetprofitandnetassetsbetweenthefinancialreportsdisclosedbytheCompanyfollowingInternationalAccountingStandardsandChineseAccountingStandardsinthereportingperiod.
2.DiscrepancyinnetprofitandnetassetsinthefinancialreportsdisclosedsimultaneouslyaccordingtoforeignaccountingstandardsandChineseAccountingStandards
□Applicable?NotapplicableTherewasnodiscrepancyinnetprofitandnetassetsbetweenthefinancialreportsdisclosedbytheCompanyfollowingforeignaccountingstandardsandChineseAccountingStandardsinthereportingperiod.VIII.QuarterlyMajorFinancialIndicators
Unit:RMB
| Q1 | Q2 | Q3 | Q4 | |
| Operatingrevenue | 758,317,502.50 | 821,706,246.35 | 487,357,584.91 | 546,296,870.61 |
| Netprofitattributabletoshareholdersofthelistedcompany | 35,247,571.82 | 41,414,907.87 | 31,421,768.72 | 28,545,622.39 |
| Netprofitattributabletoshareholdersofthelistedcompanyafterdeductingnon-recurringgainsandlosses | 32,505,801.08 | 37,948,985.23 | 28,950,798.21 | 27,065,302.88 |
| Netcashflowsfromoperatingactivities | -23,101,927.41 | 130,411,416.33 | -66,021,941.86 | 349,001,266.79 |
Isthereanygreatdiscrepancybetweentheaboveindicatorsortheirsumandrelevantindicatorsdisclosedinthequarterlyorsemi-annualreport?
□Yes?No
IX.Non-recurringGainorLossItemsandAmounts?Applicable□Notapplicable
Unit:RMB
| Item | Amountin2024 | Amountin2023 | Amountin2022 | Notes |
| Gainsandlossesonthedisposalofnon-currentassets(includingtheportionoffsetforassetsimpairmentprovisionmade) | -227.20 | 69,475,478.10 | 8,826,176.39 | |
| Governmentsubsidiesincludedinthecurrentgainsandlosses(excludingthosethatarecloselyrelatedtotheCompany'snormalbusinessoperations,inlinewithnationalpoliciesandregulations,andgrantedinaccordancewithdefinedcriteria,withacontinuousinfluenceontheCompany'sgainsandlosses) | 6,524,396.47 | 6,476,027.99 | 6,575,043.88 | |
| Gainsorlossesfromchangesinthefairvalueoffinancialassetsandfinancialliabilitiesheldbythenon-financialcompany,aswellasgainsorlossesfromthedisposalofthefinancialassetsandfinancialliabilities,exceptforeffectivehedgingrelatedtonormaloperationsoftheCompany | -10,293,994.77 | -9,882,368.06 | 10,762,831.81 | |
| Reservesofimpairmentprovisionforaccountreceivablesindividuallytestedforimpairment | 6,856,854.34 | 150,000.00 | ||
| Othernon-operatingrevenuesandexpendituresapartfromtheaforesaiditems | 1,704,993.23 | 2,089,529.20 | 3,718,192.18 | |
| Othergainsorlossesconformingtothedefinitionofnon-recurringgainsorlosses | -36,363,757.77 | 49,829.40 | ||
| Less:Effectonincometax | -9,511,450.05 | 13,674,541.65 | 6,628,391.02 | |
| Effectonminorityshareholders'equity(aftertax) | 4,144,488.72 | -9,598,055.82 | 3,076,349.55 | |
| Total | 10,158,983.40 | 27,868,423.63 | 20,227,333.09 | -- |
Specificconditionsofothergainsorlossesconformingtothedefinitionofnon-recurringgainsorlosses:
□Applicable?NotapplicableTheCompanyhasnoothergainsorlossesconformingtothedefinitionofnon-recurringgainsorlosses.Explanationondefiningthenon-recurringgainsorlossessetoutintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingSecuritiestothePublic—Non-RecurringGainsorLossesasrecurringgainsorlosses?Applicable?Notapplicable
| Effectivehedging | -16,490,969.27 | Duetothepricefluctuationriskrelatedtogold,effectivehedgingofgoldfuturesisameansforGuorunGoldandTellusTreasury,subsidiariesoftheCompany,toavoidrelevantrisks.Thisactivityfallsundernormalproprietarybusinessoperations.Therefore,basedonthenatureandcharacteristicsofitsnormalbusinessoperations,theCompanyhasclassifiedthefollowingitemslistedintheExplanatoryAnnouncementonInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.1—Non-RecurringProfitsandLosses(2023Revision)asrecurringprofitandlossitems:effectivehedgingrelatedtothenormaloperationsofnon-financialenterprises;gainsandlossesfromchangesinthefairvalueoffinancialassetsandfinancialliabilitiesheld;andgainsandlossesfromthedisposaloffinancialassetsandfinancialliabilities. |
| Refundofhandlingchargesforindividualincometax | 73,439.68 | AccordingtotheExplanatoryAnnouncementonInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.1—Non-RecurringProfitsandLosses(2023Revision),therefundofhandlingfeeswithheldforindividualincometaxreceivedbytheCompanyanditssubsidiariesiscategorizedasincomerelatedtoroutineactivities.Asitisneitherofaspecialnaturenorincidental,itisclassifiedasarecurringprofitorlossitem. |
SectionIIIManagementDiscussionandAnalysis
I.IndustryDevelopmentduringtheReportingPeriodTheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness.(I)Goldandjewelryindustry
1.Macro-environmentThedevelopmentofthegoldandjewelryindustryiscloselyrelatedtotheglobalgeopoliticalpatternandeconomicdevelopmenttrend.In2024,escalatinggeopoliticaltensions,risingtradeprotectionism,anddeepeningeconomicdecouplingdisruptedglobalmarkets.Theglobaleconomyshowedsignsofweakmomentum,imbalancedgrowth,andincreasedfragmentationduringitsslowrecovery,leadingtodivergenteconomicdevelopmenttrajectories.Overthepastyear,China'seconomyremainedstablebutexperiencedaslightslowdown.In2024,theretailsalesofgold,silver,andjewelryproductsbyenterprisesabovethedesignatedsizereachedRMB330billion,ayear-on-yeardecreaseof3.1%.Despitecurrentmarketchallenges,asinventorygraduallyclears,marketingstrategiesareadjusted,andthejewelrymarketbecomesmorestandardized,thedomesticjewelrymarketisexpectedtodemonstratestrongresilienceinthefuture,withsignificantgrowthpotentialandstructuraldevelopmentopportunities.
2.OverviewofthegoldandjewelryindustryLargemarketsize:In2023,thetotalmarketsizeofChina'sjewelryandjadeindustryreachedRMB820billion,surpassingtheRMB800billionthresholdforthefirsttime.Theindustryformedatrillion-levelindustrialchain,spanningupstreamresources,tradeimports,designandprocessing,andwholesaleandretail.
Lowefficiencyinupstreamjewelryelementcirculation:Thejewelrywholesalemarketisfragmented,withmanysmall-scaletradersoperatinginefficiently.Sourcingmaterialsfromoverseasremainscostly,transactionmethodslackefficiency,andinformatizationislimited.Theindustryalsolacksaninfluentialtradingplatformforjewelryelements.Increasingindustrycompetition:Leadingenterprisesareexpandingchannels,upgradingbrands,anddevelopingnewproductstoaccelerateindustryconsolidationandwinfavorfromnew-generationconsumers.Structuraldifferentiationwithinthegoldandjewelryindustryisintensifying,withmismatchedsupplyanddemand,particularlyinthelow-endmarket,whereproducthomogenizationissevere.Inthefuture,industryconcentrationisexpectedtofurtherincrease.Divergentmarketperformanceacrossjewelrycategories:Naturaldiamond-setjewelry,asadiscretionaryconsumerproduct,facesweakdemandandslowrecovery,whilelab-growndiamonds
haveagreatimpactonthenaturaldiamondmarket.Golddominatesthemarketduetoitsdualattributesofconsumptionandvaluepreservation,butsustainedhighgoldpricesaresuppressingshort-termdemand,leadingtoasevereprice-volumetrade-offinthemarket.Shiftingconsumerpurchasescenarios:AsmarriageratesinChinadecline,consumerdemandforjewelryusedinwedding-relatedscenarioscontinuestoweaken,shrinkingthemarketfordiamond-setjewelry.Conversely,consumerdemandforgoldisrising.DrivenbyChina'sconsumptionupgradesandtheriseofself-indulgencespendingtrends,consumerpreferencesareshiftingtowardpersonalizedanddiversegoldjewelrydesigns,andadvancementsingoldjewelrycraftsmanshipareenablingfasterproductinnovationcycles.Asaresult,purchasingscenariosareshiftingfrombridalconsumptiontoself-useandgifting.
3.DevelopmenttrendsThegoldandjewelryindustrypresentsvastgrowthopportunitiesinthefuture,particularlyinthedevelopmentofnewgoldproductcategories,whicharemakinggoldmoreaffordableandexpandingmarketpenetrationintolower-tiercities.Thisshiftisbroadeningtheconsumerbaseandincreasingpurchasefrequency.Inresponse,brandsareacceleratingtheirexpansionintoonlinechannels,whichhavebecomeakeydriverforsalesgrowthingold,jewelry,andothercategories.Digitalizationisfurtherpromotedandapplied.Withtheongoingdigitalizationandtechnologicaladvancements,onlinegoldandjewelryplatformsaresettocontinueoptimizingandenhancingconsumerinteractionandexperience.Theseimprovementswillboostenterprises'operationalefficiency,reducecosts,andenablemoreeffectivesupplychainmanagement.Forexample,usingtransparentandtraceabledatacanallowfordataanalysisthatpromotesmanagementoptimization,andsupportdemandforecasting.
Thedomesticgoldandjewelrytransactionchainisbecomingmorestandardized.Thegovernmentandrelevantagenciesarestrengtheningtheirregulationofthegoldandjewelryindustrybyformulatingandimprovingindustrylawsandregulations,clarifyingindustrystandardsandnorms,andcrackingdownonillegalactivitiesandviolations.Theseeffortscontributetomaintainingmarketorderandprotectingconsumerrights.Basedonindustrydevelopment,byrelyingonitsownadvantagesandmakingfulluseofindustryresources,theCompanyhasbuiltadigitaljewelryelementtradingplatformthatpromotesthestandardization,informatization,andcomplianceofthejewelryindustry,buildsdifferentiatedcompetitiveadvantageswhileservingthejewelryindustry,andhelpstodrivethehigh-qualitydevelopmentoftheCompany.
(II)Commercialrealestateleasingindustry
In2024,China'scommercialrealestateindustrycontinueditsinventoryreductiontrendonthesalesside,withnewsupplyshrinking.Ontheoperationsside,shoppingmallpropertiesinsomefirst-tiercitiesshowedsignsofstabilizationandimprovement,whileofficeproperties'occupancyratesandrentalpricescontinuedtodecline.Inthefourthquarter,therealestatemarketsawsignsofrecoveryincorecities,buttheoverallmarketremainedinaphaseofadjustmentandtransformation.
TheCompanyisactivelyadjustingmarketstrategies,adoptingmoreflexibleanddiverseleasingterms,upgradingpropertyfacilitiesandservices,andincreasingmarketingeffortstoattractmoreenterprisetenants.II.MainBusinessduringtheReportingPeriod
TheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness.
(I)ThemainbusinessoftheCompanyduringthereportingperiodincludedjewelrythird-partyservices,commercialcomplexoperations,andpropertyleasingbusiness.
1.Jewelrythird-partyservices:Bearingthedevelopmentmissionof"beingcommittedtoprovidinghigh-qualityservicesandgrowingwiththejewelryindustry"inmind,theCompanyreliesonitsadvantages,gathersdomesticandforeignhigh-qualityindustryresources,andcooperateswithoutstandingleadingenterprisesintheindustrytobuildathird-partyserviceplatformthatmeetsdiverseindustryneeds.Byconstructingandoperatingadigitaljewelryelementtradingplatform,theCompanyprovidessystematicsolutionsforpreciousmetalwealthinvestment,culturalheritage,andfashionstyling.Italsoexploresthird-partydepositorybusinessforhigh-endjewelry,creatingawiderangeofserviceproductsthroughcooperationtomeetcustomervaluepropositions,enhancetheindustrialservicechain,setindustrybenchmarks,andpromoteindustrycompliance.
2.Commercialcomplexoperationandpropertyleasingbusiness:TheCompanyisthelargestownerofTellus-GmondGoldJewelryIndustrialParkintheShuibeiarea.TheTellusJewelryBuildingandTellusGoldandDiamondTradingBuildinginvestedbytheCompanyhavebeenputintooperationsuccessively,maintainingahighoccupancyrate.Inaddition,theCompanyholdsasignificantamountofpropertyresourcesinareassuchasLuohuandFutianinShenzhen.Whilemaintainingthestabilityofitsexistingleasingbusiness,theCompanyactivelypromotestheimprovementofpropertyquality.Itwillpromotethetransitionofitsoldpropertiesfromtraditionalsimpleleasingtocommercialpropertyoperation,withafocusonenhancingandexploringtheaddedvalueofitspropertybrands.Thisinitiativeaimstoestablishinnovativeindustrialprojectsthatalignwiththeoverallstrategiclayoutofthecity,thedistrict,andtheCompany.
(II)Descriptionofthemainbusinessmodelsofthejewelrybusiness
1.Salesmodel
TheCompanyadoptsbothwholesaleandretailasthemainsalesmodelsforgoldandjewelry.Additionally,itprovidessupportingservicessuchascustomsclearanceagencyservices,goldrefining/exchangeservices,andsafedepositboxleasing.Thesalesrevenuecompositionofthejewelrybusinessin2024isasfollows:
| Salesmodel | Amountofoperatingrevenue(RMB10,000) | Amountofoperatingcost(RMB10,000) | Grossmarginin2024 |
| Wholesale | 123,554.38 | 121,616.36 | 1.57% |
| Retailsales | 105,803.88 | 105,018.25 | 0.74% |
| Otherservices | 2,735.37 | 891.62 | 67.40% |
| Total | 232,093.63 | 227,526.23 | 1.97% |
2.Productionmodel
Atpresent,theCompany'sgoldandrelatedproductsmainlyuseacommissionedprocessingmodel,whilediamonds,coloredgemstones,andotherproductsdonotinvolveprocessing.Thestructureoftheproductionmodelisasfollows:
| Productionmodel | Amount(RMB10,000) | Proportion |
| Finishedproductsthroughthecommissionedprocessing | 205,585.98 | 100.00% |
3.Purchasemodel
Goldandrelatedproducts:TheCompanypurchasesgoldrawmaterialsfromShanghaiGoldExchangeorotherqualifiedorganizationsorleasesthemfrombanks.
Diamonds:TheCompanypurchasesfinisheddiamondsfromoverseasdiamondsuppliersandimportsthemthroughShanghaiDiamondExchange.
Otherjewelryandjade:TheCompanypurchasessuchproductsfromoverseasjewelryandjadesuppliersandhandlestax-payingimportproceduresthroughShenzhenJewelry.
Thestructureoftheproductionmodelisasfollows:
| Purchasemodel | Rawmaterials | Purchasequantity | Purchaseamount |
| (kg) | (RMB10,000) | ||
| Spottrading | Gold | 4,491.62 | 223.852.64 |
4.Operationofphysicalstoresduringthereportingperiod
| S/N | Description | Operatingrevenue(RMB10,000) | Operatingcost(RMB10,000) | Address |
| 1 | GuorunDirect-salesStore(Tellus) | 7,461.13 | 7,438.23 | AtriumofTellusJewelryBuilding,2ndShuibeiRoad,LuohuDistrict,ShenzhenCity |
| 2 | CounterofGuorunDirect-salesStore(Tellus)onBasementLevel1 | 5,576.45 | 5,554.33 | B1-046,BasementLevel1,AnnexBuildingofTellusJewelryBuilding,2ndShuibeiRoad,LuohuDistrict,ShenzhenCity |
| 3 | SideHallofGuorunDirect-salesStore(Tellus)onBasementLevel1 | 33.75 | 33.35 | B1-023,BasementLevel1,AnnexBuildingofTellusJewelryBuilding,2ndShuibeiRoad,LuohuDistrict,ShenzhenCity |
| 4 | Guorun(Tellus)—GOLD | 603.43 | 602.55 | B1-046,BasementLevel1,AnnexBuildingof |
| DIAMONDBusinessCooperativeStore | TellusJewelryBuilding,2ndShuibeiRoad,LuohuDistrict |
5.Onlinesalesduringthereportingperiod
| S/N | Description | Operatingrevenue(RMB10,000) | Operatingcost(RMB10,000) |
| 1 | TellusShuibeiJewelryFlagshipStoreonTmall | 6,481.76 | 6,335.59 |
| 2 | TellusShuibeiJewelryFlagshipStoreonJD.com | 17,096.15 | 16,801.19 |
| 3 | "Self-operatedmini-programprivate-spherestore"onWeChat | 136.45 | 134.7 |
| 4 | TellusShuibeiJewelryAuctionStoreonAlibaba | 55,159.13 | 54,909.25 |
| 5 | TellusShuibeiJewelryOfficialFlagshipStoreonPinduoduo | 1,245.61 | 1,236.00 |
| 6 | TellusShuibeiJewelryOfficialFlagshipStoreontheJingyaplatform | 12,010.02 | 11,973.06 |
6.Inventoryofjewelrybusinessduringthereportingperiod
AsofDecember31,2024,theinventorybalanceoftheCompany'sjewelrybusinesswasRMB
127.4322million,ofwhichRMB114.8569millionwasmeasuredatfairvalue.ThisamountrepresentshedgeditemsusingcommodityfuturescontractsandT+Dcontractsashedginginstruments.III.CoreCompetitivenessAnalysis(I)LocationadvantageTheCompany,locatedinShuibei,thecoreclusterareaofShenzhen'sjewelryindustry,isthelargestownerofTellus-GmondGoldJewelryIndustrialPark.Shuibeiaccountsformorethan75%ofChina'sgoldandjewelrymarketshare.Withintheone-square-kilometercoreareaoftheShuibeimarket,tensofthousandsofgoldandjewelryenterprisesareconcentrated.AccordingtothedatafromtheShenzhenGold&JewelryAssociation,theannualphysicalpick-upvolumeofgoldandplatinuminShenzhenaccountsforabout70%ofthephysicalsalesvolumeatShanghaiDiamondExchange,andthephysicalconsumptionofdiamondsaccountsforabout80%oftheimportvalueatShanghaiDiamondExchange.Intermsofbrandclustering,LuohuDistrictencompassesover40leadingjewelryenterprisesand29"ChinaFamousTrademarks"inthejewelrysector,contributing30%ofthenationaltotal.IthassuccessfullynurturedthestockexchangelistingsofjewelrycompaniessuchasChowTaiSengandDRGroup.ShuibeihasformedacompleteindustrialchaincoveringdesignandR&D,productionandmanufacturing,exhibitionandtrading,brandoperation,headquartersofficeoperation,inspectionandtesting,andtalenttraining.ThelocationadvantageoftheShuibeiareaissignificant.TheconcentrationofnumerousjewelrysuppliersandestablishedbusinessesfacilitatestheCompany'simport-exportoperationsandexhibitionandmarketingactivities.ThemarketinfluenceandcentralizedtradeinformationinShuibeiprovideafavorablebusinessenvironmentanddevelopmentplatform,enablingtheCompanytopromptlycapturemarketfeedbackandrespondquicklytomarketchanges.Shenzhen's"20+8"IndustrialClusterDevelopmentPlanemphasizesthefuturefocusondevelopingmodern
fashionindustrialclusters.Thegovernment'sstrongsupportforthejewelryindustryprovidessubstantialbackingfortheCompany,helpingtoreduceoperatingcosts,enhanceprofitability,andachievesustainabledevelopment.(II)ResourceadvantageByleveragingitsstate-ownedenterprisebackgroundandharnessingindustrialsynergies,theCompanydeeplyintegratesresourcesfromboththesupplyanddemandsidesofthejewelryindustry.ThisendowstheCompanywithacertainadvantageincoordinatingupstreamresources.TheCompanyhasestablisheddirectpartnershipswithdomesticandinternationalgoldandjewelrysuppliersandprocessors,engagingincollaborativediscussionswithorganizationssuchastheTurkishJewelleryExporters'Association,theRepublicofSakha(Yakutia)delegationfromRussia,andMyanmarGemsandPearlEnterprisetodevelopdomesticandinternationalexhibitionandtradingbusiness.Throughyearsofdedicatedefforts,theCompanyhasaccumulatedsignificantindustryresourcesandinfluence.ItmaintainsclosecollaborationswithauthoritativeinstitutionsintheindustrysuchastheNationalTestingCenterforGoldandSilverJewelry(Tianjin)andHJTCtoactivelyparticipateinandorganizevariousindustryactivities,setindustrystandards,andcontinuouslyexpanditsindustryreputationandimpact.TheCompanyhasdeeplyembeddeditselfinthesupplychainbusinesstoofferprofessionalfull-industrysupplychainservicesandcooperatedwithrenownedjewelryenterprisesintheindustrytofurtherexpanditsbusinessscale.
TheCompany'scommercialcomplexoperationandpropertyleasingbusinessprovidesstablerevenueandcashflows,layingasolidfoundationforitslong-termdevelopment.TheCompany'sTellusJewelryBuildingandTellusGoldandDiamondTradingBuildinghavebeenputintooperationsuccessivelyandmaintainedhighoccupancyrates.Furthermore,theCompanyplanstocontinuouslyunlockthecommercialvalueofitstraditionalpropertiesthroughqualityupgradesandoldpropertyrenewalinitiatives.
(III)Managementadvantage
Intermsofdigitalization,theCompanyhasachievedsignificanttechnologicaladvancements.Ithasvigorouslypromotedthedigitaltransformationofitstradingplatform,organizedandprioritizedfunctionalmodules,andcontinuouslyadjusteditsconstructionstrategytorespondpromptlytochangesandmeetbusinessneeds.TheCompanyhasimprovedandenhancedtheplatform'scapabilitiesinonlinetransactions,dataanalysis,andintelligentsupervision,graduallyapplyingthesefeaturesinitssupplychainoperationstoeffectivelyservejewelryindustryclientsandsupportthegrowthofmacro,smallandmedium-sizedenterprises(MSMEs)withinthesector.
Intermsofriskcontrol,theCompanyhasformulatedstrictinternalbusinesscontrolprocessessuchassupplieraccessstandards,acustomerevaluationsystem,andaprocurementpricecomparisonsystemtorealizemulti-levelriskcontrolovercapital,information,andlogistics.Atthesametime,ithascontinuouslyoptimizedbusinessprocessesandinternalcontrolsystemsduringbusinessoperations,andcarriedoutresearchandinnovationonnewcategoriesandnewbusinessmodelsunderthepremiseofcontrollablerisks.Byleveraginginformationsystemdevelopmentandsystemdataanalysis,theCompanyhasenhanceditsbusinessriskearlywarningcapabilities.Ininternalmanagement,theCompanyviewsscientificmanagementasbothadrivingforceandasafeguardforitsdevelopment.Fromtheperspectiveofmanagement-drivenoperations,theCompanyadoptsabusiness-orientedapproachtailoredtoitsactualconditions.IthasintroducedtheBusinessLeadershipModeltorefineits4Scontrolsystem,solidifyingthestrategicclosed-loopmanagementandensuringthesmoothexecutionofplans.TheCompanyhasactivelypromotedtheuseofOKRmanagementtoolstoeffectivelyimprovethemanagementawarenessandskillsofitspersonnel.Throughcontinuousorganizationalstructureoptimization,theCompanyhasenhanceditsfunctionalsupportcapabilities.IV.AnalysisofMainBusiness
1.OverviewIn2024,undertheeffectiveleadershipofitsPartyCommitteeandBoardofDirectors,theCompanymaintainedstableoveralloperationsandconsistentlydeliveredpositiveperformance.
Fortheyear2024,theCompanyreportedoperatingrevenueofRMB2,613.68million,ayear-on-yearincreaseof41.53%.Theprimaryreasonsfortherevenuegrowthincludetheexpansionofthegoldandjewelrybusinessandincreasedincomefromthecommercialoperationssegment.In2024,theCompanyachievedatotalprofitofRMB163.29millionandanetprofitattributabletotheparentcompanyofRMB136.63million,anincreaseofRMB18.37millioncomparedto2023.Theprofitgrowthwasmainlydrivenbyhigherprofitsfromthecommercialoperationssegmentandincreasedincomefrominvestmentinjoint-stockenterprises.AsofDecember31,2024,theCompany'stotalassetsamountedtoRMB2,594.46million.
Adjustingitsbusinessstrategyofoptimizingthetradingplatformtoenhancecorecompetitiveness:Focusingonthestrategyof"OnePlatform,TwoBusinesses",theCompanyhasbuiltadigitaljewelryelementtradingplatformthatintegratesonlineexhibitionandofflineselection.Ithasvigorouslyadvancedthedigitalizationoftheplatformandtechnologicalinnovation,withtheplatformearningaspotonthe2024ChinaTop100IndustrialDigitalizationList.Ithasacceleratedthedevelopmentofthedomesticjewelryelementtradingbusiness,startingwithrecycleddiamond
tradingasanentrypoint.TheCompanyhostedfiveRecycledDiamondTendersandonelab-growndiamondprocurementevent,andpilotedpop-upstorestograduallyexpandtradingcategoriestoincludecoloredgemstones,pearls,andjadeite.Simultaneously,theCompanyispromotingtheintegrationofresourcesinthecross-bordertradingsegment,establishingsmoothchannelsforjewelryelementcirculation,anddrivingtheelevationofitsbrandvalue.
Promotingthemarketexpansionanddigitalizationofthegoldsegmentconcurrently:TheCompanyhasclarifieditsproductdevelopmentplans,strengthenednewproductR&D,andenhancedsupplychainintegrationandservicecapabilities.Ithasestablishedadual-channellayoutofofflineexperiencestoresandonlineofficialflagshipstores,withafocusonexpandingtheinvestmentgoldproductsalesbusiness.Inparallel,theCompanyhasdeepeneddigitalbusinessoperationstodeliverbetterservicesandgreatervaluetocustomers.
Improvingoperationalefficiencyinthephysicalplatformsegment:TheCompanyhasimprovedthequalityandefficiencyofitsinvestmentattractionandoperations.In2024,ninethemedevents,includingtheCulturalIndustryExpoandthefirst"FutureFestival",wereheldattheTellusJewelryBuildingandTellusGoldandDiamondTradingBuilding,effectivelyboostingfoottrafficinthebusinessdistrictandenhancingbrandsynergy.Thetraditionalpropertysegmentadvancedtheiterationandupgradeofbusinessformatsformultipleprojects,maintainingahealthyoveralloccupancyratethroughout2024.
Improvingthequalityandefficiencyofinternalmanagement:TheCompanyhasintroducedtheBusinessLeadershipModelandimproveda4Smanagementsystemdrivenbystrategies.IthasdeepenedtheuseandimprovementoftheOKRmanagementsystemtoenhanceworkefficiencyandplanning.TheCompanyhasalsostrengthenedthemanagementofitsjoint-stockandholdingenterprisestosafeguarditsinterests,intensifiedtalentteambuildingandtalenttrainingefforts,andcomprehensivelyadvancedcompliancemanagementbybuilding"threelinesofdefense"toensurehealthycorporatedevelopment.
AdheringtotheleadershipofPartybuilding:Throughmeasuressuchasinformationsessionsandthe"ThreeMeetingsandOneLecture"system,theCompanyhasimplementedthespiritoftheThirdPlenarySessionofthe20thCentralCommitteeoftheCommunistPartyofChina(CPC).SpecialtrainingsessionsonPartydisciplineeducationhavebeenorganized,usingreal-lifecasestoprovidePartymembersandcadreswithfirsthandexposuretothesevereconsequencesofviolationsoflawsanddiscipline.Additionally,ithasstrengthenedtheconstructionofgrassrootsPartyorganizationsandactivelyexploredinnovativeapproachestoPartybuilding.
2.Revenuesandcosts
(1)Operatingrevenuecomposition
Unit:RMB
| 2024 | 2023 | Year-on-yearincrease/decrease | |||
| Amount | Proportioninoperatingrevenue | Amount | Proportioninoperatingrevenue | ||
| Totaloperatingrevenue | 2,613,678,204.37 | 100% | 1,846,738,841.89 | 100% | 41.53% |
| Byindustry | |||||
| Jewelrysalesandservices | 2,320,842,052.78 | 88.80% | 1,542,107,225.96 | 83.50% | 50.50% |
| Leasingandservices | 292,836,151.59 | 11.20% | 250,517,470.48 | 13.57% | 16.89% |
| Automobilesales | 0.00% | 42,638,840.47 | 2.31% | -100.00% | |
| Automobilemaintenanceandtesting | 0.00% | 11,475,304.98 | 0.62% | -100.00% | |
| Byproduct | |||||
| Jewelrysalesandservices | 2,320,842,052.78 | 88.80% | 1,542,107,225.96 | 83.50% | 50.50% |
| Leasingandservices | 292,836,151.59 | 11.20% | 250,517,470.48 | 13.57% | 16.89% |
| Automobilesales | 0.00% | 42,638,840.47 | 2.31% | -100.00% | |
| Automobilemaintenanceandtesting | 0.00% | 11,475,304.98 | 0.62% | -100.00% | |
| Byregion | |||||
| SouthChina | 1,971,504,250.32 | 75.43% | 1,417,912,052.46 | 76.78% | 39.04% |
| EastChina | 241,495,799.74 | 9.24% | 335,179,719.17 | 18.15% | -27.95% |
| NorthChina | 260,881,606.21 | 9.98% | 85,710,840.18 | 4.64% | 204.37% |
| CentralChina | 121,099,408.56 | 4.63% | 6,925,197.35 | 0.37% | 1,648.68% |
| Otherregions | 18,697,139.54 | 0.72% | 1,011,032.73 | 0.05% | 1,749.31% |
| Bysalesmodel | |||||
| Directsales | 2,613,678,204.37 | 100.00% | 1,846,738,841.89 | 100.00% | 41.53% |
(2)Industries,products,regions,andsalesmodelswithanoperatingrevenueoroperatingprofitaccountingformorethan10%oftheCompany'stotal?Applicable□Notapplicable
Unit:RMB
| Operatingrevenue | Operatingcost | Grossmargin | Year-on-yearmovementinoperatingrevenue | Year-on-yearmovementinoperatingcosts | Year-on-yearmovementingrossmargin | |
| Byindustry | ||||||
| Jewelrysalesandservices | 2,320,842,052.78 | 2,273,354,439.85 | 2.05% | 50.50% | 50.07% | 0.28% |
| Leasingandservices | 292,836,151.59 | 103,409,860.21 | 64.69% | 16.89% | 21.26% | -1.27% |
| Byproduct | ||||||
| Jewelrysalesandservices | 2,320,842,052.78 | 2,273,354,439.85 | 2.05% | 50.50% | 50.07% | 0.28% |
| Leasingandservices | 292,836,151.59 | 103,409,860.21 | 64.69% | 16.89% | 21.26% | -1.27% |
| Byregion | ||||||
| SouthChina | 1,971,504,250.32 | 1,743,354,212.66 | 11.57% | 39.04% | 42.03% | -1.86% |
| EastChina | 241,495,799.74 | 238,075,580.05 | 1.42% | -27.95% | -27.58% | -0.50% |
| NorthChina | 260,881,606.21 | 257,355,619.98 | 1.35% | 204.37% | 205.24% | -0.28% |
| CentralChina | 121,099,408.56 | 119,547,197.35 | 1.28% | 1,648.68% | 1,653.55% | -0.27% |
| Otherregions | 18,697,139.54 | 18,431,690.02 | 1.42% | 1,749.31% | 1,751.87% | -0.14% |
| Bysalesmodel | ||||||
| Directsales | 2,613,678,204.37 | 2,376,764,300.06 | 9.06% | 41.53% | 44.19% | -1.68% |
IncaseofadjustmentstothestatisticalcriteriaoftheCompany'smainbusinessdatainthereportingperiod,theCompanyhasprovidedtheadjustedmainbusinessdataforthemostrecentyearbasedonthecriteriaattheendofthereportingperiod.
□Applicable?Notapplicable
(3)WhethertheCompany'sphysicalproductsalesrevenueisgreaterthantheservicerevenue?Yes□No
| Industry | Item | Unit | 2024 | 2023 | Year-on-yearincrease/decrease |
| Wholesaleandretailofgold | Salesvolume | KG | 4,597.35 | 3,563.59 | 29.01% |
| Production | KG | 4,137.93 | 3,781.54 | 9.42% | |
| Inventory | KG | 231.14 | 434.98 | -46.86% |
Explanationofthecausesofover30%changesintherelateddata?Applicable□NotapplicableDuringthereportingperiod,thedemandforthegoldbusinessdecreasedattheendoftheyear,andthestockpilevolumehasbeenreducedaccordingly..
(4)PerformanceformajorsalescontractsandmajorprocurementcontractssignedbytheCompanyasofthereportingperiod
□Applicable?Notapplicable
(5)CompositionofoperatingcostIndustryandproductclassification
Unit:RMB
| Industry | Item | 2024 | 2023 | Year-on-yearincrease/decrease | ||
| Amount | Proportioninoperatingcosts | Amount | Proportioninoperatingcosts | |||
| Jewelrysalesandservices | Retailandwholesaleofjewelry | 2,273,354,439.85 | 95.65% | 1,514,822,240.15 | 91.90% | 50.07% |
| Leasingandservices | Leasing,propertymanagement,andothers | 103,409,860.21 | 4.35% | 85,282,344.36 | 5.17% | 21.26% |
| Automobilesales | Sparepartsandmaintenance | 0.00% | 38,385,230.69 | 2.33% | -100.00% | |
| Automobilemaintenanceandtesting | Automobiles | 0.00% | 9,847,384.40 | 0.60% | -100.00% |
Unit:RMB
| Productclassification | Item | 2024 | 2023 | Year-on-yearincrease/decrease | ||
| Amount | Proportioninoperatingcosts | Amount | Proportioninoperatingcosts | |||
| Jewelrysalesandservices | Retailandwholesaleofjewelry | 2,273,354,439.85 | 95.65% | 1,514,822,240.15 | 91.90% | 50.07% |
| Leasingandservices | Leasing,propertymanagement,andothers | 103,409,860.21 | 4.35% | 85,282,344.36 | 5.17% | 21.26% |
| Automobilesales | Sparepartsandmaintenance | 0.00% | 38,385,230.69 | 2.33% | -100.00% | |
| Automobilemaintenanceandtesting | Automobiles | 0.00% | 9,847,384.40 | 0.60% | -100.00% | |
(6)Whethertheconsolidationscopechangedduringthereportingperiod?Yes□NoOnDecember9,2024,boththeshareholdersofSDGHuarisignedanagreementtoterminatetheliquidationandresumeoperations.TheCompanysubmittedanapplicationtotheShenzhenQianhaiCooperationZonePeople'sCourtforwithdrawalofthecompulsoryliquidationapplicationforSDGHuari.OnDecember27,2024,theCompanyreceivedtheCivilRuling([2023]Y0391QQNo.4)fromtheShenzhenQianhaiCooperationZonePeople'sCourt,whichapprovedthewithdrawalofthecompulsoryliquidationapplicationforSDGHuari.Consequently,theCompanyincludedSDGHuariinitsconsolidatedfinancialstatementsasofDecember27,2024.
(7)MajorchangesoradjustmentsintheCompany'sbusiness,products,orservicesduringthereportingperiod
□Applicable?Notapplicable
(8)KeycustomersandkeysuppliersKeycustomersoftheCompany
| Totalsalesrevenuefromthetop5customers(RMB) | 570,460,360.10 |
| Proportionofthetotalsalesrevenuefromthetop5customersintotalannualsalesrevenue | 21.82% |
| Proportionofthesalesrevenuefromtherelatedpartiesamongthetop5customersintotalannualsalesrevenue | 3.21% |
Informationonthetop5customersoftheCompany
| S/N | Customername | Salesrevenue(RMB) | Proportionintotalannualsalesrevenue |
| 1 | Customer1 | 163,676,046.05 | 6.26% |
| 2 | Customer2 | 131,590,778.75 | 5.03% |
| 3 | Customer3 | 114,703,552.51 | 4.39% |
| 4 | Customer4 | 83,815,902.66 | 3.21% |
| 5 | Customer5 | 76,674,080.13 | 2.93% |
| Total | -- | 570,460,360.10 | 21.82% |
Explanationonotherconditionsofkeycustomers
□Applicable?NotapplicableMainsuppliersoftheCompany
| Totalpurchaseamountattributabletothetop5suppliers(RMB) | 2,270,758,126.66 |
| Proportionofthetotalpurchaseamountattributabletothetop5suppliersinthetotalannualpurchaseamount | 92.56% |
| Proportionofthepurchaseamountattributabletorelatedpartiesamongthetop5suppliersinthetotalannualpurchaseamount | 0.83% |
Informationonthetop5suppliersoftheCompany
| S/N | Suppliername | Purchaseamount(RMB) | Proportioninthetotalannualpurchaseamount |
| 1 | Supplier1 | 2,164,944,175.15 | 88.25% |
| 2 | Supplier2 | 70,047,130.00 | 2.86% |
| 3 | Supplier3 | 20,270,819.23 | 0.83% |
| 4 | Supplier4 | 8,858,465.84 | 0.36% |
| 5 | Supplier5 | 6,637,536.44 | 0.27% |
| Total | -- | 2,270,758,126.66 | 92.56% |
Explanationonotherconditionsofkeysuppliers?Applicable□NotapplicableDuringthereportingperiod,thesupplieraccountingformorethan50%oftheCompany’stotalannualpurchaseamountwastheShanghaiGoldExchange.
3.Expenses
Unit:RMB
| 2024 | 2023 | Year-on-yearincrease/decrease | Explanationonmajorchanges | |
| Sellingexpenses | 22,232,680.89 | 19,128,514.75 | 16.23% | |
| Administrativeexpenses | 51,362,592.45 | 85,621,795.09 | -40.01% | Mainlyduetocompensationincurredfromtheclosureoftheautomotivebusinessinthesameperiodlastyear |
| Financialexpenses | 6,389,014.69 | 5,537,879.92 | 15.37% | |
| R&Dexpenses | 3,268,819.88 | 1,965,795.78 | 66.28% | MainlyduetotheincreasednumberofR&Dprojects |
4.InvestmentinR&D
?Applicable□Notapplicable
| NameofmajorR&Dproject | Projectpurpose | Projectprogress | Objectivestobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| IntegratedEnterpriseInformationDisplayPlatformR&D | Developanintegratedenterpriseinformationdisplayplatform | Theproject'sdevelopmenthasbeencompleted,anditisnowincontinuousoperation | Promoteonlinepublicityandbranddisplay,whileprovidingfunctionssuchasonlineconsultationandfeedback | Enhancemarketcompetitiveness,optimizecustomerrelationshipmanagement,andimproveenterpriseoperationalefficiency |
| JewelryBondedWarehouseManagementSystemR&D | Developanewjewelrybondedwarehousemanagementsystem | Theproject'sdevelopmenthasbeencompleted,anditisnowintrialoperation | Improvetheefficiencyandaccuracyofjewelrygoodsmanagement | Improvetheefficiencyofwarehousemanagement,enhancethesafetyandtraceabilityofgoods,andoptimizesupplychainmanagement |
| R&DofaDynamicUpdatePlatformforDiamondPriceIndexInformation | Establishacomprehensiveandaccuratediamondindexsystem | Theproject'sdevelopmenthasbeencompleted,anditiscurrentlyinthetestingphase | Helpusersbetterunderstandthesupplyofgoodsinthediamondmarketandtrendsinpricechanges | StrengthentheCompany'scorecompetitivenessandexpanditsbusinessscopeandcustomerbase |
| R&DofanIntegratedManagementSystemfortheJewelryImportandExportBusiness | Developanintegratedimportandexportmanagementsystemprogramforthejewelryindustry | Theproject'sdevelopmenthasbeencompleted | Meetthepersonalizedmanagementneedsofthejewelryindustryfortheimportandexportbusiness | Improveworkefficiencyandstrengthensupplychainmanagement |
| IntelligentIntegratedJewelryWarehouseManagementSystem | Developasimpleandeasy-to-useintelligentintegratedwarehousemanagementprogramforjewelry | Theproject'sdevelopmenthasbeencompleted | Enablestandardizedwarehousedatamanagementandone-stopmanagementacrosstheentirebusinesschaintoensuretheaccuracyandreal-timesupplyofdata | Improvetheefficiencyandaccuracyofwarehousemanagement,andlayagoodmanagementfoundationforbusinessgrowth |
| IntegratedIntelligentInventoryManagementandAutomatedIn/outAppforJewelry | Developanefficientandconvenientappforwarehousemobiledevices | Theproject'sdevelopmenthasbeencompleted | Improvetheefficiencyofinventorymanagement,reducelaborcosts,andimprovecustomerservicequality | Increaseusability,accuracy,andoperationalefficiencyingoodsin/outandtransfers |
| MobileBiddingPlatformforJewelryViewingEvents | DevelopanefficientandconvenientH5application | Theproject'sdevelopmenthasbeencompleted,anditisnowincontinuousoperation | Improveexhibitionmanagementefficiency,optimizetheexperienceofexhibitorcustomers,andrealizereal-timeinformationexchange,dataanalysisanddecision-making | ImprovetheCompany'sbusinesscompetitivenessandimprovecustomersatisfactionandloyalty |
| ShenzhenInternationalJewelryandJadeComprehensiveTradePlatformMiniProgram | Developanefficientandconvenientminiprogram | Theproject'sdevelopmenthasbeencompleted,anditisnowincontinuousoperation | Optimizetheonlineviewingexhibitionfunctionalitytoenhanceuserconvenienceandimprovedataanalysisanddecision-makingsupport. | Improvecustomersatisfactionandstickiness,andenhancetheCompany'sservicecompetitiveness |
| Data-driven | Developadata-driven | Theproject's | Strengthenthemanagement | Improvesupplychain |
| JewelrySupplyChainOptimizationSystem | logisticstrackingoptimizationsystemforthejewelrysupplychain | developmenthasbeencompleted,anditisnowintrialoperation | ofthejewelrysupplychainbusinesstoachieveefficientcollaborationbetweenitsupstreamanddownstreamparticipants | efficiency,reducelogisticscosts,improveinventorymanagementefficiency,andenhanceriskmanagementcapabilities |
| RawMaterialSalesMiniProgram | Digitizethegoldrawmaterialsalesprocess | Itisinnormaloperation | Realizeonlineordering,orderconfirmation,customermaintenance,paymenttracking,andotherfunctions | Simplifyoperationsforbothcustomersandstaffandboostbusinessvolume |
R&DpersonneloftheCompany
| 2024 | 2023 | Changeproportion | |
| NumberofR&Dpersonnel(person) | 11 | 6 | 83.33% |
| ProportionofR&Dpersonnelinallemployees | 6.88% | 3.97% | 2.91% |
| EducationalbackgroundstructureofR&Dpersonnel | |||
| Bachelor'sdegree | 8 | 3 | 166.67% |
| Master'sdegree | 2 | 1 | 100.00% |
| Juniorcollegediploma | 1 | 2 | -50.00% |
| AgecompositionofR&Dpersonnel | |||
| Under30 | 3 | 1 | 200.00% |
| 30-40 | 8 | 5 | 60.00% |
R&DinvestmentoftheCompany
| 2024 | 2023 | Changeproportion | |
| R&Dinvestmentamount(RMB) | 3,268,819.88 | 1,965,795.78 | 66.28% |
| ProportionofinvestmentinR&Dinoperatingrevenue | 0.13% | 0.11% | 0.02% |
| CapitalizedR&Dinvestmentamount(RMB) | 0.00 | 0.00 | |
| ProportionofcapitalizedR&DinvestmentinR&Dinvestment | 0.00% | 0.00% |
CausesandimpactofmajorchangesinthecompositionoftheCompany'sR&Dpersonnel
□Applicable?NotapplicableCausesforsignificantyear-on-yearchangesintheproportionofthetotalR&Dinvestmentinoperatingrevenue
□Applicable?NotapplicableExplanationofthereasonforsignificantchangesinthecapitalizationrateofR&Dinvestmentanditsjustification
□Applicable?Notapplicable
5.Cashflow
Unit:RMB
| Item | 2024 | 2023 | Year-on-yearincrease/decrease |
| Subtotalofcashinflowsfromoperatingactivities | 4,662,567,599.79 | 2,019,506,191.37 | 130.88% |
| Subtotalofcashoutflowsfromoperatingactivities | 4,272,278,785.94 | 2,079,646,197.83 | 105.43% |
| Netcashflowsfromoperatingactivities | 390,288,813.85 | -60,140,006.46 | 748.97% |
| Subtotalofcashinflowsfrominvestingactivities | 841,818,290.07 | 677,411,633.15 | 24.27% |
| Subtotalofcashoutflowsfrominvestingactivities | 1,034,454,292.10 | 810,619,126.84 | 27.61% |
| Netcashflowsfrominvestingactivities | -192,636,002.03 | -133,207,493.69 | -44.61% |
| Subtotalofcashinflowsfromfinancingactivities | 415,000,000.00 | 359,922,892.83 | 15.30% |
| Sub-totalofcashoutflowsfromfinancingactivities | 471,600,230.88 | 397,758,935.44 | 18.56% |
| Netcashflowsfromfinancingactivities | -56,600,230.88 | -37,836,042.61 | -49.59% |
| Netincreaseincashandcashequivalents | 141,052,580.94 | -231,183,441.67 | 161.01% |
Explanationofmaininfluencefactorsforyear-on-yearmajorchangesinrelateddata?Applicable□Notapplicable
Unit:RMB
| Item | 2024 | 2023 | Year-on-yearincrease/decrease | Notes |
| Subtotalofcashinflowsfromoperatingactivities | 4,662,567,599.79 | 2,019,506,191.37 | 130.88% | Increasesinthebusinessvolumeofgoldandjewelryduringthereportingperiod |
| Subtotalofcashoutflowsfromoperatingactivities | 4,272,278,785.94 | 2,079,646,197.83 | 105.43% | Increasesinthebusinessvolumeofgoldandjewelryduringthereportingperiod |
| Netcashflowsfromoperatingactivities | 390,288,813.85 | -60,140,006.46 | 748.97% | Decreaseinaccountsreceivableandinventorythisyear;introductionofnotespayablebusiness |
| Subtotalofcashinflowsfrominvestingactivities | 841,818,290.07 | 677,411,633.15 | 24.27% | |
| Subtotalofcashoutflowsfrominvestingactivities | 1,034,454,292.10 | 810,619,126.84 | 27.61% | |
| Netcashflowsfrominvestingactivities | -192,636,002.03 | -133,207,493.69 | -44.61% | Year-on-yearincreaseinthepurchaseoffinancialproducts |
| Subtotalofcashinflowsfromfinancingactivities | 415,000,000.00 | 359,922,892.83 | 15.30% | |
| Sub-totalofcashoutflowsfromfinancingactivities | 471,600,230.88 | 397,758,935.44 | 18.56% | |
| Netcashflowsfromfinancingactivities | -56,600,230.88 | -37,836,042.61 | -49.59% | Repaymentofborrowingsrelatedtothegoldandjewelrybusinessduringthereportingperiod;decreaseinborrowingbalances |
| Netincreaseincashandcashequivalents | 141,052,580.94 | -231,183,441.67 | 161.01% | Decreaseinaccountsreceivableandinventorythisyear;introductionofnotespayablebusiness |
ExplanationonthecausesofthemajordifferencesbetweenthenetcashflowfromoperatingactivitiesduringthereportingperiodandthenetprofitsoftheCompanyintheyear
□Applicable?NotapplicableV.AnalysisofNon-mainBusiness
?Applicable□Notapplicable
Unit:RMB
| Amount | Proportionintotalprofit | Explanation | Sustainableornot | |
| Incomefrominvestment | 19,470,482.47 | 11.92% | Gainsfromfinancialinvestments,gainsfromusingtheequitymethodtorecognizeinvestmentsinassociatecompanies | No |
| Gainsorlossesfromchangesinfairvalue | -10,567,743.62 | -6.47% | Changesinthefairvalueofunexpiredwealthmanagementproductsandlossesfromchangesinfairvalueattheendoftheyearduetore-acquisitionofcontrolinasubsidiary | No |
| Assetimpairment | 0.00 | 0.00% | ||
| Non-operatingrevenue | 3,900,953.07 | 2.39% | Confiscationofsecuritydepositsduetoearlysurrenderofleasebymerchants | No |
| Non-operatingexpenses | 2,195,959.84 | 1.34% | Liquidateddamagestotenantsforearlyterminationduetorenovationandupgradeworks | No |
VI.AnalysisofAssetsandLiabilities
1.Majorchangesinassetcomposition
Unit:RMB
| Endof2024 | Beginningof2024 | Proportionincrease/decrease | Explanationonmajorchanges | |||
| Amount | Proportionintotalassets | Amount | Proportionintotalassets | |||
| Cashatbankandonhand | 377,971,359.69 | 14.57% | 220,340,961.64 | 9.17% | 5.40% | |
| Accountsreceivable | 46,564,067.14 | 1.79% | 99,635,751.52 | 4.14% | -2.35% | |
| Inventory | 127,432,191.55 | 4.91% | 178,425,833.88 | 7.42% | -2.51% | |
| Investmentproperties | 1,099,772,133.10 | 42.39% | 1,008,137,341.80 | 41.94% | 0.45% | |
| Long-termequityinvestments | 85,091,833.20 | 3.28% | 76,511,487.57 | 3.18% | 0.10% | |
| Fixedassets | 70,763,683.25 | 2.73% | 78,935,843.49 | 3.28% | -0.55% | |
| Constructioninprogress | 3,332,141.19 | 0.13% | 7,279,570.05 | 0.30% | -0.17% | |
| Right-of-useassets | 78,558,005.50 | 3.03% | 71,904,716.50 | 2.99% | 0.04% | |
| Short-termborrowings | 120,101,444.43 | 4.63% | 145,131,694.44 | 6.04% | -1.41% | |
| Contractliabilities | 4,009,504.59 | 0.15% | 7,079,975.38 | 0.29% | -0.14% | |
| Leaseliabilities | 76,541,985.55 | 2.95% | 69,524,214.23 | 2.89% | 0.06% | |
Highproportionofoverseasassets
□Applicable?Notapplicable
2.Assetsandliabilitiesatfairvalue
?Applicable□Notapplicable
Unit:RMB
| Item | Beginningbalance | Gainsorlossesfromchangesinfairvalueduringthisperiod | Accumulatedchangeinfairvalueincludedinequity | Impairmentaccruedinthisperiod | Purchaseamountinthisperiod | Salesamountinthisperiod | Otherchanges | Endingbalance |
| Financialassets | ||||||||
| 1.Tradingfinancialassets(excludingderivativefinancialassets) | 206,294,931.94 | 134,917.39 | 656,000,000.00 | 622,000,000.00 | -74,799,015.27 | 165,630,834.06 | ||
| 2.Derivativefinancialassets | 298,320.00 | -6,242.00 | 292,078.00 | |||||
| 3.Otherdebtinvestments | 67,627,948.60 | 3,898,673.52 | 13,197,506.64 | 84,724,128.76 | ||||
| 4.Otherequityinstrumentinvestments | 383,317.67 | -383,317.67 | 0.00 | |||||
| 5.Othernon-currentfinancialassets | 0.00 | |||||||
| Subtotaloffinancialassets | 274,604,518.21 | 4,027,348.91 | -383,317.67 | 0.00 | 669,197,506.64 | 622,000,000.00 | -74,799,015.27 | 250,647,040.82 |
| Hedgeditems | 85,802,395.07 | -1,299,627.74 | 3,015,428,700.40 | 2,985,074,594.58 | 114,856,873.15 | |||
| Totaloftheabove | 360,406,913.28 | 2,727,721.17 | -383,317.67 | 0.00 | 3,684,626,207.04 | 3,607,074,594.58 | -74,799,015.27 | 365,503,913.97 |
| Financialliabilities | 56,883,334.76 | -3,247,714.76 | 34,657,800.00 | 88,246,760.00 | 46,660.00 | |||
Otherchanges:AftertheCompanyregainedcontrolofitssubsidiaryandreconsolidateditsfinancialstatements,theequitypreviouslyclassifiedastradingfinancialassetswastransferredout.WhethermajorchangesoccurredtothemeasurementattributesofthemainassetsoftheCompanywithinthereportingperiod
□Yes?No
3.Restrictiononassetrightsasattheendofthereportingperiod
| Item | Endingbalance(RMB) |
| Securitydepositsfornotespayable | 33,113,263.10 |
| Futuresandoptionsaccountmargin | 22,848,540.40 |
| Goldleasingsecuritydepositsandinterests | 20,069,638.91 |
| Amountunderjudicialcontrol | 663,948.65 |
| Total | 76,695,391.06 |
VII.AnalysisofInvestment
1.Overview?Applicable□Notapplicable
| Investmentinthereportingperiod(RMB) | Investmentinthesameperiodofthepreviousyear(RMB) | Changerate |
| 20,337,984.62 | 81,106,905.72 | -74.92% |
2.Significantequityinvestmentacquiredinthereportingperiod
□Applicable?Notapplicable
3.Significantnon-equityinvestmentongoinginthereportingperiod
□Applicable?Notapplicable
4.Financialassetsinvestment
(1)Securitiesinvestment
□Applicable?NotapplicableTheCompanyhadnosecuritiesinvestmentduringthereportingperiod.
(2)Investmentinderivatives?Applicable□Notapplicable
1)Investmentinderivativesforhedgingpurposesduringthereportingperiod?Applicable□Notapplicable
Unit:RMB10,000
| Typeofderivative | Initialinvestme | Beginningamount | Gainsor | Accumulatedchange | Purchasedamount | Sellingamount | Endingamount | Proportionofthe |
| investment | ntamount | lossesfromchangesinfairvalueduringthisperiod | infairvalueincludedinequity | duringthereportingperiod | duringthereportingperiod | investmentamountinnetassetsoftheCompanyattheendofthereportingperiod | ||
| Futures(Everbrightaccount) | 38.20 | 0 | 0 | 0 | 221.60 | 221.60 | 0 | 0.00% |
| Futures(T+Daccount) | 77.60 | 358.15 | 0 | 0 | 12,738.57 | 13,096.72 | 0 | 0.00% |
| Futures(Huataiaccount) | 1,050.00 | 667.45 | 63.66 | 0 | 37,321.83 | 36,601.5 | 1,387.78 | 0.73% |
| Revenueswap(CITICaccount) | 50.00 | 0 | 0 | 0 | 360.94 | 360.94 | 0 | 0.00% |
| Futures(CITICaccount) | 290.60 | 0 | 8.07 | 0 | 7,363.24 | 6,933.38 | 429.86 | 0.23% |
| YonganFutures(revenueswap) | 0 | 0 | 0 | 0 | 35.41 | 35.41 | 0 | 0.00% |
| Futures(CITICaccount) | 57.20 | 146.61 | -4.67 | 0 | 4,996.71 | 4,677.11 | 466.21 | 0.25% |
| Total | 1,563.60 | 1,172.21 | 67.06 | 0 | 63,038.30 | 61,926.66 | 2,283.85 | 1.21% |
| Accountingpoliciesandspecificprinciplesofaccountingforhedgingbusinessduringthereportingperiodandwhethertherewasanysignificantchangeinthemcomparedtothepreviousreportingperiod | No | |||||||
| Explanationofactualgainsandlossesduringthereportingperiod | Duringthereportingperiod,thefuturesaccountincurredanactualhedginglossofRMB16.0240million. | |||||||
| Explanationofhedgingeffectiveness | Measurementmethodofhedgeeffectiveness:Hedgeeffectiveness=ChangeinFuturesPrice/ChangeinSpotPrice.Thecloserthisvalueisto100%,themoreeffectivethehedge.Ahedgeisconsideredhighlyeffectivewhenitseffectivenessrangesfrom80%to125%.TheCompany'shedgeeffectivenessconsistentlyexceeds110%,indicatingthatitshedgingstrategyishighlyeffective. | |||||||
| Sourceoffundsforinvestmentinderivatives | Ownedfunds | |||||||
| Riskanalysisandcontrolmeasuresforpositionsinderivativesduringthereportingperiod(includingbutnotlimitedtomarketrisks,liquidityrisks,creditrisks,operationalrisks,andlegalrisks) | TheCompany'shedgingtransactionsfollowthefollowingbasicprinciples:Thevaluechangesofthefuturesvarietiesandcontractquantitiesareroughlyequivalenttothoseofthespotpositions;futurespositionsareintheoppositedirectiontospotpositions;andthetimeperiodinwhichthefuturespositionisheldcorrespondstothetimeperiodinwhichtheriskisbornebythespotmarket.Themainrisksofpositionsingoldfuturesincludebasisrisks,forcedliquidationrisks,andoperationalerrorrisks.Tomanagethebasisrisk,whenthebasisnarrows,theCompanystrivestouseleasedgoldasinventoryandminimizeoravoidbuildingproprietaryinventory.Fortheforcedliquidationrisk,ariskwarningsystemhasbeenestablished:Incaseofsignificantgoldpricefluctuations,capitalplanningisdoneinadvancetoensureadequatefundsinthemarginaccount.Ifforcedliquidationistriggeredbyemergencyevents,theincidentisreportedtotheCompany'sseniormanagementimmediately,andthehedgingpositionsthathaveundergoneforcedliquidationwillberestoredatanappropriatetime.Tomitigatetheoperationalerrorrisk,theCompanyhasimplementedatradertrainingmechanism,strictlyadheredtointernalpolicies | |||||||
| andworkflowrequirementsforoperationandreview,andperformeddailyreporting.TheCompanyhasestablishedascientificandeffectivehedgingmanagementsystem,whichisimplementedthroughfourkeyaspects:organizationalstructuredesign,planningsystems,managementandevaluationprocedures,anddynamicriskmonitoring. | |
| Forchangesinmarketpricesorfairvalueofinvestedderivativesduringthereportingperiod,theanalysisofderivativefairvalueshalldisclosethespecificvaluationmethodsusedandrelatedhypothesesandparametersetting. | Duringthereportingperiod,thefairvaluechangeofthefuturescontractsheldforhedgingpurposeswasRMB670,600.TheCompanydeterminedthefairvalueusingtheclosingpriceofthefuturescontractsheldontheShanghaiGoldExchangeonthelasttradingdayofDecember2024(December31),withthefloatinggainandlossrepresentingthechangeinfairvalue. |
| Involvementinlitigation(ifapplicable) | None |
| DisclosuredateoftheannouncementoftheBoardofDirectorsforderivativesinvestmentapproval(ifany) | January12,2024 |
2)Investmentinderivativesforspeculativepurposesduringthereportingperiod
□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnoinvestmentinderivativesforspeculativepurposes.
5.Usageofraisedfunds
□Applicable?NotapplicableTheCompanydidnotuseanyraisedfundsduringthereportingperiod.
VIII.SalesofMajorAssetsandEquity
1.Salesofmajorassets
□Applicable?NotapplicableTheCompanydidnotsellanymajorassetsduringthereportingperiod.
2.Salesofmajorequity
□Applicable?NotapplicableIX.Analysisofmainholdingandjoint-stockcompanies
?Applicable□NotapplicableMainsubsidiariesandjoint-stockcompaniescontributingover10%totheCompany'snetprofit
Unit:RMB
| Companyname | Companytype | Mainbusiness | Registeredcapital | Totalassets | Netassets | Operatingrevenue | Operatingprofit | Netprofit |
| ShenzhenJewelryIndustryServiceCo.,Ltd. | Subsidiary | Jewelryfairplanning,jewelryconsignmentsales,exhibitionanddisplayplanning,conferenceservices,andmarketingplanning | 100,000,000 | 49,730,332.22 | 36,657,263.32 | 6,797,752.71 | -89,599.80 | 701,734.71 |
| GuorunGoldShenzhenCo.,Ltd. | Subsidiary | Salesofgoldbarsforinvestment,goldrecycling,andgoldrefining/exchangeservices | 200,000,000 | 396,628,815.49 | 198,063,260.37 | 2,299,835,371.86 | 330,358.02 | 150,733.58 |
| ShenzhenTellusTreasurySupplyChainTechCo.,Ltd. | Subsidiary | Purchase,salesandleasingofgoldornamentsandpreciousmetalproducts,supplychainmanagement,andrelatedsupportingservices | 50,000,000 | 93,870,008.58 | 47,250,857.44 | 14,138,975.74 | 678,615.13 | 825,470.21 |
| ShanghaiFanyueDiamondCo.,Ltd. | Subsidiary | Diamondpurchaseandsales | 3,500,000 | 4,201,478.36 | 3,492,569.90 | 69,068.22 | 40,222.12 | 21,203.08 |
| ShenzhenAutomobileIndustryandTradeCo.,Ltd. | Subsidiary | Salesofautomobilesandspareparts | 18,960,000 | 196,967,274.06 | 167,977,164.24 | 31,171,619.59 | 26,818,508.94 | 21,379,818.25 |
| ShenzhenZhongtianIndustryCo.,Ltd. | Subsidiary | Propertyleasing,safedepositboxleasing | 366,221,900 | 589,848,664.83 | 490,917,852.87 | 123,822,331.50 | 78,267,816.73 | 58,458,027.54 |
| ShenzhenHuariAutomobileSalesandServiceCo.,Ltd. | Subsidiary | Automobilesales | 2,000,000 | 6,279,985.48 | -9,399,247.04 | 884.25 | 1,699,988.79 | 1,924,139.23 |
| ShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd. | Subsidiary | Propertyleasing | 9,607,800 | 13,797,946.59 | 7,860,981.72 | 6,757,673.12 | 2,776,108.48 | 2,642,913.74 |
| ShenzhenTellusXinyongtong | Subsidiary | Propertyleasing | 32,900,000 | 98,703,022.52 | 81,524,101.37 | 12,476,178.97 | 8,870,579.75 | 6,683,356.62 |
| AutomobileDevelopmentCo.,Ltd. | ||||||||
| ShenzhenTellusChuangyingTechnologyCo.,Ltd. | Subsidiary | Propertyleasing | 1,500,000 | 2,991,249.63 | 1,959,854.06 | 732.89 | 14,170.90 | 51,278.96 |
| ShenzhenTellus-GmondInvestmentCo.,Ltd. | Joint-stockcompany | Investmentinindustrialdevelopment,propertymanagement,andleasing | 53,704,960 | 365,877,765.89 | 112,432,008.52 | 132,430,277.65 | 59,327,410.87 | 43,930,318.41 |
| ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd. | Subsidiary | Propertyleasing | USD5,000,000 | 21,952,591.94 | 17,307,546.23 | 7,991,572.86 | 266,742.02 | 842,849.92 |
Acquisitionanddisposalofsubsidiariesduringthereportingperiod
□Applicable?NotapplicableDescriptionofmainholdingandjoint-stockcompaniesX.StructuredEntitiesControlledbytheCompany
□Applicable?Notapplicable
XI.OutlookofFutureDevelopment
(I)DevelopmentstrategySincetheCompanyformulatedthestrategyforthetransformationtoathird-partycomprehensiveserviceproviderinthejewelryindustryin2014,ithasbeenunswervinglyandsteadilypromotingitsstrategictransformationandprojectimplementationinaccordancewiththeestablishedplan.Afteryearsofexplorationandattempts,substantialresultshavebeenachieved.Inthefuture,theCompanywilldeepenitsfocusonthird-partyjewelryservices,graduallybuildinganationallyleadingdigitaljewelrytradingplatformandbecominganinternationalhubforjewelryandjadetransactions.By2025,theCompanywillcomprehensivelydevelopitsbusiness,technology,talent,andmanagementcapabilitiesaroundthird-partyjewelryservices,continuouslyenhancingitsplatform'scompetitiveadvantagesanddrivingbreakthroughprogressinvariousinitiatives.
(II)Businessplanfor2025
1.Promotingparty-buildingcollaborationandempoweringmerchantsthroughpartybuildingleadership:TheCompanywillupholdtheleadershipofPartybuilding,aligningeffortswithcorebusinessobjectivesandservingtheoveralldevelopmentstrategy.Byleveragingseveralconcrete
projects("N"initiatives),theCompanyaimstodrivebreakthroughsinParty-leddevelopmentwithinthejewelryindustryecosystemandpromotetheclusteredgrowthoftheTellusJewelryecosystem.
2.Deepeningdevelopmentandintensifyingeffortstoaccelerateplatformconstruction:TheCompanywillintensifyeffortstobuildadigitaljewelryelementtradingplatformthatintegratesonlineandofflinefunctions,includingregularexhibitionsandproductviewing,transactionsettlement,import/exportagency,supplychainfinance,andwarehousinglogisticsinsuranceservices.Thejewelrytradingteamwillbefurtherstrengthenedtoacceleratedigitaltransformation.
3.Optimizingtheexistingproductstructureinthegoldsegmenttobuildcorecompetitiveness:
TheCompanywillenhanceproductR&Danddesigncapabilitiestodevelopadistinctiveproductportfolio.Itwillalsostrengthenitsoperationsteamtocreateahigh-performingmarketexpansionandoperationsunit,buildrobustdatainfrastructure,anddrivebusinessgrowth.
4.Benchmarkingagainstindustryleaderstofullyenhancethecomprehensivecapabilitiesofcommercialoperations:TheCompanywillcompletethebusinesslayoutandadjustmentofitsphysicalcommercialplatform,expandinterconnectivitywithinitsphysicalplatform,andcreateafashionablejewelrydistrictinShuibei.Itwillalsocontinueimprovingmanagementstandardsandbuildanefficientcommercialoperationsmanagementteam.
5.Optimizingtheorganizationalstructureandcontinuouslyimprovingthestrategiccontrolcapability:TheCompanywilladoptaperformance-drivenapproachtoachievepracticaloutcomesthroughactualefforts.Basedonactualneeds,managementtoolsandmindsetswillbeupgraded,andmanagementefficiencywillbeimprovedtoenhancetheCompany'scompetitiveness.TheCompanywillrefineits4Scontrolsystemandensurestrategyexecutionthroughaneffectiveclosed-loopmanagementprocess.
6.Continuouslyimprovingtheincentivemechanismandstrengtheningtheconstructionoftalentteams:TheCompanywillimplementacombinedshort-andlong-termincentivepolicy,refineandoptimizetheperformanceassessmentplanforbusinessunits,andcompletetheformationofaninformationtechnologydevelopmentteam.
7.Effectivelyconsolidatingworksafetymanagement:TheCompanywillreinforceitsworksafetyresponsibilitysystem,formalizeandstandardizeproceduresforscattered,small-scaleprojects,conductregularworksafetytraining,andimprovethecompetencyofgrassrootssafetypersonnel.
(III)Possiblerisksandcountermeasures
Intheprocessofstrategyimplementationandprojectoperation,theCompanywillobjectivelyandclearlyrecognizethepossiblerisksandtakeactiveandeffectivemeasurestopreventthem.
1.Risk1:marketpricefluctuationsTheCompany'sprimaryrawmaterialsaregoldandjewelry.Inrecentyears,fluctuationsininternationalanddomesticeconomicconditionsandchangesinconsumerdemandhaveledtopricefluctuationsingoldandotherrawmaterials,creatinguncertaintiesfortheCompany'soperations.
Countermeasures:First,theCompanywillcontinuouslystrengthenriskmanagementandestablishandimproveriskpreventionandcontrolmechanismstoensureitscomplianceoperation.Second,itwillfirmlyadvanceitsstrategictransformation,promotetheimplementationoftransformationprojectsthroughinnovativebusinessmodels,exploreincrementalmarkets,expandbusinessscale,andseeknewprofitgrowthpointstoenhancecompetitivenessandprovideasolidfoundationforlong-termstabledevelopment.
2.Risk2:insufficienttalentteambuilding
Withtheimplementationoftransformationprojectsandbusinessexpansion,thecurrentpoolofprofessionalsinthejewelryindustrycannotmeettheCompany'srapiddevelopmentneeds.
Countermeasures:First,theCompanywillacceleratetrainingofinternalprofessionalsthroughindustryresearch,learning,andhands-onbusinesspractices.Second,itwillrecruitadditionalbusinesspersonnelwithjewelryindustryexperiencetocomprehensivelyimprovebusinesscapabilitiesfrommarketexpansiontoriskmanagement.Third,itwillobtaininternalandexternalresources,strengthenprofessionalskillstraining,andprovideaplatformforemployeegrowth.XII.ReceptionofInvestigation,Communication,Interview,andOtherActivitiesduringtheReportingPeriod
?Applicable□Notapplicable
| Receptiondate | Receptionplace | Wayofreception | Typesofvisitor | Visitor | Mainpointstalkedaboutandinformationprovided | Indexofgeneralinvestigationinformation |
| January8,2024 | Company | Telephonecommunication | Individual | Investor | InquiryaboutwhethertheCompanyissuesaperformanceforecast | N/A |
| January11,2024 | Company | Telephonecommunication | Individual | Investor | InquiryabouttheCompany'sbusinessoperations | N/A |
| January19,2024 | Company | Telephonecommunication | Individual | Investor | InquiryaboutwhethertheCompanyissuesaperformanceforecast | N/A |
| February27,2024 | Company | Telephonecommunication | Individual | Investor | InquiryabouttheCompany'sESGreportingprogress | N/A |
| March14,2024 | Company | Telephonecommunication | Individual | Investor | InquiryabouttheCompany'sannualreportdisclosuretimeline | N/A |
| March19,2024 | Company | Telephonecommunic | Individual | Investor | InquiryabouttheCompany'sbusinessoperationsanddividend | N/A |
| ation | plans | |||||
| April3,2024 | Company | Telephonecommunication | Individual | Investor | InquiryabouttheCompany'sQ1businessperformance | N/A |
| April19,2024 | Company | Telephonecommunication | Individual | Investor | InquiryaboutnumberoftheCompany'sshareholders | N/A |
| May21,2024 | Company | Telephonecommunication | Individual | Investor | Inquiryaboutthedevelopmentoftheindustry | N/A |
| June13,2024 | Company | Telephonecommunication | Individual | Investor | InquiryaboutwhethertheCompanypurchasesdirectors'liabilityinsurance | N/A |
| August9,2024 | Company | Telephonecommunication | Individual | Investor | Inquiryaboutsemi-annualoperationperformance | N/A |
| September26,2024 | Company | Telephonecommunication | Individual | Investor | InquiryabouttheCompany'sbusinessdevelopment | N/A |
| October11,2024 | Company | Telephonecommunication | Individual | Investor | InquiryabouttheCompany'sQ3businessperformance | N/A |
| December31,2024 | Company | Telephonecommunication | Individual | Investor | Inquiryaboutcorporatestrategyandbusinessmatters | N/A |
XIII.FormulationandImplementationofMarketValueManagementSystemandValuationEnhancementPlanWhethertheCompanyhasformulatedamarketvaluemanagementsystem
□Yes?NoWhethertheCompanyhasdisclosedavaluationenhancementplan
□Yes?No
XIV.ImplementationoftheActionPlanfor"ImprovementinQualityandReturn"
WhethertheCompanyhasdisclosedanannouncementontheActionPlanfor"ImprovementinQualityandReturn"
□Yes?No
SectionIVCorporateGovernance
I.BasicInformationonCorporateGovernanceDuringthereportingperiod,theCompanycontinuouslyimproveditscorporategovernancestructureandinternalcontrolsysteminstrictaccordancewiththeCompanyLaw,theSecuritiesLaw,theStockListingRulesoftheShenzhenStockExchange,theBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.1—StandardOperationofListedCompaniesontheMainBoard,andotherrelevantlawsandregulations.Duringthereportingperiod,theCompanyoperatedinastandardizedmannerwithstrongindependenceandproperinformationdisclosure.Itscorporategovernancecompliedwiththerequirementsofnormativedocumentsforlistedcompanies.Themainaspectsofcorporategovernanceareasfollows.
1.ShareholdersandgeneralmeetingsofshareholdersTheconveningandholdingproceduresofgeneralmeetingsofshareholders,proposalreviewprocedures,anddecision-makingproceduresoftheCompanyallconformedtotherelevantprovisionsandrequirementsoftheCompanyLaw,theArticlesofAssociation,andtheRulesofProcedureforGeneralMeetingsofShareholders.TheCompanytreatedallshareholdersfairlyandespeciallyensuredthatminorityshareholdersenjoyedequalrightsinproportiontotheirshareholdings.TheCompanystrictlyimplementedtheDetailedRulesfortheImplementationofOnlineVotingattheGeneralMeetingofShareholderstoensureallshareholders'rightstoparticipateinandvoteontheCompany'sdecision-makingmatters,allowingthemtofullyexercisetheirrights.AllpreviousGeneralMeetingsofShareholderswerewitnessedbylawyerstoeffectivelymaintainthelegitimaterightsandinterestsofthelistedcompanyandalltheshareholders.TheCompanyalsocommunicatedwithminorityshareholdersthroughtheinvestorrelationscolumnontheinteractiveplatformoftheShenzhenStockExchange(http://irm.cninfo.com.cn)andtheofficialwebsite,telephone,andothermeans,ensuringasmoothandfairinformationexchangewithminorityshareholders.Meanwhile,itfullylistenedtothedemandsandsuggestionsofminorityshareholders.Duringthereportingperiod,theBoardofDirectorsoftheCompanyconvenedandheldthe2023AnnualGeneralMeetingofShareholdersandoneExtraordinaryGeneralMeetingofShareholders.Itexerciseditsfunctionsandpowersinaccordancewithlawsandregulations,theArticlesofAssociation,andtheRulesofProcedureforGeneralMeetingsofShareholderstoformeffectiveresolutions.
2.DirectorsandtheBoardofDirectors
Duringthereportingperiod,theCompanyhad8membersontheBoardofDirectors,including3independentdirectors.ThenumberofmembersontheBoardofDirectorsandtheboardcompositioncompliedwiththerequirementsofrelevantlawsandregulationsandtheArticlesofAssociation.TheBoardofDirectorshasthreespecialcommittees,namely,theStrategyCommittee,theAuditCommittee,andtheRemunerationandAppraisalCommittee.Eachspecialcommitteestrictlyabidesbytherelevantsystemsandregulationsandperformsitsownduties,effectivelystrengtheningthestandardizedoperationoftheworkoftheBoardofDirectorsoftheCompanyandprovidingprofessionalopinionsandreferencesforthedecision-makingoftheBoardofDirectors.Duringthereportingperiod,theCompanyheld6meetingsoftheBoardofDirectorsand9meetingsofspecialcommitteesoftheBoardofDirectorsinaccordancewithlawsandregulations,theArticlesofAssociation,theRulesofProcedurefortheBoardofDirectorsandtherulesofprocedureforspecialcommittees.Theconveningprocedures,proposalreviewprocedures,anddecision-makingproceduresofthemeetingallcompliedwithrelevantregulations.Thedirectorsattendedtheboardmeetingswithaseriousandresponsibleattitudeandactivelyparticipatedinrelevanttraining,withfamiliaritywithrelevantlawsandregulationsandanadequateunderstandingoftheirrights,obligations,andresponsibilities.ThemembersoftheBoardofDirectorskeptadiligentandresponsibleattitudewithareasonablestructureofexpertiseintheperformanceoftheirdutiesandsafeguardedtheoverallinterestsoftheCompany.Theindependentdirectorsexpressedindependentopinionsonrelevantmatterswithafairanddiligentattitude,improvingthescientificandfairdecision-makingoftheBoardofDirectors.
3.SupervisorsandtheBoardofSupervisors
Duringthereportingperiod,theBoardofSupervisorsoftheCompanyconsistedof5supervisors,including2employeerepresentativesupervisors.ThenumberofsupervisorsontheBoardofSupervisorsandtheboardcompositionmettherequirementsoflaws,regulations,andtheArticlesofAssociation.Duringthereportingperiod,theCompanyheld4meetingsoftheBoardofSupervisorsinaccordancewithrelevantlawsandregulations,theArticlesofAssociation,andtheRulesofProcedurefortheBoardofSupervisors.ThesupervisorssupervisedtheCompany'soperationandfinancialstatusandthelegalityandcomplianceoftheCompany'sdirectorsandseniorexecutivesinperformingtheirdutiesandsafeguardedthelegitimaterightsandinterestsoftheCompanyandshareholders.
4.Aboutseniorexecutives
TheseniorexecutivesoftheCompanyassumedclearresponsibilitiesandperformedtheirdutiesinstrictaccordancewithvariousmanagementsystemssuchastheArticlesofAssociationand
theWorkingRulesforGeneralManager,heldadiligentandresponsibleattitude,andearnestlyimplementedandexecutedtheresolutionsoftheBoardofDirectors.
5.InformationdisclosureandinvestorrelationmanagementTheCompany,instrictaccordancewiththerequirementsoftheInformationDisclosureSystem,designatedtheSecretaryoftheBoardofDirectorsoftheCompanytoberesponsibleforinformationdisclosure,receptionofshareholders'visitsandconsultation,anddisclosureofrelevantinformationinatrue,accurate,completeandtimelymannerinstrictaccordancewithrelevantregulations.Duringthereportingperiod,theCompanydesignatedSecuritiesTimesandCNINFOasthenewspaperandwebsiteforinformationdisclosure,ensuringthatallshareholdershadequalopportunitiestoaccessinformation.
6.RelationshipbetweenthecontrollingshareholderandthelistedcompanyThecontrollingshareholderlegallyexercisedtherightsofinvestorsthroughtheGeneralMeetingofShareholderswithoutdirectlyorindirectlyinterveningintheCompany'sdecision-makingandoperationsthroughanyothermeans.Therewerenooccurrencesofmisappropriatingthefundsofthelistedcompany.TheCompanyandthecontrollingshareholdermaintainedaclearseparationintermsofassets,finances,personnel,organization,andbusinessoperations.TheCompany'sBoardofDirectors,BoardofSupervisors,andinternalmanagementorganizationsoperatedindependentlytoensuresignificantdecisionsoftheCompanyweremadefollowingstandardizedprocedures.
7.PerformanceevaluationandincentiveandrestraintmechanismsTheCompanygraduallyestablishedandimprovedtheopenandtransparentperformanceevaluationstandardsandincentiveandrestraintmechanismsfordirectors,supervisors,andseniorexecutives.TheappointmentofseniorexecutivesoftheCompanywasopenandtransparent,complyingwiththeprovisionsoflawsandregulations.
8.AboutstakeholdersWhilepursuingeconomicbenefitsandprotectingtheinterestsofshareholders,theCompanyfullyrespectedandsafeguardedthelegitimaterightsandinterestsofstakeholders,andeffectivelycommunicatedandcooperatedwithstakeholders.TheCompanypaidattentiontotheprotectionofemployees'rightsandinterestsandsupportedtheCongressofEmployeesandtradeunionorganizationstoexercisetheirfunctionsandpowersaccordingtolaw.Duringthereportingperiod,theCompanycultivatedtalents,attachedimportancetosocialresponsibility,paidattentiontosocialwelfareundertakingssuchaswelfare,environmentalprotection,andvoluntaryservice,andachievedgoodsocialbenefitswhileachievingeconomicbenefits.Asoftheendofthereporting
period,thecorporategovernancestatusoftheCompanycompliedwiththerequirementsspecifiedinrelevantnormativedocumentsconcerningthegovernanceoflistedcompanies.IsthereanysignificantmisalignmentbetweentheactualgovernanceoftheCompanyandtheprovisionsoflaws,administrativeregulations,ortherulesofCSRCgoverningthegovernanceoflistedcompanies?
□Yes?NoTherewasnosignificantmisalignmentbetweentheactualgovernanceoftheCompanyandtheprovisionsoflaws,administrativeregulations,ortherulesofCSRCgoverningthegovernanceoflistedcompanies.
II.IndependenceoftheCompanyfromControllingShareholderandActualControllerintermsofAssets,Personnel,Finance,Organizations,andBusinessTheCompanyisindependentofthecontrollingshareholderintermsofbusiness,personnel,assets,organizations,andfinance,possessingindependentandcompletebusinessoperationswithautonomousoperatingcapabilities.
1.Business:TheCompanyisanindependentlegalentity.Itiscompletelyindependentofthecontrollingshareholderintermsofbusiness,possessinganindependentandcompletebusinesssystemandtheabilitytooperateindependently.TheCompanyhasindependentoperationandservicesystemsanditsownleadingbusiness.ThereisnohorizontalcompetitionbetweentheCompanyandthecontrollingshareholderorrelatedparties.
2.Personnel:TheCompanyoperatescompletelyindependentlyintermsoflabor,personnel,andwagemanagementandhasformulatedanindependentmanagementsystem;theGeneralManager,DeputyGeneralManagers,ChiefFinancialOfficer,SecretaryoftheBoardofDirectorsandotherseniorexecutivesoftheCompanyhaveallworkedintheCompanyandreceivedcompensationwhileservingintheirrespectiveroleswithintheCompany,withoutholdinganypositionsinshareholderunits.Thedirectors,supervisors,andseniorexecutivesoftheCompanyareallselectedinstrictaccordancewiththerequirementsandproceduresofrelevantlawsandregulationssuchastheCompanyLaw,ArticlesofAssociation,andrulesofprocedurefortheGeneralMeetingofShareholders,theBoardofDirectorsandtheBoardofSupervisors.
3.Assets:TheCompanyindependentlyandcompletelyownsthebusinesssystemandrelatedassetsrelatedtoitsoperations,andindependentlyregisters,establishesaccountsfor,accountsandmanagestheassets.Theassetsareindependentofthecontrollingshareholderandotherenterprisescontrolledbyit.
4.Finance:TheCompanyhassetupanindependentfinancialaccountingdepartmentandestablishedacompletesetofaccountingsystemsandfinancialmanagementsystems;ThereisnocasewherethecontrollingshareholderinterfereswiththeCompany'scapitaloperation;TheCompanyhasopenedanindependentbankaccount,andthereisnodepositoffundsintotheaccountofafinancecompanyorasettlementcentercontrolledbyamajorshareholderorother
relatedparties;TheCompanydoesnotsharebankaccountswiththecontrollingshareholderorotherenterprisesunderitscontrol.
5.Organization:TheBoardofDirectors,theBoardofSupervisorsandotherinternalorganizationsoftheCompanyoperateindependently.AllorganizationswithintheCompanyaresetupaccordingtotherequirementsofthespecificationsoflistedcompaniesandtheactualbusinesscharacteristicsoftheCompany.TheCompanyhasanindependentofficeaddress.III.HorizontalCompetition
□Applicable?NotapplicableIV.AnnualGeneralMeetingofShareholdersandExtraordinaryGeneralMeetingsofShareholdersduringtheReportingPeriod
1.GeneralMeetingsofShareholdersduringthereportingperiod
| Session | Type | Attendanceproportionofinvestors | Holdingdate | Disclosuredate | Meeting'sresolutions |
| 2023AnnualGeneralMeetingofShareholders | AnnualGeneralMeetingofShareholders | 54.36% | April23,2024 | April24,2024 | Fordetails,pleaserefertotheAnnouncementonResolutionsof2023AnnualGeneralMeetingofShareholders(AnnouncementNo.:2024-015)onSecuritiesTimesandCNINFO(www.cninfo.com.cn). |
| TheFirstExtraordinaryGeneralMeetingofShareholdersin2024 | ExtraordinaryGeneralMeetingofShareholders | 54.65% | December19,2024 | December20,2024 | Fordetails,pleaserefertotheAnnouncementonResolutionsoftheFirstExtraordinaryGeneralMeetingofShareholdersin2024(AnnouncementNo.:2024-037)onSecuritiesTimesandCNINFO(www.cninfo.com.cn). |
2.PreferredshareholderswithresumedvotingrightsrequesttoconveneanExtraordinaryGeneralMeetingofShareholders
□Applicable?Notapplicable
V.Directors,SupervisorsandSeniorExecutives
1.Basicinformation
| Name | Gender | Age | Position | Servicestatus | Startingdateoftenure | Endingdateoftenure | Numberofsharesheldatthebeginning | Numberofincreasedsharesintheperiod | Numberofdecreasedsharesintheperiod | Otherincrease/decrease(shar | Numberofsharesattheendoftheperio | Reasonsfortheincrease/decrea |
| oftheperiod(share) | (share) | (share) | e) | d(share) | seofshares | |||||||
| FuChunlong | Male | 52 | Chairman | Inoffice | September7,2018 | 0 | 0 | 0 | 0 | 0 | - | |
| HongWenya | Male | 51 | Director | Inoffice | September13,2021 | 0 | 0 | 0 | 0 | 0 | - | |
| YangXi | Male | 44 | Director | Inoffice | April29,2022 | 0 | 0 | 0 | 0 | 0 | - | |
| HuangLiang | Male | 38 | Director | Inoffice | September15,2022 | 0 | 0 | 0 | 0 | 0 | - | |
| HuangTianyang | Female | 42 | Director | Inoffice | October12,2023 | 0 | 0 | 0 | 0 | 0 | - | |
| HuangTianyang | Female | 42 | ChiefFinancialOfficer | Inoffice | August2,2023 | 0 | 0 | 0 | 0 | 0 | - | |
| HuYuming | Male | 60 | Independentdirector | Inoffice | January4,2018 | 0 | 0 | 0 | 0 | 0 | - | |
| JiangDinghang | Male | 62 | Independentdirector | Inoffice | September7,2018 | 0 | 0 | 0 | 0 | 0 | - | |
| ZhangDong | Male | 51 | Independentdirector | Inoffice | September7,2018 | 0 | 0 | 0 | 0 | 0 | - | |
| GuoXiaodong | Male | 61 | ChairmanofBoardofSupervisors | Inoffice | September7,2018 | 0 | 0 | 0 | 0 | 0 | - | |
| DaiZhiwei | Male | 49 | Supervisor | Inoffice | May18,2023 | 0 | 0 | 0 | 0 | 0 | - | |
| YeCao | Female | 40 | Supervisor | Inoffice | May18,2023 | 0 | 0 | 0 | 0 | 0 | - | |
| LiuHaicheng | Female | 56 | EmployeeSupervisor | Resigned | September7,2018 | 0 | 0 | 0 | 0 | 0 | - | |
| ZhangZheng | Male | 41 | EmployeeSupervisor | Resigned | September7,2018 | 0 | 0 | 0 | 0 | 0 | - | |
| TanZhong | Male | 57 | DeputySecretaryofPartyCommittee | Inoffice | September7,2018 | 0 | 0 | 0 | 0 | 0 | - | |
| XieJing | Male | 60 | DeputyGeneralManager | Inoffice | October25,2018 | 0 | 0 | 0 | 0 | 0 | - | |
| QiPeng | Male | 52 | DeputyGeneralManager | Inoffice | September29,2021 | 0 | 0 | 0 | 0 | 0 | - | |
| QiPeng | Male | 52 | SecretaryoftheBoardofDirectors | Inoffice | December28,2015 | 0 | 0 | 0 | 0 | 0 | - | |
| Total | -- | -- | -- | -- | -- | -- | 0 | 0 | 0 | 0 | 0 | -- |
Note:Thetermsofofficeforthe10thBoardofDirectorsandtheBoardofSupervisorsoftheCompanyhaveexpired.AsthepreparationfornominatingcandidatesforthenewBoardofDirectorsandtheBoardofSupervisorsisstillunderway,andtoensurethecontinuityandstabilityoftheworkoftheBoardofDirectorsandtheBoardofSupervisors,theelectionoftheBoardofDirectorsandtheBoardofSupervisorsoftheCompanywill
bepostponedandthetermsofofficeforthespecialcommitteesundertheBoardofDirectorsandtheseniorexecutivesoftheCompanywillalsobeextendedaccordingly.Fordetails,pleaserefertotheIndicativeAnnouncementonthePostponementoftheElectionoftheBoardofDirectorsandtheBoardofSupervisors(AnnouncementNo.:2024-033)disclosedbytheCompanyonSecuritiesTimesandCNINFO(http://www.cninfo.com.cn)onNovember27,2024.
Werethereanyresignationsofdirectorsorsupervisorsanddismissalofseniorexecutivesduringthereportingperiod??Yes□NoMr.ZhangZheng,theformerEmployeeSupervisoroftheCompany,appliedtoresignfromhispositionasanEmployeeSupervisorofthe10thBoardofSupervisorsduetoworkarrangements.Fordetails,pleaserefertotheAnnouncementontheResignationoftheEmployeeSupervisoroftheCompany(AnnouncementNo.:2024-013)publishedbytheCompanyonApril9,2024viaSecuritiesTimesandCNINFO(www.cninfo.com.cn).Ms.LiuHaicheng,theformerEmployeeSupervisoroftheCompany,appliedtoresignfromherpositionasanEmployeeSupervisorofthe10thBoardofSupervisorsduetoreachingthestatutoryretirementage.Fordetails,pleaserefertotheAnnouncementontheResignationoftheEmployeeSupervisor(AnnouncementNo.:2024-32)publishedbytheCompanyonNovember5,2024viaSecuritiesTimesandCNINFO(www.cninfo.com.cn).
ChangeofDirectors,Supervisors,andSeniorExecutivesoftheCompany?Applicable□Notapplicable
| Name | Position | Type | Date | Reason |
| ZhangZheng | EmployeeSupervisor | Resigned | April9,2024 | ResigningfromthepositionofEmployeeSupervisorduetoworkarrangements |
| LiuHaicheng | EmployeeSupervisor | Resigned | November5,2024 | ResigningfromthepositionofEmployeeSupervisorduetoreachingthestatutoryretirementage |
2.Employment
Professionalbackground,themainworkexperience,andthecurrentmaindutiesoftheCompany'sincumbentdirectors,supervisors,andseniorexecutives
| Name | MainWorkExperienceandEmployment |
| FuChunlong | Bornin1973,heholdsamaster'sdegreeandisaseniorhumanresourcemanager.HeonceservedasaDeputyWorkingGroupLeaderatShenzhenSDGHuatongPackagingCo.,Ltd.,DeputyBusinessManager,BusinessManager,DeputyDirectorandDirectoroftheHumanResourcesDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,VicePresidentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,SupervisorofShenzhenState-OwnedDutyFreeCommodity(Group)Co.,Ltd.,andSupervisoroftheCompany.HeiscurrentlytheSecretaryofthePartyCommitteeandChairmanoftheBoardofDirectorsoftheCompany. |
| HongWenya | Bornin1974,heholdsamaster'sdegreeandisasenioraccountant,certifiedpublicaccountant,andCertifiedInternalAuditor(CIA).HeonceservedasFinancialManageroftheBusinessDepartmentandAuditManageroftheSupervisionandAuditHeadquartersofGuosenSecuritiesCo.,Ltd.,ChiefFinancialOfficerofShenzhenInstituteofBuildingResearchCo.,Ltd.,DeputyDirectoroftheFinanceDepartmentofShenzhenYuanzhiInvestmentCo.,Ltd.,officialresponsibleforthebudgetmanagementandfinancialsupervisionofmunicipalstate-ownedenterprisesattheStatisticsandBudgetDepartmentoftheState-ownedAssetsSupervisionandManagementCommissionofShenzhenMunicipalPeople'sGovernment,andDeputyDirectoroftheFinanceDepartmentandDirectoroftheComplianceRiskControl |
| DepartmentofShenzhenKunpengCapitalCo.,Ltd.HeiscurrentlyaMemberofthePartyCommittee,Director,andChiefFinancialOfficerofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andaDirectoroftheCompany. | |
| YangXi | Bornin1981,heholdsamaster'sdegree.HesuccessivelyheldthepostsofEngineerofAVICSCC,BusinessManageroftheSecretariatoftheBoardofDirectorsofShenzhenSDGInformationCo.,Ltd.,SeniorDirectoroftheAssetManagementDepartmentofShenzhenYantianPortHoldingsCo.,Ltd.,SecretaryoftheBoardofDirectorsofShenzhenUniluminTechnologyCo.,Ltd.,andCapitalOperationManageroftheOfficeoftheSecretaryoftheBoardofDirectors,CapitalOperationManageroftheStrategicInvestmentDepartment,andDeputyGeneralManageroftheStrategicInvestmentDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.HeiscurrentlyGeneralManageroftheStrategicInvestmentDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andaDirectoroftheCompany. |
| HuangLiang | Bornin1987,heholdsabachelor'sdegreeineconomics.HealsoholdstheSZSEQualificationCertificateforSecretaryoftheBoardofDirectorsandtheSecuritiesQualificationCertificate.HesuccessivelyworkedattheNanshanDistrictAdministrationofWorkSafety,ShenzhenQixinConstructionGroupCo.,Ltd.,HongKongLitongInternationalHoldings(Group)Limited,andChinaBaoanGroupCo.,Ltd.InMay2017,hejoinedShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andsuccessivelyservedasOfficeSecretarialManager,SeniorSecretarialManager,andDeputyOfficeDirector(presidingoverthework),andDirector.HeiscurrentlyGeneralManageroftheEnterpriseManagementandLegalAffairsDepartment(BoardSecretaryOffice)ofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andaDirectoroftheCompany. |
| HuangTianyang | BorninDecember1983,shehasabachelor'sdegreeinmanagementandisanon-practicingcertifiedpublicaccountant,taxadvisor,andintermediateaccountant.ShesuccessivelyservedasanauditoratBakerTillyChinaCertifiedPublicAccountantsShenzhenBranch,aspecialistresponsibleforconsolidatedstatementsattheFinanceDepartmentoftheCompany,andAccountingManager,SeniorAccountingManager,andDeputyGeneralManageroftheFinancialManagementDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.ShecurrentlyservesastheCompany'sDirectorandChiefFinancialOfficer. |
| HuYuming | Bornin1965,heholdsadoctor'sdegreeandisaprofessorofaccounting.Hesuccessivelyworkedasateachingassistant,lecturer,andassociateprofessorattheSchoolofEconomicsofXiamenUniversity,anassociateprofessorattheManagementSchoolofJinanUniversity,DeputyDirectorandDirectoroftheAccountingDepartmentoftheManagementSchoolofJinanUniversity,DeputyDeanoftheInternationalSchoolofJinanUniversity,andDeputyDeanoftheManagementSchoolofJinanUniversity.HeiscurrentlyaprofessoranddoctoralsupervisorattheManagementSchoolofJinanUniversity,anIndependentDirectorofBy-HealthCo.,Ltd.,andanIndependentDirectoroftheCompany. |
| JiangDinghang | Bornin1963,heholdsamaster'sdegreeandisalawyer.HeonceservedasDirectoroftheRegulationConsultationDepartmentofShenzhenSocialSecurityBureau,DeputyDirectoroftheOfficeofShenzhenLaborBureau,OfficeDirectorofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,ChairmanofShenzhenSDGSongliCo.,Ltd.,PartyBranchSecretary,Chairman,andGeneralManagerofShenzhenCommunicationIndustryCo.,Ltd.,andanapprenticelawyeratGuangdongZhongAnLawOffice.HeisnowaHonoraryPartnerofShanghaiAllBright(Shenzhen)LawFirm,anarbitratorattheShenzhenCourtofInternationalArbitrationandarepresentativetotheSeventhPartyCongressofShenzhen.HeisanindependentdirectoroftheCompany. |
| ZhangDong | Bornin1974,hehasadoctor'sdegreeandisapostdoctoralfellowineconomics,professoratesenioreconomist,seniorgoldinvestmentanalyst,andGIAresearchgemologist.HeonceservedasDeputyGeneralManagerofShenzhenQiangzhuangComputerTechnologyCo.,Ltd.,DeputyGeneralManagerofShenzhenBrainTimesEconomyandCultureCo.,Ltd.,AssistanttothePresidentofHongKongLeaderCultureMediaCo.,Ltd.,GeneralManagerofShenzhenZhongshiAdvertisingCo.,Ltd.,GeneralManagerofHeilongjiangLiuguifuJewelryCo.,Ltd.,andPresidentofLiuguifuJewelryGroupCo.,Ltd.HeservesasChairmanoftheBoardofChaozuanJewelry(Shenzhen)Co.,Ltd.andChairmanoftheBoardofKunmiBrandCulture(Hainan)Co.,Ltd.andanindependentdirectoroftheCompany. |
| GuoXiaodong | Bornin1964,heholdsamaster'sdegreeandisasenioreconomist.HeonceservedasDeputyGeneralManagerofShenzhenSDGDevelopmentCenterConstructionSupervisionCompany,DirectorandGeneralManagerofShenzhenSDGDevelopmentCenterPropertyManagementCompany,DeputyGeneralManagerofShenzhenSDGPropertyCo.,Ltd.,ChairmanoftheBoardofSupervisorsofShenzhenSDGRealEstateCo.,Ltd.andChairmanoftheBoardofSupervisorsofShenzhenSDGXiaomeishaTourismDevelopmentCo.,Ltd.Duringthereportingperiod,heservedasChairmanoftheBoardofSupervisorsoftheCompany. |
| DaiZhiwei | Bornin1976,heisamemberoftheCommunistPartyofChinawithabachelor'sdegree.Heholdsthetitlesofcertifiedpublicaccountant,accountant,andeconomist.HeonceservedasDeputyGeneralManagerandChiefFinancialOfficerofGuangdongKaisaJiayunTechnologyCo.,Ltd.,ManageroftheFinanceDepartmentandStrategicOperationDepartmentofShenzhenSDGRealEstateCo.,Ltd.,andDeputyGeneralManageroftheFinancialManagementDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.HeiscurrentlyChiefFinancialOfficerofShenzhenSDGServiceCo.,Ltd.andaSupervisoroftheCompany. |
| YeCao | Bornin1985,sheisamemberoftheCommunistPartyofChinawithabachelor'sdegreeandanintermediateaccountant.Previously,shewastheheadoftheAuditDepartmentofShenzhenSDGInformationCo.,Ltd.SheiscurrentlytheDeputyGeneralManageroftheAuditRiskManagementDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andaSupervisoroftheCompany. |
| TanZhong | Bornin1968,heholdsabachelor'sdegreeandhasalawyerqualificationcertificateandanenterpriselegalcounsel |
Employmentatshareholderunits?Applicable□Notapplicable
| Individual | Shareholderunit | Positionintheshareholderunit | Startingdateoftenure | Endingdateoftenure | Whetherthereiscompensationorallowanceintheshareholderunitornot |
| HongWenya | ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd. | MemberofthePartyCommittee,DirectorandChiefFinancialOfficer | June15,2021 | Yes | |
| YangXi | ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd. | GeneralManagerofStrategicInvestmentDepartment | December6,2021 | Yes | |
| HuangLiang | ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd. | GeneralManageroftheEnterpriseManagementandLegalAffairsDepartment(BoardSecretaryOffice) | April16,2024 | Yes | |
| YeCao | ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd. | DeputyGeneralManagerofAuditDepartment | February1,2023 | Yes | |
| Conditionsonserviceinshareholderunit | ThepositionsoftheCompany'sdirectors,supervisorsandseniorexecutivesinotherunitsarethoseofnon-holdingsubsidiariesoftheCompany. | ||||
Employmentatotherunits?Applicable□Notapplicable
| Individual | Nameofotherunits | Positionheldinotherunits | Startingdateoftenure | Endingdateoftenure | Whetherthereiscompensationorallowanceintheotherunitsornot |
| HongWenya | ShenzhenSDGInformationCo.,Ltd. | Director | October28,2024 | October27,2027 | No |
qualificationcertificate.HeonceservedasalegalcounselofShenzhenAutoMotiveIndustry&TradeGeneralCompany,DeputyDirectoroftheSecretariatoftheBoardofDirectors,LegalAffairsRepresentative,andManageroftheEnterpriseManagementDepartmentoftheCompany,andGeneralManagerandSecretaryofthePartyGeneralBranchofShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd.HecurrentlyservesastheCompany'sDeputySecretaryofthePartyCommitteeandChairmanoftheTradeUnion.
| qualificationcertificate.HeonceservedasalegalcounselofShenzhenAutoMotiveIndustry&TradeGeneralCompany,DeputyDirectoroftheSecretariatoftheBoardofDirectors,LegalAffairsRepresentative,andManageroftheEnterpriseManagementDepartmentoftheCompany,andGeneralManagerandSecretaryofthePartyGeneralBranchofShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd.HecurrentlyservesastheCompany'sDeputySecretaryofthePartyCommitteeandChairmanoftheTradeUnion. | |
| XieJing | Bornin1965,heisaCanadianandholdsabachelor'sdegreeinEngineering.Heisaseniorengineerandcertifiedsupervisionengineer.HeonceservedasastructuralengineeratHunanLightIndustryDesignInstitute,anengineerattheHunanBranchoftheBankofChina,GeneralManagerAssistantoftheRealEstateDepartmentandManageroftheEngineeringDepartmentofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,DeputyGeneralManagerofShenzhenJinchengRealEstateGroupCo.,Ltd.,ExecutivePresidentofShenzhenJiaandaInvestmentGroupCo.,Ltd.,andGeneralManagerofLandReserveCenterofWeiyeHoldingsLtd.HecurrentlyservesasDeputyGeneralManageroftheCompany. |
| QiPeng | Bornin1973,heholdsamaster'sdegreeandisaneconomist.HehasobtainedtheSZSEQualificationCertificateforSecretaryoftheBoardofDirectors.HeonceservedastheSecretaryoftheChairmanandtheheadoftheInformationCenterofShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,DeputyDirectoroftheSecretariatoftheBoardofDirectors,DeputyManageroftheEnterpriseManagementDepartment,andManageroftheBusinessDepartmentoftheAutomobileBusinessDivisionofShenzhenTellusHoldingCo.,Ltd.,GeneralManagerofShenzhenTellusAutomobileServiceChainCo.,Ltd.,GeneralManagerofShenzhenTellusXinyongtongAutomobileDevelopmentCo.,Ltd.,andDirectoroftheSecretariatoftheBoardofDirectorsoftheCompany.HecurrentlyservesasDeputyGeneralManagerandSecretaryoftheBoardofDirectorsoftheCompany. |
| HongWenya | ShenzhenSEZConstructionGroupCo.,Ltd. | Supervisor | November29,2021 | No | |
| YangXi | ShenzhenSDGInformationCo.,Ltd. | Director | October28,2024 | October27,2027 | No |
| YangXi | ShenzhenZhishenggaoTechnologyDevelopmentCo.,Ltd. | Chairman | June26,2023 | No | |
| DaiZhiwei | ShenzhenSDGPropertyAssetManagementCo.,Ltd. | Director | November20,2024 | No | |
| DaiZhiwei | ShenzhenShenshanSpecialCooperationZoneSDGSaigeTechnologyCo.,Ltd. | Supervisor | February9,2023 | No | |
| DaiZhiwei | ShenzhenSDGServiceCo.,Ltd. | ChiefFinancialOfficer | October24,2024 | Yes | |
| YeCao | ShenzhenSDGShengaoClubManagementCo.,Ltd. | Supervisor | November10,2023 | No | |
| YeCao | ShenzhenSDGInformationCo.,Ltd. | Supervisor | October28,2024 | October27,2027 | No |
| YeCao | ShenzhenMicrogateTechnologyCo.,Ltd. | ChairmanofBoardofSupervisors | April24,2023 | April20,2026 | No |
| HuYuming | JinanUniversity | ProfessorandDoctoralSupervisoroftheSchoolofManagement | June1,2003 | Yes | |
| HuYuming | By-HealthCo.,Ltd. | Independentdirector | August24,2023 | August23,2026 | Yes |
| JiangDinghang | ShanghaiAllbright(Shenzhen)LawOffices | SeniorPartner | April1,2005 | Yes | |
| JiangDinghang | ShenzhenCourtofInternationalArbitration | Arbitrator | No | ||
| ZhangDong | ChaozuanJewelry(Shenzhen)Co.,Ltd. | Chairman | December12,2024 | Yes | |
| ZhangDong | KunmiBrandCulture(Hainan)Co.,Ltd. | Chairman | October25,2022 | Yes | |
| Conditionsonserviceinotherunits | ThepositionsoftheCompany'sdirectors,supervisorsandseniorexecutivesinotherunitsarethoseofnon-holdingsubsidiariesoftheCompany. | ||||
Penaltiesimposedbysecuritiesregulatoryinstitutioninpastthreeyearsondirectors,supervisorsandseniorexecutiveswhoarein-serviceandlefttheirpostsduringthereportingperiod
□Applicable?Notapplicable
3.CompensationofDirectors,SupervisorsandSeniorExecutives
Thedecision-makingprocedures,determinationbasisandactualpaymentofthecompensationofdirectors,supervisorsandseniorexecutivesshallbeimplementedinstrictaccordancewiththeCompany'sDetailedRulesfortheImplementationofCompensationandAppraisalCommitteeoftheBoardofDirectors,ManagementMeasuresforCompensationandPerformanceoftheManagementTeam,CompensationManagementSystemforHeadquartersStaff,PerformanceManagementMeasuresforHeadquartersStaffandotherrelevantsystems.
Compensationofthedirectors,supervisorsandseniorexecutivesoftheCompanyduringthereportingperiod
Unit:RMB10,000
| Name | Gender | Age | Position | Servicestatus | TotalcompensationbeforetaxreceivedfromtheCompany | WhethertoreceivecompensationfromrelatedpartiesoftheCompany |
| FuChunlong | Male | 52 | Chairman | Inoffice | 93.48 | No |
| HongWenya | Male | 51 | Director | Inoffice | 0 | Yes |
| YangXi | Male | 44 | Director | Inoffice | 0 | Yes |
| HuangLiang | Male | 38 | Director | Inoffice | 0 | Yes |
| HuangTianyang | Female | 42 | Director,ChiefFinancialOfficer | Inoffice | 60.39 | No |
| HuYuming | Male | 60 | Independentdirector | Inoffice | 8 | No |
| JiangDinghang | Male | 62 | Independentdirector | Inoffice | 8 | No |
| ZhangDong | Male | 51 | Independentdirector | Inoffice | 8 | No |
| GuoXiaodong | Male | 61 | ChairmanofBoardofSupervisors | Inoffice | 0 | No |
| DaiZhiwei | Male | 49 | Supervisor | Inoffice | 0 | Yes |
| YeCao | Female | 40 | Supervisor | Inoffice | 0 | Yes |
| LiuHaicheng | Female | 56 | EmployeeSupervisor | Resigned | 25.5 | No |
| ZhangZheng | Male | 41 | EmployeeSupervisor | Resigned | 3.38 | No |
| TanZhong | Male | 57 | DeputySecretaryofPartyCommittee | Inoffice | 69.84 | No |
| XieJing | Male | 60 | DeputyGeneralManager | Inoffice | 123.6 | No |
| QiPeng | Male | 51 | DeputyGeneralManager,SecretaryoftheBoardofDirectors | Inoffice | 67.84 | No |
| Total | -- | -- | -- | -- | 468.03 | -- |
Otherinformation
□Applicable?Notapplicable
VI.DutyPerformanceofDirectorsduringtheReportingPeriod
1.InformationoftheBoardofDirectorsduringthereportingperiod
| Session | Holdingdate | Disclosuredate | Meeting'sresolutions |
| TheFifteenthExtraordinaryMeetingoftheTenthBoardofDirectors | January11,2024 | January12,2024 | Fordetails,pleaserefertotheAnnouncementonResolutionsoftheFifteenthExtraordinaryMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2024-001)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn) |
| TheTenthFormalMeetingoftheTenthBoardofDirectors | March26,2024 | March28,2024 | Fordetails,pleaserefertotheAnnouncementonResolutionsoftheTenthFormalMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2024-005)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn) |
| TheEleventhFormalMeetingoftheTenthBoardofDirectors | April23,2024 | April25,2024 | Fordetails,pleaserefertotheAnnouncementonResolutionsoftheEleventhFormalMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2024-016)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn) |
| TheTwelfthFormalMeetingoftheTenthBoardofDirectors | August20,2024 | August21,2024 | Fordetails,pleaserefertotheAnnouncementonResolutionsoftheTwelfthFormalMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2024-022)ofSecurities |
| TimesandCNINFO(www.cninfo.com.cn) | |||
| TheThirteenthFormalMeetingoftheTenthBoardofDirectors | October23,2024 | October24,2024 | Fordetails,pleaserefertotheAnnouncementonResolutionsoftheThirteenthFormalMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2024-026)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn) |
| TheSixteenthExtraordinaryMeetingoftheTenthBoardofDirectors | December2,2024 | December3,2024 | Fordetails,pleaserefertotheAnnouncementonResolutionsoftheSixteenthExtraordinaryMeetingoftheTenthBoardofDirectors(AnnouncementNo.:2024-034)ofSecuritiesTimesandCNINFO(www.cninfo.com.cn) |
2.AttendanceofdirectorsattheBoardofDirectorsandGeneralMeetingofShareholders
| AttendanceofdirectorsattheBoardMeetingandGeneralMeetingofShareholders | |||||||
| NameofDirector | NumberofattendancestotheBoardMeetingduringthereportingperiod | AttendancesattheBoardMeetinginperson | AttendancesattheBoardMeetingthroughcommunicationtools | AttendancesattheBoardMeetingthroughentrustingothers | TimesofabsenceattheBoardMeeting | WhethertheyhavefailedtoattendtheBoardMeetinginpersonfortwoconsecutivetimes | AttendancesattheGeneralMeetingofShareholders |
| FuChunlong | 6 | 2 | 4 | 0 | 0 | No | 2 |
| HongWenya | 6 | 2 | 4 | 0 | 0 | No | 0 |
| YangXi | 6 | 2 | 4 | 0 | 0 | No | 0 |
| HuangLiang | 6 | 2 | 4 | 0 | 0 | No | 1 |
| HuangTianyang | 6 | 2 | 4 | 0 | 0 | No | 2 |
| JiangDinghang | 6 | 2 | 4 | 0 | 0 | No | 1 |
| HuYuming | 6 | 2 | 4 | 0 | 0 | No | 2 |
| ZhangDong | 6 | 1 | 5 | 0 | 0 | No | 2 |
ExplanationonfailuretoattendinpersonattheBoardMeetingfortwoconsecutivetimes
3.ObjectiontorelatedmattersoftheCompanybydirectorsWhetherthedirectorshaveanyobjectiontotherelatedmattersoftheCompanyornot
□Yes?NoThedirectorsdidnotraiseanyobjectiontorelatedmattersduringthereportingperiod.
4.OtherinstructionsonthedutyperformanceofdirectorsWhetherthesuggestionsrelatedtotheCompanyproposedbythedirectorsareacceptedornot?Yes□NoDescriptiononacceptanceornon-acceptanceofrelevantsuggestionsrelatedtotheCompanyproposedbythedirectors
Duringthereportingperiod,alldirectorsoftheCompanycarriedouttheirworkinstrictaccordancewiththeCompanyLaw,theSecuritiesLaw,theBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.1—StandardOperationofListedCompaniesontheMainBoardandotherlaws,regulationsandnormativedocuments,aswellastheArticlesofAssociationandtheRulesofProcedureoftheBoardof
Directors,andwerefaithfultotheirduties,diligentandresponsible.TheyallactivelyattendedtheBoardMeeting,understoodtheoperationalsubstanceofthematterunderconsideration,carefullyreviewedanddiscussedvariousproposals,andputforwardtargetedsuggestionsfortheCompany'sinternalcontrol,operationmanagementandstrategiclayout.InaccordancewiththerelevantprovisionsoftheMeasuresfortheAdministrationofIndependentDirectorsofListedCompanies,theindependentdirectorsoftheCompanygivefullplaytotheirownprofessionalknowledge,makeindependentandimpartialjudgments,carryouteffectivesupervisiononthefinancial,productionandoperationactivitiesandinformationdisclosureoftheCompany,playapositiveroleinthescientificdecision-makingandstandardizedoperationoftheBoardofDirectors,andeffectivelysafeguardthelegitimaterightsandinterestsoftheCompanyandallshareholders.TheCompanylistenscarefullytothesuggestionsputforwardbythedirectorsandactivelyadoptsreasonablesuggestionsthatmeetthedevelopmentoftheCompany.VII.SpecialCommitteesSetundertheBoardofDirectorsduringtheReportingPeriod
| NameofCommittee | Members | Numberofmeetingsheld | Holdingdate | Contentofmeeting | Importantcommentsandsuggestions | Otherperformanceofduties | Detailsofobjections(ifany) |
| AuditCommitteeoftheTenthBoardofDirectors | FuChunlong,HongWenya,HuYuming,JiangDinghang,ZhangDong | 6 | January10,2024 | 1.ProposalontheDevelopmentofHedgingBusinessbyHoldingSubsidiary | Beingapproved | - | - |
| January18,2024 | 1.Announcementonthepreliminaryarrangementsforauditingthe2023annualfinancialreport | Beingapproved | - | - | |||
| March25,2024 | 1.2023AnnualReportandSummary2.2023AnnualInternalControlSelf-evaluationReport3.ReportonEvaluationofAccountingFirm'sPerformanceandAuditCommittee'sPerformanceofSupervisoryResponsibilitiesin2023 | Beingapproved | - | - | |||
| April22,2024 | 1.Q1Reportof2024 | Beingapproved | - | - | |||
| August19,2024 | 1.2024Semi-annualReport2.ProposalonChangesinAccountingEstimates3.ProposalonAmendingtheAccountingSystem | Beingapproved | - | - | |||
| October22,2024 | 1.Q3Reportof20242.ProposalonrenewaloftheCompany'sannualauditinstitution | Beingapproved | - | - | |||
| CompensationandAppraisal | FuChunlong,HongWenya,HuYuming, | 3 | March26,2024 | 1.ProposalonPerformanceIndicatorsoftheCompany'sManagementTeamin2024 | Beingapproved | - | - |
| October21,2024 | 1.ProposalontheProbationaryAssessmentResultsoftheCompany's | Beingapproved | - | - |
| CommitteeoftheTenthBoardofDirectors | JiangDinghang,ZhangDong | ChiefFinancialOfficer | |||||
| December2,2024 | 1.ProposalonthePerformanceAssessmentResultsoftheCompany'sManagementTeamin2023;2.ProposalonApprovalandPaymentofProjectBonusesforSomeMembersoftheManagementTeam | Beingapproved | - | - |
VIII.WorkoftheBoardofSupervisors
WhethertheBoardofSupervisorsfoundanyrisksintheCompanyduringitsoversightactivitiesinthereportingperiod.
□Yes?NoTheSupervisoryBoardhasnoobjectionstotheoversightmattersduringthereportingperiod.
IX.EmployeesoftheCompany
1.Numberofemployees,professionalcompositionandlevelofeducation
| Numberofexistingemployeesintheparentcompanyattheendofthereportingperiod(person) | 104 |
| Numberofexistingemployeesinthemainsubsidiariesattheendofthereportingperiod(person) | 56 |
| Totalnumberofexistingemployeesattheendofthereportingperiod(person) | 160 |
| Totalnumberofemployeespayableincurrentperiod(person) | 185 |
| Numberofretiredemployeeswithexpensesincurredbytheparentcompanyandmainsubsidiaries(person) | 0 |
| Professions | |
| Typeofprofessions | Numberofprofessionalpersons(person) |
| Productionpersonnel | 0 |
| Salespersonnel | 34 |
| Technician | 12 |
| Financialpersonnel | 15 |
| Administrativepersonnel | 99 |
| Total | 160 |
| Levelofeducation | |
| Category | Numberofemployees(person) |
| Master'sdegreeandabove | 30 |
| Bachelor'sdegree | 93 |
| Juniorcollegeandbelow | 37 |
| Total | 160 |
2.Compensationpolicy
TheCompanyshallstrictlyfollowtheCompensationManagementSystemforHeadquartersStaff,PerformanceAppraisalManagementSystemforHeadquartersStaffandothersystems.
3.Trainingplan
TheCompanyattachesgreatimportancetoemployeetraining.Duringthereportingperiod,itestablishedanemployeetrainingsystem,improvedthenewemployeetrainingmanual,andproducedanewemployeetrainingcoursewarepackage;organizedinductiontrainingfornewemployeesandface-to-facediscussionswithseniorexecutives,andcapacityimprovementtrainingformiddle-levelmanagers;establishedamentorsystemfornewemployees;andhelpedimproveprofessionalskillsthroughonlinebooks,offlinemagazines,andprofessionaltraining.
4.Laboroutsourcing
□Applicable?NotapplicableX.ProfitDistributionandCapitalReserveConvertedintoShareCapitaloftheCompany
Preparation,implementationoradjustmentoftheprofitdistributionpolicyduringthereportingperiod,especiallythecashdividendpolicy?Applicable□Notapplicable
TheCompanyattachesgreatimportancetothereasonablereturntoinvestors.TheArticlesofAssociationspecifiesthestandardsandproportionsofcashdividends,decision-makingproceduresandmechanisms,andtheformofprofitdistribution.TheCompanystrictlyimplementstheArticlesofAssociationandtheresolutionsoftheGeneralMeetingofShareholders.Thestandardsandproportionsofdividenddistributionareclearanddefinite,therelevantdecision-makingproceduresandmechanismsarecomplete,theminorityshareholdershavetheopportunitytofullyexpresstheiropinionsanddemands,andthelegitimaterightsandinterestsofminorityshareholdersarefullysafeguarded.
| SpecialExplanationonCashDividendPolicy | |
| WhetheritcomplieswiththeprovisionsoftheArticlesofAssociationortherequirementsofresolutionsofthegeneralmeetingofshareholders: | Yes |
| Whetherthedividendstandardsandproportionsaredefiniteandclear: | Yes |
| Whethertherelevantdecision-makingprocessesandmechanismsarecomplete: | Yes |
| Whethertheindependentdirectorsperformtheirdutiesandplaytheirduerole: | Yes |
| IftheCompanydoesnotmakecashdividends,itshalldisclosethespecificreasonsandthenextmeasurestobetakentoenhancethelevelofreturnsforinvestors: | N/A |
| Whethertheminorityshareholdershavetheopportunitytofullyexpresstheiropinionsanddemandsandwhethertheirlegitimaterightsandinterestsareadequatelyprotected | Yes |
| Whethertheconditionsandproceduresforadjustingandchangingthecashdividendpolicyarecompliantandtransparent: | N/A |
Duringthereportingperiod,theCompanyhadprofitsandtheparentcompanyhadpositivedistributiveprofitforshareholders;however,thecashbonusdistributionpre-planwasnotproposed
□Applicable?Notapplicable
Profitdistributionandcapitalreserveconvertedintosharecapitalduringthereportingperiod?Applicable□Notapplicable
| Numberofbonussharesper10shares(share) | 0 |
| Numberofdividendsper10shares(RMB)(tax-inclusive) | 1 |
| Baseofsharecapitalindistributionpre-plan(share) | 431,058,320 |
| Amountofcashdividends(RMB)(tax-inclusive) | 43,105,832.00 |
| Amountofcashdividendsinotherways(suchassharerepurchase)(RMB) | 0.00 |
| Totalamountofcashdividends(includingotherways)(RMB) | 43,105,832.00 |
| Distributableprofit(RMB) | 92,397,334.74 |
| Theproportionoftotalcashdividends(includingotherways)tototalprofitdistribution | 100% |
| Cashdividendsforthecurrentreportingperiod | |
| Others | |
| Descriptionofdetailsonpre-planofprofitdistributionortransferfromcapitalreservetosharecapital | |
| ToactivelybenefitshareholdersandenableinvestorstoparticipateinandsharetheoperatingresultsoftheCompany'sdevelopment,accordingtotheArticlesofAssociation,theShareholderReturnPlanfortheNextThreeYears(2023-2025)oftheCompany,theStockListingRulesoftheShenzhenStockExchangeandotherregulationsoncashdividends,andbytakingintoaccounttheCompany'sfuturestrategiclayoutandothercapitalexpenditureneeds,theCompanyplannedtodistributeacashdividendofRMB1(includingtax)forevery10sharestoallshareholdersbasedonthetotalsharecapitalof431,058,320sharesasofDecember31,2024,withatotalcashdividendofRMB43,105,832.00,withoutbonussharesorcapitalincrease.ThisprofitdistributionplanshallbeimplementedafterbeingreviewedandapprovedbytheGeneralMeetingofShareholders. | |
XI.ImplementationoftheCompany'sEquityIncentivePlan,EmployeeStockOwnershipPlanorOtherEmployeeIncentiveMeasures
□Applicable?Notapplicable
Duringthereportingperiod,therewasnoequityincentiveplan,employeestockownershipplan,orotheremployeeincentivemeasuresandtheirimplementationfortheCompany.XII.EstablishmentandImplementationofInternalControlSystemduringtheReportingPeriod
1.Establishmentandimplementationofinternalcontrol
Duringthereportingperiod,theCompanystrictlycompliedwiththerequirementsoftheCompanyLaw,theArticlesofAssociation,andtheBasicStandardforEnterpriseInternalControlandalignedwithindustrycharacteristicsandtheCompany’sactualoperationstocontinuetoestablish,improve,andrefineitsinternalcontrolsystem.Effortsweremadetostrengtheninternalauditsupervision,enhanceinternalcontroltrainingandawareness,andpromoteacultureofcomplianceoperations.Thesemeasuresensuredtheeffectiveimplementationofinternalcontrolmechanisms,enhancedstandardizedoperations,andsupportedtheCompany'shealthyandsustainabledevelopment.Throughoutthereportingperiod,theCompany'sinternalcontrolsystemswereeffectivelyexecuted,withnomaterialdeficienciesininternalcontrolidentified.Theexpected
internalcontrolobjectivesweremet,safeguardingtheinterestsoftheCompanyandallshareholders.BasedontheidentificationofsignificantdeficienciesintheCompany'sinternalcontrol,asofthebasedateoftheInternalControlEvaluationReport,theCompanyhadnosignificantdeficienciesininternalcontroloverfinancialandnon-financialreportingin2024.TheCompanyhasmaintainedeffectiveinternalcontrolinallmaterialaspectsinaccordancewiththerequirementsofitsinternalcontrolstandardsystemandrelevantregulations.
2.Detailsaboutmaterialdeficienciesininternalcontrolduringthereportingperiod
□Yes?No
XIII.ManagementControlovertheSubsidiariesduringtheReportingPeriod
| Companyname | Integrationplan | Integrationprogress | Problemsencounteredinintegration | Solutiontaken | Progressofresolution | Follow-upresolutionplan |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A |
XIV.InternalControlEvaluationReportorAuditor'sReportonInternalControl
1.Internalcontrolevaluationreport
| Disclosuredateoftheinternalcontrolevaluationreport | March28,2025 | |
| Disclosureindexoftheinternalcontrolevaluationreport | Fordetails,pleaserefertothe2024AnnualInternalControlSelf-evaluationReportdisclosedbytheCompanyonCNINFO(http://www.cninfo.com.cn) | |
| ProportionoftotalunitassetsincludedintheevaluationscopetototalassetsfromtheCompany'sconsolidatedfinancialstatements | 100.00% | |
| ProportionofunitoperatingrevenueincludedintheevaluationscopetooperatingrevenuefromtheCompany'sconsolidatedfinancialstatements | 100.00% | |
| Deficiencyidentificationstandards | ||
| Type | Financialreports | Non-financialreports |
| Qualitativestandards | 1.Materialdeficiencies:Adeficiency,oracombinationofdeficiencies,thatresultsintheinabilitytopromptlyprevent,detect,orcorrectmaterialmisstatementsinfinancialreports.Thefollowingcircumstancesshallbeidentifiedasmaterialdeficienciesininternalcontrol:(1)Managementfraudresultinginmaterialmisstatementsinfinancialresultsortheissuanceoffalsefinancialreports,therebymisleadingusersoffinancialstatements,causingdecision-makingerrors,andleadingtolitigation;(2) | 1.Materialdeficiencies:Adeficiencyshallbedeemedmaterialifanyofthefollowingcircumstancesapply:(1)MajordecisionsaremadeinviolationoftheCompany'sprescribedprocedures,resultinginsignificantlossestotheCompany;(2)SeriousviolationsoflawsorregulationsthatcausesignificantlossestotheCompany;(3)Lackofinstitutionalcontroloverkeybusinessoperations,orsystematicfailureof |
| Ineffectivenessofthecontrolenvironment;(3)Failuretorectifysignificantinternalcontroldeficienciesreportedtomanagementwithinareasonableperiod;(4)Failuretofollowappropriatedecision-makingproceduresformajorcorporatematters,resultinginsignificantlossestotheCompany;(5)LackofeffectivecontroloverkeybusinessactivitiesrelatedtotheCompany'sproductionandoperations;(6)Otherdeficienciesthatseriouslymisleadusersoffinancialstatements,resultinginsignificantcompensationfortheCompany.2.Significantdeficiencies:Adeficiency,oracombinationofdeficiencies,thatresultsintheinabilitytopromptlyprevent,detect,orcorrectmisstatementsinfinancialreports.Althoughthesemisstatementsdonotreachorexceedthematerialitythreshold,theyshouldstilldrawtheattentionofmanagement.Thefollowingcircumstancesshallbeidentifiedassignificantdeficienciesininternalcontrol:(1)Failuretoselectandapplyaccountingpoliciesinaccordancewithgenerallyacceptedaccountingprinciples;(2)Failuretoestablishanti-fraudproceduresandcontrolmeasures;(3)Absenceorlackofimplementationofappropriatecontrolmechanismsfortheaccountingtreatmentofnon-routineorspecialtransactions,andnocorrespondingcompensationcontrolsinplace;(4)Oneormoredeficienciesinthecontrolovertheperiod-endfinancialreportingprocessthatdonotprovidereasonableassurancethatthefinancialstatementsarepreparedtruthfullyandaccurately.3.Generaldeficiencyreferstootherdeficienciesincontrolotherthantheabove-mentionedmaterialdeficiencyandsignificantdeficiency. | internalcontrolsystems;(4)Severelossofcoremanagementpersonnelorkeytechnicians;(5)Failuretorectifymaterialdeficienciesidentifiedininternalcontrolevaluations;(6)Failureofinternalcontroloverinformationdisclosure,resultinginpubliccensurebyregulatoryauthorities.2.Significantdeficiencies:Adeficiencyshallbedeemedsignificantifithasanyofthefollowingcharacteristics:(1)Violationofinternalcorporateregulationsresultinginsubstantiallosses;(2)Significantlossofpersonnelinkeybusinesspositions;(3)DeficienciesintheCompany'scriticalbusinesssystemsorprocedures;(4)FailuretorectifysignificantdeficienciesidentifiedintheCompany'sinternalcontrol.3.Generaldeficiencyreferstootherdeficienciesincontrolotherthantheabove-mentionedmaterialdeficiencyandsignificantdeficiency. | |
| Quantitativestandards | 1.Materialdeficiencies:misstatement>10%ofthetotalprofit,andtheabsoluteamount>RMB10million;2.Significantdeficiencies:5%ofthetotalprofit<misstatement≤10%ofthetotalprofit,andtheabsoluteamount>RMB5million;orRMB5million<absoluteamount≤RMB10million,andthemisstatementamount>5%ofthetotalprofit;3.Generaldeficiencies:misstatement≤5%ofthetotalprofit,ortheabsoluteamount≤RMB5million. | 1.Materialdeficiencies:theamountofloss>1.5%oftheequityoftheowneroftheparentcompany,andtheabsoluteamount>RMB10million;2.Significantdeficiencies:0.5%ofequityoftheowneroftheparentcompany<lossamount≤1.5%ofequityoftheowneroftheparentcompany,orRMB5million<absoluteamount≤RMB10million;3.Generaldeficiencies:theamountofloss≤0.5%ofequityoftheowneroftheparentcompany,ortheabsoluteamount≤RMB5million. |
| Numberofmaterialdeficienciesinthefinancialreport(Nr.) | 0 | |
| Numberofmaterialdeficienciesinthenon-financialreport(Nr.) | 0 | |
| Numberofsignificantdeficienciesinthefinancialreport(Nr.) | 0 | |
| Numberofsignificantdeficienciesinthenon-financialreport(Nr.) | 0 |
2.Auditor'sreportoninternalcontrol
?Applicable□Notapplicable
| Reviewopinionparagraphinauditor'sreportoninternalcontrol | |
| Inouropinion,theCompanymaintained,inallmaterialrespects,effectiveinternalcontroloverfinancialreportingasatDecember31,2024inaccordancewiththeBasicStandardforEnterpriseInternalControlandrelevantregulations. | |
| Disclosureofauditor'sreportoninternalcontrol | Disclosure |
| Disclosuredateofauditor'sreportoninternalcontrol | March28,2025 |
| Disclosureindexofauditor'sreportoninternalcontrol | CNINFO(http://www.cninfo.com.cn) |
| Typeofopinioninauditor'sreportoninternalcontrol | Standardunqualifiedopinion |
| Whethertherearematerialdeficienciesinthenon-financialreport | No |
Whethertheaccountingfirmissuesanon-standardopinionintheauditor'sreportoninternalcontrol
□Yes?NoWhethertheauditor'sreportoninternalcontrolissuedbytheaccountingfirmisconsistentwiththeself-evaluationreportoftheBoardofDirectors?Yes□No
XV.RectificationofProblemsIdentifiedintheSelf-inspectionovertheListedCompany'sSpecialGovernanceMeasuresN/A
SectionVEnvironmentalandSocialResponsibilityI.MajorEnvironmentalProtectionIssuesWhetherthelistedcompanyanditssubsidiariesbelongtothekeypollutantdischargeunitsannouncedbytheenvironmentalprotectiondepartment
□Yes?NoAdministrativepunishmentimposedforenvironmentalproblemsduringthereportingperiod
| Nameofcompanyorsubsidiary | Reasonforpunishment | Violation | Penalty | Impactontheproductionandoperationofthelistedcompany | Rectificationmeasuresofthecompany |
| None | None | None | None | None | None |
Refertootherenvironmentalinformationdisclosedbykeypollutantdischargeunits:TheCompanyanditssubsidiarieswerenotsubjecttoadministrativepenaltiesduetoenvironmentalproblemsduringthereportingperiod.Measurestoreducecarbonemissionsduringthereportingperiodandeffects
□Applicable?NotapplicableReasonsforfailuretodiscloseotherenvironmentalinformation
TheCompanyanditssubsidiariesarenotkeypollutantdischargeunitsannouncedbytheenvironmentalprotectiondepartment,andtherewasnopunishmentduetoviolationsoflawsandregulationsduringthereportingperiod.II.SocialResponsibilitiesTheCompanyprioritizedemployeehealthbyorganizingthe2024annualphysicalexaminationprogram;implementedlaborunionwelfaresupportbyvisitingandofferingcaretoover20employees;carriedoutavarietyoflaborunionactivities;andmanagedtheallocationoftalenthousingandpublicrentalhousing,helpingyoungemployeessettledown.III.DetailsonConsolidatingandExpandingItsAchievementsinPovertyAlleviationandRuralRevitalizationTheCompany'sPartyCommitteeactivelyrespondedtothehigher-levelPartyorganization'sarrangementsforimplementingthenationalruralrevitalizationstrategy.In2024,theCompanyallocatedoverRMB100,000topurchasepovertyalleviationproducts.Additionally,from2021toAugust2024,theCompanydispatchedonePartymembertoShangyanVillage,ChengtianTown,ShantouCity,tosupportruralrevitalizationefforts,withaserviceperiodexceedingthreeyears.
SectionVIImportantMatters
I.PerformanceofCommitments
1.CommitmentsthathavebeenfulfilledduringthereportingperiodandhavenotyetbeenfulfilledasattheendofthereportingperiodbytheCompany'sactualcontroller,shareholders,relatedparties,acquirers,theCompanyandothercommitmentrelatedparties?Applicable□Notapplicable
| Commitmentcause | Commitmentparty | Commitmenttype | Commitmentcontent | Commitmenttime | Commitmentperiod | Performance |
| Commitmentmadeinacquisitionreportorreportofequitychange | ShenzhenInvestmentHoldingsCo.,Ltd. | Ensuretheindependenceoflistedcompanies | TheCompanywillmaintaintheindependenceofthelistedcompanyandmaintainpersonnelindependence,institutionalindependence,financialindependenceandassetintegritywiththelistedcompany.Thelistedcompanywillstillhaveindependentoperationability,independentprocurement,productionandsalessystem,andindependentintellectualpropertyrights.Incaseofviolationoftheabovecommitments,theCompanywillbearcorrespondinglegalresponsibilities,includingbutnotlimitedtocompensationforalllossescausedtothelistedcompany. | December30,2022 | DuringtheperiodofbeinganindirectcontrollingshareholderoftheCompany | Inperformance |
| ShenzhenInvestmentHoldingsCo.,Ltd. | Avoidhorizontalcompetition | 1.AsofthesigningdateofthisLetterofCommitment,theCompanyandotherenterprisescontrolledbytheCompanyhavenotengagedinbusinessandactivitiesthatareindirectcompetitionwithormayconstitutedirectcompetitionwithTellusandwillnotengageinbusinessandactivitiesthatareindirectcompetitionwithormayconstitutedirectcompetitionwithTellusinthefuture(exceptthosearrangedbasedonShenzhenSASACorsimilargovernmentagencies);2.DuringtheperiodofbeingtheindirectcontrollingshareholderofTellusandduringTellus'listingontheShenzhenStockExchange,theCompanywillfullyrespecttheindependentoperationautonomyofallsubsidiariescontrolledbytheCompanyandensurethatthelegitimaterightsandinterestsofTellusanditsminorityshareholderswillnotbeinfringed;3.TheCompanypromisesnottoseekillegitimateinterestswiththestatusofcontrollingshareholderofTellus,thusdamagingtherightsandinterestsofTellusanditsminorityshareholders;4.TheCompanypromisesnottoassistanypartytoengageinanybusinessactivitiesthatareinsubstantialcompetitionorpotentialcompetitionwiththemainbusinessofTellusbyusingtheinformationlearnedorknownfromTellus;5.IftheCompanyorotherenterprisescontrolledbytheCompanyviolatetheabovecommitmentsandguarantees,theCompanyshallbeartheeconomiclossescausedtothelistedcompany. | ||||
| Shenzhen | Reduceand | 1.TheCompanyandthecompanies,enterprises,andeconomicorganizationscontrolledoractuallycontrolledbytheCompany |
| InvestmentHoldingsCo.,Ltd. | standardizerelatedpartytransactions | (excludingenterprisescontrolledbylistedcompanies,hereinaftercollectivelyreferredtoas"affiliatedcompanies")willexercisetherightsofshareholders,fulfilltheobligationsofshareholders,andmaintaintheindependenceoflistedcompaniesintermsofassets,finance,personnel,business,andinstitutionsinstrictaccordancewiththeprovisionsoflaws,regulations,andothernormativedocuments;2.TheCompanypromisesnottouseitspositionasacontrollingshareholdertourgetheGeneralMeetingofShareholdersortheBoardofDirectorsofthelistedcompanytomakeresolutionsthatinfringeuponthelegitimaterightsandinterestsofothershareholdersofthelistedcompany;3.TheCompanyoritsaffiliatedcompanieswilltrytoavoidrelatedpartytransactionswithlistedcompanies.Ifitisinevitabletohaverelatedpartytransactionswithlistedcompanies,theCompanyoritsaffiliatedcompanieswillurgethecontrolledentitiestotradewithlistedcompaniesonanequalandvoluntarybasisperfair,reasonable,andnormalcommercialtransactionconditions;4.TheCompanyoritsaffiliatedcompanieswillperformthedecision-makingproceduresofrelatedpartytransactionsandthecorrespondinginformationdisclosureobligationsinstrictaccordancewiththeArticlesofAssociationofthelistedcompanyandrelevantlawsandregulations;5.TheCompanyoritsaffiliatedcompanieswillensurethattheywillnotseekspecialinterestsbeyondtheaboveprovisionsthroughrelatedpartytransactionswiththelistedcompany,illegallytransferthefundsandprofitsofthelistedcompanythroughrelatedpartytransactions,andmaliciouslydamagethelegitimaterightsandinterestsofthelistedcompanyanditsshareholdersthroughrelatedpartytransactions.Incaseofviolationoftheabovecommitments,theCompanywillbearcorrespondinglegalresponsibilities,includingbutnotlimitedtocompensationforalllossescausedtothelistedcompany. | ||||
| Commitmentmadeduringtheinitialpublicofferingorrefinancing | ShenzhenTellusHoldingCo.,Ltd. | Others | Inthefuture,theCompanywilldiscloserelevantinformationregardingtheprogressofitsnewbusinessinatimely,accurate,andsufficientmannerperrelevantrequirements. | October17,2014 | Long-term | Inperformance |
| OthercommitmentsmadeforminorityshareholdersoftheCompany | ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd. | Horizontalcompetition | ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,thecontrollingshareholderoftheCompany,issuedtheLetterofCommitmenttoAvoidingHorizontalCompetitiononMay26,2014.Thecommitmentsareasfollows:1.TheCompanyandotherenterprisescontrolledbytheCompanyotherthanTellusHoldingarenotengagedinbusinessthatisinsubstantialcompetitionwiththemainbusinessofTellusHolding,andthereisnohorizontalcompetitionrelationshipwithTellusHolding;2.TheCompanyanditscontrolledenterpriseswillnot,inanyform,directlyorindirectlyengageinorparticipateinbusinessthatcompetesormaycompetewiththemainbusinessofTellusHolding;3.IftheCompanyandotherenterprisescontrolledbytheCompanycanengageinorparticipateinanybusinessopportunitythatmaycompetewiththemainbusinessofTellus | May26,2014 | Long-term | Inperformance |
| Holding,theyshallnotifyTellusHoldingoftheabovebusinessopportunitybeforeimplementingorsigningrelevantagreements.IfTellusHoldingmakesapositivereplywithinareasonableperiodspecifiedinthenoticethatitiswillingtotakeadvantageofthebusinessopportunity,thebusinessopportunitywillbefirstofferedtoTellusHolding. | ||||||
| Othercommitments | ShenzhenTellusHoldingCo.,Ltd. | Dividendcommitment | From2023to2025,theCompany'sprofitswillbefirstusedtocoverthelossesofpreviousyears;Aftermakingupforthelossesofpreviousyears,onthepremisethattheCompany'sprofitsandcashflowmeetthenormaloperationandlong-termdevelopmentoftheCompany,theCompanywillimplementanactiveprofitdistributionmethodtorewardshareholders.Fordetails,pleaserefertotheShareholderReturnPlanfortheNextThreeYears(2023-2025)disclosedonwww.cninfo.com.cnonApril27,2023. | April27,2023 | December31,2025 | Inperformance |
| Whetherthecommitmentsaredulyperformed? | Yes | |||||
| Explanationofthesituationwherecommitmentsarenotfulfilledwithinthedeadline | N/A | |||||
2.IftheprofitforecastcanbecarriedoutfortheCompany'sassetsorprojectsandthereportingperiodiswithintheperiodofprofitforecast,theCompanyshallexplainwhethertheassetsandprojectscanrealizetheoriginalprofitforecastandspecifythereasons
□Applicable?Notapplicable
II.ControllingShareholderandOtherRelatedParties'OccupationofNon-operatingFundsoftheListedCompany
□Applicable?NotapplicableNon-operatingfundoccupiedbythecontrollingshareholderandotherrelatedpartiestowardsthelistedcompanyisnotidentifiedwithinthereportingperiodoftheCompany.III.IllegalExternalGuarantees
□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnoillegalexternalguarantees.
IV.DescriptionoftheBoardofDirectorsontheLatest"Non-StandardAuditor'sReport"
□Applicable?NotapplicableV.DescriptionoftheBoardofDirectors,BoardofSupervisorsandIndependentDirectors(IfAny)onthe"Non-StandardAuditor'sReport"IssuedbytheAccountingFirmduringtheReportingPeriod
□Applicable?Notapplicable
VI.DescriptionoftheChangesinAccountingPoliciesandAccountingEstimatesorCorrectionofMajorAccountingErrorsasComparedwithThoseintheFinancialReportforthePreviousYear
?Applicable□Notapplicable
1.ChangesinsignificantaccountingpoliciesRefertoNoteV.28ofsection10forchangesinsignificantAccountingPolicies.
2.ChangesinmaterialaccountingestimatesInresponsetotheCompany'sbusinessdevelopmentandfixedassetmanagementneeds,andtofairlyreflectitsfinancialpositionandoperatingresults,theCompanyhaschangeditsaccountingestimatesforthedepreciationperiodoffixedassetstobetteralignwiththeiractualservicelife.Beforethischangeinaccountingestimates,thedepreciationperiodoffixedassetsis:
| Category | Servicelife(year) | Residualvaluerate(%) | Annualdepreciationrate(%) |
| Premisesandbuildings | 10,35-40 | 0,3 | 10,2.43-2.77 |
| Including:Decorationofself-ownedhouses | 10 | 0 | 10 |
| Machineryequipment | 12 | 3 | 8.08 |
| Electronicequipment | 5-7 | 3 | 13.86-19.4 |
| Transportationequipment | 7 | 3 | 13.86 |
| Officeandotherequipment | 7 | 3 | 13.86 |
Afterthischangeinaccountingestimates,thedepreciationperiodoffixedassetsis:
| Category | Servicelife(year) | Residualvaluerate(%) | Annualdepreciationrate(%) |
| Premisesandbuildings | 10,35-40 | 0,3 | 10,2.43-2.77 |
| Including:Decorationofself-ownedhouses | 10 | 0 | 10 |
| Machineryequipment | 10 | 3 | 9.70 |
| Electronicequipment | 3 | 3 | 32.33 |
| Transportationequipment | 7 | 3 | 13.86 |
| Officeandotherequipment | 5 | 3 | 19.40 |
VII.ExplanationonChangeofScopeofConsolidatedFinancialStatementsComparedwiththeFinancialStatementofthePreviousYear
?Applicable□NotapplicableOnDecember9,2024,boththeshareholdersofSDGHuarisignedanagreementtoterminatetheliquidationandresumeoperations.TheCompanysubmittedanapplicationtotheShenzhenQianhaiCooperationZonePeople'sCourtforwithdrawalofthecompulsoryliquidationapplicationforSDGHuari.OnDecember27,2024,theCompanyreceivedtheCivilRuling([2023]Y0391QQNo.4)fromtheShenzhenQianhaiCooperationZonePeople'sCourt,whichapprovedthewithdrawalofthecompulsoryliquidationapplicationforSDGHuari.Consequently,theCompanyincludedSDGHuariinitsconsolidatedfinancialstatementsasofDecember27,2024.VIII.EmploymentandDismissalofAccountingFirm
Currentemployedaccountingfirm
| Nameofdomesticaccountingfirm | GrantThorntonCertifiedPublicAccountants(SpecialGeneralPartnership) |
| Salaryofdomesticaccountingfirm(RMB10,000) | 75 |
| Durationofauditserviceprovidedbydomesticaccountingfirm | 2 |
| NamesofCPAsofdomesticaccountingfirm | WuLiang,XiaoNa |
| DurationofauditserviceprovidedbyCPAofdomesticaccountingfirm | 2yearsforWuLiangand1yearforXiaoNa |
Whethertheemploymentoftheaccountingfirmwillbechangedduringthecurrentperiod
□Yes?NoEmploymentofaccountingfirm,financialconsultantorsponsorforinternalcontrolaudit?Applicable□NotapplicableTheCompanyemployedGrantThorntonCertifiedPublicAccountants(SpecialGeneralPartnership)asits2024annualfinancialandinternalcontrolauditfirm.Theemploymenttermwasoneyear,andtheinternalcontrolauditfeewasRMB250,000.IX.DelistingafterDisclosureofAnnualReport
□Applicable?NotapplicableX.MattersRelatingtoBankruptcyReorganization
□Applicable?Notapplicable
MattersconcerningbankruptcyreorganizationwerenotidentifiedwithinthereportingperiodoftheCompany.
XI.MajorLitigationandArbitrationMatters?Applicable□Notapplicable
| Basicinformationoflitigation(arbitration) | Amountinvolved(RMB10,000) | Whetherestimatedliabilitiesareformed | Progressoflitigation(arbitration) | Litigation(arbitration)trialresultsandimpacts | Executionoflitigation(arbitration)judgment | Disclosuredate | Disclosureindex |
| Disputeoverlandleasecontract(AutomobileIndustryandTradeCompanyastheplaintiff) | 1,403.76 | No | Inprogress | Thesecondtrialhasbeenheldbutnoverdicthasbeenissued.IthasnomajoreffectsontheCompany'sproductionandoperation. | - | ||
| Projectconstructioncontractdispute(ZhongtianCompanyasthedefendantintheoriginalclaimandtheplaintiffinthecounterclaim) | 670.44 | No | Inprogress | ThesecondtrialwasheldonDecember23,butnoverdicthasbeenissued.IthasnomajoreffectsontheCompany'sproductionandoperation. | - | ||
| Disputeoverendowmentinsurancetreatment(AutomobileIndustryandTradeCompanyasdefendant) | 156.97 | No | Closed | OnNovember19,2024,theCompanyreceivedacourtrulingdismissingtheplaintiff'slawsuit.IthasnomajoreffectsontheCompany'sproductionandoperation. | None | ||
| Unjustenrichmentdispute(theCompanyastheplaintiff) | 175.94 | No | Inprogress |
TheCompanyhasfiledanappealandthesecondtrialhasbeenheld,butnoverdicthasbeenissued.IthasnomajoreffectsontheCompany'sproductionandoperation.
XII.PunishmentandRectification
□Applicable?NotapplicableNopunishmentorrectificationwasidentifiedwithinthereportingperiodoftheCompany.
XIII.IntegritySituationoftheCompanyanditsControllingShareholderandActualController
□Applicable?Notapplicable
XIV.MajorRelatedPartyTransactions
1.Relatedpartytransactionsconcerningdailyoperations?Applicable□Notapplicable
-Relatedtransaction
| Relatedtransaction | Related- | Typeof | Content | Pricing | Priceof | Amountof | Proportion | Approved | Exceedthe | Settlement | Marketprice | Disclosure | Disclosure |
| party | partyrelationship | relatedpartytransaction | ofrelatedpartytransaction | principleofrelatedpartytransaction | relatedpartytransaction | relatedpartytransaction(RMB10,000) | totransactionamountofthesamekind | transactionamount(RMB10,000) | approvedamountornot | methodsofrelatedpartytransaction | ofavailablesimilartransaction | date | index |
| ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd. | ADirectoroftheCompanyconcurrentlyservesasitsDirector | Dailyrelatedpartytransactions | Providepropertyleasingservices | Marketpricing | 545.00 | 545.00 | 1.92% | 545 | No | Accordingtothecontractamountoragreement | 545.00 | March28,2024 | AnnouncementonDailyRelatedPartyTransactionsin2024(AnnouncementNo.:2024-009)ofSecuritiesTimesandCNINFO |
| ShenzhenSDGTellusPropertyManagementCo.,Ltd. | Subsidiaryofcontrollingshareholder | Dailyrelatedpartytransactions | Providepropertyleasingservices | Marketpricing | 17.20 | 17.20 | 0.06% | 18 | No | Accordingtothecontractamountoragreement | 17.20 | ||
| ShenzhenSDGMicrofinanceCo.,Ltd. | Subsidiaryofcontrollingshareholder | Dailyrelatedpartytransactions | Providepropertyleasingandmanagementservices | Marketpricing | 132.79 | 132.79 | 0.47% | 503 | No | Accordingtothecontractamountoragreement | 132.79 | ||
| ShenzhenSDGServiceCo.,Ltd.anditsbranches | Subsidiaryofcontrollingshareholder | Dailyrelatedpartytransactions | Providepropertyleasingandparkingservices | Marketpricing | 426.75 | 426.75 | 1.50% | 542 | No | Accordingtothecontractamountoragreement | 426.75 | ||
| Shenzhen | A | Daily | Provi | Mar | 30.00 | 30.00 | 100.0 | 30 | No | Accor | 30.00 |
| TelixingInvestmentCo.,Ltd. | DirectoroftheCompanyconcurrentlyservesasitsDirector | relatedpartytransactions | debrokerageandagencyservices | ketpricing | 0% | dingtothecontractamountoragreement | |||||
| ShenzhenSDGEngineeringManagementCo.,Ltd. | Subsidiaryofcontrollingshareholder | Dailyrelatedpartytransactions | Acceptengineeringsupervisionservices | Marketpricing | 84.71 | 84.71 | 100.00% | 140 | No | Accordingtothecontractamountoragreement | 84.71 |
| ShenzhenSDGServiceCo.,Ltd.anditsbranches | Subsidiaryofcontrollingshareholder | Dailyrelatedpartytransactions | Acceptpropertymanagementandsecurityservices | Marketpricing | 2,167.25 | 2,167.25 | 86.88% | 4,022 | No | Accordingtothecontractamountoragreement | 2,167.25 |
| ShenzhenSDGEasternServiceCo.,Ltd. | Subsidiaryofcontrollingshareholder | Dailyrelatedpartytransactions | Acceptpropertymanagementservices | Marketpricing | 11.88 | 11.88 | 0.48% | 0 | Yes | Accordingtothecontractamountoragreement | 11.88 |
| ShenzhenSDGBuildingTechnologyCo.,Ltd. | Subsidiaryofcontrollingshareholder | Dailyrelatedpartytransactions | Acceptpropertymanagementservices | Marketpricing | 21.60 | 21.60 | 0.87% | 0 | Yes | Accordingtothecontractamountoragreement | 21.60 |
| ShenzhenSDGTellusProperty | Subsidiaryofcont | Dailyrelatedparty | Acceptproperty | Marketpricing | 198.58 | 198.58 | 7.96% | 198 | No | Accordingtothecontra | 198.58 |
| ManagementCo.,Ltd. | rollingshareholder | transactions | managementservices | ctamountoragreement | |||||||||
| GuorenProperty&CasualtyInsuranceCo.,Ltd. | Enterprisecontrolledbyindirectcontrollingshareholders | Dailyrelatedpartytransactions | Acceptinsuranceservices | Marketpricing | 54.44 | 54.44 | 68.20% | 80 | No | Accordingtothecontractamountoragreement | 54.44 | ||
| ISSTechInformationTechnologyCo.,Ltd. | Subsidiaryofcontrollingshareholder | Dailyrelatedpartytransactions | Accepttechnicalservices | Marketpricing | 0 | 0 | 152 | No | Accordingtothecontractamountoragreement | 0 | |||
| Total | -- | -- | 3,690.2 | -- | 6,230 | -- | -- | -- | -- | -- | |||
| Detailsoflarge-sumsalesreturn | None | ||||||||||||
| Theactualperformanceduringthereportingperiod(ifany)ifthetotalamountofdailyrelatedpartytransactionsoccurringinthecurrentperiodisestimatedbycategory | Normalperformance | ||||||||||||
| Reasonsforthegreatdifferencebetweenthetransactionpriceandmarketreferenceprice(ifapplicable) | N/A | ||||||||||||
2.Relatedpartytransactionsfromacquisitionandsaleofassetsorequity
□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnorelatedpartytransactionfromtheacquisitionandsaleofassetsorequity.
3.Relatedpartytransactionofjointoutboundinvestment
□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnorelatedpartytransactionofjointoutboundinvestment.
4.Transactionrelatedtocreditanddebt?Applicable□Notapplicable
Whethertherearetransactionsofnon-operatingrelatedcreditsanddebts
□Yes?NoDuringthereportingperiod,theCompanyhadnotransactionsrelatedtocreditanddebt.
5.Transactionswithrelatedfinancecompanies
□Applicable?NotapplicableThereisnodeposit,loan,credit,orotherfinancialbusinessbetweentheCompanyandrelatedfinancecompaniesandrelatedparties.
6.TransactionsbetweenfinancecompaniescontrolledbytheCompanyandrelatedparties
□Applicable?NotapplicableThereisnodeposit,loan,credit,orotherfinancialbusinessbetweenthefinancecompaniescontrolledbytheCompanyandrelatedparties.
7.Othermajorrelatedpartytransactions
□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnoothermajorrelatedpartytransactions.
XV.MajorContractsandPerformance
1.Trusteeship,contractingandleasingmatters
(1)Trusteeship
□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnotrusteeship.
(2)Contracting
□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnocontracting.
(3)Leasing
□Applicable?NotapplicableDuringthereportingperiod,theCompanyhasnoleasing.
2.Significantguarantees?Applicable□Notapplicable
Unit:RMB10,000
| ExternalguaranteesoftheCompanyanditssubsidiaries(excludingtheguaranteestosubsidiaries) | ||||||||||
| Nameofguaranteed | Disclosuredateofthe | Guarantee | Actualdateof | Actualguarant | Typeof | Collateral(if | Counter-guarantee | Guaranteeperiod | Whetherit | Whetheritis |
| party | relevantannouncementoftheguaranteeamount | amount | occurrence | eeamount | guarantee | any) | (ifany) | isfulfilled | providedtorelatedparties | |
| ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd. | September30,2014 | 3,500 | 0 | Pledge | No | No | UntiltheexpirydateoftheJointVentureContract | No | Yes | |
| Totalexternalguaranteeamountapprovedduringthereportingperiod(A1) | 0 | Totalactualexternalguaranteeamountduringthereportingperiod(A2) | 0 | |||||||
| Totalexternalguaranteeamountapprovedattheendofthereportingperiod(A3) | 3,500 | Totalactualexternalguaranteebalanceattheendofreportingperiod(A4) | 0 | |||||||
| TheCompany'sguaranteetosubsidiaries | ||||||||||
| Nameofguaranteedparty | Disclosuredateoftherelevantannouncementoftheguaranteeamount | Guaranteeamount | Actualdateofoccurrence | Actualguaranteeamount | Typeofguarantee | Collateral(ifany) | Counter-guarantee(ifany) | Guaranteeperiod | Whetheritisfulfilled | Whetheritisprovidedtorelatedparties |
| Guaranteebetweensubsidiaries | ||||||||||
| Nameofguaranteedparty | Disclosuredateoftherelevantannouncementoftheguaranteeamount | Guaranteeamount | Actualdateofoccurrence | Actualguaranteeamount | Typeofguarantee | Collateral(ifany) | Counter-guarantee(ifany) | Guaranteeperiod | Whetheritisfulfilled | Whetheritisprovidedtorelatedparties |
| TotalamountoftheCompany'sguarantee(i.e.totalofthefirstthreeitems) | ||||||||||
| Totalguaranteeamountapprovedduringthereportingperiod(A1+B1+C1) | 0 | Totalactualguaranteeamountduringthereportingperiod(A2+B2+C2) | 0 | |||||||
| Totalguaranteeamountapprovedattheendofthereportingperiod(A3+B3+C3) | 3,500 | Totalactualguaranteebalanceattheendofthereportingperiod(A4+B4+C4) | 0 | |||||||
| Proportionoftotalactualguaranteeamount(i.e.A4+B4+C4)totheCompany'snetassets | 0.00% | |||||||||
3.Managementofcashassetsbyotherentrustedparties
(1)Entrustedfinancialmanagement?Applicable□NotapplicableOverviewofentrustedfinancialmanagementduringthereportingperiod
Unit:RMB10,000
Including:
Category
| Category | Capitalsourceofentrustedfinancialmanagement | Amountofentrustedfinancialmanagement | Unexpiredbalance | Overdueunrecoveredamount | Theamountofimpairmentaccruedforoverdueunrecoveredfinancialmanagementproducts |
| Bankfinancialproducts | Ownedfunds | 113,130 | 58,130 | 0 | 0 |
| Total | 113,130 | 58,130 | 0 | 0 | |
Detailsofhigh-riskentrustedfinancialmanagementwithlargeindividualamountorlowsecurityandpoorliquidity
□Applicable?NotapplicablePrincipalunabletoberecoveredorotherconditionscausingimpairmentforentrustedfinancialmanagement
□Applicable?Notapplicable
(2)Entrustedloan
□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnoentrustedloans.
4.Othermajorcontracts
□Applicable?NotapplicableDuringthereportingperiod,theCompanyhasnomajorcontracts.
XVI.ClarificationonOtherMajorMatters
□Applicable?NotapplicableTheCompanyhadnoothermajormattersthatneededtobestatedduringthereportingperiod.XVII.MajorMattersoftheCompany'sSubsidiaries?Applicable□Notapplicable
BothshareholdersofSDGHuarireachedaconsensusandamendedtheArticlesofAssociationtochangeSDGHuari'sbusinesstermto"perpetualoperation".Onthesameday,theCompanysubmittedanapplicationtotheShenzhenQianhaiCooperationZonePeople'sCourttowithdrawits
applicationforthecompulsoryliquidationofSDGHuari.TheCompanysubsequentlyreceivedaCivilRuling([2023]Y0391QQNo.4fromthecourt,whichruledtoapprovetheCompany’sapplicationforwithdrawal.Fordetails,pleaserefertotheAnnouncementontheProgressofCompulsoryLiquidationofHoldingSubsidiary(AnnouncementNo.:2024-036)publishedbytheCompanyonDecember10,2024andtheAnnouncementontheProgressofCompulsoryLiquidationofHoldingSubsidiary(AnnouncementNo.:2024-038)publishedonDecember31,2024.
SectionVIIChangesinSharesandShareholders
I.ChangesinShares
1.Changesinshares
Unit:share
| Beforethechange | Increase(+)/decrease(-)inthischange | Afterthechange | |||||||
| Quantity | Proportion | Issuanceofnewshares | Bonusshares | Conversionofcapitalreserveintosharecapital | Others | Subtotal | Quantity | Proportion | |
| I.Restrictedshares | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 1.Stateshareholding | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 2.State-ownedlegalpersonshareholding | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 3.Otherdomesticshareholding | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| Including:sharesheldbydomesticlegalperson | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| Domesticnaturalpersonshareholding | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 4.Foreignshareholding | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| Including:Foreignlegalpersonshareholding | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| Foreignnaturalpersonshareholding | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| II.Unrestrictedshares | 431,058,320 | 100.00% | 0 | 0 | 0 | 0 | 0 | 431,058,320 | 100.00% |
| 1.RMB-denominatedordinaryshares | 392,778,320 | 91.12% | 0 | 0 | 0 | 0 | 0 | 392,778,320 | 91.12% |
| 2.Domesticlistedforeignshares | 38,280,000 | 8.88% | 0 | 0 | 0 | 0 | 0 | 38,280,000 | 8.88% |
| 3.Foreignlistedforeignshares | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 4.Others | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| III.Totalamountofshares | 431,058,320 | 100.00% | 0 | 0 | 0 | 0 | 0 | 431,058,320 | 100.00% |
Reasonsforchangesinshares
□Applicable?NotapplicableStatusofauthorizationforchangesinshares
□Applicable?NotapplicableStatusoftransferforchangesinshares
□Applicable?NotapplicableEffectofchangesinsharesonthefinancialindicatorsincludingbasicearningspershareanddilutedearningspershareinthemostrecentyearandinthemostrecentperiodaswellasnetassetpershareattributabletotheCompany'sshareholdersofordinaryshares
□Applicable?NotapplicableOtherinformationdisclosedastheCompanydeemsnecessaryorrequiredbysecuritiesregulatoryauthorities
□Applicable?Notapplicable
2.Changesinshareswithrestrictionsonsale
□Applicable?NotapplicableII.ConditionsonIssuanceandListingofSecurities
1.Conditionsonissuanceofsecurities(excludingpreferredshares)duringthereportingperiod
□Applicable?Notapplicable
2.DescriptionoftotalnumberofsharesoftheCompany,changesinshareholderstructureandchangesintheCompany'sassetandliabilitystructure
□Applicable?Notapplicable
3.Sharesofexistinginternalstaff
□Applicable?NotapplicableIII.ShareholdersandActualController
1.NumberofshareholdersandshareholdingsoftheCompany
Unit:share
| Totalnumberofordinaryshareholdersasattheendofthereportingperiod | 50,749 | Totalnumberof | 50,093 | Totalnumberofpreferred | 0 | Totalnumberofpreferredshareholderswithrestoredvoting | 0 |
| ordinaryshareholdersasattheendofthepreviousmonthbeforethedisclosuredateoftheannualreport | shareholderswithrestoredvotingrightsasattheendofthereportingperiod | rightsasattheendofthepreviousmonthbeforethedisclosuredateoftheannualreport | ||||||
| Shareholdersholdingmorethan5%sharesorshareholdingoftop10shareholders(excludingshareslentthroughrefinancing) | ||||||||
| Nameofshareholder | Natureofshareholder | Shareholdingproportion | Numberofsharesheldattheendofthereportingperiod | Increase/decreaseduringthereportingperiod | Numberofrestrictedsharesheld | Numberofunrestrictedsharesheld | Pledged,markedorfrozenshares | |
| Statusofshares | Quantity | |||||||
| ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd. | State-ownedlegalperson | 49.09% | 211,591,621 | 1,200,000 | 0 | 211,591,621 | N/A | 0 |
| ShenzhenCapitalFortuneJewelryIndustryInvestmentEnterprise(LimitedPartnership) | Domesticnon-state-ownedlegalperson | 5.08% | 21,919,153 | 0 | 0 | 21,919,153 | N/A | 0 |
| LiXiaoming | Domesticnaturalperson | 0.71% | 3,069,500 | 0 | 0 | 3,069,500 | N/A | 0 |
| HongKongSecuritiesClearingCompanyLimited | Overseaslegalperson | 0.60% | 2,577,239 | 396,580 | 0 | 2,577,239 | N/A | 0 |
| GUOTAIJUNANSECURITIES(HONGKONG)LIMITED | Overseaslegalperson | 0.41% | 1,783,491 | 42,000 | 0 | 1,783,491 | N/A | 0 |
| ChinaMerchantsBankCo.,Ltd.—ChinaSouthernCSI1000ETF | Others | 0.38% | 1,627,070 | 1,383,770 | 0 | 1,627,070 | N/A | 0 |
| IndustrialandCommercialBankofChinaLimited—ChinaSouthernCSIAllShareRealEstateETF | Others | 0.36% | 1,532,475 | 13,800 | 0 | 1,532,475 | N/A | 0 |
| MaYongcheng | Domesticnaturalperson | 0.26% | 1,139,180 | 499,880 | 0 | 1,139,180 | N/A | 0 |
| WangHua | Overseasnaturalperson | 0.22% | 965,000 | 965,000 | 0 | 965,000 | N/A | 0 |
| ChinaMerchantsBankCo.,Ltd.—ChinaAMCCSI1000ETF | Others | 0.20% | 872,880 | 655,800 | 0 | 872,880 | N/A | 0 |
| Statusofthestrategicinvestororgenerallegalpersonbecomingoneoftop10shareholdersduetorightsissue | None | |||||||
| (ifany)(seeNote3) | ||||
| Explanationsoftherelatedrelationshiporconcertedactionoftheaboveshareholders | Amongthetop10shareholders,ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.wasnotrelatedtoothershareholdersandwasnotapersonactinginconcertasstipulatedintheMeasuresfortheAdministrationoftheTakeoverofListedCompanies.Itwasunknownwhetherothershareholdersoftradableshareswerepersonsactinginconcert. | |||
| Descriptionoftheabove-mentionedshareholders'involvementinentrusting/beingentrustedwiththerighttovoteandgivinguptheright | N/A | |||
| Specialdescriptionofrepurchasespecialaccountamongthetop10shareholders(ifany)(seeNote10) | None | |||
| Shareholdingsoftop10shareholderswithoutrestrictionsonsale(excludingshareslentthroughrefinancingandlockedsharesofseniorexecutives) | ||||
| Nameofshareholder | Numberofunrestrictedsharesheldasattheendofreportingperiod | Sharetype | ||
| Sharetype | Quantity | |||
| ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd. | 211,591,621 | OrdinarysharesdenominatedinRMB | 211,591,621 | |
| ShenzhenCapitalFortuneJewelryIndustryInvestmentEnterprise(LimitedPartnership) | 21,919,153 | OrdinarysharesdenominatedinRMB | 21,919,153 | |
| LiXiaoming | 3,069,500 | OrdinarysharesdenominatedinRMB | 3,069,500 | |
| HongKongSecuritiesClearingCompanyLimited | 2,577,239 | OrdinarysharesdenominatedinRMB | 2,577,239 | |
| GUOTAIJUNANSECURITIES(HONGKONG)LIMITED | 1,783,491 | Domesticlistedforeignshares | 1,783,491 | |
| ChinaMerchantsBankCo.,Ltd.—ChinaSouthernCSI1000ETF | 1,627,070 | OrdinarysharesdenominatedinRMB | 1,627,070 | |
| IndustrialandCommercialBankofChinaLimited—ChinaSouthernCSIAllShareRealEstateETF | 1,532,475 | OrdinarysharesdenominatedinRMB | 1,532,475 | |
| MaYongcheng | 1,139,180 | OrdinarysharesdenominatedinRMB | 1,139,180 | |
| WangHua | 965,000 | Domesticlistedforeignshares | 965,000 | |
| ChinaMerchantsBankCo.,Ltd.—ChinaAMCCSI1000ETF | 872,880 | OrdinarysharesdenominatedinRMB | 872,880 | |
| Descriptionontherelatedrelationshiporconcertedactionamongtop10shareholdersofunrestrictedtradablesharesandbetweentop10shareholdersofunrestrictedtradablesharesandtop10shareholders | Amongthetop10shareholders,ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,astate-ownedlegal-personshareholder,wasnotrelatedtoothershareholdersandwasnotapersonactinginconcertasstipulatedintheMeasuresfortheAdministrationoftheTakeoverofListedCompanies.Itwasunknownwhetherothershareholdersoftradableshareswerepersonsactinginconcert. | |||
| Descriptionofparticipationofthetop10shareholdersofordinarysharesinsecuritiesmargintrading(ifany)(seeNote4) | 1.DuetotherefinancingbusinesscarriedoutbyShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,thecontrollingshareholderoftheCompany,thenumberofsharesheldattheendofthisreportingperiodincreasedby1,200,000sharescomparedwiththatattheendof2023.Theincreaseinthenumberofshares | |||
Thesituationofshareholdersholdingmorethan5%ofshares,thetop10shareholders,andthetop10shareholderswithunlimitedtradablesharesparticipatingintheloanofsharesintherefinancingbusiness?Applicable□Notapplicable
Unit:share
heldisduetotherecoveryoflentshares.
2.TheshareholderChinaMerchantsBankCo.,Ltd.—ChinaSouthernCSI1000ETFFundcarriedouttherefinancingbusiness.Attheendofthisreportingperiod,thenumberofsharesheldincreasedby1,383,770sharescomparedwiththatattheendof2023,ofwhich54,600shareswereincreasedduetotherecoveryoflentshares.
3.TheshareholderChinaMerchantsBankCo.,Ltd.—ChinaAMCCSI1000ETFcarriedouttherefinancingbusiness.Attheendofthisreportingperiod,thenumberofsharesheldincreasedby665,800sharescomparedwiththatattheendof2023,ofwhich28,800shareswereincreasedduetotherecoveryoflentshares.
4.TheshareholderMaYongchengheld1,139,180sharesoftheCompanythroughguaranteedcreditaccountsand0sharesoftheCompanythroughordinarysecuritiesaccounts,holdingatotalof1,139,180shares.Thesituationofshareholdersholdingmorethan5%ofshares,thetop10shareholders,andthetop10shareholderswithunlimited
tradablesharesparticipatingintheloanofsharesintherefinancingbusiness
| Thesituationofshareholdersholdingmorethan5%ofshares,thetop10shareholders,andthetop10shareholderswithunlimitedtradablesharesparticipatingintheloanofsharesintherefinancingbusiness | ||||||||
| Nameofshareholder(fullname) | Ordinaryaccountandcreditaccountshareholdingatthebeginningoftheperiod | Shareslentthroughrefinancingatthebeginningoftheperiodandnotyetreturned | Ordinaryaccountandcreditaccountshareholdingattheendoftheperiod | Shareslentthroughrefinancingattheendoftheperiodandnotyetreturned | ||||
| Totalquantity | Proportionintotalsharecapital | Totalquantity | Proportionintotalsharecapital | Totalquantity | Proportionintotalsharecapital | Totalquantity | Proportionintotalsharecapital | |
| ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd. | 210,391,621 | 48.81% | 1,200,000 | 0.28% | 211,591,621 | 49.09% | 0 | 0.00% |
| ChinaMerchantsBankCo.,Ltd.—ChinaSouthernCSI1000ETF | 243,300 | 0.06% | 54,600 | 0.01% | 1,627,070 | 0.38% | 0 | 0.00% |
| ChinaMerchantsBankCo.,Ltd.—ChinaAMCCSI1000ETF | 217,080 | 0.05% | 28,800 | 0.01% | 872,880 | 0.20% | 0 | 0.00% |
Changesfromthepreviousperiodcausedbythetop10shareholdersandthetop10shareholdersofunlimitedtradablesharesduetorefinancing-basedlending/returning
□Applicable?NotapplicableWhethertheCompany'stop10shareholdersofordinarysharesandthetop10shareholdersofordinaryshareswithoutrestrictionsonsaleperformedtheagreedrepurchasetransactionsduringthereportingperiod
□Yes?NoTheCompany'stop10shareholdersofordinarysharesandthetop10shareholdersofordinaryshareswithoutrestrictionsonsaledidnotperformtheagreedrepurchasetransactionsduringthereportingperiod.
2.ControllingshareholderoftheCompany
Natureofcontrollingshareholder:localstate-ownedholding
Typeofcontrollingshareholder:legalperson
| Nameofcontrollingshareholder | Legalrepresentative/personincharge | Dateofestablishment | Organizationcode | Mainbusiness |
| ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd. | ZhangJunlin | June20,1982 | 91440300192194195C | Investmentinthedevelopmentofindustries(specificprojectswillbedeclaredseparately);investmentinthedevelopmentofthetourismindustry;realestatedevelopmentandoperation;domestictradeandmaterialsupplyandmarketing(excludingmonopoly,exclusivecontrolandmonopolizedcommodities);economicinformationconsultation(excludingrestricteditems);operationofimportandexportbusiness(subjecttoapprovalbytheIndustrialandCommercialBureau). |
| Equityofotherdomesticandforeignlistedcompaniescontrolledandparticipatedbythecontrollingshareholderduringthereportingperiod | Attheendofthereportingperiod,inadditiontoholdingtheequityoftheCompany,SDGGroupalsoheldequityofotherlistedcompaniesasfollows:1.Holding36.18%equityofShenzhenSDGInformationCo.,Ltd.(stockabbreviation:SDGInformation),andcontrolling1.10%equityofShenzhenSDGInformationCo.,Ltd.throughHansecoSanhoCo.,Ltd.;2.Holding47.78%equityofShenzhenSDGServiceCo.,Ltd.(stockabbreviation:SDGService),andholding0.98%equityofShenzhenSDGServiceCo.,Ltd.throughShenzhenSDGInvestmentCo.,Ltd.;3.Holding8.28%equityofShenzhenMicrogateTechnologyCo.,Ltd.(stockabbreviation:MicrogateTechnology),andcontrolling14.46%equityofShenzhenMicrogateTechnologyCo.,Ltd.throughtheCompany'sholdingsubsidiaryShenzhenCapitalFortuneElectronicInformationInvestmentEnterprise(LimitedPartnership).4.Holding0.48%equityofSichuanNewJinluGroupCo.,Ltd.(stockabbreviation:NewJinlu). | |||
Changeinthecontrollingshareholderduringthereportingperiod
□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnochangeinthecontrollingshareholder.
3.ActualcontrollersandpersonsactinginconcertoftheCompany
Natureofactualcontroller:localstate-ownedassetsadministrativeauthorityTypeofactualcontroller:legalperson
| Nameofactualcontroller | Legalrepresentative/personincharge | Dateofestablishment | Organizationcode | Mainbusiness |
| State-ownedAssetsSupervisionandManagementCommissionofShenzhenMunicipalPeople'sGovernment | YangJun | April2,2004 | 11440300K317280672 | Performtheresponsibilitiesoftheinvestoronbehalfofthestate,andsuperviseandmanagethestate-ownedassetsauthorizedforsupervisionaccordingtolaw. |
| Equityofotherdomesticandforeignlistedcompaniescontrolledbytheactualcontrollerduringthereportingperiod | N/A | |||
Changesinactualcontrollerduringthereportingperiod
□Applicable?Notapplicable
Duringthereportingperiod,theCompanyhadnochangeintheactualcontroller.BlockdiagramofpropertyrightsandcontrolrelationshipbetweentheCompanyandtheactualcontroller
ActualcontrollercontrollingtheCompanybywayoftrustorotherassetmanagementmethods
□Applicable?Notapplicable
4.SharespledgedbytheCompany'scontrollingshareholderorthelargestshareholderanditsacting-in-concertpartiesaccountfor80%oftheCompany'ssharesheldbythem
□Applicable?Notapplicable
5.Othercorporateshareholderswithmorethan10%sharesheld
□Applicable?Notapplicable
6.Restrictioninreductionofsharesheldbycontrollingshareholder,actualcontroller,restructuringpartiesandothercommitmentunits
□Applicable?Notapplicable
IV.SpecificImplementationofShareRepurchaseduringtheReportingPeriod
Progressintheimplementationofsharerepurchase
□Applicable?NotapplicableProgressintheimplementationofsharerepurchasereductionthroughcallauction
□Applicable?Notapplicable
SectionVIIIPreferredShares
□Applicable?NotapplicableDuringthereportingperiod,theCompanyhadnopreferredshares.
SectionIXBonds
□Applicable?Notapplicable
SectionXFinancialReportsI.Auditor'sReport
| Typeofauditor'sopinion | Standardunqualifiedopinion |
| Signingdateoftheauditor'sreport | March26,2025 |
| Nameofauditinstitution | GrantThorntonCertifiedPublicAccountants(SpecialGeneralPartnership) |
| Auditor'sReportNo. | ZTSZ(2025)No.441A004582 |
| NameofCPA | WuLiang,XiaoNa |
TextoftheAuditor'sReport
AllshareholdersofShenzhenTellusHoldingCo.,Ltd.:
I.Auditor'sOpinionWehaveauditedtheattachedfinancialstatementsofShenzhenTellusHoldingCo.,Ltd.(hereinafterreferredtoas"Tellus"),includingConsolidatedandCompany'sBalanceSheetsasofDecember31,2024andConsolidatedandCompany'sIncomeStatements,ConsolidatedandCompany'sCashFlowStatementsandConsolidatedandCompany'sStatementsofChangesinShareholders'Equityfor2024,aswellasrelevantNotestoFinancialStatements.
Inouropinion,theattachedfinancialstatementsfairlypresent,inallmaterialrespects,theconsolidatedandCompany'sfinancialpositionsofTellusasofDecember31,2024,anditsconsolidatedandCompany'sfinancialperformanceandcashflowsfortheyearinaccordancewiththeASBE.
II.BasisforAuditor'sOpinion
WeconductedourauditinaccordancewiththeChineseCertifiedPublicAccountantAuditingStandards.ThesectionintheAuditor'sReporttitled"CPAs'ResponsibilitiesfortheAuditoftheFinancialStatements"furtherdescribesourresponsibilitiesunderthesestandards.WeareindependentofTellusinaccordancewiththeChinaCodeofEthicsforCertifiedPublicAccountants,andwehavefulfilledourotherethicalresponsibilities.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouraudit.
III.KeyAuditMatters
Keyauditmattersarethosemattersthataredeemedmostimportanttotheauditofthefinancialstatementsforthecurrentperiodbasedonourprofessionaljudgment.ThesemattersareaddressedinthecontextoftheauditofthefinancialstatementsasawholeandtheformationoftheAuditor'sOpinion,andwedonotexpressaseparateopiniononthesematters.
(I)RevenuerecognitionSeeNotesIII.26andV.44ofthefinancialstatementsfordetailsofrelevantinformationdisclosure.
1.MatterdescriptionTheCompany'soperatingrevenuemainlycomesfrompropertyleasingandservices,andgoldandjewelrysalesandservices.In2024,theoperatingrevenueofTellusreachedRMB2.614billion,anincreaseof41.53%overthesameperiodlastyear.Sinceoperatingrevenueisoneofitskeyperformanceindicators,theremaybeariskthatthemanagementofTellus(hereinafterreferredtoasthe"management")willachievespecificgoalsorexpectationsthroughinappropriaterevenuerecognition.Therefore,wehaveidentifiedrevenuerecognitionasakeyauditmatter.
2.AuditresponseOurauditproceduresforrevenuerecognitionmainlyinclude:
(1)Understandtheinternalcontroldesignrelatedtorevenuerecognitionandtesttheeffectivenessofkeycontrolprocesses.
(2)AssesstheappropriatenessofthespecificmethodusedbyTellusforrevenuerecognitionbyinquiringwiththemanagement,reviewingsalescontracts,andanalyzingthetimingofcontroltransferrelatedtorevenuerecognition.
(3)Implementanalysisproceduresforoperatingrevenue,includingtheanalysisofmonthlyrevenueandgrossprofitmarginfluctuationsin2024,comparativeanalysisofrevenue,pricesandgrossprofitmarginsofmajorproductsandservicesbetweenthecurrentperiodandthepreviousyear,aswellascomparativeanalysiswithlistedcompaniesinthesameindustry.
(4)Selectmajorcustomerstoconfirmsalesforthecurrentperiod;forsamplesthatdidnotreceivearesponse,verifytheauthenticityoftransactionsbyexaminingsubsequentpaymentsandreviewingsalescontracts,invoices,deliveryreceipts,andothersupportingdocuments.
(5)Selecttestsamples,checkthesupportingdocumentsrelatedtorevenuerecognitionthisyear,includingrealestateleasecontracts,commoditysalescontracts,invoices,salesorders,outbounddeliveryorders,settlementstatementsandcustomersign-offrecords,etc.,andcheckwhethertherevenuerecognitionisaccurate;.
(6)Implementthecut-offtest,checktheoperatingrevenuerecognizedbeforeandafterthebalancesheetdateagainstsupportingdocumentssuchasinvoices,commoditysalesorders,outbounddeliveryordersandcustomerreceipts,andevaluatewhethertheoperatingrevenueisrecognizedinanappropriateperiod.
(7)Checkthebusinessinformationofnewcustomers,customerswithlargesaleschangesandtheirrelatedpartiesin2024,andverifywhetherthereareanyunidentifiedpotentialrelatedpartyrelationshipsandtransactions.
(II)Confirmationofthebookvalueofinvestmentrealestate,fixedassetsandconstructionprojectsunderconstruction
Forthedisclosure,seeNotesⅢ15、16and17,Ⅴ14、15and16.
1.Descriptionofmatters
AsofDecember31,2024,thevalueofinvestmentrealestate,fixedassetsaccountandprojectunderconstructionsurfaceoftheCompanyis1,173,867,957.54yuan,accountingfor45.25%ofthetotalassets.Thebookvalueofinvestmentrealestate,fixedassetsandprojectsunderconstructioninvolvessignificantmanagementjudgment,includingthestandardoftheprojectsunderconstructionreachingthepredeterminedusablestate,andtheeconomicusablelifeandresidualvaluerateoffixedassetsandinvestmentrealestate.Sincetheevaluationofthebookvalueofinvestmentrealestate,fixedassetsandtheconstructionunderconstructioninvolvesthesignificantjudgmentofthemanagementanditsimportancetotheconsolidatedfinancialstatements,wedeterminethebookvalueofinvestmentrealestate,fixedassetsandtheconstructionunderconstructionasthekeyauditmatters.
2.Auditresponse
(1)Understandthekeyinternalcontrolsrelatedtotheexistence,integrityandaccuracyofinvestmentrealestate,fixedassetsandconstructionunderconstruction,evaluatethedesignoftheseinternalcontrols,determinewhethertheyareimplemented,andtesttheoperationeffectivenessofrelevantinternalcontrols;
(2)Spotcheckthepurchasecontract,paymentdocuments,invoices,acceptancedocuments
andothermaterialsoflargeassets;
(3)Checktheconstructionsiteunderconstruction,understandandevaluatetheprogressoftheproject,andcheckwiththeentryrecords;Obtaintheownershipcertificateofinvestmentrealestateandfixedassetsandthecompanyinventorytable,anddrawtheimportantassetsonsite;
(4)Toevaluatewhetherthemanagementisreasonabletoevaluatetheusablelifeandnetresidualvalueofinvestmentrealestateandfixedassets;
(5)Obtainthedepreciationplantableofinvestmentrealestateandfixedassets,andrecalculatewhetherthedepreciationplanisaccurate;
(6)Obtaintheauditdataofthepre-transferprojectandconfirmtherationalityofthevalueofthepre-transferassets;
(7)Checkwhethertheinformationrelatedtotheinvestmentrealestate,fixedassetsandtheprojectsunderconstructionhasbeenproperlyreportedanddisclosedinthefinancialstatements.
IV.OtherInformation
ThemanagementofTellus(hereinafterreferredtoasthe"Management")isresponsibleforotherinformation.Otherinformationcomprisestheinformationincludedinthe2024AnnualReportofTellus,butdoesnotincludethefinancialstatementsandourauditor’sreportthereon.
Ourauditor'sopiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.
Basedonourauditoffinancialstatements,webeartheresponsibilityofreadingotherinformationandconsideringwhetherthereisanysignificantinconsistencyorseeminglymaterialmisstatementbetweenotherinformationandthefinancialstatementsorsituationsobtainedbyusintheauditprocess.
If,basedontheworkwehaveexecuted,weconcludethatthereisamaterialmisstatementoftheotherinformation,weshouldreportthatfact.Inthisregard,wehavenothingtoreport.
V.ResponsibilitiesoftheManagementandtheGovernancefortheFinancialStatements
TheManagementofTellusisresponsibleforthepreparationandfairpresentationofthefinancialstatementsinaccordancewiththeAccountingStandardsforBusinessEnterprises,anddesign,implementationandmaintenanceofnecessaryinternalcontrolstoenablethepreparationoffinancialstatementsfreefrommaterialmisstatement,whetherduetofraudorerror.
Inpreparationofthefinancialstatement,themanagementisresponsibleforassessingTellus'sustainableoperationability,disclosingthesustainableoperationrelateditems(ifapplicable)andapplyingthegoing-concernassumption,unlessotherwisethemanagementplanstoliquidateTellus,stopoperationorithasnootherpracticalchoice.
ThegovernanceisresponsibleforsupervisingTellus'financialreportingprocess.
VI.CPAs'ResponsibilitiesfortheAuditoftheFinancialStatements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor'sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurancebutisnotaguaranteethatanauditconductedaccordingtoauditingstandardswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorinaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsuserswouldtakeonthebasisofthesefinancialstatements.
Weexerciseprofessionaljudgmentandmaintainprofessionalskepticismincarryingoutourauditaccordingtotheauditingstandards.Atthesametime,wealso:
(1)Identifyandassesstherisksofmaterialmisstatementinthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresinresponsetothoserisks,andobtainauditevidenceformingasufficientandappropriatebasisforouropinions.Theriskoffailingtodetectamaterialmisstatementduetofraudishigherthanthatduetomistakes,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,oroverridinginternalcontrol.
(2)Understandtheinternalcontrolrelatingtotheaudittodesignappropriateauditprocedures.(3)EvaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebytheManagement.
(4)ConcludeontheappropriatenessoftheManagement'sadoptionofthegoing-concernassumption.andconclude,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoanyeventsorconditionsthatcastsignificantdoubtontheabilityofTellustocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredto
drawattentioninourAuditor'sReporttotherelateddisclosuresintheFinancialStatements;Wheresuchdisclosuresareinadequate,weshouldmodifyouropinion.OurconclusionsarebasedoninformationavailableuptothedateoftheAuditor'sReport.However,futureeventsorconditionsmaycauseTellustoceasetocontinueasagoingconcern.
(5)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,andwhetherthefinancialstatementsfairlypresentrelevanttransactionsandevents.
(6)ObtainsufficientandappropriateauditevidenceonthefinancialinformationofentitiesorbusinessactivitiesinTelcotoexpressanopiniononthefinancialstatements.Weareresponsiblefordirecting,overseeingandperformingtheauditoftheGroupandassumefullresponsibilityfortheauditopinion.
Wecommunicatewiththegovernancelayeronmatterssuchasthescopeandtimingoftheauditplanandsignificantauditfindings,includingthoseinternalcontroldeficienciesthatweidentifiedduringtheauditthatarenoteworthy.
Wealsoprovideastatementtothegovernancethatwehavecompliedwiththeethicalrequirementsrelatedtoindependenceandcommunicatewiththegovernanceallrelationshipsandothermattersthatmaybereasonablyconsideredtoaffectourindependence,aswellastherelevantsafeguards(ifapplicable).
Fromthematterscommunicatedwiththegovernancelevel,wedeterminewhicharemostcriticaltotheauditofthisperiodsfinancialstatementsandthusconstitutekeyauditmatters.Wedescribethesemattersinourauditreportunlesslawsandregulationsprohibittheirpublicdisclosure,orinrarecases,ifitisreasonablyexpectedthatthenegativeconsequencesofcommunicatingamatterintheauditreportwouldoutweighthebenefitstopublicinterest,wedeterminethatsuchmattersshouldnotbecommunicatedintheauditreport.II.FinancialStatements
Theunitofmeasurementforthestatementsinthefinancialnotesis:RMB
1.ConsolidatedBalanceSheetPreparedby:ShenzhenTellusHoldingCo.,Ltd.
December31,2024
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Currentassets: | ||
| Cashatbankandonhand | 377,971,359.69 | 220,340,961.64 |
| Settlementreservefund | ||
| Lendingstobanksandotherfinancialinstitutions | ||
| Tradingfinancialassets | 165,630,834.06 | 206,294,931.94 |
| Derivativefinancialassets | 292,078.00 | 298,320.00 |
| Notesreceivable | ||
| Accountsreceivable | 46,564,067.14 | 99,635,751.52 |
| Receivablesfinancing | ||
| Prepayments | 797,409.91 | 38,454,434.90 |
| Premiumsreceivable | ||
| Reinsurancepremiumreceivable | ||
| Capitalreservesreceivablefromreinsurancecontracts | ||
| Otherreceivables | 8,081,783.33 | 12,383,516.92 |
| Including:Interestreceivable | ||
| Dividendsreceivable | 1,305,581.86 | |
| Financialassetspurchasedunderresaleagreements | ||
| Inventory | 127,432,191.55 | 178,425,833.88 |
| Including:Dataresources | ||
| Contractassets | ||
| Held-for-saleassets | ||
| Non-currentassetsduewithinoneyear | 91,587,627.94 | 55,206,250.00 |
| Othercurrentassets | 96,743,827.38 | 104,833,797.59 |
| Totalcurrentassets | 915,101,179.00 | 915,873,798.39 |
| Non-currentassets: | ||
| Loansandadvancesissued | ||
| Debtinvestment | ||
| Otherdebtinvestments | 84,724,128.76 | 67,627,948.60 |
| Long-termreceivables | ||
| Long-termequityinvestments | 85,091,833.20 | 76,511,487.57 |
| Otherequityinstrumentinvestments | 383,317.67 | |
| Othernon-currentfinancialassets | ||
| Investmentproperties | 1,099,772,133.10 | 1,008,137,341.80 |
| Fixedassets | 70,763,683.25 | 78,935,843.49 |
| Constructioninprogress | 3,332,141.19 | 7,279,570.05 |
| Productivebiologicalassets | ||
| Oilandgasassets | ||
| Right-of-useassets | 78,558,005.50 | 71,904,716.50 |
| Intangibleassets | 3,775,834.45 | 3,915,770.61 |
| Including:Dataresources | ||
| Developmentexpenditures |
| Including:Dataresources | ||
| Goodwill | ||
| Long-termdeferredexpenses | 48,095,409.37 | 38,392,179.02 |
| Deferredincometaxassets | 5,496,778.78 | 37,836,657.43 |
| Othernon-currentassets | 199,748,111.29 | 97,053,053.32 |
| Totalnon-currentassets | 1,679,358,058.89 | 1,487,977,886.06 |
| Totalassets | 2,594,459,237.89 | 2,403,851,684.45 |
| Currentliabilities: | ||
| Short-termborrowings | 120,101,444.43 | 145,131,694.44 |
| Borrowingsfromthecentralbank | ||
| Loansfromotherbanksandotherfinancialinstitutions | ||
| Tradingfinancialliabilities | 56,881,954.76 | |
| Derivativefinancialliabilities | 46,660.00 | 1,380.00 |
| Notespayable | 110,000,000.00 | |
| Accountspayable | 125,555,693.13 | 135,834,414.39 |
| Advancesfromcustomers | 9,469,503.75 | 4,306,567.65 |
| Contractliabilities | 4,009,504.59 | 7,079,975.38 |
| Financialassetssoldunderrepurchaseagreements | ||
| Depositsfrombanksandotherfinancialinstitutions | ||
| Actingtradingsecurities | ||
| Actingunderwritingsecurities | ||
| Employeecompensationpayable | 36,835,623.94 | 33,425,356.15 |
| Taxespayable | 36,109,740.02 | 28,857,448.06 |
| Otherpayables | 126,312,280.55 | 126,826,966.60 |
| Including:Interestpayable | ||
| Dividendspayable | ||
| Handlingchargesandcommissionpayable | ||
| Reinsuranceaccountspayable | ||
| Held-for-saleliabilities | ||
| Currentportionofnon-currentliabilities | 8,674,869.40 | 7,304,647.32 |
| Othercurrentliabilities | 6,142,814.36 | 3,388,998.35 |
| Totalcurrentliabilities | 583,258,134.17 | 549,039,403.10 |
| Non-currentliabilities: | ||
| Insurancecontractreserve | ||
| Long-termborrowings | ||
| Bondspayable | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Leaseliabilities | 76,541,985.55 | 69,524,214.23 |
| Long-termpayables | 3,920,160.36 | 3,920,160.36 |
| Long-termemployeecompensationpayable | ||
| Provisions | 268,414.80 |
| Deferredincome | 7,837,477.60 | 9,617,683.53 |
| Deferredtaxliabilities | 25,175,508.48 | 40,409,890.41 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 113,475,131.99 | 123,740,363.33 |
| Totalliabilities | 696,733,266.16 | 672,779,766.43 |
| Owners'equity: | ||
| Sharecapital | 431,058,320.00 | 431,058,320.00 |
| Otherequityinstruments | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Capitalreserves | 430,866,408.50 | 430,866,408.50 |
| Less:Treasuryshares | ||
| Othercomprehensiveincome | -7,606,040.90 | -7,318,552.65 |
| Specialreserve | ||
| Surplusreserve | 74,222,656.99 | 63,956,286.46 |
| Generalriskprovisions | ||
| Undistributedprofit | 798,343,284.97 | 685,342,592.62 |
| Totalequityattributabletoownersoftheparentcompany | 1,726,884,629.56 | 1,603,905,054.93 |
| Minorityshareholders'equity | 170,841,342.17 | 127,166,863.09 |
| Totalowners'equity | 1,897,725,971.73 | 1,731,071,918.02 |
| Totalliabilitiesandowner'sequity | 2,594,459,237.89 | 2,403,851,684.45 |
Legalrepresentative:FuChunlongPersoninchargeofaccounting:HuangTianyangPersoninchargeoftheaccountingfirm:
YuTaiping
2.ParentCompany'sBalanceSheet
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Currentassets: | ||
| Cashatbankandonhand | 25,182,064.77 | 8,805,213.07 |
| Tradingfinancialassets | 121,340,400.00 | 205,942,363.02 |
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountsreceivable | 19,714,030.82 | 22,080,192.24 |
| Receivablesfinancing | ||
| Prepayments | 96,692.05 | 16,240.74 |
| Otherreceivables | 2,839,370.67 | 47,432,527.04 |
| Including:Interestreceivable | ||
| Dividendsreceivable | 1,305,581.86 | |
| Inventory | ||
| Including:Dataresources | ||
| Contractassets | ||
| Held-for-saleassets | ||
| Non-currentassetsduewithinoneyear | 91,587,627.94 | |
| Othercurrentassets | 51,886,807.24 | 75,546,888.89 |
| Totalcurrentassets | 312,646,993.49 | 359,823,425.00 |
| Non-currentassets: | ||
| Debtinvestment | ||
| Otherdebtinvestments | 63,517,795.43 | 47,081,615.27 |
| Long-termreceivables | ||
| Long-termequityinvestments | 798,702,607.61 | 770,687,026.69 |
| Otherequityinstrumentinvestments | 383,317.67 | |
| Othernon-currentfinancialassets | ||
| Investmentproperties | 530,187,087.36 | 545,303,744.96 |
| Fixedassets | 13,330,517.88 | 15,211,321.18 |
| Constructioninprogress | 1,986,361.94 | 589,761.00 |
| Productivebiologicalassets | ||
| Oilandgasassets | ||
| Right-of-useassets | 81,973,406.34 | 74,533,199.59 |
| Intangibleassets | 2,203,851.20 | 2,559,885.65 |
| Including:Dataresources | ||
| Developmentexpenditures | ||
| Including:Dataresources | ||
| Goodwill | ||
| Long-termdeferredexpenses | 20,931,913.29 | 21,243,445.23 |
| Deferredincometaxassets | 31,956,786.10 | |
| Othernon-currentassets | 26,969,339.66 | 69,580,748.31 |
| Totalnon-currentassets | 1,539,802,880.71 | 1,579,130,851.65 |
| Totalassets | 1,852,449,874.20 | 1,938,954,276.65 |
| Currentliabilities: | ||
| Short-termborrowings | ||
| Tradingfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 59,250,518.21 | 71,449,469.14 |
| Advancesfromcustomers | 1,118,873.69 | 1,060,721.19 |
| Contractliabilities | ||
| Employeecompensationpayable | 30,927,714.69 | 27,402,400.00 |
| Taxespayable | 21,432,181.88 | 13,335,268.63 |
| Otherpayables | 120,275,555.64 | 271,180,563.27 |
| Including:Interestpayable | ||
| Dividendspayable | ||
| Held-for-saleliabilities | ||
| Currentportionofnon-currentliabilities | 8,212,093.33 | 6,706,250.92 |
| Othercurrentliabilities | 1,609,232.42 | 1,810,007.31 |
| Totalcurrentliabilities | 242,826,169.86 | 392,944,680.46 |
| Non-currentliabilities: | ||
| Long-termborrowings |
| Bondspayable | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Leaseliabilities | 80,617,189.54 | 72,936,147.42 |
| Long-termpayables | ||
| Long-termemployeecompensationpayable | ||
| Provisions | ||
| Deferredincome | ||
| Deferredtaxliabilities | 7,188,936.09 | 40,269,279.16 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 87,806,125.63 | 113,205,426.58 |
| Totalliabilities | 330,632,295.49 | 506,150,107.04 |
| Owners'equity: | ||
| Sharecapital | 431,058,320.00 | 431,058,320.00 |
| Otherequityinstruments | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Capitalreserves | 428,256,131.23 | 428,256,131.23 |
| Less:Treasuryshares | ||
| Othercomprehensiveincome | -7,632,462.90 | -7,344,974.65 |
| Specialreserve | ||
| Surplusreserve | 74,222,656.99 | 63,956,286.46 |
| Undistributedprofit | 595,912,933.39 | 516,878,406.57 |
| Totalowners'equity | 1,521,817,578.71 | 1,432,804,169.61 |
| Totalliabilitiesandowner'sequity | 1,852,449,874.20 | 1,938,954,276.65 |
3.ConsolidatedIncomeStatement
Unit:RMB
| Item | 2024 | 2023 |
| I.Totaloperatingrevenue | 2,613,678,204.37 | 1,846,738,841.89 |
| Including:Operatingrevenue | 2,613,678,204.37 | 1,846,738,841.89 |
| Interestincome | ||
| Premiumsearned | ||
| Handlingchargesandcommissionincome | ||
| II.Totaloperatingcost | 2,473,190,056.25 | 1,783,821,294.20 |
| Including:Operatingcost | 2,376,764,300.06 | 1,648,337,199.60 |
| Interestexpenses | ||
| Handlingchargesandcommissionexpenditure | ||
| Surrendervalue | ||
| Netpaymentsforinsuranceclaims | ||
| Netprovisionforinsurancecontractreserves | ||
| Policydividendexpenses | ||
| Reinsuranceexpenses | ||
| Taxesandsurcharges | 13,172,648.28 | 23,230,109.06 |
| Sellingexpenses | 22,232,680.89 | 19,128,514.75 |
| Administrativeexpenses | 51,362,592.45 | 85,621,795.09 |
| R&Dexpenses | 3,268,819.88 | 1,965,795.78 |
| Financialexpenses | 6,389,014.69 | 5,537,879.92 |
| Including:Interestexpenses | 9,096,305.49 | 9,444,953.16 |
| Interestincome | 2,984,792.54 | 4,682,945.54 |
| Add:Otherincome | 6,597,836.15 | 8,491,050.39 |
| Investmentincome(losstobelistedwith“-”) | 19,470,482.47 | 93,873,513.18 |
| Including:Incomefrominvestmentinassociatesandjointventures | 24,212,981.63 | 19,872,836.15 |
| Incomefromderecognitionoffinancialassetsmeasuredatamortizedcost | ||
| Exchangeincome(losstobelistedwith"-") | ||
| Netexposurehedgingincome(losstobelistedwith"-") | ||
| Incomefromfairvaluechanges(losstobelistedwith"-") | -10,567,743.62 | -12,008,283.18 |
| Creditimpairmentloss(losstobelistedwith"-") | 5,596,513.26 | -714,346.29 |
| Assetimpairmentloss(losstobelistedwith"-") | -1,046,935.57 | |
| Incomefromassetsdisposal(losstobelistedwith"-") | -227.20 | -59,110.10 |
| III.Operatingprofit(losstobelistedwith"-") | 161,585,009.18 | 151,453,436.12 |
| Add:Non-operatingrevenue | 3,900,953.07 | 2,390,834.30 |
| Less:Non-operatingexpenses | 2,195,959.84 | 319,297.02 |
| IV.Totalprofit(totallosstobelistedwith"-") | 163,290,002.41 | 153,524,973.40 |
| Less:Incometaxexpenses | 24,258,270.37 | 42,084,506.48 |
| V.Netprofit(netlosstobelistedwith"-") | 139,031,732.04 | 111,440,466.92 |
| (I)Classifiedbyoperatingcontinuity | ||
| 1.Netprofitfromcontinuingoperations(netlosstobelistedwith"-") | 139,031,732.04 | 111,440,466.92 |
| 2.Netprofitfromdiscontinuedoperations(netlosstobelistedwith"-") | ||
| (II)Classifiedbyattributionofownership | ||
| 1.Netprofitattributabletotheparentcompany'sshareholders | 136,629,870.80 | 118,255,140.84 |
| 2.Minorityshareholders’gainsandlosses | 2,401,861.24 | -6,814,673.92 |
| VI.Netafter-taxamountofothercomprehensiveincome | -287,488.25 | -7,344,974.65 |
| Netafter-taxamountsofothercomprehensiveincomeattributabletotheowneroftheparentcompany | -287,488.25 | -7,344,974.65 |
| (I)Othercomprehensiveincomethatcannotbereclassifiedintoprofitandloss | -287,488.25 | -7,344,974.65 |
| 1.Changesarisingfromtheremeasurementofnetliabilitiesofthedefinedbenefitplan | ||
| 2.Othercomprehensiveincomethatcannotbereclassifiedintoprofitorlossundertheequitymethod | ||
| 3.Changesinfairvalueofinvestmentbyotherequityinstruments | -287,488.25 | -7,344,974.65 |
| 4.ChangesinfairvalueoftheCompany'sowncreditrisk | ||
| 5.Others | ||
| (II)Othercomprehensiveincometobereclassifiedintoprofitorloss | ||
| 1.Othercomprehensiveincomethatcanbereclassifiedintoprofitorlossundertheequitymethod | ||
| 2.Changesinfairvalueofotherdebtinvestments | ||
| 3.Amountoffinancialassetsreclassifiedintoothercomprehensiveincome | ||
| 4.Provisionforcreditimpairmentofotherdebtinvestments | ||
| 5.Reservesforcashflowhedge | ||
| 6.Translationdifferencesarisingfromthefinancialstatementsofforeigncurrency | ||
| 7.Others | ||
| Netafter-taxamountofothercomprehensiveincomeattributabletominority |
| shareholders | ||
| VII.Totalcomprehensiveincome | 138,744,243.79 | 104,095,492.27 |
| Totalcomprehensiveincomeattributabletotheowneroftheparentcompany | 136,342,382.55 | 110,910,166.19 |
| Totalcomprehensiveincomeattributabletominorityshareholders | 2,401,861.24 | -6,814,673.92 |
| VIII.Earningspershare | ||
| (I)Basicearningspershare | 0.3170 | 0.2743 |
| (II)Dilutedearningspershare | 0.3170 | 0.2743 |
Incaseofabusinessmergerundercommoncontrolinthecurrentperiod,thenetprofitrealizedbythemergedpartybeforethemergerisRMBandthenetprofitrealizedbythemergedpartyinthepreviousperiodisRMB.Legalrepresentative:FuChunlongPersoninchargeofaccounting:HuangTianyangPersoninchargeoftheaccountingfirm:
YuTaiping
4.ParentCompany'sIncomeStatement
Unit:RMB
| Item | 2024 | 2023 |
| I.Operatingrevenues | 118,323,197.59 | 86,993,917.15 |
| Less:Operatingcost | 51,537,706.69 | 39,689,422.24 |
| Taxesandsurcharges | 1,711,412.68 | 13,736,806.06 |
| Sellingexpenses | 3,339,658.26 | 4,396,824.98 |
| Administrativeexpenses | 42,011,001.83 | 50,763,196.78 |
| R&Dexpenses | ||
| Financialexpenses | 1,410,770.64 | 3,446,761.53 |
| Including:Interestexpenses | 2,904,506.30 | 5,274,288.75 |
| Interestincome | 1,598,304.15 | 1,929,975.93 |
| Add:Otherincome | 73,023.60 | 500.00 |
| Investmentincome(losstobelistedwith“-”) | 103,747,991.59 | 164,693,779.53 |
| Including:Incomefrominvestmentinassociatesandjointventures | 24,212,981.63 | 19,872,836.15 |
| Incomefromderecognitionoffinancialassetsmeasuredatamortizedcost(losstobelistedwith"-") | ||
| Netexposurehedgingincome(losstobelistedwith"-") | ||
| Incomefromfairvaluechanges(losstobelistedwith"-") | -12,693,036.25 | -10,680,391.42 |
| Creditimpairmentloss(losstobelistedwith"-") | -305,769.74 | -350,592.82 |
| Assetimpairmentloss(losstobelistedwith"-") | ||
| Incomefromassetsdisposal(losstobelistedwith"-") | ||
| II.Operatingprofit(losstobelistedwith“-”) | 109,134,856.69 | 128,624,200.85 |
| Add:Non-operatingrevenue | 1,187,007.86 | 577,326.80 |
| Less:Non-operatingexpenses | 788,792.71 | 111,423.00 |
| III.Totalprofit(totallosstobelistedwith“-”) | 109,533,071.84 | 129,090,104.65 |
| Less:Incometaxexpenses | 6,869,366.57 | 14,518,961.36 |
| IV.Netprofit(netlosstobelistedwith“-”) | 102,663,705.27 | 114,571,143.29 |
| (I)Netprofitfromcontinuingoperations(netlosstobelistedwith"-") | 102,663,705.27 | 114,571,143.29 |
| (II)Netprofitfromdiscontinuedoperations(netlosstobelistedwith"-") | ||
| V.Netafter-taxamountofothercomprehensiveincome | -287,488.25 | -7,344,974.65 |
| (I)Othercomprehensiveincomethatcannotbereclassifiedintoprofitandloss | -287,488.25 | -7,344,974.65 |
| 1.Changesarisingfromtheremeasurementofnetliabilitiesofthedefinedbenefitplan | ||
| 2.Othercomprehensiveincomethatcannotbereclassifiedintoprofitorloss |
| undertheequitymethod | ||
| 3.Changesinfairvalueofinvestmentbyotherequityinstruments | -287,488.25 | -7,344,974.65 |
| 4.ChangesinfairvalueoftheCompany'sowncreditrisk | ||
| 5.Others | ||
| (II)Othercomprehensiveincometobereclassifiedintoprofitorloss | ||
| 1.Othercomprehensiveincomethatcanbereclassifiedintoprofitorlossundertheequitymethod | ||
| 2.Changesinfairvalueofotherdebtinvestments | ||
| 3.Amountoffinancialassetsreclassifiedintoothercomprehensiveincome | ||
| 4.Provisionforcreditimpairmentofotherdebtinvestments | ||
| 5.Reservesforcashflowhedge | ||
| 6.Translationdifferencesarisingfromthefinancialstatementsofforeigncurrency | ||
| 7.Others | ||
| VI.Totalcomprehensiveincome | 102,376,217.02 | 107,226,168.64 |
| VII.Earningspershare | ||
| (I)Basicearningspershare | ||
| (II)Dilutedearningspershare |
5.ConsolidatedCashFlowStatement
Unit:RMB
| Item | 2024 | 2023 |
| I.Cashflowsfromoperatingactivities: | ||
| Cashreceivedfromsalesofgoodsorrenderingofservices | 4,572,552,357.58 | 1,963,588,534.65 |
| Netincreaseindepositsfromcustomersandplacementsfrombanksandotherfinancialinstitutions | ||
| Netincreaseinborrowingsfromthecentralbank | ||
| Netincreaseinborrowingsfromotherfinancialinstitutions | ||
| Cashreceivedfrompremiumsoforiginalinsurancecontracts | ||
| Netamountofcashreceivedfromreinsurancebusiness | ||
| Netincreaseindepositsoftheinsuredandinvestments | ||
| Cashreceivedfrominterests,handlingcharges,andcommissions | ||
| Netincreaseinloansfrombanksandotherfinancialinstitutions | ||
| Netincreaseofrepurchasingbusinessfunds | ||
| Netamountofcashreceivedfromactingtradingsecurities | ||
| Taxrefundsreceived | 13,271,889.24 | 2,622,913.63 |
| Othercashreceivedrelatingtooperatingactivities | 76,743,352.97 | 53,294,743.09 |
| Subtotalofcashinflowsfromoperatingactivities | 4,662,567,599.79 | 2,019,506,191.37 |
| Cashpaidforpurchaseofgoodsandreceiptoflaborservices | 4,066,869,141.07 | 1,817,964,267.12 |
| Netincreaseinloansandadvancestocustomers | ||
| Netincreaseindepositsinthecentralbankandotherfinancialinstitutions | ||
| Cashpaidforclaimsonoriginalinsurancecontracts | ||
| Netincreaseinlendingstobanksandotherfinancialinstitutions | ||
| Cashpaidforinterests,handlingchargesandcommissions | ||
| Cashpaidforpolicydividends | ||
| Cashpaidtoandonbehalfofemployees | 50,261,809.42 | 92,874,692.73 |
| Varioustaxespaid | 75,339,841.21 | 61,298,201.45 |
| Othercashpaidrelatingtooperatingactivities | 79,807,994.24 | 107,509,036.53 |
| Subtotalofcashoutflowsfromoperatingactivities | 4,272,278,785.94 | 2,079,646,197.83 |
| Netcashflowsfromoperatingactivities | 390,288,813.85 | -60,140,006.46 |
| II.Cashflowfrominvestingactivities: |
| Cashreceivedfromdisposalofinvestments | 820,139,644.49 | 628,726,990.40 |
| Cashreceivedfromacquirementofinvestmentincome | 15,712,636.00 | 28,100,805.87 |
| Netcashreceivedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 1,974.82 | 9,871,552.72 |
| Netcashreceivedfromdisposalofsubsidiariesandotherbusinessunits | ||
| Othercashreceivedrelatingtoinvestingactivities | 5,964,034.76 | 10,712,284.16 |
| Subtotalofcashinflowsfrominvestingactivities | 841,818,290.07 | 677,411,633.15 |
| Cashpaidtoacquirefixedassets,intangibleassetsandotherlong-termassets | 34,257,817.98 | 84,887,465.21 |
| Cashpaidforinvestments | 985,536,930.32 | 717,659,265.39 |
| Netincreaseinpledgeloans | ||
| Netcashpaidforacquisitionofsubsidiariesandotherbusinessunits | ||
| Othercashpaidrelatingtoinvestingactivities | 14,659,543.80 | 8,072,396.24 |
| Subtotalofcashoutflowsfrominvestingactivities | 1,034,454,292.10 | 810,619,126.84 |
| Netcashflowsfrominvestingactivities | -192,636,002.03 | -133,207,493.69 |
| III.Cashflowsfromfinancingactivities: | ||
| Cashreceivedfromabsorbinginvestment | ||
| Including:Cashreceivedbysubsidiariesfromminorityshareholders'investments | ||
| Cashreceivedfromborrowings | 415,000,000.00 | 359,669,472.83 |
| Othercashreceivedrelatingtofinancingactivities | 253,420.00 | |
| Subtotalofcashinflowsfromfinancingactivities | 415,000,000.00 | 359,922,892.83 |
| Cashpaidforrepaymentofdebts | 440,000,000.00 | 358,930,058.69 |
| Cashpaidfordistributionofdividends,profits,orinterestrepayment | 19,419,827.42 | 31,604,191.60 |
| Including:Dividendsandprofitspaidbysubsidiariestominorityshareholders | ||
| Othercashpaidrelatingtofinancingactivities | 12,180,403.46 | 7,224,685.15 |
| Sub-totalofcashoutflowsfromfinancingactivities | 471,600,230.88 | 397,758,935.44 |
| Netcashflowsfromfinancingactivities | -56,600,230.88 | -37,836,042.61 |
| IV.Effectofexchangeratechangesoncashandcashequivalents | 101.09 | |
| V.Netincreaseincashandcashequivalents | 141,052,580.94 | -231,183,441.67 |
| Add:Beginningbalanceofcashandcashequivalents | 160,223,387.69 | 391,406,829.36 |
| VI.Endingbalanceofcashandcashequivalents | 301,275,968.63 | 160,223,387.69 |
6.ParentCompany'sCashFlowStatement
Unit:RMB
| Item | 2024 | 2023 |
| I.Cashflowsfromoperatingactivities: | ||
| Cashreceivedfromsalesofgoodsorrenderingofservices | 131,659,527.09 | 70,665,037.25 |
| Taxrefundsreceived | ||
| Othercashreceivedrelatingtooperatingactivities | 110,406,614.70 | 82,641,549.03 |
| Subtotalofcashinflowsfromoperatingactivities | 242,066,141.79 | 153,306,586.28 |
| Cashpaidforpurchaseofgoodsandreceiptoflaborservices | 28,450,836.37 | 9,354,262.26 |
| Cashpaidtoandonbehalfofemployees | 32,839,148.01 | 44,299,496.50 |
| Varioustaxespaid | 9,851,486.55 | 5,286,561.86 |
| Othercashpaidrelatingtooperatingactivities | 144,407,205.44 | 61,287,642.06 |
| Subtotalofcashoutflowsfromoperatingactivities | 215,548,676.37 | 120,227,962.68 |
| Netcashflowsfromoperatingactivities | 26,517,465.42 | 33,078,623.60 |
| II.Cashflowfrominvestingactivities: | ||
| Cashreceivedfromdisposalofinvestments | 492,856,726.33 | 414,826,990.40 |
| Cashreceivedfromacquirementofinvestmentincome | 15,000,000.00 | 96,430,863.56 |
| Netcashreceivedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | ||
| Netcashreceivedfromdisposalofsubsidiariesandotherbusinessunits | ||
| Othercashreceivedrelatingtoinvestingactivities | 47,180,211.11 | 10,712,284.16 |
| Subtotalofcashinflowsfrominvestingactivities | 555,036,937.44 | 521,970,138.12 |
| Cashpaidtoacquirefixedassets,intangibleassetsandotherlong-termassets | 22,657,919.30 | 74,600,974.42 |
| Cashpaidforinvestments | 512,236,930.32 | 467,006,215.27 |
| Netcashpaidforacquisitionofsubsidiariesandotherbusinessunits | ||
| Othercashpaidrelatingtoinvestingactivities | 6,400,000.00 | 0.00 |
| Subtotalofcashoutflowsfrominvestingactivities | 541,294,849.62 | 541,607,189.69 |
| Netcashflowsfrominvestingactivities | 13,742,087.82 | -19,637,051.57 |
| III.Cashflowsfromfinancingactivities: | ||
| Cashreceivedfromabsorbinginvestment | ||
| Cashreceivedfromborrowings | 25,693,122.83 | |
| Othercashreceivedrelatingtofinancingactivities | ||
| Subtotalofcashinflowsfromfinancingactivities | 0.00 | 25,693,122.83 |
| Cashpaidforrepaymentofdebts | 0.00 | 169,953,708.69 |
| Cashpaidfordistributionofdividends,profits,orinterestrepayment | 13,408,159.80 | 15,656,389.63 |
| Othercashpaidrelatingtofinancingactivities | 10,474,541.74 | 1,787,614.75 |
| Sub-totalofcashoutflowsfromfinancingactivities | 23,882,701.54 | 187,397,713.07 |
| Netcashflowsfromfinancingactivities | -23,882,701.54 | -161,704,590.24 |
| IV.Effectofexchangeratechangesoncashandcashequivalents | ||
| V.Netincreaseincashandcashequivalents | 16,376,851.70 | -148,263,018.21 |
| Add:Beginningbalanceofcashandcashequivalents | 8,805,213.07 | 157,068,231.28 |
| VI.Endingbalanceofcashandcashequivalents | 25,182,064.77 | 8,805,213.07 |
7.ConsolidatedStatementofChangesinOwners'Equity
Amountinthecurrentperiod
Unit:RMB
| Item | 2024 | ||||||||||||||
| Equityattributabletotheownersoftheparentcompany | Minorityshareholders'equity | Totalowners'equity | |||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Othercomprehensiveincome | Specialreserve | Surplusreserve | Generalriskprovisions | Undistributedprofit | Others | Subtotal | |||||
| Preferredshares | Perpetualbonds | Others | |||||||||||||
| I.Endingbalanceofthepreviousyear | 431,058,320.00 | 430,866,408.50 | -7,318,552.65 | 63,956,286.46 | 685,342,592.62 | 1,603,905,054.93 | 127,166,863.09 | 1,731,071,918.02 | |||||||
| Add:Changesinaccountingpolicies | |||||||||||||||
| Correctionofpriorerrors | |||||||||||||||
| O | |||||||||||||||
| thers | |||||||||||||
| II.Beginningbalanceofthecurrentyear | 431,058,320.00 | 430,866,408.50 | -7,318,552.65 | 63,956,286.46 | 685,342,592.62 | 1,603,905,054.93 | 127,166,863.09 | 1,731,071,918.02 | |||||
| III.Increases/decreasesinthecurrentperiod(decreasestobelistedwith"-") | -287,488.25 | 10,266,370.53 | 113,000,692.35 | 122,979,574.63 | 43,674,479.08 | 166,654,053.71 | |||||||
| (I)Totalcomprehensiveincome | -287,488.25 | 136,629,870.80 | 136,342,382.55 | 2,401,861.24 | 138,744,243.79 | ||||||||
| (II)Capitalinvestedanddecreasedbyowners | |||||||||||||
| 1.Ordinarysharesinvestedbytheowner | |||||||||||||
| 2.Capitalcontributedbytheholdersofotherequityinstruments | |||||||||||||
| 3.Amountsof |
| share-basedpaymentsincludedinowners'equity | ||||||||
| 4.Others | ||||||||
| (III)Profitdistribution | 10,266,370.53 | -23,629,178.45 | -13,362,807.92 | -13,362,807.92 | ||||
| 1.Appropriationtosurplusreserve | 10,266,370.53 | -10,266,370.53 | ||||||
| 2.Appropriationtogeneralriskprovision | ||||||||
| 3.Distributiontoowners(orshareholders) | -13,362,807.92 | -13,362,807.92 | -13,362,807.92 | |||||
| 4.Others | ||||||||
| (IV)Internalcarryoverofowners'equity | ||||||||
| 1.Capitalreservesconvertedtocapital(orsharecapital) | ||||||||
| 2. |
| Surplusreservesconvertedtocapital(orsharecapital) |
| 3.Surplusreservestorecoverloss |
| 4.Retainedearningscarriedforwardfromchangesinthedefinedbenefitplan |
| 5.Retainedearningscarriedforwardfromothercomprehensiveincome |
| 6.Others |
| (V)Specialreserve |
| 1.Appropriationinthecurrentperiod |
| 2.Utilizationinthe |
| currentperiod | |||||||||||||
| (VI)Others | 41,272,617.84 | 41,272,617.84 | |||||||||||
| IV.Endingbalanceofthecurrentperiod | 431,058,320.00 | 430,866,408.50 | -7,606,040.90 | 74,222,656.99 | 798,343,284.97 | 1,726,884,629.56 | 170,841,342.17 | 1,897,725,971.73 |
Amountinthepreviousperiod
Unit:RMB
| Item | 2023 | ||||||||||||||
| Equityattributabletotheownersoftheparentcompany | Minorityshareholders'equity | Totalowners'equity | |||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Othercomprehensiveincome | Specialreserve | Surplusreserve | Generalriskprovisions | Undistributedprofit | Others | Subtotal | |||||
| Preferredshares | Perpetualbonds | Others | |||||||||||||
| I.Endingbalanceofthepreviousyear | 431,058,320.00 | 431,449,554.51 | 26,422.00 | 52,499,172.13 | 590,605,394.67 | 1,505,638,863.31 | 150,588,880.59 | 1,656,227,743.90 | |||||||
| Add:Changesinaccountingpolicies | 8,804.40 | 8,804.40 | 8,804.40 | ||||||||||||
| Correctionofpriorerrors | |||||||||||||||
| Others | |||||||||||||||
| II.Beginningbalanceofthecurrentyear | 431,058,320.00 | 431,449,554.51 | 26,422.00 | 52,499,172.13 | 590,614,199.07 | 1,505,647,667.71 | 150,588,880.59 | 1,656,236,548.30 | |||||||
| III. | - | - | 11,4 | 94,7 | 98,2 | - | 74,8 | ||||||||
| Increases/decreasesinthecurrentperiod(decreasestobelistedwith"-") | 583,146.01 | 7,344,974.65 | 57,114.33 | 28,393.55 | 57,387.22 | 23,422,017.50 | 35,369.72 | |||||
| (I)Totalcomprehensiveincome | -7,344,974.65 | 118,255,140.84 | 110,910,166.19 | -6,814,673.92 | 104,095,492.27 | |||||||
| (II)Capitalinvestedanddecreasedbyowners | -4,900,000.00 | -4,900,000.00 | ||||||||||
| 1.Ordinarysharesinvestedbytheowner | -4,900,000.00 | -4,900,000.00 | ||||||||||
| 2.Capitalcontributedbytheholdersofotherequityinstruments | ||||||||||||
| 3.Amountsofshare-basedpaymentsincludedinowners'equity | ||||||||||||
| 4. |
| Others | ||||||||
| (III)Profitdistribution | 11,457,114.33 | -23,526,747.29 | -12,069,632.96 | -12,069,632.96 | ||||
| 1.Appropriationtosurplusreserve | 11,457,114.33 | -11,457,114.33 | ||||||
| 2.Appropriationtogeneralriskprovision | ||||||||
| 3.Distributiontoowners(orshareholders) | -12,069,632.96 | -12,069,632.96 | -12,069,632.96 | |||||
| 4.Others | ||||||||
| (IV)Internalcarryoverofowners'equity | ||||||||
| 1.Capitalreservesconvertedtocapital(orsharecapital) | ||||||||
| 2.Surplusreservesconvertedtocapital(or |
| sharecapital) | ||||||
| 3.Surplusreservestorecoverloss | ||||||
| 4.Retainedearningscarriedforwardfromchangesinthedefinedbenefitplan | ||||||
| 5.Retainedearningscarriedforwardfromothercomprehensiveincome | ||||||
| 6.Others | ||||||
| (V)Specialreserve | ||||||
| 1.Appropriationinthecurrentperiod | ||||||
| 2.Utilizationinthecurrentperiod | ||||||
| (VI)Others | -583,146.01 | -583,146.01 | -11,707,343.58 | -12,290,489.59 |
| IV.Endingbalanceofthecurrentperiod | 431,058,320.00 | 430,866,408.50 | -7,318,552.65 | 63,956,286.46 | 685,342,592.62 | 1,603,905,054.93 | 127,166,863.09 | 1,731,071,918.02 |
8.StatementofChangesinOwners'EquityofParentCompany
Amountinthecurrentperiod
Unit:RMB
| Item | 2024 | |||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofit | Others | Totalowners'equity | |||
| Preferredshares | Perpetualbonds | Others | ||||||||||
| I.Endingbalanceofthepreviousyear | 431,058,320.00 | 428,256,131.23 | -7,344,974.65 | 63,956,286.46 | 516,878,406.57 | 1,432,804,169.61 | ||||||
| Add:Changesinaccountingpolicies | ||||||||||||
| Correctionofpriorerrors | ||||||||||||
| Others | ||||||||||||
| II.Beginningbalanceofthecurrentyear | 431,058,320.00 | 428,256,131.23 | -7,344,974.65 | 63,956,286.46 | 516,878,406.57 | 1,432,804,169.61 | ||||||
| III.Increases/decreasesinthe | -287,488.25 | 10,266,370.53 | 79,034,526.82 | 89,013,409.10 | ||||||||
| currentperiod(decreasestobelistedwith"-") | ||||||
| (I)Totalcomprehensiveincome | -287,488.25 | 102,663,705.27 | 102,376,217.02 | |||
| (II)Capitalinvestedanddecreasedbyowners | ||||||
| 1.Ordinarysharesinvestedbytheowner | ||||||
| 2.Capitalcontributedbytheholdersofotherequityinstruments | ||||||
| 3.Amountsofshare-basedpaymentsincludedinowners'equity | ||||||
| 4.Others |
| (III)Profitdistribution | 10,266,370.53 | -23,629,178.45 | -13,362,807.92 | ||
| 1.Appropriationtosurplusreserve | 10,266,370.53 | -10,266,370.53 | |||
| 2.Distributiontoowners(orshareholders) | -13,362,807.92 | -13,362,807.92 | |||
| 3.Others | |||||
| (IV)Internalcarryoverofowners'equity | |||||
| 1.Capitalreservesconvertedtocapital(orsharecapital) | |||||
| 2.Surplusreservesconvertedtocapital(orsharecapital) | |||||
| 3.Surplusreserve |
| storecoverloss | ||||||||||
| 4.Retainedearningscarriedforwardfromchangesinthedefinedbenefitplan | ||||||||||
| 5.Retainedearningscarriedforwardfromothercomprehensiveincome | ||||||||||
| 6.Others | ||||||||||
| (V)Specialreserve | ||||||||||
| 1.Appropriationinthecurrentperiod | ||||||||||
| 2.Utilizationinthecurrentperiod | ||||||||||
| (VI)Others | ||||||||||
| IV.Endingbalanc | 431,058,320.00 | 428,256,131.23 | -7,632,462.90 | 74,222,656.99 | 595,912,933.39 | 1,521,817,578.71 |
Amountinthepreviousperiod
Unit:RMB
eofthecurrentperiodItem
| Item | 2023 | |||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofit | Others | Totalowners'equity | |||
| Preferredshares | Perpetualbonds | Others | ||||||||||
| I.Endingbalanceofthepreviousyear | 431,058,320.00 | 428,256,131.23 | 52,499,172.13 | 425,834,010.57 | 1,337,647,633.93 | |||||||
| Add:Changesinaccountingpolicies | ||||||||||||
| Correctionofpriorerrors | ||||||||||||
| Others | ||||||||||||
| II.Beginningbalanceofthecurrentyear | 431,058,320.00 | 428,256,131.23 | 52,499,172.13 | 425,834,010.57 | 1,337,647,633.93 | |||||||
| III.Increases/decreasesinthecurrentperiod(decreasestobelisted | -7,344,974.65 | 11,457,114.33 | 91,044,396.00 | 95,156,535.68 | ||||||||
| with"-") | |||||||
| (I)Totalcomprehensiveincome | -7,344,974.65 | 114,571,143.29 | 107,226,168.64 | ||||
| (II)Capitalinvestedanddecreasedbyowners | |||||||
| 1.Ordinarysharesinvestedbytheowner | |||||||
| 2.Capitalcontributedbytheholdersofotherequityinstruments | |||||||
| 3.Amountsofshare-basedpaymentsincludedinowners'equity | |||||||
| 4.Others | |||||||
| (III)Profitdistribution | 11,457,114.33 | -23,526,747.29 | -12,069,632.96 | ||||
| 1.Appro | 11,457,114.3 | -11,457 |
| priationtosurplusreserve | 3 | ,114.33 | |||
| 2.Distributiontoowners(orshareholders) | -12,069,632.96 | -12,069,632.96 | |||
| 3.Others | |||||
| (IV)Internalcarryoverofowners'equity | |||||
| 1.Capitalreservesconvertedtocapital(orsharecapital) | |||||
| 2.Surplusreservesconvertedtocapital(orsharecapital) | |||||
| 3.Surplusreservestorecoverloss | |||||
| 4.Retained |
| earningscarriedforwardfromchangesinthedefinedbenefitplan | ||||||||||
| 5.Retainedearningscarriedforwardfromothercomprehensiveincome | ||||||||||
| 6.Others | ||||||||||
| (V)Specialreserve | ||||||||||
| 1.Appropriationinthecurrentperiod | ||||||||||
| 2.Utilizationinthecurrentperiod | ||||||||||
| (VI)Others | ||||||||||
| IV.Endingbalanceofthecurrentperiod | 431,058,320.00 | 428,256,131.23 | -7,344,974.65 | 63,956,286.46 | 516,878,406.57 | 1,432,804,169.61 |
III.BasicInformationoftheCompany
ShenzhenTellusHoldingCo.,Ltd.(hereinafterreferredtoas"theCompany")isalimitedliabilitycompanyregisteredinShenzhenAdministrationforIndustryandCommerceonNovember10,1986.TheCompanywasreorganizedandestablishedfromtheformerShenzhenMachineryIndustryCompanywiththeapprovalthroughtheReplyontheReorganizationofShenzhenMachineryIndustryCompanyintoShenzhenTellusMachineryCo.,Ltd.(SFBF[1991]No.1012)issuedbytheGeneralOfficeofShenzhenMunicipalPeople'sGovernment.TheCompanycurrentlyholdsabusinesslicensewithaunifiedsocialcreditcodeof91440300192192210U,witharegisteredcapitalofRMB431,058,320.00andatotalof431,058,320shares,including392,778,320Asharesand38,280,000Bshareswithouttradingrestrictionsonsale.ThebusinessaddressoftheCompany'sheadquartersis3-4/F,TellusBuilding,2ndShuibeiRoad,LuohuDistrict,Shenzhen.ThelegalrepresentativeisFuChunlong.In1993,withtheapprovalfromtheReplyontheReorganizationofShenzhenTellusMachineryCo.,Ltd.intoaPublicLimitedLiabilityCompany(SFBF[1992]No.1850)issuedbytheGeneralOfficeofShenzhenMunicipalPeople'sGovernmentandtheReplyontheIssuanceofSharesbyShenzhenTellusMachineryElectricCo.,Ltd.(SRYFZ[1993]No.092)issuedbyShenzhenSpecialEconomicZoneBranchofthePeople'sBankofChina,theCompanywasreorganizedintoapubliclimitedliabilitycompanythroughaninitialpublicoffering,witharegisteredcapitalofRMB166,880,000.00andatotalsharecapitalof166,880,000shares.120,900,000shareswereconvertedfromformerassets,25,980,000wereissuedasAshares,and20,000,000wereissuedasBshares.SharesissuedbytheCompanyhadaparvalueofRMB1pershare.OnJune21,1993,theCompany'sshareswerelistedandtradedontheShenzhenStockExchange.AccordingtotheresolutionoftheCompany's1993AnnualGeneralMeetingofShareholders,basedonthesharecapitalof166,880,000sharesasofDecember31ofthatyear,theCompanydistributedacashdividendofRMB0.5andissued2bonussharestoallshareholdersforevery10sharesheld,totaling33,376,000shares,whichwasimplementedin1994.Afterthesharedividend,theregisteredcapitalwasincreasedtoRMB200,256,000.00.AccordingtotheresolutionoftheCompany's1994AnnualGeneralMeetingofShareholders,basedonthesharecapitalof200,256,000sharesasofDecember31ofthatyear,theCompanydistributedacashdividendofRMB0.5andissued0.5bonussharestoallshareholdersforevery10sharesheld,with0.5additionalshares,totaling20,025,600shares,whichwasimplementedin1995.TheregisteredcapitalwasincreasedtoRMB220,281,600.00afterthesharedistributionandtransfer.AccordingtotheresolutionoftheCompany's1994AnnualGeneralMeetingofShareholders,basedonthesharecapitalof200,256,000sharesasofDecember31ofthatyear,theCompanydistributedacashdividendofRMB0.5andissued0.5bonussharestoallshareholdersforevery10sharesheld,with0.5additionalshares,totaling20,025,600shares,whichwasimplementedin1995.TheregisteredcapitalwasincreasedtoRMB220,281,600.00afterthesharedistributionandtransfer.Accordingtotheresolutionofthe4thExtraordinaryGeneralMeetingofShareholdersoftheCompanyin2014,upontheapprovaloftheReplytotheApprovalofNon-publicOfferingofSharesbyShenzhenTellusHoldingCo.,Ltd.(ZJXK[2015]No.173)issuedbytheChinaSecuritiesRegulatoryCommission,theCompanyissued77,000,000ordinaryAsharestoShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andShenzhenCapitalFortuneJewelryIndustryInvestmentEnterprise(LimitedPartnership)in2015.Aftertheissuance,theregisteredcapitalwasincreasedtoRMB297,281,600.00.
AccordingtotheresolutionoftheCompany's2018AnnualGeneralMeetingofShareholders,basedonthesharecapitalof297,281,600sharesasofDecember31ofthatyear,theCompanyincreased4.5sharesforevery10sharestoallshareholdersthroughcapitalreserves,totaling133,776,720shares,whichwasimplementedin2019.Afterthetransfer,theregisteredcapitalwasincreasedtoRMB431,058,320.00.Mainbusinessactivities:propertyleasingandservices,jewelryoperation.ThefinancialstatementsandnotestothefinancialstatementswereapprovedbytheFourteenthFormalMeetingoftheTenthBoardofDirectorsoftheCompanyonMarch26,2025.IV.PreparationFundamentalsforFinancialStatements
1.PreparationfundamentalsTheCompanypreparedthefinancialstatementsaccordingtoAccountingStandardsforBusinessEnterprisesissuedbytheMinistryofFinanceaswellasrelevantapplicationguidelines,interpretations,andotherprovisions(hereinaftercollectivelyreferredtoas"ASBE").Inaddition,theCompanyalsodisclosedrelevantfinancialinformationpertheRulesforthePreparationofInformationDisclosureofCompaniesIssuingSecuritiestothePublicNo.15—GeneralProvisionsonFinancialReports(Revisedin2023)issuedbytheCSRC.
2.Continuingoperations
Thefinancialstatementshavebeenpreparedbasedoncontinuingoperations.V.SignificantAccountingPoliciesandAccountingEstimatesNotestospecificaccountingpoliciesandaccountingestimates:
TheCompanyhasdetermineditscapitalizationcriteriaforthedepreciationofinvestmentproperties,depreciationoffixedassets,andresearchanddevelopmentexpendituresandpoliciesforrevenuerecognitionbasedonthecharacteristicsofitsproductionandoperations.Fordetails,pleaserefertoNotesV.14,V.15,andV.23tothefinancialstatements.
1.DeclarationoncompliancewithASBE
ThefinancialstatementspreparedbytheCompanymettherequirementsofASBEandtrulyandfullyreflectedtheconsolidatedandCompany'sfinancialpositionasofDecember31,2024andinformationsuchasconsolidatedandCompany'sfinancialperformanceandconsolidatedandCompany'scashflowfortheyearthenended.
2.Accountingperiod
TheaccountingperiodoftheCompanyisfromJanuary1toDecember31ofeachcalendaryear.
3.BusinesscycleThebusinesscycleoftheCompanyis12months.
4.BookkeepingbasecurrencyTheCompanyanditsdomesticsubsidiariestakeRMBasthebookkeepingbasecurrency.TheCompanyusesRMBtopreparethefinancialstatements.
5.Methodofdeterminingsignificancecriteriaandbasisofselection
?Applicable□Notapplicable
| Item | Significancecriteria |
| Significantreceivableswithprovisionforbaddebtsdrawnonasinglebasis | Amount≥RMB1,000,000.00oraccountsformorethan1%ofvariousreceivables |
| Significantconstructioninprogress | Thebudgetamountforasingleprojectis≥20,000,000.00 |
| Significantaccountspayableandotherpayables | Accountspayablewithasingleaccountreceivableageofmorethanoneyear/otherpayablesaccountingformorethan1%ofthetotalaccountspayable,withanamount≥RMB1,000,000.00 |
| Significantnon-wholly-ownedsubsidiaries | Thetotalrevenuefromrelatedpartiesaccountsformorethan10%ofthetotalrevenueintheconsolidatedfinancialstatements,ortheabsolutevalueofnetprofitaccountsformorethan10%ofthenetprofitintheconsolidatedfinancialstatements. |
| Significantinvestingactivitiesandprojects | Singleinvestmentactivityaccountsformorethan10%ofthetotalcashinflowsoroutflowsrelatedtoinvestmentactivities,ortheoutflowsamountto≥RMB100,000,000.00. |
| Significantreceivableswithprovisionforbaddebtsdrawnonasinglebasis | Amount≥RMB1,000,000.00oraccountsformorethan1%ofvariousreceivables |
| Significantconstructioninprogress | Thebudgetamountforasingleprojectis≥20,000,000.00 |
| Significantjointventuresorassociates | Thebookvalueoflong-termequityinvestmentinasingleinvesteeismorethanRMB15million,ortheprofitandlossonthelong-termequityinvestmentundertheequitymethodaccountsforover3%oftheCompany'sconsolidatednetprofit. |
| Significanteventsafterthebalancesheetdate | TheCompanyrecognizestheprofitdistributionafterthebalancesheetdateasasignificantevent |
6.Accountingtreatmentmethodforbusinessmergersundercommoncontrolandnotundercommoncontrol
(1)BusinessmergersundercommoncontrolForabusinessmergerundercommoncontrol,themergingpartyshallmeasuretheassetsandliabilitiesacquiredfromthemergedpartyattheirbookvalueonthemergerdateintheconsolidatedfinancialstatementsoftheultimatecontrollingparty.Thedifferencebetweenthebookvalueofthenetassetsobtainedinthebusinessmergerandthebookvalueofthemergerisusedtoadjustthecapitalreserve.Wherethecapitalreserveisinsufficientforoffset,retainedearningsshallbeadjusted.Businessmergersundercommoncontrolrealizedstep-by-stepthroughmultipletransactions
Theassetsandliabilitiesacquiredbythemergingpartyfromthemergedpartyshallbemeasuredbasedontheirbookvalueonthemergerdateintheconsolidatedfinancialstatementsoftheultimatecontrollingparty.Accordingtothedifferencebetweenthesumofthebookvalueofholdinginvestmentbeforemergerandthebookvalueofnewlypaidconsiderationonthemergerdateandthebookvalueofnetassetsobtainedbymerging,thecapitalreserveshallbeadjusted;ifthecapitalreserveisinsufficientforoffset,retainedearningsmaybeadjusted.Thelong-termequityinvestmentheldbeforetheacquisitionofthemergedparty'scontrolbythemergingpartyandtheprofitorloss,othercomprehensiveincome,andchangesinotherowners'equitiesthathavebeenrecognizedduringtheperiodfromthedateofacquisitionoftheoriginalequity,orthedateofcommoncontrolofthemergingpartyandthemergedentity(whichislater)tothemergingdateshalloffsetagainsttheretainedbeginningearningsorcurrentprofitsandlossesrespectivelyduringtheperiodofthecomparativestatement.
(2)BusinessmergersnotundercommoncontrolForabusinessmergernotundercommoncontrol,themergercostsarethefairvalueofassetspaid,liabilitiesincurredorassumed,andequitysecuritiesissuedbytheCompanyontheacquisitiondatetoobtaincontrolovertheacquiree.Theassets,liabilities,andcontingentliabilitiesoftheacquireeobtainedarerecognizedasperthefairvalueontheacquisitiondate.Thedifferencebetweenthemergingcostandthefairvalueofidentifiablenetassetsobtainedfromtheacquireeshallberecognizedasgoodwill,andsuccessivelymeasuredbydeductingtheaccumulativedepreciationprovisionbycost;thedifferencebetweenthemergingcostandthefairvalueofidentifiablenetassetsobtainedfromtheacquireeshallbeincludedinthecurrentprofitsandlossesafterreview.Businessmergersnotundercommoncontrolrealizedstep-by-stepthroughmultipletransactionsThemergingcostshallbeequaltothesumoftheconsiderationpaidontheacquisitiondateandthefairvalueoftheacquiree'sequity,whichhasbeenheldbeforetheacquisitiondate,ontheacquisitiondate.Theacquiree'sequityheldbeforetheacquisitiondateshallbere-measuredatitsfairvalueontheacquisitiondate,andthedifferencebetweenthefairvalueanditsbookvalueshallbeincludedinthecurrentinvestmentincome;iftheacquiree'sequityheldbeforethedateofacquisitioninvolvesothercomprehensiveincome,changesinotherowners'equityshallbetransformedintothecurrentprofitontheacquisitiondate,exceptcomprehensiveincomegeneratedduetoremeasuringthechangeinnetliabilitiesornewassetsofdefinedbenefitplanbytheinvesteeandothercomprehensiveincomerelatedtonon-tradingequityinstrumentinvestmentoriginallymeasuredatfairvaluethroughothercomprehensiveincome.
(3)DisposalofrelatedhandlingchargesforbusinessmergersIntermediationcostsforaudit,legalservice,assessmentandconsultation,andotheradministrativeexpensesincurredshallbeincludedinthecurrentprofitandlosswhenincurredduringthebusinessmergers.Thetransactionexpensesofequitysecuritiesordebtsecuritiesissuedasmerger
considerationshallbeincludedintheinitiallyrecognizedamountofequitysecuritiesordebtsecurities.
7.Judgmentstandardforcontrolandpreparationofconsolidatedfinancialstatements
(1)JudgmentstandardforcontrolTheconsolidationscopeofconsolidatedfinancialstatementsisdeterminedbasedoncontrol.ControlmeansthepoweroftheCompanyovertheinvestee,withwhichtheCompanyenjoysvariablereturnsthroughparticipatinginrelatedactivitiesoftheinvesteeandcaninfluenceitsamountofreturnbyusingitspowerovertheinvestees.Oncechangesinrelevantfactsandcircumstancesleadtochangesinrelevantelementsinvolvedintheabovedefinitionofcontrol,theCompanywillconductareassessment.Whenjudgingwhethertoincludeastructuredentityinthescopeofconsolidation,theCompanyevaluateswhethertocontrolthestructuredentitybasedonallfactsandcircumstances,includingevaluatingthepurposeanddesignoftheestablishmentofthestructuredentity,identifyingthetypesofvariablereturns,andbearingpartorallofthereturnvariabilitybyparticipatinginitsrelatedactivities.
(2)PreparationofconsolidatedfinancialstatementsConsolidatedfinancialstatementsarepreparedbytheCompanybasedonthefinancialstatementsoftheCompanyanditssubsidiariesaswellasotherrelateddata.Inthepreparationofconsolidatedfinancialstatements,theaccountingpoliciesandaccountingperiodsoftheCompanyanditssubsidiariesarerequiredtobeconsistent,andsignificanttransactionsandcurrentbalancesbetweencompaniesareoffset.Whereasubsidiaryorbusinesshasbeenacquiredthroughabusinesscombinationinvolvingenterprisesundercommoncontrolinthereportingperiod,thesubsidiaryorbusinessisdeemedtobeincludedintheconsolidatedfinancialstatementsfromthedatetheyarecontrolledbytheultimatecontrollingparty.Theiroperatingresultsandcashflowsarerespectivelyincludedintheconsolidatedincomestatementandconsolidatedcashflowstatementfromthedatetheyarecontrolledbytheultimatecontrollingparty.Forsubsidiariesandbusinessesincreasedduetobusinesscombinationunderdifferentcontrolduringthereportingperiod,therevenues,expenses,andprofitsofsuchsubsidiariesandbusinessesfromthepurchasedatetotheendofthereportingperiodshallbeincludedintheconsolidatedincomestatement,andtheircashflowsshallbeincludedintheconsolidatedcashflowstatement.Theportionofshareholders'equityofsubsidiariesnotbelongingtotheCompanyshallbelistedseparatelyundertheitem"Shareholders’Equity"intheconsolidatedbalancesheetasminority
shareholders’equity.Theportionofnetprofitorlossofsubsidiariesinthecurrentperiodbelongingtominorityshareholders’equityshallbelistedseparatelyundertheitem"MinorityShareholders'ProfitorLoss"intheconsolidatedincomestatement.Ifthelossofasubsidiarybornebyminorityshareholdersexceedsitsshareintheowner'sequityofthesubsidiaryatthebeginningoftheperiod,thebalanceshallstilloffsettheminorityequity.
(3)AcquisitionofequityfromminorityshareholdersofsubsidiariesThecapitalreserveintheconsolidatedbalancesheetshallbeadjustedduetothebalancebetweenthelong-termequityinvestmentcostnewlyobtainedfromminorityequityandthenetassetshareofsubsidiariescalculatedcontinuouslystartingfromthepurchasedateorconsolidationasperthenewshareholdingratioandthebalancebetweendisposingmoneyobtainedfrompartialdisposalofsubsidiaries'equityinvestmentwithoutlossofcontrolandthenetassetshareofsubsidiariescalculatedcontinuouslystartingfromthepurchasedateorconsolidationcorrespondingtothedisposaloflong-termequityinvestment.Ifthecapitalreserveisinsufficientforoffset,retainedearningsmaybeadjusted.
(4)DisposalofthelossofcontroloversubsidiariesIftheCompany'scontrolovertheoriginalsubsidiariesislostduetothedisposalofpartofanequityinvestmentorotherreasons,theremainingequityshallberecalculatedatfairvalueonthedaywhenthecontrolislost.Thedifferencebetweenthesumofconsiderationacquiredfromthedisposalofequityandthefairvalueoftheremainingequityminusthesumoftheshareofnetassetsandthegoodwilloftheoriginalsubsidiariescalculatedconstantlybasedontheoriginalshareholdingproportionfromtheacquisitiondateshallbeincludedincurrentinvestmentincomeatthetimeoflossofcontrol.
WhentheCompanylosescontrolovertheoriginalsubsidiaries,othercomprehensiveincomeinconnectionwithequityinvestmentoftheoriginalsubsidiariesshallbesubjecttoaccountingtreatmentusingthesamebasisonwhichtheoriginalsubsidiariesdirectlydisposeofrelevantassetsorliabilities,andotherchangesinowners'equityrelatedtotheoriginalsubsidiariesundertheequitymethodshallbetransferredintocurrentprofitorlossatthetimeoflossofcontrol.
8.Classificationofjointarrangementsandaccountingtreatmentmethodsforjointoperations
Ajointarrangementreferstoanarrangementjointlycontrolledbytwoormoreparticipants.ThejointarrangementoftheCompanycanbeclassifiedintojointoperationandjointventure.
(1)JointoperationsJointoperationsrefertojointarrangementsinwhichtheCompanyenjoysassetsrelatedtothearrangementsandbearsliabilitiesrelatedtothearrangements.
TheCompanyrecognizesthefollowingitemsrelatedtothequantumofinterestinjointoperationsandcarriesoutaccountingtreatmentperrelevantprovisionsofASBE:
A.Recognizetheassetsheldsolelyandtheassetsheldjointlyidentifiedasperitsshares;B.Recognizetheliabilitiesbornesolelyandtheliabilitiesbornejointlyidentifiedasperitsshares;C.Recognizetherevenuegeneratedfromthesaleofsharesenjoyedinthejointoperation;D.Recognizetherevenuegeneratedfromthesaleofsharesenjoyedinthejointoperationasperitsshares;E.Recognizetheexpensesincurredseparatelyandtheexpensesincurredfromthejointoperationaspertheirshares.
(2)JointventuresJointventuresrefertojointarrangementsinwhichtheCompanyonlyhasrightsoverthenetassetsofthearrangements.TheCompanycarriesoutaccountingtreatmentforinvestmentinjointventuresaccordingtotheprovisionsonequitymethodaccountingoflong-termequityinvestments.
9.Standardsfordefiningcashandcashequivalents
Cashreferstocashonhandanddepositsthatarereadilyavailableforpayment.Cashequivalentsrefertoshort-termhighlyliquidinvestmentsheldbytheCompanythatarereadilyconvertibleintoknownamountsofcashandhaveaninsignificantriskofchangeinvalue.
10.Foreigncurrencytransactionandforeigncurrencystatementtranslation
ForeigncurrencytransactionsoftheCompanyaretranslatedintobookkeepingbasecurrencyaccordingtothespotexchangerateonthetransactiondate.Onthebalancesheetdate,monetaryitemsdenominatedinforeigncurrenciesaretranslatedatthespotexchangerateonthatdate.Exchangedifferencesarisingfromthedifferencebetweenthespotexchangerateonthebalancesheetdateandthatatinitialrecognitionoronthepreviousbalancesheetdateshallbeincludedincurrentprofitandloss;foreigncurrencynon-monetaryitemsmeasuredathistoricalcostarestilltranslatedatthespotexchangerateonthetransactiondate;foreigncurrencynon-monetaryitemsmeasuredatfairvalueshallbetranslatedatthespotexchangerateonthedatewhenthefairvalueisdetermined.Thedifferencebetweenthetranslatedamountinrecordingcurrencyandtheoriginalamountinrecordingcurrencyshallbeincludedincurrentprofitandlossorothercomprehensiveincomesaccordingtothenatureofthenon-monetaryitems.
11.Financialinstruments
Financialinstrumentsrefertocontractsthatformthefinancialassetsofapartyandformfinancialliabilitiesorequityinstrumentsofotherparties.
(1)RecognitionandderecognitionofthefinancialinstrumentsTheCompanywillrecognizeanitemoffinancialassetorfinancialliabilityatthetimewhenitbecomesapartytothecontractofthefinancialinstruments.Thefinancialassetsshallbederecognizedifoneofthefollowingconditionsismet:
①Thecontractualrightforcollectingcashflowofthefinancialassetsisterminated;
②Thisfinancialassethasbeentransferredandmeetsthefollowingderecognitionconditionsforthetransferoffinancialassets.Ifthecurrentobligationofafinancialliabilityhasbeendischargedinwholeorinpart,suchfinancialliabilityorpartthereofshallbederecognized.TheCompany(thedebtor)andthecreditorsignanagreementtoreplacetheexistingfinancialliabilitiesbyassumingnewfinancialliabilities,andifthecontractualtermsofthenewfinancialliabilitiesaresubstantiallydifferentfromthoseoftheexistingfinancialliabilities,theexistingfinancialliabilitiesshallbederecognizedandthenewfinancialliabilitiesshallberecognizedatthesametime.Financialassetstransactedconventionallyaresubjecttoaccountingrecognitionandderecognitiononthetransactionday.
(2)ClassificationandmeasurementoffinancialassetsAccordingtothebusinessmodeoffinancialassetsmanagementandthecontractualcashflowcharacteristicsoffinancialassets,uponinitialrecognition,theCompanyclassifiesfinancialassetsintofinancialassetsmeasuredatamortizedcost,financialassetsatfairvaluewithchangesintoothercomprehensiveincome,andfinancialassetsatfairvaluethroughprofitorloss.Financialassetsaremeasuredatfairvalueatinitialrecognition.Forfinancialassetsatfairvaluethroughprofitorloss,therelatedtransactionfeesaredirectlyincludedinthecurrentprofitorloss;forotherfinancialassets,therelatedtransactionfeesareincludedintheinitiallyrecognizedamount.Foraccountsreceivablearisingfromthesaleofproductsortheprovisionoflaborservices,whichdonotincludeordonotconsidersignificantfinancingcomponents,theamountofconsiderationtheCompanyisexpectedtobeentitledtoreceiveistakenastheinitialrecognitionamount.FinancialassetsmeasuredatamortizedcostTheCompanyclassifiesthefinancialassetsthatmeetallofthefollowingconditionsandarenotdesignatedtobemeasuredatfairvaluethroughprofitorlossasthosemeasuredatamortizedcost:
ThebusinessmodeloftheCompanytomanagesuchfinancialassetsisaimedatcollectingcontractualcashflows;Thecontracttermsofthefinancialassetsstipulatethatcashflowsgeneratedonaspecificdateareonlypaymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,suchfinancialassetsaremeasuredatamortizedcostusingtheeffectiveinterestmethod.Anygainsorlossesonfinancialassetsatamortizedcostthatarenotpartofthehedgingrelationshiparechargedtothecurrentprofitorlossatderecognition,amortizationusingtheeffectiveinterestmethod,orrecognitionofimpairment.FinancialassetsatfairvaluewithchangesintoothercomprehensiveincomeTheCompanyclassifiesfinancialassetsthatmeetthefollowingconditionsandarenotdesignatedtobefinancialassetsatfairvaluethroughprofitorlossasfinancialassetsatfairvaluethroughothercomprehensiveincome:
TheCompanymanagesthefinancialassetinabusinessmodethataimsatbothcollectingcontractualcashflowsandsellingthefinancialasset;Thecontracttermsofthefinancialassetsstipulatethatcashflowsgeneratedonaspecificdateareonlypaymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,suchfinancialassetsaresubsequentlymeasuredatfairvalue.Interest,impairmentlossesorgains,andexchangegainsandlossescalculatedbytheeffectiveinterestmethodareincludedincurrentprofitsandlosses,andothergainsorlossesareincludedinothercomprehensiveincome.Atthetimeofderecognition,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincomeshallbetransferredoutfromothercomprehensiveincomeandincludedincurrentprofitsandlosses.FinancialassetsatfairvaluethroughprofitorlossExceptfortheabove-mentionedfinancialassetsmeasuredatamortizedcostandfairvaluethroughothercomprehensiveincome,theCompanyclassifiesallremainingfinancialassetsasfinancialassetsatfairvaluethroughprofitorloss.Attheinitialrecognition,toeliminateorsignificantlyreduceaccountingmismatches,theCompanyirrevocablydesignatessomefinancialassetsthatshouldhavebeenmeasuredatamortizedcostsorfairvaluewithchangesintoothercomprehensiveincomeasthefinancialassetsatfairvaluethroughprofitorloss.Suchfinancialassetsaresubsequentlymeasuredatfairvalueafterinitialrecognition,andtheresultinggainsorlosses(includinginterestanddividendrevenue)areincludedincurrentprofitandlossunlessthefinancialassetsarepartofthehedgingrelationship.However,fornon-tradingequityinstrumentinvestments,theCompanyirrevocablydesignatesthemasfinancialassetsatfairvaluewithchangesintoothercomprehensiveincomeuponinitial
recognition.Thedesignationismadeonasingleinvestmentbasisandtherelatedinvestmentsmeetthedefinitionofequityinstrumentsfromtheperspectiveoftheissuer.Afterinitialrecognition,suchfinancialassetsaresubsequentlymeasuredatfairvalue.Dividendincomethatmeetstheconditionsisincludedinprofitorloss,andothergainsorlossesandchangesinfairvalueareincludedinothercomprehensiveincome.Uponderecognition,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincomearetransferredoutofothercomprehensiveincomeandincludedinretainedearnings.ThebusinessmodelofmanagingfinancialassetsreferstohowtheCompanymanagesfinancialassetstogeneratecashflows.ThebusinessmodeldeterminesthecashflowsourceofthefinancialassetsmanagedbytheCompany,whichmaybethecollectionofcontractcashflow,thesaleoffinancialassets,orboth.TheCompanydeterminesthebusinessmodelformanagingfinancialassetsbasedonobjectivefactsandspecificbusinessobjectivesformanagingfinancialassetsdecidedbykeymanagementpersonnel.TheCompanyevaluatesthecontractualcashflowcharacteristicsoffinancialassetstodeterminewhetherthecontractualcashflowgeneratedbytherelevantfinancialassetsonthespecificdateisonlythepaymentofprincipalandinterestbasedontheprincipalamountoutstanding.Inthiscontext,principalreferstothefairvalueoffinancialassetsatinitialrecognition;interestincludesconsiderationforthetimevalueofmoney,creditriskassociatedwiththeamountofprincipaloutstandingoveraspecificperiod,andotherfundamentalborrowingrisks,costs,andprofits.Inaddition,theCompanyevaluatesthecontracttermsthatmaycausechangesinthetimedistributionoramountofcontractualcashflowsoffinancialassetstodeterminewhethertheymeettherequirementsfortheabove-mentionedcontractualcashflowcharacteristics.OnlywhentheCompanychangesthebusinessmodeofmanagingfinancialassetswillallaffectedrelatedfinancialassetsbereclassifiedonthefirstdayofthefirstreportingperiodafterthebusinessmodechanges,otherwise,financialassetscannotbereclassifiedafterinitialrecognition.
(3)ClassificationandmeasurementoffinancialliabilitiesFinancialliabilitiesoftheCompanyareclassifiedintofinancialliabilitiesmeasuredatfairvaluethroughprofitorlossandfinancialliabilitiesmeasuredatamortizedcostuponinitialrecognition.Forfinancialliabilitiesnotclassifiedasfinancialliabilitiesatfairvaluethroughprofitorloss,thetransactioncostsarerecognizedintheinitiallyrecognizedamount.FinancialliabilitiesatfairvaluethroughprofitorlossFinancialliabilitiesatfairvaluethroughprofitorlossincludeheld-for-tradingfinancialliabilitiesandthosedesignatedtobemeasuredatfairvaluethroughprofitorlossuponinitialrecognition.Suchfinancialliabilitiesshallbesubsequentlymeasuredatfairvalue,andtheprofitsorlossesarisingfromchangesinfairvalueaswellasdividendsandinterestexpendituresrelatedtosuchfinancialliabilitiesshallbeincludedincurrentprofitsandlosses.
FinancialliabilitiesmeasuredatamortizedcostOtherfinancialliabilitiesaresubsequentlymeasuredatamortizedcostusingtheeffectiveinterestmethod,andgainsorlossesarisingfromderecognitionoramortizationareincludedincurrentprofitsandlosses.DifferencebetweenfinancialliabilitiesandequityinstrumentsFinancialliabilitiesrefertothosethatmeetoneofthefollowingconditions:
①Contractualobligationstodelivercashorotherfinancialassetstootherparties.
②Acontractualobligationtoexchangefinancialassetsorfinancialliabilitieswithanotherentityunderpotentiallyunfavorableconditions.
③Non-derivativecontractsthatmustorcanbesettledwiththeenterprise'sequityinstrumentsinthefuture,andaccordingtowhichtheenterprisewilldeliveravariablenumberofitsequityinstruments.
④Derivativecontractsthatmustorcanbesettledwiththeenterprise'sequityinstrumentsinthefuture,exceptforderivativecontractswhereafixedamountofitsequityinstrumentsisexchangedforafixedamountofcashorotherfinancialassets.Equityinstrumentsrefertocontractsthatcanprovetheownershipofresidualequityinanenterprise'sassetsafterallliabilitiesarededucted.IftheCompanycannotunconditionallyavoidperformingacontractualobligationbydeliveringcashorotherfinancialassets,thecontractualobligationmeetsthedefinitionoffinancialliabilities.IfafinancialinstrumentmustorcanbesettledwiththeCompany'sequityinstrument,itisnecessarytoconsiderwhethertheCompany'sequityinstrumentsusedforthesettlementofsuchinstrumentsareusedassubstitutesforcashorotherfinancialassetsortoenabletheinstrumentholdertoenjoyresidualequityintheassetsoftheissuerafterallliabilitiesarededucted.Ifthesituationistheformer,theinstrumentisafinancialliabilityoftheCompany;ifitisthelatter,theinstrumentisanequityinstrumentoftheCompany.
(4)DerivativefinancialinstrumentsandembeddedderivativeinstrumentsTheCompany'sderivativefinancialinstrumentsincludeoptioncontracts,amongothers.Itisinitiallymeasuredatthefairvalueonthedateofsigningthederivativetransactioncontract,andsubsequentlymeasuredatitsfairvalue.Derivativefinancialinstrumentswithpositivefairvaluesarerecognizedasanassetandthosewithnegativefairvaluesasaliability.Anygainorlossarisingfromchangesinfairvaluethatdoesnotcomplywiththeprovisionsofhedgeaccountingisdirectlyincludedincurrentprofitsandlosses.
Forhybridinstrumentscontainingembeddedderivativeinstruments,ifthemaincontractisafinancialasset,therelevantprovisionsoffinancialassetclassificationshallapplytothehybridinstrumentsasawhole.Ifthemaincontractisnotafinancialassetandthehybridinstrumentisnotmeasuredatfairvaluethroughprofitorlossforaccountingtreatment,theembeddedderivativeinstrumentsarenotcloselyrelatedtothemaincontractintermsofeconomiccharacteristicsandrisksandhavethesameconditionsastheembeddedderivativeinstruments.Iftheseparatelyexistinginstrumentsmeetthedefinitionofderivativeinstruments,theembeddedderivativeinstrumentsshallbeseparatedfromthehybridinstrumentsandtreatedasseparatederivativefinancialinstruments.Iftheembeddedderivativeinstrumentscannotbemeasuredseparatelyatthetimeofacquisitionoronthesubsequentbalancesheetdate,thehybridinstrumentsaredesignatedasfinancialassetsorfinancialliabilitiesatfairvaluethroughprofitorlossasawhole.
(5)FairvalueoffinancialinstrumentsRefertoNoteV.11fordeterminationmethodsforfairvaluesoffinancialassetsandfinancialliabilities.
(6)ImpairmentoffinancialassetsTheCompanycarriesoutimpairmentaccountingtreatmentandrecognizesthelossprovisionforthefollowingitemsbasedonexpectedcreditlosses:
Financialassetsmeasuredatamortizedcost;Receivablesanddebtinstrumentinvestmentsatfairvaluewithchangesintoothercomprehensiveincome;ContractassetsasdefinedintheAccountingStandardsforBusinessEnterprisesNo.14-Revenue;Leasereceivables;Financialguaranteecontracts(exceptforthosemeasuredatfairvaluethroughprofitorloss,wherethetransferoffinancialassetsdoesnotmeetderecognitionconditionsoriscontinuouslyinvolvedinthetransferredfinancialassets).MeasurementofexpectedcreditlossTheexpectedcreditlossreferstotheweightedaverageofthecreditlossesoffinancialinstruments,withtheriskofdefaultasweight.CreditlossreferstothedifferencebetweenallcontractcashflowthattheCompanydiscountsattheoriginaleffectiveinterestrateandisreceivableperthecontractandallcashflowexpectedtobereceived,thatis,thepresentvalueofallcashshortages.
TheCompanyconsidersreasonableandreliableinformationaboutpastevents,currentsituation,andforecastofthefutureeconomicsituationandtakestheriskofdefaultastheweighttocalculatetheprobability-weightedamountofthepresentvalueofthedifferencebetweenthecashflowreceivablefromthecontractandthecashflowexpectedtobereceivedandrecognizetheexpectedcreditloss.TheCompanyseparatelymeasurestheexpectedcreditlossesoffinancialinstrumentsatdifferentstages.Ifthecreditriskoffinancialinstrumentshasnotincreasedsignificantlysinceinitialrecognition,itisinthefirststage.TheCompanymeasuresthelossprovisionaccordingtotheexpectedcreditlossesinthenext12months;ifthecreditriskofafinancialinstrumenthasincreasedsignificantlysinceinitialrecognitionbutnocreditimpairmenthasoccurred,itisinthesecondstage.TheCompanymeasuresthelossprovisionaccordingtotheexpectedcreditlossoftheinstrumentthroughoutitsduration;ifafinancialinstrumenthasbeencredit-impairedsinceinitialrecognition,itisinthethirdstage.TheCompanymeasuresthelossprovisionaccordingtotheexpectedcreditlossoftheinstrumentthroughoutitsduration.Forfinancialinstrumentswithlowcreditriskonthebalancesheetdate,theCompanyassumesthattheircreditriskshavenotincreasedsignificantlysinceinitialrecognitionandmeasuresthelossprovisionaccordingtotheexpectedcreditlossesinthenext12months.Theexpectedcreditlossofthewholedurationreferstotheexpectedcreditlosscausedbyallpossibledefaulteventsoffinancialinstrumentsthroughouttheestimatedduration.Theexpectedcreditlossinthenext12monthsreferstotheexpectedcreditlosscausedbythepossibledefaulteventsoffinancialinstrumentswithin12months(or,theexpectedduration,iftheexpecteddurationoffinancialinstrumentsislessthan12months)afterthebalancesheetdate,whichispartoftheexpectedcreditlossinthewholeduration.Whentheexpectedcreditlossismeasured,thelongesttermthattheCompanyneedstoconsideristhelongestcontracttermthattheenterprisefacescreditrisk(includingtheoptiontorenewthecontract).Forfinancialinstrumentsinthefirstandsecondstagesandwithlowcreditrisk,theCompanycalculatesinterestincomeaccordingtothebookbalancebeforedeductingprovisionforimpairmentandtheactualinterestrate.Forfinancialinstrumentsinthethirdstage,theCompanycalculatesinterestincomeaccordingtotheamortizedcost(thatis,thebookbalancelesstheimpairmentprovision)andtheeffectiveinterestrate.Fornotesreceivable,accountsreceivable,financingofaccountsreceivable,contractassetsandotherreceivables,ifthecreditriskcharacteristicsofacustomeraresignificantlydifferentfromthoseofothercustomersintheportfolio,orthecreditriskcharacteristicsofthecustomerhavechangedsignificantly,theCompanyshallmakeprovisionforbaddebtsonthereceivableitem.Exceptforreceivableswithprovisionforbaddebtsdrawnonasinglebasis,theCompanydividesreceivablesintoportfoliosaccordingtocreditriskcharacteristicsandcalculatesprovisionforbaddebtsbasedonportfolios.
NotesreceivableandaccountsreceivableFornotesreceivableandaccountsreceivable,regardlessofwhetherthereisasignificantfinancingcomponent,theCompanyalwaysmeasurestheirlossprovisionaccordingtotheamountequivalenttotheexpectedcreditlossinthewholeduration.Whentheinformationofexpectedcreditlosscannotbeevaluatedatareasonablecostforasinglefinancialassetorcontractasset,theCompanydividesthenotesreceivable,accountsreceivableandcontractassetsintoportfoliosaccordingtothecreditriskcharacteristics,calculatestheexpectedcreditlossbasedontheportfolio,anddeterminestheportfoliobasedonthefollowing:
A.Notesreceivable
Notesreceivableportfolio1:bankacceptancebillNotesreceivableportfolio2:CommercialacceptancebillsB.Accountsreceivable
Accountsreceivableportfolio1:LeasingandotherportfolioAccountsreceivableportfolio2:JewelrysalesbusinessportfolioFornotesreceivableandcontractassetsdividedintoportfolios,theCompanyreferstothehistoricalcreditlossexperience,combinesthecurrentsituationwiththeforecastofthefutureeconomicsituation,andcalculatestheexpectedcreditlossthroughdefaultriskexposureandtheexpectedcreditlossrateforthewholeduration.Fortheaccountsreceivabledividedintoportfolios,theCompanyreferstothehistoricalcreditlossexperience,combinesthecurrentsituationwiththeforecastofthefutureeconomicsituation,formulatesthecomparisontableofagingofaccountsreceivableandtheexpectedcreditlossrateintheentireduration,andcalculatestheexpectedcreditloss.Theageofaccountsreceivableshallbecalculatedfromthedateofrecognition.OtherreceivablesTheCompanydividesotherreceivablesintoseveralportfoliosbasedoncreditriskcharacteristics,calculatestheexpectedcreditlossbasedontheportfolio,anddeterminestheportfoliobasedonthefollowing:
Otherreceivablesportfolio1:AgingportfolioOtherreceivablesportfolio1:PortfolioofdepositsandsecuritydepositsreceivableOtherreceivablesportfolio3:Portfolioofrelatedpartytransactionswithintheconsolidationscope
Forotherreceivablesthataredividedintoportfolios,theCompanycalculatestheexpectedcreditlossbasedonthedefaultriskexposureandtheexpectedcreditlossratewithinthenext12monthsorthewholeduration.Theageofotherreceivablesdividedintoportfoliosbyagingshallbecalculatedfromthedateofrecognition.Creditor'srightsinvestments,othercreditor'srightsinvestmentsForcreditor'srightsinvestmentsandothercreditor'srightsinvestments,theCompanycalculatestheexpectedcreditlossaccordingtothenatureoftheinvestmentaswellasvarioustypesofcounterpartyandriskexposurethroughdefaultriskexposureandtheexpectedcreditlossrateinthenext12monthsortheentireduration.AssessmentofsignificantincreaseincreditriskTodeterminetherelativechangesinthedefaultrisksoffinancialinstrumentsinthedurationandassesswhetherthecreditriskoffinancialinstrumentshasincreasedsignificantlysinceinitialrecognition,theCompanycomparesthedefaultriskoffinancialinstrumentsonthebalancesheetdatewiththedefaultriskontheinitialrecognitiondate.Whendeterminingwhetherthecreditriskhassignificantlyincreasedsincetheinitialrecognition,theCompanyconsidersreasonableandwell-foundedinformationobtainedwithoutunnecessaryadditionalcostoreffort,includingforward-lookinginformation.TheinformationconsideredbytheCompanyincludes:
Thedebtorfailstopaytheprincipalandinterestbythecontractexpirationdate;Asignificantdeterioration(ifany)intheexternalorinternalcreditratingsofafinancialinstrument,whetherithasoccurredorisanticipated;Asignificantdeteriorationintheoperatingperformanceofthedebtor,whetherithasoccurredorisanticipated;Changesintheexistingorexpectedtechnical,market,economic,orlegalenvironment,whichwillhaveasignificantadverseimpactonthedebtor'sabilitytorepaytheCompany.Accordingtothenatureoffinancialinstruments,theCompanyevaluateswhetherthecreditriskhasincreasedsignificantlybasedonindividualfinancialinstrumentsorportfoliosoffinancialinstruments.Whenevaluatingbasedonportfoliosoffinancialinstruments,theCompanymayclassifythefinancialinstrumentsbasedoncommoncreditriskcharacteristics,suchasoverdueinformationandcreditriskrating.Ifthefinancialinstrumentisoverdueformorethan30days,theCompanydeterminesthatitscreditriskhassignificantlyincreased.TheCompanyconsidersthatadefaultofafinancialassetoccurswhen:
TheborrowerisunlikelytopayinfullwhatisowedtotheCompanyandtheassessmentdoesnotcovertherealizationofthecollateral(ifheld)orotherrecourseactionsbytheCompany;Financialassetsareoverdueformorethan90days.Credit-impairedfinancialassetsOnthebalancesheetdate,theCompanyevaluateswhetherthecreditimpairmenthasoccurredtofinancialassetsmeasuredbyamortizedcostandatfairvaluewithchangesintoothercomprehensiveincome;Whenoneormoreeventsthathaveanadverseeffectontheexpectedfuturecashflowofafinancialassetoccur,thefinancialassetbecomesacredit-impairedfinancialasset.Evidenceforcredit-impairedfinancialassetsincludesthefollowingobservableinformation:
Theissuerordebtoriscaughtinaseriousfinancialdifficulty;Thedebtorbreachestheagreementofcontract,suchasdefaultoroverduepaymentofinterestorprincipal;TheCompanygrantsconcessionstothedebtorduetoeconomicorcontractualconsiderationsrelatedtothedebtor'sfinancialdifficulties,whichwouldnotbemadeunderanyothercircumstances;Thereliesagreatprobabilityofbankruptcyorotherfinancialrestructuringforthedebtor;Theissuerordebtoriscaughtinfinancialdifficulties,whichleadstothedisappearanceoftheactivemarketofthefinancialasset;PresentationofprovisionforexpectedcreditlossToreflectthechangesinthecreditriskoffinancialinstrumentssincetheinitialrecognition,theCompanyre-measurestheexpectedcreditlossoneachbalancesheetdate.Theincreaseorreversalamountofprovisionforlosstherefromshallberegardedasimpairmentlossorgainandincludedincurrentprofitsandlosses.Forthefinancialassetsmeasuredatamortizedcost,theprovisionforlossshallbeusedtooffsetagainstthebookvalueoffinancialassetspresentedinthebalancesheet;forthedebtinvestmentsmeasuredatfairvaluewithchangesintoothercomprehensiveincome,theCompanyrecognizestheprovisionforlossinothercomprehensiveincome,andthebookvalueoffinancialassetswillnotbededucted.Write-offWhentheCompanynolongerreasonablyexpectsthatthecontractualcashflowofthefinancialassetcanberecoveredinwholeorinpart,thebookbalanceofthefinancialassetisdirectlywrittendown.Suchwrite-downsmayconstitutethederecognitionofrelatedfinancialassets.ThisusuallyhappenswhentheCompanydeterminesthatthedebtorhasnoassetsorsourcesofrevenuetogeneratesufficientcashflowtorepaytheamounttobewrittendown.However,accordingto
theCompany'sproceduresforrecoveringdueamounts,written-downfinancialassetsmaystillbeaffectedbyimplementationactivities.Ifthewrite-downfinancialassetsarerecoveredlater,theyshallberegardedasthereversalofimpairmentlossandincludedinthecurrentprofitsandlosses.
(7)TransferoffinancialassetsTransferoffinancialassetsreferstotheassignmentordeliveryoffinancialassetstotheotherpartyotherthantheissuerofsuchfinancialassets(transferee).IftheCompanyhastransferredsubstantiallyallrisksandrewardsofownershipofafinancialassettothetransferee,thefinancialassetshallbederecognized;ifitretainssubstantiallyallrisksandrewardsofownershipofthefinancialasset,thefinancialassetshallnotbederecognized.IftheCompanyneithertransfersnorretainsalmostallrisksandrewardsofownershipofafinancialasset,itshalldealwiththemasfollows:Ifthecontroloverthefinancialassetiswaived,thefinancialassetshallbederecognizedandtheassetsandliabilitiesincurredshallberecognized;ifthecontroloverthefinancialassetisnotwaived,therelevantfinancialassetshallberecognizedtotheextentthatitcontinuestobeinvolvedinthetransferredfinancialasset,andtherelevantliabilitiesshallberecognizedaccordingly.
(8)OffsetoffinancialassetsandliabilitiesWhentheCompanyhasalegalrighttooffsettherecognizedfinancialassetsandfinancialliabilities,andsuchlegalrightiscurrentlyenforceable,andtheCompanyplanstosettleonanetbasisorrealizethefinancialassetsandpayoffthefinancialliabilitiessimultaneously,thefinancialassetsandfinancialliabilitiesarepresentedinthebalancesheetattheamountafteroffsettingeachother.Inaddition,financialassetsandfinancialliabilitiesarepresentedseparatelyinthebalancesheetandarenotmutuallyoffset.
TheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness.
12.Inventories
TheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness.
(1)ClassificationofinventoriesTheCompany'sinventoriesincluderawmaterials,finishedgoods,hedgeditems,materialsprocessedonacommissionbasis,andgoodssoldonacommissionbasis.
(2)Valuationmethodfordispatchedinventories
InventoriesoftheCompanyarepricedbyactualcostwhenacquired.Rawmaterialsandgoodsinstockshallbesentoutbyfirst-infirst-outmethod.
(3)RecognitionandwithdrawalofprovisionfordeclineinthevalueofinventoriesOnthebalancesheetdate,inventoriesarevaluedbycostornetrealizablevalue,whicheverislower.Ifthenetrealizablevalueislowerthanthecost,theprovisionfordeclineinthevalueofinventoriesisaccrued.Netrealizablevalueistheestimatedsellingpricelessestimatedcoststobeincurreduponcompletion,estimatedsellingexpenses,andrelatedtaxes.Whenthenetrealizablevalueofinventoriesisdetermined,theobtainedconcreteevidenceistakenasabasis,andthepurposeofholdinginventoriesandtheimpactofmattersafterthebalancesheetdatearetakenintoconsideration.TheCompanyusuallyconductstheprovisionfordeclineinthevalueofinventoriesonanindividualinventoryitembasis.Fortheinventorieswithhighquantityandlowunitprice,theprovisionfordeclineinthevalueofinventorieswillbedonebyinventoryclass.Onthebalancesheetdate,ifthefactorsaffectingthepreviouswrite-downofinventoryvaluehavedisappeared,theprovisionfordeclineinthevalueofinventoriesshallbereversedwithintheamountoriginalprovision.
(4)InventorysystemTheCompanyadoptstheperpetualinventorysystem.
(5)Amortizationmethodsforlow-valueconsumablesandpackingmaterialsTheCompanyadoptstheone-offamortizationmethodforlow-valueconsumablescollected.
13.Long-termequityinvestmentsLong-termequityinvestmentsincludeequityinvestmentsinsubsidiaries,jointventures,andassociates.WhentheCompanycanexercisesignificantinfluenceovertheinvestee,theinvesteeisanassociate.
(1)RecognitionofinitialinvestmentcostLong-termequityinvestmentformedbybusinesscombination:Forlong-termequityinvestmentacquiredthroughbusinesscombinationundercommoncontrol,thebookvalueshareoftheowner'sequityofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyshallberecognizedastheinvestmentcostonthecombinationdate;forlong-termequityinvestmentacquiredthroughbusinesscombinationunderdifferentcontrol,thecombinationcostshallberecognizedastheinvestmentcostoflong-termequityinvestment.
Forlong-termequityinvestmentsacquiredbyothermethods:Forthoseacquiredbycashpayment,theactualpurchasepriceshallbetakenastheinitialinvestmentcost;forthoseacquiredbyissuingequitysecurities,thefairvalueofissuedequitysecuritiesshallbetakenastheinitialinvestmentcost.
(2)SubsequentmeasurementandrecognitionofrelatedprofitorlossInvestmentsinsubsidiariesareaccountedforusingthecostmethodunlesstheymeettheconditionsofbeingheldforsale;investmentsinassociatesandjointventuresarecalculatedthroughtheequitymethod.Forlong-termequityinvestmentscalculatedbycostmethod,exceptforthedeclaredbutnotyetreleasedcashdividendsorprofitsincludedintheactualpriceorconsiderationpaidwhenacquiringtheinvestment,thedistributedcashdividendsorprofitsdeclaredbytheinvesteeshallberecognizedasinvestmentincomeandincludedincurrentprofitsandlosses.Forlong-termequityinvestmentscalculatedthroughtheequitymethod,iftheinitialinvestmentcostisgreaterthantheshareoffairvalueofnetidentifiableassetsoftheinvesteeatthetimeofinvestment,theinvestmentcostofthelong-termequityinvestmentshallnotbeadjusted;iftheinitialinvestmentcostislessthantheshareoffairvalueofnetidentifiableassetsoftheinvesteeatthetimeofinvestment,thebookvalueofthelong-termequityinvestmentshallbeadjustedandthedifferenceshallbeincludedincurrentprofitsandlosses.Forequitymethod-basedcalculation,theinvestmentincomeandothercomprehensiveincomeshallberecognizedrespectivelyaccordingtotheshareofthenetprofitsandlossesandothercomprehensiveincomerealizedbytheinvesteethatshallbeenjoyedorshared.Meanwhile,thebookvalueofthelong-termequityinvestmentshallbeadjusted.Thepartofthedueshareshallbecalculatedaccordingtothedistributedprofitorcashdividenddeclaredbytheinvestee,andthebookvalueofthelong-termequityinvestmentshallbereducedaccordingly.Forotherchangesofowners'equityoftheinvesteeapartfromnetprofitandloss,othercomprehensiveincome,andprofitdistribution,thebookvalueoflong-termequityinvestmentshallbeadjustedandincludedincapitalreserve(othercapitalreserves).Therecognitionoftheshareoftheinvestee'snetprofitsandlossesthatshouldbeenjoyedisbasedonthefairvalueoftheidentifiableassetsoftheinvesteeatthetimeofinvestmentacquisition.Theinvestee'snetprofitisthenadjustedpertheCompany'saccountingpoliciesbeforerecognitionduringtheaccountingperiod.Ifitcanexertasignificantinfluenceorimplementjointcontroltotheinvesteebutnotconstitutethecontrolduetotheadditionalinvestmentandothercauses,onthedateoftransition,thesumofthefairvalueofequityoriginallyheldandthenewinvestmentcostshallberegardedastheinitialinvestmentcostaccountedthroughtheequitymethod.Iftheoriginalequityisclassifiedasanon-tradingequityinstrumentinvestmentmeasuredatfairvaluewithchangesintoothercomprehensiveincome,therelatedaccumulatedchangesinfairvalueoriginallyincludedinothercomprehensiveincomeshallbetransferredtoretainedearningsinaccountingusingtheequitymethod.
SupposetheCompanylosesjointcontroloverorsignificantinfluenceontheinvesteeduetothedisposalofpartialequityinvestmentandotherreasons.Inthatcase,theremainingequityafterdisposalshallbesubjecttoaccountingtreatmentaccordingtotheAccountingStandardsforBusinessEnterprisesNo.22—RecognitionandMeasurementofFinancialInstrumentsonthedateoflosingjointcontrolorsignificantinfluence,andthedifferencebetweenfairvalueandbookvalueshallbeincludedincurrentprofitsandlosses.Othercomprehensiveincomerecognizedfromtheoriginalequityinvestmentduetoaccountingthroughtheequitymethodshallbesubjecttoaccountingtreatmentusingthesamebasisonwhichtheinvesteedirectlydisposesofrelevantassetsorliabilitieswhentheaccountingwiththeequitymethodisterminated;otherchangesinowner'sequityrelatedtotheoriginalequityinvestmentshallbetransferredintocurrentprofitsandlosses.IftheCompanylosescontrolovertheinvesteeduetothedisposalofpartialequityinvestmentorotherreasons,andtheresidualequityafterdisposalcanexercisejointcontroloverorsignificantinfluenceontheinvestee,itshallbeaccountedforthroughtheequitymethodinstead,andadjustedasifithadbeencalculatedthroughtheequitymethodsinceitwasacquired;iftheresidualequityafterdisposalcannotexercisejointcontroloverorsignificantinfluenceontheinvestee,itshallbesubjecttoaccountingtreatmentaccordingtorelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.22—RecognitionandMeasurementofFinancialInstruments,andthedifferencebetweenitsfairvalueandbookvaluesincethedateoflosingcontrolshallbeincludedincurrentprofitsorlosses.IftheshareholdingproportionoftheCompanydecreasesduetocapitalincreasebyotherinvestors,resultinginlossofcontrolbutcommoncontroloverorsignificantinfluenceontheinvestee,theCompany'sshareofnetassetsincreasedduetocapitalincreaseandshareexpansionoftheinvesteeshallberecognizedaccordingtothenewshareholdingproportion.Thedifferencebetweentheoriginalbookvalueoflong-termequityinvestmentcorrespondingtothedecreaseintheshareholdingproportionthatshallbecarriedforwardshallbeincludedincurrentprofitsandlosses;thenewshareholdingproportionisthenadjustedasifithadbeenaccountedforusingtheequitymethodsincetheacquisitionoftheinvestment.UnrealizedinternaltransactiongainsandlossesbetweentheCompanyandassociatesandjointventuresshallbecalculatedaccordingtotheshareholdingproportion,andtheinvestmentgainsandlossesshallberecognizedbasedontheoffset.However,theunrealizedinternaltransactionlossesincurredbetweentheCompanyandtheinvesteethatbelongtoimpairmentlossoftransferredassetsshallnotbeoffset.
(3)BasisfordeterminingjointcontrolandsignificantinfluenceontheinvesteeJointcontrolreferstothesharingofcontrolovercertainarrangementsunderrelatedagreements,andassociatedactivitiesofthearrangementcanbedeterminedonlywhentheunanimousconsentofthepartiessharingthecontrolrightisobtained.Whendeterminingtheexistenceofjointcontrol,thefirststepistoassesswhetherthearrangementiscollectivelycontrolledbyallpartiesinvolvedoracombinationoftheparties.Thenextstepistoevaluatewhetherdecisionsabouttherelevantactivitiesofthearrangementrequiretheunanimousconsentofthosepartieswhocollectively
controlthearrangement.Ifallparticipantsoragroupofparticipantsmustactinconcerttodecidetherelevantactivitiesofanarrangement,itisconsideredthatallparticipantsoragroupofparticipantscollectivelycontrolthearrangement;iftwoormoreparticipantscancollectivelycontrolanarrangement,itdoesnotconstitutejointcontrol.Protectiverightsarenotconsideredindeterminingwhetherornotthereisjointcontrol.Significantinfluencemeansthepoweroftheinvestortoparticipateinmakingdecisionsonthefinancialandoperatingpoliciesofaninvestee,buttheinvestorcannotcontrolorjointlycontrolwithotherpartiesovertheformulationofthesepolicies.Whendeterminingwhethersignificantinfluencecanbeexertedontheinvestee,weshallconsidertheimpactofvotingsharesdirectlyorindirectlyheldbytheinvestorandcurrentexecutablepotentialvotingrightsheldbytheinvestorandotherpartiesaftertheyareassumedtobeconvertedintoequityintheinvestee,includingtheimpactofcurrentconvertiblewarrantsandshareoptionsandconvertiblecorporatebondsissuedbytheinvestee.IftheCompanydirectlyownsorindirectlyowns,viaitssubsidiaries,morethan20%(including)butlessthan50%ofvotingsharesoftheinvestee,theconditionshallberecognizedasexertingsignificantinfluenceontheinvesteeunlessconcreteevidenceshowsthatparticipationintheproductionandbusinessdecisionsoftheinvesteeisnotallowedwithoutconstitutingsignificantinfluence.IfthevotingsharesoftheinvesteeownedbytheCompanyarelessthan20%(notincluding),theconditionshallnotbeconsideredasbeingofsignificantinfluenceontheinvesteeingeneralunlessconcreteevidenceshowsthattheCompanycanparticipateintheproductionandbusinessdecisionsoftheinvesteeunderthiscondition,constitutingsignificantinfluence.
(4)ImpairmenttestmethodandaccrualmethodforimpairmentprovisionForinvestmentsinsubsidiaries,associates,andjointventures,pleaseseeNoteV.19fortheaccrualmethodforimpairmentprovision.
14.Investmentproperties
MeasurementmodelofinvestmentpropertiesCostmethodDepreciationoramortizationmethodInvestmentpropertiesarepropertiesheldforrentearnings,capitalappreciation,orboth.InvestmentpropertiesoftheCompanyincludethelandrightofusethathasalreadybeenrented,thelandrightofuseheldfortransferafterappreciation,andbuildingsthathavebeenrented.InvestmentpropertiesoftheCompanyshallbeinitiallymeasuredasperthepriceuponacquisitionanddepreciatedoramortizedonscheduleasperrelevantprovisionsonfixedassetsorintangibleassets.Investmentpropertiesaremeasuredsubsequentlyasperthecostmodel.SeeNoteV.19fortheprovisionmethodofassetsimpairment.
Thedisposalincomefromthesale,transfer,discard,ordestructionoftheinvestmentpropertiesshallbeincludedincurrentprofitsandlossesaftertheirbookvalueandrelevanttaxesarededucted.
15.Fixedassets
(1)Recognitionconditions
FixedassetsoftheCompanyrefertothetangibleassetsheldforproducinggoods,renderinglaborservices,renting,orbusinessmanagementwithausefullifeofoveronefiscalyear.
Thefixedassetscanberecognizedonlywhentheeconomicbenefitsrelatedtosuchfixedassetsarelikelytoflowintoanenterpriseandthecostofsuchfixedassetscanbemeasuredreliably.
FixedassetsoftheCompanyshallbeinitiallymeasuredattheactualcostwhenacquired.
Forthesubsequentexpensesrelatedtofixedassets,iftheeconomicbenefitsoftheassetsarelikelytoflowintotheCompanyandthecostcanbereliablymeasured,theyareincludedinthecostoffixedassets;dailyrepaircostsoffixedassetsthatdonotmeettheconditionsforsubsequentexpensesforcapitalizationoffixedassetsareincludedincurrentprofitsandlossesorthecostofrelevantassetsaccordingtothebeneficiariesuponoccurrence.Thebookvalueofthepartbeingreplacedwillbederecognized.
(2)Depreciationmethod
| Type | Depreciationmethod | Depreciationperiod | Residualratio | Annualdepreciationrate |
| Premisesandbuildings | Straight-linemethod | 10,35-40 | 0,3 | 10,2.43-2.77 |
| Including:Decorationofself-ownedhouses | Straight-linemethod | 10 | 0 | 10 |
| Machineryequipment | Straight-linemethod | 10 | 3 | 9.70 |
| Electronicequipment | Straight-linemethod | 3 | 3 | 32.33 |
| Transportationequipment | Straight-linemethod | 7 | 3 | 13.86 |
| Officeandotherequipment | Straight-linemethod | 5 | 3 | 19.40 |
Thedepreciationrateoffixedassetswithprovisionforimpairmentshallbecalculatedbydeductingtheaccumulatedamountofprovisionforimpairmentoffixedassets.
16.ConstructioninprogressTheCompany'scostofconstructioninprogressisdeterminedaccordingtotheactualconstructionexpenditures,includingvariousnecessaryconstructionexpendituresincurredduringtheconstructionperiod,borrowingcoststhatshallbecapitalizedbeforetheprojectreachestheexpectedserviceablecondition,andotherrelevantexpenses.
Constructioninprogressistransferredtofixedassetswhenitisreadyforitsintendeduse.SeeNoteV.19fortheprovisionmethodofassetsimpairmentoftheconstructioninprogress.
17.Borrowingcosts
(1)RecognitionprincipleforcapitalizationofborrowingcostsBorrowingcostsincurredbytheCompanythataredirectlyattributabletotheacquisition,construction,orproductionofassetseligibleforcapitalizationshallbecapitalizedandincludedinrelevantassetcosts;otherborrowingcostsshallberecognizedasexpensesaccordingtotheiramountwhenincurredandincludedincurrentprofitsandlosses.Borrowingcostsshallbecapitalizedwhenallofthefollowingconditionsaresatisfied:
①Expendituresonanassethavebeenincurred,andexpendituresontheassetcomprisepaymentsincash,transferofnon-cashassets,orassumptionofdebtswithinterestsforacquisitionandconstructionorproductionoftheassetqualifyingforcapitalization;
②Borrowingcostshavebeenoccurred;
③Theacquisition,construction,orproductionactivitiesnecessarytobringtheassetstotheirintendeduseorsalehavestarted.
(2)PeriodofborrowingcostscapitalizationThecapitalizationofborrowingcostsshallceasewhentheassetseligibleforcapitalizationacquired,constructed,orproducedbytheCompanyarereadyfortheirintendeduseorsale.Borrowingcostsincurredaftertheassetsmeetingcapitalizationconditionsarereadyfortheirintendeduseorsaleshallberecognizedasexpensesaccordingtotheamountincurredandincludedinthecurrentprofitsorlosses.Iftheacquisition,construction,orproductionofassetseligibleforcapitalizationisinterruptedabnormallyandtheinterruptionperiodexceedsthreeconsecutivemonths,thecapitalizationofborrowingcostsshallbesuspended;theborrowingcostsduringthenormalinterruptionperiodshallcontinuetobecapitalized.
(3)CapitalizationrateandcalculationmethodofcapitalizationamountofborrowingcostsThebalanceoftheinterestfromspecialborrowingsthatoccurredinthecurrentperioddeductingtheinterestincomeacquiredfromunusedborrowingsdepositedinbanksordeductinginvestmentincomefromtemporaryinvestmentoftheborrowingsshallbecapitalized.Thecapitalizedamountofgeneralborrowingshallbedeterminedbymultiplyingtheweightedaverageoftheassetexpendituresfromtheaccumulativeassetexpendituresexceedingthespecialborrowingbythecapitalizationrateofgeneralborrowingoccupied.Thecapitalizationrateisdeterminedbasedontheweightedaverageinterestrateofgeneralborrowing.
Duringthecapitalizationperiod,thebalanceofexchangeforspecialforeign-currencyborrowingsshallbecapitalizedinfullamount,whilethatofgeneralforeign-currencyborrowingsshallbeincludedincurrentprofitsandlosses.
18.Intangibleassets
(1)Servicelifeanditsdeterminationbasis,estimation,amortizationmethod,orreviewprocedureTheCompany'sintangibleassetsincludelanduserights,computersoftware,trademark,etc.Intangibleassetsareinitiallymeasuredatcostandtheirservicelifeisdetermineduponacquisition.Iftheservicelifeofanintangibleassetislimited,itshallbeamortizedwithintheestimatedservicelifewithanamortizationmethodthatcanreflecttheexpectedrealizationmodeofeconomicbenefitsrelatedtotheassetsincetheassetisavailableforuse;iftheexpectedrealizationmodecannotbereliablydetermined,theassetshallbeamortizedwiththestraight-linemethod;intangibleassetswithuncertainservicelifeshallnotbeamortized.Theamortizationmethodforintangibleassetswithlimitedservicelifeisasfollows:
| Category | Servicelife | Determinationbasisofservicelife | Amortizationmethod | Remarks |
| Landuseright | 50years | Legalrighttouse | Straight-linemethod | |
| Computersoftware | 5years | DeterminetheservicelifewithreferencetothetermthatcanbringeconomicbenefitstotheCompany | Straight-linemethod | |
| Trademark | 10years | DeterminetheservicelifewithreferencetothetermthatcanbringeconomicbenefitstotheCompany | Straight-linemethod |
Attheendofeachyear,theCompanyshallrechecktheservicelifeandamortizationmethodofintangibleassetswithfiniteservicelife.Iftherearechangesfrompreviousestimates,theoriginalestimatesshallbeadjusted,andthechangesshallbeaccountedforaschangesinaccountingestimates.IfanintangibleassetisexpectednolongertogeneratefutureeconomicbenefitsfortheCompanyatthebalancesheetdate,thebookvalueoftheassetistransferredtocurrentprofitsandlosses.SeeNoteV.19fortheprovisionmethodofassetsimpairmentoftheintangibleassets.
(2)CollectionscopeofR&DexpendituresandrelevantaccountingtreatmentmethodsTheR&DexpendituresoftheCompanyrefertoexpendituresdirectlyrelatedtotheR&DactivitiesoftheCompany,includingsalariesofR&Dpersonnel,directR&Dinvestments,depreciationexpensesandlong-termdeferredexpenses,designexpenses,equipmentcommissioningexpenses,amortizationexpensesofintangibleassets,expensesincurredfromcommissionedexternalR&D,andotherexpenses.ThesalariesofR&DpersonnelareincludedinR&Dexpendituresaccordingtotheprojectworkinghours.Equipment,productionlinesandsites
sharedforR&DactivitiesandotherproductionandoperationactivitiesareincludedinR&Dexpendituresaccordingtotheproportionofworkinghoursandarea.TheCompanydividestheexpenditureofinternalR&Dprojectsintoresearchstageexpenditureanddevelopmentstageexpenditure.Expendituresattheresearchstageshallbeincludedincurrentprofitsorlosseswhenincurred.Expendituresatthedevelopmentstagecanbecapitalizedonlywhenallofthefollowingconditionsaremet,namely:Itistechnicallyfeasibletocompletetheintangibleassetssothattheycanbeusedorsold;thereisanintentiontocompletetheintangibleassetanduseorsellit;waysforintangibleassetstogenerateeconomicbenefitsincludeprovingthatthereisamarketfortheproductsproducedbyusingtheintangibleassetsortheintangibleassetsthemselves,aswellasprovingtheirusefulnessifintangibleassetsaretobeusedinternally;therearesufficienttechnical,financial,andotherresourcestocompletethedevelopmentoftheintangibleassetsandhavetheabilitytouseorsellthem;theexpendituresattributabletothedevelopmentstageofintangibleassetscanbemeasuredreliably.Developmentexpendituresthatdonotmeettheaboveconditionsareincludedincurrentprofitsandlosses.TheR&DprojectsoftheCompanywillenterthedevelopmentstageaftermeetingtheaboveconditionsandpassingthetechnicalfeasibilitystudyandeconomicfeasibilitystudytogainprojectapproval.Thecapitalizedexpendituresinthedevelopmentstageshallbepresentedasdevelopmentcostsonthebalancesheetandshallbetransferredintointangibleassetsfromthedatewhentheprojectmeetstheexpectedusage.
19.Impairmentoflong-termassetsTheimpairmentofthelong-termequityinvestmentsinsubsidiaries,associates,andjointventures,aswellasofinvestmentproperties,fixedassets,constructioninprogress,right-of-useassets,intangibleassets,andothers,subsequentlymeasuredbycostmodel(exceptforinventories,investmentproperties,deferredincometaxassets,andfinancialassetsmeasuredbyfairvaluemodel)shallbedeterminedbytheCompanyaccordingtothefollowingmethods:
TheCompanyjudgeswhetherthereisasignofimpairmenttoassetsonthebalancesheetdate.Ifsuchasignexists,theCompanyestimatestherecoverableamountandconductstheimpairmenttest.Thegoodwillformedduetobusinesscombination,intangibleassetswithuncertainservicelife,andintangibleassetsthathavenotyetreachedtheirintendeduseshallbetestedforimpairmenteveryyear,regardlessofwhetherthereisanysignofimpairment.Therecoverableamountisthenetamountgainedafterthefairvalueofassetsdeductsthedisposalfees,orthepresentvalueoftheestimatedfuturecashflowoftheassets,whicheverishigher.TheCompanyestimatestherecoverableamountonasingle-assetbasis.Ifitisdifficulttoestimatetherecoverableamountofasingleasset,therecoverableamountoftheassetgroupshallbe
determinedbasedontheassetgrouptowhichtheassetbelongs.Theassetgroupisdeterminedbywhetherthemaincashflowgeneratedbytheassetgroupisindependentofthosegeneratedbyotherassetsorassetgroups.Whentheassetorassetgroup'srecoverableamountislowerthanitsbookvalue,theCompanyreducesitsbookvaluetoitsrecoverableamount,thereducedamountisrecordedinthecurrentprofitandloss,andtheprovisionforimpairmentofassetsisrecognized.Fortheimpairmenttestofgoodwill,thebookvalueofgoodwillformedbythebusinesscombinationshallbeamortizedtorelevantassetgroupswithareasonablemethodsincetheacquisitiondate;ifitisdifficulttoamortizetorelevantassetgroups,itshallbeamortizedtorelevantassetgroupportfolios.AssetgrouporportfolioofassetgroupisanassetgrouporportfolioofassetgroupthatcanbenefitfromsynergiesofabusinesscombinationandisnotgreaterthanthereportablesegmentoftheCompany.Duringtheimpairmenttest,ifthereisanysignofimpairmentintheassetgroupsorportfoliosofassetgroupsrelatedtogoodwill,firstconductanimpairmenttestforassetgroupsorportfoliosofassetgroupsthatdonotcontaingoodwill,calculatetherecoverableamount,andrecognizethecorrespondingimpairmentloss.Then,animpairmenttestshallbeconductedontheassetgroupsorportfoliosofassetgroupsthatincludegoodwill.Thebookvalueshouldbecomparedwiththerecoverableamount;iftherecoverableamountisfoundtobelowerthanthebookvalue,animpairmentlossforgoodwillshallberecognized.Oncerecognized,theimpairmentlossofassetsshallnotbereversedinfutureaccountingperiods.
20.Long-termdeferredexpensesLong-termdeferredexpensesoftheCompanyshallbevaluedasperactualcostandaveragelyamortizedaspertheexpectedbenefitperiod.Ifthelong-termdeferredexpenseprojectwillnotbenefitthefutureaccountingperiod,theamortizedvalueoftheprojectshallbeincludedinthecurrentprofitandlossinfullamount.
21.Employeecompensation
(1)Accountingtreatmentforshort-termcompensationDuringtheaccountingperiodwhenemployeesprovideservices,theCompanyrecognizestheactualsalaryandbonusofemployees,socialinsurancepremiumssuchasmedicalinsurancepremiums,work-relatedinjuryinsurancepremiums,andmaternityinsurancepremiumspaidforemployeesaccordingtothespecifiedbenchmarkandproportion,andhousingfundasliabilities,andincludesthemincurrentprofitsandlossesorrelevantassetcosts.
(2)Accountingtreatmentforpost-employmentbenefits
Post-employmentbenefitplansincludedefinedcontributionplansanddefinedbenefitplans.Amongthem,thedefinedcontributionplanreferstoapost-employmentbenefitplaninwhichtheenterprisehasnofurtherpaymentobligationafterpayingfixedexpensestoanindependentfund;thedefinedbenefitplanreferstoapost-employmentbenefitplanotherthanadefinedcontributionplan.DefinedcontributionplanThedefinedcontributionplanincludesbasicendowmentinsurance,unemploymentinsurance,etc.Duringtheaccountingperiodwhenemployeesprovideservices,theamountpayablecalculatedaccordingtothedefinedcontributionplanisrecognizedasaliabilityandincludedincurrentprofitsandlossesorrelatedassetcosts.DefinedbenefitplansFordefinedbenefitplans,anindependentactuaryshallcarryoutactuarialvaluationontheannualbalancesheetdate,anddeterminethecostofprovidingbenefitswiththeexpectedcumulativewelfareunitmethod.EmployeecompensationcostsarisingfromthedefinedbenefitplanoftheCompanyshallincludethefollowingcomponents:
①Servicecosts,includingcurrentservicecosts,pastservicecosts,andsettlementgainsorlosses.Currentservicecostsrefertotheincreasedamountinthepresentvalueofdefinedbenefitplanobligationscausedwhenemployeesprovideservicesinthecurrentperiod;pastservicecostsrefertotheincreaseordecreaseinthepresentvalueofdefinedbenefitplanobligationsrelatedtoemployeeservicesinpreviousperiodscausedbymodificationsfordefinedbenefitplans.
②Netinterestonthedefinedbenefitplannetliabilitiesorassets,includinginterestincomeonplanassets,interestcostonthedefinedbenefitplanobligation,andinterestontheeffectoftheassetceiling.
③Changesasaresultofremeasurementofthedefinedbenefitplan'snetliabilitiesorassets.Unlessotheraccountingstandardsrequireorallowemployee'sbenefitcoststobeincludedinassetscosts,theaboveitems①and②shallbeincludedbytheCompanyincurrentprofitsandlosses;item③shallbeincludedinothercomprehensiveincomeandbenotreversedtoprofitorloss;whentheoriginaldefinedbenefitplanisterminated,theamountincludedinothercomprehensiveincomebeforeshallbecompletelytransferredtotheundistributedprofit.
(3)Accountingtreatmentforterminationbenefits
IftheCompanyprovidesterminationbenefitstoemployees,theemployeecompensationliabilitiesarisingfromtheterminationbenefitsshallberecognizedattheearliestofthefollowingtwodatesandincludedincurrentprofitsandlosses:TheCompanycannotunilaterallywithdraw
theterminationbenefitsprovidedduetothelaborrelationshipterminationplanorlayoffproposal;theCompanyrecognizesthecostsorexpensesrelatedtotherestructuringinvolvingthepaymentofterminationbenefits.Ifanemployee'sinternalretirementplanisimplemented,theeconomiccompensationbeforetheofficialretirementdatebelongstotheterminationbenefits.Duringtheperiodfromthedatewhentheemployeestopsprovidingservicestothenormalretirementdate,thewagestobepaidtotheearlyretiredemployeesandthesocialinsurancepremiumstobepaidareincludedincurrentprofitsandlossesinalumpsum.Economiccompensationaftertheofficialretirementdate(suchasthepension)istreatedaspost-employmentbenefits.
(4)Accountingtreatmentforotherlong-termemployeebenefits
Theotherlong-termemployeebenefitsprovidedbytheCompanytoitsemployees,whichmeetthecriteriaforadefinedcontributionplan,shallbehandledpertheregulationsrelevanttothedefinedcontributionplanmentionedabove.Ifthebenefitsmeetthedefinedbenefitplan,theyshallbehandledpertherelevantprovisionsonthedefinedbenefitplanabove,butthepartof"changesarisingfromre-measuringthenetliabilitiesornetassetsofthedefinedbenefitplan"intherelevantemployeecompensationcostsshallbeincludedincurrentprofitsandlossesortherelevantassetcosts.
22.Estimatedliabilities
Anobligationrelatedtocontingencies,ifsatisfyingthefollowingconditionsatthesametime,willberecognizedasanestimatedliabilitybytheCompany:
(1)TheobligationisthecurrentobligationoftheCompany;
(2)PerformanceofthisobligationwillprobablycauseoutflowofeconomicinterestoftheCompany;
(3)Theamountofsuchobligationcanbemeasuredreliably.Estimatedliabilitiesareinitiallymeasuredattheoptimalestimaterequiredtoperformtherelevantcurrentobligation,incomprehensiveconsiderationoftherisks,uncertainty,timevalueofmoney,andotherfactorspertinenttothecontingencies.Wherethetimevalueofmoneyisofsignificantinfluence,theoptimalestimateisrecognizedthroughthediscountofrelevantfuturecashoutflows.Atthebalancesheetdate,thebookvalueoftheestimatedliabilitiesisreviewedandadjustedbytheCompanytoreflectthecurrentbestestimate.Ifallorpartoftheexpendituresnecessaryforclearingofftherecognizedestimatedliabilitiesareexpectedtobecompensatedbyathirdpartyoranyotherparty,theamountofcompensationshallberecognizedasassetsseparatelyonlywhenitisbasicallysurethattheamountcanbeobtained.Therecognizedamountofcompensationshallnotexceedthebookvalueofrecognizedliabilities.
23.RevenueAccountingpoliciesofrevenuedisclosurerecognitionandmeasurementbybusinesstypes
(1)GeneralprincipleTheCompanyhasfulfilleditsperformanceobligationsofthecontract,whichmeansitrecognizestherevenuewhenthecustomerhasacquiredthecontrolrightsofrelevantgoodsorservices.Ifthecontractcontainstwoormoreperformanceobligations,theCompanyshall,atthebeginningdateofthecontract,apportionthetransactionpricetoeachperformanceobligationaccordingtotherelativeproportionoftheindividualsellingpriceofthecommoditiesorservicespromisedbyeachperformanceobligation,andmeasuretherevenueaccordingtothetransactionpriceapportionedtoeachperformanceobligation.Whenoneofthefollowingconditionsismet,itisconsideredthefulfillmentofperformanceobligationsoveraperiodoftime;otherwise,itisregardedasthefulfillmentofperformanceobligationsataspecificpointintime:
①ThecustomersimultaneouslyobtainsandconsumestheeconomicbenefitsarisingfromthecontractperformanceoftheCompany.
②ThecustomercancontrolthegoodsunderconstructionduringtheperformanceoftheCompany.
③ThegoodsproducedduringtheperformanceoftheCompanyhaveirreplaceableuses,andtheCompanyhastherighttocollectpaymentsfortheaccumulatedperformanceportiontodatethroughoutthecontractperiod.Fortheperformanceobligationsperformedwithinacertainperiodoftime,theCompanyshallrecognizetherevenuewithinthatperiodaccordingtotheperformanceprogress.IftheperformanceprogresscannotbereasonablyconfirmedandthecostsincurredbytheCompanyareexpectedtobecompensated,theincomesshallberecognizedaccordingtotheamountofcostsincurreduntiltheperformanceprogressisreasonablyconfirmed.Inthecaseofaperformanceobligationsatisfiedatacertaintimepoint,therevenueshallberecognizedbytheCompanyatacertaintimepointwhenacustomerobtainscontrolofrelevantgoodsorservices.Indeterminingwhetheracustomerhasobtainedthecontrolrightsofthegoodsorservices,theCompanyshallconsiderthefollowingsigns:
①TheCompanyenjoysthecurrentcollectionrightconcerningsuchgoodsorservices,i.e.,customershavetheobligationtopayimmediatelyconcerningthegoods.
②TheCompanyhastransferredthelegalownershipofthegoodstocustomers,i.e.,customershaveownedthelegalownershipofthegoods.
③TheCompanyhastransferredthegoodstocustomersinkind,i.e.,customershavepossessedthegoods.
④TheCompanyhastransferredthemajorrisksandrewardsfromtheownershipofthegoodstocustomers,i.e.,customershaveobtainedthemajorrisksandremunerationontheownershipofthegoods.
⑤Customershaveacceptedsuchgoodsorservices.
⑥Othersignsindicatethatcustomershaveobtainedtherighttocontrolthegoods.
(2)SpecificmethodTheCompany'srevenueismainlyderivedfromthefollowingbusinesses:Propertyleasingandservices,andjewelrysalesandservices.
①PropertyleasingandservicesSeeNoteV.26forthespecificmethodfortherecognitionofrevenuefrompropertyleasingandservices.
②SalesandservicesofgoldandjewelryTheCompanydetermineswhetheritisthemainresponsiblepersonortheagentduringtransactionsaccordingtoitscontrolovergoodsorservicesbeforetransferringthemtocustomers.IftheCompanyhascontroloverthegoodsorservicesbeforetransferringthemtocustomers,theCompanyisthemainresponsiblepersonandrecognizestherevenueaccordingtothetotalconsiderationreceivedorreceivable;otherwise,theCompanyactsasanagent,andrecognizestherevenueaccordingtotheamountofcommissionorhandlingchargeexpectedtobeentitled,whichisdeterminedaccordingtothenetamountofthetotalconsiderationreceivedorreceivableafterdeductingthepricepayabletootherrelatedparties,oraccordingtotheestablishedcommissionamountorproportion.Thespecificrecognitionmethodofrevenuesgeneratedfromgoldandjewelrysalesisasfollows:
Ingoldandjewelrysales,theCompanymainlytakesadirect-salesmodel,withthesalesagencymodelasasupplement.Forthedirect-salesmodel,thesaleschannelsincludewholesalers,e-commerce,andretailindirect-salesstores.Thetimepointsforrevenuerecognitionunderthesalesmodelswithsuchchannelsaswholesalers,e-commerce,andretailareasfollows:
①Inwholesalersales,purchaserscooperatewiththeCompanydirectly.Thetimepointiswhenthegoods-relatedcontrolrightshavebeentransferredtothepurchasers,whichsignifiesthatthe
performanceobligationiscompletedaccordingtothesalescontract.Therevenuewillthenberecognizedaftercustomersacceptthegoodsandissuereceipts.Thisisaperformanceobligationperformedatacertaintimepoint.
②Ine-commercesales,theCompanysellsgoodsone-commerceplatforms.ThesalesrevenuewillberecognizedwhencustomershavesignedforthegoodsandtheCompanyhasreceivedpaymentsorobtainedtherighttoclaimpayments.Thisisaperformanceobligationperformedatacertaintimepoint.
③Inretailthroughdirect-salesstores,theCompanysellsitsgoodsinitsself-ownedrealestate.ThesalesrevenuewillberecognizedwhentheCompanyhassoldgoodstocustomersandreceivedpaymentsorobtainedtherighttoclaimpayments.Thisisaperformanceobligationperformedatacertaintimepoint.
④Inthesalesagencymodel,theCompanysendsproductstostoresofentrustedsellers.Thesalesrevenuewillberecognizedwhenthesellershavesoldgoodstoendconsumers,endconsumershavesignedforgoods,andthecontrolrighthasbeentransferredtoendconsumers.Thisisalsothetimepointsignifyingthattheobligationperformanceforthecontractisdone.Thisisaperformanceobligationperformedatacertaintimepoint.ThespecificmethodsforrecognizingotherrevenuesfortheCompanyareasfollows:
Intheindependentgoldrepurchasebusiness,theCompanyobtainsoldgoldfromthemarketandentrustsrefineriestoprocessitintostandardgoldbars.ThestandardgoldbarswillthenbesoldtotheShanghaiGoldExchange.AccordingtothesetpricebytheShanghaiGoldExchangeatspecifictimepoints,theCompanyconfirmstheselling(counting)inthetradingsystemandrecognizestherevenueafterobtainingthesettlementdocumentoftheShanghaiGoldExchange.Inthegoldandjewelrysalesagencybusiness,theCompanyactsasanagentandprovidesagencyservicesforprincipalsaccordingtotheagencypurchaseagreementtoearnagencycommissionfees.TheCompanyrecognizestheagencycommissionrevenuewhencustomerspayandsignforgoods.Intheagencygoldrepurchasebusiness,theCompanyactsasasupplieragenttorepurchasegoldandcollectservicefees.Revenueiscalculatedandrecognizedbasedonthedurationoftheagencygoldrepurchaseandaccordingtothecontract.RecognitionmethodsandmeasurementmethodsforthesamekindofbusinesswithdifferentbusinessmodelsanddifferentrevenuesTheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness.
24.Governmentsubsidies
Thegovernmentsubsidiesshallberecognizedwhenalltheattachedconditionscanbesatisfiedandthegovernmentsubsidiescanbereceived.
Thegovernmentsubsidiesofmonetaryassetsshallbemeasuredattheamountreceivedorreceivable.Thegovernmentsubsidiesconsiderednon-monetaryassetsaremeasuredbasedonthefairvalue,orthenominalamountofRMB1ifthefairvaluecannotbeacquiredreliably.Asset-relatedgovernmentsubsidiesrefertotheonesthatareacquiredbytheCompanyandusedforestablishingorforminglong-termassetsinotherways.Othergovernmentsubsidiesareconsideredrevenue-relatedgovernmentsubsidies.Forthegovernmentsubsidieswiththegrantobjectsnotexpresslystipulatedinthegovernmentdocuments,iftheycanbeusedtoformlong-termassets,thegovernmentsubsidiescorrespondingtothevalueoftheassetsaredeemedasasset-relatedgovernmentsubsidieswhiletherestaredeemedasrevenue-relatedgovernmentsubsidies.Forthegovernmentsubsidiesthataredifficulttodifferentiate,thegovernmentsubsidiesasawholearedeemedasrevenue-relatedgovernmentsubsidies.Theasset-relatedgovernmentsubsidiesshallberecognizedasdeferredincome,whichshallbeincludedinprofitsandlossesininstallmentsreasonablyandsystematicallywithintheservicelifeoftherelevantassets.Forrevenue-relatedgovernmentsubsidies,theyshallbeincludedinthecurrentprofitandlossifusedtocompensatefortheincurredrelatedcostsorlosses;ifusedtocompensatefortherelatedcostsorlossesduringfutureperiods,theyshallbeincludedinthedeferredincome,andincludedinthecurrentprofitandlossduringtheperiodwhentherelatedcostsorlossesarerecognized.Governmentsubsidiesmeasuredatthenominalamountshallbedirectlyincludedincurrentprofitsandlosses.TheCompanyadoptsthesametreatmentforthosetransactionsofsimilargovernmentsubsidies.Thegovernmentsubsidiesrelatedtodailyactivitiesshallbeincludedinotherincomesaccordingtotheessenceofeconomicbusiness.Governmentsubsidiesirrelevanttodailyactivitiesareincludedinnon-operatingrevenue.Forthegovernmentsubsidiesrecognizedtoberefunded,ifthegovernmentsubsidiesareusedtooffsetthebookvalueoftherelatedassetswhentheyareinitiallyrecognized,thebookvalueofassetsshallbeadjusted.Ifthereisdeferredincomeconcerned,thegovernmentsubsidiesshallbeoffsetagainstthebookbalanceofthedeferredincome,andtheexcessshallbeincludedincurrentprofitsandlosses.Inothercases,theyshallbedirectlyincludedincurrentprofitsandlosses.
25.Deferredtaxassets/deferredtaxliabilities
Incometaxincludescurrentincometaxanddeferredincometax.Theincometaxshallbeincludedincurrentprofitorlossasincometaxexpenses,exceptthatthedeferredincometaxesrelatedtoanadjustmentofgoodwillduetoabusinessmergerorthetransactionsandmattersdirectlyincludedintheowner'sequityareincludedintheowner'sequity.TheCompanyshallrecognizedeferredincometaxwiththebalancesheetliabilitymethodaccordingtothetemporarydifferencesbetweenthebookvalueofassetsandliabilitiesandtheirtaxbasesatthebalancesheetdate.
Relevantdeferredincometaxliabilitiesshallberecognizedforeachtaxabletemporarydifferenceunlessthetaxabletemporarydifferencearisesfromthefollowingtransactions:
(1)Theinitialrecognitionofgoodwillortheinitialrecognitionofassetsorliabilitiesincurredinatransactionwiththefollowingfeatures:Thetransactionshouldnotbeabusinessmergeranddoesnotimpactaccountingprofitortaxableincomeatthetimeofthetransaction(exceptforindividualtransactionswithequaltaxabletemporarydifferencesanddeductibletemporarydifferencesresultingfromtheinitialrecognitionofassetsandliabilities);
(2)Fortaxabletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associates,andjointventures,itcancontrolthetimeofthereversalofthetemporarydifferenceand,likely,thetemporarydifferencewillnotreverseintheforeseeablefuture.Fordeductibletemporarydifferencesaswellasthedeductiblelossesandtaxdeductionsthatcanbecarriedforwardtothenextyear,exceptforthedeductibletemporarydifferencesincurredinfollowingtransactions,theCompanyrecognizesthedeferredincometaxassetstotheextentthatitislikelythatfuturetaxableincomewillbeavailablefordeductingthedeductibletemporarydifferences,deductiblelosses,andtaxdeductions:
(1)Thetransactionshouldnotbeabusinessmergeranddoesnotimpactaccountingprofitortaxableincomeatthetimeofthetransaction(exceptforindividualtransactionswithequaltaxabletemporarydifferencesanddeductibletemporarydifferencesresultingfromtheinitialrecognitionofassetsandliabilities);
(2)Fordeductibletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associates,andjointventures,ifthefollowingconditionsaresatisfiedatthesametime,correspondingdeferredtaxassetsarerecognized:Thetemporarydifferencewilllikelybereversedintheforeseeablefutureandtaxableincomewilllikelybeavailableinthefuturefordeductingthedeductibletemporarydifferences.Onthebalancesheetdate,deferredtaxassetsanddeferredtaxliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplytotheperiodwhentheassetisrecoveredortheliabilityissettledandreflecttheincometaxeffectofthemethodoftheexpectedrecoveryofassetsandsettlementofliabilityonthebalancesheetdate.Onthebalancesheetdate,theCompanyreviewsthebookvalueofdeferredtaxassets.Ifitislikelythatsufficienttaxableprofitswillnotbeavailableinfutureperiodstodeductthebenefitofthedeferredtaxassets,thebookvalueofthedeferredtaxassetswillbereduced.Anysuchreductioninamountisreversedtotheextentthatitbecomesprobablethatsufficienttaxableincomeswillbeavailable.Onabalancesheetdate,thedeferredincometaxassetsandliabilitiesarepresentedinthenetvalueafteroffsettingwhenthefollowingconditionsaremetatthesametime:
(1)Thetaxpayerhasthelegalrightofincometaxassetsandliabilitiesinthecurrentperiodsettledatthenetamount;
(2)DeferredincometaxassetsanddeferredincometaxliabilitiesarerelatedtotheincometaxesleviedbythesametaxcollectionagencyonthesametaxpayerwithintheCompany.
26.Leases
(1)AccountingtreatmentmethodforleaseasthelesseeOnthecommencementdateoftheleaseterm,theCompanyshallrecognizetheright-of-useassetsandtheleaseliabilitiesforallleases,exceptfortheshort-termleasesandlow-valueassetleasesthataresubjecttosimplifiedtreatment.Leaseliabilitiesshallbeinitiallymeasuredatthepresentvaluecalculatedbytheinterestrateimplicitinleaseaccordingtotheunpaidleasepaymentonthecommencementdateoftheleaseterm.Iftheinterestrateimplicitinleasecannotbedetermined,theincrementalborrowingrateshallbeusedasthediscountrate.Leasepaymentsincludefixedpaymentsandsubstantiallyfixedpayments;theamountrelatedtoleaseincentive(ifany)shallbededucted;variableleasepaymentsthatdependonanindexorrate;theexercisepriceofapurchaseoption,providedthatthelesseereasonablydeterminesthattheoptionwillbeexercised;paymentsrequiredtoexercisetheleaseterminationoption,providedthattheleasetermreflectsthatthelesseewillexercisetheleaseterminationoption;paymentsexpectedtobemadebasedontheguaranteedresidualvalueprovidedbythelessee.Theinterestexpensesoftheleaseliabilitieswithineachleasetermshallbecalculatedsubsequentlyaccordingtothefixedperiodicrateandincludedincurrentprofitsandlosses.Thevariableleasepaymentthatisnotincludedinthemeasurementofleaseliabilitiesisincludedinthecurrentprofitandlosswhenitactuallyoccurs.Short-termleaseShort-termleasereferstoaleasewithaleasetermofnotmorethan12monthsonthecommencementdateoftheleaseterm,exceptfortheleasecontainingthepurchasingright.TheCompanyincludesthepaymentamountofshort-termleasesintorelevantassetcostsorcurrentprofitsandlossesbythestraight-linemethodateachperiodwithintheleaseterm.Forshort-termleases,theCompanyselectstheabove-simplifiedtreatmentmethodfortheitemsmeetingtheshort-termleaseconditionsinthefollowingassettypesaccordingtothecategoryofleasedassets.Low-valueassetleaseAlow-valueassetleasereferstoaleasewithavaluelowerthanRMB40,000whenanindividualleasedassetisbrandnew.
TheCompanyincludesthepaymentamountoflow-valueassetleasesintorelevantassetcostsorcurrentprofitsandlossesbythestraight-linemethodateachperiodwithintheleaseterm.Forlow-valueassetleases,theCompanyselectstheabovesimplifiedtreatmentmethodaccordingtothespecificconditionsofeachlease.LeasechangeIftheleasechangesandmeetsthefollowingconditionsatthesametime,theCompanywilltaketheleasechangeasaseparateleasefortheaccountingtreatment:①Theleasechangeexpandstheleasescopebyincreasingtherighttouseoneormoreleasedassets,and②Theincreasedconsiderationisequivalenttotheamountbyadjustingtheseparatepriceoftheexpandedleasescopeaccordingtothecontract.Iftheleasechangeisnottakenasaseparateleaseforaccountingtreatment,theCompanyshall,ontheeffectivedateoftheleasechange,reallocatetheconsiderationofthechangedcontract,redeterminetheleaseterm,andremeasuretheleaseliabilitiesaccordingtothechangedleasepaymentandthepresentvaluecalculatedbythereviseddiscountrate.Iftheleasescopeisreducedortheleasetermisshortenedduetotheleasechange,theCompanywillcorrespondinglyreducethebookvalueofright-of-useassetsandincluderelevantprofitsorlossesfrompartialorcompleteterminationoftheleaseincurrentprofitsandlosses.Iftheleaseliabilitiesareremeasuredduetootherleasechanges,theCompanywilladjustthecarryingamountofright-of-useassetsaccordingly.
(2)Accountingtreatmentmethodforleaseasthelessor
WhentheCompanyisthelessor,theleasethatsubstantiallytransfersallrisksandrewardsrelatedtotheownershipoftheassetsisrecognizedasafinancelease,andleasesotherthanfinanceleasesarerecognizedasoperatingleases.FinancialleaseInafinancelease,atthecommencementoftheleaseterm,theCompanytakesthenetinvestmentinaleaseastheentryvalueofthefinanceleasereceivables,andthenetinvestmentinaleaseisthesumoftheunguaranteedresidualvalueandthepresentvalueoftheleasereceiptsnotyetreceivedatthecommencementoftheleasetermdiscountedattheinterestrateimplicitinthelease.TheCompany,asthelessor,calculatesandrecognizesinterestincomeineachleasetermatafixedperiodicrate.VariableleasepaymentsobtainedbytheCompanyasthelessorbutnotconsideredinthemeasurementofnetinvestmentinleasesarerecognizedincurrentprofitsandlosseswhenactuallyincurred.ThederecognitionandimpairmentoffinanceleasereceivablesshallbesubjecttoaccountingtreatmentaccordingtotheAccountingStandardsforBusinessEnterprisesNo.22—Recognition
andMeasurementofFinancialInstrumentsandtheAccountingStandardsforBusinessEnterprisesNo.23—TransferofFinancialAssets.OperatingleasingLeaseincomefromoperatingleasesisincludedincurrentprofitsandlossesbytheCompanyasperthestraight-linemethodindifferentstagesovertheleaseterm.Theoccurredinitialdirectcostrelatedtotheoperatingleaseshallbecapitalized,amortizedwithintheleasetermaccordingtothesamebasewiththerecognitionofrentrevenue,andincludedinthecurrentprofitsandlossesbystages.ThevariableleasereceiptsobtainedbytheCompanyrelatedtooperatingleasesandnotchargedtotheleasereceiptsshallbeincludedincurrentprofitsandlosseswhenactuallyincurred.LeasechangeIfthereisachangeintheoperatinglease,theCompanywilltakeitasanewleasefromtheeffectivedateofthechangetocarryoutaccountingtreatment,andtheleasereceiptsreceivedinadvanceorreceivablerelatedtotheleasebeforethechangewillberegardedasthecollectedamountforthenewlease.Ifthefinanceleasechangesandmeetsthefollowingconditions,theCompanywilltakethechangeasaseparateleaseforaccountingtreatment:①Thechangeexpandstheleasescopebyincreasingtherighttouseoneormoreleasedassets;and②Theincreasedconsiderationisequivalenttotheamountbyadjustingtheseparatepriceoftheexpandedleasescopeaccordingtothecontract.Ifthechangeoffinanceleaseisnotaccountedforasaseparatelease,theCompanyshalldealwiththechangedleasebasedonthefollowingcircumstances:①Ifthechangetakeseffectonthecommencementdateoftheleaseandtheleaseisclassifiedasanoperatinglease,theCompanyshalltakeitasanewleasefortheaccountingtreatmentfromtheeffectivedateofleasechangeandtakethenetleaseinvestmentmadebeforetheeffectivedateoftheleasechangeasthebookvalueoftheleasedasset;②Ifthechangetakeseffectonthecommencementdateoftheleaseandtheleaseisclassifiedasafinancelease,theCompanyshallcarryoutaccountingtreatmentaccordingtotheregulationsonmodifyingorrenegotiatingcontractsdescribedinAccountingStandardsforEnterprisesNo.22—RecognitionandMeasurementofFinancialInstruments.
27.Othersignificantaccountingpoliciesandaccountingestimates
TheCompanycontinuouslyevaluatesthesignificantaccountingestimatesandkeyassumptionsadoptedbasedonhistoricalexperienceandotherfactors,includingreasonableexpectationsforfutureevents.Significantaccountingestimatesandcriticalassumptionsthatmayleadtoamajoradjustmentofthebookvalueofassetsandliabilitiesinthenextaccountingyeararelistedasfollows:
Classificationoffinancialassets
SignificantjudgmentsinvolvedindeterminingtheclassificationoffinancialassetsoftheCompanyincludetheanalysisofbusinessmodelsandcontractcashflowcharacteristics.TheCompanydeterminesthebusinessmodelofmanagingfinancialassetsattheleveloffinancialassetportfolios,consideringthewayofevaluatingandreportingfinancialassetperformancetokeyexecutives,therisksaffectingthefinancialassetperformanceandtheirmanagementmethods,andthewayfortherelevantbusinessmanagementpersonneltoobtaintheremuneration.Whenassessingwhetherthecontractcashflowoffinancialassetsisconsistentwiththebasicloanarrangement,theCompanyhasthefollowingmainjudgments:Whethertheprincipalmaychangeinthetimedistributionoramountinthedurationduetoprepaymentandotherreasons;whethertheinterestincludesonlythetimevalueofmoney,creditrisks,otherbasicborrowingrisks,andconsiderationwithcostsandprofits.Forexample,whethertheamountpaidinadvanceonlyreflectstheunpaidprincipalandtheinterestbasedontheunpaidprincipal,andthereasonablecompensationpaidduetotheearlyterminationofthecontract.MeasurementofexpectedcreditlossofaccountsreceivableTheCompanycalculatestheexpectedcreditlossofaccountsreceivablethroughthedefaultriskexposureandtheexpectedcreditlossrateofaccountsreceivableanddeterminestheexpectedcreditlossratebasedondefaultprobabilityandthelossgivendefault.Indeterminingtheexpectedcreditlossrate,theCompanyusestheinternalhistoricalcreditlossexperienceandotherdataandadjuststhehistoricaldataaccordingtothecurrentsituationandforward-lookinginformation.Whenconsideringforward-lookinginformation,theindicatorsusedbytheCompanyincluderisksofeconomicdownturnsaswellaschangesintheexternalmarketenvironment,technologicalenvironment,andcustomerconditions.TheCompanyregularlymonitorsandreviewstheassumptionsrelatedtothecalculationoftheexpectedcreditloss.DeferredincometaxassetsTotheextentthattherewillprobablybesufficienttaxableprofitstooffsetthelosses,deferredincometaxassetsshallberecognizedbasedonallunusedtaxlosses.Thisrequiresthemanagementtousealargenumberofjudgmentstoestimatethetimeandamountoffuturetaxableprofitsanddeterminetheamountofdeferredincometaxassetsthatshouldberecognizedincombinationwithtaxplanningstrategies.DeterminationofthefairvalueofunlistedequityinvestmentThefairvalueofunlistedequityinvestmentsistheestimatedfuturecashflowsdiscountedusingcurrentdiscountratesforprojectswithsimilartermsandriskcharacteristics.ThisvaluationinvolvesuncertaintybecauseitrequirestheCompanytoestimateexpectedfuturecashflowsanddiscountrates.Underlimitedcircumstances,iftheinformationfordeterminingthefairvalueisinsufficientortherangeofpossibleestimatesoffairvalueiswide,andthecostrepresentsthebestestimateforthefairvaluewithinthisrange,suchcostcouldrepresentitsappropriateestimateforthefairvaluewithinthisdistributionrange.
28.Changesinsignificantaccountingpoliciesandaccountingestimates
(1)Changesinsignificantaccountingpolicies?Applicable?NotapplicableAccountingStandardsforBusinessEnterprisesInterpretationNo.17InNovember2023,theMinistryofFinanceissuedtheInterpretationofAccountingStandardsforBusinessEnterprisesNo.17(AccountingNo.21,2023)(hereinafterreferredtoas"InterpretationNo.17").Divisionofcurrentliabilitiesandnon-currentliabilitiesInterpretationNo.17,therightoftheenterprisetodelayitsrepaymenttomorethanoneyearafterthebalancesheetdatemaydependonwhethertheenterprisefollowstheconditionsspecifiedintheloanarrangement(hereinafterreferredtoastheconditionsofcontract).Theconditionsofcontractonorbeforethebalancesheetdate,evenafterevaluatingthecomplianceafterthebalancesheetdate(iftheconditionsofcontractareassessedafterthebalancesheetdate),affectsthejudgmentoftherightsonthebalancesheetdate,thusaffectingtheliquiditydivisionoftheliabilitiesonthebalancesheetdate.Theconditionsofcontractthattheenterpriseshallfollowafterthebalancesheetdate(iftheconditionsofcontractareassessedbasedonthefinancialpositionofthe6monthsafterthebalancesheetdate)donotaffectthejudgmentoftheexistenceoftherightonthebalancesheetdateandhasnothingtodowiththeliquiditydivisionoftheliabilityonthebalancesheetdate.Iftheclauseoftheliabilitiescausestheenterprisetorepaybydeliveringitsownequityinstrumentatthechoiceofthecounterparty,iftheoptionisclassifiedasanequityinstrumentaccordingtotheguidelinesandisrecognizedasaseparatepartoftheequitycomponentofthecompoundfinancialinstrument,theclauseshallnotaffecttheliquiditydivisionoftheliabilities.TheCompanyshallimplementthisregulationfromJanuary1,2024andadjustthecomparableperiodinformation.TheadoptedInterpretationNo.17didnothaveamaterialimpactontheCompany'sfinancialpositionandoperatingresults.DisclosureofproviderfinancingarrangementsInterpretationNo.17stipulatesthatthesupplierfinancingarrangementshalldisclose:(1)thetermsandconditionsofthesupplierfinancingarrangement(suchastheextensionofthepaymenttermandtheguaranteeprovision,etc.).(2)①Listeditemsandbookamountinthebalancesheetofthefinancialliabilitiesbelongingtothesupplierfinancingarrangement.②Ifthesupplierhasreceivedpaymentfromthefinancingprovider,itshalldisclosethelisteditemsandbookamountsofthecorrespondingfinancialliabilities;thepaymentmaturitydateofthe③andrelatedfinancialliabilitiesandthepaymentmaturitydateofcomparableaccountspayablenotpartofthesupplier
financingarrangement.Ifthescopeofpaymentmaturitydateislarge,theenterpriseshallalsodiscloseexplanatoryinformationoradditionalintervalinformationabouttheseintervals;(3)thetypeandinfluenceofcurrentchangesinthebookamountofrelevantfinancialliabilitiesthatdonotinvolvecashreceiptsandpayments(includingbusinessmergers,exchangeratechanges,andothertransactionsormattersthatdonotrequiretheuseofcashorcashequivalents).WhendisclosingliquidityriskinformationinaccordancewiththerequirementsofAccountingStandardsforBusinessEnterprisesNo.37-FinancialInstruments,enterprisesshouldconsiderwhetherithasobtainedorhasobtainedcredittoprovidedeferredpaymenttoenterprisesoradvancepaymenttotheirsuppliersthroughsupplierfinancingarrangements.Whenidentifyingtheconcentrationofliquidityriskaccordingtotherequirementsoftherelevantstandards,theenterprisesshouldconsiderthefactorthatthesupplierfinancingarrangementscausetheenterprisestoconcentratepartoftheirfinancialliabilitiespayabletothesuppliersonthefinancingprovider.TheCompanyshallimplementthisregulationfromJanuary1,2024.Atthefirstimplementationofthisprovision,theCompanyisnotrequiredtodisclosetheinformationconcerningthecomparableperiodandthebeginninginformationrequiredby②and③underitems(2).TheadoptedInterpretationNo.17didnothaveamaterialimpactontheCompany'sfinancialpositionandoperatingresults.AccountingStandardsforBusinessEnterprisesInterpretationNo.18OnDecember31,2024,theMinistryofFinanceoftheMinistryofFinanceissuedtheInterpretationofAccountingStandardsforBusinessEnterprisesNo.18(AccountingNo.24,2024,InterpretationNo.18).AccountingtreatmentofassurancetypequalityassurancethatdoesnotbelongtosingleperformanceobligationsExplainno.18,intheaccountingofguaranteedqualityassuranceliabilities,enterprisesshallbeaccordingtothe"accountingstandardsforenterprisesno.13-contingentmatters"relevantprovisions,accordingtotheestimatedliabilitiesamount,debit"operatingcost,"otheroperatingcost,"credit"estimatedliabilities"account,inthebalancesheetandcorresponding"operatingcosts"and"othercurrentliabilities","non-currentliabilities","estimatedliabilities"duewithinoneyear.TheCompanyshallimplementtheprovisionsfromthedateofissuanceofInterpretationNo.18andmakeretroactiveadjustments.TheexecutionInterpretationNo.18doesnothaveamaterialimpactontheCompany'sfinancialpositionandoperatingresults.
(2)Changesinmaterialaccountingestimates?Applicable□Notapplicable
Unit:RMB
| Changesofaccountingestimatesandreasons | Nameofsignificantlyaffecteditemsinthestatements | Pointofcommencementofapplication | Affectedamount |
| InresponsetotheCompany'sbusinessdevelopmentandfixedassetmanagementneeds,andtofairlyreflectitsfinancialpositionandoperatingresults,theCompanyhaschangeditsaccountingestimatesforthedepreciationperiodoffixedassetstobetteralignwiththeiractualservicelife. | Accumulateddepreciation | September1,2024 | 1,623,505.35 |
| InresponsetotheCompany'sbusinessdevelopmentandfixedassetmanagementneeds,andtofairlyreflectitsfinancialpositionandoperatingresults,theCompanyhaschangeditsaccountingestimatesforthedepreciationperiodoffixedassetstobetteralignwiththeiractualservicelife. | Totalprofits | September1,2024 | -1,623,505.35 |
| InresponsetotheCompany'sbusinessdevelopmentandfixedassetmanagementneeds,andtofairlyreflectitsfinancialpositionandoperatingresults,theCompanyhaschangeditsaccountingestimatesforthedepreciationperiodoffixedassetstobetteralignwiththeiractualservicelife. | Incometaxexpenses | September1,2024 | -402,428.57 |
| InresponsetotheCompany'sbusinessdevelopmentandfixedassetmanagementneeds,andtofairlyreflectitsfinancialpositionandoperatingresults,theCompanyhaschangeditsaccountingestimatesforthedepreciationperiodoffixedassetstobetteralignwiththeiractualservicelife. | Netprofit | September1,2024 | -1,221,076.78 |
Beforethischangeinaccountingestimates,thedepreciationperiodoffixedassetsis:
| Category | Servicelife(year) | Residualvaluerate(%) | Annualdepreciationrate(%) |
| Premisesandbuildings | 10,35-40 | 0,3 | 10,2.43-2.77 |
| Including:Decorationofself-ownedhouses | 10 | 0 | 10 |
| Machineryequipment | 12 | 3 | 8.08 |
| Electronicequipment | 5-7 | 3 | 13.86-19.4 |
| Transportationequipment | 7 | 3 | 13.86 |
| Officeandotherequipment | 7 | 3 | 13.86 |
Afterthischangeinaccountingestimates,thedepreciationperiodoffixedassetsis:
| Category | Servicelife(year) | Residualvaluerate(%) | Annualdepreciationrate(%) |
| Premisesandbuildings | 10,35-40 | 0,3 | 10,2.43-2.77 |
| Including:Decorationofself-ownedhouses | 10 | 0 | 10 |
| Machineryequipment | 10 | 3 | 9.70 |
| Electronicequipment | 3 | 3 | 32.33 |
| Transportationequipment | 7 | 3 | 13.86 |
| Officeandotherequipment | 5 | 3 | 19.40 |
(3)Conditionsofthefirstimplementationofnewaccountingstandardsfrom2024toadjusttherelevantitemsinfinancialstatementsatthebeginningofthefirstimplementationyear
□Applicable?Notapplicable
VI.Taxes
1.Maintaxesandtaxrates
| Taxcategory | Taxbasis | Taxrate |
| Value-addedtax | Taxablevalue-addedamount(Taxpayableiscalculatedusingthetaxablesalesamountmultipliedbytheapplicabletaxratelessdeductibleinputtaxofthecurrentperiod) | 13%,9%,5%,6%,and3% |
| Urbanmaintenanceandconstructiontax | Actuallypaidturnovertax | 7% |
| Corporateincometax | Taxableincome | 25%,20% |
| Propertytax | Fortaxationaccordingtoprice,thetaxespayableshallbecalculatedbasedon1.2%oftheremainingpriceafterdeducting30%oftheoriginalvalueofhouseproperties;fortaxationaccordingtolease,thetaxespayableshallbecalculatedbasedon12%oftherentrevenue. | 1.2%,12% |
| Educationalsurcharges | Actuallypaidturnovertax | 3% |
| Localeducationalsurcharges | Actuallypaidturnovertax | 2% |
Disclosurestatementoftaxableentitieswithdifferentcorporateincometaxrates
| Nameoftaxableentity | Incometaxrate |
| ShenzhenTellusChuangyingTechnologyCo.,Ltd. | 20% |
| ShenzhenBao'anShiquanIndustryCo.,Ltd. | 20% |
| ShenzhenSDGTellusRealEstateCo.,Ltd. | 20% |
| ShenzhenAutomobileIndustrySupplyandMarketingCompany | 20% |
| ShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd. | 20% |
| ShanghaiFanyueDiamondCo.,Ltd. | 20% |
| ShenzhenHuariAnxinAutomobileInspectionCo.,Ltd. | 20% |
| Othertaxableentitiesotherthantheabove | 25% |
2.Taxpreference
①CorporateincometaxAccordingtotheAnnouncementonFurtherImplementingPreferentialIncomeTaxPoliciesforSmallandMicroEnterprises(Announcement[2022]No.13oftheMinistryofFinanceandtheStateTaxationAdministration),fromJanuary1,2022toDecember31,2024,forsmallmicro-profitenterprises,theportionoftheirannualtaxableincomeexceedingRMB1millionbutnotexceedingRMB3millionshallbecalculatedatareducedrateof25%intheirtaxableincome,andtheyshallpayenterpriseincometaxatarateof20%.AccordingtotheAnnouncementon
ImplementingPreferentialIncomeTaxPoliciesforSmallandMicroEnterprisesandIndividualBusinesses(Announcement[2023]No.6oftheMinistryofFinanceandtheStateAdministrationofTaxation),fromJanuary1,2023toDecember31,2024,theportionoftheirannualtaxableincomebutnotexceedingRMB1millionshallbecalculatedatareducedrateof25%intheirtaxableincome,andtheyshallpayenterpriseincometaxatarateof20%.ThesubsidiariesoftheCompany,includingTellusChuangying,Bao'anShiquan,TellusRealEstateCompany,AutomobileSupplyandMarketingCompany,ShanghaiFanyue,XinyongtongTesting,andHuariAnxin,enjoytheabovetaxpreferences.
②Value-addedtaxAccordingtotheNoticeoftheStateAdministrationofTaxationonAdjustingtheRelevantTaxPoliciesofDiamondsandShanghaiDiamondExchange(CS[2006]No.65),taxpayersareexemptedfromimportVATforroughdiamondssoldthroughShanghaiDiamondExchangetothedomesticmarket;forfinisheddiamondssoldbytaxpayersthroughShanghaiDiamondExchangetothedomesticmarket,thepartwithanactualimportVATburdenexceeding4%shallberefundeduponcollectionbythecustoms.Inthedomesticlink,taxpayersshalldeducttheinputtaxbasedontheVATamountindicatedonthetaxpaymentreceiptissuedbythecustoms.AftertaxpayersfollowthepolicyofVATexemptionandrefund-upon-collectionfordiamondssoldtothedomesticmarketthroughtheShanghaiDiamondExchange,diamondssoldtothedomesticmarketwillbemanagedbythecustomspercurrentregulationswhentheyleavetheShanghaiDiamondExchange.ShanghaiFanyueDiamondCo.,Ltd.,theCompany'ssubsidiary,isamemberoftheShanghaiDiamondExchangeandenjoystheabovetaxpreferenceswhenimportingfinisheddiamondsthroughtheShanghaiDiamondExchange.
③EducationalsurchargesAccordingtotheNoticeoftheStateAdministrationofTaxationonExpandingtheScopeofExemptionsforCertainGovernmentFunds(CS[2016]No.12),theexemptionthresholdfortheEducationSurcharge,LocalEducationSurcharge,andWaterConservancyConstructionFundhasbeenraised.Specifically,theexemptionnowappliestotaxpayerswithmonthlysalesorturnovernotexceedingRMB100,000(orquarterlysalesorturnovernotexceedingRMB300,000forthosepayingtaxesquarterly),anincreasefromthepreviousthresholdofRMB30,000permonth(orRMB90,000perquarter).ShenzhenHuariAutomobileSalesandServiceCo.,Ltd.,asubsidiaryoftheCompany,enjoystheabovetaxpreferenceifitsmonthlysalesorturnoverdoesnotexceedRMB100,000.VII.NotestoConsolidatedFinancialStatements
1.Cashatbankandonhand
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Cashonhand | 20,879.87 | 17,215.98 |
| Bankdeposits | 280,040,887.67 | 120,961,253.61 |
| Othercashatbankandonhand | 97,909,592.15 | 99,362,492.05 |
| Total | 377,971,359.69 | 220,340,961.64 |
Othernotes:
ThecashatthebankandonhandwithlimiteduserightsbytheCompanymainlyincludesnotemargins,andgoldleasing,andfuturesandoptionsmargins.Thedetailsofrestrictedcashatbankandonhandareasfollows:
| Item | Endingbalance | EndingBalanceofthePreviousYear |
| Securitydepositsfornotespayable | 33,113,263.10 | - |
| Futuresandoptionsaccountmargin | 22,848,540.40 | 8,188,990.60 |
| Goldleasingsecuritydepositsandinterests | 20,069,638.91 | 51,328,583.35 |
| Amountunderjudicialcontrol | 663,948.65 | 600,000.00 |
| Total | 76,695,391.06 | 60,117,573.95 |
2.Tradingfinancialassets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Financialassetsatfairvaluethroughprofitorloss | 165,630,834.06 | 206,294,931.94 |
| Including: | ||
| Structureddepositsandfinanceproducts | 165,630,834.06 | 131,495,916.67 |
| Equityinstrumentinvestment | 74,799,015.27 | |
| Including: | ||
| Total | 165,630,834.06 | 206,294,931.94 |
3.Derivativefinancialassets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Hedginginstruments—derivativefinancialassetsindesignatedhedgingrelationship | 292,078.00 | 298,320.00 |
| Total | 292,078.00 | 298,320.00 |
4.Accountsreceivable
(1)Disclosurebyaccountreceivableage
Unit:RMB
| Accountreceivableage | Period-endbookbalance | Period-beginningbookbalance |
| Within1year(inclusive) | 44,225,898.09 | 100,107,755.14 |
| 1-2years | 2,520,681.03 | 555,132.97 |
| 2to3years | 508,387.31 |
| Over3years | 48,781,485.16 | 48,749,943.16 |
| Morethan5years | 48,781,485.16 | 48,749,943.16 |
| Total | 96,036,451.59 | 149,412,831.27 |
Othernotes:TheinconsistencyinthelogicofaccountreceivableagesoverthreeyearsisduetotheconsolidationofShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd.onDecember31,2024.
(2)Disclosurebybaddebtaccrualmethod
Unit:RMB
| Type | Endingbalance | Beginningbalance | ||||||||
| Bookbalance | Provisionsforbaddebts | Bookvalue | Bookbalance | Provisionsforbaddebts | Bookvalue | |||||
| Amount | Proportion | Amount | Proportionofprovision | Amount | Proportion | Amount | Proportionofprovision | |||
| Accountsreceivablewithprovisionforbaddebtsonasinglebasis | 48,781,485.16 | 50.79% | 48,781,485.16 | 100.00% | 0.00 | 48,746,583.16 | 32.63% | 48,746,583.16 | 100.00% | 0.00 |
| Including: | ||||||||||
| Accountsreceivableforwhichprovisionforbaddebtsismadebyportfolio | 47,254,966.43 | 49.21% | 690,899.29 | 1.46% | 46,564,067.14 | 100,666,248.11 | 67.37% | 1,030,496.59 | 1.02% | 99,635,751.52 |
| Including: | ||||||||||
| Including:Portfolioofleasingandother | 35,498,139.36 | 36.96% | 573,331.02 | 1.62% | 34,924,808.34 | 41,303,639.85 | 27.64% | 436,870.51 | 1.06% | 40,866,769.34 |
| Jewelrysalesbusinessportfolio | 11,756,827.07 | 12.24% | 117,568.27 | 1.00% | 11,639,258.80 | 59,362,608.26 | 39.73% | 593,626.08 | 1.00% | 58,768,982.18 |
| Total | 96,036,451.59 | 100.00% | 49,472,384.45 | 51.51% | 46,564,067.14 | 149,412,831.27 | 100.00% | 49,777,079.75 | 33.32% | 99,635,751.52 |
Provisionforbaddebtsmadeonanindividualbasis
Unit:RMB
| Description | Beginningbalance | Endingbalance | ||||
| Bookbalance | Provisionsforbaddebts | Bookbalance | Provisionsforbaddebts | Proportionofprovision | Reasonsforprovision | |
| ShenzhenJinluIndustry&TradeCo.,Ltd. | 9,846,607.00 | 9,846,607.00 | 9,846,607.00 | 9,846,607.00 | 100.00% | Longaccountreceivableage,andexpectedtobeunrecoverable |
| GuangdongZhanjiangSamsungAutomobileCo.,Ltd. | 4,060,329.44 | 4,060,329.44 | 4,060,329.44 | 4,060,329.44 | 100.00% | Longaccountreceivableage,andexpectedtobeunrecoverable |
| WangChanglong | 2,370,760.40 | 2,370,760.40 | 2,370,760.40 | 2,370,760.40 | 100.00% | Longaccountreceivableage,andexpectedtobeunrecoverable |
| HuizhouJiandachengRoadandBridgeEngineeringCo.,Ltd. | 2,021,657.70 | 2,021,657.70 | 2,021,657.70 | 2,021,657.70 | 100.00% | Longaccountreceivableage,andexpectedtobeunrecoverable |
| GuangdongGWHoldingsGroupCo.,Ltd. | 1,862,000.00 | 1,862,000.00 | 1,862,000.00 | 1,862,000.00 | 100.00% | Longaccountreceivableage,andexpectedtobeunrecoverable |
| JianglingMotorsFactory | 1,191,059.98 | 1,191,059.98 | 1,191,059.98 | 1,191,059.98 | 100.00% | Longaccountreceivableage,andexpectedtobeunrecoverable |
| YangjiangAutomobileTradingCo.,Ltd. | 1,150,000.00 | 1,150,000.00 | 1,150,000.00 | 1,150,000.00 | 100.00% | Longaccountreceivableage,andexpectedtobeunrecoverable |
| Others | 26,244,168.64 | 26,244,168.64 | 26,279,070.64 | 26,279,070.64 | 100.00% | Longaccountreceivableage,andexpectedtobeunrecoverable |
| Total | 48,746,583.16 | 48,746,583.16 | 48,781,485.16 | 48,781,485.16 | ||
Provisionforbaddebtsdrawnbyportfolio:Portfolioofleasingandother
Unit:RMB
| Description | Endingbalance | ||
| Bookbalance | Provisionsforbaddebts | Proportionofprovision | |
| Within1year | 32,469,071.02 | 322,296.93 | 0.99% |
| 1-2years | 2,520,681.03 | 126,034.06 | 5.00% |
| 2to3years | 508,387.31 | 125,000.03 | 24.59% |
| Over3years | ||
| Total | 35,498,139.36 | 573,331.02 |
Provisionforbaddebtsdrawnbyportfolio:portfolioofjewelrysalesbusiness
Unit:RMB
| Description | Endingbalance | ||
| Bookbalance | Provisionsforbaddebts | Proportionofprovision | |
| Within1year | 11,756,827.07 | 117,568.27 | 1.00% |
| Total | 11,756,827.07 | 117,568.27 | |
Whethertoaccruebaddebtprovisionofaccountsreceivableaccordingtoexpectedcreditloss:
?Applicable□Notapplicable
Unit:RMB
| Provisionsforbaddebts | StageI | StageII | StageIII | Total |
| Expectedcreditlossesforthenext12months | Expectedcreditlossthroughouttheduration(nocreditimpairmentoccurs) | Expectedcreditlossthroughouttheduration(creditimpairmenthasoccurred) | ||
| BalanceonJanuary1,2024 | 1,030,496.59 | 48,746,583.16 | 49,777,079.75 | |
| BalanceonJanuary1,2024inthecurrentperiod | ||||
| Reversalinthecurrentperiod | 339,597.30 | 339,597.30 | ||
| Otherchanges | 34,902.00 | 34,902.00 | ||
| BalanceasofDecember31,2024 | 690,899.29 | 48,781,485.16 | 49,472,384.45 |
(3)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiod
Baddebtprovisioninthereportingperiod:
Unit:RMB
| Type | Beginningbalance | Amountofchangeduringthecurrentperiod | Endingbalance | |||
| Provision | Recoveryorreversal | Write-off | Others | |||
| Provisionsforbaddebts | 49,777,079.75 | 339,597.30 | 34,902.00 | 49,472,384.45 | ||
| Total | 49,777,079.75 | 339,597.30 | 34,902.00 | 49,472,384.45 | ||
(4)Accountsreceivableandcontractualassetswithtopfiveendingbalancecollectedaspertheborrowers
Unit:RMB
| Companyname | Period-endbalanceofaccountsreceivable | Period-endbalanceofcontractassets | Period-endbalanceofaccountsreceivableandcontractassets | Proportionintotalendingbalanceofaccountsreceivableandcontractualassets | Period-endbalanceofbaddebtproportionofaccountsreceivableandimpairmentprovisionofcontractualassets |
| ShenzhenJinluIndustry&Trade | 9,846,607.00 | 9,846,607.00 | 10.25% | 9,846,607.00 |
| Co.,Ltd. | |||||
| HenanPostandTelecommunicationsTechnologyCo.,Ltd. | 8,788,494.90 | 8,788,494.90 | 9.15% | 87,884.95 | |
| GuangdongZhanjiangSamsungAutomobileCo.,Ltd. | 4,060,329.44 | 4,060,329.44 | 4.23% | 4,060,329.44 | |
| ShenzhenShowkingJewelryIndustryCo.,Ltd. | 2,573,309.28 | 2,573,309.28 | 2.68% | 257,330.93 | |
| WangChanglong | 2,370,760.40 | 2,370,760.40 | 2.47% | 2,370,760.40 | |
| Total | 27,639,501.02 | 27,639,501.02 | 28.78% | 16,622,912.72 |
5.Otherreceivables
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Dividendsreceivable | 1,305,581.86 | |
| Otherreceivables | 8,081,783.33 | 11,077,935.06 |
| Total | 8,081,783.33 | 12,383,516.92 |
(1)Dividendsreceivable
1)Categoryofdividendsreceivable
Unit:RMB
| Project(ortheinvestee) | Endingbalance | Beginningbalance |
| ChinaPufaMachineryIndustryCo.,Ltd. | 1,305,581.86 | |
| Total | 1,305,581.86 |
2)Dividendsreceivableofimportantaccountreceivableageofover1year
Unit:RMB
| Project(ortheinvestee) | Endingoriginalvalue | Accountreceivableage | Reasonfornorecovery | Whetherimpairmenthasoccurredandthebasisfordeterminingimpairment |
| ChinaPufaMachineryIndustryCo.,Ltd. | 1,305,581.86 | 2-3years | Notpaidyet | Thecompanyhashugelossesinitsfinancialpositionsandoperatingconditions,andthedividendsreceivablemaynotberecovered,sofullimpairmentisaccrued. |
| Total | 1,305,581.86 |
3)Classificationanddisclosurethroughthemethodforrecognizingbaddebt
?Applicable□Notapplicable
Unit:RMB
| Type | Endingbalance | Beginningbalance | ||||||||
| Bookbalance | Provisionsforbaddebts | Bookvalue | Bookbalance | Provisionsforbaddebts | Bookvalue | |||||
| Amount | Proportion | Amount | Proportionofprovision | Amount | Proportion | Amount | Proportionofprovision | |||
| Provisionforbaddebtsmadeonasinglebasis | 1,305,581.86 | 100.00% | 1,305,581.86 | 100.00% | 0.00 | |||||
| Including: | ||||||||||
| Including: | ||||||||||
| Total | 1,305,581.86 | 100.00% | 1,305,581.86 | 100.00% | 0.00 | |||||
Provisionforbaddebtsmadeonanindividualbasis
Unit:RMB
| Description | Beginningbalance | Endingbalance | ||||
| Bookbalance | Provisionsforbaddebts | Bookbalance | Provisionsforbaddebts | Proportionofprovision | Reasonsforprovision | |
| ChinaPufaMachineryIndustryCo.,Ltd. | 1,305,581.86 | 1,305,581.86 | 1,305,581.86 | 100.00% | Thecompany'sfinancialpositionispoor | |
| Total | 1,305,581.86 | 1,305,581.86 | 1,305,581.86 | |||
Baddebtprovisionmadeaccordingtothegeneralmodelofexpectedcreditloss:
Unit:RMB
| Provisionsforbaddebts | StageI | StageII | StageIII | Total |
| Expectedcreditlossesforthenext12months | Expectedcreditlossthroughouttheduration(nocreditimpairmentoccurs) | Expectedcreditlossthroughouttheduration(creditimpairmenthasoccurred) | ||
| BalanceonJanuary1,2024inthecurrentperiod | ||||
| Provisioninthecurrentperiod | 1,305,581.86 | 1,305,581.86 | ||
| BalanceasofDecember31,2024 | 1,305,581.86 | 1,305,581.86 |
Changesinbookbalancewithsignificantamountchangedoflossprovisioninthereportingperiod?Applicable□NotapplicableChinaPufaMachineryIndustryCo.,Ltd.hashugelossesinitsfinancialpositionandoperatingconditionsandthedividendsreceivablemaynotberecovered,sofullimpairmentisaccrued.
4)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiod
Unit:RMB
| Type | Beginningbalance | Amountofchangeduringthecurrentperiod | Endingbalance | |||
| Provision | Recoveryorreversal | Write-offorcancellation | Otherchanges | |||
| Provisionsforbaddebts | 1,305,581.86 | 1,305,581.86 | ||||
| Total | 1,305,581.86 | 1,305,581.86 | ||||
(2)Otherreceivables
1)Classificationofotherreceivablesbynature
Unit:RMB
| Natureofpayment | Period-endbookbalance | Period-beginningbookbalance |
| Temporarypaymentsreceivable | 57,088,093.88 | 58,543,570.60 |
| Depositsandsecuritydeposits | 3,195,494.08 | 3,092,523.97 |
| Total | 60,283,587.96 | 61,636,094.57 |
(2)Disclosurebyaccountreceivableage
Unit:RMB
| Accountreceivableage | Period-endbookbalance | Period-beginningbookbalance |
| Within1year(inclusive) | 5,141,214.58 | 6,100,909.61 |
| 1-2years | 3,209,073.66 | 982,244.61 |
| 2to3years | 916,546.35 | 192,615.11 |
| Over3years | 51,016,753.37 | 54,360,325.24 |
| 3to4years | 249,895.55 | |
| Morethan5years | 51,016,753.37 | 54,110,429.69 |
| Total | 60,283,587.96 | 61,636,094.57 |
3)Classificationanddisclosurethroughthemethodforrecognizingbaddebt
?Applicable□Notapplicable
Unit:RMB
| Type | Endingbalance | Beginningbalance | ||||||||
| Bookbalance | Provisionsforbaddebts | Bookvalue | Bookbalance | Provisionsforbaddebts | Bookvalue | |||||
| Amount | Proportion | Amount | Proportionofprovision | Amount | Proportion | Amount | Proportionofprovision | |||
| Provisionforbaddebtsmadeonasingle | 53,819,547.79 | 89.28% | 51,612,683.54 | 95.90% | 2,206,864.25 | 52,224,555.56 | 84.73% | 50,017,691.31 | 95.77% | 2,206,864.25 |
| basis | ||||||||||
| Including: | ||||||||||
| Provisionforbaddebtsmadeonaportfoliobasis | 6,464,040.17 | 10.72% | 589,121.09 | 9.11% | 5,874,919.08 | 9,411,539.01 | 15.27% | 540,468.20 | 5.74% | 8,871,070.81 |
| Including: | ||||||||||
| Accountreceivableageportfolio | 3,268,546.09 | 5.42% | 230,887.66 | 7.06% | 3,037,658.43 | 6,319,015.04 | 10.25% | 433,367.62 | 6.86% | 5,885,647.42 |
| Portfolioofdepositandsecuritydepositreceivable | 3,195,494.08 | 5.30% | 358,233.43 | 11.21% | 2,837,260.65 | 3,092,523.97 | 5.02% | 107,100.58 | 3.46% | 2,985,423.39 |
| Total | 60,283,587.96 | 100.00% | 52,201,804.63 | 86.59% | 8,081,783.33 | 61,636,094.57 | 100.00% | 50,558,159.51 | 82.03% | 11,077,935.06 |
Provisionforbaddebtsmadeonaportfoliobasis:
Unit:RMB
| Description | Endingbalance | ||
| Bookbalance | Provisionsforbaddebts | Proportionofprovision | |
| Accountreceivableageportfolio | 3,268,546.09 | 230,887.66 | 7.06% |
| Portfolioofdepositandsecuritydepositreceivable | 3,195,494.08 | 358,233.43 | 11.21% |
| Total | 6,464,040.17 | 589,121.09 | |
Explanationofthebasisfordeterminingtheportfolio:
Baddebtprovisionmadeaccordingtothegeneralmodelofexpectedcreditloss:
Unit:RMB
| Provisionsforbaddebts | StageI | StageII | StageIII | Total |
| Expectedcreditlossesforthenext12months | Expectedcreditlossthroughouttheduration(nocreditimpairmentoccurs) | Expectedcreditlossthroughouttheduration(creditimpairmenthasoccurred) | ||
| BalanceonJanuary1,2024 | 540,468.20 | 50,017,691.31 | 50,558,159.51 | |
| BalanceonJanuary1,2024inthecurrentperiod | ||||
| Provisioninthecurrentperiod | 114,397.54 | 77,356.71 | 191,754.25 | |
| Reversalinthecurrentperiod | 67,387.34 | 1,148,160.36 | 1,215,547.70 | |
| Otherchanges | 1,642.69 | 2,665,795.88 | 2,667,438.57 | |
| BalanceasofDecember31,2024 | 589,121.09 | 51,612,683.54 | 52,201,804.63 |
DivisionbasisateachstageandproportionofbaddebtprovisionaccrualChangesinbookbalancewithsignificantamountchangedoflossprovisioninthereportingperiod
□Applicable?Notapplicable
4)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiod
Baddebtprovisioninthereportingperiod:
Unit:RMB
| Type | Beginningbalance | Amountofchangeduringthecurrentperiod | Endingbalance | |||
| Provision | Recoveryorreversal | Write-offorcancellation | Others | |||
| Provisionsforbaddebts | 50,558,159.51 | 191,754.25 | 1,215,547.70 | 2,667,438.57 | 52,201,804.63 | |
| Total | 50,558,159.51 | 191,754.25 | 1,215,547.70 | 2,667,438.57 | 52,201,804.63 | |
5)Otherreceivablesofthetopfiveperiod-endbalancesbytheowingparty
Unit:RMB
| Companyname | Nature | Endingbalance | Accountreceivableage | Proportiontoendingbalanceofotherreceivables | Period-endbalanceofprovisionforbaddebts |
| ChinaAutomobileSouthChinaAutomobileSalesCo.,Ltd. | Intercoursefunds | 9,832,956.37 | Over3years | 16.31% | 9,832,956.37 |
| ShenzhenNanfangIndustryandTradeIndustrialCo.,Ltd. | Intercoursefunds | 7,359,060.75 | Over3years | 12.21% | 7,359,060.75 |
| ShenzhenZhonghao(Group)Co.,Ltd. | Intercoursefunds | 5,000,000.00 | Over3years | 8.29% | 5,000,000.00 |
| ShenzhenKaifengSpecialAutomobileIndustryCo.,Ltd. | Intercoursefunds | 4,413,728.50 | Over3years | 7.32% | 2,206,864.25 |
| ShenzhenJinbeiliElectricApplianceCo.,Ltd. | Collectionandpaymentonbehalfofothers | 2,706,983.51 | Over3years | 4.49% | 2,706,983.51 |
| Total | 29,312,729.13 | 48.62% | 27,105,864.88 |
6.Prepayments
(1)Prepaymentslistedbyaccountreceivableage
Unit:RMB
| Accountreceivableage | Endingbalance | Beginningbalance | ||
| Amount | Proportion | Amount | Proportion | |
| Within1year | 795,544.97 | 99.77% | 38,395,924.17 | 99.85% |
| 1-2years | 261.00 | 0.03% | 45,984.79 | 0.12% |
| Over3years | 1,603.94 | 0.20% | 12,525.94 | 0.03% |
| Total | 797,409.91 | 38,454,434.90 | ||
Explanationofreasonsfordelayedsettlementofimportantprepaymentswithaccountreceivableageover1year:
None
(2)Prepaymentswithtopfiveperiod-endbalancecollectedaspertheobjectofprepayment
| Nameofdebtor | Bookbalance | Proportionintotalprepayments | Provisionsforbaddebts |
| ShenzhenBranchofGuorenPropertyandCasualtyInsuranceCo.,Ltd. | 162,704.37 | 20.40% | - |
| ShenzhenNanfangChengtongLogisticsCo.,Ltd. | 138,985.00 | 17.43% | |
| ShenzhenWuhuaTianbaoSoftwareCo.,Ltd. | 115,200.00 | 14.45% | - |
| GuangdongMingfaPreciousMetalCo.,Ltd. | 102,906.64 | 12.91% | - |
| ShenzhenTiebaoCabinetCo.,Ltd. | 78,900.00 | 9.89% | - |
| Total | 598,696.01 | 75.08% | - |
7.Inventories
WhethertheCompanyneedstocomplywiththedisclosurerequirementsforrealestateindustryNo
(1)Inventoryclassification
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Bookbalance | Provisionfordeclineinthevalueofinventoriesorimpairmentprovisionsofcontractperformancecost | Bookvalue | Bookbalance | Provisionfordeclineinthevalueofinventoriesorimpairmentprovisionsofcontractperformancecost | Bookvalue | |
| Rawmaterials | 8,281,211.63 | 8,281,211.63 | 89,296,099.66 | 89,296,099.66 | ||
| Goodsinstocks | 29,558,580.97 | 29,094,882.38 | 463,698.59 | 23,817,853.14 | 23,817,853.14 | |
| Hedgeditems | 114,856,873.15 | 114,856,873.15 | 85,802,395.07 | 85,802,395.07 | ||
| Consignedprocessingmaterials | 327,656.05 | 327,656.05 | ||||
| Goodssoldonacommissionbasis | 3,830,408.18 | 3,830,408.18 | 2,999,683.10 | 2,999,683.10 | ||
| Total | 156,527,073.93 | 29,094,882.38 | 127,432,191.55 | 202,243,687.02 | 23,817,853.14 | 178,425,833.88 |
TheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf-disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness.
(2)Provisionfordeclineinthevalueofinventories/contractperformancecostimpairment
Unit:RMB
| Item | Beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Endingbalance | ||
| Provision | Others | Reversalorwrite-off | Others | |||
| Goodsinstocks | 23,817,853.14 | 5,423,369.69 | 146,340.45 | 29,094,882.38 | ||
| Total | 23,817,853.14 | 5,423,369.69 | 146,340.45 | 29,094,882.38 |
8.Non-currentassetsduewithinoneyear
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Large-denominationcertificatesofdeposit,timedepositsandinterestduewithin1year | 91,587,627.94 | 55,206,250.00 |
| Total | 91,587,627.94 | 55,206,250.00 |
(1)Creditors'investmentduewithinoneyear
□Applicable?Notapplicable
(2)Otherdebtinvestmentsduewithinoneyear
□Applicable?Notapplicable
9.Othercurrentassets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Inputtaxtobededucted | 25,711,444.95 | 27,618,761.58 |
| Taxespre-paid | 167,748.29 | 1,423,927.12 |
| Large-denominationcertificatesofdeposit,timedepositsandinterest | 54,969,057.53 | 75,791,108.89 |
| Unamortizedexpenses | 313,322.22 | |
| Advancesofferedforagencybusiness | 15,582,254.39 | |
| Total | 96,743,827.38 | 104,833,797.59 |
10.Otherdebtinvestments
(1)Informationonotherdebtinvestments
Unit:RMB
| Item | Beginningbalance | Accruedinterests | Interestadjustment | Changesinfairvalueinthecurrentperiod | Endingbalance | Costs | Accumulatedchangesinfairvalue | Accumulatedimpairmentprovisionrecognizedinothercomprehensiveincome | Remarks |
| Transferablelarge-sumcertificateofdeposit | 67,627,948.60 | 84,724,128.76 | |||||||
| Total | 67,627,948.60 | 84,724,128.76 |
11.Otherequityinstrumentinvestments
Unit:RMB
| Itemname | Endingbalance | Beginningbalance | Gainsincludedinothercomprehensiveincomeinthecurrentperiod | Lossesincludedinothercomprehensiveincomeinthecurrentperiod | Gainsaccumulatedintoothercomprehensiveincomeattheendofthecurrentperiod | Lossesaccumulatedintoothercomprehensiveincomeattheendofthecurrentperiod | Dividendincomerecognizedinthecurrentperiod | Reasonsforbeingmeasuredatdesignatedfairvaluewiththeirchangesincludedinothercomprehensiveincome |
| Investmentinunlistedequityinstruments | 0.00 | 383,317.67 | -383,317.67 | -10,176,617.20 | ||||
| Total | 383,317.67 | -383,317.67 | -10,176,617.20 |
12.Long-termreceivables
(1)Long-termreceivables
Unit:RMB
| Item | Endingbalance | Beginningbalance | Discountraterange | ||||
| Bookbalance | Provisionsforbaddebts | Bookvalue | Bookbalance | Provisionsforbaddebts | Bookvalue | ||
| Transactionswithrelatedparties | 6,146,228.91 | 6,146,228.91 | 6,146,228.91 | 6,146,228.91 | |||
| Total | 6,146,228.91 | 6,146,228.91 | 6,146,228.91 | 6,146,228.91 | |||
(2)Disclosurebybaddebtaccrualmethod
Unit:RMB
| Type | Endingbalance | Beginningbalance | ||||||||
| Bookbalance | Provisionsforbaddebts | Bookvalue | Bookbalance | Provisionsforbaddebts | Bookvalue | |||||
| Amount | Proportion | Amount | Proportionofprovision | Amount | Proportion | Amount | Proportionofprovision | |||
| Provisionforbaddebtsmadeonasinglebasis | 6,146,228.91 | 100.00% | 6,146,228.91 | 100.00% | 6,146,228.91 | 100.00% | 6,146,228.91 | 100.00% | ||
| Incl | ||||||||||
| uding: | |||||||||
| Including: | |||||||||
| Total | 6,146,228.91 | 100.00% | 6,146,228.91 | 100.00% | 6,146,228.91 | 100.00% | 6,146,228.91 | 100.00% |
13.Long-termequityinvestments
Unit:RMB
| Investee | Period-beginningbalance(bookvalue) | Period-beginningbalanceofimpairmentprovision | Changesinthecurrentperiod | Period-endbalance(bookvalue) | Period-endbalanceofimpairmentprovision | |||||||
| Additionalinvestment | Reducedinvestments | Investmentprofitorlossrecognizedthroughtheequitymethod | Adjustmenttoothercomprehensiveincome | Otherequitychanges | Cashdividendorprofitdeclaredtobedistributed | Provisionforimpairment | Others | |||||
| I.Jointventures | ||||||||||||
| ShenzhenTellus-GmondInvestmentCo.,Ltd. | 49,250,845.06 | 21,965,159.20 | 15,000,000.00 | 56,216,004.26 | ||||||||
| ShenzhenTelixingInvestmentCo.,Ltd. | 13,302,311.60 | 384,591.77 | 13,686,903.37 | |||||||||
| Subtotal | 62,553,156.66 | 22,349,750.97 | 15,000,000.00 | 69,902,907.63 | ||||||||
| II.Associates | ||||||||||||
| ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd. | 13,958,330.91 | 1,230,594.66 | 15,188,925.57 | |||||||||
| ShenzhenTellus | ||||||||||||
| AutomobileServiceChainCo.,Ltd. | ||||
| ShenzhenYongtongXindaTestingEquipmentCo.,Ltd. | ||||
| HunanChangyangIndustrialCo.,Ltd. | 1,810,540.70 | 1,810,540.70 | ||
| ShenzhenJiechengElectronicsCo.,Ltd. | 3,225,000.00 | 3,225,000.00 | ||
| ShenzhenXiandaoNewMaterialsCo.,Ltd. | 4,751,621.62 | 4,751,621.62 | ||
| ChinaAutomotiveIndustryShenzhenTradingCo.,Ltd. | 400,000.00 | 400,000.00 | ||
| ShenzhenUniversalStandardPartsCo., | 500,000.00 | 500,000.00 |
| Ltd. | |||||||||
| ShenzhenChinaAutomobileSouthChinaAutomobileSalesCo.,Ltd. | 2,250,000.00 | 2,250,000.00 | |||||||
| ShenzhenBailiyuanPowerSupplyCo.,Ltd. | 1,320,000.00 | 1,320,000.00 | |||||||
| ShenzhenYiminAutoTradingCo.,Ltd. | 200,001.10 | 200,001.10 | |||||||
| ShenzhenTorchSparkPlugIndustryCo.,Ltd. | 17,849.20 | 632,636.00 | 632,636.00 | 17,849.20 | |||||
| ShenzhenHanliHighTechCeramicsCo.,Ltd. | 1,956,000.00 | 1,956,000.00 | |||||||
| ShenzhenNanfangAutomobileRepairCenter | 6,700,000.00 | 6,700,000.00 | |||||||
| Subtotal | 13,958,330.91 | 23,131,012.62 | 1,863,230.66 | 632,636.00 | 15,188,925.57 | 23,131,012.62 | |||
| Total | 76,511 | 23,131 | 24,212 | 15,632 | 85,091 | 23,131 |
| ,487.57 | ,012.62 | ,981.63 | ,636.00 | ,833.20 | ,012.62 |
Whethertherecoverableamountisdeterminedaccordingtothenetamountwithfairvaluedeductingdisposalexpenses?
□Applicable?NotapplicableWhethertherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow?
□Applicable?NotapplicableReasonsfortheapparentinconsistencybetweentheaforementionedinformationandtheinformationorexternalinformationusedintheimpairmenttestofpreviousyearsReasonsfortheapparentinconsistencybetweentheinformationadoptedbytheCompany'simpairmenttestinpreviousyearsandtheactualsituationinthatyearOthernotes:
14.Investmentproperties
(1)Investmentpropertiesmeasuredatcost?Applicable□Notapplicable
Unit:RMB
| Item | Premisesandbuildings | Landuseright | Constructioninprogress | Total |
| I.Originalcarryingvalue | ||||
| 1.Beginningbalance | 1,104,591,317.70 | 95,667,082.86 | 1,200,258,400.56 | |
| 2.Amountincreaseinthecurrentyear | 178,673,271.38 | 178,673,271.38 | ||
| (1)Outsourcing | ||||
| (2)Transferfrominventory/fixedassets/constructioninprogress | ||||
| (3)Increasefrombusinessmerger | 178,673,271.38 | 178,673,271.38 |
3.Decreaseinthecurrentperiod
| 3.Decreaseinthecurrentperiod | 708,715.60 | 708,715.60 | |
| (1)Disposal | |||
| (2)Othertransfer-out | 708,715.60 | 708,715.60 |
4.Endingbalance
| 4.Endingbalance | 1,282,555,873.48 | 95,667,082.86 | 1,378,222,956.34 | |
| II.Accumulateddepreciationandaccumulatedamortization | ||||
| 1.Beginningbalance | 185,791,265.90 | 6,329,792.86 | 192,121,058.76 | |
| 2.Amountincreaseinthecurrentyear | 85,326,816.12 | 1,115,448.36 | 86,442,264.48 | |
| (1)Provisionoramortization | 30,561,057.74 | 1,115,448.36 | 31,676,506.10 | |
| (2)Changesinconsolidationscope | 54,765,758.38 | 54,765,758.38 | ||
| 3.Decreaseinthecurrentperiod | 112,500.00 | 112,500.00 |
| (1)Disposal | |||
| (2)Othertransfer-out | 112,500.00 | 112,500.00 |
4.Endingbalance
| 4.Endingbalance | 271,005,582.02 | 7,445,241.22 | 278,450,823.24 | |
| III.Impairmentprovision | ||||
| 1.Beginningbalance | ||||
| 2.Amountincreaseinthecurrentyear | ||||
| (1)Provision |
3.Decreaseinthecurrentperiod
| 3.Decreaseinthecurrentperiod |
| (1)Disposal |
| (2)Othertransfer-out |
4.Endingbalance
| 4.Endingbalance | ||||
| IV.Bookvalue | ||||
| 1.Endingbookvalue | 1,011,550,291.46 | 88,221,841.64 | 1,099,772,133.10 | |
| 2.Beginningbookvalue | 918,800,051.80 | 89,337,290.00 | 1,008,137,341.80 |
Whethertherecoverableamountisdeterminedaccordingtothenetamountwithfairvaluedeductingdisposalexpenses?
□Applicable?NotapplicableWhethertherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow?
□Applicable?NotapplicableReasonsfortheapparentinconsistencybetweentheaforementionedinformationandtheinformationorexternalinformationusedintheimpairmenttestofpreviousyearsReasonsfortheapparentinconsistencybetweentheinformationadoptedbytheCompany'simpairmenttestinpreviousyearsandtheactualsituationinthatyearOthernotes:
(2)Investmentpropertiesmeasuredatfairvalue
□Applicable?Notapplicable
(3)Investmentpropertieswhosepropertycertificatesarenotobtained
Unit:RMB
| Item | Bookvalue | Reasonsforfailuretoobtainthepropertycertificate |
| CNNCofficebuilding | 3,723,631.89 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| ShopsinBuilding12,Sungang | 15,287.19 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| Building12,Sungang | 5,231.57 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| Total | 3,744,150.65 |
15.Fixedassets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Fixedassets | 70,699,928.84 | 78,935,843.49 |
| Disposaloffixedassets | 63,754.41 | |
| Total | 70,763,683.25 | 78,935,843.49 |
(1)Fixedassets
Unit:RMB
| Item | Premisesandbuildings | Machineryequipment | Transportationequipment | Electronicequipment | Fixedassetdecoration | Officeandotherequipment | Total |
| I.Originalbookvalue: | |||||||
| 1.Beginningbalance | 218,581,348.20 | 16,398,875.37 | 2,086,527.73 | 7,934,543.38 | 1,141,459.06 | 7,924,470.72 | 254,067,224.46 |
| 2.Amountincreaseinthecurrentyear | 79,266.00 | 5,125,654.81 | 1,116,476.65 | 4,267,446.58 | 427,835.53 | 302,695.18 | 11,319,374.75 |
| (1)Purchase | 79,266.00 | 150,265.49 | 692,144.58 | 7,728.73 | 929,404.80 | ||
| (2)Transferfromconstructioninprogress | |||||||
| (3)Increasefrombusinessmerger | 5,125,654.81 | 966,211.16 | 3,575,302.00 | 427,835.53 | 294,966.45 | 10,389,969.95 |
3.Decreaseinthecurrentperiod
| 3.Decreaseinthecurrentperiod | 191,120.85 | 87,363.20 | 3,220,345.76 | 850,984.06 | 4,349,813.87 | ||
| (1)Disposalorscrapping | 191,120.85 | 87,363.20 | 3,220,345.76 | 850,984.06 | 4,349,813.87 |
4.Endingbalance
| 4.Endingbalance | 218,469,493.35 | 21,437,166.98 | 3,203,004.38 | 8,981,644.20 | 1,569,294.59 | 7,376,181.84 | 261,036,785.34 |
| II.Accumulateddepreciation |
| 1.Beginningbalance | 149,723,225.51 | 7,679,528.26 | 1,751,569.49 | 5,060,533.11 | 860,076.33 | 4,876,398.96 | 169,951,331.66 |
| 2.Amountincreaseinthecurrentyear | 5,873,830.18 | 4,869,553.68 | 898,598.95 | 5,057,515.96 | 243,866.14 | 1,325,629.27 | 18,268,994.18 |
| (1)Provision | 5,873,830.18 | 988,573.29 | 54,220.61 | 1,905,263.09 | - | 1,085,268.05 | 9,907,155.22 |
| (2)Otherincreases | 3,880,980.39 | 844,378.34 | 3,152,252.87 | 243,866.14 | 240,361.22 | 8,361,838.96 | |
| 3.Decreaseinthecurrentperiod | 189,170.85 | 84,837.20 | 2,800,450.79 | 840,214.57 | 3,914,673.41 | ||
| (1)Disposalorscrapping | 189,170.85 | 84,837.20 | 2,800,450.79 | 840,214.57 | 3,914,673.41 |
4.Endingbalance
| 4.Endingbalance | 155,407,884.84 | 12,464,244.74 | 2,650,168.44 | 7,317,598.28 | 1,103,942.47 | 5,361,813.66 | 184,305,652.43 |
| III.Impairmentprovision | |||||||
| 1.Beginningbalance | 3,555,385.70 | 736,597.13 | 6,165.00 | 455,627.38 | 281,382.73 | 144,891.37 | 5,180,049.31 |
| 2.Amountincreaseinthecurrentyear | 663,552.47 | 55,819.82 | 301,719.29 | 183,969.39 | 15,505.02 | 1,220,565.99 | |
| (1)Provision | |||||||
| (2)Otherincreases | 663,552.47 | 55,819.82 | 301,719.29 | 183,969.39 | 15,505.02 | 1,220,565.99 | |
| 3.Decreaseinthecurrentperiod | 369,411.23 | 369,411.23 | |||||
| (1)Disposalorscrapping | 369,411.23 | 369,411.23 |
4.Endingbalance
| 4.Endingbalance | 3,555,385.70 | 1,400,149.60 | 61,984.82 | 387,935.44 | 465,352.12 | 160,396.39 | 6,031,204.07 |
| IV.Bookvalue | |||||||
| 1. | 59,506,222.81 | 7,572,772.64 | 490,851.12 | 1,276,110.48 | 1,853,971.79 | 70,699,928.84 |
| Endingbookvalue | |||||||
| 2.Beginningbookvalue | 65,302,736.99 | 7,982,749.98 | 328,793.24 | 2,418,382.89 | 2,903,180.39 | 78,935,843.49 |
(2)Fixedassetsleasedoutbyoperatinglease
Unit:RMB
| Item | Endingbookvalue |
| Premisesandbuildings | 51,461,033.63 |
(3)Fixedassetswhosepropertycertificatesarenotobtained
Unit:RMB
| Item | Bookvalue | Reasonsforfailuretoobtainthepropertycertificate |
| YongtongBuilding | 19,560,136.03 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| AutomobileBuilding | 19,423,183.24 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| ParkingLotofTellusBuilding | 6,937,664.36 | Thepropertyownershipcertificateoftheparkinglotcannotbehandled. |
| Floor3-5,Plants1#,2#and3#,TaoyuanRoad | 2,496,213.79 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| Transferfloor(s)ofTellusBuilding | 1,090,719.80 | Unabletoapplyforpropertyownershipcertificate |
| No.16ApartmentofTaohuayuan | 884,416.26 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| Warehouse | 663,180.37 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| 1/F,Bao'anCommercialandResidentialBuilding | 612,921.08 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| ShuibeiZhongtianBuilding | 604,158.52 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| WarehouseoftheTradeDepartment | 41,813.41 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| Shops,PlantsNo.5-7,Buxin | 24,948.02 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| SongquanApartment(mixed) | 10,086.79 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| BuxinGeneratorRoom | 5,994.58 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| GuestHouseonRenminNorthRoad | 5,902.41 | Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons. |
| Total | 52,361,338.66 |
Othernotes:
(4)Impairmenttestoffixedassets
□Applicable?Notapplicable
(5)Disposaloffixedassets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Fixedassetstobedisposed | 63,754.41 | |
| Total | 63,754.41 |
16.Constructioninprogress
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Constructioninprogress | 3,332,141.19 | 7,279,570.05 |
| Total | 3,332,141.19 | 7,279,570.05 |
(1)Informationofconstructioninprogress
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| RestorationProjectafterReinforcementofBuildingNo.5,Buxin | 1,885,589.69 | 1,885,589.69 | ||||
| RenovationoftheexhibitionhallandtreasuryareaofthesunkenareaonB1oftheTellusJewelryBuilding | 4,740,393.23 | 4,740,393.23 | ||||
| ReconstructionandupgradingoftheShuibeiZhongtianBuilding | 808,507.65 | 808,507.65 | ||||
| DecorationprojectfortheannexbuildingoftheTellusGoldandDiamondBuilding | 108,945.00 | 108,945.00 | ||||
| Otherprojects | 1,446,551.50 | 1,446,551.50 | 1,621,724.17 | 1,621,724.17 | ||
| Total | 3,332,141.19 | 3,332,141.19 | 7,279,570.05 | 7,279,570.05 | ||
(2)Impairmenttestofconstructioninprogress
□Applicable?Notapplicable
17.Right-of-useassets
(1)Right-of-useassets
Unit:RMB
| Item | Premisesandbuildings | Total |
| I.Originalcarryingvalue |
| 1.Beginningbalance | 80,401,818.61 | 80,401,818.61 |
| 2.Amountincreaseinthecurrentyear | 16,421,565.70 | 16,421,565.70 |
| (1)Leasing | 16,421,565.70 | 16,421,565.70 |
| 3.Decreaseinthecurrentperiod | 439,783.14 | 439,783.14 |
| (1)Due | 439,783.14 | 439,783.14 |
| 4.Endingbalance | 96,383,601.17 | 96,383,601.17 |
| II.Accumulateddepreciation | ||
| 1.Beginningbalance | 8,497,102.11 | 8,497,102.11 |
| 2.Amountincreaseinthecurrentyear | 9,474,215.37 | 9,474,215.37 |
| (1)Provision | 9,474,215.37 | 9,474,215.37 |
3.Decreaseinthecurrentperiod
| 3.Decreaseinthecurrentperiod | 145,721.81 | 145,721.81 |
| (1)Disposal | ||
| (2)Due | 145,721.81 | 145,721.81 |
| 4.Endingbalance | 17,825,595.67 | 17,825,595.67 |
| III.Impairmentprovision | ||
| 1.Beginningbalance | ||
| 2.Amountincreaseinthecurrentyear | ||
| (1)Provision |
3.Decreaseinthecurrentperiod
| 3.Decreaseinthecurrentperiod |
| (1)Disposal |
4.Endingbalance
| 4.Endingbalance | ||
| IV.Bookvalue | ||
| 1.Endingbookvalue | 78,558,005.50 | 78,558,005.50 |
| 2.Beginningbookvalue | 71,904,716.50 | 71,904,716.50 |
(2)Impairmenttestofright-of-useassets
□Applicable?Notapplicable
18.Intangibleassets
(1)Intangibleassets
Unit:RMB
| Item | Landuseright | Patentrights | Non-patentedtechnology | Trademark | Computersoftware | Total |
| I.Originalcarryingvalue | ||||||
| 1.Beginningbalance | 1,967,851.00 | 128,500.00 | 7,196,385.90 | 9,292,736.90 | ||
| 2.Amountincreaseinthecurrentyear | 593,082.30 | 593,082.30 | ||||
| (1)Purchase | 420,082.30 | 420,082.30 | ||||
| (2)InternalR&D | ||||||
| (3)Increasefrombusinessmerger | 173,000.00 | 173,000.00 |
| 3.Decreaseinthecurrentperiod |
| (1)Disposal |
4.Endingbalance
| 4.Endingbalance | 1,967,851.00 | 128,500.00 | 7,789,468.20 | 9,885,819.20 | |
| II.Accumulatedamortization | |||||
| 1.Beginningbalance | 802,676.49 | 110,987.78 | 4,463,302.02 | 5,376,966.29 | |
| 2.Amountincreaseinthecurrentyear | 103,571.05 | 3,792.78 | 625,654.63 | 733,018.46 | |
| (1)Provision | 103,571.05 | 3,792.78 | 452,654.63 | 560,018.46 | |
| (2)Changesinconsolidationscope | 173,000.00 | 173,000.00 | |||
| 3.Decreaseinthecurrentperiod | |||||
| (1)Disposal |
4.Endingbalance
| 4.Endingbalance | 906,247.54 | 114,780.56 | 5,088,956.65 | 6,109,984.75 | |
| III.Impairmentprovision | |||||
| 1.Beginningbalance | |||||
| 2.Amountincreaseinthecurrentyear | |||||
| (1)Provision |
3.Decreaseinthecurrentperiod
| 3.Decreaseinthecurrentperiod |
| (1)Disposal |
4.Endingbalance
| 4.Endingbalance | |||||
| IV.Bookvalue | |||||
| 1.Endingbookvalue | 1,061,603.46 | 13,719.44 | 2,700,511.55 | 3,775,834.45 | |
| 2.Beginningbookvalue | 1,165,174.51 | 17,512.22 | 2,733,083.88 | 3,915,770.61 |
RatioofintangibleassetsformedthroughinternalR&Dtothebalanceofintangibleassetsattheendofthecurrentperiod.
(2)Dataresourcesrecognizedasintangibleassets
□Applicable?Notapplicable
(3)Impairmenttestofintangibleassets
□Applicable?Notapplicable
19.Long-termdeferredexpenses
Unit:RMB
| Item | Beginningbalance | Increaseinthecurrentperiod | Amortizationamountinthecurrentperiod | Otherdecreases | Endingbalance |
| Decorationengineering | 38,392,179.02 | 22,719,349.38 | 13,046,045.39 | - | 48,065,483.01 |
| InformationSystemServiceFee | 43,577.00 | 13,650.64 | - | 29,926.36 |
| Total | 38,392,179.02 | 22,762,926.38 | 13,059,696.03 | 48,095,409.37 |
20.Deferredtaxassets/deferredtaxliabilities
(1)Deferredtaxassetsnotoffset
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Deductiblelosses | 12,429,491.12 | 3,107,372.77 | ||
| Provisionforcreditimpairment | 34,988,635.30 | 8,747,158.83 | 35,059,422.28 | 8,764,855.57 |
| Deferredincome | 556,473.76 | 139,118.44 | 687,408.75 | 171,852.19 |
| Changesinthefairvalueoftradingfinancialassets | 398,515.24 | 99,628.81 | 13,705,388.76 | 3,426,347.19 |
| Changesinthefairvalueofotherequityinstrumentinvestments | 10,176,617.20 | 2,544,154.30 | 9,793,299.53 | 2,448,324.88 |
| Leaseliabilities | 84,443,765.66 | 21,110,941.41 | 79,671,619.30 | 19,917,904.83 |
| Total | 130,564,007.16 | 32,641,001.79 | 151,346,629.74 | 37,836,657.43 |
(2)Deferredtaxliabilitiesnotoffset
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||
| Taxabletemporarydifferences | Deferredtaxliabilities | Taxabletemporarydifferences | Deferredtaxliabilities | |
| Accelerateddepreciationoffixedassets | 126,577.00 | 31,644.25 | 562,445.00 | 140,611.25 |
| Timedifferenceofincometaxduetoallocationofrent-freeperiodincome | 17,094,258.40 | 4,273,564.60 | 19,145,855.24 | 4,786,463.81 |
| Measurementofremainingequityfairvalue | 67,398,061.80 | 16,849,515.45 | ||
| Increaseinassessedvaluefrombusinesscombinationsunderdifferentcontrol | 114,326,295.47 | 28,581,570.00 | ||
| Right-of-useassets | 77,731,810.56 | 19,432,952.64 | 74,533,199.60 | 18,633,299.90 |
| Total | 209,278,941.43 | 52,319,731.49 | 161,639,561.64 | 40,409,890.41 |
(3)Deferredtaxassetsorliabilitiespresentedinnetamountafterbeingoffset
Unit:RMB
| Item | Amountofoffsettingofdeferredincometaxassetsagainstliabilitiesattheendoftheperiod | Period-endbalanceofdeferredtaxassetsorliabilitiesafteroffset | Mutualoff-setamountofdeferredtaxassetsandliabilitiesatthebeginningoftheperiod | Period-beginningbalanceofdeferredtaxassetsorliabilitiesafteroffset |
| Deferredincometax | 5,496,778.78 | 37,836,657.43 |
| assets | 27,144,223.01 | |||
| Deferredtaxliabilities | 27,144,223.01 | 25,175,508.48 | 40,409,890.41 |
(4)Breakdownofunrecognizeddeferredtaxassets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Deductibletemporarydifference | 149,654,149.86 | 123,519,997.09 |
| Deductiblelosses | 44,519,904.21 | 22,073,706.37 |
| Total | 194,174,054.07 | 145,593,703.46 |
(5)Deductiblelossesofunrecognizeddeferredtaxassetswillbecomematureanddueinthefollowingyears
Unit:RMB
| Year | Endingamount | Beginningamount | Remarks |
| 2024 | |||
| 2025 | 6,285,169.81 | 3,230,232.35 | |
| 2026 | 8,589,171.35 | 8,589,171.35 | |
| 2027 | 2,693,238.23 | 4,821,009.13 | |
| 2028 | 24,987,453.67 | 5,433,293.54 | |
| 2029 | 1,964,871.15 | ||
| Total | 44,519,904.21 | 22,073,706.37 |
21.Othernon-currentassets
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| Prepaidprojectpayment | 47,062,569.00 | 47,062,569.00 | 47,071,710.51 | 47,071,710.51 | ||
| ReclassificationofVATdebitbalance | 7,237,158.45 | 7,237,158.45 | 8,385,565.03 | 8,385,565.03 | ||
| Large-denominationcertificatesofdepositandinterestdueoveroneyear | 145,315,608.13 | 145,315,608.13 | 41,431,777.78 | 41,431,777.78 | ||
| Prepaymentsforsoftware | 132,775.71 | 132,775.71 | 164,000.00 | 164,000.00 | ||
| Total | 199,748,111.29 | 199,748,111.29 | 97,053,053.32 | 97,053,053.32 | ||
22.Assetswithrestrictedownershiporright-of-use
Unit:RMB
| Item | Periodend | Periodbeginning | ||||||
| Bookbalance | Bookvalue | Restrictedtype | Restriction | Bookbalance | Bookvalue | Restrictedtype | Restriction | |
| Cashatbankandonhand | 76,695,391.06 | 76,695,391.06 | Securitydeposit | Securitydepositsandfuturesmarginforbankgoldleasing | 60,117,573.95 | 60,117,573.95 | Securitydeposit | Securitydepositsandfuturesmarginforbankgoldleasing |
| Total | 76,695,391.06 | 76,695,391.06 | 60,117,573.95 | 60,117,573.95 | ||||
23.Short-termborrowings
(1)Classificationofshort-termborrowings
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Creditborrowings | 120,101,444.43 | 145,131,694.44 |
| Total | 120,101,444.43 | 145,131,694.44 |
Notesontheclassificationofshort-termborrowings:
24.Tradingfinancialliabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Tradingfinancialliabilities | 56,881,954.76 | |
| Including: | ||
| Goldleasing | 56,881,954.76 | |
| Including: | ||
| Total | 56,881,954.76 |
25.Derivativefinancialliabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Derivativefinancialliabilitieswithdesignatedhedgingrelationship | 46,660.00 | 1,380.00 |
| Total | 46,660.00 | 1,380.00 |
26.Notespayable
Unit:RMB
| Category | Endingbalance | Beginningbalance |
| Bankacceptancebills | 110,000,000.00 | |
| Total | 110,000,000.00 |
27.Accountspayable
(1)Presentationofaccountspayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Purchasepaymentforgoodsandservices | 7,874,360.75 | 6,150,884.19 |
| Paymentforengineeringequipment | 117,681,332.38 | 129,683,530.20 |
| Total | 125,555,693.13 | 135,834,414.39 |
(2)Significantaccountspayablewithanaccountreceivableageofoveroneyear
Unit:RMB
| Item | Endingbalance | Reasonsfornotrepayingorcarryingforward |
| ShenzhenYinglongJian'an(Group)Co.,Ltd. | 28,298,954.80 | Project(s)unsettled |
| ChinaConstructionFirstBuilding(Group)CorporationLimited | 6,558,657.35 | Project(s)unsettled |
| ShenzhenYinuoConstructionEngineeringCo.,Ltd. | 3,555,095.22 | Project(s)unsettled |
| ShenzhenShuibeiYihaoInvestmentDevelopmentCo.,Ltd. | 1,120,000.00 | Project(s)unsettled |
| BeijingFugonglideTechnologyDevelopmentCo.,Ltd. | 1,038,109.61 | Project(s)unsettled |
| Total | 40,570,816.98 |
28.Otherpayables
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Otherpayables | 126,312,280.55 | 126,826,966.60 |
| Total | 126,312,280.55 | 126,826,966.60 |
(1)Otherpayables
1)Otherpayablespresentedbythenatureofpayment
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Guaranteeandsecuritydeposits | 73,630,322.35 | 61,572,033.08 |
| Associatedintercoursefunds | 7,845,985.83 | 13,217,780.83 |
| Withdrawalinadvance | 14,104,886.38 | 14,559,784.33 |
| Temporaryreceiptspayable | 30,731,085.99 | 37,477,368.36 |
| Total | 126,312,280.55 | 126,826,966.60 |
2)Othersignificantaccountspayablewithanaccountreceivableageofoveroneyearoroverdue
Unit:RMB
| Item | Endingbalance | Reasonsfornotrepayingorcarryingforward |
| HongkongYujiaInvestmentLimited | 2,255,339.58 | Outstandingbyrelatedcompanies |
| ShenzhenFuluxinJewelryCo.,Ltd. | 1,441,083.45 | Securitydepositsnotyetdue |
| ShenzhenLonggangTellusRealEstateCo.,Ltd. | 1,095,742.50 | Outstandingbyrelatedcompanies |
| Total | 4,792,165.53 |
3)Thetoptenotherpayablesbyendingbalanceaggregatedbycounterparty
29.Advancesfromcustomers
(1)Presentationofadvancesfromcustomers
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Rent | 9,469,503.75 | 4,306,567.65 |
| Total | 9,469,503.75 | 4,306,567.65 |
30.Contractliabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Goodsfeesreceivableinadvance | 2,404,815.58 | 2,628,855.25 |
| Servicesfeesreceivableinadvance | 1,604,689.01 | 4,451,120.13 |
| Total | 4,009,504.59 | 7,079,975.38 |
31.Employeecompensationpayable
(1)Employeecompensationpayable
Unit:RMB
| Item | Beginningbalance | Increaseinthecurrentperiod | DecreaseintheCurrentPeriod | Endingbalance |
| I.Short-termcompensation | 33,425,356.15 | 48,633,497.23 | 45,284,502.19 | 36,774,351.19 |
| II.Post-employmentbenefits-definedcontributionplans | 4,405,374.25 | 4,376,101.50 | 29,272.75 | |
| III.Dismissalbenefits | 633,205.73 | 601,205.73 | 32,000.00 | |
| Total | 33,425,356.15 | 53,672,077.21 | 50,261,809.42 | 36,835,623.94 |
(2)Presentationofshort-termcompensation
Unit:RMB
| Item | Beginningbalance | Increaseinthecurrentperiod | DecreaseintheCurrentPeriod | Endingbalance |
| 1.Wages,bonuses,allowancesandsubsidies | 33,338,217.09 | 40,960,185.92 | 38,153,409.76 | 36,144,993.25 |
| 2.Employeebenefits | 85,500.00 | 1,595,410.64 | 1,162,739.02 | 518,171.62 |
| 3.Socialinsurancepremiums | 1,779,353.45 | 1,768,762.24 | 10,591.21 | |
| Including:Medicalinsurancepremiums | 1,371,562.54 | 1,362,664.06 | 8,898.48 | |
| Work-relatedinjuryinsurancepremium | 175,659.99 | 174,895.60 | 764.39 | |
| Maternityinsurancepremiums | 232,130.92 | 231,202.58 | 928.34 | |
| 4.Housingprovidentfund | 1,012.80 | 3,288,945.98 | 3,288,945.98 | 1,012.80 |
| 5.Laborunionfundsandstaffeducationfunds | 626.26 | 1,009,601.24 | 910,645.19 | 99,582.31 |
| Total | 33,425,356.15 | 48,633,497.23 | 45,284,502.19 | 36,774,351.19 |
(3)Presentationofdefinedcontributionplan
Unit:RMB
| Item | Beginningbalance | Increaseinthecurrentperiod | DecreaseintheCurrentPeriod | Endingbalance |
| 1.Basicendowmentinsurance | 4,168,578.11 | 4,140,834.14 | 27,743.97 | |
| 2.Unemploymentinsurancepremium | 236,796.14 | 235,267.36 | 1,528.78 | |
| 3.Enterpriseannuity | ||||
| Total | 4,405,374.25 | 4,376,101.50 | 29,272.75 |
32.Taxespayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Value-addedtax | 5,266,527.71 | 1,753,636.75 |
| Consumptiontax | 964.82 | |
| Corporateincometax | 11,454,335.79 | 7,692,722.34 |
| Individualincometax | 1,297,785.08 | 1,174,933.55 |
| Urbanmaintenanceandconstructiontax | 105,007.68 | 98,752.51 |
| Educationalsurcharges | 74,959.48 | 70,691.09 |
| Landusetax | 26,460.00 | |
| LandVAT | 17,360,372.46 | 17,386,832.46 |
| Stampduty | 518,448.66 | 526,135.54 |
| Othertaxes | 4,878.34 | 153,743.82 |
| Total | 36,109,740.02 | 28,857,448.06 |
33.Non-currentliabilitiesduewithinoneyear
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Leaseliabilitiesduewithinoneyear | 8,674,869.40 | 7,304,647.32 |
| Total | 8,674,869.40 | 7,304,647.32 |
34.Othercurrentliabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Taxesofitemstobewrittenoff | 6,142,814.36 | 3,388,998.35 |
| Total | 6,142,814.36 | 3,388,998.35 |
35.Leaseliabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Leaseliabilities | 76,541,985.55 | 69,524,214.23 |
| Total | 76,541,985.55 | 69,524,214.23 |
36.Long-termpayables
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Long-termpayables | 3,920,160.36 | 3,920,160.36 |
| Total | 3,920,160.36 | 3,920,160.36 |
(1)Long-termpayablesbythenatureofpayment
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Employeehousingdeposit | 3,908,848.40 | 3,908,848.40 |
| Grantfortechnologyinnovationprojects | 11,311.96 | 11,311.96 |
| Subtotal | 3,920,160.36 | 3,920,160.36 |
37.Estimatedliabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance | Reasonforformation |
| Pendinglitigation | 268,414.80 | ||
| Total | 268,414.80 |
38.Deferredincome
Unit:RMB
| Item | Beginningbalance | Increaseinthecurrentperiod | DecreaseintheCurrentPeriod | Endingbalance | Reasonforformation |
| Governmentsubsidies | 9,617,683.53 | 1,780,205.93 | 7,837,477.60 | ||
| Total | 9,617,683.53 | 1,780,205.93 | 7,837,477.60 | -- |
39.Sharecapital
Unit:RMB
| Beginningbalance | Increase(+)/decrease(-)inthisperiod | Endingbalance | |||||
| Issuanceofnewshares | Bonusshares | Conversionofcapitalreserveintosharecapital | Others | Subtotal | |||
| Totalshares | 431,058,320.00 | 431,058,320.00 | |||||
40.Capitalreserves
Unit:RMB
| Item | Beginningbalance | Increaseinthecurrentperiod | DecreaseintheCurrentPeriod | Endingbalance |
| Capitalpremium(sharepremium) | 425,184,907.34 | 425,184,907.34 | ||
| Othercapitalreserves | 5,681,501.16 | 5,681,501.16 | ||
| Total | 430,866,408.50 | 430,866,408.50 |
41.Othercomprehensiveincome
Unit:RMB
| Item | Beginningbalance | Amountincurredinthecurrentperiod | Endingbalance | |||||
| Amountincurredbeforeincometaxinthecurrentperiod | Less:Amountincludedinothercomprehensiveincomesinthepreviousperiodbuttransferredtoprofitandlossinthecurrentperiod | Less:Amountincludedinothercomprehensiveincomeinthepreviousperiodandtransferredtoretainedearningsinthecurrentperiod | Less:Incometaxexpenses | Attributabletotheparentcompanyaftertax | Attributabletominorityshareholdersaftertax | |||
| I.Othercomprehensiveincomeitemsnottobereclassifiedintoprofitsandlosses | -7,344,974.65 | -287,488.25 | -7,632,462.90 | |||||
| Changesinthefairvalueofotherequityinstrumentinvestments | -7,344,974.65 | -287,488.25 | -7,632,462.90 | |||||
| II.Othercomprehensiveincomeitemstobereclassifiedintoprofits | 26,422.00 | 26,422.00 | ||||||
| andlosses | |||||
| Including:Othercomprehensiveincomeitemstobereclassifiedintoprofitsandlossesthroughtheequitymethod | 26,422.00 | 26,422.00 | |||
| Totalothercomprehensiveincome | -7,318,552.65 | -287,488.25 | -7,606,040.90 |
42.Surplusreserve
Unit:RMB
| Item | Beginningbalance | Increaseinthecurrentperiod | DecreaseintheCurrentPeriod | Endingbalance |
| Statutorysurplusreserves | 63,956,286.46 | 10,266,370.53 | 74,222,656.99 | |
| Total | 63,956,286.46 | 10,266,370.53 | 74,222,656.99 |
43.Undistributedprofits
Unit:RMB
| Item | Currentperiod | Previousperiod |
| Undistributedprofitsattheendofthepreviousperiodbeforeadjustment | 685,342,592.62 | 590,605,394.67 |
| Totalnumberofundistributedprofitatthebeginningofadjustmentperiod(increasetobelistedwith"+",decreasetobelistedwith"-") | 8,804.40 | |
| Undistributedprofitsatthebeginningoftheperiodafteradjustment | 685,342,592.62 | 590,614,199.07 |
| Add:Netprofitsattributabletoownersofparentcompanyinthecurrentperiod | 136,629,870.80 | 118,255,140.84 |
| Less:Appropriationtostatutorysurplusreserve | 10,266,370.53 | 11,457,114.33 |
| Ordinarysharedividendspayable | 13,362,807.92 | 12,069,632.96 |
| Undistributedprofitsattheendoftheperiod | 798,343,284.97 | 685,342,592.62 |
Breakdownofadjustedundistributedprofitsatthebeginningoftheperiod:
1)TheaffectedundistributedprofitatthebeginningoftheperiodduetotheretroactiveadjustmentofASBEanditsrelevantnewregulationsisRMB0.00.
2)Duetochangesinaccountingpolicies,theaffectedundistributedprofitatthebeginningoftheperiodisRMB0.00.
3)Duetothecorrectionofmajoraccountingerrors,theaffectedundistributedprofitatthebeginningoftheperiodisRMB0.00.
4)Duetoachangeintheconsolidationscopeasaresultofcommoncontrol,theaffectedundistributedprofitatthebeginningoftheperiodisRMB0.00.
5)Duetothetotalofotheradjustments,theaffectedundistributedprofitatthebeginningoftheperiodisRMB0.00.
44.Operatingrevenueandoperatingcost
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod | ||
| Revenue | Costs | Revenue | Costs | |
| Mainbusiness | 2,613,678,204.37 | 2,376,764,300.06 | 1,840,775,590.72 | 1,644,301,037.12 |
| Otherbusiness | 5,963,251.17 | 4,036,162.48 | ||
| Total | 2,613,678,204.37 | 2,376,764,300.06 | 1,846,738,841.89 | 1,648,337,199.60 |
Auditednetprofitbeforeandafterdeductingnon-recurringgainsandlosses(whicheverislower,negativevalueornot)
□Yes?NoBreakdowninformationofoperatingrevenuesandoperatingcosts:
Unit:RMB
| Classificationofcontract | Segment1 | Segment2 | Total | |||||
| Operatingrevenue | Operatingcost | Operatingrevenue | Operatingcost | Operatingrevenue | Operatingcost | Operatingrevenue | Operatingcost | |
| Businesstype | ||||||||
| Including: | ||||||||
| Jewelrysalesandservices | 2,320,842,052.78 | 2,273,354,439.85 | 2,320,842,052.78 | 2,273,354,439.85 | ||||
| Leasingandservices | 292,836,151.59 | 103,409,860.21 | 292,836,151.59 | 103,409,860.21 | ||||
| Byoperatingregion | ||||||||
| Including: | ||||||||
| SouthChina | 1,971,504,250.32 | 1,743,354,212.66 | 1,971,504,250.32 | 1,743,354,212.66 | ||||
| EastChina | 241,495,799.74 | 238,075,580.05 | 241,495,799.74 | 238,075,580.05 | ||||
| NorthChina | 260,881,606.21 | 257,355,619.98 | 260,881,606.21 | 257,355,619.98 | ||||
| CentralChina | 121,099,408.56 | 119,547,197.35 | 121,099,408.56 | 119,547,197.35 | ||||
| Otherregions | 18,697,139.54 | 18,431,690.02 | 18,697,139.54 | 18,431,690.02 | ||||
| Bymarketorcustomertype | ||||||||
| Including: | ||||||||
Bycontracttype
| Bycontracttype |
| Including: |
Bytimeoftransferofgoods
Including:
Bycontractterm
| Bycontractterm |
| Including: |
Bysaleschannel
| Bysaleschannel |
| Including: |
Total
| Total | 2,613,678,204.37 | 2,376,764,300.06 | 2,613,678,204.37 | 2,376,764,300.06 |
45.Taxesandsurcharges
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Urbanmaintenanceandconstructiontax | 1,830,648.40 | 1,077,410.34 |
| Educationalsurcharges | 784,536.01 | 461,747.20 |
| Propertytax | 7,172,545.32 | 7,253,212.27 |
| Landusetax | 442,956.07 | 412,099.40 |
| LandVAT | 11,997,689.82 | |
| Stampduty | 2,405,663.01 | 1,718,798.56 |
| Localeducationalsurcharges | 523,024.00 | 307,831.47 |
| Vehicleandvesselusetax | 13,275.47 | 1,320.00 |
| Total | 13,172,648.28 | 23,230,109.06 |
46.Administrativeexpenses
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Employeecompensation | 38,432,977.77 | 68,670,655.46 |
| Depreciationandamortization | 4,766,354.91 | 4,513,002.32 |
| Consultingandservicefees | 4,538,253.56 | 7,233,752.18 |
| Officeexpenses | 992,490.75 | 899,835.11 |
| Propertymanagementfee\cleaningfee\utilities | 811,611.67 | 911,298.57 |
| Transportandtravelexpenses | 289,228.68 | 257,294.53 |
| Advertisingexpenses | 162,934.17 | 151,938.34 |
| Communicationexpenses | 137,608.06 | 101,964.65 |
| Businessentertainmentexpenses | 81,061.23 | 130,697.36 |
| Others | 1,150,071.65 | 2,751,356.57 |
| Total | 51,362,592.45 | 85,621,795.09 |
47.Sellingexpenses
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Employeecompensation | 6,552,554.33 | 7,129,402.58 |
| E-commercechanneloperationservicefee | 6,284,555.98 |
| Depreciationandamortization | 3,089,169.78 | 2,562,163.21 |
| Advertisingmarketingexpenses | 1,514,296.05 | 1,946,341.18 |
| Consultationandserviceexpenses | 1,054,392.27 | 2,570,164.71 |
| Insuranceexpenses | 548,338.28 | 362,748.38 |
| Communicationexpense | 424,139.87 | 159,849.95 |
| Utilitiesandcleaningfees | 423,458.67 | 1,735,848.97 |
| Transportationandtravelexpenses | 271,940.20 | 495,863.28 |
| Officeexpenses | 171,365.99 | 291,536.03 |
| Businessentertainmentexpenses | 60,070.06 | 301,268.22 |
| Materialconsumptionexpenses | 444.42 | 9,253.40 |
| Others | 1,837,954.99 | 1,564,074.84 |
| Total | 22,232,680.89 | 19,128,514.75 |
48.R&Dexpenses
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Employeecompensation | 2,980,237.50 | 1,849,878.34 |
| Depreciationandamortization | 70,296.60 | 115,917.44 |
| Others | 218,285.78 | |
| Total | 3,268,819.88 | 1,965,795.78 |
49.Financialexpenses
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Netinterestexpenses | 9,096,305.49 | 9,444,953.16 |
| Interestincome | -2,984,792.54 | -4,682,945.54 |
| Exchangeprofitandloss | -53,888.97 | 670,928.14 |
| Handlingexpensesandothers | 331,390.71 | 104,944.16 |
| Total | 6,389,014.69 | 5,537,879.92 |
50.Otherincomes
Unit:RMB
| Sourcesofotherincomes | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| I.Governmentsubsidiesincludedinotherincomes | 6,524,396.47 | 8,480,891.46 |
| Including:Governmentsubsidiesrelatedtodeferredincome | 1,780,205.93 | 1,747,472.18 |
| Governmentsubsidiesdirectlyincludedincurrentprofitsandlosses | 4,744,190.54 | 6,733,419.28 |
| II.Otheritemsrelatedtodailyactivitiesandincludedinotherincomes | 73,439.68 | 10,158.93 |
| Including:Individualincometaxwithholdingfees | 73,439.68 | 10,158.93 |
| Total | 6,597,836.15 | 8,491,050.39 |
51.Incomefromchangesinfairvalue
Unit:RMB
| Sourcesofincomefromchangesinfairvalue | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Tradingfinancialassets | -12,410,718.88 | -10,477,822.50 |
| Tradingfinancialliabilities | 3,002,660.00 | -2,215,610.00 |
| Incomefromchangesinfairvalueofhedginginstruments | 139,823.00 | 786,300.00 |
| Incomefromchangesinfairvalueofhedgingitems | -1,299,627.74 | -101,030.68 |
| Others | 120.00 | -120.00 |
| Total | -10,567,743.62 | -12,008,283.18 |
52.Investmentincomes
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Incomefromlong-termequityinvestmentscalculatedthroughtheequitymethod | 24,212,981.63 | 19,872,836.15 |
| Investmentincomefromtradingfinancialassetsduringtheholdingperiod | 5,770,977.63 | 3,132,190.40 |
| Profitfromre-measurementofresidualequityatfairvalueafterlossoftherightofcontrol | 69,552,580.12 | |
| Interestincomefromlarge-denominationcertificatesofdepositandtimedeposits | 5,703,743.63 | 7,570,633.50 |
| ClosingincomefromcommodityfuturescontractsandT+Dcontracts(hedging) | -15,331,164.53 | -5,314,788.02 |
| ClosingincomefromcommodityfuturescontractsandT+Dcontracts(nohedgingspecified) | -886,055.89 | -939,938.97 |
| Total | 19,470,482.47 | 93,873,513.18 |
53.Creditimpairmentlosses
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Lossonbaddebtsofaccountsreceivable | 339,597.30 | -607,094.36 |
| Lossonbaddebtsofotherreceivables | 6,719,894.33 | -107,251.93 |
| Impairmentlossofothercurrentassets | -157,396.51 | |
| Baddebtlossofdividendsreceivable | -1,305,581.86 | |
| Total | 5,596,513.26 | -714,346.29 |
54.Assetimpairmentlosses
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| I.Lossondiminutioninvalueofinventoriesandimpairmentlossoncontractperformancecost | -208,813.79 | |
| IV.Lossonimpairmentoffixedassets | -838,121.78 | |
| Total | -1,046,935.57 |
55.Incomefromdisposalofassets
Unit:RMB
| Sourcesofincomefromassetdisposal | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Gainsfromdisposaloffixedassets(lossestobelistedwith"-") | -227.20 | -59,110.10 |
56.Non-operatingincomes
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod | Amountincludedincurrentnon-recurringprofitsandlosses |
| Gainsfromunpayablepayments | 492,565.25 | 58,629.97 | 492,565.25 |
| Revenuefromliquidateddamages | 3,405,795.28 | 1,561,760.57 | 3,405,795.28 |
| Others | 2,592.54 | 770,443.76 | 2,592.54 |
| Total | 3,900,953.07 | 2,390,834.30 | 3,900,953.07 |
57.Non-operatingexpenses
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod | Amountincludedincurrentnon-recurringprofitsandlosses |
| Lossfromscrappingofnon-currentassets | 17,991.92 | ||
| Overduepaymentsandliquidateddamageexpenditure | 1,383,776.06 | 185,239.70 | 1,383,776.06 |
| Others | 812,183.78 | 116,065.40 | 812,183.78 |
| Total | 2,195,959.84 | 319,297.02 | 2,195,959.84 |
58.Incometaxexpenses
(1)Listofincometaxexpenses
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Currentincometaxexpenses | 35,638,514.23 | 29,670,941.56 |
| Deferredtaxexpenses | -11,380,243.86 | 12,413,564.92 |
| Total | 24,258,270.37 | 42,084,506.48 |
(2)Accountingprofitandincometaxexpenseadjustmentprocess
Unit:RMB
| Item | Amountincurredinthecurrentperiod |
| Totalprofits | 163,290,002.41 |
| Incometaxexpensesbasedonstatutory/applicabletaxrate | 40,822,500.60 |
| Effectofdifferenttaxratesappliedtosubsidiaries | -1,053,341.75 |
| Effectofincometaxduringtheperiodbeforeadjustment | -31,159.40 |
| Impactofnon-deductiblecosts,expenses,andlosses | 2,088,898.27 |
| Profitorlossofjointventuresandassociatedenterprisescalculatedbyequitymethod | -5,895,086.41 |
| Incomeexemptedfromtaxation(tobelistedwith"-") | -172,644.40 |
| Effectofusingpreviouslyunrecognizeddeductiblelossesofpreviousyearsanddeductibletemporarydifferences(tobelistedwith"-") | -13,133,718.97 |
| Effectofusingpreviouslyunrecognizeddeductiblelossesanddeductibletemporarydifferences | 2,244,876.91 |
| TaxeffectofadditionaldeductionforR&Dexpenses(tobelistedwith"-") | -612,054.48 |
| Incometaxexpenses | 24,258,270.37 |
59.Othercomprehensiveincome
RefertoNoteVII.41fordetails.
60.Itemsinthecashflowstatement
(1)CashrelatedtooperatingactivitiesOthercashreceivedrelatingtooperatingactivities
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Guaranteeandsecuritydeposits | 33,248,403.97 | 30,178,690.12 |
| Interestincome | 1,595,629.53 | 4,601,226.17 |
| Governmentsubsidiesreceived | 4,822,034.27 | 5,489,668.98 |
| Receiptofpaymentsecuritydeposits | 22,987,350.00 | 4,040,160.00 |
| Currentaccountsandothers | 14,089,935.20 | 8,984,997.82 |
| Total | 76,743,352.97 | 53,294,743.09 |
Othercashpaidrelatingtooperatingactivities
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Out-of-pocketexpenses | 30,628,305.96 | 24,693,611.96 |
| Guaranteeandsecuritydeposits | 33,767,616.06 | 18,200,617.62 |
| Penaltyforbreachofcontract | 1,300,150.00 | 78,857.09 |
| Paymentofgoldleasingsecuritydepositsandnotemargins,etc. | 2,063,282.98 | 49,095,661.55 |
| Currentaccountsandothers | 12,048,639.24 | 15,440,288.31 |
| Total | 79,807,994.24 | 107,509,036.53 |
(2)Cashrelatedtoinvestingactivities
Othercashreceivedrelatingtoinvestingactivities
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Supervisionfundsreceived | 10,665,656.00 | |
| IncorporationofSDGHuariintoconsolidatedfunds | 5,964,034.76 | |
| Others | 46,628.16 | |
| Total | 5,964,034.76 | 10,712,284.16 |
Importantcashreceivedrelatedtoinvestingactivities
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Principalsandinterestsofstructureddeposits,wealthmanagementproducts,large-denominationcertificatesofdepositandtimedeposits | 820,139,644.49 | 628,726,990.40 |
| Total | 820,139,644.49 | 628,726,990.40 |
Othercashpaidrelatingtoinvestingactivities
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Securitydepositforhedginginstruments | 14,659,543.80 | 1,466,070.40 |
| ListofSDGHuari | 6,527,338.78 | |
| Others | 78,987.06 | |
| Total | 14,659,543.80 | 8,072,396.24 |
Importantcashpaidrelatedtoinvestingactivities
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Structureddeposits,wealthmanagementproducts,large-denominationcertificatesofdepositandtimedeposits | 985,536,930.32 | 717,659,265.39 |
| Total | 985,536,930.32 | 717,659,265.39 |
(3)Cashrelatedtofinancingactivities
Othercashreceivedrelatedtofinancingactivities
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Leasesecuritydepositreceived | 253,420.00 | |
| Total | 253,420.00 |
Othercashpaidrelatingtootherfinancingactivities
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Capitalpaidtominorityshareholders | 4,900,000.00 | |
| Leasesecuritydepositpaid | 1,515,467.96 | |
| Principalandinterestonleaseliabilitiespaid | 12,180,403.46 | 809,217.19 |
| Total | 12,180,403.46 | 7,224,685.15 |
Changesinliabilitiesarisingfromfinancingactivities?Applicable□Notapplicable
Unit:RMB
| Item | Beginningbalance | Increaseinthecurrentperiod | DecreaseintheCurrentPeriod | Endingbalance | ||
| Cashchange | Non-cashchange | Cashchange | Non-cashchange | |||
| Short-termborrowings | 145,131,694.44 | 415,000,000.00 | 5,981,417.61 | 446,011,667.62 | 120,101,444.43 | |
| Long-termborrowings | ||||||
| Leaseliabilities | 76,828,861.55 | 18,825,686.25 | 10,437,692.85 | 85,216,854.95 | ||
| Total | 221,960,555.99 | 415,000,000.00 | 24,807,103.86 | 456,449,360.47 | 205,318,299.38 |
61.Supplementaryinformationtothecashflowstatement
(1)Supplementaryinformationtocashflowstatement
Unit:RMB
| Supplementaryinformation | Amountinthecurrentperiod | Amountinthepreviousperiod |
| 1.Reconciliationofnetprofittocashflowsfromoperatingactivities | ||
| Netprofit | 139,031,732.04 | 111,440,466.92 |
| Add:Provisionforimpairmentofassets | -5,596,513.26 | 1,761,281.86 |
| Depreciationoffixedassets,depletionofoilandgasassets,anddepreciationofproductivebiologicalassets | 41,583,661.32 | 37,924,212.30 |
| Depreciationofright-of-useassets | 9,474,215.37 | 6,481,996.22 |
| Amortizationofintangibleassets | 560,018.46 | 1,178,005.72 |
| Amortizationoflong-termdeferredexpenses | 13,059,696.03 | 6,447,382.15 |
| Lossesonthedisposaloffixedassets,intangibleassets,andotherlong-termassets(gaintobelistedwith"-") | 227.20 | 59,110.10 |
| Lossesfromthescrappingoffixedassets(gainstobelistedwith"-") | 17,991.92 | |
| Lossfromchangesinfairvalue(gaintobelistedwith"-") | 10,567,743.62 | 12,008,283.18 |
| Financialexpense(gaintobelistedwith"-") | 9,100,270.87 | 9,444,953.16 |
| Investmentloss(gaintobelistedwith"-") | -19,470,482.47 | -93,873,513.18 |
| Decreaseofdeferredincometaxassets(increasetobelistedwith"-") | 32,339,878.65 | -29,318,423.66 |
| Increasesindeferredtaxliabilities(decreasetobelistedwith"-") | -15,330,211.35 | 36,817,730.02 |
| Decreaseofinventory(increasetobelistedwith"-") | 45,716,613.09 | -54,724,534.68 |
| Decreaseinoperatingreceivables(increasetobelistedwith"-") | 100,475,881.49 | -102,166,911.92 |
| Increaseinoperatingitemspayable(decreasetobelistedwith"-") | 28,776,082.79 | -3,638,036.57 |
| Others | ||
| Netcashflowsfromoperatingactivities | 390,288,813.85 | -60,140,006.46 |
| 2.Majorinvestmentandfinancingactivitiesnotrelatingtocashdepositandwithdrawal | ||
| Conversionofdebtintocapital | ||
| Convertiblecorporatebondsduewithinoneyear | ||
| Fixedassetsacquiredthroughfinanciallease | ||
| 3.Netchangesincashandcashequivalents: | ||
| Endingbalanceofcash | 301,275,968.63 | 160,223,387.69 |
| Less:Period-beginningbalanceofcash | 160,223,387.69 | 391,406,829.36 |
| Add:Period-endbalanceofcashequivalents |
| Less:Period-beginningbalanceofcashequivalents | ||
| Netincreaseincashandcashequivalents | 141,052,580.94 | -231,183,441.67 |
(2)Netcashpaidforacquisitionofsubsidiariesinthecurrentperiod
Unit:RMB
| Amount | |
| Including: | |
| Less:Cashandcashequivalentsheldbysubsidiariesonthedateofacquisition | -5,964,034.76 |
| Including: | |
| ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd. | -5,964,034.76 |
| Including: | |
| Netcashpaidforacquisitionofsubsidiaries | 5,964,034.76 |
(3)Compositionofcashandcashequivalents
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| I.Cash | 301,275,968.63 | 160,223,387.69 |
| Including:Cashonhand | 20,879.87 | 17,215.98 |
| Cashatbankavailableforpaymentatanytime | 241,190,505.42 | 120,361,253.61 |
| Othermonetaryfundsavailableforpaymentondemand | 60,064,583.34 | 39,844,918.10 |
| III.Period-endbalanceofcashandcashequivalents | 301,275,968.63 | 160,223,387.69 |
(4)Monetaryfundsnotbelongingtocashorcashequivalents
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod | Reasonsfornotbelongingtocashandcashequivalents |
| Securitydepositsfornotespayable | 33,113,263.10 | Guaranteedepositsofnotes | |
| Futuresandoptionsaccountmargin | 22,848,540.40 | 8,188,990.60 | Depositsforgoldfuturestradingbusinessrestricted |
| Goldleasingsecuritydepositsandinterests | 20,069,638.91 | 51,328,583.35 | Depositsforgoldleasingbusinessrestricted |
| Amountunderjudicialcontrol | 663,948.65 | 600,000.00 | Judicialcontrol |
| Total | 76,695,391.06 | 60,117,573.95 |
62.Monetaryitemsinforeigncurrency
(1)Foreigncurrencymonetaryitems
Unit:RMB
| Item | Endingforeigncurrencybalance | Conversionexchangerate | EndingbalanceofconvertedRMB |
| Cashatbankandonhand | |||
| Including:USD | 861.56 | 7.1884 | 6,193.24 |
| EUR |
| HKD | 49,698.96 | 0.92604 | 46,023.22 |
Accountsreceivable
| Accountsreceivable |
| Including:USD |
| EUR |
| HKD |
Long-termborrowings
| Long-termborrowings | |||
| Including:USD | |||
| EUR | |||
| HKD | |||
| Otherreceivables | |||
| Including:USD | 205,381.99 | 7.1884 | 1,476,367.90 |
| Otherpayables | |||
| Including:HKD | 3,376,679.37 | 0.92604 | 3,126,940.16 |
(2)Descriptionofoverseasoperatingentities,includingthedisclosureoftheprimaryplacesofbusinessabroad,bookkeepingbasecurrency,andthebasisforitsselectionforsignificantoverseasoperatingentities.Ifthereisachangeinthebookkeepingbasecurrency,thereasonforthechangeshallalsobedisclosed.
□Applicable?Notapplicable
63.Lease
(1)TheCompanyastheleasee
?Applicable□NotapplicableVariableleasepaymentsnotincludedinthemeasurementofleaseliabilities
□Applicable?NotapplicableLeaseexpensesforshort-termleasesorlow-valueassetsthataresimplified
□Applicable?NotapplicableSituationsinvolvingsaleandleasebacktransactions
(2)TheCompanyasthelessor
OperatingleaseswiththeCompanyasthelessor?Applicable□Notapplicable
Unit:RMB
| Item | Leaseincome | Including:Incomesrelatedtovariableleasepaymentsthatarenotincludedinthemeasurementofleasereceipts |
| Lease | 292,836,151.59 | |
| Total | 292,836,151.59 |
FinanceleasewiththeCompanyasthelessor
□Applicable?Notapplicable
Annualundiscountedleasereceiptsinthenextfiveyears
□Applicable?Notapplicable
VIII.R&DExpenditures
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Laborcost | 2,999,634.82 | 1,849,878.34 |
| Depreciationexpenses | 70,296.60 | 115,917.44 |
| Otherexpenses | 198,888.46 | |
| Total | 3,268,819.88 | 1,965,795.78 |
| Including:Expenseaccount-basedR&Dexpenses | 3,268,819.88 | 1,965,795.78 |
IX.ChangesinConsolidationScope
1.ChangesinconsolidationscopeforotherreasonsChangesinthescopeofconsolidationduetootherreasons(suchasestablishingnewsubsidiaries,liquidatingsubsidiaries)andrelatedinformation:
OnDecember9,2024,boththeshareholdersofSDGHuarisignedanagreementtoterminatetheliquidationandresumeoperations.TheCompanysubmittedanapplicationtotheShenzhenQianhaiCooperationZonePeople'sCourtforwithdrawalofthecompulsoryliquidationapplicationforSDGHuari.OnDecember27,2024,theCompanyreceivedtheCivilRuling([2023]Y0391QQNo.4)fromtheShenzhenQianhaiCooperationZonePeople'sCourt,whichapprovedthewithdrawalofthecompulsoryliquidationapplicationforSDGHuari.Consequently,theCompanyincludedSDGHuariinitsconsolidatedfinancialstatementsasofDecember27,2024.
X.EquityinOtherEntities
1.Equityinsubsidiaries
(1)Compositionofenterprisegroups
Unit:RMB
| Subsidiaryname | Registeredcapital | Principalplaceofbusiness | Registeredlocation | Businessnature | Shareholdingproportion | Acquisitionmethod | |
| Direct | Indirect | ||||||
| ShenzhenTellusXinyongtongAutomobileDevelopmentCo.,Ltd. | 32,900,000.00 | Shenzhen | Shenzhen | Commerce | 5.00% | 95.00% | Establishment |
| ShenzhenBao'anShiquanIndustryCo.,Ltd. | 2,000,000.00 | Shenzhen | Shenzhen | Commerce | 0.00% | 100.00% | Establishment |
| ShenzhenSDGTellusRealEstateCo.,Ltd. | 31,150,000.00 | Shenzhen | Shenzhen | Commerce | 100.00% | 0.00% | Establishment |
| ShenzhenTellusChuangyingTechnologyCo., | 1,500,000.00 | Shenzhen | Shenzhen | Commerce | 100.00% | 0.00% | Establishment |
| Ltd. | |||||||
| ShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd. | 9,607,800.00 | Shenzhen | Shenzhen | Commerce | 51.00% | 0.00% | Establishment |
| ShenzhenAutomobileIndustryandTradeCo.,Ltd. | 18,960,000.00 | Shenzhen | Shenzhen | Commerce | 100.00% | 0.00% | Establishment |
| ShenzhenAutomobileIndustrySupplyandMarketingCompany | 11,110,000.00 | Shenzhen | Shenzhen | Commerce | 0.00% | 100.00% | Establishment |
| ShenzhenZhongtianIndustryCo.,Ltd. | 366,221,900.00 | Shenzhen | Shenzhen | Commerce | 100.00% | 0.00% | Establishment |
| ShenzhenHuariAutomobileSalesandServiceCo.,Ltd. | 2,000,000.00 | Shenzhen | Shenzhen | Commerce | 60.00% | 0.00% | Establishment |
| ShenzhenTellusTreasurySupplyChainTechCo.,Ltd. | 50,000,000.00 | Shenzhen | Shenzhen | Commerce | 100.00% | 0.00% | Establishment |
| ShenzhenJewelryIndustryServiceCo.,Ltd. | 100,000,000.00 | Shenzhen | Shenzhen | Commerce | 65.00% | 0.00% | Establishment |
| ShanghaiFanyueDiamondCo.,Ltd. | 3,500,000.00 | Shanghai | Shanghai | Commerce | 0.00% | 100.00% | Establishment |
| GuorunGoldShenzhenCo.,Ltd. | 200,000,000.00 | Shenzhen | Shenzhen | Commerce | 36.00% | 3.25% | Establishment |
| ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd. | 35,712,710.50 | Shenzhen | Shenzhen | Commerce | 60.00% | 0.00% | Establishment |
| ShenzhenHuariAnxinAutomobileInspectionCo.,Ltd. | 1,500,000.00 | Shenzhen | Shenzhen | Commerce | 0.00% | 100.00% | Establishment |
Unit:RMBExplanationofthefactthattheshareholdingpercentageisdifferentfromproportionofvotesinsubsidiaries:
TheshareholdingproportioninGuorunGoldShenzhenCo.,Ltd.isdifferentfromtheproportionofvotingrights,andthebasisforholdinghalforlessofthevotingrightsbutstillcontrollingtheinvestee:
InJune2022,theCompanycooperatedwithitssubsidiariesShenzhenJewelryIndustryServiceCo.,Ltd.,ShenzhenHTIGroupCo.,Ltd.,ChowTaiFookJewelleryPark(Wuhan)Co.,Ltd.,ChowTaiSengJewelryCo.,Ltd.,BeijingCaishikouDepartmentStoreCo.,Ltd.,andShenzhenZHLIndustrialCo.,Ltd.tojointlyinvestintheestablishmentofGuorunGoldShenzhenCo.,Ltd.Amongthem,theCompanycontributedRMB72million,withashareholdingratioof36%;ShenzhenJewelryIndustryServiceCo.,Ltd.,asubsidiaryoftheCompany,contributedRMB10million,withashareholdingratioof5%;ShenzhenHTIGroupCo.,Ltd.held10%,andothershareholdersheld49%intotal.TheCompanysignedaconcertedactionagreementwithShenzhenHTIGroupCo.,Ltd.,stipulatingthatShenzhenHi-techInvestmentGroupCo.,Ltd.shallmaintainaconsensuswiththeCompanywhen
votingattheshareholders'meetingandtheboardofdirectorsofGuorunGoldShenzhenCo.,Ltd.Therefore,theCompanyanditssubsidiariesactuallyhold51%ofthevotingrightsofGuorunGoldShenzhenCo.,Ltd.,andhavecontroloverGuorunGoldShenzhenCo.,Ltd.ThebasisfortheCompany'scontrolovertheinvesteewhenholdinghalforlessofthevotingrightsandtheCompany'scontrolovertheinvesteewhenholdingmorethanhalfofthevotingrights:
Basisforcontrolovertheimportantstructuredentitiesincorporatedintheconsolidatedscope:
Basistodeterminewhetherthecompanyistheagentortheprincipal:
(2)Importantnon-wholly-ownedsubsidiaries
Unit:RMB
| Subsidiaryname | Shareholdingproportionofminorityshareholders | Profitorlossattributabletominorityshareholdersinthecurrentperiod | Dividendsdeclaredtominorityshareholdersinthecurrentperiod | Balanceofminorityinterestsattheendoftheperiod |
| GuorunGoldShenzhenCo.,Ltd. | 60.75% | 91,947.48 | 120,818,588.83 |
Notesonthedifferencebetweentheshareholdingpercentageofminorityshareholdersofsubsidiariesandthevotingrightsratio:
(3)Mainfinancialinformationofimportantnon-wholly-ownedsubsidiaries
Unit:RMB
| Subsidiaryname | Endingbalance | Beginningbalance | ||||||||||
| Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | |
| GuorunGoldShenzhenCo.,Ltd. | 389,613,130.69 | 7,015,684.80 | 396,628,815.49 | 194,653,052.28 | 3,912,502.84 | 198,565,555.12 | 401,436,296.18 | 7,409,377.22 | 408,845,673.40 | 205,997,337.37 | 4,935,809.24 | 210,933,146.61 |
Unit:RMB
| Subsidiaryname | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod | ||||||
| Operatingrevenue | Netprofit | Totalcomprehensiveincome | Cashflowfromoperatingactivities | Operatingrevenue | Netprofit | Totalcomprehensiveincome | Cashflowfromoperatingactivities | |
| GuorunGoldShenzhenCo.,Ltd. | 2,299,835,371.86 | 150,733.58 | 150,733.58 | 204,070,004.99 | 1,492,021,725.24 | -1,528,616.54 | -1,528,616.54 | -182,332,552.52 |
2.Equitiesinjointventuresorassociates
(1)Importantassociatesandjointventures
| Nameofjoint | Principalplace | Registered | Businessnature | Shareholdingproportion | Accounting |
| ventureorassociate | ofbusiness | location | Direct | Indirect | MethodsforInvestmentinJointVenturesorAssociates | |
| I.Jointventures | ||||||
| ShenzhenTellus-GmondInvestmentCo.,Ltd. | Shenzhen | Shenzhen | Leasingservices | 50.00% | Equitymethod-basedaccounting | |
| II.Associates | ||||||
| ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd. | Shenzhen | Shenzhen | Automobilesales | 35.00% | Equitymethod-basedaccounting |
Explanationoftheshareholdingpercentagebeingdifferentfromtheproportionofvotingrightsinjointventuresorassociates:
Basisfortellingholdinglessthan20%ofthevotingrightsbutenjoyingasignificantinfluence,orholding20%ormoreofthevotingrightsbutnotenjoyingasignificantinfluence:
(2)Mainfinancialinformationofimportantjointventures
Unit:RMB
| Period-endbalance/amountincurredinthecurrentperiod | Period-beginningbalance/amountincurredinthepreviousperiod | |
| ShenzhenTellus-GmondInvestmentCo.,Ltd. | ShenzhenTellus-GmondInvestmentCo.,Ltd. | |
| Currentassets | 64,308,170.72 | 60,614,147.72 |
| Including:Cashandcashequivalents | 63,261,490.89 | 59,631,516.56 |
| Non-currentassets | 301,569,595.17 | 326,363,493.98 |
| Totalassets | 365,877,765.89 | 386,977,641.70 |
| Currentliabilities | 46,770,664.57 | 47,521,951.61 |
| Non-currentliabilities | 206,675,092.80 | 240,954,000.00 |
| Totalliabilities | 253,445,757.37 | 288,475,951.61 |
| Minorityshareholders'equity | ||
| Equityattributabletoshareholdersoftheparentcompany | 112,432,008.52 | 98,501,690.09 |
| Sharesofnetassetscalculatedaspertheshareholdingproportion | 56,216,004.26 | 49,250,845.06 |
| Adjustments | ||
| --Goodwill | ||
| --Unrealizedprofitofinternaltransactions | ||
| --Others | ||
| Bookvalueofequityinvestmentstojointventures | 56,216,004.26 | 49,250,845.06 |
| Fairvalueofequityinvestmentinjointventureswithpublicoffers | ||
| Operatingrevenue | 132,430,277.65 | 114,967,524.80 |
| Financialexpenses | 9,163,348.96 | 10,656,384.56 |
| Incometaxexpenses | 15,182,681.66 | 11,463,999.39 |
| Netprofit | 43,930,318.41 | 34,214,249.85 |
| Netprofitfromdiscontinuedoperations | ||
| Othercomprehensiveincome | ||
| Totalcomprehensiveincome | 43,930,318.41 | 34,214,249.85 |
Dividendsreceivedfromjointventuresinthecurrentyear
| Dividendsreceivedfromjointventuresinthecurrentyear | 15,000,000.00 | 15,000,000.00 |
(3)Majorfinancialinformationofimportantassociates
Unit:RMB
| Period-endbalance/amountincurredinthecurrentperiod | Period-beginningbalance/amountincurredinthepreviousperiod | |
| ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd. | ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd. | |
| Currentassets | 142,897,387.81 | 167,519,575.18 |
| Non-currentassets | 23,459,468.10 | 32,145,888.83 |
| Totalassets | 166,356,855.91 | 199,665,464.01 |
| Currentliabilities | 122,597,583.76 | 158,552,555.81 |
| Non-currentliabilities | 362,341.96 | 1,231,962.74 |
| Totalliabilities | 122,959,925.72 | 159,784,518.55 |
Minorityshareholders'equity
| Minorityshareholders'equity | ||
| Equityattributabletoshareholdersoftheparentcompany | 43,396,930.19 | 39,880,945.46 |
| Sharesofnetassetscalculatedaspertheshareholdingproportion | 15,188,925.57 | 13,958,330.91 |
| Adjustments | ||
| --Goodwill | ||
| --Unrealizedprofitofinternaltransactions | ||
| --Others | ||
| Bookvalueofequityinvestmentsinassociates | 15,188,925.57 | 13,958,330.91 |
| Fairvalueofequityinvestmentsinassociateswithpublicoffers | ||
| Operatingrevenue | 814,278,410.46 | 1,023,951,420.71 |
| Netprofit | 3,515,984.72 | 10,469,419.27 |
| Netprofitfromdiscontinuedoperations | ||
| Othercomprehensiveincome | ||
| Totalcomprehensiveincome | 814,278,410.46 | 10,469,419.27 |
Dividendsreceivedfromassociatesinthecurrentyear
| Dividendsreceivedfromassociatesinthecurrentyear | 0.00 | 9,385,714.52 |
(4)Summaryoffinancialinformationofunimportantjointventuresandassociates
Unit:RMB
| Period-endbalance/amountincurredinthecurrentperiod | Period-beginningbalance/amountincurredinthepreviousperiod | |
| Jointventures: | ||
| Totalbookvalueofinvestments | 13,680,093.35 | 13,302,311.60 |
| Totalamountofthefollowingitemsattheshareholdingpercentage | ||
| --Netprofit | 754,101.51 | -898,585.53 |
| --Othercomprehensiveincome | 754,101.51 | -898,585.53 |
| Associates: | ||
| Totalamountofthefollowingitemsattheshareholdingpercentage |
(5)ExplanationonmajorrestrictionsonthecapabilityoftransferringcapitalfromjointventuresorassociatestotheCompany
Unit:RMB
| Nameofjointventureorassociate | Unrecognizedlossaccumulatedinthepreviousperiod | Unrecognizedlossinthecurrentperiod(ornetprofitsharedinthecurrentperiod) | Unrecognizedlossaccumulatedattheendofthecurrentperiod |
| ShenzhenTellusAutomobileServiceChainCo.,Ltd. | 98,865.26 | 98,865.26 | |
| ShenzhenYongtongXindaTestingEquipmentCo.,Ltd. | 1,176,212.73 | 1,176,212.73 |
XI.GovernmentSubsidies
1.Governmentsubsidiesrecognizedasreceivableamountsattheendofthereportingperiod
□Applicable?NotapplicableReasonsfornotreceivingtheestimatedamountofgovernmentsubsidiesattheexpectedtimepoint
□Applicable?Notapplicable
2.Liability-relatedprojectswithgovernmentsubsidies?Applicable□Notapplicable
Unit:RMB
| Accountingitem | Beginningbalance | Newgrantedamountinthecurrentperiod | Amountincludednon-operatingrevenuesinthecurrentperiod | Amounttransferredtootherincomesinthecurrentperiod | Otherchangesinthecurrentperiod | Endingbalance | Asset/income-related |
| Deferredincome | 9,617,683.53 | 1,780,205.93 | 7,837,477.60 | Asset-related |
3.Governmentsubsidiesincludedincurrentprofitsandlosses?Applicable□Notapplicable
Unit:RMB
| Accountingitem | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Otherincomes | 4.744,190.54 | 6,733,419.28 |
XII.RisksRelatedtoFinancialInstruments
1.VariousrisksarisingfromfinancialinstrumentsThemainfinancialinstrumentsoftheCompanyincludecashatbankandonhand,accountsreceivableandotherreceivables,non-currentassetsduewithinoneyear,othercurrentassets,tradingfinancialassets,debtinvestments,otherdebtinvestments,otherequityinstrumentinvestments,othernon-currentfinancialassets,long-termreceivables,notespayable,accountspayable,otherpayables,short-termborrowings,tradingfinancialliabilities,non-currentliabilitiesduewithinoneyear,leaseliabilitiesandlong-termpayables.DetailsofeachfinancialinstrumentoftheCompanyaredisclosedinthenotesrelated.RisksrelatedtothesefinancialinstrumentsandriskmanagementpoliciesforreducingtheserisksadoptedbytheCompanyaredescribedasfollows.ThemanagementoftheCompanymanagesandmonitorstheseriskexposurestoensurethattheaboverisksarecontrolledinalimitedscope.RiskmanagementobjectivesandpoliciesThemajorrisksthatmaybecausedbytheCompany’sfinancialinstrumentsincludecreditrisks,liquidityrisks,andmarketrisks(includingexchangeraterisk,interestraterisk,andcommoditypricerisk).TheCompany'soverallriskmanagementplanaimstomitigatethepotentialadverseeffectsontheCompany'sfinancialperformancecausedbytheunpredictabilityofthefinancialmarket.TheCompanyhasformulatedriskmanagementpoliciestoidentifyandanalyzealltherisksfacedbytheCompany,setuptheacceptablerisklevel,anddesigncorrespondinginternalcontrolprocedurestomonitortheCompany'srisklevel.TheseriskmanagementpoliciesandrelatedinternalcontrolsystemswillbereviewedregularlytoaccommodatemarketconditionsorchangesintheCompany'soperatingactivities.Theinternalauditdepartmentwillalsoregularlyorirregularlycheckwhethertheimplementationofsuchinternalcontrolsystemscomplieswithriskmanagementpolicies.TheCompanydisseminatesrisksinfinancialinstrumentsthroughappropriatediversifiedinvestmentsandbusinessportfoliosandformulatescorrespondingriskmanagementpoliciestoreducerisksconcentratedinasingleindustry,specificregions,orspecificcounterparties.
(1)CreditrisksCreditriskistheriskoffinanciallossoftheCompanycausedbyacounterparty'sfailuretomeetitsobligationsinacontract.
TheCompanymanagescreditrisksthroughportfolioclassification.Creditriskmainlyarisesfrombankdeposits,accountsreceivable,otherreceivables,long-termreceivables,debtinvestment,etc.Forexpectedbankdeposits,nomajorcreditriskisgeneratedastheCompany’sbankdepositsaremainlykeptinstate-ownedbanksandotherlargeandmedium-sizedlistedbanks.Fornotesreceivable,accountsreceivable,otherreceivables,andlong-termreceivables,relevantpoliciesareestablishedbytheCompanytocontrolcreditriskexposure.TheCompanyevaluatescustomers'creditqualificationsbasedontheirfinancialstatus,creditrecords,andotherfactorssuchascurrentmarketconditions,andsetscorrespondingcreditperiods.TheCompanywillmonitorthecreditrecordsofcustomersperiodically.Forcustomerswithpoorcreditrecords,measuressuchaswrittenpaymentdemand,shorteningthecreditperiod,orcancelingthecreditperiodwillbeadoptedbytheCompany,toensuretheoverallcreditriskisinthecontrollablescope.TheCompany'sdebtorsofaccountsreceivablearecustomersdistributedindifferentindustriesandareas.TheCompanycontinuouslyconductscreditassessmentsonthefinancialstatusofaccountsreceivableand,whenappropriate,purchasescreditguaranteeinsurance.ThemaximumcreditriskexposuretolerablebytheCompanyisthebookamountofeachofthefinancialassetitemsinthebalancesheet.TheCompanyhasnotprovidedanyotherguaranteethatmaycausetheCompanytobearcreditrisks.AmongtheaccountsreceivableoftheCompany,theaccountsreceivablefromthetopfivecustomersaccountfor28.78%ofthetotalaccountsreceivable(2023:43.23%).Additionally,amongtheotherreceivables,theamountsowedbythetopfivecompaniesinamountinarrearrepresent48.62%oftheCompany'stotalotherreceivables(2023:47.55%).
(2)LiquidityrisksLiquidityriskreferstotheriskofashortageoffundsarisingfromtheperformanceoftheCompany'sobligationstosettlethroughthedeliveryofcashorforotherfinancialassets.Inmanagingliquidityrisk,theCompanymaintainssufficientcashandcashequivalentsasdeemednecessarybymanagementandmonitorsthemtomeetoperationalneedsandmitigatetheimpactofcashflowvolatility.ThemanagementoftheCompanymonitorstheutilizationofbankloansandensurescompliancewithborrowingagreements.Meanwhile,theCompanyhasobtainedcommitmentsfrommajorfinancialinstitutionsregardingtheprovisionofadequatereservefundstomeettheCompany'sfundrequirementsintheshortandlongterms.SourcesoftheCompany'sworkingcapitalincludefundsgeneratedfromoperatingactivities,bankloans,andotherborrowings.Attheendoftheperiod,theunusedbankborrowinglimitoftheCompanywasRMB20million(RMB667millionattheendofthepreviousyear).Attheendoftheperiod,financialliabilitiesandoff-balancesheetguaranteeditemsheldbytheCompanyareanalyzedasfollowsbasedontheexpirationdateofundiscountedremainingcontractcashflow(unit:RMB10,000):
| Item | Endingbalance | ||||
| Within1year | 1-2years | 2-3years | Over3years | Total | |
| Financialliabilities: | |||||
| Short-termborrowings | 12,010.14 | - | - | - | 12,010.14 |
| Tradingfinancialliabilities | - | - | - | - | - |
| Derivativefinancialliabilities | 4.67 | - | - | - | 4.67 |
| Accountspayable | 3,624.12 | 3,825.94 | 0.71 | 5,104.80 | 12,555.57 |
| Otherpayables | 4,145.11 | 2,375.5 | 364.18 | 5,746.43 | 12,631.23 |
| Currentportionofnon-currentliabilities | 867.49 | - | - | - | 867.49 |
| Leaseliabilities | - | 1,129.41 | 1,149.10 | 6,471.98 | 8,750.49 |
| Long-termpayables | - | - | - | 392.02 | 392.02 |
| Totalfinancialliabilitiesandcontingentliabilities | 20,651.53 | 7,330.85 | 1,513.99 | 17,715.23 | 47,211.61 |
Attheendofthepreviousyear,financialliabilitiesandoff-balancesheetguaranteeditemsheldbytheCompanywereanalyzedasfollowsbasedontheexpirationdateofundiscountedremainingcontractcashflow(unit:RMB10,000):
| Item | EndingBalanceofthePreviousYear | ||||
| Within1year | 1-2years | 2-3years | Over3years | Total | |
| Financialliabilities: | |||||
| Short-termborrowings | 14,513.17 | - | - | - | 14,513.17 |
| Tradingfinancialliabilities | 5,688.20 | - | - | - | 5,688.20 |
| Derivativefinancialliabilities | 0.14 | - | - | - | 0.14 |
| Accountspayable | 6,939.87 | 942.36 | 40.44 | 5,660.77 | 13,583.44 |
| Otherpayables | 4,168.24 | 1,641.53 | 1,908.76 | 4,964.17 | 12,682.70 |
| Currentportionofnon-currentliabilities | 1,066.04 | - | - | - | 1,066.04 |
| Leaseliabilities | - | 995.42 | 912.07 | 6,102.07 | 8,009.56 |
| Long-termpayables | - | - | - | 392.02 | 392.02 |
| Totalfinancialliabilitiesandcontingentliabilities | 32,375.66 | 3,579.31 | 2,861.27 | 17,119.03 | 55,935.27 |
Theamountoffinancialliabilitiesdisclosedintheabovetableisundiscountedcontractualcashflowsandmaythereforedifferfromtheircarryingamountinthebalancesheet.Themaximumguaranteeamountofthesignedguaranteecontractdoesnotrepresenttheamounttobepaid.
(3)Marketrisks
Marketriskoffinancialinstrumentsreferstotheriskoffluctuationinfairvalueorfuturecashflowoffinancialinstrumentsduetomarketpricedevelopment.Marketrisksincludeinterestraterisk,exchangeraterisk,andotherpricerisks.InterestrateriskInterestrateriskreferstotheriskthatthefairvalueorfuturecashflowoffinancialinstrumentswillfluctuateduetochangesinthemarketinterestrate.Interestrateriskcancomefromrecognizedinterest-bearingfinancialinstrumentsandunrecognizedfinancialinstruments(suchascertainloancommitments).TheinterestrateriskoftheCompanymainlyarisesfromlong-termborrowingsfrombanks,bondspayable,andotherlong-termdebtswithinterest.FinancialliabilitieswithafloatinginterestrateexposetheCompanytocashflowinterestraterisk,andfinancialliabilitieswithafixedinterestrateexposeittoafairvalueinterestraterisk.TheCompanydeterminestheratiooffixed-rateandfloating-ratecontractsbasedonthemarketenvironmentandmaintainsanappropriatecombinationoffixed-rateandfloating-rateinstrumentsthroughregularreviewandmonitoring.TheCompanykeepsaneyeontheeffectofchangesininterestratesontheCompany'sinterestraterisk.Atpresent,theCompanydoesnottakeanyinterestratehedgingpolicy.However,themanagementisresponsibleformonitoringinterestrateriskandwillconsiderhedgingsignificantinterestrateriskswhennecessary.Theincreaseininterestrateswillincreasethecostofnewinterest-bearingdebtsandtheCompany'sunpaidinterestexpenseoninterest-bearingdebtsaccruedatfloatinginterestrates,whichwillhaveasignificantadverseeffectontheCompany'sfinancialresults.Themanagementwilldulymakeadjustmentsaccordingtothelatestmarketconditions.Theseadjustmentsmayreduceinterestraterisksviainterestrateswaps.ForfinancialinstrumentsheldonthebalancesheetdatethatexposetheCompanytofairvalueinterestraterisk,theimpactofnetprofitandshareholders'equityintheabovesensitivityanalysisistheimpactafterre-measurementoftheabovefinancialinstrumentsaccordingtothenewinterestrateassumingthattheinterestrateonthebalancesheetdatechanges.Forfloatingratenon-derivativeinstrumentsheldonthebalancesheetdatethatexposetheCompanytocashflowinterestraterisk,theimpactofnetprofitandshareholders'equityintheabovesensitivityanalysisistheimpactoftheaboveinterestratechangesontheestimatedannualinterestexpensesorincome.Thepreviousyear'sanalysiswasbasedonthesameassumptionandmethodology.ExchangerateriskExchangerateriskistheriskthatthefairvalueorfuturecashflowsofafinancialinstrumentwillfluctuateduetochangesinforeignexchangerates.Exchangerateriskmaycomefromfinancialinstrumentsvaluedataforeigncurrencyotherthanthebookkeepingbasecurrency.ThemainbusinessoftheCompanyisconductedinChinaandsettledinRMB.Therefore,theCompanybelievesthattheexchangerateriskfacedisnotsignificant.TheCompanykeepsaneyeontheeffectofthefluctuationinexchangeratesonitsexchangeraterisk.Atpresent,theCompanydoesnottakeanyactiontoavoidtheexchangeraterisk.However,
themanagementisresponsibleformonitoringexchangeraterisksandwillconsiderhedgingsignificantinterestrateriskswhennecessary.CapitalmanagementTheobjectiveoftheCompany'scapitalmanagementpolicyistoensurethesustainabilityofoperations,therebyprovidingreturnstoshareholdersandbenefitingotherstakeholders,whilemaintaininganoptimalcapitalstructuretoreducethecostofcapital.Tomaintainoradjustthecapitalstructure,theCompanymayadjustthefinancingmethodandtheamountofdividendspaidtoshareholders,returncapitaltoshareholders,issuenewsharesandotherequityinstruments,orsellassetstoreduceliabilities.TheCompanymonitorscapitalstructurebasedontheasset-liabilityratio(i.e.totalliabilitiesdividedbytotalassets).Attheendoftheperiod,theCompany'sasset-liabilityratiois26.85%(27.99%attheendofthepreviousyear).
2.Hedging
(1)TheCompanyconductshedgingbusinessforriskmanagement?Applicable□NotapplicableToavoidtheriskofchangesinthefairvalueofgoldrawmaterialsheldbythem(i.e.thehedgedrisk),thesubsidiariesoftheCompany,GuorunGoldShenzhenCo.,Ltd.andShenzhenTellusTreasurySupplyChainTechCo.,Ltd.,analyzedtheexpectedpurchasetransactionsofgoldrawmaterialsbasedonthenumberofgoldbarsbookedandinvestedbycustomersand,onthisbasis,usedhedginginstrumentssuchasdeferreddeliverycontractsforspotgoldofShanghaiGoldExchange,goldfuturescontractsofShanghaiFuturesExchange,andexchangegoldoptions.Inthisway,theriskofgoldproductpricedeclinecausedbythesharpdropingoldpricecanbeavoided.GuorunGold,asubsidiaryoftheCompany,formulatedtheHedgingTransactionManagementGuidelines,whichclearlystipulatestheapprovalauthority,operationprocess,andriskcontrolfortheCompanytocarryouthedgingbusiness.ThehedgeisafairvaluehedgeandtheaccountingperiodspecifiedforthehedgingrelationshipisfromJanuary1,2024toDecember31,2024.TheapprovalproceduresfortheCompanytouseitsownfundstocarryouthedgingbusinesscomplywithrelevantnationallaws,regulations,andtheArticlesofAssociation.ThegolddeferredtransactionhedgingbusinesscarriedouttoavoidfluctuationsingoldpricesisconducivetocontrollingoperationalrisksandimprovingtheCompany'sabilitytoresistmarketfluctuations.
(2)TheCompanycarriesouteligiblehedgingbusinessandapplieshedgeaccounting
Unit:RMBThebookvalueofthehedgeditemsandrelatedadjustmentsareasfollows:
2024
| Item | Bookvalueofthehedgeditem | Accumulatedamountofhedgingadjustmentforfairvalueofhedgeditems(includedinthebookvalueofhedgeditems) | Listeditemsofthebalancesheetincludinghedgeditems | Changesinthefairvalueofhedgeditemsusedasabasisforrecognizinganinvalidportionofhedgesin2024(note) | ||
| Asset | Liability | Asset | Liability | |||
| Commoditypricerisk-inventory | 115,731,218.89 | - | -874,345.74 | - | Inventory | - |
2023
| Item | Bookvalueofthehedgeditem | Accumulatedamountofhedgingadjustmentforfairvalueofhedgeditems(includedinthebookvalueofhedgeditems) | Listeditemsofthebalancesheetincludinghedgeditems | Changesinthefairvalueofhedgeditemsusedasabasisforrecognizinganinvalidportionofhedgesin2023(note) | ||
| Asset | Liability | Asset | Liability | |||
| Commoditypricerisk-inventory | 85,802,395.07 | - | 442,847.41 | - | Inventory | - |
Changesinthebookvalueandfairvalueofhedginginstrumentsareasfollows:
2024
| Item | Nominalamountofhedginginstrument | Bookvalueofhedginginstruments | Listeditemsofthebalancesheetincludinghedginginstruments | Changesinthefairvalueofhedginginstrumentsusedasabasisforrecognizinganinvalidportionofhedgesin2024(note) | |
| Asset | Liability | ||||
| Commoditypricerisk-inventory | 115,731,218.89 | 292,078.00 | 46,660.00 | Derivativefinancialasset/liability | - |
2023
| Item | Nominalamount | Bookvalueofhedginginstruments | Listeditemsofthe | Changesinthe |
| ofhedginginstrument | Asset | Liability | balancesheetincludinghedginginstruments | fairvalueofhedginginstrumentsusedasabasisforrecognizinganinvalidportionofhedgesin2023(note) | |
| Commoditypricerisk-inventory | 85,802,395.07 | 298,320.00 | 1,380.00 | Derivativefinancialasset/liability | - |
Note:Theinvalidportionofhedgingmainlycomesfrombasisrisk,supplyanddemandchangerisksinthespotorfuturesmarket,anduncertaintyrisksinotherspotorfuturesmarkets.Theinvalidportionsofhedgingrecognizedinthecurrentandpreviousyearsarenotsignificant.
(3)TheCompanycarriesouthedgingbusinessforriskmanagementandexpectstoachievetheriskmanagementobjectives,butdoesnotapplyhedgeaccounting
□Applicable?Notapplicable
3.Financialassets
(1)Classificationoftransfermethods
□Applicable?Notapplicable
(2)Financialassetsderecognizedduetotransfers
□Applicable?Notapplicable
(3)Continuinginvolvementinthetransferoffinancialassets
□Applicable?NotapplicableXIII.DisclosureofFairValue
1.Endingfairvalueoftheassetsandliabilitiesmeasuredatfairvalue
Unit:RMB
| Item | Endingfairvalue | |||
| Level1fairvaluemeasurement | Level2fairvaluemeasurement | Level3fairvaluemeasurement | Total | |
| I.Continuousfairvaluemeasurement | -- | -- | -- | -- |
| (I)Tradingfinancialassets | 165,630,834.06 | 165,630,834.06 | ||
| 1.Financialassetsatfairvaluethroughprofitorloss | 165,630,834.06 | 165,630,834.06 | ||
| (4)Structureddepositsandfinancialproducts | 165,630,834.06 | 165,630,834.06 | ||
| (II)Derivativefinancialassets | 292,078.00 | 292,078.00 | ||
| 1.Hedginginstruments | 292,078.00 | 292,078.00 | ||
| (III)Otherdebtinvestments | 84,724,128.76 | 84,724,128.76 | ||
| 1.Large-denominationcertificateofdeposit | 84,724,128.76 | 84,724,128.76 | ||
| (IV)Otherequityinstrumentinvestments | ||||
| (V)Hedgeditems | 114,856,873.15 | 114,856,873.15 | ||
| Totalamountofassetscontinuouslymeasuredatfairvalue | 115,148,951.15 | 250,354,962.82 | 365,503,913.97 | |
| (1)Goldleasing | ||||
| (VII)Derivativefinancialliabilities | 46,660.00 | 46,660.00 | ||
| 1.Hedginginstruments | 46,660.00 | 46,660.00 | ||
| Totalamountofliabilitiescontinuouslymeasuredatfairvalue | 46,660.00 | 46,660.00 | ||
| II.Non-continuousfairvaluemeasurement | -- | -- | -- | -- |
2.Basisfordeterminingthemarketpriceofitemssubjecttocontinuousandnon-continuouslevel1fairvaluemeasurementLevel1:Quotationsforthesameassetsorliabilitiesinactivemarkets(unadjusted).TheCompanydesignatesthefinancialliabilitiesmeasuredatfairvaluethroughprofitorlossasthephysicalgoldleasingbusinessfrombanksbytheCompany.Thereisanactivemarketforgold(i.e.ShanghaiGoldExchange),andtheShanghaiGoldExchangepublishestheclosingpriceofgoldcontracttransactionsoneachtradingday.Attheendoftheperiod,theCompanyusestheclosingpricepublishedbytheShanghaiGoldExchangeonthelasttradingdayasthebasisfordeterminingthemarketprice.ThehedgeditemsoftheCompanyaregoldproductinventories,andthehedginginstrumentsareassets/liabilitiesarisingfromchangesinthefairvalueofgoldfuturescontractsandgoldspotdeferredsettlementcontractsheldbytheCompany.TheCompanydeterminesthefairvaluebasedonthepublicquotationsofgoldspottransactionsandfuturestransactionsofShanghaiGoldExchangeandShanghaiFuturesExchange.
3.Qualitativeandquantitativeinformationaboutvaluationtechniquesandkeyparametersofitemsconcerningcontinuousandnon-continuouslevel2fairvaluemeasurementLevel2:Observableinputvaluesotherthanmarketquotationsforassetsorliabilitiesinlevel1areuseddirectly(i.e.price)orindirectly(i.e.derivedfromprice).ThetradingfinancialassetsheldbytheCompanyarebankfinancialproductswithone-yearprincipalguaranteedfloatingincome,andtheirfairvalueisdeterminedbasedondiscountedfuturecashflowscalculatedatanagreedexpectedrateofreturn.Thereisnomaterialdifferencebetweenthefairvalueandbookcostofothernon-currentfinancialassetsheldbytheCompany.Informationonlevel2fairvaluemeasurement
| Content | Endingfairvalue | Valuationtechnique | Inputvalue |
| Derivativeinstrument: | |||
| Derivativefinancialassets | -- | Discountedcashflowmethod | Expectedinterestrate |
| Derivativefinancialliabilities | -- | Discountedcashflowmethod | Expectedinterestrate |
4.Qualitativeandquantitativeinformationaboutvaluationtechniquesandkeyparametersofitemsconcerningcontinuousandnon-continuouslevel3fairvaluemeasurement
5.Informationonadjustmentbetweenbeginningbookvalueandendingbookvalueofitemssubjecttocontinuouslevel3fairvaluemeasurementandsensitivityanalysisofunobservableparametersLevel3:Anyinputvalue(unobservableinputvalue)thatisnotbasedonobservablemarketdataisusedforassetsorliabilities.EquityinstrumentinvestmentsaremeasuredbytheCompanybasedontheinvestmentcostasareasonableestimateofthefairvalue,becausetheoperatingenvironment,operatingconditions,andfinancialconditionsoftheinvestee,ChinaPUFAMachineryIndustryCo.,Ltd.,havenotchangedsignificantly.Quantitativeinformationofsignificantunobservableinputvaluesusedinlevel3fairvaluemeasurement
| Content | Endingfairvalue | Valuationtechnique | Unobservableinputvalue | Range(weightedaverage) |
| Equityinstrumentinvestment: | ||||
| Unlistedequityinvestment | ||||
| Netassets | N/A | N/A |
6.ReasonsfortransferandthepoliciesapplicableatthetimeoftransferforitemssubjecttocontinuousfairvaluemeasurementandhavingtransferredbetweenlevelsinthecurrentperiodInthisyear,thefairvaluemeasurementoffinancialassetsandfinancialliabilitiesoftheCompanydidnottransferbetweenLevel1andLevel2,ortransferintooroutofLevel3.Forfinancialinstrumentstradedinactivemarkets,theCompanydeterminestheirfairvaluebasedonactivemarketquotes.Forfinancialinstrumentsnottradedinactivemarkets,theCompanyusesvaluationtechniquestoestablishtheirfairvalue.Theusedvaluationmodelmainlyincludesthediscountedcashflowmodel,marketcomparablecompanymodel,etc.Theinputvaluesofvaluationtechniquesmainlyincludetherisk-freeinterestrate,benchmarkinterestrate,exchangerate,creditpointdifference,liquiditypremium,discountforlackofmarketability(DLOM),etc.XIV.RelatedPartiesandRelatedPartyTransactions
1.Informationoftheparentcompany
| Nameofparentcompany | Registeredlocation | Businessnature | Registeredcapital | ShareholdingproportionoftheparentcompanytotheCompany | VoteproportionoftheparentcompanytotheCompany |
| ShenzhenSpecialEconomicZoneDevelopmentGroup | Shenzhen | Realestatedevelopmentandoperation, | RMB6,179,406,000 | 49.09% | 49.09% |
| Co.,Ltd. | domesticcommerce |
Informationoftheparentcompany
SDGGroupwasestablishedonJune20,1982,andinvestedbytheShenzhenSASAC.Thecompanycurrentlyholdsabusinesslicensewithaunifiedsocialcreditcodeof91440300192194195CandaregisteredcapitalofRMB6,179,406,000.
TheultimatecontrollingpartyoftheCompanyistheState-ownedAssetsSupervisionandManagementCommissionofShenzhenMunicipalPeople’sGovernment.
2.InformationofthesubsidiariesoftheCompany
FordetailsoftheCompany'ssubsidiaries,pleaserefertoNoteX.1.
3.InformationofthejointventuresandassociatesoftheCompanyTheimportantjointventuresorassociatesoftheCompanyaredetailedinNoteX.2.Theinformationonotherjointventuresorassociatesthatproducedbalancebyconductingrelated-partytransactionswiththeCompanyinthecurrentperiodorintheearlierperiodisshownasfollows:
| Nameofjointventureorassociate | RelationshipwiththeCompany |
| ShenzhenTellusXinyongtongAutomobileServiceCo.,Ltd. | AssociateoftheCompany |
| ShenzhenTellusAutomobileServiceChainCo.,Ltd. | AssociateoftheCompany |
| ShenzhenYongtongXindaTestingEquipmentCo.,Ltd. | AssociateoftheCompany |
| ShenzhenTorchSparkPlugIndustryCo.,Ltd. | AssociateoftheCompany |
| ShenzhenXiandaoNewMaterialsCo.,Ltd. | AssociateoftheCompany |
| ShenzhenTelixingInvestmentCo.,Ltd. | JointventureoftheCompany |
4.Informationofotherrelatedparties
| Nameofotherrelatedparty | RelationshipbetweenotherrelatedpartyandtheCompany |
| ShenzhenSDGMicrofinanceCo.,Ltd. | ControlledsubsidiaryoftheCompany'sparentcompany |
| ShenzhenSDGUrbanRenewalInvestmentCo.,Ltd. | ControlledsubsidiaryoftheCompany'sparentcompany |
| ShenzhenMachinery&EquipmentImport&ExportCo.,Ltd. | ControlledsubsidiaryoftheCompany'sparentcompany |
| HongkongYujiaInvestmentLimited | ControlledsubsidiaryoftheCompany'sparentcompany |
| ShenzhenSDGEngineeringManagementCo.,Ltd. | ControlledsubsidiaryoftheCompany'sparentcompany |
| ShenzhenTellusYangchunCompany | ControlledsubsidiaryoftheCompany'sparentcompany |
| ShenzhenSDGRealEstateCo.,Ltd. | ControlledsubsidiaryoftheCompany'sparentcompany |
| ShenzhenLonggangTellusRealEstateCo.,Ltd. | ControlledsubsidiaryoftheCompany'sparentcompany |
| ShenzhenSDGTellusPropertyManagementCo.,Ltd. | ControlledsubsidiaryoftheCompany'sparentcompany |
| ShenzhenSDGServiceCo.,Ltd. | ControlledsubsidiaryoftheCompany'sparentcompany |
| ShenzhenSDGLimingOptoelectronics(Group)Co.,Ltd. | ControlledsubsidiaryoftheCompany'sparentcompany |
| ShenzhenSDGBuildingTechnologyCo.,Ltd. | ControlledsubsidiaryoftheCompany'sparentcompany |
| ShenzhenSDGEasternServiceCo.,Ltd. | ControlledsubsidiaryoftheCompany'sparentcompany |
| ISSTechInformationTechnologyCo.,Ltd. | SubsidiarycontrolledbytheparentcompanyoftheCompanywithin12months |
| ShenzhenWahlaiDecoration&FurnitureCo.,Ltd. | AssociateoftheCompany'sparentcompany |
| ShenzhenZhiguJinyunTechnologyCo.,Ltd. | Enterprisesubjecttosignificantimpactbykeymanagementpersonnel |
| ShenzhenZHLIndustrialCo.,Ltd. | Minorityshareholderofimportantsubsidiary |
| BeijingCaishikouDepartmentStoreCo.,Ltd. | Minorityshareholderofimportantsubsidiary |
| ShenzhenShuntianElectricVehicleTechnologyDevelopment | InvestmentcompanyoftheCompany |
| Co.,Ltd. | |
| ShenzhenZhongminglongInvestmentCo.,Ltd. | Enterprisesinwhichtheformerpresidentofanimportantsubsidiaryholdsshares |
| ShenzhenJinliantongDigitalTechnologyCo.,Ltd. | Enterprisecontrolledbyminorityshareholdersofimportantsubsidiary |
| ShenzhenYuepengjinJewelryCo.,Ltd. | Enterprisecontrolledbyminorityshareholdersofimportantsubsidiary |
| ShenzhenYuepengjinE-commerceCo.,Ltd. | Enterprisecontrolledbyminorityshareholdersofimportantsubsidiary |
| GuorenProperty&CasualtyInsuranceCo.,Ltd. | HoldingsubsidiaryoftheparentcompanyoftheCompany'sparentcompany |
| ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd. | Otherrelatedparties |
5.Informationofrelatedtransactions
(1)Relatedtransactionsofpurchase/salesofcommoditiesandrendering/receivingoflaborservices
Informationonpurchaseofcommodities/receiptoflaborservices
Unit:RMB
| Relatedparty | Contentofrelatedpartytransaction | Amountincurredinthecurrentperiod | Approvedtransactionamount | Exceedingthetransactionamountornot | AmountIncurredinthepreviousperiod |
| ShenzhenSDGServiceCo.,Ltd. | Receivingservices | 20,270,819.23 | 40,220,000.00 | No | 16,915,283.92 |
| ShenzhenSDGTellusPropertyManagementCo.,Ltd. | Receivingservices | 1,734,135.69 | 1,980,000.00 | No | 2,130,623.04 |
| ShenzhenZHLIndustrialCo.,Ltd. | Receivingservices | 841,272.75 | No | 3,023,066.13 | |
| ShenzhenSDGEngineeringManagementCo.,Ltd. | Receivingservices | 775,830.53 | 1,400,000.00 | No | 1,314,123.15 |
| GuorenProperty&CasualtyInsuranceCo.,Ltd. | Purchasingservices | 541,600.54 | 800,000.00 | No | 414,886.00 |
| ShenzhenWahlaiDecoration&FurnitureCo.,Ltd. | Purchasingservices | 453,552.39 | No | ||
| ShenzhenSDGBuildingTechnologyCo.,Ltd. | Purchasingservices | 203,773.59 | No | ||
| ShenzhenSDGEasternServiceCo.,Ltd. | Purchasingservices | 117,768.00 | No | ||
| ShenzhenYuepengjinJewelryCo.,Ltd. | Receivingservices | 54,091.15 | No | 173,547.82 | |
| ShenzhenZhiguJinyunTechnologyCo.,Ltd. | Procurementofgoods | 25,994.42 | No | 56,492.11 | |
| ShenzhenZhiguJinyunTechnology | Softwareusagefee | No | 990,566.01 |
Informationonsellinggoodsandrenderinglaborservices
Unit:RMB
Co.,Ltd.
Relatedparty
| Relatedparty | Contentofrelatedpartytransaction | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| ShenzhenYuepengjinE-commerceCo.,Ltd. | Salesofgoods | 83,815,902.66 | 105,249,451.43 |
| BeijingCaishikouDepartmentStoreCo.,Ltd. | Salesofgoods | 5,942,165.99 | 2,832,890.26 |
| ShenzhenSDGServiceCo.,Ltd. | Provisionofservices | 3,868,613.35 | 3,251,252.21 |
| ShenzhenZHLIndustrialCo.,Ltd. | Provisionofservices | 452,001.02 | 274,809.68 |
| ShenzhenTelixingInvestmentCo.,Ltd. | Provisionofservices | 283,018.87 | |
| ShenzhenYuepengjinJewelryCo.,Ltd. | Provisionofservices | 357,459.71 | 368,035.44 |
| ShenzhenSDGMicrofinanceCo.,Ltd. | Provisionofservices | 161,205.25 | 161,205.24 |
| ShenzhenJinliantongDigitalTechnologyCo.,Ltd. | Provisionofservices | 2,615,621.84 | |
| ShenzhenZhongminglongInvestmentCo.,Ltd. | Provisionofservices | 8,490.60 | |
| ShenzhenZhiguJinyunTechnologyCo.,Ltd. | Provisionofservices | 566.04 |
(2)Informationofrelatedlease
TheCompanyaslessor:
Unit:RMB
| Nameoflessee | Typeofassetsleased | Leaseincomerecognizedinthecurrentperiod | Leaseincomerecognizedinthepreviousperiod |
| ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd. | Leaseofhouses | 5,190,476.19 | 5,190,476.11 |
| ShenzhenSDGMicrofinanceCo.,Ltd. | Leaseofhouses | 1,101,847.98 | 1,020,346.44 |
| ShenzhenYuepengjinJewelryCo.,Ltd. | Leaseofhouses | 357,182.10 | 1,886,387.76 |
| ShenzhenSDGServiceCo.,Ltd. | Leaseofhouses | 153,792.04 | 99,521.16 |
| ShenzhenSDGTellusPropertyManagementCo.,Ltd. | Leaseofhouses | 163,762.85 | 158,518.11 |
| ShenzhenYongtongXindaTestingEquipmentCo.,Ltd. | Leaseofhouses | 8,000.00 | 32,000.04 |
| ShenzhenTorchSparkPlugIndustryCo.,Ltd. | Safedepositboxleasing | 2,293.58 | |
| ShenzhenZhongminglongInvestmentCo.,Ltd. | Leaseofhouses | 52,231.80 | |
| ShenzhenZhiguJinyunTechnologyCo.,Ltd. | Leaseofhouses | 7,428.58 |
(3)Remunerationofkeymanagementpersonnel
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Remunerationofkeymanagementpersonnel | 4,680,300.00 | 6,993,000.00 |
6.Receivablesandpayablesbyrelatedparties
(1)Receivables
Unit:RMB
| Itemname | Relatedparty | Endingbalance | Beginningbalance | ||
| Bookbalance | Provisionsforbaddebts | Bookbalance | Provisionsforbaddebts | ||
| Accountsreceivable | BeijingCaishikouDepartmentStore | 544,715.30 | 5,447.15 | 656,267.50 | 6,562.68 |
| Co.,Ltd. | |||||
| Accountsreceivable | ShenzhenSDGServiceCo.,Ltd. | 1,043,536.03 | 10,435.36 | ||
| Accountsreceivable | ShenzhenJinliantongDigitalTechnologyCo.,Ltd. | 246,015.46 | 2,460.15 | ||
| Accountsreceivable | ShenzhenSDGTellusPropertyManagementCo.,Ltd. | 127.66 | 1.28 | ||
| Accountsreceivable | ShenzhenSDGMicrofinanceCo.,Ltd. | 142,112.35 | 1,421.12 | ||
| Accountsreceivable | ShenzhenYuepengjinJewelryCo.,Ltd. | 1,401,995.50 | 14,019.96 | ||
| Prepayments | GuorenProperty&CasualtyInsuranceCo.,Ltd. | 162,704.37 | 93,081.75 | ||
| Prepayments | ShenzhenSDGServiceCo.,Ltd. | 7,200.00 | |||
| Prepayments | ISSTechInformationTechnologyCo.,Ltd. | 593,247.17 | |||
| Prepayments | ShenzhenSDGEngineeringManagementCo.,Ltd. | 21,226.42 | |||
| Otherreceivables | ShenzhenSDGLimingOptoelectronics(Group)Co.,Ltd. | 2,886.00 | 2,886.00 | 2,886.00 | 2,886.00 |
| Otherreceivables | ShenzhenSDGTellusPropertyManagementCo.,Ltd. | 18,834.77 | 3,641.74 | 33,318.36 | 1,473.18 |
| Otherreceivables | ShenzhenTellusXinyongtongAutomobileServiceCo.,Ltd. | 114,776.33 | 114,776.33 | 114,776.33 | 114,776.33 |
| Otherreceivables | ShenzhenTelixingInvestmentCo.,Ltd. | 733,103.55 | 36,057.45 | 259,566.39 | 2,595.66 |
| Otherreceivables | ShenzhenYongtongXindaTestingEquipmentCo.,Ltd. | 531,882.24 | 531,882.24 | 531,882.24 | 531,882.24 |
| Otherreceivables | ShenzhenZhiguJinyunTechnologyCo.,Ltd. | 50,000.00 | 500.00 | ||
| Otherreceivables | ShenzhenZHLIndustrialCo.,Ltd. | 633,580.65 | 6,335.81 | 2,607,443.00 | 26,074.43 |
| Otherreceivables | ShenzhenTellusAutomobileServiceChainCo.,Ltd. | 1,360,390.00 | 1,360,390.00 | 1,360,390.00 | 1,360,390.00 |
| Otherreceivables | ShenzhenXiandaoNewMaterialsCo.,Ltd. | 660,790.09 | 660,790.09 | 660,790.09 | 660,790.09 |
| Long-termreceivables | ShenzhenTellusAutomobileServiceChainCo.,Ltd. | 6,146,228.91 | 6,146,228.91 | 6,146,228.91 | 6,146,228.91 |
(2)Payables
Unit:RMB
| Itemname | Relatedparty | Period-endbookbalance | Period-beginningbookbalance |
| Accountspayable | ShenzhenWahlaiDecoration&FurnitureCo.,Ltd. | 5,371,011.83 | 334,493.34 |
| Accountspayable | ShenzhenSDGServiceCo.,Ltd. | 3,865,062.67 | 3,368,791.51 |
| Accountspayable | ShenzhenSDGEngineeringManagementCo.,Ltd. | 1,365,692.04 | 79,000.00 |
| Accountspayable | ShenzhenTellus-GmondInvestmentCo.,Ltd. | 200,000.00 | |
| Accountspayable | ShenzhenZhiguJinyunTechnologyCo.,Ltd. | 45,652.00 | 53,714.23 |
| Accountspayable | ShenzhenMachinery&EquipmentImport&ExportCo.,Ltd. | 45,300.00 | 45,300.00 |
| Accountspayable | ShenzhenYuepengjinJewelryCo.,Ltd. | 28,000.00 | 20,680.00 |
| Accountspayable | ShenzhenZHLIndustrialCo.,Ltd. | 669.57 | 212,993.43 |
| Accountspayable | ShenzhenSDGRealEstateCo.,Ltd. | 6,054,855.46 | |
| Accountspayable | ShenzhenSDGTellusPropertyManagementCo.,Ltd. | 336,533.57 | |
| Advancesfromcustomers | ShenzhenSDGMicrofinanceCo.,Ltd. | 42,625.39 | |
| Advancesfromcustomers | ShenzhenSDGTellusPropertyManagementCo.,Ltd. | 1,243.34 | |
| Advancesfromcustomers | ShenzhenYongtongXindaTestingEquipmentCo., | 68.00 |
| Ltd. | |||
| Advancesfromcustomers | ShenzhenSDGEngineeringManagementCo.,Ltd. | 21,226.42 | |
| Otherpayables | HongkongYujiaInvestmentLimited | 2,255,339.58 | 2,146,404.58 |
| Otherpayables | ShenzhenMachinery&EquipmentImport&ExportCo.,Ltd. | 1,575,452.52 | 1,554,196.80 |
| Otherpayables | ShenzhenLonggangTellusRealEstateCo.,Ltd. | 1,095,742.50 | 1,095,742.50 |
| Otherpayables | ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd. | 833,334.00 | 833,334.00 |
| Otherpayables | ShenzhenTellusYangchunCompany | 476,217.49 | 476,217.49 |
| Otherpayables | ShenzhenSDGTellusPropertyManagementCo.,Ltd. | 441,842.84 | 15,841.59 |
| Otherpayables | ShenzhenYuepengjinJewelryCo.,Ltd. | 388,102.00 | |
| Otherpayables | ShenzhenSDGMicrofinanceCo.,Ltd. | 237,804.66 | 237,804.66 |
| Otherpayables | ShenzhenWahlaiDecoration&FurnitureCo.,Ltd. | 150,929.85 | 401,140.08 |
| Otherpayables | ShenzhenSDGEngineeringManagementCo.,Ltd. | 148,302.24 | 149,338.46 |
| Otherpayables | ShenzhenTorchSparkPlugIndustryCo.,Ltd. | 143,746.10 | 2,000.00 |
| Otherpayables | ShenzhenSDGServiceCo.,Ltd. | 50,506.00 | 40,992.00 |
| Otherpayables | ShenzhenSDGUrbanRenewalInvestmentCo.,Ltd. | 28,766.05 | 23,930.50 |
| Otherpayables | ShenzhenZhongminglongInvestmentCo.,Ltd. | 14,100.00 | |
| Otherpayables | ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd. | 3,000.00 | 3,000.00 |
| Otherpayables | ShenzhenShuntianElectricVehicleTechnologyDevelopmentCo.,Ltd. | 2,000.00 | |
| Otherpayables | ShenzhenTellusAutomobileServiceChainCo.,Ltd. | 800.00 | 800.00 |
| Otherpayables | ShenzhenYongtongXindaTestingEquipmentCo.,Ltd. | 5,602.99 | |
| Otherpayables | ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd. | 11,436,392.71 |
XV.CommitmentsandContingencies
1.ImportantcommitmentsImportantcommitmentsexistingonthebalancesheetdate
(1)Capitalcommitment
AsofDecember31,2024,theCompanyhadnosignificantcapitalcommitments.
2.Contingencies
(1)Importantcontingenciesexistingonthebalancesheetdate
AsofDecember31,2024,theCompanyhadnopendinglitigation,externalguaranteesandothercontingenciesthatshouldbedisclosed.
(2)Incaseofnoimportantcontingenciestobedisclosed,adescriptionshallbegiven
TheCompanyhasnoimportantcontingenciestobedisclosed.XVI.EventsaftertheBalanceSheetDate
1.Profitdistribution
| Numberofdividendsper10sharestobedistributed(RMB) | 1.00 |
| Numberofdividendsper10sharesdeclaredafterdeliberationandapproval(RMB) | 1.00 |
| Profitdistributionscheme | AccordingtotheproposalpassedinthetenthmeetingofthetenthBoardofDirectorsoftheCompanyonMarch26,2025,regardingthe"ProposalontheProfitDistributionPlanfortheYear2024",theCompanyintendstodistributeacashdividendofCNY1.00(includingtax)forevery10sharestoallshareholders,basedonthetotalsharecapitalof431,058,320sharesasofDecember31,2024.ThetotalcashdividenddistributionamountedtoCNY43,105,832.00.Therewillbenobonussharesissuedandnocapitalreserveconvertedintosharecapitalforthecurrentyear. |
2.Descriptionsforothereventsafterthebalancesheetdate
AsofMarch26,2025,theCompanywillhavenootherpost-balancesheeteventsthatshouldbedisclosed.XVII.OtherImportantMatters
1.Segmentedinformation
(1)DeterminationbasisandaccountingpolicyofreportingsegmentsAccordingtotheCompany'sinternalorganizationalstructure,managementrequirements,andinternalreportingsystem,thebusinessoftheCompanyisdividedintofourreportingsegments.ThesereportingsegmentsaredeterminedbasedonthefinancialinformationrequiredbytheCompany'sdailyinternalmanagement.TheGroup'smanagementregularlyevaluatestheoperatingresultsofthesereportingsegmentstodeterminetheallocationofresourcestothemandevaluatetheirperformance.ThereportingsegmentsoftheCompanyinclude:
(1)Jewelrysalesandservices,andwholesaleandretailofgoldandjewelry;
(2)Leasingandservices,realestate,andcommercialrealestateleasing;
(3)Vehiclesales,and4Sstore-basedsalesofvehicles;
(4)Vehiclemaintenanceanddetection,and4Sstore-baseddetectionandmaintenanceofvehicles;Thesegmentreportinginformationisdisclosedaccordingtotheaccountingpolicyandmeasurementstandardadoptedwheneachsegmentreportstothemanagement,andtheaccountingpolicyandmeasurementbasisareincorrespondencewiththoseofformulatingfinancialstatements.
(2)Financialinformationofreportingsegments
Unit:RMB
| Item | Automobilesales | Vehicleinspection,maintenance,andtesting | Leasingandservices | Jewelrywholesaleandretailservices | Inter-segmentoffset | Total |
| Operatingrevenue | 297,565,080.67 | 2,320,842,052.78 | -4,728,929.08 | 2,613,678,204.37 | ||
| Operatingcost | 106,803,428.99 | 2,273,354,439.85 | -3,393,568.78 | 2,376,764,300.06 | ||
| Totalassets | 2,815,496,452.17 | 540,229,156.29 | -761,266,370.57 | 2,594,459,237.89 | ||
| Totalliabilities | 513,961,364.49 | 258,257,775.16 | -75,485,873.49 | 696,733,266.16 |
XVIII.NotestoMajorItemsoftheParentCompany’sFinancialStatements
1.Accountsreceivable
(1)Disclosurebyaccountreceivableage
Unit:RMB
| Accountreceivableage | Period-endbookbalance | Period-beginningbookbalance |
| Within1year(inclusive) | 17,614,712.56 | 22,182,052.01 |
| 1-2years | 2,352,446.33 | 124,487.53 |
| 2to3years | 77,741.87 | |
| Over3years | 484,803.08 | 488,163.08 |
| Morethan5years | 484,803.08 | 488,163.08 |
| Total | 20,529,703.84 | 22,794,702.62 |
(2)Disclosurebybaddebtaccrualmethod
Unit:RMB
| Type | Endingbalance | Beginningbalance | ||||||||
| Bookbalance | Provisionsforbaddebts | Bookvalue | Bookbalance | Provisionsforbaddebts | Bookvalue | |||||
| Amount | Proportion | Amount | Proportionofprovision | Amount | Proportion | Amount | Proportionofprovision | |||
| Accountsreceivablewithprovisionforbaddebtsonasinglebasis | 484,803.08 | 2.36% | 484,803.08 | 100.00% | 484,803.08 | 2.13% | 484,803.08 | 100.00% | ||
| Including: | ||||||||||
| Accounts | 20,044,900.76 | 97.64% | 330,869.94 | 1.65% | 19,714,030.82 | 22,309,899.54 | 97.87% | 229,707.30 | 1.03% | 22,080,192.24 |
| receivableforwhichprovisionforbaddebtsismadebyportfolio | ||||||||||
| Including: | ||||||||||
| Including:Ageingportfolio | 20,044,900.76 | 97.64% | 330,869.94 | 1.65% | 19,714,030.82 | 22,309,899.54 | 97.87% | 229,707.30 | 1.03% | 22,080,192.24 |
| Total | 20,529,703.84 | 100.00% | 815,673.02 | 3.97% | 19,714,030.82 | 22,794,702.62 | 100.00% | 714,510.38 | 3.13% | 22,080,192.24 |
Provisionforbaddebtsmadeonanindividualbasis
Unit:RMB
| Description | Beginningbalance | Endingbalance | ||||
| Bookbalance | Provisionsforbaddebts | Bookbalance | Provisionsforbaddebts | Proportionofprovision | Reasonsforprovision | |
| ShenzhenBijiashanClubCo.,Ltd. | 172,000.00 | 172,000.00 | 172,000.00 | 172,000.00 | 100.00% | Longaccountreceivableage,andexpectedtobeunrecoverable |
| GongYanqing | 97,806.64 | 97,806.64 | 97,806.64 | 97,806.64 | 100.00% | Longaccountreceivableage,andexpectedtobeunrecoverable |
| GuangzhouTianheLeminComputerCenter | 86,940.00 | 86,940.00 | 86,940.00 | 86,940.00 | 100.00% | Longaccountreceivableage,andexpectedtobeunrecoverable |
| Others | 128,056.44 | 128,056.44 | 128,056.44 | 128,056.44 | 100.00% | Longaccountreceivableage,andexpectedtobeunrecoverable |
| Total | 484,803.08 | 484,803.08 | 484,803.08 | 484,803.08 | ||
Provisionforbaddebtsmadebyportfolio:accountreceivableageportfolio
Unit:RMB
| Description | Endingbalance | ||
| Bookbalance | Provisionsforbaddebts | Proportionofprovision | |
| Within1year | 17,437,667.82 | 174,376.68 | 1.00% |
| 1-2years | 2,352,446.33 | 117,622.32 | 5.00% |
| 2to3years | 77,741.87 | 38,870.94 | 50.00% |
| Over3years | |||
| Total | 19,867,856.02 | 330,869.94 | |
Whethertoaccruebaddebtprovisionofaccountsreceivableaccordingtoexpectedcreditloss:
?Applicable□Notapplicable
Unit:RMB
| Provisionsforbaddebts | StageI | StageII | StageIII | Total |
| Expectedcreditlosses | Expectedcreditloss | Expectedcreditlossthroughout |
| forthenext12months | throughouttheduration(nocreditimpairmentoccurs) | theduration(creditimpairmenthasoccurred) | ||
| BalanceonJanuary1,2024 | 229,707.30 | 484,803.08 | 714,510.38 | |
| BalanceonJanuary1,2024inthecurrentperiod | ||||
| Provisioninthecurrentperiod | 101,162.64 | 101,162.64 | ||
| BalanceasofDecember31,2024 | 330,869.94 | 484,803.08 | 815,673.02 |
(3)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiod
Baddebtprovisioninthereportingperiod:
Unit:RMB
| Type | Beginningbalance | Amountofchangeduringthecurrentperiod | Endingbalance | |||
| Provision | Recoveryorreversal | Write-off | Others | |||
| Provisionsforbaddebts | 714,510.38 | 101,162.64 | 815,673.02 | |||
| Total | 714,510.38 | 101,162.64 | 815,673.02 | |||
(4)Accountsreceivableandcontractualassetswithtopfiveendingbalancecollectedaspertheborrowers
Unit:RMB
| Companyname | Period-endbalanceofaccountsreceivable | Period-endbalanceofcontractassets | Period-endbalanceofaccountsreceivableandcontractassets | Proportionintotalendingbalanceofaccountsreceivableandcontractualassets | Period-endbalanceofbaddebtproportionofaccountsreceivableandimpairmentprovisionofcontractualassets |
| ZhongbaoJinyuan(Shenzhen)IndustrialDevelopmentCo.,Ltd. | 1,461,484.68 | 1,461,484.68 | 7.12% | 146,148.47 | |
| ChowSangSang(China)Co.,Ltd. | 1,320,000.46 | 1,320,000.46 | 6.43% | 132,000.05 | |
| ShenzhenHelinJewelryCo.,Ltd. | 1,192,639.28 | 1,192,639.28 | 5.81% | 119,263.93 | |
| ShenzhenXinyufuJewelryCo.,Ltd. | 526,304.98 | 526,304.98 | 2.56% | 52,630.50 | |
| ShenzhenLeEnAiJewelryCo.,Ltd. | 520,147.37 | 520,147.37 | 2.53% | 17,626.37 | |
| Total | 5,020,576.77 | 5,020,576.77 | 24.45% | 467,669.32 |
2.Otherreceivables
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Dividendsreceivable | 1,305,581.86 | |
| Otherreceivables | 2,839,370.67 | 46,126,945.18 |
| Total | 2,839,370.67 | 47,432,527.04 |
(1)Dividendsreceivable
1)Categoryofdividendsreceivable
Unit:RMB
| Project(ortheinvestee) | Endingbalance | Beginningbalance |
| ChinaPufaMachineryIndustryCo.,Ltd. | 1,305,581.86 | |
| Total | 1,305,581.86 |
2)Dividendsreceivableofimportantaccountreceivableageofover1year
Unit:RMB
| Project(ortheinvestee) | Endingoriginalvalue | Accountreceivableage | Reasonfornorecovery | Whetherimpairmenthasoccurredandthebasisfordeterminingimpairment |
| ChinaPufaMachineryIndustryCo.,Ltd. | 1,305,581.86 | 2-3years | Notpaidyet | Thecompanyhashugelossesinitsfinancialpositionsandoperatingconditions,andthedividendsreceivablemaynotberecovered,sofullimpairmentisaccrued. |
| Total | 1,305,581.86 |
3)Classificationanddisclosurethroughthemethodforrecognizingbaddebt
?Applicable□Notapplicable
Unit:RMB
| Type | Endingbalance | Beginningbalance | ||||||||
| Bookbalance | Provisionsforbaddebts | Bookvalue | Bookbalance | Provisionsforbaddebts | Bookvalue | |||||
| Amount | Proportion | Amount | Proportionofprovision | Amount | Proportion | Amount | Proportionofprovision | |||
| Provisionforbaddebtsmadeonasinglebasis | 1,305,581.86 | 100.00% | 1,305,581.86 | 100.00% | 0.00 | |||||
| Including: | ||||||||||
| Including: | ||||||||||
| Total | 1,305,581.86 | 100.00% | 1,305,581.86 | 100.00% | 0.00 | |||||
Provisionforbaddebtsmadeonanindividualbasis
Unit:RMB
| Description | Beginningbalance | Endingbalance | ||||
| Bookbalance | Provisionsforbaddebts | Bookbalance | Provisionsforbaddebts | Proportionofprovision | Reasonsforprovision | |
| ChinaPufaMachineryIndustryCo., | 1,305,581.86 | 1,305,581.86 | 1,305,581.86 | 100.00% | Thecompany'sfinancialpositionispoor | |
| Ltd. | ||||
| Total | 1,305,581.86 | 1,305,581.86 | 1,305,581.86 |
Baddebtprovisionmadeaccordingtothegeneralmodelofexpectedcreditloss:
Unit:RMB
| Provisionsforbaddebts | StageI | StageII | StageIII | Total |
| Expectedcreditlossesforthenext12months | Expectedcreditlossthroughouttheduration(nocreditimpairmentoccurs) | Expectedcreditlossthroughouttheduration(creditimpairmenthasoccurred) | ||
| BalanceonJanuary1,2024inthecurrentperiod | ||||
| Provisioninthecurrentperiod | 1,305,581.86 | 1,305,581.86 | ||
| BalanceasofDecember31,2024 | 1,305,581.86 | 1,305,581.86 |
Changesinbookbalancewithsignificantamountchangedoflossprovisioninthereportingperiod?Applicable□NotapplicableChinaPufaMachineryIndustryCo.,Ltd.hashugelossesinitsfinancialpositionandoperatingconditionsandthedividendsreceivablemaynotberecovered,sofullimpairmentisaccrued.
4)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiod
Unit:RMB
| Type | Beginningbalance | Amountofchangeduringthecurrentperiod | Endingbalance | |||
| Provision | Recoveryorreversal | Write-offorcancellation | Otherchanges | |||
| Provisionsforbaddebts | 1,305,581.86 | 1,305,581.86 | ||||
| Total | 1,305,581.86 | 1,305,581.86 | ||||
(2)Otherreceivables
1)Classificationofotherreceivablesbynature
Unit:RMB
| Natureofpayment | Period-endbookbalance | Period-beginningbookbalance |
| Othertemporarypaymentsreceivable | 13,967,525.96 | 15,738,436.97 |
| Depositsandsecuritydeposits | 1,556,456.36 | 1,774,070.79 |
| Concernedintercoursefundswithintheconsolidationscopeofreceivables | 61.00 | 42,400,084.74 |
| Total | 15,524,043.32 | 59,912,592.50 |
(2)Disclosurebyaccountreceivableage
Unit:RMB
| Accountreceivableage | Period-endbookbalance | Period-beginningbookbalance |
| Within1year(inclusive) | 404,467.63 | 43,614,137.53 |
| 1-2years | 2,557,254.64 | 1,937,642.51 |
| 2to3years | 1,091.61 | 643,606.04 |
| Over3years | 12,561,229.35 | 13,717,206.42 |
| 3to4years | 39,273.66 | |
| Morethan5years | 12,561,229.35 | 13,677,932.76 |
| Total | 15,524,043.23 | 59,912,592.50 |
3)Classificationanddisclosurethroughthemethodforrecognizingbaddebt
Unit:RMB
| Type | Endingbalance | Beginningbalance | ||||||||
| Bookbalance | Provisionsforbaddebts | Bookvalue | Bookbalance | Provisionsforbaddebts | Bookvalue | |||||
| Amount | Proportion | Amount | Proportionofprovision | Amount | Proportion | Amount | Proportionofprovision | |||
| Provisionforbaddebtsmadeonasinglebasis | 12,511,524.83 | 80.59% | 12,511,524.83 | 100.00% | 0.00 | 13,644,641.06 | 22.77% | 13,644,641.06 | 100.00% | |
| Including: | ||||||||||
| Provisionforbaddebtsmadeonaportfoliobasis | 3,012,518.40 | 19.41% | 173,147.73 | 5.75% | 2,839,370.67 | 46,267,951.44 | 77.23% | 141,006.26 | 0.30% | 46,126,945.18 |
| Including: | ||||||||||
| Accountreceivableageportfolio | 1,456,062.04 | 9.38% | 63,267.36 | 4.35% | 1,392,794.68 | 2,093,795.91 | 3.49% | 72,610.51 | 3.47% | 2,021,185.40 |
| Portfolioofdepositandsecuritydepositreceivable | 1,556,456.36 | 10.03% | 109,880.37 | 7.06% | 1,446,575.99 | 1,774,070.79 | 2.96% | 68,395.75 | 3.86% | 1,705,675.04 |
| Relatedintercoursefundswithintheconsolidationscope | 42,400,084.74 | 70.77% | 42,400,084.74 | |||||||
| Total | 15,524,043.23 | 100.00% | 12,684,672.56 | 81.71% | 2,839,370.67 | 59,912,592.50 | 100.00% | 13,785,647.32 | 23.01% | 46,126,945.18 |
Provisionforbaddebtsmadeonaportfoliobasis:
Unit:RMB
| Description | Endingbalance | ||
| Bookbalance | Provisionsforbaddebts | Proportionofprovision | |
| Accountreceivableageportfolio | 1,456,062.04 | 63,267.36 | 4.35% |
| Portfolioofdepositandsecuritydepositreceivable | 1,556,456.36 | 109,880.37 | 7.06% |
| Total | 3,012,518.40 | 173,147.73 | |
Baddebtprovisionmadeaccordingtothegeneralmodelofexpectedcreditloss:
Unit:RMB
| Provisionsforbaddebts | StageI | StageII | StageIII | Total |
| Expectedcreditlossesforthenext12months | Expectedcreditlossthroughouttheduration(nocreditimpairmentoccurs) | Expectedcreditlossthroughouttheduration(creditimpairmenthasoccurred) | ||
| BalanceonJanuary1,2024 | 141,006.26 | 13,644,641.06 | 13,785,647.32 | |
| BalanceonJanuary1,2024inthecurrentperiod | ||||
| Provisioninthecurrentperiod | 32,141.47 | 32,141.47 | ||
| Reversalinthecurrentperiod | 1,145,709.33 | 1,145,709.33 | ||
| Otherchanges | 12,593.10 | 12,593.10 | ||
| BalanceasofDecember31,2024 | 173,147.73 | 12,511,524.83 | 12,684,672.56 |
DivisionbasisateachstageandproportionofbaddebtprovisionaccrualChangesinbookbalancewithsignificantamountchangedoflossprovisioninthereportingperiod
□Applicable?Notapplicable
4)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiodBaddebtprovisioninthereportingperiod:
Unit:RMB
| Type | Beginningbalance | Amountofchangeduringthecurrentperiod | Endingbalance | |||
| Provision | Recoveryorreversal | Write-offorcancellation | Others | |||
| Provisionsforbaddebts | 13,785,647.32 | 32,141.47 | 1,145,709.33 | 12,593.10 | 12,684,672.56 | |
| Total | 13,785,647.32 | 32,141.47 | 1,145,709.33 | 12,593.10 | 12,684,672.56 | |
5)Otherreceivablesofthetopfiveperiod-endbalancesbytheowingparty
Unit:RMB
| Companyname | Nature | Endingbalance | Accountreceivableage | Proportiontoendingbalanceofotherreceivables | Period-endbalanceofprovisionforbaddebts |
| ShenzhenZhonghao(Group) | Intercourse | 5,000,000.00 | Over3years | 32.21% | 5,000,000.00 |
| Co.,Ltd. | funds | ||||
| ShenzhenJinbeiliElectricApplianceCo.,Ltd. | Intercoursefunds | 2,706,983.51 | Over3years | 17.44% | 2,706,983.51 |
| ShenzhenPetrochemicalGroupCo.,Ltd. | Intercoursefunds | 1,927,833.34 | Over3years | 12.42% | 1,927,833.34 |
| ShenzhenJinzhouPrecisionTechnologyCorp. | Securitydeposit | 1,515,467.96 | Over3years | 9.76% | 75,773.40 |
| ShenzhenXiandaoNewMaterialsCo.,Ltd. | Intercoursefunds | 660,790.09 | Over3years | 4.26% | 660,790.09 |
| Total | 11,811,074.90 | 76.09% | 10,371,380.34 |
3.Long-termequityinvestments
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| Investmentinsubsidiaries | 715,566,774.41 | 1,956,000.00 | 713,610,774.41 | 696,131,539.12 | 1,956,000.00 | 694,175,539.12 |
| Investmentinassociatesandjointventures | 94,878,995.52 | 9,787,162.32 | 85,091,833.20 | 86,298,649.89 | 9,787,162.32 | 76,511,487.57 |
| Total | 810,445,769.93 | 11,743,162.32 | 798,702,607.61 | 782,430,189.01 | 11,743,162.32 | 770,687,026.69 |
(1)Investmentinsubsidiaries
Unit:RMB
| Investee | Period-beginningbalance(bookvalue) | Period-beginningbalanceofimpairmentprovision | Changesinthecurrentperiod | Period-endbalance(bookvalue) | Period-endbalanceofimpairmentprovision | |||
| Additionalinvestment | Reducedinvestments | Provisionforimpairment | Others | |||||
| ShenzhenSDGTellusRealEstateCo.,Ltd. | 31,152,888.87 | 31,152,888.87 | ||||||
| ShenzhenTellusChuangyingTechnologyCo.,Ltd. | 3,000,000.00 | 2,473,691.48 | 526,308.52 | |||||
| ShenzhenTellusXinyongtongAutomobileDevelopmentCo.,Ltd. | 2,883,644.26 | 2,883,644.26 | ||||||
| ShenzhenZhongtian | 369,680,522.90 | 369,680,522.90 | ||||||
| IndustryCo.,Ltd. | |||||||
| ShenzhenAutomobileIndustryandTradeCo.,Ltd. | 126,251,071.57 | 40,000,000.00 | 86,251,071.57 | ||||
| ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd. | 61,908,926.77 | 61,908,926.77 | |||||
| ShenzhenHuariAutomobileSalesandServiceCo.,Ltd. | 1,807,411.52 | 1,807,411.52 | |||||
| ShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd. | 4,900,000.00 | 4,900,000.00 | |||||
| ShenzhenTellusTreasurySupplyChainTechCo.,Ltd. | 50,000,000.00 | 50,000,000.00 | |||||
| ShenzhenHanliHighTechCeramicsCo.,Ltd. | 1,956,000.00 | 1,956,000.00 | |||||
| ShenzhenJewelryIndustryServiceCo.,Ltd. | 32,500,000.00 | 32,500,000.00 | |||||
| GuorunGoldShenzhenCo.,Ltd. | 72,000,000.00 | 72,000,000.00 | |||||
| Total | 694,175,539.12 | 1,956,000.00 | 61,908,926.77 | 42,473,691.48 | 713,610,774.41 | 1,956,000.00 |
(2)Investmentinassociatesandjointventures
Unit:RMB
| Investee | Period-beginning | Period-beginning | Changesinthecurrentperiod | Period-endbalance | Period-endbalanceof | |||||||
| Additionalinvest | Reducedinvest | Investmentprofit | Adjustmentto | Otherequitychange | Cashdividendor | Provisionforimpair | Others | |||||
| balance(bookvalue) | balanceofimpairmentprovision | ment | ments | orlossrecognizedthroughtheequitymethod | othercomprehensiveincome | s | profitdeclaredtobedistributed | ment | (bookvalue) | impairmentprovision | ||
| I.Jointventures | ||||||||||||
| ShenzhenTellus-GmondInvestmentCo.,Ltd. | 49,250,845.06 | 21,965,159.20 | 15,000,000.00 | 56,216,004.26 | ||||||||
| ShenzhenTelixingInvestmentCo.,Ltd. | 13,302,311.60 | 384,591.77 | 13,686,903.37 | |||||||||
| Subtotal | 62,553,156.66 | 22,349,750.97 | 15,000,000.00 | 69,902,907.63 | ||||||||
| II.Associates | ||||||||||||
| ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd. | 13,958,330.91 | 1,230,594.66 | 15,188,925.57 | |||||||||
| HunanChangyangIndustrialCo.,Ltd. | 1,810,540.70 | 1,810,540.70 | ||||||||||
| ShenzhenJiechengElectronicsCo.,Ltd. | 3,225,000.00 | 3,225,000.00 | ||||||||||
| ShenzhenXiandaoNew | 4,751,621.62 | 4,751,621.62 | ||||||||||
| MaterialsCo.,Ltd. | |||||||||
| ShenzhenTellusAutomobileServiceChainCo.,Ltd. | |||||||||
| Subtotal | 13,958,330.91 | 9,787,162.32 | 1,230,594.66 | 15,188,925.57 | 9,787,162.32 | ||||
| Total | 76,511,487.57 | 9,787,162.32 | 23,580,345.63 | 15,000,000.00 | 85,091,833.20 | 9,787,162.32 |
Whethertherecoverableamountisdeterminedaccordingtothenetamountwithfairvaluedeductingdisposalexpenses?
□Applicable?NotapplicableWhethertherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow?
□Applicable?NotapplicableReasonsfortheapparentinconsistencybetweentheaforementionedinformationandtheinformationorexternalinformationusedintheimpairmenttestofpreviousyearsReasonsfortheapparentinconsistencybetweentheinformationadoptedbytheCompany'simpairmenttestinpreviousyearsandtheactualsituationinthatyear
4.Operatingrevenueandoperatingcost
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod | ||
| Revenue | Costs | Revenue | Costs | |
| Mainbusiness | 118,323,197.59 | 51,537,706.69 | 86,993,917.15 | 39,689,422.24 |
| Total | 118,323,197.59 | 51,537,706.69 | 86,993,917.15 | 39,689,422.24 |
5.Investmentincome
Unit:RMB
| Item | Amountincurredinthecurrentperiod | AmountIncurredinthepreviousperiod |
| Incomefromlong-termequityinvestmentscalculatedbythecostmethod | 71,225,000.00 | 69,369,094.20 |
| Incomefromlong-termequityinvestmentscalculatedthroughtheequitymethod | 23,580,345.63 | 19,872,836.15 |
| Investmentincomefromtradingfinancialassetsduringtheholdingperiod | 5,549,257.07 | 3,132,190.40 |
| Interestincomefromlarge-sumcertificatesofdeposit | 3,393,388.89 | 4,921,596.99 |
| Profitfromre-measurementofresidualequityatfairvalueafterlossoftherightofcontrol | 67,398,061.79 | |
| Total | 103,747,991.59 | 164,693,779.53 |
XIX.SupplementaryInformation
1.Breakdownofnon-recurringprofitsandlossesofthecurrentperiod
?Applicable□Notapplicable
Unit:RMB
| Item | Amount | Notes |
| Profitsandlossesfromdisposalofnon-currentassets | -227.20 | |
| Governmentsubsidiesincludedinthecurrentgainsandlosses(excludingthosethatarecloselyrelatedtotheCompany'snormalbusinessoperations,inlinewithnationalpoliciesandregulations,andgrantedinaccordancewithdefinedcriteria,withacontinuousinfluenceontheCompany'sgainsandlosses) | 6,524,396.47 | |
| Gainsorlossesfromchangesinthefairvalueoffinancialassetsandfinancialliabilitiesheldbythenon-financialcompany,aswellasgainsorlossesfromthedisposalofthefinancialassetsandfinancialliabilities,exceptforeffectivehedgingrelatedtonormaloperationsoftheCompany | -10,293,994.77 | |
| Reservesofimpairmentprovisionforaccountreceivablesindividuallytestedforimpairment | 6,856,854.34 | |
| Othernon-operatingrevenuesandexpendituresapartfromtheaforesaiditems | 1,704,993.23 | |
| Less:Effectonincometax | -9,511,450.05 | |
| Effectonminorityshareholders'equity(aftertax) | 4,144,488.72 | |
| Total | 10,158,983.40 | -- |
Specificconditionsofothergainsorlossesconformingtothedefinitionofnon-recurringgainsorlosses:
□Applicable?NotapplicableTheCompanyhasnoothergainsorlossesconformingtothedefinitionofnon-recurringgainsorlosses.Explanationondefiningthenon-recurringgainsorlossessetoutintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingSecuritiestothePublic—Non-RecurringGainsorLossesasrecurringgainsorlosses?Applicable?NotApplicable
| Item | Amountinvolved(RMB) | Reason |
| Effectivehedging | -16,490,969.27 | Duetothepricefluctuationriskrelatedtogold,effectivehedgingofgoldfuturesisameansforGuorunGoldandTellusTreasury,subsidiariesoftheCompany,toavoidrelevantrisks.Thisactivityfallsundernormalproprietarybusinessoperations.Therefore,basedonthenatureandcharacteristicsofitsnormalbusinessoperations,theCompanyhasclassifiedthefollowingitemslistedintheExplanatoryAnnouncementonInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.1—Non-RecurringProfitsandLosses(2023Revision)asrecurringprofitandlossitems:effectivehedgingrelatedtothenormaloperationsofnon-financialenterprises;gainsandlossesfromchangesinthefairvalueoffinancialassetsandfinancialliabilitiesheld;andgainsandlossesfromthedisposaloffinancialassetsandfinancialliabilities. |
| Refundofhandlingchargesforindividualincometax | 73,439.68 | AccordingtotheExplanatoryAnnouncementonInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.1—Non-RecurringProfitsandLosses(2023Revision),therefundofhandlingfeeswithheldforindividualincometaxreceivedbytheCompanyanditssubsidiariesiscategorizedasincomerelatedtoroutineactivities.Asitisneitherofaspecialnaturenorincidental,itisclassifiedasarecurringprofitorlossitem. |
2.Returnonnetassetsandearningspershare
| Profitduringthereportingperiod | Weightedaveragereturnonnetassets | Earningspershare | |
| Basicearningspershare(RMB/share) | Dilutedearningspershare(RMB/share) | ||
| NetprofitattributedtoordinaryshareholdersoftheCompany | 8.21% | 0.3170 | 0.3170 |
| NetprofitattributabletoordinaryshareholdersoftheCompanyafterdeductionofnon-recurringprofitorloss | 7.60% | 0.2934 | 0.2934 |
3.Differenceinaccountingdataunderdomesticandforeignaccountingrules
(1)DifferencesinnetprofitsandnetassetsinthefinancialreportsdisclosedsimultaneouslyaccordingtotheinternationalaccountingstandardsandChineseaccountingstandards
□Applicable?Notapplicable
(2)DifferencesinnetprofitsandnetassetsinthefinancialreportsdisclosedsimultaneouslyaccordingtotheforeignaccountingstandardsandChineseaccountingstandards
□Applicable?Notapplicable
(3)Specifythereasonsfordifferencesinaccountingdataunderdomesticandforeignaccountingstandards;iftheadjustmentismadetodataauditedbytheoverseasauditfirm,specifythenameoftheauditfirm
□Applicable?Notapplicable