2024 Full Annual Report
Hangzhou ROBAM Appliances Co., Ltd.
2024 Annual Report
April 2025
2024 Full Annual Report
2024 Annual ReportSection I. Important Notes, Contents and Definitions
The board of directors, the board of supervisors and directors, supervisors andsenior management of the Company hereby guarantee that no false ormisleading statement or major omission was made to the materials in thisreport and that they will assume all the responsibility, individually and jointly,for the authenticity, accuracy and completeness of the contents of the annualreport.Ren Jianhua, the head of the Company, Zhang Guofu, the head of accountingwork, and Zhang Guofu, the head of accounting body (accountant in charge),guarantee the authenticity, accuracy and completeness of the financial reportin the annual report.All directors of the Company personally attended the board meeting forreviewing this report.
The preplanned profit distribution deliberated and approved by the board ofdirectors is as follows: taking 944,938,916 shares as the radix, the Companywill send cash dividends of 5 yuan (tax included) and 0 bonus share (taxincluded) to all shareholders for every 10 shares, and instead of convertingcapital reserve into share capital.
2024 Full Annual Report
Contents
Section I. Important Notes, Contents and Definitions ................................................................ 2
Section II. Company Profile and Major Financial Indicators .................................................... 6
Section III. Management Discussion and Analysis ...................................................................... 10
Section IV. Corporate Governance ............................................................................................... 25
Section V. Environmental and Social Responsibility ................................................................. 45
Section VI. Important Matters ...................................................................................................... 46
Section VII. Changes in Shares and Shareholders ........................................................................ 53
Section VIII. Information Related to Preferred Shares .......................................................... 60
Section IX. Bond-related Information .......................................................................................... 60
Section X. Financial Report .......................................................................................................... 61
2024 Full Annual Report
Directory of documents available for inspectionI. Financial statements containing signatures of the legal representative, the head of accounting work, and the head of accountingbody with seals.II. Original audit report stamped by ShineWing Certified Public Accountants (Special general partnership) and signed and stampedwith the certified public accountants.III. Original copies of the documents and announcement of the Company published on the newspaper designated by the CSRC inthe reporting period.IV. 2024 annual report of the Company signed by the legal representative.
2024 Full Annual Report
Definitions
| Terms | Refers to | Definition |
The Company, company, ROBAMAppliances
| The Company, company, ROBAM Appliances | Refers to | Hangzhou ROBAM Appliances Co., Ltd. |
Mingqi
| Mingqi | Refers to | Hangzhou Mingqi Electric Co., Ltd. |
Kinde Intelligent
| Kinde Intelligent | Refers to | Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd. |
Jinhe Electric Appliances
| Jinhe Electric Appliances | Refers to | Hangzhou Jinhe Electric Appliances Co., Ltd |
ROBAM Group
| ROBAM Group | Refers to | Hangzhou Robam Industrial Group Co., Ltd., controlling shareholder of the Company |
Reporting period
| Reporting period | Refers to | Year 2024 |
AVC
| AVC | Refers to | Beijing All View Cloud Data Technology Co., Ltd. |
2024 Full Annual Report
Section II. Company Profile and Major Financial Indicators
I. Company information
| Stock abbreviation | ROBAM | Stock code | 002508 |
Stock exchange for stock listing
| Stock exchange for stock listing | Shenzhen Stock Exchange |
Company name in Chinese
| Company name in Chinese | Hangzhou ROBAM Appliances Co., Ltd. |
Company short name inChinese
| Company short name in Chinese | ROBAM |
Company name in foreignlanguage (if any)
| Company name in foreign language (if any) | HANGZHOU ROBAM APPLIANCES CO.,LTD. |
Company short name in English(if any)
| Company short name in English (if any) | ROBAM |
Legal representative of theCompany
| Legal representative of the Company | Ren Jianhua |
Registered address
| Registered address | No. 592, Linping Avenue, Linping Economic Development Zone, Linping District, Hangzhou City, Zhejiang Province |
Postal code of the registeredaddress
| Postal code of the registered address | 311100 |
Historical changes of theCompany's registered address
| Historical changes of the Company's registered address | N/A |
Office address
| Office address | No. 592, Linping Avenue, Linping Economic Development Zone, Linping District, Hangzhou City, Zhejiang Province |
Postal code of the officeaddress
| Postal code of the office address | 311100 |
Company website
| Company website | www.robam.com |
| robam@robam.com |
II. Contact person and contact information
| Secretary to the board of directors | Securities affairs representative |
Name
| Name | Wang Gang | Chen Xiaofeng |
Contact address:
| Contact address: | No. 592 Linping Av., Linping District, Hangzhou, China | No. 592 Linping Av., Linping District, Hangzhou, China |
Tel
| Tel | 0571-86187810 | 0571-86187810 |
Fax
| Fax | 0571-86187769 | 0571-86187769 |
| wg@robam.com | wg@robam.com |
III. Information disclosure and keeping place
| The website(s) of the stock exchange where the Company discloses the annual report | www.szse.cn |
The name and website of the media where the Company disclosesthe annual report
| The name and website of the media where the Company discloses the annual report | Securities Times, China Securities Journal, Securities Daily, Shanghai Securities News, and cninfo (http://www.cninfo.com.cn) |
Place of preparation of the Company's annual report
| Place of preparation of the Company's annual report | Board office |
2024 Full Annual Report
IV. Registration changes
| Uniform social credit code | 91330000725252053F |
Changes in main business since the Company's listing (if any)
| Changes in main business since the Company's listing (if any) | N/A |
Changes of controlling shareholders (if any)
| Changes of controlling shareholders (if any) | N/A |
V. Other relevant informationAccounting firm engaged by the Company
| Name of the accounting firm | Shinewing Certified Public Accountants (special general partnership) |
Office address of the accounting firm
| Office address of the accounting firm | 9/F, Block A, Fuhua Mansion, No.8 Chaoyangmen North Street, Dongcheng District, Beijing |
Name of signatory accountant
| Name of signatory accountant | Liu Yu, Wang Qing |
The sponsor institution engaged by the Company to perform the continuous supervision responsibility during the reporting period
□ Applicable ? Not applicable
The financial advisor engaged by the Company to perform the continuous supervision responsibility during the reporting period
□ Applicable ? Not applicable
VI. Major accounting data and financial indicators
Whether the Company needs to retroactively adjust or restate the accounting data of the previous years
□ Yes ?No
| 2024 | 2023 | Increase/decrease in this year as compared to the previous year | 2022 |
Operating income (yuan)
| Operating income (yuan) | 11,212,654,220.22 | 11,201,895,774.27 | 0.10% | 10,271,500,571.04 |
Net profits attributable toshareholders of listedcompanies (yuan)
| Net profits attributable to shareholders of listed companies (yuan) | 1,577,400,594.74 | 1,732,789,332.13 | -8.97% | 1,572,404,918.21 |
Net profits attributable toshareholders of the listedcompany after deductionof non-recurring profitsand losses (yuan)
| Net profits attributable to shareholders of the listed company after deduction of non-recurring profits and losses (yuan) | 1,455,592,192.81 | 1,583,568,042.64 | -8.08% | 1,479,102,088.00 |
Net cash flow fromoperating activities(yuan)
| Net cash flow from operating activities (yuan) | 1,660,251,710.71 | 2,391,921,812.71 | -30.59% | 1,944,786,304.02 |
Basic EPS (yuan/share)
| Basic EPS (yuan/share) | 1.67 | 1.83 | -8.74% | 1.67 |
Diluted EPS(yuan/share)
| Diluted EPS (yuan/share) | 1.67 | 1.83 | -8.74% | 1.67 |
Weighted average returnon net assets
| Weighted average return on net assets | 14.44% | 16.78% | Decreased by 2.34% | 17.21% |
| End of 2024 | End of 2023 | Increase/decrease at the end of this year as compared to the end of the previous year | End of 2022 |
Total assets (yuan)
| Total assets (yuan) | 17,043,258,282.33 | 16,779,531,315.72 | 1.57% | 15,039,825,287.53 |
Net assets attributable toshareholders of listedcompanies (yuan)
| Net assets attributable to shareholders of listed companies (yuan) | 11,178,437,443.19 | 10,522,938,731.68 | 6.23% | 9,732,463,766.91 |
2024 Full Annual Report
The lower net profit of the Company before and after deducting non-recurring profit and loss in the last three fiscal years isnegative, and the audit report of the latest year shows that the Company's ability to continue as a going concern is uncertain
□ Yes ?No
The audited total profit, net profit, and net profit after deducting non-recurring gains and losses for the Company's most recentfiscal year is negative.
□ Yes ?No
VII. Differences in accounting data under domestic and foreign accounting standards
1. Differences between net profits and net assets in financial statements disclosed according to theInternational Accounting Standards (IAS) and Chinese Accounting Standards simultaneously
□ Applicable ? Not applicable
No difference between net profits and net assets in financial statements disclosed according to the International AccountingStandards (IAS) and Chinese Accounting Standards during the reporting period.
2. Differences between net profits and net assets in financial statements disclosed according to theOverseas Accounting Standards and Chinese Accounting Standards simultaneously
□ Applicable ? Not applicable
No difference between net profits and net assets in financial statements disclosed according to the Overseas Accounting Standardsand Chinese Accounting Standards during the reporting period.VIII. Key quarterly financial indicators
Unit: yuan
| Q1 | Q2 | Q3 | Q4 |
Operating income
| Operating income | 2,237,194,615.74 | 2,492,159,456.06 | 2,666,415,701.28 | 3,816,884,447.14 |
Net profits attributable toshareholders of listedcompanies
| Net profits attributable to shareholders of listed companies | 398,415,708.31 | 360,943,246.43 | 442,820,994.37 | 375,220,645.63 |
Net profits attributable toshareholders of the listedcompany after deductionof non-recurring profitsand losses
| Net profits attributable to shareholders of the listed company after deduction of non-recurring profits and losses | 352,836,284.84 | 304,921,993.04 | 416,751,314.41 | 381,082,600.52 |
Net cash flow fromoperating activities
| Net cash flow from operating activities | 54,887,609.62 | 359,117,981.77 | 111,763,265.99 | 1,134,482,853.33 |
Whether there is significant difference between the above financial indicators or the total sum of them and the financial indicatorsrelated to the quarterly report and semiannual report disclosed by the Company
□ Yes ?No
2024 Full Annual Report
IX. Non-recurring profit and loss items and amount? Applicable □ Not applicable
Unit: yuan
| Item | Amount in 2024 | Amount in 2023 | Amount in 2022 | Description |
Profits and losses on thedisposal of non-currentassets (including thewrite-off of the provisionfor asset impairment)
| Profits and losses on the disposal of non-current assets (including the write-off of the provision for asset impairment) | -4,462,199.53 | -1,212,528.65 | 113,456.26 |
Government subsidiesincluded into currentprofits and losses (exceptthose governmentsubsidies that are closelyrelated to normalbusiness of theCompany, comply withnational policies andregulations, enjoyedaccording to definedcriteria, and have anongoing impact on theCompany's profit or loss)
| Government subsidies included into current profits and losses (except those government subsidies that are closely related to normal business of the Company, comply with national policies and regulations, enjoyed according to defined criteria, and have an ongoing impact on the Company's profit or loss) | 70,457,368.55 | 82,547,062.16 | 101,963,275.49 |
Reversal of impairmentprovision for receivablessubject to separateimpairment test
| Reversal of impairment provision for receivables subject to separate impairment test | 77,862,379.66 | 98,986,397.46 | 24,667,546.54 |
Income and expenditureother than thosementioned above
| Income and expenditure other than those mentioned above | -5,902,946.81 | -1,838,686.70 | -2,044,818.28 |
Other profit and lossitems that meet thedefinition of non-recurring profits andlosses
| Other profit and loss items that meet the definition of non-recurring profits and losses | 10,545,396.79 |
Minus: Amount affectedby income tax
| Minus: Amount affected by income tax | 19,348,744.85 | 27,437,027.69 | 26,789,339.27 |
Amount of minorityshareholders' equityaffected (after tax)
| Amount of minority shareholders' equity affected (after tax) | 7,342,851.88 | 1,823,927.09 | 4,607,290.53 |
Total
| Total | 121,808,401.93 | 149,221,289.49 | 93,302,830.21 | -- |
Details of other profit and loss items that meet the definition of non-recurring profit and loss:
□ Applicable ? Not applicable
The Company does not have any other profit and loss items that meet the definition of non-recurring profit and loss.Description of defining the non-recurring profit and loss items enumerated in the Interpretative Announcement No. 1 onInformation Disclosure of Public Securities Issuing Companies - Non-recurrent Profits and Losses as recurrent profit and lossitems? Applicable □ Not applicable
| Item | Amount involved (yuan) | Cause |
VAT exemption or reduction or refund
| VAT exemption or reduction or refund | 87,328,792.77 | National tax policies, recurring business |
Individual income tax service chargerefund
| Individual income tax service charge refund | 580,829.41 | National tax policies, recurring business |
Total
| Total | 87,909,622.18 |
2024 Full Annual Report
Section III. Management Discussion and AnalysisI. Industry situation of the company during the reporting periodIn 2024, driven by policy guidance and endogenous market forces, the kitchen appliance industry entered a deep adjustment cyclein the first three quarters, showing a structural development trend. After entering the fourth quarter, the "National Subsidy" policy(i.e., the subsidy policy for exchanging old home appliances for new ones) significantly boosted market demand, with the industryoverall displaying the characteristics of “refined cultivation and gradual growth" in a stock competition landscape. According tothe aggregated data from AVC, the total retail sales of China's kitchen and bathroom appliances market (including range hoods,stoves, electric water heaters, gas water heaters, sterilizer cabinets, washing machines, built-in appliances, water purifiers, andintegrated cookers) across all channels reached 176.4 billion yuan in 2024, representing a year-on-year growth of 5.7%. Amongthese, essential categories represented by range hoods, gas hobs, and various water heaters collectively reached a market size of
109.8 billion yuan, up 10.1% year-on-year. Demand-driven categories, primarily including sterilizers, dishwashers, built-inappliances, and water purifiers, totaled 49.3 billion yuan, up 16.6% year-on-year. Integrated cookers, affected by demandfragmentation, totaled 17.3 billion yuan, down 30.6% year-on-year.Under policy guidance, the industry has entered a multi-dimensional adjustment cycle. In 2024, the "National Subsidy" policydrives the kitchen appliance market to deepen its transformation, focusing on "strategic policy response, category optimization,channel refinement, marketing efficiency enhancement, value upgrading, and technological innovation." The continuous rise indemands for intelligence, integration, health and environmental protection has led to the launch of a series of digital kitchenappliances empowered by Internet of Things, big data and artificial intelligence technologies, which have simultaneously upgradedthe product structure and consumer concepts. Meanwhile, amid the intertwined pressures of low new demand and weakreplacement demand, essential categories such as range hoods and gas hobs have demonstrated stronger resilience, whileinnovation and brand concentration in the high-end and segment markets are also accelerating.According to the National Economic and Social Development Statistics Bulletin 2024 issued by the National Bureau of statistics,by the end of 2024, the urbanization rate of the country's permanent population was 67.00%, 0.84 percentage points higher thanthat at the end of the previous year. The stock of range hoods alone exceeded 340 million units, indicating a huge potential forkitchen appliance replacement. The urbanization process and the renewal of existing stock have formed a dual driving force,jointly building a long-term development space for the industry. In the future, the renovation of existing homes and the qualityupgrade of premium decoration will drive the industry toward "high efficiency, intelligence, and scenario integration." After thepolicy cycle declines, market demand will further concentrate on leading enterprises with advanced technology and strong servicecapabilities, reinforcing the Matthew Effect in the industry.II. Main business of the company during reporting period
The company has been continuously delving into the kitchen sector, adhering to its corporate mission of "creating all the beautifulaspirations humans have for kitchen life", and positioning itself as a "comprehensive cooking solution provider." It focuses on theR&D, production, and sales of kitchen appliances such as range hoods, gas hobs, dishwashers, combi steamers, gas water heaters,and water purifiers, while continuously optimizing its integrated service system. The company, driven by both technologicalinnovation and humanistic care, is committed to providing global families with a more convenient, healthy and enjoyable kitchenlife experience. The company has developed through 46 years of growth into a socially acknowledged top-ranking brand that leadsthe Chinese kitchen appliance industry in terms of development history, market share, production scale, product category, andsales area.In terms of the product system, the company has deepened the organizational structure adjustment based on its strategic goals.Centering on the demands of the entire cooking scenario, it has divided its core products into three major business segments:
kitchen air environment product line, cooking product line, and washing and storage product line. The kitchen air environmentproduct line takes range hoods as its core, focuses on optimizing the kitchen air environment, and provides efficient smoke-extraction solutions. The cooking product line encompasses a diverse range of equipment including gas hobs, integrated hobs,integrated cookers, and combi steamers, catering to all scenarios including open flame cooking and electric cooking. Itcontinuously promotes the intelligence and convenience of cooking methods. The washing and storage product line includesproducts such as dishwashers, water purifiers, gas water heaters, sterilizers, refrigerators, and integrated sinks. It focuses on watertreatment, cleaning, and storage, creating a closed loop for kitchen health management. The company achieves end-to-endintegration from R&D to production and sales through product line collaboration. With digital kitchen appliance technology andsystematized solutions as its core competitiveness, it continuously provides consumers with efficient, intelligent and green full-chain kitchen services.In terms of channel layout, the company has established a full-channel network covering offline retail, online e-commerce, high-end decoration projects and overseas markets. Offline retail channels are centered around ROBAM's National Marketing Center,covering specialty stores (ROBAM’s National Marketing Center specialty stores, Red Star Macalline, Easyhome, etc.), KA stores(Suning, Five Star, and regional chain channels), home decoration partners (home decoration companies and gas companies),customization service providers (whole-house customization companies), and lower-tier markets (JD specialty stores, Tmall Select,Suning Retail Cloud, etc.). The online e-commerce channel is primarily operated directly by the company's e-commercedepartment, efficiently reaching consumers through platforms such as JD.com, Tmall, and Douyin. The high-end decoration
2024 Full Annual Report
project channel focuses on central and state-owned enterprise clients (state-owned real estate developers with a national presence),strategic clients (well-performing national private real estate developers), and regional urban investment entities. Overseaschannels have expanded to over 30 countries and regions across five continents, driving the globalization of the brand.III. Analysis of core competitivenessNo significant change in the Company's core competitiveness during the reporting period: The Company's core competitiveness ismainly reflected in the high-end positioned the brand capacity, continuous innovative research and development capacity,comprehensive and efficient operation capacity.
1. Brand capability of high-end positioning
The "ROBAM" brand was established in 1988. In 2024, the company introduced its new positioning as a "comprehensive cookingsolution provider across the entire value chain," embracing the integrated development path of "technology + humanism" topractice its brand value proposition of "enjoying creation" and deliver a high-end brand experience. The ROBAM has become oneof the most famous and favorite professional high-end kitchen appliance brands in China. Since 1991, ROBAM range hood haswon the only "Quality Silver Award of the People's Republic of China", "China Famous-brand Product", "National Inspection-freeProduct" in the kitchen appliance industry; ROBAM has been recognized as "China Famous Brand"; ROBAM has won "MostInfluential Brand in China's Kitchen Appliance Industry" and "China's 500 Most Valuable Brands". In addition, ROBAMAppliances has been rated as one of the "BrandZ Top 100 Most Valuable Chinese Brands" for 7 consecutive years, and awardedthe "Top 500 Asian Brands" for 15 consecutive years. The ROBAM’s range hoods and built-in gas hobs have led the global salesfor 10 consecutive years. The large cooking kitchen appliances have ranked first in global sales for 4 consecutive years. It is alsothe only enterprise in the kitchen appliance industry to be included in the List of First Batch of Chinese Famous Consumer Goodsof the Ministry of Industry and Information Technology.
2. R&D capability of continuous innovation
The company consistently regards R&D innovation as its strategic core, continuously deepening the strategic advantage of"technological leadership." Leveraging national-level innovation platforms such as the National Enterprise Technology Center,National Industrial Design Center, National Intellectual Property Demonstration Enterprise, and National Accredited Laboratory,the company established Chengdu Robam Innovation Technology Co., Ltd., building a full-chain innovation system coveringfundamental research and applied development. In 2024, the company prioritized the advancement of AI large models and digitalkitchen appliance R&D, successfully launching the industry's first AI cooking model "Master Chef." It obtained national algorithmservice and security filing, achieved the highest industry score in certifications for senior chefs and registered dietitians, andimplemented end-to-end service applications for AI R&D assistants and intelligent customer support. In 2024, the company wasawarded the ISO 56005 International Standard Level 3 certification, becoming the first enterprise in the kitchen appliance industryto pass this certification. Leveraging outstanding industrial design capabilities and intelligent manufacturing processes, thecompany continues to lead the formulation of industry standards, spearheading revisions to national standards such as "EnergyEfficiency Limits and Energy Efficiency Grades for Range Hoods" and "Energy Efficiency Limits and Energy Efficiency Gradesfor Household Gas Hobs," thereby solidifying its technical authority. The company has consistently improved its ranking on the"High-Tech Enterprises with Innovative Capabilities in Zhejiang Province" released by the Zhejiang Provincial Science andTechnology Information Research Institute for four consecutive years, ranking ninth in 2024. In 2024, the company was honoredwith the Third Prize of the Science and Technology Progress Award of China National Light Industry, the Gold Medal for DesignPatents at the China Patent Awards by the National Intellectual Property Administration, and the Outstanding Industrial NewProduct Award from the Zhejiang Provincial Department of Economy and Information Technology.
3. Comprehensive and efficient operation capability
The Company has the leading marketing capability in the industry: by adopting the only agency marketing mode in the industry,the Company has created the most comprehensive, efficient and responsive marketing system in the industry through strongmanagement and control, equity incentive and the de facto business partner system. The Company deepens intelligentmanufacturing and refined operation. It was awarded the "National Top 100 Quality Inspection Integrity Benchmark" and"National Excellent Quality and Excellent Credit Enterprise" in 2020. The Company focuses on global manufacturing and strivesto become a first-class manufacturing benchmark in China. In 2021, it listed in the first batch of enterprises that were awarded the"Future Factory" medals by the Economy and Information Technology Department of Zhejiang. In addition, the Companyaccelerates the integration of digitization and informatization, focuses on the interactive innovation and continuous optimization ofdata, technology, business process and organizational structure, constantly improves new capabilities in the informatizationenvironment, and improves the sustainable competitiveness in domestic and foreign markets. At the same time, the Company isalso a provincial industrial Internet platform and has become one of the first batch of "Kunpeng" enterprises in Hangzhou.
2024 Full Annual Report
IV. Main business analysis
1. Overview
In 2024, driven by the sustained efforts of the "national subsidy" policy and the steady recovery of the macroeconomy, the annualretail sales of China's home appliance market reached 821.5 billion yuan, representing a year-on-year growth of 4.7%. Affected bythe adjustment of the real estate market, the domestic kitchen and bathroom appliance market continued to decline in the first threequarters. However, it achieved rapid growth during the "national subsidy" period in the fourth quarter and maintained a slightincrease for the whole year. The industry demonstrated a dual characteristic of "policy support and structural upgrading". In termsof retail channel, according to the monthly report on offline retail market monitoring of All View (hereinafter referred to as "AllView Offline Report"), the retail sales of main categories of kitchen appliances, such as range hoods and gas hobs, decreased by
40.76% and 39.27% respectively as compared to the same period of last year. In terms of retail channel, according to the monthlyreport on offline retail market monitoring of All View (hereinafter referred to as "All View Offline Report"), the retail sales ofmain categories of kitchen appliances, such as range hoods and gas hobs, decreased by 7.39% and 24.04% respectively ascompared to the same period of last year. According to the monitoring data from AVC, in the engineering channel, the number ofnew projects in the high-end kitchen appliance market (including range hoods, gas hobs, sterilizers, dishwashers, single-functionmachines, and integrated machines) was 1,222, a year-on-year decrease of 21.9%. The number of high-end suites was 664,100, ayear-on-year decrease of 28.9%.As the industry leader, the company adheres to the path of integrated development of technology and humanity, closely aligningwith the annual business philosophy of "Building Dreams for the Future, Reconstructing Evolution—Creating a New Blueprint forthe Full Cooking Chain.” It has continuously maintained a leading position in market share across all product categories, with themarket concentration constantly increasing. According to AVC's offline report, the retail sales market shares of Robam's rangehoods and gas hobs reached 32.06% and 31.73% respectively, representing year-on-year increases of 1.09 and 1.71 percentagepoints. According to AVC's online report, the retail sales market share of Robam's kitchen appliance packages reached 25.46%,maintaining its leading position in the industry. Amidst complex and volatile external challenges, the company achieved annualoperating revenue of RMB 11.213 billion, representing a year-on-year increase of 0.10%. Net profit attributable to shareholders ofthe listed company amounted to RMB 1.577 billion, reflecting a year-on-year decrease of 8.97%.As of December 31, 2024, according to the All View offline report, the market share and market position of the offline retail salesof Company's major product categories are shown in the following table:
| Range hood | Gas hobs | Built-in Combi steamers | Built-in Dish-washing machine | Built-in Electric ovens | Built-in Electrical steamer | Sterilizer |
| 32.06% | 31.73% | 27.70% | 16.01% | 15.22% | 18.91% | 20.61% |
| 1 | 1 | 1 | 3 | 3 | 3 | 2 |
As of December 31, 2024, according to the All View online report, the market share and market position of the online retail salesof Company's major product categories are shown in the following table:
| Range hood and gas hobs Package | Kitchen appliance packages | Range hood | Gas hobs | Built-in Combi steamers | Built-in Electrical steamer | Built-in Dish-washing machine |
| 26.89% | 25.46% | 21.41% | 19.81% | 12.28% | 24.62% | 7.26% |
| 1 | 1 | 1 | 1 | 3 | 2 | 5 |
As of December 31, 2024, according to the real estate report by AVC, the market share of ROBAM in refined decoration channelis 36.3%, ranking first in the industry.In 2024, the company's technology division continued to deepen product innovation, technological breakthroughs, and R&Dsystem reforms, driven by intelligence, platformization, and green initiatives, consolidating its leadership position in industrytechnology. Established Chengdu Robam Innovation Technology Co., Ltd. to accelerate the R&D of AI large models and digitalkitchen appliances. The company launched the industry's first AI cooking model "Master Chef," integrating the DeepSeek general-purpose model framework to provide personalized cooking solutions tailored to individual preferences. It deeply empowers bothhardware devices and software applications, serving over a million households daily. The company has integrated its digitalkitchen appliances to build a full-chain intelligent cooking ecosystem, promoting the application of AI technology from the digitalworld to the physical world. The sales of digital kitchen appliances have increased by more than five times year-on-year, forming atechnological moat in the vertical field. As of the end of the reporting period, the company held a total of 5,635 valid patents,including 478 invention patents. In 2024, 1,455 patents were granted, among which 321 were invention patents, and the companywas awarded over ten domestic and international honors, including the China Design Patent Gold Award and the InternationalCMF Design Gold Award. During the reporting period, the company led the development of 10 standards, including 1international standard proposal, 3 national standards, and 6 group standards. It participated in the formulation of 16 standards,comprising 10 national standards, 3 industry standards, and 3 group standards. The transformation rate of its technologicalachievements leads the industry. The company adheres to the "technology + humanity" integration path, continuously
2024 Full Annual Report
consolidating its industry position as a "market sales leader, industry standard advocate, and social responsibility pioneer," drivingculinary technology into a new era of digitalization and green transformation.In 2024, the marketing section, guided by the core principle of "rebuilding growth momentum based on user needs,"comprehensively advanced brand upgrades, product innovation, user operations, and channel development. With a user-orientedapproach and growth-driven momentum, it achieved high-quality business development. In the retail channels, the company hasadopted a city-specific and location-based approach, achieving remarkable breakthroughs through regional campaigns andcontinuously improving its channel network. By leveraging the advantages of the "national subsidy" policy, it has optimized thechannel structure, significantly enhancing channel coverage and market penetration. Throughout the year, innovative marketingmodels were implemented, with deep integration of the new media matrix and community operations, delivering strong results inchannel traffic and user engagement. On e-commerce channels, based on user insights, high-end best-selling products in theindustry are launched to further enhance the brand’s awareness and market influence. In the engineering channels, the companycontinues to deepen collaborations with key central enterprises and leading real estate developers, steadily advancing theapplication of digital kitchen appliance solutions in high-standard projects. Simultaneously, the cabinet section has continuouslyimproved team building and supply chain systems, providing a solid foundation for the expansion of diversified engineeringsegments. Overseas channels, the company establishes a U.S. subsidiary to fully accelerate network expansion; overseas marketsimplement the brand globalization strategy, continuously driving the localization of overseas marketing. In 2024, all marketingchannels worked in synergy, and the results of in-depth channel development gradually emerged.In 2024, under the continued guidance of the company's three-year strategy, the production section steadfastly implemented thecore philosophy of "precision cultivation, innovation-driven leadership." Focusing on refined cost control and supply chaincapability restructuring, it continuously optimized resource allocation and management systems, driving bidirectionalimprovements in production efficiency and operational performance. Throughout the year, cost control efforts continuouslyexpanded management dimensions, extending from traditional procurement and manufacturing to logistics, post-sales returns, andmold management. Comprehensive cost reduction achieved significant results, further optimizing the cost structure. Centered onuser needs and market responsiveness, the company established a unified warehousing and shared distribution model to enhanceend-to-end collaboration efficiency. Key performance indicators continued to improve, meeting diverse and instant deliverydemands from end consumers. Facing a diverse market environment, the company has flexibly adjusted capacity allocation andsupply chain strategies, steadily advancing the localization and diversification of key resources to enhance overall responsivenessand cost control capabilities. In the digital and intelligent construction aspect, the company promoted the integration of order-based production and intelligent forecasting, continuously enhancing supply chain turnover efficiency. The capabilities ofintelligent manufacturing were further deepened, with core factories achieving breakthroughs in multiple areas such as productionscheduling, logistics distribution, and energy efficiency management. In terms of quality management, the system boundariescontinue to expand, comprehensively covering the entire process from source design to terminal delivery. The user experience-oriented quality management mechanism is continuously improved, and core product categories maintain consistently strong andstable service performance.In 2024, the brand section upheld "Enjoy Creation" as its core value proposition, deepened the integration of technology andhumanities, and consistently reinforced its leadership position in the high-end kitchen appliance sector. The company upgraded theGlobal Culinary Arts Center, released the cultural compendium "The Way of Cooking" to systematically preserve Chineseculinary heritage, and collaborated with academia and industry to launch the "Return to the Future 2024" Thought Summit,exploring the symbiotic relationship between artificial intelligence and culinary civilization, thereby further enhancing the brand'scultural depth and intellectual sophistication. In terms of brand image renewal, a new visual system and brand manual werelaunched, enhancing recognition through more modern designs. Brand mention rate increased by 2%, while preference ratesamong high-end and younger users rose by 2% and 4% respectively, successfully reaching diverse consumer segments. At thesame time, the company has established a synergistic ecosystem of "master brand + sub-brands," with the Robam’s master brandleading the high-end market, the Mingqi sub-brand catering to practical and youthful demands, and Kinde focusing on theintegrated kitchen appliances segment, forming a differentiated brand matrix. Meanwhile, we deepened the value proposition ofMingqi's new pragmatic kitchen appliances, strategically complementing the Robam’s master brand through precise positioning,and built a multi-dimensional system covering diverse consumer tiers. The Mingqi supply chain also advanced in parallel,restructuring the management strategy of "ecological leadership, cost leadership," achieving effective cost reduction on theprocurement side. Furthermore, leveraging the "The Delicacy" IP to deepen emotional connections with users, the companyinnovated the public-to-private domain operational model, solidifying long-term user value management and injecting newmomentum into sustainable brand development.In the year 2024, the company continued to receive recognition from the capital markets in the areas of corporate governance,information disclosure, and shareholder returns. In the Information Disclosure Assessment of Listed Companies for the Year 2023of the Shenzhen Stock Exchange, the company was rated A (Excellent), achieving the honor for eleven consecutive years. Thecompany's MSCI ESG rating has risen to AA, placing it among the leading ranks in the global household durables industry. Thecompany continuously strengthens the dual-track mechanism of "annual cash dividend + interim dividend", earnestly safeguardingthe long-term interests of investors, and fulfills the commitment to high-quality development with stable returns.The company continues to deepen the construction of its long-term incentive mechanism. In 2024, it launched the 2024 StockOption Incentive Plan and the Robam Second Phase Business Partner Plan, establishing a dynamic incentive ecosystem throughtiered design. The Stock Option Plan targets mid-level core business talents and key technical personnel, strengthening the profit-
2024 Full Annual Report
sharing mechanism through equity ties. The Business Partner Plan covers management and strategic high-potential teams,establishing a co-creation and sharing platform to achieve bidirectional empowerment of "core stability" and “talent poolactivation.”
2. Revenue and costs
(1) Operating income composition
Unit: yuan
| 2024 | 2023 | Year-on-year increase/decrease | |||
| Amount | Proportion in operating income | Amount | Proportion in operating income | ||
Total operatingincome
| Total operating income | 11,212,654,220.22 | 100% | 11,201,895,774.27 | 100% | 0.10% |
By industry
By industryHome and kitchen &bath appliances
| Home and kitchen & bath appliances | 10,927,951,599.01 | 97.46% | 10,897,226,245.68 | 97.28% | 0.28% |
Other businessincome
| Other business income | 284,702,621.21 | 2.54% | 304,669,528.59 | 2.72% | -6.55% |
By product
By productRange hood
| Range hood | 5,455,325,125.48 | 48.65% | 5,321,818,112.20 | 47.51% | 2.51% |
Gas hobs
| Gas hobs | 2,776,843,077.83 | 24.77% | 2,671,006,229.35 | 23.84% | 3.96% |
Sterilizer
| Sterilizer | 365,196,404.65 | 3.26% | 469,017,537.92 | 4.19% | -22.14% |
Steam oven-oven
| Steam oven-oven | 703,918,496.33 | 6.28% | 687,442,329.04 | 6.14% | 2.40% |
Steamer
| Steamer | 59,689,620.27 | 0.53% | 67,504,610.84 | 0.60% | -11.58% |
Oven
| Oven | 52,634,495.90 | 0.47% | 72,428,048.34 | 0.65% | -27.33% |
Dish-washingmachine
| Dish-washing machine | 791,801,869.92 | 7.06% | 759,704,720.62 | 6.78% | 4.22% |
Water purifier
| Water purifier | 35,585,094.72 | 0.32% | 40,342,365.31 | 0.36% | -11.79% |
Water heaters
| Water heaters | 245,883,199.81 | 2.19% | 233,127,380.39 | 2.08% | 5.47% |
Integrated stove
| Integrated stove | 326,563,091.66 | 2.91% | 464,053,178.10 | 4.14% | -29.63% |
Kitchen cabinet
| Kitchen cabinet | 40,579,283.08 | 0.36% | Not applicable |
Other small homeappliances
| Other small home appliances | 73,931,839.36 | 0.66% | 110,781,733.57 | 0.99% | -33.26% |
Other businessincome
| Other business income | 284,702,621.21 | 2.54% | 304,669,528.59 | 2.72% | -6.55% |
By region
By regionEast China
| East China | 5,201,184,851.21 | 46.39% | 5,710,688,604.56 | 50.98% | -8.92% |
South China
| South China | 1,286,644,158.16 | 11.47% | 1,374,869,975.07 | 12.27% | -6.42% |
Central China
| Central China | 1,075,058,712.48 | 9.59% | 928,415,707.26 | 8.29% | 15.79% |
North China
| North China | 1,375,127,412.37 | 12.26% | 1,122,210,085.76 | 10.02% | 22.54% |
Northeast China
| Northeast China | 552,002,140.23 | 4.92% | 508,004,826.92 | 4.53% | 8.66% |
Northwest China
| Northwest China | 611,695,806.63 | 5.46% | 571,241,367.26 | 5.10% | 7.08% |
Southeast China
| Southeast China | 1,043,934,532.62 | 9.31% | 918,587,632.28 | 8.20% | 13.65% |
Overseas regions
| Overseas regions | 67,006,606.52 | 0.60% | 67,877,575.16 | 0.61% | -1.28% |
Distribution model
Distribution modelSales by proxy
| Sales by proxy | 3,543,017,921.52 | 31.60% | 2,922,898,630.55 | 26.09% | 21.22% |
Sales by dealers
| Sales by dealers | 193,049,051.34 | 1.72% | 238,597,540.87 | 2.13% | -19.09% |
Direct sales
| Direct sales | 5,677,136,418.52 | 50.63% | 5,862,114,658.80 | 52.33% | -3.16% |
Engineering
| Engineering | 1,675,133,692.61 | 14.94% | 2,075,246,482.42 | 18.53% | -19.28% |
Other
| Other | 124,317,136.23 | 1.11% | 103,038,461.63 | 0.92% | 20.65% |
2024 Full Annual Report
(2) Industries, products, regions and sales models that account for more than 10% of the Company'soperating income or profit? Applicable □ Not applicable
Unit: yuan
| Operating income | Operating cost | Gross margin ratio | Year-on-year increase/decrease of operating income | Year-on-year increase/decrease of operating cost | Year-on-year increase/decrease of gross margin ratio |
By industry
By industryHome andkitchen &bathappliances
| Home and kitchen & bath appliances | 10,927,951,599.01 | 5,522,747,460.78 | 49.46% | 0.28% | 2.85% | -1.26% |
By product
By productRange hood
| Range hood | 5,455,325,125.48 | 2,626,615,723.64 | 51.85% | 2.51% | 7.28% | -2.14% |
Gas hobs
| Gas hobs | 2,776,843,077.83 | 1,363,092,999.52 | 50.91% | 3.96% | 15.39% | -4.86% |
By region
By regionEast China
| East China | 5,201,184,851.21 | 2,526,862,473.68 | 51.42% | -8.92% | -3.86% | -2.56% |
SouthChina
| South China | 1,286,644,158.16 | 676,554,792.19 | 47.42% | -6.42% | -9.18% | 1.60% |
NorthChina
| North China | 1,375,127,412.37 | 662,379,665.09 | 51.83% | 22.54% | 26.66% | -1.57% |
Distribution model
Distribution modelDirect sales
| Direct sales | 5,677,136,418.52 | 2,584,571,099.62 | 54.47% | -3.16% | 5.02% | -3.54% |
Sales byproxy
| Sales by proxy | 3,543,017,921.52 | 1,889,486,538.74 | 46.67% | 21.22% | 16.03% | 2.39% |
Engineering
| Engineering | 1,675,133,692.61 | 997,983,289.21 | 40.42% | -19.28% | -17.15% | -1.53% |
In the case that the statistical standards for main business data of the Company are adjusted during the reporting period, the mainbusiness data of the Company in recent 1 year are subject to those after the adjustment of the statistical standards at the end of thereporting period
□ Applicable ? Not applicable
(3) Whether the Company's physical sales revenue is greater than the service revenue
? Yes □ No
| Industry category | Item | Unit | 2024 | 2023 | Year-on-year increase/decrease |
Home and kitchen &bath appliances
| Home and kitchen & bath appliances | Sales quantity | Unit | 7,805,491 | 8,443,155 | -7.55% |
| Production output | Unit | 7,748,456 | 8,183,261 | -5.31% | |
| Inventory | Unit | 1,758,223 | 1,815,258 | -3.14% |
Reasons for more than 30% year-on-year changes in the relevant data
□ Applicable ? Not applicable
(4) Performance of major sales contracts and major purchase contracts signed by the Company up to thereporting period
□ Applicable ? Not applicable
(5) Composition of operating cost
Industry and product categories
2024 Full Annual Report
Industry and product categories
Unit: yuan
| Industry category | Item | 2024 | 2023 | Year-on-year increase/decrease | ||
| Amount | Proportion in operating cost | Amount | Proportion in operating cost | |||
Home andkitchen & bathappliances
| Home and kitchen & bath appliances | Manufacturing costs | 558,100,446.06 | 9.89% | 539,639,570.43 | 9.76% | 3.42% |
Home andkitchen & bathappliances
| Home and kitchen & bath appliances | Raw materials | 4,915,272,039.78 | 87.08% | 4,817,498,668.82 | 87.15% | 2.03% |
Home andkitchen & bathappliances
| Home and kitchen & bath appliances | Labor | 171,453,841.88 | 3.03% | 170,510,467.04 | 3.09% | 0.55% |
Unit: yuan
| Product Classification | Item | 2024 | 2023 | Year-on-year increase/decrease | ||
| Amount | Proportion in operating cost | Amount | Proportion in operating cost | |||
Range hood
| Range hood | Manufacturing costs | 317,262,127.96 | 5.62% | 295,799,517.99 | 5.36% | 7.26% |
Range hood
| Range hood | Raw materials | 2,206,021,575.36 | 39.08% | 2,060,227,230.75 | 37.27% | 7.08% |
Range hood
| Range hood | Labor | 103,332,020.32 | 1.83% | 92,374,908.23 | 1.67% | 11.86% |
Gas hobs
| Gas hobs | Manufacturing costs | 86,373,643.36 | 1.53% | 55,020,078.83 | 1.00% | 56.99% |
Gas hobs
| Gas hobs | Raw materials | 1,263,798,885.29 | 22.39% | 1,107,454,139.18 | 20.03% | 14.12% |
Gas hobs
| Gas hobs | Labor | 12,920,470.87 | 0.23% | 18,847,301.97 | 0.34% | -31.45% |
Dish-washingmachine
| Dish-washing machine | Manufacturing costs | 40,262,702.14 | 0.71% | 40,428,624.44 | 0.73% | -0.41% |
Dish-washingmachine
| Dish-washing machine | Raw materials | 405,050,503.42 | 7.18% | 356,401,487.47 | 6.45% | 13.65% |
Dish-washingmachine
| Dish-washing machine | Labor | 10,765,922.57 | 0.19% | 11,707,351.31 | 0.21% | -8.04% |
Steam oven-oven
| Steam oven-oven | Manufacturing costs | 36,458,514.89 | 0.65% | 35,045,428.88 | 0.63% | 4.03% |
Steam oven-oven
| Steam oven-oven | Raw materials | 331,581,413.93 | 5.87% | 288,290,318.22 | 5.22% | 15.02% |
Steam oven-oven
| Steam oven-oven | Labor | 15,270,790.67 | 0.27% | 13,706,404.30 | 0.25% | 11.41% |
Other
| Other | Manufacturing costs | 77,743,457.71 | 1.38% | 113,345,920.29 | 2.05% | -31.41% |
Other
| Other | Raw materials | 708,819,661.78 | 12.55% | 1,005,125,493.20 | 18.18% | -29.48% |
Other
| Other | Labor | 29,164,637.45 | 0.52% | 33,874,501.23 | 0.61% | -13.90% |
(6) Whether the consolidation scope changes in the reporting period
? Yes □ NoThis year, the Company's consolidated scope expanded due to the establishment of the following new entities: Robam Appliances(USA) Holding Co., Ltd., Robam Appliances Los Angeles Trade LLC, PT Robam Appliances Indonesia, Robam Appliances(Hong Kong) Excellence Limited, Chengdu Robam Innovation Technology Co., Ltd., Hangzhou Robam E-Commerce Co., Ltd.,Ningbo Jinke E-Commerce Co., Ltd., Hangzhou Yuhang Jinke E-Commerce Co., Ltd., Chengdu Robam E-Commerce Co., Ltd.,Qingdao Mingqi E-Commerce Co., Ltd., and Wuhan Jinke E-Commerce Co., Ltd.As resolved by the board meeting of CHUCHUWEILAI, a subsidiary of our company's subsidiary Kinde Intelligent Holdings, an
2024 Full Annual Report
increase in capital and a reorganization of the board of directors were carried out for CHUCHUWEILAI. Consequently, ourcompany has lost control over CHUCHUWEILAI and will no longer include it in the consolidated financial statements.
(7) Major changes or adjustments of business, products or services of the Company during the reportingperiod
□ Applicable ? Not applicable
(8) Major sales customers and major suppliers
Major sales customers of the Company
| Total sales amount of top five customers (yuan) | 2,833,359,061.03 |
Proportion of total sales amount of top five customers in totalannual sales
| Proportion of total sales amount of top five customers in total annual sales | 25.28% |
Among the sales amount of top five customers, proportion ofsales amount of related parties in total annual sales
| Among the sales amount of top five customers, proportion of sales amount of related parties in total annual sales | 0.00% |
Top 5 customers of the Company
| No. | Customer name | Sales Amount (yuan) | Proportion in total annual sales |
| 1 | Unit 1 | 1,826,100,968.14 | 16.29% |
| 2 | Unit 2 | 307,937,396.66 | 2.75% |
| 3 | Unit 3 | 251,875,384.45 | 2.25% |
| 4 | Unit 4 | 228,934,687.51 | 2.04% |
| 5 | Unit 5 | 218,510,624.27 | 1.95% |
Total
| Total | -- | 2,833,359,061.03 | 25.28% |
Other information of major customers
□ Applicable ? Not applicable
Major suppliers of the Company
| Total purchase amount of top five suppliers (yuan) | 766,397,036.06 |
Proportion of total purchase amount of top five suppliers in totalannual purchase amount
| Proportion of total purchase amount of top five suppliers in total annual purchase amount | 17.58% |
Among the purchase amount of top five suppliers, proportion ofpurchase amount of related parties in total annual purchaseamount
| Among the purchase amount of top five suppliers, proportion of purchase amount of related parties in total annual purchase amount | 0.00% |
Top 5 suppliers of the Company
| No. | Supplier name | Purchase amount (yuan) | Proportion in total annual purchase amount |
| 1 | Unit 1 | 184,172,927.19 | 4.22% |
| 2 | Unit 2 | 158,928,027.37 | 3.65% |
| 3 | Unit 3 | 141,653,152.42 | 3.25% |
| 4 | Unit 4 | 141,295,479.43 | 3.24% |
| 5 | Unit 5 | 140,347,449.65 | 3.22% |
Total
| Total | -- | 766,397,036.06 | 17.58% |
Other information of major suppliers
□ Applicable ? Not applicable
2024 Full Annual Report
3. Expenses
Unit: yuan
| 2024 | 2023 | Year-on-year increase/decrease | Description of major changes |
Selling expenses
| Selling expenses | 3,078,798,259.84 | 3,002,418,651.54 | 2.54% |
Management costs
| Management costs | 508,849,021.04 | 469,622,072.60 | 8.35% |
Financial expenses
| Financial expenses | -180,426,320.19 | -188,927,736.59 | -4.50% |
Research anddevelopment expenses
| Research and development expenses | 413,659,448.81 | 387,368,591.97 | 6.79% |
4. R&D investment
R&D personnel of the Company
| 2024 | 2023 | Proportion of change |
Number of R&D personnel(person)
| Number of R&D personnel (person) | 893 | 919 | -2.83% |
Proportion of R&D personnel
| Proportion of R&D personnel | 17.29% | 16.76% | 0.53% |
Educational structure of R&D personnel
Educational structure of R&D personnelBachelor
| Bachelor | 596 | 677 |
Master
| Master | 145 | 152 |
Age composition of R&D personnel
Age composition of R&D personnelUnder 30 years old
| Under 30 years old | 197 | 285 |
30~40 years old
| 30~40 years old | 462 | 492 |
R&D investment of the Company
| 2024 | 2023 | Proportion of change |
R&D investment amount(yuan)
| R&D investment amount (yuan) | 413,659,448.81 | 387,368,591.97 | 6.79% |
Proportion of R&D investmentin operating revenue
| Proportion of R&D investment in operating revenue | 3.69% | 3.46% | 0.23% |
Capitalized amount of R&Dinvestment (yuan)
| Capitalized amount of R&D investment (yuan) | 0.00 | 0.00 |
Proportion of capitalized R&Dinvestment in R&D investment
| Proportion of capitalized R&D investment in R&D investment | 0.00% | 0.00% |
Reasons and effects of major changes in the composition of R&D personnel of the Company
□ Applicable ? Not applicable
Reasons for significant changes in the proportion of total R&D investment amount in operating revenue as compared to theprevious year
□ Applicable ? Not applicable
Reasons for the great changes of R&D investment capitalization rate and description of its rationality
□ Applicable ? Not applicable
2024 Full Annual Report
5. Cash flow
Unit: yuan
| Item | 2024 | 2023 | Year-on-year increase/decrease |
Subtotal cash inflows fromoperating activities
| Subtotal cash inflows from operating activities | 12,041,433,726.50 | 12,586,117,255.55 | -4.33% |
Subtotal cash outflows fromoperating activities
| Subtotal cash outflows from operating activities | 10,381,182,015.79 | 10,194,195,442.84 | 1.83% |
Net cash flow from operatingactivities
| Net cash flow from operating activities | 1,660,251,710.71 | 2,391,921,812.71 | -30.59% |
Subtotal cash inflows frominvestment activities
| Subtotal cash inflows from investment activities | 6,090,791,185.43 | 2,398,275,667.27 | 153.97% |
Subtotal cash outflows frominvestment activities
| Subtotal cash outflows from investment activities | 6,728,018,131.33 | 7,673,482,106.87 | -12.32% |
Net cash flow from investmentactivities
| Net cash flow from investment activities | -637,226,945.90 | -5,275,206,439.60 | Not applicable |
Subtotal cash inflows fromfinancing activities
| Subtotal cash inflows from financing activities | 130,280,073.06 | 92,260,296.65 | 41.21% |
Subtotal cash outflows fromfinancing activities
| Subtotal cash outflows from financing activities | 1,513,303,758.54 | 528,201,490.92 | 186.50% |
Net cash flow from financingactivities
| Net cash flow from financing activities | -1,383,023,685.48 | -435,941,194.27 | Not applicable |
Net increase of cash and cashequivalents
| Net increase of cash and cash equivalents | -359,862,801.20 | -3,318,247,983.65 | Not applicable |
Description of main influencing factors of significant changes in relevant data on a year-on-year basis? Applicable □ Not applicable
1. During the reporting period, the net cash flow from operating activities decreased by 30.59% year-on-year, primarily due toreduced sales collections and increased raw material procurement costs.
2. During the reporting period, cash inflows from investing activities increased by 153.97% year-on-year, primarily due toincreased maturities of wealth management products.
3. During the reporting period, cash inflows from financing activities increased by 41.21% year-on-year, mainly due to the
increase in the autonomous exercise of employee equity incentives and the increase in borrowings from subsidiaries.
4. During the reporting period, cash outflows from financing activities increased by 186.50% year-on-year, primarily due toincreased cash outflows from dividend distributions in 2024.Reasons for significant difference between the net cash flow from operating activities of the Company and the net profit of thecurrent year in the reporting period
□ Applicable ? Not applicable
V. Non-main business analysis
□ Applicable ? Not applicable
VI. Analysis of assets and liabilities
1. Major changes in asset composition
2024 Full Annual Report
Unit: yuan
| End of 2024 | Beginning of 2024 | Proportion change | Description of major changes | |||
| Amount | Proportion in total assets | Amount | Proportion in total assets | |||
Monetary capital
| Monetary capital | 1,631,776,094.27 | 9.57% | 1,985,050,745.11 | 11.83% | -2.26% |
Accountsreceivable
| Accounts receivable | 1,963,710,151.61 | 11.52% | 1,810,015,596.33 | 10.79% | 0.73% |
Inventory
| Inventory | 1,214,012,761.29 | 7.12% | 1,524,274,720.24 | 9.08% | -1.96% |
Investmentproperties
| Investment properties | 85,850,636.19 | 0.50% | 91,136,832.31 | 0.54% | -0.04% |
Long-term equityinvestment
| Long-term equity investment | 10,561,060.79 | 0.06% | 8,427,450.24 | 0.05% | 0.01% |
Fixed assets
| Fixed assets | 1,611,144,579.04 | 9.45% | 1,720,724,257.46 | 10.25% | -0.80% |
Construction inprogress
| Construction in progress | 457,357,111.28 | 2.68% | 359,768,699.68 | 2.14% | 0.54% |
Right-of-useassets
| Right-of-use assets | 10,275,253.96 | 0.06% | 13,802,458.98 | 0.08% | -0.02% |
Short-termborrowing
| Short-term borrowing | 93,239,299.06 | 0.55% | 95,003,320.70 | 0.57% | -0.02% |
Contractliabilities
| Contract liabilities | 867,810,932.52 | 5.09% | 1,019,942,923.58 | 6.08% | -0.99% |
Lease liabilities
| Lease liabilities | 10,197,520.49 | 0.06% | 10,750,792.90 | 0.06% | 0.00% |
The proportion of overseas assets is relatively high
□ Applicable ? Not applicable
2. Assets and liabilities measured with fair value
? Applicable □ Not applicable
Unit: yuan
| Item | Opening balance | Fair value change gains and losses for the current period | Cumulative fair value changes recognized in equity | Impairment recognized in the current period | Purchase amount for the current period | Amount sold in the current period | Other alterations | Closing balance |
Financial assets
Financial assets
1. Trading financial
assets (excludingderivative financialassets)
| 1. Trading financial assets (excluding derivative financial assets) | 2,730,000,000.00 | 2,180,000,000.00 |
4. Other equity
instrumentinvestments
| 4. Other equity instrument investments | 2,116,023.22 | 2,116,023.22 |
5. Other non-
current financialassets
| 5. Other non-current financial assets | 480,000,000.00 | 300,000,000.00 |
Total
| Total | 3,212,116,023.22 | 2,482,116,023.22 |
Financial liabilities
| Financial liabilities | 0.00 | 0.00 |
2024 Full Annual Report
Other changesDuring the reporting period, there was no significant change in the measurement attributes of the Company's mainly assets.
□ Yes ?No
3. Limitation on the assets and rights as of the end of the reporting period
Unit: yuan
| Item | At the end of the year | At the beginning of the year |
| Book balance | Book value | Type of restriction | Restriction details | Book balance | Book value | Type of restriction | Restriction details |
Monetarycapital
| Monetary capital | 67,828,552.62 | 67,828,552.62 | Guarantee deposit | — | 83,153,343.90 | 83,153,343.90 | Guarantee deposit | — |
Monetarycapital
| Monetary capital | 45,630,984.76 | 45,630,984.76 | Bill deposit | — | 23,717,043.12 | 23,717,043.12 | Bill deposit | — |
Monetarycapital
| Monetary capital | 13,000.00 | 13,000.00 | ETC deposit | — | 14,000.00 | 14,000.00 | ETC deposit | — |
| Fixed assets | 152,993,151.92 | 132,330,396.56 | Mortgage loan | — | 152,993,151.92 | 139,628,781.21 | Mortgage loan | — |
Intangible assets
| Intangible assets | 57,605,500.00 | 51,947,796.50 | Mortgage loan | — | 57,605,500.00 | 53,100,012.72 | Mortgage loan | — |
Total
| Total | 324,071,189.30 | 297,750,730.44 | — | — | 317,483,038.94 | 299,613,180.95 | — | — |
VII. Analysis of investment
1. Overall situation
□ Applicable ? Not applicable
2. Significant equity investments acquired during the reporting period
□ Applicable ? Not applicable
3. Significant ongoing non-equity investments during the reporting period
□ Applicable ? Not applicable
4. Financial asset investment
(1) Securities investments
□ Applicable ? Not applicable
The Company had no securities investments in the reporting period.
(2) Derivatives investment
□ Applicable ? Not applicable
The Company had no derivatives investments in the reporting period.
2024 Full Annual Report
5. Use of funds raised
□ Applicable ? Not applicable
No funds raised are used in the reporting period.VIII. Sales of major assets and equities
1. Sales of major assets
□ Applicable ? Not applicable
The Company did not sell major assets in the reporting period.
2. Sales of major equities
□ Applicable ? Not applicable
IX. Analysis of main holding and joint-stock companies? Applicable □ Not applicableJoint-stock companies that affect the net profits of the Company by more than 10% and main subsidiaries
Unit: yuan
| Company name | Company type | Main business | Registered capital | Total assets | Net assets | Operating income | Operating profit | Net profit |
ShanghaiROBAMElectricApplianceSales Co.,Ltd.
| Shanghai ROBAM Electric Appliance Sales Co., Ltd. | Subsidiary | Sales of kitchen electric appliance products | 5000000 | 121,463,277.47 | -36,489,467.94 | 402,674,321.47 | -6,521,387.12 | -7,434,483.42 |
BeijingROBAMElectricApplianceSales Co.,Ltd.
| Beijing ROBAM Electric Appliance Sales Co., Ltd. | Subsidiary | Sales of kitchen electric appliance products | 5000000 | 75,466,603.92 | 39,045,508.75 | 247,397,521.28 | 1,854,709.99 | 775,630.06 |
HangzhouMingqiElectricCo., Ltd.
| Hangzhou Mingqi Electric Co., Ltd. | Subsidiary | Sales of kitchen electric appliance products | 50000000 | 205,651,162.08 | 40,419,522.29 | 572,746,579.11 | 4,723,618.63 | 4,081,866.49 |
ShengzhouKindeIntelligentKitchenElectricCo., Ltd.
| Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd. | Subsidiary | Production and sales of kitchen appliance products | 32653061 | 386,614,286.70 | 187,816,643.67 | 98,696,182.28 | -34,005,692.86 | -33,186,068.46 |
HangzhouJinheElectricAppliancesCo., Ltd
| Hangzhou Jinhe Electric Appliances Co., Ltd | Subsidiary | Sales of kitchen electric appliance products | 10000000 | 163,421,410.17 | 29,762,401.05 | 440,331,699.07 | 9,857,537.37 | 7,139,529.02 |
HangzhouROBAME-CommerceCo., Ltd.
| Hangzhou ROBAM E-Commerce Co., Ltd. | Subsidiary | Sales of kitchen electric appliance products | 10000000 | 146,738,081.05 | 19,532,938.62 | 475,419,125.62 | 12,710,583.25 | 9,532,938.62 |
Acquisition and disposal of subsidiaries during the reporting period
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□ Applicable ? Not applicable
Description of main holding and joint-stock companiesN/AX. Structured entities controlled by the company
□ Applicable ? Not applicable
XI. Prospect of the company's future developmentMission: To render happiness of kitchen life for more familiesVision: To be a world-class century-old leader of cooking innovationStrategic direction: Focus, innovation, transformationStrategy description: Company development strategy (2023--2025)We continue to focus on the cooking sector, leveraging "value enhancement, user-centricity, synergy promotion, and growthexpansion" as key drivers. Through digital kitchen appliances, we propel "product innovation, model innovation, and systeminnovation," establishing a new core competitiveness grounded in "technology + humanity." We build a user operation system,optimize the brand synergy matrix, and accelerate the transformation of channels toward 2C capabilities, seizing structuralopportunities to continuously expand our core business advantages. With greater determination, more flexible mechanisms, and amore diverse talent pool, we swiftly break through strategic business bottlenecks. Upholding the entrepreneurial spirit ofperseverance symbolized by the "vise spirit," we empower our culture, creating a more dynamic and diverse organization whilerebuilding specialized capabilities tailored to the new environment. To become a comprehensive end-to-end cooking solutionprovider and recreate a new Robam.Strategic objective:
Create a new Robam by 2025.
XII. Reception, research, communication, interview and other activities during thereporting period? Applicable □ Not applicable
| Reception time | Reception place | Reception way | Type of received object | Received object | Main points of discussion and information provided | Basic information index of the survey |
April 30, 2024
| April 30, 2024 | Panorama Network | Online communication on network platforms | Individual | Individual | Refer to the Panorama Network Investor Relations Interactive Platform | Refer to the Panorama Network Investor Relations Interactive Platform |
May 23, 2024
| May 23, 2024 | Company | Field survey | Organization | Organization | See the Record Chart of Investor Relation Activities on May 23, 2024 | See the Record Chart of Investor Relation Activities on May 23, 2024 |
XIII. Implementation of market value management system and valuation enhancement planHas the company established a Market Value Management System?? Yes □ NoHas the company disclosed its Valuation Enhancement Plan?
□ Yes ?No
The Company convened the Twelfth Meeting of the Sixth Board of Directors on December 24, 2024, which reviewed and
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approved the "Proposal on Formulating the Market Value Management System of Hangzhou Robam Electric Co., Ltd."XIV. Implementation of the action plan of "Double Improvement of Quality and Return"Whether the Company has disclosed the Action Plan for "Double Improvement of Quality and Return".? Yes □ NoRobam, in alignment with its development strategy and operational plans, has formulated the "Double Improvement of Quality andReturn" action plan to safeguard the interests of all shareholders, bolster shareholders’ confidence, and support the company'shigh-quality development. The specific measures are as follows:
I. Adhere to the core business and fulfill the mission to achieve high-quality developmentFor over 40 years, Robam has dedicated itself to the culinary industry. In the past, present, and future, we remain committed todriving culinary innovation by popularizing digital cooking technology, providing tailored hardware and software solutions forevery individual and household. By integrating resources across the entire cooking industry chain, we have established a multi-brand matrix and a comprehensive product portfolio to benefit more families. Through our proprietary AI cooking curve, we applyprecise temperature and time control to every stage of the cooking process, ensuring optimal flavor and nutrition while makingcooking more accurate and high-efficiency. We aim to lower the threshold of cooking, allowing people to fully enjoy creativity inthe culinary process. This will foster stronger family bonds and social interactions, contributing to the construction of moreharmonious and beautiful households in society, while preserving and passing on the legacy of culinary culture.A comprehensive solution provider for the entire cooking ecosystem, this is Robam's new corporate positioning, activelyembracing social responsibility, seeking self-transformation and upgrading, and exploring future industry development under thebackdrop of the nation's drive to foster new quality productive forces in the new era. Robam has always adhered to the "innovation,responsibility, and pragmatism" spirit of the pliers' entrepreneurship, steadfastly focusing on its core business and continuouslyseeking self-breakthroughs. With undivided dedication to the kitchen appliance sector, this long-term approach has yieldedrewarding performance, establishing Robam as a leader in China's kitchen appliance industry and consistently driving itstransformation and innovation.II. Enhance the quality of information disclosure and standardize corporate governanceThe information disclosure mechanism of listed companies is crucial to ensuring market transparency and fairness. Over the years,the company has strictly complied with laws, regulations, and normative documents in fulfilling its information disclosureobligations. It has continuously improved its information disclosure management mechanisms to ensure the truthfulness, accuracy,completeness, timeliness, and fairness of disclosed information. Additionally, the company has proactively strengthened thedisclosure of key information such as industry changes, business operations, and risk factors, continuously improving the qualityof information disclosure. Since 2013, Robam has received an "A" grade in the Shenzhen Stock Exchange's information disclosureassessment for 11 consecutive years. In addition, the company consistently focuses on conveying diversified intrinsic value toinvestors. To date, the company has voluntarily disclosed 9 CSR Reports and 4 ESG Reports.III. Safeguard shareholder rights and interests, demonstrate long-term valueSince its listing in 2010, the company has maintained stable annual dividends, consistently prioritizing the interests of its investors.In December 2023, the company announced a special dividend distribution plan for shareholder returns, which was implementedand completed in the following month. Following the release of the new "National Nine Articles," the company promptlyresponded by institutionalizing special dividends. By the end of April 2024, it issued the "Shareholder Return Plan for the NextThree Years (2024–2026)," explicitly proposing biannual cash dividends—once in the first half and once in the second half of eachyear—with a cash dividend payout ratio of no less than 50%, to be steadily increased based on operational performance. Movingforward, the company will continue to maintain stable profit distribution, enhance communication channels for investorparticipation in dividend decision-making, and uphold a long-term, stable shareholder value return mechanism.IV. Strengthen investor relations management and enhance capital market valueThe company places high importance on investor relations management, continuously strengthening communication andengagement with its investors to better convey and enhance the company's investment value. The company enhances positiveinteraction with its investors through various forms and channels, such as performance briefings, investor open days, on-siteinvestor research, investor hotlines, and the Shenzhen Stock Exchange's "Interactive Easy" platform. It focuses on improving thetransparency of corporate operations and management, boosting investor recognition of the company's value, and continuouslyenhancing the company's capital market value. In terms of overseas investor relations management, the company leveragesindustry characteristics that align with the long-term investment style of international value investors, regularly conductingroadshows and promptly disclosing English versions of periodic reports and ESG reports. In the future, the company will continueto strictly fulfill its responsibilities and obligations as a listed company, resolutely implement its strategic development plan,continuously enhance its core competitiveness, and drive high-quality sustainable growth. It will firmly uphold the commitment tocreating value and increasing returns for its shareholders, practicing an investor-centric value philosophy. The company willactively implement the directives from the meetings of the Central Political Bureau and the State Council, diligently execute its"Double Improvement of Quality and Return" action plan, effectively boost its investors' confidence in the market, and contributeto the positive and healthy development of the capital markets.
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Section IV. Corporate GovernanceI. Basic state of corporate governanceIn the reporting period, the Company constantly improved the corporate governance structure, established and improved internalmanagement and control systems, and continued to carry out in-depth corporate governance activities in strict accordance with theCompany law, the Securities Law, the Governance Guidelines for Listed Companies, the Rules for Stock Listing of Shenzhen StockExchange and relevant laws and regulations of China Securities Regulatory Commission to further regulate the Companyoperation and improve the corporate government level. By the end of the reporting period, the actual situation of corporategovernance conformed to the normative documents on listed corporate governance issued by China Securities RegulatoryCommission.During the reporting period, the Company operated in strict accordance with national laws and regulations, Rules for Stock Listingof Shenzhen Stock Exchange and the Guidelines on the Standardized Operation of Listed Companies on the Main Board, andperformed its obligations of information disclosure in a timely, complete, true, accurate and fair manner. The Company has notreceived the relevant documents of administrative supervision measures taken by the regulatory authorities.
(1) Shareholders and shareholders' meeting
In strict accordance with the Rules of the Shareholders' Meeting of Listed Companies and the Rules of Procedure of theShareholders' Meeting, the Company shall convene the shareholders' meeting to ensure that all shareholders, especially minorityshareholders, enjoy equal status and fully exercise their rights.
(2) Company and controlling shareholders
The Company has independent business and operational independence and is independent from the controlling shareholders inbusiness, personnel, assets, institutions and finance. The Company's board of directors, the board of supervisors and internalorganize operate independently. The controlling shareholders of the Company can strictly regulate their own behaviors, withoutdirectly or indirectly intervening in the Company's decision-making and business activities beyond the shareholders’ meeting.
(3) Directors and board of directors
The Company elects its directors in strict accordance with the recruiting procedures stipulated in the Articles of Association; all thedirectors of the Company can carry out their work in accordance with the Rules of Procedure of the Board of Directors andGuidelines on the Behaviors of Directors of Listed Companies, attend the board of directors and shareholders' meetings earnestly,actively participate in the training of relevant knowledge, and be familiar with relevant laws and regulations.
(4) Supervisors and Board of Supervisors
The Company shall elect supervisors in strict accordance with the relevant provisions of the Company Law and the Articles ofAssociation, and the number and composition of the board of supervisors shall meet the requirements of laws and regulations. Inaccordance with the requirements of the Rules of Procedure of the Board of Supervisors, the Company's supervisors can earnestlyperform their duties, effectively supervise the Company's major issues, related party transactions, financial condition, and theperformance of directors and senior executives, and express independent opinions.
(5) Performance Evaluation and Incentive and Restraint Mechanisms
The Company is gradually establishing a fair and transparent performance evaluation standard and incentive and restraintmechanism for directors, supervisors and senior executives. The appointment of the Company's senior executives is open andtransparent and conforms to the provisions of laws and regulations.
(6) Information Disclosure and Transparency
The Company carries out information disclosure and investor relations management under the board secretary responsibilitysystem; the Company performs the information disclosure procedure in strict accordance with the Measures for the Administrationof Information Disclosure and discloses the information on the designated information disclosure media such as Securities Times,China Securities Journal, Securities Daily, Shanghai Securities News and cninfo in a true, accurate, complete and timely manneraccording to law; meanwhile, according to the requirements of the Measures for the Investor Relations Management, the Companystandardizes investor reception procedures, receives visits and inquiries from shareholders, and ensures that all shareholders haveequal access to the Company information.
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(7) Stakeholder
The Company fully respects and safeguards the legitimate rights and interests of relevant stakeholders, realizes the coordinationand balance of interests of the society, shareholders, the Company and employees, and jointly promotes the sustainable and steadydevelopment of the Company.
(8) Internal Audit System
The Company has established an internal audit system and set up an internal audit department. The board of directors hasappointed the person in charge of internal audit to effectively control the Company's daily operation and management, internalcontrol system and major issues of the Company. There is no significant difference between the actual situation of corporategovernance and the normative documents on listed corporate governance issued by China Securities Regulatory Commission.Whether there is significant difference between the actual situation of corporate governance and the laws, administrativeregulations and the provisions on the listed corporate governance issued by China Securities Regulatory Commission.
□ Yes ?No
There is no significant difference between the actual situation of corporate governance and the laws, administrative regulations andthe provisions on the listed corporate governance issued by China Securities Regulatory Commission.II. Independence of the company relative to the controlling shareholders and actualcontrollers in ensuring the company's assets, personnel, finance, organization, business, etc.The Company operates in strict accordance with the Company Law and the Articles of Association, establishes and improves thecorporate governance structure, is completely separated from the controlling shareholders in terms of business, personnel, assets,institutions and finance, and has independent and complete business and independent operation capability.III. Horizontal competition
□ Applicable ? Not applicable
IV. Information about the annual general meeting of shareholders and extraordinarygeneral meeting of shareholders held during the reporting period
1. General meeting of shareholders during the reporting period
| Meeting session | Meeting type | Investor participation proportion | Convening date | Date of disclosure | Meeting resolution |
Annual generalmeeting ofshareholders in 2023
| Annual general meeting of shareholders in 2023 | Annual general meeting of shareholders | 64.28% | May 16, 2024 | May 17, 2024 | Announcement of Resolutions of 2023 Annual General Meeting of Shareholders (Announcement No.: 2024-031) |
First extraordinarygeneral meeting ofshareholders in 2024
| First extraordinary general meeting of shareholders in 2024 | Extraordinary general meeting of shareholders | 62.46% | June 19, 2024 | June 20, 2024 | Announcement of Resolutions of 2024 First Extraordinary General Meeting of Shareholders (2024-045) |
2. The preferred shareholders with voting rights restored request an extraordinary general meeting ofshareholders
□ Applicable ? Not applicable
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V. Directors, supervisors and senior management
1. Basic information
| Name | Gender | Age | Position | Status of service | Start date of tenure | End date of tenure | Number of shares held at the beginning of the period (shares) | Number of shares increased in current period (shares) | Number of shares decreased in current period (shares) | Other changes (shares) | Number of shares held at the end of the period (shares) | Reasons for increase or decrease of shares |
RenJianhua
| Ren Jianhua | Male | 68 | Chairman | Incumbent | August 18, 2023 | August 17, 2026 | 5,923,150 | 0 | 0 | 0 | 5,923,150 | N/A |
RenFujia
| Ren Fujia | Male | 41 | Deputy chairman, general manager | Incumbent | August 18, 2023 | August 17, 2026 | 2,100,075 | 0 | 0 | 0 | 2,100,075 | N/A |
XiaZhiming
| Xia Zhiming | Male | 49 | Director and deputy general manager | Incumbent | August 18, 2023 | August 17, 2026 | 411,950 | 0 | 0 | 0 | 411,950 | N/A |
HeYadong
| He Yadong | Male | 50 | Director and deputy general manager | Incumbent | August 18, 2023 | August 17, 2026 | 411,950 | 0 | 0 | 0 | 411,950 | N/A |
ZhaoJihong
| Zhao Jihong | Male | 62 | Director | Incumbent | August 18, 2023 | August 17, 2026 | 1,267,565 | 0 | 0 | 0 | 1,267,565 | N/A |
WangGang
| Wang Gang | Male | 49 | Director, secretary to the board of directors | Incumbent | August 18, 2023 | August 17, 2026 | 576,750 | 0 | 0 | 0 | 576,750 | N/A |
ChenYuanzhi
| Chen Yuanzhi | Male | 47 | Independent director | Incumbent | August 18, 2023 | August 17, 2026 | 0 | 0 | 0 | 0 | 0 | N/A |
YuLieming
| Yu Lieming | Male | 47 | Independent director | Incumbent | August 18, 2023 | August 17, 2026 | 0 | 0 | 0 | 0 | 0 | N/A |
ChengZhiyong
| Cheng Zhiyong | Male | 45 | Independent director | Incumbent | August 18, 2023 | August 17, 2026 | 0 | 0 | 0 | 0 | 0 | N/A |
RenLuozhong
| Ren Luozhong | Male | 62 | Chairman of the board of supervisors | Incumbent | August 18, 2023 | August 17, 2026 | 1,267,562 | 0 | 0 | 0 | 1,267,562 | N/A |
ZhangLinyong
| Zhang Linyong | Male | 59 | Supervisor | Incumbent | August 18, 2023 | August 17, 2026 | 834,315 | 0 | 0 | 0 | 834,315 | N/A |
ShenGuoliang
| Shen Guoliang | Male | 59 | Supervisor | Incumbent | August 18, 2023 | August 17, 2026 | 1,143,264 | 0 | 0 | 0 | 1,143,264 | N/A |
TangGenquan
| Tang Genquan | Male | 64 | Employee superviso | Incumbent | August 18, | August 17, | 834,312 | 0 | 0 | 0 | 834,312 | N/A |
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| r | 2023 | 2026 |
WangFang
| Wang Fang | Female | 35 | Employee supervisor | Incumbent | August 18, 2023 | August 17, 2026 | 0 | 0 | 0 | 0 | 0 | N/A |
ZhouHaixin
| Zhou Haixin | Male | 49 | Deputy general manager | Incumbent | August 18, 2023 | August 17, 2026 | 0 | 0 | 0 | 0 | 0 | N/A |
ZhangGuofu
| Zhang Guofu | Male | 55 | Chief financial officer | Incumbent | August 18, 2023 | August 17, 2026 | 411,950 | 0 | 0 | 0 | 411,950 | N/A |
Total
| Total | -- | -- | -- | -- | -- | -- | 15,182,843 | 0 | 0 | 0 | 15,182,843 | -- |
During the reporting period, whether there was any resignation of directors and supervisors and dismissal of senior managementduring their term of office
□ Yes ?No
Change of directors, supervisors and senior management
□ Applicable ? Not applicable
2. Service status
Professional background, main work experience and main responsibilities currently in the Company of current directors,supervisors and senior management of the Company
1) Resume of current directors
Mr. Ren Jianhua, Han nationality, born in August 1956, Chinese, without permanent residency abroad; junior high schooleducation, member of Communist Party of China, economist. He began to work in 1978 and successively served as the supply andmarketing section chief and factory director of Yuhang Hongxing Hardware Factory, the chairman, general manager and Secretaryof the Party branch of Hangzhou Robam Industrial Group Co., Ltd., and the chairman and general manager of Hangzhou RobamHome Appliances & Kitchen Sanitary Co., Ltd. He has won the titles of national model worker and outstanding member ofCommunist Party of Zhejiang Province, and was elected as the deputy to the 8th and 10th National People's Congress of ZhejiangProvince, deputy to the 11th National People's Congress of Hangzhou City, the Party representative, deputy to the 12th and 13thNational People's Congress of Hangzhou City, and the 12th Fengyun Zhejiang Merchants. At present, he is the chairman ofHangzhou ROBAM Appliances Co., Ltd., Hangzhou Robam Industrial Group Co., Ltd., Hangzhou Nbond Nonwoven Co., Ltd.,Hangzhou Guoguang Touring Commodity Co., Ltd., Hangzhou Amblem Kitchenware Co., Ltd., the executive director and generalmanager of Hangzhou Mingqi Electric Co., Ltd., the executive director and general manager of Hangzhou ROBAM FuchuangInvestment Management Co., Ltd., the deputy chairman of Garden Hotel Hangzhou, the executive director of Zhejiang HangzhouYuhang Rural Commercial Bank Company Limited, Hangzhou Dongming Forest Park Co., Ltd., Hangzhou Bonyee DailyNecessity Technology Co., Ltd., the executive director and general manager of Hangzhou Jinchuang Investment Co., Ltd., theexecutive partner of Hangzhou Jinnuochang Investment Management Partnership (Limited Partnership).Mr. Ren Fujia, Han nationality, born in January 1983, Chinese, without permanent residency abroad; bachelor degree. He used tobe the product manager of marketing department and the deputy general manager of R&D center of Hangzhou ROBAM IndustrialGroup Co., Ltd., the deputy general manager of Hangzhou ROBAM Home Appliances & Kitchen Sanitary Co., Ltd.; now he is thedirector of Hangzhou Nbond Nonwoven Co., Ltd., the deputy chairman and general manager of Hangzhou ROBAM AppliancesCo., Ltd., the director of Hangzhou Amblem Kitchenware Co., Ltd., and the deputy chairman of De Dietrich Trade (Shanghai) Co.,Ltd.Mr. Xiazhiming, Han nationality, born in May 1975, Chinese, without permanent residency abroad; college degree. He began towork in 1996 and successively served as the production section chief of Qiaori Electric Products Factory, the manufacturingdirector of Foxconn Technology Co., Ltd. and the production director of the Company's production center. At present, he isdirector and deputy general manager of the Company.Mr. He Yadong, Han nationality, born in August 1974, Chinese, without permanent residency abroad; bachelor degree, senioreconomist. He began to work in 2000 and successively served as the marketing section chief, director of marketing department anddeputy general manager of marketing center of ROBAM Group, the assistant to general manager of ROBAM Home Appliances,and director of the Company. At present, he is director and deputy general manager of the Company.Mr. Zhaojihong, Han nationality, born in December 1962, Chinese, without permanent residency abroad; master degree, senioreconomist. He successively served as the chairman and general manager of Hubei Huangshi Jinye Group Co., Ltd, the deputygeneral manager and general manager of the marketing center of ROBAM Group, the deputy general manager and generalmanager of the marketing center of ROBAM Home Appliances, and the deputy general manager of the Company. He hassuccessively won the titles of national outstanding entrepreneur, outstanding Hangzhou merchant in the World, "Top 10 influentialfigures in China's kitchen and bathroom industry", "Top 10 personalities in China's home appliance industry", and twice won theMondale world economic man achievement award and was selected into the dictionary of Chinese experts and celebrities. Atpresent, he is the director of the Company, the director of uTransHub Technologies Co., Ltd., the director and general manager ofHangzhou ROBAM Appliances Co., Ltd., the director of Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd., and the chairmanof Zhejiang Cooking Future Technology Co., Ltd.Mr. Wang Gang, Han nationality, born in October 1975, Chinese, without permanent residency abroad; master degree, a member
2024 Full Annual Report
of the Communist Party of China, certified public accountant, senior economist.. He used to be an inspector of Haining LocalTaxation Bureau of Zhejiang Province, the R&D director of Shanghai Realize Investment Consulting Co., Ltd., the secretary of theboard of directors, director of human resources, general manager assistant of Shanghai Hailong Software Co., Ltd, and thesecretary of the board of directors of Hangzhou ROBAM Home Appliances & Kitchen Sanitary Co., Ltd. At present, he is thedirector of Hangzhou Nbond Nonwoven Co., Ltd., the director and board secretary of Hangzhou Robam Appliances Co., Ltd., theexecutive director and general manager of Hangzhou Robam Holding Co., Ltd., the director of Hangzhou Fortune Gas CryogenicGroup Co., Ltd., the director of De Dietrich Trade (Shanghai) Co., Ltd., the director of Hangzhou Guoguang Touring CommodityCo., Ltd, the supervisor of Hangzhou Robam Fuchuang Investment Management Co., Ltd., the director of Shengzhou KindeIntelligent Kitchen Electric Co., Ltd., the supervisor of Shanghai MXCHIP Information Technology Co., Ltd., the director ofHangzhou Weisheng Tech. Co.,Ltd., the independent director of Hangzhou Great Star Industrial Co., Ltd., the independentdirector of Hangzhou XZB Tech Co., Ltd., the legal representative and secretary-general of the Listed Companies Association ofLinping District, Hangzhou.Mr. Chen Yuanzhi, Han nationality, born in November 1977, Chinese, member of Communist Party of China, doctor degree inmanagement, is now the independent director of the Company, a professor of China Executive Leadership Academy Pudong, anadjunct professor of East China Normal University, an adjunct researcher in the Research Center of Technological Innovation,Tsinghua University, the executive director of China Soft Science Research Society, a managing director of the Chinese Instituteof Business Administration, and an expert of Shanghai Science and Technology Expert Database.Mr. Yu Lieming, Han nationality, born in December 1977, Chinese, without permanent residency abroad, master degree. He beganto work in 1994 and successively served as the deputy director of the Administration Committee of Yuhang Economic andTechnological Development Zone of Hangzhou, the vice president of Chunfeng Holdings Group Co., Ltd., the chairman of theboard of supervisors of Zhejiang CFMOTO Power Co., Ltd., and the executive vice president and secretary of the board ofdirectors of Hamaton Automotive Technology Co., Ltd. At present, he is an independent director of the Company and theexecutive director of Hangzhou Xinlan Energy Engineering Co., Ltd.Mr. Cheng Zhiyong, born in March 1980, Han nationality, a member of the Communist Party of China, Chinese, withoutresidency abroad, bachelor degree. He served as the senior manager of BDO China Shu Lun Pan CPAs from July 2004 toSeptember 2010, and then served as the deputy general manager, secretary of the board of directors and chief financial officer ofZhejiang Kaier New Materials Co., Ltd. from October 2010 to March 2017. At present, he is the independent director of theCompany, the general manager of Zhejiang Tenghua Assets Management Co., Ltd., the executive director and general manager ofHangzhou Weifengheng Enterprise Management Consulting Co., Ltd., the independent director of Zhejiang DebaoCommunication Technologies Co., Ltd., and the independent director of Everich and Tomic Housewares Co., Ltd.
2) Resume of current supervisors
Mr. Ren Luozhong, Han nationality, born in August 1962, Chinese, without permanent residency abroad; EMBA, assistanteconomist. He began to work in 1982 and successively served as the operation director of Yuhang Hongxing Hardware Factory,the deputy general manager, general manager of the marketing center, general manager of the technology center and director of thefirst production department of Robam Group, the director and deputy general manager of Robam Home Appliances, and thedeputy general manager of the Company. At present, he is the chairman of the board of supervisors of the Company, the deputychairman of Hangzhou ROBAM Industrial Group Co., Ltd., the director of Hangzhou Amblem Kitchenware Co., Ltd., thepresident of Hangzhou Linping District ROBAM Charity Foundation.Mr. Zhang Linyong, Han nationality, born in August 1965, Chinese, without permanent residency abroad; high school education,member of Communist Party of China, assistant economist. He began to work in 1984 and successively served as the officedirector of Yuhang Hongxing Hardware Factory, the general manager, director of the engineering department of Hangzhou HuafaElectric Appliance Co., Ltd., and the director of ROBAM Home Appliances. At present, he is the supervisor of the Company, thedirector of Hangzhou ROBAM Industrial Group Co., Ltd.Mr. Shen Guoliang, Han nationality, born in November 1965, Chinese, without permanent residency abroad; high schooleducation. He began to work in 1982 and successively served as the chief of the transportation section, chief financial officer andthe deputy general manager of the marketing center of Yuhang Hongxing Hardware Factory, the director of ROBAM HomeAppliances, and the chairman of the board of supervisors of the Company. At present, he is the supervisor of the Company, thedirector of Hangzhou ROBAM Industrial Group Co., Ltd., the deputy chairman of Shengzhou Kinde Intelligent Kitchen ElectricCo., Ltd., the director of Zhejiang Cooking Future Technology Co., Ltd., the supervisor of Hangzhou Amblem Kitchenware Co.,Ltd., and the supervisor of Beijing ROBAM Electric Appliance Sales Co., Ltd.Mr. Tang Genquan, Han nationality, born in October 1960, Chinese, without permanent residency abroad; college degree, engineer.He began to work in 1979 and successively served as the mould workshop director and technical director of Yuhang HongxingHardware Factory, the deputy general manager of technology, general manager of production quality and director of the thirdproduction department of Robam Group, the director of Robam Home Appliances. In 1993-1994 and 2005-2006, he was awardedas the outstanding scientific and technological worker of Hangzhou. In 2004, he was selected into the "new century talent project139 youth talent cultivation candidate list", applied for 1 national invention patent, 7 utility model patents and 10 design patents.He has been employed as a member of China daily hardware industry expert committee since 1996 and the deputy secretarygeneral of fifth China daily hardware industry expert committee since 2006. At present, he is the employee representativesupervisor of the Company, the director of Hangzhou ROBAM Industrial Group Co., Ltd., the supervisor of Hangzhou ROBAMGas Station Co., Ltd., and the secretary general of Hangzhou Linping District ROBAM Charity Foundation.Ms. Wang Fang, born in July 1989, Han nationality, Chinese, without permanent residency abroad, college degree, junioraccountant. She began to work in 2012 and successively served as the cashier and tax manager of Hangzhou ROBAM AppliancesCo., Ltd. At present, she is the employee representative supervisor of the Company.
3) Resume of current senior management
Mr. Ren Fujia, who is currently the general manager of the Company. Please refer to the resume of the directors of the Companyfor the introduction.
2024 Full Annual Report
Mr. Xia Zhiming, who is currently the deputy general manager of the Company. Please refer to the resume of the directors of theCompany for the introduction.Mr. He Yadong, who is currently the deputy general manager of the Company. Please refer to the resume of the directors of theCompany for the introduction.Mr. Zhou Haixin, Han nationality, born in February 1975, Chinese, without permanent residency abroad; doctor degree, seniorengineer. He began to work in 2001 and successively served as the researcher of Agilent Technologies Software Co. Ltd., theproject manger of Sony Ericsson Mobile Communication Products Co., Ltd., the project director of Qingdao Haier Telecom Co.,Ltd., the R&D director of Guangbao Mobile Electronic and Telecommunication Components Co., Ltd., and the senior R&Ddirector of the Company. At present, he is the deputy general manager of the Company.Mr. Wang Gang, who is currently the secretary of the board of directors of the Company. Please refer to the resume of thedirectors of the Company for the introduction.Mr. Zhang Guofu, Han nationality, born in December 1969, Chinese, without permanent residency abroad; bachelor degree. Hebegan to work in 1990 and successively served as the capital section chief, director of financial center of Hangzhou RobamIndustrial Group Co., Ltd., and financial chief of Hangzhou Robam Home Appliances & Kitchen Sanitary Co., Ltd. At present, heis the financial director of our company, the supervisor of Hangzhou ROBAM Holding Co., Ltd., the supervisor of HangzhouMingqi Electric Appliances Co., Ltd., the director of Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd., and the director ofDe Dietrich Trade (Shanghai) Co., Ltd.Service status in the shareholder unit? Applicable □ Not applicable
| Name of staff | Shareholder unit name | Position held in shareholder unit | Start date of tenure | End date of tenure | Whether to receive remuneration or allowance in the shareholder unit |
Ren Jianhua
| Ren Jianhua | Hangzhou ROBAM Industrial Group Co., Ltd. | Chairman | No |
Ren Luozhong
| Ren Luozhong | Hangzhou ROBAM Industrial Group Co., Ltd. | Deputy chairman | No |
Zhao Jihong
| Zhao Jihong | Hangzhou ROBAM Industrial Group Co., Ltd. | Director, general manager | No |
Shen Guoliang
| Shen Guoliang | Hangzhou ROBAM Industrial Group Co., Ltd. | Director | No |
Zhang Linyong
| Zhang Linyong | Hangzhou ROBAM Industrial Group Co., Ltd. | Director | No |
Tang Genquan
| Tang Genquan | Hangzhou ROBAM Industrial Group Co., Ltd. | Director | No |
Service status in other unit? Applicable □ Not applicable
| Name of staff | Other unit name | Position held in other unit | Start date of tenure | End date of tenure | Whether to receive remuneration or allowance in other unit |
Ren Jianhua
| Ren Jianhua | Hangzhou Nbond Nonwoven Co., Ltd. | Chairman |
Ren Jianhua
| Ren Jianhua | Hangzhou Amblem Kitchenware Co., Ltd. | Chairman |
Ren Jianhua
| Ren Jianhua | Garden Hotel Hangzhou | Deputy chairman |
Ren Jianhua
| Ren Jianhua | Hangzhou Dongming Forest Park Co., Ltd. | Director |
Ren Jianhua
| Ren Jianhua | Zhejiang Hangzhou Yuhang Rural Commercial Bank | Director |
2024 Full Annual Report
Company LimitedRen Jianhua
| Ren Jianhua | Hangzhou Jinnuochang Investment Management Partnership (Limited Partnership) | Executive partner |
Ren Jianhua
| Ren Jianhua | Hangzhou Guoguang Touring Commodity Co., Ltd | Chairman |
Ren Jianhua
| Ren Jianhua | Hangzhou Bonyee Daily Necessity Technology Co., Ltd. | Executive director |
Ren Jianhua
| Ren Jianhua | Hangzhou ROBAM Fuchuang Investment Management Co., Ltd. | Executive director and general manager |
Ren Jianhua
| Ren Jianhua | Hangzhou Mingqi Electric Co., Ltd. | Executive director and general manager |
Ren Fujia
| Ren Fujia | De Dietrich Trade (Shanghai) Co., Ltd. | Deputy chairman |
Ren Fujia
| Ren Fujia | Hangzhou Nbond Nonwoven Co., Ltd. | Director |
Ren Fujia
| Ren Fujia | Hangzhou Amblem Kitchenware Co., Ltd. | Director |
Zhao Jihong
| Zhao Jihong | Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd. | Chairman |
Zhao Jihong
| Zhao Jihong | uTransHub Technologies Co., Ltd. | Director |
Zhao Jihong
| Zhao Jihong | Zhejiang Cooking Future Technology Co., Ltd. | Chairman |
Wang Gang
| Wang Gang | Hangzhou Nbond Nonwoven Co., Ltd. | Director |
Wang Gang
| Wang Gang | Hangzhou ROBAM Holding Co., Ltd. | Executive director and general manager |
Wang Gang
| Wang Gang | Hangzhou Fortune Gas Cryogenic Group Co., Ltd. | Director |
Wang Gang
| Wang Gang | De Dietrich Trade (Shanghai) Co., Ltd. | Director |
Wang Gang
| Wang Gang | Hangzhou Guoguang Touring Commodity Co., Ltd | Director |
Wang Gang
| Wang Gang | Hangzhou ROBAM Fuchuang Investment Management Co., Ltd. | Supervisor |
Wang Gang
| Wang Gang | Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd. | Director |
Wang Gang
| Wang Gang | Shanghai MXCHIP Information Technology Co., Ltd. | Supervisor |
Wang Gang
| Wang Gang | Versolsolar | Director |
2024 Full Annual Report
Hangzhou Co., Ltd.Wang Gang
| Wang Gang | Hangzhou Great Star Industrial Co., Ltd. | Independent director |
Wang Gang
| Wang Gang | Hangzhou XZB Tech Co., Ltd. | Independent director |
Chen Yuanzhi
| Chen Yuanzhi | China Executive Leadership Academy Pudong | Professor |
Chen Yuanzhi
| Chen Yuanzhi | Research Center of Technological Innovation, Tsinghua University | Researcher |
Yu Lieming
| Yu Lieming | Hangzhou Xinlan Energy Engineering Co., Ltd. | Executive director |
Cheng Zhiyong
| Cheng Zhiyong | Zhejiang Tenghua Assets Management Co., Ltd. | General Manager |
Cheng Zhiyong
| Cheng Zhiyong | Hangzhou Weifengheng Enterprise Management Consulting Co., Ltd. | Executive director and general manager |
Cheng Zhiyong
| Cheng Zhiyong | Zhejiang Debao Communication Technologies Co., Ltd. | Independent director |
Cheng Zhiyong
| Cheng Zhiyong | Everich and Tomic Housewares Co., Ltd. | Independent director |
Ren Luozhong
| Ren Luozhong | Hangzhou Amblem Kitchenware Co., Ltd. | Director |
Shen Guoliang
| Shen Guoliang | Hangzhou Amblem Kitchenware Co., Ltd. | Supervisor |
Shen Guoliang
| Shen Guoliang | Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd. | Deputy chairman |
Shen Guoliang
| Shen Guoliang | Beijing ROBAM Electric Appliance Sales Co., Ltd. | Supervisor |
Shen Guoliang
| Shen Guoliang | Zhejiang Cooking Future Technology Co., Ltd. | Director |
Tang Genquan
| Tang Genquan | Hangzhou ROBAM Gas Station Co., Ltd. | Supervisor |
Zhang Guofu
| Zhang Guofu | De Dietrich Trade (Shanghai) Co., Ltd. | Director |
Zhang Guofu
| Zhang Guofu | Hangzhou ROBAM Holding Co., Ltd. | Supervisor |
Zhang Guofu
| Zhang Guofu | Hangzhou Mingqi Electric Co., Ltd. | Supervisor |
Zhang Guofu
| Zhang Guofu | Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd. | Director |
Punishment of current directors, supervisors and senior management of the Company and those who left during the reportingperiod by securities regulators in recent three years
□ Applicable ? Not applicable
2024 Full Annual Report
3. Remuneration of directors, supervisors and senior management
Decision making procedures, determination basis and actual payment of remuneration of directors, supervisors and seniormanagementDecision making procedures, determination basis and actual payment of remuneration of directors, supervisors and seniormanagementThe Company has established a sound performance appraisal system and salary system for senior management, whose workperformance is directly linked to their income. The remuneration and appraisal committee of the board of directors is responsiblefor the year-end assessment of the working ability, performance of duties, completion of responsibility objectives, etc. of thesenior management, and preparing the remuneration plan and submitting it to the board of directors of the Company for approval.The remuneration of directors, supervisors and senior management shall be paid on time.Remuneration of directors, supervisors and senior management during the reporting period
Unit: 10,000 yuan
| Name | Gender | Age | Position | Status of service | Total pretax remuneration received from the Company | Whether to get remuneration from related parties of the Company |
Ren Jianhua
| Ren Jianhua | Male | 68 | Chairman | Incumbent | 87.21 | No |
Ren Fujia
| Ren Fujia | Male | 41 | Deputy chairman, general manager | Incumbent | 139.41 | No |
Xia Zhiming
| Xia Zhiming | Male | 49 | Director and deputy general manager | Incumbent | 147.04 | No |
He Yadong
| He Yadong | Male | 50 | Director and deputy general manager | Incumbent | 164.28 | No |
Zhao Jihong
| Zhao Jihong | Male | 62 | Director | Incumbent | 84.41 | No |
Wang Gang
| Wang Gang | Male | 49 | Director, secretary to the board of directors | Incumbent | 100.52 | No |
Chen Yuanzhi
| Chen Yuanzhi | Male | 47 | Independent director | Incumbent | 9.52 | No |
Yu Lieming
| Yu Lieming | Male | 47 | Independent director | Incumbent | 9.52 | No |
Cheng Zhiyong
| Cheng Zhiyong | Male | 45 | Independent director | Incumbent | 9.52 | No |
Ren Luozhong
| Ren Luozhong | Male | 62 | Chairman of the board of supervisors | Incumbent | 81.61 | No |
Zhang Linyong
| Zhang Linyong | Male | 59 | Supervisor | Incumbent | 65.91 | No |
Shen Guoliang
| Shen Guoliang | Male | 59 | Supervisor | Incumbent | 71.51 | No |
Tang Genquan
| Tang Genquan | Male | 64 | Employee supervisor | Incumbent | 83.49 | No |
Wang Fang
| Wang Fang | Female | 35 | Employee supervisor | Incumbent | 21.60 | No |
Zhou Haixin
| Zhou Haixin | Male | 49 | Deputy general manager | Incumbent | 352.28 | No |
Zhang Guofu
| Zhang Guofu | Male | 55 | Chief financial officer | Incumbent | 132.48 | No |
Total
| Total | -- | -- | -- | -- | 1,560.31 | -- |
Other information
□ Applicable ? Not applicable
VI. Performance of duties by directors during the reporting period
1. Board of directors during this reporting period
| Meeting session | Convening date | Date of disclosure | Meeting resolution |
The Fifth Meeting of the SixthBoard of Directors
| The Fifth Meeting of the Sixth Board of Directors | April 24, 2024 | April 25, 2024 | Announcement of the Resolution of ROBAM's 5th Meeting of the Sixth Board of Directors |
The Sixth Meeting of the Sixth
| The Sixth Meeting of the Sixth | May 20, 2024 | May 21, 2024 | Announcement of the |
2024 Full Annual Report
| Board of Directors | Resolution of ROBAM's 6th Meeting of the Sixth Board of Directors |
The Seventh Meeting of theSixth Board of Directors
| The Seventh Meeting of the Sixth Board of Directors | June 3, 2024 | June 4, 2024 | Announcement of the Resolution of ROBAM's 7th Meeting of the Sixth Board of Directors |
The Eighth Meeting of theSixth Board of Directors
| The Eighth Meeting of the Sixth Board of Directors | June 20, 2024 | June 21, 2024 | Announcement of the Resolution of ROBAM's 8th Meeting of the Sixth Board of Directors |
The Ninth Meeting of the SixthBoard of Directors
| The Ninth Meeting of the Sixth Board of Directors | August 26, 2024 | August 27, 2024 | Announcement of the Resolution of ROBAM's 9th Meeting of the Sixth Board of Directors |
The Tenth Meeting of the SixthBoard of Directors
| The Tenth Meeting of the Sixth Board of Directors | August 30, 2024 | August 31, 2024 | Announcement of the Resolution of ROBAM's 10th Meeting of the Sixth Board of Directors |
The Eleventh Meeting of theSixth Board of Directors
| The Eleventh Meeting of the Sixth Board of Directors | October 28, 2024 | October 29, 2024 | Announcement of the Resolution of ROBAM's 11th Meeting of the Sixth Board of Directors |
The Twelfth Meeting of theSixth Board of Directors
| The Twelfth Meeting of the Sixth Board of Directors | December 24, 2024 | December 25, 2024 | Announcement of the Resolution of ROBAM's 12th Meeting of the Sixth Board of Directors |
2. Attendance of directors at the board meetings and the general meeting of shareholders
Attendance of directors at the board meetings and the general meeting of shareholdersName ofdirector
| Name of director | Number of board meetings to be attended during this reporting period | Number of board meetings attended on site | Number of board meetings attended by correspondence | Number of board meetings delegated to attend | Number of board meetings absent | Whether not to personally attend the board meeting for two consecutive times | Number of shareholders' meetings attended |
Ren Jianhua
| Ren Jianhua | 8 | 7 | 1 | 0 | 0 | 2 |
Ren Fujia
| Ren Fujia | 8 | 7 | 1 | 0 | 0 | 2 |
Xia Zhiming
| Xia Zhiming | 8 | 7 | 1 | 0 | 0 | 1 |
He Yadong
| He Yadong | 8 | 7 | 1 | 0 | 0 | 1 |
Zhao Jihong
| Zhao Jihong | 8 | 7 | 1 | 0 | 0 | 0 |
Wang Gang
| Wang Gang | 8 | 7 | 1 | 0 | 0 | 2 |
Chen Yuanzhi
| Chen Yuanzhi | 8 | 6 | 2 | 0 | 0 | 1 |
Yu Lieming
| Yu Lieming | 8 | 6 | 2 | 0 | 0 | 1 |
ChengZhiyong
| Cheng Zhiyong | 8 | 6 | 2 | 0 | 0 | 1 |
Description on failure to personally attend the board meeting for two consecutive timesN/A
3. Objections made by directors on relevant matters
Whether the director raises any objection to the relevant matters of the Company
□ Yes ?No
During the reporting period, the directors did not raise any objection to the relevant matters of the Company.
2024 Full Annual Report
4. Other description on the performance of duties by the directors
Whether the relevant suggestions of the director to the Company have been adopted? Yes □ NoExplanation of the relevant suggestions of the director to the Company have or have not been adoptedN/AVII. Special committees under the board of directors during the reporting period
| Name of committee | Member | Number of meetings held | Convening date | Meeting content | Important opinions and suggestions proposed | Other description of performance of duties | Details of objections (if any) |
Auditcommittee
| Audit committee | Cheng Zhiyong, Chen Yuanzhi, Yu Lieming | 1 | January 15, 2024 | 1. Review the 2023 Audit Work Plan of the Company |
Auditcommittee
| Audit committee | Cheng Zhiyong, Chen Yuanzhi, Yu Lieming | 1 | April 23, 2024 | 1. Review the 2023 Audit Report of the Company; 2. Review the 2023 Internal Control Evaluation Report; 3. Review the "Proposal on the Reappointment of the Company's Audit Firm for the 2024 Fiscal Year"; 4. Review the "Full Text of the Company's First Quarter Report for 2024." |
Auditcommittee
| Audit committee | Cheng Zhiyong, Chen Yuanzhi, Yu Lieming | 1 | August 26, 2024 | 1. Review the Semiannual Report of the Company in 2024 |
Auditcommittee
| Audit committee | Cheng Zhiyong, Chen Yuanzhi, Yu Lieming | 1 | October 25, 2024 | 1. Review the Third Quarter Report of the Company in 2024 |
Remunerationandassessmentcommittee
| Remuneration and assessment committee | Yu Lieming, Chen Yuanzhi, Ren Fujia | 1 | January 29, 2024 | 1. Review the Proposal on 2023 Annual Performance Appraisal of Senior Management |
Remunerationandassessmentcommittee
| Remuneration and assessment committee | Yu Lieming, Chen Yuanzhi, Ren Fujia | 1 | April 23, 2024 | 1. Review The 2024 Stock Option Incentive Plan (draft) of Hangzhou ROBAM Appliances Co., Ltd. and its Abstract; 2. Review the Implementation, Assessment and Management Measures for the 2024 Stock Option Incentive Plan of Hangzhou ROBAM Appliances Co., Ltd.; 3. Review the Second Phase Business Partner Shareholding Plan (draft) of Hangzhou ROBAM Appliances Co., Ltd. and its |
2024 Full Annual Report
Abstract;
4. Review the
Implementation andAssessmentManagement Measuresfor the Second Phase ofBusiness PartnerShareholding Plan ofHangzhou ROBAMAppliances Co., Ltd.
Remunerationandassessmentcommittee
| Remuneration and assessment committee | Yu Lieming, Chen Yuanzhi, Ren Fujia | 1 | May 20, 2024 | 1. Review the Proposal on Adjusting the List of Incentive Targets and the Number of Stock Options Granted under the 2024 Stock Option Incentive Plan; 2. Review the Proposal on Granting Stock Options to Incentive Objects |
Remunerationandassessmentcommittee
| Remuneration and assessment committee | Yu Lieming, Chen Yuanzhi, Ren Fujia | 1 | June 20, 2024 | 1. Review and approve the Proposal on the Fulfillment of Exercise Conditions for the First Exercise Period of the 2023 Stock Option Incentive Plan; 2. Review and approve the Proposal on Adjusting the Exercise Price of the 2023 Stock Option Incentive Plan |
VIII. Work of board of supervisorsWhether the board of supervisors finds any risk of the Company in the supervision activities during the reporting period
□ Yes ?No
The board of supervisors has no objection to the supervisory matters during the reporting period.IX. Company employees
1. Number of employees, professional composition and education background
| Number of employees in the parent company at the end of the reporting period (person) | 3,717 |
Number of employees in major subsidiaries at the end of thereporting period (person)
| Number of employees in major subsidiaries at the end of the reporting period (person) | 1,449 |
Total number of employees at the end of the reporting period(person)
| Total number of employees at the end of the reporting period (person) | 5,166 |
Total number of employees receiving salary in the current period(person)
| Total number of employees receiving salary in the current period (person) | 5,166 |
Number of retired employees whose expenses need to be borneby the parent company and major subsidiaries (person)
| Number of retired employees whose expenses need to be borne by the parent company and major subsidiaries (person) | 69 |
Professional composition
Professional compositionProfessional composition categories
| Professional composition categories | Number of professionals (person) |
Production personnel
| Production personnel | 1,882 |
2024 Full Annual Report
| Sales personnel | 1,621 |
Technical personnel
| Technical personnel | 893 |
Financial personnel
| Financial personnel | 187 |
Administrative personnel
| Administrative personnel | 583 |
Total
| Total | 5,166 |
Education background
Education backgroundEducation background categories
| Education background categories | Number (person) |
Doctor
| Doctor | 3 |
Master
| Master | 262 |
Bachelor
| Bachelor | 1,558 |
College
| College | 971 |
Other
| Other | 2,372 |
Total
| Total | 5,166 |
2. Pay policy
The Company has formulated Salary Management Standards and the Performance Management Standards, and established asalary management system based on the post value and centered on the competency and performance evaluation of employees,according to the salary status of the regional market and industry.
3. Training plan
In 2024, the company carried out various trainings, including Lemon, Blue Whale, Sunflower, Ivy League and other projects aswell as the Elite Plan; As the company's own mobile learning online platform, Chestnut School played an important role in theachievement transformation of the development course of internal trainer, and the company's employees' participation in learninghas been greatly improved.
4. Labor outsourcing
? Applicable □ Not applicable
| Total hours of labor outsourcing (hours) | 1,875,091.93 |
| Total remuneration paid for labor outsourcing (yuan) | 67,878,327.87 |
X. Profit distribution and share capital increase from capital surplusProfit distribution policy during the reporting period, especially the formulation, implementation or adjustment of cash dividendpolicy? Applicable □ Not applicable
1. Approved at the company's 2023 Annual General Meeting of Shareholders, a cash dividend of RMB 5.00 per 10 shares (tax
inclusive) is distributed to all shareholders based on a total of 944,094,916 shares, calculated by excluding the repurchasedshares of 4,929,134 from the total shares of 949,024,050. The total cash dividend amounts to RMB 472,047,458.00.
2. Approved at the Ninth Meeting of the Sixth Board of Directors and the Ninth Meeting of the Sixth Board of Supervisors, theinterim dividend will be distributed based on the total share capital of 944,127,316 shares. A cash dividend of RMB 5.00 per10 shares (tax inclusive) will be issued to all shareholders, with a total cash dividend payout of RMB 472,063,658.00.
Description for cash dividend policyWhether it meet the requirements of the Company's articles ofassociation and of the resolutions of shareholders' meeting:
| Whether it meet the requirements of the Company's articles of association and of the resolutions of shareholders' meeting: | Yes |
Whether the dividend distribution standard and proportion arespecific and clear:
| Whether the dividend distribution standard and proportion are specific and clear: | Yes |
Whether relevant decision-making procedures and mechanismsare complete:
| Whether relevant decision-making procedures and mechanisms are complete: | Yes |
2024 Full Annual Report
| Whether the independent directors have performed their duties and fulfilled their due roles: | Yes |
If the Company has not distributed cash dividends, the specificreasons should be disclosed, and as well as the measures to betaken next to enhance investor returns:
| If the Company has not distributed cash dividends, the specific reasons should be disclosed, and as well as the measures to be taken next to enhance investor returns: | Not applicable |
Whether the minor shareholders have the chance to fully expresstheir opinions and demands, and whether their legal rights andinterests have been fully protected:
| Whether the minor shareholders have the chance to fully express their opinions and demands, and whether their legal rights and interests have been fully protected: | Yes |
Whether the conditions and procedures are normative andtransparent in case of adjustments or changes of the cash dividendpolicy:
| Whether the conditions and procedures are normative and transparent in case of adjustments or changes of the cash dividend policy: | Yes |
The Company made profits during the reporting period and the profits available for distribution to shareholders of the parentcompany were positive, but no proposal for the distribution of cash dividend was put forward
□ Applicable ? Not applicable
Profit distribution and share capital increase from capital surplus during the reporting period? Applicable □ Not applicable
| Bonus shares per 10 shares (shares) | 0 |
Dividend per 10 shares (yuan) (tax inclusive)
| Dividend per 10 shares (yuan) (tax inclusive) | 5 |
Equity base of distribution plan (shares)
| Equity base of distribution plan (shares) | 944,938,916 |
Amount of cash dividend (yuan) (tax inclusive)
| Amount of cash dividend (yuan) (tax inclusive) | 472,469,458.00 |
Amount of cash dividend in other forms (e.g. share repurchase)(yuan)
| Amount of cash dividend in other forms (e.g. share repurchase) (yuan) | 0.00 |
Amount of cash dividend (including other forms) (yuan)
| Amount of cash dividend (including other forms) (yuan) | 472,469,458.00 |
Distributable profit (yuan)
| Distributable profit (yuan) | 9,692,521,823.09 |
Ratio of total amount of cash dividend (including other forms) tototal amount of distributable profit
| Ratio of total amount of cash dividend (including other forms) to total amount of distributable profit | 100% |
Cash dividend distribution in this period
Cash dividend distribution in this periodIf the Company's development stage is in the maturation period and there is no major capital expenditure arrangement, when profitdistribution is made, cash dividends should account for at least 80% of the profit distribution
If the Company's development stage is in the maturation period and there is no major capital expenditure arrangement, when profitdistribution is made, cash dividends should account for at least 80% of the profit distribution
Description for details of profit distribution or share capital increase from capital surplus plan
Description for details of profit distribution or share capital increase from capital surplus planBased on its stock issue of 944,938,916 shares, the company distributed cash dividends of 5 yuan (tax inclusive) for every 10 sharesto all shareholders, amounting up to a total of 472,469,458.00 yuan.In case of any change due to the listing of new shares, the exercising of equity incentive, the conversion of convertible bonds intoshares, share repurchase, etc. during the period from the disclosure of the distribution plan to the equity registration date when theprofit distribution is implemented, the distribution proportion will be adjusted accordingly according to the principle that the totalamount of cash dividends will remain unchanged.
Based on its stock issue of 944,938,916 shares, the company distributed cash dividends of 5 yuan (tax inclusive) for every 10 sharesto all shareholders, amounting up to a total of 472,469,458.00 yuan.In case of any change due to the listing of new shares, the exercising of equity incentive, the conversion of convertible bonds intoshares, share repurchase, etc. during the period from the disclosure of the distribution plan to the equity registration date when theprofit distribution is implemented, the distribution proportion will be adjusted accordingly according to the principle that the totalamount of cash dividends will remain unchanged.
X. Implementation of the company's equity incentive plan, employee stock ownership planor other employee incentive measures? Applicable □ Not applicable
1. Equity incentive
2021 stock option plan:
1. On April 14, 2021, the Company held the 4th meeting of the fifth board of directors, deliberated and adopted the Proposal on2021 Stock Option Incentive Plan (Draft) of the Company and its Abstract and other relevant proposals, and the independentdirectors expressed their agreed independent opinions on the matters related to the Company's stock option incentive plan. The4th meeting of the fifth Board of Supervisors of the Company deliberated and adopted the above-mentioned relevant proposalsand expressed their consent. The Company disclosed the above matters on April 15, 2021.
2. From April 15, 2021 to April 24, 2021, the Company publicized the names and positions of the incentive objects of the stockoption incentive plan through internal posting. On April 27, 2021, the board of supervisors of the Company issued the ReviewOpinions and Announcement of the Board of Supervisors on the List of Incentive Objects of the 2021 Stock Option Incentive
2024 Full Annual Report
Plan. On the same day, the Company disclosed the Self-inspection Report on Insiders' and Incentive Objects' Trading ofCompany Stock with Inside Information of 2021 Restricted Stock Incentive Plan.
3. On April 30, 2021, the Company held the first extraordinary general meeting of shareholders in 2021, deliberated and adopted
the Proposal on 2021 Stock Option Incentive Plan (draft) of the Company and its Abstract and other relevant proposals. Theplan was approved by the first extraordinary general meeting of shareholders in 2021, and the board of directors wasauthorized to determine the grant date of stock option, grant stock option to incentive objects when they meet the conditionsand handle all matters necessary for granting equity.
4. On May 10, 2021, the Company's 6th meeting of the fifth Board of Directors and the 6th meeting of the fifth Board ofSupervisors reviewed and adopted the Proposal on Granting Stock Options to Incentive Objects. The board of supervisorsonce again verified the list of incentive objects granted and expressed their consent. The independent directors of the Companyexpressed their independent opinions on this.
5. On April 19, 2022, the Company held the 10th meeting of the fifth Board of Directors and the 10th meeting of the fifth Boardof Supervisors, deliberated and adopted the Proposal on the Cancellation of Partial Stock Options in the 2021 Stock OptionIncentive Plan and the Proposal on Cancellation of the 2021 Stock Option Incentive Plan for Failure to Meet the ExerciseConditions during the First Exercise Period. The board of supervisors verified and expressed their consent. The independentdirectors of the Company expressed their independent opinions thereon.
6. On April 25, 2023, the Company held the 14th meeting of the fifth Board of Directors and the 14th meeting of the fifth Boardof Supervisors, deliberated and adopted the Proposal on the Cancellation of Partial Stock Options in the 2021 Stock OptionIncentive Plan and the Proposal on Cancellation of the 2021 Stock Option Incentive Plan for Failure to Meet the ExerciseConditions during the Second Exercise Period. The board of supervisors verified and expressed their consent. The independentdirectors of the Company expressed their independent opinions thereon.
7. On April 24, 2024, the company held the 5th meeting of the sixth Board of Directors and the 5th meeting of the sixth Board ofSupervisors, deliberated and adopted the Proposal on the Cancellation of Partial Stock Options in the 2021 Stock OptionIncentive Plan and the Proposal on Cancellation of the 2021 Stock Option Incentive Plan for Failure to Meet the ExerciseConditions during the Third Exercise Period. The Supervisory Board has verified and expressed its consent.2022 stock option plan:
1. On March 31, 2022, the Company held the 9th meeting of the fifth Board of Directors, deliberated and adopted the Proposalon 2022 Stock Option Incentive Plan (draft) of the Company and its Abstract and other relevant proposals, and the independentdirectors expressed their independent consent on the matters related to the company's stock option incentive plan. The 9thmeeting of the fifth Board of Supervisors of the Company deliberated and adopted the above-mentioned relevant proposals andissued the consent. The Company disclosed the above matters on April 01, 2022.
2. From April 1, 2022 to April 10, 2022, the Company publicized the names and positions of the incentive objects of the stock
option incentive plan through internal posting. On April 13, 2022, the board of supervisors of the Company issued the ReviewOpinions and Announcement of the Board of Supervisors on the List of Incentive Objects of the 2022 Stock Option IncentivePlan. On the same day, the Company disclosed the Self-inspection Report on Insiders' and Incentive Objects' Trading ofCompany Stock with Inside Information of 2022 Restricted Stock Incentive Plan.
3. On April 21, 2022, the Company held the first extraordinary general meeting of shareholders in 2022, deliberated and adopted
the “Proposal on 2022 Stock Option Incentive Plan (Draft) of the Company and its Abstract” and other relevant proposals. Theplan was approved by the first extraordinary general meeting of shareholders in 2022, and the board of directors wasauthorized to determine the grant date of stock option, grant stock option to incentive objects when they meet the conditionsand handle all matters necessary for granting equity.
4. On May 10, 2022, the Company's 11th meeting of the fifth Board of Directors and the 11th meeting of the fifth Board of
Supervisors deliberated and adopted the Proposal on Granting Stock Options to Incentive Objects. The board of supervisorsonce again verified the list of incentive objects granted and expressed their consent. The independent directors of the Companyexpressed their independent opinions on this.
5. On April 25, 2023, the Company held the 14th meeting of the fifth Board of Directors and the 14th meeting of the fifth Board
of Supervisors, deliberated and adopted the Proposal on the Cancellation of Partial Stock Options in the 2022 Stock OptionIncentive Plan and the Proposal on Cancellation of the 2022 Stock Option Incentive Plan for Failure to Meet the ExerciseConditions during the First Exercise Period. The board of supervisors verified and expressed their consent. The independentdirectors of the Company expressed their independent opinions thereon.
6. On April 24, 2024, the company held the 5th meeting of the sixth Board of Directors and the 5th meeting of the sixth Board ofSupervisors, deliberated and adopted the Proposal on the Cancellation of Partial Stock Options in the 2022 Stock OptionIncentive Plan and the Proposal on Cancellation of the 2022 Stock Option Incentive Plan for Failure to Meet the ExerciseConditions during the Second Exercise Period. The Supervisory Board has verified and expressed its consent.
2023 stock option plan:
1. On April 25, 2023, the Company held the 14th meeting of the fifth board of directors, deliberated and adopted the Proposal on
2023 Stock Option Incentive Plan (draft) of the Company and its Abstract and other relevant proposals, and the independentdirectors expressed their independent consent on the matters related to the Company's stock option incentive plan. The 14thmeeting of the fifth Board of Supervisors of the Company deliberated and adopted the above-mentioned relevant proposals andexpressed their consent. The Company disclosed the above matters on April 26, 2023.
2. From April 26, 2023 to May 08, 2023, the Company publicized the names and positions of the incentive objects of the stock
option incentive plan through internal posting. On May 09, 2023, the board of supervisors of the Company issued the ReviewOpinions and Announcement of the Board of Supervisors on the List of Incentive Objects of the 2023 Stock Option IncentivePlan. On the same day, the Company disclosed the Self-inspection Report on Insiders' and Incentive Objects' Trading ofCompany Stock with Inside Information of 2023 Restricted Stock Incentive Plan.
3. On May 18, 2023, the Company held the first extraordinary general meeting of shareholders in 2022, deliberated and adoptedthe Proposal on 2023 Stock Option Incentive Plan (draft) of the Company and its Abstract and other relevant proposals. The
2024 Full Annual Report
plan was approved by the first extraordinary general meeting of shareholders in 2022, and the board of directors wasauthorized to determine the grant date of stock option, grant stock option to incentive objects when they meet the conditionsand handle all matters necessary for granting equity.
4. On June 20, 2023, the Company's 15th meeting of the fifth Board of Directors and the 15th meeting of the fifth Board ofSupervisors deliberated and adopted the Proposal on Granting Stock Options to Incentive Objects. The board of supervisorsonce again verified the list of incentive objects granted and expressed their consent. The independent directors of the Companyexpressed their independent opinions on this.
5. On April 24, 2024, the company held the 5th meeting of the sixth Board of Directors and the 5th meeting of the sixth Board of
Supervisors, deliberated and adopted the Proposal on the Cancellation of Partial Stock Options in the 2023 Stock OptionIncentive Plan and other proposals. The Supervisory Board has verified and expressed its consent.
6. On June 20, 2024, the company held the 8th meeting of the sixth Board of Directors and the 8th meeting of the sixth Board ofSupervisors, deliberated and adopted the Proposal on the Fulfillment of Exercise Conditions for the First Exercise Period ofthe 2023 Stock Option Incentive Plan and the Proposal on Adjusting the Exercise Price of the 2023 Stock Option IncentivePlan. The Supervisory Board has verified and expressed its consent.
7. On August 30, 2024, the company held the 10th meeting of the sixth Board of Directors and the 10th meeting of the sixthBoard of Supervisors, deliberated and adopted the Proposal on Adjusting the Exercise Price of the 2023 Stock OptionIncentive Plan.
2024 Stock Option Plan
1. 1. On April 24, 2024, the company held the 5th meeting of the sixth Board of Directors, deliberated and adopted the Proposal
on 2024 Stock Option Incentive Plan (draft) of the Company, the Proposal on the Implementation and AssessmentManagement Measures for the Company's 2024 Stock Option Incentive Plan, and the Proposal on Requesting Shareholders'General Meeting to Authorize the Board of Directors to Handle Matters Related to Equity Incentives.On the same day, the company held the 5th meeting of the sixth Supervisory Committee, deliberated and adopted theProposal on 2024 Stock Option Incentive Plan (draft) of the Company, the Proposal on the Implementation and AssessmentManagement Measures for the Company's 2024 Stock Option Incentive Plan, and the Proposal on Verifying the List ofIncentive Targets for the Company's 2024 Stock Option Incentive Plan. The Supervisory Committee expressed its approval ofthese proposals. The Company disclosed the above matters on April 25, 2024.
2. From April 26, 2024 to May 06, 2024, the Company publicized the names and positions of the incentive objects of the stock
option incentive plan through internal posting. On May 08, 2024, the board of supervisors of the Company issued the ReviewOpinions and Announcement of the Board of Supervisors on the List of Incentive Objects of the 2024 Stock Option IncentivePlan. On the same day, the Company disclosed the Self-inspection Report on Insiders' and Incentive Objects' Trading ofCompany Stock with Inside Information of 2024 Restricted Stock Incentive Plan.
3. On May 16, 2024, the company held the extraordinary general meeting of shareholders in 2023, deliberated and adopted theProposal on 2024 Stock Option Incentive Plan (draft) of the Company and its Abstract and other relevant proposals. The planwas approved by the extraordinary general meeting of shareholders in 2023, and the board of directors was authorized todetermine the grant date of stock option, grant stock option to incentive objects when they meet the conditions and handle allmatters necessary for granting equity.
4. On May 20, 2024, the company's sixth meeting of the sixth Board of Directors and the sixth meeting of the sixth Board ofSupervisors reviewed and approved the Proposal on Adjusting the List of Incentive Targets and the Number of Stock OptionsGranted under the 2024 Stock Option Incentive Plan and the Proposal on Granting Stock Options to Incentive Objects. Thisproposal has been reviewed and approved by the third meeting of the Sixth Board of Directors' Compensation andAssessment Committee, and the Board of Supervisors has verified the list of incentive objects once again and expressed itsconsent.Equity incentive obtained by directors and senior management of the Company? Applicable ? Not ApplicableEvaluation mechanism and incentive of senior managersThe Company's First Phase of Business Partner Plan
1. On April 14, 2021, the Company held the 4th meeting of the fifth board of directors, deliberated and adopted the Proposal on
Business Partner Shareholding Plan (draft) of the Company and its Abstract and other relevant proposals, and the independentdirectors expressed their independent consent on the matters related to the Company's business partner shareholding plan. The4th meeting of the fifth Board of Supervisors of the Company deliberated and adopted the above-mentioned relevant proposalsand expressed their consent. The Company disclosed the above matters on April 15, 2021.
2. On April 30, 2021, the Company held the 1t extraordinary general meeting of shareholders in 2021, deliberated and adoptedthe Proposal on Business Partner Shareholding Plan (Draft) of the Company and its Abstract and other relevant proposals.The plan was approved by the first extraordinary general meeting of shareholders in 2021, and the board of directors wasauthorized to determine and handle all matters related to the plan.
3. On April 20, 2022, the Company disclosed the Announcement on the Failure to Meet the 2021 Assessment Conditions for the
Business Partner Shareholding Plan. According to relevant provisions of the shareholding plan, in case of a failure of meetingthe 2021 assessment conditions for the business partner shareholding plan, the Company will not withdraw the special fundsfor the shareholding plan this year.
4. On April 26, 2023, the Company disclosed the Announcement on the Failure to Meet the 2022 Assessment Conditions for theBusiness Partner Shareholding Plan. According to relevant provisions of the shareholding plan, in case of a failure of meetingthe 2022 assessment conditions for the business partner shareholding plan, the Company will not withdraw the special fundsfor the shareholding plan this year.
2024 Full Annual Report
5. On April 25, 2024, the Company disclosed the Announcement on the Failure to Meet the 2023 Assessment Conditions for theBusiness Partner Shareholding Plan. According to relevant provisions of the shareholding plan, in case of a failure of meetingthe 2023 assessment conditions for the business partner shareholding plan, the Company will not withdraw the special fundsfor the shareholding plan this year.The Company's Second Phase of Business Partner Plan
1. On April 24, 2024, the company held the 5th Meeting of the Sixth Board of Directors, deliberated and adopted the Proposal on
the Company's Second Phase of Business Partner Plan (Draft) and Its Summary and other related proposals. The 5th meetingof the sixth Board of Supervisors of the Company deliberated and adopted the above-mentioned relevant proposals and issuedthe consent. The Company disclosed the above matters on April 25, 2024.
2. On May 16, 2024, the company held the extraordinary general meeting of shareholders in 2023, deliberated and adopted the
Proposal on the Company's Second Phase of Business Partner Plan (Draft) and Its Summary and other related proposals. Theplan was approved by the extraordinary general meeting of shareholders in 2023, authorizing the Board of Directors todetermine or handle matters related to the plan.
2. Implementation of the employee stock ownership plan
□ Applicable ? Not applicable
3. Other employee incentives
□ Applicable ? Not applicable
XI. Construction and implementation of internal control system during the reporting period
1. Construction and implementation of internal control
See the 2024 Internal Control Self-evaluation Report disclosed by the Company on the designated information disclosure websitehttp://www.cninfo.com.cn for details.
2. Details of significant internal control defects discovered during the reporting period
□ Yes ?No
XII. Management and control of subsidiaries during the reporting period
| Company name | Integration plan | Integration progress | Problems encountered in integration | Measures taken to resolve the problem | Resolution progress | Follow-up resolution plan |
N/A
| N/A | N/A | N/A | N/A | N/A | N/A | N/A |
XIII. Internal control evaluation report or internal control audit report
1. Internal control evaluation report
| Full disclosure date of internal control self-evaluation report | April 29, 2025 |
Index of full disclosure of internal controlevaluation report
| Index of full disclosure of internal control evaluation report | Cninfo: Full text of 2024 internal control self-evaluation report of ROBAM |
Proportion of the total assets of the unitincluded in the evaluation scope to the totalassets of the consolidated financialstatement of the Company
| Proportion of the total assets of the unit included in the evaluation scope to the total assets of the consolidated financial statement of the Company | 100.00% |
Proportion of operating income of the unitincluded in the evaluation scope to theoperating income of the consolidatedfinancial statement of the Company
| Proportion of operating income of the unit included in the evaluation scope to the operating income of the consolidated financial statement of the Company | 100.00% |
2024 Full Annual Report
Defect identification standardCategory
| Category | Financial report | Non-financial report |
Qualitative standard
| Qualitative standard | Signs of major defects in the financial report include: 1) Corrupt practice of directors, supervisors and senior management; 2) Misstatement correction of material errors in financial reports that have been announced by the Company; 3) Material misstatement in the current financial report, which is not found by the internal control in the process of operation; 4) Ineffective control and supervision of the Company's external and internal financial reports by the audit committee and audit department. Signs of important defects in the financial report include: 1) Failure to select and apply accounting policies in accordance with generally accepted accounting principles; 2) No anti-fraud procedures and control measures have been established; 3) There is no corresponding control mechanism established or no implementation of and no corresponding compensatory control for the accounting treatment of non-routine or special transactions; 4) One or more defects in the control of the final financial reporting process and no reasonable assurance that the financial statements will achieve the objective of authenticity and completeness. Common defects in financial reports refer to control defects other than the major defects and important defects mentioned above. | Signs of major defects in the non-financial report include: 1) The defects in non-financial reports are mainly determined according to the influence of the defects on the business process effectiveness and the possibility of occurrence; 2) The defects with high possibility that will seriously reduce the work efficiency or effect, or seriously increase the uncertainty of the effect, or make it seriously deviate from the expected goal are major defects. Signs of important defects in the non-financial report include: 1) The defects in non-financial reports are mainly determined according to the influence of the defects on the business process effectiveness and the possibility of occurrence; 2) The defects with high possibility that will significantly reduce the work efficiency or effect, or significantly increase the uncertainty of the effect, or make it significantly deviate from the expected goal are important defects. Signs of common defects in the non-financial report include: 1) The defects in non-financial reports are mainly determined according to the influence of the defects on the business process effectiveness and the possibility of occurrence; 2) The defects with low possibility that will reduce the work efficiency or effect, or increase the uncertainty of the effect, or make it deviate from the expected goal are common defects. |
Quantitation standard
| Quantitation standard | The quantitative standard takes the operating income and the total assets as the measurement index. 1) The internal control defects that may cause losses or whose losses are related to the income statement are measured on the basis of operating income: Major defect: misstatement amount > 2% of operating income; 2) The internal control defects that may cause losses or whose losses are | Major defect: direct property loss ＞RMB 20 million; Important defect: RMB 5 million < direct property loss < RMB 20 million; Common defect: direct property loss < RMB 5 million; |
2024 Full Annual Report
related to the assets management aremeasured on the basis of total assets:
Major defect: misstatement amount ＞1%of total assets;
The quantitative standard takes theoperating income and the total assets as themeasurement index.
1) The internal control defects that may
cause losses or whose losses arerelated to the income statement aremeasured on the basis of operatingincome:
Important defect: 1% of operating income< misstatement amount < 2% of operatingincome;
2) The internal control defects that may
cause losses or whose losses arerelated to the assets management aremeasured on the basis of total assets:
Important defect: 0.5% of total assets <misstatement amount < 1% of total assets;
The quantitative standard takes theoperating income and the total assets as themeasurement index.
1) The internal control defects that may
cause losses or whose losses arerelated to the income statement aremeasured on the basis of operatingincome:
Common defect: misstatement amount <1% of operating income;
2) The internal control defects that may
cause losses or whose losses arerelated to the assets management aremeasured on the basis of total assets:
Common defect: misstatement amount <
0.5% of total assets;
Number of major defects in financialreports
| Number of major defects in financial reports | 0 |
Number of major defects in non-financialreports
| Number of major defects in non-financial reports | 0 |
Number of important defects in financialreports
| Number of important defects in financial reports | 0 |
Number of important defects in non-financial reports
| Number of important defects in non-financial reports | 0 |
2. Internal control audit report
? Applicable □ Not applicable
2024 Full Annual Report
Deliberations in the internal control audit reportOn December 31, 2024, ROBAM maintained effective internal control over financial reporting in all major aspects in accordancewith the Basic Standards for Enterprise Internal Control and relevant regulations.
On December 31, 2024, ROBAM maintained effective internal control over financial reporting in all major aspects in accordancewith the Basic Standards for Enterprise Internal Control and relevant regulations.Disclosure of internal control audit report
| Disclosure of internal control audit report | Disclosure |
Disclosure date of the full text of internal control audit report
| Disclosure date of the full text of internal control audit report | April 29, 2025 |
Disclosure index of the full text of internal control audit report
| Disclosure index of the full text of internal control audit report | Cninfo: Full text of 2024 internal control audit report of ROBAM |
Type of the opinions on internal control audit report
| Type of the opinions on internal control audit report | Standard unqualified opinions |
Whether there are significant defects in non-financial reports
| Whether there are significant defects in non-financial reports | No |
Whether the accounting firm issues an internal control audit report with non-standard opinions
□ Yes ?No
Whether the internal control audit report issued by the accounting firm is consistent with the self-evaluation report of the board ofdirectors? Yes □ NoXIV. Rectification of problems in self-inspection of special actions for governance of listedcompanies
N/A
2024 Full Annual Report
Section V. Environmental and Social Responsibility
I. Major environmental issuesWhether the listed company and its subsidiaries are key pollutant discharging units announced by environmental protectionauthorities
□ Yes ?No
Administrative punishment for environmental problems during the reporting period
| Company or subsidiary name | Cause of punishment | Violation details | Punishment results | Impact on production and operation of listed companies | Rectification measures of the Company |
N/A
| N/A | N/A | N/A | N/A | N/A | N/A |
Other environmental information disclosed by reference to key pollutant discharging unitsN/AMeasures taken to reduce carbon emissions during the reporting period and relevant effects
□ Applicable ? Not applicable
Reasons for non-disclosure of other environmental informationN/AII. Social responsibility
See the 2024 Environmental, Social and Corporate Governance Report disclosed by the Company on the designated informationdisclosure media http://www.cninfo.com.cn for details.III. Consolidate and expand the achievements of poverty alleviation and rural revitalization
See the 2024 Environmental, Social and Corporate Governance Report disclosed by the Company on the designated informationdisclosure media http://www.cninfo.com.cn for details.
2024 Full Annual Report
Section VI. Important MattersI. Performance in fulfilling commitments
1. Commitments fulfilled within and not fulfilled by the end of the reporting period by the Company'sactual controller, shareholders, related parties, acquirer and other commitment parties? Applicable □ Not applicable
| Commitment reason | Commitment party | Commitment type | Commitment content | Commitment time | Time limit for acceptance | Degree of performance |
Commitmentmade at the timeof IPO orrefinancing
| Commitment made at the time of IPO or refinancing | Directors, supervisors and senior management directly or indirectly holding shares of the Company | Commitment to restriction on sales of shares | After the expiry of the 36-month sales restriction period, the shares transferred each year during his/her tenure shall not exceed 25% of the total number of shares held directly or indirectly in the Company; the Company shares directly or indirectly held shall not be transferred within six months after the resignation. | November 23, 2010 | Long-term | Strict performance |
Commitmentmade at the timeof IPO orrefinancing
| Commitment made at the time of IPO or refinancing | Hangzhou ROBAM Industrial Group Co., Ltd.; Ren Jianhua | Commitment on avoiding horizontal competition | 1. The Company/I and other enterprises under the control of the Company/me do not, and will not, directly or indirectly, engage in any activities that constitute horizontal competition with the existing and future business of ROBAM and its holding subsidiaries; 2. If any business opportunity obtained the Company/I and other enterprises under the control of the Company/me from any third party constitutes or may constitute substantial competition with | November 23, 2010 | Long-term | Strict performance |
2024 Full Annual Report
the business ofROBAM, theCompany/I willimmediatelynotify ROBAMand transfer suchbusinessopportunity toROBAM; 3. TheCompany/I andother enterprisesunder the controlof theCompany/mecommit not toprovide technicalinformation,process flow,marketingchannels or othertrade secrets toother companies,enterprises,organizations orindividualswhose businessconstitutescompetition withthe business ofROBAM.Whether thecommitment isfulfilled on time
| Whether the commitment is fulfilled on time | Yes |
If thecommitment isnot fulfilled ontime, the specificreasons for thefailure offulfilling thecommitment andthe next step ofthe work planshould bedetailed
| If the commitment is not fulfilled on time, the specific reasons for the failure of fulfilling the commitment and the next step of the work plan should be detailed | N/A |
2. In case the Company's asset or project saw earning expectation, and the reporting period is stillcovered by the term of the earning expectation, the Company shall make a statement about the asset orproject fulfilling the original expectation and the reasons thereof.
□ Applicable ? Not applicable
II. Non-operating occupation of funds of listed companies by controlling shareholders andother related parties
□ Applicable ? Not applicable
No non-operating occupation of funds of listed companies by controlling shareholders and other related parties during thereporting period.
2024 Full Annual Report
III. Illegal external guarantee
□ Applicable ? Not applicable
No illegal external guarantee of the Company during the reporting period.
IV. Statement of the board of directors on the latest "non-standard audit report"
□ Applicable ? Not applicable
V. Statement of the board of directors, the board of supervisors and independent directors(if any) on the "non-standard audit report" of the accounting firm during the reportingperiod
□ Applicable ? Not applicable
VI. Description of changes in accounting policy and accounting estimates or significantaccounting error correction as compared to the financial statements of the previous year? Applicable ? Not ApplicableThe Ministry of Finance issued the Notice on Printing and Distributing "Accounting Standards for Business EnterprisesInterpretation No. 18" (Cai Kuai [2024] No. 24) on December 6, 2024 (hereinafter referred to as "Interpretation No. 18"). Inaccordance with Article 33 of the Accounting Standards for Business Enterprises No. 14—Revenue (Cai Kuai [2017] No. 22) andother relevant provisions, for warranty-type quality assurance that does not constitute a separate performance obligation, anenterprise shall account for it in accordance with the Accounting Standards for Business Enterprises No. 13—Contingencies (CaiKuai [2006] No. 3). When accounting for estimated liabilities arising from the aforementioned warranty-type quality assurances,the enterprise shall, in accordance with the relevant provisions of the Accounting Standards for Business Enterprises No. 13—Contingencies, debit accounts such as "Main Business Cost" and "Other Operating Costs," and credit the "Estimated Liabilities"account. These amounts shall correspondingly be presented in the "Operating Costs" line item in the income statement and under"Other Current Liabilities," "Non-Current Liabilities Due Within One Year," and "Estimated Liabilities" in the balance sheet. Thecompany has implemented the Standard Interpretation No.18 since December 06, 2024.
VII. Description of changes in the scope of combined financial statements as compared tofinancial statements of the previous fiscal year
? Applicable □ Not applicableDuring the year, the consolidation scope of the company increased by 11 wholly-owned subsidiaries due to new establishments,and decreased by 1 controlled subsidiary due to capital increase by minority shareholders and reorganization of board members.The details are as follows:
1. On January 29, 2024, the company's subsidiary, Robam Appliances (Hong Kong) Holding Co., Ltd., invested in the
establishment of Robam Appliances US Hoding INC. with a registered capital of USD 5,000. The registered address is 8 TheGreen, Ste A, Dover, DE 19901. Robam Appliances (Hong Kong) Holding Limited holds a 100% equity stake, with itsbusiness scope covering asset investment and management. The registered capital has been fully paid.
2. On March 18, 2024, the company's subsidiary Robam Appliances US Hoding INC. and WGSZ HOLDING LLC jointlyestablished Robam Appliances Los Angeles Trade LLC. with a registered capital of $10,000. Robam Appliances US HoldingInc. holds a 70% stake, while WGSZ HOLDING LLC. holds a 30% stake. The paid-in capital amounts to $1.858 million.Robam Appliances Los Angeles Trade LLC. primarily engages in the sales of large household kitchen appliances and hascommenced operations.
3. On March 27, 2024, the company invested in establishing Chengdu Robam Innovation Technology Co., Ltd., with a registeredcapital of RMB 5,000,000 and a 100% ownership stake. The business scope includes technical services and softwaredevelopment. The registered capital has been fully paid, and the company has commenced operations.
4. On September 3, 2024, the company invested in establishing Hangzhou ROBAM E-Commerce Co., Ltd., with a registered
capital of RMB 10,000,000 and a 100% ownership stake. The business scope covers internet sales. The registered capital hasbeen fully paid, and the company has commenced operations.
2024 Full Annual Report
5. On September 27, 2024, the company invested in establishing Ningbo Jinke E-Commerce Co., Ltd., with a registered capital
of RMB 5,000,000, a 100% ownership stake. The business scope covers internet sales. The registered capital has been fullypaid, and the company has commenced operations.
6. On September 27, 2024, the company invested in establishing Hangzhou Yuhang Jinke E-Commerce Co., Ltd., with aregistered capital of RMB 5,000,000 and a 100% ownership stake. The business scope covers internet sales. The registeredcapital has been fully paid, and the company has commenced operations.
7. On October 8, 2024, the company invested in establishing Chengdu Robam E-Commerce Co., Ltd., with a registered capital ofRMB 5,000,000 and a 100% ownership stake. The business scope includes internet sales. The registered capital has been fullypaid, and the company has commenced operations.
8. On October 9, 2024, the company invested in establishing Qingdao Mingqi E-Commerce Co., Ltd., with a registered capital of
RMB 5,000,000 and a 100% ownership stake. The business scope covers internet sales. The registered capital has been fullypaid, and no business operations had commenced as of the end of the reporting period.
9. On October 10, 2024, the company invested in establishing Wuhan Jinke E-Commerce Co., Ltd. with a registered capital ofRMB 5,000,000, a 100% equity stake. The business scope covers internet sales. The registered capital has been fully paid, andthe company has commenced operations.
10. On November 21, 2024, Robam Appliances (Hong Kong) Excellence Limited was officially established upon obtaining itsregistration certificate, having been invested and established by our company's subsidiary, Robam Appliances (Hong Kong)Holding Co., Ltd. The registered capital is USD 50,000, and no business operations had commenced as of the end of thereporting period.
11. On December 16, 2024, PT ROBAM APPLIANCES INDONESIA (hereinafter referred to as "ROBAM Indonesia") wasofficially established upon obtaining its registration certificate. It was jointly invested by Robam Appliances (Hong Kong)Excellence Limited and Robam Appliances (Hong Kong) Holding Co., Ltd., with the former holding a 90% stake and the latterholding a 10% stake. The registered capital is USD 1,200,000, and no business operations had commenced as of the end of thereporting period.
12. On July 22, 2024, CHUCHUWEILAI, a subsidiary controlled by the company's subsidiary, Kinde Intelligent Holdings,convened a board meeting. The meeting resolved to increase capital and reorganize the board of directors ofCHUCHUWEILAI. Effective October 1, 2024, the company relinquished control over CHUCHUWEILAI and ceased toinclude it in the consolidated financial statements.VIII. Appointment of and dismissal of accounting firms
Accounting firm currently appointed
| Name of Chinese accounting firm | Shinewing Certified Public Accountants (special general partnership) |
Remuneration (10,000 yuan)
| Remuneration (10,000 yuan) | 145 |
Term of audit services
| Term of audit services | 6 |
CPAs
| CPAs | Liu Yu, Wang Qing |
Term of auditing services of CPAs
| Term of auditing services of CPAs | One year, five years |
Has the accounting firm been changed within the reporting period?
□ Yes ?No
Employment of internal control audit accounting firm, financial advisor or sponsor? Applicable □ Not applicableShineWing Certified Public Accountants (Special general partnership) served as the internal control audit agency of the Companyin 2024, with an audit fee of 1.55 million yuan, including 1.15 million yuan for the financial statement audit and 300,000 yuan forthe internal control audit.IX. Delisting confronted upon disclosure of the annual report
□ Applicable ? Not applicable
X. Bankruptcy reorganization
□ Applicable ? Not applicable
2024 Full Annual Report
No bankruptcy reorganization of the Company during the reporting period.XI. Major litigation, arbitration matters
□ Applicable ? Not applicable
No major litigation or arbitration matters of the Company during the reporting period.
XII. Punishment and rectification
□ Applicable ? Not applicable
No punishment or rectification of the Company during the reporting period.XIII. Credit conditions of the Company, its controlling shareholders and actual controllers
□ Applicable ? Not applicable
XIV. Major related transactions
1. Related transactions related to daily operation
□ Applicable ? Not applicable
No related transactions related to daily operation of the Company during the reporting period.
2. Related transactions arising from the acquisition or sale of assets or equity
□ Applicable ? Not applicable
No Related transactions arising from the acquisition or sale of assets or equity of the Company during the reporting period.
3. Related transactions of joint foreign investment
□ Applicable ? Not applicable
No related transactions of joint foreign investment of the Company during the reporting period.
4. Related claims and debts
□ Applicable ? Not applicable
No related claims and debts of the Company during the reporting period.
5. Transactions with related financial companies
□ Applicable ? Not applicable
There is no deposit, loan, credit or other financial business between the Company and the related financial companies and therelated parties.
6. Transactions between the financial companies controlled by the Company and related parties
□ Applicable ? Not applicable
There is no deposit, loan, credit or other financial business between the financial companies controlled by the Company and therelated parties.
2024 Full Annual Report
7. Other major related transactions
□ Applicable ? Not applicable
No other major related transactions of the Company during the reporting period.XV. Major contracts and their performance
1. Trusteeship, contracting and lease
(1) Trusteeship
□ Applicable ? Not applicable
No trusteeship of the Company during the reporting period.
(2) Contracting
□ Applicable ? Not applicable
No contracting of the Company during the reporting period.
(3) Lease
□ Applicable ? Not applicable
No lease of the Company during the reporting period.
2. Major guarantee
□ Applicable ? Not applicable
No major guarantee of the Company during the reporting period.
3. Entrusted cash asset management
(1) Entrusted financing
? Applicable □ Not applicableEntrusted financing during the reporting period
Unit: 10,000 yuan
| Specific type | Source of funds for entrusted financing | Amount incurred in entrusted financing | Outstanding balance | Overdue amount not recovered | Overdue amount of impairment accrued for financial management not recovered |
Bank financialproducts
| Bank financial products | Owned fund | 190,000 | 238,000 | 0 | 0 |
Trust wealthmanagementproducts
| Trust wealth management products | Owned fund | 10,000 | 10,000 | 0 | 0 |
Total
| Total | 200,000 | 248,000 | 0 | 0 |
Specific circumstance of high-risk entrusted financing with significant single amount or with low security and poor liquidity
□ Applicable ? Not applicable
The entrusted financing is expected not to recover the principal or has other circumstances that may cause impairment
□ Applicable ? Not applicable
2024 Full Annual Report
(2) Entrusted loans
□ Applicable ? Not applicable
No entrusted loans of the Company during the reporting period.
4. Other major contracts
□ Applicable ? Not applicable
No other major contracts of the Company during the reporting period.
XVI. Description of other important events
□ Applicable ? Not applicable
No other important events to be described during the reporting period.XVII. Major events of subsidiaries
□ Applicable ? Not applicable
2024 Full Annual Report
Section VII. Changes in Shares and Shareholders
I. Change in shares
1. Change in shares
Unit: share
| Before this change | Increase/decrease (+, -) | After this change | |||||||
| Quantity | Proportion | New issue of shares | Share donation | Share capital increase from reserved funds | Other | Subtotal | Quantity | Proportion | |
I. Restrictedshares
| I. Restricted shares | 11,387,129 | 1.20% | 11,387,129 | 1.21% |
1. State-
owned shares
| 1. State-owned shares |
2. State-
owned legalperson shares
| 2. State-owned legal person shares |
3. Other
domesticholdings
| 3. Other domestic holdings | 11,387,129 | 1.20% | 11,387,129 | 1.21% |
Wherein:
domestic legalpersonshareholding
| Wherein: domestic legal person shareholding |
Domesticnatural personshareholding
| Domestic natural person shareholding | 11,387,129 | 1.20% | 11,387,129 | 1.21% |
4. Foreign
capital-ownedshares
| 4. Foreign capital-owned shares |
Wherein:
foreign legalpersonshareholding
| Wherein: foreign legal person shareholding |
Foreignnatural personshareholding
| Foreign natural person shareholding |
II. Unrestrictedshares
| II. Unrestricted shares | 937,636,921 | 98.80% | -4,241,884 | -4,241,884 | 933,395,037 | 98.79% |
1. RMB
common share
| 1. RMB common share | 937,636,921 | 98.80% | -4,241,884 | -4,241,884 | 933,395,037 | 98.79% |
2. Domestic-
listed foreignshares
| 2. Domestic-listed foreign shares |
3. Overseas-
listed foreignshares
| 3. Overseas-listed foreign shares |
4. Other
| 4. Other |
III. Totalamount ofshares
| III. Total amount of shares | 949,024,050 | 100.00% | -4,241,884 | -4,241,884 | 944,782,166 | 100.00% |
2024 Full Annual Report
Causes for change in shares? Applicable □ Not applicable
1. Repurchase and cancellation
On June 3, 2024, the 7th meeting of the sixth Board of Directors and the 7th meeting of the sixth Board of Supervisors wereconvened, during which the Proposal on Canceling Repurchased A Shares, Reducing Registered Capital, and Amending theArticles of Association was reviewed and approved. The company proposes to cancel the 4,929,134 shares held in the specialsecurities account for share repurchase. Upon completion of this cancellation, the company's registered capital and total number ofshares will be reduced accordingly, and the relevant provisions of the company's Articles of Association shall be amendedaccordingly.On June 19, 2024, the company convened its first extraordinary general meeting of shareholders in 2024, which reviewed andapproved the Proposal on Canceling Repurchased A Shares, Reducing Registered Capital, and Amending the Articles ofAssociation. The meeting agreed to the aforementioned cancellation of repurchased A shares and authorized the Board of Directors,further delegating the company's management to handle specific matters related to the cancellation of repurchased A shares andthe reduction of registered capital. This includes, but is not limited to, completing the industrial and commercial registrationprocedures for the company's registered capital changes after the cancellation of such shares and amending the relevant clauses inthe Articles of Association accordingly.
2. 2023 Stock Option Incentive Plan Exercise
Hangzhou ROBAM Appliances Co., Ltd. (hereinafter referred to as the "Company") convened the 8th meeting of the 6th Board ofDirectors and the 8th meeting of the 6th Board of Supervisors on June 20, 2024, respectively, and deliberated and adopted theProposal on the Fulfillment of Exercise Conditions for the First Exercise Period of the 2023 Stock Option Incentive Plan. Fordetails, please refer to the Announcement on the Fulfillment of Exercise Conditions for the First Exercise Period of the 2023 StockOption Incentive Plan (Announcement No.: 2024-050) disclosed by the Company on June 21, 2024, in the "Securities Times,""China Securities Journal," "Securities Daily," "Shanghai Securities News," and on www.cninfo.com.cn.The independent exercise of rights has been reviewed and approved by the Shenzhen Stock Exchange. The company hascompleted the relevant registration and filing for the independent exercise of rights with the Shenzhen Branch of China SecuritiesDepository and Clearing Co., Ltd.As of December 31, 2024, a total of 687,250 shares were voluntarily exercised by the incentive objects.Approval of changes in shares
□ Applicable ? Not applicable
Transfer of share changes
□ Applicable ? Not applicable
Influence of share changes on the basic EPS, diluted EPS, net assets per share attributable to common shareholders of theCompany and other financial indexes in the most recent year and the most recent period
□ Applicable ? Not applicable
Other information the Company deems necessary or required by the securities regulatory authorities to disclose
□ Applicable ? Not applicable
2. Changes in restricted shares
□ Applicable ? Not applicable
II. Securities issuance and listing
1. Securities issuance (excluding preferred shares) during the reporting period
□ Applicable ? Not applicable
2. Description of changes in the total number of shares, shareholder structure, asset and liabilitystructure of the Company
? Applicable □ Not applicable
1. Repurchase and cancellation
On June 3, 2024, the 7th meeting of the sixth Board of Directors and the 7th meeting of the sixth Board of Supervisors wereconvened, during which the Proposal on Canceling Repurchased A Shares, Reducing Registered Capital, and Amending theArticles of Association was reviewed and approved. The company proposes to cancel the 4,929,134 shares held in the specialsecurities account for share repurchase. Upon completion of this cancellation, the company's registered capital and total number ofshares will be reduced accordingly, and the relevant provisions of the company's Articles of Association shall be amendedaccordingly.
2024 Full Annual Report
On June 19, 2024, the company convened its first extraordinary general meeting of shareholders in 2024, which reviewedand approved the Proposal on Canceling Repurchased A Shares, Reducing Registered Capital, and Amending the Articles ofAssociation. The meeting agreed to the aforementioned cancellation of repurchased A shares and authorized the Board of Directors,further delegating the company's management to handle specific matters related to the cancellation of repurchased A shares andthe reduction of registered capital. This includes, but is not limited to, completing the industrial and commercial registrationprocedures for the company's registered capital changes after the cancellation of such shares and amending the relevant clauses inthe Articles of Association accordingly.
2. 2023 Stock Option Incentive Plan Exercise
Hangzhou ROBAM Appliances Co., Ltd. (hereinafter referred to as the "Company") convened the 8th meeting of the 6th Board ofDirectors and the 8th meeting of the 6th Board of Supervisors on June 20, 2024, respectively, and deliberated and adopted theProposal on the Fulfillment of Exercise Conditions for the First Exercise Period of the 2023 Stock Option Incentive Plan. Fordetails, please refer to the Announcement on the Fulfillment of Exercise Conditions for the First Exercise Period of the 2023 StockOption Incentive Plan (Announcement No.: 2024-050) disclosed by the Company on June 21, 2024, in the "Securities Times,""China Securities Journal," "Securities Daily," "Shanghai Securities News," and on www.cninfo.com.cn.The independent exercise of rights has been reviewed and approved by the Shenzhen Stock Exchange. The company hascompleted the relevant registration and filing for the independent exercise of rights with the Shenzhen Branch of China SecuritiesDepository and Clearing Co., Ltd.As of December 31, 2024, a total of 687,250 shares were voluntarily exercised by the incentive objects.
3. Existing internal employee shares
□ Applicable ? Not applicable
III. Shareholders and actual controllers
1. Number and shareholding of the Company's shareholders
Unit: share
| Total number of common shareholders at the end of the reporting period | 50,873 | Total number of common shareholders at the end of the previous month before the disclosure date of the annual report | 42,444 | Total number of preferred shareholders with voting rights restored at the end of the reporting period (if any) (see Note 8) | 0 | Total number of preferred shareholders with voting rights restored at the end of the previous month before the disclosure date of the annual report (if any) (see Note 8) | 0 |
Shareholdings of the shareholders holding more than 5% shares or the top 10 shareholders (excluding shares lent through refinancing)
Shareholdings of the shareholders holding more than 5% shares or the top 10 shareholders (excluding shares lent through refinancing)Shareholder's
name
| Shareholder's name | Shareholder nature | Shareholding ratio | Number of shares held at the end of the reporting period | Increase or decrease during the reporting period | Number of shares held with limited sales conditions | Number of shares held with unlimited sales conditions | Pledge, mark or freeze | |
| Status of shares | Quantity | |||||||
HangzhouROBAMIndustrialGroup Co.,Ltd.
| Hangzhou ROBAM Industrial Group Co., Ltd. | Domestic non-state legal person | 49.91% | 471,510,000 | 0 | 0 | 471,510,000 | Not applicable | 0 |
Hong KongSecuritiesClearingCompany Ltd.
| Hong Kong Securities Clearing Company Ltd. | Overseas legal person | 11.03% | 104,198,065 | 35,611,930 | 0 | 104,198,065 | Not applicable | 0 |
SchroderInvestmentManagement(Hong Kong)Limited -Schroder
| Schroder Investment Management (Hong Kong) Limited - Schroder | Overseas legal person | 1.50% | 14,215,355 | 14,215,355 | 0 | 14,215,355 | Not applicable | 0 |
2024 Full Annual Report
InternationalSelectionFund China A(Exchange)Shen Guoying
| Shen Guoying | Domestic natural person | 1.30% | 12,240,000 | 0 | 0 | 12,240,000 | Not applicable | 0 |
China LifeInsurance(Group)Company -Traditional -GeneralInsuranceProduct -Hong KongStock Connect(InnovationStrategy)
| China Life Insurance (Group) Company - Traditional - General Insurance Product - Hong Kong Stock Connect (Innovation Strategy) | Other | 0.88% | 8,303,700 | 8,303,700 | 0 | 8,303,700 | Not applicable | 0 |
China LifeInsuranceCompanyLimited -Traditional -GeneralInsuranceProducts -005L - CT001Hu
| China Life Insurance Company Limited - Traditional - General Insurance Products - 005L - CT001 Hu | Other | 0.78% | 7,353,256 | 5,555,056 | 0 | 7,353,256 | Not applicable | 0 |
NationalSocialSecurity FundPortfolio No.
| National Social Security Fund Portfolio No. 406 | Other | 0.76% | 7,211,100 | 7,211,100 | 0 | 7,211,100 | Not applicable | 0 |
China LifeProperty &CasualtyInsurance Co.,Ltd -Traditional -GeneralInsuranceProducts
| China Life Property & Casualty Insurance Co., Ltd - Traditional - General Insurance Products | Other | 0.73% | 6,852,398 | 6,852,398 | 0 | 6,852,398 | Not applicable | 0 |
AgriculturalBank of ChinaLimited -CSI500 IndexOpen-endedFund
| Agricultural Bank of China Limited - CSI500 Index Open-ended Fund | Other | 0.70% | 6,643,800 | 4,000,200 | 0 | 6,643,800 | Not applicable | 0 |
HangzhouJinchuangInvestmentCo., Ltd.
| Hangzhou Jinchuang Investment Co., Ltd. | Domestic non-state legal person | 0.70% | 6,640,085 | 0 | 0 | 6,640,085 | Not applicable | 0 |
Situation of strategicinvestors or general legalpersons becoming the top 10shareholders due to theallotment of new shares (ifany) (see note 3)
| Situation of strategic investors or general legal persons becoming the top 10 shareholders due to the allotment of new shares (if any) (see note 3) | N/A |
Description of the above-mentioned shareholderassociation or concertedaction
| Description of the above-mentioned shareholder association or concerted action | The actual controller of the Company’s controlling shareholder Hangzhou ROBAM Industrial Group Co., Ltd. and the shareholder Hangzhou Jinchuang Investment Co., Ltd. is Mr. Ren Jianhua, and the natural person shareholder Shen Guoying is the wife of Ren Jianhua. The above shareholders have the possibility of acting in unison. |
Description of the above
| Description of the above | N/A |
2024 Full Annual Report
shareholders involved inentrusting / entrusted votingright and waiver of votingrightSpecial note on the existenceof special repurchaseaccounts among the top 10shareholders (if any) (seeNote 10)
| Special note on the existence of special repurchase accounts among the top 10 shareholders (if any) (see Note 10) | N/A |
Shares of the Top 10 shareholders without sale restriction conditions (excluding shares lended through refinancing and senior
executive lock-in shares)
Shares of the Top 10 shareholders without sale restriction conditions (excluding shares lended through refinancing and senior
executive lock-in shares)Shareholder's name
| Shareholder's name | Number of shares with unlimited sales conditions held at the end of the reporting period | Share type | |
| Share type | Quantity | ||
Hangzhou ROBAMIndustrial Group Co., Ltd.
| Hangzhou ROBAM Industrial Group Co., Ltd. | 471,510,000 | RMB common share | 471,510,000 |
Hong Kong SecuritiesClearing Company Ltd.
| Hong Kong Securities Clearing Company Ltd. | 104,198,065 | RMB common share | 104,198,065 |
Schroder InvestmentManagement (Hong Kong)Limited - SchroderInternational Selection FundChina A (Exchange)
| Schroder Investment Management (Hong Kong) Limited - Schroder International Selection Fund China A (Exchange) | 14,215,355 | RMB common share | 14,215,355 |
Shen Guoying
| Shen Guoying | 12,240,000 | RMB common share | 12,240,000 |
China Life Insurance(Group) Company -Traditional - GeneralInsurance Products - HongKong Stock Connect(Innovation Strategy)
| China Life Insurance (Group) Company - Traditional - General Insurance Products - Hong Kong Stock Connect (Innovation Strategy) | 8,303,700 | RMB common share | 8,303,700 |
China Life InsuranceCompany Limited -Traditional - GeneralInsurance Products - 005L -CT001 Hu
| China Life Insurance Company Limited - Traditional - General Insurance Products - 005L - CT001 Hu | 7,353,256 | RMB common share | 7,353,256 |
National Social SecurityFund Portfolio No. 406
| National Social Security Fund Portfolio No. 406 | 7,211,100 | RMB common share | 7,211,100 |
China Life Property &Casualty Insurance Co., Ltd -Traditional - GeneralInsurance Products
| China Life Property & Casualty Insurance Co., Ltd - Traditional - General Insurance Products | 6,852,398 | RMB common share | 6,852,398 |
Agricultural Bank of ChinaLimited - CSI500 IndexOpen-ended Fund
| Agricultural Bank of China Limited - CSI500 Index Open-ended Fund | 6,643,800 | RMB common share | 6,643,800 |
Hangzhou JinchuangInvestment Co., Ltd.
| Hangzhou Jinchuang Investment Co., Ltd. | 6,640,085 | RMB common share | 6,640,085 |
Description of theassociation or concertedaction between top 10 publicshareholders with unlimitedsales conditions, andbetween top 10 publicshareholders with unlimitedsales conditions and top 10shareholders
| Description of the association or concerted action between top 10 public shareholders with unlimited sales conditions, and between top 10 public shareholders with unlimited sales conditions and top 10 shareholders | The actual controller of the Company’s controlling shareholder Hangzhou ROBAM Industrial Group Co., Ltd. and the shareholder Hangzhou Jinchuang Investment Co., Ltd. is Mr. Ren Jianhua, and the natural person shareholder Shen Guoying is the wife of Ren Jianhua. The above shareholders have the possibility of acting in unison. |
2024 Full Annual Report
| Securities margin trading business attended by top 10 common shareholders (if any) (see note 4) | N/A |
Lending of shares by shareholders holding more than 5% shares, top 10 shareholders or top 10 public shareholders with unlimitedsales conditions in the refinancing business
□ Applicable ? Not applicable
Change in the lending/return of shares by top 10 shareholders or top 10 public shareholders with unlimited sales conditions in therefinancing business as compared to the previous period
□ Applicable ? Not applicable
Whether the Company's top 10 common shareholders and op 10 common shareholders with unlimited sales conditions agreed on arepurchase transaction during the reporting period
□ Yes ?No
The Company's top 10 common shareholders and op 10 common shareholders with unlimited sales conditions did not agree on arepurchase transaction during the reporting period
2. Controlling shareholders of the Company
Nature of controlling shareholder: natural person holdingType of controlling shareholder: legal person
| Controlling shareholder's name | Legal Representative / Head of Unit | Date of establishment | Organization code | Main business |
Hangzhou ROBAMIndustrial Group Co.,Ltd.
| Hangzhou ROBAM Industrial Group Co., Ltd. | Ren Jianhua | March 22, 1995 | 913301101438402503 | Industrial investment, import and export of goods |
Equity of other domesticand foreign listedcompanies controlledand participated bycontrolling shareholdersduring the reportingperiod
| Equity of other domestic and foreign listed companies controlled and participated by controlling shareholders during the reporting period | The controlling shareholder of Hangzhou Nbond Nonwoven Co., Ltd., and the participating shareholder of Zhejiang CFMOTO Power Co., Ltd, Hangzhou Fortune Gas Cryogenic Group Co., Ltd. |
Change of controlling shareholders during the reporting period
□ Applicable ? Not applicable
No change in controlling shareholders during the reporting period.
3. Actual controller of the company and the person acting in concert
Nature of actual controller: domestic natural personType of actual controller: natural person
| Actual controller's name | Relationship with actual controller | Nationality | Whether to obtain the right of residence in other countries or regions |
Ren Jianhua
| Ren Jianhua | Self | China | No |
Main occupations and positions
| Main occupations and positions | Please refer to the resume of the Company's directors for details |
Domestic and foreign listedcompanies that have held sharesin the past 10 years
| Domestic and foreign listed companies that have held shares in the past 10 years | Actual controller of Hangzhou ROBAM Appliances Co., Ltd. and Hangzhou Nbond Nonwoven Co., Ltd. |
Changes in actual controller during the reporting period
□ Applicable ? Not applicable
No change in actual controller during the reporting period.Block diagram of property right and control relationship between the Company and actual controller
2024 Full Annual Report
The actual controller controls the Company through trust or other asset management methods
□ Applicable ? Not applicable
4. The cumulative number of pledged shares of the Company's controlling shareholder or the largestshareholder and its persons acting in concert accounts for 80% of the Company's shares held by them
□ Applicable ? Not applicable
5. Other legal person shareholders holding more than 10%
□ Applicable ? Not applicable
6. Restricted share reduction of controlling shareholders, actual controller, reorganizers and othercommitment subjects
□ Applicable ? Not applicable
IV. Specific implementation of share repurchase in the reporting periodImplementation progress of share repurchase
□ Applicable ? Not applicable
Implementation progress of reducing repurchased shares by centralized competitive bidding trading
□ Applicable ? Not applicable
Ren JianhuaROBAM Group
ROBAM Group
Jinchuang
Investment
Hangzhou ROBAM Appliances Co., Ltd.
2024 Full Annual Report
Section VIII. Information Related to Preferred Shares
□ Applicable ? Not applicable
No preferred shares of the Company during the reporting period.
Section IX. Bond-related Information
□ Applicable ? Not applicable
2024 Full Annual Report
Section X. Financial Report
I. Audit report
| Type of audit opinion | Standard unqualified opinion |
Date of signing of audit report
| Date of signing of audit report | April 28, 2025 |
Name of audit institution
| Name of audit institution | Shinewing Certified Public Accountants (special general partnership) |
Audit Report No.
| Audit Report No. | XYZH/2025BJAA10B0391 |
Name of Certified Public Accountant
| Name of Certified Public Accountant | Liu Yu, Wang Qing |
Main body of audit reportTo all shareholders of Hangzhou Robam Appliances Co., Ltd.:
? Audit opinionWe have audited the accompanying financial statements of Hangzhou ROBAM Appliances Co., Ltd. (hereinafter referred to asRobam), including the consolidated balance sheet and the balance sheet of parent company as of December 31, 2024, consolidatedincome statement and income statement of parent company, consolidated cash flow statement and cash flow statement of parentcompany, consolidated statement of change in equity and statement of change in equity of parent company for the year 2024 andnotes to relevant financial statements.In our opinion, the attached financial statements of your company have been prepared in accordance with the provisions of theAccounting Standards for Business Enterprises and give a true and fair view of the consolidated financial position and financialposition of parent company of ROBAM as of December 31, 2024 and of the financial performance and cash flows for the year2024 in all significant terms.
? Basis for audit opinionWe conducted our audit in accordance with the Standards on Auditing for Certified Public Accountants. The "responsibility ofcertified public accountants for audit of financial statements" in the audit report further expounds our responsibilities under suchstandards. We were independent of ROBAM and fulfill other responsibilities in terms of professional ethics according to the codeof professional ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion.
? Key audit items
The key audit items are those that we consider most important to audit the financial statements of the current period in ourprofessional judgment. The response to these items is based on the audit of the financial statements as a whole and the formationof an audit opinion. We do not comment on these items separately. We have identified the following items as key audit items to becommunicated in the audit report.
1. Income Recognition - Agency Sales Model and Engineering Channel Sales BusinessKey audit items
| Key audit items | Response in audit |
Refer to Notes III. 26 and Note V. 40Operating income and operating cost to financialstatements.In 2024, ROBAM's operating income reachedRMB 112,126.542 million, an increase of RMB
107.584 million compared to 2023, of which the
income from the agency sales model was3,543,017,900 yuan, and the income from theengineering channel sales business was1,675,133,700 yuan, together accounting for
46.54% of income of the period.
Since the agency sales model income andengineering channel income account for largeproportion in the operating income and are one ofthe key performance indicators of Robam, theremay be an inherent risk that the management mayrecognize the income in the wrong way to reach thespecific goal or expected goal. Therefore, we regardincome recognition as a key audit issue.
| Refer to Notes III. 26 and Note V. 40 Operating income and operating cost to financial statements. In 2024, ROBAM's operating income reached RMB 112,126.542 million, an increase of RMB 107.584 million compared to 2023, of which the income from the agency sales model was 3,543,017,900 yuan, and the income from the engineering channel sales business was 1,675,133,700 yuan, together accounting for 46.54% of income of the period. Since the agency sales model income and engineering channel income account for large proportion in the operating income and are one of the key performance indicators of Robam, there may be an inherent risk that the management may recognize the income in the wrong way to reach the specific goal or expected goal. Therefore, we regard income recognition as a key audit issue. | For the income recognition of the agency sales mode and engineering channels, the audit procedures we implemented mainly include: 1. Understand key internal controls related to income recognition, evaluate and test the effectiveness of internal control design and implementation; 2. Check the information of the shareholders and main personnel of the agency company and evaluate whether there is any correlation; 3. Examine the main sales contracts, identify the clauses related to the major risks and transfer of remuneration in the ownership of the goods, and evaluate whether the income recognition time point conforms to the provisions of the ASBE; 4. Carry out substantive analysis procedures on operating income and gross margin ratio by channels, customers, products, etc., identify whether there are significant or abnormal fluctuations, and analyze the causes of fluctuations; 5. Check the original documents of the income recognition for major |
2024 Full Annual Report
customers according to the income recognition policy and settlementprocess and evaluate the authenticity and accuracy of operating incomerecognition;
6. Confirm current sales to main customers by sampling combined with theconfirmation of accounts receivable;
7. Carry out the cut-off test procedure of income, check the supporting
documents such as outbound delivery order and acceptance certificate forthe operating income recognized before and after the balance sheet date,and evaluate whether the operating income is recognized within anappropriate period;
8. Check whether the information relating to operating income has beenproperly presented and disclosed in the financial statements.
1. Expected credit loss rate of accounts receivable
Key audit items
| Key audit items | Response in audit |
| Refer to Notes to financial statements III. 11 and V. 4 Accounts receivable. As of December 31, 2024, the balance of accounts receivable was RMB 3,019,699,900, and the provision for bad debt was RMB 1,055,989,700. Due to the large amount of accounts receivable at the end of the period, the management needs to use material accounting estimate and judgment when determining the recoverable amount, so we regard the expected credit loss rate of accounts receivable as the key audit items. | In view of the expected credit loss rate of accounts receivable, our audit procedures mainly include: 1. Understand key internal controls for accounts receivable of Robam, evaluate and test the effectiveness of internal control design and implementation; 2. Check the contracts of main customers according to the income status, understand the settlement terms, and analyze the reasons. Judge the solvency of customers by understanding their operating and financial conditions; 3. Analyze the implementation of the new financial instrument standards for receivables, including the rationality of determination and estimation of the expected credit loss model for the receivables of Robam, calculate the expected credit loss amount on the balance sheet date, and analyze whether the credit loss is fully accounted for in the receivables period; 4. Verify the rationality of expected credit loss of receivables combined with the receivables confirmation procedure and post-dated collection by analyzing the aging of accounts receivable; 5. Check the post-dated acceptance status of notes receivable from main customers, record the amount of notes receivable collected after the post-dated period, and check the supporting documents, such as bank receipt and other vouchers, for those with large amounts of notes receivable; 6. Check whether the information relating to notes receivable and accounts receivable has been properly presented and disclosed in the financial statements. |
? Other informationThe management of ROBAM (hereinafter referred to as the management) is responsible for other information, including theinformation covered in ROBAM annual report for 2024, but excluding the financial statements and our audit report.Our audit opinion on the financial statements does not cover other information and we does not express any form of verificationconclusions on other information.
2024 Full Annual Report
Combined with our audit of the financial statements, it’s our responsibility to read other information. In this process, we shallconsider whether material inconsistency or material misstatement of other information with the financial statements or thesituation understood by us in the audit process.Based on the work that has been executed by us, we should report the fact of material misstatement confirmed in other information.We have nothing to report in this regard.? Responsibility of management and government for the financial statementsThe management is responsible for preparing the financial statements in accordance with the provisions of the AccountingStandards for Business Enterprises and giving a true and fair view; designing, implementing and maintaining necessary internalcontrol, so that the financial statements are free from material misstatement, whether due to fraud or error.When preparing the financial statements, the management is responsible for evaluating the going-concern ability of ROBAM,disclosing the matters related to the going-concern (if applicable) and using the going-concern assumption, unless the managementplans to liquidate ROBAM or stop operation or no other realistic options.The government is responsible for supervising the financial reporting process of ROBAM.
? Responsibility of certified public accountants for audit of financial statementsOur goal is to obtain reasonable guarantee on inexistence of the material misstatement of the financial statements whether due tofraud or error and to issue an audit report including audit opinion. Reasonable guarantee is high level guarantee, but it cannotguarantee that a material misstatement of the audit executed according to the auditing standards will always be found.Misstatement may be caused by fraud or error. If the reasonable expected misstatements may affect the economic decision madeby the financial statement user according to the financial statements, whether individually or collectively, the misstatement isgenerally believed material.We made professional judgment and maintained professional skepticism in the audit process according to the auditing standards.We also performed the following:
? Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, designand implement audit procedures to address these risks, and obtain sufficient and appropriate audit evidence as the basisfor audit opinion. Since the fraud may involve collusion, forge, intentional omission, false statement or above internalcontrol, the risk of material misstatement caused by fraud is higher than that caused by error.
? Understand internal control related to the audit in order to design audit procedures that are appropriate in the
circumstances.
? Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relevantdisclosure.
? Draw a conclusion about the appropriateness of the going-concern assumption used by the management. Meanwhile,
draw a conclusion about the major uncertainty of the matters or circumstances possibly resulting in major concernsabout the going-concern ability of ROBAM according to the audit evidence obtained. If we draw a conclusion that majoruncertainty exists, the auditing standards require us to request the statement user to notice relevant disclosure in thefinancial statements in the audit report; in case of insufficient disclosure, we should issue a modified audit report. Ourconclusion is made on the basis of the information available as of the audit report date. However, the future matters orcircumstances may result in going concern failure of Robam.
? Evaluate the overall presentation, structure and content of the financial statements and evaluate whether the financial
statements give a true and fair view of relevant transactions and matters.
? Obtain adequate and appropriate audit evidence for the financial information of ROBAM entity or business activities to
express an opinion on the financial statements. We are responsible for guiding, supervising and implementing the groupaudit and take full responsibility for the audit opinions.We communicate with the governance on the planned audit scope, time arrangement and major audit findings, including theinternal control defects identified by us in the audit and worthing attention.We also provide the governance with a statement of compliance with the ethical requirements relating to our independence andcommunicate with the governance with respect to all relations and other matters that may reasonably be considered to affect ourindependence and the relevant precautions (if applicable).From the items communicated with the governance, we determine which items are most important to the audit of current financialstatements and thus constitute the key audit items. We describe these items in our audit report, unless the disclosure of thesematters is prohibited by law or regulation, or, in rare circumstances, we determine that we should not communicate the items inour audit report if it is reasonably expected that the negative consequences of communicating an item outweigh the benefits in thepublic interest.
2024 Full Annual Report
II. Financial statementsUnit of statements in financial notes: CNY
1. Consolidated Balance Sheet
Unit: Hangzhou ROBAM Appliances Co., Ltd.
December 31, 2024
Unit: yuan
| Item | Ending balance | Beginning balance |
| Current assets: | ||
| Monetary capital | 1,631,776,094.27 | 1,985,050,745.11 |
| Deposit reservation for balance | ||
| Lending funds | ||
| Trading financial assets | 2,180,000,000.00 | 2,730,000,000.00 |
| Derivative financial assets | ||
| Notes receivable | 817,563,424.67 | 696,284,931.64 |
| Accounts receivable | 1,963,710,151.61 | 1,810,015,596.33 |
| Receivables financing | ||
| Advances to suppliers | 161,690,670.71 | 139,713,471.58 |
| Premiums receivables | ||
| Reinsurance accounts receivable | ||
| Provision of cession receivable | ||
| Other receivables | 86,729,886.98 | 53,368,667.34 |
| Including: Interest receivable | ||
| Dividends receivable | ||
| Redemptory monetary capital for sale | ||
| Inventory | 1,214,012,761.29 | 1,524,274,720.24 |
| Including: data resource | ||
| Contract assets | ||
| Assets held for sales | ||
| Non-current assets due within a year | 899,560,428.08 | |
| Other current assets | 1,411,059,496.48 | 2,647,808,620.70 |
| Total current assets | 10,366,102,914.09 | 11,586,516,752.94 |
| Non-current assets: | ||
| Loans and advances | ||
| Debt investment | ||
| Other debt investments | ||
| Long-term receivables | ||
| Long-term equity investment | 10,561,060.79 | 8,427,450.24 |
| Other equity instrument investments | 2,116,023.22 | 2,116,023.22 |
| Other non-current financial assets | 300,000,000.00 | 480,000,000.00 |
| Investment properties | 85,850,636.19 | 91,136,832.31 |
| Fixed assets | 1,611,144,579.04 | 1,720,724,257.46 |
| Construction in progress | 457,357,111.28 | 359,768,699.68 |
| Productive biological assets | ||
| Oil and gas assets | ||
| Right-of-use assets | 10,275,253.96 | 13,802,458.98 |
| Intangible assets | 205,881,656.70 | 214,553,739.31 |
2024 Full Annual Report
| Including: data resource | ||
| Development expenditure | ||
| Including: data resource | ||
| Goodwill | 12,223,271.67 | |
| Long-term unamortized expenses | 4,756,409.65 | 5,034,659.37 |
| Deferred income tax assets | 355,443,564.81 | 362,897,841.89 |
| Other non-current assets | 3,633,769,072.60 | 1,922,329,328.65 |
| Total non-current assets | 6,677,155,368.24 | 5,193,014,562.78 |
| Total assets | 17,043,258,282.33 | 16,779,531,315.72 |
| Current liabilities: | ||
| Short-term borrowing | 93,239,299.06 | 95,003,320.70 |
| Borrowings from central bank | ||
| Borrowing funds | ||
| Trading financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | 1,061,073,856.74 | 1,098,720,000.58 |
| Accounts payable | 2,830,095,046.91 | 2,548,743,762.06 |
| Advance from customers | ||
| Contract liabilities | 867,810,932.52 | 1,019,942,923.58 |
| Financial assets sold for repurchase | ||
| Deposits from customers and interbank | ||
| Acting trading securities | ||
| Acting underwriting securities | ||
| Payroll payable | 188,410,062.92 | 177,923,042.01 |
| Tax payable | 189,784,241.67 | 154,365,676.80 |
| Other payables | 285,326,671.78 | 755,964,919.76 |
| Including: Interest payable | ||
| Dividends payable | 472,047,458.00 | |
| Fees and commissions payable | ||
| Dividend payable for reinsurance | ||
| Liabilities held for sales | ||
| Non-current liabilities due within a year | 2,136,543.64 | 4,522,658.42 |
| Other current liabilities | 95,808,311.01 | 118,041,351.23 |
| Total current liabilities | 5,613,684,966.25 | 5,973,227,655.14 |
| Non-current liabilities: | ||
| Reserve fund for insurance contracts | ||
| Long-term borrowing | ||
| Bonds payable | ||
| Including: preferred stock | ||
| Perpetual bond | ||
| Lease liabilities | 10,197,520.49 | 10,750,792.90 |
| Long-term payable | ||
| Long-term payroll payable | ||
| Estimated liabilities | ||
| Deferred income | 114,504,272.72 | 136,538,254.74 |
| Deferred income tax liabilities | 38,784,781.76 | 28,418,565.01 |
2024 Full Annual Report
| Other non-current liabilities | ||
| Total non-current liabilities | 163,486,574.97 | 175,707,612.65 |
| Total liabilities | 5,777,171,541.22 | 6,148,935,267.79 |
| Owner's equity: | ||
| Capital stock | 944,782,166.00 | 949,024,050.00 |
| Other equity instruments | ||
| Including: preferred stock | ||
| Perpetual bond | ||
| Capital reserve | 237,627,547.19 | 411,778,214.22 |
| Minus: treasury stock | 199,995,742.59 | |
| Other comprehensive income | -99,551,592.95 | -100,157,634.16 |
| Special reserve | ||
| Surplus reserves | 474,516,412.50 | 474,516,412.50 |
| General risk preparation | ||
| Undistributed profit | 9,621,062,910.45 | 8,987,773,431.71 |
| Total owners' equities attributable to the owners of parent company | 11,178,437,443.19 | 10,522,938,731.68 |
| Minority equity | 87,649,297.92 | 107,657,316.25 |
| Total owners' equities | 11,266,086,741.11 | 10,630,596,047.93 |
| Total liabilities and owners' equities | 17,043,258,282.33 | 16,779,531,315.72 |
Legal representative: Ren Jianhua Head of accounting work: Zhang Guofu Head of accounting body: Zhang Guofu
2. Balance sheet of parent company
Unit: yuan
| Item | Ending balance | Beginning balance |
Current assets:
| Current assets: |
Monetary capital
| Monetary capital | 1,277,125,731.09 | 1,810,087,936.08 |
Trading financial assets
| Trading financial assets | 2,180,000,000.00 | 2,730,000,000.00 |
Derivative financial assets
| Derivative financial assets |
Notes receivable
| Notes receivable | 725,250,200.92 | 662,718,295.18 |
Accounts receivable
| Accounts receivable | 1,950,848,879.74 | 1,755,848,590.56 |
Receivables financing
| Receivables financing |
Advances to suppliers
| Advances to suppliers | 141,838,575.60 | 127,173,134.27 |
Other receivables
| Other receivables | 54,938,787.51 | 46,761,052.06 |
Including: Interest receivable
| Including: Interest receivable |
Dividends receivable
| Dividends receivable |
Inventory
| Inventory | 1,101,560,745.84 | 1,404,838,448.75 |
Including: data resource
| Including: data resource |
Contract assets
| Contract assets |
Assets held for sales
| Assets held for sales |
Non-current assets due within a year
| Non-current assets due within a year | 899,560,428.08 |
Other current assets
| Other current assets | 1,408,135,339.71 | 2,644,890,957.65 |
Total current assets
| Total current assets | 9,739,258,688.49 | 11,182,318,414.55 |
Non-current assets:
| Non-current assets: |
Debt investment
| Debt investment |
Other debt investments
| Other debt investments |
2024 Full Annual Report
| Long-term receivables |
Long-term equity investment
| Long-term equity investment | 305,726,881.00 | 255,471,029.63 |
Other equity instrument investments
| Other equity instrument investments | 2,116,023.22 | 2,116,023.22 |
Other non-current financial assets
| Other non-current financial assets | 300,000,000.00 | 480,000,000.00 |
Investment properties
| Investment properties | 6,160,828.32 | 8,735,897.94 |
Fixed assets
| Fixed assets | 1,439,118,833.45 | 1,528,320,306.82 |
Construction in progress
| Construction in progress | 457,357,111.28 | 359,768,699.68 |
Productive biological assets
| Productive biological assets |
Oil and gas assets
| Oil and gas assets |
Right-of-use assets
| Right-of-use assets |
Intangible assets
| Intangible assets | 144,362,791.26 | 148,054,087.98 |
Including: data resource
| Including: data resource |
Development expenditure
| Development expenditure |
Including: data resource
| Including: data resource |
Goodwill
| Goodwill |
Long-term unamortized expenses
| Long-term unamortized expenses | 2,039,913.58 | 2,703,497.73 |
Deferred income tax assets
| Deferred income tax assets | 338,574,461.95 | 346,004,342.16 |
Other non-current assets
| Other non-current assets | 3,633,575,072.60 | 1,922,135,328.65 |
Total non-current assets
| Total non-current assets | 6,629,031,916.66 | 5,053,309,213.81 |
Total assets
| Total assets | 16,368,290,605.15 | 16,235,627,628.36 |
Current liabilities:
| Current liabilities: |
Short-term borrowing
| Short-term borrowing | 2,078,878.91 | 14,003,320.70 |
Trading financial liabilities
| Trading financial liabilities |
Derivative financial liabilities
| Derivative financial liabilities |
Notes payable
| Notes payable | 995,772,872.14 | 1,042,067,981.92 |
Accounts payable
| Accounts payable | 2,581,653,678.97 | 2,416,687,934.76 |
Advance from customers
| Advance from customers |
Contract liabilities
| Contract liabilities | 774,230,830.83 | 947,538,425.82 |
Payroll payable
| Payroll payable | 152,840,544.42 | 145,416,052.40 |
Tax payable
| Tax payable | 156,521,588.05 | 140,518,721.35 |
Other payables
| Other payables | 257,629,203.33 | 725,701,383.40 |
Including: Interest payable
| Including: Interest payable |
Dividends payable
| Dividends payable | 472,047,458.00 |
Liabilities held for sales
| Liabilities held for sales |
Non-current liabilities due within a year
| Non-current liabilities due within a year |
Other current liabilities
| Other current liabilities | 84,060,358.81 | 107,860,993.92 |
Total current liabilities
| Total current liabilities | 5,004,787,955.46 | 5,539,794,814.27 |
Non-current liabilities:
| Non-current liabilities: |
Long-term borrowing
| Long-term borrowing |
Bonds payable
| Bonds payable |
2024 Full Annual Report
| Including: preferred stock |
Perpetual bond
| Perpetual bond |
Lease liabilities
| Lease liabilities |
Long-term payable
| Long-term payable |
Long-term payroll payable
| Long-term payroll payable |
Estimated liabilities
| Estimated liabilities |
Deferred income
| Deferred income | 81,363,483.02 | 101,473,668.84 |
Deferred income tax liabilities
| Deferred income tax liabilities | 32,893,834.92 | 20,898,710.27 |
Other non-current liabilities
| Other non-current liabilities |
Total non-current liabilities
| Total non-current liabilities | 114,257,317.94 | 122,372,379.11 |
Total liabilities
| Total liabilities | 5,119,045,273.40 | 5,662,167,193.38 |
Owner's equity:
| Owner's equity: |
Capital stock
| Capital stock | 944,782,166.00 | 949,024,050.00 |
Other equity instruments
| Other equity instruments |
Including: preferred stock
| Including: preferred stock |
Perpetual bond
| Perpetual bond |
Capital reserve
| Capital reserve | 237,582,564.32 | 411,389,124.26 |
Minus: treasury stock
| Minus: treasury stock | 199,995,742.59 |
Other comprehensive income
| Other comprehensive income | -100,157,634.16 | -100,157,634.16 |
Special reserve
| Special reserve |
Surplus reserves
| Surplus reserves | 474,516,412.50 | 474,516,412.50 |
Undistributed profit
| Undistributed profit | 9,692,521,823.09 | 9,038,684,224.97 |
Total owners' equities
| Total owners' equities | 11,249,245,331.75 | 10,573,460,434.98 |
Total liabilities and owners' equities
| Total liabilities and owners' equities | 16,368,290,605.15 | 16,235,627,628.36 |
3. Consolidated Statement of Income
Unit: yuan
| Item | Year 2024 | Year 2023 |
I. Total operating income
| I. Total operating income | 11,212,654,220.22 | 11,201,895,774.27 |
Including: Operating income
| Including: Operating income | 11,212,654,220.22 | 11,201,895,774.27 |
Interest revenue
| Interest revenue |
Premium earned
| Premium earned |
Fee and commission income
| Fee and commission income |
II. Total operating costs
| II. Total operating costs | 9,574,831,422.71 | 9,296,781,893.88 |
Including: Operating costs
| Including: Operating costs | 5,644,826,327.72 | 5,527,648,706.29 |
Interest expenditure
| Interest expenditure |
Fee and commission expense
| Fee and commission expense |
Surrender value
| Surrender value |
Net payments for insuranceclaims
| Net payments for insurance claims |
Net reserve fund extracted forinsurance contracts
| Net reserve fund extracted for insurance contracts |
Bond insurance expense
| Bond insurance expense |
2024 Full Annual Report
| Reinsurance costs |
Taxes and surcharges
| Taxes and surcharges | 109,124,685.49 | 98,651,608.07 |
Selling expenses
| Selling expenses | 3,078,798,259.84 | 3,002,418,651.54 |
Management costs
| Management costs | 508,849,021.04 | 469,622,072.60 |
Research and developmentexpenses
| Research and development expenses | 413,659,448.81 | 387,368,591.97 |
Financial expenses
| Financial expenses | -180,426,320.19 | -188,927,736.59 |
Including: interestexpenditure
| Including: interest expenditure | 5,244,416.98 | 8,773,638.31 |
Interest revenue
| Interest revenue | 187,364,396.26 | 198,559,145.09 |
Plus: other incomes
| Plus: other incomes | 158,366,990.73 | 173,912,473.94 |
Income from investment (lossexpressed with "-")
| Income from investment (loss expressed with "-") | 137,345,689.50 | 82,963,414.69 |
Including: Income frominvestment of joint venture andcooperative enterprise
| Including: Income from investment of joint venture and cooperative enterprise | -5,054,357.08 | -291,055.38 |
Income fromderecognition of financial assets measuredat amortized cost
| Income from derecognition of financial assets measured at amortized cost |
Exchange gain (loss expressedwith "-")
| Exchange gain (loss expressed with "-") |
Net exposure hedging gain (lossexpressed with “-”)
| Net exposure hedging gain (loss expressed with “-”) |
Income from fair value changes(loss expressed with "-”)
| Income from fair value changes (loss expressed with "-”) |
Credit impairment losses (lossexpressed with "-")
| Credit impairment losses (loss expressed with "-") | -70,748,315.78 | -102,136,793.39 |
Assets impairment losses (lossexpressed with "-")
| Assets impairment losses (loss expressed with "-") | -68,193,162.23 | -70,692,389.97 |
Income from disposal of assets(loss expressed with "-")
| Income from disposal of assets (loss expressed with "-") | -4,462,199.53 | -1,211,854.70 |
III. Operating profits (loss expressed with“-”)
| III. Operating profits (loss expressed with “-”) | 1,790,131,800.20 | 1,987,948,730.96 |
Plus: Non-operating income
| Plus: Non-operating income | 2,236,216.91 | 4,742,209.59 |
Minus: non-operating expenditure
| Minus: non-operating expenditure | 8,139,163.72 | 6,580,896.29 |
IV. Total profits (total loss expressed with“-”)
| IV. Total profits (total loss expressed with “-”) | 1,784,228,853.39 | 1,986,110,044.26 |
Less: Income tax expenses
| Less: Income tax expenses | 228,728,811.96 | 271,452,597.98 |
V. Net profits (net loss expressed with “-”)
| V. Net profits (net loss expressed with “-”) | 1,555,500,041.43 | 1,714,657,446.28 |
(I) Classified by business continuity
| (I) Classified by business continuity |
1. Net profits from ongoing operation
(net loss expressed with “-”)
| 1. Net profits from ongoing operation (net loss expressed with “-”) | 1,555,500,041.43 | 1,714,657,446.28 |
2. Net profits from discontinuing
operation (net loss expressed with “-”)
| 2. Net profits from discontinuing operation (net loss expressed with “-”) |
(II) Classified by ownership
| (II) Classified by ownership |
1. Net profits attributable to
shareholders of the parent company
| 1. Net profits attributable to shareholders of the parent company | 1,577,400,594.74 | 1,732,789,332.13 |
2. Minority interest income
| 2. Minority interest income | -21,900,553.31 | -18,131,885.85 |
VI. Net amount of other comprehensive
| VI. Net amount of other comprehensive | 643,012.67 |
2024 Full Annual Report
income after taxNet amount of other comprehensiveincome after tax attributed to parentcompany owners
| Net amount of other comprehensive income after tax attributed to parent company owners | 606,041.21 |
(I) Other comprehensive income thatcan't be reclassified into profit and loss
| (I) Other comprehensive income that can't be reclassified into profit and loss |
1. Remeasure the variation of net
indebtedness or net asset of definedbenefit plan
| 1. Remeasure the variation of net indebtedness or net asset of defined benefit plan |
2. Other comprehensive income
that can't be reclassified into profit andloss in the invested enterprise under equitymethod
| 2. Other comprehensive income that can't be reclassified into profit and loss in the invested enterprise under equity method |
3. Fair value change of other
equity instrument investments
| 3. Fair value change of other equity instrument investments |
4. Fair value change of enterprise
credit risks
| 4. Fair value change of enterprise credit risks |
5. Other
| 5. Other |
(II) Other comprehensive income thatwill be reclassified into profit and loss
| (II) Other comprehensive income that will be reclassified into profit and loss | 606,041.21 |
1. Other comprehensive income
that will be reclassified into profit and lossin the invested enterprise under equitymethod
| 1. Other comprehensive income that will be reclassified into profit and loss in the invested enterprise under equity method |
2. Fair value change of other debt
investments
| 2. Fair value change of other debt investments |
3. Amount of financial assets
reclassified into other comprehensiveincome
| 3. Amount of financial assets reclassified into other comprehensive income |
4. Provision for credit impairment
of other debt investments
| 4. Provision for credit impairment of other debt investments |
5. Cash flow hedging reserve
| 5. Cash flow hedging reserve |
6. Translation reserve
| 6. Translation reserve | 606,041.21 |
7. Other
| 7. Other |
Net amount of other comprehensiveincome after tax attributed to minorityshareholders
| Net amount of other comprehensive income after tax attributed to minority shareholders | 36,971.46 |
VII. Total comprehensive income
| VII. Total comprehensive income | 1,556,143,054.10 | 1,714,657,446.28 |
Total comprehensive income attributedto parent company owners
| Total comprehensive income attributed to parent company owners | 1,578,006,635.95 | 1,732,789,332.13 |
Total comprehensive income belongingto minority shareholders
| Total comprehensive income belonging to minority shareholders | -21,863,581.85 | -18,131,885.85 |
VIII. Earnings per share
| VIII. Earnings per share |
(I) Basic earnings per share
| (I) Basic earnings per share | 1.67 | 1.83 |
(II) Diluted earnings per share
| (II) Diluted earnings per share | 1.67 | 1.83 |
In case of business combination involving enterprises under common control in current period, the net profits achieved by themerged party before combination were RMB 0.00 and achieved by the merged party in previous period were RMB 0.00.Legal representative: Ren Jianhua Head of accounting work: Zhang Guofu Head of accounting body: Zhang Guofu
4. Income statement of parent company
Unit: yuan
| Item | Year 2024 | Year 2023 |
I. Operating income
| I. Operating income | 10,016,048,118.11 | 10,193,069,154.46 |
Minus: Operating costs
| Minus: Operating costs | 5,259,702,199.84 | 5,238,879,913.20 |
Taxes and surcharges
| Taxes and surcharges | 92,229,308.51 | 85,142,081.03 |
2024 Full Annual Report
| Selling expenses | 2,358,363,267.58 | 2,383,042,375.37 |
Management costs
| Management costs | 402,214,913.76 | 343,719,928.86 |
Research and developmentexpenses
| Research and development expenses | 411,738,248.41 | 378,521,686.25 |
Financial expenses
| Financial expenses | -184,570,426.66 | -191,174,106.65 |
Including: interest expenditure
| Including: interest expenditure | 1,585,823.43 | 4,712,177.65 |
Interest revenue
| Interest revenue | 185,678,157.14 | 195,758,915.10 |
Plus: other incomes
| Plus: other incomes | 147,373,798.12 | 162,403,507.36 |
Income from investment (lossexpressed with "-")
| Income from investment (loss expressed with "-") | 129,249,299.30 | 83,122,617.59 |
Including: Income frominvestment of joint venture andcooperative enterprise
| Including: Income from investment of joint venture and cooperative enterprise | -2,583,849.09 | 71,218.69 |
Income fromderecognition of financial assets measuredat amortized cost (loss expressed with “-")
| Income from derecognition of financial assets measured at amortized cost (loss expressed with “-") |
Net exposure hedging gain (lossexpressed with “-”)
| Net exposure hedging gain (loss expressed with “-”) |
Income from fair value changes(loss expressed with "-”)
| Income from fair value changes (loss expressed with "-”) |
Credit impairment losses (lossexpressed with "-")
| Credit impairment losses (loss expressed with "-") | -69,423,712.10 | -81,329,927.58 |
Assets impairment losses (lossexpressed with "-")
| Assets impairment losses (loss expressed with "-") | -54,370,276.70 | -22,002,511.90 |
Income from disposal of assets(loss expressed with "-")
| Income from disposal of assets (loss expressed with "-") | -4,462,199.53 | -1,303,213.39 |
II. Operating profit (loss to be filled outwith the minus sign "-")
| II. Operating profit (loss to be filled out with the minus sign "-") | 1,824,737,515.76 | 2,095,827,748.48 |
Plus: Non-operating income
| Plus: Non-operating income | 1,854,448.37 | 3,523,977.82 |
Minus: non-operating expenditure
| Minus: non-operating expenditure | 6,673,097.99 | 5,908,300.05 |
III. Total profit (total loss to be filled outwith the minus sign "-")
| III. Total profit (total loss to be filled out with the minus sign "-") | 1,819,918,866.14 | 2,093,443,426.25 |
Less: Income tax expenses
| Less: Income tax expenses | 221,970,152.02 | 267,153,435.77 |
IV. Net profit (net loss to be filled outwith the minus sign "-")
| IV. Net profit (net loss to be filled out with the minus sign "-") | 1,597,948,714.12 | 1,826,289,990.48 |
(I) Net profits from going concern (netloss expressed with “-”)
| (I) Net profits from going concern (net loss expressed with “-”) | 1,597,948,714.12 | 1,826,289,990.48 |
(II) Net profits from discontinuingoperation (net loss expressed with “-”)
| (II) Net profits from discontinuing operation (net loss expressed with “-”) |
V. Net amount of other comprehensiveincome after tax
| V. Net amount of other comprehensive income after tax |
(I) Other comprehensive income thatcan't be reclassified into profit and loss
| (I) Other comprehensive income that can't be reclassified into profit and loss |
1. Remeasure the variation of net
indebtedness or net asset of definedbenefit plan
| 1. Remeasure the variation of net indebtedness or net asset of defined benefit plan |
2. Other comprehensive income
that can't be reclassified into profit andloss in the invested enterprise under equitymethod
| 2. Other comprehensive income that can't be reclassified into profit and loss in the invested enterprise under equity method |
3. Fair value change of other
equity instrument investments
| 3. Fair value change of other equity instrument investments |
2024 Full Annual Report
| 4. Fair value change of enterprise credit risks |
5. Other
| 5. Other |
(II) Other comprehensive income thatwill be reclassified into profit and loss
| (II) Other comprehensive income that will be reclassified into profit and loss |
1. Other comprehensive income
that will be reclassified into profit and lossin the invested enterprise under equitymethod
| 1. Other comprehensive income that will be reclassified into profit and loss in the invested enterprise under equity method |
2. Fair value change of other debt
investments
| 2. Fair value change of other debt investments |
3. Amount of financial assets
reclassified into other comprehensiveincome
| 3. Amount of financial assets reclassified into other comprehensive income |
4. Provision for credit impairment
of other debt investments
| 4. Provision for credit impairment of other debt investments |
5. Cash flow hedging reserve
| 5. Cash flow hedging reserve |
6. Translation reserve
| 6. Translation reserve |
7. Other
| 7. Other |
VI. Total comprehensive income
| VI. Total comprehensive income | 1,597,948,714.12 | 1,826,289,990.48 |
VII. Earnings per share
| VII. Earnings per share |
(I) Basic earnings per share
| (I) Basic earnings per share |
(II) Diluted earnings per share
| (II) Diluted earnings per share |
5. Consolidated Statement of Cash Flow
Unit: yuan
| Item | Year 2024 | Year 2023 |
I. Cash flow from financing activities:
| I. Cash flow from financing activities: |
Cash from selling commodities oroffering labor
| Cash from selling commodities or offering labor | 11,840,292,609.44 | 12,266,993,968.64 |
Net increase of customer deposit anddeposit from other banks
| Net increase of customer deposit and deposit from other banks |
Net increase of borrowings from centralbank
| Net increase of borrowings from central bank |
Net increase of borrowing funds fromother financial institutions
| Net increase of borrowing funds from other financial institutions |
Cash from obtaining original insurancecontract premium
| Cash from obtaining original insurance contract premium |
Cash received from insurance premiumof original insurance contract
| Cash received from insurance premium of original insurance contract |
Net increase of deposit and investmentof insured
| Net increase of deposit and investment of insured |
Cash from interest, handling chargesand commissions
| Cash from interest, handling charges and commissions |
Net increase of borrowing funds
| Net increase of borrowing funds |
Net increase of repurchase of businessfunds
| Net increase of repurchase of business funds |
Net cash from acting trading securities
| Net cash from acting trading securities |
Refund of tax and levies
| Refund of tax and levies | 45,755,849.75 | 46,868,485.73 |
Other cash received related to operatingactivities
| Other cash received related to operating activities | 155,385,267.31 | 272,254,801.18 |
Subtotal cash inflows from operatingactivities
| Subtotal cash inflows from operating activities | 12,041,433,726.50 | 12,586,117,255.55 |
2024 Full Annual Report
| Cash paid for selling commodities or offering labor | 5,346,752,744.03 | 5,268,131,276.52 |
Net increase of customer loans andadvances
| Net increase of customer loans and advances |
Net increase of amount due from centralbank and interbank
| Net increase of amount due from central bank and interbank |
Cash paid for original insurancecontract claims payment
| Cash paid for original insurance contract claims payment |
Net increase of lending funds
| Net increase of lending funds |
Cash paid for interest, handling chargesand commissions
| Cash paid for interest, handling charges and commissions |
Cash paid for policy dividend
| Cash paid for policy dividend |
Cash paid to and for employees
| Cash paid to and for employees | 1,103,299,547.14 | 1,048,926,471.94 |
Taxes and fees paid
| Taxes and fees paid | 908,921,674.35 | 971,661,528.13 |
Other cash paid related to operatingactivities
| Other cash paid related to operating activities | 3,022,208,050.27 | 2,905,476,166.25 |
Subtotal cash outflows from operatingactivities
| Subtotal cash outflows from operating activities | 10,381,182,015.79 | 10,194,195,442.84 |
Net cash flow from operating activities
| Net cash flow from operating activities | 1,660,251,710.71 | 2,391,921,812.71 |
II. Cash flow from investment activities:
| II. Cash flow from investment activities: |
Cash from investment withdrawal
| Cash from investment withdrawal | 2,741,285,887.67 | 2,314,144,508.00 |
Cash from investment income
| Cash from investment income | 131,855,939.84 | 83,300,616.60 |
Net cash from disposal of fixed assets,intangible assets and other long-termassets
| Net cash from disposal of fixed assets, intangible assets and other long-term assets | 88,151.15 | 830,542.67 |
Net cash received from the disposal ofsubsidiaries and other business entities
| Net cash received from the disposal of subsidiaries and other business entities |
Other cash received related toinvestment activities
| Other cash received related to investment activities | 3,217,561,206.77 |
Subtotal cash inflows from investmentactivities
| Subtotal cash inflows from investment activities | 6,090,791,185.43 | 2,398,275,667.27 |
Cash paid for the purchase andconstruction of fixed assets, intangibleassets and other long term assets
| Cash paid for the purchase and construction of fixed assets, intangible assets and other long term assets | 257,803,831.33 | 327,437,806.87 |
Cash paid for investment
| Cash paid for investment | 2,016,290,000.00 | 3,012,300,000.00 |
Net cash received from reinsurancebusiness
| Net cash received from reinsurance business |
Net cash paid for obtaining subsidiariesand other business units
| Net cash paid for obtaining subsidiaries and other business units |
Other cash paid related to investmentactivities
| Other cash paid related to investment activities | 4,453,924,300.00 | 4,333,744,300.00 |
Subtotal cash outflows from investmentactivities
| Subtotal cash outflows from investment activities | 6,728,018,131.33 | 7,673,482,106.87 |
Net cash flow from investment activities
| Net cash flow from investment activities | -637,226,945.90 | -5,275,206,439.60 |
III. Cash flow from financing activities:
| III. Cash flow from financing activities: |
Receipts from equity securities
| Receipts from equity securities | 31,888,670.80 | 2,750,000.00 |
Including: Cash received fromsubsidies' absorption of minorityshareholders' investment
| Including: Cash received from subsidies' absorption of minority shareholders' investment | 776,142.00 |
Cash received from borrowings
| Cash received from borrowings | 93,812,523.35 | 76,000,000.00 |
Other cash received related to financingactivities
| Other cash received related to financing activities | 4,578,878.91 | 13,510,296.65 |
Subtotal cash inflows from financingactivities
| Subtotal cash inflows from financing activities | 130,280,073.06 | 92,260,296.65 |
Cash repayments of amounts borrowed
| Cash repayments of amounts borrowed | 81,004,505.94 | 46,150,000.00 |
2024 Full Annual Report
| Cash paid for distribution of dividends or profits and for interest expenses | 1,418,983,928.25 | 474,928,024.93 |
Including: Dividends and profits paidby subsidiaries to minority shareholders
| Including: Dividends and profits paid by subsidiaries to minority shareholders |
Other cash paid related to financingactivities
| Other cash paid related to financing activities | 13,315,324.35 | 7,123,465.99 |
Subtotal cash outflows from financingactivities
| Subtotal cash outflows from financing activities | 1,513,303,758.54 | 528,201,490.92 |
Net cash flow from financing activities
| Net cash flow from financing activities | -1,383,023,685.48 | -435,941,194.27 |
IV. Impact of exchange rate movementson cash and cash equivalents
| IV. Impact of exchange rate movements on cash and cash equivalents | 136,119.47 | 977,837.51 |
V. Net increase of cash and cashequivalents
| V. Net increase of cash and cash equivalents | -359,862,801.20 | -3,318,247,983.65 |
Plus: Balance of cash and cashequivalents at the beginning of the period
| Plus: Balance of cash and cash equivalents at the beginning of the period | 1,878,166,358.09 | 5,196,414,341.74 |
VI. Balance of cash and cash equivalentsat the beginning of the period
| VI. Balance of cash and cash equivalents at the beginning of the period | 1,518,303,556.89 | 1,878,166,358.09 |
6. Cash flow statement of parent company
Unit: yuan
| Item | Year 2024 | Year 2023 |
I. Cash flow from financing activities:
| I. Cash flow from financing activities: |
Cash from selling commodities oroffering labor
| Cash from selling commodities or offering labor | 10,592,006,945.13 | 11,177,115,048.54 |
Refund of tax and levies
| Refund of tax and levies | 45,755,849.75 | 45,894,461.03 |
Other cash received related to operatingactivities
| Other cash received related to operating activities | 125,596,200.32 | 243,673,487.58 |
Subtotal cash inflows from operatingactivities
| Subtotal cash inflows from operating activities | 10,763,358,995.20 | 11,466,682,997.15 |
Cash paid for selling commodities oroffering labor
| Cash paid for selling commodities or offering labor | 5,084,980,590.49 | 4,964,239,535.47 |
Cash paid to and for employees
| Cash paid to and for employees | 846,957,899.19 | 773,324,582.87 |
Taxes and fees paid
| Taxes and fees paid | 804,756,539.19 | 873,573,314.72 |
Other cash paid related to operatingactivities
| Other cash paid related to operating activities | 2,458,082,269.22 | 2,411,772,941.62 |
Subtotal cash outflows from operatingactivities
| Subtotal cash outflows from operating activities | 9,194,777,298.09 | 9,022,910,374.68 |
Net cash flow from operating activities
| Net cash flow from operating activities | 1,568,581,697.11 | 2,443,772,622.47 |
II. Cash flow from investment activities:
| II. Cash flow from investment activities: |
Cash from investment withdrawal
| Cash from investment withdrawal | 2,730,000,000.00 | 2,300,000,000.00 |
Cash from investment income
| Cash from investment income | 131,833,148.39 | 93,285,361.16 |
Net cash from disposal of fixed assets,intangible assets and other long-termassets
| Net cash from disposal of fixed assets, intangible assets and other long-term assets | 195,164.23 | 612,252.00 |
Net cash received from the disposal ofsubsidiaries and other business entities
| Net cash received from the disposal of subsidiaries and other business entities |
Other cash received related toinvestment activities
| Other cash received related to investment activities | 3,217,561,206.77 |
Subtotal cash inflows from investmentactivities
| Subtotal cash inflows from investment activities | 6,079,589,519.39 | 2,393,897,613.16 |
Cash paid for the purchase andconstruction of fixed assets, intangibleassets and other long term assets
| Cash paid for the purchase and construction of fixed assets, intangible assets and other long term assets | 253,848,822.85 | 284,465,179.85 |
Cash paid for investment
| Cash paid for investment | 2,052,414,675.00 | 3,013,588,900.00 |
Net cash paid for obtaining subsidiariesand other business units
| Net cash paid for obtaining subsidiaries and other business units |
2024 Full Annual Report
| Other cash paid related to investment activities | 4,453,924,300.00 | 4,333,744,300.00 |
Subtotal cash outflows from investmentactivities
| Subtotal cash outflows from investment activities | 6,760,187,797.85 | 7,631,798,379.85 |
Net cash flow from investment activities
| Net cash flow from investment activities | -680,598,278.46 | -5,237,900,766.69 |
III. Cash flow from financing activities:
| III. Cash flow from financing activities: |
Receipts from equity securities
| Receipts from equity securities | 13,563,055.00 |
Cash received from borrowings
| Cash received from borrowings |
Other cash received related to financingactivities
| Other cash received related to financing activities | 4,578,878.91 | 13,510,296.65 |
Subtotal cash inflows from financingactivities
| Subtotal cash inflows from financing activities | 18,141,933.91 | 13,510,296.65 |
Cash repayments of amounts borrowed
| Cash repayments of amounts borrowed |
Cash paid for distribution of dividendsor profits and for interest expenses
| Cash paid for distribution of dividends or profits and for interest expenses | 1,416,158,574.00 | 472,047,458.00 |
Other cash paid related to financingactivities
| Other cash paid related to financing activities | 7,287,429.00 |
Subtotal cash outflows from financingactivities
| Subtotal cash outflows from financing activities | 1,423,446,003.00 | 472,047,458.00 |
Net cash flow from financing activities
| Net cash flow from financing activities | -1,405,304,069.09 | -458,537,161.35 |
IV. Impact of exchange rate movementson cash and cash equivalents
| IV. Impact of exchange rate movements on cash and cash equivalents | 120,107.98 | 977,837.51 |
V. Net increase of cash and cashequivalents
| V. Net increase of cash and cash equivalents | -517,200,542.46 | -3,251,687,468.06 |
Plus: Balance of cash and cashequivalents at the beginning of the period
| Plus: Balance of cash and cash equivalents at the beginning of the period | 1,727,017,513.09 | 4,978,704,981.15 |
VI. Balance of cash and cash equivalentsat the beginning of the period
| VI. Balance of cash and cash equivalents at the beginning of the period | 1,209,816,970.63 | 1,727,017,513.09 |
7. Consolidated statement of change in equity
Current amount
Unit: yuan
| Item | Year 2024 | ||||||||||||||
| Owners' equities attributable to the owners of parent company | Minority equity | Total owners' equities | |||||||||||||
| Capital stock | Other equity instruments | Capital reserve | Minus: treasury stock | Other comprehensive income | Special reserve | Surplus reserves | General risk preparation | Undistributed profit | Other | Subtotal | |||||
| Preferred stock | Perpetual bond | Other | |||||||||||||
I.Endingbalanceinprevious year
| I. Ending balance in previous year | 949,024,050.00 | 411,778,214.22 | 199,995,742.59 | -100,157,634.16 | 474,516,412.50 | 8,987,773,431.71 | 10,522,938,731.68 | 107,657,316.25 | 10,630,596,047.93 |
Plus:
Changes inaccountingpolicies
| Plus: Changes in accounting policies |
Priorperioderrorcorrection
| Prior period error correction |
Other
| Other |
2024 Full Annual Report
| II. Beginning balance in current year | 949,024,050.00 | 411,778,214.22 | 199,995,742.59 | -100,157,634.16 | 474,516,412.50 | 8,987,773,431.71 | 10,522,938,731.68 | 107,657,316.25 | 10,630,596,047.93 |
III.Increase/decrease inthecurrentperiod(less tobefilledoutwith theminussign "-)
| III. Increase/decrease in the current period (less to be filled out with the minus sign "-) | -4,241,884.00 | -174,150,667.03 | -199,995,742.59 | 606,041.21 | 633,289,478.74 | 655,498,711.51 | -20,008,018.33 | 635,490,693.18 |
(I)Totalcomprehensiveincome
| (I) Total comprehensive income | 606,041.21 | 1,577,400,594.74 | 1,578,006,635.95 | -21,863,581.85 | 1,556,143,054.10 |
(II)Owner’sinvested anddecreasedcapital
| (II) Owner’s invested and decreased capital | -4,241,884.00 | -174,150,667.03 | -199,995,742.59 | 21,603,191.56 | 1,855,563.52 | 23,458,755.08 |
1.Common stockinvested by theowner
| 1. Common stock invested by the owner | 687,250.00 | 14,996,727.73 | 15,683,977.73 | 1,855,563.52 | 17,539,541.25 |
2.Capitalinvested byotherequityinstrumentholders
| 2. Capital invested by other equity instrument holders |
3.Amount ofshare-basedpaymentincluded in theowner’sequity
| 3. Amount of share-based payment included in the owner’s equity | -4,929,134.00 | -189,147,394.76 | -199,995,742.59 | 5,919,213.83 | 5,919,213.84 |
4.Other
| 4. Other |
(III)Profitdistribution
| (III) Profit distribution | -944,111,116.00 | -944,111,116.00 | -944,111,116.00 |
1.Withdrawal ofsurplusreserves
| 1. Withdrawal of surplus reserves |
2.
| 2. |
2024 Full Annual Report
Withdrawal ofgeneralriskpreparation
3.Distribution ofowners(orshareholders)
| 3. Distribution of owners (or shareholders) | -944,111,116.00 | -944,111,116.00 | -944,111,116.00 |
4.Other
| 4. Other |
(IV)Internaltransferofowner’sequity
| (IV) Internal transfer of owner’s equity |
1.Capitalsurplustransferto paid-incapital(orcapitalstock)
| 1. Capital surplus transfer to paid-in capital (or capital stock) |
2.Earnedsurplustransferto paid-incapital(orcapitalstock)
| 2. Earned surplus transfer to paid-in capital (or capital stock) |
3.Earnedsurpluscovering thedeficit
| 3. Earned surplus covering the deficit |
4.Carryforwardretainedearnings invariation ofdefinedbenefitplan
| 4. Carryforward retained earnings in variation of defined benefit plan |
5.Carryforwardretainedearnings ofothercomprehensiveincome
| 5. Carryforward retained earnings of other comprehensive income |
6.Other
| 6. Other |
(V)Specialreserve
| (V) Special reserve |
2024 Full Annual Report
| 1. Draw in this current |
2. Use
in thiscurrent
| 2. Use in this current |
(VI)Other
| (VI) Other |
IV.Balanceat theend ofcurrentperiod
| IV. Balance at the end of current period | 944,782,166.00 | 237,627,547.19 | -99,551,592.95 | 474,516,412.50 | 9,621,062,910.45 | 11,178,437,443.19 | 87,649,297.92 | 11,266,086,741.11 |
Last term amount
Unit: yuan
| Item | Year 2023 | ||||||||||||||
| Owners' equities attributable to the owners of parent company | Minority equity | Total owners' equities | |||||||||||||
| Capital stock | Other equity instruments | Capital reserve | Minus: treasury stock | Other comprehensive income | Special reserve | Surplus reserves | General risk preparation | Undistributed profit | Other | Subtotal | |||||
| Preferred stock | Perpetual bond | Other | |||||||||||||
I.Endingbalanceinprevious year
| I. Ending balance in previous year | 949,024,050.00 | 409,997,665.58 | 199,995,742.59 | -100,157,634.16 | 474,516,412.50 | 8,199,079,015.58 | 9,732,463,766.91 | 125,789,202.10 | 9,858,252,969.01 |
Plus:
Changes inaccountingpolicies
| Plus: Changes in accounting policies |
Priorperioderrorcorrection
| Prior period error correction |
Other
| Other |
II.Beginningbalanceincurrentyear
| II. Beginning balance in current year | 949,024,050.00 | 409,997,665.58 | 199,995,742.59 | -100,157,634.16 | 474,516,412.50 | 8,199,079,015.58 | 9,732,463,766.91 | 125,789,202.10 | 9,858,252,969.01 |
III.Increase/decrease inthecurrentperiod(less tobefilledoutwith theminussign "-)
| III. Increase/decrease in the current period (less to be filled out with the minus sign "-) | 1,780,548.64 | 788,694,416.13 | 790,474,964.77 | -18,131,885.85 | 772,343,078.92 |
(I)Totalcomprehensive
| (I) Total comprehensive | 1,732,789,332.13 | 1,732,789,332.13 | -18,131,885.85 | 1,714,657,446.28 |
2024 Full Annual Report
income
(II)Owner’sinvested anddecreasedcapital
| (II) Owner’s invested and decreased capital | 1,780,548.64 | 1,780,548.64 | 1,780,548.64 |
1.Common stockinvested by theowner
| 1. Common stock invested by the owner |
2.Capitalinvested byotherequityinstrumentholders
| 2. Capital invested by other equity instrument holders |
3.Amount ofshare-basedpaymentincluded in theowner’sequity
| 3. Amount of share-based payment included in the owner’s equity | 1,780,548.64 | 1,780,548.64 | 1,780,548.64 |
4.Other
| 4. Other |
(III)Profitdistribution
| (III) Profit distribution | -944,094,916.00 | -944,094,916.00 | -944,094,916.00 |
1.Withdrawal ofsurplusreserves
| 1. Withdrawal of surplus reserves |
2.Withdrawal ofgeneralriskpreparation
| 2. Withdrawal of general risk preparation |
3.Distribution ofowners(orshareholders)
| 3. Distribution of owners (or shareholders) | -944,094,916.00 | -944,094,916.00 | -944,094,916.00 |
4.Other
| 4. Other |
(IV)Internaltransferofowner’sequity
| (IV) Internal transfer of owner’s equity |
1.Capital
| 1. Capital |
2024 Full Annual Report
surplustransferto paid-incapital(orcapitalstock)
2.Earnedsurplustransferto paid-incapital(orcapitalstock)
| 2. Earned surplus transfer to paid-in capital (or capital stock) |
3.Earnedsurpluscovering thedeficit
| 3. Earned surplus covering the deficit |
4.Carryforwardretainedearnings invariation ofdefinedbenefitplan
| 4. Carryforward retained earnings in variation of defined benefit plan |
5.Carryforwardretainedearnings ofothercomprehensiveincome
| 5. Carryforward retained earnings of other comprehensive income |
6.Other
| 6. Other |
(V)Specialreserve
| (V) Special reserve |
1. Draw
in thiscurrent
| 1. Draw in this current |
2. Use
in thiscurrent
| 2. Use in this current |
(VI)Other
| (VI) Other |
IV.Balanceat theend ofcurrentperiod
| IV. Balance at the end of current period | 949,024,050.00 | 411,778,214.22 | 199,995,742.59 | -100,157,634.16 | 474,516,412.50 | 8,987,773,431.71 | 10,522,938,731.68 | 107,657,316.25 | 10,630,596,047.93 |
8. Statement of change in equity of parent company
Current amount
Unit: yuan
2024 Full Annual Report
| Item | Year 2024 | |||||||||||
| Capital stock | Other equity instruments | Capital reserve | Minus: treasury stock | Other comprehensive income | Special reserve | Surplus reserves | Undistributed profit | Other | Total owners' equities | |||
| Preferred stock | Perpetual bond | Other | ||||||||||
I.Endingbalanceinpreviousyear
| I. Ending balance in previous year | 949,024,050.00 | 411,389,124.26 | 199,995,742.59 | -100,157,634.16 | 474,516,412.50 | 9,038,684,224.97 | 10,573,460,434.98 |
Plus:
Changesinaccountingpolicies
| Plus: Changes in accounting policies |
Priorperioderrorcorrection
| Prior period error correction |
Other
| Other |
II.Beginningbalanceincurrentyear
| II. Beginning balance in current year | 949,024,050.00 | 411,389,124.26 | 199,995,742.59 | -100,157,634.16 | 474,516,412.50 | 9,038,684,224.97 | 10,573,460,434.98 |
III.Increase/decrease in thecurrentperiod(less tobe filledout withtheminussign "-)
| III. Increase/decrease in the current period (less to be filled out with the minus sign "-) | -4,241,884.00 | -173,806,559.94 | -199,995,742.59 | 653,837,598.12 | 675,784,896.77 |
(I) Totalcomprehensiveincome
| (I) Total comprehensive income | 1,597,948,714.12 | 1,597,948,714.12 |
(II)Owner’sinvestedanddecreased capital
| (II) Owner’s invested and decreased capital | -4,241,884.00 | -173,806,559.94 | -199,995,742.59 | 21,947,298.65 |
1.Common stockinvestedby the
| 1. Common stock invested by the | 687,250.00 | 15,340,834.82 | 16,028,084.82 |
2024 Full Annual Report
owner
2.Capitalinvestedby otherequityinstrumentholders
| 2. Capital invested by other equity instrument holders |
3.Amountofshare-basedpaymentincludedin theowner’sequity
| 3. Amount of share-based payment included in the owner’s equity | -4,929,134.00 | -189,147,394.76 | -199,995,742.59 | 5,919,213.83 |
4. Other
| 4. Other |
(III)Profitdistribution
| (III) Profit distribution | -944,111,116.00 | -944,111,116.00 |
1.Withdrawal ofsurplusreserves
| 1. Withdrawal of surplus reserves |
2.Distribution ofowners(orshareholders)
| 2. Distribution of owners (or shareholders) | -944,111,116.00 | -944,111,116.00 |
3. Other
| 3. Other |
(IV)Internaltransferofowner’sequity
| (IV) Internal transfer of owner’s equity |
1.Capitalsurplustransferto paid-incapital(orcapitalstock)
| 1. Capital surplus transfer to paid-in capital (or capital stock) |
2.Earnedsurplustransferto paid-incapital(or
| 2. Earned surplus transfer to paid-in capital (or |
2024 Full Annual Report
capitalstock)
3.Earnedsurpluscovering thedeficit
| 3. Earned surplus covering the deficit |
4.Carryforwardretainedearningsinvariation ofdefinedbenefitplan
| 4. Carryforward retained earnings in variation of defined benefit plan |
5.Carryforwardretainedearningsof othercomprehensiveincome
| 5. Carryforward retained earnings of other comprehensive income |
6. Other
| 6. Other |
(V)Specialreserve
| (V) Special reserve |
1. Draw
in thiscurrent
| 1. Draw in this current |
2. Use
in thiscurrent
| 2. Use in this current |
(VI)Other
| (VI) Other |
IV.Balanceat theend ofcurrentperiod
| IV. Balance at the end of current period | 944,782,166.00 | 237,582,564.32 | -100,157,634.16 | 0.00 | 474,516,412.50 | 9,692,521,823.09 | 11,249,245,331.75 |
Last term amount
Unit: yuan
| Item | Year 2023 | |||||||||||
| Capital stock | Other equity instruments | Capital reserve | Minus: treasury stock | Other comprehensive income | Special reserve | Surplus reserves | Undistributed profit | Other | Total owners' equities | |||
| Preferred stock | Perpetual bond | Other | ||||||||||
I. Endingbalance inpreviousyear
| I. Ending balance in previous year | 949,024,050.00 | 409,608,575.62 | 199,995,742.59 | -100,157,634.16 | 474,516,412.50 | 8,156,489,150.49 | 9,689,484,811.86 |
Plus:
Changes
| Plus: Changes |
2024 Full Annual Report
inaccounting policies
Priorperioderrorcorrection
| Prior period error correction |
Other
| Other |
II.Beginningbalance incurrentyear
| II. Beginning balance in current year | 949,024,050.00 | 409,608,575.62 | 199,995,742.59 | -100,157,634.16 | 474,516,412.50 | 8,156,489,150.49 | 9,689,484,811.86 |
III.Increase/decrease inthecurrentperiod(less to befilled outwith theminussign "-)
| III. Increase/decrease in the current period (less to be filled out with the minus sign "-) | 1,780,548.64 | 882,195,074.48 | 883,975,623.12 |
(I) Totalcomprehensiveincome
| (I) Total comprehensive income | 1,826,289,990.48 | 1,826,289,990.48 |
(II)Owner’sinvestedanddecreasedcapital
| (II) Owner’s invested and decreased capital | 1,780,548.64 | 1,780,548.64 |
1.Commonstockinvestedby theowner
| 1. Common stock invested by the owner |
2. Capital
investedby otherequityinstrument holders
| 2. Capital invested by other equity instrument holders |
3.Amountof share-basedpaymentincludedin theowner’sequity
| 3. Amount of share-based payment included in the owner’s equity | 1,780,548.64 | 1,780,548.64 |
4. Other
| 4. Other |
(III)Profitdistribution
| (III) Profit distribution | -944,094,916.00 | -944,094,916.00 |
1.Withdrawal ofsurplusreserves
| 1. Withdrawal of surplus reserves |
2.Distribution of
| 2. Distribution of | -944,094,916.00 | -944,094,916.00 |
2024 Full Annual Report
owners(orshareholders)
3. Other
| 3. Other |
(IV)Internaltransfer ofowner’sequity
| (IV) Internal transfer of owner’s equity |
1. Capital
surplustransfer topaid-incapital (orcapitalstock)
| 1. Capital surplus transfer to paid-in capital (or capital stock) |
2. Earned
surplustransfer topaid-incapital (orcapitalstock)
| 2. Earned surplus transfer to paid-in capital (or capital stock) |
3. Earned
surpluscoveringthe deficit
| 3. Earned surplus covering the deficit |
4.Carryforwardretainedearningsinvariationof definedbenefitplan
| 4. Carryforward retained earnings in variation of defined benefit plan |
5.Carryforwardretainedearningsof othercomprehensiveincome
| 5. Carryforward retained earnings of other comprehensive income |
6. Other
| 6. Other |
(V)Specialreserve
| (V) Special reserve |
1. Draw
in thiscurrent
| 1. Draw in this current |
2. Use in
thiscurrent
| 2. Use in this current |
(VI)Other
| (VI) Other |
IV.Balanceat the endof currentperiod
| IV. Balance at the end of current period | 949,024,050.00 | 411,389,124.26 | 199,995,742.59 | -100,157,634.16 | 474,516,412.50 | 9,038,684,224.97 | 10,573,460,434.98 |
2024 Full Annual Report
III. Basic status of company
Hangzhou ROBAM Appliances Co., Ltd. (ROBAM or the Company) is a limited liability company established by HangzhouROBAM Home Appliances & Kitchen Sanitary Co., Ltd. by means of overall change on November 7, 2000. Approved by ChinaSecurities Regulatory Commission (ZJXK [2010] No.1512) in 2010, the Company issued 40 million RMB common shares to thepublic for the first time on November 23, 2010, with a par value of RMB 1 per share and an issue price of RMB 24.00 and thestock code of 002508.As of December 31, 2024, the total share capital of the Company was RMB 944,782,166, and the registered capital was RMB949,024,050. Unified Social Credit Code: 91330000725252053F, Legal Representative: Ren Jianhua, Registered Address: No. 592Linping Avenue, Linping Economic Development Zone, Linping District, Hangzhou City, Zhejiang Province. RMB-denominatedcommon shares (A shares) issued by the Company have been listed in the Shenzhen Stock Exchange.The Company is mainly engaged in the development, production, sales and comprehensive services of kitchen appliances in themanufacturing industry. Its main products include range hood, gas hob, sterilizer, steamer, oven, dishwasher, water purifier,microwave, integrated stove and purification tank.
IV. Preparation basis of financial statements
1. Preparation basis
1. Preparation basis
The financial statements of the Company are prepared based on actual transactions and events, in accordance with the AccountingStandards for Business Enterprises and their application guidelines, interpretations, and other relevant regulations (collectivelyreferred to as the "Accounting Standards for Business Enterprises") issued by the Ministry of Finance, as well as the disclosurerequirements stipulated in the Rules for the Preparation of Information Disclosure by Companies Offering Securities to the PublicNo. 15—General Provisions for Financial Reporting (2023 Revision) issued by the China Securities Regulatory Commission(hereinafter referred to as the "CSRC").
2. Going concern
1. Going concern
The Company has evaluated its ability to continue as a going concern for the 12 months from December 31, 2024, and has notfound any matters and circumstances that may raise significant doubt on its ability to continue as a going concern. These financialstatements are presented on the basis of going concern assumption.
V. Significant accounting policy and accounting estimateSpecific accounting policy and accounting estimate:
The specific accounting policies and accounting estimates formulated by the Company according to the actual production andoperation characteristics include the operating cycle, the recognition and measurement of bad debt provision of receivables, themeasurement of issued inventory, the classification and depreciation of fixed assets, the amortization of intangible assets, thecapitalization conditions of R&D expenses, the income recognition and measurement, etc.
1. Statement on complying with Accounting Standards for Business EnterprisesThe Company's financial statements comply with the requirements of the Accounting Standards for Business Enterprises and truly,accurately and completely reflect the Company's financial position as of December 31, 2024, the business performance, cash flowsand other relevant information for the year 2024.
2. Accounting period
The fiscal year of the Company runs from January 1 to December 31 of each calendar year.
2024 Full Annual Report
3. Operating cycle
The Company's normal operating cycle is one year (12 months).
4. Accounting standard money
The bookkeeping currency of the Company is RMB.
5. Importance criteria determination method and selection basis
? Applicable □ Not applicable
| Item | Importance criteria |
Important receivables for which provision for bad debts havebeen separately made
| Important receivables for which provision for bad debts have been separately made | The amount of a single item exceeds RMB 10 million |
The important items with amount of bad debt provision forreceivables recovered or transferred back
| The important items with amount of bad debt provision for receivables recovered or transferred back | The amount of a single item exceeds RMB 5 million |
Important accounts receivable write off/debt investment writeoff/other debt investment write off in the current period
| Important accounts receivable write off/debt investment write off/other debt investment write off in the current period | The amount of a single item exceeds RMB 5 million |
Important accounts payable with the aging more than 1 year
| Important accounts payable with the aging more than 1 year | The amount of a single item exceeds RMB 5 million |
Important contract liabilities with the aging more than 1 year
| Important contract liabilities with the aging more than 1 year | The amount of a single item exceeds RMB 10 million |
Important other payables with the aging more than 1 year
| Important other payables with the aging more than 1 year | The amount of a single item exceeds RMB 5 million |
Important projects under construction
| Important projects under construction | Increase or decrease in a single item during the year or the closing book value exceeds RMB 20 million |
Important investment activities
| Important investment activities | The amount of a single investment exceeds RMB 50 million |
Important non-wholly-owned subsidiaries/cooperativeenterprises and joint ventures, and important overseas businessentities included in the scope of merger
| Important non-wholly-owned subsidiaries/cooperative enterprises and joint ventures, and important overseas business entities included in the scope of merger | The cost of investment in a single company is more than RMB 50 million; The income, net profit, net assets and total assets of a single entity account for more than 5% of the related items in the consolidated statements. |
6. Accounting process method of business combination involving enterprises under and not undercommon controlThe assets and liabilities acquired by the Company as the combining party through business combination under common controlare measured on the combination date according to the book value of the combined party in the consolidated statements of thefinal controlling party. The difference between the book value of the net assets obtained and the consideration paid for thecombination is adjusted against capital reserve; if the capital reserve is not sufficient to absorb the difference, the retained earningsshall be adjusted.The acquiree's identifiable assets, liabilities and contingent liabilities acquired through business combination not under commoncontrol are measured at fair value on the acquisition date. The combined cost is the fair value of the cash or non-cash assets paid,liabilities incurred or assumed and equity securities issued by the acquirer on the acquiring date for acquisition of the control rightof the acquiree, as well as the sum of direct costs for the business combination (for the business combination realized by stepsthrough several times, the combined cost is the sum of the costs of each transaction). Where the combined cost exceeds theacquirer’s interest in the fair value of the acquiree’s net identifiable assets, the difference is recognized as goodwill; where thecombined cost is less than the acquirer’s interest in the fair value of the acquiree’s net identifiable assets, the acquirer firstreassesses the fair values of the acquiree's identifiable assets, liabilities and contingent liabilities in combination and the fair valuesof non-cash assets or equity securities issued for consolidation consideration. If after reassessment, the combined cost is still lessthan the acquirer's interest in the fair value of the acquiree’s net identifiable assets, the difference is included in the current non-operating income.
7. Criteria for determining a control and methods for preparing consolidated financial statementsThe Company includes all subsidiaries under its control in the consolidated financial statements.The scope of consolidation in the consolidated financial statements of the Company is determined on the basis of control, andincludes the Company and all subsidiaries controlled by the Company. The Company believes that control means that theCompany has the power over the invested entity, enjoys variable returns by participating in the relevant activities of the investedentity, and has the ability to use its power over the investee to influence the amount of its returns.
2024 Full Annual Report
In preparing the consolidated financial statements, where the accounting policies and the accounting periods of the Company andsubsidiaries are inconsistent, the financial statements of the subsidiaries are adjusted in accordance with the accounting policiesand the accounting period of the Company.All significant internal transactions, current balances and unrealized profits in the consolidation scope shall be set off when theconsolidated statements are prepared. The share of the owner's equity of the subsidiaries not attributable to the parent company andcurrent net profits and losses, other comprehensive income, and the share of other comprehensive income attributable to theminority interests shall be presented in the consolidated financial statements under "minority equity, minority interest income,other comprehensive income attributed to minority shareholders and total comprehensive income attributed to minorityshareholders".For a subsidiary in the business combination under common control, its business performance and cash flows have beenconsolidated since the beginning of the consolidation year into the consolidated financial statements. When preparing andcomparing the consolidated financial statements, the Company shall adjust the relevant items of the previous year's financialstatements, which shall be regarded as the subject of the consolidated report that has been in existence since the beginning of thecontrol by the final controlling party.For a subsidiary in the business combination not under common control, its business performance and cash flows shall beincorporated into the consolidated financial statements from the date of the Company's acquisition of control. In preparing theconsolidated financial statements, the financial statements of the subsidiary shall be adjusted on the basis of the fair values of theidentifiable assets, liabilities and contingent liabilities as determined on the acquiring date.If the Company acquires the equity of the acquiree by steps through several deals and finally forms business combination notunder common control, in the compilation of the consolidated statements, as for the equity interests held in the acquiree before theacquiring date, they shall be re-measured according to their fair values at the acquiring date; the difference between their fairvalues and book value shall be recorded into the investment gains for the period including the acquiring date. Other relatedcomprehensive gains in relation to the equity interests held in the acquiree under the equity accounting before the acquiring date,and the changes in owners’ equity other than net profit and loss, other comprehensive income and profit distribution shall becarried forward into profit and loss on investments in the period of the acquiring date, except for other comprehensive incomefrom the change caused by the remeasurement of the net liabilities or net assets of the defined benefit plan by the investee.In consolidated financial statements, when the Company disposes of part of long-term equity investment in the subsidiary beforelosing control rights, the difference between the disposal price and the long-term equity investment disposed of relative to theshare of the net assets to be enjoyed and continuously calculated from the acquiring date or combination date is adjusted againstcapital premium or capital stock premium; if the capital reserve is not sufficient to absorb the difference, the retained earningsshall be adjusted.When the Company loses the control right over the investee due to disposal of part of the equity investment or other reasons, theresidual equity shall be re-measured at its fair value on the date of losing the control right in preparing the consolidated financialstatements. The difference between the sum of the consideration acquired by disposal of the equity and the fair value of theresidual equity, and the share of the net assets of the original subsidiary continuously calculated from the acquiring day orcombination date according to the original shareholding ratio, shall be included in the profit and loss on investments in the periodof lose of the control right and written down against the goodwill. Other comprehensive income related to the equity investment ofthe original subsidiary is transferred into the current profit and loss on investments in the period of loss of control right.
8. Joint venture arrangements classification and co-operation accounting treatmentThe Company's joint venture arrangements include cooperative enterprises. Joint venture means the joint venture arrangement inwhich the joint venture party has rights only to the net assets of the arrangement.The investment in the cooperative enterprise is subject to the accounting treatment by the Company as the joint venture partyaccording to the Accounting Standards for Business Enterprises No. 2 - Long-term Equity Investments.
9. Determining standards of cash and cash equivalents
The cash in the cash flow statement of the Company refers to the cash on hand and deposits readily available for payment. Thecash equivalents represent the short-term (no more than three months) and highly liquid investments that are readily convertibleinto known amounts of cash and that are subject to an insignificant risk of change in value.
10. Foreign currency transaction and foreign currency statement translation
At the time of initial recognition, the foreign currency amount of the Company's foreign currency transactions shall be convertedto the recording currency amount by adopting the spot exchange rate on the transaction date. At the balance sheet date, foreigncurrency monetary items are converted into the functional currency using the spot exchange rate on that date. The resultingtranslation differences, except for exchange differences arising from foreign currency-specific borrowings used to acquire orconstruct qualifying assets that are capitalized in accordance with capitalization principles, are directly recognized in current profit
2024 Full Annual Report
or loss. Foreign currency non-monetary items measured at historical cost continue to be translated using the spot exchange rate onthe transaction date, without altering their functional currency amount. Foreign currency non-monetary items measured at fairvalue are translated using the spot exchange rate on the fair value determination date, with the difference between the translatedfunctional currency amount and the original functional currency amount treated as fair value changes (including exchange ratefluctuations) and recognized in current profit or loss. Capital contributions received in foreign currency from investors aretranslated using the spot exchange rate on the transaction date, with no foreign capital translation difference arising between theforeign currency invested capital and the corresponding monetary item's functional currency amount.
? Conversion of financial statements denominated in foreign currencies
In the preparation of the consolidated financial statements, the Company converted the financial statements of overseas operationsinto RMB, wherein: assets and liabilities in the foreign currency balance sheet are converted at the spot exchange rate on thebalance sheet date; equity items, except for "retained earnings," are converted at the spot exchange rate on the transaction date;revenue and expense items in the income statement are translated at the spot exchange rate on the transaction date. The converteddifference of the foreign currency financial statements generated according to the above translation shall be presented in othercomprehensive income items. The foreign currency cash flow shall be converted according to the spot exchange rate on the date ofoccurrence of cash flow. The effect of a change in exchange rate on cash shall be separately presented in the cash flow statement.
11. Financial instruments
(1) Recognition and derecognition of financial instruments
The Company recognizes a financial asset or financial liability when becoming a party of the financial instrument contract.The financial asset should be derecognized, i.e., removed from the balance sheet, when the following conditions are met: 1) Theright to collect the cash flow of financial assets expires; 2) The right to collect the cash flow of financial assets is transferred or theobligation to pay the cash flow received in full amount to a third party in a timely manner under the “transfer agreement” isundertaken; and almost all risks and rewards related to the ownership of the financial asset are substantively transferred, or thecontrol of such financial assets is waived, although there is no substantive transfer or retaining of almost all risks and rewardsrelated to the ownership of the financial asset.If the responsibilities for financial liabilities have been fulfilled, canceled or expired, then these financial liabilities shall bederecognized. If the existing financial liabilities are superseded by the same creditor with another financial liability that is subjectto substantially different terms, or the terms of the existing liabilities are substantially modified, then, such substitution ormodification is regarded as derecognition of the original liabilities and recognition of a new liability, and the difference is recordedin the current profit and loss.The financial assets that are purchased and sold in the conventional manner are recognized and derecognized according theaccounting on the transaction day.
(2) Classification and measurement methods of financial assets
According to the business model of managing financial assets and the contractual cash flow characteristics of financial assets, thefinancial assets of the Company are classified into: financial assets measured at the amortized cost; financial assets measured atfair value of which changes are recorded into other comprehensive income; financial assets at fair value through profit or loss(“FVTPL”). The Company only reclassifies all relevant financial assets under impact when the business pattern of financial assetmanagement is changed.The financial assets shall be measured at fair value at the time of initial recognition, but they shall be initially measured at thetransaction price if the receivables or notes receivable generated by sales of commodities or provision of services do not containthe significant financing components or do not take the financial components not exceeding one year into account.For the financial assets measured with fair value and with the changes included in current profit and loss, relevant transaction costsare directly charged to the current profit and loss; for other types of financial assets, relevant transaction costs are charged toinitially recognized amount.The subsequent measurement of financial assets depends on the classification:
1) Financial assets measured at the amortized cost
If the financial assets conform to the following conditions simultaneously, they shall be classified into the financial assetsmeasured at the amortized cost: ① The business model for managing the financial assets is for the target of collection of contractcash flows; ② According to the contract terms of the financial asset, the cash flow generated on a specific date is only for thepayment of the principal and the interest based on the outstanding principal amount. The financial assets of this category of ourcompany mainly include: monetary funds, accounts receivable, notes receivable, and other receivables.
2) Investment in debt instruments measured with fair value and with the changes included in other comprehensive income
profits and losses
2024 Full Annual Report
If the financial assets conform to the following conditions simultaneously, they shall be classified into the financial assetsmeasured at fair value and changes of which are included into other comprehensive incomes: ① The business model for managingsuch financial assets is to collect contractual cash flows and to sell the financial asset. ② According to the contract terms of thefinancial asset, the cash flow generated on a specific date is only for the payment of the principal and the interest based on theoutstanding principal amount. The effective interest rate method shall be adopted to recognize the interest income of such financialassets. Except that the interest income, impairment loss and exchange difference are recognized as the current profits and losses,other changes in fair value shall be included into other comprehensive incomes. When the financial assets are derecognized, theaccumulative profits or losses that were included into other comprehensive incomes previously shall be transferred out from othercomprehensive incomes and included into the current profits and losses. The financial assets of this category of our companymainly include: receivables financing.
3) Investment in equity instruments measured with fair value and with the changes included in other comprehensive income
profits and lossesOur company irrevocably elects to designate a portion of its non-trading equity instrument investments as financial assetsmeasured at fair value with changes recognized in other comprehensive income. Once such a designation is made, it cannot berevoked. The Company only includes the relevant dividend income (excluding the dividend income clearly recovered as part of theinvestment cost) in the current period's profit or loss. The subsequent changes in fair value are included in other comprehensiveincome, and no impairment provision is required. When the financial assets are derecognized, the accumulated gains or lossespreviously recorded in other comprehensive income should be transferred from other comprehensive income to the retainedearnings. The financial assets of this category of our company are classified as other equity instrument investments.
4) Financial assets measured with fair value and with the changes included in current profit and lossFinancial assets other than those classified as measured at amortized cost and those classified or designated as measured at fairvalue and whose changes are included in other comprehensive income are classified by the Company as financial assets measuredat fair value and changes of which are included into the current profits and losses. These financial assets are subsequentlymeasured at fair value, with all changes in fair value recognized in profit or loss for the period, except for those related to hedgeaccounting. The financial assets in this category of the Company mainly include: trading financial assets.The financial assets recognized by the Company through business combination not under common control or constituted bycontingent consideration are classified as financial assets at fair value through profit or loss (“FVTPL”).
(3) Classification, recognition basis and measurement method for financial liabilitiesExcept for issued financial guarantee contracts, loan commitments made at below-market interest rates, and financial liabilitiesarising from financial asset transfers that do not meet derecognition criteria or involve continuing involvement in transferredfinancial assets, at the time of initial recognition, the financial liabilities of the Company shall be classified as follows: Financialliabilities measured at fair value and changes of which are included into the current profits and losses, and financial liabilitiesmeasured at the amortized cost. For the financial liabilities measured at fair value and changes of which are included into thecurrent profits and losses, the relevant transaction expenses shall be included into the current profits and losses directly; forfinancial liabilities measured at amortized cost, the relevant transaction expenses shall be included into the initial recognitionamount.The subsequent measurement of financial liabilities depends on its classification:
1) Financial liabilities measured at amortized cost
Financial liabilities measured at amortized cost are subsequently measured using the effective interest method at amortized cost.
2) Financial liabilities measured with fair value and with the changes included in current profit and lossFinancial liabilities measured with fair value and with the changes included in current profit and loss (including derivativeinstruments that are financial liabilities), include the trading financial liabilities and the financial liabilities measured with fairvalue and with the changes included in current profit and loss upon initial recognition. The trading financial liabilities (includingderivative instruments that are financial liabilities) are subsequently measured at the fair value, with all changes in fair valuerecognized in profit or loss for the period, except for those related to hedge accounting. Financial liabilities designated asmeasured at fair value with changes recognized in the current profit or loss shall be subsequently measured at fair value. Exceptfor fair value changes caused by changes in the Company's credit risk, which are recognized in other comprehensive income, otherfair value changes shall be recognized in the current profit or loss. Accounting mismatches in profit or loss are caused or widenedwhen the fair value changes caused by changes in the Company's own credit risk are included in other comprehensive income, andthe Company will recognize all fair value changes (including the amount affected by changes in the Company's own credit risk) inthe current profit and loss.
(4) Impairment of financial instruments
The Company applies impairment accounting and recognizes loss provisions based on expected credit losses for the followingitems: ① Financial assets measured at amortized cost; ② Financial assets measured at fair value and whose changes are includedin other comprehensive income (for financial assets that simultaneously meet the following conditions: the Company's businessmodel for managing the financial asset is aimed at collecting contractual cash flows; the contractual terms of the financial assetstipulate that the cash flows generated on specified dates consist solely of payments of principal and interest on the principal
2024 Full Annual Report
amount outstanding). ;③ Lease receivables; ④ Contract assets.
1) Measurement of expected credit losses
The expected credit loss refers to the weighted average credit loss of financial instruments weighted by the risk of default. Creditloss refers to the difference between all contract cash flows discounted by the Company at the original effective interest rate andreceivable according to the contract and all expected cash flows received, that is, the present value of all cash shortage.Expected credit loss throughout the duration refers to the expected credit loss resulting from all possible default events over theentire expected life of a financial instrument. Expected credit loss in the next 12 months refer to the expected credit loss resultingfrom potential default events of financial instruments that may occur within 12 months after the balance sheet date (or within theexpected remaining life of the financial instrument if it is less than 12 months). These losses constitute a portion of the expectedcredit loss throughout the duration.The company measures the loss provisions for the following items according to the amount of expected credit loss in the wholeduration: ① Loss provisions for receivables or contract assets formed by transactions regulated by Accounting Standard forBusiness Enterprises No. 14 - Revenue Standard, regardless of whether the item contains significant financing components.In addition to the aforementioned items, for other items, the Company measures the loss provisions based on the followingsituations: ① For financial instruments whose credit risk has not significantly increased since initial recognition, the Companymeasures the loss provisions based on the amount of expected credit losses over the next 12 months; ② For financial instrumentswhose credit risk has increased significantly since initial recognition, the Company measures the loss provisions based on theamount of the expected credit loss in the whole duration of the financial instrument; ③ For purchased or originated financialinstruments that have experienced credit impairment, the Company measures the loss provisions based on the amount of theexpected credit loss in the whole duration of the financial instrument.Financial assets measured at fair value and whose changes are included in other comprehensive income (for financial assets thatsimultaneously meet the following conditions: the Company's business model for managing the financial asset is aimed atcollecting contractual cash flows; the contractual terms of the financial asset stipulate that the cash flows generated on specifieddates consist solely of payments of principal and interest on the principal amount outstanding). , the Company recognizes its creditloss provisions in other comprehensive income, records impairment losses or gains in current profit and loss, and does not reducethe carrying value of the financial asset as presented in the balance sheet. The increase or reversal amount of the credit the lossprovision for financial instruments other than those mentioned above shall be recognized in the current period's profit or loss asimpairment loss or gain.
2) Combination categories and determination basis for impairment provisions calculated based on credit risk feature
combinationsThe company evaluates the expected credit losses of financial instruments based on individual and combination assessments.When evaluating on a combination basis, the company divides financial instruments into different groups based on common creditrisk characteristics. The common credit risk characteristics adopted by the company include: type of financial instrument, creditrisk rating, geographical location of the debtor, industry of the debtor, overdue information, aging of receivables, etc.Combination categories and determination basis of accounts receivable (and contract assets)Evaluation based on combinations. For accounts receivable (and contract assets), the Company cannot obtain sufficient evidenceof a significant increase in credit risk at a reasonable cost at the individual instrument level. However, it is feasible to evaluatewhether credit risk has significantly increased based on a combination. Therefore, the company groups accounts receivableaccording to the common risk characteristics of financial instrument types and considers evaluating whether credit risk hassignificantly increased based on the combination.According to the credit risk characteristics of financial instruments, accounts receivable are grouped and expected credit losses arecalculated based on the combination. The details are as follows:
① If there is objective evidence that a credit impairment has occurred in an account receivable, the Company shall withdraw
the provision for bad debts for that account receivable and recognize the expected credit loss.
② The accounts receivable combination is as follows:
| Combination classification | Basis for recognition of combination | Accrual method |
Credit loss withdrawn on accountsreceivable by aging analysis method
| Credit loss withdrawn on accounts receivable by aging analysis method | The receivables with the same aging have similar credit risk characteristics | Expected credit loss rate |
Related parties in the consolidation scope
| Related parties in the consolidation scope | Funds of subsidiaries in the consolidation scope | Generally no expected credit loss |
For accounts receivable classified by aging combination, with reference to the historical credit loss experience, combined with thecurrent situation and the forecast of the future economic situation, the comparison table between the aging of accounts receivableand the expected credit loss throughout the duration is prepared by the company, and the expected credit loss is calculated. Thecomparison table is determined based on the historical default rates observed for accounts receivable during the expectedrepayment period, adjusted for forward-looking estimates. The observed historical default rates are updated at each reporting date,with analysis conducted on changes to forward-looking estimates.
2024 Full Annual Report
Based on the actual credit losses of the previous year and taking into account the forward-looking information of the current year,the Company's accounting estimation policy for measuring expected credit losses is as follows:
| Aging | Within 1 year | 1~2 years | 2~3 years | 3~4 years | 4~5 years | More than 5 years |
Loss Given Default(LGD)
| Loss Given Default (LGD) | 5% | 10% | 20% | 50% | 80% | 100% |
Combination categories and determination basis of notes receivableBased on the acceptor credit risk of notes receivable as a common risk feature, the Company divides the notes receivable intodifferent combinations and determines the expected credit loss accounting estimation policy: a. For bank acceptance bills acceptedby banking financial institutions, the Company believes that the banker's acceptance bill held does not have significant credit riskand will not cause major losses due to bank default. a. The expected credit loss is not recognized;b. For commercial acceptance drafts where the acceptor is a non-bank financial institution such as a finance company or anenterprise, the company measures the bad debt provision for the receivable commercial acceptance drafts based on the expectedcredit loss over the entire duration, with an expected credit loss rate of 5%.Combination categories and determination basis of other receivablesThe company's other receivables primarily include intercompany balances, deposits, guarantees, petty cash, third-party collections,and construction payment escrows. Based on the nature of receivables and the credit risk characteristics of different counterparties,the Company has objective evidence indicating that a specific other receivable has incurred credit impairment. A separateprovision for bad debts is made for this other receivable, and expected credit losses are recognized. The remaining otherreceivables are classified into the aging combination and the related party combination.
3) Judgment criteria for single provision of bad debt impairment reserves based on individual provisionIf a customer's credit risk characteristics are significantly different from those of other customers in the combination, or if thecustomer's credit risk characteristics have undergone significant changes, the customer is experiencing severe financial difficulties,or the expected credit loss rate of receivables from the customer is significantly higher than the expected credit loss rate for itsrespective aging or overdue interval, the Company will make individual impairment provisions for the receivables from suchcustomer.
4) Write-off of impairment provisions
When the Company no longer reasonably expects to recover all or part of the contract cash flows of financial assets, the Companyshall directly write down the book balance of the financial assets. If a previously written-down financial asset is subsequentlyrecovered, the reversal of the impairment loss shall be recognized in profit or loss in the period of recovery.
(5) Recognition basis and measurement method for transfer of financial assets
For financial asset transfer transactions, the Company derecognizes the financial asset when it has transferred substantially all therisks and rewards of ownership of the financial asset to the transferee. If the Company retains substantially all the risks andrewards of ownership of the financial asset, it does not derecognize the financial asset. If the Company neither transfers nor retainssubstantially all the risks and rewards of ownership of the financial asset and relinquishes control over the financial asset, itderecognizes the financial asset and recognizes any resulting assets and liabilities. If control over the financial asset is notrelinquished, the Company recognizes the relevant financial asset to the extent of its continuing involvement in the transferredfinancial asset and correspondingly recognizes the relevant liability.If the entire transfer of a financial asset meets the criteria for derecognition, the difference between the carrying amount of thetransferred financial asset on the derecognition date and the sum of the consideration received from the transfer and the cumulativeamount of fair value changes originally recognized in other comprehensive income that corresponds to the portion derecognized(for the financial assets that meet both of the following conditions: ① The Company's business model for managing the financialassets is aimed at collecting the contract cash flow and selling the financial assets; ② According to the contract terms of thefinancial asset, the cash flow generated on a specific date is only for the payment of the principal and the interest based on theoutstanding principal amount.) shall be recognized in the current period's profit or loss.For partial transfers of financial assets that meet the derecognition criteria, the carrying amount of the entire financial asset isallocated between the portion derecognized and the portion not derecognized based on their respective relative fair values. Thesum of consideration received from the transfer, along with the cumulative amount of fair value changes originally recognized inother comprehensive income attributable to the derecognized portion (for the financial assets that meet both of the followingconditions: ① The Company's business model for managing the financial assets is aimed at collecting the contract cash flow andselling the financial assets; ② According to the contract terms of the financial asset, the cash flow generated on a specific date isonly for the payment of the principal and the interest based on the outstanding principal amount.), minus the allocated carryingamount of the aforementioned financial assets, shall be recognized in the current profit and loss.If continuing involvement is made by providing financial guarantee for the transferred financial assets, assets formed bycontinuing involvement shall be recognized according to the lower value between book value of financial assets and financialguarantee amount.
2024 Full Annual Report
(6) Distinction between financial liabilities and equity instruments and relevant treatment methodThe Company distinguishes between a financial liability and an equity instrument in accordance with the following principles :(1)If the Company cannot unconditionally avoid performing a contractual obligation by delivering cash or other financial assets, thecontractual obligation is defined as a financial liability. Although some financial instruments do not explicitly contain terms andconditions for the obligation to deliver cash or other financial assets, they may indirectly form contractual obligations throughother terms and conditions. (2) If a financial instrument is to be settled by or with the Company's equity instrument, it is necessaryto consider whether the Company's equity instrument used to settle the financial instrument is to be used as a substitute for cash orother financial assets or to give the holder of the instrument a residual equity in the assets of the issuer after deducting all liabilities.In the former case, the financial instrument is a financial liability of the issuer; in the latter case, the instrument is the issuer’sequity instrument. If it is stipulated in a financial instrument contract that the Company shall or may settle the financial instrumentby its own equity instruments in some cases, in which, the amount of the contractual rights or contractual obligations is equal tothe number of its equity instruments available or to be delivered multiplied by its fair value at the time of settlement, the contract isclassified as a financial liability, whether the amount of the contractual rights or obligations is fixed or whether it is based in wholeor in part on changes in variables (such as the interest rate, the price of a commodity or the price of a financial instrument) otherthan the market price of the Company's equity instruments.In classifying a financial instrument (or its components) in the consolidated statements, the Company takes into account all termsand conditions agreed between the members of the Company and the financial instrument holder. The instrument shall beclassified as a financial liability if the Company as a whole is obligated to deliver cash, other financial assets, or settle accounts inother ways that cause the instrument to become a financial liability as a result of the instrument.The interest, dividends, profits or losses related to a financial instrument or its components classified as a financial liability, aswell as gains or losses from redemption or refinancing, shall be recorded into the Company's current profit and loss.The issuance (including refinancing), repurchase, sales or cancellation of financial instrument or its components classified asequity instruments is handled as the equity changes, and the fair value change of the equity instruments is not recognized.
(7) Offset of financial assets and financial liabilities
The financial assets and financial liabilities of the Company are listed respectively in the balance sheet and no mutually offset.However, when the following conditions are met at the same time, they are listed as net amount after offset in the balance sheet: (1)the Company has the legal right to offset the recognized amount and may execute the legal right currently; (2) the Company plansto settle with net amount or realize the financial asset and pay off the financial liability simultaneously.
12. Notes receivable
Based on the acceptor credit risk of notes receivable as a common risk feature, the Company divides the notes receivable intodifferent combinations and determines the expected credit loss accounting estimation policy:
| Combination classification | Basis for recognition of combination | Accrual method |
Banker's acceptance billcombination
| Banker's acceptance bill combination | The acceptor is a banking financial institution | The Company believes that the banker's acceptance bill held does not have significant credit risk and will not cause major losses due to bank default. |
Commercial acceptance billcombination
| Commercial acceptance bill combination | The acceptor is a financial company or other non-bank financial institution or enterprise unit | The Company measures the provision for bad debt of commercial acceptance bills receivable according to the expected credit loss of the entire duration |
13. Accounts receivable
The provision for loss on the accounts receivable (whether or containing material financing elements) from standard transactionsin the Accounting Standards for Enterprises No.14 - Revenues and on the lease receivables regulated in the Accounting Standardsfor Enterprises No. 21 - Lease shall be measured by the Company by simplified measurement according to the amount equivalentto the expected credit loss in the whole duration.The Company shall evaluate whether the credit risks of accounts receivable have increased significantly on the basis of a singlefinancial instrument or a financial instrument combination. The Company makes single assessment of the credit risks for theaccounts receivable with significantly different credit risks and the following features: accounts receivable in dispute with theother party or involving litigation or arbitration; accounts receivable with obvious signs that the debtor is likely to be unable toperform the repayment obligations. It is feasible for the Company to evaluate whether the credit risks increase significantly on thebasis of financial instrument combination if it is unable to obtain sufficient evidence for significant increase in credit risks atreasonable cost at the level of single financial instrument. The Company can classify financial instruments based on thecharacteristics of common credit risk in assessment based on the financial instrument combination.
2024 Full Annual Report
The Company divides the accounts receivable into the following combinations based on their credit risk characteristics:
| Combination classification | Basis for recognition of combination | Accrual method |
Credit loss withdrawn on accountsreceivable by aging analysis method
| Credit loss withdrawn on accounts receivable by aging analysis method | The receivables with the same aging have similar credit risk characteristics | Expected credit loss rate |
Related parties in the consolidationscope
| Related parties in the consolidation scope | Funds of subsidiaries in the consolidation scope of controlling shareholders | Generally no expected credit loss |
If there is objective evidence that a credit impairment has occurred in an account receivable, the Company shall withdraw theprovision for bad debts for that account receivable and recognize the expected credit loss.For the accounts receivable with the credit loss drawn by aging analysis method, based on the actual credit losses of the previousyear and taking into account the forward-looking information of the current year, the Company's accounting estimation policy formeasuring expected credit losses is as follows:
| Aging | Expected credit loss rate |
Within 1 year
| Within 1 year | 5.00% |
1~2 years
| 1~2 years | 10.00% |
2~3 years
| 2~3 years | 20.00% |
3~4 years
| 3~4 years | 50.00% |
4~5 years
| 4~5 years | 80.00% |
More than 5 years
| More than 5 years | 100.00% |
The Company shall calculate the expected credit loss of the accounts receivable on the balance sheet date. If the expected creditloss is greater than the book amount of the provision for impairment of current accounts receivable, the Company recognizes thedifference as the provision for impairment of accounts receivable, debits the "credit impairment loss" and credits the "provision forbad debt". On the contrary, the Company recognizes the difference as an impairment gain and records the opposite.Where the Company has actually incurred a credit loss and the relevant accounts receivable are determined to be irrecoverable,and the write-off is approved, the "provision for bad debt" shall be debited and the "accounts receivable" shall be creditedaccording to the approved write-off amount. If the write-off amount is greater than the provision for loss which has beencalculated, the "credit impairment loss" shall be debited according to the difference.
14. Receivables financing
The financial asset of the Company that meets the following conditions simultaneously is classified as the financial asset measuredat fair value of which changes are recorded into other comprehensive income: the business model for managing such financialassets is to collect contractual cash flows and to sell the financial asset; According to the contract terms of the financial asset, thecash flow generated on a specific date is only for the payment of the principal and the interest based on the outstanding principalamount.The Company transfers the accounts receivable held in the form of discount or endorsement. Such accounts receivable withfrequent business and large amount involved are measured at fair value and their changes are recorded into other comprehensiveincome according to relevant regulations in the financial instrument standards if the management business model is to collect andsell contractual cash flows.
15. Other receivables
The company's other receivables primarily include intercompany balances, deposits, guarantees, petty cash, third-party collections,and construction payment escrows. Based on the nature of receivables and the credit risk characteristics of different counterparties,the Company has classified other receivables into the following two categories: Aging combination and related party combination.
2024 Full Annual Report
16. Contract assets
Contract assets refer to the Company's rights to receive consideration for the transfer of goods to the customer, and such rights aresubject to factors other than the passage of time. If the Company sells two clearly distinguishable commodities to customers, and ithas the right to receive payment due to the delivery of one of the commodities, but the receipt of such payment also depends on thedelivery of another commodity, the Company regards the right to receive payment as a contract asset.For the recognition method of expected credit loss of contract assets, refer to the above 10. Financial assets and financial liabilities,
12. Notes receivable and 13. Accounts receivable.
The Company shall calculate the expected credit loss of the contract assets on the balance sheet date. If the expected credit loss isgreater than the book amount of the provision for impairment of current contract assets, the Company recognizes the difference asthe provision for impairment, debits the "assets impairment loss" and credits the "provision for impairment of contract assets". Onthe contrary, the Company recognizes the difference as an impairment gain and records the opposite.Where the Company has actually incurred a credit loss and the relevant contract assets are determined to be irrecoverable, and thewrite-off is approved, the "provision for impairment of contract assets" shall be debited and the "contract assets" shall be creditedaccording to the approved write-off amount. If the write-off amount is greater than the provision for loss which has beencalculated, the "assets impairment loss" shall be debited according to the difference.
17. Inventory
The Company's inventory mainly includes low priced and easily worn articles, raw materials, work in process, merchandiseinventory and goods shipped in transit, etc.Inventory is initially measured according to the cost. The inventory cost includes purchase cost, processing cost and other costs.The perpetual inventory system is adopted for the inventories and the inventories are price according to the actual cost whenobtained; the cost of the inventories is recognized by the weighted average method when received or issued. The low priced andeasily worn articles and packages are amortized by one-time writing-off method.The year-end inventory is priced according to the cost of inventories or net realizable value, whichever is lower. In case ofinventory damage, full or partial obsolescence or selling price below the cost, the non-recoverable part of its cost is expected andthe inventory falling price reserves are withdrawn. The inventory falling price reserves of the merchandise inventory and rawmaterials are withdrawn according to the difference between the cost of a single inventory item and its net realizable value; for theinventories with large quantity and low unit price, the inventory falling price reserves are withdrawn according to the inventorycategory.For the merchandise inventory, work in process, materials for sale and other merchandise inventories directly used for sale, the netrealizable value is recognized by the amount of the estimated sale price of the inventories subtracted by the estimated sellingexpenses and related taxes; for the material inventory possessed for production, the net realizable value is recognized by theamount of the estimated sale price of the finished products subtracted by the estimated cost about to occur in completion,estimated selling expenses and related taxes.
18. Assets held for sales
If the Company recovers the book value of an asset mainly through the sale (including the non-monetary assets exchange ofcommercial nature, the same hereinafter) rather than continuous use of a non-current asset or disposal group, such asset isclassified as an asset held for sales
1. The Company classifies non-current assets or disposal groups as held for sale if they meet the following conditionssimultaneously: (1) immediately available for sale under current conditions in accordance with the usual practice of sellingsuch type of assets or disposal groups in similar transactions; (2) the sale is highly likely, that is, the Company has resolved asale plan and obtained a firm purchase commitment, and the sale is expected to be completed within one year. Where relevantprovisions require the approval of relevant authority or regulatory before the sale, such approval should be indispensable.Before the Company classifies non-current asset or disposal group as held for sale for the first time, it measures the book valueof non-current asset or each asset and liability in the disposal group in accordance with relevant accounting standards. Uponinitial measurement or remeasurement of the non-current asset and disposal group held for sale on the balance sheet date, if thebook value is higher than the net amount of the fair value minus the selling expense, the book value is written down to the netamount of the fair value minus the selling expense, the amount written down is recognized as the assets impairment loss andincluded in the current profit and loss. The provision for impairment of available for sale assets is withdrawn.
2. The non-current assets or disposal groups acquired by the Company exclusively for resale are classified as held for sale at thedate of acquisition if, at the date of acquisition, they meet the specified conditions of "sale is expected to be completed withinone year" and are likely to meet other conditions for classification as held for sale within a short period of time (usually threemonths). At initial measurement, the lower of the initial measurement amount and the net amount after deducting sellingexpenses from fair value, assuming it is not classified as held for sale, is measured. Except for non-current assets or disposalgroups acquired in a business combination, the difference arising from the initial measurement amount of a non-current asset
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or disposal group at fair value less selling expenses is recognized in profit or loss.
3. If the Company loses control over the subsidiary due to the sale of its investment in the subsidiary or other reasons, no matterwhether the Company retains part of the equity investment after the sale, when the investment in the subsidiary to be soldmeets the conditions for classification of held for sale, the overall investment in the subsidiary is classified as held for sale inthe individual financial statements of the parent company, and all assets and liabilities of the subsidiary are classified as heldfor sale in the consolidated financial statements.
4. If on the subsequent balance sheet date, the net amount of non-current assets held for sale after deducting the selling expensesincreases, the previously written-down amount shall be restored and reversed in the amount of assets impairment lossrecognized after classification as held for sale, with the reversed amount included in current profit and loss. The assetsimpairment losses recognized before classification as held for sale shall not be reversed.
5. The amount of asset impairment loss recognized for disposal groups held for sale is offset against the book value of goodwillin the disposal group, and then against the book value of each non-current asset on a pro rata basis according to itsproportionate of the book value.If on the subsequent balance sheet date, the net amount of assets in disposal group held for sale after deducting the sellingexpenses increases, the previously written-down amount shall be restored and reversed in the amount of the assets impairment lossrecognized for non-current assets applicable to relevant measurement regulations after classification as held for sale, with thereversed amount included in current profit and loss. The book value of the goodwill written down, and the assets impairment lossrecognized for the non-current assets before classification as held for sale shall not be reversed.The amount of subsequent reversal of impairment losses recognized for assets in disposal groups held for sale is increasedproportionately to the book value of each non-current asset in the disposal group, other than goodwill, based on its proportionateshare of the carrying amount of the asset.
6. The depreciation or amortization is not withdrawn for the non-current assets held for sale or for those in the disposal group,and the interest and other expenses on liabilities held for sale in the disposal group continue to be recognized.
7. When the non-current assets or disposal group held for sale are no longer classified as held for sale because they no longermeet the classification conditions of held for sale, or the non-current assets are removed from the disposal group held for sale,they will be measured at the lower of the following:
(1) the amount after adjustment according to the depreciation, amortization, or impairment that would have been recognized if ithad not been classified as held for sale category, as for the book value before classified as held for sale category; (2) recoverableamount. When the non-current assets or disposal groups held for sale are derecognized, the unrecognized gains or losses shall beincluded in the current profit and loss.
8. When terminating the recognition of the disposal group of non-current assets held for sale, the unrecognized gains or losses areincluded in the current profit or loss.
19. Debt investment
N/A
20. Other debt investments
N/A
21. Long-term receivables
N/A
22. Long-term equity investment
The Company's long-term equity investment mainly consists of investment in subsidiaries, investment in joint ventures and equityinvestment in cooperative enterprises.The Company's judgment on common control is based on the collective control of the arrangement by all participants or acombination of participants, and the policy on the activities related to the arrangement must be agreed upon by all participants inthe collective control of the arrangement.When the Company directly or indirectly owns more than 20% (including) but less than 50% voting rights of the investee throughits subsidiaries, it is generally considered to have a significant impact on the investee. When the Company owns less than 20%voting rights of the investee, it shall be judged to have a significant impact on the investee with comprehensive consideration todispatching representatives in the board of directors of the investee or similar authority, participating in the formulation process ofthe financial and business policy of the investee, conducting important transactions with the investee, dispatching management to
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the investee or providing key technical data for the investee.The company that forms control over the investee shall be a subsidiary of the Company. For the long-term equity investmentacquired through business combination under common control, the share of the book value of the net assets of the combined partyin the consolidated statements of the final controlling party, on the combination date, is regarded as the initial cost of the long-termequity investment. If the book value of the net assets of the combined party on the combination date is negative, the long-termequity investment cost shall be determined as zero.If the Company acquires the equity of the investee under common control by steps through several deals, finally forms businesscombination and such deals belong to package deal, the deals shall be subject to accounting treatment as a deal to obtain thecontrol right. If the deals do not belong to the package deal, the share of the book value of the net assets of the combined party inthe consolidated financial statements of the final controlling party, on the combination date, is regarded as the initial cost of thelong-term equity investment. The difference between the initial cost of the long-term equity investment and the sum of the bookvalue of the long-term equity investment before the combination plus the book value of the new consideration for shares on thecombination date is adjusted against capital reserve; if the capital reserve is not sufficient to absorb the difference, the retainedearnings shall be written down.For the long-term equity investment acquired through business combination not under common control, the combined cost is theinitial investment cost.If the Company acquires the equity of the investee not under common control by steps through several deals, finally formsbusiness combination and such deals belong to package deal, the deals shall be subject to accounting treatment as a deal to obtainthe control right. If the deals do not belong to the package deal, the sum of the book value of the equity investment originally heldand newly increased investment cost shall be considered as initial cost of the investment that calculates according to cost method.If the equity held before the acquiring date is calculated by the equity method, other comprehensive income calculated by theequity method is not adjusted and shall be subject to accounting treatment when disposing of the investment through adopting thebasis for the direct disposal of relevant assets or liabilities of the investee. If the original equity held before the acquiring date iscalculated at fair value in the available-for-sale financial assets, the change in the cumulative fair value originally included in othercomprehensive income is transferred to the current investment profit and loss on the combination date.Except for the long-term equity investment acquired through business combination, for the long-term equity investment made bypaying cash, the investment cost shall be the purchase price actually paid; for the long-term equity investment acquired by issuingequity securities, the investment cost shall be the fair value of the equity securities issued; for the long-term equity investmentacquired through the exchange of non-monetary assets, the initial investment cost shall be recognized in accordance with therelevant provisions of the Accounting Standards for Business Enterprises No.7 - Exchange of Non-monetary Assets; for the long-term equity investment acquired by debt restructuring, the initial investment cost shall be recognized in accordance with therelevant provisions of the Accounting Standards for Business Enterprises No.12 - Debt Restructuring.The investment in subsidiaries is measured by the cost method and the investment in joint ventures and cooperative enterprises ismeasured by equity method.For the long-term equity investment calculated by cost method subsequently, the long-term equity investment cost is adjustedwhen the investment is added or recovered. The cash dividends or profits declared to be distributed by the investee should berecognized as current investment income.The book value of the long-term equity investment measured subsequently by equity method shall be increased or decreased withthe change in the owner’s equity of the investee. The share of the net profits and losses of the investee to be enjoyed shall berecognized after offsetting of the part of the internal deal profits and losses attributable to the Company between the joint ventureand cooperative enterprise according to the shareholding ratio and after adjustment of the new profits of the investee on the basisof the fair value of the identifiable assets of the investee when the investment is obtained and according to the Company’saccounting policy and accounting period.In disposal of the long-term equity investment, the balance between the book value and the actual price obtained is charged tocurrent investment income. If a long-term equity investment calculated by the equity method is included in the owner's equity dueto changes in the owner's equity other than the net profit and loss of the investee, the part originally included in the owner's equityin the disposal of the investment shall be transferred to the current investment profit and loss by the corresponding proportion.If the deals for disposal of the equity by steps until the loss of the control right do not belong to the package deal, each deal shallbe subject to accounting treatment respectively. If they belong to a package deal, the deals shall be subject to accounting treatmentas a deal for disposal of subsidiary and loss of the control right; however, the difference between each disposal price and the bookvalue of the long-term equity investment corresponding to the equity disposed of before the loss of control right is recognized asother comprehensive income and then transferred into the current profit and loss in the period of loss of control right.
23. Investment properties
Measurement mode of investment propertiesCost methodMethod of depreciation or amortization
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The Company's investment properties refer to the properties held for rent gain or capital gain or the both thereof, which aremeasured by cost model.The Company's investment properties are depreciated or amortized by the straight-line depreciation method. The estimated servicelife, net residual rate and yearly depreciation (amortization) ratio of all types of investment properties are as follows:
| Category | Depreciation life (year) | Expected residual rate (%) | Yearly depreciation (%) |
Houses and buildings
| Houses and buildings | 20 | 5.00 | 4.75 |
Land use right
| Land use right | 50 | 0.00 | 2.00 |
24. Fixed assets
(1) Recognition conditions
The Company’s fixed assets refer to the tangible assets with the following features which are held for production of goods,provision of labor, lease or operating management and whose service life exceeds year, with a useful life exceeding one year and aunit value exceeding RMB 5,000.The fixed assets can be recognized when the economic benefits related to the fixed assets are likely to flow to the Company andwhen the cost of the fixed assets can be reliably measured. The fixed assets, including buildings, machinery equipment,transportation equipment and other equipment, are entered into the account by actual cost when obtained, in which, the cost ofpurchased fixed assets includes buying price, import tariff and other relevant taxes, as well as other expenses incurred before thefixed assets reach the extended usable status and directly attributable to the assets; cost of self-constructed fixed assets, consistingof necessary expenses incurred from construction of the asset to the intended serviceable conditions; the cost invested by theinvestors in the fixed assets is determined according to the value stipulated in the investment contracts or agreements, except thevalue stipulated in the contracts or agreements is not fair; the fixed assets under financing lease shall be recorded in the accountsaccording to the lower present value between the fair value of the leased asset on the lease commencement date and the minimumlease payment.
(2) Depreciation method
| Category | Depreciation method | Depreciation life | Residual rate | Yearly depreciation |
Houses and buildings
| Houses and buildings | Straight-line method | 20 | 5.00% | 4.75% |
Machinery equipment
| Machinery equipment | Straight-line method | 10 | 5.00% | 9.50% |
Transportationequipment
| Transportation equipment | Straight-line method | 5 | 5.00% | 19.00% |
Other equipment
| Other equipment | Straight-line method | 5 | 5.00% | 19.00% |
25. Construction in progress
The construction in progress is measured according to the actual cost. The self-run construction shall be measured by directmaterials, direct wages and direct construction costs; the outsourced construction shall be measured according to the paid projectcost; the equipment installation project cost shall be determined according to the value, installation cost and test run expenses ofthe equipment installed. The cost of the construction in progress should also include the capitalized borrowing costs.The fixed assets of the construction shall be carried forward to the fixed assets by the estimated value according to the constructionbudget, cost or actual construction cost from the date when they reach the intended usable state, and the depreciation shall becalculated and withdrawn from the following month. The original value difference of the fixed assets is adjusted after thecompletion settlement procedures.The construction in progress is carried forward to the fixed assets when it reaches the intended serviceable condition, based on thefollowing criteria:
| Item | Criteria for carrying forward fixed assets |
Houses andbuilding
| Houses and building | If (1) the physical construction, including installation, has been fully completed or substantially completed; (2) the amount of money spent on the purchased and constructed houses and buildings is very small or almost no longer occurs; (3) the purchased and constructed houses and buildings have met the design or contract requirements, or are basically in line with the design or contract requirements; (4) the construction work has reached the predetermined usable state but has not yet completed the final settlement, it will be carried forward as fixed asset at its estimated value based on the actual cost of the construction from the date of reaching the intended serviceable condition. |
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| Machinery equipment | The equipment management department and the equipment manufacturer are jointly responsible for equipment installation and debugging, including equipment hardware debugging, process condition debugging, etc. When the debugging is completed to reach the intended serviceable condition, the equipment will be carried forward as fixed asset after approval according to the process. |
Transportationmeans
| Transportation means | When it reaches the intended serviceable condition, it will be carried forward as fixed asset after approval according to the process |
Other equipment
| Other equipment | When it reaches the intended serviceable condition, it will be carried forward as fixed asset after approval according to the process |
26. Borrowing costs
The construction or production borrowing costs incurred and directly attributable to the assets meeting the capitalizationconditions are capitalized and included in relevant asset costs; other borrowing costs are included in the current profit and loss.Recognition principle of capitalization of borrowing costs: the construction or production borrowing costs incurred and directlyattributable to the assets meeting the capitalization conditions are capitalized and charged to relevant asset costs; other borrowingcosts shall be recognized as costs according to the amount incurred when they occur and shall be included in the current profit andloss. Assets meeting the capitalization conditions refer to the fixed assets, intangible assets, inventories and other assets which canreach the intended usable or marketable status only after quite a long time (generally more than 1 year) of construction orproduction activities.Capitalization period of borrowing costs: the borrowing costs related to the assets that meet the capitalization conditions start to becapitalized when the expenditure to acquire and the borrowing costs have occurred and the construction or production activitiesrequired to make the assets reach the usable or marketable status have started. In case of abnormal interrupt of the assets meetingthe capitalization conditions for more than 3 consecutive months in the construction or production process, the capitalization of theborrowing costs is suspended; the borrowing costs stop capitalization when the construction or production assets meeting thecapitalization conditions reach the usable or marketable status.Calculation method for capitalized amount of borrowing costs: when special borrowings are borrowed for construction orproduction of the assets meeting the capitalization conditions, the difference between the interest incurred in the period of specialborrowings and the interest income from the unused borrowing fund in the bank or the investment income of temporaryinvestment is deemed as the capitalized amount of the interest on the special borrowings. When general borrowings are occupiedfor construction or production of assets meeting the capitalized conditions, the weighted average of the expenditure to acquireexceeding the special borrowings in the cumulative expenditure to acquire is multiplied by the weighted average interest rate ofthe general borrowings occupied to calculate and determine the amount of interest to be capitalized on the general borrowings.
27. Biological assets
N/A
28. Oil and gas assets
N/A
29. Intangible assets
(1) Service life and its determination basis, estimation, amortization method or review procedureThe Company's intangible assets mainly include land use rights, software, trademarks, patents, etc. The actual cost of thepurchased intangible assets shall be the actual cost and other relevant expenses. The actual cost of the intangible assets invested bythe investors is determined according to the value stipulated in the investment contracts or agreements. If the value stipulated inthe contracts or agreements is not fair, the actual cost is determined according to the fair value. However, for intangible assetsacquired in a business combination not under common control that are owned by the acquiree but not recognized in its financialstatements, initial recognition shall be measured at fair value.
(1) Service life and its determination basis, estimation, amortization method or review procedureThe Company's amortization methods and periods for various intangible assets are as follows:
| Category | Amortization method | Amortization period | Determination basis |
Land use right
| Land use right | Straight-line method | 50 | Term of transfer |
Patent
| Patent | Straight-line method | 10 | The shortest of the estimated useful life, the benefit period stipulated in the contract, or the effective period |
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stipulated by lawSoftware
| Software | Straight-line method | 3~5 years | The shortest of the estimated useful life, the benefit period stipulated in the contract, or the effective period stipulated by law |
Trademark anddomain name
| Trademark and domain name | Straight-line method | 10 | The shortest of the estimated useful life, the benefit period stipulated in the contract, or the effective period stipulated by law |
The amortization amount is allocated to the relevant asset cost and the current profit or loss based on the benefiting objects. Theexpected useful life and amortization methods of the intangible assets with limited useful life are reviewed at the end of each yearand handle any change as the accounting estimate change.
(2) Collection scope of R&D expenditure and related accounting treatment methods
The expenditure of the Company's internal R&D projects is classified into the expenditure at the research stage and theexpenditure at the development stage according to its nature and great uncertainty of the intangible assets eventually formed byR&D activities.For intangible assets developed independently, the expenditure in the research stage shall be included in the current profit and losswhen it occurs; The expenditures in the development stage shall be recognized as assets if they meet the following conditions atthe same time:
?
? Technically feasible to complete the intangible assets, so that they can be used or sold;? It is intended to finish and use or sell the intangible assets;? The products generated by the intangible assets can be sold or the intangible assets themselves can be sold;? It is able to finish the development of the intangible assets, and able to use or sell the intangible assets, withthe support of sufficient technologies, financial resources and other resources; and? The development expenditures of the intangible assets can be reliably measured.The expenses at the development stage not meeting above conditions are included in current profits and losses when obtained. Thedevelopment expenses included in profits and losses in previous periods are not recognized as assets in subsequent periods. Thecapitalized expenses at the development stage are listed as development expenses in the balance sheet and transferred to intangibleassets when the project reaches the intended usable state.If the expenditure at the research stage and the expenditure at the development stage cannot be distinguished, the R&Dexpenditure incurred is fully charged to the current profit and loss. The cost of intangible assets formed by internal developmentactivities consists only of the total expenditure incurred between the point at which the conditions for capitalization are met andthe time at which the intangible assets reach their intended use. The expenditure that has been expensed and included in the profitand loss for the same intangible asset before reaching the capitalization conditions in the development process is no longeradjusted.
30. Long-term assets impairment
The Company assesses long-term equity investments, investment properties measured using the cost model, fixed assets,construction in progress, right-of-use assets measured using the cost model, and intangible assets with finite useful lives at eachbalance sheet date. When there are indications of impairment, the Company conducts impairment tests. The goodwill andintangible assets with uncertain service life, and development expenditures not yet ready for intended use are tested for impairmentannually at year-end no matter whether there are signs of impairment.
(1) Impairment of non-current assets other than financial assets (excluding goodwill)When conducting impairment testing, the Company determines the recoverable amount according to the higher one between thenet amount of the fair value of the assets minus the disposal expenses and the present value of the expected future cash flow of theassets. After the impairment test, if the book value of the asset exceeds the recoverable amount, the difference is recognized as animpairment loss.
(2) Impairment of goodwill
For the goodwill formed by business combination, the Company allocates its book value to the relevant asset groups from thepurchase date in a reasonable manner. If it is difficult to allocate to the relevant asset groups, it is allocated to the relevant assetgroup combinations. When the relevant asset group or the asset group combination containing goodwill is tested for impairment, ifthere is a sign of impairment in the asset group or the asset group combination related to goodwill, the Company shall firstlyconduct an impairment test for the asset group or the asset group combination not containing goodwill, calculate the recoverableamount and recognize the corresponding impairment loss by comparison with relevant book value. Then, the Company willconduct impairment test on the asset group or the asset group combination that contains goodwill, and compare the book value and
2024 Full Annual Report
with the recoverable amount. If the recoverable amount is lower than the book value, the impairment loss amount shall first beused to offset the book value of the goodwill allocated to the asset group or the asset group combination, and then, in accordancewith the proportion of the book value of each asset other than the goodwill in the asset group or the asset group combination, thebook value of each asset shall be offset proportionally.The methods, parameters and assumptions for the impairment test of goodwill are detailed in Note V, 18.Once the aforementioned asset impairment loss is recognized, it will not be reversed in the subsequent accounting period.
31. Long-term unamortized expenses
The long-term unamortized expenses of the Company refer to the expenses that have been paid, but should be borne in the currentperiod and subsequent periods with the amortization period of more than one year (excluding one year). Such expenses areamortized on average in the benefit period. If a long-term unamortized expense item cannot benefit a later accounting period, theamortized value of the item that has not been amortized is transferred to the current profit and loss.
32. Contract liabilities
Contract liabilities reflect the obligations of the Company to transfer goods to customers for consideration has been received orreceivable from customers.
33. Employee compensation
(1) Short-term compensation accounting method
The short-term compensation mainly includes salary, bonus, allowances and subsidies, employee services and benefits, housingfund, labor union expenditure and personnel education fund, medical insurance premiums, industrial injury insurance premium,birth insurance premium and other social insurance premiums. The short-term compensation actually happened during theaccounting period when the staff offering the service for the Company shall be recognized as liabilities and included in the currentgains and losses or relevant assets cost by the beneficiary object.
(2) Post-employment benefits accounting method
Post-employment benefits mainly include basic endowment insurance, unemployment insurance and enterprise annuity paymentand are classified as defined contribution plans according to the risks and obligations undertaken by the Company. The sinkingfunds made to a separate entity on the balance sheet date in exchange for services rendered by the employee during the accountingperiod shall be recognized as liabilities and included in the current gains and losses or relevant assets cost by the beneficiary object.
(3) Termination benefits accounting method
The Company puts forward compensation for an employee to terminate the labor relationship with the employee before expiry ofthe employee labor contract. When failing to unilaterally withdraw the dismission welfare due to termination of labor relation planor downsizing suggestions, or when recognizing the costs related to restructuring involving payment of dimission welfare(whichever comes first), the Company recognizes the employee compensation liabilities from the dismission welfare and includesin current profit and loss. The compensation that is paid beyond a year is included in current profit and loss after discount.
(4) Other long-term employee benefits accounting method
Other long-term employee benefits mainly include the long-term incentive plan and long-term benefits and shall be subject to theaccounting treatment according to relevant provisions in the defined contribution plans.
34. Estimated liabilities
Any business related to contingencies such as pending litigation or arbitration, product quality guarantees, etc., if meeting all ofthe following conditions, is recognized as a liability: the obligation is the current obligation undertaken by the Company;performance of the obligation is likely to lead to the outflow of economic benefits; the amount of the obligation can be reliablymeasured.The estimated liabilities are initially recognized according to the best estimate number of the expenditure required to performrelevant current obligations with consideration to the contingency related risks, uncertainty, time value of money and other factors.
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The Company reviews the current best estimate on the balance sheet date, and adjust the book value of estimated liabilities.Contingent liabilities of the acquiree acquired in a business combination not under the same control are measured at fair value atthe time of initial recognition, and subsequently measured at the higher of the amount expected to be recognized for the liabilityand the amount initially recognized less the accumulated amortization determined in accordance with the principles of revenuerecognition.
35. Share-based payment
The term share-based payment refers to a transaction in which the Company grants equity instruments or undertakes equity-instrument-based liabilities in return for services from employee or other parties. The share-based payments shall consist of equity-settled share-based payments and cash-settled share-based payments.The equity-settled share-based payment in return for employee services is measured at the fair value of the equity instrumentsgranted to the employees. The amount of fair value shall be recognized as relevant costs or expenses and capital reserves on eachbalance sheet date during the waiting period, based on the best estimate of the number of equity instruments with exercisablerights, at the fair value of equity instrument on the grant date, provided that the services obtained during the waiting period arecompleted or the prescribed performance conditions are met. The Company shall include the service obtained at the current periodinto relevant costs or expenses, and increase the capital reserve accordingly.If the equity-settled share-based payment is cancelled, it will be treated as an accelerated exercise on the cancellation date, and theunconfirmed amount will be recognized immediately. If the employee or other party can choose to satisfy the non-exercisablecondition but failed to do so in the waiting period, it will be treated as a cancellation of equity-settled share-based payment.However, if a new equity instrument is granted and the new equity instrument granted is deemed to be a replacement for thecancelled equity instrument on the grant date, the granted replacement equity instrument will be handled in the same manner asany amendment to the terms and conditions of the original equity instrument.The cash-settled share-based payment settled will be measured according to the fair value of the liability confirmed basing on theshares borne by the Company and other equity instruments. If the rights can be exercised immediately after being granted, thepayment will be counted into relevant costs or expenses at the fair value of the liabilities assumed and the liability will beincreased correspondingly. If the rights can only be exercised after the situation that service within the waiting period is completedand set performance is achieved, the service obtained at the current period, according to the fair value amount of the liability borneby the Company, and basing on the optimum estimation for the condition of exercising rights, will be counted into costs orexpenses on each and every balance sheet date during the waiting period, and the liability will be increased correspondingly.Each and every balance sheet date and settlement before relevant liability settlement, the fair value of liability will be remeasured,of which changes occurred will be counted into the current period.
36. Preferred shares, perpetual bonds and other financial instruments
N/A
37. Income
Accounting policies for disclosure of income recognition and measurement based on business typesThe Company's operating income mainly includes income from selling commodities, income from offering labor and transfer ofasset use right.
?
? Income recognition principle
The Company has fulfilled its contractual obligation to recognize income when the customer acquires control of the relevant goodsor services. Obtaining control of the relevant goods or services is the ability to dominate the use of the goods or provision ofservices and gain almost all economic benefits from them.Performance obligation refers to the undertaking made by the Company on transferring commodities which can be clearlydifferentiated for clients. When one of the following conditions is met, it belongs to performing the Company’s performanceobligation within a certain period of time; otherwise, it belongs to performing the performance obligation at a certain point in time:
(1) The customer obtains and consumes the economic benefits brought by the performance of the company at the same time; (2)The customer can control the commodities under construction during the performance of the company; (3) The commoditiesproduced by the company in the performance process have irreplaceable uses, and the company has the right to collect money forthe performance parts that have been completed so far in the whole contract period.For the performance obligations performed within a certain period of time, the Company shall recognize the income in accordancewith the performance progress during that period. If the performance schedule cannot be reasonably determined and the costalready incurred by the Company is expected to be compensated, the Company shall recognize the income according to the cost
2024 Full Annual Report
already incurred until the performance schedule can be reasonably determined.As for the performance obligation at a certain point of time, the Company shall recognize the income when the customer gainscontrol over relevant merchandise. When judging whether the customer has obtained the control right of the commodity, thecompany considers the following signs: (1) The company has the right to collect the commodity at present, that is, the customerhas the obligation to pay for the commodity currently; (2) The company has transferred the legal ownership of the commodity tothe customer, that is, the customer already owns the legal ownership of the commodity; (3) The company has transferred thecommodity in kind to the customer, that is, the customer has possessed the commodity in kind; (4) The company has transferredthe main risks and rewards of the ownership of the commodity to the customer, that is, the customer has obtained the main risksand rewards of the ownership of the commodity; (5) The customer has accepted the commodity; (6) Other signs that the customerhas obtained the control right of the commodity.If the contract contains two or more performance obligations, the Company shall, at the beginning of the contract, apportion thetransaction price to each individual performance obligation according to the relative proportion of the individual selling price ofthe goods or services committed by each individual performance obligation, and measure the income according to the transactionprice apportioned to each single performance obligation.The transaction price is the amount of consideration that the company is expected to be entitled to collect for transferringcommodities or services to customers, excluding the money collected on behalf of third parties and the money expected to bereturned to customers. When determining the transaction price, the company takes into account the impact of variableconsideration, significant financing components in the contract and other factors.If there is a variable consideration in the contract, the company shall determine the best estimate of the variable considerationaccording to the expected value or the most probable amount. The transaction price including the variable consideration shall notexceed the amount that the cumulative recognized income will probably not be significantly reversed when the relevantuncertainty is eliminated. At each balance sheet date, the company reassesses the amount of variable consideration to be includedin the transaction price.For contracts containing a significant financing component, the company shall determine the transaction price according to theamount payable which is assumed to be paid in cash when the customer obtains the control right of the commodities. Thetransaction price is calculated by discounting the nominal amount of the contract consideration to the current selling price of thecommodities using the discount rate, and the difference between the determined transaction price and the contractually agreedconsideration amount is amortized over the contract period using the effective interest method. On the commencement date of thecontract, if the Company expects that the interval between the customer's acquisition of control of the goods or services and thecustomer's payment of the price will not exceed one year, the material financing elements in the contract will not be considered.The company determines whether it acts as a principal or an agent in transactions based on whether it obtains control of thecommodities before transferring them to customers. If the company controls the commodities before transferring them tocustomers, the company is the principal and recognizes revenue based on the total amount of consideration received or receivable;Otherwise, the company acts as an agent and recognizes revenue based on the amount of commission or fee it expects to beentitled to, which shall be determined as the net amount after deducting the amount payable to other relevant parties from the totalconsideration received or receivable, or based on an agreed commission amount or percentage.For sales with return clauses, the company recognizes revenue at the amount of consideration expected to be received fortransferring commodities to customers when the customer obtains control of the relevant commodities, and records the amountexpected to be refunded due to sales returns as a provision for liabilities. Concurrently, the company recognizes an asset, namelythe cost of returnable commodities, at the carrying amount of the commodities expected to be returned upon transfer, less anyestimated costs (including impairment of returned commodities) associated with recovering such commodities. The cost ofcommodities transferred is recognized at the carrying amount of the transferred commodities, net of the above asset cost. At eachbalance sheet date, the company reassesses the estimated future sales returns and remeasures the aforementioned assets andliabilities accordingly.In accordance with the contractual agreements, legal provisions, etc., the company provides quality assurance for the products sold,which constitutes a warranty-type quality assurance to ensure that the products meet established standards. The company shallconduct accounting treatment according to Note III. 24. The company provides customers with quality assurance that exceeds thestatutory warranty period or scope, which constitutes a separate service beyond the established standards for the sold products. Thecompany shall take it as a single performance obligation. The company allocates a portion of the transaction price to the qualityassurance of service according to the relative proportion of the separate selling prices at which the commodities and qualityguarantee of service are provided, and recognize the income when the customers obtain the control over the service.
? Specific methodThe Company’s operating income mainly includes income from selling commodities and the transfer of asset use right.
1. Income from selling commodities
The Company's sales of electrical products, accessories and materials belong to the performance obligation to be performed at acertain point in time.Recognition conditions of income from domestic goods: the Company has delivered the products to the customers according to thecontract, the customers have received the goods, the payment for goods has been recovered or the receipt voucher has been
2024 Full Annual Report
obtained, and the relevant economic benefits are likely to flow into the Company, the main risks and rewards of the ownership ofthe goods have been transferred, and the legal ownership and control of the goods have been transferred.Recognition conditions of income from export goods: the Company has declared the products to leave the port according to thecontract, obtained the bill of lading, recovered the payment for goods or obtained the receipt voucher, and the relevant economicbenefits are likely to flow into the Company, the main risks and rewards of the ownership of the goods have been transferred, andthe legal ownership and control of the goods have been transferred.
2. Income from the transfer of asset use rights
The business contracts between the company and customers for property leasing belong to performing the performance obligationwithin a certain period of time. Income is recognized over the lease term based on the progress of performance.The situation where different business models are used for similar businesses and involve different revenue recognition methodsand measurement methods
38. Contract cost
Recognition method of asset amount related to contract costThe Company's assets related to contract cost include the contract performance cost and the contract acquisition cost. Based ontheir liquidity, contract performance costs are presented separately in inventory and other non-current assets, while contractacquisition costs are reported separately in other current assets and other non-current assets.The contract performance cost, that is, the cost incurred by the Company for the performance of the contract, which is notapplicable to the specification scope of relevant standards such as inventory, fixed assets or intangible assets and meets thefollowing conditions at the same time, is recognized as an asset as the contract performance cost: This cost is directly related to acurrent or expected contract, including direct labor, direct materials, manufacturing expenses (or similar expenses), the cost clearlyborne by the customer, and other costs incurred only because of this contract; This cost increases the company's resources forfulfilling its performance obligations in the future; The cost is expected to be recovered.The contract acquisition cost, that is, the incremental cost incurred by the company to obtain the contract is expected to berecovered, it will be recognized as an asset as the contract acquisition cost; If the amortization period of such asset does not exceedone year, it shall be recorded into the current profit and loss when it occurs. Incremental cost refers to the cost that will not occur ifthe Company does not acquire the contract (such as sales commission, etc.). Other expenses incurred by the Company to acquirethe contract other than the expected recoverable incremental costs (such as travel expenses incurred regardless of whether thecontract is acquired or not) shall be recorded into the current profit and loss when it occurs, except those clearly borne by thecustomer.
(2) Amortization of assets related to contract cost
Assets related to contract costs are amortized on the same basis as income recognition of goods related to the asset, and arerecorded into the current profit and loss when it occurs.
(3) Impairment of assets related to contract cost
Where the book value of assets related to contract costs exceeds the difference between the following two amounts, the companyshall recognize the excess as an impairment loss: (i) the remaining consideration expected to be received for transferring thecommodities related to the asset; and (ii) the estimated costs to be incurred to transfer those commodities.If the factors of impairment in the previous period change so that the difference above is higher than the book value of the asset,the company shall reverse the withdrawn asset impairment provision and include it into the current profit and loss, but the bookvalue of the reversed asset shall not exceed the book value of such asset on the reversal date if the impairment provision is notwithdrawn.
39. Government subsidies
Government subsidies will be recognized when the conditions attached to them are met and received. The Company's governmentsubsidies include financial allocations. The asset related government subsidies refer to the government subsidies obtained by theCompany and used for acquisition or construction or for formation of long-term assets in other ways; the income relatedgovernment subsidies refer to the government subsidies other than the asset related government subsidies. The governmentsubsidies without subsidy objects specified in government documents shall be judged by the Company according to the aboveprinciple, or classified into income related government subsidies as a whole if it is difficult to judge.The government subsidies as the monetary assets are measured according to the amount received. For subsidies allocated inaccordance with fixed quota standards, or if there is evidence at the end of year that the Company can meet relevant conditionsstipulated in the financial support policy and can be expected to receive the financial support fund, the government subsidies aremeasured according to receivables. The government subsidies not as the monetary assets are measured according to the fair value,or measured according to the nominal amount (RMB 1 yuan) if the fair value cannot be obtained reliably.
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The government subsidies related to assets are recognized as deferred income and equally distributed and charged to the currentprofit and loss in the service life of relevant assets.If the related asset is sold, transferred, scrapped or damaged before the end of the useful life, the deferred income balance not yetdistributed is transferred in the profits and losses in the period of assets disposal.The income related government subsidies, if used to compensate for related costs or losses in subsequent periods, are recognizedas the deferred income and charged to the current profit and loss when related costs or losses are recognized. The governmentsubsidies pertinent to the daily activities of the Company shall be included in other income or used to offset relevant costs andexpenses according to the substance of the economic business. The government subsidies irrelevant with the daily activities of theCompany shall be included in non-operating revenues and expenditures.Where the Company has obtained discount interest on preferential loans, it shall distinguish between the two situations in whichthe financial department allocates discount interest funds to the lending bank and the financial department directly allocatesdiscount interest funds to the Company, and conduct accounting treatment according to the following principles:
? Where the financial department allocates the discount interest funds to the lending bank, and the lending bank
provides the loan to the Company at the preferential policy interest rate, the Company shall take the actualamount of the loan received as the entry value of the loan, and calculate the relevant borrowing costsaccording to the loan principal and the preferential policy interest rate.? Where the financial department directly allocates discount interest funds to the Company, the Company will
write down the corresponding discount interest against the relevant borrowing costs.If the government subsidy confirmed by the Company needs to be returned, the accounting treatment shall be carried out inaccordance with the following provisions in the current situation of the return:
1) The book value of related assets is adjusted if it is offset upon initial recognition.
2) For those with related deferred income, the book balance of related deferred income is written down and the excess is
accounted into the current profits and losses.
3) In the other cases, they are directly accounted into the current profits and losses.
40. Deferred income tax assets / deferred income tax liabilities
The Company's deferred income tax assets and deferred income tax liabilities are calculated and recognized according to thedifference (temporary difference) between the tax base and book value of the assets and liabilities. For the deductible loss that canbe carried forward to the subsequent year according to the tax law, the corresponding deferred income tax assets are recognized.For the deductible temporary differences related to the initial recognition of the goodwill, the corresponding deferred income taxliabilities are not recognized. For the temporary differences related to the initial recognition of the assets or liabilities incurred inthe transaction not for business combination that will not affect the accounting profits and income tax payable (or deductible loss),the corresponding deferred income tax assets and liabilities are not recognized. The deferred income tax assets and deferredincome tax liabilities are measured on the balance sheet date according to the applicable tax rate in the period of expected recoveryof relevant assets of liquidation of relevant liabilities.The company recognizes the deferred income tax assets by deductible temporary differences, within the limit of the income taxpayable that may be obtained in the future and used to offset the deductible temporary differences, the deductible loss and taxdeduction.
41. Lease
(1) Accounting treatment method of lease as lessee
The Company as the lessee
1) Lease recognition
Except for short-term leases and leases of low-value assets, the company recognizes right-of-use assets and lease liabilities at thecommencement date of the lease term.Right-of-use assets represent the company's right to use leased assets during the lease term and are initially measured at cost. Thiscost includes: (1) the initial measurement amount of lease liabilities; (2) the lease payment made on or before the commencementdate of the lease term (the amount related to the lease incentives enjoyed shall be deducted); (3) the initial direct costs incurred; (4)the estimated costs to dismantle and remove the leased asset, restore the site where the leased asset is located, or return the leasedasset to the condition specified in the lease terms (excluding costs incurred for the production of inventory). The companyremeasures lease liabilities in accordance with the relevant provisions of the leasing standards, and correspondingly adjusts thebook value of the right-of-use assets.
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The company depreciates right-of-use assets on a straight-line basis over their useful lives, reflecting the expected pattern ofconsumption of the economic benefits associated with the assets. If it can be reasonably determined that the ownership of theleased asset can be acquired at the expiration of the lease term, the company will accrue depreciation within the remaining servicelife of the leased asset. If the company cannot reasonably determine that the ownership of the leased assets can be obtained at theexpiration of the lease term, the company shall calculate the depreciation within the lease term or the remaining useful life of theleased assets, whichever is shorter. The amount of depreciation accrued shall be included in the cost of relevant assets or currentprofit and loss according to the purpose of the right-of-use assets.The Company initially measures the lease liabilities according to the present value of the unpaid lease payments at the beginningdate of the lease term. The lease payment include: ① The fixed payment amount, and amount after the actual fixed payment isdeducted by lease incentive; ② The variable lease payment depending on index or ratio; ③ The exercise price of a purchaseoption when the company is reasonably certain to exercise the option; ④ The payments required upon exercising a terminationoption if the lease term reflects the company's intent to exercise such option; and ⑤ The estimated payments expected to be madebased on the residual value guarantees provided by the company.When calculating the present value of lease payment, the company uses the implicit interest rate in the lease as the discount rate. Ifthe Company is unable to determine the interest rate implicit in lease, the incremental loan interest rate shall be used as thediscount rate. The Company calculates the interest expense of the lease liabilities in each period of the lease term according to thefixed periodic interest rate and records it into the current profit and loss, except those that should be capitalized.After the commencement of the lease term, the company recognizes interest on the lease liability, which increases the carryingamount of the lease liability; Payments made towards the lease reduce the carrying amount of the lease liability. When thesubstantially fixed payment, estimated amount payable of guaranteed residual value, index or ratio for determination of leasepayment, the evaluation result of purchase option, renewal option or termination option or actual exercise are changed, theCompany shall re-measure the lease liability according to the present value of lease payment after change.
2) Lease change
Lease change refers to the change of lease scope, lease consideration and lease term beyond the terms of the original contract,including adding or terminating the right to use one or more leased assets, extending or shortening the lease term specified in thecontract, etc. The effective date of the lease change refers to the date when both parties reach an agreement on the lease change.If the lease changes and meets the following conditions, the Company will treat the lease change as a separate lease for accounting:
① the lease change expands the lease scope or extends the lease term by adding the right to use one or more leased assets; ② Theincreased consideration is equivalent to the amount of the separate price of the extended part of the lease scope or the extendedpart of the lease term as adjusted according to the conditions of the contract.If the lease change is not treated as a separate lease, on the effective date of the lease change, the Company will apportion theconsideration of the changed contract in accordance with the relevant provisions of the lease standards and re-determine the leaseterm after the change; The revised discount rate is adopted to discount the changed lease payment to re-measure the lease liabilities.When calculating the present value of the lease payment after the change, the Company adopts the interest rate implicit in leaseduring the remaining lease period as the discount rate; If the interest rate implicit in lease cannot be determined for the remaininglease period, the Company will adopt the lessee's incremental loan interest rate on the effective date of the lease change as thediscount rate. With regard to the impact of the above adjustment of lease liabilities, the Company shall distinguish the followingcircumstances for accounting treatment: ① if the lease scope is reduced or the lease term is shortened due to the lease change, thelessee shall reduce the book value of the right-of-use assets, and include the relevant gain or loss of lease under partial or completetermination into the current profit and loss. ② If the lease liabilities are re-measured due to other lease changes, the lessee shalladjust the book value of the right-of-use assets accordingly.
3) Short-term lease and low-value asset lease
The Company chooses not to recognize the right-of-use assets and lease liabilities for short-term lease with a lease term of nomore than 12 months and low-value asset lease with a lower value when the single leased asset is a brand-new asset. TheCompany will record the lease payment of short-term lease and low-value asset lease into the relevant asset cost or current profitand loss according to the straight-line method or other systematic and reasonable methods during each period of the lease term.
(2) Accounting treatment method of lease as lessor
As the lessor, the company classifies a lease as a finance lease if it transfers substantially all the risks and rewards incidental toownership of the leased asset. All other leases are classified as operating leases.
1) Finance lease
On the beginning date of the lease term, the Company recognizes the finance lease receivables for the finance lease and terminatesthe recognition of the finance lease assets. When the Company initially measures the finance lease receivables, the net amount ofthe lease investment is taken as the entry value of the finance lease receivables.The net amount of the lease investment is the sum of the unguaranteed residual value and the present value of the lease receipts notreceived on the beginning date of the lease term discounted at the interest rate implicit in lease. The Company calculates and
2024 Full Annual Report
recognizes the interest income of each period within the lease term according to the fixed periodic interest rate. The variable leasepayments obtained by the Company that are not included in the measurement of the net lease investment are charged to the currentprofit or loss when they are actually incurred.
2) Operating lease
During the lease term, the company recognizes lease receipts from operating leases as rental income using the straight-line method.The initial direct expenses incurred by the company in connection with the operating lease shall be capitalized to the cost of theunderlying assets of the lease and included in the current profit and loss by stages on the same recognition basis as the rentalincome during the lease term. The variable lease payments obtained by the Company related to operating lease that are notincluded in the lease receipts are included in the current profit and loss when actually incurred.If the operating lease is changed, the Company will treat it as a new lease for accounting since the effective date of the change.The amount of advance receipts or lease receivables related to the lease before the change is regarded as the amount of new leasereceipts.
42. Other significant accounting policy and accounting estimate
When preparing the financial statements, the management of the Company is required to use estimates and assumptions, whichwill have an impact on the application of accounting policies and the amount of assets, liabilities, income and expenses. The actualsituation may differ from these estimates. The management of the Company continuously evaluates the judgment of keyassumptions and uncertainties involved in the estimates. The impact of changes in accounting estimates shall be recognized in thecurrent and future periods of the changes.The following accounting estimates and key assumptions have significant risks that will lead to major adjustments to the bookvalue of assets and liabilities in the future periods:
(1) Financial assets impairment
The expected credit loss model is adopted to evaluate the impairment of financial instruments in the financial assets impairment,which requires major judgment and estimates and requires considering all reasonable and substantiated information, includingforward-looking information. In making such judgments and estimates, the Company deduces the expected changes of the debtor'scredit risks based on historical data combined with economic policies, macroeconomic indicators, industrial risks, external marketenvironment, technical environment, changes in customer conditions and other factors.
(2) Provision for inventory impairment
Basis for determining the net realizable value of inventories: the net realizable value of merchandise inventory, materials for saleand other merchandise inventories directly used for sale is recognized by the amount of the estimated sale price of the inventoriessubtracted by the estimated selling expenses and related taxes; For the inventories held to perform the sales contract or laborcontract, the net realizable value is calculated on the basis of contract price; If the number of the inventories held by the enterpriseis greater than the quantity ordered in the sales contract, the net realizable value of the excessive inventories is calculated on thebasis of general sale price.The method for inventory falling price reserves: it is priced according to the lower of the year-end inventory and the net realizablevalue. At the end of the period, on the basis of a comprehensive inventory of the inventories, the inventory falling price reservesare withdrawn for the part of its cost is expected to be non-recoverable due to the inventory damage, full or partial obsolescence orselling price below the cost.If the influence factors writing down the inventory value before have disappeared, resulting in the net realizable value of theinventories higher than the book value, the amount written down shall be restored and reversed within the originally withdrawnamount of inventory falling price reserves and the amount reversed is included in current profit and loss.
(3) Accounting estimates of provision for impairment of goodwill
The Company conducts impairment test on goodwill every year. The recoverable amount of asset group or the combination ofasset groups containing goodwill is the present value of its estimated future cash flows, which need to be calculated usingaccounting estimates.If the management revises the gross margin ratio used in the calculation of future cash flows of asset group and the combination ofasset groups, and the revised gross margin ratio is lower than the current gross margin ratio, the Company needs to withdrawimpairment provision for the increase of goodwill.If the management revises the pre-tax discount rate used for cash flow discount, and the revised gross margin ratio is higher thanthe current gross margin ratio, the Company needs to withdraw impairment provision for the increase of goodwill.If the actual gross margin ratio or pre-tax discount rate is higher or lower than the management's estimates, the Company cannotreverse the originally accrued goodwill impairment loss.
(4) Accounting estimates of impairment provisions for fixed assets
2024 Full Annual Report
The Company conducts impairment test on fixed assets such as houses, buildings, machinery and equipment with signs ofimpairment on the balance sheet date. The recoverable amount of fixed assets is the higher of the present value of its estimatedfuture cash flows and the net value of the fair value of the assets minus the disposal expense, which need to be calculated usingaccounting estimates.If the management revises the gross margin ratio used in the calculation of future cash flows of asset group and the combination ofasset groups, and the revised gross margin ratio is lower than the current gross margin ratio, the Company needs to withdrawimpairment provision for the increase of fixed assets.If the management revises the pre-tax discount rate used for cash flow discount, and the revised gross margin ratio is higher thanthe current gross margin ratio, the Company needs to withdraw impairment provision for the increase of fixed assets.If the actual gross margin ratio or pre-tax discount rate is higher or lower than the management's estimates, the Company cannotreverse the originally accrued impairment provisions for fixed assets.
(5) Accounting estimates for deferred income tax asset recognition
The estimation of deferred income tax assets requires an estimate of the taxable income and applicable tax rate of each year in thefuture. The realization of deferred income tax assets depends on whether the Group is likely to obtain sufficient taxable income inthe future. Changes in future tax rates and the reversal time of temporary differences may also affect income tax expenses (income)and the balance of deferred income tax. Changes in the above estimates may result in significant adjustments to deferred incometax.
(6) Useful life of fixed assets and intangible assets
The Company shall review the expected service life of fixed assets and intangible assets at least at the end of each year. Theestimated service life is determined by the management based on the historical experience of similar assets, with reference to theestimates commonly used in the same industry and in combination with the expected technical updates. When there are significantchanges in previous estimates, the depreciation expenses and amortization expenses for the future period shall be adjustedaccordingly.
43. Significant accounting policy and accounting estimate change
(1) Changes in significant accounting policies
? Applicable □ Not applicable
Unit: yuan
| Content and reasons of changes in accounting policies | Name item significantly affected | Amount affected |
The Ministry of Finance issued the Noticeon Printing and Distributing "AccountingStandards for Business EnterprisesInterpretation No. 18" (Cai Kuai [2024]No. 24) on December 6, 2024 (hereinafterreferred to as "Interpretation No. 18"). Inaccordance with Article 33 of theAccounting Standards for BusinessEnterprises No. 14—Revenue (Cai Kuai[2017] No. 22) and other relevantprovisions, for warranty-type qualityassurance that does not constitute aseparate performance obligation, anenterprise shall account for it inaccordance with the Accounting Standardsfor Business Enterprises No. 13—Contingencies (Cai Kuai [2006] No. 3).When accounting for estimated liabilitiesarising from the aforementioned warranty-type quality assurances, the enterpriseshall, in accordance with the relevantprovisions of the Accounting Standards forBusiness Enterprises No. 13—Contingencies, debit accounts such as"Main Business Cost" and "OtherOperating Costs," and credit the"Estimated Liabilities" account. These
| The Ministry of Finance issued the Notice on Printing and Distributing "Accounting Standards for Business Enterprises Interpretation No. 18" (Cai Kuai [2024] No. 24) on December 6, 2024 (hereinafter referred to as "Interpretation No. 18"). In accordance with Article 33 of the Accounting Standards for Business Enterprises No. 14—Revenue (Cai Kuai [2017] No. 22) and other relevant provisions, for warranty-type quality assurance that does not constitute a separate performance obligation, an enterprise shall account for it in accordance with the Accounting Standards for Business Enterprises No. 13—Contingencies (Cai Kuai [2006] No. 3). When accounting for estimated liabilities arising from the aforementioned warranty-type quality assurances, the enterprise shall, in accordance with the relevant provisions of the Accounting Standards for Business Enterprises No. 13—Contingencies, debit accounts such as "Main Business Cost" and "Other Operating Costs," and credit the "Estimated Liabilities" account. These | Operating cost, Selling expenses | 28,568,487.99 |
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amounts shall correspondingly bepresented in the "Operating Costs" lineitem in the income statement and under"Other Current Liabilities," "Non-CurrentLiabilities Due Within One Year," and"Estimated Liabilities" in the balancesheet. The company has implemented theStandard Interpretation No.18 sinceDecember 06, 2024.
(2) Significant accounting estimate change
□ Applicable ? Not applicable
(3) Adjustment of relevant items in financial statements at the beginning of first implementation year as aresult of first implementation of new accounting standards from 2024
□ Applicable ? Not applicable
44. Other
VI. Tax
1. Main tax categories and tax rates
| Tax category | Taxation basis | Tax rate |
Added value tax
| Added value tax | Income from selling commodities, income from installing project, technical service revenue, income from house lease | 13%, 9%, 6%, 5% |
Urban maintenance and construction tax
| Urban maintenance and construction tax | Turnover tax payable | 7% |
Corporate income tax
| Corporate income tax | Income tax payable | 15%, 25%, 20% |
Education surcharge
| Education surcharge | Turnover tax payable | 3% |
Surcharge for local education
| Surcharge for local education | Turnover tax payable | 2% |
Housing property tax
| Housing property tax | 70% of original value of the property, rental income | 1.2%, 12% |
Land use tax
| Land use tax | Total land area | 1.5-20 yuan/m2 |
If there are taxpayers with different enterprise income tax rates, the disclosure statement shall present
| Name of taxpayer | Income tax rate |
Hangzhou ROBAM Appliances Co., Ltd.
| Hangzhou ROBAM Appliances Co., Ltd. | 15% |
Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd.
| Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd. | 15% |
Beijing Robam Electric Appliance Sales Co., Ltd.
| Beijing Robam Electric Appliance Sales Co., Ltd. | 25% |
Shanghai ROBAM Electric Appliance Sales Co., Ltd.
| Shanghai ROBAM Electric Appliance Sales Co., Ltd. | 25% |
Hangzhou Mingqi Electric Co., Ltd.
| Hangzhou Mingqi Electric Co., Ltd. | 25% |
Dize Home Appliances Trading (Shanghai) Co., Ltd.
| Dize Home Appliances Trading (Shanghai) Co., Ltd. | 20% |
Hangzhou ROBAM Fuchuang Investment Management Co., Ltd.
| Hangzhou ROBAM Fuchuang Investment Management Co., Ltd. | 20% |
Hangzhou Jinhe Electric Appliances Co., Ltd
| Hangzhou Jinhe Electric Appliances Co., Ltd | 25% |
ROBAM Appliances (Hong Kong) Holdings Limited
| ROBAM Appliances (Hong Kong) Holdings Limited | Two-tier tax system |
ROBAM International (Hong Kong) Trading Co., Ltd.
| ROBAM International (Hong Kong) Trading Co., Ltd. | Two-tier tax system |
Robam Appliances US Hoding INC.
| Robam Appliances US Hoding INC. | Fixed + Floating Tax System |
Robam Appliances Los Angeles Trade LLC
| Robam Appliances Los Angeles Trade LLC | Fixed + Floating Tax System |
Chengdu Robam Innovation Technology Co., Ltd.
| Chengdu Robam Innovation Technology Co., Ltd. | 20% |
Hangzhou ROBAM E-Commerce Co., Ltd.
| Hangzhou ROBAM E-Commerce Co., Ltd. | 25% |
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| Ningbo Jinke E-Commerce Co., Ltd. | 20% |
Hangzhou Yuhang Jinke E-Commerce Co., Ltd.
| Hangzhou Yuhang Jinke E-Commerce Co., Ltd. | 20% |
Chengdu Robam E-Commerce Co., Ltd.
| Chengdu Robam E-Commerce Co., Ltd. | 20% |
Qingdao Mingqi E-Commerce Co., Ltd.
| Qingdao Mingqi E-Commerce Co., Ltd. | 20% |
Wuhan Jinke E-Commerce Co., Ltd.
| Wuhan Jinke E-Commerce Co., Ltd. | 20% |
2. Tax preference
? Preferential policies for income tax
On December 08, 2023, the Science Technology Department of Zhejiang Province, Zhejiang Provincial Department of Finance,Zhejiang Provincial Tax Service of State Taxation Administration and Zhejiang Taxation Bureau jointly issued a high-techenterprise certificate (No. GR202333003384) and the Company passed the high-tech enterprise identification for 3 years.According to relevant regulations, after passing the high-tech enterprise identification, the Company can enjoy the relevantpreferential policies of the state on high-tech enterprises for three consecutive years (i.e., the income tax preference period fromJanuary 01, 2023 to December 31, 2025), and the enterprise income tax shall be levied at the rate of 15%.Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd. (hereinafter referred to as Shengzhou Kinde), a subsidiary of the Company,obtained the high-tech enterprise certificate (No. GR202233010421) jointly issued by the Science Technology Department ofZhejiang Province, Zhejiang Provincial Department of Finance and Zhejiang Provincial Tax Service of State TaxationAdministration on December 24, 2022 and passed the high-tech enterprise identification. The Company can enjoy the relevantpreferential policies of the state on high-tech enterprises for three consecutive years (i.e., the income tax preference period fromJanuary 1, 2022 to December 31, 2024), and the enterprise income tax shall be levied at the rate of 15%.According to the Announcement No. 12 of 2023 by the State Taxation Administration of the Ministry of Finance, “Announcementon Tax and Fee Policies for Further Supporting the Development of Small and Micro Enterprises and Individual Businesses", thepolicy of reducing the taxable income of small and low-profit enterprises by 25% and levying enterprise income tax at a rate of 20%will be extended until December 31, 2027. This policy applies to our subsidiaries, including Dize Home Appliance Trading(Shanghai) Co., Ltd., Hangzhou Robam Fuchuang Investment Management Co., Ltd., Chengdu Robam Innovation TechnologyCo., Ltd., Ningbo Jinke E-Commerce Co., Ltd., Hangzhou Yuhang Jinke E-Commerce Co., Ltd., Chengdu Robam E-CommerceCo., Ltd., Qingdao Mingqi E-Commerce Co., Ltd. and Wuhan Jinke E-Commerce Co., Ltd.
? Preferential policies for added-value taxAccording to the Notice of the State Taxation Administration of the Ministry of Finance on the Value-added Tax Policy forSoftware Products (C.S. [2011] No. 100), the Company's embedded software sales products enjoy the value-added tax refunded assoon as they are collected.
According to the Announcement on VAT Credit Policy for Advanced Manufacturing Enterprises (Announcement [2023] No.43)issued by of the Ministry of Finance and the State Administration of Taxation, from January 1, 2023 to December 31, 2027, theCompany will be entitled to an additional credit policy for advanced manufacturing enterprises to offset the VAT payable byadding 5% to the deductible input tax in the current period.
3. Other
*1: ROBAM Appliances (Hong Kong) Holdings Limited and ROBAM International (Hong Kong) Trading Co., Ltd., thesubsidiaries of the Company, are subject to the profit tax policy in Hong Kong, China, and are subject to a two-tier system of profittax. That is, the taxable profits not exceeding HKD 200.00 are subject to a profit tax rate of 8.25%, and the portion of taxableprofits exceeding HKD 200.00 is subject to a profit tax rate of 16.50%.*2: The subsidiary indirectly controlled by the Company, Robam Appliances US Hoding INC., is subject to the tax and feepolicies of the State of Delaware, USA, adopting a fixed tax rate + floating tax amount/rate system with the following tax rates:
| Total Annual Revenue (USD) | Fixed Tax Rate | Floating Tax Amount + Tax Rate (USD) |
〈50,000
| 〈50,000 | 8.7% | 15% |
50,000-75,000
| 50,000-75,000 | 8.7% | 7,500+ 25% of the portion exceeding 50,000 |
75,000-100,000
| 75,000-100,000 | 8.7% | 13,750+ 34% of the portion exceeding 75,000 |
100,000-335,000
| 100,000-335,000 | 8.7% | 22,250+ 39% of the portion exceeding 100,000 |
335,000-10,000,000
| 335,000-10,000,000 | 8.7% | 113,900+ 34% of the portion exceeding 335,000 |
10,000,000-15,000,000
| 10,000,000-15,000,000 | 8.7% | 3,400,000+ 35% of the portion exceeding 10,000,000 |
15,000,000-18,333,333
| 15,000,000-18,333,333 | 8.7% | 5,150,000+ 38% of the portion exceeding 15,000,000 |
≥18,333,333
| ≥18,333,333 | 8.7% | 6,416,667+ 35% of the portion exceeding 18,333,333 |
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*3: The subsidiary indirectly controlled by the Company, Robam Appliances Los Angeles Trade LLC, is subject to the tax and feepolicies of the State of California, USA, applying a fixed + floating tax amount system with the following tax rates:
| Total Annual Revenue (USD) | Fixed Tax Amount (USD) | Floating Tax Amount (USD) |
| 〈250,000 | 800 | |
| 250,000-499,999 | 800 | 900 |
| 500,000-999,999 | 800 | 2,500 |
| 1,000,000-4,999,999 | 800 | 6,000 |
| ≥5,000,000 | 800 | 11,790 |
VII. Notes to items in consolidated financial statements
1. Monetary capital
Unit: yuan
| Item | Ending balance | Beginning balance |
Cash on hand
| Cash on hand | 191,720.15 | 62,267.64 |
Bank deposit
| Bank deposit | 1,515,116,946.44 | 1,877,703,911.46 |
Other monetary capital
| Other monetary capital | 116,467,427.68 | 107,284,566.01 |
Total
| Total | 1,631,776,094.27 | 1,985,050,745.11 |
Including: Total amount depositedabroad
| Including: Total amount deposited abroad | 4,557,550.26 | 3,588,900.00 |
Other description:
Note: Other monetary capital is RMB 116,467,427.68, of which the L/C deposit of RMB 67,828,552.62, bill acceptance deposit ofRMB 45,630,984.76 and ETC deposit of RMB 13,000.00 are limited funds, Alipay balance and Wechat balance of RMB2,994,890.30 are non-limited funds that can be withdrawn at any time.
2. Trading financial assets
Unit: yuan
| Item | Ending balance | Beginning balance |
Financial assets measured with fair valueand with the changes included in currentprofit and loss
| Financial assets measured with fair value and with the changes included in current profit and loss | 2,180,000,000.00 | 2,730,000,000.00 |
Where:
| Where: |
Bank financial products
| Bank financial products | 2,180,000,000.00 | 2,730,000,000.00 |
Where:
| Where: |
Total
| Total | 2,180,000,000.00 | 2,730,000,000.00 |
3. Notes receivable
(1) Classified presentation of notes receivable
Unit: yuan
| Item | Ending balance | Beginning balance |
Bank acceptance bill
| Bank acceptance bill | 812,310,089.60 | 690,184,154.22 |
Trade acceptance
| Trade acceptance | 5,253,335.07 | 6,100,777.42 |
Total
| Total | 817,563,424.67 | 696,284,931.64 |
2024 Full Annual Report
(2) Classified disclosure by bad debt provision method
Unit: yuan
| Category | Ending balance | Beginning balance | ||||||||
| Book balance | Provision for bad debt | Book value | Book balance | Provision for bad debt | Book value | |||||
| Amount | Proportion | Amount | Accruing proportion | Amount | Proportion | Amount | Accruing proportion | |||
Where:
| Where: |
Notesreceivableofprovisionfor baddebt bycombination
| Notes receivable of provision for bad debt by combination | 817,839,916.00 | 100.00% | 276,491.33 | 0.03% | 817,563,424.67 | 696,606,025.20 | 100.00% | 321,093.56 | 0.05% | 696,284,931.64 |
Where:
| Where: |
Banker'sacceptance bill
| Banker's acceptance bill | 812,310,089.60 | 99.32% | 812,310,089.60 | 690,184,154.22 | 99.08% | 690,184,154.22 |
Commercialacceptance bill
| Commercial acceptance bill | 5,529,826.40 | 0.68% | 276,491.33 | 5.00% | 5,253,335.07 | 6,421,870.98 | 0.92% | 321,093.56 | 5.00% | 6,100,777.42 |
Total
| Total | 817,839,916.00 | 100.00% | 276,491.33 | 0.03% | 817,563,424.67 | 696,606,025.20 | 100.00% | 321,093.56 | 0.05% | 696,284,931.64 |
Provision for bad debt by combination: (1) Classified presentation of notes receivable
Unit: yuan
| Name | Ending balance | ||
| Book balance | Provision for bad debt | Accruing proportion | |
Banker's acceptance billcombination
| Banker's acceptance bill combination | 812,310,089.60 |
Commercial acceptance billcombination
| Commercial acceptance bill combination | 5,529,826.40 | 276,491.33 | 5.00% |
Total
| Total | 817,839,916.00 | 276,491.33 |
Provision for bad debt by combination: (2) Classification and presentation by bad debt provision method
Unit: yuan
| Name | Ending balance | ||
| Book balance | Provision for bad debt | Accruing proportion | |
Provision for bad debt by singleitem
| Provision for bad debt by single item |
Provision for bad debt bycombination
| Provision for bad debt by combination | 817,839,916.00 | 276,491.33 | 0.03% |
Including: banker's acceptancebill
| Including: banker's acceptance bill | 812,310,089.60 |
Commercial acceptance bill
| Commercial acceptance bill | 5,529,826.40 | 276,491.33 | 5.00% |
Total
| Total | 817,839,916.00 | 276,491.33 |
If the bad debt provision of notes receivable is withdrawn according to the general model of expected credit loss:
□ Applicable ? Not applicable
(3) Provision, recovery or reversal of bad debt reserves in the current periodProvision for bad debts in current period:
2024 Full Annual Report
Unit: yuan
| Category | Beginning balance | Changes in amount in current period | Ending balance | |||
| Provision | Recovered or reversed | Canceled after verification | Other | |||
Commercialacceptance bill
| Commercial acceptance bill | 321,093.56 | -44,602.23 | 276,491.33 |
Total
| Total | 321,093.56 | -44,602.23 | 276,491.33 |
Where the amount of bad debt provision recovered or transferred back is important:
□ Applicable ? Not applicable
(4) Notes receivable endorsed or discounted by the Company at the end of the period and not expired yeton the balance sheet date
Unit: yuan
| Item | Amount with recognition terminated at the end of the period | Amount with recognition not terminated at the end of the period |
Trade acceptance
| Trade acceptance | 214,365.00 |
Total
| Total | 214,365.00 |
4. Accounts receivable
(1) Disclosure by aging
Unit: yuan
| Aging | Ending book balance | Beginning book balance |
Within 1 year (including 1 year)
| Within 1 year (including 1 year) | 1,485,619,671.85 | 1,557,020,494.66 |
1 to 2 years
| 1 to 2 years | 485,988,311.40 | 541,557,234.61 |
2 to 3 years
| 2 to 3 years | 447,335,875.22 | 886,738,162.41 |
More than 3 years
| More than 3 years | 600,756,000.34 | 48,881,334.70 |
3 to 4 years
| 3 to 4 years | 576,108,235.57 | 35,197,495.87 |
4 to 5 years
| 4 to 5 years | 16,831,122.21 | 6,690,817.20 |
More than 5 years
| More than 5 years | 7,816,642.56 | 6,993,021.63 |
Total
| Total | 3,019,699,858.81 | 3,034,197,226.38 |
(2) Classified disclosure by bad debt provision method
Unit: yuan
| Category | Ending balance | Beginning balance | ||||||||
| Book balance | Provision for bad debt | Book value | Book balance | Provision for bad debt | Book value | |||||
| Amount | Proportion | Amount | Accruing proportion | Amount | Proportion | Amount | Accruing proportion | |||
Accountsreceivableofprovisionfor baddebt bysingle
| Accounts receivable of provision for bad debt by single | 1,469,631,507.36 | 48.67% | 948,705,525.01 | 64.55% | 520,925,982.35 | 1,645,394,906.63 | 54.23% | 1,131,734,880.57 | 68.78% | 513,660,026.06 |
2024 Full Annual Report
itemWhere:
| Where: |
Accountsreceivableofprovisionfor baddebt bycombination
| Accounts receivable of provision for bad debt by combination | 1,550,068,351.45 | 51.33% | 107,284,182.19 | 6.92% | 1,442,784,169.26 | 1,388,802,319.75 | 45.77% | 92,446,749.48 | 6.66% | 1,296,355,570.27 |
Where:
| Where: |
Agingcombination
| Aging combination | 1,550,068,351.45 | 51.33% | 107,284,182.19 | 6.92% | 1,442,784,169.26 | 1,388,802,319.75 | 45.77% | 92,446,749.48 | 6.66% | 1,296,355,570.27 |
Total
| Total | 3,019,699,858.81 | 100.00% | 1,055,989,707.20 | 34.97% | 1,963,710,151.61 | 3,034,197,226.38 | 100.00% | 1,224,181,630.05 | 40.35% | 1,810,015,596.33 |
Provision for bad debt by single item: Accounts receivable are provided for bad debts by single item
Unit: yuan
| Name | Beginning balance | Ending balance | ||||
| Book balance | Provision for bad debt | Book balance | Provision for bad debt | Accruing proportion | Reasons for provision | |
Customer 1
| Customer 1 | 660,039,726.23 | 660,039,726.23 | 452,376,997.98 | 452,376,997.98 | 100.00% | Expected to be difficult to recover |
Customer 2
| Customer 2 | 388,093,418.16 | 116,428,025.45 | 268,924,199.48 | 80,677,259.84 | 30.00% | Expected to be difficult to fully recover |
Customer 3
| Customer 3 | 203,529,970.40 | 88,163,472.75 | 210,521,513.99 | 84,754,236.00 | 40.26% | Expected to be difficult to fully recover |
Customer 4
| Customer 4 | 103,644,563.87 | 62,549,255.29 | 96,569,954.48 | 61,994,216.22 | 64.20% | Expected to be difficult to fully recover |
Customer 5
| Customer 5 | 78,105,963.23 | 78,105,963.23 | 78,360,541.23 | 78,360,541.23 | 100.00% | Expected to be difficult to recover |
Customer 6
| Customer 6 | 28,796,628.81 | 12,808,177.77 | 41,443,548.30 | 19,757,309.66 | 47.67% | Expected to be difficult to fully recover |
Customer 7
| Customer 7 | 29,777,855.31 | 9,697,560.92 | 32.57% | Expected to be difficult to fully recover |
Customer 8
| Customer 8 | 29,833,027.36 | 20,883,119.15 | 29,119,062.94 | 10,394,103.97 | 35.70% | Expected to be difficult to fully recover |
Customer 9
| Customer 9 | 25,778,392.36 | 11,241,222.53 | 43.61% | Expected to be difficult to fully recover |
Customer 10
| Customer 10 | 24,368,544.00 | 24,368,544.00 | 100.00% | Expected to be difficult to recover |
Customer 11
| Customer 11 | 25,826,189.64 | 17,748,183.70 | 22,113,876.84 | 14,170,945.84 | 64.08% | Expected to |
2024 Full Annual Report
be difficultto fullyrecoverCustomer 12
| Customer 12 | 14,496,568.66 | 4,037,272.96 | 27.85% | Expected to be difficult to fully recover |
Customer 13
| Customer 13 | 22,983,529.61 | 15,004,193.26 | 13,604,360.56 | 7,556,003.93 | 55.54% | Expected to be difficult to fully recover |
Customer 14
| Customer 14 | 15,100,611.29 | 8,471,506.90 | 13,352,120.83 | 7,829,472.76 | 58.64% | Expected to be difficult to fully recover |
Customer 15
| Customer 15 | 11,825,693.10 | 3,114,642.31 | 26.34% | Expected to be difficult to fully recover |
Customer 16
| Customer 16 | 10,980,639.05 | 4,616,469.03 | 42.04% | Expected to be difficult to fully recover |
Customer 17
| Customer 17 | 13,643,117.43 | 7,265,607.25 | 10,697,891.45 | 7,488,524.02 | 70.00% | Expected to be difficult to fully recover |
Customer 18
| Customer 18 | 11,403,482.66 | 6,897,017.86 | 6,429,558.45 | 4,044,430.92 | 62.90% | Expected to be difficult to fully recover |
Customer 19
| Customer 19 | 7,305,800.75 | 5,114,060.53 | 5,949,923.37 | 2,307,625.27 | 38.78% | Expected to be difficult to fully recover |
Customer 20
| Customer 20 | 8,175,007.62 | 3,440,071.29 | 5,654,408.59 | 2,326,917.02 | 41.15% | Expected to be difficult to fully recover |
Customer 21
| Customer 21 | 5,559,103.37 | 5,559,103.37 | 100.00% | Expected to be difficult to recover |
Customer 22
| Customer 22 | 3,310,609.08 | 1,715,551.82 | 4,058,752.31 | 2,543,173.40 | 62.66% | Expected to be difficult to fully recover |
Customer 23
| Customer 23 | 3,882,861.84 | 481,268.79 | 12.39% | Expected to be difficult to fully recover |
Customer 24
| Customer 24 | 3,616,362.19 | 2,531,453.53 | 3,616,362.19 | 1,265,726.77 | 35.00% | Expected to be difficult to fully recover |
Customer 25
| Customer 25 | 3,056,422.32 | 1,145,907.85 | 3,549,789.02 | 2,556,618.19 | 72.02% | Expected to be difficult to fully recover |
Customer 26
| Customer 26 | 3,475,565.50 | 880,955.19 | 25.35% | Expected to be difficult to fully recover |
2024 Full Annual Report
| Customer 27 | 3,208,841.65 | 1,269,459.26 | 39.56% | Expected to be difficult to fully recover |
Customer 28
| Customer 28 | 2,954,453.20 | 192,989.36 | 6.53% | Expected to be difficult to fully recover |
Customer 29
| Customer 29 | 9,391,156.30 | 4,698,425.06 | 2,859,354.95 | 1,608,715.47 | 56.26% | Expected to be difficult to fully recover |
Customer 30
| Customer 30 | 2,700,142.96 | 907,181.08 | 33.60% | Expected to be difficult to fully recover |
Customer 31
| Customer 31 | 3,921,670.93 | 2,745,169.65 | 2,536,093.04 | 1,775,265.13 | 70.00% | Expected to be difficult to fully recover |
Summary ofothercompanies
| Summary of other companies | 25,617,648.75 | 15,979,992.00 | 58,884,536.36 | 38,550,772.59 | 65.47% | Expected to be difficult to fully recover |
Total
| Total | 1,645,394,906.63 | 1,131,734,880.57 | 1,469,631,507.36 | 948,705,525.01 |
Provision for bad debt by combination: Provision for bad debt of accounts receivable was made by aging combination
Unit: yuan
| Name | Ending balance | ||
| Book balance | Provision for bad debt | Accruing proportion | |
Within 1 year
| Within 1 year | 1,342,838,763.15 | 67,165,553.88 | 5.00% |
1~2 years
| 1~2 years | 127,069,120.97 | 12,706,912.11 | 10.00% |
2~3 years
| 2~3 years | 51,647,171.17 | 10,329,434.23 | 20.00% |
3~4 years
| 3~4 years | 20,657,732.68 | 10,328,866.34 | 50.00% |
4~5 years
| 4~5 years | 5,510,739.23 | 4,408,591.38 | 80.00% |
More than 5 years
| More than 5 years | 2,344,824.25 | 2,344,824.25 | 100.00% |
Total
| Total | 1,550,068,351.45 | 107,284,182.19 |
If the bad debt provision of accounts receivable is withdrawn according to the general model of expected credit loss:
□ Applicable ? Not applicable
(3) Provision, recovery or reversal of bad debt reserves in the current periodProvision for bad debts in current period:
Unit: yuan
| Category | Beginning balance | Changes in amount in current period | Ending balance | |||
| Provision | Recovered or reversed | Canceled after verification | Other | |||
Provision forbad debt ofaccountsreceivable
| Provision for bad debt of accounts receivable | 1,224,181,630.05 | 148,949,397.94 | 77,862,379.67 | 228,937,959.41 | 10,340,981.71 | 1,055,989,707.20 |
Total
| Total | 1,224,181,630.05 | 148,949,397.94 | 77,862,379.67 | 228,937,959.41 | 10,340,981.71 | 1,055,989,707.20 |
Where the amount of bad debt provision recovered or transferred back is important:
Unit: yuan
2024 Full Annual Report
| Unit name | Recovered or reversed amount | Reason for reversal | Recovery mode | The basis and rationality for determining the proportion of the original bad debt provision |
Customer 1
| Customer 1 | 47,660,225.92 | Bank transfer, deduction of fees |
Customer 2
| Customer 2 | 13,334,802.95 | Bank transfer |
Other Total
| Other Total | 16,867,350.80 | Bank transfer |
Total
| Total | 77,862,379.67 |
(4) Accounts receivable actually written off at the current period
Unit: yuan
| Item | Write-off amount |
Accounts receivable written off actually
| Accounts receivable written off actually | 228,937,959.41 |
Write-off of important accounts receivable:
Unit: yuan
| Unit name | Nature of accounts receivable | Write-off amount | Cause for write-off | Write-off procedures | Whether the account is generated by related party transaction |
Customer 1
| Customer 1 | payment for goods | 207,450,463.25 | Expected irrecoverable | Resolution of the Board of Directors | No |
Customer 2
| Customer 2 | payment for goods | 6,397,867.85 | Expected irrecoverable | Resolution of the Board of Directors | No |
Subtotal of otheraccounts receivable
| Subtotal of other accounts receivable | payment for goods | 15,089,628.31 | Expected irrecoverable | Resolution of the Board of Directors | No |
Total
| Total | 228,937,959.41 |
(5) Account receivable and contract assets with top 5 ending balances by debtor
Unit: yuan
| Unit name | Ending balance of accounts receivable | Ending balance of contract assets | Ending balance of accounts receivable and contract assets | Proportion in total ending balance of accounts receivable and contract assets | Ending balance of bad debt provision of accounts receivable and impairment provisions of contract assets |
Customer 1
| Customer 1 | 452,376,997.98 | 452,376,997.98 | 14.98% | 452,376,997.98 |
Customer 2
| Customer 2 | 400,681,187.25 | 400,681,187.25 | 13.27% | 20,034,059.36 |
Customer 3
| Customer 3 | 285,109,945.50 | 285,109,945.50 | 9.44% | 81,475,830.10 |
Customer 4
| Customer 4 | 140,481,130.62 | 140,481,130.62 | 4.65% | 50,502,954.63 |
Customer 5
| Customer 5 | 62,893,417.86 | 62,893,417.86 | 2.08% | 3,144,670.89 |
Total
| Total | 1,341,542,679.21 | 1,341,542,679.21 | 44.42% | 607,534,512.96 |
5. Other receivables
Unit: yuan
| Item | Ending balance | Beginning balance |
Other receivables
| Other receivables | 86,729,886.98 | 53,368,667.34 |
Total
| Total | 86,729,886.98 | 53,368,667.34 |
2024 Full Annual Report
(1) Other receivables
1) Other receivables classified by nature
Unit: yuan
| Nature of payment | Ending book balance | Beginning book balance |
Collection by third party
| Collection by third party | 59,038,372.30 | 26,915,796.30 |
Deposit and margin
| Deposit and margin | 29,725,519.68 | 35,077,788.86 |
Project mortgage property
| Project mortgage property | 5,258,444.00 | 2,094,110.00 |
Withheld amount
| Withheld amount | 4,351,612.44 | 4,274,188.53 |
Imprest
| Imprest | 2,868,628.69 | 2,365,967.91 |
Other
| Other | 2,879,205.71 | 330,098.34 |
Total
| Total | 104,121,782.82 | 71,057,949.94 |
2) Disclosure by aging
Unit: yuan
| Aging | Ending book balance | Beginning book balance |
Within 1 year (including 1 year)
| Within 1 year (including 1 year) | 80,644,607.15 | 42,909,446.18 |
1 to 2 years
| 1 to 2 years | 5,353,188.38 | 6,665,944.46 |
2 to 3 years
| 2 to 3 years | 5,118,621.21 | 6,322,210.28 |
More than 3 years
| More than 3 years | 13,005,366.08 | 15,160,349.02 |
3 to 4 years
| 3 to 4 years | 4,666,677.35 | 3,591,477.42 |
4 to 5 years
| 4 to 5 years | 2,502,813.79 | 2,146,271.80 |
More than 5 years
| More than 5 years | 5,835,874.94 | 9,422,599.80 |
Total
| Total | 104,121,782.82 | 71,057,949.94 |
3) Classified disclosure by bad debt provision method
? Applicable □ Not applicable
Unit: yuan
| Category | Ending balance | Beginning balance | ||||||||
| Book balance | Provision for bad debt | Book value | Book balance | Provision for bad debt | Book value | |||||
| Amount | Proportion | Amount | Accruing proportion | Amount | Proportion | Amount | Accruing proportion | |||
Provisionfor baddebt bysingleitem
| Provision for bad debt by single item | 5,583,682.24 | 5.36% | 2,109,686.64 | 37.78% | 3,473,995.60 | 2,362,320.00 | 3.32% | 945,141.50 | 40.01% | 1,417,178.50 |
Where:
| Where: |
Provisionfor baddebt bycombination
| Provision for bad debt by combination | 98,538,100.58 | 94.64% | 15,282,209.20 | 15.51% | 83,255,891.38 | 68,695,629.94 | 96.68% | 16,744,141.10 | 24.37% | 51,951,488.84 |
Where:
| Where: |
2024 Full Annual Report
| Aging combination | 98,538,100.58 | 94.64% | 15,282,209.20 | 15.51% | 83,255,891.38 | 68,695,629.94 | 96.68% | 16,744,141.10 | 24.37% | 51,951,488.84 |
Total
| Total | 104,121,782.82 | 100.00% | 17,391,895.84 | 16.70% | 86,729,886.98 | 71,057,949.94 | 100.00% | 17,689,282.60 | 24.89% | 53,368,667.34 |
Provision for bad debts by single item: Other receivables for which bad debt provision is accrued by single item
Unit: yuan
| Name | Beginning balance | Ending balance | ||||
| Book balance | Provision for bad debt | Book balance | Provision for bad debt | Accruing proportion | Reasons for provision | |
Unit 1
| Unit 1 | 3,164,334.00 | 1,107,516.90 | 35.00% | Impairment is expected to occur |
Unit 2
| Unit 2 | 800,000.00 | 280,000.00 | 800,000.00 | 280,000.00 | 35.00% | Impairment is expected to occur |
Unit 3
| Unit 3 | 657,783.00 | 230,224.05 | 657,783.00 | 230,224.05 | 35.00% | Impairment is expected to occur |
Unit 4
| Unit 4 | 636,327.00 | 222,714.45 | 636,327.00 | 222,714.45 | 35.00% | Impairment is expected to occur |
Unit 5
| Unit 5 | 103,000.00 | 103,000.00 | 103,000.00 | 103,000.00 | 100.00% | Expected to be difficult to recover |
Unit 6
| Unit 6 | 50,010.00 | 15,003.00 | 50,010.00 | 15,003.00 | 30.00% | Expected to be difficult to fully recover |
Unit 7
| Unit 7 | 45,200.00 | 45,200.00 | 45,200.00 | 45,200.00 | 100.00% | Expected to be difficult to recover |
Unit 8
| Unit 8 | 30,000.00 | 9,000.00 | 30,000.00 | 9,000.00 | 30.00% | Expected to be difficult to fully recover |
Unit 9
| Unit 9 | 20,000.00 | 20,000.00 | 20,000.00 | 20,000.00 | 100.00% | Expected to be difficult to recover |
Unit 10
| Unit 10 | 10,000.00 | 10,000.00 | 10,000.00 | 10,000.00 | 100.00% | Expected to be difficult to recover |
Unit 11
| Unit 11 | 10,000.00 | 10,000.00 | 10,000.00 | 10,000.00 | 100.00% | Expected to be difficult to recover |
Unit 12
| Unit 12 | 20,000.00 | 20,000.00 | 100.00% | Expected to be difficult to recover |
Unit 13
| Unit 13 | 3,500.00 | 3,500.00 | 100.00% | Expected to be difficult to recover |
Unit 14
| Unit 14 | 13,528.24 | 13,528.24 | 100.00% | Expected to be difficult to recover |
Unit 15
| Unit 15 | 20,000.00 | 20,000.00 | 100.00% | Expected to be difficult to recover |
Total
| Total | 2,362,320.00 | 945,141.50 | 5,583,682.24 | 2,109,686.64 |
Provision for bad debt by combination: Provision for bad debt by combination
Unit: yuan
| Name | Ending balance | ||
| Book balance | Provision for bad debt | Accruing proportion | |
Within 1 year (including 1year)
| Within 1 year (including 1 year) | 75,426,163.15 | 3,771,308.15 | 5.00% |
1--2 years
| 1--2 years | 5,313,178.38 | 531,317.83 | 10.00% |
2--3 years
| 2--3 years | 5,061,592.97 | 1,012,318.58 | 20.00% |
3--4 years
| 3--4 years | 4,546,677.35 | 2,273,338.67 | 50.00% |
4--5 years
| 4--5 years | 2,482,813.79 | 1,986,251.03 | 80.00% |
5 years and above
| 5 years and above | 5,707,674.94 | 5,707,674.94 | 100.00% |
Total
| Total | 98,538,100.58 | 15,282,209.20 |
2024 Full Annual Report
Provision for bad debt was made based on general model of expected credit loss
Unit: yuan
| Provision for bad debt | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses over the next 12 months | Expected credit losses over the entire duration (without credit impairment) | Expected credit losses over the entire duration (with credit impairment) |
Balance on Monday,January 01, 2024
| Balance on Monday, January 01, 2024 | 16,744,141.10 | 756,941.50 | 188,200.00 | 17,689,282.60 |
Balance on January 1,2024 in current period
| Balance on January 1, 2024 in current period |
Withdrawn in currentperiod
| Withdrawn in current period | -1,458,645.40 | 1,107,516.90 | 57,028.24 | -294,100.26 |
Other alterations
| Other alterations | -3,286.50 | -3,286.50 |
Balance on December31, 2024
| Balance on December 31, 2024 | 15,282,209.20 | 1,864,458.40 | 245,228.24 | 17,391,895.84 |
Basis for stage classification and provision ratios for bad debt reservesLarge book balance change in the current period of provision for loss
□ Applicable ? Not applicable
4) Provision, recovery or reversal of bad debt reserves in the current period
Provision for bad debts in current period:
Unit: yuan
| Category | Beginning balance | Changes in amount in current period | Ending balance | |||
| Provision | Recovered or reversed | Write-off or verification | Other | |||
| Provision for bad debt of other receivables | 17,689,282.60 | -294,100.26 | -3,286.50 | 17,391,895.84 | ||
| Total | 17,689,282.60 | -294,100.26 | -3,286.50 | 17,391,895.84 | ||
5) Other receivables with top 5 ending balances by debtor
Unit: yuan
| Unit name | Nature of payment | Ending balance | Aging | Proportion in total other ending balance receivable | Ending balance of bad debt provision |
Unit 1
| Unit 1 | Collection by third party | 16,522,591.65 | Within 1 year | 15.87% | 826,129.58 |
Unit 2
| Unit 2 | Collection by third party | 16,427,667.00 | 0-5 years and above | 15.78% | 1,115,983.35 |
Unit 3
| Unit 3 | Collection by third party | 10,937,699.52 | 0-5 years and above | 10.50% | 841,136.66 |
Unit 4
| Unit 4 | Collection by third party | 6,421,204.00 | Within 1 year | 6.17% | 321,060.20 |
Unit 5
| Unit 5 | Project mortgage property | 3,164,334.00 | Within 1 year | 3.04% | 1,107,516.90 |
Total
| Total | 53,473,496.17 | 51.36% | 4,211,826.69 |
2024 Full Annual Report
6. Advances to suppliers
(1) Presentation of advances to suppliers by aging
Unit: yuan
| Aging | Ending balance | Beginning balance | ||
| Amount | Proportion | Amount | Proportion | |
Within 1 year
| Within 1 year | 159,754,888.14 | 98.80% | 136,637,538.73 | 97.80% |
1 to 2 years
| 1 to 2 years | 1,800,975.78 | 1.11% | 3,055,581.83 | 2.19% |
2 to 3 years
| 2 to 3 years | 125,138.78 | 0.08% | 15,823.01 | 0.01% |
More than 3 years
| More than 3 years | 9,668.01 | 0.01% | 4,528.01 | 0.01% |
Total
| Total | 161,690,670.71 | 139,713,471.58 |
(2) Advances to suppliers with top 5 ending balances by prepayment object
The total amount of advances to suppliers with top 5 ending balances by prepayment object in the current year was RMB72,708,585.66, accounting for 44.97% of total number of ending balance of advances to suppliers.Other description:
7. Inventory
Does the Company need to follow the disclosure requirements of real estate industry?No
(1) Inventory classification
Unit: yuan
| Item | Ending balance | Beginning balance | ||||
| Book balance | Inventory falling price reserves or provision for impairment of contract performance costs | Book value | Book balance | Inventory falling price reserves or provision for impairment of contract performance costs | Book value | |
Rawmaterials
| Raw materials | 78,336,712.50 | 78,336,712.50 | 81,308,915.01 | 81,308,915.01 |
Work inprocess
| Work in process | 82,459,003.26 | 82,459,003.26 | 98,820,705.86 | 98,820,705.86 |
Merchandiseinventory
| Merchandise inventory | 384,094,042.84 | 33,877,028.02 | 350,217,014.82 | 434,195,084.18 | 33,339,505.13 | 400,855,579.05 |
Contractperformance cost
| Contract performance cost | 29,442,537.83 | 29,442,537.83 | 35,371,916.75 | 35,371,916.75 |
Semi-finishedproductsshipped intransit
| Semi-finished products shipped in transit | 707,907,872.94 | 44,513,788.45 | 663,394,084.49 | 891,904,804.32 | 30,351,019.85 | 861,553,784.47 |
2024 Full Annual Report
| Low priced and easily worn articles and wrappage | 10,163,408.39 | 10,163,408.39 | 46,363,819.10 | 46,363,819.10 |
Total
| Total | 1,292,403,577.76 | 78,390,816.47 | 1,214,012,761.29 | 1,587,965,245.22 | 63,690,524.98 | 1,524,274,720.24 |
(2) Inventory falling price reserves and provision for impairment of contract performance costs
Unit: yuan
| Item | Beginning balance | Amount increased in current period | Amount decreased in current period | Ending balance | ||
| Provision | Other | Reversed or written off | Other | |||
Merchandiseinventory
| Merchandise inventory | 33,339,505.13 | 3,783,877.79 | 3,246,354.90 | 33,877,028.02 |
Semi-finishedproducts shippedin transit
| Semi-finished products shipped in transit | 30,351,019.85 | 24,339,188.30 | 10,176,419.70 | 44,513,788.45 |
Total
| Total | 63,690,524.98 | 28,123,066.09 | 13,422,774.60 | 78,390,816.47 |
Provision for inventory impairment by combination
Unit: yuan
| Combination Name | At the end of the period | At the beginning of the period | ||||
| Ending balance | Falling price reserves | Provision ratio for depreciation reserve | Beginning balance | Falling price reserves | Provision ratio for depreciation reserve | |
Provision standards for provision for inventory impairment by combination
8. Non-current assets due within a year
Unit: yuan
| Item | Ending balance | Beginning balance |
Time deposits maturing within one year
| Time deposits maturing within one year | 850,000,000.00 |
Accrued interest on fixed deposits duewithin one year
| Accrued interest on fixed deposits due within one year | 49,560,428.08 |
Total
| Total | 899,560,428.08 |
(1) Debt investments due within one year
□ Applicable ? Not applicable
(2) Other debt investment due within one year
□ Applicable ? Not applicable
2024 Full Annual Report
9. Other current assets
Unit: yuan
| Item | Ending balance | Beginning balance |
Time deposit within one year
| Time deposit within one year | 1,344,695,600.00 | 2,563,744,300.00 |
Accrued interest on fixed-term depositswithin 1 year
| Accrued interest on fixed-term deposits within 1 year | 63,439,739.71 | 81,146,657.65 |
Prepaid tax
| Prepaid tax | 2,924,156.77 | 2,917,663.05 |
Total
| Total | 1,411,059,496.48 | 2,647,808,620.70 |
10. Other equity instrument investments
Unit: yuan
| Item name | Ending balance | Beginning balance | Gains included in other comprehensive income in current period | Losses included in other comprehensive income in current period | Gains accumulated in other comprehensive income at the end of current period | Losses accumulated in other comprehensive income at the end of current period | Dividend income recognized in current period | Cause for designation to measure at fair value of which changes are recorded into other comprehensive income |
SuzhouIndustrialPark RuicanInvestmentEnterprise(limitedpartnership)
| Suzhou Industrial Park Ruican Investment Enterprise (limited partnership) | 100,000,000.00 |
ShanghaiMXCHIPInformationTechnologyCo., Ltd.
| Shanghai MXCHIP Information Technology Co., Ltd. | 2,116,023.22 | 2,116,023.22 | 17,832,510.78 |
Total
| Total | 2,116,023.22 | 2,116,023.22 | 117,832,510.78 |
Termination recognition occurred during the period
Unit: yuan
| Item name | Accumulated gains transferred to retained earnings | Accumulated losses transferred to retained earnings | Reasons for termination confirmation |
Separate disclosure of the current period of non-transactional equity instruments
Unit: yuan
| Item name | Recognized dividend income | Aggregate gains | Aggregate losses | Amount of other comprehensive income transferred to retained earnings | Cause for designation to measure at fair value of which changes are recorded into other comprehensive income | Causes for carryforward retained earnings of other comprehensive income |
2024 Full Annual Report
11. Long-term equity investment
Unit: yuan
| Invested unit | Beginning balance (book value) | Beginning balance of impairment provision | Increase or decrease in current period | Ending balance (book value) | Balance of impairment provision at the end of period | |||||||
| Further investment | Capital reduction | Investment gains and losses recognized by the equity method | Adjustment of other comprehensive income | Changes in other equity | Declared payment of cash dividends or profits | Provision for impairment | Other | |||||
I. Joint enterprise
I. Joint enterpriseDeDietrichTrade(Shanghai) Co.,Ltd.
| De Dietrich Trade (Shanghai) Co., Ltd. | 4,321,729.39 | -3,136,401.11 | 1,185,328.28 |
ZhejiangCookingFutureTechnology Co.,Ltd.
| Zhejiang Cooking Future Technology Co., Ltd. | 31,500,024.00 | -2,022,094.80 | -24,312,056.37 | 5,165,872.83 |
Subtotal
| Subtotal | 4,321,729.39 | 31,500,024.00 | -5,158,495.91 | -24,312,056.37 | 6,351,201.11 |
II. Joint venture
II. Joint venture
ZhejiangTingshuoBrandOperationManagement Co.,Ltd.
| Zhejiang Tingshuo Brand Operation Management Co., Ltd. | 639,942.64 | 552,552.02 | 1,192,494.66 |
ShaoxingShuaigeKitchenandBathroomTechnology Co.,Ltd.
| Shaoxing Shuaige Kitchen and Bathroom Technology Co., Ltd. | 3,465,778.21 | -448,413.19 | 3,017,365.02 |
Subtotal
| Subtotal | 4,105,720.85 | 104,138.83 | 4,209,859.68 |
Total
| Total | 8,427,450.24 | 31,500,024.00 | -5,054,357.08 | -24,312,056.37 | 10,561,060.79 |
The recoverable amount is determined by the net of fair value less disposal costs
□ Applicable ? Not applicable
The recoverable amount is determined by the present value of expected future cash flow.
□ Applicable ? Not applicable
Reasons for significant discrepancies between the above information and the information used for impairment tests in previousyears or external informationReasons for significant discrepancies between the information used for Company's impairment tests in the previous years and theactual situation in current yearOther description:
On July 22, 2024, the Board of Directors of Zhejiang Chuchu Weilai Technology Co., Ltd. ("Chuchu Weilai"), a controlledsubsidiary of Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd. ("Kinde Intelligent"), which is a controlled subsidiary of thecompany, held a meeting. The meeting resolved to increase the registered capital of Chuchu Weilai and restructure its board ofdirectors. The registered capital was changed from RMB 50.00 million to RMB 70.30 million, with the additional capital fullysubscribed by Hangzhou Binglan Intelligent Technology Partnership (Limited Partnership) ("Binglan Investment"), the other
2024 Full Annual Report
shareholder of Chuchu Weilai. Upon completion of the capital increase, Kinde Intelligent subscribed to RMB 31.50 million,representing a 44.81% equity stake; Binglan Investment subscribed to RMB 38.80 million, representing a 55.19% equity stake.The Board of Directors consists of 7 members, with Kinde Intelligence appointing 3 members and Binglan Investment appointing4 members after the reorganization. On September 23, 2024, Binglan Investment completed the capital contribution for thesubscribed capital increase. On October 8, 2024, Chuchu Weilai completed the industrial and commercial registration changeprocedures for this capital increase and the restructuring of its Board of Directors. Effective October 1, 2024, the company lostcontrol of Chuchu Weilai and ceased to include it in the consolidated financial statements, transitioning to accounting using equitymethod.
12. Other non-current financial assets
Unit: yuan
| Item | Ending balance | Beginning balance |
Financial assets measured with fair valueand with the changes included in currentprofit and loss
| Financial assets measured with fair value and with the changes included in current profit and loss | 300,000,000.00 | 480,000,000.00 |
Total
| Total | 300,000,000.00 | 480,000,000.00 |
13. Investment properties
(1) Investment properties using cost measurement mode
? Applicable □ Not applicable
Unit: yuan
| Item | Houses and buildings | Land use right | Construction in progress | Total |
I. Original book value
| I. Original book value |
1. Beginning
balance
| 1. Beginning balance | 103,152,708.29 | 1,062,744.00 | 104,215,452.29 |
2. Amount
increased in currentperiod
| 2. Amount increased in current period | 6,421,771.64 | 6,421,771.64 |
(1)Outsourcing
| (1) Outsourcing |
(2) Transfer
from inventory/fixedassets/construction inprogress
| (2) Transfer from inventory/fixed assets/construction in progress | 6,421,771.64 | 6,421,771.64 |
(3) Addition
by enterprise merger
| (3) Addition by enterprise merger |
3. Amount
decreased in currentperiod
| 3. Amount decreased in current period | 6,706,226.55 | 6,706,226.55 |
(1) Disposal
| (1) Disposal |
(2) Other
transfers out
| (2) Other transfers out | 6,706,226.55 | 6,706,226.55 |
4. Ending balance
| 4. Ending balance | 102,868,253.38 | 1,062,744.00 | 103,930,997.38 |
II. Accumulateddepreciation andamortization
| II. Accumulated depreciation and amortization |
1. Beginning
| 1. Beginning | 12,726,143.22 | 352,476.76 | 13,078,619.98 |
2024 Full Annual Report
balance
2. Amount
increased in currentperiod
| 2. Amount increased in current period | 5,118,891.41 | 21,254.88 | 5,140,146.29 |
(1) Accrual or
amortization
| (1) Accrual or amortization | 4,267,378.65 | 21,254.88 | 4,288,633.53 |
Other transfer-in
| Other transfer-in | 851,512.76 | 851,512.76 |
3. Amount
decreased in currentperiod
| 3. Amount decreased in current period | 1,678,354.91 | 1,678,354.91 |
(1) Disposal
| (1) Disposal |
(2) Other
transfers out
| (2) Other transfers out | 1,678,354.91 | 1,678,354.91 |
4. Ending balance
| 4. Ending balance | 16,166,679.72 | 373,731.64 | 16,540,411.36 |
III. Provision forimpairment
| III. Provision for impairment |
1. Beginning
balance
| 1. Beginning balance |
2. Amount
increased in currentperiod
| 2. Amount increased in current period | 1,539,949.83 | 1,539,949.83 |
(1) Provision
| (1) Provision |
3. Amount
decreased in currentperiod
| 3. Amount decreased in current period |
(1) Disposal
| (1) Disposal |
(2) Other
transfers out
| (2) Other transfers out |
4. Ending balance
| 4. Ending balance | 1,539,949.83 | 1,539,949.83 |
IV. Book value
| IV. Book value |
1. Ending book
value
| 1. Ending book value | 85,161,623.83 | 689,012.36 | 85,850,636.19 |
2. Beginning book
value
| 2. Beginning book value | 90,426,565.07 | 710,267.24 | 91,136,832.31 |
The recoverable amount is determined by the net of fair value less disposal costs
□ Applicable ? Not applicable
The recoverable amount is determined by the present value of expected future cash flow.
□ Applicable ? Not applicable
Reasons for significant discrepancies between the above information and the information used for impairment tests in previousyears or external informationReasons for significant discrepancies between the information used for Company's impairment tests in the previous years and theactual situation in current year
2024 Full Annual Report
14. Fixed assets
Unit: yuan
| Item | Ending balance | Beginning balance |
Fixed assets
| Fixed assets | 1,611,144,579.04 | 1,720,724,257.46 |
Liquidation of fixed assets
| Liquidation of fixed assets |
Total
| Total | 1,611,144,579.04 | 1,720,724,257.46 |
(1) Fixed assets
Unit: yuan
| Item | Houses and building | Machinery equipment | Transportation equipment | Other equipment | Total |
I. Original bookvalue
| I. Original book value |
1. Beginning
balance
| 1. Beginning balance | 1,653,353,641.45 | 846,881,737.33 | 23,053,141.13 | 137,921,680.50 | 2,661,210,200.41 |
2. Amount
increased incurrent period
| 2. Amount increased in current period | 27,621,177.62 | 27,850,507.87 | 257,011.08 | 6,614,175.99 | 62,342,872.56 |
(1)Purchase
| (1) Purchase | 20,914,951.07 | 4,963,950.30 | 257,011.08 | 4,598,055.03 | 30,733,967.48 |
(2)Transfer fromconstruction inprogress
| (2) Transfer from construction in progress | 22,886,557.57 | 2,016,120.96 | 24,902,678.53 |
(3)Addition byenterprise merger
| (3) Addition by enterprise merger |
Other increase
| Other increase | 6,706,226.55 | 6,706,226.55 |
3. Amount
decreased incurrent period
| 3. Amount decreased in current period | 2,021,914.97 | 9,214,104.23 | 4,208,682.39 | 15,444,701.59 |
(1)Disposal or scrap
| (1) Disposal or scrap | 3,560,713.55 | 3,126,399.00 | 6,687,112.55 |
Other decreases
| Other decreases | 2,021,914.97 | 5,653,390.68 | 1,082,283.39 | 8,757,589.04 |
4. Ending
balance
| 4. Ending balance | 1,678,952,904.10 | 865,518,140.97 | 23,310,152.21 | 140,327,174.10 | 2,708,108,371.38 |
II. Accumulateddepreciation
| II. Accumulated depreciation |
1. Beginning
balance
| 1. Beginning balance | 392,725,389.84 | 456,059,295.64 | 15,068,321.38 | 76,632,936.09 | 940,485,942.95 |
2. Amount
increased incurrent period
| 2. Amount increased in current period | 79,781,322.32 | 65,415,915.03 | 2,074,543.50 | 16,311,780.03 | 163,583,560.88 |
(1)Provision
| (1) Provision | 78,102,967.41 | 65,415,915.03 | 2,074,543.50 | 16,311,780.03 | 161,905,205.97 |
Other increase
| Other increase | 1,678,354.91 | 1,678,354.91 |
3. Amount
decreased incurrent period
| 3. Amount decreased in current period | 851,512.76 | 3,168,310.29 | 3,085,888.44 | 7,105,711.49 |
2024 Full Annual Report
| (1) Disposal or scrap | 2,286,214.87 | 2,285,490.08 | 4,571,704.95 |
Other decreases
| Other decreases | 851,512.76 | 882,095.42 | 800,398.36 | 2,534,006.54 |
4. Ending
balance
| 4. Ending balance | 471,655,199.40 | 518,306,900.38 | 17,142,864.88 | 89,858,827.68 | 1,096,963,792.34 |
III. Provision forimpairment
| III. Provision for impairment |
1. Beginning
balance
| 1. Beginning balance |
2. Amount
increased incurrent period
| 2. Amount increased in current period |
(1)Provision
| (1) Provision |
3. Amount
decreased incurrent period
| 3. Amount decreased in current period |
(1)Disposal or scrap
| (1) Disposal or scrap |
4. Ending
balance
| 4. Ending balance |
IV. Book value
| IV. Book value |
1. Ending
book value
| 1. Ending book value | 1,207,297,704.70 | 347,211,240.59 | 6,167,287.33 | 50,468,346.42 | 1,611,144,579.04 |
2. Beginning
book value
| 2. Beginning book value | 1,260,628,251.61 | 390,822,441.69 | 7,984,819.75 | 61,288,744.41 | 1,720,724,257.46 |
15. Construction in progress
Unit: yuan
| Item | Ending balance | Beginning balance |
Construction in progress
| Construction in progress | 457,357,111.28 | 359,768,699.68 |
Total
| Total | 457,357,111.28 | 359,768,699.68 |
(1) Construction in progress
Unit: yuan
| Item | Ending balance | Beginning balance | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
ROBAMBuilding project
| ROBAM Building project | 428,449,911.96 | 428,449,911.96 | 336,704,853.10 | 336,704,853.10 |
Project ofproductiondepartment 1
| Project of production department 1 | 12,450,442.42 | 12,450,442.42 | 941,946.89 | 941,946.89 |
Project ofproductiondepartment 3
| Project of production department 3 | 6,439,115.03 | 6,439,115.03 | 761,150.44 | 761,150.44 |
2024 Full Annual Report
| Project of production department 2 | 3,581,815.75 | 3,581,815.75 | 130,973.44 | 130,973.44 |
Project ofproductiondepartment 4
| Project of production department 4 | 2,966,251.28 | 2,966,251.28 | 14,080,754.69 | 14,080,754.69 |
Customizedmanagementsoftware
| Customized management software | 1,189,282.86 | 1,189,282.86 | 3,182,235.79 | 3,182,235.79 |
Other sporadicprojects
| Other sporadic projects | 2,280,291.98 | 2,280,291.98 | 3,966,785.33 | 3,966,785.33 |
Total
| Total | 457,357,111.28 | 457,357,111.28 | 359,768,699.68 | 359,768,699.68 |
(2) Current changes in major projects under construction
Unit: yuan
| Item name | Budget number | Beginning balance | Amount increased in current period | Amount carried forward to fixed assets in current period | Other decreases in current period | Ending balance | Proportion of total project input to the budget | Progress of works | Accumulated amount of interest capitalization | Including: interest capitalization funds in the current period | Interest capitalization rate in the current period | Source of funds |
ROBAMBuildingproject
| ROBAM Building project | 823,750,800.00 | 336,704,853.10 | 91,745,058.86 | 428,449,911.96 | 52.01% | 52.01 | Owned fund |
Total
| Total | 823,750,800.00 | 336,704,853.10 | 91,745,058.86 | 428,449,911.96 |
(3) Impairment test of construction in progress
□ Applicable ? Not applicable
16. Right-of-use assets
(1) Right-of-use assets
Unit: yuan
| Item | Houses and buildings | Total |
I. Original book value
| I. Original book value |
1. Beginning balance
| 1. Beginning balance | 29,457,908.02 | 29,457,908.02 |
2. Amount increased in current period
| 2. Amount increased in current period | 1,630,948.28 | 1,630,948.28 |
Rent in
| Rent in | 1,630,948.28 | 1,630,948.28 |
3. Amount decreased in current period
| 3. Amount decreased in current period | 14,309,064.40 | 14,309,064.40 |
Disposal
| Disposal | 14,230,199.64 | 14,230,199.64 |
Other
| Other | 78,864.76 | 78,864.76 |
4. Ending balance
| 4. Ending balance | 16,779,791.90 | 16,779,791.90 |
II. Accumulated depreciation
| II. Accumulated depreciation |
1. Beginning balance
| 1. Beginning balance | 15,655,449.04 | 15,655,449.04 |
2. Amount increased in current period
| 2. Amount increased in current period | 5,079,288.54 | 5,079,288.54 |
2024 Full Annual Report
| (1) Provision | 5,079,288.54 | 5,079,288.54 |
3. Amount decreased in current period
| 3. Amount decreased in current period | 14,230,199.64 | 14,230,199.64 |
(1) Disposal
| (1) Disposal | 14,230,199.64 | 14,230,199.64 |
4. Ending balance
| 4. Ending balance | 6,504,537.94 | 6,504,537.94 |
III. Provision for impairment
| III. Provision for impairment |
1. Beginning balance
| 1. Beginning balance |
2. Amount increased in current period
| 2. Amount increased in current period |
(1) Provision
| (1) Provision |
3. Amount decreased in current period
| 3. Amount decreased in current period |
(1) Disposal
| (1) Disposal |
4. Ending balance
| 4. Ending balance |
IV. Book value
| IV. Book value |
1. Ending book value
| 1. Ending book value | 10,275,253.96 | 10,275,253.96 |
2. Beginning book value
| 2. Beginning book value | 13,802,458.98 | 13,802,458.98 |
(2) Impairment test of right-of-use assets
□ Applicable ? Not applicable
17. Intangible assets
(1) Intangible assets
Unit: yuan
| Item | Land use right | Patent right | Nonpatented technology | Software | Trademark | Total |
I. Original bookvalue
| I. Original book value |
1.Beginningbalance
| 1. Beginning balance | 224,593,935.95 | 7,300,000.00 | 73,208,259.53 | 24,624,622.64 | 329,726,818.12 |
2. Amount
increased incurrent period
| 2. Amount increased in current period | 5,570,090.55 | 5,570,090.55 |
(1)Purchase
| (1) Purchase | 2,342,501.27 | 2,342,501.27 |
(2)Internal R&D
| (2) Internal R&D |
(3)Addition byenterprisemerger
| (3) Addition by enterprise merger |
2024 Full Annual Report
| Transfer from construction in progress | 3,227,589.28 | 3,227,589.28 |
3. Amount
decreased incurrent period
| 3. Amount decreased in current period | 6,907,421.73 | 6,907,421.73 |
(1)Disposal
| (1) Disposal | 6,907,421.73 | 6,907,421.73 |
4. Ending
balance
| 4. Ending balance | 224,593,935.95 | 7,300,000.00 | 71,870,928.35 | 24,624,622.64 | 328,389,486.94 |
II. Accumulatedamortization
| II. Accumulated amortization |
1.Beginningbalance
| 1. Beginning balance | 38,853,482.23 | 6,176,923.08 | 56,614,708.98 | 13,527,964.52 | 115,173,078.81 |
2. Amount
increased incurrent period
| 2. Amount increased in current period | 4,497,802.39 | 1,123,076.92 | 6,158,831.61 | 2,462,462.24 | 14,242,173.16 |
(1)Provision
| (1) Provision | 4,497,802.39 | 1,123,076.92 | 6,158,831.61 | 2,462,462.24 | 14,242,173.16 |
3. Amount
decreased incurrent period
| 3. Amount decreased in current period | 6,907,421.73 | 6,907,421.73 |
(1)Disposal
| (1) Disposal | 6,907,421.73 | 6,907,421.73 |
4. Ending
balance
| 4. Ending balance |
III. Provision forimpairment
| III. Provision for impairment |
1.Beginningbalance
| 1. Beginning balance |
2. Amount
increased incurrent period
| 2. Amount increased in current period |
(1)Provision
| (1) Provision |
3. Amount
decreased incurrent period
| 3. Amount decreased in current period |
(1)Disposal
| (1) Disposal |
4. Ending
balance
| 4. Ending balance | 43,351,284.62 | 7,300,000.00 | 55,866,118.86 | 15,990,426.76 | 122,507,830.24 |
IV. Book value
| IV. Book value |
1. Ending
book value
| 1. Ending book value | 181,242,651.33 | 16,004,809.49 | 8,634,195.88 | 205,881,656.70 |
2024 Full Annual Report
| 2. Beginning book value | 185,740,453.72 | 1,123,076.92 | 16,593,550.55 | 11,096,658.12 | 214,553,739.31 |
The proportion of intangible assets formed through internal research and development of the Company to the balance of intangibleassets at the end of this period.
(2) Data resources recognized as intangible assets
□ Applicable ? Not applicable
(3) Impairment test of intangible assets
□ Applicable ? Not applicable
18. Goodwill
(1) Original book value of goodwill
Unit: yuan
| Investee name or goodwill forming matter | Beginning balance | Increase in current period | Decrease in current period | Ending balance | ||
| By business combination | Disposal | |||||
Kinde Intelligent
| Kinde Intelligent | 80,589,565.84 | 80,589,565.84 |
Total
| Total | 80,589,565.84 | 80,589,565.84 |
(2) Provision for impairment of goodwill
Unit: yuan
| Investee name or goodwill forming matter | Beginning balance | Increase in current period | Decrease in current period | Ending balance | ||
| Provision | Disposal | |||||
KindeIntelligent
| Kinde Intelligent | 68,366,294.17 | 12,223,271.67 | 80,589,565.84 |
Total
| Total | 68,366,294.17 | 12,223,271.67 | 80,589,565.84 |
(3) Specific determination method for recoverable amount
The recoverable amount is determined by the net of fair value less disposal costs
□ Applicable ? Not applicable
The recoverable amount is determined by the present value of expected future cash flow.? Applicable ? Not Applicable
(4) Performance commitment fulfillment and corresponding goodwill impairment statusWhen goodwill is formed, there is a performance commitment and the reporting period or the previous period is within theperformance commitment period
□ Applicable ? Not applicable
2024 Full Annual Report
19. Long-term unamortized expenses
Unit: yuan
| Item | Beginning balance | Amount increased in current period | Amortization amount in current period | Other decreases | Ending balance |
Service charge
| Service charge | 2,083,289.77 | 8,530,779.26 | 6,477,975.40 | 4,136,093.63 |
Advertising andpromotion expenses
| Advertising and promotion expenses | 129,216.10 | 458,505.70 | 129,216.10 | 458,505.70 |
Office decorationfee
| Office decoration fee | 2,331,161.64 | 965,974.87 | 1,365,186.77 |
Other
| Other | 490,991.86 | 82,749.66 | 411,931.20 | 161,810.32 |
Total
| Total | 5,034,659.37 | 9,072,034.62 | 7,985,097.57 | 1,365,186.77 | 4,756,409.65 |
20. Deferred income tax assets / deferred income tax liabilities
(1) Unoffset deferred income tax assets
Unit: yuan
| Item | Ending balance | Beginning balance | ||
| Deductible temporary differences | Deferred income tax assets | Deductible temporary differences | Deferred income tax assets | |
Provision for impairmentof assets
| Provision for impairment of assets | 146,302,020.01 | 21,945,303.00 | 97,315,669.06 | 14,597,350.36 |
Unrealized profit ofinternal transaction
| Unrealized profit of internal transaction | 6,288,257.39 | 943,238.61 |
Provision for creditimpairment
| Provision for credit impairment | 1,057,902,367.16 | 166,211,415.14 | 1,228,253,675.11 | 191,913,813.81 |
Recognition forprovisional estimate cost
| Recognition for provisional estimate cost | 736,834,444.33 | 110,525,166.65 | 744,083,389.27 | 111,612,508.39 |
Income that should berecognized according totax laws but not yetrecognized by theaccountant
| Income that should be recognized according to tax laws but not yet recognized by the accountant | 153,733,838.73 | 23,060,075.81 | 60,810,075.93 | 9,121,511.39 |
Fair value change ofother equity instrumentinvestments
| Fair value change of other equity instrument investments | 117,832,510.80 | 17,674,876.62 | 117,832,510.80 | 17,674,876.62 |
Recognition for deferredincome
| Recognition for deferred income | 81,363,483.00 | 12,204,522.45 | 101,473,668.87 | 15,221,050.33 |
Recognition for equityincentive
| Recognition for equity incentive | 15,553,988.49 | 2,407,757.80 | 9,730,756.23 | 1,510,663.99 |
Lease liabilities
| Lease liabilities | 3,171,164.59 | 535,525.21 | 4,984,267.98 | 1,246,067.00 |
Total
| Total | 2,318,982,074.50 | 355,507,881.29 | 2,364,484,013.25 | 362,897,841.89 |
(2) Unoffset deferred income tax liabilities
Unit: yuan
| Item | Ending balance | Beginning balance | ||
| Taxable temporary differences | Deferred income tax liabilities | Taxable temporary differences | Deferred income tax liabilities | |
Appreciation of assetsappraisal for businesscombination not undercommon control
| Appreciation of assets appraisal for business combination not under common control | 13,531,056.26 | 2,029,658.44 | 17,528,191.69 | 2,629,228.75 |
2024 Full Annual Report
| Accrued interest on time deposits | 144,816,770.53 | 21,722,515.58 | 54,046,698.73 | 8,107,004.81 |
Taxable temporarydifferences due to thepretax deduction of fixedassets
| Taxable temporary differences due to the pretax deduction of fixed assets | 100,189,168.44 | 15,028,375.27 | 112,448,544.27 | 16,867,281.64 |
Right-of-use assets
| Right-of-use assets | 1,370,978.98 | 68,548.95 | 3,260,199.24 | 815,049.81 |
Total
| Total | 259,907,974.21 | 38,849,098.24 | 187,283,633.93 | 28,418,565.01 |
(3) Deferred income tax assets or liabilities presented as net amount after offset
Unit: yuan
| Item | Ending offset amount of deferred income tax assets and liabilities | Ending balance of deferred income tax assets and liabilities after offset | Beginning offset amount of deferred income tax assets and liabilities | Beginning balance of deferred income tax assets and liabilities after offset |
Deferred income taxassets
| Deferred income tax assets | -64,316.48 | 355,443,564.81 | 362,897,841.89 |
Deferred income taxliabilities
| Deferred income tax liabilities | -64,316.48 | 38,784,781.76 | 28,418,565.01 |
(4) Details of unrecognized deferred income tax assets
Unit: yuan
| Item | Ending balance | Beginning balance |
Deductible temporary differences
| Deductible temporary differences | 20,751,821.76 | 13,929,952.65 |
Deductible loss
| Deductible loss | 86,142,898.16 | 102,787,541.49 |
Total
| Total | 106,894,719.92 | 116,717,494.14 |
(5) Deductible losses on unrecognized deferred income tax assets will expire in the following year
Unit: yuan
| Year | Ending amount | Beginning amount | Remark |
| 2024 | 5,602.28 | ||
| 2025 | 5,420,582.14 | 9,556,499.12 | |
| 2026 | 10,380,561.57 | ||
| 2027 | 14,250,223.40 | 24,349,032.53 | |
| 2028 | 46,110,149.45 | 58,495,845.99 | |
| 2029 | 20,361,943.17 | ||
| Total | 86,142,898.16 | 102,787,541.49 |
21. Other non-current assets
Unit: yuan
| Item | Ending balance | Beginning balance | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
Time depositover one year
| Time deposit over one year | 3,430,000,000.00 | 3,430,000,000.00 | 1,770,000,000.00 | 1,770,000,000.00 |
Accrued intereston fixed depositsof more than 1year
| Accrued interest on fixed deposits of more than 1 year | 65,062,003.04 | 65,062,003.04 |
2024 Full Annual Report
| Work offset against property and supplementary payment of purchase price | 195,171,956.43 | 68,310,184.75 | 126,861,771.68 | 173,643,828.19 | 33,964,461.28 | 139,679,366.91 |
Advancepayment forequipment
| Advance payment for equipment | 11,845,297.88 | 11,845,297.88 | 12,649,961.74 | 12,649,961.74 |
Total
| Total | 3,702,079,257.35 | 68,310,184.75 | 3,633,769,072.60 | 1,956,293,789.93 | 33,964,461.28 | 1,922,329,328.65 |
Other description:
This pertains to the work offset against property, parking spaces which the company has signed a debtrestructuring agreement and completed the property transfer procedures, as well as the purchase funds thatneed to be made up. See "XVII. Other important matters 1. Debt restructuring matters" in this report fordetails.
22. Assets with ownership or use rights restricted
Unit: yuan
| Item | At the end of the period | At the beginning of the period | ||||||
| Book balance | Book value | Type of restriction | Restriction details | Book balance | Book value | Type of restriction | Restriction details | |
Monetarycapital
| Monetary capital | 67,828,552.62 | 67,828,552.62 | Guarantee deposit | 83,153,343.90 | 83,153,343.90 | Guarantee deposit |
Fixed assets
| Fixed assets | 152,993,151.92 | 132,330,396.56 | Mortgage loan | 152,993,151.92 | 139,628,781.21 | Mortgage loan |
Intangibleassets
| Intangible assets | 57,605,500.00 | 51,947,796.50 | Mortgage loan | 57,605,500.00 | 53,100,012.72 | Mortgage loan |
Monetarycapital
| Monetary capital | 45,630,984.76 | 45,630,984.76 | Bill deposit | 23,717,043.12 | 23,717,043.12 | Bill deposit |
Monetarycapital
| Monetary capital | 13,000.00 | 13,000.00 | ETC deposit | 14,000.00 | 14,000.00 | ETC deposit |
Total
| Total | 324,071,189.30 | 297,750,730.44 | 317,483,038.94 | 299,613,180.95 |
23. Short-term borrowing
(1) Classification of short-term borrowing
Unit: yuan
| Item | Ending balance | Beginning balance |
Mortgage loan
| Mortgage loan | 91,000,000.00 | 49,500,000.00 |
Credit loan
| Credit loan | 31,500,000.00 |
Accounts receivable factoring
| Accounts receivable factoring | 2,078,878.91 | 14,003,320.70 |
Other
| Other | 160,420.15 |
Total
| Total | 93,239,299.06 | 95,003,320.70 |
24. Notes payable
Unit: yuan
| Type | Ending balance | Beginning balance |
Banker's acceptance bill
| Banker's acceptance bill | 1,061,073,856.74 | 1,098,720,000.58 |
Total
| Total | 1,061,073,856.74 | 1,098,720,000.58 |
2024 Full Annual Report
At the end of the current period, the total amount of unpaid bills payable is 0.00 yuan. The reason for the unpaid is none.
25. Accounts payable
(1) Presentation of accounts payable
Unit: yuan
| Item | Ending balance | Beginning balance |
Payment for materials
| Payment for materials | 1,461,869,344.61 | 1,267,081,255.68 |
Costs
| Costs | 1,268,548,184.88 | 1,107,539,973.00 |
Project payment
| Project payment | 90,406,506.85 | 164,258,188.72 |
Payment for equipment
| Payment for equipment | 9,271,010.57 | 9,864,344.66 |
Total
| Total | 2,830,095,046.91 | 2,548,743,762.06 |
(2) Important accounts payable with the aging over 1 year or overdue
Unit: yuan
| Item | Ending balance | Reasons for failure of payment or carryover |
Unsettled material and construction costs
| Unsettled material and construction costs | 66,666,172.11 |
Total
| Total | 66,666,172.11 |
26. Other payables
Unit: yuan
| Item | Ending balance | Beginning balance |
Dividends payable
| Dividends payable | 472,047,458.00 |
Other payables
| Other payables | 285,326,671.78 | 283,917,461.76 |
Total
| Total | 285,326,671.78 | 755,964,919.76 |
(1) Dividends payable
Unit: yuan
| Item | Ending balance | Beginning balance |
Common stock dividends
| Common stock dividends | 472,047,458.00 |
Total
| Total | 472,047,458.00 |
(2) Other payables
1) Other payables listed by nature
Unit: yuan
| Item | Ending balance | Beginning balance |
Margin payable
| Margin payable | 268,864,301.66 | 266,137,376.14 |
Collections for others
| Collections for others | 5,427,566.47 | 4,941,205.70 |
Deposit payable
| Deposit payable | 5,560,537.97 | 6,600,507.19 |
Other
| Other | 5,474,265.68 | 6,238,372.73 |
Total
| Total | 285,326,671.78 | 283,917,461.76 |
2024 Full Annual Report
2) Important other payables with the aging over 1 year
Unit: yuan
| Item | Ending balance | Reasons for failure of payment or carryover |
Sales deposit
| Sales deposit | 184,417,467.77 |
Total
| Total | 184,417,467.77 |
27. Contract liabilities
Unit: yuan
| Item | Ending balance | Beginning balance |
Advances from customers
| Advances from customers | 867,810,932.52 | 1,019,942,923.58 |
Total
| Total | 867,810,932.52 | 1,019,942,923.58 |
Important contract liabilities with the aging more than 1 year
28. Payroll payable
(1) Presentation of payroll payable
Unit: yuan
| Item | Beginning balance | Increase in current period | Decrease in current period | Ending balance |
I. Short-termcompensation
| I. Short-term compensation | 168,988,703.61 | 1,035,682,613.47 | 1,022,742,707.43 | 181,928,609.65 |
II. Welfare afterdismission - definedcontribution plan
| II. Welfare after dismission - defined contribution plan | 8,822,260.23 | 78,831,603.76 | 81,172,410.72 | 6,481,453.27 |
III. Dismission welfare
| III. Dismission welfare | 112,078.17 | 6,485,363.35 | 6,597,441.52 |
Total
| Total | 177,923,042.01 | 1,120,999,580.58 | 1,110,512,559.67 | 188,410,062.92 |
(2) Presentation of short-term compensation
Unit: yuan
| Item | Beginning balance | Increase in current period | Decrease in current period | Ending balance |
1. Wages, bonuses,
allowances and subsidies
| 1. Wages, bonuses, allowances and subsidies | 162,415,752.84 | 883,347,803.88 | 869,018,172.20 | 176,745,384.52 |
2. Employee services
and benefits
| 2. Employee services and benefits | 38,678,171.19 | 38,678,171.19 |
3. Social insurance
premium
| 3. Social insurance premium | 5,807,041.35 | 49,520,592.28 | 51,190,218.09 | 4,137,415.54 |
Including: medicalinsurance premium
| Including: medical insurance premium | 5,492,914.20 | 46,353,131.71 | 47,962,939.70 | 3,883,106.21 |
Industrialinjury insurancepremium
| Industrial injury insurance premium | 314,127.15 | 3,167,460.57 | 3,227,278.39 | 254,309.33 |
4. Housing fund
| 4. Housing fund | 347,140.00 | 49,067,179.58 | 49,014,369.58 | 399,950.00 |
5. Labor union
expenditure andpersonnel education fund
| 5. Labor union expenditure and personnel education fund | 418,769.42 | 14,768,792.74 | 14,541,702.57 | 645,859.59 |
2024 Full Annual Report
| Other compensation | 300,073.80 | 300,073.80 |
Total
| Total | 168,988,703.61 | 1,035,682,613.47 | 1,022,742,707.43 | 181,928,609.65 |
(3) Presentation of defined contribution plans
Unit: yuan
| Item | Beginning balance | Increase in current period | Decrease in current period | Ending balance |
1. Basic endowment
insurance
| 1. Basic endowment insurance | 8,524,886.32 | 76,291,121.50 | 78,540,987.48 | 6,275,020.34 |
2. Unemployment
insurance premium
| 2. Unemployment insurance premium | 297,373.91 | 2,540,482.26 | 2,631,423.24 | 206,432.93 |
Total
| Total | 8,822,260.23 | 78,831,603.76 | 81,172,410.72 | 6,481,453.27 |
29. Tax payable
Unit: yuan
| Item | Ending balance | Beginning balance |
Added value tax
| Added value tax | 115,704,829.54 | 61,072,058.37 |
Corporate income tax
| Corporate income tax | 32,050,600.18 | 61,750,915.22 |
Individual income tax
| Individual income tax | 4,714,843.49 | 3,100,246.18 |
Urban maintenance and construction tax
| Urban maintenance and construction tax | 8,171,225.67 | 4,330,476.87 |
Housing property tax
| Housing property tax | 15,388,122.46 | 13,625,288.12 |
Land use tax
| Land use tax | 5,695,675.50 | 5,696,022.16 |
Education surcharge
| Education surcharge | 3,501,885.02 | 1,855,918.59 |
Surcharge for local education
| Surcharge for local education | 2,334,590.16 | 1,237,279.17 |
Stamp duty
| Stamp duty | 2,222,469.65 | 1,697,472.12 |
Total
| Total | 189,784,241.67 | 154,365,676.80 |
30. Non-current liabilities due within a year
Unit: yuan
| Item | Ending balance | Beginning balance |
Lease liabilities due within one year
| Lease liabilities due within one year | 2,136,543.64 | 4,522,658.42 |
Total
| Total | 2,136,543.64 | 4,522,658.42 |
31. Other current liabilities
Unit: yuan
| Item | Ending balance | Beginning balance |
Output tax to be carried forward
| Output tax to be carried forward | 95,808,311.01 | 118,041,351.23 |
Total
| Total | 95,808,311.01 | 118,041,351.23 |
2024 Full Annual Report
32. Lease liabilities
Unit: yuan
| Item | Ending balance | Beginning balance |
Lease payments
| Lease payments | 14,028,368.86 | 17,643,054.87 |
Unrecognized financing expenses
| Unrecognized financing expenses | -1,694,304.73 | -2,369,603.55 |
Non-current liabilities reclassified to duewithin a year
| Non-current liabilities reclassified to due within a year | -2,136,543.64 | -4,522,658.42 |
Total
| Total | 10,197,520.49 | 10,750,792.90 |
33. Deferred income
Unit: yuan
| Item | Beginning balance | Increase in current period | Decrease in current period | Ending balance | Causes |
Governmentsubsidies
| Government subsidies | 136,538,254.74 | 22,033,982.02 | 114,504,272.72 | Government grant |
Total
| Total | 136,538,254.74 | 22,033,982.02 | 114,504,272.72 | -- |
34. Capital stock
Unit: yuan
| Beginning balance | Increase/decrease (+, -) | Ending balance | |||||
| New issue of shares | Share donation | Share capital increase from reserved funds | Other | Subtotal | |||
Total amountof shares
| Total amount of shares | 949,024,050.00 | 687,250.00 | -4,929,134.00 | -4,241,884.00 | 944,782,166.00 |
Note: In 2021, the company repurchased 4,929,134.00 shares of public stock from the secondary market toimplement the company's equity incentive plan and/or employee stock ownership plan, etc. These shareswere canceled upon expiration of the term in the current year.
35. Capital reserve
Unit: yuan
| Item | Beginning balance | Increase in current period | Decrease in current period | Ending balance |
Capital premium (capitalstock premium)
| Capital premium (capital stock premium) | 401,799,332.67 | 15,340,834.82 | 195,066,608.59 | 222,073,558.90 |
Other capital surplus
| Other capital surplus | 9,978,881.55 | 6,249,826.26 | 674,719.52 | 15,553,988.29 |
Total
| Total | 411,778,214.22 | 21,590,661.08 | 195,741,328.11 | 237,627,547.19 |
36. Treasury stock
Unit: yuan
| Item | Beginning balance | Increase in current period | Decrease in current period | Ending balance |
Share repurchase
| Share repurchase | 199,995,742.59 | 199,995,742.59 | 0.00 |
Total
| Total | 199,995,742.59 | 199,995,742.59 |
2024 Full Annual Report
37. Other comprehensive income
Unit: yuan
| Item | Beginning balance | Amount incurred in current period | Ending balance | |||||
| Amount before current income tax | Less: amount included in other comprehensive income in previous period and included in profit and loss in current period | Minus: amount included in other comprehensive income in previous period and included in carried forward to retained earnings in current period | Less: Income tax expenses | Attributable to the parent company after tax | Attributable to minority shareholders after tax | |||
I. Othercomprehensive incomethat can't bereclassifiedinto profitand loss
| I. Other comprehensive income that can't be reclassified into profit and loss | -100,157,634.16 | -100,157,634.16 |
Fairvalue changeof otherequityinstrumentinvestments
| Fair value change of other equity instrument investments | -100,157,634.16 | -100,157,634.16 |
II. Othercomprehensive incomethat will bereclassifiedinto profitand losssubsequently
| II. Other comprehensive income that will be reclassified into profit and loss subsequently | 857,350.23 | 214,337.56 | 606,041.21 | 36,971.46 | 606,041.21 |
Balancearising fromthetranslation offoreigncurrencyfinancialstatements
| Balance arising from the translation of foreign currency financial statements | 857,350.23 | 214,337.56 | 606,041.21 | 36,971.46 | 606,041.21 |
Total othercomprehensive income
| Total other comprehensive income | -100,157,634.16 | 857,350.23 | 214,337.56 | 606,041.21 | 36,971.46 | -99,551,592.95 |
2024 Full Annual Report
38. Surplus reserves
Unit: yuan
| Item | Beginning balance | Increase in current period | Decrease in current period | Ending balance |
Statutory surplusreserves
| Statutory surplus reserves | 474,516,412.50 | 474,516,412.50 |
Total
| Total | 474,516,412.50 | 474,516,412.50 |
39. Undistributed profit
Unit: yuan
| Item | Current period | Prior period |
Undistributed profit at the end of previousperiod before adjustment
| Undistributed profit at the end of previous period before adjustment | 8,987,773,431.71 | 8,199,079,015.58 |
Undistributed profits at the beginning ofthe period after adjustment
| Undistributed profits at the beginning of the period after adjustment | 8,987,773,431.71 | 8,199,079,015.58 |
Plus: Net profits attributable to the ownersof parent company in the current period
| Plus: Net profits attributable to the owners of parent company in the current period | 1,577,400,594.74 | 1,732,789,332.13 |
Common stock dividends payable
| Common stock dividends payable | 944,111,116.00 | 944,094,916.00 |
Undistributed profits at the end of theperiod
| Undistributed profits at the end of the period | 9,621,062,910.45 | 8,987,773,431.71 |
Details of undistributed profit at the end of the adjustment period:
1) Due to the retroactive adjustment of Accounting Standards for Business Enterprises and related new regulations, theundistributed profit at the beginning of the period was affected by 0.00 yuan.
2) Due to the change of accounting policy, the undistributed profit at the beginning of the period was affected by 0.00 yuan.
3) Due to the correction of major accounting errors, the undistributed profit at the beginning of the period was affected by 0.00yuan.
4) Due to the change of consolidation scope caused by common control, the undistributed profit at the beginning of the periodwas affected by 0.00 yuan.
5) Due to other adjustments, the undistributed profit at the beginning of the period was affected by 0.00 yuan.
40. Operating income and operating cost
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period | ||
| Income | Cost | Income | Cost | |
Main business
| Main business | 10,927,951,599.01 | 5,522,747,460.78 | 10,897,226,245.68 | 5,369,816,850.21 |
Other businesses
| Other businesses | 284,702,621.21 | 122,078,866.94 | 304,669,528.59 | 157,831,856.08 |
Total
| Total | 11,212,654,220.22 | 5,644,826,327.72 | 11,201,895,774.27 | 5,527,648,706.29 |
The audited total profit, net profit, and net profit after deducting non-recurring gains and losses for the Company's most recentfiscal year is negative.
□ Yes ?No
2024 Full Annual Report
41. Taxes and surcharges
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Urban maintenance and construction tax
| Urban maintenance and construction tax | 46,957,043.90 | 44,475,351.96 |
Education surcharge
| Education surcharge | 33,359,052.32 | 31,768,105.78 |
Housing property tax
| Housing property tax | 16,814,207.65 | 15,227,067.94 |
Land use tax
| Land use tax | 5,754,971.28 | 1,342,982.99 |
Vehicle and vessel use tax
| Vehicle and vessel use tax | 28,848.40 | 24,240.12 |
Stamp duty
| Stamp duty | 6,171,477.63 | 5,801,185.42 |
Other
| Other | 39,084.31 | 12,673.86 |
Total
| Total | 109,124,685.49 | 98,651,608.07 |
42. Management costs
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Employee compensation
| Employee compensation | 278,245,759.43 | 256,829,379.16 |
Depreciation and amortization
| Depreciation and amortization | 86,429,259.80 | 79,272,827.17 |
Consulting service charge
| Consulting service charge | 48,599,874.12 | 36,819,646.61 |
Office allowance
| Office allowance | 19,596,564.83 | 22,833,298.74 |
Rental and property fees
| Rental and property fees | 13,981,077.29 | 10,388,619.24 |
Maintenance expense
| Maintenance expense | 9,081,688.99 | 7,741,520.94 |
Material consumption
| Material consumption | 8,523,801.36 | 6,869,407.96 |
Equity incentive fee
| Equity incentive fee | 7,835,601.21 | 1,780,548.64 |
Business entertainment expenses
| Business entertainment expenses | 7,572,414.60 | 10,338,970.38 |
Communication expense
| Communication expense | 4,534,797.01 | 6,067,385.51 |
Car fare
| Car fare | 3,827,695.14 | 3,940,649.91 |
Traveling expense
| Traveling expense | 2,419,269.87 | 7,407,518.81 |
Other
| Other | 18,201,217.39 | 19,332,299.53 |
Total
| Total | 508,849,021.04 | 469,622,072.60 |
43. Selling expenses
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Sales and service fees
| Sales and service fees | 1,280,694,269.71 | 1,198,898,829.94 |
Advertising and promotion expenses
| Advertising and promotion expenses | 712,058,633.70 | 777,479,186.47 |
Employee compensation
| Employee compensation | 423,506,220.54 | 406,543,689.72 |
Booth decoration fee
| Booth decoration fee | 338,980,228.54 | 277,267,106.80 |
Promotion fees
| Promotion fees | 114,996,381.69 | 111,160,033.93 |
Material consumption
| Material consumption | 79,219,870.23 | 82,469,966.99 |
Traveling expense
| Traveling expense | 37,086,648.69 | 34,611,784.09 |
Intermediary service charge
| Intermediary service charge | 26,966,711.07 | 33,461,629.22 |
Office allowance
| Office allowance | 17,330,997.20 | 29,564,756.90 |
Rental fees
| Rental fees | 17,074,675.58 | 17,937,109.93 |
Business entertainment expenses
| Business entertainment expenses | 14,083,702.14 | 19,119,295.57 |
Other
| Other | 16,799,920.75 | 13,905,261.98 |
Total
| Total | 3,078,798,259.84 | 3,002,418,651.54 |
2024 Full Annual Report
44. Research and development expenses
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Employee compensation
| Employee compensation | 245,232,960.20 | 231,392,266.56 |
Direct investment
| Direct investment | 132,233,420.53 | 118,236,087.05 |
Depreciation and amortization
| Depreciation and amortization | 13,594,644.14 | 14,079,387.74 |
Design fee
| Design fee | 4,222,290.68 | 4,601,868.90 |
Other expenses
| Other expenses | 18,376,133.26 | 19,058,981.72 |
Total
| Total | 413,659,448.81 | 387,368,591.97 |
45. Financial expenses
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Interest expenditure
| Interest expenditure | 5,244,416.98 | 8,773,638.31 |
Minus: Interest income
| Minus: Interest income | -187,364,396.26 | -198,559,145.09 |
Plus: Exchange gain or loss
| Plus: Exchange gain or loss | -1,244,109.79 | -1,275,825.96 |
Plus: other expenses
| Plus: other expenses | 2,937,768.88 | 2,133,596.15 |
Total
| Total | -180,426,320.19 | -188,927,736.59 |
46. Other income
Unit: yuan
| Other sources of income | Amount incurred in current period | Amount incurred in previous period |
Embedded software tax rebate
| Embedded software tax rebate | 45,127,299.75 | 45,894,461.03 |
VAT and surcharges exemption orreduction
| VAT and surcharges exemption or reduction | 42,201,493.02 | 44,786,595.84 |
Amortization of deferred income
| Amortization of deferred income | 20,565,225.00 | 20,288,048.89 |
Financial support funds for enterprisecultivation
| Financial support funds for enterprise cultivation | 22,033,982.02 | 39,208,547.00 |
Special financial funds
| Special financial funds | 15,535,100.00 | 11,173,750.00 |
Performance award of Shanghai HongkouDistrict Finance Bureau
| Performance award of Shanghai Hongkou District Finance Bureau | 3,800,465.00 | 4,730,000.00 |
Job subsidies and social insurancesubsidies
| Job subsidies and social insurance subsidies | 3,150,328.82 | 2,499,238.39 |
Special fund for industrial development
| Special fund for industrial development | 2,156,400.00 | 2,587,200.00 |
Training allowance
| Training allowance | 629,400.00 | 360,600.00 |
Service charge refund
| Service charge refund | 580,829.41 | 684,354.91 |
Patent reward fund
| Patent reward fund | 200,870.00 | 141,278.00 |
R&D subsidy funds
| R&D subsidy funds | 640,754.71 | 138,500.00 |
Other subsidies
| Other subsidies | 1,744,843.00 | 1,419,899.88 |
Total
| Total | 158,366,990.73 | 173,912,473.94 |
2024 Full Annual Report
47. Investment income
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
long-term equity investment gainsmeasured by employing the equity method
| long-term equity investment gains measured by employing the equity method | -5,054,357.08 | -291,055.38 |
Investment income from trading financialassets during the holding period
| Investment income from trading financial assets during the holding period | 131,854,649.79 | 83,254,470.07 |
Gain from remeasuring the remainingequity interest at fair value upon loss ofcontrol
| Gain from remeasuring the remaining equity interest at fair value upon loss of control | 10,545,396.79 |
Total
| Total | 137,345,689.50 | 82,963,414.69 |
48. Credit impairment loss
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Loss on bad debts of notes receivable
| Loss on bad debts of notes receivable | 44,602.23 | 20,343,508.22 |
Loss on bad debts of accounts receivable
| Loss on bad debts of accounts receivable | -71,087,018.27 | -121,260,682.01 |
Loss on bad debts of other receivables
| Loss on bad debts of other receivables | 294,100.26 | -1,219,619.60 |
Total
| Total | -70,748,315.78 | -102,136,793.39 |
49. Assets impairment losses
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
I. Loss of inventory depreciation andimpairment loss of contract performancecost
| I. Loss of inventory depreciation and impairment loss of contract performance cost | -28,123,066.09 | 8,898,652.01 |
X. Impairment loss on goodwill
| X. Impairment loss on goodwill | -12,223,271.67 | -48,350,560.89 |
XII. Other matters
| XII. Other matters | -27,846,824.47 | -31,240,481.09 |
Total
| Total | -68,193,162.23 | -70,692,389.97 |
50. Income from disposal of assets
Unit: yuan
| Source of income from disposal of assets | Amount incurred in current period | Amount incurred in previous period |
Income from disposal of non-current assets
| Income from disposal of non-current assets | -4,462,199.53 | -1,211,854.70 |
Including: Gains on disposal of non-current assets classified as held for sale
| Including: Gains on disposal of non-current assets classified as held for sale | -4,225,267.72 | -1,608,816.48 |
Income from disposal of non-current assetsnot classified as held for sale
| Income from disposal of non-current assets not classified as held for sale | -236,931.81 | 396,961.78 |
Including: income from disposal of fixedassets
| Including: income from disposal of fixed assets | -236,931.81 | 405,470.76 |
Income from disposal of right-of-use assets
| Income from disposal of right-of-use assets | -8,508.98 |
Total
| Total | -4,462,199.53 | -1,211,854.70 |
2024 Full Annual Report
51. Non-operating income
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period | Amounts recorded in the non-recurring gains and losses of the current period |
Liquidated damages and fines
| Liquidated damages and fines | 644,568.55 | 2,361,476.53 | 644,568.55 |
Non-current assets damagedand scrapped gains
| Non-current assets damaged and scrapped gains | 9,567.88 | 410.00 | 9,567.88 |
Other
| Other | 1,582,080.48 | 2,380,323.06 | 1,582,080.48 |
Total
| Total | 2,236,216.91 | 4,742,209.59 | 2,236,216.91 |
52. Non-operating expenditure
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period | Amounts recorded in the non-recurring gains and losses of the current period |
External donations
| External donations | 5,070,065.06 | 5,676,407.70 | 5,070,065.06 |
Abnormal loss
| Abnormal loss | 1,468,106.78 | 239,238.29 | 1,468,106.78 |
Penalty expenditure
| Penalty expenditure | 17,286.30 | 14,750.00 | 17,286.30 |
Loss on damage and scrap ofnon-current assets
| Loss on damage and scrap of non-current assets | 47,795.87 | 26,133.99 | 47,795.87 |
Overdue fines
| Overdue fines | 115,574.04 | 62,175.03 | 115,574.04 |
Penalty and compensation
| Penalty and compensation | 613,545.76 | 613,545.76 |
Other
| Other | 806,789.91 | 562,191.28 | 806,789.91 |
Total
| Total | 8,139,163.72 | 6,580,896.29 | 8,139,163.72 |
53. Income tax expenses
(1) Table of income tax expenses
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Current income tax expenses
| Current income tax expenses | 210,908,318.13 | 287,228,463.48 |
Deferred income tax expenses
| Deferred income tax expenses | 17,820,493.83 | -15,775,865.50 |
Total
| Total | 228,728,811.96 | 271,452,597.98 |
(2) Accounting profit and income tax expense adjustment process
Unit: yuan
| Item | Amount incurred in current period |
Total profit
| Total profit | 1,784,228,853.39 |
Income tax expenses calculated at the appropriate/applicable taxrate
| Income tax expenses calculated at the appropriate/applicable tax rate | 267,634,328.01 |
Impact of different tax rates applied on subsidiaries
| Impact of different tax rates applied on subsidiaries | 2,951,377.98 |
Impact of income tax before adjustment
| Impact of income tax before adjustment | 380,438.00 |
Impact of non-deductible costs, expenses and losses
| Impact of non-deductible costs, expenses and losses | 4,927,273.92 |
Impact of deductible losses on the use of deferred income taxassets not previously recognized
| Impact of deductible losses on the use of deferred income tax assets not previously recognized | -855,547.29 |
2024 Full Annual Report
| Impact of temporary difference or deductible losses on unrecognized deferred income tax assets in the current period | 7,025,792.77 |
Profits and losses of cooperative enterprise or joint ventureaccounted by equity method
| Profits and losses of cooperative enterprise or joint venture accounted by equity method | 387,577.36 |
Unrealized internal gains and losses
| Unrealized internal gains and losses | 943,238.61 |
Tax impact of additional deduction for research and developmentexpenses (express with "-")
| Tax impact of additional deduction for research and development expenses (express with "-") | -54,430,895.47 |
Other
| Other | -234,771.93 |
Income tax expenses
| Income tax expenses | 228,728,811.96 |
54. Other comprehensive income
Please refer to Note VII, 37 for details on other comprehensive income.
55. Cash flow statement items
(1) Cash related to operating activities
Other cash received related to operating activities
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Government subsidies
| Government subsidies | 94,156,489.83 | 94,765,559.58 |
Margin and deposit
| Margin and deposit | 25,374,892.98 | 20,750,488.76 |
Imprest
| Imprest | 10,852,221.46 | 6,208,476.48 |
Agent business
| Agent business | 3,879,675.13 | 1,261,456.84 |
Income from deposit interest
| Income from deposit interest | 3,512,221.54 | 147,368,118.86 |
Other payments
| Other payments | 17,609,766.37 | 1,900,700.66 |
Total
| Total | 155,385,267.31 | 272,254,801.18 |
Other cash paid related to operating activities
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Period charge
| Period charge | 2,955,890,525.62 | 2,813,698,592.70 |
Agent business
| Agent business | 32,683,926.70 | 61,222,865.12 |
Deposit for L/C and acceptance bill
| Deposit for L/C and acceptance bill | 15,760,662.53 | 15,438,060.63 |
Margin and deposit
| Margin and deposit | 5,542,077.61 | 8,589,104.00 |
Imprest
| Imprest | 1,562,054.94 | 775,895.75 |
Other
| Other | 10,768,802.87 | 5,751,648.05 |
Total
| Total | 3,022,208,050.27 | 2,905,476,166.25 |
(2) Cash related to investment activities
Other cash received related to investment activities
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Fixed deposits and their interest
| Fixed deposits and their interest | 3,217,561,206.77 |
Total
| Total | 3,217,561,206.77 |
2024 Full Annual Report
Other cash paid related to investment activities
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Time deposit
| Time deposit | 4,453,924,300.00 | 4,333,744,300.00 |
Total
| Total | 4,453,924,300.00 | 4,333,744,300.00 |
(3) Cash related to financing activities
Other cash received related to financing activities
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Accounts receivable factoring income
| Accounts receivable factoring income | 4,578,878.91 | 13,510,296.65 |
Total
| Total | 4,578,878.91 | 13,510,296.65 |
Other cash paid related to financing activities
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Factoring refund with recourse
| Factoring refund with recourse | 7,287,429.00 |
Rent
| Rent | 6,027,895.35 | 7,123,465.99 |
Total
| Total | 13,315,324.35 | 7,123,465.99 |
Changes in liabilities arising from financing activities
□ Applicable ? Not applicable
56. Further information on cash flow statement
(1) Further information on cash flow statement
Unit: yuan
| Further information | Current amount | Last term amount |
1. Reconciliation from net profits to cash
flows from operating activities
| 1. Reconciliation from net profits to cash flows from operating activities |
Net profit
| Net profit | 1,555,500,041.43 | 1,714,657,446.28 |
Plus: Provision for impairment of assets
| Plus: Provision for impairment of assets | 138,941,478.01 | 172,829,183.36 |
Depreciation of fixed assets, oil andgas assets and productive biological assets
| Depreciation of fixed assets, oil and gas assets and productive biological assets | 166,193,839.50 | 157,225,848.23 |
Depreciation of Right-of-use assets
| Depreciation of Right-of-use assets | 5,079,288.54 | 4,975,042.57 |
Amortization of intangible assets
| Amortization of intangible assets | 14,242,173.16 | 13,956,115.18 |
Amortization of long-term deferredexpenses
| Amortization of long-term deferred expenses | 7,985,097.57 | 16,820,374.13 |
Loss on disposal of fixed assets,intangible assets and other long-term assets(gains expressed with "-")
| Loss on disposal of fixed assets, intangible assets and other long-term assets (gains expressed with "-") | 4,462,199.53 | 1,211,854.70 |
Loss on retirement of fixed assets(gains expressed with "-")
| Loss on retirement of fixed assets (gains expressed with "-") | 47,795.87 | 26,133.99 |
Loss from fair value changes (gainsexpressed with "-")
| Loss from fair value changes (gains expressed with "-") |
Financial expenses (gainsexpressed with "-")
| Financial expenses (gains expressed with "-") | -48,081,926.07 | 7,816,211.50 |
2024 Full Annual Report
| Investment losses (gains expressed with "-") | -137,345,689.50 | -82,963,414.69 |
Decreased in deferred income taxassets (increase expressed with "-")
| Decreased in deferred income tax assets (increase expressed with "-") | 7,454,277.08 | -22,086,495.93 |
Increase in deferred income taxliabilities (decrease expressed with "-")
| Increase in deferred income tax liabilities (decrease expressed with "-") | 10,366,216.75 | 6,310,630.43 |
Decrease in inventories (increaseexpressed with "-")
| Decrease in inventories (increase expressed with "-") | 308,984,442.06 | 94,734,729.87 |
Decrease in operating receivables(increase expressed with "-")
| Decrease in operating receivables (increase expressed with "-") | -264,605,878.21 | 39,094,727.26 |
Increase in operating payables(decrease expressed with "-")
| Increase in operating payables (decrease expressed with "-") | -108,971,645.01 | 267,313,425.83 |
Other
| Other |
Net cash flow from operatingactivities
| Net cash flow from operating activities | 1,660,251,710.71 | 2,391,921,812.71 |
2. Significant investment and financing
activities not involving cash deposit andwithdrawal
| 2. Significant investment and financing activities not involving cash deposit and withdrawal |
Conversion of debt into capital
| Conversion of debt into capital |
Convertible bonds due within one year
| Convertible bonds due within one year |
Fixed assets under financing lease
| Fixed assets under financing lease |
3. Net changes in cash and cash
equivalents:
| 3. Net changes in cash and cash equivalents: |
Ending balance of cash
| Ending balance of cash | 1,518,303,556.89 | 1,878,166,358.09 |
Minus: Beginning balance of cash
| Minus: Beginning balance of cash | 1,878,166,358.09 | 5,196,414,341.74 |
Plus: Beginning balance of cashequivalents
| Plus: Beginning balance of cash equivalents |
Minus: Ending balance of cashequivalents
| Minus: Ending balance of cash equivalents |
Net increase of cash and cashequivalents
| Net increase of cash and cash equivalents | -359,862,801.20 | -3,318,247,983.65 |
(2) Composition of cash and cash equivalents
Unit: yuan
| Item | Ending balance | Beginning balance |
I. Cash
| I. Cash | 1,518,303,556.89 | 1,878,166,358.09 |
Including: cash on hand
| Including: cash on hand | 191,720.15 | 62,267.64 |
Bank deposit readily available forpayment
| Bank deposit readily available for payment | 1,515,116,946.44 | 1,877,703,911.46 |
Other monetary capital readilyavailable for payment
| Other monetary capital readily available for payment | 2,994,890.30 | 400,178.99 |
III. Balance of cash and cash equivalents atend of period
| III. Balance of cash and cash equivalents at end of period | 1,518,303,556.89 | 1,878,166,358.09 |
57. Notes to items in statement of owner's equity
Explain the name of "other" items and the adjustment amount of the balance at the end of the previous year:
2024 Full Annual Report
58. Foreign currency monetary items
(1) Foreign currency monetary items
Unit: yuan
| Item | Ending balance in foreign currency | Conversion exchange rate | Ending balance converted to RMB |
| Monetary capital | |||
| Including: USD | 3,588,168.05 | 7.1884 | 25,793,187.21 |
| EUR | 5,717.13 | 7.5257 | 43,025.41 |
| HKD | 664,046.67 | 0.9260 | 614,907.22 |
| AUD | 3.86 | 4.5070 | 17.40 |
| Accounts receivable | |||
| Including: USD | 5,307,745.05 | 7.1884 | 38,154,194.52 |
| EUR | |||
| HKD | |||
| Other receivables | |||
| Including: USD | 18.49 | 7.1884 | 132.91 |
| Accounts payable | |||
| Including: USD | 1,623,939.27 | 7.1884 | 11,673,525.05 |
| Long-term borrowing | |||
| Including: USD | |||
| EUR | |||
| HKD | |||
| Tax payable | |||
| Including: USD | 9,167.20 | 7.1884 | 65,897.50 |
| Other payables | |||
| Including: USD | 170,759.20 | 7.1884 | 1,227,485.43 |
| Short-term borrowing | |||
| Including: USD | 22,316.53 | 7.1884 | 160,420.14 |
Other description:
(2) Description of overseas operating entities, including disclosure of main place of business overseas,bookkeeping currency and selection basis for important overseas operating entities, and disclosure of thereasons for any change in the bookkeeping currency.
□ Applicable ? Not applicable
VIII. R&D expenditure
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
Expensed R&D expenditure
| Expensed R&D expenditure | 413,659,448.81 | 387,368,591.97 |
Total
| Total | 413,659,448.81 | 387,368,591.97 |
2024 Full Annual Report
IX. Consolidation scope changes
1. Business combination not under common control
(1) Merger of companies under different control in the current period
Unit: yuan
| Name of the acquiree | Equity acquisition time point | Equity acquisition cost | Equity acquisition ratio | Equity acquisition mode | Date of acquisition | Determination basis of acquisition date | Income of the acquiree from the date of acquisition to the end of the period | Net profit of the acquiree from the date of acquisition to the end of the period | Cash flows of the acquiree from the date of acquisition to the end of the period |
Other description:
During the year, the consolidation scope of the company increased by 10 wholly-owned subsidiaries and 1controlled subsidiary due to new establishments, and decreased by 1 controlled subsidiary due to capitalincrease by minority shareholders and reorganization of board members. The details are as follows:
1. On January 29, 2024, the company's subsidiary, Robam Appliances (Hong Kong) Holding Co., Ltd.,invested in the establishment of Robam Appliances US Hoding INC. with a registered capital of USD5,000. The registered address is 8 The Green, Ste A, Dover, DE 19901. Robam Appliances (HongKong) Holding Limited holds a 100% equity stake, with its business scope covering asset investmentand management. The registered capital has been fully paid.
2. On March 18, 2024, the company's subsidiary Robam Appliances US Hoding INC. and WGSZ
HOLDING LLC jointly established Robam Appliances Los Angeles Trade LLC. with a registeredcapital of $10,000. Robam Appliances US Holding Inc. holds a 70% stake, while WGSZ HOLDINGLLC. holds a 30% stake. The paid-in capital amounts to $1.858 million. Robam Appliances LosAngeles Trade LLC. primarily engages in the sales of large household kitchen appliances and hascommenced operations.
3. On March 27, 2024, the company invested in establishing Chengdu Robam Innovation Technology
Co., Ltd., with a registered capital of RMB 5,000,000 and a 100% ownership stake. The businessscope includes technical services and software development. The registered capital has been fully paid,and the company has commenced operations.
4. On September 3, 2024, the company invested in establishing Hangzhou ROBAM E-Commerce Co.,Ltd., with a registered capital of RMB 10,000,000 and a 100% ownership stake. The business scopecovers internet sales. The registered capital has been fully paid, and the company has commencedoperations.
5. On September 27, 2024, the company invested in establishing Ningbo Jinke E-Commerce Co., Ltd.,with a registered capital of RMB 5,000,000, a 100% ownership stake. The business scope coversinternet sales. The registered capital has been fully paid, and the company has commenced operations.
6. On September 27, 2024, the company invested in establishing Hangzhou Yuhang Jinke E-Commerce
Co., Ltd., with a registered capital of RMB 5,000,000 and a 100% ownership stake. The businessscope covers internet sales. The registered capital has been fully paid, and the company hascommenced operations.
7. On October 8, 2024, the company invested in establishing Chengdu Robam E-Commerce Co., Ltd.,
with a registered capital of RMB 5,000,000 and a 100% ownership stake. The business scope includesinternet sales. The registered capital has been fully paid, and the company has commenced operations.
2024 Full Annual Report
8. On October 9, 2024, the company invested in establishing Qingdao Mingqi E-Commerce Co., Ltd.,with a registered capital of RMB 5,000,000 and a 100% ownership stake. The business scope coversinternet sales. The registered capital has been fully paid, and no business operations had commencedas of the end of the reporting period.
9. On October 10, 2024, the company invested in establishing Wuhan Jinke E-Commerce Co., Ltd. witha registered capital of RMB 5,000,000, a 100% equity stake. The business scope covers internet sales.The registered capital has been fully paid, and the company has commenced operations.
10. On November 21, 2024, Robam Appliances (Hong Kong) Excellence Limited was officially
established upon obtaining its registration certificate, having been invested and established by ourcompany's subsidiary, Robam Appliances (Hong Kong) Holding Co., Ltd. The registered capital isUSD 50,000, and no business operations had commenced as of the end of the reporting period.
11. On December 16, 2024, PT ROBAM APPLIANCES INDONESIA (hereinafter referred to as
"ROBAM Indonesia") was officially established upon obtaining its registration certificate. It wasjointly invested by Robam Appliances (Hong Kong) Excellence Limited and Robam Appliances(Hong Kong) Holding Co., Ltd., with the former holding a 90% stake and the latter holding a 10%stake. As of the reporting period, the registered capital is USD 1,200,000, and PT ROBAMAPPLIANCES INDONESIA has not commenced operations.
12. On July 22, 2024, CHUCHUWEILAI, a subsidiary controlled by the company's subsidiary, Kinde
Intelligent Holdings, convened a board meeting. The meeting resolved to increase capital andreorganize the board of directors of CHUCHUWEILAI. Effective October 1, 2024, the companyrelinquished control over CHUCHUWEILAI and ceased to include it in the consolidated financialstatements.X. Interests in other entities
1. Interests in a subsidiary
(1) Composition of enterprise group
Unit: yuan
| Subsidiary name | Registered capital | Main operation site | Registration place | Business nature | Shareholding ratio | Way of obtaining | |
| Direct | Indirect | ||||||
Beijing RobamElectricApplianceSales Co., Ltd.
| Beijing Robam Electric Appliance Sales Co., Ltd. | 5,000,000.00 | Beijing | Beijing | Sales of kitchen electric appliance products | 100.00% | Business combination under common control |
ShanghaiRobamElectricApplianceSales Co., Ltd.
| Shanghai Robam Electric Appliance Sales Co., Ltd. | 5,000,000.00 | Shanghai | Shanghai | Sales of kitchen electric appliance products | 100.00% | Business combination under common control |
HangzhouMingqiElectric Co.,Ltd.
| Hangzhou Mingqi Electric Co., Ltd. | 50,000,000.00 | Hangzhou | Hangzhou | Sales of kitchen electric appliance products | 100.00% | Acquisition by establishment |
Dize HomeAppliancesTrading(Shanghai)Co., Ltd.
| Dize Home Appliances Trading (Shanghai) Co., Ltd. | 80,000,000.00 | Shanghai | Shanghai | Sales of kitchen electric appliance products | 51.00% | Acquisition by establishment |
ShengzhouKindeIntelligentKitchen
| Shengzhou Kinde Intelligent Kitchen | 32,653,061.00 | Shaoxing City | Shaoxing City | Production and sales of kitchen electric appliance | 51.00% | Business combination not under common |
2024 Full Annual Report
| Electric Co., Ltd. | products | control |
HangzhouRobamFuchuangInvestmentManagementCo., Ltd.
| Hangzhou Robam Fuchuang Investment Management Co., Ltd. | 10,000,000.00 | Hangzhou | Hangzhou | Assets and investment management | 100.00% | Acquisition by establishment |
HangzhouJinhe ElectricAppliancesCo., Ltd
| Hangzhou Jinhe Electric Appliances Co., Ltd | 10,000,000.00 | Hangzhou | Hangzhou | Sales of kitchen electric appliance products | 100.00% | Acquisition by establishment |
ROBAMAppliances(Hong Kong)HoldingsLimited
| ROBAM Appliances (Hong Kong) Holdings Limited | 2,250,000.00 | Hong Kong | Hong Kong | Assets and investment management | 100.00% | Acquisition by establishment |
ROBAMInternational(Hong Kong)Trading Co.,Ltd.
| ROBAM International (Hong Kong) Trading Co., Ltd. | 500,000.00 | Hong Kong | Hong Kong | Sales of kitchen electric appliance products | 100.00% | Acquisition by establishment |
RobamAppliances USHoding INC.
| Robam Appliances US Hoding INC. | 1,750,000.00 | Los Angles | Los Angles | Assets and investment management | 100.00% | Acquisition by establishment |
RobamAppliancesLos AngelesTrade LLC
| Robam Appliances Los Angeles Trade LLC | 2,500,000.00 | Los Angles | Los Angles | Sales of kitchen electric appliance products | 70.00% | Acquisition by establishment |
ChengduRobamInnovationTechnologyCo., Ltd.
| Chengdu Robam Innovation Technology Co., Ltd. | 5,000,000.00 | Chengdu City | Chengdu City | Software development services | 100.00% | Acquisition by establishment |
HangzhouROBAM E-CommerceCo., Ltd.
| Hangzhou ROBAM E-Commerce Co., Ltd. | 10,000,000.00 | Hangzhou | Hangzhou | Sales of kitchen electric appliance products | 100.00% | Acquisition by establishment |
Ningbo JinkeE-CommerceCo., Ltd.
| Ningbo Jinke E-Commerce Co., Ltd. | 5,000,000.00 | Ningbo City | Ningbo City | Sales of kitchen electric appliance products | 100.00% | Acquisition by establishment |
HangzhouYuhang JinkeE-CommerceCo., Ltd.
| Hangzhou Yuhang Jinke E-Commerce Co., Ltd. | 5,000,000.00 | Hangzhou | Hangzhou | Sales of kitchen electric appliance products | 100.00% | Acquisition by establishment |
ChengduRobam E-CommerceCo., Ltd.
| Chengdu Robam E-Commerce Co., Ltd. | 5,000,000.00 | Chengdu City | Chengdu City | Sales of kitchen electric appliance products | 100.00% | Acquisition by establishment |
QingdaoMingqi E-CommerceCo., Ltd.
| Qingdao Mingqi E-Commerce Co., Ltd. | 5,000,000.00 | Qingdao City | Qingdao City | Sales of kitchen electric appliance products | 100.00% | Acquisition by establishment |
Wuhan JinkeE-CommerceCo., Ltd.
| Wuhan Jinke E-Commerce Co., Ltd. | 5,000,000.00 | Wuhan City | Wuhan City | Sales of kitchen electric appliance products | 100.00% | Acquisition by establishment |
RobamAppliances(Hong Kong)ExcellenceLimited
| Robam Appliances (Hong Kong) Excellence Limited | 50,000.00 | Hong Kong | Hong Kong | Sales of kitchen electric appliance products | 100.00% | Acquisition by establishment |
2024 Full Annual Report
| PT ROBAM APPLIANCES INDONESIA | 1,200,000.00 | Jakarta | Jakarta | Sales of kitchen electric appliance products | 100.00% | Acquisition by establishment |
Difference between the shareholding ratio and the voting right ratio in the subsidiary:
Basis for holding half or less of the voting rights but still controlling the investee, and holding more than half of the voting rightsbut not controlling the investee:
For important structured entities included in the scope of merger, the basis of control is:
Basis for determining whether the company is an agent or a principal:
(2) Important non-wholly owned subsidiary
Unit: yuan
| Subsidiary name | Minority shareholding ratio | Current profits and losses attributable to minority shareholders | Current dividends declared to minority shareholders | Ending balance of minority equity |
Shengzhou KindeIntelligent KitchenElectric Co., Ltd.
| Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd. | 49.00% | -20,205,369.73 | 92,030,155.40 |
Robam Appliances LosAngeles Trade LLC
| Robam Appliances Los Angeles Trade LLC | 30.00% | -1,695,126.38 | -1,047,562.92 |
(3) Main financial information of important non-wholly owned subsidiaries
Unit: yuan
| Subsidiary name | Ending balance | Beginning balance | ||||||||||
| Current assets | Non-current assets | Total assets | Current liabilities | Non-current liabilities | Total liabilities | Current assets | Non-current assets | Total assets | Current liabilities | Non-current liabilities | Total liabilities | |
ShengzhouKindeIntelligentKitchenElectricCo.,Ltd.
| Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd. | 69,571,473.48 | 317,042,813.22 | 386,614,286.70 | 159,770,138.96 | 39,027,504.07 | 198,797,643.03 | 109,441,329.81 | 341,074,155.13 | 450,515,484.94 | 188,644,246.55 | 41,769,390.83 | 230,413,637.38 |
RobamAppliances LosAngelesTradeLLC
| Robam Appliances Los Angeles Trade LLC | 18,965,345.49 | 2,966,780.56 | 21,932,126.05 | 14,269,017.13 | 14,269,017.13 |
Unit: yuan
| Subsidiary name | Amount incurred in current period | Amount incurred in previous period | ||||||
| Operating income | Net profit | Total comprehensive income | Cash flow from financing activities | Operating income | Net profit | Total comprehensive income | Cash flow from financing activities | |
ShengzhouKindeIntelligentKitchenElectric Co.,Ltd.
| Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd. | 98,696,182.28 | -33,186,068.46 | -33,186,068.46 | -29,014,045.18 | 148,506,855.32 | -32,142,248.55 | -32,142,248.55 | -44,183,591.86 |
2024 Full Annual Report
| Robam Appliances Los Angeles Trade LLC | 16,062,205.14 | -5,650,421.27 | -5,527,183.08 | -12,075,926.02 |
2. Interests in joint ventures and associates
(1) Summary of financial information of unimportant cooperative enterprises and joint ventures
Unit: yuan
| Ending balance/amount incurred in current period | Beginning balance/amount incurred in previous period |
Cooperative enterprise:
| Cooperative enterprise: |
Total book value of investment
| Total book value of investment | 6,351,201.11 | 4,321,729.39 |
Total number of following items byshareholding ratio
| Total number of following items by shareholding ratio |
- Net profit
| - Net profit | -5,158,495.91 | 497,269.36 |
- Total comprehensive income
| - Total comprehensive income | -5,158,495.91 | 497,269.36 |
Joint venture:
| Joint venture: |
Total book value of investment
| Total book value of investment | 4,209,859.68 | 4,105,720.85 |
Total number of following items byshareholding ratio
| Total number of following items by shareholding ratio |
- Net profit
| - Net profit | 104,138.83 | -788,324.74 |
- Total comprehensive income
| - Total comprehensive income | 104,138.83 | -788,324.74 |
Other description:
XI. Government subsidies
1. Government subsidies recognized in accounts receivable at the end of the reporting period
□ Applicable ? Not applicable
Reasons for a failure of receiving the expected amount of government subsidies at the expected time point?Applicable ? Not Applicable
2. Liabilities involving government subsidies
? Applicable ? Not Applicable
| Accounting subject | Year-beginning balance | Amount of additional subsidy in current year | Amount included in current non-operating income | Amount transferred to other income during the year | Other changes during the year | Year-end balance | Asset/income related |
Deferredincome
| Deferred income | 136,538,254.74 | 22,033,982.02 | 114,504,272.72 | Asset related |
Total
| Total | 136,538,254.74 | 22,033,982.02 | 114,504,272.72 |
2024 Full Annual Report
3. Government subsidies included in current profit and loss
? Applicable □ Not applicable
Unit: yuan
| Accounting subject | Amount incurred in current period | Amount incurred in previous period |
Other income
| Other income | 158,366,990.73 | 173,912,473.94 |
Other description:
XII. Risks associated with financial instruments
1. Various types of risks arising from financial instruments
The main financial instruments of the Company include accounts receivable, accounts payable, etc. Thedetailed description of the financial instruments is shown in Note V. The risks associated with thesefinancial instruments and the risk management policies adopted by the Company to mitigate these risks aredescribed below. The management of the Company shall manage and monitor these risk exposures toensure that the above risks are controlled within the limited scope.
1. ． The Company's various risk management objectives and policies are as follows:
The Company’s risk management is to strike an appropriate balance between risks and benefits, minimizethe negative impact of risks on the Company's business performance and maximize the interests ofshareholders and other equity investors. Based on this risk management objective, the basic strategy of theCompany's risk management is to determine and analyze various risks faced by the Company, establish anappropriate bottom line for risk tolerance, make risk management and timely and reliably supervise variousrisks to control the risks within the limited scope.? Market risk - price riskThe Company sells the products at market prices and are therefore subject to fluctuations in these prices.? Credit risk
The largest credit risk exposure that may cause financial losses of the Company on December 31, 2024mainly comes from the loss of financial assets of the Company caused by the failure of the other party tofulfill its obligations, including the book value of financial assets recognized in the consolidated balancesheet.In order to reduce credit risks, the Company shall assign special personnel to determine the credit limit,conduct credit examination and approval, and implement other monitoring procedures to ensure thatnecessary measures are taken to recover overdue claims. Moreover, the Company shall review therecovery of each single receivable on each balance sheet date to ensure that adequate bad debt provisionsare withdrawn for unrecoverable amounts. Therefore, the Company's management believes that theCompany's credit risk has been greatly reduced.The Company's working capital is deposited in banks with high credit rating, so the credit risk of workingcapital is low.There is no significant credit concentration risk due to the Company's risk exposure to multiple parties andcustomers.The Company has adopted the necessary policies to ensure that all sales customers have good creditrecords. The Company has no significant credit concentration risk.Total amount of the top 5 accounts receivable: RMB 1,341,542,679.21.Total amount of the top 5 other receivables: RMB 53,473,496.17.
? Liquidity risk:
2024 Full Annual Report
The risk that the Company is unable to perform its financial obligations at maturity. The Companymanages its liquidity risk by ensuring that it has sufficient liquidity to meet maturing obligations withoutcausing unacceptable losses or damage to the credibility of the business. The management of the Companyhas conducted a detailed inspection on the working capital of the Company and regularly analyzed the debtstructure, term and bank line of credit to ensure sufficient funds. The conclusion is that the Company hassufficient funds to meet the needs of the Company's short-term debts and capital expenditures. Thefinancial assets and financial liabilities held by the Company are analyzed as follows according to thematurity of undiscounted remaining contractual obligations:
Amount on December 31, 2024:
| Item | Within one year | One to two years | Two to five years | More than five years | Total |
Financial assets
| Financial assets |
Monetary capital
| Monetary capital | 1,631,776,094.27 | 1,631,776,094.27 |
Trading financialassets
| Trading financial assets | 2,180,000,000.00 | 2,180,000,000.00 |
Notes receivable
| Notes receivable | 817,563,424.67 | 817,563,424.67 |
Accountsreceivable
| Accounts receivable | 1,963,710,151.61 | 1,963,710,151.61 |
Other receivables
| Other receivables | 86,729,886.98 | 86,729,886.98 |
Non-current assetsdue within a year
| Non-current assets due within a year | 899,560,428.08 | 899,560,428.08 |
Other current assets
| Other current assets | 1,411,059,496.48 | 1,411,059,496.48 |
Other non-currentfinancial assets
| Other non-current financial assets | 300,000,000.00 | 300,000,000.00 |
Other non-currentassets
| Other non-current assets | 485,413,689.48 | 3,009,648,313.55 | 3,495,062,003.04 |
Financialliabilities
| Financial liabilities |
Short-termborrowing
| Short-term borrowing | 93,239,299.06 | 93,239,299.06 |
Notes payable
| Notes payable | 1,061,073,856.74 | 1,061,073,856.74 |
Accounts payable
| Accounts payable | 2,830,095,046.91 | 2,830,095,046.91 |
Other payables
| Other payables | 285,326,671.78 | 285,326,671.78 |
Payroll payable
| Payroll payable | 188,410,062.92 | 188,410,062.92 |
Other currentliabilities
| Other current liabilities | 95,808,311.01 | 95,808,311.01 |
Non-currentliabilities duewithin a year
| Non-current liabilities due within a year | 2,136,543.64 | 2,136,543.64 |
Lease liabilities
| Lease liabilities | 2,330,517.42 | 6,129,458.89 | 1,737,544.18 | 10,197,520.49 |
? Sensitivity analysis of foreign exchange riskThe Company's exchange rate risk is mainly related to US dollar, Euro, Australian dollar and othercurrencies. The foreign exchange risk borne by the Company is mainly related to USD, and the mainbusiness activities of the Company are denominated and settled in RMB. As of December 31, 2024, theCompany's assets and liabilities were RMB balance, except the foreign currency balance of the assets andliabilities in Note “VII. 58 Foreign currency monetary items”. The foreign exchange risks arising from theassets and liabilities of such foreign currency balance may have an impact on the Company's businessperformance.The Company pays close attention to the exchange rate movement on its foreign exchange risks. and hasnot taken any measures to avoid foreign exchange risks.
2024 Full Annual Report
XIII. Fair value disclosure
1. Ending fair value of assets and liabilities measured with fair value
Unit: yuan
| Item | Ending fair value | |||
| Measurement of fair value at the first level | Measurement of fair value at the second level | Measurement of fair value at the third level | Total | |
I. Continuous fair valuemeasurement
| I. Continuous fair value measurement | -- | -- | -- | -- |
(I) Trading financialassets
| (I) Trading financial assets | 2,180,000,000.00 | 2,180,000,000.00 |
1. FVTPL
| 1. FVTPL | 2,180,000,000.00 | 2,180,000,000.00 |
Bank financial products
| Bank financial products | 2,180,000,000.00 | 2,180,000,000.00 |
Other non-currentfinancial assets
| Other non-current financial assets | 300,000,000.00 | 300,000,000.00 |
(III) Other equityinstrument investments
| (III) Other equity instrument investments | 2,116,023.22 | 2,116,023.22 |
Total assets continuouslymeasured at fair value
| Total assets continuously measured at fair value | 2,482,116,023.22 | 2,482,116,023.22 |
II. Non-continuous fairvalue measurement
| II. Non-continuous fair value measurement | -- | -- | -- | -- |
2. Continuous and non-continuous measurement items of fair value at third level, qualitative andquantitative information on valuation techniques adopted and important parameters
| Item | Fair value at year-end | Valuation technique | Significant unobservable value | Relationship between unobservable value and fair value |
Bank financial products
| Bank financial products | 2,480,000,000.00 | Best estimate of fair value | Investment cost | — |
Other equity instrumentinvestments
| Other equity instrument investments | 2,116,023.22 | Best estimate of fair value | Investment cost | — |
XIV. Related parties and related transactions
1. Parent company of the Company
| Parent company name | Registration place | Business nature | Registered capital | Shareholding ratio of the parent company in the Company | Voting right ratio of the parent company in the Company |
Hangzhou ROBAMIndustrial GroupCo., Ltd.
| Hangzhou ROBAM Industrial Group Co., Ltd. | Hangzhou, Zhejiang | Investment and industrial management | RMB 60 million | 49.68% | 49.68% |
Description of the parent company of the CompanyThe ultimate controlling party of the Company is Ren Jianhua.Other description:
2. Subsidiaries of the Company
See Note X, 1. Interests in a subsidiary for the details of the subsidiaries.
2024 Full Annual Report
3. Cooperative enterprises and joint ventures
For significant joint ventures and associates of the enterprise, please refer to Note X. 2 (1) for insignificant joint ventures andassociates.Other cooperative enterprises or joint ventures that made related party transactions with the Company in the current period, orformed the balance of related party transactions with the Company in the previous periods are as follows:
| Name of cooperative enterprise or joint venture | Relationship with the Company |
De Dietrich Trade (Shanghai) Co., Ltd.
| De Dietrich Trade (Shanghai) Co., Ltd. | Cooperative enterprise |
Zhejiang Tingshuo Brand Operation Management Co., Ltd.
| Zhejiang Tingshuo Brand Operation Management Co., Ltd. | Joint venture |
Shaoxing Shuaige Kitchen and Bathroom Technology Co., Ltd.
| Shaoxing Shuaige Kitchen and Bathroom Technology Co., Ltd. | Joint venture |
Zhejiang Cooking Future Technology Co., Ltd.
| Zhejiang Cooking Future Technology Co., Ltd. | Joint venture |
Other description:
4. Related transaction
(1) Related transaction of purchases and sales of goods, provision and acceptance of services
Purchase of goods/acceptance of services
Unit: yuan
| Related party | Related transaction content | Amount incurred in current period | Approved transaction quota | Whether the transaction quota is exceeded | Amount incurred in previous period |
Hangzhou RunqunHardware Co., Ltd.
| Hangzhou Runqun Hardware Co., Ltd. | Product purchase | 11,529,974.36 | No | 10,698,089.17 |
Hangzhou AmblemKitchenware Co.,Ltd.
| Hangzhou Amblem Kitchenware Co., Ltd. | Product purchase | 9,213,993.79 | No | 2,800,166.35 |
Hangzhou SeazonsHealth CareProducts Co., Ltd.
| Hangzhou Seazons Health Care Products Co., Ltd. | Product purchase | 2,818,849.68 | No | 2,148,302.12 |
Hangzhou ROBAMGas Station Co.,Ltd.
| Hangzhou ROBAM Gas Station Co., Ltd. | Product purchase | 940,500.64 | No | 1,052,126.35 |
Garden HotelHangzhou
| Garden Hotel Hangzhou | Labor receiving | 900,293.26 | No |
De Dietrich Trade(Shanghai) Co., Ltd.
| De Dietrich Trade (Shanghai) Co., Ltd. | Product purchase | 136,741.59 | No |
Zhejiang TingshuoBrand OperationManagement Co.,Ltd.
| Zhejiang Tingshuo Brand Operation Management Co., Ltd. | Product purchase | 131,132.08 | No |
Hangzhou NbondNonwoven Co., Ltd.
| Hangzhou Nbond Nonwoven Co., Ltd. | Product purchase | 70,297.35 | No | 100,617.26 |
HangzhouGuoguang TouringCommodity Co., Ltd
| Hangzhou Guoguang Touring Commodity Co., Ltd | Product purchase | 34,469.05 | No | 22,643.45 |
Hangzhou BonyeeDaily NecessityTechnology Co.,Ltd.
| Hangzhou Bonyee Daily Necessity Technology Co., Ltd. | Product purchase | 1,097.35 | No | 27,036.46 |
Hangzhou YuhangMatt Spray PaintingFactory
| Hangzhou Yuhang Matt Spray Painting Factory | Labor receiving | No | 805,737.87 |
Shaoxing ShuaigeKitchen andBathroomTechnology Co.,Ltd.
| Shaoxing Shuaige Kitchen and Bathroom Technology Co., Ltd. | Product purchase | No | 26,672.57 |
Total
| Total | 25,777,349.15 | No | 17,681,391.60 |
2024 Full Annual Report
Selling commodities/offering labor
Unit: yuan
| Related party | Related transaction content | Amount incurred in current period | Amount incurred in previous period |
Hangzhou Linping ROBAMCharity Foundation
| Hangzhou Linping ROBAM Charity Foundation | Selling commodities | 3,685,439.93 | 4,809,131.50 |
Hangzhou AmblemKitchenware Co., Ltd.
| Hangzhou Amblem Kitchenware Co., Ltd. | Selling commodities | 1,644,853.40 | 3,531,669.93 |
Zhejiang Cooking FutureTechnology Co., Ltd.
| Zhejiang Cooking Future Technology Co., Ltd. | Selling commodities | 354,092.93 |
Hangzhou Runqun HardwareCo., Ltd.
| Hangzhou Runqun Hardware Co., Ltd. | Selling commodities | 24,601.77 | 30,097.35 |
Hangzhou Nbond NonwovenCo., Ltd.
| Hangzhou Nbond Nonwoven Co., Ltd. | Selling commodities | 18,989.63 | 20,202.78 |
De Dietrich Trade (Shanghai)Co., Ltd.
| De Dietrich Trade (Shanghai) Co., Ltd. | Selling commodities | 930,819.37 |
Total
| Total | 5,727,977.66 | 9,321,920.93 |
Related transaction of purchases and sales of goods, provision and acceptance of services
(2) Related-party lease
The Company as the lessor:
Unit: yuan
| Name of lessee | Type of leased assets | Lease income recognized in the current period | Lease income recognized in the previous period |
Hangzhou ROBAMIndustrial Group Co., Ltd.
| Hangzhou ROBAM Industrial Group Co., Ltd. | House | 28,800.00 | 28,800.00 |
Zhejiang Cooking FutureTechnology Co., Ltd.
| Zhejiang Cooking Future Technology Co., Ltd. | House | 1,414,458.71 | 1,414,458.71 |
Shaoxing Shuaige Kitchenand Bathroom TechnologyCo., Ltd.
| Shaoxing Shuaige Kitchen and Bathroom Technology Co., Ltd. | House | 585,104.59 | 0.00 |
The Company as the lessee:
Unit: yuan
| Name of lessor | Type of leased assets | Simplified treatment of rental costs for short-term lease and low-value asset lease (if applicable) | Variable lease payments not included in the measurement of lease liabilities (if applicable) | Rent paid | Interest expenses incurred on lease liabilities | Increased right-of-use assets | |||||
| Amount incurred in current period | Amount incurred in previous period | Amount incurred in current period | Amount incurred in previous period | Amount incurred in current period | Amount incurred in previous period | Amount incurred in current period | Amount incurred in previous period | Amount incurred in current period | Amount incurred in previous period | ||
RobamIndustrialGroup
| Robam Industrial Group | House | 550,024.57 | 550,024.57 |
Related party lease
2024 Full Annual Report
(3) Key management personnel remuneration
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
| Total remuneration | 15,603,082.50 | 15,808,331.72 |
(4) Other related party transactions
5. Accounts receivable and payable by related parties
(1) Receivables
Unit: yuan
| Item name | Related party | Ending balance | Beginning balance | ||
| Book balance | Provision for bad debt | Book balance | Provision for bad debt | ||
Accounts receivable
| Accounts receivable | De Dietrich Trade (Shanghai) Co., Ltd. | 1,051,825.87 | 1,051,825.87 |
Accounts receivable
| Accounts receivable | Zhejiang Cooking Future Technology Co., Ltd. | 399,625.00 |
Advances tosuppliers
| Advances to suppliers | Hangzhou Amblem Kitchenware Co., Ltd. | 5,974,284.34 |
Total
| Total | 7,425,735.21 | 1,051,825.87 |
(2) Payables
Unit: yuan
| Item name | Related party | Ending book balance | Beginning book balance |
Accounts payable
| Accounts payable | Hangzhou Runqun Hardware Co., Ltd. | 3,630,103.44 | 4,936,378.35 |
Accounts payable
| Accounts payable | Hangzhou ROBAM Gas Station Co., Ltd. | 4,799,763.69 | 3,736,997.95 |
Accounts payable
| Accounts payable | Hangzhou Amblem Kitchenware Co., Ltd. | 1,366,001.27 |
Accounts payable
| Accounts payable | Hangzhou Seazons Health Care Products Co., Ltd. | 443,534.71 |
Accounts payable
| Accounts payable | Hangzhou Guoguang Touring Commodity Co., Ltd | 7,900.00 |
Accounts payable
| Accounts payable | Hangzhou Bonyee Daily Necessity Technology Co., Ltd. | 9.38 |
Other payables
| Other payables | Hangzhou Runqun Hardware Co., Ltd. | 200,000.00 | 200,000.00 |
Other payables
| Other payables | Hangzhou Amblem Kitchenware Co., Ltd. | 5,000.00 | 5,000.00 |
Other payables
| Other payables | Hangzhou Guoguang Touring Commodity Co., Ltd | 2,000.00 | 2,000.00 |
Total
| Total | 9,088,311.22 | 10,246,377.57 |
2024 Full Annual Report
XV. Share-based payment
1. Overall status of share-based payment
? Applicable □ Not applicable
| Granted to | Granted in current period | Exercised in current period | Unlocked in current period | Invalidated in current period | ||||
| Quantity | Amount | Quantity | Amount | Quantity | Amount | Quantity | Amount | |
Management
| Management | 5.69 million shares | 51.9326 million yuan | 687,300 shares | 1.9164 million yuan | 901,800 shares | 3.2916 million yuan | 3.1908 million shares | 15.3168 million yuan |
Total
| Total | 5.69 million shares | 51.9326 million yuan | 687,300 shares | 1.9164 million yuan | 901,800 shares | 3.2916 million yuan | 3.1908 million shares | 15.3168 million yuan |
Outstanding stock options or other equity instruments at the end of the period
□ Applicable ? Not applicable
Other description:
2. Equity-settled share-based payments
? Applicable □ Not applicable
Unit: yuan
| Method for determining the fair value of equity instruments on the grant date | The Company evaluates the fair value of the stock options with the internationally recognized BlackScholes option pricing model |
Important parameters of the fair value of equity instruments onthe grant date
| Important parameters of the fair value of equity instruments on the grant date | Optimum estimation for the number of equity instruments with exercisable rights |
Basis for the determination of the number of equity instrumentswith exercisable rights
| Basis for the determination of the number of equity instruments with exercisable rights | N/A |
Reasons for significant differences between the current estimateand the previous estimate
| Reasons for significant differences between the current estimate and the previous estimate | N/A |
Accumulated amount of equity-settled share-based paymentsrecorded in capital reserves
| Accumulated amount of equity-settled share-based payments recorded in capital reserves | 15,553,988.29 |
Total amount of expenses recognized by equity-settled share-based payments in current period
| Total amount of expenses recognized by equity-settled share-based payments in current period | 5,919,213.83 |
Other description:
3. Share-based payment settled by cash
□ Applicable ? Not applicable
4. Share-based payments in current period
? Applicable □ Not applicable
Unit: yuan
| Granted to | Equity-settled share-based payments | Cash-settled share-based payment |
Management
| Management | 5,919,213.83 |
Total
| Total | 5,919,213.83 |
Other description:
2024 Full Annual Report
XVI. Commitment and contingencies
1. Important commitment issues
Important commitments on balance sheet date
1. Investment commitments to subsidiaries and associated companies
The Company has committed to invest RMB 4 million in Zhejiang Tingshuo Brand OperationManagement Co., Ltd., an associated company of the Company. At present, RMB 2 million has been paidin, accounting for 40% of the equity, and RMB 2 million has not been paid.Except for the above commitment, the Company has no other major commitments.
2. Contingencies
(1) Important contingencies on balance sheet date
The Company had no significant contingencies to be disclosed as of December 31, 2024.
(2) Explanation even if the Company has no important contingencies to be disclosed
The Company has no important contingencies to be disclosed.XVII. Post-balance sheet events
1. Important non-adjustment items
Unit: yuan
| Item | Contents | Impact on financial condition and operating results | Reasons for inability to estimate impact |
Important debt restructuring
| Important debt restructuring | As of the reporting date, the newly signed accounts receivable debt repayment agreement of the Company amounted to RMB 17.2442 million, including RMB 2.6703 million for which online signing and delivery procedures have been completed; The amount of debt repayment agreement entered into in 2024 and earlier for which online signing and delivery procedures have been completed between the balance sheet date and the reporting date is RMB 22.6659 million. |
2. Profit distribution
| Dividend to be distributed for every 10 shares (yuan) | 5 |
Bonus shares to be distributed for every 10 shares (shares)
| Bonus shares to be distributed for every 10 shares (shares) | 0 |
Increase shares to be distributed for every 10 shares (shares)
| Increase shares to be distributed for every 10 shares (shares) | 0 |
Dividend declared for every 10 shares after deliberation andapproval (yuan)
| Dividend declared for every 10 shares after deliberation and approval (yuan) | 5 |
2024 Full Annual Report
| Bonus shares declared for every 10 shares after deliberation and approval (shares) | 0 |
Increase shares declared for every 10 shares after deliberation andapproval (shares)
| Increase shares declared for every 10 shares after deliberation and approval (shares) | 0 |
Profit distribution scheme
| Profit distribution scheme | On April 28, 2025, pursuant to the "Proposal on the 2024 Profit Distribution Plan" adopted at the 13th meeting of the Sixth Board of Directors of the Company, it is proposed to distribute a cash dividend of RMB 5 per 10 shares (tax inclusive) to all shareholders based on the total share capital of 944,938,916 shares, amounting to a total of RMB 472,469,458.00. The proposal still shall be subject to the deliberation and approval by the Company's annual general meeting of shareholders in 2024. |
3. Other post-balance sheet date events
(1) the Cancellation of Partial Stock Options in the 2022 and 2024 Stock Option Incentive PlanOn April 28, 2025, the Company's 13th meeting of the 6th Board of Directors deliberated and approved theProposal on the Cancellation of Partial Stock Options in the 2022 Stock Option Incentive Plan and theProposal on the Cancellation of Partial Stock Options in the 2024 Stock Option Incentive Plan and otherproposals.9 incentive objects under the 2022 Stock Option Incentive Plan no longer meet the incentive conditionsdue to their resignation. The Company will cancel a total of 48,000 stock options that have been grantedbut not yet exercised by these nine objects. The exercise conditions for the third exercise period of the2022 Stock Option Incentive Plan were not met. The Company will cancel 1,672,000 stock options held bythe incentive objects that have been granted but do not meet the exercise conditions for the third exerciseperiod. A total of 1,720,000 stock options will be canceled this time.13 incentive objects under the 2024 Stock Option Incentive Plan no longer meet the incentive conditionsdue to their resignation. The Company will cancel a total of 190,000 stock options that have been grantedbut not yet exercised by these 13 objects. The exercise conditions for the first exercise period of the 2024Stock Option Incentive Plan were not met. The Company will cancel 1,650,000 stock options held by theincentive objects that have been granted but do not meet the exercise conditions for the first exerciseperiod. A total of 1,840,000 stock options will be canceled this time.
(2) 2025 Stock Option Incentive Plan
On April 28, 2025, the 13th meeting of the sixth the Board of Directors of the Company deliberated andapproved the 2024 Stock Option Incentive Plan (Draft) of ROBAM Appliances Co., Ltd. and its Abstract.The total number of stock options to be granted under this incentive plan is 6.08 million, representingapproximately 0.65% of the Company's total share capital of 944.127316 million shares at the time of theAnnouncement of the Draft Incentive Plan. The total incentive objects under the Incentive Plan is 372,including mid-level management personnel and core technical (business) backbone employees employedby the Company (including subsidiaries, the same below) at the time of announcing this incentive plan.The validity period of the Incentive Plan shall be from the date of stock option grant until the date when allstock options granted to the incentive objects are exercised or canceled, with a maximum duration notexceeding 48 months. The proposal still shall be subject to the deliberation and approval by the Company'sannual general meeting of shareholders in 2024.Except for the above matters, the Company has no other significant events occurring after the balancesheet date.
2024 Full Annual Report
XVIII. Other important matters
1. Debt restructuring matters
1. Debt restructuring matters
As of December 31, 2024, the Company has signed the following project mortgage property agreementsand completed the online signing procedures of the property as follows:
| Item | Amount of debt agreement signed | Including: those completing the online signing procedures and delivery procedures Fees for procedures | Amount of those not completing the online signing or delivery procedures |
Real estatecustomers
| Real estate customers | 630,308,086.56 | 187,238,672.32 | 443,069,414.24 |
Total
| Total | 630,308,086.56 | 187,238,672.32 | 443,069,414.24 |
The total amount of accounts receivable involved in the work-offset property agreements signed betweenthe Company and the aforementioned real estate customers is RMB 630,308,100, of which RMB187,238,700 has been completed with online signing and delivery procedures, the recognition of claimsreceivable of which has been terminated. The fair value of the mortgaged property at the time of debtrestructuring is reported in other non-current assets. The fair value of the property is RMB 193,092,400,which was confirmed through public market inquiry. The Company pays the difference of RMB 5,853,700in cash, the debt restructuring matters do not generate any restructuring gains or losses at the time ofrestructuring. The remaining RMB 443,069,400 has not yet been completed with online registration of thehouse and the Company has not terminated the recognition of claims receivable, and make the provisionfor bad debts based on an expected credit loss rate of 35%.XIX. Notes on main items of parent company's financial statement
1. Accounts receivable
(1) Disclosure by aging
Unit: yuan
| Aging | Ending book balance | Beginning book balance |
Within 1 year (including 1 year)
| Within 1 year (including 1 year) | 1,471,330,296.27 | 1,489,994,730.67 |
1 to 2 years
| 1 to 2 years | 474,291,949.18 | 472,477,129.39 |
2 to 3 years
| 2 to 3 years | 379,588,925.41 | 885,752,898.72 |
More than 3 years
| More than 3 years | 596,065,429.50 | 45,010,462.60 |
3 to 4 years
| 3 to 4 years | 575,268,875.83 | 34,537,581.13 |
4 to 5 years
| 4 to 5 years | 16,171,207.47 | 6,215,681.25 |
More than 5 years
| More than 5 years | 4,625,346.20 | 4,257,200.22 |
Total
| Total | 2,921,276,600.36 | 2,893,235,221.38 |
2024 Full Annual Report
(2) Classified disclosure by bad debt provision method
Unit: yuan
| Category | Ending balance | Beginning balance | ||||||||
| Book balance | Provision for bad debt | Book value | Book balance | Provision for bad debt | Book value | |||||
| Amount | Proportion | Amount | Accruing proportion | Amount | Proportion | Amount | Accruing proportion | |||
Accountsreceivableofprovisionfor baddebt bysingleitem
| Accounts receivable of provision for bad debt by single item | 1,395,518,815.38 | 47.77% | 874,622,840.75 | 62.67% | 520,895,974.63 | 1,550,300,627.39 | 53.58% | 1,053,487,050.41 | 67.95% | 496,813,576.98 |
Where:
| Where: |
Accountsreceivableofprovisionfor baddebt bycombination
| Accounts receivable of provision for bad debt by combination | 1,525,757,784.98 | 52.23% | 95,804,879.87 | 6.28% | 1,429,952,905.11 | 1,342,934,593.99 | 46.42% | 83,899,580.41 | 6.25% | 1,259,035,013.58 |
Where:
| Where: |
Combination ofrelatedparty
| Combination of related party | 163,229,755.86 | 5.59% | 163,229,755.86 | 98,882,576.05 | 3.42% |
Agingcombination
| Aging combination | 1,362,528,029.12 | 46.64% | 95,804,879.87 | 7.03% | 1,266,723,149.25 | 1,244,052,017.94 | 43.00% | 83,899,580.41 | 6.74% | 1,160,152,437.53 |
Total
| Total | 2,921,276,600.36 | 100.00% | 970,427,720.62 | 33.22% | 1,950,848,879.74 | 2,893,235,221.38 | 100.00% | 1,137,386,630.82 | 39.31% | 1,755,848,590.56 |
Provision for bad debts by single item: Provision for bad debts on accounts receivable by single item
Unit: yuan
| Name | Beginning balance | Ending balance | ||||
| Book balance | Provision for bad debt | Book balance | Provision for bad debt | Accruing proportion | Reasons for provision | |
Unit 1
| Unit 1 | 660,039,726.23 | 660,039,726.23 | 452,376,997.98 | 452,376,997.98 | 100.00% | Expected to be difficult to recover |
Unit 2
| Unit 2 | 364,027,062.34 | 109,208,118.70 | 268,881,331.31 | 80,664,399.39 | 30.00% | Expected to be difficult to fully recover |
Unit 3
| Unit 3 | 203,529,970.40 | 88,163,472.75 | 210,503,483.99 | 84,736,206.00 | 40.25% | Expected to be difficult to fully recover |
Unit 4
| Unit 4 | 103,644,563.87 | 62,549,255.29 | 96,569,954.48 | 61,994,216.22 | 64.20% | Expected to be difficult to fully recover |
Unit 5
| Unit 5 | 28,796,628.81 | 12,808,177.77 | 41,443,548.30 | 19,757,309.66 | 47.67% | Expected to be difficult to fully recover |
Unit 6
| Unit 6 | 29,777,855.31 | 9,697,560.92 | 32.57% | Expected to be difficult to fully recover |
2024 Full Annual Report
| Unit 7 | 29,833,027.36 | 20,883,119.15 | 29,119,062.94 | 10,394,103.97 | 35.70% | Expected to be difficult to fully recover |
Unit 8
| Unit 8 | 25,778,392.36 | 11,241,222.53 | 43.61% | Expected to be difficult to fully recover |
Unit 9
| Unit 9 | 24,368,544.00 | 24,368,544.00 | 100.00% | Expected to be difficult to recover |
Unit 10
| Unit 10 | 25,826,189.64 | 17,748,183.70 | 22,113,876.84 | 14,170,945.84 | 64.08% | Expected to be difficult to fully recover |
Unit 11
| Unit 11 | 14,496,568.66 | 4,037,272.96 | 27.85% | Expected to be difficult to fully recover |
Unit 12
| Unit 12 | 22,983,529.61 | 15,004,193.26 | 13,604,360.56 | 7,556,003.93 | 55.54% | Expected to be difficult to fully recover |
Unit 13
| Unit 13 | 15,100,611.29 | 8,471,506.90 | 13,352,120.83 | 7,829,472.76 | 58.64% | Expected to be difficult to fully recover |
Unit 14
| Unit 14 | 11,825,693.10 | 3,114,642.31 | 26.34% | Expected to be difficult to fully recover |
Unit 15
| Unit 15 | 10,980,639.05 | 4,616,469.03 | 42.04% | Expected to be difficult to fully recover |
Unit 16
| Unit 16 | 13,643,117.43 | 7,265,607.25 | 10,697,891.45 | 7,488,524.02 | 70.00% | Expected to be difficult to fully recover |
Unit 17
| Unit 17 | 9,180,961.06 | 9,180,961.06 | 9,180,961.06 | 9,180,961.06 | 100.00% | Expected to be difficult to recover |
Unit 18
| Unit 18 | 11,403,482.66 | 6,897,017.86 | 6,429,558.45 | 4,044,430.92 | 62.90% | Expected to be difficult to fully recover |
Unit 19
| Unit 19 | 7,305,800.75 | 5,114,060.53 | 5,949,923.37 | 2,307,625.27 | 38.78% | Expected to be difficult to fully recover |
Unit 20
| Unit 20 | 8,175,007.62 | 3,440,071.29 | 5,654,408.59 | 2,326,917.02 | 41.15% | Expected to be difficult to fully recover |
Unit 21
| Unit 21 | 5,559,103.37 | 5,559,103.37 | 100.00% | Expected to be difficult to recover |
Unit 22
| Unit 22 | 3,310,609.08 | 1,715,551.82 | 4,058,752.31 | 2,543,173.40 | 62.66% | Expected to be difficult to fully recover |
Unit 23
| Unit 23 | 3,882,861.84 | 481,268.79 | 12.39% | Expected to be difficult to fully recover |
Unit 24
| Unit 24 | 3,616,362.19 | 2,531,453.53 | 3,616,362.19 | 1,265,726.77 | 35.00% | Expected to be difficult to fully recover |
Unit 25
| Unit 25 | 3,056,422.32 | 1,145,907.85 | 3,549,789.02 | 2,556,618.19 | 72.02% | Expected to be difficult to fully recover |
Unit 26
| Unit 26 | 3,475,565.50 | 880,955.19 | 25.35% | Expected to be difficult to fully recover |
2024 Full Annual Report
| Unit 27 | 3,208,841.65 | 1,269,459.26 | 39.56% | Expected to be difficult to fully recover |
Unit 28
| Unit 28 | 2,954,453.20 | 192,989.36 | 6.53% | Expected to be difficult to fully recover |
Unit 29
| Unit 29 | 9,391,156.30 | 4,698,425.06 | 2,859,354.95 | 1,608,715.47 | 56.26% | Expected to be difficult to fully recover |
Unit 30
| Unit 30 | 2,700,142.96 | 907,181.08 | 33.60% | Expected to be difficult to fully recover |
Unit 31
| Unit 31 | 3,921,670.93 | 2,745,169.65 | 2,536,093.04 | 1,775,265.13 | 70.00% | Expected to be difficult to fully recover |
Summaryof othercompanies
| Summary of other companies | 23,514,727.50 | 13,877,070.75 | 54,012,322.72 | 33,678,558.95 | 62.35% | Expected to be difficult to fully recover |
Total
| Total | 1,550,300,627.39 | 1,053,487,050.41 | 1,395,518,815.38 | 874,622,840.75 |
Provision for bad debt by combination: Within the combinations, provision for bad debt of accounts receivable was made bycombination of related parties
Unit: yuan
| Name | Ending balance | ||
| Book balance | Provision for bad debt | Accruing proportion | |
Within 1 year
| Within 1 year | 163,229,755.86 |
Total
| Total | 163,229,755.86 |
Description of the basis for determining the combination:
Provision for bad debt by combination: 3) Within the combinations, provision for bad debt of accounts receivable was made byaging combination
Unit: yuan
| Name | Ending balance | ||
| Book balance | Provision for bad debt | Accruing proportion | |
Within 1 year
| Within 1 year | 1,166,185,222.51 | 58,309,261.13 | 5.00% |
1~2 years
| 1~2 years | 119,311,089.55 | 11,931,108.96 | 10.00% |
2~3 years
| 2~3 years | 50,650,057.57 | 10,130,011.51 | 20.00% |
3~4 years
| 3~4 years | 19,849,899.94 | 9,924,949.97 | 50.00% |
4~5 years
| 4~5 years | 5,111,056.23 | 4,088,844.98 | 80.00% |
More than 5 years
| More than 5 years | 1,420,703.32 | 1,420,703.32 | 100.00% |
Total
| Total | 1,362,528,029.12 | 95,804,879.87 |
Description of the basis for determining the combination:
If the bad debt provision of accounts receivable is withdrawn according to the general model of expected credit loss:
□ Applicable ? Not applicable
(3) Provision, recovery or reversal of bad debt reserves in the current periodProvision for bad debts in current period:
2024 Full Annual Report
Unit: yuan
| Category | Beginning balance | Changes in amount in current period | Ending balance | |||
| Provision | Recovered or reversed | Canceled after verification | Other | |||
Provision forbad debt ofaccountsreceivable
| Provision for bad debt of accounts receivable | 1,137,386,630.82 | 142,703,396.72 | 70,660,888.80 | 228,937,959.41 | 10,063,458.71 | 970,427,720.62 |
Total
| Total | 1,137,386,630.82 | 142,703,396.72 | 70,660,888.80 | 228,937,959.41 | 10,063,458.71 | 970,427,720.62 |
Where the amount of bad debt provision recovered or transferred back is important:
Unit: yuan
| Unit name | Recovered or reversed amount | Reason for reversal | Recovery mode | The basis and rationality for determining the proportion of the original bad debt provision |
Unit 1
| Unit 1 | 40,458,735.05 | Bank transfer, deduction of fees |
Unit 2
| Unit 2 | 13,334,802.95 | Bank transfer |
Other
| Other | 16,867,350.80 | Bank transfer |
Total
| Total | 70,660,888.80 |
(4) Accounts receivable actually written off at the current period
Unit: yuan
| Item | Write-off amount |
Accounts receivable written off actually
| Accounts receivable written off actually | 228,937,959.41 |
Write-off of important accounts receivable:
Unit: yuan
| Unit name | Nature of accounts receivable | Write-off amount | Cause for write-off | Write-off procedures | Whether the account is generated by related party transaction |
Unit 1
| Unit 1 | payment for goods | 207,450,463.25 | Expected irrecoverable | Resolution of the Board of Directors | No |
Unit 2
| Unit 2 | payment for goods | 6,397,867.85 | Expected irrecoverable | Resolution of the Board of Directors | No |
Subtotal of otheraccounts receivable
| Subtotal of other accounts receivable | payment for goods | 15,089,628.31 | Expected irrecoverable | Resolution of the Board of Directors | No |
Total
| Total | 228,937,959.41 |
Write-off of accounts receivable:
2024 Full Annual Report
(5) Account receivable and contract assets with top 5 ending balances by debtor
Unit: yuan
| Unit name | Ending balance of accounts receivable | Ending balance of contract assets | Ending balance of accounts receivable and contract assets | Proportion in total ending balance of accounts receivable and contract assets | Ending balance of bad debt provision of accounts receivable and impairment provisions of contract assets |
Unit 1
| Unit 1 | 452,376,997.98 | 452,376,997.98 | 15.49% | 452,376,997.98 |
Unit 2
| Unit 2 | 320,727,543.52 | 320,727,543.52 | 10.98% | 16,036,377.18 |
Unit 3
| Unit 3 | 268,881,331.31 | 268,881,331.31 | 9.20% | 80,664,399.39 |
Unit 4
| Unit 4 | 140,463,100.62 | 140,463,100.62 | 4.81% | 50,484,924.63 |
Unit 5
| Unit 5 | 82,441,419.13 | 82,441,419.13 | 2.82% |
Total
| Total | 1,264,890,392.56 | 1,264,890,392.56 | 43.30% | 599,562,699.18 |
2. Other receivables
Unit: yuan
| Item | Ending balance | Beginning balance |
Other receivables
| Other receivables | 54,938,787.51 | 46,761,052.06 |
Total
| Total | 54,938,787.51 | 46,761,052.06 |
(1) Other receivables
1) Other receivables classified by nature
Unit: yuan
| Nature of payment | Ending book balance | Beginning book balance |
Collection by third party
| Collection by third party | 33,664,722.89 | 26,915,796.30 |
Margin and deposit
| Margin and deposit | 19,611,571.10 | 26,557,958.62 |
Project mortgage property
| Project mortgage property | 5,258,444.00 | 2,094,110.00 |
Associated contact
| Associated contact | 4,064,000.00 | 4,064,000.00 |
Withheld amount
| Withheld amount | 3,412,167.55 | 3,488,318.88 |
Imprest
| Imprest | 2,542,121.45 | 1,409,298.88 |
Other
| Other | 1,868,056.02 | 83,894.77 |
Total
| Total | 70,421,083.01 | 64,613,377.45 |
2) Disclosure by aging
Unit: yuan
| Aging | Ending book balance | Beginning book balance |
Within 1 year (including 1 year)
| Within 1 year (including 1 year) | 50,737,600.09 | 39,791,252.20 |
1 to 2 years
| 1 to 2 years | 3,812,255.38 | 5,238,428.30 |
2 to 3 years
| 2 to 3 years | 4,176,987.81 | 4,102,774.20 |
More than 3 years
| More than 3 years | 11,694,239.73 | 15,480,922.75 |
3 to 4 years
| 3 to 4 years | 2,534,747.27 | 2,411,698.15 |
4 to 5 years
| 4 to 5 years | 1,378,034.52 | 1,924,707.80 |
More than 5 years
| More than 5 years | 7,781,457.94 | 11,144,516.80 |
Total
| Total | 70,421,083.01 | 64,613,377.45 |
2024 Full Annual Report
3) Classified disclosure by bad debt provision method
Unit: yuan
| Category | Ending balance | Beginning balance | ||||||||
| Book balance | Provision for bad debt | Book value | Book balance | Provision for bad debt | Book value | |||||
| Amount | Proportion | Amount | Accruing proportion | Amount | Proportion | Amount | Accruing proportion | |||
Provisionfor baddebt bysingleitem
| Provision for bad debt by single item | 5,258,444.00 | 7.47% | 1,840,455.40 | 35.00% | 3,417,988.60 | 2,094,110.00 | 3.24% | 732,938.50 | 35.00% | 1,361,171.50 |
Where:
| Where: |
Provisionfor baddebt bycombination
| Provision for bad debt by combination | 65,162,639.01 | 92.53% | 13,641,840.10 | 20.94% | 51,520,798.91 | 62,519,267.45 | 96.76% | 17,119,386.89 | 27.38% | 45,399,880.56 |
Where:
| Where: |
Agingcombination
| Aging combination | 65,162,639.01 | 92.53% | 13,641,840.10 | 20.94% | 51,520,798.91 | 62,519,267.45 | 96.76% | 17,119,386.89 | 27.38% | 45,399,880.56 |
Total
| Total | 70,421,083.01 | 100.00% | 15,482,295.50 | 21.99% | 54,938,787.51 | 64,613,377.45 | 100.00% | 17,852,325.39 | 27.63% | 46,761,052.06 |
Provision for bad debt by single item: Provision for bad debts is made on an individual basis for receivables
Unit: yuan
| Name | Beginning balance | Ending balance | ||||
| Book balance | Provision for bad debt | Book balance | Provision for bad debt | Accruing proportion | Reasons for provision | |
Unit 1
| Unit 1 | 3,164,334.00 | 1,107,516.90 | 35.00% | Impairment is expected to occur |
Unit 2
| Unit 2 | 800,000.00 | 280,000.00 | 800,000.00 | 280,000.00 | 35.00% | Impairment is expected to occur |
Unit 3
| Unit 3 | 636,327.00 | 222,714.45 | 636,327.00 | 222,714.45 | 35.00% | Impairment is expected to occur |
Unit 4
| Unit 4 | 657,783.00 | 230,224.05 | 657,783.00 | 230,224.05 | 35.00% | Impairment is expected to occur |
Total
| Total | 2,094,110.00 | 732,938.50 | 5,258,444.00 | 1,840,455.40 |
Provision for bad debt by combination: Provision for bad debts on other receivables is made by aging combination
Unit: yuan
| Name | Ending balance | ||
| Book balance | Provision for bad debt | Accruing proportion | |
Within 1 year (including 1year)
| Within 1 year (including 1 year) | 45,479,156.09 | 2,273,957.80 | 5.00% |
1--2 years
| 1--2 years | 3,812,255.38 | 381,225.54 | 10.00% |
2--3 years
| 2--3 years | 4,176,987.81 | 835,397.56 | 20.00% |
3--4 years
| 3--4 years | 2,534,747.27 | 1,267,373.64 | 50.00% |
4--5 years
| 4--5 years | 1,378,034.52 | 1,102,427.62 | 80.00% |
More than 5 years
| More than 5 years | 7,781,457.94 | 7,781,457.94 | 100.00% |
Total
| Total | 65,162,639.01 | 13,641,840.10 |
Description of the basis for determining the combination:
Provision for bad debt was made based on general model of expected credit loss
2024 Full Annual Report
Unit: yuan
| Provision for bad debt | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses over the next 12 months | Expected credit loss for the entire duration (no credit impairment) | Expected credit loss for the entire duration (credit impairment has occurred) |
Balance on Monday, January01, 2024
| Balance on Monday, January 01, 2024 | 17,119,386.89 | 732,938.50 | 17,852,325.39 |
Other receivables bookbalance as of January 1, 2024for the current year
| Other receivables book balance as of January 1, 2024 for the current year | — | — | — | — |
-Transfer to stage 2
| -Transfer to stage 2 |
-Transfer to stage 3
| -Transfer to stage 3 |
-- Reserved to stage 2
| -- Reserved to stage 2 |
-- Reserved to stage 1
| -- Reserved to stage 1 |
Withdrawal in this year
| Withdrawal in this year | -3,477,546.79 | 1,107,516.90 | -2,370,029.89 |
Reversal in this year
| Reversal in this year |
Write-off in this year
| Write-off in this year |
Charge-off in this year
| Charge-off in this year |
Other alterations
| Other alterations |
Balance on December 31,2024
| Balance on December 31, 2024 | 13,641,840.10 | 1,840,455.40 | 15,482,295.50 |
Basis for stage classification and provision ratios for bad debt reservesLarge book balance change in the current period of provision for loss
□ Applicable ? Not applicable
4) Provision, recovery or reversal of bad debt reserves in the current periodProvision for bad debts in current period:
Unit: yuan
| Category | Beginning balance | Changes in amount in current period | Ending balance | |||
| Provision | Recovered or reversed | Write-off or verification | Other | |||
Provision for baddebt of otherreceivables
| Provision for bad debt of other receivables | 17,852,325.39 | -2,370,029.89 | 15,482,295.50 |
Total
| Total | 17,852,325.39 | -2,370,029.89 | 15,482,295.50 |
5) Other receivables with top 5 ending balances by debtor
Unit: yuan
| Unit name | Nature of payment | Ending balance | Aging | Proportion in total other ending balance receivable | Ending balance of bad debt provision |
Unit 1
| Unit 1 | Collection by third party | 15,338,667.00 | 0~4 years | 21.78% | 885,883.35 |
Unit 2
| Unit 2 | Refundable housing payment | 6,421,204.00 | Within 1 year | 9.12% | 321,060.20 |
Unit 3
| Unit 3 | Related party transactions | 4,064,000.00 | More than 5 years | 5.77% | 4,064,000.00 |
2024 Full Annual Report
| Unit 4 | Project mortgage property | 3,164,334.00 | Within 1 year | 4.49% | 1,107,516.90 |
Unit 5
| Unit 5 | Collection by third party | 2,560,621.81 | Within 1 year | 3.64% | 128,031.09 |
Total
| Total | 31,548,826.81 | 44.80% | 6,506,491.54 |
3. Long-term equity investment
Unit: yuan
| Item | Ending balance | Beginning balance | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
Investment insubsidiaries
| Investment in subsidiaries | 323,749,058.06 | 20,400,000.00 | 303,349,058.06 | 270,909,357.60 | 20,400,000.00 | 250,509,357.60 |
Investment inassociatedenterprises andjoint enterprises
| Investment in associated enterprises and joint enterprises | 2,377,822.94 | 2,377,822.94 | 4,961,672.03 | 4,961,672.03 |
Total
| Total | 326,126,881.00 | 20,400,000.00 | 305,726,881.00 | 275,871,029.63 | 20,400,000.00 | 255,471,029.63 |
(1) Investment in subsidiaries
Unit: yuan
| Invested unit | Beginning balance (book value) | Beginning balance of impairment provision | Increase or decrease in current period | Ending balance (book value) | Balance of impairment provision at the end of period | |||
| Further investment | Capital reduction | Provision for impairment | Other | |||||
ShengzhouKindeIntelligentKitchenElectric Co.,Ltd.
| Shengzhou Kinde Intelligent Kitchen Electric Co., Ltd. | 162,320,000.00 | 162,320,000.00 |
HangzhouMingqiElectric Co.,Ltd.
| Hangzhou Mingqi Electric Co., Ltd. | 52,316,304.68 | 301,086.61 | 52,617,391.29 |
Dize HomeAppliancesTrading(Shanghai)Co., Ltd.
| Dize Home Appliances Trading (Shanghai) Co., Ltd. | 630,900.00 | 20,400,000.00 | 630,900.00 | 20,400,000.00 |
ShanghaiRobamElectricApplianceSales Co.,Ltd.
| Shanghai Robam Electric Appliance Sales Co., Ltd. | 5,838,272.10 | 5,838,272.10 |
BeijingRobamElectricApplianceSales Co.,Ltd.
| Beijing Robam Electric Appliance Sales Co., Ltd. | 5,814,980.82 | 5,814,980.82 |
2024 Full Annual Report
| Hangzhou Robam Fuchuang Investment Management Co., Ltd. | 10,000,000.00 | 10,000,000.00 |
HangzhouJinheElectricAppliancesCo., Ltd
| Hangzhou Jinhe Electric Appliances Co., Ltd | 10,000,000.00 | 77,461.79 | 10,077,461.79 |
ROBAMAppliances(Hong Kong)HoldingsLimited
| ROBAM Appliances (Hong Kong) Holdings Limited | 3,588,900.00 | 12,414,675.00 | 16,003,575.00 |
ChengduRobamInnovationTechnologyCo., Ltd.
| Chengdu Robam Innovation Technology Co., Ltd. | 5,046,477.06 | 5,046,477.06 |
HangzhouROBAM E-CommerceCo., Ltd.
| Hangzhou ROBAM E-Commerce Co., Ltd. | 10,000,000.00 | 10,000,000.00 |
Ningbo JinkeE-CommerceCo., Ltd.
| Ningbo Jinke E-Commerce Co., Ltd. | 5,000,000.00 | 5,000,000.00 |
HangzhouYuhangJinke E-CommerceCo., Ltd.
| Hangzhou Yuhang Jinke E-Commerce Co., Ltd. | 5,000,000.00 | 5,000,000.00 |
ChengduRobam E-CommerceCo., Ltd.
| Chengdu Robam E-Commerce Co., Ltd. | 5,000,000.00 | 5,000,000.00 |
QingdaoMingqi E-CommerceCo., Ltd.
| Qingdao Mingqi E-Commerce Co., Ltd. | 5,000,000.00 | 5,000,000.00 |
Wuhan JinkeE-CommerceCo., Ltd.
| Wuhan Jinke E-Commerce Co., Ltd. | 5,000,000.00 | 5,000,000.00 |
Total
| Total | 250,509,357.60 | 20,400,000.00 | 52,839,700.46 | 303,349,058.06 | 20,400,000.00 |
2024 Full Annual Report
(2) Investment in associated enterprises and joint enterprises
Unit: yuan
| Invested unit | Beginning balance (book value) | Beginning balance of impairment provision | Increase or decrease in current period | Ending balance (book value) | Balance of impairment provision at the end of period | |||||||
| Further investment | Capital reduction | Investment gains and losses recognized by the equity method | Adjustment of other comprehensive income | Changes in other equity | Declared payment of cash dividends or profits | Provision for impairment | Other | |||||
I. Joint enterprise
I. Joint enterpriseDeDietrichTrade(Shanghai) Co.,Ltd.
| De Dietrich Trade (Shanghai) Co., Ltd. | 4,321,729.39 | -3,136,401.11 | 1,185,328.28 |
Subtotal
| Subtotal | 4,321,729.39 | -3,136,401.11 | 1,185,328.28 |
II. Joint venture
II. Joint venture
ZhejiangTingshuo BrandOperationManagementCo.,Ltd.
| Zhejiang Tingshuo Brand Operation Management Co., Ltd. | 639,942.64 | 552,552.02 | 1,192,494.66 |
Subtotal
| Subtotal | 639,942.64 | 552,552.02 | 1,192,494.66 |
Total
| Total | 4,961,672.03 | -2,583,849.09 | 2,377,822.94 |
The recoverable amount is determined by the net of fair value less disposal costs
□ Applicable ? Not applicable
The recoverable amount is determined by the present value of expected future cash flow.
□ Applicable ? Not applicable
Reasons for significant discrepancies between the above information and the information used for impairment tests in previousyears or external informationReasons for significant discrepancies between the information used for Company's impairment tests in the previous years and theactual situation in current year
4. Operating income and operating cost
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period | ||
| Income | Cost | Income | Cost | |
| Main business | 9,754,843,467.85 | 5,135,867,665.21 | 9,896,457,532.30 | 5,078,924,538.77 |
| Other businesses | 261,204,650.26 | 123,834,534.63 | 296,611,622.16 | 159,955,374.43 |
| Total | 10,016,048,118.11 | 5,259,702,199.84 | 10,193,069,154.46 | 5,238,879,913.20 |
2024 Full Annual Report
Information related to the transaction price apportioned to the remaining performance obligations:
The amount of income corresponding to the performance obligations signed but not yet performed or completed at the end of thisreporting period is RMB 774,230,830.83.
5. Investment income
Unit: yuan
| Item | Amount incurred in current period | Amount incurred in previous period |
long-term equity investment gainsmeasured by employing the equity method
| long-term equity investment gains measured by employing the equity method | -2,583,849.09 | 71,218.69 |
Investment income from trading financialassets during the holding period
| Investment income from trading financial assets during the holding period | 131,833,148.39 | 83,051,398.90 |
Total
| Total | 129,249,299.30 | 83,122,617.59 |
6. Other
XX. Further information
1. Current non-recurring gain and loss statement
? Applicable □ Not applicable
Unit: yuan
| Item | Amount | Description |
Profit and loss on disposal of non-currentassets
| Profit and loss on disposal of non-current assets | -4,462,199.53 |
Government subsidies included intocurrent profits and losses (except thosegovernment subsidies that are closelyrelated to normal business of the Company,comply with national policies andregulations, enjoyed according to definedcriteria, and have an ongoing impact on theCompany's profit or loss)
| Government subsidies included into current profits and losses (except those government subsidies that are closely related to normal business of the Company, comply with national policies and regulations, enjoyed according to defined criteria, and have an ongoing impact on the Company's profit or loss) | 70,457,368.55 |
Reversal of impairment provision forreceivables subject to separate impairmenttest
| Reversal of impairment provision for receivables subject to separate impairment test | 77,862,379.66 |
Income and expenditure other than thosementioned above
| Income and expenditure other than those mentioned above | -5,902,946.81 |
Other profit and loss items that meet thedefinition of non-recurring profits andlosses
| Other profit and loss items that meet the definition of non-recurring profits and losses | 10,545,396.79 |
Minus: Amount affected by income tax
| Minus: Amount affected by income tax | 19,348,744.85 |
Amount of minority shareholders'equity affected (after tax)
| Amount of minority shareholders' equity affected (after tax) | 7,342,851.88 |
Total
| Total | 121,808,401.93 | -- |
Details of other profit and loss items that meet the definition of non-recurring profit and loss:
□ Applicable ? Not applicable
The Company does not have any other profit and loss items that meet the definition of non-recurring profit and loss.Description of defining the non-recurring profit and loss items enumerated in the Interpretative Announcement No. 1 onInformation Disclosure of Public Securities Issuing Companies - Non-recurrent Profits and Losses as recurrent profit and lossitems
2024 Full Annual Report
? Applicable □ Not applicable
| Item | Amount involved (yuan) | Cause |
| VAT exemption or reduction or refund | 87,328,792.77 | National tax policies, recurring business |
| Individual income tax service charge refund | 580,829.41 | National tax policies, recurring business |
| Total | 87,909,622.18 |
2. Return on net assets and earnings per share
| Reporting profit | Weighted average return on net assets | Earnings Per Share | |
| Basic EPS (yuan/share) | Diluted EPS (yuan/share) | ||
| Net profit attributable to common shareholders of the Company | 14.44% | 1.67 | 1.67 |
| Net profit attributable to common shareholders of the Company after deduction of non-recurring profits and losses | 13.33% | 1.54 | 1.54 |
3. Differences in Accounting Data under Domestic and Foreign Accounting Standards
(1) Differences between net profits and net assets in financial statements disclosed according to theInternational Accounting Standards (IAS) and Chinese Accounting Standards simultaneously
□ Applicable ? Not applicable
(2) Differences between net profits and net assets in financial statements disclosed according to theOverseas Accounting Standards and Chinese Accounting Standards simultaneously
□ Applicable ? Not applicable
(3) Causes for differences in accounting data under domestic and foreign accounting standards. If thedifference adjustment has been made to the data audited by the overseas audit institution, the name ofthe overseas audit institution shall be indicated
4. Other