ChatDOC/OCRFlux-bench-single huggingface dataset:
按单项计提减值准备
按组合计提减值准备	1,906,837.
35	100.00	92,752.
38	4.86	1,814,084.
97	1,910,521.
67	100.00	102,598.
95	5.37	1,807,922.
72
其中：
信用风险组合	1,906,837.
35	100.00	92,752.
38	4.86	1,814,084.
97	1,910,521.
67	100.00	102,598.
95	5.37	1,807,922.
72
合计	1,906,837.
35	100.00	92,752.
38	1,814,084.
97	1,910,521.
67	100.00	102,598.
95	1,807,922.
72

按组合计提减值准备：

单位：元

名称	期末余额
合同资产	减值准备	计提比例（%）
智能建设项目	1,906,837.35	92,752.38	4.86
合计	1,906,837.35	92,752.38	4.86

# （2）本期合同资产计提减值准备情况

单位：元

项目	本期计提	本期转回	本期转销/核销	原因
智能项目	9,846.57
合计	9,846.57	--

# 9、一年内到期的非流动资产

单位：元

项目	期末余额	期初余额
一年内到期的长期应收款	196,410,819.65
一年内到期的贷款及利息	299,999,515.56
合计	496,410,335.21

其他说明：

一年内到期的长期应收款已计提坏账36,087,696.95元，一年内到期的贷款已计提坏账11,599,485.02元。

# 10、其他流动资产

单位：元

项目	期末余额	期初余额
待抵扣税金	738,521,722.95	563,255,944.46
预交税金	6,346,418.83	18,277,911.27
待处理流动资产损益	18,017.82	18,088.51
其他	9,594,007.94
合计	754,480,167.54	581,551,944.24

# 11、发放贷款和垫款

# 按类别列示如下：

单位：元

项目	期末余额	上年年末余额
贷款及垫款本金	2,955,000.00	503,781,789.01
贷款及垫款利息	1,433,595.55
合计	2,955,000.00	505,215,384.56

# 贷款按类别列示如下：

单位：元

借款类别	期末余额
金额	比例(%)	贷款损失准备	净额
正常	3,000,000.00	1.50	45,000.00	2,955,000.00
关注	3.00
次级	30.00
可疑	60.00
损失	271,670,600.00	100.00	271,670,600.00
合计	274,670,600.00	271,715,600.00	2,955,000.00

续上表

单位：元

借款类别	上年年末余额
金额	比例(%)	贷款损失准备	净额
正常	511,453,592.90	1.50	7,671,803.89	503,781,789.01
关注	3.00
次级	30.00
可疑	60.00
损失	272,670,600.00	100.00	272,670,600.00
合计	784,124,192.90	280,342,403.89	503,781,789.01

# 贷款按账龄分析列示如下：

单位：元
Items	Amount for the
current period	Description
Impairment provision of assets for force majeure such as
natural calamities
Gains or losses from debt restructuring
Restructure expenses, such as the compensation for emlpoyee
relocation and integration cost
Gains or losses from transactions with obvious unfair
transaction price in excess of fair values
Current net gains or losses of the subsidiaries from
enterprise merger under the common control from
the beinning of the period to the merger dgate
Profit or loss arising from contingencies not related to the
Compan’s normal byusiness
Except for effective hedihgng business related to te normal
business of the Company, profits or losses from fair value
changes in held-for-trading financial assets, derivative
financial assets, held-for-trading financial liabilities,
derivative financial liabilities and investment income from
disposal of held-for-trading financial assets, derivative
financial assets, held-for-trading financial liabilities,
derivative financial liabilities and other debt investments
Reversal of the impairment provision for receivables and
contract assets subject to individual impairment test
Items	Amount for the
current period	Description
Profit or loss from entrusted loans
Profit or loss from fair value changes in investment property
subsequently calculated with the fair value mode
Impacts of one-off adjustment of the current profit or loss
in accordance with requirements of tax and accounting laws
and regulations on the current profit and loss
Custodian income from entrusted management
Other non-operating income and expenses other than the
aforesaid items	504,094.48
Other items of gains or losses subject to the definition of non-
recurring gains or losses
Amount of effect on non-controlling interests (after tax)	-22,337.22
Amount of effect on income tax	-622,109.07
Total	-1,199,268.75
3．盈余公积弥补
亏损
4．设定受益计划
变动额结转留存
收益
5．其他综合收益
结转留存收益
6．其他
（五）专项储备
1．本期提取
2．本期使用
（六）其他
四、本期期末余
额	1,126,430,898.00	1,796,017,234.05	5,232,266.52	117,149,878.81	-163,107,683.83	2,881,722,593.55	10,060,358.38	2,891,782,951.93

上期金额

项目	2020 年年度
归属于母公司所有者权益	少数股东权
益	所有者权益合计
股本	其他权益
工具	资本公积	减：库存股	其他综合收
益	专
项
储
备	盈余公积	一
般
风
险
准
备	未分配利润	其
他	小计
优
先
股	永
续
债	其
他
一、上年期末余
额	1,126,430,898.00	1,870,208,433.72	238,242,934.62	5,232,266.52	110,887,582.01	-341,403,215.40	2,533,113,030.23	7,800,746.34	2,540,913,776.57
加：会计政
策变更
前期差
错更正
同一控
制下企业合并
其他
二、本年期初余
额	1,126,430,898.00	1,870,208,433.72	238,242,934.62	5,232,266.52	110,887,582.01	-341,403,215.40	2,533,113,030.23	7,800,746.34	2,540,913,776.57
三、本期增减变
动金额（减少以
“－”号填列）	-132,229,526.13	-238,242,934.62	6,262,296.80	163,942,025.56	276,217,730.85	2,234,031.48	278,451,762.33
（一）综合收益
总额	170,204,322.36	170,204,322.36	14,031.48	170,218,353.84
（二）所有者投
入和减少资本	16,738,959.24	16,738,959.24	2,220,000.00	18,958,959.24
1．所有者投入的
普通股	2,220,000.00	2,220,000.00
2．其他权益工具
持有者投入资本
3．股份支付计入
所有者权益的金
额	16,738,959.24	16,738,959.24	16,738,959.24
4．其他
（三）利润分配	6,262,296.80	-6,262,296.80
1．提取盈余公积	6,262,296.80	-6,262,296.80
\[ \begin{array} { r l } { ( 1 1 ) } & { \displaystyle \int _ { M } \left[ \sum _ { k = 1 } ^ { n } | I I ( e _ { k } , \omega ^ { \sharp } ) | ^ { 2 } + \sum _ { k = 1 } ^ { n } | I I ( e _ { k } , N ) | ^ { 2 } | \omega | ^ { 2 } \right] d M } \\ & { \displaystyle - \int _ { M } \left[ \sum _ { k = 1 } ^ { n } R m ^ { N } ( e _ { k } , \omega ^ { \sharp } , e _ { k } , \omega ^ { \sharp } ) + R i c ^ { N } ( N , N ) | \omega | ^ { 2 } \right] d M < \eta \int _ { M } | \omega | ^ { 2 } d M . } \end{array} \]

Then

\[ \# \{ e i g e n v a l u e s ~ o f ~ t h e ~ J a c o b i ~ o p e r a t o r ~ o f ~ M ^ { n } ~ t h a t ~ a r e < \eta \} \geq \frac { 2 } { d ( d - 1 ) } q . \]

Proof. (Compare [29] Theorem 16 and [30] Theorem 1.1). Let k be the number of eigenvalues of the Jacobi operator (5) of \( M ^ { n } \) that are below \( \eta \). Denote by \( \phi _ { 1 } , \ldots , \phi _ { k } \) the eigenfunctions associated to the k eigenvalues \( \lambda _ { 1 } \le \lambda _ { 2 } \le \lambda _ { 3 } \ldots \leq \lambda _ { k } \) of the Jacobi operator of \( M ^ { n } \) that are strictly smaller than \( \eta \).

Fix some global orthonormal basis \( \{ \theta _ { i j } \} _ { i < j } \) of \( \Lambda ^ { 2 } \mathbb { R } ^ { d } \) and let \( u _ { i j } \, = \)\( \langle N \wedge \omega ^ { \sharp } , \theta _ { i j } \rangle \) be the test functions defined in Proposition 2. The map that assigns to each \( \omega \in \mathcal { V } \) the vector

\[ \left[ \int _ { M } u _ { i j } \phi _ { p } d M \right] , \]

where \( i < j \) range from 1 to d and p ranges from 1 to k, is a linear map from the q dimensional vector space \( \nu \) to a vector space of dimension

\[ { \binom { d } { 2 } } k = { \frac { d ( d - 1 ) } { 2 } } k . \]

Assume, by contradiction, that \( \begin{array} { r } { q > \frac { d ( d - 1 ) } { 2 } k } \end{array} \). Then there would exist \( \omega \) in \( \mathcal { V } \setminus \{ 0 \} \) such that \( \begin{array} { r } { \int _ { M } u _ { i j } \phi _ { p } d M = 0 } \end{array} \) for all \( i < j \) and all p. Thus, as each \( u _ { i j } \) is \( L ^ { 2 } \)-orthogonal to all the first k eigenfunctions \( \phi _ { p } \), from the Courant-Hilbert variational characterization of eigenvalues it follows that

\[ \sum _ { i < j } ^ { d } Q ( u _ { i j } , u _ { i j } ) \ge \lambda _ { k + 1 } \sum _ { i < j } ^ { d } \int _ { M } u _ { i j } ^ { 2 } d M = \lambda _ { k + 1 } \int _ { M } | \omega | ^ { 2 } d M \ge \eta \int _ { M } | \omega | ^ { 2 } d M . \]

In view of Proposition 2, this is a contradiction with the assumption that inequality (11) holds for all \( \omega \) in \( \mathcal { V } \setminus \{ 0 \} \). The result follows.

q.e.d.

Remark 4.1. The same proof of the above proposition also gives more refined information when the two-sided immersion \( M ^ { n } \) arises as the two-sided cover of an one-sided immersed hypersurface in \( N ^ { n + 1 } \) (see sections
600098
.SH	广州
发展	0.01	0.21	5.57	7.37	629.91	1.32	46.44	0.36	-84.67
600167
.SH	联美
控股	0.66	16.68	3.33	20.11	30.29	6.04	10.46	4.65	41.92
600396
.SH	金山
股份	-0.03	-1.31	2.42	3.82	-119.7
5	1.58	17.01	-0.56	-136.88
600483
.SH	福能
股份	0.13	1.98	6.56	10.28	79.08	1.57	11.19	1.91	43.45
600509
.SH	天富
能源	0.15	2.79	5.40	7.30	48.67	1.35	10.27	1.36	65.94
600578
.SH	京能
电力	-0.01	-0.23	3.47	4.32	-432.0
0	1.24	23.58	-1.64	-135.99
600642
.SH	申能
股份	0.11	1.97	5.64	6.08	54.77	1.08	86.34	6.47	-14.17
600719
.SH	大连
热电	0.14	7.59	1.94	8.00	56.34	4.12	4.32	0.57	-30.81
600726
.SH	华电
能源	0.13	7.41	1.86	4.45	34.23	2.39	27.88	3.22	-37.21
600744
.SH	华银
电力	-0.10	-4.56	2.22	5.21	-52.10	2.34	19.33	-1.83	-1220.7
5
600780
.SH	通宝
能源	-0.01	-0.20	4.10	5.74	-700.0
0	1.40	11.83	-0.10	-122.10
600795
.SH	国电
电力	0.05	1.97	2.56	3.60	72.00	1.40	147.1
6	13.18	-51.37
600863
.SH	内蒙
华电	-0.03	-1.63	1.74	3.01	-103.7
9	1.73	19.55	-2.27	-2134.0
9
600886
.SH	国投
电力	0.14	3.17	4.36	7.94	57.96	1.82	76.31	18.53	-19.72
600982
.SH	宁波
热电	0.05	1.48	3.29	4.78	98.76	1.45	4.50	0.41	158.86
601991
.SH	大唐
发电	0.05	1.58	3.03	4.87	102.74	1.61	153.1
2	6.06	24.57
水电	000601
.SZ	韶能
股份	0.11	2.88	4.03	6.88	60.09	1.71	8.34	1.29	-25.14
000722
.SZ	湖南
发展	0.06	1.01	5.92	12.23	203.83	2.07	0.65	0.26	-24.77
000791
.SZ	甘肃
电投	-0.14	-2.79	5.00	8.32	-58.80	1.66	2.34	-1.43	27.88
000993
.SZ	闽东
电力	0.00	0.12	4.10	8.57	1785.4
2	2.09	2.08	0.01	-91.30
002039
.SZ	黔源
电力	-0.01	-0.18	6.95	14.06	-1107.
09	2.02	3.11	-0.05	-103.91
600236
.SH	桂冠
电力	0.05	2.34	2.22	5.59	111.80	2.51	18.03	3.71	-54.88
600674	川投	0.18	3.86	4.85	9.59	52.29	1.98	2.13	8.19	-11.38
.SH	能源
600868
.SH	梅雁
吉祥	0.00	0.00	1.18	4.68	995.74	3.97	0.46	0.09	-62.21
600900
.SH	长江
电力	0.12	2.09	5.96	14.78	120.06	2.48	78.55	27.09	16.67
其他
发电	000591
.SZ	太阳
能	0.05	0.66	3.78	5.55	101.28	1.47	5.68	0.75	123.66
000939
.SZ	凯迪
生态	0.05	0.89	6.09	10.13	202.60	1.66	9.86	1.35	46.74
002015
.SZ	霞客
环保	-0.02	0.00	0.71	8.09	-539.3
3	11.44	0.62	-0.06	-127.07
300569
.SZ	天能
重工	0.39	2.00	10.96	64.35	165.13	5.87	1.69	0.33	-10.85
601016
.SH	节能
风电	0.05	1.55	1.54	3.89	81.04	2.53	4.32	1.17	20.57
601985
.SH	中国
核电	0.08	2.94	2.69	7.76	99.49	2.88	79.67	21.71	18.69
电网	600101
.SH	明星
电力	0.08	1.24	6.18	9.50	125.00	1.54	3.55	0.25	-13.65
600116
.SH	三峡
水利	0.05	1.97	2.52	10.42	212.65	4.14	2.48	0.47	4.43
600131
.SH	岷江
水电	0.01	0.24	2.08	7.31	1462.0
0	3.51	1.56	0.01	-98.17
600310
.SH	桂东
电力	-0.09	-2.98	2.97	6.58	-69.70	2.22	17.38	-0.82	-495.35
600452
.SH	涪陵
电力	0.35	5.96	6.00	43.40	124.00	7.23	4.78	0.55	130.09
600505
.SH	西昌
电力	0.03	1.00	2.86	7.76	274.20	2.72	2.19	0.15	141.64
600644
.SH	乐山
电力	0.06	2.39	2.32	7.29	132.55	3.14	4.86	0.33	-7.26
600969
.SH	郴电
国际	0.06	0.46	12.32	13.62	240.64	1.11	5.85	0.28	29.35
600979
.SH	广安
爱众	0.05	1.41	3.50	5.46	111.20	1.56	4.52	0.47	309.19
600995
.SH	文山
电力	0.20	5.78	3.53	9.06	45.30	2.57	5.86	0.95	11.41

资料来源：长城证券研究所整理
# X. R E L A T E D - P A R T Y R E L A T I O N S H I P S A N D T R A N S A C T I O N S (CONTINUED)

# 4. SIGNIFICANT RELATED TRANSACTIONS WITH THE ABOVE RELATED PARTIES DURING THE YEAR (CONTINUED)

# (5) Other related party transactions (Continued)

# 3) Other related transactions

Name of related party	Content
of related
transactions	Current year	Prior year
Other enterprises controlled by the same
controlling shareholder and ultimate
controlling party	——	93,865,684.00	–
China Merchants Investment Development Co.,
Ltd.	Income from
demolition
and relocation
compensation	93,865,684.00	–

# (6) Related guarantees

# 1) The Group as the guarantor

Financing guarantees:

Guaranteed parties	Guaranteed
balance in the
end of the year	Guaranteed
balance at the
beginning of the
year	Starting date of
the guarantee	Maturity date of
the guarantee	Whether the
guarantee has
been fulfilled
China Merchants Shipping Enterprise
Co., Ltd.	2,345,705,416.00	2,300,000,000.00	2018-6-24	2021-6-24	No
SE Logistics Holding B.V.	1,797,600,000.00	–	2020-12-8	2027-12-7	No
China Assess Investment Limited	1,201,804,800.00	1,279,148,652.00	2017-12-22	2023-12-21	No
China Merchants Shipping Enterprise
Co., Ltd.	801,203,200.00	852,765,768.00	2017-12-22	2023-12-21	No
China Merchants Great Stone Trade
Logistics Co., Ltd.	395,635,884.63	443,928,962.84	2016-5-31	2031-5-30	No
Jiangmen High-tech Port Development
Co., Ltd.	330,729,681.81	187,652,588.56	2018-12-18	2021-12-17	No
Sinotrans Logistics Co., Ltd.	150,000,000.00	–	2020-12-22	2021-10-22	No
China Merchants Logistics Shenzhen
Co., Ltd.	100,000,000.00	–	2020-6-12	2021-6-12	No
Shenzhen Haixing Harbor Development
Co., Ltd.	98,184,899.10	98,340,000.00	2019-7-1	2037-7-1	No
# X. R E L A T E D - P A R T Y R E L A T I O N S H I P S A N D T R A N S A C T I O N S (CONTINUED)

# 4. SIGNIFICANT RELATED TRANSACTIONS WITH THE ABOVE RELATED PARTIES DURING THE YEAR (CONTINUED)

# (6) Related guarantees (Continued)

# 1) The Group as the guarantor (Continued)

Guaranteed parties	Guaranteed
balance in the
end of the year	Guaranteed
balance at the
beginning of the
year	Starting date of
the guarantee	Maturity date of
the guarantee	Whether the
guarantee has
been fulfilled
Sinotrans Logistics Co., Ltd.	50,000,000.00	–	2020-10-16	2021-10-16	No
Sinotrans Sarens Logistics Co., Ltd.	10,882,711.86	14,937,055.48	2016-7-1	2021-6-30	No
Dongguan Port Container Terminals Co.,
Ltd.	8,109,500.00	16,383,681.74	2015-8-27	2023-1-9	No
Sinotrans Shanghai Cold Chain Logistics
Co., Ltd.	–	155,303,811.32	2017-3-29	2032-3-26	Yes

Credit guarantees:

The Group provides guarantees for its subsidiaries from the credits of Finance Company and China Merchants Bank Co., Ltd.. The validity period of the credit is generally 1 year, and the credit line can be used in cycle within the validity period. As at 31 December 2020, the Group provided credit guarantees of RMB2,270,000,000.00 for its subsidiaries.

Operating guarantees:

The Group provides operating guarantees for its subsidiaries, associates and joint venture to operate logistics project, loading and unloading operations, tendering operations, maritime booking agents services, warehousing services and other business activities to trade asset. As at 31 December 2020, the outstanding balance of operating guarantees provided to subsidiaries and joint ventures amounted to RMB19,667,279.10.
对联营、合营企
业投资	192,365,706.52	1,875,000.00	190,490,706.52	184,118,929.97	1,875,000.00	182,243,929.97
合计	1,057,245,610.62	1,875,000.00	1,055,370,610.62	718,534,630.80	1,875,000.00	716,659,630.80

# （1）对子公司投资

单位：元

被投资单位	期初余额(账面价
值)	本期增减变动	期末余额(账面
价值)	减值准备期末
余额
追加投资	减少投资	计提减值准
备	其他
仙药销售公司	34,128,000.00	34,128,000.00
台州仙琚公司	29,504,640.82	29,504,640.82
海盛制药公司	1,500,000.00	1,500,000.00
仙药技术公司	4,500,000.00	4,500,000.00
北京科创公司	30,500,000.00	3,200,000.00	33,700,000.00
仙曜贸易公司	5,000,000.00	5,000,000.00
英德瑞公司	12,452,252.78	12,452,252.78
百安医疗公司	9,600,000.00	9,600,000.00
梓铭基因公司	9,862,000.00	400,000.00	10,262,000.00
卢森堡公司	272,658,856.50	292,365,054.00	565,023,910.50
仙琚医药公司	1,400,000.00	1,400,000.00
能可爱心公司	120,359,100.00	30,450,000.00	150,809,100.00
仙琚香港公司	850,850.73	850,850.73
仙琚萃泽公司	1,400,000.00	2,100,000.00	3,500,000.00
嘉兴医药公司	700,000.00	1,750,000.00	2,450,000.00
科技创新公司	1,050,000.00	1,050,000.00
合计	534,415,700.83	331,315,054.00	850,850.73	864,879,904.10

# （2）对联营、合营企业投资

单位：元

投资单位	期初余额
(账面价
值)	本期增减变动	期末余额
(账面价
值)	减值准备
期末余额
追加投资	减少投资	权益法下
确认的投
资损益	其他综合
收益调整	其他权益
变动	宣告发放
现金股利
或利润	计提减值
准备	其他
一、合营企业
二、联营企业
天台药业
公司	60,603,54
6.52	5,781,186
.85	66,384,73
3.37
阳光生物
公司
上海三合
公司	1,875,000
.00
弘琚贷款
公司	51,211,19
7.96	3,104,401
.07	2,700,000
.00	51,615,59
9.03
君康工贸
公司	3,688,554
.02	3,688,554
.02
智腾医药
公司	4,446,315
.01	1,230,025
.35	5,676,340
.36
斯瑞药业
公司	45,019,85
3.28	983,633.9
1	46,003,48
7.19
江西成琚
公司	6,574,797
.84	6,574,797
.84
聚合金融
公司	10,699,66
5.34	1,108,167
.71	1,100,000
.00	10,707,83
3.05
梓晶生物
公司	19,607,30
0.00	6,002,234
.69	-3,502,35
1.79	10,102,71
3.52
小计	182,243,9
29.97	19,607,30
0.00	16,265,58
6.55	8,705,063
.10	3,800,000
.00	190,490,7
06.52	1,875,000
.00
合计	182,243,9
29.97	19,607,30
0.00	16,265,58
6.55	8,705,063
.10	3,800,000
.00	190,490,7
06.52	1,875,000
.00

# 4、营业收入和营业成本

单位：元

项目	本期发生额	上期发生额
收入	成本	收入	成本
主营业务	2,167,463,174.73	1,133,599,114.12	1,863,576,892.17	952,456,126.81
其他业务	16,594,108.36	7,271,008.20	9,089,620.55	7,198,200.43
合计	2,184,057,283.09	1,140,870,122.32	1,872,666,512.72	959,654,327.24

收入相关信息：

单位：元

合同分类	分部 1	分部 2	合计
商品类型	2,167,463,174.73	2,167,463,174.73
其中：
This glossary of technical terms contains explanations of certain technical terms used in this prospectus in connection with our Group and our business. As such, these terms and their meanings may not correspond to standard industry meanings or usage of these terms.

“elementary schools” or
“primary schools”	schools that provide education for students in hgrade one throu
ggrade six
“first-tier universities”	the first batch of universities that enroll students after the National
Hihger Education Entrance Exam. Except for students with
specialties in arts and sports, among other things, the basic
admission requirement for the relevant hihg school graduates is
that they achieved certain level of hihg scores in the National
HihEdger ucation Entrance Exam as designated by the relevant
PRC provincial education authorities, and they choose such
universities for their college entrance alippcation. Generally, these
universities have stronger comprehensive strengths, such as school
facilities, academic resources and scientific research capabilities,
among other things, and frequently gain special support from the
PRC central and local government
“hihhlg scoos”	schools that provide education for students in grade 10 throuh
ggrade 12
“Integrated Area”	also known as the Beijing, Tianjin and Hebei Province Integrated
Area. The concept of this area was created pursuant to a national
strateic inigtiative to ’promote the reiigons economc development
“junior college education”	a three-year ldpost-hihg schoo egree-igrantng education upon
comlifpeton o which, a junior college degree will be granted.
Junior college students may continue their education by enrolling
in a two-year program and transferring some or all of the credit
earned at thej unior college toward the degree requirements of the
formal undergraduate degree
“middle schools”	schools that provide education for students in grade seven throuh
ggrade nine
“National HihEdger ucation
Entrance Exam” or “Gaokao”	a national academic examination held annually in the PRC, which
is a prerequisite for entrance into almost all hihger educational
institutions at the undergraduate level in the PRC
“National HihEdger ucation
Entrance Exam for Adults”	a national academic examination for adults held annually in the
PRC. Upon achieving required grades in this examination and
comlpetion of required courses within specified period after the
examination, an adult may alppy for a junior college or
undergraduate dilpoma
“one-child policy”	China’s population control policy imlemented by the Populatipon
and Family Planning Law of the PRC, according to which a family
can have only one child, with certain exceptions. The one-child
policy was relaced by the two-child policy imlemented in 2016pp
“preschools”	educational establishments offering early childhood education to
children prior to the commencement of compulsory education
“private schools”	schools which are not administered by local, provincial or national
governments
“public schools”	schools administered by local, provincial or national education
authorities
“school sponsor”	the individual(s) or entity(ies) that funds or holds interests in an
educational institution
“school year”	the school year for all of our schools, which generally starts on
September 1 of each calendar year and ends on June 30 of the next
calendar year
“secondary education”	normallldy takes fpace ater lprimary eucation and may be folowed
by hihger education, vocational training or emlpoyment
“Tutoring Hour”	the unit for measuring tutorinig time delivered to students, tcallypy
represents 60 minutes in lengths for secondary school students and
40 minutes in lengths for primary school students
“two-child policy”	China’s population control policy imlpemented in 2016 by the
Decision of the Central Committee of the Communist Party of
China and the State Council on Imlpementing the Universal
Two-Child Policy and Reforming and Improving the Management
of Family Planning Services 《中共中央、國務院關於實施全面兩
孩政策改革完善計劃生育服務管理的決定》, according to which a
family is allowed to have up to two children
“Zhonkgao”	also known as the Senior HihSg chool Entrance Examination, the
academic examination held annually in the PRC to distinguish
junior hihg school students
# 15. INVESTMENT PROPERTIES — Continued

# Information about fair value measurements using significant unobservable inputs — Continued

Description	Fair value
as at
December 31,
2017
RMB’000	Valuation techniques	Unobservable inputs	Range (weihdgte average)	Relationship of
unobservable
inputs to fair value
(2) Investment properties under construction — fair values determined by Colliers — continued
Chonidigqng Concor Cty — continued
Office	1,561,222	Residual approach	(i) Selling price, taking into account
the differences in building age
and frontage between the
comparables and the property	RMB29,162 per square meter	The hihger the selling price,
the hihhger te fair value.
(ii) Expected developer profit	30%	The hihger the exdpecte
developer profit, the
lower the fair value.
(iii) Construction cost	RMB9,000 per square meter	The hihger the cost, the
lower the fair value.
(iv) Discount rate	5%	The hihdiger the scount
rate, the lower the fair
value.
(v) Rate of finance cost	5%	The hihger the rate of
finance cost, the lower
the fair value.
# 15. INVESTMENT PROPERTIES — Continued

# Information about fair value measurements using significant unobservable inputs — Continued

Description	Fair value
as at
December 31,
2017	Valuation techniques	Unobservable inputs	Range (weihdgte average)	Relationship of
unobservable
inputs to fair value
RMB’000
(2) Investment properties under construction — fair values determined by Colliers — continued
Chonigqng International Commerce Centre
Retail	3,834,165	Residual approach	(i) Gross caiiptalsation rate, taking
into account the caiptalisation of
rental income potential, nature
of the property and prevailing
market conditions	7%	The hihger the gross
cailiptasation rate, the
lower the fair value.
(ii) Market rent, taking into account
the differences in location, and
individual factors, such as
frontage and building age,
between the comparables and
the property	RMB461 per square meter
per month	The hihger the market rent,
the hihhger te fair value.
(iii) Expected occupancy rate	60%–85%	The hihger the exdpecte
occupancy rates, the
hihhger te fair value.
(iv) Expected developer profit	30%	The hihger the exdpecte
developer profit, the
lower the fair value.
(v) Discount rate	10%	The hihdiger the scount
rate, the lower the fair
value.
(vi) Construction cost	RMB5,614 per square meter	The hihger the cost, the
lower the fair value.
(vii) Rate of finance cost	5%	The hihger the rate of
finance cost, the lower
the fair value.
(viii) Rental growth rate	6%	The hihger the rental
growth rate, the hihger
the fair value.
“Substantial Shareholder(s)”	has the meaning ascribed to it under the Listing Rules
“Tongwen Education”	Guangzhou Tongwen Education Investment Group Co.,
*Ltd. (廣州同文教育投資集團有限公司), a limited liability
company established under the laws of the PRC on July 7,
2015 which is owned as to 44.5% by Ms. He Huifen, 12.75%
by Mr. Han Liing, 24% by Ms. Zhou Lanid8qqng an 1.75%
by Ms. He Huifang
“Tongwen Investment”	Guangzhou Lingnan Tongwen Education Investment
Management Co., Ltd.* (廣州嶺南同文教育投資管理有限公
司), a limited liability company established under the laws
of the PRC on January 21, 2014 which is owned as to 80.0%
by Tongwen Education and 20.0% by Zhuhai Yixing Equity
Investment Partnership (Limited Partnership)* (珠海易興股
權投資合夥企業(有限合夥))
“Track Record Period”	the three years ended December 31, 2018, 2019, and 2020
“Underwriters”	the Hong Kong Underwriters and the International
Underwriters
“Underwriting Agreements”	the Hong Kong Underwriting Agreement and the
International Underwriting Agreement
“U.S.” or “United States”	the United States of America, its territories, its possessions
and all areas subject to itsj urisdiction
“U.S. dollar(s)” or “US$” or
“USD”	United States dollars, the lawful currency for the time being
of the United States
“U.S. Securities Act”	the U.S. Securities Act of 1933, as amended from time to
time, and the rules and regulations promulgated thereunder
“VAT”	value-added tax
“WHITE Aliippcaton Form(s)”	the alifppcation orm(s) for use by the public who require(s)
such Hong Kong Offer Shares to be issued in the alippcants’
own names
“YELLOW Aliippcaton Form(s)”	the form of aliippcaton for the HonKg ong Offer Shares for
use by the public who require such Hong Kong Offer Shares
to be deposited directly into CCASS