FIYTA Holdings Ltd. 2015 Semi-Annual Report FIYTA HOLDINGS LTD.
2015 Semi-Annual Report
August, 2015
FIYTA Holdings Ltd. 2015 Semi-Annual Report Section 1 Important Notice, Table of Contents and Definitions The Board of Directors, the Supervisory Committee, directors, supervisors and senior executives hereby individually and collectively accept responsibility for the correctness, accuracy and completeness of the contents of this report and confirm that there are neither material omissions nor errors which would render any statement misleading.
Except the following director, all the other directors personally attended the board meeting for reviewing the Annual Report:
|||||
|-|-|-|-|
|Name of the director failedin attending the boardmeeting personally|Titles of the directorsfailed in attending the boardmeeting personally|Cause of failure in attendingthe board meetingpersonally|Names of the attorneys|
|Cao Zhen|Director|Business trip|Wang Mingchuan|

The Company is not going to conduct interim dividend distribution, bonus share distribution or conversion of reserve into share capital.
Mr. Xu Dongsheng, the Company leader, Mr. Hu Xinglong, chief financial officer, and Mr. Hu Xinglong, the manager of the accounting department (treasurer) hereby confirm the authenticity and completeness of the financial report enclosed in this Annual Report.
FIYTA Holdings Ltd. 2015 Semi-Annual Report Table of Contents
2014 Semi-Annual Report
Section 1 Important Notice, Table of Contents and Definitions
Section 2 Company Profile
Section 3 Financial and Business Highlights
Section 4 Report of the Board of Directors
Section 5 Significant Events
Section 6 Change of Shares and Particulars about the Shareholders
Section 7 About Preferred Shares
Chapter 8 Directors, Supervisors and Senior Executives
Section 9 Financial Report
Section 10 List of Documents Available for Inspection
FIYTA Holdings Ltd. 2015 Semi-Annual Report Definition
||||
|-|-|-|
||Refers||
|Terms to be defined||Definition|
||to||
||Refers||
|This Company, the Company or Fiyta||FIYTA Holdings Ltd.|
||to||
||Refers||
|AVIC International Holdings||AVIC International Holdings Limited|
||to||
||Refers||
|HARMONY||Shenzhen Harmony World Watches Center Co., Ltd.|
||to||
||Refers||
|Rainbow Supermarket||Rainbow Supermarket Co., Ltd.|
||to||
||Refers||
|CATIC Real Estate||CATIC Real Estate Co., Ltd.|
||to||
||Refers||
|CATIC Property||CATIC Property Management Co., Ltd.|
||to||

FIYTA Holdings Ltd. 2015 Semi-Annual Report Section 2 Company Profile
I. Company Profile
|||||
|-|-|-|-|
|Abbreviation of the stock|FIYTA A, FIYTA B|Stock Code|000026 and 200026|
|Stock Exchange Listed with|Shenzhen Stock Exchange|||
|Company Name in Chinese|飞亚达（集团）股份有限公司|||
|Abbreviation of company||||
||飞亚达公司|||
|name in Chinese (if any)||||
|Company Name in English||||
|(if any)|FIYTA HOLDINGS LTD.|||
|Abbreviation of Company||||
||FIYTA|||
|Name in English (if any)||||
|Legal Representative of the|Xu Dongsheng|||
|Company||||

II. Liaison Person and Way of Communication
||||
|-|-|-|
||Secretary of the Board|Securities Affairs Representative|
|Names|Lu Wanjun|Zhang Yong|
|||20th Floor, FIYTA Technology|
||20th Floor, FIYTA Technology||
|Liaison Address|Building, Gaoxin S. Road One,|Building, Gaoxin S. Road One,|
||Nanshan District, Shenzhen|Nanshan District, Shenzhen|
|Tel.|0755－86013198|0755－86013669|
|Fax|0755－83348369|0755－83348369|
|E-mail|investor@fiyta.com.cn|investor@fiyta.com.cn|

III. Other Information
1. Way of Communication with the Company
There is no change in theCompany‟s registered address, office address, postal code, website, e-mail address in the reporting period. For the detail, please refer to 2013 Annual Report
2. Information Disclosure and Place of Regular Reports Prepared for Inquiry
FIYTA Holdings Ltd. 2015 Semi-Annual Report There is no change in the name of the newspapers designated for disclosing the information, internet web site designated by China Securities Regulatory Commission for publishing thecompany‟s semi-annual report: and place of thecompany‟s semi-annual report prepared for inquiry. For the detail, please refer to 2014 Annual Report
3. Changes of the Registration Data
|||||||
|-|-|-|-|-|-|
||||Registration|||
||Registration|Registration|number of the|Tax registration|Organization|
||date|place|business|number|code|
||||licence|||
|||Shenzhen||||
|||Municipal l||||
|||||440301520100||
|Initial registration|March 30, 1990|Administration|19218978-3||19218978-3|
|||||018||
|||for Industry and||||
|||Commerce||||
|||Market||||
|||Supervision||||
|Registration at the end of|||440301103196|440301192189||
||April 20, 2015|Administration|||19218978-3|
|the reporting period|||089|783||
|||of Shenzhen||||
|||Municipality||||
|Date of inquiry at the||||||
|designated website for||||||
||Inapplicable|||||
|disclosing provisional||||||
|announcements (if any)||||||
|Inquiry index at the||||||
|designated website for||||||
||Inapplicable|||||
|disclosing provisional||||||
|announcements (if any)||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report Section 3 Financial Highlights
I. Summary of Accounting/Financial Data
May the Company make retroactive adjustment or restatement of the accounting data of the previous years due to change of the accounting policy and correction of accounting errors?
No
□ Yes√ No
|||||||
|-|-|-|-|-|-|
|||||Same period of the|Year-on-year|
|||Reporting period||||
|||||previous year|increase/decrease|
|Turnover in CNY|1,683,793,247.59||1,642,614,790.97||2.51%|
|Net profit attributable to the|73,109,419.73||88,283,873.10|||
||||||-17.19%|
|Company‟s shareholders, in CNY||||||
|Net profit attributable to the||||||
|Company‟s shareholders less the||71,958,085.27||86,173,160.01|-16.50%|
|non-recurring items, in CNY||||||
|Net cash flows arising from operating|172,253,778.56||137,998,679.39|||
||||||24.82%|
|activities, in CNY||||||
|Basic earning per share (CNY/share)|0.186||0.225||-17.33%|
|Diluted earning per share|0.186||0.225|||
||||||-17.33%|
|(CNY/share)||||||
|Return on equity, weighted average||||||
|||4.36%||5.58%|-1.22%|
|(%)||||||
||||||Increase/decrease at|
|||End of reporting period||End of previous year|the end of the reporting|
||||||period over the end of|
||||||the previous year|
|Total assets, in CNY|3,820,850,106.95||3,657,781,647.20||4.46%|
|Net assets attributable to the|1,674,397,739.63||1,633,401,930.64|||
|Company‟s shareholders (owner‟s||||||
||||||2.51%|
|equity attributable to the Company‟s||||||
|shareholders, in CNY)||||||

II. Difference in the Accounting Data based respectively on the Chinese Accounting Standards (CAS) and International Accounting Standards (IAS)
1. Differences in the net profit disclosed in the financial report& the net assets attributable to theCompany‟s shareholders respectively according to the IAS and the CAS.
Inapplicable
2. Didfferences in the net profit disclosed in the financial report& the net assets attributable to theCompany‟s
FIYTA Holdings Ltd. 2015 Semi-Annual Report shareholders according to both the IAS and the CAS
Inapplicable
III. Non-recurring gain/loss items and the amount involved
In CNY
||||||
|-|-|-|-|-|
|Items||Amount||Note:|
||34,200.78||It refers to the gain/loss fromdisposal of the office fixedassets in the current period||
|Loss from disposal of non-current assets, including the|||||
|part written-off with the provision for impairment of assets|||||
|Government subsidy recognized in current gains and|1,603,451.99||For the detail, refer to Note7.69 government subsidycounted to the current profitand loss.||
|losses (excluding those closely related to the Company‟s|||||
|business and granted under the state‟s policies according|||||
|to certain quota of amount or volume)|||||
|Income and expenses from the business other than the|-133,218.09||Other various non-operatingrevenue and expenditure||
|above items|||||
|Less: Amount affected by the income tax|353,100.22||||
|Total|1,151,334.46|||--|

For theCompany‟s non-recurring gain/loss items as defined in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering their Securities to the Public– Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering their Securities to the Public– Non-recurring Gains and Losses which have been defined as recurring gains and losses, it is necessary to explain the reason.
Inapplicable
Section 4 Report of the Board of Directors
I. Overview
During the reporting period,China‟s overall economical situation and watch retail industry both were confronted with enormous pressure. Under such a background, the Company continued to insist on the principle of leading various work with the brand strategy, and carried forward integration of the key value chain through the business model of “products+ channels” and improved the quality service ability. During the reporting period, the Company took the “values, innovation, adjustment, and profit making” as the theme of work, carried forward various management innovations in a down-to-earth way, realized operating revenue amounting to CNY 1,683,793,247.59 with year-on-year growth of2.51%; realize net profit amounting to CNY 73,109,419.73, a year-on-year drop of17.19%.
Despite the sluggish market of the domestic famous brand watches during the reporting period, the Company still kept
adjusting the brand and channel structure in its HARMONY world watch retail business, focused on the work dimensions
of “upgrading the individual shops, improving the gross profit, optimizing the inventories and expanding the repairing
FIYTA Holdings Ltd. 2015 Semi-Annual Report service business”; meanwhile, enthusiastically carried forward innovation of business model and development of new business. During the reporting period, HARMONY successfully ensured business development and stabilized the market share through various measures, realized operating revenue amounting to CNY 1,130,882,784.123 with year-on-year drop of2.89%.
During the reporting period, despite the domestic retail market generally being confronted with increasing pressure, the Company still kept upgrading its product R& D and design ability and customer communication ability for its FIYTA watch business, focused on the work dimensions of realizing financial objectives, capacity construction and upgrading, channel and individual shop improvement, brand promotion and business platform development. Meanwhile, the Company kept carrying forward development of e-commerce and BRAND GALLERY. During the reporting period, the Company kept improving FIYTA watch channel quality and customer satisfaction, kept improving the comprehensive competitive power, realized operating revenue amounting to CNY 494,755,397.54 with year-on-year growth of17.57%.
During the reporting period, the Company kept steady income from its properties. The Company smoothly carried forward the work of private offering of A-shares and cooperation of Beibiao Watch Industry.
II. Analysis on Principal Business
Year-on-year change of the principal financial data
In CNY
||||||||
|-|-|-|-|-|-|-|
|||||Same period of the|Year-on-year|Causes of|
|||Reporting period|||||
|||||previous year|increase/decrease|Movements|
|Operating revenue|1,683,793,247.59||1,642,614,790.97||2.51%|Inapplicable|
|Operating cost|1,037,981,721.35||1,038,060,709.77||-0.01%|Inapplicable|
|Sales expenses|386,297,227.92||349,761,320.39||10.45%|Inapplicable|
|Administrative|100,131,176.65||84,852,192.39||||
||||||18.01%|Inapplicable|
|expenses|||||||
|Financial expenses|50,889,786.79||54,196,678.49||-6.10%|Inapplicable|
||22,261,660.23||16,573,527.31|||The preferential|
|||||||enterprise income|
|||||||tax rate enjoyed by|
|||||||the manufacture|
|||||||company, one of the|
|||||||Company‟s|
|||||||subsidiaries, as a|
|||||||hi-tech enterprise|
|||||||enjoying key support|
|||||||from the central|
|||||||government was due|
|||||||on December 31,|
|Income tax expenses|||||34.32%||
|||||||2014 and the|
|||||||company is in|
|||||||process of|
|||||||application for the|
|||||||new tax rate|
|||||||preference. During|
|||||||the reporting period,|
|||||||the enterprise|
|||||||income tax was|
|||||||counted and paid|
|||||||based on 25% for|
|||||||time being.|
|R & D investment||18,788,221.52||11,886,999.88|58.06%|It was mainly due to|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||
|-|-|-|-|-|
|||||increase of the R & D|
|||||expenses for|
|||||watches during the|
|||||reporting period|
|Net cash flow from|172,253,778.56|137,998,679.39|||
||||24.82%|Inapplicable|
|operating activities|||||
||-110,919,548.69|-77,188,078.38||It was mainly due to|
|||||increase of|
|||||investment in|
|Net cash flow from||||Guangming New|
||||43.70%||
|investment activities||||Zone Watch|
|||||Industrial Base|
|||||during the reporting|
|||||period.|
||-17,014,123.13|-8,915,791.60||It was mainly due to|
|||||increase of the|
|||||special loan for|
|||||Guangming New|
|Net cash flow from||||Zone Watch|
||||90.83%||
|financial activities||||Industrial Base and|
|||||some decrease of|
|||||loan for the working|
|||||capital during the|
|||||reporting period|
|Net increase of cash|43,999,662.37|52,180,646.25|||
||||-15.68%|Inapplicable|
|and cash equivalents|||||

Great change has taken place in profit composition or profit sources in the reporting period
Inapplicable
Future development and plan extended to the reporting period as disclosed in the documents of public disclosure, such as thecompany‟s prospectus, letter of intent on the offering and asset reorganization report, etc.
Inapplicable
Review and summary of the progress of the operaton plan in the reporting period the Company disclosed previously Inapplicable
III. Composition of Principal Businesses
In CNY
||||||||
|-|-|-|-|-|-|-|
||||||Increase/decr||
|||||Increase/decr||Increase/decr|
||||||ease of||
|||||ease of||ease of gross|
||||||principal||
||Operating|Operating||revenue in the||profit rate over|
||||Gross margin||business cost||
||revenue|costs||same period||the same|
||||||over the same||
|||||of the||period of the|
||||||period of||
|||||previous year||previous year|
||||||previous year||
|Sectors|||||||
||1,625,638,18|1,029,438,16|||||
|Watches|||36.67%|2.54%|0.18%|1.49%|
||1.66|8.65|||||
||47,389,948.9||||||
|Leases||6,946,511.39|85.34%|10.63%|9.07%|0.21%|
||0||||||
|Products|||||||
|Sales of|||||||
||1,130,882,78|863,692,919.|||||
||||23.63%|-2.89%|-1.76%|-0.88%|
|famous brand|4.12|81|||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|watches|||||||||||
|Sales of|||||||||||
||494,755,397.|165,745,248.|||||||||
|FIYTA||||66.50%||17.57%||11.67%||1.77%|
||54|84|||||||||
|watches|||||||||||
|Property|47,389,948.9||||||||||
|||6,946,511.39||85.34%||10.63%||9.07%||0.21%|
|lease|0||||||||||
|Regions|||||||||||
|Northeast|||||||||||
||165,021,675.|105,560,855.|||||||||
|||||36.03%||8.21%||-1.19%||6.09%|
|China|21|29|||||||||
|North China|277,981,674.|188,298,512.|32.26%||15.20%||7.73%||4.70%||
||69|68|||||||||
|Northwest|||||||||||
||277,441,301.|186,322,822.|||||||||
|||||32.84%||-3.48%||-9.93%||4.81%|
|China|52|14|||||||||
|Southwest|||||||||||
||186,168,777.|122,478,982.|||||||||
|||||34.21%||13.05%||6.77%||3.87%|
|China|01|60|||||||||
|East China|229,325,029.|143,157,110.4|37.57%||4.52%||-4.29%||5.74%||
||32|9|||||||||
|South China|537,089,672.|290,566,396.|45.90%||-4.57%||3.35%||-4.15%||
||81|84|||||||||

IV. Analysis on Core Competitiveness
TheCompany‟s core competitiveness is a collection of techniques and technologies which enable the Company to provide the customers with specific value and is the competitiveness which a series of products or services must rely on in process of taking a leading position. It consists of ability of product innovation, ability of high quality services, ability of marketing communications, ability of knowledgement management and ability of management of strategic human resource.
During the reporting period, the Company kept carrying forward technology research and development, construction of the platform of innovative design and the innovation work and achieved great success. Both theCompany‟s technology center and the innovative design center achieved great success in construction of the innovative mechanism, platform and innovation environment and achieved a good success in talent caltivation, technological achievements, etc., and maintained the leading posiion in the sane domestic industry. One of theCompany‟s technology projects has passed project acceptance inspection at the municipal level of Shenzhen. During the first half year, the Company was granted 3 patents for utility models and 12 design patents; took lead or participated in preparation or amendment of and totally issued 4 industrial standards.
V. Analysis on Investment Status
1. External Equity Investment
(1) External Investment
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report (2) Holding of the Equipty in Financial Enterprises
Inapplicable
(3) Investment in Securities
Inapplicable
(4) Explanation on Holding Equity in Other Listed Companies
Inapplicable
2. Entrusted Financing, Investment in Derivative Products and Entrusted Loan
(1) Entrusted Financing
Inapplicable
(2) Investment in Derivatives
Inapplicable
(3) Entrusted Loan
Inapplicable
3. Application of the Raised Capital
(1) General Application of the Raised Capital
In CNY 10,000
|||
|-|-|
|Total raised capital|40,000|
|Total raised capital invested in the reporting||
||0|
|period||
|Total raised capital accumulatively invested|40,000|
|Total raised capital whose application has been||
||0|
|changed in the reporting period||
|Total raised capital whose application has been||
||0|
|changed accumulatively||
|Proportion of the total raised capital whose||
||0.00%|
|application has been changed accumulatively||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||
|-|
|Note to Application of the Raised Capital|
|The Company held the 33rd meeting of the Sixth Board of Directors on June 19, 2012. The meeting reviewed and|
|approved the Proposal of Issuing Company Bonds, etc. according to which, the Company planned to issue company|
|bonds with a size not exceeding CNY400 million and with a term not exceeding 5 years (with 5 years inclusive) which|
|would be used for replacing bank loan and replenishing the working capital. On September 9, 2012, approved through|
|verification by China Securities Regulatory Commission (CSRC) with Document ZHENG JIAN XU KE [2012] No.|
|1209, the Company was approved to issue company bonds with the size not exceeding CNY 400 million. The|
|Company issued CNY 400 million of bonds in the current period. After deduction of the issuing costs, the net raised|
|capital amounting to CNY396.9 million was remitted to the bank account designated by the Company on March 5,|
|2013.|
|RSM China CPAs, the CPAs engaged by the Company issued the capital verification reports of ZHONG RUI YUE HUA|
|YAN ZI [2013] No. 0053, ZHONG RUI YUE HUA YAN ZI [2013] No. 0054 and ZHONG RUI YUE HUA YAN ZI [2013]|
|No. 0055 respectively for the frozen capital for subscription of the on-line bond issuing, the frozen capital for|
|subscription of the off-line placement and the actual raised capital conditions. Approved by Shenzhen Stock Exchange|
|with Document SHEN ZHENG SHANG [2013] No. 99, the bonds have been listed for trading with both SZSE|
|Centralized Bidding System and the Comprehensive Agreement Based Transaction Platform commencing from March|
|29, 2013 with the abbreviation of the security as “12 YADA BOND” and security code as “112152”. The issuing of the|
|company bonds has been completed. The capital raised from the issuing was remitted to the bank account designated|
|by the Company on March 5, 2013. Up to now, the Company has used up all the raised capital and no change has|
|taken place in the application purpose of the raised capital.|

(2) Promised Projects with Raised Capital
In CNY 10,000
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||||Date||||
|||||||Amount|Investm||||Has|
|||||||||when||||
|||Has the|Total|||accumul|ent|||Has the|significa|
|||||||||the||||
|||project|promise|||atively|progres|||predicte|nt|
|||||Total|Amount|||project|Result|||
|Promised investment||been|d|||invested|s by the|||d|change|
|||||investm|invested|||has|realized|||
|projects and||change|investm|||up to|end of|||operatio|taken|
|||||ent after|in the|||reached|in the|||
|investment with the||d|ent|||the end|the|||n result|place in|
|||||adjustm|report|||the|reportin|||
|over-raised capital||(includin|with|||of the|report|||been|the|
|||||ent (1)|period|||predicte|g period|||
|||g partial|raised|||report|period|||reached|feasibilit|
|||||||||d||||
|||change)|capital|||period|(3) =|||?|y of the|
|||||||||applicab||||
|||||||(2)|(2)/(1)||||project?|
|||||||||le status||||
|Investment projects as committed||||||||||||
|Repayment of bank||||||||||||
|||No|||||100.00|||||
||||30,000|30,000|0|30,000|||0|Yes|No|
|loan|||||||%|||||
|Replenishing the||||||||||||
|||No|||||100.00|||||
||||10,000|10,000|0|10,000|||0|Yes|No|
|working capital.|||||||%|||||
|Sub-total of investment||||||||||||
|||--|40,000|40,000|0|40,000|--|--|0|--|--|
|projects as committed||||||||||||
|Investment with over-raised capital||||||||||||
|Subtotal of investment||||||||||||
|with over-raised||--|0|0|0|0|--|--|0|--|--|
|capital||||||||||||
|Total||--|40,000|40,000|0|40,000|--|--|0|--|--|
|Description and||||||||||||
|causes of failure in||||||||||||
|realizing the planned|I|napplicable||||||||||
|progress or expected||||||||||||
|earning (based on||||||||||||
|specific projects)||||||||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||
|-|-|
|Explanation on great||
|change in project|Inapplicable|
|feasibility||
|Amount of the|Inapplicable|
|over-raised proceeds,||
|application and||
|progress of application||
|Change of the place|Inapplicable|
|for implementation of||
|the investment project||
|with the raised capital||
|Adjustment of the way|Inapplicable|
|for implementation of||
|the investment project||
|with the raised capital||
|Advance investment in|Inapplicable|
|the investment project||
|with raised capital and||
|the replacement||
|Provisional|Inapplicable|
|replenishment of the||
|working capital with||
|the idle raised capital||
|Amount of balance of|Inapplicable|
|the raised capital in||
|project implementation||
|and the cause||
|Application and the||
|place of going of the|Inapplicable|
|raised capital not yet||
|used||
|Problems and other||
|conditions existing in||
|application of the|Inapplicable|
|raised capital and||
|disclosure||

(3) Change of the Projects Invested with the Raised Capital
Inapplicable
(4) Projects Invested with the Raised Capital
Inapplicable
4. Analysis on Principal Subsidiaries and Mutual Shareholding Companies
Particulars about the Principal Subsidiaries and Mutual Shareholding Companies
In CNY
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||||||Leading|||||||
|||||Sectors||||||||
|Company||Company|||products|Registered|Total|Net assets||Operatin||
|||||engaged|||||Turnover||Net profit|
|Names||type|||and|capital|assets|||g profit||
|||||in||||||||
||||||services|||||||
|Shenzhen|||||Mainly|||||||
|Harmony|Subsidiary||Retail||engaged|600,000,|2,128,15|716,046,|1,164,61|14,752|15,303,03|
|||||||000(CN||||,050.1||
|World|||||in sales of||2,653.54|328.83|3,449.19||9.40|
|||||||Y)||||0||
|Watches||||||||||||
||||||world|||||||
|Center||||||||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Co., Ltd.|||famous|||||||
||||brand|||||||
||||watch,|||||||
||||including|||||||
||||purchase,|||||||
||||sales and|||||||
||||maintenan|||||||
||||ce service|||||||
||||of|||||||
||||timepieces|||||||
||||and parts|||||||
||||Sales and|||||||
||||repairing|||||||
||||of watches|||||||
||||and|||||||
|FIYTA|Subsidiary||spares|||||||
|||Retail||50,000,0|817,430,|40,061,6|463,030,|4,727,|3,424,692.|
|Sales||||||||||
||||and parts|00(CNY)|175.61|34.21|790.49|455.67|74|
|Co., Ltd.||||||||||
||||and sales|||||||
||||of jewelry|||||||
||||and|||||||
||||ornments|||||||
||||Mainly|||||||
||||engaged|||||||
||||in|||||||
||||production|||||||
||||and sales|||||||
||||of FIYTA|||||||
||||watches,|||||||
||||including|||||||
|Shenzhe|||productin|||||||
|n FIYTA||||||||||
||||and|||||||
|Sophistic||||||||||
|ated||Manufactu|maintenan|||||99,059||
||Subsidiary|||10,000,0|178,918,|90,855,6|263,660,||74,901,27|
|Timepiec||||||||,746.3||
|||re|ce of|00(CNY)|282.57|50.97|912.02||6.50|
|es||||||||6||
|Manufac|||clocks and|||||||
|ture Co.,||||||||||
||||watches,|||||||
|Ltd.||||||||||
||||and|||||||
||||driving|||||||
||||units,|||||||
||||spares|||||||
||||and parts,|||||||
||||sophisticat|||||||
||||ed|||||||
||||timepieces|||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||||R & D,||||||||
||||production||||||||
||||and sales||||||||
||||of||||||||
||||watches,||||||||
|Shenzhe|||||||||||
||||production||||||||
|n FIYTA|||||||||||
|Technolo||Manufactu|,|||||10,947|||
||Subsidiary|||10,000,0|76,516,1|49,378,7|93,044,6|||9,476,598.|
|gy||||||||,350.9|||
|||re|machining,|00(CNY)|10.46|21.47|90.56|||96|
|Develop||||||||9|||
|ment|||sales and||||||||
|Co., Ltd.|||||||||||
||||technology||||||||
||||developm||||||||
||||ent of||||||||
||||sophisticat||||||||
||||ed parts.||||||||
||||Mainly||||||||
||||engaged||||||||
||||in trade||||||||
||||and||||||||
|FIYTA|||||||||||
||||overseas||||||||
|(Hong|Subsidiary|Retail||65,060,0|420,825,|175,508,|58,683,6|711,72|-53,248.17||
|Kong)|||market|00(HKD)|662.45|421.64|54.24|8.77|||
|Limited|||||||||||
||||developm||||||||
||||ent of||||||||
||||FIYTA||||||||
||||watches||||||||
||||Sales of||||||||
||||clocks and||||||||
||||watches||||||||
||||and gifts||||||||
||||and||||||||
|Shenzhe|||||||||||
|n|||consultatio||||||||
|Sympho|Subsidiary|Retail|n of|5,000,00|27,107,0|882,021.|24,624,6|4,515,||3,386,690.|
|ny||||0(CNY)|79.30|35|43.84|587.01||26|
|Trading|||relevant||||||||
|Co., Ltd.|||informatio||||||||
||||n and||||||||
||||other||||||||
||||domestic||||||||
||||trading||||||||
||||Sales of||||||||
||Mutual||||||||||
|Shangha|||watches||||||||
||shareholding|Manufac|||||||||
|i Watch|||and|15,350,0|111,055,|92,336,9|46,811,2|1,083,||1,220,537.|
|Industry|company|ture||00(CNY)|567.20|25.34|42.00|911.31||78|
|Co., Ltd.|||spares||||||||
||||and parts||||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report 5. Projects Invested with Funds not Raised through Share Offering
Inapplicable
VI. Prediction of the Operation Performances from January to September 2015 Inapplicable
VII. Explanation of the Board of Directions and the Supervisory Committee on the QualifiedAuditor’s Report Issued by the CPAs
Inapplicable
VIII. Explanation of the Board of Directions to the Matters in Connection with “QualifiedAuditors’ Report” of the Previous Year
Inapplicable
IX. Implementation of Profit Distribution in the Reporting Period
Implementation or adjustment of the profit distribution plan, especially cash dividend plan and plan for conversion of capital reserve into share capital implemented in the reporting period
2014 Profit Distribution Plan was reviewed and approved at the
17th
meeting of the Seventh Board of Directors held on March 10, 2015 and 2014 Annual General Meeting held on June 17, 2015. According to the plan, the Company took the share capital as at December 31, 2014 totalling 392,767,870 shares as the base, and would distribute cash dividend at rate of CNY 1.00 for every 10 shares (with tax inclusive) to all the shareholders. The total cash dividend to be distributed amounted to CNY 39,276,787.00. The profit distribution was completed by August 10, 2015. For more information, refer to the Announcement on the Resolution of the
17th
Meeting of the Seventh Board of Directors No. 2015-003, Announcement on the Resolution of 2014 Annual General Meeting No. 2015-020 and the Announcement on the Implementation of the Equity Distribution of Year 2014 No. 2015-024.
|||
|-|-|
|Special description of the cash dividend distribution policy||
|Whether the plan complies with the Articles of Association||
||Yes|
|and resolution of the General Meeting:||
|Whether the dividend distribution rate and proportion are||
||Yes|
|clear and definite:||
|Whether the relevant decision making procedures and||
||Yes|
|mechanism are complete:||
|Have the independent directors have done their duty and||
||Yes|
|brought their due role into full play:||
|Have the minority shareholders fully expressed their||
|opinions and been given the opportunity of fully||
||Yes|
|expressing their opinions and appeal and has their legal||
|interests have been fully protected:||
|Are any adjustment or alteration, conditions and||
|procedures of the cash dividend policy in compliance or|Inapplicable|
|transparant:||

FIYTA Holdings Ltd. 2015 Semi-Annual Report X. Preplan for Profit Distribution and Conversion of Capital Reserve into Share Capital
Inapplicable
XI. Statement of such activities as reception, research, communication, interview in the reporting period
Inapplicable
Section 5 Significant Events
I. Overview of the Corporate Governance
In year 2014, the Company continuously improved theCompany‟s corporate governance structure strictly according to the PRC Company Law, the PRC Securities Law and the regulations of China Securities Regulatory Commission concerning governance of listed companies, and tried to enhance construction of modern enterprise system, upgraded the level of regulatory operation of the Company. As a result, there was no discrepancy between the situation of theCompany‟s corporate governance and the regulatory documents of China Securities Regulatory Commission concerning governance of listed companies.
The Company established and improved relatively standardized corporate governance structure and rules of procedures strictly according to law, rules and regulations, including the PRC Company Law, and the Articles of Association of the Company, formed a decision-making and operation management system with theShareholders‟ Meeting, the Board of Directors, the Supervisory Committee and the management of the Company as the principal structure. They implemented their respective duties according to the PRC Company Law and the Articles of Association.
The General Meeting is theCompany‟s supreme organ and has the power of deciding theCompany‟s operation policy and investment plan, reviewing and approving theCompany‟s annual fincial budget scheme, settlement scheme, profit distribution plan, loss make-up plan, change of the application of the proceeds raised through issuing, etc., makes resolution on increase and decrease of theCompany‟s registered capital, issuing bond, etc., election and replacement of directors, non-staff supervisors and decision on their remuneration and way of payment.
The Board of Directors is theCompany‟s decision-making organ, takes charge of implementing the decisions made by theShareholders‟ General Meeting, assumes responsibility to theShareholders‟ General Meeting and reports the work to it; within the authorization from the General Meeting, decides theCompany‟s external investment, acquisition and sales of assets, assets pledgement, external guarantee, related transactions, etc., decides establishment of theCompany‟s internal management organs, engagement and disengagement of theCompany‟s general manager, the Board secretary and other senior executives, etc. The Board of Directors consists of nine directors, including three independent directors. The Board of Directors has established three subordinate special committees, namely the Strategy Committee, the Audit Committee and Nomination, Emolument and Assessment Committee.
The Supervisory Committee is theCompany‟s supervisory organ in charge of supervising the directors, managers and
FIYTA Holdings Ltd. 2015 Semi-Annual Report other senior executives in performaning duties according to the law and proposes dismissal of any director or senior executive who breaches the law, the administrative rules and regulations, the Articles of Association or the GeneralMeeting‟s resolutions. The Supervisory Committee consists of three supervisors including two staff supervisors. The management assumes responsibility to the Board of Directors and the General Manager takes full responsibility for theCompany‟s routine operation and management and development under the leadership of the Board of Directors, supervises the work of every functional department, assesses the work result of each functional department and coordinate the relationship of all departments.
II. Major Lawsuits and Arbitration Affairs
Inapplicable
III. Media Query
Inapplicable
IV. Bankruptcy or Reorganization Related Events
Inapplicable
V. Asset Transactions
1. Acquisition of Assets
Inapplicable
2. Sales of Assets
Inapplicable
3. Enterprise Consolidation
Inapplicable
VI. Implementation of theCompany’s Equity Incentive Plan and its Influences
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report VII. Material Related Transactions
1. Related transactions in connection with daily operation
||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||Amoun|Propor||||||||
||||Descri|Princip||t of the|tion in||||Way of||||
||||ption|le of|Price|related|the|Amoun|Has itexceededtheamountapproved?||settle|Similar||Discl|
|||Type||||||t of|||||||
|Relate|||of|pricing|of|transa|amoun|transa|||ment|market|Disclo|osur|
||Relatio|of||||||ctions|||||||
|d|||Relate|of the|related|ction|t of the||||for the|price|sure|e|
|||||||||approv|||||||
||nship|related|||||||||||||
|||||||||ed (in|||||||
|Parties|||d|related|transa|(in|similar||||related|obtain|date|inde|
|||parties||||||CNY|||||||
||||Transa|transa|ctions|CNY|transa|10,000|||transa|able||x|
|||||||||)|||||||
||||ctions|ctions||10,000|ctions||||ction||||
|||||||)|(%)||||||||
||||||||||||Bank|||ww|
|||Admi|Prop||||||||||||
|CATI|Com||||||||||acco|||w.c|
|||nistra|erty|Nego|||||||||Marc||
|C|mon|||||144.8|100.0||||unt|||ninf|
|||tive|mana|tiated||||||No|||h 10,||
|Prop|contr|||||9|0%||||transf|||o.co|
|||expe|geme|price|||||||||2015||
|erty|oller||||||||||erenc|||m.c|
|||nses|nt fee||||||||||||
||||||||||||e|||n|
||||||||||||Bank|||ww|
|Rainb|||Shop||||||||||||
||Com||||||||||acco|||w.c|
|ow|||ping|Nego|||||||||Marc||
||mon|Sales||||224.5|8.72||||unt|||ninf|
|Supe|||mall|tiated||||||No|||h 10,||
||contr|costs||||8|%||||transf|||o.co|
|rmark|||expe|price|||||||||2015||
||oller||||||||||erenc|||m.c|
|et|||nses||||||||||||
||||||||||||e|||n|
||||||||||||Bank|||ww|
|CATI||Const|||||||||||||
||Com||Proje||||||||acco|||w.c|
|C||ructio||Nego|||||||||Marc||
||mon||ct||||100.0||||unt|||ninf|
|Curta||n-in-p||tiated||21||||No|||h 10,||
||contr||paym||||0%||||transf|||o.co|
|in||roces||price|||||||||2015||
||oller||ent||||||||erenc|||m.c|
|Wall||s|||||||||||||
||||||||||||e|||n|
||||||||||||Bank|||ww|
|||Const|||||||||||||
|CATI|Com||Proje||||||||acco|||w.c|
|||ructio||Nego|||||||||Marc||
|C|mon||ct||||100.0||||unt|||ninf|
|||n-in-p||tiated||8.9||||No|||h 10,||
|Buildi|contr||paym||||0%||||transf|||o.co|
|||roces||price|||||||||2015||
|ng|oller||ent||||||||erenc|||m.c|
|||s|||||||||||||
||||||||||||e|||n|
|CATI|||Biddi||||||||Bank|||ww|
|||Const|||||||||||||
|C|Com||ng||||||||acco|||w.c|
|||ructio||Nego|||||||||Marc||
|Nang|mon||agen||||100.0||||unt|||ninf|
|||n-in-p||tiated||17.93||||No|||h 10,||
|uang|contr||cy||||0%||||transf|||o.co|
|||roces||price|||||||||2015||
|Eleva|oller||servic||||||||erenc|||m.c|
|||s|||||||||||||
|tor|||e||||||||e|||n|
|CATI|||||||||||||||
|C|||Biddi||||||||Bank|||ww|
|||Const|||||||||||||
|Tech|Com||ng||||||||acco|||w.c|
|||ructio||Nego|||||||||Marc||
|nical|mon||agen||||100.0||||unt|||ninf|
|||n-in-p||tiated||10||||No|||h 10,||
|Econ|contr||cy||||0%||||transf|||o.co|
|||roces||price|||||||||2015||
|omy|oller||servic||||||||erenc|||m.c|
|||s|||||||||||||
|&|||e||||||||e|||n|
|Trade|||||||||||||||
|Shan|||||||||||Bank|||ww|
||||Procu||||||||||||
|ghai|Com|Costs|||||||||acco|||w.c|
||||reme|Nego|||||||||Marc||
|Watc|mon|and|||||0.01||||unt|||ninf|
||||nt of|tiated||12.82||||No|||h 10,||
|h|contr|expe|||||%||||transf|||o.co|
||||mater|price|||||||||2015||
|Indus|oller|nses|||||||||erenc|||m.c|
||||ials||||||||||||
|try|||||||||||e|||n|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|||Reve|||||||||
|||||||||Bank||ww|
|Rainb||nue|||||||||
||Com||Sales|||||acco||w.c|
|ow||from||Nego|||||Marc||
||mon||of||4,115|2.44||unt||ninf|
|Supe||princi||tiated|||No||h 10,||
||contr||good||.21|%||transf||o.co|
|rmark||pal||price|||||2015||
||oller||s|||||erenc||m.c|
|et||busin|||||||||
|||||||||e||n|
|||ess|||||||||
|Aviati|||||||||||
|||Reve|||||||||
|on||||||||Bank||ww|
|||nue|||||||||
|Indus|Com||Sales|||||acco||w.c|
|||from||Nego|||||Marc||
|try|mon||of|||0.01||unt||ninf|
|||princi||tiated|12.98||No||h 10,||
|Corp|contr||good|||%||transf||o.co|
|||pal||price|||||2015||
|oratio|oller||s|||||erenc||m.c|
|||busin|||||||||
|n of||||||||e||n|
|||ess|||||||||
|China|||||||||||
|||Reve|||||||||
|||||||||Bank||ww|
|||nue|||||||||
|Shen|Com||Sales|||||acco||w.c|
|||from||Nego|||||Marc||
|nan|mon||of||830.8|39.70||unt||ninf|
|||princi||tiated|||No||h 10,||
|Circui|contr||good||5|%||transf||o.co|
|||pal||price|||||2015||
|t|oller||s|||||erenc||m.c|
|||busin|||||||||
|||||||||e||n|
|||ess|||||||||
|||Reve|||||||||
|||||||||Bank||ww|
|CATI||nue|||||||||
||Com|||||||acco||w.c|
|C||from|Prop|Nego|||||Marc||
||mon|||||1.62||unt||ninf|
|Real||princi|erty|tiated|76.67||No||h 10,||
||contr|||||%||transf||o.co|
|Estat||pal|lease|price|||||2015||
||oller|||||||erenc||m.c|
|e||busin|||||||||
|||||||||e||n|
|||ess|||||||||
|||Reve|||||||||
|||||||||Bank||ww|
|||nue|||||||||
|CATI|Com|||||||acco||w.c|
|||from|Prop|Nego|||||Marc||
|C|mon||||133.0|2.81||unt||ninf|
|||princi|erty|tiated|||No||h 10,||
|Prop|contr||||3|%||transf||o.co|
|||pal|lease|price|||||2015||
|erty|oller|||||||erenc||m.c|
|||busin|||||||||
|||||||||e||n|
|||ess|||||||||
|||Reve|||||||||
|||||||||Bank||ww|
|||nue|||||||||
|CATI|Com|||||||acco||w.c|
|||from|Prop|Nego|||||Marc||
|C|mon|||||1.19||unt||ninf|
|||princi|erty|tiated|56.23||No||h 10,||
|Secur|contr|||||%||transf||o.co|
|||pal|lease|price|||||2015||
|ities|oller|||||||erenc||m.c|
|||busin|||||||||
|||||||||e||n|
|||ess|||||||||
|||Reve|||||||||
|||||||||Bank||ww|
|CATI||nue|||||||||
||Com|||||||acco||w.c|
|C||from|Prop|Nego|||||Marc||
||mon|||||0.17||unt||ninf|
|City||princi|erty|tiated|8.26||No||h 10,||
||contr|||||%||transf||o.co|
|Prop||pal|lease|price|||||2015||
||oller|||||||erenc||m.c|
|erty||busin|||||||||
|||||||||e||n|
|||ess|||||||||
|||Reve|||||||||
|CATI||||||||Bank||ww|
|||nue|||||||||
|C|Com|||||||acco||w.c|
|||from|Prop|Nego|||||Marc||
|City|mon|||||0.02||unt||ninf|
|||princi|erty|tiated|1.13||No||h 10,||
|Devel|contr|||||%||transf||o.co|
|||pal|lease|price|||||2015||
|opme|oller|||||||erenc||m.c|
|||busin|||||||||
|nt||||||||e||n|
|||ess|||||||||
|||Reve||||||Bank||ww|
|Guan|||||||||||
|lan|Com|nue|Prop|Nego||||acco|Marc|w.c|
|Real|mon|from|erty|tiated|4.54|0.10|No|unt|h 10,|ninf|
||contr|princi||||%||transf||o.co|
|Estat|||lease|price|||||2015||
||oller|pal||||||erenc||m.c|
|e|||||||||||
|||busin||||||e||n|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|||ess|||||||||
|||Reve|||||||||
|||||||||Bank||ww|
|||nue|||||||||
|CATI|Com|||||||acco||w.c|
|||from|Prop|Nego|||||Marc||
|C|mon|||||1.01||unt||ninf|
|||princi|erty|tiated|48.04||No||h 10,||
|Chan|contr|||||%||transf||o.co|
|||pal|lease|price|||||2015||
|gtai|oller|||||||erenc||m.c|
|||busin|||||||||
|||||||||e||n|
|||ess|||||||||
|||Reve|||||||||
|||||||||Bank||ww|
|||nue|||||||||
||Com|||||||acco||w.c|
|||from|Prop|Nego|||||Marc||
||mon|||||4.96||unt||ninf|
|||princi|erty|tiated|235||No||h 10,||
||contr|||||%||transf||o.co|
|||pal|lease|price|||||2015||
||oller|||||||erenc||m.c|
|||busin|||||||||
|||||||||e||n|
|||ess|||||||||
|||Reve|||||||||
|||||||||Bank||ww|
|Rainb||nue|||||||||
||Com|||||||acco||w.c|
|ow||from|Prop|Nego|||||Marc||
||mon|||||0.49||unt||ninf|
|Supe||princi|erty|tiated|23.06||No||h 10,||
||contr|||||%||transf||o.co|
|rmark||pal|lease|price|||||2015||
||oller|||||||erenc||m.c|
|et||busin|||||||||
|||||||||e||n|
|||ess|||||||||
|||Reve|||||||||
|||||||||Bank||ww|
|||nue|||||||||
|Jiufa|Com|||||||acco||w.c|
|||from|Prop|Nego|||||Marc||
|ng|mon|||||0.38||unt||ninf|
|||princi|erty|tiated|18.18||No||h 10,||
|Asset|contr|||||%||transf||o.co|
|||pal|lease|price|||||2015||
|s|oller|||||||erenc||m.c|
|||busin|||||||||
|||||||||e||n|
|||ess|||||||||
|||Reve|||||||||
|||||||||Bank||ww|
|CATI||nue|||||||||
||Com|||||||acco||w.c|
|C||from|Prop|Nego|||||Marc||
||mon|||||0.46||unt||ninf|
|City||princi|erty|tiated|21.87||No||h 10,||
||contr|||||%||transf||o.co|
|Inves||pal|lease|price|||||2015||
||oller|||||||erenc||m.c|
|tment||busin|||||||||
|||||||||e||n|
|||ess|||||||||
|CATI||Reve|||||||||
|||||||||Bank||ww|
|C||nue|||||||||
||Com|||||||acco||w.c|
|Them||from|Prop|Nego|||||Marc||
||mon|||||0.75||unt||ninf|
|e||princi|erty|tiated|35.33||No||h 10,||
||contr|||||%||transf||o.co|
|Real||pal|lease|price|||||2015||
||oller|||||||erenc||m.c|
|Estat||busin|||||||||
|||||||||e||n|
|e||ess|||||||||
|||Reve|||||||||
|CATI||||||||Bank||ww|
|||nue|||||||||
|C|Com|||||||acco||w.c|
|||from|Prop|Nego|||||Marc||
|Huac|mon|||||0.12||unt||ninf|
|||princi|erty|tiated|5.6||No||h 10,||
|heng|contr|||||%||transf||o.co|
|||pal|lease|price|||||2015||
|Prop|oller|||||||erenc||m.c|
|||busin|||||||||
|erty||||||||e||n|
|||ess|||||||||
|Ganz|||||||||||
|||||||||Bank||ww|
|hou|||||||||||
||Com|||||||acco||w.c|
|CATI||||Nego|||||Marc||
||mon|Sales|Renta|||1.50||unt||ninf|
|C||||tiated|50.94||No||h 10,||
||contr|costs|l fees|||%||transf||o.co|
|Real||||price|||||2015||
||oller|||||||erenc||m.c|
|Estat|||||||||||
|||||||||e||n|
|e|||||||||||
|Jiujia||||||||Bank||ww|
|ng|Com|||Nego||||acco|Marc|w.c|
|CATI|mon|Sales|Renta|tiated|15.31|0.45|No|unt|h 10,|ninf|
|C|contr|costs|l fees|||%||transf||o.co|
|||||price|||||2015||
|Real|oller|||||||erenc||m.c|
|Estat||||||||e||n|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|e||||||||||||||||||||
|||||||||||||||Bank|||||ww|
|CATI|Com|||||||||||||acco|||||w.c|
||||||Nego||||||||||||Marc|||
|C|mon|Sales|Renta||||||0.25|||||unt|||||ninf|
||||||tiated||8.52|||||No|||||h 10,|||
|Chan|contr|costs|l fees||||||%|||||transf|||||o.co|
||||||price||||||||||||2015|||
|gtai|oller|||||||||||||erenc|||||m.c|
|||||||||||||||e|||||n|
|Total||||--||--|6,140|--||0|--||--||--|--||--||
||||||||.87|||||||||||||
|Details of large amount of sales||||||||||||||||||||
||||||Inapplicable|||||||||||||||
|returns||||||||||||||||||||
|Actual implementation of the routine||||||||||||||||||||
|related transactions incurred during||||||||||||||||||||
|the reporting period whose total|||||Inapplicable|||||||||||||||
|amount had been predicted based on||||||||||||||||||||
|the categories (if any)||||||||||||||||||||
|Cause of bigger difference between||||||||||||||||||||
|the bargain price and the market|||||Inapplicable|||||||||||||||
|reference price (if any)||||||||||||||||||||

Note:Through review and approval at the 17th meeting of the Seventh Board of Directors and 2014 Annual General Meet ing, the total predicted amount of theCompany‟s regular related transactions in year 2015 would not exceed CNY 440.2 million. During the reporting period, there existed no such a case that the amount of regular related transactions exceede d the predicted quota of regular related transaction.
2. Related transactions concerning assets acquisition/sales
Inapplicable
3. Related Transitions of Joint Investments
Inapplicable
4. Current Associated Rights of Credit and Liabilities
Inapplicable
Due from related parties:
Inapplicable
Due to related parties:
||||||||||
|-|-|-|-|-|-|-|-|-|
|||||Amount|||||
||||||Amount||||
|||||newly|||Interest in||
||||||returned in||||
||||Opening|increased|||the|Ending|
|||Cause of|||the||||
|Related|||balance|in the||Interest|reporting|balance|
||Relationship|formatio|||reporting||||
|party|||(in CNY|reporting||rate|period|(in CNY|
|||n|||period||||
||||10,000)|period (in|||(in CNY|10,000)|
||||||(in CNY||||
|||||CNY|||10,000)||
||||||10,000)||||
|||||10,000)|||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||||
|-|-|-|-|-|-|-|-|-|
|AVIC|||||||||
|International|Controlling|Borrowin|15,000|0|15,000|6.00%|130|0|
|Holdings|shareholder|gs|||||||
|Limited|||||||||
|Influence of the related rights|||||||||
|of credit and liabilities upon||Inapplicable|||||||
|the Company‟s operation|||||||||
|results and financial position.|||||||||

5. Other Material Related Transactions
Inapplicable
VIII. TheCompany’s fund occupied by its controlling shareholder or related party for non-operation purpose
Inapplicable
IX. Important Contracts and Implementation
1. Custody, Contacting and Leases
(1) Custody
Inapplicable
(2) Contracts
Inapplicable
(3) Leases
Inapplicable
2. Guarantees
In CNY 10,000
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Outward guarantees (excluding guarantee to the subsidiaries)||||||||||
||Date of|||||||||
||the||Date of||||||Guarant|
||announce||occurrence|||||Impleme|ee to|
|Names of||Guarantee||Actual amount|Type of||Guarantee|||
||ment on||(date of|||||ntation|related|
|Gurantees||line||of guarantee|guarantee||period|||
||the||agreement|||||status|party?|
||guarantee||execution)||||||(Y/N)|
||line|||||||||
|Inapplicable||||||||||
|Total amount of outward||0||Total amount of outward||0||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||||
|-|-|-|-|-|-|-|-|-|
|guarantee approved in the report||||guarantee actually incurred in|||||
|period (A1)||||the report period (A2)|||||
|Total amount of outward||||Total ending balance of|||||
|guarantee already approved at||0||outward guarantee at the end||0|||
|the end of the report period (A3)||||of the report period (A4)|||||
|Guarantees to the Subsidiaries|||||||||
||Date of||||||||
||the||Date of|||||Guarant|
||announce||occurrence||||Impleme|ee to|
|Names of||Guarantee||Actual amount|Type of|Guarantee|||
||ment on||(date of||||ntation|related|
|Guarantees||line||of guarantee|guarantee|period|||
||the||agreement||||status|party?|
||guarantee||execution)|||||(Y/N)|
||line||||||||
|Shenzhen|||||Guarantee||||
|Harmony World|March 10,|30,000|May 14,2015|3,000|with joint|3 years|No|No|
|Watches Center|2015||||responsibilit||||
|Co., Ltd.|||||y||||
|Shenzhen|||||Guarantee||||
|Harmony World|March 10,|30,000|May 20,2015|2,700|with joint|3 years|No|No|
|Watches Center|2015||||responsibilit||||
|Co., Ltd.|||||y||||
|Shenzhen|||||Guarantee||||
|Harmony World|February|30,000|October 29,|10,000|with joint|3 years|No|No|
|Watches Center|28, 2014||2014||responsibilit||||
|Co., Ltd.|||||y||||
|Shenzhen|||||Guarantee||||
|Harmony World|February|30,000|December 8,|5,000|with joint|3 years|No|No|
|Watches Center|28, 2014||2014||responsibilit||||
|Co., Ltd.|||||y||||
|Shenzhen|||||Guarantee||||
|Harmony World|February|30,000|January 13,|6,000|with joint|3 years|No|No|
|Watches Center|28, 2014||2015||responsibilit||||
|Co., Ltd.|||||y||||
|Shenzhen|||||Guarantee||||
|Harmony World|March 10,|30,000|March 27, 2015|1,350|with joint|3 years|No|No|
|Watches Center|2015||||responsibilit||||
|Co., Ltd.|||||y||||
||||||Guarantee||||
|FIYTA (Hong|February|6,308.8|February 3,|1,036.57|with joint|1 years|No|No|
|Kong) Limited|28, 2014||2015||responsibilit||||
||||||y||||
||||||Guarantee|1 years|||
|FIYTA (Hong|March 10,|6,308.8|March 12, 2015|394.4|with joint||No|No|
|Kong) Limited|2015||||responsibilit||||
||||||y||||
||||||Guarantee|1 years|||
|FIYTA (Hong|March 10,|6,308.8|April 2, 2015|473.28|with joint||No|No|
|Kong) Limited|2015||||responsibilit||||
||||||y||||
||||||Guarantee|1 years|||
|FIYTA (Hong|March 10,|6,308.8|May 6, 2015|258.92|with joint||No|No|
|Kong) Limited|2015||||responsibilit||||
||||||y||||
||||||Guarantee|1 years|||
|FIYTA (Hong|March 10,|6,308.8|June 2, 2015|1,046.98|with joint||No|No|
|Kong) Limited|2015||||responsibilit||||
||||||y||||
||||||Guarantee||||
|FIYTA (Hong|March 1,|11,829|July 11, 2013|3,944|with joint|3 years|No|No|
|Kong) Limited|2013||||responsibilit||||
||||||y||||
|FIYTA (Hong|March 1,|11,829|August 5, 2013|3,944|Guarantee|3 years|No|No|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||||
|-|-|-|-|-|-|-|-|-|
|Kong) Limited|2013||||with joint||||
||||||responsibilit||||
||||||y||||
||||||Guarantee||||
|FIYTA (Hong|March 1,2013|11,829|January 6, 2014|1,577.6|with joint|3 years|No|No|
|Kong) Limited|||||responsibilit||||
||||||y||||
||||||Guarantee||||
|FIYTA (Hong|March 1,2013|11,829|January 27,|788.8|with joint|3 years|No|No|
|Kong) Limited|||2014||responsibilit||||
||||||y||||
||||||Guarantee||||
|FIYTA (Hong|February28, 2014|11,829|March 3, 2014|1,577.6|with joint|3 years|No|No|
|Kong) Limited|||||responsibilit||||
||||||y||||
|Total guarantee quota to thesubsidiaries approved in thereporting period (B1)||||Total amount of guarantee to|||||
|||||the subsidiaries actually|||||
|||36,308.8||||16,260.15|||
|||||incurred in the reporting period|||||
|||||(B2)|||||
|||||Total balance of actual|||||
|Total guarantee quota to thesubsidiaries approved at the endof the reporting period (B3)|||||||||
|||||guarantee to the subsidiaries at|||||
|||48,137.8||||43,092.15|||
|||||the end of the reporting period|||||
|||||(B4)|||||
|Guarantees among Subsidiaries|||||||||
||Date oftheannouncement ontheguaranteeline||||||||
||||Date of|||||Guarant|
||||occurrence||||Impleme|ee to|
|Names of||Guaranteeline||Actual amount|Type of|Guarantee|||
||||(date of||||ntation|related|
|Guarantees||||of guarantee|guarantee|period|||
||||agreement||||status|party?|
||||execution)|||||(Y/N)|
|Inapplicable|||||||||
|Total guarantee quota to thesubsidiaries approved in thereporting period (C1)||||Total amount of guarantee to|||||
|||||the subsidiaries actually|||||
|||0||||0|||
|||||incurred in the reporting period|||||
|||||(C2)|||||
|||||Total balance of actual|||||
|Total guarantee quota to thesubsidiaries approved at the endof the reporting period (C3)|||||||||
|||||guarantee to the subsidiaries at|||||
|||0||||0|||
|||||the end of the reporting period|||||
|||||(C4)|||||
|The Company‟s total guarantee (i.e. total of the first three main items)|||||||||
|Total guarantee quota approved||||Total amount of guarantee|||||
|in the reporting period||36,308.8||actually incurred in the||16,260.15|||
|(A1+B1+C1)||||reporting period (A2+B2+C2)|||||
|Total guarantee quota already||||Total balance of the actual|||||
|approved at the end of the||48,137.8||guarantee at the end of the||43,092.15|||
|reporting period (A3+B3+C3)||||reporting period (A4+B4+C4)|||||
|Proportion of the actual guarantees in the Company‟s net assets|||||||||
|||||25.74%|||||
|(namely A4+B4+C4)|||||||||
|Including:|||||||||
|Amount of guarantees offered for the shareholder(s), actual|||||||||
|||||0|||||
|controller and their related parties (D)|||||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Amount of guarantee offered directly or indirectly for the liabilities|)||
|||0|
|owed by the warrantee whose asset-liability ratio exceeds 70% (E|||
|Amount of guarantee with the total guarantee exceeding 50% of|||
|||0|
|the net assets (F)|||
|Total amount of the aforesaid three items of guarantee (D+E+F)||0|
|Description of the possibility of bearing joint repayment liability due|||
|||Inapplicable|
|to undue guarantee (if any)|||
|Description of external guarantee against the specified procedures|||
|||Inapplicable|
|(if any)|||

(1) Outward guarantee against the regulations
Inapplicable
3. Other Important Contracts
Inapplicable
4. Other Important Transactions
Inapplicable
X. The commitments of the Company and its shareholders holding over5% of theCompany’s total shares in the report year or extending to the report year from previous year(s).
|||||||
|-|-|-|-|-|-|
||||Commitment|Commitment||
|Commitments|Promiser|Description|||Implementation|
||||time|term||
|Commitment for Equity Separation Reform||||||
|Commitments in the acquisition report or the||||||
|written report on change of equity||||||
|Commitment made at the time of asset||||||
|reorganization||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||
|-|-|-|-|-|-|
|||The Company||||
|||commits that in||||
|||case it is||||
|||predicted that||||
|||the Company||||
|||may be unable||||
|||to duly pay the||||
|||principal and||||
|||interest of the||||
|||bond or fail to||||
|||duly pay the||||
|||principal and||||
|||interest of the||||
|||bond when it is||||
|||due, the||Deadline of the||
|||Company shall||||
|||||bonds (The||
|||at least take the||||
|||||valid term of the||
|||following||||
|||||bonds is 5||
|||measures: 1.||||
|||||years attached||
|||not profit||||
|||||with the||
|||distribution to||||
|||||investors‟||
|||the||||
|||||option of selling||
|Commitment made at IPO or re-financing|FIYTA Holdings|shareholders|February 27,|back, the|In process of|
|||shall be||||
||Ltd.||2013|Company‟s|impementation|
|||conducted. 2.||||
|||implementation||option of||
|||||redemption and||
|||of any capital||||
|||||option of||
|||expenditure||||
|||||up-regulation of||
|||projects, such||||
|||||the nominal||
|||as material||||
|||||interest rate at||
|||external||||
|||||the end of the||
|||investment,||||
|||||3rd year).||
|||acquisition and||||
|||merger, etc.||||
|||shall be||||
|||suspended. 3.||||
|||salaries and||||
|||bonus to the||||
|||directors and||||
|||senior||||
|||executives shall||||
|||be adjusted||||
|||down or||||
|||suspended. 4.||||
|||None of the key||||
|||officers may be||||
|||transferred out.||||
|Other commitments to the minority||||||
|shareholders||||||
|Has the commitment been timely||||||
||Yes|||||
|implemented?||||||
|The specific cause of failure in||||||
||Inapplicable|||||
|implementation and the next plan (if any)||||||

XI. Engagement/Disengagement of CPAs
Inapplicable
XII. Punishment and Rectification
Inapplicable
XIII. Disclosure of the Delisting Risk due to Breach of Law/Regulations
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report XIV. Notes to Other Significant Events
The Company published the Announcement on Suspension due to Planning for Private Placement of Shares 2015-006, which diclosed the event of theCompany‟s preparation for private placement of A-shares. Afterwards, the 18th meeting of the Seventh Board of Directors and 2014 Annual General Meeting held respectively on April 16, 2015 and June 17, 2015 reviewed and approved the Proposal on the Company' Planning for Private Placement of A-shares to the Designated Investors and other relevant proposals. For the detail, refer to the Announcement of the Resolutions of the 18th meeting of the Seventh Board of Directors and the Announcement of the Resolutions of 2014 Annual General Meeting 2015-020. So far, the proposal of private placement of A-shares has got official reply from the State-owned Assets Supervision and Administration Commission of the State Council, and has been further submitted to China Securities Regulatory Commission and has been accepted by the authority. For the detail, refer to the Announcement on the Proposal on Private Placement of Shares Having Got Official Reply from the State-owned Assets Supervision and Administration Commission of the State Council 2015-018 and the Announcement on the Proposal on Private Placement of Shares Having Been Accepted by China Securities Regulatory Commission 2015-021.
The 18th meeting of the Seventh Board of Directors and 2014 Annual General Meeting held respectively on April 16, 2015 and June 17, 2015 reviewed and approved the Proposal on Amendment of the Articles of Association. For the detail, refer to the Announcement on the Resoluton of the 18th meeting of the Seventh Board of Directors 2015-008 and the Announcement on the Resoluton of 2014 Annual General Meeting 2015-020.
FIYTA Holdings Ltd. 2015 Semi-Annual Report Section 6 Change of Shares and Particulars about Shareholders I. Change of Shares
In Shares
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||Before the change||Increase / Decrease (+/ -)|||||After the change||
||||||Shares|||||
|||Proportio|New|Bonus|converte||||Proporti|
||Quantity|||||Others|Sub-total|Quantity||
|||n (%)|issuing|shares|d from||||on (%)|
||||||reserve|||||
|I. Restricted shares||||||||||
||49,733|0.01%|0|0|0|0|0|49,733|0.01%|
|1. Shares held by the state||||||||||
||0|0.00%|0|0|0|0|0|0|0.00%|
|2、State corporate shares||||||||||
||0|0.00%|0|0|0|0|0|0|0.00%|
|3. Other domestic shares||||||||||
||49,733|0.01%|0|0|0|0|0|49,733|0.01%|
|Including: Domestic||||||||||
||0|0.00%|0|0|0|0|0|0|0.00%|
|corporate shares||||||||||
|Shares held by domestic||||||||||
||49,733|0.01%|0|0|0|0|0|49,733|0.01%|
|natural persons||||||||||
|4、Foreign invested shares||||||||||
||0|0.00%|0|0|0|0|0|0|0.00%|
|Including: Foreign||||||||||
||0|0.00%|0|0|0|0|0|0|0.00%|
|corporate shares||||||||||
|Shares held by||||||||||
||0|0.00%|0|0|0|0|0|0|0.00%|
|foreign natural persons||||||||||
|II. Unrestricted shares|392,718,|||||||392,718,||
|||99.99%|0|0|0|0|0||99.99%|
||137|||||||137||
|1. CNY ordinary shares|311,070,|||||||311,070,||
|||79.20%|0|0|0|0|0||79.20%|
||137|||||||137||
|2. Foreign invested shares||||||||||
||81,648,0|||||||81,648,0||
|||20.79%|0|0|0|0|0||20.79%|
|listed in Mainland China|00|||||||00||
|3、Foreign invested shares||||||||||
||0|0.00%|0|0|0|0|0|0|0.00%|
|listed abroad||||||||||
|4. Others||||||||||
||0|0.00%|0|0|0|0|0|0|0.00%|
|III. Total shares|392,767,|||||||392,767,||
|||100.00%|0|0|0|0|0||100.00%|
||870|||||||870||

Cause of the change of shares
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report Approval for the change of shares
Inapplicable
Transfer of the change of shares
Inapplicable
Influence from the share movements upon such financial indicators as earnings per share, diluted earnings per share, net asset per share of the shareholders attributable to theCompany‟s ordinary shares in the lastest year and the latest accounting period.
Inapplicable
Other information as the Company considers necessary to be disclosed or demanded by the securities regulatory authority for disclosing
Inapplicable
Explanation to the change of thecompany‟s total shares and the strucutre and the change of thecompany‟s asset and liability structure arising therefrom
Inapplicable
II. Number of Shareholders and Shareholding
In shares
|||||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Total shareholders of ordinary|||||||||||||||||
||||||||||||Total shareholders of preferred|||||||
||shares at the end of the|||23,948|||||||shares (if any) whose voting|||||0||
||||||||||||power has been recovered in the|||||||
||reporting period||||||||||reporting period (refer to Note 8)|||||||
||Shares held by the shareholder holding over 5% of the total shares or the top 10 shareholders|||||||||||||||||
|||||||||Quantity||||||||Pledging or freezing||
|||||||||at the||Increase/d|||Number||Number of|||
|||||||Shareholdi||||||||||||
|||||||||end of||ecrease in|||of the||the|||
||Shareholder‟s|||||ng||||||||||||
||||Nature|||||the||the|||restricte||non-restric|Status of the||
||||||||||||||||||Quantity|
||Name|||||proportion||||||||||||
|||||||||reporting||reporting|||d shares||ted shares|shares||
|||||||(%)||||||||||||
|||||||||period||period|||held||held|||
|AVICInternationalHoldingsLimited||Dtate corporateshareholder|||41.49%||162,977,327||0|||0||162,977,327||||
|GF SecuritiesCo., Ltd.||Domesticnon-statecorporateshareholder|||1.98%||7,794,070||4,170,000|||0||7,794,070||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||||
|-|-|-|-|-|-|-|-|-|
|PenghuaAssets-SPDB-PenghuaAssets GaolanInvestmentJinrun No. 17AssetsManagementPlan||Domesticnon-statecorporateshareholder|1.23%||4,820,006|169,700|0|4,820,006|
|PenghuaAssets－Industrial Bank－ Jinrun No.16 AssetsManagementPlan||Domesticnon-statecorporateshareholder|1.08%||4,237,240|0|0|4,237,240|
|PenghuaAssets-SPDB-PenghuaAssets FuhuiNo. 3 AssetsManagementPlan||Domesticnon-statecorporateshareholder|1.00%||3,920,000|3,920,000|0|3,920,000|
|YunnanInternationalTrust Co., Ltd. -－Snub-nosedMonkeySecuritiesInvestment.Ruiyuan||Domesticnon-statecorporateshareholder|0.89%||3,484,780|0|0|3,484,780|
|PenghuaAssets-SPDB-PenghuaAssets JinrunNo. 20 AssetsManagementPlan||Domesticnon-statecorporateshareholder|0.84%||3,318,141|3,318,141|0|3,318,141|
|ICBC –Nanfang BigData 100 IndexSecuritiesInvestmentFund||Domesticnon-statecorporateshareholder|0.84%||3,296,886|3,296,886|0|3,296,886|
|Sichuan TrustCo., Ltd. –Sichuan Trust– Zeqian No. 2SecuritiesInvestmentAssemblyFund TrustPlan||Domesticnon-statecorporateshareholder|0.57%||2,247,599|2,247,599|0|2,247,599|
|PenghuaAssets-SPDB-PenghuaAssets FuhuiNo.1 AssetsManagementPlanPenghuaAssets-SPDB-PenghuaAssets FuhuiNo.1 AssetsManagementPlan||Domesticnon-statecorporateshareholder|0.55%||2,169,100|2,169,100|0|2,169,100|
||About the fact that a strategic||||||||
||investor or ordinary corporate|||Inapplicable|||||
||became one of the top ten||||||||
||shareholders due to placement of||||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||
|-|-|-|-|-|-|
||new shares (if any) (Refer to Note 3)|||||
||||Of the top ten shareholders, Penghua Assets-SPDB-Penghua Assets Gaolan Investment Jinrun No.|||
||Explanation on associated|||||
||||17 Assets Management Plan , Penghua Assets－ Industrial Bank － Jinrun No. 16 Assets|||
||||Management Plan, Penghua Assets-SPDB-Penghua Assets Fuhui No. 3 Assets Management Plan,|||
||relationship or consistent action of|||||
||||Penghua Assets-SPDB-Penghua Assets Jinrun No. 20 Assets Management Plan and Penghua|||
||the above shareholders||Assets-SPDB-Penghua Assets Fuhui No.1 Assets Management Plan belong to concerted actors as|||
||||specified in the Measures for Administration of Information on the Shareholder Equity Change of|||
||||Listed Companies.|||
||Shareholding of top 10 shareholders of unrestricted share|||||
||||Quantity of unrestricted shares held at the end of the|Share type||
||Shareholder‟s Name||reporting period|||
|||||Share type|Quantity|
|AVIC International Holdings Limited||162,977,327||A-shares|162,977,327|
|GF Securities Co., Ltd.||7,794,070||A-shares|7,794,070|
|Penghua Assets-SPDB-PenghuaAssets Gaolan Investment Jinrun No.17 Assets Management Plan||4,820,006||||
|||||A-shares|4,820,006|
|Penghua Assets－ Industrial Bank－ Jinrun No. 16 AssetsManagement Plan||4,237,240||||
|||||A-shares|4,237,240|
|Penghua Assets-SPDB-PenghuaAssets Fuhui No. 3 AssetsManagement Plan||3,920,000||||
|||||A-shares|3,920,000|
|Yunnan International Trust Co., Ltd. -－Snub-nosed Monkey SecuritiesInvestment.Ruiyuan||3,484,780||||
|||||A-shares|3,484,780|
|Penghua Assets-SPDB-PenghuaAssets Jinrun No. 20 AssetsManagement Plan||3,318,141||||
|||||A-shares|3,318,141|
|ICBC -Nanfang Big Data 100 IndexSecurities Investment Fund||3,296,886||||
|||||A-shares|3,296,886|
|Sichuan Trust Co., Ltd. – SichuanTrust – Zeqian No. 2 SecuritiesInvestment Assembly Fund TrustPlan||2,247,599||||
|||||A-shares|2,247,599|
|Penghua Assets-SPDB-PenghuaAssets Fuhui No.1 AssetsManagement Plan||2,169,100||||
|||||A-shares|2,169,100|
||Explanation to the associated||Of the top ten shareholders, Penghua Assets-SPDB-Penghua Assets Gaolan Investment Jinrun No.|||
||relationship or consistent action||17 Assets Management Plan, Penghua Assets－ Industrial Bank － Jinrun No. 16 Assets|||
||among the top 10 shareholders of||Management Plan, Penghua Assets-SPDB-Penghua Assets Fuhui No. 3 Assets Management Plan,|||
||non-restricted negotiable shares and||Penghua Assets-SPDB-Penghua Assets Jinrun No. 20 Assets Management Plan and Penghua|||
||that between the top 10 shareholders||Assets-SPDB-Penghua Assets Fuhui No.1 Assets Management Plan belong to concerted actors as|||
||of non-restricted negotiable shares||specified in the Measures for Administration of Information on the Shareholder Equity Change of|||
||and top 10 shareholders.||Listed Companies.|||
||Note to the top 10 shareholders|||||
||involved in margin financing &||Inapplicable|||
||securities lending (if any) (Refer to|||||
||Note 4)|||||

Did the top ten ordinary shareholders or top ten shareholders of unrestricted ordinary shares conduct contractual repurchase during the reporting period?
No
III. Change of the Controlling Shareholder or the Actual Controller
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report IV. Share Acquisition Plan Proposed or Implemented by theCompany’s Shareholder and its Concerted Actor in the Reporting Period
Inapplicable
Section 7 About Preferred Shares
Inapplicable
Section 8 Directors, Supervisors and Senior Executives I. Change in Shares Held by Directors, Supervisors and Senior Executives
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||||Number||||Number of|Number of||
|||||Number|Number|Number||||
||||of shares||||restricted|restricted||
|||||of shares|of shares|of shares|||Number of|
||||held at||||shares|shares||
|||||acquired|lessened|held at|||restricted shares|
||||the||||granted at|granted||
|||Office||during|during|the end of|||granted at the|
|Names|Positions||beginning||||the|during the||
|||Status||the|the|the|||end of the|
||||of the||||beginning of|reporting||
|||||reporting|reporting|reporting|||reporting period|
||||reporting||||the reporting|period||
|||||period|period|period|||(share)|
||||period||||period|(share)||
|||||(share)|(share)|(share)||||
||||(share)||||(share)|||
|Diao||||||||||
|Weichen|Chairman|In office||||||||
|g||||||||||
|Xu||||||||||
||Managin|||||||||
|Dongshe||In office||||||||
||g Director|||||||||
|ng||||||||||
|Wang||||||||||
|Mingchua|Director|In office||||||||
|n||||||||||
|Liu Aiyi|Director|In office||||||||
|Zhong||||||||||
||Director|In office||||||||
|Sijun||||||||||
|Cao Zhen|Director|In office||||||||
|Zhang|Independ|||||||||
|Honggua|ent|In office||||||||
|ng|Director|||||||||
||Independ|||||||||
|Zhang||||||||||
||ent|In office||||||||
|Shunwen||||||||||
||Director|||||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||Independ|||||||||
|Wang||||||||||
||ent|In office||||||||
|Yan||||||||||
||Director|||||||||
||Chairman|||||||||
||of the|||||||||
||Supervis|||||||||
|Sui Yong||In office||||||||
||ory|||||||||
||Committe|||||||||
||e|||||||||
|Chen|Supervis|||||||||
|||In office||||||||
|Zhuo|or|||||||||
|Tang|Supervis|||||||||
|||In office||||||||
|Boxue|or|||||||||
|Chen|Deputy|||||||||
|||In office||||||||
|Libin|GM|||||||||
|Lu||||||||||
||Deputy|||||||||
|Bingqian||In office|66,311|0|0|66,311|0|0|0|
||GM|||||||||
|g||||||||||
||Deputy|||||||||
|Du Xi||In office||||||||
||GM|||||||||
||Deputy|||||||||
||GM &|||||||||
|Lu||||||||||
||Secretary|In office||||||||
|Wanjun||||||||||
||of the|||||||||
||Board|||||||||
||Chief|||||||||
|Hu||||||||||
||Accounta|In office||||||||
|Xinglong||||||||||
||nt|||||||||
|Huang||||||||||
||Director|Retired||||||||
|Yongfeng||||||||||
|Total|--|--|66,311|0|0|66,311|0|0|0|

 II. Personnel Change of Directors, Supervisors and Senior Executives
||||||
|-|-|-|-|-|
|Names|Office Held|Type|Date|Cause|
|||||Applied for resigning the title of the Company‟s director and|
|Huang|Director|Retired|June 5, 2015|member of the Stragety Committee and Normination,|
|Yongfeng||||Remueration and Assessment Committee for the cause of|
|||||job.|
|||||Elected the Company‟s director at the 19th meeting of the|
|Cao Zhen|Director|Elected|June 17, 2015|Seventh Board of Directors and 2014 Annual General|
|||||Meeting.|

FIYTA Holdings Ltd. 2015 Semi-Annual Report Section 9 Financial Report
I.Auditors’ Report
Has the semi-annual report been audited
No
The semi-annual financial report has not been audited.
II. Financial Statements
The currency applied in the financial notes and statements is China Yuan (CNY).
1. Consolidated Balance Sheet
Prepared by FIYTA Holdings Ltd.
June 30, 2015
In CNY
||||
|-|-|-|
|Items|Ending balance|Opening balance|
|Current assets:|||
|Monetary fund|160,454,732.91|116,455,070.54|
|Settlement reserve|||
|Lendings|||
|Financial assets that are|||
|measured at fair value and|||
|changes in the value are charged|||
|to current gain and loss.|||
|Derivative financial assets|||
|Notes receivable|6,903,361.70|6,162,768.29|
|Accounts receivable|447,304,649.72|351,276,905.53|
|Prepayment|34,128,592.47|43,054,642.06|
|Receivable premium|||
|Reinsurance accounts|||
|receivable|||
|Reserve for reinsurance|||
|contract receivable|||
|Interest receivable|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Dividends receivable|||
|Other receivables|47,887,982.20|41,525,719.27|
|Redemptory monetary|||
|capital for sale|||
|Inventories|2,096,191,729.11|2,133,791,024.32|
|Held-for-sale assets as|||
|classified|||
|Non-current assets due|||
|within a year|||
|Other current assets|8,711,221.22|14,421,516.43|
|Total current assets|2,801,582,269.33|2,706,687,646.44|
|Non-current assets:|||
|Provision of loans and|||
|advance in cash|||
|Available-for-sale financial|||
||85,000.00|85,000.00|
|assets|||
|Held-to-due investments|||
|Long term accounts|||
|receivable|||
|Long-term equity investment|42,639,775.66|42,389,759.91|
|Investment based real estate|221,520,065.95|226,091,938.89|
|Fixed assets|367,870,343.49|323,732,870.58|
|Construction in progress|100,394,916.02|51,389,263.53|
|Engineering supplies|||
|Disposal of fixed assets|||
|Productive biological asset|||
|Oil and gas assets|||
|Intangible assets|35,279,093.66|35,502,525.72|
|Development expenses|||
|Goodwill|||
|Long-term expenses to be|||
||152,340,679.61|149,733,566.03|
|apportioned|||
|Deferred income tax asset|99,137,963.23|90,669,076.10|
|Other non-current assets||31,500,000.00|
|Total non-current assets|1,019,267,837.62|951,094,000.76|
|Total Assets|3,820,850,106.95|3,657,781,647.20|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Current liabilities:|||
|Short-term Loan|1,142,601,517.52|989,445,000.00|
|Due to the Central Bank|||
|Deposits taking and|||
|interbank placement|||
|Borrowing capital|||
|Financial liabilities measured|||
|based on the fair value and whose|||
|change was charged to the current|||
|gain and loss.|||
|Derivative financial liabilities|||
|Notes payable|||
|Accounts payable|189,597,291.95|147,119,118.81|
|Advance receipts|27,210,870.61|12,087,368.17|
|Financial assets sold for|||
|repurchase|||
|Service charge and|||
|commission payable|||
|Accrued payroll|19,246,368.41|38,648,432.41|
|Payable taxes|87,295,262.96|77,602,770.06|
|Interest payable|9,710,351.71|19,420,893.75|
|Dividends payable|39,276,787.00||
|Other payables|41,822,347.20|188,574,900.45|
|Payable reinsurance|||
|Reserve for insurance|||
|contract|||
|Acting trading securities|||
|Income from securities|||
|underwriting on commission|||
|Held-for-purchase liabilities|||
|as classified|||
|Non-current liabilities due|||
|within a year|||
|Other current liabilities|6,790,760.39|5,482,521.27|
|Total current liabilities|1,563,551,557.75|1,478,381,004.92|
|Non-current liabilities:|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Long-term Loan|176,025,708.38|139,952,425.65|
|Bonds payable|399,295,040.88|398,767,929.40|
|Including: preferred|||
|shares|||
|Perpetual bond|||
|Long-term accounts payable|||
|Long term accrued payroll|||
|Special accounts payable|||
|Predicted liabilities|||
|Deferred income|4,200,000.00|4,200,000.00|
|Deferred income tax liability|130,940.80||
|Other non-current liabilities|||
|Total non-current liabilities|579,651,690.06|542,920,355.05|
|Total Liabilities|2,143,203,247.81|2,021,301,359.97|
|Owner‟s equity:|||
|Capital Stock|392,767,870.00|392,767,870.00|
|Other equity instruments|||
|Including: preferred|||
|shares|||
|Perpetual bond|||
|Capital Reserve|525,508,281.60|525,508,281.60|
|Less: shares in stock|||
|Other comprehensive|||
||-10,446,088.96|-17,609,265.22|
|income|||
|Special reserve|||
|Surplus Reserve|165,915,466.89|165,915,466.89|
|Reserve against general|||
|risks|||
|Retained earnings|600,652,210.10|566,819,577.37|
|Total owners‟ equity attributable to|||
||1,674,397,739.63|1,633,401,930.64|
|the parent company|||
|Minority shareholders‟ equity|3,249,119.51|3,078,356.59|
|Total owner‟s equity|1,677,646,859.14|1,636,480,287.23|
|Total liabilities and owners‟ equity|3,820,850,106.95|3,657,781,647.20|

Legal representative: Xu Dongsheng Chief Financial Officer: Hu Xinglong Person in charge of the Accounting
FIYTA Holdings Ltd. 2015 Semi-Annual Report Department: Hu Xinglong
2. Balance Sheet (Parent Company)
in CNY
||||
|-|-|-|
|Items|Ending balance|Opening balance|
|Current assets:|||
|Monetary fund|59,511,612.46|37,060,566.79|
|Financial assets that are|||
|measured at fair value and|||
|changes in the value are charged|||
|to current gain and loss.|||
|Derivative financial assets|||
|Notes receivable|||
|Accounts receivable|71,324.10|11,735,787.90|
|Prepayment|||
|Interest receivable|||
|Dividends receivable|||
|Other receivables|1,591,354,743.54|1,524,513,111.66|
|Inventories|||
|Held-for-sale assets as|||
|classified|||
|Non-current assets due|||
|within a year|||
|Other current assets||503,071.74|
|Total current assets|1,650,937,680.10|1,573,812,538.09|
|Non-current assets:|||
|Available-for-sale financial|||
||85,000.00|85,000.00|
|assets|||
|Held-to-due investments|||
|Long term accounts|||
|receivable|||
|Long-term equity investment|813,539,495.66|773,189,479.91|
|Investment based real estate|221,520,065.95|226,091,938.89|
|Fixed assets|115,402,596.59|117,256,223.80|
|Construction in progress|100,394,916.02|51,389,263.53|
|Engineering supplies|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Disposal of fixed assets|||
|Productive biological asset|||
|Oil and gas assets|||
|Intangible assets|28,948,212.00|29,165,984.08|
|Development expenses|||
|Goodwill|||
|Long-term expenses to be|||
||4,313,716.55|4,813,767.34|
|apportioned|||
|Deferred income tax asset|1,198,606.77|1,198,606.77|
|Other non-current assets|||
|Total non-current assets|1,285,402,609.54|1,203,190,264.32|
|Total Assets|2,936,340,289.64|2,777,002,802.41|
|Current liabilities:|||
|Short-term Loan|830,000,000.00|683,000,000.00|
|Financial liabilities measured|||
|based on the fair value and whose|||
|change was charged to the current|||
|gain and loss.|||
|Derivative financial liabilities|||
|Notes payable|||
|Accounts payable|211,339.76|211,339.76|
|Advance receipts|1,067,744.30|3,484,435.98|
|Accrued payroll|4,083,592.86|10,307,200.18|
|Payable taxes|4,604,629.68|3,505,501.05|
|Interest payable|9,358,131.16|18,139,997.63|
|Dividends payable|39,276,787.00||
|Other payables|15,491,517.93|165,507,426.74|
|Held-for-purchase liabilities|||
|as classified|||
|Non-current liabilities due|||
|within a year|||
|Other current liabilities|||
|Total current liabilities|904,093,742.69|884,155,901.34|
|Non-current liabilities:|||
|Long-term Loan|51,361,928.00|15,361,928.00|
|Bonds payable|399,295,040.88|398,767,929.40|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Including: preferred|||
|shares|||
|Perpetual bond|||
|Long-term accounts payable|||
|Long term accrued payroll|||
|Special accounts payable|||
|Predicted liabilities|||
|Deferred income|4,200,000.00|4,200,000.00|
|Deferred income tax liability|||
|Other non-current liabilities|||
|Total non-current liabilities|454,856,968.88|418,329,857.40|
|Total Liabilities|1,358,950,711.57|1,302,485,758.74|
|Owner‟s equity:|||
|Capital Stock|392,767,870.00|392,767,870.00|
|Other equity instruments|||
|Including: preferred|||
|shares|||
|Perpetual bond|||
|Capital Reserve|531,163,822.70|531,163,822.70|
|Less: shares in stock|||
|Other comprehensive|||
|income|||
|Special reserve|||
|Surplus Reserve|165,915,466.89|165,915,466.89|
|Retained earnings|487,542,418.48|384,669,884.08|
|Total owner‟s equity|1,577,389,578.07|1,474,517,043.67|
|Total liabilities and owners‟ equity|2,936,340,289.64|2,777,002,802.41|

 Legal representative: Xu Dongsheng Chief Financial Officer: Hu Xinglong Person in charge of the Accounting Department: Hu Xinglong
3. Consolidated Statement of Profit
in CNY
||||
|-|-|-|
||Amount incurred in the reporting|Amount incurred in the previous|
|Items|||
||period|period|
|I. Turnover|1,683,793,247.59|1,642,614,790.97|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Including: operating income|1,683,793,247.59|1,642,614,790.97|
|Interest income|||
|Earned insurance|||
|premium|||
|Service charge and|||
|commission income|||
|II. Total operating costs|1,590,005,469.65|1,539,792,741.34|
|Including: Operating costs|1,037,981,721.35|1,038,060,709.77|
|Interest payment|||
|Service charge and|||
|commission expenses|||
|Surrender Value|||
|Compensation|||
|expenses, net|||
|Provision of reserve for|||
|insurance contract, net|||
|Payment of policy|||
|dividend|||
|Reinsurance expenses|||
|Business Taxes and|||
||15,078,616.55|10,314,717.04|
|Surcharges|||
|Sales costs|386,297,227.92|349,761,320.39|
|Administrative|||
||100,131,176.65|84,852,192.39|
|expenses|||
|Financial expenses|50,889,786.79|54,196,678.49|
|Loss from impairment|||
||-373,059.61|2,607,123.26|
|of assets|||
|Plus: Income from change in|||
|fair value (loss stated with “-“)|||
|Investment return (loss|||
||250,015.75|-504,563.21|
|stated with “-“)|||
|Including: return on|||
|investment in associate and joint|250,015.75|-504,563.21|
|venture|||
|Exchange income (loss|||
|stated with “-“)|||
|III. Profit from businesses (loss|||
||94,037,793.69|102,317,486.42|
|stated with “-”)|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Plus: Non-operating income|1,849,835.27|3,189,982.57|
|Including: Gains from|||
||69,750.00|37,755.19|
|disposal of non-current assets|||
|Less: Non-operating|||
||345,400.59|550,640.88|
|expenses|||
|Including: Loss from|||
||35,549.22|31,046.62|
|disposal of non-current assets|||
|IV. Total Profit (total loss stated with|||
||95,542,228.37|104,956,828.11|
|“-“)|||
|Less: Income tax expense|22,261,660.23|16,573,527.31|
|V. Net Profit (loss stated with “-“)|73,280,568.14|88,383,300.80|
|Net profit attributable to the|||
||73,109,419.73|88,283,873.10|
|parent company‟s owner|||
|Minority shareholders‟ gain|||
||171,148.41|99,427.70|
|and loss|||
|VI. Net of other comprehensive|||
||7,162,790.77|2,263,797.96|
|income after tax|||
|Net of other comprehensive|||
|income after tax attributable to the|7,163,176.26|2,256,191.67|
|parent company‟s owner|||
|(I) Other comprehensive|||
|income which cannot be|||
|re-classified into the gain and loss|||
|1. Movement of the net|||
|liabilities and net assets|||
|re-measured for setting the|||
|beneficial plan|||
|2. Share enjoyable in|||
|the other comprehensive income in|||
|which the investee cannot be|||
|re-classified into the gain and loss|||
|under the equity method|||
|(II) Other comprehensive|||
|income which cannot be|||
||7,163,176.26|2,256,191.67|
|re-classified into the gain and loss|||
|in future|||
|1. Share enjoyable in|||
|the other comprehensive income in|||
|which the investee cannot be|||
|re-classified into the gain and loss|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|under the equity method in future|||
|2. Gain/loss from|||
|change in the fair value of the|||
|financial assets available for sale|||
|3. Gain/loss from which|||
|the held-to-maturity investment is|||
|re-classified as available-for-sale|||
|financial ssets|||
|4. Valid part of the|||
|gain/loss from cash flow hedge|||
|5. Conversion margin|||
|of the financial statements in foreign|7,163,176.26|2,256,191.67|
|currency|||
|6. Others|||
|Net amount of other|||
|comprehensive income after tax|-385.49|7,606.29|
|attributable to minority shareholders|||
|VII. Total comprehensive income|80,443,358.91|90,647,098.76|
|Total comprehensive income|||
|attributable to the parent company‟s|80,272,595.99|90,540,064.77|
|owner|||
|Total comprehensive income|||
||170,762.92|107,033.99|
|attributable to minority shareholders|||
|VIII. Earnings per share:|||
|(I) Basic earnings per share|0.186|0.225|
|(II) Diluted earnings per share|0.186|0.225|

 For the enterprises under the same control consolidated in the report period, the net profit realized by the consolidee before the consolidation is CNY 0. Net profit realized by the consolidatee in the previous period is CNY 0.
Legal representative: Xu Dongsheng Chief Financial Officer: Hu Xinglong Person in charge of the Accounting Department: Hu Xinglong
4. Income Statement, Parent Company
in CNY
||||
|-|-|-|
||Amount incurred in the reporting||
|Items||Amount incurred in the previous period|
||period||
|I. Operating income|47,530,000.90|42,966,203.07|
|Less: Operating cost|6,946,511.39|6,497,016.07|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Business Taxes and|||
||2,528,230.20|2,436,791.95|
|Surcharges|||
|Sales costs|||
|Administrative|||
||25,040,053.99|22,657,408.82|
|expenses|||
|Financial expenses|189,713.16|1,435,963.14|
|Loss from impairment of|||
||-434,290.83|-4,394.68|
|assets|||
|Plus: Income from change in|||
|fair value (loss stated with “-“)|||
|Investment return (loss|||
||131,638,156.33|98,096,881.70|
|stated with “-“)|||
|Including: return on|||
|investment in associate and joint|250,015.75|-504,563.21|
|venture|||
|II. Operation profit (loss stated|||
||144,897,939.32|108,040,299.47|
|with “-“)|||
|Plus: Non-operating income|174,000.00|861,031.28|
|Including: Gains from|||
|||25,457.85|
|disposal of non-current assets|||
|Less: Non-operating|||
||14,678.42|150,000.00|
|expenses|||
|Including: Loss from|||
||14,678.42||
|disposal of non-current assets|||
|III. Total Profit (total loss stated|||
||145,057,260.90|108,751,330.75|
|with “-“)|||
|Less: Income tax expense|2,907,939.50|2,551,860.29|
|IV. Net profit ( net loss is stated|||
||142,149,321.40|106,199,470.46|
|with “-“)|||
|V. Net of other comprehensive|||
|income after tax|||
|(I) Other comprehensive|||
|income which cannot be|||
|re-classified into the gain and loss|||
|1. Movement of the|||
|net liabilities and net assets|||
|re-measured for setting the|||
|beneficial plan|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|2. Share enjoyable in|||
|the other comprehensive income|||
|in which the investee cannot be|||
|re-classified into the gain and loss|||
|under the equity method|||
|(II) Other comprehensive|||
|income which cannot be|||
|re-classified into the gain and loss|||
|in future|||
|1. Share enjoyable in|||
|the other comprehensive income|||
|in which the investee cannot be|||
|re-classified into the gain and loss|||
|under the equity method in future|||
|2. Gain/loss from|||
|change in the fair value of the|||
|financial assets available for sale|||
|3. Gain/loss from|||
|which the held-to-maturity|||
|investment is re-classified as|||
|available-for-sale financial ssets|||
|4. Valid part of the|||
|gain/loss from cash flow hedge|||
|5. Conversion margin|||
|of the financial statements in|||
|foreign currency|||
|6. Others|||
|VI. Total comprehensive income|142,149,321.40|106,199,470.46|
|VII. Earnings per share:|||
|(I) Basic earnings per share|0.362|0.270|
|(II) Diluted earnings per|||
||0.362|0.270|
|share|||

Legal representative: Xu Dongsheng Chief Financial Officer: Hu Xinglong Person in charge of the Accounting Department: Hu Xinglong
5. Consolidated Cash Flow Statement
in CNY
||||
|-|-|-|
|Items|Amount incurred in the reporting|Amount incurred in the previous period|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
||period||
|I. Cash flows arising from|||
|operating activities|||
|Cash received from sales of|||
||1,830,270,229.94|1,780,633,526.09|
|goods and supply of labor service|||
|Net increase of the|||
|customers‟ deposits and interbank|||
|placement|||
|Net increase of borrowings|||
|from the central bank|||
|Net increase of borrowings|||
|from other financial institutions|||
|Cash received from the|||
|premium of the original insurance|||
|contract|||
|Net cash received from the|||
|reinsurance business|||
|Net increase of the reserve|||
|from policy holders and|||
|investment|||
|Net increase of the financial|||
|assets that are measured at fair|||
|value and whose movement is|||
|counted to the current gain and|||
|loss.|||
|Charge of cash interest,|||
|service charge and commission|||
|Net increase of loan from|||
|other banks|||
|Net increase of fund from|||
|repurchase business|||
|Rebated taxes received|||
|Cash received from other|||
||14,720,508.19|15,296,054.99|
|operating activities|||
|Sub-total of cash flow received|||
||1,844,990,738.13|1,795,929,581.08|
|from operation activities|||
|Cash paid for purchase of|||
|goods and reception of labor|1,068,142,690.95|1,177,579,276.03|
|services|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Net increase of loans and|||
|advances to the customers|||
|Net increase of amounts due|||
|from the central bank and other|||
|banks|||
|Cash from payment for|||
|settlement of the original|||
|insurance contract|||
|Cash for payment of interest,|||
|service charge and commission|||
|Cash for payment of policy|||
|dividend|||
|Cash paid to and for|||
||255,570,670.71|223,473,612.75|
|employees|||
|Taxes paid|145,291,060.41|96,337,099.02|
|Cash paid for other|||
||203,732,537.50|160,540,913.89|
|operating activities|||
|Subtotal of cash flow paid for|||
||1,672,736,959.57|1,657,930,901.69|
|operating activities|||
|Net cash flow arising from|||
||172,253,778.56|137,998,679.39|
|operating activities|||
|II. Cash flows arising from|||
|investing activities:|||
|Cash received from|||
|investment recovery|||
|Cash received from return|||
|on investment|||
|Net cash received from|||
|disposal of fixed assets, intangible|180,880.00|1,581.04|
|assets and other long-term assets|||
|Net cash received from|||
|disposal of subsidiaries and other|||
|operating units|||
|Other investment related|||
|cash receipts|||
|Sub-total of cash flow-in received|||
||180,880.00|1,581.04|
|from investing activities|||
|Cash paid for purchase and|||
||111,100,428.69|77,189,659.42|
|construction of fixed assets,|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|intangible assets and other long|||
|term assets|||
|Cash paid for investment|||
|Net increase of the pledged|||
|loan|||
|Net cash paid for acquisition|||
|of subsidiaries and other operation|||
|units|||
|Cash paid for other|||
|investment related activities|||
|Sub-total of cash flow paid for|||
||111,100,428.69|77,189,659.42|
|investment activities|||
|Net cash flow arising from|||
||-110,919,548.69|-77,188,078.38|
|investment activities|||
|III. Cash flows arising from|||
|financing activities:|||
|Cash received from|||
|absorbing investment|||
|Incl.: Cash received from the|||
|subsidiaries‟ absorption of minority|||
|shareholders‟ investment|||
|Cash received from loans|945,805,587.19|841,502,500.00|
|Cash received from bond|||
|issuing|||
|Cash received from other|||
||13,500,000.00||
|financing activities|||
|Sub-total cash flow received from|||
||959,305,587.19|841,502,500.00|
|financing activities|||
|Cash paid for debt|||
||820,307,480.05|790,751,192.02|
|repayment|||
|Cash paid for dividend/profit|||
|distribution or repayment of|55,561,222.27|57,371,716.58|
|interest|||
|Including: Dividend and|||
|profit paid by the subsidiaries to|||
|minority shareholders|||
|Cash paid for other financing|||
||100,451,008.00|2,295,383.00|
|activities|||
|Sub-total cash flow paid for|976,319,710.32|850,418,291.60|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|financing activities|||
|Net cash flow arising from|||
||-17,014,123.13|-8,915,791.60|
|financing activities|||
|IV. Change of exchange rate|||
|influencing the cash and cash|-320,444.37|285,836.84|
|equivalent|||
|V. Net increase of cash and cash|||
||43,999,662.37|52,180,646.25|
|equivalents|||
|Plus: Opening balance of|||
||114,880,070.54|107,663,110.74|
|cash and cash equivalents|||
|VI. Ending balance of cash and|||
||158,879,732.91|159,843,756.99|
|cash equivalents|||

Legal representative: Xu Dongsheng Chief Financial Officer: Hu Xinglong Person in charge of the Accounting Department: Hu Xinglong
6. ParentCompany’s Cash Flow Statement
in CNY
||||
|-|-|-|
||Amount incurred in the reporting||
|Items||Amount incurred in the previous period|
||period||
|I. Cash flows arising from|||
|operating activities|||
|Cash received from sales of|||
||55,944,541.75|62,443,531.63|
|goods and supply of labor service|||
|Rebated taxes received|||
|Cash received from other|||
||2,697,740.04|107,338,821.67|
|operating activities|||
|Sub-total of cash flow received|||
||58,642,281.79|169,782,353.30|
|from operation activities|||
|Cash paid for purchase of|||
|goods and reception of labor|||
|services|||
|Cash paid to and for|||
||28,749,906.40|24,629,959.54|
|employees|||
|Taxes paid|5,193,858.41|4,370,657.08|
|Cash paid for other|||
||31,570,558.35|6,191,101.05|
|operating activities|||
|Subtotal of cash flow paid for|65,514,323.16|35,191,717.67|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|operating activities|||
|Net cash flow arising from|||
||-6,872,041.37|134,590,635.63|
|operating activities|||
|II. Cash flows arising from|||
|investing activities:|||
|Cash received from|||
|||1,400,000.00|
|investment recovery|||
|Cash received from return|||
||131,388,140.58||
|on investment|||
|Net cash received from|||
|disposal of fixed assets, intangible|100,800.00||
|assets and other long-term assets|||
|Net cash received from|||
|disposal of subsidiaries and other|||
|operating units|||
|Other investment related|||
|cash receipts|||
|Sub-total of cash flow-in received|||
||131,488,940.58|1,400,000.00|
|from investing activities|||
|Cash paid for purchase and|||
|construction of fixed assets,|||
||49,328,711.80|15,746,936.23|
|intangible assets and other long|||
|term assets|||
|Cash paid for investment|40,100,000.00||
|Net cash paid for acquisition|||
|of subsidiaries and other operation|||
|units|||
|Cash paid for other|||
|investment related activities|||
|Sub-total of cash flow paid for|||
||89,428,711.80|15,746,936.23|
|investment activities|||
|Net cash flow arising from|||
||42,060,228.78|-14,346,936.23|
|investment activities|||
|III. Cash flows arising from|||
|financing activities:|||
|Cash received from|||
|absorbing investment|||
|Cash received from loans|796,000,000.00|485,000,000.00|
|Cash received from bond|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|issuing|||
|Cash received from other|||
|financing activities|||
|Sub-total cash flow received from|||
||796,000,000.00|485,000,000.00|
|financing activities|||
|Cash paid for debt|||
||663,000,000.00|540,500,000.00|
|repayment|||
|Cash paid for dividend/profit|||
|distribution or repayment of|45,286,133.74|46,682,224.13|
|interest|||
|Cash paid for other financing|||
||100,451,008.00|895,383.00|
|activities|||
|Sub-total cash flow paid for|||
||808,737,141.74|588,077,607.13|
|financing activities|||
|Net cash flow arising from|||
||-12,737,141.74|-103,077,607.13|
|financing activities|||
|IV. Change of exchange rate|||
|influencing the cash and cash|||
|equivalent|||
|V. Net increase of cash and cash|||
||22,451,045.67|17,166,092.27|
|equivalents|||
|Plus: Opening balance of|||
||35,485,566.79|27,929,968.24|
|cash and cash equivalents|||
|VI. Ending balance of cash and|||
||57,936,612.46|45,096,060.51|
|cash equivalents|||

Legal representative: Xu Dongsheng Chief Financial Officer: Hu Xinglong Person in charge of the Accounting Department: Hu Xinglong
7. Consolidated Statement of Change inOwner’s Equity
Amount in the reporting period
in CNY
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||Reporting Period|||||||||||
||Owners‟ equity attributable to the parent company|||||||||||
|||||||||||Mino|Total|
|Items||||||||||||
||Cap|Other equity|Capit|Less:|Othe|Speci|Surpl|Rese|Retai|rity|owne|
||ital|instruments|al|shar|r|al|us|rve|ned|shar|r‟s|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Sto|Pre|||Rese|es in|comp|reser|Rese|againstgeneralrisks|earnings||ehold|equit|
||||Per||||||||||||
||ck|fere|||rve|stock|rehe|ve|rve||||ers‟|y|
||||pet||||||||||||
|||nce||Oth|||nsive||||||equit||
||||ual||||||||||||
|||sha||ers|||inco||||||y||
||||bon||||||||||||
|||res|||||me||||||||
||||d||||||||||||
||392||||||||||||||
||||||525,||-17,6||165,|||566,||1,63|
|I. Balance at|,76||||||||||||3,07||
||||||508,||09,2||915,|||819,||6,48|
|the end of the|7,8||||||||||||8,35||
||||||281.||65.2||466.|||577.||0,28|
|previous year|70.||||||||||||6.59||
||||||60||2||89|||37||7.23|
||00||||||||||||||
|Plus:|||||||||||||||
|Change of the|||||||||||||||
|accounting|||||||||||||||
|policy|||||||||||||||
|Correction of|||||||||||||||
|the errors of|||||||||||||||
|the previous|||||||||||||||
|period|||||||||||||||
|Consolidation|||||||||||||||
|of Enterprises|||||||||||||||
|under Joint|||||||||||||||
|Control|||||||||||||||
|Others|||||||||||||||
||392||||||||||||||
||||||525,||-17,6||165,|||566,||1,63|
||,76||||||||||||3,07||
|II. Opening|||||508,||09,2||915,|||819,||6,48|
||7,8||||||||||||8,35||
|balance|||||281.||65.2||466.|||577.||0,28|
||70.||||||||||||6.59||
||||||60||2||89|||37||7.23|
||00||||||||||||||
|III. Amount of|||||||||||||||
|increase/decre||||||||||||33,8||41,1|
||||||||7,16||||||170,||
|ase in the||||||||||||32,6||66,5|
||||||||3,17||||||762.||
|report period||||||||||||32.7||71.9|
||||||||6.26||||||92||
|(Decrease is||||||||||||3||1|
|stated with “-”)|||||||||||||||
|(I) Total|||||||7,16|||||73,1|170,|80,4|
|comprehensive|||||||3,17|||||09,4|762.|43,3|
|income|||||||6.26|||||19.7|92|58.9|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
||3|1|
|(II) Owner‟s|||
|investment and|||
|decrease of|||
|capital|||
|1. Common|||
|shares|||
|invested by the|||
|shareholders|||
|2. Capital|||
|contributed by|||
|other equity|||
|instruments|||
|holders|||
|3. Amount of|||
|share payment|||
|charged to the|||
|owner‟s equity|||
|4. Others|||
||-39,2|-39,2|
|(III) Profit|76,7|76,7|
|Distribution|87.0|87.0|
||0|0|
|1. Provision of|||
|surplus public|||
|reserve|||
|2. Provision for|||
|general risks|||
|3. Distribution|-39,2|-39,2|
|to the owner|76,7|76,7|
|(or|87.0|87.0|
|shareholders)|0|0|
|4. Others|||
|(IV) Internal|||
|carry-over of|||
|owner‟s equity|||
|1. Increased|||
|capital|||
|converted from|||
|capital reserve|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||||
|-|-|-|-|-|-|-|-|
|(or capital||||||||
|stock)||||||||
|2. Increased||||||||
|capital||||||||
|converted from||||||||
|surplus||||||||
|reserve (or||||||||
|capital stock)||||||||
|3. Making up||||||||
|Deficit with||||||||
|Surplus Public||||||||
|Reserve||||||||
|4. Others||||||||
|(V) Special||||||||
|reserve||||||||
|1. Provision in||||||||
|the report||||||||
|period||||||||
|2. Application||||||||
|in the report||||||||
|period||||||||
|(VI) Others||||||||
||392||||||1,677,646,859.14|
|||525,|-10,4|165,|600,|||
|IV. Ending|,76|||||3,24||
|||508,|46,0|915,|652,|||
|balance of the|7,8|||||9,119||
|||281.|88.9|466.|210.|||
|report period|70.|||||.51||
|||60|6|89|10|||
||00|||||||

Amount of Previous Year
in CNY
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Previous period|||||||||||||
||Owners‟ equity attributable to the parent company|||||||||||||
|||Other equity||||||||||||
|||||||||||||Mino||
|||instruments|||||Othe|||Rese||||
|||||||||||||rity|Total|
|||Pre|||||r|||rve||||
||Cap||||Capit|Less:||Speci|Surpl||Retai|shar|owne|
|Items||||||||||||||
|||frer|Per||||comp|||again||||
||ital||||al|shar||al|us||ned|ehol|r‟s|
|||enc|pet||||rehe|||st||||
||Sto|||Oth|Rese|es in||reser|Rese||earni|ders‟|equit|
|||e|ual||||nsive|||gene||||
||ck|||ers|rve|stock||ve|rve||ngs|equit|y|
|||sha|bon||||inco|||ral||||
|||||||||||||y||
|||res|d||||me|||risks||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||||
|-|-|-|-|-|-|-|-|
||392|||||||
|||525,||156,|||1,53|
|I. Balance at|,76||-8,26||469,7|2,38||
|||506,||714,|||8,81|
|the end of the|7,8||0,83||06,60|4,90||
|||952.||094.|||9,59|
|previous year|70.||3.09||0.67|7.19||
|||78||20|||1.75|
||00|||||||
|Plus:||||||||
|Change of the||||||||
|accounting||||||||
|policy||||||||
|Correction of||||||||
|the errors of||||||||
|the previous||||||||
|period||||||||
|Consolidation||||||||
|of Enterprises||||||||
|under Joint||||||||
|Control||||||||
|Others||||||||
||392|||||||
|||525,||156,|||1,53|
||,76||-8,26||469,7|2,38||
|II. Opening||506,||714,|||8,81|
||7,8||0,83||06,60|4,90||
|balance||952.||094.|||9,59|
||70.||3.09||0.67|7.19||
|||78||20|||1.75|
||00|||||||
|III. Amount of||||||||
|increase/decre|||||||97,6|
||||-9,34|9,20|97,11|693,||
|ase in the||1,32|||||60,6|
||||8,43|1,37|2,976|449.||
|report period||8.82|||||95.4|
||||2.13|2.69|.70|40||
|(Decrease is|||||||8|
|stated with “-”)||||||||
||||||||136,|
|(I) Total|||-9,34||145,5|505,||
||||||||748,|
|comprehensive|||8,43||91,13|649.||
||||||||353.|
|income|||2.13||6.39|40||
||||||||66|
|(II) Owner‟s||||||||
|||||||187,|187,|
|investment and||||||||
|||||||800.|800.|
|decrease of||||||||
|||||||00|00|
|capital||||||||
|1. Common||||||187,|187,|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||
|-|-|-|-|-|-|
|shares||||800.|800.|
|contributed||||00|00|
|byu the||||||
|shareholders||||||
|2. Capital||||||
|contributed by||||||
|other equity||||||
|instruments||||||
|holders||||||
|3. Amount of||||||
|share payment||||||
|charged to the||||||
|owner‟s equity||||||
|4. Others||||||
||||||-39,2|
|||9,20|-48,4|||
|(III) Profit|1,32||||75,4|
|||1,37|78,15|||
|Distribution|8.82||||58.1|
|||2.69|9.69|||
||||||8|
|1. Provision of||9,20|-9,20|||
|surplus public||1,37|1,372|||
|reserve||2.69|.69|||
|2. Provision for||||||
|general risks||||||
|3. Distribution|||||-39,2|
||||-39,2|||
|to the owner|||||76,7|
||||76,78|||
|(or|||||87.0|
||||7.00|||
|shareholders)|||||0|
||1,32||||1,32|
|4. Others||||||
||8.82||||8.82|
|(IV) Internal||||||
|carry-over of||||||
|owner‟s equity||||||
|1. Increased||||||
|capital||||||
|converted from||||||
|capital reserve||||||
|(or capital||||||
|stock)||||||
|2. Increased||||||
|capital||||||
|converted from||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||||
|-|-|-|-|-|-|-|-|
|surplus||||||||
|reserve (or||||||||
|capital stock)||||||||
|3. Making up||||||||
|Deficit with||||||||
|Surplus Public||||||||
|Reserve||||||||
|4. Others||||||||
|(V) Special||||||||
|reserve||||||||
|1. Provision in||||||||
|the report||||||||
|period||||||||
|2. Application||||||||
|in the report||||||||
|period||||||||
|(VI) Others||||||||
||392|||||||
|||525,|-17,6|165,|||1,63|
|IV. Ending|,76||||566,8|3,07||
|||508,|09,2|915,|||6,48|
|balance of the|7,8||||19,57|8,35||
|||281.|65.2|466.|||0,28|
|report period|70.||||7.37|6.59||
|||60|2|89|||7.23|
||00|||||||

Legal representative: Xu Dongsheng Chief Financial Officer: Hu Xinglong Person in charge of the Accounting Department: Hu Xinglong
8. Statement of Change inOwner’s Equity, Parent Company
Amount in the reporting period
in CNY
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||Reporting Period|||||||||||
|||Other equity||||||||||
|||instruments|||||Other|||||
|||||||Less:|||Surplu|Retai|Total|
||Capit|Prefe|||Capital||compr|Special||||
|Items||||||||||||
|||||||shares|||s|ned|owner‟|
||al|renc|Perp||Reserv||ehensi|reserv||||
|||||Othe||in|||Reserv|earni|s|
||Stock|e|etual||e||ve|e||||
|||||rs||stock|||e|ngs|equity|
|||shar|bond||||income|||||
|||es||||||||||
|I. Balance at|392,7||||531,16||||165,91|384,6|1,474,|
|the end of the|67,87||||3,822.||||5,466.|69,88|517,04|
|previous year|0.00||||70||||89|4.08|3.67|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||
|-|-|-|-|-|-|
|Plus:||||||
|Change of the||||||
|accounting||||||
|policy||||||
|Correction of||||||
|the errors of||||||
|the previous||||||
|period||||||
|Others||||||
||392,7|531,16|165,91|384,6|1,474,|
|II. Opening||||||
||67,87|3,822.|5,466.|69,88|517,04|
|balance||||||
||0.00|70|89|4.08|3.67|
|III. Amount of||||||
|increase/decre||||||
|||||102,8|102,87|
|ase in the||||||
|||||72,53|2,534.|
|report period||||||
|||||4.40|40|
|(Decrease is||||||
|stated with “-”)||||||
|(I) Total||||142,1|142,14|
|comprehensive||||49,32|9,321.|
|income||||1.40|40|
|(II) Owner‟s||||||
|investment and||||||
|decrease of||||||
|capital||||||
|1. Common||||||
|shares||||||
|contributed by||||||
|shareholders||||||
|2. Capital||||||
|contributed by||||||
|other equity||||||
|instruments||||||
|holders||||||
|3. Amount of||||||
|share payment||||||
|charged to the||||||
|owner‟s equity||||||
|4. Others||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
||-39,2|-39,27|
|(III) Profit|||
||76,78|6,787.|
|Distribution|||
||7.00|00|
|1. Provision of|||
|surplus public|||
|reserve|||
|2. Distribution|||
||-39,2|-39,27|
|to the owner|||
||76,78|6,787.|
|(or|||
||7.00|00|
|shareholders)|||
|3. Others|||
|(IV) Internal|||
|carry-over of|||
|owner‟s equity|||
|1. Increased|||
|capital|||
|converted from|||
|capital reserve|||
|(or capital|||
|stock)|||
|2. Increased|||
|capital|||
|converted from|||
|surplus|||
|reserve (or|||
|capital stock)|||
|3. Making up|||
|Deficit with|||
|Surplus Public|||
|Reserve|||
|4. Others|||
|(V) Special|||
|reserve|||
|1. Provision in|||
|the report|||
|period|||
|2. Application|||
|in the report|||
|period|||
|(VI) Others|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||
|-|-|-|-|-|-|
|IV. Ending|392,7|531,16|165,91|487,5|1,577,389,578.07|
|balance of the|67,87|3,822.|5,466.|42,41||
|report period|0.00|70|89|8.48||

 Amount of Previous Year
in CNY
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||Previous period|||||||||||
|||Other equity||||||||||
|||instruments|||||Other|||||
|||||||Less:|||Surplu|Retai|Total|
||Capit|Prefe|||Capital||compr|Special||||
|Items||||||||||||
|||||||shares|||s|ned|owner‟|
||al|renc|Perp||Reserv||ehensi|reserv||||
|||||Othe||in|||Reserv|earni|s|
||Stock|e|etual||e||ve|e||||
|||||rs||stock|||e|ngs|equity|
|||shar|bond||||income|||||
|||es||||||||||
|I. Balance at|392,7||||531,16||||156,71|341,1|1,421,|
|the end of the|67,87||||2,493.||||4,094.|34,31|778,77|
|previous year|0.00||||88||||20|6.88|4.96|
|Plus:||||||||||||
|Change of the||||||||||||
|accounting||||||||||||
|policy||||||||||||
|Correction of||||||||||||
|the errors of||||||||||||
|the previous||||||||||||
|period||||||||||||
|Others||||||||||||
||392,7||||531,16||||156,71|341,1|1,421,|
|II. Opening||||||||||||
||67,87||||2,493.||||4,094.|34,31|778,77|
|balance||||||||||||
||0.00||||88||||20|6.88|4.96|
|III. Amount of||||||||||||
|increase/decre||||||||||||
|||||||||||43,53|52,738|
|ase in the|||||1,328.||||9,201,|||
|||||||||||5,567|,268.7|
|report period|||||82||||372.69|||
|||||||||||.20|1|
|(Decrease is||||||||||||
|stated with “-”)||||||||||||
|(I) Total||||||||||92,01|92,013|
|comprehensive||||||||||3,726|,726.8|
|income||||||||||.89|9|
|(II) Owner‟s|||||1,328.||||||1,328.|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||
|-|-|-|-|-|
|investment and|82|||82|
|decrease of|||||
|capital|||||
|1. Common|||||
|shares|||||
|contributed by|||||
|the|||||
|shareholders|||||
|2. Capital|||||
|contributed by|||||
|other equity|||||
|instruments|||||
|holders|||||
|3. Amount of|||||
|share payment|||||
|charged to the|||||
|owner‟s equity|||||
||1,328.|||1,328.|
|4. Others|||||
||82|||82|
||||-48,4|-39,27|
|(III) Profit||9,201,|||
||||78,15|6,787.|
|Distribution||372.69|||
||||9.69|00|
|1. Provision of|||-9,20||
|||9,201,|||
|surplus public|||1,372||
|||372.69|||
|reserve|||.69||
|2. Distribution|||||
||||-39,2|-39,27|
|to the owner|||||
||||76,78|6,787.|
|(or|||||
||||7.00|00|
|shareholders)|||||
|3. Others|||||
|(IV) Internal|||||
|carry-over of|||||
|owner‟s equity|||||
|1. Increased|||||
|capital|||||
|converted from|||||
|capital reserve|||||
|(or capital|||||
|stock)|||||
|2. Increased|||||
|capital|||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||
|-|-|-|-|-|-|
|converted from||||||
|surplus||||||
|reserve (or||||||
|capital stock)||||||
|3. Making up||||||
|Deficit with||||||
|Surplus Public||||||
|Reserve||||||
|4. Others||||||
|(V) Special||||||
|reserve||||||
|1. Provision in||||||
|the report||||||
|period||||||
|2. Application||||||
|in the report||||||
|period||||||
|(VI) Others||||||
|IV. Ending|392,7|531,16|165,91|384,6|1,474,|
|balance of the|67,87|3,822.|5,466.|69,88|517,04|
|report period|0.00|70|89|4.08|3.67|

 Legal representative: Xu Dongsheng Chief Financial Officer: Hu Xinglong Person in charge of the Accounting Department: Hu Xinglong
I. Company Profile
Fiyta Holdings Ltd. (hereinafter referred to as the Company) was reorganized, incorporated and renamed from Shenzhen Fiyta Timer Industry Company on December 25 1992 with approval by the General Office of Shenzhen MunicipalPeople‟s Government with Document SHEN FU BAN FU[1992] No. 1259 and with China National Aero-Technology Import& Export Corporation Shenzhen Industry& Trade Center (which was renamed as China National Aero-Technology Corporation Shenzhen) as the sponsor.
On March 10, 1993, the Company, with approval by thePeople‟s Bank of China Shenzhen Special Economic Zone Branch[SHEN REN YIN FU ZI (1993) No.070], issued publically domestic CNY based common shares (A-shares) and CNY based special shares (B-shares). In accordance with the Approval Document of Shenzhen Municipal Securities Regulatory Office SHEN ZHENG BAN FU[1993] No. 20 and the Approval Document of Shenzhen Stock Exchange SHEN ZHENG SHI ZI (1993) No. 16, theCompany‟s A-shares and B-shares were all listed with Shenzhen Stock Exchange for
trading commencing from June 3, 1993.
On January 30, 1997, with approval by Shenzhen Municipal Administration for Industry and Commerce, the Company was
FIYTA Holdings Ltd. 2015 Semi-Annual Report renamed as Shenzhen Fiyta Holdings Ltd.
On July 4, 1997, according to the equity assignment agreement between China National Aero-Technology Corporation Shenzhen (CATIC Shenzhen Corporation) and CATIC Shenzhen Holdings Limited ( with original name of Shenzhen CATIC Group Co., Ltd. (hereinafter referred to as CATIC Shenzhen), CATIC Shenzhen Corporation assigned 72.36 million corporate shares (taking52.24% of theCompany‟s total shares) to CATIC Shenzhen. From then on, theCompany‟s controlling shareholder turned to be CATIC Shenzhen from CATIC Shenzhen Corporation.
On October 26, 2007, the Company implemented the equity separation reform, according to which the shareholder of theCompany‟s non-negotiable shares would pay shares to the whole shareholders of negotiable shares registered on the equity record day as designated in the equity separation reform plan at the rate of 3.1 shares for every 10 shares held by them while theCompany‟s total 249,317,999 shares remained unchanged. So far, after the equity separation reform, the proportion of theCompany‟s shares held by CATIC Shenzhen reduced from52.24% to44.69%.
On February 29, 2008, due to expansion of theCompany‟s business scope and with approval by Shenzhen Municipal Administration for Industry and Commerce, theCompany‟s enterprise corporate business licence number was changed from 4403011001583 into 440301103196089.
Approved by China Securities Regulatory Commission (CSRC) with the Official Reply on Approval of Non-public Issuing of Shenzhen Fiyta Holdings Ltd., ZHENG JIAN XU KE[2010] No. 1703 and the Official Reply on the Issue of Non-Public Issuing of Shenzhen Fiyta Holdings Ltd. by State-owned Assets Supervision and Administration Commission of the State Council[2010] No. 430, the Company was approved to non-publically issue no more than 50 million common shares (A-shares). After completion of non-public issuing on December 9, 2010, theCompany‟s registered capital increased to CNY 280,548,479.00 and CATIC Shenzhen holds41.49% of theCompany‟s equity based capital.
On April 8, 2011, the Company took the total share capital of 280,548,479 shares as at December 31, 2010 as the base, converted its capital reserve into share capital at the rate of 4 shares for every 10 shares. After the conversion, theCompany‟s total share capital became 392,767,870 shares.
Ended June 30, 2015, the Company accumulatively issued totally 392,767,870 shares of capital stock. For the detail, refer to Note VII.53.
The principal business activities of the Company and its subsidiaries (collectively the Group) are: production and sales of various pointer type quartz watches and units, spares and parts, various timing apparatus, processing and wholesale of K gold watches and ornament watches (for production site, separate application should be submitted); domestic trade, materials supply and sales (excluding the commodities for exclusive operation, exclusive control and monopoly); property management and lease; import and export, design and construction; import and export business (implemented according to Document SHEN MAO GUAN DENG ZHENG ZI NO. 2007-072). Legal Representative: Xu Dongsheng. TheCompany‟s registered office address: FIYTA Technology Building, Gaoxin S. Road One, Nanshan District, Shenzhen. The Company has established theShareholders‟ General Meeting, the Board of Directors, the Supervisory Committee,
FIYTA Holdings Ltd. 2015 Semi-Annual Report the Audit Committee, the Strategy Committee and the Nomination, Remuneration and Assessment Committee as the governance organs, etc. The Company has also established a number of functional departments, including comprehensive management department, human resource department, financial department, property department, innovation& design department, strategy and information department, office of the Board of Directors, audit department, R& D department, etc.
The financial statements and the notes to the financial statements were approved at the
17th
meeting fo the Seventh Board of Directors held on August 12, 2015.
IV. Basis of preparation of Financial Statements
1. Basis of preparation
The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and their application guidelines, interpretations and other relevant requirements (collectively, "Accounting Standards for Business Enterprises"). Besides, the Group discloses the relevant financial information in accordance with Compilation Rules for Information Disclosure by Companies Offering Securities to the Public No.15-General Provisions on Financial Reports (2014Revision) announced by China Securities Regulatory Commission. 2. Operation on Going Concern Basis
The financial statements of the Company have been prepared on going concern basis.
The Group follows the accrual basis of accounting. The financial statements are prepared under the historical cost convention except for certain financial instruments. If impaired, the assets shall provide for impairment in accordance with the relevant regulations.
V. Significant accounting policies and accounting estimates
Notice on specific accounting policy and accounting estimates:
The Group determines the policies of depreciation of fixed asset, amortization of intangible assets, capitalized conditions ofR&D expenses and revenue recognition according to the characteristics of its production and operation. Refer to Note VI.16, Notes V.21 and Notve V.28 for specific accounting policies.
1. Representation of compliance with the Accounting Standards for Business Enterprises
The financial statements are in accordance with the requirements of the Accounting Standards for Business Enterprises, which have truly and completely presented the financial position of the consolidated and company as of 31 December 2014 and their operating results and cash flows and other relevant information for January to June, 2015.
2. Accounting period
Accounting years tarts on 1 January and ends on 31December.
3. Operating Cycle
Theo perating cycle of the Group is 12 months.
4. Functional currency
FIYTA Holdings Ltd. 2015 Semi-Annual Report The Company and its domestic subsidiaries adopt Renminbi (CNY) as functional currency.
Except Switzerland based Montres Chouriet SA (hereinafter referred to as the Swiss Company), a subsidiary of FIYTA (Hong Kong) Limited (hereinafter referred to as FIYTA (Hong Kong) which takes Swiss Franc as the recording currency according to the major economic environment of the place where its premises is located, the other overseas subsidiaries, including Harmony World Watches International Limited (World Watch International), one of the subsidiaries of Shenzhen Harmony World Watches Center Co., Ltd. (Harmony), FIYTA (Hong Kong) Limited, 68-Station Limited (68-Station), one of FIYTA (Hong Kong)Limited‟s subsidiaries, NATURE ART LTD., an entity controlled by 68-Station for special purpose (Nature Art) and PROTOP LTD (PROTOP) as its recording currency according to the major economic environment of the place where their premises are located.
The currency adopted by the Group in preparation of the financial statements is Chinese yuan (CNY).
5. Accounting treatment for business combinations involving entities under common control and not under Common control
(1) Business combinations involving entities under common control
For a business combination involving enterprises under common control, assets and liabilities that are obtained in a business combination shall be measured at the carrying amount of theowners‟ equity of the party being absorbed in the consolidated financial statements of the ultimate controlling party at combination date, except for the adjustments of different accounting policies. The difference between the carrying amount of the net assets obtained and the carrying amount of the consideration paid for the combination (or total par value of shares issued) shall be adjusted to capital reserve, if the capital reserve is not sufficient to absorb the difference, any excess shall be adjusted against retained earnings.
Business combinations involving entities under common control achieved in stages that involves multiple transactions In the separate financial statements, the initial investment cost is the absorbingparty‟s share of the carrying amount of theowners‟ equity of the party being absorbed in the consolidated financial statements of the ultimate controlling party at combination date. The difference between initial investment cost and original investment carrying amount plus additional investment cost at the combination date shall be adjusted to capital reserve (share/capital premium), if the capital reserve is not sufficient to absorb the difference, any excess shall be adjusted against retained earnings.
In the consolidated financial statements, assets and liabilities that are obtained in a business combination shall be measured at the carrying amount of theowners‟ equity of the party being absorbed in the consolidated financial statements of the ultimate controlling party at combination date, except for the adjustments of different accounting policies. The difference between the original investment carrying amount plus additional investment cost at the combination date and the carrying amount of the net assets obtained shall be adjusted to capital reserve (share/capital premium), if the capital reserve is not sufficient to absorb the difference, any excess shall be adjusted against retained earnings. The long-term equity investment of the absorbing party prior to combination, profit or loss, other comprehensive income and changes of otherowners‟ equity recognized between the later of obtaining date and when the absorbing party and the absorbed party are under common ultimate control and combination date shall offset the opening retained earnings or
FIYTA Holdings Ltd. 2015 Semi-Annual Report profit or loss for the current period in the comparative statement.
(2) Business combination involving entities not under common control
For business combinations involving entities not under common control, the consideration for each combination is measured at the aggregate of the fair values, at the acquisition date, of assets given, liabilities incurred or assumed, and equity securities issued by the acquirer in exchange for control of the acquiree. At the acquisition date, the acquired assets, liabilities and contingent liabilities of the acquiree are measured at their fair value.
Where the cost of combination exceeds theacquirer‟s interest in the fair value of theacquiree‟s identifiable net assets, the difference is recognized as goodwill, and measured on the basis of its costs minus the accumulative impairment provisions. Where the cost of combination is less than theacquirer‟s interest in the fair value of theacquiree‟s identifiable net assets, the difference is recognized in profit or loss for the current period after reassessment.
Business combinations involving entities not under common control achieved in stages that involves multiple transactions. In the separate financial statements, the initial investment cost is the sum of the carrying amount of equity investment of the acquiree held prior to the acquisition date and the additional investment cost at the acquisition date. When the previously-held equity investment is accounted for under the equity method, any other comprehensive income previously recognized shall be accounted fot on the same basis as would have been required if the investee had directly disposed of the related assets or liabilities. Theowners‟ equity recognized as the changes of theinvestee‟s otherowners‟ equity except for net profit or loss, other comprehensive income and profit distribution shall be transferred to profit or loss for the current period when disposing the investment. For the previously-held equity investment which was accounted for in accordance with―Accounting Standard for Business Enterprises No.22– Financial Instruments: Recognition and Measurement the accumulated changes in fair value included in other comprehensive income shall be transferred to profit or loss for the current period upon commencement of the cost method.
In the consolidated financial statements, the cost of combination amount to the consideration paid at the acquisition date plus the fair value of equity investment of the acquiree held prior to the acquisition date. The cost of equity investment of the acquiree held prior to the acquisition date shall be re-measured at the fair value at the acquisition date, the difference between the fair value and par value shall be recognized as profit or loss for the current period. Other comprehensive income and changes of otherowners‟ equity involving theacquiree‟s previously-held equity except for other comprehensive income due to the movement of net liabilities or assets in theinvestee‟s re-measurement defined benefit plan.
(3) Transaction costs for business combination
The intermediary and other relevant administrative expenses such as audit, legal and valuation advisory for business combinations are recognized in profit or loss when incurred. Transaction costs of equity or debt securities issued as the considerations of business combination are included in the initial recognition amounts.
6. Preparation of consolidated financial statements
(1) The scope of consolidated financial statements
The scope of consolidated financial statements shall be determined on the basis of control. Control exists when the
investor has all the following: power over the investee; exposure, or rights to variable returns from its involvement with the
FIYTA Holdings Ltd. 2015 Semi-Annual Report investee; and the ability to use its power over the investee to affect the amount of theinvestor‟s returns. A subsidiary is an entity that is controlled by the Company (such as enterprises, deemed separate entities, and structured entities controlled by the enterprises).
(2) Preparation of consolidated financial statements
The consolidated financial statements are prepared by the Company, based on the financial statements of the Company and its subsidiaries, according to other relevant information. The accounting policies and accounting periods of the subsidiaries should be in accordance with those established by the Company, all significant intercompany accounts and transactions are eliminated on consolidation.
Where a subsidiary or business has been acquired through a business combination involving enterprises under common control in the reporting period, the subsidiary and its business are included in the consolidated financial statements from when they are controlled together under the ultimate party , and operation results and cash flows are included in the consolidated income statement and consolidated cash flow statement from when they are controlled together under the ultimate party, where a subsidiary or business has been acquired through a business combination not involving enterprises under common control, thesubsidiary‟s or business income, expenses and profits are included in the consolidated income statement, and cash flows are included in the consolidated cash flow statement from the acquisition date to the end of the reporting date.
The portion of asubsidiary‟s equity that is not attributable to the parent is treated as minority interests and presented in the consolidated balance sheet withinshareholders‟ equity. That portion of net profit or loss of subsidiaries for the period attributable to minority interests shall be presented in the consolidated income statement below the net profit line item as minority interests. When the amount of loss for the current period attributable to the minorityshareholders‟ portion of the opening balance ofowners‟ equity of the subsidiary, the excess shall be allocated against the minority interests.
Transactions that acquire the minority interests of subsidiaries or dispose part of equity investment but not lose control of this subsidiary are accounted for equity transactions that adjust shareholders' equity attributable to the parent and minority interests to reflect the changes of equity in subsidiaries. The difference between the adjustment of minority interests and the fair value of consideration paid/received shall be adjusted to capital reserve, if the capital reserve is not sufficient to absorb the difference, any excess shall be adjusted against retained earnings.
(3) Losing control over the investee
When an enterprise loses control over investee because of disposing part of equity investment or other reasons, the remaining part of the equity investment should be re-measured at fair value at the date when losing control over the investee; the cash received in disposal of the equity investment and the fair value of remaining part of the equity investment, deducting net assets proportion calculated by original share percentage since the acquisition date should be recorded in profit or loss for current period of disposal and the goodwill related to the subsidiary shall also be derecognised; other comprehensive income related to the equity investment in subsidiaries before disposal date shall be transferred to profit or loss for the current period of disposal.
Other comprehensive income and the movement of otherowners‟ equity related to the originalsubsidiary‟s equity investment shall be transferred to profit or loss for the current period of disposal. except for other comprehensive income due to the movement of net liabilities or assets in theinvestee‟s re-measurement defined benefit plan.
(4) Disposing equity investment until losing control step by step
Multiple transactions resulting in a loss of control are considered as a single transaction, when any of the following
FIYTA Holdings Ltd. 2015 Semi-Annual Report conditions is satisfied:
① The transactions are entered into at the same time or in contemplation of each other;
② The transactions form a single transaction designed to achieve an overall commercial effect;
③ The occurrence of one transaction is dependent on the occurrence of at least one other transaction;
④ One transaction considered on its own is not economically justified, but it is economically justified when considered together with other transactions
For multiple transactions by disposing equity investment until losing control step by step, the carrying amount of long-term equity investments related to each disposal of equity is transferred in the separate financial statements, the difference between the consideration and the carrying amount of disposed long-term equity investments shall be recognized as investment income.
In the consolidated financial statements, for disposing equity investment until losing control step by step, the measurement of remaining equity and accounting for profit or loss of disposing equity refer to the above “Losing control over the investee”. The difference between each consideration and the share of thesubsidary‟s equity related to disposing investment before losing control:
① Belong to “a bundled transaction”, is recognized as other comprehensive income and is transferred to profit or loss for the current period when losing control.
② Not belong to “a bundled transaction”, is recognized as equity transactions and capital reserve andisn‟t allowed to be transferred to profit or loss for the current period when losing control.
7. Joint arrangement
A joint arrangement is an arrangement of which two or more parties have joint control. The Group classifies joint arrangements into joint operations and joint ventures.
(1) Joint operations
A joint operation is a joint arrangement whereby the joint operators have rights to the assets, and obligations
for the liabilities, relating to the arrangement.
The Group shall recognize the following items in the relation to its interest in a joint operation, and account
for them in accordance with relevant accounting standards:
A. its solely-held assets, and its share of any liabilities incurred jointly;
FIYTA Holdings Ltd. 2015 Semi-Annual Report B. its soly-assumed liabilities, and its share of any liabilities incurred jointly;
C. its revenue from the sale of its share of the output arising from the joint operation;
D. its share of the revenue from the sale of the output by the joint operation; and
E. its soly-incurred expenses, and its share of any expenses incurred jointly.
(2)Joint ventures
A joint venture is a joint arrangement whereby the joint ventures have rights to the net assets of the arrangement. The Group shall account for its investment in a joint venture in accordance with the requirement of long-term equity investments relating to equity method.
8. Cash and cash equivalents
Cash comprises cash on hand and deposits that can be readily drawn on demand. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.
9. Foreign currency transactions and translation of foreign currency statement
(1) Foreign currency transactions
If foreign currency transactions occur, translate them into the amount of functional currency by applying the spot exchange rate at the dates of the transactions.
At the end of the period, foreign currency monetary items are translated to CNY using the spot exchange rate at the balance sheet date. Exchange differences arising from the differences between the spot exchange rate prevailing at the balance sheet date and those spot rates used on initial recognition or at the previous balance sheet date are recognized in profit or loss for the current period; foreign currency non-monetary items carried at historical cost continue to be measured at the amounts in functional currency translated using the spot exchange rates at the dates of the transactions; foreign currency non-monetary items carried at fair value are translated using the spot exchange rates at the date when the fair value was determined. Differences between the translated amount and the original amount of functional currency are included in profit or loss for the current period.
(2) Translation of foreign currency statement
At the balance sheet date, when translating the foreign currency financial statements of overseas subsidiaries, the assets and liabilities of the balance sheet are translated to CNY using the spot exchange rate at the balance sheet date; all items except for "undistributed profits" of theshareholders‟ equity are translated at the spot exchange rate.
FIYTA Holdings Ltd. 2015 Semi-Annual Report The revenue and expenses in the income statement are translated using the average exchange rate for the period. All items of the cash flow statement are translated using the average exchange rate for the period. As an adjustment item, the impact of exchange rate changes on cash amount is reflected separately in the cash flow as "the impact of exchange rate changes on cash and cash equivalents".
Differences arising from the translation of financial statements are separately presented as the “other comprehensive income” in theshareholders‟ equity of the balance sheet.
When disposing overseas operations and losing control, the “difference of translation of foreign currency statement” related to the overseas operation presented inshareholders‟ equity in the balance sheet shall be transferred together or as the percentage of disposing the overseas operation to profit or loss for the current period of disposal.
10. Financial instruments
Financial instruments refer to the contracts of forming enterprise financial assets and otherentities‟ financial liabilities or equity instruments.
(1)Recognition and derecognition of financial instruments
A financial asset or financial liability is recognized when the Company becomes one party of financial instrument contracts.
If one of the following conditions is met, the financial assets are terminated:
① The right of the contract to receive the cash flows of financial assets terminates;
② The financial asset has been transferred, and is in accordance with the following conditions for
derecognition.
If the obligations of financial liability have been discharged in total or in part, derecognize all or part of it. If the Company (debtor) makes an agreement with the creditor to replace the current financial liability of assuming new financial liability which contract provisons are different in substance, derecognize the current financial liability and meanwhile recognize as the new financial liability.
If the financial assets are traded routinely, recognize and derecognize them at the transaction date.
(2) Classification and measurement of financial assets
Financial assets are, upon initial recognition, classified into the following four categories: financial assets at fair value through profit or loss, held-to-maturity investments, loans and receivables, available-for-sale financial assets. Financial
FIYTA Holdings Ltd. 2015 Semi-Annual Report assets are initially recognized at fair value. In the case of financial assets at fair value through profit or loss, the related transaction costs are recognized in profit or loss for the current period. For other financial assets, transaction costs that are attributable to the acquisition of the financial assets are included in the initial recognition amounts.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading and those designated upon initial recognition as at fair value through profit or loss. This kind of financial assets are subsequently measured at fair value, all realized and unrealized gains and losses are recognized in profit or loss for the current period.
Held-to-maturity investments
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturity dates that the Company has the positive intention and ability to hold to maturity. Held-to-maturity investments are subsequently measured at amortized cost using the effective interest method; gains and losses arising from derecognition, impairment or amortization is recognized in profit or loss for the current period.
Receivables
Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market including account receivables and other receivables (NoteIII、12). Receivables are subsequently measured at amortized cost using the effective interest method; gains and losses arising from derecognition, impairment or amortization is recognized in profit or loss for the current period.
Available-for-sale financial assets (AFS financial assets)
AFS financial assets are those non-derivative financial assets that are designated as available for sale and those financial assets in addition to those above mentioned. AFS financial assets are subsequently measured at fair value, the discount or premium are amortized using the effective interest method and recognized as interest income. The gains and losses arising from changes in fair value of AFS financial assets (other than impairment losses and foreign exchange gains and losses resulted from foreign currency monetary assets which are recognized in profit or loss for the current period) are recognized as other comprehensive income, until the financial assets are derecognized, are transferred to profit or loss for the current period. Interest income and dividends related to the AFS financial assets are recognized as profit or loss for the current period.
Equity instrument investment with no quoted price in active markets and with not reliably measured fair value, and derivative financial assets for the equity instrument and settled by paying the equity instrument are measured at cost. (3)Classification and measurement of financial liabilities
On initial recognition, financial liabilities are classified as: financial liabilities at fair value through profit or loss (FVTPL) or other financial liabilities. For financial liabilities not classified as at fair value through profit or loss financial liabilities, the transaction costs are recognized in the initially recognized amount.
FIYTA Holdings Ltd. 2015 Semi-Annual Report Financial liabilities at FVTPL
Financial liabilities at FVTPL include transaction financial liabilities and financial liabilities designated as at fair value through profit or loss in the initial recognition. Such financial liabilities are subsequently measured at fair value, all realized and unrealized gains and losses are recognized in profit or loss for the current period.
Other financial liabilities
Derivative financial liabilities which are linked to equity instrument that is not quoted in an active market and its fair value cannot be reliably measured and settled by delivering the equity instrument are subsequently measured at cost. Other financial liabilities are subsequently measured at amortized cost using the effective interest method; gains and losses arising from derecognition or amortization is recognized in profit or loss for the current period.
(4)Derivative financial instruments and embedded derivative instruments
Derivative financial instruments of the Group are initially measured at the fair value of the date a derivative contract entered into and subsequently measured at their fair value. Derivative financial instruments of positive fair value are recognized as assets; those of negative fair value are recognized as liabilities. Any gains or losses arising from changes in fair value which do not meet the requirements of hedge accounting are directly recognized to profit or loss for the current period.
For hybrid instruments including embedded derivative instruments such as designated financial assets or liabilities measured at fair value through profit or loss that thereisn‟t close relationship between embedded derivative instruments and their principal contract in the aspects of economic features and risks and is the same as the conditions for embedded derivatives and individual instruments satisfy the definition of derivative instruments, embedded derivative instruments are separated from hybrid instruments and treated as separate derivative financial instruments. If embedded derivative instrumentsisn‟t separately measured initially or subsequently at balance sheet date, hybrid instruments as a whole is designated as financial assets or liabilities measured at fair value through profit or loss.
(5) Fair value of financial instruments
Determination of fair value of financial assets and financial liabilities refers to Note III.11.
(6) Impairment of financial assets
The Company assesses the carrying amount of financial assets at each balance sheet date other than those at fair value through profit or loss, if there is objective evidence that financial assets are impaired, the Company determines the amount of impairment loss. Objective evidence of impairment of financial assets are the matters that occurred after the initial recognition of financial assets which has impact on the expected future cash flows of financial assets, and can be reliably measured by the Company.
There‟s objective evidence that the financial assets are impaired including the following observable situations:
FIYTA Holdings Ltd. 2015 Semi-Annual Report① The issuer or debtor has severe financial difficulties;
② The debtor has violated terms of the contract, such as the payment of the interest or principal is default or
overdue;
③ Considering economic or legal factors, the Company made concessions to a debtor in financial difficulties;
④ The debtor has probably bankruptcy or other financial reorganization;
⑤ The issuer has so sever financial difficulties that financial assetscan‟t continue to be traded in an active market;⑥ The cash flow of some asset in a group of financial assets can not be identified to be reduced, but after evaluating it as a whole according to the public data, the expected future cash flow of the group of financial assets since its initial recognition has definitely been reduced and measurable, including:
- The group of financial assets of the debtor‟s ability to pay gradually deteriorates;
- The economy in thedebtor‟s country or region appears likely to lead to the situation that the group of financial assets can not pay
① The adverse changes of technology, market, economic or other legal environment the debtor operates in cause investors in equity instrument may not recover the investment cost;
② The fair value of equity instrument declines seriously or untemporarily, such as the fair value of equity instrument at the balance sheet date is over50% less than the initial investment cost (including50%) or the period that is less than the initial investment cost lasts more than 12 months (including 12 months).
The period that is less than the initial investment cost lasts more than 12 months (including 12 months) refers to that the average fair value of equity investment is less than the initial investment cost monthly for 12 months.
③ There are other objective evidences that financial assets are impaired.
Financial asset measured at amortized cost.
Ifthere‟s objective evidence that the financial assets are impaired, then the carrying amount of financial assets shall be reduced to the present value of estimated future cash flows (excluding future credit losses that have not been incurred), with the reduced amount recognized to profit or loss for the current period. The present value of estimated future cash flows is carried according to the financial asset's original effective interest rate, and considers the value of collateral. For a financial asset that is individually significant, the Company assesses the asset individually for impairment, if there is
FIYTA Holdings Ltd. 2015 Semi-Annual Report objective evidence that it has been impaired; recognize the impairment loss in profit or loss for the current period. For a financial asset that is not individually significant, the Company assesses the asset by including the asset in a group of financial assets with similar credit risk characteristics and collectively assess them for impairment. For an individually assessed financial asset (whether the financial asset is individually significant or not individually significant), the Company includes the asset in a group of financial assets with similar credit risk characteristics and collectively assessment for impairment. Asset for which an impairment loss is individually recognized is not included in a collective assessment of impairment.
If, after an impairment loss has been recognized on financial assets measured at amortized cost, there is objective evidence of a recovery in value of the financial asset which can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed through profit or loss. A reversal of an impairment loss will not result in theasset‟s carrying amount exceeding that which would have been determined had no impairment loss been recognized in prior years.
Available-for-sale financial assets
Ifthere‟s objective evidence that AFS financial assets are impaired, accumulated losses due to decreases in fair value previously recognized directly in other comprehensive income are reversed and charged to profit or loss for the current period. The reversed accumulated losses are the asset's initial acquisition costs after deducting amounts recovered and amortized, current fair value and impairment losses previously recognized in profit or loss.
If, in a subsequent period, the fair value of financial assets increases and the increase can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment losses are reversed and charged to profit or loss for the current period. The impairment losses of AFS equity instruments shall not be reversed through profit or loss.
Financial assets measured at cost
Ifthere‟s objective evidence that the financial assets are impaired, the difference between the carrying amount and the present value discounted at the market rate of return on future cash flows of the similar financial assets shall be recognized as impairment loss in profit or loss. The impairment loss recognized shall no longer be reversed.
(7) Transfer of financial assets
Transfer of financial assets refers to the transference or deliverance of financial assets to the other party (the transferee) other than the issuer of financial assets.
The Group derecognizes a financial asset only if it transfers substantially all the risks and rewards of ownership of the financial asset to the transferee; the Group should not derecognize a financial asset if it retains substantially all the risks and rewards of ownership of the financial asset.
The Group neither transfers nor retains substantially all the risks and rewards of ownership, shows as the following circumstances: if the Group has forgone control over the financial assets, derecognize the financial assets and verify the
assets and liabilities; if the Group retains its control of the financial asset, recognize the financial asset to the extent of its
FIYTA Holdings Ltd. 2015 Semi-Annual Report continuing involvement in the transferred financial asset and recognize an associated liability.
(8) Offset between financial assets and financial liabilities
When the Group has the legal right of offset the recognized financial assets and financial liabilities, by now is able to carry out the legal right and the Group plans to settle by net amount or meanwhile realise the financial assets and pay off financial liabilities, the amount after offsetting financial assets and financial liabilities each other is presented in the balance sheet. Besides, financial assets and financial liabilities are presented separately in the balance sheet and not allowed to offset each other.
11. Receivables
(1) Individually significant receivable and provision for bad and doubtful debts individually
|||
|-|-|
||the carrying amount of accounts receivables of over CNY|
||800,000.00 and other receivables of over|
|Criteria of individually significant receivables||
||CNY500,000.00 are recognized as individually significant|
||receivable.|
||Receivables that are individually significant are subject to|
||separate impairment assessment, if there is objective|
||evidence that the impairment occurred, recognize the|
||provision for bad and doubtful debts according to the|
|Measurement of individually recognized bad and doubtful||
||difference between the present value of future cash flows,|
|debts provision of individually significant receivables:||
||which is lower, and the carrying amount.|
||If impairment of financial asset tested individually is not|
||established, recognize the provision of bad and doubtful|
||debts in combination.|

(2) Receivables with provision for bad and doubtful debts based on the credit risk characteristics collectively
|||
|-|-|
|Group Description|Method of provision for bad and doubtful debts|
|Group of ageing|Ageing analysis method|
|Specific fund portfolio (receivables such as employee||
|pretty cash receivables, accounts receivable due from||
|subsidiaries included in consolidation scope, accounts||
||Other method|
|receivable for the sales between the last date of||
|settlement with department store and the date of balance||
|sheet)||

For group of ageing, the rate of provision for bad and doubtful debts in ageing analysis method is as follows:
||||
|-|-|-|
||Percentage of provision for accounts|Percentage of provision for other|
|Aging|||
||receivable|receivables|
|Within 1 year (including 1 year)|5.00%|5.00%|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|1 - 2 years|10.00%|10.00%|
|2 - 3 years|30.00%|30.00%|
|Over 3 years|50.00%|50.00%|

 In grouping, the account receivable for which reserve for bad debt is provided based on balance percentage:
Inapplicable
In grouping, the accounts receivable for which the bad debt reserve is provided based on the other method:
||||
|-|-|-|
||Percentage of provision for accounts|Percentage of provision for other|
|Group description|||
||receivable|receivables|
|Group of specific fund|0.00%|0.00%|

 (3) Accounts receivable with insignificant individual amount but individually recognized bad and doubtful debts provision
|||
|-|-|
||Including the accounts receivable involving dispute or|
||lawsuit/arbitration with the counterparty and the|
|Reason of individual provision for bad and doubtful debts|accounts receivable in which there exists evident|
||indication showing that a debtor may possibly be|
||unable to implement the obligation of repayment.|
||Provision for bad and doubtful debts is based on the|
|Method for provision for bad and doubtful debts|difference of the present value of future cash flow|
||lower than the book value.|

12. Inventories
(1) Classification
Inventory mainly includes raw material, work-in-process and finished goods.
(2) Determination of cost
Inventories are determined at the actual cost when acquired. Costs of raw materials, work in progress, finished goods are calculated in weighted average costing (for finished goods of watches with FIYTA brand name), specific identification method (for finished goods of branded watches), and first-in-first-out method (for raw material for FIYTA watches)when issued.
(3) Recognition of the net realizable value and provision for decline in value of inventorie
Net realizable value (“NRV”) is based on the estimated selling price deducting the estimated costs to be incurred when completed, the estimated selling expenses and related taxes amount. Recognition of the net realizable value is based on
the verified evidences and considers the purpose of holding inventories and the effect of post balance sheet events. In
particular:
FIYTA Holdings Ltd. 2015 Semi-Annual Report①the NRV of inventories that are available for sale such as finished goods and materials held for trading are determined using the estimated selling price less estimated selling expenses and related taxes if the business is in the ordinary course of operation;
② the NRV of materials that need to be processed are determined using estimated selling price of finished goods which is manufactured from the material less estimated cost of completion, estimated selling expenses and related taxes if the business is in the ordinary course of operation.
The Company recognizes inventory impairment provision for FIYTA brand watches based on models category.
Impairment provisions for branded watches are recognized on an item-by-item basis.
Impairment provisions for raw materials of FIYTA watches are recognized by categories based on ultimate-customer selling status of FIYTA finished watches taking into considerations of the exchangeability of the spare parts and the special usage of materials.
If the cost of closing inventory of the Company exceeds its net realizable value at balance sheet date, recognize provision for decline in value of inventories. The Company usually recognize provision for decline in value of inventories by a single inventory item. If the factors of value of inventory previously written-down have disappeared, reverse provision for decline in value of inventories in the amount originally made.
(4) Inventory system
The Group adopts perpetual inventory system
(5) Amortization method of low-value consumables and packaging material
The Groupd uses one-off amortization method when low-value consumables and packaging material are received for use. 13. Held-for-sale Assets as Classified
Inapplicable
14. Long-term equity investments
Long-term equity investments refer to equity investments where an investor has control of, or significant influence over, an investee, as well as equity investments in joint ventures. Where the Group can exercise significant influence over the investee, the investee is its associate.
(1)Recognization of investment cost
For a business combination involving enterprises under common control, the initial investment cost of the long-term equity
FIYTA Holdings Ltd. 2015 Semi-Annual Report investment shall be the absorbingparty‟s share of the carrying amount of theowners‟ equity of the party being absorbed in the consolidated financial statements of the ultimate controlling party at combination date; for a business combination not involving enterprises under common control, the initial investment cost of the long-term equity investment acquired shall be the cost of acquisition.
For a long-term equity investment acquired by paying cash, the initial investment cost shall be the actual purchase price has been paid; for a long-term equity investment acquired by the issue of equity securities, the initial investment cost shall be the fair value of the equity securities issued.
(2)Subsequent measurement and recognition of profit or loss
Where the Group is able to exercise control over an investee, the long-term equity investment shall be accounted for using the cost method; where the Group has investment in associates and operation ventures, the long-term equity investment is accounted for using the equity method.
For long-term equity investment which is accounted for using the cost method, investment income is recognized in profit or loss for the current period as the cash dividend or profit announced and distributed, except for those cash dividend or profit which have already included in the actual payment or consideration of offer when the investment was made. Under the equity method, where the initial investment cost of a long-term equity investment exceeds theGroup‟s interest in the fair values of theinvestee‟s identifiable net assets, no adjustment is made to the initial investment cost; where the initial investment cost is less than theGroup‟s interest in the fair values of theinvestee‟s identifiable net assets, the difference is charged to profit or loss for the current period, and the carrying amount of the long-term equity investment is adjusted accordingly.
Under the equity method, the Group shall recognize its share of theinvestee‟s net profit or losses, as well as its share of theinvestee‟s other comprehensive income, as investment income or losses and other comprehensive income, and adjust the carrying amount of the investment accordingly. The carrying amount of the investment shall be reduced by the portion of any profit distributions or cash dividends declared by the investee that is attributable to the Group. TheGroup‟s share of theinvestee‟sowners‟ equity changes, other than those arising from theinvestee‟s net profit or loss, other comprehensive income or profit distribution, shall be recognized in theGroups‟ equity, and the carrying amount of the long-term equity investment shall be adjusted accordingly. The share of theinvestee‟s net profit or loss for the current period is recoginised after adjusting theinvestee‟s net profit in accordance with theGroup‟s accounting policies and accounting period based on the fair value of the identifiable assets when the investment is made.
When the Group becomes capable of exercising joint control or significant influence (but not control) over an investee due to additional investment or other reasons, the Group shall change to the equity method and use the fair value of the previously-held equity investment, together with additional investment cost, as the initial investment cost under the equity method.Where the previously-held equity investment is classified asavailable–for–sale financial assets, the diffences between the fair value and carrying amount and the accumulated changes in fair value included in other comprehensive income shall be transferred to profit or loss for the current period upon commencement of the equity method.
When the Group can no longer exercise joint control of or significant influence over an investee due to partial disposal of
FIYTA Holdings Ltd. 2015 Semi-Annual Report equity investment or other reasons, the remaining equity investment shall be charged to profit or loss for the current period for the difference between the fair value and the carrying amount at the date of the loss of joint control or significant influence in accordance with Accounting Standard for Business Enterprises No.22 - Recognization and Measurement of Financial Instruments. When the previously-held equity investment is accounted for under the equity method, any other comprehensive income previously recognized shall be accounted for on the same basis as would have bee required if the Group had directly disposed of the related assets or liabilities for the current period upon discontinuation of the equity method; Other movement ofowner‟s equity related to original equity investment is transferred in profit or loss for the current period.
When the Group can no longer exercise control over an investee due to partial disposal of equity investment or other reasons and the remaining equity after disposal can exercise joint control of or significant influence over an investee, the remaining equity is adjusted as using equity method from acquisition under equity method; when the remaining equity can no longer exercise joint control of or significant influence over an investee, the remaining equity investment shall be charged to profit or loss for the current period for the difference between the fair value and the carrying amount at the date of the loss of control n accordance with Accounting
Standard for Business Enterprises No.22-Recognization and Measurement of Financial Instruments.
For the unrealized profit or loss between the Group and an associate or joint venture, the part belongs to the Group, calculated with the percentage held by the Group, should be offset, and accordingly, the Group recognizes the investment income or loss. Any losses resulting from transactions between the Group and the investee, which are attributable to asset impairment shall not be eliminated.
For the long-term equity investments of associates and joint ventures held before January 1, 2007, if there exists equity investment debit balance related to the investment, recognize investment income or loss after deducting the equity investment debit balance in the original straight-line basis over the remaining period.
(3) Basis for recognition of joint control or significant influence over an investee
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. In assessing whether an enterprise has joint control of an arrangement, the Group shall first assess whether all the parties, a group of the parties, control the arrangement collectively. All the parties, or a group of the parties, control the arrangement collectively when they must act together to direct the relevant activities. Then assess whether decisions about the relevant activities require the unanimous consent of those parties that control the arrangement collectively. When more than one combination of the parties can control an arrangement collectively, joint control does not exist. A party that holds only protective rights does not have joint control of the arrangement.
Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control of those policies. When determining whether an investor can exercise significant influence over an investee, the effect of potential voting rights (for example, warrants, share options and convertible bonds) held by the investors or other parties that are currently exercisable or convertible shall be considered.
FIYTA Holdings Ltd. 2015 Semi-Annual Report Significant influence refers to the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. When the Company, directly or indirectly through subsidiaries, owns20% of the investee (including20%) or more but less than50% of the voting shares, it has significant impact on the investee unless there is clear evidence to show that in this case the Company cannot participate in the production and business decisions of the investee, and cannot form a significant influence; when the Company owns20% (excluding) or less of the voting shares, generally itisn‟t considered to have a significant impact on the investee, unless there is clear evidence to show that in this case the Company can participate in the production and business decisions of the investee so as to form a significant influence.
(4)Method of impairment testing and impairment provision
For investment of subsidiaries, associates and joint ventures, refer to Note V. 22 for theGroup‟s method of asset impairment.
15. Investment property
Method for measurement of investment property
Measured according to the cost method
Depreciation or amortization method
Investment property is a property held to earn rentals or for capital appreciation or both, comprising a land use right that is leased out, a land use right held and ready to transfer after appreciation, a building that is leased out.
TheGroup‟s investment property is initially measured at acquisition cost, and is depreciated or amortized on schedule in accordance with the relevant rules of fixed assets or intangible assets.
Refer to Note V. 22 for asset impairment method of investment property subsequently measured using the cost model. Disposal consideration of sale, transfer, retirement or damage of investment property after deducting its carrying amount and related taxes amount is recognized in profit or loss for the current period.
Category Useful years (year) Residual rate% Annual depreciation rate%
Plant& buildings 20-35 years 5 2.7-4.8
16. Fixed asset
(1) Recognition of fixed assets
Fixed assets are tangible assets that are held for use in the production or supply of services, for rental to others, or for
FIYTA Holdings Ltd. 2015 Semi-Annual Report administrative purposes and have useful lives more than one accounting year.
A fixed asset shall be recognized only when it is probable that economic benefits associated with the asset will flow into the enterprise and the cost of the asset can be measured reliably.
A fixed asset shall be initially measured at actual cost.
(2) Depreciation methods
||||||
|-|-|-|-|-|
|Categories|Depreciation method|Depreciation life|Residual rate|Yearly depreciation|
||Average service life||||
|Plant & buildings||20-35|5|2.7-4.8|
||method||||
|Machinery &|Average service life||||
|||10|5-10|9-9.5|
|equipment|method||||
||Average service life||||
|Motor vehicles||5|5|19|
||method||||
||Average service life||||
|Electronic equipment||5|5|19|
||method||||
||Average service life||||
|Others||5|5|19|
||method||||

The Group uses Average service life method for depreciation. Fixed assets begin to be depreciated from the state of intended use, and stop being depreciated when derecognized or classified as held for sale non-current assets. Without considering impairment provision, theGroup‟s annual depreciation rates are shown as the above table according to the category, expected useful lives and estimated net residual values rates.
Among these, fixed assets which have been impaired should deduct the cumulative amount of impairment provision to determine the depreciation rate.
For impairment test and the impairment provision of fixed asset, refer to Note III. 21.
The Group conduct reviews to the useful life, estimated net residual rate and depreciation method at least at each end of the accounting year.
Adjust the useful lives of fixed assets if their expected useful lives are different with the original estimates; adjust the estimated net residual values if they are different from the original estimates.
Overhaul costs
The overhaul costs occurred in regular inspection of fixed assets are recognized in the cost of fixed assets if there is
FIYTA Holdings Ltd. 2015 Semi-Annual Report undoubted evidence to confirm that this part meets the recognition criteria of fixed assets, otherwise, the overhaul costs are recognized in profit or loss for the current period. Fixed assets are depreciated at the intervals of the regular overhaul. (3) Basis for recognizing the fixed assets under financing lease, Pricing and Depreciation Methods
Inapplicable
17. Construction in progress
The cost of construction in progress is determined according to the actual expenditure incurred for the construction, including all necessary construction expenditures incurred during the construction period, borrowing costs that shall be capitalized before the construction reaches the condition for intended use and other relevant expenses.
Construction in progress is transferred to fixed assets when the asset is ready for its intended use.
For provision for impairment of construction in progress, refer to Note V.22.
18. Borrowing cost
(1) Recognition principle of borrowing cost capitalization
For borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, they shall be capitalized and included in the cost of related assets; other borrowing costs are recognized as expenses and included in profit or loss when incurred. Capitalization of such borrowing costs can commence only when all of the following conditions are satisfied:
① Expenditures for the asset are being incurred, capital expenditure includes the expenditure in the form of cash payment, transfer of non-cash assets or the interest bearing liabilities for the purpose of acquiring or constructing assets eligible for capitalization;
② Borrowing costs are being incurred; and
③ Activities relating to the acquisition, construction or production of the asset that are necessary to prepare the asset for its intended use or sale have commenced.
(2) Capitalization period of borrowing costs
Capitalization of such borrowing costs ceases when the qualifying assets being acquired, constructed or produced become ready for their intended use or sale. The borrowing cost incurred after that is recognized as an expense in the period in which they are incurred and included in profit or loss for the current period.
Capitalization of borrowing costs is suspended during periods in which the acquisition, construction or production of a qualifying asset is interrupted abnormally and when the interruption is for a continuous period of more than 3 months; the borrowing costs in the normally interrupted period continue to capitalize.
FIYTA Holdings Ltd. 2015 Semi-Annual Report (3) Capitalization rate of borrowing costs and calculation of capitalization amount
Interest expenses of special borrowings incurred actually for the current period less interest income from borrowings at bank or investment income from temporary investments is capitalized; capitalization amount is determined as accumulative asset expenditure of general borrowings over weighted average asset expenditure of special borrowings multiples capitalization rate of general borrowings. Capitalization rate is determined as calculating weighted average interest rate of general borrowings.
In the capitalization period, exchange differences of special borrowings in foreign currency is totally capitalized; exchange differences of general borrowings in foreign currency is recognized in profit or loss for the current period.
19. Biological Assets
Inapplicable
20. Oil and Gas Assets
Inapplicable
21. Intangible assets
(1) Pricing Method, Service Life and Impairment Test
Intangible assets of the Group include land use rights, software system, trademark rights etc.
The Group initially measures the intangible asset at cost, and analyzes and judges its service life when obtained. An intangible asset with a finite useful life is amortized using the method which can reflect the expected realization of economic benefits related to the asset over its expected useful life from when the asset is available for use; an intangible asset whose expected realizationcan‟t be reliably determined is amortized using straight-line amortization; an intangible asset with an indefinite useful life is not amortized.
Amortization methods of an intangible asset with a finite useful life are shown as follows:
Category Useful Life Amortization Method Remarks Land use right 45-50 years Straight-line method - Software system 5 years Straight-line method - trademark rights 5-10 years Straight-line method - For an intangible asset with a finite useful life, the Group reviews the useful life and amortization method at the end of each financial year, if it is different from the previous estimates, adjust the previous estimates and deal with it according to changes in accounting estimates.
The Group estimates an intangible asset can no longer bring future economic benefits to the Group at the end of a period,
FIYTA Holdings Ltd. 2015 Semi-Annual Report the carrying amount of which should be reversed to profit or loss for the current period.
Refer to Note V. 22 for impairment provision method for intangible assets.
(2) Accounting policy for internal research and development expenditure
Expenditure on an internal research and development project is classified into expenditure on the research phase and expenditure on the development phase.
Expenditure on the research phase is recognized in profit or loss when incurred.
Expenditure on the development phase is capitalized only when the Group can satisfy all of the following conditions: the technical feasibility of completing the intangible asset so that it will be available for use or sale; its intention to complete the intangible asset is to use or sell it; how the intangible asset will generate economic benefits. Among other things, the Group can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset; the availability of adequate technical, financial and other resources to complete the development and the ability to use or sell the intangible asset; its ability to measure reliably the expenditure attributable to the intangible asset during its development phase. Otherwise, it is charged to profit or loss. The research and development projects of the Group will enter into the development stage after meeting the above conditions and passing through the technical feasibility and economic feasibility studies and the formation of the project. Capitalized expenditure on the development phase is presented as “development costs” in the balance sheet and shall be transferred to intangible assets when the project is completed to its intended use state.
22. Impairment of long term assets
The impairment of subsidiaries, associates and joint ventures in the long-term equity investments, investment property subsequently measured at cost model, fixed assets, construction in progress, intangible assets, goodwill and related facilities, etc. (Excluding inventories, investment property measured at fair value model, deferred income tax assets and financial assets) are determined as follows:
At the balance sheet date, the Group determines whether there may be evidence of impairment, if there is any, the Group will estimate the recoverable amount for impairment, and then test for impairment.
For goodwill arising from a business combination, intangible assets with indefinite useful life and the intangible assets that have not yet ready for use are tested for impairment annually regardless of whether such evidence exists.
The recoverable amount of an asset is determined by the higher amount of fair value deducting disposal costs and net present value of future cash flows expected from the assets.
The Group estimates the recoverable amount based on individual asset; for individual asset which is difficult to estimate the recoverable amount, the recoverable amount of the asset group is determined based on the asset group involving the asset. The identification of the asset group is based on whether the cash flow generated from the asset group is
FIYTA Holdings Ltd. 2015 Semi-Annual Report independent of the major cash inflows from other assets or asset groups.
When the asset or asset group's recoverable amount is lower than its carrying amount, the Group reduces its carrying amount to its recoverable amount, the reduced amount is included in profit or loss, while the provision for impairment of assets is recognized.
For tests of goodwill impairment, the carrying amount of goodwill arising from a business combination shall be amortized to the related asset group at reasonable method; that which is difficult to be amortized to the related asset group shall be amortized to the group of asset groups. Related asset group or group of asset groups is asset group or group of asset groups which can benefit from synergies of a business combination and is not greater than the reportable segment of the Group.
When testing impairment, if asset group or group of asset groups relating to goodwill exists evidence of impairment, first of all, the Group shall conduct impairment testing for asset group or group of asset groups which does not include goodwill, and recognize corresponding impairment losses. Then asset group or group of asset groups which includes goodwill shall be conducted impairment testing and compare its carrying amount and recoverable amounts. If the recoverable amount is less than the carrying amount, then recognize the impairment loss of goodwill.
Once impairment loss is recognized, itcan‟t be reversed in subsequent accounting periods.
23. Long-term deferred expenses
Long-term unamortized expenses occurred shall be priced at actual cost and averagely amortized during the predicted benefit period. The long-term unamortized expenses that would not benefit the future accounting periods, the amortization value shall be fully recorded in current profits and losses.
24. Employee benefits
(1) Short-term employee benefit
The Group shall recognize employee wages or salaries incurred, bonus, social security contributions such as premiums or contributions on medical insurance, work injury insurance and maternity insurance and housing funds as liabilities through profit or loss or related cost of assets for the financial year in which the employees render the related services. If the liability is not expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related services and have significant financial effects, it shall be measured at the discounted value. (2) Post-employment benefits
Post-employment benefit plan includes defined contribution plans and defined benefit plans. Defined contribution plans are post-employment benefit plans under which an enterprise pays fixed contributions into a separate fund and will have no obligation to pay further contributions. Defined benefit plans are post-employment benefit plans other than defined contribution plans.
Defined contribution plans
Defined contribution plans include primary endowment insurance and unemployment insurance.
FIYTA Holdings Ltd. 2015 Semi-Annual Report The Group shall recognize, in the accounting period in which an employee provides service, the contribution payable to a defined contribution plan as a liability, with a corresponding charge to the profit or loss for the current period or the cost of a relevant asset.
For defined benefit plans, independent actuaries shall actuarial value at the balance sheet date to determine the cost of rendering welfare under estimated accumulated welfare unit method. The Group shall recognize the following components of employee benefits cost arising form defined benefit plan:
①service cost, comprising current service cost, past service cost and any gain or loss on settlement. Current service cost is the increase in the present value of the defined benefit plan obligation resulting from employee service in the current period. Past service cost is the increase or decrease in the present value of the defined benefit plan obligation for employee service in prior periods, resulting from a plan amendment.
②net interest on the net defined benefit plan liabilities(asset), including interest income on plan assets, interest cost on the defined benefit plan obligation and interest on the effect of the asset ceiling.
③ changes as a result of remeasurement of the net defined benefit liability(asset).
Item① anditem② above should berecognized in profit or loss for the current period unless another Accounting Standard requires or permits the inclusion of the employee benefit costs in the cost of assets. Item③ shall be recognized in other comprehensive income and shall not reclassified to profit or loss in a subsequent period. However, the Group may transfer those amounts recognized in other comprehensive income within equity.
(3) Termination benefits
The group which provides termination benefits to employees shall recognize an employee benefits liability for termination benefits, with a corresponding charge to the profit or loss for the current period, at the earlier of the following dates: When the Group cannot unilaterally withdraw the offer of termination benefits because of an employment termination plan or a curtailment proposal; When the Group recognizes costs or expenses related to a restructuring that involves the payment of termination benefits.
For retirement plans within the Group and economic compensation before the formal retirement date attributable to termination benefits, the salaries to pay retirement within the Group and social securities is recognized one-off in profit or loss for the current period between theemployees‟ stop rendering service and formal retirement. Economic compensation after formal retirement date (such as formal endowment insurance) shall be accounted for as post-employment benefits. (4) Other long-term employee benefits
When other long-term employee benefits provided by the Group to the employees satisfied the conditions for classifying as a defined contribution plan, those benefits shall be accounted for in accordance with the above requirements relating to defined contribution plan, but the movement of net liabilities or assets in theinvestee‟s re-measurement defined benefit plan in the cost of relevant employee benefits shall be recognized in profit or loss for the current period or the relevant cost of assets.
25. Predicted liabilities
FIYTA Holdings Ltd. 2015 Semi-Annual Report An obligation for additional losses of investees related to a contingency is recognized as a provision when all of the following conditions are satisfied:
(1) The obligation is a present obligation of the Group;
(2) It is probable that an outflow of economic benefits will be required to settle the obligation;
(3) The amount of the obligation can be measured reliably.
Provisions are initially measured at the best estimate of the payment to settle the associated obligations and consider the relevant risk, uncertainty and time value of money. If the impact of time value of money is significant, the best estimate is determined as its present value of future cash outflow. The Group reviews the carrying amount of provisions at the balance sheet date and adjusts the carrying amount to reflect the best estimate.
If the expenses for clearing of predictive liability is fully or partially compensated by a third party, and the compensated amount can be definitely received, it is recognized separated as asset. The compensated amount shall not be greater than the carrying amount of the predictive liability.
26. Payment for shares
Inapplicable
27. Other financial instruments, such as preferred shares, perpetual liabilities, etc.
Inapplicable
28. Revenue
(1) General
① Sale of goods
Revenue from the sale of goods is recognized only when all of the following conditions are satisfied: the Group has transferred to the buyer the significant risks and rewards of ownership of the goods, the Group retains neither continuing managerial involvement nor effective control over the goods sold, and related income has been achieved or evidences of receivable have been obtained, and the associated costs can be measured reliably.
②Providing of services
Where the outcome of a transaction involving the providing of services can be estimated reliably, at the end of the period, revenue associated with the transaction is recognized using the percentage of completion method.
The stage of completion of a transaction involving the providing of services is determined according to the proportion of the services performed to the total services to be performed.
The outcome of a transaction involving the providing of services can be estimated reliably only when all of the following conditions can be satisfied at the same time:
FIYTA Holdings Ltd. 2015 Semi-Annual Report A. The amount of revenue can be measured reliably; B. The associated economic benefits are likely to flow into the enterprise; C. The stage of completion of the transaction can be measured reliably; D. The costs incurred and to be incurred in the transaction can be measured reliably.
If the outcome of a transaction involving the providing of servicescan‟t be estimated reliably, the revenue of providing of services is recognized at the service cost that incurred and is estimated to obtain compensation and the service cost incurred is recognized in profit or loss for the current period. If the service cost incurred is estimated to obtain compensation, revenueisn‟t recognized.
③Transfer of the right to use assets
The Group will recognize revenue when the economic benefits related to transfer of the right to use assets can flow in and the amount of revenue can be measured reliably.
④ Interest income
The interest income shall be calculated based on the tenure of theGroup‟s monetary funds used by others and the actual interest rates used.
⑤ Revenue from property leasing
The amount of revenue from property leasing are recognized when the rentals are collected or evidence of receipt of payments are obtained in accordance with the tenure (consider rental-free period, if any) and rental stated in the leasing contract or agreement.
(2) Detailed method of revenue recognition
The watches sold by the Group includes two types, one is the self-manufactured FIYTA watch, the sales of which is managed by branch offices and provincial-level sale sections by regions set up by Sales Company, a subsidiary of the Company. The other is brand watches, the sales of which are controlled by HARMONY Company, a subsidiary of the Company, and we act as agent Regarding to sales modes, a small portion of the sales of self-manufactured FIYTA watches is sold through direct sales to customer and consignment sales while most self-manufactured FIYTA watches and brand watches under agent are under two sales modes, namely exclusive shop and shop-in-shop. Detailed method of revenue recognition as follows:
A. Direct sales to the customers
Under direct sales to the customers mode, the Group delivers products to customers and recognizes sales income after customers check and accept.
B. Exclusive shop
Under exclusive shop mode, the Group delivers products to customers and recognizes sales income after customers check, accept and pay.
C. Shop-in-shop
Under shop-in-shop mode, the Group delivers products to customers, sales staff issues notes to retail customers and
FIYTA Holdings Ltd. 2015 Semi-Annual Report recognizes sales income after customers check and accept and department store collects the payment from the customers.
D. Consignment sales
Under consignment sales mode, the Group receives the detail of the sales list from consignee and recognizes revenue while issuing invoice to distributors.
29. Government grants
(1) Basis for judging asset related government grants and the accounting treatment method
A government grant is recognized only when the Group can comply with the conditions attaching to the grant
and the Group can receive the grant.
If a government grant is in the form of a transfer of a monetary asset, it is measured at the amount received or receivable. Where there is undoubted evidence that the Group can comply with the conditions attaching to the grants and the Group will receive the grants, they can be measured in accordance with the receivable amount; otherwise, they shall be measured according to the amount actually received.
A government grant related to an asset is a grant obtained by the Group used for purchase or construction, or forming the long-term assets by other ways. Otherwise, the government grant is treated as a government grant related to income. A government grant related to an asset value that the government document does not specify the grantee and can form the long-term asset is treated as a government grant related to an asset. Otherwise, the government grant is treated as a government grant related to income. If it is difficult to distinguish, the government grant as a whole is treated as a government grant related to income.
(2) Basis for judging income related government grants and the accounting treatment method
A government grant related to an asset is recognized as deferred income, and evenly amortized to profit or loss over the useful life of the related asset. For a government grant related to income, if the grant is a compensation for related expenses or losses already incurred, the grant is recognized immediately in profit or loss for the current period; if the grant is a compensation for related expenses or losses to be incurred in subsequent periods, the grant is recognized as deferred income, and then recognized in profit or loss over the periods in which the costs are recognized. Government grants measured at nominal amounts are directly recognized in profit or loss for the period.
For repayment of a government grant already recognized, if there is related deferred income, the repayment is offset against the carrying amount of the deferred income, and any excess is recognized in profit or loss for the period. If there is no related deferred income, the repayment is recognized immediately in profit or loss for the period.
30. Deferred tax assets and deferred tax liabilities
Tax expense comprises current tax expense and deferred tax expense. Current tax and deferred tax are included in profit or loss for the current period as tax expense, except for deferred tax related to transactions or events that are directly recognized inshareholders‟ equity which are recognized directly inshareholders‟ equity, and deferred tax arising from a
FIYTA Holdings Ltd. 2015 Semi-Annual Report business combination, which is adjusted against the carrying amount of goodwill.
Temporary differences arising from the difference between the carrying amount of an asset or liability and its tax base are recognized as deferred tax using the balance sheet liability method.
All the taxable temporary differences are recognized as deferred tax liabilities except for those incurred in the following transactions:
(1)The initial recognition of goodwill, and the initial recognition of an asset or liability in a transaction which is neither a business combination nor affects accounting profit or taxable profit (or deductible loss) when the transaction occurs; (2)The taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, and the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The Group recognizes a deferred tax asset for the carry forward of deductible temporary differences, deductible losses and tax credits to subsequent periods, to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences, deductible losses and tax credits can be utilized, except for those incurred in the following transactions:
(1)The transaction is neither a business combination nor affects accounting profit or taxable profit (or deductible loss) when the transaction occurs;
(2)The deductible temporary differences associated with investments in subsidiaries, associates and joint ventures, the corresponding deferred tax asset is recognized when both of the following conditions are satisfied: it is probable that the temporary difference will reverse in the foreseeable future, it is probable that taxable profits will be available in the future, against which the temporary difference can be utilized.
At the balance sheet date, deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, and their tax effect is reflected.
At the balance sheet date, the Group reviews the carrying amount of a deferred tax asset. If it is probable that sufficient taxable profits will not be available in future periods to allow the benefit of the deferred tax asset to be utilized, the carrying amount of the deferred tax asset is reduced. Any such reduction in amount is reversed when it becomes probable that sufficient taxable profits will be available.
31. Lease
(1) Accounting treatment method for operating lease
① As lessor
Lease from operating leases is recognized in profit or loss on a straight-line basis respectively over different periods of the
FIYTA Holdings Ltd. 2015 Semi-Annual Report lease term. The initial direct costs incurred are recognized in profit or loss for the current period.
② As lessee
Lease from operating leases is recognized in the cost of relevant assets or profit or loss on a straight-line basis over the lease term. The initial direct costs incurred are recognized in profit or loss for the current period
(2) Accounting treatment method for finance lease
① As lessor
In finance leases, at the beginning date of lease period, the Group will recognize the sum of minimum lease collection and initial direct costs as the recorded value of finance leases receivable and meanwhile is recorded as unguaranteed residual value; the difference between the sum of minimum lease collection, initial direct costs and unguaranteed residual value and their present value is recorded as unrecognized financing charges.
② As lessee
In finance leases, at the beginning date of lease period, the Group will recognize the lower of the fair value of leased asset of the beginning date of lease period and the present value of minimum lease payment as the recorded value of the leased asset, their difference is recorded as unrecognized financing charges. Initial direct costs are recognized in leasedassets‟ value. Unrecognized financing charges are measured at amortized cost using the effective interest method in the periods of leasing and recognized in financing charges for the current period. The Group depreciates the leased assets by adopting the depreciation policy consistent with self-owned
fixed assets.
32. Other important accounting policy and accounting estimate
(1) Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Group measures the related assets or liabilities at fair value assuming the assets or liabilities are exchanged in an orderly transaction in the principal market; in the absence of a principal market, in the most advantageous market for the assets or liabilities.
For financial assets or financial liabilities in active markets, the Group uses the quoted prices in active markets as their fair value. Otherwise, the Group uses valuation technique to determine their fair value.
A fair value measurement of a non-financial asset takes into account a marketparticipant‟s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
FIYTA Holdings Ltd. 2015 Semi-Annual Report The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and if the observable inputsaren‟t available or impractical, using unobservable inputs.
Assets and liabilities measured or disclosed at fair value in the financial statements are determined which level of fair value according to the significant lowest level input to the entire measurement: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; Level 3 inputs are unobservable inputs for the asset or liability.
At the balance sheet date the Group revalues assets and liabilities continuing to be measured at fair value in the financial statements to determine whether to convert among the levels of fair value measurement.
(2) Critical accounting judgments and estimates
The Group gives continuous assessment of the reasonable expectations of future events and the critical accounting estimates and key assumptions based on its historical experience and other factors.
The critical accounting estimates and key assumptions that are likely to lead to significant adjusted risks of the carrying amount of assets and liabilities for the next financial year are listed as follows:
① Bad debt provision
The allowance method is adopted by the Group to account for losses on bad debts for receivables. Impairment of accounts receivable is made based on estimation of its recoverability, which requires the management to make judgments and estimates. The difference between the actual outcome and the estimates will have effects on the carrying amounts of accounts receivable and on provision or reversal of the provision for bad debts of the accounting period in which the estimates will be changed.
② Inventory provision for branded watches
For the brand watches through distribution channel with stock aging of over 3 years, theGroup‟s management believes it is with an up going trend for its price and the sales of branded watches is promising in the future. TheGroup‟s management checked the branded watches for its NRV at the end of the accounting period, and believed that the full amount of value of branded watches can be recovered even in the case that the stock aging of the branded watches increase. If there is any evidence indicated that the NRV is lower than its carrying amount, adjustments will be made in the period when such indicators appear. Impairment to branded watches requires the management to make judgements and estimation on the basis of obtaining reliable evidences and taking consideration of the intention of holding the branded watches and events after the balance sheet date. The difference between actual outcome and the previous estimation will affect the carrying
amount of the inventory and recognizing or reversal of inventory impairment provision.
TheGroup‟s management believes the method of recognizing and reviewing impairment provision for branded watches is appropriate.
FIYTA Holdings Ltd. 2015 Semi-Annual Report③ Impairment provision for non-current non-financial assets
At the balance sheet date, the Group judges whether there are indicators of impairment for non-current assets other than financial assets. For an intangible asset with an indefinite useful life except for annually impairment test, an impairment test will be conducted if there are any indicators of impairment occur. For non-current assets other than financial assets, an impairment test shall be made if there are evidences indicating the carrying amounts cannot be recovered in full amount.
An asset or asset group is impaired when its carrying amount is higher than its recoverable amount (i.e. the higher of its fair value less the disposal expenses and the present value of the estimated future cash flows).
The net amount of fair value less the disposal expenses are determined with reference to the quoted price of similar assets in a sales agreement in anarm‟s length transaction or an observable market price less incremental costs directly attributable to disposal of the asset.
When estimating the present value of future cash flows, significant judgments are involved to the production output, selling price, relevant business costs of the asset (or asset group) and the discount rate adopted in calculating the present value. In estimating the recoverable amount, the Group will adopt all information available, such as forecasts for the production output, the selling price and relevant business costs, which are made according to reasonable and supportive assumptions.
The Group conducts impairment test to goodwill at least once a year. This requires estimating the present value of future cash flows of asset group or combination of asset group to which goodwill has been allocated.
In estimating the present value of future cash flows, the Group needs estimate future cash flows generated from the asset group or the combination of asset groups and choose appropriate discount rates.
④ Depreciation and amortization
Taking the residual value into consideration, an investment property, fixed asset and intangible asset are depreciated or amortized on a straight-line basis over its useful life. The Group reviews the useful life periodically to determine the amount of depreciation or amortization which shall be recognized in each accounting period. The useful life is determined according to historical experience of similar assets and technological renovation estimated. The amount of depreciation or amortization shall be adjusted in future accounting periods if there are material changes in estimates made before.⑤ Deferred income tax asset
A deferred tax asset shall be recognized for the unused deductible losses to the extent that it is probable that future taxable profit will be available against which the deductible losses can be utilized. Taking the taxation planning into consideration, the management of the Group is required to make significant amount of judgments to estimate the time and the amount of future taxable profit in order to determine the amount of deferred income tax assets to be recognized.⑥ Corporate income tax
For some transactions in theGroup‟s ordinary course of business, uncertainties exist in their tax treatment and calculation.
FIYTA Holdings Ltd. 2015 Semi-Annual Report An approval from the tax authority is needed to determine whether an item is deductible before tax. If the final confirmation from the tax authority differs with the original estimation, the difference will have effects on the current income tax and deferred income tax of the period in which the final confirmation is made by the tax authority.
⑦ After-sale quality warranty
The Group has the obligation to provide warrant to the quality of goods sold, and is responsible for damages arising from the repair and replacement due to defective goods. The Group estimates and draws related provision on its after-sale quality warranty commitment to customers with respect to the goods sold. In the case that the contingent event becomes a current obligation and performance of the current obligation may be very likely to cause economic benefit flow out of the Group, the Group recognizes provision based on the best estimates to be spent for fulfilling the related current obligation. Otherwise, if the event does not become a current obligation, no predictions needed. In the course of judgment, the Group needs to consider the recent maintenance data which may not be likely to reflect the future maintenance situations. Any increase or reduction of the provision may possibly affect the profit or loss in the future year.
33. Changes in significant accounting policies and accounting estimates
(1) Changes in significant accounting policies
Inapplicable
(2) Changes in significant accounting estimates
Inapplicable
34. Miscelleneous
Inapplicable
VI. Taxation
1. Types of taxes and tax rates
||||
|-|-|-|
|Type of taxes|Tax base|Tax rates|
|VAT|Taxable income|17|
|Consumption tax|Import or produce high-class watches|20|
|Business tax|Taxable income|5|
|Urban maintenance and construction tax|Turnover tax payable|7|
|Corporate income tax|||
|Educational surcharges|Turnover tax payable|3|

In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information
|||
|-|-|
|Name of taxpayer|Income tax rates|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||
|-|-|
|The Company (Notes ①②)|25|
|Shenzhen Harmony World Watches Center Co., Ltd. (Note ①)|25|
|Shenzhen FIYTA Precision Timer Manufacturing Co., Ltd.||
||25|
|(Manufacturing Company) (Note②)||
|FIYTA (Hong Kong) Limited (Note ④)|16.5|
|Station 68 (Note ④)|16.5|
|Nature Art Limited (Note ④)|16.5|
|Protop Limited (Note ④)|16.5|
|World Watches International (Note ④)|16.5|
|Shenzhen FIYTA Technology Development Co., Ltd. (Technology||
||15|
|Company) (Notes ②③)||
|Shenzhen Symphony Trading Co., Ltd. (Trading Company) (Note ⑤)|25|
|Beijing Henglianda Watch Center Co., Ltd (Henglianda Company) (Note||
||25|
|⑤)||
|Kunming Lishan Department Store Co., Ltd. (Lishan Department Store)||
||25|
|(Note ⑤)||
|Harbin World Watches Distribution Co., Ltd. (Harbin Company) (Note ⑤)|25|
|Shenzhen Harmony Culture Communication Co., Ltd (Culture||
||25|
|Company) (Note ⑤)||
|Emile Choureit Timing (Shenzhen) Ltd. (Emile Choureit Shenzhen||
||25|
|Company) (Note ⑤)||
|FIYTA Sales Co., Ltd. (Sales Company) (Notes ①⑤)|25|
|Liaoning Hengdarui Commercial & Trade Co., Ltd (Hengdarui Company)||
||25|
|(Note Note ⑤)||
|Swiss Company (Note ⑥)|30|

2. Tax Preferences
Note①: According to the regulations stated in GuoShuiFa (2008) No. 28, “Interim Administration Method for Levy of Corporate Income Tax to Enterprise that Operates Cross-regionally”, the head office of the Company and its branch offices, the head office of HARMONY Company and its branch offices adopt tax submission method of “unified calculation, managing by classes, pre-paid in its registered place, settlement in total, and adjustment by finance authorities” starting from 1 January 2008.50% is shared and prepaid by branches and50% is prepaid by the headquarters.
Note②: According to Notice of “Pre-tax Deduction of Enterprise Research and Development Expenses (Interim)”, GuoShui FA (2008) No. 116 issued by State Administration of Taxation on 10 Dec. 2008, research and development expenses, which are charged to profit or loss instead of being capitalized as intangible assets, that incurred by the
Company and the Manufacture Company for developing new technology, new product and new technique can be
deducted by50% extra on top of actual expensed charged in profit or loss.
FIYTA Holdings Ltd. 2015 Semi-Annual Report Note③: According to ShenGuoShuiBao Xi GaoXinNian Du Bei (2014) No. 0027 “Notice to Acceptance of Annual Information Filing of High-tech Enterprises―issued by Xixiang Tax Sub Bureau of National Taxation Bureau of Baoan District of Shenzhen, the Company enjoys the “income tax rate exclusion of high-tech enterprises key supported by the state”.
Note④: These companies are registered in Hong Kong and the income tax rate of Hong Kong applicable is16.50% this year.
Note⑤: According to the People's Republic of China Enterprise Income Tax Law, the income tax rate is25% for residential enterprises since 1 January 2008.
Note⑥: The tax rate of30% is applicable for Swiss Company as it registered in Switzerland.
3. Miscelleneous
(2) Property tax
In accordance with Article 5 of “Circular on Printing and Issuing„Reply to Issues Related to Property Tax and Vehicle and Vessel UsageTax‟”, Shen Di ShuiFa (1999) No.374 issued by Shenzhen Local Taxation Bureau, property leased out by manufacturing or business entity are taxed at1.2% on the bases of70% of the original cost of the property.
Properties of the Group that situated in Shenzhen are taxed according to this notice. Properties situated in other cities are taxed according to local regulations.
VII. Notes to main items of consolidated financial statements
1. Cash and bank balances
In CNY
||||||
|-|-|-|-|-|
|Items||Ending balance||Opening balance|
|Cash on hand||403,915.95||338,694.81|
|Bank deposit||158,470,296.10||114,319,146.38|
|Other monetary funds||1,580,520.86||1,797,229.35|
|Total|160,454,732.91||116,455,070.54||

 Other note:
Amount of CNY1,575,000.00 in other monetary funds is the security deposit with Shenzhen Center Branch of Agricultural Bank of China for issuing of irrevocable letter of guarantee.
FIYTA Holdings Ltd. 2015 Semi-Annual Report 2. Financial assets measured based on fair value and its movements counted to the current gain or loss
Inapplicable
3. Derivative financial assets
Inapplicable
4. Notes receivable
(1) Presentation of classification of notes receivable
In CNY
||||||
|-|-|-|-|-|
|Items||Ending balance||Opening balance|
|Bank acceptance bill||3,790,772.80||5,162,768.29|
|Trade acceptance bill||3,112,588.90||1,000,000.00|
|Total|6,903,361.70||6,162,768.29||

 (2) Notes receivable already pledged by the Company at the end of the reporting period
Inapplicable
(3) Endorsed or discounted notes receivable at the end of the reproting period, but not yet due on the balance sheet date
Inapplicable
(4) Notes transferred to receivables due toissuer’s default at the end of the reporting period Inapplicable
5. Accounts receivable
(1) Accounts receivables disclosed by types
In CNY
||||||||
|-|-|-|-|-|-|-|
||Ending balance|||Opening balance|||
|Types||Provision for bad|Book|||Book|
||Book balance|||Book balance|Provision for bad debts||
|||debts|value|||value|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|||||Provisio|||||||||
|||Proporti||n|||Amou|Proporti||Provision|||
||Amount||Amount||||||Amount||||
|||on||proporti|||nt|on||proportion|||
|||||on|||||||||
|Receivables|||||||||||||
|provided for bad|||||||||||||
||||||||359,9||||||
|debt by portfolio|455,705|100.00|8,400,7|||447,304||100.00|8,663,64|||351,276,9|
|||||1.84%|||40,55|||2.41%|||
|based on the|,405.26|%|55.54|||,649.72||%|4.67|||05.53|
||||||||0.20||||||
|characteristics of|||||||||||||
|credit risk|||||||||||||
||||||447,304,649.72||359,9||||351,276,905.53||
||455,705|100.00|8,400,7|||||100.00|8,663,64||||
|Total||||1.84%|||40,55|||2.41%|||
||,405.26|%|55.54|||||%|4.67||||
||||||||0.20||||||

Receivables that are individually significant in amount and provided for bad debt separately:
Inapplicable
Accounts receivable that are provided for bad debt based on aging analysis in aging portfolio:
In CNY
|||||
|-|-|-|-|
||Ending balance|||
|Aging||Provision for bad and||
||Accounts receivable||Provision rate|
|||doubtful debts||
|Itemized based on those within 1 year||||
|Subtotal of the items within||||
||232,304,941.92|7,275,626.93|3.13%|
|1 year||||
|1 to 2 years|5,920,384.64|592,038.46|10.00%|
|2 to 3 years|1,579,499.64|473,849.89|30.00%|
|Over 3 years|118,480.50|59,240.25|50.00%|

 Note to the basis for determining this portfolio:
Among the portfolio, accounts receivable that are provided for bad debt using percentage of balance:
Inappicable
Among the portfolio, accounts receivable that are provided for bad debt using other method
Name of portfolio Book balance Provision for Provision proportion% bad debts
Portfolio of specific 215,782,098.56 - -
accounts
FIYTA Holdings Ltd. 2015 Semi-Annual Report Based on historical experience, theGroup‟s receivables due from petty cash paid to employees, receivables due from subsidiaries of the Company and accounts receivable for the sales between the last settlement date of the same department store and the balance sheet date are with high recoverability and low possibility of incurring bad debt, as a result, no bad debt provisions are provided for such receivables.
(2) Bad debt provision accrual, received or reversed in current period
Inapplicable
(3) Accounts receivable actually written off in current period
Inapplicable
(4) Accounts receivable due from the top five debtors of the Group are as follows:
Total accounts receivable due from the top five debtors of the Group in the current period is CNY25,177,673.93, accounting for5.52% of the total accounts receivable as at the end of the current period and the total provision for bad and doubtful debts made as at the end of the current period is CNY1,258,883.7.
(5) Accounts receivable terminated for recognition due to transfer of financial assets
Inapplicable
(6) Amount of assets, liabilities formed by transfer of accounts receivable and continuing to be involved
Inapplicable
6. Advance payments
(1) Advance payments are presented based on ages
In CNY
||||||||
|-|-|-|-|-|-|-|
|||Ending balance|||Opening balance||
|Age|||||||
|||Amount|Proportion||Amount|Proportion|
|Within 1 year||26,018,487.94|76.24%||42,177,990.15|97.96%|
|1 to 2 years||8,110,104.53|23.76%||225,856.85|0.52%|
|2 to 3 years||0.00|0.00%||103,427.06|0.24%|
|Over 3 years||0.00|0.00%||547,368.00|1.27%|
|Total|34,128,592.47||--|43,054,642.06||--|

Note to the cause of failure in timely settlement of the advance payments with significant amount and age exceeding 1
year:
FIYTA Holdings Ltd. 2015 Semi-Annual Report Inapplicable
(2) Advance payment to the top five payees of the ending balance collected based on the payees of the advance payment
The total amount of advance payment to the top five payees of the ending balance collected based on the payees of the advance payment was CNY 23,032,749.15, taking67.49% of the toal ending balance of the advance payment.
7. Interest receivable
(1) Classification of the interest receivable
Inapplicable
(2) Significant overdue interest
Inapplicable
8. Dividends receivable
(1) Dividends receivable
Inapplicable
(2) Dividends receivable with the significant age exceeding 1 year
Inapplicable
9. Other receivables
(1) Disclosure of classification of other receivables
In CNY
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Ending balance|||||Opening balance|||||
||||Bad debt||||||||
||Book Balance|||||Book Balance||Bad debt reserve|||
||||reserve||||||||
|Categories||||Provisi|Book||||Provisio|Book|
||Amou|Propor|Amou|on|value|Amo|Propor|Amoun|n|value|
||nt|tion|nt|propor||unt|tion|t|proportio||
|||||tion|||||n||
|Other receivables|50,63||2,750,||47,887|44,3|||||
|||99.76|||||99.73|2,803,||41,525,7|
|for which bad|8,538.||556.0|5.43%|,982.2|29,3|||6.32%||
|||%|||||%|647.28||19.27|
|debt reserve has|20||0||0|66.5|||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|been provided|||||||5||||||
|based on the|||||||||||||
|portfolio|||||||||||||
|Other receivables|||||||||||||
|with insignificant|||||||||||||
|single amount|||||||120,||||||
||120,0||120,0|100.0|||||120,00||||
|and provision of||0.24%||||0.00|000.|0.27%||100.00%||0.00|
||00.00||00.00|0%|||||0.00||||
|bad debt reserve|||||||00||||||
|on individual|||||||||||||
|basis|||||||||||||
||||||47,887,982.20||44,4||||41,525,719.27||
||50,75||2,870,||||||||||
|||100.0|||||49,3|100.0|2,923,||||
|Total|8,538.||556.0|5.66%||||||6.58%|||
|||0%|||||66.5|0%|647.28||||
||20||0||||||||||
||||||||5||||||

Other receivables with individually significant amount and provision for bad and doubtful debts individually provided at the end of the reporting period.
Inapplicable
Among the portfolio, other receivables that are provided for bad debt based on aging analysis
In CNY
|||||
|-|-|-|-|
||Ending balance|||
|Age||||
||Other receivables|Bad debt reserve|Provision proportion|
|Itemized based on those within 1 year||||
|Sub-total within 1 year|39,149,886.33|1,019,794.41|2.60%|
|1 to 2 years|1,642,592.77|164,259.28|10.00%|
|2 to 3 years|2,600,735.04|780,220.51|30.00%|
|Over 3 years|1,572,563.61|786,281.80|50.00%|

 Note to the basis for determining the portfolio:
Other receivables with provision for bad and doubtful debts based on the balance percentage method in the portfolio Inapplicable
Other receivables with provision for bad and doubtful debts based on the other method in the portfolio:
In CNY
|||||
|-|-|-|-|
||Ending balance|||
|Age||||
||Other receivables|Bad debt reserve|Provision proportion|
|Itemized based on those within 1 year||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||
|-|-|-|-|
|Sub-total within 1 year|39,149,886.33|1,019,794.41|2.60%|
|1 to 2 years|1,642,592.77|164,259.28|10.00%|
|2 to 3 years|2,600,735.04|780,220.51|30.00%|
|Over 3 years|1,572,563.61|786,281.80|50.00%|
|3 to 4 years||||
|4 to 5 years||||
|Over 5 years||||
|Total||||

Note to the basis for determining the portfolio:
Other receivables with provision for bad and doubtful debts based on the balance percentage method in the portfolio Inapplicable
Other receivables with provision for bad and doubtful debts based on the other method in the portfolio:
Name of portfolio Book Balance Provision for bad debt Provision proportion% Portfolio of specific 5,672,760.45 - - accounts
Based on historical experience, theGroup‟s receivables due from petty cash paid to employees, receivables due from subsidiaries of the Company and accounts receivable for the sales between the last settlement date of the same department store and the balance sheet date are with high recoverability and low possibility of incurring bad debt, as a result, no bad debt provisions are provided for such receivables.
(2) Bad debt provision accrual, received or reversed in current period
Inapplicable
(3) Accounts receivable actually written off in current period
Inapplicable
(4) Classification of other receivables based on nature of payment
In CNY
||||
|-|-|-|
|Nature of Payment|Ending book balance|Opening book balance|
|Reserve|5,672,760.45|8,613,005.35|
|Deposit in security|11,405,614.23|5,710,249.11|
|Deposit in security|20,857,849.89|21,201,491.16|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||
|-|-|-|-|-|
|Commodity promotion fee||4,536,484.62||5,021,765.71|
|Others||8,285,829.01||3,902,855.22|
|Total|50,758,538.20||44,449,366.55||

 (5) Other receivables of the ending balance due from the top five debtors of the Group are as follows:
In CNY
|||||||
|-|-|-|-|-|-|
||||||Ending balance|
|||||% of the balance||
||||||of provision for|
|Names|Nature|Ending balance|Age|of other||
||||||bad and doubtful|
|||||receivables||
||||||debts|
|China Resources||||||
||Guarantee|||||
|(Shenzhen) Co.,||2,698,794.00|1-2 years|5.32%|269,879.40|
||deposit|||||
|Ltd||||||
|Oris||||||
|Oris||||||
|International||||||
||Brand promotion|||||
|Trade||1,761,489.00|Within 1 year|3.47%|88,074.45|
||fee|||||
|(Shanghai)||||||
|Co., Ltd.||||||
|Shenzhen||||||
||Cash deposit|1,291,049.00|Within 1 year|2.54%|64,552.45|
|Airport Co., Ltd.||||||
|Shenzhen Yitian||||||
|Holiday Plaza|Deposit|1,090,523.00|1-2 years|2.15%|109,052.30|
|Co,. Ltd.||||||
|Richemont Com|Brand promotion|||||
|||1,000,400.07|Within 1 year|1.97%|50,020.00|
|mercial Co., Ltd.|fee|||||
|Total|--|7,842,255.07|--|15.45%|581,578.60|

 (6) Accounts receivable involving government subsidy
Inapplicable
(7) Other receivables with recognition terminated due to transfer of financial assets
Inapplicable
(8) Amount of assets and liabilities formed through transfer of other receivables and continuing to be involved
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report 10. Inventories
(1) Classification of inventories
In CNY
||||||||||
|-|-|-|-|-|-|-|-|-|
||Ending balance||||Opening balance||||
|Items||Provision for||||Provision for|||
||Book Balance|||Book value|Book Balance|||Book value|
|||price falling||||price falling|||
||123,075,820.7|||115,316,012.8|129,886,207.|||122,126,399.|
|Raw materials||7,759,807.87||||7,759,807.87|||
||6|||9|63|||76|
|Products in||||18,891,835.0|29,054,964.1|||29,054,964.1|
||18,891,835.01|0.00||||0.00|||
|process||||1|0|||0|
|Commodities|1,977,676,500|15,692,619.5||1,961,983,88|1,998,359,37|15,749,714.5||1,982,609,66|
|in stock|.73|2||1.21|4.96|0||0.46|
||2,119,644,156|23,452,427.3|2,096,191,729.11||2,157,300,54|23,509,522.3|2,133,791,024.32||
|Total|||||||||
||.50|9|||6.69|7|||

 (2) Provision for price falling of inventories
In CNY
||||||||||
|-|-|-|-|-|-|-|-|-|
||||||Decrease in the reporting||||
||||Increase in the reporting period||||||
||||||period||||
|||Opening||||||Ending|
|Items|||Provision||||||
|||balance|||Reversal|||balance|
||||Proportion|Others||Others|||
||||||or Offset||||
|Raw materials|7,759,807.87||||||7,759,807.87||
|Products in|0.00||||||0.00||
|process|||||||||
|Commodities|15,749,714.50||||||15,692,619.52||
||||||57,094.98||||
|in stock|||||||||
||23,509,522.37||||||23,452,427.39||
|Total|||||57,094.98||||

 (3) Note to the amount of capitalized borrowing costs involved in the ending balance of inventories
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report (4) Assets already completed but not yet settled formed in the construction contract at the end of the reporting period
Inapplicable
11. Classified as held-for-sale assets
Inapplicable
12. Non-current assets due within a year
Inapplicable
13. Other current assets
In CNY
||||||
|-|-|-|-|-|
|Items||Ending balance||Opening balance|
|Input VAT to be offset||5,186,955.05||8,356,400.02|
|Rent||3,034,937.50||4,270,819.57|
|Others||489,328.67||1,794,296.84|
|Total|8,711,221.22||14,421,516.43||

 14. Available-for-sale financial assets
(1) Description of available-for-sale financial assets
In CNY
||||||||||
|-|-|-|-|-|-|-|-|-|
||Ending balance||||Opening balance||||
|Items|Book|Impairment|||Book|Impairment|||
|||||Book value||||Book value|
||Balance|reserve|||Balance|reserve|||
|Available-for-sale|||||||||
||385,000.00|300,000.00||85,000.00|385,000.00|300,000.00||85,000.00|
|equity instrument|||||||||
|Measured|||||||||
||385,000.00|300,000.00||85,000.00|385,000.00|300,000.00||85,000.00|
|based on cost|||||||||
|Total|385,000.00|300,000.00|85,000.00||385,000.00|300,000.00|85,000.00||

 (2) Available-for-sale financial assets measured based on fair value at the end of the reporting period
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report (3) Available-for-sale financial assets measured based on costs at the end of the reporting period In CNY
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Book Balance||||Impairment reserve||||Holding||
||||||||||proport||
|||||||||||Cash|
||Beginni||Decrea||Beginni||Decrea||on of||
|||Increas||End of||Increas||End of||dividen|
|Investe|ng of||se in||ng of||se in||the||
|||e in the||the||e in the||the||d in the|
|es|the||the||the||the||shares||
|||reportin||reportin||reportin||reportin||reportin|
||reportin||reportin||reportin||reportin||in the||
|||g period||g period||g period||g period||g period|
||g period||g period||g period||g period||investe||
||||||||||es||
|Shenzh|||||||||||
|en|||||||||||
|CATIC|||||||||||
||300,000|||300,000|300,000|||300,000|||
|Culture||0.00|0.00|||0.00|0.00||15.00%|0.00|
||.00|||.00|.00|||.00|||
|Commu|||||||||||
|nication|||||||||||
|Co., Ltd|||||||||||
|Xi‟an|||||||||||
|Tangch|||||||||||
|eng|85,000.|||85,000.|||||||
|||0.00|0.00||0.00|0.00|0.00|0.00|0.10%|0.00|
|Group|00|||00|||||||
|Co.,|||||||||||
|Ltd.|||||||||||
||385,000|||385,000|300,000|||300,000|||
|Total||0.00|0.00|||0.00|0.00||--|0.00|
||.00|||.00|.00|||.00|||

(4) Movement of impairment of available-for-sale financial assets in the reporting period
In CNY
|||||
|-|-|-|-|
|Classification of||||
||Available-for-sale equity|Available-for-sale liability||
|available-for-sale financial|||Total|
||instrument|instrument||
|assets||||
|Balance with provision for||||
|impairment recognized at||||
||300,000.00|0.00|0.00|
|the beginning of the||||
|reporting period||||
|Provision in the reporting||||
||0.00|0.00|0.00|
|period||||
|Where: transfer-in from||||
|other comprehensive|0.00|0.00|0.00|
|income||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||
|-|-|-|-|
|Decrease in the reporting||||
||0.00|0.00|0.00|
|period||||
|Where: reversal of rise of||||
||0.00|0.00|0.00|
|the post fair value||||
|Balance with provision for||||
|impairment recognized at||||
||300,000.00|0.00|0.00|
|the end of the reporting||||
|period||||

(5) Note to serious falling or non-provisional falling of the fair value of available-for-sale equity instruments without provision for impairment provided
Inapplicable
15. Held-to-maturity investments
(1) About held-to-maturity investments
Inapplicable
(2) Significant held-to-maturity investments at the end of the reporting period
Inapplicable
(3) Reclassified held-to-maturity investments in the current period
Inapplicable
16. Long term accounts receivable
(1) About long term accounts receivable
Inapplicable
(2) Long term accounts receivable with recognition terminated due to transfer of financial assets Inapplicable
(3) Amount of assets or liabilities formed due to transfer of long term accounts receivable and continuing to be involved in
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report 17. Long term equity investment
In CNY
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|||Increase/ Decrease (+ / -) in the reporting period|||||||||||
|||||Incom|Othercomprehensiveincomeadjustment||||||||
|||||||||Cash|||||
|||||||||||||Ending|
|||||e from|||||||||
|||||||||dividen|||||
|||||equity||||||||balanc|
|||||||||d or|||||
||Openin|||invest||||||||e of|
|||Additio|Decrea||||Other|profit|Provisi||Ending||
|Invest|g|||ment||||||||the|
|||nal|se of||||equity|annou|on for||balanc||
|ees|balanc|||recogn||||||Others||provisi|
|||invest|invest||||move|nced|impair||e||
||e|||ized||||||||on for|
|||ment|ment||||ment|for|ment||||
|||||under||||||||impair|
|||||||||distribu|||||
|||||equity||||||||ment|
|||||||||tion|||||
|||||metho|||||||||
|||||d|||||||||
|I. Joint Venture|||||||||||||
|II. Associates|||||||||||||
|Shang|||||0.00||||||||
|hai|||||||||||||
|Watch|||||||||||||
|Industr|||||||||||||
||42,389||||||||||42,639||
|y Co.,||||250,01|||||||||
||,759.9|0.00|0.00|||0.00|0.00|0.00|0.00|0.00|,775.6|0.00|
|Ltd.(Sh||||5.75|||||||||
||1||||||||||6||
|anghai|||||||||||||
|Watch|||||||||||||
|Industr|||||||||||||
|y)|||||||||||||
||42,389||||||||||42,639||
|Sub-tot||||250,01|||||||||
||,759.9||||||||||,775.6||
|al||||5.75|||||||||
||1||||||||||6||
||42,389||||||||||42,639||
|||||250,01|||||||||
|Total|,759.9||||||||||,775.6||
|||||5.75|||||||||
||1||||||||||6||

18. Investment property
(1) nvestment property measured based on the cost method
In CNY
||||||
|-|-|-|-|-|
||||Construction in||
|Items|Plant and buildings|Land use right||Total|
||||progress||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|I. Original book value|||
|1. Opening|||
||340,029,020.44|340,029,020.44|
|balance|||
|2. Increase in|||
|the reporting period|||
|(1) Outsourcing|||
|(2) Transfer-in of|||
|Inventories\fixed|||
|assets\construction-i|||
|n-progress|||
|(3) Increase of|||
|enterprise|||
|consolidation|||
|3. Decrease in the|||
|reporting period|||
|(1) Disposal|||
|(2) Other|||
|transfer-out|||
|4. Ending|||
||340,029,020.44|340,029,020.44|
|balance|||
|II. Accumulative|||
|depreciation and|||
|accumulative|||
|amortization|||
|1. Opening|||
||113,937,081.55|113,937,081.55|
|balance|||
|2. Increase in|||
||4,571,872.94|4,571,872.94|
|the reporting period|||
|(1) Provision or|||
||4,571,872.94|4,571,872.94|
|amortization|||
|3. Decrease in|||
|the reporting period|||
|(1) Disposal|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||
|-|-|-|-|
|(2) Other||||
|transfer-out||||
|4, Ending||||
||118,508,954.49||118,508,954.49|
|balance||||
|III. Provision for||||
|impairment||||
|1. Opening||||
|balance||||
|2. Increase in||||
|the reporting period||||
|(1) Provision||||
|3. Decrease in||||
|the reporting period||||
|(1) Disposal||||
|(2) Other||||
|transfer-out||||
|4, Ending||||
|balance||||
|IV. Book value||||
|1. Book value||221,520,065.95||
|at the end of the|221,520,065.95|||
|period||||
|2. Book value||226,091,938.89||
|at the beginning of|226,091,938.89|||
|the period||||

(2) Investment property measured based on fair value
Inapplicable
(3) Investment property that does not have certificate for property right
Inapplicable
Note: The amount of depreciation in the current year was CNY4,571,872.94元。
FIYTA Holdings Ltd. 2015 Semi-Annual Report 19. Fixed assets
(1) About fixed assets
In CNY
|||||
|-|-|-|-|
|Items||Plant and buildings|Total|
|I. Original book value||||
|1. Opening balance|318,842,602.17||466,555,294.87|
|2. Increase in the reporting period|41,225,548.39||58,657,922.26|
|(1) Acquisition|41,225,548.39||58,657,922.26|
|(2) Transfer-in of Construction in||||
|progress||||
|(3) Increase of enterprise||||
|consolidation||||
|3. Decrease in the reporting||||
||||553,704.24|
|period||||
|(1) Disposal or write-off|||553,704.24|
|4, Ending balance|360,068,150.56||524,659,512.89|
|II. Accumulative depreciation||||
|1. Opening balance|53,550,667.30||142,822,424.29|
|2. Increase in the reporting period|6,224,177.71||14,344,936.65|
|(1) Provision|6,224,177.71||14,344,936.65|
|3. Decrease in the reporting||||
||||378,191.54|
|period||||
|(1) Disposal or write-off|||378,191.54|
|4, Ending balance|59,774,845.01||156,789,169.40|
|III. Provision for impairment||||
|1. Opening balance||||
|2. Increase in the reporting period||||
|(1) Provision||||
|3. Decrease in the reporting||||
|period||||
|(1) Disposal or write-off||||
|4, Ending balance||||
|IV. Book value||||
|1. Book value at the end of the|300,293,305.55|||
||||367,870,343.49|
|period||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|2. Book value at the beginning of|265,291,934.87||
|||323,732,870.58|
|the period|||

(2) About temporarily idle fixed assets
Inapplicable
(3) Fixed assets rented through finance lease
Inapplicable
(4) Fixed assets leased through operating lease
Inapplicable
(5) Fixed assets that do not have certificate for property right
In CNY
||||
|-|-|-|
|||Reason for not having certificate for|
|Item|Book value||
|||property rights|
|Office rooms for Harbin Branch|327,608.16|Defective in property right|

Other Notes:
(1) About encumbrance on fixed assets
As at June 30, 2015, the plant and building with original book value of CNY 2,5815,331.97 (net book value amounting to CNY 21,091,114.7) was taken as the collateral for the long term loan amounting to CNY 6,343,780.38.
(2) Cost of theGroup‟s assets that are fully depreciated but still in use amounts to CNY 62,360,122.95 at the end of year 20.Construction in progress
(1)About construction in progress
In CNY
||||||||
|-|-|-|-|-|-|-|
||Ending balance|||Opening balance|||
|Items|Book|Impairment|||Impairment||
||||Book value|Book Balance||Book value|
||Balance|reserve|||reserve||
|Clock & Watch|||||||
|base in|99,930,48||99,930,489.2|51,283,233.5||51,283,233.5|
|Guangming New|9.20||0|3||3|
|District|||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||
|-|-|-|-|-|-|-|
|FIYTA Tech.|||||||
|Building Canopy|55,870.00||55,870.00|17,279.00||17,279.00|
|project|||||||
|FIYTA Tech.|||||||
|Building elevator|||||||
|decoration &|281,044.0||||||
||||281,044.00|88,751.00||88,751.00|
|sign-board|0||||||
|refurbishment|||||||
|project|||||||
|Xi‟an FIYTA|||||||
|Building pipeline|||||||
||57,000.00||57,000.00|||0.00|
|improvement|||||||
|project|||||||
|FIYTA Tech.|||||||
|Building parking|||||||
||70,512.82||70,512.82|||0.00|
|lot improvement|||||||
|project|||||||
||100,394,9|100,394,916.02||51,389,263.5|51,389,263.53||
|Total|||||||
||16.02|||3|||

 (2) Movements of important construction-in-progress projects in the reporting period
In CNY
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||||||Includin|||
|||||Transfe|||Proport||||||
||||||||||Accum|g:|||
|||||rred|||ion of||||Interest||
||||||Other||||ulative|amount|||
||||Increas|into the|||the||||capitali||
||||||decrea||||amount|of the|||
|||Openin|e in the|fixed||Ending|project|Project|||zation||
|Project|Budget||||ses in||||involve|capitali||Fund|
|||g|reportin|assets||balanc|put into|progres|||rate in||
|s|||||the||||d in|zed||source|
|||balance|g|in the||e|applicat|s|||the||
||||||reportin||||interest|interest|||
||||period|reportin|||ion in||||report||
||||||g year||||capitali|in the|||
|||||g|||the||||period||
||||||||||zation|report|||
|||||period|||budget||||||
|||||||||||period|||
|Clock|||||||||||||
|&||||||||||||Loan|
|Watch||||||||||||from|
|base in|300,000,0|51,283,|48,647,|||99,930,|||1,755,9|1,239,2||financia|
|||||0.00|0.00||33.31%||||6.06%||
|Guang|00.00|233.53|255.67|||489.20|||57.46|80.88||l|
|ming||||||||||||instituti|
|New||||||||||||on|
|District|||||||||||||
|Total|300,000,0|51,283,|48,647,|0.00|0.00|99,930,|--|--|1,755,9|1,239,2|6.06%|--|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||
|-|-|-|-|-|-|
|00.00|233.53|255.67|489.20|57.46|80.88|

(3) Provision for impairment of construction in progress in the current period
Inapplicable
21. Engineering materials
Inapplicable
22. Disposal of fixed assets
Inapplicable
23. Productive biological asset
(1) Productive biological asset measured based on the cost method
Inapplicable
(2) Productive biological asset measured based on fair value
Inapplicable
24. Oil and gas assets
Inapplicable
25. Intangible assets
(1) About intangible assets
In CNY
|||||||
|-|-|-|-|-|-|
||||Non-patent|||
|Items|Land use right|Patent Right||Software system|Total|
||||technology|||
|I. Original book||||||
|value||||||
|1. Opening||||||
||34,854,239.40|||4,631,161.08|49,032,714.34|
|balance||||||
|2. Increase||||||
|in the reporting||||465,690.07|465,690.07|
|period||||||
|(1) Acquisited||||465,690.07|465,690.07|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||
|-|-|-|-|
|(2) Internal R &||||
|D||||
|(3) Increase of||||
|enterprise||||
|consolidation||||
|3. Decrease||||
|in the reporting||||
|period||||
|(1) Disposal||||
|4. Ending||||
||34,854,239.40|5,096,851.15|49,498,404.41|
|balance||||
|II. Accumulative||||
|amortization||||
|1. Opening||||
||7,692,142.62|2,627,273.78|13,530,188.62|
|balance||||
|2. Increase in the||||
||365,783.52|317,678.63|689,122.13|
|reporting period||||
|(1) Provision|365,783.52|317,678.63|689,122.13|
|3. Decrease in||||
|the reporting||||
|period||||
|(1) Disposal||||
|4. Ending||||
||8,057,926.14|2,944,952.41|14,219,310.75|
|balance||||
|III. Provision for||||
|impairment||||
|1. Opening||||
|balance||||
|2. Increase||||
|in the reporting||||
|period||||
|(1)||||
|Provision||||
|3.||||
|Decrease in the||||
|reporting period||||
|(1) Disposal||||
|4. Ending||||
|balance||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||
|-|-|-|-|
|IV. Book value||||
|1. Book value at||||
|the end of the|26,796,313.26|2,151,898.74|35,279,093.66|
|reporting period||||
|2. Book value at||||
|the beginning of||||
||27,162,096.78|2,003,887.30|35,502,525.72|
|the reporting||||
|period||||

The proportion of intangible assets formed not through theCompany‟s internal research and development in the balance of intangible assets was0.00%.
(2) About the land use right that does not have certificate of title
Note: The amount amortized in the current year was CNY 689,122.13.
26. Development expenditure
Inapplicable
27. Goodwill
(1) Book value of goodwill
In CNY
|||||||||
|-|-|-|-|-|-|-|-|
||Investee or|||||||
||||Opening||Decrease in the reporting||Ending|
||event forming|||Increase in the reporting period||||
||||balance||period||balance|
||goodwill|||||||
|LishanDepartmentStore Co.||1,735,756.48||||1,735,756.48||

(2) Provision for impairment of goodwill
In CNY
|||||||||
|-|-|-|-|-|-|-|-|
||Investee or|||||||
||||Opening||Decrease in the reporting||Ending|
||event forming|||Increase in the reporting period||||
||||balance||period||balance|
||goodwill|||||||
|LishanDepartmentStore Co.||1,735,756.48||||1,735,756.48||

FIYTA Holdings Ltd. 2015 Semi-Annual Report Method for impairment testing and provision of reserve for impairment
HARMONY, one of theCompany‟s subsidiaries acquired100% equity in Lishan Department Store on March 31, 2008 with valuable consideration of CNY 1,200,000.00 and the fair value of the recognizable net assets of Lishan Department Store on the acquisition day was CNY - 535,756.48. HARMONY presented the margin amounting to CNY 1,735,756.48 in the consolidated financial statements as “goodwill”. At the end of 2008, HARMONY made impairment test of the goodwill and charged the loss from impairment of the goodwill lower than the recoverable amount totaling CNY 1,735,756.48 to the gain and loss of the year 2008.
28. Long-term expenses to be apportioned
In CNY
|||||||||
|-|-|-|-|-|-|-|-|
|||||Amount||||
||||Increase in the|||||
|Items||Opening balance||amortized in the|Other decrease||Ending balance|
||||reporting period|||||
|||||reporting period||||
|Cost for making||||||||
|||59,982,521.32|46,360,047.44|27,746,684.42|||78,595,884.34|
|special counters||||||||
|Refurbishment||79,898,617.77|9,658,581.04|21,122,651.08|||68,434,547.73|
|Endorsement fee||9,504,961.77|0.00|4,681,052.34|||4,823,909.43|
|Others||347,465.17|250,008.76|111,135.82|||486,338.11|
|Total|149,733,566.03||56,268,637.24|53,661,523.66||152,340,679.61||

 29. Deferred Income Tax Asset and Deferred Income Tax Liability
(1) Deferred income tax asset without offsetting
In CNY
||||||
|-|-|-|-|-|
||Ending balance||Opening balance||
|Items|Deductable|Deferred income tax|Deductable|Deferred income tax|
||temporary difference|asset|temporary difference|asset|
|Provision for|||||
||34,723,738.93|8,603,779.15|35,096,814.32|7,934,522.40|
|impairment of assets|||||
|Unrealized profit|||||
|from the|||||
||356,831,290.21|87,938,146.58|321,704,912.25|79,169,123.81|
|intracompany|||||
|transactions|||||
|Offsetable loss|6,696,120.30|1,546,037.50|10,815,273.17|2,515,429.89|
|Deferred income|4,200,000.00|1,050,000.00|4,200,000.00|1,050,000.00|
|Total|402,451,149.44|99,137,963.23|371,816,999.74|90,669,076.10|

FIYTA Holdings Ltd. 2015 Semi-Annual Report (2) Deferred income tax liabilities without offsetting
In CNY
||||||
|-|-|-|-|-|
||Ending balance||Opening balance||
||Provisional||Provisional||
|Items||Deferred income tax||Deferred income tax|
||difference in tax||difference in tax||
|||liability||liability|
||payable||payable||
|Deferred income tax|||||
|liability formed due to|||||
|difference between|||||
||793,580.61|130,940.80|||
|the book value of the|||||
|assets and taxation|||||
|base|||||
|Total|793,580.61|130,940.80|||

(3) Deferred income tax asset or liabilities stated with net amount after offsetting
In CNY
||||||||
|-|-|-|-|-|-|-|
||Amount of mutual|||Amount mutually|||
|||||||Opening balance of|
||offsetting of the||Ending balance of|offset of the deferred|||
|||||||deferred income tax|
|Items|deferred income tax||deferred income tax|income tax asset and|||
|||||||asset or liability after|
||asset and liabilities at||asset or liability|liability at the|||
|||||||offsetting|
||the end of period|||beginning of period|||
|Deferred income tax||99,137,963.23|||90,669,076.10||
|asset|||||||
|Deferred income tax||130,940.80|||||
|liability|||||||

(4) Statement of deferred income tax asset not recognized
In CNY
||||
|-|-|-|
|Items|Ending balance|Opening balance|
|Deductable temporary difference|2,035,756.48|2,035,756.48|
|Total|2,035,756.48|2,035,756.48|

 (5) Unrecognized deferred income tax asset available for offsetting loss is going to expire in the following years
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report 30. Other non-current assets
In CNY
|||||
|-|-|-|-|
|Items|Ending balance||Opening balance|
|Advance payment for housing||||
||||31,500,000.00|
|construction||||
|Total||31,500,000.00||

 31. Short-term loans
(1) Classification of short-term loans
In CNY
||||||
|-|-|-|-|-|
|Items||Ending balance||Opening balance|
|Secured borrowings||582,601,517.52||436,445,000.00|
|Credit borrowing||560,000,000.00||553,000,000.00|
|Total|1,142,601,517.52||989,445,000.00||

 (2)Short-term loans overdue but still remaining outstanding
Other notes:
① There is no unpaid short-term loans that fall due.
② Refer to Note XII 5 (4) for details of guarantee between related-parties.
32. Financial liabilities measured based on fair value and the movements counted to the current gain or loss
Inapplicable
33. Derivative financial liabilities
Inapplicable
34. Notes payable
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report 35. Accounts payable
(1) Statement of accounts payable
In CNY
||||||
|-|-|-|-|-|
|Items||Ending balance||Opening balance|
|Payment for goods||177,959,113.43||136,579,035.50|
|Payment for materials||11,426,838.76||10,328,743.55|
|Warranty for the project||211,339.76||211,339.76|
|Total|189,597,291.95||147,119,118.81||

 (2) Significant accounts payable with age exceeding 1 year
In CNY
||||
|-|-|-|
|||Cause of failure in repayment or|
|Items|Ending balance||
|||carry-over|
|FoshanShunde DaliangWeiye Watch|||
||519,571.54|Invoice not issued|
|Co., Ltd.|||
|Shenzhen Timepieces Supporting|||
||137,030.15|Invoice not issued|
|Market Co., Ltd.|||
|Total|656,601.69|--|

36. Advances from customers
(1) Statement of advances from customers
In CNY
||||||
|-|-|-|-|-|
|Items||Ending balance||Opening balance|
|Advances on sales||27,210,870.61||12,087,368.17|
|Total|27,210,870.61||12,087,368.17||

 (2) Significant advances from customers with age exceeding 1 year
Inapplicable
(3) Unfinished projects formed in the construction contracts but already settled at the end of the reporting period
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report 37. Employee remuneration payable
(1) Statement of employee remuneration payable
In CNY
||||||||
|-|-|-|-|-|-|-|
||||Increase in the|Decrease in the|||
|Items||Opening balance||||Ending balance|
||||reporting period|reporting period|||
|I. Short term|||||||
|||38,082,957.60|218,850,693.76|237,687,282.95||19,246,368.41|
|remuneration|||||||
|II. Post-employment|||||||
|welfare-defined||565,474.81|18,921,986.37|19,487,461.18||0.00|
|contribution plans|||||||
|III. Dismissal welfare||0.00|517,054.37|517,054.37||0.00|
|Total|38,648,432.41||238,289,734.50|257,691,798.50|19,246,368.41||

 (2) Statement of short-term remuneration
In CNY
||||||
|-|-|-|-|-|
|||Increase in the|Decrease in the||
|Items|Opening balance|||Ending balance|
|||reporting period|reporting period||
|I. Salaries, bonus,|||||
|allowances and|37,656,100.67|194,612,196.23|213,371,645.14|18,896,651.76|
|subsidies|||||
|2. Staff‟s welfare||4,769,078.48|4,768,128.48|950.00|
|3. Social security|||||
|||7,638,768.77|7,638,768.77||
|premium|||||
|Including:|||||
|medical insurance||6,491,614.15|6,491,614.15||
|premium|||||
|Work|||||
|||465,272.82|465,272.82||
|injury insurance|||||
|||681,881.80|681,881.80||
|Maternity Insurance|||||
|4. Public reserve for|||||
|||6,974,841.30|6,974,841.30||
|housing|||||
|5. Trade union fund|||||
|and staff education|426,856.93|4,746,391.98|4,824,482.26|348,766.65|
|fund|||||
|8. Others||109,417.00|109,417.00||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||
|-|-|-|-|-|
|Total|38,082,957.60|218,850,693.76|237,687,282.95|19,246,368.41|

 (3) Statement of defined contribution plan
In CNY
||||||||||
|-|-|-|-|-|-|-|-|-|
|||||Increase in the||Decrease in the|||
|Items||Opening balance||||||Ending balance|
|||||reporting period||reporting period|||
|1. Basic endowment|||||||||
|||||17,194,151.37||17,194,151.37|||
|insurance premium|||||||||
|2. Unemployment|||||||||
|||||979,480.34||979,480.34|||
|insurance premium|||||||||
|3. Contribution to the|||||||||
|enterprise annuity||565,474.81||748,354.66||1,313,829.47|||
|scheme|||||||||
|Total|565,474.81||18,921,986.37||19,487,461.18||0.00||

 38. Taxes payable
In CNY
||||||
|-|-|-|-|-|
|Items||Ending balance||Opening balance|
|Value-added tax||45,658,832.71||39,838,385.65|
|Consumption tax||0.00||0.00|
|Business tax||570,723.61||795,720.42|
|Enterprise income tax||37,951,943.23||34,315,435.06|
|Individual income tax||1,123,628.32||745,837.07|
|Urban maintenance and construction|||||
|||557,407.68||465,372.23|
|tax|||||
|Real estate tax||638,275.30||618,271.30|
|Education Surcharge||319,227.42||276,780.09|
|Stamp duty||281,894.20||252,083.51|
|Dyke protection surcharge||8,973.67||8,859.19|
|Others||184,356.82||286,025.54|
|Total|87,295,262.96||77,602,770.06||

 39. Interest payable
In CNY
||||
|-|-|-|
|Items|Ending balance|Opening balance|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||
|-|-|-|-|-|
|Interest of corporate bond||6,720,000.00||16,800,000.00|
|Interest payable for short term loan||2,990,351.71||2,620,893.75|
|Total|9,710,351.71||19,420,893.75||

 Significant interest overdue but remaining outstanding:
Inapplicable
40. Dividend payable
In CNY
|||||
|-|-|-|-|
|Items||Ending balance|Opening balance|
|Common stock dividends||39,276,787.00||
|Total|39,276,787.00|||

Other note: It is necessary to disclose the cause of failure in payment for the significant dividends payable which remain outstanding for more than one year:
Inapplicable
41. Other payables
(1) Other payments stated based on nature of fund
In CNY
||||||
|-|-|-|-|-|
|Items||Ending balance||Opening balance|
|Collateral and deposit||17,228,615.54||16,573,961.57|
|Due from shareholders||0.00||150,000,000.00|
|Refurbishment||2,309,702.88||4,712,095.11|
|Down payment||2,888,034.21||3,331,638.94|
|Fund for shop-front activities||6,153,983.84||6,075,167.30|
|Personal account payable||693,483.86||358,160.60|
|Others||12,548,526.87||7,523,876.93|
|Total|41,822,347.20||188,574,900.45||

 (2) Other payables in significant amount and with aging over 1 year
In CNY
||||
|-|-|-|
|||Cause of failure in repayment or|
|Items|Ending balance||
|||carry-over|
|Shenzhen Tencent Computer System|||
||4,693,429.16|Rent deposit|
|Co., Ltd.|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Oracle R&D Center (Shenzhen)|||
||811,590.00|Rent deposit|
|Limited|||
|Wu Dongmei|700,000.00|Rent deposit|
|China Tenth Metallurgy Group|||
||690,000.00|Deposit of project quality|
|Limited Corporation|||
|Shenzhen Yitianxun Technology Co.,|||
||505,657.80|Rent deposit|
|Ltd.|||
|Shenzhen Xiangya Food Co., Ltd.|471,760.00|Rent deposit|
|Shenzhen Avic Real Estate Co., Ltd|424,800.00|Rent deposit|
|Wen Jianbo|416,700.00|Rent deposit|
|Shenzhen Good Family Sports-Ware|||
||414,630.00|Rent deposit|
|Chain Limited|||
|Shenzhen Honestar Electronic|||
||375,144.00|Rent deposit|
|Limited|||
|China Merchants Bank Shenzhen|||
||349,692.00|Rent deposit|
|Sci-tech Park Branch|||
|Shenzhen Uni-phone Self-service|||
|Kara-Ok Entertainment Supermarket|334,880.00|Rent deposit|
|Limited|||
|Shenzhen Oriental Boiler Control|||
||318,491.60|Rent deposit|
|Co., Ltd.|||
|Shenzhen Yongantang Chain|||
||301,644.00|Rent deposit|
|Pharmacy Limited|||
|Shenzhen CATIC City Investment|||
||244,068.00|Rent deposit|
|Co., Ltd.|||
|Broadway Technology (Shenzhen)|||
||243,547.28|Rent deposit|
|Co., Ltd.|||
|Shenzhen AvicChangtai Investment|||
||221,712.00|Rent deposit|
|Development. Co., Ltd|||
|Shenzhen Hangjian Engineering|||
||208,304.00|Rent deposit|
|Cost Consultation Co., Ltd|||
|Total|11,726,049.84|--|

42. Liabilities classified as held-for-sale liabilities
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report 43. Non-current liabilities due within one year
Inapplicable
44. Other current liabilities
In CNY
||||||
|-|-|-|-|-|
|Items||Ending balance||Opening balance|
|Accrued expenses||6,790,760.39||5,482,521.27|
|Total|6,790,760.39||5,482,521.27||

 45. Long term loans
(1) Classification of long term loans
In CNY
||||||
|-|-|-|-|-|
|Items||Ending balance||Opening balance|
|Mortgage loan||6,343,780.38||6,255,497.65|
|Secured borrowings||169,681,928.00||133,696,928.00|
|Total|176,025,708.38||139,952,425.65||

 Note to classification of long term loans:
Other notes, including the interest rate interval:
① There was no long term loan already due but still remaining outstanding.
② As stated in Note VII.19, the property with the book cost of CNY 2,5815,331.97 (net value of CNY 21,091,114.70) was used as the collateral for the long term loan.
③ For the detail about the guarantee to related parties, refer to Note XII.5(4).
46. Liabilities Payable
(1) Bonds payable
In CNY
||||||
|-|-|-|-|-|
|Items||Ending balance||Opening balance|
|12 FIYTA Bond||399,295,040.88||398,767,929.40|
|Total|399,295,040.88||398,767,929.40||

FIYTA Holdings Ltd. 2015 Semi-Annual Report (2) Increase/Decrease of bonds payable (excluding other financial instruments classified as financial liabilities, such as preferred shares, perpetual bonds, etc.)
In CNY
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|12||||400,00|398,76|10,080||20,160|399,29|
|||2013-2|3+2||||527,11|||
|FIYTA|100.00|||0,000.|7,929.|,000.0||,000.0|5,040.|
|||-27|years||||1.44|||
|Bond||||00|40|0||0|84|
|||||400,00|398,76|10,080||20,160|399,29|
||||||||527,11|||
|Total|--|--|--|0,000.|7,929.|,000.0||,000.0|5,040.|
||||||||1.44|||
|||||00|40|0||0|84|

 (3) Note to the conditions and time of share conversion of convertible company bonds
Inapplicable
(4) Note to other financial instruments classified as financial liabilities
Inapplicable
47. Long term accounts payable
(1) Long term accounts payable stated based on the nature
Inapplicable
48. Long term payroll payable
(1) Statement of long term payroll payable
Inapplicable
(2) Change in defined benefit plan
Inapplicable
49. Special accounts payable
Inapplicable
50. Predicted liabilities
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report 51. Deferred income
In CNY
|||||||||
|-|-|-|-|-|-|-|-|
||||Increase in the|Decrease in the|||Reasons of|
|Items||Opening balance||||Ending balance||
||||reporting period|reporting period|||formation|
|Government||||||||
|||4,200,000.00|0.00|0.00||4,200,000.00||
|subsidy||||||||
|Total|4,200,000.00||0.00|0.00|4,200,000.00||--|

Items involving government subsidies:
In CNY
||||||||||
|-|-|-|-|-|-|-|-|-|
|||||Amount|||||
||||Amount of||||||
|||||counted to the|||||
||||newly added|||||Asset related/|
|||Opening||non-operating|Other||Ending||
|Liabilities|||subsidies in|||||income-relate|
|||balance||income in the|changes||balance||
||||the reporting|||||d|
|||||reporting|||||
||||period||||||
|||||period|||||
|Technical|||||||||
|study for civil|||||||||
|aviation||||||||Income|
|||1,200,000.00|||||1,200,000.00||
|airborne||||||||related|
|cockpit|||||||||
|clock①|||||||||
|Special fund|||||||||
|for Shenzhen|||||||||
|industrial|||||||||
|||||||||Income|
|design||3,000,000.00|||||3,000,000.00||
|||||||||related|
|industry|||||||||
|development|||||||||
|②|||||||||
|Total|4,200,000.00|||||4,200,000.00||--|

 Other notes:
For the foresaid subsidy projects, relevant documents did not explicitly stipulate subsidy objects. Those projectswon‟t form
long-term assets in future periods, so the Group recognizes it as income related government grant.
Note①:Special fund was obtained from the First Special Fund for Technology Innovation Scheming Technological
Development Project (Advanced Equipment Manufacturing) of 2013 Municipal Technology Research and Development
Fund by Technological Innovation Commission of Shenzhen Municipality and Finance Commission of Shenzhen
Municipality according to Administrative Measures for Shenzhen Technology Research and Development and
FIYTA Holdings Ltd. 2015 Semi-Annual Report Administrative Measures for Shenzhen Technology Scheming Project.
Note②：Special fund for Shenzhen industrial design industry development was obtained according to the Operating Specification for Affirmation and Fund Plan of Shenzhen Industrial Design Center(2013) No.227 which is jointly issued by Development and Reform Commission of Shenzhen Municipality, Economy, Trade and Information Commission of Shenzhen Municipality,
Technological Innovation Commission of Shenzhen Municipality and Finance Commission of Shenzhen Municipality, 52. Other non-current liabilities
Inapplicable
53. Capital stock
In CNY
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||||Increase/ Decrease (+ / -) as of the reporting period|||||||
||||||Shares|||||
|||Opening|||||||Ending|
|||||Bonus|converted|||||
|||balance|New issuing|||Others|Sub-total||balance|
|||||shares|from|||||
||||||reserve|||||
|Total|392,767,870.00|||||||392,767,870.00||
|Shares||||||||||

 54. Other equity instruments
(1) Basic information about the other financial instruments, including outstanding preferred shares, perpetual shares, etc. at the end of the reporting period.
Inapplicable
(2) Movements of the other financial instruments, including outstanding preferred shares, perpetual shares, etc. at the end of the reporting period.
Inapplicable
55. Capital reserve
In CNY
||||||
|-|-|-|-|-|
|||Increase in the|Decrease in the||
|Items|Opening balance|||Ending balance|
|||reporting period|reporting period||
|Capital premium|||||
||511,015,832.95|||511,015,832.95|
|(capital stock|||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||
|-|-|-|-|-|
|premium)|||||
|Other capital reserve||14,492,448.65||14,492,448.65|
|Total|525,508,281.60||525,508,281.60||

 Other note: note to the movements, including increase/decrease of the capital reserve:
Inapplicable
56. Treasury shares
Inapplicable
57. Other comprehensive income
In CNY
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||||Amount incurred in the reporting period|||||||||
|||||Less: Gain||||||||
|||||or loss||||||||
|||||counted to||||||||
||||Amountincurredbeforeincometax in thereportingperiod||||Attributa|||||
|||||the other|||||Attributa|||
||||||||ble to|||||
|||||comprehen|Less:||||ble to||Ending|
|||Openingbalance||||||||||
||||||||the|||||
|Items||||sive|Income||||minority||balanc|
||||||||parent|||||
|||||income and|tax||||sharehol||e|
||||||||compan|||||
|||||transferred|expense||||ders|||
||||||||y after|||||
|||||into gain or|||||after tax|||
||||||||tax|||||
|||||loss in the||||||||
|||||current||||||||
|||||period||||||||
|II. Other comprehensive income||||||7,163,176.26|||||-10,44|
|||-17,609,265.22|7,162,790.77|||||||||
|which cannot be re-classified||||0.00|0.00||||-385.49||6,088.|
|into the gain or loss in future|||||||||||96|
|Conversion margin of||||||7,163,176.26|||||-10,44|
|||-17,609,265.22|7,162,790.77|||||||||
|the financial statements in||||0.00|0.00||||-385.49||6,088.|
|foreign currency|||||||||||96|
||-17,609,265.22|||||7,163,176.26||-385.49||-10,446,088.96||
||||7,162,790.77|||||||||
|Other comprehensive income||||0.00|0.00|||||||

 Other note: Adjustment of the initially recognized amount of the valid part of the gain/loss of cash-flow hedge converted into arbitraged items:
Note: Net after-tax other comprehensive income incurred in current period is CNY -9,354,879.56. Amongst, the amount
FIYTA Holdings Ltd. 2015 Semi-Annual Report attribute to parent company shareholders is CNY7,162,790.77, and amount attribute to minority shareholders is CNY-385.49.
58. Special reserve
Inapplicable
59. Surplus reserve
In CNY
||||||||
|-|-|-|-|-|-|-|
||||Increase in the|Decrease in the|||
|Items||Opening balance||||Ending balance|
||||reporting period|reporting period|||
|Statutory surplus|||||||
|||103,930,572.89||||103,930,572.89|
|reserve|||||||
|Discretionary surplus|||||||
|||61,984,894.00||||61,984,894.00|
|reserve|||||||
|Total|165,915,466.89||||165,915,466.89||

 60. Retained profit
In CNY
|||||
|-|-|-|-|
|Items||Reporting Period|Previous period|
|Retained earnings at the end of the previous||||
|||566,819,577.37|469,706,600.67|
|period before adjustment:||||
|Retained earnings at the beginning of the|566,819,577.37|||
||||469,706,600.67|
|reporting period after adjustment||||
|Plus: Net profit attributable to the parent||||
|||73,109,419.73|88,283,873.10|
|company‟s owners||||
|Dividend of ordinary shares payable||39,276,787.00|39,276,787.00|
|Retained earnings at the end of the|600,652,210.10|||
||||518,713,686.77|
|reporting period||||

61. Operating revenue and operating cost
In CNY
||||||
|-|-|-|-|-|
||Amount incurred in the reporting period||Amount incurred in the previous period||
|Items|||||
||Income|Cost|Income|Cost|
|Principal business|1,673,028,130.56|1,036,384,680.04|1,628,150,096.74|1,033,916,901.04|
|Other business|10,765,117.03|1,597,041.31|14,464,694.23|4,143,808.73|
|Total|1,683,793,247.59|1,037,981,721.35|1,642,614,790.97|1,038,060,709.77|

FIYTA Holdings Ltd. 2015 Semi-Annual Report 62. Business tax and surcharges
In CNY
||||||
|-|-|-|-|-|
|||Amount incurred in the reporting||Amount incurred in the previous|
|Items|||||
|||period||period|
|Consumption tax||2,674,030.74||2,612,300.80|
|Business tax||0.00||43,350.43|
|Urban maintenance and construction|||||
|||6,808,734.25||4,168,538.63|
|tax|||||
|Education Surcharge||4,757,348.20||2,929,387.82|
|Resource tax||0.00||0.00|
|Others||838,503.36||561,139.36|
|Total|15,078,616.55||10,314,717.04||

 63.Sales costs
In CNY
||||||
|-|-|-|-|-|
|||Amount incurred in the reporting||Amount incurred in the previous|
|Items|||||
|||period||period|
|Salary||129,998,396.21||109,456,820.30|
|Long-term expenses to be|||||
|||48,078,068.57||44,261,587.02|
|apportioned|||||
|Market promotion||37,009,378.62||35,445,353.18|
|Rental fees||32,849,091.00||40,076,786.07|
|Advertisement||29,778,834.08||23,862,707.42|
|Shopping mall expenses||25,749,987.82||23,359,757.65|
|labor insurance premium||19,265,374.37||15,913,522.74|
|Packaging||7,984,140.77||5,848,804.57|
|Depreciation||7,141,527.36||5,502,980.00|
|Water and electricity||7,040,330.27||6,319,352.09|
|Others||41,402,098.85||39,713,649.35|
|Total|386,297,227.92||349,761,320.39||

 64.Administrative expenses
In CNY
||||
|-|-|-|
||Amount incurred in the reporting|Amount incurred in the previous|
|Items|||
||period|period|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||
|-|-|-|-|-|
|Salary||45,287,133.52||46,069,762.57|
|R & D expenses||18,788,221.52||7,024,738.13|
|labor insurance premium||5,067,404.28||4,287,800.15|
|Depreciation||4,068,125.00||3,764,328.63|
|Business travel||3,541,532.40||3,718,879.68|
|Trade union budget||2,294,414.08||2,031,932.61|
|Office expenses||2,110,915.63||1,541,236.25|
|Commission to agents||1,966,345.00||1,043,725.53|
|Training expenses||1,677,155.87||1,189,302.83|
|Public reserve for housing||1,533,670.91||1,429,441.16|
|Others||13,796,258.44||12,751,044.85|
|Total|100,131,176.65||84,852,192.39||

 65. Financial expenses
In CNY
||||||
|-|-|-|-|-|
|||Amount incurred in the reporting||Amount incurred in the previous|
|Items|||||
|||period||period|
|Interest payment||46,490,128.21||47,759,283.27|
|Less: Interest capitalized||1,239,280.88||152,041.70|
|Less: interest income||885,212.57||798,950.68|
|Exchange losses||877.53||496,600.58|
|Service charge and others||6,523,274.50||6,891,787.02|
|Total|50,889,786.79||54,196,678.49||

 66. Assets impairment loss
In CNY
||||||
|-|-|-|-|-|
|||Amount incurred in the reporting||Amount incurred in the previous|
|Items|||||
|||period||period|
|I. Loss from bad debts||-315,964.63||-147,985.53|
|II. Loss from price falling of|||||
|||-57,094.98||2,755,108.79|
|inventories|||||
|Total|-373,059.61||2,607,123.26||

67. Income from change in fair value
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report 68. Income from investment
In CNY
||||||
|-|-|-|-|-|
|||Amount incurred in the reporting||Amount incurred in the previous|
|Items|||||
|||period||period|
|Income from long term equity investment|||||
|||250,015.75||-504,563.21|
|based on equity method|||||
|Total|250,015.75||-504,563.21||

 69. Non-operating income
In CNY
|||||||
|-|-|-|-|-|-|
||||||Amount counted to the|
|||Amount incurred in the||Amount incurred in the||
|Items|||||current non-operating gain|
|||reporting period||previous period||
||||||and loss|
|Total income from disposal|69,750.00||37,755.19|||
||||||69,750.00|
|of non-current asset||||||
|Where: income from||||||
|||69,750.00||69,750.00|69,750.00|
|disposal of fixed assets||||||
|Government subsidy||1,603,451.99||1,726,500.00|1,603,451.99|
|Disposal of payables||||||
|||108,732.73||775,665.30|108,732.73|
|impossible to pay||||||
|Others||67,900.55||650,062.08|67,900.55|
|Total|1,849,835.27||3,189,982.57||1,849,835.27|

 Government subsidy counted to the current gain or loss:
In CNY
|||||
|-|-|-|-|
||Amount incurred in the|Amount incurred in the|Asset related/|
|Subsidy items||||
||reporting period|previous period|income-related|
|Honorable Mension of 15th||||
|Chinese Patent Industrial|100,000.00||Income related|
|Design Award (Note①)||||
|Prize of 2013 Guangdong||||
|Provincial Sci-Tech Award|50,000.00||Income related|
|(Note②)||||
|Subsidy for brand||||
|development project (Note|900,000.00||Income related|
|③)||||
|Government subsidy from|431,491.63||Income related|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||
|-|-|-|-|
|Shenzhen Watch and||||
|Clock Association for Basel||||
|Exhibition as received||||
|(Note④)||||
|Project subsidizing from||||
|Shenzhen Association of||||
|Staf and Workers|121,960.36||Income related|
|Education and Vocational||||
|Training (Note⑤)||||
|Second-batch subsidy fund||||
|of 2013 economic||||
|development fund of||100,000.00|Income related|
|Nanshan District Bureau of||||
|Finance||||
|2013 Specific subsidy fund||||
|for self-innovation industry||||
|||531,500.00|Income related|
|development of Nanshan||||
|District||||
|2014 1st Batck Overseas||||
|Trademark Registration||||
|Application Subsidy of||||
|||70,000.00|Income related|
|Market Supervision||||
|Administration of||||
|Shenzhen Municipality||||
|Subsidy for brand||||
|development project of||1,000,000.00|Income related|
|Shenzhen||||
|Government subsidy paid||||
|by Shenzhen Watch and||||
|||20,000.00|Income related|
|Clock Association for Basel||||
|Exhibition||||
|Subsidy for patent project||5,000.00|Income related|
|Total|1,603,451.99|1,726,500.00|--|

Other Notes:
Note①: Prize of Honorable Mension obtained according to the Decision on
15th
Chinese Patent Industrial Design Award issued by State Intellectual Property Office;
Note②: Prize of 2013 Guangdong Provincial Sci-Tech Award obtained according to Bulletin ofPeople‟s Government of
Guangdong Province on Awarding 2013 Science& Technology Award of Guangdong Province YUE FU (2014) No. 18
issued byPeople‟s Government of Guangdong Province;
FIYTA Holdings Ltd. 2015 Semi-Annual Report Note③: It is a specific fund for brand development of Economy, Trade and Information Commission of Shenzhen Municipality obtained by Shenzhen Harmony World Watches Center Co., Ltd., one of theCompany‟s subsidiaries; Note④: It is a Government subsidy from Shenzhen Watch and Clock Association for Basel Exhibition received by FIYTA Sales Company, one of theCompany‟s subsidiaries;
Note⑤: It is a subsidy from Shenzhen Association of Staf and Workers Education and Vocational Training by FIYTA Technology Co., Ltd., one of theCompany‟s subsidiaries.
70. Non-operating expenses
In CNY
|||||||
|-|-|-|-|-|-|
||||||Amount counted to the|
|||Amount incurred in the||Amount incurred in the||
|Items|||||current non-operating gain|
|||reporting period||previous period||
||||||and loss|
|Total loss from disposal of|35,549.22||31,046.62|||
||||||35,549.22|
|non-current assets||||||
|including: loss from||||||
|||35,549.22||31,046.62|35,549.22|
|disposal of fixed assets||||||
|Outward donation||300,000.00||150,000.00|300,000.00|
|Others||9,851.37||369,594.26|9,851.37|
|Total|345,400.59||550,640.88||345,400.59|

 71. Income tax expense
(1) Statement of income tax expense
In CNY
||||||
|-|-|-|-|-|
|||Amount incurred in the reporting||Amount incurred in the previous|
|Items|||||
|||period||period|
|Income tax expenses in the report|||||
|||31,859,444.11||24,868,386.04|
|period|||||
|Deferred income tax expenses||-9,597,783.88||-8,294,858.73|
|Total|22,261,660.23||16,573,527.31||

 (2) Process of adjustment of accounting profit and income tax expense
In CNY
|||
|-|-|
|Items|Amount incurred in the reporting period|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Total profit|95,542,228.37||
|Income tax expense calculated based on the|||
|||23,885,557.10|
|statutory/applicable tax rate|||
|Influence of different tax rates upon subsidiaries||-3,027,712.50|
|Influence of adjustment of income tax to prior periods||1,103,024.56|
|Influence of non-taxable income||0.00|
|Influence of nondeductible costs, expenses and losses||1,505,821.61|
|Influence from use of deductible loss of unrecognized|||
|||0.00|
|deferred income tax asset of prior periods|||
|Influence from deductable temporary difference or|||
|deductible loss of unrecognized deferred income tax||0.00|
|asset of the current period|||
|Gain or loss from joint venture and associates calculated|||
|||-62,503.94|
|based on the equity method|||
|Influence of balance of the initial deferred income tax due|||
|||-777,526.59|
|to change of tax rate|||
|Taxation influence from additional deduction of R&D|||
|||-365,000.00|
|expenses (stated with “-”)|||
|Income tax expense|22,261,660.23||

 72. Other comprehensive income
For the detail, refer to Note VII.57.
73. Cash flow statement items
(1) Other operation activity related cash as received
In CNY
||||||
|-|-|-|-|-|
|||Amount incurred in the reporting||Amount incurred in the previous|
|Items|||||
|||period||period|
|Commodity promotion fee||9,333,292.34||7,525,003.95|
|Government subsidy||1,603,451.99||1,726,500.00|
|Deposit in security||1,182,075.52||1,169,850.00|
|Interest income||885,212.57||798,950.68|
|Reserve||203,646.34||6,000.00|
|Others||1,512,829.43||4,069,750.36|
|Total|14,720,508.19||15,296,054.99||

FIYTA Holdings Ltd. 2015 Semi-Annual Report (2) Other operation activity related cash as paid
In CNY
||||||
|-|-|-|-|-|
|||Amount incurred in the reporting||Amount incurred in the previous|
|Items|||||
|||period||period|
|Rental fees||34,001,507.19||41,108,746.25|
|Market promotion||28,278,326.28||24,561,443.68|
|Advertisement||27,118,834.08||18,622,707.42|
|Shopping mall expenses||25,749,987.82||23,359,757.65|
|R & D expenses||16,624,631.81||5,606,420.13|
|Business travel||9,281,083.68||6,741,403.76|
|Packaging||7,984,140.77||5,848,804.57|
|Water and electricity||7,361,322.68||6,559,696.66|
|Office expenses||6,997,934.01||4,726,973.59|
|Transportation||4,472,557.44||3,539,130.41|
|Business entertainment||2,687,914.43||1,863,620.09|
|Meeting expenses +||2,407,668.26||2,213,714.36|
|Post and communications||2,347,462.22||1,873,003.47|
|Commission to agents||2,210,528.68||2,237,679.28|
|Consultation costs||1,607,714.89||38,216.52|
|Others||24,600,923.26||11,639,596.05|
|Total|203,732,537.50||160,540,913.89||

 (3) Other investment activity related cash as received
Inapplicable
(4) Other investment activity related cash as paid
Inapplicable
(5) Other financial activity related cash as received
In CNY
|||||
|-|-|-|-|
|||Amount incurred in the reporting|Amount incurred in the previous|
|Items||||
|||period|period|
|Amount financed with letter of credit||13,500,000.00||
|Total|13,500,000.00|||

FIYTA Holdings Ltd. 2015 Semi-Annual Report (6) Other financial activity related cash as paid
In CNY
||||||
|-|-|-|-|-|
|||Amount incurred in the reporting||Amount incurred in the previous|
|Items|||||
|||period||period|
|Repayment of borrowings from|||||
|||100,000,000.00||0.00|
|related parties|||||
|Bank financing expenses||420,000.00||864,375.00|
|Credit guarantee fee||0.00||0.00|
|Others||31,008.00||31,008.00|
|Payment for the capital contributed|||||
|||0.00||1,400,000.00|
|by minority shareholders|||||
|Total|100,451,008.00||2,295,383.00||

 74. Supplemental information of cash flow statement
(1) Supplemental information of cash flow statement
In CNY
||||||
|-|-|-|-|-|
|Supplemental information||Amount in the reporting period||Amount in the previous period|
|1. Net cash flows arising from|||||
|adjustment of net profit into operating||--||--|
|activities|||||
|Net profit|73,280,568.14||88,383,300.80||
|Plus: Reserve for impairment of assets||-373,059.61||2,607,123.26|
|Depreciation of fixed assets, depletion|||||
|of oil and gas asset, depreciation||18,916,809.59||16,076,871.28|
|of productive biological asset|||||
|Amortization of intangible assets||689,122.13||720,075.39|
|Long-term expenses to be apportioned||53,661,523.66||50,918,783.48|
|Loss (income is stated in “-“) from|||||
|disposal of fixed assets, intangible||-34,200.78||-6,708.57|
|assets and other long term assets|||||
|Financial expenses (income is stated|||||
|||46,490,128.21||47,607,241.57|
|with “-“)|||||
|Investment loss (income is stated with|||||
|||-250,015.75||504,563.21|
|“-“)|||||
|Decrease of deferred income tax asset|||||
|||-8,468,887.13||-8,708,125.05|
|(Increase is stated with “－”)|||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||
|-|-|-|-|-|
|Increase of deferred income tax asset|||||
|||130,940.80|||
|(Decrease is stated with “-“)|||||
|Decrease of inventories (Increase is|||||
|||37,599,295.21||40,945,763.21|
|stated with “-“)|||||
|Decrease of operative items receivable|||||
|||-110,237,568.24||-89,756,578.05|
|(Increase is stated with “-“)|||||
|Increase of operative items payable|||||
|||60,849,122.33||-11,293,631.14|
|(Decrease is stated with “-“)|||||
|Net cash flow arising from operating|172,253,778.56||137,998,679.39||
|activities|||||
|2. Significant investment and|||||
|fund-raising activities with no cash||--||--|
|income and expenses involved:|||||
|3. Net change in cash and cash|||||
|||--||--|
|equivalents:|||||
|Ending cash balance||158,879,732.91||159,843,756.99|
|Less: Opening cash balance||114,880,070.54||107,663,110.74|
|Net increase in cash and cash|43,999,662.37||52,180,646.25||
|equivalents|||||

(2) Net cash paid for acquisitoin of subsidiaries in the reporting period
Inapplicable
(3) Net cash received from disposal of subsidiaries in the reporting period
Inapplicable
(4) Composition of cash and cash equivalent
In CNY
||||||
|-|-|-|-|-|
|Items||Ending balance||Opening balance|
|I. Cash|158,879,732.91||114,880,070.54||
|Incl: Cash in hand||403,915.95||338,694.81|
|Bank deposit available for|||||
|||158,470,296.10||114,319,146.38|
|payment at any time|||||
|Other monetary fund used for|||||
|||5,520.86||222,229.35|
|payment at any time|||||
|III. Ending balance of cash and cash|158,879,732.91||114,880,070.54||
|equivalents|||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report 75. Note to the items of the statement of change inowners’ euiqty
Inapplicable
76. Assets with ownership or use right restricted
In CNY
||||
|-|-|-|
|Items|Book value at the end of the period|Cause of being restricted|
|Monetary fund|1,575,000.00|Deposit for L/G|
|Fixed assets|21,091,114.70|Security guarantees|
|Total|22,666,114.70|--|

77. Foreign currency monetary items
(1) Foreign currency monetary items
In CNY
|||||
|-|-|-|-|
||Ending balance of foreign||Ending balance of|
|Items||Conversion rate||
||currency||Renminbi converted|
|Monetary fund|--|--|10,273,228.30|
|Including: USD|171,713.40|6.1136|1,049,787.04|
|Euro|24.45|6.8699|167.97|
|HKD|5,913,134.42|0.7886|4,663,097.89|
|CHF|680,755.28|6.6987|4,560,175.39|
|Accounts receivable|--|--|9,810,233.22|
|HKD|12,030,521.43|0.7886|9,487,269.20|
|CHF|48,212.94|6.6987|322,964.02|
|Advance to suppliers||--|27,650,290.43|
|Including: HKD|12,913,140.25|0.7886|10,183,302.40|
|CHF|2,607,519.07|6.6987|17,466,988.02|
|Other receivables||--|801,280.20|
|Including: USD|32,879.00|6.1136|201,009.05|
|Euro|193.52|6.8699|1,329.46|
|HKD|727,414.09|0.7886|573,638.75|
|CHF|3,777.29|6.6987|25,302.93|
|Accounts payable||--|10,358,909.80|
|Including: HKD|6,743,919.02|0.7886|5,318,254.54|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||
|-|-|-|-|
|CHF|752,482.61|6.6987|5,040,655.26|
|Accounts Received in||||
|||--|4,855.17|
|Advance||||
|Including: HKD|6,156.70|0.7886|4,855.17|
|Other payables||--|1,926,935.18|
|Including: HKD|1,654,333.97|0.7886|1,304,607.77|
|USD|1,000.00|6.1136|6,113.60|
|CHF|91,990.06|6.6987|616,213.81|
|Short-term Loan||--|32,101,517.52|
|Including: HKD|40,696,650.00|0.7886|32,101,517.52|
|Long-term Loan|--|--|124,663,780.38|
|HKD|150,669,710.80|0.7886|118,848,267.88|
|CHF|875,000.00|6.6987|5,815,512.50|

 (2) Note to overseas operating entities, including important overseas operating entities, wich should be disclosed about its principal business place, function currency for bookkeeping and basis for the choice. In case of any change in function currency, the cause should be disclosed. For the principal business place of important overseas operating entities and the function currencies for bookkeeping, refer to Note V.4.
78. Hedging
Inapplicable
79. Others
Inapplicable
VIII. Change in consolidation scope
1. Consolidation of enterprises not under common control
(1) Consolidation of enterprises not under common control occurred in the current period Inapplicable
(2) Consolidation cost and goodwill
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report (3) Distinguishable assets/liabilities of the acquiree as at the date of acquisition
Inapplicable
(4) Gain or loss from remeasurement of the equity held before the date of acquisition based on the fair value
Inapplicable
(5) Note to failure in reasonable determination of consolidation consideration or the fair value of the fair value of distinguishable assets and liabilities of the acquiree as at the date of acquisiton or the very period of consolidation.
Inapplicable
(6) Other notes
Inapplicable
2. Consolidation of enterprises under the common control.
(1) Consolidation of enterprises under common control incurred in the reporting period
Inapplicable
(2) Consolidation cost
Inapplicable
(3) Book value of the assets and liabilities of the consolidatee as at the date of consolidation Inapplicable
3. Counter purchase
Inapplicable
4. Disposal of subsidiaries
Inapplicable
5. Change in consolidation scope due to other cause
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report 6. Others
Inapplicable
IX. Equity in other entities
1. Equity in subsidiaries
(1) Compostion of enterprise group
||||||||
|-|-|-|-|-|-|-|
||Main business|Place of|Nature of|Shareholding ratio||Way of|
|Subsidiaries|||||||
||location|registration|business|Directr|Indirect|acquisition|
|Shenzhen|||||||
|Harmony|||||||
|World||||||Establishment|
||Shenzhen|Shenzhen|Commerce|100.00%|||
|Watches||||||or investment|
|Center Co.,|||||||
|Ltd.|||||||
|Manufacture||||||Establishment|
||Shenzhen|Shenzhen|Manufacture|90.00%|10.00%||
|Co.||||||or investment|
|FIYTA (Hong||||||Establishment|
||Hong Kong|Hong Kong|Commerce|100.00%|||
|Kong) Limited||||||or investment|
|||||||Establishment|
|Station 68|Hong Kong|Hong Kong|Commerce||60.00%||
|||||||or investment|
|Harbin||||||Establishment|
||Harbin|Harbin|Commerce|25.00%|75.00%||
|Company||||||or investment|
|HengliandaCo||||||Establishment|
||Beijing|Beijing|Commerce||100.00%||
|mpany||||||or investment|
|Technology||||||Establishment|
||Shenzhen|Shenzhen|Manufacture|100.00%|||
|Company||||||or investment|
|Trading||||||Establishment|
||Shenzhen|Shenzhen|Commerce|100.00%|||
|Company||||||or investment|
|Culture||||||Establishment|
||Shenzhen|Shenzhen|Commerce||100.00%||
|Company||||||or investment|
|Emile|||||||
|||||||Establishment|
|Shenzhen|Shenzhen|Shenzhen|Commerce||100.00%||
|||||||or investment|
|Company|||||||
|World|||||||
|||||||Establishment|
|Watches|Hong Kong|Hong Kong|Commerce||100.00%||
|||||||or investment|
|International|||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||
|-|-|-|-|-|-|-|
|FIYTA Sales||||||Establishment|
||Shenzhen|Shenzhen|Commerce|100.00%|||
|Company||||||or investment|
|||||||Consolidation|
|||||||of enterprises|
|Hengdarui|||||||
||Shenyang|Shenyang|Commerce||100.00%|under|
|Company|||||||
|||||||common|
|||||||control|
|||||||Consolidation|
|Lishan||||||of enterprises|
|Department|Kunming|Kunming|Commerce||100.00%|not under|
|Store Co.||||||common|
|||||||control|
|||||||Consolidation|
|||||||of enterprises|
|Swiss|||||||
||Switzerland|Switzerland|Commerce||100.00%|not under|
|Company|||||||
|||||||common|
|||||||control|
|Nature Art|||||||
||Hong Kong|Hong Kong|Commerce|||①|
|Limited|||||||
|Baoding|||||||
||Hong Kong|Hong Kong|Commerce|||①|
|Company|||||||

Note to the shareholding proportion of subsidiaries different from voting proportion:
Basis for holding an half or less than an half of votes but stilling controlling an investee and holding an half or more than an half of votes but not controlling an investee:
For an important structured entity incorporated in consolidation scope, basis for control:
Basis for determining company as an agent or trustor:
Other note:
①According to the equity trust agreement signed by and between Station 68 a subsidiary of FIYTA Hong Kong and the trustee of Protop Limited on 10 December 2009, Station 68, as the trustor, owns shares, stock rights and related rights of Nature Art Limited and Protop Limited, and both parties agree that trustee may transfer its right anytime according to the instructions of trustor. Therefore, Station 68 owns the control right of Nature Art Limited and Protop Limited, and include them into its scope of consolidation.
(2) Important non-wholly-owned subsidiaries
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report (3) Key financial information of important non-wholly-owned subsidiaries
Inapplicable
(4) Significant restriction on use of enterprisegroup’s assets and paying off the enterprisegroup’s liabilities
Inapplicable
(5) Financial support or other support provided to the structured entities incorporated in the scope of consolidated financial statements
Inapplicable
2. Transaction with a subsidiary with the share of theowner’s equity changed but still under control
(1) Note to the change in the share of the owner;s equity of a subsidiary
Inapplicable
(2) Influence of transaction on miniorityshareholders’ equity andowner’s equity attributable to the parent company
Inapplicable
3. Equity in joint venture arrangement or associates
(1) Important joint ventures or associates
||||||||
|-|-|-|-|-|-|-|
|||||Shareholding proportion||Accounting|
|||||||treatment|
|Name of joint|Principal||||||
|||Place of|Business|||method for|
|venture or|business||||||
|||registration|nature|Direct|Indirect|investment in|
|associate|location||||||
|||||||joint ventures|
|||||||or associates|
|① Associate|||||||
|Shanghai|||||||
|Watch|Shanghai|Shanghai|Manufacture|25.00%||Equity method|
|Industry|||||||

(2) Key financial information of important joint ventures
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report (3) Key financial information of important associates
In CNY
||||
|-|-|-|
||Ending balance/amount incurred in|Opening balance/amount incurred in|
||the reporting period|the previous period|
|Current assets|88,846,063.57|88,551,483.42|
|Non-current assets|21,906,384.63|22,504,083.78|
|Total assets|110,752,448.20|111,055,567.20|
|Current liabilities|17,010,985.08|18,718,641.86|
|Non-current liabilities|0.00|0.00|
|Total Liabilities|17,010,985.08|18,718,641.86|
|Net assets|93,741,463.12|92,336,925.34|
|Minority shareholders‟ equity|0.00|0.00|
|Owners‟ equity attributable to the|||
||0.00|0.00|
|parent company|||
|Share of net assets calculated based|||
||23,435,365.78|22,622,546.71|
|on the shareholding proportion|||
|Adjustment:|0.00|0.00|
|-- Goodwill|0.00|0.00|
|-- Profit unrealized in the internal|||
||0.00|0.00|
|trading|||
|-- Others|0.00|0.00|
|Book value of the equity investment|||
||42,639,775.66|42,389,759.91|
|in associates|||
|Revenues|46,811,242.00|52,972,924.33|
|Net profit|1,220,537.78|1,076,068.67|
|Other comprehensive income|0.00|0.00|
|Total comprehensive income|1,220,537.78|1,076,068.67|
|Dividends received from associates|||
||0.00|0.00|
|in the current year|||

(4) Financial information summary of unimportant joint ventures and associates
In CNY
||||
|-|-|-|
||Ending balance/amount incurred in|Opening balance/amount incurred in|
||the reporting period|the previous period|
|Joint ventures:|--|--|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Total of the following items calculated|||
|according to the shareholding|--|--|
|proportion|||
|Associates:|--|--|
|Total of the following items calculated|||
|according to the shareholding|--|--|
|proportion|||

(5) Note to significant restriction on the competence of a joint venture or an associate in transferring funds to the Company
Inapplicable
(6) Excessive loss incurred to a joint venture or an associate
Inapplicable
(7) Unrecognized commitment in connection with investment in a joint venture
Inapplicable
(8) Contingent liabilities in connection with investment in joint ventures or associates
Inapplicable
4. Important joint operation
Inapplicable
5. Equity in the structured entities not incorporated in the consolidated financial statements Inapplicable
6. Others
Inapplicable
X. Financial instruments and risk management
The Group has disclosed details of financial instruments in related notes. Risks related to those financial instruments and risk management policies adopted to reduce those risks are described as below. The Group management layer manages
and supervises the risk exposure to ensure risks are controlled within limited range.
1. Risk management goals and policies
FIYTA Holdings Ltd. 2015 Semi-Annual Report The goal of risk management is to keep proper balance between risk and profit, to reduce negative influence of financial risk to financial performance of the Group. Based on the goal, the Group has formulated risk management policies to identify and analyze risks the Group faces, set proper acceptable risk level and design relevant internal control procedures, to supervise risk level. The Group will regularly review those risk management policies and relevant internal control system, to adapt to market situation and change of operating activities. The internal audit department of the Group will also regularly or randomly check whether the execution of internal control system complies with risk management policies. Main risks financial instruments of the Group may lead to include credit risks, liquidity risk, market risk, etc.
(1)Credit risk
Credit risk refers to the risk of financial loss of the Group caused due to default of contract obligation of transaction counterparty.
The Group manages credit risk by portfolio. Credit risk mainly arises from bank deposit and accounts receivable. Bank deposit of the Group is mainly in state-owned banks and other large and medium listed banks. There are no significant credit risks of estimated bank deposits.
As for accounts receivable, the Group sets relevant policies to control credit risk exposure. Based on the financial status of debtor, external rating, guarantee possibility, credit record gained from the third party and other factors such as current market status, the Group evaluates credit qualification of debtor and set corresponding debt limit and credit period. The Group will regularly supervise credit record of debtor. For debtor with bad credit record, the Group will ensure the whole credit risk of the Group within controllable range in the forms of written reminder letter, reducing credit period and cancelling credit period.
The biggest credit risk exposure undertaken by the Group is carrying amount of each financial asset in balance sheet. The Group sets guarantees to any other credit risks that the Group may bear.
Amount accounts receivable, the total accounts receivable of top 5 accounts with amount in arrear account for9.02% of total accounts receivable of the Group（2013：9.43%）; in other accounts receivable, the total accounts receivable of top 5 accounts with amount in arrear account for17.22% of total accounts receivable of the Group（2013：20.25%）. (2) Liquidity risk
Liquidity risk refers to risk of capital shortage caused when the Group executes obligations of settlement in the manner of cash payment or other financial assets.
In managing liquidity risk, the Group keeps the cash and cash equivalents that the Group deems sufficient and controls them to meet operating needs, reduce influence of cash liquidity fluctuation. The Group management monitors the use of bank loans and ensures to comply with borrowing agreement. At the same time, the Group gains the commitment for providing sufficient reserve funds from main financial institutions, to meet short-term and long-term capital needs. The Group finance operation funds through capital and bank and other borrowings incurred in operating business. As at 30 June 2015, bank borrowing facility that the Group has not yet used is CNY 881.37 million (31 December 2014: CNY 539.10 million).
FIYTA Holdings Ltd. 2015 Semi-Annual Report Maturity analysis of financial liabilities and off-balance-sheet guarantee items by undiscounted remaining contract cash flow at the end of the period (Unit: CNY ten thousand):
End of the reporting period
Items Within 1 1 to 2 years 2 to 3 years Over 3 years Total year
Financial liabilities:
Short-term Loan 114,260.15 － － － 114,260.15 Accounts payable 18,959.73 － － － 18,959.73 Interest payable 971.04 － － － 971.04 Other payables 4,182.23 － － － 4,182.23 Other current liabilities 679.08 － － － 679.08 (excluding deferred income)
Long-term Loan － 11,832.00 52.83 5,717.74 17,602.57 Bonds payable － 40,000.00 － － 40,000.00 Financial guarantee 58,260.15 11,832.00 － － 70,092.15 Total financial liabilities or 197,312.38 63,664.00 52.83 5,717.74 266,746.95 contingent liabilities
Maturity analysis of financial liabilities and off-balance-sheet guarantee projects held by the Group in the prior period according to cash flow of undiscounted remaining contracts (Unit: ten thousands CNY):
Beginning of the reporting period
Items Within a year 1 to 2 years 2 to 3 years Over 3 years Total Financial liabilities:
Short-term Loan 98,944.50 － － － 98,944.50 Accounts payable 14,711.91 － － － 14,711.91 Interest payable 1,942.09 － － － 1,942.09 Other payables 18,857.49 － － － 18,857.49 Other current liabilities 548.25 － － － 548.25 (excluding deferred income)
Long-term Loan － 7,925.19 4,444.50 1,625.55 13,995.24 Bonds payable － 40,000.00 － － 40,000.00 Financial guarantee 43,644.50 7,889.00 3,944.50 － 55,478.00
FIYTA Holdings Ltd. 2015 Semi-Annual Report Total financial liabilities or 178,648.74 55,814.19 8,389.00 1,625.55 244,477.48 contingent liabilities
The amount of financial liability disclosed in the above table is undiscounted contract cash flow and thus may be different with the carrying amount of balance sheet.
（3）Market risk
Market risk refers to the risk of fluctuation of fair value or future cash flow of financial instruments caused due to market price change, including interest risk, exchange rate risk and other price risk.
Interest risk
Interest risk refers to the risk of fluctuation of fair value or future cash flow of financial instruments caused due to interest change. Interest risk may arise from confirmed interest accrual financial instrument and unconfirmed financial instrument (such as some loan commitments)
The interest risk of the Group mainly arises from long-term bank loans and bonds payable and long-term interest-bearing debt. Financial liabilities with floating rate lead the Group to cash flow interest risk. Fixed interest rate financial liabilities lead the Group to fair value interest risk. According to current market environment the Group determines the proportion of fixed interest and floating interest rate contract, maintaining proper fixed and floating interest instrument combination through regular review and supervision.
As at 30 June 2015, if borrowing rate measured at floating rate rises or drops 50 base points, and other factors keep unchanged, net profit andshareholders‟ equity of the Group will decrease or increase about CNY 0.88 million (at 31 December 2014: CNY 0.70 million)
Exchange rate risk
Exchange rate risk refers to the risk of fluctuation of fair value or future cash flow of financial instruments caused due to exchange rate change. Exchange rate risk may arise from the financial instrument measured at foreign currencies other than recording currency.
Main operation of the Group is within China, and main businesses are settled in CNY. Therefore, the market risk of exchange fluctuations undertaken by the Company is not significant.
Refer to Details of other foreign currencies of Notes to the Financial Statement for financial assets of foreign currencies and financial liabilities of foreign currencies at the end of the period.
2. Capital management
The capital management policies of the Group are formulated to guarantee the Group can keep operation, and thus provide returns to shareholders and benefit other stakeholders, and at the same time to keep the optimal capital structure to reduce capital cost.
To keep or adjust capital structure, the Group may adjust amounts of dividends paid for shareholders, return capital to
FIYTA Holdings Ltd. 2015 Semi-Annual Report shareholders, issue new shares or sell assets to reduce debts.
The Group supervises capital structure based on asset liability ratio (total liabilities divided by total assets). As at 30 June 2015, the asset-liability ratio of the Group is56.09% (31 December 2014:55.26%).
XI. Disclosure of Fair Value
1. Fair value at the end of the reporting period of the assets and liabilities measured based on the fair value
Inapplicable
2. Basis for determining the market price of the items measured based on the continuous and non-continuous first level fair value
Quotation of the same assets or liabilities in the active market (unadjusted).
3. Items measured based on the continuous or uncontinuous
2nd
level fair value, valuatoin technique as used, nature of important parameters and quantitative information
Directly (price) or indirectly (derive from price) use observable input value other than market quote of assets or liabilities in the first level.
4. Items measured based on the continuous or uncontinuous
3rd
level fair value, valuatoin technique as used, nature of important parameters and quantitative information
Use any input value not based on observable market data in assets or liabilities (unobservable input value).
(1) Items and amounts measured at fair value
As at 31 December 2014, there are no assets and liabilities measured at fair value.
(2) Items and amounts not measured at fair value but with fair value disclosed
Financial assets and financial liabilities measured at amortized cost mainly include: cash and bank balances, notes receivable, accounts receivable, other receivables, short-term loans, notes payable, accounts payable, other payables, long-term payables, etc.
5. Items measured based on the continuous
3rd
level fair value, sensitivity analysis on adjusted information and unobservable parameters between the book value at beginning and end of the period
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report 6. In case items measured based on fair value are converted between different levels incurred in the current period, state the cause of conversion and determine conversion time point
Inapplicable
7. Change of valuation technique incurred in the current period and cause of such change Inapplicable
8. Fair value of financial assets and financial liabilities not measured at fair value
The difference between the book value of financial assets and financial liabilities that are not measured at fair value and fair value is small.
9. Others
Inapplicable
XII. Related party relationship and transactions
1. Details of the parent company of the Company
|||||||
|-|-|-|-|-|-|
|||||Shareholding ratio|Ratio of vote right|
|Name of parent|Place of|||||
|||Nature of business|Registered capital|of parent company|of parent company|
|company|registration|||||
|||||to the Company|to the Company|
|||Investment in||||
|||industries,||||
|China National||||||
||Shenzhen|domestic trade,|1,110,631,996.00|41.49%|41.49%|
|Aviation Group||||||
|||material supply||||
|||and distribution||||

Ultimate controlling party of the Company:
CATIC Shenzhen Company holds35.63% shareholding of China National Aviation Group. CATIC Shenzhen Company is a wholly owned subsidiary of China Aero Space International Holdings Limited (CASI), and China Aviation Industry Corporation (AVIC) directly holds62.52% of the equity of CASI. Therefore, the ultimate controlling party of the Company is AVIC.
2. Subsidiaries of the Company
Refer to Note IX. 1 for details of subsidiaries of the Company
FIYTA Holdings Ltd. 2015 Semi-Annual Report 3. Joint venture and association of the Group
Refer to Note IX.2 for details of important joint venture and association
4. Other related parties of the Group
|||
|-|-|
|Name of other related parties|Relationship with the Group|
|Shenzhen CATIC Property Management Limited ( CATIC||
||Controlled by the same party|
|Property Company)||
|Shenzhen CATIC Building Equipment Co., Ltd. ( CATIC||
||Controlled by the same party|
|Building Company)||
|Rainbow Department Store Co., Ltd. (Rainbow Department||
||Controlled by the same party|
|Store )||
|Shennan Circuits Co., Ltd. ( Shennan Circuits )|Controlled by the same party|
|CATIC Real Estate Co., Ltd. (CATIC Real Estate Company)|Controlled by the same party|
|Shenzhen Maiwei Cable TV Equipment Limited ( Maiwei||
||Controlled by the same party|
|Company )||
|AVIC Securities Co., Ltd. ( AVIC Securities Company)|Controlled by the same party|
|Xi‟an Skytel Hotel Co., Ltd. (Skytel Hotel)|Controlled by the same party|
|Shenzhen AVIC Nanguang Elevator Co., Ltd. ( AVIC||
||Controlled by the same party|
|Nanguang Company)||
|Shenzhen CATIC City Real Estate Development Co., Ltd.||
||Controlled by the same party|
|( CATIC City Real Estate Company)||
|Shenzhen CATIC City Development Co., Ltd. ( CATIC City||
||Controlled by the same party|
|Development Company)||
|CATIC Guanlan Property Development Co., Ltd. （CATIC||
||Controlled by the same party|
|Mission Hills Property）||
|CATIC Changtai Investment Development Co., Ltd. (CATIC||
||Controlled by the same party|
|Changtai Company )||
|Shenzhen CATIC Jiufang Asset Management Limited||
||Controlled by the same party|
|(CATIC Jiufang Asset Mgmt Company)||
|Ganzhou CATIC Real Estate Development Co., Ltd.||
||Controlled by the same party|
|（Ganzhou CATIC Real Estate Company）||
|Shenzhen CATIC City Investment Co., Ltd (CATIC City||
||Controlled by the same party|
|Investment)||
|Chengdu CATIC Property Development Co., Ltd (Chengdu||
||Controlled by the same party|
|CATIC Property Company)||
|Chengdu CATIC Sunshine Real Estate Co., Ltd. (Chengdu||
||Controlled by the same party|
|CATIC Sunshine Real Estate)||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||
|-|-|
|Zhonghang Electronic Measuring Instruments Co., Ltd||
||Controlled by the same party|
|(Zhonghang Electronic Company)||
|Shenzhen CATIC Theme Real-estate Co., Ltd (CATIC||
||Controlled by the same party|
|Theme Company)||
|Shenzhen AVIC Training Center (AVIC Training Center)|Controlled by the same party|
|Jiujiang CATIC City Real Estate Development Co., Ltd.||
||Controlled by the same party|
|(Jiujiang CATIC Real Estate Company)||
|Shenzhen CATIC Huacheng Property Development Co.,||
||Controlled by the same party|
|Ltd. (CATIC Huacheng Property Development Company)||
|Shenzhen CATIC Curtain Wall Engineering Co., Ltd.||
||Controlled by the same party|
|(CATIC Curtain Wall Company)||
|Shenzhen CATIC Nanguang Elevator Engineering Co., Ltd.||
||Controlled by the same party|
|(CATIC Nanguang Elevator Company)||
|AVIC International Trade & Economic Development Ltd.||
||Controlled by the same party|
|(AVIC Trade & Economic Company)||
|Xu Dongsheng|Senior executive|
|Tang Boxue|Senior executive|
|Chen Zhuo|Senior executive|
|Chen Libin|Senior executive|
|Lu Bingqiang|Senior executive|
|Du Xi|Senior executive|
|Lu Wanjun|Senior executive|
|Hu Xinglong|Senior executive|

5. Related transaction
(1) Related transactions of purchase and sale of commodities and supply and acceptance of labor services
Details of purchase and sale of commodities and supply and acceptance of labor services
In CNY
|||||||
|-|-|-|-|-|-|
|||Amount incurred||||
||Details of related||Transaction quota|Has it exceeded the|Amount incurred in|
|Related party||in the reporting||||
||transaction||approved|transaction quota|prior period|
|||period||||
|CATIC Property|Proporty|||||
|||1,448,900.66||NO|765,635.66|
|Company|management fee|||||
|Rainbow|Department store|||NO||
|||2,245,772.14|||1,531,106.86|
|Department Store|expenses|||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||
|-|-|-|-|-|
|CATIC Curtain|||NO||
||Engineering fee|210,000.00||0.00|
|Wall Company|||||
|CATIC Building|||NO||
||Engineering fee|89,021.67||0.00|
|Company|||||
|CATIC Nanguang|||NO||
||Engineering fee|179,313.80||0.00|
|Elevator Company|||||
|AVIC Trade &|||NO||
||Bidding agency||||
|Economic||100,000.00||0.00|
||service||||
|Company|||||
|Shanghai Watch|Material||NO||
|||128,205.12||0.00|
|Industry|purchase||||

Statement of sales of goods/supply of labor services
In CNY
|||||
|-|-|-|-|
||Description of related|Amount incurred in the||
|Related parties|||Amount incurred in prior period|
||transaction|reporting period||
|Rainbow Department Store|Products and labor service|41,152,135.05|39,858,340.52|
|Aviation Industry Corporation||||
||Sales of products|129,774.36|65,286.32|
|of China||||
|Shennan Circuits|Sales of materials|8,308,488.66|15,005,995.58|

 (2) Related entrusted management/contracted and mandatory management/contracting
Inapplicable
(3) Related lease
The Company as lessor:
In CNY
|||||
|-|-|-|-|
||Categories of leasehold|Rental income recognized in|Rental income recognized in|
|Names of lessees||||
||properties|the current period|prior period|
|CATIC Real Estate Company|Building|766,714.84|754,416.00|
|CATIC Property Company|Building|1,330,272.00|1,330,272.00|
|CATIC Securities Company|Building|562,320.00|536,760.00|
|CATIC City Real Estate||||
||Building|82,563.86|11,160.00|
|Company||||
|CATIC City Development||||
||Building|11,341.94|11,160.00|
|Company||||
|Guanlan Real Estate|Building|45,367.74|44,640.00|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||
|-|-|-|-|
|Company||||
|CATIC Changtai Company|Building|480,384.00|642,816.00|
|Tianyue Hotel Company|Building|2,350,000.00|2,708,299.98|
|Rainbow Department Store|Building|230,640.02|224,280.02|
|Jiufang Asset Mgmt||||
||Building|181,818.00|181,818.00|
|Company||||
|CATIC City Investment||||
||Building|218,657.29|45,012.00|
|Company||||
|CATIC Theme Real Estate||||
||Building|353,338.00|472,812.00|
|Company||||
|CATIC Huacheng Property||||
||Building|55,960.08|0.00|
|Development Company||||
|CATIC Technology||||
||Building|0.00|210,270.00|
|Shenzhen Company||||

Company as a lessee
In CNY
|||||
|-|-|-|-|
|||Rental expenses charged in|Rental expenses charged in|
|Name of lessor|Type of leased assets|||
|||current period|prior period|
|Ganzhou CATIC Real Estate||||
||Building|509,379.75|501,799.74|
|Company||||
|Jiujian CATIC Real Estate||||
||Building|153,054.77|0.00|
|Company||||
|CATIC Changtai Company|Building|85,154.99|0.00|
|Chengdu CATIC Property||||
||Building|0.00|404,994.68|
|Company||||

(4) Related guarantee
The Company as a guarantor
In CNY
||||||
|-|-|-|-|-|
|||||If the guarantee|
|Guarantees|Amount guaranteed|Effective date|Expiring date||
|||||finished?|
|HARMONY Company|30,000,000.00|May 14, 2015|May 13, 2018|No|
|HARMONY Company|27,000,000.00|May 20, 2015|May 19, 2018|No|
|HARMONY Company|100,000,000.00|October 29, 2014|October 28, 2017|No|
|HARMONY Company|50,000,000.00|December 8, 2014|December 7, 2017|No|
|HARMONY Company|60,000,000.00|January 13, 2015|January 12, 2018|No|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||
|-|-|-|-|-|
|HARMONY Company|13,500,000.00|March 27, 2015|September 27, 2017|No|
|FIYTA Hong Kong|10,365,660.24|February 3, 2015|November 13, 2015|No|
|FIYTA Hong Kong|3,944,000.00|March 12, 2015|November 13, 2015|No|
|FIYTA Hong Kong|4,732,800.00|April 2, 2015|November 13, 2015|No|
|FIYTA Hong Kong|2,589,220.22|May 6, 2015|November 13, 2015|No|
|FIYTA Hong Kong|10,469,837.06|June 2, 2015|November 13, 2015|No|
|FIYTA Hong Kong|39,440,000.00|July 11, 2013|2016年08月10日|No|
|FIYTA Hong Kong|39,440,000.00|August 5, 2013|2016年09月04日|No|
|FIYTA Hong Kong|15,776,000.00|January 6, 2014|2017年02月06日|No|
|FIYTA Hong Kong|7,888,000.00|January 27, 2014|2017年02月27日|No|
|FIYTA Hong Kong|15,776,000.00|March 3, 2014|2017年04月03日|No|

The Company as the guarantee
In CNY
||||||
|-|-|-|-|-|
|||||If the guarantee|
|Guarantors|Amount guaranteed|Effective date|Expiring date||
|||||finished?|
|HARMONY Company|60,000,000.00|January 27, 2015|January 25, 2018|No|
|HARMONY Company|140,000,000.00|March 3, 2015|March 2, 2018|No|
|HARMONY Company|70,000,000.00|March 30, 2015|March 30, 2018|No|
|China National Aviation|||||
||361,928.00|December 24, 2013|December 24, 2018|No|
|Group|||||
|China National Aviation|||||
||5,000,000.00|January 15, 2014|June 24, 2019|No|
|Group|||||
|China National Aviation|||||
||10,000,000.00|September 5, 2014|June 24, 2020|No|
|Group|||||
|China National Aviation|||||
||10,000,000.00|January 8, 2015|June 24, 2020|No|
|Group|||||
|China National Aviation|||||
||20,000,000.00|January 26, 2015|June 24, 2021|No|
|Group|||||
|China National Aviation|||||
||6,000,000.00|May 27, 2015|June 24, 2021|No|
|Group|||||

(5) Borrowings and lendings among related parties
In CNY
||||||
|-|-|-|-|-|
|Related parties|Lending|Effective day|Expiry date|Note|
|Borrowing|||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||
|-|-|-|-|-|
|||||The accrued interest of|
|||||the loan from China|
|China National Aviation|||||
||150,000,000.00|May 26, 2014|May 25, 2015|National Aviation|
|Group|||||
|||||Group amounted to|
|||||CNY 1,299,999.99.|
|Lending|||||
|Inapplicable|||||

(6) Assets assignment and liabilities reorganization of related parties
Inapplicable
(7)Remuneration to senior executives
Inapplicable
(8) Other related transactions
Inapplicable
6. Accounts receivable from and payable to related parties
(1) Receivables
In CNY
|||||||
|-|-|-|-|-|-|
|||Ending balance||Opening balance||
|Description|Related parties|||||
|||Book balance|Bad debt provision|Book balance|Bad debt provision|
|Accounts|Rainbow|||||
|||8,472,971.08|423,648.55|2,134,424.46|106,721.22|
|receivable|Department Store|||||
||AVIC|539,797.00|26,989.85|524,313.00|68,144.58|
||Shennan Circuits|5,169,656.22|258,482.81|1,477,311.21|73,865.56|
||Chengdu CATIC|||||
||Sunshine Real|999.00|49.95|7,875.00|393.75|
||Estate|||||
|Notes receivable|Shennan Circuits|3,790,772.80||6,162,768.29||
||Ganzhou CATIC|||||
|Other receivables|Real Estate|122,665.60|6,133.28|172,665.60|14,766.56|
||Company|||||
||Jiujiang CATIC|||||
||Real Estate|50,000.00|2,500.00|||
||Company|||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||
|-|-|-|-|-|
|CATIC City|||||
|Development|3,001.94|150.10|||
|Company|||||
|CATIC City Real|||||
||74,223.86|3,711.19|||
|Estate Company|||||
|CATIC Huacheng|||||
|Property|||||
||55,960.08|2,798.00|||
|Development|||||
|Company|||||
|Rainbow|||||
||360,306.60|18,015.33|308,001.60|15,400.08|
|Department Store|||||
|CATIC Changtai|||||
||50,000.00|2,500.00|50,000.00|2,500.00|
|Company|||||
|AVIC Training|||||
||150,000.00|7,500.00|||
|Center|||||
|Chengdu CATIC|||||
|Sunshine Real|115,616.40|5,780.82|115,616.40|11,561.64|
|Estate|||||

Note: In case a related transaction is settled based on net amount according to agreement, accounts receivable from a related party may be stated with the amount after offsetting.
(2) Payables
In CNY
|||||
|-|-|-|-|
|Description|Related parties|Ending book balance|Opening book balance|
|||133,848.00||
||Rainbow Department Store|34,980.00||
||Shanghai Watch Industry||647,691.97|
||CATIC City Investment|||
|Other payables||244,068.00|37,700.00|
||Company|||
||CATIC Securities Company|187,440.00|187,440.00|
||China National Aviation|||
|||0.00|150,000,000.00|
||Group|||
||CATIC Real Estate Company|424,800.00|424,800.00|
||CATIC Changtai Company|221,712.00|221,712.00|
||Jiufang Asset Mgmt|||
|||60,606.00|60,606.00|
||Company|||
||Rainbow Department Store|60,000.00|60,000.00|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||
|-|-|-|
|Chengdu CATIC Sunshine|||
||8,849.40|114,648.52|
|Real Estate|||

Note: In case a related transaction is settled based on net amount according to agreement, accounts payable to a related party may be stated with the amount after offsetting.
7. Relatedparties’ commitments
Inapplicable
8. Others
Inapplicable
XIII. Stock payment
1. General condition of stock payment
Inapplicable
2. Stock payment settled based on equity
Inapplicable
3. Stock payment settled in cash
Inapplicable
4. Correction and termination of stock payment
Inapplicable
5. Others
Inapplicable
XIV. Commitments and contingencies
1. Important commitments
Important commitments existing on balance sheet date
(1) Capital commitment
Capital commitments already signed but not yet End of the reporting Beginning of the
FIYTA Holdings Ltd. 2015 Semi-Annual Report recognized in the financial statements period reporting period Commitment for purchase/ construction of long term assets 142,640,588.31 187,127,768.52 (2) Operating lease commitment
Implementation of irrevocable operating lease contract signed by the Company ended the balance sheet date is as follows:
Minimum rent payment of irrevocable operating End of the reporting period Beginning of the reporting lease period 1st
year after the balance sheet date 14,437,021.28 28,940,871.89 2nd
year after the balance sheet date 18,385,548.63 18,388,748.63 3rd
year after the balance sheet date 8,701,355.74 8,702,855.74 Subsequent years 3,008,648.97 3,008,648.97 Total 44,532,574.62 59,041,125.23 (3) Other commitments
There existed no other commitments necessary to be disclosed ended 30th June, 2015.
XV. Other significant events
1. Significant non-adjustment events
Inapplicable
2. Profit distribution
In CNY
|||
|-|-|
|Profit or dividend announced for distribution through||
||39,276,787.00|
|consideration and approval||

3. Sales return
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report 4. Note to other matters after the balance sheet date
Inapplicable
XVI. Other significant events
1. Correction of accounting errors of prior period
(1) Retroactive restatement
Inapplicable
(2) Prospective application
Inapplicable
2. Reorganization of liabilities
Inapplicable
3. Assets replacement
(1) Exchange of non-monetary assets exchange
Inapplicable
(2) Other asset replacement
Inapplicable
4. Annuity plan
Inapplicable
5. Operation termination
Inapplicable
6. Information of branches
(1) Basis for determining a reporting branch and accounting policy
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report (2) Financial information of reporting branches
Inapplicable
(3) In case there is no reporting branch or it is unable to disclose total assets and liabilities of reporting branches, state the reason
Inapplicable
(4) Other notes
Inapplicable
7. Other significant transactions and events affectinginvestors’ decision making
Inapplicable
8. Others
Inapplicable
XVII. Notes to the parentcompany’s financial statements
1. Accounts receivable
(1) Disclosure of classification of accounts receivable
In CNY
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Ending balance||||||Opening balance||||||
||||Provision for||||||Provision for bad||||
||Book Balance||||||Book Balance||||||
||||bad debt||||||debt||||
|Categories||||Provisi||Book||||Provisio||Book|
||Amou|Propor|Amou|on||value|Amo|Propor|Amoun|n||value|
||nt|tion|nt|propor|||unt|tion|t|proportio|||
|||||tion||||||n|||
|Receivables for|||||||||||||
|which provision|||||||||||||
||||||||12,3||||||
|for bad debts|||||||||||||
||75,07|100.0|3,753.|||71,324|02,7|100.0|566,94|||11,735,7|
|have been||||5.00%||||||4.61%|||
||8.00|0%|90|||.10|30.0|0%|2.10|||87.90|
|recognized|||||||||||||
||||||||0||||||
|based on the|||||||||||||
|portfolio|||||||||||||
|Total|75,07|100.0|3,753.|5.00%|71,324||12,3|100.0|566,94|4.61%|11,735,7||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||||
|-|-|-|-|-|-|-|-|
|8.00|0%|90|.10|02,7|0%|2.10|87.90|
|||||30.0||||
|||||0||||

Receivables that are individually significant in amount and provided for bad debt separately at the end of period: Inapplicable
In the portfolio, receivables with provision for bad and doubtful debts based on aging analysis method:
In CNY
|||||
|-|-|-|-|
||Ending balance|||
|Age||||
||Accounts receivable|Provision for bad debt|Provision proportion|
|Itemized based on those within 1 year||||
|Sub-total within 1 year|75,078.00|3,753.90|5.00%|
|Total|75,078.00|3,753.90|5.00%|

 Note to the basis for determiing that portfolio:
In the portfolio, receivables with provision for bad and doubtful debts based on the balance percentage method:
Inapplicable
In the portfolio, receivables with provision for bad and doubtful debts based on other method.
Inapplicable
(2) Bad debt provisions accrued, received or reversed in the current period
The amount of bad debt provisions in CNY: the amount of bad debt provisions received or reversed in current period is CNY 563,188.20.
(3) Accounts receivable actually written off in current period
Inapplicable
(4) Accounts receivable due from the top five debtors of the Group are as follows:
Total accounts receivable due from the top five debtors of the Group as at the end of period is CNY75,078.00, accounting for100% of the total accounts receivable as at the end of period and the total provision for bad and doubtful debts made as at at the end of period is CNY 3,753.9.
(5) Accounts receivable derecognized due to transfer of financial assets
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report (6) Amount of assets and liabilities formed due to transfer of accounts receivable and continuing to be involved
Inapplicable
2. Other receivables
(1) Disclosure of classification of other receivables
In CNY
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Ending balance||||||Opening balance||||||
||||Provision for||||||Provision for bad||||
||Book Balance||||||Book Balance||||||
||||bad debt||||||debt||||
|Categories||||Provisi||Book||||Provisio||Book|
||Amou|Propor|Amou|on||value|Amo|Propor|Amoun|n||value|
||nt|tion|nt|propor|||unt|tion|t|proportio|||
|||||tion||||||n|||
|Other receivables|||||||||||||
|for which bad|||||||1,52||||||
||1,591,|||||1,591,|||||||
|debt reserve has||100.0|156,3||||4,54|100.0|27,484|||1,524,51|
||511,12|||0.01%||354,74||||0.01%|||
|been provided||0%|82.34||||0,59|0%|.97|||3,111.66|
||5.88|||||3.54|||||||
|based on the|||||||6.63||||||
|portfolio|||||||||||||
||||||1,591,354,743.54||1,52||||1,524,513,111.66||
||1,591,||||||||||||
|||100.0|156,3||||4,54|100.0|27,484||||
|Total|511,12|||0.01%||||||0.01%|||
|||0%|82.34||||0,59|0%|.97||||
||5.88||||||||||||
||||||||6.63||||||

Other receivables that are individually significant in amount and provided for bad debt separately at the end of period: Inapplicable
Inapplicable
In the portfolio, other receivables with provision for bad and doubtful debts based on aging analysis method:
In CNY
|||||
|-|-|-|-|
||Ending balance|||
|Age||||
||Other receivables|Provision for bad debt|Provision proportion|
|Itemized based on those within 1 year||||
|Sub-total within 1 year|2,832,722.84|141,636.14|5.00%|
|Over 3 years|29,492.40|14,746.20|50.00%|
|Total|2,862,215.24|156,382.34|5.46%|

Note to the basis for determiing that portfolio:
FIYTA Holdings Ltd. 2015 Semi-Annual Report In the portfolio, other receivables with provision for bad and doubtful debts based on the balance percentage method: Inapplicable
In the portfolio, other receivables with provision for bad and doubtful debts based on other method.
Name of portfolio Book Balance Provision for bad debt Provision proportion% Portfolio of specific 1588648910.64 - - accounts
Based on historical experience, theGroup‟s receivables due from petty cash paid to employees, receivables due from subsidiaries of the Company and accounts receivable for the sales between the last settlement date of the same department store and the balance sheet date are with high recoverability and low possibility of incurring bad debt, as a result, no bad debt provisions are provided for such receivables.
(2) Bad debt provision accrual, received or reversed in current period
Bad debt provision accrued is CNY 128,897.37 in current period; The amount received or reversed bad debt provision in current period was CNY .
(3) Other receivables actually written off in the current period
Inapplicable
(4) Classification of the other receivables based on the nature of fund
In CNY
||||||
|-|-|-|-|-|
|Nature of Payment||Ending book balance||Opening book balance|
|Dealings among related parties within|||||
|||1,588,149,838.34||1,523,785,927.87|
|the consolidation scope|||||
|Reserve||499,072.30||620,763.36|
|Deposit in security||1,000,000.00||0.00|
|Deposit in security||104,050.00||64,050.00|
|Others||1,758,165.24||69,855.40|
|Total|1,591,511,125.88||1,524,540,596.63||

 (5) Other receivables attributable to the top five debtors of the ending balance
In CNY
|||||||
|-|-|-|-|-|-|
|||||Proportion in total|Ending balance|
||Nature of|||||
|Company names||Ending balance|Age|ending balance|of the provision|
||Payment|||||
|||||of other|for bad debts|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
|||||||
|-|-|-|-|-|-|
|||||receivables||
|Shenzhen||||||
|Harmony World|Current|||||
|||878,408,879.43|Within 1 year|55.19%|0.00|
|Watches Center|accounts|||||
|Co., Ltd.||||||
|FIYTA Sales|Current|||||
|||608,348,891.02|Within 1 year|38.22%|0.00|
|Company|accounts|||||
|Emile Choureit||||||
||Current|||||
|Shenzhen||64,893,691.45|Within 1 year|4.08%|0.00|
||accounts|||||
|Company||||||
||Current|||||
|Trading Company||24,472,281.46|Within 1 year|1.54%|0.00|
||accounts|||||
|FIYTA Technology|Current|||||
|||9,415,388.81|Within 1 year|0.59%|0.00|
|Company|accounts|||||
|||1,585,539,132.1||||
|Total|--||--|99.62%|0.00|
|||7||||

(6) Accounts receivable in connection with government subsidy
Inapplicable
(7) Other receivables derecognized due to transfer of financial assets
Inapplicable
(8) Amount of assets and liabilities formed due to transfer of other receivables and continuing to be involved
Inapplicable
3.Long term equity investment
In CNY
||||||||
|-|-|-|-|-|-|-|
||Ending balance|||Opening balance|||
|Items||Impairment|||Impairment||
||Book Balance||Book value|Book Balance||Book value|
|||reserve|||reserve||
|Investment in|770,899,720.0||770,899,720.|730,799,720.||730,799,720.|
|||0.00|||0.00||
|subsidiaries|0||00|00||00|
|Investment in|||||||
||||42,639,775.6|42,389,759.9||42,389,759.9|
|associates|42,639,775.66|0.00|||0.00||
||||6|1||1|
|and joint|||||||

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||
|-|-|-|-|-|-|-|
|ventures|||||||
||813,539,495.66||813,539,495.66|773,189,479.91||773,189,479.91|
|Total||0.00|||0.00||

 (1) Investment in subsidiaries
In CNY
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||||||||Provisionreserveprovided in thereportingperiod|||
||||||||||Ending|
||||Increase inthe reportingperiod|Decrease in||||||
|||Openingbalance||||Endingbalance|||balance of the|
|Investees||||the reporting||||||
||||||||||provision for|
|||||period||||||
||||||||||impairment|
|Shenzhen||||||||||
|Harmony||||||||||
|||601,307,200.00||||601,307,200.00||||
|World Watches||||||||||
|Center Co.,||||||||||
|Ltd.||||||||||
|HarbinShenzh||||||||||
|en Harmony||||||||||
|World Watches||125,000.00||||125,000.00||||
|Center Co.,||||||||||
|Ltd.||||||||||
|FIYTA||||||||||
|Manufacture||9,000,000.00||||9,000,000.00||||
|Company||||||||||
|FIYTA (Hong||55,367,520.00|40,100,000.00|||95,467,520.00||||
|Kong) Limited||||||||||
|FIYTA||||||||||
|||10,000,000.00||||10,000,000.00||||
|Technology||||||||||
|Company||||||||||
|Trading||||||||||
|||5,000,000.00||||5,000,000.00||||
|Company||||||||||
|FIYTA Sales||50,000,000.00||||50,000,000.00||||
|Company||||||||||
||730,799,720.00||40,100,000.00||770,899,720.00|||0.00||
|Total||||||||||

(2) Investment in joint venture and associates
In CNY
||||||
|-|-|-|-|-|
|Invest|Openin|Increase/ Decrease (+ / -) in the reporting period|Ending|Ending|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|ors||g|||Incom||Otherequitymovement|||||balanc||balanc|
|||balanc|||e from|||Annou||||e||e of|
|||e|||equity|Other||n ced||||||the|
||||||invest|compr||for||||||provisi|
||||Additio|Decrea|||||Provisi||||||
||||||ment|ehensi||distribu||||||on for|
||||nal|se of|||||on for||||||
||||||recogn|ve||ting||Others||||impair|
||||invest|invest|||||impair||||||
||||||ized|income||cash||||||ment|
||||ment|ment|||||ment||||||
||||||under|adjust||dividen|||||||
||||||equity|ment||d or|||||||
||||||metho|||profit|||||||
||||||d||||||||||
|I. Joint Venture|||||||||||||||
|II. Associates|||||||||||||||
|Shang|||||||||||||||
|hai||42,389||||||||||42,639|||
||||||250,01||||||||||
|Watch||,759.9||||||||||,775.6||0.00|
||||||5.75||||||||||
|Industr||1||||||||||6|||
|y|||||||||||||||
|||42,389||||||||||42,639|||
|Sub-tot|||||250,01||||||||||
|||,759.9||||||||||,775.6||0.00|
|al|||||5.75||||||||||
|||1||||||||||6|||
||42,389,759.91||||||||||42,639,775.66||0.00||
||||||250,01||||||||||
|Total|||||||||||||||
||||||5.75||||||||||

(3) Other notes
Inapplicable
4. Operating revenue and operating costs
In CNY
||||||
|-|-|-|-|-|
||Amount incurred in the reporting period||Amount incurred in the previous period||
|Items|||||
||Income|Cost|Income|Cost|
|Principal business|47,530,000.90|6,946,511.39|42,966,203.07|6,497,016.07|
|Total|47,530,000.90|6,946,511.39|42,966,203.07|6,497,016.07|

 5. Return on investment
In CNY
||||
|-|-|-|
|Items|Amount incurred in the reporting|Amount incurred in the previous|

FIYTA Holdings Ltd. 2015 Semi-Annual Report
||||||
|-|-|-|-|-|
|||period||period|
|Income from long term equity|||||
|||131,388,140.58||98,601,444.91|
|investment based on cost method|||||
|Income from long term equity|||||
|||250,015.75||-504,563.21|
|investment based on equity method|||||
|Total|131,638,156.33||98,096,881.70||

 6. Others
Inapplicable
XVIII. Supplemental Information
1. Details of non-recurring gain or loss for the year
In CNY
||||
|-|-|-|
|Items|Amount|Note:|
|||Refers to the gain or loss from|
|Gain/loss from disposal of non-current|||
||34,200.78|disposal of partial obsolete office|
|assets|||
|||fixed assets|
|Government grants included in current|||
|profit or loss (except for the fixed or|||
|quantitative government grants,|||
|||For the detail, refer to Note VII.69:|
|enjoyed in a consecutive way, which|||
||1,603,451.99|Description of government subsidy|
|closely related to the enterprise|||
|||counted to the current gain or loss|
|businesses and according to certain|||
|state policies and or on a nation-wide|||
|unified standard)|||
|Other non-operating income and||Other various non-operating revenue|
||-133,218.09||
|expenses other than the above items||and expenditure|
|Less: amount of income tax affected|353,100.22||
|Total|1,151,334.46|--|

For theCompany‟s non-recurring gain/loss items as defined in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering their Securities to the Public– Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering their Securities to the Public– Non-recurring Gains and Losses which have been defined as recurring gains and losses, it is necessary to explain the reason.
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report 2. ROE and EPS
|||||||
|-|-|-|-|-|-|
||||Earnings per share|||
||Net assets-income ratio, weighted|||||
|Profit of the report period|||Basic earnings per||Diluted earnings per|
||average|||||
||||share, in CNY/share||share (CNY/share)|
|Net profit attributable to the||0.186||0.186||
|Company‟s shareholders of|4.36%|||||
|ordinary shares||||||
|Net profit attributable to the||||||
|Company‟s shareholders of||||||
||4.29%||0.183||0.183|
|ordinary shares less||||||
|non-recurring gains and loss||||||

3. Discrepancy in accounting data between IAS and CAS
(1) Discrepancy in net profit and net assets as disclosed in the financial report respectively according to IAS and CAS
Inapplicable
(2) Discrepancy in net profit and net assets as disclosed in the financial report respectively according to the accounting standards outside Mainland China and CAS
Inapplicable
(3) Note to the discrepancy in accounting data under the accounting standards outside Mainland China. In case the discrepancy in data which have been audited by an overseas auditing agent has been adjusted, please specify the name of the overseas auditing agent.
Inapplicable
4. Others
Inapplicable
FIYTA Holdings Ltd. 2015 Semi-Annual Report Section 10 Documents Available for Inspection
I. Financial Statements signed by and under the seal of the legal representative, chief accountant and accounting supervisors;
II. All the manuscripts of theCompany‟s documents and announcements disclosed in the newspapers (Securities Times and Hong Kong Commercial Daily) designated by China Securities Regulatory Commission.