Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Sino Great Wall Co., Ltd.
The Semi-annual Report 2018
August 2018
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 I. Important Notice, Table of Contents and Definitions
The Board of Directors and the directors, Supervisory Committee and supervisors and Senior Executives of the Company hereby warrant that at the year, there are no misstatement, misleading representation or important omissions in this report and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.
Mr. Chen Lue,The Company leader, Mr.Tang Xianyong, Chief financial officer and the Mr.Tang Xianyong, the person in charge of the accounting department (the person in charge of the accounting) hereby confirm the authenticity and completeness of the financial report enclosed in this semi-annual report.
All the directors attended the board meeting for reviewing the Semi-Annual Report.
The Company has no plan of cash dividends carried out, bonus issued and capitalizing of common reserves either.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Table of Contents
Semi-Annual Report 2018
I. Important Notice and Definitions
II. Corporate Profile and Key Financial Indicators
III. Business Profile
IV. Performance Discussion and Analysis
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Situation of the Preferred Shares
VIII.Information about Directors, Supervisors and Senior Executives
IX. Corporate Bonds
X.Financial Report
XI. Documents available for inspection
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Definition
||||
|-|-|-|
|Terms to be defined|Refers to|Definition|
|Company Law|Refers to|Company Law of the People’s Republic of China|
|Securities Law|Refers to|Securities Law of the People’s Republic of China|
|“CSRC”|Refers to|China Securities Regulatory Commission|
|Company,The Company, Sino Great Wall|Refers to|Sino Great Wall Co., Ltd.|
|Sino International|Refers to|Sino Great Wall International Engineering Co., Ltd.|
|SZSE|Refers to|Shenzhen Stock Exchange|
|Reporting period|Refers to|January 1,2018 to June 30,2018|
|Wuhan Commercial worker Hospital|Refers to|Wuhan Commercial worker Hospital Co., Ltd.|
|Union Holdings|Refers to|Union Holdings Co., Ltd.|
|Rich Crown Investment|Refers to|Rich Crown Investment Co., Ltd.|
|Baden-Baden Hospital|Refers to|Acura Kliniken Baden-Baden GmbH|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018 II. Corporate Profile and Key Financial Indicators
I．Company Information
||||||
|-|-|-|-|-|
|Stock abbreviation:||Sino Great Wall Sino-B|Stock code：|000018 200018|
|Change of stock|||||
|||Nil|||
|Abbreviation（If any）|||||
|Stock exchange for listing||Shenzhen Stock Exchange|||
|Name in Chinese|神州长城股份有限公司||||
|Chinese Abbreviation||神州长城 神州B|||
|English name (If any)||Sino Great Wall Co., Ltd.|||
|English Abbreviation (If|||||
|||Sino Great Wall Sino-B|||
|any)|||||
|Legal Representative|Chen Lue||||

II. Contact person and contact manner
||||
|-|-|-|
||Board secretary|Securities affairs Representative|
|Name|Yang Chunling||
||Sino Great Wall Building, No.3 Jinxiu||
|Contact address|Street,EconomicTechnology||
||Development Zone , Beijing||
|Tel|010-89045855||
|Fax|010-89045856||
|E-mail|1208806865@qq.com||

III. Other information
(1)Way to contact the Company
Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting period or not
□ Applicable□√ Not Applicable
The registered address, office address and their postal codes, website address and email address of the Company did not change during the reporting period. The said information can be found in the 2017 Annual Report.（2）About information disclosure and where this report is placed
Did any change occur to information disclosure media and where this report is placed during the reporting period?
□ Applicable√ Not applicable
The newspapers designated by the Company for information disclosure, the website designated by CSRC for
disclosing this report and the location where this report is placed did not change during the reporting period. The
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 said information can be found in the 2017 Annual Report.
IV. Summary of Accounting Data and Financial Indicators
Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.
□ Yes√No
|||||||
|-|-|-|-|-|-|
|||Reporting period||Same period of last year|YoY+/-（%）|
|Operating income（RMB）|1,586,971,575.24||3,025,082,356.80||-47.54%|
|Net profit attributable to the shareholders|143,999,455.72||268,606,450.03|||
||||||-46.39%|
|of the listed company（RMB）||||||
|Net profit after deducting of||||||
|non-recurring gain/loss attributable to||||||
|||-33,506,685.35||264,902,836.16|-112.65%|
|the shareholders of listed company||||||
|（RMB）||||||
|Cash flow generated by business|1,098,164,365.63||-535,997,580.19|||
||||||304.88%|
|operation, net（RMB）||||||
|Basic earning per share(RMB/Share)|0.0848||0.16||-47.00%|
|Diluted gains per|0.0848||0.16|||
||||||-47.00%|
|share(RMB/Share)(RMB/Share)||||||
|Weighted average ROE(%)||-6.61%||14.39%|-7.78%|
|||As at the end of the||||
|||||As at the end of last year|YoY+/-（%）|
|||reporting period||||
|Gross assets (RMB)|11,025,565,646.45||11,667,845,186.30||-5.50%|
|Shareholders’ equity attributable to|2,205,590,520.66||2,151,482,467.52|||
|shareholders of the listed company|||||2.51%|
|（RMB）||||||

V.The differences between domestic and international accounting standards
1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial reports of differences in net income and net assets.
□Applicable□√ Not applicable
Nil
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards.
□ Applicable√Not applicable
Nil
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 VI. Items and amount of non-current gains and losses
√Applicable□Not applicable
In RMB
||||||
|-|-|-|-|-|
|Items||Amount||Notes|
|Non-current asset disposal gain/loss(including the write-off part|-570,793.76||||
|for which assets impairment provision is made)|||||
|Income from the exceeding part between investment cost of the|70,486,755.72||Mainly due to the acquisitionof Baden-Baden Hospitalevaluation value-added||
|Company paid for obtaining subsidiaries, associates and|||||
|joint-ventures and recognizable net assets fair value attributable|||||
|to the Company when acquiring the investment|||||
||108,668,232.63||Mainly due to the landcompensation paid by UnionHoldings||
|Net amount of non-operating income and expense except the|||||
|aforesaid items|||||
|Less: .Amount of influence of income tax|1,078,053.52||||
|Total|177,506,141.07|||--|

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.
□ Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information disclosure explanatory Announcement No.1- Non–recurring gain/loss in the report period.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 III. Business Profile
I. Main Business the Company is Engaged in During the Report Period
Whether the company needs to comply with the disclosure requirements of the particular industry
Yes
Civil Engineering Construction
Within the report period, the core business of the company is engineering construction and investment and management in medical treatment and health industry. The engineering construction mainly includes the international engineering general contracting (EPC) and domestic PPP business. The investment and management in medical treatment and health industry mainly comprises the medical treatment operation management for hospitals in the industry through several ways including acquisition of existing hospitals, construction of new hospitals, as well as building and investing the PPP projects for hospitals, etc.
At present, thecompany’s business covers the house building, roads and bridges, power and chemical industry as well as medical treatment and health, etc., which has extended to many countries and regions in Southeast Asia, the Middle East, South Asia and Africa, etc. The company mainly engages in the foreign engineering construction through EPC, namely general contracting or several phases of contracting in design, purchase, construction and trial operation of construction project through integrating the high-quality resources at home and abroad. For the domestic engineering construction, the company mainly adopts PPP model, namely the project operation model through cooperation of the government and social capital. Under such model, the government will select the social capital with the investment and operation management capacity through competitive ways, and both parties shall enter into the contract through consultation on the basis of equality, under which public services will be provided through social capital and the government shall pay the consideration against the social capital based on the public service performance assessment result.
Currently, thecompany’s construction qualifications include: first-class qualification as general contractor of housing& construction engineering project, first-class qualification as specialized contractor of architectural decoration engineering design and construction, first-class qualification as specialized contractor of building curtain wall engineering, first-class qualification as specialized contractor of ground foundation engineering, first-class qualification as specialized contractor of firefighting facilities engineering, first-class qualification as specialized contractor of waterproof anti-corrosion insulation engineering, second-class qualification as general contractor of mechanical and electrical engineering construction, second-class qualification as specialized contractor of bridge construction, second-class qualification as general contractor of petrochemical engineering construction, second-class qualification as general contractor of municipal public engineering construction, second-class qualification as specialized contractor of tunnel construction, second-class qualification as specialized contractor of fabrication and installation of hydraulic metal structure, second-class qualification as general contractor of water conservancy and hydropower project construction, third-class qualification as general contractor of railway engineering construction, second-class qualification as general contractor of metallurgical engineering construction, qualification regardless of grades as specialized contractor of special engineering, third-class qualification as specialized contractor of highway pavement engineering, third-class qualification as specialized contractor of highway subgrade engineering, etc. The scope covers the engineering qualifications of building, highway, railway, municipal utilities, water conservancy and hydropower, petrochemical, electric power and other types of engineering. Among these qualifications, class A qualification for design of architectural decoration engineering will expire on December 18, 2018, and the company is preparing for extension application,
as it is qualified for the application.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 In overseas market, after many years of development, thecompany’s ability to adapt to overseas standards and localized project management capability has been continuously improved through years of talent cultivation and technology accumulation. For the domestic business, as the Company PPP project bid-winning quantity and commencement quantity increase continuously, the Company improves PPP project operation capacity continuously, accumulates experience in aspects of the project bidding, financing ways and operation management and forms its unique operation ways.
As of the end of the reporting period, the company has won more than 40 billion yuan of unfilled orders at home and abroad, with good development prospect, thus providing excellent support for thecompany’s future performance in the project.
Ⅱ.Major Changes in Main Assets
1. Major Changes in Main Assets
|||
|-|-|
|Main assets|Major changes|
|Equity assets|Has not changed much|
|Fixed assets|Mainly due to the merger of Acura Kliniken Baden-Baden GmbH|
|Intangible assets|Mainly due to the merger of Acura Kliniken Baden-Baden GmbH|
|Construction in process|Mainly due to the completion of overseas equipment installation|

2. Main Conditions of Overseas Assets
√ Applicable□ Not applicable
||||||||||
|-|-|-|-|-|-|-|-|-|
||||||||The|Is there|
||||||Control||proportion|a|
|Specific|||||||||
||||||measures||of overseas|significa|
|content|Cause of|||Operationa||Income|||
|||Asset size|location||to ensure||assets to|nt risk|
|of the|formation|||l mode||status|||
||||||asset||the|of|
|asset|||||||||
||||||security||company's|impairm|
||||||||net assets|ent?|
||||||Achieve||||
|||||||Net profit|||
|||Total assets|||actual||||
|||||||for|||
|Baden-B||as of June|||control||||
|||||||january-jun|||
|aden|Purchase|30, 2018 is|Germany|Proprietary|through the||2.2%|No|
|||||||e 2018 is|||
|Hospital||51,055,379|||hiring of||||
|||||||2,331,129.|||
|||.01yuan|||senior||||
|||||||11yuan|||
||||||executives||||

□ Applicable√ Not applicable
Ⅲ.Analysis On core Competitiveness
Whether the company needs to comply with the disclosure requirements of the particular industry
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Yes
Civil Engineering Construction
|||
|-|-|
||As a leading construction contractor for comprehensive engineering services, Sino Great Wall Co., Ltd. has|
|leading integrated contracting capability in EPC, BT, BOT and PPP projects and other large projects. Under the||

 Belt and Road Initiative, the company has had a good opportunity for overseas business development. With the continuous promotion of PPP project throughout the country, the company is faced with a good opportunity for its domestic business development. In addition, thecompany’s comprehensive strength, overseas influence and market competitiveness have been improved year by year.
1. Strategic positioning advantage
The “Construction& Engineering contracting” and “Medical& Health Business” will be thecompany’s two strategic directions for future development. In 2013, the company set up the development goal “Making bigger and stronger overseas business, and to become the world's leading international comprehensive construction& building service provider”. In 2016, the company set up the “Medical& Health business” as another essential development direction. All of those are to comprehensively cater the needs of the national strategies of “One Belt, One Road” and “Medical& Health Industry Development”. The good prospects of “One Belt, One Road” projects and “Medical& Health Industry” will provide a broad market space for thecompany’s business development. In terms of engineering contracting, the early-development advantage of overseas business enables the company to have rich management experiences and high-quality customers and establish talented teams, thus laid a solid foundation for thecompany’s overseas business development. In terms of the Medical& Health business, the company has set up project teams in many domestic places such as Sichuan, Henan ,Hubei and Guizhou, and the company has purchased Wuhan Commercial and Vocational Hospital Co, Ltd and won the bids of many medical and health PPP projects. Also, the company has established cooperative relationships with many hospitals and has recruited many kinds of talents in terms of medical, hospital management, investment and financing etc, thus provided a strong support for the Medical& Health business development.
2. Standardized and high-efficient management system, fully market-oriented operation mechanism
With the increasingly expanding of the company scale and business scope, the management for the company is becoming more complex. However, the company timely set up the sound management system and the authorization system to standardize the approval procedures, reduce the management hierarchy tiers and improve the work efficiency and execution, thus ensured the efficient operation of thecompany’s business operation. For the operation mechanism, the company bravely faces the fierce competition in the market, adheres to the market-oriented development, respects the objective laws of the market and constantly improves its management level, thus to timely response to changes in the market and continuously improve the company's market image, construction quality and profitability.
3. Integrated design and construction advantages
The company has a wide range, high-ranking construction qualifications, and the company has integrated design and construction experiences and good project management capabilities, so the company is able to provide integrated design and construction services in terms of civil engineering, decoration, mechanical and electrical installation and full industry chain of curtain wall, and the company can independently complete the whole process of construction project. The company can form a comprehensive advantage in the field of building engineering, so it can reasonably schedule the procurement, labor use and construction plan, as well as the company can constantly optimize the process to reduce the project costs. Thecompany’s excellent design ability,
sound construction quality, high-efficient construction planning and the comprehensive high-quality service
greatly enhanced thecustomers’ satisfaction.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 4. Costs advantages and quality-control advantages
Thecompany’s core management personnel have more than ten years of experience in building construction. With a deep understanding of the industry, the company has established a sound system integrating material procurement, labor management and quality control. In the procurement, through comprehensive price comparison, bidding and procurement, the supplier is screened to manage material procurement cost of project within the controllable range at the early stage of the project. By locking the technical requirements and time requirements of the project, the company can lock the labor costs. The company has set up strict quality-control system for the design drawing, raw material procurement and each aspect of the project construction management, thus to strictly ensue the project construction quality, so the company has won good reputation and got trust and recognition by a great number of customers.
5. Talent advantage
The company's core management team staff has many years of experience in construction work and has strong business ability and rich experience, with strong management ability and technological level. The company always adheres to the talent concept of "Employees are the most valuable wealth of the company", and an active and positive management team is the cornerstone of the company's stable, healthy and sustainable development.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 IV. Performance Discussion and Analysis
Ⅰ.General
In the first half of 2018, the company has continued to adhere to the values of “integrity, professionalism, perfection and honor”, paying close attention to the policies and related developments of “the Belt and Road Initiative”, PPP business and construction medical industry, in order to adapt to the economic development situation by actively expanding overseas project contracting and investment business brought by “the Belt and Road Initiative” and increasing the investment and construction of PPP projects in medical industry and infrastructure, which has achieved good results.
In terms of engineering construction, the company has achieved relatively sound and rapid development at home and abroad. In terms of overseas business, the company has signed important construction contracts with a number of countries and regions in Southeast Asia, winning the bids for development project of Dongphosy Special Economic Zone in Vientiane, Laos and Mekong Villa project in Cambodian, which helps the company expand the types and scope of domestic and international project contracting business and enhance thecompany’s competitive advantage and overall profitability in order to become a “provider for integrated solution in building construction”. Thecompany’s domestic business covers various fields such as medical treatment, municipal construction, transportation and infrastructure. For example, the company has won the PPP project of ecological water system and road network for new district in Yanjin County. As of the end of June 2018, the company has obtained domestic and international orders exceeding 40 billion yuan, ensuring a steady growth in thecompany’s operating performance in the next few years.
In the investment and management in the medical and health industry, the company has acquired100% of equity of Acura Kliniken Baden-Baden GmbH, Germany for 14.1 million euros. The Acura Kliniken Baden-Baden GmbH is a long-established specialized hospital in Germany with a high reputation in medical rehabilitation. The acquired hospital is used to introduce senior medical talents, technology and management experience owned by Germany, and integrate Chinese and foreign resources to achieve thecompany’s development in the field of medical rehabilitation.
In other respects, in order to actively grasp the important historical opportunity and business chance to buildXiong’an New District into a city of “green wisdom” and“Xiong’an quality” proposed by the Party Central Committee, thecompany’s wholly-owned subsidiary Sino Great Wall International invested RMB 100 million to establish a wholly-owned subsidiary, Sino Great Wall HebeiXiong’an Engineering Co., Ltd., inXiong’an New District, andXiong’an Engineering officially obtained a business license on February 24, 2018. In order to carry out business effectively inXiong’an New District, the company leased its office inXiong’an New District and planned to arrange the subsidiaries with relevant construction qualifications to merge withXiong’an Company, so thatXiong’an Company quickly obtained construction qualification to smoothly obtain orders.
In January-June 2018, the company realized operation income of 1,586,971,575.24 yuan , an decrease of47.54% from the last year; and the net profit attributable to the parent company was 143,999,455.72 yuan, an decrease of46.39% from the last year. The decrease in the above data was Mainly due to the country's credit tightening, the funding is tight and the project is progressing slowly.
Ⅱ.Main business analysis
Refer to relevant contents of “1.Summarization” in “Discussion and Analysis of Management”.
Changes in the financial data
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 In RMB
||||||||
|-|-|-|-|-|-|-|
|||||Same period of last|||
|||Reporting period|||YoY+/-（%）|Reason for change|
|||||year|||
||1,586,971,575.24||3,025,082,356.80|||Mainly due to the|
|||||||country's credit|
|Operating revenues|||||-47.54%|tightening, the funding|
|||||||is tight and the project|
|||||||is progressing slowly.|
||1,312,212,102.46||2,319,598,615.76|||Reduced operating|
|Operating costs|||||-43.43%||
|||||||income|
|Selling expense|16,521,622.08||18,094,586.39||-8.69%||
|Administrative|127,907,861.56||125,176,758.15||||
||||||2.18%||
|expense|||||||
||145,939,925.19||139,811,809.59|||Due to increase of|
|Finance costs|||||4.38%|Long-term and|
|||||||short-term borrowing|
||18,790,236.79||56,227,138.25|||Due to decrease of|
|Income taxes|||||-66.58%||
|||||||profit|
|||||||Reduced R&D|
|R &D investment||48,047,814.77||91,252,470.70|-47.35%|investment in this|
|||||||period|
||1,098,164,365.63||-535,997,580.19|||Mainly because the|
|Net cash generate by|||||||
||||||-304.88%|current payback is|
|operating activities|||||||
|||||||better.|
|Net cash generated by|-201,491,732.24||-265,219,280.44||||
||||||-24.03%||
|investing activities|||||||
||-1,281,374,118.34||1,308,613,716.28|||Mainly due to the|
|Net cash generated by|||||||
||||||-197.92%|repayment of loans in|
|financing activities|||||||
|||||||the current period|
||-389,203,669.48||502,768,417.94|||Mainly due to the|
|Net increase in cash|||||||
||||||-177.41%|repayment of loans in|
|and cash equivalents|||||||
|||||||the current period|
||392,028,545.46||288,201,562.88|||Mainly for the increase|
|Note receivable|||||36.03%|of company bill|
|||||||collection|
||331,425,276.47||174,537,150.56|||Mainly due to the|
|||||||merger of Acura|
|Fixed assets|||||89.89%||
|||||||Kliniken Baden-Baden|
|||||||GmbH|
|Construction in|707,700.59||4,968,590.96||-85.76%|Mainly due to the|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||
|-|-|-|-|-|
|process||||completion of overseas|
|||||equipment installation|
||170,804,965.85|127,524,445.00||Mainly due to the|
|||||merger of Acura|
|Intangible assets|||33.94%||
|||||Kliniken Baden-Baden|
|||||GmbH|
||1,776,077.61|16,105,263.85||Mainly due to the|
|Interest payable|||-88.97%|maturity of loans in the|
|||||first half|
||1,322,713,803.81|520,965,421.13||Mainly due to the|
|Other account payable|||153.90%|increase in short-term|
|||||accounts payable|
|Non-current|487,657,918.14|820,422,471.45||Mainly due to the|
|liabilitiesdue within 1|||-40.56%|gradual expiration of|
|year||||Long-term loans|
||51,894,878.61|26,088,961.71||Mainly due to the|
|Deferred income tax||||merger of Acura|
||||98.92%||
|liabilities||||Kliniken Baden-Baden|
|||||GmbH|

Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable√Not applicable
No such cases in the reportingperiod。
Breakdown of main business
In RMB
||||||||
|-|-|-|-|-|-|-|
||||||Increase/decrea||
|||||||Increase/decrea|
|||||Increase/decrea|se of principal||
|||||||se of gross|
|||||se of reverse in|business cost||
||Operating||Gross profit|||profit rate over|
|||operating costs||the same period|over the same||
||revenue||rate(%)|||the same period|
|||||of the previous|period of||
|||||||of the previous|
|||||year(%)|previous year||
|||||||year (%)|
||||||(%)||
|Industry|||||||
||1,277,090,209.|1,058,787,163.|||||
|EPC|||17.09%|-37.30%|-30.28%|-8.35%|
||10|78|||||
|Decoration|||||||
||309,881,366.14|253,424,938.68|18.22%|-68.64%|-68.36%|-0.72%|
|work|||||||
|Product|||||||
||1,277,090,209.|1,058,787,163.|||||
|EPC|||17.09%|-37.30%|-30.28%|-8.35%|
||10|78|||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||||
|-|-|-|-|-|-|-|
|Decoration|||||||
||309,881,366.14|253,424,938.68|18.22%|-68.64%|-68.36%|-0.72%|
|work|||||||
|Area|||||||
|Domestic|911,931,967.87|822,312,618.71|9.83%|-42.89%|-36.85%|-8.63%|
|Overseas|675,039,607.37|489,899,483.75|27.43%|-52.74%|-51.85%|-1.33%|

 III. Non-core business analysis
√ Applicable□ Not applicable
|||||||
|-|-|-|-|-|-|
|||Amount|Ratio in total profit|Note|Whether be sustainable|
|Investment|5,171,892.51|||Due to the Disposal of||
|||5,171,892.51|3.20%||No|
|income||||subsidiaries||
||179,220,495.20|||Due to Land compensation||
|Non-operating||||and acquisition of||
|||179,220,495.20|110.73%||No|
|income||||subsidiaries assessed value||
|||||added||
|Non-operating|636,300.61|||Due to Disposal of fixed||
|||636,300.61|0.39%||No|
|expenses||||assets||

IV. Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||||||End of same period of last||||
|||End of Reporting period|||||||
||||||year||Change||
||||As a|Amount||As a|in||
|||||||||Reason for significant change|
||||percentage|||percentage|percent||
|||Amount|||||||
||||of total|||of total|age(%)||
||||assets(%)|||assets(%)|||
||Cash and bank|1,374,597,109.50|||1,720,256,08||||
||||12.47%|||18.08%|-5.61%|Has not changed much|
||balances||||3.77||||
||Account|5,031,464,951.12|||4,828,966,37||||
||||45.63%|||50.74%|-5.11%|Has not changed much|
||receivable||||7.80||||
|Inventory||745,455,718.17|||301,728,576.||||
||||6.76%|||3.17%|3.59%|Has not changed much|
||||||28||||
|Fixed assets||331,425,276.47|||127,345,176.|||Due to Acquisition of Acura|
||||3.01%|||1.34%|1.67%||
||||||80|||Kliniken Baden-Baden GmbH|
||Construction in|707,700.59|0.01%||3,788,297.42|0.04%|-0.03%|Has not changed much|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||||
|-|-|-|-|-|-|-|
|process|||||||
|Short-term|2,798,513,481.24||2,750,186,59||||
|||25.38%||28.90%|-3.52%|Has not changed much|
|loans|||5.11||||
|Long-term|873,089,164.49||444,341,594.||||
|||7.92%||4.67%|3.25%|Due to increase in loans|
|loans|||32||||

2.Asset and Liabilities Measured by Fair Value
□ Applicable√ Not applicable
3. Restricted asset rights as of end of the reporting period
On January 4, 2017, Wuhan Commercial Worker Hospital received a loan of RMB 100 million from Great Wall Guoxing Financial Leasing Co., Ltd. for a period of 36 months through finance leasing. Please refer to the published on January 5,2017 on www.cninfo.com.cn) on the relevant announcement.
By the end of the report, the pledge of receivables amounted to 4,121 million yuan. The land of shenzhou Great Wall smart housing industry (zhanjiang) co., ltd. was mortgaged to shenzhen branch of bohai bank by the highest amount of mortgage (the highest amount of debt is 22.28 million yuan). The term is June 11, 2018, solstice, December 21, 2018.
Ⅴ.Investment situation
1. General
√ Applicable□ Not applicable
||||
|-|-|-|
||Investments made in same period of last||
|Investments made in the reporting period||+/- %|
||year||
|16,000,000.00|135,075,100.00|-88.15%|

 2.Condition of Acquiring Significant Share Right Investment during the Report Period
□ Applicable√ Not applicable
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable√ Not applicable
4.Investment of Financial Asset
（1）Securities investment
□ Applicable√ Not applicable
The Company had no securities investment in the reporting period.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018（2）Investment in Derivatives
□ Applicable√ Not applicable
The Company had no investment in derivatives in the reporting period.
VI. Sales of major assets and equity
1. Sales of major assets
□ Applicable√ Not applicable
The Company had no sales of major assets in the reporting period.
2.Sales of major equity
□ Applicable√ Not applicable
Ⅶ.Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable□ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over10% net profit influencing to the Company In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
|||Main|||||||
|Company|Company||Registered|Total|||Operatin||
|||business|||Net assets|Turnover||Net profit|
|name|type||capital|assets|||g profit||
|||scope|||||||
|||Constructi|||||||
|||on general|||||||
|||contracting|||||||
|||, labor|||||||
|||subcontrac|||||||
|||ting;|||||||
|||engineerin|||||||
|Sino Great||g survey|||||||
|Wall||and design;|||||||
||||1,000,000,|10,301,339|2,342,029,|1,481,683,|101,065,|160,005,549.|
|International|Subsidiaries|profession|||||||
||||000|,207.19|908.99|700.81|871.37|15|
|Engineering||al|||||||
|Co., Ltd.||contracting|||||||
|||;|||||||
|||engineerin|||||||
|||g design|||||||
|||for the|||||||
|||constructio|||||||
|||n|||||||
|||decoration;|||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||
|-|
|building|
|curtain|
|wall|
|design,|
|Engineerin|
|g and|
|technical|
|research|
|and|
|experiment|
|al|
|Developm|
|ent. etc.|

Subsidiaries obtained or disposed in the reporting period
□ Applicable√ Not applicable
Notes
Sino international is a construction enterprise mainly engaged in project general contracting (EPC), which can provide customers with "one-stop" project solutions and services, and is committed to becoming a global leading international comprehensive construction service provider. The business area covers two major domestic and foreign markets, with construction projects in 20 foreign countries and 15 overseas branches. The business scope covers construction, highway, municipal public utilities, energy and chemical engineering and other engineering construction majors.
Sino international mainly includes overseas general contracting business, domestic PPP construction business, decoration and mechanical and electrical business. Sino Great Wall hebei xiongan engineering co., LTD. (hereinafter referred to as xiongan company), a subsidiary of the company, was officially established and obtained the business license on feb 24, 2018. In order to better conduct business in xiongan new area, the company rented offices in the new area in 2017 to better serve the construction and development of xiongan new area.
In the first half of 2018, the business revenue was 148,1683,700 yuan. Realized net profit of 16,000.55 million yuan.
VIII．Structured vehicle controlled by the Company
□ Applicable√ Not applicable
IX. Prediction of business performance for January -September 2018
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the warning of its material change compared with the corresponding period of the last year and explanation of reason.
□ Applicable√ Not applicable
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 X. Risks facing the Company and countermeasures
（1）Influence of Macro Economy and Policy
The construction industry and the health-care industry, in which the Company are engaging, are influenced greatly by macro economy and policies. The uncertainty in international and domestic economic situation and the changes of national policy will bring potential risks to theCompany’s market development and operating management.
Solutions: Pay constant attention to the international and domestic economic situation to make reasonable prejudgment. Make timely adjustment for operating strategy and marketing policy and make pre-arranged planning which copes with market changes to guarantee the smooth realization for business goals in 2018. (2)Risks Aggravated by the Market Competition
As to the international market, on the one hand, the combinations among the strong ones of the giant international contractors in Europe, America, Japan and South Korea are increasingly common, which can increasingly strength the aspects including the technology, financing and management; on the other hand, more domestic enterprises have participated in the international market competition of construction& engineering, intensified the overseas construction market competition. In the domestic market, with the continuous rise of the attractiveness of PPP projects, many companies have participated in the construction of PPP projects. Thus, the PPP projects have been more difficult to bid and have fierce competition, which imposes a higher requirement on the Company's market expansion.
Solutions: Strengthen team construction and take first-mover advantage of theCompany’s overseas business. Draw lessons from the past, improve the capacity of management and control for theCompany’s own projects to constantly heighten theCompany’s core competitiveness.
(3)Management Risks Brought by Constant Business Scope Enlargement
The company's main business is in a fully competitive market with low industry barriers and fierce competition. The company is in a period of rapid development, and the rapid development and expansion of domestic and foreign businesses raise higher requirements for the company's organizational operations and project management.
Solutions: Strengthen learning and training, constantly improve the quality of the on-the-job managers and technicists, introduce high-level personnel and improve the overall management capacity and the technical capacity of the Company to fully adapt to the pace of theCompany’s speedy development
4. Foreign exchange risk
Affected by political factors, international exchange rate fluctuates greatly, which may bring certain losses. The impact of foreign exchange risk on the company is mainly reflected in the following three aspects: First, exchange rate fluctuation will affect the project quoted price and cost provided by the company, which will adversely affect thecompany’s project margin; Second, the claims and debts of outstanding balance may bring losses to thecompany’s foreign exchange exposure due to the different exchange rates between the signing date and the settlement date. Third, when compiling the consolidated financial statements, the company may result in book loss when local currency is translated into the accounting currency due to the difference between the exchange rate for translation and the historical exchange rate, which affects the stability of thecompany’s performance.
Solutions:：The settlement currency adopted by the company and the customer shall use US dollar or the currency pegged with US dollar as much as possible to ensure the relative stability of the exchange rate; the company purchases construction materials on a global scale to reduce costs and to some extent offset the risk
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 brought by exchange rate fluctuation to the company. When the settlement currency including US dollar depreciates, foreign exchange settlement shall be reduced to lower the actual exchange loss.
V. Important Events
1. Annual General Meeting and ExtraordinaryShareholders’ Meetings in the Reporting Period
1.Annual General Meeting
|||||||
|-|-|-|-|-|-|
|||Investor|||Index to disclosed|
|Meeting|Type||Convened date|Disclosure date||
|||participation ratio|||information|
||||||The first|
||||||provisional|
||||||shareholders’|
||||||General Meeting|
||||||(No.2018-050)|
|The first||||||
||||||published on|
|provisional|Provisional|||||
||||||Securities|
|shareholders’|shareholders’|51.78%|March 28,2018|March 29,2018||
||||||Times,Hong Kong|
|General meeting in|General Meeting|||||
||||||Commercial Daily|
|2018||||||
||||||and Juchao|
||||||Website|
||||||（http://www.cnin|
||||||fo.com.cn）on|
||||||March 29.2018.|
||||||The second|
|The second|||||provisional|
|provisional|Provisional||||shareholders’|
|shareholders’|shareholders’|38.84%|April 9,2018|April 10,2018|General Meeting|
|General meeting in|General Meeting||||(No.2018-053)|
|2018|||||published on|
||||||Securities|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
||||||Times,Hong Kong|
||||||Commercial Daily|
||||||and Juchao|
||||||Website|
||||||（http://www.cnin|
||||||fo.com.cn）on|
||||||April 10,.2018.|
||||||2017 Annual|
||||||General Meeting|
||||||(No.2018-071)|
||||||published on|
||||||Securities|
|2017 Annual|Annual General||||Times,Hong Kong|
|||34.50%|May 16,2018|May 17,2018||
|General Meeting|Meeting||||Commercial Daily|
||||||and Juchao|
||||||Website|
||||||（http://www.cnin|
||||||fo.com.cn）on May|
||||||17,2018.|
||||||The third|
||||||provisional|
||||||shareholders’|
||||||General Meeting|
||||||(No.2018-081)|
|The third||||||
||||||published on|
|provisional|Provisional|||||
||||||Securities|
|shareholders’|shareholders’|34.50%|June 21,2018|June 22,2018||
||||||Times,Hong Kong|
|General meeting in|General Meeting|||||
||||||Commercial Daily|
|2018||||||
||||||and Juchao|
||||||Website|
||||||（http://www.cnin|
||||||fo.com.cn）on June|
||||||22,2018.|

2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore
□ Applicable√Not applicable
II. Proposal for profit distribution and converting capital Reserve into share actual for the reporting period□ Applicable√Not applicable
For the reporting period, the Company plans not to distribute cash dividends or bonus shares or convert capital
reserve into share capital.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 III. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor, senior management personnel and other related parities.
√ Applicable□ Not applicable
|||||||||
|-|-|-|-|-|-|-|-|
|||||Time of||||
||||||Period of|||
||Commitmen|||making||||
|Commitment||Type|Contents||commitmen|Fulfillment||
||t maker|||commitmen||||
||||||t|||
|||||t||||
|Commitment on share reform|No|No|No||No|No||
|Commitment in the acquisition||||||||
|report or the report on equity|No|No|No||No|No||
|changes||||||||
||||“1. Up to|||It has been||
||||October|||fulfilled (on||
||||13th,2014,|||May 21,||
||||the related|||2018, Chen||
||||expenses of|||Lue paid||
||||the|||the||
||||litigation|||company a||
||||and|||payment of||
||||arbitration|||RMB||
||||cases,|||5,601,460.2||
||||including|||1 for the||
||||the actual|||difference||
||||price,|||between the||
||||compensati|||lawsuit and||
|||Cash||||||
|Commitments in assets|||on, penalty,|March||arbitration||
||Chen Lue|compensati|||Long-term|||
|reorganization|||ligation|19,2015||of parent||
|||on||||||
||||costs, etc.|||company||
||||which the|||and||
||||parent-subsi|||subsidiary||
||||diary|||of Sino||
||||companies|||Great Wall||
||||of Sino|||Co., Ltd.|.|
||||Great Wall|||For details||
||||needs to pay|||information,||
||||caused by|||please refer||
||||the final|||to the||
||||results of|||Announcem||
||||ligation and|||ent on the||
||||arbitration|||Payment of||
||||cases,|||Cash by the||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|||exceed the|||Controlling|
|||amount of|||Shareholder|
|||liabilities|||and the|
|||which|||Actual|
|||recognized|||Controller|
|||in the|||to the|
|||“Audit|||Company to|
|||Report”|||Fulfill the|
|||made for|||Commitme|
|||Sino Great|||nt published|
|||Wall by|||by the|
|||Ruihua CPA|||company on|
|||(Special|||the website|
|||Ordinary|||of Juchao|
|||Partnership)|||Information|
|||on the basis|||(cninfo.com|
|||of the audit|||.cn ) on|
|||base day of|||May 22,|
|||July 31st,|||2018.)|
|||2014, I||||
|||promise to||||
|||bear the||||
|||balance by||||
|||cash||||
|||uncondition||||
|||ally so as to||||
|||guarantee||||
|||the||||
|||parent-subsi||||
|||diaries of||||
|||Sino Great||||
|||Wall won’t||||
|||suffer any||||
|||loss. 2. This||||
|||commitmen||||
|||t letter is||||
|||irrevocable.||||
|||According||||
|||to“ Agreem||||
||Performanc|||||
|||ent of||||
|Chen Lue ,|e||May|||
|||||Long-term|Fulfilled|
|||Shenzhen||||
|He Feiyan|commitmen||11,2015|||
|||Victor||||
||t|||||
|||Onward||||
|||Textile||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||
|-|
|Industrial|
|Co., Ltd.,|
|Chen Lue|
|and He|
|Feiyan|
|Concerning|
|on|
|Performanc|
|e|
|Compensati|
|on” and its|
|supplement|
|al|
|agreement ,|
|Chen Lue’s|
|promised|
|Sino Great|
|Wall that|
|the net|
|profit|
|deducted by|
|incidental|
|losses and|
|attributable|
|to the parent|
|companies’|
|owners after|
|audition of|
|2015, 2016|
|and 2017|
|shall be|
|respectively|
|more than|
|RMB 345.8|
|million,|
|RMB 438.5|
|million and|
|RMB 538.2|
|million. If|
|the net|
|profit of|
|Sino Great|
|Wall is less|
|than the|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|||promised||||
|||net profit||||
|||mentioned||||
|||above ,||||
|||Chen Lue||||
|||and He||||
|||Feiyan will||||
|||compensate||||
|||for listed||||
|||company in||||
|||accordance||||
|||with||||
|||“Performan||||
|||ce||||
|||Compensati||||
|||on||||
|||Agreement”||||
|||and its||||
|||supplement||||
|||al||||
|||agreement||||
|||During the||||
|||assets|||It has been|
|||reorganizati|||fulfilled (on|
|||on, the|||March 29,|
|||house|||2018, the|
|||property|||company|
|||and land|||received|
|||without|||RMB 100|
|||property|||million as|
|||certificate in|||the|
|Union||||||
|||the disposed|||economic|
|Developme|Income||March|||
|||assets||Long-term|compensati|
|nt Group|disposal||19,2015|||
|||within the|||on paid by|
|Co., Ltd.||||||
|||plant area of|||Shenzhen|
|||Kuixin|||Union|
|||Community|||Developme|
|||of Kuichong|||nt|
|||Street of|||Investment|
|||Longgang|||Co., Ltd.,|
|||District and|||and|
|||the expected|||promised to|
|||compensati|||fulfill it.)|
|||ons, as well||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||
|-|
|as the|
|expected|
|compensati|
|ons|
|concerning|
|to the|
|regaining of|
|plots|
|planned as|
|schools|
|within the|
|right of land|
|use of|
|Nanyou|
|Industrial|
|Park of|
|Nanshan|
|District|
|have not|
|been|
|recorded in|
|the|
|assessment.|
|Therefore,|
|Union|
|Group|
|promises|
|that after|
|the|
|reorganizati|
|on, if Union|
|or a third|
|party|
|appointed|
|by Union|
|receives|
|compensati|
|ons or|
|incomes|
|related|
|toabove-me|
|ntioned|
|disposed|
|assets which|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||
|-|
|are house|
|property|
|and land|
|without|
|property|
|certificate|
|as well as|
|regaining of|
|plots|
|planned as|
|schools,|
|Union will|
|return the|
|benefits to|
|Victor|
|Onward|
|Holdings, in|
|10 working|
|days since|
|the|
|collection.|
|The actual|
|costs and|
|fees during|
|the|
|possession|
|of the house|
|property|
|and land|
|and the paid|
|as well as|
|the unpaid|
|but|
|necessary|
|costs and|
|fees for the|
|reception of|
|the|
|above-menti|
|oned|
|benefits for|
|Union|
|Group or its|
|third party|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||
|-|
|will be|
|deducted|
|from the|
|income. The|
|specific|
|benefits and|
|payable|
|costs and|
|fees should|
|be|
|confirmed|
|jointly by|
|Union|
|Group and|
|Victor|
|Onward|
|Holdings|
|based on the|
|actual|
|situations.|
|（Notes:On|
|June 25,|
|2015,All|
|shareholder|
|s of Victor|
|Onward|
|Holdings,|
|Union|
|Group and|
|Sino Great|
|Wall Signed|
|supplement|
|ary|
|agreement,|
|and|
|specified|
|that the land|
|and houses|
|without|
|ownership|
|certificate|
|of Victor|
|Onward|
|Holdings|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||
|-|
|located at|
|the factory|
|area of|
|Kuixin|
|community|
|of Kuichong|
|street office|
|of|
|Longgang|
|district (the|
|land area is|
|about|
|50,000|
|square|
|meters, the|
|built-up|
|area of|
|houses is|
|about|
|25,000|
|square|
|meters,|
|among them|
|about|
|18,000|
|square|
|meters of|
|buildings at|
|built-up|
|area are|
|within the|
|plan of|
|removal and|
|collection of|
|government|
|，hereinafter|
|referred as|
|“undocume|
|nted|
|property)|
|still belongs|
|to Victor|
|Onward|
|Holdings.|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
||||And the|||
||||benefits and|||
||||risks of the|||
||||real estate|||
||||without|||
||||certificate|||
||||are enjoyed|||
||||and|||
||||assumed by|||
||||Victor|||
||||Onward|||
||||Holdings.”|||
|Commitments make in initial public||||||
||No|No|No|No|No|
|offering or re-financing||||||
|Equity incentive commitment|No|No|No|No|No|
|Other commitments for medium||||||
||No|No|No|No|No|
|and small shareholders||||||
|Completed on time(Y/N)|Yes|||||
|If the commitments is not fulfilled||||||
|on time, shall explain the specify|Nil|||||
|reason and the next work plan||||||

IV. Particulars about engagement and disengagement of CPAs firm
Whether the semi-annual financial report had been audited?
□ Yes√ No
The semi-annual financial report has not been audited.
V. Explanations given by board of directors and supervisory board regarding “ Modifiedauditor’s” Issued by CPAs firm for the reporting period
□ Applicable√ Not applicable
VI. Explanations given by Board of Directors regarding “ Modifiedauditor’s Report” Issuedfor last year□ Applicable√ Not applicable
VII. Bankruptcy and restructuring
□ Applicable√ Not applicable
No such cases in the reporting period.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 VIII. Legal matters
Significant lawsuits or arbitrations
□ Applicable√ Not applicable
No such cases in the reporting period.
Other legal matters
□ Applicable√ Not applicable
IX. Punishments and rectifications
□ Applicable√ Not applicable
No such cases in the reporting period.
X. Credit conditions of the Company as well as its Controlling shareholder and actual Controller
□ Applicable√ Not applicable
XI. Equity incentive plans, employee stock ownership plans or other incentive measures for employees√ Applicable□Not applicable
The second meeting of the seventh board of directors, the second meeting of the seventh board of supervisors and the 2015 third extraordinary general shareholder meeting were respectively convened by the company on Nov 5, 2015 and Nov 23, 205, at which the Proposal on the First Phase of Employee Stock Ownership Plan (draft) of Shenzhen Victor Onward Textile Industrial Co., Ltd was examined and approved.
Please refer to the published on November 7, 2015 and November 24,2015 (www.cninfo.com.cn) on the relevant announcement.
On December 24, 2015, the company as the asset trustor of the ESOP asset management plan, together with the asset manager- Xingzheng Securities Asset Management Co.,Ltd and the asset trustee- China Everbright Bank Co.,Ltd signed the contract of No.57 Xing Zheng Zi Guan Xin Zhong Assets Management Contract of the Collection Assets Management Plan which concretely explained and stipulated the information included the basic information of the collection plan, participating in and withdrawal of the collection plan, guarantee, classification of the collection plan, the management methods and the management rights of the customer assets in the collection plan, the establishment of the collection plan, the expenses of the collection plan, the proceeds and its distribution of the collection plan, investment philosophy and investment strategy, investment decision-making and risk control, restrictions and prohibited behaviors of investment, information disclosure of the collection plan, transfer of the share of the collection plan, non-transaction transfer ownership and freezing and so on.
Please refer to the published on December 29, 2015 (www.cninfo.com.cn) on the relevant announcement. As of January 7, 2016, thecompany’s first phase of the employee stock ownership plan has completed the share-purchasing by means of buying in the secondary security market, of which the average position price is RMB44.7578 per share, the total purchase quantity is 833,187 shares which account for0.1864% of the company's total share capital, and the total turnover is RMB37,291,630. The lock-up period of the shares purchased under the plan is 12 months commenced from the date of this announcement. Please refer to the published on January 8, 2016 (www.cninfo.com.cn) on the relevant announcement.
On November 20, 2017, with the consent of more than two-thirds of the holders presented at theholders’
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 meeting, the “Proposal on the one-year extension of the company's first phase ESOP” was passed. On November 21, 2017, the company held the twenty-sixth meeting of the seventh board of directors, which reviewed and adopted the “Proposal on the one-year extension of the company's first phase ESOP”, and according to the voting result of theholders’ meeting, the board agreed to extend the duration of the company's first phase ESOP by one year, meaning that the ESOP can sell shares within the afore-said extension of one year (until November 23, 2018).If the shares are not sold before the expiration of the extended one year, a further meeting of the holders and the meeting of the board of directors can be convened two months before the expiration to consider the follow-up matters. .Please refer to the published on November 22, 2017 (www.cninfo.com.cn) on the relevant announcement.
XII. Material related transactions
1. Related transactions in connection with daily operation
□ Applicable√ Not applicable
No such cases in the reporting period.
2. Related-party transactions arising from asset acquisition or sold
□Applicable√ Not applicable
No such cases in the reporting period.
3. Related-party transitions with joint investments
□Applicable√ Not applicable
No such cases in the reporting period.
4. Credits and liabilities with related parties
□Applicable√ Not applicable
No such cases in the reporting period.
5. Other significant related-party transactions
√ Applicable□ Not applicable
On March 12, 2018, the company and Union Development Group Co., Ltd. and Chen Lue signed an Agreement on the Economic Compensation for the Events after the Major Asset Restructuring Period of Shenzhen Victor Onward Textile Industrial Co., Ltd.. On March 17, 2018, the company and Union Development Group and Mr. Chen Lue signed a Supplementary Agreement on Agreement on the Economic Compensation for the Events after the Major Asset Restructuring Period of Shenzhen Victor Onward Textile Industrial Co., Ltd.. On March 29, 2018, the company received RMB 100 million as the economic compensation paid by Shenzhen Union Development Investment Co., Ltd..
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Website for temporary disclosure of the connected transaction
|||||
|-|-|-|-|
||Announcement|Date of disclosure|Website for disclosure|
|Sino Great Wall ：Announcement onSigning the Economic CompensationAgreement and Changes in Shareholders'Commitments and Related Transactions||||
|||March 20,2018|（http://www.cninfo.com.cn）|
|Sino Great Wall：Announcement on theSupplemental Agreement for the Signing ofthe Economic Compensation Agreement||||
|||March 20,2018|（http://www.cninfo.com.cn）|

XIII. Particulars about the non-operating occupation of funds by the Controlling shareholder and other related parties of the Company
□Applicable√ Not applicable
The company was not involved in the non-operating occupation of funds by the controlling shareholder and other related parties during the reporting period.
XIV. Significant contracts and execution
1.Entrustments, contracting and leasing
（1）Entrustment
□Applicable√ Not applicable
No such cases in the reporting period.
（2）Contracting
□Applicable√ Not applicable
No such cases in the reporting period.
（3）Leasing
√Applicable□ Not applicable
Notes
During the reporting period, the company's leasing expenses were mainly thecompany’s office space and staffquarters’ capital expenditures.
The company's profit and loss has reached more than10% of the company's total profit during the reporting period
□ Applicable√ Not applicable
Nil
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 2.Guarantees
√ Applicable□ Not applicable
（1）Guarantees
Ten thousand
||||||||||
|-|-|-|-|-|-|-|-|-|
|External Guarantee (Exclude controlled subsidiaries)|||||||||
||Relevant||||||||
|||||||||Guarante|
||disclosur||||||||
|||||||||e|
||e||Date of||||Complet||
|||Amount||||||for|
||date/No.||happening|Actual|||e||
|Name of the||of|||Guarantee|Guarantee||associate|
||of||(Date of|mount of|||impleme||
|Company||Guarante|||type|term||d|
||the||signing|guarantee|||ntation||
|||e||||||parties|
||guarantee||agreement)||||or not||
|||||||||(Yes or|
||d||||||||
|||||||||no)|
||amount||||||||
|Total of external guarantee||||Total of external guarantee|||||
|||0||||0|||
|approved in the report term||||actually occurred in the|||||
|(A1)||||report term (A2)|||||
|Total of external guarantee||||Total of external guarantee|||||
|||0||||0|||
|approved as of end of report||||actually occurred as of end|||||
|term (A3)||||of report term (A4)|||||
|Guarantee of the company for its subsidiaries|||||||||
||Amount||||||||
||of||||||||
||||Actual date of||||||
||guarantee|Amount||Actual|||Comple|Related|
|Guarantee|||occurring||Type of||||
||and date|of the||amount of||Term|ted or|guarant|
|provided to|||(signing date||guarantee||||
||of|guarantee||guarantee|||not|ee|
||||of agreements||||||
||disclosur||||||||
||e||||||||
||||||The joint||||
|Sino|April 15,||January||||||
|||70,000||70,000|liability|1 year|No|No|
|International|2016||16,2017||||||
||||||guaranty||||
||||||The joint||||
|Sino|April 28,||February||||||
|||12,000||12,000|liability|1 year|No|No|
|International|2017||12,2018||||||
||||||guaranty||||
||||||The joint||||
|Sino|April 28,||March||||||
|||12,000||12,000|liability|1 year|No|No|
|International|2017||12,2018||||||
||||||guaranty||||
||||||The joint||||
|Sino|April 15,||||||||
|||20,000|April 11,2017|20,000|liability|1 year|No|No|
|International|2016||||||||
||||||guaranty||||
||||||The joint||||
|Sino|April 28,||||||||
|||12,000|June 7,2017|12,000|liability|1 year|No|No|
|International|2017||||||||
||||||guaranty||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||||||
|-|-|-|-|-|-|-|-|-|
||||||The joint||||
|Sino|April 28,||||||||
|||40,000|June 25,2017|40,000|liability|1 year|No|No|
|International|2017||||||||
||||||guaranty||||
||||||The joint||||
|Sino|April 28,||||||||
|||22,000|June 30,2017|22,000|liability|1 year|No|No|
|International|2017||||||||
||||||guaranty||||
||||||The joint||||
|Sino|April 28,||October||||||
|||20,000||20,000|liability|1 year|No|No|
|International|2017||18,2017||||||
||||||guaranty||||
||||||The joint||||
|Sino|April 28,||November||||||
|||10,000||10,000|liability|1 year|No|No|
|International|2017||22,2017||||||
||||||guaranty||||
||||||The joint||||
|Sino|April 28,||November||||||
|||10,000||10,000|liability|1 year|No|No|
|International|2017||30,2017||||||
||||||guaranty||||
||||||The joint||||
|Sino|April 28,||January||||||
|||20,000||20,000|liability|1 year|No|No|
|International|2017||10,2018||||||
||||||guaranty||||
||||||The joint||||
|Sino|April 28,||February||||||
|||8,000||8,000|liability|1 year|No|No|
|International|2017||13,2018||||||
||||||guaranty||||
||||||The joint||||
|Sino|April 15,||March||||||
|||8,400||8,400|liability|30 months|No|No|
|International|2016||31,2017||||||
||||||guaranty||||
|Wuhan|||||The joint||||
||April 15,|10,889.8|January||||||
|Commercial||||10,889.81|liability|3 years|No|No|
||2016|1|18,2017||||||
|Worker Hospital|||||guaranty||||
||||||The joint||||
|Sino Great Wall|April 28,||September||||||
|||5,000||5,000|liability|1 year|No|No|
|Jianye|2017||30,2017||||||
||||||guaranty||||
|Total of guarantee for||||Total of actual guarantee|||||
|subsidiaries||1,000,000||for subsidiaries in the||52,000|||
|approved in the Period (B1)||||Period (B2)|||||
|Total of guarantee for||||Total of actual guarantee|||||
|subsidiaries||1,000,000||for subsidiaries at||280,289.81|||
|approved at Period-end (B3)||||Period-end (B4)|||||
|Guarantee of the subsidiaries for the controlling subsidiaries|||||||||
||Relevant||||||Comple|Guaran|
|Name of the||Amount|Date of|Actual|Guarantee|Guarantee|||
||disclosur||||||te|tee|
|Company||of|happening|mount of|type|term|||
||e||||||implem|for|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||||
|-|-|-|-|-|-|-|-|
|guaranteed|date/No.oftheguaranteedamount|guarantee|(Date o|guarantee||entation|associat|
||||signing|||or|ed|
||||agreement)|||not|parties|
||||||||(Yes or|
||||||||no)|
|||||Total amount of guarantee to||||
|Total guarantee quota to thesubsidiaries approved in thereporting period (C1)||||||||
|||||the subsidiaries actually||||
|||0|||0|||
|||||incurred in the reporting||||
|||||period (C2)||||
|Total guarantee quota to thesubsidiaries approved at theend of the reporting period(C3)||||Total balance of actual||||
|||||guarantee to the subsidiaries||||
|||0|||0|||
|||||at the end of the reporting||||
|||||period (C4)||||
|Total of Company’s guarantee（namely total of the large three aforementioned）||||||||
|Total of guarantee in thePeriod（A1+B1+C1）||||||||
|||||Total of actual guarantee in||||
|||1,000,000|||52,000|||
|||||the Period（A2+B2+C2）||||
|||||Total of actual guarantee at||||
|Total of guarantee atPeriod-end（A3+B3+C3）||||||||
|||1,000,000||Period-end|280,289.81|||
|||||（A4+B4+C4）||||
|The actual total amount of guarantee (namely A4+B4+C4)||||||||
|||||127.08%||||
|accounts for the proportion of the company's net assets||||||||
|Including：||||||||
|Balance of security for shareholders, actual controllers and||||||||
|||||0||||
|their affiliates (D)||||||||
|Debt guarantee balance (E) provided directly or indirectly to||||||||
|the insured object with the asset-liability ratio exceeding||||0||||
|70%||||||||
|Amount secured in excess of 50% of net assets (F)||||0||||
|Total amount of the above three guarantees (D+E+F)||||0||||
|Explanations on possibly bearing joint and several||||||||
|||||None||||
|liquidating responsibilities for undue guarantees ( If any)||||||||
|Explanations on external guarantee against regulated||||||||
|||||None||||
|procedures(If any)||||||||

Description of the guarantee with complex method
（2）Illegal providing of external guarantees
□ Applicable√Not applicable
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 No illegal providing of external guarantees in the report period.
3. Other significant contracts
√ Applicable□ Not applicable
||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||||||The||||||||||
|||||The|||||||||||
||||||asses||||||||||
|||||book|||||||||||
||||||sed||||||||||
|||||value|||||||||||
||||||value||||||||||
|||||of the||Nam|||||||||
|The|||The||of the|||||Whet||The|||
||The|||assets||e of|The||||||||
|name|||date||assets||||Barg|her||perfo|||
||name|||invol||the|base||||||The||
|of the||Contr|of||invol|||Prici|ain|conn|Incid|rman|||
||of the|||ved||evalu|date||||||date||
|contr||act|signa||ved|||ng|price(|ected|ence|ce by|||
||contr|||in the||ation|evalu||||||of|Index|
|actin||objec|ture||in the|||princi|ten|trans|relati|the|||
||acted|||contr||organ|ation(||||||discl||
|g||t|of the||contr|||ples|thous|actio|on|end|||
||comp|||act||izatio|If||||||osure||
|comp|||contr||act(te||||and）|n(Y/||of the|||
||any|||(ten||n(If|any)||||||||
|any|||act||n|||||N)||term|||
|||||thous||any）|||||||||
||||||thous||||||||||
|||||and）|||||||||||
||||||and）||||||||||
|||||（If|||||||||||
||||||（If||||||||||
|||||any）|||||||||||
||||||any）||||||||||
||||||||||Us|||Some|||
||||||||||$30|||desig|||
||||||||||milli|||n|||
|||||||||||||||Please|
|||Deve|||||||on|||work|||
|||||||||||||||refer to|
|||lopm|||||||(RM|||has|||
|||||||||||||||the|
|||ent|||||||B|||been|||
|||||||||||||||published|
|Sino||proje|||||||19,02|||comp|||
|||||||||||||||on|
|Great||ct of|||||||84|||leted,|||
|||||||||||||||February|
|Wall||the|||||||milli|||the|||
|||||||||||||||14,|
|Inter||Jubil|||||||on, of|||const|||
||UPL||Febru||||Febru|The|||||Febru|2018(ww|
|natio||ee|||||||whic||Do|ructio|||
||Laos||ary||||ary|mark|||||ary|w.cninfo.|
|nal||Speci||None|None|None|||h us|No|not|n|||
||Co.,||14,20||||14,20|et|||||14,20|com.cn)|
|Engi||al|||||||$10||apply|team|||
||Ltd.||18||||18|price|||||18|on the|
|neeri||Econ|||||||milli|||has|||
|||||||||||||||relevant|
|ng||omic|||||||on in|||enter|||
|||||||||||||||announce|
|Co.,||Zone|||||||cash|||ed|||
|||||||||||||||ment.(An|
|Ltd.||in|||||||and|||the|||
|||||||||||||||nounceme|
|||Vient|||||||us|||site,|||
|||||||||||||||nt|
|||iane,|||||||$20|||and|||
|||||||||||||||No.2018-|
|||Laos|||||||milli|||the|||
|||||||||||||||025)|
||||||||||on in|||basic|||
||||||||||const|||temp|||
||||||||||ructio|||orary|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||
|-|-|
|n|const|
|cushi|ructio|
|on)|n|
||facilit|
||ies|
||have|
||been|

XV. Social responsibilities
1.Major environmental protection
The Listed Company and its subsidiary whether belongs to the key sewage units released from environmental protection department
No
1. Fulfilling the Social responsibility of Precision Poverty Alleviation
(1) Precise poverty alleviation plan
The company has no precise social responsibility for poverty alleviation in theperiodand bas no follow-up plan either.
（2）Half-year poverty relieving summary
（3）Information of the listedcompany’s annual work in targeted poverty alleviation
（4）Subsequent targeted poverty alleviation program
Nil
XVI. Other material events
√ Applicable□Not applicable
On January 4, 2018, the China Securities Regulatory Commission's approval of the company's non-public offering of shares expired. Please refer to the published the relevant announcement published on Securities times, Hongkong Commercial Daily and www.cninfo.com.cn) on January 6, 2018.
XVII. Material events of subsidiaries
□ Applicable√ Not applicable
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 VI. Change of share capital and shareholding of Principal Shareholders
I. Changes in share capital
1. Changes in share capital
In shares
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||Before the change||Increase/decrease（+，-）|||||After the Change||
||Amount|Proporti|||Capitali|||||
|||on|||zation|||||
||||Share|Bonus|of|||Quantit|Proporti|
||||allotme||commo|Other|Subtotal|||
|||||shares||||y|on|
||||nt||n|||||
||||||reserve|||||
||||||fund|||||
|I. Share with conditional|681,305|||||||681,523||
|||40.12%||||218,475|218,475||40.13%|
|subscription|,436|||||||,911||
||681,305|||||||681,523||
|3.Other domestic shares||40.12%||||218,475|218,475||40.13%|
||,436|||||||,911||
|Of which：Domestic|42,479,|||||||42,479,||
|||2.50%||||0|0||2.50%|
|legal person shares|672|||||||672||
|Domestic natural person|638,825|||||||639,044||
|||37.62%||||218,475|218,475||37.63%|
|shares|,764|||||||,239||
|II. Shares with||||||||||
||1,016,9|||||-218,47|-218,47|1,016,7||
|unconditional||59.88%|||||||59.87%|
||39,575|||||5|5|21,100||
|subscription||||||||||
|1.Common shares in||||||||||
||753,136|||||-218,47|-218,47|752,917||
|||44.34%|||||||44.34%|
|RMB|,344|||||5|5|,869||
|.Foreign shares in||||||||||
||263,803|||||||263,803||
|||15.54%||||0|0||15.53%|
|domestic market|,231|||||||,231||
|III. Total of capital|1,698,2|100.00||||||1,698,2|100.00|
|||||||0|0|||
|shares|45,011|%||||||45,011|%|

 Reasons for share changed:
□ Applicable√ Not applicable
Approval of Change of Shares
□ Applicable√ Not applicable
Ownership transfer of share changes
□ Applicable√ Not applicable
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common shareholders of Company in latest year and period
□ Applicable√ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from security regulators
□ Applicable√ Not applicable
2. Change of shares with limited sales condition
√ Applicable□Not applicable
In shares
||||||||
|-|-|-|-|-|-|-|
||||Number of||||
|||Number of||Restricted|||
||Initial||Increased||Reason for|Date of|
|Shareholder||Unrestricted||Shares in the|||
||Restricted||Restricted||Restricted|Restriction|
|Name||Shares This||End of the|||
||Shares||Shares This||Shares|Removal|
|||Term||Term|||
||||Term||||
||||||The major asset||
||||||restructuring||
||||||and the issue of||
|||||||October|
|Chen Lue|525,344,262|0|0|525,344,262|shares to||
|||||||14,2018|
||||||purchase assets||
||||||and raise||
||||||matching funds||
||||||The major asset||
||||||restructuring||
||||||and the issue of||
|||||||November|
|Chen Lue|55,995,934|0|0|55,995,934|shares to||
|||||||27,2018|
||||||purchase assets||
||||||and raise||
||||||matching funds||
||||||Executive||
|Chen Lue|382,500|382,500|0|0||Not applicable|
||||||locking stock||
||||||The major asset||
||||||restructuring||
||||||and the issue of||
|||||||October|
|He Feiyan|54,800,458|0|0|54,800,458|shares to||
|||||||14,2018|
||||||purchase assets||
||||||and raise||
||||||matching funds||
||||||The major asset||
|||||||October|
|He Sen|1,637,435|0|0|1,637,435|restructuring||
|||||||14,2018|
||||||and the issue of||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||||
|-|-|-|-|-|-|-|
||||||shares to||
||||||purchase assets||
||||||and raise||
||||||matching funds||
|Jiutai Fund－|||||||
|Bank of|||||The major asset||
|Communicatio|||||restructuring||
|ns－Jiutai|||||and the issue of||
|||||||November|
|Huitong No.2|42,479,672|0|0|42,479,672|shares to||
|||||||27,2018|
|specific|||||purchase assets||
|customer asset|||||and raise||
|management|||||matching fund||
|plan|||||||
||||||Executive||
|Li Erlong|619,050|0|0|619,050||Not applicable|
||||||locking stock||
||||||Executive||
|Yang Chunling|46,125|0|0|46,125||Not applicable|
||||||locking stock||
||||||Executive||
|Liang Rong|0|0|600,975|600,975||Not applicable|
||||||locking stock||
|Total|681,305,436|382,500|600,975|681,523,911|--|--|

 II.Issuing and listing
□ Applicable√ Not applicable
III. Shareholders and shareholding
In Shares
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||||||||Total number of preferred|||||
|Total number of common|||||||shareholders that had restored|||||
|shareholders at the end of|||||||the|||||
|||73,328||||||||0||
|the|||||||voting right at the end of the|||||
|reporting period|||||||reporting period (if any) (note|||||
||||||||8)|||||
|Shareholding of shareholders holding more than 5% shares||||||||||||
||||||Number|||||Number of share||
|||||||||Amount|Amount|||
||||Proportion ofsharesheld（%|）|of|Changes||||pledged/frozen||
|||||||||of|of|||
||Nature ofshareholder||||shares|in||||||
|Shareholders||||||||restricte|un-restric|||
||||||held at|reporting||||State of||
|||||||||d shares|ted shares||Amount|
||||||period|period||||share||
|||||||||held|held|||
||||||-end|||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|Chen Lue||DomesticNatural person|34.36%||583,454,556|0|581,340,196|2,114,360|||
||||||||||Pledge|583,454,556|
|STYLE-SUCCESSLIMITED||Foreign legalperson|5.47%||92,970,910|0|0|92,970,910|||
|UnionHoldings Co.,Ltd.||Domestic Non-State-ownedlegal person|5.18%||87,935,921|0|0|87,935,921|||
|He Feiyan||DomesticNatural person|3.23%||54,800,458|0|54,800,458|0|||
||||||||||Pledge|54,000,000|
|Jiutai Fund－Bank ofCommunications － JiutaiHuitong No.2specificcustomerassetmanagementplan||Other|2.50%||42,479,672|0|42,479,672|0|||
|Rich CrownInvestmentCo., Ltd.||Foreign legalperson|1.37%||23,235,313|0|0|23,235,313|||
|Qinghai HeyiIndustryDevelopmentCo., Ltd.||Domestic Non-State-ownedlegal person|0.79%||13,357,084|0|0|13,357,084|||
||||||||||Pledge|13,357,000|
|Zhang Xubao||DomesticNatural person|0.65%||11,015,100|3,148,900|0|11,015,100|||
|HuangHuaian||DomesticNatural person|0.59%||10,000,000|1,493,000|0|10,000,000|||
|SongWenguang||DomesticNatural person|0.50%||8,575,981|7,255,981|0|8,575,981|||
||Strategy investors or general legal||||||||||
||person becomes top 10||||||||||
|||||Nil|||||||
||shareholders due to rights issued||||||||||
||(if applicable)See Notes 3）||||||||||
|||||The largest shareholder of Mr. Chen Lue and the Fourth largest shareholder of Ms. He|||||||
||Explanation on associated||||||||||
|||||Feiyan aforesaid are persons acting in concern; The controlling shareholder of the|||||||
||relationship among the aforesaid||||||||||
|||||above-mentioned third shareholder Shenzhen Union Holdings Co.,Ltd. And Sixth|||||||
||shareholders||||||||||
|||||shareholder Rich Crown Investment Co., Ltd.. Is Union Development Group Ltd. whether|||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
||||the other shareholders have associated relations are unknown.|||
||Shareholding of top 10 shareholders of unrestricted shares|||||
||||Quantity of unrestricted shares held at the end of the|Share type||
||Name of the shareholder|||||
||||reporting period|Share type|Quantity|
|STYLE-SUCCESS LIMITED||92,970,910||Foreign shares||
|||||placed in||
||||||92,970,910|
|||||domestic||
|||||exchange||
|Union Holdings Co., Ltd.||87,935,921||RMB Common||
||||||87,935,921|
|||||shares||
|Rich Crown Investment Co., Ltd.||23,235,313||Foreign shares||
|||||placed in||
||||||23,235,313|
|||||domestic||
|||||exchange||
|Qinghai Heyi IndustryDevelopment Co., Ltd.||13,357,084||RMB Common||
||||||13,357,084|
|||||shares||
|Zhang Xubao||11,015,100||RMB Common||
||||||11,015,100|
|||||shares||
|Huang Huaian||10,000,000||RMB Common||
||||||10,000,000|
|||||shares||
|Song Wenguang||8,575,981||RMB Common||
||||||8,575,981|
|||||shares||
|Li Guanping||8,132,700||RMB Common||
||||||8,132,700|
|||||shares||
|Zheng Qianghui||5,485,820||RMB Common||
||||||5,485,820|
|||||shares||
|Chen Lihong||4,683,460||RMB Common||
||||||4,683,460|
|||||shares||
||Explanation on associated|||||
||relationship or consistent action|||||
||among the top 10 shareholders of|||||
||non-restricted negotiable shares||The controlling shareholder of the above-mentioned shareholder Shenzhen Union Holdings|||
||and that between the top 10||Ltd. and shareholder Rich Crown Investment Co., Ltd.. Is Union Development Group Ltd.|||
||shareholders of non-restricted|||||
||negotiable shares and top 10|||||
||shareholders|||||
||Notes to the shareholders|||||
||involved in financing securities||Nil|||
||(if any)(See Notes 4)|||||

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 buy-back agreement dealing in reporting period.
□ Yes√ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy–back agreement dealing in reporting period.
IV. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable√ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable√ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 VII. Situation of the Preferred Shares
□Applicable√Not applicable
The Company had no preferred shares in the reporting period
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 VIII. Information about Directors, Supervisors and Senior Executives
I. Change in shares held by directors, supervisors and senior executives
√ Applicable□Not applicable
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|||||Amount|Amount|||Number of||
||||||||Number of|||
|||||of shares|of shares|Shares||restricted||
||||Shares||||restricted||Number of|
|||||increase|decrease|held at||stock||
||||held at||||stock||restricted stock|
|||Office||d at the|d at the|the||granted at||
|Name|Position||the||||granted at||granted at the|
|||status||reportin|reportin|year-end||the||
||||year-beg||||the||year-ending(sh|
|||||g|g|ing||reporting||
||||in(share)||||year-begin||are)|
|||||period(s|period(s|（share）||period(shar||
||||||||. share)|||
|||||hare)|hare)|||e)||
|Chen|Chairma||583,454,|||583,454,||||
|||In office||0|0||0|0|0|
|Lue|n||556|||556||||
||Vice|||||||||
||Chairma|||||||||
|Li||||||||||
||n,|In office|825,400|0|0|825,400|0|0|0|
|Erlong||||||||||
||Deputy|||||||||
||GM|||||||||
||Vice|||||||||
||Chairma|||||||||
|Liang||||||||||
||n,|In office|0|801,300|0|801,300|0|0|0|
|Rong||||||||||
||Deputy|||||||||
||GM|||||||||
||Secretar|||||||||
|Yang||||||||||
||y to the|||||||||
|Chunlin||In office|61,500|0|0|61,500|0|0|0|
||board of|||||||||
|g||||||||||
||directors|||||||||
||||584,341,|||585,142,||||
|Total||||801,300|0||0|0|0|
||||456|||756||||

II. Change in shares held by directors, supervisors and senior executives
√ Applicable□Not applicable
||||||
|-|-|-|-|-|
|Name|Positions|Types|Date|Reason|
|||||Elected as a non-independent director in the first|
|Tian Wei|Director|Appointment|March 28,2018||
|||||Provisional shareholders’ general meeting of 2018|
|Bai Bin|Director|Dimission|January 18,2018|Resigned due to personal reasons|
||Chairman of||||
|Dong Binggen||Dimission|June 21,2018|Resigned due to personal reasons|
||the supervisory||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||
|-|-|-|-|-|
||committee||||
|||||Elected as shareholder Representative Supervisor in|
||Chairman of|||the third Provisional shareholders’ general meeting of|
|Fang|||||
||the supervisory|Appointment|June 21,2018|2018 , The chairman of the supervisory committee|
|Xianzhong|||||
||committee|||was elected by the 21st meeting of seventh|
|||||supervisory committee .|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018 IX. Corporate Bond
Whether the company has corporate bonds that have been publicly issued and listed on the stock exchange, and not yet due or due butnot folly cashed on the approval date of annual report
No
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 X. Financial Report
I. Audit report
Has this semi-annual report been audited?
□ Yes√ No
The semi-annual financial report has not been audited.
II. Financial statements
Currency unit for the statements in the notes to these financial statements:RMB
1.Consolidated Balance sheet
Prepared by : Sino Great Wall Co., Ltd.
June 30,2018
||||
|-|-|-|
|Items|Year-end balance|Year-beginning balance|
|Current asset：|||
|Cash and bank balances|1,374,597,109.50|1,604,973,916.12|
|Settlement provision|||
|Outgoing call loan|||
|Financial assets measured at fair|||
|value with variations accounted into|||
|current income account|||
|Derivative financial assets|||
|Note receivable|392,028,545.46|288,201,562.88|
|Account receivable|5,031,464,951.12|5,706,675,244.08|
|Prepayments|214,849,286.28|225,208,527.88|
|Insurance receivable|||
|Reinsurance receivable|||
|Provisions of Reinsurance contracts|||
|receivable|||
|Interest receivable|||
|Dividend receivable|||
|Other account receivable|1,444,685,359.48|1,674,675,360.28|
|Repurchasing of financial assets|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Inventories|745,455,718.17|556,839,325.50|
|Assets held for sales|||
|Non-current asset due in 1 year|||
|Other current asset|16,047,813.14|17,126,911.05|
|Total of current assets|9,219,128,783.15|10,073,700,847.79|
|Non-current assets：|||
|Loans and payment on other’s|||
|behalf disbursed|||
|Disposable financial asset|10,338,500.00|10,338,500.00|
|Expired investment in possess|||
|Long-term receivable|16,151,975.94|14,328,557.82|
|Long term share equity investment|||
|Property investment|||
|Fixed assets|331,425,276.47|174,537,150.56|
|Construction in progress|707,700.59|4,968,590.96|
|Engineering material|||
|Fixed asset pending for disposal|||
|Productive biological assets|||
|Gas & petrol|||
|Intangible assets|170,804,965.85|127,524,445.00|
|R & D petrol|||
|Goodwill|57,769,954.64|64,494,271.55|
|Long-germ expenses to be amortized|11,605,439.50|10,124,913.15|
|Differed income tax asset|117,065,718.40|118,233,337.36|
|Other non-current asset|1,090,567,331.91|1,069,594,572.11|
|Total of non-current assets|1,806,436,863.30|1,594,144,338.51|
|Total of assets|11,025,565,646.45|11,667,845,186.30|
|Current liabilities|||
|Short-term loans|2,798,513,481.24|3,477,200,420.55|
|Loan from Central Bank|||
|Deposit received and hold for others|||
|Call loan received|||
|Financial liabilities measured at fair|||
|value with variations accounted into|||
|current income account|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Derivative financial liabilities|||
|Notes payable|882,244,105.35|906,597,988.15|
|Account payable|1,226,462,217.35|1,719,579,087.62|
|Advance payment|129,051,847.05|146,379,852.67|
|Selling of repurchased financial|||
|assets|||
|Fees and commissions receivable|||
|Employees’ wage payable|48,918,732.49|21,911,542.07|
|Tax payable|464,390,232.27|357,445,477.71|
|Interest payable|1,776,077.61|16,105,263.85|
|Dividend payable|||
|Other account payable|1,322,713,803.81|520,965,421.13|
|Reinsurance fee payable|||
|Insurance contract provision|||
|Entrusted trading of securities|||
|Entrusted selling of securities|||
|Liabilities held for sales|||
|Non-current liability due in 1 year|487,657,918.14|820,422,471.45|
|Other current liability||121,529,600.95|
|Total of current liability|7,361,728,415.31|8,108,137,126.15|
|Non-current liabilities：|||
|Long-term loan|873,089,164.49|843,092,471.02|
|Bond payable|345,000,000.00|345,000,000.00|
|Including：preferred stock|||
|Sustainable debt|||
|Long-term payable|63,606,067.75|81,945,567.86|
|Long-term payable employee’s|||
|remuneration|||
|Special payable|||
|Expected liabilities|2,958,723.15|3,414,189.15|
|Deferred income|5,999,151.77||
|Deferred income tax liability|51,894,878.61|26,088,961.71|
|Other non-current liabilities|||
|Total non-current liabilities|1,342,547,985.77|1,299,541,189.74|
|Total of liability|8,704,276,401.08|9,407,678,315.89|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Owners’ equity|||
|Share capital|1,698,245,011.00|1,698,245,011.00|
|Other equity instruments|||
|Including：preferred stock|||
|Sustainable debt|||
|Capital reserves|-1,299,349,701.74|-1,299,349,701.74|
|Less：Shares in stock|||
|Other comprehensive income|595,233.77|858,242.13|
|Special reserves|70,539,291.65|164,231,078.18|
|Surplus reserves|84,394,441.23|84,394,441.23|
|Common risk provision|||
|Undistributed profit|1,651,166,244.75|1,503,103,396.72|
|Total of owner’s equity belong to the|||
||2,205,590,520.66|2,151,482,467.52|
|parent company|||
|Minority shareholders’ equity|115,698,724.71|108,684,402.89|
|Total of owners’ equity|2,321,289,245.37|2,260,166,870.41|
|Total of liabilities and owners’ equity|11,025,565,646.45|11,667,845,186.30|

 Legal Representative: Chen Lue
Person in charge ofaccounting：Tang Xianyong
Accounting Dept Leader: Tang Xianyong
2. Balance sheet of Parent Company
In RMB
||||
|-|-|-|
|Items|Year-end balance|Year-beginning balance|
|Current asset：|||
|Cash and bank balances|343,246,908.78|407,959,304.60|
|Financial assets measured at fair|||
|value with variations accounted into|||
|current income account|||
|Derivative financial assets|||
|Note receivable|||
|Account receivable|||
|Prepayments||3,865,500.01|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Interest receivable|||
|Dividend receivable|100,000,000.00|100,000,000.00|
|Other account receivable|2,891,108,093.08|3,590,967,483.22|
|Inventories|||
|Assets held for sales|||
|Non-current asset due in 1 year|||
|Other current asset||2,175,646.45|
|Total of current assets|3,334,355,001.86|4,104,967,934.28|
|Non-current assets：|||
|Disposable financial asset|||
|Expired investment in possess|||
|Long-term receivable|||
|Long term share equity investment|3,311,211,536.66|3,311,211,536.66|
|Property investment|||
|Fixed assets|44,308.72|52,246.48|
|Construction in progress|||
|Engineering material|||
|Fixed asset disposal|||
|Production physical assets|||
|Gas & petrol|||
|Intangible assets|||
|R & D petrol|||
|Goodwill|||
|Long-germ expenses to be amortized|2,216,225.79|168,284.84|
|Deferred income tax asset|||
|Other non-current asset|627,328,020.00|550,524,570.00|
|Total of non-current assets|3,940,800,091.17|3,861,956,637.98|
||7,275,155,093.03|7,966,924,572.26|
|Total of assets|||
|Current liabilities|||
|Short-term loans|1,581,526,356.46|2,287,870,000.00|
|Financial liabilities measured at fair|||
|value with variations accounted into|||
|current income account|||
|Derivative financial liabilities|||
|Bill payable|542,227,578.11|537,227,578.11|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Account payable|||
|Advance payment|||
|Employees’ wage payable|4,549,255.24|1,580,335.12|
|Tax payable|94,559,237.00|97,124,633.81|
|Interest payable||13,002,236.21|
|Dividend payable|||
|Other account payable|733,968,463.15|379,420,427.54|
|Liabilities held for sales|||
|Non-current liability due in 1 year|410,000,000.00|700,000,000.00|
|Other current liability|||
|Total of current liability|3,366,830,889.96|4,016,225,210.79|
|Non-current liabilities：|||
|Long-term loan|766,250,000.00|800,000,000.00|
|Bond payable|100,000,000.00|100,000,000.00|
|Including：preferred stock|||
|Sustainable debt|||
|Long-term payable|||
|Employees’ wage payable|||
|Special payable|||
|Expected liabilities|||
|Deferred income|||
|Deferred income tax liability|||
|Other non-current liabilities|||
|Total of Non-current liabilities|866,250,000.00|900,000,000.00|
|Total of liability|4,233,080,889.96|4,916,225,210.79|
|Owners’ equity|||
|Share capital|1,698,245,011.00|1,698,245,011.00|
|Other equity instrument|||
|Including：preferred stock|||
|Sustainable debt|||
|Capital reserves|1,237,956,472.37|1,237,956,472.37|
|Less：Shares in stock|||
|Other comprehensive income|||
|Special reserves|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Surplus reserves|26,309,287.00|26,309,287.00|
|Undistributed profit|79,563,432.70|88,188,591.10|
|Total of owners’ equity|3,042,074,203.07|3,050,699,361.47|
|Total of liabilities and owners’ equity|7,275,155,093.03|7,966,924,572.26|

 3.Consolidated Income Statement
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I. Income from the key business|1,586,971,575.24|3,025,082,356.80|
|Incl：Business income|1,586,971,575.24|3,025,082,356.80|
|Interest income|||
|Insurance fee earned|||
|Fee and commission received|||
|II. Total business cost|1,608,871,904.01|2,693,735,290.45|
|Incl：Business cost|1,312,212,102.46|2,319,598,615.76|
|Interest expense|||
|Fee and commission paid|||
|Insurance discharge payment|||
|Net claim amount paid|||
|Insurance policy dividend paid|||
|Insurance policy dividend paid|||
|Reinsurance expenses|||
|Business tax and surcharge|2,106,518.05|1,942,587.29|
|Sales expense|16,521,622.08|18,094,586.39|
|Administrative expense|127,907,861.56|125,176,758.15|
|Financial expenses|145,939,925.19|139,811,809.59|
|Asset impairment loss|4,183,874.66|89,110,933.27|
|Add：Gains from change of fir value|||
|（“-”for loss）|||
|Investment gain（“-”for loss）|5,171,892.51||
|Incl: investment gains from affiliates|||
|Gains from currency exchange|||
|（“-”for loss）|||
|Assets disposal income|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Other income|||
|III. Operational profit（“-”for loss）|-16,728,436.26|331,347,066.35|
|Add ：Non-operational income|179,220,495.20|4,444,624.78|
|Less：Non business expenses|636,300.61|93,122.33|
|IV. Total profit(“-”for loss)|161,855,758.33|335,698,568.80|
|Less：Income tax expenses|18,790,236.79|56,227,138.25|
|V. Net profit|143,065,521.54|279,471,430.55|
|1.Net continuing operating profit|||
|2.Termination of operating net profit|||
|Net profit attributable to the owners of|||
||143,999,455.72|268,606,450.03|
|parent company|||
|Minority shareholders’ equity|-933,934.18|10,864,980.52|
|VI. Other comprehensive income|-263,008.36||
|Net of profit of other comprehensive in|||
|come attributable to owners of the pare|-263,008.36||
|nt company.|||
|（I）Other comprehensive income|||
|items that will not be reclassified into|||
|gains/losses in the subsequent|||
|accounting period|||
|1.Re-measurement of defined benefit pl|||
|ans of changes in net debt or net assets|||
|2.Other comprehensive income under t|||
|he equity method investee can not be re|||
|classified into profit or loss.|||
|（II）|||
|Other comprehensive income that will|-263,008.36||
|be reclassified into profit or loss.|||
|1.Other comprehensive income under t|||
|he equity method investee can be reclas|||
|sified into profit or loss.|||
|2.Gains and losses from changes in fair|||
|value available for sale financial assets|||
|3.Held-to-maturity investments reclassi|||
|fied to gains and losses of available for|||
|sale financial assets|||
|4.The effective portion of cash flow he|||
|dges and losses|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|5.Translation differences in currency fi|||
||-263,008.36||
|nancial statements|||
|6.Other|||
|Net of profit of other comprehensive in|||
|come attributable to Minority|||
|shareholders’ equity|||
|VII. Total comprehensive income|142,802,513.18|279,471,430.55|
|Total comprehensive income|||
|attributable to the owner of the parent|143,736,447.36|268,606,450.03|
|company|||
|Total comprehensive income|||
||-933,934.18|10,864,980.52|
|attributable minority shareholders|||
|VIII. Earnings per share|||
|（I）Basic earnings per share|||
||0.0848|0.16|
|(II)Diluted earnings per share|0.0848|0.16|

 The current business combination under common control, the net profits of the combined party before achieved ne t profit of RMB 0 last period the combined party realized RMB 0
Legal Representative: Chen Lue
Person in charge ofaccounting：Tang Xianyong
Accounting Dept Leader: Tang Xianyong
4. Income statement of the Parent Company
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I. Income from the key business|117,362.07|111,018.01|
|Incl：Business cost|||
|||1,482.50|
|Business tax and surcharge||244,690.66|
|Sales expense|994,445.50||
|Administrative expense|17,904,118.30|10,577,092.07|
|Financial expenses|81,405,456.80|37,367,434.56|
|Asset impairment loss|8,438,499.87|-57,423.85|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Add：Gains from change of fir|||
|value （“-”for loss）|||
|Investment gain（“-”for loss）|||
|Incl: investment gains from|||
|affiliates|||
|Assets disposal income|||
|Other income|||
|II. Operational profit（“-”for loss）|||
||-108,625,158.40|-48,022,257.93|
|Add ：Non-operational income|100,000,000.00||
|Less：Non business expenses|||
|III.Total profit(“-”for loss)|-8,625,158.40|-48,022,257.93|
|Less：Income tax expenses|||
|IV. Net profit（“-”for net loss）|||
||-8,625,158.40|-48,022,257.93|
|1.Net continuing operating profit|||
|2.Termination of operating net profit|||
|V.Net of profit of other comprehensiv|||
|e income|||
|（I）Other comprehensive income|||
|items that will not be reclassified into|||
|gains/losses in the subsequent|||
|accounting period|||
|1.Re-measurement of defined benefit|||
|plans of changes in net debt or net ass|||
|ets|||
|2.Other comprehensive income under|||
|the equity method investee can not b|||
|e reclassified into profit or loss.|||
|（ II ）|||
|Other comprehensive income that wil|||
|l be reclassified into profit or loss.|||
|1.Other comprehensive income under|||
|the equity method investee can be re|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|classified into profit or loss.|||
|2.Gains and losses from changes in fa|||
|ir value available for sale financial as|||
|sets|||
|3.Held-to-maturity investments reclas|||
|sified to gains and losses of available|||
|for sale financial assets|||
|4.The effective portion of cash flow h|||
|edges and losses|||
|5.Translation differences in currency|||
|financial statements|||
|6.Other|||
|VI. Total comprehensive income|-8,625,158.40|-48,022,257.93|
|VII. Earnings per share：|||
|（I）Basic earnings per share|||
|(II)Diluted earnings per share|||

5. Consolidated Cash flow statement
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I.Cash flows from operating activities|||
|Cash received from sales of goods or|||
||2,448,493,180.76|1,722,890,541.67|
|rending of services|||
|Net increase of customer deposits|||
|and capital kept for brother company|||
|Net increase of loans from central|||
|bank|||
|Net increase of inter-bank loans from|||
|other financial bodies|||
|Cash received against original|||
|insurance contract|||
|Net cash received from reinsurance|||
|business|||
|Net increase of client deposit and|||
|investment|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Net increase of trade financial asset|||
|disposal|||
|Cash received as interest, processing|||
|fee and commission|||
|Net increase of inter-bank fund|||
|received|||
|Net increase of repurchasing business|||
|Tax returned|3,369,607.31|10,169,861.98|
|Other cash received from business|||
||3,596,297,555.25|2,967,473,297.47|
|operation|||
|Sub-total of cash inflow|6,048,160,343.32|4,700,533,701.12|
|Cash paid for purchasing of|||
||2,123,943,719.36|1,452,656,023.95|
|merchandise and services|||
|Net increase of client trade and|||
|advance|||
|Net increase of savings n central bank|||
|and brother company|||
|Cash paid for original contract claim|||
|Cash paid for interest, processing|||
|fee and commission|||
|Cash paid for policy dividend|||
|Cash paid to staffs or paid for staffs|172,389,891.23|181,877,746.19|
|Taxes paid|75,707,443.61|157,274,185.63|
|Other cash paid for business activities|2,577,954,923.49|3,444,723,325.54|
|Sub-total of cash outflow from|||
||4,949,995,977.69|5,236,531,281.31|
|business activities|||
|Cash flow generated by business|||
||1,098,164,365.63|-535,997,580.19|
|operation, net|||
|II. Cash flow generated by investing|||
|Cash received from investment|||
|retrieving|||
|Cash received as investment gains|||
|Net cash retrieved from disposal of|||
|fixed assets, intangible assets, and|432,865.55||
|other long-term assets|||
|Net cash received from disposal of|||
||1,062,398.45||
|subsidiaries or other operational units|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Other investment-related cash|||
|received|||
|Sub-total of cash inflow due to|||
||1,495,264.00||
|investment activities|||
|Cash paid for construction of|||
|fixed assets, intangible assets|12,179,377.50|18,675,205.60|
|and other long-term assets|||
|Cash paid as investment|226,429,730.78|246,074,074.84|
|Net increase of loan against pledge|||
|Net cash received from subsidiaries|||
||-35,622,112.04|470,000.00|
|and other operational units|||
|Other cash paid for investment|||
|activities|||
|Sub-total of cash outflow due to|||
||202,986,996.24|265,219,280.44|
|investment activities|||
|Net cash flow generated by|||
||-201,491,732.24|-265,219,280.44|
|investment|||
|III.Cash flow generated by financing|||
|Cash received as investment|490,000.00|2,753,197,500.00|
|Incl: Cash received as investment|||
|from minor shareholders|||
|Cash received as loans|1,170,509,245.00||
|Cash received from bond placing|||
|Other financing –related ash received|||
|Sub-total of cash inflow from|||
||1,170,999,245.00|2,753,197,500.00|
|financing activities|||
|Cash to repay debts|2,282,455,158.52|1,349,438,184.19|
|Cash paid as dividend, profit, or|||
||169,918,204.82|95,084,766.20|
|interests|||
|Incl: Dividend and profit paid by|||
|subsidiaries to minor shareholders|||
|Other cash paid for financing|||
|||60,833.33|
|activities|||
|Sub-total of cash outflow due to|||
||2,452,373,363.34|1,444,583,783.72|
|financing activities|||
|Net cash flow generated by financing|-1,281,374,118.34|1,308,613,716.28|
|IV. Influence of exchange rate|-4,502,184.53|-4,628,437.71|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|alternation on cash and cash|||
|equivalents|||
|V.Net increase of cash and cash|||
||-389,203,669.48|502,768,417.94|
|equivalents|||
|Add: balance of cash and cash|||
||647,222,590.49|943,705,322.41|
|equivalents at the beginning of term|||
|VI ..Balance of cash and cash|||
||258,018,921.01|1,446,473,740.35|
|equivalents at the end of term|||

6. Cash Flow Statement of the Parent Company
In RMB
||||
|-|-|-|
|Items|Amount in this period|Amount in last period|
|I.Cash flows from operating activities|||
|Cash received from sales of goods or|||
|||128,210.00|
|rending of services|||
|Tax returned|||
|Other cash received from business|||
||3,329,634,571.90|2,072,983,202.47|
|operation|||
|Sub-total of cash inflow|3,329,634,571.90|2,073,111,412.47|
|Cash paid for purchasing of|||
|merchandise and services|||
|Cash paid to staffs or paid for staffs|626,668.10|219,753.50|
|Taxes paid|1,012,217.08|147,356.70|
|Other cash paid for business activities|2,256,119,534.57|2,697,856,678.81|
|Sub-total of cash outflow from|||
||2,257,758,419.75|2,698,223,789.01|
|business activities|||
|Cash flow generated by business|||
||1,071,876,152.15|-625,112,376.54|
|operation, net|||
|II.Cash flow generated by investing|||
|Cash received from investment|||
|retrieving|||
|Cash received as investment gains|||
|Net cash retrieved from disposal of|||
|fixed assets, intangible assets, and|||
|other long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other operational units|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Other investment-related cash|||
|received|||
|Sub-total of cash inflow due to|||
|investment activities|||
|Cash paid for construction of|||
|fixed assets, intangible assets||65,440.00|
|and other long-term assets|||
|Cash paid as investment|13,000,000.00|135,075,100.00|
|Net cash received from subsidiaries|||
|||5,000,000.00|
|and other operational units|||
|Other cash paid for investment|||
|activities|||
|Sub-total of cash outflow due to|||
||13,000,000.00|140,140,540.00|
|investment activities|||
|Net cash flow generated by|||
||-13,000,000.00|-140,140,540.00|
|investment|||
|III.Cash flow generated by financing|||
|Cash received as investment|||
|Cash received as loans|755,650,000.00|1,908,030,000.00|
|Cash received from bond placing|||
|Other financing –related ash received|||
|Sub-total of cash inflow from|||
||1,690,650,010.00|1,908,030,000.00|
|financing activities|||
|Cash to repay debts|1,783,743,643.54|820,000,000.00|
|Cash paid as dividend, profit, or|||
||91,415,896.63|70,346,435.20|
|interests|||
|Other cash paid for financing|||
|||60,833.33|
|activities|||
|Sub-total of cash outflow due to|||
||1,875,159,540.17|890,407,268.53|
|financing activities|||
|Net cash flow generated by financing|-1,119,509,540.17|1,017,622,731.47|
|IV. Influence of exchange rate|||
|alternation on cash and cash||0.00|
|equivalents|||
|V.Net increase of cash and cash|||
||-60,633,388.02|252,369,814.93|
|equivalents|||
|Add: balance of cash and cash|||
||99,547,899.86|168,691,344.34|
|equivalents at the beginning of term|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|VI ..Balance of cash and cash|||
||38,914,511.84|421,061,159.27|
|equivalents at the end of term|||

7. Consolidated Statement on Change inOwners’ Equity
Amount in this period
In RMB
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in this period|||||||||||||
||Owner’s equity Attributable to the Parent Company|||||||||||||
|||||||||||||Mino||
|||Other Equity|||||||||||Total|
||||||||Other|||||r||
|||instrument||||||||Com|||of|
|Items|Shar||||Capit|Less:|Comp|Speci|Surpl||Retai|share||
|||pref||||||||mon|||owne|
||e||||al|Share|rehen|alized|us||ned|holde||
|||erre|Sust|||||||risk|||rs’|
||Capi|||Oth|reserv|s in|sive|reserv|reserv||profit|rs’||
|||d|aina|||||||provi|||equit|
||tal|||er|es|stock|Inco|e|es||s|equit||
|||stoc|ble|||||||sion|||y|
||||||||me|||||y||
|||k|debt|||||||||||
||1,69||||-1,29||||||1,503||2,260|
|||||||||164,2|84,39|||108,6||
|I. Balance at the|8,24||||9,349||858,2||||,103,||,166,|
|||||||||31,07|4,441|||84,40||
|end of last year|5,01||||,701.||42.13||||396.7||870.4|
|||||||||8.18|.23|||2.89||
||1.00||||74||||||2||1|
|Add: Change of||||||||||||||
|accounting||||||||||||||
|policy||||||||||||||
|Correcting of||||||||||||||
|previous errors||||||||||||||
|Merger of||||||||||||||
|entities under||||||||||||||
|common control||||||||||||||
|Other||||||||||||||
||1,69||||-1,29||||||1,503||2,260|
|II.Balance at the||||||||164,2|84,39|||108,6||
||8,24||||9,349||858,2||||,103,||,166,|
|beginning of||||||||31,07|4,441|||84,40||
||5,01||||,701.||42.13||||396.7||870.4|
|current year||||||||8.18|.23|||2.89||
||1.00||||74||||||2||1|
||||||||-263,|-93,6|||148,0|7,014|61,12|
|III.Changed in||||||||||||||
||||||||008.3|91,78|||62,84|,321.|2,374|
|the current year||||||||||||||
||||||||6|6.53|||8.03|82|.96|
|（1）Total|||||||-263,||||143,9|-933,|142,8|
|comprehensive|||||||008.3||||99,45|934.1|02,51|
|income|||||||6||||5.72|8|3.18|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||
|-|-|-|-|
|（II）Investment||||
||4,063|7,948|12,01|
|or decreasing of||||
||,392.|,256.|1,648|
|capital by||||
||31|00|.31|
|owners||||
|1．Ordinary Sh||||
|ares invested by||||
|shareholders||||
|2．Holders of ot||||
|her equity instru||||
|ments invested c||||
|apital||||
|3．Amount of||||
|shares paid and||||
|accounted as||||
|owners’ equity||||
||4,063|7,948|12,01|
|4．Other|,392.|,256.|1,648|
||31|00|.31|
|（III）Profit||||
|allotment||||
|1.Providing of||||
|surplus reserves||||
|2.Providing of||||
|common risk||||
|provisions||||
|3．Allotment to||||
|the owners (or||||
|shareholders)||||
|4．Other||||
|(IV) Internal||||
|transferring of||||
|owners’ equity||||
|1. Capitalizing||||
|of capital||||
|reserves (or to||||
|capital shares)||||
|2. Capitalizing||||
|of surplus||||
|reserves (or to||||
|capital shares)||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|3．Making up||||||||||
|losses by surplus||||||||||
|reserves.||||||||||
|4. Other||||||||||
|||||-93,6|||||-93,6|
|(V). Special||||||||||
|||||91,78|||||91,78|
|reserves||||||||||
|||||6.53|||||6.53|
|||||7,271|||||7,271|
|1. Provided this||||||||||
|||||,059.|||||,059.|
|year||||||||||
|||||70|||||70|
|||||-100,|||||-100,|
|2．Used this||||||||||
|||||962,8|||||962,8|
|term||||||||||
|||||46.23|||||46.23|
|（VI）Other||||||||||
||1,69|-1,29||||1,651||2,321,289,245.37||
|IV. Balance at||||70,53|84,39||115,6|||
||8,24|9,349|595,2|||,166,||||
|the end of this||||9,291|4,441||98,72|||
||5,01|,701.|33.77|||244.7||||
|term||||.65|.23||4.71|||
||1.00|74||||5||||

 Amount in last year
In RMB
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in last year|||||||||||||
||Owner’s equity Attributable to the Parent Company|||||||||||||
|||||||||||||Mino||
|||Other Equity|||||||||||Total|
||||||||Other|||||r||
|||instrument||||||||Com|||of|
|Items|Shar||||Capit|Less:|Comp|Speci|Surpl||Retai|share||
|||pref||||||||mon|||own|
||e||||al|Share|rehen|alized|us||ned|holde||
|||erre|Sust|||||||risk|||ers’|
||Capi|||Oth|reserv|s in|sive|reserv|reserv||profit|rs’||
|||d|aina|||||||provi|||equit|
||tal|||er|es|stock|Inco|e|es||s|equit||
|||stoc|ble|||||||sion|||y|
||||||||me|||||y||
|||k|debt|||||||||||
||1,69||||-1,29||||||||1,830|
|||||||||65,68|84,39||1,228,|52,53||
|I.Balance at the|8,24||||9,349||||||||,482,|
|||||||||7,868|4,441||970,4|4,755||
|end of last year|5,01||||,701.||||||||872.5|
|||||||||.14|.23||98.86|.10||
||1.00||||74||||||||9|
|Add: Change of||||||||||||||
|accounting||||||||||||||
|policy||||||||||||||
|Correcting of||||||||||||||
|previous errors||||||||||||||
|Merger of||||||||||||||
|entities under||||||||||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||||
|-|-|-|-|-|-|-|-|
|common control||||||||
|Other||||||||
||1,69|-1,29|||||1,830|
|II.Balance at the|||65,68|84,39|1,228,|52,53||
||8,24|9,349|||||,482,|
|beginning of|||7,868|4,441|970,4|4,755||
||5,01|,701.|||||872.5|
|current year|||.14|.23|98.86|.10||
||1.00|74|||||9|
|||-4,22|16,14||166,7|13,90|192,5|
|III.Changed in||||||||
|||2,250|0,019||11,74|8,372|37,89|
|the current year||||||||
|||.95|.54||9.37|.83|0.79|
|（1）Total|||||268,6|10,86|279,4|
|comprehensive|||||06,45|4,980|71,43|
|income|||||0.03|.52|0.55|
|（II）Investment||||||||
|||-4,22||||3,043|-1,17|
|or decreasing of||||||||
|||2,250||||,392.|8,858|
|capital by||||||||
|||.95||||31|.64|
|owners||||||||
|1．Ordinary Sh||||||||
|ares invested by||||||||
|shareholders||||||||
|2．Holders of ot||||||||
|her equity instru||||||||
|ments invested c||||||||
|apital||||||||
|3．Allotment to||||||||
|the owners (or||||||||
|shareholders)||||||||
|||-4,22||||3,043|1,178|
|4．Other||2,250||||,392.|,858.|
|||.95||||31|64|
|(IV) Internal|||||-101,||-101,|
|transferring of|||||894,7||894,7|
|owners’ equity|||||00.66||00.66|
|1. Capitalizing||||||||
|of capital||||||||
|reserves (or to||||||||
|capital shares)||||||||
|2. Capitalizing||||||||
|of surplus||||||||
|reserves (or to||||||||
|capital shares)||||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||||
|-|-|-|-|-|-|-|-|
|3．Making up|||||-101,||-101,|
|losses by surplus|||||894,7||894,7|
|reserves.|||||00.66||00.66|
|4. Other||||||||
|(VI )Special||||||||
|reserves||||||||
|1. Provided this||||||||
|year||||||||
|2．Used this||||||||
|term||||||||
|（VII）Other||||||||
|IV. Balance at||||||||
|the end of this||||||||
|term||||||||
||||16,14||||16,14|
|(V) Special||||||||
||||0,019||||0,019|
|reserves||||||||
||||.54||||.54|
||||35,59||||35,59|
|1. Provided this||||||||
||||7,306||||7,306|
|year||||||||
||||.04||||.04|
||||19,45||||19,45|
|2．Used this||||||||
||||7,286||||7,286|
|term||||||||
||||.50||||.50|
|（VI）Other||||||||
||1,69|-1,30|||||2,023|
|IV. Balance at|||81,82|84,39|1,395,|66,44||
||8,24|3,571|||||,020,|
|the end of this|||7,887|4,441|682,2|3,127||
||5,01|,952.|||||763.3|
|term|||.68|.23|48.23|.93||
||1.00|69|||||8|

 8.Statement of change inowner’s Equity of the Parent Company
Amount in this period
In RMB
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in this period|||||||||||||
|||Other Equity instrument||||||||||||
|||||||||Other|e||Commo|Retai||
||Share|||||Capital|Less:|||Surplus|||Total of|
|Items||||||||||||||
|||prefe|r|||||Compr|||n risk|ned||
||Capita|||Sustai||reserve|Shares|||reserve|||owners|
|||red|||Other|||hensive|||provisi|profit||
||l|||nable||s|in stock|||s|||’ equity|
|||stock||||||Income|||on|s||
|||||debt||||||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
||1,698,|1,237,9||88,18|3,050,6|
|I.Balance at the|||26,309,|||
||245,0|56,472.||8,591.|99,361.|
|end of last year|||287.00|||
||11.00|37||10|47|
|Add: Change of||||||
|accounting||||||
|policy||||||
|Correcting of||||||
|previous errors||||||
|Other||||||
|II.Balance at the|1,698,|1,237,9||88,18|3,050,6|
||||26,309,|||
|beginning of|245,0|56,472.||8,591.|99,361.|
||||287.00|||
|current year|11.00|37||10|47|
|||||-8,62||
|III.Changed in|||||-8,625,|
|||||5,158.||
|the current year|||||158.40|
|||||40||
|（I）Total||||-8,62||
||||||-8,625,|
|comprehensive||||5,158.||
||||||158.40|
|income||||40||
|(II) Investment||||||
|or decreasing of||||||
|capital by||||||
|owners||||||
|1．Ordinary Sh||||||
|ares invested by||||||
|shareholders||||||
|2．Holders of ot||||||
|her equity instru||||||
|ments invested c||||||
|apital||||||
|3.Amount of||||||
|shares paid and||||||
|accounted as||||||
|owners’ equity||||||
|4．Other||||||
|（III）Profit||||||
|allotment||||||
|1.Providing of||||||
|surplus reserves||||||
|2．Allotment to||||||
|the owners (or||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|shareholders)||||||
|3．Other||||||
|(IV)Internal||||||
|transferring of||||||
|owners’ equity||||||
|1. Capitalizing||||||
|of capital||||||
|reserves (or to||||||
|capital shares)||||||
|2. Capitalizing||||||
|of surplus||||||
|reserves (or to||||||
|capital shares)||||||
|3．Making up||||||
|losses by surplus||||||
|reserves.||||||
|4. Other||||||
|(V) Special||||||
|reserves||||||
|1. Provided this||||||
|year||||||
|2．Used this||||||
|term||||||
|（VI）Other||||||
|IV. Balance at|1,698,|1,237,9||79,56|3,042,074,203.07|
||||26,309,|||
|the end of this|245,0|56,472.||3,432.||
||||287.00|||
|term|11.00|37||70||

 Amount in last year
In RMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in last year|||||||||||
|||Other Equity instrument||||||||||
||||||||Other||Commo|Retai||
||Share||||Capital|Less:||Surplus|||Total of|
|Items||||||||||||
|||prefer|||||Compre||n risk|ned||
||Capita||Sustai||reserve|Shares||reserve|||owners|
|||red||Other|||hensive||provisi|profit||
||l||nable||s|in stock||s|||’ equity|
|||stock|||||Income||on|s||
||||debt|||||||||
||1,698,||||1,237,9|||||242,3|3,204,8|
|I.Balance at the|||||||||26,309,|||
||245,0||||56,472.|||||53,63|64,404.|
|end of last year|||||||||287.00|||
||11.00||||37|||||4.55|92|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|Add: Change of||||||
|accounting||||||
|policy||||||
|Correcting of||||||
|previous errors||||||
|Other||||||
|II.Balance at the|1,698,|1,237,9||242,3|3,204,8|
||||26,309,|||
|beginning of|245,0|56,472.||53,63|64,404.|
||||287.00|||
|current year|11.00|37||4.55|92|
|||||-149,|-149,91|
|III.Changed in||||||
|||||916,9|6,958.5|
|the current year||||||
|||||58.59|9|
|（I）Total||||-48,0||
||||||-48,022|
|comprehensive||||22,25||
||||||,257.93|
|income||||7.93||
|(II) Investment||||||
|or decreasing of||||||
|capital by||||||
|owners||||||
|1．Ordinary Sh||||||
|ares invested by||||||
|shareholders||||||
|2．Holders of ot||||||
|her equity instru||||||
|ments invested c||||||
|apital||||||
|3.Amount of||||||
|shares paid and||||||
|accounted as||||||
|owners’ equity||||||
|4．Other||||||
|||||-101,|-101,89|
|（III）Profit||||||
|||||894,7|4,700.6|
|allotment||||||
|||||00.66|6|
|1.Providing of||||||
|surplus reserves||||||
|2．Allotment to||||-101,|-101,89|
|the owners (or||||894,7|4,700.6|
|shareholders)||||00.66|6|
|3．Other||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|(IV)Internal||||||
|transferring of||||||
|owners’ equity||||||
|1. Capitalizing||||||
|of capital||||||
|reserves (or to||||||
|capital shares)||||||
|2. Capitalizing||||||
|of surplus||||||
|reserves (or to||||||
|capital shares)||||||
|3．Making up||||||
|losses by surplus||||||
|reserves.||||||
|4. Other||||||
|(V) Special||||||
|reserves||||||
|1. Provided this||||||
|year||||||
|2．Used this||||||
|term||||||
|（VI）Other||||||
|IV. Balance at|1,698,|1,237,9||92,43|3,054,9|
||||26,309,|||
|the end of this|245,0|56,472.||6,675.|47,446.|
||||287.00|||
|term|11.00|37||96|33|

 III. Basic Information of the Company
Sino Great Wall Co., Ltd. (hereinafter referred to as the "Company" or "Sino Great Wall") is formerly known as Shenzhen Victor Onward Textile Industrial Company Limited which is formerly known as Xinnan Printing and Dyeing Factory Co., Ltd.. Established in 1980, Xinnan Printing and Dyeing Factory Co., Ltd. is the first wholly foreign-owned enterprise in Shenzhen. In April 1984, Xinnan Printing and Dyeing Factory Co., Ltd. was changed into a foreign joint venture and was renamed Shenzhen Victor Onward Printing and Dyeing Co., Ltd.. On November 19, 1991, approved by the Government of Shenzhen City, Shenzhen Victor Onward Printing and Dyeing Co., Ltd. was restructured into a joint stock limited company and was renamed Shenzhen Victor Onward Textile Industrial Company Limited.
Domestic listed RMB ordinary shares ("A" shares; stock code: 000018) and overseas-listed foreign investment shares ("B" shares; stock code: 200018) issued by the Company were listed for trading on the Shenzhen Stock Exchange in 1992.
On July 23, 2015, approved by the China Securities Regulatory Commission under the Official Reply to Approving Shenzhen Victor Onward Textile Industrial Company Limited to Make Major Assets Restructuring and
Issue Shares to Chen Lue and Other Shareholders to Purchase Assets and Raise Supporting Funds (Z.J.X.K.[2015]
No.1774), the Company issued 251,849,593 shares to Chen Lue and other 167shareholders to purchase100% of
equities of Sino Great Wall International Engineering Co., Ltd. held by them and issued to them 25,914,633
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 non-public offering shares, which raised funds of RMB 254,999,988.72.
As at September 24, 2015, equities of the listed company were changed to be registered in the name of the Company. Both parties fully completed the transfer of equities and the relevant formalities of industrial and commercial registration of changes, so the Company already owned100% of equities in the listed company. Meanwhile, according to the Confirmation on Delivery of Exchange-Out Assets, as at the date of delivery (namely July 31, 2015), all assets and liabilities of the Company had been exchanged out. On September 24, 2015, Shenzhen Branch of the China Securities Depository and Clearing Corporation Li mited had completed the relevant securities registration formalities for the above new shares.
On July 29, 2015, the listed company received the new registered capital of RMB 251,849,593 paid by all the shareholders of Sino Great Wall. Ruihua Certified Public Accountants issued the Verification Report (R.H.Y.Z.[2015] No.48250011) on July 30, 2015. Registered capital after the change was RMB 420,991,949 and share capital RMB 420,991,949. On December 4, 2015, Shenzhen Victor Onward Textile Industrial Company Limited. was renamed Sino Great Wall Co., Ltd..
At the Company's general meeting of shareholders held on May 6, 2016, the 2015 Plan of Conversion of Capital Reserves into Share Capital was adopted. The detailed plan was: to increase capital reserves to all the shareholders with 28 shares for 10 shares based on 446,906,582 shares in total as at December 31, 2015 and to increase 1,251,338,429 shares in total. After the increase, total share capital of the Company was increased to 1,698,245,011 shares.
At the Company's general meeting of shareholders held on May 6, 2016, the 2015 Plan of Conversion of Capital Reserves into Share Capital was adopted. The detailed plan was: to increase capital reserves to all the shareholders with 28 shares for 10 shares based on 446,906,582 shares in total as at December 31, 2015 and to increase 1,251,338,429 shares in total. After the increase, total share capital of the Company was increased to 1,698,245,011 shares.
\As at December 31, 2017, total share capital of the Company was 1,698,245,011 shares, in which there were 1,434,441,780 circulating A shares and 263,803,231 circulating B shares. Chen Lue who holds 582,944,556 A shares, accounting for34.33% of the total share capital, is the Company's controlling shareholder and actual controller.
Registered address of the Company: No.26 Kuipeng Road, Baishi Gang, Kuichong Street, Dapeng New District, Shenzhen. Legal representative: Chen Lue. The Company falls under textile printing and dyeing industry. The Company mainly engages in dyeing and printing production, processing and sales of all kinds of pure cotton, pure linen, polyester cotton, ramie cotton, high-grade blended fabrics and finished garments.
The financial statements have been approved by the Board of Directors on August 31,2018.
As at June 30, 2018, subsidiaries within the scope of the consolidated financial statements of the Company are as follows:
||
|-|
|Invested units|
|Changzhi Shenzhou Laodingshan Industrial Co., Ltd.|
|Xiangfen County Taoshan Construction Co., Ltd.|
|Sino Great Wall (Xihua) Economic Development Zone Investment Co., Ltd.|
|Liupanshui Central People‘s Hospital Investment Co., Ltd.|
|Sino Zhigu Industrial (Yueyang) Co., Ltd.|
|Sino Great Wall Guangxia (Wuhan) Medical Development Co., Ltd.|
|Sino Great Wall Infrastructure Investment Co., Ltd.|
|Wuhan Commercial Workers Hospital LLC|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||
|-|
|Sino Great Wall Medical Investment Management Co., Ltd.|
|Sino Great Wall International Engineering Co., Ltd.|
|Fujian Sino Great Wall Mingyihui Medical Investment Co., Ltd.|
|Sino Great Wall Medical Investment (Hubei) Co., Ltd.|
|Hubei Yuanyaotong Supply Chain Co., Ltd.|
|Sino Great Wall Medical Management (Inner Mongolia) Co., Ltd.|
|Sino Great Wall Health Management (Jiangsu) Co., Ltd.|
|Sino Great Wall New Energy (Beijing) Co., Ltd.|
|Wu‘an Juhe Photovoltaic Power Co., Ltd.|
|Shanghai Lingrui International Trading Co., Ltd.|
|Shenzhen Hongtulve Industrial Co., Ltd.|
|Guangzhou Herabenna Interior Design Co., Ltd.|
|Sino Great Wall Southwest Engineering Co., Ltd.|
|Sino Great Wall Southwest Science and Technology Co., Ltd.|
|Sino Great Wall Southwest Commercial and Trading Co., Ltd.|
|Sino Great Wall Southwest Engineering Designn Co., Ltd.|
|Shenzhen Yatian Decoration Design Engineering Co., Ltd.|
|Sino Great Wall Decoration and Design Co., Ltd.|
|Suzhou Lvbang Wood Industry Technology Co., Ltd.|
|Huichang County Zhongcheng Construction Engineering Co., Ltd.|
|Sino Great Wall Zhihui Housing Property (Zhanjiang) Co., Ltd.|
|Great Wall Biaodian Energy Co., Ltd.|
|Kunming Sino Forest Industry Development Co., Ltd.|
|Sino Great Wall Development (Hengqin) Co., Ltd.|
|Sino Great Wall Construction Construction Co., Ltd.|
|Sino Great Wall Real Estate (Hubei) Co., Ltd.|
|SGW America LLC|
|Sino Great Wall Group Co.,Limited|
|Far eastern international engineering company,LLC|
|Sino Great Wall(Philippines) International Corporation|
|Sino Wai Man International Engineering Limited|
|Sino Great Wall (HK) Property Co., Limited|
|SGW HPEngineeringConstructionSDN.BHD（Malaysia）|
|SGW VENTURES SDN.BHD.|
|SGW CONSTRUCTION (LANGKAWI) SDN.BHD.|
|Alor Vista Development Sdn Bhd|
|SINO GREAT WALL GENERAL TRADING & CONTRACTING CO.LTD(Kuwait Co.)|
|Shenzhou Changcheng（Lao）Co.,Ltd|
|Sino Great Wall Group （UK）Co.,Limited|
|Sino Great Wall International Engineering( MM ) Co.,Ltd|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||
|-|
|Sino Great Wall International Engineering Co.,Ltd(Maldives Co.)|
|Inrich Me Engineering Co,.Ltd (HK)|
|SINO GREAT WALL INTERNATIONAL ENGINEERING(MACAU) CO.,LIMITED|
|Sino Great WallInternationalEngineering(Thailand) Co.,Ltd.|
|Sino Great Wall International Engineering(CNMI) Co.,LLC.|
|SINO GREAT WALL（USA）.INC|
|PT.SINO GREAT WALL INVESTMENT INDONESIA|
|PT.SINO GREAT WALL CONSTRUCTION INDONESIA|
|Acura Kliniken Baden-Baden GmbH|
|Wuhan Huayue Pharmaceutical Co., Ltd.|

IV. Basis for the preparation of financial statements
1.Basis for the preparation
The Company has prepared financial statements based on sustained operation as basis, according to the transactions and matters having occurred actually, and in accordance with the Accounting Standards for Business Enterprises– Basic Rules, various detailed accounting rules, Guidelines for Application of Accounting Standards for Business Enterprises, Interpretation of Accounting Standards for Business Enterprises and other relevant regulations issued by the Ministry of Finance (hereinafter jointly referred to as―Accounting Standards for BusinessEnterprises‖), as well as the disclosure provisions of the Preparation Rules for Information Disclosure by Companies Offering Securities to the Public No.15– General Provisions on Financial Report issued by China Securities Regulatory Commission.
2. Continuous operation.
The Company since 12 months after the reporting period does not exist on the company's continued viability of si gnificant concern events or circumstances.
V. Significant accounting policies and accounting estimates
Specific accounting policies and accounting estimates tips:
Nil
1. Statement on the Accounting Standard Followed by the Company
The financial statements prepared by the Company comply with the requirements of corporate accounting standards. They truly and completely reflect the financial situations, operating results, equity changes and cash flow, and other relevant information of the company.
2.Fiscal Year
The Company adopts the Gregorian calendar year commencing on January 1 and ending on December 31 as the
fiscal year.
3.Operating cycle
The Company has an operating cycle of 12 months.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 4. Functional currency
The Company adopts RMB as recording currency.
5. Accounting treatment methods of business combinations under common control and not under common control
Business combinations under common control: The assets and liabilities acquired by the Company in business combinations are measured at the book value of assets and liabilities of the combinee (including the goodwill arising from the acquisition of the combinee by the ultimate controller) in the consolidated financial statements of the ultimate controller on the combination date. The stock premium in the capital reserves should be adjusted at the difference between the book value of the net assets acquired in combinations and that of consideration paid for the combination (or total par value of shares issued). If the stock premium in the capital reserves is insufficient to cover the differences, the retained earnings should be adjusted.
Business combinations not under common control: The Company shall, on the acquisition date, measure the assets surrendered and liabilities incurred or assumed by the Company for a business combination at their fair values. The Company shall recognize the difference of the combination costs in excess of the fair value of the identifiable net assets acquired from the acquiree as goodwill. The Company shall recognize the difference of the combination costs in short of the fair value of the identifiable net assets acquired from the acquiree in the current profit and loss after review.
Intermediary service charges such as audit fee, legal service fee, appraisal and consultancy fee paid for business combinations and other directly relevant expenses are included in the current profit and loss when incurred; the transaction costs for the issuance of equity securities for business combinations shall be used to offset equities. 6.Preparation method for consolidated financial statements
1.Scope of consolidation
The scope of consolidation of the consolidated financial statements of the Company is recognized based on the control and all subsidiaries (including the divisible part of the investee controlled by the Company) shall be included in the consolidated financial statements.
2. Procedures for consolidation
The Company prepares the consolidated financial statements based on its own financial statements and those of its subsidiaries according to other relevant information. When the Company prepares its consolidated financial statements, it shall regard the whole enterprise group as an accounting entity to reflect the overall financial position, operating results and cash flows of the enterprise group according to the requirements for recognition, measurement and presentation of the relevant accounting standards for business enterprises and the unified accounting policies.
Accounting policies and accounting periods adopted by all subsidiaries included in the scope of consolidation of the consolidated financial statements shall be consistent with those of the Company. If accounting policies and accounting periods adopted by the subsidiaries are inconsistent with those of the Company, in the preparation of the consolidated financial statements, necessary adjustments shall be made according to the accounting policies and accounting periods of the Company. For the subsidiaries acquired through business combination not under common control, adjustments to their financial statements shall be made based on the fair values of net identifiable assets on the acquisition date. For the subsidiaries acquired through business combination under common control, adjustments to their financial statements shall be made based on the fair values of their assets and liabilities (including goodwill from acquisition of the subsidiaries by the ultimate controller) in the financial statements of the ultimate controller.
The share of owner's equity, net profits and losses in the current year and comprehensive income in the current year of subsidiaries attributable to minority shareholders should be separately presented under the item "owner's equity" in the consolidated balance sheet, the item "net profit" and the item "total comprehensive income" in the consolidated income statement. The difference of the loss in the current year shared by minority shareholders of the subsidiaries in excess of the share of minority shareholders in the owner's equity at the beginning of the year of the subsidiaries should be used to offset the minority equity.
（1）Increase in subsidiaries or business
During the reporting period, if the Company increased subsidiaries or business from business combinations under common control, the beginning balance of the consolidated balance sheet shall be adjusted; the incomes, expenses and profits from the beginning of the current year of the combinations of the subsidiaries or business to the end of the reporting period shall be included in the consolidated income statement; cash flows from the beginning of the
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 current year of the combinations of the subsidiaries or business to the end of the reporting period shall be included in the consolidated statement of cash flows. Relevant items in the comparative financial statements of the subsidiaries shall be adjusted accordingly, as if the reporting entity after the business combination exists when the ultimate controller starts its control.
Where the Company can control the investee under common control due to additional investments and other reasons, adjustments shall be made as if parties involved in the combination have existed in the current state when the ultimate controller start its control. Equity investments held before the Company controls the combinee, and the relevant profit and loss, other comprehensive income and other changes in net assets that are recognized from the later of the date when the Company obtains the original equity and the date when the combiner and the combinee are under common control to the combination date, shall be used to offset the retained earnings at the beginning of the year or the current profit and loss during the period of the comparative statements.
During the reporting period, if the Company increased subsidiaries or business from business combinations not under common control, the beginning balance in the consolidated balance sheet shall not be adjusted; the incomes, expenses and profits of the subsidiaries or business from the acquisition date to the end of the reporting period shall be included in the consolidated income statement; cash flows of the subsidiaries and business from the acquisition date to the end of the reporting period shall be included in the consolidated statement of cash flows. Where the Company can implement control over an investee not under common control due to additional investment or other reasons, the equity held by the combinee before the purchase date is remeasured at the fair value on the purchase date of the equity, and the difference between the fair value and the book value shall be included in the current investment income. In the event that the equity of the acquiree held prior to the acquisition date involves changes to other comprehensive income under the equity method and other changes to owners' equity except for net profit and loss, other comprehensive income and profit distribution, other comprehensive income and other changes in the owner's equity associated therewith are transferred to investment income of the period to which the acquisition date belong, except for other comprehensive income arising from changes in net liabilities or net assets due to the re-measurement of defined benefits plan by the investee.
（2）Disposal of subsidiaries or business
A .General method of disposal
During the reporting period, if the Company disposes subsidiaries or business, the incomes, expenses and profits from the subsidiaries or business from the beginning of the year to the disposal date shall be included in the consolidated income statement; cash flows of the subsidiaries and business from the beginning of the year to the disposal date shall be included in the consolidated statement of cash flows.
The difference of total amount of the consideration from disposal of equities plus the fair value of the remaining equities less the shares calculated at the original shareholding ratio in net assets and goodwill of the original subsidiary which are continuously calculated as of the acquisition date or combination date is included in the investment income of the period at the loss of control. Other comprehensive incomes associated with the equity investments of the original subsidiary, or the changes in owners' equity other than net profit or loss, other comprehensive income and profit distribution, are transferred into investment income of the period when control is lost, except for other comprehensive income from the change in net liability or net asset due to the investor's re-measurement of designated benefit plan.
B .Disposal of subsidiaries by stages
Where the Company disposes the equity investments in subsidiary through multiple transactions and by stages until it loses the control, if the effect of the disposal on the terms and conditions of all transactions of equity investments in subsidiary and economic effect meet one or more of the following circumstance, it usually indicates that the multiple transactions should be accounted for as a package deal:
i. The transactions are concluded at the same time or under the consideration of mutual effect;
ii. The transactions as a whole can reach a complete business result;
iii. The occurrence of a transaction depends on that of at least one other transactions; and/or
iv. A single transaction is uneconomical but it is economical when considered together with other transactions. Where various transactions of disposal of equity investments in subsidiaries until loss of the control belong to a package deal, accounting treatment shall be made by the Company on the transactions as a transaction to dispose subsidiaries and lose the control; however, the difference between each disposal cost and net asset share in the subsidiaries corresponding to each disposal of investments before loss of the control should be recognized as other comprehensive income in the consolidated financial statements and should be transferred into the current profit or loss at the loss of the control.
Where various transactions of disposal of equity investments in subsidiaries until loss of the control do not belong to a package deal, before the loss of the control, accounting treatment shall be made according to the relevant policies for partial disposal of equity investments in the subsidiary without losing control; at the loss of the control,
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 accounting treatment shall be made according to general treatment methods for disposal of subsidiaries.
（3）Purchase of minority equity of subsidiaries
The difference between long-term equity investments acquired by the Company through purchase of minority interest and thesubsidiary’s identifiable net assets attributable to the Company calculated continuously from the acquisition date (or the combination date) in accordance with the increased shareholding ratio shall be charged against stock premium within capital reserves in the consolidated balance sheet; when stock premium within capital reserves is insufficient to offset, the retained earnings shall be adjusted.
(4) Partial disposal of long-term equity investments in subsidiaries without losing control
The difference between the proceeds from partial disposal of equity investments in the subsidiary and the share of identifiable net assets of the subsidiary attributable to the Company which are calculated continuously from the acquisition date (or the combination date) and which are corresponding to the disposal of long-term equity investments without losing control shall be charged against stock premium within capital reserves in the consolidated balance sheet; when stock premium within capital reserves is insufficient to offset, the retained earnings shall be adjusted.
7. Joint venture arrangements classification and Co-operation accounting treatment
8..Recognition Standard of Cash& Cash Equivalents
The company recognizes its cash in vault& the deposits that are ready for payment at any time as cash when preparing the cash flow statement.which are featured with short term (expire within 3 months since purchased), high liquidity, easy to convert to know cash, low in risk of value change, could be recognized as cash equivalents. 9. Foreign currency transactions and translation of foreign currency statements
1.Foreign currency transactions
Foreign currency transactions are translated into functional currency at the approximate rate of spot exchange rate on the day when the transactions occur.
The balance of foreign currency monetary items as at the balance sheet date are translated at the spot exchange rate on the balance sheet date and the exchange differences arising therefrom shall be included in the current profit and loss, except those exchange differences arising from the special borrowings of foreign currency related to the acquired and constructed assets qualified for capitalization that will be capitalized at the borrowing expenses.
2.Translation of foreign currency statements
Assets and liabilities in the balance sheet are translated at the spot exchange rates on balance sheet date; owners' equity items, except for the item of “undistributed profits”, are translated at the spot exchange rates on the dates when the transactions occur. The income and expenses items in income statements are translated at the approximate rate of spot exchange rate prevailing on the date when transactions occur.
Where the Company disposes of an overseas business, it shall transfer the exchange difference relating to the overseas business to the current profit and loss.
10. Financial instruments
Financial instruments include financial assets, financial liabilities and equity instruments.
1.Classification of financial instruments
At the initial recognition, financial assets and financial liabilities are classified as: financial assets or financial liabilities measured at fair value through current profit and loss, including financial assets or financial liabilities held for trading (and financial assets or financial liabilities directly designated to be measured at fair value through current profit and loss); held-to-maturity investments; receivables; available-for-sale financial assets; and other financial liabilities, etc.
2.Recognition basis and measurement method of financial instruments
(1)Financial assets (financial liabilities) measured at fair value through current profit and loss
Financial assets (financial liabilities) measured at fair value through current profit and loss are initially recognized at the fair value upon acquisition (net of cash dividends declared but not yet paid or bond interest due but not yet received) and the related transaction costs are included in current profit and loss.
The interest or cash dividends to be received during the holding period is or are recognized as investment income.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Change in fair values is included in the current profit and loss at the end of the period.
Difference between the fair value and initial book-entry value is recognized as investment income upon disposal; meanwhile, adjustment is made to gains or losses from changes in fair values.
(2) Held-to-maturity investments
Held-to-maturity investments are initially recognized at the sum of the fair value (net of bond interest due but not yet received) and related transaction costs upon acquisition.
The interest income will be calculated and determined according to the amortized cost and effective interest rate during the holding period and included in investment income. The effective interest rates are determined upon acquisition and remain unchanged during the expected remaining period, or a shorter period if applicable. Upon disposal, the difference between the purchase price obtained and the book value of the investment is recognized in investment income.
(3) Receivables
Forcreditor’s rights receivable arising from external sales of goods or rendering of service by the Company and other creditor's rights of other enterprises (excluding liability instruments quoted in an active market) held by the Company, including accounts receivable and other receivables, the initial recognition amount shall be the contract price or agreement price receivable from purchasing party. Receivables with financing nature are initially recognized at their present values.
Upon recovery or disposal, the difference between the purchase price obtained and the book value of the receivables is recognized in current profit and loss.
(4) Available-for-sale financial assets
Financial assets (financial liabilities) measured at fair value through current profit and loss are initially recognized at the fair value and related transaction expenses upon acquisition (net of cash dividends declared but not yet paid or bond interest due but not yet received).
The interest or cash dividends to be received during the holding period is or are recognized as investment income. The interest or cash dividends should be measured at fair value and their changes in fair value should be included in other comprehensive income. However, for an equity instrument investment that has no quoted price in an active market and whose fair value cannot be reliably measured, and for derivative financial asset linked to the said equity instrument investment and settled by delivery of the same equity instrument, they shall be measured at cost.
Difference between the proceeds and the book value of the financial assets is recognized as investment income upon disposal; meanwhile, amount of disposal corresponding to the accumulated change in fair value which is originally and directly included in other comprehensive income shall be transferred out and recognized as the current profit and loss.
(5) Other financial liabilities
They are initially recognized at the sum of the fair value and the associated transaction costs. Other financial liabilities are subsequently measured at amortized cost.
3.Recognition and measurement of transfer of financial assets
When a financial assets transfer occurs, the financial assets will be derecognized when substantially all the risks and rewards on the ownership of the financial assets have been transferred to the transferee; and they will not be derecognized if substantially all the risks and rewards on the ownership of the financial assets have been retained. The principle of substance over form is adopted to determine whether a financial asset meets the above de-recognition conditions for the financial asset. The transfer of a financial asset of the Company is classified into the entire transfer and the partial transfer of financial asset. Where the entire transfer of the financial asset meets the de-recognition conditions, the difference of the following two amounts will be included in current profit and loss:
(1) The book value of the transferred financial asset;
(2) The sum of the consideration received from the transfer and the accumulated amount of the changes in fair value originally and directly included inowners’ equity (the situation where the financial asset transferred is an available-for-sale financial asset is involved in).
If the partial transfer of financial asset satisfies the criteria for derecognition, the entire book value of the transferred financial asset shall be split into the derecognized and recognized part according to their respective fair value and the difference between the amounts of the following two items shall be included in the current profit and loss:
(1) The book value of derecognized part;
(2) The sum of the consideration for the derecognized part and the portion of de-recognition corresponding to the accumulated amount of the changes in fair value originally and directly included in owners' equity (the situation where the financial asset transferred is an available-for-sale financial asset is involved in).
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 If the transfer of a financial asset does not meet the derecognition criteria, the financial asset shall continue to be recognized, and the consideration received will be recognized as a financial liability.
4 .Derecognition criteria of financial liabilities
Where the present obligations of financial liabilities have been discharged in whole or in part, the financial liability is derecognized or any part thereof will be derecognized; if the Company signs an agreement with creditors to replace the existing financial liabilities by undertaking new financial liabilities, and the new financial liabilities are substantially different from the existing ones in terms of contract terms, the existing financial liabilities will be derecognized, and at the same time, the new financial liability will be recognized.
Where substantial revisions are made to some or all of the contractual stipulations of the existing financial liability, the Company shall derecognize the existing financial liability wholly or partly, and at the same time recognize the financial liability with revised contractual stipulations as a new financial liability.
Upon whole or partial derecognition of financial liabilities, the difference between the book value of the financial liabilities derecognized and the consideration paid (including non-cash assets surrendered or new financial liabilities assumed) shall be included in the current profit and loss.
Where the Company repurchases part of a financial liability, the entire book value of the financial liability shall be split into the derecognized part and continuously-recognized part according to their respective fair value on the repurchase date. The difference between the book value allocated to the derecognized part and the considerations paid (including non-cash assets surrendered and the new financial liabilities assumed) shall be included in the current profit and loss.
5 .Recognition method of fair value of financial assets and financial liabilities
Where there is an active market for financial instruments, the fair values shall be recognized at quoted prices in the active market. Where there is no active market, the fair values shall be recognized with valuation techniques. At the time of valuation, the Company adopts the techniques that are applicable in the current situation and supported by enough available data and other information, selects the input values consistent with the features of assets or liabilities considered by market participants in relevant asset or liability transactions, and gives priority to using relevant observable inputs. Unobservable inputs are used only under the circumstance when it is impossible or unobservable inputs to obtain relevant observable inputs.
6.Test method and accounting treatment of depreciation of financial assets (excluding receivables) Except for the financial assets measured at fair values through current profit and loss, the book value of financial assets on the balance sheet date should be checked. If there is objective evidence that a financial asset is impaired, provision for impairment shall be made.
(1) Provision for impairment of available-for-sale financial assets:
If the fair value of available-for-sale financial assets has significantly declined at the end of the period, or it is expected that the trend of decrease in value is non-temporary after considering of various relevant factors, the impairment shall be recognized, and accumulated losses from decreases in fair value originally and directly included in owners' equity shall be all transferred out and recognized as impairment loss.
For available-for-sale debt instruments whose impairment losses have been recognized, if their fair values rise in the subsequent accounting period and such rise is objectively related to the matters occurring after the recognition of impairment loss, the previously recognized impairment loss shall be reversed and recorded into the current profit and loss.
Impairment losses on available-for-sale equity instruments should not be reversed through profit and loss. (2) Provision for impairment of held-to-maturity investments:
Measurement of provision for impairment loss on held-to-maturity investments is treated in accordance with the measurement method of impairment loss on accounts receivable.
11. Accounts receivable
（1）Receivables that are individually significant but with provision for bad debts made on an individual basis:
|||
|-|-|
||The Company recognizes accounts receivable for a single|
|The judgment basis for significant single-item amount or||
||project with the balance more than RMB 10 million (inclusive)|
|standard for significant amount||
||and other accounts receivable from a single relevant unit with|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||
|-|-|
||the balance more than RMB 2 million (inclusive) as accounts|
||receivable with significant single amount.|
||On the date of balance sheet, the Company will carry out|
||impairment test independently for accounts receivable with|
||significant single amount. If such accounts receivable are|
||proved impairing through the test, the Company will determine|
||the impairment loss and withdraw bad debt reserve according|
||to the balance that the present value of its future cash flow is|
|The method of separate provision for bad debts of the accounts|lower than its book value. The accounts receivable not|
|receivable with significant single-item amount|impairing as proved in single test, will, together with the|
||accounts receivable with insignificant single amount, be|
||divided into many portfolios according to similar credit risk|
||characteristics. Then according to certain proportion of the|
||balance on the date of balance sheet of the portfolios of these|
||accounts receivable, the Company will calculate and determine|
||impairment loss and withdraw bad debt reserve.|

（2）Provision for bad debts of accounts receivable made on credit risk characteristics portfolio basis:
|||
|-|-|
|Group name|Method|
|Combination of affiliated parties within the range of||
||Account age analysis method|
|consolidation||

For those subject to provision for bad debts under aging analysis method:
√Applicable□Not applicable
||||
|-|-|-|
|Age|Rate for receivables(%)|Rate for other receivables(%)|
|Within 1 year（Included 1 year）|5.00%|5.00%|
|1－2 years|10.00%|10.00%|
|2－3 years|30.00%|30.00%|
|3－4 years|50.00%|50.00%|
|4－5 years|80.00%|80.00%|
|Over 5 years|100.00%|100.00%|

 Accounts on percentage basis ingroup：
□ Applicable√Not applicable
Accounts on other basis ingroup：
□ Applicable√Not applicable
（3）Receivables that are individually insignificant but with provision for bad debts made on an individual basis:
|||
|-|-|
||On the date of balance sheet, for the other accounts receivable|
|Reason for separate provision for bad debts|with insignificant single amount and having obvious sign of|
||impairment, the Company will determine impairment loss and|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||
|-|-|
||withdraw bad debt reserve according to the balance that the|
||present value of their future cash flow is lower than their book|
||value.|
||On the date of balance sheet, the Company will execute|
||impairment test of the accounts receivable with insignificant|
||single amount but having bad debt reserve withdrawn|
||separately. If such accounts receivable are proved impairing|
|Method of provision for bad debts||
||during the test, the Company will determine impairment loss|
||and withdraw bad debt reserve according to the balance that|
||the present value of their future cash flow is lower than their|
||book value.|

The Company complies with the disclosure requirements of the No.7 Industry Information Disclosure Guideline of Shenzhen Stock Exchange-the Listed Company that Engaged in Civil Engineering and Construction Business. 12.Inventories
Is the company subject to any disclosure requirements for special industries?
Yes
Civil Engineering Construction
1.Classification of inventories
Inventories are classified into: raw materials and engineering construction, etc..
2.Valuation method of inventories dispatched
The inventories are measured at weighted average method when dispatched.
3.Recognition basis for net realizable values of inventories of different categories
Net realizable values of merchandise inventories held directly for sale, such as finished goods, stock commodities, and available-for-sale materials, are measured at the estimated selling prices less estimated sales expenses and relevant taxes and surcharges in the normal production process. Net realizable values of material inventories which need further processing are measured at the estimated selling prices less the estimated costs of completion, estimated sales expenses and relevant taxes and surcharges in the normal production process. Net realizable values of inventories held for the purpose of fulfillment of sales contracts or service contracts are calculated on the basis of the contract prices; if the quantity of inventories held exceeds that stated in the contract, the net realizable values of the excessive part are calculated on the basis of normal selling prices.
The provisions for inventory depreciation reserve are made on an individual basis at the end of the period, for inventories with large quantities and relatively low unit prices, the provisions for inventory depreciation reserve are made on a category basis. For inventories related to the product portfolios manufactured and sold in the same area, and of which the final usage or purpose is identical or similar thereto, and which is difficult to be separated from other items for measurement purposes, the provisions for inventory depreciation reserve are made on a portfolio basis.
Except that there is clear evidence that the market price is abnormal on the balance sheet date, the net realizable value of inventory items shall be recognized at the market price on the balance sheet date.
Net realizable value of inventory items at the end of the year is recognized at the market price on the balance sheet date.
4. Inventory system
Perpetual inventory system is adopted.
5.Amortization methods for low-cost consumables and packaging materials
(1) One-off amortization method is adopted for low-cost consumables;
(2) One-off amortization method is adopted for packaging materials.
13.Assets held for sale
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 The Company classifies the non-current assets or disposal group meeting the following conditions as assets held for sale:
(1) Based on the practice of selling such assets or disposal groups in similar transactions, they can be sold immediately under current conditions;
(2) The sale is very likely to happen, that is, the Company has already made a resolution on a sales plan and obtained an assuring purchase commitment and it is expected that the sale will be completed within one year. Where regulations require the approval of relevant power organ or regulatory department of the Company before they can be sold, the approval has been obtained.
14.Long-term equity investment
1.Standards for joint control and significant influence
The term‘commoncontrol’ refers to the joint control, according to the relevant provisions, over an arrangement, of which the relevant activities should be agreed and decided by the participants that share the control. Where the Company and other investors exert common joint control over the investee and the Company is entitled to net assets of the investee, the investee is the joint venture of the Company.
Significant influence refers to the power to participate in making decisions on the financial and operating policies of an enterprise, but not the power to control, or jointly control, the formulation of such policies with other parties. Where the Company is able to exert significant influence over the investee, the investee is its associate.
2.Recognition of initial investment costs
(1) Long-term equity investments acquired from business combination
Business combination under the same control: if the Company makes payment in cash, transfers non-cash assets or bears debts and issues equity securities as the consideration for the business combination, the book value of the owner's equity of the acquiree in the consolidated financial statements of the ultimate controller is recognized as the initial cost of the long-term equity investment on the combination date. In case the Company can exercise control over the investee under common control for additional investment or other reasons, the initial investment cost of long-term equity investments is recognized at the share of book value of net asset of the acquiree after the combination in the consolidated financial statements of the ultimate controller on the combination date. The stock premium should be adjusted at the difference between the initial investment cost of long-term equity investments on the combination date and the book value of long-term equity investments before the combination plus the book value of consideration paid for additional shares; if there is no sufficient stock premium for write-downs, the retained earnings are adjusted.
Business combination not under common control: The Company recognizes the combination cost determined on the combination date as the initial cost of long-term equity investments. Where the Company can control the investee not under common control from additional investments, the initial investment cost should be changed to be accounted for under the cost method and recognized at the sum of the book value of equity investments originally held and newly increased investment cost.
(2) Long-term equity investment acquired by other means
For a long-term equity investment acquired through making payments in cash, its initial cost is the actually paid purchase cost.
For a long-term equity investment acquired from issuance of equity securities, its initial cost is the fair value of the issued equity securities.
If the exchange of non-monetary assets has commercial substance and the fair values of assets traded out and traded in can be measured reliably, the initial cost of long-term equity investment traded in with non-monetary assets are determined based on the fair values of the assets traded out and the relevant taxes and surcharges payable unless there is any conclusive evidence that the fair values of the assets traded in are more reliable; if the exchange of non-monetary assets does not meet the above criteria, the book value of the assets traded out and the relevant taxes and surcharges payable are recognized as the initial cost of long-term equity investment traded in. For a long-term equity investment acquired from debt restructuring, its initial cost is determined based on the fair value.
3.Subsequent measurement and recognition of gains and losses
(1) Long-term equity investments accounted for under the cost method
Long-term equity investments in subsidiaries are accounted for under the cost method. Except for the actual price
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 paid for acquisition of investment or the cash dividends or profits contained in the consideration which have been declared but not yet distributed, the Company recognizes the investment income in the current year at the cash dividends or profits declared by the investee.
(2) Long-term equity investments accounted for under the equity method
Long-term equity investments in associates and joint ventures are accounted for under the equity method. If the cost of initial investment is in excess of the proportion of the fair value of the net identifiable assets in the investee when the investment is made, the difference will not be adjusted to the initial cost of the long-term equity investments; if the cost of initial investment is in short of the proportion of the fair value of the net identifiable assets in the investee when the investment is made, the difference will be included in the current profit and loss. The Company shall recognize the investment income and other comprehensive income at the shares of net profit and loss and other comprehensive income realized by the investee which the Company shall enjoy or bear and adjust the book value of long-term equity investments at the same time; the Company shall calculate the shares according to profits or cash dividends declared by the investee and correspondingly reduce the book value of long-term equity investments; the book value of long-term equity investments shall be adjusted according to the investee's other changes in owner's equity other than net profit and loss, other comprehensive income and profit distribution, which should be included in owner's equity.
The share of the investee's net profit or loss should be recognized after adjustments are made to net profit of the investee based on the fair value of identifiable net assets of the investee upon acquisition of investments and according to accounting policies and accounting period of the Company. When holding the investment, the investee should prepare the consolidated financial statements, it shall account for the investment income based on the net profit, other comprehensive income and the changes in other owner's equity attributable to the investee. The Company shall write off the part of incomes from internal unrealized transactions between the Company and associates and joint ventures which are attributable to the Company according to the corresponding ratio and recognize the profit and loss on investments on such basis. Where the losses from internal transactions between the Company and the investee fall into the scope of assets impairment loss, the full amount of such losses should be recognized. For transactions on investments or sales of assets between the Company and associates and joint ventures, where such assets constitute business, they should be accounted for according to the relevant policies disclosed in this note "Accounting treatment of business combinations under common control and not under common control" and "Preparation of consolidated financial statements".
When the Company recognizes its share of loss incurred to the investee, treatment shall be done in following sequence: firstly, the book value of the long-term equity investment shall be reduced. Secondly, where the book value thereof is insufficient to cover the share of losses, investment losses are recognized to the extent of book value of other long-term equities which form net investment in the investee in substance and the book value of long term receivables shall be reduced. Finally, after all the above treatments, if the Company is still responsible for any additional liability in accordance with the provisions stipulated in the investment contracts or agreements, provisions are recognized and included into current investment loss according to the obligations estimated to undertake.
(3) Disposal of long-term equity investments
For disposal of long-term equity investments, the difference between the book value and the actual price shall be included in the current investment income.
For long-term equity investments accounted for under the equity method, when the Company disposes such investments, accounting treatment should be made to the part that is originally included in other comprehensive income according to the corresponding proportion by using the same basis for the investee to directly dispose the relevant assets or liabilities. Owner's equity recognized at the changes in the investee's other owner's equity other than net profit or loss, other comprehensive income and profit distribution shall be transferred to the current profit and loss according to the proportion, except for other comprehensive income from changes arising from re-measurement of net liabilities or net assets of defined benefit plan.
In case the joint control or significant influence over the investee is lost for disposing part of equity investments or other reasons, the remaining equity will be changed to be accounted for according to the recognition and measurement principles of financial instruments. The difference between the fair value and the book value on the date of the loss of joint control or significant influence should be included in the current profit and loss. For other comprehensive income recognized from accounting of the original equity investments under the equity method, accounting treatment should be made by using the same basis for the investee to directly dispose the relevant assets or liabilities when the equity method is no longer adopted. Owner's equity recognized from the investee's
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 changes in other owner's equity other than net profit or loss, other comprehensive income and profit distribution should all transferred to the current profit and loss when the equity method confirmed is no longer adopted. Where the Company loses the control over the investee due to disposal of partial equity investments or other reasons, when it prepares individual financial statements, if the remaining equity after disposal can exercise joint control or significant influence on the investee, such investments should be changed to be accounted for under the equity method and the remaining equity should be deemed to have be adjusted on acquisition, namely when the equity method is adopted for accounting; if the remaining equity after disposal can exercise joint control or significant influence on the investee, such equity will be changed to be accounted for according to recognition and measurement standards of financial instruments and the difference between fair value and book value on the date of loss of the control or significant influence should be included in the current profit and loss.
Where equity after the disposal is acquired from business combinations due to additional investments or other reasons, when the Company prepares individual financial statements, if the remaining equity after the disposal is accounted for under the cost method or equity method, other comprehensive income and other owners' equity recognized from equity investments that are held before the acquisition date and are accounted for under the equity method should be carried forward in proportion; if the remaining equity after the disposal is changed to be accounted for according to recognition and measurement standards of financial instruments, other comprehensive income and other owners' equity should be carried forward at full amount.
15. Investment real estate
The measurement mode of investment property
Cost measurement
Depreciation or amortization method
The investment property refers to the real estate held for earning rentals or/and capital appreciation or both, including leased land use right, land use right held for transfer upon appreciation, and leased building (including self-built buildings or buildings developed for renting or buildings under construction or development for future renting).
The Company measures its existing investment property at cost. For investment properties measured with the cost model - in terms of buildings for renting, the same depreciation policy as that for fixed assets of the Company is adopted and land use rights for renting are implemented with the same amortization policy as that for intangible assets.
16. Fixed assets
1. Fixed asset recognition conditions
Fixed assets indicate the tangible assets held for producing goods, rendering labor services, leasing or operation management, and having a service life of more than one fiscal year. No fixed asset may be recognized unless it simultaneously meets the conditions as follows:
(1) The economic benefits pertinent to the fixed asset are likely to flow into the enterprise;
(2) The cost of the fixed asset can be measured reliably.
2.Depreciation method
||||||
|-|-|-|-|-|
|||Expected useful|Estimated residual|Annual depreciation r|
|Type|Depreciation method||||
|||life（Year）|value rate|ate（%）|
|House and Building|Straight-line method|20|5.00|4.75|
|Machinery and|||||
||Straight-line method|10|5.00|9.50|
|equipment|||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||
|-|-|-|-|-|
|Transportation|||||
||Straight-line method|7|5.00|13.57|
|equipment|||||
|Electronic equipment|||||
|||3-5|5.00|19.00-31.67|
|and other equipment|||||
||Straight-line method||||

3.Cognizance evidence and pricing method of financial leasing fixed assets
The fixed assets acquired under financing lease are recognized if one of the following conditions is specified by the Company and the leaser in their lease agreement:
(1) Upon the expiration of the lease term, the ownership of the leased asset has been transferred to the Company; (2) The Company has the option to purchase the asset and the purchase price is far lower than theasset’s fair value at the time of the option being exercised;
(3) The lease term covers the most of the useful life of the leased asset;
(4) The present value of the minimum payment by the Company on the lease commencement date is almost equal to theasset’s fair value.
On the lease commencement date, the book entry value of a fixed asset acquired under financing lease is measured at theasset’s fair value or the present value of the minimum lease payment, whichever is the lower. The minimum lease payment is recorded as the book entry value of the long-term payables, and the difference between them is deemed as the unrecognized financing expenses.
17.Construction in process
Projects under construction are recorded as fixed assets at necessary expenditures incurred before preparing the asset to reach the condition for its intended use. For construction in progress that has reached working condition for intended use but for which the completion of settlement has not been handled, it shall be transferred into fixed assets at the estimated value according to the project budget, construction price or actual cost, etc. from the date when it reaches the working condition for intended use and the fixed assets shall be depreciated in accordance with theCompany’s policy for fixed asset depreciation; adjustment shall be made to the estimated value based on the actual cost after the completion of settlement is handled, but depreciation already provided for will not be adjusted.
`
18.Borrowing costs
1.Recognition principles of capitalization of borrowing costs
Borrowing costs include the interest of borrowings, the amortization of discount or premium, auxiliary expenses, exchange differences incurred by foreign currency borrowings, etc.
The borrowing costs incurred to the Company and directly attributable to the acquisition and construction or production of assets eligible for capitalization should be capitalized and recorded into asset costs; other borrowing costs should be recognized as costs according to the amount incurred and be included into current profit and loss. Assets eligible for capitalization refer to fixed assets, investment property, inventories and other assets which may reach their intended use or sale status only after long-time acquisition and construction or production activities. Borrowing costs may be capitalized only when all the following conditions are met at the same time:
(1) Asset disbursements, which include those incurred by cash payment, the transfer of non-cash assets or the undertaking of interest-bearing debts for acquiring and constructing or producing assets eligible for capitalization, have already been incurred;
(2) Borrowing costs have already been incurred;
(3) The acquisition and construction or production activities which are necessary to prepare the assets for their intended use or sale have already been started.
2.Capitalization period of borrowing costs
Capitalization period refers to the period from commencement of capitalization of borrowing costs to its
cessation; period of suspension for capitalization is excluded.
Capitalization of borrowing costs should cease when the acquired and constructed or produced assets eligible for
capitalization have reached the working condition for their intended use or sale.
When some projects among the acquired and constructed or produced assets eligible for capitalization are
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 completed and can be used separately, the capitalization of borrowing costs of such projects should be ceased. If all parts of the acquired and constructed or produced assets are completed but the assets cannot be used or sold externally until overall completion, the capitalization of borrowing costs should be ceased at the time of overall completion of the said assets.
3.Period of capitalization suspension
If the acquisition and construction or production activities of assets eligible for capitalization are abnormally interrupted and such condition lasts for more than three months, the capitalization of borrowing costs should be suspended; if the interruption is necessary procedures for the acquired, constructed or produced assets eligible for capitalization to reach the working conditions for its intended use or sale, the borrowing costs continue to be capitalized. Borrowing costs incurred during the interruption are recognized as the current profit and loss and continue to be capitalized until the acquisition, construction or production of the asset restarts.
4.Measurement of capitalization rate and capitalized amounts of borrowing costs
As for special borrowings borrowed for acquiring and constructing or producing assets eligible for capitalization, borrowing costs of special borrowing actually incurred in the current period less the interest income of the borrowings unused and deposited in bank or return on temporary investment should be recognized as the capitalization amount of borrowing costs.
As for general borrowings used for acquiring and constructing or producing assets eligible for capitalization, the interest of general borrowings to be capitalized should be calculated by multiplying the weighted average of asset disbursements of the part of accumulated asset disbursements exceeding special borrowings by the capitalization rate of used general borrowings. The capitalization rate is calculated by weighted average interest rate of general borrowings.
19.Biological Assets
Nil
20.Oil& gas assets
Nil
21..Intangible assets
(1) Valuation method, service life and impairment test
1.Measurement method of intangible assets
(1) The Company initially measures intangible assets at cost on acquisition;
The cost of an externally acquired intangible asset comprises its purchase price, related taxes and surcharges and any other directly attributable expenditure of preparing the asset for its intended use. If the deferred payment of purchase price of intangible assets exceeding normal credit terms is substantially of financial nature, the cost of intangible assets should be determined at the present value of the purchase price.
The intangible assets acquired and used by the debtor to repay debt in debt restructuring should be recorded at the fair value of the intangible assets. The difference between the book value of restructured debts and the fair value of intangible assets used to repay debt should be included in the current profit and loss.
On the premise that non-monetary assets trade is of commercial nature and the fair value of the assets traded in or out can be measured reliably, the intangible assets traded in with non-monetary assets should be recognized at the fair value of the assets traded out, unless any unambiguous evidence indicates that the fair value of the assets traded in is more reliable; as to the non-monetary assets trade not meeting the aforesaid premise, the book value of the assets traded out and related taxes and surcharges payable should be recognized as the cost of the intangible assets, with gains or losses not recognized.
(2) Subsequent measurement
The useful lives of intangible assets are analyzed on acquisition.
For intangible assets with definite useful lives, the Company shall adopt the straight-line method for amortization within the period during which they can bring economic benefits to the Company; where the period during which they can bring economic benefits to the Company cannot be forecast, those intangible assets shall be deemed as
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 assets with indefinite lives and no amortization will be made.
2.Estimate of useful life of intangible assets with limited useful life:
||||
|-|-|-|
|Item|Estimated useful lives|Basis|
|Land use right|50 years|Land use certificate|
|software|5 years|By reference to the same industry|

The useful life and amortization method of intangible assets with limited useful lives should be reviewed.
After review, the useful life of intangible assets and amortization method at the end of the year are not different from previous estimates.
3.Specific criteria for classification of research phase and development phase
Research phase: the phase for the creative and planned investigation and research to acquire and understand new scientific or technological knowledge.
Development stage: the phase for the application of research achievements and other knowledge to a certain plan or design, prior to the commercial production or use, so as to produce any new material, device or product, or substantially improved material, device and product.
Expenditure of an internal research and development project on the research phase shall be included in current profit and loss when it occurs.
4.Specific criteria for capitalization of expenditures at the development phase
Expenditure on the development phase of an internal research and development project shall be recognized as intangible assets only when the following conditions are simultaneously satisfied:
(1) It is feasible technically to finish intangible assets for use or sale;
(2) It is intended to finish and use or sell the intangible asset;
(3) The ways whereby the intangible asset is to generate economic benefits, including those whereby it is able prove that there is a potential market for the products manufactured by applying this intangible asset or that there is a potential market for the intangible asset itself; if the intangible asset will be used internally, its usefulness shall be proved;
(4) It is able to finish the development of the intangible assets, and able to use or sell the intangible assets, with the support of sufficient technologies, financial resources and other resources; and
(5) The expenditure attributable to the intangible asset during its development phase can be measured reliably.（2）Internal research and development expenditure accounting policy
Nil
22.Impairment of long-term assets
For the long-term equity investments, investment property, fixed assets, construction in progress, intangible assets, and other long-term assets measured at cost model, if there are signs of impairment, an impairment test will be conducted on the balance sheet date. If the recoverable amount of the asset is less than its book value after test, assets impairment provision will be made at the difference and included into impairment loss. The recoverable amount is determined at the higher of the net of the fair value less disposal costs and the present value of the expected future cash flows. The assets impairment provision is calculated and made on an individual basis. If it is difficult for the Company to estimate the recoverable amount of the individual asset, the recoverable amount of an asset group to which the said asset belongs to will be determined. Asset group is the smallest asset group that can independently generate cash inflows.
For goodwill, impairment test shall be conducted at least in the end of each year.
The Company conducts an impairment test for the goodwill. The book value of goodwill arising from business combinations is amortized to relevant asset groups with a reasonable method from the date of acquisition; or amortized to relevant combination of asset groups if it is difficult to be amortized to relevant asset groups. When the book value of goodwill is amortized to the relevant assets group or combination of assets groups, it shall be
evenly amortized according to the proportion of the fair value of each assets group or combination of assets
groups in the total fair value of the relevant assets groups or combinations of assets groups. Where the fair value
cannot be reliably measured, it should be amortized according to the proportion of the book value of each asset
group or combination of assets groups in the total book value of assets groups or combinations of assets groups.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 When making an impairment test on the relevant assets groups or combination of assets groups containing goodwill, if any indication shows that the assets groups or combinations of assets groups may be impaired, the Company shall first conduct an impairment test on the assets groups or combinations of assets groups not containing goodwill, calculate the recoverable amount and compare it with the relevant book value to recognize the corresponding impairment loss. Then the Company shall conduct an impairment test on the assets groups or combinations of assets groups containing goodwill, and compare the book value of these assets groups or combinations of assets groups (including the book value of the goodwill apportioned thereto) with the recoverable amount. Where the recoverable amount of the relevant assets groups or combinations of assets groups is lower than the book value thereof, the Company shall recognize the impairment loss of the goodwill.
The above losses from asset impairment shall not be reversed in subsequent accounting periods once recognized. 23.Long-term deferred expenses
Long-term deferred expenses refer to various expenses which have been already incurred but will be born in this period and in the future with an amortization period of over 1 year.
1.Amortization method
Long-term deferred expenses are amortized evenly over the beneficial period.
2.Amortization years
The amortization period is determined in accordance with the contract or expected beneficial period.
24.Employee compensation
1.Accounting treatment of short-term compensation
During the accounting period of an employee' providing services for the Company, the Company should recognize the short-term compensation actually incurred as liabilities and include it in the current profit and loss or the relevant asset costs.
During the accounting period when employees serve the Company, the corresponding amount of employee compensation is calculated and determined according to the provision basis and provision proportion as stipulated in the provisions on the social insurance premiums and housing funds paid for employees by the Company, as well as trade union funds and employee education funds.
If the employee benefits are of non-monetary, they are measured at fair value if they can be reliably measured. 2.Accounting treatment of post-employment benefits
Defined contribution plans
The Company pays basic endowment insurance and unemployment insurance for employees according to the relevant provisions of the local government, calculate payables according to payment base and proportion specified by the local government and recognizes them as liabilities, and includes them into the current profit and loss or the relevant asset costs.
3.Accounting treatment of dismissal benefits
The Company recognizes the employee compensation arising from dismissal benefits as liabilities and include it in the current profit and loss when the Company cannot unilaterally withdraw dismissal benefits which are provided for termination of labor relation plan or layoff proposal, or when the Company recognizes costs or expenses (which is earlier) associated with restructuring of payment of dismissal benefits.
(4) Accounting methods for other long-term employee benefits
Nil
25. Estimated liabilities
1.Recognition criteria for estimated liabilities
Where all the following conditions are met simultaneously for any obligation pertinent to any contingency including litigation, debt guarantee, onerous contract and reorganization, the Company will recognize such contingency as estimated liabilities:
(1) The obligation is a present obligation of the Company;
(2) The performance of such obligation is likely to result in outflow of economic benefits from the Company; and
(3) The amount of the obligation can be measured reliably.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 2.Measurement of estimated liabilities
Estimated liabilities of the Company is initially measured as the best estimate of expenses required for the performance of the relevant present obligations.
When the Company determines the best estimate, it should have a comprehensive consideration of risks with respect to contingencies, uncertainties and the time value of money. If the time value of money is significant, the best estimate shall be determined after discounting the relevant future outflow of cash.
The best estimate shall be accounted as follows in different circumstances:
If there is continuous range (or interval) for the necessary expenses, and probabilities of occurrence of all the outcomes within this range are equal, the best estimate shall be determined at the average amount of upper and lower limits within the range.
If there is no continuous range (or interval) for the necessary expenses, or probabilities of occurrence of all the outcomes within this range are unequal although such a range exists, in case that the contingency involves a single item, the best estimate shall be determined at the most likely outcome; if the contingency involves two or more items, the best estimate should be determined according to all the possible outcomes with their relevant probabilities.
When all or some of the expenses necessary for the liquidation of estimated liabilities of the Company are expected to be compensated by a third party, the compensation should be separately recognized as an asset only when it is virtually certain that the reimbursement will be obtained. The amount recognized for the reimbursement should not exceed the book value of estimated liabilities.
26.Share-based payments
The Company's share-based payments are transactions in which the Company grants equity instruments or undertakes equity-instrument-based liabilities in return for services from employees[or otherparties]. The share-based payments of the Company consist of equity-settled share-based payments and cash-settled share-based payments.
Where equity-settled share-based payments are exchanged for providing services by employees, their fair values are measured at those ofemployees’ equity instruments. Where the Company makes share-based payments in restricted stocks and the employee makes capital contributions to subscribe such shares, such shares should not be circulated or transferred before they reach unlocked conditions and before they are unlocked; if the unlocked conditions specified in the final equity incentive plan fail to be reached, then the Company should repurchase the shares at the price agreed in advance. When the Company received the payment of the employee for the subscription of restricted stocks, it should recognize share capital and capital reserves (share premiums) in accordance with the payment for subscription received. The Company should fully recognize a liability at the repurchase obligations and recognize treasury stock at the same time. On each balance sheet date within the vesting period, the Company will, based on the newly-acquired subsequent information such as the changes in the number of the vested employees and whether the specified performance is reached, make the best estimate on the number of the vesting equity instruments. On such basis, the services received in the current period should be included in the relevant cost or expenses according to fair value on the date of grant and capital reserves should be accordingly increased. No adjustments should be made to the recognized relevant costs or expenses and total owners' equity after the vesting date. However, when the right can be exercised immediately after the grant, it should be included in the relevant costs or expenses at the fair value on the date of grant. The capital reserves should be increased accordingly.
For share-based payments finally failing to be exercised, costs or expenses should not be recognized, unless the conditions for vesting are market conditions or non-vesting conditions. At this time, whether market conditions or non-vesting conditions are met or not, it is deemed to have vesting rights if non-market conditions in all the vesting conditions are met.
If the terms of the equity-settled share-based payments were modified, the services received should be recognized at least in accordance with the terms of the unmodified terms. Moreover, the modification of fair value of equity instruments granted from any increase, or beneficial changes to the employee on the modification date should be recognized as increases in services obtained.
If the equity-settled share-based payments were cancelled, they should be handled as accelerated exercise of rights on the date of cancellation and the amount that is not yet recognized should be immediately recognized. Where employees or other parties could choose to meet non-vesting conditions but failed to meet the conditions in the vesting period, they should be handed as cancelling the equity-settled share-based payments. But, if new equity instruments were granted and such new equity instruments granted are recognized to be used to replace the cancelled equity instruments on the date of grant of new equity instruments, then the alternative equity instruments for granted should be handled in the way same as the revision to terms and conditions on handling the
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 original equity instruments.
27. Preferred shares, perpetual capital securities and other financial instruments
Nil
28.Revenue
Is the company subject to any disclosure requirements for special industries?
Yes
Civil Engineering Construction
The Company complies with the disclosure requirements of the No.7 Industry Information Disclosure Guideline of Shenzhen Stock Exchange-the Listed Company that Engaged in Civil Engineering and Construction Business. 1. General principles for recognition of revenue from sales of goods:
(1) The significant risk and the rewards of the goods ownership has been transferred to the Buyer by the
Company.
(2) The Company neither reserves the continuous management right which is generally associated with ownership nor caries out effective control of sold commodities.
(3) Related income amount can be measured in a reliable way;
(4) The relevant economic benefits may flow into the Company;
(5) Relevant costs occurred or to be occurred can be measured in a reliable way.
2. Specific principles
(1) Service revenue
The service revenue provided by the Company mainly refers to the revenue of engineering design. In case that the results from provision of labor transactions can be estimated reliably, the revenue shall be recognized as per the important milestones specified by the design contract. Namely, the revenue is recognized as per the percentage of the workload of important milestones of the completed design in the total design workload and the expected recoverable contract amount.
If the result of providing service transaction cannot be estimated in a reliable way, the service revenue shall be determined according to the service costs which has generated and expected to be compensated. The existing service costs are calculated as the period charges. When it is not probable that the costs incurred will be recovered, revenue is not recognized.
Provided that sales of commodity and provision of labor can be distinguished and separately measured in the contract or agreement signed by the Company with other enterprises, sales of commodity and provision of labor shall be separately disposed. Provided that sales of commodity and provision of labor cannot be distinguished, or can be distinguished but cannot be separately measured, the entire contract shall be disposed as sales of
commodity.
(2) Income from construction contracts
Under the circumstance that the outcome of a construction contract can be estimated in a reliable way, the contract revenue and the contract costs shall be recognized in light of the percentage-of- completion method on the date of the balance sheet. The percentage of completion is determined in the proportion of the accumulated actual contract costs among the estimated total contract costs.
If the outcome of a contraction contract cannot be estimated in a reliable way, but the contract costs can be recovered, the contract revenue shall be recognized in accordance with the recoverable actual contract costs and the contract costs shall be recognized as contract expenses in the current period they are incurred; if the contract
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 costs cannot be recovered, they shall be recognized as contract expenses immediately when they are incurred and no contract revenue shall be recognized. If uncertainties, due to which the outcome of a construction contract cannot be measured in a reliable way, have passed out of existence, the revenues and expenses pertinent to the construction contract shall be determined in the percentage-of-completion method.
If the estimated total contract costs exceed the total contract revenue, the estimated loss is recognized as the expenses for the period.
The cost and the gross profit (loss) accumulatively incurred and recognized of a construction-in-progress contract and the settled price are presented in the balance sheet with a net amount after offset. The part of the sum of the cost and the gross profit (loss) accumulatively incurred from a construction-in-progress contract exceeding over the settled contract price is presented as inventory; and the part of the settled contract price exceeding over the cost and the gross profit (loss) accumulatively incurred from a construction-in-progress is presented as advance payment.
(3) Recognized income of hospital business
The income of hospital mainly comes from the outpatient and inpatient departments, and the income recognition is done at the time ofpatient‘s settlement.
For the outpatient income, as the patients turning to the outpatient treatment do not need the inpatient treatment generally, the treatment duration is short, the settlement is made with the hospital at the end of the treatment and treatment and medicine expense is paid. Financially, such outpatient income shall be recognized at the day of receipt.
For the inpatient income, as the patient needs to be treated in the hospital for a certain period and a part of the medical expense shall be prepaid when be admitted to hospital, the inpatient income shall not be recognized at this moment. When discharging from the hospital, the patient will settle the medical expense for the hospitalization and the hospital will issue the invoice to the patient. In such case, the income from the inpatient is recognized financially.
29.Government subsidies
(1)Basis and accounting methods for assets related government subsidies
1.Type
Government subsidies are monetary assets and non-monetary assets freely obtained by the Company from the government. They are divided into government subsidies related to assets and government subsidies related to income.
Government subsidies related to assets refer to government subsidies which are acquired by the Company for construction or form long-term assets in other ways, including the financial allocation for purchasing fixed assets or intangible assets, the financial discount for special loan of fixed assets and others. Government subsidies related to income refer to government subsidies other than government subsidies related to assets.
2.Timing of recognition
If a government subsidy is a monetary asset, it shall be measured in the light of the amount received or receivable. If a government subsidy is a non-monetary asset, it shall be measured at its fair value; and if its fair value cannot be obtained in a reliable way, it shall be measured at a nominal amount. Government subsidies measured at the nominal amount are directly included in the current profit or loss.
3.Accounting treatment
Governmental subsidy related to assets will be used to write down the book value of relevant assets or be confirmed as deferred income. If being confirmed as deferred income, the governmental subsidy will be recorded in the gain or loss of the current period within the service life of relevant assets with reasonable and systematic methods (if being related to theCompany‘s daily activities, the governmental subsidy will be recorded in other benefits; if not, they will be recorded in non-operating income). (2)Basis and accounting methods for income related government subsidies
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 The governmental subsidy related to income, if being used to compensate theCompany‘s relevant cost expenses or losses in later period, will be confirmed as deferred income, and be recorded in the gain or loss of the current period (if beingrelated to theCompany‘s daily activities, the governmental subsidy will be recorded in other benefits; if not, they will be recorded in non-operating income) or be used to write down relevant cost expenses or losses during the period of confirmation on relevant cost expenses or losses; if being used to compensate theCompany‘s relevant cost expenses or losses already incurred, the governmental subsidy will be directly recorded in the gain or loss of the current period (if being related to theCompany‘s daily activities, the governmental subsidy will be recorded in other benefits; if not, they will be recorded in non-operating income) or be used to write down relevant cost expenses or losses.
30. Deferred income tax assets and deferred income tax liabilities
Deferred income tax assets are recognized at deductible temporary differences to the extent that it shall not exceed the taxable income probably obtained in future period to be against the deductible temporary difference. For deductible losses and tax credits that can be carried forward to subsequent periods, deferred tax assets arising therefrom are recognized to the extent that future taxable income will be probable to be available against deductible losses and tax credits.
Taxable temporary differences are recognized as deferred income tax liabilities except in special circumstances. Such special circumstances include: the initial recognized of goodwill; other transactions or events that are not a business combination and affect neither accounting profit nor taxable profit (tax loss).
If the Company has the legal right of netting and intends to settle in net amount or to obtain assets and discharge liabilities simultaneously, the current income tax assets and current income tax liabilities of the Company shall be presented based on the net amount after offset.
When the Company has the legal right for netting of current income tax assets and current income tax liabilities and the income tax assets and income tax liabilities are related to the income tax levied on the same taxpayer by the same tax administrative department or are related to different taxpayers but, within each future period of reversal of important income tax assets and income tax liabilities, the taxpayers involved intend to settle current income tax assets and current income tax liabilities or acquire assets and liquidate liabilities at the same time, the Company's income tax assets and income tax liabilities shall be presented at the net amount after the offset. 31.Leases
1.Accounting treatment of operating leases
(1) The Company's rental expenses paid for leased assets shall, within the whole lease term excluding the rent-free period, be amortized with the straight-line method and included in current expenses. Initial direct costs related to lease transactions paid by the Company shall be included in the current expenses.
When assets lessor bears costs related to the lease borne by the Company, the Company shall deduct the part of expenses from the total rents and amortize the rents after deduction over the lease term and include them in current expenses.
(2) The Company's rental expenses collected for leased assets shall, within the whole lease term excluding the rent-free period, be amortized with the straight-line method and recognized as the relevant rental income. Initial direct cost associated with leasing transactions paid by the Company should be included in the current cost; the cost of large amount shall be capitalized and included by stages in the current income according to the same base recognized at the income related to leasing over the whole leasing period.
When the Company bears costs related to the lease borne by the leasee, the Company shall deduct part of expenses from the total rents and amortize the rents after deduction over the lease term.
2.Accounting treatment of finance leases
(1) Assets acquired under finance leases: at the inception of the leases, the Company shall recognize the book-entry value of leased assets at the lower of their fair values or their present values of the minimum lease payments, and shall recognize the book-entry value of long-term payables at the amounts of the minimum lease payments, and shall recognize the differences between the above two book-entry values as unrecognized financing charges. Under the effective interest method, the Company amortizes the unrecognized financing charges over the lease term and includes them in the financial expenses. The Company records the initial direct expenses in the values of leased assets.
(2) Assets leased under finance leases: On the lease beginning date, the Company recognizes the difference of
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 finance leasing receivables plus unguaranteed residual value and their present value as unrealized financing income and recognized the unrealized financing income as rental income in each period when the rents will be received in the future. The initial direct expenses of the Company related to lease are included into the initial measurement of financing lease payment receivable, and the income recognized in lease period is decreased accordingly.
32. Other significant accounting policies and estimates
Nil
33.Change of main accounting policies and estimations
(1)Change of main accounting policies
√Applicable□Not applicable
||||
|-|-|-|
|Content and reasons for changes in|||
||Approval procedure|Rremark|
|accounting policies|||

(2) Change of main accounting estimations
□Applicable√Not applicable
34.Other
VI.Taxation
1.Main categories and rates of taxes
||||
|-|-|-|
|Tax type|Tax basis|Tax rate(%)|
||The output tax is calculated based on||
||taxable income in accordance with tax||
|VAT|laws, and value added tax payable|0、3、6、11、17|
||should be the balance of the output tax||
||after deducting the deductible input tax||
||for the current year||
||Paid based on the actual business tax,||
|Sales tax|||
||VAT and consumption tax paid||
||Paid as per the turnover tax paid||
|Urban maintenance and construction tax||1、5、7|
||actually.||
||Calculated and paid at turnover tax||
|Enterprise income tax||15、25|
||actually paid.||

In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information
|||
|-|-|
|Name of taxpayer|Income tax rates|
|Changzhi Shenzhou Laodingshan Industrial Co., Ltd.|25%|
|Xiangfen County Taoshan Construction Co., Ltd.|25%|
|Sino Great Wall (Xihua) Economic Development Zone||
||25%|
|Investment Co., Ltd.||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||
|-|-|
|Liupanshui Central People‘s Hospital Investment Co., Ltd.|25%|
|Sino Zhigu Industrial (Yueyang) Co., Ltd.|25%|
|Sino Great Wall Guangxia (Wuhan) Medical Development||
||25%|
|Co., Ltd.||
|Sino Great Wall Infrastructure Investment Co., Ltd.|25%|
|Wuhan Commercial Workers Hospital LLC|25%|
|Sino Great Wall Medical Investment Management Co., Ltd.|25%|
|Sino Great Wall International Engineering Co., Ltd.|15%|
|Fujian Sino Great Wall Mingyihui Medical Investment Co.,||
||25%|
|Ltd.||
|Sino Great Wall Medical Investment (Hubei) Co., Ltd.|25%|
|Hubei Yuanyaotong Supply Chain Co., Ltd.|25%|
|Sino Great Wall Medical Management (Inner Mongolia) Co.,||
||25%|
|Ltd.||
|Sino Great Wall Health Management (Jiangsu) Co., Ltd.|25%|
|Sino Great Wall New Energy (Beijing) Co., Ltd.|25%|
|Wu‘an Juhe Photovoltaic Power Co., Ltd.|25%|
|Shanghai Lingrui International Trading Co., Ltd.|25%|
|Shenzhen Hongtulve Industrial Co., Ltd.|25%|
|Guangzhou Herabenna Interior Design Co., Ltd.|25%|
|Sino Great Wall Southwest Engineering Co., Ltd.|25%|
|Sino Great Wall Southwest Science and Technology Co., Ltd.|25%|
|Sino Great Wall Southwest Commercial and Trading Co., Ltd.|25%|
|Sino Great Wall Southwest Engineering Consultation Co., Ltd.|25%|
|Sino Great Wall Decoration and Design Co., Ltd.|25%|
|Suzhou Lvbang Wood Industry Technology Co., Ltd.|25%|
|Huichang County Zhongcheng Construction Engineering Co.,||
||25%|
|Ltd.||
|Sino Great Wall Zhihui Housing Property (Zhanjiang) Co.,||
||25%|
|Ltd.||
|Great Wall Biaodian Energy Co., Ltd.|25%|
|Kunming Sino Forest Industry Development Co., Ltd.|25%|
|Sino Great Wall Development (Hengqin) Co., Ltd.|25%|
|Sino Great Wall Construction Engineering Co., Ltd.|25%|
|Sino Great Wall Real Estate (Hubei) Co., Ltd.|25%|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||
|-|-|
|SGW America LLC|21%|
|Sino Great Wall Group Co.,Limited|17%|
|Far eastern international engineering company,LLC|20%|
|Sino Great Wall(Philippines) International Corporation|30%|
|Sino Wai Man International Engineering Limited|12%|
|Sino Great Wall (HK) Property Co., Limited|17%|
|SGW HPEngineeringConstructionSDN.BHD（Malaysia）|24%|
|SGW VENTURES SDN.BHD.（Venture Company）|24%|
|SGW CONSTRUCTION (LANGKAWI) SDN.BHD.|24%|
|Alor Vista Development Sdn Bhd|24%|
|SINOGREATWALLGENERALTRADING&CONTRACTING||
||15%|
|CO.LTD(Kuait)||
|Shenzhou Changcheng（Lao）Co.,Ltd|25%|
|Sino Great Wall Group （UK）Co.,Limited|19%|
|Sino Great Wall International Engineering( MM ) Co.,Ltd|25%|
|Sino Great Wall International Engineering Co.,Ltd(Maldives)|0%|
|Inrich Me Engineering Co,.Ltd(HK)|17%|
|SINO GREAT WALL INTERNATIONAL||
||12%|
|ENGINEERING(MACAU) CO.,LIMITED||
|Sino Great WallInternationalEngineering(Thailand) Co.,Ltd.|20%|
|Sino Great Wall International Engineering(CNMI) Co.,LLC.|21%|
|SINO GREAT WALL（USA）.INC|21%|
|PT.SINO GREAT WALL INVESTMENT INDONESIA|25%|
|PT.SINO GREAT WALL CONSTRUCTION INDONESIA|25%|
|Acura Kliniken Baden-Baden GmbH|19%|
|Wuhan Huaye Pharmaceutical Co., Ltd.|25%|

2.Tax preferences
3.Other
VII. Notes to the major items of consolidated financial statement
1. Cash and bank balances
In RMB
||||
|-|-|-|
|Items|Year-end balance|Year-beginning balance|
|Cash on hand|5,289,118.55|4,614,087.16|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||
|-|-|-|-|-|
|Bank deposit||252,706,397.26||642,608,503.33|
|Other monetary capital||1,116,601,593.69||957,751,325.63|
|Total|1,374,597,109.50||1,604,973,916.12||
|Including: Total amount deposited|||||
|||77,277,614.52||221,610,258.90|
|abroad|||||

Other notes
||||
|-|-|-|
|Thereinto, the details of monetary capitals with restrictive use due to mortgage, pledge or freezing etc. andrestrictive monetary capitals depositing in overseas and repatriation are as follows:|||
||Current amount|Last amount|
|Bank acceptance guarantee deposit|278,488,640.49|349,043,551.56|
|Guarantee bond|537,808,990.13|555,665,432.94|
|Performance bond|||
|Fixed time deposits or call deposits used forguarantee|300,000,000.00|50,000,000.00|
|Overseas funds with limited remittance||22,098.66|
|Bond for wages of migrant workers|303,963.07|3,020,242.47|
|Total|1,116,601,593.69|957,751,325.63|

 2. Financial assets measured at fair value through current profit and loss
In RMB
||||
|-|-|-|
|Items|Year-end balance|Year-Beginning balance|

Othernotes：
3.Derivative financial assets
□ Applicable√ Not applicable
4.Note receivables
(1)Classification Note receivable
In RMB
||||||
|-|-|-|-|-|
|Items||Year-end balance||Year-beginning balance|
|||4,710,772.96||15,544,160.00|
|Bank acceptance bill|||||
|||387,317,772.50||272,657,402.88|
|Commercial acceptance bill|||||
|Total|392,028,545.46||288,201,562.88||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018 (2) Notes receivable pledged by the Company at the period-end
（3）Notes receivable endorsed or discounted by the Company as at June 30,2018 but not expired on the balance sheet date
In RMB
||||
|-|-|-|
|||Amount underecognized as at June|
|Items|Amount derecognized as at June 30,2018||
|||30,2018|
||5,710,000.00||
|Bank acceptance bill|||
|||260,000,000.00|
|Commercial acceptance bill|||
|Total|5,710,000.00|260,000,000.00|

（4）There is no notes transferred to accounts receivable because drawer of the notes fails to exited the contract or agreement
In RMB
|||
|-|-|
|Items|Amount|
||0.00|
|Commercial acceptance bill||
|Total|0.00|

 Other notes
5. Account receivable
(1)Classification account receivables.
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in year-end||||||Amount in year- begin||||||
||||Bad debt||||||||||
||Book Balance||||||Book Balance||Bad debt provision||||
|Category|||provision|||Book||||||Book|
||Amoun|Proport|Amoun|Proport||value|Amo|Proport|Amount|Proportio||value|
||t|ion(%)|t|ion(%)|||unt|ion(%)||n(%)|||
|Receivables|||||||||||||
|subject to|||||||6,332||||||
||5,648,1||616,71|||5,031,4|||||||
|provision for bad||100.00||10.92|||,915,|100.00|626,240|||5,706,67|
||76,303.||1,352.0|||64,951.||||9.89%|||
|debts on credit risk||%||%|||727.5|%|,483.49|||5,244.08|
||16||4|||12|||||||
|characteristics|||||||7||||||
|basis|||||||||||||
||||||5,031,464,951.12||6,332||||5,706,675,244.08||
||5,648,1||616,71||||||||||
|||100.00||10.92|||,915,|100.00|626,240||||
||76,303.||1,352.0|||||||9.89%|||
|||%||%|||727.5|%|,483.49||||
||16||4||||||||||
|Total|||||||7||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Receivable accounts with large amount individually and bad debt provisions were provided
□Applicable√Not applicable
Account receivable on which bad debt provisions are provided on age basis in the group
√ Applicable□Not applicable
In RMB
|||||
|-|-|-|-|
||Balance in year-end|||
|Aging||||
||Account receivable|Bad debt provision|Proportion(%)|
|Subitem Within 1 year||||
|Subtotal within 1 year|3,910,816,346.90|195,540,817.35|5.00%|
|1-2 years|1,103,635,029.32|110,363,502.93|10.00%|
|2-3 years|309,067,975.44|92,720,392.63|30.00%|
|3-4 years|161,130,166.66|80,565,083.33|50.00%|
|4-5 years|130,026,145.20|104,020,916.16|80.00%|
|Over 5 years|33,500,639.64|33,500,639.64|100.00%|
|Total|5,648,176,303.16|616,711,352.04||

Notes of the basis of recognizing the group:
The Company complies with the disclosure requirements of the No.7 Industry Information Disclosure Guideline of Shenzhen Stock Exchange-the Listed Company that Engaged in Civil Engineering and Construction Business. In the groups, accounts receivable adopting balance percentage method to withdraw bad debtprovision：□ Applicable√ Not applicable
In the groups, other accounts receivable adopting other methods to accrue bad debt provision:
（2）Accrual period, recovery or reversal of bad debts situation
The current amount of provision for bad debts is 121,993,522.74 ; recovery or payback for bad debts Amount is RMB113,587,478.57.
Significant amount of reversed or recovered bad debtprovision：
In RMB
||||
|-|-|-|
|Name|Amount|Recovery mode|

(3) Receivable accounts actually written off in the report period
In RMB
|||
|-|-|
|Items|Amount|

The significant actual write-off accounts receivable:
In RMB
|||||||
|-|-|-|-|-|-|
|Name|Nature of account|Amount written|Reason for|Verification|Arising from|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||
|-|-|-|-|-|
|receivable|off|written-off|procedures|related|
|||||transactions(Y/N)|

Notes：
（4）The ending balance of other receivables owed by the imputation of the top five parties
|||||
|-|-|-|-|
|Name|Amount in year-end|||
||Account receivable|Proportion(%)|Bad debt provision|
|China Harbour EngineeringCompany Ltd.|1,003,444,178.47|17.77%|118,482,837.94|
|POWERCHINA ConstructionGroup Ltd.|649,904,063.29|11.51%|56,522,378.64|
|Oxley Diamond (Cambodia) Co.,Ltd|441,911,888.95|7.82%|22,095,594.45|
|Cambodia petrochemical co. LTD|370,449,132.48|6.56%|18,522,456.62|
|Henan Henan No.1 ThermalPower Construction Co., Ltd.|338,259,078.47|5.99%|44,283,837.21|
|Total|2,803,968,341.66|49.64%|259,907,104.86|

（5）Account receivable which terminate the recognition owning to the transfer of the financial assets
Nil
(6)The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts receivable
Nil
Othernotes：
6. Prepayments
（1）Age analysis
In RMB
||||||||
|-|-|-|-|-|-|-|
|||Balance in year-end|||Balance in year-begin||
|Age|||||||
|||Book balance|Proportion(%)||Book balance|Proportion(%)|
|Within 1 year||201,642,321.00|93.85%||212,854,246.00|94.51%|
|1-2 years||8,978,204.28|4.18%||11,257,454.64|5.00%|
|2-3 years||3,425,120.00|1.59%||903,997.25|0.40%|
|Over 3 years||803,641.00|0.37%||192,829.99|0.09%|
|Total|214,849,286.28||--|225,208,527.88||--|

Notes：
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 (2) Top 5 of the closing balance of the prepayment colleted according to the prepayment target
||||
|-|-|-|
|Name|Balance in year-end|Proportion|
|Boer Construction Group Co., Ltd.|25,000,000.00|11.64%|
|Firstunited General Trading and Contracting Co., Ltd.|23,828,617.02|11.09%|
|Jiangsu Juye Construction Group Co., Ltd.|23,610,627.75|10.99%|
|Zhanjiang Construction Engineering Co., Ltd.|22,000,000.00|10.24%|
|China Harbor Engineering Company Ltd.|9,086,405.77|4.23%|
|Total|103,525,650.54|48.19%|

 Other notes
7.Interest receivable
（1）Classification Interest receivable
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in Year-beginning|

（2）Important overdue interest
||||||
|-|-|-|-|-|
|||||Is there any|
|Name|Balance in year-end|Overdue date|Reason|impairment and its|
|||||judgment basis?|

 Othernotes：
8.Dividend receivable
（1）Dividend receivable
In RMB
||||
|-|-|-|
|Items|Amount in year-end|Amount in year-beginning|

（2）Dividend receivable aging over 1 years
In RMB
||||||
|-|-|-|-|-|
|||||Whether the|
|Items|Amount in year-end|Age|Reason|impairment and its|
|||||judgment basis|

 Othernotes：
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 9. Other accounts receivable
(1) Other accounts receivable disclosed by category
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in year-end||||||Amount in year- begin||||||
||||Bad debt||||||||||
|category|Book Balance||||||Book Balance||Bad debt provision||||
||||provision|||Book||||||Book|
||Amoun|Proport|Amoun|Proport||value|Amo|Proport||Proportio||value|
||||||||||Amount||||
||t|ion(%)|t|ion(%)|||unt|ion(%)||n(%)|||
|Other accounts|||||||||||||
|receivable with bad|||||||||||||
|debt reserve|||||||1,820||||||
||1,605,1||160,43|||1,444,6|||||||
|withdrawn as per||100.00||10.57|||,332,|100.00|145,657|||1,674,67|
||20,595.||5,236.3|||85,359.||||8.07%|||
|the portfolio of||%||%|||846.8|%|,486.56|||5,360.28|
||84||6|||48|||||||
|credit risk|||||||4||||||
|characteristics|||||||||||||
||||||1,444,685,359.48||1,820||||1,674,675,360.28||
||1,605,1||160,43||||||||||
|||100.00||10.57|||,332,|100.00|145,657||||
|Total|20,595.||5,236.3|||||||8.07%|||
|||%||%|||846.8|%|,486.56||||
||84||6||||||||||
||||||||4||||||

Receivable accounts with large amount individually and bad debt provisions were provided
□Applicable√Not applicable
Account reveivable on which bad debt proisions are provided on age basis in the group
√ Applicable□ not applicable
In RMB
|||||
|-|-|-|-|
||Amount in year-end|||
|Aging||||
||Account receivable|Bad debt provision|Rate of alloance(%)|
|Within item 1 year||||
|Subtotal within 1 year|1,164,638,654.14|58,231,932.71|5.00%|
|1-2 years|291,252,077.07|29,125,207.71|10.00%|
|2-3 years|63,835,516.06|19,150,654.82|30.00%|
|3-4 years|51,431,754.33|25,715,877.17|50.00%|
|4-5 years|28,755,151.40|23,004,121.12|80.00%|
|Over 5 years|5,207,442.84|5,207,442.84|100.00%|
|Total|1,605,120,595.84|160,428,855.19||

Notes：
Other receivable account in Group on which bad debt provisions were provided on percentagebasis：
□Applicable√Not applicable
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Other Receivable accounts on which bad debt provisions are provided by other ways in theportfolio：
□Applicable√Not applicable
（2）Bad debt provision accrual collected or switch back
Bad debt provision accrual was 46,811,290.99, the account collected or switches back amounting to RMB 51,033,460.50.
Significant amount of reversed or recovered bad debtprovision：
In RMB
||||
|-|-|-|
|Name|Amount|Recovery mode|

(3) Other account receivables actually cancel after write-off
In RMB
|||
|-|-|
|Items|Amount|

Of Which, Other receivablewrite-off：
In RMB
|||||||
|-|-|-|-|-|-|
||||||Whether the|
||||||money is|
|Name|Nature|Amount|Reason|program|generated by|
||||||related party|
||||||transactions|

Notes：
(4) Other account receivables category by nature of money
In RMB
||||||
|-|-|-|-|-|
|Nature||Ending book balance||Beginning book balance|
|Bidding margins, performance bonds|||||
|||536,673,592.03||564,988,488.94|
|and deposits|||||
|Petty cash and current accounts between|||||
|||62,671,091.79||45,065,829.65|
|individuals|||||
|||980,808,214.24||1,191,088,012.16|
|Current accounts between entities|||||
|||24,967,697.78||19,190,516.09|
|Others|||||
||1,605,120,595.84||1,820,332,846.84||
|Total|||||

（5）The ending balance of other receivables owed by the imputation of the top five parties
In RMB
|||||||
|-|-|-|-|-|-|
|||||Portion in total|Bad debt provision|
|Name|Nature|Year-end balance|Age|||
|||||other|of year-end|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|||||receivables(%)|balance|
|China Electric||||||
|Power|Current accounts|||||
|||241,021,370.60|Within 1 year|15.02%|12,051,068.53|
|Construction|between entities|||||
|Group Co., Ltd.||||||
|Chengdu|House payment|||||
|Xianglong Real|and performance|115,452,000.00|1-2 years|7.19%|10,390,680.00|
|Estate Co., Ltd.|bond|||||
|Qingyuan||||||
|HefengNew||||||
||Current accounts|||||
|Energy||75,000,000.00|Within 1 year|4.67%|22,500,000.00|
||between entities|||||
|Technology Co.,||||||
|Ltd.||||||
|PT.WANXIANG||||||
||Current accounts|||||
|NICKEL||68,000,000.00|Within 1 year|4.24%|6,800,000.00|
||between entities|||||
|INDONESIA||||||
|Hebei Xuxing||||||
||Deposit|55,000,000.00|1-2 years|3.43%|5,500,000.00|
|Industry Co., Ltd.||||||
|Total|--|554,473,370.60|--|34.55%|57,241,748.53|

 (6) Account receivables with government subsidies involved
In RMB
||||||
|-|-|-|-|-|
|||||Estimated time,|
|Name|Project name|Amount in year-end|At the end of aging||
|||||amount and basis|

 (7) Other account receivables recognition terminated due to transfer of financial assets
(8) Other account receivables transferred and assets& liability formed by its continuous involvement
Other Notes
10.Inventory
（1）Inventory types
In RMB
||||||||
|-|-|-|-|-|-|-|
||Year-end balance|||Year-beginning balance|||
|Items|||||||
|||Provision for|||Provision for||
||Book Balance||Book value|Book Balance||Book value|
|||bad debts|||bad debts||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||||||
|-|-|-|-|-|-|-|-|-|
|Raw materials|0.00||||1,810,694.49|||1,810,694.49|
|Processing|||||||||
||0.00||||||||
|products|||||||||
|Stock goods|24,579,210.44|24,713.28||24,554,497.16|9,328,819.66|||9,328,819.66|
|Construction co|||||||||
|ntract has been|||||||||
||680,009,952.10|5,051,867.60||674,958,084.50|516,478,683.84|5,051,867.60||511,426,816.24|
|completed unse|||||||||
|ttled assets|||||||||
|Development|||||||||
||45,943,136.51|||45,943,136.51|34,272,995.11|||34,272,995.11|
|cost|||||||||
|Total|750,532,299.05|5,076,580.88|745,455,718.17||561,891,193.10|5,051,867.60|556,839,325.50||

 Whether the company is required to comply with the "Shenzhen Stock Exchange Industry Information Disclosure Guidelines No. 4 - listed companies engaged in seed industry, planting business" disclosure requirements
No
(2) Inventory depreciation reserve
In RMB
||||||||
|-|-|-|-|-|-|-|
||Year-beginning|Increase||Decrease|||
|Items|||||||
||balance|Accrual|Other|Switch back|Other||
|Stock goods||24,713.28||||24,713.28|
|Construction co|||||||
|ntract has been|||||||
||5,051,867.60|||||5,051,867.60|
|completed unse|||||||
|ttled assets|||||||
|Total|5,051,867.60|24,713.28||||5,076,580.88|

 (3) Explanation on inventories with capitalization of borrowing costs included at ending balance
(4) Assets unsettled formed by construction contract which has completed at period-end
In RMB
|||
|-|-|
|Items|Amount|
|Accumulated Incurred Cost|20,973,059,511.19|
|Accumulated Confirmed Gross Profit|5,282,086,405.51|
|Less: expected loss|5,051,867.60|
|Settlement Amount|25,575,135,964.60|
|Unliquidated Completed Assets Formed in the Construction||
||674,958,084.50|
|Contract||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Othernotes：
11. Holding assets for sale
In RMB
||||||
|-|-|-|-|-|
|||||Estimated disposal|
|Items|End book value|Fair value|Estimated disposal cost||
|||||time|

Othernotes：
12. Non current assets due within one year
In RMB
||||
|-|-|-|
||Year-end balance|Year-beginning balance|
|Items|||

Othernotes：
13. Other current assets
In RMB
||||||
|-|-|-|-|-|
|||Year-end balance||Year-beginning balance|
|Items|||||
|Input VAT||16,047,813.14||15,347,777.42|
|Expense of prepaid income tax||||1,779,133.63|
|Total|16,047,813.14||17,126,911.05||

 Othernotes：
14. Available-for-sale financial assets
(1) Available-for-sale financial assets
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||Closing balance||||Opening balance||||
|Items|Book|Provision of||||Provision of|||
|||||Book value|Book balance|||Book value|
||balance|impairment||||impairment|||
|Available-for-sale|10,338,500.0|||10,338,500.0|10,338,500.0||||
|||||||||10,338,500.00|
|equity instruments|0|||0|0||||
||10,338,500.0||10,338,500.00||10,338,500.0||10,338,500.00||
|Total|||||||||
||0||||0||||

(2) Available-for-sale financial assets measured at fair value at period-end
In RMB
Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||
|-|-|-|-|
||Available-for-sale|||
|||Available-for-sale||
|Type|equity||Total|
|||Debt instruments||
||instruments|||

(3) Available-for-sale financial assets measured by cost at the period-end
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Book balance||||Impairment provision||||Sharehol||
||||||||||ding||
|||||||||||Cash|
||||||||||proporti||
|||||||||||bonus of|
||||Decreas|Period|||Decreas|Period|on||
|Investee|Period-b|Increase|||Period-b|Increase||||the|
||||||||||among||
||egin||e|-end|egin||e|-end|the|reportin|
|||||||||||g period|
||||||||||investee||
||||||||||s||
|Zhanjian|||||||||||
|g|||||||||||
|Constru|10,338,5|||10,338,5|||||||
|ction|00.00|||00.00|||||||
|Enginee|||||||||||
|ring|||||||||||
||10,338,5|||10,338,5|||||||
|Total|||||||||--||
||00.00|||00.00|||||||

(4) Changes of the impairment of the available-for-sale financial assets during the reporting period
In RMB
|||||
|-|-|-|-|
||Available-for-sale|Available-for-sale||
|Type|||Total|
||Equity instruments|Debt instruments||

⑸Relevant description of the end of the fair value of the equity instruments at the end of a serious decline in fair value or non temporary decline but not related to impairment provision
In RMB
||||||||
|-|-|-|-|-|-|-|
|Item of|||||||
|||||||Reason for not|
|available-for-sa|||Falling scope|Duration of|Withdrawn||
||Investment cost|Ending fair||||withdrawing|
|le equity|||of fair value|falling (month)|impairment||
|||value||||the impairment|
|instruments|||against the cost||amount||

Other notes
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 15. Held-to-maturity investment
(1) Held-to-maturity investment
In RMB
||||||||
|-|-|-|-|-|-|-|
||Year-end balance|||Year-beginning balance|||
|Items|||||||
|||Provision for|||Provision for||
||Book balance||Book value|Book balance||Book value|
|||impairment|||impairment||

(2) Important held-to-maturity investment at period-end
In RMB
||||||
|-|-|-|-|-|
|Project|Face value|Interest rate|Actual interest rate|Expiring date|

 (3) Reclassify of held-to-maturity investment in the period
Other notes
16. Long-term account receivables
（1）Long-term account receivables
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|||End of term||||Beginning of term|||||
|||||||||||Range of|
|Items||Book|Provision for|||Book|Provision for||||
||||||Book value||||Book value|rate|
|||balance|impairment|||balance|impairment||||
|Long-term|16,151,975.94||||||||||
||||||16,151,975.9|14,328,557.8|||14,328,557.8||
|account|||||||||||
||||||4|2|||2||
|receivable|||||||||||
|||16,151,975.9||16,151,975.94||14,328,557.8||14,328,557.82|||
|Total||||||||||--|
|||4||||2|||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018 In RMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||Increase/decrease|||||||||Closing|
||||||Adjust||Declara|Withdr|||balance|
||Openin||Decreas|Gain/lo|ment of||tion of|awn|||of|
|Investe||Add||||Other||||Closing||
||g||ed|ss of|other||cash|impair|||impair|
|es||investm||||equity|||Other|balance||
||balance||investm|Investm|compre||dividen|ment|||ment|
|||ent||||changes||||||
||||ent|ent|hensive||ds or|provisi|||provisi|
||||||income||profit|on|||on|
|I. Joint ventures||||||||||||
|Investm||||||||||||
||3,311,2|||||||||3,311,2||
|ent in||||||||||||
||11,536.|||||||||11,536.||
|subsidi||||||||||||
||66|||||||||66||
|aries||||||||||||
||3,311,2|||||||||3,311,2||
|Subtota||||||||||||
||11,536.|||||||||11,536.||
|l||||||||||||
||66|||||||||66||
|II. Associated enterprises||||||||||||
||3,311,2|||||||||3,311,2||
|Total|11,536.|||||||||11,536.||
||66|||||||||66||

Other notes
18. Investment real estate
(1) Investment real estate by cost measurement
□Applicable√ Not applicable
(2) Investment real estate by fair value
□Applicable√ Not applicable
(3) Investment real estate without certificate of ownership
In RMB
||||
|-|-|-|
|Items|Book value|Reason|
|Nil|||

Other notes
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 19. Fixed assets
(1) List of fixed assets
In RMB
|||||||
|-|-|-|-|-|-|
|||Machinery||||
|Items|House, building||Transportations|Other equipment|Total|
|||equipment||||
|I. Original price||||||
|1. Balance at||||||
||103,857,727.50|99,011,854.51|41,578,019.37|14,847,444.63|259,295,046.01|
|period-beginning||||||
|2.Increase in the||||||
||356,522,059.87|43,060,321.63|2,521,107.64|15,313,102.76|417,416,591.90|
|current period||||||
|(1) Purchase|45,846.63|7,846,107.26|1,647,091.29|540,002.07|10,079,047.25|
|（2） Transferred||||||
|from construction||||||
|in progress||||||
|(3)Increased of||||||
|Enterprise|356,476,213.24|35,214,214.37|874,016.35|14,773,100.69|407,337,544.65|
|Combination||||||
|3.Decreased||||||
|amount of the|1,285,304.99|5,169.60|820,859.82|2,111.28|2,113,445.69|
|period||||||
|（1）Disposal|1,285,304.99|5,169.60|820,859.82|2,111.28|2,113,445.69|
|4. Balance at||||||
||459,094,482.38|142,067,006.54|43,278,267.19|30,158,436.11|674,598,192.22|
|period-end||||||
|II. Accumulated||||||
|depreciation||||||
|1.Opening balance|19,725,422.54|32,621,369.35|20,803,056.53|11,608,047.03|84,757,895.45|
|2.Increased||||||
|amount of the|204,188,862.41|39,081,555.76|2,193,383.65|13,357,314.31|258,821,116.13|
|period||||||
|(1) Withdrawal|5,102,324.52|5,827,473.63|1,631,901.79|1,015,611.08|13,577,311.02|
|（2）other|199,086,537.89|33,254,082.13|561,481.86|12,341,703.23|245,243,805.11|
|3.Decrease in||||||
|the reporting|58,155.48||345,934.83|2,005.52|406,095.83|
|period||||||
|（1）Disposal|58,155.48||345,934.83|2,005.52|406,095.83|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|4.Closing balance|223,856,129.47|71,702,925.11|22,650,505.35|24,963,355.82|343,172,915.75|
|III. Impairment||||||
|provision||||||
|1.Opening balance||||||
|2.Increase in the||||||
|reporting period||||||
|（1）Withdrawal||||||
|3.Decrease in||||||
|the reporting||||||
|period||||||
|（1）Disposal||||||
|4. Closing balance||||||
|IV. Book value||||||
|1.Book value of||||||
||235,238,352.91|70,364,081.43|20,627,761.84|5,195,080.29|331,425,276.47|
|the period-end||||||
|2.Book value of||||||
||84,132,304.96|66,390,485.16|20,774,962.84|3,239,397.60|174,537,150.56|
|the period-begin||||||

(2) Fixed assets temporarily idled
In RMB
|||||||
|-|-|-|-|-|-|
|||Accumulated|Provision for|||
|Items|Original book value|||Book value|Remark|
|||depreciation|impairment|||

(3) Fixed assets rented by finance leases
In RMB
||||||
|-|-|-|-|-|
|||Accumulated|Accumulated||
|Items|Original book value|||Book value|
|||depreciation|depreciation||
|House Building|14,392,016.02|12,499,205.18|0.00|1,892,810.84|
|Machinery equipment|41,794,318.20|29,583,792.38|0.00|12,210,525.82|

 (4) Fixed assets leased in the operating leases
In RMB
Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||
|-|-|
|Items|End book value|

(5) Fixed assets without certificate of title completed
In RMB
||||
|-|-|-|
|Items|Book value|Reason|
|International engineering|34,640,848.79|Being processed|
|Suzhou plant|8,982,474.09|Being processed|

Other notes
20. Project under construction
(1)Project under construction
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||Year-end balance||||Year-beginning balance||||
|Items|Book balance|Provision for||Book value|Book balance|Provision for||Book value|
|||devaluation||||devaluation|||
|Equipment and|||||||||
|constructions in|707,700.59|||707,700.59|4,968,590.96|||4,968,590.96|
|progress|||||||||
|Total|707,700.59||707,700.59||4,968,590.96||4,968,590.96||

 (2) Changes of significant construction in progress
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||||||Includi|||
||||||||||Capital|ng：|||
||||||||||ization|Curren|||
||||||||||||Capital||
|||Amou||Transf|||||of|t|||
||||Increas|||Balanc|||||ization||
|||nt at||erred|Other||Propor|Progre|interes|amoun||Source|
||||e at|||e in|||||of||
|Name|Budget|year||to|decrea||tion(%|ss of|t|t of||of|
||||this|||year-e|||||interes||
|||beginn||fixed|se||)|work|accum|capital||funds|
||||period|||nd|||||t ratio||
|||ing||assets|||||ulated|ization|||
||||||||||||（%)||
||||||||||balanc|of|||
||||||||||e|interes|||
|||||||||||t|||
|Faciliti|||||||||||||
|es||1,224,||1,224,|||||||||
|||||||0.00|||||||
|under||800.00||800.00|||||||||
|install|||||||||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||||
|-|-|-|-|-|-|-|-|
|ation||||||||
|Liangd||||||||
|u||||||||
|Centra||||||||
||2,630,|6,077,||8,708,||||
|l||||||||
||910.96|772.97||683.93||||
|Hospit||||||||
|al||||||||
|Project||||||||
|Zhigu|1,112,|3,774,||4,887,||||
|Project|880.00|408.18||288.18||||
|Smart||||||||
|||270,70||270,70||||
|House||||||||
|||0.59||0.59||||
|Project||||||||
|Comm||||||||
|ercial||437,00||437,00||||
|hospit||0.00||0.00||||
|al||||||||
|||10,559||14,303||||
||4,968,||1,224,|||||
|Total||,881.7||,672.7|--|--|--|
||590.96||800.00|||||
|||4||0||||

（3）Provision for impairment of construction projects
In RMB
||||
|-|-|-|
|Items|Amount|Reason|

Other notes
21. Engineering Material
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|

Other notes
22. Disposal of fixed assets
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|

Othernotes：
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 23. Productive biological assets
(1) Measured by cost
□ Applicable√ Not applicable
(2) Measured by fair value
□ Applicable√ Not applicable
24. Oil-and-gas assets
□ Applicable√ Not applicable
25. Intangible assets
（1）Information
In RMB
|||||||
|-|-|-|-|-|-|
||||Non-patent|||
|Items|Land use right|Patent||Software|Total|
||||Technology|||
|I. Original price||||||
|1.Opening balance|132,460,370.94|||4,551,469.92|137,011,840.86|
|2.Increased||||||
|amount of the|44,792,429.91||||44,792,429.91|
|period||||||
|(1) Purchase|222,873.47||||222,873.47|
|(2)Internal||||||
|Development||||||
|(3)Increased of||||||
|Enterprise|44,569,556.44||||44,569,556.44|
|Combination||||||
|3.Decreased||||||
|amount of the||||16,360.00|16,360.00|
|period||||||
|（1）Disposal||||16,360.00|16,360.00|
|4. Balance at||||||
||177,252,800.85|||4,535,109.92|181,787,910.77|
|period-end||||||
|II.Accumulated||||||
|amortization||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||
|-|-|-|-|
|1. Balance at||||
||6,882,267.85|2,605,128.01|9,487,395.86|
|period-beginning||||
|2. Increase in the||||
||1,094,384.00|401,165.06|1,495,549.06|
|current period||||
|(1) Withdrawal|1,094,384.00|401,165.06|1,495,549.06|
|3.Decreased||||
|amount of the||||
|period||||
|（1）Disposal||||
|4. Balance at||||
||7,976,651.85|3,006,293.07|10,982,944.92|
|period-end||||
|III. Impairment||||
|provision||||
|1. Balance at||||
|period-beginning||||
|2. Increase in the||||
|current period||||
|(1) Withdrawal||||
|3.Decreased||||
|amount of the||||
|period||||
|（1）Disposal||||
|4. Balance at||||
|period-end||||
|4. Book value||||
|1.Book value at||||
||169,276,149.00|1,528,816.85|170,804,965.85|
|period -end||||
|2.Book value at||||
||125,578,103.09|1,946,341.91|127,524,445.00|
|period-beginning||||

The intangible assets by the end of the formation of the company's internal R& D accounted of the proportion of the balance of intangible assets
⑵Details of Land use right failed to accomplish certification of property
In RMB
Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Items|Book value|Reason|

Othernotes：
26. Development expenditure
In RMB
||||||
|-|-|-|-|-|
||Beginning|||Ending|
|Items||Increase in the period|Decrease in period||
||balance|||balance|

 Other notes
27. Goodwill
(1) Original book value of goodwill
In RMB
||||||
|-|-|-|-|-|
|Name of the|||||
|investees or the|||||
||Opening balance|Increase|Decrease|Closing balance|
|events formed|||||
|goodwill|||||

（2）Impairment provision of goodwill
In RMB
||||||
|-|-|-|-|-|
|Name of the|||||
|investees or the|||||
||Opening balance|Increase|Decrease|Closing balance|
|events formed|||||
|goodwill|||||

Notes of the testing process of goodwill impairment, parameters and the recognition method of goodwill
impairment losses:
Other notes:
28.Long-term amortization expenses
In RMB
|||||||
|-|-|-|-|-|-|
||Balance in|Increase at this|Amortization at||Balance in|
|Items||||Decrease||
||year-begin|period|this period||year-end|
||7,029,913.15|0.00|1,977,938.70||5,051,974.45|
|Renovation costs||||||
|Overseas||||||
||3,095,000.00|0.00|1,040,913.85||2,054,086.15|
|guarantee fees||||||
|Guarantee fees|0.00|5,424,544.00|925,165.10||4,499,378.90|
|Less: Long-term|||||0.00|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|deferred expenses||||||
|due within one||||||
|year||||||
|Total|10,124,913.15|5,424,544.00|3,944,017.65|0.00|11,605,439.50|

 Other notes
29.Deferred income tax assets/deferred income tax liabilities
(1)Details of the un-recognized deferred income tax assets
In RMB
||||||
|-|-|-|-|-|
||Balance in year-end||Balance in year-begin||
|Items|Deductible temporary|Deferred income tax|Deductible temporary|Deferred income tax|
||difference|assets|difference|assets|
|Provision for asset|||||
||777,146,588.40|117,065,718.40|734,228,861.56|133,462,054.67|
|impairment|||||
|Total|777,146,588.40|117,065,718.40|734,228,861.56|133,462,054.67|

 (2)Details of the un-recognized deferred income tax liabilities
In RMB
||||||
|-|-|-|-|-|
||Balance in year-end||Balance in year-begin||
|Items|Temporarily||Temporarily||
|||Deferred Income Tax||Deferred Income Tax|
||Deductible or Taxable||Deductible or Taxable||
|||liabilities||liabilities|
||Difference||Difference||
|Appraised increment|||||
|of assets for business|||||
||278,236,528.90|51,894,878.61|104,355,846.82|26,088,961.71|
|combination not under|||||
|the same control|||||
|Total|278,236,528.90|51,894,878.61|104,355,846.82|26,088,961.71|

 (3) Deferred income tax assets or liabilities listed by net amount after off-set
In RMB
||||||||
|-|-|-|-|-|-|-|
||||End balance of|Trade-off between the||Opening balance of|
||Trade-off between the||||||
||||deferred income tax|deferred income tax||deferred income tax|
|Items|deferred income tax||||||
||||assets or liabilities|assets and liabilities at||assets or liabilities|
||assets and liabilities||||||
||||after off-set|period-begin||after off-set|
|Deferred income tax||117,065,718.40|||118,233,337.36||
|assets|||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Deferred income|51,894,878.61|26,088,961.71|
|liabilities|||

(4)Details of income tax assets not recognized
In RMB
||||
|-|-|-|
|Items|End of term|Beginning of term|
|Deductible provisional differences||11,552,823.18|
|Deductible losses||3,133,043.61|
|Total||14,685,866.79|

 (5) The un-recognized deductible losses of deferred income tax assets will due in the following years:
In RMB
|||||
|-|-|-|-|
|Year|End of term|Beginning of term|Remark|

Othernotes：
30 .Other non-current assets
In RMB
||||||
|-|-|-|-|-|
|Items||Closing balance||Opening balance|
|||623,524,570.00||610,524,570.00|
|PPP project investment|||||
|Advances for purchase of long-term|||||
|||278,480,672.79||283,729,420.79|
|assets|||||
|Other investment||188,562,089.12||175,340,581.32|
|Total|1,090,567,331.91||1,069,594,572.11||

 Othernotes：
31 .Short-term loans
（1）Category of short-term borrowings
In RMB
||||||
|-|-|-|-|-|
|Items||End of term||Beginning of term|
|Pledge borrowings||713,964,614.92||2,137,870,000.00|
|Mortgage borrowings||43,613,550.00||150,000,000.00|
|Guaranteed borrowings||1,780,935,316.32||1,189,330,420.55|
|Commercial acceptance bills endorsed or|||||
|||260,000,000.00|||
|discounted but not expired on the|||||
|balance sheet date|||||
||2,798,513,481.24||3,477,200,420.55||
|Total|||||

Notes to short-term borrowings:
(2) Situation of Overdue Outstanding Short-Term Borrowing
Final overdue outstanding short-term borrowing was zero, and situation of important overdue outstanding
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 short-term borrowing was as follows:
In RMB
||||||
|-|-|-|-|-|
|Unit|Closing balance|Interest rate|Time|Overdue interest rate|

 Othernotes：
32. Financial liabilities measured at fair value through current profit and loss
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|

Othernotes：
33. Derivative financial liabilities
□Applicable√ Not applicable
34. Note payable
In RMB
||||||
|-|-|-|-|-|
|Type||Closing balance||Opening balance|
|Commercial acceptance||475,745,011.64||283,190,010.00|
|Bank acceptance||406,499,093.71||623,407,978.15|
|Total|882,244,105.35||906,597,988.15||

 Amount due in next fiscal period is RMB 0.00.
35.Account payable
（1）Account payable
In RMB
||||||
|-|-|-|-|-|
|Items||Closing balance||Opening balance|
|||1,212,049,028.27||1,704,130,649.60|
|Project engineering Fund|||||
|Payments for purchase of long-term|||||
|assets|||||
|||14,413,189.08||15,448,438.02|
|Payment for purchase of medicines|||||
||1,226,462,217.35||1,719,579,087.62||
|Total|||||

（2）Significant accounts payable that aged over one year
In RMB
||||
|-|-|-|
|||The reason for not repaid or carried forwar|
|Items|Balance in year-end||
|||d|

Othernotes：
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 36. Accounts received in advance
(1)Accounts received in advance
In RMB
||||||
|-|-|-|-|-|
|Items||End of term||Beginning of term|
|Project engineering Fund||127,873,130.27||145,513,588.44|
|Accounts received in advance||1,178,716.78||866,264.23|
|Total|129,051,847.05||146,379,852.67||

 (2) Accounts payable with major amount and aging of over one year
In RMB
||||
|-|-|-|
|Items|Closing balance|Reason|

（3）Information of unliquidated completed assets formed in the construction contract at the end of the period
In RMB
|||
|-|-|
|Items|Amount|

Othernotes：
37. Employee compensation payable
(1)Classification of employee compensation payable
In RMB
||||||||
|-|-|-|-|-|-|-|
|Items||Balance in year-begin|Increase at this period|Decrease at this period||Balance in year-end|
|I.|||||||
|Short-term remuneratio||20,728,678.96|184,496,842.64|157,373,141.87||47,852,379.73|
|n|||||||
|II.|||||||
|Post-employment bene|||||||
|||1,182,863.11|6,641,104.76|6,757,615.11||1,066,352.76|
|fits - defined contributi|||||||
|on plans|||||||
|Total|21,911,542.07||191,137,947.40|164,130,756.98|48,918,732.49||

（2）Short-term remuneration
In RMB
||||||
|-|-|-|-|-|
|Items|Balance in year-begin|Increase at this period|Decrease at this period|Balance in year-end|
|1.Wages, bonuses,|20,123,644.40|158,998,753.48|132,734,677.09|46,387,720.79|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||||||
|-|-|-|-|-|-|-|-|-|
|allowances and|||||||||
|subsidies|||||||||
|2.Employee welfare||||13,049,019.18||12,296,647.62||752,371.56|
|3. Social insurance|||||||||
|||596,755.82||8,448,938.02||8,469,807.65||575,886.19|
|premiums|||||||||
|Including：Medical|||||||||
|||501,699.51||8,003,871.21||8,026,724.98||478,845.74|
|insurance|||||||||
|Work injury insurance||22,668.30||105,889.90||102,612.16||25,946.04|
|Maternity insurance||72,388.01||339,176.91||340,470.51||71,094.41|
|4. Public reserves for|||||||||
|||8,278.74||3,850,080.17||3,751,822.88||106,536.03|
|housing|||||||||
|5.Union funds and|||||||||
|||||150,051.79||120,186.63||29,865.16|
|staff education fee|||||||||
|Total|20,728,678.96||184,496,842.64||157,373,141.87||47,852,379.73||

（3）Defined contribution plans listed
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
|Items||Balance in year-begin||Increase at this period||Decrease at this period||Balance in year-end|
|1. Basic old-age|||||||||
|||1,153,676.86||6,380,445.34||6,496,828.20||1,037,294.00|
|insurance premiums|||||||||
|2.Unemployment|||||||||
|||29,186.25||260,659.42||260,786.91||29,058.76|
|insurance|||||||||
|Total|1,182,863.11||6,641,104.76||6,757,615.11||1,066,352.76||

 Other notes:
38. Taxes payable
In RMB
||||||
|-|-|-|-|-|
|Items||Closing balance||Opening balance|
|VAT||153,383,283.46||32,678,325.28|
|Enterprise Income tax||229,594,535.61||239,018,994.88|
|Individual income tax||265,138.45||374,031.94|
|City Construction tax||3,509,945.52||3,928,587.22|
|Stamp Tax and other taxes||220,312.15||360,597.97|
|Educational surtax||2,643,096.05||2,983,381.35|
|Business tax||74,773,921.03||78,101,559.07|
|Total|464,390,232.27||357,445,477.71||

Othernotes：
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 39. Interest payable
In RMB
||||||
|-|-|-|-|-|
|Items||Closing balance||Opening balance|
|Long-term loan interest payable||171,538.58||10,819,629.22|
|Interest payable on short-term|||||
|||1,604,539.03||5,285,634.63|
|borrowings|||||
|Total|1,776,077.61||16,105,263.85||

 Particulars of significant overdue unpaid interest:
In RMB
||||
|-|-|-|
|Name|Overdue amount|Overdue reason|

Othernotes：
40. Dividends payable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|

Note: Including significant unpaid dividends payable over one year, the unpaid reason shall be disclosed:
41. Other accounts payable
(1) Other accounts payable listed by nature of the account
In RMB
||||||
|-|-|-|-|-|
|Items||Closing balance||Opening balance|
|Bidding margins, performance bonds|||||
|||53,631,024.27||48,363,917.10|
|and deposits|||||
|Current accounts between individuals|||||
|||74,841,390.56||14,453,897.50|
|and withholding payables|||||
|Lendings to shareholders|||||
|||1,192,725,603.51||450,793,562.35|
|Current accounts between entities|||||
|Other||1,515,785.47||2,854,044.18|
|Payment for subscription of non-public|||||
|||0.00||4,500,000.00|
|offerings|||||
|Total|1,322,713,803.81||520,965,421.13||

 (2) Other payables with large amount and aging of over one year
In RMB
||||
|-|-|-|
|Items|Ending balance|Reason|

Other notes
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 42. Divided into liability held for sale
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|

Othernotes：
43.Non-current liabilities due within 1 year
In RMB
||||||
|-|-|-|-|-|
|Items||Closing balance||Opening balance|
|Long-term loans due 1 year||487,657,918.14||820,422,471.45|
|Total|487,657,918.14||820,422,471.45||

 Othernotes：
44.Other current liabilities
In RMB
|||||
|-|-|-|-|
|Items|Closing balance||Opening balance|
||||121,529,600.95|
|Output tax to be carried forward||||
|||121,529,600.95||
|Total||||

 Increase or decrease in short-term bondspayable：
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|||||||||Premium|||
||||||Amount||||This||
|||||||||and||Balance|
|||Issuing||Issuing|in||||period for||
|Name|Par value||Term|||This issue|Interest|discount||in|
|||date||amount|year-beg||||repaymen||
|||||||||amortizati||year-end|
||||||in||||t||
|||||||||on|||

Othernotes：
45. Long-term loan
(1) Category of long-term loan
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-begin|
||400,000,000.00||
|Pledged borrowings|||
||16,839,164.49|16,839,164.49|
|Mortgage borrowings|||
|Guarantee loan|456,250,000.00|826,253,306.53|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Total|873,089,164.49|843,092,471.02|

 Notes of short-term loans category:
Other notes including interest rate range:
46.Bond payable
（1）Bond payable
In RMB
||||||
|-|-|-|-|-|
|Items||Closing balance||Opening balance|
|1.Qianhai Wutong Private bond|||||
|||100,000,000.00||100,000,000.00|
|No.2016070|||||
|2 First period bond financing plan of|||||
|Sino Great Wall International||245,000,000.00||245,000,000.00|
|Engineering Co., Ltd. in 2017|||||
|Total|345,000,000.00||345,000,000.00||

 (2) Changes on bonds payable (not including other financial instrument classified as preferred stock and
perpetual capital securities of financial liabilities)
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|||||||||Amorti|||
||||||||Interest||||
|||||||||zation|||
|||||||Issue o|s||Amoun||
||||||Openin|||of||Ending|
|Bond|Par val|Date of|Bond|Issued||f curre|withdra||t repaid||
||||||g|||premiu||balanc|
|name|ue|issue|period|amount||nt peri|wn as||of||
||||||balance|||m or||e|
|||||||od|per par||current||
|||||||||discoun|||
||||||||value||||
|||||||||t|||
|1.Qianh|||||||||||
|ai|||||||||||
|Wutong|100,00||||||||||
|||2017-1-|2019-1-|99,800,||99,800,|6,200,0||||
|Private|0,000.0||||||||||
|||6|6|000.00||000.00|00.00||||
|bond|0||||||||||
|No.201|||||||||||
|6070|||||||||||
|2 First|||||||||||
|period|||||||||||
|bond|||||||||||
||245,00|||245,00||245,00|||||
|financi||2017-1|2020-1||||2,440,3||||
||0,000.0|||0,000.0||0,000.0|||||
|ng plan||0-31|0-31||||34.25||||
||0|||0||0|||||
|of Sino|||||||||||
|Great|||||||||||
|Wall|||||||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||||
|-|-|-|-|-|-|-|
|Internat|||||||
|ional|||||||
|Engine|||||||
|ering|||||||
|Co.,|||||||
|Ltd. in|||||||
|2017|||||||
|||||344,80|344,80||
|||||||8,640,3|
|Total|--|--|--|0,000.0|0,000.0||
|||||||34.25|
|||||0|0||

(3) Note to conditions and time of share transfer of convertible bonds
（4）Other financial instruments that are classified as financial liabilities
The issuance of preferred stock and other financial instruments such as perpetual debt
Table of changes in financial instruments such as preferred stock and perpetual debt
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
|External|Balance in year-begin||Increase at this period||Decrease at this period||Balance in year-end||
|financial|||||||||
||Amount|Book value|Amount|Book value|Amount|Book value|Amount|Book value|
|instruments|||||||||

Notes
47. Long-term payable
(1) Long-term payable listed by nature of the account
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Accrued financial lease outlay|63,606,067.75|81,945,567.86|

 Othernotes：
48. Long-term employee salary payable
（1）Long-term employee salary payable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|

(2) Changes of defined benefit plans
Present worth of defined benefit plans obligation:
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Planassets：
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|

Net liabilities(net assets) of defined benefit plans
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|

Notes to the influence of the content and related risk of defined benefit plans to the future cash flows, time and uncertainty of the Company:
Notes to analysis results of major actuarial assumptions and sensibility of defined benefit plans
Other notes:
49. Specific payable
In RMB
|||||||
|-|-|-|-|-|-|
||Balance in|Increase at this|Decrease at this|||
|Items||||Balance in year-end|Reason|
||year-begin|period|period|||

Othernotes：
50. Estimates liabilities
In RMB
|||||||
|-|-|-|-|-|-|
|Items||Balance in year-end||Balance in year-begin|Reason|
||||||Provision for pending|
|||2,958,723.15||3,414,189.15||
|Pending litigation|||||litigation of the Company|
||2,958,723.15||3,414,189.15||--|
|Total||||||

Othernotes：
51.Deferred income
In RMB
||||||||
|-|-|-|-|-|-|-|
||Balance in|Increase at this|Decrease at this||Balance in||
|Items||||||Reason|
||year-begin|period|period||year-end||
|Germany Hospital||5,999,151.77|||5,999,151.77||
|Total||5,999,151.77||5,999,151.77||--|

Details of government subsidies
In RMB
||||||||
|-|-|-|-|-|-|-|
||Beginning of|New subsidy in|Amount|||Asset-related or|
|Items||||Other changes|End of term||
||term|current period|transferred to|||income-related|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||
|-|
|non-operational|
|income|

Othernotes：
52.Other Non-current liabilities
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|

Othernotes：
53.Stock capital
In RMB
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||||Increase/decrease this time (+ , - )|||||||
|||Balance||||||||
||||||Transferred||||Balance|
|||Year-beginni|Issuing of|||||||
|||||Bonus shares|from|Other|Subtotal||year-end|
|||ng|new share|||||||
||||||reserves|||||
|Total of|1,698,245,011.00|||||||1,698,245,011.00||
|capital shares||||||||||

 Othernotes：
54. Other equity instruments
(1) Basic information of preferred stock, perpetual capital securities and other financial instruments
outstanding issued at period-end
(2) Change list of preferred stock, perpetual capital securities and other financial instruments outstanding
issued at period-end
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
|Financial|Opening period||Increase||Decrease少||Closing period||
|instruments|||||||||
|outstanding|Amount|Book value|Amount|Book value|Amount|Book value|Amount|Book value|
|issued|||||||||

Changes, reason of change and basis of relevant accounting treatment of other equity instruments in reporting period:
Notes:
55. Capital reserves
In RMB
||||||
|-|-|-|-|-|
||Year-beginning||||
|Items||Increase in current|Decrease in current|Year-end balance|
||balance||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||
|-|-|-|-|-|
|Share premium||-857,285,524.28||-857,285,524.28|
|Other||-442,064,177.46||-442,064,177.46|
|Total|-1,299,349,701.74||-1,299,349,701.74||

 Other notes, including changes and reason of change:
56.Treasury stock
In RMB
||||||
|-|-|-|-|-|
||||Decrease in the current||
|Items|Year-beginning balance|Increase in the current||Year-end balance|
||||period||

Other notes, including changes and reason of change:
57. Other comprehensive income
In RMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||||Amount of current period||||||||
||||Amountfor the period before income tax||Less ：||||After - ta|Year-endbalance||
|||Year-begin|||Previously recognize|||After - tax|x attribut|||
|Items||ning|||d in profit or loss in o|Less：||attributable|able to m|||
|||balance|||ther comprehensive i|Income tax||to the pare|inority s|||
||||||ncome|||nt company|harehold|||
||||||||||ers|||
|2.Other comprehensive|||||||-263,008.36|||||
|income re-classifiable to||||-263,008|||||||595,23|
|||858,242.13||||||||||
|profit or loss in||||.36|||||||3.77|
|subsequent periods||||||||||||
|Balance form the|||||||-263,008.36|||||
|translation of foreign||||-263,008|||||||595,23|
|||858,242.13||||||||||
|currency financial||||.36|||||||3.77|
|statements||||||||||||
|Total of Other|858,242.13|||-263,008|||-263,008.36|||595,233.77||
|comprehensive income||||.36||||||||

 Other notes, including the adjustment of the recognition of initial amount of effective part of the cash flow hedging gains and losses
58. Special reserves
In RMB
||||||
|-|-|-|-|-|
||Year-beginning||Decrease in the current||
|Items||Increase in the current||Year-end balance|
||balance||period||
|Safety production cost|164,231,078.18|7,271,059.70|100,962,846.23|70,539,291.65|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||
|-|-|-|-|-|
|Total|164,231,078.18|7,271,059.70|100,962,846.23|70,539,291.65|

 Other notes, including changes and reason of change:
59. Surplus reserve
In RMB
||||||||
|-|-|-|-|-|-|-|
|Items||Year-beginning|Increase in the current|Decrease in the current||Year-end balance|
|||balance|period|period|||
|Statutory surplus|||||||
|||84,394,441.23||||84,394,441.23|
|reserve|||||||
|Total|84,394,441.23||||84,394,441.23||

 Other note, including changes and reason of change
60. Retained profits
In RMB
|||||
|-|-|-|-|
|||Amount of current period|Amount of previous period|
|Items||||
|After adjustments: Retained profits at the period|1,503,103,396.72|||
||||1,228,970,498.86|
|beginning||||
|Retained profits at the period end|1,651,166,244.75||1,395,682,248.23|

 As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affected beginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 . (4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profits are RMB 0.00.
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
61. Business income, Business cost
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||
|-|-|-|-|-|
||Income|Cost|Income|Cost|
|Main business|1,586,667,973.99|1,312,150,678.84|3,024,948,121.79|2,319,597,133.26|
|Other business|303,601.25|61,423.62|134,235.01|1,482.50|
|Total|1,586,971,575.24|1,312,212,102.46|3,025,082,356.80|2,319,598,615.76|

 62. Business tax and subjoin
In RMB
||||||
|-|-|-|-|-|
|Items||Amount of current period||Amount of previous period|
|Urban construction tax||505,520.08||1,042,829.78|
|Education surcharg||394,400.96||655,066.85|
|Property tax||||68,451.48|
|Land use tax||||47,718.08|
|Stamp tax||351.80||128,521.10|
|Other||1,206,245.21|||
|Total|2,106,518.05||1,942,587.29||

 Other notes
63.Sales expenses
In RMB
||||||
|-|-|-|-|-|
|Items||Amount of current period||Amount of previous period|
|Wage||2,243,754.49||4,603,916.86|
|Office fee||132,464.60||4,078,158.29|
|Travel||99,055.21||393,660.38|
|Business expenses||308,931.00||128,844.14|
|Advertising||125,500.00||47,834.95|
|Advertising||11,051,634.52||7,849,265.92|
|Other||2,560,282.26||992,905.85|
|Total|16,521,622.08||18,094,586.39||

 Othernotes：
64. Administrative expenses
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Wage|67,710,884.17|68,871,087.57|
|Office fee|3,693,918.16|8,687,944.68|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||
|-|-|-|-|-|
|||8,715,549.21||7,347,823.86|
|Rental fees|||||
|||4,994,824.31||5,571,017.05|
|Travel expenses|||||
|Entertainment expenses||4,984,925.91||3,996,369.24|
|Depreciation of fixed assets||8,618,171.30||6,270,469.80|
|Vehicle costs||1,575,536.62||1,479,810.31|
|Amortization of long-term prepaid|||||
|||2,076,778.32||1,939,541.82|
|expenses|||||
|Consulting fees||20,133,330.03||7,555,211.52|
|Entertainment expenses||821,120.23||823,301.14|
|Conference expenses||121,178.39||58,389.00|
|Tax fee||||311,342.47|
|Cultivate fee||||37,574.26|
|Insurance fee||||582,826.56|
|Transportation changes||930,008.46||930,631.36|
|Other||3,531,636.46||10,713,417.51|
|Total|127,907,861.57||125,176,758.15||

 Othernotes：
65. Financial expenses
In RMB
||||||
|-|-|-|-|-|
|Items||Amount of this period||Amount of last period|
|||174,606,407.88||96,401,355.73|
|Interest expenses|||||
|||6,490,217.11||4,508,510.14|
|Less: Interest income|||||
|||-32,447,772.71||28,659,038.33|
|Gains or losses on exchange|||||
|Discount interest||||2,767,616.98|
|Guarantee expenses||||8,617,206.29|
|Handling charges and others||10,271,507.13||7,875,102.40|
|Total|145,939,925.19||139,811,809.59||

 Othernotes：
66.Loss of assets impairment
In RMB
||||||
|-|-|-|-|-|
|Items||Amount of this period||Amount of last period|
|Losses on bad debts||4,183,874.66||89,110,933.27|
|Total|4,183,874.66||89,110,933.27||

Othernotes：
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 67. Gains from changes in fair value
In RMB
||||
|-|-|-|
|Source of the gains from changes in fair|||
||Amount of this period|Amount of last period|
|value|||

Othernotes：
68. Investment income
In RMB
|||||
|-|-|-|-|
|Items||Amount of this period|Amount of last period|
|Long-term equity investment income by||||
|||5,171,892.51||
|equity method||||
|Hold the investment income during from||||
||||0.00|
|available-for-sale financial assets||||
|Total|5,171,892.51|||

Othernotes：
69.Assets disposal income
In RMB
||||
|-|-|-|
|Source|Amount of this period|Amount of last period|

Othernotes：
70. Other income
In RMB
||||
|-|-|-|
|Source|Amount of this period|Amount of last period|

71. Non-operating income
In RMB
|||||||
|-|-|-|-|-|-|
|Items||Amount of current period||Amount of previous period|Recorded in the amount of|
||||||the non-recurring gains and|
||||||losses|
|Government Subsidy||935,867.42||60,363.52||
|Other||178,957,486.84||4,384,261.26||
|Total|179,220,495.20||4,444,624.78|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Government subsidy reckoned into current gains/losses
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
|||||Whether the|||||
|||||impact of|||||
||||||Whether|Amount of|Amount of|Assets-relate|
||Issuing|||subsidies on|||||
|Items||Reason|Nature||special|current|previous|d/income|
||subject|||the current|||||
||||||subsidies|period|period|-related|
|||||profit and|||||
|||||loss|||||

Othernotes：
72. Non-operating expenses
In RMB
|||||||
|-|-|-|-|-|-|
|||Amount of current period||Amount of previous period|The amount of non-operating|
|Items||||||
||||||gains & losses|
|Other||636,300.61||93,122.33||
|Total|636,300.61||93,122.33|||

Othernotes：
73 .Income tax expenses
(1) Table of income tax expenses
In RMB
||||||
|-|-|-|-|-|
|Items||Amount of current period||Amount of previous period|
|Current income tax expenses||18,832,808.48||68,435,528.34|
|Deferred income tax expenses||-42,571.69||-12,208,390.09|
|Total|18,790,236.79||56,227,138.25||

 (2) Adjustment progress of accounting profit and income tax
In RMB
||||
|-|-|-|
|Items||Amount of current period|
|Total profits|161,855,758.33||
|Expense of income tax calculated with statutory [or applicable]|||
|||18,832,808.48|
|tax rate|||
|Influences of deductible temporary difference or deductible|||
|loss of non-confirmed deferred income tax assets in the current||-42,571.69|
|period|||
|Income tax expense|18,790,236.79||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Other notes
74 .Other comprehensive income
More details can be seen in Note.
75.Items of Cash flow statement
（1）Other cash received from business operation
In RMB
||||||
|-|-|-|-|-|
|Items||Amount of current period||Amount of previous period|
|Interest income||8,884,622.44||5,594,387.25|
|Bond, deposit and other intercourse|||||
|||3,587,412,932.81||2,961,878,910.22|
|funds|||||
|Governmental subsidy||||0.00|
|Total|3,596,297,555.25||2,967,473,297.47||

Notes：
(2)Other cash paid related to operating activities
In RMB
||||||
|-|-|-|-|-|
|Items||Amount of current period||Amount of previous period|
|||8,436,090.29||9,715,737.69|
|Handling charges|||||
|||507,914,597.76||390,616,487.26|
|Margin and deposit expenses|||||
|||2,108,633.03||1,218,208.55|
|Selling expenses|||||
|||164,665,583.14||103,574,686.71|
|General and administrative expenses|||||
|||1,894,830,019.27||2,939,598,205.33|
|Current accounts|||||
|Total|2,577,954,923.49||3,444,723,325.54||

Notes：
（3）Other Cash received related to investment activities
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|

Notes：
Sino Great Wall Co., Ltd. The Semi-annual Report 2018（4）Other Cash payable related to investment activities
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|

 Notes
（5）Other Cash received related to Financing activities
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|

Notes：
（6）Other Cash payable related to Financing activities
In RMB
|||||
|-|-|-|-|
|Items|Amount of current period||Amount of previous period|
|Paid personal or company financing||||
|fund||||
|Paid trust deposit||||
|Paid financing fees|||60,833.33|
|Total||60,833.33||

Notes：
76. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
||||||
|-|-|-|-|-|
|Supplement Information||Amount of current period||Amount of previous period|
|I. Adjusting net profit to cash flow from|||||
|||--||--|
|operating activities|||||
|Net profit|143,065,521.54||279,471,430.55||
|Add: Impairment loss provision of assets||4,183,874.66||89,110,933.27|
|Depreciation of fixed assets, oil and gas|||||
|||12,300,753.00||6,270,469.80|
|assets and consumable biological assets|||||
|||804,312.23||1,754,011.80|
|Amortization of intangible assets|||||
|Amortization of Long-term deferred|||||
|||6,993,115.98||1,939,541.82|
|expenses|||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||
|-|-|-|-|-|
|Loss from fixed asset retirement||-570,793.76|||
|Financial expenses||145,939,925.19||139,811,809.59|
|Investment loss||-5,171,892.51|||
|Decrease in deferred income tax assets||1,167,618.96||-14,181,797.35|
|Increased of deferred income tax liabilities||25,805,916.90||-956,819.50|
|Decrease of inventories||-175,020,420.56||30,297,693.75|
|||628,339,650.86||-1,224,519,302.24|
|Decease of operating receivables|||||
|Increased of operating Payable||310,326,783.14||155,004,448.32|
|Net cash flows arising from operating|1,098,164,365.63||-535,997,580.19||
|activities|||||
|II. Significant investment and financing|||||
|||--||--|
|activities that without cash flows:|||||
|III ． Movement of cash and cash|||||
|||--||--|
|equivalents：|||||
|Ending balance of cash equivalents||258,018,921.01||1,446,473,740.35|
|Less: Beginning balance of cash|||||
|||647,222,590.49||943,705,322.41|
|equivalents|||||
|Net increase of cash and cash equivalents|-389,203,669.48||502,768,417.94||

（2）Net Amount of Cash Paid for Acquisition of Subsidiaries in Current Period
In RMB
|||
|-|-|
||Amount|
|Including|--|
|Including|--|
|Including|--|

Othernotes：
(3) Net Cash receive of disposal of the subsidiary
In RMB
|||
|-|-|
||Amount|
|Including|--|
|Including|--|
|Including|--|

Othernotes：
Sino Great Wall Co., Ltd. The Semi-annual Report 2018（4）Composition of cash and cash equivalents
In RMB
||||||
|-|-|-|-|-|
|Items||Balance in year-end||Balance in year-Beginning|
|I. Cash|258,018,921.01||647,222,590.49||
|Of which: Cash in stock|||||
|||5,400,461.90||1,446,473,740.35|
|Bank savings could be used at any time||252,595,053.91|||
|III. Balance of cash and cash equivalents|258,018,921.01||647,222,590.49||
|at the period end|||||

Othernotes：
77. Note of statement of changes in the owner's equity
Explain "other" project name and adjustment amount of the adjustment of closing balance in previous year, etc. 78. The assets with the ownership or use right restricted
In RMB
||||
|-|-|-|
|Items|Book value in year-end|Reason|

Othernotes：
79. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
|||||
|-|-|-|-|
||Closing foreign currency||Closing convert to RMB|
|Items||Exchange rate||
||balance||balance|
|Monetary fund|--|--||
|Including：USD|5,809,831.62|6.6166|38,441,331.90|
|Euro|11,513.17|7.6515|88,093.02|
|HKD|11,055,871.58|0.8431|9,321,205.33|
|Riyal|11,513.17|7.6515|88,093.02|
|Rupee（Sri lank）|683,729.38|1.8172|1,242,505.85|
|MOP|39,853,766.22|0.0418|1,665,801.83|
|Peso|109,000.18|0.8193|89,302.95|
|MMK|1,386,804.51|0.1238|171,623.40|
|RM|49,448,624.06|0.0047|230,572.07|
|KWD|2,498,160.73|1.6373|4,090,316.38|
|IDR|186,517.21|21.8767|4,080,376.17|
|LAK|2,870,713.86|0.0005|1,321.35|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||
|-|-|-|-|
|Ruble|14,502,000.00|0.0008|11,387.84|
|DHS|5,090,933.47|0.1054|536,486.34|
|THB|478,180.27|1.8020|861,679.23|
||1,643,613.35|0.1998|328,368.03|
|Account receivable|--|--||
|Including：USD|145,530,006.35|6.6166|962,913,840.04|
|Euro|338,667.52|7.6515|2,591,314.53|
|HKD||||
|Rupee（Sri lank）|765,226,004.27|0.0418|31,984,803.41|
|GBP|1,362,817.67|0.8193|1,116,545.24|
|KWD|61,330,313.16|21.8767|1,341,703,256.92|
|Riyal|357,701,359.03|1.8172|650,032,082.44|
|RM|64,298,948.73|1.6373|105,278,671.68|
|DZD|19,555,262.81|0.0562|1,098,185.82|
|Long –term borrowing|--|--||
|Including：USD||||
|Euro||||
|HKD||||
|Advances to suppliers|0.00||0.00|
|Including：USD|2,271,051.61|6.6166|15,026,640.08|
|Riyal|158,589.22|1.8172|288,195.94|
|RM|856,048.89|1.6373|1,401,635.51|
|Rupee (Sri Lanka)|5,075,716.69|0.0418|212,154.06|
|Ruble|28,343,100.63|0.1054|2,986,816.94|
|KWD|4,268,471.62|21.8767|93,379,961.38|
|Other receivable|0.00||0.00|
|Including：USD|2,229,411.69|6.6166|14,751,125.39|
|HKD|7,164.68|0.8431|6,040.54|
|Rupee (Sri Lanka)|40,133,778.80|0.0418|1,677,505.75|
|RM|2,100,482.03|1.6373|3,439,184.66|
|Peso|146,997.00|0.1238|18,191.55|
|DZD|0.00|0.0562|0.00|
|MMK|25,039,954.91|0.0047|116,757.83|
|THB|146,175.05|0.1998|29,203.47|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||
|-|-|-|-|
|Riyal|136,256,996.76|1.8172|247,612,756.05|
|Ruble|4,943,825.61|0.1054|520,984.00|
|DHS|3,277,277.06|1.8020|5,905,642.16|
|Euro|0.00|7.6515|0.00|
|KWD|1,460,981.66|21.8767|31,961,419.25|
|Account payable|0.00||0.00|
|Including：USD|59,110,187.50|6.6166|391,108,466.61|
|Riyal|6,064,647.10|1.8172|11,020,967.87|
|Rupee (Sri Lanka)|405,424,265.53|0.0418|16,945,863.52|
|Peso|44,130.43|0.1238|5,461.34|
|RM|28,495,338.26|1.6373|46,656,304.97|
|MMK|1,121,875.00|0.0047|5,231.15|
|Ruble|726,164.63|0.1054|76,523.77|
|THB|4,536.36|0.1998|906.29|
|KWD|1,529,180.73|21.8767|33,453,388.06|
|Advance receipts|0.00||0.00|
|Including：USD|0.00|6.6166|0.00|
|DZD|393,934,866.66|0.0562|22,122,621.93|
|Euro|0.00|7.6515|0.00|
|DHS|5,533,806.27|1.8020|9,971,900.15|
|THB|0.00|0.1998|0.00|
|Other payable|0.00||0.00|
|Including：USD|316,436.18|6.6166|2,093,731.63|
|Peso|8,447.15|0.1238|1,045.37|
|Riyal|70,300.00|1.8172|127,752.54|
|HKD|407.62|0.8431|343.66|
|KWD|865,313.29|21.8767|18,930,176.61|
|RM|1,090,569.89|1.6373|1,785,624.05|
|Rupee (Sri Lanka)|39,528,917.53|0.0418|1,652,223.85|
|Ruble|14,110.76|0.1054|1,487.00|
|DHS|1,350.00|1.8020|2,432.70|

 Othernotes：
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 (2) Explanation on foreign operational entity, as for major foreign operational entity, disclosed foreign main operation land, book-keeping currency and basis; and disclosed reasons if the book-keeping currency changed□ Applicable√Not applicable
80. Hedging
Disclose hedging items by type of hedging as well as relevant arbitrage tool, qualitative and quantitative information for arbitrage project:
81.Other
VIII. Changes of consolidation scope
1. Enterprise consolidation not under the same control
（1）Business combinations not under common control in the reporting period
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||||||||Revenue of|Net profit of|
|||||||Recognition|||
||Timing of|Costs for|Proportion of|Method of|||the acquire|the acquiree|
||||||Acquisition|basis of the|||
|Acquiree|acquisition of|acquisition of|equities|acquisition of|||from the|from the|
||||||date|acquisition|||
||equities|equities|acquired (%)|equities|||acquisition|acquisition|
|||||||date|||
||||||||date|date|

 Othernotes：
（2）Combination cost and goodwill
In RMB
||
|-|
|Combination cost|

Notes to determination method, consideration and changes of fair value of combined cost:
The main formation reason for the large goodwill:
Other notes:
(3) The identifiable assets and liabilities of acquiree at purchase date
In RMB
|||
|-|-|
|Fair value on the acquisition date|Book value on the acquisition date|

 Determination method for fair value of the identifiable assets and liabilities:
Contingent liability of the acquiree bear during combination:
Other explanation:
(4) The profit or loss from equity held by the date before acquisition in accordance with the fair value
measured again
Whether there is a transaction that through multiple transaction step by step to realize enterprises merger and
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 gaining the controlling the reporting period
□ Yes√ No
(5) Note to merger could not be determined reasonable consideration or Identifiable assets, Fair value of
liabilities of the acquiree at acquisition date or closing period of the merge
(6) Other notes:
2. Business combination under the same control
(1) Business combination under the same control during the reporting period
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||||||Income from|Net profits|||
||||||the|from the|||
|||||Recognition|||Incomeduring theperiod ofcomparison|Net profits|
||||||period-begin|reporting|||
|Combined|Proportion ofthe profits||Combination|basis of||||during the|
|||Basis|||to the|period to the|||
|party|||date|combination||||period of|
||||||combination|combination|||
|||||date||||comparison|
||||||date of the|date of the|||
||||||combination|combination|||

Othernotes：
(2) Combination cost
In RMB
||
|-|
|Combination cost|

Notes to contingent consideration or other changes:
Other notes:
(3) The book value of the assets and liabilities of the combined party at combining date
In RMB
|||
|-|-|
|Combination date|Last closing period|

Notes to contingent consideration or other changes:
Other notes:
3. Counter purchase
Basic information of trading, the basis of transactions constitute counter purchase, the retain assets , liabilities of the listed companies whether constituted a business and its basis, the determination of the combination costs, the amount and calculation of adjusted rights and interests in accordance with the equity transaction process.
4. The disposal of subsidiary
Whether there is a single disposal of the investment to subsidiary and lost control
□ Yes√ No
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Equity|Equity||Loss of|Determi|The|Proporti|The|The fair|Regainin|Determin|The|
||||Disposalof equity||||||||||
|Name|disposal|disposal||control|ning the|differenc|on of|book|value of|g gains|ation of|amount|
||price|ratio||point|basis for|e|remainin|value of|the|or losses|the fair|of other|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||||
|-|-|-|-|-|-|-|-|
|the loss|between|g stocks|the|remainin|arising|value of|compreh|
|of|the|at the|remainin|g equity|from|the|ensive|
|control|disposal|date of|g equity|at the|re-measu|remainin|income|
||price and|loss of|at the|date of|rement|g equity|related to|
||the share|control|date of|loss of|of the|at the|the|
||of the||loss of|control|remainin|date of|atomic|
||subsidiar||control||g equity|loss of|company|
||y's net||||at fair|control|'s equity|
||assets at||||value|rights|investme|
||the level|||||and its|nt|
||of the|||||main|transferr|
||consolid|||||assumpti|ed to|
||ated|||||ons|investme|
||financial||||||nt profit|
||statemen||||||and loss|
||t|||||||
||correspo|||||||
||nding to|||||||
||the|||||||
||disposal|||||||
||of the|||||||
||investme|||||||
||nt|||||||

Othernotes：
Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in reporting period
□ Yes√ No
5. Other reasons for the changes in combination scope
Notes to reasons for the changes in combination scope (Newly established subsidiary and subsidiary of liquidation) and relevant information:
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 6.Other
IX. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
||||||||
|-|-|-|-|-|-|-|
|||Registered||Share-holding ratio|||
|Subsidiary|Main operation||Business nature|||Acquired way|
|||place||Directly|Indirectly||
|Sino Great Wall|||||||
|||||||Under|
|International|||Decoration||||
||Beijing|Beijing||100.00%||non-common|
|Engineering|||industry||||
|||||||control|
|Co., Ltd.|||||||
|Sino Great Wall|||Investment||||
|||||||Establishment|
|Infrastructure|||management,||||
||Beijing|Beijing||100.00%|||
|Investment Co.,|||import and||||
|Ltd.|||export||||
|Sino Great Wall|||||||
|Medical||||||Establishment|
||||Medical||||
|Investment|Beijing|Beijing||100.00%|||
||||investment||||
|Management|||||||
|Co., Ltd.|||||||
|Wuhan|||||||
|||||||Under|
|Commercial|||Sanitary &||||
||Wuhan|Wuhan||100.00%||non-common|
|Workers|||medical service||||
|||||||control|
|Hospital LLC|||||||
||||Medical||||
||||technology||||
|Sino Great Wall|||development,||||
|Guangxia|||pharmaceutical||||
|||||||Establishment|
|(Wuhan)|||sales, medical||||
||Wuhan|Wuhan||60.00%|||
|Medical|||device||||
|Development|||wholesale,||||
|Co., Ltd.|||medical and||||
||||pension||||
||||investment||||
|Changzhi|||Urban||||
|Shenzhou|||infrastructure|||Establishment|
|Laodingshan|Changzhi|Changzhi|construction|100.00%|||
|Industrial Co.,|||and||||
|Ltd.|||development,||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
||||construction|||
||||engineering|||
||||design, R&D,|||
||||construction|||
||||equipment|||
||||leasing,|||
||||construction|||
|Xiangfen||||||
||||Urban|||
|County|||||Establishment|
||||infrastructure|||
|Taoshan|Xiangfen|Xiangfen||100.00%||
||||construction,|||
|Construction||||||
||||trade|||
|Co., Ltd.||||||
||||Infrastructure|||
|Sino Great Wall|||investment,|||
|(Xihua)|||road and bridge|||
|Economic|||construction,||Establishment|
|Development|Xihua|Xihua|water|100.00%||
|Zone|||conservancy|||
|Investment Co.,|||construction,|||
|Ltd.|||general airport|||
||||construction|||
||||Hospital|||
||||management|||
||||service,|||
|Liupanshui||||||
||||pension|||
|Central||||||
||||rehabilitation||Establishment|
|People‘s||||||
||Liupanshui|Liupanshui|service,|75.00%||
|Hospital||||||
||||investment,|||
|Investment Co.,||||||
||||trade, aged|||
|Ltd.||||||
||||articles|||
||||wholesale and|||
||||retail|||
|Sino Zhigu||||||
||||||Establishment|
|Industrial|||Building|||
||Yueyang|Yueyang||78.30%||
|(Yueyang) Co.,|||construction|||
|Ltd.||||||
||||Construction,|||
|Sino Great Wall|||||Establishment|
||||design, trade,|||
|Group|Hongkong|Hongkong||100.00%||
||||investment|||
|Co.,Limited||||||
||||consulting|||
|Sino Great Wall|||Design and||Establishment|
||Beijing|Beijing||100.00%||
|Decoration and|||consulting|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||||
|-|-|-|-|-|-|-|
|Design Co.,|||||||
|Ltd.|||||||
|Sino Great Wall|||||||
|International||||||Establishment|
||||Design and||||
|Engineering|Macao|Macao||96.00%|4.00%||
||||construction||||
|(Macao) Co.,|||||||
|Ltd.|||||||
|Suzhou Lvbang|||||||
|||||||Establishment|
|Wood Industry|||Production and||||
||Suzhou|Suzhou||100.00%|||
|Technology|||sales||||
|Co., Ltd.|||||||
|Guangzhou|||||||
|||||||Establishment|
|Herabenna|||||||
||Guangzhou|Guangzhou|Design|100.00%|||
|Interior Design|||||||
|Co., Ltd.|||||||
|Shenzhen|||Investment,||||
|||||||Establishment|
|Hongtulve|||R&D and sales,||||
||Shenzhen|Shenzhen||100.00%|||
|Industrial Co.,|||trade, import||||
|Ltd.|||and export||||
||||Mechanical and||||
||||electrical||||
|Inrich Me|||engineering,|||Establishment|
|Engineering|Hongkong|Hongkong|scientific|100.00%|||
|Co., Ltd.|||research, trade,||||
||||investment||||
||||consulting||||
|Sino Great Wall|||||||
|||||||Establishment|
|Real Estate|||Real estate||||
||Wuhan|Wuhan||80.00%|||
|(Hubei) Co.,|||development||||
|Ltd.|||||||
|Sino Great Wall|||||||
||||Renewable|||Establishment|
|New Energy|||||||
||Beijing|Beijing|energy|100.00%|||
|(Beijing) Co.,|||||||
||||technology||||
|Ltd.|||||||
|Shanghai|||Trade||||
|Lingrui||||||Establishment|
|International|Shanghai|Shanghai||100.00%|||
|Trading Co.,|||||||
|Ltd.|||||||
|Sino Great Wall|||||||
||||Building|||under|
|Construction|Chengdu|Chengdu||60.00%|||
||||construction|||non-common|
|Engineering|||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|Co., Ltd.|||||control|
|Sino Great Wall||||||
||||||under|
|Southwest|||Building|||
||Chengdu|Chengdu||100.00%|non-common|
|Engineering|||construction|||
||||||control|
|Co., Ltd.||||||
|Huichang||||||
||||Medical|||
|County||||||
||||industry||under|
|Zhongcheng||||||
||Huichang|Huichang|construction,|100.00%|non-common|
|Construction||||||
||||import and||control|
|Engineering||||||
||||export|||
|Co., Ltd.||||||
|Great Wall||||||
||||Energy trade,||Establishment|
|Biaodian||||||
||Beijing|Beijing|R&D, import|51.00%||
|Energy Co.,||||||
||||and export|||
|Ltd.||||||
||||Real estate|||
|Sino Great Wall|||development,|||
|Zhihui Housing|||interior||Establishment|
|Property|Zhanjiang|Zhangjiang|decoration|100.00%||
|(Zhanjiang)|||works for|||
|Co., Ltd.|||buildings|||
||||and houses|||
|SINO GREAT||||||
|WALL||||||
|INTERNETIO|||||Establishment|
||||Design and|||
|NAL|Saipan|Saipan||100.00%||
||||construction|||
|ENGINEERIN||||||
|G(CNMI)CO.,||||||
|LLC||||||
|SINO?GREAT||||||
|?WALL?GENE||||||
||||||under|
|RAL?TRADIN|||Building|||
||Kuwait|Kuwait||49.00%|non-common|
|G?&?CONTR|||construction|||
||||||control|
|ACTING?CO.L||||||
|TD||||||
|Sino Great Wall||||||
||||||Establishment|
|International|||Design and|||
||Burma|Burma||80.00%||
|Engineering( M|||construction|||
|M ) Co.,Ltd||||||
|PT.SINO|||||Establishment|
||||Building|||
|GREAT WALL|Indonesia|Indonesia||67.00%||
||||construction|||
|CONSTRUCTI||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|ON||||||
|INDONESIA||||||
|Shenzhou|||||Establishment|
||||Building|||
|Changcheng|Laos|Laos||100.00%||
||||construction|||
|（Lao）Co.,Ltd||||||
||||Engaged in|||
||||domestic and|||
||||international|||
||||construction|||
||||contracting,|||
||||interior and|||
||||exterior|||
||||decoration of|||
||||buildings,|||
||||accepting bids|||
||||to obtain|||
||||bidding civil|||
||||engineering|||
|Sino Great|||projects of|||
|WallInternation|||government||Establishment|
|alEngineering(|Thailand|Thailand|agencies (cities,|49.00%||
|Thailand)|||organs, etc.),|||
|Co.,Ltd.|||individuals and|||
||||legal entities;|||
||||engaged in|||
||||leasing, sales,|||
||||export,|||
||||purchase of|||
||||various|||
||||construction|||
||||materials and|||
||||construction|||
||||equipment, and|||
||||real estate|||
||||development,|||
||||etc.|||
|Sino Great Wall||||||
||||||Establishment|
|International|||Design and|||
||Maldives|Maldives||100.00%||
|Engineering|||construction|||
|Co.,Ltd||||||
|PT.SINO|||||Establishment|
||||Real estate or|||
|GREAT WALL|Indonesia|Indonesia||99.90%||
||||leasing|||
|INVESTMENT||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||||
|-|-|-|-|-|-|-|
|INDONESIA|||||||
|||||||Establishment|
|SGW America|||Construction,||||
||USA|USA||99.00%|1.00%||
|LLC|||design||||
|Sino Great Wall||||||Establishment|
||||Design and||||
|Group （UK）|Britain|Britain||98.00%|||
||||construction||||
|Co.,Limited|||||||
||||Development,||||
|Kunming Sino|||construction,||||
|||||||Establishment|
|Forest Industry|||||||
||Kunming|Kunming||51.00%|||
|Development|||operation and||||
|Co., Ltd.|||||||
||||management of||||
||||industrial parks||||
|SINO GREAT||||||Establishment|
||||Legal business||||
|WALL|USA|USA||100.00%|||
||||practices||||
|（USA）.INC|||||||
|Sino Great Wall|||||||
|||||||Establishment|
|Development|||Design and||||
||Zhuhai|Hengqin||85.00%|||
|(Hengqin) Co.,|||construction||||
|Ltd.|||||||
||||Investment in||||
|Fujian Sino|||medical and||||
|Great Wall|||pension||||
|||||||Establishment|
|Mingyihui|||industry;||||
||Fuzhou|Fuzhou||87.50%|||
|Medical|||hospital||||
|Investment Co.,|||management;||||
|Ltd.|||medical device||||
||||sales||||
||||Investment in||||
||||medical||||
||||industry||||
|Sino Great Wall|||projects;||||
|Medical|||self-operation|||Establishment|
|Investment|Wuhan|Wuhan|and agency of|100.00%|||
|(Hubei) Co.,|||the import and||||
|Ltd.|||export business||||
||||of various||||
||||goods and||||
||||technology||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|Sino Great Wall||||||
||||Pharmaceutical|||
|Medical||||||
||||development,||Establishment|
|Management||||||
||Hohehot|Hohehot|pharmaceutical|62.00%||
|(Inner||||||
||||sales, medical|||
|Mongolia) Co.,||||||
||||device sales|||
|Ltd.||||||
||||Health|||
|Sino Great Wall||||||
||||consulting,|||
|Health|||||Establishment|
||||fitness, pension|||
|Management|Jingjiang|Jingjiang||51.00%||
||||service and|||
|(Jiangsu) Co.,||||||
||||medical device|||
|Ltd.||||||
||||sales|||
||||Pharmaceutical|||
||||wholesale,|||
|Hubei||||||
||||self-operation||Establishment|
|Yuanyaotong||||||
||Wuhan|\Wuhan|and agency of|51.00%||
|Supply Chain||||||
||||the import and|||
|Co., Ltd.||||||
||||export of goods|||
||||and technology|||
|Wu‘an Juhe|||||Establishment|
||||Solar|||
|Photovoltaic|Wuan|Wuan||100.00%||
||||photovoltaic|||
|Power Co., Ltd.||||||
||||Computer|||
||||technology|||
||||service,|||
|Sino Great Wall||||||
|Southwest|||software and||Establishment|
|Science and|Chengdu|Chengdu||100.00%||
|Technology|||hardware|||
|Co., Ltd.||||||
||||R&D sales,|||
||||equipment|||
||||installation|||
|Sino Great Wall||||||
|Southwest|||||Establishment|
||||Wholesale and|||
|Commercial|Chengdu|Chengdu||100.00%||
||||sales|||
|and Trading||||||
|Co., Ltd.||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|Sino Great Wall|||Construction|||
|Southwest|||engineering||Establishment|
|Engineering|Chengdu|Chengdu|design,|100.00%||
|Consultation|||consulting,|||
|Co., Ltd.|||survey|||
||||Building|||
|Far eastern||||||
||||construction,||under|
|international||||||
||Russia|Russia|commerce and|95.00%|non-common|
|engineering||||||
||||trade, transport,||control|
|company,LLC||||||
||||leasing|||
|Sino Great|||Building|||
||||||Establishment|
|Wall(Philippine|||construction,|||
||Philippines|Philippines||100.00%||
|s) International|||import and|||
|Corporation|||export trade|||
||||Real estate|||
||||development|||
||||and|||
||||management,|||
||||land|||
|Sino Great Wall|||||Establishment|
||||investment,|||
|(HK) Property|Hongkong|Hongkong||100.00%||
||||property|||
|Co., Limited||||||
||||management,|||
||||investment and|||
||||business|||
||||consulting,|||
||||trade|||
||||Building|||
||||construction,|||
||||engineering|||
|SGW||||||
||||design,||Establishment|
|HPEngineering||||||
||Malaysia|Malaysia|installation|100.00%||
|ConstructionS||||||
||||project,|||
|DN.BHD||||||
||||mechanical and|||
||||electrical|||
||||installation, etc.|||
||||Purchased, or|||
||||otherwise|||
|SGW|||obtained,||Establishment|
|VENTURES|Malaysia|Malaysia|attributes,|100.00%||
|SDN.BHD.|||stocks, bonds,|||
||||reinvested|||
||||earnings, etc.|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
||||Building|||
||||construction,|||
|SGW|||engineering|||
|CONSTRUCTI|||design,||Establishment|
|ON|Malaysia|Malaysia|installation|100.00%||
|(LANGKAWI)|||project,|||
|SDN.BHD.|||mechanical and|||
||||electrical|||
||||installation, etc.|||
||||Real estate|||
||||development and|||
|Alor Vista|||||under|
||||management,|||
|Development|Malaysia|Malaysia||51.00%|non-common|
||||land investment,|||
|Sdn Bhd|||||control|
||||building and|||
||||construction, etc.|||
|SINO GREAT||||||
|WALL||||||
||||||under|
|GENERAL|||Building|||
||Kuwait|Kuwait||100.00%|non-common|
|TRADING &|||construction|||
||||||control|
|CONTRACTI||||||
|NG CO.,LTD||||||
|Acura Kliniken|||Hospital||under|
|Baden-Baden|Germany|Germany|management|100.00%|non-common|
|GmbH|||service||control|
||||Hardware and|||
||||electrical|||
||||equipment,|||
|Wuhan Huaye|||decoration and||under|
|Pharmaceutical|Wuhan|Wuhan|building|51.00%|non-common|
|co., Ltd.|||materials,||control|
||||fitness|||
||||equipment|||
||||wholesale|||
|Sino Wai Man|||Engineering,|||
|International|||design, trade,|||
||Macao|Macao||60.00%|Establishment|
|Engineering|||investment,|||
|Limited|||consulting|||

Explanation on share-holding ratio in subsidiary different from ratio of votingright：
Basis for controlling the invested entity with half or below voting rights held and without controlling invested entity but with over half and over votingrights：
Controlling basis for the structuring entity included in consolidatedrange：
Basis on determinning to be a agent orconsignor：
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Othernotes：
（2）Significant not wholly-owned subsidiaries
Holding proportion of minority shareholder in subsidiary different from voting proportion:
Other notes:
(3) The main financial information of significant not wholly owned subsidiary
Other notes:
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
(5) Provide financial support or other support for structure entities incorporate into the scope of
Other notes
2. The transaction of the Company with itsowner’s equity share changed but still controlling the subsidiary (1) Note toowner’s equity share changed in subsidiary
(2) Thetransaction’s influence to equity of minority shareholders and attributable to the owner's equity of the parent company
In RMB
 Other notes
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
||||||||
|-|-|-|-|-|-|-|
|||||Proportion||Accounting|
|||||||treatment of the|
||Main operating|||||investment of|
|Name||Registration place|Business nature||||
||place|||Directly|Indirectly|joint venture or|
|||||||associated|
|||||||enterprise|

 Notes to holding proportion of joint venture or associated enterprise different from voting proportion:
Basis of holding less than20% of the voting rights but has a significant impact or holding20% or more voting rights but does not have a significant impact:
（2）Main financial information of Significant joint venture
In RMB
|||
|-|-|
|Amount of current period|Amount of previous period|

 Other notes
(3) Main financial information of significant associated enterprise
In RMB
|||
|-|-|
|Amount of current period|Amount of previous period|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
 Other notes
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
||||
|-|-|-|
||Amount of current period|Amount of previous period|
|Joint venture:|--|--|
|The total number of the following|--|--|
|Associated enterprise：|--|--|
|The total number of the following|--|--|

Other notes
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds
to the Company
(6) The excess loss of joint venture or associated enterprise
In RMB
|||||
|-|-|-|-|
||The cumulative recognized|The derecognized losses or the|The no cumulative|
|Name|losses in previous|share of net profit in reporting|unrecognized losses in reporting|
||accumulatively derecognized|period|period|

Other notes
(7) The unrecognized commitment related to joint venture investment
(8) Contingent liabilities related to joint venture or associated enterprise investment
4. Significant common operation
|||||||
|-|-|-|-|-|-|
||Main operating place|||Proportion/share portion||
|Name||Registration place|Business nature|||
||Registration place|||Directly|Indirectly|

 Note to holding proportion or share portion in common operation different from voting proportion:
Basis of common operation as a single entity, classify as common operation
Other notes
5. Equity of structure entity not including in the scope of consolidated financial statements
Related notes to structure entity not including in the scope of consolidated financial statements
6.Other
X. The risk related financial instruments
XI. The disclosure of the fair value
1. Closing fair value of assets and liabilities calculated by fair value
In RMB
||||||
|-|-|-|-|-|
||Closing fair value||||
||Fir value|Fiar value|Fiar value||
|Items|||||
||measurement items at|measurement items at|measurement items at|Total|
||level 1|level 2|level 3||
|II. Consistent fair value|--|--|--|--|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||
|-|-|-|-|-|
|II. Inconsistent fair|||||
||--|--|--|--|
|value measurement|||||

2. Market price recognition basis for consistent and inconsistent fair value measurement items at level 1
3. Valuation technique adopted and nature and amount determination of important parameters for
consistent and inconsistent fair value measurement items at level 2
4. Valuation technique adopted and nature and amount determination of important parameters for
consistent and inconsistent fair value measurement items at level 3
5. Sensitiveness analysis on unobservable parameters and adjustment information between opening and
closing book value of consistent fair value measurement items at level 3
6. Explain the reason for conversion and the policy governing when the conversion happens if conversion happens among consistent fair value measurement items at different levels
7. Changes in the valuation technique in the current period and the reason for change
8. Fair value of financial assets and liabilities not measured at fair value
9.Other
XII. Related party and related party transactions
1.Parent company information of the enterprise
|||||||
|-|-|-|-|-|-|
|||||The parent company|The parent company|
|Name|Registered address|Nature|Registered capital|of the Company's|of the Company’s|
|||||shareholding ratio|vote ratio|

 Notes
The finial control of the company was:
Othernotes：
2. Subsidiaries of the Company
Situation of the enterprise subsidiaries refer to the Notes.
3. Information on the joint ventures and associated enterprises of the Company
The details of significant joint venture and associated enterprise of the Company
Information on other joint venture and associated enterprise of occurring related party transactions with the Company in reporting period, or form balance due to related party transactions in previous period:
|||
|-|-|
|Name|Relationship|

Other notes
4.Other Related parties information of the enterprise
|||
|-|-|
|Other Related parties name|Relation of other Related parties with the company|
||The shareholders of the company and the brother-in-law of the|
|HE SEN||
||actual controller|
||The shareholders of the company and the spouse of the actual|
|HE FEIYAN||
||controller|
|LI ERLONG|Directors, supervisors and senior management of the company|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||
|-|-|
|Qinghai integrated trading co. LTD|The company's director wang lei control of the enterprise|
|Qinghai integrated mining co. LTD|The company's director wang lei control of the enterprise|
|Kunwu jiuding investment management co. LTD and its related|More than 5% of the company's shareholders and subject to the|
|parties|same control enterprise|
||The directors of the company shall be the wholly-owned|
|Beijing polaroid technology co. LTD||
||subsidiary of the company|

Other notes
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Acquisition of goods and reception of labor service
In RMB
|||||||
|-|-|-|-|-|-|
|||Amount of current|Amount of previous|||
||Content of related|||Over the trading limit||
|Related parties|||||Amount of last period|
||transaction|period|period|or not?||

Related transactions on sale goods and receiving services
In RMB
|||||
|-|-|-|-|
|Related parties|Content of related transaction|Amount of current period|Amount of previous period|

 Notes
（2）Related trusteeship or contracting
Related trusteeship or contracting in which the Company is the undertake
In RMB
||||||||
|-|-|-|-|-|-|-|
|||||||Gains from the|
|Name of the|Name of the|Asset situation of|||||
||||Start date|Terminating date|Pricing basis|deal in report|
|employer|undertaker|the undertaker|||||
|||||||period|

Notes
(3) Information of related lease
The company was lessor:
In RMB
|||||
|-|-|-|-|
|||The lease income confirmed in|The lease income confirmed in|
|Name of lessee|Category of leased assets|||
|||this year|last year|

The Company waslessee：
In RMB
|||||
|-|-|-|-|
|||The lease income confirmed in||
|Lessor|Category of leased assets||Category of leased assets|
|||this year||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018 Notes
（4）Related guarantee condition
The Company as a guarantor
In RMB
||||||
|-|-|-|-|-|
|Guarantor|Amount|Starting date|Stop date|If completed or not|

 The Company was secured party
In RMB
||||||
|-|-|-|-|-|
|Guarantor|Guarantee Amount|Starting date|Stop date|If completed or not|

 Notes
(5) Inter-bank lending of capital of relatedparties：
In RMB
||||||
|-|-|-|-|-|
||Amount borrowed and||||
|Related party||Initial date|Due date|Notes|
||loaned||||
|Borrowed|||||
|Loaned|||||

(6) Related party asset transfer and debt restructuring
In RMB
|||||
|-|-|-|-|
|||Amount of current period|Amount of previous period|
|Related party|Amount borrowed and loaned|||

 (7) Rewards for the key management personnel
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|

（8）Other related party transactions
6.Payables and receivables of the related party
（1）Receivable
In RMB
|||||||
|-|-|-|-|-|-|
|||Amount at year end||Amount at year beginning||
|Name|Related party|||||
|||Balance of Book|Bad debt Provision|Balance of Book|Bad debt Provision|
||Kunwu jiudinginvestmentmanagement co.|||||
|||427,613.49|21,380.67|1,227,613.49|61,380.67|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||||
|-|-|-|-|-|
|LTD and its relatedparties|||||
|Beijing polaroidtechnology co. LTD|||||
||160,000.00|16,000.00|160,000.00|16,000.00|
|Shanghai onenesssupply chainmanagement co.LTD|||||
||2,469,164.81|123,458.24|2,469,164.81|123,458.24|

（2）Payables
In RMB
|||||
|-|-|-|-|
|Name|Related party|Book balance at year end|Book balance at year beginning|
|Accounts payable|Qinghai integrated trading co.||3,190,000.00|
||LTD|||

7. Related party commitment
8.Other
XIII. Stock payment
1. The Stock payment overall situation
□ Applicable√ Not applicable
2. The Stock payment settled by equity
□ Applicable√ Not applicable
3. The Stock payment settled by cash
□ Applicable√ Not applicable
4. Modification and termination of the stock payment
5.Other
XIV. Commitments
1.Importance commitment events
Important commitments of existence of balance sheet date
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 2. Contingency
(1) Significant contingency at balance sheet date
(2) The Company have no significant contingency to disclose, also should be stated
There was no significant contingency in the Company.
3.Other
XV. Events after balance sheet date
1. Significant events had not adjusted
In RMB
|||||
|-|-|-|-|
|||Influence number to the||
||||Reason of unable to estimate|
|Items|Content|financial position and operating||
||||influence number|
|||results||

2. Profit distribution
3. Sales return
4.Notes of other significant events
XVI. Other significant events
1.The accounting errors correction in previous period
（1）Retrospective restatement
In RMB
|||||
|-|-|-|-|
|||Name of the influenced report||
|Content|Processing program|items during comparison|Cumulative impact|
|||period||
|Nil||||

（2）Prospective application
||||
|-|-|-|
|||Reason of adopting prospective|
|Content|Processing program||
|||application|
|Nil|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018 2. Debt restructuring
Nil
3. Replacement of assets
（1）Non-monetary assets exchange
Nil
（2）Other assets replacement
Nil
4. Pension plan
Nil
5.Discontinuing operation
In RMB
||||||||
|-|-|-|-|-|-|-|
|||||||Termination of|
|||||||the business|
|||||||profits|
|Items|Income|Expense|Total profits|Income tax|Net profit|attributable of|
|||||||the parent|
|||||||company|
|||||||owner|
|Nil|||||||

Other notes
Nil
6. Segment information
(1) Recognition basis and accounting policies of reportable segment
Accounting Policies of Report Segment:
There is no related business among the domestic construction and decoration section, the overseas construction and decoration section and the medical section, thus there is no price transfer among the various divisions. The medical section business is implemented by the company and the independent subsidiary company. The account sets of the overseas construction and decoration section business are set up according to the construction areas of the projects under construction for accounting. There are 8 major account sets respectively for Qatar, Kuwait, Cambodia, Sri Lanka, Malaysia, Burma, Maldives and Saipan for accounting. There is no situation in
which the costs indirectly attributing to the various divisions need to be shared. The business data of the overseas
construction and decoration section is also composed of the financial data of the above 8 major project account
sets.
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 (2) The financial information of reportable segment
In RMB
||||
|-|-|-|
|Items|Offset during segments|Total|

(3) There was no reportable segment, or the total amount of assets and liabilities of each part of reportable segment, shall disclose the reason.
Nil
（4）Other notes
Nil
7. Other important transactions and events have an impact oninvestors’ decision-making
Nil
8.Other
Nil
XVII. Notes s of main items in financial reports of parent company
1.Account receivable
（1）Classification account receivables.
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Amount in year-end|||||Amount in year-beginning|||||
||||Bad debt||||||||
||Book Balance|||||Book Balance||Bad debt provision|||
|Category|||provision||Book|||||Book|
||Amoun|Proport|Amoun|Proport|value|Amo|Proport|Amount|Proportio|value|
||t|ion(%)|t|ion(%)||unt|ion(%)||n(%)||
|Accounts|||||||||||
|Receivable with|||||||||||
|Significant Single|||||||||||
|Amount and|||||||||||
||0.00|0.00%|0.00||0.00|0.00||0.00||0.00|
|Having Bad Debt|||||||||||
|Reserve|||||||||||
|Withdrawn|||||||||||
|Independently|||||||||||
|Accounts|||||||||||
|receivable with bad|||||||||||
||0.00|0.00%|0.00|||0.00||0.00|||
|debt reserve|||||||||||
|withdrawn as per|||||||||||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|the portfolio of||||||
|credit risk||||||
|characteristics||||||
|Accounts||||||
|receivable with||||||
|insignificant single||||||
|amount, but having|0.00|0.00%|0.00|0.00|0.00|
|bad debt reserve||||||
|withdrawn||||||
|separately||||||
|Total|0.00|0.00%|0.00|||

Receivable accounts with large amount individually and bad debt provisions were provided.
□ Applicable√ Not applicable
Account receivable on which bad debt provisions are provided on age basis in the group
√ Applicable□Not applicable
In RMB
|||||
|-|-|-|-|
||Amount in year-end|||
|Aging||||
||Account revisable|Provision for bad debts|Proportion%|
|Within item 1 year||||

Notes：
Receivable accounts on which had debt provisions are provided on percentage analyze basis in a portfolio□Applicable√Not applicable
Receivable accounts on which had debt provisions are provided by other ways in the portfolio
(2) Accounts receivable withdraw, reversed or collected during the Reporting Period
The withdrawal amount of the bad debt provision during the Reporting Period was of RMB9,315,221.66; the amount of the reversed or collected part during the Reporting Period was of RMB0.00.
Significant amount of reversed or recovered bad debtprovision：
In RMB
||||
|-|-|-|
|Name|Amount|Method|

（3）The current accounts receivable written-offs situation
In RMB
|||
|-|-|
|Items|Amount|

Of which: significant actual written-offssituation：
In RMB
|||||||
|-|-|-|-|-|-|
|Name|Nature|Amount|Reason|Procedure|Whether occurred|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||
|-|
|because of related|
|party transaction|

Notes：
(4) Top five of account receivable of closing balance collected by arrears party
Nil
(5) Derecogniziton of account receivable due to the transfer of financial assets
Nil
(6) The amount of the assets and liabilities formed by the transfer and the continues involvement of account receivable.
Nil
Othernotes：
Notes
2.Other receivable
（1）.Category of Other receivable
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in year-end||||||Amount in year-beginning||||||
||||Bad debt||||||||||
||Book Balance||||||Book Balance||Bad debt provision||||
|Category|||provision|||Book||||||Book|
||Amount|Proport|Amoun|Proport||value|Amo|Proport|Amount|Proportio||value|
|||ion(%)|t|ion(%)|||unt|ion(%)||n(%)|||
|Other account|||||||||||||
||||||||3,599||||||
|receivables|2,907,761,802.07|||||2,891,1|||||||
|||100.00|16,653,||||,182,|100.00|8,215,2|||3,590,96|
|provided bad debt||||0.57%||08,093.||||0.23%|||
|||%|708.99||||692.3|%|09.12|||7,483.22|
|provision in credit||||||08|||||||
||||||||4||||||
|risk groups|||||||||||||
||||||2,891,108,093.08||3,599||||3,590,967,483.22||
||2,907,761,802.07||||||||||||
|||100.00|16,653,||||,182,|100.00|8,215,2||||
|Total||||0.57%||||||0.23%|||
|||%|708.99||||692.3|%|09.12||||
||||||||4||||||

Other Receivable accounts on which bad debt provisions are provided by other ways in theportfolio：
□Applicable√Not applicable
Other receivable of combinational withdrawing bad debt provision by aging analysis method
√Applicable□ Not applicable
In RMB
Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||
|-|-|-|-|
||Amount in year-end|||
|Aging||||
||Other receivable|Provision for bad debts|Proportion(%)|
|Within Item 1 year||||
||192,368,959.97|9,618,448.00|5.00%|
|Subtotal within 1 year|192,368,959.97|9,618,448.00|5.00%|
|1-2 years|70,352,609.93|7,035,260.99|10.00%|
|Total|2,907,761,802.07|16,653,708.99|0.57%|

Notes：
Other receivable account in Group on which bad debt provisions were provided on percentagebasis：
□Applicable√Not applicable
Other Receivable accounts on which bad debt provisions are provided by other ways in theportfolio：
□Applicable√Not applicable
（2）Bad debt provision accrual collected or switch back
Bad debt provision accrual wasRMB9,315,221.66， the account collected or switches back amounting to RMB876,721.79.
Significant amount of reversed or recovered bad debtprovision：
In RMB
||||
|-|-|-|
|Name|Back or withdraw money|Method|

（3）The current accounts receivable written-offs situation
Of which: significant actual written-offssituation：
In RMB
|||||||
|-|-|-|-|-|-|
||||||Whether occurred|
|Name|Nature|Amount|Reason|Procedure|because of related|
||||||party transaction|

Notes：
（4）Other account receivable classified by account nature
In RMB
||||
|-|-|-|
|Nature|Closing book value|Opening book value|
|Bid bond, performance bond and deposit|113,189,709.93|92,152,609.93|
|Petty cash|919,442.48|142,590.46|
|Current account|2,793,652,649.66|3,506,887,491.95|
|Other|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
||||
|-|-|-|
|Total|2,907,761,802.07|3,599,182,692.34|

 (5) The top five other account receivable classified by debtor at period end
In RMB
|||||||
|-|-|-|-|-|-|
||||||Closing balance of|
|Name|Nature|Closing balance|Aging|Proportion %||
||||||bad debt provision|
|Sino Great Wall|Related party|||||
|International|dealing|2,495,544,546.06|Within 1 year|85.82%||
|Engineering Co.,||||||
|Ltd.,||||||
|Wuhan Commercial|Related party|||||
|Workers Hospital|dealing|99,000,000.00|1-2 years|3.40%||
|LLC||||||
|Fuping hi tech||||||
|Industrial||||||
|Development Zone|Deposit|50,000,000.00|1-2 years|1.72%|5,000,000.00|
|Management||||||
|Committee||||||
|Sino Great wall||||||
||Related party|||||
|Medical Investment||||||
||dealing|40,445,288.62|Within 1 year|1.39%||
|Management Co.,||||||
|Ltd.||||||
|Yanjin County Sino||||||
||Related party|||||
|Great Wall||||||
||dealing|40,200,000.00|Within 1 year|1.38%|2,010,000.00|
|Construction Co.,||||||
|Ltd.||||||
|Total|--|2,725,189,834.68|--||7,010,000.00|

 (6) Accounts receivable involved with government subsidies
In RMB
||||||
|-|-|-|-|-|
|||||Estimated received time,|
|Name of units|Project of government|Closing balance|Closing age||
|||||amount and basis|
|Nil|||||

(7) Other account receivable which terminate the recognition owning to the transfer of the financial assets Nil
(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other
accounts receivable
Nil
Sino Great Wall Co., Ltd. The Semi-annual Report 2018 OtherNotes：
Nil
3.Long-term equity investment
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||Year-end balance||||Year-beginning balance||||
|Items||Bad debtprovision||||Bad debtprovision|||
||Book balance|||Book value|Book balance|||Book value|
|Investment to|||||||||
||3,311,211,536.66|||3,311,211,536.|3,311,211,536.66|||3,311,211,536.|
|the||0.00||||0.00|||
|||||66||||66|
|subsidiary|||||||||
||3,311,211,536.66||3,311,211,536.66||3,311,211,536.66||3,311,211,536.66||
|Total|||||||||

（1）Investment to the subsidiary
In RMB
||||||||
|-|-|-|-|-|-|-|
||||||Withdrawnimpairmentprovision in thereporting period||
|||||||Closing balance|
||Openingbalance|||Closingbalance|||
|Name||Increase|Decrease|||of impairment|
|||||||provision|
|Sino Great Wall|||||||
||3,079,451,536.66|||3,079,451,536.66|||
|International|||||||
|Engineering Co.,|||||||
|Ltd.,|||||||
|Wuhan|||||||
|Commercial|||||||
||97,000,000.00|||97,000,000.00|||
|Workers Hospital|||||||
|LLC|||||||
|Changzhi|||||||
|Shenzhou|||||||
|Laodingshan|10,000,000.00|||10,000,000.00|||
|Industrial Co.,|||||||
|Ltd.|||||||
|Xiangfen|||||||
|County Taoshan|||||||
||10,000,000.00|||10,000,000.00|||
|Construction|||||||
|Co., Ltd.|||||||
|Sino Great Wall|5,000,000.00|||5,000,000.00|||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||||
|-|-|-|-|-|-|
|Medical||||||
|Investment||||||
|Management||||||
|Co., Ltd.||||||
|Sino Zhigu||||||
|Industrial||109,760,000.0||109,760,000.0||
|(Yueyang) Co.,||0||0||
|Ltd.||||||
||3,311,211,536.66||3,311,211,536.66||0.00|
|Total||||||

（2）Investment to joint ventures and associated enterprises
In RMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||Increase /decrease in reporting period|||||||||Closing|
||||||Adjust|Otherequitychanges|Declara|Withdr|||balance|
||Openin||Decreas|Gain/lo|ment of||tion of|awn|||of|
|||Add||||||||Closing||
|Name|g||ed|ss of|other||cash|impair|||impair|
|||investm|||||||Other|balance||
||balance||investm|Investm|compre||dividen|ment|||ment|
|||ent||||||||||
||||ent|ent|hensive||ds or|provisi|||provisi|
||||||income||profit|on|||on|
|I. Joint ventures||||||||||||
|II. Associated enterprises||||||||||||

（3）Other notes
Nil
4.Business income and Business cost
In RMB
||||||
|-|-|-|-|-|
||Amount of current period||Amount of previous period||
|Items|||||
||Business income|Business cost|Business income|Business cost|
|Main operations|117,362.07|108,742,520.47|0.00|111,018.01|
|Total|117,362.07|108,742,520.47|0.00|111,018.01|

Sino Great Wall Co., Ltd. The Semi-annual Report 2018 5.Investment income
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|

 6.Other
XVIII. Supplementary Information
1.Current non-recurring gains/losses
√ Applicable□Not applicable
In RMB
||||
|-|-|-|
|Items|Amount|Notes|
|Gain or loss on disposal of non-current|||
||-570,793.76||
|assets|||
|Entitled income generated from fair value|||
|of net identifiable assets of invested|||
|company when the investment cost|||
|obtained by the enterprise from|70,486,755.72||
|subsidiaries, affiliated enterprises and joint|||
|ventures is less than the obtained|||
|investment.|||
|Other non-operating income and|||
||108,668,232.63||
|expenditure except for the above items|||
|Less: Influenced amount of income tax|1,078,053.52||
|Total|177,506,141.07|--|

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.
□ Applicable√ Not applicable
2 Return on net assets and earnings per share
|||||||
|-|-|-|-|-|-|
||||Earnings per share|||
||||Basic earnings per||Diluted gains per share|
|Profit of the report period|Return on net assets . Weighted（%）|||||
||||share|||
|Net profit attributable to the|6.61%|0.0848||0.0848||

Sino Great Wall Co., Ltd. The Semi-annual Report 2018
|||||
|-|-|-|-|
|Common stock shareholders of||||
|Company.||||
|Net profit attributable to the||||
|Common stock shareholders of||||
||-1.47%|-0.0147|-0.0147|
|Company after deducting of||||
|non-recurring gain/loss.||||

3. Differences between accounting data under domestic and overseas accounting standards
(1) Differences of net profit and net assets disclosed in financial reports prepared under international and Chinese accounting standards
□ Applicable√Not applicable
(2) Differences between the net profit and net asset in the financial reports prepared under IAS and Chinese Accounting Standard
□ Applicable√Not applicable
(3) Explain reasons for the differences between accounting data under domestic and overseas accounting standards, for audit data adjusting differences had been foreign audited, should indicate the name of the foreign institutions
4.Other
XI. Documents available for inspection
1. Text of financial statement with signature and seals of legal person, person in charge of accounting works and person in charge of accounting institution.
2. Original and official copies of all documents which have been disclosed on Securities Times and Hong Kong Commercial Daily in the report period.
English translation for reference Only Should there be any discrepancy between the two versions, the Chinese version shall prevail.
Legal representative: Chen Lue
Sino Great Wall Co., Ltd.
August 31, 2018