Report for the First Quarter of 2015 of Changchai Company, Limited Changchai Company, Limited
Report for the First Quarter of 2015
Apr. 2015
Report for the First Quarter of 2015 of Changchai Company, Limited Section I. Important Reminders
The Board of Directors, the Supervisory Committee, directors, supervisors and senior management staff of Changchai Company, Limited (hereinafter referred to as “the Company”) warrant that the information carried in this report is factual, accurate and complete, without any false record, misleading statement or material omission. And they shall be jointly and severally liable for that.
Xue Guojun, company principal, He Jianguang, chief of the accounting work, and Jiang He, chief of the accounting organ (chief of accounting), hereby confirm that the financial statements enclosed in this report are factual, accurate and complete.
All directors have attended the board session for reviewing this report.
This report is prepared in both Chinese and English. Should there be any discrepancy between the two versions, the Chinese version shall prevail.
Report for the First Quarter of 2015 of Changchai Company, Limited Section II. Financial Highlights& Change of Shareholders
I. Main accounting data and financial indicators
Does the Company adjust retrospectively or restate accounting data of previous years due to change of the accounting policy or correction of any accounting error?
□ Yes√ No
|||||
|-|-|-|-|
||Jan.-Mar. 2015|Jan.-Mar. 2014|+/- (%)|
|Operating revenues (RMB Yuan)|650,305,530.50|742,596,945.82|-12.43%|
|Net profit attributable to shareholders of the|17,279,138.61|19,532,558.06||
||||-11.54%|
|Company (RMB Yuan)||||
|Net profit attributable to shareholders of the||||
||15,137,500.97|19,307,194.21|-21.60%|
|Company after extraordinary gains and losses||||
|(RMB Yuan)||||
|Net cash flows from operating activities|1,795,087.91|-44,717,639.28||
||||——|
|(RMB Yuan)||||
|Basic EPS (RMB Yuan/share)|0.03|0.03|0.00%|
|Diluted EPS (RMB Yuan/share)|0.03|0.03|0.00%|
|Weighted average ROE (%)|0.87%|1.06%|-0.19%|
||31 Mar. 2015|31 Dec. 2014|+/- (%)|
|Total assets (RMB Yuan)|3,326,512,662.98|3,166,783,758.18|5.04%|
|Net assets attributable to shareholders of the|2,033,456,798.88|1,936,936,835.27||
||||4.98%|
|Company (RMB Yuan)||||

Items and amounts of extraordinary gains and losses
√ Applicable□ Inapplicable
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2015|Explanation|
|Gains/losses on the disposal of non-current assets (including the|||
||-3,107.80||
|offset part of the asset impairment provisions)|||
|Government grants recognized in the current period, except for|||
|those acquired in the ordinary course of business or granted at|||
||2,256,000.00||
|certain quotas or amounts according to the government’s unified|||
|standards|||
|Gains and losses on change in fair value from tradable financial|||
|assets and tradable financial liabilities, as well as investment|||
|income from disposal of tradable financial assets and tradable|1,055,860.52||
|financial liabilities and financial assets available for sales except|||
|for effective hedging related with normal businesses of the|||

Report for the First Quarter of 2015 of Changchai Company, Limited
||||
|-|-|-|
|Company|||
|Non-operating income and expense other than the above|-914,887.26||
|Less: Income tax effects|252,227.82||
|Total|2,141,637.64|--|

Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said explanatory announcement as a recurrent gain/loss item
□ Applicable√ Inapplicable
No such cases in the reporting period.
II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders 1. Total number of common shareholders at the period-end and shareholdings of top 10 common shareholders
Unit: share
||||||||
|-|-|-|-|-|-|-|
|Total number of common shareholders at the period-end||63,933|||||
|Shareholdings of top 10 common shareholders|||||||
|||Shareholdi|||Pledged or frozen||
|||||Number of|||
||Nature of|ng|Number of||shares||
|Name of shareholder||||restricted shares|||
||shareholder|percentage|shares held||Status of|Number|
|||||held|||
|||(%)|||shares|of shares|
|State-owned Assets Supervision andAdministration Commission of ChangzhouMunicipal People’s Government|On behalf of theState|30.02%|168,497,736||||
|Zhang Liming|Domesticindividual|1.54%|8,653,311||||
|KGI ASIA LIMITED|Foreigncorporation|0.92%|5,166,170||||
|SUN HUNG KAI INVESTMENT SERVICESLTD-CUSTOMERS A/C|Foreigncorporation|0.66%|3,701,528||||
|Southwest Securities-CCB-Aggregate AssetManagement Plan of Zhufeng No. 1 ofSouthwest Securities|Other|0.63%|3,541,233||||
|BNP PARIBAS WEALTH MANAGEMENTHONG KONG BRANCH|Foreigncorporation|0.55%|3,099,873||||
|Jiang Xuezhen|Domesticindividual|0.50%|2,800,000||||

Report for the First Quarter of 2015 of Changchai Company, Limited
||||||||
|-|-|-|-|-|-|-|
|Southwest Securities-The Agricultural Bankof China-Aggregate Asset Management Planof Shuangxi Huixin No.1 of SouthwestSecurities|Other|0.50%||2,800,000|||
|CORE PACIFIC-YAMAICHIINTERNATIONAL (H.K.) LIMITED|Foreigncorporation|0.30%||1,672,400|||
|Sun Qingfu|Domesticindividual|0.28%||1,551,811|||
|Particulars about shares held by the top ten shareholders holding shares not subject to trading moratorium|||||||
||||Number of tradable shares||Type of shares||
|Name of shareholder|||||||
||||held at the period-end||Type|Number|
|State-owned Assets Supervision and Administration Commissionof Changzhou Municipal People’s Government|||168,497,736||||
||||||RMB ordinary share|168,497,736|
|Zhang Liming|||8,653,311||RMB ordinary share|8,653,311|
|KGI ASIA LIMITED|||5,166,170||Domestically listed||
|||||||5,166,170|
||||||foreign shares||
|SUN HUNG KAI INVESTMENT SERVICESLTD-CUSTOMERS A/C|||3,701,528||Domestically listed||
|||||||3,701,528|
||||||foreign shares||
|Southwest Securities-CCB-Aggregate Asset Management PlanofZhufeng No. 1 of Southwest Securities|||3,541,233||||
||||||RMB ordinary share|3,541,233|
|BNP PARIBAS WEALTH MANAGEMENT HONG KONGBRANCH|||3,099,873||Domestically listed||
|||||||3,099,873|
||||||foreign shares||
|Jiang Xuezhen|||2,800,000||RMB ordinary share|2,800,000|
|Southwest Securities- The Agricultural Bank of China-AggregateAsset Management Plan of Shuangxi Huixin No.1 of SouthwestSecurities|||2,800,000||||
||||||RMB ordinary share|2,800,000|
|CORE PACIFIC-YAMAICHI INTERNATIONAL (H.K.)LIMITED|||1,672,400||Domestically listed||
|||||||1,672,400|
||||||foreign shares||
|Sun Qingfu|||1,551,811||RMB ordinary share|1,551,811|
||||It is unknown whether there was any associated||||
||||relationship among the top ten tradable shareholders and||||
|Explanation on associated relationship or/and persons|||||||
||||among the top ten shareholders not subject to trading||||
|acting in concert among the above-mentioned|||||||
||||moratorium, or whether they are persons acting in concert||||
|shareholders:|||||||
||||as described by Measures for the Administrative of||||
||||Disclosure of Shareholder Equity Changes.||||
||||The shareholder, Zhang Liming, owning to participating in the||||
|Explanation on the top 10 common shareholders participating in|||financing and securities loans business during the reporting period,||||
|the financing and securities loans business (if any)|||he hold 8,653,311 shares of the Company through the customer||||
||||credit collateral securities trading account of Huatai Securities Co.,||||

Report for the First Quarter of 2015 of Changchai Company, Limited
||
|-|
|Ltd. with the shareholding proportion of 1.54%. The shareholder,|
|Sun Qingfu hold 1,551,811 shares of the Company through the|
|securities ordinary account and the customer credit collateral|
|securities trading account with the shareholding proportion of|
|0.28%, of which, owning to participating in the financing and|
|securities loans business during the reporting period, he hold|
|1,464,611 shares of the Company through the customer credit|
|collateral securities trading account of Guosen Securities Co., Ltd.|
|with the shareholding proportion of 0.26%.|

Did any shareholder of the top 10 common shareholders and top 10 shareholders holding not subject to trading moratorium the Company carries out an agreed buy-back in the reporting period?
□ Yes√ No
There was no shareholder of the top 10 common shareholders and top 10 shareholders holding not subject to trading moratorium the Company carries out an agreed buy-back in the reporting period
2. Total number of preferred shareholders at the period-end and shareholdings of top 10 preferred shareholders
□ Applicable√ Inapplicable
Section III. Significant Events
I. Significant changes of the major accounting statement items and financial indicators for the reporting period, as well as the reasons for these changes
√ Applicable□ Inapplicable
1. Accounts receivable increased51.84% from the opening amount mainly because the Company properly allowedcustomers’ buying on credit according to relevant agreements and marketing plans to expand the market room.
2. Other receivables increased121.02% from the opening amount mainly because of the temporary lendings from subsidiary Housheng Investment to Xuzhou East China Casting General Factory, etc.
3. Payroll payable decreased30.64% from the opening amount mainly because some of the salary and bonus provisions made last year were paid in the reporting period.
4. Taxes and fares payable increased167.68% from the opening amount mainly because the inventories of the Company (without subsidiaries) decreased and the input VAT decreased accordingly.
5. Investment gains increased97.57% year on year mainly because subsidiary Housheng Investment received
bonuses from its investees.
Report for the First Quarter of 2015 of Changchai Company, Limited II. Progress of significant events and analysis& explanations on their influence and solutions□ Applicable√ Inapplicable
III. Commitments made by the Company or any shareholder with a shareholding over5% in the reporting period or such commitments made in previous period and carried down into the reporting period
□ Applicable√ Inapplicable
No such cases in the reporting period.
IV. Predict the operating results of Jan.-Jun. 2015
Warning of possible loss or considerable YoY change of the accumulated net profit made during the period-begin to the end of the next reporting period according to prediction, as well as explanations on the reasons:
□ Applicable√ Inapplicable
V. Securities investments
□ Applicable√ Inapplicable
No such cases in the reporting period.
VI. Shareholdings in other listed companies
√ Applicable□ Inapplicable
At the end of the reporting period, the available-for-sale financial assets held by the Company for measurement, of which the “Foton Automobile” of 72,250,000 shares and “Jiangsu Expressway” of 50,000 shares.
VII. Investments in derivatives
□ Applicable√ Inapplicable
No such cases in the reporting period.
VIII. Researches, visits and interviews received in the reporting period
√ Applicable□ Inapplicable
VIII. Researches, visits and interviews received in the reporting period
√ Applicable□ Inapplicable
|||||||
|-|-|-|-|-|-|
|Time of reception|Place of reception|Way of|Visitor type|Visitor|Main discussion and|

Report for the First Quarter of 2015 of Changchai Company, Limited
|||||||
|-|-|-|-|-|-|
|||reception|||materials provided by|
||||||the Company|
||The Shenzhen Stock||||The future|
|||||Individual||
|26 Mar. 2015|Exchange Interaction|Other|Individual||development of the|
|||||investor||
||Platform||||Company|
||The Shenzhen Stock||||The future|
|||||Individual||
|23 Mar. 2015|Exchange Interaction|Other|Individual||development of the|
|||||investor||
||Platform||||Company|
||The Shenzhen Stock||||The future|
|||||Individual||
|22 Mar. 2015|Exchange Interaction|Other|Individual||development of the|
|||||investor||
||Platform||||Company|
||The Shenzhen Stock||||Situation of the|
|||||Individual||
|16 Mar. 2015|Exchange Interaction|Other|Individual||shareholders in the|
|||||investor||
||Platform||||Company|
||The Shenzhen Stock||||Situation of the|
|||||Individual||
|15 Mar. 2015|Exchange Interaction|Other|Individual||network of the|
|||||investor||
||Platform||||Company|
||The Shenzhen Stock||||The future|
|||||Individual||
|12 Mar. 2015|Exchange Interaction|Other|Individual||development of the|
|||||investor||
||Platform||||Company|
||The Shenzhen Stock||||The future|
|||||Individual||
|12 Mar. 2015|Exchange Interaction|Other|Individual||development of the|
|||||investor||
||Platform||||Company|
||The Shenzhen Stock||||Situation of the|
|||||Individual||
|12 Mar. 2015|Exchange Interaction|Other|Individual||Company’s new|
|||||investor||
||Platform||||independent directors|
||The Shenzhen Stock||||Situation of mixed|
|||||Individual||
|8 Mar. 2015|Exchange Interaction|Other|Individual||ownership reform of|
|||||investor||
||Platform||||the Company|
||The Shenzhen Stock||||Situation of|
|||||Individual||
|1 Mar. 2015|Exchange Interaction|Other|Individual||agricultural|
|||||investor||
||Platform||||informatization|
||The Shenzhen Stock||||Situation of the|
|||||Individual||
|27 Feb. 2015|Exchange Interaction|Other|Individual||Company’s oversea|
|||||investor||
||Platform||||co-operation|
||The Shenzhen Stock||||Situation of the|
|||||Individual||
|27 Feb. 2015|Exchange Interaction|Other|Individual||Company’s oversea|
|||||investor||
||Platform||||co-operation|
||The Shenzhen Stock|||Individual|Situation of mixed|
|25 Feb. 2015||Other|Individual|||
||Exchange Interaction|||investor|ownership reform of|

Report for the First Quarter of 2015 of Changchai Company, Limited
|||||||
|-|-|-|-|-|-|
||Platform||||the Company|
||The Shenzhen Stock||||Relevant situation of|
|||||Individual||
|16 Feb. 2015|Exchange Interaction|Other|Individual||the products of the|
|||||investor||
||Platform||||Company|
||The Shenzhen Stock||||Number of the|
|||||Individual||
|9 Feb. 2015|Exchange Interaction|Other|Individual||shareholders in the|
|||||investor||
||Platform||||Company|
||The Shenzhen Stock||||Situation of|
|||||Individual||
|21 Jan. 2015|Exchange Interaction|Other|Individual||state-owned enterprise|
|||||investor||
||Platform||||reform|
||The Shenzhen Stock|||||
|||||Individual|Agricultural|
|19 Jan. 2015|Exchange Interaction|Other|Individual|||
|||||investor|Modernization|
||Platform|||||
||The Shenzhen Stock|||||
|||||Individual|Trend of stock prices|
|14 Jan. 2015|Exchange Interaction|Other|Individual|||
|||||investor|of the Company|
||Platform|||||
||The Shenzhen Stock||||Situation of the|
|||||Individual||
|13 Jan. 2015|Exchange Interaction|Other|Individual||shareholders in the|
|||||investor||
||Platform||||Company|
||The Shenzhen Stock||||Situation of the|
|||||Individual||
|12 Jan. 2015|Exchange Interaction|Other|Individual||shareholders in the|
|||||investor||
||Platform||||Company|
||The Shenzhen Stock||||Situation of the|
|||||Individual||
|1 Jan. 2015|Exchange Interaction|Other|Individual||shareholders in the|
|||||investor||
||Platform||||Company|

Report for the First Quarter of 2015 of Changchai Company, Limited Section IV. Financial Statements
I. Financial statements
1. Consolidated balance sheet
Prepared by Changchai Company, Limited
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Current Assets:|||
|Monetary funds|489,263,641.69|531,969,747.91|
|Settlement reserves|||
|Intra-group lendings|||
|Financial assets measured at fair value of which changes are|||
||9,125,842.52|2,109,642.19|
|recorded in current profits and losses|||
|Derivative financial assets|||
|Notes receivable|240,090,090.50|314,236,128.92|
|Accounts receivable|568,400,766.55|374,335,355.22|
|Accounts paid in advance|11,917,714.33|15,092,855.36|
|Premiums receivable|||
|Reinsurance premiums receivable|||
|Receivable reinsurance contract reserves|||
|Interest receivable|||
|Dividend receivable|||
|Other accounts receivable|19,146,553.11|8,662,701.30|
|Financial assets purchased under agreements to resell|||
|Inventories|470,975,006.21|497,588,717.86|
|Assets held for sale|||
|Non-current assets due within 1 year|||
|Other current assets|41,391,177.84|31,729,042.18|
|Total current assets|1,850,310,792.75|1,775,724,190.94|
|Non-current assets:|||
|Loans by mandate and advances granted|||
|Available-for-sale financial assets|591,074,500.00|497,850,000.00|

Report for the First Quarter of 2015 of Changchai Company, Limited
||||
|-|-|-|
|Held-to-maturity investments|||
|Long-term accounts receivable|||
|Long-term equity investment|20,459,975.99|20,459,975.99|
|Investing real estate|58,937,285.63|59,489,370.83|
|Fixed assets|581,568,646.82|572,785,946.61|
|Construction in progress|119,583,081.35|134,948,317.87|
|Engineering materials|||
|Disposal of fixed assets|||
|Production biological assets|||
|Oil-gas assets|||
|Intangible assets|103,493,517.12|104,441,092.62|
|R&D expense|||
|Goodwill|||
|Long-term deferred expenses|||
|Deferred income tax assets|1,084,863.32|1,084,863.32|
|Other non-current assets|||
|Total of non-current assets|1,476,201,870.23|1,391,059,567.24|
|Total assets|3,326,512,662.98|3,166,783,758.18|
|Current liabilities:|||
|Short-term borrowings|20,000,000.00|20,000,000.00|
|Borrowings from Central Bank|||
|Customer bank deposits and due to banks and other financial|||
|institutions|||
|Intra-group borrowings|||
|Financial liabilities measured at fair value of which changes are|||
|recorded in current profits and losses|||
|Derivative financial liabilities|||
|Notes payable|230,711,400.00|218,351,400.00|
|Accounts payable|555,111,868.02|550,858,517.60|
|Accounts received in advance|34,043,839.78|29,364,756.16|
|Financial assets sold for repurchase|||
|Handling charges and commissions payable|||
|Payroll payable|42,517,564.96|61,303,762.60|
|Tax payable|38,846,259.83|14,511,976.27|
|Interest payable|||

Report for the First Quarter of 2015 of Changchai Company, Limited
||||
|-|-|-|
|Dividend payable|3,891,433.83|3,891,433.83|
|Other accounts payable|218,757,856.98|196,560,865.32|
|Reinsurance premiums payable|||
|Insurance contract reserves|||
|Payables for acting trading of securities|||
|Payables for acting underwriting of securities|||
|Liabilities held for sale|||
|Non-current liabilities due within 1 year|||
|Other current liabilities|2,845,246.62|2,992,996.74|
|Total current liabilities|1,146,725,470.02|1,097,835,708.52|
|Non-current liabilities:|||
|Long-term borrowings|||
|Bonds payable|||
|Of which: preferred shares|||
|Perpetual bonds|||
|Long-term payables|||
|Long-term payroll payables|||
|Specific payables|||
|Estimated liabilities|||
|Deferred income|54,185,979.32|54,185,979.32|
|Deferred income tax liabilities|75,600,000.00|61,616,325.00|
|Other non-current liabilities|0.00||
|Total non-current liabilities|129,785,979.32|115,802,304.32|
|Total liabilities|1,276,511,449.34|1,213,638,012.84|
|Owners’ equity:|||
|Share capital|561,374,326.00|561,374,326.00|
|Other equity instruments|||
|Of which: preferred shares|||
|Perpetual bonds|||
|Capital reserves|164,328,665.43|164,328,665.43|
|Less: Treasury stock|||
|Other comprehensive income|428,400,000.00|349,159,175.00|
|Specific reserves|8,332,077.21|8,332,077.21|
|Surplus reserves|298,151,696.96|298,151,696.96|

Report for the First Quarter of 2015 of Changchai Company, Limited
||||
|-|-|-|
|Provisions for general risks|||
|Retained profits|572,870,033.28|555,590,894.67|
|Total equity attributable to owners of the Company|2,033,456,798.88|1,936,936,835.27|
|Minority interests|16,544,414.76|16,208,910.07|
|Total owners’ equity|2,050,001,213.64|1,953,145,745.34|
|Total liabilities and owners’ equity|3,326,512,662.98|3,166,783,758.18|

 Legal representative: Xue Guojun Chief of the accounting work: He Jianguang Chief of the accounting organ: Jiang He 2. Balance sheet of the Company
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Current Assets:|||
|Monetary funds|475,009,570.48|494,366,603.39|
|Financial assets measured at fair value of which changes are|||
|recorded in current profits and losses|||
|Derivative financial assets|||
|Notes receivable|238,688,090.50|312,466,128.92|
|Accounts receivable|528,272,580.59|331,239,446.99|
|Accounts paid in advance|5,504,003.88|10,139,747.15|
|Interest receivable|0.00|0.00|
|Dividend receivable|0.00|0.00|
|Other accounts receivable|5,230,299.66|5,712,047.44|
|Inventories|394,784,189.97|426,235,429.74|
|Assets held for sale|||
|Non-current assets due within 1 year|||
|Other current assets|30,637,141.03|20,637,141.03|
|Total current assets|1,678,125,876.11|1,600,796,544.66|
|Non-current assets:|||
|Available-for-sale financial assets|583,874,500.00|490,650,000.00|
|Held-to-maturity investments|||
|Long-term accounts receivable|||
|Long-term equity investment|204,926,475.99|204,926,475.99|
|Investing real estate|58,937,285.63|59,489,370.83|
|Fixed assets|465,801,107.12|454,717,057.95|

Report for the First Quarter of 2015 of Changchai Company, Limited
||||
|-|-|-|
|Construction in progress|119,559,320.67|134,948,317.87|
|Engineering materials|||
|Disposal of fixed assets|||
|Production biological assets|||
|Oil-gas assets|||
|Intangible assets|81,113,075.42|81,914,372.57|
|R&D expense|||
|Goodwill|||
|Long-term deferred expenses|||
|Deferred income tax assets|1,084,863.32|1,084,863.32|
|Other non-current assets|||
|Total of non-current assets|1,515,296,628.15|1,427,730,458.53|
|Total assets|3,193,422,504.26|3,028,527,003.19|
|Current liabilities:|||
|Short-term borrowings|||
|Financial liabilities measured at fair value of which changes are|||
|recorded in current profits and losses|||
|Derivative financial liabilities|||
|Notes payable|216,761,400.00|206,351,400.00|
|Accounts payable|505,951,427.10|501,904,239.41|
|Accounts received in advance|48,639,535.29|37,247,846.51|
|Payroll payable|39,317,338.62|56,426,935.61|
|Tax payable|36,479,698.97|12,438,714.42|
|Interest payable|||
|Dividend payable|3,243,179.97|3,243,179.97|
|Other accounts payable|213,432,248.53|191,066,117.22|
|Liabilities held for sale|||
|Non-current liabilities due within 1 year|||
|Other current liabilities|||
|Total current liabilities|1,063,824,828.48|1,008,678,433.14|
|Non-current liabilities:|||
|Long-term borrowings|||
|Bonds payable|||
|Of which: preferred shares|||

Report for the First Quarter of 2015 of Changchai Company, Limited
||||
|-|-|-|
|Perpetual bonds|||
|Long-term payables|||
|Long-term payroll payables|||
|Specific payables|||
|Estimated liabilities|||
|Deferred income|54,185,979.32|54,185,979.32|
|Deferred income tax liabilities|75,600,000.00|61,616,325.00|
|Other non-current liabilities|||
|Total non-current liabilities|129,785,979.32|115,802,304.32|
|Total liabilities|1,193,610,807.80|1,124,480,737.46|
|Owners’ equity:|||
|Share capital|561,374,326.00|561,374,326.00|
|Other equity instruments|||
|Of which: preferred shares|||
|Perpetual bonds|||
|Capital reserves|183,071,147.70|183,071,147.70|
|Less: Treasury stock|||
|Other comprehensive income|428,400,000.00|349,159,175.00|
|Specific reserves|8,332,077.21|8,332,077.21|
|Surplus reserves|298,151,696.96|298,151,696.96|
|Retained profits|520,482,448.59|503,957,842.86|
|Total owners’ equity|1,999,811,696.46|1,904,046,265.73|
|Total liabilities and owners’ equity|3,193,422,504.26|3,028,527,003.19|

 3. Consolidated income statement
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2015|Jan.-Mar. 2014|
|I. Total operating revenues|650,305,530.50|742,596,945.82|
|Including: Sales income|650,305,530.50|742,596,945.82|
|Interest income|||
|Premium income|||
|Handling charge and commission income|||
|II. Total operating costs|631,372,352.57|718,974,544.23|
|Including: Cost of sales|581,556,792.13|658,509,746.25|

Report for the First Quarter of 2015 of Changchai Company, Limited
||||
|-|-|-|
|Interest expenses|||
|Handling charge and commission expenses|||
|Surrenders|||
|Net claims paid|||
|Net amount withdrawn for the insurance contract reserve|||
|Expenditure on policy dividends|||
|Reinsurance premium|||
|Taxes and associate charges|51,569.72|209,031.38|
|Selling and distribution expenses|26,292,007.54|27,228,368.05|
|Administrative expenses|25,983,523.18|34,984,302.76|
|Financial expenses|-2,511,540.00|-1,956,904.21|
|Asset impairment loss|||
|Add: Gain/(loss) from change in fair value (“-” means loss)|16,200.33|0.00|
|Gain/(loss) from investment (“-” means loss)|1,039,660.19|526,224.94|
|Including: share of profits in associates and joint ventures|||
|Foreign exchange gains (“-” means loss)|||
|III. Business profit (“-” means loss)|19,989,038.45|24,148,626.53|
|Add: non-operating income|2,741,907.52|1,065,169.47|
|Including: Gains on disposal of non-current assets|||
|Less: non-operating expense|1,403,902.58|1,289,209.96|
|Including: Losses on disposal of non-current assets|||
|IV. Total profit (“-” means loss)|21,327,043.39|23,924,586.04|
|Less: Income tax expense|3,712,400.09|4,044,171.57|
|V. Net profit (“-” means loss)|17,614,643.30|19,880,414.47|
|Net profit attributable to owners of the Company|17,279,138.61|19,532,558.06|
|Minority shareholders’ income|335,504.69|347,856.41|
|VI. After-tax net amount of other comprehensive incomes|79,240,825.00|-100,086,650.00|
|After-tax net amount of other comprehensive incomesattributable|||
||79,240,825.00|-100,086,650.00|
|to owners of the Company|||
|(I) Other comprehensive incomes that will not be reclassified|||
|into gains and losses|||
|1. Changes in net liabilities or assets with a defined benefit|||
|plan upon re-measurement|||
|2. Enjoyable shares in other comprehensive incomes in|||
|investees that cannot be reclassified into gains and losses under the|||

Report for the First Quarter of 2015 of Changchai Company, Limited
||||
|-|-|-|
|equity method|||
|(II) Other comprehensive incomes that will be reclassified into|||
||79,240,825.00|-100,086,650.00|
|gains and losses|||
|1. Enjoyable shares in other comprehensive incomes in|||
|investees that will be reclassified into gains and losses under the equity|||
|method|||
|2. Gains and losses on fair value changes of|||
||79,240,825.00|-100,086,650.00|
|available-for-sale financial assets|||
|3. Gains and losses on reclassifying held-to-maturity|||
|investments into available-for-sale financial assets|||
|4. Effective hedging gains and losses on cash flows|||
|5. Foreign-currency financial statement translation difference|||
|6. Other|||
|After-tax net amount of other comprehensive incomesattributable|||
|to minority shareholders|||
|VII. Total comprehensive incomes|96,855,468.30|-80,206,235.53|
|Attributable to owners of the Company|96,519,963.61|-80,554,091.94|
|Attributable to minority shareholders|335,504.69|347,856.41|
|VIII. Earnings per share|||
|(I) Basic earnings per share|0.03|0.03|
|(II) Diluted earnings per share|0.03|0.03|

 Legal representative: Xue Guojun Chief of the accounting work: He Jianguang Chief of the accounting organ: Jiang He 4. Income statement of the Company
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2015|Jan.-Mar. 2014|
|I. Total sales|653,717,912.77|744,681,372.60|
|Less: cost of sales|590,131,833.35|667,845,757.35|
|Business taxes and surcharges|||
|Distribution expenses|25,475,290.53|25,657,024.17|
|Administrative expenses|21,862,823.16|31,028,879.23|
|Financial costs|-2,958,248.10|-3,091,376.45|
|Impairment loss|||
|Add: gain/(loss) from change in fair value (“-” means loss)|||
|Gain/(loss) from investment (“-” means loss)|0.00|2,446,600.00|

Report for the First Quarter of 2015 of Changchai Company, Limited
||||
|-|-|-|
|Including: income form investment on associates and joint|||
|ventures|||
|II. Business profit (“-” means loss)|19,206,213.83|25,687,688.30|
|Add: non-operating income|2,226,636.67|628,773.51|
|Including: Gains on disposal of non-current assets|||
|Less: non-operating expense|1,403,902.58|1,244,209.96|
|Including: Losses on disposal of non-current assets|||
|III. Total profit (“-” means loss)|20,028,947.92|25,072,251.85|
|Less: Income tax expense|3,504,342.19|3,760,837.77|
|IV. Net profit (“-” means loss)|16,524,605.73|21,311,414.08|
|V. After-tax net amount of other comprehensive incomes|79,240,825.00|-100,086,650.00|
|(I) Other comprehensive incomes that will not be reclassified into|||
|gains and losses|||
|1. Changes in net liabilities or assets with a defined benefit plan|||
|upon re-measurement|||
|2. Enjoyable shares in other comprehensive incomes in investees|||
|that cannot be reclassified into gains and losses under the equity|||
|method|||
|(II) Other comprehensive incomes that will be reclassified into gains|||
||79,240,825.00|-100,086,650.00|
|and losses|||
|1. Enjoyable shares in other comprehensive incomes in investees|||
|that will be reclassified into gains and losses under the equity method|||
|2. Gains and losses on fair value changes of available-for-sale|||
||79,240,825.00|-100,086,650.00|
|financial assets|||
|3. Gains and losses on reclassifying held-to-maturity investments|||
|into available-for-sale financial assets|||
|4. Effective hedging gains and losses on cash flows|||
|5. Foreign-currency financial statement translation difference|||
|6. Other|||
|VI. Total comprehensive incomes|95,765,430.73|-78,775,235.92|
|VII. Earnings per share|||
|(I) Basic earnings per share|||
|(II) Diluted earnings per share|||

5. Consolidated cash flow statement
Unit: RMB Yuan
Report for the First Quarter of 2015 of Changchai Company, Limited
||||
|-|-|-|
|Item|Jan.-Mar. 2015|Jan.-Mar. 2014|
|I. Cash flows from operating activities:|||
|Cash received from sale of commodities and rendering of service|625,633,539.16|633,248,454.62|
|Net increase of deposits from customers and dues from banks|||
|Net increase of loans from the central bank|||
|Net increase of funds borrowed from other financial institutions|||
|Cash received from premium of original insurance contracts|||
|Net cash received from reinsurance business|||
|Net increase of deposits of policy holders and investment fund|||
|Net increase of disposal of financial assets measured at fair value of|||
|which changes are recorded into current gains and losses|||
|Cash received from interest, handling charges and commissions|||
|Net increase of intra-group borrowings|||
|Net increase of funds in repurchase business|||
|Tax refunds received|17,902,474.19|12,207,933.66|
|Other cash received relating to operating activities|4,650,532.01|3,986,052.18|
|Subtotal of cash inflows from operating activities|648,186,545.36|649,442,440.46|
|Cash paid for goods and services|539,391,667.22|593,122,072.37|
|Net increase of customer lendings and advances|||
|Net increase of funds deposited in the central bank and amount due|||
|from banks|||
|Cash for paying claims of the original insurance contracts|||
|Cash for paying interest, handling charges and commissions|||
|Cash for paying policy dividends|||
|Cash paid to and for employees|85,163,263.66|80,343,377.26|
|Various taxes paid|11,994,626.47|11,153,867.39|
|Other cash payment relating to operating activities|9,841,900.10|9,540,762.72|
|Subtotal of cash outflows from operating activities|646,391,457.45|694,160,079.74|
|Net cash flows from operating activities|1,795,087.91|-44,717,639.28|
|II. Cash flows from investing activities:|||
|Cash received from withdrawal of investments|||
|Cash received from return on investments|918,882.41|176,244.94|
|Net cash received from disposal of fixed assets, intangible assets and|||
|||158,173.02|
|other long-term assets|||
|Net cash received from disposal of subsidiaries or other business|||

Report for the First Quarter of 2015 of Changchai Company, Limited
||||
|-|-|-|
|units|||
|Other cash received relating to investing activities|0.00|20,000.00|
|Subtotal of cash inflows from investing activities|918,882.41|354,417.96|
|Cash paid to acquire fixed assets, intangible assets and other|||
||18,697,864.76|32,774,332.39|
|long-term assets|||
|Cash paid for investment|17,000,000.00|1,250,000.00|
|Net increase of pledged loans|||
|Net cash paid to acquire subsidiaries and other business units|||
|Other cash payments relating to investing activities|11,000,000.00|11,512,486.41|
|Subtotal of cash outflows from investing activities|46,697,864.76|45,536,818.80|
|Net cash flows from investing activities|-45,778,982.35|-45,182,400.84|
|III. Cash Flows from Financing Activities:|||
|Cash received from capital contributions|||
|Including: Cash received from minority shareholder investments by|||
|subsidiaries|||
|Cash received from borrowings|||
|Cash received from issuance of bonds|||
|Other cash received relating to financing activities|||
|Subtotal of cash inflows from financing activities|||
|Repayment of borrowings||3,000,000.00|
|Cash paid for interest expenses and distribution of dividends or|||
||389,999.99||
|profit|||
|Including: dividends or profit paid by subsidiaries to minority|||
|shareholders|||
|Other cash payments relating to financing activities|||
|Sub-total of cash outflows from financing activities|389,999.99|3,000,000.00|
|Net cash flows from financing activities|-389,999.99|-3,000,000.00|
|IV. Effect of foreign exchange rate changes on cash and cash|||
|||-62,201.92|
|equivalents|||
|V. Net increase in cash and cash equivalents|-44,373,894.43|-92,962,242.04|
|Add: Opening balance of cash and cash equivalents|464,761,820.50|610,882,216.18|
|VI. Closing balance of cash and cash equivalents|420,387,926.07|517,919,974.14|

 6. Cash flow statement of the Company
Unit: RMB Yuan
Report for the First Quarter of 2015 of Changchai Company, Limited
||||
|-|-|-|
|Item|Jan.-Mar. 2015|Jan.-Mar. 2014|
|I. Cash flows from operating activities:|||
|Cash received from sale of commodities and rendering of service|628,848,753.52|635,031,653.87|
|Tax refunds received|17,902,474.19|12,207,933.66|
|Other cash received relating to operating activities|3,870,921.63|3,657,949.42|
|Subtotal of cash inflows from operating activities|650,622,149.34|650,897,536.95|
|Cash paid for goods and services|553,755,368.09|617,029,101.59|
|Cash paid to and for employees|75,589,704.96|70,381,645.71|
|Various taxes paid|11,517,533.51|9,514,379.15|
|Other cash payment relating to operating activities|7,615,099.14|8,244,209.96|
|Subtotal of cash outflows from operating activities|648,477,705.70|705,169,336.41|
|Net cash flows from operating activities|2,144,443.64|-54,271,799.46|
|II. Cash flows from investing activities:|||
|Cash received from retraction of investments|||
|Cash received from return on investments||2,446,600.00|
|Net cash received from disposal of fixed assets, intangible assets and|||
|||158,173.02|
|other long-term assets|||
|Net cash received from disposal of subsidiaries or other business|||
|units|||
|Other cash received relating to investing activities|||
|Subtotal of cash inflows from investing activities|0.00|2,604,773.02|
|Cash paid to acquire fixed assets, intangible assets and other|||
||16,769,264.76|28,917,352.39|
|long-term assets|||
|Cash paid for investment|10,000,000.00||
|Net cash paid to acquire subsidiaries and other business units|||
|Other cash payments relating to investing activities|||
|Subtotal of cash outflows from investing activities|26,769,264.76|28,917,352.39|
|Net cash flows from investing activities|-26,769,264.76|-26,312,579.37|
|III. Cash Flows from Financing Activities:|||
|Cash received from capital contributions|||
|Cash received from borrowings|||
|Cash received from issuance of bonds|||
|Other cash received relating to financing activities|||
|Subtotal of cash inflows from financing activities|||
|Repayment of borrowings|||

Report for the First Quarter of 2015 of Changchai Company, Limited
||||
|-|-|-|
|Cash paid for interest expenses and distribution of dividends or|||
|profit|||
|Other cash payments relating to financing activities|||
|Sub-total of cash outflows from financing activities|||
|Net cash flows from financing activities|||
|IV. Effect of foreign exchange rate changes on cash and cash|||
|equivalents|||
|V. Net increase in cash and cash equivalents|-24,624,821.12|-80,584,378.83|
|Add: Opening balance of cash and cash equivalents|430,758,675.98|574,440,388.77|
|VI. Closing balance of cash and cash equivalents|406,133,854.86|493,856,009.94|

 II.Auditor’s report
Is this report audited?
□ Yes√ No
This report is not audited.