Shenzhen Nanshan Power Co., Ltd.
The First Quarterly Report 2019
2019-021
April 2019
Section I. Important Notes
Board of Directors and the Supervisory Committee of Shenzhen Nanshan Power Co., Ltd. (hereinafter referred to as the Company) and its directors, supervisors and senior executives should guarantee the reality, accuracy and completion of the quarterly report, there are no any fictitious statements, misleading statements or important omissions carried in this report, and shall take legal responsibilities, individual and/or joint.
Li Xinwei, person in charge of the Company, Director GM Chen Yuhui, person in charge of accounting works and CFO Dai Xiji as well as Wang Yi (act for the financial management dept.), person in charge of accounting organ (accounting officer) hereby confirm that the Financial Report of this Quarterly Report is authentic, accurate and complete.
All Directors are attended the Board Meeting for Quarterly Report deliberation. Concerning the forward-looking statements with future planning involved in the Semi-Report, they do not constitute a substantial commitment for investors. Investors are advised to exercise caution of investment risks.
The report has been prepared in both Chinese and English, for any discrepancies, the Chinese version shall prevail. Please read the full report seriously.
Paraphrase
||||
|-|-|-|
|Items|Refers to|Contents|
|Company, the Company, Shen Nan Dian|Refers to|Shenzhen Nanshan Power Co., Ltd.|
|HUAENG International|Refers to|HUAENG Power International Inc|
||Refers to|State-owned Assets Supervision and Administration Committee of|
|SASAC of Shenzhen|||
|||Shenzhen People’s Government|
|SZ Capital|Refers to|Shenzhen Capital Co., Ltd.|
|NAM HOI|Refers to|HONG KONG NAM HOI (INTERNATIONAL) LTD.|
|Shenzhen Energy Group|Refers to|Shenzhen Energy Group Co., Ltd.|
|Articles of association|Refers to|Article of Association of Shenzhen Nanshan Power Co., Ltd.|
|||Except the special description of the monetary unit, rest of the monetary|
|RMB, in 10 thousand Yuan, 100 Million Yuan|Refers to||
|||unit is RMB Yuan, ten thousand Yuan, the 100 Million Yuan|
|Reporting period|Refers to|1 Jan. 2019 to 31 Mar. 2019|

Section II. Basic situation of the Company
I. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data
□ Yes√No
|||||
|-|-|-|-|
||||Changes of this period over|
||Current Period|Same period of last year||
||||same period of last year|
|Operating income (RMB)|152,975,230.74|403,525,942.67|-62.09%|
|Net profit attributable to shareholders of|-28,373,168.62|-10,927,762.57||
||||159.64%|
|the listed company(RMB)||||
|Net profit attributable to shareholders of||||
|the listed company after deducting|-28,916,498.43|-11,221,495.07|157.69%|
|non-recurring gains and losses(RMB)||||
|Net cash flow arising from operating|-4,897,654.96|-69,260,605.97||
||||-92.93%|
|activities(RMB)||||
|Basic earnings per share (RMB/Share)|-0.05|-0.02|150.00%|
|Diluted earnings per share (RMB/Share)|-0.05|-0.02|150.00%|
|Weighted average ROE|-1.47%|-0.57%|157.89%|
||||Changes of this period-end|
||At the end of the reporting|||
|||At the end of last year|over same period-end of last|
||period|||
||||year|
|Total assets (RMB)|3,161,675,892.68|3,307,148,289.92|-4.40%|
|Net assets attributable to shareholder of||||
||1,949,498,682.89|1,977,871,851.51|-1.43%|
|listed company (RMB)||||

Items of non-recurring gains and losses
√ Applicable□ Not applicable
In RMB
||||
|-|-|-|
||Amount from year-begin to||
|Item||Note|
||period-end||
|Gains/losses from the disposal of non-current asset (including the|||
||-402,738.25|Income from fixed assets disposal|
|write-off that accrued for impairment of assets)|||
|Governmental grant reckoned into current gains/losses (not|||
|including the subsidy enjoyed in quota or ration according to||Apportion of government grant|
||843,139.16||
|national standards, which are closely relevant to enterprise’s||with assets concerned|
|business)|||
|Other non-operating income and expenditure except for the||Income from waste material|
||79,297.63||
|aforementioned items||disposal|

||||
|-|-|-|
|Less: impact on income tax|8,648.95||
|Impact on minority shareholders’ equity (post-tax)|-32,280.22||
|Total|543,329.81|--|

Concerning the extraordinary profit (gain)/loss defined byQ&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss inQ&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss, explain reasons
□ Applicable√ Not applicable
In reporting period, the Company has no particular about items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss inQ&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss
II. Total number of shareholders at the end of this report period and top ten shareholders 1. Total common and preferred stockholders with voting rights recover and the top ten share-holding In Share
||||||||
|-|-|-|-|-|-|-|
||||Total preferred stockholders with||||
|Total common shareholders at the|||||||
|||32,518|voting rights recover at the end of||0||
|end of report period|||||||
||||report period (if applicable)||||
|Top ten share-holding|||||||
|||||Amount of|Number of share pledged/frozen||
|Shareholder’s|Nature of|Proportion of|Amount of shares||||
|||||restricted shares|||
|name|shareholder|shares held|held||State of share|Amount|
|||||held|||
|HONG KONGNAM HOI(INTERNATIONAL) LTD.|Overseas legalperson|15.28%|92,123,248||||
|ShenzhenGuangjuIndustrial Co.,Ltd.|State-owned legalperson|12.22%|73,666,824||||
|SHENZHENENERGY(GROUP) CO.,LTD.|State-owned legalperson|10.80%|65,106,130||||
|Gaohua－HSBC－GOLDMAN,SACHS &CO.LLC|Overseas legalperson|1.62%|9,769,723||||
|BOCI|Overseas legal|1.50%|9,025,627||||

|||||||
|-|-|-|-|-|-|
|SECURITIESLIMITED|person|||||
|Zeng Ying|Domestic natureperson|1.26%|7,595,000|||
|China MerchantsSecurities H.K.Co., Ltd.|State-owned legalperson|1.24%|7,495,058|||
|Liu Fang|Domestic natureperson|0.90%|5,425,488|||
|LI SHERYNZHAN MING|Foreign natureperson|0.67%|4,025,000|||
|Zhu Wen|Domestic natureperson|0.65%|3,929,900|||
|Top ten shareholders with unrestricted shares held||||||
|||||Type of shares||
|Shareholder’s name||Amount of unrestricted shares held||||
|||||Type|Amount|
|HONG KONG NAM HOI(INTERNATIONAL) LTD.||92,123,248||Domestically||
|||||listed foreign|92,123,248|
|||||shares||
|Shenzhen Guangju Industrial Co.,Ltd.||73,666,824||RMB common||
||||||73,666,824|
|||||shares||
|SHENZHEN ENERGY (GROUP)CO., LTD.||65,106,130||RMB common||
||||||65,106,130|
|||||shares||
|Gaohua－HSBC－GOLDMAN,SACHS & CO.LLC||9,769,723||RMB common||
||||||9,769,723|
|||||shares||
|BOCI SECURITIES LIMITED||9,025,627||Domestically||
|||||listed foreign|9,025,627|
|||||shares||
|Zeng Ying||7,595,000||Domestically||
|||||listed foreign|7,595,000|
|||||shares||
|China Merchants Securities H.K.Co., Ltd.||7,495,058||Domestically||
|||||listed foreign|7,495,058|
|||||shares||
|Liu Fang||5,425,488||RMB common||
||||||2,364,688|
|||||shares||
|||||Domestically||
|||||listed foreign|3,060,800|
|||||shares||

|||||
|-|-|-|-|
|LI SHERYN ZHAN MING|4,025,000|Domestically||
|||listed foreign|4,025,000|
|||shares||
|Zhu Wen|3,929,900|RMB common||
||||3,929,900|
|||shares||
||1. 100% equity of HONG KONG NAM HOI (INTERNATIONAL) LIMITED was held by|||
|Explanation on associated||||
||SHENZHEN ENERGY (GROUP) CO., LTD|||
|relationship among the aforesaid||||
||2. Among other social public shareholders, the Company did not know whether there were|||
|shareholders||||
||associated relationships or belonging to consistent actors.|||
|Explanation on top 10 shareholders|1. Among the top ten shareholders, Ms. Liu Fang holds 2,346,688 shares through credit|||
|involving margin business (if|transaction guarantee securities account; 2. Among the top ten shareholders, Mr. Zhu Wen|||
|applicable)|holds 3,929,900 shares through credit transaction guarantee securities account|||

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a 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.
2. Total shareholders with preferred stock held and shares held by top ten shareholders with preferred stock held
□ Applicable√ Not applicable
Section III. Significant Events
I. Particulars about material changes in items of main financial data and financial index and explanations of reasons
√Applicable□Not applicable
1. Monetary fund has 789.0103 million Yuan at end of the period, a decrease of14.78% over that of period beginning, mainly due to the loans paid to the bank;
2. Note receivable and account receivable have 138.2623 million yuan at end of the period, an increase of4.4% over that of period beginning, mainly because note receivable increased in the period;
3. Account paid in advance has 48.3541 million Yuan at end of the period, a decrease of9.88% over that of period beginning, mainly because the account paid in advance for nature gas declined;
4. Other account receivable has 38.0521 million Yuan at end of the period, a decrease of5.19% over that of period beginning, mainly because current account declined;
5. Construction in progress has 63.2925 million Yuan at end of the period, a decrease of23.14% over that of period beginning, mainly because the project for technical improvement completed and transfer to fixed assets;
6.Ending balance of long-term pending expenses amounted as 451000 yuan with 100 percent up over that of year-beginning, mainly due to the increase of decoration expenses for exhibition in the period;
7. Other non-current assets has 22.8822 million Yuan at end of the period, a decrease of8.12% over that of period beginning, mainly because account paid in advance for engineering and equipment declined;
8. Short-term loan has 900 million Yuan at end of the period, a decrease of10.00% over that of period beginning, mainly because bank loans declined;
9. Note payable and account payable has 21.7694 million Yuan at end of the period, an increase of20.50% over that of period beginning, mainly because account payable for nature gas increased;
10. Taxes payable has 11.8498 million Yuan at end of the period, a decrease of25.94% over that of period beginning, mainly because enterprise income tax for year of 2018 are paid in the period;
11. Operation revenue has 152.9752 million Yuan in the period, a decrease of62.09% from a year earlier, mainly because sales of electricity revenue declined for the decline of power generation;
12. Operation cost has 159.1116 million Yuan in the period, a decrease of58.68% from a year earlier, mainly because cost of power generation declined for the decline of power generation;
13. Tax and surcharge has 1.3876 million Yuan in the period, a decrease of31.69% from a year earlier, mainly because the surcharge for VAT decreased;
14. Sales expense has 1.0538 million Yuan in the period, an increase of129.51% from a year earlier, mainly because sludge disposal fee increased;
15. Financial expense has 4.9192 million Yuan in the period, a decrease of52.16% from a year earlier, mainly because interest income from the bank increased;
16. Income from assets disposal has -402,700 Yuan in the period, a decrease of100% from a year earlier, mainly because loss from fixed assets disposal increased;
17. Non-operation revenue has 104500 Yuan in the period, an increase of5,124.29% from a year earlier, mainly because income from disposal of waste materials increased;
18. Non-operation expenditure has 25200 Yuan in the period, a decrease of96.84% from a year earlier, mainly because loss from fixed assets discharge declined in the year;
19. Income tax expense has 973600 Yuan in the period, a decrease of56.70% from a year earlier, mainly because the enterprise income tax accrual in the year declined due to the total profit decreased on a y-o-y basis.;
20. Net cash flow arising from operation activity has -4.8977 million Yuan in the period, a decrease of92.93% from a year earlier in net out-flow, mainly because account paid for nature gas decreased and taxes paid are declined etc.;
21. Net cash flow arising from investment activity has -14.6956 million Yuan in the period, a decrease of54.06% from a year earlier in net out-flow, mainly because fixed assets purchase and expenditure for technical improvement declined;
22. Net cash flow arising from financing activity has -114.9606 million Yuan in the period, a decrease of131.25% from a year earlier in net in-flow, mainly because net in-flow from bank loans declined .
II. Analysis and explanation of significant events and their influence and solutions
√Applicable □Not applicable
1. Free transfer of state-owned shares held by major shareholder of the Company Shenzhen Energy Group. Due to the75% shares held by major shareholder of the Company Shenzhen Energy Group, are plans to transfer to SZ Capital for free by Shenzhen SASAC, according to the Notice from Shenzhen Energy Group and being apply to Shenzhen Stock Exchange, stock of the Company will suspend since 18 Feb. 2019, and continued to suspend since 20 Feb. 2019 and resumption since 21 Feb. 2019; on 1 March 2019, Shenzhen SASAC entered into an Free Transfer of State-owned Shares of Shenzhen Energy Group with SZ Capital, the75% shares of Shenzhen Energy Group will transfer to SZ Capital for free; on 8 April 2019, the above mentioned state-owned shares transfer has completed the registration changed in industrial and commerce bureau, and obtained the Notice of Change (Filing) from Shenzhen Market Supervision and Administration. Before the state-owned transferred, 65,106,130 (A-share) shares are directly held by Shenzhen Energy Group, a10.80% in total share capital of the Company, and 92,123,248 (B-share) shares are indirectly held with15.28% takes, totally 157,229,378 shares of the Company are held by Shenzhen Energy Group, a26.08% in total share capital. After the state-owned shares transfer, SZ Capital comes to the controlling shareholder of Shenzhen Energy Group with75% shares held, Shenzhen Energy Group still is the first largest shareholder of the Company. The Company did not have controlling shareholder and actual controller either.(found more in Notice of Suspension for Major Events, Continue Suspension and Progress of Major Events, Progress of Major Events and Resumption, A Prompt Notice on Free Transfer of MajorShareholder’s State-Owned Shares, Detail Report on Changes in Equity and Notice on Completion of Registration of Industrial and Commercial Changes by Free Transfer of State-owned Shares of major shareholders released on China Securities Jornal, Securities Times, Hong Kong Commercial Daily and Juchao Website with Notice No as2019—001,2019—002,2019—003,2019—005 and2019—016)
2. Project of‘Shenzhen Blue” Technical Improvement: in reporting period, the Company continues to promoted the technical improvement of “Shenzhen Blue”. and on 15 March 2019, the upgrading of low nitrogen burner of the last one 9E gas genset in Nanshan Power Plant has been completed, after improvement, the nitrogen oxide emission value superior to the government requirements as 15mg/m3, thus, the upgrading and improvement work of “Shenzhen Blue” has been successfully completed. The Company will actively follow up implementation of government subsidy.
Except for the above mentioned, the projects as Guangdong Aid to Xingjiang participated in 2013, the benefit fund of the technical improvement, collection work for funds refundable, and relevant works of T102-0011 and T102-0155 lands are no have progress in the reporting period.
Implementation progress of shares buy-back
□ Applicable√ Not applicable
Implementation progress of the reduction of repurchases shares by centralized bidding
□ Applicable√ Not applicable
III. Commitments completed in Period and those without completed till end of the Period from actual controller, shareholders, related parties, purchaser and companies
□ Applicable√ Not applicable
The Company has no commitments completed in Period and those without completed till end of the Period from actual controller, shareholders, related parties, purchaser and companies.
IV. Predict of the business performance from January to June 2017
Warnings and reasons of the predict that the cumulative net profit from the begin of the year to the end of next report period may be loss or have great changes comparing with the same period of last year
□Applicable √Not applicable
V. Securities Investment
□ Applicable√ Not applicable
No security investment in Period.
VI. Derivative investment
□ Applicable√ Not applicable
No derivative investment in the Period.
VII. Registration form for receiving research, communication and interview in the report period
√ Applicable□Not applicable
|||||
|-|-|-|-|
|Time|Way|Type|Basic situation index of investigation|
|2019-02-22|Field research|Individual （2）|Search the register of shareholders|
|2019-03-05|Field research|Individual （9）|Search the register of shareholders|
|2019-03-19|Field research|Individual （3）|Search the register of shareholders|
|2019-03-26|Field research|Individual （6）|Search the register of shareholders|
||||Continuing operation of the Company,|
|Jan.-Mar. 2019|Reply on interaction easily|Individual （5）||
||||events of lands of Nanshan Power Plant|

|||||
|-|-|-|-|
||||and numbers of shareholders etc., reply|
||||in written|
||||Continuing operation of the Company,|
|Jan.-Mar. 2019|Telephone communication|Individual （times）|events of lands of Nanshan Power Plant,|
||||no material acquired|

VIII. External security against the rules
□ Applicable√ Not applicable
The Company has no external security against the rules in the Period.
IX. Controlling shareholders' and its related party's non-business capital occupying of the listed company
□ Applicable√ Not applicable
There are no controlling shareholders' and its related party's non-business capital occupying of the listed company.
Section IV. Financial Statement
I. Financial statement
1. Consolidate balance sheet
Prepared by Shenzhen Nanshan Power Co., Ltd
In RMB
||||
|-|-|-|
|Items|2019-3-31|2018-12-31|
|Current assets:|||
|Monetary fund|789,010,297.84|925,829,404.44|
|Settlement provisions|||
|Capital lent|||
|Transactional financial assets|||
|Financial assets measured by fair|||
|value and with variation reckoned into|||
|current gains/losses|||
|Derivative financial assets|||
|Note receivable and account|||
||138,262,279.36|132,430,024.97|
|receivable|||
|Including: Notes receivable|1,500,000.00||
|Accounts receivable|136,762,279.36|132,430,024.97|
|Account paid in advance|48,354,119.27|53,655,777.12|
|Insurance receivable|||
|Reinsurance receivables|||
|Contract reserve of reinsurance|||
|receivable|||
|Other account receivable|38,052,060.78|40,133,297.74|
|Including: Interest receivable|||
|Dividends receivable|||
|Buying back the sale of financial|||
|assets|||
|Inventories|118,190,324.28|124,758,334.97|
|Contractual assets|||
|Assets held for sale|||

||||
|-|-|-|
|Non-current assets maturing within|||
|one year|||
|Other current assets|389,472,247.51|390,108,844.11|
|Total current assets|1,521,341,329.04|1,666,915,683.35|
|Non-current assets:|||
|Loans and payments on behalf|||
|Debt investment|||
|Available-for-sale financial assets|60,615,000.00|60,615,000.00|
|Other debt investment|||
|Held-to-maturity investments|||
|Long-term receivables|||
|Long-term equity investments|15,617,291.85|16,049,044.95|
|Investment in other equity instrument|||
|Other non-current financial assets|||
|Investment real estate|2,557,268.31|2,606,302.71|
|Fixed assets|1,427,480,166.98|1,405,649,989.24|
|Construction in progress|63,292,505.54|82,348,008.39|
|Productive biological assets|||
|Oil and natural gas assets|||
|Right-of-use assets|||
|Intangible assets|45,367,848.72|45,987,255.24|
|Research and development costs|||
|Goodwill|||
|Long-term deferred expenses|450,976.20||
|Deferred income tax assets|2,071,324.26|2,071,324.26|
|Other non-current assets|22,882,181.78|24,905,681.78|
|Total non-current assets|1,640,334,563.64|1,640,232,606.57|
|Total assets|3,161,675,892.68|3,307,148,289.92|
|Current liabilities|||
|Short-term borrowings|900,000,000.00|1,000,000,000.00|
|Loan from central bank|||
|Capital borrowed|||
|Transactional financial liability|||
|Financial liability measured by fair|||
|value and with variation reckoned into|||

||||
|-|-|-|
|current gains/losses|||
|Derivative financial liability|||
|Notes payable & account payable|21,769,447.66|18,065,898.69|
|Accounts received in advance|||
|Selling financial asset of repurchase|||
|Absorbing deposit and interbank|||
|deposits|||
|Agent buying and selling securities|||
|Acting underwriting securities|||
|Wage payable|40,699,716.19|44,912,599.66|
|Taxes payable|11,849,758.95|16,000,039.55|
|Other accounts payable|61,532,763.02|63,091,881.43|
|Including: Interest payable|1,135,362.09|1,608,290.72|
|Dividend payable|||
|Handling fees and commissions|||
|payable|||
|Reinsurance payable|||
|Contractual liability|||
|Liability held for sale|||
|Non-current liabilities due within one|||
|year|||
|Other current liabilities|||
|Total current liabilities|1,035,851,685.82|1,142,070,419.33|
|Non-current liabilities:|||
|Insurance contract reserve|||
|Long-term loans|21,940,000.00|25,940,000.00|
|Bonds payable|||
|Including: preferred stock|||
|Perpetual capital securities|||
|Lease liability|||
|Long-term account payable|||
|Accrued liabilities|26,726,232.38|26,726,232.38|
|Deferred income|74,769,120.17|75,612,259.33|
|Deferred income tax liabilities|||
|Other non-current liabilities|||

||||
|-|-|-|
|Total non-current liabilities|123,435,352.55|128,278,491.71|
|Total liabilities|1,159,287,038.37|1,270,348,911.04|
|Owners’ equity:|||
|Share capital|602,762,596.00|602,762,596.00|
|Other equity instrument|||
|Including: preferred stock|||
|Perpetual capital securities|||
|Capital public reserve|362,770,922.10|362,770,922.10|
|Less: Inventory shares|||
|Other comprehensive income|||
|Surplus reserve|332,908,397.60|332,908,397.60|
|Provision of general risk|||
|Retained profit|651,056,767.19|679,429,935.81|
|Total owner’s equity attributable to parent|||
||1,949,498,682.89|1,977,871,851.51|
|Company|||
|Minority interests|52,890,171.42|58,927,527.37|
|Total owner’s equity|2,002,388,854.31|2,036,799,378.88|
|Total liabilities and owner’s equity|3,161,675,892.68|3,307,148,289.92|

 Legal Representative: President Li Xinwei
Person in charge of accounting works: Director GM Chen Yuhui, CFO Dai Xiji
Person in charge of accounting institute: Deputy Manager Wang Yi (act for the financial management dept.)
2. Balance Sheet of Parent Company
In RMB
||||
|-|-|-|
|Items|2019-3-31|2018-12-31|
|Current assets:|||
|Monetary fund|655,283,552.62|766,041,463.01|
|Transactional financial assets|||
|Financial assets measured by fair|||
|value and with variation reckoned into|||
|current gains/losses|||
|Derivative financial assets|||
|Note receivable and account|25,933,876.70|50,415,180.20|

||||
|-|-|-|
|receivable|||
|Including: Notes receivable|||
|Accounts receivable|25,933,876.70|50,415,180.20|
|Account paid in advance|44,595,439.09|33,326,061.81|
|Other account receivable|1,147,841,633.04|1,048,357,217.53|
|Including: Interest receivable|||
|Dividends receivable|||
|Inventories|106,374,215.06|111,279,675.08|
|Contractual assets|||
|Assets held for sale|||
|Non-current assets maturing within|||
|one year|||
|Other current assets|365,808,635.75|362,678,678.87|
|Total current assets|2,345,837,352.26|2,372,098,276.50|
|Non-current assets:|||
|Debt investment|||
|Available-for-sale financial assets|60,615,000.00|60,615,000.00|
|Other debt investment|||
|Held-to-maturity investments|||
|Long-term receivables|||
|Long-term equity investments|303,341,165.00|303,341,165.00|
|Investment in other equity instrument|||
|Other non-current financial assets|||
|Investment real estate|||
|Fixed assets|306,724,823.78|284,572,482.22|
|Construction in progress|5,858,709.40|16,490,240.75|
|Productive biological assets|||
|Oil and natural gas assets|||
|Right-of-use assets|||
|Intangible assets|1,217,186.40|1,518,096.75|
|Research and development costs|||
|Goodwill|||
|Long-term deferred expenses|||
|Deferred income tax assets|||
|Other non-current assets|||

||||
|-|-|-|
|Total non-current assets|677,756,884.58|666,536,984.72|
|Total assets|3,023,594,236.84|3,038,635,261.22|
|Current liabilities|||
|Short-term borrowings|860,000,000.00|860,000,000.00|
|Transactional financial liability|||
|Financial liability measured by fair|||
|value and with variation reckoned into|||
|current gains/losses|||
|Derivative financial liability|||
|Notes payable & account payable|8,326,114.90|5,349,562.56|
|Accounts received in advance|||
|Contractual liability|||
|Wage payable|25,986,264.30|26,953,632.92|
|Taxes payable|6,292,362.72|11,962,377.72|
|Other accounts payable|158,979,178.36|157,816,358.94|
|Including: Interest payable|1,135,362.09||
|Dividend payable|||
|Liability held for sale|||
|Non-current liabilities due within one|||
|year|||
|Other current liabilities|||
|Total current liabilities|1,059,583,920.28|1,062,081,932.14|
|Non-current liabilities:|||
|Long-term loans|||
|Bonds payable|||
|Including: preferred stock|||
|Perpetual capital securities|||
|Lease liability|||
|Long-term account payable|||
|Accrued liabilities|||
|Deferred income|40,969,318.97|41,337,945.14|
|Deferred income tax liabilities|||
|Other non-current liabilities|||
|Total non-current liabilities|40,969,318.97|41,337,945.14|
|Total liabilities|1,100,553,239.25|1,103,419,877.28|

||||
|-|-|-|
|Owners’ equity:|||
|Share capital|602,762,596.00|602,762,596.00|
|Other equity instrument|||
|Including: preferred stock|||
|Perpetual capital securities|||
|Capital public reserve|289,963,039.70|289,963,039.70|
|Less: Inventory shares|||
|Other comprehensive income|||
|Surplus reserve|332,908,397.60|332,908,397.60|
|Retained profit|697,406,964.29|709,581,350.64|
|Total owner’s equity|1,923,040,997.59|1,935,215,383.94|
|Total liabilities and owner’s equity|3,023,594,236.84|3,038,635,261.22|

 3. Consolidated Profit Statement
In RMB
||||
|-|-|-|
|Items|Current Period|Last Period|
|I. Total operating income|152,975,230.74|403,525,942.67|
|Including: Operating income|152,975,230.74|403,525,942.67|
|Interest income|||
|Insurance gained|||
|Handling fees and commissions|||
|income|||
|II. Total operating cost|187,113,939.80|416,971,883.63|
|Including: Operating cost|159,111,562.68|385,053,424.45|
|Interest expense|||
|Handling fees and commissions|||
|expenses|||
|Cash surrender value|||
|Net amount of expense of|||
|compensation|||
|Net amount of withdrawal of|||
|insurance contract reserve|||
|Bonus expense of guarantee slip|||
|Reinsurance expense|||
|Taxes and surcharge|1,387,607.12|2,031,387.85|

||||
|-|-|-|
|Sales expenses|1,053,802.16|459,156.87|
|Administration expenses|20,641,767.60|19,145,685.78|
|R&D expenses|||
|Financial expenses|4,919,200.24|10,282,228.68|
|Including: interest expenses|12,647,043.44|11,002,416.40|
|Interest income|-7,889,780.98|-963,023.73|
|Losses of devaluation of asset|||
|Loss of credit impairment|||
|Add: other income|1,456,931.10|1,714,804.83|
|Investment income (Loss is listed with|||
||-431,753.10|-532,242.73|
|“-”)|||
|Including: Investment income on|||
|affiliated Company and joint venture|||
|Exchange income (Loss is listed with|||
|“-”)|||
|Net exposure hedging income (Loss is|||
|listed with “-”)|||
|Changing income of fair value(Loss is|||
|listed with “-”)|||
|Income on disposal of assets (Loss is|||
||-402,738.25||
|listed with “-”)|||
|III. Operating profit (Loss is listed with “-”)|-33,516,269.31|-12,263,378.86|
|Add: Non-operating income|104,485.70|2,000.00|
|Less: Non-operating expense|25,188.07|796,877.44|
|IV. Total Profit (Loss is listed with “-”)|-33,436,971.68|-13,058,256.30|
|Less: Income tax|973,552.89|2,248,293.10|
|V. Net profit (Net loss is listed with “-”)|-34,410,524.57|-15,306,549.40|
|(i) Classify by business continuity|||
|1.continuous operating net profit (net loss|||
|listed with ‘-”)|||
|2.termination of net profit (net loss listed|||
|with ‘-”)|||
|(ii) Classify by ownership|||
|1.Net profit attributable to owner’s of parent|||
||-28,373,168.62|-10,927,762.57|
|company|||
|2.Minority shareholders’ gains and losses|-6,037,355.95|-4,378,786.83|

||
|-|
|VI. Net after-tax of other comprehensive income|
|Net after-tax of other comprehensive income|
|attributable to owners of parent company|
|(I) Other comprehensive income items|
|which will not be reclassified subsequently to|
|profit of loss|
|1.Changes of the defined benefit|
|plans that re-measured|
|2.Other comprehensive income|
|under equity method that cannot be transfer to|
|gain/loss|
|3.Change of fair value of investment|
|in other equity instrument|
|4.Fair value change of enterprise's|
|credit risk|
|5. Other|
|(II) Other comprehensive income items|
|which will be reclassified subsequently to profit|
|or loss|
|1.Other comprehensive income|
|under equity method that can transfer to gain/loss|
|2.Change of fair value of other debt|
|investment|
|3.gain/loss of fair value changes for|
|available-for-sale financial assets|
|4.Amount of financial assets|
|re-classify to other comprehensive income|
|5.Gain/loss of held-to-maturity|
|investments that re-classify to available-for-sale|
|financial asset|
|6.Credit impairment provision for|
|other debt investment|
|7.Cash flow hedging reserve|
|8.Translation differences arising on|
|translation of foreign currency financial|
|statements|
|9.Other|
|Net after-tax of other comprehensive income|
|attributable to minority shareholders|

||||
|-|-|-|
|VII. Total comprehensive income|-34,410,524.57|-15,306,549.40|
|Total comprehensive income attributable|||
||-28,373,168.62|-10,927,762.57|
|to owners of parent Company|||
|Total comprehensive income attributable to|||
||-6,037,355.95|-4,378,786.83|
|minority shareholders|||
|VIII. Earnings per share:|||
|(i) Basic earnings per share|-0.05|-0.02|
|(ii) Diluted earnings per share|-0.05|-0.02|

 Enterprise combine under the same control in the Period, the combined party realized net profit of 0 Yuan before combination, and realized 0 Yuan at last period for combined party
Legal Representative: President Li Xinwei
Person in charge of accounting works: Director GM Chen Yuhui, CFO Dai Xiji
Person in charge of accounting institute: Deputy Manager Wang Yi (act for the financial management dept.)
4. Profit Statement of Parent Company
In RMB
||||
|-|-|-|
|Items|Current Period|Last Period|
|I. Operating income|51,953,247.12|165,304,888.90|
|Less: Operating cost|59,371,196.61|155,632,212.68|
|Taxes and surcharge|548,340.11|178,168.35|
|Sales expenses|||
|Administration expenses|11,917,938.97|9,385,988.12|
|R&D expenses|||
|Financial expenses|-7,572,589.42|-6,277,213.03|
|Including: interest|||
||11,511,308.35|4,256,330.00|
|expenses|||
|Interest income|-19,015,116.03|-10,401,896.66|
|Losses of devaluation of asset|||
|Loss of credit impairment|||
|Add: other income|368,626.17|762,430.33|
|Investment income (Loss is|||
|listed with “-”)|||
|Including: Investment income|||
|on affiliated Company and joint venture|||

||||
|-|-|-|
|Net exposure hedging income|||
|(Loss is listed with “-”)|||
|Changing income of fair|||
|value(Loss is listed with “-”)|||
|Income on disposal of assets|||
||-231,373.37||
|(Loss is listed with “-”)|||
|II. Operating profit (Loss is listed|||
||-12,174,386.35|7,148,163.11|
|with “-”)|||
|Add: Non-operating income|||
|Less: Non-operating expense||786,877.44|
|III. Total Profit (Loss is listed with|||
||-12,174,386.35|6,361,285.67|
|“-”)|||
|Less: Income tax||1,590,321.42|
|IV. Net profit (Net loss is listed with|||
||-12,174,386.35|4,770,964.25|
|“-”)|||
|(i)continuous operating net profit|||
|(net loss listed with ‘-”)|||
|(ii) termination of net profit (net|||
|loss listed with ‘-”)|||
|V. Net after-tax of other comprehensive|||
|income|||
|(I) Other comprehensive income|||
|items which will not be reclassified|||
|subsequently to profit of loss|||
|1.Changes of the defined|||
|benefit plans that re-measured|||
|2.Other comprehensive|||
|income under equity method that cannot|||
|be transfer to gain/loss|||
|3.Change of fair value of|||
|investment in other equity instrument|||
|4.Fair value change of|||
|enterprise's credit risk|||
|5. Other|||
|(II) Other comprehensive income|||
|items which will be reclassified|||
|subsequently to profit or loss|||
|1.Other comprehensive|||
|income under equity method that can|||

||||
|-|-|-|
|transfer to gain/loss|||
|2.Change of fair value of|||
|other debt investment|||
|3.gain/loss of fair value|||
|changes for available-for-sale financial|||
|assets|||
|4.Amount of financial|||
|assets re-classify to other|||
|comprehensive income|||
|5.Gain/loss of|||
|held-to-maturity investments that|||
|re-classify to available-for-sale financial|||
|asset|||
|6.Credit impairment|||
|provision for other debt investment|||
|7.Cash flow hedging|||
|reserve|||
|8.Translation differences|||
|arising on translation of foreign|||
|currency financial statements|||
|9.Other|||
|VI. Total comprehensive income|-12,174,386.35|4,770,964.25|
|VII. Earnings per share:|||
|(i) Basic earnings per share|||
|(ii) Diluted earnings per share|||

5. Consolidated Cash Flow Statement
In RMB
||||
|-|-|-|
|Items|Current Period|Last Period|
|I. Cash flows arising from operating|||
|activities:|||
|Cash received from selling|||
|commodities and providing labor|186,351,276.89|389,122,193.60|
|services|||
|Net increase of customer deposit|||
|and interbank deposit|||
|Net increase of loan from central|||
|bank|||

||||
|-|-|-|
|Net increase of capital borrowed|||
|from other financial institution|||
|Cash received from original|||
|insurance contract fee|||
|Net cash received from|||
|reinsurance business|||
|Net increase of insured savings|||
|and investment|||
|Net increase of amount from|||
|disposal financial assets that measured|||
|by fair value and with variation|||
|reckoned into current gains/losses|||
|Cash received from interest,|||
|commission charge and commission|||
|Net increase of capital borrowed|||
|Net increase of returned business|||
|capital|||
|Net cash received by agents in|||
|sale and purchase of securities|||
|Write-back of tax received||620,709.11|
|Other cash received concerning|||
||22,895,402.99|2,172,748.21|
|operating activities|||
|Subtotal of cash inflow arising from|||
||209,246,679.88|391,915,650.92|
|operating activities|||
|Cash paid for purchasing|||
|commodities and receiving labor|154,761,126.02|394,654,009.46|
|service|||
|Net increase of customer loans|||
|and advances|||
|Net increase of deposits in central|||
|bank and interbank|||
|Cash paid for original insurance|||
|contract compensation|||
|Net increase of financial assets|||
|held for transaction purposes|||
|Net increase of capital lent|||
|Cash paid for interest, commission|||
|charge and commission|||

||||
|-|-|-|
|Cash paid for bonus of guarantee|||
|slip|||
|Cash paid to/for staff and workers|38,267,116.27|34,455,664.92|
|Taxes paid|9,429,950.97|22,451,695.31|
|Other cash paid concerning|||
||11,686,141.58|9,614,887.20|
|operating activities|||
|Subtotal of cash outflow arising from|||
||214,144,334.84|461,176,256.89|
|operating activities|||
|Net cash flows arising from operating|||
||-4,897,654.96|-69,260,605.97|
|activities|||
|II. Cash flows arising from investing|||
|activities:|||
|Cash received from recovering|||
|investment|||
|Cash received from investment|||
|income|||
|Net cash received from disposal of|||
|fixed, intangible and other long-term|1,989,560.00|262,500.00|
|assets|||
|Net cash received from disposal of|||
|subsidiaries and other units|||
|Other cash received concerning|||
|investing activities|||
|Subtotal of cash inflow from investing|||
||1,989,560.00|262,500.00|
|activities|||
|Cash paid for purchasing fixed,|||
||16,685,177.41|32,248,431.89|
|intangible and other long-term assets|||
|Cash paid for investment|||
|Net increase of mortgaged loans|||
|Net cash received from|||
|subsidiaries and other units obtained|||
|Other cash paid concerning|||
|investing activities|||
|Subtotal of cash outflow from investing|||
||16,685,177.41|32,248,431.89|
|activities|||
|Net cash flows arising from investing|||
||-14,695,617.41|-31,985,931.89|
|activities|||
|III. Cash flows arising from financing|||

||||
|-|-|-|
|activities|||
|Cash received from absorbing|||
|investment|||
|Including: Cash received from|||
|absorbing minority shareholders’|||
|investment by subsidiaries|||
|Cash received from loans|230,000,000.00|530,000,000.00|
|Cash received from issuing bonds|||
|Other cash received concerning|||
||2,133,338.86|15,460,000.00|
|financing activities|||
|Subtotal of cash inflow from financing|||
||232,133,338.86|545,460,000.00|
|activities|||
|Cash paid for settling debts|334,000,000.00|167,000,000.00|
|Cash paid for dividend and profit|||
||13,093,959.02|10,555,809.13|
|distributing or interest paying|||
|Including: Dividend and profit of|||
|minority shareholder paid by|||
|subsidiaries|||
|Other cash paid concerning|||
|financing activities|||
|Subtotal of cash outflow from|||
||347,093,959.02|177,555,809.13|
|financing activities|||
|Net cash flows arising from financing|||
||-114,960,620.16|367,904,190.87|
|activities|||
|IV. Influence on cash and cash|||
|equivalents due to fluctuation in|-131,875.21|-231,298.80|
|exchange rate|||
|V. Net increase of cash and cash|||
||-134,685,767.74|266,426,354.21|
|equivalents|||
|Add: Balance of cash and cash|||
||914,956,611.70|411,613,377.07|
|equivalents at the period -begin|||
|VI. Balance of cash and cash|||
||780,270,843.96|678,039,731.28|
|equivalents at the period -end|||

6. Cash Flow Statement of Parent Company
In RMB
||||
|-|-|-|
|Items|Current Period|Last Period|
|I. Cash flows arising from operating|||

||||
|-|-|-|
|activities:|||
|Cash received from selling|||
|commodities and providing labor|80,902,171.49|165,849,848.40|
|services|||
|Write-back of tax received|||
|Other cash received concerning|||
||38,366,707.44|892,094.12|
|operating activities|||
|Subtotal of cash inflow arising from|||
||119,268,878.93|166,741,942.52|
|operating activities|||
|Cash paid for purchasing|||
|commodities and receiving labor|72,960,767.27|164,618,568.76|
|service|||
|Cash paid to/for staff and workers|22,272,693.24|19,415,113.07|
|Taxes paid|6,293,432.39|6,308,794.09|
|Other cash paid concerning|||
||107,367,157.23|22,699,771.73|
|operating activities|||
|Subtotal of cash outflow arising from|||
||208,894,050.13|213,042,247.65|
|operating activities|||
|Net cash flows arising from operating|||
||-89,625,171.20|-46,300,305.13|
|activities|||
|II. Cash flows arising from investing|||
|activities:|||
|Cash received from recovering|||
|investment|||
|Cash received from investment|||
|income|||
|Net cash received from disposal of|||
|fixed, intangible and other long-term|1,794,800.00|262,500.00|
|assets|||
|Net cash received from disposal of|||
|subsidiaries and other units|||
|Other cash received concerning|||
|investing activities|||
|Subtotal of cash inflow from investing|||
||1,794,800.00|262,500.00|
|activities|||
|Cash paid for purchasing fixed,|||
||11,886,483.79|28,368,843.96|
|intangible and other long-term assets|||
|Cash paid for investment|||

||||
|-|-|-|
|Net cash received from|||
|subsidiaries and other units obtained|||
|Other cash paid concerning|||
|investing activities|||
|Subtotal of cash outflow from investing|||
||11,886,483.79|28,368,843.96|
|activities|||
|Net cash flows arising from investing|||
||-10,091,683.79|-28,106,343.96|
|activities|||
|III. Cash flows arising from financing|||
|activities|||
|Cash received from absorbing|||
|investment|||
|Cash received from loans|230,000,000.00|360,000,000.00|
|Cash received from issuing bonds|||
|Other cash received concerning|||
|||11,660,000.00|
|financing activities|||
|Subtotal of cash inflow from financing|||
||230,000,000.00|371,660,000.00|
|activities|||
|Cash paid for settling debts|230,000,000.00|30,000,000.00|
|Cash paid for dividend and profit|||
||11,040,179.19|3,194,917.92|
|distributing or interest paying|||
|Other cash paid concerning|||
|financing activities|||
|Subtotal of cash outflow from|||
||241,040,179.19|33,194,917.92|
|financing activities|||
|Net cash flows arising from financing|||
||-11,040,179.19|338,465,082.08|
|activities|||
|IV. Influence on cash and cash|||
|equivalents due to fluctuation in|-876.21|-1,583.93|
|exchange rate|||
|V. Net increase of cash and cash|||
||-110,757,910.39|264,056,849.06|
|equivalents|||
|Add: Balance of cash and cash|||
||766,041,463.01|148,223,551.05|
|equivalents at the period -begin|||
|VI. Balance of cash and cash|||
||655,283,552.62|412,280,400.11|
|equivalents at the period -end|||

II. Explanation on financial statement adjustment
1. Financial statement adjustment at the beginning of the first year when implementation of new financial instrument rules, new revenue rules and new leasing rules
□Applicable√Not applicable
2. Retrospective adjustment of the comparative data for initial implementation of new financial instrument rules and new leasing rules
□Applicable√Not applicable
III. Audit report
Whether the 1st quarterly report has been audited or not
□Yes√ No
1Q report of the Company is unaudited.