Stock Code: 688007 Stock Short Name: Appotronics
Appotronics Corporation LimitedThe First Quarter Report in 2024
Announcement is free from any misrepresentation, misleading statement, or materialomission, and shall be legally liable for the truthfulness, accuracy, and completeness ofthe content hereof in accordance with the law.
Important NotesThe Board of Directors, the Board of Supervisors, directors, supervisors, and senior officers of theCompany hereby warrant that the information contained in this Quarterly Report is true, accurate andcomplete and this Quarterly Report is free from any misrepresentation, misleading statement or materialomission, and agree to assume joint and several liability for this Quarterly Report.The Principal of the Company, Person in Charge of the Accounting Work, and Person in Charge of theAccounting Body (Chief Accountant) of the Company hereby represent that the financial informationcontained in this Quarterly Report is true, accurate and complete.Whether the financial statements of the 1
stquarter have been audited
□ Yes √ No
本报告为深圳光峰科技股份有限公司自愿披露的《2024年第一季度报告（英文版）》，对本报告的中英文版本理解上发生歧义时，以中文版本为准。
The First Quarter Report in 2024 is voluntarily disclosed by Appotronics Corporation Limited,and if the meaning of the translated version is different than the Chinese version, the Chinese versionwill control.
I. Major financial data(I) Main accounting data and financial indicators
In RMBItem During the reporting period
Change on a year-on-
The Board of Directors of the Company and all directors warrant that this
year basis (%)
| year basis (%) | ||
| Operating income |
445,039,193.21 -3.04
Net profit attributable toshareholders of the listed
44,543,331.11 226.21Net profit attributable toshareholders of the listedcompany after deduction of non-
| company |
| recurring profit or loss |
622,945.86 N/ANet cash flow from operating
12,224,792.96 N/ABasic earnings per share
| activities |
| (RMB/share) |
0.10 233.33Diluted earnings per share
0.10 233.33Weighted average return on net
| (RMB/share) |
| assets (%) |
1.57 +1.06 percentage points
| Total R&D investments | 54,022,432.44 | -14.84 |
Proportion of R&D investments
12.14 -1.68 percentage points
At the end of thereporting period
At the end ofthe prior year
Changes at the end ofthe reporting periodfrom the end of the
| to operating income (%) | ||
| prior year (%) | ||
| Total assets |
4,167,616,791.73 4,220,570,891.16 -1.25Owners’ equity attributable toshareholders of the listed
2,826,259,823.50 2,818,869,452.99 0.26(II) Items and amounts of non-recurring profit or loss
√ Applicable □ N/A
In RMBItem of non-recurring profit or loss
companyAmount for thecurrent period
Description
| Amount for the current period | |
| Gain or loss on disposal of non-current assets, including write-off |
of provision for asset impairment
-252,005.77Government grants recognized in profit or loss for the currentperiod (excluding government grants that are closely related to thebusiness of the Company and are provided in accordance withestablished standards with continuous effects on the profit or loss
6,292,151.48
Profit or loss on changes in the fair value of financial assets andfinancial liabilities held by non-financial enterprises and profit orloss on the disposal of financial assets and financial liabilities,other than those used in the effective hedging activities related to
37,906,378.85
| normal operating business of the Company |
| Income earned from lending funds to non-financial enterprises and recognized in profit or loss |
| Profit or loss on entrusted investments or assets management | 3,661,419.17 | |
| Net profit or loss of subsidiaries from the beginning of the period |
up to the business combination date recognized as a result of
3,601,854.87
| business combination involving enterprises under common control | ||
| Other non-operating income and expenses | 11,426.69 | |
| Less: Effect of income taxes |
7,133,583.78Effects attributable to minority interests (net of tax) 167,256.26
Total 43,920,385.25It is required to specify the reasons for defining items not illustrated in Information Disclosure andPresentation Rules for Companies Making Public Offering of Securities No. 1 - Non-recurring Profit orLoss as non-recurring profit or loss items of significant amounts, and for defining non-recurring profit orloss items illustrated in Information Disclosure and Presentation Rules for Companies Making PublicOffering of Securities No. 1 - Non-recurring Profit or Loss as recurring profit or loss items.
□ Applicable √ N/A
(III) Description of and reasons for changes in the main accounting data and financial indicators
√ Applicable □ N/A
| Item | % Change | Main reason |
| Net profit attributable to shareholders of the listed company |
226.21
profit or loss on changes in the fair value of some held-
| for-trading financial assets during the reporting period. | ||
| Net profit attributable to shareholders of the listed company after deduction of non-recurring profit or loss |
N/A
The main reasons are the year-on-year decrease in the
reporting period.Net cash flow from operatingactivities
N/A
| control expenses and period expenses during the |
| The main reasons are the adjustment in the method of settlement with suppliers and the optimization of |
payment terms during the reporting period.
233.33
| Basic earnings per share (RMB/share) | Same as the reasons for the change in the net profit attributable to shareholders of the listed company. | |
| Diluted earnings per share (RMB/share) |
233.33
Same as the
attributable to shareholders of the listed company.
1. Analysis of business operation
From the beginning of 2024, the Company insisted on high-quality development for overall operationby continuously carrying out the development strategy of “core technologies + core devices + application
scenarios” to enhance the key development path with cinema businesses and dedicated display businessesas the fundamental business and with automotive businesses and other innovative businesses as growthbusinesses, which reflected strong resilience and activity in the overall business operation. Thefundamental businesses led to continuously improving profit indicators for the Company, while the growthbusinesses created new energy - the automotive business achieved the revenue breakthrough from 0 to 1to develop into a key growth pole of the Company in the future. During the reporting period, our operatingincome was RMB 445 million, essentially sustaining the level of the prior period; the net profit attributableto the parent company reached RMB 44.5433 million, up by 226.21% year on year; the net profitattributable to shareholders of the listed company after deduction of non-recurring profit or loss reversedthe loss into profit; and the overall gross profit margin, was 32.44%, while other key financial indicatorsmaintained stable. The operating highlights of the Company during the reporting period include:
? Starting of the revenue contribution period for the automotive optics businessIn December 2023, we achieved the official implementation of AITO M9, the first nominatedautomobile model, and entered the stage of intense mass production and delivery in March 2024, whichstarted the revenue contribution period for the automotive optics business. In the first quarter of 2024, weachieved the revenue of RMB 48.0268 million from the automotive optics business. The automobile-gradeprojection giant screen in AITO M9 redefined in-vehicle intelligent space by meeting various demands forin-vehicle entertainment, office, etc. The smooth implementation and delivery of M9 indicated that ourautomobile-grade projection giant screen has been fully tested on the market.
On April 25, 2024, we released the world’s first ALL-in-ONE universal laser headlight on BeijingInternational Automotive Exhibition, which, for the first time, integrated the high beam ADB headlight,variable color temperature headlight (compatible with the fog light mode), ground information display,automotive cinema, etc. into one headlight module with a small size. This greatly reduced the powerconsumption and volume of the entire system, and greatly reduced the overall cost of the system whilemeeting various demands for safety, social attributes, and individualization.? Stable growth of the cinema businessThe record-breaking Spring Festival box office in 2024 and the continuous release of film watchingdemands driven by outstanding films predict the strong development of the film market, which willpromote the continuous increase in our revenue from the cinema business. During the reporting period,
our revenue from the cinema business was RMB 153 million, up by 21% year on year. Meanwhile, weenhanced the efforts for developing and marketing the VLED LED Cinema projection solution to furtherexpand the growth space of the cinema business and improve the business resilience for sustainabledevelopment.? Continuous improvement in operation quality at FormovieThanks to the effective adjustment in personnel and business structure in the previous period,Formovie reasonably controlled and optimized its period expenses and continuously improved the qualityof its overall operation during the reporting period. It reduced the losses by RMB 14.6943 million year onyear, reducing the rate of loss by 40.12% year on year. This reduced the impact on the profit indicators ofthe Company. Formovie will continue to focus on more competitive own brand products while takingoverseas advantages of Google TV+Netflix dual certification to continuously improve its inherentdynamics and operating quality.
2. Profit analysis
(1) During the reporting period, some held-for-trading financial assets generated investment returns
and profit or loss on change in the fair value, which provided active effects on the net profit attributableto the parent company;
(2) During the reporting period, we maintained stable and favorable development of the cinema,
automotive optics, and other businesses; meanwhile, our optimization and control of expenses andexpenditures led to the decrease in period expenses by 20.60%, achieving obvious results in cost reductionand efficiency improvement. At present, the arbitration between the Company and relevant GDC partiesis still under trial. This arbitration case incurred the legal service fees of RMB 7.5593 million during thereporting period. With such fees excluded, the period expenses could be further reduced, which wouldincrease by RMB 7.5593 million in the net profit attributable to the parent company and the net profitattributable to the parent company net of non-recurring profit or loss.II. Shareholder information(I) Total number of ordinary shareholders, number of preferred shareholders whose voting right has
been restituted, and shares held by top 10 shareholders
Unit: Share
Total number of ordinary shareholders as of theend of the reporting period
15,699
Total number of preferredshareholders whose voting right hasbeen restituted as of the end of thereporting period (if any)
N/AShares held by top 10 shareholders (excluding shares lent out under the refinancing arrangement)
Shareholder
Nature ofshareholder
Num
berofsharesheld
Proportion ofshareholding
(%)
Numberof non-tradablesharesheld
Number of non-tradable sharesheld, includingthe shares lentout under the
refinancingarrangement
Sharespledged,marked, orfrozenStatus ofsharesNumberShenzhen AppotronicsHoldings Limited
Domesticnon-state
owned
79,762,679
17.24 0 0 None 0Shenzhen Yuanshi LaserIndustrial InvestmentConsulting Partnership
| corporation | |
| (LP) |
Domesticnon-state
owned
24,139,500
5.22 0 0 None 0Nantong Strait AppotronicsInvestment Partnership(LP)
Domesticnon-state
owned
| corporation |
| corporation |
18,381,208
3.97 0 0 None 0Shenzhen AppotronicsDaye InvestmentPartnership (LP)
non-state
ownedcorporation
17,056,167
3.69 0 0 None 0Shenzhen AppotronicsHongye InvestmentPartnership (LP)
| Domestic |
| Domestic |
non-state
ownedcorporation
13,601,344
2.94 0 0 None 0Shenzhen AppotronicsChengye ConsultingPartnership (LP)
non-state
ownedcorporation
10,394,846
2.25 0 0 None 0Bank of China Co., Ltd. -Stable Income BondSecurities Investment Fundof E Fund
Others
9,945,837
2.15 0 0 None 0
Shenzhen JinleijingInvestment LimitedPartnership (LP)
Domesticnon-state
ownedcorporation
9,892,706
2.14 0 0 None 0Hong Kong Securities
Foreign
| Clearing Company Limited | corporation |
7,692
1.66 0 0 None 0Shanghai PudongDevelopment Bank Co.,Ltd. - Invesco Great WallNew Energy IndustryStock SecuritiesInvestment Fund
Others
6,086,362
1.32 0 0 None 0
Shares held by top 10 holders of tradable sharesShareholder
Number of tradable shares
held
Type and number of sharesType of shares NumberShenzhen Appotronics Holdings Limited 79,762,679
RMB-denominatedordinary share
79,762,679Shenzhen Yuanshi Laser Industrial InvestmentConsulting Partnership (LP)
24,139,500
,374RMB-
denominated
| ordinary share |
24,139,500Nantong Strait Appotronics Investment Partnership(LP)
18,381,208
RMB-denominatedordinary share
18,381,208Shenzhen Appotronics Daye InvestmentPartnership (LP)
17,056,167
RMB-denominatedordinary share
17,056,167Shenzhen Appotronics Hongye InvestmentPartnership (LP)
13,601,344
RMB-denominated
13,601,344Shenzhen Appotronics Chengye ConsultingPartnership (LP)
10,394,846
| ordinary share |
| RMB- |
denominatedordinary share
10,394,846Bank of China Co., Ltd. - Stable Income BondSecurities Investment Fund of E Fund
9,945,837
RMB-denominatedordinary share
9,945,837Shenzhen Jinleijing Investment LimitedPartnership (LP)
9,892,706
RMB-denominated
9,892,706Hong Kong Securities Clearing Company Limited 7,692,374
| ordinary share |
| RMB- |
denominatedordinary share
7,692,374
Shanghai Pudong Development Bank Co., Ltd. -Invesco Great Wall New Energy Industry StockSecurities Investment Fund
6,086,362
RMB-denominatedordinary share
6,086,362
Affiliates or concert parties among theshareholders stated above
Shenzhen Appotronics Holdings Limited, Shenzhen Yuanshi Laser
| Industrial Investment Consulting Partnership (LP), Shenzhen |
Appotronic
Appotronics Chengye Consulting Partnership (LP).
2. Except for the above, we are not aware of whether there are
affiliates or concert parties as defined in the AdministrativeMeasures for the Acquisition of the Listed Companies among othershareholders.Description of margin trading, short selling, andrefinancing involving top 10 shareholders and top10 holders of non-restricted shares (if any)
N/ALending of shares in refinancing businesses by shareholders holding over 5% shares, top 10shareholders, and top 10 holders of tradable shares
□ Applicable √ N/A
Change from the prior period due to lending/payback in refinancing businesses by top 10 shareholdersand top 10 holders of tradable shares
□ Applicable √ N/A
III. Other eventsOther important information about the business operation of the Company during the reporting periodrequesting the attention of investors
√ Applicable □ N/A
As of the end of the reporting period, the Company, as the patentee, is involved in 3 cases of petitionfor invalidation brought to China National Intellectual Property Administration. The titles of the patentsinvolved are “a multi-color lighting apparatus using moving pattern plate containing wavelengthconversion material” (patent number: ZL200880107739.5), “a phosphor-based light source structure forimproving the efficiency of light conversion” (patent number: ZL200810065225.X), and “a light sourcesystem and projection device” (patent number: ZL201610129958.X).
IV. Quarterly financial statements(I) Type of audit opinions
□ Applicable √ N/A
(II) Financial statements
Consolidated Balance Sheet
March 31, 2024Prepared by: Appotronics Corporation Limited
In RMB Audit type: UnauditedItem March 31, 2024 December 31, 2023Current AssetsCash and bank balances 1,295,107,682.52
1,386,828,549.06
Balances with clearing agencies
institutions
| Placements with banks and other financial |
Held-for-trading financial assets 558,813,500.00
514,010,000.00
Derivative financial assetsNotes receivable 8,245,476.89
8,951,308.71
| Accounts receivable | 191,013,153.46 | 180,290,007.90 |
| Receivables financing | 16,591,500.00 | 11,387,400.00 |
| Prepayments | 28,570,676.82 | 35,112,661.82 |
| Premiums receivable |
Amounts receivable under reinsurance contractsReinsurer’s share of insurance contract reservesOther receivables 29,778,482.53
30,698,687.55
Where: Interest receivable
Dividend receivable 14,048,100.00 14,023,746.00Financial assets purchased under resaleagreements
Inventories 654,148,641.73
656,346,799.67
Where: Data resourcesContract assets 1,711,165.29 1,664,740.29Assets held for saleNon-current assets due within one year 50,927,102.99 41,997,218.73
| Other current assets | 50,114,834.09 | 48,417,270.11 |
| Total current assets | 2,885,022,216.32 | 2,915,704,643.84 |
| Non-current Assets: | ||
Loans and advancesDebt investmentsOther debt investmentsLong-term accounts receivable 28,406,241.84
26,000,543.13
Long-term equity investment 145,151,087.41
144,726,776.43
Investment in other equity instruments 7,075,419.38
7,075,419.38
| Other non-current financial assets | ||
| Investment property | ||
| Fixed assets | 309,024,900.32 | 336,276,793.84 |
Construction in progress 357,640,176.24
347,777,138.86
Productive biological assets
| Oil and gas assets | ||
| Right-of-use assets | 36,008,298.71 | 40,016,903.67 |
| Intangible assets | 278,522,539.37 | 281,961,046.22 |
| Where: Data resources |
Development expenditureWhere: Data resourcesGoodwillLong-term prepaid expenses 4,918,272.93
6,318,145.33
Deferred tax assets 76,795,766.21
85,364,732.19
Other non-current assets 39,051,873.00
29,348,748.27
| Total non-current assets | 1,282,594,575.41 | 1,304,866,247.32 |
| Total assets | 4,167,616,791.73 | 4,220,570,891.16 |
| Current Liabilities: | ||
| Short-term borrowings | 50,036,111.11 | 80,036,500.00 |
| Loans from the central bank | ||
Taking from banks and other financialinstitutions
| Held-for-trading financial liabilities | ||
| Derivative financial liabilities |
Notes payable 84,241,537.20
76,001,079.07
Accounts payable 274,700,053.42 247,318,466.10
Advance from customers 103,042,174.13
110,573,711.24
Contract liabilities 43,050,607.62
45,416,445.99
Financial assets sold under repurchaseagreements
Customer deposits and deposits from banks and
| other financial institutions | ||
| Funds from securities trading agency | ||
| Funds from underwriting securities agency | ||
| Employee benefits payable | 27,480,415.14 | 66,874,234.47 |
Taxes payable 9,271,995.74
6,142,704.23
Other payables 42,384,599.39
54,142,509.17
Where: Interest payable
Dividend payable
Fees and commissions payable
| Amounts payable under reinsurance contracts | ||
| Liabilities held for sale | ||
| Non-current liabilities due within one year | 231,672,005.81 | 268,748,151.67 |
| Other current liabilities | 16,977,077.50 | 18,441,685.83 |
Total current liabilities 882,856,577.06 973,695,487.77Non-current Liabilities:
Insurance contract reservesLong-term borrowings 400,007,155.62
370,649,631.22
| Bonds payable | ||
| Where: Preferred shares | ||
| Perpetual bonds | ||
| Leasing liabilities | 16,516,180.62 | 15,548,985.71 |
Long-term payablesLong-term employee benefits payableEstimated liabilities 56,806,899.15
58,180,985.08Deferred income 4,018,991.50
4,627,972.56
Deferred tax liabilities 2,713,256.43
1,229,654.81
Other non-current liabilities
Total non-current liabilities
| Total non-current liabilities | 480,062,483.32 | 450,237,229.38 |
| Total liabilities | 1,362,919,060.38 | 1,423,932,717.15 |
| Owners’ Equity (Or Shareholders’ Equity): | ||
| Paid-in capital (or share capital) | 462,605,378.00 | 462,211,338.00 |
| Other equity instruments | ||
Where: Preferred shares
Perpetual bondsCapital reserve 1,621,410,915.98
1,616,489,567.43
Less: Treasury shares 62,164,578.51
19,377,297.59
Other comprehensive income 7,869,005.55
7,550,073.78
Special reserve
| Surplus reserve | 84,873,365.32 | 84,873,365.32 |
| General risk reserve | ||
| Undistributed profit | 711,665,737.16 | 667,122,406.05 |
Total owners’ (or shareholders’) equityattributable to owners of the parent company
2,826,259,823.50
2,818,869,452.99
| Minority interests | -21,562,092.15 | -22,231,278.98 |
| Total owners’ (or shareholders’) equity | 2,804,697,731.35 | 2,796,638,174.01 |
| Total liabilities and owners’ (or |
shareholders’) equity
| 4,167,616,791.73 | 4,220,570,891.16 |
| Principal of the Company: | Person in Charge of the Accounting Work: | Person in Charge of the Accounting Body: |
| LI Yi | WANG Yingxia | WANG Yingxia |
Consolidated Income StatementFor the period from January to March 2024Prepared by: Appotronics Corporation Limited
In RMB Audit type: UnauditedItem
in 2024
| The First Quarter | The First |
Quarter in 2023I. Total operating income 445,039,193.21 459,012,885.14Where: Operating income 445,039,193.21 459,012,885.14
Interest incomePremiums earned
| Fee and commission income | ||
| II. Total operating costs | 436,256,932.50 | 467,714,458.54 |
| Where: Operating costs | 300,684,484.79 | 296,672,965.87 |
| Interest expenses |
Fee and commission expensesSurrendersClaims and policyholder benefits (net of amounts
Net withdrawal of insurance contract reservesInsurance policyholder dividendsExpenses for reinsurance acceptedTax and surcharge 1,543,505.22 2,246,009.39Selling expenses 44,067,730.59 59,929,586.42Administrative expenses 39,231,871.63 42,342,747.37
recoverable from reinsurers)R&D expenses
| R&D expenses | 54,022,432.44 | 63,434,898.20 |
| Financial expenses | -3,293,092.17 | 3,088,251.29 |
| Where: Interest expense | 4,712,870.30 | 5,966,634.80 |
| Interest income | 8,393,771.91 | 6,877,403.47 |
| Add: Other income | 10,334,146.75 | 21,723,549.50 |
| Investment income (loss is indicated by “-”) | 15,035,443.71 | -2,765,299.53 |
Where: Income from investments in associates and joint
-254,854.31 -5,117,145.08
| ventures |
| Gains from derecognition of financial assets |
measured at amortized cost
Foreign exchange gains (loss is indicated by “-”)
“-”)
| Gains from net exposure hedges (loss is indicated by |
Gains from changes in fair values (loss is indicated by
26,277,500.00
| “-”) | ||
| Losses of credit impairment (loss is indicated by “-”) | -1,694,116.42 | 1,498,368.33 |
Impairment losses of assets (loss is indicated by “-”) -4,251,644.39 -3,843,694.60Gains from disposal of assets (loss is indicated by “-”) 112,025.61 -2,903.65
III. Operating profit (loss is indicated by “-”) 54,595,615.97 7,908,446.65Add: Non-operating income 15,252.07 311,999.47
| Less: Non-operating expenses | 367,856.76 | 118,694.04 |
| IV. Total profits (total losses are indicated by “-”) | 54,243,011.28 | 8,101,752.08 |
| Less: Income tax expenses | 12,901,079.19 | 9,404,199.18 |
| V. Net profits (net losses are indicated by “-”) | 41,341,932.09 | -1,302,447.10 |
(I) Categorized by the continuity of operation
1. Net profits from continuing operations (net losses are
41,341,932.09
| indicated by “-”) |
-1,302,447.10
| 2. Net profits from discontinued operations (net losses are |
indicated by “-”)
(II) Categorized by the ownership
1. Net profits attributable to shareholders of the parent
company (net losses are indicated by “-”)
44,543,331.11
13,654,664.95
2. Profits or losses attributable to minority shareholders
-3,201,399.02
| (net losses are indicated by “-”) |
-14,957,112.05
VI. Other comprehensive income, net of tax 423,343.93
421,940.06
(I) Other comprehensive income that can be attributable to
| owners of the parent company, net of tax |
318,931.77
-112,844.24
| 1. Other comprehensive income that cannot be reclassified |
subsequently to profit or loss
(1) Changes from remeasurement of defined benefit plans
profit or loss under the equity method
| (2) Other comprehensive income that cannot be reclassified to |
(3) Changes in fair value of investments in other equity
(4) Changes in fair value of enterprises’ own credit risks
2. Other comprehensive income that will be reclassified to
instrumentsprofit or loss
318,931.77
| profit or loss |
-112,844.24
| (1) Other comprehensive income that will be reclassified to |
profit or loss under the equity method
| 4,433,259.00 |
(2) Changes in fair value of other debt investments
comprehensive income
| (3) Amount of financial assets reclassified to other |
(4) Provision for credit impairment of other debt investments
(5) Reserve for cash flow hedges
(6) Exchange differences on translation of financial
statements denominated in foreign currencies
318,931.77
-4,546,103.24
(7) Others(II) Other comprehensive income that can be attributable to
104,412.16
| minority shareholders, net of tax |
534,784.30
| VII. Total comprehensive income | 41,765,276.02 | -880,507.04 |
(I) Total comprehensive income that can be attributable toowners of the parent company
44,862,262.88
13,541,820.71
(II) Total comprehensive income that can be attributable to
-3,096,986.86
| minority shareholders |
-14,422,327.75
| VIII. Earnings per share: | ||
| (I) Basic earnings per share (RMB/share) | 0.10 | 0.03 |
| (II) Diluted earnings per share (RMB/share) | 0.10 | 0.03 |
In the event of business combinations involving enterprises under common control, the net profits realizedprior to the combination by the party being absorbed is: RMB 0, and the net profits realized in the lastperiod by the party being absorbed is: RMB 0.
| Principal of the Company: | Person in Charge of the Accounting Work: | Person in Charge of the Accounting Body: |
| LI Yi | WANG Yingxia | WANG Yingxia |
Consolidated Cash Flow StatementFor the period from January to March 2024Prepared by: Appotronics Corporation Limited
In RMB Audit type: Unaudited
| Item | The First Quarter in |
2024
in 2023
| The First Quarter | |
| I. Cash Flows from Operating Activities | |
services
| Cash receipts from the sale of goods and the rendering of | 458,063,284.69 | 554,311,050.64 |
Net increase in customer deposits and deposits from
| banks and other financial institutions | ||
| Net increase in loans from the central bank |
Net increase in taking from banks and other financialinstitutions
contracts
| Cash receipts from premiums under direct insurance |
Net cash receipts from reinsurance business
investment contract liabilities
| Net cash receipts from policyholders’ deposits and |
Cash receipts from interest, fees and commissions
Net increase in taking from banks
Net increase in financial assets sold under repurchasearrangements
Net cash received from securities trading agencies
Receipts of tax refunds 3,613,547.07 1,723,533.49
Other cash receipts related to operating activities 17,358,037.32 33,315,025.44
Subtotal of cash inflows from operating activities 479,034,869.08 589,349,609.57
received
| Cash payments for goods purchased and services | 247,377,326.75 | 404,270,221.28 |
Net increase in loans and advances to customers
Net increase in balance with the central bank and duefrom banks and other financial institutions
Cash payments for claims and policyholders’ benefits
| under direct insurance contracts |
| Net increase in placements with banks and other |
financial institutions
Cash payments for interest, fees and commissions
Cash payments for insurance policyholder dividends
| Cash payments to and on behalf of employees | 135,358,112.47 | 136,748,077.35 |
| Payments of various types of taxes | 17,746,847.25 | 15,116,610.77 |
| Other cash payments related to operating activities | 66,327,789.65 | 69,545,790.85 |
Subtotal of cash outflows from operating activities 466,810,076.12 625,680,700.25
Net cash flow from operating activities 12,224,792.96 -36,331,090.68
II. Cash Flows from Investing Activities
Cash receipts from disposals and recovery ofinvestments
316,950,000.00 390,000,000.00
Cash receipts from investment income 15,474,786.27 2,405,845.55
Net cash receipts from disposals of fixed assets,
43,545.13 5,500.00
Net cash receipts from disposals of subsidiaries andother business units
intangible assets and other long-term assetsOther cash receipts related to investing activities
| Other cash receipts related to investing activities | ||
| Subtotal of cash inflows from investing activities | 332,468,331.40 | 392,411,345.55 |
Cash payments to acquire or construct fixed assets,intangible assets and other long-term assets
24,423,820.06 18,023,943.37
| Cash payments to acquire investments | 335,000,001.00 | 395,000,000.00 |
| Net increase in pledged loans receivables | ||
| Net cash payments for acquisitions of subsidiaries and |
other business units
Other cash payments related to investing activities 1,361,661.36 -
| Subtotal of cash outflows from investing activities | 360,785,482.42 | 413,023,943.37 |
| Net cash flows from investing activities | -28,317,151.02 | -20,612,597.82 |
| III. Cash Flows from Financing Activities: | ||
| Cash receipts from capital contributions | 7,327,467.64 | |
Where: Cash receipts from capital contributions fromminority shareholders of subsidiaries
| Cash receipts from borrowings | 41,923,143.29 | 265,000,000.00 |
| Other cash receipts related to financing activities | - | - |
| Subtotal of cash inflows from financing activities | 49,250,610.93 | 265,000,000.00 |
Cash repayments of borrowings 73,550,000.00 60,700,002.00
Cash payments for distribution of dividends or profits or
5,755,799.95 6,782,419.71
| settlement of interest expenses |
| Where: Payments for distribution of dividends or profits |
to minority shareholders of subsidiaries
Other cash payments related to financing activities 51,446,720.89 7,697,165.45
| Subtotal of cash outflows from financing activities | 130,752,520.84 | 75,179,587.16 |
| Net cash flows from financing activities | -81,501,909.91 | 189,820,412.84 |
| IV. Effect of Foreign Exchange Rate Changes on Cash |
and Cash Equivalents
| 652,614.64 | -5,331,963.01 | |
| V. Net Increase in Cash and Cash Equivalents |
-96,941,653.34 127,544,761.33
| Add: Opening balance of cash and cash equivalents | 1,297,848,895.75 | 1,254,582,403.12 |
| VI. Closing Balance of Cash and Cash Equivalents | 1,200,907,242.41 | 1,382,127,164.45 |
| Principal of the Company: | Person in Charge of the Accounting Work: | Person in Charge of the Accounting Body: |
| LI Yi | WANG Yingxia | WANG Yingxia |
The first implementation of new accounting standards or standard interpretations from 2024 onwards thatinvolves adjusting the financial statements at the beginning of the year in which they were firstimplemented
□ Applicable √ N/A
Be it hereby announced.
Board of Directors of Appotronics Corporation Limited
April 25, 2024