WUXI LITTLE SWAN COMPANY LIMITED
THIRD QUARTER REPORT 2018
October 2018
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of Wuxi Little Swan Company Limited (together with its
consolidated subsidiaries, the “Company”, except where the context otherwise requires)
hereby guarantee the factuality, accuracy and completeness of the contents of this Report andits summary, and shall be jointly and severally liable for any misrepresentations, misleadingstatements or material omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.
Mr. Fang Hongbo, Chairman of the Board of the Company, Mr. Sun Yunan, the Company’sChief Financial Officer (CFO), and Mr. Xu Yunwei, the Company’s Financial Manager
hereby guarantee that the Financial Statements carried in this Report are factual, accurate
and complete.
This Report and its summary have been prepared in both Chinese and English. Should therebe any discrepancies or misunderstandings between the two versions, the Chinese versionsshall prevail.
Part II Key Corporate Information
I Key Consolidated Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
| 30 September 2018 | 31 December 2017 | Change (%) | ||||
| Total assets (RMB) | 19,562,400,332.39 | 21,338,421,243.67 | -8.32% | |||
| Equity attributable to the listed company’s shareholders (RMB) | 7,788,272,297.02 | 7,047,090,800.97 | 10.52% | |||
| Q3 2018 | YoY change (%) | Q1-Q3 2018 | YoY change (%) | |||
| Operating revenue (RMB) | 5,359,920,386.18 | -0.91% | 17,416,858,672.22 | 9.01% | ||
| Net profit attributable to the listed company’s shareholders (RMB) | 445,019,926.40 | 8.15% | 1,347,066,972.81 | 17.85% | ||
| Net profit attributable to the listed company’s shareholders before exceptional items (RMB) | 427,541,808.27 | 7.08% | 1,319,332,870.63 | 18.42% | ||
| Net cash generated from/used in operating activities (RMB) | -- | -- | 285,503,757.43 | -58.58% | ||
| Basic earnings per share (RMB/share) | 0.70 | 8.15% | 2.13 | 17.85% | ||
| Diluted earnings per share (RMB/share) | 0.70 | 8.15% | 2.13 | 17.85% | ||
| Weighted average return on equity (%) | 6.15% | -0.24% | 18.15% | 0.21% | ||
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
| Item | Q1-Q3 2018 | Note |
| Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) | -907,555.01 | |
| Gain or loss on fair-value changes in trading financial assets and liabilities & investment income from disposal of trading financial assets and liabilities and available-for-sale financial assets (exclusive of effective portion of hedges that arise in the Company’s ordinary course of business) | -7,724,180.68 | |
| Other | 44,139,723.61 | |
| Less: Income tax effects | 6,044,625.22 | |
| Non-controlling interests effects (net of tax) | 1,729,260.52 | |
| Total | 27,734,102.18 | -- |
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in theExplanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases for the Reporting Period.
II Total Number of Shareholders and Holdings of Top 10 Shareholders at 30 September 2018
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well asHoldings of Top 10 Shareholders
Unit: share
| Number of ordinary shareholders | 19,612 | Number of preferred shareholders with resumed voting rights (if any) | 0 | ||||||
| Top 10 shareholders | |||||||||
| Name of shareholder | Nature of shareholder | Shareholding percentage | Number of shares | Restricted shares | Shares in pledge or frozen | ||||
| Status | Shares | ||||||||
| MIDEA GROUP CO., LTD. | Domestic non-state-owned legal person | 37.78% | 238,948,117 | ||||||
| TITONI INVESTMENTS DEVELOPMENT LTD. | Foreign legal person | 14.89% | 94,204,942 | ||||||
| HONGKONG SECURITIES CLEANING CO., LTD | Foreign legal person | 5.23% | 33,073,348 | ||||||
| GAOLING FUND,L.P. | Foreign legal person | 3.74% | 23,664,125 | ||||||
| GREENWOODS CHINA ALPHA MASTER FUND | Foreign legal person | 2.81% | 17,787,068 | ||||||
| FINANCE BUREAU OF WUXI | State-owned legal person | 2.20% | 13,887,710 | ||||||
| NATIONAL SOCIAL SECURITY FUND PORTFOLIO 108 | Domestic non-state-owned legal person | 2.07% | 13,100,947 | ||||||
| AGRICULTURAL BANK OF CHINA- E FUND CONSUMPTION SECTOR STOCK INVESTMENT FUND | Domestic non-state-owned legal person | 1.72% | 10,876,259 | ||||||
| CENTRAL HUIJIN ASSET MANAGEMENT CO., LTD. | State-owned legal person | 1.61% | 10,156,300 | ||||||
| BILL & MELINDA GATES FOUNDATION TRUST | Foreign legal person | 1.28% | 8,070,506 | ||||||
| Top 10 unrestricted shareholders | |||
| Name of shareholder | Unrestricted shares | Shares by type | |
| Type | Shares | ||
| MIDEA GROUP CO., LTD. | 238,948,117 | RMB-denominated ordinary stock | 238,948,117 |
| TITONI INVESTMENTS DEVELOPMENT LTD. | 94,204,942 | Domestically listed foreign stock | 94,204,942 |
| HONGKONG SECURITIES CLEANING CO., LTD | 33,073,348 | RMB-denominated ordinary stock | 33,073,348 |
| GAOLING FUND,L.P. | 23,664,125 | Domestically listed foreign stock | 23,664,125 |
| GREENWOODS CHINA ALPHA MASTER FUND | 17,787,068 | Domestically listed foreign stock | 17,787,068 |
| FINANCE BUREAU OF WUXI | 13,887,710 | RMB-denominated ordinary stock | 13,887,710 |
| NATIONAL SOCIAL SECURITY FUND PORTFOLIO 108 | 13,100,947 | RMB-denominated ordinary stock | 13,100,947 |
| AGRICULTURAL BANK OF CHINA- E FUND CONSUMPTION SECTOR STOCK INVESTMENT FUND | 10,876,259 | RMB-denominated ordinary stock | 10,876,259 |
| CENTRAL HUIJIN ASSET MANAGEMENT CO., LTD. | 10,156,300 | RMB-denominated ordinary stock | 10,156,300 |
| BILL & MELINDA GATES FOUNDATION TRUST | 8,070,506 | RMB-denominated ordinary stock | 8,070,506 |
| Related or acting-in-concert parties among shareholders above | Midea Group Co., Ltd. and TITONI Investments Development Ltd. are parties acting in concert. | ||
| Top 10 ordinary shareholders involved in securities margin trading (if any) | N/A | ||
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinaryshareholders of the Company conducted any promissory repo during the Reporting Period.
□ Yea √ No
No such cases in the Reporting Period.2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
Part III Significant Events
I Changes in Key Consolidated Financial Statement Line Items and Explanation of why
Unit: RMB’0,000
| Item | 30 September 2018 | 31 December 2017 | Change | Change (%) | Explanation of why |
| Other receivables | 23,594.47 | 10,816.84 | 12,777.63 | 118% | Increase in income on structured deposits receivable |
| Inventories | 91,160.11 | 198,076.62 | -106,916.51 | -54% | Effect of the sales cycle |
| Other non-current assets | 4,472.18 | 2,733.19 | 1,738.99 | 64% | Rise in prepayments for equipment in the current period |
| Advances from customers | 83,192.59 | 306,581.58 | -223,388.99 | -73% | Effect of the sales cycle |
| Item | Q1~Q3 2018 | Q1~Q3 2017 | Change | Change (%) | Explanation of why |
| Finance costs | -41,157.51 | -2,633.59 | -38,523.92 | -1463% | Rises in interest income from structured deposits and exchange gains due to exchange rate fluctuations |
| Investment income | 11,399.05 | 23,858.99 | -12,459.94 | -52% | Income on wealth management products decreased as such investments declined in the current period |
| Gain on changes in fair value | -1,209.34 | 727.90 | -1,937.24 | -266% | Loss on the fair value of forward forex contracts in the current period due to exchange rate fluctuations |
| Non-operating income | 1,219.65 | 2,399.44 | -1,179.79 | -49% | Reclassification of other income and asset disposal income for the current period |
| Non-operating expense | 148.77 | 315.31 | -166.54 | -53% | Shift from asset disposal loss to asset disposal income for the current period |
| Other comprehensive income, net of tax | -4,129.06 | -2,863.72 | -1,265.34 | -44% | Changes in the fair value of available-for-sale financial assets |
| Net cash generated from/used in operating activities | 28,550.38 | 68,922.22 | -40,371.84 | -59% | Rise in payments for commodities and services |
| Net cash generated from/used in investing activities | 2,815.71 | -145,498.58 | 148,314.29 | 102% | Disinvestment of wealth management capital |
| Net cash generated from/used in financing activities | -73,528.80 | -53,385.95 | -20,142.85 | -38% | Rise in cash dividends paid |
II Progress, Influence and Solutions Associated with Significant Events
Midea Group Co., Ltd. (hereinafter referred to as “Midea Group”) intends to merge with Wuxi Little SwanCompany Limited (hereinafter referred to as “Little Swan”) via a share swap as the acquirer. To be more specific,
Midea Group will issue A-shares to all the Little Swan shareholders who agree to the share swap, other than
Midea Group and Titoni Investments Development Ltd. (hereinafter referred to as “Titonni”), in exchange for
their Little Swan A- and B-shares. The Little Swan A- and B-shares held by Midea Group and Titoni, not a part ofthe share swap, will be retired after the share swap.Upon completion of the merger, Little Swan will be delisted and deregistered, and Midea Group or itswholly-owned subsidiary will inherit and undertake all assets, liabilities, business, personnel, contracts and otherrights and obligations of Little Swan. The new A-shares issued by Midea Group in the share swap are expected tobe listed on the main board of the Shenzhen Stock Exchange.The merger constitutes a major asset restructuring for Little Swan, which has been approved at Little Swan and
Midea Group’s board meetings on 23 October 2018. The merger plan and the relevant information have beendisclosed on the next day. As per both parties’ articles of association and other regulations, the merger is still
subject to the approval by their general meetings, as well as by the China Securities Regulatory Commission.Given the uncertainties of this merger, investors are reminded to exercise caution when making investmentdecisions.
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties and
Acquirers, as well as the Company Itself and Other Parties, Failed to Fulfill on Time duringReporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IV 2018 Annual Operating Performance Forecast
Warning of a forecast loss on or a forecast significant year-on-year change in net profit for year 2018, as well asexplanation of why:
□ Applicable √ Not applicable
V Securities Investments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VI Wealth Management Entrustment
Unit: RMB’0,000
| Type of wealth management | Funding source | Principal | Outstanding amount before maturity | Overdue amount |
| Wealth management product purchased from bank | Self-funded | 248,500 | 20,000 | 0 |
| Wealth management product purchased from entrustment | Self-funded | 125,000 | 0 | 0 |
| Total | 373,500 | 20,000 | 0 | |
Note: the principal disclosed according to the type refers to the highest balance of the wealth managemententrustment in a single day in the Reporting Period, that is, the maximum of the total outstanding amount beforematurity of the wealth management entrustment in a single day in the Reporting Period; outstanding amountbefore maturity refers to the total outstanding amount before maturity of the wealth management entrustment atthe Period-end.High-risk wealth management entrustments with amounts that are individually significant, or with low security,low liquidity, or no protection of the principal:
□ Applicable √ Not applicable
Wealth management entrustments with possible impairments including an expectedly unrecoverable principal:
□ Applicable √ Not applicable
VII Investments in Derivative Financial Instruments
Unit: RMB’0,000
| Counterparty | Relationship with the Company | Related-party transaction or not | Type of derivative | Initial investment amount | Start date | End date | Beginning investment | Purchased in Reporting Period | Sold in Reporting Period | Impairment allowance (if any) | Ending investment | Ending investment as % of the Company’s ending net assets | Actual gain/loss in Reporting Period |
| Bank | No | No | Forward | 17,676 | 11 | 24 May | 17,676 | 19,125 | 27,157 | 9,645 | 1.24% | -772 |
| forex contract | September 2017 | 2019 | |||||||||||
| Futures company | No | No | Futures contract | 0 | 30 January 2018 | 15 June 2018 | 0 | 4,168 | 4,168 | 0 | 0% | 81 | |
| Total | 17,676 | -- | -- | 17,676 | 23,293 | 31,325 | 9,645 | 1.24% | -691 | ||||
| Funding source | Self-funded | ||||||||||||
| Legal matters involved (if applicable) | N/A | ||||||||||||
| Disclosure date of board announcement approving derivative investment (if any) | 13 March 2018 | ||||||||||||
| Disclosure date of general meeting announcement approving derivative investment (if any) | 12 April 2018 | ||||||||||||
| Analysis of risks and control measures associated with derivative investments held in Reporting Period (including but not limited to market risk, liquidity risk, credit risk, operational risk, legal risk, etc.) | The Company has considered and formulated the Management Methods for Forex Trading Business and the Management Methods for Futures Hedging Business to implement full assessment and control on its derivative investments, with highlights as follows: 1. About legal risk: The Company's futures and forex trading business are conducted in compliance with laws and regulations, with clearly defined responsibilities and obligations between the Company and agencies. Control measures: The Company has designated relevant departments with the responsibility for enhancing expertise in laws, regulations and market rules, conducting strict examination and verification of contracts, defining responsibility and obligations, and strengthening compliance checks, so as to ensure that the Company's derivatives investment and position operations meet the requirements of the laws and regulations and internal management system of the Company. 2. About operational risk: Risks caused by imperfect internal processes, staff, systems and external issues may cause the Company to incur losses during the course of its futures and forex trading business. Control measures: The Company has not only developed relevant management systems that clearly define the assignment of responsibility and approval process for futures and forex trading, but has also established a well-developed monitoring mechanism, aimed at effectively reducing operational risk by strengthening its risk control over the business, decision-making and trading processes. 3. About market Risk: the uncertainty in staple commodity price changes and exchange rate fluctuations in the foreign exchange market has led to greater market risks existing in the futures business and the foreign exchange capital business. At the same time, during the operation of futures, it is unable to raise funds in time to establish and maintain the hedge position, or in terms of the foreign exchange business, the foreign exchange funds used for performance cannot be paid on time, which may lead to any loss from such futures operation and any default risk. Control Measures: the Company will adhere to the principle of prudent and steady operation to | ||||||||||||
| operate its futures business and foreign exchange fund business. For the futures business, the Company will strictly determine the business volume according to the needs of production and operation, apply for the futures trading, and implement the stop-loss mechanism. Besides, the Company will also establish a futures risk measurement system to calculate the amount of margin used, the floating profit and loss, the amount of available margin and the needed amount of margin for establishing the proposed position so as to determine the amount of margin that may be required. For the foreign exchange fund business, the tiered management mechanism will be implemented. If a business unit applies for any fund business, it needs to conduct risk analysis on the conditions or environment that affect the business’s profit and loss, estimate the maximum possible gains and losses, and report the acceptable margin ratio or the total amount. Meanwhile, the Company needs to timely update the operation of the fund business and guarantee the funding arrangement before the due date. | |
| Changes in market prices or fair value of derivative investments in Reporting Period (fair value analysis should include measurement method and related assumptions and parameters) | 1. The income from futures contract was RMB0.81 million during the Reporting Period; 2. The loss from Forex forward contract was RMB7.72 million during the Reporting Period; 3. Public offer in futures market or forward forex quotations announced by the Bank of China are used in the fair value analysis of the derivative investments. |
| Major changes in accounting policies and specific accounting principles adopted for derivative investments in Reporting Period compared to last reporting period | No significant changes |
| Opinion of independent directors on derivative investments and risk control | In the opinion of the Company’s independent director, the Company has formulated various derivative investment systems including Administrative Measures for Foreign Exchange Fund Business and Administrative Measures for Futures Hedging Business, which can effectively control the risk of derivative investment; the Company will regard the futures hedging business as an effective tool to stabilize any price fluctuation by strengthening the internal control, implementing effective risk prevention measures and improving the operational management; the Company’s derivative investment business mainly focuses on the export business, which can help the Company lock the exchange rate and avoid any exchange rate fluctuation risk. Since there is no speculative operation and no compliance risk, the Company’s liquidity will not be affected. |
VIII Visits Paid to the Company for Purposes of Research, Communication, Interview, etc.during Reporting Period
| Date of visit | Way of visit | Type of visitor | About |
| 24 January 2018 to 2 February 2018 | By one-on-one meeting | Institution | Little Swan A: Sheet of Investor Relations Activities from 24 January 2018 to 2 February 2018 (No. 2018-01) on www.cninfo.com.cn |
| 15 March 2018 to 22 | By one-on-one | Institution | Little Swan A: Sheet of Investor Relations Activities from 15 March |
| March 2018 | meeting | 2018 to 22 March 2018 (No. 2018-02) on www.cninfo.com.cn | |
| 8 August 2018 to 17 August 2018 | By one-on-one meeting | Institution | Little Swan A: Sheet of Investor Relations Activities from 8 August 2018 to 17 August 2018 (No. 2018-03) on www.cninfo.com.cn |
IX Irregularities in Provision of Guarantees for External Parties
□ Applicable √ Not applicable
No such cases in the Reporting Period.
X Occupation of the Company’s Capital by Controlling Shareholder or Its Related Parties for
Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Unit: RMB
| Item | 30 September 2018 | 31 December 2017 |
| Current assets: | ||
| Monetary capital | 1,163,865,240.32 | 1,588,264,516.05 |
| Settlement reserve | ||
| Interbank loans granted | ||
| Financial assets at fair value through profit or loss | 5,270,238.03 | |
| Derivative financial assets | ||
| Notes and accounts receivable | 2,710,407,604.36 | 3,019,917,180.38 |
| Including: Notes receivable | 395,641,656.25 | 1,283,192,684.28 |
| Accounts receivable | 2,314,765,948.11 | 1,736,724,496.10 |
| Prepayments | 95,567,736.21 | 84,346,792.38 |
| Premiums receivable | ||
| Reinsurance receivables | ||
| Receivable reinsurance contract reserve | ||
| Other receivables | 235,944,692.26 | 108,168,362.07 |
| Financial assets purchased under resale agreements | ||
| Inventories | 911,601,051.34 | 1,980,766,196.14 |
| Assets classified as held for sale | ||
| Current portion of non-current assets | ||
| Other current assets | 12,608,060,657.21 | 12,778,240,745.22 |
| Total current assets | 17,725,446,981.70 | 19,564,974,030.27 |
| Non-current assets: | ||
| Loans and advances to customers | ||
| Available-for-sale financial assets | 200,000.00 | 200,000.00 |
| Held-to-maturity investments | ||
| Long-term receivables | ||
| Long-term equity investments |
| Investment property | 58,806,744.00 | 61,695,825.00 |
| Fixed assets | 1,078,246,771.48 | 1,029,668,355.84 |
| Construction in progress | 40,331,385.08 | 37,972,252.60 |
| Productive living assets | ||
| Oil and gas assets | ||
| Intangible assets | 183,249,989.66 | 187,045,347.27 |
| R&D expense | ||
| Goodwill | ||
| Long-term prepaid expense | 25,664,611.43 | 22,382,020.52 |
| Deferred income tax assets | 405,732,083.43 | 407,151,474.64 |
| Other non-current assets | 44,721,765.61 | 27,331,937.53 |
| Total non-current assets | 1,836,953,350.69 | 1,773,447,213.40 |
| Total assets | 19,562,400,332.39 | 21,338,421,243.67 |
| Current liabilities: | ||
| Short-term borrowings | 81,393,672.34 | |
| Borrowings from central bank | ||
| Customer deposits and interbank deposits | ||
| Interbank loans obtained | ||
| Financial liabilities at fair value through profit or loss | 6,823,112.65 | |
| Derivative financial liabilities | ||
| Notes and accounts payable | 6,147,327,483.37 | 6,632,830,300.51 |
| Advances from customers | 831,925,860.40 | 3,065,815,801.93 |
| Financial assets sold under repurchase agreements | ||
| Handling charges and commissions payable | ||
| Payroll payable | 325,999,773.55 | 349,483,844.76 |
| Taxes payable | 469,500,143.68 | 638,017,523.31 |
| Other payables | 181,522,157.17 | 228,117,647.54 |
| Reinsurance payables | ||
| Insurance contract reserve | ||
| Payables for acting trading of securities | ||
| Payables for underwriting of securities | ||
| Liabilities directly associated with assets classified as held for sale | ||
| Current portion of non-current liabilities | ||
| Other current liabilities | 2,473,489,467.29 | 2,107,700,604.61 |
| Total current liabilities | 10,436,587,998.11 | 13,103,359,395.00 |
| Non-current liabilities: | ||
| Long-term borrowings | ||
| Bonds payable | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Long-term payables | ||
| Long-term payroll payable | 7,427,582.25 | 12,021,620.17 |
| Provisions | 1,867,338.50 | 2,253,082.25 |
| Deferred income | 5,775,149.85 | 2,489,133.21 |
| Deferred income tax liabilities | ||
| Other non-current liabilities | ||
| Total non-current liabilities | 15,070,070.60 | 16,763,835.63 |
| Total liabilities | 10,451,658,068.71 | 13,120,123,230.63 |
| Owners’ equity: | ||
| Share capital | 632,487,764.00 | 632,487,764.00 |
| Other equity instruments | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Capital reserves | 1,314,361,857.47 | 1,252,947,546.80 |
| Less: Treasury stock | ||
| Other comprehensive income | 5,684,343.46 | 40,496,366.85 |
| Specific reserve | ||
| Surplus reserves | 332,594,722.29 | 332,594,722.29 |
| General reserve | ||
| Retained earnings | 5,503,143,609.80 | 4,788,564,401.03 |
| Total equity attributable to owners of the Company as the parent | 7,788,272,297.02 | 7,047,090,800.97 |
| Non-controlling interests | 1,322,469,966.66 | 1,171,207,212.07 |
| Total owners’ equity | 9,110,742,263.68 | 8,218,298,013.04 |
| Total liabilities and owners’ equity | 19,562,400,332.39 | 21,338,421,243.67 |
2. Balance Sheet of the Company as the Parent
Unit: RMB
| Item | 30 September 2018 | 31 December 2017 |
| Current assets: | ||
| Monetary capital | 601,410,400.85 | 1,030,061,384.78 |
| Financial assets at fair value through profit or loss | 3,724,810.47 | |
| Derivative financial assets | ||
| Notes and accounts receivable | 2,305,318,670.12 | 3,743,536,948.22 |
| Including: Notes receivable | 241,982,051.18 | 938,342,347.95 |
| Accounts receivable | 2,063,336,618.94 | 2,805,194,600.27 |
| Prepayments | 69,369,953.05 | 67,278,861.92 |
| Other receivables | 166,722,832.53 | 61,886,256.59 |
| Inventories | 544,323,042.80 | 1,206,334,183.68 |
| Assets classified as held for sale | ||
| Current portion of non-current assets | ||
| Other current assets | 8,122,124,546.48 | 7,259,605,039.27 |
| Total current assets | 11,809,269,445.83 | 13,372,427,484.93 |
| Non-current assets: | ||
| Available-for-sale financial assets | 150,000.00 | 150,000.00 |
| Held-to-maturity investments | ||
| Long-term receivables | ||
| Long-term equity investments | 958,235,041.57 | 958,235,041.57 |
| Investment property | 7,614,281.90 | 7,882,440.32 |
| Fixed assets | 569,562,664.31 | 532,803,209.18 |
| Construction in progress | 40,331,385.08 | 37,321,733.68 |
| Productive living assets | ||
| Oil and gas assets | ||
| Intangible assets | 87,883,142.11 | 89,900,867.32 |
| R&D expense | ||
| Goodwill | ||
| Long-term prepaid expense | 8,627,140.00 | 5,905,684.35 |
| Deferred income tax assets | 246,151,357.55 | 225,186,332.58 |
| Other non-current assets | 26,300,896.99 | 17,138,349.61 |
| Total non-current assets | 1,944,855,909.51 | 1,874,523,658.61 |
| Total assets | 13,754,125,355.34 | 15,246,951,143.54 |
| Current liabilities: | ||
| Short-term borrowings | 16,806,882.34 | |
| Financial liabilities at fair value through profit or loss | 3,532,061.36 | |
| Derivative financial liabilities | ||
| Notes and accounts payable | 5,748,002,361.60 | 6,073,907,942.42 |
| Advances from customers | 503,582,080.26 | 1,862,974,982.38 |
| Payroll payable | 245,759,989.00 | 268,065,495.23 |
| Taxes payable | 281,748,898.97 | 353,920,883.93 |
| Other payables | 121,346,058.02 | 153,979,505.69 |
| Liabilities directly associated with assets classified as held for sale | ||
| Current portion of non-current liabilities | ||
| Other current liabilities | 1,456,621,775.82 | 1,336,384,942.60 |
| Total current liabilities | 8,360,593,225.03 | 10,066,040,634.59 |
| Non-current liabilities: | ||
| Long-term borrowings | ||
| Bonds payable | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Long-term payables | ||
| Long-term payroll payable | ||
| Provisions | ||
| Deferred income | ||
| Deferred income tax liabilities | ||
| Other non-current liabilities | ||
| Total non-current liabilities | ||
| Total liabilities | 8,360,593,225.03 | 10,066,040,634.59 |
| Owners’ equity: | ||
| Share capital | 632,487,764.00 | 632,487,764.00 |
| Other equity instruments | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Capital reserves | 1,459,654,395.50 | 1,405,575,239.68 |
| Less: Treasury stock |
| Other comprehensive income | 7,891,726.00 | 27,970,054.39 |
| Specific reserve | ||
| Surplus reserves | 319,944,578.39 | 319,944,578.39 |
| Retained earnings | 2,973,553,666.42 | 2,794,932,872.49 |
| Total owners’ equity | 5,393,532,130.31 | 5,180,910,508.95 |
| Total liabilities and owners’ equity | 13,754,125,355.34 | 15,246,951,143.54 |
3. Consolidated Income Statement for Q3
Unit: RMB
| Item | Q3 2018 | Q3 2017 |
| 1. Revenue | 5,359,920,386.18 | 5,409,053,680.82 |
| Including: Operating revenue | 5,359,920,386.18 | 5,409,053,680.82 |
| Interest income | ||
| Premium income | ||
| Handling charge and commission income | ||
| 2. Operating costs and expenses | 4,849,290,788.28 | 4,915,302,618.03 |
| Including: Cost of sales | 4,005,492,977.88 | 4,025,713,025.98 |
| Interest expense | ||
| Handling charge and commission expense | ||
| Surrenders | ||
| Net claims paid | ||
| Net amount provided as insurance contract reserve | ||
| Expenditure on policy dividends | ||
| Reinsurance premium expense | ||
| Taxes and surcharges | 29,137,926.12 | 33,914,345.16 |
| Selling expense | 751,526,153.22 | 702,045,545.50 |
| Administrative expense | 36,540,329.54 | 29,863,462.55 |
| R&D expense | 183,934,738.45 | 122,013,987.36 |
| Finance costs | -180,222,942.95 | -2,812,709.83 |
| Including: Interest expense | 20,620,659.47 | 20,940,427.54 |
| Interest income | -151,137,099.25 | -50,625,125.14 |
| Asset impairment loss | 22,881,606.02 | 4,564,961.31 |
| Add: Other income | 20,679,764.88 | 6,835,783.31 |
| Investment income (“-” for loss) | 37,087,710.06 | 56,923,988.62 |
| Including: Share of profit or loss of joint ventures and associates | ||
| Gain on changes in fair value (“-” for loss) | -2,022,499.18 | 2,361,168.20 |
| Foreign exchange gain (“-” for loss) | ||
| Asset disposal income (“-” for loss) | -1,542,010.91 | |
| 3. Operating profit (“-” for loss) | 564,832,562.75 | 559,872,002.92 |
| Add: Non-operating income | 4,830,086.83 | 8,370,654.72 |
| Less: Non-operating expense | 696,994.00 | 73,435.06 |
| 4. Profit before tax (“-” for loss) | 568,965,655.58 | 568,169,222.58 |
| Less: Income tax expense | 70,205,908.60 | 87,620,162.08 |
| 5. Net profit (“-” for net loss) | 498,759,746.98 | 480,549,060.50 |
| 5.1 Net profit from continuing operations (“-” for net loss) | 498,759,746.98 | 480,549,060.50 |
| 5.2 Net profit from discontinued operations (“-” for net loss) | ||
| Net profit attributable to owners of the Company as the parent | 445,019,926.40 | 411,479,306.87 |
| Net profit attributable to non-controlling interests | 53,739,820.58 | 69,069,753.63 |
| 6. Other comprehensive income, net of tax | -28,816,666.40 | 3,779,053.96 |
| Attributable to owners of the Company as the parent | -22,859,924.64 | 8,467,880.09 |
| 6.1 Items that will not be reclassified to profit or loss | ||
| 6.1.1 Changes in net liabilities or assets caused by remeasurements on defined benefit pension schemes | ||
| 6.1.2 Share of other comprehensive income of investees that will not be reclassified to profit or loss under equity method | ||
| 6.2 Items that may subsequently be reclassified to profit or loss | -22,859,924.64 | 8,467,880.09 |
| 6.2.1 Share of other comprehensive income of investees that will be reclassified to profit or loss under equity method | ||
| 6.2.2 Gain/Loss on changes in fair value of available-for-sale financial assets | -22,865,710.30 | 8,472,611.20 |
| 6.2.3 Gain/Loss arising from reclassification of held-to-maturity investments to available-for-sale financial assets | ||
| 6.2.4 Effective gain/loss on cash flow hedges | ||
| 6.2.5 Differences arising from translation of foreign currency-denominated financial statements | 5,785.66 | -4,731.11 |
| 6.2.6 Other | ||
| Attributable to non-controlling interests | -5,956,741.76 | -4,688,826.13 |
| 7. Total comprehensive income | 469,943,080.58 | 484,328,114.46 |
| Attributable to owners of the Company as the parent | 422,160,001.76 | 419,947,186.96 |
| Attributable to non-controlling interests | 47,783,078.82 | 64,380,927.50 |
| 8. Earnings per share |
| 8.1 Basic earnings per share | 0.70 | 0.65 |
| 8.2 Diluted earnings per share | 0.70 | 0.65 |
4. Income Statement of the Company as the Parent for Q3
Unit: RMB
| Item | Q3 2018 | Q3 2017 |
| 1. Operating revenue | 3,738,328,973.70 | 4,137,270,472.44 |
| Less: Cost of sales | 2,883,934,194.90 | 3,238,940,527.27 |
| Taxes and surcharges | 18,731,071.73 | 21,653,606.79 |
| Selling expense | 478,245,271.45 | 492,184,783.36 |
| Administrative expense | 26,303,259.55 | 20,615,625.60 |
| R&D expense | 143,703,854.15 | 93,902,641.09 |
| Finance costs | -116,415,244.63 | -343,883.61 |
| Including: Interest expense | 10,007,267.82 | 14,509,528.69 |
| Interest income | -94,946,975.02 | -29,399,183.67 |
| Asset impairment loss | 13,020,356.31 | 3,457,037.13 |
| Add: Other income | 12,278,235.20 | |
| Investment income (“-” for loss) | 12,077,836.78 | 16,012,684.13 |
| Including: Share of profit or loss of joint ventures and associates | ||
| Gain on changes in fair value (“-” for loss) | -1,244,758.38 | 2,204,741.62 |
| Asset disposal income (“-” for loss) | -976,922.91 | |
| 2. Operating profit (“-” for loss) | 312,940,600.93 | 285,077,560.56 |
| Add: Non-operating income | 3,976,028.28 | 4,425,956.50 |
| Less: Non-operating expense | 825,042.84 | |
| 3. Profit before tax (“-” for loss) | 316,091,586.37 | 289,503,517.06 |
| Less: Income tax expense | 24,318,773.26 | 45,420,985.67 |
| 4. Net profit (“-” for net loss) | 291,772,813.11 | 244,082,531.39 |
| 4.1 Net profit from continuing operations (“-” for net loss) | 291,772,813.11 | 244,082,531.39 |
| 4.2 Net profit from discontinued operations (“-” for net loss) | ||
| 5. Other comprehensive income, net of tax | -9,311,342.47 | 18,981,275.77 |
| 5.1 Items that will not be reclassified to profit or loss | ||
| 5.1.1 Changes in net liabilities or assets caused by remeasurements on defined benefit pension schemes | ||
| 5.1.2 Share of other comprehensive income of investees that will not be reclassified to profit or loss under equity method |
| 5.2 Items that may subsequently be reclassified to profit or loss | -9,311,342.47 | 18,981,275.77 |
| 5.2.1 Share of other comprehensive income of investees that will be reclassified to profit or loss under equity method | ||
| 5.2.2 Gain/Loss on changes in fair value of available-for-sale financial assets | -9,311,342.47 | 18,981,275.77 |
| 5.2.3 Gain/Loss arising from reclassification of held-to-maturity investments to available-for-sale financial assets | ||
| 5.2.4 Effective gain/loss on cash flow hedges | ||
| 5.2.5 Differences arising from translation of foreign currency-denominated financial statements | ||
| 5.2.6 Other | ||
| 6. Total comprehensive income | 282,461,470.64 | 263,063,807.16 |
| 7. Earnings per share | ||
| 7.1 Basic earnings per share | 0.70 | 0.65 |
| 7.2 Diluted earnings per share | 0.70 | 0.65 |
5. Consolidated Income Statement for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2018 | Q1~Q3 2017 |
| 1. Revenue | 17,416,858,672.22 | 15,977,114,535.05 |
| Including: Operating revenue | 17,416,858,672.22 | 15,977,114,535.05 |
| Interest income | ||
| Premium income | ||
| Handling charge and commission income | ||
| 2. Operating costs and expenses | 15,779,367,508.20 | 14,717,291,930.91 |
| Including: Cost of sales | 12,855,294,810.89 | 11,887,084,837.76 |
| Interest expense | ||
| Handling charge and commission expense | ||
| Surrenders | ||
| Net claims paid | ||
| Net amount provided as insurance contract reserve | ||
| Expenditure on policy dividends | ||
| Reinsurance premium expense | ||
| Taxes and surcharges | 95,955,629.23 | 98,446,618.90 |
| Selling expense | 2,521,232,812.16 | 2,235,935,416.90 |
| Administrative expense | 148,230,609.99 | 127,164,979.65 |
| R&D expense | 523,407,513.68 | 352,875,575.67 |
| Finance costs | -411,575,061.93 | -26,335,907.67 |
| Including: Interest expense | 51,973,885.75 | 26,838,380.55 |
| Interest income | -397,480,076.04 | -114,465,903.30 |
| Asset impairment loss | 46,821,194.18 | 42,120,409.70 |
| Add: Other income | 48,651,416.88 | 22,642,337.07 |
| Investment income (“-” for loss) | 113,990,451.60 | 238,589,870.73 |
| Including: Share of profit or loss of joint ventures and associates | ||
| Gain on changes in fair value (“-” for loss) | -12,093,350.68 | 7,279,041.33 |
| Foreign exchange gain (“-” for loss) | ||
| Asset disposal income (“-” for loss) | -907,555.01 | |
| 3. Operating profit (“-” for loss) | 1,787,132,126.81 | 1,528,333,853.27 |
| Add: Non-operating income | 12,196,548.70 | 23,994,408.02 |
| Less: Non-operating expense | 1,487,734.84 | 3,153,092.92 |
| 4. Profit before tax (“-” for loss) | 1,797,840,940.67 | 1,549,175,168.37 |
| Less: Income tax expense | 295,616,684.08 | 235,865,857.86 |
| 5. Net profit (“-” for net loss) | 1,502,224,256.59 | 1,313,309,310.51 |
| 5.1 Net profit from continuing operations (“-” for net loss) | 295,616,684.08 | 235,865,857.86 |
| 5.2 Net profit from discontinued operations (“-” for net loss) | 1,502,224,256.59 | 1,313,309,310.51 |
| Net profit attributable to owners of the Company as the parent | 1,347,066,972.81 | 1,143,019,809.34 |
| Net profit attributable to non-controlling interests | 155,157,283.78 | 170,289,501.17 |
| 6. Other comprehensive income, net of tax | -41,290,604.99 | -28,637,223.77 |
| Attributable to owners of the Company as the parent | -34,812,023.36 | -18,953,155.82 |
| 6.1 Items that will not be reclassified to profit or loss | ||
| 6.1.1 Changes in net liabilities or assets caused by remeasurements on defined benefit pension schemes | ||
| 6.1.2 Share of other comprehensive income of investees that will not be reclassified to profit or loss under equity method | ||
| 6.2 Items that may subsequently be reclassified to profit or loss | -34,812,023.36 | -18,953,155.82 |
| 6.2.1 Share of other comprehensive income of investees that will be reclassified to profit or loss under equity method | ||
| 6.2.2 Gain/Loss on changes in fair value of available-for-sale financial assets | -34,820,125.30 | -18,941,998.21 |
| 6.2.3 Gain/Loss arising from reclassification of held-to-maturity investments to available-for-sale financial assets | ||
| 6.2.4 Effective gain/loss on cash flow hedges |
| 6.2.5 Differences arising from translation of foreign currency-denominated financial statements | 8,101.94 | -11,157.61 |
| 6.2.6 Other | ||
| Attributable to non-controlling interests | -6,478,581.63 | -9,684,067.95 |
| 7. Total comprehensive income | 1,460,933,651.60 | 1,284,672,086.74 |
| Attributable to owners of the Company as the parent | 1,312,254,949.45 | 1,124,066,653.52 |
| Attributable to non-controlling interests | 148,678,702.15 | 160,605,433.22 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | 2.13 | 1.81 |
| 8.2 Diluted earnings per share | 2.13 | 1.81 |
6. Income Statement of the Company as the Parent for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2018 | Q1~Q3 2017 |
| 1. Operating revenue | 12,193,529,742.41 | 11,896,493,564.73 |
| Less: Cost of sales | 9,302,193,376.22 | 9,234,940,559.84 |
| Taxes and surcharges | 59,812,891.13 | 66,089,061.73 |
| Selling expense | 1,679,547,962.57 | 1,510,957,356.69 |
| Administrative expense | 118,321,990.55 | 91,198,512.38 |
| R&D expense | 415,321,273.68 | 293,455,274.62 |
| Finance costs | -256,571,814.47 | -28,382,799.86 |
| Including: Interest expense | 24,198,321.79 | 18,618,267.89 |
| Interest income | -242,395,256.35 | -76,262,118.24 |
| Asset impairment loss | 17,327,265.54 | 18,602,355.25 |
| Add: Other income | 15,106,377.54 | |
| Investment income (“-” for loss) | 59,934,823.87 | 109,372,200.95 |
| Including: Share of profit or loss of joint ventures and associates | ||
| Gain on changes in fair value (“-” for loss) | -7,256,871.83 | 6,482,343.61 |
| Asset disposal income (“-” for loss) | -1,400,600.16 | |
| 2. Operating profit (“-” for loss) | 923,960,526.61 | 825,487,788.64 |
| Add: Non-operating income | 10,028,342.36 | 12,887,071.45 |
| Less: Non-operating expense | 1,487,734.84 | 1,598,940.52 |
| 3. Profit before tax (“-” for loss) | 932,501,134.13 | 836,775,919.57 |
| Less: Income tax expense | 121,537,080.01 | 131,027,695.66 |
| 4. Net profit (“-” for net loss) | 810,964,054.12 | 705,748,223.91 |
| 4.1 Net profit from continuing operations (“-” for net loss) | 810,964,054.12 | 705,748,223.91 |
| 4.2 Net profit from discontinued operations (“-” for net loss) | ||
| 5. Other comprehensive income, net of tax | -20,078,328.39 | 3,618,137.72 |
| 5.1 Items that will not be reclassified to profit or loss | ||
| 5.1.1 Changes in net liabilities or assets caused by remeasurements on defined benefit pension schemes | ||
| 5.1.2 Share of other comprehensive income of investees that will not be reclassified to profit or loss under equity method | ||
| 5.2 Items that may subsequently be reclassified to profit or loss | -20,078,328.39 | 3,618,137.72 |
| 5.2.1 Share of other comprehensive income of investees that will be reclassified to profit or loss under equity method | ||
| 5.2.2 Gain/Loss on changes in fair value of available-for-sale financial assets | -20,078,328.39 | 3,618,137.72 |
| 5.2.3 Gain/Loss arising from reclassification of held-to-maturity investments to available-for-sale financial assets | ||
| 5.2.4 Effective gain/loss on cash flow hedges | ||
| 5.2.5 Differences arising from translation of foreign currency-denominated financial statements | ||
| 5.2.6 Other | ||
| 6. Total comprehensive income | 790,885,725.73 | 709,366,361.63 |
| 7. Earnings per share | ||
| 7.1 Basic earnings per share | ||
| 7.2 Diluted earnings per share |
7. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2018 | Q1~Q3 2017 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 13,119,826,375.57 | 11,502,461,367.12 |
| Net increase in customer deposits and interbank deposits | ||
| Net increase in borrowings from central bank | ||
| Net increase in loans from other financial institutions | ||
| Premiums received on original insurance contracts | ||
| Net proceeds from reinsurance | ||
| Net increase in deposits and investments of policy holders | ||
| Net increase in proceeds from disposal of financial assets at fair value |
| through profit or loss | ||
| Interest, handling charges and commissions received | ||
| Net increase in interbank loans obtained | ||
| Net increase in proceeds from repurchase transactions | ||
| Tax rebates | 29,970,565.12 | 60,061,335.71 |
| Cash generated from other operating activities | 113,957,228.91 | 86,857,031.47 |
| Subtotal of cash generated from operating activities | 13,263,754,169.60 | 11,649,379,734.30 |
| Payments for commodities and services | 10,623,045,879.77 | 7,437,740,147.06 |
| Net increase in loans and advances to customers | ||
| Net increase in deposits in central bank and in interbank loans granted | ||
| Payments for claims on original insurance contracts | ||
| Interest, handling charges and commissions paid | ||
| Policy dividends paid | ||
| Cash paid to and for employees | 1,125,920,458.93 | 918,519,618.20 |
| Taxes paid | 801,559,780.76 | 634,889,870.55 |
| Cash used in other operating activities | 427,724,292.71 | 1,969,007,881.07 |
| Subtotal of cash used in operating activities | 12,978,250,412.17 | 10,960,157,516.88 |
| Net cash generated from/used in operating activities | 285,503,757.43 | 689,222,217.42 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 12,085,000,000.00 | 6,895,000,000.00 |
| Investment income | 113,990,451.60 | 238,758,884.14 |
| Net proceeds from disposal of fixed assets, intangible assets and other long-lived assets | 4,226,057.10 | 840,384.69 |
| Net proceeds from disposal of subsidiaries or other business units | 2,415,000.00 | |
| Cash generated from other investing activities | 218,207,652.98 | 57,042,308.02 |
| Subtotal of cash generated from investing activities | 12,421,424,161.68 | 7,194,056,576.85 |
| Payments for acquisition of fixed assets, intangible assets and other long-lived assets | 243,267,106.03 | 104,042,380.39 |
| Payments for investments | 12,150,000,000.00 | 8,545,000,000.00 |
| Net increase in pledged loans granted | ||
| Net payments for acquisition of subsidiaries and other business units | ||
| Cash used in other investing activities | ||
| Subtotal of cash used in investing activities | 12,393,267,106.03 | 8,649,042,380.39 |
| Net cash generated from/used in investing activities | 28,157,055.65 | -1,454,985,803.54 |
| 3. Cash flows from financing activities: |
| Capital contributions received | ||
| Including: Capital contributions by non-controlling interests to subsidiaries | ||
| Increase in borrowings obtained | 429,950,000.00 | |
| Net proceeds from issuance of bonds | ||
| Cash generated from other financing activities | ||
| Subtotal of cash generated from financing activities | 429,950,000.00 | |
| Repayment of borrowings | 81,393,672.34 | 464,293,064.12 |
| Payments for interest and dividends | 653,894,346.91 | 499,516,450.57 |
| Including: Dividends paid by subsidiaries to non-controlling interests | ||
| Cash used in other financing activities | ||
| Subtotal of cash used in financing activities | 735,288,019.25 | 963,809,514.69 |
| Net cash generated from/used in financing activities | -735,288,019.25 | -533,859,514.69 |
| 4. Effect of foreign exchange rate changes on cash and cash equivalents | 283,110.30 | |
| 5. Net increase in cash and cash equivalents | -421,344,095.87 | -1,299,623,100.81 |
| Add: Cash and cash equivalents, beginning of the period | 1,417,489,071.71 | 4,171,689,917.21 |
| 6. Cash and cash equivalents, end of the period | 996,144,975.84 | 2,872,066,816.40 |
8. Cash Flow Statement of the Company as the Parent for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2018 | Q1~Q3 2017 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 9,982,234,962.36 | 9,850,148,284.12 |
| Tax rebates | ||
| Cash generated from other operating activities | 39,199,702.69 | 38,736,675.26 |
| Subtotal of cash generated from operating activities | 10,021,434,665.05 | 9,888,884,959.38 |
| Payments for commodities and services | 7,293,496,640.59 | 6,852,988,102.23 |
| Cash paid to and for employees | 790,707,722.05 | 645,646,594.51 |
| Taxes paid | 412,788,269.97 | 370,064,700.60 |
| Cash used in other operating activities | 328,777,838.65 | 1,350,354,065.27 |
| Subtotal of cash used in operating activities | 8,825,770,471.25 | 9,219,053,462.61 |
| Net cash generated from/used in operating activities | 1,195,664,193.80 | 669,831,496.77 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 5,935,000,000.00 | 3,185,000,000.00 |
| Investment income | 59,934,823.87 | 104,184,719.36 |
| Net proceeds from disposal of fixed assets, intangible assets and other long-lived assets | 1,378,421.40 | 192,710.01 |
| Net proceeds from disposal of subsidiaries or other business units | 2,415,000.00 | |
| Cash generated from other investing activities | 109,415,609.59 | 38,174,499.80 |
| Subtotal of cash generated from investing activities | 6,105,728,854.86 | 3,329,966,929.17 |
| Payments for acquisition of fixed assets, intangible assets and other long-lived assets | 169,367,095.97 | 46,670,938.80 |
| Payments for investments | 6,900,000,000.00 | 4,475,000,000.00 |
| Net payments for acquisition of subsidiaries and other business units | ||
| Cash used in other investing activities | ||
| Subtotal of cash used in investing activities | 7,069,367,095.97 | 4,521,670,938.80 |
| Net cash generated from/used in investing activities | -963,638,241.11 | -1,191,704,009.63 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | ||
| Increase in borrowings obtained | 243,000,000.00 | |
| Net proceeds from issuance of bonds | ||
| Cash generated from other financing activities | ||
| Subtotal of cash generated from financing activities | 243,000,000.00 | |
| Repayment of borrowings | 16,806,882.34 | 258,943,093.80 |
| Payments for interest and dividends | 645,367,374.65 | 492,786,139.87 |
| Cash used in other financing activities | ||
| Sub-total of cash used in financing activities | 662,174,256.99 | 751,729,233.67 |
| Net cash generated from/used in financing activities | -662,174,256.99 | -508,729,233.67 |
| 4. Effect of foreign exchange rate changes on cash and cash equivalents | -1,379,355.61 | |
| 5. Net increase in cash and cash equivalents | -431,527,659.91 | -1,030,601,746.53 |
| Add: Cash and cash equivalents, beginning of the period | 945,759,061.62 | 2,353,708,554.75 |
| 6. Cash and cash equivalents, end of the period | 514,231,401.71 | 1,323,106,808.22 |
II Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes √ No
These financial statements have not been audited by such an auditor.
Wuxi Little Swan Company LimitedLegal representative: Fang Hongbo
31 October 2018