TCL科技集团股份有限公司
TCLTechnologyGroupCorporation
THIRDQUARTERLYREPORT2020
29October2020
PartIImportantNotes,TableofContentsandDefinitions
TheBoardofDirectors(orthe“Board”),theSupervisoryCommitteeaswellasthedirectors,supervisorsandseniormanagementofTCLTechnologyGroupCorporation(hereinafterreferredtoasthe“Company”)herebyguaranteethefactuality,accuracyandcompletenessofthecontentsofthisReport,andshallbejointlyandseverallyliableforanymisrepresentations,misleadingstatementsormaterialomissionstherein.AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReport.Mr.LiDongsheng,theChairmanoftheBoard,Ms.DuJuan,theperson-in-chargeoffinancialaffairs(ChiefFinancialOfficer),andMr.XiWenbo,theperson-in-chargeofthefinancialdepartment,herebyguaranteethatthefinancialstatementscarriedinthisReportarefactual,accurateandcomplete.ThisReporthasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionsshallprevail.
TableofContents
PartIImportantNotes,TableofContentsandDefinitions ...... 2
PartIIKeyCorporateInformation ...... 5
PartIIIManagementDiscussionandAnalysis ...... 10
PartIVSignificantEvents ...... 17
PartVFinancialStatements ...... 29
Definitions
| Term | Definition |
| The“Company”,the“Group”,“TCL”,“TCLTech.”or“we” | TCLTechnologyGroupCorporationanditsconsolidatedsubsidiaries,exceptwherethecontextotherwiserequires. |
| The“CurrentPeriod” | Theperiodfrom1January2020to30September2020. |
| The“ReportingPeriod” | Theperiodfrom1July2020to30September2020. |
| TCLCSOT | TCLChinaStarOptoelectronicsTechnologyCo.,Ltd. |
| ZhonghuanElectronics | TianjinZhonghuanElectronicsGroupCo.,Ltd. |
| ZhonghuanSemiconductor | TianjinZhonghuanSemiconductorCo.,Ltd.(stockcode:002129.SZ) |
| SamsungDisplay | SamsungDisplayCo.,Ltd. |
| SamsungSuzhou | SamsungSuzhouLCDCo.,Ltd. |
| San’anSemiconductor | QuanzhouSan’anSemiconductorTechnologyCo.,Ltd. |
| Highly | HighlyInformationIndustryCo.,Ltd.,amajority-ownedsubsidiaryoftheCompanylistedontheNationalEquitiesExchangeandQuotations(stockcode:835281) |
| GuangdongJuhua | GuangdongJuhuaPrintedDisplayTechnologyCo.,Ltd. |
| ChinaRay | GuangzhouChinaRayOptoelectronicMaterialsCo.,Ltd. |
| CDOT | ChinaDisplayOptoelectronicsTechnologyHoldingsLimited,amajority-ownedsubsidiaryoftheCompanylistedontheStockExchangeofHongKong(stockcode:00334.HK) |
| EducationalWeb | TCLEducationalWebLtd. |
| BankofShanghai | BankofShanghaiCo.,Ltd.(stockcode:601229.SH) |
| 712Corp. | Tianjin712Communication&BroadcastingCo.,Ltd.(stockcode:603712.SH) |
| Fantasia | FantasiaHoldingsGroupCo.,Limited,alistedcompanyontheStockExchangeofHongKong(stockcode:01777.HK) |
| AdmiraltyHarbourCapital | AdmiraltyHarbourCapitalLimited |
| ChinaInnovative | ChinaInnovativeCapitalManagementLimited |
| t1project | Thegeneration8.5(orG8.5)TFT-LCDproductionlineofTCLCSOT |
| t2project | Thegeneration8.5(orG8.5)TFT-LCD(includingoxidesemiconductor)productionlineofTCLCSOT |
| t3project | Thegeneration6(orG6)LTPS-LCDpanelproductionlineofTCLCSOT |
| t4project | Thegeneration6(orG6)flexibleLTPS-AMOLEDpanelproductionlineofTCLCSOT |
| t6project | Thegeneration11(orG11)newTFT-LCDproductionlineofTCLCSOT |
| t7project | Thegeneration11(orG11)newultra-high-definition(UHD)TFT-LCDandAMOLEDproductionlineofTCLCSOT |
PartIIKeyCorporateInformation
IKeyFinancialInformation
Indicatewhetherthereisanyretrospectivelyrestateddatuminthetablebelow.
□Yes■No
| 30September2020 | 31December2019 | Change(%) | |||
| Totalassets(RMB) | 200,282,199,399 | 164,844,884,926 | 21.50% | ||
| Owners’equityattributabletothelistedcompany’sshareholders(RMB) | 31,074,758,363 | 30,111,946,237 | 3.20% | ||
| Sharecapital(share) | 13,519,279,411 | 13,528,438,719 | -0.07% | ||
| Equitypershareattributabletothelistedcompany’sshareholders(RMB/share) | 2.2986 | 2.2258 | 3.27% | ||
| Q32020 | YoYchange(%) | Q1-Q32020 | YoYchange(%) | ||
| Revenue(RMB) | 19,376,776,395 | 28.87% | 48,709,987,251 | -17.18% | |
| Revenueonthesamebasisafterthespin-off(RMB)(note) | 19,376,776,395 | 28.87% | 48,709,987,251 | 18.36% | |
| EBITDA(RMB) | 4,530,535,012 | 41.94% | 10,673,641,330 | -8.21% | |
| Netprofitattributabletothelistedcompany’sshareholders(RMB) | 817,109,760 | 68.48% | 2,025,175,746 | -21.42% | |
| Netprofitattributabletothelistedcompany’sshareholdersbeforenon-recurringgainsandlosses(RMB) | 678,187,625 | 168.13% | 860,050,472 | 70.85% | |
| Netcashgeneratedfrom/usedinoperatingactivities(RMB) | 4,523,259,350 | 210.14% | 11,871,070,129 | 56.01% | |
| Basicearningspershare(RMB/share) | 0.0632 | 73.63% | 0.1563 | -19.68% | |
| Dilutedearningspershare(RMB/share) | 0.0604 | 68.72% | 0.1497 | -21.29% | |
| Weightedaveragereturnonequity(%) | 2.66% | 1.06% | 6.74% | -2.12% | |
Note:InApril2019,theCompanycompletedthehandoverofassetsinasignificantspin-off.Therefore,theQ1-Q32019dataincludedtheresultsofthespun-offassetsforJanuary-March2019andagainofRMB1.15billionfromthespin-off.ProvidedthattheQ1-Q32019datawereonthesamebasisafterthespin-off,revenuewouldbeupby18.4%year-on-year.In2020,theCompanycontinuedtofocusonitscorebusinessandmaximizeshareholder’svaluebyspinningofftheEducationalWebbusiness,whichgeneratedagainofRMB234million.Providedthatthespin-offgainswereexcludedfrombothoftheQ1-Q32020andQ1-Q32019data,thenetprofitattributabletothelistedcompany’sshareholderswouldbeupby28.9%year-on-yearonthesamebasis.ThetotalsharecapitalattheendofthelasttradingsessionbeforethedisclosureofthisReport:
| TotalsharecapitalattheendofthelasttradingsessionbeforethedisclosureofthisReport(share) | 13,519,279,411 |
Fullydilutedearningspersharebasedonthelatesttotalsharecapitalabove:
| Fullydilutedearningspersharebasedonthelatesttotalsharecapitalabove(RMB/share) | 0.1498 |
Non-recurringgainsandlosses:
Unit:RMB
| Item | Q1-Q32020 | Note |
| Gainorlossondisposalofnon-currentassets(inclusiveofimpairmentallowancewrite-offs) | 300,297,646 | Notapplicable |
| Governmentgrantsthroughprofitorloss(exclusiveofgovernmentgrantsgivenintheCompany’sordinarycourseofbusinessatfixedquotasoramountsasperthegovernment’suniformstandards) | 465,617,542 | Notapplicable |
| GainequaltotheamountbywhichinvestmentcostsfortheCompanytoobtainsubsidiaries,associatesandjointventuresarelowerthantheCompany’senjoyablefairvalueofidentifiablenetassetsofinvesteeswhenmakinginvestments | 280,758,994 | Notapplicable |
| Gainorlossonfair-valuechangesinheld-for-tradingandderivativefinancialassetsandliabilities&incomefromdisposalofheld-for-tradingandderivativefinancialassetsandliabilitiesandotherinvestmentsindebtobligations(exclusiveoftheeffectiveportionofhedgesthatariseintheCompany’sordinarycourseofbusiness) | 101,008,421 | Notapplicable |
| Non-operatingincomeandexpenseotherthantheabove | 173,115,293 | Notapplicable |
| Less:Corporateincometax | 86,827,078 | Notapplicable |
| Non-controllinginterests(netoftax) | 68,845,544 | Notapplicable |
| Total | 1,165,125,274 | -- |
ExplanationofwhytheCompanyreclassifiesasrecurrentanon-recurringgain/lossitemdefinedorlistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—Non-RecurringGain/LossItems:
□Applicable■Notapplicable
IITotalNumberofShareholdersandHoldingsofTop10ShareholdersattheEndoftheReportingPeriod
1.NumbersofOrdinaryShareholdersandPreferredShareholderswithResumedVotingRightsaswellasHoldingsofTop10Shareholders
Unit:share
| Numberofordinaryshareholdersattheperiod-end | 512,782 | Numberofpreferenceshareholderswithresumed | 0 |
| votingrightsattheperiod-end(ifany) | ||||||||
| Top10shareholders | ||||||||
| Nameofshareholder | Natureofshareholder | Shareholdingpercentage | Totalsharesheld | Restrictedsharesheld | Sharesinpledgeorfrozen | |||
| Status | Shares | |||||||
| LiDongshengandhisacting-in-concertparty | Domesticnaturalperson/generallegalperson | 8.57 | 1,158,599,393 | 613,931,602 | PutinpledgebyLiDongsheng | 275,000,000 | ||
| PutinpledgebyJiutianLiancheng | 344,899,521 | |||||||
| HuizhouInvestmentHoldingCo.,Ltd. | State-ownedlegalperson | 5.50 | 743,139,840 | |||||
| HongKongSecuritiesClearingCompanyLtd. | Foreignlegalperson | 3.11 | 420,738,484 | |||||
| TibetTianfengEnterpriseManagementCo.,Ltd. | Domesticgenerallegalperson | 3.01 | 407,344,415 | |||||
| ChinaSecuritiesFinanceCorporationLimited | Domesticgenerallegalperson | 2.76 | 373,231,553 | |||||
| CentralHuijinAssetManagementCo.,Ltd. | State-ownedlegalperson | 1.53 | 206,456,500 | |||||
| NationalSocialSecurityFund-Portfolio601 | Fund,wealthmanagementproduct,etc. | 0.95 | 128,080,487 | |||||
| StarCenturyEnterprisesLimited | Foreignlegalperson | 0.67 | 90,532,347 | 90,532,347 | ||||
| ICBCCreditSuisseAssetManagementCo.,Ltd.－AgriculturalBank | Fund,wealthmanagementproduct,etc. | 0.55 | 74,761,500 | |||||
| ofChina－ICBCCreditSuisseChinaSecuritiesFinancialAssetsManagementPlan | ||||||
| ChinaSouthernAssetManagementCo.,Ltd.－AgriculturalBankofChina－SouthernChinaSecuritiesFinancialAssetsManagementPlan | Fund,wealthmanagementproduct,etc. | 0.55 | 74,761,500 | |||
| Top10unrestrictedshareholders | ||||||
| Nameofshareholder | Unrestrictedsharesheld | Sharesbytype | ||||
| Type | Shares | |||||
| HuizhouInvestmentHoldingCo.,Ltd. | 743,139,840 | RMB-denominatedordinarystock | 743,139,840 | |||
| LiDongshengandhisacting-in-concertparty | 544,667,791 | RMB-denominatedordinarystock | 544,667,791 | |||
| HongKongSecuritiesClearingCompanyLtd. | 420,738,484 | RMB-denominatedordinarystock | 420,738,484 | |||
| TibetTianfengEnterpriseManagementCo.,Ltd. | 407,344,415 | RMB-denominatedordinarystock | 407,344,415 | |||
| ChinaSecuritiesFinanceCorporationLimited | 373,231,553 | RMB-denominatedordinarystock | 373,231,553 | |||
| CentralHuijinAssetManagementCo.,Ltd. | 206,456,500 | RMB-denominatedordinarystock | 206,456,500 | |||
| NationalSocialSecurityFund-Portfolio601 | 128,080,487 | RMB-denominatedordinarystock | 128,080,487 | |||
| ICBCCreditSuisseAssetManagementCo.,Ltd.－AgriculturalBankofChina－ICBCCreditSuisseChinaSecuritiesFinancialAssetsManagementPlan | 74,761,500 | RMB-denominatedordinarystock | 74,761,500 | |||
| ChinaSouthernAssetManagementCo.,Ltd.－AgriculturalBankof | 74,761,500 | RMB-denominatedordinarystock | 74,761,500 | |||
| China－SouthernChinaSecuritiesFinancialAssetsManagementPlan | |||
| ZhongOuAssetManagement－AgriculturalBankofChina－ZhongOuChinaSecuritiesFinancialAssetsManagementPlan | 74,761,500 | RMB-denominatedordinarystock | 74,761,500 |
| Relatedoracting-in-concertpartiesamongtheshareholdersabove | Beingacting-in-concertpartiesuponthesigningoftheAgreementonActinginConcert,Mr.LiDongshengandXinjiangJiutianLianchengEquityInvestmentPartnership(LimitedPartnership)(hereinafterreferredtoas“JiutianLiancheng”)arethebiggestshareholderoftheCompanywithatotalof1,158.5994millionshares. | ||
| Top10shareholdersinvolvedinsecuritiesmargintrading(ifany) | Notapplicable | ||
Indicatewhetheranyofthetop10ordinaryshareholdersorthetop10unrestrictedordinaryshareholdersoftheCompanyconductedanypromissoryrepoduringtheReportingPeriod.
□Yes■NoNosuchcasesintheReportingPeriod.
2.NumberofPreferredShareholdersandShareholdingsofTop10ofThem
□Applicable■Notapplicable
PartIIIManagementDiscussionandAnalysisIOverviewThetechnologyandfinancialsectorhassufferedfromtheimpactofthefurtherescalatedSino-UStradewarsincethebeginningofthisyear.Inaddition,theglobaleconomywasinaslumpbecausetheCOVID-19pandemichasnotbeeneliminated.Duetotheeffectivepandemiccontrolmeasuresandthe"dualcirculation"developmentpattern,whichisthemutualpromotionofthedoublecyclesofthedomesticandinternationalmarkets,Chinahasbecometheonlymajoreconomywithpositivegrowth.Withtheaccelerationoftherestructuringoftheglobaleconomiclandscapeandthecontinuousadjustmentoftheindustrialchains,strategicemergingindustriessuchassemi-conductormaterials,newdisplaystechnologyandintegratedcircuitsinChinaareenteringanewstageofdevelopment.TheCompanypersistedwiththeestablishedstrategies,regardedinnovationandtechnologyasthecoredriver,aswellasmaximizedthecostefficiency.TheCompanycontinuouslycreatednewdynamicforthehigh-endtechnologyindustryandfurtherpromotedthegloballeadingstrategies.Intheninemonthsended30September2020,onthesamebasisafterthespin-off,theCompanyrecordedrevenueofRMB48.71billion,upby18.4%year-on-year,andanetprofitattributabletothelistedcompany’sshareholdersofRMB2.03billion.Excludingthegainfromthespin-off,thenetprofitattributabletothelistedcompany’sshareholdersincreasedby28.9%year-on-yearonthesamebasis.Specifically,thenetprofitattributabletothelistedcompany’sshareholderswasRMB0.817billioninthethirdquarter,upby68.5%year-on-year.TCLCSOTreportedarevenueofRMB32.38billion,upby31.9%year-on-year,duetoaloweraveragepriceofmajorproductsfromthesameperiodoflastyear;Moreover,theimpactonproductionandlogisticsbroughtbythepandemicresultedinanetprofitofRMB566million,downby56.3%year-on-year.Benefitedfromtheimprovementinthesupplyanddemandofgloballarge-sizedisplaybusiness,thepriceofpanelsineachsizestablyincreasedinthethirdquarter.TheCompanycontinuedtopromotestructuralcostreductionandconsolidateitsleadingadvantagesinoperatingefficiencyandbenefit.Althoughthedepreciationofthethirdquarterincreasedby
RMB573millionfromthesecondquarter,afterthecapacityofnewproductionlinessmoothlyclimbedtothetop,TCLCSOTrecordedanetprofitofRMB700millioninthethirdquarter,asignificantincreaseofRMB659millionfromthesecondquarterandanincreaseof151.6%year-on-year.Meanwhile,theindustrialfinance&investmentandventurecapitalbusinessrecordedanetprofitofRMB785million.Semi-conductordisplaytechnologyandmaterialsisoneofthecorefundamentalindustrieswithgreatimportanceandpromisingprospects,whereChineseenterprisesplayedasignificantroleintheindustries.DuringtheReportingPeriod,TCLCSOTacquired60%ownershipoftheG8.5productionline(t10)ofSamsungSuzhouand100%ownershipofthesupportingmodulefactory,andintroducedSamsungtobeastrategicshareholderofTCLCSOT.Bothsideswouldcoordinatetheirrespectivetechnology,productionandmarketadvantagestolaunchcomprehensivecooperationandformanewecologicalalliance.Theassetswasdeliveredasscheduledandwouldbeincludedintotheconsolidatedfinancialstatementsinthefirstquarterof2021.Meanwhile,theChinaSecuritiesRegulatoryCommissionapprovedtheCompany'sacquisitionofa39.95%minorityinterestofthet3productionlineaswellasthecapitalraisingprogramofRMB2.6billioninSeptember.Thedeliveryofassetwasprogressing.ThistransactionwouldfurtherenhancetheprofitabilityattributabletotheCompanyandincreasereturnsforshareholders.Byself-research,cooperationandacquisition,thecompanyimprovedtheecologicalsystemaroundprintingOLED/QLED,Micro-LEDandothernewdisplaytechnologies,aswellasreinforcedthetechnologicalleadingadvantages.TheCompany’ssubsidiary,GuangdongJuhuafocusedonprintingdisplayprocessbydevelopingkeytechnologiesandpromotingindustrialapplication,whileChinaRayfocusedonresearchingnewOLEDkeymaterialswithindependentIP.ThepatentsownedbytheCompanyintheQLEDelectroluminescentfieldrankedastoptwooftheworld.TCLCSOTacquiredastrategicstakeinJOLEDInc.ThroughjointR&Dandpatentcooperation,thecompanyimprovedtheecologyconstructionoftheprintingdisplayindustrialchainfromallaspectsincludingmaterials,equipment,processesandproducts,soastoacceleratetheindustrializationofprintingOLED.TCLCSOTandSan’anSemiconductorarededicatedtopromotingindependentIPsfrommaterials,processes,equipmentsandproductionlinesolutionsbyjointlyestablishingalaboratoryfocusingonMicro-LEDtechnology.
Tomeettherequirementofsearchinggrowthdriverinsemiconductorandsemiconductorphotovoltaicindustry,thecompanyinvestedinthefieldofsiliconmaterials,whichheldahighpositionintheupstreamoftheindustry.Withthegridparity,newdevelopmentopportunitiesappearedforphotovoltaics.Alongwiththethirdwaveofsemiconductorindustryrelocationandtheindustrialrestructuringunderinternationalpoliticalandeconomicchanges,theCompanywillcontinuouslylayasolidfoundationinhigh-tech,heavy-assetandlong-cyclefields,anddevelopcompetitivenessinbasicproceduresandkeyareassuchasmaterialsandequipment.DuringtheReportingPeriod,theCompanyacquired100%equityofTianjinZhonghuanElectronicsGroupCo.,Ltd.TheassetisprocessingtransferformalitiesandwillbeincludedintotheconsolidatedfinancialstatementsinQ42020.Lookingforwardtothewholeyear,althoughthepandemichasaffectedtheshort-termbusinessperformanceandtherearegreatuncertaintiesinglobaleconomicgrowth,thecompanyisconfidenttoreachtheannualbusinesstarget.Moreover,thecompanyattemptstoseizethehistoricopportunityofglobalindustrialtransformationbytakingadvantagesinmanagement,efficiency,industrialchainresourcesanditssuccessfulexperienceofglobaloperation.Thecompanywillstrivetopromoteagloballeadingpositioninthefieldsofsemiconductordisplayandmaterialsindustryaswellassemiconductorandsemiconductorphotovoltaicindustry.IICoreBusinessReviewDuringtheReportingPeriod,thebusinessstructureofTCLTech.stillconsistedofthefollowingthreesegments:thesemi-conductordisplayandmaterialsbusiness,theindustrialfinance&investmentbusinessandtheotherbusinesses.TheCompanyhasacquired100%equityofTianjinZhonghuanElectronicsGroupCo.,Ltd.anditsstatementswillbeconsolidatedinQ42020,thebusinessstructureoftheCompanywillthenbeasfollows:
(I)Semi-conductorDisplayandMaterialsBusinessDuetoimpactofthepandemic,thesupplyanddemandinthesemiconductordisplayindustrybothshrank,andthepriceofpanelscontinuedtofluctuateatthebottom.Duetorecovereddemandinthethirdquarteraswellastheinfluenceofthecomingsellingseason,thepricemaintainedatahighlevel,whichenhancedtheindustrialprofitability.FromJanuarytoSeptember,TCLCSOTrecordedproductsalesareaof21.687millionsquaremeters,upby41.7%year-on-year;arevenueofRMB32.38billion,upby31.9%year-on-year,andanetprofitofRMB566million.Specifically,thenetprofitofthethirdquarterwasRMB700million,upbyRMB659millionquarter-on-quarterand151.6%year-on-year.Thelarge-sizepanelbusinessmaintainedleadingefficiencyandprofitability,whichresultsinarisetothesecondplaceoftheglobalmarketshareofTVpanels.Endogenouscapability-buildingandM&AsupportedthecontinualhighgrowthofTCLCSOT.Theproductionlinesoflarge-sizepanelsoperatedatfullcapacityforstrongsales,achievingsalesareaof20.71millionsquaremeters,upby44.9%year-on-year,alongwithasalesvolumeof34.48millionpieces,upby14.9%year-on-year.TCLCSOTgavefullplaytoadvantagesofthehigh-generationproductionlineinproductionefficiencyinultra-largesizesandhighspecifications,andoptimizedtheproductmix.Themarketshareof55-inchpanelsrankedthefirstintheworld,thatof32-inchpanelsrankedthesecond,andthatof65-inchand75-inchpanelsrosetothethirdposition.8K/120Hzproductsalesgrewrapidly.TheCompanyachievedmassproductionof75-inch8KMLEDXingyaoScreen,andactivelyextendedbusinesstothecommercialdisplayfield.The
TCLTechSemi-conductordisplay&
materials
Semi-conductordisplay&
materialsIndustrialfinance&
investment
Industrialfinance&
investment
Other
| Semi-conductor&Semi-conductorphotovoltaic | Other | |
CDOTChinaRay
ChinaRayJuhua
JuhuaTCLCSOT
TCLCSOT
ZhonghuanSemiconductor
| ZhonghuanSemiconductor | ZhonghuanSemiconductorPhotovoltaic |
| TCLFinancial | TCLCapital | Highly | TPC |
marketshareof86-inchinteractivewhiteboardsrankedsecondintheworld.Large-sizepanelbusinessrecordedarevenueofRMB20.33billion,upby50.9%year-on-year,maintainingaleadingprofitabilityintheindustry.TCLCSOTacquiredtheSuzhoufactoriesofSamsungDisplay,whichwasexpectedtobeconsolidatedinthefirstquarterof2021.Meanwhile,thet7productionlinewasabouttoachievemassproduction.Accordingtoendogenouscapability-buildingandM&A,theproductioncapacityandmarketshareofTCLCSOTwasexpectedtomaintainarapidgrowth,andthecompetitivenessoflarge-sizedisplaybusinesswouldbecontinuouslyenhanced.TheCompanydrovedevelopmentofsmall-andmedium-sizepanelbusinessbytechnologyinnovation,andcontinuouslyoptimizedproductsandcustomerstructure.High-endnotebookcomputersandflexibleOLEDproductsgrewrapidly.Thesmall-andmedium-sizepanelbusinessrecognizedsalesareaof0.97millionsquaremeters,downby3.6%year-on-year;andarevenueofRMB12.05billion(includingCDOT),upby8.7%year-on-year.Modulecapacityofthet3productionlinedecreasedinthefirsthalfduetoimpactofthepandemic,butitrecoveredtofullcapacityandsalesinthethirdquarter.TheCompanystrengthenedthedevelopmentoffullscreendisplayandin-displayfingerprinttechnology,increasedtheproportionofIncell/COF/blindviaproducts,andcontinuouslyoptimizedtheproductmix.ItsmarketshareofLTPSmobilephonepanelsmaintainedthetopthreepositionintheworldwitharecoveringprofitability.ThePhaseIproductioncapacityandyieldrateofthet4flexibleAMOLEDproductionlinewereimprovedasscheduled,andfoldablescreensanddouble-curvedscreensforbrandmanufacturersweremassproducedanddelivered.Inaddition,theCompanycontinuedintroducinggloballeadingbrands,anditsshipmentsofOLEDmobilephonepanelsrosetothefourthacrosstheworld.Forthet4productionline,thefocuswasplacedonunder-displayshooting,folding,LTPOandotherspecialtechnologies.TheDOTand120HzproductswasmassproducedthroughaleadingtechnologyinChina.EquipmentforPhaseIIandPhaseIIIwasbeingmovedinasplanned.Atotalcapacityof45K/monthcouldbeestimatedtoachievein2021.
TheCompanyenhancedthefull-life-cyclecapabilityofproducts,andfurtherenrichedthemixofmedium-sizeproductsbasedonexistingadvantagesinLTPSfieldsinnotebookcomputersandtabletcomputersaswellascustomers’resourcesinEsportsandIWB.Withexistingstrategiesofmedium-sizepanelsandthejudgmentonlarge,mediumandsmallsizemarket,thecompanypromotedtechnicalinvestmentformedium-sizeproductsandbroadenedthehigh-endcustomersduringtheReportingPeriod.Inaddition,thecompanygraspedtheopportunitiesfromtheboomingmarketofspecialdisplaysforentertainmentandEsports,aswellastheneedsofupgradeinhigh-endbusinessnotebookcomputers.Thevolumeshipmentof32-inchcurvedgamingpanelofTCLCSOTrankedsecondacrosstheworld,anditsLTPSnotebookcomputerpanelhasbeensuppliedtomassbrandcustomers.
(II)IndustrialFinanceandInvestmentBusinessTCL’sindustrialfinancebusinessmainlyincludestheGroup’sfinanceandthesupplychainfinance.ThefinanceteamfocusedonthefundingneedsoftheGroup’skeyprojects,strengthenedtheactivemanagementofliquidityandcurrencyrisk,andgraduallysatisfiedfinancialneedsoftheoverseasbusiness.ThesupplychainfinancetookfulladvantageofInternetplatform.Jointlywithdomesticfinancialinstitutions,itcontinuouslyprovidedhighqualityandconvenientreceivablesfinancingservicesforsmallandmediumenterprises,realizingthesounddevelopmentoftheindustry.TCLCapitalseekinvestmentopportunitiesinkeyfieldsofhigh-techindustries,includingnewdisplaytechnology,semi-conductorindustrychain,aswellashighendmaterialsandprocessequipment.Theseinvestmentstookabalancedapproachtopromotetechnologydevelopmentandderiveeconomicbenefits.BytheendoftheReportingPeriod,theAUMofTCLCapitalreachedRMB8,989million,and124projectswereinvestedcumulatively.Currently,itholdsthestakeofCATL,DKEM,Cambriconandsomeotherlistedcompanies,inadditiontointerestsinSenseTime,ShangtaiTech,ASRMicroelectronics,GalaxyCore,etc.AsforAdmiraltyHarbourCapital,ithasissuedandunderwritten14bondsand5debtmanagementprojects.Itsinvestmentbankingandassetmanagementbusinessgrewsteadily.ChinaInnovativefocusedinmaturecompaniesrelatedtotheCompany’sbusinesses,andithasinvestedinmorethan115listedcompaniescumulativelywithasteadygrowthinperformance.
AttheendoftheReportingPeriod,theCompanyholdsastakeofseverallistedcompaniesdirectly,includingthe712Corp.(603712.SH),theBankofShanghai(601229.SH)andtheFantasiaHoldings(01777.HK).
PartIVSignificantEventsIMajorChangesofMainItemsinFinancialStatementsandFinancialIndicatorswithintheReportingPeriod,aswellastheReasonsfortheChanges
1.BalanceSheetItems
Unit:RMB
| Balancesheetitems | 30September2020 | 31December2019 | Change(%) | ReasonsfortheChanges |
| Monetaryassets | 12,827,443,241 | 18,648,184,663 | -31.2 | Paymentsforinvestments |
| Held-for-tradingfinancialassets | 7,920,821,272 | 6,074,750,918 | 30.4 | Increaseininvestmentsinwealthmanagementproductspurchased |
| Accountsreceivable | 11,284,708,459 | 8,340,353,992 | 35.3 | Increaseinrevenue |
| Prepayments | 874,835,005 | 364,422,948 | 140.1 | Increaseinprepaymentstosuppliers |
| Otherreceivables | 16,106,570,308 | 2,750,041,514 | 485.7 | IncreaseinreceivablesinrelationtoM&Ainvestments |
| Loansandadvancestocustomers | 1,961,571,208 | 3,637,768,065 | -46.1 | Recoveryofloans |
| Othernon-currentfinancialassets | 3,318,741,915 | 2,542,689,268 | 30.5 | Increaseindebtinvestments |
| Investmentproperty | 1,157,774,022 | 82,272,964 | 1,307.2 | Increaseinconstructioninprogresstransferredtothisitem |
| Fixedassets | 59,542,069,991 | 45,459,070,330 | 31.0 | Increaseinconstructioninprogresstransferredtothisitem |
| Long-termprepaidexpense | 2,253,426,047 | 1,567,690,992 | 43.7 | Increaseintheperiod |
| Othernon-currentassets | 16,046,365,881 | 4,250,658,887 | 277.5 | Increaseinprepaymentsforequipment |
| Borrowingsfromcentralbank | 1,235,104,379 | 573,222,113 | 115.5 | IncreaseinborrowingsreceivedbyTCLFinanceCo.,Ltd.fromthecentralbank |
| Held-for-tradingfinancialliabilities | 482,824,416 | 188,220,097 | 156.5 | Increaseinfinancialproducts |
| Derivativefinancialliabilities | 318,400,408 | 84,704,591 | 275.9 | Increaseinforwardforexproducts |
| Contractliabilities | 346,106,030 | - | - | Adoptionofthenewaccountingstandardgoverningrevenue |
| Customerdepositsand | 3,339,383,199 | 1,355,128,509 | 146.4 | Increaseindepositsreceivedby |
| interbankdeposits | TCLFinanceCo.,Ltd. | |||
| Currentportionofnon-currentliabilities | 5,697,042,073 | 1,691,963,496 | 236.7 | Increaseinthecurrentportionoflong-termborrowings |
| Long-termborrowings | 60,621,676,376 | 38,512,059,200 | 57.4 | Increaseinfinancings |
2.IncomeStatementItems
Unit:RMB
| Item | Q1-Q32020 | Q1-Q32019 | Change(%) | ReasonsfortheChanges |
| Taxesandlevies | 147,380,452 | 289,281,187 | -49.1 | Thespin-off |
| Sellingexpense | 548,204,916 | 2,582,419,684 | -78.8 | Thespin-off |
| Financecosts | 1,453,054,866 | 885,378,869 | 64.1 | Increaseinfinancings |
| Assetimpairmentloss | -708,096,422 | -397,698,940 | 78.0 | Increaseininventoryvaluationallowances |
3.CashFlowStatementItems
Unit:RMB
| Item | Q1-Q32020 | Q1-Q32019 | Change(%) | ReasonsfortheChanges |
| Netcashgeneratedfrom/usedinoperatingactivities | 11,871,070,129 | 7,609,274,189 | 56.0 | Newproductionlinesrunningatfullcapacityandincreaseincashasloansandadvances |
| Netcashgeneratedfrom/usedininvestingactivities | -40,577,217,778 | -26,893,265,344 | 50.9 | Increaseininvestmentexpenditures |
| Netcashgeneratedfrom/usedinfinancingactivities | 23,485,740,179 | 9,957,977,427 | 135.8 | Increaseinfinancings |
IIProgress,InfluenceandSolutionswithregardtoSignificantEvents
| Summaryofthesignificantevent | Disclosuredate | Indextotherelatedannouncement |
| AnnouncementontheCompletionofShareRepurchase&ChangesinShares | 13January2020 | http://www.cninfo.com.cn |
| AnnouncementonChangeoftheCompanyNamewiththeIndustrialandCommercialAdministrationandChangeoftheStockName | 7February2020 | |
| PreliminaryPlanontheAcquisitionofAssetsthroughShareOffering,ConvertibleCorporateBondsOfferingandCashPaymentandRaisingtheMatchingFunds | 29April2020 | |
| Announcementsonparticipatinginthepublicacquisitionofthe100%equityinterestsin | 24June2020,16July2020,22July2020,11September2020and28September2020 |
| ZhonghuanGroup | |
| ReportontheAcquisitionofAssetsthroughShareOffering,ConvertibleCorporateBondsOfferingandCashPaymentandRaisingtheMatchingFunds(Draft)(Revised) | 29August2020and17September2020 |
| ReminderofPostponedRe-electionoftheBoardofDirectorsandtheSupervisoryCommittee | 29August2020 |
| AnnouncementonAdjustmenttotheLineofGuaranteeforSubsidiary | 29August2020 |
| AnnouncementontheAcquisitionofa60%InterestinSamsungSuzhouLCDCo.,Ltd.andofthe100%InterestofSamsungDisplaySuzhouCo.,Ltd. | 29August2020 |
| AnnouncementonUnconditionalApprovalbytheM&AandRestructuringCommitteeoftheCSRCoftheAcquisitionofAssetsthroughShareOffering,ConvertibleCorporateBondsOfferingandCashPaymentandRaisingtheMatchingFunds&ResumptionofShareTrading | 18September2020 |
Progressofanysharerepurchase:
ItisthekeyoperationalphilosophyandmissionoftheCompanytocreatevalueforandgrowwiththeshareholders.Inordertoeffectivelyprotectshareholders’interestsandenhanceshareholdervalue,theCompanyconvenedthe14thMeetingofthe6thBoardofDirectorson10January2019,atwhichtheProposalontheRepurchaseofCertainPublicShareswasapproved.TheReportontheRepurchaseofCertainPublicShareswasdisclosedon14February2019.Inviewofthetrendsonthesecondarymarketofstocks,theCompanyconvenedthe15thMeetingofthe6thBoardofDirectorson19March2019,atwhichtheProposalontheAdjustmenttotheUpperLimitoftheShareRepurchasePrice.Assuch,theupperlimitofthesharerepurchasepricewasadjustedfromRMB3.80/sharetoRMB5.00/share.TheCompanyimplementedthesharerepurchasefrom14February2019.Upto10January2020,theCompanyhascumulativelyrepurchased565,333,922shares(or4.18%oftheCompany’stotalsharecapital)initsspecialsecuritiesaccountforrepurchasesbywayofcentralizedbidding,withthehighesttradingpricebeingRMB4.17/share,thelowesttradingpricebeingRMB3.13/share,andtheaveragetradingpricebeingRMB3.42/share.ThetotaltransactionamountwasRMB1,933.5965million(exclusiveoftradingfees).ThesharerepurchasehasbeenimplementedinaprocessincompliancewiththeapplicableregulationsincludingtheSpecificRulesoftheShenzhenStockExchangeforShareRepurchasebyListedCompanies.Theactualnumberofsharesrepurchased,repurchasepriceandamountusedwereincompliancewiththerepurchaseplanapprovedatthe
14thMeetingofthe6thBoardofDirectors,withnodifferencewiththedisclosedReportonShareRepurchase.Assuch,theCompanyhascompletedthesharerepurchaseaspertherepurchaseplanthatitdisclosed.Progressonreducingtherepurchasedsharesbymeansofcentralizedbidding:
□Applicable■Notapplicable
IIICommitmentsthattheCompany’sActualController,Shareholders,RelatedParties,Acquirers,theCompanyItselforOtherParties,FailedtoFulfillonTimeduringtheReportingPeriod
□Applicable■NotapplicableNosuchcasesintheReportingPeriod.
IVFinancialInvestments
1.SecuritiesInvestments
Unit:RMB’0,000
| Securitytype | Securitycode | Securityname | Initialinvestmentcost | Measurementmethod | Beginningcarryingamount | Gain/lossonfair-valuechangesintheReportingPeriod | Cumulativefair-valuechangesrecordedinequity | PurchasedintheReportingPeriod | SoldintheReportingPeriod | Gain/lossintheReportingPeriod | Endingcarryingamount | Accountingtitle | Fundingsource |
| Bank’swealthmanagementproduct | Notapplicable | AgriculturalBankofChina“Huilifeng”CorporateCustomizedRMBStructuredDepositProduct | 145,000 | Fairvalue | - | 1,180 | - | 145,000 | - | 1,180 | 146,180 | Held-for-tradingfinancialassets | Self-funded |
| Bank’swealthmanagement | Notapplicable | GuangdongBranchofChinaConstructionBank | 120,000 | Fairvalue | - | 250 | - | 120,000 | - | 250 | 120,250 | Held-for-tradingfinancial | Self-funded |
| product | -“Ganyuan-JinbaoDJ”RMBWealthManagementProductNo.819of2020 | assets | |||||||||||
| Assetmanagementplan | Notapplicable | ChangjiangSecurities-ChaoyueWealthManagementLexiang1-DayCollectiveAssetManagementPlan | 50,000 | Fairvalue | - | 213 | - | 50,000 | - | 213 | 50,213 | Held-for-tradingfinancialassets | Self-funded |
| Bank’swealthmanagementproduct | Notapplicable | HuaxiaBankEnterpriseGrowingIncomeConservativeCustomizedWealthManagementProduct | 40,000 | Fairvalue | - | 600 | - | 40,000 | - | 600 | 40,600 | Held-for-tradingfinancialassets | Self-funded |
| Bank’swealthmanagementproduct | Notapplicable | BankofChinaSteadyWealthManagementPlan-ZhihuiSeries | 40,000 | Fairvalue | - | 537 | - | 40,000 | - | 537 | 40,537 | Held-for-tradingfinancialassets | Self-funded |
| Bank’ | Not | China | 34,950 | Cost | - | - | - | 34,950 | - | 816 | 35,766 | Othercurren | Self-f |
| swealthmanagementproduct | applicable | EverbrightBankCorporateStructuredDeposits | tassets | unded | |||||||||
| Trustplan | Notapplicable | ChinaFortuneInternationalTrustCo.,Ltd.CICCXintouCollectiveCapitalTrustPlanNo.2 | 30,000 | Fairvalue | - | 889 | - | 30,000 | - | 889 | 30,889 | Held-for-tradingfinancialassets | Self-funded |
| Trustplan | Notapplicable | MinmetalsTrust-HengxinRixinNo.17-SteadyInvestmentCollectiveCapitalTrustPlan | 26,000 | Fairvalue | - | 157 | - | 26,000 | - | 157 | 26,157 | Held-for-tradingfinancialassets | Self-funded |
| Trustplan | Notapplicable | ZhonghaiTrust-SeaGullCollectiveCapitalTrustPlanNo.3 | 20,000 | Fairvalue | - | 601 | - | 20,000 | - | 601 | 20,601 | Held-for-tradingfinancialassets | Self-funded |
| Monetaryfund | Notapplicable | BoseraWaifuMonetaryFund | 50,000 | Fairvalue | - | 66 | - | 50,000 | 30,000 | 145 | 20,145 | Held-for-tradingfinancialassets | Self-funded |
| Othersecuritiesinvestmentsheldattheperiod-end | 1,693,215 | -- | 616,094 | -2,319 | -2,020 | 1,074,683 | 1,378,011 | 35,103 | 321,479 | -- | -- | ||
| Total | 2,249,165 | -- | 616,094 | 2,175 | -2,020 | 1,630,633 | 1,408,011 | 40,491 | 852,818 | -- | -- |
| Disclosuredateoftheboardannouncementapprovingthesecuritiesinvestments | 20March2019 | ||||||||||
| Disclosuredateofthegeneralmeetingannouncementapprovingthesecuritiesinvestments(ifany) | 10April2019 | ||||||||||
2.InvestmentsinDerivativeFinancialInstruments
| Fundingsource | Mostlyforeign-currencyrevenue |
| Legalmattersinvolved(ifapplicable) | Notapplicable |
| Disclosuredateoftheboardannouncementapprovingthederivativeinvestments(ifany) | 28April2018 |
| Disclosuredateofthegeneralmeetingannouncementapprovingthederivativeinvestments(ifany) | Notapplicable |
| AnalysisofrisksandcontrolmeasuresassociatedwithderivativeinvestmentsheldinReportingPeriod(includingbutnotlimitedtomarketrisk,liquidityrisk,creditrisk,operationalrisk,legalrisk,etc.) | Inordertoeffectivelymanagetheexchangeandinterestraterisksofforeigncurrencyassets,liabilitiesandcashflows,theCompany,afterfullyanalyzingthemarkettrendandpredictingtheoperation(includingordersandcapitalplans),adoptsforwardforeignexchangecontracts,optionsandinterestrateswapstoavoidfutureexchangerateandinterestraterisks.Asitsbusinessscalechangessubsequently,theCompanywilladjusttheexchangerateriskmanagementstrategyaccordingtotheactualmarketconditionsandbusinessplans.Riskanalysis:1.Marketrisk:thefinancialderivativesbusinesscarriedoutbytheGroupbelongstohedgingandtradingbusinessrelatedtomainbusinessoperations,andthereisamarketriskoflossduetothefluctuationofunderlyinginterestandexchangerates,whichleadtothefluctuationofpricesoffinancialderivatives;2.Liquidityrisk:thederivativesbusinesscarriedoutbytheGroupisanover-the-countertransactionoperatedbyafinancialinstitution,andthereisariskoflossduetopayingfeestothebankfortheoperationsofeveninguporsellingthederivativesbelowthebuyingprices;3.Performancerisk:theGroupconductsthederivativebusinessbasedonrollingbudgetsforriskmanagement,andthereisariskofperformancefailureduetodeviationbetweentheactualoperatingresultsandbudgets;4.Otherrisks:inthecaseofspecificbusinessoperations,iftheoperatorfailstofinishthe |
| prescribedproceduresforreportorapproval,orfailstorecordthefinancialderivativebusinessinformationaccurately,timelyandcompletely,itmayresultinlossofderivativebusinessortradingopportunities.Moreover,ifthetradingoperatorfailstofullyunderstandthetermsoftransactioncontractsorproductinformation,theGroupwillfacethelegalrisksandtransactionlossestherefrom.Measurestakenforriskcontrol:1.Basicmanagementprinciples:theGroupstrictlyfollowsthehedgingprincipleandthemainpurposeoflockingcostsandavoidingrisks.Itisrequiredthatthefinancialderivativesbusinesstobecarriedoutmatchesthevariety,size,directionanddurationofspotgoods,andnospeculativetradingshouldbeinvolved.Intheselectionofhedginginstruments,onlysimplefinancialderivativesthatarecloselyrelatedtothemainbusinessoperationandmeettherequirementsofhedgeaccountingtreatmentshouldbeselected,andavoidcomplexbusinessthatexceedstheprescribedbusinessscopeorisdifficulttorecognizeintermsofriskandpricing;2.TheGrouphasformulatedaspecialriskmanagementsystemtailoredtotheriskcharacteristicsofthefinancialderivativesbusiness,coveringallkeyaspectssuchaspre-emptiveprevention,in-processmonitoringandpost-processing.Professionalpersonnelarerationallyarrangedforinvestmentdecision-making,businessoperationsandriskcontrol.Investmentparticipantsarerequiredtofullyunderstandtherisksoffinancialderivativesinvestmentandstrictlyimplementthebusinessoperationsandriskmanagementsystemsofderivatives.Beforestartingthederivativesbusiness,theholdingcompanymustsubmittothemanagementdepartmentoftheGroupdetailedbusinessreportsincludingitsinternalapproval,mainproductterms,operationalnecessity,preparations,riskanalysis,riskmanagementstrategy,fairvalueanalysisandaccountingmethods,andspecialsummaryreportsonbusinessoperated.OperationscanbeimplementedonlyaftergettingopinionsfromtheprofessionaldepartmentoftheGroup;3.Relevantdepartmentsshouldtrackthechangesintheopenmarketpriceorfairvalueoffinancialderivatives,timelyassesstheriskexposurechangesofinvestedfinancialderivatives,andmakereportstotheboardofdirectorsonbusinessdevelopment;4.Whenthecombinedimpairmentofthefairvalueofderivativesandchangesinthevalueoftheassets(ifany)usedforriskhedgingbytheGroupresultsinatotallossorfloatinglossamountingto10%oftherecentlyauditednetassetsoftheCompany,andtheabsoluteamountexceedsRMB10million,theGroupwilldiscloseitinatimelymanner. | |
| ChangesinmarketpricesorfairvalueofderivativeinvestmentsinReportingPeriod(fairvalueanalysisshouldincludemeasurementmethodandrelatedassumptionsandparameters) | Withtherapidexpansionofoverseassales,theCompanykeepsfollowingtheaboverulesintheoperationofforwardforeignexchangecontracts,interestrateswapcontractsandfuturescontractstoavoidandhedgeforeignexchangerisksarisingfromoperationandfinancing.ItsawanetgainofRMB74.51millionfortheReportingPeriod.Thefairvalueofderivativesisdeterminedbyreal-timequotedpriceoftheforeignexchangemarket,basedonthedifferencebetweenthecontractualpriceandtheforwardexchangeratequotedimmediatelyintheforeignexchangemarketonthebalancesheetdate. |
| Majorchangesinaccountingpoliciesandspecificaccountingprinciplesadoptedforderivative | Nosignificantchange |
| investmentsinReportingPeriodcomparedtolastreportingperiod | |
| Opinionofindependentdirectorsonderivativeinvestmentsandriskcontrol | InviewofthefactthatcertainrawmaterialsofthecorebusinessoftheCompanyarepurchasedoverseas,awiderangeofsettlementcurrenciesisinvolved.TheCompanyreducesexchangelossesandlockstransactioncostsbyreasonablefinancialderivatives,whichhelpstoreduceriskcontrolcostsandimprovecompanycompetitiveness.RisksareeffectivelycontrolledastheCompanyhastakenseriesofmeasuressuchasconductingarigorousinternalevaluationfortheoperationoffinancialderivativesbusiness,establishingacorrespondingregulatorymechanism,formulatingreasonableaccountingpoliciesandspecificaccountingprinciples,settinglimitsforriskexposuremanagement,andoperatingsimplefinancialderivatives.ThecontractingagentforfinancialderivativesbusinessoftheCompanyisasoundfinancialagentwithgoodcreditstanding.WebelievethatthefinancialderivativestransactionscarriedoutbytheCompanyintheninemonthsended30September2020arecloselyrelatedtothedailyoperationneedsoftheCompanywithcontrollablerisks.Thebusinessisinlinewiththeinterestsofminorityshareholdersofthecompanyandtherelevantlawsandregulations. |
Positionsofderivativeinvestmentsattheperiod-end:
Unit:RMB’0,000
| Typeofcontract | Beginningamount | Endingamount | Gain/lossinReportingPeriod | Endingcontractualamountas%oftheCompany’sendingnetassets | |||
| Contractualamount | Actualamount | Contractualamount | Actualamount | Contractualamount | Actualamount | ||
| 1.Forwardforexcontracts | 1,279,232 | 36,087 | 2,512,274 | 89,823 | 7,451 | 37.47 | 1.34 |
| 2.Interestrateswaps | 528,098 | 15,843 | 819,255 | 24,578 | 12.22 | 0.37 | |
| 3.Currencyswaps | 215,565 | 14,399 | 344,523 | 17,226 | 5.14 | 0.26 | |
| Total | 2,022,895 | 66,329 | 3,676,052 | 131,627 | 7,451 | 54.82 | 1.96 |
VProgressofProjectsFinancedwithRaisedFunds
□Applicable■NotapplicableVI2020AnnualOperatingPerformanceForecast
Warningofaforecastlossonoraforecastsignificantyear-on-yearchangeinthe2020annualnetprofit,aswellasexplanationofwhy:
□Applicable■Notapplicable
VIISignificantContractsArisingfromtheCompany’sOrdinaryCourseofBusiness
□Applicable■NotapplicableVIIICashEntrustedforWealthManagement
Unit:RMB’0,000
| Type | Fundingsource | Amount | Undueamount | Unrecoveredoverdueamount |
| Bank’swealthmanagementproduct | Self-funded | 540,983 | 384,596 | 0 |
| Securitiesfirm’swealthmanagementproduct | Self-funded | 115,000 | 50,213 | 0 |
| Trustplan | Self-funded | 126,000 | 98,179 | 0 |
| Other | Self-funded | 181,485 | 52,026 | 0 |
| Total | 963,468 | 585,014 | 0 | |
High-riskwealthmanagementtransactionswithasignificantsingleamount,lowliquidityandnoprincipalprotection:
□Applicable■Notapplicable
IXIrregularitiesintheProvisionofGuarantees
□Applicable■NotapplicableXOccupationoftheCompany’sCapitalbytheControllingShareholderoranyofItsRelatedPartiesforNon-OperatingPurposes
□Applicable■NotapplicableNosuchcasesintheReportingPeriod.
XICommunicationswiththeInvestmentCommunitysuchasResearches,InquiriesandInterviewsReceivedduringtheReportingPeriod
| Date | Place | Wayofcommunication | Typeofcommunicationparty | Communicationparty | Maindiscussionsandmaterialsprovided | Indextomaininformationcommunicated |
| 15January2020 | CompanyConferenceRoominShenzhen | Byvisit | Institutionalinvestor | UBSAssetManagement,EssenceSecurities,OrientalAlphaFund,Tongben | InquiredabouttheCompany’sbusinessdevelopment | LogSheetNo.2020-001onInvestorRelationsActivitieson15January2020disclosedbytheCompanyon |
| Investment,RosefinchFund,ShenzhenShangdaoInvestment,andShanghaiLifeInsurance | http://www.cninfo.com.cndated16January2020 | |||||
| 16January2020 | CompanyConferenceRoominShenzhen | Byvisit | Institutionalinvestor | TFSecurities,ChinaAssetManagement,TruValueAssetManagement,DingsaFund,EssenceFund,EssenceSecurities,SenseFund,BoyuanFund,JTJInvestment,ChinaOrientAssetManagement,etc. | InquiredabouttheCompany’sbusinessdevelopment | LogSheetNo.2020-002onInvestorRelationsActivitieson16January2020disclosedbytheCompanyonhttp://www.cninfo.com.cndated17January2020 |
| 31March2020 | CompanyConferenceRoominShenzhen | Byvisit | Institutionalinvestor | EFund,HarvestFund,SouthernAssetManagement,BoseraFunds,PerseveranceAssetManagement,YinhuaFund,GFFund,DachengFund,UBSSecurities,MinshengRoyalFundManagement,HSBCJintrustFund,CCBPrincipalAssetManagement,etc. | Inquiredaboutthe2019performanceanddevelopmentplanningofTCLTech.andTCLCSOT | LogSheetNo.2020-003onInvestorRelationsActivitieson31March2020disclosedbytheCompanyonhttp://www.cninfo.com.cndated2April2020 |
| 29April2020 | - | Byphone | Institutionalinvestor | HarvestFund,ChinaAssetManagement,PenghuaFund,PerseveranceAssetManagement,asptex,Daiwa,MorganStanley,QFundManagement,UG,EssenceInternational,EssenceSecurities,AeonInsuranceAssetManagement,etc. | InquiredabouttheQ12020performanceanddevelopmentplanningofTCLTech. | LogSheetNo.2020-004onInvestorRelationsActivitieson29April2020disclosedbytheCompanyonhttp://www.cninfo.com.cndated7May2020 |
| 17August2020 | RenaissanceTianjinLakeviewHotel | Byvisit | Institution | DajiaAsset,ChinaLifeAsset,FullgoalFund,PerseveranceAsset,EverbrightSecurities,GFFund,TaikangAsset,HongtaSecurities,GFSecurities,GFund,EHECapital,GuoshengSecurities,etc. | InquiredabouttheCompany’sbusinessdevelopment | LogSheetNo.2020-005onInvestorRelationsActivitieson17August2020disclosedbytheCompanyonhttp://www.cninfo.com.cndated18August2020 |
| 31August2020 | CompanyConferenceRoominShenzhen | Byvisit | Institution | ChinaLifeAssetManagementCompanyLimited,CIBFundManagementCo.,Ltd.,ABCLifeInsurance,CITIC | InquiredabouttheH12020performanceanddevelopmentplanningofTCLTech. | LogSheetNo.2020-006onInvestorRelationsActivitieson31August2020disclosedbytheCompanyonhttp://www.cninfo.com.cndated2September2020 |
PartVFinancialStatements
IFinancialStatements
1.ConsolidatedBalanceSheet
PreparedbyTCLTechnologyGroupCorporation
Unit:RMB
PrudentialFund,ChinaAssetManagement,HarvestFund,ICBCCreditSuisse,TaikangAsset,PingAnAnnuityInsurance,PingAnFund,etc.Item
| Item | 30September2020 | 31December2019 |
| Currentassets: | ||
| Monetaryassets | 12,827,443,241.00 | 18,648,184,663.00 |
| Settlementreserve | ||
| Loanstootherbanksandfinancialinstitutions | ||
| Held-for-tradingfinancialassets | 7,920,821,272.00 | 6,074,750,918.00 |
| Derivativefinancialassets | 378,239,337.00 | 159,035,592.00 |
| Notesreceivable | 2,800,162.00 | 228,941,977.00 |
| Accountsreceivable | 11,284,708,459.00 | 8,340,353,992.00 |
| Receivablesfinancing | 74,424,300.00 | |
| Prepayments | 874,835,005.00 | 364,422,948.00 |
| Premiumsreceivable | ||
| Reinsurancereceivables | ||
| Receivablereinsurancecontractreserve | ||
| Otherreceivables | 16,106,570,308.00 | 2,750,041,514.00 |
| Including:Interestreceivable | ||
| Dividendsreceivable | 5,771,104.00 |
| Financialassetspurchasedunderresaleagreements | ||
| Inventories | 5,270,225,811.00 | 5,677,963,123.00 |
| Contractassets | ||
| Assetsheldforsale | ||
| Currentportionofnon-currentassets | ||
| Othercurrentassets | 7,238,202,237.00 | 5,911,827,639.00 |
| Totalcurrentassets | 61,978,270,132.00 | 48,155,522,366.00 |
| Non-currentassets: | ||
| Loansandadvancestocustomers | 1,961,571,208.00 | 3,637,768,065.00 |
| Debtinvestments | 120,768,132.00 | 20,373,264.00 |
| Otherdebtinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 20,293,408,531.00 | 17,194,284,162.00 |
| Investmentsinotherequityinstruments | 202,636,394.00 | 279,883,515.00 |
| Othernon-currentfinancialassets | 3,318,741,915.00 | 2,542,689,268.00 |
| Investmentproperty | 1,157,774,022.00 | 82,272,964.00 |
| Fixedassets | 59,542,069,991.00 | 45,459,070,330.00 |
| Constructioninprogress | 24,985,366,572.00 | 33,578,289,802.00 |
| Productivelivingassets | ||
| Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets | 6,453,132,676.00 | 5,684,584,119.00 |
| Developmentcosts | 1,176,484,042.00 | 1,548,470,972.00 |
| Goodwill | 2,452,186.00 | 2,452,186.00 |
| Long-termprepaidexpense | 2,253,426,047.00 | 1,567,690,992.00 |
| Deferredincometaxassets | 789,731,670.00 | 840,874,034.00 |
| Othernon-currentassets | 16,046,365,881.00 | 4,250,658,887.00 |
| Totalnon-currentassets | 138,303,929,267.00 | 116,689,362,560.00 |
| Totalassets | 200,282,199,399.00 | 164,844,884,926.00 |
| Currentliabilities: | ||
| Short-termborrowings | 11,857,441,092.00 | 12,069,657,099.00 |
| Borrowingsfromthecentralbank | 1,235,104,379.00 | 573,222,113.00 |
| Loansfromotherbanksandfinancial |
| institutions | ||
| Held-for-tradingfinancialliabilities | 482,824,416.00 | 188,220,097.00 |
| Derivativefinancialliabilities | 318,400,408.00 | 84,704,591.00 |
| Notespayable | 2,201,076,330.00 | 1,720,401,552.00 |
| Accountspayable | 12,070,105,238.00 | 11,549,133,141.00 |
| Advancesfromcustomers | 173,642.00 | 141,748,956.00 |
| Contractliabilities | 346,106,030.00 | |
| Financialassetssoldunderrepurchaseagreements | 50,072,917.00 | |
| Customerdepositsanddepositsfromotherbanksandfinancialinstitutions | 3,339,383,199.00 | 1,355,128,509.00 |
| Payablesforactingtradingofsecurities | ||
| Payablesforunderwritingofsecurities | ||
| Employeebenefitspayable | 1,197,125,944.00 | 1,094,216,685.00 |
| Taxesandleviespayable | 414,939,297.00 | 226,806,037.00 |
| Otherpayables | 15,454,442,183.00 | 12,293,565,901.00 |
| Including:Interestpayable | ||
| Dividendspayable | 1,293,126.00 | 11,058,225.00 |
| Feesandcommissionspayable | ||
| Reinsurancepayables | ||
| Liabilitiesdirectlyassociatedwithassetsheldforsale | ||
| Currentportionofnon-currentliabilities | 5,697,042,073.00 | 1,691,963,496.00 |
| Othercurrentliabilities | 200,648,800.00 | 69,021,962.00 |
| Totalcurrentliabilities | 54,864,885,948.00 | 43,057,790,139.00 |
| Non-currentliabilities: | ||
| Insurancecontractreserve | ||
| Long-termborrowings | 60,621,676,376.00 | 38,512,059,200.00 |
| Bondspayable | 15,170,111,167.00 | 16,479,085,461.00 |
| Including:Preferenceshares | ||
| Perpetualbonds | ||
| Leaseliabilities | ||
| Long-termpayables | 24,230,000.00 | 24,206,057.00 |
| Long-termemployeebenefits | 22,180,974.00 | 23,017,619.00 |
| payable | ||
| Provisions | ||
| Deferredincome | 1,475,493,665.00 | 1,912,421,056.00 |
| Deferredincometaxliabilities | 1,051,903,905.00 | 952,677,822.00 |
| Othernon-currentliabilities | 482,232.00 | |
| Totalnon-currentliabilities | 78,365,596,087.00 | 57,903,949,447.00 |
| Totalliabilities | 133,230,482,035.00 | 100,961,739,586.00 |
| Owners’equity: | ||
| Sharecapital | 13,519,279,411.00 | 13,528,438,719.00 |
| Otherequityinstruments | ||
| Including:Preferenceshares | ||
| Perpetualbonds | ||
| Capitalreserves | 5,693,980,327.00 | 5,716,667,384.00 |
| Less:Treasurystock | 1,913,028,859.00 | 1,952,956,751.00 |
| Othercomprehensiveincome | -325,376,763.00 | -534,081,855.00 |
| Specificreserve | ||
| Surplusreserves | 2,238,368,089.00 | 2,238,368,089.00 |
| Generalreserve | 360,766.00 | 360,766.00 |
| Retainedearnings | 11,861,175,392.00 | 11,115,149,885.00 |
| TotalequityattributabletoownersoftheCompanyastheparent | 31,074,758,363.00 | 30,111,946,237.00 |
| Non-controllinginterests | 35,976,959,001.00 | 33,771,199,103.00 |
| Totalowners’equity | 67,051,717,364.00 | 63,883,145,340.00 |
| Totalliabilitiesandowners’equity | 200,282,199,399.00 | 164,844,884,926.00 |
Legalrepresentative:LiDongshengPerson-in-chargeoffinancialaffairs:DuJuanPerson-in-chargeofthefinancialdepartment:XiWenbo
2.BalanceSheetoftheCompanyastheParent
Unit:RMB
| Item | 30September2020 | 31December2019 |
| Currentassets: | ||
| Monetaryassets | 4,827,670,877.00 | 3,966,899,016.00 |
| Held-for-tradingfinancialassets | 3,207,379,027.00 | 2,969,105,570.00 |
| Derivativefinancialassets | ||
| Notesreceivable | 1,000,000.00 | 22,514,486.00 |
| Accountsreceivable | 256,524,188.00 | 445,089,599.00 |
| Receivablesfinancing | ||
| Prepayments | 106,850,302.00 | 97,127,177.00 |
| Otherreceivables | 35,561,803,323.00 | 17,129,473,443.00 |
| Including:Interestreceivable | ||
| Dividendsreceivable | 4,211,824,115.00 | |
| Inventories | 8,719,048.00 | 14,868,714.00 |
| Contractassets | ||
| Assetsheldforsale | ||
| Currentportionofnon-currentassets | ||
| Othercurrentassets | 28,718,538.00 | 6,471,074.00 |
| Totalcurrentassets | 43,998,665,303.00 | 24,651,549,079.00 |
| Non-currentassets: | ||
| Debtinvestments | ||
| Otherdebtinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 45,978,186,585.00 | 39,297,272,437.00 |
| Investmentsinotherequityinstruments | 15,000,000.00 | 15,000,000.00 |
| Othernon-currentfinancialassets | 1,494,462,399.00 | 1,540,912,643.00 |
| Investmentproperty | 89,670,494.00 | 92,622,685.00 |
| Fixedassets | 46,318,858.00 | 54,238,373.00 |
| Constructioninprogress | 35,890,080.00 | 1,241,308.00 |
| Productivelivingassets | ||
| Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets | 17,842,117.00 | 19,144,884.00 |
| Developmentcosts | ||
| Goodwill | ||
| Long-termprepaidexpense | 446,149,090.00 | 454,968,882.00 |
| Deferredincometaxassets | ||
| Othernon-currentassets | ||
| Totalnon-currentassets | 48,123,519,623.00 | 41,475,401,212.00 |
| Totalassets | 92,122,184,926.00 | 66,126,950,291.00 |
| Currentliabilities: | ||
| Short-termborrowings | 6,919,214,444.00 | 6,484,481,271.00 |
| Held-for-tradingfinancialliabilities | ||
| Derivativefinancialliabilities | 15,016,970.00 | 5,980,760.00 |
| Notespayable | 30,282,528.00 | |
| Accountspayable | 186,541,476.00 | 424,224,599.00 |
| Advancesfromcustomers | 17,470,841.00 | |
| Contractliabilities | 13,659,035.00 | |
| Employeebenefitspayable | 160,578,430.00 | 125,095,153.00 |
| Taxesandleviespayable | 10,439,721.00 | 10,354,865.00 |
| Otherpayables | 22,166,518,250.00 | 9,347,609,813.00 |
| Including:Interestpayable | ||
| Dividendspayable | 1,292,429.00 | 11,057,515.00 |
| Liabilitiesdirectlyassociatedwithassetsheldforsale | ||
| Currentportionofnon-currentliabilities | 5,270,725,300.00 | 847,326,922.00 |
| Othercurrentliabilities | 3,614,791.00 | |
| Totalcurrentliabilities | 34,746,308,417.00 | 17,292,826,752.00 |
| Non-currentliabilities: | ||
| Long-termborrowings | 13,943,234,875.00 | 2,110,000,000.00 |
| Bondspayable | 13,135,868,376.00 | 16,479,085,461.00 |
| Including:Preferenceshares | ||
| Perpetualbonds | ||
| Leaseliabilities | ||
| Long-termpayables | ||
| Long-termemployeebenefitspayable | 22,180,974.00 | 23,017,619.00 |
| Provisions | ||
| Deferredincome | 39,334,600.00 | 51,561,600.00 |
| Deferredincometaxliabilities | ||
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 27,140,618,825.00 | 18,663,664,680.00 |
| Totalliabilities | 61,886,927,242.00 | 35,956,491,432.00 |
| Owners’equity: |
| Sharecapital | 13,519,279,411.00 | 13,528,438,719.00 |
| Otherequityinstruments | ||
| Including:Preferenceshares | ||
| Perpetualbonds | ||
| Capitalreserves | 8,365,272,080.00 | 8,382,776,032.00 |
| Less:Treasurystock | 1,913,028,859.00 | 1,952,956,751.00 |
| Othercomprehensiveincome | 129,770,077.00 | 56,064,337.00 |
| Specificreserve | ||
| Surplusreserves | 2,036,303,650.00 | 2,036,303,650.00 |
| Retainedearnings | 8,097,661,325.00 | 8,119,832,872.00 |
| Totalowners’equity | 30,235,257,684.00 | 30,170,458,859.00 |
| Totalliabilitiesandowners’equity | 92,122,184,926.00 | 66,126,950,291.00 |
3.ConsolidatedIncomeStatementforQ3
Unit:RMB
| Item | Q32020 | Q32019 |
| 1.Totalrevenues | 19,414,257,022.00 | 15,043,817,358.00 |
| Including:Revenue | 19,376,776,395.00 | 15,036,052,357.00 |
| Interestincome | 37,480,627.00 | 7,765,001.00 |
| Insurancepremiumincome | ||
| Feeandcommissionincome | ||
| 2.Costsandexpenses | 18,961,057,366.00 | 15,408,639,989.00 |
| Including:Costofsales | 16,766,859,872.00 | 13,859,643,355.00 |
| Interestexpense | 9,690,038.00 | 4,817,412.00 |
| Feeandcommissionexpense | ||
| Surrenders | ||
| Netinsuranceclaimspaid | ||
| Netamountprovidedasinsurancecontractreserve | ||
| Expenditureonpolicydividends | ||
| Reinsurancepremiumexpense | ||
| Taxesandlevies | 60,096,496.00 | 48,091,768.00 |
| Sellingexpense | 223,539,527.00 | 199,683,347.00 |
| Administrativeexpense | 445,564,745.00 | 293,283,969.00 |
| R&Dexpense | 918,274,102.00 | 722,455,220.00 |
| Financecosts | 537,032,586.00 | 280,664,918.00 |
| Including:Interestexpense | 530,891,328.00 | 434,347,881.00 |
| Interestincome | 46,883,545.00 | 106,746,690.00 |
| Add:Otherincome | 302,109,828.00 | 517,506,256.00 |
| Returnoninvestment(“-”forloss) | 611,022,869.00 | 576,410,283.00 |
| Including:Shareofprofitorlossofjointventuresandassociates | 412,163,854.00 | 396,531,183.00 |
| Incomefromthederecognitionoffinancialassetsatamortizedcost(“-”forloss) | ||
| Exchangegain(“-”forloss) | -367,349.00 | -299,877.00 |
| Netgainonexposurehedges(“-”forloss) | ||
| Gainonchangesinfairvalue(“-”forloss) | 180,440,583.00 | 64,950,705.00 |
| Creditimpairmentloss(“-”forloss) | 8,198,256.00 | -1,054,559.00 |
| Assetimpairmentloss(“-”forloss) | -379,414,395.00 | -83,358,305.00 |
| Assetdisposalincome(“-”forloss) | -388,292.00 | 5,599,397.00 |
| 3.Operatingprofit(“-”forloss) | 1,174,801,156.00 | 714,931,269.00 |
| Add:Non-operatingincome | 4,449,340.00 | 81,998,416.00 |
| Less:Non-operatingexpense | 12,507,266.00 | 4,649,448.00 |
| 4.Grossprofit(“-”forloss) | 1,166,743,230.00 | 792,280,237.00 |
| Less:Incometaxexpense | 174,162,360.00 | 41,928,606.00 |
| 5.Netprofit(“-”fornetloss) | 992,580,870.00 | 750,351,631.00 |
| 5.1Byoperatingcontinuity | ||
| 5.1.1Netprofitfromcontinuingoperations(“-”fornetloss) | 992,580,870.00 | 750,351,631.00 |
| 5.1.2Netprofitfromdiscontinuedoperations(“-”fornetloss) | ||
| 5.2Byownership | ||
| 5.2.1Netprofitattributableto | 817,109,760.00 | 484,981,289.00 |
| ownersoftheCompanyastheparent | ||
| 5.2.1Netprofitattributabletonon-controllinginterests | 175,471,110.00 | 265,370,342.00 |
| 6.Othercomprehensiveincome,netoftax | 273,560,957.00 | -26,068,932.00 |
| AttributabletoownersoftheCompanyastheparent | 289,165,857.00 | -26,691,643.00 |
| 6.1Itemsthatwillnotbereclassifiedtoprofitorloss | -12,918,845.00 | 19,081,757.00 |
| 6.1.1Changescausedbyremeasurementsondefinedbenefitschemes | ||
| 6.1.2Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossundertheequitymethod | 641,118.00 | 26,584,508.00 |
| 6.1.3Changesinthefairvalueofinvestmentsinotherequityinstruments | -13,559,963.00 | 12,454,793.00 |
| 6.1.4Changesinthefairvaluearisingfromchangesinowncreditrisk | ||
| 6.1.5Other | -19,957,544.00 | |
| 6.2Itemsthatwillbereclassifiedtoprofitorloss | 302,084,702.00 | -45,773,400.00 |
| 6.2.1Othercomprehensiveincomethatwillbereclassifiedtoprofitorlossundertheequitymethod | 14,189,009.00 | -179,106,860.00 |
| 6.2.2Changesinthefairvalueofotherdebtinvestments | ||
| 6.2.3Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | 636,831.00 | |
| 6.2.4Creditimpairmentallowanceforotherdebtinvestments | ||
| 6.2.5Reserveforcashflowhedges | 83,569,874.00 | -19,415,646.00 |
| 6.2.6Differencesarisingfromthetranslationofforeigncurrency-denominatedfinancialstatements | 203,688,988.00 | 151,851,168.00 |
| 6.2.7Other | 897,938.00 | |
| Attributabletonon-controllinginterests | -15,604,900.00 | 622,711.00 |
| 7.Totalcomprehensiveincome | 1,266,141,827.00 | 724,282,699.00 |
| AttributabletoownersoftheCompany | 1,106,275,617.00 | 458,289,646.00 |
| astheparent | ||
| Attributabletonon-controllinginterests | 159,866,210.00 | 265,993,053.00 |
| 8.Earningspershare | ||
| 8.1Basicearningspershare | 0.0632 | 0.0364 |
| 8.2Dilutedearningspershare | 0.0604 | 0.0358 |
Legalrepresentative:LiDongshengPerson-in-chargeoffinancialaffairs:DuJuanPerson-in-chargeofthefinancialdepartment:XiWenbo
4.IncomeStatementoftheCompanyastheParentforQ3
Unit:RMB
| Item | Q32020 | Q32019 |
| 1.Revenue | 351,681,400.00 | 543,963,613.00 |
| Less:Costofsales | 273,170,479.00 | 497,046,360.00 |
| Taxesandlevies | 828,636.00 | 340,606.00 |
| Sellingexpense | 223,167.00 | 5,534,527.00 |
| Administrativeexpense | 132,624,426.00 | 80,248,940.00 |
| R&Dexpense | 35,323,026.00 | 34,971,218.00 |
| Financecosts | 337,959,065.00 | 236,701,397.00 |
| Including:Interestexpense | 563,888,687.00 | 333,209,614.00 |
| Interestincome | 241,280,876.00 | 95,255,830.00 |
| Add:Otherincome | ||
| Returnoninvestment(“-”forloss) | 350,268,142.00 | 361,094,314.00 |
| Including:Shareofprofitorlossofjointventuresandassociates | 257,155,500.00 | 304,497,022.00 |
| Incomefromthederecognitionoffinancialassetsatamortizedcost(“-”forloss) | ||
| Netgainonexposurehedges(“-”forloss) | ||
| Gainonchangesinfairvalue(“-”forloss) | 3,488,019.00 | 116,206,626.00 |
| Creditimpairmentloss(“-”forloss) | -1,099.00 | -3,895.00 |
| Assetimpairmentloss(“-”forloss) |
| Assetdisposalincome(“-”forloss) | 88,496.00 | 256,624,954.00 |
| 2.Operatingprofit(“-”forloss) | -74,603,841.00 | 423,042,564.00 |
| Add:Non-operatingincome | -1,771,503.00 | 67,299,176.00 |
| Less:Non-operatingexpense | 909,455.00 | 1,762,001.00 |
| 3.Grossprofit(“-”forloss) | -77,284,799.00 | 488,579,739.00 |
| Less:Incometaxexpense | ||
| 4.Netprofit(“-”fornetloss) | -77,284,799.00 | 488,579,739.00 |
| 4.1Netprofitfromcontinuingoperations(“-”fornetloss) | -77,284,799.00 | 488,579,739.00 |
| 4.2Netprofitfromdiscontinuedoperations(“-”fornetloss) | ||
| 5.Othercomprehensiveincome,netoftax | 8,987,973.00 | 49,539,268.00 |
| 5.1Itemsthatwillnotbereclassifiedtoprofitorloss | 641,118.00 | 20,973,409.00 |
| 5.1.1Changescausedbyremeasurementsondefinedbenefitschemes | ||
| 5.1.2Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossundertheequitymethod | 641,118.00 | 20,973,409.00 |
| 5.1.3Changesinthefairvalueofinvestmentsinotherequityinstruments | ||
| 5.1.4Changesinthefairvaluearisingfromchangesinowncreditrisk | ||
| 5.1.5Other | ||
| 5.2Itemsthatwillbereclassifiedtoprofitorloss | 8,346,855.00 | 28,565,859.00 |
| 5.2.1Othercomprehensiveincomethatwillbereclassifiedtoprofitorlossundertheequitymethod | 8,346,855.00 | 28,379,224.00 |
| 5.2.2Changesinthefairvalueofotherdebtinvestments | ||
| 5.2.3Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 5.2.4Creditimpairmentallowanceforotherdebtinvestments | ||
| 5.2.5Reserveforcashflowhedges | ||
| 5.2.6Differencesarisingfromthe |
| translationofforeigncurrency-denominatedfinancialstatements | ||
| 5.2.7Other | 186,635.00 | |
| 6.Totalcomprehensiveincome | -68,296,826.00 | 538,119,007.00 |
| 7.Earningspershare | ||
| 7.1Basicearningspershare | N/A | N/A |
| 7.2Dilutedearningspershare | N/A | N/A |
5.ConsolidatedIncomeStatementforQ1~Q3
Unit:RMB
| Item | Q1~Q32020 | Q1~Q32019 |
| 1.Totalrevenues | 48,833,159,938.00 | 58,904,374,914.00 |
| Including:Revenue | 48,709,987,251.00 | 58,817,666,092.00 |
| Interestincome | 123,172,687.00 | 86,708,822.00 |
| Insurancepremiumincome | ||
| Feeandcommissionincome | ||
| 2.Costsandexpenses | 49,698,704,134.00 | 59,149,896,807.00 |
| Including:Costofsales | 43,507,752,953.00 | 51,216,771,448.00 |
| Interestexpense | 25,967,987.00 | 13,129,607.00 |
| Feeandcommissionexpense | ||
| Surrenders | ||
| Netinsuranceclaimspaid | ||
| Netamountprovidedasinsurancecontractreserve | ||
| Expenditureonpolicydividends | ||
| Reinsurancepremiumexpense | ||
| Taxesandlevies | 147,380,452.00 | 289,281,187.00 |
| Sellingexpense | 548,204,916.00 | 2,582,419,684.00 |
| Administrativeexpense | 1,215,567,756.00 | 1,559,794,269.00 |
| R&Dexpense | 2,800,775,204.00 | 2,603,121,743.00 |
| Financecosts | 1,453,054,866.00 | 885,378,869.00 |
| Including:Interest | 1,663,333,175.00 | 1,531,338,739.00 |
| expense | ||
| Interestincome | 297,750,444.00 | 346,654,556.00 |
| Add:Otherincome | 1,254,526,018.00 | 1,439,033,065.00 |
| Returnoninvestment(“-”forloss) | 1,951,687,393.00 | 2,582,149,708.00 |
| Including:Shareofprofitorlossofjointventuresandassociates | 1,293,666,489.00 | 1,050,534,922.00 |
| Incomefromthederecognitionoffinancialassetsatamortizedcost(“-”forloss) | ||
| Exchangegain(“-”forloss) | 321,274.00 | -11,364,959.00 |
| Netgainonexposurehedges(“-”forloss) | ||
| Gainonchangesinfairvalue(“-”forloss) | 294,474,510.00 | 360,480,571.00 |
| Creditimpairmentloss(“-”forloss) | 7,074,256.00 | -21,601,368.00 |
| Assetimpairmentloss(“-”forloss) | -708,096,422.00 | -397,698,940.00 |
| Assetdisposalincome(“-”forloss) | 931,334.00 | 2,171,307.00 |
| 3.Operatingprofit(“-”forloss) | 1,935,374,167.00 | 3,707,647,491.00 |
| Add:Non-operatingincome | 496,388,240.00 | 128,111,130.00 |
| Less:Non-operatingexpense | 31,308,402.00 | 23,468,759.00 |
| 4.Grossprofit(“-”forloss) | 2,400,454,005.00 | 3,812,289,862.00 |
| Less:Incometaxexpense | 338,749,095.00 | 324,875,555.00 |
| 5.Netprofit(“-”fornetloss) | 2,061,704,910.00 | 3,487,414,307.00 |
| 5.1Byoperatingcontinuity | ||
| 5.1.1Netprofitfromcontinuingoperations(“-”fornetloss) | 2,061,704,910.00 | 2,155,327,307.00 |
| 5.1.2Netprofitfromdiscontinuedoperations(“-”fornetloss) | 1,332,087,000.00 | |
| 5.2Byownership | ||
| 5.2.1NetprofitattributabletoownersoftheCompanyastheparent | 2,025,175,746.00 | 2,577,329,981.00 |
| 5.2.1Netprofitattributabletonon-controllinginterests | 36,529,164.00 | 910,084,326.00 |
| 6.Othercomprehensiveincome,netoftax | 184,621,267.00 | 486,458,995.00 |
| AttributabletoownersoftheCompany | 220,697,688.00 | 322,801,953.00 |
| astheparent | ||
| 6.1Itemsthatwillnotbereclassifiedtoprofitorloss | -26,301,283.00 | 10,569,895.00 |
| 6.1.1Changescausedbyremeasurementsondefinedbenefitschemes | ||
| 6.1.2Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossundertheequitymethod | -5,592,197.00 | 26,584,508.00 |
| 6.1.3Changesinthefairvalueofinvestmentsinotherequityinstruments | -20,709,086.00 | -15,116,675.00 |
| 6.1.4Changesinthefairvaluearisingfromchangesinowncreditrisk | ||
| 6.1.5Other | -897,938.00 | |
| 6.2Itemsthatwillbereclassifiedtoprofitorloss | 246,998,971.00 | 312,232,058.00 |
| 6.2.1Othercomprehensiveincomethatwillbereclassifiedtoprofitorlossundertheequitymethod | 78,939,921.00 | -148,175,755.00 |
| 6.2.2Changesinthefairvalueofotherdebtinvestments | ||
| 6.2.3Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 6.2.4Creditimpairmentallowanceforotherdebtinvestments | ||
| 6.2.5Reserveforcashflowhedges | 48,139,564.00 | -81,314,957.00 |
| 6.2.6Differencesarisingfromthetranslationofforeigncurrency-denominatedfinancialstatements | 119,919,486.00 | 541,722,770.00 |
| 6.2.7Other | ||
| Attributabletonon-controllinginterests | -36,076,421.00 | 163,657,042.00 |
| 7.Totalcomprehensiveincome | 2,246,326,177.00 | 3,973,873,302.00 |
| AttributabletoownersoftheCompanyastheparent | 2,245,873,434.00 | 2,900,131,934.00 |
| Attributabletonon-controllinginterests | 452,743.00 | 1,073,741,368.00 |
| 8.Earningspershare | ||
| 8.1Basicearningspershare | 0.1563 | 0.1946 |
| 8.2Dilutedearningspershare | 0.1497 | 0.1902 |
Legalrepresentative:LiDongshengPerson-in-chargeoffinancialaffairs:DuJuanPerson-in-chargeofthefinancialdepartment:XiWenbo
6.IncomeStatementoftheCompanyastheParentforQ1~Q3
Unit:RMB
| Item | Q1~Q32020 | Q1~Q32019 |
| 1.Revenue | 838,064,997.00 | 1,307,562,446.00 |
| Less:Costofsales | 657,228,381.00 | 1,147,964,483.00 |
| Taxesandlevies | 4,850,677.00 | 9,260,334.00 |
| Sellingexpense | 12,141,079.00 | 19,930,919.00 |
| Administrativeexpense | 274,612,165.00 | 241,010,707.00 |
| R&Dexpense | 86,941,389.00 | 80,232,047.00 |
| Financecosts | 881,790,014.00 | 650,227,534.00 |
| Including:Interestexpense | 1,408,282,484.00 | 1,009,268,066.00 |
| Interestincome | 545,183,243.00 | 396,745,068.00 |
| Add:Otherincome | 15,329,412.00 | 4,958,600.00 |
| Returnoninvestment(“-”forloss) | 1,742,123,364.00 | 1,103,949,851.00 |
| Including:Shareofprofitorlossofjointventuresandassociates | 874,371,626.00 | 887,726,773.00 |
| Incomefromthederecognitionoffinancialassetsatamortizedcost(“-”forloss) | ||
| Netgainonexposurehedges(“-”forloss) | ||
| Gainonchangesinfairvalue(“-”forloss) | 102,312,826.00 | 44,716,834.00 |
| Creditimpairmentloss(“-”forloss) | 599,982.00 | 2,741,266.00 |
| Assetimpairmentloss(“-”forloss) | ||
| Assetdisposalincome(“-”forloss) | 88,496.00 | 256,615,165.00 |
| 2.Operatingprofit(“-”forloss) | 780,955,372.00 | 571,918,138.00 |
| Add:Non-operatingincome | 484,516,543.00 | 77,307,037.00 |
| Less:Non-operatingexpense | 8,488,739.00 | 9,065,602.00 |
| 3.Grossprofit(“-”forloss) | 1,256,983,176.00 | 640,159,573.00 |
| Less:Incometaxexpense | ||
| 4.Netprofit(“-”fornetloss) | 1,256,983,176.00 | 640,159,573.00 |
| 4.1Netprofitfromcontinuingoperations(“-”fornetloss) | 1,256,983,176.00 | 640,159,573.00 |
| 4.2Netprofitfromdiscontinuedoperations(“-”fornetloss) | ||
| 5.Othercomprehensiveincome,netoftax | 73,705,740.00 | 81,669,317.00 |
| 5.1Itemsthatwillnotbereclassifiedtoprofitorloss | -5,592,197.00 | 20,973,409.00 |
| 5.1.1Changescausedbyremeasurementsondefinedbenefitschemes | ||
| 5.1.2Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossundertheequitymethod | -5,592,197.00 | 20,973,409.00 |
| 5.1.3Changesinthefairvalueofinvestmentsinotherequityinstruments | ||
| 5.1.4Changesinthefairvaluearisingfromchangesinowncreditrisk | ||
| 5.1.5Other | ||
| 5.2Itemsthatwillbereclassifiedtoprofitorloss | 79,297,937.00 | 60,695,908.00 |
| 5.2.1Othercomprehensiveincomethatwillbereclassifiedtoprofitorlossundertheequitymethod | 79,297,937.00 | 60,509,273.00 |
| 5.2.2Changesinthefairvalueofotherdebtinvestments | ||
| 5.2.3Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 5.2.4Creditimpairmentallowanceforotherdebtinvestments | ||
| 5.2.5Reserveforcashflowhedges | ||
| 5.2.6Differencesarisingfromthetranslationofforeigncurrency-denominatedfinancialstatements | ||
| 5.2.7Other | 186,635.00 | |
| 6.Totalcomprehensiveincome | 1,330,688,916.00 | 721,828,890.00 |
| 7.Earningspershare | ||
| 7.1Basicearningspershare | N/A | N/A |
| 7.2Dilutedearningspershare | N/A | N/A |
7.ConsolidatedCashFlowStatementforQ1~Q3
Unit:RMB
| Item | Q1~Q32020 | Q1~Q32019 |
| 1.Cashflowsfromoperatingactivities: | ||
| Proceedsfromsaleofcommoditiesandrenderingofservices | 50,348,052,437.00 | 62,445,844,833.00 |
| Netincreaseincustomerdepositsanddepositsfromotherbanksandfinancialinstitutions | 1,984,254,690.00 | 1,726,469,676.00 |
| Netincreaseinborrowingsfromthecentralbank | 661,882,266.00 | 90,420,078.00 |
| Netincreaseinloansfromotherfinancialinstitutions | ||
| Premiumsreceivedonoriginalinsurancecontracts | ||
| Netproceedsfromreinsurance | ||
| Netincreaseindepositsandinvestmentsofpolicyholders | ||
| Interest,feesandcommissionsreceived | 123,172,687.00 | 86,708,822.00 |
| Netincreaseinloansfromotherbanksandfinancialinstitutions | ||
| Netincreaseinproceedsfromrepurchasetransactions | ||
| Netproceedsfromactingtradingofsecurities | ||
| Taxandlevyrebates | 2,691,374,733.00 | 2,937,257,381.00 |
| Cashgeneratedfromotheroperatingactivities | 1,704,768,084.00 | 1,928,746,345.00 |
| Subtotalofcashgeneratedfromoperatingactivities | 57,513,504,897.00 | 69,215,447,135.00 |
| Paymentsforcommoditiesandservices | 36,638,895,339.00 | 47,132,428,452.00 |
| Netincreaseinloansandadvancestocustomers | -991,814,418.00 | 3,849,847,076.00 |
| Netincreaseindepositsinthecentralbankandotherbanksandfinancial | -284,795,549.00 | -273,067,081.00 |
| institutions | ||
| Paymentsforclaimsonoriginalinsurancecontracts | ||
| Netincreaseinloanstootherbanksandfinancialinstitutions | ||
| Interest,feesandcommissionspaid | ||
| Policydividendspaid | ||
| Cashpaidtoandforemployees | 2,985,796,906.00 | 3,548,355,254.00 |
| Taxesandleviespaid | 3,682,068,200.00 | 3,627,716,700.00 |
| Cashusedinotheroperatingactivities | 3,612,284,290.00 | 3,720,892,545.00 |
| Subtotalofcashusedinoperatingactivities | 45,642,434,768.00 | 61,606,172,946.00 |
| Netcashgeneratedfrom/usedinoperatingactivities | 11,871,070,129.00 | 7,609,274,189.00 |
| 2.Cashflowsfrominvestingactivities: | ||
| Proceedsfromdisinvestment | 17,115,227,387.00 | 18,373,451,069.00 |
| Returnoninvestment | 783,085,375.00 | 730,526,027.00 |
| Netproceedsfromthedisposaloffixedassets,intangibleassetsandotherlong-livedassets | 148,840.00 | 92,766,770.00 |
| Netproceedsfromthedisposalofsubsidiariesandotherbusinessunits | 303,139,290.00 | 863,813,211.00 |
| Cashgeneratedfromotherinvestingactivities | ||
| Subtotalofcashgeneratedfrominvestingactivities | 18,201,600,892.00 | 20,060,557,077.00 |
| Paymentsfortheacquisitionoffixedassets,intangibleassetsandotherlong-livedassets | 23,959,069,555.00 | 14,853,883,306.00 |
| Paymentsforinvestments | 34,796,469,202.00 | 24,810,844,947.00 |
| Netincreaseinpledgedloansgranted | ||
| Netpaymentsfortheacquisitionofsubsidiariesandotherbusinessunits | 170,197,901.00 | |
| Cashusedinotherinvestingactivities | 23,279,913.00 | 7,118,896,267.00 |
| Subtotalofcashusedininvestingactivities | 58,778,818,670.00 | 46,953,822,421.00 |
| Netcashgeneratedfrom/usedininvestingactivities | -40,577,217,778.00 | -26,893,265,344.00 |
| 3.Cashflowsfromfinancingactivities: |
| Capitalcontributionsreceived | 3,262,240,000.00 | 7,530,780,247.00 |
| Including:Capitalcontributionsbynon-controllingintereststosubsidiaries | 3,262,240,000.00 | 7,523,571,607.00 |
| Borrowingsreceived | 53,060,270,869.00 | 30,186,401,095.00 |
| Cashgeneratedfromotherfinancingactivities | 473,470,318.00 | 2,017,417,200.00 |
| Subtotalofcashgeneratedfromfinancingactivities | 56,795,981,187.00 | 39,734,598,542.00 |
| Repaymentofborrowings | 28,146,415,143.00 | 23,925,281,321.00 |
| Interestanddividendspaid | 4,080,360,106.00 | 3,700,800,263.00 |
| Including:Dividendspaidbysubsidiariestonon-controllinginterests | 279,523,652.00 | 99,072,668.00 |
| Cashusedinotherfinancingactivities | 1,083,465,759.00 | 2,150,539,531.00 |
| Subtotalofcashusedinfinancingactivities | 33,310,241,008.00 | 29,776,621,115.00 |
| Netcashgeneratedfrom/usedinfinancingactivities | 23,485,740,179.00 | 9,957,977,427.00 |
| 4.Effectofforeignexchangerateschangesoncashandcashequivalents | -46,170,424.00 | 657,452,489.00 |
| 5.Netincreaseincashandcashequivalents | -5,266,577,894.00 | -8,668,561,239.00 |
| Add:Cashandcashequivalents,beginningoftheperiod | 17,637,742,929.00 | 25,702,383,482.00 |
| 6.Cashandcashequivalents,endoftheperiod | 12,371,165,035.00 | 17,033,822,243.00 |
8.CashFlowStatementoftheCompanyastheParentforQ1~Q3
Unit:RMB
| Item | Q1~Q32020 | Q1~Q32019 |
| 1.Cashflowsfromoperatingactivities: | ||
| Proceedsfromsaleofcommoditiesandrenderingofservices | 940,689,494.00 | 1,143,838,588.00 |
| Taxandlevyrebates | 1,073,352.00 | 690,755.00 |
| Cashgeneratedfromotheroperatingactivities | 5,024,481,872.00 | 14,276,992,714.00 |
| Subtotalofcashgeneratedfromoperatingactivities | 5,966,244,718.00 | 15,421,522,057.00 |
| Paymentsforcommoditiesandservices | 911,465,646.00 | 1,229,934,222.00 |
| Cashpaidtoandforemployees | 136,915,723.00 | 120,421,860.00 |
| Taxesandleviespaid | 21,333,420.00 | 53,164,105.00 |
| Cashusedinotheroperatingactivities | 1,310,184,966.00 | 1,161,090,996.00 |
| Subtotalofcashusedinoperatingactivities | 2,379,899,755.00 | 2,564,611,183.00 |
| Netcashgeneratedfrom/usedinoperatingactivities | 3,586,344,963.00 | 12,856,910,874.00 |
| 2.Cashflowsfrominvestingactivities: | ||
| Proceedsfromdisinvestment | 7,079,430,025.00 | 13,841,885,978.00 |
| Returnoninvestment | 5,373,342,218.00 | 638,304,881.00 |
| Netproceedsfromthedisposaloffixedassets,intangibleassetsandotherlong-livedassets | 760.00 | 141,657.00 |
| Netproceedsfromthedisposalofsubsidiariesandotherbusinessunits | ||
| Cashgeneratedfromotherinvestingactivities | ||
| Subtotalofcashgeneratedfrominvestingactivities | 12,452,773,003.00 | 14,480,332,516.00 |
| Paymentsfortheacquisitionoffixedassets,intangibleassetsandotherlong-livedassets | 33,750,534.00 | 3,836,282.00 |
| Paymentsforinvestments | 26,261,636,831.00 | 12,209,066,918.00 |
| Netpaymentsfortheacquisitionofsubsidiariesandotherbusinessunits | ||
| Cashusedinotherinvestingactivities | 23,279,913.00 | |
| Subtotalofcashusedininvestingactivities | 26,318,667,278.00 | 12,212,903,200.00 |
| Netcashgeneratedfrom/usedininvestingactivities | -13,865,894,275.00 | 2,267,429,316.00 |
| 3.Cashflowsfromfinancingactivities: | ||
| Capitalcontributionsreceived | 7,208,640.00 | |
| Borrowingsreceived | 33,049,034,080.00 | 9,058,956,000.00 |
| Cashgeneratedfromotherfinancingactivities | 60,300,000.00 | 2,000,000,000.00 |
| Subtotalofcashgeneratedfromfinancingactivities | 33,109,334,080.00 | 11,066,164,640.00 |
| Repaymentofborrowings | 19,697,628,200.00 | 12,740,956,000.00 |
| Interestanddividendspaid | 2,189,458,151.00 | 2,202,303,594.00 |
| Cashusedinotherfinancingactivities | 77,117,687.00 | 1,837,149,002.00 |
| Subtotalofcashusedinfinancingactivities | 21,964,204,038.00 | 16,780,408,596.00 |
| Netcashgeneratedfrom/usedinfinancingactivities | 11,145,130,042.00 | -5,714,243,956.00 |
| 4.Effectofforeignexchangerateschangesoncashandcashequivalents | -12,865,485.00 | -27,037,253.00 |
| 5.Netincreaseincashandcashequivalents | 852,715,245.00 | 9,383,058,981.00 |
| Add:Cashandcashequivalents,beginningoftheperiod | 3,941,090,221.00 | 1,328,680,629.00 |
| 6.Cashandcashequivalents,endoftheperiod | 4,793,805,466.00 | 10,711,739,610.00 |
IIAdjustmentstotheFinancialStatements
1.AdjustmentstotheFinancialStatementsattheBeginningoftheFirstExecutionYear(2020)oftheNewAccountingStandardsGoverningRevenueandLeases
Consolidatedbalancesheet:
Unit:RMB
| Item | 31December2019 | 1January2020 | Adjustment |
| Currentassets: | |||
| Monetaryassets | 18,648,184,663.00 | 18,648,184,663.00 | |
| Settlementreserve | |||
| Loanstootherbanksandfinancialinstitutions | |||
| Held-for-tradingfinancialassets | 6,074,750,918.00 | 6,074,750,918.00 | |
| Derivativefinancialassets | 159,035,592.00 | 159,035,592.00 | |
| Notesreceivable | 228,941,977.00 | 228,941,977.00 | |
| Accountsreceivable | 8,340,353,992.00 | 8,340,353,992.00 | |
| Receivablesfinancing | |||
| Prepayments | 364,422,948.00 | 364,422,948.00 | |
| Premiumsreceivable | |||
| Reinsurancereceivables | |||
| Receivablereinsurancecontractreserve | |||
| Otherreceivables | 2,750,041,514.00 | 2,750,041,514.00 |
| Including:Interestreceivable | ||
| Dividendsreceivable | 5,771,104.00 | 5,771,104.00 |
| Financialassetspurchasedunderresaleagreements | ||
| Inventories | 5,677,963,123.00 | 5,677,963,123.00 |
| Contractassets | ||
| Assetsheldforsale | ||
| Currentportionofnon-currentassets | ||
| Othercurrentassets | 5,911,827,639.00 | 5,911,827,639.00 |
| Totalcurrentassets | 48,155,522,366.00 | 48,155,522,366.00 |
| Non-currentassets: | ||
| Loansandadvancestocustomers | 3,637,768,065.00 | 3,637,768,065.00 |
| Debtinvestments | 20,373,264.00 | 20,373,264.00 |
| Otherdebtinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 17,194,284,162.00 | 17,194,284,162.00 |
| Investmentsinotherequityinstruments | 279,883,515.00 | 279,883,515.00 |
| Othernon-currentfinancialassets | 2,542,689,268.00 | 2,542,689,268.00 |
| Investmentproperty | 82,272,964.00 | 82,272,964.00 |
| Fixedassets | 45,459,070,330.00 | 45,459,070,330.00 |
| Constructioninprogress | 33,578,289,802.00 | 33,578,289,802.00 |
| Productivelivingassets | ||
| Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets | 5,684,584,119.00 | 5,684,584,119.00 |
| Developmentcosts | 1,548,470,972.00 | 1,548,470,972.00 |
| Goodwill | 2,452,186.00 | 2,452,186.00 |
| Long-termprepaidexpense | 1,567,690,992.00 | 1,567,690,992.00 |
| Deferredincometaxassets | 840,874,034.00 | 840,874,034.00 |
| Othernon-currentassets | 4,250,658,887.00 | 4,250,658,887.00 | |
| Totalnon-currentassets | 116,689,362,560.00 | 116,689,362,560.00 | |
| Totalassets | 164,844,884,926.00 | 164,844,884,926.00 | |
| Currentliabilities: | |||
| Short-termborrowings | 12,069,657,099.00 | 12,069,657,099.00 | |
| Borrowingsfromthecentralbank | 573,222,113.00 | 573,222,113.00 | |
| Loansfromotherbanksandfinancialinstitutions | |||
| Held-for-tradingfinancialliabilities | 188,220,097.00 | 188,220,097.00 | |
| Derivativefinancialliabilities | 84,704,591.00 | 84,704,591.00 | |
| Notespayable | 1,720,401,552.00 | 1,720,401,552.00 | |
| Accountspayable | 11,549,133,141.00 | 11,549,133,141.00 | |
| Advancesfromcustomers | 141,748,956.00 | 5,499,574.00 | -136,249,382.00 |
| Contractliabilities | 133,818,206.00 | 133,818,206.00 | |
| Financialassetssoldunderrepurchaseagreements | |||
| Customerdepositsanddepositsfromotherbanksandfinancialinstitutions | 1,355,128,509.00 | 1,355,128,509.00 | |
| Payablesforactingtradingofsecurities | |||
| Payablesforunderwritingofsecurities | |||
| Employeebenefitspayable | 1,094,216,685.00 | 1,094,216,685.00 | |
| Taxesandleviespayable | 226,806,037.00 | 226,806,037.00 | |
| Otherpayables | 12,293,565,901.00 | 12,293,565,901.00 | |
| Including:Interestpayable | |||
| Dividendspayable | 11,058,225.00 | 11,058,225.00 | |
| Feesandcommissionspayable | |||
| Reinsurancepayables | |||
| Liabilitiesdirectlyassociatedwithassetsheldforsale |
| Currentportionofnon-currentliabilities | 1,691,963,496.00 | 1,691,963,496.00 | |
| Othercurrentliabilities | 69,021,962.00 | 71,453,138.00 | 2,431,176.00 |
| Totalcurrentliabilities | 43,057,790,139.00 | 43,057,790,139.00 | |
| Non-currentliabilities: | |||
| Insurancecontractreserve | |||
| Long-termborrowings | 38,512,059,200.00 | 38,512,059,200.00 | |
| Bondspayable | 16,479,085,461.00 | 16,479,085,461.00 | |
| Including:Preferenceshares | |||
| Perpetualbonds | |||
| Leaseliabilities | |||
| Long-termpayables | 24,206,057.00 | 24,206,057.00 | |
| Long-termemployeebenefitspayable | 23,017,619.00 | 23,017,619.00 | |
| Provisions | |||
| Deferredincome | 1,912,421,056.00 | 1,912,421,056.00 | |
| Deferredincometaxliabilities | 952,677,822.00 | 952,677,822.00 | |
| Othernon-currentliabilities | 482,232.00 | 482,232.00 | |
| Totalnon-currentliabilities | 57,903,949,447.00 | 57,903,949,447.00 | |
| Totalliabilities | 100,961,739,586.00 | 100,961,739,586.00 | |
| Owners’equity: | |||
| Sharecapital | 13,528,438,719.00 | 13,528,438,719.00 | |
| Otherequityinstruments | |||
| Including:Preferenceshares | |||
| Perpetualbonds | |||
| Capitalreserves | 5,716,667,384.00 | 5,716,667,384.00 | |
| Less:Treasurystock | 1,952,956,751.00 | 1,952,956,751.00 | |
| Othercomprehensiveincome | -534,081,855.00 | -534,081,855.00 | |
| Specificreserve | |||
| Surplusreserves | 2,238,368,089.00 | 2,238,368,089.00 | |
| Generalreserve | 360,766.00 | 360,766.00 |
| Retainedearnings | 11,115,149,885.00 | 11,115,149,885.00 |
| TotalequityattributabletoownersoftheCompanyastheparent | 30,111,946,237.00 | 30,111,946,237.00 |
| Non-controllinginterests | 33,771,199,103.00 | 33,771,199,103.00 |
| Totalowners’equity | 63,883,145,340.00 | 63,883,145,340.00 |
| Totalliabilitiesandowners’equity | 164,844,884,926.00 | 164,844,884,926.00 |
BalancesheetoftheCompanyastheparent:
Unit:RMB
| Item | 31December2019 | 1January2020 | Adjustment |
| Currentassets: | |||
| Monetaryassets | 3,966,899,016.00 | 3,966,899,016.00 | |
| Held-for-tradingfinancialassets | 2,969,105,570.00 | 2,969,105,570.00 | |
| Derivativefinancialassets | |||
| Notesreceivable | 22,514,486.00 | 22,514,486.00 | |
| Accountsreceivable | 445,089,599.00 | 445,089,599.00 | |
| Receivablesfinancing | |||
| Prepayments | 97,127,177.00 | 97,127,177.00 | |
| Otherreceivables | 17,129,473,443.00 | 17,129,473,443.00 | |
| Including:Interestreceivable | |||
| Dividendsreceivable | 4,211,824,115.00 | 4,211,824,115.00 | |
| Inventories | 14,868,714.00 | 14,868,714.00 | |
| Contractassets | |||
| Assetsheldforsale | |||
| Currentportionofnon-currentassets | |||
| Othercurrentassets | 6,471,074.00 | 6,471,074.00 | |
| Totalcurrentassets | 24,651,549,079.00 | 24,651,549,079.00 | |
| Non-currentassets: | |||
| Debtinvestments | |||
| Otherdebtinvestments | |||
| Long-termreceivables |
| Long-termequityinvestments | 39,297,272,437.00 | 39,297,272,437.00 | |
| Investmentsinotherequityinstruments | 15,000,000.00 | 15,000,000.00 | |
| Othernon-currentfinancialassets | 1,540,912,643.00 | 1,540,912,643.00 | |
| Investmentproperty | 92,622,685.00 | 92,622,685.00 | |
| Fixedassets | 54,238,373.00 | 54,238,373.00 | |
| Constructioninprogress | 1,241,308.00 | 1,241,308.00 | |
| Productivelivingassets | |||
| Oilandgasassets | |||
| Right-of-useassets | |||
| Intangibleassets | 19,144,884.00 | 19,144,884.00 | |
| Developmentcosts | |||
| Goodwill | |||
| Long-termprepaidexpense | 454,968,882.00 | 454,968,882.00 | |
| Deferredincometaxassets | |||
| Othernon-currentassets | |||
| Totalnon-currentassets | 41,475,401,212.00 | 41,475,401,212.00 | |
| Totalassets | 66,126,950,291.00 | 66,126,950,291.00 | |
| Currentliabilities: | |||
| Short-termborrowings | 6,484,481,271.00 | 6,484,481,271.00 | |
| Held-for-tradingfinancialliabilities | |||
| Derivativefinancialliabilities | 5,980,760.00 | 5,980,760.00 | |
| Notespayable | 30,282,528.00 | 30,282,528.00 | |
| Accountspayable | 424,224,599.00 | 424,224,599.00 | |
| Advancesfromcustomers | 17,470,841.00 | 80,718.00 | -17,390,123.00 |
| Contractliabilities | 17,390,123.00 | 17,390,123.00 | |
| Employeebenefitspayable | 125,095,153.00 | 125,095,153.00 | |
| Taxesandleviespayable | 10,354,865.00 | 10,354,865.00 | |
| Otherpayables | 9,347,609,813.00 | 9,347,609,813.00 | |
| Including:Interestpayable |
| Dividendspayable | 11,057,515.00 | 11,057,515.00 |
| Liabilitiesdirectlyassociatedwithassetsheldforsale | ||
| Currentportionofnon-currentliabilities | 847,326,922.00 | 847,326,922.00 |
| Othercurrentliabilities | ||
| Totalcurrentliabilities | 17,292,826,752.00 | 17,292,826,752.00 |
| Non-currentliabilities: | ||
| Long-termborrowings | 2,110,000,000.00 | 2,110,000,000.00 |
| Bondspayable | 16,479,085,461.00 | 16,479,085,461.00 |
| Including:Preferenceshares | ||
| Perpetualbonds | ||
| Leaseliabilities | ||
| Long-termpayables | ||
| Long-termemployeebenefitspayable | 23,017,619.00 | 23,017,619.00 |
| Provisions | ||
| Deferredincome | 51,561,600.00 | 51,561,600.00 |
| Deferredincometaxliabilities | ||
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 18,663,664,680.00 | 18,663,664,680.00 |
| Totalliabilities | 35,956,491,432.00 | 35,956,491,432.00 |
| Owners’equity: | ||
| Sharecapital | 13,528,438,719.00 | 13,528,438,719.00 |
| Otherequityinstruments | ||
| Including:Preferenceshares | ||
| Perpetualbonds | ||
| Capitalreserves | 8,382,776,032.00 | 8,382,776,032.00 |
| Less:Treasurystock | 1,952,956,751.00 | 1,952,956,751.00 |
| Othercomprehensiveincome | 56,064,337.00 | 56,064,337.00 |
| Specificreserve | ||
| Surplusreserves | 2,036,303,650.00 | 2,036,303,650.00 |
| Retainedearnings | 8,119,832,872.00 | 8,119,832,872.00 |
| Totalowners’equity | 30,170,458,859.00 | 30,170,458,859.00 |
| Totalliabilitiesandowners’equity | 66,126,950,291.00 | 66,126,950,291.00 |
2.RetrospectiveAdjustmentstotheComparativeDataofPriorPeriodsduetotheFirstExecutionin2020oftheNewAccountingStandardsGoverningRevenueandLeasesTheCompanyhasadoptedsince1January2020theAccountingStandardNo.14forBusinessEnterprises-RevenuerevisedbytheMinistryofFinancein2017.Asrequiredbythenewrevenuestandard,retainedearningsandotherrelevantfinancialstatementitemsatthebeginningoftheperiodwhenthenewrevenuestandardwasfirstadopted(1January2020)shouldbeadjustedaccordingtothecumulativeeffectsarisingfromthefirstadoptionofthenewrevenuestandard,anddataofthecomparableperiodsshouldnotbeadjusted.Whenexecutingthenewrevenuestandard,theCompanyconsideredadjustmentsonlyforthecumulativeeffectsinrespectoftheoutstandingcontractsonthedateofthestandard’sfirstadoption;anddidnotmakeretrospectiveadjustmentsinrespectofthechangesthathadoccurredtocontractsbeforethebeginningoftheearliestcomparableperiodorbeforethebeginningof2020,butaccordingtothefinalarrangementsofthecontractchanges,identifiedthefulfilledandunfulfilledperformanceobligations,determinedthetransactionpriceanddistributedthetransactionpricetothefulfilledandunfulfilledperformanceobligations.Theeffectsoftheadoptionofthenewrevenuestandardonthepresentationofthebalancesheetitemsasatthebeginningofthecurrentperiodareasfollows:
| Item | Carryingamountaspertheformerrevenuestandard | Effectofreclassification | Effectofremeasurement | Carryingamountaspertherevisedrevenuestandard |
| Advancesfromcustomers | 141,748,956.00 | -136,249,382.00 | 5,499,574.00 | |
| Contractliabilities | 133,818,206.00 | 133,818,206.00 | ||
| Othercurrentliabilities | 69,021,962.00 | 2,431,176.00 | 71,453,138.00 |
IIIIndependentAuditor’sReportIndicatebytickmarkwhetherthefinancialstatementsabovehavebeenauditedbyanindependentauditor.
□Yes√NoThesefinancialstatementshavenotbeenauditedbysuchanauditor.