2019 First Quarter Report
Of
Chongqing Changan Automobile Company Limited
April, 2019
Chapter 1 Important Notes
The Board of Directors, the Supervisory Committee and directors, supervisors and seniormanagement of Chongqing Changan Automobile Company Limited (hereinafter referred to as “theCompany”) hereby guarantee that no false or misleading statement or major omission was made tothe materials in this report and that they will assume all the responsibilities, individually and jointly,for the trueness, accuracy and completeness of the contents of this report.
All directors attended the board meeting for reviewing the first quarter report.
The Chairman of the Board Zhang Baolin, the Chief Financial Officer Zhang Deyong and theresponsible person of the accounting institution (Accountant in charge) Chen Jianfeng herebydeclare that the Financial Statements enclosed in this annual report are true, accurate and complete.
The report shall be presented in both Chinese and English, and should there be any conflictingunderstanding of the text, the Chinese version shall prevail.
Chapter 2 Basic Information
I. Main accounting data and financial indicators
Does the company conduct the retrospective adjustment or restatement of previous years accounting data due to changes inaccounting policies or accounting errors?□Yes √No
In RMB Yuan
| The reporting period | The same period of last year | Variance (%) | |
| Operating income | 16,007,950,602.50 | 20,010,746,940.77 | -20.00% |
| Net profit attributable to shareholders of the Company | -2,096,352,326.12 | 1,391,793,407.67 | -250.62% |
| Net profit excluding non-recurring gains and losses attributable to shareholders of listed company | -2,161,147,810.27 | 896,758,297.55 | -341.00% |
| cash flow from operating activities | 3,258,788,381.35 | 2,636,312,735.66 | 23.61% |
| Basic earnings per share | -0.44 | 0.29 | -251.72% |
| Diluted earnings per share | - | - | - |
| Weighted average return on net assets | -4.62% | 2.88% | Down 7.50 points |
| The reporting period | End of 2018 | Variance (%) | |
| Total assets | 95,867,326,904.10 | 93,488,854,098.95 | 2.54% |
| Net assets attributable to shareholders of listed company | 44,437,673,227.16 | 46,244,958,676.52 | -3.91% |
Accidental gain/loss item and amount√ Applicable □ Not applicable
In RMB Yuan
| Item | Amount of the period from the beginning of year to the end of report term | Explanation |
| Gain/loss of non-current assets | -1,633,541.79 | |
| Government subsidies accounted into current gain/loss account, other than those closely related to the Company’s common business, comply with the national policy and continues to enjoy at certain fixed rate or amount. | 57,557,097.02 | |
| Interest on deferred payment of funds received by non financial enterprises | 10,682,531.96 | |
| Other non-business income and expenditures other than the above | 8,990,590.89 | |
| Less: Influenced amount of income tax | 10,286,093.79 | |
| Influenced amount of minority shareholders’ equity | 515,100.14 | |
| Total | 64,795,484.15 |
According to “Public offering of securities information disclosure of the company's information disclosure announcement No. 1 –non-recurring gains and losses “Public offering of securities information disclosure of the company's information disclosureannouncement No. 1 – non-recurring gains and losses” defined non-recurring items ,and Public offering of securities informationdisclosure of the company's information disclosure announcement No. 1 - non-recurring gains and losses “The items listed in thenon-recurring items defined as recurring items shall be explained .□ Applicable √Not applicableThe company in the reporting period does not base on the definition and listing of “Public offering of securities informationdisclosure of the company's information disclosure announcement No. 1 – non-recurring gains and losses” about non-recurring gainsand losses to define a case of recurring profit or loss.
II. Total number of shareholders at the end of the reporting period and statement on sharesheld by the top ten tradable shareholders
1. Total number of shareholders at the end of the reporting period and statement on shares held by the topten shareholders
Unit: share
| As of the reporting period, the total number of shareholders | 203,311 | |||||||
| Top 10 Shareholders | ||||||||
| Name of the shareholder | Properties of shareholder | Shareholding (%) | Number of shares | Conditional shares | Pledging or freezing | |||
| Share status | Amount | |||||||
| China South Industries Group Co., Ltd. | State-owned legal person shares | 21.56% | 1,035,312,673 | No pledge or frozen | 0 | |||
| China Changan Automobile Co., Ltd. | State-owned legal person shares | 19.32% | 928,044,946 | 139,762,403 | No pledge or frozen | 0 | ||
| China securities finance Co, Ltd | domestic general legal person shares | 4.88% | 234,265,333 | No pledge or frozen | 0 | |||
| United Prosperity (Hongkong) Investment Co., Limited | foreign legal person shares | 3.21% | 154,120,237 | No pledge or frozen | 0 | |||
| Central Huijin Investment Ltd. | domestic general legal person shares | 1.15% | 55,393,100 | No pledge or frozen | 0 | |||
| DRAGON BILLION SELECT MASTER FUND | foreign legal person shares | 0.85% | 40,597,114 | No pledge or frozen | 0 | |||
| GIC PRIVATE LIMITED | foreign legal person shares | 0.74% | 35,340,771 | No pledge or frozen | 0 | |||
| China Merchants Bank Co., Ltd.-Boss CSI Central Enterprise Structure Adjustment Transaction Open Index Securities Investment Fund | fund, finance products, etc. | 0.55% | 26,498,722 | No pledge or frozen | 0 | |||
| Hong Kong Central Clearing Company Limited | foreign legal person shares | 0.47% | 22,768,083 | No pledge or frozen | 0 | |||
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | foreign legal person shares | 0.38% | 18,012,213 | No pledge or frozen | 0 | |||
| Top 10 holders of unconditional shares | ||||||||
| Name of the shareholder | Amount of shares without sales restriction | Category of shares | ||||||
| Category of shares | Amount | |||||||
| China South Industries Group Co., Ltd. | 1,035,312,673 | RMB ordinary shares | 1,035,312,673 | |||||
| China Changan Automobile Co., Ltd. | 788,282,543 | RMB ordinary shares | 788,282,543 | |||||
| China securities finance Co, Ltd | 234,265,333 | RMB ordinary shares | 234,265,333 | |||||
| United Prosperity (Hongkong) Investment Co., Limited | 154,120,237 | Domestic listed foreign shares | 154,120,237 | |||||
| Central Huijin Investment Ltd. | 55,393,100 | RMB ordinary shares | 55,393,100 | |||||
| DRAGON BILLION SELECT MASTER FUND | 40,597,114 | Domestic listed foreign shares | 40,597,114 | |||||
| GIC PRIVATE LIMITED | 35,340,771 | Domestic listed foreign shares | 35,340,771 | |||||
| China Merchants Bank Co., Ltd.-Boss CSI Central Enterprise Structure Adjustment Transaction Open Index Securities Investment Fund | 26,498,722 | RMB ordinary shares | 26,498,722 | |||||
| Hong Kong Central Clearing Company Limited | 22,768,083 | RMB ordinary shares | 22,768,083 | |||||
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 18,012,213 | Domestic listed foreign shares | 18,012,213 | |||||
| Explanation on the relationship and the action alike of above shareholders | Among the top 10 shareholders, China South Industries Group Co., Ltd., the actual controller; China Changan Automobile Group Co., Ltd., the controlling shareholder, and its wholly owned subsidiary United Prosperity (Hong Kong) Investment Co., Limited. belong to the concerted actor regulated by “Disclosure Administration of Shares Change Information of The Listed Company”. |
Whether the company top 10 shareholders of ordinary shares, and the top 10 circulated shareholders agreed on the repurchasetransactions during the report period□Applicable √Not ApplicableThe top 10 shareholders of ordinary shares, and the top 10 circulated shareholders have not agreed on the repurchase transactionsduring the report period
2. Total number of preferred shareholders at the end of the reporting period and statement on preferredshares held by the top ten tradable shareholders
□Applicable √Not Applicable
Chapter 3 Important Matters
I. Significant changes & reasons in major accounting data, financial indicators
√Applicable □Not Applicable
| As at the end of reporting period, the company’s total asset was 95.867 billion Yuan, with 2.54% increase compared with the beginning of the year. The total liability was 51.528 billion Yuan, with 8.86% increase compared with the beginning of the year. The debt asset ratio was 53.75%, which was 3.12 percentage points higher than the beginning of the year. The balance of advances from customers increased compared with the beginning of the year, mainly due to the increase in on-transit vehicles that the company had invoiced but did not reach the dealers at the end of the quarter. The balance of payroll payables decreased mainly due to the company's first quarterly payment of the payables due from the end of the previous year. The balance of taxes payable decreased mainly due to the decrease in the consumption tax. The balance of other payables increased mainly due to the increase of dealer acceptance bill deposits. The balance of deferred tax liabilities increased mainly due to the increase in the fair value of the stocks held by the company. The balance of other comprehensive income increased mainly due to the increase in the fair value of the stocks held. During the reporting period, R&D expenses increased significantly compared with the same period of last year, mainly due to the company’s accounting conversion from year-end to quarter-end in the first quarter of 2019. Financial expenses increased significantly mainly due to the decrease in interest income. Investment income decreased mainly due to the significant decrease in investment income of Changan Ford. Income tax expenses increased mainly due to the decrease in deferred income tax assets. During the reporting period, net increase of cash and cash equivalents was 1.543 billion Yuan, decreased by 9.92% on a year-on-year basis, mainly due to the significant decrease in net cash flows from financing activities. Net cash flows from operating activities was 3.259 billion Yuan, increased by 23.61% on a year-on-year basis, mainly due to the significant increase in other cash received related to operating activities. Net cash flows from investing activities was -1.241 billion Yuan, increased by 26.29% on a year-on-year basis, mainly due to the significant decrease in cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets. Net cash flows from financing activities was -0.492 billion Yuan, decreased by 164.85% on a year-on-year basis, mainly due to the significant decrease in other cash received (finance acceptance, letter of credit recovery), and the significant increase in other cash payments related to financing activities. | ||||||
II. The progress and influence of significant events and the analysis and explanation onresolving proposal
□Applicable √Not Applicable
III. Commitments made within the reporting period by the controlling shareholders,shareholders, related party, acquirer and the company overdue and not fulfilled
□Applicable √Not ApplicableDuring the reporting period, the company's actual controllers, shareholders, related parties, purchasers and companies and othercommitment parties don’t have any overdue unfulfilled commitments.
IV. Forecast of operation performance from Jan. – June of 2019
The warning or a reason for a loss or a significant change of cumulative net profit from the beginning of the year to the end of thenext reporting period compared with the same period of last year□Applicable √Not Applicable
V. Securities Investment
√Applicable □Not Applicable
| Security variety | code | Stock name | Initial investment cost (RMB Yuan) | Holdings (share) | holding ratio (%) | holdings (share) | Holdings （%） | Closing book value (RMB Yuan) | Gain/loss in the reporting period (RMB Yuan) | Accounting title | Equity source |
| Stock | 600369 | Southwest Securities | 50,000,000 | 35,500,000 | 0.63% | 35,500,000 | 0.63% | 196,315,000 | - | Investment in other equity instruments | Initial investment |
| Total | 50,000,000 | 35,500,000 | -- | 35,500,000 | -- | 196,315,000 | - | -- | -- | ||
VI. Derivative Investment
□Applicable √Not ApplicableDuring the company's reporting period, there is no derivative investment.
VII. Interviews and visits in the reporting period
√Applicable □Not Applicable
| Date | Manner | Object | Content discussed and material offered |
| 2019.01.2 | On-Site Survey | Institution | For details, see the January 4, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: January 2, 2019 investor relations activities record sheet |
| 2019.01.10 | On-Site Survey | Institution | For details, see the January 14, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: January 10, 2019 investor relations activities record sheet(1) |
| 2019.01.10 | On-Site Survey | Institution | For details, see the January 14, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: January 10, 2019 investor relations activities record sheet(2) |
| 2019.01.10 | On-Site Survey | Institution | For details, see the January 14, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: January 10, 2019 investor relations activities record sheet(3) |
| 2019.01.11 | On-Site Survey | Institution | For details, see the January 14, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: January 11, 2019 investor relations activities record sheet(1) |
| 2019.01.11 | On-Site Survey | Institution | For details, see the January 14, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: January 11, 2019 investor relations activities record sheet(2) |
| 2019.01.15 | On-Site Survey | Institution | For details, see the January 17, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: January 15, 2019 investor relations activities record sheet |
| 2019.01.15 | On-Site Survey | Institution | For details, see the January 18, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: January 15, 2019 investor relations activities record sheet(2) |
| 2019.01.16 | On-Site Survey | Institution | For details, see the January 18, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: January 16, 2019 investor relations activities record sheet |
| 2019.01.18 | On-Site Survey | Institution | For details, see the January 22, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: January 18, 2019 investor relations activities record sheet |
| 2019.01.22 | On-Site Survey | Institution | For details, see the January 24, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: January 22, 2019 investor relations activities record sheet(1) |
| 2019.01.22 | On-Site Survey | Institution | For details, see the January 24, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: January 22, 2019 investor relations activities record sheet(2) |
| 2019.02.26 | On-Site Survey | Institution | For details, see the February 27, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: February 26, 2019 investor relations activities record sheet |
| 2019.02.28 | On-Site Survey | Institution | For details, see the March 1, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: February 28, 2019 investor relations activities record sheet |
| 2019.03.05 | On-Site Survey | Institution | For details, see the March 7, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: March 5, 2019 investor relations activities record sheet |
| 2019.03.14 | On-Site Survey | Institution | For details, see the March 18, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: March 14, 2019 investor relations activities record sheet(1) |
| 2019.03.14 | On-Site Survey | Institution | For details, see the March 18, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: March 14, 2019 investor relations activities record sheet |
| 2019.03.19 | On-Site Survey | Institution | For details, see the March 20, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: March 19, 2019 investor relations activities record sheet |
| 2019.03.22 | On-Site Survey | Institution | For details, see the March 25, 2019 Shenzhen stock exchange interactive (http://irm.cninfo.com.cn) on the Changan Automobile: March 22, 2019 investor relations activities record sheet |
VIII. Illegal external guarantee
□Applicable √Not ApplicableThe company doesn’t violate the rules of external guarantee during the reporting period.
IX. Controlling shareholder and its related parties to the listing Corporation's non-operatingfunds
□Applicable √Not ApplicableDuring the reporting period, there is no non-operating capital occupied by the controlling shareholder and its related parties to the
listed company.
Chapter 4 Financial Statements
I. Financial Statements
1. Consolidated Balance Sheet
Prepared by: CHONGQING CHANGAN AUTOMOBILE CO., LTD.
March 31, 2019
In RMB Yuan
| Account | Ending Balance | Opening Balance |
| Current assets: | ||
| Cash | 12,023,594,008.52 | 9,980,544,526.14 |
| Notes receivable and accounts receivable | 20,598,377,328.35 | 21,971,045,405.74 |
| Notes receivable | ||
| Accounts receivable | ||
| Prepayments | 1,017,399,139.96 | 866,249,749.51 |
| Other receivables | 3,321,107,193.86 | 3,250,452,923.70 |
| Inventories | 6,199,642,538.90 | 4,917,420,457.19 |
| Holding assets for sale | ||
| Non-current assets due within one year | ||
| Other current assets | 1,681,537,503.74 | 2,227,565,353.23 |
| Total current assets | 44,841,657,713.33 | 43,213,278,415.51 |
| Non-current assets: | ||
| Available-for-sale financial assets | - | 1,957,873,311.31 |
| Long-term receivables | ||
| Long-term equity investments | 12,878,016,098.27 | 13,275,170,118.83 |
| Investment in other equity instruments | 2,295,847,767.70 | - |
| Investment properties | 7,272,883.39 | 7,329,561.28 |
| Fixed assets | 23,197,358,204.84 | 22,161,054,058.31 |
| Construction in progress | 5,157,326,015.29 | 5,383,844,030.75 |
| Intangible assets | 4,924,692,543.75 | 5,018,243,552.80 |
| Development expenditure | 952,809,135.58 | 789,597,615.60 |
| Goodwill | 9,804,394.00 | 9,804,394.00 |
| Long-term deferred expenses | 16,529,048.19 | 17,104,601.67 |
| Deferred tax assets | 1,586,013,099.76 | 1,655,554,438.89 |
| Other non-current assets | ||
| Total non-current assets | 51,025,669,190.77 | 50,275,575,683.44 |
| TOTAL ASSETS | 95,867,326,904.10 | 93,488,854,098.95 |
| Current liabilities: | ||
| Short-term loans | 215,000,000.00 | 190,000,000.00 |
| Notes payable and accounts payable | 30,035,449,763.21 | 28,724,063,539.34 |
| Advances from customers | 3,214,095,309.18 | 1,556,482,278.92 |
| Payroll payable | 950,601,604.89 | 1,362,995,277.56 |
| Taxes payable | 252,387,664.11 | 669,316,487.25 |
| Other payables | 5,163,334,579.88 | 3,079,749,015.81 |
| Non-current liabilities within one year | - | 6,594,120.00 |
| Other current liabilities | 3,796,224,641.85 | 4,325,441,152.61 |
| Total current liabilities | 43,627,093,563.12 | 39,914,641,871.49 |
| Non-current liabilities: | ||
| Long-term loans | ||
| Long-term payables | 323,229,072.47 | 303,590,824.69 |
| Long-term payroll payable | 50,819,993.72 | 53,837,000.00 |
| Estimated liabilities | 3,689,408,475.45 | 3,245,322,744.12 |
| Deferred Revenue | 3,651,912,499.87 | 3,683,308,534.73 |
| Deferred tax liabilities | 185,815,474.08 | 135,231,170.59 |
| Other non-current liabilities | ||
| Total non-current liabilities | 7,901,185,515.59 | 7,421,290,274.13 |
| Total liabilities | 51,528,279,078.71 | 47,335,932,145.62 |
| Owners’ equity (or Shareholders’ equity): | ||
| Share capital | 4,802,648,511.00 | 4,802,648,511.00 |
| Capital reserves | 5,057,242,440.17 | 5,057,242,440.17 |
| Other comprehensive income | 495,814,992.98 | 235,509,930.44 |
| Special reserves | 69,984,183.32 | 41,222,369.10 |
| Surplus reserves | 2,401,324,255.50 | 2,401,324,255.50 |
| Retained earnings | 31,610,658,844.19 | 33,707,011,170.31 |
| Equity attributable to owners | 44,437,673,227.16 | 46,244,958,676.52 |
| Minority interests | -98,625,401.77 | -92,036,723.19 |
| Total Owners’ equity (or Shareholders’ equity) | 44,339,047,825.39 | 46,152,921,953.33 |
| Liabilities and owners' equity (or shareholders' equity) in total | 95,867,326,904.10 | 93,488,854,098.95 |
Legal person: Zhang Baolin Chief financial officer: Zhang Deyong The head of accounting department: Chen Jianfeng
2. Balance Sheet
In RMB Yuan
| Account | Ending Balance | Opening Balance |
| Current assets: | ||
| Cash | 8,590,074,700.84 | 7,310,973,018.99 |
| Notes receivable and accounts receivable | 25,019,975,366.50 | 25,070,320,963.39 |
| Notes receivable | ||
| Accounts receivable | ||
| Prepayments | 874,981,674.29 | 671,849,711.04 |
| Other receivables | 2,118,212,863.27 | 2,344,318,158.83 |
| Inventories | 5,266,224,082.52 | 3,851,783,233.12 |
| Holding assets for sale | ||
| Non-current assets due within one year | ||
| Other current assets | 951,218,608.28 | 1,355,155,749.21 |
| Total current assets | 42,820,687,295.70 | 40,604,400,834.58 |
| Non-current assets: | ||
| Available-for-sale financial assets | - | 541,182,000.00 |
| Long-term receivables | ||
| Long-term equity investments | 17,888,228,446.96 | 18,017,137,600.72 |
| Investment in other equity instruments | 613,957,000.00 | - |
| Investment properties | ||
| Fixed assets | 17,851,564,773.32 | 16,795,537,563.35 |
| Construction in progress | 3,910,699,408.35 | 4,114,409,774.13 |
| Intangible assets | 3,970,912,888.25 | 4,054,893,372.88 |
| Development expenditure | 588,978,506.49 | 559,309,970.45 |
| Goodwill | ||
| Long-term deferred expenses | 11,916,261.00 | 12,555,353.69 |
| Deferred tax assets | 1,480,578,729.97 | 1,533,057,523.95 |
| Other non-current assets | - | 250,000,000.00 |
| Total non-current assets | 46,316,836,014.34 | 45,878,083,159.17 |
| TOTAL ASSETS | 89,137,523,310.04 | 86,482,483,993.75 |
| Current liabilities: | ||
| Short-term loans | ||
| Notes payable and accounts payable | 26,291,048,980.23 | 24,263,743,505.87 |
| Advances from customers | 2,888,962,129.86 | 1,208,631,011.05 |
| Payroll payable | 647,298,578.68 | 1,001,765,362.99 |
| Taxes payable | 255,030,148.19 | 604,525,457.30 |
| Other payables | 4,691,552,086.11 | 3,219,909,047.22 |
| Holding liabilities for sale | ||
| Non-current liabilities within one year | ||
| Other current liabilities | 3,330,483,877.42 | 3,923,419,042.37 |
| Total current liabilities | 38,104,375,800.49 | 34,221,993,426.80 |
| Non-current liabilities: | ||
| Long-term loans | ||
| Long-term payables | 254,265,380.88 | 248,240,115.29 |
| Long-term payroll payable | 21,454,931.87 | 24,315,000.00 |
| Estimated liabilities | 2,680,122,419.91 | 2,372,512,543.49 |
| Deferred Revenue | 2,894,468,237.77 | 2,827,208,446.74 |
| Deferred tax liabilities | 37,599,992.04 | 26,683,742.04 |
| Other non-current liabilities | ||
| Total non-current liabilities | 5,887,910,962.47 | 5,498,959,847.56 |
| Total liabilities | 43,992,286,762.96 | 39,720,953,274.36 |
| Owners’ equity (or Shareholders’ equity): | ||
| Share capital | 4,802,648,511.00 | 4,802,648,511.00 |
| Capital reserves | 4,705,917,638.38 | 4,705,917,638.38 |
| Other comprehensive income | 211,384,553.58 | 149,525,803.58 |
| Special reserves | 23,659,869.51 | 19,835,367.61 |
| Surplus reserves | 2,401,324,255.50 | 2,401,324,255.50 |
| Retained earnings | 33,000,301,719.11 | 34,682,279,143.32 |
| Total Owners’ equity (or Shareholders’ equity) | 45,145,236,547.08 | 46,761,530,719.39 |
| Liabilities and owners' equity (or shareholders' equity) in total | 89,137,523,310.04 | 86,482,483,993.75 |
3. Consolidated Income Statement of the report term
In RMB Yuan
| Account | Current Period | Prior Period |
| I. Total operating income | 16,007,950,602.50 | 20,010,746,940.77 |
| Operating income | 16,007,950,602.50 | 20,010,746,940.77 |
| Interest income | ||
| Earned premium | ||
| Fee and commission income | ||
| II. Total operating cost | 17,711,143,051.82 | 20,389,516,370.09 |
| Including: Operating cost | 15,204,463,239.37 | 17,608,864,072.39 |
| Tax and surcharges | 587,353,356.83 | 733,870,230.80 |
| Operating expenses | 875,729,224.29 | 1,244,708,672.52 |
| General and administrative expenses | 626,499,621.93 | 660,215,017.26 |
| R&D expenses | 455,925,951.99 | 265,386,051.26 |
| Financial expenses | -42,420,980.32 | -124,880,508.71 |
| Interest expense | ||
| Interest income | ||
| Impairment loss on assets | - | 1,352,834.57 |
| Impairment loss on credit | 3,592,637.73 | - |
| Add: Other income | 57,557,097.02 | 612,605,944.25 |
| Investment income (‘-‘ represent loss) | -397,154,020.56 | 1,148,431,489.58 |
| Investment income from associates and from joint venture | -388,909,153.76 | 1,148,431,489.57 |
| Asset disposal income | -1,633,541.79 | 3,187,946.74 |
| III. Operating profit (‘-’ represent loss) | -2,044,422,914.65 | 1,385,455,951.25 |
| Add: Non-operating income | 9,940,462.40 | 13,858,456.32 |
| Less: Non-operating expenses | 949,871.51 | 24,442,068.39 |
| IV. Total profit(‘-’ represent loss) | -2,035,432,323.76 | 1,374,872,339.18 |
| Less: Income tax expense | 67,508,680.94 | 17,667,374.07 |
| V. Net profit (‘-’ represent net loss) | -2,102,941,004.70 | 1,357,204,965.11 |
| I) Net profit from continuing operations | -2,102,941,004.70 | 1,357,204,965.11 |
| II) Net profit from discontinued operations | ||
| Net profit attributable to owners | -2,096,352,326.12 | 1,391,793,407.67 |
| Minority interests | -6,588,678.58 | -34,588,442.56 |
| VI. Other comprehensive income, net of tax | 260,305,062.54 | -29,597,039.17 |
| Total comprehensive income attributable to owners, net of tax | 260,305,062.54 | -29,597,039.17 |
| I) Other comprehensive income not to be reclassified to profit or loss in subsequent periods | - | - |
| Change from defined benefit plan | ||
| Other comprehensive income not to be reclassified to profit or loss under equity method | ||
| II) Other comprehensive income to be reclassified to profit or loss in subsequent periods | 260,305,062.54 | -29,597,039.17 |
| Other comprehensive income transferable to profit or loss under the equity method | ||
| Changes in fair value from available-for-sale financial assets | 287,350,152.91 | -8,147,250.00 |
| Foreign currency reserve | -27,045,090.37 | -21,449,789.17 |
| VII. Total comprehensive income | -1,842,635,942.16 | 1,327,607,925.94 |
| Total comprehensive income attributable to owners | -1,836,047,263.58 | 1,362,196,368.50 |
| Total comprehensive income attributable to minority interest | -6,588,678.58 | -34,588,442.56 |
| VIII. Earnings per share: | ||
| I) Basic earnings per share | -0.44 | 0.29 |
| II) Diluted earnings per share | -0.44 | 0.29 |
Legal person: Zhang Baolin Chief financial officer: Zhang Deyong The head of accounting department: Chen Jianfeng
4. Income Statement of the report term
In RMB Yuan
| Account | Current Period | Prior Period |
| I. Operating income | 14,441,944,991.72 | 19,213,800,292.11 |
| Less: Operating cost | 13,806,773,684.94 | 16,928,217,741.42 |
| Tax and surcharges | 483,106,911.75 | 650,954,224.15 |
| Operating expenses | 670,541,870.34 | 1,162,227,767.63 |
| General and administrative expenses | 347,026,490.13 | 478,427,972.21 |
| R&D expenses | 455,935,285.81 | 262,185,401.90 |
| Financial expenses | -44,343,446.15 | -126,234,600.20 |
| Interest expense | ||
| Interest income | ||
| Impairment loss on assets | - | 646,710.64 |
| Impairment loss on credit | 769,683.06 | - |
| Add: Other income | 27,829,453.81 | 595,291,993.63 |
| Investment income (‘-‘ represent loss) | -386,857,266.96 | 1,149,969,197.43 |
| Investment income from associates and from joint venture | -388,909,153.76 | 1,148,431,489.57 |
| Asset disposal income | -1,611,974.75 | 3,192,925.68 |
| II. Operating profit (‘-’ represent loss) | -1,638,505,276.06 | 1,605,829,191.10 |
| Add: Non-operating income | 8,494,672.83 | 10,480,635.46 |
| Less: Non-operating expenses | -511,973.00 | 17,500,000.00 |
| III. Total profit(‘-’ represent loss) | -1,629,498,630.23 | 1,598,809,826.56 |
| Less: Income tax expense | 52,478,793.98 | -3,333,793.88 |
| IV. Net profit (‘-’ represent net loss) | -1,681,977,424.21 | 1,602,143,620.44 |
| I) Net profit from continuing operations | -1,681,977,424.21 | 1,602,143,620.44 |
| II) Net profit from discontinued operations | ||
| V. Other comprehensive income, net of tax | 61,858,750.00 | -8,147,250.00 |
| I) Other comprehensive income not to be reclassified to profit or loss in subsequent periods | ||
| Change from defined benefit plan | ||
| Other comprehensive income not to be reclassified to profit or loss under equity method | ||
| II) Other comprehensive income to be reclassified to profit or loss in subsequent periods | 61,858,750.00 | -8,147,250.00 |
| Other comprehensive income transferable to profit or loss under the equity method |
| Changes in fair value from available-for-sale financial assets | 61,858,750.00 | -8,147,250.00 |
| Foreign currency reserve | ||
| VI. Total comprehensive income | -1,620,118,674.21 | 1,593,996,370.44 |
| VII. Earnings per share: | ||
| I) Basic earnings per share | -0.35 | 0.33 |
| II) Diluted earnings per share | -0.35 | 0.33 |
5. Consolidated Cash Flow Statement from the beginning of year to the end of report term.
In RMB Yuan
| Account | Current Period | Prior Period |
| I. CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Cash received from sale of goods or rendering of services | 20,101,009,864.13 | 24,813,884,558.55 |
| Refunds of taxes | 130,977,526.05 | 155,823,063.63 |
| Cash received relating to other operating activities | 2,351,463,047.17 | 1,228,231,229.46 |
| Sub-total of cash inflows | 22,583,450,437.35 | 26,197,938,851.64 |
| Cash paid for goods and services | 14,906,195,196.51 | 18,818,161,279.64 |
| Cash paid to and on behalf of employees | 1,732,748,414.84 | 2,032,314,303.62 |
| Cash paid for all types of taxes | 1,046,776,024.48 | 966,403,211.09 |
| Cash paid relating to other operating activities | 1,638,942,420.17 | 1,744,747,321.63 |
| Sub-total of cash outflows | 19,324,662,056.00 | 23,561,626,115.98 |
| Net cash flows from operating activities | 3,258,788,381.35 | 2,636,312,735.66 |
| II. CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Cash received from return on investments | ||
| Cash received from investment income | ||
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 20,000.00 | 811,738.47 |
| Net cash received from disposal of subsidiaries and other business units | ||
| Cash received relating to other investing activities | 348,000.00 | - |
| Sub-total of cash inflows | 368,000.00 | 811,738.47 |
| Cash paid for acquisition of fixed assets, intangible assets and other long-term assets | 1,241,507,566.02 | 1,684,588,619.31 |
| Cash paid for acquisition of investments | ||
| Net cash paid for subsidiaries and other business units | ||
| Cash paid relating to other investing activities | ||
| Sub-total of cash outflows | 1,241,507,566.02 | 1,684,588,619.31 |
| Net cash flows from investing activities | -1,241,139,566.02 | -1,683,776,880.84 |
| III. CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Cash received from borrowings | 35,000,000.00 | 150,000,000.00 |
| Cash received from the issuance of bonds | ||
| Cash received relating to other financing activities | 28,195,180.76 | 782,908,132.54 |
| Sub-total of cash inflows | 63,195,180.76 | 932,908,132.54 |
| Cash repayments of borrowings | 16,708,100.00 | 171,300,000.00 |
| Cash paid for distribution of dividends or profits and interest expenses | 9,358,472.79 | 3,061,370.98 |
| Cash paid relating to other financing activities | 529,028,452.47 | - |
| Sub-total of cash outflows | 555,095,025.26 | 174,361,370.98 |
| Net cash flows from financing activities | -491,899,844.50 | 758,546,761.56 |
| IV. EFFECT OF CHANGES IN EXCHANGE RATE ON CASH | 16,990,887.83 | 1,596,980.88 |
| V. NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,542,739,858.66 | 1,712,679,597.26 |
| Add: Opening balance of cash and cash equivalents | 9,648,153,614.80 | 21,478,422,090.31 |
| VI. CLOSING BALANCE OF CASH AND CASH EQUIVLANT | 11,190,893,473.46 | 23,191,101,687.57 |
6. Cash Flow Statement from the beginning of year to the end of report term.
In RMB Yuan
| Account | Current Period | Prior Period |
| I. CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Cash received from sale of goods or rendering of services | 17,714,720,410.20 | 24,043,396,961.25 |
| Refunds of taxes | ||
| Cash received relating to other operating activities | 2,039,698,293.41 | 843,542,276.55 |
| Sub-total of cash inflows | 19,754,418,703.61 | 24,886,939,237.80 |
| Cash paid for goods and services | 13,537,740,196.23 | 17,648,824,167.26 |
| Cash paid to and on behalf of employees | 1,250,523,925.99 | 1,669,215,548.31 |
| Cash paid for all types of taxes | 825,010,270.02 | 739,200,376.02 |
| Cash paid relating to other operating activities | 1,679,903,064.63 | 1,461,235,460.94 |
| Sub-total of cash outflows | 17,293,177,456.87 | 21,518,475,552.53 |
| Net cash flows from operating activities | 2,461,241,246.74 | 3,368,463,685.27 |
| II. CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Cash received from return on investments | - | 839,201.56 |
| Cash received from investment income | 2,175,000.00 | 1,800,416.67 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | - | 785,538.47 |
| Net cash received from disposal of subsidiaries and other business units | ||
| Cash received relating to other investing activities | ||
| Sub-total of cash inflows | 2,175,000.00 | 3,425,156.70 |
| Cash paid for acquisition of fixed assets, intangible assets and other long-term assets | 1,169,656,810.40 | 1,577,600,661.86 |
| Cash paid for acquisition of investments | 10,000,000.00 | 8,000,000.00 |
| Net cash paid for subsidiaries and other business units | ||
| Cash paid relating to other investing activities | - | 200,000,000.00 |
| Sub-total of cash outflows | 1,179,656,810.40 | 1,785,600,661.86 |
| Net cash flows from investing activities | -1,177,481,810.40 | -1,782,175,505.16 |
| III. CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Cash received from investors | ||
| Cash received from borrowings | ||
| Cash received from the issuance of bonds | ||
| Cash received relating to other financing activities | - | 416,856,503.42 |
| Sub-total of cash inflows | - | 416,856,503.42 |
| Cash repayments of borrowings | ||
| Cash paid for distribution of dividends or profits and interest expenses | 4,657,754.49 | - |
| Cash paid relating to other financing activities | ||
| Sub-total of cash outflows | 4,657,754.49 | - |
| Net cash flows from financing activities | -4,657,754.49 | 416,856,503.42 |
| IV. EFFECT OF CHANGES IN EXCHANGE RATE ON CASH | - | - |
| V. NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,279,101,681.85 | 2,003,144,683.53 |
| Add: Opening balance of cash and cash equivalents | 7,310,973,018.99 | 20,217,657,984.53 |
| VI. CLOSING BALANCE OF CASH AND CASH EQUIVLANT | 8,590,074,700.84 | 22,220,802,668.06 |
II. Notes on financial statement adjustments
1. Relevant situations of adjustment in financial statement at the beginning of the year when the newfinancial instrument standards, new income standards and new lease standards are first implemented
√Applicable □Not ApplicableConsolidated Balance Sheet
In RMB Yuan
| Account | 2018.12.31 | 2019.1.1 | Adjustment |
| Current assets: | |||
| Cash | 9,980,544,526.14 | 9,980,544,526.14 | |
| Notes receivable and accounts receivable | 21,971,045,405.74 | 21,971,045,405.74 |
| Notes receivable | |||
| Accounts receivable | |||
| Prepayments | 866,249,749.51 | 866,249,749.51 | |
| Other receivables | 3,250,452,923.70 | 3,250,452,923.70 | |
| Inventories | 4,917,420,457.19 | 4,917,420,457.19 | |
| Holding assets for sale | |||
| Non-current assets due within one year | |||
| Other current assets | 2,227,565,353.23 | 2,227,565,353.23 | |
| Total current assets | 43,213,278,415.51 | 43,213,278,415.51 | |
| Non-current assets: | |||
| Available-for-sale financial assets | 1,957,873,311.31 | not applicable | -1,957,873,311.31 |
| Long-term receivables | |||
| Long-term equity investments | 13,275,170,118.83 | 13,275,170,118.83 | |
| Investment in other equity instruments | not applicable | 1,957,873,311.31 | 1,957,873,311.31 |
| Investment properties | 7,329,561.28 | 7,329,561.28 | |
| Fixed assets | 22,161,054,058.31 | 22,161,054,058.31 | |
| Construction in progress | 5,383,844,030.75 | 5,383,844,030.75 | |
| Intangible assets | 5,018,243,552.80 | 5,018,243,552.80 | |
| Development expenditure | 789,597,615.60 | 789,597,615.60 | |
| Goodwill | 9,804,394.00 | 9,804,394.00 | |
| Long-term deferred expenses | 17,104,601.67 | 17,104,601.67 | |
| Deferred tax assets | 1,655,554,438.89 | 1,655,554,438.89 | |
| Other non-current assets | |||
| Total non-current assets | 50,275,575,683.44 | 50,275,575,683.44 | |
| TOTAL ASSETS | 93,488,854,098.95 | 93,488,854,098.95 | |
| Current liabilities: | |||
| Short-term loans | 190,000,000.00 | 190,000,000.00 | |
| Notes payable and accounts payable | 28,724,063,539.34 | 28,724,063,539.34 | |
| Advances from customers | 1,556,482,278.92 | 1,556,482,278.92 | |
| Payroll payable | 1,362,995,277.56 | 1,362,995,277.56 | |
| Taxes payable | 669,316,487.25 | 669,316,487.25 | |
| Other payables | 3,079,749,015.81 | 3,079,749,015.81 | |
| Non-current liabilities within one year | 6,594,120.00 | 6,594,120.00 | |
| Other current liabilities | 4,325,441,152.61 | 4,325,441,152.61 | |
| Total current liabilities | 39,914,641,871.49 | 39,914,641,871.49 | |
| Non-current liabilities: | |||
| Long-term loans | |||
| Long-term payables | 303,590,824.69 | 303,590,824.69 | |
| Long-term payroll payable | 53,837,000.00 | 53,837,000.00 | |
| Estimated liabilities | 3,245,322,744.12 | 3,245,322,744.12 | |
| Deferred Revenue | 3,683,308,534.73 | 3,683,308,534.73 | |
| Deferred tax liabilities | 135,231,170.59 | 135,231,170.59 | |
| Other non-current liabilities | |||
| Total non-current liabilities | 7,421,290,274.13 | 7,421,290,274.13 | |
| Total liabilities | 47,335,932,145.62 | 47,335,932,145.62 |
| Owners’ equity (or Shareholders’ equity): | |||
| Share capital | 4,802,648,511.00 | 4,802,648,511.00 | |
| Capital reserves | 5,057,242,440.17 | 5,057,242,440.17 | |
| Other comprehensive income | 235,509,930.44 | 235,509,930.44 | |
| Special reserves | 41,222,369.10 | 41,222,369.10 | |
| Surplus reserves | 2,401,324,255.50 | 2,401,324,255.50 | |
| Retained earnings | 33,707,011,170.31 | 33,707,011,170.31 | |
| Equity attributable to owners | 46,244,958,676.52 | 46,244,958,676.52 | |
| Minority interests | -92,036,723.19 | -92,036,723.19 | |
| Total Owners’ equity (or Shareholders’ equity) | 46,152,921,953.33 | 46,152,921,953.33 | |
| Liabilities and owners' equity (or shareholders' equity) in total | 93,488,854,098.95 | 93,488,854,098.95 |
Statement of adjustment
In 2017, the Ministry of Finance revised and issued the “Accounting Standard for Business Enterprise No.22- Recognition offinancial instrument and measurement”, “Accounting Standard for Business Enterprise No.23- Transfer of Financial assets”,“Accounting Standard for Business Enterprise No.24- Hedge Accounting” and “Accounting Standard for Business Enterprise No.37-Presentation of financial instruments”, and the enterprises listed in China are required to implementing relevant accounting rules ofnew financial instruments since 1 Jan. 2019.
In accordance with the requirement, the company carries out above mentioned accounting rules since 1 Jan. 2019 and reclassify“Available-for-sale financial assets” into “Investment in other equity instruments” for presenting.Balance Sheet
In RMB Yuan
| Account | 2018.12.31 | 2019.1.1 | Adjustment |
| Current assets: | |||
| Cash | 7,310,973,018.99 | 7,310,973,018.99 | |
| Notes receivable and accounts receivable | 25,070,320,963.39 | 25,070,320,963.39 | |
| Notes receivable | |||
| Accounts receivable | |||
| Prepayments | 671,849,711.04 | 671,849,711.04 | |
| Other receivables | 2,344,318,158.83 | 2,344,318,158.83 | |
| Inventories | 3,851,783,233.12 | 3,851,783,233.12 | |
| Holding assets for sale | |||
| Non-current assets due within one year | |||
| Other current assets | 1,355,155,749.21 | 1,355,155,749.21 | |
| Total current assets | 40,604,400,834.58 | 40,604,400,834.58 | |
| Non-current assets: | |||
| Available-for-sale financial assets | 541,182,000.00 | not applicable | -541,182,000.00 |
| Long-term receivables | |||
| Long-term equity investments | 18,017,137,600.72 | 18,017,137,600.72 | |
| Investment in other equity instruments | not applicable | 541,182,000.00 | 541,182,000.00 |
| Investment properties | |||
| Fixed assets | 16,795,537,563.35 | 16,795,537,563.35 | |
| Construction in progress | 4,114,409,774.13 | 4,114,409,774.13 | |
| Intangible assets | 4,054,893,372.88 | 4,054,893,372.88 | |
| Development expenditure | 559,309,970.45 | 559,309,970.45 | |
| Goodwill | |||
| Long-term deferred expenses | 12,555,353.69 | 12,555,353.69 | |
| Deferred tax assets | 1,533,057,523.95 | 1,533,057,523.95 | |
| Other non-current assets | 250,000,000.00 | 250,000,000.00 |
| Total non-current assets | 45,878,083,159.17 | 45,878,083,159.17 | |
| TOTAL ASSETS | 86,482,483,993.75 | 86,482,483,993.75 | |
| Current liabilities: | |||
| Short-term loans | |||
| Notes payable and accounts payable | 24,263,743,505.87 | 24,263,743,505.87 | |
| Advances from customers | 1,208,631,011.05 | 1,208,631,011.05 | |
| Payroll payable | 1,001,765,362.99 | 1,001,765,362.99 | |
| Taxes payable | 604,525,457.30 | 604,525,457.30 | |
| Other payables | 3,219,909,047.22 | 3,219,909,047.22 | |
| Holding liabilities for sale | |||
| Non-current liabilities within one year | |||
| Other current liabilities | 3,923,419,042.37 | 3,923,419,042.37 | |
| Total current liabilities | 34,221,993,426.80 | 34,221,993,426.80 | |
| Non-current liabilities: | |||
| Long-term loans | |||
| Long-term payables | 248,240,115.29 | 248,240,115.29 | |
| Long-term payroll payable | 24,315,000.00 | 24,315,000.00 | |
| Estimated liabilities | 2,372,512,543.49 | 2,372,512,543.49 | |
| Deferred Revenue | 2,827,208,446.74 | 2,827,208,446.74 | |
| Deferred tax liabilities | 26,683,742.04 | 26,683,742.04 | |
| Other non-current liabilities | |||
| Total non-current liabilities | 5,498,959,847.56 | 5,498,959,847.56 | |
| Total liabilities | 39,720,953,274.36 | 39,720,953,274.36 | |
| Owners’ equity (or Shareholders’ equity): | |||
| Share capital | 4,802,648,511.00 | 4,802,648,511.00 | |
| Capital reserves | 4,705,917,638.38 | 4,705,917,638.38 | |
| Other comprehensive income | 149,525,803.58 | 149,525,803.58 | |
| Special reserves | 19,835,367.61 | 19,835,367.61 | |
| Surplus reserves | 2,401,324,255.50 | 2,401,324,255.50 | |
| Retained earnings | 34,682,279,143.32 | 34,682,279,143.32 | |
| Total Owners’ equity (or Shareholders’ equity) | 46,761,530,719.39 | 46,761,530,719.39 | |
| Liabilities and owners' equity (or shareholders' equity) in total | 86,482,483,993.75 | 86,482,483,993.75 |
Statement of adjustment
In 2017, the Ministry of Finance revised and issued the “Accounting Standard for Business Enterprise No.22- Recognition offinancial instrument and measurement”, “Accounting Standard for Business Enterprise No.23- Transfer of Financial assets”,“Accounting Standard for Business Enterprise No.24- Hedge Accounting” and “Accounting Standard for Business Enterprise No.37-Presentation of financial instruments”, and the enterprises listed in China are required to implementing relevant accounting rules ofnew financial instruments since 1 Jan. 2019.
In accordance with the requirement, the company carries out above mentioned accounting rules since 1 Jan. 2019 and reclassify“Available-for-sale financial assets” into “Investment in other equity instruments” for presenting.
2. Explanation on retrospective adjustments in the previous comparison data for the first implementationof new financial instrument standards and new lease standards
□Applicable √Not Applicable
III. Auditors’ Report
Whether the first quarter report has been audited
□ Yes √No
The first quarter report has not been audited.