Zhejiang NHU Company Ltd.
Q1 2024 ReportThe Company and whole members of the BOD guarantee that the information disclosed isauthentic, accurate, complete and free from any false records, misleading statements or significantomissions.Important Content Reminder:
1. The Board of Directors, Board of Supervisors, directors, supervisors and senior executives ofZhejiang NHU Company Ltd. (hereinafter referred to as the “Company”) hereby guarantee thatthe information presented in this report is authentic, accurate, complete and free of any falserecords, misleading statements or material omissions, and they will bear joint and severalliabilities for such information.
2. The Company’s legal representative, the officer in charge of accounting, and the head ofaccounting department hereby declare and warrant that the financial information in this report isauthentic, accurate and complete.
3. Whether the First Quarterly Report has been audited or not
□ Yes √ No
This Q1 2024 Report is an English translation of the Chinese Q1 2024 Report. In case the English version doesnot conform to the Chinese version, the Chinese version prevails.
Section I Key Accounting DataI. Key accounting data and financial indicatorsWhether the Company needs to perform retroactive adjustment or restatement on financial data of prior years
□Yes √No
| Items | Q1 2024 | Q1 2023 | Increase/decrease of the current reporting period compared with the same period of the previous year |
| Operating revenue (yuan) | 4,498,764,263.04 | 3,612,227,625.99 | 24.54% |
| Net profit attributable to shareholders of listed company (yuan) | 869,622,923.96 | 643,158,260.22 | 35.21% |
| Net profit attributable to shareholders of listed company after deducting non-recurring profit or loss (yuan) | 857,468,937.91 | 586,422,083.91 | 46.22% |
| Net cash flows from operating activities (yuan) | 480,895,414.07 | 390,927,539.55 | 23.01% |
| Basic EPS (yuan/share) | 0.28 | 0.21 | 33.33% |
| Diluted EPS (yuan/share) | 0.28 | 0.21 | 33.33% |
| Weighted average ROE | 3.44% | 2.69% | Increased by 0.75 percentage points |
| Items | Mar. 31, 2024 | Dec. 31, 2023 | Increase/decrease of the current reporting period compared with the end of the previous year |
| Total assets (yuan) | 39,618,540,405.68 | 39,156,246,864.67 | 1.18% |
| Net assets attributable to shareholders of listed company (yuan) | 25,688,104,169.64 | 24,804,662,320.99 | 3.56% |
II Non-recurring Profit or Loss for this Period
√ Applicable □ Not applicable
Unit: RMB yuan
| Items | Q1 2024 | Remarks |
| Gains or losses on disposal of non-current assets, including write-off of provision for impairment | -2,126,754.10 | |
| Government grants included in profit or loss (excluding those closely related to operating activities of the Company, satisfying government policies and regulations, and continuously enjoyed with certain quantity or quota based on certain standards) | 29,883,052.39 | |
| Gains or losses on changes in fair value of held-for-trading financial assets and held-for-trading financial liabilities, and investment income from disposal of held-for-trading financial assets and held-for-trading financial liabilities, excluding those arising from hedging business related to operating activities | -12,225,180.80 | |
| Gains or losses on assets consigned to the third party for investment or management | 808,128.72 |
| Items | Q1 2024 | Remarks |
| Other profit and loss items that meet the definition of non-recurring profit or loss | 583,353.42 | |
| Less: Enterprise income tax affected | 4,584,149.25 | |
| Non-controlling interest affected (after tax) | 184,464.33 | |
| Total | 12,153,986.05 | -- |
Details of other profit and loss items that meet the definition of non-recurring profit and loss
□ Applicable √ Not applicable
The Company does not have any other profit and loss items that meet the definition of non-recurring profit and loss.Explanation on defining the non-recurring profit and loss items listed in the No. 1 Explanatory Announcement on InformationDisclosure for Companies Offering Their Securities to Public-Non-recurring Profit and loss as non-recurring profit and loss items.
□ Applicable √ Not applicable
The Company does not define the non-recurring profit and loss items listed in the No. 1 Explanatory Announcement onInformation Disclosure for Companies Offering Their Securities to Public-Non-recurring Profit and loss as recurring profit andloss items.III Major Changes of Main Items in Financial Statements and Financial Indicators within the ReportingPeriod, as well as the Reasons for the Changes
√ Applicable □Not applicable
1. Balance Sheet Position
（1）The closing balance of Held-for-trading financial assets decreased by 98.31% compared to the closing balance at thebeginning of the year. It was mainly due to the redemption of financial products upon during the reporting period.
（2）The closing balance of Receivables financing increased by 73.62% compared to the closing balance at the beginning of theyear. It was mainly due to an increase in the number of bills received during the reporting period.
（3）The closing balance of Other current assets decreased by 42.77% compared to the closing balance at the beginning of theyear. It was mainly due to the decrease in value-added tax credits during the reporting period.
（4）The closing balance of Deferred tax assets increased by 566.22% compared to the closing balance at the beginning of theyear. It was mainly due to the increase in provision for deferred income tax as a result of the increase in provision for impairmentof assets during the reporting period.
（5）The closing balance of Employee benefits payable decreased by 49.10% compared to the closing balance at the beginningof the year. It was mainly due to the payment of year-end efficiency awards during the reporting period.
（6）The closing balance of Non-current liabilities due within one year decreased by 33.62% compared to the closing balance at the beginning of the
year. It was mainly due to the return of long-term borrowings due within one year during the reporting period.
2. Consolidated Income Statement Position
（1）Taxes and surcharges in the current Q1 period increased by 38.35% compared to the same period of last year. It was mainlydue to the increase in operating revenue during the reporting period, which led to the increase in related tax expenses
（2）Investment income in the current Q1 period decreased by 101.65% compared to the same period of last year. It was mainlydue to the decrease in investment income from associates and gain on disposal of forward exchange products during the reportingperiod.
（3）Gains on changes in fair value in the current Q1 period decreased by 1,838.81% compared to the same period of last year. Itwas mainly due to the year-on-year decrease in fair value as a result of exchange rate fluctuations during the reporting period.
（4）Credit impairment loss in the current Q1 period increased by 503.69% compared to the same period of last year. It wasmainly due to the increase in credit impairment losses provided for changes in accounts receivable during the reporting period.
（5）Assets impairment loss in the current Q1 period decreased by 57.28% compared to the same period of last year. It wasmainly due to the decrease in impairment losses on assets due to fluctuations in market prices of products during the reportingperiod.
（6）Gains on asset disposal in the current Q1 period decreased by 225.64% compared to the same period of last year. It wasmainly due to the decrease in assets disposed of during the reporting period.
（7）Other income in the current Q1 period increased by 32.50% compared to the same period of last year. It was mainly due to
the increase in government grants during the reporting period.
（8）Non-operating revenue in the current Q1 period decreased by 44.56% compared to the same period of last year. It wasmainly due to the decrease in compensation payments received during the reporting period.
（9）Non-operating expenditures in the current Q1 period increased by 94.29% compared to the same period of last year. It wasmainly due to the increase in the scrapping of fixed assets during the reporting period.
（10）Income tax in the current Q1 period increased by 84.53% compared to the same period of last year. It was mainly due tothe increase in total profit during the reporting period.
3、Cash Flow Statement Position
（1）Net cash flows from investing activities in the current Q1 period increased by 48.43% compared to the same period of lastyear. It was mainly due to the decrease in investment in construction in progress during the reporting period.
（2）Net cash flows from financing activities in the current Q1 period decreased by 94.14% compared to the same period of lastyear. It was mainly due to the increase in the repayment of long-term loans during the reporting period.
Section Ⅱ Shareholders InformationⅠ Total Number of Common Shareholders and Number of Preferred Shareholders with Voting RightsRecovered and Information about Top 10 Shareholders
Unit: share
| Total number of common shareholders at the end of the reporting period | 98,469 | Total number of preferred shareholders whose voting rights have been recovered at the end of the reporting period | 0 | |||
| Information about top 10 shareholders（Excluding shares lent through refinancing） | ||||||
| Shareholders | Nature of shareholders | Holding proportion | Quantity of shares | Quantity of restricted shares | Shares pledged, marked or frozen | |
| Condition | Quantity | |||||
| NHU Holding Group Co., Ltd. | Domestic non-state-owned legal person | 49.80% | 1,539,232,431 | 0 | N/A | 0 |
| Hong Kong Securities Clearing Company Limited | Overseas legal person | 3.64% | 112,500,252 | 0 | N/A | 0 |
| Shanghai Chongyang Strategic Investment Co., Ltd.－Chongyang Strategic Huizhi Fund | Others | 1.75% | 54,072,200 | 0 | N/A | 0 |
| National Social Security Fund No.503 Portfolio | Others | 1.29% | 39,999,852 | 0 | N/A | 0 |
| The Company－Employee stock ownership plan phase IV | Others | 0.96% | 29,528,181 | 0 | N/A | 0 |
| China Construction Bank Corporation - E Fund Shanghai and Shenzhen 300 Medical and Health Trading Open-end Index Fund | Others | 0.72% | 22,375,277 | 0 | N/A | 0 |
| China Life Insurance Company Limited-Traditional-General Insurance Products-005L-ShanghaiCT001 | Others | 0.65% | 20,096,250 | 0 | N/A | 0 |
| National Social Security Fund No.117 Portfolio | Others | 0.58% | 18,019,748 | 0 | N/A | 0 |
| Industrial and Commercial Bank of China Limited - Huatai-PineBridge Shanghai and Shenzhen 300 Trading Open-end Index Fund | Others | 0.54% | 16,761,679 | 0 | N/A | 0 |
| Shanghai Chongyang Strategic Investment Co., Ltd - Chongyang Strategic Yingzhi Fund | Others | 0.53% | 16,248,559 | 0 | N/A | 0 |
| Information about top 10 shareholders without trading restrictions | ||||||
| Shareholders | Quantity of non-restricted shares | Category of shares | ||||
| Category | Quantity | |||||
| NHU Holding Group Co., Ltd. | 1,539,232,431 | RMB ordinary shares | 1,539,232,431 | |||
| Hong Kong Securities Clearing Company Limited | 112,500,252 | RMB ordinary shares | 112,500,252 | |||
| Shanghai Chongyang Strategic Investment Co., Ltd.－Chongyang Strategic Huizhi Fund | 54,072,200 | RMB ordinary shares | 54,072,200 | |||
| National Social Security Fund No.503 Portfolio | 39,999,852 | RMB ordinary shares | 39,999,852 |
| The Company－Employee stock ownership plan phase IV | 29,528,181 | RMB ordinary shares | 29,528,181 |
| China Construction Bank Corporation - E Fund Shanghai and Shenzhen 300 Medical and Health Trading Open-end Index Fund | 22,375,277 | RMB ordinary shares | 22,375,277 |
| China Life Insurance Company Limited-Traditional-General Insurance Products-005L-ShanghaiCT001 | 20,096,250 | RMB ordinary shares | 20,096,250 |
| National Social Security Fund No.117 Portfolio | 18,019,748 | RMB ordinary shares | 18,019,748 |
| Industrial and Commercial Bank of China Limited - Huatai-PineBridge Shanghai and Shenzhen 300 Trading Open-end Index Fund | 16,761,679 | RMB ordinary shares | 16,761,679 |
| Shanghai Chongyang Strategic Investment Co., Ltd - Chongyang Strategic Yingzhi Fund | 16,248,559 | RMB ordinary shares | 16,248,559 |
| Explanation on associated relationship or concerted actions among above shareholders | The Company does not know whether other shareholders have relationships and whether they are persons acting in concert as defined in Administration of the Takeover of Listed Companies Procedures. | ||
| Explanation on top 10 shareholders’ participating in securities margin trading | Shanghai Chongyang Strategic Investment Co., Ltd.－Chongyang Strategic Huizhi Fund holds 54,072,127 shares through client account of collateral securities for margin trading of Guotai Junan Securities Co., Ltd.; Shanghai Chongyang Strategic Investment Co., Ltd.－Chongyang Strategic Yingzhi Fund holds 16,248,559 shares through client account of collateral securities for margin trading of CITIC Securities Co., Ltd. | ||
Note：The Company’s special securities account for repurchase is attributable to the top 10 shareholders, who however did notparticipate in the presentation of such balances.Shareholders holding more than 5% of shares, top 10 shareholders and top 10 shareholders with unlimited shares in circulationparticipating in the lending of shares in the transfer and financing business.
√Applicable □Not applicable
Unit: Share
| Participation of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders of non-restricted shares in the l the lending of shares in the transfer and financing business | ||||||||
| Shareholder name (full name) | Holdings in ordinary account and credit account at the beginning of the period | Shares borrowed for securities lending at the beginning of the period and have not yet been returned | Holdings in ordinary account and credit account at the end of the period | Shares borrowed for securities lending at the end of the period and have not yet been returned | ||||
| Total quantity | Ratio to total share capital | Total quantity | Ratio to total share capital | Total quantity | Ratio to total share capital | Total quantity | Ratio to total share capital | |
| China Construction Bank Corporation - E Fund Shanghai and Shenzhen 300 Medical and Health Trading Open-end Index Fund | 22,999,677 | 0.74% | 252,800 | 0.01% | 22,375,277 | 0.72% | 0 | 0.00% |
| Industrial and Commercial Bank of China Limited - Huatai-PineBridge Shanghai and Shenzhen 300 Trading Open-end Index Fund | 11,582,159 | 0.37% | 35,600 | 0.001% | 16,761,679 | 0.54% | 0 | 0.00% |
The top 10 shareholders and the top 10 holders of unlimited shares have experienced changes due to participating in the lending ofshares in the transfer and financing business compared to the previous period.
□ Applicable √Not applicable
II Total Number of Preferred Shareholders and Information about Top 10 Preferred Shareholders
□ Applicable √Not applicable
Section III Other Significant Events
√Applicable □Not applicable
I Progress of the Forth Employee Stock Ownership PlanThe fourth phase of the Employee stock ownership Plan of the Company was reviewed and approved by the first extraordinaryGeneral meeting of shareholders in 2023 held on June 26, 2023. The current employee stock ownership plan is managed by theCompany itself, acquired and held by the Company through the secondary market purchase, with a duration of not more than 24months. As of September 25, 2023, a total of 29,528,181 shares of the Company have been purchased under the fourth phase of theemployee stock ownership Plan through the secondary market bidding transaction, accounting for 0.9553% of the Company'sexisting total share capital, with a total transaction amount of 479,442,157.08 yuan (excluding transaction costs). The averagetransaction price was about 16.2368 yuan per share, and the company completed the target stock purchase of the fourth phase ofthe employee stock ownership plan. The lock-up period of the underlying shares acquired under the fourth Employee StockOwnership Plan is 12 months, calculated from the date of the Company's announcement of the transfer of the last underlyingshares to the plan. For details, please refer to Announcement on the Implementation Progress of the Fourth Employee StockOwnership Plan and Completion of Stock Purchase (2023-060) published by the Company on designated information disclosuremedia and http://www.cninfo.com.cn.
II Progress of Investment Project with Raised FundsWith the approval of [2017] No. 1684 document of China Securities Regulatory Commission, the company's lead underwriter,CSC Securities Co., Ltd., privately issued 175 million common shares (A shares) to specific objects at an issue price of RMB
28.00/share, raising a total of RMB 4,900 million. After deducting the underwriting and recommendation fees of RMB 30 millionyuan (including tax), the raised funds amounted to RMB 4,870 million, which was remitted to the raised funds supervision accountof the company by the lead underwriter, CSC Securities Co., Ltd. on December 7, 2017. In addition, after deducting lawyer fees,audit fees, capital verification fees and other issuance expenses of RMB 4.62 million (excluding tax), and considering thedeductible VAT input tax of RMB 1.70 million of underwriting fees and recommendation fees deducted by the lead underwriter,the net amount of funds raised was RMB 4,867.08 million. The availability of the above raised funds has been verified by TianjianCertified Public Accountants (special general partnership), who issued the capital verification report ([2017] No. 503).From January 1 to March 31, 2024, the actual use of the raised funds was RMB 146.87mn, and the accumulated investment of theraised funds project was RMB5,265.67mn. By March 31, 2024, the balance of raised funds was RMB 354.79mn (including
financial management and structured deposits, the net amount of accumulated bank deposit interest less bank fees, etc., and bankfinancial management income).The company convened the third meeting of the ninth board of directors and the third meeting of the ninth supervisory board onApril 19, 2024. The "Proposal on the Completion of the Fundraising Investment Project and the Permanent Supplement of theSurplus Raised Funds to Working Capital" was reviewed and approved. In order to improve the efficiency of the use of surplusraised funds, it was agreed to terminate the "Annual Production of 250,000 Tons of Methionine Project," which was funded by thenon-public issuance of shares in 2017, and to permanently supplement working capital with the surplus raised funds totaling
354.79 million yuan (the actual amount is subject to the balance in the special account on the day of fund transfer). For details,please refer to Announcement on Closing Investment Projects with Raised Funds and Permanently Supplementing Working Capitalwith Surplus Raised Funds (2024-009) published by the Company on designated information disclosure media andhttp://www.cninfo.com.cn.III Progress of the controlling shareholder in increasing the company's sharesBased on the confidence of the company's future sustainable and stable development and the recognition of the company's value,to enhance investor confidence, the company's controlling shareholder NHU Holding Group Co., Ltd. plans to increase its sharesof the Company in the next six months from October 26, 2023, through the means permitted by the trading system of ShenzhenStock Exchange (including but not limited to centralized bidding, block trading, etc.). The amount of shares to be increased shallnot be less than RMB 200 million and shall not exceed RMB 300 million. There is no price range for this plan, and the plan will begradually implemented according to the volatility of the company's stock price and the overall trend of the capital market. ByMarch 15, 2024, NHU Holding Company has accumulated 17,869,906 shares of the Company, accounting for 0.58% of the totalshare capital of the Company, and the cumulative amount of increased holdings is 299,656,526.16 yuan. (excluding transactionfees). The implementation of this shareholding increase plan is completed. For details, please refer to Announcement on theImplementation Results of the Plan for Controlling Shareholders to Increase their Holdings of Company Shares (2024-003)published by the Company on designated information disclosure media and http://www.cninfo.com.cn.
Section Ⅳ Quarterly Financial StatementsⅠ Financial statements
1. Consolidated Balance Statement
Prepared by Zhejiang NHU Co., Ltd.
Mar 31, 2024
Unit: RMB Yuan
| Items | Mar 31, 2024 | Jan 1, 2024 |
| Current assets: | ||
| Cash and bank balances | 4,677,644,526.84 | 4,543,361,146.98 |
| Settlement funds | ||
| Loans to other banks | ||
| Held-for-trading financial assets | 2,917,816.05 | 173,056,050.95 |
| Derivative financial assets | ||
| Notes receivable | 133,900,672.52 | 116,125,267.70 |
| Accounts receivable | 2,866,535,904.66 | 2,483,266,952.88 |
| Receivables financing | 575,769,257.90 | 331,634,090.61 |
| Advances paid | 170,031,305.71 | 209,274,602.05 |
| Premiums receivable | ||
| Reinsurance accounts receivable | ||
| Reinsurance reserve receivable | ||
| Other receivables | 158,814,076.21 | 142,060,705.67 |
| Including: Interest receivable | ||
| Dividend receivable | ||
| Financial assets under reverse repo | ||
| Inventories: | 4,432,336,504.68 | 4,318,878,875.34 |
| Including: data resources | ||
| Contract assets | ||
| Assets held for sale | ||
| Non-current assets due within one year | ||
| Other current assets | 39,050,490.75 | 68,232,745.03 |
| Total current assets | 13,057,000,555.32 | 12,385,890,437.21 |
| Non-current assets: | ||
| Loans and advances | ||
| Debt investments | ||
| Other debt investments | ||
| Long-term receivables | ||
| Long-term equity investments | 702,698,863.06 | 697,145,200.08 |
| Items | Mar 31, 2024 | Jan 1, 2024 |
| Other equity instrument investments | 22,998,147.55 | 22,998,147.55 |
| Other non-current financial assets | ||
| Investment property | ||
| Fixed assets | 21,806,911,019.52 | 21,860,082,637.13 |
| Construction in progress | 1,476,791,865.63 | 1,621,882,507.56 |
| Productive biological assets | ||
| Oil & gas assets | ||
| Right-of-use assets | 6,151,209.56 | 6,603,631.56 |
| Intangible assets | 2,390,936,771.75 | 2,407,560,753.82 |
| Including: data resources | ||
| Development expenditures | ||
| Including: data resources | ||
| Goodwill | 3,622,704.97 | 3,622,704.97 |
| Long-term prepayments | 13,106,789.39 | 11,697,961.72 |
| Deferred tax assets | 4,330,941.02 | 650,079.18 |
| Other non-current assets | 133,991,537.91 | 138,112,803.89 |
| Total non-current assets | 26,561,539,850.36 | 26,770,356,427.46 |
| Total assets | 39,618,540,405.68 | 39,156,246,864.67 |
| Current liabilities: | ||
| Short-term borrowings | 1,036,760,556.16 | 1,235,688,062.90 |
| Central bank loans | ||
| Loans from other banks | ||
| Held-for-trading financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | 397,764,557.87 | 349,347,472.36 |
| Accounts payable | 1,688,031,148.30 | 1,930,958,598.05 |
| Advances received | ||
| Contract liabilities | 178,321,443.97 | 251,008,240.97 |
| Financial liabilities under repo | ||
| Absorbing deposit and interbank deposit | ||
| Deposit for agency security transaction | ||
| Deposit for agency security underwriting | ||
| Employee benefits payable | 212,888,730.14 | 418,273,203.88 |
| Taxes and rates payable | 288,171,117.75 | 301,794,080.40 |
| Other payables | 38,421,805.70 | 53,671,773.90 |
| Including: Interest payable | ||
| Dividend payable | ||
| Handling fee and commission |
| Items | Mar 31, 2024 | Jan 1, 2024 |
| payable | ||
| Reinsurance accounts payable | ||
| Liabilities held for sale | ||
| Non-current liabilities due within one year | 1,038,520,760.69 | 1,564,392,458.67 |
| Other current liabilities | 19,380,141.84 | 17,260,124.76 |
| Total current liabilities | 4,898,260,262.42 | 6,122,394,015.89 |
| Non-current liabilities: | ||
| Insurance policy reserve | ||
| Long-term borrowings | 7,625,324,455.80 | 6,821,643,194.58 |
| Bonds payable | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Lease liabilities | 4,895,825.27 | 5,240,136.43 |
| Long-term payables | ||
| Long-term employee benefits payable | ||
| Provisions | ||
| Deferred income | 1,051,572,404.48 | 1,065,586,274.49 |
| Deferred tax liabilities | 234,514,495.48 | 221,675,090.41 |
| Other non-current liabilities | ||
| Total non-current liabilities | 8,916,307,181.03 | 8,114,144,695.91 |
| Total liabilities | 13,814,567,443.45 | 14,236,538,711.80 |
| Equity: | ||
| Share capital | 3,090,907,356.00 | 3,090,907,356.00 |
| Other equity instruments | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Capital reserve | 3,613,332,107.69 | 3,613,345,485.13 |
| Less: Treasury shares | 500,059,711.25 | 500,059,711.25 |
| Other comprehensive income | 101,866,684.29 | 103,920,732.85 |
| Special reserve | 76,747,169.45 | 60,860,818.76 |
| Surplus reserve | 1,545,453,678.00 | 1,545,453,678.00 |
| General risk reserve | ||
| Undistributed profit | 17,759,856,885.46 | 16,890,233,961.50 |
| Total equity attributable to the parent company | 25,688,104,169.64 | 24,804,662,320.99 |
| Non-controlling interest | 115,868,792.59 | 115,045,831.88 |
| Total equity | 25,803,972,962.23 | 24,919,708,152.87 |
| Total liabilities & equity | 39,618,540,405.68 | 39,156,246,864.67 |
Legal representative: Hu Baifan Officer in charge of accounting: Shi Guanqun Head of accounting department: He Jiangyong
2. Consolidated Income Statement
Unit: RMB Yuan
| Items | Q1 2024 | Q1 2023 |
| I. Total operating revenue | 4,498,764,263.04 | 3,612,227,625.99 |
| Including: Operating revenue | 4,498,764,263.04 | 3,612,227,625.99 |
| Interest income | ||
| Premiums earned | ||
| Revenue from handling charges and commission | ||
| II. Total operating cost | 3,392,556,624.48 | 2,890,271,348.78 |
| Including: Operating cost | 2,922,577,257.11 | 2,467,400,928.17 |
| Interest expenses | ||
| Handling charges and commission expenditures | ||
| Surrender value | ||
| Net payment of insurance claims | ||
| Net provision of insurance policy reserve | ||
| Premium bonus expenditures | ||
| Reinsurance expenses | ||
| Taxes and surcharges | 43,193,641.03 | 31,219,915.01 |
| Selling expenses | 34,861,758.30 | 29,333,288.35 |
| Administrative expenses | 146,255,149.81 | 121,627,278.45 |
| R&D expenses | 202,953,832.19 | 190,075,834.44 |
| Financial expenses | 42,714,986.04 | 50,614,104.36 |
| Including: Interest expenses | 70,961,212.48 | 75,508,647.85 |
| Interest income | 31,276,387.97 | 34,115,367.75 |
| Add: Other income | 64,347,613.41 | 48,562,730.49 |
| Investment income (or less: losses) | -479,516.61 | 29,071,421.27 |
| Including: Investment income from associates and joint ventures | 7,648,201.42 | 20,891,123.71 |
| Gains from derecognition of financial assets at amortized cost | ||
| Gains on foreign exchange (or less: losses) | ||
| Gains on net exposure to hedging risk (or less: losses) | ||
| Gains on changes in fair value (or less: losses) | -12,225,180.80 | 703,076.55 |
| Credit impairment loss | -67,492,764.39 | -11,180,108.69 |
| Items | Q1 2024 | Q1 2023 |
| Assets impairment loss | -15,697,068.06 | -36,747,734.14 |
| Gains on asset disposal (or less: losses) | -2,126,754.10 | 1,692,680.14 |
| III. Operating profit (or less: losses) | 1,072,533,968.01 | 754,058,342.83 |
| Add: Non-operating revenue | 771,057.25 | 1,390,722.65 |
| Less: Non-operating expenditures | 1,195,649.13 | 615,398.19 |
| IV. Profit before tax (or less: total loss) | 1,072,109,376.13 | 754,833,667.29 |
| Less: Income tax | 199,137,194.36 | 107,913,174.56 |
| V. Net profit (or less: net loss) | 872,972,181.77 | 646,920,492.73 |
| (I) Categorized by the continuity of operations | ||
| 1. Net profit from continuing operations (or less: net loss) | 872,972,181.77 | 646,920,492.73 |
| 2. Net profit from discontinued operations (or less: net loss) | ||
| (II) Categorized by the portion of equity ownership | ||
| 1. Net profit attributable to owners of parent company | 869,622,923.96 | 643,158,260.22 |
| 2. Net profit attributable to non-controlling shareholders | 3,349,257.81 | 3,762,232.51 |
| VI. Other comprehensive income after tax | -4,580,345.66 | -4,040,484.18 |
| Items attributable to the owners of the parent company | -2,054,048.56 | -5,294,283.73 |
| (I) Not to be reclassified subsequently to profit or loss | ||
| 1. Changes in remeasurement on the net defined benefit plan | ||
| 2. Items under equity method that will not be reclassified to profit or loss | ||
| 3. Changes in fair value of other equity instrument investments | ||
| 4. Changes in fair value of own credit risk | ||
| 5. Others | ||
| (II) To be reclassified subsequently to profit or loss | -2,054,048.56 | -5,294,283.73 |
| 1. Items under equity method that may be reclassified to profit or loss | ||
| 2. Changes in fair value of other debt investments | ||
| 3. Profit or loss from reclassification of financial assets into other comprehensive income | ||
| 4. Provision for credit impairment of other debt investments | ||
| 5. Cash flow hedging reserve | ||
| 6. Translation reserve | -2,054,048.56 | -5,294,283.73 |
| 7. Others | ||
| Items attributable to non-controlling | -2,526,297.10 | 1,253,799.55 |
| Items | Q1 2024 | Q1 2023 |
| shareholders | ||
| VII. Total comprehensive income | 868,391,836.11 | 642,880,008.55 |
| Items attributable to the owners of the parent company | 867,568,875.40 | 637,863,976.49 |
| Items attributable to non-controlling shareholders | 822,960.71 | 5,016,032.06 |
| VIII. Earnings per share (EPS): | ||
| (I) Basic EPS (yuan per share) | 0.28 | 0.21 |
| (II) Diluted EPS (yuan per share) | 0.28 | 0.21 |
Net profit realized by the combined party in business combination under common control before the businesscombination in the current period was 0.00 yuan, and net profit realized by the combined party in the previousperiod was 0.00 yuan.
Legal representative: Hu Baifan Officer in charge of accounting: Shi Guanqun Head of accounting department: He Jiangyong
3. Consolidated Cash Flow Statement
Unit: RMB Yuan
| Items | Q1 2024 | Q1 2023 |
| I. Cash flows from operating activities: | ||
| Cash receipts from sale of goods or rendering of services | 3,763,652,141.20 | 3,550,726,303.68 |
| Net increase of client deposit and interbank deposit | ||
| Net increase of central bank loans | ||
| Net increase of loans from other financial institutions | ||
| Cash receipts from original insurance contract premium | ||
| Net cash receipts from reinsurance | ||
| Net increase of policy-holder deposit and investment | ||
| Cash receipts from interest, handling charges and commission | ||
| Net increase of loans from others | ||
| Net increase of repurchase | ||
| Net cash receipts from agency security transaction | ||
| Receipts of tax refund | 178,547,741.15 | 346,631,062.17 |
| Other cash receipts related to operating activities | 67,259,965.09 | 78,534,268.53 |
| Subtotal of cash inflows from operating activities | 4,009,459,847.44 | 3,975,891,634.38 |
| Cash payments for goods | 2,383,984,430.92 | 2,614,897,443.35 |
| Items | Q1 2024 | Q1 2023 |
| purchased and services received | ||
| Net increase of loans and advances to clients | ||
| Net increase of central bank deposit and interbank deposit | ||
| Cash payments for insurance indemnities of original insurance contracts | ||
| Net increase of loans to others | ||
| Cash payments for interest, handling charges and commission | ||
| Cash payments for policy bonus | ||
| Cash paid to and on behalf of employees | 734,169,746.31 | 672,992,917.44 |
| Cash payments for taxes and rates | 320,977,109.62 | 178,436,423.80 |
| Other cash payments related to operating activities | 89,433,146.52 | 118,637,310.24 |
| Subtotal of cash outflows from operating activities | 3,528,564,433.37 | 3,584,964,094.83 |
| Net cash flows from operating activities | 480,895,414.07 | 390,927,539.55 |
| II. Cash flows from investing activities: | ||
| Cash receipts from withdrawal of investments | ||
| Cash receipts from investment income | 1,616.44 | 23,979,942.47 |
| Net cash receipts from the disposal of fixed assets, intangible assets and other long-term assets | 159,744.56 | 48,358.32 |
| Net cash receipts from the disposal of subsidiaries & other business units | ||
| Other cash receipts related to investing activities | 145,000,000.00 | 380,000,000.00 |
| Subtotal of cash inflows from investing activities | 145,161,361.00 | 404,028,300.79 |
| Cash payments for the acquisition of fixed assets, intangible assets and other long-term assets | 579,790,051.36 | 1,128,107,810.80 |
| Cash payments for investments | 118,754,000.00 | |
| Net increase of pledged borrowings | ||
| Net cash payments for the acquisition of subsidiaries & other business units | ||
| Other cash payments related to |
| Items | Q1 2024 | Q1 2023 |
| investing activities | ||
| Subtotal of cash outflows from investing activities | 579,790,051.36 | 1,246,861,810.80 |
| Net cash flows from investing activities | -434,628,690.36 | -842,833,510.01 |
| III. Cash flows from financing activities: | ||
| Cash receipts from absorbing investments | ||
| Including: Cash received by subsidiaries from non-controlling shareholders as investments | ||
| Cash receipts from borrowings | 1,130,900,749.27 | 1,625,467,898.96 |
| Other cash receipts related to financing activities | ||
| Subtotal of cash inflows from financing activities | 1,130,900,749.27 | 1,625,467,898.96 |
| Cash payments for the repayment of borrowings | 1,003,043,623.32 | 580,139,167.06 |
| Cash payments for distribution of dividends or profits and for interest expenses | 70,968,509.51 | 76,953,425.37 |
| Including: Cash paid by subsidiaries to non-controlling shareholders as dividend or profit | ||
| Other cash payments related to financing activities | 165,927.89 | 363,477.97 |
| Subtotal of cash outflows from financing activities | 1,074,178,060.72 | 657,456,070.40 |
| Net cash flows from financing activities | 56,722,688.55 | 968,011,828.56 |
| IV. Effect of foreign exchange rate changes on cash & cash equivalents | 20,565,791.82 | 16,248,481.54 |
| V. Net increase in cash and cash equivalents | 123,555,204.08 | 532,354,339.64 |
| Add: Opening balance of cash and cash equivalents | 4,446,570,415.30 | 5,151,841,931.86 |
| VI. Closing balance of cash and cash equivalents | 4,570,125,619.38 | 5,684,196,271.50 |
Legal representative: Hu Baifan Officer in charge of accounting: Shi Guanqun Head of accounting department: He Jiangyong
II Adjustments to financial statements at the beginning of the year of first implementation of newaccounting standards for the first time from 2024 onwards
□ Applicable √Not applicable
III Independent Auditor’s ReportWhether the First Quarterly Report above have been audited.
□Yes √ No
The First Quarterly Report has not been audited.
Board of Directors of Zhejiang NHU Company Ltd.
April 30,2024