YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
AnnouncementNo.2023-022
YunnanEnergyNewMaterialCo.,Ltd.
2022AnnualReport
March2022
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
2022AnnualReport
Section1ImportantNotes,ContentsandDefinitions
TheBoardofDirectorsanditsmembers,theSupervisoryCommitteeanditsmembersandtheseniormanagementwarrantthatthecontentsoftheAnnualReportaretruthful,accurateandcomplete,withoutanyfalsestatement,misrepresentationormajoromission,andthattheyarejointlyandseverallyliableforthem.
PaulXiaomingLee(theCompany’spersonincharge),LiJian(thepersoninchargeoffinance)andDengJinhuan(thepersoninchargeoftheaccountingdepartment)herebydeclareandwarrantthatthecontentsofthefinancialstatementsinthisAnnualReportaretruthful,accurateandcomplete.
AllDirectorswerepresentattheBoardmeetingtoreviewthisAnnualReport.
Thefutureplans,developmentstrategiesandotherforward-lookingdescriptionsinthisreportdonotconstitutematerialcommitmentsoftheCompanytoinvestors.Investorsandrelatedpersonsshouldbefullyawareoftherisksinconnectiontherewithandshouldunderstandthedifferencebetweenplan,forecastandcommitment.Investorsareadvisedtopayattentiontoinvestmentrisks.
Fordetails,pleaserefertothe“3.RiskstheCompanyMayFace”underthe“XI.OutlookfortheCompany’sFutureProspects”intheSection3“ManagementDiscussionandAnalysis”ofthisreport.
1.RisksofChina’spoliciesontheregulatinglithiumbatteryseparator
Inrecentyears,variouscountrieshaveintensivelyintroducedindustrypoliciestosupportthedevelopmentofnewenergyvehicleindustry.Benefitingfrompolicysupport,theproductionvalueofnewenergyvehicleindustryrapidlyincreased,drivingtherapiddevelopmentoftheupstreamlithiumbatteryindustry.Iftherearesignificantadversechangesincarbonemissions,renewableenergyapplicationandotherrelevantindustrypoliciesinthefuture,therelevantpoliciesmayhaveanegativeimpactonthedevelopmentofthewholeindustrychainofnewenergyvehicle,thushavinganadverseimpactontheupstreamlithiumbatteryseparatorindustryandtheCompany’soperationresults.
2.Risksoffiercemarketcompetition
Therapidgrowthofthenewenergyvehicleindustryhasdriventhefastdevelopmentoflithium-ionbatteryseparatorintheupstreampart.Withthehighgrossprofitmarginoflithium-ionbatteryseparator,manydomesticenterprisesareattractedtoinvestinthissegment.Massiveinvestmentfundsaredrivingtherapidincreaseinproductioncapacity,andthissegmentiscurrentlybecomingincreasinglycompetitive.TheincreasinglyfiercecompetitionwillhaveanadverseimpactontheresultsoftheCompanyifitcan’tdeeplyunderstandthelawofindustrialdevelopmentandmakeconstanteffortsfortechnologicalinnovationandoperationalmanagementimprovementtoimproveproductqualityandreduceproductioncosts.
3.Risksofpricefluctuationinkeyrawmaterials
ThekeyrawmaterialsusedbytheCompanyaresubjectedtopricefluctuationtosomeextent,especiallypolypropyleneandpolyethylene,whosepricesareaffectedbythestrongfluctuationsintheinternationalcrudeoilprice.TheresultsoftheCompanymaybeadverselyaffectedbythegrossprofitmarginwhichmaybeaffectedtosomeextentifthepricesofkeyrawmaterialsfluctuatesharplyduetothemacroeconomicdevelopments,thedemandandsupplyrelationforenterprisesintheupstreamanddownstreampartsandotherfactors.
4.Risksrelatingtoconstructioninprogress
TheCompanyneedsagreatamountofinvestmentfundsfortheunder-constructionprojectsintheproductionbases,suchasJiangxiEnpo,ChongqingEnergy,JiangsuEnergy,HubeiEnergy,JiangsuRuijieandHungaryEnergy.IftheCompanyfailstoraisesufficientfundsintime,orcompletetheprojectsandputintooperationonschedule,theproduction,operationandprofitabilitywillbeadverselyaffected.
5.Risksoftechnologyleakageandtalentoutflow
Anenterpriseengaginginlithiumbatteryseparatorrequiresadvancedtechnologyandprocess,richmanagementexperienceanddeepunderstandingoftheindustry.Toensuretheabilityofconstantinnovationandthesteadygrowthofbusiness,theCompanyshouldhaveteamsconsistingofsteadyhigh-qualityemployeesinscientificresearch,managementandsales.TheCompanyconstantlyimprovesthemechanismsfortalentcultivation,incentive,promotionandrestriction,butthereisstillthepossibilityoftheoutflowofcoreemployeesfromtheCompany.Incaseofleakageofthecoretechnologyorthedepartureofcoreemployees,theproductionandoperationoftheCompanymaybeadverselyaffected.
6.Risksoftechnologicalprogressandalternatives
Lithium-ionbatteryismainlyusedformobilephones,computers,newenergyvehiclesandenergystoragepowerstations.Afterdevelopmentformanyyears,lithium-ionbatterieshavebeensuperiortotraditionalsecondarybatteries,suchasnickel-cadmiumbatteries,nickel-hydrogenbatteriesandlead-acidbatterieswithrespecttovolumetricspecificenergy,gravimetricspecificenergy,gravimetricspecificpower,cyclelife,charge/dischargeefficiency,becominganewenergyindustrywithprioritysupportandkeydevelopmentfromthegovernments.Althoughthelithium-ionbatteryiscurrentlythefirstchoiceforelectronicsandpureelectricvehicles,andotheremergingbatterieslikeall-solid-statebatteriesandothertechnologiesarenotyetmatureandstillneedalongtimebeforecommercialization,themarketdemandforlithium-ionbatterywillbeaffectedwhenemergingbatteriessuchasall-solid-statebatteriesbreakthetechnical
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
bottlenecks,achievemassproductionandarefullycommercialized,andthelithium-ionbatteryseparatorintheindustrychainwillalsobeaffectedadversely.
7.Risksofexchangeratefluctuation
TheexportsalesvolumeoftheCompanyincreasesconstantlyasitexpandsitsbusinessscaleandgraduallystrengthensthedevelopmentintheinternationalmarket.IftheRMBexchangerateandtheforeignexchangerateinthecountrieswhereourproductsweresoldfluctuatesharplyinthefuture,theresultsoftheCompanymaybeaffectedtosomeextent.
8.RisksofChina-UStradefrictions
Since2018,China-UStradedisputeshaveoccurredfrequently.TheU.S.hasrestrictedtheimportofChineseproductsbymeansoftariffincreasestoreducethetradedeficitwithChina.Lithium-ionbatteriesarealsoamongtheproductssubjecttothetariffincrease.Fromtheperspectiveofindustrychain,thetotalrevenueoftheCompanyhasbeenaffectedbytheChina-UStradedisputesonlytoaslightextentbecausetheexportstoUSaccountforanextremelysmallproportioninthetotalrevenueoftheCompany.However,ifthedemandsofthedownstreamcustomerschangeduetotheChina-UStradefrictions,theresultsoftheCompanymaybeaffectedadversely.Inaddition,someoftheCompany’srawmaterialsandmechanicalequipmentareimportedfromoverseas.IfthetradefrictionsbetweentheU.S.andChinaintensifiesandresultsinchangesintheglobaltradeenvironment,buttheCompanyfailstomaketimelyadjustments,thestabilityoftheCompany’ssupplychainmaybeadverselyaffected.
9.Managementrisksarisingfromtheexpansionofbusinessscale
WiththedevelopmentoftheCompany’sbusiness,thescaleoftheCompany’sassetsandbusinesswillbefurtherexpanded,whichraiseshigherrequirementsforthemanagementleveloftheCompanythaneverbefore.ThemanagementriskarisesifthecapabilitiesoftheCompanytomanagetheproduction,sales,qualitycontrolandriskscan’tmeettherequirementsforscaleexpansion,andthesystemsfortalentcultivation,organizationpatternandmanagementarenotfurtherimproved.
TheCompanyplansnottomakeprofitdistributionforthetimebeing.Afterthecompletionofthenon-publicissuanceofA-shares,theCompanywillconsidertheprofitdistributionplanfor2022inaccordancewiththerequirementsofrelevantlawsandregulationsandtheprovisionsoftheArticlesofAssociationassoonaspossible.
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
Contents
Section1ImportantNotes,ContentsandDefinitions ...... 2
Section2CompanyProfile&KeyFinancialIndicators ...... 8
Section3ManagementDiscussionandAnalysis ...... 12
Section4CorporateGovernance ...... 48
Section5EnvironmentandSocialResponsibility ...... 66
Section6SignificantEvents ...... 71
Section7ShareChangesandShareholderDetails ...... 105
Section8DetailsaboutPreferredShares ...... 113
Section9Detailsaboutbonds ...... 114
Section10FinancialReport ...... 118
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
DocumentsAvailableforInspectionI.Financialstatementssignedandsealedbythelegalrepresentative,thepersoninchargeoffinanceandthepersoninchargeoftheaccountingdepartmentoftheCompany.II.TheoriginalcopiesofalldocumentsandannouncementsoftheCompanywhichhavebeenpubliclydisclosedinnewspapersdesignatedbytheChinaSecuritiesRegulatoryCommissionduringtheReportingPeriod.III.Theoriginaltextofthe2022annualreportsignedbythechairmanoftheBoardofDirectors.IV.Theplacewheretheabovedocumentsaremaintained:theCompany’sSecuritiesDepartment.
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
Definitions
Terms
Terms | Definitions |
EnergyTechnology,thisCompany,theCompany | YunnanEnergyNewMaterialCo.,Ltd. |
Actualcontroller,PaulXiaomingLeefamily | PaulXiaomingLee,LiXiaohua,YanMa,YanYangHui,SherryLee,JerryYangLi |
HongtaPlastic | YunnanHongtaPlasticCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany |
DexinPaper | YunnanDexinPaperCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany |
HongchuangPackaging | YunnanHongchuangPackagingCo.,Ltd.,acontrolledsubsidiaryoftheCompany |
ShanghaiEnergy | ShanghaiEnergyNewMaterialTechnologyCo.,Ltd.,acontrolledsubsidiaryoftheCompany |
ZhuhaiEnergy | ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
WuxiEnergy | WuxiEnergyNewMaterialTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
JiangsuEnergy | JiangsuEnergyNewMaterialsTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
ChongqingEnergy | ChongqingEnergyNewMaterialTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
NewmiTech | ChongqingEnergyNewmiTechnologicalCo.,Ltd.,asubsidiaryoftheCompany |
JiangxiTonry | JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.,asubsidiaryoftheCompany |
JiangsuRuijie | JiangsuRuijieNewMaterialsTechnologyCo.,Ltd.,asubsidiaryoftheCompany |
SuzhouGreenPower | SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.,asubsidiaryoftheCompany |
SEMCORPHungaryKFT | SEMCORPHungaryKorlátoltFelel?sség?Társaság(Hungary),asubsidiaryoftheCompany |
HeyiInvestment | YuxiHeyiInvestmentCo.,Ltd.,ashareholderholdingmorethan5%oftheCompany’sshares |
HeliInvestment | YuxiHeliInvestmentCo.,Ltd.,ashareholderoftheCompany |
GeneralMeetingofShareholders | ThegeneralmeetingofshareholdersofYunnanEnergyNewMaterialCo.,Ltd. |
BoardofDirectors | TheBoardofDirectorsofYunnanEnergyNewMaterialCo.,Ltd. |
BoardofSupervisors | TheBoardofSupervisorsofYunnanEnergyNewMaterialCo.,Ltd. |
CSRC | ChinaSecuritiesRegulatoryCommission |
SZSE | ShenzhenStockExchange |
CompanyLaw | CompanyLawofthePeople’sRepublicofChina |
SecuritiesLaw | SecuritiesLawofthePeople’sRepublicofChina |
ArticlesofAssociation | ArticlesofAssociationofYunnanEnergyNewMaterialCo.,Ltd. |
Designatedinformationdisclosuremedia | ChinaSecuritiesJournal,ShanghaiSecuritiesJournal,SecuritiesTimes,SecuritiesDaily,Cninfo(www.cninfo.com.cn) |
RMB,RMB10thousand,RMB100million | RMB,RMB10thousand,RMB100million |
ReportingPeriod,thisReportingPeriod | January1,2022toDecember31,2022 |
Sameperiodlastyear | January1,2021toDecember31,2021 |
Lithium-ionbattery,lithiumbattery | Rechargeablebattery,whichmainlydependsonthelithiumionmovingbetweenthepositiveandnegativeelectrodes.Itgenerallyusesmaterialscontaininglithiumastheelectrodes,andistherepresentativeofmodernhigh-performancebatteries |
Lithiumbatteryseparator,theseparator | Inthestructureoflithiumbattery,theseparatorisoneofthekeyinnercomponents.Itsmainfunctionistoseparatethepositiveandnegativeelectrodesofthebattery,preventingtheshortcircuitarisingfromthecontactbetweenthetwoelectrodes,currentconductionandoverheating |
Basefilm,baseseparator | Theseparatorimmersedintheelectrolyteoflithiumbatteryiswidelydistributedwithnano-scalemicroporesonitssurfaceforlithiumionstomovefreelybetweenthepositiveandnegativeelectrodes |
Coatingfilm,coatedseparator | Theseparatorwithcoatingtreatment |
Wet-process,Wet-processing | Aprocesstechniqueoflithiumbatteryseparator,alsoknownasphaseseparationprocessorthermallyinducedphaseseparationprocess,istoaddsmallmoleculeswithhighboilingpointasporogentopolyolefin,heatandmeltthemintoauniformstate,extrudethecastingsheetbyscrew,extracttheporogenwithorganicsolventaftersimultaneousorsequentialbiaxialstretching,andthenobtainmicroporousseparatormaterialthroughpost-processingsuchasstretchingheatsettingprocess |
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
Dry-process,Dry-processing
Dry-process,Dry-processing | Alsoknownasmelt-stretchingprocess,includingunidirectionalstretchingprocess,biaxialstretchingprocessandblowmoldingprocess.Itreferstoapreparationprocessofmeltingandextrudingpolyolefinresinintocrystallinethinpolymerfilm,whichiscrystallizedandannealedtoobtainahighcrystallinitystructure,andthenfurtherstretchingathightemperaturetopeeloffthecrystallineinterfacetoformporousstructure |
Cigarettelabel | Cigarettepackaging,commonlyknownas“cigarettepack” |
Asepticpackaging | Compositepackagingmaterialsforasepticfillingofdairyproductsornon-carbonatedsoftdrinks |
Specialtypaper | Specialtypaperreferstothepaperwithspecialfunctions,ageneraltermforallkindsofspecialpurposepaperorartpaper.Theterm“specialtypaper”inthisreportmainlyreferstospecialpackagingpaper |
BOPPfilm | Theseparatormadebystretchingandprocessing(suchascorona,coating,etc.)thethickfilmmadeofpolymerpolypropylenemeltatacertaintemperatureandspeedinaspecialstretcher |
Cigarettefilm | BOPPfilmusedforthepackagingofcigarette,alsoknownas“BOPPcigarettefilm” |
Flatfilm | BOPPfilmforgeneralpackaging,alsoknownas“BOPPflatfilm” |
Aluminumlaminatedfilm | Aluminumlaminatedcompositefilmforlithium-ionpouchcell,apackagingmaterialforlithium-ionbatteries,whichprotectstheinternalmaterialsoflithium-ionbatteries |
ConvertibleBonds,EnergyConvertibleBonds | TheconvertiblecorporatebondsofRMB1.6billionissuedonFebruary11,2020withacodeof128095 |
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
Section2CompanyProfile&KeyFinancialIndicators
I.CorporateInformation
StockName
StockName | EnergyTechnology | StockCode | 002812 |
Thestockexchangewherethesharesarelisted | ShenzhenStockExchange | ||
NameoftheCompanyinChinese | 云南恩捷新材料股份有限公司 | ||
ShortNameoftheCompanyinChinese | 恩捷股份 | ||
NameoftheCompanyinEnglish(Ifany) | YUNNANENERGYNEWMATERIALCO.,LTD. | ||
ShortNameoftheCompanyinEnglish(Ifany) | ENERGYTECHNOLOGY | ||
LegalRepresentativeoftheCompany | PaulXiaomingLee | ||
RegisteredAddress | No.125,FuxianRoad,High-techZone,YuxiCity,YunnanProvince | ||
PostalCodeforRegisteredAddress | 653100 | ||
HistoricalChangesoftheRegisteredAddressoftheCompany | No | ||
OfficeAddress | No.125,FuxianRoad,High-techZone,YuxiCity,YunnanProvince | ||
PostalCodeforOfficeAddress | 653100 | ||
OfficialWebsite | www.semcorp.com | ||
groupheadquarter@cxxcl.cn |
II.ContactInformation
BoardSecretary | SecuritiesAffairsRepresentative | |
Name | YuXue | |
CorrespondenceAddress | No.125,FuxianRoad,High-techZone,YuxiCity,YunnanProvince | |
Telephone | 0877-8888661 | |
Fax | 0877-8888677 | |
groupheadquarter@cxxcl.cn |
III.InformationDisclosureandthePlaceWheretheAnnualReportisKept
ThewebsiteofthestockexchangewheretheCompanydisclosesitsannualreport | ShenzhenStockExchange(www.szse.cn) |
ThenamesandwebsitesofthemediawheretheCompanydisclosestheannualreport | SecuritiesTimes,ChinaSecuritiesJournal,ShanghaiSecuritiesJournal,SecuritiesDailyandCninfo(www.cninfo.com.cn) |
Theplacewheretheannualreportiskept | SecuritiesDepartmentoftheCompany |
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
IV.ChangesofRegistration
OrganizationCode
OrganizationCode | 91530000727317703K |
ChangesofmainbusinessessincetheCompany’slisting(ifany) | WhentheCompanywaslisted,itsmainbusinessesweredividedintotwocategories:(1)packagingmaterials:BOPPfilms(cigarettefilmandflatfilm)andspecialtypaperproducts(lasertransferanti-counterfeitingpaper,directplatingpaperandcellophane);(2)packagingprintingproducts:mainlyincludingcigarettelabelproductsandasepticpackagingproducts.Uponthecompletionofmajorassetrestructuringin2018,theCompany’smainbusinessesweredividedintothreecategories:(1)filmproducts(lithiumbatteryseparator,cigarettefilmandflatfilm);(2)packagingprintingproducts(cigarettelabelandasepticpackaging);and(3)packagingproducts(specialtypapers,holographicanti-counterfeitingelectrochemicalaluminumandotherproducts). |
Changesofcontrollingshareholders(ifany) | Mr.PaulXiaomingLeeandMs.SherryLee,whoareshareholdersanddefactocontrollersoftheCompanyandmembersofXiaomingLee’sfamily,signedthePowerofAttorneyforShareholdingonJanuary14,2020.PursuanttothePowerofAttorney,Ms.SherryLeefullydelegatedtheshareholders’rights,suchasrightstoaddressinquiries,proposeandvote,inconnectionwithallthesharessheheldintheCompany,toherfatherMr.PaulXiaomingLee,foraperiodofthreeyearsfromthedateofthePowerofAttorney.Afterthesigningoftheabove-mentionedPowerofAttorneyforShareholding,Mr.PaulXiaomingLeehasbecomethesingleshareholderoftheCompanywiththelargestnumberofshareswithvotingright,andthecontrollingshareholderoftheCompanychangedfromHeyiInvestmenttoMr.PaulXiaomingLee.Theabove-mentionedPowerofAttorneyforShareholdingexpired.Atpresent,Mr.PaulXiaomingLeeisstillthecontrollingshareholderoftheCompany. |
V.OtherRelevantInformation
TheaccountingfirmengagedbytheCompany
Thenameoftheaccountingfirm | DahuaCPAs(SGP) |
Theofficeaddressoftheaccountingfirm | 12/F,Building7,16XiSiHuanZhongRoad,HaidianDistrict,Beijing |
Thenamesoftheaccountants | KangWenjunandYaoRui |
ThesponsorengagedbytheCompanytoperformcontinuoussupervisiondutiesduringtheReportingPeriod
□Applicable?N/AThefinancialadviserengagedbytheCompanytoperformcontinuoussupervisiondutiesduringtheReportingPeriod
□Applicable?N/AVI.KeyAccountingDataandFinancialIndicators
WhethertheCompanyisrequiredtoretroactivelyadjustorrestateprioryears’accountingdata
□Yes?No
2022 | 2021 | YoYincreaseordecrease | 2020 | |
Operatingrevenue(RMB) | 12,590,925,529.68 | 7,982,426,810.59 | 57.73% | 4,283,007,589.11 |
Netprofitsattributabletoshareholdersofthelistedcompany(RMB) | 4,000,461,964.37 | 2,717,628,798.01 | 47.20% | 1,115,604,020.47 |
Netprofitsattributabletoshareholdersofthelistedcompany(excludingnon-recurringprofitandloss)(RMB) | 3,839,792,123.08 | 2,567,054,537.19 | 49.58% | 990,507,177.08 |
Netcashflowsfromoperatingactivities(RMB) | 503,587,598.66 | 1,418,645,377.82 | -64.50% | 1,055,180,013.19 |
Basicearningspershare(RMB/share) | 4.48 | 3.06 | 46.41% | 1.34 |
Dilutedearningspershare(RMB/share) | 4.46 | 3.05 | 46.23% | 1.34 |
Weightedaveragereturnonnetassets | 25.39% | 21.85% | 3.54% | 17.15% |
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
Endof2022
Endof2022 | Endof2021 | YoYincreaseordecrease | Endof2020 | |
Totalassets(RMB) | 38,622,731,492.57 | 26,122,184,844.54 | 47.85% | 20,572,234,846.40 |
Netassetsattributabletoshareholdersofthelistedcompany(RMB) | 17,726,202,872.37 | 13,831,866,927.31 | 28.15% | 11,102,880,648.67 |
TheloweroftheCompany’snetprofitsbeforeandafterthedeductionofnon-recurringgainsorlossesforthelastthreefiscalyearsarenegative,andtheauditreportforthelatestyearshowsthatCompany’sabilitytocontinueasagoingconcernisuncertain
□Yes?NoThelowerofthenetprofitbeforeandafterthedeductionofnon-recurringgainsorlossesisnegative
□Yes?NoVII.AccountingDataDifferencesUnderDomesticandForeignAccountingStandards
1.DifferencebetweenthenetprofitandnetassetsofthefinancialreportdisclosedinaccordancewiththeinternationalaccountingstandardsandinaccordancewiththeChineseaccountingstandards
□Applicable?N/A
2.Differencebetweenthenetprofitandnetassetsofthefinancialreportdisclosedinaccordancewiththe
overseasaccountingstandardsandinaccordancewiththeChineseaccountingstandards
□Applicable?N/AVIII.KeyFinancialIndicatorsbyQuarter
Unit:RMB
Q1 | Q2 | Q3 | Q4 | |
Operatingrevenue | 2,592,318,997.05 | 3,164,115,457.27 | 3,523,208,079.14 | 3,311,282,996.22 |
Netprofitsattributabletoshareholdersofthelistedcompany | 915,710,134.51 | 1,103,989,794.51 | 1,206,300,664.98 | 774,461,370.37 |
Netprofitsattributabletoshareholdersofthelistedcompany(excludingnon-recurringprofitandloss) | 878,373,867.17 | 1,062,548,124.73 | 1,171,005,681.36 | 727,864,449.82 |
Netcashflowsfromoperatingactivities | 180,070,569.45 | 372,808,664.92 | 315,036,673.46 | -364,328,309.17 |
WhethertheabovefinancialindicatorsortheirsumsaremateriallydifferentfromthosedisclosedinthequarterlyandinterimreportsoftheCompany
□Yes?No
IX.ItemsandAmountsofNon-RecurringGainsorLosses
?Applicable□N/A
Unit:RMB
Item | Amountin2022 | Amountin2021 | Amountin2020 | Description |
Gainsandlossesfromthedisposalofnon-currentassets | -4,869,891.53 | -1,303,244.16 | -144,872.28 |
Governmentsubsidiesrecognizedincurrentgainsorlosses(exceptforthosecloselyrelatedtotheCompany’sbusinessandareeitherinfixedamountsordeterminedunderquantitativemethodsinaccordancewiththenationalstandard)
171,995,624.29 | 140,888,128.01 | 139,305,009.71 | |
Gainsrepresentingthedifferencebetweeninvestmentcostsfor | 673,727.72 |
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
acquisitionofsubsidiaries,associatesandjointventuresbytheCompanyanditsshareoffairvalueofidentifiablenetassetsoftheinvesteeoninvestment
acquisitionofsubsidiaries,associatesandjointventuresbytheCompanyanditsshareoffairvalueofidentifiablenetassetsoftheinvesteeoninvestment | ||||
Gainsorlossesonentrustedinvestmentsorassetsmanagement | 27,838,099.70 | 25,422,322.79 | 7,111,089.67 | |
Gainsorlossesfromchangesinfairvaluearisingfromtheholdingoftradingfinancialassetsandtradingfinancialliabilities,andinvestmentincomefromdisposaloftradingfinancialassets,tradingfinancialliabilitiesandavailable-for-salefinancialassets,excludingtheeffectivehedgingbusinessrelatedtotheCompany’snormalbusinessoperations | 21,836,255.17 | 137,194.34 | 10,951,914.18 | |
Reversaloftheprovisionsforimpairmentofreceivablessubjecttoseparateimpairmenttest | 2,078,410.35 | 11,749,733.34 | ||
Non-operatingincomeandexpensesotherthanabove-mentioneditems | 818,785.95 | 4,316,746.86 | -4,201,996.76 | |
Otheritemswithinthedefinitionofnon-recurringgainsorlosses | 5,824,344.40 | 5,038,461.95 | 357,802.66 | |
Less:effectoftheincometax | 56,380,407.08 | 27,937,401.47 | 23,107,901.22 | |
Effectofminorityequities | 8,471,379.96 | 7,737,680.84 | 5,847,930.29 | |
Total | 160,669,841.29 | 150,574,260.82 | 125,096,843.39 | -- |
Detailsofotherprofitorlossitemsthatfallwithinthemeaningofnon-recurringgainorloss:
□Applicable?N/ATherewasnootherprofitorlossitemoftheCompanythatfallwithinthemeaningofnon-recurringgainorlossThereasonfortheCompanytodefinethenon-recurringprofitorlossitemsillustratedintheInformationDisclosureandPresentationRulesforCompaniesMakingPublicOfferingofSecuritiesNo.1–Non-recurringProfitorLossasrecurringprofitorlossitems
□Applicable?N/ATheCompanydidnotdefinethenon-recurringprofitorlossitemsillustratedintheInformationDisclosureandPresentationRulesforCompaniesMakingPublicOfferingofSecuritiesNo.1–Non-recurringProfitorLossasrecurringprofitorlossitems
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
Section3ManagementDiscussionandAnalysis
I.IndustryOverviewoftheCompanyduringtheReportingPeriod
TheCompanyisrequiredtocomplywiththedisclosurerequirementsfor“rubberandplasticproductmanufacturing”in“chemicalindustry-relatedbusiness”setforthintheSelf-RegulatoryGuidelinesforListedCompaniesoftheShenzhenStockExchangeNo.3–IndustryInformationDisclosure.I.IndustryconditionsandtheindustrypositionoftheCompanyIn2022,theglobalNEVmarketunderwentaperiodofrapidgrowth.Majorcountriesaroundtheworldhavebeenconsistentlyincreasinginvestmentinnewenergyindustriesfocusingonlithiumbatterytechnology.AgainstthebackdropofChina’snationalstrategicobjectivesofcarbonneutralityandcarbonpeaking,China’sNEVandenergystorageindustrieswillalsocontinuetodeveloprapidly.Asoneofthefourkeycomponentsoflithiumbatteries,separatorsareplayinganimportantroleinthedevelopmentofnewenergyindustriesinChinaandeventheworld.TheCompanyisaworldleaderinthelithiumbatteryseparatorindustry,capableofcompetingontheglobalscaleintermsofproductioncapacity,productquality,costefficiencyandtechnologicalR&D.TheCompanyhasbeenintegratedintothesupplychainsystemsofmostmainstreamlithiumbatterymanufacturersaroundtheworld,supplyingproductscoveringthekeyapplicationfieldsofpowerlithiumbatteries,consumerlithiumbatteriesandenergystoragelithiumbatteries.TheCompanyexperiencedrapidgrowthin2022asproductioncapacityandrevenuegrewsubstantially,rankingfirstintheworldintermsofproductioncapacityandshipmentsofseparators.Inordertoactivelyseizedevelopmentopportunitiesintheindustry,theCompanywillcontinuetoexpandproductioncapacityanddiligentlyexploredomesticandforeignmarkets,therebymeetingthedemandofglobalmid-to-high-endlithiumbatterymanufacturingenterprisesandvehicleenterprisesfortheCompany’shighlyconsistentandsafewet-processseparatorproductsandservices.
II.Industrydevelopmenttrends
Thehigh-speedgrowthofNEVsworldwideandexpandingmarketscaleofthelithiumbatteryindustryhavebroughtbroadmarketprospectsandhistoricdevelopmentopportunitiestothelithiumbatteryseparatorindustry.
AccordingtothesurveyofGGII,theshipmentvolumeoflithiumbatteryseparatorsinChinawas12.4billionsquaremeters,representingayear-on-yearincreaseof59%.Thewet-processseparatorsaccountedfor75%oftheshipmentvolume.Therapidgrowthoftheenergystoragemarketwillfurtherbringaboutthewetanddry-processseparatorincrementalmarkets.
(1)Downstreamlithiumbatterymanufacturingenterprisescontinuetoincreasetheirproductioncapacityrequirementsofseparatorcompanies.
WiththerapidgrowthoftheNEVandenergystoragemarkets,thecapacityandoutputoflithiumbatterymanufacturersexpandcontinuously.AccordingtotheanalysisandpredictionofSoochowSecuritiesResearchInstitute,theglobaldemandforlithiumbatterieswillexceed2700GWhby2025.Lithiumbatteryseparatorsareanindispensableandimportantrawmaterialforlithiumbatterymanufacturing,andstableandthereliableproductioncapacityisanimportantprerequisiteforseparatorcompaniestoundertakelarge-scaleordersfromdownstreamcustomers.Therefore,separatormanufacturerswithproductioncapacityadvantagescandeepenthecooperationwithimportantcustomerscontinuously,whichisconducivetofurtherincreasingmarketshare.
(2)Theproportionofcoatingfilmsinlithium-ionbatteryapplicationsisontherise.Thelithiumbatteryisoneofthecorecomponentsinnewenergyvehicles.Asthenewenergyvehiclemarketisswitchingfrombeingpolicy-orientedtomarket-driven,manufacturershavecontinuouslyraisedtheirrequirementsofthekeyindicatorssuchasbatterysafety,batterylifeandservicelife.Thepunctureresistanceandheatresistanceoflithiumbatteryseparatorcanbeeffectivelyenhancedbycoatinginorganicceramicmaterials,PVDF,andaramidonthebasefilm,therebyincreasingelectrolyteabsorptioncapacity,improvingbatterysafety,servicelifeandotherperformances.Therefore,theshipmentofcoatingfilmsoccupiesanincreasingproportionoflithiumbatteryseparators.Thistrendprovidesgreaterfuturedevelopmentspaceforseparatorcompaniesthathavemasteredthecoreformulationandprocessingofhigh-qualityseparatorcoatings.Inaddition,withsafetyguaranteed,separatorsarebecomingthinnerandlighter.Thinandlightlithium-ionbatteryseparatorseffectivelyraisetheenergydensityinlithium-ionbatteriessothatmoreelectrodematerialscanbeaccommodatedinthebatterypervolumeorweight,therebyimprovingbatterylife.Therefore,whetherbeingusedinthebatteriesofportableconsumerelectronicsorelectricvehicles,thinnerandlighterseparatorsareanimportanttrendinthedevelopmentoflithiumbatteryseparatorindustryunderthepremiseofensuringsafety,servicelifeandhigh-rateandhigh-powercharging/discharging.Inaddition,polypropylene,polyethyleneandotherpolyolefinmaterialsarethemainbasematerialsofseparatormaterials,whicharealsofurtherexpanded.ItisakeydirectionintheR&Dofthebasematerialtoimprovethetemperatureresistanceofthebasematerialthroughchemicalmodificationorbyaddinginorganicfillerandothercompositematerialsbasedontheexistingbasematerialsystem.Inaddition,becausethepolarityofpolyolefinmaterialisgreatlydifferentfromthatofelectrolyte,itisalsoanimportantdirectionintheR&Dofbasematerialforpowerlithiumbatteryseparatortoimprovetheelectrolyteaffinityofpolyolefinseparatorbychemicalandphysicalapproaches.
(3)Theimportanceofproductquality,productionefficiencyandcostcontrolishighlighted.Againstthebackdropoftherapidgrowthindownstreamdemand,lithiumbatterymanufacturershaveputforwardhigherrequirementsfortheproductqualityofupstreamseparatormanufacturersthaneverbeforeinordertoensurethecompetitivenessoftheirproductsintermsofqualityandstability.Withtherapidincreaseinoverallproductioncapacityofthelithiumbatteryseparatorindustry,competitionindustry-widehasbecomeincreasinglyfierce.Inthiscontext,theimportanceofproductquality,productionefficiencyandcostcontroltoseparatorcompanieshasbecomeincreasinglyprominent.
Inaddition,theCompanyhasextensiveproductofferingsinothersegmentssuchasBOPPfilm,asepticpackaging,cigarettepacks,specialtypapersandaluminumlaminatedfilm.Overthelastthreedecades,theBOPPfilmindustryinChinahasundergonetechnologicaladvancementsandintensifiedmarketcompetition.Thefuturedevelopmentoftheindustryistrendingtowardsproducingdifferentiatedproductsthatmeetcustomerdemand,suchascigarettepackwrappingfilmandlaserfilm,whichareusedincigarettes,foodandotherpackagingsegmentswithbroaddevelopmentprospects.Thecontinuousdevelopmentoftheseendmarkets
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
willdrivegrowthintheBOPPfilmindustry.Withtheadvancementinrecentyears,China’sasepticpackagingmarkethasestablishedaproductsystemwithmaturetechnologies,completeproductmixes,andadaptabilityfortheasepticfillingofvariousliquids.Thedownstreamindustriesofasepticpackagingareprimarilyfoodandconsumergoodssuchasliquiddairyproductsandnon-carbonatedbeverages.WithChina’ssustainedandrapideconomicgrowthandtheriseinthedisposableincomeofurbanresidents,togetherwiththeincreasinglysophisticatedconsumptionandhealthconcepts,dairyproductsandnon-carbonatedbeverageshavebeenenjoyingaboomingmarket.Asthegovernmentandconsumerspayincreasingattentiontofoodsafety,thefoodandbeverageindustrieshaveraisedtheirrequirementsanddemandforpackagingmaterials,particularlyasepticpackaging.Althoughinternationalpackaginggiantsstilloccupyaleadingpositionbyleveragingthefirst-moveradvantageinthemarket,inrecentyears,withthecontinuousprogressofmaterialtechnologyandproductiontechnologyofdomesticmanufacturers,China’sasepticpackagingmarketbegantogrowrapidly.Basedontheexistingtrend,domesticmanufacturerswillgraduallyenterhigh-endasepticpackagingmarketfromthemediumandlow-endmarketinthefuturethankstothecost-effectiveadvantages,andthemarketshareofdomesticasepticpackagingmanufacturerswillgraduallyincrease.Thecigarettelabelprintingindustryisasub-segmentofthepackagingandprintingindustry,andischaracterizedbyadvancedtechnologies,complexprintingprocessesandhighaddedvalue.Itsdevelopmentishighlyalignedwiththedevelopmentandchangesofthelargercigaretteindustry,i.e.,thestabledevelopmentofthecigaretteindustryensuresstabledemandforcigarettelabels.Thecigarettelabelprintingindustryisconstantlyinnovatingintermsofprintingmaterials,inkmaterialsandtechnicalprocessestoremainrelevantintheever-developingcigaretteindustry.Withtheincreasedscrutinyofenvironmentalprotectionandenergyconservationinmodernsociety,thescopeofspecialtypackagingpaperusedindownstreamindustriessuchastobacco,alcohol,cosmeticsandfoodarebecomingmoreandmoreextensive,andmarketapplicationwilldeveloptowardsdifferentiationtomeettheuniquedemandsofdifferentcustomers.China’sspecialtypaperindustryisdevelopinginthedirectionofimprovingandenhancingthespecialfunctionsofproducts,enrichingproductvarieties,reducingconsumption,vigorouslyadvocatingcomprehensivedevelopmentandutilizationofresources,andhigh-quality,high-value-addedandserializedproductionandprocessing.
Asthepackagingmaterialusedinpouchcells,aluminumlaminatedfilmisoneofthemosttechnicallydifficultlinksinthepouchcellindustrychain,andhasacrucialimpactonthequalityofthepouchcell.Comparedwithcylindricalcellandprismaticcell,pouchcellhascertainadvantagesinenergydensity,cyclelife,safety,flexibility,etc.Pouchcellhasbecomethemainstreaminthefieldofconsumerelectronicswithhighcapacityandthindevelopmenttrend.Pouchcellhasaccountedformorethan80%ofmobilephoneandlaptopbatteries,anditspenetrationrateintabletbatterieshasbasicallyreached100%.Inthefieldoftractionbatteries,theEuropeanandAmericannewenergyvehiclemarketspreferpouchcelltractionbatteries;AccordingtothestatisticsofTopsperitySecuritiesandotherthirdparties,theshipmentofpouchcellsin2022is171.4GWh,withayear-on-yeargrowthofmorethan20%,andtheshipmentisexpectedtoexceed400GWhin2025,withaCAGRofupto32%in2021-2025.IHSshowsthatamongthetop20mainstreamelectricvehiclemodelsinoverseassalesin2022,11modelsincludingVolkswagen,Audi,PolestarandFordhaveadoptedthepouchcellsolution.Withthesteadygrowthoftheconsumerelectronicsmarketrepresentedby5GcommunicationsandemergingconsumerelectronicsproductsandtherapidincreaseinsalesofNEVsfromEuropeanandAmericanmanufacturers,themarketdemandforpouchcellsandaluminumlaminatedfilmwillcontinuetoexpand.TheLithiumBatteryAluminumLaminatedFilmIndustrializationProjectoftheCompanyhasexpandeditsfootprintinthepouchcellfield,diversifieditsproductline,strengtheneditscooperationwithdownstreammanufacturers,andenhanceditsoverallcompetitiveness,whichwereimportantstepsfordeepeningitsindustrialpenetrationinthefieldofnewenergymaterials.
III.Industrypolicies
TheCompany’smainproduct,lithiumbatteryseparators,isoneofthekeycomponentsoflithiumbatteries,andstandsasoneofthenationalkeysupportindustries.RelevantindustrialpoliciespromulgatedbytheStateinrecentyearsinclude:
Date
Date | IssuingAuthority | NameofPolicyorRegulation | MainContent |
February2017 | MIIT、NDRC,MOSTandMOF | PlanofActionforPromotingtheDevelopmentofAutomotiveBatteryIndustry | “By2020,keymaterialsandcomponentssuchaspositiveandnegativeelectrodes,separatorsandelectrolyteswillreachworld-classstatusTheupstreamindustrialchainwillachievebalancedandcoordinateddevelopment,andinnovativebackboneenterpriseswithcorecompetitivenesswillbeformed.” |
June2017 | MIIT | CatalogueoftheFirstBatchofApplicationDemonstrationGuidanceforKeyNewMaterials(2017Edition) | Includeshigh-performancelithiumbatteryseparatorstothefirstbatchofapplicationdemonstrationguidelinesforkeynewmaterials |
December2017 | NDRC | ImplementationPlanfortheIndustrializationofKeyTechnologiesforNewMaterials | Focusesonthedevelopmentoffunctionalfilmmaterialssuchasflexiblepackagingfilmsforlithiumbatteries |
June2018 | SAMR,StandardizationAdministrationofChina | NationalStandardsforPolyolefinSeparatorsforLithium-ionSeparators | Specifiesthetermsanddefinitions,classifications,requirements,testmethods,inspectionrules,packaging,marking,transportationandstorageofpolyolefinseparatorsforlithium-ionbatteries. |
September2018 | MIIT | CatalogueoftheFirstBatchofApplicationDemonstrationGuidanceforKeyNewMaterials(2018Edition) | Includesnonwovenceramicseparatorsforhigh-performancelithium-ionbatteriesinthefirstbatchofapplicationdemonstrationguidelinesforkeynewmaterials |
January2019 | MIIT | SpecificationsforLithium-ionBatteryIndustry(2018Edition) | Furtherimprovesthecriteriathatrelevantenterprisesneedtomeet,andaddsrelevantrequirementsforR&Dexpenditureandactualoutput;inaddition,encouragesenterprisestoengageinintelligentmanufacturingandgreenmanufacturing,proposestoreduceoperatingcostsandimproveproductionefficiencythroughintelligentmanufacturing,andestablishesresource-savingandeco-friendlypurchase,production,marketing,recyclingandlogisticssystemsthroughgreenmanufacturingtoproducegreenproducts. |
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
Date
Date | IssuingAuthority | NameofPolicyorRegulation | MainContent |
August2019 | NDRC | CatalogueforGuidingIndustryRestructuring(2019Edition) | Continuestoinclude“functionalseparatormaterials”intheencouragedcategory |
December2019 | MIIT | CatalogueoftheFirstBatchofApplicationDemonstrationGuidanceforKeyNewMaterials(2019Edition) | Includesultrafinealuminamaterialforlithiumbatteryseparatorcoatinginthefirstbatchofapplicationdemonstrationguidelinesforkeynewmaterials |
November2020 | StateCouncil | NewEnergyVehicleIndustrialDevelopmentPlan(2021-2035) | Theplanproposestoimplementbatterytechnologybreakthroughinitiativesincoretechnologyresearchprojectsonnewenergyvehicles.Researchshouldbecarriedoutoncriticaltechnologiessuchaspositiveandnegativeelectrodes,electrolytes,separatorsandmembraneelectrodes.Technicalresearchontechnologiesforhigh-strength,lightweight,high-safety,low-cost,andlong-lastingtractionbatteriesandfuelcellsystemsshouldbestrengthened,andR&Dandindustrializationofsolid-statetractionbatterytechnologyshouldbeaccelerated. |
December2020 | NDRC,MOST,MIITandMNR | CatalogueofPromotedGreenTechnologies(2020) | Acceleratesthepromotionandapplicationofadvancedgreentechnologies;thepromotionalcatalogueincludessinglelarge-capacityandsolid-statepolymerlithium-ionbatterytechnologiespackagedwithaluminumlaminatedfilm |
June2021 | MIIT | ChinaElectricVehicleStandardizationRoadmap(2021) | Focusesonkeyareasandacceleratesthedevelopmentofautomotivestandardsinstrategicemergingareas.Inthefieldofnewenergyvehicles,theroadmapmainlyincludesstrengtheningthesafetyguaranteeofelectricvehicles,focusingonimprovingtheoverallperformanceofelectricvehicles,focusingontheuseoffuelcellelectricvehicles,supportingtheinnovativedevelopmentofbatteryswappingmodelsandsupportingthegreendevelopmentofelectricvehicles |
July2021 | ChinaPlasticsProcessingIndustryAssociation | GuidingOpinionsonScientificandTechnologicalInnovationforthePlasticsProcessingIndustryinthe14thFive-YearPlan | Incorporates“anti-hydrolysis,anti-agingflameretardantfilmfortractionbatteries,ultra-thinhigh-temperatureresistantseparators,BOPAfilmforlithiumbatterypackaging,andmulti-purposecoatingseparatormaterial”intothedevelopmentdirectionofbatteryfilmduringthe14thFive-YearPlan |
July2021 | NDRCandNEA | GuidingOpinionsonAcceleratingtheDevelopmentofNewEnergyStorage | Proposesto“promoteresearchonenergystoragetheoriesandkeymaterials,units,modulesandweaktechnologiesinthesystem,acceleratetherealizationofautonomyofcoretechnologies,andstrengthenresearchonelectrochemicalenergystoragesafetytechnology,whileadheringtothediversificationofenergystoragetechnologies,andpromotingcontinuouscostreductionandcommercializationofmaturenewenergystoragetechnologiessuchaslithium-ionbatteries.” |
July,2021 | MIIT | Three-yearActionPlanfortheDevelopmentofNewDataCenters(2021-2023) | Itproposesto"supporttheexplorationandutilizationoflithiumbatteries,hydrogenstorageandflywheelenergystorageasdiversifiedenergystorageandbackuppowerinthedatacenterandstrengthenthepromotionandapplicationofcascadeutilizationoftractionbatteries." |
February,2022 | NDRCandtheNationalEnergyAdministration | ImplementationPlanfortheDevelopmentofNewEnergyStorageinthe"14thFive-YearPlan" | Itproposesto"promotethedevelopmentofdiversifiedtechnologies,carryoutresearchonkeycoretechnologies,equipmentandintegratedoptimizationdesign,suchassodium-ionbatteries,newlithium-ionbatteries,leadcarbonbatteries,flowbatteries,compressedair,hydrogenenergystorageinammonia,thermal(cryogenic)energystorage,focusontacklingkeyproblemsinenergystoragetechnologiessuchassuperconductivityandsupercapacitorsandresearchanddevelopnewgenerationhighenergydensityenergystoragetechnologiessuchasliquidmetalbatteries,solid-statelithium-ionbatteriesandmetalairbatteries." |
April,2022 | TheNationalEnergyAdministrationandtheMinistryofScienceandTechnology | The"14thFive-YearPlan"forScientificandTechnologicalInnovationintheEnergyField | Leadtheconstructionofanewpowersystemwithagraduallyincreasingshareofnewenergy |
June,2022 | NinedepartmentsincludingNDRCandtheNationalEnergyAdministration | RenewableEnergyDevelopmentPlanforthe14thFive-YearPlan | Definethemarketpositionofnewenergystorageandinnovatethebusinessmodelofenergystoragedevelopment |
II.MainBusinessesoftheCompanyduringtheReportingPeriod
(I)MainbusinessesandproductsoftheCompanyDuringtheReportingPeriod,theCompany’smainproductsaredividedintothreecategories:(1)filmproducts,mainlyincludinglithium-ionbatteryseparator(basefilmandcoatedfilm),BOPPfilm(cigarettefilmandflatfilm);(2)packagingprintingproducts,mainlyincludingcigarettelabelandasepticpackaging;(3)paperpackaging,mainlyincludingspecialtypaperproducts(lasertransferanti-counterfeitingpaper,directplatingpaperandcoatedpaper),holographicanti-counterfeitingelectrochemicalaluminum,transferfilmandotherproducts.
Thewet-processlithium-ionbatteryseparatorproducedbytheCompanyismainlyusedformanufacturinglithium-ionbatteryforthenewenergyvehicle,3Cproductsandenergystorage.Cigarettefilmismainlyusedforcigarettemanufacturing.Flatfilmismainlyusedforprinting,food,
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
cosmeticsandotherindustries.Cigarettelabelisappliedtocigarettepackingmaterials.Asepticpackagingismainlyappliedtomilkboxes,beverageboxes,etc..Amongspecialtypaperproducts,lasertransferanti-counterfeitingpaperismainlyappliedtocigarettelabels,cosmeticboxes,toothpasteboxes,pharmaceuticalboxes,etc..Directplatingpaperismainlyusedforliningofcigarettelabel,andpackingchocolateandotherfood.Coatedpaperismainlyappliedtotobacco,food,pharmaceutical,cosmeticandfoodindustries.TheCompany'smaincustomersaredomesticandforeignlarge-scalelithiumbatterymanufacturers,tobaccocompanies,foodandbeveragecompanies,plasticpackagingenterprises,printingenterprises,etc.ThemaincustomersoftheCompany'swet-processlithium-ionbatteryseparatorproductsincludePanasonic,LGES,Samsung,CATL,CALB,GotionHigh-tech,EVE,BYD,FarasisEnergy,LISHENandotherdomesticmainstreamlithiumbatteryenterprises.TheCompanyisanon-exclusiveA-levelsupplierofcigarettematerialsinYunnanProvince.Themaincustomersofcigarettelabelproductsarelargedomestictobaccocompanies,includingYunnanChinaTobaccoMaterials(Group)Co.,Ltd.,SichuanChinaTobacco,ChongqingChinaTobacco,etc.Theproductsarewidelyusedindomesticwell-knowncigarettebrandssuchas"YUXI","Hongtashan","Yunyan","HONGHE","SnowWorld","Greatwall(ChunyaMilk)","LONGFENGCHENGXIANG",etc.ThemaincustomersoftheCompany'ssmokefilmproductsincludeYunnanChinaTobaccoMaterials(Group)Co.,Ltd.,SichuanChinaTobacco,ChongqingChinaTobacco,AnhuiChinaTobacco,HubeiChinaTobacco,GuizhouChinaTobacco,HeilongjiangRiverTobacco,JiangxiChinaTobacco,GansuTobacco,HenanChinaTobacco,ShanghaiChinaTobacco,HONGTALiaoningTobaccoandmanyotherwell-knowntobaccocompaniesoftheGroup.ThemaincustomersoftheCompany'sasepticpackagingproductsincludeYili,Mengniu,NewHopeDairy,BrightDairy&Food,RoyalGroup,GuizhouHaoyiduoDairy,DaliGroup,Eastroc,YunnanOuyaDairyProducts,YunnanHuangshiLessonDairyIndustry,NanjingWeigangDairyIndustry,ShenzhenChenguangDairyandotherdairyandbeverageenterprises.DuringtheReportingPeriod,ShanxiJiuniuAnimalHusbandry,Vitasoy,HenanBaoleDairyIndustry,SichuanXuebaoDairy,JinhuaJiayuanMilkIndustryandothercustomers.
(II)BusinessmodelsTheCompanyadoptsdifferentbusinessmodelsfordifferentproducts.Customizationappliestowet-processlithium-ionbatteryseparators,aluminumlaminatedfilmproducts,cigarettelabels,asepticpackaging,specialtypapersandcigarettefilms,subjecttothecustomerrequirements,whileflatfilmsareproducedbasedonsalesprospects,withappropriatenumberofinventorystockedup.
1.Purchasemode:theSupplyDepartmentoftheCompanymakesaListofQualifiedSuppliers(oraListofQualifiedSuppliers/Materials)afterevaluatingandselectingsuppliers.ThematerialslistedonthepurchaselistcanonlybepurchasedfromsuppliersincludedontheListofQualifiedSuppliers.Foreachtypeofmaterials,atleast2suppliersshouldbeselected.TheCompanyconductsacomprehensivesupplierevaluationeveryyearandupdatestheListofQualifiedSuppliers(ortheListofQualifiedSuppliers/Materials)intime.
2.Productionmode:theCompanycarriesoutproductionbasedonordersandcentralizedschedulingsoastoreasonablycontrolthecostsandimprovetheefficiency.TheProductionSchedulingDepartmentmakestheproductionschedulebasedonordersandsalesplan,andmanagestheproductionandqualityinaunifiedmannersoastoensurethecompletionofproductiontaskswithinthestandardsintermsofquality,quantityandtimeframe.
3.Salesmode:directsellingisadoptedforwet-processlithium-ionbatteryseparator,andthesalespersonsoftheMarketingDepartmentareresponsibleforthesale,promotionandordersolicitation;customizationisadoptedforcigarettelabelandcigarettefilmwhoseproductionandsaleareorganizedbasedontheorderstheCompanyobtainsthroughtheparticipationinthenationwidebidscalledforbythedownstreamcigaretteenterprisesinthecigarettelabelprintingindustryaccordingtoAdministrativeMeasuresforCigaretteMaterialsPurchase;flatfilmsareproducedbasedonsalesprospects,withappropriatenumberofinventorystockedup;asepticpackagingandspecialtypaperproductsarecustomizedpursuanttothecustomerrequirements.
(III)MarketpositionoftheCompany’sproducts
1.Filmproducts
TheCompany'sfilmproductsaredividedintotwomajorcategories:lithiumbatteryseparatorsandBOPPfilms.Intermsofthegloballithiumbatteryseparatormarket,theCompanyhassuccessfullyenteredthesupplychainofglobalmainstreambatterymanufacturersbyvirtueoftechnologyaccumulationandexpansionofindustrialscale.TheCompanyandleadingforeignlithiumbatterymanufacturers(e.g.Panasonic,Samsung,LGESandACCofFrance),someoverseaslargeautomobileenterprisesandChina'smainstreamlithiumbatteryenterprises(e.g.CATL,CALB,BYD,Gotion,EVE,FarasisEnergy,LISHENandSVOLT)haveestablishedgoodcooperativerelations.Withtheimprovementoftechnologyandcapacityscaleofdomesticlithiumbatterymanufacturers,domesticseparatorsbasicallyhavebeenlocalized.Withthefiercecompetitioninthelithium-ionbatteryseparatorindustry,thedevelopmentspaceoflithium-ionbatteryseparatormanufacturersthatdonothavetheabilitytoindependentlyresearch,developanddesignwillgraduallyshrink.Thecompetitioninthedomesticseparatorindustrywillmainlyfocusonrawmaterialsformulationprocess,microporepreparationtechnology,completeequipmentdesigncapability,productqualityandotheraspects.Themarketshareoflithium-ionbatteryseparatormanufacturerswithindependentcoretechnologyandstableproductqualitywillsteadilyincrease.RelyingontheaccuratejudgmentofthemanagementteamonthemarketandthetechnicaladvantagesofitsownR&Dteam,theCompanyiscurrentlyintheleadingpositionoftheindustryinthefieldofwet-processlithiumbatteryseparator,andhasglobalcompetitivenessintermsofcapacityscale,productquality,costefficiencyandtechnologicalR&D.TheCompanyhassetupseparatorproductionbasesinShanghai,Wuxi,Jiangxi,Zhuhai,Suzhou,Chongqing,Changzhou,Yuxi,Jingmen,Xiamenandotherplaces,andbuiltthefirstoverseaslithiumbatteryseparatorproductionbaseinHungary.TheCompanyexpandedoverseasmarketstomeettheglobaldemandofhigh-endlithiumbatterycustomersfortheCompany'shighlyconsistentandsafewet-processseparatorproductsandservices.TheCompany'swet-processseparatorproductshavestablequality,andwehaveestablishedagoodbrandimageintheglobalhigh-endseparatormarket.Inaddition,asanexcellentbackuppowersupply,energystoragepowerstationsaregraduallybecomingoneofthekeytechnologiestobuildmodernpowersystems.Lithium-ionbatteryarethemostwidelyusedenergystoragebatteriesatpresent.Withthegrowthofnewenergyvehiclesworldwideandtherapidriseoftheenergystoragemarket,thedemandfordry-processlithiumbatteryseparatorinthesubdivisionsoftractionbatteryandenergystoragefieldsthatdonotrequirehighenergydensitywillrapidlyexpand.Thedry-processseparatorproductionbasejointlyinvestedinbytheCompanyandCelgardwascompletedduringtheReportPeriod,andthefirstproductionlinehasbeeninstalledandputthroughapreliminarytest.
ShanghaiEnergyisa"NationalIndividualManufacturingChampion"anda"NationalEnterpriseTechnologyCenter".Ithasundertakenthe"NationalKeyR&DProgramofChina",the"NationalIndustrialRevitalizationandHigh-QualityDevelopmentProjectsinManufacturingIndustry"andthe"NationalIndustrialRevitalizationandTechnologicalTransformationProjects".Asthepresidentof"separatorbranchofChinaIndustrialAssociationofPowerSources",itactivelyorganizesandparticipatesinvariousexperienceexchangemeetingsandtechnicalseminars,shapestheindustrymodelimageandleadsthehealthydevelopmentofChina'sseparatorindustry.
BOPPfilmsareproducedbyHongtaPlasticanditssubsidiaryChengduHongtaPlastic,whichareamongthefewChineseenterpriseswithabilitytoproduceBOPPcigarettefilmsandanti-counterfeitprintingcigarettefilms.TheproductionscaleofBOPPfilmsrankedamongthebestofitskindintheSouthwestChina.
2.Packagingprintingproducts
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
TheCompanyisoneoftheimportantcigarettelabelsuppliersinChinaandClass-Asuppliersofthenon-exclusivecigarettematerialsinYunnan,anditsmajorcustomersarelargedomesticwell-knowncigarettemanufacturers.Itsproductshavebeenwidelyusedbydomesticfamouscigarettebrands.TheCompanyindependentlydevelopsroll-formasepticbrickpackage,pre-madeasepticbrickpackage,A-typegabletoppackage(mainlyusedforfreshmilk)andB-typegabletoppackage(mainlyusedforteadrinks,fruitjuiceandnon-carbonatedbeverages),makingitbecomeoneofthefewenterprisesabletoproduceroll-formasepticbrickpackage,pre-madeasepticbrickpackageandgabletoppackage.TheCompany'sasepticpackagingproductqualityandservicehavebeenrecognizedbymanycustomers.DomesticfamouslargediaryandbeverageproducersarethekeycustomersofHongChuangPackaging,suchasYili,Mengniu,BrightDairy,NewHopeDairy,Dali,DongpengandRoyalGroup.
3.Specialtypapersandotherproducts
DexinPapermainlyproducesspecialtypaperproducts,holographicanti-counterfeitingelectrochemicalaluminumproductsandtransferfilms.Theyarewidelyusedforthecigarettelabelsfordomesticfamouscigarettebrands,suchas“Yunyan(purple)”,“YunyanSpecialTitbit”,“Hongtashan”,“Yuxi”,“Jiaozi”,“Chunghwa”,etc.ThankstotheCompany’sstrongcapabilityinproductdevelopment,excellentproductqualityandgoodadaptability,thespecialtypaperproductshavedevelopedrapidlyandfillthegapofnospecialtypaperdeepprocessingenterpriseinSouthwestChinawherealargenumberofpackagingprintingenterprisesoperate.Asanationalhigh-techenterprise,DexinPaperhaswonrecognitionofdownstreamcustomersbyvirtueoftheseamavoidancetechnologyoflasertransferpaper,thepositioningandtransfertechnologyofpre-printedcursor,andthetransfertechnologyofwater-basedfilms.
(IV)Mainperformancedrivers
TheCompanyfocusesitsdevelopmentonlithiumbatteryseparatorproductsandactivelyexploitsinthefieldsofaluminumlaminatedfilm,BOPPfilms,cigarettelabels,asepticpackaging,specialtypaperproducts,etc.Makingin-depthcooperationwithcustomersinthelithium-ionbatteryseparatorbusiness,theCompany’srevenuefromlithiumbatteryseparatorproductsincreasedsubstantiallyinthewakeofgrowthofmarketdemandsandcontinuousdevelopmentofnewproducts.TheCompanyhascarriedoutin-depthcooperationwithcustomersinthelithiumbatteryseparatorproductbusiness.Withtheincreaseofmarketdemand,thecontinuousdevelopmentofnewproductsandtheexpansionofcapacityscale,theCompany'slithiumbatteryseparatorproductrevenuehasincreasedsignificantly.TheCompanygathersextensiveexperienceintheindustry,putsfortheffortstointroduceandcultivateadvancedtechnicaltalentsandinvestmoreinthetechnologicalR&D,whilegivingquickresponsestoprovidecustomizedproductsandservicesolutionsforcustomers.TheCompanyhasastrictqualitycontrolsystemandrigorousqualitycontrolmeasures,ensuringitsproductsmeetthehigherindustrialrequirementsandberecognizedbycustomersfromvariousbusinessareas,soastokeeplong-termandstablerelationshipswithcustomers.
III.CoreCompetitivenessAnalysis
1.Scaleadvantage
AsoftheendoftheReportingPeriod,theCompanyhastheworld’sfirstproductionscaleofwet-processlithiumbatteryseparator,withtheworld’slargestsupplycapacity.TheCompanyistheworld'slargestsupplieroflithiumbatteryseparator,anditsmarketshareisalsothefirstintheworld.ThescaleadvantageoftheCompanyismainlyreflectedincostcontrolandsalesexpansion.TheCompanyisabletomeetthedemandoflarge-scaleordersfromkeycustomerssuchasLGES,CATL,CALBandGotionHigh-tech.Furthermore,theCompany’sscaleadvantagealsoimprovestheproductionefficiencyandpurchaseadvantages,andeffectivelyreducesthecost.Intermsofcostcontrol,theCompany’sscaleadvantagefirstlycreatesthecostadvantageforrawmaterialspurchase.Large-scalecentralizedpurchasemakesthecostofrawmaterialslowerthanthatofthecompetitorsinthisindustry.Secondly,theCompany’shugesalesscalebringsalargenumberoforderstotheCompany,sothattheCompanycaneffectivelyreducethefrequencyofdowntimeduringproductionandeffectivelyreducethecostcausedbydowntimethroughreasonableproductionscheduling.Asaresult,theCompanyhasthelargestoperatingrateandcapacityutilizationrate.Intermsofsalesdevelopment,theindustryconcentrationofthelithiumbatteryisincreasingdaybyday.Theexistingandunder-constructionproductionlinesofdomesticfirst-classlithiumbatterymanufacturersboasthugeproductionscale.Therefore,whethertheyhaveasupplycapacitytomeetthecurrentandfuturedemandsofinternationalfirst-classlithiumbatterymanufacturersisthefirstconsiderationintheirselectionofsuppliers.Astheworld’slargestlithiumbatteryseparatorsupplier,theCompanyhasacompetitiveadvantagethankstoitssufficientsupplycapacity.
2.Costadvantage
TheCompanyhaslongbeencommittedtothedevelopmentandimprovementofproductiontechnologyforadvancedwet-processlithium-ionbatteryseparator.ThankstothecontinuousimprovementofproductionequipmentandprocesstechniquebytheCompany’sproductionmanagementandtechnicalteams,theCompany’soutputfromasingleproductionequipmentlineoflithiumbatteryseparatorranksthebestintheindustrytofurtherreducethecostinunitdepreciation,energyconsumptionandlabor.Moreover,thankstotheCompany’scontinuousimprovementofproductiontechnologyandproductionmanagement,theCompany’syieldcoefficientandfirstpassyieldoflithiumbatteryseparatorrankthebestintheindustry.Besides,theCompanyimprovestherecoveryefficiencyofauxiliarymaterialscontinuously,sothattheconsumptionofauxiliarymaterialsisfarlowerthanthatofthecompetitorsintheindustry.Onthewhole,theCompany’scostadvantageisbroughtforthbytheintegrationofcontinuousimprovementofproductionequipment,continuousimprovementofproductiontechnology,continuousinvestmentinR&D,constantimprovementofproductionmanagement,strongmarketdevelopmentabilityandhugeproductionscale,givingtheCompanyalong-termcompetitiveedge.
3.Productadvantage
TheCompanyhaslongbeencommittedtotheR&Doflithiumbatteryseparatorandcreatingvalueforcustomerswithhigh-qualityproductsandexcellentservice.Mainstreamlithiumbatterymanufacturers,especiallyinternationalfirst-classlithiumbatterymanufacturers,havestrictrequirementsformaterialquality.Asoneofthecorematerialsforlithiumbatteries,theseparatorhashightechnicalbarrieranditsperformancedirectlyaffectsthedischargecapacity,cyclelifeandsafetyoflithiumbattery.Lithiumbatterymanufacturingrequiresstrongpropertiesofseparators,suchasthesize,distributionuniformityandconsistencyofseparatormicropores.Mainstreamlithiumbatterymanufacturersapplyalongsystemverificationprocesscoveringproduct,technologyandproductionflowtobringinmaterialsuppliers.TheCompanyhassuccessfullycooperatedwithmostdomesticmainstreamlithiumbatterymanufacturers,andwehaveahandinthemostdemandingoverseastractionbatterysupplychainsystem.Theproductqualityhasbeenrecognizedbymanylithiumbatterymanufacturers.Inaddition,theCompanyinvestsinthedevelopmentofnewproductsandcarriesoutproductresearchandforward-lookingtechnicalreserveinasustainedwaywhilemeetingcustomizedneeds.TheCompanyhasbecomeasupplierwiththemostdiversifiedlithiumbatteryseparatorproductstomeetvariousdemandsofdifferentcustomers.
4.R&Dadvantage
TheCompanyhasestablishedaR&Dteamwithsoundsystemthroughyearsofaccumulation.TheR&Dscopecoverstheseparatorandcoatingproductionequipment,separatorpreparationprocess,raw&auxiliarymaterialsimprovement,coatingtechnique,slurryformula,recoveryandenergy
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
savingtechnologiesandtheR&Dforforward-lookingtechnicalreserveprojects.TheCompany’sR&Dteamoflithiumbatteryseparatorhasmadeaseriesofachievementsinimprovingproductionefficiency,enhancingthequalityoflithiumbatteryseparatoranddevelopingnewproducts.TheCompanynowhas343effectivepatents(including18internationalpatents)and281ongoingpatentapplications(including95internationalpatentapplications).TheCompany'sfirstonlinecoatingtechnologyfurtherimprovesthequalityandproductionefficiencyofcoatingfilmproducts.TheCompany’sR&Dteamoflithiumbatteryseparatorcannotonlycustomizeavarietyofnewproductsfordownstreamcustomers,butalsojointlydevelopproductswithdownstreamcustomerstomeettheirdiversifieddemands.
5.TalentadvantageThelithiumbatteryseparatoriscurrentlyanemergingindustryinChinawithahistoryofonlyoveradecade.Withtherapidglobalgrowthofenergyindustryinrecentyears,thereareinsufficienttalentsandnoqualifiedprofessionalsinthewholeindustryoflithiumbatteryseparator.TheCompanyreliesonthetalentsaccumulatedinmorethan20yearsinBOPPfilmindustrythatissimilartothelithiumbatteryseparatorindustry.TheCompanyhasestablishedagoodtalentincentivemechanismandalsorecruitedtalentsworldwide.AsoftheendoftheReportingPeriod,theCompanyhasmorethan140professionalswithmaster’sdegreeorabovewhoareresponsibleforthebusinessoflithiumbatteryseparator,andwehaveestablishedacoretechnologicalR&DteamcomposedofprofessionalR&DstafffromtheUnitedStates,Japan,SouthKoreaandothercountries.Furthermore,throughlong-termefforts,theCompanyhasestablishedacompleteprofessionalteaminproductionmanagement,systemconstruction,qualitycontrol,marketexpansionandequipmentdesign,installationandmaintenance,etc.AllteamsoftheCompanyhaveachievedfruitfulresultsintheirrespectiveprofessionalfieldstojointlytaketheCompanytothelevelofaninternationallycompetitiveleaderinthelithiumbatteryseparator.
6.AdvantageofmarketandcustomerresourcesIn2022,theCompanystillmaintainedtheleadingpositioninthemarketofwet-processlithiumbatteryseparator.Sofar,theCompanyhasenteredthesupplychainsystemofmostmainstreamlithium-ionbatterymanufacturersintheworld,includingoverseaslithiumbatteryproductiongiants(e.g.Panasonic,Samsung,LGESandalargeoverseasautomobilemanufacturer)anddomesticmainstreamlithiumbatteryenterprises(e.g.CATL,CALBCo.,Ltd.,BYD,GotionHigh-tech,FarasisEnergyandLishen.TheCompanyhasestablishedstableandgoodcooperationrelationswithdownstreamcustomers,andwehadanin-depthtechnicalexchangewiththemduringcooperation.Therefore,theCompanyhasaprofoundunderstandingofcustomerneeds,andweareabletoquicklyrespondtocustomerneedsandprovidecorrespondingservices.Withtherapiddevelopmentoftheindustryandcontinuousreleaseofthecapacity,theCompanywillgrowalongwiththerapidgrowthofdownstreamcustomers.
IV.AnalysisonMainBusinesses
1.OverviewIn2022,theglobalnewenergyelectricvehiclemarketandenergystoragemarketshowedasustainedvigorousdevelopmenttrend,andtheindustrymarketscaleandmarketdemandexpanded,drivingtherapidgrowthofdemandintheseparatorindustry.DuringtheReportingPeriod,undertheleadershipoftheBoardandthejointeffortsofallemployees,theCompanyworkedhardtoovercometheimpactofthepandemic,seizedtheopportunityofthenewenergyindustry,focusedonthelithiumbatteryseparatorbusinessinasustainedway,promotedthecapacityconstructionasplanned,continuouslyimprovedtheinternalmanagementlevelandoperatingefficiency,ensuredthatthestablesupplyofhigh-qualitylithiumbatteryseparatorproductstodownstreamcustomersandensuredthatdownstreamcustomers’demandforhigh-qualitylithiumbatteryseparatorproductsbemetinatimelyway.Costreductionandefficiencyincreasewererealizedthroughtheimprovementandupgradingoftechnology,processandequipment.DuringtheReportingPeriod,theCompany'sbusinessscale,profitabilityandmarketpositionimprovecontinuously.In2022,weachievedconsolidatedoperatingrevenueofRMB12.591billion,representingayear-on-yearincreaseof57.73%.ThenetprofitattributabletoshareholdersofthelistedcompanywasRMB4billion,representingayear-on-yearincreaseof47.20%.
(1)SeparatorproductsTheCompanyfocusesonseparatorbusiness,increasescapacityinvestmentcontinuously,activelyexpandsdomesticandoverseasmarkets,strengthensourmarketpositionandcorecompetitiveness.Benefitingfromtherapidgrowthofthemarketinthefieldofnewenergyvehiclesandenergystorageinrecentyears,therevenuescaleandprofitabilityoftheCompany'slithiumbatteryseparatorbusinessincreasedsignificantly,andtheCompany'smarketshareremainedattheleadinglevelintheindustry.In2022,theoperatingrevenueofShanghaiEnergywasRMB10.996billion,andthenetprofitattributabletothelistedcompanywasRMB3.688billion.Withtheaccelerateddevelopmentoftheindustry,thecapacityandoutputofdomesticandforeignlithiumbatterymanufacturershavebeencontinuouslyexpanded.HavingstableandreliablecapacityhasbecomeanimportantprerequisitefortheCompanytoensurelarge-scaleordersupplyfordownstreamcustomers.TheCompany'sproductioncapacityisthelargestintheworld.WehavesetupseparatorproductionbasesinShanghai,Zhuhai,Wuxi,Jiangxi,Suzhou,Chongqingandotherplaceswithaproductioncapacityof7billionsquaremeters.DuringtheReportingPeriod,theCompanypromotedtheconstructionofdomesticandforeignproductionlinescontinuously.WuxiEnergyLithiumBatteryProject(PhaseII),JiangxiTonryLithiumBatteryExpansionProject(PhaseI),ChongqingEnergyHigh-performanceLithium-ionBatteryMicroporousSeparatorProject(PhaseI)andSuzhouGreenPowerLithiumBatteryCoatingSeparatorProjectwithanannualoutputof200millionsquaremetershavebeencompletedandputintooperation.Otherproductionlineconstructionprojectsareprogressingasplanned:theequipmentofChongqingEnergyHighPerformanceLithium-ionBatteryMicroporousSeparatorProject(PhaseII)wasbeinginstalledandtested.PartoftheinfrastructureofJiangsuEnergyLithiumTractionBatterySeparatorIndustrializationProjectwascompleted.TheinfrastructureofthelithiumbatteryseparatorprojectinHungarywascompleted,andtheequipmentwasbeinginstalled.TheinfrastructureofYuxiEnergyLithiumBatterySeparatorProjectwasunderway.WiththeimplementationoftheCompany'snewprojects,theCompany'scapacitywillbegraduallyreleased,andtheCompany'sshareintheglobalmarketisexpectedtobefurtherimproved.
TheCompany'slithiumbatteryseparatorproductqualityhasexcellentstabilityandconsistency,andthereare180productcategories,whichcanmeetthecustomizedanddiversifiedneedsofcustomers.Wehaveenteredthesupplychainsystemsofmostmainstreamlithiumbatterymanufacturersintheworld.Basedonthestrongdemandoftheseparatormarketbroughtbytherapidgrowthofthenewenergyindustry,theCompany,byvirtueofitscompetitiveadvantagesinproducts,technology,costandotheraspects,activelyexploresdomesticandoverseasmarkets,andstrengthensthecooperationwithdownstreamstrategiccustomersinadeep-goingway.DuringtheReportingPeriod,theCompanycooperatedwithCATL(theleaderinthegloballithiumbatteryindustry),andourXiamenEnergyLithiumBatterySeparatorProjectwasundergoingpreliminarypreparations.TheinfrastructureofHubeiJingmenLithiumBatterySeparatorProject,ajointventureprojectwithEVE(aleadingenterpriseinthelithiumbatteryindustry)wasbeingconstructed,andsomeplantsandsupportingfacilitieswerebasicallycompleted.TheCompanysignedthe2023separatorsupplyguaranteeagreementswithanumberofhigh-endcustomerssuchasCALB,SVOLTandGotionHigh-techtocontinuouslystrengthenthelong-termcooperationwithkeycustomersandenhancetheCompany'smarketcompetitiveness.
TheCompanyhasbeendeeplyrootedintheseparatorindustryformanyyears,andwehaveestablishedleadingcompetitiveadvantagesintermsofcapacityscale,productquality,technologicalR&Dandmarketexpansion.Againstthebackgroundofincreasinglyfiercecompetitionintheindustry,
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
theimportanceofproductionefficiencyandcostcontrolhasbecomeincreasinglyprominent.Wehaveadvancedequipmentandsufficientordersfromhigh-qualitycustomers,maximizingthecontinuousoutputefficiencyofsingleline.Wetakemeasuresintermsofauxiliarymaterialrecoveryefficiencyandotheraspectstoreduceproductioncosts.Werelyontechnicaladvantagestocontinuouslyimproveequipmentandoptimizeprocesses,aimingtoimproveproductionefficiency,furtherreducecostsandenhancethecomprehensivecompetitivenessofproducts.DuringtheReportingPeriod,theCompanystrengtheneditsR&Dinvestmentandconsolidateditstechnicaladvantagesinasustainedway.Intermsofproductionandmanufacturing,theCompanyhascontinuouslyreducedcostsandincreasedefficiencybyequipmenttransformation,processoptimization,technologicalupgradationandotherways.WiththecontinuouspromotionandapplicationoftheCompany'sfirstinlinecoatingtechnology,theproductionefficiencyandproductqualityoftheCompany'scoatedfilmproductshavebeenfurtherimproved.Inordertoimproveproductionefficiency,theCompanyhasestablishedtheMESintelligentfactorycloudplatform,realizedproductionlinenetworking,systeminteroperabilityanddataexchange,establishedthelithiumbatterycoatingfilmindustryinternetplatformandrealizedBIbigdataanalysis.SuzhouGreenPowerwontheawardofSuzhouIntelligentFactoryin2022,ChongqingEnergy"Lithium-ionBatteryMicroporousSeparatorProductionDigitalWorkshop"washonoredwiththetitleofChongqingDigitalWorkshopin2022.Inaddition,inordertofurtherimprovetheproductionmanagementlevel,theCompanypromotedtheQMSineachfactoryduringtheReportingPeriodtooptimizethequalitymanagementoperation,effectivelyavoidthequalityriskandimprovethequalitystandardizationandtheaccuracyandtimelinessofdata.Intermsofforward-lookingtechnology,theproductionlineoftheallsolidstateelectrolytecoatingseparatorprojectwasbeinginstalledandtested.SuchallsolidstateelectrolytecoatingseparatorisdevelopedbytheCompany,BeijingWeLionNewEnergyTechnologyCo.,Ltd.andLiyangTianmuPilotBatteryMaterialTechnologyCo.,Ltd.,anditcanbeappliedtosemi-solidstatebatteries.WiththereleaseoftheImplementationPlanfortheDevelopmentofNewEnergyStorageinthe"14thFive-YearPlan"issuedbytheNDRCandtheNationalEnergyAdministration,themarketprosperityoftheenergystoragefieldhasimprovedcontinuously.Inresponsetothefuturedemandfromtheenergystoragemarket,theCompanypromotedtheconstructionofadry-processlithiumbatteryseparatorprojectwithCelgardcontinuouslyduringtheReportingPeriod.TheequipmentofCompany'sfirstdry-processseparatorproductionlinewasbeinginstalledandtested,anditisexpectedtograduallyformproductioncapacityin2023,bringinglotsofcost-effectiveproductstothemarket.DuringtheReportingPeriod,theCompany'sBOPPfilmbusinessdevelopedsteadily.AsoftheendoftheReportingPeriod,theproductionplantofHongtaPlastic's70,000tons/yearBOPPfilmreconstructionandexpansionprojectwascompleted,andthenewproductionlineequipmentwasbeingtested.
(2)PackagingandprintingproductsandspecialtypaperproductsTheasepticpackagingbusinessoftheCompanyisoperatingwell.TheCompanymainlyserveslargedairyenterprisesandregionalwell-knowndairyenterprises.Throughcontinuousdevelopmentofnewproducts,itprovidescustomizedservicesforcustomerstoachieverapidgrowthinsalesofasepticpackagingproducts.In2022,theCompany'sasepticpackagingbusinessincreasedsteadily,achievinganoperatingrevenueofRMB0.620billion,representingayear-on-yearincreaseof7.22%.ThesalesvolumeoftheCompanywas3.222billionunits,representingayear-on-yearincreaseof
11.19%.TheCompany'sasepticpackagingproductshaveexcellentheatsealability,strongadaptabilitytodifferentmachines,lowfillinglossandothercharacteristics,andtheproductqualityandperformanceindicatorshavereachedtheindustry-leadinglevel.TheCompanywillstrengthenmarketdevelopment,seizemarketgrowthopportunitieswithlargedairyenterprisesandachieverapiddevelopmentofasepticpackagingbusiness.DuringtheReportingPeriod,whilestrengtheningthedevelopmentoftheexistingasepticpackagingmarket,theCompanyactivelycarriedouttheresearch,developmentandpromotionofnewproductssuchasAl-PE-Pacomplexpackagingmaterialsengineeredtoprotectedibleoilagainstmoisture,lightandairandscratchandsniffgabletoppackaging.Bylaunchingeco-friendly,innovative,interestingproductswithunprecedentedlygreatperformanceandquality,theCompanyimprovedthemarketcompetitivenessofitsasepticpackagingproductsanddevelopedadiversifiedmarketcoveringdairyproducts,beverages,oilproducts,soysauceandothercondiments.TheCompanywilldeveloppackagingandprintingproductsinadeep-goingwayandexpanditsmarketsharewithgoodproductdesign,materialoptimization,customizedresponseabilityandtimelyafter-salesserviceability.DuringtheReportingPeriod,ourcigarettelabelbusinessincreasedsteadilyanditsoperatingrevenuewasRMB0.129billion,representingayear-on-yearincreaseof11.86%.DuringtheReportingPeriod,thespecialtypapersproductsrecordedaslightdecreasewithanoperatingrevenueofRMB0.193billion,representingayear-on-yeardecreaseof5.3%.TheCompanyactivelydevelopedthemarket,rapidlyrespondedtocustomerneeds,strengthenedinternalrefinedmanagementandreducedcostswhileincreasingefficiencycontinuously.
(3)ReviewofotheraspectsRaisingnotmorethanRMB12.8billionbytheCompanythroughnon-publicissuanceofAsharesin2021wasapprovedbytheReplyonApprovingtheNon-publicIssuanceofAsharesbyYunnanEnergyNewMaterialCo.,Ltd.(No.1343[2022]oftheCSRC)issuedbytheChinaSecuritiesRegulatoryCommissiononJune28,2022,whichwaseffectivewithin12monthsfromthedateonwhichtheissuancewasapproved.
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
Inordertofurtherattractandretainoutstandingtalents,stimulateteamvitalityandeffectivelycombinetheinterestsoftheCompanywiththepersonalinterestsofthecoreteam,theCompanyimplementedthe2022StockOptionandRestrictedStockIncentivePlanduringtheReportingPeriod,coveringmorethan800incentiveobjectssuchastheCompany'smiddleandseniormanagementandcorestaff.MultiplebreakthroughsintechnologicalinnovationwereachievedduringtheReportingPeriod.AsattheendoftheReportingPeriod,theCompanyanditssubsidiariesobtained520patentsintotal,including365utilitymodelpatents,143inventionpatents(including18internationalpatents)and12designpatents.Inaddition,theCompanyemphasizesthedevelopmentofoverseaspatents.Theapplicationsfortheregistrationof95internationalpatentsand196domesticpatentshavebeenaccepted.
2.Revenueandcost
(1)Breakdownofoperatingrevenue
Unit:RMB
2022
2022 | 2021 | Year-on-yearincreaseordecrease | |||
Amount | Proportionintheoperatingrevenue | Amount | Proportionintheoperatingrevenue | ||
Totaloperatingrevenue | 12,590,925,529.68 | 100% | 7,982,426,810.59 | 100% | 57.73% |
Byindustry | |||||
Manufacturing | 12,217,521,522.39 | 97.03% | 7,866,428,440.28 | 98.55% | 55.31% |
Otherbusinesses | 373,404,007.29 | 2.97% | 115,998,370.31 | 1.45% | 221.90% |
Byproduct | |||||
Filmproducts | 11,250,255,657.25 | 89.35% | 6,913,272,941.66 | 86.61% | 62.73% |
Cigarettelabel | 129,096,161.72 | 1.03% | 115,404,633.29 | 1.45% | 11.86% |
Asepticpackaging | 619,760,249.96 | 4.92% | 578,035,152.65 | 7.24% | 7.22% |
Specialtypapers | 192,672,092.83 | 1.53% | 203,465,665.68 | 2.55% | -5.30% |
OtherProducts | 25,737,360.63 | 0.20% | 56,250,047.00 | 0.70% | -54.24% |
Otherbusinesses | 373,404,007.29 | 2.97% | 115,998,370.31 | 1.45% | 221.90% |
Byregion | |||||
Southwest | 1,713,083,683.51 | 13.61% | 1,055,816,267.84 | 13.23% | 62.25% |
East | 5,797,739,284.92 | 46.05% | 3,940,320,948.30 | 49.36% | 47.14% |
North | 162,432,864.37 | 1.29% | 220,578,356.55 | 2.76% | -26.36% |
SouthCentral | 3,248,090,813.64 | 25.80% | 1,525,714,178.36 | 19.11% | 112.89% |
Northwest | 290,175,100.70 | 2.30% | 295,656,593.50 | 3.70% | -1.85% |
Northeast | 47,590,945.63 | 0.38% | 38,818,315.58 | 0.49% | 22.60% |
Abroad | 1,331,812,836.91 | 10.58% | 905,522,150.46 | 11.34% | 47.08% |
Bysalesmodel | |||||
Directmarketing | 12,590,925,529.68 | 100.00% | 7,982,426,810.59 | 100.00% | 57.73% |
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
(2)Industries,products,regionsandsalesmodelsthataccountformorethan10%oftheCompany'soperating
revenueoroperatingprofit
√Applicable□N/A
Unit:RMB
Operatingrevenue
Operatingrevenue | Operatingcost | Rateofgrossmargin | Year-on-yearincreaseordecreaseinoperatingrevenue | Year-on-yearincreaseordecreaseinoperatingcost | Year-on-yearincreaseordecreaseintherateofgrossmargin | |
Byindustry | ||||||
Manufacturing | 12,217,521,522.39 | 6,360,676,130.43 | 47.94% | 55.31% | 59.88% | -1.49% |
Byproduct | ||||||
Filmproducts | 11,250,255,657.25 | 5,581,677,836.84 | 50.39% | 62.73% | 72.56% | -2.83% |
Byregion | ||||||
Southwest | 1,713,083,683.51 | 994,579,500.37 | 41.94% | 62.25% | 37.35% | 10.52% |
East | 5,797,739,284.92 | 2,802,761,992.76 | 51.66% | 47.14% | 67.13% | -5.78% |
SouthCentral | 3,248,090,813.64 | 1,896,375,323.26 | 41.62% | 112.89% | 101.90% | 3.18% |
Abroad | 1,331,812,836.91 | 626,875,994.42 | 52.93% | 47.08% | 61.16% | -4.11% |
Bysalesmodel | ||||||
Directmarketing | 12,590,925,529.68 | 6,568,148,382.65 | 47.83% | 57.73% | 64.12% | -2.03% |
UnderthecircumstancesthatthestatisticspecificationsfortheCompany’smainbusinessdataadjustedduringtheReportingPeriod,theCompany’smainbusinessdataofthispastyeariscalculatedbasedontheadjustedstatisticspecificationsattheendoftheReportingPeriod.
□Applicable?N/A
(3)WhethertheCompany'srevenuefromthesaleofphysicalproductsishigherthantherevenuefromservice
charges?Yes□No
Byindustry | Item | Unit | 2022 | 2021 | Year-on-yearincreaseordecrease |
Filmproducts | Sales | Ton | 102,765.07 | 78,666.40 | 30.63% |
Volumeofproduction | Ton | 106,761.27 | 78,928.36 | 35.26% | |
Inventory | Ton | 11,056.90 | 7,060.70 | 56.60% | |
Cigarettelabel | Sales | 10,000boxes | 49.27 | 43.12 | 14.26% |
Volumeofproduction | 10,000boxes | 42.97 | 49.01 | -12.32% | |
Inventory | 10,000boxes | 3.18 | 9.48 | -66.46% | |
Asepticpackaging | Sales | 10,000 | 322,228.15 | 289,803.12 | 11.19% |
Volumeofproduction | 10,000 | 328,252.96 | 288,974.57 | 13.59% | |
Inventory | 10,000 | 31,866.74 | 25,841.93 | 23.31% | |
Specialtypaper | Sales | Ton | 11,791.64 | 13,821.64 | -14.69% |
Volumeofproduction | Ton | 10,877.02 | 15,701.69 | -30.73% | |
Inventory | Ton | 2,448.57 | 3,363.19 | -27.20% |
Reasonsforthedatawithayear-on-yearchangeofmorethan30%
?Applicable□N/A
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
DuringtheReportingPeriod,theproduction,salesandinventoryofseparatorproductsincreasedsignificantly,mainlybecauseoftheexpansionofthescaleoftheCompany'slithiumbatteryseparatorbusiness.Thesignificantreductionintheinventoryofcigarettelabelproductsismainlybecauseoftheshorteningofthedeliverycycle.Thedeclineintheproductionofspecialpaperproductswasmainlycausedbythedecreaseinorders.
(4)ExecutionofmaterialcontractsofsaleandmaterialcontractsofpurchasesignedbytheCompanyasoftheReportingPeriod?Applicable□N/AExecutionofmaterialcontractsofsalesignedbytheCompanyasoftheReportingPeriod
□Applicable?N/A
Unit:RMB’0,000
Contractsubject
Contractsubject | Counterparty | Totalcontractamount | Totalamountpaid | AmountpaidduringtheReportingPeriod | Amounttobepaid | Whetheritwasexecutednormally | AmountofaccumulatedsalesrevenuerecognizedduringtheReportingPeriod | Recoveryofaccountsreceivable |
Lithiumbatteryseparator | LGES | LessthanUS$617million | 174,525.52 | 61,774.29 | 226,524.48 | Yes | 174,525.52 | Asoftheendofthereportingperiod,accountreceivablesamountedtoRMB225million.AsoftheendofFebruary2023,accumulatedcollectionsaftertheperiodamountedtoRMB[*],representing[*]%,theprogressofcollectionwasnormal. |
Lithiumbatteryseparator | UltiumCells,LLC | Yes | ||||||
Lithiumbatteryseparator | ContemporaryAmperexTechnologyCo.,Limited | Yes | ||||||
Lithiumbatteryseparator | Alargeoverseasautomobilemanufacturer | Yes | ||||||
Lithiumbatteryseparator | ChinaLithiumBatteryTechnologyCo.,Ltd. | Yes | ||||||
Lithiumbatteryseparator | AutomotiveCellsCompanySE | Yes |
ExecutionofmaterialcontractsofpurchasesignedbytheCompanyasoftheReportingPeriod
□Applicable?N/A
(5)Breakdownofoperatingcost
Productcategory
Unit:RMB
Byproduct | Item | 2022 | 2021 | Year-on-yearincreaseordecrease | ||
Amount | Percentageinthetotaloperatingcost | Amount | Percentageinthetotaloperatingcost | |||
Rawmaterial | 2,930,223,822.90 | 52.50% | 2,082,659,169.66 | 64.39% | 40.70% | |
Labor | 397,348,373.24 | 7.12% | 154,825,073.99 | 4.79% | 156.64% |
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
Filmproducts
Filmproducts | Manufacturingcost | 1,430,735,154.33 | 25.63% | 671,396,304.17 | 20.76% | 113.10% |
Energyandpower | 823,370,486.37 | 14.75% | 325,666,363.37 | 10.07% | 152.83% | |
Cigarettelabel | Rawmaterial | 41,880,099.43 | 71.44% | 59,056,240.47 | 88.33% | -29.08% |
Labor | 11,385,802.91 | 19.42% | 1,641,719.57 | 2.46% | 593.53% | |
Manufacturingcost | 4,178,744.59 | 7.13% | 5,555,699.73 | 8.31% | -24.78% | |
Energyandpower | 1,175,089.60 | 2.00% | 604,911.23 | 0.90% | 94.26% | |
Asepticpackaging | Rawmaterial | 470,085,737.08 | 89.62% | 442,144,630.94 | 91.70% | 6.32% |
Labor | 32,097,913.00 | 6.12% | 22,368,092.22 | 4.64% | 43.50% | |
Manufacturingcost | 15,219,790.08 | 2.90% | 13,133,577.93 | 2.72% | 15.88% | |
Energyandpower | 7,101,183.51 | 1.35% | 4,492,472.93 | 0.93% | 58.07% | |
Specialtypaper | Rawmaterial | 147,911,968.89 | 91.80% | 147,608,537.66 | 93.00% | 0.21% |
Labor | 4,623,428.02 | 2.87% | 3,842,056.17 | 2.42% | 20.34% | |
Manufacturingcost | 5,838,040.00 | 3.62% | 4,932,633.82 | 3.11% | 18.36% | |
Energyandpower | 2,757,448.91 | 1.71% | 2,328,616.99 | 1.47% | 18.42% | |
OtherProducts | Rawmaterial | 20,402,468.26 | 58.72% | 32,072,764.23 | 88.88% | -36.39% |
Labor | 4,119,488.87 | 11.86% | 1,480,837.59 | 4.10% | 178.19% | |
Manufacturingcost | 8,371,308.39 | 24.09% | 1,540,063.23 | 4.27% | 443.57% | |
Energyandpower | 1,849,782.05 | 5.32% | 992,484.33 | 2.75% | 86.38% |
Notes:
1.“Filmproducts”includeBOPPcigarettefilm,BOPPflatfilmandlithiumbatteryseparatorproducts.
2.“Otherproducts”referredtointhe“Breakdownofoperatingrevenue”and“Breakdownofoperatingcost”inSectionIVofthisreportmainlyinclude
holographichotstampingfoils,filmproducts,packagingfilmsforwrappingbyhand,aluminumlaminatedfilms,othermiscellaneousproductsandclearanceproducts.Theseproductsaccountforasmallvolumeofbusiness,andthepercentageofthesalesofsuchproductsinthetotalsalesislow.Thus,suchproductsbelongtothecategoryofotherproductsofmainbusinesses.
3.“Otherbusinesses”referredtointhe“Breakdownofoperatingrevenue”inSectionIVofthisreportmainlyreferstotheCompany’srevenuefromthesaleofmaterials,leasedassetsandthesaleofleftoverbitsandpieces.OtherbusinessesdonotbelongtothecategoryoftheCompany’smainbusinesses.
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
(6)ChangesofthescopeofthecombinedfinancialstatementsduringtheReportingPeriod?Yes□NoDuringtheReportingPeriod,tennewcompanieswereaddedtothecombinedfinancialstatementsoftheCompany:XiamenEnergyNewMaterialsCo.,Ltd.,YuxiEnergyNewMaterialsCo.,Ltd.*(玉溪恩捷新材料有限公司),ShanghaiEnergyNewMaterialResearchCo.,Ltd.*(上海恩捷新材料研究有限公司),HongchuangPackaging(Jiangsu)Co.,Ltd.,Energy(ZhuhaiHengqin)NewMaterialsTechnologyCo.,Ltd.*(恩捷(珠海横琴)新材料科技有限公司),ShanghaiEnergyTradingCo.,Ltd.*(上海恩尔捷贸易有限公司),JiangsuEnergyTradingCo.,Ltd.*(江苏恩捷贸易有限公司),SEMCORPPropertiesKft.,SEMCORPAmericaInc.andSEMCORPManufacturingUSALLC.AllofthesecompanieswerenewlyestablishedduringtheReportingPeriod.TheregistrationofFoshanDonghangOpto-ElectricTechnologyCo.,Ltd.wascancelledduringtheReportingPeriod.
(7)Majorchangesoradjustmentsinthebusiness,productsorservicesduringtheReportingPeriod
□Applicable?N/A
(8)Keycustomersandsuppliers
TheCompany'skeycustomers
Totalsalesofthetopfivecustomers(RMB)
Totalsalesofthetopfivecustomers(RMB) | 7,577,905,075.31 |
Proportionoftotalsalesofthetopfivecustomersovertotalsalesfortheyear | 60.19% |
Proportionofsalesofconnectedpartiesinthetopfivecustomersovertotalsalesfortheyear | 0.00% |
Informationonthetopfivecustomers
No. | CustomerName | Sales(RMB) | PercentageinthetotalsalesfortheYear |
1 | Customer1 | 3,971,064,695.00 | 31.54% |
2 | Customer2 | 1,467,854,687.91 | 11.66% |
3 | Customer3 | 1,187,589,649.36 | 9.43% |
4 | Customer4 | 502,110,106.70 | 3.99% |
5 | Customer5 | 449,285,936.33 | 3.57% |
Total | -- | 7,577,905,075.31 | 60.19% |
Otherinformationonkeycustomers
?Applicable□N/A
TheCompanyhadnoconnectedrelationshipwiththetopfivecustomers.Directors,supervisors,seniormanagement,coretechnicians,shareholdersholdingmorethan5%oftheshares,defactocontrollersandotherrelatedpartiesoftheCompanydonotdirectlyorindirectlyholdtheirinterestsinthetopfivecustomers.TheCompany’skeysuppliers
Totalsalesofthetopfivesuppliers(RMB) | 2,909,302,979.98 |
Proportionoftotalsalesofthetopfivesuppliersovertotalsalesfortheyear | 28.15% |
Proportionofsalesofconnectedpartiesinthetopfivesuppliersovertotalsalesfortheyear | 0.00% |
Informationonthetopfivesuppliers
No. | SupplierName | PurchaseAmount(RMB) | PercentageinthetotalpurchaseamountfortheYear |
1 | Supplier1 | 981,905,175.40 | 9.50% |
2 | Supplier2 | 783,855,928.68 | 7.58% |
3 | Supplier3 | 594,738,761.59 | 5.75% |
4 | Supplier4 | 274,895,182.78 | 2.66% |
5 | Supplier5 | 273,907,931.53 | 2.65% |
Total | -- | 2,909,302,979.98 | 28.15% |
Otherinformationonkeysuppliers
?Applicable□N/A
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
TheCompanyhadnoconnectedrelationshipwiththetopfivesuppliers.Directors,supervisors,seniormanagement,coretechnicians,shareholdersholdingmorethan5%oftheshares,defactocontrollersandotherrelatedpartiesoftheCompanydonotdirectlyorindirectlyholdtheirinterestsinthetopfivesuppliers.
3.Expense
Unit:RMB
2022
2022 | 2021 | Year-on-yearincreaseordecrease | Explanationsofmaterialchanges | |
Sellingexpenses | 74,455,043.47 | 74,035,002.36 | 0.57% | |
Administrativeexpenses | 323,291,931.01 | 216,333,939.36 | 49.44% | mainlyattributabletotheequityincentivescarriedoutbytheCompanyduringthereportingperiod,andthegrowthoftheCompany'sbusinessscale,andthecorrespondingincreaseinemployeecompensationandbonus |
Financialexpenses | 211,531,870.97 | 152,982,055.47 | 38.27% | MainlyattributabletotheincreaseinbankborrowingsasresultoftheincreaseincapitaldemandfordailyoperatingactivitiesduetothegrowthofbusinessvolumeoftheCompany |
R&Dexpenses | 724,297,699.66 | 409,178,730.28 | 77.01% | MainlyattributabletotheincreaseintherelatedR&DmaterialandpersonnelexpensesastheincreaseintheinvestmentinR&DactivitiesbytheCompany |
4.InvestmentsinR&D
?Applicable□N/A
NamesofkeyR&Dprojects | Projectpurposes | Projectprogress | Objectivestobeachieved | ExpectedimpactsontheCompany'sfuturedevelopment |
Developmentoflowmoistureandhighheatresistanceceramiccoatingproducts | EnteringthesupplychainoflocalbatteryenterprisesinEuropeandrealizingbatchsupply | Shipment | Homogenizationofbasefilmmicrostructureanddevelopmentofhighheatresistanceandlowmoisturecoating | ImprovingthecompetitivenessandsalesvolumeoftheCompany'sseparatorproducts,enteringthesupplychainofoverseashigh-qualitycustomersandincreasingtheCompany'smarketshare |
Developmentofbasefilmswithhighsafetybyusingsimultaneousbiaxialstretchingprocess | BatchsupplyforaJapanesecustomer | Allphysicalpropertieshavemettheneedsofthecustomer,andwearewaitingforthesigningofspecifications. | Massproductionandshipment | ImprovingthesalesvolumeoftheCompany'sseparatorproducts,improvingthestickinessofoverseashigh-qualitykeycustomersandestablishingstablecooperativerelations |
Aramidcoatingseparators | BatchsupplyforaJapaneseendcustomer | Thephysicalpropertieshavebasicallymettheneedsofthecustomer,andtheseparatorhasbeenputthroughapreliminarytestsuccessfully | Massproductionandshipment | Theaddedvalueoftheproductishigherthanthatofconventionalcoatedfilm.Theproducthelpsusenterthesupplychainofoverseashigh-endcustomersandimprovetheCompany'smarketshare |
Ultra-thinhigh-strengthseparators | Developingultra-thin5μmseparatorforhighenergydensitylithiumbattery | Thephysicalpropertieshavebasicallymettheneedsofcustomers,andtheseparatorhasbeenputthrougha | Massproductionandshipment | ImprovingthecompetitivenessandsalesvolumeoftheCompany'sseparatorproductsand |
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
preliminarytestsuccessfully
preliminarytestsuccessfully | increasingtheCompany'smarketshare | |||
Massproductionofsemi-solidstatelithium-ionconductivityseparators | Developinghighenergydensityandhighsafetylithiumbatteryseparatorwithanenergydensityofabove250wh/kg | Thephysicalpropertieshavebasicallymettheneedsofthecustomer,andtheseparatorhasbeenputthroughapreliminarytestsuccessfully | Massproductionandshipment | Withtheaidoftechnicalinnovation,meetingthedemandforlithiumbatterieswithhighenergydensityandhighsafety,enhancingtheCompany'stechnicalleadershipandcomprehensivecompetitiveness |
Designanddevelopmentofthethirdgenerationbasefilmswithlowshutdowntemperatureandhighsafety | Reducingtheshutdowntemperatureandimprovingthesafetyofseparators | Thephysicalpropertieshavebasicallymetthecustomer'sneeds,andwearewaitingforthecustomertofurtheradjusthis/herneeds | Massproductionandshipment | ImprovingthecompetitivenessandsalesvolumeoftheCompany'sseparatorproductsandincreasingtheCompany'smarketshare |
Basicdevelopmentofbasefilmswithultra-highmeltdowntemperatureandhighsafety | Increasingmeltdowntemperaturetoenhancethesafetyofseparators | Wehavetheabilitytosendsamplesandcooperatewithcustomerstomassproduce | Massproductionandshipment | Withtheaidoftechnicalinnovation,comprehensivelyimprovingthesafetyofseparatorsandenhancingthecompetitivenessoftheCompany'sproductsandtechnicaladvantages |
Massproductionofhighporosity/high-strengthbasefilms | Massproductionandshipmentfordomesticandforeignendcustomers | Thebasefilmhasbeenputthroughapreliminarytestsuccessfully,andwecontinuouslyimprovetheperformanceofmassproductionproducts | Massproductionandshipment | ImprovingthesalesvolumeoftheCompany'sseparatorproducts,improvingthestickinesstohigh-qualitycustomersathomeandabroadandestablishingstablecooperativerelations |
Massproductionofnewgenerationcoatedfilmswithlowcost,highadherenceandhighheat-resistance | Massproductionandshipmentfordomesticandforeignendcustomers | Thephysicalpropertieshavemetthecustomer'srequirements,andtheproductperformancehasbeencontinuouslyimproved | Massproductionandshipment | Reducingcosts,improvingseparatorbondingperformanceandincreasingthecompetitivenessoftheCompany'sproducts |
Researchofultra-smallporesizespecialfiltrationmembranes | ExpandingtheCompany'sbusinessandincreasingtheapplicationscenariosofseparators | Thephysicalpropertieshavebasicallymettheneedsofcustomers,andseparatorshavebeenputthroughapreliminarytestsuccessfully | Massproductionandshipment | Expandingtheapplicationscenariosofseparators,theCompany'sscopeofbusinessandcomprehensivecompetitiveness |
Developmentofmembranesformunicipalandindustrialwastewatertreatment | ExpandingtheCompany'sbusinessandincreasingseparatorapplicationscenarios | Thepilottestisunderway,andithasenteredthemassproductionpreparationstage | DeterminingOperationmodeandstartingmassproductionandshipment | ExpandingseparatorapplicationscenariosandtheCompany'sscopeofbusinessandenhancingtheCompany'scomprehensivecompetitiveness |
Developmentofaluminumlaminatedfilms | ExpandingthescopeofbusinessoftheCompany | Threekindsofaluminum-plasticfilmproductswithahighdegreeofformability,ahighdegreeofdurabilityandahighdegreeofinsulation | Realizingmassproductionanddelivery,continuouslyimprovingproductperformanceandenteringhigh-end | Comprehensivelyimprovingtheproductperformance,reachingtheglobaladvancedlevel,layingagoodfoundationforenteringthehigh-endmarketandenhancingtheCompany's |
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
havebeenlaunchedandpromoted.Theyareusedbytwohigh-endcustomers
havebeenlaunchedandpromoted.Theyareusedbytwohigh-endcustomers | customersupplychain | comprehensivecompetitiveness. | ||
R&Dofnewdegradablefilmmaterials | Meetingmarketdemandwiththeaidoftechnicalreserve | Goingthroughapreliminarytest | Makingfilmmaterialbedegradable | Conformingtotherequirementsofecologicalenvironmentprotection,relevantregulationsandpolicies,fulfillingsocialresponsibilities,improvingthemarketcompetitivenessoftheCompany'sproductsandimprovingtheCompany'seconomicbenefitsandcorporateimage. |
R&Dofbio-basedpolyethyleneplasticcaps | Meetingmarketdemandwiththeaidoftechniquereserve | Thesampleshavebeensentout,andtheprojectisinthepopularizationstage | Replacingpetroleum-basedpolymermaterialswithbio-basedpolymermaterialstoachieve100%naturaldegradationofpackagingmaterialsandachievesustainabledevelopment. | Goingwiththedevelopmentconceptof"ecologicalandenvironmentalprotection,energyconservationandcarbonreduction"andlayingthefoundationfortheCompany'sasepticpackagingproductstodevelopthemarketofGabletoppackaging(withalid). |
Scratchandsniffgabletoppackaging | Expandingthemarketofthepackagingmaterialsforliquid | Thesampleshavebeensentout,andtheprojectisinthepopularizationstage | Makingtheconventionalpackaginginteresting.Customerscansmellthefragranceafterscratchingthedesignatedarea,improvingtheexperienceofendcustomers | MakingthepackagingmaterialsforliquidnovelandattractiveandenhancingthemarketcompetitivenessoftheCompany'sasepticpackagingproducts. |
HighbarrieroilpackingmaterialswithAl-PE-Papercomplexstructure | Expandingthemarketofedibleoil,soysauceandothercondiments | Firstorderhasbeenplaced | Replacingtraditionalpackagingforedibleoilwithmoldedpulppackagingtoreducetheuseofplastics | Thematerialhasagoodbarrieragainstlight,watervaporandoxygen,improvingthesealingoftheCompany'sasepticpackagingproductsandlayingafoundationfortheCompany'sasepticpackagingproductstodevelopdiversifiedmarkets. |
InformationontheCompany’sR&Dpersonnel
2022 | 2021 | Year-on-yearchange(%) | |
NumberofR&Dpersonnel | 512 | 409 | 25.18% |
PercentageofR&Dpersonnelintotalemployees | 6.87% | 6.87% | 0.00% |
EducationalbackgroundstructureofR&Dpersonnel | |||
Bachelor’sdegreeandbelow | 408 | 334 | 22.16% |
Master’sdegreeandabove | 104 | 75 | 38.67% |
AgestructureofR&Dpersonnel | |||
Under30 | 183 | 140 | 30.71% |
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
Aged30-40
Aged30-40 | 252 | 199 | 26.63% |
InformationontheinvestmentinR&D
2022 | 2021 | Year-on-yearchange(%) | |
AmountoftheinvestmentinR&D(RMB) | 724,297,699.66 | 409,178,730.28 | 77.01% |
PercentageoftheinvestmentinR&Dinoperatingrevenue | 5.75% | 5.13% | 0.62% |
CapitalizedinvestmentinR&D(RMB) | 0.00 | 0.00 | 0.00% |
PercentageofthecapitalizedInvestmentinR&DintheinvestmentinR&D | 0.00% | 0.00% | 0.00% |
ReasonsforandimpactsofsignificantchangesofthecompositionoftheCompany’sR&Dpersonnel
□Applicable?N/AReasonsforsignificantyear-on-yearchangesofthepercentageoftheinvestmentinR&Dintheoperatingrevenue
□Applicable?N/AReasonsandjustificationforsignificantchangesofthecapitalizationrateoftheinvestmentinR&D
□Applicable?N/A
5.Cashflow
Unit:RMB
Item | 2022 | 2021 | Year-on-yearincreaseordecrease |
Subtotalofcashinflowsfromoperatingactivities | 8,891,273,722.39 | 6,846,043,812.83 | 29.87% |
Subtotalofcashoutflowsfromoperatingactivities | 8,387,686,123.73 | 5,427,398,435.01 | 54.54% |
Netcashflowsfromoperatingactivities | 503,587,598.66 | 1,418,645,377.82 | -64.50% |
Subtotalofcashinflowsfrominvestmentactivities | 72,299,752.44 | 1,814,884,845.70 | -96.02% |
Subtotalofcashoutflowsfrominvestmentactivities | 5,757,926,436.30 | 5,530,360,175.52 | 4.11% |
Netcashflowsfrominvestmentactivities | -5,685,626,683.86 | -3,715,475,329.82 | -- |
Subtotalofcashinflowsfromfinancingactivities | 14,379,311,728.60 | 6,116,519,647.62 | 135.09% |
Subtotalofcashoutflowsfromfinancingactivities | 7,600,203,806.51 | 4,503,459,616.59 | 68.76% |
Netcashflowsfromfinancingactivities | 6,779,107,922.09 | 1,613,060,031.03 | 320.26% |
Netincreaseincashandcashequivalents | 1,602,756,557.41 | -685,616,215.95 | -- |
Mainreasonsforsignificantyear-on-yearchangesoftherelevantdata
?Applicable□N/A
(1)Thecashoutflowfromoperatingactivitiesincreasedsignificantlyonayear-on-yearbasis,andthenetcashflowfromoperatingactivitiesdecreasedsignificantlyonayear-on-yearbasis,mainlybecauseofthebusinessgrowthoftheCompanyduringtheReportingPeriod,thecorrespondingincreaseinoperatingpayments,taxesandpayrollexpenses,andthesignificantincreaseincashoutflowfromoperatingactivities.
(2)Thesignificantyear-on-yeardecreaseinthecashinflowfrominvestmentactivitiesandthenetcashflowfrominvestmentactivitiesismainlybecauseoftheexpansionofthescaleoftheCompany'slithiumbatteryseparatorbusiness,theincreaseinfundsusedtoconstructfixedassets,theredemptionofduewealthmanagementfundsandthereductionofincomegenerated.
(3)Therelativelylargeyear-on-yeargrowthofcashflowfromfinancingactivitiesismainlybecauseofthegrowthoftheCompany'sbusinessduringtheReportingPeriod,theincreaseddemandforfundsfromdailyoperatingactivities,theincreaseinbankborrowings,andtheincreaseinrepaymentofloansandinterest.
(4)Thenetyear-on-yearincreaseincashandcashequivalentsismainlyduetotheincreaseinnetcashflowsfromfinancingactivitiesduringtheReportingPeriod.MainreasonsforthemarkeddifferencebetweennetcashflowfromoperatingactivitiesduringtheReportingPeriodandnetprofitfortheYear?Applicable□N/AMainlyduetoexpensesonfixedassetsuchasdevicesdirectlypaidbybillsreceivedbytheCompany.
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
V.AnalysisofNon-mainBusinesses
□Applicable?N/AVI.AnalysisofAssetsandLiabilities
1.Significantchangesofthecompositionofassets
Unit:RMB
Endof2022
Endof2022 | Beginningof2022 | Percentagechange | Reasonsforsignificantchanges | |||
Amount | Percentageinthetotalassets | Amount | Percentageinthetotalassets | |||
Monetarycapital | 3,954,316,829.31 | 10.24% | 1,833,450,205.69 | 7.02% | 3.22% | Mainlyattributabletotheincreaseinincomecollectionastheincreaseinpaymentandbusinessvolumeduringthereportingperiod |
Accountsreceivable | 6,559,717,117.36 | 16.98% | 4,405,436,085.52 | 16.86% | 0.12% | |
Contractassets | 0.00% | 0.00% | 0.00% | |||
Inventories | 2,463,490,238.80 | 6.38% | 1,681,448,170.29 | 6.44% | -0.06% | |
Investmentproperties | 8,399,300.54 | 0.02% | 8,933,531.66 | 0.03% | -0.01% | |
Long-termequityinvestments | 5,017,642.31 | 0.01% | 3,545,984.21 | 0.01% | 0.00% | |
Fixedassets | 14,306,873,399.88 | 37.04% | 10,877,888,212.91 | 41.64% | -4.60% | MainlyduetotheincreaseinpaymentforconstructionoffixedassetsasaresultoftheexpansionoftheCompany’slithiumbatteryseparatorbusinessduringthereportingperiod |
Projectsunderconstruction | 3,584,554,509.73 | 9.28% | 1,752,915,718.82 | 6.71% | 2.57% | MainlyduetotheincreaseinengineeringconstructionasaresultoftheexpansionofproductioncapacityoflithiumbatteryseparatorbytheCompanyduringthereportingperiod |
Right-of-useassets | 3,926,781.90 | 0.01% | 0.00% | 0.01% | ||
Short-termborrowings | 9,527,853,434.55 | 24.67% | 4,116,148,340.30 | 15.76% | 8.91% | MainlyduetotheincreaseinbankborrowingsasaresultoftheincreaseincapitaldemandfordailyoperatingactivitiesduetothegrowthofbusinessvolumeoftheCompany |
Contractliabilities | 24,596,154.15 | 0.06% | 761,923,312.38 | 2.92% | -2.86% | |
Long-termborrowings | 4,179,264,746.86 | 10.78% | 2,803,108,832.30 | 10.73% | 0.05% | |
Leaseliabilities | 1,331,485.16 | 0.00% | 0.00% | 0.00% |
Highpercentageofoverseasassets
□Applicable?N/A
2.Assetsandliabilitiesmeasuredatfairvalue
?Applicable□N/A
Unit:RMB
Item | Amountasatthebeginningofthe | Profitandlossfromthefairvaluechanges | Accumulatedfairvaluechangesrecognizedthrough | ImpairmentprovidedduringtheReportingPeriod | AmountofpurchaseduringtheReportingPeriod | AmountofsaleduringtheReportingPeriod | Otherchanges | AmountasattheendoftheReportingPeriod |
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
ReportingPeriod
ReportingPeriod | duringtheReportingPeriod | equity | ||||||
Financialassets | ||||||||
1.Financialassetsheldfortrading(excludingderivativefinancialassets) | 5,137,194.34 | 5,137,194.34 | 0.00 | |||||
2.Derivativefinancialassets | 9,850,069.59 | 9,850,069.59 | ||||||
3.Otherinvestmentindebts | ||||||||
4.Otherinvestmentinequityinstruments | 110,000,000.00 | 110,000,000.00 | ||||||
Sub-totaloffinancialassets | 115,137,194.34 | 9,850,069.59 | 5,137,194.34 | 119,850,069.59 | ||||
Others | 526,473,335.53 | 692,286,629.08 | 526,473,335.53 | 692,286,629.08 | ||||
Including:Bankacceptancebills | 412,477,885.83 | 692,286,629.08 | 412,477,885.83 | 692,286,629.08 | ||||
Commercialacceptancebills | ||||||||
Accountsreceivable | 113,995,449.70 | 113,995,449.70 | ||||||
Total | 641,610,529.87 | 9,850,069.59 | 692,286,629.08 | 531,610,529.87 | 812,136,698.67 | |||
Financialliabilities | 0.00 | 94,394.79 | 94,394.79 |
OtherchangesArethereanysignificantchangesofthemeasurementattributesoftheCompany’smajorassetsduringtheReportingPeriod
□Yes?No3.RestrictionofassetrightsasoftheendoftheReportingPeriod
Item | Balance | Reasonsforrestriction |
Monetaryfunds | 982,223,348.31 | Bankdraftmargin,letterofcreditmargin,letterofguaranteemargin,performancedeposit,securitydepositsforlockexchange,depositregulatedbybanks |
Receivablesfinancing | 4,227,939.20 | Bankloansandbankacceptancethroughpledge |
Billsreceivables | 775,359,141.70 | Bankloansthroughpledge |
Othernon-currentassets | 292,390,109.05 | Bankloansthroughpledge |
YunnanEnergyNewMaterialCo.,Ltd.2022AnnualReport
Non-currentassetswithinoneyear
Non-currentassetswithinoneyear | 28,105,438.78 | Bankloansthroughpledge |
Billsreceivables | 311,247,569.39 | Comprehensivebankcreditandloanthroughmortgage |
Intangibleassets | 53,697,916.67 | Comprehensivebankcreditandloanthroughmortgage |
Total | 2,447,251,463.10 | - |
VII.AnalysisofInvestments
1.Summary?Applicable□N/A
TotalinvestmentamountduringtheReportingPeriod(RMB) | Totalinvestmentamountduringthesameperiodoflastyear(RMB) | Change(%) |
7,648,313,351.79 | 6,676,555,356.59 | 14.55% |
2.SubstantialequityinvestmentsobtainedduringtheReportingPeriod
□Applicable?N/A
3.Substantialongoingnon-equityinvestmentsduringtheReportingPeriod
?Applicable□N/A
Unit:RMB
Projectname
Projectname | Investmentmode | Whetheritisaninvestmentinfixedassets | Industriesrelatedtotheinvestmentproject | AmountofinvestmentsduringtheReportingPeriod | AccumulatedactualinvestmentasoftheendoftheReportingPeriod | Sourceoffunds | Projectprogress | Projectedrevenue | AccumulatedrealizedrevenueasattheendoftheReportingPeriod | Reasonsforfailingtomakeplannedprogressandgenerateprojectedrevenue | Disclosuredate(ifany) | Indextodisclosure(ifany) |
WuxiEnergyNewMaterialIndustrialBase | Self-construction | Yes | Lithiumbatteryseparator | 25,277,048.23 | 2,060,110,764.32 | 1.self-ownedandself-raisedfunds;2.raisefundsbyconvertiblebonds | 100.00% | -- | 662,811,743.66 | N/A | July4,2018 | PleaserefertotheAnnouncementonImplementationofWuxiEnergyNewMaterialIndustrialBasebyWuxiEnergy(No.:2018-062)disclosedontheCninfowebsite. |
WuxiEnergyNewMaterialIndustrialBasePhaseII | Self-construction | Yes | Lithiumbatteryseparator | 800,803,932.15 | 2,367,902,997.59 | 1.self-ownedandself-raisedfunds;2.raisefundsbywayofnon-publicofferingin2020 | 93.28% | -- | 444,623,814.48 | N/A | July2,2019 | PleaserefertotheAnnouncementonCapitalIncreasebyShanghaiEnergytoWuxiEnergyandInvestmentinWuxiEnergyNewMaterialIndustrialBasePhaseII-LithiumBatterySeparatorFilm(No.:2019-076)disclosedontheCninfowebsite. |
ZhuhaiEnergyPhaseII | Self-construction | Yes | Lithiumbatteryseparator | 42,107,637.76 | 1,381,005,891.50 | Self-ownedandself-raisedfunds | 100.00% | -- | 1,363,610,369.49 | N/A | March15,2019 | PleaserefertotheAnnouncementonInvestmentbyZhuhaiEnergyinLithiumBatterySeparatorProjectPhaseII(No.:2019-024)disclosedontheCninfowebsite. |
JiangxiTonryPhaseI | Self-construction | Yes | Lithiumbatteryseparator | 2,246,661.94 | 1,739,610,313.02 | 1.self-ownedandself-raisedfunds;2.raisefundsbyconvertiblebonds | 99.65% | -- | 969,102,733.79 | N/A | November2,2018 | PleaserefertotheAnnouncementonAControlledSubsidiary’sAcquisitionof100%EquityofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.(No.:2018-141)disclosedontheCninfowebsite. |
JiangxiTonryPhaseIExpansion | Self-construction | Yes | Lithiumbatteryseparator | 838,429,945.98 | 2,471,737,219.12 | 1.self-ownedandself-raisedfunds;2.raisefundsbywayofnon-publicofferingin2020 | 91.35% | -- | 483,115,481.94 | N/A | March24,2020 | PleaserefertotheAnnouncementonPlanforNon-publicOfferingofASharesin2020(No.:2020-050)disclosedontheCninfowebsite. |
HungaryLithiumBatterySeparatorFilm | Self-construction | Yes | Lithiumbatteryseparator | 898,509,595.22 | 979,491,095.17 | Self-ownedandself-raisedfunds | 40.00% | -- | 0.00 | N/A | November11,2020 | PleaserefertotheAnnouncementonConstructionofWet-processLithiumBatterySeparatorProjectinHungary(No.:2020-204)disclosedontheCninfowebsite. |
ChongqingEnergyHigh-performance | Self-construc | Yes | Lithiumbatteryseparator | 424,019,221.74 | 662,328,512.36 | Self-ownedandself-raisedfunds | 100.00% | -- | 106,190,908.17 | N/A | November23,2021 | PleaserefertotheAnnouncementonPlanforNon-publicOfferingofASharesin2021(No.:2021-188)disclosedonthe |
LithiumBatteryMicroporeSeparator(PhaseI)
LithiumBatteryMicroporeSeparator(PhaseI) | tion | Cninfowebsite. | ||||||||||
ChongqingEnergyHigh-performanceLithiumBatteryMicroporeSeparator(PhaseII) | Self-construction | Yes | Lithiumbatteryseparator | 667,767,335.47 | 668,846,162.83 | Self-ownedandself-raisedfunds | 70.00% | -- | 23,362,512.17 | N/A | November23,2021 | PleaserefertotheAnnouncementonPlanforNon-publicOfferingofASharesin2021(No.:2021-188)disclosedontheCninfowebsite. |
ChongqingEnergyHigh-performanceLithiumBatteryMicroporeSeparator(PhaseIII) | Self-construction | Yes | Lithiumbatteryseparator | 42,154,520.91 | 42,488,988.83 | Self-ownedandself-raisedfunds | 90.00% | -- | 0.00 | N/A | December8,2021 | PleaserefertotheAnnouncementontheProgressofChongqingEnergyHigh-performanceLithiumBatteryMicroporeSeparatorProject(No.:2021-203)disclosedontheCninfowebsite. |
JiangsuEnergyEVLithiumBatterySeparatorIndustrializationProject | Self-construction | Yes | Lithiumbatteryseparator | 245,661,329.92 | 245,785,358.61 | Self-ownedandself-raisedfunds | 15.00% | -- | 2,616,032.96 | N/A | November23,2021 | PleaserefertotheAnnouncementonPlanforNon-publicOfferingofASharesin2021(No.:2021-188)disclosedontheCninfowebsite. |
JiangsuRuijieEVLithiumBatteryAluminumLaminatedFilmIndustrializationProject | Self-construction | Yes | Aluminumlaminatedfilm | 334,080,915.06 | 334,566,119.25 | Self-ownedandself-raisedfunds | 36.00% | -- | 0.00 | N/A | November23,2021 | PleaserefertotheAnnouncementonPlanforNon-publicOfferingofASharesin2021(No.:2021-188)disclosedontheCninfowebsite. |
SuzhouGreenPowerAnnualProductionof200MillionSquareMetersofLithium-ionBatteryCoatingSeparatorsProject | Self-construction | Yes | Lithiumbatteryseparator | 449,506,414.88 | 451,556,502.60 | Self-ownedandself-raisedfunds | 51.06% | -- | 261,256,493.23 | N/A | November23,2021 | PleaserefertotheAnnouncementonPlanforNon-publicOfferingofASharesin2021(No.:2021-188)disclosedontheCninfowebsite. |
YuxiEnergylithiumbatteryseparatorproductionlineconstructionprojectwithanannualproductioncapacityof1.6billionsquaremeters | Self-construction | Yes | Lithiumbatteryseparator | 2,410,889.35 | 2,410,889.35 | Self-ownedandself-raisedfunds | 3.31% | -- | 0.00 | N/A | March30,2022 | AnnouncementontheprogressonYuxiMunicipalPeople’sGovernmentSigningtheStrategicCooperationFrameworkAgreement(AnnouncementNo.:2022-044)disclosedontheCninfowebsite. |
Dry-processLithium-ion | other | Yes | Lithiumbatteryseparator(Dry- | 276,509,230.59 | 329,789,637.70 | Self-ownedandself-raisedfunds | 8.49% | -- | 0.00 | N/A | February1,2021 | AnnouncementonGaoanMunicipalPeople’sGovernmentinJiangxiProvinceSigningtheContractfortheConstruction |
BatterySeparatorFilmsProject
BatterySeparatorFilmsProject | process) | ofDry-processLithium-ionBatterySeparatorsProject(AnnouncementNo.:2021-018)disclosedontheCninfowebsite. | ||||||||||
HubeiEnergyEVLithiumBatterySeparatorIndustrializationProject | other | Yes | Lithiumbatteryseparator | 57,700,414.85 | 57,700,414.85 | 1.11% | -- | 0.00 | N/A | August3,2021 | AnnouncementonthePlantoSetUpaJointVenturewithEVEtoConstructaWet-ProcessingLithiumBatterySeparatorFilmProject(AnnouncementNo.:2021-128)disclosedontheCninfowebsite. | |
Total | -- | -- | -- | 5,107,185,094.05 | 13,795,330,867.10 | -- | -- | 0.00 | 4,316,690,089.89 | -- | -- | -- |
4.Financialassetinvestments(1)Investmentsinsecurities
□Applicable√N/ANoinvestmentsinsecuritiesduringtheReportingPeriod.
(2)Investmentsinderivatives
√Applicable□N/A1)InvestmentsinderivativesforhedgingduringtheReportingPeriod?Applicable□N/A
Unit:RMB’0,000
Typeofderivativeinvestment
Typeofderivativeinvestment | Initialinvestmentamount | Profitandlossfromchangesoffairvalueinthecurrentperiod | Accumulatedchangesoffairvalueincludedinequity | AmountofpurchaseduringtheReportingPeriod | AmountofsaleduringtheReportingPeriod | Closingamount | ProportionoftheamountofinvestmentattheendoftheperiodintheCompany'snetassetsattheendoftheReportingPeriod |
Forwardforeignexchangecontract | 0 | 975.57 | 0 | 133,912.3 | 108,570.53 | 27,247.85 | 0.00% |
Total | 0 | 975.57 | 0 | 133,912.3 | 108,570.53 | 27,247.85 | 0.00% |
AccountingpoliciesandspecificprinciplesofaccountingforhedgingbusinessduringtheReportingPeriod,anddetailsofwhethertherearesignificantchangesascomparedwiththepreviousReportingPeriod | AccountingiscarriedoutinaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,AccountingStandardsforBusinessEnterprisesNo.37-PresentationofFinancialInstruments,AccountingStandardsforBusinessEnterprisesNo.39–MeasurementofFairValue,etc..TherearenosignificantchangesascomparedwiththepreviousReportingPeriod. | ||||||
ActualprofitandlossduringtheReportingPeriod | TheactualprofitandlossoftheCompany'sforwardforeignexchangecontractisRMB12.0806million. | ||||||
HedgingEffect | WiththeincreasingtransparencyoftheRMBpricingmechanismandtheaccelerationofthemarket-orientedreformoftheexchangerate,thevolatilityofexchangerateandinterestratehasbeenincreasing,andtheuncertaintyofforeignexchangemarkethasbecomeincreasinglyprominent.Withthedevelopment |
oftheCompany'sglobalbusinesslayout,theCompany'sexportbusinessrevenueincreasecontinuously,foreigncurrencybusinessisinvolvedindailyoperation,andacertainamountofforeignexchangeassetsandforeignexchangeliabilitiesareheld.Inordertolockcostsandpreventtheriskofexchangeratefluctuations,itisnecessaryfortheCompanytocarryouttheforeignexchangederivativestradingbusinessrelatedtothedailybusinessneedsaccordingtothespecificsituation,inordertoreducetheriskofexchangerateorinterestratefluctuationsthattheCompanyfaces.TheforeignexchangederivativestradingbusinesscarriedoutbytheCompanyiscloselyrelatedtothedailyoperationneeds,whichcanfurtherimprovetheCompany'sabilitytodealwiththeriskofforeignexchangefluctuations,avoidandpreventtheriskofforeignexchangerateandinterestratemarketfluctuationsbetter,andenhancetheCompany'sfinancialstability.TherelevanthedgingbusinesscarriedoutbytheCompanythisyearachievedtheexpectedresults.
oftheCompany'sglobalbusinesslayout,theCompany'sexportbusinessrevenueincreasecontinuously,foreigncurrencybusinessisinvolvedindailyoperation,andacertainamountofforeignexchangeassetsandforeignexchangeliabilitiesareheld.Inordertolockcostsandpreventtheriskofexchangeratefluctuations,itisnecessaryfortheCompanytocarryouttheforeignexchangederivativestradingbusinessrelatedtothedailybusinessneedsaccordingtothespecificsituation,inordertoreducetheriskofexchangerateorinterestratefluctuationsthattheCompanyfaces.TheforeignexchangederivativestradingbusinesscarriedoutbytheCompanyiscloselyrelatedtothedailyoperationneeds,whichcanfurtherimprovetheCompany'sabilitytodealwiththeriskofforeignexchangefluctuations,avoidandpreventtheriskofforeignexchangerateandinterestratemarketfluctuationsbetter,andenhancetheCompany'sfinancialstability.TherelevanthedgingbusinesscarriedoutbytheCompanythisyearachievedtheexpectedresults. | |
Capitalsourceofderivativeinvestment | Ownfunds |
RiskanalysisandcontrolmeasuresofderivativeduringtheReportingPeriod(includingbutnotlimitedtomarketrisks,liquidityrisks,creditrisks,operationalrisks,legalrisks,etc.) | TheCompany'sforeignexchangederivativestradingbusinessshallfollowtheprinciplesoflegality,prudence,safetyandeffectiveness,andshallnotcarryoutspeculativeandpurearbitragetrading.However,theforeignexchangederivativestradingoperationstillhasthefollowingrisks,includingbutnotlimitedto:1.Marketrisks:thedifferencebetweentheexchangerateandinterestrateofthecontractandtheactualexchangerateandinterestrateonthematuritydateofforeignexchangederivativestradingwillgeneratetradingprofitsandlosses.Duringthedurationofforeignexchangederivatives,revaluationgainsandlosseswillbegeneratedineachaccountingperiod.Thecumulativevalueofrevaluationgainsandlossestillthematuritydateisequaltothetradinggainsandlosses.2.Liquidityrisks:foreignexchangederivativesarebasedontheCompany'sforeignexchangeassetsandliabilitiesandmatchwiththeactualforeignexchangereceiptsandpaymentstoensurethattherearesufficientfundsforclearingatthetimeofdelivery,soastoreducethecashflowdemandonthematuritydate.3.Performancerisk:ThecounterpartiesoftheCompany'sforeignexchangederivativestransactionsarebankswithgoodcreditandhaveestablishedlong-termbusinessrelationswiththeCompany,sotheperformanceriskislow.4.Operationalrisks:whenconductingtransactions,iftheoperatorsfailtoconductforeignexchangederivativestradingaccordingtotheprescribedproceduresorfailtofullyunderstandthederivativesinformation,itwillbringoperationalrisks.5.Legalriskscausedbycontractterms:ifthetermsofthetransactioncontractarenotclear,itmaybringlegalrisks.RiskcontrolmeasurestakenbytheCompanyforforeignexchangederivativestransactions:1.TheCompanyhasformulatedtheForeignExchangeDerivativesTradingBusinessManagementSystem,whichclearlystipulatestheoperationprinciples,approvalauthority,managementandinternaloperationprocess,informationisolationmeasures,internalriskreportingsystem,riskhandlingprocedures,informationdisclosureandothermeasuresoftheforeignexchangederivativestradingbusinesstocontrolthetransactionrisks.2.TheforeignexchangederivativestransactionscarriedoutbytheCompanyareaimedatlockingcosts,avoidingandpreventingexchangerateandinterestraterisks,andanyriskspeculationisprohibited.3.TheCompanywillcarefullyreviewthecontracttermssignedwithbankstopreventlegalrisks.4.TheFinanceDepartmentoftheCompanywilltrackthechangesintheopenmarketpriceorfairvalueofforeignexchangederivativescontinuously,timelyassessthechangesoftheriskexposureofforeignexchangederivativestransactions,andregularlyreporttothemanagementoftheCompany,timelyreportanyabnormalitiesfound,andwarnthemanagementofrisksandimplementemergencymeasures.5.TheinternalauditdepartmentoftheCompanyshallsuperviseandinspectthecomplianceofthedecision-making,managementandexecutionofforeignexchangederivativestransactions. |
ChangesofthemarketpriceorfairvalueofthederivativeproductsinvestedinduringtheReportingPeriod,theanalysisofthefairvalueofderivativesshoulddisclosethespecificmethodsusedandthesettingofrelevantassumptionsandparameters | TheCompany'sforeignexchangehedgingtransactionsaremainlyforwardforeignexchangecontracts,andthefairvalueofthecontractisthepriceinthevaluationnoticeofeachbank |
Litigations(ifapplicable) | N/A |
DisclosuredateofannouncementoftheBoardofDirectorsforapprovalofderivativeinvestments(ifany) | April12,2022 |
SpecialopinionsonindependentdirectorsontheCompany'sderivativeinvestmentsandrisk | TheCompanyhasissuedafeasibilityanalysisreportontheproposedforeignexchangederivativetradingbusiness.Themainpurposeoftheforeignexchange |
control
control | derivativetradingbusinessistoavoidtheforeignexchangeriskscausedbythefluctuationoftheRMBexchangerate,effectivelycontrolthecostuncertaintycausedbytheforeignexchangerisks,andmeettheneedsoftheCompany'soperationanddevelopment.TheCompanyhasformulatedtheForeignExchangeDerivativesTradingBusinessManagementSystemandrelevantriskcontrolmeasures,whichareconducivetostrengtheningtheriskmanagementandcontrolofforeignexchangederivativestrading.Thisforeignexchangederivativetradingbusinesshasperformedthecorrespondingdecision-makingproceduresandinformationdisclosureobligations,conformstotherelevantprovisionsoftheGuidelinesfortheStandardisedOperationofListedCompaniesontheSMEBoardofShenzhenStockExchange,anddoesnotharmtheinterestsoftheCompanyandallshareholders,especiallythesmallandmedium-sizedshareholders.WeapprovetheforeignexchangederivativetradingbusinessoftheCompany. |
2)InvestmentsinderivativesforspeculationduringtheReportingPeriod
□Applicable?N/ANoinvestmentsinderivativesforspeculationduringtheReportingPeriod.
5.Useoffundsraised?Applicable□N/A
(1)Overalluseoffundsraised?Applicable□N/A
Unit:RMB’0,000
Yearofraisingfunds | Wayofraisingfunds | Totalamountoffundsraised | TotalamountoffundsusedduringtheReportingPeriod | Theaccumulatedamountoffundsused | TotalamountoffundsraisedwithchangesofuseduringtheReportingPeriod | Totalaccumulatedamountoffundsraisedwithchangesofuse | Percentageofthetotalaccumulatedamountoffundsraisedwithchangesofuseinthetotalamountoffundsraised | Totalamountofunusedfunds | Useandwhereaboutsofunusedfunds | Amountoffundsraisedthathavebeenidleformorethantwoyears |
2016 | Initialpublicoffering | 74,776.7 | 0 | 64,188.02 | 0 | 10,588.68 | 14.16% | 10,588.68 | Depositedtoaspecialbankaccountforraisedfunds | 10,588.68 |
2020
2020 | Publicofferingofconvertiblecorporatebondsin2020 | 158,612.26 | 0 | 158,612.26 | 0 | 0 | 0.00% | 0 | N/A | 0 |
2020 | Non-publicofferingofsharesin2020 | 498,250.46 | 14,536.38 | 503,663.58 | 0 | 0 | 0.00% | 0 | Depositedtoaspecialbankaccountforraisedfunds | 0 |
Total | -- | 731,639.42 | 14,536.38 | 726,463.86 | 0 | 10,588.68 | 1.45% | 10,588.68 | -- | 10,588.68 |
Explanationsoftheoveralluseofthefundsraised | ||||||||||
I.InitialPublicOfferingWiththeapprovalofCSRCZJXK[2016]No.1886,theCompanymadeitsinitialpublicofferingof33.48millionRMB-denominatedordinaryshares.ChinaMerchantsSecuritiesCo.,Ltd.,themainunderwriter,issued33.48millionsharesbycombiningofflineenquiryandallotmenttoinvestorsandonlinesubscriptionbasedonmarketvaluetopublicinvestors.Allofthesharesissuedarenewshares,withouttransferofoldshares.Amongthem,3.348millionshareswereallottedoffline,30.1320millionshareswereissuedonlineatapriceofRMB23.41pershare.Inaddition,afterdeductingRMB3,599.98ofnewlyincreasedexternalexpensesdirectlyrelatedtotheissuanceofequitysecurities,suchasonlineissuancefee,prospectusprintingfee,accountancyfeesrelatingtofilingtaxes,counselfeeandvaluationfee,thenetamountofraisedfundswasRMB747.767million.TheavailabilityoftheaboveraisedfundswasverifiedbyDahuaCPAs(SGP)withthecapitalverificationreportof“DHYZ[2016]No.000897”.AsofSeptember30,2016,theself-ownedfundsinvestedintheprojectsbywhichfundswereraisedreachedRMB236.6591million,whichwasauditedbyDahuaCPAs(SGP).DahuaCPAs(SGP)issuedthereportofDHHZNo.[2016]004562.In2017,thetotalamountofusedfundswasRMB26,067,736.89.In2018,thetotalamountofusedfundswasRMB36,288,006.85.In2019,thetotalamountofusedfundswasRMB24,728,775.11.From2020to2021,thetotalamountofusedfundswasRMB0.00.DuringtheReportingPeriod,thetotalamountofusedfundswasRMB0.00.AsofDecember31,2022,thebalanceoffundsraisedwasRMB116,104,516.17(includingthenetinterestincomeofthespecialbankaccountofRMB10,217,752.22(afterdeductinghandlingcharges)).II.PublicOfferingofConvertibleCorporateBondsin2020UponapprovalfromtheCSRCwiththeReplyontoApprovethePublicOfferingofConvertibleCorporateBondsofYunnanEnergyNewMaterialCo.,Ltd.(ZJXKNo.[2019]2701),theCompanypubliclyissued16millionconvertiblecorporatebondsonFebruary11,2020,withafacevalueofRMB100eachbondandatotalamountofRMB1,600,000,000.Afterdeductingtheunderwritingandsponsorshipfees(pre-tax)ofRMB9,433,962.26andotherofferingexpenses(pre-tax)ofRMB4,443,396.23fromthetotalamountofproceedsfrompublicofferingofconvertiblecorporatebonds,thenetamountofproceedsfromofferingbytheCompanywasRMB1,586,122,641.51.TheavailabilityoffundsraisedthistimewasverifiedbyDahuaCPAs(SGP)withthecapitalverificationreportof“DHYZNo.[2020]000047”.AsofMarch16,2020,beforetheavailabilityoffundsraised,theself-collectedfundsinvestedintheprojectsbywhichfundswereraisedreachedRMB1,697,984,425.54,whichwasfullyreplacedwiththefundsraisedbyissuingconvertiblecorporatebondswithanamountofRMB1,586,122,641.51.SuchfinancialactivitieswereauditedbyDahuaCPAs(SGP),andDahuaCPAs(SGP)issuedareportofDHHZNo.[2020]001799.AsofDecember31,2020,thefundsraisedfromconvertiblecorporatebondsbytheCompanywereallreplaced,andthebalanceofthespecialaccountwasRMB0.00.TheCompanyhascancelledthespecialaccount.III.Non-publicOfferingofSharesin2020UponapprovalfromtheCSRCwiththeReplyonApprovingtheNon-publicOfferingofSharesofYunnanEnergyNewMaterialCo.,Ltd.(ZJXKNo.[2020]1476),theCompanynon-publiclyissued69,444,444RMB-denominatedordinarysharesto22specificinvestorsonAugust17,2020,withafacevalueofRMB1.00eachshare,attheofferingpriceofRMB72.00pershare,andthetotalamountofthefundsraisedfromthisofferingwasRMB4,999,999,968.00.Afterdeductingtheunderwritingandsponsorshipfees(pre-tax)ofRMB14,150,943.40andotherofferingexpenses(pre-tax)ofRMB3,344,470.11fromthetotalamountofthefundsraisedfromthisoffering,thenetamountoffundsraisedfromthisofferingbytheCompanywasRMB4,982,504,554.49.TheavailabilityoffundsraisedbythisofferingwasverifiedbyDahuaCPAs(SGP)withthecapitalverificationreportof“DHYZNo.[2020]000460”.Beforethefundsraisedwereavailable,theself-collectedfundsinvestedintheprojectsbywhichfundswereraisedreachedRMB254,221,260.11,whichwasauditedbyDahuaCPAs(SGP).DahuaCPAs(SGP)issuedthereportofDHHZNo.[2020]007436.TheamountofusedfundswasRMB1,999,307,646.21in2020.TheamountofusedfundswasRMB2,637,743,136.15in2021.AsofDecember31,2022,thebalanceintheaccountoffundsraisedwasRMB0.00,andtheCompanyhascancelledthespecialaccountofraisedfunds. |
(2)ProjectsinwhichtheCompanyundertakestoinvestthefundsraised
√Applicable□N/A
Unit:RMB’0,000
ProjectsinwhichtheCompanyundertakestoinvestthefundsraisedandthewhereaboutsoftheoverraisedfunds
ProjectsinwhichtheCompanyundertakestoinvestthefundsraisedandthewhereaboutsoftheoverraisedfunds | Whethertheprojecthasbeenchanged,includingchangesofsomepartsoftheproject | TotalamountoffundstheCompanyundertakestoinvest | Totalinvestmentamountafteradjustment(1) | InvestmentamountduringtheReportingPeriod | AccumulatedinvestmentamountasoftheendoftheReportingPeriod(2) | InvestmentprogressasoftheendoftheReportingPeriod(3)=(2)/(1) | Dateonwhichtheprojectwasready | BenefitsachievedduringtheReportingPeriod | Whethertheestimatedbenefitshavebeenachieved | Whetherthefeasibilityoftheprojecthaschangedsignificantly |
ProjectsinwhichtheCompanyundertakestoinvest | ||||||||||
1.Reconstructionandexpansionprojectofcolorpackagingboxeswithannualproductionoutputof3billionpieces | No | 28,414.7 | 28,414.7 | 0 | 28,414.7 | 100.00% | August15,2019 | 4,209.32 | No | No |
2.Reconstructionandexpansionprojectofhigh-gradeenvironmental-friendlyspecialtypaperswithannualproductionoutputof13,000tons | Yes | 10,684.57 | 3,617.5 | 0 | 3,617.5 | 100.00% | — | N/A | Yes |
3.R&Dcenterconstructionproject
3.R&Dcenterconstructionproject | Yes | 4,993.17 | 1,471.56 | 0 | 1,471.56 | 100.00% | — | N/A | Yes | |
4.Repaymentofbankloans | No | 20,000 | 20,000 | 0 | 20,000 | 100.00% | — | N/A | No | |
5.Additiontocurrentcapital(IPO) | No | 10,684.26 | 10,684.26 | 0 | 10,684.26 | 100.00% | — | N/A | No | |
6.Lithiumbatteryseparatorproject(PhaseI)ofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.withanannualproductionoutputof400millionsquaremeters | No | 58,612.26 | 58,612.26 | 0 | 58,612.26 | 100.00% | December31,2019 | 56,959.36 | No | No |
7.WuxiEnergyNewMaterialIndustrialBaseproject | No | 100,000 | 100,000 | 0 | 100,000 | 100.00% | September30,2020 | 37,074.22 | No | No |
8.Expansionoflithiumbatteryseparatorproject(PhaseI)ofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | No | 148,250.46 | 148,250.46 | 149,909.24 | 100.00% | July31,2022 | 46,279.48 | No | No | |
9.ExpansionofWuxiEnergyNewMaterialIndustrialBasePhaseII | No | 200,000 | 200,000 | 14,536.38 | 203,754.34 | 100.00% | October31,2022 | 39,892.5 | No | No |
10.Additiontocurrentcapital(non-publicofferingin2020) | No | 150,000 | 150,000 | 0 | 150,000 | 100.00% | — | N/A | No | |
SubtotaloftheprojectsinwhichtheCompanyundertakestoinvest | -- | 731,639.42 | 721,050.74 | 14,536.38 | 726,463.86 | -- | -- | 184,414.88 | -- | -- |
Whereaboutsoftheoverraisedfunds | ||||||||||
N/A | 0 | 0 | 0 | 0 | 0.00% | 0 | ||||
Subtotalofwhereaboutsofoverraisedfunds | -- | 0 | 0 | 0 | 0 | -- | -- | 0 | -- | -- |
Total | -- | 731,639.42 | 721,050.74 | 14,536.38 | 726,463.86 | -- | -- | 184,414.88 | -- | -- |
Accordingtothesituationofeachproject,explainthereasonsfornotachievingtheplannedprogressandestimatedbenefits(including"whethertheestimatedbenefitshavebeenachieved"andthereasonsforselecting"N/A") | Theestimatedbenefitistheestimatedannualnetprofitwhentheprojectisreadyforuseandthecapacityisfullyreleased.AsoftheendoftheReportingPeriod,the"reconstructionandexpansionprojectofcolorpackagingboxeswithanannualproductionoutputof3billionpieces"reacheditscapacity.However,duetotheimpactoftheincreaseinpriceofbulkrawmaterialsandCovidpandemic,andthebenefitsoftheReportingperioddidnotreachtheexpectedbenefit.Underthe“Lithiumbatteryseparatorproject(PhaseI)withanannualproductionoutputof400millionsquaremetersofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.”,“WuxiEnergyNewMaterialIndustrialBase”,“Expansionoflithiumbatteryseparatorproject(PhaseI)ofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.”And“ExpansionofWuxiEnergyNewMaterialIndustrialBasePhaseII”,basefilmhadreleasetheircapacities,butcoatingfilmdidnotreleasethecapacities,anddidnotreachtheestimatedbenefitsfortheyear. |
Significantchangesofthefeasibilityoftheproject
Significantchangesofthefeasibilityoftheproject | I.InitialPublicOffering1.The“reconstructionandexpansionprojectofhigh-gradeenvironmental-friendlyspecialtypaperswithanannualproductionoutputof13,000tons”wasplannedbytheCompanybasedonthemarketsituationandtheCompany’sproductioncapacitybeforelisting.Astimegoesby,themarkethaschangeddramatically.Since2016,thepurchasemodeofdownstreamtobaccomanufacturersforspecialtypaperproductshasbeenadjustedfromquantityallocationbycigarettemanufacturerstotheindependentpurchasingmodethroughcentralizedbiddingorcommercialnegotiationbycigarettelabelprintingenterprises.Cigarette-relatedenterprisescanexpandthebargainingrangefromregiontothewholecountrybymeansofbiddingorthecommercialnegotiationmodeofpublicmarketinquiryandpricenegotiationbythemselves,breakingtheoriginalcompetitionpatternfeaturingfixedshareandregion.Asaresult,specialtypapermanufacturerstookactivecompetitionstrategieslikepricereductiontoseizeorders,andtheindustrypatternchanged.Asaresultoftheaboveindustrialpolicyadjustment,thespecialtypaperindustryhasformedanewpatternfeaturingfullmarketcompetition,withmorefiercemarketcompetitionandsharpdropinprice.Iftheprojectwentonasscheduledpreviously,itmayfacetherisksthattheutilizationrateofraisedfundsmaydeclineandtheexpectedinvestmentobjectivemaynotbeachieved.Therefore,theCompanyterminatedtheimplementationofthisprojectin2019.2.“R&Dcenterconstructionproject”wastomeetthedemandoftheR&Dforthemainbusinessesbeforelisting.WiththecompletionoftheCompany’smajorassetrestructuringin2018,theCompany’smainbusinessescoveredlithiumbatteryseparator,whichhashightechnologicalrequirements.Themanufacturingoflithium-ionbatteryhasahighrequirementforthecharacteristicsofseparatormaterials,especiallytheconsistency,andalsofortheuniformityofthesizeanddistributionofseparatormicropores.BasedontheCompany’sbusinessdevelopmentplanandmarketdemand,inordertobetterimplementtheCompany’sdevelopmentstrategy,theCompanyplannedtointegratethetechnologycenterscurrentlyscatteredineachsubordinatecompany,soastoensurethattheCompany’sR&Dtechnologyfurtherimproveproductionefficiency,productqualityandnewproductdevelopmentcapacity.Theabovechangewasconsideredandadoptedatthe27thmeetingofthethirdBoardofDirectorsoftheCompany,the22ndmeetingofthethirdSupervisoryCommitteeandthe2018GeneralMeetingofShareholders. |
Amount,useandstatusofoverraisedfunds
Amount,useandstatusofoverraisedfunds | N/A |
Changesofthelocationstoimplementtheprojectswithinvestmentsoutofthefundsraised
Changesofthelocationstoimplementtheprojectswithinvestmentsoutofthefundsraised | Applicable |
Inthepast | |
UponthedeliberationandapprovalfortheProposalonChangingSomeProjectswithInvestmentsoutoftheFundsRaisedatthe27thmeetingofthe3rdBoardofDirectorsoftheCompany,itwasagreedtoterminatethe“reconstructionandexpansionprojectofhigh-gradeenvironmental-friendlyspecialtypaperswithannualproductionoutputof13,000tons”andthe“R&Dcenterconstructionproject”,andinvestthebalanceofthefundsraisedforthesetwoprojects,totalingRMB105.8868million,andtheinterestincome,inthenewproject-EnergyTechnologyResearchInstitute.TheCompanywillinvesttoestablishawholly-ownedsubsidiary(whichhasnotbeenregisteredsofar,subjecttotheapprovalofthebusinessregistry)astheentitytoimplementtheprojectofEnergyTechnologyResearchInstitute,andleasetheexperimentalbuildinginthefactoryareaofShanghaiEnergy.Thelocationtoimplementtheprojectischangedto155NanluRoad,PudongNewArea,Shanghai. | |
Adjustmenttotheimplementationmethodofprojectswithinvestmentoutoffundsraised | N/A |
Preliminaryinvestmentinprojectsandreplacementwiththefundsraised
Preliminaryinvestmentinprojectsandreplacementwiththefundsraised | Applicable |
I.InitialPublicOfferingWiththedeliberationandapprovalatthe18thmeetingofthesecondBoardofDirectorsoftheCompanyontheProposalonUseofFundsRaisedtoReplacethePreliminarilyInvestedSelf-collectedFunds,itisagreedtoreplacetheself-collectedfundsofRMB236.6591millionthathavebeeninvestedintheprojectsforwhichthefundswereraised.RMB197.9357millionwaspreliminarilyinvestedinthe“thereconstructionandexpansionprojectofcolorpackagingboxeswithanannualproductionoutputof3billionpieces”,RMB24.2138millionwaspreliminarilyinvestedinthe“reconstructionandexpansionprojectofhigh-gradeenvironmental-friendlyspecialtypaperswithannualproductionoutputof13,000tons”,andRMB14.5096millionwaspreliminarilyinvestedinthe“R&Dcenterconstructionproject”.II.PublicOfferingofConvertibleCorporateBondsin2020Atthe42ndmeetingofthethirdBoardofDirectorsoftheCompany,theProposalontheUseofProceedsfromConvertibleCorporateBondstoReplaceSelf-collectedFundsPreliminarilyInvestedinFund-raisingInvestmentProjectswasdeliberatedandapproved,anditwasagreedthattheCompanyusedthefundsraisedfromthisofferingtoreplacepartself-collectedfundsalreadyinvestedintheprojectsbywhichthefundswereraised.AsofMarch16,2020,theCompanyaccumulativelyusedself-collectedfundsofRMB1,697.9844millionfortheprojects,andthenetamountoffundsraisedfromthisofferingofconvertiblecorporatebondswasRMB1,586.1226million,whichwasusedfullytoreplacethepreliminarilyinvestedself-collectedfunds,includingRMB596.8886millioninvestedin“WuxiEnergyNewMaterialIndustrialBase”andreplacedwiththefundsraisedofRMB5,86.1226million;RMB1,101.0959millioninvestedinthe“lithiumbatteryseparatorproject(PhaseI)withanannualproductionoutputof400millionsquaremetersofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.”andreplacedwiththefundsraisedofRMB1,000million.III.Non-publicOfferingofSharesin2020Atthe11stmeetingofthefourthBoardofDirectorsandthe11stmeetingofthefourthSupervisoryCommittee,theProposalonReplacementofPreliminarilyInvestedSelf-collectedFundswiththeProceedsfromtheNon-publicOfferingofASharesin2020wasdeliberatedandapproved,anditwasagreedtoreplacetheself-collectedfundsofRMB254.2213millionalreadyinvestedintheprojectswiththefundsraisedRMB157.1693millionwaspreliminarilyinvestedinthe“expansionprojectoflithiumbatteryseparator(PhaseI)ofJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.”;RMB97.052millionwaspreliminarilyinvestedinthe“expansionprojectofWuxiEnergyNewMaterialIndustrialBasePhaseII”. |
Idlefundsraisedtemporarilyaddedtocurrentcapital
Idlefundsraisedtemporarilyaddedtocurrentcapital | Applicable |
I.InitialPublicOfferingOnFebruary24,2020,atthe41stmeetingofthethirdBoardofDirectors,andthe36thmeetingofthethirdSupervisoryCommittee,theProposalonUseofSomeIdleFundsRaisedtoTemporarilySupplementtheCurrentCapitalwasdeliberatedandapproved,anditwasagreedtousetheidlefundsraisedtotheextentofnotmorethanRMB110milliontotemporarilysupplementthecurrentcapitalwithin12monthsfromthedatetheaboveproposalwasapproved,andtheindependentdirectorsandsponsoralsoexpressedtheopiniontoagreeupontheproposal.OnAugust26,2020,theCompanytransferredtheaboveRMB110milliontoaspecialaccountforthefundsraised,andinformedthesponsorCITICSecuritiesanditsrepresentativeofsuchtransfer.II.Non-publicOfferingofSharesin2020OnSeptember7,2020,atthe11stmeetingofthefourthBoardofDirectorsandthe11stmeetingofthefourthSupervisoryCommittee,theProposalonUseofSomeIdlefundsraisedtoTemporarilySupplementtheCurrentCapitalwasdeliberatedandapproved,anditwasagreedtousetheidlefundsraisedfromthenon-publicofferingofsharesin2020totheextentofnotmorethanRMB800milliontotemporarilysupplementthecurrentcapitalfortheproductionandoperationrelatedtothemainbusinesswithin12monthsfromthedatethesixthExtraordinaryGeneralMeetingofShareholdersof2020approvedtheproposal.Theindependentdirectorsandsponsoralsoexpressedtheopiniontoagreeupontheproposal.AsofJune1,2021,theCompanyreturnedtheidleraisedcapitalofRMB800millionusedtotemporarilysupplementtheworkingcapitaltotheCompany'sspecialaccountforraisedcapital,andwetimelyinformedthesponsorCITICSecuritiesandthesponsorrepresentativeofthereturnoftheraisedcapital. | |
Amountofandreasonsforanybalanceofthefundsraisedaftertheprojectimplementation | N/A |
Depositedtoaspecialbankaccountforraisedfunds | |
Defectsandotherproblemsinutilizationanddisclosureoftheraisedfunds | None |
(3)Projectwithchangeduseoffundsraised?Applicable□N/A
Unit:RMB’0,000
Projectafterchange
Projectafterchange | Projectbeforechange | Totalamountofintendedinvestmentfromthefundsraisedinthechangedproject(1) | ActualinvestmentamountduringtheReportingPeriod | ActualaccumulativeinvestmentamountasattheendoftheReportingPeriod(2) | InvestmentprogressasattheendoftheReportingPeriod(3)=(2)/(1) | Dateofprojectreachingintendedusablecondition | BenefitsachievedduringtheReportingPeriod | Whethertheexpectedbenefitsareachieved | Whetherthefeasibilityofthechangedprojecthaschangedsignificantly |
ProjectofEnergyTechnologyResearchInstitute | 1.Reconstructionandexpansionprojectofhigh-gradeenvironmental-friendlyspecialtypaperswithannualproductionoutputof13,000tons;2.R&Dcenterconstructionproject | 10,588.68 | 0 | 0 | 0.00% | -- | 0 | N/A | Yes |
Total | -- | 10,588.68 | 0 | 0 | -- | -- | 0 | -- | -- |
Reasonforchange,decisionmakingprocedureandinformationdisclosure(byspecificproject) | 1.The“reconstructionandexpansionprojectofhigh-gradeenvironmental-friendlyspecialtypaperswithannualproductionoutputof13,000tons”wasplannedbytheCompanybasedonthemarketsituationandtheCompany’sproductioncapacitybeforelisting.Astimegoesby,themarkethaschangeddramatically.Since2016,thepurchasemodeofdownstreamtobaccomanufacturersforspecialtypaperproductshasbeenadjustedfromquantityallocationbycigarettemanufacturerstotheindependentpurchasingmodethroughcentralizedbiddingorcommercialnegotiationbycigarettelabelprintingenterprises.Cigarette-relatedenterprisescanexpandthebargainingrangefromregiontothewholecountrybymeansofbiddingorthecommercialnegotiationmodeofpublicmarketinquiryandpricenegotiationbythemselves,breakingtheoriginalcompetitionpatternfeaturingfixedshareandregion.Asaresult,specialtypapermanufacturerstookactivecompetitionstrategieslikepricereductiontoseizeorders,andtheindustrypatternchanged.Asaresultoftheaboveindustrialpolicyadjustment,thespecialtypaperindustryhasformedanewpatternfeaturingfullmarketcompetition,withmorefiercemarketcompetitionandsharpdropinprice.Iftheprojectwentonasscheduledpreviously,itmayfacetherisksthattheutilizationrateofraisedfundswilldeclineandtheexpectedinvestmentobjectivemaynotbeachieved.Therefore,theCompanyterminatedtheimplementationofthisprojectin2019.2.“R&Dcenterconstructionproject”wastomeetthedemandoftheR&Dforthemainbusinessbeforelisting.WiththecompletionoftheCompany’smajorassetrestructuringin2018,theCompany’smainbusinesscoveredlithiumbatteryseparator,whichhashightechnologicalrequirements.Themanufacturingoflithium-ionbatteryhasahighrequirementforthecharacteristicsofseparatormaterials,especiallytheconsistency,andalsofortheuniformityofthesizeanddistributionofseparatormicropores.BasedontheCompany’sbusinessdevelopmentplanandmarketdemand,inordertobetterimplementtheCompany’sdevelopmentstrategy,theCompanyplannedtointegratethetechnologycenterscurrentlyscatteredineachsubordinatecompany,soastoensurethattheCompany’sR&Dtechnologycanfurtherimproveproductionefficiency,productqualityandnewproductdevelopmentcapacity.Theabovechangewasapprovedatthe27thmeetingofthethirdBoardofDirectorsoftheCompany,the22ndmeetingofthethirdSupervisoryCommitteeandthe2018GeneralMeetingofShareholders.Fordetails,pleaserefertotheAnnouncementonChangingPartInvestmentProjectsforWhichFundsWereRaised(AnnouncementNo.2019-041)publishedbytheCompanyontheCninfowebsiteonApril26,2019. | ||||||||
Statusofandreasonforthefailuretomakeplannedprogressorprojectedearnings(byspecificproject) | N/A | ||||||||
Descriptionofmajorchangesinprojectfeasibilityafterchanges | N/A |
VIII.SaleofSignificantAssetsandEquityInterests
1.Saleofsignificantassets
□Applicable?N/ATheCompanydidnotsellanysignificantassetsduringtheReportingPeriod.
2.Saleofsignificantequityinterests
□Applicable?N/A
IX.AnalysisofMajorHoldingCompaniesandJointStockCompanies?Applicable□N/AMajorsubsidiariesandjointstockcompaniesthatcontributeover10%ofnetprofitstotheCompany
Unit:RMB100million
Companyname
Companyname | CompanyType | MainBusiness | RegisteredCapital | TotalAssets | NetAssets | Operatingrevenue | OperatingProfit | NetProfit |
ShanghaiEnergy | Subsidiary | Lithiumbatteryseparator | 3.89 | 359.25 | 110.88 | 109.96 | 43.85 | 38.84 |
AcquisitionanddisposalofsubsidiariesduringtheReportingPeriod
?Applicable□N/A
Companyname | AcquisitionordisposalofsubsidiariesduringtheReportingPeriod | Impactonoverallproductionoperationsandperformance |
HongchuangPackaging(Jiangsu)Co.,Ltd. | Establishedbyinvestment | Noimpactsofar |
ShanghaiEnergyNewMaterialResearchCo.,Ltd. | Establishedbyinvestment | Noimpactsofar |
Energy(ZhuhaiHengqin)NewMaterialsTechnologyCo.,Ltd. | Establishedbyinvestment | Noimpactsofar |
XiamenEnergyNewMaterialsCo.,Ltd. | Establishedbyinvestment | Noimpactsofar |
YuxiEnergyNewMaterialsCo.,Ltd. | Establishedbyinvestment | Noimpactsofar |
ShanghaiEnergyTradingCo.,Ltd. | Establishedbyinvestment | Noimpactsofar |
JiangsuEnergyTradingCo.,Ltd. | Establishedbyinvestment | Noimpactsofar |
SEMCORPPropertiesKft. | Establishedbyinvestment | Noimpactsofar |
SEMCORPAmericaInc. | Establishedbyinvestment | Noimpactsofar |
SEMCORPManufacturingUSALLC | Establishedbyinvestment | Noimpactsofar |
FoshanDonghangOptic-ElectricTechnologyCo.,Ltd. | Deregistered | Nosignificantimpact |
Explanationonmajorholdingcompaniesandjoint-stockcompaniesShanghaiEnergyisacontrolledsubsidiaryoftheCompany.AsattheendoftheReportingPeriod,theCompanyheldits95.22%equity,itsmajorproductislithiumbatteryseparator,anditsmajorsubordinatecompaniesincludeZhuhaiEnergy,WuxiEnergy,JiangxiTonry,SuzhouGreenPower,NewmiTechandChongqingEnergy.WiththeconstantincreaseoftheproductioncapacityoftheCompanyinlithiumbatteryseparator,ShanghaiEnergyachievedanoperatingrevenueofRMB10,996millionin2022,representinganincreaseof70.82%yearonyear,andanetprofitattributabletotheowneroftheparentcompanyofRMB3,874million,representinganincreaseof50.43%yearonyear.
X.StructuredBodiesControlledbytheCompany
□Applicable?N/A
XI.OutlookfortheCompany’sFutureProspects
1.CorporatestrategyTheCompanywillfocusonthelithiumbatteryseparatorsector,marchtowardsthevisiontobecomea“world-classpolymermaterialresearch,developmentandproductionenterprise”andbearinmindthephilosophyofcreatingvaluesforcustomerswithquality,priceandservice.TheCompanywillcontinuouslyscaleupthecapacity,improveproductquality,andstrengthenR&D.TheCompanywillenrichtheproductmatrix,seekcostreductionandbenefitenhancementthroughleanmanagement,builduptechnicalinnovationcapacitytoidentifynewprofitgrowthdrives.TheCompanywillintegrateglobaltechnicalandprofessionalresources,activelyexpanddomesticandoverseasmarkets,improvethecoremarketcompetitiveness,activelycapturedevelopmentopportunitiesinthenewenergysector,anddedicateitselftocreatingvaluesforcustomers.Inadditiontotheworld'slargestoutput,westrivetobethefirstintheworldintermsofcost,efficiencyandquality.TheCompanywillattackthe,sterilepackage,cigarettelabel,BOPPfilm,specialtypaperandaluminumlaminatedfilmsectorstobecomethemostcompetitivenewmaterialproducerinChina.
2.Operatingplanfor2023Theglobalnewenergysectorhasbeenthriving.Asaleaderinthewet-processlithiumbatteryseparatorsector,theCompanyoffersproductscoveringthemarketsofpowerlithiumbatteryseparatorandlithiumbatteryseparatorinthe3Cfield.Meanwhile,theCompanycontinuedtocarryforwardthedry-processseparatorprojectincooperationwithCelgard,thegloballeaderinthedry-processseparatorsector,toedgeintotheenergystoragemarket,andfurtherimprovetheCompany’sstrategicpresenceintheseparatorfield.TheCompanycontinuouslypaysattentiontoandattachesimportancetothedevelopmentofcutting-edgetechnologies,carriesoutprojectssuchasallsolidstateelectrolytecoatingseparatorsandfurtherimprovestheCompany'sstrategiclayoutintheseparatorfield.Inaddition,theCompanyfurtherimproveditscorecompetitivenessbyactivelyedgingintothealuminumlaminatedfilmbusinessandenrichingtheproductlines.Inthefuture,theCompanywillcontinuetoexpandthecapacity,continueindependentR&Dandcontinuousinnovationandconsolidateitsindustrialpositionwithitscomprehensiveadvantagesintechnology,capacity,productquality,costandmarket.(1)TheCompanywillprocuretheworld’smostadvancedproductionequipmentandbuildtenseparatorproductionbasesinChinaandoverseasregions.In2023,accordingtotheplan,theCompanywillfurtherexpandthecapacityforlithiumbatteryseparatorbyacceleratingtheJiangsuEnergyEVLithiumBatterySeparatorIndustrializationProject,theChongqingEnergyHigh-performanceLithium-ionBatteryMicroporeSeparatorProject,thewet-processlithiumbatteryseparatorproductionlineandsupportingplantprojectinHungary,thedry-processseparatorprojectincooperationwithJiangxiEnpo,andprojectincooperationwithHubeiEnergy,etc.TheexpansionplanoftheCompanymatchesitsmajordownstreamcustomers’large-scaleexpansionplansinthefuture.Afterthecompletionoftheseprojects,theCompany’smarketsharewillbefurtherimprovedanditsleadingpositionintheindustrywillbeconsolidated.(2)In2023,theCompanywillactivelypromotetheJiangsuRuijieandJiangxiRuijieEVLithiumBatteryAluminumLaminatedFilmIndustrializationProjecttofurtherenrichitsproductlines.Besides,theabilitytosupplymultipletypesofmaterialswillfurtherdeepenthepartnershipbetweentheCompanyanditsdownstreamlithiumbatterycustomers,therebyraisingitsprofitabilityaswellasconsolidatingandstrengtheningitsmarketposition.(3)TheCompanycontinuouslypromotesrefinedmanagement,andthebudgetmanagementplatformhasenteredthetrialoperationstage.WewillpromotetheconstructionofSAPsystem,financialsharingcenter,etc.toensuretheCompany'sinternalmanagementefficiencybeimprovedandthemediumandlong-termdevelopmentgoalsbeachieved.Inaddition,theCompanywillcontinuouslyimproveitsequipment,processandqualitytoensureitcanincreasetheproductionefficiencyandenhancetheproductqualitywithoutcease.TheCompanywillcontinuetoscaleuptheR&Dspending,cooperatewithdomesticresearchinstitutesanduniversities,reinforcethetechnicalresearch,developmentandconversioncapacityandgraduallyestablishanintegralandhigh-efficiencyR&DsystemtoensuretheCompanycanfurtherincreasetheproductionefficiencythroughtechnicalR&D,enhancetheproductqualityandnewproductdevelopmentcapacity,provideamightytechnicalsupportfortheCompany’simplementationoffunctionalpolymerseparatorproductsandprovidenewprofitgrowthenginespoweringthefuturedevelopment.
3.RiskstheCompanymayface
(1)NationalregulatoryriskrelatingtolithiumbatteryseparatorbusinessInrecentyears,variouscountrieshaveintensivelyintroducedindustrypoliciestosupportthedevelopmentofnewenergyvehicleindustry.Benefitingfrompolicysupport,theproductionvalueofnewenergyvehicleindustryrapidlyincreased,drivingtherapiddevelopmentoftheupstreamlithiumbatteryindustry.Iftherearesignificantadversechangesincarbonemissions,renewableenergyapplicationandotherrelevantindustrypoliciesinthefuture,therelevantpoliciesmayhaveanegativeimpactonthedevelopmentofthewholeindustrychainofnewenergyvehicle,thushavinganadverseimpactontheupstreamlithiumbatteryseparatorindustryandtheCompany’soperationresult.
Countermeasures:ByactivelyinvestingintheR&Dofnewapplicationsoffilm,theCompanywillexploreitsnewcommercialapplicationmarket.Atthesametime,theCompanyalsoinvestsresourcestodistributenewproductprojectstodiversifybusinessrisksandreducetheimpactofpolicyfluctuationsontheCompanytoacertainextent.
(2)Intensifiedmarketcompetitionrisk
Therapidgrowthofthenewenergyvehicleindustryhasdriventhedevelopmentoflithiumbatteryseparatorintheupstreampart,andthelithiumbatteryseparatorindustryhasattractedmanydomesticenterprisesduetoitshighergrossmargin,withalotoffundsinvestedinit,increasingitscapacityrapidly.Currently,thedomesticcompetitioninthissegmentisbecomingincreasinglyfierce.TheincreasinglyfiercecompetitionwillhaveanadverseimpactontheresultsoftheCompanyifitcan’tdeeplyunderstandthelawofindustrialdevelopmentandmakeconstanteffortsfortechnologicalinnovationandoperationalmanagementimprovementtoimproveproductqualityandreduceproductioncosts.
Countermeasures:TheCompany’slithium-ionbatteryfilmbusinesshasformedcertainadvantagesinproductioncapacity,R&Dcapacity,productquality,leanmanagement,businesschannelsandotheraspects.Thecompanywillcontinuetoreducecostsandincreaseefficiency,improvetheproductqualityandreducetheproductioncoststhroughtechnologicalinnovation,anddevelopdiversifiedcustomergroupsindomesticandoverseasmarketstoreducetheimpactofdomesticandforeignmarketfluctuationsontheCompany’sperformance.
(3)Riskofpricefluctuationofmajorrawmaterials
ThemajorrawmaterialsusedbytheCompanyaresubjectedtopricefluctuationtosomeextent,especiallypolypropyleneandpolyethylene,whosepricesareaffectedbythestrongfluctuationsoftheinternationalcrudeoilprice.TheresultsoftheCompanymaybeadverselyaffectedbythegrossprofitmarginwhichmaybeaffectedtosomeextentifthepricesofmajorrawmaterialsfluctuatesharplyduetothemacroeconomicfluctuations,thedemandandsupplyrelationforenterprisesintheupstreamanddownstreampartsandotherfactors.
Countermeasures:TheCompanyhasestablishedlong-termandstablecooperativerelationswithmajorsuppliers,establishedastrategicpurchasesystemasawhole,andimprovedthebargainingpowerandreducedthecostofrawmaterialsbymeansoflarge-scalepurchase.TheCompanywillalsoreducetheproportionofrawmaterialcostinproductioncostthroughtechnologicalinnovation,processequipmentprocesstransformation,productionefficiencyimprovementandlossreduction.
(4)Riskrelatingtoconstructioninprogress
CurrentconstructioninprogressincludesJiangxiEnpo,ChongqingEnergy,JiangsuEnergy,HubeiEnergy,XiamenEnergy,JiangsuRuijie,HungaryEnergyandUSEnergyandotherproductionbases,whichrequirealargeamountofcapital.IftheCompanyfailstoraisefundsintime,completeandputintooperationonschedule,itwillhaveanegativeimpactonthesubsequentproductionandoperationandfutureprofits.
Countermeasures:TheCompanywillmakereasonablearrangementsforfutureinvestmentplans(includingfunds)bymakingprivateofferingofAsharesandincreasingcooperationwithfinancialinstitutions,andimprovingbankcreditlines.
(5)Riskoftechnicallossandlossofcorepersonnel
Anenterpriseengaginginlithiumbatteryseparatorrequiresadvancedtechnologyandprocess,richmanagementexperienceanddeepunderstandingoftheindustry.Toensuretheabilityofconstantinnovationandthesteadygrowthofbusiness,theCompanyshouldhaveteamsconsistingofsteadyhigh-qualityemployeesinscientificresearch,managementandsale.TheCompanyconstantlyimprovesthemechanismsfortalentcultivation,incentive,promotionandrestriction,butthereisstillthepossibilityoftheoutflowofcoreemployeesfromtheCompany.Incaseofleakageofthecoretechnologyorthedepartureofcoreemployees,theproductionandoperationoftheCompanymaybeadverselyaffected.
Countermeasures:TheCompanyhasimplementedequityincentivetothecoreemployees,sothattheemployeescansharethevalueofthegrowthoftheenterprise,butalsomaketheinterestsoftheCompanyandtheinterestsofemployeesdeeplytied.TheCompanywillcontinuetoincreasetheintroductionandtrainingofcoretechnicalpersonnel,furthermaintainthestabilityofcoreemployees,continuetomaintainthecompany’sindustry-leadingtechnicallevel.
(6)Technologicalprogressandproductsubstitutionrisk
Lithium-ionbatteryismainlyusedformobilephones,computers,newenergyvehicles,powerstationforenergystorageandotherindustries.Afterdevelopmentformanyyears,lithium-ionbatterieshavebeensuperiortotraditionalstoragebatteriessuchasnickel-cadmiumbatteries,nickel-metalhydridebatteries,lead-acidbatteriesintermsofvolumetricspecificenergy,gravimetricspecificenergy,gravimetricspecificpower,cyclelife,charge/dischargeefficiency,etc.,becominganewenergyindustrywithprioritysupportandkeydevelopmentfromnationalgovernments.Althoughthelithium-ionbatteryisthefirstchoiceforelectronicproductsandpureelectricvehicles,anditwilltakequitealongtimetocommercializeotheremergingbatteriessuchasall-solid-statebatterieswhichareimmaturetechnically,themarketdemandsforlithium-ionbatterieswillbeaffectedwhenemergingbatteriessuchasall-solid-statebatteriesbreakthetechnicalbottleneck,achievemassproductionandarefullycommercialized,andthelithiumbatteryseparatorintheindustrychainwillalsobeaffectedadversely.
Countermeasures:AfteryearsofR&Dinvestmentandtechnologyaccumulation,theCompanyhasstrongresearchonnewproductsandprospectivetechnologyreserves.TheR&DDepartmentoftheCompanycontinuestopayattentiontothemarketdevelopmenttrend,andorganizesadiscussiongrouponfilmtechnologydevelopment,developsprojectdevelopmentplansforR&D,andactivelydevelopsothernewproductsandtechnologiesoffunctionalfilm.Inaddition,theCompanystrengthensstrategiccooperationwithwell-knownlithium-ionbatterymanufacturersathomeandabroad,developsproductstogetherwithcustomersin-depthcooperation,timelygraspsthetechnicaldevelopmenttrendandcomplieswiththemarketdemand.
(7)Riskofexchangeratefluctuation
TheexportsalesvolumeoftheCompanyincreasesconstantlyastheCompanyexpandsitsbusinessscaleandgraduallystrengthensthedevelopmentintheinternationalmarket.IftheRMBexchangerateandtheforeignexchangerateinthecountrieswhereourproductsweresoldfluctuatesharplyinthefuture,theresultsoftheCompanymaybeaffectedtosomeextent.
Countermeasures:TheCompanywillminimizetheexchangeriskwithsuchmeasuresascloselywatchingtheexchangerate,adjustingtheproductpricesintimebasedontheexchangeratetoguaranteetheproductprofit,strengtheningcostcontrolandconductingtheforeignexchangederivativestradingforthepurposeofhedging.
(8)RiskofChina-UStradefrictions
Since2018,China-UStradedisputeshaveoccurredfrequently.TheU.S.hasrestrictedimportofChineseproductsbymeansoftariffincreasestoreducethetradedeficitwithChina.Lithium-ionbatteriesarealsoamongtheproductssubjecttothetariffincrease.Fromtheperspectiveofindustrychain,thetotalrevenueoftheCompanyhasbeenlessaffectedbytheChina-UStradedisputesbecausetheexportstoUSaccountforaverysmallproportioninthetotalrevenueoftheCompany.However,ifthedemandsofthedownstreamcustomerschangeduetotheChina-UStradefrictions,theresultsoftheCompanymaybeaffectedadversely.Inaddition,someoftheCompany’srawmaterialsandmechanicalequipmentareimportedfromoverseas.IfthetradefrictionsbetweentheU.S.andChinaintensifiesandresultsinchangesintheglobaltradeenvironment,buttheCompanyfailstomaketimelyadjustments,thestabilityoftheCompany’ssupplychainmaybeadverselyaffected.
Countermeasures:WhilepayingcloseattentiontotherelevantpoliciesofChinaandtheUnitedStates,theCompanywillcontinuouslypayattentiontotheR&Deffortsandtechnicalimprovementofproductsofvariousbusinesssystems,improveproductqualityandproductionefficiency,constantlyconsolidateandstrengthenitscompetitiveadvantagesintechnologicalR&D,capacityscale,productquality,costefficiencyandotheraspects,andreducecostsandincreaseefficiencyonthepremiseofensuringproductquality.Wewillalsocontinuouslyexpandmarketdevelopmentindomesticandoverseasregionsandactivelyestablishstablecooperativerelationswithglobalcustomers.
(9)Managementriskafterexpansionofbusinessscale
WiththedevelopmentoftheCompany’sbusiness,thescaleoftheCompany’sassetsandbusinesswillbefurtherexpanded,whichraiseshigherrequirementsforthemanagementleveloftheCompany.ThemanagementriskarisesifthecapabilitiesoftheCompanytomanagetheproduction,sales,qualitycontrolandriskscan’tmeettherequirementsforscaleexpansion,andthesystemsfortalentcultivation,organizationpatternandmanagementarenotfurtherimproved.
Countermeasures:TheCompanywillcontinuouslyimprovethemanagementsystem,ensuretheefficientoperationofproduction,qualitycontrol,sales,managementandotherbusinesslinks,establishaneffectiveincentivesystem,attracttalentsthroughtheCompany'sbroaddevelopmentplatformandeffectiveincentivesystems,strengthentalenttraininganddelivertalentsfortheCompany'sdevelopmentthroughtargetedtrainingandtrainingmeasuresforemployeesandmanagersatalllevels.
XII.ReceptionofVisitorstotheCompanyforPurposesofResearch,Communication,InterviewduringtheReportingPeriod?Applicable□N/A
ReceptionDate
ReceptionDate | ReceptionPlace | ReceptionMode | TypeofReceivedVisitor | ReceivedVisitor | MajorDiscussionandMaterialsProvided | IndextoMainEnquiryInformation |
April12,2022 | Livestreaming | Others | Aninstitute | Investorsparticipatingintheconferencethroughlivestreaming | TheCompany'sproductionandoperation,developmentandESGin2021,preparationsforthepandemicandtheprogressofinlinecoating | 2021AnnualResultsBriefingdisclosedatwww.cninfo.com.cn |
June22,2022 | ShanghaiEnergyConferenceRoom | Telephonecommunication | Aninstitute | GalaxySecurities,JPMorgan,GreenCourtCapital,YufuFund,PanzeInvestment,D1Capitalandotherinvestors | TheCompany'sfuturestrategicdevelopmentgoals,cooperationwithupstreamequipmentmanufacturers,profitability,etc. | TherecordofInvestorRelationsActivitiesonJune22,2022disclosedatwww.cninfo.com.cn |
August31,2022 | ShanghaiEnergyConferenceRoom | Telephonecommunication | Aninstitute | Temasek,BlackRockFunds,PictetAssetManagement,SchrodersFund,MorganStanley,CreditSuisseSecurities,UBS,Macquarie,D.E.ShawInvestment,CICC,EFund,GFFund,LombardaChinaFundManagement,ChinaUniversal,SequoiaCapital,GreenwoodsAssetandotherinvestors | Self-developedequipment,judgmentonthefuturemarket,viewsonenergystorage,etc. | TherecordofInvestorRelationsActivitiesonAugust31,2022disclosedatwww.cninfo.com.cn |
November22,2022 | ShanghaiEnergyConferenceRoom | Telephonecommunication | Aninstitute | BlackRockFunds,GoldmanSachsInternational,Citigroup,Fidelity,AXA,BNP,D1Capital,Point72,SequoiaCapital,GreenwoodsAsset,LoyalValleyCapital,GenharmonyCapital,BanxiaInvestment,EFund,TianhongAssetManagement,HarvestFund,BankOfCommunicationsSchroderFund,MinshengRoyalFund,PingAnAssetManagement,CICC,PacificAssetManagement,DajiaAssetManagement,ChinaSouthernFund,SinolinkSecuritiesandotherinvestors | DescriptionofmajorissuesoftheCompany,arrangementofprivateplacement,directionoffutureR&Dinvestmentandcompanycapital | 002812EnergyTechnologySurveyActivityInformationdisclosedatwww.cninfo.com.cn |
Section4CorporateGovernanceI.BasicInformationofCorporateGovernanceDuringtheReportingPeriod,theCompanyestablishedandimprovedthemodernenterprisesysteminstrictaccordancewiththeCompanyLaw,SecuritiesLaw,ShenzhenStockExchangeListingRules,CodeofCorporateGovernanceforListedCompaniesinChinaandotherrelevantlawsandregulations,andconstantlyimprovedthecorporategovernancestructure,improvedtheinternalcontrolsystemandstandardizedtheCompany’soperation.DuringtheReportingPeriod,theCompanyheld4shareholders’generalmeetings,13boardmeetings,12meetingsoftheSupervisoryCommittee.Theproceduresforholdingthemeetingsarelegalandtheresolutionsarelegalandeffective.WerethereanysignificantdifferencesbetweentheCompany’sactualgovernancestatusandlaws,administrativeregulations,andtheregulationsissuedbyCSRConlistedcompanygovernance
□Yes√NoTherewasnodifferencebetweentheCompany’sactualgovernancestatusandlaws,administrativeregulations,andtheregulationsissuedbyCSRConlistedcompanygovernance.
II.DetailsoftheCompany’sSeparationfromtheControllingShareholderandActualControllerwithRespecttoCorporateAssets,Personnel,Finance,Organization,Business,etc.TheCompanyisindependentofitsshareholdersintermsofbusiness,assets,personnel,institutions,financialaffairs,etc.,hasanindependentandcompletebusinesssystemandmarket-orientedindependentoperationability,andhasacompletesupply,productionandsalessystem.
1.AssetsintegrityTheCompanyhasindependentandcompletebusinessassetsthatcanbeusedforbusinessactivities.TheCompanyhascompletesites,facilities,instrumentsandequipment,trademarks,patents,etc.requiredforproductionindependentofshareholdersandotherrelatedparties.TheCompany’sassetsarestrictlyseparatedfromtheshareholdersandactualcontroller,andthereisnocasethattheshareholdersandactualcontrollerencroachontheCompany’sassets.
2.PersonnelindependenceTheGeneralManager,DeputyGeneralManager,ChiefFinancialOfficer,SecretaryoftheBoardandotherseniormanagersoftheCompanyareallfull-timeworkingintheCompanyandreceivingremuneration,andthereisnocasethattheyholdanypostotherthandirectororsupervisoratthecontrollingshareholder,actualcontrollerandotherenterprisesundertheircontrol,orholdanypositioninotherenterpriseswiththesameorsimilarbusinesswiththeCompany.TheCompany’sfinancialpersonnelarenotdoingpart-timejobinthecontrollingshareholders,actualcontrollersandotherenterprisesundertheircontrol.TheCompanyiscompletelyindependentintermsofsocialsecurityandsalary.
3.FinanceindependenceTheCompanyhassetupanindependentfinancialdepartment,andestablishedanindependentandcompletefinancialaccountingsystemaccordingtothecurrentaccountingstandardsandrelevantlawsandregulations,whichcanhelpmakefinancialdecisionsindependently.TheCompanyhasastandardizedfinancialaccountingsystemandfinancialmanagementsystem.TheCompanyhassetupanindependentbankaccountand,asanindependenttaxpayer,hasgonethroughtaxregistrationwiththetaxbureauofYuxiHigh-techZone.TheCompanydoesnotguaranteethedebtsofshareholdersorotherrelatedpartieswiththeCompany’sassets,interestsorreputation.TheCompanyhascompletecontroloverallassets,andthereisnocasethatmonetaryfundsorotherassetsareoccupiedbyshareholdersanddamagetheCompany’sinterests.
4.InstitutionalindependenceTheCompanyhasaproductionandoperationplaceandorganizationindependentofthecontrollingshareholder,andthereisnomixedoperationorjointofficewiththecontrollingshareholder.ThereisnointerferenceofthecontrollingshareholderandanyotherunitsorindividualsintheCompany’sorganizationalstructure.InaccordancewiththerequirementsoftheCompanyLaw,theCompanyhasestablishedandimprovedtheorganizationalstructuresystemofthegeneralmeetingofshareholders,theBoardofDirectors,theSupervisoryCommittee,andthemanagement,andiscompletelyindependentoftheaffiliatedenterprisesintermsofinstitutionalsetting.TheshareholderunitnominatesdirectorstoparticipateinthemanagementoftheCompanyinaccordancewiththeprovisionsoftheCompanyLawandtheArticlesofAssociation,anddoesnotdirectlyinterferewiththeproductionandoperationactivitiesoftheCompany.
5.BusinessindependenceTheCompanyhasanindependentproduction,supplyandmarketingsystem,andindependentlycarriesoutvariousbusinesses.Thereisnocaseofrelyingonorentrustingshareholdersorotherrelatedpartiestosellproducts,orrelyingonorentrustingshareholdersorotherrelatedpartiestopurchaserawmaterials.Thereisnohorizontalcompetitionwiththecontrollingshareholder,actualcontrollerandtheenterprisesundertheircontrol.III.HorizontalCompetition
□Applicable√N/A
IV.DetailsabouttheAnnualGeneralMeetingandExtraordinaryGeneralMeetingofShareholdersConvenedduringtheReportingPeriod
1.Detailsabouttheshareholders’generalmeetingduringtheReportingPeriod
Meeting
Meeting | MeetingType | InvestorParticipation | DateConvened | DisclosureDate | MeetingResolution |
FirstExtraordinaryGeneralMeetingofShareholdersin2022 | ExtraordinaryGeneralMeetingofShareholders | 64.48% | January17,2022 | January18,2022 | AnnouncementonResolutionsoftheFirstExtraordinaryGeneralMeetingofShareholdersin2022(AnnouncementNo.2022-008)onwww.cninfo.com.cn |
SecondExtraordinaryGeneralMeetingofShareholdersin2022 | ExtraordinaryGeneralMeetingofShareholders | 60.10% | February14,2022 | February15,2022 | AnnouncementonResolutionsoftheSecondExtraordinaryGeneralMeetingofShareholdersin2022(AnnouncementNo.2022-026)onwww.cninfo.com.cn |
AnnualGeneralMeetingofShareholdersof2021 | AnnualGeneralMeetingofShareholders | 61.21% | May5,2022 | May5,2022 | AnnouncementonResolutionsoftheAnnualGeneralMeetingofShareholdersof2021(AnnouncementNo.2022-080)onwww.cninfo.com.cn |
ThirdExtraordinaryGeneralMeetingofShareholdersin2022 | ExtraordinaryGeneralMeetingofShareholders | 58.15% | May9,2021 | May10,2022 | AnnouncementonResolutionsoftheThirdExtraordinaryGeneralMeetingofShareholdersin2022(AnnouncementNo.2022-089)onwww.cninfo.com.cn |
2.Extraordinarygeneralmeetingrequestedbythepreferredshareholderwithrestitutedvotingrights
□Applicable?N/AV.DetailsonDirectors,Supervisors,andSeniorManagement1.Basicinformation
Name | Title | Servicestatus | Gender | Age | Startdate | Enddate | Sharesheldatthebeginningoftheperiod(share) | Quantityofsharesincreasedinthecurrentperiod(share) | Quantityofsharesdecreasedinthecurrentperiod(share) | Otherincreasedordecreasedchanges(share) | Quantityofsharesheldattheendoftheperiod(share) | Reasonforshareincrease/decrease | |
PaulXiaomingLee | Chairman | Current | Male | 65 | April20,2011 | April7,2023 | 126,192,257 | 126,192,257 | |||||
LiXiaohua | ViceChairmanandGeneralManager | Current | Male | 61 | April20,2011 | April7,2023 | 69,837,889 | 2,918,500 | 66,919,389 | Owndemandforfunds | |||
YanMa | Director | Current | Female | 64 | April20,2011 | April7,2023 |
AlexCheng
AlexCheng | Director | Current | Male | 65 | April8,2020 | April7,2023 |
MaWeihua
MaWeihua | Director | Current | Male | 56 | November22,2021 | April7,2023 | ||||||
FengJie | Director | Current | Male | 59 | January4,2017 | April7,2023 | ||||||
LuJiankai | IndependentDirector | Current | Male | 45 | April20,2017 | April7,2023 | ||||||
TangChangjiang | IndependentDirector | Current | Male | 53 | April8,2020 | April7,2023 | ||||||
ZhengHaiyang | IndependentDirector | Current | Female | 60 | April8,2020 | April7,2023 | ||||||
ZhangTao | ChairmanoftheSupervisoryCommittee | Current | Male | 46 | January3,2019 | April7,2023 | ||||||
ChenTao | Supervisor | Current | Male | 45 | April20,2011 | April7,2023 | ||||||
KangWenting | Supervisor | Current | Female | 36 | April8,2020 | April7,2023 | ||||||
YuXue | ViceGeneralManagerandBoardSecretary | Current | Female | 36 | November4,2021 | April7,2023 | 41,100 | 40,000 | 81,100 | 2022StockOptionandRestrictedStockIncentivePlan | ||
LiJian | ChiefFinancialOfficer | Current | Male | 45 | September30,2020 | April7,2023 | ||||||
Total | -- | -- | -- | -- | -- | -- | 196,071,246 | 40,000 | 2,918,500 | 193,192,746 | -- |
DuringthereportingPeriod,didanyDirectororSupervisorleaveofficeorwereanyseniorexecutivedismissed?
□Yes?No
ChangesofDirectors,Supervisors,andSeniorExecutives
□Applicable?N/A
2.PositionsHeld
Professionalbackground,mainworkingexperienceandmaindutiesintheCompanyofcurrentdirectors,supervisors,andseniorexecutivesoftheCompany(I)MembersoftheBoardofDirectors
1.PaulXiaomingLee,ChairmanoftheCompany,male,bornin1958,Americannationalitywiththerightofresidenceinforeigncountry,andmaster’sdegree.JoinedKunmingPlasticResearchInstituteofChinain1982,actedastheVicePresidentfrom1984to1989,graduatedfromthepolymermaterialdisciplineattheUniversityofMassachusettsofAmericainDecember1992,servedastheManageroftheTechnicalDepartmentofInteplastCorporationinAmericafrom1992to1995.SinceApril1996,hehassuccessivelyservedastheViceGeneralManager,GeneralManager,ViceChairmanandChairmanofHongtaPlastic,ChairmanandGeneralManagerofDexinPaper,andChairmanofChengduHongtaPlastic(成都红塑).JoinedInnovativeColorPrintingastheChairmanin2006.Now,servesastheChairmanoftheCompany.
2.LiXiaohua,ViceChairmanoftheCompany,male,bornin1962,Chinesenationalitywiththerightofresidenceinforeigncountry,andmaster’sdegree.GraduatedfromthepolymermaterialdisciplineattheUniversityofMassachusettsofAmericainFebruary1993,andworkedatWorld-PakCorporationintheUSfrom1993to1996.SinceApril1996,hehassuccessivelyservedastheViceGeneralManagerandViceChairmanofHongtaPlastic,theViceChairmanofDexinPaper,andtheGeneralManagerandViceChairmanofChengduHongtaPlastic.JoinedInnovativeColorPrintingastheGeneralManagerandViceChairmanin2006.Now,servesastheGeneralManagerandViceChairmanoftheCompany.
3.YanMa,DirectoroftheCompany,female,bornin1959,Americannationalitywiththerightofresidenceinforeigncountry,andjuniorcollegeeducation.WorkedatKunmingYan’anHospitalfrom1981to1990,andsinceApril2011,servedastheDirectoroftheCompany.
4.AlexCheng,DirectoroftheCompany,male,bornin1958,Americannationalitywiththerightofresidenceinforeigncountry,master’sdegreeinplasticengineeringconferredbytheUniversityofMassachusetts,anddoctor’sdegreeconferredbytheNortheastAgriculturalUniversity.ActedastheTechnicalManagerofInteplastCorporationintheUSfromSeptember1993toSeptember2011.ServedastheGeneralManagerofShanghaiEnergyfromFebruary2012toJune2019.Now,servesastheDirectorandSeniorVicePresidentoftheCompany.
5.MaWeihua,DirectoroftheCompany,male,bornin1967,Chinesenationality,bachelor’sdegree,engineer.From1989to1997,successivelyservedasDeputySectionChiefofEquipmentSectionofZhenyuanGoldMine,YunnanProvince,andtechnicianofEquipmentSectionofYuxiHydropowerEquipmentFactory;from1997to2016,successivelyservedastheDirectorofProductionDepartment,ViceGeneralManagerandDirectorofHongtaPlastic.HeisnowtheGeneralManagerofShanghaiEnergy.
6.FengJie,DirectoroftheCompany,male,bornin1964,Chinesenationality,bachelor’sdegreeandmediumindustrialeconomist.ServedinSimaoIndustrialandCommercialBankofChinafrom1981to1984;servedasastatisticianoftheComprehensiveManagementSection,DirectoroftheComputerCenterandtheSecretaryoftheCommunistYouthLeagueatYunnanOpticalInstrumentFactoryfrom1989to1997;servedasatechnician,statisticalofficerandDirectoroftheGeneralManager’sOfficeatHongtaPlasticfrom1997to2005;servedastheDirectorofChengduOfficeofHongtaPlasticfrom2005to2009;since2009,hassuccessivelyservedastheDirectoroftheSalesDepartment,theViceGeneralManagerandGeneralManagerofChengduHongtaPlastic.HeisnowtheDirectoroftheSalesDepartmentandtheGeneralManagerandaDirectorofChengduHongtaPlastic.
7.LuJiankai,IndependentDirectoroftheCompany,male,bornin1978,Chinesenationality,master’sdegree,ChineseCertifiedPublicAccountant.HeworkedatErnst&YoungDahuaAccountingFirm(Shanghai)asanauditorin2001to2004.HeworkedatDeloitteHuayongAccountingFirm(Shanghai)asanauditorin2004to2008.HeservedastheVicePresidentoftheRealEstateandEquityInvestmentDivisionofZhejiangLongshengGroupCo.,Ltd.in2009to2011.HeservedastheOfficeroftheInvestmentandFinancingDepartmentofJiangsuChangfaGroupCo.,Ltd.in2011to2013.HeservedastheInvestmentOfficerofShanghaiJingbangEquityInvestmentManagementCo.,Ltd.in2013to2015.NowisanIndependentDirectoroftheCompany.
8.TangChangjiang,IndependentDirectoroftheCompany,male,bornin1970,Chinesenationality,ExecutiveMasterofBusinessAdministration(EMBA)atTsinghuaUniversityandMasterofBusinessAdministration(MBA)attheUniversityofVictoriaofSwitzerland.ServedastheViceGeneralManagerofKelinSide(Huizhou)Co.,Ltd.fromAugust1994toOctober1996.ServedastheDeputySecretary-GeneralofShenzhenElectronicIndustryAssociationfromMarch1998toMay2002.ServedastheManagingDirectorofShenzhenTangshiElectronicCo.,Ltd.fromJanuary2003toJune2013.ServedastheDirectorofShenzhenXinyuhuanTestCo.,Ltd.fromJuly2013toMay2019.NowisanIndependentDirectoroftheCompany.
9.ZhengHaiying,IndependentDirectoroftheCompany,female,bornin1963,Chinesenationality,Doctor,Master’sTutorandProfessorattheAccountingSchooloftheCentralUniversityofFinanceandEconomics,ChineseCertifiedPublicAccountantandaseniormemberoftheAssociationofCharteredCertifiedAccountants(ACCAandFCCA).TaughtattheAccountingDepartmentoftheCentralFiscalManagementCadres’CollegefromJuly1988toApril1994andworkedonapart-timebasisattheformerZhongzhouCertifiedPublicAccountantsinthesameperiod.EngagedintheauditworkatM.B.LEE&COLTDofHongKongfromApril1994toApril1996.TaughtattheAccountingDepartmentoftheCentralFiscalManagementCadres’CollegefromApril1996toApril1999.SinceApril1999,hastaughtattheAccountingSchooloftheCentralUniversityofFinanceandEconomicswiththeinterestinfinancialaccounting.NowisanIndependentDirectoroftheCompany.(II)MembersoftheSupervisoryCommittee
1.ZhangTao,ChairmanoftheSupervisoryCommitteeoftheCompany,male,bornin1977,Chinesenationality,bachelor’sdegree.WorkedasafinancialanalystattheFinancialCenterofBeijingMarketingCompanyofHaciCo.,Ltd.fromJuly2000toJanuary2001;workedasanaccountantattheFinanceDepartmentofYunnanHongtaPlasticCo.,Ltd.fromAugust2001toAugust2006;andhasservedastheManageroftheFinanceDepartmentofYunnanDexinPaperCo.,Ltd.fromSeptember2006toMarch2019.HehasservedasthesupervisorofYuxiKunshasiPlasticMasterbatchCo.,Ltd.FromOctober2021tothepresent,heservesastheDeputyChiefFinancialOfficer,andhasservedasChairmanoftheSupervisoryCommitteeoftheCompany.
2.ChenTao,SupervisoroftheCompany,male,bornin1978,Chinesenationality,juniorcollegeeducation.ServedasthetechnicianofGlobalColorPrintingfrom1998to2003,joinedInnovativeColorPrintingin2004,andhassuccessivelyactedasthetechnicalsupervisor,DeputyDirectorandDirectoroftheTechnicalCenter.NowistheViceGeneralManagerofYunnanHongchuangPackageCo.,Ltd.andaSupervisoroftheCompany.
3.KangWenting,SupervisoroftheCompany,female,bornin1987,Chinesenationality,bachelor’sdegree.ServedasthePersonnelSupervisorofKunmingXingheSpaResort&Hotelfrom2013to2014,andfrom2015toMarch2019,hassuccessivelyservedasthePersonnelSupervisoroftheHumanResourcesDepartmentoftheCompany.HeservesasthemanageroftheOperationSupportDepartmentandAdministrativeDepartmentfrom
October2019tothepresent.NowheistheSupervisoroftheCompany.(III)SeniorManagement
1.LiXiaohua,ViceChairmanoftheCompany,male,bornin1962,Chinesenationalitywiththerightofresidenceinforeigncountry,andmaster’sdegree.GraduatedfromthepolymermaterialdisciplineattheUniversityofMassachusettsinFebruary1993,andworkedatWorld-PakCorporationintheUSfrom1993to1996.SinceApril1996,hassuccessivelyservedastheViceGeneralManagerandViceChairmanofHongtaPlastic,theViceChairmanofDexinPaper,andtheGeneralManagerandViceChairmanofChengduHongtaPlastic.JoinedInnovativeColorPrintingastheGeneralManagerandViceChairmanin2006.Now,servesastheGeneralManagerandViceChairmanoftheCompany.
2.YuXue,ViceGeneralManageroftheCompany,SecretaryoftheBoardofDirectors,female,bornin1987,Chinesenationality,master’sdegree.ServedastheCompany’sSecuritiesAffairsRepresentativefromMarch2013toNovember2021.Now,servesastheChairmanofHunanSemcorp,ViceGeneralManagerandSecretaryoftheBoardofDirectorsoftheCompany.
3.LiJian,ChiefFinancialOfficeroftheCompany,male,Han,bornin1978,Chinesenationality,bachelor’sdegree,ChineseCertifiedPublicAccountantandChineseCertifiedTaxAgent.From1997toOctober2016,hasservedastheGeneralBudgetAccountantatLiujiaqiaoFiscalOfficeoftheFinanceBureauofChongrenCounty,JiangxiProvince,theFinancialManagerofShundeOuyadianBuildingMaterialCo.,Ltd.,theProjectManagerofShenzhenPengchengAccountingFirm,theAssistanttotheChiefFinancialOfficerofJiangsuSafetySteelRopeCo.,Ltd.andtheChiefFinancialOfficerofSuzhouALTONElectricIndustryCo.,Ltd.SinceOctober2016,hasservedastheChiefFinancialOfficerofShanghaiEnergyNewMaterialTechnologyCo.,Ltd.Now,servesastheChiefFinancialOfficeroftheCompany.Positionsheldattheshareholder’sentity?Applicable□N/A
Name
Name | Shareholder’sName | Positioninshareholder | Startdate | Enddate | Receivingremunerationandallowanceatshareholder |
PaulXiaomingLee | YuxiHeyiInvestmentCo.,Ltd. | Chairman | November3,2010 | December28,2022 | No |
PaulXiaomingLee | YuxiHeliInvestmentCo.,Ltd. | Director | December8,2010 | June6,2022 | No |
LiXiaohua | YuxiHeyiInvestmentCo.,Ltd. | Director | November3,2010 | December28,2022 | No |
LiXiaohua | YuxiHeliInvestmentCo.,Ltd. | Chairman | December8,2010 | June6,2022 | No |
Descriptionofpositionsheldattheshareholder’sentity | None |
Positionsheldatotherentities
?Applicable□N/A
Name | OtherEntityNames | Positionsinotherorganizations | Startdate | Enddate | Receivingremunerationandallowanceatotherentities |
PaulXiaomingLee | ShanghaiRuijiNewMaterialTechnologyCo.,Ltd. | Director | January20,2020 | March3,2023 | No |
PaulXiaomingLee | YuxiKunshasiPlasticMasterbatchCo.,Ltd. | ViceChairman | May1,1996 | March3,2023 | No |
LiXiaohua | ShanghaiRuijiNewMaterialTechnologyCo.,Ltd. | Chairman | January20,2020 | March3,2023 | No |
LiXiaohua | YuxiKunshasiPlasticMasterbatchCo.,Ltd. | DirectorandGeneralManager | May1,1996 | March3,2023 | No |
LiXiaohua | SuzhouJieshengTechnologyCo.,Ltd. | ExecutiveDirectorandGeneralManager | October29,2021 | March3,2023 | No |
LiXiaohua | SuzhouRSTechnologyCo.,Ltd. | Chairman | February24,2022 | March3,2023 | No |
LiXiaohua
LiXiaohua | JiangsuJieshengIntelligentEquipmentTechnologyCo.,Ltd. | ExecutiveDirectorandGeneralManager | November26,2021 | March3,2023 | No |
LiXiaohua | ChangshuJuxingMachineryCo.,Ltd. | ExecutiveDirectorandGeneralManager | May12,2022 | March3,2023 | No |
AlexCheng | ShanghaiRuijiNewMaterialTechnologyCo.,Ltd. | Director | January20,2020 | March3,2023 | No |
AlexCheng | SuzhouRSTechnologyCo.,Ltd. | Director | February24,2022 | March3,2023 | No |
LuJiankai | FuzhouShangheElectronicsCo.,Ltd. | Director | November5,2015 | March3,2023 | No |
LuJiankai | AnqiuHuahangEnvironmentalTechnologyCo.,Ltd. | ExecutiveDirectorandGeneralManager | October13,2021 | March3,2023 | No |
LuJiankai | DezhouShayunElectronicCommerceCo.,Ltd. | Director | October30,2019 | March3,2023 | No |
LuJiankai | QingdaoHuahangEnvironmentalTechnologyCo.,Ltd. | Chairman | June19,2017 | March3,2023 | No |
LuJiankai | ShanghaiYangyueInvestmentManagementCo.,Ltd. | ExecutiveDirectorandGeneralManager | February13,2019 | March3,2023 | Yes |
LuJiankai | ShanghaiShenguInvestmentManagementCo.,Ltd. | ExecutiveDirector | August16,2012 | March3,2023 | No |
LuJiankai | ShanghaiQikaiInvestmentManagementCo.,Ltd. | ExecutiveDirector | May18,2012 | March3,2023 | No |
LuJiankai | ShanghaiOufangInvestmentManagementCo.,Ltd. | ExecutiveDirectorandGeneralManager | March15,2022 | March3,2023 | No |
LuJiankai | QingdaoBopuPhotoelectricTechnologyCo.,Ltd. | ExecutiveDirectorandGeneralManager | August3,2016 | November9,2022 | No |
TangChangjiang | GuangdongBatteryAssociation | SecretaryGeneral | June29,2019 | March3,2023 | Yes |
TangChangjiang | TianjinGuoanMengguliNewMaterialsScience&TechnologyCo.,Ltd. | IndependentDirector | October12,2021 | March3,2023 | Yes |
TangChangjiang | ShenzhenNengyiTestingCo.,Ltd. | Director | June15,2015 | March3,2023 | No |
TangChangjiang | ShenzhenYifangBaihuiTechnologyCo.,Ltd. | ExecutiveDirectorandGeneralManager | August3,2022 | March3,2023 | No |
TangChangjiang | ShenzhenHuachiNewEnergyTechnologyCo.,Ltd. | Director | October27,2022 | March3,2023 | No |
TangChangjiang | ShenzhenAGCStandardTechnologyCo.,Ltd. | Director | September13,2013 | December15,2022 | No |
ZhengHaiying | OrientGroupIncorporation | IndependentDirector | December23,2019 | March3,2023 | Yes |
ZhengHaiying
ZhengHaiying | CentralChinaLandMediaCo.,Ltd. | IndependentDirector | April21,2017 | March3,2023 | Yes |
ZhengHaiying | BeijingAutomicTechnologyCo.,Ltd. | Director | March9,2018 | March3,2023 | Yes |
ZhengHaiying | ShandongKeyuanPharmaceuticalCo.,Ltd. | Director | April23,2019 | March3,2023 | Yes |
ZhengHaiying | ArizonRFIDTechnologyCo.,Ltd. | Director | April23,2019 | April28,2022 | Yes |
ZhangTao | YuxiKunshasiPlasticMasterbatchCo.,Ltd. | Supervisor | October11,2021 | March3,2023 | No |
Explanationonpositionsinotherentities | None |
Penaltiestothecurrentdirectors,supervisorsandseniormanagementoftheCompanyandthoseleavingofficeduringtheReportingPeriodbysecuritiesregulatoryagenciesinthepastthreeyears
□Applicable?N/A
3.RemunerationforDirectors,Supervisors,andSeniorManagementDecision-makingprocedures,determinationbasisandactualpaymentofremunerationfordirectors,supervisors,andseniormanagement
1.Decision-makingprocedureforremunerationsofdirectors,supervisorsandseniormanagement:TheRemuneration&EvaluationCommitteeoftheBoardofDirectorsoftheCompanystudiesandestablishestheevaluationstandard,remunerationpolicyandplanforthedirectors,GeneralManagerandotherseniormanagementmembersoftheCompany,theBoardofDirectorsreviewstheremunerationsfortheseniormanagement,theGeneralMeetingofShareholdersreviewstheremunerationsofthedirectorsandthesupervisors,andtheHumanResourcesDepartmentandtheFinanceDepartmentoftheCompanyassisttheRemuneration&EvaluationCommitteeoftheBoardofDirectorstoimplementtheremunerationplanforthedirectorsandtheseniormanagementoftheCompany.
2.Basisfordeterminingtheremunerationsofdirectors,supervisorsandseniormanagement:TheremunerationsforthedirectorsandsupervisorsaredeterminedinlinewiththeactualworkingstatusoftheCompanyandincombinationofthecurrentmarketsituation.TheremunerationsoftheseniormanagementaredeterminedinlinewithrelatedprovisionsoftheCompanyandincombinationoftheoperatingobjectivesoftheCompanyin2022andspecificjobresponsibilitiestheseniormanagementmembersoftheCompanytaketocompletetheannualoperatingobjectives.
3.Actualpaymentofremunerationstothedirectors,supervisorsandseniormanagement:TheremunerationsoftheIndependentDirectorsarepaidtopersonalaccountsbasedonthestandardandscheduleeveryquarter.Theremunerationsofotherpeoplearepaidbasedonrespectiveevaluationresultonamonthlybasisoratthetimespecifiedbytheremunerationpaymentpolicy.Remunerationfordirectors,supervisors,andseniormanagementduringtheReportingPeriod
Unit:RMB0’000
Name | Title | Gender | Age | Servicestatus | Totalpre-taxremunerationsreceivedfromtheCompany | WhetherremunerationwasreceivedfromrelatedpartiesoftheCompany |
PaulXiaomingLee
PaulXiaomingLee | Chairman | Male | 65 | Incumbent | 389.78 | No |
LiXiaohua | ViceChairmanandGeneralManager | Male | 61 | Incumbent | 333.90 | No |
YanMa | Director | Female | 64 | Incumbent | 0.00 | No |
AlexCheng | Director | Male | 65 | Incumbent | 170.84 | No |
MaWeihua | Director | Male | 56 | Incumbent | 92.68 | No |
FengJie | Director | Male | 59 | Incumbent | 42.48 | No |
LuJiankai | IndependentDirector | Male | 45 | Incumbent | 5.00 | No |
TangChangjiang | IndependentDirector | Male | 53 | Incumbent | 5.00 | No |
ZhengHaiying | IndependentDirector | Female | 60 | Incumbent | 5.00 | No |
ZhangTao | ChairmanoftheSupervisoryCommittee | Male | 46 | Incumbent | 34.69 | No |
ChenTao | Supervisor | Male | 45 | Incumbent | 24.44 | No |
KangWenting | Supervisor | Female | 36 | Incumbent | 12.90 | No |
YuXue | ViceGeneralManagerandBoardSecretary | Female | 36 | Incumbent | 71.17 | No |
LiJian | ChiefFinancialOfficer | Male | 45 | Incumbent | 156.72 | No |
VI.PerformanceofDirectorsduringtheReportingPeriod
1.MeetingsoftheBoardofDirectorsduringtheReportingPeriod
Meeting | DateConvened | DisclosureDate | MeetingResolution |
The41stmeetingofthe4thBoardofDirectors | January24,2022 | January25,2022 | ThemeetingconsideredandadoptedtheResolutiononNoEarlyRedemptionof"EnergyConvertibleCorporateBonds",theResolutiononAnticipatedDailyConnectedTransactionsin2022,theResolutiononTerminationofRepurchaseofStockoftheCompany,theResolutionontheCompany's2022StockOptionandRestrictedStockIncentivePlan(Draft)andItsAbstract,theResolutiononFormulatingtheCheck-upManagementMeasuresfortheImplementationoftheCompany's2022StockOptionandRestrictedStockIncentivePlan,theResolutiononSubmittingtotheGeneralMeetingofShareholdersforAuthorizingtheBoardofDirectorstoHandleMattersRelatingtoEquityIncentiveandtheResolutiononConveningtheSecondExtraordinaryGeneralMeetingofShareholdersin2022 |
The42ndmeetingofthe4thBoardofDirectors | February16,2022 | February17,2022 | ThemeetingconsideredandadoptedtheResolutiononSigningtheCooperationAgreementontheNewEnergyBatteryWholeIndustryChainProject |
The43rdmeetingofthe4thBoardofDirectors | March7,2022 | March8,2022 | ThemeetingconsideredandadoptedtheResolutiononAdjustingtheListofStockOptionIncentiveObjectsandtheNumberofGrantedOptionsinthe2022StockOptionandRestrictedStockIncentivePlanandtheResolutiononGrantingStockOptionstotheIncentiveObjectsofthe2022StockOptionandRestrictedStockIncentivePlan |
The44thmeetingofthe4thBoardofDirectors | March29,2022 | March30,2022 | ThemeetingconsideredandadoptedtheResolutiononSigningtheInvestmentAgreementandSupplementaryAgreementwiththePeople'sGovernmentofHongtaDistrict,Yuxi |
The45thmeetingofthe4thBoardofDirectors | April11,2022 | April12,2022 | ThemeetingconsideredandadoptedtheResolutionontheWorkReportoftheBoardofDirectorsfor2021,theResolutionontheCompany's2021GeneralManagerWorkReport,theResolutionontheCompany's2021AnnualFinancialSettlementReport,theResolutionon2021ProfitDistributionPlan,the |
ResolutionontheCompany'sInternalControlEvaluationReportfor2021,theResolutionontheCompany'sSelf-checkListfortheImplementationofInternalControlRulesfor2021,theResolutionontheCompany'sAnnualReportfor2021anditsAbstract,theResolutionontheCompany's2021AnnualEnvironmental,SocialandGovernanceReport(ESGReport),theResolutiononRenewingtheEmploymentofDahuaCPAs(SGP)astheCompany'sFinancialAuditorandInternalControlAuditorin2022,theResolutionontheDepositionandUseofRaisedFundsoftheCompanyin2021,theResolutiononDirectors'RemunerationoftheCompanyfor2021,theResolutionontheRemunerationoftheSeniorManagementtheCompanyfor2021,theResolutiononApplyingfortheGeneralCreditLimitinBanksin2022,theResolutionontheAmountofGuaranteeWithintheScopeoftheCompany'sConsolidatedStatementsIn2022,theResolutiononAnticipatedDeposit,LoanandGuaranteeBusinessinAssociatedBanksin2022,theResolutiononUsingSomeoftheIdleSelf-ownedFundstoPurchaseInvestmentQuotasofFinancialProductsinBanks,theResolutiononProvidingFinancialAssistancetoSubsidiariesoftheHoldingCompanyandtheirSubsidiaries,theResolutiononChangesofAccountingPolicies,theResolutiononDevelopingForeignExchangeDerivativesTradingBusinessandtheResolutiononConveningtheCompany's2021AnnualGeneralMeetingofShareholders
ResolutionontheCompany'sInternalControlEvaluationReportfor2021,theResolutionontheCompany'sSelf-checkListfortheImplementationofInternalControlRulesfor2021,theResolutionontheCompany'sAnnualReportfor2021anditsAbstract,theResolutionontheCompany's2021AnnualEnvironmental,SocialandGovernanceReport(ESGReport),theResolutiononRenewingtheEmploymentofDahuaCPAs(SGP)astheCompany'sFinancialAuditorandInternalControlAuditorin2022,theResolutionontheDepositionandUseofRaisedFundsoftheCompanyin2021,theResolutiononDirectors'RemunerationoftheCompanyfor2021,theResolutionontheRemunerationoftheSeniorManagementtheCompanyfor2021,theResolutiononApplyingfortheGeneralCreditLimitinBanksin2022,theResolutionontheAmountofGuaranteeWithintheScopeoftheCompany'sConsolidatedStatementsIn2022,theResolutiononAnticipatedDeposit,LoanandGuaranteeBusinessinAssociatedBanksin2022,theResolutiononUsingSomeoftheIdleSelf-ownedFundstoPurchaseInvestmentQuotasofFinancialProductsinBanks,theResolutiononProvidingFinancialAssistancetoSubsidiariesoftheHoldingCompanyandtheirSubsidiaries,theResolutiononChangesofAccountingPolicies,theResolutiononDevelopingForeignExchangeDerivativesTradingBusinessandtheResolutiononConveningtheCompany's2021AnnualGeneralMeetingofShareholders | |||
The46thmeetingofthe4thBoardofDirectors | April20,2022 | April21,2022 | ThemeetingconsideredandadoptedtheResolutionontheCompany'sReportfortheFirstQuarterof2022,theResolutiononProposedChangeofCompanyName,AmendmentoftheArticlesofAssociationandHandlingofIndustrialandCommercialChange,theResolutiononAmendingtheRulesofProcedureoftheGeneralMeetingofShareholders,theResolutiononAmendingtheRulesofProcedureoftheBoardofDirectorsandtheResolutiononConveningtheCompany'sThirdExtraordinaryGeneralMeetingin2022 |
The47thmeetingofthe4thBoardofDirectors | May5,2022 | May5,2022 | ThemeetingconsideredandadoptedtheResolutiononInvestmentandConstructionofLithiumBatterySeparatorProjectintheUnitedStates |
The48thmeetingofthe4thBoardofDirectors | May6,2022 | May7,2022 | ThemeetingconsideredandadoptedtheResolutiononChangeofRegisteredCapital,AmendmentoftheArticlesofAssociationandHandlingofIndustrialandCommercialChangeRegistration |
The49thmeetingofthe4thBoardofDirectors | May9,2022 | May10,2022 | ThemeetingconsideredandadoptedtheResolutiononAdjustingMattersRelatingtotheRestrictedStockinthe2022StockOptionandRestrictedStockIncentivePlanandtheResolutiononGrantingRestrictedStocktoIncentiveObjectsofthe2022StockOptionandRestrictedStockIncentivePlan |
The50thmeetingofthe4thBoardofDirectors | May20,2022 | May23,2022 | ThemeetingconsideredandadoptedtheResolutiononConnectedTransactionsInvolvedintheImplementationoftheEquityIncentivePlanbytheSubsidiariesoftheHoldingCompanyandtheAbandonmentofRightsbytheCompany |
The51stmeetingofthe4thBoardofDirectors | July14,2022 | July15,2022 | ThemeetingconsideredandadoptedtheResolutiononAnticipatedMattersofDailyConnectedTransactionsin2022 |
The52ndmeetingofthe4thBoardofDirectors | August30,2022 | August31,2022 | ThemeetingconsideredandadoptedtheResolutionontheCompany'sInterimReportfor2022anditsSummaryandtheResolutionontheDepositionandUseofRaisedFundsoftheCompanyintheFirstHalfYearof2022 |
The53rdmeetingofthe4thBoardofDirectors | October24,2022 | October25,2022 | ThemeetingconsideredandadoptedtheResolutionontheCompany'sThirdQuarterlyReportfor2022 |
2.Detailsofdirectors’attendanceatboardmeetingsandshareholders’generalmeetings
Detailsofdirectors’attendanceatboardmeetingsandshareholders’generalmeetings | |||||||
Nameofdirector | MeetingsrequiredtoattendduringtheReportingPeriod(times) | Attendanceinperson(times) | Attendancebywayoftelecommunication(times) | Entrustedpresence(times) | Absence(times) | Whethernon-attendanceinpersonfortwoconsecutivetimesornot | Attendanceinshareholders’generalmeeting |
PaulXiaomingLee | 13 | 0 | 13 | 0 | 0 | No | 4 |
LiXiaohua
LiXiaohua | 13 | 4 | 9 | 0 | 0 | No | 4 |
YanMa | 13 | 5 | 8 | 0 | 0 | No | 4 |
AlexCheng | 13 | 2 | 11 | 0 | 0 | No | 4 |
MaWeihua | 13 | 6 | 7 | 0 | 0 | No | 4 |
FengJie | 13 | 6 | 7 | 0 | 0 | No | 4 |
LuJiankai | 13 | 0 | 13 | 0 | 0 | No | 4 |
TangChangjiang | 13 | 0 | 13 | 0 | 0 | No | 4 |
ZhengHaiying | 13 | 0 | 13 | 0 | 0 | No | 4 |
Explanationsfornon-attendanceinpersonfortwoconsecutivetimesN/A
3.Detailsondirectors’objectiontorelevantmattersDiddirectorsobjecttorelevantmattersoftheCompany
□Yes√NoDuringtheReportingPeriod,nodirectorsobjectedtorelevantmattersoftheCompany.
4.OtherdetailsabouttheperformanceofdirectorsWasadvicetotheCompanyfromdirectorsadopted
√Yes□NoExplanationonadvicetotheCompanyfromdirectorsbeingadoptedornotadoptedDuringtheReportingPeriod,directorsoftheCompanywerediligent,conscientious,honestandself-disciplined,andfaithfullyperformedtheresponsibilitiesasdirectors.ThedirectorscarefullylistenedtothereportoftheCompany’srelevantprincipalsonprojectconstruction,developmentstrategy,profitdistributionplan,effectivenessofinternalcontrol,appointmentoffinancialauditinstitutions,etc.,andactivelyexpressedopinionsontheBoardofDirectors.Theindependentdirectorsissuedindependent,fairandobjectiveopinionsandprioracknowledgementonissuesoftheCompanyduringtheReportingyearthatneedindependentdirectors’opinions,activelyandeffectivelyperformedtheresponsibilitiesofindependentdirectors,improvedtheCompany’ssupervisionmechanism,andsafeguardedthelegitimaterightsandinterestsoftheCompanyandminorityshareholders.
VII.DetailsonSpecialCommitteesundertheBoardofDirectorsduringtheReportingPeriod
CommitteeName
CommitteeName | Members | NumberofMeetingsHeld | DateConvened | MeetingContent | ImportantOpinionsandSuggestionsProposed | OtherDutyPerformanceInformation | DetailsonObjectiontoMatters(IfAny) |
StrategyCommitteeofthe4thBoardofDirectors | PaulXiaomingLee,LiXiaohua,FengJie,ZhengHaiying,TangChangjiang | 3 | February15,2022 | ThemeetingconsideredtheResolutiononSigningtheCooperationAgreementontheNewEnergyBatteryWholeIndustryChainProject | Unanimouslyadopted | Nil | Nil |
March28,2022 | ThemeetingconsideredtheResolutiononSigningtheInvestmentAgreementandSupplementaryAgreementwiththePeople'sGovernmentofHongtaDistrict,Yuxi | Unanimouslyadopted | Nil | Nil | |||
May4,2022 | ThemeetingconsideredtheResolutiononInvestmentandConstructionofLithiumBatterySeparatorProjectintheUnitedStates | Unanimouslyadopted | Nil | Nil | |||
RemunerationandAppraisalCommitteeofthe4thBoardofDirectors | PaulXiaomingLee,TangChangjiang,ZhengHaiying | 2 | January23,2022 | ThemeetingconsideredtheResolutionontheCompany's2022StockOptionandRestrictedStockIncentivePlan(Draft)anditsAbstractandtheResolutiononFormulatingtheCheck-upManagementMeasuresfortheImplementationoftheCompany's2022StockOptionandRestrictedStockIncentivePlan | Unanimouslyadopted | Nil | Nil |
April10,2022 | ThemeetingconsideredtheResolutiononDirectors'Remunerationfor2021andtheResolutionontheRemunerationoftheSeniorManagementtheCompanyfor2021 | Unanimouslyadopted | Nil | Nil | |||
AuditCommitteeofthe4thBoardofDirectors | LiXiaohua,LuJiankai,ZhengHaiying | 4 | April11,2022 | ThemeetingconsideredtheResolutionontheCompany's2021AnnualAuditReportandtheResolutiononRenewingtheEmploymentofDaHuaCertifiedPublicAccountants(SpecialGeneralPartnership)astheCompany'sFinancialAuditorandInternalControlAuditorin2022 | Unanimouslyadopted | Nil | Nil |
April19,2022 | ThemeetingconsideredtheResolutionontheCompany'sReportfortheFirstQuarterof2022 | Unanimouslyadopted | Nil | Nil | |||
August29,2022 | ThemeetingconsideredtheResolutionontheCompany'sInterimReportfor2022anditsSummary | Unanimouslyadopted | Nil | Nil | |||
October23,2022 | ThemeetingconsideredtheResolutionontheCompany'sThirdQuarterlyReportfor2022 | Unanimouslyadopted | Nil | Nil |
VIII.DetailsontheWorkoftheSupervisoryCommittee
WerethereanyrisksintheCompanyaccordingtothesupervisionoftheSupervisoryCommitteeduringtheReportingPeriod
□Yes√NoTheSupervisoryCommitteeraisednoobjectiontomattersundersupervisionduringtheReportingPeriod.
IX.EmployeesoftheCompany
1.Numberofemployees,compositionbyprofession,andeducationallevel
IncumbentstaffofparentcompanyattheendoftheReportingPeriod(person)
IncumbentstaffofparentcompanyattheendoftheReportingPeriod(person) | 209 |
IncumbentstaffofmajorsubsidiaryattheendoftheReportingPeriod(person) | 5,845 |
TotalincumbentstaffattheendoftheReportingPeriod(person) | 7,458 |
Totalstaffreceivingremunerationsincurrentperiod(person) | 8,927 |
Numberofretireeswhoseexpensesshallbebornebytheparentcompanyandmajorsubsidiaries(person) | 0 |
Compositionbyprofession | |
Categoryofprofession | Numberofprofession(person) |
Productionstaff | 6,121 |
Salespeople | 102 |
Technician | 512 |
Financialstaff | 100 |
Administrativestaff | 623 |
Total | 7,458 |
Educationallevel | |
Categoryofeducationallevel | Number(person) |
Doctor’sdegreeandabove | 23 |
Master’sdegree | 126 |
Bachelor’sdegree | 743 |
Juniorcollege | 1,568 |
Technicalsecondaryschoolandbelow | 4,998 |
Total | 7,458 |
2.Remunerationpolicy
DuringtheReportingPeriod,theCompanyobservedtheprinciplesofdistributionbasedonlabor,efficiencyprioritycombiningfairnessandsustainabledevelopment,andonthisbasis,theCompanymadedetailedpoliciesinrespectofstaff’sremuneration,fringebenefit,performanceevaluationandotheraspects.TheCompanybuiltanewsalaryarchitecturefeaturingawiderangeand“hierarchicalladder”,andimplementedthetwo-levelsalarydistributionmechanism.Atthesametime,theCompanyhaslinkedthesalaryandbonustotheworkingtimeattheCompany,output,cost,fixedstaffofeveryposition,equipmentmaintenanceandotherfactors,andestablishedareasonableevaluationmechanism.TheCompanyhastakenmultifacetedmeasures,includingdiversificationofinternalremunerationstructure,tomotivateemployeesandattracthigh-qualityhumanresources.ThesemeasureshavehelpedtheCompanyimprovetheoverallperformance,realizedasustainabledevelopmentoftheCompanyandmadetheCompanymorecompetitiveinthemarket.TheCompanyhasactivelyexploredandcontinuouslydeepenedtheincomedistributionsystem.Infuture,theCompanywillmakeamoderateadjustmenttotheremunerationsystembasedonitsperformance,marketsituationandindustrytrend.
3.Trainingplan
DuringtheReportingPeriod,theCompanykepttakinginexcellenttalents,activelystrengthenedinternalpersonneltraining,establishedasoundtrainingsystemandenhancedtheprofessionaldevelopmentabilityofemployees.TheCompanyhasrecordedatotalof3,583trainingevents,including3,515internaltrainingsessionand34externaltrainingsessions,andrecordedatotalof77,416classhours.Thesetrainingshavebenefitedatotalof75,601people.Thesetrainingscovernewemployeetraining,jobskilltraining,Enterprisestrategicobjectivestraining,riskmanagementtraining,anti-corruptiontraining,generalmanagementtraining,certificationtraining,safetytrainingandreservetalenttraining.
4.Laboroutsourcing
□Applicable?N/A
X.ProfitDistributionandConversionofCapitalReserveintoShareCapitalFormulation,executionoradjustmentsofprofitdistributionpolicy,especiallycashdividendpolicy,duringtheReportingPeriod
?Applicable□N/A(I)AccordingtotheArticlesofAssociation,theCompany’sprofitdistributionpolicyisasfollows:
1.TheCompany’sprofitdistributionpolicyshallfocusonthereasonableinvestmentreturntoinvestors,takeintoaccountthesustainabledevelopmentoftheCompany,reflectthestrongawarenessofrewardingshareholders,andmaintaincontinuityandstability.
2.Formofprofitdistribution,proportionofcashdividends:TheCompanypaysdividendsincashorbysharesinapositivemanner.WheretheCompany’sauditednetprofitispositivewithnosignificantinvestmentplanorsignificantcashexpenditureinayear,theCompanyshallincludethecashdistributioninitsprofitdistributionschemeforthatyear.TheannualcashdividendoftheCompanyshallnotbelessthan20%ofthedistributableprofitrealizedinthecurrentyear(excludingtheundistributedprofitatthebeginningoftheyear).Whereavailable,theCompanymaydistributeinterimcashdividends.IftheCompany’srevenuegrowsrapidlyandtheBoardofDirectorsconsidersthatthestockpriceoftheCompanydoesnotmatchthesizeoftheCompany’ssharecapital,itmaymakeaPlanfordividenddistributionbystockwhilesatisfyingtheaboverequirementforcashdividenddistribution.
3.Intervalforprofitdistribution:subjecttothesatisfactionofthecashdividendconditionsstipulatedinparagraph4below,theCompanyshall,inprinciple,paycashdividendsonceayear,andtheBoardofDirectorsoftheCompanymayproposeinterimcashdividendsbasedontheprofitstatusandcapitaldemandsoftheCompany.
TheBoardofDirectorsoftheCompanyshall,takingintoaccountthecharacteristicsoftheindustryinwhichitoperates,itsdevelopmentstage,itsownbusinessmodel,itsprofitabilitylevel,andanyplanofitssignificantcapitalexpenditure,distinguishthefollowingcircumstancesandproposeadifferentiatedcashdividendpolicyinaccordancewiththeproceduressetforthintheArticlesofAssociationoftheCompany:
(1)IftheCompanyisinamaturitystageandhasnoplanofsignificantexpenditure,theproportionofcashdividendsintheoverallprofitdistributionshallaccountforatleast80%;
(2)IftheCompanyisinamaturitystageandhasanyplanofsignificantexpenditure,theproportionofcashdividendsintheoverallprofitdistributionshallaccountforatleast40%;
(3)IftheCompanyisinagrowthstageandhasanyplanofsignificantexpenditure,theproportionofcashdividendsintheoverallprofitdistributionshallaccountforatleast20%;
IftheCompanyisinanunidentifiablestageandhasanyplanofsignificantexpenditure,theaboveparagraphsshallapply.
4.Conditionsfordistributingcashdividends
(1)TheremainingdistributableprofitoftheCompanyispositiveaftertheprofitachievedinthecurrentyearisusedformakingupforthelossesofpreviousyearsandmakingprovisionforsurplusreserves.
(2)TheauditoroftheCompanyissuesastandardunqualifiedauditreportonthefinancialstatementsoftheCompanyinthecurrentyear.
(3)TheCompanyhasnosignificantinvestmentplansorsignificantcashexpenditure.
SignificantinvestmentplanorsignificantcashexpendituremeansthattheaccumulativeexpenditureoftheCompanyfortheproposedexternalinvestment,assetsacquisitionorequipmentpurchasewithinthenexttwelvemonthsreachesorexceeds30%oftheCompany’slatestauditednetassetsandexceedsRMB300million.
5.Conditionsfordistributingstockdividends:wheretheCompanyiswell-run,withrapidgrowthofoperatingrevenueandnetprofit,andtheBoardofDirectorsbelievesthattheCompanyisinthegrowthstage,theleveloftheCompany’snetassetsishighandthestockpricedoesnotmatchthesizeofthesharecapital,itmayproposeaPlanforstockdividenddistribution,subjecttotheconsiderationandapprovalatthegeneralmeetingofshareholdersoftheCompany.Stockdividendmaybedistributedseparatelyorinconjunctionwithcashdividend.
(II)TheCompanywilldisclosetheprofitdistributionPlaninatimelymannerinstrictaccordancewiththerelevantprovisionsoftheChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,anddisclosetheprofitdistributionPlanandtheimplementationoftheprofitdistributionPlanintheperiodicreportaccordingly.
(III)DuringtheReportingPeriod,theCompanyimplementedthe2021equitydistributionincompliancewiththerelevantprovisionsoftheArticlesofAssociation,infullconsiderationofthereasonabledemandsofinvestorsandwithfullprotectionofthelegitimaterightsandinterestsofsmallandmedium-sizedinvestors.OnApril11,2022,theCompanyheldthe45thmeetingofthe4thBoardofDirectorstodeliberateandapprovetheProposalon2021ProfitDistributionPlan.TheindependentdirectorsexpressedtheirindependentopinionstoagreeuponthePlan.The2021generalmeetingoftheCompanywasheldonMay5,2022wherethePlanwasdeliberatedandapprovedforimplementation.Fordetails,pleaserefertotheAnnouncementon2021ProfitDistributionPlanpublishedontheCninfo(www.cninfo.com.cn)(announcementNo.2022-053).
Specialexplanationoncashdividenddistributionpolicy
Specialexplanationoncashdividenddistributionpolicy | |
WhetherornotthepolicyisincompliancewiththeprovisionsoftheArticlesofAssociationorrequirementsoftheresolutionsofthegeneralmeetingofshareholdersoftheCompany: | Yes |
Whetherornotthestandardandproportionofdividendsareclearanddefined: | Yes |
Whetherornottherelevantdecision-makingprocessandmechanismarecomplete: | Yes |
Whetherornottheindependentdirectorsfullyperformtheirdutiesandplaytheirroles: | Yes |
Whetherornotminorityshareholdershavetheopportunitytovoicetheiropinionsanddemands,andwhetherornottheirlegitimaterightsandinterestsarefullyprotected: | Yes |
Ifthecashdividendpolicyisadjustedoramended,whetherornottheconditionsandproceduresarecompliantandtransparent: | Yes |
TheCompanymadeaprofitduringtheReportingPeriodandtheprofitdistributabletotheshareholdersoftheparentCompanywaspositive,butitdidnotputforwardaplanforcashdividenddistributiontoshareholders?Applicable□N/A
Reasonsforthefollowingstateofaffairs:TheCompanygeneratedprofitsduringtheReportingPeriod.Theparentcompanygeneratedprofitsavailablefordistributiontoshareholders.However,thecompanyhasnotproposedacashdividenddeclarationplan. | ThepurposeanduseplanoftheCompany'sundistributedprofits |
AccordingtotheprovisionsoftheMeasuresfortheAdministrationofSecuritiesIssuanceandUnderwritingissuedbytheCSRC,ifalistedcompanyissuessecuritieswithaprofitdistributionplanoraplanforconvertingpublicaccumulationfundsintosharecapitalthathasnotbeensubmittedtotheshareholders'meetingforvotingorhasbeenapprovedbytheshareholders'meetingbuthasnotbeenimplemented,thesecuritiesshallbeissuedaftertheimplementationoftheplan.Theleadunderwritershallnotunderwritethesecuritiesissuedbythelistedcompanybeforetheimplementationoftherelevantplan.IftheCompanyimplementstheprofitdistributionfortheyear2022,theCompanycannotconductthenon-publicissuanceofA-sharesuntiltheprofitdistributioniscomplete.InviewofthefactthattheCompany'snon-publicissuanceofAsharesfortheyear2021hasbeenapprovedbytheCSRCinthedocument"ZJXK[2022]No.1343",andisintheprocessofpromotion,takingintoaccounttheinterestsofshareholdersandthedevelopmentoftheCompany,inordertopromotetherelevantworkassoonaspossible,aftertheimplementationoftheCompany'snon-publicissuanceofAshares,theprofitdistributionplanfortheyear2022shallbeconsideredseparatelyinaccordancewiththerequirementsofrelevantlawsandregulationsandtheprovisionsoftheArticlesofAssociation. | TheCompanyattachesgreatimportancetorepayinginvestorsintheformofcashdividends.Aftertheimplementationofthisnon-publicofferingofA-shares,theCompanywillreviewtheprofitdistributionplanfortheyear2022inaccordancewithrelevantlaws,regulationsandtheArticlesofAssociation. |
ProfitdistributionandconversionofcapitalreserveintosharecapitalduringtheReportingPeriod
□Applicable?N/ATheCompanyplansnottodistributecashdividends,bonussharesorincreasesharecapitalwithpublicaccumulationfundsfortheyear.Aftertheimplementationofthisnon-publicofferingofA-shares,theCompanywillreviewtheprofitdistributionplanfortheyear2022inaccordancewithrelevantlaws,regulationsandtheArticlesofAssociation.XI.ImplementationofanyEquityIncentivePlan,EmployeeStockOwnershipSchemeorOtherIncentiveMeasuresforEmployees
?Applicable□N/A
1.EquityIncentiveTheimplementationofthe2022StockOptionandRestrictedStockIncentivePlan
(1)OnJanuary24,2022,the41stmeetingofthe4thBoardofDirectorsoftheCompanyconsideredandadoptedtheResolutionontheCompany's2022StockOptionandRestrictedStockIncentivePlan(Draft)anditsAbstract,theResolutiononFormulatingtheCheck-upManagementMeasuresfortheImplementationoftheCompany's2022StockOptionandRestrictedStockIncentivePlanandtheResolutiononSubmittingtotheGeneralMeetingofShareholdersforAuthorizingtheBoardofDirectorstoHandleMattersRelatingtoEquityIncentive.TheindependentdirectorsoftheCompanyexpressedtheirindependentopinionsontheincentiveplanandsolicitedthevotingrightsfromallshareholders.OnJanuary24,2022,the35thmeetingofthe4thBoardofSupervisorsoftheCompanyconsideredandadoptedtheResolutionontheCompany's2022StockOptionandRestrictedStockIncentivePlan(Draft)anditsAbstract,theResolutiononFormulatingtheCheck-upManagementMeasuresfortheImplementationoftheCompany's2022StockOptionandRestrictedStockIncentivePlanandtheResolutiononVerifyingtheListofIncentiveObjectsofthe2022StockOptionandRestrictedStockIncentivePlanoftheCompany.PleaserefertotheAnnouncementabouttheResolutionofthe41stMeetingofthe4thBoardofDirectors(AnnouncementNo.2022-012),theAnnouncementabouttheResolutionofthe35thMeetingofthe4thBoardofSupervisors(AnnouncementNo.2022-018),theCompany's2022StockOptionandRestrictedStockIncentivePlan(Draft)(Revised)andotherannouncementsdisclosedbytheCompanyonthedesignatedinformationdisclosuremedia,i.e.SecuritiesTimes,ChinaSecuritiesJournal,SecuritiesDailyandShanghaiSecuritiesJournalonJanuary25,2022fordetails.
(2)FromJanuary26,2022toFebruary6,2022,theCompanypublicizedthenamesandpositionsoftheincentiveobjectsoftheincentiveplanontheintranetOAsystem.Withintheperiodofpublicity,theBoardofSupervisorsoftheCompanydidnotreceiveanyobjectionfromanyorganizationorindividual.PleaserefertotheVerifiedOpinionsandAnnouncementoftheBoardofSupervisorsoftheListofIncentiveObjectsofthe2022StockOptionandRestrictedStockIncentivePlan(AnnouncementNo.2022-022)disclosedbytheCompanyonthedesignatedinformationdisclosuremediaonFebruary7,2022fordetails.
(3)OnFebruary14,2022,theSecondExtraordinaryGeneralMeetingofShareholdersoftheCompanyin2022consideredandadoptedtheResolutionontheCompany's2022StockOptionandRestrictedStockIncentivePlan(Draft)anditsAbstract,theResolutiononFormulatingtheCheck-upManagementMeasuresfortheImplementationoftheCompany's2022StockOptionandRestrictedStockIncentivePlanandtheResolutiononSubmittingtotheGeneralMeetingofShareholdersforAuthorizingtheBoardofDirectorstoHandleMattersRelatingtoEquityIncentive.TheCompany'simplementationofthe2022StockOptionandRestrictedStockIncentivePlanwasapproved,andtheBoardofDirectorswasauthorizedtodeterminethegrantdate,grantstockoptionandrestrictedstocktotheincentiveobjectwhentheincentiveobjectmettheconditions,andhandleallmattersnecessaryforthegrant.PleaserefertotheAnnouncementabouttheResolutionoftheSecondExtraordinaryGeneralMeetingofShareholdersin2022(AnnouncementNo.2022-026)disclosedbytheCompanyonthedesignatedinformationdisclosuremediaonFebruary15,2022fordetails.
(4)TheCompanyconductedaself-inspectiononthetradingoftheCompany'ssharesbyinsidersandincentiveobjectsoftheincentiveplanwithinsixmonthsbeforethepublicdisclosureoftheincentiveplan(draft)(i.e.,fromJuly23,2021toJanuary24,2022).PleaserefertotheSelf-inspectionReportontheTradingoftheCompany'sStockbytheIncentiveObjectsandInsidersofthe2022StockOptionandRestrictedStockIncentivePlan(AnnouncementNo.2022-027)disclosedbytheCompanyonthedesignatedinformationdisclosuremediaonFebruary15,2022fordetails.
(5)OnMarch7,2022,the43rdmeetingofthe4thBoardofDirectorsandthe37thmeetingofthe4thBoardofSupervisorsoftheCompanyconsideredandadoptedtheResolutiononAdjustingtheListofStockOptionIncentiveObjectsandtheNumberofGrantedOptionsinthe2022StockOptionandRestrictedStockIncentivePlanandtheResolutiononGrantingStockOptionstotheIncentiveObjectsofthe2022StockOptionandRestrictedStockIncentivePlan.TheindependentdirectorsoftheCompanyexpressedtheirindependentopinionsontheseresolutions.TheBoardofSupervisorsoftheCompanyreviewedthelistofincentiveobjectsonthegrantdateofstockoptionsandissuedverificationopinions.PleaserefertotheAnnouncementaboutAdjustingtheListofStockOptionIncentiveObjectsandtheNumberofGrantedOptionsinthe2022StockOptionandRestrictedStockIncentivePlan(AnnouncementNo.2022-034),theAnnouncementaboutGrantingStockOptionstoIncentiveObjectsofthe2022StockOptionandRestrictedStockIncentivePlan(AnnouncementNo.2022-035)andtheVerifiedOpinionsoftheBoardofSupervisorsoftheListofIncentiveObjectsofthe2022StockOptionandRestrictedStockIncentivePlanontheGrantDateofStockOptions(AnnouncementNo.2022-037)disclosedbytheCompanyonthedesignatedinformationdisclosuremediaonMarch8,2022fordetails.
(6)OnMarch14,2022,theCompanycompletedtheregistrationofthegrantofstockoptionsinthe2022StockOptionandRestrictedStockIncentivePlan.PleaserefertotheAnnouncementabouttheCompletionoftheRegistrationoftheGrantofStockOptionofthe2022StockOptionandRestrictedStockIncentivePlan(AnnouncementNo.2022-040)disclosedbytheCompanyonthedesignatedinformationdisclosuremediaonMarch15,2022fordetails.
(7)OnMay9,2022,the49thmeetingofthe4thBoardofDirectorsandthe42ndmeetingofthe4thBoardofSupervisorsoftheCompanyconsideredandadoptedtheResolutiononAdjustingMattersRelatingtotheRestrictedStockinthe2022StockOptionandRestrictedStockIncentivePlanandtheResolutiononGrantingRestrictedStocktoIncentiveObjectsofthe2022StockOptionandRestrictedStockIncentivePlan.TheindependentdirectorsoftheCompanyexpressedtheirindependentopinionsontheseresolutions.TheBoardofSupervisorsoftheCompanyreviewedthelistofincentiveobjectsonthegrantdateofrestrictedstockandissuedverificationopinions.PleaserefertotheAnnouncementaboutAdjustingMattersRelatingtotheRestrictedStockinthe2022StockOptionandRestrictedStockIncentivePlan(AnnouncementNo.2022-085),theAnnouncementaboutGrantingRestrictedStocktoIncentiveObjectsofthe2022StockOptionandRestrictedStockIncentivePlan(AnnouncementNo.2022-086)andtheVerifiedOpinionsoftheBoardofSupervisorsoftheListofIncentiveObjectsofthe2022StockOptionandRestrictedStockIncentivePlanontheGrantDateofRestrictedStock(AnnouncementNo.2022-087)disclosedbytheCompanyonthedesignatedinformationdisclosuremediaonMay10,2022fordetails.
(8)OnMay23,2022,theCompanycompletedtheregistrationofthegrantofrestrictedstockinthe2022StockOptionandRestrictedStockIncentivePlan.PleaserefertotheAnnouncementabouttheCompletionoftheRegistrationoftheGrantofRestrictedStockofthe2022StockOptionandRestrictedStockIncentivePlan(AnnouncementNo.2022-098)datedMay24,2022fordetails.EquityincentivesgrantedtotheCompany'sdirectorsandseniormanagement
?Applicable□N/A
Unit:share
Name
Name | Post | Thenumberofstockoptionsheldatthebeginningoftheyear | ThenumberofnewlygrantedstockoptionsduringtheReportingPeriod | ThenumberofexercisableoptionsduringtheReportingPeriod | ThenumberofexercisedoptionsduringtheReportingPeriod | TheexercisepriceofthenumberofoptionsexercisedduringtheReportingPeriod(RMBpershare) | Thenumberofstockoptionsheldattheendoftheperiod | ThemarketpriceattheendoftheReportingPeriod(RMBpershare) | Thenumberofrestrictedsharesheldatthebeginningoftheperiod | Thenumberofunlockedsharesduringthecurrentperiod | ThenumberofnewlygrantedrestrictedsharesduringtheReportingPeriod | Thegrantpriceofrestrictedshares(RMBpershare) | Thenumberofrestrictedsharesheldattheendoftheperiod |
YuXue | SecretaryoftheBoardofDirectors | 0 | 40,000 | 0 | 0 | 40,000 | 131.29 | 30,825 | 0 | 40,000 | 64.48 | 70,825 | |
Total | -- | 0 | 40,000 | 0 | 0 | -- | 40,000 | -- | 30,825 | 0 | 40,000 | -- | 70,825 |
Remarks(ifany) | The30,825restrictedsharesheldbyYuXueasatthebeginningoftheperiodareexecutivelocked-upshares,andthe30,825executivelocked-upsharesareincludedintherestrictedsharesheldbyYuXueattheendoftheperiod. |
EvaluationmechanismandincentiveofseniormanagementTheCompanyhasestablishedacompleteperformanceevaluationsystem,andtheincomeofseniormanagementislinkedtotheoveralloperatingperformance.DuringtheReportingPeriod,theBoardofDirectorsoftheCompanyevaluatedtheworkperformanceofseniormanagementaccordingtotheannualoperatingperformanceoftheCompany,thejobresponsibilitiesofseniormanagementandthecompletionofannualworkobjectives,andpreparedincentivecompensationplansforseniormanagementaccordingtotheevaluationresults.Suchplansweresubmittedforreviewinaccordancewithregulations.TheCompanyencouragedseniormanagementwiththeequityincentiveplan.TheCompanyformulatedimplementationcheck-upmanagementmeasuresforalloftheCompany’sequityincentiveplans.TheCompany'scheck-upindicatorsarerelatedtotheCompany'smediumandlong-termdevelopmentstrategiesandannualbusinessobjectives.Accordingtotherelevantcheck-upmethods,theCompanyconductedindividuallevelperformanceassessmentontheincentiveobjectsaccordingtothekeyworkperformance,workability,workattitudeandotherindicators,andfinallydeterminedthenumberofrestrictedsharesoroptionsthatshouldbeunlockedbytheincentiveobjectsbasedontheCompanylevelandindividuallevelassessmentresults.
2.ImplementationofEmployeeStockOwnershipPlan
□Applicable?Notapplicable
3.OtherEmployeeIncentives
□Applicable?Notapplicable
XII.InternalControlSystemConstructionandImplementationduringtheReportingPeriod
1.InternalcontrolconstructionandimplementationDuringtheReportingPeriod,theCompany,inaccordancewiththeBasicNormsforEnterprises’InternalControlandrelatedguidelines,updatedand
perfecteditsinternalcontrolsysteminduetime,andestablishedaninternalcontrolsystemfeaturingscientificdesign,simplicity,applicability,andeffectiverunning.TheAuditCommitteeoftheBoardofDirectorsandinternalauditdepartmentjointlyformedtheCompany’sriskmanagementandinternalcontrolorganizationsystemtosuperviseandevaluatetheinternalcontrolmanagementoftheCompany.Throughtheoperation,analysisandevaluationoftheinternalcontrolsystem,theCompanyeffectivelypreventedrisksinoperationalmanagementandpromotedtherealizationofinternalcontrolobjectives.
2.DetailsonmaterialweaknessintheCompany’sinternalcontrolduringtheReportingPeriod
□Yes?No
XIII.Company’sManagementandControlofSubsidiariesduringtheReportingPeriod
AccordingtotheCompanyLaw,ArticlesofAssociationandotherrelevantlaws,regulationsandrules,theCompanywillcontinuetomanageandsupervisethestandardizedoperation,informationdisclosure,financialcapital,operationandothermattersofitssubsidiaries,andtimelytrackthefinancialstatusofitssubsidiariesandotherimportantmatters,inordertoensurethelegalcomplianceofoperationandmanagement,assetsafety,andtheaccuracyandcompletenessofthefinancialreportsandrelatedinformation,andfurtherimprovetheoperationandmanagementandriskmanagementcapabilitiesofsubsidiaries.
XIV.InternalControlSelf-AssessmentReportorInternalControlAuditReport
1.Self-assessmentreportoninternalcontrol
Disclosuredateoftheassessmentreportoninternalcontrol
Disclosuredateoftheassessmentreportoninternalcontrol | March3,2023 | |
Disclosureindexoftheassessmentreportoninternalcontrol | 2022AssessmentReportonInternalControldisclosedonhttp://www.cninfo.com.cn/onMarch3,2023 | |
RatiooftotalassetsoftheunitincludedintheassessmentscopetothetotalassetsontheCompany’sconsolidatedfinancialstatements | 100.00% | |
RatioofoperatingrevenueoftheunitincludedintheassessmentscopetotheoperatingrevenueontheCompany’sconsolidatedfinancialstatements | 100.00% | |
Defectidentificationcriteria | ||
Type | Financialreport | Non-financialreport |
Qualitativecriteria | Generaldefects:Thereislittlepossibilitythatafailuretotakeanyactionwillresultinpotentialmisstatement,economiclossorunachievedbusinessobjectives.Materialdefects:Thereissomepossibilitythatafailuretotakeanyactionwillresultinpotential | Generaldefects:Thereislittlepossibilitythatafailuretotakeanyactionwillresultinpotentialmisstatement,economiclossorunachievedbusinessobjectives.Materialdefects:Thereissomepossibilitythatafailuretotakeanyactionwillresultinpotential |
misstatement,economiclossorunachievedbusinessobjectives.Majordefects:Thereisthepossibilitythatafailuretotakeanyactionwillresultinpotentialmisstatement,economiclossorunachievedbusinessobjectives.
misstatement,economiclossorunachievedbusinessobjectives.Majordefects:Thereisthepossibilitythatafailuretotakeanyactionwillresultinpotentialmisstatement,economiclossorunachievedbusinessobjectives. | misstatement,economiclossorunachievedbusinessobjectives.Majordefects:Thereisthepossibilitythatafailuretotakeanyactionwillresultinpotentialmisstatement,economiclossorunachievedbusinessobjectives. | |
Quantitativecriteria | Generaldefects:<0.25%ofTotalAssets,<0.5%ofOperatingrevenue;materialdefects:≥0.25%ofTotalAssetsand<1%ofTotalAssets,≥0.5%ofOperatingrevenueand<1.5%ofOperatingrevenue;majordefects:≥1%ofTotalAssets,≥1.5%ofOperatingrevenue. | Generaldefects:<0.25%ofTotalAssets,<0.5%ofOperatingrevenue;materialdefects:≥0.25%ofTotalAssetsand<1%ofTotalAssets,≥0.5%ofOperatingrevenueand<1.5%ofOperatingrevenue;majordefects:≥1%ofTotalAssets,≥1.5%ofOperatingrevenue. |
Numberofmajordefectsinthefinancialreport | 0 | |
Numberofmajordefectsinthenon-financialreport | 0 | |
Numberofmaterialdefectsinthefinancialreport | 0 | |
Numberofmaterialdefectsinthenon-financialreport | 0 |
2.Auditreportoninternalcontrol
√Applicable□N/A
Auditopinionintheauditreportoninternalcontrol | |
AccordingtotheidentificationofmajordefectsintheinternalcontroloftheCompany’sfinancialreport,therewerenomajordefectsintheinternalcontrolofthefinancialreportasofthebasedateoftheinternalcontrolassessmentreport.TheBoardofDirectorsbelievedthattheCompanymaintainedeffectiveinternalcontroloverfinancialreportinginallmajoraspectsinaccordancewiththerequirementsoftheenterpriseinternalcontrolstandardsystemandrelatedregulations.AccordingtotheidentificationofmajordefectsintheinternalcontroloftheCompany’snon-financialreport,therewerenomajordefectsintheinternalcontrolofthenon-financialreportasofthebasedateoftheinternalcontrolassessmentreport.Fromthebasedateoftheinternalcontrolassessmentreporttotheissuedateoftheinternalcontrolassessmentreport,nofactorsaffectingtheassessmentconclusionoftheeffectivenessofinternalcontroloccurred. | |
Disclosuredateoftheauditreportoninternalcontrol | March3,2023 |
Disclosureindexoftheauditreportoninternalcontrol | TheAuthenticationReportonInternalControlofYunnanEnergyNewMaterialCo.,Ltd.(DaHuaNeiZiNo.[2023]000079)disclosedbytheCompanyonhttp://www.cninfo.com.cn/onMarch3,2023 |
Typeofopinionintheauditreportoninternalcontrol | Standardunqualifiedopinion |
Whethertherewasanymajordefectinthenon-financialreport | No |
Didtheaccountingfirmissueaqualifiedauditreportoninternalcontrol
□Yes?NoWastheauditreportoninternalcontrolissuedbytheaccountingfirmconsistentwiththeself-assessmentreportfromtheBoardofDirectors
?Yes□NoXV.RectificationofProblemsFoundinSelf-InspectionoftheSpecialOperationonImprovingCorporateGovernanceofListedCompaniesN/A
Section5EnvironmentandSocialResponsibilityI.MajorEnvironmentalProtectionIssues
Whetherthelistedcompanyanditssubsidiariesfellintomajorpollutant-dischargeunitspublishedbytheenvironmentalprotectionauthorities.
?Yes□NoEnvironmentalprotectionrelatedpoliciesandindustrystandardsTheCompanystrictlyabidesbytheEnvironmentalProtectionLawofthePeople’sRepublicofChina,theEnvironmentalImpactAssessmentLawofthePeople’sRepublicofChina,theWaterLawofthePeople’sRepublicofChina,theEnergyConservationLawofthePeople’sRepublicofChina,theDecisionoftheStateCouncilonStrengtheningEnergyConservation(GuoFa[2006]No.28)andothernationalandlocallawsandregulationsinitsdailyproductionandoperation.TheGroupdischargeswastegas,wastewaterandsolidwasteinaccordancewiththeIntegratedEmissionStandardofAir(DB31/933-2015),theDischargeStandardofPollutantsforSyntheticResinIndustry(GB31572-2015),theDischargeLimitsofWaterPollutants(DB44/26-2001)andtheNationalCatalogofHazardousWastes(2021Edition).EnvironmentalprotectionadministrativepermissionTheCompanyanditssubsidiarieshavecompletedthePollutantDischargePermitandotherrelevantenvironmentalprotectionqualificationproceduresinaccordancewiththerelevantlawsandregulations.Industryemissionstandardsandspecificconditionsofpollutantemissionsinvolvedinproductionandoperationactivities
NameoftheCompanyorSubsidiary
NameoftheCompanyorSubsidiary | NameoftheMajorPollutantsandSpecificPollutants | DischargeMethod | NumberofDischargeOutlets | DistributionofDischargeOutlets | Concentration/intensityoftheDischarge | PollutantDischargeStandardsImplemented | TotalDischarge(tons) | TotalDischargeApproved(tons/year) | ExcessDischarge |
ShanghaiEnergy | Nitrogenoxide | Organizedemission | 8 | Plantarea | 34.17mg/m3 | IntegratedEmissionStandardofAirPollutantsDB31/933-2015 | 5.22 | 8.4953 | -- |
ShanghaiEnergy | Particulatematter | Organizedemission | 8 | Plantarea | 0.7521mg/m3 | IntegratedEmissionStandardofAirPollutantsDB31/933-2015 | 0.05 | 0.1277 | -- |
ShanghaiEnergy | Non-methanetotalhydrocarbon | Organizedemission | 8 | Plantarea | 3.56mg/m3 | EmissionStandardofPollutantsforSyntheticResinIndustryGB31572-2015 | 1.58 | 4.2181 | -- |
WuxiEnergy | Dichloromethane | Organizedemission | 3 | Plantarea | 70.2938mg/m? | IntegratedEmissionStandardofAirPollutantsDB31/933-2015 | 21.94 | 49.6845 | -- |
WuxiEnergy
WuxiEnergy | Nitrogenoxide | Organizedemission | 7 | Plantarea | 19.2618mg/m? | IntegratedEmissionStandardofAirPollutantsDB31/933-2015 | 3.23 | 5.88 | -- |
WuxiEnergy | Aulfurdioxide | Organizedemission | 7 | Plantarea | 0.13933mg/m? | IntegratedEmissionStandardofAirPollutantsDB31/933-2015 | 0.01 | 3.36 | -- |
WuxiEnergy | Particulatematter | Organizedemission | 7 | Plantarea | 2.70660mg/m? | IntegratedEmissionStandardofAirPollutantsDB31/933-2015 | 0.21 | 2.5372 | -- |
WuxiEnergy | Non-methanetotalhydrocarbon | Organizedemission | 2 | Plantarea | 2.1717mg/m? | EmissionStandardofPollutantsforSyntheticResinIndustryGB31572-2015 | 0.56 | 0.224 | -- |
ZhuhaiEnergy | COD | Industrialwastewaterdischarge | 1 | Sewagestation | 55.5mg/L | DischargeLimitsofWaterPollutantsDB44/26-2001 | 0.10 | 0.2552 | -- |
ZhuhaiEnergy | BOD | Industrialwastewaterdischarge | Sewagestation | 18.55mg/L | DischargeLimitsofWaterPollutantsDB44/26-2001 | 0.00 | -- | -- | |
ZhuhaiEnergy | Petroleum | Industrialwastewaterdischarge | Sewagestation | 0.54mg/L | DischargeLimitsofWaterPollutantsDB44/26-2001 | 0.00 | -- | -- | |
ZhuhaiEnergy | Nitrogenoxide | Organizedemission | 5 | Plantarea | 34.55mg/m? | IntegratedEmissionStandardofAirPollutantsDB31/933-2015 | 6.49 | 35.998 | -- |
ZhuhaiEnergy | Sulfurdioxide | Organizedemission | Plantarea | 3.66mg/m? | IntegratedEmissionStandardofAir | 0.41 | 1.96 | -- |
PollutantsDB31/933-2015
PollutantsDB31/933-2015 | |||||||||
ZhuhaiEnergy | Non-methanetotalhydrocarbon | Organizedemission | 14 | Plantarea | 2.18mg/m? | EmissionStandardofPollutantsforSyntheticResinIndustryGB31572-2015 | 2.95 | 8.79 | -- |
ZhuhaiEnergy | Solidwaste | Transferredbyqualifieddisposalunits | - | Temporarystorageofhazardouswaste | DirectoryofNationalHazardousWastes(Version2021) | 108.78 | -- | -- | |
SuzhouGreenPower | Wasteslurry | Transferredbyqualifieddisposalunits | - | Temporarystorageofhazardouswaste | - | DirectoryofNationalHazardousWastes(Version2021) | 19.04 | 50 | -- |
SuzhouGreenPower | Sludge | Transferredbyqualifieddisposalunits | - | Temporarystorageofhazardouswaste | - | DirectoryofNationalHazardousWastes(Version2021) | 119.12 | 150 | -- |
SuzhouGreenPower | Wasteparaffinoil | Transferredbyqualifieddisposalunits | - | Storagetank | - | DirectoryofNationalHazardousWastes(Version2021) | 57.82 | 100 | -- |
SuzhouGreenPower | Whiteclay | Transferredbyqualifieddisposalunits | - | Temporarystorageofhazardouswaste | - | DirectoryofNationalHazardousWastes(Version2021) | 277.00 | 300 | -- |
NewmiTech | Wasteoilofgreasetrap | Transferredbyqualifieddisposalunits | - | Temporarystorageofhazardouswaste | - | DirectoryofNationalHazardousWastes(Version2021) | 18.92 | 806.4 | -- |
NewmiTech | Wasteactivatedcarbon | Transferredbyqualifieddisposalunits | - | Temporarystorageofhazardouswaste | - | DirectoryofNationalHazardousWastes(Version2021) | 2.41 | 3 | -- |
DisposalonPollutionTheCompanyhaveformulatedtheCompilationofenvironmentalandhazardouswastemanagementsystems,ExhaustGas,Wastewater,andNoiseManagementRegulations.Inaccordancewiththestandardsofthelocalenvironmentalprotectionauthorities,eachcompanyconductsinternalmanagement,supervisionandfeedbackonthedischargeofexhaustgas,wastewaterandwaste.Meanwhile,thereareexternalinspectionsfromtimetotimetoensurethattheemissionsmeetthestandards.
1.ExhaustGasEmissionManagementTheGroupstrictlyabidesbytheLawofthePeople'sRepublicofChinaonthePreventionandControlofAirPollution,AirPollutionPreventionandControlActionPlanofYunnanProvinceandothernationalandlocalexhaustemissionmanagementregulationsandadherestostandardsonemission.TheexhaustgasgeneratedbytheGroupmainlycomesfromworkshopexhaustandboilerexhaust,includingVOCs(volatileorganiccompound)emissionsandnitrogenoxideemissions,amongwhichVOCsmainlycomefromworkshopexhaust.TheGrouphasformulatedrelevantexhaustgasmanagementsystems,includingtheExhaustGasEmissionManagementSystem,ExhaustGasAbsorptionSystemOperatingProcedures,etc.,andstrictlyimplementedthem.TheGroupcontinuestoinvestinwastegasrecoveryandtreatmentdevicestoreduceemissions.TheGrouphassetuptreatmentfacilitiessuchasplasmapurifiersintheworkshops.JiangxiRuijieadoptsRegenerativeThermalOxidizer(“RTO”),whichcanrecoverwasteheatwhiletreatingwastegas.Werequiretheexhaustgasabsorptionfacilitiesandtreatmentsystemsofeachworkshoptooperatenormally,andweregularlymaintainrelatedequipment.Wehavesetupmonitoringinstrumentsintheworkshops,whichwillalertemployeestoevacuateoncethepresetconcentrationisexceeded.TheVOCsexhaustgasonlinemonitoringsystemhasbeenputintooperationinWuxiEnergy,whichcangraduallyrealizereal-timemonitoringofemissionconcentration.Inaddition,inaccordancewiththerequirementsofrelevantnationallawsandregulations,wehaveengagedaqualifiedthirdpartytoconductregularandcontinuousmonitoringofvariousindicatorsofexhaustemissions.
2.WastewaterDischargeManagementWedischargewastewaterinaccordancewiththeLawofthePeople’sRepublicofChinaonPreventionandControlofWaterPollution,theWaterPollutionPreventionandControlWorkPlanofYunnanProvinceandothernationalandlocalmeasuresandregulationsformanagingwastewaterdischarge,andadherestostandardsonemission.TheGrouphasformulatedtheWastewaterDischargeManagementSystemandstrictlyimplementedthem.WastewaterdischargedbytheGroupincludesproductionwastewateranddomesticwastewater.Productionwastewateristreatedbysewagetreatmentfacilitiesincompliancewiththeproductionpracticesineachregionwhereweoperate,andthenreusedordischargedintothemunicipalsewagepipenetwork.Totreatdomesticsewage,Groupfactoriesareequippedwithfacilitiestotreatandregularlymonitordomesticsewage.TakeShanghaiEnergyasanexample,thereisasewagetreatmentstationintheShanghaiEnergy,andthewastewaterisdischargedtothemunicipalpipenetworkafterprimaryprecipitation,secondaryprecipitation,andfiltrationtreatment.
3.WastemanagementTheGroupstrictlyabidesbytheLawofthePeople'sRepublicofChinaonthePreventionandControlofSolidWastePollution,SolidWastePollutionControlPlanofYunnanProvinceandothernationalandlocalwastemanagementregulations,andadherestoemissionanddisposalstandards.WehaveformulatedrelevantmanagementsystemssuchasGeneralSolidWasteManagementSystem,HazardousWasteManagementSystem,HazardousWastePollutionPreventionandControlResponsibilitySystem,HazardousWasteTransferSystem,HazardousWasteStorageFacilitiesManagementSystem,SolidWasteManagementRegulations,etc.andstrictlyenforcesthem.Duringtheproductionandresearchanddevelopmentprocess,theGroupgeneratecertaintypesandasmallnumberofhazardouswastesandnon-hazardouswastes.Weclassifyandcollectwasteinaccordancewithregulations,storeandclassifywasteinseparateareas.Amongthem,allhazardouswastesarehandledbyqualifiedthirdpartiesaftertheyaretakenawayfromthefactories.Wecarefullyconfirmtherelevantqualificationswhensigningacontractwiththird-partyprocessingagenciesandregularlyunderstandtheiractualtreatmentmethodsfortheGroup’swaste.Hazardouswaste,suchaswasteactivatedcarbon,isusuallystoredinaseparatehazardouswastewarehouseanddisposedof2-3timesayear.Amongthenon-hazardouswaste,paper,plasticbottles,etc.willberecycledthroughtherecyclingbinssetupintheGroup,anddomesticwastewillbehandledbythesanitationdepartment.EnvironmentalemergencyresponseplanInaccordancewiththeEnvironmentalProtectionLawofthePeople’sRepublicofChina,AdministrativeMeasuresforEnvironmentalEmergencyResponsePlan,andNationalEnvironmentalEmergencyResponsePlan,theCompanypreparedtheEnvironmentalEmergencyResponsePlanandsubmittedittothecompetentauthoritiesforfiling.TheCompanyanditssubsidiariesdeploypersonsinchargeofemergencymanagementandregularlyorganizecomprehensiveemergencydrills,withcompletecontingencyrescueresources.Environmentalself-monitoringplanTheCompanyanditssubsidiariesdevelopedself-monitoringplansinaccordancewiththelawsandregulations,installedautomatictestingfacilitiesinstrictaccordancewiththeplans,andregularlyconductorentrustqualifiedthirdpartiestoorganizeself-monitoringofpollutantssuchasthedischargedexhaustgas,wastewater,andnoise.InvestmentinenvironmentalgovernanceandprotectionandpaymentofenvironmentalprotectiontaxDuringthereportingperiod,theCompany’senvironmentalprotectionexpenditureamountedtoRMB60,540,000,includinginvestmentinenvironmentalprotectionequipmentandpollutanttreatmentfacilities;PaidenvironmentalprotectiontaxamountedtoRMB856,700.AdministrativepenaltiesimposedforenvironmentalissuesduringtheReportingPeriod?Applicable□N/AInadditiontoproductqualitycontrol,wearealsocommittedtocreatinglow-carbonandenvironmental-friendlyproducts,andimplementtheconceptinthedevelopment,designandproductionprocessoftheproduct.
1.Regardingnewenergyproducts,theInstituteofRecyclingandEnergySavingundertheShanghaiEnergyResearchInstituteismainlyresponsiblefortherecycle,improvementandreuseofwhiteoil,dichloromethane,DMAC,acetoneandclayusedinmanufacturingoflithiumbatteryseparators,aswellastheresearchontherecoveryandtreatmentofwastewaterandwastegasbydesigningeffectiveplansandusingadvancedseparationandrecoveryequipmenttoensuretherecoveryrateofwhiteoil,dichloromethane,DMAC,acetoneandwhiteclay.Inaddition,wehavealsoimprovedtherecyclingrateofwastewaterandwastegastosaveenergy,reduceconsumptionandcontributetotheenvironmentalfriendlinessofR&Dandproductdesignactivities.
2.ToimprovetheyieldofBOPPfilmproducts,andreducewastefilm,resourceconsumptionandenvironmentalpollution,ChengduHongtaPlastictakesmeasuressuchasincreasingtherewardsforonlinetrimscraprecoveryandfortheteamthatrecoversmosttrimscrapsasanincentivetoencourageemployeestorecovermoretrimscraps.Theseparator-makingworkshopstrictlyfollowstheseparatorManufacturingOrderandtherequirementsontheeffectivewidthoftheparentrollinitsmanufacturing;whiletheTechnicalandQualityAssuranceDepartmentstrictlycontrolsthesamplingsizeaccordingtothetestingrequirementswhenselectingparentrollsamples,oversamplingisprohibitedandcuttingwasteisminimisedtoreducewastesinthemanufacturingprocess.
3.Intermsofpackagingproducts,inresponsetotheecologicalcivilizationconstructionstrategyimplementedbythecountryandinlinewiththedevelopmentideologyof“embraceecologicalenvironmentalprotectionthroughenergysavingandcarbonreduction”,wecontinuetoembraceinnovationinpackagingmaterials.Duringthereportingperiod,HongchuangPackagingusedspecialtechnologyandmaterialstoreplacetraditionaloilpackagingwithpaper-plasticpackagingtoreducetheuseofplastic.Inaddition,HongchuangPackagingalsoreformedtheroofpackagingdesigntoreducethesizeoftrashandimproveuser-friendlinesstopromotethegreenandrecyclabledevelopmentoftheindustrialchain.Webelievetheindustryisleadingtoagreenerfuture,andlifecycleassessmentassistscompaniestodeterminethestrategiesanddirectionofgreendevelopment.Therefore,weconductproductlifecycleenvironmentalimpactassessments.WuxiEnergyperformslifecycleassessmentsonthetrialproductionoflithium-ionbatteryseparatorinaccordancewiththerequirementsofISO14040andISO14044asthebasisfortheresearchonreducingproductcarbonfootprints.
II.SocialResponsibilityFordetails,pleaserefertothe2022Environmental,SocialandGovernanceReport(ESGreport)disclosedbytheCompanyonMarch3,2023atwww.cninfo.com.cn.
III.SpecificsofConsolidatingandExtendingtheAchievementsofPovertyAlleviationandRuralRevitalizationNoactionswerecarriedoutduringtheReportingPeriod.
Section6SignificantEventsI.Performanceofcommitments
1.CommitmentsoftheCompany’sactualcontroller,shareholders,relatedpartiesandacquirer,aswellastheCompanyandothercommitmentmakersperformedduringtheReportingPeriodorongoingattheendoftheReportingPeriod
?Applicable□N/A
Commitment
Commitment | Commitmentmadeby | Typeofcommitment | Detailsofcommitment | Timeofcommitment | Termofcommitment | Performanceofcommitment |
Commitmentsmadeduringassetrestructuring | EnergyTechnologyandalldirectors,supervisorsandseniormanagement | Commitmenttosubmittrue,accurateandcompleteinformation | 1.Therearenofalserecords,misleadingstatementsormajoromissionsintheinformationdisclosedandapplicationdocumentssubmittedbyEnergyTechnology,andthosemakingthecommitmentsshallbejointlyandseverallyliablefortheauthenticity,accuracyandintegrityofsuchdocuments2.Iftheinformationprovidedordisclosedforthismajorassetsrestructuringcontainsfalserecords,misleadingstatementsormajoromissions,andisputonfilebythejudicialorganforinvestigationorbytheCSRCforinvestigation,beforetheconclusionoftheinvestigationismade,thosemakingthecommitmentswillnottransfertheshareswithinterestsinEnergyTechnology,andwillsubmittheapplicationforsuspendingthetransferandshareaccountstotheBoardofDirectorsoftheEnergyTechnologywithintwotradingdaysafterreceivingthenoticeoftheinvestigation,andtheBoardofDirectorsshallapplyforlockuptothestockexchangeandtheregistrationandclearingcompanyonbehalfofthosemakingthecommitments;iftheBoardofDirectorsfailstosubmitthelockupapplicationwithintwotradingdays,itwillauthorizetheBoardofDirectorstodirectlysubmittheidentityandaccountinformationofthosemakingthecommitmentstothestockexchangeandtheregistrationandclearingcompanyafterverificationandapplyforlockup;iftheBoardofDirectorsfailstosubmittheidentityandaccountinformationofthosemakingthecommitmentstothestockexchangeandtheregistrationandclearingcompany,thosemakingthecommitmentswillauthorizethestockexchangeandtheregistrationandclearingcompanytodirectlylockuptherelatedshares.Iftheinvestigationfoundthatthereisanyviolationoflawsorregulations,thosemakingthecommitmentspromisetousevoluntarilytheshareslockeduptocompensatetherelatedinvestors. | June13,2017 | Longterm | Strictlyperformed |
TheCompany | Commitmentonlegalcompliance | 1.TheCompanyanditscontrollingshareholderandactualcontrollerhavenotbeeninvestigatedbyjudicialauthoritiesforsuspectedcrimesorinvestigatedbytheCSRCforsuspectedviolationsoflawsandregulationsinrecent3years;2.theCompanyanditscontrollingshareholdersandactualcontrollershavenotbeenpubliclycensuredbythestockexchangeandhavenoothermajoractsofdishonestyinthepast12months;3.TheCompanyanditsincumbentdirectorsandseniormanagementhavenotbeeninvestigatedbyjudicialauthoritiesforsuspectedcrimesorinvestigatedbytheCSRCforsuspectedviolationsoflawsandregulations. | June13,2017 | Longterm | Strictlyperformed |
DirectorsandseniormanagementofEnergyTechnology
DirectorsandseniormanagementofEnergyTechnology | Commitmentondilutionofcurrentreturnandremedialmeasures | 1.Iherebycommitneithertotunneltootherunitsorindividualswithoutcompensationorunderunfairconditions,nortodamagetheCompany’sinterestsinotherways;2.Iherebycommittorestrictmyposition-relatedconsumptionactivities;3.IherebycommitnottousetheCompany’sassetsforinvestmentandconsumptionactivitiesnotrelatedtoexecutionofmyduties;4.IherebycommittolinktheremunerationsystemformulatedbytheBoardofDirectorsortheRemunerationCommitteeorAssessmentCommitteeoftheCompanywiththeexecutionofthereturnrecoverymeasures;5.IherebycommittolinkthevestingconditionswiththeimplementationofthereturnrecoverymeasuresiftheCompanywillimplementanyshareincentiveschemeinthefuture;6.Sincethedateofthiscommitmentuptocompletionofthismajorassetrestructuring,iftheCSRCimposesothernewregulatoryrequirementsinrelationtothereturnrecoverymeasuresanditscommitmentsandsuchcommitmentscannotmeetsuchrulesoftheCSRC,IcommittoissuesupplementalundertakingsinaccordancewiththelatestrequirementsoftheCSRC. | May25,2017 | Longterm | Strictlyperformed |
Counterparty | Commitmenttosubmittrue,accurateandcompleteinformation | ThecounterpartywilltimelyprovideEnergyTechnologywithinformationrelatedtorestructuring,andguaranteetheauthenticity,accuracyandcompletenessoftheinformationprovided.Incaseofanyfalserecord,misleadingstatementormajoromissionoftheinformationprovided,resultinginanylosstoEnergyTechnologyorinvestors,itshallbeliableforcompensationaccordingtolaw.Incaseofanyfalserecord,misleadingstatementormajoromissionintheinformationprovidedordisclosedinthismaterialassetsrestructuring,whichisputonfilebythejudicialorganforinvestigationorbytheCSRCforinvestigation,thecounterpartywillsuspendthetransferoftheshareswithinterestsinEnergyTechnologyuntilthecaseinvestigationconclusionisclear. | June13,2017 | Longterm | Strictlyperformed |
Counterparties | Commitmentonlegalcompliance | 1.GaoXiangwastheCFOofShanghaiLvxinPackagingMaterialsCo.,Ltd.(Shunhao).DuetoShunhao’sfailuretodiscloserelatedtransactionswithrelatednaturalpersonsaccordingtolaw,inviolationoftherelevantprovisionsoninformationdisclosureintheSecuritiesLawandtheAdministrativeMeasuresforInformationDisclosureofListedCompanies,onJuly27,2016,ShanghaiSecuritiesRegulatoryBureauissuedawarningtoShunhaoandrelatedparties,includingGaoXiang,andimposedanadministrativepenaltyofRMB30,000onGaoXiang;onJanuary5,2017,ShenzhenStockExchangemadetheDecisiononCriticismtoShanghaiShunhaoNewMaterialsTechnologyCo.,Ltd.andRelatedPartiesthroughCirculatingNotices,andcirculatednotificationofcriticismtoShunhaoandrelatedparties,includingGaoXiang.Inaddition,othercounterpartieshavenotbeensubjecttoadministrativeorcriminalpenaltiesrelatedtothesecuritiesmarketinthepastfiveyears,andhavenotinvolvedinmajorcivillitigationorarbitrationrelatedtoeconomicdisputes.2.CounterpartiesareeligibletopurchasesharesnotpubliclyofferedbyEnergyTechnology,andarenotunderanycircumstanceswheretheyarenotallowedtopurchasesharesnotpubliclyofferedbyEnergyTechnologyasstipulatedbylaws,regulations,rulesornormativedocuments.3.Overthelastfiveyears,thecounterpartieshavenotfailedtorepayalargeamountofdebtsasscheduled,failedtofulfillitsdeclaration,beensubjecttoadministrativemeasuresbytheCSRCordisciplinedbythestockexchangeandtherearenoongoingorthreatenedadministrativeorjudicialproceedingsforinvestigationagainstmymaterialviolationoflawsorregulations. | June13,2017 | Longterm | Strictlyperformed |
Counterparties
Counterparties | Commitmentonintegrityofassetownership | 1.SharesofShanghaiEnergyheldbycounterpartiesaccordingtolaw.ThecounterpartyhasperformeditscontributionobligationtoShanghaiEnergyinaccordancewiththelaw,andthereisnofalsecontribution,delayedcontribution,withdrawalofcapitalandotheractsinviolationofitsobligationsandresponsibilitiesasashareholder,andthereisnosituationthatmayaffectthelegalsurvivalofShanghaiEnergy.2.TheequityofShanghaiEnergyheldbythecounterpartyisactuallylegallyowned.Thereisnoownershipdispute,thereisnotrust,entrustedshareholdingorsimilararrangement,andthereisnopledge,freezing,sealing,propertypreservationorotherrightsrestrictionsontheequityofShanghaiEnergyheldbythecounterparty. | June13,2017 | Longterm | Strictlyperformed |
Counterparties | Commitmentonnoinsidertrading | I/theenterpriseanditsmainmanagementdonotleakanyinsiderinformationofEnergyTechnologyorleverageinsiderinformationtoconductinsidertrading.Iftheabovecommitmentsareviolated,alllossescausedtothelistedcompanywillbeborne. | June13,2017 | Longterm | Strictlyperformed |
HeyiInvestment,PaulXiaomingLeefamily | Commitmenttoregulaterelatedtransactions | Afterthecompletionofthemajorassetrestructuring,theenterprisesthatarecontrolledbythosemakingthecommitmentswillavoidandreducetherelatedtransactionswithEnergyTechnologyasfaraspossible.Forthoserelatedtransactionsthatcannotbeavoidedorhavereasonablereasons,theenterprisesthatarecontrolledbythosemakingthecommitmentswillsignagreementswithEnergyTechnologyandperformlegalproceduresinaccordancewiththeprinciplesofjustice,fairnessandcompensationforequalvalue,andshall,inaccordancewiththeprovisionsofrelevantlaws,regulations,othernormativedocumentsandtheArticlesofAssociationofYunnanEnergyNewMaterialCo.,Ltd.,performrelevantinternaldecision-makingapprovalproceduresinaccordancewiththelawandtimelyperforminformationdisclosureobligations,guaranteenottotradewithEnergyTechnologyunderunfairconditionscomparedwiththemarket,guaranteenottoillegallytransferthefundsandprofitsofEnergyTechnologybyusingrelatedpartytransactions,anddonotusesuchtransactionstoengageinanybehaviorthatdamagesthelegitimaterightsandinterestsofEnergyTechnologyandothershareholders.IfabreachoftheabovecommitmentresultsindamagetotheinterestsofEnergyTechnology,thosemakingthecommitmentswillcompensatetheEnergyTechnologyforthelossescausedbytheaboveactstoEnergyTechnology. | June13,2017 | Longterm | Strictlyperformed |
HeyiInvestment,PaulXiaomingLeefamily | Commitmenttoavoidhorizontalcompetition | 1.Atpresent,thosemakingthecommitmentsarenotdirectlyorindirectlyengagedinthesameorsimilarbusinesswiththeexistingbusinessofEnergyTechnologyorShanghaiEnergythroughotheroperatingentitiesdirectlyorindirectlycontrolledbyitorinthenameofnaturalperson,anddonotholdanypositionoractasanykindofconsultantinanyoperatingentitywiththemainbusinesssameasorsimilartothatinEnergyTechnologyorShanghaiEnergy,orengageinanyothercompetitionwithEnergyTechnologyorShanghaiEnergy.2.Thecommitmentmakerguaranteesthatafterthecompletionofthismajorassetrestructuring,itwillnotcarryoutoroperatethesameorsimilarbusinesswiththemainbusinessofEnergyTechnologyorShanghaiEnergyinitsownway,directlyorindirectlythroughotherbusinessentitiesunderitsdirectorindirectcontrol;donotholdanypositionoractasanykindofconsultantinanyoperatingentitywiththesameorsimilarbusinesswithEnergyTechnologyorShanghaiEnergy;donotprovidetechnicalservicesforexistingcustomersofEnergy | June13,2017 | Longterm | Strictlyperformed |
TechnologyorShanghaiEnergyinthenameofotherthanEnergyTechnologyorShanghaiEnergy;avoidanyhorizontalcompetition.3.IfanylossiscausedtoEnergyTechnologyorShanghaiEnergyduetothecommitmentmaker’sbreachoftheabovecommitments,theoperatingprofitobtainedshallbeownedbyEnergyTechnologyandalllossessufferedbyEnergyTechnologyorShanghaiEnergyshallbecompensated.
TechnologyorShanghaiEnergyinthenameofotherthanEnergyTechnologyorShanghaiEnergy;avoidanyhorizontalcompetition.3.IfanylossiscausedtoEnergyTechnologyorShanghaiEnergyduetothecommitmentmaker’sbreachoftheabovecommitments,theoperatingprofitobtainedshallbeownedbyEnergyTechnologyandalllossessufferedbyEnergyTechnologyorShanghaiEnergyshallbecompensated. | |||||
HeyiInvestment,PaulXiaomingLeefamily | Commitmentonensuringtheindependenceofthelistedcompany | Beforethismajorassetrestructuring,EnergyTechnologyhasbeencompletelyseparatedfromotherenterprisescontrolledbythecommitmentmakerintermsofbusiness,assets,institutions,personnelandfinance.EnergyTechnology’sbusiness,assets,institutions,personnelandfinanceareindependent.Afterthecompletionofthismajorassetrestructuring,thecommitmentmakerundertakesnottousetheidentityofthecontrollingshareholderoractualcontrollerofEnergyTechnologytoaffecttheindependenceofEnergyTechnology,andtoensuretheindependenceofEnergyTechnologyinbusiness,assets,institutions,personnelandfinanceasfaraspossible. | June13,2017 | Longterm | Strictlyperformed |
PaulXiaomingLeefamily | Commitmentontheexistenceofpreviousadministrativepenalty | TherewereadministrativepunishmentsinfirecontrolandwateraffairsinShanghaiEnergy.Asofthedateofthisletterofcommitment,ShanghaiEnergyanditssubsidiariesdonothaveanyadministrativepenaltythathasnotbeenimplementedorrectified.InNovember2015,ShanghaiPudongNewAreaAdministrationofWorkSafetyorderedShanghaiEnergytorectifythethreedichloromethanestoragetankswithinatimelimit.ShanghaiEnergyhascompletedtherectification,buthasnotcompletedthesafetyacceptanceaftertherectification.IftherelevantcompetentdepartmentsinthelocalplacewhereShanghaiEnergyanditssubsidiariesarelocatedinhavemadeadministrativepunishmenttoShanghaiEnergyanditssubsidiariesforfirecontrol,waterserviceorthethreedichloromethanetanksatanytime,thecommitmentmakerpromisestomakecashcompensationforalleconomiclossessufferedbyShanghaiEnergyoritssubsidiarieswithin30daysaftertheactualpunishmentorlossamountisdetermined,soastoensurethatitwillnothaveamaterialimpactontheproduction,operationandfinancialsituationofShanghaiEnergyanditssubsidiaries.Jointandseveralliabilityshallbebornebythosemakingthecommitments. | May25,2017 | Longterm | Strictlyperformed |
LiXiaohua | CommitmentoncapitalsourceofShanghaiEnergy | AlthoughIholdthecertificateofpermanentresidencerightoftheUnitedStates,Ihavenotchangedmynationality,IamstillaChinesenationality;myowninvestmentinShanghaiEnergyisallChina’sincome,anddoesnotinvolvethecontributionofforeignexchangeorforeignassets. | June13,2017 | Longterm | Strictlyperformed |
ZhuhaiHengjie | Commitmentoftheenterprisenotbelongingtoprivateinvestmentfundsoraprivatefund | ThisenterpriseistheemployeestockownershipplatformofShanghaiEnergy,andtheenterprisedoesnotexisttoraisefundsinanon-publicwaytoqualifiedinvestors.Thereisnoassetmanagementbythefundmanagerorgeneralpartner,nordoesitserveasthemanagerofanyprivateequityfund.Therefore,theenterprisedoesnotbelongtotheprivateinvestmentfundoraprivatefundmanagerintheInterimMeasuresfortheSupervisionandAdministrationofPrivateInvestmentFundsandtheMeasuresfortheRegistrationandFilingofPrivateInvestmentFundManagers(forTrialImplementation),anddoesnotneedtofollowtheInterimMeasuresfortheSupervisionandAdministrationofPrivateInvestmentFundsandtheMeasuresfortheRegistrationandFilingofPrivateInvestmentFundManagers(forTrialImplementation)andotherrelevantlawsandregulationstofulfilltheregistrationandfilingprocedures. | June13,2017 | Longterm | Strictlyperformed |
manager
manager | |||||
HuachenInvestment | Commitmentoftheenterprisenotbelongingtoprivateinvestmentfundsoraprivatefundmanager | TheCompanyisnotestablishedbyraisingfundsfromqualifiedinvestorsinanon-publicway,ordoesn’thavetheassetsmanagedbythefundmanagerorthegeneralpartner,oractasthemanagerofanyprivateinvestmentfund.Therefore,theCompanydoesnotbelongtotheprivateinvestmentfundsoraprivatefundmanagerintheInterimMeasuresfortheSupervisionandAdministrationofPrivateInvestmentFundsandtheMeasuresfortheRegistrationandFilingofPrivateInvestmentFundManagers(forTrialImplementation),anddoesnotneedtofollowtheInterimMeasuresfortheSupervisionandAdministrationofPrivateInvestmentFundsandtheMeasuresfortheRegistrationandFilingofPrivateInvestmentFundManagers(forTrialImplementation)andotherrelevantlawsandregulationstofulfilltheregistrationandfilingprocedures. | June13,2017 | Longterm | Strictlyperformed |
PaulXiaomingLee,LiXiaohua | Non-competitioncommitment | DuringthetermofofficeofShanghaiEnergyorwithin2yearsaftertheresignationofShanghaiEnergy,itwillnotdirectlyorindirectlyoperatethesameorsimilarbusinesswithEnergyTechnologyorShanghaiEnergyonitsownorinthenameofothers,norwillitholdanypostorprovideanyserviceinentitieswiththesameorsimilarbusinesswithEnergyTechnologyorShanghaiEnergy;iftheyviolatetheaforesaidnon-competitioncommitment,theyshallpayapenaltyofRMB5milliontoEnergyTechnology,andshallturnoveralltheoperatingprofits,wages,remunerationandotherincomeearnedbythemduetotheviolationofthecommitmenttoEnergyTechnology.IftheaforesaidcompensationstillcannotmakeupforEnergyTechnology,EnergyTechnologyhastherighttorequestthebreachpartytobeliableforthelosssufferedbyEnergyTechnology. | May2,2017 | Termofserviceandwithintwoyearsafterresignation | Withintheperformanceperiod,strictlyperformed |
PaulXiaomingLee,LiXiaohua | Commitmentonnopart-timework | DuringthetermofofficeatShanghaiEnergy,withouttheconsentofEnergyTechnology,itisnotallowedtoworkpart-time(exceptfordirectorsandsupervisors)inothercompanies,andtheincomeviolatingtheprohibitionofconcurrentoperationshallbeownedbyInnovationCo.,Ltd. | May2,2017 | Termofservice | Withintheperformanceperiod,strictlyperformed |
JerryYangLi
JerryYangLi | Commitmenttoensuretheindependenceoflistedcompanies | DuetothedeathofMs.WangYuhua,amemberofPaulXiaomingLee’sfamilywhoistheshareholderandactualcontrolleroftheCompany,I,asoneoftheheirs,inherited10,416,022sharesoftheCompanyheldbyheraccordingtoherwillandthecontributionoftheCompany’scontrollingshareholderHeyiInvestmentofRMB17.955million.Aftersuccession,Idirectlyandindirectlyhold54,655,167sharesoftheCompanythroughHeyiInvestment,accountingfor11.53%ofthetotalsharecapitaloftheCompany.MydirectlyholdingsharesisacquiredbyMs.WangYuhuaasoneofcounterparties,throughpurchasingtheequityofShanghaiEnergythroughissuingsharesoftheCompany.Therefore,withregardtotheindependenceoflistedcompaniesinvolvedinthisrestructuring,Iherebymakethefollowingconfirmationandcommitment:beforethisrestructuring,ShanghaiEnergyhasbeencompletelyseparatedfromotherenterprisesundermycontrolintermsofbusiness,assets,institutions,personnelandfinance,andShanghaiEnergy’sbusiness,assets,institutions,personnelandfinanceareindependent.Afterthecompletionofthisrestructuring,Ipromisenottousetheidentityoftheactualcontrollerofthelistedcompanytoaffecttheindependenceofthelistedcompany,andtoensuretheindependenceofthelistedcompanyinbusiness,assets,institutions,personnelandfinanceasfaraspossible. | October25,2018 | Longterm | Strictlyperformed |
JerryYangLi | Commitmentonregulatingrelatedtransactions | DuetothedeathofMs.WangYuhua,amemberofPaulXiaomingLee’sfamilywhoistheshareholderandactualcontrolleroftheCompany,I,asoneoftheheirs,inherited10,416,022sharesoftheCompanyheldbyheraccordingtoherwillandthecontributionoftheCompany’scontrollingshareholderHeyiInvestmentofRMB17.955million.Aftersuccession,Idirectlyandindirectlyhold54,655,167sharesoftheCompanythroughHeyiInvestment,accountingfor11.53%ofthetotalsharecapitaloftheCompany.MydirectlyholdingsharesisacquiredbyMs.WangYuhuaasoneofcounterparties,throughpurchasingtheequityofShanghaiEnergythroughissuingsharesoftheCompany.Inordertoreduceandstandardizetherelatedtransactionsthatmayoccurwiththelistedcompany,Iherebymakethefollowingcommitments:afterthecompletionofthisrestructuring,theenterprisesundermycontrolwillavoidandreducetherelatedtransactionswiththelistedcompanyasmuchaspossible.Fortherelatedtransactionsthatcannotbeavoidedorhavereasonablereasons,theenterprisesundermycontrolwillfollowtheprinciplesofjustice,fairness,equalvalueandcompensationwiththelistedcompanyinaccordancewiththelawsigntheagreement,performthelegalprocedures,andinaccordancewiththeprovisionsofrelevantlaws,regulations,othernormativedocumentsandtheArticlesofAssociationofYunnanEnergyNewMaterialCo.,Ltd.,performtherelevantinternaldecision-makingapprovalproceduresinaccordancewiththelawandtimelyperformtheobligationofinformationdisclosure,ensurethattransactionswithlistedcompanieswillnotbeconductedinanunfairmannercomparedwiththemarket,andthatthefundsandprofitsoflistedcompaniesshouldnotbetransferredillegallybyrelatedtransactions,norwilltheyengageinanyactthatdamagesthelegitimaterightsandinterestsoflistedcompaniesandothershareholders.Ifthereisanyviolationoftheabovecommitments,resultingindamagestotheinterestsofthelistedcompany,IwillcompensatethelistedcompanyforthelossescausedbytheforegoingbehaviortothelistedCompany. | October25,2018 | Longterm | Strictlyperformed |
JerryYangLi | Commitmentonavoidinghorizontalcompetition | DuetothedeathofMs.WangYuhua,amemberofPaulXiaomingLee’sfamilywhoistheshareholderandactualcontrolleroftheCompany,I,asoneoftheheirs,inherited10,416,022sharesoftheCompanyheldbyheraccordingtoherwillandthecontributionoftheCompany’scontrollingshareholderHeyiInvestmentofRMB17.955million.Aftersuccession,Idirectlyandindirectlyhold54,655,167sharesoftheCompanythroughHeyiInvestment,accountingfor11.53%ofthetotalsharecapitaloftheCompany.MydirectlyholdingsharesisacquiredbyMs.WangYuhuaasoneofcounterparties,throughpurchasingtheequityofShanghaiEnergythroughissuingsharesoftheCompany.Therefore,inordertoprotectthelegitimaterightsandinterestsofthelistedcompanyandothershareholdersandavoidhorizontalcompetitionwiththelistedcompany,Iherebymakethefollowingsolemncommitment:1.Atpresent,IhavenotdirectlyorindirectlyengagedinthesameorsimilarbusinesswiththeexistingbusinessofthelistedcompanyorShanghaiEnergythroughotherbusinessentitiesdirectlyorindirectlycontrolledbymeorinthenameofnaturalpersons,havenotheldanypositionoractedasanykindofconsultantinanybusinessentitywiththesameorsimilarmainbusinessasthelistedcompanyorShanghaiEnergy,oranyother | October25,2018 | Longterm | Strictlyperformed |
situationofhorizontalcompetitionwiththelistedcompanyorShanghaiEnergy.2.Iguaranteethatafterthecompletionofthistransaction,IwillnotcarryoutoroperatethesameorsimilarbusinesswiththemainbusinessofthelistedcompanyandShanghaiEnergythroughotherbusinessentitiesdirectlyorindirectlycontrolledbymyself,directlyorindirectly;IwillnotholdanypositionorserveasanyformofconsultantinanybusinessentitywiththesameorsimilarbusinesswiththelistedcompanyorShanghaiEnergy;donotprovidetechnicalservicesforlistedcompaniesorexistingcustomersofShanghaiEnergyinthenameoflistedcompaniesorotherthanShanghaiEnergy;avoidanyhorizontalcompetition.3.IfanylossiscausedtothelistedcompanyorShanghaiEnergyduetomyviolationoftheabovecommitments,theoperatingprofitobtainedshallbeownedbythelistedcompanyandalllossessufferedbythelistedcompanyorShanghaiEnergyshallbecompensated.
CommitmentsmadeatthetimeofIPOorrefinancing
CommitmentsmadeatthetimeofIPOorrefinancing | TheCompany,controllingshareholdersandtheactualcontroller,directors,supervisorsandseniormanagement | Commitmentonauthenticity,accuracyandcompletenessofdocumentsrelatedtoIPO | I.Company’scommitment:1.therearenofalserecords,misleadingstatementsormajoromissionsintheprospectusoftheCompany’sinitialpublicoffering.2.IfanycompetentauthorityfindsthattheinitialprospectusissuedbytheCompanyhasfalserecords,misleadingstatementsormajoromissions,whichwillmakeasignificantandsubstantialimpactonjudgingwhetheritmeetstherequirementsofthelaw,theCompanywillrepurchaseallthenewsharesoftheIPOinaccordancewiththelaw.3.Within10tradingdaysafterthecompetentauthoritydeterminesthattheprospectusoftheCompanyhasfalserecords,misleadingstatementsormajoromissionsthathaveasignificantandsubstantialimpactonthejudgmentofwhethertheCompanycomplieswiththeissuanceconditionsstipulatedbythelaw,theBoardofDirectorsoftheCompanyshallformulatethesharerepurchaseplanandsubmitittotheGeneralMeetingofShareholdersfordeliberationandapproval,andafteritisapproved,reviewedorfiledbytherelevantcompetentdepartment(ifnecessary),sharerepurchasemeasureswillbestarted,andallnewsharesoftheinitialpublicofferingwillberepurchasedaccordingtolaw;therepurchaseprice(incaseofex-rightandex-dividendduetocashdividend,sharedistribution,conversiontosharecapitalandnewshareissuance,therightshallberestoredinaccordancewiththerelevantprovisionsofShenzhenStockExchange,thesamebelow)shallbedeterminedaccordingtorelevantlawsandregulations,andshallnotbelowerthantheissuancepriceoftheinitialpublicofferingshares.4.IftheprospectusoftheCompany’sinitialpublicofferingcontainsfalserecords,misleadingstatementsormajoromissions,whichcausesinvestorstosufferlossesinsecuritiestrading,theCompanywillcompensateinvestorsforlossesaccordingtolaw.II.CommitmentofthecontrollingshareholderandactualcontrolleroftheCompany:1.therearenofalserecords,misleadingstatementsormajoromissionsintheprospectusoftheCompany’sinitialpublicoffering.2.Ifanycompetentauthoritydeterminesthattherearefalserecords,misleadingstatementsormajoromissionsintheprospectusoftheCompany’sinitialpublicoffering,whichhaveasignificantandsubstantialimpactonthejudgmentofwhetheritmeetstheissuanceconditionsprescribedbylaw,HeyiInvestmentandthefamilywillbuybackthetransferredoriginalrestrictedsharesaccordingtolaw;HeyiInvestmentandthefamilywillformulateshareswithin10tradingdaysaftertheabovemattersareidentified,theoriginalrestrictedsharesissuedbytheCompany’sshareholdersatthetimeofinitialpublicofferingshallberepurchasedinaccordancewiththelawbymeansofcentralizedbiddingtransactioninsecondarymarket,bulktransaction,agreementtransfer,tenderoffer,etc.Therepurchasepriceisdeterminedaccordingtothenegotiatedpriceorsecondarymarketprice,butnotlowerthantheoriginaltransferpriceandthepricedeterminedaccordingtorelevantlawsandregulationsandregulatoryrules.IfHeyiInvestmentandthefamilybuybacktheoriginalrestrictedsharesthathavebeentransferredtotriggerthetenderofferconditions,HeyiInvestmentandthefamilywillperformthetenderofferproceduresinaccordancewiththelawandperformthecorrespondinginformationdisclosureobligations.3.IftheprospectusoftheCompany’sinitialpublicofferingcontainsfalserecords,misleadingstatementsormajoromissions,whichcausesinvestorstosufferlossesinsecuritiestrading,HeyiInvestmentandthefamilywillcompensateinvestorsforlossesaccordingtolaw.III.Commitmentofdirectors,supervisorsandseniormanagersoftheCompany:1.theprospectusoftheissuer’sinitialpublicofferingdoesn’tcontainfalserecords,misleadingstatementsormajoromissions,andIamjointlyandseverallyliableforitsauthenticity,accuracyandcompleteness.2.Iftheprospectusoftheissuer’sinitialpublicofferingcontainsfalserecords,misleadingstatementsormajoromissions,whichcausesinvestorstosufferlossesinsecuritiestrading,Iwillcompensateinvestorsforlossesaccordingtolaw. | September14,2016 | Longterm | Strictlyperformed |
Controllingshareholder,actualcontroller,andShanghaiGuohe,ashareholderholdingmorethan5%shares
Controllingshareholder,actualcontroller,andShanghaiGuohe,ashareholderholdingmorethan5%shares | Aboutshareholdingintentionandreductionintention | I.Commitmentofcontrollingshareholdersandactualcontrollers’shareholdingintentionandreductionintention:1.asthecontrollingshareholderandactualcontrolleroftheCompany,HeyiInvestmentandthefamilyholdtheCompany’ssharesinstrictaccordancewiththeprovisionsoflaws,regulations,normativedocumentsandregulatoryrequirements,andabidebythesharelockingperiod;aftertheexpirationofthelockingperiod,theCompany’ssharesheldbyHeyiInvestmentandthefamily’sreductionshallcomplywiththerequirementsofrelevantlaws,regulations,normativedocumentsandrulesofthestockexchange;2.HeyiInvestmentandthefamilyshallnotreducethesharesoftheCompanydirectlyheldwithinthreeyearsaftertheCompany’slisting;aftertheCompany’slistingforthreeyears,thesharesoftheCompanydirectlyorindirectlyheldbyHeyiInvestmentandthefamilytransferredeachyearshallnotexceed25%ofthetotalsharesoftheCompanydirectlyorindirectlyheldbythem3.Withintwoyearsaftertheexpirationoftheequitylock-inperiodpromisedbyHeyiInvestmentandthefamily,thesharesoftheCompanyshallbereducedatapricenotlowerthantheissuepriceoftheCompany’sinitialpublicofferingshares(incaseofex-rightandex-dividendmatters,theissuepriceshallbetreatedasex-rightandex-dividendaccordingly).Withintwoyearsaftertheexpirationofthelock-upperiod,thetotalnumberofsharesheldbyHeyiInvestmentandthefamilyshallnotexceed30%ofthetotalsharesheldbyHeyiInvestmentandthefamilydirectlyorindirectlybeforetheissuance.4.Withintwoyearsaftertheexpirationoftheshareholdinglock-inperiodofHeyiInvestmentandthefamily’scommitment,thepriceofsharesoftheCompanyreducedbyHeyiInvestmentandthefamilythroughthesecondarymarketwillbedeterminedaccordingtothemarketpriceatthattimeonthepremiseofmeetingthecommitmentsmadebyHeyiInvestmentandthefamily,andthespecificreductionplanwillbeformulatedaccordingtothemarketsituationatthattime.5.HeyiInvestmentandthefamilypromisetomakeanannouncementthroughtheCompanythreetradingdaysinadvancewhencarryingoutthereduction,andcompletetheannouncementwithinsixmonths,andfulfilltheobligationofinformationdisclosureaccuratelyandcompletelyinaccordancewiththerulesofthestockexchange.ShanghaiGuohe’scommitmenttoshareholdingintentionandreductionintention:1.WithintwoyearsaftertheexpirationoftheshareholdinglockingperiodpromisedbytheCompany,theCompanyintendstoreduceitsshareholdingbymeansof,includingbutnotlimitedto,centralizedcompetitivetradinginthesecondarymarket,blocktrading,agreement-basedtransfer,etc.Thereductionpricewillnotbelowerthanthepriceofnetassetspershare,andthespecificreductionpricewillbedeterminedaccordingtothemarketpriceatthetimeofthereductiononthepremiseofmeetingthecommitmentsmadebytheCompany;thespecificreductionplanwillbebasedonthemarketconditionsatthattime.ThespecificreductionplanwillbeformulatedinaccordancewiththemarketconditionsandtheoperatingconditionoftheCompany.2.TheenterprisecommitsthatitwillmakeanannouncementthroughtheCompanythreedaysaheadofscheduleintheimplementationofthereduction.Atthesametime,itwillfulfilltheobligationofinformationdisclosureaccuratelyandcompletelyinaccordancewiththerulesofthestockexchange,exceptwhenitholdsshareslessthan5%equityoftheCompany.3.Theenterprisewillstrictlyfulfilltheabovecommitments,andpromisetoabidebythefollowingbindingmeasures:(1)ifitfailstofulfilltheabovecommitments,theCompany’scashdividendsIshouldreceivewillbewithheldbytheCompanyandownedbytheCompany;(2)ifitfailstofulfilltheabovecommitments,itwillbearrelevantlegalliabilitiesaccordingtolawsandregulations. | September14,2016 | Shareholdingperiod | Withintheperformanceperiod,strictlyperformed |
EnergyTechnology | Commitmentonremedialmeasuresforbreakingfaith | 1.IftheCompanyfailstotakethespecificmeasuresaspromisedtostabilizethestockprice,theCompanyundertakestoacceptthefollowingbindingmeasures:(1)theCompanywillpubliclyexplainthespecificreasonsfornottakingtheabovemeasuresintheGeneralMeetingofShareholdersandthenewspapersdesignatedbytheCSRC,andapologizetotheshareholdersoftheCompanyandthepublicinvestors;(2)Iftheinvestorsufferslossesinthesecuritiestradingduetothefailuretofulfillthecommitments,theCompanywillcompensatetheinvestorforthelossesaccordingtolawafterbeingrecognizedbytheCSRC,thestockexchangeorthejudicialorgan;(3)ThecommitmentofstockpricestabilityisthetruemeaningoftheCompany.Theresponsiblepartiesvoluntarilyacceptthesupervisionoftheregulatorybody,self-discipline | September14,2016 | Longterm | Strictlyperformed |
organizationandthepublic.Incaseoftheviolationoftherelevantcommitments,themainbodywillbearcorrespondingresponsibilitiesaccordingtolaw.2.IfthecontrollingshareholderandtheactualcontrollerhavedeliveredthenoticeofincreasetotheCompany,butfailtofulfilltheobligationofincreasingtheholdings,theCompanyhastherighttodetaintheequalamountofthecashdividendspayabletothecontrollingshareholderandtheactualcontrolleruntilthecontrollingshareholderandtheactualcontrollerfulfilltheirobligationtoincrease.3.Ifacompanydirectororseniormanagerfailstofulfillhisobligationtoincreasehisorherholdings,theCompanyshallhavetherighttodetainsalariesandcashdividendsofdirectorsandseniormanagementuntilthedirectorsandseniormanagersfulfilltheirobligationstoincreasetheirholdings.4.Ifthereareanyfalserecords,misleadingstatementsormajoromissionsintheprospectusofthispublicofferingofshares,theCompanywillmakeatimelyannouncement,andtheCompanywilldiscloseinitsregularreportthattheCompany,itscontrollingshareholders,actualcontrollers,anditsdirectors,supervisorsandseniormanagementbuybacksharesduetoinformationdisclosureviolations,performanceofcommitmentssuchasacquisitionofsharesandcompensationforlosses,aswellasremediationandcorrectionincaseoffailuretoperformcommitments.5.IftheCompanyfailstoperform,hasfailedtoperformorfailstoperformonscheduleduetoobjectivereasonsbeyondthecontroloftheCompany,suchaschangesinrelevantlawsandregulations,policies,naturaldisastersandotherforcemajeure,theCompanyshalltakethefollowingmeasures:(1)TimelyandfullydisclosethespecificreasonsfortheCompany’sfailure,failuretofulfillitscommitmentsorfailuretofulfillitscommitmentsonschedule;(2)makesupplementaryoralternativecommitmentstotheinvestorsoftheCompany(relevantcommitmentsshallbesubjecttorelevantapprovalproceduresinaccordancewithlaws,regulationsandthearticlesofassociation),soastoprotecttherightsandinterestsofinvestorsasmuchaspossible.
organizationandthepublic.Incaseoftheviolationoftherelevantcommitments,themainbodywillbearcorrespondingresponsibilitiesaccordingtolaw.2.IfthecontrollingshareholderandtheactualcontrollerhavedeliveredthenoticeofincreasetotheCompany,butfailtofulfilltheobligationofincreasingtheholdings,theCompanyhastherighttodetaintheequalamountofthecashdividendspayabletothecontrollingshareholderandtheactualcontrolleruntilthecontrollingshareholderandtheactualcontrollerfulfilltheirobligationtoincrease.3.Ifacompanydirectororseniormanagerfailstofulfillhisobligationtoincreasehisorherholdings,theCompanyshallhavetherighttodetainsalariesandcashdividendsofdirectorsandseniormanagementuntilthedirectorsandseniormanagersfulfilltheirobligationstoincreasetheirholdings.4.Ifthereareanyfalserecords,misleadingstatementsormajoromissionsintheprospectusofthispublicofferingofshares,theCompanywillmakeatimelyannouncement,andtheCompanywilldiscloseinitsregularreportthattheCompany,itscontrollingshareholders,actualcontrollers,anditsdirectors,supervisorsandseniormanagementbuybacksharesduetoinformationdisclosureviolations,performanceofcommitmentssuchasacquisitionofsharesandcompensationforlosses,aswellasremediationandcorrectionincaseoffailuretoperformcommitments.5.IftheCompanyfailstoperform,hasfailedtoperformorfailstoperformonscheduleduetoobjectivereasonsbeyondthecontroloftheCompany,suchaschangesinrelevantlawsandregulations,policies,naturaldisastersandotherforcemajeure,theCompanyshalltakethefollowingmeasures:(1)TimelyandfullydisclosethespecificreasonsfortheCompany’sfailure,failuretofulfillitscommitmentsorfailuretofulfillitscommitmentsonschedule;(2)makesupplementaryoralternativecommitmentstotheinvestorsoftheCompany(relevantcommitmentsshallbesubjecttorelevantapprovalproceduresinaccordancewithlaws,regulationsandthearticlesofassociation),soastoprotecttherightsandinterestsofinvestorsasmuchaspossible. | |||||
Controllingshareholder,actualcontroller | Commitmentonremedialmeasuresforbreakingfaith | 1.IfthecontrollingshareholderandtheactualcontrollerhavedeliveredthenoticeofincreasetotheCompany,butfailedtofulfilltheobligationofincreasingtheholdings,theCompanyhastherighttodetaintheequalamountofthecashdividendspayabletothecontrollingshareholderandtheactualcontrolleruntilthecontrollingshareholderandtheactualcontrollerfulfilltheirobligationtoincrease.2.Thecontrollingshareholderandtheactualcontrollerhavesignedthecommitmentletteroffalserecord,misleadingstatementormajoromissionintheprospectusofthispublicofferingofshares.ThecontrollingshareholderandtheactualcontrollertaketheprofitdistributionenjoyedbythecontrollingshareholderandtheactualcontrollerintheCompany’sprofitdistributionplanofthecurrentyearandthefollowingyearsastheperformanceguaranteeoftheabovecommitment,andifthecontrollingshareholderandtheactualcontrollerfailstofulfilltheabove-mentionedobligationofacquisitionorcompensation,thesharesoftheCompanyheldbythecontrollingshareholderandtheactualcontrollershallnotbetransferredbeforefulfillingtheabove-mentionedcommitment.3.Thecontrollingshareholderandtheactualcontrollerhavesignedthepromiseofcontrollingshareholderandactualcontroller’sshareholdingintentionandreductionintention.Thecontrollingshareholderandtheactualcontrollerwillstrictlycarryouttheabovecommitmentsandpromisetoabidebythefollowingrestraintmeasures:(1)Iftheabovecommitmentsarenotperformed,thecashdividendstobeobtainedbythecontrollingshareholderandtheactualcontrollershallbewithheldbytheCompanyandownedbytheCompany;(2)iftheabovecommitmentsarenotperformed,thecontrollingshareholderandtheactualcontrollershallextendthelock-inperiodforsixmonthsafterthelock-inperiodtheypromised;(3)TheremunerationthattheemployeesintheCompanyshouldreceivefromtheCompanyshallbewithheldbytheCompanyandownedbytheCompany;(4)iftheabovecommitmentsarenotperformedandtheinvestorssufferlossesinthesecuritiestrading,thecontrollingshareholderandtheactualcontrollerwillcompensatetheinvestorsforthelossesaccordingtolaw.4.IftheCompanyfailstoperform,hasfailedtoperformorfailstoperformonscheduleduetoobjectivereasonsbeyondthecontroloftheCompany,suchaschangesinrelevantlawsandregulations,policies,naturaldisastersandotherforcemajeure,theCompanyshalltakethefollowingmeasures:(1)TimelyandfullydisclosethespecificreasonsfortheCompany’sfailure,failuretofulfillitscommitmentsorfailuretofulfillitscommitmentsonschedule;(2)makesupplementaryoralternativecommitmentstotheinvestorsoftheCompany(relevantcommitmentsshallbesubjecttorelevantapprovalproceduresinaccordancewithlaws,regulationsandthearticlesofassociation),soastoprotecttherightsandinterestsofinvestorsasmuchaspossible. | September14,2016 | Longterm | Strictlyperformed |
Directors,supervisorsandseniormanagers
Directors,supervisorsandseniormanagers | Commitmentonremedialmeasuresforbreakingfaith | 1.IfanydirectororseniormanagementoftheCompanyfailstofulfillhisobligationtoincreasetheholdings,theCompanyshallhavetherighttodetaindirectorsandseniormanagementsalariesandcashdividendsuntilthedirectorsandseniormanagersfulfilltheirobligationstoincreasetheirholdings.2.Thedirectors,supervisorsandseniormanagershavemadecorrespondingcommitmentsontheinformationdisclosureofIPOandlisting.Thedirectors,supervisorsandseniormanagerstakethedividendoftheCompanyinthecurrentyearandthefollowingyearsobtainedbyholdingtheCompany’ssharesdirectlyorindirectlyandthesalaryreceivedfromtheCompanyinthecurrentyearandthefollowingyearsastheperformanceguaranteeoftheabovecommitments.Ifthedirector,supervisororseniormanagerfailstoperform,hasfailedtoperformorfailstoperformonscheduleduetoobjectivereasonsbeyondthecontrolofthedirector,supervisororseniormanagersuchaschangesinrelevantlawsandregulations,policies,naturaldisastersandotherforcemajeure,thedirector,supervisororseniormanagershalltakethefollowingmeasures:(1)TimelyandfullydisclosethespecificreasonsfortheCompany’sfailure,failuretofulfillitscommitmentsorfailuretofulfillitscommitmentsonschedule;(2)makesupplementaryoralternativecommitmentstotheinvestorsoftheCompany(relevantcommitmentsshallbesubjecttorelevantapprovalproceduresinaccordancewithlaws,regulationsandthearticlesofassociation),soastoprotecttherightsandinterestsofinvestorsasmuchaspossible. | September14,2016 | Longterm | Strictlyperformed |
PaulXiaomingLeefamily,HeyiInvestmentandHeliInvestment | Commitmentonavoidinghorizontalcompetition | 1.Theundertakerdoesnot,andwillnot,directlyorindirectlyengageinanyactivitythatconstituteshorizontalcompetitionwiththeexistingandfuturebusinessoftheCompanyanditsholdingsubsidiaries,andiswillingtoassumecompensationliabilityfortheeconomiclossescausedtotheCompanyduetoviolationoftheabovecommitments.2.Forotherenterprisesdirectlyandindirectlycontrolledbytheundertaker,theundertakerwilladopttherepresentativeofficeandpersonnel(includingbutnotlimitedtodirectors,generalmanagers,etc.)andthecontrollingpositionoftheundertakerinsuchenterprises,toensurethatsuchenterprisesperformthesameobligationsastheundertakerunderthisletterofcommitment,toensurethatsuchenterprisesdonotcompetewiththeCompanyanditsholdingsubsidiariesinthesameindustry,andtheundertakeriswillingtobearallcompensationliabilitiesfortheeconomiclossescausedtotheCompanyduetoviolationoftheabovecommitments.3.IftheCompanyfurtherexpandsitsscopeofbusinessonthebasisofitsexistingbusiness,andtheundertakerandtheenterprisecontrolledbytheundertakerhavecarriedoutproductionandoperationonthis,theundertakerpromisestotransferthepossiblehorizontalcompetitionbusinessorequityheldbythisenterprise,andagreesthattheCompanyhastheprioritytoacquireandoperateunderthesamecommercialconditions.4.ExceptfortheinvestmentintheCompany,theundertakerwillnotinvestinoroperatetheproducts(orsimilarproducts,orproductswithalternativefunction)developed,producedoroperatedbytheCompanyanditsholdingsubsidiariesinanywayinanyplace.5.ThiscommitmentletteriseffectiveduringtheperiodwhentheundertakerandthecompanycontrolledbytheundertakerarerelatedpartiesoftheCompany. | November10,2012 | Longterm | Strictlyperformed |
TheCompany,controllingshareholderandactualcontroller,directorandseniormanagement | ThecommitmentthattheCompany’scompensationmeasurescanbeeffectivelyperformed | 1.TheCompanyanditscontrollingshareholderandtheactualcontrollermakeacommitmenttotheCompany’sabilitytofillinthereturnmeasures.ItdoesnotexceedtheauthoritytointerfereintheCompany’smanagementactivitiesanddoesnotoccupytheCompany’sinterests.2.DirectorsandseniormanagersmakeacommitmenttofulfilltheCompany’sreturnmeasures:(1)Promisenottotransferintereststootherunitsorindividualsfreeofchargeorunderunfairconditions,andnottodamagetheinterestsoftheCompanyinotherways;(2)Promisetorestrictthepostconsumptionbehaviorofdirectorsandseniormanagers;(3)PromisenottousetheCompany’sassetstoengageininvestmentandconsumptionactivitiesunrelatedtotheperformanceofitsduties;(4)CommitthattheremunerationsystemformulatedbytheboardofdirectorsorremunerationcommitteeislinkedtotheimplementationoftheCompany’smeasurestofillthereturn;(5)PromisedthattheexerciseconditionsoftheCompany’sequityincentivetobeannouncedarelinkedtotheimplementationoftheCompany’scompensationmeasures. | September14,2016 | Longterm | Strictlyperformed |
HeyiInvestment,acontrollingshareholder,andfamilymembersofPaulXiaomingLee,theactual | CommitmentonavoidingoccupationoftheCompany’sfunds | Theundertaker,closerelativeandtheaffiliatedenterpriseundercontrolstrictlyrestrictthefundsoftheCompanyanditssubsidiarycompaniesintheoperatingcapitaltransactionsbetweentheCompanyanditssubsidiaries;theCompanyanditssubsidiariesshallnotberequiredtopaywages,welfare,insurance,advertisingandotherexpenses;theCompanyanditssubsidiaryfundsarenotdirectlyorindirectlyprovidedtotheundertaker,closerelativesandcontrolledaffiliatedenterprises,including:1.tolendfundstotheundertaker,closerelativesandcontrolledaffiliatedenterprisesforusewithcompensationorfreeofcharge;2.toprovideentrustedloanswithoutcommercialsubstancetotheundertaker,closerelativesandcontrolledaffiliatedenterprisesthroughbanksornon-bankfinancialinstitutions;3.Entrusttheundertaker,closerelativesandcontrolledaffiliatedenterprisestocarryoutinvestmentactivitieswithoutcommercialsubstance;4.Toissuecommercialacceptancebillswithoutrealtransactionbackgroundfortheundertaker,closerelatives | September14,2016 | Longterm | Strictlyperformed |
controllersoftheCompany
controllersoftheCompany | andcontrolledaffiliatedenterprises;5.Repaydebtsonbehalfoftheundertaker,closerelativesandcontrolledaffiliatedenterprises;6.Providefundstotheundertaker,closerelativesandcontrolledaffiliatedenterprisesinotherwayswithoutconsiderationforgoodsandservices;7.OthermethodsrecognizedbyChinaSecuritiesRegulatoryCommission. | ||||
JerryYangLi | Commitmentonremedialmeasuresforbreakingfaith | DuetothedeathofMs.WangYuhua,amemberofPaulXiaomingLee’sfamilywhoistheshareholderandactualcontrolleroftheCompany,I,asoneoftheheirs,inherited10,416,022sharesoftheCompanyheldbyheraccordingtoherwillandthecontributionoftheCompany’scontrollingshareholderHeyiInvestmentofRMB17.955million.IpromisethatIwillstrictlyfulfillthecommitmentsdisclosedintheinitialpublicofferingandlistingprospectusofthecontrollingshareholderandactualcontroller.Ifthecommitmentsofthecontrollingshareholderandactualcontrollerarenotperformed,cannotbeperformedorcannotbeperformedonschedule(exceptforobjectivereasonsbeyondthecontrolofcontrollingshareholdersandactualcontrollerssuchaschangesinrelevantlawsandregulations,policies,naturaldisastersandanotherforcemajeure),Ipromisetostrictlyabidebythefollowingmeasures:1.IfthecontrollingshareholderortheactualcontrollerhasservedtheCompanywiththeincreasenoticebutfailedtofulfilltheincreaseobligation,theCompanyhastherighttowithholdthecashdividendspayabletothesameamountuntilthecontrollingshareholderortheactualcontrollerfulfillstheincreaseobligation;2.Thecontrollingshareholderandtheactualcontrollerhavesignedthecommitmentletteroffalserecord,misleadingstatementormajoromissionintheprospectusofthispublicofferingofshares.ThecontrollingshareholderandtheactualcontrollertaketheprofitdistributionenjoyedbythecontrollingshareholderandtheactualcontrollerintheCompany’sprofitdistributionplanofthecurrentyearandthefollowingyearsastheperformanceguaranteeoftheabovecommitment,andifthecontrollingshareholderandtheactualcontrollerfailstoperformtheabove-mentionedacquisitionorcompensationobligations,thesharesoftheCompanyheldbythecontrollingshareholderandtheactualcontrollershallnotbetransferredbeforetheabove-mentionedcommitmentsareperformed;3.Thecontrollingshareholderandtheactualcontrollerhavesignedthecommitmentofthecontrollingshareholderandtheactualcontroller’sshareholdingintentionandreductionintention.Thecontrollingshareholderandtheactualcontrollerwillstrictlyperformtheabovecommitmentsandpromisetoabidebythefollowingbindingmeasures:(1)Iftheabovecommitmentsarenotperformed,thecashdividendstobeobtainedbythecontrollingshareholderandtheactualcontrollershallbewithheldbytheCompanyandownedbytheCompany;(2)iftheabovecommitmentsarenotperformed,thecontrollingshareholderandtheactualcontrollershallextendthelock-inperiodforhalfayear;(3)TheremunerationthattheemployeesintheCompanyshouldreceivefromtheCompanyshallbewithheldbytheCompanyandownedbytheCompany;(4)iftheabovecommitmentsarenotperformedandtheinvestorssufferlossesinthesecuritiestrading,thecontrollingshareholderandtheactualcontrollerwillcompensatetheinvestorsforthelossesaccordingtolaw;4.IftheCompanyfailstoperform,hasfailedtoperformorfailstoperformonscheduleduetoobjectivereasonsbeyondthecontroloftheCompany,suchaschangesinrelevantlawsandregulations,policies,naturaldisastersandotherforcemajeure,theCompanyshalltakethefollowingmeasures:(1)TimelyandfullydisclosethespecificreasonsfortheCompany’sfailure,failuretofulfillitscommitmentsorfailuretofulfillitscommitmentsonschedule;(2)makesupplementaryoralternativecommitmentstotheinvestorsoftheCompany(relevantcommitmentsshallbesubjecttorelevantapprovalproceduresinaccordancewithlaws,regulationsandthearticlesofassociation),soastoprotecttherightsandinterestsofinvestorsasmuchaspossible. | October25,2018 | Longterm | Strictlyperformed |
JerryYangLi
JerryYangLi | Commitmentonreductionintention | DuetothedeathofMs.WangYuhua,amemberofPaulXiaomingLee’sfamilywhoistheshareholderandactualcontrolleroftheCompany,I,asoneoftheheirs,inherited10,416,022sharesoftheCompanyheldbyheraccordingtoherwillandthecontributionofRMB17.955millionbyHeyiInvestment,theCompany’scontrollingshareholder.WithrespecttotheCompany’ssharesindirectlyheldbymethroughHeyiInvestment,myshareholdingintentionandreductionintentionareasfollows:1.astheactualcontrolleroftheCompany,IholdtheCompany’ssharesinstrictaccordancewiththeprovisionsoflaws,regulations,normativedocumentsandregulatoryrequirements,andabidebythesharelockingperiod;aftertheexpirationofthelockingperiod,IshallreducemyholdingoftheCompany’ssharesinaccordancewiththerequirementsofrelevantlaws,regulations,normativedocumentsandrulesofthestockexchange;2.withinthreeyearsafterthelistingoftheCompany,IwillnotreducethesharesoftheCompanyIdirectlyhold;uponexpiryofthreeyearsafterthelistingoftheCompany,IwilltransferthesharesoftheCompanyIdirectlyholdeachyearnotmorethan25%ofthetotalsharesoftheCompanyIdirectlyhold;3.withintwoyearsafterthelockingperiodIcommitted,theCompany’sshareswillbereducedatapricenotlowerthantheinitialpublicofferingpriceoftheCompany.IftheCompany’ssharesaresubjecttoex-rightandex-dividendduringtheperiod,suchasdividenddistribution,stockdistribution,capitalreserveconvertedtosharecapital,theissuepriceshallbeex-rightandex-dividendaccordingly;4.Aftertwoyearsaftertheexpirationofmycommitmenttoholdshares,Iwill,throughthereductionofthepriceoftheCompany’ssharesinthesecondarymarket,meetthecommitmentsmadeonthebasisofthemarketprice,andthespecificreductionplanwillbedrawnupaccordingtothemarketsituationatthattime;5.IpromisethatIwillannouncetheimplementationofthereductionthroughtheCompanythreetradingdaysinadvance,andcompletetheannouncementwithinsixmonths.Atthesametime,Iwillfulfilltheobligationofinformationdisclosureaccuratelyandcompletelyinaccordancewiththerulesofthestockexchange;6.Iwillstrictlyfulfilltheabovecommitments,andpromisetoabidebythefollowingbindingmeasures:(1)ifIfailtofulfilltheabovecommitments,theCompany’scashdividendsIshouldreceivewillbewithheldbytheCompanyandownedbytheCompany;(2)theCompanywillowntheprofitsIgetfromreducingthesharesheldinviolationoftheabovecommitments;(3)TheremunerationthattheemployeesintheCompanyshouldreceivefromtheCompanyshallbewithheldbytheCompanyandownedbytheCompany;(4)iftheabovecommitmentsarenotperformedandtheinvestorssufferlossesinthesecuritiestrading,Iwillcompensatetheinvestorsforthelossesinaccordancewiththelaw. | October25,2018 | Holdingperiod | Withintheperformanceperiod,strictlyperformed |
JerryYangLi | CommitmentonavoidingcapitaloccupationofEnergyTechnology | (1)Exceptforthecapitaloccupationdisclosedinwritingtotherelevantintermediaryinstitutions,thereisnoothercapitaloccupationthatshallbedisclosedbutnotdisclosedinaccordancewiththelawsandregulationsandtherelevantprovisionsoftheCSRCforthetimebeingbytheundertaker,closerelatives,controlledaffiliatedenterprisesandtheCompanyanditssubsidiaries;(2)Theundertaker,closerelativesandcontrolledaffiliatedenterpriseswillstrictlylimittheoccupationoffundsoftheCompanyanditssubsidiariesintheoperationalcapitaltransactionswiththeCompanyanditssubsidiaries;(3)Theundertaker,closerelativesandcontrolledaffiliatedenterprisesshallnotrequiretheCompanyanditssubsidiariestoadvancewages,welfare,insurance,advertisingandotherexpenses,orrequiretheCompanyanditssubsidiariestobearcostsandotherexpensesonbehalfofthem;(4)Theundertaker,closerelativesandcontrolledaffiliatedenterprisesdonotseektoprovidethefundsoftheCompanyanditssubsidiariesdirectlyorindirectlytotheundertaker,closerelativesandcontrolledaffiliatedenterprisesinthefollowingways,including:a.Tolendfundstotheundertaker,closerelativesandcontrolled | October25,2018 | Longterm | Strictlyperformed |
affiliatedenterprisesforusewithcompensationorfreeofcharge;b.Provideentrustedloanswithoutcommercialsubstancetotheundertaker,closerelativesandcontrolledaffiliatedenterprisesthroughbanksornon-bankfinancialinstitutions;c.Entrusttheundertaker,closerelativesandcontrolledaffiliatedenterprisestocarryoutinvestmentactivitieswithoutcommercialsubstance;d.Toissuecommercialacceptancebillswithoutrealtransactionbackgroundfortheundertaker,closerelativesandcontrolledaffiliatedenterprises;e.Repaydebtsonbehalfoftheundertaker,closerelativesandcontrolledaffiliatedenterprises;f.Providefundstotheundertaker,closerelativesandcontrolledaffiliatedenterprisesinotherwayswithoutconsiderationforgoodsandservices;g.OthermethodsrecognizedbyChinaSecuritiesRegulatoryCommission;(5)Iftheundertaker,closerelativesandcontrolledaffiliatedenterprisesoccupythefundsoftheCompanyanditssubsidiariesandrequiretheCompanyanditssubsidiariestoprovideguaranteesinviolationoflawsandregulations,theCompany’sboardofdirectorsshallnottransferthesharesoftheCompanyheldandcontrolledbeforealltheoccupiedfundsarereturnedandalltheillegalguaranteesarereleased,andhandletheproceduresofsharelockingfortherelevantparties.TheboardofdirectorsoftheCompanyshall,within5tradingdaysfromthedateofknowingthefactthattheundertaker,closerelativesandcontrolledaffiliatedenterprisesoccupythefundsoftheCompanyanditssubsidiaries,andtheCompanyanditssubsidiariesprovideguaranteesinviolationoflawsandregulations,handlethelockingproceduresfortherelevantparties.
SherryLee
SherryLee | Commitmentonreductionintention | DuetothedeathofMs.WangYuhua,amemberofPaulXiaomingLee’sfamilywhoistheshareholderandactualcontrolleroftheCompany,I,asoneoftheheirs,inherited15,624,033sharesoftheCompanyheldbyheraccordingtoherwillandthecontributionofRMB9.045millionbyHeyiInvestment,theCompany’scontrollingshareholder.Beforeinheritance,Ihaveheld27,593,884sharesoftheCompany,ofwhich15,997,000shareswereheldatthetimeofIPOandlistingoftheCompany,11,596,884sharesoftheCompanyacquiredbytheCompany’sissuanceofsharestopurchasesharesofShanghaiEnergy.Afterinheritance,Iholddirectlyandhold65,503,802sharesoftheCompanyindirectlythroughHeyiInvestment,accountingfor13.82%ofthetotalsharecapitaloftheCompany.WithrespecttolockingperiodfortheCompany’ssharesdirectlyandindirectlyheldbyme,Icommitasfollows:1.astheactualcontrolleroftheCompany,IholdtheCompany’ssharesinstrictaccordancewiththeprovisionsoflaws,regulations,normativedocumentsandregulatoryrequirements,andabidebythesharelockingperiod;aftertheexpirationofthelockingperiod,IshallreducemyholdingoftheCompany’ssharesinaccordancewiththerequirementsofrelevantlaws,regulations,normativedocumentsandrulesofthestockexchange;2.withinthreeyearsafterthelistingoftheCompany,IwillnotreducethesharesoftheCompanyIdirectlyhold;uponexpiryofthreeyearsafterthelistingoftheCompany,IwilltransferthesharesoftheCompanyIdirectlyholdeachyearnotmorethan25%ofthetotalsharesoftheCompanyIdirectlyhold;3.withintwoyearsafterthelockingperiodIcommitted,theCompany’sshareswillbereducedatapricenotlowerthantheinitialpublicofferingpriceoftheCompany.IftheCompany’ssharesaresubjecttoex-rightandex-dividendduringtheperiod,suchasdividenddistribution,stockdistribution,capitalreserveconvertedtosharecapital,theissuepriceshallbeex-rightandex-dividendaccordingly;4.Aftertwoyearsaftertheexpirationofmycommitmenttoholdshares,Iwill,throughthereductionofthepriceoftheCompany’ssharesinthesecondarymarket,meetthecommitmentsmadeonthebasisofthemarketprice,andthespecificreductionplanwillbedrawnupaccordingtothemarketsituationatthattime;5.IpromisethatIwillannouncetheimplementationofthereductionthroughtheCompanythreetradingdaysinadvance,andcompletetheannouncementwithinsixmonths.Atthesametime,Iwillfulfilltheobligationofinformationdisclosureaccuratelyandcompletelyinaccordancewiththerulesofthestockexchange;6.Iwillstrictlyfulfilltheabovecommitments,andpromisetoabidebythefollowingbindingmeasures:(1)ifIfailtofulfilltheabovecommitments,theCompany’scashdividendsIshouldreceivewillbewithheldbytheCompanyandownedbytheCompany;(2)theCompanywillowntheprofitsIgetfromreducingthesharesheldinviolationoftheabovecommitments;(3)TheremunerationthattheemployeesintheCompanyshouldreceivefromtheCompanyshallbewithheldbytheCompanyandownedbytheCompany;(4)iftheabovecommitmentsarenotperformedandtheinvestorssufferlossesinthesecuritiestrading,Iwillcompensatetheinvestorsforthelossesinaccordancewiththelaw. | October25,2018 | Shareholdingperiod | Withintheperformanceperiod,strictlyperformed |
DirectorsandseniormanagementoftheCompany
DirectorsandseniormanagementoftheCompany | Commitmentondilutiononcurrentreturnsasaresultofthepublicofferingofconvertiblecorporatebonds,andthereturnrecoverymeasures | 1.Neithertotunneltootherunitsorindividualswithoutcompensationorunderunfairconditions,nortodamagetheCompany’sinterestsinotherways;2.torestrictmyposition-relatedconsumptionactivities;3.nottousetheCompany’sassetsforinvestmentandconsumptionactivitiesnotrelatedtoexecutionofmyduties;4.tolinktheremunerationsystemformulatedbytheBoardofDirectorsortheRemunerationCommitteeorAssessmentCommitteeoftheCompanywiththeexecutionofthereturnrecoverymeasures;5.tolinkthevestingconditionswiththeimplementationofthereturnrecoverymeasuresiftheCompanywillimplementanyshareincentiveschemeinthefuture;6.sincethedateofthiscommitmentuptocompletionofthispublicofferingofconvertiblecorporatebonds,iftheCSRCimposesothernewregulatoryrequirementsinrelationtothereturnrecoverymeasuresanditscommitmentsandsuchcommitmentscannotmeetsuchrulesoftheCSRC,IcommittoissuesupplementalundertakingsinaccordancewiththelatestrequirementsoftheCSRC.Inordertoensuretheproperimplementationofthereturnrecoverymeasures,Icommittostrictlyperformtheabovecommitments.IfIbreachorrefusetofulfilltheabovecommitments,IwillperformobligationsofinterpretationandapologyasrequiredundertheGuidingOpinionsonMattersrelatingtotheDilutiononCurrentReturnsasaresultofInitialPublicOffering,RefinancingandMajorAssetRestructuring(CSRCAnnouncementNo.[2015]31),andagreethatrelevantregulatoryorself-regulationmeasuresshallbeimposedortakeninaccordancewiththerelevantprovisionsandrulesspecifiedorpublishedbyCSRCandShenzhenStockExchange;iftheCompanyorinvestorssufferedlossesasaresultofmybreachorrefusal,Iamwillingtoassumerelevantliabilityforcompensation. | May14,2019 | Longterm | Strictlyperformed |
Company’sactualcontrollerandcontrollingshareholder | Commitmentondilutiononcurrentreturnsasaresultofthepublicofferingofconvertiblecorporatebonds,andthereturnrecoverymeasures | 1.NotinterferewiththeoperationandmanagementactivitiesoftheCompanybeyondtheauthority,andnotencroachontheinterestsoftheCompany;2.sincethedateofthiscommitmentuptocompletionoftheconvertiblecorporatebonds,iftheCSRCimposesothernewregulatoryrequirementsinrelationtothereturnrecoverymeasuresanditscommitmentsandsuchcommitmentscannotmeetsuchrulesoftheCSRC,IcommittoissuesupplementalundertakingsinaccordancewiththelatestrequirementsoftheCSRC.Inordertoensuretheproperimplementationofthereturnrecoverymeasures,Icommittostrictlyperformtheabovecommitments.IfIbreachorrefusetofulfilltheabovecommitments,IwillperformobligationsofinterpretationandapologyasrequiredundertheGuidingOpinionsonMattersrelatingtotheDilutiononCurrentReturnsasaresultofInitialPublicOffering,RefinancingandMajorAssetRestructuring(CSRCAnnouncementNo.[2015]31),andagreethatrelevantregulatoryorself-regulationmeasuresshallbeimposedortakeninaccordancewiththerelevantprovisionsandrulesspecifiedorpublishedbyCSRCandShenzhenStockExchange;iftheCompanyorinvestorssufferedlossesasaresultofmybreachorrefusal,Iamwillingtoassumerelevantliabilityforcompensation. | May14,2019 | Longterm | Strictlyperformed |
AlldirectorsofEnergyTechnology | Commitmentontheauthenticity,accuracyandcompletenessofinformationsubmittedinconnectionwiththenon-public | AlldirectorsoftheCompanycommitthatthereportonthisofferingandtheannouncementonlistingdon’tcontainfalserecords,misleadingstatementsormajoromissions,andtheywilljointlyandseverallyliableforitsauthenticity,accuracyandcompleteness. | September3,2020 | Longterm | Strictlyperformed |
offeringofAsharesin2020
offeringofAsharesin2020 | |||||
Controllingshareholderandactualcontroller | Commitmentondilutiononcurrentreturnsasaresultofthenon-publicofferingofAsharesin2020,andthereturnrecoverymeasures | 1.IpromisenottointerferewiththeoperationandmanagementactivitiesoftheCompanybeyondtheauthority,andnotencroachontheinterestsoftheCompany;2.IcommittoproperlyimplementationofthecurrentreturnrecoverymeasuresformulatedbytheCompanyandfulfillanycommitmentImakeinrelationtothecurrentreturnrecoverymeasures,andassumetheliabilityforcompensationtotheCompanyorinvestorsaccordingtolawifIviolatesuchcommitmentsandasaresultcauseanylosstotheCompanyorinvestors;3.sincethedateofthiscommitmentuptocompletionofthisnon-publicofferingofsharesbyEnergyTechnology,iftheCSRCimposesothernewregulatoryrequirementsinrelationtothereturnrecoverymeasuresanditscommitmentsandsuchcommitmentscannotmeetsuchrulesoftheCSRC,IcommittoissuesupplementalundertakingsinaccordancewiththelatestrequirementsoftheCSRC. | March23,2020 | Longterm | Strictlyperformed |
Directorsandseniormanagement | Commitmentondilutiononcurrentreturnsasaresultofthenon-publicofferingofAsharesin2021,andthereturnrecoverymeasures | 1.Ipromisenottotunneltootherunitsorindividualswithoutcompensationorunderunfairconditions,ortodamagetheCompany’sinterestsinotherways;2.Icommittorestrictmyposition-relatedconsumptionactivities;3.IcommittonotusetheCompany’sassetsforinvestmentandconsumptionactivitiesnotrelatedtoexecutionofmyduties;4.IcommittolinktheremunerationsystemformulatedbytheBoardofDirectorsortheRemunerationCommitteeorAssessmentCommitteeoftheCompanywiththeexecutionofthereturnrecoverymeasures;5.IcommittolinkthevestingconditionswiththeimplementationofthereturnrecoverymeasuresiftheCompanywillimplementanyshareincentiveschemeinthefuture;6.sincethedateofthiscommitmentuptocompletionofthisnon-publicofferingofshares,iftheCSRCimposesothernewregulatoryrequirementsinrelationtothereturnrecoverymeasuresanditscommitmentsandsuchcommitmentscannotmeetsuchrulesoftheCSRC,IcommittoissuesupplementalundertakingsinaccordancewiththelatestrequirementsoftheCSRC. | November21,2021 | Longterm | Strictlyperformed |
Controllingshareholdersandactualcontroller
Controllingshareholdersandactualcontroller | Commitmentondilutiononcurrentreturnsasaresultofthenon-publicofferingofAsharesin2021,andthereturnrecoverymeasures | IpromisenottointerferewiththeoperationandmanagementactivitiesoftheCompanybeyondtheauthority,andnotencroachontheinterestsoftheCompany;IcommittoproperlyimplementationofthecurrentreturnrecoverymeasuresformulatedbytheCompanyandfulfillanycommitmentImakeinrelationtothecurrentreturnrecoverymeasures,andassumetheliabilityforcompensationtotheCompanyorinvestorsaccordingtolawifIviolatesuchcommitmentsandasaresultcauseanylosstotheCompanyorinvestors;sincethedateofthiscommitmentuptocompletionofthisnon-publicofferingofsharesbytheCompany,iftheCSRCimposesothernewregulatoryrequirementsinrelationtothereturnrecoverymeasuresanditscommitmentsandsuchcommitmentscannotmeetsuchrulesoftheCSRC,IcommittoissuesupplementalundertakingsinaccordancewiththelatestrequirementsoftheCSRC. | November21,2021 | Longterm | Strictlyperformed | |
Commitmentonstockownershipincentivescheme | TheCompany | Othercommitments | Nottoofferloansoranyotherformoffinancialaidstotheincentiveobjectsforthemtoobtainrelatedstockoptionsorrestrictedsharesaccordingtothisincentiveplan,includingguaranteeingtheloans. | January24,2022 | TheperiodwhentheCompany’s2022StockOptionandRestrictedStockIncentivePlanwasimplemented | Strictlyperformed |
Incentiveobjects | Othercommitments | Incaseofanyfalserecord,misleadingstatementormajoromissionintheinformationdisclosedbytheCompany,resultinginincompliancewiththearrangementsforgrantingorexercisingtheinterests,theincentiveobjectswill,uponacknowledgmentofanyfalserecord,misleadingstatementormajoromissionexistinginanyrelatedinformationdisclosuredocument,returnallinterestsobtainedfromtheequityincentiveplan. | January24,2022 | Longterm | Strictlyperformed | |
OthercommitmentstosmallandmediumshareholdersoftheCompany | TheCompany | Shareholderreturnplanforthenextthreeyears(2020-2022) | TheCompanypaysdividendsincashorbysharesinapositivemanner.WheretheCompany’sauditednetprofitispositiveandnosignificantinvestmentplanorsignificantcashexpenditureinayear,theCompanyshallincludethecashdistributioninitsprofitdistributionschemeforthatyear.TheannualcashdividendoftheCompanyshallnotbelessthan20%ofthedistributableprofitrealizedinthecurrentyear(excludingtheundistributedprofitatthebeginningoftheyear).Whereavailable,theCompanymaydistributeinterimcashdividends.IftheCompany’srevenuegrowsrapidlyandtheBoardofDirectorsconsidersthatthestockpriceoftheCompanydoesnotmatchthesizeoftheCompany’ssharecapital,itmaymakeaplanfordividenddistributionbystockwhilesatisfyingtherequirementforcashdividenddistribution. | March23,2020 | March23,2020–March23,2022 | performed |
TheCompany | Shareholderreturnplanforthenextthreeyears(2021-2023) | TheCompanypaysdividendsincashorbysharesinapositivemanner.WheretheCompany’sauditednetprofitispositiveandnosignificantinvestmentplanorsignificantcashexpenditureinayear,theCompanyshallincludethecashdistributioninitsprofitdistributionschemeforthatyear.TheannualcashdividendoftheCompanyshallnotbelessthan20%ofthedistributableprofitrealizedinthecurrentyear(excludingtheundistributedprofitatthebeginningoftheyear).Whereavailable,theCompanymaydistributeinterimcashdividends.IftheCompany’srevenuegrowsrapidlyandtheBoardofDirectorsconsidersthatthestockpriceoftheCompanydoesnotmatchthesizeoftheCompany’ssharecapital,itmaymakeaplanfordividenddistributionbystockwhilesatisfyingtherequirementforcashdividenddistribution. | November21,2021 | November21,2021–November21,2024 | Withintheperformanceperiod,strictlyperformed | |
Whetherthecommitmentisperformedontime | Yes |
Ifthecommitmentsareoverdueandhavenotbeenfulfilled,thespecificreasonfornon-fulfilmentandfurtherworkplanshallbeexplainedindetail
Ifthecommitmentsareoverdueandhavenotbeenfulfilled,thespecificreasonfornon-fulfilmentandfurtherworkplanshallbeexplainedindetail | N/A |
2.WhereanyearningsforecastwasmadeforanyoftheCompany’sassetsorprojectsandtheReportingPeriodisstillwithintheforecastperiod,theCompany
shallexplainwhethertheperformanceoftheassetorprojectreachestheearningsforecastandthereason
□Applicable√N/A
II.OccupationoftheListedCompany’sCapitalbytheControllingShareholderorItsRelatedPartiesforNon-OperatingPurposes
□Applicable√N/AIntheReportingPeriod,nocontrollingshareholderoritsrelatedpartyoccupiedcapitalofthelistedcompanyfornon-operatingpurposes.
III.Illegalexternalguarantee
□Applicable√N/ATheCompanydidn’tprovideanyillegalexternalguaranteeduringtheReportingPeriod.IV.ExplanationoftheBoardofDirectorsRegardingthe“Non-standardAuditReport”IssuedfortheLatestPeriod
□Applicable√N/A
V.ExplanationoftheBoardofDirectors,theSupervisoryCommitteeandIndependentDirectors(IfAny)Regardingthe“Non-standardAuditReport”IssuedbytheAccountingFirmfortheReportingPeriod
□Applicable√N/AVI.ReasonforChangesinAccountingPoliciesorAccountingEstimatesandCorrectionofMajorAccountingErrorsasComparedtotheFinancialReportforthePreviousFiscalYear
√Applicable□N/AOnJanuary30,2023,theCompanyheldthe54
th
meetingofthe4thBoardofDirectorsandthe47
th
meetingofthe4thSupervisoryCommitteetoconsiderandadopttheResolutionontheChangesofAccountingPolicies.SinceJanuary1,2023,theCompanyhasimplementedthecontentonthe"AccountingTreatmentofDeferredIncomeTaxRelatedtoAssetsandLiabilitiesGeneratedbyaSingleTransactionNotApplicabletoInitialRecognitionExemption"assetforthintheAccountingStandardsforBusinessEnterprisesNo.16;sinceDecember13,2022,theCompanyhasimplementedtheregulationsonthe“AccountingTreatmentoftheIncomeTaxImpactontheDividendsRelatedtoFinancialInstrumentsCategorizedasEquityInstrumentsbytheIssuers(ReferringtotheEnterprises)”and“AccountingTreatmentofModificationfromCash-basedSharePaymenttoEquity-basedSharePaymentbytheEnterprises”assetforthintheAccountingStandardsforBusinessEnterprisesNo.16.ThesechangesinaccountingpoliciesarereasonablechangesinaccordancewiththerelevantregulationspromulgatedbytheMinistryofFinance,whichisinlinewithrelevantregulationsofthesupervisionandtheactualsituationoftheCompany,andhavenosignificantimpactontheCompany'sfinancialstatus,operatingresultsandcashflow.Fordetails,pleaserefertotheAnnouncementonChangesinAccountingPoliciesdisclosedonwww.cninfo.com.cn.bytheCompanyonJanuary31,2023(AnnouncementNo.2023-010).
VII.ReasonforChangesinScopeoftheConsolidatedFinancialStatementsasComparedtotheFinancialReportforthePreviousFiscalYear
√Applicable□N/AIntheReportingPeriod,thereweretencompaniesnewlyaddedtothescopeoftheconsolidatedstatements:XiamenEnergyNewMaterialCo.,Ltd.,YuxiEnergyNewMaterialCo.,Ltd.,ShanghaiEnergyNewMaterialResearchCo.,Ltd.,HongchuangPackaging(Jiangsu)Co.,Ltd.,Energy(ZhuhaiHengqin)NewMaterialTechnologyCo.,Ltd.,ShanghaiEnergyTradeCo.,Ltd.,JiangsuEnergyTradeCo.,Ltd.,SEMCORPPropertiesKft.,SEMCORPAmericaInc.andSEMCORPManufacturingUSALLC,allwereinvestedandnewlyestablishedduringtheReportingPeriod;Onecompanywasdeleted:FoshanDonghangPhotoelectricTechnologyCo.,Ltd.,itwaswrittenoffduringtheReportingPeriod.VIII.EngagementandDisengagementofCPAsFirm
CPAfirmengagedatpresent
NameofthedomesticCPAfirm | DahuaCPAs(SGP) |
RemunerationofthedomesticCPAfirm(RMB0’000) | 265 |
Consecutiveyearsofauditservicesprovidedbythedomesticauditor | 11years |
Namesofthecertifiedpublicaccountantsfromdomesticaccountingfirm | KangWenjun,YaoRui |
ConsecutiveyearsofauditservicesprovidedbytheCertifiedPublicAccountantsfromdomesticaccountingfirm | KangWenjunandYaoRuiprovideauditservicesfortwoyearsandthreeyearsrespectively |
WhethertheCPAsfirmwaschangedinthecurrentperiod
□Yes√NoEngagementofanyCPAsfirm,financialadvisororsponsorforinternalcontrolandaudit
√Applicable□N/ATheCompanyhiredDahuaCPAs(SGP)astheauditingandaccountingfirmforinternalcontrolduringtheReportingPeriod;theCompanyengagedCITICSecuritiesCo.,Ltd.asthesponsorforthenon-publicofferingofAsharestoraisenotmorethanRMB12.8billion;theCompanyengagedShanghaiRealizeInvestmentConsultingCo.,Ltd.asindependentfinancialconsultantin2022.
IX.PossibilityofDelistingafterDisclosureofthisAnnualReport
□Applicable√N/A
X.MattersRelatedtoBankruptcyandReorganization
□Applicable√N/ATheCompanywasnotbankruptandreorganizedduringtheReportingPeriod.XI.MaterialLitigationandArbitration
□Applicable√N/A
TherewasnomateriallitigationorarbitrationagainsttheCompanyduringtheReportingPeriod.DuringtheReportingPeriod,thetotalamountinvolvedinotherlawsuitsoftheCompanywasRMB32.8074million,ofwhichRMB6.7532millionhadnotbeensettledbytheendoftheReportingPeriod,whichwouldnotformestimatedliabilities.XII.PunishmentsandRectifications
□Applicable√N/ATheCompanymadenopunishmentorrectificationduringtheReportingPeriod.XIII.CreditConditionsoftheCompanyaswellasItsControllingShareholderandActualController
√Applicable□N/ADuringtheReportingPeriod,theCompanyanditscontrollingshareholderandtheactualcontrollerwereingoodstanding,andtherewerenocasesofnon-performanceofcourtjudgmentsinforceorlargedebtsduebutunpaid.XIV.Significantrelatedtransactions
1.Relatedtransactionsarisingfromroutineoperation
√Applicable□N/A
Relatedtransactionparty | Relation | Typeofrelatedtransaction | Detailsofrelatedtransaction | Pricingprincipleoftherelatedtransaction | Relatedtransactionprice | Relatedtransactionamount(RMB0’000) | Proportioninthetotalamountoftransactionofthesametype | Approvedtransactionlimit(RMB0’000) | Whetherthetransactionexceededtheapprovedlimitornot | Settlementmodeforrelatedtransaction | Obtainablemarketpriceforthetransactionofthesametype | Disclosuredate | DisclosureIndex |
Kunshasi | AcompanyinvestedinbytheCompany | Purchaserawmaterialsfromrelatedparties | Purchaseadditives | Agreedbybothpartiesbasedonmarketprice | -- | 3,957.12 | 52.95% | 5,000 | No | Bankdepositoracceptancedraft | RNB18.80/kg | January25,2022 | Fordetails,pleaserefertotheAnnouncementontheExpectedRoutineRelatedTransactionsin2022(No.:2022-014)disclosedontheCninfowebsite. |
AcompanyinvestedinbytheCompany | Sellproductsandcommoditiestorelatedparties | Sellrawmaterials | -- | 1,136.25 | 60.44% | 2,000 | No | Bankdepositoracceptancedraft | RMB8.88/kg | January25,2022 | |||
AcompanyinvestedinbytheCompany | Leasetorelatedparties | Leaseworkshop | -- | 2.4 | 1.55% | 2.4 | No | Bankdeposit | —— | January25,2022 |
HeyiInvestment | AshareholderoftheCompany | Leasetorelatedparties | Leaseoffice | Agreedbybothpartiesbasedonmarketprice | -- | 0.33 | 0.21% | 0.33 | No | Bankdeposit | —— | January25,2022 | |
HeliInvestment | AshareholderoftheCompany | Leasetorelatedparties | Leaseoffice | Agreedbybothpartiesbasedonmarketprice | -- | 0.24 | 0.15% | 0.24 | No | Bankdeposit | —— | January25,2022 | |
SuzhouJieshengTechnologyCo.,Ltd.anditssubsidiaries | AcompanyinvestedinbytheCompany | Purchaseequipmentandsparepartsfromrelatedparties | Purchaseequipmentandspareparts | Agreedbybothpartiesbasedonmarketprice | -- | 11,714.8 | 3.63% | 20,000 | No | Bankdepositoracceptancedraft | —— | January25,2022 | |
ZhuhaiChenyuNewMaterialTechnologyCo.,Ltd. | AcompanyinvestedinbytheCompany | Purchasematerialsfromrelatedparties | Purchasematerials | Agreedbybothpartiesbasedonmarketprice | -- | 10,520.81 | 5.64% | 13,626 | No | Bankdepositoracceptancedraft | —— | July15,2022 | Fordetails,pleaserefertotheAnnouncementontheExpectedNewRoutineRelatedTransactionsin2022(No.:2022-123)disclosedontheCninfowebsite. |
AcompanyinvestedinbytheCompany | Sellpackagingmaterialsandotherstorelatedparties | Sellpackagingmaterials | -- | 14.18 | 0.00% | 26.5 | No | Bankdepositoracceptancedraft | —— | July15,2022 | |||
IndustrialandCommercialBankofChinaLimited | ThespouseofMs.ZhengHaiying(IndependentDirector)isaNon-executiveDirectoroftheICBC | Applyforloans(includingapplyingforgeneralcreditlimits,acceptancebill,letterofcredit,letterofguarantee,etc.)fromrelatedbanks | Loan | Marketpricing,nothigherthantheloanbenchmarkinterestrateforthesameperiodorthemarketinterestratelevelunder | -- | 79,153.93 | 5.46% | 528,500 | No | N/A | —— | January25,2022 | Fordetails,pleaserefertotheAnnouncementontheExpectedDeposit,LoanandGuaranteewithRelatedBankin2022 |
thesameconditions | (No.:2022-060)disclosedontheCninfowebsite. | |
Depositswithrelatedbanks(includingdemanddeposits,timedeposits,calldeposits,etc.)
Depositswithrelatedbanks(includingdemanddeposits,timedeposits,calldeposits,etc.) | Deposit | Marketpricing,nothigherthanthedepositbenchmarkinterestrateforthesameperiod | -- | 16,588.16 | 4.20% | 200,000 | No | N/A | —— | January25,2022 | ||
MutualguaranteesbetweencompaniesforthepurposeoftheCompany’sconsolidatedfinancialstatementsthroughtherelatedbanks | Guarantee | Agreedbybothpartiesbasedonmarketprice | -- | 401,690 | 13.87% | 528,500 | No | N/A | —— | January25,2022 | ||
Total | -- | -- | 524,778.22 | -- | 1,297,655.47 | -- | -- | -- | -- | -- | ||
Detailsofanysalesreturnofalargeamount | No | |||||||||||
GivetheactualsituationduringtheReportingPeriod(ifany)whereaforecasthadbeenmadeforthetotalamountsofroutinerelatedtransactionsbytypetooccurinthecurrentperiod | TheactualroutinetransactionamountbetweentheCompanyandtherelatedpartiesdidnotexceedthetotalamountofroutinerelatedtransactionsestimatedbytheCompanybytype. | |||||||||||
Reasonforanysignificantdifferencebetweenthetransactionpriceandthemarketreferenceprice(ifapplicable) | N/A |
2.Related-partytransactionsrelevanttoacquisitionandsalesofassetsorequities
□Applicable√N/ATheCompanydidn’tacquireorsellassetsorequitiesduringtheReportingPeriod.
3.Related-partytransactionsinconnectionwithjointexternalinvestments
□Applicable√N/ATheCompanyhadnorelated-partytransactioninconnectionwithjointexternalinvestmentsduringtheReportingPeriod.
4.Creditsandliabilitieswithrelatedparties
√Applicable□N/AWhethertherewereanycreditsorliabilitieswithrelatedpartiesfornon-operatingpurposes
□Yes√NoTherewerenocreditsorliabilitieswithrelatedpartiesfornon-operatingpurposeduringtheReportingPeriod.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
5.Dealingwithrelatedfinancialcompanies
□Applicable√N/ATherewasnodeposit,loan,creditgrantingorotherfinancialbusinessbetweentheCompanyandtherelatedfinancialcompaniesandtherelatedparties.
6.DealingbetweenthefinancialcompaniescontrolledbytheCompanyandtherelatedparties
□Applicable√N/ATherewasnodeposit,loan,creditgrantingorotherfinancialbusinessbetweenthefinancialcompaniescontrolledbytheCompanyandtherelatedparties.
7.Othersignificantrelatedpartytransactions
□Applicable√N/ANoothersignificantrelatedpartytransactionsduringtheReportingPeriod.
XV.Significantcontractsandtheirexecution
1.Trusteeships,Contracts,andLeases
(1)Trusteeships
□Applicable√N/ATherewasnotrusteeshipduringtheReportingPeriod.(2)Contracts
□Applicable√N/ANosuchcasesduringtheReportingPeriod.(3)Leases
□Applicable√N/ANoleasesoftheCompanyduringtheReportingPeriod2.Significantguarantees
√Applicable□N/A
Unit:RMB0’000
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.ExternalguaranteesprovidedbytheCompanyanditssubsidiaries(excludingthoseforsubsidiaries)
ExternalguaranteesprovidedbytheCompanyanditssubsidiaries(excludingthoseforsubsidiaries) | ||||||||
Guaranteedparty | Disclosuredateoftheguaranteelineannouncement | Guaranteeline | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Periodofguarantee | Performedornot | Guaranteeforarelatedpartyornot |
GuaranteesprovidedbytheCompanyforitssubsidiaries | ||||||||
Guaranteedparty | Disclosuredateoftheguaranteelineannouncement | Guaranteeline | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Periodofguarantee | Performedornot | Guaranteeforarelatedpartyornot |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.HongtaPlastic
HongtaPlastic | April12,2022 | 4,400 | May18,2022 | 3,000 | joint-liabilityguarantee | 1Year | No | No |
HongtaPlastic | April12,2022 | 4,000 | May17,2022 | 2,000 | joint-liabilityguarantee | 3Years | No | No |
HongtaPlastic | April12,2022 | 21,000 | November10,2020 | 9,232.08 | joint-liabilityguarantee | 5Years | No | No |
HongtaPlastic | April12,2022 | 4,000 | November9,2020 | 0 | joint-liabilityguarantee | 5Years | No | No |
HongtaPlastic | April12,2022 | 3,490 | March18,2021 | 3,490 | joint-liabilityguarantee | 2Years | No | No |
HongtaPlastic | April12,2022 | 4,000 | October29,2021 | 4,000 | joint-liabilityguarantee | 2Years | No | No |
HongtaPlastic | April12,2022 | 7,800 | November29,2021 | 6,000 | joint-liabilityguarantee | 3Years | No | No |
HongtaPlastic | April12,2022 | 8,000 | January12,2022 | 7,000 | joint-liabilityguarantee | 1Year | No | No |
HongtaPlastic | April12,2022 | 5,165 | May5,2022 | 5,000 | joint-liabilityguarantee | 3Years | No | No |
HongtaPlastic,HongchuangPackaging,ShanghaiEnergy | April12,2022 | 37,191 | November30,2020 | 37,000 | joint-liabilityguarantee | 7Years | No | No |
HongtaPlastic | April12,2022 | 8,000 | October24,2022 | 3,000 | joint-liabilityguarantee | 1Year | No | No |
DexinPaper | April12,2022 | 800 | March30,2021 | 0 | joint-liabilityguarantee | 3Years | No | No |
DexinPaper | April12,2022 | 2,000 | January12,2022 | 1,800 | joint-liabilityguarantee | 1Year | No | No |
DexinPaper | April12,2022 | 1,000 | June7,2022 | 1,000 | joint-liabilityguarantee | 2Years | No | No |
DexinPaper | April12,2022 | 1,000 | October24,2022 | 0 | joint-liabilityguarantee | 1Year | No | No |
DexinPaper | April12,2022 | 2,000 | November13,2019 | 110.5 | joint-liabilityguarantee | 3Years | No | No |
HongchuangPackaging | April12,2022 | 6,600 | May18,2022 | 0 | joint-liabilityguarantee | 1Year | No | No |
HongchuangPackaging | April12,2022 | 8,000 | January12,2022 | 4,217.52 | joint-liabilityguarantee | 1Year | No | No |
HongchuangPackaging | April12,2022 | 5,000 | February23,2022 | 0 | joint-liabilityguarantee | 5Years | No | No |
HongchuangPackaging | April12,2022 | 3,000 | March1,2022 | 382.67 | joint-liabilityguarantee | 3Years | No | No |
HongchuangPackaging | April12,2022 | 5,600 | March15,2022 | 3,614.19 | joint-liabilityguarantee | 3Years | No | No |
HongchuangPackaging | April12,2022 | 16,200 | March21,2022 | 900 | joint-liabilityguarantee | 3Years | No | No |
HongchuangPackaging | April12,2022 | 4,000 | May1,2022 | 0 | joint-liabilityguarantee | 2Years | No | No |
HongchuangPackaging | April12,2022 | 930.56 | June23,2022 | 930.56 | joint-liabilityguarantee | 1Year | No | No |
HongchuangPackaging | April12,2022 | 10,000 | July8,2022 | 0 | joint-liabilityguarantee | 1Year | No | No |
HongchuangPackaging | April12,2022 | 4,000 | July21,2022 | 3,221.64 | joint-liabilityguarantee | 3Years | No | No |
HongchuangPackaging | April12,2022 | 1,285 | September30,2022 | 1,028 | joint-liabilityguarantee | 1Year | No | No |
HongchuangPackaging | April12,2022 | 850 | October21,2022 | 850 | joint-liabilityguarantee | 1Year | No | No |
HongchuangPackaging | April12,2022 | 12,000 | October21,2022 | 3,909.63 | joint-liabilityguarantee | 1Year | No | No |
ChengduHongtaPlastic | April12,2022 | 7,500 | May11,2022 | 1,210 | joint-liabilityguarantee | 1Year | No | No |
ShanghaiEnergy | April12,2022 | 85,600 | September30,2020 | 73,600 | joint-liabilityguarantee | 7Years | No | No |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.ShanghaiEnergy
ShanghaiEnergy | April12,2022 | 30,000 | October23,2020 | 16,800 | joint-liabilityguarantee | 1Year | No | No |
ShanghaiEnergy | April12,2022 | 28,000 | March5,2021 | 0 | joint-liabilityguarantee | 3Years | No | No |
ShanghaiEnergy | April12,2022 | 48,900 | March16,2021 | 43,910 | joint-liabilityguarantee | 5Years | No | No |
ShanghaiEnergy | April12,2022 | 51,000 | July14,2021 | 0 | joint-liabilityguarantee | 5Years | No | No |
ShanghaiEnergy | April12,2022 | 11,000 | September15,2021 | 0 | joint-liabilityguarantee | 2Years | No | No |
ShanghaiEnergy | April12,2022 | 10,000 | January1,2022 | 200 | joint-liabilityguarantee | 2Years | No | No |
ShanghaiEnergy | April12,2022 | 66,000 | February7,2022 | 60,000 | joint-liabilityguarantee | 5Years | No | No |
ShanghaiEnergy | April12,2022 | 30,000 | February14,2022 | 30,000 | joint-liabilityguarantee | 3Years | No | No |
ShanghaiEnergy | April12,2022 | 10,000 | February14,2022 | 7,817.60 | joint-liabilityguarantee | 2Years | No | No |
ShanghaiEnergy | April12,2022 | 20,000 | February15,2022 | 20,000 | joint-liabilityguarantee | 1Year | No | No |
ShanghaiEnergy | April12,2022 | 20,000 | March8,2022 | 20,000 | joint-liabilityguarantee | 1Year | No | No |
ShanghaiEnergy | April12,2022 | 80,000 | March21,2022 | 35,000 | joint-liabilityguarantee | 1Year | No | No |
ShanghaiEnergy | April12,2022 | 5,000 | March17,2022 | 2,264 | joint-liabilityguarantee | 3Years | No | No |
ShanghaiEnergy | April12,2022 | 11,000 | November30,2021 | 10,000 | joint-liabilityguarantee | 1Year | No | No |
ShanghaiEnergy,ZhuhaiEnergy | April12,2022 | 33,567 | May10,2022 | 26,000 | joint-liabilityguarantee | 3Years | No | No |
ShanghaiEnergy | April12,2022 | 24,000 | June5,2022 | 20,000 | joint-liabilityguarantee | 3Years | No | No |
ShanghaiEnergy | April12,2022 | 90,000 | June9,2022 | 74,000 | joint-liabilityguarantee | 3Years | No | No |
ShanghaiEnergy | April12,2022 | 20,000 | April18,2022 | 20,000 | joint-liabilityguarantee | 5Years | No | No |
ShanghaiEnergy | April12,2022 | 10,000 | July21,2022 | 10,000 | joint-liabilityguarantee | 2Years | No | No |
ShanghaiEnergy | April12,2022 | 4,622.59 | June10,2022 | 0 | joint-liabilityguarantee | —— | No | No |
ShanghaiEnergy | April12,2022 | 20,000 | July21,2022 | 20,000 | joint-liabilityguarantee | 2Years | No | No |
ShanghaiEnergy | April12,2022 | 16,500 | September2,2022 | 11,400 | joint-liabilityguarantee | 1Year | No | No |
ShanghaiEnergy | April12,2022 | 60,000 | September1,2022 | 43,908.80 | joint-liabilityguarantee | 1Year | No | No |
ShanghaiEnergy | April12,2022 | 60,600 | September21,2022 | 40,438.32 | joint-liabilityguarantee | 1Year | No | No |
ShanghaiEnergy | April12,2022 | 25,500 | September16,2022 | 0 | joint-liabilityguarantee | 2Years | No | No |
ShanghaiEnergy | April12,2022 | 80,000 | October14,2022 | 80,000 | joint-liabilityguarantee | 4Years | No | No |
ShanghaiEnergy | April12,2022 | 45,000 | March5,2021 | 25,000 | joint-liabilityguarantee | 5Years | No | No |
ShanghaiEnergy | April12,2022 | 20,000 | October27,2022 | 0 | joint-liabilityguarantee | 1Year | No | No |
ShanghaiEnergy,WuxiEnergy | April12,2022 | 10,000 | December28,2022 | 5,000 | joint-liabilityguarantee | 2Years | No | No |
ZhuhaiEnergy | April12,2022 | 5,000 | December11,2019 | 0 | joint-liabilityguarantee | 5Years | No | No |
ZhuhaiEnergy | April12,2022 | 20,000 | November30,2021 | 20,000 | joint-liabilityguarantee | 4Years | No | No |
ZhuhaiEnergy | April12,2022 | 5,000 | May21,2021 | 0 | joint-liabilityguarantee | 2Years | No | No |
ZhuhaiEnergy | April12,2022 | 10,000 | May18,2021 | 0 | joint-liabilityguarantee | 4Years | No | No |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.ZhuhaiEnergy
ZhuhaiEnergy | April12,2022 | 3,000 | June24,2021 | 0 | joint-liabilityguarantee | 3Years | No | No |
ZhuhaiEnergy | April12,2022 | 11,285 | September1,2021 | 0 | joint-liabilityguarantee | 4Years | No | No |
ZhuhaiEnergy | April12,2022 | 22,000 | September1,2021 | 3,600 | joint-liabilityguarantee | 2Years | No | No |
ZhuhaiEnergy | April12,2022 | 30,000 | January19,2022 | 13,200.58 | joint-liabilityguarantee | 1Year | No | No |
ZhuhaiEnergy | April12,2022 | 27,000 | February7,2022 | 19,500 | joint-liabilityguarantee | 3Years | No | No |
ZhuhaiEnergy | April12,2022 | 5,500 | March30,2022 | 5,247.99 | joint-liabilityguarantee | 1Year | No | No |
ZhuhaiEnergy | April12,2022 | 7,000 | May18,2022 | 7,000 | joint-liabilityguarantee | 1Year | No | No |
ZhuhaiEnergy | April12,2022 | 10,000 | July8,2022 | 7,318.38 | joint-liabilityguarantee | 4Years | No | No |
ZhuhaiEnergy | April12,2022 | 3,200 | September23,2022 | 0 | joint-liabilityguarantee | 1Year | No | No |
ZhuhaiEnergy | April12,2022 | 30,000 | September7,2022 | 3,661.43 | joint-liabilityguarantee | 1Year | No | No |
ZhuhaiEnergy | April12,2022 | 20,000 | October27,2022 | 0 | joint-liabilityguarantee | 1Year | No | No |
WuxiEnergy,JiangxiTonry,ChongqingEnergy,JiangxiEnpoNewMaterialsCo.,Ltd.,JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | April12,2022 | 80,000 | May1,2021 | 0 | joint-liabilityguarantee | 2Years | No | No |
WuxiEnergy | April12,2022 | 10,000 | August7,2021 | 7,168 | joint-liabilityguarantee | 3Years | No | No |
WuxiEnergy | April12,2022 | 7,000 | January5,2022 | 7,000 | joint-liabilityguarantee | 1Year | No | No |
WuxiEnergy,JiangxiTonry,SuzhouGreenPower,ChongqingEnergy,JiangsuEnergy,JiangsuRuijie,JiangxiEnpoNewMaterialsCo.,Ltd.,HubeiEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuSanheBatteryMaterialTechnologyCo.,Ltd.,YuxiEnergyNewMaterialCo.,Ltd.,JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | April12,2022 | 150,000 | April11,2022 | 64.1 | joint-liabilityguarantee | 2Years | No | No |
WuxiEnergy,JiangxiTonry,SuzhouGreenPower,ChongqingEnergy,JiangsuEnergy,JiangsuRuijie,JiangxiEnpoNewMaterialsCo., | April12,2022 | 180,000 | June10,2021 | 17.24 | joint-liabilityguarantee | 3Years | No | No |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
Ltd.,HubeiEnergyNewMaterialTechnologyCo.,Ltd.,YuxiEnergyNewMaterialCo.,Ltd.
Ltd.,HubeiEnergyNewMaterialTechnologyCo.,Ltd.,YuxiEnergyNewMaterialCo.,Ltd. | ||||||||
WuxiEnergy | April12,2022 | 5,000 | May30,2022 | 4,073.94 | joint-liabilityguarantee | 1Year | No | No |
WuxiEnergy | April12,2022 | 20,000 | August12,2022 | 19,630.49 | joint-liabilityguarantee | 1Year | No | No |
WuxiEnergy | April12,2022 | 10,000 | October8,2022 | 7,000 | joint-liabilityguarantee | 1Year | No | No |
WuxiEnergy | April12,2022 | 15,000 | November1,2022 | 10,604.20 | joint-liabilityguarantee | 1Year | No | No |
JiangxiTonry | April12,2022 | 13,500 | January22,2021 | 10,000 | joint-liabilityguarantee | 3Year | No | No |
JiangxiTonry | April12,2022 | 10,000 | October17,2022 | 10,000 | joint-liabilityguarantee | 1Year | No | No |
JiangxiTonry | April12,2022 | 5,000 | October28,2022 | 5,000 | joint-liabilityguarantee | 1Year | No | No |
JiangxiTonry | April12,2022 | 25,000 | September17,2021 | 727.05 | joint-liabilityguarantee | 1Year | No | No |
SuzhouGreenPower | April12,2022 | 15,000 | July1,2020 | 0 | joint-liabilityguarantee | 3Years | No | No |
SuzhouGreenPower | April12,2022 | 10,000 | November30,2021 | 9,253.76 | joint-liabilityguarantee | 5Years | No | No |
SuzhouGreenPower | April12,2022 | 10,000 | April8,2021 | 3,938.81 | joint-liabilityguarantee | 2Years | No | No |
SuzhouGreenPower | April12,2022 | 10,400 | March9,2022 | 0 | joint-liabilityguarantee | 5Years | No | No |
SuzhouGreenPower | April12,2022 | 10,000 | May30,2022 | 4,841.38 | joint-liabilityguarantee | 1Year | No | No |
SuzhouGreenPower | April12,2022 | 10,000 | October8,2022 | 10,000 | joint-liabilityguarantee | 1Year | No | No |
ChongqingEnergy,JiangsuEnergy,JiangsuRuijie | April12,2022 | 130,000 | November1,2021 | 0 | joint-liabilityguarantee | 1Year | No | No |
ChongqingEnergy,JiangsuEnergy,JiangsuRuijie,JiangxiEnpoNewMaterialsCo.,Ltd.,YuxiEnergyNewMaterialCo.,Ltd. | April12,2022 | 70,000 | May6,2022 | 0 | joint-liabilityguarantee | 2Years | No | No |
JiangsuEnergy,JiangsuRuijie,HubeiEnergyNewMaterialTechnologyCo.,Ltd.,ChongqingEnergy | April12,2022 | 200,000 | May5,2022 | 0 | joint-liabilityguarantee | 1Year | No | No |
SEMCORPHungaryKFT | April12,2022 | 100,000 | July14,2021 | 10,124.78 | joint-liabilityguarantee | 5Years | No | No |
SEMCORPHungaryKFT | April12,2022 | 45,000 | December27,2021 | 2,923.25 | joint-liabilityguarantee | 4Years | No | No |
SEMCORPHungaryKFT | April12,2022 | 21,389.38 | April13,2022 | 9,318.31 | joint-liabilityguarantee | 1Year | No | No |
JiangsuEnergy | April12,2022 | 100,000 | May17,2022 | 37,446.16 | joint-liabilityguarantee | 1Year | No | No |
YuxiEnergyNewMaterialCo.,Ltd. | April12,2022 | 50,000 | November24,2022 | 0 | joint-liabilityguarantee | 3Years | No | No |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.JiangxiRuijieNewMaterialTechnologyCo.,Ltd.
JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | April12,2022 | 20,000 | June10,2021 | 0 | joint-liabilityguarantee | 2Years | No | No |
ZhuhaiEnergy | April12,2022 | 100,000 | August14,2017 | 0 | joint-liabilityguarantee | 6Years | No | No |
ZhuhaiEnergy | April12,2022 | 75,000 | August1,2019 | 42,000 | joint-liabilityguarantee | 6Years | No | No |
ZhuhaiEnergy | April12,2022 | 20,000 | May8,2020 | 0 | joint-liabilityguarantee | 3Years | No | No |
ZhuhaiEnergy | April12,2022 | 20,000 | June9,2022 | 20,000 | joint-liabilityguarantee | 2Years | No | No |
WuxiEnergy | April12,2022 | 116,000 | December1,2020 | 63,893.29 | joint-liabilityguarantee | 9Years | No | No |
JiangxiTonry | April12,2022 | 150,000 | September17,2019 | 60,800 | joint-liabilityguarantee | 5Years | No | No |
ChongqingEnergy | April12,2022 | 160,000 | April26,2022 | 107,087.30 | joint-liabilityguarantee | 6Years | No | No |
SuzhouGreenPower | April12,2022 | 55,000 | May24,2022 | 23,444.04 | joint-liabilityguarantee | 5Years | No | No |
TotallineofguaranteesgrantedtosubsidiariesduringtheReportingPeriod(B1) | 258,500 | TotalactualamountofguaranteesinfavourofsubsidiariesduringtheReportingPeriod(B2) | 76,225.83 | |||||
TotallineofguaranteesgrantedtosubsidiariesasattheendoftheReportingPeriod(B3) | 258,500 | TotalactualamountofguaranteesinfavourofsubsidiariesasattheendoftheReportingPeriod(B4) | 76,225.83 |
Guaranteesprovidedbysubsidiariesforsubsidiaries
Guaranteesprovidedbysubsidiariesforsubsidiaries | ||||||||
Guaranteedparty | Disclosuredateoftheguaranteelineannouncement | Guaranteeline | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Periodofguarantee | Performedornot | Guaranteeforarelatedpartyornot |
ShanghaiEnergy,ZhuhaiEnergy,WuxiEnergy,JiangxiTonry | April12,2022 | 20,000 | September10,2021 | 0 | joint-liabilityguarantee | 2Years | No | No |
WuxiEnergy | April12,2022 | 5,000 | August11,2022 | 5,000 | joint-liabilityguarantee | 1Year | No | No |
JiangxiTonry | April12,2022 | 7,000 | May27,2022 | 7,000 | joint-liabilityguarantee | 1Year | No | No |
JiangxiTonry | April12,2022 | 8,000 | May27,2022 | 8,000 | joint-liabilityguarantee | 1Year | No | No |
JiangxiTonry | April12,2022 | 15,000 | May27,2022 | 15,000 | joint-liabilityguarantee | 1Year | No | No |
JiangsuEnergy | April12,2022 | 160,000 | June30,2022 | 20,256 | joint-liabilityguarantee | 3Years | No | No |
JiangsuRuijie | April12,2022 | 43,500 | June30,2022 | 20,969.83 | joint-liabilityguarantee | 3Years | No | No |
TotallineofguaranteesgrantedtosubsidiariesduringtheReportingPeriod(C1) | 4,692,500 | TotalactualamountofguaranteesinfavourofsubsidiariesduringtheReportingPeriod(C2) | 1,475,452.98 | |||||
TotallineofguaranteesgrantedtosubsidiariesasattheendoftheReportingPeriod(C3) | 4,692,500 | TotalactualamountofguaranteesinfavourofsubsidiariesasattheendoftheReportingPeriod(C4) | 1,364,119.99 | |||||
TotalguaranteeamountprovidedbytheCompany(sumoftheaforesaidthreecategories) |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
TotallineofguaranteesgrantedduringtheReportingPeriod(A1+B1+C1)
TotallineofguaranteesgrantedduringtheReportingPeriod(A1+B1+C1) | 4,951,000 | TotalactualamountofguaranteesduringtheReportingPeriod(A2+B2+C2) | 1,551,678.81 |
TotallineofguaranteesgrantedasattheendoftheReportingPeriod(A3+B3+C3) | 4,951,000 | TotalactualamountofguaranteesasattheendoftheReportingPeriod(A4+B4+C4) | 1,440,345.82 |
Actualtotalguarantees(A4+B4+C4)inproportiontonetassetoftheCompany | 81.26% | ||
Including: | |||
Balanceofguaranteesgivenforshareholders,actualcontrollersandtheirrelatedparties(D) | 0 | ||
Balanceofdebtguaranteesdirectorindirectlygivenforguaranteepartieswithgearingratioofover70%(E) | 1,517,889.38 | ||
Amountoftotalguaranteesinexcessof50%ofnetassets(F) | 4,064,726.14 | ||
Totaloftheabovethreeguaranteeamounts(D+E+F) | 4,064,689.86 | ||
Forunexpiredguarantees,descriptionsabouttheguaranteeliabilitiesorpossiblejointandseveralliabilitiesofrepaymentoccurredduringtheReportingPeriod(ifany) | Nil | ||
Externalguaranteesinbreachofproceduralrequirements(ifany) | Nil |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
ExplanationonguaranteesprovidedbycombinedmodeNotapplicable
3.Entrustedcashassetsmanagement
(1)Entrustedwealthmanagement
√Applicable□N/AOverviewofentrustedwealthmanagementduringtheReportingPeriod
Unit:RMB0’000
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.Type
Type | Sourceofcapitalundertheentrustedwealthmanagement | AmountoftheEntrustedwealthmanagement | Undueamount | Overdueamountnotrecovered | Impairmentofoverduewealthmanagementnotrecovered |
Bankwealthmanagementproducts | Self-ownedfund | 90,692.75 | 80,192.75 | 0 | 0 |
Total | 90,692.75 | 80,192.75 | 0 | 0 |
Particularsofhigh-riskentrustedwealthmanagementwithsignificantsingleamountorlowsecurityandlowliquidity
□Applicable√N/AWhetherthereisthecasewheretheprincipalcannotberecoveredatmaturityorothercasewhereimpairmentmayoccur
□Applicable√N/A(2)Entrustedloans
□Applicable√N/ATherewasnoentrustedloanoftheCompanyduringtheReportingPeriod.
4.Othermajorcontracts
□Applicable√N/ATheCompanyhasnoothermajorcontractsduringtheReportingPeriod.XVI.ExplanationforOtherSignificantEvents
√Applicable□N/AOnJanuary24,2022,theCompanyheldthe41
st
meetingofthe4thBoardofDirectorstoconsiderandadopttheResolutiononTerminatingtheRepurchaseoftheCompany'sShares,becausethetotaltransactionamountoftheCompany'ssharerepurchasewasRMB204,444,302.78(excludingcommissioncharges),thetotalrepurchaseamountexceededthelowerlimitofthetotalamountassetforthinthesharerepurchaseplan;meanwhile,inviewoftheCompany'splantoimplementanequityincentiveplan,theCompanydecidedtoterminatethesharerepurchaseschemeuponcarefuldeliberation.Fordetails,pleaserefertotheAnnouncementonTerminatingtheRepurchaseoftheCompany'sShares(AnnouncementNo.2022-015)disclosedbytheCompanyonwww.cninfo.com.cn.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
XVII.SignificantEventsoftheCompanyandItsSubsidiaries
√Applicable□N/A
1.OnFebruary11,2022,HongtaPlasticandYuxiHigh-techZoneManagementCommitteesignedtheNewlyAddedProjectLandInvestmentAgreementforBOPPFilmProjectonthematterssuchastheadditionof20acresofprojectlandfortheconstructionofproductionwarehousesandauxiliarybuildings.Fordetails,pleaserefertotheAnnouncementontheProgressoftheBOPPFilmReconstructionandExpansionProjectoftheWholly-ownedSubsidiaryHongtaPlasticdisclosedbytheCompanyonwww.cninfo.com.cn(AnnouncementNo.2022-025).
2.OnFebruary16,2022,theCompanyheldthemeetingofBoardofDirectorstoconsiderandadopttheResolutiononSigningthe"CooperationAgreementfortheWholeIndustryChainProjectofNewEnergyBattery"andagreedtosigntheCooperationAgreementfortheWholeIndustryChainProjectofNewEnergyBattery,whichstipulatesthatallpartieswilljointlyestablishtwojointventurecompaniesinYuxi,withthePeople'sGovernmentofYuxiCounty,EVEEnergy,ZhejiangHuayouHoldingandYUNTIANHUAOnMarch29,2022,theCompanyheldthemeetingofBoardofDirectorstoconsiderandadopttheResolutiononSigninganInvestmentAgreementandSupplementaryAgreementwiththePeople'sGovernmentofHongtaDistrict,YuxiCounty,andagreedtobuildalithiumbatteryseparatorproductionprojectwithaproductioncapacityof1.6billionsquaremetersinYuxiwithtotalinvestmentofaboutRMB4.5billion.YuxiEnergy,themainbodyfortheprojectimplementation,hascompletedtheindustrialandcommercialregistrationproceduresandfinishedtheprojectfilingformalities.Fordetails,pleaserefertotheAnnouncementontheProgressofSigningStrategicCooperationFrameworkAgreementwiththePeople'sGovernmentofYuxiCounty(AnnouncementNo.2022-030,2022-044,2022-051,2022-118)disclosedbytheCompanyonwww.cninfo.com.cn.
3.OnMay20,2022,theCompanyheldthe50
th
meetingofthe4
thBoardofDirectorstoconsiderandadopttheResolutionontheImplementationofEquityIncentivePlansofHoldingSubsidiariesInvolvingRelatedTransactionsandtheCompany'sWaiverofRights,andagreedthattheCompany'sholdingsubsidiaryHongchuangPackagingprovidesequityincentivesforitscoreemployeesthroughtheemployeeshareholdingplatform.HongchuangPackaginghascompletedtheformalitiesforindustrialandcommercialregistrationchangesandfilingofrelatedmattersandobtainedarenewedBusinessLicense.Inaddition,duetocomprehensiveconsiderationofcapitalplanningandotheraspects,theAdvancedManufacturingFundintendstoreduceitsinvestmentinHongchuangPackaging.Afterthecapitalreduction,theregisteredcapitalofHongchuangPackagingisRMB131,363,636.Fordetails,pleaserefertotheAnnouncementontheImplementationofEquityIncentivePlansofHoldingSubsidiariesInvolvingRelatedTransactionsandtheCompany'sWaiverofRights(AnnouncementNo.2022-096),AnnouncementontheProgressofImplementingEquityIncentivePlansofHoldingSubsidiariesInvolvingRelatedTransactionsandtheCompany'sWaiverofRights(AnnouncementNo.2022-102),AnnouncementontheProgressofCapitalReductionandInvestorIntroductionofHoldingSubsidiaries(AnnouncementNo.2022-105)disclosedbytheCompanyonwww.cninfo.com.cn.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
Section7ShareChangesandShareholderDetailsI.ChangesinShares
1.Changesinshares
Unit:shares
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.Beforethechange
Beforethechange | Increaseordecrease(+/-) | Afterthechange | |||||||
Numberofshares | Proportion | Newsharesissued | Bonusissuance | Conversionofreserveintoshare | Others | Subtotal | Numberofshares | Proportion | |
I.Sharessubjecttorestrictionsonsale | 150,387,108 | 16.85% | -19,731 | -19,731 | 150,367,377 | 16.85% | |||
1.Sharesheldbystate | 0 | 0.00% | 0 | 0.00% | |||||
2.Sharesheldbystate-ownedlegalpersons | 0 | 0.00% | 0 | 0.00% | |||||
3.Sharesheldbyotherdomesticinvestors | 54,542,615 | 6.11% | 1,171,736 | 1,171,736 | 55,714,351 | 6.24% | |||
Including:Sharesheldbydomesticlegalpersons | 0 | 0.00% | 0 | 0.00% | |||||
Sharesheldbydomesticnaturalpersons | 54,542,615 | 6.11% | 1,171,736 | 1,171,736 | 55,714,351 | 6.24% | |||
4.Sharesheldbyoverseasinvestors | 95,844,493 | 10.74% | -1,191,467 | -1,191,467 | 94,653,026 | 10.61% | |||
Including:Sharesheldbyoverseaslegalpersons | 0 | 0.00% | 0 | 0.00% | |||||
Sharesheldbyoverseasnaturalpersons | 95,844,493 | 10.74% | -1,191,467 | -1,191,467 | 94,653,026 | 10.61% | |||
II.SharesnotsubjecttorestrictionsonSale | 742,019,714 | 83.15% | 24,599 | 24,599 | 742,044,313 | 83.15% | |||
1.Renminbidenominatedcommonshares | 742,019,714 | 83.15% | 24,599 | 24,599 | 742,044,313 | 83.15% | |||
2.Domestically-listedforeignshares | 0 | 0.00% | 0 | 0.00% | |||||
3.Foreignshareslistedoverseas | 0 | 0.00% | 0 | 0.00% | |||||
4.Others | 0 | 0.00% | 0 | 0.00% | |||||
III.Totalshares | 892,406,822 | 100.00% | 4,868 | 4,868 | 892,411,690 | 100.00% |
Reasonforchangesinshares
√Applicable□N/A
1.ConversionofconvertiblecorporatebondsintosharesUndertheapprovalgrantedbyChinaSecuritiesRegulatoryCommissionundertheApprovalofConvertibleCorporateBondsbyYunnanEnergyNewMaterialCo.,Ltd.(CSRCLicenseNo.[2019]2701),theCompanymadeapublicofferingof16millionconvertiblecorporatebonds(bondsabbreviation:EnergyConvertibleBond,bondscode:128095)onFebruary11,2020andstartedtradingatShenzhenStockExchangeonFebruary28,2020.Theconversionperiodof“EnergyConvertibleBonds”startedonAugust17,2020.DuringtheReportingPeriod,atotalof4,868shareswereconvertedfromthebonds,andbytheendoftheReportingPeriod,atotalof17,619,596shareswereconvertedfromthebonds.
2.2022StockOptionandRestrictedStockIncentivePlanOnMarch7,2022,theCompanyheldthe43
rd
meetingofthe4thBoardofDirectorstoconsiderandadopttheResolutiononGrantingthe
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
StockOptionstotheIncentiveObjectsofStockOptionsandRestrictedShares,onMay23,2022,theCompanycompletedtheregistrationof1,585,437restrictedsharesof2022StockOptionandRestrictedStockIncentivePlan,thesharesderivedfromAsharesrepurchasedbytheCompanyfromthesecondarymarket.Afterthecompletionofthegrantregistration,thenatureoftheaboveshareschangedfromunlimitedsaleconditionsharestoequityincentiverestrictedshares.
3.ReasonsforotherchangesThesharesheldbythedirectorsandseniormanagersoftheCompanyhavebeenlockedinaccordancewiththeListingRulesofShenzhenStockExchange,GuidelinesontheSelf-RegulationofListedCompaniesofShenzhenStockExchangeNo.1--StandardizedOperationofListedCompaniesontheMainBoard,theSeveralProvisionsRegardingShareReductionbyShareholders,Directors,SupervisorsandSeniorExecutivesofListedCompanies,theImplementationRulesofShenzhenStockExchangeRegardingShareReductionbyShareholders,Directors,SupervisorsandSeniorExecutivesofListedCompaniesandotherrelatedprovisions.Approvalofchangesinshares
√Applicable□N/A
1.ConversionofconvertiblecorporatebondsintosharesUndertheapprovalgrantedbyChinaSecuritiesRegulatoryCommissionundertheApprovalofConvertibleCorporateBondsbyYunnanEnergyNewMaterialCo.,Ltd.(CSRCLicenseNo.[2019]2701),theCompanymadeapublicofferingof16millionconvertiblecorporatebonds(bondsabbreviation:EnergyConvertibleBond,bondscode:128095)onFebruary11,2020andstartedtradingatShenzhenStockExchangeonFebruary28,2020.Theconversionperiodof“EnergyConvertibleBonds”startedonAugust17,2020.
2.2022StockOptionandRestrictedStockIncentivePlanInordertofurtherimprovetheCompany'slong-termincentivemechanismandfullymobilizetheenthusiasmofcoreemployees,onMarch17,2021,theCompanyheldthe24
thmeetingofthe4thBoardofDirectorstoconsiderandadopttheResolutiononRepurchasingtheCompany'sShares,agreeingthattheCompanywoulduseitsownfundstorepurchasetheCompany'spublicsharesthroughcentralizedbiddingtrade.Therepurchasedshareswereusedtoimplementequityincentiveoremployeeshareholdingplans.OnJanuary24,2022andFebruary14,2022,theCompanyheldthe
st
meetingofthe4thBoardofDirectorsandthe2
ndProvisionalGeneralMeetingofShareholders2022toconsiderandadopttheResolutionontheCompany's2022StockOptionandRestrictedStockIncentivePlan(Draft)anditsSummaryaswellasotherrelevantmotions.OnMarch14,2022,theCompanycompletedthegrantofstockoptions,granting1,585,437stockoptionsto877stockoptionincentiveobjects;OnMay23,2022,theCompanycompletedthegrantofrestrictedshares,granting1,585,437restrictedsharesto826stockoptionincentiveobjects.Transferofshareownership
√Applicable□N/A
1.Conversionofconvertiblecorporatebondsintoshares:atotalof4,868shareswereconvertedfrom“EnergyConvertibleBonds”duringtheReportingPeriod,andatotalof17,619,596shareswereconvertedbytheendoftheReportingPeriod
2.Grantofrestrictedshares:duringtheReportingPeriod,theCompanycompletedtheregistrationforthegrantof1,585,437restrictedsharesaccordingto2022StockOptionandRestrictedStockIncentivePlan,thetotalsharesoftheCompanyremainedthesamewithdecreaseof1,585,437treasuryshares.EffectsofchangesinsharesonthebasicEPS,dilutedEPS,netassetspershareattributabletoordinaryshareholdersoftheCompany,andotherfinancialindicatorsfortheprioryearandthelastReportingPeriod
√Applicable□N/A
DuringtheReportingPeriod,theconversionof4,868sharesfromthe“EnergyConvertibleBonds”hadlessimpactonthebasicearningspershareandthedilutedearningspershareandthenetassets.OthercontentsthattheCompanyconsidersarenecessary,orarerequiredbythesecuritiesregulatoryauthorities,todisclose
□Applicable√N/A2.Changesinrestrictedshares
√Applicable□N/A
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
Unit:Shares
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.Nameofshareholder
Nameofshareholder | Numberofrestrictedsharesatthebeginningofperiod | Increaseofrestrictedsharesinthecurrentperiod | Numberofrestrictedsharesunlockedinthecurrentperiod | Numberofrestrictedsharesattheendofperiod | Reasonforrestriction | Dateofrelief |
PaulXiaomingLee | 95,844,493 | 1,200,300 | 94,644,193 | Locked-upsharesheldbyseniorexecutives | Adirectorcanunlock25%ofthetotalsharesheorsheholdseveryyear | |
LiXiaohua | 52,378,417 | 52,378,417 | Locked-upsharesheldbyseniorexecutives | Adirectorcanunlock25%ofthetotalsharesheorsheholdseveryyear | ||
YuXue | 30,825 | 40,000 | 70,825 | ①Locked-upsharesheldbyseniorexecutives;②RestrictedsharesoftheCompany's2022StockOptionandRestrictedStockIncentivePlan | ①AsaBoardSecretary,shemayhave25%ofthetotalsharesoftheCompanysheholdsunlockedeveryYear;②TherestrictedsharesoftheCompany's2022StockOptionandRestrictedStockIncentivePlanwillbeexercisedandreleasedinthreeinstallments12monthsafterthecompletionofthegrantregistration | |
XiongWei | 270,000 | 67,500 | 202,500 | Locked-upsharesheldbyseniorexecutives | HeresignedfromthepositionoftheBoardSecretaryinNovember2021,andduringthetermdeterminedwhenheheldthepositionandwithinsixmonthsaftertheexpirationoftheterm,heshallnottransfertheCompany’ssharesheholdswithinhalfayearafterresignation,andthesharestransferredeveryyearshallbenotmorethan25%ofthetotalsharesoftheCompanyheholds | |
PangQizhi | 247,500 | 750 | 248,250 | Locked-upsharesheldbyseniorexecutives | HeresignedfromthepositionoftheChiefFinancialOfficerinSeptember2020,andduringthetermdeterminedwhenheheldthepositionandwithinsixmonthsaftertheexpirationoftheterm,heshallnottransfertheCompany’ssharesheholdswithinhalfayearafterresignation,andthesharestransferredeveryyearshallbenomorethan25%ofthetotalsharesoftheCompanyheholds | |
XuMing | 1,615,873 | 65,850 | 403,968 | 1,277,755 | Locked-upsharesheldbyseniorexecutives | HeresignedfromthepositionofthedirectorinNovember2021,andduringthetermdeterminedwhenheheldthepositionandwithinsixmonthsaftertheexpirationoftheterm,heshallnottransfertheCompany’ssharesheholdswithinhalfayearaftersignation,andthesharestransferredeveryyearshallbenotmorethan25%ofthetotalsharesoftheCompanyheholds. |
Totalnumberofotherincentiveobjects(825persons) | 0 | 1,545,437 | 1,545,437 | RestrictedsharesoftheCompany’s2022StockOptionandRestrictedStockIncentivePlan | Willbeexercisedandreleasedinthreeinstallments12monthsafterthecompletionofthegrantregistration(May23,2022) | |
Total | 150,387,108 | 1,652,037 | 1,671,768 | 150,367,377 | -- | -- |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
II.IssuanceandListingofSecurities
1.Issuanceofsecurities(excludingpreferredshares)duringtheReportingPeriod
□Applicable√N/A
2.StatementonchangesintotalsharesandshareholderstructureoftheCompany,andchangesinassetsandliabilitiesoftheCompany
√Applicable□N/A
Atthebeginningofperiod,theCompanyrecordedthetotalsharecapitalof892,406,822sharesandtheasset-liabilityratioof44.35%.DuringtheReportingPeriod,the“EnergyConvertibleBonds”wereconvertedinto4,868shares.AsattheendoftheReportingPeriod,theCompanyrecordedthetotalsharecapitalof892,411,690sharesandtheasset-liabilityratioof51.18%.3.ExistingsharesheldbyinternalemployeesoftheCompany
□Applicable√N/A
III.DetailsofShareholdersandActualControllers1.Numberofshareholdersandtheirshareholdings
Unit:shares
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
TotalcommonshareholdersattheendoftheReportingPeriod
TotalcommonshareholdersattheendoftheReportingPeriod | 53,785 | Totalordinaryshareholdersattheendofthepreviousmonthbeforeannualreportdisclosuredate | 75,356 | TotalpreferredshareholdersresumingvotingrightattheendoftheReportingPeriod(ifany)(seeNote8) | 0 | Totalpreferredshareholdersresumingvotingrightattheendofthepreviousmonthbeforeannualreportdisclosuredate(ifany)(seeNote8) | 0 | |
Shareholdersholdingmorethan5%ofsharesorshareholdingsofthetop10shareholders | ||||||||
Nameofshareholder | Natureofshareholder | Shareholdingratio | NumberofsharesheldattheendoftheReportingPeriod | IncreaseordecreaseofsharesduringtheReportingPeriod | Numberofrestrictedsharesheld | Numberofunrestrictedsharesheld | Pledged,taggedorfrozen | |
Statusofshares | Numberofshares | |||||||
PaulXiaomingLee | Overseasnaturalperson | 14.14% | 126,192,257 | 94,644,193 | 31,548,064 | |||
HeyiInvestment | Domesticnon-state-ownedlegalperson | 13.39% | 119,449,535 | 119,449,535 | Pledged | 46,160,000 | ||
HongKongSecuritiesClearingCompanyLimited | Overseaslegalperson | 9.02% | 80,455,994 | -16,862,311 | 80,455,994 | |||
SherryLee | Overseasnaturalperson | 7.99% | 71,298,709 | -2,171,750 | 71,298,709 | |||
LiXiaohua | Domesticnaturalperson | 7.50% | 66,919,389 | -2,918,500 | 52,378,417 | 14,540,972 | Pledged | 7,000,000 |
KunmingHuachenInvestmentCo.,Ltd. | Domesticnon-state-ownedlegalperson | 2.06% | 18,426,613 | 62,151 | 18,426,613 | |||
ZhangYong | Domesticnaturalperson | 1.78% | 15,922,907 | -241,100 | 15,922,907 |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.JERRYYANGLI
JERRYYANGLI | Overseasnaturalperson | 1.65% | 14,735,754 | -2,971,483 | 14,735,754 | ||||
ShanghaiHengzouShanghaiHengzouEnterpriseManagementOffice(LimitedPartnership) | Domesticnon-state-ownedlegalperson | 1.30% | 11,645,173 | -3,881,644 | 11,645,173 | ||||
HeliInvestment | Domesticnon-state-ownedlegalperson | 0.80% | 7,169,086 | -2,389,600 | 7,169,086 | ||||
Strategicinvestorsorgenerallegalpersonswhohavebecometop10shareholdersduetonewshareallotment(ifany)(seeNote3) | None | ||||||||
Statementonrelatedpartyrelationshiporconcertedactionbetweenabove-mentionedshareholders | PaulXiaomingLee,SherryLee,LiXiaohuaandJERRYYANGLIareallthefamilymembersoftheCompany’sactualcontrollerPaulXiaomingLeeandrepresentthepersonsactinginconcert.HeyiInvestmentistheenterpriseundercontrolbythefamilyoftheactualcontrollerPaulXiaomingLee.HeliInvestmentisarelatedpartyoftheCompany.Theothershareholdersarenotknownastowhethertheyhavetherelatedpartyrelationshipsbetweenthemorconstitutethepersonsactinginconcert. | ||||||||
Explanationofdelegation/acceptanceofvotingrightandwaiverofvotingrightinvolvingtheaboveshareholders | Mr.PaulXiaomingLeeandMs.SherryLeesignedthePowerofAttorneyforShareholdingonJanuary14,2020,bywhichMs.SherryLeefullydelegatedtheshareholders’rights,suchasrightstoquestion,proposalandvote,inconnectionwith73,470,459sharessheheldintheCompany,toherfatherMr.PaulXiaomingLee,foraperiodofthreeyearsfromthedateofthePowerofAttorney. | ||||||||
Specialexplanationontheexistenceofspecialrepurchaseaccountamongthetop10shareholders(ifany)(seeNote10) | N/A | ||||||||
Top10shareholdersholdingunrestrictedshares | |||||||||
Nameofshareholder | NumberofunrestrictedsharesheldattheendoftheReportingPeriod | Typeofshares | |||||||
Typeofshares | Numberofshares | ||||||||
HeyiInvestment | 119,449,535 | Renminbidenominatedcommonshares | 119,449,535 | ||||||
HongKongSecuritiesClearingCompanyLimited | 80,455,994 | Renminbidenominatedcommonshares | 80,455,994 | ||||||
SherryLee | 71,298,709 | Renminbidenominatedcommonshares | 71,298,709 | ||||||
PaulXiaomingLee | 31,548,064 | Renminbidenominatedcommonshares | 31,548,064 | ||||||
KunmingHuachenInvestmentCo.,Ltd. | 18,426,613 | Renminbidenominatedcommonshares | 18,426,613 | ||||||
ZhangYong | 15,922,907 | Renminbidenominatedcommonshares | 15,922,907 | ||||||
JERRYYANGLI | 14,735,754 | Renminbidenominatedcommonshares | 14,735,754 | ||||||
LiXiaohua | 14,540,972 | Renminbidenominatedcommonshares | 14,540,972 | ||||||
ShanghaiHengzouShanghaiHengzouEnterpriseManagementOffice(LimitedPartnership) | 11,645,173 | Renminbidenominatedcommonshares | 11,645,173 | ||||||
HeliInvestment | 7,169,086 | Renminbidenominatedcommonshares | 7,169,086 | ||||||
Statementonrelatedpartyrelationshipsorconcertedactionbetweentop10circulatingshareholderswithoutsalesrestrictionandbetweentop10circulatingshareholderswithoutsalesrestrictionandtop10shareholders | PaulXiaomingLee,SherryLee,LiXiaohuaandJERRYYANGLIareallthefamilymembersoftheCompany’sactualcontrollerPaulXiaomingLeeandrepresentthepersonsactinginconcert.HeyiInvestmentistheenterpriseundercontrolbythefamilyoftheactualcontrollerPaulXiaomingLee.HeliInvestmentisarelatedpartyoftheCompany.Theothershareholdersarenotknownastowhethertheyhavetherelatedpartyrelationshipsbetweenthemorconstitutethepersonsactinginconcert. | ||||||||
Statementontop10ordinaryshareholders’participationinsecuritiesmargintradingbusiness(ifany)(seeNote4) | N/A |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
Didanyofthetop10ordinaryshareholdersortop10ordinaryshareholderswithunrestrictedsharesoftheCompanyconductanytransactionsonagreedrepurchaseduringtheReportingPeriod
□Yes√NoTop10ordinaryshareholdersandtop10ordinaryshareholderswithoutsalesrestrictiondidn’tconducttransactionsonagreedrepurchaseduringtheReportingPeriod.2.DetailsaboutthecontrollingshareholderNatureofcontrollingshareholder:ThenatureofthecontrollingentityisunclearTypeofcontrollingshareholder:Naturalperson
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.Controllingshareholder’sname
Controllingshareholder’sname | Nationality | Acquisitionofrightofresidenceinothercountriesorregions |
PaulXiaomingLee | American | Yes |
YanMa | American | Yes |
SherryLee | American | Yes |
LiXiaohua | Chinese | Yes |
YanyangHui | American | Yes |
JERRYYANGLI | American | Yes |
MajorOccupationandPosition | PaulXiaomingLeeservesastheChairmanoftheCompany.LiXiaohuaservesastheViceChairmanandGeneralManageroftheCompany.YanMaservesastheDirectoroftheCompany.YanyangHui,SherryLeeandJERRYYANGLItakenopositionsattheCompany. | |
EquitiesinotherdomesticandoverseaslistedcompaniesundercontrolandwithparticipationduringtheReportingPeriod | None |
ChangeofcontrollingshareholderduringtheReportingPeriod
□Applicable√N/AThecontrollingshareholderoftheCompanyhasnotchangedduringtheReportingPeriod.
3.DetailsabouttheactualcontrollerandpersonsactinginconcertNatureofactualcontroller:Domesticnaturalperson;overseasnaturalpersonTypeofactualcontroller:Naturalperson
Nameofactualcontroller | Relationshipwithactualcontroller | Nationality | Acquisitionofrightofresidenceinothercountriesorregions |
PaulXiaomingLee | Actinconcert(includingagreement,kinshipandcommoncontrol) | American | Yes |
YanMa | Actinconcert(includingagreement,kinshipandcommoncontrol) | American | Yes |
SherryLee | Actinconcert(includingagreement,kinshipandcommoncontrol) | American | Yes |
LiXiaohua | Actinconcert(includingagreement,kinshipandcommoncontrol) | Chinese | Yes |
YanyangHui | Actinconcert(includingagreement,kinshipandcommoncontrol) | American | Yes |
JerryYangLi | Actinconcert(includingagreement,kinshipandcommoncontrol) | American | Yes |
MajorOccupationandPosition | PaulXiaomingLeeservesastheChairmanoftheCompany.LiXiaohuaservesastheViceChairmanandGeneralManageroftheCompany.YanMaservesastheDirectoroftheCompany.YanyangHui,SherryLeeandJERRYYANGLItakenopositionsattheCompany. | ||
Controloverdomesticandoverseaslistedcompaniesoverpast10years | None |
ChangeofactualcontrollerduringtheReportingPeriod
□Applicable√N/ATheactualcontrolleroftheCompanyhasnotchangedduringtheReportingPeriod.AblockdiagramofthepropertyrightsandcontrolrelationshipbetweentheCompanyandtheactualcontroller
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
Controllingshareholders,actualcontrollersandrelatedparties
TheactualcontrollercontrolstheCompanythroughtrustorotherassetmanagementmethods
□Applicable√N/A
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
4.TheaccumulatednumberofpledgedsharesoftheCompany’scontrollingshareholderorthelargestshareholderoftheCompanyanditspersonsactinginconcertaccountfor80%oftheCompany’ssharesheld
□Applicable√N/A5.Othercorporateshareholdersholdingmorethan10%oftheshares
√Applicable□N/A
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.Nameoflegalpersonshareholder
Nameoflegalpersonshareholder | LegalRepresentative/PrincipalofOrganization | DateofIncorporation | RegisteredCapital | Majoroperatingactivitiesormanagementactivities |
HeyiInvestment | YanMa | November10,2010 | RMB30million | Conductventurecapitalactivitieswithfreecapital;makeprojectinvestmentandmanageinvestmentproject;investmentmanagement,investmentconsultingandsocialandeconomicconsultation. |
6.Detailsaboutrestrictionsonreductionofshareholdingsofcontrollingshareholders,actualcontrollers,
restructuringparties,andotherentitiesmakingcommitments
□Applicable√N/A
IV.InformationonimplementationofsharerepurchaseduringtheReportingPeriodProgressinimplementationofsharerepurchase
√Applicable□N/A
Schemedisclosuredate | Numberofsharesintendedtoberepurchased | Percentageofthegeneralcapital | Amountintendedtoberepurchased | Intendedrepurchaseperiod | Repurchasepurpose | Numberofsharesrepurchased | Ratioofsharesrepurchasedtotheunderlyingsharesunderthestockincentiveplan(ifany) |
March18,2021 | 1,111,111sharesto2,222,222shares | 0.12%to0.25% | NotlessthanRMB200million(inclusive)andnotmorethanRMB400million(inclusive) | March17,2021toMarch16,2022 | Usedforimplementationofthestockincentiveoremployeestockownershipplan | 1,585,437 | 100.00% |
Progressofcentralizedbiddingforreductionofsharesrepurchased
□Applicable√N/A
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
Section8DetailsaboutPreferredShares
□Applicable√N/ADuringtheReportingPeriod,therewerenopreferredsharesintheCompany.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
Section9Detailsaboutbonds
√Applicable□N/A
I.Corporatebonds
□Applicable√N/ADuringtheReportingPeriod,therewerenocorporatebondsoftheCompany.II.Debentures
□Applicable√N/ADuringtheReportingPeriod,therewerenodebenturesoftheCompany.III.Debtfinancinginstrumentsofnon-financialenterprises
□Applicable√N/ADuringtheReportingPeriod,therewerenonon-financialenterprisedebtfinancingtooloftheCompany.IV.Convertiblecorporatebonds
√Applicable□N/A1.AllPreviousAdjustmentstotheConversionPriceUpontheapprovalofthefile"SecuritiesRegulatoryLicenseNo.[2019]2701"promulgatedbyChinaSecuritiesRegulatoryCommission,theCompanypubliclyissued16millionconvertiblebondsonFebruary11,2020,withfacevalueofRMB100each,totalissueamountofRMB1.6billion,andatermof6years.Withtheapprovalofthefile"ShenzhenSecuritiesNo.[2020]109"ofShenzhenStockExchange,theCompany'sconvertiblebondsofRMB1.6billionwouldbelistedandtradedinShenzhenStockExchangefromFebruary28,2020.Thebondisreferredtoas"EnergyConvertibleBond"andthebondcodeis"128095".Theinitialconversionpriceof"EnergyConvertibleBond"isRMB64.61/share.
InMay2020,theCompanyimplementedtheannualprofitdistributionplanfor2019:BasedonthetotalsharecapitaloftheCompany,namely805,370,770shares,distributeRMB1.25incash(inclusiveoftax)forevery10sharestoallshareholders,distributeatotalcashdividendofRMB100,671,346.25(inclusiveoftax),distributenodividendshares,convertnosurplusreserveintosharecapital,andsettheex-dividenddateasMay21,2020.Pursuanttorelatedarticlesconcerningtheadjustmentoftheconversionpricefortheconvertiblecorporatebonds,theCompanyhasmadecorrespondingadjustmenttotheconversionpriceof“EnergyConvertibleBonds”fromRMB64.61/sharebeforetheadjustmenttoRMB64.49/shareafteradjustment,andtheconversionpriceafteradjustmenttookeffectonMay21,2020.
InSeptember2020,undertheapprovalgrantedbyChinaSecuritiesRegulatoryCommissionundertheApprovalofPrivateShareOfferingbyYunnanEnergyNewMaterialCo.,Ltd.(CSRCLicenseNo.[2020]1476),theCompanymadeaprivateofferingof69,444,444shares(Ashares)to22specificinvestors.ThesesharesstartedtradingatanissuingpriceofRMB72.00/shareatShenzhenStockExchangeonSeptember4,2020.Pursuanttorelatedarticlesconcerningtheadjustmentoftheconversionpricefortheconvertiblecorporatebonds,theCompanyhasmadecorrespondingadjustmenttotheconversionpriceof“EnergyConvertibleBonds”fromRMB64.49/sharebeforetheadjustmenttoRMB65.09/shareafteradjustment,andtheconversionpriceafteradjustmenttookeffectonSeptember4,2020.
InSeptember2020,theCompanyrepurchasedandcanceledatotalof23,120restrictedsharesheldby4participantswithapersonalassessmentratingof“good”whenthe2017RestrictedStockIncentivePlanwasunlockedforthethirdtime.TherepurchasepricewasRMB8.426pershare.ThecancellationforrepurchasewascompletedonSeptember28,2020.Duetothesmallnumberofsharescanceledinthisrepurchase,theconversionpriceof“EnergyConvertibleBonds”remainedunchangedatRMB65.09pershareaftercalculatinginaccordancewiththerelevanttermsregardingtheadjustmenttotheconversionpriceofconvertiblecorporatebonds.
InApril2021,theCompanyimplementedtheannualprofitdistributionplanfor2020:BasedonthetotalsharecapitaloftheCompany,namely888,160,636shares,distributeRMB1.696948incash(inclusiveoftax)forevery10sharestoallshareholders,distributeatotalcashdividendofRMB150,716,245.67(inclusiveoftax),distributenodividendshares,convertnosurplusreserveintosharecapital,andsettheex-dividenddateasApril30,2021.Pursuanttorelatedarticlesconcerningtheadjustmentoftheconversionpricefortheconvertiblecorporatebonds,theCompanyhasmadeacorrespondingadjustmenttotheconversionpriceof“EnergyConvertibleBonds”fromRMB65.09/sharetoRMB64.92/share,andtheconversionpriceafteradjustmenttookeffectonApril30,2021.
InMay2022,theCompanyimplementedthe2021annualprofitdistributionplan:baseduponthe890,823,196sharesequalto892,408,633sharesoftheCompany'stotalcapitalontheshareregistrationdate(i.e.May13,2022)minus1,585,437sharesinthespecialsecuritiesaccountforrepurchase,RMB3.030904(includingtax)incashwillbepaidtoallshareholdersforevery10shareswithoutbonusshares.Nocapitalreserveshallbeconvertedascapitalincrease.Inaccordancewithrelevantprovisionsontheadjustmenttotheconversionpriceofconvertiblecorporatebonds,theconversionpriceof"EnergyConvertibleBond"wasadjustedfromRMB64.92persharetoRMB64.62pershare,andtheadjustedconversionpricewouldtakeeffectfromMay16,2022.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
2.CumulativeShareConversion
√Applicable□N/A
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
Abbreviationforconvertiblebond
Abbreviationforconvertiblebond | Startandenddateofshareconversion | Totalvolumeofbondissuance(numberofbonds) | Totalamountofissuance | Cumulativeconversionamount(RMB) | Cumulativenumberofsharesconverted(shares) | RatioofthenumberofsharesconvertedtothetotalissuedsharesoftheCompanybeforethestartoftheconversion | Amountofsharesnotyetconverted(RMB) | Ratioofamountofsharesnotyetconvertedtothetotalamountofissuance |
EnergyConvertibleBonds | August17,2020toFebruary11,2026 | 16,000,000 | 1,600,000,000.00 | 1,146,231,800.00 | 17,619,596 | 2.19% | 453,768,200.00 | 28.36% |
3.TopTenHoldersofConvertibleBonds
Unit:shares
SN | Nameofholderofconvertiblebonds | Natureofholderofconvertiblebonds | NumberofconvertiblebondsheldattheendoftheReportingPeriod(numberofconvertiblebonds) | AmountofconvertiblebondsheldattheendoftheReportingPeriod(RMB) | PercentageofconvertiblebondsheldattheendoftheReportingPeriod |
1 | ChinaEverbrightBankCo.,Ltd.-Boshiconvertiblebond&enhancedbondsecuritiesinvestmentfund | Other | 300,008 | 30,000,800.00 | 6.61% |
2 | AgriculturalBankofChinaLimited-Penghuaconvertiblebondsecuritiesinvestmentfund | Other | 261,356 | 26,135,600.00 | 5.76% |
3 | DajiaAssetManagement-ChinaCITICBank-DajiaAssetManagementHoukunNo.40collectiveassetsmanagementproducts | Other | 194,901 | 19,490,100.00 | 4.30% |
4 | IndustrialandCommercialBankofChinaLimited-Fuguoincomeandenhancedbondsecuritiesinvestmentfund | Other | 179,144 | 17,914,400.00 | 3.95% |
5 | ChinaMinshengBankingCorp.Limited-JinyingMin'anreturnone-yearfixedopenhybridsecuritiesinvestmentfund | Other | 172,392 | 17,239,200.00 | 3.80% |
6 | CorporationpensionplanofChinaNationalPetroleumCorporation-IndustrialandCommercialBankofChinaLimited | Other | 155,170 | 15,517,000.00 | 3.42% |
7 | AgriculturalBankofChinaLimited-QianhaiKaiyuanconvertiblebondsponsoredsecuritiesinvestmentfund | Other | 124,939 | 12,493,900.00 | 2.75% |
8 | ChinaConstructionBankLimited-HuashangCreditenhancedbondsecuritiesinvestmentfund | Other | 117,410 | 11,741,000.00 | 2.59% |
9 | ChinaEverbrightBankCo.,Ltd.-BodaoJiataireturnhybridsecuritiesinvestmentfund | Other | 101,620 | 10,162,000.00 | 2.24% |
10 | AgriculturalBankofChinaLimited-BOCOMSchrodersadvancedmanufacturinghybridsecuritiesinvestmentfund | Other | 100,510 | 10,051,000.00 | 2.22% |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
4.SignificantChangesintheGuarantor’sProfitability,AssetStatus,andCreditStatus
□Applicable√N/A
5.TheCompany’sLiabilitiesandCreditChangesattheEndoftheReportingPeriod,andCashArrangements
forDebtRepaymentinFutureYears
(1)TheCompany’sliabilities:relevantindicatorssuchastheasset-liabilityratio,interestcoveragemultiple,andloanrepaymentrateattheendoftheReportingPeriod,andyear-on-yearchangesaredetailedinthe“VIII.MajorAccountingdataandfinancialindicatorsoftheCompanyintherecenttwoyearsasattheendoftheReportingPeriod”.
(2)ChangesintheCompany’screditstanding:AccordingtotheFollow-upRatingReportonPublicOfferingofConvertibleCorporateBondsbyYunnanEnergyNewMaterialCo.,Ltd.(No.Follow-upRatingonCorporateBondsbyShanghaiBrilliance(2020)100053,Follow-upRatingonCorporateBondsbyShanghaiBrilliance(2021)100043,Follow-upRatingonCorporateBondsbyShanghaiBrilliance(2022)100280))issuedbythecreditratingagency-ShanghaiBrillianceCreditRating&InvestorsServiceCo,Ltd.,thecreditratingoftheCompanyonthewholewasAA,thecreditratingof“EnergyConvertibleBonds”wasAA,andthesaidbondswereaffirmedwitha“stable”outlook.Theabove-mentionedfollow-upratingresultshavenotchangedcomparedwiththepreviousratingresults.Fordetailsabouttheabove-mentionedfollow-upratingreports,refertohttp://www.cninfo.com.cn/.
(3)Casharrangementsfordebtrepaymentinfutureyears:TheCompany’screditstatusisgood,theasset-liabilitystructureisreasonable,andbanksandotherfinancialinstitutionsgrantsufficientcomprehensivecredittotheCompany.TheCompanycanquicklyandeffectivelyobtainfinancingsupportfromfinancialinstitutions.TheCompanyhasstableoperationsandgoodperformance,andcanobtainstableoperatingcashflowthroughendogenousgrowth.Atthesametime,theCompanyactivelypromotestheimplementationoffundraisingprojectsthroughconvertiblecorporatebondstofurtherenhanceitsprofitability.IftheCompanymeetstheputprovisionandredemptionclausesandrepaymentofprincipalandinterestwhendueasdisclosedintheprospectusofconvertiblecorporatebonds,theCompanycanpaythebondholders’principalandinterestwithitsownfundsandfinancing.
V.LossesinthescopeofconsolidatedstatementsduringtheReportingPeriodexceeding10%ofthenetassetsasattheendoftheprioryear
□Applicable√N/A
VI.Overduerepaymentofinterest-bearingdebtotherthanbondsasattheendoftheReportingPeriod
□Applicable√N/A
VII.ViolationofrulesandregulationsduringtheReportingPeriod
□Yes√No
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
VIII.MajorAccountingdataandfinancialindicatorsoftheCompanyintherecenttwoyearsasattheendoftheReportingPeriod
Unit:RMB’0,000
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.Item
Item | AttheendoftheReportingPeriod | Attheendoftheprioryear | IncreaseordecreaseattheendofthecurrentReportingPeriodcomparedwiththeendofprioryear |
CurrentRatio | 1.1038 | 1.3647 | -19.12% |
Asset-LiabilityRatio | 51.18% | 44.35% | 6.83% |
Quickratio | 0.8757 | 1.0308 | -15.05% |
TheReportingPeriod | Thecorrespondingperiodofprioryear | IncreaseordecreaseoftheReportingPeriodcomparedwiththecorrespondingperiodofprioryear | |
Netprofitafterdeductionofnon-recurringgainsandlosses | 383,979.21 | 256,705.45 | 49.58% |
Debt-to-EBITDAratio | 30.99% | 36.66% | -5.67% |
Interestcoverageratio | 15.26 | 14.24 | 7.16% |
Cashinterestcoverageratio | 4.21 | 8.16 | -48.41% |
EBITDAinterestcoverageratio | 18.50 | 17.58 | 5.23% |
Loanrepaymentrate | 100.00% | 100.00% | 0.00% |
Interestcoveragerate | 100.00% | 100.00% | 0.00% |
Section10FinancialReportI.AuditReport
Typeofauditopinion
Typeofauditopinion | Standardunqualifiedopinion |
Signaturedateofauditreport | March2,2023 |
Auditorganizationname | DahuaCPAs(SGP) |
AuditreportNo. | DaHuaShenZiNo.[2023]000299 |
NameofCertifiedPublicAccountant | KangWenjun,YaoRui |
BodyoftheauditreportToallshareholdersofYunnanEnergyNewMaterialCo.,Ltd.:
I.AuditOpinions
WehaveauditedthefinancialstatementsofYunnanEnergyNewMaterialCo.,Ltd.,(“EnergyTechnology”),includingtheconsolidatedandtheparentcompany’sbalancesheetsasofDecember31,2022,theconsolidatedandparentcompany’sincomestatement,theconsolidatedandtheparentcompany’scashflowstatement,theconsolidatedandtheparentcompany’sstatementofchangesinequityfor2022,andtherelevantnotestofinancialstatements.
Inouropinion,theenclosedfinancialstatementswerepreparedinaccordancewiththeAccountingStandardsforBusinessEnterprisesinallmaterialaspectsandfairlyreflectedtheEnergyTechnology’sconsolidatedandtheparentcompany’sfinancialpositionsasofDecember31,2022aswellastheconsolidatedandtheparentcompany’soperationresultsandcashflowfor2022.
II.BasisforAuditOpinions
WecarriedouttheauditworkaccordingtotheAuditingStandardsforChineseCPA.OurresponsibilitiesundertheStandardsarefurtherdescribedunderthesectiontitled“responsibilitiesofCPAforauditingfinancialstatements”inthisauditreport.WeareindependentfromEnergyTechnologyandhavefulfilledtheobligationsintermsofprofessionalethicsaccordingtoCodeofProfessionalConductforChineseCPAs.Webelievethattheevidencesweobtainedareadequateandproper,andlayasolidfoundationfortheauditopinion.III.KeyAuditMatters
Keyauditmattersarethosethatwebelieveareofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodbasedonprofessionaljudgment.Thesemattersareaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Wehavedeterminedthatthefollowingmattersarekeyauditmatterstobecommunicatedintheauditreport.
1.Revenuerecognition
2.Provisionforbaddebtsofaccountsreceivable
(I)Revenuerecognition
1.Descriptionofmatters
PleaserefertoNoteIV-(33)andNoteVI-44oftheconsolidatedfinancialstatementsfortheaccountingpoliciesandbookamountinformationoftherevenuerecognitionofEnergyTechnologyinthisyear.
TheoperatingrevenueofEnergyTechnologyin2022amountedtoRMB12,590,925,500,whichwasthemainsourceofitsprofitandaffectsitskeyperformanceindicators.Inaddition,accordingtotheindustrypractice,aftersigningthesalesorderwithcustomer,EnergyTechnologyarrangesproductionbasedoncustomer’srequirements,deliversittocustomerspursuanttotheagreeddeliverymethod,obtainsthecustomer’sevidenceonthetransferoftheownershipofgoods,andthenrecognizesthesalesrevenue.Sincethetimeofrevenuerecognitionislaterthantheproductdelivery,andthedeliverytimeanddeliverydocumentrecognitionarealldependentonthecustomer,theremaybesignificantriskofmisstatementifthesalesrevenueisfullyincludedintheappropriateaccountingperiod.Therefore,werecognizerevenueasakeyauditmatter.
2.AuditResponseOurkeyauditproceduresforrevenuerecognitioninclude:
(1)Understandandevaluatethedesignofinternalcontrolofrevenuerecognitionbythemanagement,andtesttheeffectivenessofkeycontrolimplementation;
(2)Obtainamajorbusinesscontract,identifytermsandconditionsrelatedtothetransferofcommodityownership,andassesswhethertheincomerecognitionpolicyofEnergyTechnologyisinlinewiththerelevantprovisionsoftheenterpriseaccountingstandards;
(3)PerformanalyticalreviewproceduresonrevenueandgrossprofitbasedontheproducttypesandcustomerconditionsofEnergyTechnology,anddeterminethereasonablenessofthechangesinsalesrevenueandgrossprofitmargin;
(4)Understandthebackgroundandbasicinformationofthemaincustomers,identifywhethertheyarerelatedparties,andconfirmtheaccountsreceivablebalanceandsalesamountofthemaincustomersbyconfirmationletters;
(5)Selectsamplesfromthesalesrevenueledger,checktherelevantdocumentssuchascontracts(orders),invoices,deliverydocuments,payattentiontothedeliverytime,andchecktherevenuerecognitiontimepoint;
(6)Checkthesalesrevenuerecognizedbeforeandafterthebalancesheetdatewithsupportingdocumentsofsalesrevenuerecognition,andimplementthecut-offtestandsubsequentinspectionproceduresforrevenuerecognition;
(7)Assesswhetherthemanagement’sdisclosureofincomestatementisappropriate.Accordingtotheauditproceduresandtheevidencewehaveobtained,webelievethattheincomeofEnergyTechnologyisrealandrecordedcorrectlyduringtheaccountingperiod.(II)Provisionforbaddebtsofaccountsreceivable
1.DescriptionofmattersPleaserefertoNoteIV-(12)andNoteVI-4oftheconsolidatedfinancialstatementsfortheaccountingpoliciesandbookvalueamountofaccountsreceivablesofEnergyTechnologyinthisyear.
OnDecember31,2022,theoriginalbookvalueofaccountsreceivableofEnergyTechnologywasRMB6,693,895,600,thebaddebtprovisionwasRMB134,178,500andthenetvaluewasRMB6,559,717,100,accountingfor16.92%ofthetotalassetsattheendoftheperiod.Basedonthefinancialsituationofthecounterparty,themanagementevaluatestheguaranteeobtainedtotheaccountsreceivable,theagingoftheaccountsreceivable,thecreditratingandhistoricalrepaymentrecordofthecounterparty,andwithreferencetothehistoricalcreditlossexperience,combinedwiththecurrentsituationandtheforecastofthefutureeconomicsituation,themanagementconsiderstoaccruebaddebtfortheaccountsreceivableaccordingtotheexpectedcreditlossinthewholeduration.Asthedeterminationoftheamountofbaddebtprovisionrequiresthemanagementtousesignificantaccountingestimatesandjudgments,andaccountsreceivableisimportanttothefinancialstatements,therefore,weregardthebaddebtprovisionofaccountsreceivableasakeyauditmatter.
2.Auditresponse
(1)Understandandevaluatethemanagement’skeyinternalcontroloverthedailymanagementandprovisionforaccountsreceivable,andcarry
outthecorrespondingwalkthroughtest;
(2)Foraccountsreceivablewithsignificantsingleamountandcreditimpairmentoccurredafterinitialrecognition,thebasesforthe
management’sassessmentoftheexpectedfutureavailablecashflowshallbereviewedtoanalyzewhetheritisreasonable;
(3)Fortheaccountsreceivableofbaddebtprovisionwithdrawnbythemanagementaccordingtothecombinationofcreditriskcharacteristics,
combinedwiththecreditriskcharacteristicsandaginganalysis,evaluatetherationalityofthewithdrawalofbaddebtprovisionbythe
management;
(4)Theadequacyofthemanagement’sprovisionforbaddebtisevaluatedincombinationwiththecheckofpaymentcollectionaftertheperiod;
(5)Assesswhetherthemanagement’sdisclosureofaccountsreceivablefinancialstatementsisappropriate.
Basedontheauditprocedureswehaveimplementedandtheevidencewehaveobtained,webelievethattheaccountingestimatesofthebaddebtprovisionofaccountsreceivablemadebyEnergyTechnologyarefullyreasonable.
IV.OtherInformation
EnergyTechnology’smanagementisresponsiblefortheotherinformation.Theotherinformationcomprisesalloftheinformationincludedinthefinancialreportotherthanthefinancialstatementsandourauditor’sreportthereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.
If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementoftheotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.
V.ResponsibilitiesofManagementandThoseChargedwithGovernanceforFinancialStatementsEnergyTechnology’smanagementisresponsibleforthepreparationofthefinancialstatementsthatgiveafairviewinaccordancewithCAS,andfordesigning,implementingandmaintainingsuchinternalcontrolasthemanagementdeterminesisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthefinancialstatements,themanagementisresponsibleforassessingtheEnergyTechnology’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessthemanagementeitherintendstoliquidateEnergyTechnologyortoceaseoperations,orhavenorealisticalternativebuttodoso.ThosechargedwithgovernanceareresponsibleforoverseeingEnergyTechnology’sfinancialreportingprocess.VI.ResponsibilitiesofCPAforAuditingFinancialStatements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithCASwillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.
AspartofanauditinaccordancewithCAS,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:
1.Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformaudit
proceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskof
notdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,
intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.
2.Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.
3.Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebythe
management.
4.Concludeontheappropriatenessofthemanagement’suseofthegoingconcernbasisofaccounting.Basedontheauditevidenceobtained,
concludeonwhetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtonEnergyTechnology’sability
tocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredbyCAStodrawusers’attentioninour
auditor’sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Our
conclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycause
EnergyTechnologytoceasetocontinueasagoingconcern.
5.Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,andwhetherthefinancialstatementsrepresentthe
underlyingtransactionsandeventsinamannerthatachievesfairpresentation.
6.ObtainsufficientandappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithinEnergy
Technologytoexpressanopiniononthefinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceofthe
Companyauditandremainsolelyresponsibleforourauditopinion.
Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganynoteworthydeficienciesininternalcontrolthatweidentifyduringouraudit.
Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andcommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.
Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.
II.FinancialStatements
Theunitofnotestofinancialstatementsis:RMB
1.ConsolidatedbalancesheetPreparedby:YunnanEnergyNewMaterialCo.,Ltd.
December31,2022
Unit:RMB
Item
Item | December31,2022 | January1,2022 |
Currentassets: | ||
Monetaryfunds | 3,954,316,829.31 | 1,833,450,205.69 |
Settlementreserves | ||
Loanstobanksandotherfinancialinstitutions | ||
Held-for-tradingfinancialassets | 9,850,069.59 | 5,137,194.34 |
Derivativefinancialassets | ||
Notesreceivable | 637,755,156.47 | 368,575,191.23 |
Accountsreceivable | 6,559,717,117.36 | 4,405,436,085.52 |
Receivablefinancing | 692,286,629.08 | 526,473,335.53 |
Prepayments | 220,239,470.09 | 226,474,516.69 |
Premiumsreceivable | ||
Reinsurancepremiumreceivable | ||
Reinsurancecontractprovisionreceivable | ||
Otherreceivables | 20,596,472.81 | 8,119,316.74 |
Including:Interestreceivable | ||
Dividendsreceivable | ||
Financialassetsheldunderresaleagreements | ||
Inventories | 2,463,490,238.80 | 1,681,448,170.29 |
Contractualassets | ||
Held-for-salesassets | ||
Non-currentassetsduewithinoneyear | 87,029,166.67 | |
Othercurrentassets | 321,998,218.33 | 407,556,013.80 |
Totalcurrentassets | 14,967,279,368.51 | 9,462,670,029.83 |
Non-currentassets: | ||
Loansandadvancestocustomers | ||
Debtinvestment | ||
Otherdebtinvestment | ||
Long-termreceivables | ||
Long-termequityinvestments | 5,017,642.31 | 3,545,984.21 |
Investmentsinotherequityinstruments | 111,000,000.00 | 110,000,000.00 |
Othernon-currentfinancialassets |
Investmentproperties
Investmentproperties | 8,399,300.54 | 8,933,531.66 |
Fixedassets | 14,306,873,399.88 | 10,877,888,212.91 |
Constructioninprogress | 3,584,554,509.73 | 1,752,915,718.82 |
Productivebiologicalassets | ||
Oilandgasassets | ||
Right-of-useassets | 3,926,781.90 | |
Intangibleassets | 1,054,043,010.42 | 560,863,178.11 |
Developmentexpenditures | ||
Goodwill | 520,230,679.65 | 520,230,679.65 |
Long-termunamortizedexpenses | 1,317,972.74 | 3,559,617.17 |
Deferredincometaxassets | 315,538,499.73 | 252,854,470.86 |
Othernon-currentassets | 3,744,550,327.16 | 2,568,723,421.32 |
Totalnon-currentassets | 23,655,452,124.06 | 16,659,514,814.71 |
Totalassets | 38,622,731,492.57 | 26,122,184,844.54 |
Currentliabilities: | ||
Short-termborrowings | 9,527,853,434.55 | 4,116,148,340.30 |
Borrowingsfromthecentralbank | ||
Placementsfrombanksandotherfinancialinstitutions | ||
Held-for-tradingfinancialliabilities | 94,394.79 | |
Derivativefinancialliabilities | ||
Notespayable | 609,315,699.02 | 487,407,828.53 |
Accountspayable | 1,720,586,992.11 | 650,545,657.28 |
Advancesfromcustomers | ||
Contractualliabilities | 24,596,154.15 | 761,923,312.38 |
Financialassetssoldunderrepurchaseagreements | ||
Customerbankdepositsandduetobanksandotherfinancialinstitutions | ||
Customerbrokeragedeposits | ||
Securitiesunderwritingbrokeragedeposits | ||
Employeebenefitspayable | 54,164,141.80 | 33,329,916.78 |
Taxespayable | 279,461,730.79 | 190,156,537.78 |
Otherpayables | 209,680,232.86 | 70,277,422.63 |
Including:Interestpayable | ||
Dividendspayable | 9,778,239.09 | 9,778,239.09 |
Feesandcommissionspayable |
Reinsuranceamountspayable
Reinsuranceamountspayable | ||
Hold-for-saleliabilities | ||
Non-currentliabilitiesduewithinoneyear | 858,495,954.79 | 383,397,992.10 |
Othercurrentliabilities | 275,222,986.34 | 240,737,724.26 |
Totalcurrentliabilities | 13,559,471,721.20 | 6,933,924,732.04 |
Non-currentliabilities: | ||
Insurancecontractreserves | ||
Long-termborrowings | 4,179,264,746.86 | 2,803,108,832.30 |
Bondspayable | 425,795,937.76 | 413,239,181.29 |
Including:preferredshares | ||
Perpetualbonds | ||
Leaseliabilities | 1,331,485.16 | |
Long-termpayables | ||
Long-termpayrollpayable | ||
Estimatedliabilities | ||
Deferredincome | 823,467,109.47 | 754,958,659.55 |
Deferredincometaxliabilities | 236,759,482.43 | 141,144,032.72 |
Othernon-currentliabilities | 542,217,694.55 | 538,517,694.55 |
Totalnon-currentliabilities | 6,208,836,456.23 | 4,650,968,400.41 |
Totalliabilities | 19,768,308,177.43 | 11,584,893,132.45 |
Owners’equity: | ||
Sharecapital | 892,411,690.00 | 892,406,822.00 |
Otherequityinstruments | 50,317,083.84 | 50,352,323.80 |
Including:preferredshares | ||
Perpetualbonds | ||
Capitalreserve | 7,685,332,598.80 | 7,635,639,929.52 |
Less:treasurystock | 101,753,346.66 | 204,444,302.78 |
Othercomprehensiveincome | 7,774,250.92 | -3,746,198.57 |
Specialreserve | ||
Surplusreserve | 191,644,843.59 | 173,392,922.26 |
Generalriskprovision | ||
Undistributedprofits | 9,000,475,751.88 | 5,288,265,431.08 |
Totalowners’equityattributabletoparentcompany | 17,726,202,872.37 | 13,831,866,927.31 |
Minorityinterests | 1,128,220,442.77 | 705,424,784.78 |
Totalowners’equity
Totalowners’equity | 18,854,423,315.14 | 14,537,291,712.09 |
Totalliabilitiesandowners’equity | 38,622,731,492.57 | 26,122,184,844.54 |
Legalrepresentative:PaulXiaomingLeeFinancialController:LiJianFinancialManager:DengJinhuan
2.Balancesheetoftheparentcompany
Unit:RMB
Item | December31,2022 | January1,2022 |
Currentassets: | ||
Monetaryfunds | 264,731,171.00 | 227,525,602.97 |
Held-for-tradingfinancialassets | ||
Derivativefinancialassets | ||
Notesreceivable | 700,000.00 | 3,800,000.00 |
Accountsreceivable | 33,130,270.37 | 11,098,038.20 |
Receivablefinancing | 500,000.00 | |
Prepayments | 1,340,081.33 | 178,525.89 |
Otherreceivables | 6,831,112,472.90 | 6,692,163,939.27 |
Including:Interestreceivable | ||
Dividendsreceivable | 211,040,000.00 | 241,040,000.00 |
Inventories | 9,356,812.38 | 23,374,673.75 |
Contractualassets | ||
Held-for-salesassets | ||
Non-currentassetsduewithinoneyear | ||
Othercurrentassets | 7,931,629.01 | |
Totalcurrentassets | 7,140,870,807.98 | 6,966,072,409.09 |
Non-currentassets: | ||
Debtinvestment | ||
Otherdebtinvestment | ||
Long-termreceivables | ||
Long-termequityinvestments | 4,750,066,580.90 | 4,658,382,761.62 |
Investmentsinotherequityinstruments | 111,000,000.00 | 110,000,000.00 |
Othernon-currentfinancialassets | ||
Investmentproperties | ||
Fixedassets | 61,119,717.03 | 68,543,765.10 |
Constructioninprogress | 1,219,946.39 |
Productivebiologicalassets
Productivebiologicalassets | ||
Oilandgasassets | ||
Right-of-useassets | ||
Intangibleassets | 38,206,008.22 | 11,017,155.74 |
Developmentexpenditures | ||
Goodwill | ||
Long-termunamortizedexpenses | ||
Deferredincometaxassets | 110,400.07 | 37,462.01 |
Othernon-currentassets | 259,030.00 | 29,841,986.94 |
Totalnon-currentassets | 4,961,981,682.61 | 4,877,823,131.41 |
Totalassets | 12,102,852,490.59 | 11,843,895,540.50 |
Currentliabilities: | ||
Short-termborrowings | 194,346,485.13 | 88,118,518.90 |
Held-for-tradingfinancialliabilities | ||
Derivativefinancialliabilities | ||
Notespayable | 200,000.00 | |
Accountspayable | 7,831,403.74 | 22,796,504.02 |
Advancesfromcustomers | ||
Contractualliabilities | 217,893.81 | |
Employeebenefitspayable | 328.46 | |
Taxespayable | 60,535,712.47 | 919,028.71 |
Otherpayables | 374,372,490.35 | 195,116,109.42 |
Including:Interestpayable | ||
Dividendspayable | ||
Hold-for-saleliabilities | ||
Non-currentliabilitiesduewithinoneyear | 120,063,422.78 | 89,570,152.48 |
Othercurrentliabilities | 500,000.00 | 3,828,326.19 |
Totalcurrentliabilities | 757,649,842.93 | 400,766,533.53 |
Non-currentliabilities: | ||
Long-termborrowings | 116,000,000.00 | |
Bondspayable | 425,795,937.76 | 413,239,181.29 |
Including:preferredshares | ||
Perpetualbonds | ||
Leaseliabilities |
Long-termpayables
Long-termpayables | ||
Long-termpayrollpayable | ||
Estimatedliabilities | ||
Deferredincome | ||
Deferredincometaxliabilities | 250,000.00 | |
Othernon-currentliabilities | ||
Totalnon-currentliabilities | 426,045,937.76 | 529,239,181.29 |
Totalliabilities | 1,183,695,780.69 | 930,005,714.82 |
Owners’equity: | ||
Sharecapital | 892,411,690.00 | 892,406,822.00 |
Otherequityinstruments | 50,317,083.84 | 50,352,323.80 |
Including:preferredshares | ||
Perpetualbonds | ||
Capitalreserve | 9,738,751,318.24 | 9,749,414,509.20 |
Less:treasurystock | 101,753,346.66 | 204,444,302.78 |
Othercomprehensiveincome | 750,000.00 | |
Specialreserve | ||
Surplusreserve | 163,892,332.60 | 145,640,411.27 |
Undistributedprofits | 174,787,631.88 | 280,520,062.19 |
Totalowners’equity | 10,919,156,709.90 | 10,913,889,825.68 |
Totalliabilitiesandowners’equity | 12,102,852,490.59 | 11,843,895,540.50 |
3.Consolidatedincomestatement
Unit:RMB
Item | 2022 | 2021 |
I.Totaloperatingrevenue | 12,590,925,529.68 | 7,982,426,810.59 |
Including:Operatingrevenue | 12,590,925,529.68 | 7,982,426,810.59 |
Interestincome | ||
Earnedpremium | ||
Feeandcommissionincomes | ||
II.Totaloperatingcost | 7,959,405,882.79 | 4,891,681,674.54 |
Including:operatingcost | 6,568,148,382.65 | 4,002,023,714.23 |
Interestexpense | ||
Feeandcommissionsexpenses |
Cashsurrenderamount
Cashsurrenderamount | ||
Netpaymentsforinsuranceclaims | ||
Netprovisionforinsuranceliabilitycontractreserves | ||
Policydividendexpenses | ||
Reinsuranceexpenses | ||
Taxesandsurcharges | 57,680,955.03 | 37,128,232.84 |
Sellingexpenses | 74,455,043.47 | 74,035,002.36 |
Administrativeexpenses | 323,291,931.01 | 216,333,939.36 |
R&Dexpenses | 724,297,699.66 | 409,178,730.28 |
Financialexpenses | 211,531,870.97 | 152,982,055.47 |
Including:Interestexpense | 287,498,131.60 | 221,206,595.88 |
Interestincome | 26,258,474.95 | 20,299,433.23 |
Add:Otherincome | 156,434,027.51 | 134,079,448.78 |
Investmentincome(lossisindicatedwith“-”) | 22,731,466.27 | 27,109,413.02 |
Including:Incomefrominvestmentinassociatesandjointventures | 1,471,658.10 | 1,687,090.23 |
Derecognizedfinancialassetsmeasuredbyamortizedcost | -18,658,871.90 | -9,956,624.13 |
Exchangegain(lossisindicatedwith“-”) | ||
Netexposurehedgingincome(lossisindicatedwith“-”) | ||
Incomefromchangesinfairvalue(lossisindicatedwith“-”) | 9,755,674.80 | 137,194.34 |
Creditimpairmentlosses(lossisindicatedwith“-”) | -8,324,053.71 | -24,846,360.74 |
Assetimpairmentlosses(lossisindicatedwith“-”) | -42,921,534.91 | -10,663,472.55 |
Incomefromdisposalofassets(lossisindicatedwith“-”) | 223,345.22 | 308,957.41 |
III.Operatingprofit(lossisindicatedwith“-”) | 4,769,418,572.07 | 3,216,870,316.31 |
Add:Non-operatingrevenue | 1,962,503.26 | 5,349,575.50 |
Less:Non-operatingexpenses | 6,236,954.06 | 2,645,030.21 |
IV.Totalprofit(totallossisindicatedwith“-”) | 4,765,144,121.27 | 3,219,574,861.60 |
Less:Incometaxexpense
Less:Incometaxexpense | 553,009,563.88 | 332,720,824.45 |
V.Netprofit(netlossisindicatedwith“-”) | 4,212,134,557.39 | 2,886,854,037.15 |
(I)Classifiedaccordingtooperatingcontinuity | ||
1.Netprofitfromcontinuingoperations(netlossisindicatedwith“-”) | 4,212,134,557.39 | 2,886,854,037.15 |
2.Netprofitfromdiscontinuingoperations(netlossisindicatedwith“-”) | ||
(II)Classifiedaccordingtoattributionoftheownership | ||
1.Netprofitattributabletoshareholdersoftheparentcompany | 4,000,461,964.37 | 2,717,628,798.01 |
2.Profitorlossofminorityinterest | 211,672,593.02 | 169,225,239.14 |
VI.Othercomprehensiveincome,netoftax | 12,061,121.08 | -3,934,256.01 |
Othercomprehensiveincomeattributabletoownersofparentcompany,netoftax | 11,520,449.49 | -3,746,198.57 |
(I)Othercomprehensiveincomethatcannotbereclassifiedtoprofitorloss | 750,000.00 | |
1.Changesarisingfromre-measurementofthedefinedbenefitplan | ||
2.Othercomprehensiveincomethatcannotbereclassifiedintoprofitorlossundertheequitymethod | ||
3.Changesinfairvalueofotherequityinstrumentinvestments | 750,000.00 | |
4.Changesinfairvalueoftheenterprise’screditrisk | ||
5.Others | ||
(II)Othercomprehensiveincomethatwillbereclassifiedsubsequentlytoprofitorloss | 10,770,449.49 | -3,746,198.57 |
1.Othercomprehensiveincomethatcanbereclassifiedintoprofitorlossundertheequitymethod | ||
2.Changesinfairvalueofotherdebtinvestments | ||
3.Amountofthefinancialassetreclassifiedintoothercomprehensiveincome | ||
4.Provisionforcreditimpairmentofotherdebtinvestment | ||
5.Cashflowhedgingreserve | ||
6.Exchangedifferencesfromtranslationofstatementsdenominatedinforeigncurrencies | 11,527,018.37 | -4,502,767.45 |
7.Others | ||
8.Provisionforcreditimpairmentofreceivablesfinancing | -756,568.88 | 756,568.88 |
Othercomprehensiveincomeattributabletominorityinterests,netoftax
Othercomprehensiveincomeattributabletominorityinterests,netoftax | 540,671.59 | -188,057.44 |
VII.Totalcomprehensiveincome | 4,224,195,678.47 | 2,882,919,781.14 |
Totalcomprehensiveincomeattributabletoownersofparentcompany | 4,011,982,413.86 | 2,713,882,599.44 |
Totalcomprehensiveincomeattributabletominorityinterests | 212,213,264.61 | 169,037,181.70 |
VIII.Earningspershare: | ||
(I)Basicearningspershare | 4.48 | 3.06 |
(II)Dilutedearningspershare | 4.46 | 3.05 |
Legalrepresentative:PaulXiaomingLee;FinancialController:LiJian;FinancialManager:DengJinhuan
4.Incomestatementofparentcompany
Unit:RMB
Item | 2022 | 2021 |
I.Operatingrevenue | 150,233,416.05 | 157,499,622.94 |
Less:Operatingcost | 85,513,828.29 | 103,455,015.75 |
Taxesandsurcharges | 5,613,303.27 | 2,141,286.64 |
Sellingexpenses | 666,580.27 | 819,867.31 |
Administrativeexpenses | 17,079,899.57 | 18,055,936.74 |
R&Dexpenses | 7,274,587.70 | 7,542,189.37 |
Financialexpenses | -203,997,298.76 | -195,072,440.78 |
Including:Interestexpense | 35,182,103.58 | 47,201,667.42 |
Interestincome | 239,246,217.64 | 242,290,969.91 |
Add:Otherincome | 2,595,991.42 | 2,643,407.78 |
Investmentincome(lossisindicatedwith“-”) | 60,270,487.08 | |
Including:Incomefrominvestmentinassociatesandjointventures | ||
Derecognizedfinancialassetsmeasuredbyamortizedcost(lossisindicatedwith“-”) | ||
Netexposurehedgingincome(lossisindicatedwith“-”) |
Incomefromchangesinfairvalue(lossisindicatedwith“-”)
Incomefromchangesinfairvalue(lossisindicatedwith“-”) | ||
Creditimpairmentlosses(lossisindicatedwith“-”) | -50,423.38 | 7,031,935.64 |
Assetimpairmentlosses(lossisindicatedwith“-”) | -141,430.14 | |
Incomefromdisposalofassets(lossisindicatedwith“-”) | 26,910.57 | 6,430.44 |
II.Operatingprofit(lossisindicatedwith“-”) | 240,513,564.18 | 290,510,028.85 |
Add:Non-operatingrevenue | 454,747.63 | 22,407.40 |
Less:Non-operatingexpenses | 10,000.00 | 130,596.96 |
III.Totalprofit(totallossisindicatedwith“-”) | 240,958,311.81 | 290,401,839.29 |
Less:Incometaxexpense | 58,439,098.55 | 35,979,262.54 |
IV.Netprofit(netlossisindicatedwith“-”) | 182,519,213.26 | 254,422,576.75 |
(I)Netprofitfromcontinuingoperations(netlossisindicatedwith“-”) | 182,519,213.26 | 254,422,576.75 |
(II)Netprofitfromdiscontinuingoperations(netlossisindicatedwith“-”) | ||
V.Othercomprehensiveincome,netoftax | 750,000.00 | |
(I)Othercomprehensiveincomethatcannotbereclassifiedtoprofitorloss | 750,000.00 | |
1.Changesarisingfromre-measurementofthedefinedbenefitplan | ||
2.Othercomprehensiveincomethatcannotbereclassifiedintoprofitorlossundertheequitymethod | ||
3.Changesinfairvalueofotherequityinstrumentinvestments | 750,000.00 | |
4.Changesinfairvalueoftheenterprise’screditrisk | ||
5.Others | ||
(II)Othercomprehensiveincomethatwillbereclassifiedsubsequentlytoprofitorloss | ||
1.Othercomprehensiveincomethatcanbereclassifiedintoprofitorlossundertheequitymethod | ||
2.Changesinfairvalueofotherdebtinvestments |
3.Amountofthefinancialassetreclassifiedintoothercomprehensiveincome
3.Amountofthefinancialassetreclassifiedintoothercomprehensiveincome | ||
4.Provisionforcreditimpairmentofotherdebtinvestment | ||
5.Cashflowhedgingreserve | ||
6.Exchangedifferencesfromtranslationofstatementsdenominatedinforeigncurrencies | ||
7.Others | ||
VI.Totalcomprehensiveincome | 183,269,213.26 | 254,422,576.75 |
VII.Earningspershare: | ||
(I)Basicearningspershare | ||
(II)Dilutedearningspershare |
5.Consolidatedcashflowstatement
Unit:RMB
Item | 2022 | 2021 |
I.Cashflowsfromoperatingactivities: | ||
Cashreceivedfromthesaleofgoodsorrenderingofservices | 8,308,323,229.28 | 6,192,723,975.82 |
Netincreaseindepositsfromcustomersandplacementsfromcorporationsinthesameindustry | ||
Netincreaseinborrowingsfromthecentralbank | ||
Netincreaseinplacementsfromotherfinancialinstitutions | ||
Cashreceivedforreceivingpremiumoforiginalinsurancecontract | ||
Netcashreceivedfromreinsurancebusiness | ||
Netincreaseindepositsoftheinsuredandinvestment | ||
Cashreceivedfrominterests,feesandcommissions | ||
Netincreaseinplacementsfrombanksandotherfinancialinstitutions | ||
Netincreaseinrepurchasing | ||
Netcashreceivedfromactingsaleofsecurities | ||
Receiptsoftaxrefunds | 280,936,013.05 | 357,117,868.83 |
Othercashreceiptsrelatedtooperatingactivities | 302,014,480.06 | 296,201,968.18 |
Subtotalofcashinflowsfromoperatingactivities
Subtotalofcashinflowsfromoperatingactivities | 8,891,273,722.39 | 6,846,043,812.83 |
Cashpaymentsforgoodspurchasedandservicesreceived | 6,268,851,123.90 | 3,844,341,884.47 |
Netincreaseinloansandadvances | ||
NetincreaseindepositsintheCentralBankandotherfinancialinstitutions | ||
Cashpaidforclaimsettlementsonoriginalinsurancecontract | ||
Netincreaseinplacementstobanksandotherfinancialinstitutions | ||
Cashpaidforinterests,feesandcommissions | ||
Cashpaidforpolicydividends | ||
Cashpaidtoandonbehalfofemployees | 883,089,073.20 | 653,147,819.25 |
Paymentsofalltypesoftaxes | 900,675,889.00 | 705,344,941.58 |
Othercashpaymentsrelatingtooperatingactivities | 335,070,037.63 | 224,563,789.71 |
Subtotalofcashoutflowsduetooperatingactivities | 8,387,686,123.73 | 5,427,398,435.01 |
Netcashflowsfromoperatingactivities | 503,587,598.66 | 1,418,645,377.82 |
II.Cashflowsfrominvestmentactivities: | ||
Cashreceivedfromdisposalofinvestments | 55,000,000.00 | 1,770,600,000.00 |
Cashreceivedfromprocuringinvestmentincome | 12,217,774.71 | 39,541,818.23 |
Netamountofcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 5,081,977.73 | 4,743,027.47 |
Netcashreceivedfromdisposalsofsubsidiariesandotherbusinessunits | ||
Othercashreceivedrelatingtoinvestmentactivities | ||
Subtotalofcashinflowsfrominvestmentactivities | 72,299,752.44 | 1,814,884,845.70 |
Cashpaidforacquisitionoffixedassets,intangibleassetsandotherlong-termassets | 5,257,761,880.77 | 3,995,963,251.24 |
Cashpaidforacquisitionofinvestments | 350,000,000.00 | 1,059,810,518.38 |
Netincreaseinpledgeloans | ||
Netcashpaymentsforacquisitionsofsubsidiariesandotherbusinessunits | ||
Othercashpaidrelatingtoinvestmentactivities | 150,164,555.53 | 474,586,405.90 |
Subtotalofcashoutflowsduetoinvestmentactivities
Subtotalofcashoutflowsduetoinvestmentactivities | 5,757,926,436.30 | 5,530,360,175.52 |
Netcashflowsfrominvestmentactivities | -5,685,626,683.86 | -3,715,475,329.82 |
III.Cashflowsfromfinancingactivities: | ||
Cashreceivedfromabsorbinginvestment | 372,446,946.93 | 41,323,782.65 |
Including:Cashreceivedfromsubsidiaries’absorbingminorityshareholderinvestment | 270,693,600.27 | 41,323,782.65 |
Cashreceivedfromborrowings | 14,006,864,781.67 | 6,075,195,864.97 |
Othercashreceivedrelatingtofinancingactivities | ||
Subtotalofcashinflowsfromfinancingactivities | 14,379,311,728.60 | 6,116,519,647.62 |
Cashpaidfordebtrepayment | 6,748,216,372.27 | 3,759,907,508.21 |
Cashpaidfordistributingdividendsandprofitsorpayinginterests | 595,877,608.26 | 387,731,899.73 |
Including:Dividendsandprofitspaidtominorityshareholdersbysubsidiaries | ||
Cashpaymentsrelatingtootherfinancingactivities | 256,109,825.98 | 355,820,208.65 |
Subtotalofcashoutflowsfromfinancingactivities | 7,600,203,806.51 | 4,503,459,616.59 |
Netcashflowsfromfinancingactivities | 6,779,107,922.09 | 1,613,060,031.03 |
IV.Effectofchangesinexchangerateoncashandcashequivalents | 5,687,720.52 | -1,846,294.98 |
V.Netincreaseincashandcashequivalents | 1,602,756,557.41 | -685,616,215.95 |
Add:Openingbalanceofcashandcashequivalents | 1,369,299,568.60 | 2,054,915,784.55 |
VI.Closingbalanceofcashandcashequivalents | 2,972,056,126.01 | 1,369,299,568.60 |
6.Cashflowstatementofparentcompany
Unit:RMB
Item | 2022 | 2021 |
I.Cashflowsfromoperatingactivities: | ||
Cashreceivedfromthesaleofgoodsorrenderingofservices | 145,968,617.09 | 148,332,356.97 |
Receiptsoftaxrefunds | 8,852,166.05 | 2,400,340.22 |
Othercashreceiptsrelatedtooperatingactivities | 12,817,429.72 | 38,811,850.08 |
Subtotalofcashinflowsfromoperatingactivities
Subtotalofcashinflowsfromoperatingactivities | 167,638,212.86 | 189,544,547.27 | |||||||
Cashpaymentsforgoodspurchasedandservicesreceived | 20,871,988.83 | 57,469,797.54 | |||||||
Cashpaidtoandonbehalfofemployees | 24,270,586.06 | 23,671,850.65 | |||||||
Paymentsofalltypesoftaxes | 44,796,093.76 | 24,606,426.06 | |||||||
Othercashactivities | payments | relating | to | operating | 21,244,359.26 | 64,565,222.66 | |||
Subtotalofcashoutflowsduetooperatingactivities | 111,183,027.91 | 170,313,296.91 | |||||||
Netcashflowsfromoperatingactivities | 56,455,184.95 | 19,231,250.36 | |||||||
II.Cashflowsfrominvestmentactivities: | |||||||||
Cashreceivedfromdisposalofinvestments | 30,000,000.00 | 1,203,711,110.00 | |||||||
Cashreceivedfromprocuringinvestmentincome | 164,200.00 | 70,285,903.74 | |||||||
Netamountofcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 2,717,733.88 | ||||||||
Netcashreceivedfromdisposalsofsubsidiariesandotherbusinessunits | |||||||||
Othercashactivities | received | relating | to | investment | 589,627,793.34 | 1,318,235,358.19 | |||
Subtotalactivities | of | cash | inflows | from | 619,791,993.34 | 2,594,950,105.81 | |||
Cashpaidforacquisitionoffixedassets,intangibleassetsandotherlong-termassets | 2,527,820.95 | 35,192,771.85 | |||||||
Cashpaidforacquisitionofinvestments | 110,000,000.00 | ||||||||
Netcashpaymentsforacquisitionsofsubsidiariesandotherbusinessunits | |||||||||
Othercashpaidrelatingtoinvestmentactivities | 530,126,014.26 | 3,410,258,479.43 | |||||||
Subtotalofcashoutflowsduetoinvestmentactivities | 532,653,835.21 | 3,555,451,251.28 | |||||||
Netcashflowsfrominvestmentactivities | 87,138,158.13 | -960,501,145.47 | |||||||
III.Cashflowsfromfinancingactivities: | |||||||||
Cashreceivedfromabsorbinginvestment | 101,753,346.66 | ||||||||
Cashreceivedfromborrowings | 218,200,000.00 | 108,000,000.00 | |||||||
Othercashactivities | received | relating | to | financing | 200,800,000.00 | 918,990,595.87 | |||
Subtotalofcashinflowsfromfinancingactivities | 520,753,346.66 | 1,026,990,595.87 |
Cashpaidfordebtrepayment
Cashpaidfordebtrepayment | 219,010,000.00 | 130,000,000.00 |
Cashpaidfordistributingdividendsandprofitsorpayinginterests | 278,706,732.17 | 166,972,238.46 |
Cashpaymentsrelatingtootherfinancingactivities | 131,740,024.60 | 891,825,843.08 |
Subtotalofcashoutflowsfromfinancingactivities | 629,456,756.77 | 1,188,798,081.54 |
Netcashflowsfromfinancingactivities | -108,703,410.11 | -161,807,485.67 |
IV.Effectofchangesinexchangerateoncashandcashequivalents | ||
V.Netincreaseincashandcashequivalents | 34,889,932.97 | -1,103,077,380.78 |
Add:Openingbalanceofcashandcashequivalents | 226,841,047.92 | 1,329,918,428.70 |
VI.Closingbalanceofcashandcashequivalents | 261,730,980.89 | 226,841,047.92 |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
7.Consolidatedstatementofchangesinowners’equity
Amountofcurrentperiod
Unit:RMB
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
Item
Item | 2022 | ||||||||||||||
Owner’sequityattributabletoparentcompany | Minorityinterests | Totalowners’equity | |||||||||||||
Sharecapital | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Generalriskprovision | Undistributedprofits | Other | Subtotal | |||||
Preferredstock | Perpetualbonds | Other | |||||||||||||
I.I.Closingbalanceofthepreviousyear | 892,406,822.00 | 50,352,323.80 | 7,635,639,929.52 | 204,444,302.78 | -3,746,198.57 | 173,392,922.26 | 5,288,265,431.08 | 13,831,866,927.31 | 705,424,784.78 | 14,537,291,712.09 | |||||
II.Openingbalanceofthecurrentyear | 892,406,822.00 | 50,352,323.80 | 7,635,639,929.52 | 204,444,302.78 | -3,746,198.57 | 173,392,922.26 | 5,288,265,431.08 | 13,831,866,927.31 | 705,424,784.78 | 14,537,291,712.09 | |||||
III.Increase/decreasefortheperiod(decreaseisindicatedwith“-”) | 4,868.00 | -35,239.96 | 49,692,669.28 | -102,690,956.12 | 11,520,449.49 | 18,251,921.33 | 3,712,210,320.80 | 3,894,335,945.06 | 422,795,657.99 | 4,317,131,603.05 | |||||
(I)Totalcomprehensiveincome | 11,520,449.49 | 4,000,461,964.37 | 4,011,982,413.86 | 212,213,264.61 | 4,224,195,678.47 | ||||||||||
(II)Contributionandwithdrawalofcapitalbyowners | 4,868.00 | -35,239.96 | 49,692,669.28 | -102,690,956.12 | 152,353,253.44 | 210,582,393.38 | 362,935,646.82 | ||||||||
1.Commonsharesinvestedbyowner | -35,462,199.34 | -35,462,199.34 | 253,057,480.66 | 217,595,281.32 | |||||||||||
2.Capitalinvestedbyotherequityinstrumentholders | 4,868.00 | -35,239.96 | 343,945.88 | 313,573.92 | 313,573.92 | ||||||||||
3.Amountofsharepaymentcreditedtoowner’sequity | 84,810,922.74 | -102,690,956.12 | 187,501,878.86 | 7,117,549.88 | 194,619,428.74 |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd. | ||||||||||||||||
4.Other | -49,592,637.16 | -49,592,637.16 | ||||||||||||||
(III)Profitdistribution | 18,251,921.33 | -288,251,643.57 | -269,999,722.24 | -269,999,722.24 | ||||||||||||
1.Withdrawalofsurplusreserve | 18,251,921.33 | -18,251,921.33 | ||||||||||||||
2.provisionforgeneralrisk | -269,999,722.24 | -269,999,722.24 | -269,999,722.24 | |||||||||||||
IV.Closingbalancefortheperiod | 892,411,690.00 | 50,317,083.84 | 7,685,332,598.80 | 101,753,346.66 | 7,774,250.92 | 191,644,843.59 | 9,000,475,751.88 | 17,726,202,872.37 | 1,128,220,442.77 | 18,854,423,315.14 |
Amountofpreviousperiod
Unit:RMB
Item | 2021 | ||||||||||||||
Owner’sequityattributabletoparentcompany | Minorityinterests | Totalowners’equity | |||||||||||||
Sharecapital | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Generalriskprovision | Undistributedprofits | Other | Subtotal | |||||
Preferredstock | Perpetualbonds | Other | |||||||||||||
I.Closingbalanceofthepreviousyear | 886,566,151.00 | 92,433,139.11 | 7,229,135,825.83 | 147,950,664.58 | 2,746,794,868.15 | 11,102,880,648.67 | 492,864,637.18 | 11,595,745,285.85 | |||||||
II.Openingbalanceofthecurrentyear | 886,566,151.00 | 92,433,139.11 | 7,229,135,825.83 | 147,950,664.58 | 2,746,794,868.15 | 11,102,880,648.67 | 492,864,637.18 | 11,595,745,285.85 | |||||||
III.Increase/decreasefortheperiod(decreaseisindicatedwith“-”) | 5,840,671.00 | -42,080,815.31 | 406,504,103.69 | 204,444,302.78 | -3,746,198.57 | 25,442,257.68 | 2,541,470,562.93 | 2,728,986,278.64 | 212,560,147.60 | 2,941,546,426.24 | |||||
(I)Totalcomprehensiveincome | -3,746,198.57 | 2,717,628,798.01 | 2,713,882,599.44 | 169,037,181.70 | 2,882,919,781.14 | ||||||||||
(II)Contributionandwithdrawalofcapitalbyowners | 5,840,671.00 | -42,080,815.31 | 406,504,103.69 | 204,444,302.78 | 165,819,656.60 | 45,429,631.79 | 211,249,288.39 | ||||||||
1.Commonsharesinvestedbyowner | -13,222,553.45 | -13,222,553.45 | 44,546,336.10 | 31,323,782.65 |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
2.Capitalinvestedbyotherequityinstrumentholders
2.Capitalinvestedbyotherequityinstrumentholders | 5,840,671.00 | -42,080,815.31 | 402,130,963.38 | 365,890,819.07 | 365,890,819.07 | |||||||||
3.Amountofsharepaymentcreditedtoowner’sequity | 17,595,693.76 | 204,444,302.78 | -186,848,609.02 | 883,295.69 | -185,965,313.33 | |||||||||
(III)Profitdistribution | 25,442,257.68 | -176,158,235.08 | -150,715,977.40 | -1,906,665.89 | -152,622,643.29 | |||||||||
1.Withdrawalofsurplusreserve | 25,442,257.68 | -25,442,257.68 | ||||||||||||
2.Provisionforgeneralrisk | -150,715,977.40 | -150,715,977.40 | -1,906,665.89 | -152,622,643.29 | ||||||||||
IV.Closingbalancefortheperiod | 892,406,822.00 | 50,352,323.80 | 7,635,639,929.52 | 204,444,302.78 | -3,746,198.57 | 173,392,922.26 | 5,288,265,431.08 | 13,831,866,927.31 | 705,424,784.78 | 14,537,291,712.09 |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
8.Statementofchangesinowners’equityofparentcompany
Amountofcurrentperiod
Unit:RMB
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.Item
Item | 2022 | |||||||||||
Sharecapital | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofits | Other | Totalowners’equity | |||
Preferredstock | Perpetualbonds | Other | ||||||||||
I.Closingbalanceofthepreviousyear | 892,406,822.00 | 50,352,323.80 | 9,749,414,509.20 | 204,444,302.78 | 145,640,411.27 | 280,520,062.19 | 10,913,889,825.68 | |||||
II.Openingbalanceofthecurrentyear | 892,406,822.00 | 50,352,323.80 | 9,749,414,509.20 | 204,444,302.78 | 145,640,411.27 | 280,520,062.19 | 10,913,889,825.68 | |||||
III.Increase/decreasefortheperiod(decreaseisindicatedwith“-”) | 4,868.00 | -35,239.96 | -10,663,190.96 | -102,690,956.12 | 750,000.00 | 18,251,921.33 | -105,732,430.31 | 5,266,884.22 | ||||
(I)Totalcomprehensiveincome | 750,000.00 | 182,519,213.26 | 183,269,213.26 | |||||||||
(II)Contributionandwithdrawalofcapitalbyowners | 4,868.00 | -35,239.96 | -10,663,190.96 | -102,690,956.12 | 91,997,393.20 | |||||||
1.Commonsharesinvestedbyowner | -102,690,956.12 | -102,690,956.12 | ||||||||||
2.Capitalinvestedbyotherequityinstrumentholders | 4,868.00 | -35,239.96 | 343,945.88 | 313,573.92 | ||||||||
3.Amountofsharepaymentcreditedtoowner’sequity | 91,683,819.28 | -102,690,956.12 | 194,374,775.40 | |||||||||
(III)Profitdistribution | 18,251,921.33 | -288,251,643.57 | -269,999,722.24 | |||||||||
1.Withdrawalofsurplusreserve | 18,251,921.33 | -18,251,921.33 | ||||||||||
2.Distributiontoowners(orshareholders) | -269,999,722.24 | -269,999,722.24 | ||||||||||
IV.Closingbalancefortheperiod | 892,411,690.00 | 50,317,083.84 | 9,738,751,318.24 | 101,753,346.66 | 750,000.00 | 163,892,332.60 | 174,787,631.88 | 10,919,156,709.90 |
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
Amountofpreviousperiod
Unit:RMB
2021AnnualReportofYunnanEnergyNewMaterialCo.,Ltd.
Item
Item | 2021 | |||||||||||
Sharecapital | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofits | Other | Totalowners’equity | |||
Preferredstock | Perpetualbonds | Other | ||||||||||
I.Closingbalanceofthepreviousyear | 886,566,151.00 | 92,433,139.11 | 9,347,283,545.82 | 120,198,153.59 | 202,255,720.52 | 10,648,736,710.04 | ||||||
II.Openingbalanceofthecurrentyear | 886,566,151.00 | 92,433,139.11 | 9,347,283,545.82 | 120,198,153.59 | 202,255,720.52 | 10,648,736,710.04 | ||||||
III.Increase/decreasefortheperiod(decreaseisindicatedwith“-”) | 5,840,671.00 | -42,080,815.31 | 402,130,963.38 | 204,444,302.78 | 25,442,257.68 | 78,264,341.67 | 265,153,115.64 | |||||
(I)Totalcomprehensiveincome | 254,422,576.75 | 254,422,576.75 | ||||||||||
(II)Contributionandwithdrawalofcapitalbyowners | 5,840,671.00 | -42,080,815.31 | 402,130,963.38 | 204,444,302.78 | 161,446,516.29 |
2.Capitalinvestedbyotherequityinstrumentholders
2.Capitalinvestedbyotherequityinstrumentholders | 5,840,671.00 | -42,080,815.31 | 402,130,963.38 | 365,890,819.07 | ||||||
3.Amountofsharepaymentcreditedtoowner’sequity | 204,444,302.78 | -204,444,302.78 | ||||||||
(III)Profitdistribution | 25,442,257.68 | -176,158,235.08 | -150,715,977.40 | |||||||
1.Withdrawalofsurplusreserve | 25,442,257.68 | -25,442,257.68 | ||||||||
2.Distributiontoowners(orshareholders) | -150,715,977.40 | -150,715,977.40 | ||||||||
IV.Closingbalancefortheperiod | 892,406,822.00 | 50,352,323.80 | 9,749,414,509.20 | 204,444,302.78 | 145,640,411.27 | 280,520,062.19 | 10,913,889,825.68 |
III.CorporateInformation
(i)Companyregistrationaddress,organizationformandheadquartersaddressYunnanEnergyNewMaterialCo.,Ltd.(hereinafterreferredtoasthe“Company”or“ourCompany”)wasformerlyYunnanYuxiInnovationColorPrintingCo.,Ltd.withtheapprovalofDepartmentofCommerceofYunnanProvincedocumentYSZ[2011]No.50,theshareholdersoftheCompanysignedthesponsoragreementonMarch28,2011,unanimouslyagreedtochangetheCompanyasawholeintoacompanylimitedbyshare,andobtainedthebusinesslicenseofenterpriselegalpersonNo.530400400000009issuedbyYunnanProvincialAdministrationforIndustryandCommerce,whichisnowchangedtotheunifiedsocialcreditcode91530000727317703K,withtheregisteredaddressandheadquartersaddressofNo.125,FuxianRoad,High-techZone,YuxiCity,YunnanProvince.TheCompany’slegalrepresentativeisPAULXIAOMINGLEE.
Inaccordancewiththeresolutionofthefirstextraordinarygeneralmeetingofshareholdersin2014heldinMarch2014andtherevisedarticlesofassociationoftheCompany,andtheApprovalofInitialPublicOfferingofSharesofYunnanInnovativeNewMaterialsCo.,Ltd.(ZJXK[2016]No.1886)issuedbyChinaSecuritiesRegulatoryCommission,theCompanyissuedRMB-denominatedordinaryshares(Ashares)of33,480,000tothepublic.ItwaspricedandissuedtothepublicinvestorsonSeptember6,2016,withaparvalueofRMB1.00pershare,asubscriptionpriceofRMB23.41pershare,andatotalofRMB783,766,800.00raisedfunds.AfterdeductingtheissuancerelatedexpensesofRMB35,999,800.00,theactualnetamountofraisedfundsisRMB747,767,000.00yuan,whichisincludedsharecapitalofRMB33,480,000.00andcapitalreserve-sharecapitalpremiumofRMB714,287,000.00.AlltheabovecontributionshavebeenpaidinplaceandhavebeenverifiedbyDahuaCPAs(SGP)issuingthecapitalverificationreport(DHYZNo.[2016]000897).
AccordingtotheNoticeontheListingofRMB-denominatedOrdinarySharesofYunnanInnovativeNewMaterialsCo.,Ltd.(SZSNo.(2016)
618)issuedbyShenzhenStockExchange,thesharesoftheCompanywerelistedonShenzhenStockExchangeonSeptember14,2016.
AccordingtothefourthmeetingofthethirdboardofdirectorsheldonJune1,2017,whichdeliberatedandpassedtheResolutiononGrantingRestrictedSharestoParticipantsof2017RestrictedStockIncentivePlanoftheCompany,theCompanyissued2.57millionRMB-denominatedordinaryshares(issueprice:RMB28.65/share)to84employeesqualifiedforparticipantsofequityincentiveplan,amongthem:theamountofsharecapitalisRMB2,570,000.00,andcapitalreserve-sharecapitalpremiumisRMB71,060,500.00.AlltheabovecapitalcontributionshavebeensubscribedinplaceandhavebeenverifiedbyDahuaCPAs(SGP)issuingthecapitalverificationreport(DHYZNo.[2017]000338).
WhereastheCompanyhascompletedcapitalreserveconvertedtosharecapital,accordingtotheresolutionofthesecondextraordinarygeneralmeetingofshareholdersin2018heldonMay10,2018andtherevisedarticlesofassociation,theregisteredcapitaloftheCompanyhasincreasedfromRMB136,450,000.00toRMB272,900,000.00.
InaccordancewiththeresolutionofthefourteenthmeetingofthethirdboardofdirectorsheldbytheCompanyonJuly20,2018andtherevisedarticlesofassociation,andapprovedbyChinaSecuritiesRegulatoryCommission(hereinafterreferredtoas“CSRC”)ZJXKNo.[2018]671andMinistryofCommerceofthePeople’sRepublicofChina(hereinafterreferredtoas“MinistryofCommerce”)SZCHNo.[2018]225,theCompanyissued201,023,712A-sharesinprivatetoPaulXiaomingLee,LiXiaohua,WangYuhua,KunmingHuachenInvestmentCo.,Ltd.,SherryLee,FutureIndustryInvestmentFund(LimitedPartnership),ShanghaiHengzouEnterpriseManagementFirm(LimitedPartnership),HuangShuhua,ZhangTao,GaoXiang,HeBaohua,HuangYuchen,HuJiadong,WangChizhou,JiangXinmin,ZhangFang,ZhangFan,ZhengMei,LiuWei,DuJunandCaoBen,withaparvalueofRMB1.00pershareandasubscriptionpriceofRMB24.87pershare.Aftertheissuanceoftheshares,theshareholders’equityassetsofRMB4,999,459,975.00wereactuallyreceived,andtheregisteredcapitalofRMB201,023,712.00wasactuallypaid,andthemodeofcontributionwasequitycapitalcontribution.ThenewlyincreasedsharecapitalisRMB201,023,712.00,thenewlyincreasedcapitalreserve(sharecapitalpremium)isRMB4,798,436,263.00,andtheregisteredcapitalafterthechangeisRMB473,923,712.00,whichhasbeenverifiedbyDahuaCPAs(SGP)withthecapitalverificationreport(DHYZNo.[2018]000430).
Accordingtotheresolutionofthefourthextraordinarygeneralmeetingofshareholdersof2018heldbytheCompanyonSeptember3,2018andtherevisedarticlesofassociationoftheCompany,theCompanycanceledtherepurchaseofpartofincentiveshares,repurchasedthesharessubscribedbysevennaturalpersonsintheformofmonetarycapital,totalingRMB799,335.00,including:reducingsharecapitalbyRMB55,800.00,reducingcapitalreserve-sharecapitalpremiumbyRMB743,535.00.Ithasbeenverifiedbythecapitalverificationreport(DHYZNo.[2018]000514)issuedbyDahuaCPAs(SGP).
Accordingtotheresolutionofthe19thmeetingofthethirdboardofdirectorsheldbytheCompanyonSeptember28,2018andtherevisedarticlesofassociation,theCompanychangeditsnamefromYunnanInnovativeNewMaterialCo.,Ltd.toYunnanEnergyNewMaterialCo.,Ltd.
WhereastheCompanyhascompletedtheconversionofcapitalreservetosharecapital,accordingtotheresolutionofthesixthextraordinarygeneralmeetingofshareholdersin2019heldonJuly29,2019andtherevisedarticlesofassociation,theregisteredcapitaloftheCompanyhasincreasedfromRMB473,867,912.00toRMB805,575,450.00.
Accordingtotheresolutionofthesixthextraordinarygeneralmeetingofshareholdersof2019heldbytheCompanyonJuly29,2019,theresolutionoftheseventhextraordinarygeneralmeetingofshareholdersof2019heldonAugust15,2019andtheamendedarticlesofassociation,theCompanycanceledtherepurchaseofpartofincentiveshares,repurchasedthesharessubscribedby17naturalpersonsinmonetaryfunds,withatotalamountofRMB1,151,665.68,including:reductionofsharecapitalbyRMB136,680.00,reducingcapitalreserve-sharecapitalpremiumbyRMB1,014,985.68.Inaddition,accordingtotheresolutionoftheseventhextraordinarygeneralmeetingofshareholdersin2019heldonAugust15,2019andtherevisedarticlesofassociation,theCompanycanceledthesharebuybackoftheresignedparticipants,andrepurchasedthesharessubscribedbyonenaturalpersonintheformofmonetarycapital,withatotalamountofRMB601,580.59,includingadecreaseofsharecapitalofRMB68,000.00andadecreaseofcapitalreserve-sharecapitalpremiumofRMB533,580.59.Ithasbeenverifiedbythecapitalverificationreport(DHYZNo.[2019]000324)issuedbyDahuaCPAs(SGP).
Accordingtotheresolutionsofthe43rdmeetingofthethirdboardofdirectorsheldonMarch23,2020,theresolutionsofthe2020firstextraordinarygeneralmeetingofshareholdersheldonApril9,2020,andtheresolutionsofthethirdmeetingoffourthboardofdirectorsheldonJune12,2020andtheApprovaloftheNon-publicIssuanceofSharesbyYunnanEnergyNewMaterialCo.,Ltd.”(ZJXKNo.[2020]1476)issuedbyChinaSecuritiesRegulatoryCommission,theCompany’snon-publicissuanceshallnotexceed241,611,231RMB-denominatedordinaryshares.TheCompanynon-publiclyissued69,444,444RMB-denominatedordinaryshares(Ashares)tospecificinvestorsonAugust17,2020,withaparvalueofRMB1.00pershare,andasubscriptionpriceofRMB72.00pershare.AtotalofRMB4,999,999,968.00wasraised.ExcludingthecostofRMB17,495,413.51relatedtotheissuance,theCompany’sactualnetfundsraisedwereRMB4,982,504,554.49,ofwhichRMB69,444,444.00wasincludedinthesharecapitalandRMB4,913,060,110.49wasincludedinthecapitalreserve-sharecapitalpremium.Alltheabovecapitalcontributions
havebeensubscribedinplaceandhavebeenverifiedbyDahuaCPAs(SGP)issuingthecapitalverificationreport(DHYZNo.[2020]000460).ApprovedbytheReplyonApprovalofYunnanEnergyNewMaterialCo.,Ltd.toIssueConvertibleCorporateBondsPublicly(ZJXKNo.[2019]2701)issuedbyChinaSecuritiesRegulatoryCommission,theCompanypubliclyissued16millionconvertiblecorporatebondsonFebruary11,2020.Theconversionperiodofconvertiblecorporatebondsshallstartfromthefirsttradingdaysixmonthsaftertheendoftheissuancetothematuritydateoftheconvertiblecorporatebonds,thatis,fromAugust17,2020toFebruary11,2026.AsofDecember31,2022,atotalof17,619,596sharesofconvertiblecorporatebondswereconvertedcumulativelyintoshares.Accordingtotheresolutionofthefourthextraordinarygeneralmeetingofshareholdersof2020heldbytheCompanyonJuly30,2020andtherevisedarticlesofassociationoftheCompany,theCompanycanceledtherepurchaseofpartofincentiveshares,repurchasedthesharessubscribedbyfournaturalpersonsintheformofmonetarycapital,totalingRMB194,809.12,including:reducingsharecapitalbyRMB23,120.00,reducingcapitalreserve-sharecapitalpremiumbyRMB171,689.12.Ithasbeenverifiedbythecapitalverificationreport(DHYZNo.[2020]000561)issuedbyDahuaCPAs(SGP).AccordingtotheprovisionsoftheResolutionontheCompany's2022StockOptionandRestrictedStockIncentivePlan(Draft)andItsAbstract,theResolutionontheFormulationoftheCompany's2022StockOptionandRestrictedStockIncentivePlanImplementationAssessmentManagementMeasures,andtheResolutiononRequestingtheGeneralMeetingofShareholderstoAuthorizetheBoardofDirectorstoHandleMattersRelatedtoEquityIncentive,whichwerereviewedandapprovedatthe2ndExtraordinaryGeneralMeetingof2022heldbyEnergyTechnologyonFebruary14,2022,theCompanygrantedatotalof1,585,437.00restrictedsharesto826naturalpersonsincludingYuXueatagrantpriceofRMB
64.18pershare.ThecapitalcontributionofRMB101,753,346.66hasbeenpaidinfullamount,whichhasbeenverifiedbyDaHuaCertifiedPublicAccountants(SpecialGeneralPartnership)throughthecapitalverificationreport(DHYZNo.[2022]00L00001).ThesourceoftherestrictedstockincentiveplaninthecurrentperiodisthecommonstocksrepurchasedbyEnergyTechnologyfromthesecondarymarket.Aftertheimplementationofthisrestrictedstockincentiveplan,thetotalsharecapitalofEnergyTechnologyremainsunchanged.
Afteryearsofdistributionofbonusshares,allotmentofnewshares,conversionofsharecapitalandissuanceofnewshares,asofDecember31,2022,theCompanyhasissuedatotalnumberof892,411,690.00shares,witharegisteredcapitalofRMB892,411,690.00.
(ii)BusinessnatureandmainbusinessactivitiesoftheCompany
ThescopeofbusinessoftheCompanymainlyincludes:Packaginganddecorationandotherprintingproductsprinting;commoditytrademarkprinting(includingtobaccoanddrugtrademarks),trademarkdesign;packagingboxproduction,processingandsales;colorprinting;paperproducts(excludingpapermaking),plasticproductsandothersupportingproductsproduction,processingandsales;production,processingandsalesofprintingrawmaterialsandauxiliarymaterials;production,processing,saleoflaminatedfilmandmodifiedplastics;production,processingandsaleoflasertransferpaper,goldandsilvercardpaper,liquidpackagingpaper,electrifiedaluminum,high-gradepackagingpaper;production,processingandmarketingofanti-counterfeitinglabels,anti-counterfeitingmaterials;packagingmachinery,packagingmachinerysparepartsdesign,manufacture,processingandmarketing;production,processingandsaleofnewenergymaterialsandcorrespondingnewtechnologiesandnewproductsdevelopment;importandexportofgoods(exceptthosewithnationalrestrictionsandprohibition).(theaboveprojectsdonotinvolvespecialmanagementmeasuresforforeigninvestmentaccess)(approvalsfromcompetentauthoritiesshallbeobtainedfortheoperationoftheactivitiesrequiringapprovalinaccordancewiththelaws)
TheCompanyisarubberandplasticproductsindustry,andthemainproductscanbedividedintothreecategories:(1)filmproducts,mainlyincludinglithium-ionseparator,BOPPfilmandspecialtypaper.Lithium-ionseparatorproductsincludebasefilmandcoatingfilm,andBOPPfilmproductsincludesmokefilmandflatfilm;(2)packagingandprintingproducts,mainlyincludingcigarettelabelandasepticpackaging;(3)paperproductspackagingmainlyincludesspecialtypaperproducts,holographicanti-counterfeitingelectrifiedaluminum,transferfilmandotherproducts.Specialtypaperproductsincludelasertransferanti-counterfeitingpaper,directplatingpaperandcoatedpaper.(iii)Authorizationoffinancialstatementsforissue
ThesefinancialstatementswereauthorizedforissuebytheCompany’sBoardofDirectorsonMarch2,2023.
(iv)ScopeoftheConsolidatedFinancialStatements
Thereare36subsidiariesincludedintheconsolidatedfinancialstatementsinthisperiod,including:
Nameofsubsidiaries
Nameofsubsidiaries | Typeofsubsidiary | Tier | Shareholdingratio(%) | Votingratio(%) |
YunnanDexinPaperCo.,Ltd. | Wholly-ownedsubsidiary | Tier2 | 100.00 | 100.00 |
YunnanHongchuangPackagingCo.,Ltd. | Holdingsubsidiary | Tier2 | 60.8997 | 60.8997 |
HongchuangPackaging(Jiangsu)Co.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
YunnanHongtaPlasticCo.,Ltd. | Wholly-ownedsubsidiary | Tier2 | 100.00 | 100.00 |
HongtaPlastic(Chengdu)Co.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
YuxiFeiermuTradingCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
ShanghaiEnergyNewMaterialsResearchCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | Holdingsubsidiary | Tier2 | 95.22 | 95.22 |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
GuangdongEnergyNewMaterialInstituteCo.,Ltd. | Wholly-ownedsubsidiary | Tier4 | 100.00 | 100.00 |
WuxiEnergyNewMaterialTechnologyCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
JiangsuRuijieNewMaterialTechnologyCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | Holdingsubsidiary | Tier4 | 82.00 | 82.00 |
SuzhouGreenPowerNewEnergyMaterialCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
ChongqingEnergyNewmiTechnologicalCo.,Ltd. | Holdingsubsidiary | Tier3 | 76.3574 | 76.3574 |
JiangxiEnpoNewMaterialsCo.,Ltd. | Holdingsubsidiary | Tier3 | 51.00 | 51.00 |
JiangxiEnergyNewMaterialTechnologyCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
JiangsuEnergyNewMaterialTechnologyCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
HunanEnergyAdvancedNewMaterialTechnologyCo.,Ltd. | Holdingsubsidiary | Tier3 | 65.00 | 65.00 |
HubeiEnergyNewMaterialTechnologyCo.,Ltd. | Holdingsubsidiary | Tier3 | 55.00 | 55.00 |
Energy(ZhuhaiHengqin)NewMaterialTechnologyCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
ChongqingEnergyNewMaterialTechnologyCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
NingboEnergyNewMaterialCo.,Ltd. | Wholly-ownedsubsidiary | Tier2 | 100.00 | 100.00 |
XiamenEnergyNewMaterialCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
YuxiEnergyNewMaterialCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
ShanghaiEnergyTradingCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
JiangsuEnergyTradingCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
JiangsuSanheBatteryMaterialTechnologyCo.,Ltd. | Holdingsubsidiary | Tier3 | 51.00 | 51.00 |
HainanEnergyInvestmentCo.,Ltd. | Wholly-ownedsubsidiary | Tier3 | 100.00 | 100.00 |
ChuangxinNewMaterial(HongKong)Co.,Ltd. | Wholly-ownedsubsidiary | Tier4 | 100.00 | 100.00 |
SEMCORPGlobalHoldingsKft. | Wholly-ownedsubsidiary | Tier5 | 100.00 | 100.00 |
SEMCORPHungaryKft. | Wholly-ownedsubsidiary | Tier6 | 100.00 | 100.00 |
SEMCORPPropertiesKft. | Wholly-ownedsubsidiary | Tier6 | 100.00 | 100.00 |
SEMCORPAmericaInc. | Wholly-ownedsubsidiary | Tier6 | 100.00 | 100.00 |
SEMCORPManufacturingUSALLC | Wholly-ownedsubsidiary | Tier7 | 100.00 | 100.00 |
Forthereasonwhytheproportionofshareholdingofthesubsidiaryisdifferentfromtheproportionofthevotingrights,andholdinghalforbelowthevotingrightbutstillcontrollingtheinvestedunit,pleasereferto“IX1.InterestsinSubsidiaries”.Comparedwiththelastperiod,tennewentitieswereincludedinandoneentitywereremovedfromtheconsolidatedfinancialstatementsthisperiod.Pleasereferto“VIII.Changeofconsolidationscope”fordetailsofthesubjectinthescopeofconsolidatedfinancialstatements.
IV.BasisforPreparationofFinancialStatements1.Basisforpreparation
ThepreparationoffinancialstatementsoftheCompanyisbasedontheactualtransactionsandeventsinaccordancewiththeAccountingStandardsforBusinessEnterprises-BasicStandardspublishedbytheMinistryofFinanceandspecificcorporateaccountingstandards,applicationguidelinesforcorporateaccountingstandards,corporateaccountingstandardsinterpretationsandotherrelevantregulations(hereinaftercollectivelyreferredtoas“corporateaccountingstandards”)forconfirmationandmeasurement,combiningtheprovisionsof“RegulationsontheInformationDisclosureandCompilationofCompaniesOfferingSecuritiestothePublicNo.15-GeneralProvisionsonFinancialReports”(revisedin2014)publishedbyCSRC.2.Goingconcernbasis
TheCompanyhasevaluatedtheabilitytocontinueasagoingconcernfor12monthsfromtheendoftheReportingPeriodandhasnotidentifiedanyissuesorcircumstancesthatresultinsignificantdoubtsaboutitsabilitytocontinueasagoingconcern.Therefore,thefinancialstatementshavebeenpreparedonagoingconcernbasis.
3.Accountingbaseandvaluationprinciple
TheCompanytakestheaccrualbasisasitsaccountingbase.Thefinancialstatementsusehistoricalcostasthebasisofmeasurement,exceptforcertainfinancialinstrumentsthataremeasuredatfairvalue.Iftheassetsareimpaired,thecorrespondingprovisionforimpairmentshallbemadeaccordingtorelevantregulations.V.SignificantAccountingPoliciesandAccountingEstimates
Remindersonspecificaccountingpoliciesandaccountingestimates:
1.Statementofcompliancewiththeaccountingstandardsforbusinessenterprises
Thefinancialstatementsareincompliancewiththerequirementsofaccountingstandardsforbusinessenterprises,andtrulyandcompletelyreflectthefinancialstatus,operatingresults,cashflowandotherrelevantinformationoftheCompanyduringtheReportingPeriod.
2.AccountingperiodTheCompany’saccountingyearstartson1Januaryandendson31December.
3.OperatingcycleOperatingcyclereferstotheperiodfromthepurchaseofassetsforprocessingtotherealizationofcashorcashequivalents.TheCompanytakes12monthsasanoperatingcycleandusesitasthestandardfordividingtheliquidityofassetsandliabilities.
4.FunctionalcurrencyTheCompany’sfunctionalcurrencyisRenminbi(RMB).OverseassubsidiariestakethecurrencyinthemaineconomicenvironmentinwhichtheyoperateastherecordingcurrencyandareconvertedintoRMBduringthepreparationoffinancialstatements.
5.Accountingtreatmentsformergerofenterprisesundercommoncontrolandnotundercommoncontrol
(1)Whentheterms,conditionsandeconomicinfluenceoftransactionsintheprocessofastep-by-stepcombinationconformtooneormoreofthefollowing,accountingformultipletransactionsistreatedasapackagetransaction.
1)Thesetransactionsaremadesimultaneouslyorwithconsiderationofinfluenceoneachother;
2)Thesetransactionscanonlyachieveacompletebusinessoutcomewhentreatedasawhole;
3)Theoccurrenceofatransactiondependsontheoccurrenceofatleastoneoftheothertransactions;
4)Atransactionisuneconomicalwhentreatedalone,butiseconomicalwhenconsideredtogetherwithothertransactions.
(2)BusinesscombinationundercommoncontrolTheassetsandliabilitiesacquiredbytheCompanyinbusinesscombinationsaremeasuredinaccordancewiththebookvalueofassetsandliabilitiesofthecombinedpartyintheultimatecontroller’sconsolidatedfinancialstatementsonthedateofcombination(includingthegoodwilloftheultimatecontrollingpartyresultingfromtheacquisitionofthecombinedparty).Thedifferencebetweenthebookvalueofnetassetsacquiredinthecombinationandthebookvalueoftheconsiderationpaidforthecombination(orthetotalparvalueofsharesissued)isusedtoadjustthecapitalstockpremiuminthecapitalreserve,andwhenthecapitalstockpremiuminthecapitalreserveisinsufficientforoffset,itisusedtoadjusttheretainedearnings.Ifthereisacontingentconsiderationanditisnecessarytoconfirmtheestimatedliabilitiesorassets,thedifferencebetweentheestimatedamountofliabilitiesorassetsandthesettlementamountofsubsequentcontingentconsiderationisusedtoadjustthecapitalreserve(capitalpremiumorpremiumoncapitalstock),andwhenthecapitalreserveisinsufficient,itisusedtoadjusttheretainedearnings.
Forabusinesscombinationthatisultimatelyrealizedthroughmultipletransactions,ifitisapackagetransaction,eachtransactionistreatedasatransactionthatacquirescontrol;ifitisnotapackagetransaction,onthedateofacquisitionofcontrol,thedifferencebetweentheinitialcostoflong-termequityinvestmentandthebookvalueoflong-termequityinvestmentbeforethecombinationplusthebookvalueofthenewpaidconsiderationonthedateofcombinationisusedtoadjustthecapitalreserve;andwhenthecapitalreserveisinsufficientforoffset,itisusedtoadjusttheretainedearnings.Forequityinvestmentsheldpriortothedateofcombination,noaccountingtreatmentiscarriedoutforothercomprehensiveincomerecognizedbyequityaccountingorfinancialinstrumentconfirmationandmeasurementstandards,anduptothedisposaloftheinvestment,theaccountingtreatmentshallbebasedonthesamebasisasthedirectdisposaloftheassetsorliabilitiesoftheinvestedentity;otherchangesinowner’sequityotherthannetprofitorloss,othercomprehensiveincomeorprofitdistributionofnetassetsoftheinvestedcompanyrecognizedbyequitymethodarenotsubjecttoaccounting,andwillbetransferredtothecurrentprofitandlossuntilthedisposaloftheinvestment.
(3)Businesscombinationnotunderthecommoncontrol
PurchasedatereferstothedatewhentheCompanyactuallyobtainsthecontrolrightovertheacquire,thatis,thedatewhenthecontrolrightoverthenetassetsorproductionandoperationdecisionistransferredtotheCompany.Whenthefollowingconditionsaremetatthesametime,theCompanygenerallyconsidersthatthetransferofcontrolrighthasbeenrealized:
①ThebusinesscombinationcontractoragreementhasbeenapprovedbytheinternalauthorityoftheCompany.
②Thebusinesscombinationmattersthatneedtobeconsideredandapprovedbytherelevantcompetentdepartmentsofthestatehavebeenapproved.
③Necessaryproceduresfortransferofpropertyrightshavebeencompleted.
④TheCompanyhaspaidmostofthemergerprice,andhastheabilityandplantopaytheremainingamount.
⑤Infact,theCompanyhascontrolledthefinancialandoperationalpoliciesoftheacquiree,enjoyedcorrespondingbenefitsandassumed
correspondingrisks.
TheassetspaidandliabilitiesincurredorassumedoftheCompanyasaconsiderationforthebusinesscombinationaremeasuredatfairvalueonthedateofpurchase,andthedifferencebetweenthefairvalueandthebookvalueisrecognizedinprofitorloss.ThedifferencebetweenthehighercombinationcostandlowerfairvalueofidentifiablenetassetsoftheacquireegainedinthecombinationisrecognizedasgoodwillbytheCompany.Incasethatthecostofcombinationislessthanthefairvalueoftheidentifiablenetassetsoftheacquireegainedinthecombination,thedifferenceisincludedinthecurrentprofitandlossbytheCompanyafterreview.Forthecasewhereabusinesscombinationinvolvingenterprisesnotundercommoncontrolisfinallyrealizedthroughmultipletransactionsstepbystep,ifitisapackagetransaction,eachtransactionistreatedasatransactionforacquiringcontrol;ifitisnotapackagetransaction,iftheequityinvestmentheldbeforethedateofcombinationisaccountedforbyequitymethod,thebookvalueofequityinvestmentoftheacquireeheldbeforethedateofacquisitionplusthenewinvestmentcostonthedateofacquisitionisrecognizedastheinitialcostoftheinvestment;theothercomprehensiveincomeconfirmedbyequitymethodbeforethedateofacquisitionisaccountedfor,whentheinvestmentisdisposed,onthesamebasisasthosetheinvestedpartyadopteddirectlytodisposetherelevantassetsorliabilities.Iftheequityinvestmentheldbeforethedateofcombinationisaccountedforbyfinancialinstrumentrecognitionandmeasurementcriteria,thefairvalueofequityinvestmentonthedateofcombinationplusthenewinvestmentcostistakenastheinitialinvestmentcostonthedateofcombination.Thedifferencebetweenthefairvalueandthebookvalueoftheoriginalequityinterest,andtheaccumulatedfairvaluechangesoriginallyincludedinothercomprehensiveincomeshouldbetransferredtoinvestmentincomeinthecurrentperiodofcombinationdate.
(4)Relatedexpensesincurredforbusinesscombination
Theagencyfeespaidforaudits,legalservices,assessmentsandotherrelatedexpensesincurredinthebusinesscombinationarerecognizedinprofitorlossintheperiodinwhichtheyareincurred.Thetransactioncostsfortheissuanceofequitysecuritiesforthebusinesscombinationthatmaybedirectlyattributedtoequitytransactionscanbedeductedfromequity.
6.Methodsforpreparationoftheconsolidatedfinancialstatements
(1)Thescopeofconsolidation
ThescopeofconsolidationoftheCompany’sconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol,andallsubsidiaries(includingseparateentitiescontrolledbytheCompanyastheparent)areincludedintheconsolidatedfinancialstatements.
(2)Proceduresforconsolidation
TheCompanypreparesconsolidatedfinancialstatementsbasedonthefinancialstatementsofitselfanditssubsidiariesandotherrelevantinformation.Whilepreparingconsolidatedfinancialstatements,theCompanytreatstheentireenterprisegroupasanaccountingentity,andinaccordancewiththerequirementsforconfirmation,measurementandpresentationofrelevantenterpriseaccountingstandards,andbasedonunifiedaccountingpolicies,reflectstheoverallfinancialstatus,operatingresultsandcashflowoftheenterprisegroup.
TheaccountingpoliciesandaccountingperiodsadoptedbyallsubsidiariesincludedintheconsolidatedfinancialstatementsareconsistentwiththeCompany.IftheaccountingpoliciesoraccountingperiodsadoptedbythesubsidiariesareinconsistentwiththeCompany,necessaryadjustmentswillbemadeinaccordancewiththeCompany’saccountingpoliciesandaccountingperiodswhenpreparingconsolidatedfinancialstatements.
TheimpactofinternaltransactionsbetweentheCompanyanditssubsidiaries,andinternaltransactionsbetweensubsidiaries,ontheconsolidatedbalancesheet,consolidatedincomestatement,consolidatedcashflowstatementandconsolidatedstatementofchangesinshareholders’equityisoffsetinthepreparationofconsolidatedfinancialstatements.IfthedeterminationofthesametransactionisdifferentfromtheperspectiveoftheconsolidatedfinancialstatementsoftheenterprisegroupandwiththeCompanyorsubsidiariesastheaccountingentity,thetransactionshallbeadjustedfromtheperspectiveoftheenterprisegroup.
Subsidiaryowners’equity,currentnetprofitandloss,andcurrentcomprehensiveincomeoftheminorityshareholdersareseparatelypresentedundertheowner’sequityitemintheconsolidatedbalancesheet,thenetprofititemintheconsolidatedincomestatement,andthetotalcomprehensiveincomeitem.Ifthecurrentlossessharedbytheminorityshareholdersofasubsidiaryexceedtheshareenjoyedbytheminorityshareholderintheinitialowner’sequityofthesubsidiary,theexcessisdeductedfromtheminorityinterests.
Forsubsidiariesacquiredfromabusinesscombinationinvolvingenterprisesundercommoncontrol,theindividualfinancialstatementsofthesubsidiariesshallbeadjustedbasedonthebookvalueoftheirassetsandliabilities(includingthegoodwillarisingfromtheultimatecontroller’sacquisitionofthesubsidiary)intheultimatecontroller’sfinancialstatements.
Forsubsidiariesacquiredfromabusinesscombinationinvolvingenterprisesnotundercommoncontrol,thefinancialstatementsofthesubsidiariesareadjustedbasedonthefairvalueoftheidentifiablenetassetsattheacquisitiondate.
1)Increaseinsubsidiaryorbusiness
DuringtheReportingPeriod,ifasubsidiaryorbusinessisaddedduetoabusinesscombinationundercommoncontrol,theopeningamountoftheconsolidatedbalancesheetshallbeadjusted;theincome,expensesandprofitsofthesubsidiaryorbusinesscombinationfromthebeginningofthecurrentperiodtotheendoftheReportingPeriodshallbeincludedintheconsolidatedincomestatement;thecashflowfromthebeginningofthecurrentperiodtotheendoftheReportingPeriodofthesubsidiaryorbusinesscombinationisincludedintheconsolidatedcashflowstatement,andtherelevantitemsinthecomparativestatementareadjustedatthesametime,asiftheconsolidatedreportingentityhasbeeninexistencesincetheultimatecontrollerbeginsthecontrol.
Iftheinvesteeunderthecommoncontrolcanbecontrolledduetoadditionalinvestmentorotherreasons,thepartiesinvolvedinthemergershallbedeemedtohavemadeadjustmentsintheircurrentstatewhentheultimatecontrollingpartybeginsthecontrol.Fortheequityinvestmentheldbythemergingentitypriortoobtainingcontroloverthemergedentity,therelevantprofitandloss,othercomprehensiveincomeandotherchangestonetassetsrecognizedintheperiodfromthedateofacquiringtheoriginalequityorthedatewhenthemergingentityandmergedentityareundercommoncontrol,whicheverislater,tothedateofmerger,shallbecoveredbywritingdowntheopeningretainedearningsorcurrentprofitandlossofthecomparisonperiod.
DuringtheReportingPeriod,ifasubsidiaryorbusinessisaddedduetoabusinesscombinationinvolvingenterprisesundernon-commoncontrol,theopeningbalanceoftheconsolidatedbalancesheetisnotadjusted;theincome,expensesandprofitsofthesubsidiaryandbusinessfromthedateofacquisitiontotheendoftheReportingPeriodareincludedintheconsolidatedincomestatement;thecashflowsofthesubsidiaryandbusinessfromthedateofacquisitiontotheendoftheReportingPeriodareincludedintheconsolidatedcashflowstatement.Iftheinvesteeunderthecommoncontrolcanbecontrolledduetoadditionalinvestmentorotherreasons,theequityinterestheldintheacquireepriortothedateofacquisitionisre-measuredaccordingtoitsfairvalueatthedateofacquisition.Thedifferencebetweenthefairvalueandthebookvalueisrecognizedasinvestmentincomeforthecurrentperiod.Iftheequityheldintheacquireeheldbeforetheacquisitiondateinvolvesothercomprehensiveincomeundertheequitymethodandotherchangesinowner’sequityotherthannetprofitandloss,othercomprehensiveincomeandprofitdistribution,relatedothercomprehensiveincome,andotherchangesinowner’sequityareconvertedintotheinvestmentincomeofthecurrentperiodontheacquisitiondate,exceptforothercomprehensivegainsarisingfromthere-measurementofnetliabilitiesofthedefinedbenefitplanmadebytheinvestedpartyorchangesinnetassets.
2)Disposalofsubsidiaryorbusiness
①Generaltreatmentmethod
DuringtheReportingPeriod,iftheCompanydisposesofasubsidiaryorbusiness,theincome,expensesandprofitsofthesubsidiaryorbusinessfromthebeginningoftheperiodtothedisposaldateareincludedintheconsolidatedincomestatement;thecashflowsofthesubsidiaryorbusinessfromthebeginningoftheReportingPeriodtothedisposaldateareincludedintheconsolidatedcashflowstatement.
WhentheCompanylosescontrolovertheinvestedpartyduetodisposalofpartoftheequityinvestmentorotherreasons,theremainingequityinvestmentafterdisposalwillbere-measuredaccordingtoitsfairvaluebytheCompanyonthedateoflossofcontrol.Thedifferenceofthesumoftheconsiderationobtainedfromthedisposaloftheequityandthefairvalueoftheremainingequity,lessthesumoftheshareofnetassetsandgoodwilloftheoriginalsubsidiarythatshouldbeenjoyedinaccordancewiththeoriginalshare-holdingratiosincethedateofacquisitionorcombination,isaccountedfortheinvestmentincomeinthecurrentperiodoflossofcontrol.Othercomprehensiveincomerelatedtotheequityinvestmentoftheoriginalsubsidiaryorotherchangesinowner’sequityotherthannetprofitandloss,othercomprehensiveincomeandprofitdistribution,willbeconvertedintocurrentinvestmentincomewhencontrolislost,exceptforothercomprehensivegainsarisingfromthere-measurementofnetliabilitiesofthedefinedbenefitplanmadebytheinvestedpartyorchangesinnetassets.
②Disposalofsubsidiariesinsteps
Iftheequityinvestmentinasubsidiaryisdisposedofinstepsthroughmultipletransactionsuntilthelossofcontrol,theterms,conditions,andeconomicimpactofthedisposaloftheequityinvestmentinthesubsidiarymeetoneormoreofthefollowingconditions,itusuallyindicatesthatmultipletransactionsshallbeaccountedasapackagedeal:
A.Thesetransactionsaremadesimultaneouslyorwithconsiderationofinfluenceoneachother;
B.Thesetransactionscanonlyachieveacompletebusinessoutcomewhentreatedasawhole;
C.Theoccurrenceofatransactiondependsontheoccurrenceofatleastoneoftheothertransactions;
D.Atransactionisuneconomicalwhentreatedalone,butiseconomicalwhenconsideredtogetherwithothertransactions.
Ifalltransactionsfromdisposalofequityinvestmentinsubsidiariestolossofcontrolbelongtoapackagedeal,eachtransactionshallbetreatedasatransactionfordisposalofequityinvestmentinsubsidiariesandlossofcontrol.Thedifferencebetweeneachdisposalpriceandtheshareofthesubsidiary’snetassetscorrespondingtothedisposalinvestmentbeforethelossofthecontrolisrecognizedasothercomprehensiveincomeintheconsolidatedfinancialstatements,whichistransferredintothecurrentprofitandlosswhenthecontrolislost.
Ifthedisposaloftheequityinvestmentinthesubsidiaryuntilthelossofcontrolisnotapackagedeal,beforethelossofcontrol,theaccountingtreatmentshallbecarriedoutinaccordancewiththerelevantpoliciesforpartialdisposaloftheequityinvestmentofthesubsidiarywithoutlossofcontrol;whenthecontrolislost,theaccountingtreatmentshallbecarriedoutinaccordancewiththegeneraltreatmentmethodforthedisposalofthesubsidiary.
3)Acquisitionofminority’equityinsubsidiary
Thedifferencebetweentheadditionallong-termequityinvestmentarisingfromtheacquisitionofminorityequityandthenetassetsofthesubsidiary,whichiscalculatedaccordingtothenewholdingproportionsincethedateofacquisition(orthedateofmerger)shallbecoveredbyadjustingtheequitypremiumincapitalreserveoftheconsolidatedbalancesheet;iftheequitypremiumincapitalreserveisnotsufficientforwrite-off,retainedearningsshallbeadjusted.
4)Partialdisposaloftheequityinvestmentofthesubsidiarywithoutlossofcontrol
Iftheparentcompanydisposesofpartofitslong-termequityinvestmentinthesubsidiarywithoutlosingitscontrol,thedifferencebetweenthedisposalpriceandthenetassetsofthesubsidiarycorrespondingtotheequityinvestmentdisposedofsincethedateofacquisitionorthedateofmergershallbecoveredbyadjustingtheequitypremiumincapitalreserveoftheconsolidatedbalancesheet;iftheequitypremiumincapitalreserveisnotsufficientforwrite-off,retainedearningsshallbeadjusted.
7.Classificationofjointventurearrangementsandaccountingtreatmentmethodforjointoperations
(1)ClassificationofjointarrangementsTheCompanydividesjointventurearrangementsintojointoperationsandjointventuresbasedonfactorssuchasthestructure,legalform,andtermsinthejointventurearrangementandotherrelevantfactsandcircumstances.Jointventurearrangementsthatarenotreachedthroughseparateentitiesareclassifiedasjointoperations;jointarrangementsreachedthroughseparateentitiesareusuallyclassifiedasjointventures;thereisconclusiveevidencethatjointarrangementsthatmeetanyofthefollowingconditionsandcomplywithrelevantlawsandregulationsareclassifiedasjointoperations:
1)Thelegalformofthejointarrangementindicatesthatthejointventurepartyhastherightsandobligationsoftherelatedassetsandliabilitiesinthearrangement.
2)Accordingtocontractualtermsofthejointarrangement,thejointventurepartyhastherightsandobligationsoftherelatedassetsand
liabilitiesinthearrangement
3)Otherrelevantfactsandcircumstancesindicatethatthejointventurepartyhastherightsandobligationsoftherelatedassetsandliabilities
inthearrangement.Forexample,thejointventurepartyenjoysalmostalltheoutputrelatedtothejointventurearrangement,andthesettlementoftheliabilitiesinthearrangementcontinuestorelyonthesupportfromthejointventureparty.
(2)AccountingtreatmentforjointoperationsTheCompanyrecognizesthefollowingitemsrelatedtotheshareofinterestsinjointoperationsandmakesaccountingtreatmentaccordingtotherelevantASBE:
1)Recognizestheassetsheldseparately,andtheassetsheldjointlyaccordingtoitsproportion;
2)Recognizestheliabilitiesassumedseparately,andtheliabilitiesassumedjointlyaccordingtoitsproportion;
3)Recognizestheincomefromthesalesofitsshareintheoutputsofjointoperation;
4)Recognizestheincomefromthesalesoftheoutputsofjointoperationaccordingtoisproportion;
5)Recognizestheexpensesincurredseparately,andrecognizetheexpensesincurredjointlyaccordingtoitsproportion.
IftheCompanyinvestsorsellsassets,etc.toajointoperation(exceptthatiftheassetconstitutesabusiness),beforetheasset,etc.,issoldbythejointoperationtoathirdparty,onlytheprofitandlossarisingfromthetransactionattributabletootherparticipantsinthejointoperationisrecognized.IntheeventofassetimpairmentlossescomplyingwiththeAccountingStandardsforBusinessEnterprisesNo.8-AssetImpairmentandotherprovisionsofassetsinvestedorsold,theCompanyshallrecognizethelossinfull.IftheCompanypurchasesassets,etc.fromajointoperation(exceptthatiftheassetconstitutesabusiness),beforetheasset,etc.,issoldtoathirdparty,onlytheprofitandlossarisingfromthetransactionattributabletootherparticipantsinthejointoperationisrecognized.IntheeventofassetimpairmentlossescomplyingwiththeAccountingStandardsforBusinessEnterprisesNo.8-AssetImpairmentandotherprovisionsofassetspurchased,theCompanyshallrecognizethelossbasedontheshareitholds.
TheCompanydoesnothavejointcontroloverthejointoperation.IftheCompanyenjoysthejointoperation-relatedassetsandassumesthejointoperation-relatedliabilities,theaccountingtreatmentshallstillbecarriedoutinaccordancewiththeaboveprinciples;otherwise,theaccountingtreatmentshallbecarriedoutinaccordancewiththerelevantcorporateaccountingstandards.
8.Determinationstandardsforcashandcashequivalents
Inthepreparationofthecashflowstatement,theCompany’scashonhandanddepositsthatcanbereadilyusedforpaymentarerecognizedascash.Theinvestmentthathasthefourconditionsofshortmaturity(generallyduewithinthreemonthsfromthedateofpurchase),strongliquidity,easyconversionintocashofaknownamount,andlowriskofvaluechangeswillbedeterminedascashequivalents.
9.Foreigncurrencybusinessandforeigncurrencystatementtranslation
(1)Foreigncurrencybusiness
Intheinitialconfirmationofforeigncurrencytransactions,thespotexchangerateonthedateofoccurrenceofthetransactionshallbeusedastheconversionratetoconvertintoRMBforaccounting.
Atthebalancesheetdate,foreigncurrencymonetaryitemsaretranslatedatthespotexchangerateonthebalancesheetdate,andtheresultingexchangedifferencesareincludedinthecurrentprofitandloss,exceptfortheexchangedifferencesarisingfromforeigncurrencyspecialborrowingsrelatedtotheacquisitionandconstructionofassetseligibleforcapitalization,whicharetreatedinaccordancewiththeprincipleofcapitalizationofborrowingcosts.Theforeigncurrencynon-monetaryitemsmeasuredathistoricalcostarestilltranslatedatthespotexchangerateonthedateoftransactionwithoutchangingtheamountofrecordingcurrency.
Foreigncurrencynon-monetaryitemsmeasuredatfairvalueshallbetranslatedatthespotexchangerateonthedateofdeterminationoffairvalue.Thedifferencebetweenthetranslatedamountofrecordingcurrencyandtheoriginalamountofrecordingcurrencyshallbetreatedasfairvaluechanges(includingchangesinexchangerate),andincludedinthecurrentprofitandlossorrecognizedasothercomprehensiveincome.
(2)Translationofforeigncurrencyfinancialstatements
Theassetsandliabilitiesitemsinthebalancesheetshallbetreatedatthespotexchangerateonthebalancesheetdate.Exceptforthe“undistributedprofit”items,otherowner’sequityitemsshallbetranslatedatthespotexchangerateatthetimeofoccurrence.Theincomeandexpenseitemsintheincomestatementshallbetranslatedatthespotexchangerateonthedateoftransaction.Theexchangedifferencesontranslationofforeigncurrencyfinancialstatementsgeneratedinaccordancewiththeabovetranslationshallbeincludedinothercomprehensiveincome.
Whendisposingofanoverseasoperation,thedifferenceintranslationoftheforeigncurrencyfinancialstatementsrelatedtotheoverseasoperationlistedinothercomprehensiveincomeitemsinthebalancesheetshallbetransferredfromothercomprehensiveincomeitemstotheprofitsandlossesofthecurrentperiodfordisposal.Whentheproportionofoverseasbusinessinterestsheldisreducedduetothedisposalofpartofequityinvestmentorotherreasonsbuttherightofcontroloveroverseasbusinessisnotlost,thedifferenceoftranslationofforeigncurrencystatementsrelatedtothedisposalpartofoverseasbusinesswillbeattributedtominorityshareholders’rightsandinterestsandwillnotbetransferredtocurrentprofitandloss.Whendisposingofpartoftheequityofanoverseasoperationthatisanassociateorajointventure,thedifferenceontranslationoftheforeigncurrencystatementrelatedtotheoverseasoperationshallbetransferredtothedisposalofthecurrentprofitandlossaccordingtotheproportionofthedisposaloftheoverseasoperation.
10.Financialinstruments
WhentheCompanybecomesapartytoafinancialinstrument,itrecognizesafinancialassetorliability.
Theeffectiveinterestmethodreferstothemethodofcalculatingtheamortizedcostoffinancialassetsorliabilitiesandallocatinginterestincomeorinterestexpenseintoeachaccountingperiod.
Theeffectiveinterestratereferstotheinterestrateusedtodiscounttheestimatedfuturecashflowofafinancialassetorfinancialliabilityduringitsexpecteddurationtothebookbalanceofthefinancialassetortheamortizedcostofthefinancialliability.Whendeterminingtheeffectiveinterestrate,theexpectedcashflowisestimatedonthebasisofconsideringallcontracttermsoffinancialassetsorliabilities(suchasprepayment,extension,calloptionsorothersimilaroptions),buttheexpectedcreditlossisnotconsidered.
Theamortizedcostofafinancialassetorfinancialliabilityistheaccumulatedamortizationamountformedbydeductingtherepaidprincipalfromtheinitialrecognitionamountofthefinancialassetorfinancialliability,addingorsubtractingthedifferencebetweentheinitialrecognitionamountandthematurityamountbyusingtheeffectiveinterestmethod,andthendeductingtheaccumulatedaccruedlossreserve(onlyapplicabletofinancialassets).
(1)Classification,recognitionandmeasurementoffinancialassets
Accordingtothebusinessmodelofthefinancialassetsundermanagementandthecontractualcashflowcharacteristicsofthefinancialassets,theCompanydividesthefinancialassetsintothefollowingthreecategories:
1)Financialassetsmeasuredatamortizedcost.
2)Financialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome.
3)Financialassetsmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss.
Financialassetsaremeasuredatfairvaluewheninitiallyrecognized,butiftheaccountsornotesreceivablearisingfromthesaleofgoodsortheprovisionofservicesdonotcontainsignificantfinancingcomponentsordonotconsiderfinancingcomponentsfornomorethanoneyear,theinitialmeasurementshallbemadeatthetransactionprice.
Forfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss,transactionexpensesaredirectlyrecognizedinthecurrentprofitandloss.Forotherfinancialassets,transactionexpensesareincludedintheinitialrecognitionamount.
Subsequentmeasurementoffinancialassetsdependsontheirclassification.AllrelatedfinancialassetsaffectedwillbereclassifiedwhenandonlywhentheCompanychangesitsbusinessmodelofmanagingfinancialassets.
1)Financialassetsclassifiedasmeasuredatamortizedcost
Thecontracttermsofafinancialassetstipulatethatthecashflowgeneratedonaspecificdateisonlythepaymentoftheprincipalandtheinterestontheamountofoutstandingprincipal,andthebusinessmodelformanagingthefinancialassetistocollectthecontractualcashflow,thentheCompanyclassifiesthefinancialassetasmeasuredatamortizedcost.FinancialassetsoftheCompanythatareclassifiedasmeasuredatamortizedcostincludemonetaryfunds,somenotesreceivableandaccountsreceivablemeasuredatamortizedcost,otherreceivables,etc.
TheCompanyrecognizesinterestincomefromsuchfinancialassetswiththeeffectiveinterestmethod,andcarriesoutsubsequentmeasurementatamortizedcost.Gainsorlossesarisingfromimpairmentorderecognitionormodificationareincludedinthecurrentprofitandloss.TheCompanycalculatesanddeterminestheinterestincomebasedonthebookbalanceoffinancialassetsmultipliedbytheeffectiveinterestrateexceptforthefollowingcircumstances:
①Forpurchasedororiginatedcredit-impairedfinancialassets,theCompanycalculatesanddeterminestheirinterestincomeattheamortizedcostofthefinancialassetandthecredit-adjustedeffectiveinterestratesincetheinitialrecognition.
②Forfinancialassetsthathavenotbeencredit-impairedatthetimeofbeingpurchasedororiginatedbutbecomecredit-impairedinthesubsequentperiod,theCompanycalculatesanddeterminestheirinterestincomeattheamortizedcostandtheeffectiveinterestrateofthefinancialassetsinthesubsequentperiod.Ifthefinancialinstrumentisnolongercredit-impairedduetotheimprovementofitscreditriskinthesubsequentperiod,theCompanycalculatesanddeterminestheinterestincomebymultiplyingtheeffectiveinterestratebythebookbalanceofthefinancialasset.
2)Financialassetsclassifiedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome
Thecontracttermsofafinancialassetstipulatethatthecashflowgeneratedonaspecificdateisonlythepaymentoftheprincipalandtheinterestontheamountofoutstandingprincipal,andthebusinessmodelformanagingthefinancialassetisbothtocollectcontractualcashflowsandforitssale,thentheCompanyclassifiesthefinancialassetasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome.
TheCompanyrecognizesinterestincomefromsuchfinancialassetswiththeeffectiveinterestmethod.Exceptthattheinterestincome,impairmentlossandexchangedifferencearerecognizedasthecurrentprofitandloss,otherchangesinfairvalueareincludedinothercomprehensiveincome.Whenthefinancialassetisderecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincomearetransferredoutandincludedinthecurrentprofitandloss.
Notesandaccountsreceivablemeasuredatfairvaluewithchangesincludedinothercomprehensiveincomearereportedasreceivablesfinancing,andsuchotherfinancialassetsarereportedasothercreditors’investments.Amongthem,othercreditors’investmentsmaturingwithinoneyearfromthebalancesheetdatearereportedasnon-currentassetsmaturingwithinoneyear,andothercreditors’investmentsmaturingwithinoneyeararereportedasothercurrentassets.
3)Financialassetsdesignatedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome
Atthetimeofinitialrecognition,theCompanymayirrevocablydesignatenon-tradingequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomeonthebasisofindividualfinancialassets.
Changesinthefairvalueofsuchfinancialassetsareincludedinothercomprehensiveincomewithoutprovisionforimpairment.Whenthefinancialassetisderecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincomearetransferredoutandincludedintheretainedearnings.DuringtheinvestmentperiodwhentheCompanyholdstheequityinstrument,thedividendincomeisrecognizedandincludedinthecurrentprofitandlosswhentheCompany’srighttoreceivedividendshasbeenestablished,theeconomicbenefitsrelatedtodividendsarelikelytoflowintotheCompany,andtheamountofdividendscanbemeasuredreliably.TheCompanyreportedsuchfinancialassetsunderotherequityinstrumentinvestmentitems.
Aninvestmentinequityinstrumentsisafinancialassetmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandlosswhenitisobtainedmainlyforrecentsale,orispartoftheidentifiableportfoliooffinancialassetscentrallymanaged,andobjectiveevidenceexistsforashort-termprofitmodelinthenearfuturewheninitiallyrecognized,orisaderivative(exceptderivativesdefinedasfinancialguaranteecontractsanddesignatedaseffectivehedginginstruments).
4)Financialassetsclassifiedasmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss
Iffailingtobeclassifiedasmeasuredatamortizedcostoratfairvalueandwhosechangesareincludedinothercomprehensiveincome,ornotdesignatedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome,financialassetsareallclassifiedasmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss.
TheCompanycarriesoutsubsequentmeasurementofsuchfinancialassetsatfairvalue,andincludesgainsorlossesarisingfromchangesinfairvalueaswellasdividendsandinterestincomeassociatedwithsuchfinancialassetsintocurrentprofitandloss.TheCompanyreportssuchfinancialassetsastradingfinancialassetsandothernon-currentfinancialassetsaccordingtotheirliquidity.
5)Financialassetsdesignatedasmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss
Atthetimeofinitialrecognition,theCompanymayirrevocablydesignatefinancialassetsasmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandlossonthebasisofindividualfinancialassetsinordertoeliminateorsignificantlyreduceaccountingmismatches.
Ifthemixedcontractcontainsoneormoreembeddedderivativeinstrumentsanditsmaincontractisnotanyfinancialassetasabove,theCompanymaydesignatethewholeofthemixedcontractasafinancialinstrumentmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss.Exceptunderthefollowingcircumstances:
①Embeddedderivativesdonotsignificantlychangethecashflowofmixedcontracts.
②Whendeterminingforthefirsttimewhethersimilarmixedcontractsneedtobesplit,itisalmostclearthatembeddedderivativescontainedinthemshouldnotbesplitwithoutanalysis.Iftheprepaymentrightembeddedinaloanallowstheholdertoprepaytheloanatanamountclosetotheamortizedcost,theprepaymentrightdoesnotneedtobesplit.
TheCompanycarriesoutsubsequentmeasurementofsuchfinancialassetsatfairvalue,andincludesgainsorlossesarisingfromchangesinfairvalueaswellasdividendsandinterestincomeassociatedwithsuchfinancialassetsintocurrentprofitandloss.
TheCompanyreportssuchfinancialassetsastradingfinancialassetsandothernon-currentfinancialassetsaccordingtotheirliquidity.
(2)Classification,recognitionandmeasurementoffinancialliabilitiesTheCompanyclassifiesafinancialinstrumentoritscomponentsintofinancialliabilitiesorequityinstrumentsuponinitialrecognitionaccordingtothecontracttermsofandtheeconomicessencereflectedbythefinancialinstrumentissued,ratherthanonlyinlegalform,incombinationwiththedefinitionsoffinancialliabilitiesandequityinstruments.Financialliabilitiesareclassifiedatinitialrecognitionasmeasuredatfairvalueandwhosechangesareincludedincurrentprofitandloss,orotherfinancialliabilities,orderivativesdesignatedaseffectivehedginginstruments.
Financialliabilitiesaremeasuredatfairvalueuponinitialrecognition.Forfinancialliabilitiesmeasuredatfairvalueandwhosechangesareincludedincurrentprofitandloss,relevanttransactionexpensesaredirectlyincludedincurrentprofitandloss.Forothercategoriesoffinancialliabilities,relevanttransactionexpensesareincludedintheinitialrecognitionamount.
Subsequentmeasurementoffinancialliabilitiesdependsontheirclassification:
1)Financialliabilitiesmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss
Suchfinancialliabilitiesincludetradingfinancialliabilities(includingderivativesfallingunderfinancialliabilities)andfinancialliabilitiesdesignatedasmeasuredatfairvalueandwhosechangesareincludedincurrentprofitandlossuponinitialrecognition.
Thefinancialliabilityisatradingfinancialliabilityifitismainlyundertakenforrecentsaleorrepurchase,orispartoftheidentifiableportfoliooffinancialinstrumentscentrallymanaged,andthereisobjectiveevidencethattheenterprisehasrecentlyemployedashort-termprofitmodel,orisaderivativeinstrument,exceptderivativesdesignatedaseffectivehedginginstrumentsandderivativesconformingtofinancialguaranteecontracts.Tradingfinancialliabilities(includingderivativesbelongingtofinancialliabilities)shallbesubsequentlymeasuredaccordingtofairvalue.Exceptinrelationtohedgeaccounting,allchangesinfairvalueshallberecordedintocurrentprofitandloss.
TheCompanyirrevocablydesignatesfinancialliabilitiesasmeasuredatfairvalueandwhosechangesareincludedincurrentprofitandlossatthetimeofinitialrecognitioninordertoprovidemorerelevantaccountinginformationif:
①Suchfinancialliabilitiescaneliminateorsignificantlyreduceaccountingmismatches.
②Thefinancialliabilityportfolioortheportfoliooffinancialassetsandliabilitiesismanagedandevaluatedforperformanceonthebasisoffairvalueaccordingtotheenterpriseriskmanagementorinvestmentstrategystatedintheofficialwrittendocuments,andisreportedtokeymanagementpersonnelwithintheenterpriseonthisbasis.
TheCompanysubsequentlymeasuressuchfinancialliabilitiesatfairvalue.ExceptchangesinfairvaluethatarebroughtaboutbychangesintheCompany’sowncreditriskareincludedinothercomprehensiveincome,otherchangesinfairvalueareincludedincurrentprofitandloss.Unlessincludingsuchchangesinothercomprehensiveincomewillcauseorexpandaccountingmismatchinprofitorloss,theCompanywillincludeallchangesinfairvalue(includingtheamountaffectedbychangesinitsowncreditrisk)incurrentprofitandloss.
2)Otherfinancialliabilities
TheCompanyclassifiesfinancialliabilitiesexceptforthefollowingitemsasmeasuredatamortizedcost.Suchfinancialliabilitiesarerecognizedbytheeffectiveinterestmethodandsubsequentlymeasuredatamortizedcost.Gainsorlossesarisingfromderecognitionoramortizationareincludedinthecurrentprofitandloss:
①Financialliabilitiesmeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss.
②Financialliabilitiesresultingfromthetransferoffinancialassetsthatdonotmeettheconditionsforderecognitionorcontinuetobeinvolvedinthetransferredfinancialassets.
③Financialguaranteecontractsthatdonotfallunderthefirsttwocategoriesofthisarticle,andloancommitmentsthatdonotfallundercategory1)ofthisarticleandlendatabelow-marketinterestrate.
Financialguaranteecontractsrefertocontractsthatrequiretheissuertopayaspecificamounttothecontractholderwhohassufferedlosseswhenaspecificdebtorfailstopaythedebtinaccordancewiththeoriginalormodifiedtermsofthedebtinstrument.Financialguaranteecontractsthatarenotfinancialliabilitiesdesignatedasmeasuredatfairvalueandwhosechangesareincludedincurrentprofitandlossaremeasuredafterinitialrecognitionaccordingtothelossreserveamountandoftheinitialrecognitionamount,lesstheaccumulatedamortizationamountduringtheguaranteeperiod,whicheverishigher.
(3)Derecognitionoffinancialassetsandliabilities
1)Financialassetarederecognized,i.e.writtenofffromitsaccountandbalancesheetif:
①Thecontractualrighttoreceivecashflowfromthefinancialassetisterminated;or
②Thefinancialassethasbeentransferred,whichmeetstherequirementsforderecognitionoffinancialassets.
2)Conditionsforderecognitionoffinancialliabilities
Ifthecurrentobligationofafinancialliability(orpartthereof)hasbeendischarged,suchfinancialliability(orpartthereof)isderecognized.
Theexistingfinancialliabilityisderecognizedwithanewonerecognized,andthedifferencebetweenthecarryingamountandtheconsiderationpaid(includingtransferrednon-cashassetsorassumedliabilities)isincludedinthecurrentprofitandloss,ifanagreementissignedbetweentheCompanyandthelendertoreplacetheexistingfinancialliabilitybyassuminganewone,andthecontracttermsofthesetwofinancialliabilitiesaresubstantiallydifferent,orthecontracttermsoftheexistingfinancialliability(orpartthereof)aresubstantiallymodified.
IftheCompanyrepurchasespartofafinancialliability,thecarryingamountofthefinancialliabilityshallbedistributedaccordingtotheproportionofthefairvalueofthecontinuingrecognitionportionandthederecognitionportiontotheoverallfairvalueontherepurchasedate.Thedifferencebetweenthecarryingamountallocatedtothederecognizedportionandtheconsiderationpaid(includingtransferrednon-cashassetsorliabilitiesassumed)shallbeincludedinthecurrentprofitandloss.
(4)Recognitionbasisandmeasurementmethodoffinancialassettransfer
Whenafinancialassetistransferred,theCompanyevaluatestherisksandrewardsretainedofthefinancialassetownership:
1)Ifalmostalltherisksandrewardsofthefinancialassetownershiparetransferred,suchfinancialassetshallbederecognized,andtherightsandobligationsgeneratedorretainedinthetransfershallbeseparatelyrecognizedasassetsorliabilities.
2)Ifalmostalltherisksandrewardsofthefinancialassetownershipareretained,suchfinancialassetshallcontinuetoberecognized.
3)IncircumstanceswhentheCompanyneithertransfersnorretainsalmostalltherisksandrewardsofthefinancialassetownership(i.e.circumstancesotherthan1)and2)ofthisarticle),accordingtowhetheritretainscontroloversuchfinancialasset:
①Thefinancialassetshallbederecognized,andtherightsandobligationsgeneratedorretainedinthetransfershallbeseparatelyrecognizedasassetsorliabilitiesifsuchcontrolisnotretained;or
②therelevantfinancialassetshallcontinuetoberecognizedtotheextentthatitcontinuestobeinvolvedinthetransferredfinancialasset,andtherelevantliabilitiesshallberecognizedaccordinglyifsuchcontrolisretained.TheextentthatitcontinuestobeinvolvedinthetransferredfinancialassetreferstotheextenttheCompanybearstherisksorrewardsonchangesinthevalueofthetransferredfinancialasset.
Whenjudgingwhetherthetransferoffinancialassetsmeetstheaboveconditionsforderecognitionoffinancialassets,theprincipleofsubstanceoverformshallbeadopted.TheCompanydividesthetransferoffinancialassetsintooveralltransferandpartialtransfer.
1)Iftheoveralltransferoffinancialassetsmeetstheconditionsforderecognition,thedifferencebetweenthefollowingtwoamountsshallbe
includedinthecurrentprofitandloss:
①Thecarryingamountofthetransferredfinancialassetonthedateofderecognition.
②Thesumoftheconsiderationreceivedforthetransferoffinancialassetsandtheamountofthecorrespondingderecognizedportionoftheaccumulatedchangesinfairvalueoriginallyincludedinothercomprehensiveincomedirectly(thefinancialassetsinvolvedinthetransferarefinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome).
2)Ifthefinancialassetispartiallytransferredandthetransferredpartmeetstheconditionsforderecognition,thecarryingamountofthe
financialassetbeforetransfershallbeallocatedbetweenthederecognitionportionandthecontinuingrecognitionportion(inthiscase,the
retainedserviceassetshallberegardedasthecontinuingrecognitionpartofthefinancialasset)accordingtotherespectiverelativefairvalueson
thetransferdate,andthedifferencebetweenthefollowingtwoamountsshallbeincludedinthecurrentprofitandloss:
①Thecarryingamountofthederecognizedportiononthederecognitiondate.
②Thesumoftheconsiderationreceivedforthederecognizedportionandtheamountofthecorrespondingderecognizedportionoftheaccumulatedchangesinfairvalueoriginallyincludedinothercomprehensiveincome(thefinancialassetsinvolvedinthetransferarefinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome).
Ifthetransferofafinancialassetdoesnotmeettheconditionsforderecognition,thefinancialassetshallcontinuetoberecognizedandtheconsiderationreceivedshallberecognizedasafinancialliability.
(5)Determinationoffairvalueoffinancialassetsandliabilities
Thefairvalueofafinancialassetorliabilitywithanactivemarketshallbedeterminedbythequotedpriceintheactivemarket,unlessthefinancialassethasasell-offperiodfortheassetitself.Forthefinancialassetsrestrictedfortheassetsthemselves,thecompensationamountdemandedbymarketparticipantsduetotheriskofnotbeingabletosellthefinancialassetsontheopenmarketwithinthespecifiedperiodshallbedeductedfromthequotedpriceintheactivemarket.Quotedpricesintheactivemarketincludesthoseforrelatedassetsorliabilitiesthatcanbeeasilyandregularlyobtainedfromexchanges,dealers,brokers,industrygroups,pricingorregulatoryagencies,andcanrepresentactualandrecurringmarkettransactionsonthebasisoffairtrade.
Thefairvalueoffinancialassetsinitiallyacquiredorderivedorfinancialliabilitiesassumedshallbedeterminedonthebasisofmarkettransactionprice.
Thefairvalueoffinancialassetsorliabilitieswithoutanactivemarketshallbedeterminedbyvaluationtechniques.Atthetimeofvaluation,theCompanyadoptsvaluationtechniquesthatareapplicableunderthecurrentcircumstancesandaresupportedbysufficientavailabledataandotherinformation,selectsinputvaluesconsistentwiththecharacteristicsofrelevantassetsorliabilitiesconsideredbymarketparticipantsinthetransactionsthereof,andgivesprioritytotheuseofrelevantobservableinputvalueswheneverpossible.Iftherelevantobservableinputvaluecannotbeobtainedorbefeasiblyobtained,theunobservableinputvalueshallbeused.
(6)ImpairmentoffinancialinstrumentsBasedontheexpectedcreditloss,theCompanyconductsimpairmentaccountingoffinancialassetsclassifiedasmeasuredatamortizedcostandfinancialassetsclassifiedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomeandrecognizeslossreserves.Expectedcreditlossreferstotheweightedaverageofthecreditlossesoffinancialinstrumentsweightedbytheriskofdefault.CreditlossreferstothedifferencebetweenallcontractualcashflowsdiscountedattheoriginaleffectiveinterestrateandreceivableaccordingtothecontractandallcashflowsexpectedtobecollectedoftheCompany,i.e.thepresentvalueofallcashshortfalls.Amongthem,credit-impairedpurchasedororiginatedfinancialassetsoftheCompanyshallbediscountedatthecredit-adjustedeffectiveinterestrateofsuchfinancialassets.Forreceivables,contractualassetsandleasereceivablesarisingfromtransactionsregulatedbytheincomecriteria,theCompanyusesthesimplifiedmeasurementmethodtomeasurethelossreserveaccordingtotheamountequivalenttotheexpectedcreditlossduringtheentireduration.Forcredit-impairedpurchasedororiginatedfinancialassets,onlytheaccumulatedchangesintheexpectedcreditlossesduringtheentiredurationsincetheinitialrecognitionarerecognizedaslossreservesonthebalancesheetdate.Oneachbalancesheetdate,theamountofchangeintheexpectedcreditlossduringtheentiredurationisincludedinthecurrentgainsandlossesasimpairmentlossesorgains.Eveniftheexpectedcreditlossduringtheentiredurationonthebalancesheetdateislessthanthatreflectedintheestimatedcashflowuponinitialrecognition,thefavorablechangeintheexpectedcreditlossisrecognizedasimpairmentgains.
Inadditiontootherfinancialassetsadoptingtheabovesimplifiedmeasurementmethodandotherthanthecredit-impairedpurchasedororiginatedones,theCompanyevaluateswhetherthecreditriskofrelevantfinancialinstrumentshasincreasedsignificantlysincetheinitialrecognition,measuresitslossreservesandrecognizestheexpectedcreditlossanditschangesrespectivelyaccordingtothefollowingcircumstancesoneachbalancesheetdate:
1)Ifthecreditriskofthefinancialinstrumenthasnotincreasedsignificantlysinceitsinitialrecognitionandisinthefirststage,itsloss
reserveshallbemeasuredaccordingtoanamountequivalenttoitsexpectedcreditlossinthenext12months,andtheinterestincomeshallbe
calculatedatthebookbalanceandtheeffectiveinterestrate.
2)Ifthecreditriskofthefinancialinstrumenthasincreasedsignificantlysincetheinitialrecognitionbutnocreditimpairmenthasoccurred,
itisinthesecondstage,thenitslossreserveshallbemeasuredaccordingtoanamountequivalenttoitsexpectedcreditlossthroughoutitslife,
andtheinterestincomeshallbecalculatedatthebookbalanceandtheeffectiveinterestrate.
3)Ifthefinancialinstrumentiscredit-impairedsinceitsinitialrecognition,itisinthethirdstage,andtheCompanyshallmeasureitsloss
reserveaccordingtoanamountequivalenttoitsexpectedcreditlossthroughoutitslife,andcalculatetheinterestincomeattheamortizedcost
andtheeffectiveinterestrate.
Theincreaseorreversedamountofthecreditlossreserveforfinancialinstrumentsshallbeincludedinthecurrentprofitandlossasimpairmentlossesorgains.Exceptforfinancialassetsclassifiedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome,thecreditlossreservewilloffsetthecarryingamountofthefinancialassets.Forfinancialassetsclassifiedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome,theCompanyrecognizesitscreditlossreserveinothercomprehensiveincomewithoutreducingitscarryingamountpresentedinthebalancesheet.
Inthepreviousaccountingperiod,theCompanyhasmeasuredthelossreserve,theamountofwhichisequivalenttotheexpectedcreditlossofthefinancialinstrumentthroughoutitslife.However,onthebalancesheetdateofthecurrentperiod,thefinancialinstrumentnolongerconformstothesituationofsignificantincreaseincreditrisksinceinitialconfirmation;onthebalancesheetdateofthecurrentperiod,theCompanyhasmeasuredthelossreserveofthefinancialinstrument,theamountofwhichisequivalenttotheexpectedcreditlossinthenext12months,andthereversedamountofthelossreservethusformedisincludedinthecurrentprofitandlossasimpairmentprofit.
1)Significantincreaseofcreditrisk
Inordertodeterminewhetherthecreditriskoffinancialinstrumentshasincreasedsignificantlysincetheinitialrecognition,theCompanyusestheavailablereasonableandbasedforward-lookinginformationandcomparestheriskofdefaultoffinancialinstrumentsonthebalancesheetdatewiththeriskofdefaultontheinitialconfirmationdate.WhentheCompanyappliesprovisionsondepreciationoffinancialinstrumentstofinancialguaranteecontracts,theinitialrecognitiondateshallberegardedasthedatewhentheCompanybecomesapartytomakeirrevocablecommitments.
Fortheassessmentofwhetherthecreditriskhasincreasedsignificantly,theCompanywillconsiderthefollowingfactors
①Whethertheactualorexpectedoperatingresultsofthedebtorhavechangedsignificantly;
②Whethertheregulatory,economicortechnologicalenvironmentofthedebtorhasundergonesignificantadversechanges;
③Whetherthefollowingitemshavechangedsignificantly:thevalueofcollateralasdebtmortgage,ortheguaranteeprovidedbyathirdparty,orthequalityofcreditenhancement;thesechangeswillreducethedebtor’seconomicmotivationtorepaytheloanwithinthetimelimitstipulatedinthecontractorimpacttheprobabilityofdefault;
④Whetherthedebtor’sexpectedperformanceandrepaymentbehaviorhavechangedsignificantly;
⑤WhethertheCompany’screditmanagementmethodsforfinancialinstrumentshavechanged,etc.
If,onthebalancesheetdate,thecreditriskofthefinancialinstrumentisjudgedtobelowbytheCompany,theCompanyassumesthatthecreditriskofthefinancialinstrumenthasnotincreasedsignificantlysincetheinitialrecognition.Thefinancialinstrumentwillbedeemedtohavelowercreditriskunderthefollowingcircumstances:thedefaultriskofthefinancialinstrumentislower;theborrowerhasastrongabilitytofulfillitscontractual
cashflowobligationsinashorttime;furthermore,evenifthereareadversechangesintheeconomicsituationandoperatingenvironmentforalongperiodoftime,itmaynotnecessarilyreducetheborrower’sabilitytofulfillitscontractualcashflowobligations.
2)FinancialassetswithdepreciationofcreditIfoneormoreeventshaveadverseeffectsontheexpectedfuturecashflowofafinancialasset,thefinancialassetwillbecomeafinancialassetthathassufferedcreditimpairment.Thefollowingobservableinformationcanberegardedasevidenceofcreditimpairmentoffinancialassets:
①Theissuerordebtorisinseriousfinancialdifficulties;
②Thedebtorbreachesthecontract,suchasdefaultoroverduepaymentofinterestorprincipal,etc.;
③Thecreditorgivesconcessionstothedebtorduetoeconomicorcontractualconsiderationsrelatedtothedebtor’sfinancialdifficulties;theconcessionswillnotbemadeunderanyothercircumstances;
④Thereisagreatpossibilityofbankruptcyorotherfinancialrestructuringofthedebtor;
⑤Thefinancialdifficultiesoftheissuerordebtorcausethedisappearanceoftheactivemarketforthefinancialasset;
⑥Thepurchaseororiginofafinancialassetatasubstantialdiscountthatreflectsthefactthatacreditlosshasoccurred.
Creditimpairmentoffinancialassetsmaynotbecausedbyseparatelyidentifiableevents,butmaybecausedbythecombinedeffectofmultipleevents.
3)Determinationofexpectedcreditloss
TheCompany’sassessmentoftheexpectedcreditlossesoffinancialinstrumentsisbasedonsingleitemsandcombinations.Duringtheevaluation,theCompanywilltakeintoaccountreasonableandreliableinformationaboutpastevents,currentsituationandfutureeconomicsituationforecast.
TheCompanydividesfinancialinstrumentsintodifferentcombinationsonthebasisofcommoncreditriskcharacteristics.CommoncreditriskcharacteristicsadoptedbytheCompanyinclude:typeoffinancialinstrument,creditriskrating,agingportfolio,overdueagingportfolio,contractsettlementperiod,debtor'sindustry,etc.Tounderstandtheindividualevaluationcriteriaandcombinedcreditriskcharacteristicsofrelevantfinancialinstruments,pleaserefertotheaccountingpoliciesofrelevantfinancialinstrumentsfordetails.
TheCompanyadoptsthefollowingmethodstodeterminetheexpectedcreditlossesofrelevantfinancialinstruments:
①Intermsoffinancialassets,creditlossisequivalenttothepresentvalueofthedifferencebetweenthecontractcashflowthattheCompanyshallreceiveandtheexpectedcashflow.
②Intermsofleasereceivables,creditlossisequivalenttothepresentvalueofthedifferencebetweenthecontractcashflowthattheCompanyshallreceiveandtheexpectedcashflow.
③Intermsofthefinancialguaranteecontract,creditlossisequaltotheexpectedamountofpaymentmadebytheCompanytotheholderofthecontractforcreditlossincurred,lessthepresentvalueofthedifferencebetweentheamountexpectedtobecollectedfromtheholderofthecontract,thedebtororanyotherparty.
④If,onthebalancesheetdate,afinancialassethassufferedcreditimpairment,butonedoesnotpurchaseororiginateafinancialassetthathassufferedcreditimpairment,thecreditlossisequivalenttothedifferencebetweenthebookbalanceofthefinancialassetandthepresentvalueoftheestimatedfuturecashflowdiscountedattheoriginalactualinterestrate.
FactorsreflectedintheCompany’smethodofmeasuringtheexpectedcreditlossesforfinancialinstrumentsinclude:unbiasedprobabilityweightedaverageamountdeterminedbyevaluatingaseriesofpossibleresults;timevalueofmoney;reasonableandreliableinformationaboutpastevents,currentsituationandfutureeconomicsituationforecastthatcanbeobtainedonthebalancesheetdatewithoutunnecessaryextracostsorefforts.
4)Write-offoffinancialassetsIftheCompanycannotreasonablyexpectthecontractcashflowofthefinancialassettobefullyorpartiallyrecovered,thebookbalanceofthefinancialassetwillbewrittenoffdirectly.Thiswrite-offconstitutesthederecognitionofrelevantfinancialassets.
(7)Offsetoffinancialassetsandfinancialliabilities
Inthebalancesheet,financialassetsandfinancialliabilitiesareshownseparatelywithoutoffsettingeachother.However,ifthefollowingconditionsaremetatthesametime,thenetamountafteroffsetwillbelistedinthebalancesheet:
1)TheCompanyhasthelegalright,whichiscurrentlyenforceable,tooffsettheconfirmedamount;
2)TheCompanyplanstosettleonanetbasis,orrealizethefinancialassetsandsettlethefinancialliabilitiesatthesametime.
11.Notesreceivable
ForthedeterminationmethodandaccountingtreatmentmethodoftheCompanyfortheexpectedcreditlossesonnotesreceivable,pleasereferto“10-(6)Impairmentoffinancialinstruments”inthissection.
TheCompanyseparatelydeterminescreditlossesfornotesreceivablesthathavesufficientevidencetoassessexpectedcreditlossesatareasonablecostatthelevelofasingleinstrument.
Whensufficientevidenceofexpectedcreditlosscannotbeevaluatedatareasonablecostatthelevelofsingleinstrument,theCompanywillrefertotheexperienceofhistoricalcreditloss,combinethecurrentsituationandjudgmentonfutureeconomicsituation,dividebillsreceivableintoseveralcombinationsaccordingtothecharacteristicsofcreditrisk,andcalculateexpectedcreditlossonthebasisofcombinations.Thebasisfordeterminingtheportfolioisasfollows:
Item
Item | Basisfordeterminingportfolio | Method |
Bankacceptancebillportfolio | Typeofbill | Refertotheexperienceofhistoricalcreditloss,combinethecurrentsituationandjudgmentonfutureeconomicsituationtomeasuretheexpectedcreditloss |
Commercialacceptancebillportfolio | Typeofbill | Refertotheexperiencehistoricalcreditloss,combinethecurrentsituationandjudgementonfutureeconomicsituation,andprepareacomparisontableofagingandexpectedcreditlossrateaccordingtotheexpectedcreditlossinthewholeduration,onwhichtheexpectedcreditlossiscalculated. |
12.Accountsreceivable
ForthedeterminationmethodandaccountingtreatmentmethodoftheCompanyfortheexpectedcreditlossesonaccountsreceivable,pleasereferto“10-(6)Impairmentoffinancialinstruments”inthissection.
TheCompanyseparatelydeterminescreditlossesforaccountsreceivablethathavesufficientevidencetoassessexpectedcreditlossesatareasonablecostatthelevelofasingleinstrument.
Ifsufficientevidenceofexpectedcreditlosscannotbeassessedatreasonablecostatthelevelofsingleinstrument,theCompanywilldividetheaccountsreceivableintoseveralcombinationsaccordingtothecreditriskcharacteristics,andcalculatetheexpectedcreditlossonthebasisofthecombinations(withreferencetotheexperienceofhistoricalcreditloss,andincombinationwiththecurrentsituationwiththejudgmentoffutureeconomicsituation).Thebasisfordeterminingtheportfolioisasfollows:
Item | Basisfordeterminingportfolio | Method |
Agingportfolio | Accountsreceivablewithsimilarcreditriskcharacteristicsbyaging | Referringtohistoricalcreditlossexperience,combinedwiththecurrentsituationandtheforecastoffutureeconomicsituation,accordingtotheexpectedcreditlossduringtheentireduration,acomparativetableofageandexpectedcreditlossrateisworkedout,basedonwhichtheexpectedcreditlossiscalculated. |
13.Receivablesfinancing
Billsreceivableandaccountsreceivableclassifiedasthosemeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome,whosematurityiswithinoneyear(includingoneyear)fromtheinitialrecognitiondate,arelistedasaccountsreceivablefinancing;Thosewithamaturityofmorethanoneyearfromtheinitialrecognitiondatearelistedasotherdebtinvestments.PleaserefertoNote10.FinancialInstrumentsforrelevantaccountingpolicies.
14.Otherreceivables
Determinationmethodandaccountingtreatmentmethodofexpectedcreditlossofotherreceivables
ForthedeterminationmethodandaccountingtreatmentmethodoftheCompany’sexpectedcreditlossonotherreceivables,pleasereferto“10-
(6)Impairmentoffinancialinstruments”inthissection.
TheCompanyseparatelydeterminescreditlossesforotherreceivablesthathavesufficientevidencetoassessexpectedcreditlossesatareasonablecostatthelevelofasingleinstrument.
Ifsufficientevidenceofexpectedcreditlosscannotbeassessedatreasonablecostatthelevelofsingleinstrument,theCompanywilldividetheotherreceivablesintoseveralcombinationsaccordingtothecreditriskcharacteristics,andcalculatetheexpectedcreditlossonthebasisofthecombinations(withreferencetotheexperienceofhistoricalcreditloss,andincombinationwiththecurrentsituationwiththejudgmentoffutureeconomicsituation).Thebasisfordeterminingtheportfolioisasfollows:
Item
Item | Basisfordeterminingportfolio | Method |
Agingportfolio | Otherreceivableswithsimilarcreditriskcharacteristicsbyaging | Withreferencetohistoricalcreditlossexperience,combinedwithcurrentconditionsandforecastsoffutureeconomicconditions,theexpectedcreditlossiscalculatedthroughthedefaultriskexposureandthecreditlossrateinthenext12monthsortheentireduration |
15.Inventories
(1)ClassificationofinventoriesInventoriesrefertothefinishedproductsorcommoditiesheldforsalebytheCompanyinthecourseofitsdailyactivities,theproductsbeingintheprocessofproduction,andthematerialsandsuppliesconsumedintheprocessofproductionorprovisionoflaborservices,etc.TheCompanyclassifiesinventoriesintorawmaterials,turnovermaterials,entrustedprocessingmaterials,work-in-processproducts,self-madesemi-finishedproducts,finishedproducts(inventorygoods),issuedgoods,etc.
(2)ValuationmethodofinventoriesWhentheinventoriesisacquired,itisinitiallymeasuredatcost,includingpurchasecost,processingcostandothercosts.Whentheinventoriesaredelivered,itshallbevaluedbythefirst-in,first-outmethodandweightedaveragemethodattheendofthemonth.
(3)BasisforthedeterminationofthenetrealizablevalueofinventoriesandmethodfortheprovisionofprovisionforinventoryimpairmentProvisionforinventoryimpairmentisrecognizedoradjustedatthelowerofcostsandthenetrealizablevalueafterconductingathoroughcheckofinventoriesattheendoftheyear.Forinventoriesofgoodsdirectlyusedforsale,suchasfinishedgoods,merchandiseinventoriesandmaterialsforsale,inthenormalproductionandoperationprocess,thenetrealizablevalueisdeterminedbytheamountoftheestimatedsellingpriceoftheinventorylesstheestimatedsalescostandrelevanttaxesandfees;formaterialinventoriesthatneedtobeprocessed,inthenormalproductionandoperationprocess,thenetrealizablevalueisdeterminedbytheamountoftheestimatedsellingpriceoffinishedproductsproducedlesstheestimatedcosttobeoccurredatthetimeofcompletion,theestimatedsellingexpensesandrelatedtaxes;forinventoriesheldfortheexecutionofsalescontractsorlaborcontracts,thenetrealizablevalueiscalculatedonthebasisofthecontractprice,andifthequantityofinventoriesheldismorethanthequantityspecifiedinsalescontracts,thenetrealizablevalueofexcessinventoriesiscalculatedbasedonthegeneralsalesprice.Attheendoftheyear,inventoryvaluationallowanceisaccruedaccordingtoindividualinventoryitems;butforalargenumberofinventorieswithlowerunitprices,inventoryvaluationallowanceisaccruedaccordingtoinventorycategory;forinventoriesrelatedtotheproductseriesproducedandsoldinthesameregionwiththesameorsimilarenduseorpurpose,andthatisdifficulttobemeasuredseparatelyfromotheritems,inventoryvaluationallowanceisaccruedcombinedwithotheritems.Iftheinfluencingfactorsofthewrite-downofinventoryvaluehavedisappeared,theamountwritten-downisrecoveredandreversedtotheamountofinventoryvaluationallowancealreadyaccrued,andtheamountreversedisincludedinthecurrentprofitandloss.
(4)InventorysystemAperpetualinventorysystemisadopted.
(5)Amortizationmethodoflow-valueconsumablesandpackages
1)Low-valueconsumablesareamortizedbytheone-offwriting-offmethod;
2)Packagesareamortizedbytheone-offwriting-offmethod.
3)Otherturnovermaterialsareamortizedbytheone-offwriting-offmethod.
16.Contractualassets
WheretheCompanyhastransferredgoodstocustomersandhastherighttoreceiveconsideration,andtherightdependsonfactorsotherthanthepassageoftime,itshallberecognizedascontractassets.TheCompany’sunconditional(thatis,dependingonlyonthepassageoftime)righttocollectconsiderationfromcustomersisseparatelylistedasreceivables.
ForthedeterminationmethodandaccountingtreatmentmethodoftheCompany’sexpectedcreditlossoncontractualassets,pleasereferto“10-
(6)Impairmentoffinancialinstruments”inthissection.
17.Held-for-salesassets
(1)Classifiedasheld-for-salerecognitioncriteria
TheCompanyrecognizesnon-currentassetsordisposalgroupsthatmeetthefollowingconditionsasheld-for-salecomponents:
1)Accordingtothepracticeofsellingsuchassetsordisposalgroupsinsimilartransactions,theycanbesoldimmediatelyinthecurrentsituation;
2)Thesaleishighlylikelytooccur,thatis,theCompanyhasmadearesolutiononasaleplan,obtainedregulatoryapproval(ifapplicable),andobtainedacertainpurchasecommitment,anditisexpectedthatthesalewillbecompletedwithinoneyear.TheconfirmedpurchasecommitmentreferstothelegallybindingpurchaseagreementsignedbytheCompanyandotherparties.Theagreementincludesimportanttermssuchastransactionprice,timeandsufficientlyseverepenaltyforbreachofcontract,whichmakesthepossibilityofsignificantadjustmentorcancellationoftheagreementextremelysmall.
(2)Accountingmethodofheldforsale
TheCompanydoesnotaccruedepreciationoramortizationfornon-currentassetsordisposalgroupsheldforsale.Ifthebookvalueishigherthanthenetamountoffairvalueminussellingexpenses,thebookvalueshallbewrittendowntothenetamountoffairvalueminussellingexpenses.Theamountwrittendownshallberecognizedasassetimpairmentlossandincludedinthecurrentprofitandloss,andtheassetsheldforsaleimpairmentreservesshallbeaccruedatthesametime.Forthenon-currentassetsordisposalgroupsclassifiedasheldforsaleontheacquisitiondate,theinitialmeasurementamountandthenetamountofthefairvaluelessthesellingexpensesundertheconditionthattheyarenotclassifiedasheldforsalearecomparativelyassumedintheinitialmeasurement,whicheverislower.
Theaboveprinciplesapplytoallnon-currentassets,butdonotincludeinvestmentpropertiesthataresubsequentlymeasuredusingthefairvaluemodel,biologicalassetsthataremeasuredusingthenetamountoffairvaluelesssellingexpenses,assetsformedbyemployeecompensation,deferredtaxassets,financialassetsregulatedbyaccountingstandardsrelatedtofinancialinstruments,andrightsgeneratedbyinsurancecontractsregulatedbyaccountingstandardsrelatedtoinsurancecontracts.
18.Long-termequityinvestment
(1)Recognitionofinitialinvestmentcost
1)Forthelong-termequityinvestmentformedbythemergerofenterprises,thespecificaccountingpoliciesaredetailedin“5.Accountingtreatmentsformergerofenterprisesundercommoncontrolandnotundercommoncontrol”inthissection.
2)Long-termequityinvestmentacquiredbyothermeans
Forlong-termequityinvestmentacquiredbycashpayment,theactualacquisitionpriceisrecognizedasinitialinvestmentcost.Theinitialinvestmentcostincludesexpenses,taxesandothernecessaryexpensesdirectlyrelatedtotheacquisitionofthelong-termequityinvestment.
Foralong-termequityinvestmentobtainedbyissuingequitysecurities,theinitialinvestmentcostshallbethefairvalueoftheequitysecuritiesissued.Transactioncostsincurredintheissuanceoracquisitionofone’sownequityinstrumentsthosecanbedirectlyattributabletotheequitytransactionshallbedeductedfromtheequity.
Providedthatthenon-monetaryassetexchangecontainscommercialsubstanceandthefairvalueoftheassetsreceivedorassetssurrenderedcanbereliablymeasured,theinitialinvestmentcostofthelong-termequityinvestmentreceivedwithnon-monetaryassetsisdeterminedbasedonthefairvalueoftheassetssurrendered,exceptthatthereisconclusiveevidenceindicatesthatthefairvalueofassetsreceivedismorereliable.Fornon-monetaryassetexchangethatdonotsatisfytheabovecondition,thebookvalueofassetssurrenderedandrelatedtaxesandfeespayablearerecognizedastheinitialinvestmentcostofthelong-termequityinvestment.
Theinitialinvestmentcostofalong-termequityinvestmentacquiredbydebtrestructuringisdeterminedonthebasisoffairvalue.
(2)Subsequentmeasurementandrecognitionofrelatedprofitandloss
1)Costmethod
TheCompanycanusethecostmethodtocalculatethelong-termequityinvestmentcontrolledbytheinvestedentity,priceitaccordingtotheinitialinvestmentcost,andincreaseorrecoupthecostofinvestmentonadjustingalong-termequityinvestment.
Exceptforthedeclaredbutundistributedcashdividendsorprofitsincludedintheactualpaymentorconsiderationwhentheinvestmentisobtained,theCompanyshallrecognizethecashdividendsorprofitsdeclaredtobedistributedbytheinvestedentityascurrentinvestmentincome.
2)Equitymethod
TheCompanyadoptsequitymethodforaccountingoflong-termequityinvestmentsinassociatesandjointventures.Fortheequityinvestmentin
associatesinwhichpartofitisheldindirectlythroughventurecapitalinstitutions,mutualfunds,trustcompaniesorsimilarentitiesincludinginvestment-linkedinsurancefunds,itshallbemeasuredatfairvalueanditschangesshallberecordedintoprofitsandlosses.Forthebalancethattheinitialinvestmentcostoflong-termequityinvestmentsisbiggerthanthefairvaluesharesofinvestedunits’distinguishednetassetswhichshallbeenjoyedbytheCompany,theCompanywillnotadjusttheinitialinvestmentcostoflong-termequityinvestments;forthebalancethattheinitialinvestmentcostissmallerthanthefairvaluesharesofinvestedunits’distinguishednetassetswhichshallbeenjoyedbytheCompany,itshallbeincludedinthecurrentprofitandloss.
AftertheCompanyobtainslong-termequityinvestment,itshallrecognizeinvestmentincomeandothercomprehensiveincomerespectivelyaccordingtoitsshareofthenetprofitorlossrealizedbytheinvestedentityandothercomprehensiveincome,andadjustthebookvalueoflong-termequityinvestmentatthesametime.Inaddition,theparttobeenjoyedshallbecalculatedaccordingtotheprofitorcashdividenddeclaredbytheinvestedentitytobedistributed,andthebookvalueoflong-termequityinvestmentshallbereducedaccordingly.Forotherchangesinowners’equityotherthannetprofitandloss,othercomprehensiveincomeandprofitdistributionoftheinvestedentity,thebookvalueoflong-termequityinvestmentshallbeadjustedandrecordedintoowners’equity.
Whenconfirmingthesharesofinvestedunits’netgainorlosstobeenjoyed,theCompanywilladjustandconfirmtheinvestedunits’netprofitbasedonthefairvalueoftheinvestedunits’distinguishableassetswheninvestmentsareobtained.Forthegainorlossonthenon-realizedinternaltransactionsbetweentheCompanyandassociates,jointventures,thepartattributingtotheCompanywillbecalculatedaspertheproportiontobeenjoyed,willbewrittendown,andonthisbasis,theinvestmentprofitandlosswillbeconfirmed.
TheCompanyrecognizesthatthelosssufferedbytheinvestedunitshouldbedealtwithinthefollowingorder:first,reducethebookvalueoflong-termequityinvestments.Secondly,ifthebookvalueoflong-termequityinvestmentsisnotsufficienttooffset,thebookvalueofotherlong-termequitythatsubstantiallyconstitutethenetinvestmentintheinvestedentityshallbeusedtocontinuetorecognizetheinvestmentlossandoffsetthebookvalueoflong-termreceivables.Finally,aftertheabovetreatment,accordingtotheinvestmentcontractoragreement,theenterprisestillassumestheadditionalobligations,anditwillconfirmtheprovisionsaccordingtotheexpectedobligationsandshallbeincludedinthecurrentinvestmentlosses.
Iftheinvesteemakesprofitsinthefuture,theCompanyshall,afterdeductingtheunrecognizedlossshare,dealwithitinthereverseorder,writedownthebookbalanceoftheconfirmedprovisions,recoverotherlong-termequitythatsubstantiallyconstitutethenetinvestmenttotheinvesteeandthebookvalueoflong-termequityinvestments,andresumetherecognitionofinvestmentincome.
(3)Transformationofaccountingmethodoflong-termequityinvestments
1)Transferoffairvaluemeasurementtoequitymethod
TheequityinvestmentoriginallyheldbytheCompanythatdoesnothavecontrol,jointcontrolorsignificantinfluenceontheinvesteeandissubjecttoaccountingtreatmentaccordingtotherecognitionandmeasurementstandardsoffinancialinstrumentscanexertsignificantinfluenceontheinvesteeorimplementjointcontrolbutdoesnotconstitutecontrolduetoadditionalinvestmentandotherreasons,thesumofthefairvalueoftheoriginallyheldequityinvestmentplusthenewlyincreasedinvestmentcostdeterminedinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstrumentsshallberegardedastheinitialinvestmentcostcalculatedaccordingtotheequitymethod.
Theinitialinvestmentcostcalculatedbytheequitymethodislessthanthedifferencebetweenthefairvalueoftheidentifiablenetassetsoftheinvesteeontheadditionalinvestmentdatecalculatedanddeterminedaccordingtothenewshareholdingratioaftertheadditionalinvestment,thebookvalueoflong-termequityinvestmentsisadjustedandincludedinthenon-operatingrevenueofthecurrentperiod.
2)Transferoffairvaluemeasurementorequitymethodtocostmethod
TheequityinvestmentoriginallyheldbytheCompanythatdoesnothavecontrol,jointcontrolorsignificantimpactontheinvesteeandissubjecttoaccountingtreatmentinaccordancewiththerecognitionandmeasurementstandardsoffinancialinstruments,orthelong-termequityoriginallyheldbytheCompanyinassociatesandjointventures:Iftheinvesteeunderdifferentcontrolcanbecontrolledduetoadditionalinvestmentandotherreasons,whenpreparingindividualfinancialstatements,thebookvalueofequityinvestmentoriginallyheldplusnewinvestmentcostshallbetakenastheinitialinvestmentcostcalculatedbycostmethodinstead.
Theothercomprehensiveincome,whichisrecognizedasequityinvestmentheldbeforethepurchasedate,isaccountedforbytheequitymethod.Whendisposingtheinvestment,itadoptsthesamebasisastherelevantassetsorliabilitiesdirectlydisposedofbytheinvestedentityforaccountingtreatment.
IftheequityinvestmentheldbeforetheacquisitiondateisaccountedforinaccordancewiththerelevantprovisionsoftheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,thechangesintheaccumulatedfairvalueoriginallyincludedinothercomprehensiveincomearetransferredtothecurrentprofitandlosswhenthecostmethodisusedforaccounting.
3)Transferofequitymethodtofairvaluemeasurement
IftheCompanylosesjointcontrolorsignificantimpactontheinvestedentityduetodisposalofpartofequityinvestment,theremainingequityafterdisposalshallbeaccountedaccordingtoAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,andthedifferencebetweenthefairvalueandbookvalueonthedateoflossofjointcontrolorsignificantimpactshallbeincludedinthecurrentprofitandloss.
Theothercomprehensiveincomeoftheoriginalequityinvestmentrecognizedduetotheuseofequitymethodshallbeaccountedonthesamebasisastheinvestedunit’sdirectdisposalofrelevantassetsorliabilitieswhentheequitymethodisterminated.
4)TransferofcostmethodtoequitymethodIftheCompanylosesthecontrolovertheinvesteeduetothedisposalofpartoftheequityinvestmentandotherreasons,whenpreparingindividualfinancialstatements,iftheresidualequityafterdisposalcanexercisejointcontrolorexertsignificantinfluenceontheinvestee,theequitymethodshallbeusedforaccountinginstead,andtheresidualequityshallbedeemedtobeadjustedbytheequitymethodwhenitisobtained.
5)TransferofcostmethodtofairvaluemeasurementIftheCompanylosescontrolovertheinvesteeduetothedisposalofpartofequityinvestmentandotherreasons,whenpreparingindividualfinancialstatements,iftheresidualequityafterdisposalcannotexercisejointcontrolorexertsignificantinfluenceontheinvestee,theaccountingtreatmentshallbecarriedoutinaccordancewiththerelevantprovisionsoftheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments.Thedifferencebetweenthefairvalueandthebookvalueonthedateoflossofcontrolisincludedinthecurrentprofitandloss.
(4)DisposalofLong-TermEquityInvestments
Forthedisposaloflongtermequityinvestments,thedifferencebetweenthebookvalueandtheactuallyobtainedpriceshallbeincludedinthecurrentprofitandloss.Long-termequityinvestmentsaccountedbytheequitymethodshallbedisposedonthesamebasisastheinvestee’sdirectdisposalofrelevantassetsorliabilities,andthepartoriginallyincludedinothercomprehensiveincomeshallbeaccountedaccordingtothecorrespondingproportion.Iftheterms,conditionsandeconomicimpactofthedisposalofvarioustransactionsofequityinvestmentinsubsidiariesmeetoneormoreofthefollowingconditions,multipletransactionsshallbeaccountedasapackagedeal:
1)Thesetransactionsaremadesimultaneouslyorwithconsiderationofinfluenceoneachother;
2)Thesetransactionscanonlyachieveacompletebusinessoutcomewhentreatedasawhole;
3)Theoccurrenceofatransactiondependsontheoccurrenceofatleastoneoftheothertransactions;
4)Atransactionisuneconomicalwhentreatedalone,butiseconomicalwhenconsideredtogetherwithother.
Ifthecontrolovertheoriginalsubsidiarycompanyislostduetothedisposalofpartofequityinvestmentorotherreasons,anditdoesnotbelongtoapackagedeal,therelevantaccountingtreatmentshallbemadebydistinguishingindividualfinancialstatementsandconsolidatedfinancialstatements:
1)Inindividualfinancialstatements,fortheequitydisposed,thedifferencebetweenthebookvalueandtheactuallyobtainedpriceis
includedinthecurrentprofitandloss.Iftheresidualequityafterdisposalcanexercisejointcontrolorexertsignificantinfluenceontheinvestee,
itshallbeaccountedbyequitymethod,andtheresidualequityshallbedeemedasadjustedbyequitymethodwhenitisacquired;Iftheresidual
equityafterdisposalcannotexercisejointcontrolorexertsignificantinfluenceontheinvestee,itshallbeaccountedinaccordancewiththe
relevantprovisionsoftheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,and
thedifferencebetweenthefairvalueandbookvalueonthedateoflossofcontrolshallbeincludedinthecurrentprofitandloss.
2)Intheconsolidatedfinancialstatements,forthedifferencebetweenthedisposalpriceandthecorrespondingshareofnetassetsofthe
subsidiarycalculatedcontinuouslyfromthepurchasedateorthemergerdateforeachtransactionbeforethelossofcontroloverthesubsidiary,
thecapitalreserve(sharecapitalpremium)shallbeadjusted.Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted;
ifthecontrolrightoverthesubsidiaryislost,theremainingequityshallberemeasuredaccordingtoitsfairvalueonthedateoflosingthecontrol
right.Thedifferencebetweenthesumoftheconsiderationobtainedfromthedisposalofequityandthefairvalueoftheremainingequityminus
theshareofthenetassetsoftheoriginalsubsidiarycalculatedcontinuouslyfromthepurchasedatecalculatedaccordingtotheoriginal
shareholdingratioshallbeincludedintheinvestmentincomeofthecurrentperiodwhenthecontrolrightislost,andgoodwillshallbeoffsetat
thesametime.Othercomprehensiveincomerelatedtotheequityinvestmentoftheoriginalsubsidiarywillbeconvertedintothecurrent
investmentincomewhenthecontrolrightislost.
Ifalltransactionsfromdisposalofequityinvestmentinsubsidiariestolossofcontrolbelongtoapackagedeal,eachtransactionshallbetreatedasatransactionfordisposalofequityinvestmentinsubsidiariesandlossofcontrol,andrelevantaccountingtreatmentshallbeconductedaccordingtoindividualfinancialstatementsandconsolidatedfinancialstatements:
1)Inindividualfinancialstatements,thedifferencebetweeneachdisposalpriceandthelong-termequityinvestmentbookvalue
correspondingtothedisposedequitybeforethelossofcontrolrightisrecognizedasothercomprehensiveincome,whichistransferredtotheloss
andprofitofthecurrentperiodwhenthecontrolrightislost.
2)Intheconsolidatedfinancialstatements,thedifferencebetweeneachdisposalpriceandtheshareofthesubsidiary’snetassets
correspondingtothedisposalinvestmentbeforethelossofthecontrolrightisrecognizedasothercomprehensiveincome,whichistransferred
intothecurrentprofitandlosswhenthecontrolrightislost.
(5)Judgmentcriteriaforjointcontrolandsignificantimpact
IftheCompanycontrolsanarrangementcollectivelywithotherparticipantsinaccordancewithrelevantagreements,andtheactivitydecision-makingthathasasignificantimpactonthereturnofthearrangementneedstoexistaftertheconsensusoftheparticipantssharingthecontrolright,itisdeemedthattheCompanyandotherparticipantsjointlycontrolanarrangement,whichisajointventurearrangement.
Whenthejointventurearrangementisreachedbyasinglebody,theindividualentityshallbejudgedasajointventureandtheequitymethodshallbeusedforaccountingwhentheCompanyhastherighttoenjoythenetassetsoftheindividualentityaccordingtotherelevantagreement.IfitisjudgedthattheCompanydoesnothavetherighttothenetassetsoftheindividualsubjectaccordingtotherelevantagreement,theindividualsubjectshallberegardedasthejointoperation,theCompanyshallrecognizetheitemsrelatedtotheshareofinterestsofthejointoperation,andcarryoutaccountingtreatmentinaccordancewiththeprovisionsoftherelevantaccountingstandardsforbusinessenterprises.
Significantinfluencemeansthattheinvestorhastherighttoparticipateinthedecision-makingofthefinancialandoperationalpoliciesoftheinvestee,butcannotcontrolorjointlycontroltheformulationofthesepolicieswithotherparties.TheCompanyjudgestohaveasignificantimpactontheinvesteethroughoneormoreofthefollowingcircumstancesandcomprehensiveconsiderationofallfactsandcircumstances:1)havingarepresentativeontheboardofdirectorsorsimilarauthorityoftheinvestee;2)participateinthefinancialandoperationalpolicy-makingprocessoftheinvestee;3)therearesignificanttransactionswiththeinvestee;4)dispatchmanagementpersonneltotheinvestee;and5)providekeytechnicaldatatotheinvestee.
19.InvestmentpropertiesMeasuringmodeofinvestmentpropertiesMeasuredatcostDepreciationoramortizationmethod
TheCompany’sinvestmentpropertymeansthepropertyheldforthepurposeofearningrentorcapitalappreciation,orboth,includingthelanduserightsthathavebeenleased,thelanduserightsthatareheldfortransferuponappreciation,andtheleasedbuildings.Inaddition,forthevacantbuildingsheldbytheCompanyforthepurposeofleases,iftheBoardofDirectorsmakesawrittenresolutionthatexpresslyindicatesthatthebuildingswillbeusedforleasesandtheintentionofholdingwillnotchangeinashortterm,thebuildingwillalsobereportedasinvestmentproperty.
TheCompany’sinvestmentpropertiesarerecordedattheircost.Thecostofoutsourcinginvestmentpropertiesincludesthepurchaseprice,relevanttaxesandotherexpensesthatcanbedirectlyattributabletotheasset.Thecostofself-constructioninvestmentpropertiesiscomposedofthenecessaryexpensesincurredbeforetheconstructionoftheassetreachestheexpectedusablestate.
TheCompanyadoptsthecostmodelforsubsequentmeasurementofinvestmentproperty.Depreciationoramortizationisaccruedonbuildingsandlanduserightsaccordingtotheestimatedservicelifeandnetresidualvaluerate.Theestimatedservicelife,netresidualvaluerateandannualdepreciation(amortization)rateofinvestmentpropertiesarelistedasfollows:
Type
Type | Theestimatedservicelife(Year) | Theestimatednetresidualvaluerate(%) | Annualdepreciation(amortization)rate(%) |
Landuserights | servicelifeoflanduserights | 1/Servicelife*100 | |
Propertyandplant | 20 | 5-10 | 4.50-4.75 |
Whenthepurposeofinvestmentpropertiesischangedtoself-use,fromthedateofchange,theCompanywillconverttheinvestmentpropertiestofixedassetsorintangibleassets.Whenthepurposeofself-usepropertiesischangedtoearnrentorcapitalappreciation,theCompanywillconvertfixedassetsorintangibleassetstoinvestmentpropertiesfromthedateofchange.Incaseofconversion,thebookvaluebeforeconversionshallbetakenastheentryvalueafterconversion.
Whentheinvestmentpropertiesaredisposed,orpermanentlywithdrawnfromuse,andnoeconomicbenefitsareexpectedtobeobtainedfromthedisposal,theconfirmationoftheinvestmentpropertiesshallbeterminated.Theamountofdisposalincomefromsale,transfer,scrapordamageofinvestmentpropertiesafterdeductingitsbookvalueandrelevanttaxesshallbeincludedinthecurrentprofitandloss.
20.Fixedassets
(1)RecognitioncriteriaFixedassetsmeantangibleassetsheldforthepurposeofproducinggoods,renderingofservices,leasesoroperationmanagement,whoseservicelifeismorethanonefiscalyear.Fixedassetssatisfyingthefollowingconditionsarerecognized:
1)Theeconomicbenefitsassociatedwiththefixedassetsarelikelytoflowintotheenterprise;
2)Thecostofthefixedassetcanbemeasuredinareliableway
(2)Initialmeasurementoffixedassets
TheCompany’sfixedassetsshallbeinitiallymeasuredaccordingtocost.
1)Thecostofpurchasedfixedassetsincludesthepurchaseprice,importdutiesandotherrelatedtaxes,aswellasotherexpensesdirectly
attributabletothefixedassetsincurredbeforetheyreachthepredeterminedusablestate.
2)Thecostofself-constructedfixedassetsconsistsofthenecessaryexpendituresincurredbeforetheassetisconstructedtoapredeterminedusable
state.
3)Thefixedassetsinvestedbytheinvestorshallberecordedatthevalueagreeduponintheinvestmentcontractoragreement,butifthevalueagreeduponinthecontractoragreementisnotfair,itshallberecordedatthefairvalue.
4)Ifpaymentsforthepurchaseoffixedassetsareextendedbeyondthenormalcredittermswithfinancingnature,thecostsoffixedassetsaredeterminedonthebasisofpresentvaluesofthepurchaseprices.Thedifferencebetweentheactualpricepaidandthepresentvalueofthepurchaseprice,exceptforthosethatshouldbecapitalized,shallbeincludedinthecurrentprofitandlossduringthecreditperiod.
(3)Subsequentmeasurementanddisposaloffixedassets
1)DepreciationoffixedassetsDepreciationoffixedassetsshallbeaccruedwithintheestimatedservicelifeafterdeductingtheestimatednetresidualvaluefromitsrecordedvalue.Forfixedassetswithprovisionforimpairment,theamountofdepreciationshallbedeterminedinthefutureperiodsbasedonthebookvalueafterdeductionoftheimpairmentprovisionandbasedontheremainingservicelife;andfixedassetsthathavebeenfullydepreciatedandarestillinuseshallnotbedepreciated.
TheCompanyshalldeterminetheservicelifeandestimatednetresidualvalueofthefixedassetsaccordingtotheirnatureandusage.Attheendoftheyear,theservicelife,estimatednetresidualvalueanddepreciationmethodofthefixedassetsshallbereviewed,andifthereisanydifferencefromtheoriginalestimate,correspondingadjustmentsshallbemade.
Thedepreciationmethod,depreciationperiodandannualdepreciationrateofvariousfixedassetsareasfollows:
Type
Type | Depreciationmethod | Depreciationlife(year) | Rateofresidualvalue(%) | Annualdepreciationrate(%) |
Propertyandplant | Straight-linemethod | 20 | 5-10 | 4.50-4.75 |
Machineryandequipment | Straight-linemethod | 6-13 | 5-10 | 6.92-15.83 |
Transportationequipment | Straight-linemethod | 5 | 5-10 | 18.00-19.00 |
Electronicequipment | Straight-linemethod | 5 | 5-10 | 18.00-19.00 |
Officeequipment | Straight-linemethod | 5 | 5-10 | 18.00-19.00 |
Otherequipment | Straight-linemethod | 5 | 5-10 | 18.00-19.00 |
2)Subsequentexpendituresonfixedassets
Subsequentexpendituresrelatedtofixedassetsthatmeettheconditionsfortherecognitionoffixedassetsshallbeincludedintothecostoffixedassets;andthosedonotmeettheconditionsfortherecognitionoffixedassetsshallberecordedintothecurrentprofitandlossatthetimeofoccurrence.
3)Disposaloffixedassets
Whenafixedassetisdisposedoforisnotexpectedtogenerateeconomicbenefitsthroughuseordisposal,therecognitionofthefixedassetshallbeterminated.Theamountofdisposalincomefromsale,transfer,scrapordamageoffixedassetsafterdeductingitsbookvalueandrelevanttaxesshallbeincludedinthecurrentprofitandloss.
21.Constructioninprogress
1.Initialmeasurementofconstructioninprogress
ConstructioninprogressbuiltbytheCompanyisvaluedattheactualcost,whichconsistsofthenecessaryexpensesincurredbeforetheconstructionoftheassetisreachestheexpectedusablestatus,includingengineeringmaterialscosts,laborcosts,relatedtaxesandfees,borrowingcoststhatshouldbecapitalizedandindirectcoststhatshouldbeapportioned.
2.Standardsandtimepointsforcarryingforwardconstructioninprogresstofixedassets
Fortheconstructioninprogressproject,allexpensesincurredbeforetheconstructionoftheassetreachestheexpectedserviceablestateshallbetakenastheentryvalueoffixedassets.Iftheconstructioninprogresshasreachedtheexpectedserviceablecondition,butthefinalaccountsofcompletionhavenotyetbeenhandled,fromthedateofreachingtheexpectedserviceablecondition,itshallbetransferredtofixedassetsaccordingtotheestimatedvalueaccordingtotheprojectbudget,costoractualcostoftheproject,andthedepreciationoffixedassetsshallbeaccruedaccordingtotheCompany’sfixedassetsdepreciationpolicy.Theoriginalestimatedvalueshallbeadjustedaccordingtotheactualcostafterthecompletionoffinalaccounts,buttheamountofdepreciationthathasbeenaccruedshallnotbeadjusted.
22.Borrowingcosts
1.Recognitionprinciplesofcapitalizationofborrowingcosts
BorrowingcostsincurredbytheCompanythataredirectlyattributabletotheacquisition,constructionorproductionofqualifyingassets,shallbecapitalizedandincludedinthecostofrelevantassets.Otherborrowingcostsshallberecognizedasexpensesaccordingtotheamountincurredandincludedintheprofitsorlossesinthecurrentperiod.
Assetseligibleforcapitalizationrefertofixedassets,investmentproperties,inventoryandotherassetsthatareexpectedtobeusableorsalableafteraconsiderableperiodofpurchaseandconstructionorproductionactivities.
Capitalizationshallcommencewhen:
(1)Expendituresarebeingincurred,whichcomprisedisbursementsincurredintheformofpaymentsofcash,transferofnon-monetaryassetsor
assumptionofinterest-bearingdebts;
(2)Borrowingcostsarebeingincurred,and;
(3)Purchase,constructionormanufacturingactivitiesthatarenecessarytopreparetheassetsfortheirintendeduseorsaleareinprogress.
2.Capitalizationperiodforborrowingcosts
Capitalizationperiodreferstotheperiodfromcommencementofcapitalizationofborrowingcoststoitscessation;periodofsuspensionforcapitalizationisexcluded.
Capitalizationofborrowingcostsshallceasewhenthequalifyingassetunderacquisition,constructionorproductiongetsreadyforintendeduseorsale.
Wherepartoftheprojectofacquisition,constructionorproductionofqualifyingassetshasbeencompletedrespectivelyandcanbeputintouseindividually,capitalizationofborrowingcostsofthatpartshouldcease.
Whereeachpartofassetspurchased,constructedormanufacturedhasbeencompletedseparatelybutcanbeusedorsoldonlyafterallpartshavebeencompleted,capitalizationofborrowingcostsshallceaseatthecompletionofallpartsofthesaidassets.
3.Periodofsuspensionforcapitalization
Capitalizationofborrowingcostsshallbesuspendedduringperiodsinwhichpurchase,constructionormanufacturingofassetseligibleforcapitalizationisinterruptedabnormally,andtheinterruptionisforacontinuousperiodofmorethan3months;iftheinterruptionisthenecessaryproceduretopreparetheassetspurchased,constructedormanufacturedassetseligibleforcapitalizationfortheirintendeduseorsale,theborrowingcostsshallcontinuetobecapitalized.Borrowingcostsincurredduringtheinterruptionshallberecognizedincurrentprofitorloss,andshallcontinuetobecapitalizedwhenpurchase,constructionormanufacturingoftherelevantassetsresumes.
4.Measurementofcapitalizedamountsofborrowingcosts
Interestchargesonspecialborrowings(excludinginterestincomeonunusedborrowingsdepositedinthebank,orinvestmentincomeontemporaryinvestment)andtheirancillaryexpensesshallbecapitalizedbeforetheassetspurchased,constructedorproducedthatmeetthecapitalizationconditionsarereadyforintendeduseorsale.
Theamountofcapitalizedinterestongeneralborrowingsiscalculatedbytheweightedaverageoftheexcessportionoftheaccumulativeassetexpendituresoverthespecialborrowingsmultipliedbythecapitalizationrateofgeneralborrowings.Thecapitalizationrateisdeterminedbasedontheweightedaverageinterestrateofgeneralborrowings.
Wheretherearediscountsorpremiumsonborrowings,theamountsofinterestforeachaccountingperiodshallbeadjustedtakingaccountofamortizablediscountorpremiumamountsfortheperiodbyeffectiveinterestmethod.
23.Right-of-useassets
TheCompanyinitiallymeasurestheright-of-useassetsonthebasisofthecost,whichincludes:
1.Theamountofinitialmeasurementofleaseliabilities;
2.Fortheleasepaymentpaidonorbeforethebeginningoftheleaseterm,ifthereisleaseincentiveplan,therelevantamountoflease
incentiveenjoyedshallbededucted;
3.Theinitialdirectcostsincurredbythecompany;
4.ThecostsexpectedtobeincurredbytheCompanytodismantleorremovetheleasedassets,restorethesitewheretheleasedassetsare
locatedorrestoretheleasedassetstothestateagreedintheleaseterms(excludingthecostsincurredfortheproductionofinventories).
Afterthebeginningdateoftheleaseterm,theCompanyadoptsthecostmodelforsubsequentmeasurementoftheright-of-useassets.
Ifitcanbereasonablydeterminedthattheownershipoftheleasedassetisobtainedattheexpirationoftheleaseterm,theCompanyshallaccruedepreciationwithintheremainingservicelifeoftheleasedasset.Ifitisimpossibletoreasonablydeterminethattheownershipoftheleasedassetcanbeobtainedattheexpirationoftheleaseterm,theCompanyshallaccruedepreciationwithintheshortertermbetweentheleasetermandtheremainingservicelifeoftheleasedasset.Fortheright-of-useassetswithimpairmentprovision,thedepreciationshallbeaccruedonthebasisofthebookvalueafterdeductingtheimpairmentprovisioninthefuturewithreferencetotheaboveprinciples.
24.Intangibleassets
(1)Initialmeasurement
Intangibleassetsarenon-monetaryassetswithnophysicalformthatcanbeidentifiedandownedorcontrolledbytheCompany,includinglanduseright,computersoftware,patentright,non-patentedtechnology,etc.
Costsofpurchasedintangibleassetsincludepurchaseprices,relevanttaxes,andotherexpendituresthataredirectlyattributabletotheintangibleassetsbeforetheyreachworkingconditionsfortheirintendeduse.Ifpaymentsforthepurchaseofintangibleassetsareextendedbeyondthenormalcredittermswithfinancingnature,thecostsofintangibleassetsaredeterminedonthebasisofpresentvaluesofthepurchaseprices.
Forintangibleassetsobtainedfromdebtorsinsettlementoftheirliabilitiesincaseofdebtrestructuring,thebookvalueisdeterminedbasedonthefairvalueoftheintangibleassets,andthedifferencebetweenthebookvaluesofdebtrestructuringandthefairvaluesoftheintangibleassetsusedtopaythedebtshallbeincludedinthecurrentprofitsorlosses.
Iftheexchangeofnon-monetaryassetshascommercialsubstance,andthefairvaluesoftheassetsreceivedorsurrenderedcanbemeasuredreliably,thebookvaluesofintangibleassetsreceivedfromtheexchangeofnon-monetaryassetsshallbedeterminedbasedonthefairvaluesoftheassetssurrenderedunlessthereisanyconclusiveevidencethatthefairvaluesoftheassetstradedinaremorereliable.Iftheexchangeofnon-monetaryassetsdoesnotmeettheabovecriteria,thecostsoftheintangibleassetsreceivedshallbethebookvaluesoftheassetssurrenderedandrelevanttaxespaid,andnoprofitsorlossesshallberecognized.
Forintangibleassetsobtainedthroughbusinessabsorptionorcombinationundercommoncontrol,thebookvalueisdeterminedbythecarryingamountsofthecombinedparty.Forintangibleassetsobtainedthroughbusinessabsorptionorcombinationnotundercommoncontrol,thebookvalueisdeterminedbythefairvalueoftheintangibleassets.
Thecostsofinternallydevelopedintangibleassetsinclude:thematerialsconsumedduringthedevelopment,laborcosts,registrationfees,amortizationofotherpatentsandlicensesappliedduringthedevelopment,interestexpenseeligibleforcapitalization,aswellasotherdirectcostsincurredfortheintangibleassetstoreachworkingconditionfortheirintendeduse.
(2)Subsequentmeasurement
TheCompanydeterminestheusefullifeofintangibleassetsonacquisition,whichareclassifiedasintangibleassetswithlimitedusefullifeandindefiniteusefullife.
1)Intangibleassetswithlimitedusefullives
Fortheintangibleassetswithlimitedservicelife,theyareamortizedbythestraight-linemethodwithintheperiodofbringingeconomicbenefitstotheenterprise.Theestimatedlifeandbasisofintangibleassetswithlimitedservicelifeareasfollows:
Item
Item | Expectedservicelife | Basisforestimates |
Software | 10years | Expectedservicelife |
Landuserights | 50years | Certificateoflandusingright |
Patentrights | 10years | Benefitperiod |
Non-proprietarytechnology | 10years | Benefitperiod |
Theservicelifeoftheintangibleassetswithlimitedservicelifeanditsamortizationmethodshallbereviewedattheendofeachperiod.Ifitdiffersfromitspreviousestimate,adjustmentwillbemadeaccordingly.
Afterreview,theservicelifeandamortizationmethodoftheintangibleassetsattheendoftheperiodthisyeararenotdifferentfromthatestimatedpreviously.
2)Intangibleassetswithuncertainusefullives
IntangibleassetswithunforeseeableeconomicbenefitstotheCompanyaredeemedtobeintangibleassetswithanindefiniteusefullife.
Intangiblesassetswithuncertainusefullivesarenotamortizedduringtheholdingperiod,butarereviewedforremainingusefullivesateachyearend.Iftheusefullivesarestilluncertainafteranotherreviewattheendoftheyear,theimpairmenttestswillcontinuetobeconductedduringeachaccountingperiod.
(3)CriteriaforclassificationofresearchphaseanddevelopmentphaseofinternalR&DprojectsoftheCompany
Researchphase:thephaseinwhichoriginalandplannedinvestigationandresearcharecarriedoutwithpurposeofgainingandunderstandingnewscientificortechnicalknowledge.
Developmentphase:beforecommercialproductionandutilization,thephaseinwhichtheresearchachievementorotherknowledgeisappliedtoaparticularprojectordesigninordertoproduceneworsubstantiallyimprovedmaterials,devices,products,etc.
TheexpenditureofinternalR&Dprojectsincurredduringresearchphaseisrecognizedinprofitorlosswhenincurred.
(4)Criteriaforexpendituresduringthedevelopmentphasequalifyingforcapitalization
ExpendituresarisingfromdevelopmentphaseoninternalR&DprojectsmustbecapitalizediftheCompanycansatisfyallofthefollowingcriteria:
1)Thereistechnicalfeasibilityofcompletingtheintangibleassets(sothattheywillbeavailableforuseorsale);
2)Thereisanintentiontocompleteanduseorselltheassets;
3)howtheintangibleassetwillgenerateeconomicbenefitsincludingthereisevidencethattheproductsproducedusingtheintangibleassethasamarketortheintangibleassetitselfhasamarket;iftheintangibleassetisforinternaluse,thereisevidencethatthereexistsusagefortheintangibleasset;
4)Thereareadequatetechnical,financialandotherresourcestocompletethedevelopmentandtheabilitytouseorselltheintangibleassets;
5)Theexpenditureattributabletothedevelopmentphaseofintangibleassetscanbereliablymeasured.
Iftheexpenditureatthedevelopmentphasedoesnotmeettheabovecondition,itshallbechargedtocurrentprofitsorlosseswhenoccurring.Thedevelopmentexpenditureswhichhavebeenincludedintheprofitorlossinthepreviousperiodswillnotberecognizedasanassetinthefutureperiod.Thecapitalizedexpendituresinthedevelopmentphaseareshowninthebalancesheetasdevelopmentexpendituresandareconvertedintointangibleassetsfromthedateoftheproject’sintendeduse.
25.Impairmentoflong-termassets
Onthebalancesheetdate,theCompanyjudgeswhetherthereisanysignofpossibleimpairmentoflong-termassets.Ifthereisanysignofimpairmentofalong-termasset,therecoverableamountshallbeestimatedonthebasisofasingleasset;ifitisdifficulttoestimatetherecoverableamountofasingleasset,therecoverableamountoftheassetgrouptowhichtheassetbelongsshallbedetermined.
Therecoverableamountofanassetisestimatedbasedonthehigherofthenetamountofitsfairvaluelessdisposalexpensesandthepresentvalueoftheexpectedfuturecashflowoftheasset.
Ifthemeasurementresultsoftherecoverableamountshowthattherecoverableamountofthelong-termassetislowerthanitsbookvalue,thebookvalueofthelong-termassetshallbewrittendowntotherecoverableamount,andthewritten-downamountshallberecognizedastheimpairmentlossoftheasset,whichshallberecordedintothecurrentprofitandloss,andthecorrespondingassetimpairmentprovisionshallbedrawnatthesametime.Oncetheimpairmentlossofassetsisrecognized,itshallnotbereversedinthefutureaccountingperiod.
Aftertheassetimpairmentlossisrecognized,thedepreciationoramortizationexpensesoftheimpairedassetshallbeadjustedaccordinglyinthefutureperiod,sothattheadjustedassetbookvalue(deductingtheestimatednetresidualvalue)willbesystematicallyapportionedovertheremainingservicelifeoftheasset.
Forgoodwillandintangibleassetswithuncertainservicelifeduetobusinesscombination,nomatterwhetherthereisanysignofimpairmentornot,impairmenttestshallbecarriedouteveryyear.
Intheimpairmenttestofgoodwill,thebookvalueofgoodwillwouldbeapportionedtoassetgrouporportfolioofassetgroupexpectedtobenefitfromthesynergyeffectofanenterprisemerger.Whencarryingoutanimpairmenttestontherelevantassetgrouporportfolioofassetgroupcontaininggoodwill,ifthereisasignofimpairmentontheassetgrouporportfolioofassetgrouprelatedtothegoodwill,theCompanyfirstcalculatestherecoverableamountaftertestingtheassetgrouporportfolioofassetgroupwhichdoesnotcontainthegoodwillforimpairment,andthencomparesitwiththerelatedbookvaluetorecognizethecorrespondingimpairmentloss.Next,theCompanyconductsanimpairmenttestontheassetgrouporportfolioofassetgroupwhichcontainsthegoodwillandcomparesthebookvalueoftherelatedassetgrouporportfolioofassetgroup(bookvalueincludestheshareofgoodwill)withtherecoverableamount.Iftherecoverableamountoftherelatedassetgrouporportfolioofassetgroupislowerthanthebookvalue,theCompanywillrecognizetheimpairmentlossofgoodwill.
26.Long-termdeferredexpenses
(1)Amortizationmethod
Long-termdeferredexpensesrefertoexpensesthathavealreadybeenspentbytheCompany,butshallbeapportionedinthecurrentperiodandthefutureperiodsandthebenefitperiodisover1year.Long-termprepaidexpensesareamortizedusingthestraight-linemethodovertheperiodofprojectedearnings.
(2)Amortizationperiod
Type
Type | Amortizationperiod | Notes |
Leaseholdimprovement | Expectedservicelifeorleaseterm,whicheverislower | |
PowerGridaccessfee | 10years | |
Softwaresystemimplementationfee | 5years | |
Repairandmaintenancefee | 2-3years |
27.Contractualliabilities
TheCompanyrecognizesasacontractualliabilitytheportionofitsobligationtotransfercommoditiestoacustomerforwhichthecustomerconsiderationhasbeenreceivedorisreceivable.
28.Employeecompensation
(1)Accountingtreatmentofshort-termemployeecompensation
ShorttermcompensationreferstotheemployeecompensationthatshallbepaidbytheCompanywithin12monthsaftertheendoftheannual
reportperiodwhenemployeesproviderelevantservices,exceptforpost-employmentwelfareanddismissalwelfare.Duringtheaccountingperiodwhenemployeesprovideservices,theCompanyrecognizestheshort-termbenefitspayableasaliabilityandincludesthesameintherelevantassetcostsandexpensesonthebasisofthebeneficiariesoftheservicesprovidedbyemployees.
(2)Accountingtreatmentforpost-employmentbenefitsPost-employmentbenefitsrefertovariousformsofremunerationandbenefitsprovidedbytheCompanyafteremployeesretireorterminatelaborrelationswiththeenterpriseinordertoobtaintheservicesprovidedbyemployees,exceptshort-termremunerationanddismissalbenefits.Allpost-employmentbenefitplansoftheCompanyaredefinedcontributionplans.Thedefinedcontributionplanforpost-employmentbenefitsismainlytoparticipateinthesocialbasicendowmentinsurance,unemploymentinsurance,etc.,organizedandimplementedbylocallaborandsocialsecurityinstitutions.DuringtheaccountingperiodwhenemployeesprovideservicestotheCompany,theamountofdepositpayablecalculatedaccordingtothedefineddepositplanshallberecognizedasliabilitiesandincludedinthecurrentprofitandlossorrelatedassetcosts.
(3)Accountingtreatmentforterminationbenefits
TerminationbenefitsrefertothecompensationpaidtoanemployeewhentheCompanyterminatesthelaborrelationshipwithanemployeebeforethelaborcontractexpires,orofferscompensationforencouragingtheemployeetoaccepttheredundanciesvoluntarily.Theliabilitiesarisingfromtheterminationoflaborrelationswiththeemployeearedetermined,andalsoincludedinthecurrentprofitandloss,atthetimewhentheCompanycannotunilaterallywithdrawtheterminationofthelaborrelationshipplanorredundanciesproposal,orthetimewhenthecostassociatedwithrestructuringinvolvingpaymentofterminationbenefitsisconfirmed,whicheverisearlier.TheCompanyprovidesearlyretirementbenefitstoemployeeswhoacceptinternalretirementarrangements.EarlyretirementwelfarereferstothewagespaidtotheemployeeswhofailtoreachtheretirementagestipulatedbythestateandvoluntarilyquittheirjobswiththeapprovaloftheCompany’smanagementandthesocialinsurancepremiumspaidforthem.TheCompanyshallpaytheinternalretirementbenefitstotheearlyretiredemployeesfromthecommencementdateoftheinternalretirementarrangementtothedatewhentheemployeesreachthenormalretirementage.Fortheearlyretirementwelfare,theCompanyshallcarryoutaccountingtreatmentaccordingtotheterminationbenefits.Whentherelevantrecognitionconditionsoftheterminationbenefitsaremet,thewagesandsocialinsurancepremiumstobepaidtotheearlyretiredemployeesfromthedatewhentheemployeesstopprovidingservicestothenormalretirementdateshallberecognizedasliabilitiesandincludedinthecurrentprofitandlossonalump-sumbasis.Thedifferencecausedbythechangeofactuarialassumptionandtheadjustmentofwelfarestandardofearlyretirementwelfareshallbeincludedinthecurrentprofitandlosswhenitoccurs.
29.Leaseliabilities
TheCompanyinitiallymeasurestheleaseliabilitiesaccordingtothepresentvalueoftheunpaidleasepaymentsatthebeginningoftheleaseterm.Whencalculatingthepresentvalueofleasepayments,theCompanytakestheinterestrateimplicitinleaseasthediscountrate;Iftheinterestrateimplicitinleasecannotbedetermined,theincrementalborrowingrateofinterestoftheCompanyshallbeusedasthediscountrate.Leasepaymentsinclude:
(1)Thefixedpaymentamountandactualfixedpaymentamountafterdeductingtherelevantamountofleaseincentive;
(2)Variableleasepaymentsdependingonindexorratio;
(3)WhentheCompanyreasonablydeterminesthattheoptionwillbeexercised,theleasepaymentincludestheexercisepriceoftheoption;
(4)WhentheleasetermreflectsthattheCompanywillexercisetheoptionofterminatingthelease,theleasepaymentincludesthepaymentrequiredtoexercisetheoptionofterminatingthelease;
(5)TheamountexpectedtobepaidinthelightoftheguaranteeresidualvalueprovidedbytheCompany.
TheCompanydeterminestheexpenseoftheinterestofleaseliabilityineachperiodoftheleaseterminthelightofthefixeddiscountrate,andincludesitinthecurrentprofitandlossorthecostofrelevantassets.
Theamountofvariableleasepaymentsnotincludedintheleaseliabilitiesshallbeincludedinthecurrentprofitsandlossesorrelevantassetcostswhenactuallyincurred.
30.EstimatedLiabilities
1.Recognitioncriteriaofestimatedliabilities
Whenanobligationrelatedtothecontingenteventssatisfiesallthefollowingconditions,itisrecognizedbytheCompanyasestimatedliabilities:
TheobligationisthecurrentobligationoftheCompany;
TheperformanceofobligationislikelytoresultintheoutflowofeconomicbenefitsfromtheCompany;
Thecostoftheobligationcanbemeasuredinareliableway.
2.Measurementofestimatedliabilities
TheestimatedliabilitiesoftheCompanyareinitiallymeasuredonthebasisofthebestestimateoftheexpenditurerequiredtoperformtherelevantcurrentobligations.
Whendeterminingthebestestimate,theCompanyconsidersfactorssuchasrisks,uncertaintiesandtimevalueofmoneyrelatedtocontingentevents.Wherethetimevalueofmoneyhasasignificantimpact,thebestestimateisdeterminedbydiscountingtherelevantfuturecashoutflows.
Thebestestimatesarehandledasfollows:
Incasethatthereisacontinuousrange(orinterval)ofrequiredexpenditures,withinwhichthepossibilityofoccurrenceofvariousresultsisthesame,thebestestimateisdeterminedbytheaverageofthemiddlevalueoftherange,thatis,theaverageoftheupperandlowerlimits.
Incasethatthereisnocontinuousrange(orinterval)ofrequiredexpenditures,orthereisacontinuousrangebutthepossibilityofvariousresultsintherangeisdifferent,ifthecontingencyinvolvesasingleitem,thebestestimateshouldbedeterminedbasedonthemostprobableamount;ifacontingencyinvolvesmultipleitems,thebestestimateisdeterminedbasedonvariouspossibleoutcomesandassociatedprobabilities.
IfallorpartoftheexpensesrequiredbytheCompanytosettletheprovisionsareexpectedtobecompensatedbyathirdparty,thecompensationamountisseparatelyrecognizedasanassetwhenitisbasicallyconfirmedtobereceived,andtherecognizedcompensationamountshouldnotexceedthebookvalueofestimatedliabilities.
31.Share-basedpayments
1.Categoriesofshare-basedpayments
ThesharebasedpaymentoftheCompanyisdividedintoequity-settledshare-basedpaymentandcash-settledshare-basedpayment.
2.Determinationmethodoffairvalueofequityinstruments
Forthegrantedequityinstrumentssuchasoptionswithactivemarket,theirfairvalueshallbedeterminedaccordingtothequotedpriceintheactivemarket.Forthegrantedequityinstrumentswithoutactivemarket,theoptionpricingmodelisusedtodeterminetheirfairvalue.Thefollowingfactorsareconsideredintheoptionpricingmodel:(1)theexercisepriceoftheoption;(2)thevalidityperiodoftheoption;(3)thecurrentpriceofthetargetshare;(4)theexpectedvolatilityoftheshareprice;(5)theexpecteddividendoftheshare;(6)theriskfreeinterestrate.
Whendeterminingthefairvalueoftheequityinstrumentonthegrantdate,theimpactofmarketconditionsandnon-vestingconditionsspecifiedintheshare-basedpaymentagreementshallbeconsidered.Iftherearenon-vestingconditionsforshare-basedpayment,aslongastheemployeesorotherpartiesmeetallnon-marketconditions(suchasserviceterm,etc.)inallofthevestingconditions,thecorrespondingcostoftheservicesreceivedshallberecognized.
3.Basisfordeterminingthebestestimateofexercisableequityinstruments
Ateachbalancesheetdateinthevestingperiod,theCompanywouldmakebestestimateinaccordancewiththenewlyacquiredinformationsuchaschangesinthenumberofemployeeswithexercisablerights,andamendthenumberofestimatedexercisableequityinstruments.Ontheexercisedate,theultimateestimatednumberofexercisableequityinstrumentscoincideswiththeactualnumber.
4.Accountingtreatment
Theequity-settledshare-basedpaymentshallbemeasuredatthefairvalueoftheequityinstrumentgrantedtotheemployee.Iftherightisexercisableimmediatelyafterthegrant,therelevantcostorexpenseshallberecordedinaccordancewiththefairvalueoftheequityinstrumentonthegrantdate,andthecapitalreserveshallbeincreasedaccordingly.Iftherightisnotexercisableuntiltheservicewithinthewaitingperiodiscompletedortheperformanceconditionsaremet,oneachbalancesheetdatewithinthewaitingperiod,theservicesacquiredinthecurrentperiodshallbeincludedintorelevantcostsorexpensesandcapitalreservesbasedonthebestestimateofthenumberoftheequityinstrumentsoftheexercisablerightsandbasedonthefairvalueonthegrantdateoftheequityinstruments.Noadjustmentsshallbemadeafterthevestingdatefortherelatedcostsorexpensesrecognizedandtotalowners’equity.
Thecash-settledshare-basedpaymentismeasuredatthefairvalueoftheliabilitiesbornebytheCompanyandcalculatedbasedonsharesorotherequityinstruments.Wheretherightisfeasibleimmediatelyafterthegrant,thefairvalueoftheliabilitiesbornebytheCompanyshallbeincludedintotherelevantcostsorexpensessatthefairvalueoftheliabilitiesassumedbytheCompanyonthegrantdate,andtheliabilitiesshallbeincreasedaccordingly.Wheretheshare-basedpaymentisnotexercisableuntiltheserviceinthevestingperiodiscompletedorspecifiedperformanceconditionsaremet,thenateachbalancesheetdatewithinthevestingperiod,theserviceobtainedinthecurrentperiodshallbeincludedincostorexpensesandinliabilitiesatthefairvalueoftheCompany’sliabilitiesbasedonthebestestimatesofthequantityofexercisableequityinstrumentsmadebytheCompany.Ateachbalancesheetdateandsettlementdatebeforerelevantliabilitiesaresettled,thefairvalueoftheliabilitiesisremeasuredandthechangesarerecognizedinprofitorloss.
Ifthegrantedequityinstrumentiscancelledinthewaitingperiod,theCompanywilltreatthecancellationofthegrantedequityinstrumentasacceleratedexercise,andtheamounttoberecognizedintheremainingwaitingperiodwillbeincludedinthecurrentprofitandlossimmediately,andcapitalreservewillberecognizedatthesametime.Iftheemployeeorotherpartiescanchoosetomeetthenon-vestingconditionsbutfailtomeetthemwithinthewaitingperiod,theCompanywilltreatthemasthecancellationofthegrantedequityinstrument.
32.Preferredstock,perpetualbondsandotherfinancialinstruments
TheCompanyclassifiesthefinancialinstrumentsandtheircomponentsatinitialrecognitionintoeitherfinancialliabilitiesorequityinstruments,inaccordancewiththe“FinancialInstrumentsStandards”,onthebasisofthecontracttermsofandtheeconomicsubstancesbutnotonlythelegalformsreflectedbythepreferredstock,perpetualbondsandotherfinancialinstrumentsissued,togetherwiththedefinitionsoffinancialliabilitiesandequityinstruments:
1.Ifoneofthefollowingconditionsismet,thefinancialinstrumentissuedshallbeclassifiedasafinancialliability:
(1)acontractualobligationtodelivercashorotherfinancialassetstoanotherentity;
(2)acontractualobligationtoexchangewithanotherentityafinancialassetorfinancialliabilityunderpotentialunfavorableconditions;
(3)anon-derivativecontract,whichshallbeormaybesettledbytheCompany’sownequityinstrumentsinthefuture,andthattheCompanywould
deliveravariablenumberofitsownequityinstruments;
(4)aderivativecontract,whichshallbeormaybesettledbytheCompany’sownequityinstrumentsinthefuture,butexceptforwhichtheCompany
woulddeliverafixedquantityofitsownequityinstrumentsinexchangeforafixedquantityofcashorotherfinancialassets.
2.Ifallofthefollowingconditionsaremet,thefinancialinstrumentissuedshallbeclassifiedasanequityinstrument:
(1)Thefinancialinstrumentdoesnotincludethosedeliveringcashorotherfinancialassetstoanotherentity,orcontractualobligationsunder
potentialunfavorableconditionstoexchangefinancialassetsorfinancialliabilitieswithanotherentity;
(2)ForafinancialinstrumentthatshallbeormaybesettledbytheCompany’sownequityinstruments,ifthefinancialinstrumentisanon-derivativeinstrument,itmustnotincludeacontractualobligationtodeliveravariablequantityoftheCompany’sownequityinstrumentsforsettlement;ifthefinancialinstrumentisaderivativeinstrument,itcanonlybesettledbythefixedquantityofitsownequityinstrumentsinexchangeforafixednumberofcashorotherfinancialassets.
3.AccountingtreatmentForthefinancialinstrumentclassifiedasanequityinstrument,anyinterestexpenseordividenddistributionisrecognizedasprofitdistributionoftheissuer,thebuy-backsandwrite-offsarerecognizedaschangesinequity,andtransactioncostssuchashandlingcharges,commissionsaredeductedfromequity;
Forthefinancialinstrumentclassifiedasafinancialliability,anyinterestexpenseordividenddistributionisdealtwithasborrowingcosts,andanygainorlossonthebuy-backsorredemptionsarerecognizedthroughprofitorloss,andtransactioncostssuchashandlingcharges,commissionsareincludedintotheinitialmeasurementofthefinancialinstrumentissued.
33.RevenueAccountingpoliciesforrecognitionandmeasurementofrevenue
(1)Generalprinciplesofrevenuerecognition
TheCompanyhasfulfilleditsobligationsunderthecontract,thatis,whenthecustomeracquirescontroloftherelevantgoodsorservices,therevenueisrecognizedaccordingtothetransactionpriceapportionedtotheperformanceobligations.
PerformanceobligationreferstothecommitmentoftheCompanyinthecontracttoassigncommoditiesorservicesthatcanbeclearlydistinguishedtothecustomer.
Obtainingthecontrolrightoftherelatedcommoditymeanstobeabletodominatetheuseofthecommodityandobtainalmostalltheeconomicbenefitsfromit.
TheCompanyshallevaluatethecontractonthecommencementdateofthecontract,identifytheindividualperformanceobligationscontainedinthecontract,anddeterminewhethereachindividualperformanceobligationshallbeperformedwithinacertainperiodoftimeoratacertainpointintime.Ifoneofthefollowingconditionsissatisfied,theperformanceobligationshallbeperformedwithinacertainperiodoftime,andtheCompanyshallrecognizetheincomewithinacertainperiodoftimeaccordingtotheperformanceprogressoftheCompany:(1)theclientshallobtainandconsumetheeconomicbenefitsbroughtbytheperformanceoftheCompanyastheCompanyperformsthecontract;(2)thecustomerisabletocontrolthegoodsunderconstructionduringtheperformanceoftheCompany;and(3)theproductsproducedbytheCompanyduringtheperformanceofthecontractareofirreplaceableuse,andtheCompanyisentitledtocollectpaymentforthepartofthecontractwhichhasbeencompletedsofarduringthewholetermofthecontract.Otherwise,theCompanyrecognizesrevenueatthetimepointwhenthecustomeracquirescontroloftherelevantgoodsorservices.
Fortheperformanceobligationsperformedduringacertainperiodoftime,theCompanywillusetheoutput/inputmethodtodeterminetheappropriateperformanceschedulebasedonthenatureofthegoodsandservices.Theoutputmethoddeterminestheperformancescheduleaccordingtothevaluetothecustomerofthegoodsthathavebeentransferredtothecustomer(theinputmethoddeterminestheperformancescheduleaccordingtotheCompany’sinputtofulfilltheperformanceobligation).IftheperformanceschedulecannotbereasonablydeterminedandtheCompanyisexpectedtobecompensatedforthecostsalreadyincurred,therevenueshallberecognizedinaccordancewiththeamountofcostsalreadyincurreduntiltheperformanceprogresscanbereasonablydetermined.
(2)Specificmethodofincomerecognition
ThetimingofrevenuerecognitionoftheCompanyformajorproductsrespectivelyareasfollows:(1)ForBOPPcigarettefilms,cigarettelabels,asepticpackagingproducts,whentheproductsaredeliveredtothelocationsdesignatedbythecustomers,andthedeliveryiscompletedandtheevidenceoftransferofcontrolofthegoodsisobtainedfromthecustomers.(2)ForBOPPflatfilmsandlithiumbatteryseparators,whenthedeliveryhasbeencompletedaccordingtothemethodagreedbythecustomers,andtheevidenceoftransferofcontrolofgoodsisobtainedfromthecustomersorthecarriersdesignatedbythecustomers.(3)Forspecialtypaperproducts,theproductsaredeliveredtothelocationsdesignatedbythecustomers,thedeliveryiscompletedandtheevidenceofconformingrequirementsfromcustomersisobtained.
(3)Revenuetreatmentprinciplesforspecifictransactions.
1)Contractswithsalesreturnclauses
Whenthecustomerobtainsthecontrolrightoftherelevantgoods,therevenueisrecognizedaccordingtotheamountofconsiderationexpectedtobeentitledtoreceiveduetothetransferofgoodstothecustomer(i.e.,excludingtheamountexpectedtoberefundedduetosalesreturn),andtheliabilitiesarerecognizedaccordingtotheamountexpectedtoberefundedduetosalesreturn.
Whensellinggoods,thebalanceofthebookvalueofthegoodsexpectedtobereturnedafterdeductingtheexpectedcostofrecoveringthegoods(includingtheimpairmentofthevalueofthereturnedgoods)shallbeaccountedforunder"returncostreceivable".
2)Contractswithwarrantyprovisions
Assesswhetherawarrantyprovidesacustomerwithaserviceinadditiontotheassurancethattheproductcomplieswithagreed-uponspecifications.IftheCompanyprovidesadditionalservices,itshallberegardedasasingleperformanceobligationandsubjecttoaccountingtreatmentinaccordancewiththerevenuestandards;otherwise,thewarrantyresponsibilityshallbesubjecttoaccountingtreatmentinaccordancewith
theaccountingstandardsforcontingencies.
3)SalescontractswithadditionalcustomerpurchaseoptionsTheCompanyevaluateswhethertheoptionprovidesamaterialrighttothecustomer.Wherematerialrightsareprovided,thetransactionpriceshallbeapportionedtotheperformanceobligationasasingleperformanceobligation,andthecorrespondingrevenueshallberecognizedwhenthecustomerexercisesthepurchaseoptiontoobtainthecontrolrightoftherelevantgoodsinthefutureorwhentheoptionexpires.Iftheseparatesellingpriceofthecustomer'sadditionalpurchaseoptioncannotbedirectlyobserved,areasonableestimateshallbemadeaftercomprehensivelyconsideringallrelevantinformationsuchasthedifferenceindiscountsobtainedbythecustomeruponexerciseandnon-exerciseoftheoptionandthepossibilityofthecustomerexercisingtheoption.
4)ContractsforgrantingintellectualpropertylicensestocustomersAssesswhethertheintellectualpropertylicenseconstitutesasingleperformanceobligation,andfurtherdeterminewhetheritisperformedwithinacertainperiodoratacertainpointintime.IftheCompanygrantsanintellectualpropertylicensetoacustomerandagreestocollectroyaltiesaccordingtotheactualsalesoruseofthecustomer,therevenueshallberecognizedatthelaterofthefollowingtwopoints:thesubsequentsalesoruseofthecustomeroccurs;andtheCompanyperformsrelevantperformanceobligations.
5)After-salesrepurchase
①Contractswithrepurchaseobligationsduetoforwardarrangementswithcustomers:inthiscase,thecustomerdoesnotobtaincontroloftherelevantgoodsatthetimeofsales,sotheyareaccountedforaccordinglyasleasetransactionsorfinancingtransactions.Wheretherepurchasepriceislowerthantheoriginalsellingprice,itshallberegardedasaleasetransactionandaccountedforinaccordancewiththerelevantprovisionsoftheAccountingStandardsforBusinessEnterprises.;Iftherepurchasepriceisnotlowerthantheoriginalsellingprice,itshallberegardedasafinancingtransaction,andthefinancialliabilitiesshallberecognizedwhenthecustomer'spaymentisreceived,andthedifferencebetweenthepaymentandtherepurchasepriceshallberecognizedasinterestexpensesduringtherepurchaseperiod.IftheCompanydoesnotexercisetherepurchaserightwhenitexpires,thefinancialliabilitiesshallbederecognizedwhentherepurchaserightexpires,andtherevenueshallberecognizedatthesametime.
②Contractswithrepurchaseobligationsincurredattherequestofcustomers:ifitisassessedthatthecustomerhassignificanteconomicdrivers,theafter-salesrepurchaseshallbetreatedasaleasetransactionorafinancingtransactionandaccountedforinaccordancewiththeprovisionsof1)ofthisarticle;otherwise,itshallbetreatedasasalestransactionwithsalesreturnclauses.
6)Contractsthatchargecustomersinitialfeesthatdonotneedtobereturned
Theinitialfeechargedtothecustomerat(ornear)thecommencementofthecontractthatisnotrefundableshallbeincludedinthetransactionprice.IftheCompanyassessesthattheinitialfeeisrelatedtothetransferofpromisedgoodstothecustomerandthegoodsconstituteasingleperformanceobligation,therevenueshallberecognizedaccordingtothetransactionpriceapportionedtothegoodswhenthegoodsaretransferred;Iftheinitialfeeisrelatedtothetransferofpromisedgoodstothecustomerbutthegoodsdonotconstituteasingleperformanceobligationwhenthesingleperformanceobligationcontainingthegoodsisperformed,therevenueshallberecognizedaccordingtothetransactionpriceapportionedtothesingleperformanceobligation;Iftheinitialfeeisnotrelatedtothetransferofthepromisedgoodstothecustomer,theinitialfeeshallberecognizedastheadvancereceiptforthegoodstobetransferredinthefutureandshallberecognizedasrevenuewhenthegoodsaretransferredinthefuture.
Differencesinaccountingpoliciesforrevenuerecognitionduetodifferentbusinessmodelsforsimilarbusinesses
34.Contractcost
(1)Coststofulfilacontract
Forthecostincurredforthefulfillmentofacontract,ifitdoesnotfallwithinthescopeofotheraccountingstandardsforbusinessenterprisesotherthantherevenuestandardsandmeetsallthefollowingcriteria,itshallberecognizedasanassetfromthecostsincurredtofulfillacontract
1)Thecostisdirectlyrelatedtoacurrentortoananticipatedcontract,includingdirectlabor,directmaterials,manufacturingexpenses(orsimilarexpenses),costsclearlybornebythecustomer,andothercostsincurredsolelyduetothecontract;
2)ThecostsenhanceresourcesoftheCompanythatwillbeusedinsatisfyingperformanceobligationsinthefuture.
3)Thecostsareexpectedtoberecovered.
Theassetisreportedininventoriesorothernon-currentassetsbasedonwhethertheamortizationperiodexceedsonenormalbusinesscycleatthetimeofitsinitialrecognition.
(2)Coststoobtainacontract
IftheincrementalcostincurredbytheCompanyinobtainingthecontractisexpectedtoberecoverable,itshallberecognizedasanassetofobtainingacontract.IncrementalcostreferstothecostthattheCompanyincurstoobtainacontractwithacustomerthatitwouldnothaveincurredifthecontracthadnotbeenobtained,suchassalescommission.Iftheamortizationperioddoesnotexceedoneyear,itshallbeincludedinthecurrentprofitsandlosseswhenitoccurs.
(3)Amortizationofcontractcosts
Theaboveassetsrelatedtocontractcostsareamortizedatthetimeoffulfilmentofperformanceobligationsoraccordingtothefulfillmentprogressofperformanceobligationsonthesamebasisastherecognitionofrevenuefromgoodsorservicesrelatedtotheassetsandincludedincurrentprofitsandlosses.
(4)Impairmentofcontractcosts
Ifthebookvalueoftheabove-mentionedassetsrelatedtothecontractcostishigherthanthedifferencebetweentheresidualconsiderationexpectedtobeobtainedbytheCompanyduetothetransferofthegoodsrelatedtotheassetandtheestimatedcosttobeincurredforthetransferoftherelatedgoods,theexcessshallbeprovidedforimpairmentandrecognizedasassetimpairmentloss.
Aftertheimpairmentprovisionismade,ifthefactorsofimpairmentinthepreviousperiodchange,makingthedifferencebetweentheabovetwoitemshigherthanthebookvalueoftheasset,theoriginallymadeassetimpairmentprovisionshallbereversedandincludedinthecurrentprofitsandlosses,butthebookvalueofthereversedassetshallnotexceedthebookvalueoftheassetonthereversaldateassumingthatnoimpairmentprovisionismade.
35.Governmentgrant
(1)Type
Governmentsubsidiesaretransfersofmonetaryornon-monetaryassetsfromthegovernmenttotheGroupatnilconsideration.Accordingtothesubsidytargetsstipulatedintherelevantgovernmentdocuments,governmentsubsidiesareclassifiedintogovernmentsubsidiesrelatedtoassetsandgovernmentsubsidiesrelatedtoincome.
ThegovernmentsubsidiesrelatedtoassetsrefertothegovernmentsubsidiesobtainedbytheCompanyforpurchasingandconstructingorforminglong-termassetsinotherways.Governmentsubsidiesrelatedtoincomerefertogovernmentsubsidiesotherthanthoserelatedtoassets.
(2)Recognitionofgovernmentsubsidies
IfthereisevidenceattheendoftheperiodthattheCompanycanmeettherelevantconditionsspecifiedinthefinancialsupportpolicyanditisexpectedtoreceivethefinancialsupportfunds,thegovernmentsubsidyshallberecognizedaccordingtothereceivableamount.Otherwise,governmentsubsidiesarerecognizedwhentheyareactuallyreceived.
Ifagovernmentsubsidyisamonetaryasset,itismeasuredattheamountreceivedorreceivable.Ifagovernmentsubsidyisanon-monetaryasset,itismeasuredatfairvalue.Ifthefairvaluecannotbeobtainedinareliableway,itismeasuredatthenominalamount(RMB1).Governmentsubsidiesmeasuredatnominalamountsarerecognizeddirectlyinthecurrentprofitandloss.
(3)Accountingtreatment
Accordingtotheessenceofeconomicbusiness,theCompanydetermineswhetherthetotalamountmethodorthenetamountmethodshouldbeusedforaccountingtreatmentofacertaintypeofgovernmentsubsidybusiness.Generally,theCompanyonlyselectsonemethodforthesameorsimilargovernmentsubsidybusiness,andconsistentlyusesthemethodforthebusiness.
Thegovernmentsubsidiesrelatedtotheassetsshallbewrittenoffagainstthebookvalueoftherelevantassetsorrecognizedasdeferredincome.Ifthegovernmentsubsidyrelatedtotheassetisrecognizedasdeferredincome,itshallberecordedintotheprofitandlossinstagesinaccordancewithareasonableandsystematicmethodduringtheservicelifeoftheassetbuiltorpurchased.
Ifthegovernmentsubsidyrelatedtotheincomeisusedtocompensatetherelevantexpensesorlossesoftheenterpriseinthefutureperiod,itshallberecognizedasdeferredincomeandrecordedintothecurrentprofitandloss,orwritedowntherelevantcostsduringtheperiodofrecognitionoftherelevantexpensesorlosses;Ifitisusedtocompensatetherelatedexpensesorlossesincurredbytheenterprise,itshallbedirectlyrecordedintothecurrentprofitandlossorwritedowntherelevantcostswhenobtained.
Thegovernmentsubsidiesrelatedtothedailyactivitiesoftheenterpriseshallbeincludedinotherincomeorusedtowriteoffrelatedcostsandexpenses;Governmentsubsidiesnotrelatedtothedailyactivitiesoftheenterpriseshallbeincludedinthenon-operatingrevenueandexpenditure.
Governmentsubsidiesrelatedtothediscountinterestreceivedfrompolicy-relatedpreferentialloansoffsettherelevantborrowingcosts;ifthepolicy-basedpreferentialinterestrateloanprovidedbythelendingbankisobtained,theborrowingamountactuallyreceivedshallbetakenastheentryvalueoftheborrowings,andborrowingcostshouldbecalculatedusingthepreferentialinterestrateaccordingtotheloanprincipalandthepolicy.
Incasethataconfirmedgovernmentsubsidyisrequiredtobereturned,thebookvalueoftheassetisadjustedifthebookvalueofrelevantassetsisoffsetattheinitialrecognition;ifthereisrelateddeferredincome,thebookbalanceofdeferredincomeshouldbeoffset,andtheexcessisincludedinthecurrentprofitandloss;incaseofothercircumstances,itisdirectlyincludedinthecurrentprofitandloss.
36.Deferredincometaxassets/Deferredincometaxliabilities
Deferredtaxassetsanddeferredtaxliabilitiesarecalculatedandrecognizedbasedonthedifferencesarisingbetweenthetaxbasesofassetsandliabilitiesandtheircarryingamounts(temporarydifferences).Onthebalancesheetdate,deferredtaxassetsanddeferredtaxliabilitiesaremeasuredattheapplicabletaxrateduringtheperiodwhentheassetisexpectedtoberecoveredortheliabilityisexpectedtobesettled.
(1)Basisforrecognitionofdeferredincometaxassets
TheCompanyrecognizesthedeferredtaxassetsgeneratedbythedeductibletemporarydifferencestotheextentthatitislikelytoobtainthetaxableincomethatcanbeusedtooffsetthedeductibletemporarydifferences,carryforwardthedeductiblelossesandtaxcreditsinthefollowingyears.However,deferredtaxassetsarisingfromtheinitialrecognitionofassetsorliabilitiesintransactionswiththefollowingcharacteristicsshallnotberecognized:(1)thetransactionisnotabusinesscombination;and(2)thetransactiondoesnotaffecttheaccountingprofitortaxableincomeordeductibleloss.
Forthedeductibletemporarydifferencesrelatedtotheinvestmentofassociatedenterprises,ifthefollowingconditionsaremetatthesametime,thecorrespondingdeferredtaxassetsshallbeconfirmed:thetemporarydifferencesarelikelytobereversedintheforeseeablefuture,andthetaxableincomeusedtodeductthedeductibletemporarydifferencesislikelytobeobtainedinthefuture.
(2)Basisforrecognitionofdeferredincometaxliabilities
TheCompanyrecognizesthetaxabletemporarydifferencesthatshouldbepaidbutnotpaidinthecurrentperiodandthepreviousperiodasdeferredtaxliabilities,excluding:
1)Thetemporarydifferenceformedbytheinitialconfirmationofgoodwill;
2)Thetransactionoreventnotformedbybusinesscombination,andtheoccurrenceofthetransactionoreventdoesnotaffecttheaccountingprofitorthe
temporarydifferenceformedbythetaxableincome(ordeductibleloss);
3)Forthetaxabletemporarydifferencerelatedtotheinvestmentinsubsidiariesandassociatedenterprises,thetimeofreversalofthetemporarydifference
canbecontrolledandthetemporarydifferenceisunlikelytobereversedintheforeseeablefuture.
(3)Whenthefollowingconditionsaremetatthesametime,thedeferredincometaxassetsanddeferredincometaxliabilitiesarepresentedatthenetamountafteroffset
1)Theenterprisehasthelegalrighttosettlethecurrentincometaxassetsandcurrentincometaxliabilitieswithnetamount;
2)Thedeferredincometaxassetsandthedeferredincometaxliabilitiesmayberelatedtotheincometaxleviedbythesametaxofficeonthesameordifferenttaxpayer.Inthelattercase,theinvolvedtaxpayersintendtosettlethecurrentincometaxassetsandcurrentincometaxliabilitieswithnetamount,orobtainassetsandpayoffdebtsatthesametimeineachfutureperiodwhentheimportantdeferredincometaxassetsanddeferredincometaxliabilitiesarereversed.
37.Leases
(1)Leases
Onthecommencementdateofthecontract,theCompanyevaluateswhetherthecontractisaleaseorcontainsalease.Ifonepartytothecontractabalienatestherighttocontroltheuseofoneormoreidentifiedassetswithinacertainperiodinexchangeforconsideration,thecontractisaleaseorcontainsalease.
(1)Splitofleasecontract
Ifthecontractcontainsmultipleseparateleasesatthesametime,theCompanywillsplitthecontractandcarryoutaccountingtreatmentforeachseparatelease.
Whenthecontractincludesbothleaseandnon-leaseparts,theCompanywillsplitthetwoparts,theleasepartshallbesubjecttoaccountingtreatmentinaccordancewiththeleasestandards,andthenon-leasepartshallbesubjecttoaccountingtreatmentinaccordancewithotherapplicableaccountingstandardsforenterprises.
(2)Mergerofleasecontracts
WhentwoormorecontractscontainingleasesconcludedbytheCompanyandthesametransactionpartyoritsrelatedpartiesatthesametimeoratasimilartimethatmeetoneofthefollowingcriteria,theywillbemergedintoonecontractforaccountingtreatment:
1)Thetwoormorecontractsareconcludedbasedontheoverallcommercialpurposeandconstituteapackagedeal,whichcannotbeunderstoodifnotconsideredasawhole.
2)Theamountofconsiderationforoneofthetwoormorecontractsdependsonthepricingorfulfilmentofothercontracts.
3)Therighttousetheassetstransferredunderthetwoormorecontractstogetherconstituteaseparatelease.
(3)AccountingtreatmentoftheCompanyasthelessee
Atthecommencementoftheleaseterm,theCompanyrecognizestheright-of-useassetsandleaseliabilitiesforleases,exceptforshort-termleasesandlow-valueassetleasesthatapplysimplifiedtreatment.
1)Short-termleaseandlow-valueassetlease
Ashort-termleaseisaleasethathasaleasetermof12monthsorlessanddoesnotincludeanoptiontopurchase.Low-valueassetleasereferstotheleasewithlowervaluewhenasingleleasedassetisabrand-newasset.
2)SeeNotes23and30fortheaccountingpoliciesofright-of-useassetsandleaseliabilities.
(4)AccountingtreatmentoftheCompanyasthelessor
1)Classificationofleases
LeasesaredividedbytheCompanyintofinanceleasesandoperatingleasesatthecommencementofleases.Financeleaseisaleasethathastransferredinsubstancealltherisksandrewardsrelatedtotheownershipofanasset.Theownershipofitmayormaynoteventuallybetransferred.Operatingleasereferstoaleaseotherthanafinancinglease.
Wherealeasesatisfiesoneormoreofthefollowingcriteria,theCompanyshallrecognizeitasafinancelease:
①Theownershipoftheleasedassetistransferredtothelesseewhenthetermofleaseexpires.
②Thelesseehastheoptiontobuytheleasedassetatapricewhichisexpectedtobefarlowerthanthefairvalueoftheleasedassetatthedatewhentheoptionbecomesexercisable.
③Eveniftheownershipoftheassetisnottransferred,theleasetermcoversthemajorpartoftheuselifeoftheleasedasset.
④Thepresentvalueoftheminimumleasereceiptsontheleasebeginningdateamountstosubstantiallyallofthefairvalueoftheleasedassetontheleasebeginningdate;
⑤Theleasedassetsareofaspecializednaturethatonlythelesseecanusethemwithoutmakingmajormodifications.
Wherealeasesatisfiesoneormoreofthefollowingcriteria,theCompanymayalsorecognizeitasafinancelease:
①Ifthelesseecancelsthelease,thelesseeshallbearthelossescausedtothelessorbythecancellationofthelease.
②Gainsorlossesarisingfromfluctuationsinthefairvalueofresidualvaluesofassetsareattributabletothelessee.
③Thelesseecancontinuetheleaseatarentthatisfarbelowthemarketleveluntilthenextperiod.
2)Accountingtreatmentforfinanceleases
Onthedatewhenleasestarts,theCompanyrecognizesthefinanceleasesasthereceivableofthefinancialleasewhichisfinallyderecognizedasthefinanceleasingassets.
Whenthefinanceleasereceivablesareinitiallymeasured,thesumoftheunsecuredresidualvalueandthepresentvalueoftheleasereceivablesthathavenotbeenreceivedonthebeginningdateoftheleasetermdiscountedattheimplicitinterestrateoftheleaseshallbetakenastheentryvalueofthefinanceleasereceivables.Leasereceiptsinclude:
①Theamountoffixedpaymentandactualfixedpaymentamountafterdeductingtherelevantamountofleaseincentive;
②Variableleasepaymentsdependingonindexorratio;
③Whenitisreasonablydeterminedthatthelesseewillexercisetheoptions,thereceivedamountofleaseincludestheexercisepriceoftheoptions;
④Whentheleasetermreflectsthatthelesseewillexercisetheoptiontoterminatethelease,theleasecollectionincludestheamounttobepaidbythelesseetoexercisetheoptiontoterminatethelease;
⑤Theguaranteedresidualvalueprovidedbythelessee,thepartyrelatedtothelesseeandtheindependentthirdpartywiththefinancialabilitytoperformtheguaranteeobligationtothelesser.
TheCompanycalculatesandrecognizestheinterestincomeduringeachleasetermaccordingtothefixedinterestrateimplicitinlease,andthevariableleasepaymentobtainedbutnotincludedinthemeasurementofnetleaseinvestmentisincludedinthecurrentprofitsandlosseswhenitactuallyarises.
3)Accountingtreatmentofoperatingleases
TheCompanyrecognizestheleasereceiptsfromoperatingleasesasrentalincomebythestraight-linemethodorothersystematicandreasonablemethodsduringeachleaseterm;Theincurredinitialdirectcostsrelatedtotheoperatingleaseshallbeamortizedovertheleasetermonthesamebasisastherecognitionofrentalincomeandincludedinthecurrentprofitsandlossesbystages;Thevariableleasepaymentsobtainedthatarerelatedtotheoperatingleasebutnotincludedintheleasereceiptsareincludedinthecurrentprofitsandlosseswhentheyactuallyarise.
38.Terminationofaccounting
TheCompanyrecognizestheitemsthatmeetoneofthefollowingconditionsandhavebeendisposedoforclassifiedasheldforsaleandcanbeseparatelydistinguishedasdiscontinueditems:
(1)Thisitemrepresentsanindependentmainbusinessoraseparatemainbusinessarea.
(2)Thisitemispartofanassociatedplantodisposeofanindependentmainbusinessoraseparatemainbusinessarea.
(3)Thisitemisasubsidiaryacquiredexclusivelyforresale.
Theoperatingprofitandlossaswellasthedisposalprofitandlosssuchasimpairmentlossandreversalamountofdiscontinuedoperationislistedintheincomestatementasdiscontinuedoperationprofitandloss.
39.Hedgeaccounting
Accordingtothehedgingrelationship,theCompanydivideshedgingintofairvaluehedging,cashflowhedgingandoverseasnetinvestmenthedging.
(1)Hedginginstrumentsthatmeetthefollowingconditionsatthesametimeshallbetreatedwithhedgingaccountingmethod
1)Thehedgingrelationshipisonlycomposedofqualifiedhedginginstrumentsandhedgeditems.
2)Atthebeginningofhedging,theCompanyformallydesignatedhedginginstrumentsandhedgeditems,andpreparedwrittendocumentsonhedgingrelationship,riskmanagementstrategyandriskmanagementobjectivesforhedging.
3)Thehedgingrelationshipmeetstherequirementsofhedgingeffectiveness.
Ifthehedgingmeetsthefollowingconditionsatthesametime,thehedgingrelationshipshallbedeemedtomeettherequirementsofhedgingeffectiveness:
①Thereisaneconomicrelationshipbetweenthehedgeditemandthehedginginstrument.Thiseconomicrelationshipmakesthevalueofthehedginginstrumentandthehedgeditemchangeintheoppositedirectionduetothesamehedgedrisk.
②Inthevaluechangescausedbytheeconomicrelationshipbetweenthehedgeditemandthehedginginstrument,theimpactofcreditriskdoesnotdominate.
③ThehedgingratioofthehedgingrelationshipisequaltotheratiooftheactualnumberofhedgeditemshedgedbytheCompanytotheactualnumberofhedginginstrumentshedged,butdoesnotreflecttheimbalanceoftherelativeweightofthehedgeditemsandhedginginstruments.Thisimbalancewillleadtoineffectivehedgingandmayproduceaccountingresultsinconsistentwiththehedgingaccountingobjectives.
(2)Accountingtreatmentforfairvaluehedges
1)Gainsorlossesarisingfromhedginginstrumentsshallbeincludedincurrentprofitandloss.Ifthehedginginstrumenthedgesthenon-tradableequityinstrumentinvestment(oritscomponents)thatisselectedtobemeasuredatfairvalueanditschangeisincludedinothercomprehensiveincome,thegainsorlossesgeneratedbythehedginginstrumentareincludedinothercomprehensiveincome.
2)Gainsorlossesofthehedgeditemarisingfromthehedgedriskexposureareincludedinthecurrentprofitandloss,andthebookvalueofthehedgeditemthatisnotmeasuredatfairvalueisadjusted.Ifthehedgeditemisafinancialasset(oritscomponent)measuredatfairvalueanditschangeisincludedinothercomprehensiveincome,theprofitorlossgeneratedfromthehedgedriskexposureisincludedinthecurrentprofitandloss,anditsbookvaluehasbeenmeasuredatfairvaluewithoutadjustment;thehedgeditemisthenon-tradableequityinstrumentinvestment(oritscomponents)thatthecompanychoosestomeasureatfairvalueanditschangeisincludedinothercomprehensiveincome,thegainsorlossesarisingfromthehedgedriskexposureareincludedinothercomprehensiveincome,anditsbookvaluehasbeenmeasuredatfairvaluewithoutadjustment.
Ifthehedgeditemisanunrecognizedfirmcommitment(oritscomponent),theaccumulatedchangeinfairvaluecausedbythehedgedriskafterthedesignationofthehedgingrelationshipshallberecognizedasanassetorliability,andtherelevantgainsorlossesshallbeincludedintheprofitsandlossesofeachrelevantperiod.Whentheassetorliabilityisacquiredbyfulfillingtheestablishedcommitment,theinitialrecognizedamountoftheassetorliabilityisadjustedtoincludethefairvaluecumulativechangeoftherecognizedhedgeditem.
Ifthehedgeditemisafinancialinstrument(oritscomponent)measuredatamortizedcost,theadjustmentofbookvalueofthehedgeditemshallbeamortizedaccordingtotheactualinterestraterecalculatedontheamortizationdateandincludedinthecurrentprofitandloss.Theamortizationcanstartfromtheadjustmentdate,butnotlaterthanthetimepointwhenthehedginggainsandlossesareadjustedfortheterminationofthehedgeditem.Ifthehedgeditemisafinancialasset(oritscomponent)measuredatfairvalueanditschangeisincludedinothercomprehensiveincome,the
accumulatedrecognizedhedginggainsorlossesshallbeamortizedinthesamewayandincludedinthecurrentprofitandloss,butthebookvalueofthefinancialasset(oritscomponent)shallnotbeadjusted.
(3)Accountingforcashflowhedges
1)Theportionofthegainorlossonthehedginginstrumentthatisdeterminedtobeaneffectivehedge,whichisregardedasthecashflowhedgingreserve,andshallberecognizedinothercomprehensiveincome:Theamountofthecashflowhedgereserveshallbedeterminedbytheloweroftheabsoluteamountofthefollowingtwoitems:
①thecumulativegainorlossonthehedginginstrumentfrominceptionofthehedge;and
②thepresentvalueofthecumulativechangeinthehedgedexpectedfuturecashflowsofthehedgeditemfrominceptionofthehedge.Theamountofthecashflowhedgereserverecognizedintheothercomprehensiveincomeduringeachaccountingperiodisthechangeinthecurrentcashflowhedgereserve.
2)Theportionofgainorlossonthehedginginstrument(thatis,othergainsorlossesafterdeductingothercomprehensiveincome)ishedgeineffectivenessthatshallberecognizedinprofitorloss.
3)Theamountofcashflowhedgereserveshallbeaccountedforasfollows:
①Thehedgeditemisanexpectedtransaction,andtheexpectedtransactioncausesthecompanytosubsequentlyresultsintherecognitionofanon-financialassetornon-financialliability,ortheexpectedtransactionofnon-financialassetoranon-financialliabilitybecomesafirmcommitmentforwhichfairvaluehedgeaccountingisapplied,theCompanyshallremovethatamountfromthecashflowhedgereserveandincludeitdirectlyintheinitialcostorothercarryingamountoftheassetortheliability.
②Forcashflowhedgesotherthanthosecoveredbypreviousclause,thatamountshallbereclassifiedfromthecashflowhedgereserveoriginallyrecognizedinothercomprehensiveincometoprofitorlossasareclassificationadjustmentinthesameperiodorperiodsduringwhichthehedgedexpectedfuturecashflowsaffectprofitorloss.
③However,ifthatamountisalossandtheCompanyexpectsthatalloraportionofthatlosswillnotberecoveredinoneormorefutureperiods,itshallimmediatelyreclassifytheamountthatisnotexpectedtoberecoveredintoprofitorlossasareclassificationadjustment.
(4)Hedgesofanetinvestmentinaforeignoperation
Hedgesofanetinvestmentinaforeignoperation,includingahedgeofamonetaryitemthatisaccountedforaspartofthenetinvestment,shallbeaccountedforsimilarlytocashflowhedges:
1)Theportionofthegainorlossonthehedginginstrumentthatisdeterminedtobeaneffectivehedgeshallberecognizedinothercomprehensiveincome.
Thegainorlossonthehedginginstrumentrelatingtotheeffectiveportionofthehedgethathasbeenaccumulatedintheforeigncurrencytranslationreserveshallbereclassifiedfromequitytoprofitorlossasareclassificationadjustmentonthedisposalorpartialdisposaloftheforeignoperation;and
2)Theineffectiveportionshallberecognizedinprofitorloss.
(5)Terminationofhedgeaccounting
Incaseofanyofthefollowingcircumstances,theapplicationofhedgeaccountingshallbeterminated:
1)thehedgingrelationshipnolongermeetstheriskmanagementobjectiveduetochangesinriskmanagementobjective.
2)thehedginginstrumentorinstrumentshavebeenexpired,soldorcontractterminatedorexecuted.
3)thereisnolongeraneconomicrelationshipbetweenthehedgeditemandthehedginginstrumentortheeffectofcreditriskstartstodominatethevaluechangesthatresultfromthateconomicrelationship.
4)Thehedgingrelationshipdoesnotsatisfyotherconditionsofundertakinghedgeaccounting.Ifrebalancingofthehedgingrelationshipapplies,the
Companyshallconsidertherebalancingthehedgingrelationshipfirstandsubsequentlyassesswhetherthehedgingrelationshipsatisfiestheconditionsofundertakinghedgeaccounting.
Theterminationofhedgingaccountingmayaffectthewholeorapartofthehedgingrelationship.Whenonlyapartofitisaffected,theremainingunaffectedpartsstillapplieshedgingaccounting.
(6)Optiontodesignateacreditexposureasmeasuredatfairvalue
Whenthecreditriskexposureofafinancialinstrument(oritscomponents)ismanagedbyusingacreditderivativeinstrumentmeasuredatfairvaluethroughcurrentprofitandloss,thefinancialinstrument(oritscomponents)canbeatthetimeofinitialrecognition,subsequentmeasurementorunconfirmed,itshallbedesignatedasafinancialinstrumentmeasuredatfairvaluewithitschangesincludedinthecurrentprofitandloss,andwrittenrecordsshallbemadeatthesametime,butthefollowingconditionsshallbemetsimultaneously:
1)thenameofthecreditexposure(forexample,theborrower,ortheholderofaloancommitment)matchesthereferenceentityofthecreditderivative(‘namematching’);and
2)theseniorityofthefinancialinstrumentmatchesthatoftheinstrumentsthatcanbedeliveredinaccordancewiththecreditderivative.
40.RepurchaseofsharesoftheCompany
TheconsiderationandtransactionexpensespaidbytheCompanyforrepurchasingitsownequityinstrumentsreducetheowner’sequity.IftheCompanyadoptsthemethodofpurchasingtheCompany’ssharestoreduceitscapitalinaccordancewithlegalprocedures,thecapitalstockshallbereducedaccordingtothetotalparvalueofthecancelledshares,andtheowner’sequityshallbeadjustedaccordingtothedifferencebetweenthepricepaidfortherepurchaseofshares(includingtransactionexpenses)andtheparvalueoftheshares.Thepartexceedingthetotalparvalueshallbeoffsetagainstthecapitalreserve(capitalstockpremium),surplusreserveandundistributedprofitsinturn;Ifitislowerthanthetotalfacevalue,thepartlowerthanthetotalfacevaluewillincreasethecapitalreserve(capitalstockpremium).TheCompanyissues,repurchases,sellsorcancelsitsownequityinstrumentswithoutrecognizinganygainsorlosses.
ThesharesrepurchasedbytheCompanyshallbemanagedastreasurysharesbeforecancellationortransfer,andallexpensesforrepurchasingsharesshallbetransferredtothecostoftreasuryshares.
Whentreasurysharesaretransferred,thepartoftransferincomehigherthanthecostoftreasuryshareswillincreasethecapitalreserve(capitalstockpremium);Thepartlowerthanthecostoftreasurysharesshallbeoffsetagainstthecapitalreserve(capitalstockpremium),surplusreserveand
undistributedprofitinturn.ThetreasurysharesformedbytheCompany’srepurchaseofitscommonsharesarenotincludedintheCompany’sprofitdistribution,andtheCompanyliststhemasanallowanceitemofowner’sequityinthebalancesheet.
41.Changesinothercriticalaccountingpoliciesandaccountingestimates
(1)Changesinaccountingpolicies
Contentandreasonofaccountingpolicychange
Contentandreasonofaccountingpolicychange | Proceduresforapproval | Note |
TheCompanyhasstartedtoimplementtheInterpretationNo.15ofAccountingStandardsforBusinessEnterprises(“accountingtreatmentofproductsorby-productsproducedbyenterprisesbeforethefixedassetsreachtheexpectedusablestateorduringtheR&Dprocessforexternalsales”and“judgmentononerouscontracts”)issuedbytheMinistryofFinancein2021sinceJanuary1,2022. | Approvaloftheboardofdirectors | 1) |
TheCompanyhasstartedtoimplementtheInterpretationNo.16ofAccountingStandardsforBusinessEnterprises("accountingtreatmentontheincometaximpactofdividendsrelatedtofinancialinstrumentsclassifiedasequityinstrumentsbytheissuer"and"accountingtreatmentonthechangeofcash-settledshare-basedpaymenttoequity-settledshare-basedpaymentbyenterprises")issuedbytheMinistryofFinancein2022sinceDecember13,2022. | Approvaloftheboardofdirectors | 2) |
Detailsofthechangesofaccountingpolicies:
1)ImpactofimplementingtheInterpretationNo.15oftheAccountingStandardsforBusinessEnterprisesontheCompanyOnDecember31,2021,theMinistryofFinanceissuedtheInterpretationNo.15oftheAccountingStandardsforBusinessEnterprises(CKNo.[2021]35,hereinafterreferredtoas"InterpretationNo.15"),whichshallbeimplementedfromJanuary1,2022onthe“accountingtreatmentofproductsorby-productsproducedbyenterprisesbeforethefixedassetsreachtheexpectedusablestateorduringtheR&Dprocessforexternalsales"and"judgmentononerouscontracts".TheimplementationofInterpretationNo.15hasnosignificantimpactonthefinancialstatementsduringthereportingperiod.
2)ImpactofimplementingInterpretationNo.16oftheAccountingStandardsforBusinessEnterprisesontheCompanyOnDecember13,2022,theMinistryofFinanceissuedtheInterpretationNo.16oftheAccountingStandardsforBusinessEnterprises(CKNo.[2022]31),hereinafterreferredtoas"InterpretationNo.16"),whichexplainsthattheaccountingtreatmentofthethreemattersofInterpretationNo.16is:"theaccountingtreatmentofinitialrecognitionexemptionisnotapplicabletothedeferredincometaxrelatedtoassetsandliabilitiesarisingfromsingletransactions"shallbeimplementedfromJanuary1,2023,allowingenterprisestoimplementitinadvancesincetheyearofissuance,andtheCompanyhasnotimplementedtheaccountingtreatmentrelatedtothismatterinadvancethisyear.;"accountingtreatmentontheincometaximpactofdividendsrelatedtofinancialinstrumentsclassifiedasequityinstrumentsbytheissuer"and"accountingtreatmentonthechangeofcash-settledshare-basedpaymenttoequity-settledshare-basedpaymentbyenterprises"shallbeimplementedfromthedateofpromulgation.
TheimplementationofInterpretationNo.16hasnosignificantimpactonthefinancialstatementsduringthereportingperiod.
(2)AccountingestimatechangeThemainaccountingestimateshadnotchangedduringtheReportingPeriod.
VI.Taxation
1.MainTaxTypesandTaxRates
Taxtype
Taxtype | Taxationbasis | Taxrate |
Valueaddedtax(“VAT”) | Salesofgoods,taxablesalesserviceincome,intangibleassetsorrealestate | 13%、9%、6% |
Citymaintenanceandconstructiontax | AmountofVATpaid | 7%,5%,1% |
Explanationofdisclosurefortaxpayerswithdifferentcorporateincometaxrates
Taxpayer | Incometaxrate |
TheCompany | 25% |
YunnanDexinPaperCo.,Ltd. | 15% |
YunnanHongchuangPackagingCo.,Ltd. | 15% |
YunnanHongtaPlasticCo.,Ltd. | 15% |
HongtaPlastic(Chengdu)Co.,Ltd. | 15% |
YuxiFeiermuTradingCo.,Ltd. | 25% |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 15% |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 15% |
GuangdongEnergyNewMaterialInstituteCo.,Ltd. | 25% |
WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 15% |
JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 15% |
JiangsuRuijieNewMaterialTechnologyCo.,Ltd. | 25% |
JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | 25% |
SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd | 15% |
ChongqingEnergyNewmiTechnologicalCo.,Ltd. | 15% |
JiangxiEnpoNewMaterialTechnologyCo.,Ltd. | 25% |
JiangxiEnergyNewMaterialTechnologyCo.,Ltd. | 25% |
JiangsuEnergyNewMaterialTechnologyCo.,Ltd. | 25% |
HunanEnergyAdvancedNewMaterialTechnologyCo.,Ltd | 25% |
NingboEnergyNewMaterialCo.,Ltd. | 25% |
ChongqingEnergyNewMaterialTechnologyCo.,Ltd. | 15% |
HainanEnergyInvestmentCo.,Ltd. | 25% |
HubeiEnergyNewMaterialTechnologyCo.,Ltd. | 25% |
JiangsuSanheBatteryMaterialTechnologyCo.,Ltd. | 25% |
HongchuangPackaging(Jiangsu)Co.,Ltd. | 25% |
ShanghaiEnergyNewMaterialsResearchCo.,Ltd. | 25% |
Energy(ZhuhaiHengqin)NewMaterialTechnologyCo.,Ltd. | 20% |
XiamenEnergyNewMaterialCo.,Ltd. | 25% |
YuxiEnergyNewMaterialCo.,Ltd. | 25% |
ShanghaiEnergyTradingCo.,Ltd. | 25% |
JiangsuEnergyTradingCo.,Ltd. | 25% |
ChuangxinNewMaterial(HongKong)Co.,Ltd. | 16.5% |
SEMCORPGlobalHoldingsKft. | 9% |
SEMCORPHungaryKft. | 9% |
SEMCORPPropertiesKft. | 9% |
SEMCORPAmericaInc. | 20% |
SEMCORPManufacturingUSALLC | 20% |
2.PolicyandbasisforpreferentialtaxtreatmentInaccordancewiththeAnnouncementonEnterpriseIncomeTaxIssuesRelatedtotheIn-depthImplementationoftheWesternDevelopmentStrategy(AnnouncementNo.12,2012oftheStateAdministrationofTaxation),thesubsidiaryHongchuangPackaging,thesub-subsidiaryChongqingEnergycontinuetoenjoythepreferentialtaxpoliciesforthewesterndevelopmentthisperiod.Theenterpriseincometaxshallbepaidatthereducedtaxrateof15%.AccordingtotheEnterpriseIncomeTaxLawofthePeople’sRepublicofChina(2018Amendment)andNoticeoftheMinistryofScienceandTechnology,theMinistryofFinance,theStateAdministrationofTaxationontheRevisionandPrintingoftheAdministrativeMeasuresfortheRecognitionofHighandNewTechnologyEnterprises(GKFH[2016]No.32),itssubsidiariesHongtaPlastic,DexinPaper,itssub-subsidiaryChengduHongtaPlastic,itssubsidiaryShanghaiEnergy,itssub-subsidiariesZhuhaiEnergy,JiangxiTonry,WuxiEnergy,SuzhouGreenPower,NewmiTecharerecognizedashigh-techenterprisesuponapplication,andthepreferentialtaxrateforhigh-techenterprisesshallbe15%.InaccordancetotheNoticeoftheMinistryofFinanceandtheStateAdministrationofTaxationontheImplementationofPreferentialTaxReductionandExemptionPoliciesforSmallandMicro-Enterprises(CS[2019]No.13)andtheAnnouncementoftheMinistryofFinanceandtheStateAdministrationofTaxationontheImplementationofPreferentialIncomeTaxPoliciesforSmallandMicroEnterprisesandIndividualIndustrialandCommercialHouseholds(CS[2021]No.12),thesub-subsidiaryEnergy(ZhuhaiHengqin)NewMaterialTechnologyCo.,Ltd.meetsthecriteriaforsmallandlowprofitenterprises.TheportionoftaxableincomenotexceedingRMB1millionthisyearshallbeincludedinthetaxableincomeatareducedrateof12.5%,andtheenterpriseincometaxshallbepaidatataxrateof20%.
VII.NotestoItemsinConsolidatedFinancialStatements1.Monetaryfunds
Unit:RMB
Item
Item | Closingbalance | Openingbalance |
Cash | 89,904.57 | 141,604.43 |
Cashatbank | 2,971,966,221.44 | 1,369,157,964.17 |
Othercurrencyfund | 982,223,348.31 | 462,772,214.04 |
Undueinterestreceivable | 37,354.99 | 1,378,423.05 |
Total | 3,954,316,829.31 | 1,833,450,205.69 |
Including:totalamountoffundsdepositedabroad | 165,306,437.54 | 96,002,990.00 |
Otherexplanations:
BalanceofmonetaryfundoftheCompanyrecordedanincreaseascomparedwiththebeginningoftheperiodmainlyduetotheincreaseintheborrowingsoftheCompanyfortheperiod.Thedetailsofrestrictedmonetaryfundsareasfollows:
Item | Closingbalance | Openingbalance |
Bankacceptanceguaranteedeposit | 564,943,382.12 | 245,346,224.26 |
L/Cdeposit | 351,765,721.46 | 214,219,149.78 |
L/Gdeposit | 14,600,182.55 | 3,206,840.00 |
Performancebond | 46,169,473.09 | |
Securitydepositforlockexchange | 4,500,000.00 | |
Depositsregulatedbythebank | 244,721.07 | |
Total | 982,223,348.31 | 462,772,214.04 |
2.Tradingfinancialassets
Unit:RMB
Item
Item | Closingbalance | Openingbalance |
Financialassetsthataremeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss | 9,850,069.59 | 5,137,194.34 |
Including: | ||
Derivativefinancialassets | 9,850,069.59 | |
Others(structureddeposits) | 5,137,194.34 | |
Including: | ||
Total | 9,850,069.59 | 5,137,194.34 |
Otherexplanations:
3.Notesreceivable
(1)Notesreceivablebytype
Unit:RMB
Item | Closingbalance | Openingbalance |
Bankacceptance | 373,752,860.32 | 209,990,660.63 |
Commercialacceptance | 282,058,196.57 | 167,950,328.02 |
Less:Provisionforbaddebts | 18,055,900.42 | 9,365,797.42 |
Total | 637,755,156.47 | 368,575,191.23 |
Unit:RMB
Type | Closingbalance | Openingbalance | ||||||||
Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
Amount | Proportion | Amount | Provisionproportion | Amount | Proportion | Amount | Provisionproportion | |||
Including: | ||||||||||
Notesreceivablewithbaddebtreservewithdrawnaspertheportfolioofcreditriskcharacteristics | 655,811,056.89 | 100.00% | 18,055,900.42 | 2.75% | 637,755,156.47 | 377,940,988.65 | 100.00% | 9,365,797.42 | 2.48% | 368,575,191.23 |
Including: | ||||||||||
Bankacceptancenoteportfolio | 373,752,860.32 | 56.99% | 373,752,860.32 | 209,990,660.63 | 55.56% | 209,990,660.63 | ||||
Commercialacceptancebillportfolio | 282,058,196.57 | 43.01% | 18,055,900.42 | 6.40% | 264,002,296.15 | 167,950,328.02 | 44.44% | 9,365,797.42 | 5.58% | 158,584,530.60 |
Total | 655,811,056.89 | 100.00% | 18,055,900.42 | 2.75% | 637,755,156.47 | 377,940,988.65 | 100.00% | 9,365,797.42 | 2.48% | 368,575,191.23 |
Ifprovisionwasmadeforbaddebtsofnotesreceivableinaccordancewiththegeneralexpectedcreditlossmodel,pleasediscloserelevantinformationofprovisionforbaddebtsreferringtothedisclosureofotherreceivables:
□Applicable√N/A
□
(2)Provisionforbaddebtsaccrued,recoveredorreversedduringtheReportingPeriodProvisionforbaddebtsduringtheReportingPeriod:
Unit:RMB
Type
Type | Openingbalance | Changesinamountfortheperiod | Closingbalance | |||
Provision | Recoveryorreverse | Write-offs | Other | |||
Notesreceivablesubjecttoprovisionforbaddebts | ||||||
Notesreceivablesubjecttoprovisionforbaddebtsbyportfolio | 9,365,797.42 | 8,690,103.00 | 18,055,900.42 | |||
Including:Bankacceptancenoteportfolio | ||||||
Commercialacceptancebillportfolio | 9,365,797.42 | 8,690,103.00 | 18,055,900.42 | |||
Total | 9,365,797.42 | 8,690,103.00 | 18,055,900.42 |
Amongthem,theimportantamountofrecoveryorreverseofbaddebtprovisionfortheperiod:
□Applicable√N/A
(3)NotesreceivablepledgedbytheCompanyattheendoftheReportingPeriod
Unit:RMB
Item | AmountpledgedattheendoftheReportingPeriod |
Bankacceptancenote | 4,227,939.20 |
Total | 4,227,939.20 |
(4)NotesreceivableendorsedordiscountedbytheCompany,whichwerenotyetdueonthebalancesheetdateasattheendoftheReportingPeriod
Unit:RMB
Item | DerecognizedamountattheendoftheReportingPeriod | RecognizedamountattheendoftheReportingPeriod |
Bankacceptancenote | 256,374,320.32 |
Total
Total | 256,374,320.32 |
4.Accountsreceivable
(1)Disclosureofaccountsreceivablebytype
Unit:RMB
Type
Type | Closingbalance | Openingbalance | ||||||||
Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
Amount | Proportion | Amount | Provisionproportion | Amount | Proportion | Amount | Provisionproportion | |||
Accountsreceivablewithsignificantsingleamountandhavingbaddebtreserveindependently | 92,553,001.41 | 1.38% | 92,553,001.41 | 100.00% | 94,128,007.83 | 2.07% | 94,128,007.83 | 100.00% | ||
Including: | ||||||||||
Accountsreceivablewithbaddebtreservewithdrawnaspertheportfolioofcreditriskcharacteristics | 6,601,342,626.95 | 98.62 | 41,625,509.59 | 0.63% | 6,559,717,117.36 | 4,447,636,014.46 | 97.93% | 42,199,928.94 | 0.95% | 4,405,436,085.52 |
Including: | ||||||||||
Agingportfolio | 6,601,342,626.95 | 98.62 | 41,625,509.59 | 0.63% | 6,559,717,117.36 | 4,447,636,014.46 | 97.93% | 42,199,928.94 | 0.95% | 4,405,436,085.52 |
Total | 6,693,895,628.36 | 100.00 | 134,178,511.00 | 2.01% | 6,559,717,117.36 | 4,541,764,022.29 | 100.00% | 136,327,936.77 | 3.00% | 4,405,436,085.52 |
Provisionforbaddebtsbyindividual:
Unit:RMB
Name | Closingbalance | |||
Bookbalance | Provisionforbaddebts | Provisionproportion | Provisionreason | |
OptimumNanoEnergyCo.,Ltd. | 32,249,003.26 | 32,249,003.26 | 100.00% | Estimatedtobeuncollectible |
eTrustPowerGroupLtd. | 17,481,429.49 | 17,481,429.49 | 100.00% | Estimatedtobeuncollectible |
ShaanxiOptimumNanoNewEnergyCo.,Ltd. | 14,847,098.36 | 14,847,098.36 | 100.00% | Estimatedtobeuncollectible |
YunnanZhongyunLi’aoPackagePrintingCo.,Ltd. | 6,062,972.00 | 6,062,972.00 | 100.00% | Estimatedtobeuncollectible |
HeilongjiangLongdanDairyTechnologyCo.,Ltd. | 5,075,381.00 | 5,075,381.00 | 100.00% | Estimatedtobeuncollectible |
JiangxiFarEastBatteryCo.,Ltd. | 3,779,397.05 | 3,779,397.05 | 100.00% | Estimatedtobeuncollectible |
ChengduHenglideFoodCo.,Ltd. | 2,780,677.50 | 2,780,677.50 | 100.00% | Estimatedtobeuncollectible |
ZhongshanYuankangyuanFoodCo.,Ltd. | 2,591,501.42 | 2,591,501.42 | 100.00% | Estimatedtobeuncollectible |
ShenzhenTeamgiantNewEnergyTechnologyCo.,Ltd. | 1,470,081.04 | 1,470,081.04 | 100.00% | Estimatedtobe |
uncollectible
uncollectible | ||||
JingzhouWotemaBatteryCo.,Ltd. | 1,175,130.00 | 1,175,130.00 | 100.00% | Estimatedtobeuncollectible |
ShenzhenLukewanTechnologyCo.,Ltd. | 1,000,000.00 | 1,000,000.00 | 100.00% | Estimatedtobeuncollectible |
Sub-totaloflessthanRMB1milion | 4,040,330.29 | 4,040,330.29 | 100.00% | Estimatedtobeuncollectible |
Total | 92,553,001.41 | 92,553,001.41 |
Provisionforbaddebtsbyportfolio:agingportfolio
Unit:RMB
Name | Closingbalance | ||
Bookbalance | Provisionforbaddebts | Provisionproportion | |
Lessthan1year | 5,861,843,135.75 | 11,457,882.71 | 0.20% |
1-2years | 643,664,673.63 | 6,160,473.04 | 0.96% |
2-3years | 64,529,560.05 | 2,106,676.28 | 3.26% |
3-4years | 3,680,564.44 | 1,983,260.82 | 53.88% |
4-5years | 19,341,682.90 | 11,634,206.56 | 60.15% |
Over5years | 8,283,010.18 | 8,283,010.18 | 100.00% |
Total | 6,601,342,626.95 | 41,625,509.59 |
Ifprovisionwasmadeforbaddebtsofaccountsreceivableinaccordancewiththegeneralexpectedcreditlossmodel,pleasediscloserelevantinformationofprovisionforbaddebtsreferringtothedisclosureofotherreceivables:
□Applicable√N/ADisclosurebyaging
Unit:RMB
Aging | Bookbalance |
Lessthan1year(inclusive) | 5,861,888,390.15 |
1-2years | 643,794,466.73 |
2-3years | 65,856,575.88 |
Over3years
Over3years | 122,356,195.60 |
3-4years | 15,606,473.84 |
4-5years | 29,747,534.47 |
Over5years | 77,002,187.29 |
Total | 6,693,895,628.36 |
(2)Provisionforbaddebtsaccrued,recoveredorreversedduringtheReportingPeriodProvisionforbaddebtsduringtheReportingPeriod:
Type
Type | Openingbalance | Changesinamountfortheperiod | Closingbalance | |||
Provision | Recoveryorreverse | Write-offs | Other | |||
Accountsreceivablesubjecttoprovisionforbaddebts | 91,760,877.25 | 2,141,405.13 | 2,078,410.35 | 1,638,001.20 | 92,553,001.41 | |
Accountsreceivablesubjecttoprovisionforbaddebtsbyportfolio | 44,567,059.52 | -143,332.88 | 431,086.47 | 41,625,509.59 | ||
Total | 136,327,936.77 | 1,998,072.25 | 2,078,410.35 | 2,069,087.67 | 134,178,511.00 |
Includingthesignificantamountofprovisionforbaddebtsrecoveredorreversedinthecurrentperiod:
Unit:RMB
Nameofunit | Theamountrecoveredorreversed | via |
eTrustPowerGroupLtd. | 1,114,859.17 | Collectionofpayment |
ZhongshanYuankangyuanFoodCo.,Ltd. | 963,551.18 | Collectionofpayment |
Total | 2,078,410.35 |
(3)Actualwrite-offofaccountsreceivablefortheperiod
Unit:RMB
Item | Amountofwrite-off |
Actualwrite-offofaccountsreceivable | 2,069,087.67 |
(4)Topfivecustomerswithclosingbalanceofaccountsreceivablecollectedbyarrearparty
Unit:RMB
Companyname | Closingbalanceofaccountsreceivable | Percentageoftotalofclosingbalanceofaccountsreceivable | Closingbalanceofbaddebtprovision |
Company1 | 1,164,253,975.74 | 17.39% | 4,817,971.99 |
Company2 | 843,339,063.50 | 12.60% | 843,446.14 |
Company3 | 414,854,787.86 | 6.20% | 414,854.79 |
Company4 | 271,459,955.13 | 4.06% | 271,459.96 |
Company5 | 266,304,997.80 | 3.98% | 266,305.00 |
Total | 2,960,212,780.03 | 44.23% |
5.Accountsreceivablefinancing
Unit:RMB | ||||
Item | Closingbalance | Openingbalance | ||
Bankacceptance | 692,286,629.08 | 412,477,885.83 | ||
Accountsreceivablefactoring | 113,995,449.70 | |||
Total | 692,286,629.08 | 526,473,335.53 |
Changesinaccountsreceivablefinancingandchangesinfairvalue
√Applicable□N/ATheCompanybelievesthatforthefinancingofreceivablesmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome,astheremainingmaturityisnotlongandthedifferencebetweentheactualinterestrateandthemarketinterestrateisverysmall,thefairvalueandthebookvaluearesimilar.Ifprovisionwasmadeforaccountsreceivablefinancinginaccordancewiththegeneralexpectedcreditlossmodel,pleasediscloserelevantinformationofprovisionforimpairmentreferringtothedisclosureofotherreceivables:
□Applicable√N/AOtherexplanations:
(1)Provisionforbaddebts
Type
Type | Openingbalance | Changesinamountfortheyear | Closingbalance | |||
Provision | Recoveryorreverse | Write-offs | Other | |||
Accountsreceivablefactoring | 934,762.69 | 934,762.69 |
TheCompanybelievesthattheacceptancebankofthebankacceptancebillitholdshasahighcreditratingandthereisnosignificantcreditrisk,soithasnotmadeprovisionforimpairment.
(2)Endorsedordiscountedbutunduenotesatthebalancesheetdate
item | Closingbalancederecognized | Closingbalancenotyetderecognized |
Bankacceptancenote | 2,334,876,623.90 |
(3)AsofDecember31,2022,RMB28,105,438.78ofreceivablesfinancingwerepledgedtosecurebankborrowingsandforissuanceoflettersofcreditbytheCompany.
6.Prepayments
(1)Prepaymentsbyaging
Unit:RMB
Aging
Aging | Closingbalance | Openingbalance | ||
Amount | Proportion | Amount | Proportion | |
Lessthan1year | 219,773,112.71 | 99.79% | 224,732,462.69 | 99.23% |
1-2years | 272,315.21 | 0.12% | 839,484.85 | 0.37% |
2-3years | 43,880.21 | 0.02% | 130,917.56 | 0.06% |
Over3years | 150,161.96 | 0.07% | 771,651.59 | 0.34% |
Total | 220,239,470.09 | 226,474,516.69 |
Explanationonwhyprepaymentswithagingofmorethan1yearandanimportantamountnotsettledintime:
(2)Topfivesupplierswithclosingbalanceofprepaymentcollectedbyprepaidentity
Companyname | Closingbalance(RMB) | Proportion(%) | Time | Reason |
Company1 | 25,115,830.26 | 11.40 | Lessthan1year | Contractnotbeenperformed |
Company2 | 18,409,547.85 | 8.36 | Lessthan1year | Contractnotbeenperformed |
Company3 | 17,729,638.70 | 8.05 | Lessthan1year | Contractnotbeenperformed |
Company4 | 17,180,659.51 | 7.80 | Lessthan1year | Contractnotbeenperformed |
Company5 | 12,736,527.00 | 5.78 | Lessthan1year | Contractnotbeenperformed |
Total | 91,172,203.32 | 41.40 |
Otherexplanations:
7.Otherreceivables
Unit:RMB
Item
Item | Closingbalance | Openingbalance |
Otherreceivables | 20,596,472.81 | 8,119,316.74 |
Total | 20,596,472.81 | 8,119,316.74 |
(1)Otherreceivables
1)Otherreceivablesbynature
Unit:RMB
Natureofamount | BookbalanceattheendoftheReportingPeriod | BookbalanceatthebeginningoftheReportingPeriod |
Guaranteesanddeposits | 13,605,388.98 | 4,575,537.97 |
Reservefund | 2,159,379.95 | 2,119,295.60 |
Substituteadvance | 4,229,597.77 | 1,845,584.33 |
Other | 2,349,468.28 | 803,662.68 |
Total | 22,343,834.98 | 9,344,080.58 |
2)Provisionforbaddebts
Unit:RMB
Provisionforbaddebts | StageI | StageII | StageIII | Total |
12-monthECL | LifetimeECL(notcredit-impaired) | LifetimeECL(credit-impaired) | ||
BalanceofJanuary1,2022 | 350,193.81 | 419,078.09 | 455,491.94 | 1,224,763.84 |
BalanceofJanuary1,2022fortheperiod | ||||
Provisionfortheperiod | 602,073.41 | 46,978.08 | 649,051.49 | |
Write-offsfortheperiod | -32,497.00 | -93,956.17 | -126,453.17 | |
BalanceofDecember31,2022 | 919,770.23 | 372,100.00 | 455,491.94 | 1,747,362.17 |
Changesinbookbalancewithsignificantchangesinlossreservesinthecurrentperiod
□Applicable√N/ADisclosurebyaging
Unit:RMB | |||
Aging | Bookbalance | ||
Lessthan1year(inclusive) | 19,545,497.64 | ||
1-2years | 717,797.90 | ||
2-3years | 782,560.00 | ||
Over3years | 1,297,979.44 | ||
3-4years | 91,980.00 | ||
4-5years | 24,507.50 | ||
Over5years | 1,181,491.94 | ||
Total | 22,343,834.98 |
3)Actualwrite-offofotherreceivablesfortheperiod:
Unit:RMB | |||
Item | AmountofWrite-offs | ||
Actualwrite-offofotherreceivables | 126,453.17 |
4)Topfivecustomerswithclosingbalanceofotherreceivablescollectedbyarrearparty
Unit:RMB
Nameofcompany | Natureofotherreceivable | Closingbalance | Aging | Percentageoftotalofclosingbalanceofotherreceivables | Closingbalanceofbaddebtprovision |
BureauofNaturalResourcesandPlanningofJintanDistrict,Changzhou
BureauofNaturalResourcesandPlanningofJintanDistrict,Changzhou | Guaranteesanddeposits | 8,114,200.00 | Lessthan1year | 36.32% | 352,967.70 |
Endowmentinsurance | Substituteadvance | 1,510,407.09 | Lessthan1year | 6.76% | 65,702.72 |
Housingfund | Substituteadvance | 1,307,646.80 | Lessthan1year | 5.85% | 56,882.64 |
StateAdministrationofTaxationofHongtaDistrict,Yuxi,Yunnan | Taxrefund | 1,053,230.75 | Lessthan1year | 4.71% | 45,815.54 |
TEIJINLIELSORTKOREACO.,LTD | Substituteadvance | 846,812.45 | Lessthan1year | 3.79% | 36,836.34 |
Total | 12,832,297.09 | 57.43% | 558,204.94 |
8.Inventories
DidtheCompanyneedtocomplywiththedisclosurerequirementsoftherealestateindustryNo
(1)ClassificationofInventories
Unit:RMB
Item | Closingbalance | Openingbalance | ||||
Bookbalance | Inventoryprovisionreserveorcontractperformancecostdepreciationreserve | Bookvalue | Bookbalance | Inventoryprovisionreserveorcontractperformancecostdepreciationreserve | Bookvalue | |
Rawmaterial | 732,684,233.61 | 3,387,999.66 | 729,296,233.95 | 379,923,303.99 | 2,359,919.46 | 377,563,384.53 |
Goodsinprocess | 8,039,493.75 | 8,039,493.75 | 14,457,100.95 | 415,535.78 | 14,041,565.17 | |
Finishedgoods | 1,576,705,880.42 | 91,327,179.57 | 1,485,378,700.85 | 1,222,739,498.84 | 77,728,040.78 | 1,145,011,458.06 |
Turnovermaterial | 76,766,583.56 | 76,766,583.56 | 44,421,966.91 | 44,421,966.91 | ||
Goodsintransit | 118,482,726.44 | 1,891,361.63 | 116,591,364.81 | 63,419,904.52 | 60,939.65 | 63,358,964.87 |
Consignedprocessingmaterial | 1,854,345.23 | 1,854,345.23 | 1,285,888.79 | 1,285,888.79 | ||
Semi-finishedgoods | 48,468,133.40 | 2,904,616.75 | 45,563,516.65 | 36,296,317.09 | 531,375.13 | 35,764,941.96 |
Total | 2,563,001,396.41 | 99,511,157.61 | 2,463,490,238.80 | 1,762,543,981.09 | 81,095,810.80 | 1,681,448,170.29 |
(2)Inventoryprovisionreserveandcontractperformancecostdepreciationreserve
Unit:RMB
Item
Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance | ||
Provision | Others | Recoveryorreversal | Others | |||
Rawmaterial | 2,359,919.46 | 1,309,550.04 | 281,469.84 | 3,387,999.66 | ||
Goodsinprocess | 415,535.78 | 415,535.78 | ||||
Finishedgoods | 77,728,040.78 | 37,408,321.27 | 23,809,182.48 | 91,327,179.57 | ||
Goodsintransit | 60,939.65 | 1,830,421.98 | 1,891,361.63 | |||
Semi-finishedgoods | 531,375.13 | 2,373,241.62 | 2,904,616.75 | |||
Total | 81,095,810.80 | 42,921,534.91 | 24,506,188.10 | 99,511,157.61 |
Descriptionofinventoryprovisionreserve:Resalesfortheyearareduetothesaleoftheinventoryoftheinventoryprovisionreservealreadyaccrued.
(3)OtherdescriptionofinventoryThemainreasonforthelargerincreaseintheendingbalanceoftheCompany’sinventoriesovertheopeningbalanceistherapidgrowthoftheCompany’sbusiness,andthecorrespondingbusinessvolumegrowth.
9.Non-currentassetsduewithinoneyear
Unit:RMBItem
Item | Closingbalance | Openingbalance |
Largedepositcertificate | 82,832,319.38 | |
Undueinterestreceivable | 4,196,847.29 | |
Total | 87,029,166.67 |
10.Othercurrentassets
Unit:RMB
Item | Closingbalance | Openingbalance |
prepaymentoftax
prepaymentoftax | 23,919,612.73 | 9,161,159.79 |
Inputtaxtobededucted | 298,078,605.60 | 347,827,840.12 |
Timedeposit | 50,567,013.89 | |
Total | 321,998,218.33 | 407,556,013.80 |
Otherexplanation:
11.Long-termequityinvestment
Unit:RMB
Nameofinvestees | Openingbalance(bookvalue) | Increase/Decreasefortheperiod | Closingbalance(bookvalue) | Closingbalanceofprovisionforimpairment | |||||||
Increaseininvestment | Decreaseininvestment | Investmentprofitorlossrecognizedunderequitymethod | Adjustmentstoothercomprehensiveincome | Otherchangesinequity | Cashdividendsorprofitdeclared | Provisionforimpairment | Other | ||||
I.Jointventures | |||||||||||
II.Associates | |||||||||||
Kunshasi | 3,545,984.21 | 1,471,658.10 | 5,017,642.31 | ||||||||
Subtotal | 3,545,984.21 | 1,471,658.10 | 5,017,642.31 | ||||||||
Total | 3,545,984.21 | 1,471,658.10 | 5,017,642.31 |
Otherexplanation:
12.Otherequityinstrumentinvestment
Unit:RMBItem
Item | Closingbalance | Openingbalance |
SuzhouJieshengTechnologyCo.,Ltd | 111,000,000.00 | 110,000,000.00 |
Total | 111,000,000.00 | 110,000,000.00 |
Disclosurebynon-transactionalequityinstrumentinvestmentduringtheperiod
Unit:RMB
Item | Recognizeddividendincome | Accumulatedgains | Accumulatedlosses | Amounttransferredfromothercomprehensiveincometoretainedearnings | Reasonfordesignatingasafinancialassetmeasuredatfairvalueanditschangesareincludedinothercomprehensiveincome | Reasonfortransferringfromothercomprehensiveincometoretainedearnings |
SuzhouJieshengTechnologyCo.,Ltd | 1,000,000.00 | TheCompanyplanstoholditforalongtimeforstrategicpurposes |
Otherexplanation:AsevaluatedbyShanghaiPan-ChinaAssetsValuationCo.,Ltd*(上海众华资产评估有限公司),asofDecember31,2022,theoverallequityvalueofSuzhouJieshengTechnologyCo.,LtdisRMB1,100,000,000.00,andtheCompanyholds10%equityofSuzhouJieshengTechnologyCo.,LtdandthefairvalueofthecorrespondingequityisRMB111,000,000.00.13.Investmentproperties
(1)Adoptionofthecostmeasurementmodeforinvestmentproperties
√Applicable□N/A
Unit:RMB
Item | Propertyandplant | Landuserights | Constructioninprogress | Total |
1.Openingbalance | 11,871,802.82 | 11,871,802.82 | ||
4.Closingbalance | 11,871,802.82 | 11,871,802.82 |
1.Openingbalance
1.Openingbalance | 2,938,271.16 | 2,938,271.16 | |
2.Increasefortheperiod | 534,231.12 | 534,231.12 |
(1)Provisionoramortization
(1)Provisionoramortization | 534,231.12 | 534,231.12 | |
4.Closingbalance | 3,472,502.28 | 3,472,502.28 | |
1.Closingbookvalue | 8,399,300.54 | 8,399,300.54 | |
2.Openingbookvalue | 8,933,531.66 | 8,933,531.66 |
(2)Investmentpropertiesnothavingobtainedthetitlecertificate
Unit:RMB
Item | Bookvalue | Reasonfornothavingobtainedthetitlecertificate |
Propertyandplant | 8,399,300.54 | Beingprocessed |
Otherexplanation:
14.Fixedassets
Unit:RMB
Item | Closingbalance | Openingbalance |
Fixedassets | 14,306,873,399.88 | 10,877,888,212.91 |
Total | 14,306,873,399.88 | 10,877,888,212.91 |
(1)Fixedassets
Unit:RMB
Item | Propertyandplant | Machineryandequipment | Transportationequipment | ElectronicequipmentandOther | Total |
I.Originalbookvalue
I.Originalbookvalue | |||||
1.Openingbalance | 2,446,396,571.68 | 11,362,410,750.22 | 32,081,150.31 | 649,810,804.95 | 14,490,699,277.16 |
2.Increasefortheperiod | 860,113,555.12 | 3,482,657,500.63 | 7,267,349.08 | 130,696,081.12 | 4,480,734,485.95 |
(1)Externalpurchase | 3,834,729.92 | 91,141,651.60 | 4,350,212.01 | 93,714,772.81 | 193,041,366.34 |
(2)Transferofconstructioninprogress | 856,278,825.20 | 3,391,515,849.03 | 2,901,237.14 | 35,036,723.63 | 4,285,732,635.00 |
(3)Increaseinbusinesscombination | |||||
ConverteddifferenceinForeignCurrencyStatements | 15,899.93 | 1,944,584.68 | 1,960,484.61 | ||
3.Decreasefortheperiod | 9,165,472.84 | 2,341,546.91 | 222,457.34 | 11,729,477.09 | |
(1)Disposalorscrapping | 9,165,472.84 | 2,341,546.91 | 222,457.34 | 11,729,477.09 | |
4.Closingbalance | 3,306,510,126.80 | 14,835,902,778.01 | 37,006,952.48 | 780,284,428.73 | 18,959,704,286.02 |
II.Accumulativedepreciation | |||||
1.Openingbalance | 366,790,097.88 | 2,873,717,727.98 | 18,086,215.36 | 62,379,249.15 | 3,320,973,290.37 |
2.Increasefortheperiod | 126,465,106.72 | 861,824,130.83 | 3,446,900.53 | 53,663,106.06 | 1,045,399,244.14 |
(1)Provision | 126,465,106.72 | 861,824,130.83 | 3,423,011.53 | 53,686,387.57 | 1,045,398,636.65 |
ConverteddifferenceinForeignCurrencyStatements | 986.22 | -378.73 | 607.49 | ||
3.Decreasefortheperiod | 3,237,985.00 | 1,931,706.55 | 78,742.64 | 5,248,434.19 | |
(1)Disposalorscrapping | 3,237,985.00 | 1,931,706.55 | 78,742.64 | 5,248,434.19 | |
4.Closingbalance | 493,255,204.60 | 3,732,303,873.81 | 19,601,409.34 | 115,963,612.57 | 4,361,124,100.32 |
III.Provisionforimpairment | |||||
1.Openingbalance | 291,812,992.62 | 15,759.89 | 9,021.37 | 291,837,773.88 | |
2.Increasefortheperiod | |||||
(1)Provision | |||||
3.Decreasefortheperiod | 130,988.06 | 130,988.06 | |||
(1)Disposalorscrapping | 130,988.06 | 130,988.06 | |||
4.Closingbalance | 291,682,004.56 | 15,759.89 | 9,021.37 | 291,706,785.82 | |
IV.Bookvalue | |||||
1.Closingbookvalue | 2,813,254,922.20 | 10,811,916,899.64 | 17,389,783.25 | 664,311,794.79 | 14,306,873,399.88 |
2.Openingbookvalue | 2,079,606,473.80 | 8,196,880,029.62 | 13,979,175.06 | 587,422,534.43 | 10,877,888,212.91 |
(2)Fixedassetsintemporaryidle
Unit:RMB
Item | Originalbookvalue | Accumulativedepreciation | Provisionforimpairment | Bookvalue | Notes |
Propertyandplant
Propertyandplant | 2,105,695.50 | 967,989.10 | 1,137,706.40 | AsofDecember31,2022,therecoverableamountwasestimatedbasedonthesellingpricesofsimilarhousesandbuildingsinthesamelot.Therecoverableamountwashigherthanthebookvalue,sonoprovisionforimpairmentoffixedassetswasmade. | |
Machineryandequipment | 9,135,247.28 | 6,324,400.80 | 2,810,846.48 | AsofDecember31,2022,therecoverableamountwasestimatedbasedonthesellingpriceofsimilarmachineryandequipment.Therecoverableamountwashigherthanthebookvalue,sonoprovisionforimpairmentoffixedassetswasmade. | |
Total | 11,240,942.78 | 7,292,389.90 | 3,948,552.88 |
(3)Fixedassetsnotobtainingthetitlecertificate
Unit:RMB
Item | Bookvalue | Reason |
Propertyandplant | 2,066,962,289.72 | Beingprocessed |
Otherexplanations:
ThemainreasonforthelargerincreaseintheendingbalanceoftheCompany’sfixedassetsovertheopeningbalanceis:theincreaseinassemblylinescompletedofthesubsidiaryShanghaiEnergyanditssubsidiariesinthisyearaccordingly.15.Constructioninprogress
Unit:RMB
Item | Closingbalance | Openingbalance |
Constructioninprogress | 3,560,975,559.05 | 1,728,042,052.38 |
Engineeringmaterials | 23,578,950.68 | 24,873,666.44 |
Total | 3,584,554,509.73 | 1,752,915,718.82 |
(1)Constructioninprogress
Unit:RMB
Item | Closingbalance | Openingbalance | ||||
Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
Hungarianfactory | 979,491,095.17 | 979,491,095.17 | 80,981,499.95 | 80,981,499.95 | ||
SuzhouGreenPowerProjectwithanannualoutputof200millionsquaremetersoflithium-ionbatterycoatedseparator | 451,556,502.60 | 451,556,502.60 | 2,050,087.72 | 2,050,087.72 | ||
JiangsuRuijieEVLithiumBatteryAluminumLaminatedFilmIndustrializationProject | 334,566,119.25 | 334,566,119.25 | 485,204.19 | 485,204.19 | ||
JiangxiEnpoNewMaterialCo.,Ltd.lithiumionbattery | 320,992,819.79 | 320,992,819.79 | 53,280,407.11 | 53,280,407.11 |
dryprocessseparatorfilmconstructionproject
dryprocessseparatorfilmconstructionproject | ||||||
MicroporousmembraneprojectofhighperformanceLithium-ionbatteryofChongqingEnergy(phaseII) | 283,663,955.03 | 283,663,955.03 | 88,458,440.15 | 88,458,440.15 |
JiangsuEnergyEVLithiumBatterySeparatorIndustrializationProject
JiangsuEnergyEVLithiumBatterySeparatorIndustrializationProject | 245,785,358.61 | 245,785,358.61 | 124,028.69 | 124,028.69 |
LithiumbatteryseparatorprojectofJiangxiTonry(phaseIexpansion)
LithiumbatteryseparatorprojectofJiangxiTonry(phaseIexpansion) | 222,168,970.83 | 222,168,970.83 | 501,329,749.43 | 501,329,749.43 | ||
Americanfactory | 193,048,364.00 | 193,048,364.00 | ||||
JiangxiEnergySRSproject | 106,045,779.47 | 106,045,779.47 | 102,140,666.17 | 102,140,666.17 | ||
AllsolidstateelectrolytecoatingseparatorphaseIprojectofJiangsuSanhe | 79,766,481.76 | 79,766,481.76 | ||||
JiangxiRuijieNo.1aluminumlaminatedfilmproject | 65,044,683.35 | 65,044,683.35 | 51,326,164.11 | 51,326,164.11 | ||
HubeiEnergyEVLithiumBatterySeparatorIndustrializationProject | 57,554,406.26 | 57,554,406.26 | ||||
WuxiEnergybatteryseparatorproductionbasephaseIIProject | 49,564,077.96 | 49,564,077.96 | 83,637,399.09 | 83,637,399.09 | ||
MicroporousmembraneprojectofhighperformancelithiumionbatteryofChongqingEnergy(phaseIII) | 43,196,070.28 | 43,196,070.28 | 1,041,549.37 | 1,041,549.37 | ||
YunnanHongtaPlasticBOPPfilmwithanannualoutputof70,000tons | 24,933,899.66 | 24,933,899.66 | 127,669,517.48 | 127,669,517.48 | ||
JiangxiRuijieUtilities | 23,899,016.02 | 23,899,016.02 | 513,625.00 | 513,625.00 | ||
YuxiEnergylithiumbatteryprojectwithanannualoutputof1.6billionsquaremeters | 2,410,889.35 | 2,410,889.35 | ||||
MicroporousmembraneprojectofhighperformancelithiumionbatteryofChongqingEnergy(phaseI) | 2,400,000.00 | 2,400,000.00 | 150,222,596.38 | 150,222,596.38 | ||
LithiumbatteryseparatorprojectofJiangxiTonry(phaseI) | 2,321,906.20 | 2,321,906.20 | 77,669,375.53 | 77,669,375.53 | ||
JiangsuHongchuangPackagingProjectof12billionpackagingboxesofliquidbeverage | 1,668,156.38 | 1,668,156.38 | ||||
YunnanHongchuangPackagingProjectof1billionpackagingboxesofliquidbeverage | 31,533,066.15 | 31,533,066.15 | ||||
ZhuhaiEnergybatteryseparatorfilmproductionbasephaseIIProject | 11,207,414.81 | 11,207,414.81 | ||||
5-7linebasefilmprojectofNewmiTech | 354,914,748.53 | 9,319,496.94 | 345,595,251.59 | |||
Otherprojects | 70,897,007.08 | 70,897,007.08 | 18,776,009.46 | 18,776,009.46 | ||
Total | 3,560,975,559.05 | 3,560,975,559.05 | 1,737,361,549.32 | 9,319,496.94 | 1,728,042,052.38 |
(2)Changesinimportantprojectsinprogressfortheperiod
Unit:RMB
Item
Item | Budget | Openingbalance | Increasefortheperiod | TransfertoFixedassets | Decreaseinotheramount | Closingbalance | Proportionoftotalproject | Progressoftheproject | Capitalizedaccumulated | Including:Capitalized | Capitalizationrateofinterest | Sourceofcapital |
fortheperiod
fortheperiod | sfortheperiod | investmentinbudget | amountofinterest | amountofinterestfortheperiod | fortheperiod | |||||||
Hungarianfactory | 252,378.60 | 80,981,499.95 | 889,848,586.48 | -8,661,008.74 | 979,491,095.17 | 38.81% | 40.00% | Other | ||||
SuzhouGreenPowerProjectwithanannualoutputof200millionsquaremetersoflithium-ionbatterycoatedseparator | 1,000,000,000.00 | 2,050,087.72 | 449,506,414.88 | 451,556,502.60 | 51.06% | 51.06% | 4,239,857.78 | 4,239,857.78 | 3.60% | Other | ||
JiangsuRuijieEVLithiumBatteryAluminumLaminatedFilmIndustrializationProject | 1,600,000,000.00 | 485,204.19 | 334,080,915.06 | 334,566,119.25 | 34.69% | 36.00% | 1,578,635.61 | 1,578,635.61 | 3.58% | Other | ||
JiangxiEnpoNewMaterialCo.,Ltd.lithiumionbatterydryprocessseparatorfilmconstructionproject | 2,000,000,000.00 | 53,280,407.11 | 276,509,230.59 | 8,796,817.91 | 320,992,819.79 | 26.57% | 8.49% | 4,630,436.72 | 4,630,436.72 | 4.54% | Other | |
Microporousmembraneprojectofhighperformancelithium-ionbatteryofChongqingEnergy(phaseII) | 3,000,000,000.00 | 88,458,440.15 | 667,767,335.47 | 472,561,820.59 | 283,663,955.03 | 70.00% | 70.00% | 10,936,383.72 | 10,936,383.72 | 3.66% | Other | |
JiangsuEnergyEVLithiumBatterySeparatorIndustrializationProject | 5,200,000,000.00 | 124,028.69 | 245,661,329.92 | 245,785,358.61 | 14.42% | 15.00% | 2,208,095.12 | 2,208,095.12 | 3.58% | Other | ||
LithiumbatteryseparatorprojectofJiangxiTonry(phaseIexpansion) | 1,750,000,000.00 | 501,329,749.43 | 838,429,945.98 | 1,117,590,724.58 | 222,168,970.83 | 91.54% | 91.35% | 14,603,286.12 | 9,207,675.01 | 4.17% | Other | |
Americanfactory | 6,379,573,600.00 | 191,954,593.73 | -1,093,770.27 | 193,048,364.00 | 3.03% | 10.00% | ||||||
JiangxiEnergySRSproject | 950,000,000.00 | 102,140,666.17 | 237,095,069.26 | 233,189,955.96 | 106,045,779.47 | 46.80% | 45.00% | Other | ||||
AllsolidstateelectrolytecoatingseparatorphaseIprojectofJiangsuSanhe | 650,000,000.00 | 79,766,481.76 | 79,766,481.76 | 13.92% | 13.92% | Other | ||||||
JiangxiRuijieNo.1aluminumlaminatedfilmproject | 500,000,000.00 | 51,326,164.11 | 74,911,465.58 | 61,192,946.34 | 65,044,683.35 | 72.65% | 63.00% | Other |
HubeiEnergyEVLithiumBatterySeparatorIndustrializationProject
HubeiEnergyEVLithiumBatterySeparatorIndustrializationProject | 5,200,000,000.00 | 57,700,414.85 | 146,008.59 | 57,554,406.26 | 1.11% | 1.11% | Other | |||||
WuxiEnergybatteryseparatorproductionbasephaseIIProject | 2,800,000,000.00 | 83,637,399.09 | 800,803,932.15 | 834,877,253.28 | 49,564,077.96 | 96.60% | 93.28% | 22,021,338.32 | 7,849,578.80 | 4.26% | Other | |
MicroporousmembraneprojectofhighperformancelithiumionbatteryofChongqingEnergy(phaseIII) | 200,000,000.00 | 1,041,549.37 | 42,154,520.91 | 43,196,070.28 | 90.00% | 90.00% | Other | |||||
YunnanHongtaPlasticBOPPfilmwithanannualoutputof70,000tons | 360,000,000.00 | 127,669,517.48 | 117,673,701.18 | 220,409,319.00 | 24,933,899.66 | 84.07% | 90.00% | 3,582,772.39 | 2,982,213.03 | 3.73% | Other | |
JiangxiRuijieUtilities | 130,000,000.00 | 513,625.00 | 23,437,311.88 | 51,920.86 | 23,899,016.02 | 83.40% | 60.00% | Other | ||||
YuxiEnergylithiumbatteryprojectwithanannualoutputof1.6billionsquaremeters | 4,500,000,000.00 | 2,410,889.35 | 2,410,889.35 | 3.31% | 3.31% | Other | ||||||
MicroporousmembraneprojectofhighperformancelithiumionbatteryofChongqingEnergy(phaseI) | 1,500,000,000.00 | 150,222,596.38 | 424,019,221.74 | 571,841,818.12 | 2,400,000.00 | 100.00% | 100.00% | Other | ||||
LithiumbatteryseparatorprojectofJiangxiTonry(phaseI) | 1,750,000,000.00 | 77,669,375.53 | 2,246,661.94 | 77,594,131.27 | 2,321,906.20 | 100.00% | 99.65% | 10,275,378.94 | Other | |||
JiangsuHongchuangPackagingProjectof12billionpackagingboxesofliquidbeverage | 787,000,000.00 | 1,668,156.38 | 1,668,156.38 | 5.20% | 0.00% | Other | ||||||
YunnanHongchuangPackagingProjectof1billionpackagingboxesofliquidbeverage | 75,000,000.00 | 31,533,066.15 | 13,929,138.26 | 45,462,204.41 | 100.00% | 100.00% | Other | |||||
ZhuhaiEnergybatteryseparatorfilmproductionbasephaseIIProject | 1,400,000,000.00 | 11,207,414.81 | 42,107,637.76 | 53,315,052.57 | 100.00% | 100.00% | 30,172,038.88 | Other | ||||
WuxiEnergybatteryseparatorfilmproductionbasephaseIProject | 2,200,000,000.00 | 25,277,048.23 | 25,277,048.23 | 100.00% | 100.00% | 68,435,716.63 | Other | |||||
5-7linebasefilmprojectofNewmiTech | 750,230,000.00 | 354,914,748.53 | 345,595,251.59 | 9,319,496.94 | 47.61% | 100.00% | 15,938,122.29 | Other | ||||
PlantconstructionofJiangxiRuijie | 86,000,000.00 | 5,515,173.84 | 5,515,173.84 | 99.00% | 100.00% | Other | ||||||
Otherprojects | 18,776,009.46 | 264,436,185.48 | 212,315,187.86 | 70,897,007.08 | Other | |||||||
Other | ||||||||||||
Total | 47,722,117,800.00 | 1,737,361,549.32 | 6,108,911,362.66 | 4,285,732,635.00 | -435,282.07 | 3,560,975,559.05 | 188,622,062.52 | 43,632,875.79 |
(3)Projectmaterials
Unit:RMB
Item
Item | Closingbalance | Openingbalance | ||||
Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionfor | Bookvalue |
impairment
impairment | ||||||
Engineeringmaterials | 11,426,690.84 | 11,426,690.84 | 8,384,509.61 | 8,384,509.61 | ||
Equipmentnotinstalled | 12,152,259.84 | 12,152,259.84 | 16,489,156.83 | 16,489,156.83 | ||
Total | 23,578,950.68 | 23,578,950.68 | 24,873,666.44 | 24,873,666.44 |
Otherexplanations:TheincreaseintheclosingbalanceofconstructioninprogressoftheCompanyascomparedwiththebeginningbalancewasduetothefactthatShanghaiEnergyNewMaterialTechnologyCo.,Ltd.,asubsidiaryoftheCompany,anditssubsidiarieswereinthegrowthstage,andthenewproductionlinesincreasedduringtheperiodastheCompanyincreaseditsconstructionofproductionlinesaccordingly.
16.Right-of-useassets
Unit:RMB
Item | Propertyandbuildings | Other | Total |
I.Originalbookvalue | |||
1.Openingbalance | |||
2.Increasefortheperiod | 3,828,415.83 | 1,376,146.80 | 5,204,562.63 |
Lease | 3,828,415.83 | 1,376,146.80 | 5,204,562.63 |
3.Decreasefortheperiod |
4.Closingbalance
4.Closingbalance | 3,828,415.83 | 1,376,146.80 | 5,204,562.63 |
II.Accumulativedepreciation | |||
1.Openingbalance | |||
2.Increasefortheperiod | 1,208,973.42 | 68,807.31 | 1,277,780.73 |
(1)Provision | 1,208,973.42 | 68,807.31 | 1,277,780.73 |
3.Decreasefortheperiod
3.Decreasefortheperiod |
(1)Disposal |
4.Closingbalance
4.Closingbalance | 1,208,973.42 | 68,807.31 | 1,277,780.73 |
III.Provisionforimpairment | |||
1.Openingbalance | |||
2.Increasefortheperiod | |||
(1)Provision |
3.Decreasefortheperiod
3.Decreasefortheperiod |
(1)Disposal |
4.Closingbalance
4.Closingbalance | |||
IV.Bookvalue | |||
1.Closingbookvalue | 2,619,442.41 | 1,307,339.49 | 3,926,781.90 |
2.Openingbookvalue |
Otherexplanations:
17.Intangibleassets
(1)Intangibleassets
Unit:RMB
Item | Landuserights | Patentrights | Non-patenttechnology | Software | Total |
I.Originalbookvalue
I.Originalbookvalue | |||||
1.Openingbalance | 574,145,581.24 | 26,000,000.00 | 23,338,200.00 | 29,643,308.39 | 653,127,089.63 |
2.Increasefortheperiod | 507,473,945.35 | 4,854,368.93 | 5,733,298.98 | 518,061,613.26 | |
(1)Purchase | 507,473,945.35 | 4,854,368.93 | 5,733,298.98 | 518,061,613.26 | |
(2)InternalR&D | |||||
(3)Increaseinbusinesscombination | |||||
3.Decreasefortheperiod | |||||
(1)Disposal | |||||
4.Closingbalance | 1,081,619,526.59 | 30,854,368.93 | 23,338,200.00 | 35,376,607.37 | 1,171,188,702.89 |
II.Accumulativeamortization | |||||
1.Openingbalance | 61,466,357.71 | 4,766,666.71 | 19,144,661.64 | 5,682,727.01 | 91,060,413.07 |
2.Increasefortheperiod | 16,808,050.12 | 2,964,077.67 | 1,548,582.71 | 3,561,070.45 | 24,881,780.95 |
(1)Provision | 16,808,050.12 | 2,964,077.67 | 1,548,582.71 | 3,561,070.45 | 24,881,780.95 |
3.Decreasefortheperiod | |||||
(1)Disposal | |||||
4.Closingbalance | 78,274,407.83 | 7,730,744.38 | 20,693,244.35 | 9,243,797.46 | 115,942,194.02 |
III.Provisionforimpairment | |||||
1.Openingbalance | 1,203,498.45 | 1,203,498.45 |
2.Increasefortheperiod
2.Increasefortheperiod |
(1)Provision |
3.Decreasefortheperiod |
(1)Disposal
(1)Disposal | |||||
4.Closingbalance | 1,203,498.45 | 1,203,498.45 | |||
IV.Bookvalue | |||||
1.Closingbookvalue | 1,003,345,118.76 | 23,123,624.55 | 1,441,457.20 | 26,132,809.91 | 1,054,043,010.42 |
2.Openingbookvalue | 512,679,223.53 | 21,233,333.29 | 2,990,039.91 | 23,960,581.38 | 560,863,178.11 |
TheproportionofintangibleassetsproducedthroughinternalresearchanddevelopmentoftheCompanyinthebalanceofintangibleassetsattheendofthecurrentperiod.
(2)Landusagerightsnotobtainingthetitlecertificate
Item | Bookvalue | Reasonfornotobtainingthetitlecertificate |
Landusagerights | 8,335,426.33 | beingprocessed |
Otherdetails:
(1)Themainreasonswhythebalanceofintangibleassetsattheendoftheyearincreasedsignificantlyascomparedwiththebalanceatthebeginningoftheyearareasfollows:theCompany'slithiumbatteryseparatorbusinessexpanded.Inthecurrentperiod,severalnewproductionbaseswerebuilt,andlanduserightswerepurchased.
(2)AsofDecember31,2022,theCompanyobtainedcomprehensivebankcreditandloansbypledgingintangibleassetswithanamountofRMB292,390,109.05.18.Goodwill
(1)Originalbookvalueofgoodwill
Unit:RMB
Eventsthatmaygenerategoodwillthroughinvesteenames | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance | ||
Generatedbybusinesscombination | Disposal | |||||
JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 34,483,188.64 | 34,483,188.64 | ||||
ChongqingEnergyNewmiTechnologicalCo.,Ltd. | 15,589,757.32 | 15,589,757.32 | ||||
SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 470,157,733.69 | 470,157,733.69 | ||||
Total | 520,230,679.65 | 520,230,679.65 |
(2)Provisionforimpairmentofgoodwill:none
Relatedinformationonassetgroupsorcombinationofassetgroupscontaininggoodwill
(1)GoodwillrelatedtoJiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.GoodwillcalculationprocessofJiangxiTonrymergedbyenterprisesnotundercommoncontrol:
TheacquisitioncostminusthefairvalueofthebookidentifiablenetassetsofJiangxiTonryontheacquisitiondatemultipliedbytheproportionofacquiredequityequalstogoodwill,thatis,200,000,000.00minus165,516,811.36multipliedby100%equalstoRMB34,483,188.64.TheCompanyidentifiedJiangxiTonryasanassetgroupandconductedgoodwillimpairmenttest.Therecoverableamountofgoodwilliscalculatedaccordingtothepresentvalueofestimatedfuturecashflow.Theestimatedfuturecashflowisdeterminedaccordingtothefinancialbudgetoftherelevantassetgroupfrom2023to2027.After2027,itwillbeaperpetualperiod.Itisestimatedthattheannualcashflowwillkeepunchanged,andtherecoverablevalueoftheassetgroupwillbecalculatedaccordingtothediscountrateof11.35%.Therecoverablevalueexceedsthebookvalueoftheassetgroupincludingallshareholdersgoodwill,andthereisnogoodwillimpairment.
(2)GoodwillrelatedtoSuzhouGreenPowerNewEnergyMaterialCo.,Ltd.GoodwillcalculationprocessofSuzhouGreenPowermergedbyenterprisesnotundercommoncontrol:
TheacquisitioncostminusthefairvalueofthebookidentifiablenetassetsofSuzhouGreenPowerontheacquisitiondatemultipliedbytheproportionofacquiredequityequalstogoodwill,thatis,739,219,511.67minus269,061,777.98multipliedby100%equalstoRMB470,157,733.69.TheCompanyidentifiedSuzhouGreenPowerasanassetgroupandconductedgoodwillimpairmenttest.Therecoverableamountofgoodwilliscalculatedaccordingtothepresentvalueofestimatedfuturecashflow.Theestimatedfuturecashflowisdeterminedaccordingtothefinancialbudgetoftherelevantassetgroupfrom2023to2027.After2027,itwillbeaperpetualperiod.Itisestimatedthattheannualgrowthrateofcashflowwillbe
1.33%,andtherecoverablevalueoftheassetgroupwillbecalculatedaccordingtothediscountrateof11.33%.Therecoverablevalueexceedsthebookvalueoftheassetgroupincludingallshareholdersgoodwill,andthereisnogoodwillimpairment.
(3)GoodwillrelatedtoChongqingEnergyNewmiTechnologicalCo.,Ltd.GoodwillcalculationprocessofNewmiTechmergedbyenterprisesnotundercommoncontrol:
TheacquisitioncostminusthefairvalueofthebookidentifiablenetassetsofNewmiTechontheacquisitiondatemultipliedbytheproportionofacquiredequityequalstogoodwill,thatis,68,259,500.00minus68,977,915.28multipliedby76.3574%equalstoRMB15,589,757.32.TheCompanyidentifiedNewmiTechasanassetgroupandconductedgoodwillimpairmenttest.Therecoverableamountofgoodwilliscalculatedaccordingtothepresentvalueofestimatedfuturecashflow.Theestimatedfuturecashflowisdeterminedaccordingtothefinancialbudgetoftherelevantassetgroupfrom2023to2027.After2027,itwillbeaperpetualperiod.Itisestimatedthattheannualcashflowwillbestable,andtherecoverablevalueoftheassetgroupwillbecalculatedaccordingtothediscountrateof7.96%.Therecoverablevalueexceedsthebookvalueoftheassetgroupincludingallshareholdersgoodwill,andthereisnogoodwillimpairment.
19.Long-termunamortizedexpenses
Unit:RMB | |||||||
Item | Openingbalance | Increasefortheperiod | Amortizedamountfortheperiod | Decreaseinotheramounts | Closingbalance | ||
Renovationcost | 208,200.31 | 420,000.00 | 190,417.15 | 437,783.16 | |||
Fillingmachine | 1,504,688.09 | 1,504,688.09 | |||||
Powergridaccessfee | 48,450.16 | 10,917.82 | 37,532.34 |
Softwareimplementationfee
Softwareimplementationfee | 1,061,184.88 | 568,527.64 | 492,657.24 | ||
Repairandmaintenancefee | 737,093.73 | 737,093.73 | |||
Technicalservicefee | 600,000.00 | 250,000.00 | 350,000.00 | ||
Total | 3,559,617.17 | 1,020,000.00 | 3,261,644.43 | 1,317,972.74 |
Otherexplanations:
20.Deferredincometaxassets/Deferredincometaxliabilities
(1)Deferredincometaxassetsbeforeoffset
Unit:RMB
Item | Closingbalance | Openingbalance | ||
Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
Assetimpairmentprovision | 547,896,879.72 | 83,770,394.31 | 530,474,872.66 | 80,159,045.71 |
Unrealizedprofitofinternaltransaction | 277,615,165.77 | 58,267,096.82 | 201,315,638.27 | 30,197,345.73 |
Deductiblelosses | 174,757,523.83 | 35,329,320.47 | 171,941,875.70 | 31,092,748.22 |
Governmentsubsidy | 811,175,227.79 | 124,328,538.97 | 742,702,208.05 | 111,405,331.20 |
Stockincentive | 91,108,307.69 | 13,341,111.40 | ||
other | 3,346,918.44 | 502,037.76 | ||
Total | 1,905,900,023.24 | 315,538,499.73 | 1,646,434,594.68 | 252,854,470.86 |
(2)Deferredincometaxliabilitiesbeforeoffset
Unit:RMB
Item | Closingbalance | Openingbalance | ||
Taxabletemporarydifference | Deferredincometaxliabilities | Taxabletemporarydifference | Deferredincometaxliabilities | |
Appraisalandappreciationofassetsinmergersofcompaniesnotundercommoncontrol | 73,262,048.87 | 10,989,307.33 | 82,490,043.84 | 12,373,506.58 |
Pre-taxdeductionofequipmentandinstrumentsatonetime | 1,442,317,999.00 | 223,014,994.83 | 831,888,785.84 | 127,083,424.85 |
Other | 14,937,672.15 | 2,755,180.27 | 11,247,341.96 | 1,687,101.29 |
Total | 1,530,517,720.02 | 236,759,482.43 | 925,626,171.64 | 141,144,032.72 |
(3)Netamountofoffsetdeferredincometaxassetsorliabilities
Unit:RMB
Item | OffsettingamountofdeferredincometaxassetsanddeferredincometaxliabilitiesattheendoftheReportingPeriod | Closingbalanceofdeferredincometaxassetsorliabilitiesafteroffset | OffsettingamountofdeferredincometaxassetsanddeferredincometaxliabilitiesatthebeginningoftheReportingPeriod | Openingbalanceofdeferredincometaxassetsorliabilitiesafteroffset |
Deferredincometaxassets | 315,538,499.73 | 252,854,470.86 | ||
Deferredincometax | 236,759,482.43 | 141,144,032.72 |
liabilities
(3)Detailsofunrecognizeddeferredincometaxassets
Unit:RMB
liabilitiesItem
Item | Closingbalance | Openingbalance |
Deductibleloss | 5,494,780.64 | 52,353,965.57 |
Provisionforassetimpairment | 71,547.21 | 972.45 |
total | 5,566,327.85 | 52,354,938.02 |
(5)Deductiblelossesforwhichdeferredincometaxassetswereunrecognizedwillexpireinthefollowingyears
Unit:RMB
Year | Closingamount | Openingamount | notes |
2024 | 19,937,896.63 | ||
2025 | 155,294.79 | 32,416,068.94 | |
2026 | |||
2027 | 5,339,485.85 | ||
Total | 5,494,780.64 | 52,353,965.57 | -- |
Otherexplanations:
Descriptionofone-timepre-taxdeductionofequipmentandinstrumentsinthedeferredincometaxliabilitiesbeforeoffset:
1.AccordingtotheNoticeoftheMinistryofFinanceandtheStateAdministrationofTaxationonthePolicyofDeductingtheEnterpriseIncomeTaxofEquipmentandInstruments(CaiShui[2018]No.54)andAnnouncementtheMinistryofFinanceandtheStateAdministrationofTaxationonExtendingtheImplementationPeriodofSomePreferentialTaxPolicies(AnnouncementoftheMinistryofFinanceandtheStateAdministrationofTaxationof2021No.6),theCompanyanditssubsidiariesdeductedtheenterpriseincometaxofequipmentandinstrumentswiththeunitvalueofbelowRMB5millionpurchasedfromJanuary1,2018toDecember31,2023inonetimewhencalculatingthetaxableincome.Asaresult,taxabletemporarydifferenceisformedandfurtherturnedintodeferredincometaxliabilities.
2.AccordingtotheAnnouncementoftheMinistryofFinance,theStateAdministrationofTaxationandtheMinistryofScienceandTechnologyonStrengtheningthePre-taxDeductioninSupportofScientificandTechnologicalInnovation(AnnouncementNo.[2022]28oftheMinistryofFinance,theStateAdministrationofTaxationandtheMinistryofScienceandTechnology),thesubsidiariesoftheCompanydeductedtheenterpriseincometaxofequipmentandinstrumentspurchasedduringthefourthquarterof2022inonetimewhencalculatingthetaxableincome.Asaresult,taxabletemporarydifferenceisformedandfurtherturnedintodeferredincometaxliabilities.
21.Othernon-currentassets
Unit:RMB | ||||||||
Item | Closingbalance | Openingbalance | ||||||
Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |||
Advancepaymentforequipment | 2,093,287,184.21 | 2,093,287,184.21 | 1,421,784,008.16 | 1,421,784,008.16 | ||||
Advancepaymentforproject | 682,856,379.07 | 682,856,379.07 | 420,103,967.69 | 420,103,967.69 | ||||
Qualityguarantee(Note1) | 1,350,000.00 | 1,350,000.00 | 1,350,000.00 | 1,350,000.00 | ||||
Installmentforsaleofequipment(Note2) | 13,327,609.02 | 13,327,609.02 | 8,083,352.22 | 8,083,352.22 | ||||
Advancepaymentforland | 200,000,000.00 | 200,000,000.00 | 251,500,000.00 | 251,500,000.00 | ||||
Prepaymentforhouse | 4,353,231.00 | 4,353,231.00 | ||||||
Timedeposits | 753,729,154.86 | 753,729,154.86 | 461,548,862.25 | 461,548,862.25 |
Total
Total | 3,744,550,327.16 | 3,744,550,327.16 | 2,568,723,421.32 | 2,568,723,421.32 |
Otherexplanations:
ThemainreasonforthelargerincreaseintheendingbalanceoftheCompany’sothernon-currentassetsovertheopeningbalanceis:severalproductionbasesoftheCompanywereunderconstructionduringtheperiod;theadvancepaymentforconstructionandequipmentincreasesaccordinglyaswellasthesub-subsidiaryZhuhaiEnergypurchasecertificatesoflargedepositwhichtheypreparetoholdtomaturity.Note1:GuizhouHaoyiduoDairyCo.,Ltd.signedanagreementwiththeCompany,andthetwopartiesenteredintoalong-termstrategicpartnership.TheCompanyprovidedGuizhouHaoyiduoDairyCo.,Ltd.withtheabovemoneyasitsqualityguarantee.GuizhouHaoyiduoDairyCo.,Ltd.promisedtopurchasenolessthan13millionpackagingboxesofproductsfromtheCompanyeveryyear,andreturntheabovemoneyaftertheterminationofthepartnership.Aslongasthecooperationrelationshipisnotterminated,theagreementwillautomaticallycontinueafterexpiration.Duringthereportingperiod,GuizhouHaoyiduoDairyCo.,Ltd.hasagoodcooperationrelationshipwiththeCompany,andtheannualorderquantitytotheCompanyexceedstheagreedquantityintheaboveagreement.TheCompanyexpectsthattheaboveagreementwillcontinue.Note2:TheCompanypurchasesfillingmachinesandauxiliaryequipmentandsellsthemtocustomersbyinstallmentsales.ThepriceoftheequipmentshallbepaidtogetherwiththepaymentfortheCompany’sproductspurchasedbycustomers.Untiltheappointedtime,allthepaymentsforequipmentshallberecovered,invoicesshallbeissuedandthepropertyrightsoftheequipmentshallbetransferredtocustomers.Note3:AsofDecember31,2022,termdepositsofRMB375,031,336.94werepledgedtosecurebankborrowings.22.Short-termloans
(1)Classificationofshort-termborrowings
Unit:RMB
Item | Closingbalance | Openingbalance |
Pledgedloan | 275,049,783.20 | 545,992,000.27 |
Guaranteedloan | 9,147,455,802.07 | 3,487,366,352.00 |
Creditloan | 94,190,000.00 | 78,000,000.00 |
Undueinterestpayables | 11,157,849.28 | 4,789,988.03 |
Total | 9,527,853,434.55 | 4,116,148,340.30 |
ExplanationforClassificationofshort-termborrowings:
ThemainreasonforthelargerincreaseintheendingbalanceoftheCompany’sshort-termloansovertheopeningbalanceis:TheincreaseofbusinessvolumeoftheCompanyleadstotheincreaseofcapitaldemandfordailybusinessactivitiesandtheincreaseofbankloans.
Pledgedloan:thesubsidiaryShanghaiEnergyNewMaterialTechnologyCo.,Ltd.obtainedaloanofRMB90,000,000.00bypledgingitsownlargedepositcertificateofRMB100,000,000.00;thesubsidiaryZhuhaiEnergyNewMaterialTechnologyCo.,Ltd.obtainedaloanofEuro24,360,000.00bypledgingitsownlargedepositcertificateofRMB200,000,000.00;thesubsidiaryShanghaiEnergyNewMaterialTechnologyCo.,Ltd.obtainedaloanofRMB4,207,939.20bypledgingitsownnotesreceivableofRMB4,207,939.20;thesubsidiarySuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.obtainedaloanofRMB20,000.00bypledgingitsownnotesreceivableofRMB20,000.00.SeenoteVI-61assetswithrestrictedownershiporuserightfordetailsofpledge.
Guaranteedloans:pleaserefertoXI.RelatedPartiesandRelatedPartyTransactions—(5)Relatedpartytransactions—5.RelatedpartyguaranteesfordetailsoftheloansguaranteedbytheCompany'sactualcontrollers,theCompanyanditssubsidiaries.
(2)Overdueandoutstandingshort-termloans:Nil
23.Tradingfinancialliabilities
Unit:RMB
Item
Item | Closingbalance | Openingbalance |
Including: | ||
Financialliabilitiesdesignatedasmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome | 94,394.79 | |
Including: | ||
Derivativefinancialliabilities | 94,394.79 | |
Total | 94,394.79 |
Otherexplanation:
24.Notespayable
Unit:RMB | ||||
Type | Closingbalance | Openingbalance | ||
Commercialacceptance | 4,659,463.30 | 4,205,536.14 | ||
Bankacceptance | 604,656,235.72 | 483,202,292.39 | ||
Total | 609,315,699.02 | 487,407,828.53 |
Attheendofthecurrentperiod,thetotalamountofnotespayabledueandunpaidisyuan.
25.Accountspayable
(1)Accountspayable
Unit:RMB
Item | Closingbalance | Openingbalance |
Materialspayable | 514,269,975.80 | 337,706,658.17 |
Engineeringequipmentpayable | 1,070,892,790.28 | 222,569,060.60 |
Accessoriesandsparepartspayable | 37,809,458.76 | 20,393,593.67 |
Transportationfeepayable | 41,599,051.31 | 42,078,568.47 |
Otherpayable | 56,015,715.96 | 27,797,776.37 |
Total | 1,720,586,992.11 | 650,545,657.28 |
(2)Majoraccountspayableagedoveroneyear
Unit:RMB
Item | Closingbalance | Reasonsforoutstandingorcarry-over |
ShanghaiSurayInformationTechnologyCo.,Ltd.
ShanghaiSurayInformationTechnologyCo.,Ltd. | 7,117,267.59 | Notmature |
ChengduHuichengTechnologyCo.,Ltd. | 4,560,000.00 | Notmature |
ShenzhenChinaProgressInternationalForwardingCo.,Ltd. | 3,498,949.42 | Notmature |
JiangmenYuxinPaperProductsCo.,Ltd. | 3,468,002.74 | Notmature |
total | 18,644,219.75 |
ThemainreasonforthelargerincreaseintheendingbalanceoftheCompany’saccountspayableovertheopeningbalanceis:TheCompany’sbusinessgrewrapidlythisyear,thecapacitiescontinuedtobeexpandedandcapitalexpenditureincreasedsignificantly,thustherelevantaccountspayable
increasedaccordingly.
26.Contractualliabilities
Unit:RMB | ||||
Item | Closingbalance | Openingbalance | ||
Advancereceivableforgoods | 22,179,220.18 | 761,923,312.38 | ||
Rebate | 2,416,933.97 | |||
Total | 24,596,154.15 | 761,923,312.38 |
27.Employeebenefitspayable
(1)Employeebenefitspayable
Unit:RMB
Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance |
I.Short-termremuneration | 32,299,256.27 | 906,448,213.52 | 890,121,550.59 | 48,625,919.20 |
II.Retirementpensionprogram-definedcontributionplan | 1,030,660.51 | 71,220,946.34 | 66,713,384.25 | 5,538,222.60 |
III.dismissalbenefits | 523,574.99 | 523,574.99 | ||
Total | 33,329,916.78 | 978,192,734.85 | 957,358,509.83 | 54,164,141.80 |
(2)Short-termbenefits
Unit:RMB
Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance |
1.Wage,bonus,allowanceandsubsidies | 30,694,537.91 | 780,547,819.99 | 767,957,477.35 | 43,284,880.55 |
2.Employeewelfare | 50,740,674.52 | 50,708,670.52 | 32,004.00 | |
3.Socialinsurance | 665,868.54 | 39,967,913.06 | 36,779,798.77 | 3,853,982.83 |
Including:medicalinsurance | 655,874.25 | 36,419,105.49 | 33,482,216.04 | 3,592,763.70 |
Laborinjuryinsurance | 9,994.29 | 2,516,467.12 | 2,265,242.28 | 261,219.13 |
Maternityinsurancepremium | 923,813.65 | 923,813.65 | ||
Supplementarymedicalinsurance | 741,497.48 | 741,497.48 | ||
4.Housingfund | 416,973.01 | 30,383,252.70 | 30,194,913.72 | 605,311.99 |
5.Laborunionbudgetandstaffeducationfund | 521,876.81 | 4,808,553.25 | 4,480,690.23 | 849,739.83 |
Total | 32,299,256.27 | 906,448,213.52 | 890,121,550.59 | 48,625,919.20 |
(3)Definedcontributionplans
Unit:RMB
Item
Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance |
1.Basicpension | 999,428.38 | 69,038,412.34 | 64,666,312.63 | 5,371,528.09 |
2.Unemploymentinsurance | 31,232.13 | 2,182,534.00 | 2,047,071.62 | 166,694.51 |
Total | 1,030,660.51 | 71,220,946.34 | 66,713,384.25 | 5,538,222.60 |
28.Taxespayable
Unit:RMB | ||||
Item | Closingbalance | Openingbalance | ||
VAT | 70,699,654.71 | 21,727,333.15 | ||
Corporateincometax | 188,809,538.54 | 160,861,569.98 | ||
Personalincometax | 1,328,104.94 | 996,764.35 | ||
Citymaintenanceandconstructiontax | 3,176,657.88 | 1,335,086.63 | ||
Propertytax | 7,997,292.20 | 2,908,801.04 | ||
Landusingtax | 1,069,578.09 | 620,797.95 | ||
Educationsurtax | 2,720,034.27 | 1,221,998.41 | ||
Vehicleandvesselusagetax | 1,378,475.54 | |||
Stampduty | 2,071,485.34 | 422,660.72 | ||
Other | 210,909.28 | 61,525.55 | ||
Total | 279,461,730.79 | 190,156,537.78 |
29.Otherpayables
Unit:RMB | ||||
Item | Closingbalance | Openingbalance | ||
Dividendspayable | 9,778,239.09 | 9,778,239.09 | ||
Otherpayables | 199,901,993.77 | 60,499,183.54 | ||
Total | 209,680,232.86 | 70,277,422.63 |
(1)Interestpayables:None
(2)Dividendspayable
Unit:RMB | ||||
Item | Closingbalance | Openingbalance | ||
Commonsharedividends | 9,778,239.09 | 9,778,239.09 | ||
Total | 9,778,239.09 | 9,778,239.09 |
Otherexplanations,includingimportantdividendspayablethathavenotbeenpaidformorethanoneyear,shalldisclosethereasonsfornonpayment:
Theyear-endbalanceofdividendspayableisthedividendpayablebythesubsidiaryShanghaiEnergyNewMaterialTechnologyCo.,Ltd.tominorityshareholders.
(3)Otherpayables
1)Otherpayableslistedbynatureofpayment
Unit:RMB
Item
Item | Closingbalance | Openingbalance |
Restrictedstockrepurchaseobligations | 101,753,346.66 | |
Equityacquisition | 42,736,010.00 | 42,736,010.00 |
Depositsandguarantees | 44,077,111.71 | 12,209,228.71 |
Withholdingemployees’socialinsurance | 3,758,967.93 | 1,861,074.86 |
Reimbursement | 1,865,087.72 | 997,002.15 |
Other | 5,711,469.75 | 2,695,867.82 |
Total | 199,901,993.77 | 60,499,183.54 |
2)Majorotherpayablesagedoveroneyear
Unit:RMB
Item | Closingbalance | Reasonsforoutstandingorcarry-over |
Gao’anKeweiinvestmentpartnership(limitedpartnership) | 22,380,000.00 | Paymenttermsnotbeenmet |
DENCOLIMITED | 20,356,010.00 | Paymenttermsnotbeenmet |
Total | 42,736,010.00 | -- |
Otherexplanations:
30.Non-currentliabilitiesduewithinoneyear
Unit:RMB | ||||
Item | Closingbalance | Openingbalance | ||
Long-termloansduewithin1year | 842,470,783.32 | 377,299,907.20 | ||
leaseliabilitiesduewithin1year | 1,375,995.60 | |||
Undueinterestpayables | 14,649,175.87 | 6,098,084.90 |
Total
Total | 858,495,954.79 | 383,397,992.10 |
Otherexplanations:
31.Othercurrentliabilities
Unit:RMB | ||||
Item | Closingbalance | Openingbalance | ||
Outputvalue-addedtaxpayable | 2,536,656.79 | 99,032,756.22 | ||
Endorsementofunconfirmedbankacceptancebill | 252,146,381.12 | 130,932,533.60 | ||
Endorsementofunconfirmedcommercialacceptancebill | 634,570.35 | |||
Endorsementfortransferofunconfirmedsupplychainvoucher | 20,539,948.43 | 10,137,864.09 | ||
Total | 275,222,986.34 | 240,737,724.26 |
32.Long-termborrowings
(1)Long-termborrowingsbytype
Unit:RMB | ||||
Item | Closingbalance | Openingbalance | ||
Pledgedloan | 1,175,100,000.00 | 1,206,100,000.00 | ||
Mortgagedloan | 833,353,874.05 | 949,296,159.46 | ||
Guaranteedloan | 2,707,281,656.13 | 822,012,580.04 | ||
Creditloan | 306,000,000.00 | 203,000,000.00 | ||
Undueinterestpayables | 10,668,589.20 | 3,782,246.30 | ||
Long-termloansduewithin1year | -853,139,372.52 | -381,082,153.50 | ||
Total | 4,179,264,746.86 | 2,803,108,832.30 |
Descriptionforlong-termborrowingsbytype:
Otherexplanations,includinginterestraterange:
ThemainreasonforthelargerincreaseintheendingbalanceoftheCompany’slong-termborrowingsovertheopeningbalanceis:theincreaseinspecialloanforprojectconstructionbythesubsidiaryShanghaiEnergyanditssubsidiaries.Pledgedloans:thesubsidiaryShanghaiEnergyNewMaterialTechnologyCo.,Ltd.willpledgeits100%equityinSuzhouGreenPowerand76.3574%equityinNewmiTechtoobtainaloanofRMB1,175,100,000.00.Mortgagedloan:thesubsidiaryHongtaPlastic,thesub-subsidiariesZhuhaiEnergy,WuxiEnergy,JiangxiTonryandJiangsuEnergy,ChongqingEnergyobtainedaloanofRMB833,353,874.05bypledgingtheirownfixedassets.See“861.Assetswithrestrictedownershiporuseright”inVIIofthissectionfordetailsofpledge.Guaranteedloan:FordetailsofloansobtainedthroughtheguaranteeprovidedbyactualcontrollersoftheCompany,theCompanyanditssubsidiaries,pleasereferto“(4)Relatedpartyguarantees”under“5.Relatedpartytransactions”in“XII.RelatedPartiesandRelatedPartyTransactions”.
33.Bondspayable
(1)Bondspayable
Unit:RMB
Item
Item | Closingbalance | Openingbalance |
Convertiblecorporatebonds | 425,795,937.76 | 413,239,181.29 |
Total | 425,795,937.76 | 413,239,181.29 |
(2)Changesinbondspayable:(excludingpreferredsharesclassifiedasfinancialliabilities,perpetualbondsandotherfinancialinstruments)
Unit:RMB
Nameofbond | Parvalue | Issuedate | Term | Issuesize | Openingbalance | Issuedincurrentperiod | Interestprovisionedbyparvalue | Amortizationofdiscountsandpremiums | Paidinthecurrentperiod | Sharesconvertedinthecurrentperiod | Closingbalance |
ConvertiblecorporatebondsofYunnanEnergyNewMaterialCo.,Ltd. | 1,600,000,000.00 | February11,2020 | 6years | 1,600,000,000.00 | 413,239,181.29 | 12,874,556.47 | -317,800.00 | 425,795,937.76 | |||
Total | —— | 1,600,000,000.00 | 413,239,181.29 | 12,874,556.47 | -317,800.00 | 425,795,937.76 |
(3)ExplanationonconversionconditionsandconversiontimeofconvertiblecorporatebondsAccordingtotheListingRulesofSharesontheShenzhenStockExchangeStockandtheProspectusofYunnanEnergyNewMaterialCo.,Ltd.onthePublicIssuanceofConvertibleCorporateBonds,thedebtandshareconversionperiodofYunnanEnergycommencesfromthefirsttradingdayinthesixmonthsaftertheendoftheissuancetothematuritydateoftheconvertiblecorporatebonds,thatis,fromAugust17,2020toFebruary11,2026,andtheinitialconversionpriceisRMB64.61pershare.OnMay21,2020,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyimplementsthe2019annualequitydistributionplan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedfromRMB64.61persharetoRMB64.49pershare.OnSeptember3,2020,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyadoptsthenon-publicissuanceofnewshares,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB65.09pershare.AsatSeptember28,2020,inaccordancewiththeAnnouncementontheNon-adjustmentofConvertibleCorporateBondConversionPricefortheRepurchaseandCancellationofSomeRestrictedShares,theCompanyrepurchasedandcancelledtheCompany’srestrictedsharesheldbythefourincentiveobjectsbecausethepersonalassessmentgradeofthefourincentiveobjectswas“good”whentheCompany’s2017RestrictedStockIncentivePlanwasunlockedforthethirdtime.DuetothesmallproportionoftherepurchasedandcancelledsharesintheCompany’stotalsharecapital,aftertherepurchaseandcancellation,theconversionpriceofdebtsandsharesofYunnanEnergyremainedunchangedatRMB65.09pershare.OnApril30,2021,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyimplementsthe2020annualequitydistributionplan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB64.92pershare.OnMay16,2022,accordingtotheAnnouncementontheAdjustmentoftheConversionPriceofConvertibleCorporateBonds,astheCompanyImplementedthe2021annualequityallocationplan,theconversionpriceofdebtsandsharesofYunnanEnergyisadjustedtoRMB64.62pershare.
(4)Explanationonotherfinancialinstrumentsclassifiedasfinancialliabilities
Outstandingpreferredshares,perpetualbondsandotherfinancialinstrumentsasattheendoftheReportingPeriodTableofchangesinoutstandingpreferredshares,perpetualbondsandotherfinancialinstrumentsasattheendoftheReportingPeriod
Unit:RMB
Outstandingfinancialinstruments | Atthebeginningoftheperiod | Increasefortheperiod | Decreasefortheperiod | Attheendoftheperiod | ||||
Numberofshares | Bookvalue | Numberofshares | Bookvalue | Numberofshares | Bookvalue | Numberofshares | Bookvalue |
Thebasisforclassifyingotherfinancialinstrumentsasfinancialliabilities
Otherexplanations:
34.Leaseliabilities
Unit:RMB
Item
Item | Closingbalance | Openingbalance |
Within1year | 1,375,995.60 | |
1to2years | 1,375,995.60 | |
2to3years | 229,332.60 | |
Unrecognizedfinancingexpenses | -273,843.04 | |
Leaseliabilitiesduewithinoneyear | -1,375,995.60 | |
Total | 1,331,485.16 |
Otherexplanations:
Inthecurrentperiod,theinterestexpenseofleaseliabilitieswasRMB29,004.11.
35.Deferredincome
Unit:RMB
Item
Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance | Reason |
Governmentsubsidies | 754,958,659.55 | 139,336,447.03 | 70,827,997.11 | 823,467,109.47 | Fordetails,seethetablebelow |
Total | 754,958,659.55 | 139,336,447.03 | 70,827,997.11 | 823,467,109.47 | -- |
Itemsinvolvinggovernmentgrants:
Unit:RMB
Itemrelatedtoliabilities | Openingbalance | Grantsincreasedfortheperiod | Non-operatingincomerecordedintheperiod | Otherincomerecordedintheperiod | Amountthatoffsetscostsandexpensesinthecurrentperiod | Otherchanges | Closingbalance | Relatedtoassets/income |
SupportandincentivepaymentoftheXishanEconomicandTechnologicalDevelopmentZone | 180,301,293.49 | 83,422,500.00 | 16,557,514.46 | 247,166,279.03 | Relatedtoassets | |||
EquipmentsubsidiesoftheGao’anMunicipalPeople’sGovernment | 270,372,793.38 | 25,125,178.56 | 245,247,614.82 | Relatedtoassets | ||||
Itemsubsidyforthedevelopmentofadvanced | 162,487,335.02 | 14,308,295.40 | 148,179,039.62 | Relatedtoassets |
equipmentmanufacturingindustry
equipmentmanufacturingindustry | |||||||
Specialfundsforthedevelopmentofprovincialstrategicemergingindustries | 28,846,153.86 | 2,307,692.28 | 26,538,461.58 | Relatedtoassets | |||
Subsidiesforinfrastructureconstruction | 24,130,800.16 | 1,340,599.92 | 22,790,200.24 | Relatedtoassets | |||
SupportfundforimportedequipmentindustryofGao'anMunicipalPeople’sGovernment | 20,095,347.03 | 1,986,206.32 | 18,109,140.71 | Relatedtoassets | |||
EnterprisesupportfundsallocatedbyGao’anNewWorldIndustrialCityFinanceOffice | 16,098,908.32 | 692,825.64 | 15,406,082.68 | Relatedtoassets |
High-performancelithiumionbatteryseparatorprojectwithanoutputof90millionsquaremeters
High-performancelithiumionbatteryseparatorprojectwithanoutputof90millionsquaremeters | 13,531,495.92 | 2,696,405.76 | 10,835,090.16 | Relatedtoassets | |||
NationalimportdiscountforWuxiEnergy | 11,147,700.00 | 363,649.22 | 10,784,050.78 | Relatedtoassets | |||
Municipaltechnologicaltransformationprojectforhigh-qualitydevelopment | 10,031,250.00 | 1,125,000.00 | 8,906,250.00 | Relatedtoassets | |||
SubsidywithinterestsofImportedequipmentforJiangxiTonry | 9,293,400.00 | 757,791.35 | 8,535,608.65 | Relatedtoassets | |||
landsubsidyforSanhevillage,Jiangsu | 8,427,500.00 | 14,092.81 | 8,413,407.19 | Relatedtoassets | |||
Technologicaltransformationprojectoftheproductionlineoflithium-ionbatteryseparator | 9,086,808.46 | 1,080,781.56 | 8,006,026.90 | Relatedtoassets | |||
LandsubsidiesgrantedbytheAdministrativeCommitteeofYuxiHigh-techIndustrialDevelopmentZonefortheannualproductionof1billionliquidpackingboxes | 2,994,871.79 | 3,950,000.00 | 178,609.60 | 6,766,262.19 | Relatedtoassets | ||
Technologicaltransformationprojectofthesecondbatchofindustrialtransformationin2020 | 7,350,000.00 | 900,000.00 | 6,450,000.00 | Relatedtoassets | |||
Enterprisedevelopmentsupportfunds(subsidyforplantconstructionofJiangxiEnpo) | 6,315,328.00 | 6,315,328.00 | Relatedtoassets | ||||
Specialfundsfor70,000-tonBOPPprojects | 5,300,000.00 | 5,300,000.00 | Relatedtoassets | ||||
Technicaltransformationguidancefunds | 5,299,515.00 | 5,299,515.00 | Relatedtoassets | ||||
Specialfundsforbasicprojects | 3,391,025.47 | 307,692.48 | 3,083,332.99 | Relatedtoassets |
Specialfundforthedevelopmentofsmallandmedium-sizedenterprisesattheprovinciallevelin2021byYuxiMunicipalBureauofIndustryandInformationTechnology
2,300,000.00 | 60,101.79 | 2,239,898.21 | Relatedtoassets | ||||
Cabletrenchsubsidy | 2,521,667.13 | 339,999.96 | 2,181,667.17 | Relatedtoassets | |||
Boilerupgradingandreconstructionprojects | 2,361,969.28 | 196,830.72 | 2,165,138.56 | Relatedtoassets | |||
Low-nitrogentransformationprojectsubsidyoftheFinanceBureauofChangshou | 1,000,000.00 | 71,428.56 | 928,571.44 | Relatedtoassets | |||
Specialfundsforbasicprojects | 846,154.04 | 76,922.88 | 769,231.16 | Relatedtoassets | |||
Enterprisedevelopmentsupportfunds | 769,230.77 | 61,538.52 | 707,692.25 | Relatedtoassets | |||
KeyindustrialtechnologyinnovationprojectfundsofSuzhou | 700,000.00 | 700,000.00 | Relatedtoassets |
SpecialfundsfortheconstructionoftheYuximunicipalindustrialparkin2017
SpecialfundsfortheconstructionoftheYuximunicipalindustrialparkin2017 | 504,260.00 | 34,977.60 | 469,282.40 | Relatedtoassets | ||
SubsidiesoftheYuxiMunicipalBureauofFinanceforthefirstmajortechnicalequipment | 528,302.00 | 113,207.52 | 415,094.48 | Relatedtoassets | ||
RewardforSuzhoutobuildanintelligentdemonstrationworkshopofadvancedmanufacturingbasein2020 | 395,604.36 | 65,934.12 | 329,670.24 | Relatedtoassets | ||
FundsforthepreparationoftouringinspectionactivitiesinYichunandcentralizedcommencementandcompletionactivitiesofmajorprojectsinYichun,allocatedbyGao’anNewWorldIndustrialCityFinanceOffice | 277,226.65 | 14,720.04 | 262,506.61 | Relatedtoassets |
SubsidiesfortherenovationofpowersupportingprojectsoutsidetheplantsintheJiulongdistrictoftheYuxiHigh-TechDevelopmentZoneManagementCommittee
SubsidiesfortherenovationofpowersupportingprojectsoutsidetheplantsintheJiulongdistrictoftheYuxiHigh-TechDevelopmentZoneManagementCommittee | 216,666.45 | 50,000.04 | 166,666.41 | Relatedtoassets | |||
Total | 754,958,659.55 | 139,336,447.03 | 70,827,997.11 | 823,467,109.47 |
36.Othernon-currentliabilities
Unit:RMB
Item
Item | Closingbalance | Openingbalance |
Governmentsupportforlithiumbatteryseparationfilmproject(Note1) | 455,517,694.55 | 455,517,694.55 |
Investmentinlithiumbatteryseparationfilmproject(Note2) | 86,000,000.00 | 83,000,000.00 |
SubsidyforlithiumbatteryseparationfilmR&Dproject | 700,000.00 | |
Total | 542,217,694.55 | 538,517,694.55 |
Otherexplanations:
Note1:JiangxiTonry,athird-levelsubsidiaryoftheCompany,hasbuiltanitemproductionbaseoflithiumionseparatorinGao’anCity,YichunCity,JiangxiProvince,withpolicysupportfromthelocalgovernment.Accordingtotherelevantprovisionsoftheinvestmentagreement,thegovernmentborrowsmoneyinadvancetopayforthepurchaseofequipment.Wheneachlithium-ionfilmproductionlineisputintouse,theequipmentsubsidyshallberecognizedinbatchesaccordingtothecorrespondingproportionofthevalueoftheimportedequipmentoftheproductionlinethathasbeenputintooperation.Note2:ChongqingEnergy,athird-levelsubsidiaryoftheCompany,hasbuiltaproductionlinebaseofhigh-performancelithium-ionbatterymicroporeseparatorinChangshouEconomicandTechnologicalDevelopmentZone,ChongqingCity,withpolicysupportfromthelocalgovernment.Accordingtotherelevantprovisionsoftheinvestmentagreement,thegovernmentgrantsinfrastructureconstructionindustrydevelopmentfundsintheformofagovernmentsubsidy,andafterthecommitmentoftheinvestmentagreementisfulfilled,thesubsidyshallberecognizedinbatchesastheplantandequipmentsubsidyaccordingtothecorrespondingproportionofthevalueoftheplantandequipment.
37.Sharecapital
Unit:RMB
Openingbalance | Increaseordecrease(+,-) | Closingbalance | |||||
Newissues | Bonusissuance | Conversionofreserveintoshare | Others | Subtotal | |||
Totalamountofshares | 892,406,822.00 | 4,868.00 | 4,868.00 | 892,411,690.00 |
Otherexplanations:
See“III.BasicinformationoftheCompany”inthissection.TheconvertiblebondspubliclyissuedbytheCompanyenteredthesharetransferperiodonAugust17,2020.AsofDecember31,2022,theCompany’ssharecapitalincreasedbyRMB4,868.00duetothesharetransfer.
38.Otherequityinstruments
(1)Outstandingpreferredshares,perpetualbondsandotherfinancialinstrumentsasattheendoftheReportingPeriodUndertheApprovaloftheIssuanceofConvertibleCorporateBondsbyYunnanEnergyNewMaterialCo.,Ltd.(ZhengJianXuKe[2019]No.2701)issuedbytheChinaSecuritiesRegulatoryCommission,theCompanypubliclyissued16millionconvertiblecorporatebondsonFebruary11,2020,whichwascalculatedasthevalueofthedebtinstrumentsoftheconvertiblecorporatebondswasRMB1,408,703,126.08,andthevalueoftheequityinstrumentswasRMB177,419,515.43byreferringtotheinterestratesofthecreditbondsofsimilarenterpriseswithAAcreditratingandsimilarmaturitiesinthemarketanddeductingthebondissuanceexpenses.
(2)Tableofchangesinoutstandingpreferredshares,perpetualbondsandotherfinancialinstrumentsasattheendoftheReportingPeriod
Unit:RMB
Outstandingfinancialinstruments | Atthebeginningoftheperiod | Increasefortheperiod | Decreasefortheperiod | Attheendoftheperiod | ||||
Numberofshares | Bookvalue | Numberofshares | Bookvalue | Numberofshares | Bookvalue | Numberofshares | Bookvalue |
Equityinstrumentofconvertiblecorporatebonds
Equityinstrumentofconvertiblecorporatebonds | 50,352,323.80 | 35,239.96 | 50,317,083.84 | |||
Total | 50,352,323.80 | 35,239.96 | 50,317,083.84 |
ExplanationsonchangesinotherfinancialinstrumentsandreasonsthereofasattheendoftheReportingPeriod,andbasisforrelatedaccountingtreatment:
In2022,theCompany’s“EnergyConvertibleBond”decreasedbyRMB317,800.00(3,178.00bonds)duetothetransferof4,868.00sharesandreducedtheotherequityinstrumentbyRMB35,239.96.Otherexplanations:
39.Capitalreserve
Unit:RMB
Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance |
Capitalpremium(capitalstockpremium) | 7,635,639,929.52 | 67,572,702.66 | 102,690,956.12 | 7,600,521,676.06 |
Othercapitalreserve | 84,810,922.74 | 84,810,922.74 | ||
Total | 7,635,639,929.52 | 152,383,625.40 | 102,690,956.12 | 7,685,332,598.80 |
Otherexplanations,includingchangesandreasonsthereofasattheendoftheReportingPeriod:
Explanationsofcapitalreserve:
1.Thecapitalpremium(capitalstock)increasedbyRMB67,572,702.66thisyear,mainlybecause:
(1)TheconvertiblebondspubliclyissuedbytheCompanyenteredthesharetransferperiodonAugust17,2020.TheCompany’scapitalreserveincreasedbyRMB343,945.88duetothesharetransfer.
(2)Theminorityshareholdersofthesub-subsidiaryJiangxiEnpoNewMaterialsCo.,Ltd.injectedcapitalinthecurrentyear,resultinginanincreaseofRMB134,217.63incapitalreserve.
(3)ThechangeofminorityshareholdersofthesubsidiaryHongchuangPackaginginthecurrentyearresultedinthechangeoftheCompany'sshareholdingratioandanincreaseofRMB67,094,539.15incapitalreserve.
2.Thecapitalpremium(sharecapitalpremium)decreasedbyRMB102,690,956.12inthisyear,mainlyduetotherestrictedsharesgrantedbytheCompanytoemployeeswiththegrantpricelowerthanthesharerepurchasepriceinthisyear.
3.TheincreaseofothercapitalreserveswasRMB84,810,922.74inthisyear,mainlydueto:
(1)TheCompanyimplementedequityincentivesforemployeesandconfirmedshare-basedpaymentrelatedexpenses,resultinginanincreaseofRMB84,649,402.6inothercapitalreserves.
(2)ThesubsidiaryHongchuangPackagingimplementedequityincentivesforemployeesandconfirmedshare-basedpaymentrelatedexpenses,resultinginanincreaseofRMB161,520.14inothercapitalreserves.40.Treasurystock
Unit:RMB
Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance |
Equityincentiverepurchase | 204,444,302.78 | 204,444,302.78 | ||
Restrictedshare-basedpayment | 101,753,346.66 | 101,753,346.66 | ||
Total | 204,444,302.78 | 101,753,346.66 | 204,444,302.78 | 101,753,346.66 |
Otherexplanations,includingchangesandreasonsthereofasattheendoftheReportingPeriod:
1.PleaserefertoNoteXIII.Share-basedpayment.BecausetheCompanyusedtherepurchasedsharesforstockincentive,thetreasurysharesdecreasedby
RMB204,444,302.78;
2.TheCompanyshallrecogniseliabilitiesfortherepurchaseobligationofrestrictedsharesissuedtoemployees,andtreatthemastreasuryshares.The
amountoftreasurysharesshallbecalculatedanddeterminedaccordingtothenumberofrestrictedsharesissuedandthecorrespondingrepurchaseprices.
41.Othercomprehensiveincome
Unit:RMB
Item
Item | Openingbalance | Amountforthecurrentperiod | Closingbalance | |||||
Amountincurredbeforetheincometaxinthecurrentperiod | Less:Amountincludedintoothercomprehensiveincomeinthepriorperiodandtransferredintotheprofitandlossinthecurrentperiod | Less:Amountincludedintoothercomprehensiveincomeinthepriorperiodandtransferredintotheretainedearningsinthecurrentperiod | Less:Incometaxexpense | After-taxamountattributabletotheparentcompany | After-taxamountattributabletominorityshareholders | |||
I.Othercomprehensiveincomethatcannotbereclassifiedsubsequentlytoprofitorloss | 1,000,000.00 | 250,000.00 | 750,000.00 | 750,000.00 | ||||
1.Changesinfairvalueofinvestmentsinotherequityinstruments | 1,000,000.00 | 250,000.00 | 750,000.00 | 750,000.00 | ||||
II.Othercomprehensiveincomethatwillbereclassifiedsubsequentlytoprofitorloss | -3,746,198.57 | 11,170,906.68 | -140,214.40 | 10,770,449.49 | 540,671.59 | 7,024,250.92 | ||
Exchangedifferencesfromtranslationofstatementsdenominatedinforeigncurrencies | -4,502,767.45 | 12,105,669.37 | 11,527,018.37 | 578,651.00 | 7,024,250.92 | |||
Provisionforcreditimpairmentofreceivablefinancing | 756,568.88 | -934,762.69 | -140,214.40 | -756,568.88 | -37,979.41 | |||
Totalothercomprehensiveincome | -3,746,198.57 | 12,170,906.68 | 109,785.60 | 11,520,449.49 | 540,671.59 | 7,774,250.92 |
42.Surplusreserve
Unit:RMB | ||||||
Item | Openingbalance | Increasefortheperiod | Decreasefortheperiod | Closingbalance | ||
Statutorysurplusreserve | 150,822,559.89 | 18,251,921.33 | 169,074,481.22 | |||
Reservefund | 21,153,681.64 | 21,153,681.64 | ||||
Enterprisedevelopmentfund | 1,416,680.73 | 1,416,680.73 | ||||
Total | 173,392,922.26 | 18,251,921.33 | 191,644,843.59 |
Explanationsonsurplusreserve,includingexplanationaboutthereasonofthechange:Theincreaseinsurplusreservefortheyearwasduetotheprovisionof10%ofthenetprofitoftheparentcompanyfortheyear.
43.Undistributedprofit
Unit:RMB
Item
Item | Currentperiod | Previousperiod |
Undistributedprofitbeforeadjustmentsattheendofthepriorperiod | 5,288,265,431.08 | 2,746,794,868.15 |
Undistributedprofitadjustedatthebeginningoftheperiod | 5,288,265,431.08 | 2,746,794,868.15 |
Add:Netprofitattributabletoownersofparentcompanyinthecurrentperiod | 4,000,461,964.37 | 2,717,628,798.01 |
Less:Withdrawalofstatutorysurplusreserve | 18,251,921.33 | 25,442,257.68 |
Commonsharedividendspayable | 269,999,722.24 | 150,715,977.40 |
Undistributedprofitsattheendoftheperiod | 9,000,475,751.88 | 5,288,265,431.08 |
44.Operatingincomeandoperatingcost
Unit:RMB
Item | Amountforcurrentperiod | Amountforpreviousperiod | ||
Income | Cost | Income | Cost | |
Mainbusinesses | 12,217,521,522.39 | 6,360,676,130.43 | 7,866,428,440.28 | 3,978,342,250.24 |
Otherbusinesses | 373,404,007.29 | 207,472,252.22 | 115,998,370.31 | 23,681,463.99 |
Total | 12,590,925,529.68 | 6,568,148,382.65 | 7,982,426,810.59 | 4,002,023,714.23 |
Whethertheloweroftheauditednetprofitbeforeandafterdeductionofnon-recurringgainsorlossesisnegative
□Yes√No
45.Taxesandsurcharges
Unit:RMB
Item | Amountforcurrentperiod | Amountforpreviousperiod |
Citymaintenanceandconstructiontax | 10,137,102.35 | 6,203,284.99 |
Educationsurcharge | 8,928,750.72 | 7,160,112.90 |
Propertytax | 24,477,126.87 | 15,622,433.54 |
Landusingtax | 6,789,704.51 | 4,370,191.44 |
Vehicleandvesselusagetax | 25,019.80 | 31,362.50 |
Stampduty | 6,466,537.77 | 3,464,406.34 |
Other | 57,680,955.03 | 37,128,232.84 |
Total | 10,137,102.35 | 6,203,284.99 |
Otherexplanations:
46.Sellingexpenses
Unit:RMB
Item
Item | Amountforcurrentperiod | Amountforpreviousperiod |
Salescommission | 15,749,712.52 | 22,865,150.56 |
Laborcosts | 29,479,359.97 | 25,226,747.02 |
Salesagencyexpense | 9,528,124.63 | 8,068,800.98 |
Depreciationandamortization | 5,805,912.99 | 5,493,116.99 |
Entertainmentexpense | 3,459,975.18 | 3,773,186.15 |
Travelexpense | 2,899,891.55 | 3,023,032.85 |
Share-basedpayment | 2,293,041.47 | |
Other | 5,239,025.16 | 5,584,967.81 |
Total | 74,455,043.47 | 74,035,002.36 |
Otherexplanations:
47.Administrativeexpenses
Unit:RMB
Item
Item | Amountforthecurrentperiod | Amountforpreviousperiod |
Employeecompensation | 158,061,912.74 | 100,006,459.81 |
Share-basedexpense | 51,022,209.61 | 18,478,989.45 |
Depreciationandamortization | 43,343,632.86 | 33,225,957.56 |
Agencies | 14,296,148.37 | 23,458,610.93 |
Maintenancecosts | 4,223,440.57 | 4,454,582.50 |
Officeexpense | 7,044,955.89 | 5,151,563.26 |
Travelexpense | 4,088,667.43 | 3,727,757.41 |
Entertainmentexpense | 2,531,330.21 | 3,624,674.68 |
Environmentalprotectionfee | 8,110,686.32 | 1,082,706.22 |
Others | 30,568,947.01 | 23,122,637.54 |
Total | 323,291,931.01 | 216,333,939.36 |
Otherexplanations:
48.R&Dexpenses
Unit:RMB
Item
Item | Amountforthecurrentperiod | Amountforpreviousperiod |
Materialcosts | 403,898,381.02 | 214,385,356.23 |
Employeecompensation | 179,390,617.59 | 117,133,689.98 |
Depreciationandamortization | 44,490,331.35 | 30,124,498.48 |
Utilitycosts | 46,238,014.05 | 20,022,169.55 |
Others
Others | 50,280,355.65 | 27,513,016.04 |
Total | 724,297,699.66 | 409,178,730.28 |
Otherexplanations:
49.FinancialExpenses
Unit:RMB
Item | Amountforthecurrentperiod | Amountforpreviousperiod |
Interestexpenses | 287,498,131.60 | 221,206,595.88 |
interestincome | -26,258,474.95 | -20,299,433.23 |
Exchangegain/loss | -61,184,128.02 | -56,196,216.05 |
Bankchargesandother | 11,476,342.34 | 8,271,108.87 |
Total | 211,531,870.97 | 152,982,055.47 |
Otherexplanations:
50.OtherIncome
Unit:RMB
Othersourcesofincome | Amountforthecurrentperiod | Amountforpreviousperiod |
Governmentsubsidy | 155,302,624.29 | 133,733,928.01 |
Returnofindividualincometaxservicecharge | 1,131,403.22 | 345,520.77 |
Total | 156,434,027.51 | 134,079,448.78 |
51.Investmentincome
Unit:RMB
Item | Amountforthecurrentperiod | Amountforpreviousperiod |
Gainonlong-termequityinvestmentssubjecttoaccountingwithequitymethod | 1,471,658.10 | 1,687,090.23 |
Investmentincomefromdisposaloftradingfinancialassets | 12,080,580.37 | |
Proceedsfromwealthmanagementproducts | 27,838,099.70 | 35,378,946.92 |
Investmentincomefromderecognitionoffinancialassetsatamortizedcost | -18,658,871.90 | -9,956,624.13 |
Total | 22,731,466.27 | 27,109,413.02 |
52.Gainsonfairvaluechange
Unit:RMB
Sourceofgainsonfairvaluechange
Sourceofgainsonfairvaluechange | Amountforthecurrentperiod | Amountforpreviousperiod |
Tradingfinancialassets | 9,850,069.59 | 137,194.34 |
Including:Incomefromchangesinfairvaluearisingfromderivativefinancialinstruments | 9,850,069.59 | |
Tradingfinancialliabilities | -94,394.79 | |
Total | 9,755,674.80 | 137,194.34 |
53.CreditImpairmentLosses
Unit:RMB
Item | Amountforthecurrentperiod | Amountforpreviousperiod |
Baddebtlossesonotherreceivables | -649,051.50 | 193,877.02 |
Impairmentlossesonaccountsreceivable | 80,338.10 | -24,618,321.53 |
Impairmentlossonnotesreceivable | -8,690,103.00 | -2,109,153.54 |
Impairmentlossesonaccountsreceivablefinancing | 934,762.69 | 1,687,237.31 |
Total | -8,324,053.71 | -24,846,360.74 |
54.AssetImpairmentLosses
Unit:RMB
Item | Amountforthecurrentperiod | Amountforpreviousperiod |
Inventoryfallingpricelossesandcontractperformancecostdepreciationlosses | -42,921,534.91 | -10,663,472.55 |
Total | -42,921,534.91 | -10,663,472.55 |
55.Gainsondisposalofassets
Unit:RMB
Source | Amountforthecurrentperiod | Amountforpreviousperiod |
Disposaloffixedassets | 223,345.22 | 308,957.41 |
56.Non-operatingincome
Unit:RMB
Item | Amountforthecurrentperiod | Amountforpreviousperiod | Amountofnon-recurringgainorlossincludedinthecurrentperiod |
Acceptingdonations | 111,645.43 | 33,001.00 | 111,645.43 |
Compensationreceived | 249,743.26 | 293,393.82 | 249,743.26 |
Paymentsthatdonotneedtobemadeuponapproval
Paymentsthatdonotneedtobemadeuponapproval | 614,291.80 | 4,015,457.76 | 614,291.80 |
Others | 986,822.77 | 1,007,722.92 | 986,822.77 |
Total | 1,962,503.26 | 5,349,575.50 |
57.Non-operatingExpenses
Unit:RMB
Item | Amountforthecurrentperiod | Amountforpreviousperiod | Amountofnon-recurringgainorlossincludedinthecurrentperiod |
Donation
Donation | 524,578.80 | 345,894.96 | 524,578.80 |
Abandonmentlossesofnon-currentassets | 5,093,236.75 | 1,612,201.57 | 5,093,236.75 |
Others | 619,138.51 | 686,933.68 | 619,138.51 |
Total | 6,236,954.06 | 2,645,030.21 | 6,236,954.06 |
58.IncomeTaxExpense
(1)Tableofincometaxexpenses
Unit:RMB
Item | Amountforthecurrentperiod | Amountforpreviousperiod |
Currentincometax | 520,107,429.64 | 342,073,538.57 |
Deferredincometax | 32,902,134.24 | -9,352,714.12 |
Total | 553,009,563.88 | 332,720,824.45 |
(2)Adjustmentprocessofaccountingprofitandincometaxexpense
Unit:RMB
Item | Amountforthecurrentperiod |
Totalprofit | 4,765,144,121.27 |
Incometaxexpensescalculatedbasedonthestatutory(orapplicable)taxrates | 1,191,286,030.31 |
Impactofdifferenttaxratesappliedtosubsidiaries | -454,993,628.58 |
Impactofadjustingincometaxinpreviousperiods | 1,330,765.93 |
Impactofnon-taxableincome | -183,762.49 |
Impactofnon-deductiblecost,expenseandloss | 915,701.76 |
Impactofdeductiblelossesnotrecognizedasdeferredincometaxassetsbeforeutilization
Impactofdeductiblelossesnotrecognizedasdeferredincometaxassetsbeforeutilization | -4,290,790.23 |
Impactofdeductibletemporarydifferencesordeductiblelossesnotrecognizedasdeferredincometaxassetsfortheperiod | 1,391,581.97 |
ImpactofR&Dexpensesplusdeduction | -106,848,188.53 |
Impactofincometaxcreditforinvestmentinspecialequipment | -17,722,810.69 |
Effectofadditionaldeductionforequipmentofhigh-techenterprises | -42,131,334.43 |
Impactoftaxratechange | -14,680,932.38 |
Others | -1,063,068.77 |
Incometaxexpenses | 553,009,563.88 |
59.Cashflowstatement
(1)Cashreceivedrelatingtootheroperatingactivities
Unit:RMB
Item | Amountforthecurrentperiod | Amountforpreviousperiod |
InterestIncome | 27,599,543.01 | 19,716,676.85 |
Subsidyincome | 228,642,477.43 | 263,436,972.90 |
Recovereddeposit | 38,768,179.58 | 8,148,685.49 |
Otherreceivablesreceived | 5,656,068.58 | 3,219,994.43 |
Others | 1,348,211.46 | 1,679,638.51 |
Total | 302,014,480.06 | 296,201,968.18 |
(2)Cashpaymentsrelatingtootheroperatingactivities
Unit:RMB
Item | Amountforthecurrentperiod | Amountforpreviousperiod |
Depositpayment | 132,561,185.22 | 9,001,100.64 |
Otherpayablepaid | 1,217,235.92 | 737,289.34 |
Payingemployeeincentiveanddividendpersonalincometax | 46,031,316.80 | |
AdministrativeexpensesandR&Dexpenses | 149,669,000.84 | 115,193,779.54 |
Operatingexpenses | 36,248,947.35 | 42,407,495.96 |
Servicecharge | 11,476,342.34 | 8,271,108.87 |
Donationexpenditure | 524,578.80 | 345,894.96 |
Reservefundpaid | 3,101,817.82 | 1,888,869.92 |
Others
Others | 270,929.34 | 686,933.68 |
Total | 335,070,037.63 | 224,563,789.71 |
(3)Cashpaymentsrelatingtootherinvestingactivities
Unit:RMB
Item | Amountforthecurrentperiod | Amountforpreviousperiod |
Paymentfordebtasanagentforacquisitionsofsubsidiaries | 473,586,405.90 | |
Paymentforacquisitionofminorityequity | 1,000,000.00 | |
Depositforletterofcreditandbill | 150,164,555.53 | |
Total | 150,164,555.53 | 474,586,405.90 |
(4)Cashpaymentsrelatingtootherfinancingactivities
Unit:RMB
Item | Amountforthecurrentperiod | Amountforpreviousperiod |
Paymentforequityofminorityshareholder | 10,000,000.00 |
Paymentforsharerepurchase
Paymentforsharerepurchase | 204,444,302.78 | |
ForfaitingBusinessDeposit | 253,459,886.80 | 139,356,113.20 |
Leasepayment | 2,649,939.18 | 2,019,792.67 |
Total | 256,109,825.98 | 355,820,208.65 |
60.Supplementaryinformationofcashflowstatement
(1)Supplementaryinformationofcashflowstatement
Unit:RMB
Supplementaryinformation | Amountforthecurrentperiod | Amountforthepreviousperiod |
1.Reconciliationofnetprofittocashflowsfromoperatingactivities | ||
Netprofit | 4,212,134,557.39 | 2,886,854,037.15 |
Plus:impairmentprovisionforassets
Plus:impairmentprovisionforassets | 42,921,534.91 | 10,663,472.55 |
Creditimpairmentlosses | 8,324,053.71 | 24,846,360.74 |
Depreciationoffixedassets,depreciationofoilandgasassets,anddepreciationofproductivebiologicalassets | 1,043,974,672.99 | 781,727,096.08 |
Depreciationofright-of-useassets | 1,208,973.42 | |
Amortizationofintangibleassets | 20,775,544.18 | 14,814,730.11 |
Amortizationoflong-termunamortizedexpenses | 3,261,644.43 | 4,899,969.37 |
Lossesfromdisposaloffixedassets,intangibleassets,andotherlong-termassets(gainisindicatedwith“-”) | -223,345.22 | -308,957.41 |
Lossesfromscrappingoffixedassets(gainisindicatedwith“-”) | 5,093,236.75 | 1,612,201.57 |
Lossesfromchangeoffairvalue(gainisindicatedwith“-”) | -9,755,674.80 | -137,194.34 |
Financialexpenses(gainisindicatedwith“-”) | 275,513,745.88 | 221,206,595.88 |
Investmentlosses(gainisindicatedwith“-”) | -22,731,466.27 | -27,109,413.02 |
Decreaseindeferredincometaxassets(increaseisindicatedwith”-”) | -62,684,028.87 | -49,950,474.49 |
Increaseindeferredincometaxliabilities(decreaseisindicatedwith”-”) | 95,615,449.71 | 40,737,974.76 |
Decreaseininventory(increaseisindicatedwith”-”) | -824,963,603.42 | -535,080,982.13 |
Decreaseinoperatingreceivables(increaseisindicatedwith”-”) | -4,529,233,502.65 | -3,462,031,254.35 |
Increaseinoperatingpayables(decreaseisindicatedwith”-”) | 152,648,586.65 | 1,487,422,225.90 |
Others | 91,707,219.87 | 18,478,989.45 |
Netcashflowsfromoperatingactivities | 503,587,598.66 | 1,418,645,377.82 |
2.Significantinvestmentandfinancingactivitiesnotinvolvingcashreceiptsandpayments: | ||
Conversionofdebtintocapital | ||
Convertiblebondsduewithinoneyear | ||
Fixedassetsacquiredunderfinanceleases | ||
3.Netchangesincashandcashequivalents: | ||
Closingbalanceofcash | 2,972,056,126.01 | 1,369,299,568.60 |
Less:openingbalanceofcash | 1,369,299,568.60 | 2,054,915,784.55 |
Plus:closingbalanceofcashequivalents | ||
Less:openingbalanceofcashequivalents | ||
Netincreaseincashandcashequivalents | 1,602,756,557.41 | -685,616,215.95 |
(2)TotalcashoutflowrelatedtoleaseTotalcashoutflowrelatedtoleaseforthecurrentperiodwasRMB2,649,939.18.
(3)Compositionofcashandcashequivalents
Unit:RMB
Item
Item | Closingbalance | Openingbalance |
I.Cash | 2,972,056,126.01 | 1,369,299,568.60 |
Including:Cashonhand | 89,904.57 | 141,604.43 |
Cashatbankthatcanbereadilydrawnondemand | 2,971,966,221.44 | 1,369,157,964.17 |
III.CashandcashequivalentsattheendoftheReportingPeriod | 2,972,056,126.01 | 1,369,299,568.60 |
Otherexplanations:
61.AssetswithRestrictedOwnershiporUseRights
Unit:RMB
Item | Closingbookvalue | Reasonofrestriction |
Monetarycapital | 982,223,348.31 | Bankdraftmargin,letterofcreditmargin,letterofguaranteemargin,performancedeposit,securitydepositsforlockexchange,depositregulatedbybanks |
Notesreceivable | 4,227,939.20 | Bankloansthroughpledge |
Fixedassets | 775,359,141.70 | Comprehensivebankcreditandloanthroughmortgage |
Intangibleassets | 292,390,109.05 | Comprehensivebankcreditandloanthroughmortgage |
Accountsreceivablefinancing | 28,105,438.78 | Bankloansandbankacceptancethroughpledge |
Othernon-currentassets | 311,247,569.39 | Bankloansthroughpledge |
Non-currentassetsduewithinoneyear | 53,697,916.67 | Bankloansthroughpledge |
Total | 2,447,251,463.10 | -- |
Otherexplanations:
Inadditiontotheitemslistedintheabovetable,theCompany'ssubsidiaryShanghaiEnergypledgedits76.3574%equityinterestinNewmiTechand100%equityinterestinSuzhouGreenPowertoobtainbankloans,whichresultedintheaboveCompany'sequityinterestbeingrestrictedassets.62.Monetaryitemsdenominatedinforeigncurrencies
(1)Monetaryitemsdenominatedinforeigncurrencies
Unit:RMB
Item | Endingbalanceofforeigncurrency | Exchangerate | EndingbalanceconvertedintoRMB |
Monetarycapital | 443,965,089.46 | ||
Including:USD | 46,025,719.86 | 6.9646 | 320,550,628.58 |
Euro | 19.23 | 0.8934 | 17.18 |
HKD
HKD | 16,517,652.37 | 7.4229 | 122,608,881.81 |
JPY | 3,159,734.00 | 0.0524 | 165,437.42 |
HUF | 34,459,757.22 | 0.0186 | 640,124.48 |
Accountsreceivable | 374,416,804.55 | ||
Including:USD | 37,466,622.77 | 6.9646 | 260,940,040.94 |
Euro | |||
HKD | |||
JPY | 2,167,324,259.97 | 0.0524 | 113,476,763.60 |
Long-termborrowings | |||
Including:USD | |||
Euro | |||
HKD | |||
Short-termborrowings | 56,540,000.00 | 419,690,766.00 | |
Including:Euro | 56,540,000.00 | 7.4229 | 419,690,766.00 |
Accountspayable | 2,976,023,159.65 | 811,688,034.57 | |
Including:USD | 93,823,622.35 | 6.9646 | 653,444,000.22 |
Euro | 995,555.00 | 7.4229 | 7,389,905.20 |
JPY | 2,881,203,982.30 | 0.0524 | 150,854,129.15 |
Otherpayables | 191,134.44 | 1,331,174.92 | |
Including:USD | 191,134.44 | 6.9646 | 1,331,174.92 |
(2)Descriptionofoverseasbusinessentities;formaterialoverseasbusinessentities,disclosetheirmajorbusinessplacesoverseas,functionalcurrencyandtheselectioncriterionthereof;shouldtherebeanychangeinthefunctionalcurrency,disclosethereasonforsuchchange
□Applicable√N/A
63.Governmentgrant
(1)Detailsofgovernmentgrants
Unit:RMB
Type
Type | Amount | Presenteditems | Amountincludedincurrentprofitandloss |
Governmentsubsidiesrecordedindeferredincome | 139,336,447.03 | Seenote35inSectionVIIfordetails | 70,827,997.11 |
Governmentsubsidiesrecordedinotherincome | 84,474,627.18 | Seenote50inSectionVIIfordetails | 84,474,627.18 |
Governmentsubsidiesoffsetagainstcostsandexpenses | 16,693,000.00 | Seebelownote(2)fordetails | 16,693,000.00 |
Total
Total | 240,504,074.21 | 171,995,624.29 |
(2)Detailsofgovernmentsubsidiesoffsetagainstcostsandexpenses
Grantitem | Classification | Recognizedinthecurrentperiod | Recognizedinthepriorperiod | Itemtobeoffsetagainst |
Interestsubsidyof“Ten-Hundred-Thousand”Project | relatedtoincome | 16,693,000.00 | 7,154,200.00 | Financialexpenses |
(3)Returnofgovernmentsubsidies
□Applicable√N/A
VIII.ChangesintheConsolidationScope
1.Mergerofenterprisesnotundercommoncontrol:Nobusinesscombinationnotunderthesamecontroloccurredthisyear
2.Mergerofenterprisesundercommoncontrol:Nobusinesscombinationunderthesamecontroloccurredthisyear
3.Reversepurchase:Noreversepurchaseoccurredthisyear
4.Disposalofsubsidiaries
Whethertherightofcontrolislostafterasingledisposalofinvestmentinsubsidiaries
□Applicable√N/AWhethertherightofcontrolislostforthecurrentperiodafterdisposalofinvestmentinsubsidiariesthroughmultipletransactions
□Applicable√N/A
5.Changesintheconsolidationscopeduetootherreasons
Explainthechangesinthescopeofconsolidationcausedbyotherreasons(suchastheestablishmentofnewsubsidiaries,liquidationofsubsidiaries,etc.)andrelevantinformation:
Duringtheyear,thenumberofentitiesincludedintotheconsolidatedfinancialstatementincreasedby10anddecreasedby1,including:
(1)Subsidiariesnewlyincludedintheconsolidationscopeinthecurrentyear
Name | Reasonforchange |
HongchuangPackaging(Jiangsu)Co.,Ltd. | Newinvestment |
ShanghaiEnergyNewMaterialResearchCo.,Ltd. | Newinvestment |
Energy(ZhuhaiHengqin)NewMaterialsTechnologyCo.,Ltd. | Newinvestment |
XiamenEnergyNewMaterialsCo.,Ltd. | Newinvestment |
YuxiEnergyNewMaterialsCo.,Ltd. | Newinvestment |
ShanghaiEnergyTradingCo.,Ltd. | Newinvestment |
JiangsuEnergyTradingCo.,Ltd. | Newinvestment |
SEMCORPPropertiesKft. | Newinvestment |
SEMCORPAmericaInc.
SEMCORPAmericaInc. | Newinvestment |
SEMCORPManufacturingUSALLC | Newinvestment |
(2)Subsidiariesnotincludedintheconsolidationscopeinthecurrentyear
Name | Reasonforchange |
FoshanDonghangOpto-ElectricTechnologyCo.,Ltd. | De-registration |
IX.InterestsinOtherEntities
1.Interestsinsubsidiaries
(1)Constitutionoftheenterprisegroup
Nameofsubsidiaries
Nameofsubsidiaries | Principalplaceofbusiness | Placeofregistration | Natureofbusiness | Shareholdingproportion | Methodofacquisition | |
Direct | Indirect | |||||
YunnanDexinPaperCo.,Ltd. | Yuxi,Yunnan | Yuxi,Yunnan | Paperproductionandsales | 100.00% | Newlyestablished | |
YunnanHongchuangPackagingCo.,Ltd. | Yuxi,Yunnan | Yuxi,Yunnan | Productionandsalesofasepticpackingbox | 60.90% | Newlyestablished | |
HongchuangPackaging(Jiangsu)Co.,Ltd. | Changzhou,Jiangsu | Changzhou,Jiangsu | Productionandsalesofasepticpackingbox | 100.00% | Newlyestablished | |
YunnanHongtaPlasticCo.,Ltd. | Yuxi,Yunnan | Yuxi,Yunnan | Boppfilmproductionandsales | 100.00% | Newlyestablished | |
HongtaPlastic(Chengdu)Co.,Ltd. | Chengdu,Sichuan | Chengdu,Sichuan | Boppfilmproductionandsales | 100.00% | Newlyestablished | |
YuxiFeiermuTradingCo.,Ltd. | Yuxi,Yunnan | Yuxi,Yunnan | Trading | 100.00% | Newlyestablished | |
NingboEnergyNewMaterialCo.,Ltd. | Ningbo,Zhejiang | Ningbo,Zhejiang | Trading | 100.00% | Newlyestablished | |
XiamenEnergyNewMaterialsCo.,Ltd. | Xiamen,Fujian | Xiamen,Fujian | Productionandsalesofnewmaterials | 100.00% | Newlyestablished | |
ShanghaiEnergyNewMaterialResearchCo.,Ltd. | Shanghai | Shanghai | Technicalservices | 100.00% | Newlyestablished | |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | Shanghai | Shanghai | Productionandsalesoflithiumbatteryseparator | 95.22% | Mergerofenterprisesundercommoncontrol | |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | Zhuhai,Guangdong | Zhuhai,Guangdong | Productionandsalesoflithiumbatteryseparator | 100.00% | Newlyestablished | |
GuangdongEnergyNewMaterialInstituteCo.,Ltd. | Zhuhai,Guangdong | Zhuhai,Guangdong | Technicalservices | 100.00% | Newlyestablished | |
WuxiEnergyNewMaterialTechnologyCo.,Ltd. | Wuxi,Jiangsu | Wuxi,Jiangsu | Productionandsalesoflithiumbatteryseparator | 100.00% | Newlyestablished | |
JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | Yichun,Jiangxi | Yichun,Jiangxi | Productionandsalesoflithiumbatteryseparator | 100.00% | Businesscombinationnotunderthecommoncontrol |
JiangxiRuijieNewMaterialTechnologyCo.,Ltd.
JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | Yichun,Jiangxi | Yichun,Jiangxi | Productionandsalesofpackagingmaterials | 82.00% | Businesscombinationnotunderthecommoncontrol | |
SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | Suzhou,Jiangsu | Suzhou,Jiangsu | Productionandsalesoflithiumbatteryseparator | 100.00% | Businesscombinationnotunderthecommoncontrol |
ChongqingEnergyNewmiTechnologicalCo.,Ltd.
ChongqingEnergyNewmiTechnologicalCo.,Ltd. | Chongqing | Chongqing | Productionandsalesoflithiumbatteryseparator | 76.36% | Businesscombinationnotunderthecommoncontrol | |
JiangxiEnpoNewMaterialCo.,Ltd. | Yichun,Jiangxi | Yichun,Jiangxi | Productionandsalesoflithiumbatteryseparator | 51.00% | Newlyestablished | |
JiangxiEnergyNewMaterialTechnologyCo.,Ltd. | Yichun,Jiangxi | Yichun,Jiangxi | Productionandsalesoflithiumbatteryseparator | 100.00% | Newlyestablished | |
ChongqingEnergyNewMaterialTechnologyCo.,Ltd. | Chongqing | Chongqing | Productionandsalesoflithiumbatteryseparator | 100.00% | Newlyestablished | |
HainanEnergyInvestmentCo.,Ltd. | ChengmaiCounty,HainanProvince | ChengmaiCounty,HainanProvince | Investmentandtechnologyservices | 100.00% | Newlyestablished |
ChuangxinNewMaterial(HongKong)Co.,Ltd.
ChuangxinNewMaterial(HongKong)Co.,Ltd. | HongKong | HongKong | Trading | 100.00% | Newlyestablished | |
SEMCORPGlobalHoldingsKft. | Hungary | Hungary | Investmentandtechnologyservices | 100.00% | Newlyestablished | |
SEMCORPHungaryKft. | Hungary | Hungary | Productionandsalesoflithiumbatteryseparator | 100.00% | Newlyestablished | |
SEMCORPPropertiesKft. | Hungary | Hungary | saleofself-ownedrealestate | 100.00% | Newlyestablished | |
SEMCORPAmericaInc. | USA | USA | Investmentandtechnologyservices | 100.00% | Newlyestablished | |
SEMCORPManufacturingUSALLC | USA | USA | Productionandsalesoflithiumbatteryseparator | 100.00% | Newlyestablished | |
JiangsuEnergyNewMaterialTechnologyCo.,Ltd. | Changzhou,Jiangsu | Changzhou,Jiangsu | Productionandsalesoflithiumbatteryseparator | 100.00% | Newlyestablished | |
JiangsuRuijieNewMaterialTechnologyCo.,Ltd. | Changzhou,Jiangsu | Changzhou,Jiangsu | Productionandsalesofpackagingmaterials | 100.00% | Newlyestablished | |
HunanEnergyFrontierNewMaterialTechnologyCo.,Ltd. | Changsha,Hunan | Changsha,Hunan | Productionandsalesofnewmaterials | 65.00% | Newlyestablished | |
HubeiEnergyNewMaterialTechnologyCo.,Ltd. | Jingmen,Hubei | Jingmen,Hubei | Productionandsalesofnewmaterials | 55.00% | Newlyestablished | |
JiangsuSanheBatteryMaterialTechnologyCo.,Ltd. | Liyang,Jiangsu | Liyang,Jiangsu | Productionandsalesofnewmaterials | 51.00% | Newlyestablished | |
Energy(ZhuhaiHengqin)NewMaterialsTechnologyCo.,Ltd. | Zhuhai,Guangdong | Zhuhai,Guangdong | Trading | 100.00% | Newlyestablished | |
YuxiEnergyNewMaterialsCo.,Ltd. | Yuxi,Yunnan | Yuxi,Yunnan | Productionandsalesofnewmaterials | 100.00% | Newlyestablished | |
ShanghaiEnergyTradingCo.,Ltd. | Shanghai | Shanghai | Trading | 100.00% | Newlyestablished | |
JiangsuEnergyTradingCo.,Ltd. | Changzhou,Jiangsu | Changzhou,Jiangsu | Trading | 100.00% |
Explanationofthedifferencebetweenshareholdingratioinsubsidiariesandvotingrightratio:
Basisforthecontrolofaninvesteewhileholdingitshalforlessthanhalfvotingrights,andthenon-controlofaninvesteewhileholdingitsmorethanhalfvotingrights:
Forimportantstructuredentitiesincludedintheconsolidationscope,thebasisforcontrol:
Basisfordeterminingwhetherthecompanyisanagentorprincipal:
Otherexplanations:
(2)Keynon-whollyownedsubsidiaries
Unit:RMB
Nameofsubsidiaries
Nameofsubsidiaries | Percentageofsharesheldbyminorityshareholders | Profitorlossattributabletominorityshareholdersinthecurrentperiod | Dividendsdeclaredtominorityshareholdersinthecurrentperiod | Endingbalanceofminorityinterests |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 4.78% | 185,159,163.60 | 513,663,976.40 |
Explanationofthedifferencebetweenshareholdingratioinsubsidiariesandvotingrightratio:
Otherexplanations:
(3)Mainfinancialinformationofkeynon-whollyownedsubsidiaries
Unit:RMB
Nameofsubsidiaries | Closingbalance | Openingbalance | ||||||||||
Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities |
ShanghaiEnergy
ShanghaiEnergy | 13,502,604,003.27 | 22,422,407,308.96 | 35,925,011,312.23 | 19,133,053,749.43 | 5,703,845,349.32 | 24,836,899,098.75 | 8,002,933,294.88 | 15,706,203,802.06 | 23,709,137,096.94 | 12,800,539,383.27 | 4,052,008,560.95 | 16,852,547,944.22 |
Unit:RMB
Nameofsubsidiaries | Amountforcurrentperiod | Amountforpreviousperiod | ||||||
Operatingincome | Netprofit | Totalcomprehensiveincome | Cashflowfromoperatingactivities | Operatingincome | Netprofit | Totalcomprehensiveincome | Cashflowfromoperatingactivities | |
Shanghai | ||||||||
Energy | 10,995,549,786.70 | 3,884,344,520.12 | 3,895,655,641.20 | 336,486,281.72 | 6,437,042,499.54 | 2,601,194,882.51 | 2,597,260,626.50 | 973,247,465.44 |
2.Interestsinjointarrangementorassociates
(1)Importantjointventuresorassociates
Nameofjointventuresorassociates | Principalplaceofbusiness | Placeofregistration | Natureofbusiness | Shareholdingproportion | AccountingtreatmentforInvestmentsinjointventuresorassociates | |
Direct | Indirect | |||||
YuxiKunshasiPlasticMasterbatchCo.,Ltd. | Yuxi,Yunnan | Yuxi,Yunnan | Additiveproduction | 40.00% | Equity |
Explanationofthedifferencebetweenshareholdingratioinjointventuresorassociatesandvotingrightratio:
Basisforholdinglessthan20%ofthevotingrightsbuthavingsignificantinfluence,orholding20%ormoreofthevotingrightsbutnothavingsignificantinfluence:
(2)MainfinancialinformationofimportantassociatesUnit:RMB
Closingbalance/Amountforthecurrentperiod | Openingbalance/Amountforthepreviousperiod |
Currentassets
Currentassets | 15,373,699.64 | 10,570,401.00 |
Non-currentassets | 134,814.50 | 156,715.06 |
Totalassets | 15,508,514.14 | 10,727,116.06 |
Currentliabilities | 2,964,408.36 | 1,862,155.53 |
Non-currentliabilities | ||
Totalliabilities | 2,964,408.36 | 1,862,155.53 |
Minorityinterest | ||
Shareholders’equityattributabletotheparentcompany | 12,544,105.78 | 8,864,960.53 |
Proratasharesofthenetassetscalculated | 5,017,642.31 | 3,545,984.21 |
Adjustment | ||
--Goodwill | ||
--unrealizedprofitsfrominternaltransactions | ||
--Other |
Bookvalueofequityinvestmentsinassociates
Bookvalueofequityinvestmentsinassociates | 5,017,642.31 | 3,545,984.21 |
Fairvalueofequityinvestmentinassociateswithpublicquotation | ||
Operatingincome | 35,018,727.82 | 34,410,276.56 |
Netprofit | 3,679,145.26 | 4,217,725.58 |
Netprofitfromdiscontinuedoperations | ||
Othercomprehensiveincome | ||
Totalcomprehensiveincome | 3,679,145.26 | 4,217,725.58 |
Dividendsreceivedfromassociatesduringtheyear | 1,516,314.89 |
Otherexplanations:
X.RisksRelatedtoFinancialInstrumentsTheCompany’sprimaryfinancialinstrumentsincludecashandcashequivalents,equityinvestment,loans,receivables,payablesandconvertiblebonds,etc.Indailybusinessactivities,theCompanyisfacedwithvariousrisksoffinancialinstruments,mainlyincludingcreditrisk,liquidityriskandmarketrisk.TherisksassociatedwiththesefinancialinstrumentsandtheriskmanagementpoliciesadoptedbytheCompanytomitigatetheserisksaredescribedasfollows:
TheboardofdirectorsisresponsibleforplanningandestablishingtheCompany’sriskmanagementframework,formulatingriskmanagementpoliciesandrelevantguidelines,andsupervisingtheimplementationofriskmanagementmeasures.TheCompanyhasformulatedriskmanagementpoliciestoidentifyandanalyzetherisks.Theseriskmanagementpoliciesclearlystipulatedthespecificrisks,coveringmarketrisk,creditrisk,liquidityriskmanagementandmanyotheraspects.TheCompanyregularlyevaluatesthemarketenvironmentandchangesinitsbusinessactivitiestodeterminewhethertoupdateitsriskmanagementpoliciesandsystems.TheCompany’sriskmanagementiscarriedoutbytheriskmanagementcommitteeinaccordancewiththepoliciesapprovedbytheboardofdirectors.Theriskmanagementcommitteeidentifies,evaluatesandavoidsrelevantrisksthroughclosecooperationwithotherdepartments.Theinternalauditdepartmentperformsregularauditonriskmanagementcontrolsandprocedures,andreportstheauditresultstotheauditcommittee.TheCompanydispersestheriskoffinancialinstrumentsthroughappropriatediversifiedinvestmentandbusinessportfolio,andreducestherisksofbeingconcentratedonasingleindustry,specificregionorspecificcounterpartybyformulatingcorrespondingriskmanagementpolicies.
1.Creditrisk
CreditriskreferstotheriskoffinanciallosstotheCompanycausedbythecounterparty’sfailuretoperformitscontractualobligations.Themanagementhasformulatedappropriatecreditpoliciesandconstantlymonitorstheexposureofcreditrisk.
TheCompanyhasadoptedapolicyoftradingonlywithcreditworthycounterparties.Inaddition,theCompanyassessesthecreditqualificationofcustomersandsetscorrespondingcreditperiodbasedontheirfinancialstatus,thepossibilityofobtainingguaranteefromathirdparty,creditrecordsandotherfactorssuchascurrentmarketconditions.TheCompanycontinuouslymonitorsthebalanceandrecoveryofnotesandaccountsreceivable.Forcustomerswithpoorcreditrecords,theCompanywillusewrittendunning,shorteningcreditperiodorcancelingcreditperiodto
ensurethattheCompanywillnotfacesignificantcreditloss.Inaddition,theCompanyreviewstherecoveryoffinancialassetsoneachbalancesheetdatetoensurethattherelevantfinancialassetsarefullypreparedfortheexpectedcreditloss.OtherfinancialassetsoftheCompanyincludecashandcashequivalents,otherreceivables,etc.Thecreditriskofthesefinancialassetscomesfromthedefaultofthecounterparty,andthemaximumcreditriskexposureisthebookamountofeachfinancialassetinthestatementoffinancialposition.Thecompanydoesnotprovideanyotherguaranteethatmayexposecompanytocreditrisk,exceptforthefinancialguaranteesmadebytheCompanyasstatedinNoteXII-5.ThecashandcashequivalentsheldbytheCompanyaremainlydepositedinthestate-ownedholdingbanksandotherlargeandmedium-sizedcommercialbanksandotherfinancialinstitutions.Themanagementbelievesthatthesecommercialbankshavehighreputationandassetstatus,thereisnosignificantcreditrisk,andtherewillbenosignificantlosscausedbythedefaultoftheotherparty.Thecompany’spolicyistocontroltheamountofdepositdepositedaccordingtothemarketreputation,businessscaleandfinancialbackgroundofeachwell-knownfinancialinstitution,soastolimittheamountofcreditrisktoanysinglefinancialinstitution.
AsapartoftheCompany’screditriskassetmanagement,theCompanyusesaccountagingtoassesstheimpairmentlossofaccountsreceivableandotherreceivables.Theaccountsreceivableandotherreceivablesinvolvealargenumberofcustomers.Theaginginformationcanreflectthesolvencyandbaddebtriskofthesecustomersforaccountsreceivableandotherreceivables.Basedonhistoricaldata,theCompanycalculatesthehistoricalactualbaddebtrateofdifferentaccountageperiods,andtakesintoaccounttheforecastofcurrentandfutureeconomicconditions,suchasnationalGDPgrowth,totalinfrastructureinvestment,nationalmonetarypolicyandotherforward-lookinginformationtoadjusttheexpectedlossrate.Forlongtermreceivables,theCompanycomprehensivelyconsidersthesettlementperiod,paymentperiodagreedinthecontract,thefinancialsituationofthedebtorandtheeconomicsituationofthedebtor’sindustry,andreasonablyevaluatestheexpectedcreditlossafteradjustingtheaforesaidforward-lookinginformation.
AsofDecember31,2022,thebookbalanceandexpectedcreditimpairmentlossofrelatedassetsareasfollows:
Aging
Aging | Bookbalance | Provisionforimpairment |
Notesreceivable | 655,811,056.89 | 18,055,900.42 |
Accountsreceivable | 6,693,895,628.36 | 134,178,511.00 |
Otherreceivables | 22,343,834.98 | 1,747,362.17 |
Othernon-currentassets | 767,056,763.88 | |
Receivablefinancing | 692,286,629.08 |
Total
Total | 8,831,393,913.19 | 153,981,773.59 |
AsofDecember31,2022,theamountoffinancialguaranteesprovidedbytheCompanywas37,298.7553million.PleaserefertoXII—5.Related-partytransactionsfordetailsoffinancialguaranteecontracts.ThemanagementoftheCompanyhasassessedwhethertheguaranteedloansareoverdue,thefinancialpositionsofborrowersandtheeconomicconditionsoftheindustrieswhichtheborrowersarein.itisbelievedthattherelevantcreditriskshavenotincreasedsignificantlysincetheinitialrecognitionoffinancialguaranteecontracts.Therefore,theCompanymeasuresitsimpairmentprovisionattheamountequivalenttotheexpectedcreditlossoftheabove-mentionedfinancialguaranteecontractsinthenext12months.DuringtheReportingPeriod,theCompany'sassessmentmethodsandmajorassumptionshavenotchanged.AccordingtotheassessmentoftheCompany'smanagement,therearenosignificantexpectedimpairmentsoftherelevantfinancialguarantees.
ThemajorclientsoftheCompanyhavereliableandgoodreputation.Therefore,theCompanydoesnotbelievethatsuchcustomershavesignificantcreditrisks.AstheCompanyhasawiderangeofcustomers,thereisnosignificantcreditconcentrationrisk.
AstherisksoftheCompany'saccountsreceivablearedispersedamongnumerouspartnersandcustomers,asofDecember31,2022,44.23%(December31,2021:53.38%)oftheCompany'saccountsreceivablecamefromthetopfivecustomersinthebalance,andtheCompanyhasnosignificantcreditconcentrationrisks.
ThemaximumcreditriskexposureoftheCompanyisthebookvalueofeachfinancialassetinthebalancesheet.
Intermsofthewealthmanagementproductsofbanks,whichareinvestedinbytheCompany,thecreditratingofthecounterpartymustbehigherthanorthesameasthatoftheCompany.Inviewofthegoodcreditratingofthecounterparty,themanagementoftheCompanydoesnotexpectthatthecounterpartywillbeunabletoperformitsobligations.
2.Liquidityrisk
LiquidityriskreferstotheriskoffundshortagewhentheCompanysatisfiestheobligationofsettlementbydeliveringcashorotherfinancialassets.EachmemberoftheCompanyisresponsiblefortheirowncashflowforecast.Basedonthecashflowforecastresultsofeachmemberenterprise,thesubordinatefinancialdepartmentoftheCompanycontinuouslymonitorstheshort-termandlong-termcapitaldemandoftheCompanyattheCompanyleveltoensurethatsufficientcashreservesaremaintained;atthesametime,itcontinuouslymonitorswhetheritconformstotheprovisionsoftheloanagreementandobtainsthecommitmentofprovidingsufficientreservefundsfromthemainfinancialinstitutionstomeettheshort-termandlong-termcapitaldemand.Inaddition,theCompanyenteredintoafinancinglinecreditagreementwithmajorbusinessbankstoprovidesupportfortheCompanytofulfillitsobligationsrelatedtocommercialbills.AsofDecember31,2022,theCompanyhashadabankcreditlineofRMB28,950.7553milliongrantedbyseveraldomesticbanks,RMB14,492.6448millionofwhichhasbeenused.
AsofDecember31,2022,allthefinancialliabilitiesandoff-balancesheetguaranteesoftheCompanyarepresentedatundiscountedcontractualcashflowsbymaturitydateasfollows:
Item | Closingbalance |
Lessthan1year
Lessthan1year | 1-5years | Total | |
Non-derivativefinancialliabilities | |||
Short-termborrowings | 9,527,853,434.55 | 9,527,853,434.55 | |
Notespayable | 609,315,699.02 | 609,315,699.02 | |
Accountspayable | 1,691,457,693.36 | 29,129,298.75 | 1,720,586,992.11 |
Otherpayables | 157,165,983.77 | 52,514,249.09 | 209,680,232.86 |
Long-termborrowings | 853,139,372.52 | 4,179,264,746.86 | 5,032,404,119.38 |
Bondspayable | 3,980,586.67 | 425,795,937.76 | 429,776,524.43 |
Subtotalofnon-derivativefinancialliabilities | 12,842,912,769.89 | 4,686,704,232.46 | 17,529,617,002.35 |
Derivativefinancialliabilities | 94,394.79 | 94,394.79 | |
Total | 12,842,818,375.10 | 4,686,704,232.46 | 17,529,522,607.56 |
3.Marketrisk
(1)ExchangerateriskTheCompany’smajoroperationalactivitiesarecarriedoutinChina,anditsmainbusinessissettledinRMB.However,therecognizedassetsandliabilitiesdenominatedinforeigncurrenciesandfuturetransactionsdenominatedinforeigncurrencies(theassetsandliabilitiesdenominatedinforeigncurrenciesandtransactionsdenominatedinforeigncurrenciesaremainlydenominatedinUSD,EURandJPY)stillhaveexchangeraterisk.ThefinancialdepartmentoftheCompanyisresponsibleformonitoringthescaleoftransactionsdenominatedinforeigncurrenciesandassetsandliabilitiesoftheCompanydenominatedinforeigncurrenciestominimizetheexchangeraterisk;therefore,theCompanymaysignforwardforeignexchangecontractsorcurrencyswapcontractstoavoidexchangeraterisk.
1)Inthecurrentyear,anyforwardexchangecontractsorcurrencyswapcontractssignedbytheCompanyareasfollows:
InordertoavoidtheexchangerateriskofthedepreciationoftheJPY,USDandEuro,theCompanysignedforwardforeignexchangecontractswithbanks.Attheendoftheperiod,theoutstandingforwardforeignexchangecontractsamountedtoJPY2,480million,USD570,000andEUR19.58million.
2)AsofDecember31,2022,thefinancialassetsandthefinancialliabilitiesdenominatedinforeigncurrenciesheldbytheCompany,areexpressedinRMBasfollows:
Item
Item | Closingbalance | |||||
USD | JPY | EUR | HKD | HUF | Total | |
Financialassetsdenominatedinforeigncurrencies: | ||||||
Monetarycapital | 320,550,628.58 | 165,437.42 | 122,608,881.81 | 17.18 | 640,124.48 | 443,965,089.46 |
Accountsreceivable | 260,940,040.94 | 113,476,763.60 | 374,416,804.55 | |||
Subtotal | 581,490,669.52 | 113,642,201.02 | 122,608,881.81 | 17.18 | 640,124.48 | 818,381,894.01 |
Financialliabilitiesdenominatedinforeigncurrencies: | ||||||
Short-termborrowings | 419,690,766.00 | 419,690,766.00 | ||||
Accountspayable | 653,444,000.22 | 150,854,129.15 | 7,389,905.20 | 811,688,034.57 | ||
Otherpayables | 1,331,174.92 | 1,331,174.92 | ||||
Sub-total | 654,775,175.14 | 150,854,129.15 | 427,080,671.20 | 1,232,709,975.49 |
3)Sensitivityanalysis:
AsofDecember31,2022,forallkindsofUSD,EURandJPYfinancialassetsandUSD,EURandJPYfinancialliabilitiesoftheCompany,ifRMBappreciatesordepreciates10%againstUSD,EURandJPY,andotherfactorsremainunchanged,theCompanywillreduceorincreaseitsnetprofitbyaboutRMB35.2179million(aboutRMB94.3111millionin2021).
(2)Interestraterisk
TheinterestrateriskoftheCompanymainlyderivesfrombankloans.FinancialliabilitiesatfloatinginterestrateexposetheCompanytotheinterestrateriskofcashflow,andfinancialliabilitieswithfixedinterestrateexposetheCompanytotheinterestrateriskoffairvalue.Thecompanydeterminestherelativeproportionoffixedrateandfloatingratecontractsaccordingtothemarketenvironmentatthattime.
ThefinancialdepartmentoftheCompanycontinuouslymonitorstheinterestratelevelofcompany.Therisinginterestratewillincreasethecostofnewinterest-bearingdebtandtheinterestexpenseoftheoutstandinginterest-bearingdebtatfloatinginterestrate,andhaveasignificant
adverseimpactonthefinancialperformanceofcompany.Themanagementwillmaketimelyadjustmentsaccordingtothelatestmarketconditions,whichmaybeinterestrateswaparrangementstoreduceinterestraterisk.
1)TheCompanyhadnosignificantinterestrateswaparrangementsthisyear.
2)AsofDecember31,2022,theCompany’slong-terminterest-bearingliabilitieswerethefloatingratecontractdenominatedinRMB,amountingtoRMB5,021.7355million,assetoutinnoteVI-32.
3)Sensitivityanalysis:
AsofDecember31,2022,iftheloaninterestrateonthefloatinginterestrateborrowingsrisesorfallsby50basispoints,whileotherfactorsremainunchanged,theCompany’snetprofitwilldecreaseorincreasebyaboutRMB29,618,500(approximatelyRMB22,941,300in2021).TheabovesensitivityanalysisassumesthattheinterestratehaschangedonthebalancesheetdateandhasbeenappliedtoallborrowingsobtainedbytheCompanyatafloatinginterestrate.
(3)Pricerisk
Priceriskreferstotheriskoffluctuationduetothechangeofmarketpriceotherthanexchangerateriskandinterestraterisk,whichmainlycomesfromthechangeofcommodityprice,stockmarketindex,equityinstrumentpriceandotherriskvariables.
XI.DisclosureofFairValue
1.Fairvalueofassetsandliabilitiesmeasuredatfairvalueattheendoftheperiod
Unit:RMB
Item
Item | Closingfairvalue | |||
Fairvaluemeasuredatthefirstlevel | Fairvaluemeasuredatthesecondlevel | Fairvaluemeasuredatthethirdlevel | Total | |
I.Continuousfairvaluemeasurement | -- | -- | -- | -- |
(1)Financialassetsheldfortrading | 9,850,069.59 | 9,850,069.59 | ||
Derivativefinancialassets | 9,850,069.59 | 9,850,069.59 | ||
(2)Receivablesfinancing | 692,286,629.08 | 692,286,629.08 | ||
(3)Otherequityinstrumentinvestment | 111,000,000.00 | 111,000,000.00 | ||
Totalassetsmeasuredatfairvalueonacontinuousbasis | 9,850,069.59 | 802,286,629.08 | 812,136,698.67 | |
(4)Financialliabilitiesheldfortrading | 94,394.79 | 94,394.79 | ||
Derivativefinancialliabilities | 94,394.79 | 94,394.79 | ||
Totalliabilitiescontinuouslymeasuredatfairvalue | 94,394.79 | 94,394.79 |
2.Determinationbasisofthemarketpriceoftheitemmeasuredusingthefirst-levelcontinuousandnoncontinuousfairvaluemeasurementNone
3.Valuationtechniquesandqualitativeandquantitativeinformationonimportantparametersadoptedforthesecond-levelcontinuousandnoncontinuousfairvaluemeasurement
(1)ThederivativefinancialassetsheldbytheCompanywereforwardforeignexchangecontracts.ThefairvalueasatDecember31,2022wasdeterminedaccordingtothereferencevaluationprovidedbyfinancialinstitutions.
(2)ThederivativefinancialliabilitiesheldbytheCompanywereforwardforeignexchangecontracts.ThefairvalueasatDecember31,2022wasdeterminedaccordingtothereferencevaluationprovidedbyfinancialinstitutions.
4.Valuationtechniquesandqualitativeandquantitativeinformationonimportantparametersadoptedforthethird-levelcontinuousandnoncontinuousfairvaluemeasurement
Thenon-tradingequityinstrumentsatfairvaluethroughothercomprehensiveincomeheldbytheCompany,whosefairvalueismeasuredatthethirdlevel,aremainlytheequityinvestmentprojectsthatarenotavailableforverificationbydatainobservableactivemarkets,forwhichthefinancialforecastismadeusingtheirowninformation,ThereceivablesfinancingheldbytheCompanywerethebankacceptancebillsheldbytheCompany,whoseremaininglifeisshortandbookvalueisclosetotheirfairvalue.
5.Continuousthird-levelfairvaluemeasurementitems,adjustmentinformationbetweentheopeningandclosingbookvaluesandsensitivityanalysisofunobservableparameters
6.Forthecontinuousfairvaluemeasurementitems,ifthereisaconversionbetweenlevelsinthecurrentperiod,describethereasonfortheconversionandthepolicyfordeterminingthetimepointoftheconversion
7.Changesinvaluationtechniquesandthecauseofchangesinthecurrentperiod
8.Fairvalueoffinancialassetsandfinancialliabilitiesthatarenotmeasuredatfairvalue
Financialassetsandliabilitiesnotmeasuredatfairvaluemainlyincludereceivables,shorttermloans,payables,non-currentliabilitiesmaturingwithinoneyearandlong-termloans.Thedifferencebetweenbookvalueandfairvalueoftheabovefinancialassetsandliabilitiesnotmeasuredatfairvalueisverysmall.
9.Others
XI.RelatedPartiesandRelatedPartyTransactions
1.InformationaboutParentCompanyoftheCompany
AsofDecember31,2022,theactualcontrolleroftheCompanywasthePaulXiaomingLeefamily.ThePaulXiaomingLeefamilyheld
45.35%oftheCompany’ssharesdirectlyandindirectly,andactuallycontrolledtheCompany.TheshareholdingofPaulXiaomingLee’sfamilyisasfollows:hisfamilymemberPaulXiaomingLeeholds14.14%ofthesharesdirectly,hisfamilymemberLiXiaohuaholds7.50%ofthesharesdirectly,hisfamilymemberSherryLeeholds7.99%ofthesharesdirectly,andhisfamilymemberJerryYangLiholds1.65%ofthesharesdirectly.PaulXiaomingLee’sfamilymembersindirectlyhold14.07%equityoftheCompanythroughYuxiHeyiInvestmentCo.,Ltd,YuxiHeliInvestmentCo.,LtdandShanghaiHengzouEnterpriseManagementFirm(LimitedPartnership).
TheultimatecontrolleroftheCompanywasthePaulXiaomingLeefamily.
2.InformationaboutsubsidiariesoftheCompany
PleaserefertoNoteIX-1.InterestinSubsidiariesfordetailsofthesubsidiariesoftheCompany.
3.InformationaboutjointventuresandassociatesoftheCompany
PleaserefertoNoteIX-2.EquityinJointVenturesorAssociatesEnterprisesfordetailsofjointventuresandassociatesoftheCompany.Informationonotherassociatesorjointventureswhichhaverelated-partytransactionswiththeCompanyinthecurrentperiodorwhoserelated-partytransactionswiththeCompanyproducedbalanceinpreviousyearsisasfollows:
Nameofjointventureorassociate
Nameofjointventureorassociate | RelationshipwiththeCompany |
YuxiKunshasiPlasticMasterbatchCo.,Ltd. | AnassociateoftheCompany |
4.InformationaboutOtherRelatedParties
Nameofotherrelatedparty | RelationshipwiththeCompany |
YuxiHeliInvestmentCo.,Ltd. | Shareholder |
YuxiHeyiInvestmentCo.,Ltd.
YuxiHeyiInvestmentCo.,Ltd. | Shareholder |
ZhuhaiChenyuNewMaterialTechnologyCo.,Ltd. | LiXiaohua,vicechairmanandgeneralmanager,oneoftheactualcontrollersoftheCompany,holds5%ofitsequity,andShanghaiEnergyNewMaterialTechnologyCo.,Ltd.,theholdingsubsidiaryoftheCompany,holds8%ofitsequity |
SuzhouJieshengTechnologyCo.,Ltd. | LiXiaohua,vicechairmanandgeneralmanager,oneoftheactualcontrollersoftheCompany,servesasitsexecutivedirectorandgeneralmanager |
SuzhouFuqiangTechnologyCo.,Ltd. | LiXiaohua,vicechairmanandgeneralmanager,oneoftheactualcontrollersoftheCompany,servesasitschairperson |
ChangshuJuxingMachineryCo.,Ltd. | LiXiaohua,vicechairmanandgeneralmanager,oneoftheactualcontrollersoftheCompany,servesasitsexecutivedirectorandgeneralmanager |
PAULXIAOMINGLEE
PAULXIAOMINGLEE | Mainmemberoftheultimatecontrollerfamily |
LiXiaohua | Mainmemberoftheultimatecontrollerfamily |
YANMA | Mainmemberoftheultimatecontrollerfamily |
YANYANGHUI | Mainmemberoftheultimatecontrollerfamily |
SHERRYLEE | Mainmemberoftheultimatecontrollerfamily |
JERRYYANGLI | Mainmemberoftheultimatecontrollerfamily |
IndustrialandCommercialBankofChinaLimited | ThespouseoftheindependentdirectoroftheCompanyservesasitsnon-executivedirector |
Otherexplanations:
5.Relatedpartytransactions
(1)Relatedpartytransactionsonpurchaseandsalesofgoodsandrenderingandreceivingofservices
Statementofpurchaseofgoods/acceptanceofservices
Unit:RMB
Relatedparty | ParticularsofRelatedpartytransaction | Amountforthecurrentperiod | Approvedtransactionlimit | Whetherexceedingthetransactionlimit | Amountforthepreviousperiod |
YuxiKunshasiPlasticMasterbatchCo.,Ltd. | Purchaseofadditives | 35,018,727.82 | 50,000,000.00 | No | 34,410,276.56 |
ZhuhaiChenyuNewMaterialTechnologyCo.,Ltd. | Purchaseofmaterials | 93,132,510.82 | 136,260,000.00 | No | |
SuzhouJieshengTechnologyCo.,Ltd.anditssubsidiaries | Purchaseofequipmentandspareparts | 103,670,771.66 | 200,000,000.00 | No | |
Total | 231,822,010.30 | 34,410,276.56 |
Statementofsalesofgoods/renderingofservices
Unit:RMB
Relatedparty | Particularsofrelatedpartytransaction | Amountforthecurrentperiod | Amountforthepreviousperiod |
YuxiKunshasiPlasticMasterbatchCo.,Ltd. | Salesofrawmaterials | 10,055,309.73 | 10,463,008.84 |
ZhuhaiChenyuNewMaterialTechnologyCo.,Ltd. | Salesofpackagingmaterials | 125,486.73 | |
Total | 10,180,796.46 | 10,463,008.84 |
Descriptionofrelated-partytransactionsonpurchaseandsalesofgoodsandrenderingandreceivingofservices
(2)Leaseswithrelatedparties
TheCompanyasthelessor:
Unit:RMB
Lessee’sname | Typeofleasedassets | Rentalincomerecognizedfortheperiod | Rentalincomerecognizedinthepreviousperiod |
YuxiHeliInvestmentCo.,Ltd. | Office | 2,285.72 | 2,285.72 |
YuxiHeyiInvestmentCo.,Ltd. | Office | 3,142.84 | 3,142.84 |
YuxiKunshasiPlasticMasterbatchCo.,Ltd.
YuxiKunshasiPlasticMasterbatchCo.,Ltd. | Workshop | 22,857.14 | 22,857.14 |
Total | 28,285.70 | 28,285.70 |
(3)Relatedpartyguarantees
TheCompanyastheguarantor
Unit:RMB
Securedparty
Securedparty | Guaranteeamount | Commencementdateofguarantee | Expirydateofguarantee | Whethertheguaranteehasbeenfullyfulfilled |
YunnanHongtaPlasticCo.,Ltd. | 44,000,000.00 | May18,2022 | May5,2023 | No |
YunnanHongtaPlasticCo.,Ltd. | 40,000,000.00 | May17,2022 | May17,2025 | No |
YunnanHongtaPlasticCo.,Ltd. | 210,000,000.00 | November10,2020 | December31,2025 | No |
YunnanHongtaPlasticCo.,Ltd. | 40,000,000.00 | November09,2020 | October23,2025 | No |
YunnanHongtaPlasticCo.,Ltd. | 34,900,000.00 | March18,2021 | March18,2023 | No |
YunnanHongtaPlasticCo.,Ltd. | 40,000,000.00 | October29,2021 | October29,2023 | No |
YunnanHongtaPlasticCo.,Ltd. | 78,000,000.00 | November29,2021 | November29,2024 | No |
YunnanHongtaPlasticCo.,Ltd. | 80,000,000.00 | January12,2022 | January12,2023 | No |
YunnanHongtaPlasticCo.,Ltd. | 51,650,000.00 | May5,2022 | May4,2025 | No |
YunnanHongtaPlasticCo.,Ltd.,YunnanHongchuangPackagingCo.,Ltd.,ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 371,910,000.00 | November30,2020 | June16,2027 | No |
YunnanHongtaPlasticCo.,Ltd. | 80,000,000.00 | October24,2022 | October23,2023 | No |
YunnanDexinPaperCo.,Ltd. | 8,000,000.00 | March30,2021 | December31,2024 | No |
YunnanDexinPaperCo.,Ltd. | 20,000,000.00 | January12,2022 | January12,2023 | No |
YunnanDexinPaperCo.,Ltd. | 10,000,000.00 | June7,2022 | December31,2024 | No |
YunnanDexinPaperCo.,Ltd. | 10,000,000.00 | October24,2022 | October23,2023 | No |
YunnanDexinPaperCo.,Ltd. | 20,000,000.00 | November13,2019 | November13,2022 | No |
YunnanHongchuangPackagingCo.,Ltd. | 66,000,000.00 | May18,2022 | May5,2023 | No |
YunnanHongchuangPackagingCo.,Ltd. | 80,000,000.00 | January12,2022 | January12,2023 | No |
YunnanHongchuangPackagingCo.,Ltd. | 50,000,000.00 | February23,2022 | February23,2027 | No |
YunnanHongchuangPackagingCo.,Ltd. | 30,000,000.00 | March1,2022 | March1,2025 | No |
YunnanHongchuangPackagingCo.,Ltd. | 56,000,000.00 | March15,2022 | March15,2025 | No |
YunnanHongchuangPackagingCo.,Ltd. | 162,000,000.00 | March21,2022 | March20,2025 | No |
YunnanHongchuangPackagingCo.,Ltd. | 40,000,000.00 | May1,2022 | April30,2024 | No |
YunnanHongchuangPackagingCo.,Ltd. | 9,305,610.00 | June23,2022 | June22,2023 | No |
YunnanHongchuangPackagingCo.,Ltd. | 100,000,000.00 | July8,2022 | July8,2023 | No |
YunnanHongchuangPackagingCo.,Ltd. | 40,000,000.00 | July21,2022 | July21,2025 | No |
YunnanHongchuangPackagingCo.,Ltd. | 12,850,000.00 | September30,2022 | March30,2023 | No |
YunnanHongchuangPackagingCo.,Ltd. | 8,500,000.00 | October21,2022 | October20,2023 | No |
YunnanHongchuangPackagingCo.,Ltd. | 120,000,000.00 | October21,2022 | October20,2023 | No |
HongtaPlastic(Chengdu)Co.,Ltd. | 75,000,000.00 | May11,2022 | May10,2023 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 856,000,000.00 | September30,2020 | September27,2027 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 300,000,000.00 | October23,2020 | October23,2023 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 280,000,000.00 | March5,2021 | March5,2024 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 489,000,000.00 | March16,2021 | March15,2026 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 510,000,000.00 | July14,2021 | July13,2026 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd.
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 110,000,000.00 | September15,2021 | September15,2023 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 100,000,000.00 | January1,2022 | December31,2024 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 660,000,000.00 | February7,2022 | February7,2027 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 300,000,000.00 | February14,2022 | February13,2025 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 100,000,000.00 | February14,2022 | February14,2024 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | February15,2022 | February14,2023 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | March8,2022 | March7,2023 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 800,000,000.00 | March21,2022 | March14,2023 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd.
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 50,000,000.00 | March17,2022 | February28,2025 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 110,000,000.00 | November30,2021 | November30,2022 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd.,ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 335,670,000.00 | May10,2022 | May10,2025 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 240,000,000.00 | June5,2022 | June4,2025 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 900,000,000.00 | June9,2022 | June8,2025 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | April18,2022 | April17,2027 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 100,000,000.00 | July21,2022 | July20,2024 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | July21,2022 | July20,2024 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 165,000,000.00 | September2,2022 | September1,2023 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 600,000,000.00 | September1,2022 | July5,2023 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 606,000,000.00 | September21,2022 | September12,2023 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 255,000,000.00 | September16,2022 | September15,2024 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 800,000,000.00 | October14,2022 | October13,2026 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 450,000,000.00 | March5,2021 | March5,2026 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | October27,2022 | October16,2023 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 46,225,860.00 | June10,2022 | No | |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd.,WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 100,000,000.00 | December28,2022 | June28,2024 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 50,000,000.00 | December11,2019 | December11,2024 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | November30,2021 | May08,2025 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 50,000,000.00 | May21,2021 | December3,2023 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 100,000,000.00 | May18,2021 | May18,2025 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 30,000,000.00 | June24,2021 | June24,2024 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 112,850,000.00 | September1,2021 | August31,2025 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 220,000,000.00 | September01,2021 | December31,2023 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 300,000,000.00 | January19,2022 | January11,2023 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 270,000,000.00 | February7,2022 | February6,2025 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 55,000,000.00 | March30,2022 | March29,2023 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 70,000,000.00 | May18,2022 | January26,2023 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 100,000,000.00 | July8,2022 | July8,2026 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 32,000,000.00 | September23,2022 | September22,2023 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 300,000,000.00 | September7,2022 | August29,2023 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd.
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | October27,2022 | October26,2023 | No |
WuxiEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.,ChongqingEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiMingyangNewMaterialTechnologyCo.,Ltd.,JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | 800,000,000.00 | May1,2021 | May1,2023 | No |
WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 100,000,000.00 | August07,2021 | August07,2024 | No |
WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 70,000,000.00 | January5,2022 | November18,2022 | No |
WuxiEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.,SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.,ChongqingEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuEnergyNewMaterialsTechnologyCo.,Ltd.,JiangsuRuijieNewMaterialsTechnologyCo.,Ltd.,JiangxiEnpoNewMaterialsCo.,Ltd.,HubeiEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuSanheBatteryMaterialTechnologyCo.,Ltd.,YuxiEnergyNewMaterialCo.,Ltd.,JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | 1,500,000,000.00 | April11,2022 | April11,2024 | No |
WuxiEnergyNewMaterialTechnologyCo.,Ltd.,JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd.,SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.,ChongqingEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuEnergyNewMaterialsTechnologyCo.,Ltd.,JiangsuRuijieNewMaterialsTechnologyCo.,Ltd.,JiangxiEnpoNewMaterialsCo.,Ltd.,HubeiEnergyNewMaterialTechnologyCo.,Ltd.,YuxiEnergyNewMaterialsCo.,Ltd. | 1,800,000,000.00 | June10,2021 | April9,2024 | No |
WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 50,000,000.00 | May30,2022 | May30,2023 | No |
WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | August12,2022 | June21,2023 | No |
WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 100,000,000.00 | October8,2022 | October7,2023 | No |
WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 150,000,000.00 | November1,2022 | September25,2023 | No |
JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 135,000,000.00 | January22,2021 | January21,2024 | No |
JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 100,000,000.00 | October17,2022 | October17,2023 | No |
JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 50,000,000.00 | October28,2022 | October27,2023 | No |
JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 250,000,000.00 | September17,2021 | September17,2022 | No |
SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 150,000,000.00 | July01,2020 | July01,2023 | No |
SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.
SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 100,000,000.00 | November30,2021 | November30,2026 | No |
SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 100,000,000.00 | April8,2021 | April8,2023 | No |
SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 104,000,000.00 | March9,2022 | March9,2027 | No |
SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 100,000,000.00 | May30,2022 | May30,2023 | No |
SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 100,000,000.00 | October8,2022 | October7,2023 | No |
ChongqingEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuEnergyNewMaterialsTechnologyCo.,Ltd.,JiangsuRuijieNewMaterialsTechnologyCo.,Ltd. | 1,300,000,000.00 | November01,2021 | December31,2022 | No |
ChongqingEnergyNewMaterialTechnologyCo.,Ltd.,JiangsuEnergyNewMaterialsTechnologyCo.,Ltd.,JiangsuRuijieNewMaterialsTechnologyCo.,Ltd.,JiangxiEnpoNewMaterialsCo.,Ltd.,YuxiEnergyNewMaterialsCo.,Ltd. | 700,000,000.00 | May6,2022 | May5,2024 | No |
JiangsuEnergyNewMaterialsTechnologyCo.,Ltd.,JiangsuRuijieNewMaterialsTechnologyCo.,Ltd.,HubeiEnergyNewMaterialTechnologyCo.,Ltd.,ChongqingEnergyNewMaterialTechnologyCo.,Ltd. | 2,000,000,000.00 | May5,2022 | December31,2023 | No |
SEMCORPHUNGARYLIMITEDLIABILITYCOMPANY | 1,000,000,000.00 | July14,2021 | July13,2026 | No |
SEMCORPHUNGARYLIMITEDLIABILITYCOMPANY | 450,000,000.00 | December27,2021 | December26,2025 | No |
SEMCORPHungaryKorlatoltFelelosseguTarsasag | 213,893,800.00 | April13,2022 | August26,2023 | No |
JiangsuEnergyNewMaterialsTechnologyCo.,Ltd. | 1,000,000,000.00 | May17,2022 | May16,2023 | |
YuxiEnergyNewMaterialsCo.,Ltd. | 500,000,000.00 | November24,2022 | November23,2025 | |
JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | June10,2021 | April09,2023 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 1,000,000,000.00 | August14,2017 | August13,2023 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 750,000,000.00 | August01,2019 | August01,2025 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | May08,2020 | August23,2023 | No |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 200,000,000.00 | June9,2022 | December31,2024 | No |
WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 1,160,000,000.00 | December01,2020 | December01,2029 | No |
JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 1,500,000,000.00 | September17,2019 | December31,2024 | No |
ChongqingEnergyNewMaterialTechnologyCo.,Ltd.
ChongqingEnergyNewMaterialTechnologyCo.,Ltd. | 1,600,000,000.00 | April26,2022 | May10,2028 | No |
SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 550,000,000.00 | May24,2022 | May24,2027 | No |
TheCompanyasthesecuredparty
Unit:RMB
Guarantor | Guaranteeamount | Commencementdateofguarantee | Expirydateofguarantee | Whethertheguaranteehasbeenfullyfulfilled |
YunnanDexinPaperCo.,Ltd. | 30,000,000.00 | May10,2022 | May10,2025 | No |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 60,000,000.00 | April21,2021 | April21,2024 | No |
Descriptionofrelatedguarantees
(4)Remunerationforkeymanagement
Unit:RMB
Item
Item | Amountforcurrentperiod | Amountforpreviousperiod |
RemunerationforKeyManagementPersonnel | 12,889,745.41 | 6,618,620.68 |
(5)Otherrelatedpartytransactions
Typeoftransaction | Nameofrelatedparty | Amountforthe | Amountforthe | Pricingmethodand |
currentperiod
currentperiod | previousperiod | Procedurefordecision-making | ||
Loanswithrelatedbanks(includingapplicationforcomprehensivefacility,acceptancedraft,letterofcredit,bankguarantee,etc.) | IndustrialandCommercialBankofChinaLimited | 791,539,307.31 | 1,067,919,127.56 | Marketprice/asapprovedattheGeneralMeetingofShareholders |
Depositswithrelatedbanks(includingdemanddeposits,timedeposits,calldeposits,etc.) | IndustrialandCommercialBankofChinaLimited | 165,881,639.38 | 120,922,571.29 | Marketprice/asapprovedattheGeneralMeetingofShareholders |
Mutualguaranteesbetweencompanieswithinthescopeofthecompany’sconsolidatedfinancialstatementsthroughtherelatedbanks | IndustrialandCommercialBankofChinaLimited | 4,016,900,000.00 | 3,644,900,000.00 | Marketprice/asapprovedattheGeneralMeetingofShareholders |
6.Amountsduetoandduefromrelatedparties
(1)Receivable
Item | Relatedparty | Closingbalance | Openingbalance | ||
Bookbalance | Provisionforbaddebt | Bookbalance | Provisionforbaddebt | ||
Othernon-currentasset | ChangshuJuxingMachineryCo.,Ltd. | 93,548,000.00 |
(2)Payables
Unit:RMB
Item | Relatedparty | BookbalanceattheendoftheReportingPeriod | BookbalanceatthebeginningoftheReporting |
Accountspayable | YuxiKunshasiPlasticMasterbatchCo.,Ltd. | 9,291,722.26 | 7,744,805.24 |
Accountspayable | SuzhouFuqiangTechnologyCo.,Ltd. | 19,539,555.22 | |
Accountspayable | ZhuhaiChenyuNewMaterialTechnologyCo.,Ltd. | 44,210,584.04 |
XII.Share-basedPayment
1.Generalinformationaboutshare-basedpayment
√Applicable□N/A
Unit:RMB
TotalamountofvariousequityinstrumentsgrantedbytheCompanyinthecurrentperiod | 1,585,437.00stockoptions;1,585,437.00restrictedshares |
TotalamountofvariousequityinstrumentsexercisedbytheCompanyinthecurrentperiod | 0.00 |
Totalamountofvariousequityinstrumentsexpiredinthecurrentperiod | 0.00 |
TherangeoftheexercisepricesoftheCompany'soutstandingstockoptionsattheendoftheperiodandtheremainingtermofthecontract
TherangeoftheexercisepricesoftheCompany'soutstandingstockoptionsattheendoftheperiodandtheremainingtermofthecontract | Note1 |
TherangeoftheexercisepricesofotheroutstandingequityinstrumentsoftheCompanyattheendoftheperiodandtheremainingtermofthecontract | Note2 |
Otherdetails:
Note1:OnMarch7,2022,the43rdmeetingofthefourthBoardofDirectorsandthe37thmeetingofthefourthBoardofSupervisorsoftheCompanyexaminedandadoptedtheProposalonAdjustingtheListofIncentiveObjectsofStockOptionsandtheNumberofStockOptionsGrantedinthe2022StockOptionandRestrictedStockIncentivePlanandtheProposalonGrantingStockOptionstoIncentiveObjectsofthe2022StockOptionandRestrictedStockIncentivePlan.Accordingtotheaboveprovisions,theCompanygranted1,585,437.00stockoptionsto877seniorexecutives,middlemanagers,coretechnologyandbusinessbackbonesoftheCompany,withthegrantdateofMarch7,2022andtheexercisepriceofRMB265.36pershare.Thelock-upperiodsofstockoptionsgrantedbythisincentiveplanare12months,24monthsand36monthsfromthedateofregistration.Duringthelock-upperiods,thestockoptionsgrantedtotheincentiveobjectsshallnotbetransferred,usedtoguaranteeorrepaydebts.Theexerciseperiodsofstockoptionsareasfollows:
Arrangementsofexercisingthestockoptions | Exercisetime | Exercisableproportion |
Thefirstperiodforexercisingthestockoptions | Fromthefirsttradingdayafter12monthsfromthedateofcompletionofgrantregistrationtothelasttradingdaywithin24monthsfromthedateofcompletionofgrantregistration | 40% |
Thesecondperiodforexercisingthestockoptions | Fromthefirsttradingdayafter24monthsfromthedateofcompletionofgrantregistrationtothelasttradingdaywithin36monthsfromthedateofcompletionofgrantregistration | 30% |
Thethirdperiodforexercisingthestockoptions | Fromthefirsttradingdayafter36monthsfromthedateofcompletionofgrantregistrationtothelasttradingdaywithin48monthsfromthedateofcompletionofgrantregistration | 30% |
Stockoptionsthathavenotappliedforexercisingwithintheabove-mentionedagreedperiodsorthatcannotapplyforexercisingbecauseofthefailuretomeettheexerciseconditionsshallbederegisteredbytheCompany.Note2:Thesecondextraordinarygeneralmeetingof2022heldonFebruary14,2022examinedandadoptedtheprovisionsoftheProposalontheCompany's2022StockOptionandRestrictedStockIncentivePlan(Draft)anditsAbstract,theProposalontheDevelopmentoftheCompany's2022StockOptionandRestrictedStockIncentivePlanImplementationandEvaluationManagementMeasures,andtheProposalonSubmittingtheMatterofAuthorisingtheBoardofDirectorstoHandleMattersRelatedtoStockIncentivetotheGeneralMeetingofShareholdersforApproval,theCompanygrantedatotalof1,585,437.00restrictedsharesto1,012naturalpersons,includingYuXue,atagrantpriceofRMB64.48pershare.TheCompanyheldthe2021annualgeneralmeetingonMay5,2022,andexaminedandadoptedtheProposalonthe2021AnnualProfitDistributionPlan.Accordingtotherelevantprovisionsofthe2022StockOptionandRestrictedStockIncentivePlan(Draft)oftheCompany,whentheCompanydeclaresdividends,thegrantpriceofrestrictedsharesoftheincentiveplanshallbeadjustedaccordingly,andtheadjustedgrantpriceisRMB64.18pershare.AsofMay8,2022,186incentiveobjectsidentifiedintheincentiveplanvoluntarilygaveupalltherestrictedsharesthattheCompanyplanstogranttothemforpersonalreasons,andfourincentiveobjectsvoluntarilygaveuppartoftherestrictedsharesthattheCompanyplanstogranttothemforpersonalreasons.Theequityabandonedbytheabove190incentiveobjectsshallbedistributedandadjustedamongotherrelevantincentiveobjectsexceptseniorexecutives.Thenumberofincentiveobjectstowhomtherestrictedsharesofthisincentiveplanshallbegrantedischangedfrom1,012to826,andthetotalnumberofequitygrantedremainthesame.ThesourceoftherestrictedstockincentiveplaninthecurrentperiodisthecommonstocksrepurchasedbytheCompanyfromthesecondarymarket.Thelock-upperiodsofrestrictedsharesgrantedbythisincentiveplanare12months,24monthsand36monthsfromthedateoftheregistrationoftherestrictedsharesgrantedtotheincentiveobjects.Thesharesanddividendsobtainedbytheincentiveobjectsfromtheconversionofcapitalreserveintosharecapital,distributionofstockdividendsandstocksplits,andothersharesanddividendsbecauseofthegrantedrestrictedsharesthatarestillinthelock-upperiodsshallbelockedinaccordancewiththisincentiveplan,andshallnotbesoldortransferredinthesecondarymarket.Thelock-upperiodsofsuchsharesarethesameasthoseofrestrictedshares.IftheCompanyrepurchasestherestrictedsharesthatarestillinthelock-upperiods,suchsharesshallberepurchasedtogether.Whentherestrictionsonsalearelifted,theCompanyhandlesthemattersofliftingtherestrictionsonsalefortheincentiveobjectsthatmeettheconditionsforliftingtherestrictionsonsale,andtherestrictedsharesheldbytheincentiveobjectsthatdonotmeettheconditionsforliftingtherestrictionsonsaleshallberepurchasedandderegisteredbytheCompany.Therestrictedsharesgrantedbythisincentiveplanarelistedinthefollowingtable:
Arrangementsforliftingtherestrictionsonsale
Arrangementsforliftingtherestrictionsonsale | Periodsforliftingtherestrictionsonsale | Proportionsofshareswithrestrictionsonsalelifted |
Thefirstperiodofliftingtherestrictions | Fromthefirsttradingdayafter12monthsfromthedateofcompletionofthefirstregistrationtothelasttradingdaywithin24monthsfromthedateofcompletionofthefirstregistration | 40% |
Thesecondperiodofliftingtherestrictions | Fromthefirsttradingdayafter24monthsfromthedateofcompletionofthefirstregistrationtothelasttradingdaywithin36monthsfromthedateofcompletionofthefirstregistration | 30% |
Thethirdperiodofliftingtherestrictions | Fromthefirsttradingdayafter36monthsfromthedateofinitialcompletionofregistrationtothelasttradingdaywithin48monthsfromthedateofinitialcompletionofregistration | 30% |
Fortherestrictedsharesthathavenotappliedforliftingtherestrictionswithintheabove-mentionedagreedperiodsorcannotapplyforliftingtherestrictionsbecauseofthefailuretomeettheconditionsforliftingtherestrictions,theCompanyshallrepurchaseandderegisterthemaccordingtotheprinciplesspecifiedintheincentiveplan.
2.Informationonequity-settledshare-basedpayment
√Applicable□N/A
Unit:RMB
Determinationmethodofthefairvalueofequityinstrumentsonthegrantdate | (1)Thefairvalueofrestrictedsharesisrecognisedattheclosingpriceonthegrantdate;(2)ThefairvalueofstockoptionsisrecognisedbyBlack-Scholesmodel |
Basisfordeterminingthenumberofvestedequityinstruments | Oneachbalancesheetdateoflock-upperiods,theestimationshallbemadeaccordingtothelatestnumberofpeoplewhosestockoptionsarevested,performanceindicatorsandotherfollow-upinformation |
Reasonsforsignificantdifferencesbetweenthecurrentestimatesandthepreviousestimates | N/A |
Accumulatedamountofequity-settledshare-basedpaymentincludedincapitalreserve | 84,649,402.60 |
Totalexpensesrecognisedforequity-settledshare-basedpaymentinthecurrentperiod | 91,683,819.28 |
Otherexplantions:
Theshare-basedpaymentofYunnanHongchuangPackagingCo.,Ltd.,asubsidiaryoftheCompany,isasfollows:
(1)Generalinformationaboutshare-basedpayment
Item | 2022 |
ThetotalamountofequityinstrumentsgrantedbytheCompanyduringthisperiod | 15,000,000shares |
(2)Informationonequity-settledshare-basedpayment
Item
Item | 2022 |
Determinationmethodoffairvalueofequityinstrumentsonthedateofgrant | Confirmedaccordingtotheevaluationvalue |
Equity-settledshare-basedpaymentsincludedinthecumulativeamountofcapitalreserve | 161,520.14 |
Totalcostsofequity-settledshare-basedsettlementrecognizedduringthisperiod | 244,653.34 |
OnMay20,2022,thesecondextraordinarygeneralmeetingof2022oftheCompany'ssubsidiaryHongchuangPackagingconsideredandapprovedtheProposalontheImplementationofEquityIncentivebytheCompanythroughCapitalInjection,andtheProposalontheEmployeeEquityIncentivePlan(Draft)andItsSummaryoftheCompany,andagreedthatatotalof47employeesoftheemployeeshareholdingplatformNingboHexiEnterpriseManagementPartnership(LimitedPartnership)("NingboHexi")couldincreasetheircapitalatthepriceofRMB5.50pershare,indirectlyhold15millionsharesofHongchuangPackaginginexchangeforservices.Accordingtotherelevantprovisionsof“accountingstandardsforEnterprisesNo.11-sharepayment”,theequityincentiveisasharesettlementbasedonequitysettlement.Thefairvalueofthisshare-basedpaymentisdeterminedbyreferencetothenetassetspershareofHongchuangPackagingatRMB5.64/shareatApril30,2022,accordingtotheEvaluationReport(ZLPBZ(2022)No.2270)issuedbyChinaUnitedAssetsAppraisalGroupCo.,Ltd.Therefore,accordingtothedifferencebetweenthenumberofsharessubscribedbyemployeesmultipliedbythefairvalueofRMB5.64/shareandthesubscriptionvalueofRMB5.50/share,HongchuangPackagingrecognizeditasshare-basedpaymentandcapitalreserve,RMB2,101,832.78intotal.SinceHongchuangPackagingsignedacontractwiththeincentiveobjecttostipulatetheserviceperiodandexitmechanism,theshare-basedpaymentexpensesneedtobeconfirmedbystageswithintheemployee'sserviceperiod.Insummary,HongchuangPackagingconfirmedtheshare-basedpaymentexpensesofRMB244,653.34inthecurrentperiod,whichaffectedtheamountofcapitalreserveofRMB161,520.14intheconsolidatedbalancesheetofthecurrentperiod.
XIII.CommitmentsandContingencies
1.Significantcommitments
Significantcommitmentsonthebalancesheetdate
(1)Mortgageofassets
AsofDecember31,2022,theCompanyhasobtainedthebank’scomprehensivecreditlinewiththemortgageofpropertyandplantinfixedassets,machineryandequipment,landuserightinintangibleassetsandconstructioninprogressofRMB1,067,749,300.SeenoteVII-61formore.
(2)Pledgeofassets
AsofDecember31,2022,theCompanyobtainedbankloansofRMB1,450,149,800bypledgingcertificateofdeposit,notesreceivable,
76.3574%equityinitssecond-tiersubsidiaryNewmiTech,and100%equityinterestinitssecond-tiersubsidiarySuzhouGreenPowerNewEnergyMaterialsCo.,Ltd.Fordetails,seenotes22,32and61inthissectionVII.
AsatDecember31,2022,exceptforthedisclosuresabove,therewerenootherimportantcommitmentsthatarerequiredtobedisclosed.
2.Contingencies
(1)Significantcontingenciesonthebalancesheetdate
TheCompanyhasnoimportantcontingenciestodisclose.
1)ContingenciesarisingfromexternaldebtguaranteeandtheirfinancialimplicationsSeenoteXII-5.Relatedpartytransactionsfortheguaranteeprovidedbytherelatedparty
2)LetterofguaranteeandletterofcreditAsofDecember31,2022,thebalanceoflettersofcreditissuedbyfinancialinstitutionsfortheCompanywasRMB1,107,084,864.92,USD4,204,365.92,JPY15,614,250,000.00andEuro1,513,480.00,andtheamountoftheL/GwasRMB213,371,094.50.Asat31December2022,exceptforthedisclosuresabove,therewerenoothermajorcontingenciesthatarerequiredtobedisclosed.
(2)WheretheCompanyhasnodiscloseablesignificantcontingencies,relevantexplanationsshouldbemade:
TheCompanyhasnosignificantcontingenciestodisclose.
XIV.EventsSubsequenttotheBalanceSheetDate
1.Importantnon-adjustmentmatters
Unit:RMB
Project
Project | Content | Numberofimpactsonfinancialstatusandoperatingresults | Reasonswhythenumberofimpactscannotbeestimated |
Issuanceofsharesandbonds | TheCompanyheldthe38thmeetingofthefourthBoardofDirectorsandthefirstextraordinarygeneralmeetingofshareholdersin2022onNovember21,2021andJanuary17,2022,respectively,andexaminedandadoptedtherelevantproposalsfornon-publicofferingofshares.TheCompanyplanstoraisenotmorethanRMB12.8billionofcapitalbynon-publicofferingofshares,whichwasapprovedbytheCSRConJune28,2022 | Impossibletoestimate | Theissuanceisnotcomplete |
2.Returnofgoods
ThereisnotalargenumberofreturnsofgoodsafterthebalancesheetdateoftheCompany.
3.Detailsofothereventsafterthebalancesheetdate
Exceptfortheaboveeventsafterthebalancesheetdate,asatthedateofapprovalofthefinancialstatements,theCompanyhasnoothersignificanteventsafterthebalancesheetdatethatneedtobedisclosedbuthavenotbeendisclosed.XV.OtherSignificantEvents
1.Segmentinformation
(1)DeterminationbasisandaccountingpolicyofreportingsegmentsTheCompanydeterminesthebusinesssegmentbasedonitsinternalorganizationalstructure,managementrequirementsandinternalreportingsystem.TheoperatingsegmentsoftheCompanyrefertothecomponentsmeetingthefollowingconditionsatthesametime:
1)Thecomponentcangenerateincomeandexpensesindailyactivities;
2)Themanagementcanregularlyevaluatetheoperationresultsofthecomponenttodecidetoallocateresourcestoitandevaluateitsperformance;
3)Therelevantaccountinginformationcanbeobtainedfromthefinancialstatus,operatingresultsandcashflowofthecomponent.TheCompanydeterminesthereportingsegmentbasedontheoperatingsegment,andtheoperatingsegmentmeetingoneofthefollowingconditionsisdeterminedasthereportingsegment:
1)Thesegmentrevenueofthebusinesssegmentaccountsfor10%ormoreofthetotalrevenueofallsegments;
2)Theabsoluteprofit(loss)ofthesegmentaccountsfor10%ormoreoftheabsolutesumofthetotalprofitsofallprofitsegmentsorthetotallossesofalldeficitsegments.Whenthetotalamountofexternaltransactionrevenueoftheoperatingsegmentofthereportingsegmentdeterminedaccordingtotheaboveaccountingpoliciesdoesnotaccountfor75%ofthetotalconsolidatedrevenue,increasethenumberofreportingsegments,andincludeotheroperatingsegmentsnotasreportingsegmentsintothescopeofreportingsegmentsaccordingtothefollowingprovisionsuntiltheproportionreaches75%:
1)Determinetheoperatingsegmentthatthemanagementbelievesthedisclosureoftheoperatingsegmentinformationisusefultotheusersofaccountinginformationasthereportingsegment;
2)Thebusinesssegmentismergedwithoneormoreotherbusinesssegmentswhichhavesimilareconomiccharacteristicsandmeetthemergerconditionsofthebusinesssegmentasareportingsegment.Thetransferpricebetweensegmentsisdeterminedbyreferringtothemarketprice,andtheassetsandrelatedexpensesusedtogetherwitheachsegmentaredistributedamongdifferentsegmentsaccordingtotheincomeproportion.
(2)Factorsconsideredindeterminingthereportingsegment,andthetypesofproductsandservicesofthereportingsegment:
ThereportsegmentsoftheCompanyareallbusinessunitsprovidingdifferentproductsandservices.Asvariousbusinessesrequiredifferenttechnologiesandmarketstrategies,theCompanyindependentlymanagestheproductionandoperationactivitiesofeachreportingsegment,andseparatelyevaluatesitsoperatingresultstodetermineitsallocationofresourcesandevaluateitsperformance.
TheCompanyhas2reportingsegments:thelithiumbatteryseparatorbusinesssegmentandtheBOPPfilmbusinesssegment.Thelithiumbatteryseparatorbusinesssegmentisresponsiblefortheproductionoflithiumbatteryseparator,whichismainlyusedfortheproductionofEVbatteriesand3Cproductbatteries;theBOPPfilmbusinesssegmentisresponsiblefortheproductionofBOPPfilm,whichismainlyusedfortheouterpackagingofcigaretteboxes,foodandotherproducts.
(3)Financialinformationofreportingsegments
Unit:RMB‘0,000
Item
Item | Lithiumbatteryseparationfilmbusinesssegment | BOPPfilmbusinesssegment | Others | Inter-segmentelimination | Total |
I.Operatingincome | 1,099,554.98 | 63,610.30 | 100,193.66 | -4,266.39 | 1,259,092.55 |
Including:Incomefromexternaltrade | 1,099,554.98 | 63,610.30 | 95,927.27 | 1,259,092.55 | |
Incomefrominter-segmenttrade | 4,266.39 | -4,266.39 | |||
II.Operatingcost | 671,436.09 | 57,035.43 | 69,390.05 | -1,920.98 | 795,940.59 |
Including:Depreciationandamortizationcosts | 102,354.39 | 1,518.83 | 2,427.97 | 1,106.50 | 107,407.69 |
Incomefrominvestmentinjointventuresandassociates | 147.17 | 147.17 | |||
Assetimpairmentlosses | 419.34 | 36.92 | 532.67 | -156.52 | 832.41 |
Creditimpairmentlosses | 3,636.94 | 26.29 | 628.92 | 0.00 | 4,292.15 |
III.Totalprofit | 438,521.54 | 10,059.07 | 30,122.67 | -2,188.87 | 476,514.41 |
IV.Incometaxexpense | 50,087.10 | 967.16 | 6,262.93 | -2,016.23 | 55,300.96 |
V.Netprofit | 388,434.44 | 9,091.91 | 23,859.74 | -172.64 | 421,213.45 |
VI.Totalassets | 3,566,668.81 | 115,934.30 | 1,357,341.23 | -1,209,325.04 | 3,830,619.30 |
VII.Totalliabilities
VII.Totalliabilities | 2,460,262.40 | 52,555.70 | 164,471.64 | -724,134.87 | 1,953,154.87 |
XVI.NotestoMajorItemsofFinancialStatementsoftheParentCompany
1.Accountsreceivable
(1)Disclosureofaccountsreceivablebytype
Unit:RMB
Type | Closingbalance | Openingbalance | ||||||||
Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
Amount | Proportion | Amount | Proportion | Amount | Proportion | Amount | Proportion | |||
Including: | ||||||||||
Accountsreceivablesubjecttoprovisionforbaddebtsmadeonaportfoliobasis | 33,130,887.42 | 100.00% | 617.05 | 0.002% | 33,130,270.37 | 11,098,580.96 | 100.00% | 542.76 | 0.005% | 11,098,038.20 |
Including: | ||||||||||
Agingportfolio | 25,100,634.86 | 75.76% | 617.05 | 0.002% | 25,100,017.81 | 2,087,889.08 | 18.81% | 542.76 | 0.03% | 2,087,346.32 |
Portfolioofrelatedpartieswithinthescopeofconsolidation | 8,030,252.56 | 24.24% | 8,030,252.56 | 9,010,691.88 | 81.19% | 9,010,691.88 | ||||
Total | 33,130,887.42 | 100.00% | 617.05 | 0.002% | 33,130,270.37 | 11,098,580.96 | 100.00% | 542.76 | 0.005% | 11,098,038.20 |
Provisionforbaddebtsmadeonaportfoliobasis:AgingportfolioUnit:RMB
Name | Closingbalance | ||
Bookbalance | Provisionforbaddebts | Proportionofprovision | |
Lessthan1year | 25,062,153.59 | ||
1-2years | 32,553.90 | 68.36 | 0.21% |
2-3years | 5,927.37 | 548.69 | 0.21% |
Total | 25,100,634.86 | 617.05 |
Explanationonthebasisfordeterminingtheportfolio:
Provisionforbaddebtsmadeonaportfoliobasis:Portfolioofrelatedpartieswithinthescopeofconsolidation
Unit:RMB
Name
Name | Closingbalance | ||
Bookbalance | Provisionforbaddebts | Proportionofprovision | |
Lessthan1year | 8,030,252.56 | ||
Total | 8,030,252.56 | -- |
Ifprovisionwasmadeforbaddebtsofaccountsreceivableinaccordancewiththegeneralexpectedcreditlossmodel,pleasediscloserelevantinformationofprovisionforbaddebtsreferringtothedisclosureofotherreceivables:
□Applicable√N/ADisclosurebyagingUnit:RMB
Aging | Bookbalance |
Lessthan1year(inclusive) | 33,092,406.15 |
1to2years | 32,553.90 |
2to3years | 5,927.37 |
Total | 33,130,887.42 |
(2)Provisionforbaddebtsaccrued,recoveredorreversedduringtheReportingPeriodProvisionforbaddebtsduringthecurrentperiod:
Unit:RMB
Type | Openingbalance | Changesinamountfortheperiod | Closingbalance | |||
Provision | Recoveryorreverse | Write-offs | Others | |||
Accountsreceivablesubjecttoprovisionforbaddebtmadeonanindividualbasis | ||||||
Accountsreceivablesubjecttoprovisionforbaddebtmadeonaportfoliobasis | 542.76 | 74.29 | 617.05 | |||
Relatedpartiesportfoliowithinthescopeofconsolidation | ||||||
Total | 542.76 | 74.29 | 617.05 |
Ofwhich,provisionforbaddebtrecoveredorreversedinthecurrentperiodissignificant:none
(3)Actualwrite-offofaccountsreceivableinthecurrentperiod:None
(4)Topfiveaccountsreceivablebyclosingbalanceofdebtors
Unit:RMB
Companyname | Closingbalanceofaccountsreceivable | Percentageintotalclosingbalanceofaccountsreceivable | Closingbalanceofprovisionforbaddebts |
Company1 | 21,319,883.88 | 64.35% | |
Company2 | 7,657,805.12 | 23.11% |
Company3
Company3 | 2,415,600.00 | 7.29% |
Company4 | 818,543.75 | 2.47% |
Company5 | 300,600.00 | 0.91% |
Total | 32,512,432.75 | 98.13% |
2.Otherreceivables
Unit:RMB
Item | Closingbalance | Openingbalance |
Dividendsreceivable | 211,040,000.00 | 241,040,000.00 |
Otherreceivables | 6,620,072,472.90 | 6,451,123,939.27 |
Total | 6,831,112,472.90 | 6,692,163,939.27 |
(1)Dividendsreceivable
1)Dividendsreceivablebytype
Unit:RMB
Item(orinvestee) | Closingbalance | Openingbalance |
YunnanDexinPaperCo.,Ltd. | 70,000,000.00 | 100,000,000.00 |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 141,040,000.00 | 141,040,000.00 |
Total | 211,040,000.00 | 241,040,000.00 |
2)Provisionforbaddebts
□Applicable√N/A
(2)Otherreceivables
1)Otherreceivablesbynature
Unit:RMB
Natureofamount
Natureofamount | Bookbalanceattheendoftheperiod | Bookbalanceatthebeginningoftheperiod |
Securitydepositandguaranteedeposit | 486,939.90 | 91,639.90 |
Pettycash | 1,464,876.46 | 850,872.89 |
Advancemoney | 21,686.80 | 25,276.80 |
Others | 609,566.09 | 457,829.48 |
Capitallending | 6,617,788,956.75 | 6,449,947,524.21 |
Provisionforbaddebt | -299,553.10 | -249,204.01 |
Total | 6,620,072,472.90 | 6,451,123,939.27 |
2)Provisionforbaddebts
Unit:RMB
Provisionforbaddebts | StageI | StageII | StageIII | Total |
12-monthECL | LifetimeECL(notcredit-impaired) | LifetimeECL(credit-impaired) | ||
BalanceonJanuary1,2022 | 53,087.51 | 9,100.00 | 187,016.50 | 249,204.01 |
BalanceonJanuary1,2022forthecurrentperiod | ||||
Provisionfortheperiod | 50,349.09 | 50,349.09 | ||
BalanceonDecember31,2022 | 103,436.60 | 9,100.00 | 187,016.50 | 299,553.10 |
Changesinbookbalancewithsignificantchangesinlossreservesinthecurrentperiod
□Applicable√N/ADisclosurebyagingUnit:RMB
Aging | Bookbalance |
Lessthan1year(inclusive) | 608,992,319.74 |
1to2years | 4,984,332,772.34 |
2to3years | 1,026,771,717.42 |
Over3years | 275,216.50 |
3to4years | 68,200.00 |
4to5years | 20,000.00 |
Over5years | 187,016.50 |
Total | 6,620,372,026.00 |
3)Actualwrite-offofotherreceivablesinthecurrentperiod:None
4)Topfiveotherreceivablebyclosingbalanceofdebtors
Unit:RMB
Companyname
Companyname | Natureofamount | Closingbalance | Aging | Asapercentageoftotalclosingbalanceofotherreceivables | Closingbalanceofprovisionforbaddebts |
WuxiEnergyNewMaterialTechnologyCo.,Ltd. | Capitallending | 3,653,985,561.86 | Lessthan1year,1-2years | 55.19% | |
JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | Capitallending | 2,273,900,585.89 | Lessthan1year,1-2years | 34.35% | |
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | Capitallending | 668,000,000.00 | Lessthan1year | 10.09% | |
YunnanDexinPaperCo.,Ltd. | Capitallending | 21,902,809.00 | Lessthan1year | 0.33% | |
GongchengManagementConsultingCo.,Ltd. | Guaranteedepositandcashdeposit | 300,000.00 | Lessthan1year | 0.005% | 13,050.00 |
Total | 6,618,088,956.75 | 99.97% | 13,050.00 |
3.Long-termequityinvestment
Unit:RMB
Item | Closingbalance | Openingbalance | ||||
Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
Investmentinsubsidiaries | 4,750,066,580.90 | 4,750,066,580.90 | 4,658,382,761.62 | 4,658,382,761.62 | ||
Total | 4,750,066,580.90 | 4,750,066,580.90 | 4,658,382,761.62 | 4,658,382,761.62 |
(1)Investmentsinsubsidiaries
Unit:RMB
Nameinvestee | of | Openingbalance(bookvalue) | Increase/Decreasefortheperiod | Closingbalancevalue) | (book | Closingbalanceprovisionimpairment | offor |
Increaseininvestment
Increaseininvestment | Decreaseinvestment | in | Provisionforimpairment | Others |
YunnanDexinPaperCo.,Ltd.
YunnanDexinPaperCo.,Ltd. | 162,135,598.40 | 162,135,598.40 | ||
YunnanHongtaPlasticCo.,Ltd. | 418,898,313.03 | 418,898,313.03 | ||
YunnanHongchuangPackagingCo.,Ltd. | 441,809,808.43 | 441,809,808.43 | ||
ShanghaiEnergyNewMaterialTechnologyCo.,Ltd. | 3,635,539,041.76 | 36,947,238.31 | 3,672,486,280.07 | |
ZhuhaiEnergyNewMaterialTechnologyCo.,Ltd. | 8,155,258.92 | 8,155,258.92 | ||
JiangxiTonryNewEnergyTechnologyDevelopmentCo.,Ltd. | 7,181,169.11 | 7,181,169.11 | ||
JiangxiEnpoNewMaterialsCo.,Ltd. | 321,122.98 | 321,122.98 | ||
Energy(ZhuhaiHengqin)NewMaterialsTechnologyCo.,Ltd. | 4,852,881.22 | 4,852,881.22 | ||
JiangxiRuijieNewMaterialTechnologyCo.,Ltd. | 2,572,109.89 | 2,572,109.89 | ||
SuzhouGreenPowerNewEnergyMaterialsCo.,Ltd. | 9,451,353.93 | 9,451,353.93 | ||
WuxiEnergyNewMaterialTechnologyCo.,Ltd. | 12,792,257.04 | 12,792,257.04 | ||
ChongqingEnergyNewmiTechnologicalCo.,Ltd. | 9,156,039.27 | 9,156,039.27 | ||
ChongqingEnergyNewMaterialTechnologyCo.,Ltd. | 33,135.86 | 33,135.86 | ||
JiangsuEnergyNewMaterialsTechnologyCo.,Ltd. | 221,252.75 | 221,252.75 | ||
Total | 4,658,382,761.62 | 91,683,819.28 | 4,750,066,580.90 |
4.Operatingincomeandoperatingcost
Unit:RMB
Item
Item | Amountforthecurrentperiod | Amountforthepreviousperiod | ||
Income | Cost | Income | Cost | |
Mainbusinesses | 145,520,947.85 | 82,994,977.23 | 136,620,927.87 | 83,962,944.68 |
Otherbusinesses | 4,712,468.20 | 2,518,851.06 | 20,878,695.07 | 19,492,071.07 |
Total | 150,233,416.05 | 85,513,828.29 | 157,499,622.94 | 103,455,015.75 |
5.Investmentincome
Unit:RMB
Item | Amountforthecurrentperiod | Amountforthepreviousperiod |
Gainfromlong-termequityinvestmentunderthecostmethod | 38,000,000.00 | |
Interestonfinanceproducts | 22,270,487.08 | |
Total | 60,270,487.08 |
6.Others
XVII.SupplementaryInformation
1.Breakdownofnon-recurringgainorlossforthecurrentperiod
√Applicable□N/A
Unit:RMB
Item
Item | Amount | Notes |
Gainsandlossesfromthedisposalofnon-currentassets | -4,869,891.53 |
Governmentsubsidiesrecognizedincurrentgainsorlosses(exceptforthosecloselyrelatedtotheCompany’sbusinessandareeitherinfixedamountsordeterminedunderquantitativemethodsinaccordancewiththenationalstandard)
171,995,624.29 | ||
Gainsorlossesonentrustedinvestmentsorassetsmanagement | 27,838,099.70 | |
Gainsorlossesfromchangesinfairvaluearisingfromtheholdingoftradingfinancialassetsandtradingfinancialliabilities,andinvestmentincomefromdisposaloftradingfinancialassets,tradingfinancialliabilitiesandavailable-for-salefinancialassets,excludingtheeffectivehedgingbusinessrelatedtotheCompany’snormalbusinessoperations | 21,836,255.17 | |
Reversaloftheprovisionsforimpairmentofreceivablessubjecttoseparateimpairmenttest | 2,078,410.35 | |
Non-operatingincomeandexpensesotherthanabove-mentioneditems | 818,785.95 | |
Otheritemswithinthedefinitionofnon-recurringgainsorlosses | 5,824,344.40 | |
Less:effectoftheincometax | 56,380,407.08 | |
Effectofminorityequities | 8,471,379.96 | |
Total | 160,669,841.29 | -- |
Detailsofotherprofitorlossitemsthatfallwithinthemeaningofnon-recurringgainorloss:
□Applicable√N/ATherewasnootherprofitorlossitemoftheCompanythatfallwithinthemeaningofnon-recurringgainorlossThereasonfortheCompanytodefinethenon-recurringprofitorlossitemsillustratedintheInformationDisclosureandPresentationRulesforCompaniesMakingPublicOfferingofSecuritiesNo.1–Non-recurringProfitorLossasrecurringprofitorlossitems
□Applicable√N/A
2.Returnonequityandearningspershare
ProfitduringtheReportingPeriod | Weightedaveragereturnonequity | Earningspershare | |
Basicearningspershare(RMB/share) | Dilutedearningspershare(RMB/share) | ||
NetprofitsattributabletocommonstockholdersoftheCompany | 25.39% | 4.48 | 4.46 |
NetprofitsattributabletocommonstockholdersoftheCompanyafterthedeductionofnon-recurringgainsandloss | 24.37% | 4.30 | 4.28 |
3.Accountingdatadifferencesunderdomesticandinternationalaccountingstandards
(1)DifferencesinthenetprofitandinthenetassetsinthefinancialstatementsdisclosedinaccordancewithinternationalaccountingstandardsandinaccordancewiththePRCGAAPatthesametime
□Applicable?N/A
(2)DifferencesinthenetprofitandinthenetassetsinthefinancialstatementsdisclosedinaccordancewithoverseasaccountingstandardsandinaccordancewiththePRCGAAPatthesametime
□Applicable?N/A
(3)Descriptionsofreasonsforaccountingdatadifferencesoccurringunderdomesticandforeignaccountingstandards;ifadjustmentismadefordataauditedbyanoverseasauditinstitution,thenameoftheinstitutionshallbeprovided
4.Others