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小天鹅B:2017年第一季度报告全文(英文版) 下载公告
公告日期:2017-04-22
Wuxi Little Swan Company Limited                First Quarter Report 2017
    WUXI LITTLE SWAN COMPANY LIMITED
                 FIRST QUARTER REPORT 2017
                                   April 2017
Wuxi Little Swan Company Limited                                                       First Quarter Report 2017
                              Section I Important Statements
The board of directors (the “Board”), the supervisory board (the “Supervisory Board”), as well as the
directors, supervisors and senior executive officers of Wuxi Little Swan Company Limited (the “Company”)
hereby guarantee the factuality, accuracy and completeness of the contents of this Report, and shall be
jointly and severally liable for any false representation, misleading statements or material omissions in this
Report.
All directors attended the board meeting for the review of this Report.
Mr. Fang Hongbo, chairman of the Board, Mr. Sun Yunan, CFO, and Mr. Xu Yunwei, chief of the
accounting organ (chief of accounting), hereby confirm that the financial statements carried in this Report
are factual, accurate and complete.
This Report and its abstract have been prepared in both Chinese and English. Should there be any
discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.
Wuxi Little Swan Company Limited                                                                         First Quarter Report 2017
                                              Section II Company Profile
I Key financial results
Indicate by tick mark whether the Company retroactively restated any of its accounting data due to changes of
accounting policies or correction of accounting errors.
□ Yes √ No
                                                    January-March 2017          January-March 2016                 +/-%
Operating revenues (RMB)                                   5,690,391,543.42           4,239,779,074.70                     34.21%
Net profit attributable to shareholders of the
                                                             397,203,444.77             317,052,211.46                     25.28%
Company (RMB)
Net profit attributable to shareholders of the
Company before exceptional profit and loss                   395,282,206.35             311,794,446.12                     26.78%
(RMB)
Net cash flows from operating activities (RMB)              -168,999,611.82            573,548,265.90                     -129.47%
Basic earnings per share (RMB/share)                                     0.63                     0.50                     26.00%
Diluted earnings per share (RMB/share)                                   0.63                     0.50                     26.00%
Weighted average return on equity (%)                                6.44%                      6.00%                       0.44%
                                                        March 31, 2017           December 31, 2016                 +/-%
Total assets (RMB)                                        18,402,498,665.09          18,885,986,837.64                      -2.56%
Net assets attributable to shareholders of the
                                                           6,366,107,331.36           5,983,847,862.72                      6.39%
Company (RMB)
Exceptional profit/loss
√ Applicable □ Not applicable
                                                                                                                      Unit: RMB
                                       Item                                     January-March 2017                 Note
Profit/loss on disposal of non-current assets (including offset asset
                                                                                           354,558.14
impairment provisions)
Government subsidies charged to the profit/loss for this Reporting Period
(except for the government grants closely related to the business of the
                                                                                          1,551,286.69
Company and given at a fixed quota or amount in accordance with the
State’s uniform standards)
Non-operating income and expense other than the above                                      845,031.51
Less: Corporate income tax                                                                 412,631.45
      Minority interests (after tax)                                                       417,006.47
Wuxi Little Swan Company Limited                                                                          First Quarter Report 2017
Total                                                                                       1,921,238.42                --
Explanation of why the Company classified an item as exceptional profit/loss according to the definition in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Profit and Loss, or reclassified any exceptional profit/loss item given as an example in the
said explanatory announcement to recurrent profit/loss
□ Applicable √ Not applicable
No such cases in this Reporting Period.
II Total number of shareholders at the period-end and their shareholdings
1. Numbers of common shareholders and preference shareholders with resumed voting rights, as well as
shareholdings of top ten shareholders
                                                                                                                             Unit: share
                                                                 Total     number     of     preference
Total   number      of   common
                                          17,346                 shareholders with resumed voting
shareholders at the period-end
                                                                 rights at the period-end (if any)
                                                   Top ten shareholders
                                                                                                        Number of Pledged or frozen
                                                                      Shareholding     Total shares
                                                     Nature of                                          restricted         shares
                 Name of shareholder                                     percentage     held at the
                                                    shareholder                                           shares
                                                                            (%)        period-end                    Status Number
                                                                                                           held
                                                   Domestic
MIDEA GROUP CO., LTD.                              non-state-own             37.78%     238,948,117
                                                   ed corporation
                                                   Foreign
TITONI INVESTMENTS DEVELOPMENT LTD.                                          14.89%        94,204,942
                                                   corporation
                                                   Foreign
GAOLING FUND,L.P.                                                             3.54%        22,389,551
                                                   corporation
                                                   Domestic
NATIONAL SOCIAL SECURITY FUND
                                                   non-state-own              3.34%        21,097,464
PORTFOLIO 108
                                                   ed corporation
                                                   Foreign
GREENWOODS CHINA ALPHA MASTER FUND                                            2.82%        17,846,794
                                                   corporation
                                                   State-owned
FINANCE BUREAU OF WUXI                                                        2.70%        17,054,071
                                                   corporation
                                                   Domestic
NATIONAL SOCIAL SECURITY FUND
                                                   non-state-own              2.21%        14,007,456
PORTFOLIO 101
                                                   ed corporation
Wuxi Little Swan Company Limited                                                                     First Quarter Report 2017
CENTRAL HUIJIN ASSET MANAGEMENT CO.,                State-owned
                                                                           1.61%     10,156,300
LTD.                                                corporation
HONG KONG SECURITIES CLEARING                       Foreign
                                                                           1.44%      9,103,818
COMPANY LTD.                                        corporation
                                                    Foreign
BILL & MELINDA GATES FOUNDATION TRUST                                      1.03%      6,537,874
                                                    corporation
                                           Top ten non-restricted shareholders
                                                      Number of non-restricted                    Type of shares
                Name of shareholder
                                                    shares held at the period-end               Type                 Number
MIDEA GROUP CO., LTD.                                                238,948,117 RMB common share
TITONI INVESTMENTS DEVELOPMENT LTD.                                   94,204,942 Domestically listed foreign share
GAOLING FUND,L.P.                                                     22,389,551 Domestically listed foreign share
NATIONAL SOCIAL SECURITY FUND
                                                                      21,097,464 RMB common share
PORTFOLIO 108
GREENWOODS CHINA ALPHA MASTER FUND                                    17,846,794 Domestically listed foreign share
FINANCE BUREAU OF WUXI                                                17,054,071 RMB common share
NATIONAL SOCIAL SECURITY FUND
                                                                      14,007,456 RMB common share
PORTFOLIO 101
CENTRAL HUIJIN ASSET MANAGEMENT CO.,
                                                                      10,156,300 RMB common share
LTD.
HONG KONG SECURITIES CLEARING
                                                                       9,103,818 RMB common share
COMPANY LTD.
BILL & MELINDA GATES FOUNDATION TRUST                                  6,537,874 RMB common share
Related or acting-in-concert parties among the MIDEA GROUP CO., LTD. and TITONI INVESTMENTS
shareholders above                                  DEVELOPMENT LTD. are parties acting in concert.
Top ten common shareholders conducting securities
                                                    N/A
margin trading (if any)
Indicate by tick mark whether any of the top ten common shareholders or the top ten non-restricted common
shareholders of the Company conducted any promissory repo during this Reporting Period.
□ Yea √ No
No such cases in this Reporting Period.
2. Total number of preference shareholders and shareholdings of the top ten of them
□ Applicable √ Not applicable
Wuxi Little Swan Company Limited                                                              First Quarter Report 2017
                                     Section III Significant Events
I Changes in the key financial results of this Reporting Period, as well as the reasons for such
changes
                                                                                        Unit: RMB Ten Thousand Yuan
                                     December 31,
      Item          March 31, 2017                      +/-       +/-%                         Note
 Other accounts
                       1,632.28        2,369.39      -737.11      -31%    Decreased non-operating suspense payments
    receivable
Other non-current
                       5,371.78        2,565.58      2,806.20     109%    Increased prepayments for molds
      assets
   Short-term
                      12,345.51       18,381.31      -6,035.80    -33%    Decreased factoring financing
   borrowings
Accounts received
                      166,229.46      301,434.78    -135,205.32   -45%    Due to the sales cycle
   in advance
                                                                          The performance bonuses for the year 2016
 Payroll payable      19,504.65       28,859.22      -9,354.56    -32%
                                                                          had been paid
      Other
                                                                          Bank’s wealth management products were
 comprehensive         4,446.89        7,075.75      -2,628.86    -37%
                                                                          undue
     income
                    January-March January-March
      Item                                              +/-       +/-%                         Note
                        2017
    Operating
                      569,039.15      423,977.91    145,061.24    34%     The sales volume increased
    revenues
 Operating costs      422,870.75      304,729.46    118,141.29    39%     The sales revenue increased
 Selling expenses     86,230.08       63,139.65     23,090.43     37%     The sales volume increased
  Finance cost        -1,840.06       -3,069.37      1,229.31     -40%    The interest income on deposits decreased
Asset impairment                                                          Inventory falling price provisions were
                       -372.09         1,803.01      -2,175.10    -121%
       loss                                                               written off
   Investment                                                             Increased income from due bank’s wealth
                      10,318.76        2,728.33      7,590.43     278%
     income                                                               management products
  Non-operating
                       1,277.31         768.45        508.86      66%     Increased governmental subsidies
    revenues
  Non-operating                                                           Decreased loss on disposal of waste fixed
                        33.11           229.33       -196.22      -86%
     expense                                                              assets
Wuxi Little Swan Company Limited                                                                                   First Quarter Report 2017
     Net cash flows                                                                       Decreased accounts received in advance and
     from operating      -16,899.96       57,354.83         -74,254.79        -129%       increased cash payments for goods and
       activities                                                                         services
     Net cash flows
                                                                                          Smaller increment in investment in bank’s
     from investing      -3,112.29       -120,661.14        117,548.85         97%
                                                                                          wealth management products
       activities
     Net cash flows
     from financing      -6,035.80           0.00            -6,035.80        -100%       Repayment of short-term borrowings
       activities
II Progress of significant events and their influence and solutions
□ Applicable √ Not applicable
III Overdue commitments of the Company’s actual controller, shareholders, related parties
and acquirer, as well as the Company and other commitment makers in this Reporting Period
or ongoing at the period-end
                                                                                                              Date of   Period of
                        Commitmen        Type of                                                                                    Fulfillme
      Commitment                                                         Contents                         commitme commitme
                           t maker     commitment                                                                                      nt
                                                                                                          nt making            nt
                                                      Where the controlling shareholder Midea
                                                      Group plans to sell the Company’s shares
                                                      released from trading moratorium held by it
                                                      via the bid trading system of the Shenzhen
                                      Commitment
                                                      Stock Exchange, and Midea Group decreases
Commitments made Controlling concerning                                                                   02/28/200 Long-stan
                                                      over 5% shares within six months since the                                    Ongoing
in share reform         shareholder shareholding                                                          8             ding
                                                      first reduction of holdings, Midea Group will
                                      reduction
                                                      disclose an indicative public announcement
                                                      on share selling through the Company two
                                                      trading days before its first reduction of
                                                      holdings.
                                                      1. As for the commitment of avoiding
                                                      horizontal competition, Midea Group (the
Commitments made                                      controlling   shareholder)    and    Mr.       He
in           acquisition Controlling Commitment       Xiangjian (the actual controller) has promised 12/01/201
documents             or shareholder of avoiding      that, for the period after the said transaction 0,                Long-stan
                                                                                                                                    Ongoing
shareholding            and actual    horizontal      when the Company’s controlling shareholder 06/06/201 ding
alteration              controller    competition     and actual controller remain unchanged, the 4
documents                                             actual controller Mr. He Xiangjian, his
                                                      immediate family, Midea Group and its
                                                      controlled other enterprises neither recently
Wuxi Little Swan Company Limited                                                                           First Quarter Report 2017
                                               nor in the future will engage in any
                                               production or operation activity the same as
                                               or similar to the recently main business of
                                               Little Swan or its controlled enterprises, as
                                               well as will neither engage in nor participate
                                               in any competitive business the same as the
                                               recently main business of Little Swan or its
                                               controlled enterprises through controlling
                                               other    economic        entities,          institutions,
                                               economic organizations. If Little Swan and its
                                               controlled enterprises further developed its
                                               scope of the operation business on the basis of
                                               the recently business, and if the actual
                                               controller Mr. He Xiangjian, his immediate
                                               family, Midea Group and its controlled other
                                               enterprises had executed production of that,
                                               would solve the corresponding horizontal
                                               competition problems within the reasonable
                                               period. If recently there was no any
                                               production or operation, would not engage in
                                               the similar new business that competed with
                                               Little Swan and its controlled enterprises. If
                                               there was any situation violated the above
                                               commitments, the profits gained from the
                                               business related to operation were belongs to
                                               Little Swan.
                                               2. The commitment by Midea Group and the
                                               actual controller on the specification of the
                                               related-party transaction. Midea Group (the
                                               controlling     shareholder)          and     Mr.    He
                                               Xiangjian (the actual controller) has promised
                                               that, for the period after the said transaction
                                               when the Company’s controlling shareholder
                               Commitment
                 Controlling                   and actual controller remain unchanged, the 12/01/201
                               on regulation
                 shareholder                   actual controller Mr. He Xiangjian, his 0,                      Long-stan
                               of                                                                                          Ongoing
                 and actual                    immediate family, Midea Group and its 06/06/201 ding
                               related-party
                 controller                    controlled other enterprises will specify and 4
                               transactions
                                               try their best to reduce the related-party
                                               transactions    with    Little        Swan     and    its
                                               controlled     enterprises.      If    occurred      the
                                               unavoidable related transactions with Little
                                               Swan and its controlled enterprises, would
                                               sign the normative related-party transactions
                                               agreement Little Swan according to laws and
Wuxi Little Swan Company Limited                                                                                   First Quarter Report 2017
                                               would    execute       the      approval       procedure
                                               according to the relevant regulations to ensure
                                               the fairness of the price of the related-party
                                               transactions;        ensure      to       execute       the
                                               information          disclose           obligation       of
                                               related-party transactions according to the
                                               relevant regulations; ensure not to make
                                               advantage of the related-party transactions for
                                               illegally transferring the assets and profits of
                                               Little Swan, as well as not to make advantage
                                               of the related-party transactions for harming
                                               to the interests of Little Swan and the
                                               shareholders; would not require Little Swan
                                               to offer any more favorable condition
                                               compared with that offered to the independent
                                               third   party    in     any      fair     trade   market
                                               transaction;    execute         the      voting      debarb
                                               obligation when involved in the voting of the
                                               related events of the actual controller Mr. He
                                               Xiangjian, his immediate family, Midea
                                               Group and its controlled other enterprises. If
                                               Midea Group and Mr. He Xiangjian violated
                                               the above commitments and promises that led
                                               to the harm for the equity of Little Swan or
                                               other shareholders, Midea Group and Mr. He
                                               Xiangjian should take the responsibility of the
                                               corresponding liability for damage.
                                               3. As for the commitment on independence,
                                               Midea Group and the actual controller Mr. He
                                               Xiangjian has promised that, to further ensure
                                               the independent operation of Little Swan, Mr.
                 Controlling                                                                                 12/01/201
                               Commitment      He Xiangjian, Midea Group and its controlled
                 shareholder                                                                                 0,          Long-stan
                               on              other enterprises would maintain the mutual                                           Ongoing
                 and actual                                                                                  06/06/201 ding
                               independence independent in terms of personnel, finance,
                 controller
                                               assets, business and institutions with Little
                                               Swan according to the relevant laws and
                                               regulations     as     well     as       the   normative
                                               documents.
                                               4. As for the commitment on related-party
                               Commitment
                                               deposits and borrowings, up to April 8, 2010,
                               on
                 Controlling                   the Financial Settlement Center of Midea 12/01/201 Long-stan
                               related-party                                                                                         Ongoing
                 shareholder                   Group had settled all internal deposits and 0                             ding
                               deposits and
                                               borrowings      with     Hefei        Midea Washing
                               borrowings
                                               Machine Co., Ltd.; and Midea Group has
Wuxi Little Swan Company Limited                                                                        First Quarter Report 2017
                                            promised that there will be no more deposits,
                                            borrowings or other funds flows incurred
                                            between the Financial Settlement Center and
                                            Hefei Midea Washing Machine Co., Ltd..
                                            5. The commitment by Midea Group on
                                            housing      properties     with        no    ownership
                                            certificates of the target company for sale is
                                            detailed as follows. Two pieces of the
                                            buildings of Hefei Midea Washing Machine
                             Commitment     Co., Ltd. assessed and sold to the Company
                             on housing     are    of     no     ownership      certificates—the
                 Controlling properties     warehouse for half-finished products (176 12/01/201 Long-stan
                                                                                                                          Ongoing
                 shareholder with no        square meters) and the workshop for injection 0                 ding
                             ownership      molding (834 square meters), both located in
                             certificates   the old factory on Hewa Road, Hefei. Midea
                                            Group has promised that if loss occurs due to
                                            the said two buildings without ownership
                                            certificates in the asset disposal process in the
                                            future, it will assume the loss thus caused and
                                            make compensation to the Company.
                                            6. The commitment by Midea Group on
                                            trademarks      is    detailed     as    follows.     (1)
                                            Concerning the “Midea” trademark: Upon
                                            approval and implementation of the equity                       The use
                                            transfer     transaction,    Midea           Group    has       right of
                                            promised that it will make sure that Hefei                      the
                                            Midea Washing Machine Co., Ltd. uses the                        “Royalstar
                                            “Midea” trademark in a proper manner. Hefei                   ”
                                            Midea Washing Machine Co., Ltd. will be                         trademark
                                            allowed to use the “Midea” trademark with a                   detailed in
                                            trademark use fee not more than that paid by                    (2) expired
                 Controlling Commitment     Midea Group (the controlling shareholder of 12/01/201 on March
                                                                                                                          Ongoing
                 shareholder on trademarks Midea Group) and its subsidiaries (currently 0                   31, 2013
                                            3‰ of the annual sales income generated by                     and was
                                            products using the “Midea” trademark), and                    not
                                            upon       negotiation    and      signing       of   the       renewed.
                                            “Agreement        for   Trademark           Use”.   The       And the
                                            related-party transactions incurred due to the                  other
                                            said use of the “Midea” trademark will be                     commitme
                                            submitted to the decision-making organ of the                   nt
                                            Company for approval according to the                           continues.
                                            stipulated procedure. As such, interests of the
                                            Company and its minority shareholders will
                                            be     safeguarded.       (2)      Concerning         the
Wuxi Little Swan Company Limited                                                                 First Quarter Report 2017
                                             “Royalstar” trademark: Midea Group has
                                             signed the “Contract for Trademark Use” with
                                             Hefei Royalstar Group and obtained the
                                             ordinary use rights of the “Royalstar” (both in
                                             Chinese and English) trademark. As the
                                             transferor in the transfer transaction of equity
                                             interests of Royalstar Washing Equipment,
                                             Midea Group has promised that within the
                                             scope as agreed in the “Contract for
                                             Trademark Use”, if any dispute arises
                                             between Hefei Midea Washing Machine Co.,
                                             Ltd. and Hefei Royalstar Group over the
                                             former’s execution of the “Contract for
                                             Trademark Use”, Little Swan will not be
                                             involved. If Hefei Midea Washing Machine
                                             Co., Ltd. and Little Swan have to assume any
                                             responsibility or loss due to the aforesaid
                                             dispute, Midea Group is willing to take on the
                                             responsibility        instead     and      make
                                             compensations to Hefei Midea Washing
                                             Machine Co., Ltd. and Little Swan at full
                                             amount.
                                             7. The commitment by Midea Group on social
                                             security payment and tax risks is detailed as
                                             follows. Midea Group has promised that upon
                                             the completion of the said equity transfer
                                             deal, if Hefei Midea Washing Machine Co.,
                                             Ltd. is obliged to take on any responsibility or
                                             pay relevant fares as required by relevant
                                             government authorities due to its social
                                             security payment before the said deal, Midea
                               Commitment
                                             Group is willing to pay relevant fares for
                               on social
                 Controlling                 Hefei Midea Washing Machine Co., Ltd. to 12/01/201 Long-stan
                               security                                                                        Ongoing
                 shareholder                 relevant government authorities in a timely 0           ding
                               payment and
                                             manner and assume any other liability. If any
                               tax risks
                                             loss thus occurs to Hefei Midea Washing
                                             Machine Co., Ltd. or Little Swan, Midea
                                             Group     is     willing   to   assume   relevant
                                             responsibilities for compensation. Upon the
                                             completion of the said equity transfer deal, if
                                             income tax evasion or any other tax risk is
                                             found in Hefei Midea Washing Machine Co.,
                                             Ltd., Midea Group is willing to assume
                                             relevant legal responsibilities and risks and
Wuxi Little Swan Company Limited                                                                               First Quarter Report 2017
                                                        pay relevant taxes in a timely manner to
                                                        relevant government authorities; and if any
                                                        loss thus occurs to Little Swan, Midea Group
                                                        will assume the corresponding responsibility
                                                        for compensation.
                                                        8. The commitment by Midea Group on
                                                        capital safety at the finance companies of the
                                                        Company: during the validity period of the
                                                        Financial Services Agreement, when Midea
                                           Commitment   Group occurred emergency situation of
                             Controlling                                                                 03/18/201 Three
                                           on capital   payment difficulty at finance companies, it                          Ongoing
                             shareholder                                                                 5         years
                                           safety       should adopt the effective measures such as
                                                        increase the capital fund of the finance
                                                        companies according to the actual needs of
                                                        solving the payment difficulty to ensure the
                                                        capital safety of the Company.
Commitments made
in    time    of    asset
restructuring
Commitments made
in time of IPO or
refinancing
Stock ownership
incentive
commitments
Other commitments
made to Minority
interests
Executed on time or
                             Yes
not
Specific reasons for
failing      to    fulfill
commitments           on N/A
time and plans for
next step
IV Operating result forecast for January-June 2017
Warning of a forecast deficit or considerable YoY change in the accumulative net profit made during the period
from the beginning of the year to the end of the next reporting period, as well as explanation of why:
□ Applicable √ Not applicable
Wuxi Little Swan Company Limited                                        First Quarter Report 2017
V Securities investments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VI Investments in derivative financial instruments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VII Visits paid to the Company in the Reporting Period for purposes of research,
communication, interview, etc.
□ Applicable √ Not applicable
VIII Illegal provision of guarantees for external parties
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Occupation of the Company’s funds by the controlling shareholder or its related parties
for non-operating purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Wuxi Little Swan Company Limited                                                   First Quarter Report 2017
                                     Section IV Financial Statements
I Financial statements
1. Consolidated balance sheet
                                                                                                Unit: RMB
                                Item                      Closing balance            Opening balance
Current assets:
  Monetary funds                                                4,181,117,303.03           4,272,077,211.11
  Settlement reserve
  Interbank lendings
  Financial assets at fair value through profit/loss
  Derivative financial assets
  Notes receivable                                              1,478,890,302.67           1,297,609,202.29
  Accounts receivable                                           1,400,073,560.81           1,465,654,497.90
  Accounts paid in advance                                        133,343,509.48            131,513,792.18
  Premiums receivable
  Reinsurance premiums receivable
  Receivable reinsurance contract reserve
  Interest receivable                                              31,844,191.18             26,755,807.07
  Dividends receivable
  Other accounts receivable                                        16,322,824.31             23,693,886.54
  Financial assets purchased under agreements to resell
  Inventories                                                   1,252,235,093.98           1,724,837,944.69
  Assets held for sale
  Non-current assets due within one year
  Other current assets                                          8,264,728,111.43           8,385,724,282.16
Total current assets                                           16,758,554,896.89          17,327,866,623.94
Non-current assets:
  Loans and advances to customers
  Available-for-sale financial assets                                 200,000.00                200,000.00
  Held-to-maturity investments
  Long-term accounts receivable
Wuxi Little Swan Company Limited                                                First Quarter Report 2017
  Long-term equity investments
  Investment property                                          63,891,876.25              64,854,903.25
  Fixed assets                                                979,174,930.68             970,859,291.03
  Construction in progress
  Engineering materials
  Disposal of fixed assets
  Productive living assets
  Oil-gas assets
  Intangible assets                                           190,973,951.44             192,283,486.15
  R&D expenses
  Goodwill
  Long-term deferred expenses                                    4,477,822.34               4,387,728.14
  Deferred tax assets                                         351,507,376.69             299,879,029.23
  Other non-current assets                                     53,717,810.80              25,655,775.90
Total non-current assets                                     1,643,943,768.20           1,558,120,213.70
Total assets                                                18,402,498,665.09          18,885,986,837.64
Current liabilities:
  Short-term borrowings                                       123,455,086.90             183,813,064.12
  Borrowings from the Central Bank
  Money deposits accepted and inter-bank deposits
  Interbank borrowings
  Financial liabilities at fair value through profit/loss
  Derivative financial liabilities
  Notes payable                                              2,812,341,286.89           2,620,549,815.47
  Accounts payable                                           3,283,950,717.98           3,335,089,672.06
  Accounts received in advance                               1,662,294,599.30           3,014,347,762.24
  Financial assets sold for repurchase
  Fees and commissions payable
  Payroll payable                                             195,046,514.35             288,592,163.29
  Taxes payable                                               486,228,300.38             412,238,029.96
  Interest payable
  Dividends payable                                              7,150,684.06               7,150,684.06
  Other accounts payable                                      214,809,660.69             199,926,402.04
  Reinsurance premiums payable
Wuxi Little Swan Company Limited                                       First Quarter Report 2017
  Insurance contract reserve
  Payables for acting trading of securities
  Payables for acting underwriting of securities
  Liabilities held for sale
  Non-current liabilities due within one year
  Other current liabilities                         2,220,797,766.56           1,844,413,154.26
Total current liabilities                          11,006,074,617.11          11,906,120,747.50
Non-current liabilities:
  Long-term borrowings
  Bonds payable
     Of which: Preference shares
                    Perpetual bonds
  Long-term accounts payable
  Long-term payroll payable                           15,511,381.91              16,101,348.60
  Special payables
  Provisions                                            1,727,340.89               1,727,340.89
  Deferred income                                       2,829,033.24               2,942,333.25
  Deferred tax liabilities
  Other non-current liabilities
Total non-current liabilities                         20,067,756.04              20,771,022.74
Total liabilities                                  11,026,142,373.15          11,926,891,770.24
Owners’ equity:
  Share capital                                      632,487,764.00             632,487,764.00
  Other equity instruments
     Of which: Preference shares
                    Perpetual bonds
  Capital reserve                                   1,202,834,758.89           1,191,490,133.01
  Less: Treasury shares
  Other comprehensive income                          44,468,922.57              70,757,524.61
  Special reserve
  Surplus reserve                                    332,594,722.29             332,594,722.29
  Provisions for general risks
  Retained earnings                                 4,153,721,163.61           3,756,517,718.81
Equity attributable to owners of the Company        6,366,107,331.36           5,983,847,862.72
Wuxi Little Swan Company Limited                                                First Quarter Report 2017
  Minority interests                                         1,010,248,960.58            975,247,204.68
Total owners’ equity                                        7,376,356,291.94           6,959,095,067.40
Total liabilities and owners’ equity                       18,402,498,665.09          18,885,986,837.64
2. Balance sheet of the Company
                                                                                             Unit: RMB
                                 Item                  Closing balance            Opening balance
Current assets:
  Monetary funds                                             2,392,057,674.52           2,397,428,457.92
  Financial assets at fair value through profit/loss
  Derivative financial assets
  Notes receivable                                           1,167,769,362.91           1,088,559,252.21
  Accounts receivable                                        2,703,374,457.44           2,310,254,576.98
  Accounts paid in advance                                      91,519,964.89             89,477,823.29
  Interest receivable                                           23,257,010.49             18,798,031.69
  Dividends receivable
  Other accounts receivable                                     11,244,547.08             16,176,106.89
  Inventories                                                  795,962,784.83           1,068,494,123.28
  Assets held for sale
  Non-current assets due within one year
  Other current assets                                       4,886,453,220.85           4,965,682,855.69
Total current assets                                        12,071,639,023.01          11,954,871,227.95
Non-current assets:
  Available-for-sale financial assets                              150,000.00                150,000.00
  Held-to-maturity investments
  Long-term accounts receivable
  Long-term equity investments                               1,375,785,041.57           1,375,785,041.57
  Investment property                                            7,457,569.02               7,546,955.16
  Fixed assets                                                 508,411,436.85            490,047,802.72
  Construction in progress
  Engineering materials
  Disposal of fixed assets
  Productive living assets
  Oil-gas assets
  Intangible assets                                             91,918,592.57             92,591,167.64
Wuxi Little Swan Company Limited                                                First Quarter Report 2017
  R&D expenses
  Goodwill
  Long-term deferred expenses                                    2,182,777.60               1,817,228.83
  Deferred tax assets                                         235,361,232.00             197,091,251.29
  Other non-current assets                                     31,229,500.20              18,313,858.80
Total non-current assets                                     2,252,496,149.81           2,183,343,306.01
Total assets                                                14,324,135,172.82          14,138,214,533.96
Current liabilities:
  Short-term borrowings                                        79,489,819.18             123,943,093.80
  Financial liabilities at fair value through profit/loss
  Derivative financial liabilities
  Notes payable                                              1,889,791,518.86           1,508,017,904.49
  Accounts payable                                           4,144,096,482.16           3,913,090,507.89
  Accounts received in advance                                966,664,635.76            1,854,711,663.46
  Payroll payable                                             145,780,276.01             216,530,836.37
  Taxes payable                                               329,229,818.80             249,034,768.38
  Interest payable
  Dividends payable                                              7,150,684.06               7,150,684.06
  Other accounts payable                                       132,711,123.11            143,124,857.82
  Liabilities held for sale
  Non-current liabilities due within one year
  Other current liabilities                                  1,428,776,934.56           1,173,641,937.69
Total current liabilities                                    9,123,691,292.50           9,189,246,253.96
Non-current liabilities:
  Long-term borrowings
  Bonds payable
     Of which: Preference shares
                 Perpetual bonds
  Long-term payables
  Long-term payroll payable
  Special payables
  Provisions
  Deferred income
  Deferred tax liabilities
Wuxi Little Swan Company Limited                                                       First Quarter Report 2017
  Other non-current liabilities
Total non-current liabilities
Total liabilities                                                   9,123,691,292.50           9,189,246,253.96
Owners’ equity:
  Share capital                                                      632,487,764.00             632,487,764.00
  Other equity instruments
     Of which: Preference shares
                    Perpetual bonds
  Capital reserve                                                   1,361,027,672.05           1,350,656,531.65
  Less: Treasury shares
  Other comprehensive income                                          27,861,473.36              37,515,343.84
  Special reserve
  Surplus reserve                                                    319,944,578.39             319,944,578.39
  Retained earnings                                                 2,859,122,392.52           2,608,364,062.12
Total owners’ equity                                               5,200,443,880.32           4,948,968,280.00
Total liabilities and owners’ equity                             14,324,135,172.82           14,138,214,533.96
3. Consolidated income statement
                                                                                                    Unit: RMB
                                  Item                      January-March 2017          January-March 2016
1. Operating revenues                                               5,690,391,543.42           4,239,779,074.70
Including: Sales income                                             5,690,391,543.42           4,239,779,074.70
    Interest income
    Premium income
    Fee and commission income
2. Operating costs                                                  5,288,019,742.72           3,845,333,762.02
Including: Cost of sales                                            4,228,707,468.84           3,047,294,578.28
    Interest expenses
    Fee and commission expenses
    Surrenders
    Net claims paid
    Net amount provided as insurance contract reserve
    Expenditure on policy dividends
    Reinsurance premium
    Taxes and surtaxes                                            29,239,701.58              25,562,733.25
Wuxi Little Swan Company Limited                                                                First Quarter Report 2017
       Selling expenses                                                        862,300,832.44            631,396,475.18
       Administrative expenses                                                 189,893,301.82            153,743,559.27
       Finance costs                                                           -18,400,643.85             -30,693,728.10
       Asset impairment loss                                                    -3,720,918.11             18,030,144.14
Add: Profit on fair value changes (“-” means loss)
     Investment income (“-” means loss)                                      103,187,613.01             27,283,315.31
     Including: Share of profit/loss of associates and joint ventures
     Exchange gains (“-” means loss)
3. Operating profit (“-” means loss)                                         505,559,413.71            421,728,627.99
     Add: Non-operating income                                                  12,773,084.59               7,684,539.49
    Including: Profit on disposal of non-current assets                       378,918.14                  99,572.65
     Less: Non-operating expense                                                  331,135.41                2,293,319.12
    Including: Loss on disposal of non-current assets                           24,360.00
4. Total profit (“-” means loss)                                             518,001,362.89            427,119,848.36
     Less: Corporate income tax                                                 79,585,643.44             66,073,486.70
5. Net profit (“-” means loss)                                               438,415,719.45            361,046,361.66
     Net profit attributable to owners of the Company                          397,203,444.77            317,052,211.46
     Minority interests’ income                                                41,212,274.68             43,994,150.20
6. Other comprehensive income net of tax                                       -32,896,936.37             12,551,896.48
     Other comprehensive income net of tax attributable to owners
                                                                               -26,288,602.05              11,324,431.84
of the Company
    6.1 Other comprehensive income that will not be
reclassified into profit/loss
           6.1.1 Changes in net liabilities or assets with a defined
benefit plan upon re-measurement
           6.1.2 Share of other comprehensive income of investees
that cannot be reclassified into profit/loss under the equity method
    6.2 Other comprehensive income to be subsequently
                                                                               -26,288,602.05              11,324,431.84
reclassified into profit/loss
           6.2.1 Share of other comprehensive income of investees
that will be reclassified into profit/loss under the equity method
           6.2.2    Profit/loss       on     fair   value     changes    of
                                                                               -26,287,126.90              11,325,961.79
available-for-sale financial assets
           6.2.3   Profit/loss       on    reclassifying    held-to-maturity
investments into available-for-sale financial assets
           6.2.4 Effective profit/loss on cash flow hedges
           6.2.5 Currency translation differences                                   -1,475.15                  -1,529.95
           6.2.6 Other
Wuxi Little Swan Company Limited                                                                     First Quarter Report 2017
     Other comprehensive income net of tax attributable to
                                                                                    -6,608,334.32                1,227,464.64
minority interests
7. Total comprehensive income                                                     405,518,783.08              373,598,258.14
     Attributable to owners of the Company                                        370,914,842.72              328,376,643.30
     Attributable to minority interests                                            34,603,940.36               45,221,614.84
8. Earnings per share
     8.1 Basic earnings per share                                                             0.63                         0.50
     8.2 Diluted earnings per share                                                           0.63                         0.50
4. Income statement of the Company
                                                                                                                  Unit: RMB
                                     Item                                January-March 2017           January-March 2016
1. Operating revenues                                                            4,189,686,640.88            3,090,853,563.00
  Less: Operating costs                                                          3,213,206,584.63            2,259,939,915.08
     Taxes and surtaxes                                                            19,175,030.95               19,651,012.59
     Selling expenses                                                             559,809,986.80              481,965,327.52
     Administrative expenses                                                      164,027,140.24              125,466,388.65
     Finance costs                                                                 -16,399,560.75              -25,425,553.41
     Asset impairment loss                                                          -1,435,675.97              13,164,671.57
  Add: profit on fair value changes (“-” means loss)
     Investment income (“-” means loss)                                          44,422,835.24                 7,682,222.22
     Including: Share of profit/loss of associates and joint ventures
2. Operating profit (“-” means loss)                                            295,725,970.22              223,774,023.21
  Add: Non-operating income                                                         1,412,826.87                 2,209,315.20
     Including: Profit on disposal of non-current assets                               56,502.60                   99,572.65
  Less: Non-operating expense                                                         298,795.41                 1,374,415.91
     Including: Loss on disposal of non-current assets
3. Total profit (“-” means loss)                                                296,840,001.68              224,608,922.50
  Less: Corporate income tax                                                       46,081,671.31               34,660,291.98
4. Net profit (“-” means loss)                                                  250,758,330.37              189,948,630.52
5. Other comprehensive income net of tax                                            -9,653,870.47                8,512,924.14
  5.1 Other comprehensive income that will not be reclassified into
profit and loss
     5.1.1 Changes in net liabilities or assets with a defined benefit
plan upon re-measurement
     5.1.2 Share of other comprehensive income of investees that
cannot be reclassified into profit/loss under the equity method
Wuxi Little Swan Company Limited                                                                  First Quarter Report 2017
  5.2 Other comprehensive income to be subsequently reclassified
                                                                                  -9,653,870.47               8,512,924.14
into profit/loss
     5.2.1 Share of other comprehensive income of investees that
will be reclassified into profit/loss under the equity method
     5.2.2 Profit/loss on fair value changes of available-for-sale
                                                                                  -9,653,870.47               8,512,924.14
financial assets
     5.2.3 Profit/loss on reclassifying held-to-maturity investments
into available-for-sale financial assets
     5.2.4 Effective profit/loss on cash flow hedges
     5.2.5 Currency translation differences
     5.2.6 Other
6. Total comprehensive income                                                   241,104,459.90             198,461,554.66
7. Earnings per share
    7.1 Basic earnings per share
    7.2 Diluted earnings per share
5. Consolidated cash flow statement
                                                                                                               Unit: RMB
                                 Item                                  January-March 2017          January-March 2016
1. Cash flows from operating activities:
  Cash received from sale of commodities and rendering of service              3,956,810,503.02           3,078,123,735.58
  Net increase in money deposits from customers and interbank
placements
  Net increase in loans from the Central Bank
  Net increase in funds borrowed from other financial institutions
  Cash received from premium of original insurance contracts
  Net cash received from reinsurance business
  Net increase in deposits of policy holders and investment fund
  Net increase in disposal of financial assets at fair value through
profit/loss
  Interest, fees and commissions received
  Net increase in interbank borrowings
  Net increase in funds in repurchase business
  Tax refunds received                                                           16,580,287.82
  Cash received from other operating activities                                  21,257,432.18              29,195,276.02
Subtotal of cash inflows from operating activities                             3,994,648,223.02           3,107,319,011.60
  Cash paid for goods and services                                             2,973,752,966.09           1,460,899,639.17
  Net increase in loans and advances to customers
Wuxi Little Swan Company Limited                                                               First Quarter Report 2017
  Net increase in funds deposited in the Central Bank and
interbank placements
  Cash paid for claims of original insurance contracts
  Interest, fees and commissions paid
  Cash paid as policy dividends
  Cash paid to and for employees                                             368,240,959.82             298,371,022.35
  Taxes paid                                                                 173,229,722.56             226,899,499.05
  Cash paid for other operating activities                                   648,424,186.37             547,600,585.13
Subtotal of cash outflows due to operating activities                       4,163,647,834.84           2,533,770,745.70
Net cash flows from operating activities                                     -168,999,611.82            573,548,265.90
2. Cash flows from investing activities:
  Cash received from retraction of investments                              1,535,000,000.00           1,895,000,000.00
  Cash received as investment income                                         103,187,613.01              27,283,315.31
  Net cash received from disposal of fixed assets, intangible assets
                                                                                 425,120.74                 116,500.00
and other long-term assets
  Net cash received from disposal of subsidiaries or other business
units
    Cash received from other investing activities                         14,223,931.51              20,632,286.64
Subtotal of cash inflows from investing activities                          1,652,836,665.26           1,943,032,101.95
  Cash paid to acquire fixed assets, intangible assets and other
                                                                              53,959,515.98                3,643,548.60
long-term assets
  Cash paid for investment                                                  1,630,000,000.00           3,146,000,000.00
  Net increase in pledged loans
  Net cash paid to acquire subsidiaries and other business units
    Cash paid for other investing activities
Subtotal of cash outflows due to investing activities                       1,683,959,515.98           3,149,643,548.60
Net cash flows from investing activities                                      -31,122,850.72          -1,206,611,446.65
3. Cash flows from financing activities:
   Cash received from capital contributions
   Including:       Cash    received    from       minority   shareholder
investments by subsidiaries
   Cash received as borrowings
   Cash received from issuance of bonds
   Cash received from other financing activities
Subtotal of cash inflows from financing activities
   Repayment of borrowings                                                    60,357,981.22
Wuxi Little Swan Company Limited                                                                     First Quarter Report 2017
    Cash paid for interest expenses and distribution of dividends or
profit
    Including: dividends or profit paid by subsidiaries to minority
interests
    Cash paid for other financing activities
Sub-total of cash outflows due to financing activities                              60,357,981.22
Net cash flows from financing activities                                            -60,357,981.22
4. Effect of foreign exchange rate changes on cash and cash
equivalents
5. Net increase in cash and cash equivalents                                      -260,480,443.76             -633,063,180.75
    Add: Opening balance of cash and cash equivalents                         4,171,689,917.21           2,792,685,328.69
6. Closing balance of cash and cash equivalents                                   3,911,209,473.45           2,159,622,147.94
6. Cash flow statement of the Company
                                                                                                                  Unit: RMB
                                  Item                                    January-March 2017          January-March 2016
1. Cash flows from operating activities:
  Cash received from sale of commodities and rendering of service                 2,642,335,799.19           1,884,113,725.72
  Tax refunds received
  Cash received from other operating activities                                      8,534,729.25              17,939,349.96
Subtotal of cash inflows from operating activities                                2,650,870,528.44           1,902,053,075.68
  Cash paid for goods and services                                                1,837,967,509.35           1,162,262,194.02
  Cash paid to and for employees                                                   270,566,541.10             212,137,786.99
  Taxes paid                                                                        90,098,052.42             155,701,868.69
  Cash paid for other operating activities                                         451,445,149.64             417,610,973.90
Subtotal of cash outflows due to operating activities                             2,650,077,252.51           1,947,712,823.60
Net cash flows from operating activities                                               793,275.93              -45,659,747.92
2. Cash flows from investing activities:
  Cash received from retraction of investments                                     885,000,000.00            1,000,000,000.00
  Cash received as investment income                                                44,422,835.24                7,682,222.22
  Net cash received from disposal of fixed assets, intangible assets
                                                                                       105,897.44                 116,500.00
and other long-term assets
  Net cash received from disposal of subsidiaries or other business
units
  Cash received from other investing activities                                     11,123,931.51              15,104,692.20
Subtotal of cash inflows from investing activities                                 940,652,664.19            1,022,903,414.42
  Cash paid to acquire fixed assets, intangible assets and other
                                                                                    26,323,172.01                1,142,846.70
long-term assets
Wuxi Little Swan Company Limited                                                            First Quarter Report 2017
  Cash paid for investment                                              910,000,000.00              1,586,000,000.00
  Net cash paid to acquire subsidiaries and other business units
  Cash paid for other investing activities
Subtotal of cash outflows due to investing activities                   936,323,172.01              1,587,142,846.70
Net cash flows from investing activities                                  4,329,492.18               -564,239,432.28
3. Cash flows from financing activities:
    Cash received from capital contributions
    Cash received as borrowings
    Cash received from issuance of bonds
    Cash received from other financing activities
Subtotal of cash inflows from financing activities
    Repayment of borrowings                                              44,453,274.62
    Cash paid for interest expenses and distribution of dividends or
profit
    Cash paid for other financing activities
Sub-total of cash outflows due to financing activities                   44,453,274.62
Net cash flows from financing activities                                 -44,453,274.62
4. Effect of foreign exchange rate changes on cash and cash
equivalents
5. Net increase in cash and cash equivalents                             -39,330,506.51              -609,899,180.20
     Add: Opening balance of cash and cash equivalents                 2,353,708,554.75             1,866,443,114.64
6. Closing balance of cash and cash equivalents                        2,314,378,048.24             1,256,543,934.44
II Auditor’s report
Is this Report audited?
□ Yes √ No
This Report is not audited.
                                                                         Wuxi Little Swan Company Limited
                                                                           Legal representative: Fang Hongbo
                                                                                          April 22, 2017

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