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粤照明B:2020年第一季度报告全文(英文版) 下载公告
公告日期:2020-04-25

FOSHAN ELECTRICAL AND LIGHTING CO., LTD.

FIRST QUARTER REPORT 2020

April 2020

Part I Important Notes

The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,supervisors and senior management of Foshan Electrical and Lighting Co., Ltd. (hereinafterreferred to as the “Company”) hereby guarantee the factuality, accuracy and completeness ofthe contents of this Report and its summary, and shall be jointly and severally liable for anymisrepresentations, misleading statements or material omissions therein.All the Company’s directors have attended the Board meeting for the review of this Reportand its summary.He Yong, the Company’s legal representative, Liu Xingming, the Company’s GeneralManager, and Tang Qionglan, the Company’s Chief Financial Officer (CFO) herebyguarantee that the Financial Statements carried in this Report are factual, accurate andcomplete.This Report have been prepared in both Chinese and English. Should there be anydiscrepancies or misunderstandings between the two versions, the Chinese versions shallprevail.

Part II Key Corporate InformationI Key Financial InformationIndicate by tick mark whether there is any retrospectively restated datum in the table below.

□ Yes √ No

Q1 2020Q1 2019Change (%)
Operating revenue (RMB)560,357,960.57889,232,750.52-36.98%
Net profit attributable to the listed company’s shareholders (RMB)32,282,776.3586,659,035.18-62.75%
Net profit attributable to the listed company’s shareholders before exceptional items (RMB)34,187,987.9874,681,526.84-54.22%
Net cash generated from/used in operating activities (RMB)-24,040,955.3329,966,955.13-180.22%
Basic earnings per share (RMB/share)0.02310.0619-62.68%
Diluted earnings per share (RMB/share)0.02310.0619-62.68%
Weighted average return on equity (%)0.65%1.82%-1.17%
31 March 202031 December 2019Change (%)
Total assets (RMB)6,196,213,408.536,175,200,008.240.34%
Equity attributable to the listed company’s shareholders (RMB)5,013,575,515.114,880,736,800.072.72%

Exceptional gains and losses:

√ Applicable □ Not applicable

Unit: RMB

ItemQ1 2020Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs)-664,717.71
Government subsidies charged to the profit/loss for this Reporting Period (except for the government grants closely related to the business of the Company and given at a fixed quota or amount in accordance with the State’s uniform standards)143,128.00
Gain or loss on fair-value changes in trading financial assets and liabilities and derivative financial assets and liabilities & investment income from disposal of trading financial assets and liabilities and derivative financial assets and liabilities, and invest in other debt obligations (exclusive of effective portion of hedges that arise in the Company’s ordinary course of business)-1,528,400.00
Non-operating income and expense other than above2,129.38
Less: Income tax effects-147,020.11
Non-controlling interests effects (net of tax)4,371.41
Total-1,905,211.63--

Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in theExplanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Exceptional Gain/Loss Items:

□ Applicable √ Not applicable

No such cases for the Reporting Period.II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2020

1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well asHoldings of Top 10 Shareholders

Unit: share

Number of ordinary shareholders at the period-end82,890Number of preferred shareholders with resumed voting rights at the period-end (if any)0
Top 10 shareholders
Name of shareholderNature of shareholderShareholding percentageTotal shares heldRestricted shares heldShares in pledge or frozen
StatusShares
Hong Kong Wah Shing Holding Company LimitedForeign legal person13.47%188,496,430In pledge92,363,251
Prosperity Lamps & Components LimitedForeign legal person10.50%146,934,857
Shenzhen Rising Investment Development Co., Ltd.State-owned legal person5.12%71,696,136In pledge35,800,000
Guangdong Electronics Information Industry Group Ltd.State-owned legal person4.74%66,393,501In pledge32,532,815
Central Huijin Asset Management Co., Ltd.State-owned legal person2.42%33,878,900
Essence International Securities (Hong Kong) Co., Ltd.Foreign legal person2.22%31,028,913
Hong Kong Rising Investment Development Co., Ltd.Foreign legal person1.82%25,482,252
DBS VICKERS (HONG KONG) LTD A/C CLIENTSForeign legal person1.57%22,002,137
China Merchants Securities (Hong Kong) Co., LtdState-owned legal person0.87%12,160,316
Zhuang JianyiForeign natural person0.85%11,903,5098,927,632
Top 10 unrestricted shareholders
Name of shareholderUnrestricted shares heldShares by type
TypeShares
Hong Kong Wah Shing Holding Company Limited188,496,430RMB-denominated ordinary stock188,496,430
Prosperity Lamps & Components Limited146,934,857RMB-denominated ordinary stock146,934,857
Shenzhen Rising Investment Development Co., Ltd.71,696,136RMB-denominated ordinary stock71,696,136
Guangdong Electronics Information Industry Group Ltd.66,393,501RMB-denominated ordinary stock66,393,501
Central Huijin Asset Management Co., Ltd.33,878,900RMB-denominated ordinary stock33,878,900
Essence International Securities (Hong Kong) Co., Ltd.31,028,913Domestically listed foreign stock31,028,913
Hong Kong Rising Investment Development Co., Ltd.25,482,252Domestically listed foreign stock25,482,252
DBS VICKERS (HONG KONG) LTD A/C CLIENTS22,002,137Domestically listed foreign stock22,002,137
China Merchants Securities (Hong Kong) Co., Ltd.12,160,316Domestically listed foreign stock12,160,316
Guangdong Rising Financial Holding Co., Ltd.11,434,762RMB-denominated ordinary stock11,434,762
Related or acting-in-concert parties among the shareholders aboveAmong the top 10 shareholders and top 10 unrestricted shareholders, Hong Kong Wah Shing Holding Company Limited, Shenzhen Rising Investment Development Co., Ltd., Guangdong Electronics Information Industry Group Ltd., Hong Kong Rising Investment Development Co., Ltd. and Guangdong Rising Financial Holding Co., Ltd. are acting-in-concert parties; and Prosperity Lamps & Components Limited and Zhuang Jianyi are acting-in-concert parties. Apart from that, it is unknown whether there is among the top 10 shareholders any other related parties or acting-in-concert parties as defined in the Administrative Measures for the Acquisition of Listed Companies.
Top 10 ordinary shareholders involved in securities margin trading (if any)None

Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinaryshareholders of the Company conducted any promissory repo during the Reporting Period.

□ Yea √ No

No such cases in the Reporting Period.

2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them

□ Applicable √ Not applicable

Part III Significant EventsI Changes in Key Financial Statement Line Items and Explanation of why

√ Applicable □ Not applicable

Unit: RMB

ItemQ1 2020/31 March 2020Q1 2019/31 December 2019Change (%)Explanation of why
Held-for-trading financial assets617,674,635.62901,166,682.64-31.46%primarily driven by a decrease in outstanding investments in bank's wealth management products in the Current Period.
Other non-current assets5,978,312.179,861,098.08-39.37%Settlement of prepayments for equipment
Advances from customers50,449,357.17-100.00%Reclassification of certain advances from customers to contractual liabilities due to the adoption of the new accounting standard governing revenue
Contractual liabilities61,086,542.09N/AReclassification of certain advances from customers to contractual liabilities due to the adoption of the new accounting standard governing revenue
Payroll payable44,523,464.8083,156,852.86-46.46%Payment in the Current Period of the year-end bonuses of last year to the employees
Operating revenue560,357,960.57889,232,750.52-36.98%Postponement of work resumption of the Company and its upstream and downstream companies due to the COVID-19 outbreak, as well as the impact of traffic limitation on raw material purchase, product delivery, market promotion, etc.
Cost of sales436,510,926.18686,392,508.53-36.41%Corresponding to a decrease in operating revenue
Taxes and surchages7,083,895.7710,992,127.94-35.55%Corresponding to a decrease in operating revenue
R&D expense19,828,312.3214,375,055.4837.94%Increase in patent royalties paid
Finance costs-13,908,499.013,967,630.69-450.55%Increase in foreign exchange gain due to the depreciation of RMB against the U.S. dollar
Interest income10,597,188.924,993,925.50112.20%Increase in interest on bank deposits
Return on investment8,050,462.4520,086,440.56-59.92%Q1 2019 recorded income from the sale of the equity interests held in Chengdu Hongbo Industrial Co., Ltd.
Gain on changes in fair value-1,528,400.00377,800.00-504.55%As the forward forex settlement products outstanding at the beginning of the period

were delivered upon maturity in the period,the gain/loss on changes in the correspondingfair value was transferred to return oninvestment

Credit impairment loss-730,317.40-2,181,356.1766.52%Decrease in allowances for doubtful accounts
Non-operating income72,280.75207,409.53-65.15%Decrease in government subsidies that are not associated with operating activities
Non-operating expense684,869.0824,008.402752.62%Increase in loss on disposal of fixed assets
Profit before tax38,812,200.10102,690,409.91-62.20%Decrease in operating revenue
Income tax expense6,072,161.8416,233,962.80-62.60%Decrease in profit before tax
Net profit32,740,038.2686,456,447.11-62.13%Decrease in profit before tax
Net profit attributable to owners of the Company as the parent32,282,776.3586,659,035.18-62.75%Decrease in net profit
Net profit attributable to non-controlling interests457,261.91-202,588.07325.71%Increase in profits of non-wholly-owned subsidiaries
Other comprehensive income, net of tax100,555,938.69239,269,215.96-57.97%Smaller increase in the fair value of investments in other equity instruments
Other comprehensive income, net of tax, attributable to owners of the Company as the parent100,555,938.69239,269,215.96-57.97%Smaller increase in the fair value of investments in other equity instruments
Changes in the fair value of investments in other equity instruments100,595,067.77239,287,933.48-57.96%Smaller increase in the fair value of investments in other equity instruments
Differences arising from the translation of foreign currency-denominated financial statements-39,129.08-18,717.52-109.05%Appreciation of euro against RMB
Total comprehensive income133,295,976.95325,725,663.07-59.08%Smaller increase in the fair value of investments in other equity instruments
Net cash generated from/used in operating activities-24,040,955.3329,966,955.13-180.22%Larger decrease in proceeds from sale of commodities and rendering of services than in payments for commodities and services
Net cash generated from/used in investing activities277,193,052.5859,745,391.61363.96%Increase in investments withdrawn from bank’s wealth management products upon maturity
Net increase in cash and cash equivalents253,239,792.7487,083,045.17190.80%Increase in net cash generated from investing activities

II Progress, Influence and Solutions with regard to Significant Events

□ Applicable √ Not applicable

Progress of any share repurchase:

□ Applicable √ Not applicable

Progress of any reduction of the repurchased shares through centralized bidding:

□ Applicable √ Not applicable

III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during theReporting Period

□ Applicable √ Not applicable

No such cases in the Reporting Period.IV Securities Investments

√ Applicable □ Not applicable

Unit: RMB

Security typeSecurity codeSecurity nameInitial investment costMeasurement methodBeginning carrying valueGain/Loss on fair-value changes in Reporting PeriodAccumulated fair-value changes charged to equityPurchased in Reporting PeriodSold in Reporting PeriodGain/loss in Reporting PeriodEnding carrying valueAccounting titleFunding source
Domestically/Overseas listed stock002074Guoxuan High-tech160,000,000.00Fair value method661,377,161.25133,184,541.75574,326,563.36794,561,703.00Investments in other equity instrumentsSelf-funded
Domestically/Overseas listed stock601818China Everbright Bank30,828,816.00Fair value method81,791,185.14-14,837,403.2043,304,034.1266,953,781.94Investments in other equity instrumentsSelf-funded
DomestiN/AXiamen292,574Fair706,517413,943706,517InvestmSelf-fun
cally/Overseas listed stockBank,133.00value method,718.67,585.67,718.67ents in other equity instrumentsded
Domestically/Overseas listed stockN/AFoshan branch of Guangdong Development Bank500,000.00Fair value method500,000.00500,000.00Investments in other equity instrumentsSelf-funded
Total483,902,949.00--1,450,186,065.06118,347,138.551,031,574,183.150.000.000.001,568,533,203.61----
Disclosure date of announcement on Board’s consent for securities investments
Disclosure date of announcement on general meeting’s consent for securities investments (if any)

V Cash Entrusted for Wealth Management

√ Applicable □ Not applicable

Unit: RMB'0,000

Specific typeCapital resourcesAmount incurredUndue BalanceOverdue amount
Bank financial productsSelf-owned funds47,00033,5000
Structural depositsSelf-owned funds43,00028,0000
Total90,00061,5000

Particulars of cash entrusted for wealth management with single significant amount or low security, bad liquidity,and no capital preservation

√ Applicable □ Not applicable

Unit: RMB'0,000

TrusteeType of trusteeType of wealth management productPrincipalSource of principalBeginning dateEnding dateUse of principalDetermination of yieldAnnualized yield rate for referenceExpected yield (if any)Actual gain/loss in Reporting PeriodReceipt/payment of such gain/lossAllowance for impairment (if any)Prescribed procedure executed or notPlan for more transaction or notIndex to transaction summary and other information (if any)
China Guangfa Bank, Guangzhou development area sub-branchBankPrincipal-protected with floating yield8,000The Company’s own idle funds16 January 202015 April 2020InvestmentRepayment of principal with yield4.00%78.965.75To be receivedYesYeswww.cninfo.com.cn
Huaxia Bank, Foshan branchBankPrincipal-protected with floating yield5,000The Company’s own idle funds14 February 202014 May 2020InvestmentRepayment of principal with yield3.80%46.8523.95To be receivedYesYeswww.cninfo.com.cn
China Bohai Bank Shenzhen Chegongmiao sub-branchBankPrincipal-protected with floating yield2,500The Company’s own idle funds19 February 202019 May 2020InvestmentRepayment of principal with yield3.80%23.4210.67To be receivedYesYeswww.cninfo.com.cn
HuaxiaBankPrincipal-prot3,000The Comp19 Februa19 MayInvestmentRepayment3.80%28.1113.12To be receivYesYeswww.cninfo
Bank, Foshan branchected with floating yieldany’s own idle fundsry 20202020of principal with yielded.com.cn
China Guangfa Bank, Guangzhou development area sub-branchBankPrincipal-protected with floating yield2,000The Company’s own idle funds19 February 202019 May 2020InvestmentRepayment of principal with yield3.85%18.998.86To be receivedYesYeswww.cninfo.com.cn
China Minsheng Bank Foshan sub-branchBankPrincipal-protected with floating yield8,000The Company’s own idle funds26 February 202026 May 2020InvestmentRepayment of principal with yield4.00%78.929.81To be receivedYesYeswww.cninfo.com.cn
China Guangfa Bank, Guangzhou development area sub-branchBankPrincipal-protected with floating yield5,000The Company’s own idle funds26 February 202026 May 2020InvestmentRepayment of principal with yield3.85%47.4717.93To be receivedYesYeswww.cninfo.com.cn
Industrial Bank, Guangzhou Baiyun sub-brBankPrincipal-protected with floating yield12,000The Company’s own idle funds11 February 202012 May 2020InvestmentRepayment of principal with yield3.90%116.6862.83To be receivedYesYeswww.cninfo.com.cn
anch
China Minsheng Bank Foshan sub-branchBankPrincipal-protected with floating yield16,000The Company’s own idle funds20 March 20201 July 2020InvestmentRepayment of principal with yield3.85%173.8318.56To be receivedYesYeswww.cninfo.com.cn
Total61,500------------613.15251.48--------

Whether there is the case where the principal cannot be recovered at maturity or other case which may causeimpairment of cash entrusted for wealth management

□ Applicable √ Not applicable

VI Investments in Derivative Financial Instruments

√ Applicable □ Not applicable

Unit: USD’0,000

Operating partyRelationship with the CompanyRelated-party transaction or notType of derivativeInitial investment amountBeginning dateEnding dateBeginning investmentPurchased in Reporting PeriodSold in Reporting PeriodImpairment allowance (if any)Ending investmentEnding investment as % of the Company’s ending net assetsActual gain/loss in Reporting Period
Foshan branch of Bank of ChinaNot relatedNotOrdinary forward forex settlement8004 November 20197 January 20204004003.67
Foshan branch of the Agricultural Bank of ChinaNot relatedNotOrdinary forward forex settlement1,2004 December 201915 April 20201,2008004000.56%10.37
Foshan branchNotNotOrdinary forward10017 March27 March100100-0.65
of Guangzhou Rural Commercial Bankrelatedforex settlement20202020
Total2,100----1,6001001,3004000.56%13.39
Funding sourceAll from the Company’s own money
Legal matters involved (if applicable)N/A
Disclosure date of board announcement approving derivative investment (if any)23 May 2018
Disclosure date of general meeting announcement approving derivative investment (if any)
Analysis of risks and control measures associated with derivative investments held in Reporting Period (including but not limited to market risk, liquidity risk, credit risk, operational risk, legal risk, etc.)Risk Analysis of Forward Exchange Settlement Business: 1. Risk of exchange rate fluctuations. In the case of large fluctuations in the exchange rate, the quoted price of the bank’s forward exchange rate may be lower than the Company’s quoted exchange rate to the customer, which will make the Company unable to lock the quoted exchange rate to the customer or the bank’s forward exchange rate may deviate from the exchange rate at the time of the Company’s actual receipt and payment, and causes exchange losses. 2. Risk of customer default. The customer’s accounts receivable may be overdue, and the payment for goods cannot be recovered within the predictable payback period, which will result in the loss of the Company due to the delayed forward settlement. 3. Risk of payback prediction. The marketing department shall made corresponding payback prediction based on customer orders and expected orders. However, during the actual implementation process, customers may adjust their orders and predictions, which will result in the Company’s incorrect payback prediction and cause the risk of delayed delivery of forward exchange settlement. Adopted Risk Control Measures: 1. The Company will strengthen the research and analysis of the exchange rate. When the exchange rate fluctuates greatly, it will adjust the business strategy in a timely manner to stabilize the export business and avoid exchange losses to the utmost. 2. The Management System for Forward Settlement and Sales of Foreign Exchanges reviewed and approved by the board of directors of the Company stipulates that all forward foreign exchange settlement businesses of the Company shall be based on the normal production and operation, and relied on specific business operations to avoid and prevent various exchange rate risks. However, speculative transaction and interest arbitrage are not allowed. At the same time, the system clearly defines the operating principles, approval authority, responsible department and responsible person, internal operation procedures, information isolation measures, internal risk reporting system, risk management procedures, and information disclosure related to the forward settlement business as well. In fact, the system is conducive to strengthen the management of the Company’s forward foreign
exchange settlement business and prevent investment risks. 3. In order to prevent any delay in the forward exchange settlement, the Company will strengthen the management of accounts receivable, actively collect receivables, and avoid any overdue receivables. In the meantime, the Company plans to increase the export purchases and purchase corresponding credit insurance so as to reduce the risk of default and customer default. 4. The Company’s forward foreign exchange settlement transactions must be based on the Company’s foreign exchange earnings prediction. Besides, the Company shall strictly control the scale of its forward foreign exchange settlement business, and manage all risks that the Company may face within a controllable range. 5. The internal audit department of the Company shall check the actual signing and execution situation of all trading contracts on a regular or irregular basis.
Changes in market prices or fair value of derivative investments in Reporting Period (fair value analysis should include measurement method and related assumptions and parameters)The Company has invested ordinary forward exchange settlement product and the exchange settlement shall be carried out in accordance with the currency, amount and exchange rate stipulated in the forward exchange settlement contract, and the fair value of the product will change.
Major changes in accounting policies and specific accounting principles adopted for derivative investments in Reporting Period compared to last reporting periodN/A
Opinion of independent directors on derivative investments and risk controlThe independent directors of the Company are of the opinion that during the Reporting Period, the Company carried out forward forex settlement in strict compliance with the Company Law, the Regulations of the People’s Bank of China on Foreign Exchange Settlement, Sale and Payment and the Company’s Management Rules for Forward Foreign Exchange Settlement and Sale, among others, as well as within the Board’s authorization. Such trading is primarily aimed to prevent exchange rate fluctuations from impacting the Company’s export business and operating earnings, with no speculative trading involved. It is a necessity, and the risk is well under control.

VII Communications with the Investment Community such as Researches, Inquiries andInterviews during the Reporting Period

□ Applicable √ Not applicable

No such cases in the Reporting Period.VIII Irregularities in the Provision of Guarantees

□ Applicable √ Not applicable

No such cases in the Reporting Period.

IX Occupation of the Company’s Capital by the Controlling Shareholder or Its RelatedParties for Non-Operating Purposes

□ Applicable √ Not applicable

No such cases in the Reporting Period.

Part IV Financial StatementsI Financial Statements

1. Consolidated Balance Sheet

Prepared by Foshan Electrical and Lighting Co., Ltd.

31 March 2020

Unit: RMB

Item31 March 202031 December 2019
Current assets:
Monetary assets1,388,237,154.041,125,456,662.64
Settlement reserve
Interbank loans granted
Held-for-trading financial assets617,674,635.62901,166,682.64
Derivative financial assets
Notes receivable94,402,341.97109,444,480.94
Accounts receivable638,198,118.23712,175,266.51
Accounts receivable financing
Prepayments8,849,906.997,851,390.78
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables25,208,373.7622,307,344.76
Including: Interest receivable
Dividends receivable
Financial assets purchased under resale agreements
Inventories659,682,396.21637,336,584.06
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets54,587,262.3752,502,863.59
Total current assets3,486,840,189.193,568,241,275.92
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments179,013,334.93181,093,725.43
Investments in other equity instruments1,573,087,380.011,454,740,241.46
Other non-current financial assets
Investment property
Fixed assets619,966,978.24629,832,098.35
Construction in progress126,040,645.31119,030,610.16
Productive living assets
Oil and gas assets
Use rights assets
Intangible assets166,728,438.65167,826,499.74
R&D expense
Goodwill
Long-term prepaid expense7,365,707.757,727,394.74
Deferred income tax assets31,192,422.2836,847,064.36
Other non-current assets5,978,312.179,861,098.08
Total non-current assets2,709,373,219.342,606,958,732.32
Total assets6,196,213,408.536,175,200,008.24
Current liabilities:
Short-term borrowings
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable402,453,555.39374,665,327.74
Accounts payable432,907,849.35559,016,692.70
Advances from customers50,449,357.17
Contractual liabilities61,086,542.09
Financial assets sold under repurchase agreements
Customer deposits and interbank deposits
Payables for acting trading of securities
Payables for underwriting of securities
Payroll payable44,523,464.8083,156,852.86
Taxes payable12,373,363.7917,211,068.21
Other payables47,422,480.5346,073,344.71
Including: Interest payable
Dividends payable
Handling charges and commissions payable
Reinsurance payables
Liabilities directly associated with assets classified as held for sale
Current portion of non-current liabilities
Other current liabilities
Total current liabilities1,000,767,255.951,130,572,643.39
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term payroll payable
Provisions
Deferred income
Deferred income tax liabilities154,738,947.48137,216,136.70
Other non-current liabilities
Total non-current liabilities154,738,947.48137,216,136.70
Total liabilities1,155,506,203.431,267,788,780.09
Owners’ equity:
Share capital1,399,346,154.001,399,346,154.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves158,608,173.07158,608,173.07
Less: Treasury stock
Other comprehensive income876,816,286.88776,260,348.19
Specific reserve
Surplus reserves836,559,645.36836,559,645.36
General reserve
Retained earnings1,742,245,255.801,709,962,479.45
Total equity attributable to owners of the Company as the parent5,013,575,515.114,880,736,800.07
Non-controlling interests27,131,689.9926,674,428.08
Total owners’ equity5,040,707,205.104,907,411,228.15
Total liabilities and owners’ equity6,196,213,408.536,175,200,008.24

Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan

2. Balance Sheet of the Company as the Parent

Unit: RMB

Item31 March 202031 December 2019
Current assets:
Monetary assets1,325,624,026.111,059,001,233.28
Held-for-trading financial assets617,674,635.62901,166,682.64
Derivative financial assets
Notes receivable88,168,041.97107,567,164.99
Accounts receivable581,441,036.33666,106,832.53
Accounts receivable financing
Prepayments27,878,139.976,614,791.10
Other receivables51,582,773.7637,934,614.96
Including: Interest receivable
Dividends receivable
Inventories571,102,261.26553,557,529.00
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets47,647,959.6343,118,385.01
Total current assets3,311,118,874.653,375,067,233.51
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments462,806,437.19464,886,827.69
Investments in other equity instruments1,573,087,380.011,454,740,241.46
Other non-current financial assets
Investment property
Fixed assets563,257,071.26573,844,707.66
Construction in progress125,379,749.88116,240,559.37
Productive living assets
Oil and gas assets
Use rights assets
Intangible assets124,753,315.22125,673,065.66
R&D expense
Goodwill
Long-term prepaid expense4,949,385.664,891,398.93
Deferred income tax assets28,446,561.2134,205,213.27
Other non-current assets4,659,512.178,440,448.08
Total non-current assets2,887,339,412.602,782,922,462.12
Total assets6,198,458,287.256,157,989,695.63
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable405,403,555.39376,265,327.74
Accounts payable579,571,098.24689,846,497.35
Advances from customers46,758,714.00
Contractual liabilities68,606,340.51
Payroll payable32,660,750.2868,658,329.30
Taxes payable10,796,113.2412,374,430.19
Other payables115,602,104.01125,001,875.83
Including: Interest payable
Dividends payable
Liabilities directly associated with assets classified as held for sale
Current portion of non-current liabilities
Other current liabilities
Total current liabilities1,212,639,961.671,318,905,174.41
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term payroll payable
Provisions
Deferred income
Deferred income tax liabilities154,738,947.48137,216,136.70
Other non-current liabilities
Total non-current liabilities154,738,947.48137,216,136.70
Total liabilities1,367,378,909.151,456,121,311.11
Owners’ equity:
Share capital1,399,346,154.001,399,346,154.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves166,211,779.15166,211,779.15
Less: Treasury stock
Other comprehensive income876,838,055.67776,242,987.90
Specific reserve
Surplus reserves836,559,645.36836,559,645.36
Retained earnings1,552,123,743.921,523,507,818.11
Total owners’ equity4,831,079,378.104,701,868,384.52
Total liabilities and owners’ equity6,198,458,287.256,157,989,695.63

Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan

3. Consolidated Income Statement

Unit: RMB

ItemQ1 2020Q1 2019
1. Revenue560,357,960.57889,232,750.52
Including: Operating revenue560,357,960.57889,232,750.52
Interest income
Premium income
Handling charge and commission income
2. Costs and expenses526,847,116.01805,155,026.13
Including: Cost of sales436,510,926.18686,392,508.53
Interest expense
Handling charge and commission expense
Surrenders
Net claims paid
Net amount provided as policy reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and surcharges7,083,895.7710,992,127.94
Selling expense46,466,589.8156,726,445.41
Administrative expense30,865,890.9432,701,258.08
R&D expense19,828,312.3214,375,055.48
Finance costs-13,908,499.013,967,630.69
Including: Interest expense
Interest income10,597,188.924,993,925.50
Add: Other income122,198.82146,400.00
Return on investment (“-” for loss)8,050,462.4520,086,440.56
Including: Share of profit or loss of joint ventures and associates
Income from the derecognition of financial assets at amortized cost (“-” for loss)
Foreign exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss)-1,528,400.00377,800.00
Credit impairment loss (“-” for loss)-730,317.40-2,181,356.17
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for loss)
3. Operating profit (“-” for loss)39,424,788.43102,507,008.78
Add: Non-operating income72,280.75207,409.53
Less: Non-operating expense684,869.0824,008.40
4. Profit before tax (“-” for loss)38,812,200.10102,690,409.91
Less: Income tax expense6,072,161.8416,233,962.80
5. Net profit (“-” for net loss)32,740,038.2686,456,447.11
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net loss)32,740,038.2686,456,447.11
5.1.2 Net profit from discontinued operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to owners of the Company as the parent32,282,776.3586,659,035.18
5.2.1 Net profit attributable to non-controlling interests457,261.91-202,588.07
6. Other comprehensive income, net of tax100,555,938.69239,269,215.96
Attributable to owners of the Company as the parent100,555,938.69239,269,215.96
6.1 Items that will not be reclassified to profit or loss100,595,067.77239,287,933.48
6.1.1 Changes caused by remeasurements on defined benefit pension schemes
6.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method
6.1.3 Changes in the fair value of investments in other equity instruments100,595,067.77239,287,933.48
6.1.4 Changes in the fair value of the company’s credit risks
6.1.5 Other
6.2 Items that will be reclassified to profit or loss-39,129.08-18,717.52
6.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method
6.2.2 Changes in the fair value of investments in other debt obligations
6.2.3 Other comprehensive income arising from the reclassification of financial assets
6.2.4 Allowance for credit impairments in investments in other debt obligations
6.2.5 Reserve for cash flow hedges
6.2.6 Differences arising from the translation of foreign currency-denominated financial statements-39,129.08-18,717.52
6.2.7 Other
Attributable to non-controlling interests
7. Total comprehensive income133,295,976.95325,725,663.07
Attributable to owners of the Company as the parent132,838,715.04325,928,251.14
Attributable to non-controlling interests457,261.91-202,588.07
8. Earnings per share
8.1 Basic earnings per share0.02310.0619
8.2 Diluted earnings per share0.02310.0619

Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees beforethe combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan

4. Income Statement of the Company as the Parent

Unit: RMB

ItemQ1 2020Q1 2019
1. Operating revenue525,496,491.07852,343,699.73
Less: Cost of sales418,987,671.28670,506,168.18
Taxes and surcharges6,177,097.249,152,146.60
Selling expense43,453,718.5051,507,913.46
Administrative expense26,821,027.2828,180,888.78
R&D expense17,626,070.3414,051,923.39
Finance costs-13,775,921.874,084,122.70
Including: Interest expense
Interest income10,456,543.514,878,769.66
Add: Other income75,128.00146,400.00
Return on investment (“-” for loss)8,050,462.4520,416,668.76
Including: Share of profit or loss of joint ventures and associates
Income from the derecognition of financial assets at amortized cost (“-” for loss)
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss)-1,528,400.00377,800.00
Credit impairment loss (“-” for loss)772,220.24-1,386,674.74
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for loss)
2. Operating profit (“-” for loss)33,576,238.9994,414,730.64
Add: Non-operating income18,235.9453,128.97
Less: Non-operating expense-71,320.1110,418.62
3. Profit before tax (“-” for loss)33,665,795.0494,457,440.99
Less: Income tax expense5,049,869.2314,168,616.14
4. Net profit (“-” for net loss)28,615,925.8180,288,824.85
4.1 Net profit from continuing operations (“-” for net loss)28,615,925.8180,288,824.85
4.2 Net profit from discontinued operations (“-” for net loss)
5. Other comprehensive income, net of tax100,595,067.77239,287,933.48
5.1 Items that will not be reclassified to profit or loss100,595,067.77239,287,933.48
5.1.1 Changes caused by remeasurements on defined benefit pension schemes
5.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method
5.1.3 Changes in the fair value of investments in other equity instruments100,595,067.77239,287,933.48
5.1.4 Changes in the fair value of the company’s credit risks
5.1.5 Other
5.2 Items that will be reclassified to profit or loss
5.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method
5.2.2 Changes in the fair value of investments in other debt obligations
5.2.3 Other comprehensive income arising from the reclassification of financial assets
5.2.4 Allowance for credit impairments in investments in other debt obligations
5.2.5 Reserve for cash flow hedges
5.2.6 Differences arising from the translation of foreign currency-denominated financial statements
5.2.7 Other
6. Total comprehensive income129,210,993.58319,576,758.33
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share

Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan

5. Consolidated Cash Flow Statement

Unit: RMB

ItemQ1 2020Q1 2019
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services666,737,548.22860,544,423.63
Net increase in customer deposits and interbank deposits
Net increase in borrowings from the central bank
Net increase in loans from other financial institutions
Premiums received on original insurance contracts
Net proceeds from reinsurance
Net increase in deposits and investments of policy holders
Interest, handling charges and commissions received
Net increase in interbank loans obtained
Net increase in proceeds from repurchase transactions
Net proceeds from acting trading of securities
Tax rebates15,719,615.4825,748,584.53
Cash generated from other operating activities15,110,878.2017,661,656.41
Subtotal of cash generated from operating activities697,568,041.90903,954,664.57
Payments for commodities and services483,605,896.41610,047,969.13
Net increase in loans and advances to customers
Net increase in deposits in the central bank and in interbank loans granted
Payments for claims on original insurance contracts
Net increase in interbank loans granted
Interest, handling charges and commissions paid
Policy dividends paid
Cash paid to and for employees164,552,051.15173,108,110.24
Taxes paid15,571,789.2037,615,521.94
Cash used in other operating activities57,879,260.4753,216,108.13
Subtotal of cash used in operating activities721,608,997.23873,987,709.44
Net cash generated from/used in operating activities-24,040,955.3329,966,955.13
2. Cash flows from investing activities:
Proceeds from disinvestment280,000,000.0051,000,000.00
Return on investment12,613,429.8321,535,662.08
Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets109,978.12
Net proceeds from the disposal of subsidiaries and other business units
Cash generated from other investing activities
Subtotal of cash generated from investing activities292,723,407.9572,535,662.08
Payments for the acquisition of fixed assets, intangible assets and other long-lived assets15,530,355.3712,790,270.47
Payments for investments
Net increase in pledged loans granted
Net payments for the acquisition of subsidiaries and other business units
Cash used in other investing activities
Subtotal of cash used in investing activities15,530,355.3712,790,270.47
Net cash generated from/used in investing activities277,193,052.5859,745,391.61
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by non-controlling interests to subsidiaries
Borrowings obtained
Cash generated from other financing activities
Subtotal of cash generated from financing activities
Repayments of borrowings
Payments for interest and dividends
Including: Dividends paid by subsidiaries to non-controlling interests
Cash used in other financing activities
Subtotal of cash used in financing activities
Net cash generated from/used in financing activities
4. Effect of foreign exchange rate changes on cash and cash equivalents87,695.49-2,629,301.57
5. Net increase in cash and cash equivalents253,239,792.7487,083,045.17
Add: Cash and cash equivalents, beginning of the period1,049,833,555.02795,285,756.38
6. Cash and cash equivalents, end of the period1,303,073,347.76882,368,801.55

Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan

6. Cash Flow Statement of the Company as the Parent

Unit: RMB

ItemQ1 2020Q1 2019
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services640,471,098.43828,912,698.12
Tax rebates15,714,059.7725,745,430.08
Cash generated from other operating activities12,361,475.6813,446,529.19
Subtotal of cash generated from operating activities668,546,633.88868,104,657.39
Payments for commodities and services497,890,855.63636,614,939.04
Cash paid to and for employees127,807,771.53133,856,759.29
Taxes paid8,859,709.8924,163,638.62
Cash used in other operating activities54,781,434.6349,548,623.78
Subtotal of cash used in operating activities689,339,771.68844,183,960.73
Net cash generated from/used in operating activities-20,793,137.8023,920,696.66
2. Cash flows from investing activities:
Proceeds from disinvestment280,000,000.0051,000,000.00
Return on investment12,613,429.8321,865,890.28
Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets103,361.02
Net proceeds from the disposal of subsidiaries and other business units
Cash generated from other investing activities
Subtotal of cash generated from investing activities292,716,790.8572,865,890.28
Payments for the acquisition of fixed assets, intangible assets and other long-lived assets14,962,496.0512,531,880.47
Payments for investments
Net payments for the acquisition of subsidiaries and other business units
Cash used in other investing activities
Subtotal of cash used in investing activities14,962,496.0512,531,880.47
Net cash generated from/used in investing activities277,754,294.8060,334,009.81
3. Cash flows from financing activities:
Capital contributions received
Borrowings obtained
Cash generated from other financing activities
Subtotal of cash generated from financing activities
Repayments of borrowings
Payments for interest and dividends
Cash used in other financing activities
Subtotal of cash used in financing activities
Net cash generated from/used in financing activities
4. Effect of foreign exchange rate changes on cash and cash equivalents120,937.17-2,601,705.96
5. Net increase in cash and cash equivalents257,082,094.1781,653,000.51
Add: Cash and cash equivalents, beginning of the period983,378,125.66747,588,730.42
6. Cash and cash equivalents, end of the period1,240,460,219.83829,241,730.93

Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan

II Adjustments to the Financial Statements

1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of any NewStandards Governing Revenue or Leases from 2020

√ Applicable □ Not applicable

Consolidated balance sheet

Unit: RMB

Item31 December 20191 January 2020Adjustment
Current assets:
Monetary assets1,125,456,662.641,125,456,662.64
Held-for-trading financial assets901,166,682.64901,166,682.64
Notes receivable109,444,480.94109,444,480.94
Accounts receivable712,175,266.51712,175,266.51
Prepayments7,851,390.787,851,390.78
Other receivables22,307,344.7622,307,344.76
Inventories637,336,584.06637,336,584.06
Other current assets52,502,863.5952,502,863.59
Total current assets3,568,241,275.923,568,241,275.92
Non-current assets:
Long-term equity investments181,093,725.43181,093,725.43
Investments in other equity instruments1,454,740,241.461,454,740,241.46
Fixed assets629,832,098.35629,832,098.35
Construction in progress119,030,610.16119,030,610.16
Intangible assets167,826,499.74167,826,499.74
Long-term prepaid expense7,727,394.747,727,394.74
Deferred income tax assets36,847,064.3636,847,064.36
Other non-current assets9,861,098.089,861,098.08
Total non-current assets2,606,958,732.322,606,958,732.32
Total assets6,175,200,008.246,175,200,008.24
Current liabilities:
Notes payable374,665,327.74374,665,327.74
Accounts payable559,016,692.70559,016,692.70
Advances from customers50,449,357.17-50,449,357.17
Contractual Liabilities50,449,357.1750,449,357.17
Payroll payable83,156,852.8683,156,852.86
Taxes payable17,211,068.2117,211,068.21
Other payables46,073,344.7146,073,344.71
Total current liabilities1,130,572,643.391,130,572,643.39
Non-current liabilities:
Deferred income tax liabilities137,216,136.70137,216,136.70
Total non-current liabilities137,216,136.70137,216,136.70
Total liabilities1,267,788,780.091,267,788,780.09
Owners’ equity:
Share capital1,399,346,154.001,399,346,154.00
Capital reserves158,608,173.07158,608,173.07
Other comprehensive income776,260,348.19776,260,348.19
Surplus reserves836,559,645.36836,559,645.36
Retained earnings1,709,962,479.451,709,962,479.45
Total equity attributable to owners of the Company as the parent4,880,736,800.074,880,736,800.07
Non-controlling interests26,674,428.0826,674,428.08
Total owners’ equity4,907,411,228.154,907,411,228.15
Total liabilities and owners’ equity6,175,200,008.246,175,200,008.24

Notes to the adjustmentAccording to the new standards governing revenues, “Contractual liabilities” refer to the obligation of the company to transfercommodity to customers due to the company’s customer consideration received or receivable. The “advances from customers”received by the Company in advance due to performing contractual obligations by customers shall be adjusted into the “Contractualliabilities”.

Balance sheet of the Company as the parent

Unit: RMB

Item31 December 20191 January 2020Adjustment
Current assets:
Monetary assets1,059,001,233.281,059,001,233.28
Held-for-trading financial assets901,166,682.64901,166,682.64
Notes receivable107,567,164.99107,567,164.99
Accounts receivable666,106,832.53666,106,832.53
Prepayments6,614,791.106,614,791.10
Other receivables37,934,614.9637,934,614.96
Inventories553,557,529.00553,557,529.00
Other current assets43,118,385.0143,118,385.01
Total current assets3,375,067,233.513,375,067,233.51
Non-current assets:
Long-term equity investments464,886,827.69464,886,827.69
Investments in other equity instruments1,454,740,241.461,454,740,241.46
Fixed assets573,844,707.66573,844,707.66
Construction in progress116,240,559.37116,240,559.37
Intangible assets125,673,065.66125,673,065.66
Long-term prepaid expense4,891,398.934,891,398.93
Deferred income tax assets34,205,213.2734,205,213.27
Other non-current assets8,440,448.088,440,448.08
Total non-current assets2,782,922,462.122,782,922,462.12
Total assets6,157,989,695.636,157,989,695.63
Current liabilities:
Notes payable376,265,327.74376,265,327.74
Accounts payable689,846,497.35689,846,497.35
Advances from customers46,758,714.00-46,758,714.00
Contractual Liabilities46,758,714.0046,758,714.00
Payroll payable68,658,329.3068,658,329.30
Taxes payable12,374,430.1912,374,430.19
Other payables125,001,875.83125,001,875.83
Total current liabilities1,318,905,174.411,318,905,174.41
Non-current liabilities:
Deferred income tax liabilities137,216,136.70137,216,136.70
Total non-current liabilities137,216,136.70137,216,136.70
Total liabilities1,456,121,311.111,456,121,311.11
Owners’ equity:
Share capital1,399,346,154.001,399,346,154.00
Capital reserves166,211,779.15166,211,779.15
Other comprehensive income776,242,987.90776,242,987.90
Surplus reserves836,559,645.36836,559,645.36
Retained earnings1,523,507,818.111,523,507,818.11
Total owners’ equity4,701,868,384.524,701,868,384.52
Total liabilities and owners’ equity6,157,989,695.636,157,989,695.63

Notes to the adjustmentAccording to the new standards governing revenues, “Contractual liabilities” refer to the obligation of the company to transfercommodity to customers due to the company’s customer consideration received or receivable. The “advances from customers”received by the Company in advance due to performing contractual obligations by customers shall be adjusted into the “Contractualliabilities”.

2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any NewStandards Governing Revenue or Leases from 2020

□ Applicable √ Not applicable

III Independent Auditor’s Report

Indicate by tick mark whether the financial statements above have been audited by an independent auditor.

□ Yes √ No

These financial statements have not been audited by such an auditor.

The Board of DirectorsFoshan Electrical and Lighting Co., Ltd.23 April 2020


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