The Report for the First Quarter of 2017—Changchai Company, Limited
Changchai Company, Limited
The Report for the First Quarter of 2017
April 2017
The Report for the First Quarter of 2017—Changchai Company, Limited
Section I Important Statements
The Board of Directors, the Supervisory Committee, directors, supervisors and senior
management staff of Changchai Company, Limited (hereinafter referred to as “the Company”)
warrant that the information carried in this report is factual, accurate and complete, without any
false record, misleading statement or material omission. And they shall be jointly and severally
liable for that.
All directors have attended the board session for reviewing this report.
Shi Xinkun, company principal, Zhang Xin, chief of the accounting work, and Jiang He, chief
of the accounting organ (chief of accounting), hereby confirm that the financial statements enclosed
in this report are factual, accurate and complete.
This Report is prepared in both Chinese and English. Should there be any discrepancy between
the two versions, the Chinese version shall prevail.
The Report for the First Quarter of 2017—Changchai Company, Limited
Section II Financial Results and Changes in Shareholders
I Financial results
Whether the Company performed any retroactive adjustments to or restatement 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) 723,164,530.66 654,517,225.08 10.49%
Net profit attributable to shareholders of the
34,991,536.70 24,282,056.99 44.10%
Company (RMB)
Net profit attributable to shareholders of the
Company before exceptional profit and loss 14,440,682.83 24,946,954.15 -42.11%
(RMB)
Net operating cash flow (RMB) -52,599,067.83 -5,947,696.22 ——
Basic earnings per share (RMB/share) 0.06 0.04 50.00%
Diluted earnings per share (RMB/share) 0.06 0.04 50.00%
Weighted average return on equity (%) 1.48% 1.22% 0.26%
31 March 2017 31 December 2016 +/-%
Total assets (RMB) 3,924,083,844.86 3,724,857,266.71 5.35%
Net assets attributable to shareholders of the
2,392,797,929.62 2,323,712,892.92 2.97%
Company (RMB)
Exceptional profit and loss
√ Applicable □ Inapplicable
Unit: RMB
Item January-March 2017 Note
Profit/loss on disposal of non-current assets (including
621,715.50
offset asset 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 Company and 334,893.41
given at a fixed quota or amount in accordance with the
State’s uniform standards)
The equity ownership
Profit due to the situation where investment costs for the transfer on the Company’s
Company to obtain subsidiaries, associates and joint acquisition of Changzhou
ventures are lower than the enjoyable fair value of 22,756,742.66 Fuji Changchai Robin
identifiable net assets of investees when making Gasoline Engine Co., Ltd.
investments (Changchai Robin) was
completed in 20 January
The Report for the First Quarter of 2017—Changchai Company, Limited
2017, since when Changchai
Robin has been included into
the consolidation scope of
the Company. For the
transaction price of the said
equity acquisition was lower
than the evaluated price, the
said deal generated an
income of
RMB22,756,742.66.
Profit/loss on fair value changes of transactional
financial assets and liabilities & investment income
from disposal of transactional financial assets and
107,098.26
liabilities as well as financial assets available for sale,
except for effective hedges related to routine operations
of the Company
Non-operating income and expense other than the above -3,609,136.60
Less: Corporate income tax effects -318,449.38
Minority interests effects (after tax) -21,091.26
Total 20,550,853.87 --
Explain the reasons if the Company classifies 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 classifies any exceptional profit/loss item mentioned in the said
explanatory announcement as recurrent profit/loss
□ Applicable √ Not applicable
No such cases in the Reporting Period.
II Total number of shareholders at the period-end and shareholdings of top ten shareholders
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
50,464 shareholders with resumed
shareholders at the period-end
voting rights at the period-end
Shareholdings of top ten shareholders
Pledged or frozen
Shareholding Number of
Nature of Number of shares
Name of shareholder percentage restricted shares
shareholder shares held Status of Number
(%) held
shares of shares
State-owned Assets
Supervision and On behalf of
Administration Commission of the 30.43% 170,845,236
Changzhou Municipal government
People’s Government
Bosera Value Growth Fund Other 2.51% 14,100,000
The Report for the First Quarter of 2017—Changchai Company, Limited
China Construction
Bank-Bosera Value Growth Other 0.96% 5,400,000
No. 2 Fund
Foreign
KGI Asia Limited 0.59% 3,294,845
corporation
Beijing Shen Zhou Mu
Investment Fund Management
Other 0.48% 2,710,495
Ltd.—Hongyan Shen Zhou
Mu Fund
Guo Dong Ze Quan
Investment Management Co.,
Ltd.－Ze Quan Wealth Other 0.36% 2,006,800
Manager Securities Investment
Fund No. 2
Zhong Ou Asset
Management-Bank of
China-Ping An Life Insurance-
Zhong Ou Asset Management Other 0.34% 1,899,930
- Ping An Life Insurance
Entrusted Investment No. 1
Asset Management Plan
Vanguard Total International Foreign
0.29% 1,626,592
Stock Index Fund corporation
Tibet Shen Zhou Mu Fund
Management Co.,
Other 0.29% 1,613,081
Ltd.—Tianlu Securities
Investment Private Fund No. 1
Domestic
Huang Guoliang 0.27% 1,528,891
individual
Shareholdings of top ten non-restricted shareholders
Number of non-restricted Variety of shares
Name of shareholder
shares held Variety Number
State-owned Assets Supervision and
Administration Commission of Changzhou 170,845,236 RMB ordinary shares 170,845,236
Municipal People’s Government
Bosera Value Growth Fund 14,100,000 RMB ordinary shares 14,100,000
China Construction Bank-Bosera Value
5,400,000 RMB ordinary shares 5,400,000
Growth No. 2 Fund
Domestically listed
KGI Asia Limited 3,294,845 3,294,845
foreign shares
Beijing Shen Zhou Mu Investment Fund
Management Ltd.—Hongyan Shen Zhou 2,710,495 RMB ordinary shares 2,710,495
Mu Fund
Guo Dong Ze Quan Investment
2,006,800 RMB ordinary shares 2,006,800
Management Co., Ltd.－Ze Quan Wealth
The Report for the First Quarter of 2017—Changchai Company, Limited
Manager Securities Investment Fund No. 2
Zhong Ou Asset Management-Bank of
China-Ping An Life Insurance- Zhong Ou
Asset Management - Ping An Life 1,899,930 RMB ordinary shares 1,899,930
Insurance Entrusted Investment No. 1 Asset
Management Plan
Vanguard Total International Stock Index Domestically listed
1,626,592 1,626,592
Fund foreign shares
Tibet Shen Zhou Mu Fund Management
Co., Ltd.—Tianlu Securities Investment 1,613,081 RMB ordinary shares 1,613,081
Private Fund No. 1
Domestically listed
Huang Guoliang 1,528,891 1,528,891
foreign shares
It is unknown whether there was any associated relationship among
the top ten tradable shareholders and among the top ten shareholders
Related or acting-in-concert parties among
not subject to trading moratorium, or whether they are persons
the above shareholders
acting in concert as described by Measures for the Administrative of
Disclosure of Shareholder Equity Changes.
Shareholder Beijing Shen Zhou Mu Investment Fund Management
Ltd.—Hongyan Shen Zhou Mu Fund held a total of 968,100 shares
Top ten common shareholders conducting
in the Company, representing a stake of 0.17%, through the client
securities margin trading
account of collateral securities for margin trading of Southwest
Securities Co., Ltd.
Did any of the top ten common shareholders or the top ten non-restricted common shareholders of the Company
conduct any promissory repo during the Reporting Period?
□ Yea √ No
No such cases in the Reporting Period.
2. Total number of preference shareholders and shareholdings of the top ten of them
□ Applicable √ Not applicable
The Report for the First Quarter of 2017—Changchai Company, Limited
Section III Significant Events
I Changes in major accounting statement items and financial indicators for the Reporting
Period, as well as reasons for such changes
√ Applicable □ Not applicable
1. Accounts receivable increased by RMB306,206,478.47 (85.23%) from the opening amount mainly because the
Company properly allowed customers’ buying on credit according to its production and operation characteristics
in the first quarter to expand its market space, and the percentage of multi-cylinder engines in the total sales
increased (longer payment days for these customers for they mostly procure multi-cylinder engines as a
component).
2. Other accounts receivable increased by RMB16,648,375.49 (399.66%) from the opening amount mainly
because of the temporary lendings from subsidiary Housheng Investment to Xuzhou East China Casting General
Factory, etc.
3. Long-term equity investments decreased by RMB21,006,230.03 (100%) from the opening amount mainly
because wholly-owned subsidiary Changzhou Fuji Changchai Robin Gasoline Engine Co., Ltd. (Changchai Robin)
were included in the consolidation scope for the Reporting Period, while it was measured as a long-term equity
investment in a joint stock company in the same period of last year.
4. Construction in progress decreased by RMB34,954,074.17 (38.93%) from the opening amount mainly because
the multi-cylinder engine improvement project phase II partly became fixed assets.
5. Notes payable increased by RMB94,940,000.00 (34.39%) from the opening amount mainly because notes were
adopted more often in the settlement with suppliers.
6. Payroll payable decreased by RMB25,813,507.52 (44.09%) from the opening amount mainly because some of
the salary and bonus provisions made last year were paid in the Reporting Period.
7. Taxes and surtaxes increased by RMB2,290,705.23 (1550.36%) from the same period of last year mainly
because of the taxes and surtaxes of the newly consolidated Changchai Robin.
8. Asset impairment loss decreased by RMB7,152,145.26 (100%) from the same period of last year mainly
because provisions were made for the impairment of accounts receivable for in the same period of last year while
there were no such cases in the Reporting Period.
9. Investment income increased by RMB1,269,812.54 (134.34%) from the same period of last year mainly
because in the consolidation of Changchai Robin, the equity investment was re-measured as per its fair value on
the acquisition day and the difference between its fair value and book value was charged to the current investment
income.
10. Non-operating revenues increased by RMB20,660,013.67 (2098.62%) from the same period of last year
mainly because the Company acquired the equity interests of Changchai Robin at a discount and the income from
The Report for the First Quarter of 2017—Changchai Company, Limited
the consolidation was charged to the current non-operating revenues.
11. Non-operating expense increased by RMB1,515,240.19 (71.04%) from the same period of last year mainly
because of the loss on disposal of bad inventories.
12. Corporate income tax decreased by RMB2,368,517.96 (47.86%) from the same period of last year mainly
because of the decreased profit of the Company as a parent company.
13. Net profit attributable to the owners of the Company as a parent company increased by RMB10,709,479.71
(44.10%) from the same period of last year mainly because the Company acquired the equity interests of
Changchai Robin at a price lower than the evaluated price and the income thus generated was charged to the
current profit/loss.
14. Net cash flows from operating activities decreased by RMB46,651,371.61 from the same period of last year
mainly because of the increased accounts receivable.
15. Net cash received from disposal of fixed assets, intangible assets and other long-term assets increased by
RMB436,223.44 (2011.17%) from the same period of last year mainly because subsidiary Chuangzhou Changchai
Benniu Diesel Engine Fittings Co., Ltd. received cash for disposal of some fixed assets.
II Progress of significant events and analysis & explanations on their influence and solutions
√ Applicable □Not applicable
The Company held the interim meeting of board of directors on 26 Aug. 2016. The meeting reviewed and
approved the Proposal about Receiving 67% of Stock Rights of Changzhou Fuji Changchai Robin Gasoline
Engine Co., Ltd. Held by Fuji Heavy Industries Ltd.. After merger is completed, the Company will hold 100% of
stock rights of Changzhou Fuji Changchai Robin Gasoline Engine Co., Ltd. and Changzhou Fuji Changchai Robin
Gasoline Engine Co., Ltd. will be transferred to domestic enterprise from Sino-Foreign joint venture. Changzhou
Fuji Changchai Robin Gasoline Engine Co., Ltd. completed the industrial and commercial registration of
alteration related to stock rights transfer and got Business License changed by Market Supervision Commission of
Changzhou National High-Tech Industrial Development Area (New North Area) on 20 Jan. 2017. The registered
capital is RMB 37,250,000, scope of business comprises small general gasoline engine and concerned equipment
(including agricultural machinery, engineering machinery, water pump unit and small generator unit); production,
processing, research, development, sales, technical consultation of relevant components and spare parts.
Changzhou Fuji Changchai Robin Gasoline Engine Co., Ltd. will be added into the scope of consolidated
statements of the Company since 20 January 2017. For the transaction price was lower than the evaluated price, an
income of RMB22,756,742.66 was generated in this transaction, which was respectively charged to the current
investment income and non-operating revenues.
Summary of significant event Disclosure date Related announcement No.
Acquisition of a 67% stake of Changzhou Fuji
Changchai Robin Gasoline Engine Co., Ltd.
08/30/2016 2016-016
held by the Japan-based Fuji Heavy Industries
Ltd.
Equity ownership transfer completed for the
01/24/2017 2017-001
acquisition of a 67% stake of Changzhou Fuji
The Report for the First Quarter of 2017—Changchai Company, Limited
Changchai Robin Gasoline Engine Co., Ltd.
held by the Japan-based Fuji Heavy Industries
Ltd.
III Commitments of the Company, its shareholders, actual controller, acquirer, directors,
supervisors, senior management or other related parties fulfilled in the Reporting Period or
ongoing at the period-end
□Applicable√Not applicable
IV Operating result forecast for January-June 2017
Warning of possible loss or considerable YoY change of the accumulated net profit made during the
period-beginning to the end of the next reporting period according to prediction, as well as explanations on the
reasons:
□Applicable √ Not applicable
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
Date of visit Way of visit Type of visitor Index to main inquiry information
List of the progress of the state-owned enterprise
6 Jan.2017 Other Individual
reform of the Company
7 Jan.2017 Other Individual Future development strategies of the Company
17 Jan.2017 Other Individual Operation of the Company
28 Feb.2017 Other Individual Operation of the Company
30 Mar.2017 Other Individual List of the Company’s future plan
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.
The Report for the First Quarter of 2017—Changchai Company, Limited
Section IV Financial Statements
I Financial statements
1. Consolidated balance sheet
Prepared by Changchai Company, Limited
31 March 2017
Unit: RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 590,065,733.85 670,703,802.02
Settlement reserves
Lendings to banks and other financial institutions
Financial assets measured at fair value with fair
value changes included in the profit and loss for the
Reporting Period
Derivative financial assets
Notes receivable 394,312,939.65 501,070,279.01
Accounts receivable 665,486,300.16 359,279,821.69
Accounts paid in advance 18,405,967.79 15,483,475.43
Premiums receivable
Reinsurance premiums receivable
Receivable reinsurance contract reserves
Interest receivable
Dividends receivable
Other accounts receivable 20,814,050.11 4,165,674.62
Financial assets purchased under agreement to resell
Inventories 520,327,724.26 494,046,458.44
Assets held for sale
Non-current assets due within one year
Other current assets 27,661,939.04 39,669,983.12
Total current assets 2,237,074,654.86 2,084,419,494.33
Non-current assets:
Loans and advances to customers
Available-for-sale financial assets 860,182,500.00 820,072,500.00
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investments 21,006,230.03
Investment property 54,520,604.03 55,072,689.23
Fixed assets 606,228,014.67 553,678,938.87
Construction in progress 54,826,973.04 89,781,047.21
Engineering materials
Disposal of fixed assets
The Report for the First Quarter of 2017—Changchai Company, Limited
Productive living assets
Oil-gas assets
Intangible assets 110,339,868.84 99,915,137.62
R&D expense
Goodwill
Long-term deferred expenses
Deferred income tax assets 911,229.42 911,229.42
Other non-current assets
Total non-current assets 1,687,009,190.00 1,640,437,772.38
Total assets 3,924,083,844.86 3,724,857,266.71
Current liabilities:
Short-term borrowings 10,000,000.00 10,000,000.00
Borrowings from the Central Bank
Money deposits accepted and inter-bank deposits
Loans from banks and other financial institutions
Financial liabilities measured at fair value with fair
value changes included in the profit and loss for the
Reporting Period
Derivative financial liabilities
Notes payable 371,030,000.00 276,090,000.00
Accounts payable 647,761,541.78 605,424,726.65
Accounts received in advance 38,941,932.90 40,890,620.69
Financial assets sold for repurchase
Handling charges and commissions payable
Payroll payable 32,736,401.38 58,549,908.90
Taxes and fares payable 8,564,501.78 9,622,332.76
Interest payable
Dividends payable 3,891,433.83 3,891,433.83
Other accounts payable 216,998,277.10 204,446,810.56
Reinsurance premiums payable
Insurance contract reserves
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 3,708,282.30 2,454,381.75
Total current liabilities 1,333,632,371.07 1,211,370,215.14
Non-current liabilities:
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
The Report for the First Quarter of 2017—Changchai Company, Limited
Long-term accounts payable
Long-term payroll payable
Special payables
Estimated liabilities
Deferred income 60,791,138.67 61,057,232.08
Deferred income tax liabilities 117,820,645.60 109,949,700.00
Other non-current liabilities
Total non-current liabilities 178,611,784.27 171,006,932.08
Total liabilities 1,512,244,155.34 1,382,377,147.22
Owners’ equity:
Share capital 561,374,326.00 561,374,326.00
Other equity instruments
Of which: Preference shares
Perpetual bonds
Capital reserves 164,328,665.43 164,328,665.43
Less: Treasury stock
Other composite income 657,141,800.00 623,048,300.00
Special reserves 11,715,417.22 11,715,417.22
Surplus reserves 311,880,248.88 311,880,248.88
Provisions for general risks
Retained profit 686,357,472.09 651,365,935.39
Total equity attributable to owners of the Company 2,392,797,929.62 2,323,712,892.92
Minority interests 19,041,759.90 18,767,226.57
Total owners’ equity 2,411,839,689.52 2,342,480,119.49
Total liabilities and owners’ equity 3,924,083,844.86 3,724,857,266.71
Legal representative: Shi Xinkun Chief of the accounting work: Zhang Xin
Chief of the accounting organ: Jiang He
The Report for the First Quarter of 2017—Changchai Company, Limited
2. Balance sheet of the Company
Unit: RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 554,544,004.51 637,109,762.94
Financial assets measured at fair value of which
changes are recorded in current profits and losses
Derivative financial assets
Notes receivable 392,372,939.65 500,870,279.01
Accounts receivable 600,251,531.05 308,800,670.90
Accounts paid in advance 10,226,238.06 9,845,904.32
Interest receivable
Dividend receivable
Other accounts receivable 7,141,085.92 3,694,673.93
Inventories 410,610,394.30 430,345,089.36
Assets held for sale
Non-current assets due within 1 year
Other current assets 9,039,729.92 24,225,031.87
Total current assets 1,984,185,923.41 1,914,891,412.33
Non-current assets:
Available-for-sale financial assets 852,982,500.00 812,872,500.00
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investment 231,752,730.03 205,472,730.03
Investing real estate 54,520,604.03 55,072,689.23
Fixed assets 494,028,360.73 450,042,747.40
Construction in progress 54,826,973.04 89,781,047.21
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 77,403,750.77 78,558,644.37
R&D expense
Goodwill
Long-term deferred expenses
The Report for the First Quarter of 2017—Changchai Company, Limited
Deferred income tax assets 911,229.42 911,229.42
Other non-current assets
Total of non-current assets 1,766,426,148.02 1,692,711,587.66
Total assets 3,750,612,071.43 3,607,602,999.99
Current liabilities:
Short-term borrowings
Financial liabilities measured at fair value of which
changes are recorded in current profits and losses
Derivative financial liabilities
Notes payable 344,060,000.00 251,220,000.00
Accounts payable 615,132,779.98 596,734,009.07
Accounts received in advance 36,662,521.72 37,250,941.51
Payroll payable 27,958,477.04 52,498,428.10
Tax payable 5,268,179.99 6,587,374.37
Interest payable
Dividend payable 3,243,179.97 3,243,179.97
Other accounts payable 203,246,895.81 194,596,980.96
Liabilities held for sale
Non-current liabilities due within 1 year
Other current liabilities
Total current liabilities 1,235,572,034.51 1,142,130,913.98
Non-current liabilities:
Long-term borrowings
Bonds payable
Of which: preference shares
Perpetual bonds
Long-term payables
Long-term payroll payables
Specific payables
Estimated liabilities
Deferred income 60,791,138.67 61,057,232.08
Deferred income tax liabilities 115,966,200.00 109,949,700.00
Other non-current liabilities
Total non-current liabilities 176,757,338.67 171,006,932.08
Total liabilities 1,412,329,373.18 1,313,137,846.06
The Report for the First Quarter of 2017—Changchai Company, Limited
Owners’ equity:
Share capital 561,374,326.00 561,374,326.00
Other equity instruments
Of which: preference shares
Perpetual bonds
Capital reserves 183,071,147.70 183,071,147.70
Less: Treasury stock
Other comprehensive income 657,141,800.00 623,048,300.00
Specific reserves 11,715,417.22 11,715,417.22
Surplus reserves 311,880,248.88 311,880,248.88
Retained profits 613,099,758.45 603,375,714.13
Total owners’ equity 2,338,282,698.25 2,294,465,153.93
Total liabilities and owners’ equity 3,750,612,071.43 3,607,602,999.99
The Report for the First Quarter of 2017—Changchai Company, Limited
3. Consolidated income statement
Unit: RMB
Item January-March 2017 January-March 2016
I. Operating revenues 723,164,530.66 654,517,225.08
Including: Sales income 723,164,530.66 654,517,225.08
Interest income
Premium income
Handling charge and commission income
II. Operating costs 705,529,406.81 624,697,612.11
Including: Cost of sales 638,873,185.41 558,899,175.07
Interest expenses
Handling charge and commission expenses
Surrenders
Net claims paid
Net amount withdrawn for the insurance
contract reserve
Expenditure on policy dividends
Reinsurance premium
Taxes and associate charges 2,438,458.01 147,752.78
Selling and distribution expenses 26,191,359.28 25,269,299.51
Administrative expenses 39,069,823.45 34,596,836.45
Financial expenses -1,043,419.34 -1,367,596.96
Asset impairment loss 7,152,145.26
Add: Gain/(loss) from change in fair value (“-” means
loss)
Gain/(loss) from investment (“-” means loss) 2,215,049.22 945,236.68
Including: share of profits in associates and joint
ventures
Foreign exchange gains (“-” means loss)
III. Business profit (“-” means loss) 19,850,173.07 30,764,849.65
Add: non-operating income 21,644,468.76 984,455.09
Including: Gains on disposal of non-current
assets
Less: non-operating expense 3,648,204.75 2,132,964.56
Including: Losses on disposal of non-current
assets
IV. Total profit (“-” means loss) 37,846,437.08 29,616,340.18
The Report for the First Quarter of 2017—Changchai Company, Limited
Less: Income tax expense 2,580,367.05 4,948,885.01
V. Net profit (“-” means loss) 35,266,070.03 24,667,455.17
Net profit attributable to owners of the Company 34,991,536.70 24,282,056.99
Minority shareholders’ income 274,533.33 385,398.18
VI. After-tax net amount of other comprehensive
34,093,500.00 -64,322,000.00
incomes
After-tax net amount of other comprehensive
34,093,500.00 -64,322,000.00
incomes attributable to owners of the Company
(I) Other comprehensive incomes that will not
be reclassified into gains and losses
1. Changes in net liabilities or assets with a
defined benefit plan upon re-measurement
2. Enjoyable shares in other comprehensive
incomes in investees that cannot be reclassified into
gains and losses under the equity method
(II) Other comprehensive incomes that will be
34,093,500.00 -64,322,000.00
reclassified into gains and losses
1. Enjoyable shares in other comprehensive
incomes in investees that will be reclassified into gains
and losses under the equity method
2. Gains and losses on fair value changes of
34,093,500.00 -64,322,000.00
available-for-sale financial assets
3. Gains and losses on reclassifying
held-to-maturity investments into available-for-sale
financial assets
4. Effective hedging gains and losses on
cash flows
5. Foreign-currency financial statement
translation difference
6. Other
After-tax net amount of other comprehensive
incomes attributable to minority shareholders
VII. Total comprehensive incomes 69,359,570.03 -39,654,544.83
Attributable to owners of the Company 69,085,036.70 -40,039,943.01
Attributable to minority shareholders 274,533.33 385,398.18
VIII. Earnings per share
(I) Basic earnings per share 0.06 0.04
(II) Diluted earnings per share 0.06 0.04
Legal representative: Shi Xinkun Chief of the accounting work: Zhang Xin
Chief of the accounting organ: Jiang He
The Report for the First Quarter of 2017—Changchai Company, Limited
4. Income statement of the Company
Unit: RMB
Item January-March 2017 January-March 2016
I. Total sales 671,067,381.57 640,749,505.25
Less: cost of sales 597,712,030.57 553,421,857.04
Business taxes and surcharges 1,852,624.69
Distribution expenses 23,846,836.58 23,769,408.12
Administrative expenses 34,336,123.95 30,006,219.55
Financial costs -1,346,027.09 -1,638,329.38
Impairment loss 7,152,145.26
Add: gain/(loss) from change in fair value (“-”
means loss)
Gain/(loss) from investment (“-” means loss) 509,513.02
Including: income from investment on associates
236,925.27 330,006.17
and joint ventures
II. Business profit (“-” means loss) 14,665,792.87 28,547,717.68
Add: non-operating income 468,401.99 807,500.77
Including: Gains on disposal of non-current
6,445,439.34
assets
Less: non-operating expense 3,585,448.64 2,132,964.56
Including: Losses on disposal of non-current
179,739.42
assets
III. Total profit (“-” means loss) 11,548,746.22 27,222,253.89
Less: Income tax expense 1,824,701.90 4,771,744.93
IV. Net profit (“-” means loss) 9,724,044.32 22,450,508.96
V. After-tax net amount of other comprehensive
269,528,625.00 -64,322,000.00
incomes
(I) Other comprehensive incomes that will not be
reclassified into gains and losses
1. Changes in net liabilities or assets with a
defined benefit plan upon re-measurement
2. Enjoyable shares in other comprehensive
incomes in investees that cannot be reclassified into
gains and losses under the equity method
(II) Other comprehensive incomes that will be
269,528,625.00 -64,322,000.00
reclassified into gains and losses
1. Enjoyable shares in other comprehensive
incomes in investees that will be reclassified into gains
and losses under the equity method
2. Gains and losses on fair value changes of 269,528,625.00 -64,322,000.00
The Report for the First Quarter of 2017—Changchai Company, Limited
available-for-sale financial assets
3. Gains and losses on reclassifying
held-to-maturity investments into available-for-sale
financial assets
4. Effective hedging gains and losses on cash
flows
5. Foreign-currency financial statement
translation difference
6. Other
VI. Total comprehensive incomes 279,252,669.32 -41,871,491.04
VII. Earnings per share
(I) Basic earnings per share
(II) Diluted earnings per share
The Report for the First Quarter of 2017—Changchai Company, Limited
5. Consolidated cash flow statement
Unit: RMB
Item January-March 2017 January-March 2016
I. Cash flows from operating activities:
Cash received from sale of commodities and
559,720,974.26 570,710,622.97
rendering of service
Net increase of deposits from customers and dues
from banks
Net increase of loans from the central bank
Net increase of funds borrowed from other financial
institutions
Cash received from premium of original insurance
contracts
Net cash received from reinsurance business
Net increase of deposits of policy holders and
investment fund
Net increase of disposal of financial assets
measured at fair value of which changes are recorded
into current gains and losses
Cash received from interest, handling charges and
commissions
Net increase of intra-group borrowings
Net increase of funds in repurchase business
Tax refunds received 20,849,031.11 15,643,486.32
Other cash received relating to operating activities 3,910,470.17 3,992,946.72
Subtotal of cash inflows from operating activities 584,480,475.54 590,347,056.01
Cash paid for goods and services 499,393,990.54 464,404,385.99
Net increase of customer lendings and advances
Net increase of funds deposited in the central bank
and amount due from banks
Cash for paying claims of the original insurance
contracts
Cash for paying interest, handling charges and
commissions
Cash for paying policy dividends
Cash paid to and for employees 98,279,534.01 100,039,282.31
Various taxes paid 13,750,299.06 11,273,422.74
Other cash payment relating to operating activities 25,655,719.76 20,577,661.19
Subtotal of cash outflows from operating activities 637,079,543.37 596,294,752.23
Net cash flows from operating activities -52,599,067.83 -5,947,696.22
The Report for the First Quarter of 2017—Changchai Company, Limited
II. Cash flows from investing activities:
Cash received from withdrawal of investments 10,000,000.00
Cash received from return on investments 107,098.26 534,897.17
Net cash received from disposal of fixed assets,
457,913.44 21,690.00
intangible assets and other long-term assets
Net cash received from disposal of subsidiaries or
other business units
Other cash received relating to investing
activities
Subtotal of cash inflows from investing activities 565,011.70 10,556,587.17
Cash paid to acquire fixed assets, intangible assets
32,207,669.61 25,322,380.08
and other long-term assets
Cash paid for investment 3,000,000.00
Net increase of pledged loans
Net cash paid to acquire subsidiaries and other
1,854,599.33
business units
Other cash payments relating to investing activities 13,000,000.00 11,000,000.00
Subtotal of cash outflows from investing activities 50,062,268.94 36,322,380.08
Net cash flows from investing activities -49,497,257.24 -25,765,792.91
III. Cash Flows from Financing Activities:
Cash received from capital contributions
Including: Cash received from minority
shareholder investments by subsidiaries
Cash received from borrowings
Cash received from issuance of bonds
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities
Repayment of borrowings 2,500,000.00
Cash paid for interest expenses and distribution of
81,250.00 222,291.66
dividends or profit
Including: dividends or profit paid by subsidiaries
to minority shareholders
Other cash payments relating to financing
4,497.87
activities
Sub-total of cash outflows from financing activities 85,747.87 2,722,291.66
Net cash flows from financing activities -85,747.87 -2,722,291.66
IV. Effect of foreign exchange rate changes on cash
and cash equivalents
V. Net increase in cash and cash equivalents -102,182,072.94 -34,435,780.79
The Report for the First Quarter of 2017—Changchai Company, Limited
Add: Opening balance of cash and cash
583,278,129.09 526,716,238.21
equivalents
VI. Closing balance of cash and cash equivalents 481,096,056.15 492,280,457.42
The Report for the First Quarter of 2017—Changchai Company, Limited
6. Cash flow statement of the Company
Unit: RMB
Item January-March 2017 January-March 2016
I. Cash flows from operating activities:
Cash received from sale of commodities and
535,658,165.47 543,059,255.40
rendering of service
Tax refunds received 17,491,266.11 15,643,486.32
Other cash received relating to operating activities 3,339,265.22 3,610,928.20
Subtotal of cash inflows from operating activities 556,488,696.80 562,313,669.92
Cash paid for goods and services 491,217,873.52 460,862,240.63
Cash paid to and for employees 86,413,231.91 90,442,815.25
Various taxes paid 10,628,148.30 8,725,658.60
Other cash payment relating to operating activities 21,879,334.47 18,518,292.09
Subtotal of cash outflows from operating activities 610,138,588.20 578,549,006.57
Net cash flows from operating activities -53,649,891.40 -16,235,336.65
II. Cash flows from investing activities:
Cash received from retraction of investments 10,000,000.00
Cash received from return on investments 179,506.85
Net cash received from disposal of fixed assets,
62,913.44 21,690.00
intangible assets and other long-term assets
Net cash received from disposal of subsidiaries or
other business units
Other cash received relating to investing activities
Subtotal of cash inflows from investing activities 62,913.44 10,201,196.85
Cash paid to acquire fixed assets, intangible assets
28,498,615.58 24,129,780.08
and other long-term assets
Cash paid for investment
Net cash paid to acquire subsidiaries and other
23,794,779.68
business units
Other cash payments relating to investing activities
Subtotal of cash outflows from investing activities 52,293,395.26 24,129,780.08
Net cash flows from investing activities -52,230,481.82 -13,928,583.23
III. Cash Flows from Financing Activities:
Cash received from capital contributions
Cash received from borrowings
Cash received from issuance of bonds
Other cash received relating to financing activities
The Report for the First Quarter of 2017—Changchai Company, Limited
Subtotal of cash inflows from financing activities
Repayment of borrowings
Cash paid for interest expenses and distribution of
dividends or profit
Other cash payments relating to financing
activities
Sub-total of cash outflows from financing activities
Net cash flows from financing activities
IV. Effect of foreign exchange rate changes on cash
and cash equivalents
V. Net increase in cash and cash equivalents -105,880,373.22 -30,163,919.88
Add: Opening balance of cash and cash
558,159,090.01 503,933,918.79
equivalents
VI. Closing balance of cash and cash equivalents 452,278,716.79 473,769,998.91
II Auditor’s report
Is this Report audited?
□ Yes √ No
This Report is not audited.
