SHENZHEN PROPERTIES & RESOURCES
DEVELOPMENT (GROUP) LTD.
FIRST QUARTERLYREPORT 2021
(Announcement No. 2021-21)
April 2021
Part I Important Notes
The Board of Directors (or the “Board”) the Supervisory Committee as well as the directors
supervisors and senior management of ShenZhen Properties & Resources Development
(Group) Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality
accuracy and completeness of the contents of this Report and its summary and shall be
jointly and severally liable for any misrepresentations misleading statements or material
omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.Liu Shengxiang the Company’s legal representative Cai Lili the Company’s head of
financial affairs and Liu Qiang head of the Company’s financial department (equivalent to
financial manager) hereby guarantee that the Financial Statements carried in this Report are
factual accurate and complete.This Report and its summary have been prepared in both Chinese and English. Should there
be any discrepancies or misunderstandings between the two versions the Chinese versions
shall prevail.Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.□ Yes √ No
Q1 2021 Q1 2020 Change (%)
Operating revenue (RMB) 891026732.66 861546080.08 3.42%
Net profit attributable to the listed
company’s shareholders (RMB)
214420219.16 152014318.10 41.05%
Net profit attributable to the listed
company’s shareholders before exceptional
items (RMB)
208303080.57 152909860.77 36.23%
Net cash generated from/used in operating
activities (RMB)
83213087.80 -609307576.52 -113.66%
Basic earnings per share (RMB/share) 0.3598 0.2551 41.04%
Diluted earnings per share (RMB/share) 0.3598 0.2551 41.04%
Weighted average return on equity (%) 5.59% 4.72% 0.87%
31 March 2021 31 December 2020 Change (%)
Total assets (RMB) 12455805632.29 12207356912.54 2.04%
Equity attributable to the listed company’s
shareholders (RMB)
3942068204.39 3727917440.03 5.74%
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2021 Note
Gain or loss on disposal of non-current assets (inclusive of
impairment allowance write-offs)
7000.00
Government subsidies recognized in the current period except for
those acquired in the ordinary course of business or granted at
certain quotas or amounts according to the government’s unified
standards
136000.00
Non-operating income and expense other than the above 8010201.46
Less: Income tax effects 2004300.37
Non-controlling interests effects (net of tax) 31762.50
Total 6117138.59 --
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—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 2021
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders at the
period-end
55834
Number of preferred shareholders with resumed
voting rights at the period-end (if any)
0
Top 10 shareholders
Name of shareholder
Nature of
shareholder
Shareholdi
ng
percentage
Total shares held
Restricted
shares held
Shares in pledge or
frozen
Status Shares
Shenzhen Investment Holdings
Corporation
State-owned legal
person
50.57% 301414637 3326
Shenzhen State-Owned Equity
Operation and Management Co. Ltd.
Domestic
non-state-owned
legal person
6.38% 38037890 0
China Orient Asset Management Co.
Ltd.State-owned legal
person
3.90% 23236400 0
Chu Yuanyuan
Domestic natural
person
0.54% 3241100 0
Hong Kong Securities Clearing
Company Ltd.
Foreign legal
person
0.37% 2205280 0
Shenzhen Duty-Free Commodity
Enterprises Co. Ltd.
Domestic
non-state-owned
legal person
0.29% 1730300 1730300
Duan Shaoteng
Domestic natural
person
0.29% 1699765 0
China Construction Bank-Wanjia
Selected Mixed Type Securities
Investment Fund
Other 0.26% 1529489 0
Yang Yaochu
Domestic natural
person
0.25% 1500384 0
Bosera Fund-PICC Life
Insurance-Traditional General
Other 0.25% 1477500 0
Insurance Portfolio- Bosera Fund
–A-Stock Mixed Portfolio Single
Asset Management Plan of PICC Life
Insurance Company Limited
Top 10 unrestricted shareholders
Name of shareholder Unrestricted shares held
Shares by type
Type Shares
Shenzhen Investment Holdings Corporation 301411311
RMB-denominated
ordinary stock
301411311
Shenzhen State-Owned Equity Operation and
Management Co. Ltd.
38037890
RMB-denominated
ordinary stock
38037890
China Orient Asset Management Co. Ltd. 23236400
RMB-denominated
ordinary stock
23236400
Chu Yuanyuan 3241100
RMB-denominated
ordinary stock
3241100
Hong Kong Securities Clearing Company Ltd. 2205280
RMB-denominated
ordinary stock
2205280
Duan Shaoteng 1699765
RMB-denominated
ordinary stock
1699765
China Construction Bank-Wanjia Selected Mixed Type
Securities Investment Fund
1529489
RMB-denominated
ordinary stock
1529489
Yang Yaochu 1500384
Domestically listed
foreign stock
1500384
Bosera Fund-PICC Life Insurance-Traditional General
Insurance Portfolio- Bosera Fund –A-Stock Mixed
Portfolio Single Asset Management Plan of PICC Life
Insurance Company Limited
1477500
RMB-denominated
ordinary stock
1477500
Mai Furong 1103096
Domestically listed
foreign stock
1103096
Related or acting-in-concert parties among the
shareholders above
The first largest shareholder Shenzhen Investment Holding Corporation
is the actual controlling shareholder of the Company the second largest
shareholder is the wholly-owned subsidiary of Shenzhen Investment
Holding Corporation which exist related-party relationship with the
Company. And the Company does not know whether there are related
parties or acting-in-concert parties among the other 8 shareholders.Top 10 shareholders involved in securities margin trading
(if any)
N/A
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the
Company conducted any promissory repo during the Reporting Period.
□ Yes √ 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 Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
1. Prepayments stood at RMB75086951.68 as at 31 March 2021 rising 48.56% compared to 31 December 2020 primarily driven
by the increase in demolition service fee prepaid.
2. Long-term prepaid expense stood at RMB15627354.02 as at 31 March 2021 rising 31.74% compared to 31 December 2020
primarily driven by the increase in decoration expenditures of rented offices with the Company as the lessee.
3. Contract liabilities stood at RMB863750204.45 as at 31 March 2021 rising 29.52% compared to 31 December 2020 primarily
driven by the increase in advances from commercial building sales.
4. Selling expense stood at RMB3005132.04 during Q1 2021 declining 35.91% compared to Q1 2020 primarily driven by the
decrease in sales service expense.
5. Finance costs stood at RMB11763247.61 during Q1 2021 declining 45.61% compared to Q1 2020 primarily driven by the
increase in capitalized interest expense.
6. Return on investment stood at RMB2577004.72 during Q1 2021 compared to RMB-10994.73 in Q1 2020 with the change
primarily driven by the increase in returns on investments in joint ventures calculated using the equity method as a result of a
substantial increase in their net profits.
7. Non-operating income stood at RMB8612813.60 during Q1 2021 rising 997.85% compared to Q1 2020 primarily driven by the
receipt of demolition compensation.
8. Net cash generated from/used in operating activities stood at RMB83213087.80 during Q1 2021 compared to
RMB-609307576.52 in Q1 2020 with the change primarily driven by the increase in sales payments collected.
9. Net cash generated from/used in investing activities stood at RMB-7912883.72 during Q1 2021 compared to RMB-3384962.58
in Q1 2020 with the change primarily driven by the increase in office decoration expenditures.
10. Net cash generated from/used in financing activities stood at RMB-46683112.50 during Q1 2021 compared to
RMB772655600.48 in Q1 2020 with the change primarily driven by the new loan of RMB807 million in the same period of last
year with no comparable loan in the current period.II Progress Influence and Solutions with regard to Significant Events
√ Applicable □ Not applicable
1. Shenzhen International Trade Center Property Management Co. Ltd. a wholly-owned subsidiary of the Company plans to invest
in the establishment of a wholly-owned subsidiary in the Vietnam-China Economic and Trade Cooperation Zone in Hai Phong
Vietnam in a bid to strengthen in-depth cooperation with important overseas customers study and explore advanced cutting-edge
technologies take an active part in the international industrial layout and expand the international market. In January 2021 the
subsidiary in Vietnam completed its registration and received the Enterprise Registration Certificate from the Business Registration
Office of the Haiphong Department of Planning and Investment Decision. The details were disclosed on the designated media on
January 6.
2. The Company received the Notice of Shenzhen Investment Holdings Co. Ltd. on the Free Transfer of Shares of ShenZhen
Properties & Resources Development (Group) Ltd. (S.T.K. [2021] No. 38) from the controlling shareholder Shenzhen Investment
Holdings Co. Ltd. (SIHC). SIHC decided to transfer its 38037890 non-restricted tradable common shares on the A-shares market in
the Company (accounting for 6.382% of the total share capital of the Company) to Shenzhen State-owned Equity Management Co.Ltd. for free to replenish the social security funds.
On 17 March 2021 the Company received the Confirmation of Securities Transfer Registration issued by Shenzhen Branch of China
Securities Depository and Clearing Corporation Limited from Shenzhen State-owned Equity Management Co. Ltd. confirming that
the registration procedures for the free transfer of the above-mentioned state-owned shares had been completed on March 15. The
respective details were disclosed on the designated media on January 29 and March 18.
3. On 18 July 2020 the Company released an announcement on the designated media disclosing information on the plan of the
Company's controlling shareholder SIHC to reduce the number of its shares in the Company by no more than 11919581 shares in
the call auction within 6 months after 15 trading days from the date of disclosure. From 25 August 2020 to September 4 2020 SIHC
accumulated a reduction of 5959696 shares in the Company in call auction with the number of shares reduced by more than half.The details were disclosed on the designated media on September 5.
On 9 February 2021 the Company received the Notification Letter on the Implementation of the PRD Share Reduction Plan from
SIHC. It was noted in the Letter that from 10 August 2020 to 9 February 2021 SIHC accumulatively reduced 5959696 shares in the
Company (account for 1.00% of the Company's total share capital) in call auction adding that since the reduction period set in the
share reduction plan has expired the implementation of this reduction plan has been concluded. The details were disclosed on the
designated media on February 10.Overview of significant events Disclosure date Index to disclosure website for interim report
Wholly-owned subsidiary to establish a
wholly-owned subsidiary overseas
23 September 2020
Announcement No. 2020-43 on Wholly-owned
Subsidiary to Establish a Wholly-Owned Subsidiary
Overseas on www.cninfo.com.cn
6 January 2021
Announcement No. 2021-01 on Completion of
Registration of Vietnam Subsidiary on
www.cninfo.com.cn
The transfer of some state-owned shares
held by the controlling shareholder of the
Company Shenzhen Investment Holdings
Co. Ltd. to social security fund without
compensation
29 January 2021
Announcement No. 2021-02 on the Transfer of Some
State-owned Shares Held by Controlling Shareholders
to Social Security Fund without Compensation
18 March 2021
Announcement No. 2021-05 on the Completing the
Registration of Share Ownership Transfer regarding
Transfer of Some State-owned Shares Held by
Controlling Shareholders to Social Security Fund
without Compensation
The Company’s controlling shareholder to
reduce shareholding
18 July 2020
Announcement No. 2020-33 on the Company’s
Controlling Shareholder to Reduce Shareholding on
www.cninfo.com.cn
5 September 2020
Announcement No. 2020-41 on Progress of
Shareholding Reduction by the Company’s Controlling
Shareholder (Over Half of Its Reduction Plan)
10 February 2021
Announcement No. 2021-03 on Expiration and
Completion of Reducing Shareholding by the
Company’s Controlling Shareholders
Progress of any share repurchases:
□ 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 the
Reporting Period
□Applicable √ Not applicable
No such cases in the Reporting Period.
IV Financial Investments
1. Securities Investments
√ Applicable □ Not applicable
Unit: RMB
Type of
securitie
s
Code of
securitie
s
Name of
securitie
s
Initial
investm
ent cost
Account
ing
measure
ment
method
Opening
carrying
amount
Gain/los
s on
fair-valu
e
changes
in the
current
period
Cumulat
ive
fair-valu
e
changes
through
equity
Purchas
ed in the
current
period
Sold in
the
current
period
Gain/los
s in the
current
period
Closing
carrying
amount
Account
ing title
Funding
source
Domesti
c/overse
as stock
400016
、
420016
Gintian
A
Gintian
B
35658
56.06
Fair
method
10449
05.12
0.00
-50535.
60
0.00 0.00 0.00
994369
.52
Other
equity
instrum
ent
investm
ent
Obtaine
d in debt
restructu
ring
Total
35658
56.06
--
10449
05.12
0.00
-50535.
60
0.00 0.00 0.00
994369
.52
-- --
Disclosure date of
announcement on Board’s
consent for securities
investment
Disclosure date of
announcement on
shareholders’ meeting’s
consent for securities
investment (if any)
2. Investments in Derivative Financial Instruments
□Applicable √ Not applicable
No such cases in the Reporting Period.V Progress of Projects Financed with Raised Funds
□Applicable √ Not applicable
VI Operating Performance Forecast for January-June 2021
Warning of a forecast loss on or a forecast significant year-on-year change in the accumulative net profit from the beginning of the
year to the end of the next reporting period as well as explanation of why:
□ Applicable √ Not applicable
VII Significant Contracts Arising from the Company’s Ordinary Course of Business
□Applicable √ Not applicable
VIII Cash Entrusted for Wealth Management
□Applicable √ Not applicable
No such cases in the Reporting Period.IX Irregularities in Provision of Guarantees
□Applicable √ Not applicable
No such cases in the Reporting Period.X Occupation of the Company’s Capital by the Controlling Shareholder or Its Related Parties
for Non-Operating Purposes
□Applicable √ Not applicable
No such cases in the Reporting Period.
XI Communications with the Investment Community such as Researches Inquiries and
Interviews during the Reporting Period
√ Applicable □ Not applicable
Date Place
Way of
communicatio
n
Type of
communication
party
Communicatio
n party
Major discussion content and
information provided
Index to main
information
communicate
d
7 January 2021
The
Company
By Phone Individual Individual
Inquired of reason for slump in
stock
N/A
10 January 2021
The
Company
Other Individual Individual
Inquired of whether theimplementation of “Two RedLines” may influence the credit
of the Company
N/A
13 January 2021
The
Company
Other Individual Individual
Inquired of information about
the project of digital ecological
industrial park
N/A
26 January 2021
The
Company
Other Individual Individual
Inquired of information about
cash flow statements in 2020
Third Quarter Report
N/A
27 January 2021
The
Company
Other Individual Individual
Inquired of disclosure time of
2020 Annual Report
N/A
15 March 2021
The
Company
Other Individual Individual
Inquired of information about
employment of the Company
N/A
20 March 2021
The
Company
Other Individual Individual
Inquired of disclosure time of
2021 First Quarter Report
N/A
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by ShenZhen Properties & Resources Development (Group) Ltd.
31 March 2021
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 4236786272.36 4206266629.32
Settlement reserve
Interbank loans granted
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 241098903.01 187697631.47
Accounts receivable financing
Prepayments 75086951.68 50543422.85
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 806040257.43 789050350.51
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 5329071962.25 5312489258.20
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 47312127.72 48991965.92
Total current assets 10735396474.45 10595039258.27
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 48287225.51 45710220.79
Investments in other equity
instruments
994369.52 1044905.12
Other non-current financial assets
Investment property 478003522.78 484738506.83
Fixed assets 111982155.26 116233936.04
Construction in progress
Productive living assets
Oil and gas assets
Use rights assets 13874979.81
Intangible assets 427470.54 482049.51
R&D expense
Goodwill
Long-term prepaid expense 15627354.02 11862716.14
Deferred income tax assets 1049051017.26 950681245.50
Other non-current assets 2161063.14 1564074.34
Total non-current assets 1720409157.84 1612317654.27
Total assets 12455805632.29 12207356912.54
Current liabilities:
Short-term borrowings
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 365648385.01 468269685.65
Advances from customers 683919.44 473274.48
Contractual liabilities 863750204.45 666893629.72
Financial assets sold under
repurchase agreements
Customer deposits and interbank
deposits
Payables for acting trading of
securities
Payables for underwriting of
securities
Payroll payable 150533526.05 177190197.36
Taxes payable 2395310227.22 2487212979.37
Other payables 891059926.80 847142613.09
Including: Interest payable 0.00 0.00
Dividends payable 12202676.04 12202676.04
Handling charges and commissions
payable
Reinsurance payables
Liabilities directly associated with
assets classified as held for sale
Current portion of non-current
liabilities
36722824.88 36722824.88
Other current liabilities 53821158.90 43354691.51
Total current liabilities 4757530172.75 4727259896.06
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 3587800000.00 3587800000.00
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 14016985.64
Long-term payables
Long-term payroll payable
Provisions 2396947.00 2396947.00
Deferred income 0.00 0.00
Deferred income tax liabilities 262.20 262.20
Other non-current liabilities 106387153.03 108778327.45
Total non-current liabilities 3710601347.87 3698975536.65
Total liabilities 8468131520.62 8426235432.71
Owners’ equity:
Share capital 595979092.00 595979092.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 80488045.38 80488045.38
Less: Treasury stock
Other comprehensive income -7019044.21 -6749589.41
Specific reserve
Surplus reserves 19205979.63 19205979.63
General reserve
Retained earnings 3253414131.59 3038993912.43
Total equity attributable to owners of
the Company as the parent
3942068204.39 3727917440.03
Non-controlling interests 45605907.28 53204039.80
Total owners’ equity 3987674111.67 3781121479.83
Total liabilities and owners’ equity 12455805632.29 12207356912.54
Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Liu Qiang
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 3128781159.66 3216703036.69
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 4453779.81 2624500.42
Accounts receivable financing
Prepayments
Other receivables 226062266.79 145325697.20
Including: Interest receivable
Dividends receivable
Inventories 658057076.23 653885107.24
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 496729.09 496729.09
Total current assets 4017851011.58 4019035070.64
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 1073753105.90 1071176101.18
Investments in other equity
instruments
1224869.52 1275405.12
Other non-current financial assets
Investment property 301708379.26 303827356.62
Fixed assets 47543764.29 51091963.72
Construction in progress
Productive living assets
Oil and gas assets
Use rights assets 649585.03
Intangible assets
R&D expense
Goodwill
Long-term prepaid expense 389195.94 432440.01
Deferred income tax assets 241148792.13 252331518.26
Other non-current assets 1344668234.55 1197407234.55
Total non-current assets 3011085926.62 2877542019.46
Total assets 7028936938.20 6896577090.10
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 40429856.19 55887947.36
Advances from customers
Contractual liabilities
Payroll payable 43247376.59 50710148.02
Taxes payable 1107591.55 3736082.67
Other payables 4095750244.82 3971988862.11
Including: Interest payable
Dividends payable 29642.40 29642.40
Liabilities directly associated with
assets classified as held for sale
Current portion of non-current
liabilities
31573154.86 31573154.86
Other current liabilities
Total current liabilities 4212108224.01 4113896195.02
Non-current liabilities:
Long-term borrowings 588200000.00 588200000.00
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 656457.21
Long-term payables
Long-term payroll payable
Provisions
Deferred income
Deferred income tax liabilities
Other non-current liabilities 40000000.00 40000000.00
Total non-current liabilities 628856457.21 628200000.00
Total liabilities 4840964681.22 4742096195.02
Owners’ equity:
Share capital 595979092.00 595979092.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 53876380.11 53876380.11
Less: Treasury stock
Other comprehensive income -2595986.79 -2545451.19
Specific reserve
Surplus reserves 19205979.63 19205979.63
Retained earnings 1521506792.03 1487964894.53
Total owners’ equity 2187972256.98 2154480895.08
Total liabilities and owners’ equity 7028936938.20 6896577090.10
3. Consolidated Income Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Revenue 891026732.66 861546080.08
Including: Operating revenue 891026732.66 861546080.08
Interest income
Premium income
Handling charge and
commission income
2. Costs and expenses 630078645.14 662964303.05
Including: Cost of sales 314741306.53 330926955.66
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 surcharges 253169175.96 266678061.72
Selling expense 3005132.04 4689041.03
Administrative expense 47399783.00 39041614.67
R&D expense
Finance costs 11763247.61 21628629.97
Including: Interest
expense
29487619.47 38309547.10
Interest
income
18078929.02 16103643.77
Add: Other income 1380702.88 1170615.61
Return on investment (“-” for loss) 2577004.72 -10994.73
Including: Share of profit or loss
of joint ventures and associates
2577004.72 -10994.73
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)
Credit impairment loss (“-” for
loss)
-31765.17 1016216.33
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for
loss)
3. Operating profit (“-” for loss) 264874029.95 200757614.24
Add: Non-operating income 8612813.60 784515.00
Less: Non-operating expense 595612.14 2078006.42
4. Profit before tax (“-” for loss) 272891231.41 199464122.82
Less: Income tax expense 66209144.78 71031397.02
5. Net profit (“-” for net loss) 206682086.63 128432725.80
5.1 By operating continuity
5.1.1 Net profit from continuing
operations (“-” for net loss)
206682086.63 128432725.80
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
shareholders of the Company as the
parent
214420219.16 152014318.10
5.2.2 Net profit attributable to
non-controlling interests
-7738132.53 -23581592.30
6. Other comprehensive income net of
tax
-269454.80 -1413997.45
Attributable to owners of the Company
as the parent
-269454.80 -1413997.45
6.1 Items that will not be
reclassified to profit or loss
-50535.60 -329260.41
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 instruments
-50535.60 -329260.41
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
-218919.20 -1084737.04
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
-218919.20 -1084737.04
6.2.7 Other
Attributable to non-controlling
interests
7. Total comprehensive income 206412631.83 127018728.35
Attributable to owners of the Company
as the parent
214150764.36 150600320.65
Attributable to non-controlling
interests
-7738132.53 -23581592.30
8. Earnings per share
8.1 Basic earnings per share 0.3598 0.2551
8.2 Diluted earnings per share 0.3598 0.2551
Where business combinations under common control occurred in the current period the net profit achieved by the acquirees before
the combinations was RMB0.00 with the amount for the same period of last year being RMB0.00.Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Liu Qiang
4. Income Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Operating revenue 21929527.54 9570288.89
Less: Cost of sales 9362877.96 7201252.82
Taxes and surcharges 178848.22 1448803.87
Selling expense 127251.59 11069.00
Administrative expense 16002920.61 11018364.52
R&D expense
Finance costs -9932128.28 -15068444.79
Including: Interest expense 6333034.48
Interest income 16286641.67 15074747.59
Add: Other income 102972.08
Return on investment (“-” for
loss)
31125117.93 36174277.60
Including: Share of profit or
loss of joint ventures and associates
2577004.72 -10994.73
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)
Credit impairment loss (“-” for
loss)
13225.50
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
loss)
2. Operating profit (“-” for loss) 37431072.95 41133521.07
Add: Non-operating income 7293820.40 18036.00
Less: Non-operating expense 269.72 2000000.00
3. Profit before tax (“-” for loss) 44724623.63 39151557.07
Less: Income tax expense 11182726.13 9533067.22
4. Net profit (“-” for net loss) 33541897.50 29618489.85
4.1 Net profit from continuing
operations (“-” for net loss)
33541897.50 29618489.85
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income net of
tax
-50535.60 -329260.41
5.1 Items that will not be reclassified
to profit or loss
-50535.60 -329260.41
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 instruments
5.1.4 Changes in the fair value of
the company’s credit risks
-50535.60 -329260.41
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 income 33491361.90 29289229.44
7. Earnings per share
7.1 Basic earnings per share 0.0563 0.0497
7.2 Diluted earnings per share 0.0563 0.0497
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
and rendering of services
1091637435.67 308259221.14
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 rebates
Cash generated from other operating
activities
144447762.47 278533921.65
Subtotal of cash generated from
operating activities
1236085198.14 586793142.79
Payments for commodities and
services
295983391.70 659349883.60
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 employees 192980462.47 170204761.13
Taxes paid 564218068.71 309457486.32
Cash used in other operating
activities
99690187.46 57088588.26
Subtotal of cash used in operating
activities
1152872110.34 1196100719.31
Net cash generated from/used in
operating activities
83213087.80 -609307576.52
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment
Net proceeds from the disposal of
fixed assets intangible assets and other
long-lived assets
9344.57
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
investing activities
9344.57
Payments for the acquisition of fixed
assets intangible assets and other
long-lived assets
7922228.29 3384962.58
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
activities
7922228.29 3384962.58
Net cash generated from/used in -7912883.72 -3384962.58
investing activities
3. Cash flows from financing activities:
Capital contributions received 140000.00 490000.00
Including: Capital contributions by
non-controlling interests to subsidiaries
140000.00 490000.00
Borrowings obtained 807000000.00
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
140000.00 807490000.00
Repayments of borrowings
Payments for interest and dividends 46823112.50 34834399.52
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
activities
Subtotal of cash used in financing
activities
46823112.50 34834399.52
Net cash generated from/used in
financing activities
-46683112.50 772655600.48
4. Effect of foreign exchange rate
changes on cash and cash equivalents
237436.15 1083303.30
5. Net increase in cash and cash
equivalents
28854527.73 161046364.68
Add: Cash and cash equivalents
beginning of the period
4168154911.83 3285345233.47
6. Cash and cash equivalents end of the
period
4197009439.56 3446391598.15
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
and rendering of services
8452796.79 5388532.54
Tax rebates
Cash generated from other operating
activities
176427722.21 150366853.96
Subtotal of cash generated from
operating activities
184880519.00 155755386.50
Payments for commodities and
services
21070926.08 27546580.74
Cash paid to and for employees 16422540.08 13488663.13
Taxes paid 4902594.08 5805090.10
Cash used in other operating
activities
102653754.14 344578504.62
Subtotal of cash used in operating
activities
145049814.38 391418838.59
Net cash generated from/used in
operating activities
39830704.62 -235663452.09
2. Cash flows from investing activities:
Proceeds from disinvestment 565000000.00
Return on investment
Net proceeds from the disposal of
fixed assets intangible assets and other
long-lived assets
2344.57
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
investing activities
2344.57 565000000.00
Payments for the acquisition of fixed
assets intangible assets and other
long-lived assets
5955921.97 2290332.09
Payments for investments 117000000.00
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
activities
122955921.97 2290332.09
Net cash generated from/used in
investing activities
-122953577.40 562709667.91
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 6325812.50
Cash used in other financing
activities
Subtotal of cash used in financing
activities
6325812.50
Net cash generated from/used in
financing activities
-6325812.50
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
equivalents
-89448685.28 327046215.82
Add: Cash and cash equivalents
beginning of the period
3190160215.19 2450935673.17
6. Cash and cash equivalents end of the
period
3100711529.91 2777981888.99
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the New
Standards Governing Leases from 2021
√ Applicable □ Not applicable
Whether the Company needs to adjust items in balance sheets at the beginning of the year
√ Yes □ No
Consolidated Balance Sheet
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 4206266629.32 4206266629.32
Accounts receivable 187697631.47 187697631.47
Prepayments 50543422.85 50543422.85
Other receivables 789050350.51 789050350.51
Inventories 5312489258.20 5312489258.20
Other current assets 48991965.92 48991965.92
Total current assets 10595039258.27 10595039258.27
Non-current assets:
Long-term equity
investments
45710220.79 45710220.79
Investments in other equity 1044905.12 1044905.12
instruments
Investment property 484738506.83 484738506.83
Fixed assets 116233936.04 116233936.04
Use rights assets 14992421.49 14992421.49
Intangible assets 482049.51 482049.51
Long-term prepaid
expense
11862716.14 11862716.14
Deferred income tax assets 950681245.50 950681245.50
Other non-current assets 1564074.34 1564074.34
Total non-current assets 1612317654.27 1627310075.76 14992421.49
Total assets 12207356912.54 12222349334.03 14992421.49
Current liabilities:
Accounts payable 468269685.65 468269685.65
Advances from customers 473274.48 473274.48
Contractual liabilities 666893629.72 666893629.72
Payroll payable 177190197.36 177190197.36
Taxes payable 2487212979.37 2487212979.37
Other payables 847142613.09 847142613.09
Including: Interest
payable
0.00
Dividends
payable
12202676.04 12202676.04
Current portion of
non-current liabilities
36722824.88 36722824.88
Other current liabilities 43354691.51 43354691.51
Total current liabilities 4727259896.06 4727259896.06
Non-current liabilities:
Long-term borrowings 3587800000.00 3587800000.00
Lease liabilities 14992421.49 14992421.49
Provisions 2396947.00 2396947.00
Deferred income 0.00
Deferred income tax
liabilities
262.20 262.20
Other non-current
liabilities
108778327.45 108778327.45
Total non-current liabilities 3698975536.65 3713967958.14 14992421.49
Total liabilities 8426235432.71 8441227854.20 14992421.49
Owners’ equity:
Share capital 595979092.00 595979092.00
Capital reserves 80488045.38 80488045.38
Other comprehensive
income
-6749589.41 -6749589.41
Surplus reserves 19205979.63 19205979.63
Retained earnings 3038993912.43 3038993912.43
Total equity attributable to
owners of the Company as
the parent
3727917440.03 3727917440.03
Non-controlling interests 53204039.80 53204039.80
Total owners’ equity 3781121479.83 3781121479.83
Total liabilities and owners’
equity
12207356912.54 12222349334.03 14992421.49
Notes to adjustment
The Company has implemented the new IFRS 16 Leases since 1 January 2021 and according to the accumulated number of impacts
based on the execution of the new lease standard the Company will adjust the amount of relevant items in the financial statements at
the beginning of the first year of execution and will not adjust information for comparable periods. For operational leasing prior to
the date of initial adoption the Company will measure the lease liabilities according to the present value discounted at the
incremental borrowing rate on the date of initial adoption based on the remaining lease payments and make necessary adjustments to
the right-of-use assets at an amount equal to the lease liabilities.
Balance sheet of the Company as the parent
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 3216703036.69 3216703036.69
Accounts receivable 2624500.42 2624500.42
Other receivables 145325697.20 145325697.20
Inventories 653885107.24 653885107.24
Other current assets 496729.09 496729.09
Total current assets 4019035070.64 4019035070.64
Non-current assets:
Long-term equity
investments
1071176101.18 1071176101.18
Investments in other equity
instruments
1275405.12 1275405.12
Investment property 303827356.62 303827356.62
Fixed assets 51091963.72 51091963.72
Use-of-right assets 727535.23 727535.23
Long-term prepaid
expense
432440.01 432440.01
Deferred income tax assets 252331518.26 252331518.26
Other non-current assets 1197407234.55 1197407234.55
Total non-current assets 2877542019.46 2878269554.69 727535.23
Total assets 6896577090.10 6897304625.33 727535.23
Current liabilities:
Accounts payable 55887947.36 55887947.36
Payroll payable 50710148.02 50710148.02
Taxes payable 3736082.67 3736082.67
Other payables 3971988862.11 3971988862.11
Dividends
payable
29642.40 29642.40
Current portion of
non-current liabilities
31573154.86 31573154.86
Total current liabilities 4113896195.02 4113896195.02
Non-current liabilities:
Long-term borrowings 588200000.00 588200000.00
Lease liabilities 727535.23 727535.23
Other non-current
liabilities
40000000.00 40000000.00
Total non-current liabilities 628200000.00 628927535.23 727535.23
Total liabilities 4742096195.02 4742823730.25 727535.23
Owners’ equity:
Share capital 595979092.00 595979092.00
Capital reserves 53876380.11 53876380.11
Other comprehensive
income
-2545451.19 -2545451.19
Surplus reserves 19205979.63 19205979.63
Retained earnings 1487964894.53 1487964894.53
Total owners’ equity 2154480895.08 2154480895.08
Total liabilities and owners’
equity
6896577090.10 6897304625.33 727535.23
Notes to adjustment
The Company has implemented the new IFRS 16 Leases since 1 January 2021 and according to the accumulated number of impacts
based on the execution of the new lease standard the Company will adjust the amount of relevant items in the financial statements at
the beginning of the first year of execution and will not adjust information for comparable periods. For operational leasing prior to
the date of initial adoption the Company will measure the lease liabilities according to the present value discounted at the
incremental borrowing rate on the date of initial adoption based on the remaining lease payments and make necessary adjustments to
the right-of-use assets at an amount equal to the lease liabilities.
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the New
Standards Governing Leases from 2021
□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.
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