SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE
& PROPERTIES (GROUP) CO. LTD.THIRD QUARTERLY REPORT 2020
October 2020
2
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 Special Economic Zone Real Estate &
Properties (Group) Co. Ltd. (hereinafter referred to as the “Company”) hereby guarantee
that the contents of this Report and its summary are true accurate and complete and free of
any misrepresentations misleading statements or material omissions and collectively and
individually accept legal responsibility for such contents.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.Liu Zhengyu the Company’s legal representative Tang Xiaoping the Company’s head for
financial affairs and Qiao Yanjun head of the Company’s financial department (equivalent to
financial manager) hereby guarantee that the financial statements carried in this Report are
truthful 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
30 September 2020 31 December 2019 Change (%)
Total assets (RMB) 4685440082.68 4909669536.09 -4.57%
Equity attributable to the listed
company’s shareholders (RMB)
3699847692.18 3666874569.99 0.90%
Q3 2020 YoY change (%) Q1-Q3 2020 YoY change (%)
Operating revenue (RMB) 621402307.38 -4.72% 1217660802.78 -36.03%
Net profit attributable to the listed
company’s shareholders (RMB)
101565292.91 -4.51% 198840278.63 -54.76%
Net profit attributable to the listed
company’s shareholders before
exceptional gains and losses (RMB)
101225798.44 -4.39% 197824111.61 -54.91%
Net cash generated from/used in
operating activities (RMB)
309652617.04 -13.08% 97409818.45 -90.65%
Basic earnings per share (RMB/share) 0.1004 -4.47% 0.1965 -54.78%
Diluted earnings per share
(RMB/share)
0.1004 -4.47% 0.1965 -54.78%
Weighted average return on equity
(%)
2.76% -0.32% 5.40% -7.34%
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1-Q3 2020 Note
Non-operating income and expense other than the above 1354889.36
Less: Income tax effects 338722.34
Total 1016167.02 --
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 of Them as at the End of the
Reporting Period
1. Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders 76444
Number of preference
shareholders with resumed
voting rights (if any)
0
Top 10 shareholders
Name of shareholder
Nature of
shareholder
Shareholdin
g percentage
Total shares
held
Restricted
shares held
Shares in pledge or frozen
Status Shares
Shenzhen Investment Holdings Co.Ltd.State-owned
corporation
63.55% 642884262
Shandong Gold Financial Holding
Capital Management Co. Ltd. －
Shandong Gold Financial Holding
Sustaining Fund 1
Domestic
non-state-owned
corporation
1.02% 10300000
Lu Zhigao
Domestic
individual
0.32% 3246949
Tan Shiqing
Domestic
individual
0.13% 1286701
Yang Shuilian
Domestic
individual
0.13% 1273700
Yang Jianxiong
Domestic
individual
0.12% 1255750
Central Huijin Asset Management
Co. Ltd.
State-owned
corporation
0.12% 1165500
Peng Wei
Domestic
individual
0.11% 1129082
Wu Haoyuan Foreign individual 0.11% 1109300
Guotai Junan Securities (Hong
Kong) Limited
Foreign
corporation
0.10% 1015683
Top 10 unrestricted shareholders
Name of shareholder Unrestricted ordinary shares held
Shares by class
Class Shares
Shenzhen Investment Holdings Co.Ltd.
642884262
RMB-denominate
d ordinary share
642884262
Shandong Gold Financial Holding
Capital Management Co. Ltd. －
Shandong Gold Financial Holding
Sustaining Fund 1
10300000
RMB-denominate
d ordinary share
10300000
Lu Zhigao 3246949
RMB-denominate
d ordinary share
3246949
Tan Shiqing 1286701
RMB-denominate
d ordinary share
1286701
Yang Shuilian 1273700
RMB-denominate
d ordinary share
1273700
Yang Jianxiong 1255750
Domestically
listed foreign
share
1255750
Central Huijin Asset Management
Co. Ltd.
1165500
RMB-denominate
d ordinary share
1165500
Peng Wei 1129082
RMB-denominate
d ordinary share
1129082
Wu Haoyuan 1109300
Domestically
listed foreign
share
1109300
Guotai Junan Securities (Hong
Kong) Limited
1015683
Domestically
listed foreign
share
1015683
Related or acting-in-concert parties
among the shareholders above
The Company has found no related parties or acting-in-concert parties as defined in the
Administrative Measures for Shareholding Changes in Listed Companies among the
shareholders above.Top 10 shareholders engaged in
securities margin trading (if any)
The fourth shareholder holds all his shares in the Company in his accounts of collateral
securities for margin trading. And the third shareholder holds some of his shares in the
Company in such accounts.
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 Preference 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
Key income statement item Q1-Q3 2020 Q1-Q3 2019 Change (%) Reason for change
Operating revenue 1217660802.78 1903499558.55 -36.03% Decrease in property sales
Taxes and levies 256360411.16 582491558.12 -55.99% Decrease in tax provisions
Finance costs -6794077.29 -10031242.24 32.27% Decrease in interest income
Return on investment 15816818.60 13914978.88 13.67% Increase in income from structured
deposit
Key cash flow statement item Q1-Q3 2020 Q1-Q3 2019 Change (%) Reason for change
Net cash generated from/used in
operating activities
97409818.45 1041915679.29 -90.65% Decrease in inflow of property sales
Net cash generated from/used in
investing activities
1020818810.32 -388654134.68 362.65% Changes in half-year structured bank
deposits purchased
Net cash generated from/used in
financing activities
-166923900.00 -204332000.00 18.31% Payment of annual dividends
Key balance sheet statement 30 September 2020 31 December 2019 Change (%) Reason for change
Accounts payable 149221512.05 244224478.46 -38.90% Payment for engineering service
Advances from customers 11124703.84 159482510.43 -93.02% Reclassification of property pre-sale
revenue
Contract liabilities 193873098.62 0.00 - Increase in and reclassification of
property pre-sale revenue
Taxes and levies payable 380181091.08 585700815.36 -35.09% Payment of land value added tax
II Progress Influence and Solutions in respect of Significant Events
√ Applicable □ Not applicable
Since the controlling shareholder of the Company is planning a significant event that involves the Company upon the application to
the Shenzhen Stock Exchange trading in the stocks of the Company (A-stock under the name of “SPG A” and the symbol of
“000029”; B-stock under the name of “SPG B” and the symbol of “200029”) was suspended starting from the opening of 14
September 2016. The Company disclosed the Announcement on Share Trading Suspension due to Planning of Significant Event (No.
2016-022) the Announcement on Continued Share Trading Suspension due to Planning of Significant Event (No. 2016-023) and the
Announcement on Continued Share Trading Suspension due to Planning of Significant Event (No. 2016-024) on 14 September 2016
22 September 2016 and 29 September 2016 respectively. Upon ascertainment the event constituted a material asset restructuring.
The Company disclosed the Announcement on Share Trading Suspension due to Planning of Major Assets Restructuring (No.
2016-025) on 30 September 2016 and the Announcement on Signing Cooperation Agreement on Restructuring and Listing (No.
2016-027) on 10 October 2016.
The Company convened the 33rd Meeting of the 7th Board of the Directors on 11 November 2016 which the Proposal on Continued
Share Trading Suspension due to Planning of Major Assets Restructuring was reviewed and approved. For details see the
Announcement on Continued Share Trading Suspension after Expiration of Period of Share Trading Suspension due to Planning of
Major Assets Restructuring (No. 2016-039) disclosed on 14 November 2016.The Company convened the 1st Extraordinary General Meeting of 2016 on 12 December 2016 on which the Proposal on Continued
Share Trading Suspension due to Planning of Major Assets Restructuring was reviewed and approved. For details see the
Announcement on Application for Continued Share Trading Suspension after Expiration of Period of Share Trading Suspension due
to Planning of Major Assets Restructuring (No. 2016-047) disclosed on 13 December 2016.The Company held an online illustration meeting to investors on 10 March 2017 communicating this major assets restructuring with
them and answering questions that they were generally concerned about with the information allowed to be disclosed. For details see
the Announcement on Online Illustration Meeting to Investors (No. 2017-012) disclosed on 11 March 2017.
On 14 December 2019 the Company disclosed the Announcement on Signing the Supplementary Agreement VI of the Cooperation
Agreement governing Restructuring and Listing (No. 2019-090) which extends the exclusivity period and validity period stipulated
in the restructuring cooperation agreement to 31 December 2020.To ensure the smooth progress of this major assets restructuring prevent abnormal fluctuations in the prices of its stocks and protect the
rights and interests of its non-controlling interests the Company has applied to the Shenzhen Stock Exchange for continued share
trading suspension for no more than 1 month as of 14 October 2020 and expects to disclose the major assets restructuring plan or report
according to the requirements of the Standards for the Contents and Formats of Information Disclosure by Companies Offering
Securities to the Public No. 26-Major Assets Restructuring of Listed Companies prior to 14 November 2020. For details see the
Announcement on Delay of Share Trading Resumption of Planning of Major Assets Restructuring (No. 2020-074) disclosed on 14
October 2020.
During the share trading suspension period the Company shall disclose the progress of this major assets restructuring at least every
five trading days in strict accordance with the requirements of applicable laws and regulations. At present this major assets
restructuring is proceeding smoothly.This major assets restructuring is subject to great uncertainty. Therefore investors are kindly reminded to pay attention to possible
investment risk.Summary of the significant event Date of disclosure Index to disclosure
Delay of Share Trading Resumption of
Planning of Major Assets Restructuring
14 October 2020
Announcement on Delay of Share Trading
Resumption of Planning of Major Assets
Restructuring on www.cninfo.com.cn
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 Relevant 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
No such cases in the Reporting Period.
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 2020 Annual Operating Performance Forecast
Warning of a forecast loss on or a forecast significant year-on-year change in the 2020 annual net profit as well as explanation of
why:
√ Applicable □ Not applicable
Performance forecast: Decrease in net profit
Type of forecast data: Interval data
January-December 2020
January-Dece
mber 2019
Change (%)
Predicted annual net profit
(RMB’0000)
26000 -- 30000 50350 Down -48.36% -- -40.42%
Basic earnings per share
(RMB /share)
0.2570 -- 0.2965 0.4977 Down -48.36% -- -40.42%
Note The sales carryforwards of the Company’s real estate decreased year on year.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 the 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 any of 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 Received during the Reporting Period
√ Applicable □ Not applicable
Date of
communication
Place of
communicat
ion
Way of
communic
ation
Type of
communic
ation party
Communicatio
n party
Main contents communicated and
materials provided
Index to main
information
communicate
d
1 July 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and the expected time for
resumption of trading in the Company’s
shares and didn’t offer written materials
N/A
2 July 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and didn’t offer written
materials
N/A
6 July 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring the reason for long-time
suspension of trading in the Company’s
shares and the expected time for
resumption of trading in the Company’s
shares and didn’t offer written materials
N/A
9 July 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and the estimated disclosed
time of third quarter report and didn’t
offer written materials
N/A
15 July 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and the time for resumption
of trading in the Company’s shares and
didn’t offer written materials
N/A
23 July 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and projects in development
sales and operation and didn’t offer
written materials
N/A
6 August 2020 The By phone Individual Individual Inquired of the progress of assets N/A
Company’s
office
investor restructuring and fundamentals and didn’t
offer written materials
12 August 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and the expected time for
resumption of trading in the Company’s
shares and didn’t offer written materials
N/A
18 August 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and schedule and didn’t
offer written materials
N/A
26 August 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and the expected time for
resumption of trading in the Company’s
shares and didn’t offer written materials
N/A
7 September 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and fundamentals and didn’t
offer written materials
N/A
11 September 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and didn’t offer written
materials
N/A
14 September 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and the time for resumption
of trading in the Company’s shares and
didn’t offer written materials
N/A
15 September 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and the estimated disclosed
time of third quarter report and didn’t
offer written materials
N/A
21 September 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and the reason for long-time
suspension of trading in the Company’s
shares and didn’t offer written materials
N/A
22 September 2020
The
Company’s
office
Written
inquiry
Individual
Individual
investor
Inquired of the progress of assets
restructuring and the time for resumption
of trading in the Company’s shares and
didn’t offer written materials
N/A
24 September 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring schedule and operation of
the Company in Q3 and didn’t offer
written materials
N/A
25 September 2020
The
Company’s
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and the reason for long-time
N/A
office suspension of trading in the Company’s
shares and didn’t offer written materials
28 September 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and the time for resumption
of trading in the Company’s shares and
didn’t offer written materials
N/A
30 September 2020
The
Company’s
office
By phone Individual
Individual
investor
Inquired of the progress of assets
restructuring and the reason for long-time
suspension of trading in the Company’s
shares and didn’t offer written materials
N/A
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by ShenZhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd.
30 September 2020
Unit: RMB
Item 30 September 2020 31 December 2019
Current assets:
Monetary assets 2458128296.87 2511140445.35
Settlement reserve
Loans to other banks and financial institutions
Held-for-trading financial assets
Derivative financial assets
Notes receivable 2030659.99
Accounts receivable 56284285.65 62059055.68
Receivables financing
Prepayments 4487045.29 219948.17
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 19610283.20 28275228.26
Including: Interest receivable
Dividends receivable 1052192.76 1052192.76
Financial assets purchased under resale agreements
Inventories 1320560992.83 1462229048.18
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 110868656.96 102781855.48
Total current assets 3971970220.79 4166705581.12
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 469838.65 469838.65
Investments in other equity instruments 32982168.63 33126730.04
Other non-current financial assets
Investment property 612563096.08 632241900.20
Fixed assets 28238158.37 30522035.11
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets
Development costs
Goodwill
Long-term prepaid expense 99677.67 162125.72
Deferred income tax assets 39116922.49 46441325.25
Other non-current assets
Total non-current assets 713469861.89 742963954.97
Total assets 4685440082.68 4909669536.09
Current liabilities:
Short-term borrowings 52803822.61 51647260.17
Borrowings from the central bank
Loans from other banks and financial institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 149221512.05 244224478.46
Advances from customers 11124703.84 159482510.43
Contract liabilities 193873098.62
Financial assets sold under repurchase agreements
Customer deposits and deposits from other banks and
financial institutions
Payables for acting trading of securities
Payables for underwriting of securities
Employee benefits payable 43927032.27 53909576.49
Taxes and levies payable 380181091.08 585700815.36
Other payables 287813649.84 277319174.53
Including: Interest payable 16535277.94 16535277.94
Dividends payable
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with assets held for sale
Current portion of non-current liabilities
Other current liabilities
Total current liabilities 1118944910.31 1372283815.44
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities
Long-term payables 8166639.00 7499192.92
Long-term employee benefits payable
Provisions
Deferred income
Deferred income tax liabilities 4903293.58
Other non-current liabilities
Total non-current liabilities 8166639.00 12402486.50
Total liabilities 1127111549.31 1384686301.94
Owners’ equity:
Share capital 1011660000.00 1011660000.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 978244910.11 978244910.11
Less: Treasury stock
Other comprehensive income 21887747.69 20831004.13
Specific reserve
Surplus reserves 191222838.94 191222838.94
General reserve
Retained earnings 1496832195.44 1464915816.81
Total equity attributable to owners of the Company as the
parent
3699847692.18 3666874569.99
Non-controlling interests -141519158.81 -141891335.84
Total owners’ equity 3558328533.37 3524983234.15
Total liabilities and owners’ equity 4685440082.68 4909669536.09
Legal representative: Liu Zhengyu The person in charge of accounting affairs: Tang Xiaoping
The head of the accounting department: Qiao Yanjun
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 30 September 2020 31 December 2019
Current assets:
Monetary assets 2135977794.80 1967688122.55
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 116211.00 156935.84
Receivables financing
Prepayments 200000.00 200000.00
Other receivables 1122004948.27 835275498.69
Including: Interest receivable
Dividends receivable
Inventories 257056729.80 419453091.86
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 392731.02 407560.64
Total current assets 3515748414.89 3223181209.58
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 150676516.92 150676516.92
Investments in other equity instruments 13208853.16 13229501.03
Other non-current financial assets
Investment property 504868848.29 522038731.16
Fixed assets 17737415.45 19586720.47
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets
Development costs
Goodwill
Long-term prepaid expense
Deferred income tax assets 85566.25 162125.72
Other non-current assets 20975294.54 20975294.54
Total non-current assets 707552494.61 726668889.84
Total assets 4223300909.50 3949850099.42
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 88221788.01 103915931.14
Advances from customers 59409454.38
Contract liabilities 99731251.79
Employee benefits payable 23516220.26 25544403.23
Taxes and levies payable 351846264.82 143434273.95
Other payables 212922534.04 190666487.82
Including: Interest payable 16535277.94 16535277.94
Dividends payable
Liabilities directly associated with assets held for sale
Current portion of non-current liabilities
Other current liabilities
Total current liabilities 776238058.92 522970550.52
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income
Deferred income tax liabilities 1295046.51
Other non-current liabilities
Total non-current liabilities 1295046.51
Total liabilities 776238058.92 524265597.03
Owners’ equity:
Share capital 1011660000.00 1011660000.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 964711931.13 964711931.13
Less: Treasury stock
Other comprehensive income 901477.90 922125.77
Specific reserve
Surplus reserves 168093225.53 168093225.53
Retained earnings 1301696216.02 1280197219.96
Total owners’ equity 3447062850.58 3425584502.39
Total liabilities and owners’ equity 4223300909.50 3949850099.42
3. Consolidated Income Statement for Q3
Unit: RMB
Item Q3 2020 Q3 2019
1. Revenues 621402307.38 652161755.98
Including: Operating revenue 621402307.38 652161755.98
Interest income 0.00 0.00
Insurance premium income 0.00 0.00
Fee and commission income 0.00 0.00
2. Costs and expenses 488219446.09 508519742.09
Including: Cost of sales 261658476.98 225926024.78
Interest expense 0.00 0.00
Fee and commission expense 0.00 0.00
Surrenders 0.00 0.00
Net insurance claims paid 0.00 0.00
Net amount provided as insurance contract
reserve
0.00 0.00
Expenditure on policy dividends 0.00 0.00
Reinsurance premium expense 0.00 0.00
Taxes and levies 170752298.29 242162059.26
Selling expense 40723090.76 31500769.16
Administrative expense 16132071.37 12335872.01
R&D expense 0.00 0.00
Finance costs -1046491.31 -3404983.12
Including: Interest expense 0.00
Interest income 1569131.51 3166663.05
Add: Other income 390837.82 0.00
Return on investment (“-” for loss) 599760.00 -373119.67
Including: Share of profit or loss of joint ventures and
associates
0.00 0.00
Income from the derecognition of financial assets at
amortized cost (“-” for loss)
0.00 0.00
Exchange gain (“-” for loss) 0.00 0.00
Net gain on exposure hedges (“-” for loss) 0.00 0.00
Gain on changes in fair value (“-” for loss) 0.00 0.00
Credit impairment loss (“-” for loss) 0.00 0.00
Asset impairment loss (“-” for loss) 0.00 0.00
Asset disposal income (“-” for loss) 0.00 0.00
3. Operating profit (“-” for loss) 134173459.11 143268894.22
Add: Non-operating income 526690.12 815092.19
Less: Non-operating expense 72556.05 115409.72
4. Gross profit (“-” for loss) 134627593.18 143968576.69
Less: Income tax expense 33061194.19 37567074.64
5. Net profit (“-” for net loss) 101566398.99 106401502.05
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net
loss)
101566398.99 106401502.05
5.1.2 Net profit from discontinued operations (“-” for net
loss)
0.00 0.00
5.2 By ownership
5.2.1 Net profit attributable to owners of the Company as
the parent
101565292.91 106361655.99
5.2.1 Net profit attributable to non-controlling interests 1106.08 39846.06
6. Other comprehensive income net of tax 687255.06 -2506066.59
Attributable to owners of the Company as the parent 687255.62 -1754246.62
6.1 Items that will not be reclassified to profit or loss 271347.76 0.00
6.1.1 Changes caused by remeasurements on defined
benefit schemes
0.00 0.00
6.1.2 Other comprehensive income that will not be
reclassified to profit or loss under the equity method
0.00 0.00
6.1.3 Changes in the fair value of investments in other
equity instruments
271347.76 0.00
6.1.4 Changes in the fair value arising from changes in
own credit risk
0.00 0.00
6.1.5 Other 0.00 0.00
6.2 Items that will be reclassified to profit or loss 415907.86 -1754246.62
6.2.1 Other comprehensive income that will be
reclassified to profit or loss under the equity method
0.00 0.00
6.2.2 Changes in the fair value of other debt investments 0.00 0.00
6.2.3 Other comprehensive income arising from the
reclassification of financial assets
0.00 0.00
6.2.4 Credit impairment allowance for other debt
investments
0.00 0.00
6.2.5 Reserve for cash flow hedges 0.00 0.00
6.2.6 Differences arising from the translation of foreign
currency-denominated financial statements
415907.86 -1754246.62
6.2.7 Other 0.00 0.00
Attributable to non-controlling interests -0.56 -751819.97
7. Total comprehensive income 102253654.05 103895435.46
Attributable to owners of the Company as the parent 102252548.53 104607409.37
Attributable to non-controlling interests 1105.52 -711973.91
8. Earnings per share
8.1 Basic earnings per share 0.1004 0.1051
8.2 Diluted earnings per share 0.1004 0.1051
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 Zhengyu The person in charge of accounting affairs: Tang Xiaoping
The head of the accounting department: Qiao Yanjun
4. Income Statement of the Company as the Parent for Q3
Unit: RMB
Item Q3 2020 Q3 2019
1. Operating revenue 465036612.65 457189896.78
Less: Cost of sales 117982583.16 68196735.27
Taxes and levies 153485728.39 230200579.16
Selling expense 37970599.12 24802601.53
Administrative expense 8739780.11 5178201.72
R&D expense 0.00 0.00
Finance costs -256858.93 -13883609.15
Including: Interest expense 0.00 0.00
Interest income 7319522.07 9068023.21
Add: Other income 4660.17 0.00
Return on investment (“-” for loss) 599760.00 -373119.67
Including: Share of profit or loss of joint ventures and
associates
0.00 0.00
Income from the derecognition of financial assets at
amortized cost (“-” for loss)
0.00 0.00
Net gain on exposure hedges (“-” for loss) 0.00 0.00
Gain on changes in fair value (“-” for loss) 0.00 0.00
Credit impairment loss (“-” for loss) 0.00 0.00
Asset impairment loss (“-” for loss) 0.00 0.00
Asset disposal income (“-” for loss) 0.00 0.00
2. Operating profit (“-” for loss) 147719200.97 142322268.58
Add: Non-operating income 9050.78 418858.34
Less: Non-operating expense 34070.39 30000.00
3. Gross profit (“-” for loss) 147694181.36 142711126.92
Less: Income tax expense 36786691.72 35721721.55
4. Net profit (“-” for net loss) 110907489.64 106989405.37
4.1 Net profit from continuing operations (“-” for net loss) 110907489.64 106989405.37
4.2 Net profit from discontinued operations (“-” for net loss) 0.00 0.00
5. Other comprehensive income net of tax -320373.69 0.00
5.1 Items that will not be reclassified to profit or loss -320373.69 0.00
5.1.1 Changes caused by remeasurements on defined
benefit schemes
0.00 0.00
5.1.2 Other comprehensive income that will not be
reclassified to profit or loss under the equity method
0.00 0.00
5.1.3 Changes in the fair value of investments in other
equity instruments
-320373.69 0.00
5.1.4 Changes in the fair value arising from changes in
own credit risk
0.00 0.00
5.1.5 Other 0.00 0.00
5.2 Items that will be reclassified to profit or loss 0.00 0.00
5.2.1 Other comprehensive income that will be reclassified
to profit or loss under the equity method
0.00 0.00
5.2.2 Changes in the fair value of other debt investments 0.00 0.00
5.2.3 Other comprehensive income arising from the
reclassification of financial assets
0.00 0.00
5.2.4 Credit impairment allowance for other debt
investments
0.00 0.00
5.2.5 Reserve for cash flow hedges 0.00 0.00
5.2.6 Differences arising from the translation of foreign
currency-denominated financial statements
0.00 0.00
5.2.7 Other 0.00 0.00
6. Total comprehensive income 110587115.95 106989405.37
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share
5. Consolidated Income Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2020 Q1~Q3 2019
1. Revenues 1217660802.78 1903499558.55
Including: Operating revenue 1217660802.78 1903499558.55
Interest income
Insurance premium income
Fee and commission income
2. Costs and expenses 960778486.08 1328637789.74
Including: Cost of sales 605566564.44 663054001.03
Interest expense
Fee and commission expense
Surrenders
Net insurance claims paid
Net amount provided as insurance contract
reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and levies 256360411.16 582491558.12
Selling expense 49259539.14 49974829.49
Administrative expense 56386048.63 43148643.34
R&D expense
Finance costs -6794077.29 -10031242.24
Including: Interest expense
Interest income 7502105.11 10790216.10
Add: Other income 948216.96
Return on investment (“-” for loss) 15816818.60 13914978.88
Including: Share of profit or loss of joint ventures and
associates
Income from the derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss)
Credit impairment loss (“-” for loss)
Asset impairment loss (“-” for loss) 534500.00
Asset disposal income (“-” for loss)
3. Operating profit (“-” for loss) 274181852.26 588776747.69
Add: Non-operating income 3428723.89 1178801.30
Less: Non-operating expense 2073834.53 119165.54
4. Gross profit (“-” for loss) 275536741.62 589836383.45
Less: Income tax expense 76660884.16 150296868.50
5. Net profit (“-” for net loss) 198875857.46 439539514.95
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net
loss)
198875857.46 439539514.95
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 parent
198840278.63 439517499.40
5.2.1 Net profit attributable to non-controlling interests 35578.83 22015.55
6. Other comprehensive income net of tax 1393341.76 -2384296.08
Attributable to owners of the Company as the parent 1056743.56 -1669007.26
6.1 Items that will not be reclassified to profit or loss -144561.41
6.1.1 Changes caused by remeasurements on defined
benefit 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
-144561.41
6.1.4 Changes in the fair value arising from changes in
own credit risk
6.1.5 Other
6.2 Items that will be reclassified to profit or loss 1201304.97 -1669007.26
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 other debt investments
6.2.3 Other comprehensive income arising from the
reclassification of financial assets
6.2.4 Credit impairment allowance for other debt
investments
6.2.5 Reserve for cash flow hedges
6.2.6 Differences arising from the translation of foreign
currency-denominated financial statements
1201304.97 -1669007.26
6.2.7 Other
Attributable to non-controlling interests 336598.20 -715288.82
7. Total comprehensive income 200269199.22 437155218.87
Attributable to owners of the Company as the parent 199897022.19 437848492.14
Attributable to non-controlling interests 372177.03 -693273.27
8. Earnings per share
8.1 Basic earnings per share 0.1965 0.4345
8.2 Diluted earnings per share 0.1965 0.4345
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 Zhengyu The person in charge of accounting affairs: Tang Xiaoping
The head of the accounting department: Qiao Yanjun
6. Income Statement of the Company as the Parent for Q1~Q3
Unit: RMB
Item Q1~Q3 2020 Q1~Q3 2019
1. Operating revenue 696397650.09 1285592972.89
Less: Cost of sales 182760880.40 193563436.58
Taxes and levies 223355364.87 535792470.89
Selling expense 41515425.80 37021750.96
Administrative expense 32651881.83 18171868.82
R&D expense
Finance costs -21293980.99 -30376728.80
Including: Interest expense
Interest income 25273593.53 26525418.74
Add: Other income 32743.86
Return on investment (“-” for loss) 15816818.60 532615110.52
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)
Credit impairment loss (“-” for loss)
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for loss)
2. Operating profit (“-” for loss) 253257640.64 1064035284.96
Add: Non-operating income 179050.88 548037.48
Less: Non-operating expense 536211.01 30000.00
3. Gross profit (“-” for loss) 252900480.51 1064553322.44
Less: Income tax expense 64477584.45 136312932.72
4. Net profit (“-” for net loss) 188422896.06 928240389.72
4.1 Net profit from continuing operations (“-” for net loss) 188422896.06 928240389.72
4.2 Net profit from discontinued operations (“-” for net loss)
5. Other comprehensive income net of tax
5.1 Items that will not be reclassified to profit or loss
5.1.1 Changes caused by remeasurements on defined
benefit 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 arising from changes in
own credit risk
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 other debt investments
5.2.3 Other comprehensive income arising from the
reclassification of financial assets
5.2.4 Credit impairment allowance for other debt
investments
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 188422896.06 928240389.72
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share
7. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2020 Q1~Q3 2019
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 1264810543.01 2212532294.20
Net increase in customer deposits and deposits from other
banks and financial institutions
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 fees and commissions received
Net increase in loans from other banks and financial
institutions
Net increase in proceeds from repurchase transactions
Net proceeds from acting trading of securities
Tax and levy rebates 30184.28 39473.00
Cash generated from other operating activities 189648016.53 62546726.84
Subtotal of cash generated from operating activities 1454488743.82 2275118494.04
Payments for commodities and services 335093891.09 503898254.63
Net increase in loans and advances to customers
Net increase in deposits in the central bank and other banks
and financial institutions
Payments for claims on original insurance contracts
Net increase in loans to other banks and financial institutions
Interest fees and commissions paid
Policy dividends paid
Cash paid to and for employees 112729873.31 106766698.72
Taxes and levies paid 604692731.70 522837883.22
Cash used in other operating activities 304562429.27 99699978.18
Subtotal of cash used in operating activities 1357078925.37 1233202814.75
Net cash generated from/used in operating activities 97409818.45 1041915679.29
2. Cash flows from investing activities:
Proceeds from disinvestment 1000000000.00 900000000.00
Return on investment 20917568.22 11365734.25
Net proceeds from the disposal of fixed assets intangible
assets and other long-lived assets
1000.00 118900.00
Net proceeds from the disposal of subsidiaries and other
business units
Cash generated from other investing activities
Subtotal of cash generated from investing activities 1020918568.22 911484634.25
Payments for the acquisition of fixed assets intangible assets
and other long-lived assets
99757.90 138768.93
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 1300000000.00
Subtotal of cash used in investing activities 99757.90 1300138768.93
Net cash generated from/used in investing activities 1020818810.32 -388654134.68
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by non-controlling
interests to subsidiaries
Borrowings received
Cash generated from other financing activities
Subtotal of cash generated from financing activities 0.00 0.00
Repayment of borrowings 2000000.00
Interest and dividends paid 166923900.00 202332000.00
Including: Dividends paid by subsidiaries to
non-controlling interests
Cash used in other financing activities
Subtotal of cash used in financing activities 166923900.00 204332000.00
Net cash generated from/used in financing activities -166923900.00 -204332000.00
4. Effect of foreign exchange rates changes on cash and cash
equivalents
-366192.25 -459655.67
5. Net increase in cash and cash equivalents 950938536.52 448469888.94
Add: Cash and cash equivalents beginning of the period 1507189760.35 1148522435.93
6. Cash and cash equivalents end of the period 2458128296.87 1596992324.87
8. Cash Flow Statement of the Company as the Parent for Q1~Q3
Unit: RMB
Item Q1~Q3 2020 Q1~Q3 2019
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 758029471.29 1469696209.60
Tax and levy rebates 39473.00
Cash generated from other operating activities 139081676.94 29139180.19
Subtotal of cash generated from operating activities 897111148.23 1498874862.79
Payments for commodities and services 21193820.53 76648788.23
Cash paid to and for employees 33564532.83 27909601.83
Taxes and levies paid 123705162.54 258333159.45
Cash used in other operating activities 400163108.94 4324652.42
Subtotal of cash used in operating activities 578626624.84 367216201.93
Net cash generated from/used in operating activities 318484523.39 1131658660.86
2. Cash flows from investing activities:
Proceeds from disinvestment 1000000000.00 900000000.00
Return on investment 20917568.22 142838563.97
Net proceeds from the disposal of fixed assets intangible
assets and other long-lived assets
Net proceeds from the disposal of subsidiaries and other
business units
Cash generated from other investing activities
Subtotal of cash generated from investing activities 1020917568.22 1042838563.97
Payments for the acquisition of fixed assets intangible assets
and other long-lived assets
46488.00 65810.00
Payments for investments
Net payments for the acquisition of subsidiaries and other
business units
Cash used in other investing activities 1300000000.00
Subtotal of cash used in investing activities 46488.00 1300065810.00
Net cash generated from/used in investing activities 1020871080.22 -257227246.03
3. Cash flows from financing activities:
Capital contributions received
Borrowings received
Cash generated from other financing activities
Subtotal of cash generated from financing activities
Repayment of borrowings
Interest and dividends paid 166923900.00 202332000.00
Cash used in other financing activities
Subtotal of cash used in financing activities 166923900.00 202332000.00
Net cash generated from/used in financing activities -166923900.00 -202332000.00
4. Effect of foreign exchange rates changes on cash and cash
equivalents
-191346.36 -676807.86
5. Net increase in cash and cash equivalents 1172240357.25 671422606.97
Add: Cash and cash equivalents beginning of the period 963737437.55 444486378.53
6. Cash and cash equivalents end of the period 2135977794.80 1115908985.50
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year (2020) of the New
Accounting Standards Governing Revenue and Leases
√ Applicable □ Not applicable
Whether items of the balance sheets at the beginning of the year need adjustments
√ Yes □ No
Consolidated balance sheet
Unit: RMB
Item 31 December 2019 1 January 2020 Adjustment
Current assets:
Monetary assets 2511140445.35 2511140445.35
Settlement reserve
Loans to other banks and financial institutions
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 62059055.68 62059055.68
Receivables financing
Prepayments 219948.17 219948.17
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 28275228.26 28275228.26
Including: Interest receivable
Dividends receivable 1052192.76 1052192.76
Financial assets purchased under resale agreements
Inventories 1462229048.18 1462229048.18
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 102781855.48 102781855.48
Total current assets 4166705581.12 4166705581.12
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 469838.65 469838.65
Investments in other equity instruments 33126730.04 33126730.04
Other non-current financial assets
Investment property 632241900.20 632241900.20
Fixed assets 30522035.11 30522035.11
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets
Development costs
Goodwill
Long-term prepaid expense 162125.72 162125.72
Deferred income tax assets 46441325.25 46441325.25
Other non-current assets
Total non-current assets 742963954.97 742963954.97
Total assets 4909669536.09 4909669536.09
Current liabilities:
Short-term borrowings 51647260.17 51647260.17
Borrowings from the central bank
Loans from other banks and financial institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 244224478.46 244224478.46
Advances from customers 159482510.43 4864243.00 -154618267.43
Contract liabilities 151007450.32 151007450.32
Financial assets sold under repurchase agreements
Customer deposits and deposits from other banks and
financial institutions
Payables for acting trading of securities
Payables for underwriting of securities
Employee benefits payable 53909576.49 53909576.49
Taxes and levies payable 585700815.36 589311632.47 3610817.11
Other payables 277319174.53 277319174.53
Including: Interest payable 16535277.94 16535277.94
Dividends payable
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with assets held for sale
Current portion of non-current liabilities
Other current liabilities
Total current liabilities 1372283815.44 1372283815.44
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities
Long-term payables 7499192.92 7499192.92
Long-term employee benefits payable
Provisions
Deferred income
Deferred income tax liabilities 4903293.58 4903293.58
Other non-current liabilities
Total non-current liabilities 12402486.50 12402486.50
Total liabilities 1384686301.94 1384686301.94
Owners’ equity:
Share capital 1011660000.00 1011660000.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 978244910.11 978244910.11
Less: Treasury stock
Other comprehensive income 20831004.13 20831004.13
Specific reserve
Surplus reserves 191222838.94 191222838.94
General reserve
Retained earnings 1464915816.81 1464915816.81
Total equity attributable to owners of the Company as
the parent
3666874569.99 3666874569.99
Non-controlling interests -141891335.84 -141891335.84
Total owners’ equity 3524983234.15 3524983234.15
Total liabilities and owners’ equity 4909669536.09 4909669536.09
Notes to the adjustment
Balance sheet of the Company as the parent
Unit: RMB
Item 31 December 2019 1 January 2020 Adjustment
Current assets:
Monetary assets 1967688122.55 1967688122.55
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 156935.84 156935.84
Receivables financing
Prepayments 200000.00 200000.00
Other receivables 835275498.69 835275498.69
Including: Interest receivable
Dividends receivable
Inventories 419453091.86 419453091.86
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 407560.64 407560.64
Total current assets 3223181209.58 3223181209.58
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 150676516.92 150676516.92
Investments in other equity instruments 13229501.03 13229501.03
Other non-current financial assets
Investment property 522038731.16 522038731.16
Fixed assets 19586720.47 19586720.47
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets
Development costs
Goodwill
Long-term prepaid expense
Deferred income tax assets 162125.72 162125.72
Other non-current assets 20975294.54 20975294.54
Total non-current assets 726668889.84 726668889.84
Total assets 3949850099.42 3949850099.42
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 103915931.14 103915931.14
Advances from customers 59409454.38 -59409454.38
Contract liabilities 56580432.74 56580432.74
Employee benefits payable 25544403.23 25544403.23
Taxes and levies payable 143434273.95 146263295.59 2829021.64
Other payables 190666487.82 190666487.82
Including: Interest payable 16535277.94 16535277.94
Dividends payable
Liabilities directly associated with assets held for sale
Current portion of non-current liabilities
Other current liabilities
Total current liabilities 522970550.52 522970550.52
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income
Deferred income tax liabilities 1295046.51 1295046.51
Other non-current liabilities
Total non-current liabilities 1295046.51 1295046.51
Total liabilities 524265597.03 524265597.03
Owners’ equity:
Share capital 1011660000.00 1011660000.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 964711931.13 964711931.13
Less: Treasury stock
Other comprehensive income 922125.77 922125.77
Specific reserve
Surplus reserves 168093225.53 168093225.53
Retained earnings 1280197219.96 1280197219.96
Total owners’ equity 3425584502.39 3425584502.39
Total liabilities and owners’ equity 3949850099.42 3949850099.42
Notes to the adjustment
According to the Company’s principle for revenue recognition after the execution of the new standards governing revenue by the
Company no “contract assets” will be formed. And relevant data of financial statements mainly influence the reclassification of
“contract liabilities” “advances from customers” and “taxes and levies payable”.
2. Retrospective Adjustments to the Comparative Data of Prior Periods due to the First Execution in 2020
of the New Accounting Standards Governing Revenue and Leases
□ 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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