粤高速Ｂ：2021年第一季度报告全文（英文版）

Guangdong Provincial Expressway Development Co.，Ltd.The First Quarter Report 2021

April 2021

I. Important Notice

The Board of Directors and the Supervisory Committee of the Company and its directors supervisors and senior

executives should guarantee the reality accuracy and completion of the quarterly report there are no any fictitious

statements misleading statements or important omissions carried in this report and shall take legal

responsibilities individual and or joint.

All of the directors presented the board meeting at which this Quarter Report was examined.

Mr.Zheng Renfa Leader Mr.Wang Chunhua General Manager Mr. Lu Ming Chief of the accounting work Ms

Zhou Fang Chief of the accounting organ (chief of accounting ) hereby confirm the authenticity and completeness

of the financial report enclosed in this report.II. Basic Information of the Company

（1）Main financial data and financial index

Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.√Yes □ No

Retrospective adjustment or restatement reason

Business combination under the same control

This period

Same period of last year

Changes of this

period over

same period of

last year（％）

Before adjustment After adjustment

After

adjustment

Operating revenue（Yuan） 1257975487.27 211215592.28 354680507.03 254.68%

Net profit attributable to the shareholders

of the listed company（Yuan）

399100166.26 -70094226.94 -65790927.23 706.62%

Net profit after deducting of

non-recurring gain/loss attributable to the

shareholders of listed company（Yuan）

395414595.12 -71989487.82 -71989487.82 649.27%

Net cash generated from /used in

operating activities（Yuan）

849020540.34 142313822.41 163886674.37 418.05%

Basic earning per share(Yuan/Share) 0.19 -0.03 -0.03 733.33%

Diluted gains per share(Yuan/Share) 0.19 -0.03 -0.03 733.33%

Weighted average return on equity

（%）

4.89% -0.72% -0.63% 5.52%

End of this period

End of last period

Changes of this

period-end over

same

period-end of

last year(%)

Before adjustment After adjustment

After

adjustment

Total assets（Yuan） 19839202045.48 19748578658.11 19748578658.11 0.46%

Net assets attributable to the shareholders

of the listed company（Yuan）

8378704436.23 7933136499.11 7933136499.11 5.62%

Items and amount of non-current gains and losses

√ Applicable □ Not applicable

In RMB

Items

Amount (Year-beginning to

the end of the report period.)

Notes

Non-current asset disposal gain/loss(including the write-off part for which

assets impairment provision is made)

-112712.62

Government subsidies recognized in current gain and loss(excluding those

closely related to the Company’s business and granted under the state’s

policies)

5965070.40

Net amount of non-operating income and expense except the aforesaid items 954275.16

Other non-recurring Gains/loss items 240124.51

Less :Influenced amount of income tax 1761727.77

Influenced amount of minor shareholders’ equity (after tax) 1599458.54

Total 3685571.14 --

Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in

the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the

Public-Extraordinary Gains and Losses or classifies any extraordinary gain/loss item mentioned in the said

explanatory announcement as a recurrent gain/loss item.

□ Applicable √Not applicable

None of Non-recurring gain /loss items recognized as recurring gain /loss/items as defined by the information

disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.II. Total Shareholders and Shares Held by Top Ten Shareholders at the End of the Reporting Period

1. About Total Common Shareholders Total Preference Shareholders with the Voting Power Recovered

and the Shares Held by Top Ten Common Shareholders

In shares

Total number of common

shareholders at the period-end

52475

Total preference shareholders

with the voting power

recovered at the end of the

reporting period(if any)

Shares held by the top 10 shareholders

Shareholder

name

Properties of

shareholder

proportion %

Quantity

Amount of

tradable

shares with

Conditional

held

Pledging or freezing

Status of the shares Quantity

Guangdong

Communicatio

n Group Co.Ltd.State-owned

legal person

24.56% 513420438 410040696

Guangdong

Highway

Construction

Co. Ltd

State-owned

legal person

22.30% 466325020

Shangdong

Expressway

Investment

Development

Co. Ltd.

State-owned

legal person

9.68% 202429149

Tibet Yingyue

Investment

Management

Co. Ltd.

State-owned

legal person

4.84% 101214574

Guangdong

Provincial

Freeway

Co.Ltd.

State-owned

legal person

2.53% 52937491 19582228

China Life

Insurance Co.Ltd.－Dividend

－Personal

dividend

-005L-FH002

Other 1.96% 41009355

Shen

China Life

Insurance Co.Ltd.－

Traditional－

Common

insurance

products-005L-

CT001Shen

Other 1.67% 35003947

Xinyue Co.Ltd.Overseas legal

person

0.63% 13201086

Feng Wuchu

Domestic

natural person

0.60% 12648625

Happy Life

Insurance Co.Ltd.-Dividend

Other 0.56% 11617747

Shares held by the Top 10 Shareholders of Non-restricted shares

Shareholders’ Names Number of the non-restricted shares held

Share type

Share type Quantity

Guangdong Highway

Construction Co. Ltd

466325020

RMB Common

466325020

Shangdong Expressway

Investment Development Co. Ltd.

202429149

RMB Common

202429149

Guangdong Communication

Group Co. Ltd.

103379742

RMB Common

103379742

Tibet Yingyue Investment

Management Co. Ltd.

101214574

RMB Common

101214574

China Life Insurance Co. Ltd.－

Dividend －Personal dividend

-005L-FH002 Shen

41009355

RMB Common

41009355

China Life Insurance Co. Ltd.－

Traditional－Common insurance

products-005L-CT001Shen

35003947

RMB Common

35003947

Guangdong Provincial Freeway

Co.Ltd.

33355263

RMB Common

33355263

Xinyue Co. Ltd. 13201086

Foreign shares

placed in domestic

exchange

13201086

Feng Wuchu 12648625

RMB Common

10342762

Foreign shares

placed in domestic

exchange

2305863

Happy Life Insurance Co.Ltd.-Dividend

11617747

RMB Common

11617747

Related or acting-in-concert

parties among shareholders above

Guangdong Communication Group Co. Ltd. is the parent company of Guangdong

Highway Construction Co. Ltd. and Guangdong Provincial Freeway Co.Ltd. ， It isunknown whether there is relationship between other shareholders and whether they are

persons taking concerted action specified in the Regulations on Disclosure of Information

about Change in Shareholding of Shareholders of Listed Companies.Participation of top 10

unconditional common share

shareholders in securities margin

trading (if any)

None

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a

buy-back agreement dealing in reporting period.□ Yes √ No

The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company

have no buy –back agreement dealing in reporting period.

2.Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of

the report period

□ Applicable √Not applicable

III Significant Events

I. Major changes of main accounting statement items and financial indicators in the reporting period as well as

reasons for the changes

√ Applicable □ Not applicable

（I）Items of balance sheet as compared with the beginning of this year.

1. Other payables decreased by 1237.36 million yuan and 81.80% from the beginning of the Year which was

mainly due to the agreement between Guangdong Provincial Expressway Development Co. Ltd and

Guangdong Provincial Freeway Co.Ltd. on the payment of cash to purchase 21% of the shares of

Guangdong Guanghui Expressway Co. Ltd the Company paid the second phase of equity transfer amount to

Guangdong Provincial Freeway Co.Ltd.

2. Non-current liabilities due within one year

It decreased by 93.15 million yuan from the beginning of the year or a decrease of 34.97% which was

mainly due to the combined effects of the Company's repayment of due loans and the reclassification of

subjects.(II) Items of income statement as compared with the same period of the previous year

1. Operating income

It increased by 903.29 million yuan over the same period last year or an increase of 254.68%. Thereinto the

toll income of the Fokai Expressway the Guangzhu Section of the Jingzhu Expressway the Guangfo

Expressway and the Guanghui Expressway increased YOY which was mainly due to: in 2020 affected by

the new coronavirus epidemic the state issued relevant policies: the original toll-free period during the

statutory Spring Festival holiday (January 24-January 30) was extended to February 8 and from 0:00 on

February 17 2020 to 24:00 on May 5 2020 vehicle tolls on national toll roads were exempted. In the first

quarter of 2021 the number of toll days of the above-said highways was increased by 52 days compared to

last year.

2. Operating costs

It increased by 127.35 million yuan over the same period last year an increase of 38.99% which was mainly

due to the increase in road property depreciation as the increase in toll income.

3. Investment income

It increased by 52.77 million yuan over the same period of the previous year an increase of 3857.59%

which was mainly due to the increase in the number of expressway toll days in the first quarter of 2021

increased by 52 days compared with the same period last year and the profit of the Company’s equity

participating expressway companies increased.

4. Income tax expenses

It increased by 189.18 million yuan over the same period last year an increase of 1331.81% which was

mainly due to the total profit of each highway section company had increased.

5. Net profit attributable to owners of the parent company

It increased by 464.89 million yuan over the same period last year an increase of 706.62% which was

mainly due to the combined effects of the above factors.(III) Notes of main items of cash flow statement

1. Cash received from the sale of goods and the provision of labor services

It increased by 828.09 million yuan in the current period an increase of 205.31% YOY which was mainly

due to the YOY increase in toll revenue in the current period.

2. Other cash related to operating activities received

It decreased by 42.97 million yuan or a decrease of 48.55% YOY in the current period which was mainly

due to: Fokai Branch Guangfo Expressway Co. Ltd Jingzhu Expressway Guangzhu Section Company and

Guangdong Guanghui Expressway Co. Ltd received the 55.85 million yuan in subsidies from provincial toll

stations’ abolishment.

3. Various taxes and fees paid

It increased by 55.93 million yuan in the current period an increase of 35.22% YOY which was mainly due

to the increase in various taxes and fees payable as the increase in toll income.

4. Cash received from investment recovery

It increased by 20 million yuan in the current period an increase of 800.00% YOY which was mainly due to

the receipt of capital reduction funds from the Ganzhou Gankang Expressway Co. Ltd- a share-participating

subsidiary of the Company.

5. Cash received from investment income

It decreased by 5.2 million yuan in the current period a decrease of 77.62% YOY as the cash dividend

received by the Company during the current period decreased YOY.

6. Cash paid for the purchase and construction of fixed assets intangible assets and other long-term assets

It decreased by 66.16 million yuan in the current period a decrease of 38.18% YOY which was mainly due

to:The reconstruction and expansion project of the south section of Fokai expressway has been opened to traffic

and turned into fixed assets; and the pavement treatment project of Guangzhu section has been basically

completed. The progress payment of the project in this period has been reduced..

7. Cash paid for debt repayment

It decreased by 402.57 million yuan in the current period a decrease of 64.40% YOY The main reasons are:

the parent company paid back 375 million yuan of the Pacific bond guarantee fund in the same period of last year.

8. Cash paid for the distribution of dividends profits or interest payments

It increased by 155.8 million yuan in the current period an increase of 133.32% YOY which was mainly due

to the impact of the epidemic in the same period of last year the bank agreed to postpone the interest payment

until the end of the year and the interest payment in the current period increased year on year..

9. Other cash paid related to financing activities

It increased by 1221.87 million yuan in the current period an increase of 162915.49% YOY which was

mainly due to the "Agreement between Guangdong Provincial Expressway Development Co. Ltd and Guangdong

Provincial Expressway Co. Ltd on the payment of cash to purchase 21% of the shares of Guangdong Guanghui

Expressway Co. Ltd." the Company paid the second phase of equity transfer amount to Guangdong Provincial

Freeway Co.Ltd. in January.

II. The progress of significant events and influence as well as the analysis and explanation on resolving

proposal.

□Applicable √ Not applicable

Progress in the implementation of share repurchase

□ Applicable √ Not applicable

Progress in the implementation of the reduction of the repurchased shares by means of centralized bidding

□ Applicable √ Not applicable

III. Commitments finished in implementation by the Company shareholders actual controller acquirer

directors supervisors senior executives or other related parties in the reporting period and commitments

unfinished in implementation at the end of the reporting period

□ Applicable √ Not applicable

The company has no commitments completed in period and those without completed till lend of the period from

actual controller shareholders related parties purchaser and companies.IV. Financial asset investment

1. Investment in securities

√Applicable □ Not applicable

In RMB

Security

category

Security

code

Stock

Abbreviati

on:

Initial investment

cost

Mode of

accounting

measurem

ent

Book value

balance at the

beginning of

the reporting

period

Changes in

fair value of

the this

period

Cumulative fair

value changes in

equity

Purchas

amount

in the

this

period

Sale

amount

in the

this

period

Gain/los

s of the

reportin

g period

Book value

balance at the

end of the

reporting period

Accountin

g items

Sourc

e of

the

Domestic

and foreign

stocks

601818

China

Everbright

Bank

517560876.80 FVM 938667226.56 0.00 442279294.72 0.00 0.00 0.00 959840171.52

Investment

in other

equity

instrument

Self

fund

Total 517560876.80 -- 938667226.56 0.00 442279294.72 0.00 0.00 0.00 959840171.52 -- --

Disclosure date for the notice of

approval by the Board (If any)

July 222009

Disclosure date for the notice of

approval by shareholders’Meeting (If

any)

August 72009

2.Investment in derivatives

□ Applicable √Not applicable

There is no derivative investment during the report period.V. Progress of investment projects with raised funds

□ Applicable √Not applicable

VI. Prediction of the performances from January to June 2021

Estimation on accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the warning of its material change

compared with the corresponding period of the last year and explanation on reason

√ Applicable □ Not applicable

Estimated earnings: Year-on-Year increase

Data type filled in the performance forecast: Interval number

From the beginning of the year to the end

of the next reporting period

Same period of

the previous

year

（Afteradjustment）

Increase /Decrease(%)

（After adjustment）

Same period

of the

previous year

（Beforeadjustment）

Increase /Decrease(%)

（After adjustment）

Net profit attributable to the

shareholders of the listedcompany（RMB 10000)

71663.39 -- 105387.33 2461.43 Increase 2811.45%

4181.55% -583.03

Incre

ase

12391.63% -- 18175.93%

Basic earning per

share(Yuan/Share)

0.34 -- 0.50 0.01 Increase 3300.00%

4900.00% -0.003

Incre

ase

11433.33% -- 16766.67%

Note on performance

forecasts

1. The business performance of the same period of the previous year (before adjustment) in the above table was the data disclosed in the 1st half of 2020 that was before

the major asset restructuring carried out by the company; the data of the same period of the previous year (after adjustment) was done after the retrospection and

restatement for the 1st half of 2020 financial data of the same period in the previous year according to the relevant corporate merge rules under the common control.

2.In2020The sudden new coronavirus epidemic (hereinafter referred to as the "epidemic") the first-level response to nationwide emergency was launched and the origin

al toll-free period during the holidays (January 24 to January 30)-legal Spring Festival was extended to February 8According to the relevant regulations of the Ministry of

Transport From 0:00 on February 17 2020 to 24:00 On May 52020 the toll fees for vehicles on roads across the country previously toll charged shall be exempted. This

policy resulted in a decrease in the company's operating income for the 1st half of 2020. In the 1st half of 2021 the number of toll days the company participated in the

holding expressway increased YOY and the company's operating income and investment income increased.VII. Major contracts for daily operations

□ Applicable √ Not applicable

VIII. Entrusted Financial Management

□ Applicable √Not applicable

There is no Entrusted Financial Management during the report period.IX. External guarantee get out of line

□ Applicable √Not applicable

The Company has no external guarantee get out of the line in the Period

X. Controlling shareholder and its related parties occupying non-business capital of the listed company

□ Applicable √Not applicable

There are no controlling shareholder and its related parties occupying non-business capital of the listed company

in Period

XI. The registration form of acceptance of investigation communication and interview in the report period for future reference

√ Applicable □Not applicable

Reception time

Place of

reception

Way of

reception

Types of

visitors

received

Visitors received

Main contents discussed and

information provided

Index of Basic Information on the

Investigation and Survey

March 262021

Meeting

Room of the

Company

By Phone Organization

Zhejiang Securities Telephone Research

Association：Kuang Peiqin Zhejiang

Securities;Feng Siqi Zhejiang

Securities；Liu Peiyi Huaxia Fund；Yao

Shuang China Merchants Fund; He

Jinyang Invesco Great Wall Fund； Lin

Shenglan Danshui Investment；Hong

Mei Xingshi Invesment；Guo Zhe

Eastern self-employed；Lin

XiayingHuatai Securities；Yin Jiaqi

Guotai Junan;Luo YuejiangHaitong

Securities；Zhang Yibo Changjiang

Securities；Feng Qibin Changjiang

Securities；Li Chengpeng Huaxi

Securities.

1. The main content of

research:1. the daily operation;

2. the company's financial data

analysis;3. development

strategy; 4. analysis on the

industry. 2.Primary data

investigation: Public

information company regularly

reports

Investor Relations Activity Record

March 262021

（2021001）www.cninfo.com.cn

IV. Financial Statement

I. Financial statement

1. Consolidated balance sheet

Prepared by：Guangdong Provincial Expressway Development Co. Ltd.March 312021

Items March 312021 December 312020

Current asset：

Monetary fund 3123156071.04 2847398003.89

Settlement provision

Outgoing call loan

Transactional financial assets

Derivative financial assets

Notes receivable

Account receivable 216803564.01 168907517.56

Financing receivable

Prepayments 3945681.83 3607538.01

Insurance receivable

Reinsurance receivable

Provisions of Reinsurance contracts

receivable

Other account receivable 38678576.29 60925367.64

Including：Interest receivable

Dividend receivable 1205472.90 2705472.90

Other account receivable 37473103.39 58219894.74

Repurchasing of financial assets

Inventories 178097.34 53761.06

Contract assets 5407716.90 5452813.90

Assets held for sales

Non-current asset due within 1 year 51745.32 51745.32

Other current asset 205436.51 27051.69

Total of current assets 3388426889.24 3086423799.07

Non-current assets：

Loans and payment on other’s behalf

disbursed

Items March 312021 December 312020

Creditor's Investment

Other Creditor's Investment

Long-term receivable

Long term share equity investment 2436142526.33 2382381165.60

Other equity instruments investment 1758188473.25 1737015528.29

Other non-current financial assets

Property investment 3055102.27 3110381.89

Fixed assets 11202817589.95 11540075929.69

Including： Fixed assets 11202817589.95 11540075929.69

Liquidation of fixed assets

Construction in progress 409556230.30 340611095.47

Including：Construction in progress 409556230.30 340611095.47

Construction materials

Production physical assets

Oil & gas assets

Use right assets 21212197.66 Not applicable

Intangible assets 292781789.32 302381356.52

Development expenses

Goodwill

Long-germ expenses to be amortized 2366718.75 3462122.00

Deferred income tax asset 306850158.96 330755418.39

Other non-current asset 17804369.45 22361861.19

Total of non-current assets 16450775156.24 16662154859.04

Total of assets 19839202045.48 19748578658.11

Current liabilities

Short-term loans 200192500.00 200192500.00

Loan from Central Bank

Borrowing funds

Transactional financial liabilities

Derivative financial liabilities

Notes payable

Account payable 302316914.90 369773342.71

Advance receipts 11111216.60 11309007.41

Items March 312021 December 312020

Contract liabilities 309734.51 309734.51

Selling of repurchased financial

assets

Deposit taking and interbank

deposit

Entrusted trading of securities

Entrusted selling of securities

Employees’ wage payable 17501125.68 16726198.13

Tax payable 201326722.77 217748392.78

Other account payable 275259174.56 1512619359.78

Including：Interest payable

Dividend payable 22260485.37 22262804.39

Other payable 252998689.19 1490356555.39

Fees and commissions payable

Reinsurance fee payable

Liabilities held for sales

Non-current liability due within 1

year

173180082.32 266328017.47

Other current liability 1020874.08 648581.64

Total of current liability 1182218345.42 2595655134.43

Non-current liabilities：

Reserve fund for insurance

contracts

Long-term loan 6002013800.00 4977438800.00

Bond payable 1426720543.48 1426488336.65

Including：preferred stock

Sustainable debt

Lease liability 19665747.30 Not applicable

Long-term payable 3461832.74 40406172.37

Including：Long-term payable 3461832.74 40406172.37

Special accounts payable

Long-term remuneration payable to

staff

Expected liabilities

Items March 312021 December 312020

Deferred income 84184950.52 89170569.64

Deferred income tax liability 385350675.80 387103060.74

Other non-current liabilities

Total non-current liabilities 7921397549.84 6920606939.40

Total of liability 9103615895.26 9516262073.83

Owners’ equity

Share capital 2090806126.00 2090806126.00

Other equity instruments

Including：preferred stock

Sustainable debt

Capital reserves 676937614.08 645969210.48

Less：Shares in stock

Other comprehensive income 318829104.33 302895877.65

Special reserve

Surplus reserves 1167785965.63 1167785965.63

Common risk provision

Retained profit 4124345626.19 3725679319.35

Total of owner’s equity belong to the

parent company

8378704436.23 7933136499.11

Minority shareholders’ equity 2356881713.99 2299180085.17

Total of owners’ equity 10735586150.22 10232316584.28

Total of liabilities and owners’ equity 19839202045.48 19748578658.11

Legal Representative: Zheng Renfa

General Manager: Wang Chunhua

Person in charge of accounting：Lu Ming

Accounting Dept Leader: Zhou Fang

2.Parent Company Balance Sheet

In RMB

Items March 312021 December 312020

Current asset：

Monetary fund 2092076619.45 1781764519.09

Transactional financial assets

Derivative financial assets

Notes receivable

Account receivable 32988950.93 27004827.41

Financing receivable

Prepayments 1404802.00 2181215.03

Other account receivable 30589927.62 54148114.53

Including：Interest receivable

Dividend receivable 1205472.90 2705472.90

Other account receivable 29384454.72 51442641.63

Inventories

Contract assets

Assets held for sales

Non-current asset due within 1 year 261477446.44 256279340.60

Other current asset 205436.51 27051.69

Total of current assets 2418743182.95 2121405068.35

Non-current assets：

Creditor's right investment 277903684.98 287903684.98

Other Creditor's right investment

Long-term receivable

Long term share equity investment 5607667220.99 5529362536.53

Other equity instruments investment 1758188473.25 1737015528.29

Other non-current financial assets

Property investment 2802964.02 2858243.64

Fixed assets 6071703906.46 6245462940.39

Including：Fixed assets 6071703906.46 6245462940.39

Liquidation of fixed assets

Construction in progress 46283986.18 43086545.58

Including：Construction in progress 46283986.18 43086545.58

Items March 312021 December 312020

Construction materias

Production physical assets

Oil & gas assets

Use right assets 19768377.85

Intangible assets 147247855.39 150582241.22

Development expenses

Goodwill

Long-germ expenses to be amortized

Deferred income tax asset 298851931.62 322365911.10

Other non-current asset 8038963.07 7089990.48

Total of non-current assets 14238457363.81 14325727622.21

Total of assets 16657200546.76 16447132690.56

Current liabilities

Short-term loans 200192500.00 200192500.00

Transactional financial liabilities

Derivative financial liabilities

Notes payable

Account payable 108272985.52 105919984.52

Advance receipts

Contract Liabilities

Employees’ wage payable 6172906.20 6472802.81

Tax payable 5501677.05 9165801.86

Other account payable 179679339.02 1431814861.38

Including：Interest payable

Dividend payable 22260485.37 22262804.39

Other account payable 157418853.65 1409552056.99

Liabilities held for sales

Non-current liability due within 1

year

104734806.45 190331701.48

Other current liability 753235424.75 539618124.00

Total of current liability 1357789638.99 2483515776.05

Non-current liabilities：

Long-term loan 5448063800.00 4389653800.00

Items March 312021 December 312020

Bond payable 1426720543.48 1426488336.65

Including：preferred stock

Sustainable debt

Lease liability 19182760.52 Not applicable

Long-term payable 3461832.74 40406172.37

Including：Long-term payable 3461832.74 40406172.37

Special accounts payable

Long-term remuneration payable to

staff

Expected liabilities

Deferred income 12582715.25 13403327.12

Deferred income tax liability 110930999.36 105636866.50

Other non-current liabilities

Total non-current liabilities 7020942651.35 5975588502.64

Total of liability 8378732290.34 8459104278.69

Owners’ equity

Share capital 2090806126.00 2090806126.00

Other equity instruments

Including：preferred stock

Sustainable debt

Capital reserves 938969546.79 938969546.79

Less：Shares in stock

Other comprehensive income 318829104.33 302895877.65

Special reserve

Surplus reserves 987813698.07 987813698.07

Retained profit 3942049781.23 3667543163.36

Total of owners’ equity 8278468256.42 7988028411.87

Total of liabilities and owners’ equity 16657200546.76 16447132690.56

Legal Representative: Zheng Renfa

General Manager: Wang Chunhua

Person in charge of accounting：Lu Ming

Accounting Dept Leader: Zhou Fang

3.Consolidated Income statement

In RMB

Items Amount in this period Amount in last period

I. Income from the key business 1257975487.27 354680507.03

Incl：Business income 1257975487.27 354680507.03

Interest income

Insurance fee earned

Fee and commission received

II. Total business cost 570136785.32 429194827.40

Incl：Business cost 453933058.22 326587735.13

Interest expense

Fee and commission paid

Insurance discharge payment

Net claim amount paid

Net amount of withdrawal of insurance

contract reserve

Insurance policy dividend paid

Reinsurance expenses

Business tax and surcharge 5050365.54 2021737.28

Sales expense

Administrative expense 46769450.53 39030434.80

R & D costs

Financial expenses 64383911.03 61554920.19

Including：Interest expense 75370473.37 68721795.87

Interest income 11272327.50 7988119.51

Add: Other income 6205194.91 1678147.16

Investment gain（“-”for loss） 54141702.19 1368048.23

Incl: investment gains from affiliates 54141702.19 -888526.62

Financial assets measured at

amortized cost cease to be recognized

as income

Gains from currency exchange

Net exposure hedging income

Changing income of fair value

Items Amount in this period Amount in last period

Credit impairment loss

Impairment loss of assets

Assets disposal income 4.37

III. Operational profit（“-”for loss） 748185599.05 -71468120.61

Add ：Non-operational income 1052152.87 3047414.52

Less: Non-operating expense 210590.33 169083.98

IV. Total profit(“-”for loss) 749027161.59 -68589790.07

Less：Income tax expenses 174979322.91 -14205040.44

V. Net profit 574047838.68 -54384749.63

(I) Classification by business

continuity

1.Net continuing operating profit 574047838.68 -54384749.63

2.Termination of operating net profit

(II) Classification by ownership

1.Net profit attributable to the owners

of parent company

399100166.26 -65790927.23

2.Minority shareholders’ equity 174947672.42 11406177.60

VI. Net after-tax of other

comprehensive income

15933226.68 -136431142.69

Net of profit of other comprehensive in

come attributable to owners of the pare

nt company.

15933226.68 -136431142.69

（I）Other comprehensive income

items that will not be reclassified into

gains/losses in the subsequent

accounting period

15879708.72 -141152966.40

1.Re-measurement of defined benefit pl

ans of changes in net debt or net assets

2.Other comprehensive income under t

he equity method investee can not be re

classified into profit or loss.

3. Changes in the fair value of

investments in other equity instruments

15879708.72 -141152966.40

4. Changes in the fair value of the

company’s credit risks

Items Amount in this period Amount in last period

5.Other（II）

Other comprehensive income that will

be reclassified into profit or loss.

53517.96 4721823.71

1.Other comprehensive income under t

he equity method investee can be reclas

sified into profit or loss.

53517.96 4721823.71

2. Changes in the fair value of

investments in other debt obligations

3. Other comprehensive income arising

from the reclassification of financial

assets

4.Allowance for credit impairments in

investments in other debt obligations

5. Reserve for cash flow hedges

6.Translation differences in currency fi

nancial statements

7.Other

Net of profit of other comprehensive in

come attributable to Minority

shareholders’ equity

VII. Total comprehensive income 589981065.36 -190815892.32

Total comprehensive income

attributable to the owner of the parent

company

415033392.94 -202222069.92

Total comprehensive income

attributable minority shareholders

174947672.42 11406177.60

VIII. Earnings per share

（I）Basic earnings per share 0.19 -0.03

(II)Diluted earnings per share 0.19 -0.03

The current business combination under common control the net profits of the combined party before achieved ne

t profit of RMB 0.00 last period the combined party realized RMB0.00.Legal Representative: Zheng Renfa

General Manager: Wang Chunhua

Person in charge of accounting：Lu Ming

Accounting Dept Leader: Zhou Fang

4. Income statement of the Parent Company

In RMB

Items Amount in this period Amount in last period

I. Income from the key business 363024875.64 96834013.49

Incl：Business cost 195651672.79 138349439.05

Business tax and surcharge 1905294.74 982137.56

Sales expense

Administrative expense 22946844.98 19008010.33

R & D expense

Financial expenses 62233471.58 57156264.13

Including：Interest expenses 72356582.17 64517846.96

Interest income 10369222.62 7384203.28

Add：Other income 1295831.52 251296.73

Investment gain（“-”for loss） 216505664.30 18442347.73

Including: investment gains from

affiliates

53685025.92 5259044.40

Financial assets measured at

amortized cost cease to be recognized

as income

Net exposure hedging income

Changing income of fair value

Credit impairment loss

Impairment loss of assets

Assets disposal income 4.37

II. Operational profit（“-”for loss） 298089087.37 -99968188.75

Add ：Non-operational income 366266.02 67487.91

Less：Non -operational expenses 101882.97

III. Total profit(“-”for loss) 298455353.39 -100002583.81

Less：Income tax expenses 23514876.10 -26425570.81

IV. Net profit 274940477.29 -73577013.00

1.Net continuing operating profit 274940477.29 -73577013.00

2.Termination of operating net profit

V. Net after-tax of other

comprehensive income

15933226.68 -136431142.69

（I）Other comprehensive income 15879708.72 -141152966.40

Items Amount in this period Amount in last period

items that will not be reclassified into

gains/losses in the subsequent

accounting period

1.Re-measurement of defined benefit

plans of changes in net debt or net ass

ets

2.Other comprehensive income under

the equity method investee can not b

e reclassified into profit or loss.

3. Changes in the fair value of

investments in other equity

instruments

15879708.72 -141152966.40

4. Changes in the fair value of the

company’s credit risks

5.Other

(II)Other comprehensive income that

will be reclassified into profit or loss

53517.96 4721823.71

1.Other comprehensive income under

the equity method investee can be re

classified into profit or loss.

53517.96 4721823.71

2. Changes in the fair value of

investments in other debt obligations

3. Other comprehensive income

arising from the reclassification of

financial assets

4.Allowance for credit impairments

in investments in other debt

obligations

5. Reserve for cash flow hedges

6.Translation differences in currency

financial statements

7.Other

VI. Total comprehensive income 290873703.97 -210008155.69

VII. Earnings per share

（I）Basic earnings per share

(II)Diluted earnings per share

Legal Representative: Zheng Renfa

General Manager: Wang Chunhua

Person in charge of accounting：Lu Ming

Accounting Dept Leader: Zhou Fang

5. Consolidated Cash flow statement

In RMB

Items Amount in this period Amount in last period

I. Cash flows from operating

activities

Cash received from sales of goods or

rending of services

1231428067.53 403334741.11

Net increase of customer deposits

and capital kept for brother company

Net increase of loans from central

bank

Net increase of inter-bank loans from

other financial bodies

Cash received against original

insurance contract

Net cash received from reinsurance

business

Net increase of client deposit and

investment

Cash received from interest

commission charge and commission

Net increase of inter-bank fund

received

Net increase of repurchasing business

Net cash received by agent in

securities trading

Tax returned

Other cash received from business

operation

45538110.74 88510929.16

Sub-total of cash inflow 1276966178.27 491845670.27

Items Amount in this period Amount in last period

Cash paid for purchasing of

merchandise and services

90798153.15 71858890.83

Net increase of client trade and

advance

Net increase of savings in central

bank and brother company

Cash paid for original contract

claim

Net increase for Outgoing call loan

Cash paid for interest processing

fee and commission

Cash paid for policy dividend

Cash paid to staffs or paid for staffs 102471251.72 87989063.42

Taxes paid 214739144.18 158804182.91

Other cash paid for business activities 19937088.88 9306858.74

Sub-total of cash outflow from

business activities

427945637.93 327958995.90

Net cash generated from /used in

operating activities

849020540.34 163886674.37

II. Cash flow generated by investing

Cash received from investment

retrieving

22500000.00 2500000.00

Cash received as investment gains 1500000.00 6702526.90

Net cash retrieved from disposal of

fixed assets intangible assets and

other long-term assets

7300.00 6300.00

Net cash received from disposal of

subsidiaries or other operational units

Other investment-related cash

received

Sub-total of cash inflow due to

investment activities

24007300.00 9208826.90

Cash paid for construction of fixed

assets intangible assets and

other long-term assets

107120724.56 173285117.84

Cash paid as investment 2500000.00

Net increase of loan against pledge

Items Amount in this period Amount in last period

Net cash received from subsidiaries

and other operational units

Other cash paid for investment

activities

Sub-total of cash outflow due to

investment activities

107120724.56 175785117.84

Net cash flow generated by

investment

-83113424.56 -166576290.94

III.Cash flow generated by financing

Cash received as investment

Including: Cash received as

investment from minor shareholders

Cash received as loans 1166930000.00 1060000000.00

Other financing –related cash

received

60722360.00 13180600.00

Sub-total of cash inflow from

financing activities

1227652360.00 1073180600.00

Cash to repay debts 222535000.00 625100000.00

Cash paid as dividend profit or

interests

272650246.88 116855056.95

Including: Dividend and profit paid

by subsidiaries to minor shareholders

147000000.00 40369392.46

Other cash paid for financing

activities

1222616161.75 750000.00

Sub-total of cash outflow due to

financing activities

1717801408.63 742705056.95

Net cash flow generated by financing -490149048.63 330475543.05

IV. Influence of exchange rate

alternation on cash and cash

equivalents

V.Net increase of cash and cash

equivalents

275758067.15 327785926.48

Add: balance of cash and cash

equivalents at the beginning of term

2846176803.89 3052977164.15

VI ..Balance of cash and cash

equivalents at the end of term

3121934871.04 3380763090.63

Legal Representative: Zheng Renfa

General Manager: Wang Chunhua

Person in charge of accounting：Lu Ming

Accounting Dept Leader: Zhou Fang

6. Cash Flow Statement of the Parent Company

In RMB

Items Amount in this period Amount in last period

I.Cash flows from operating activities

Cash received from sales of goods or

rending of services

366616254.19 113507357.25

Tax returned

Other cash received from business

operation

252174679.47 86723417.53

Sub-total of cash inflow 618790933.66 200230774.78

Cash paid for purchasing of

merchandise and services

3368975.06 3452081.46

Cash paid to staffs or paid for staffs 32576497.85 26023676.00

Taxes paid 15318003.35 9893866.80

Other cash paid for business activities 34425290.28 30499503.45

Sub-total of cash outflow from

business activities

85688766.54 69869127.71

Net cash generated from /used in

operating activities

533102167.12 130361647.07

II. Cash flow generated by investing

Cash received from investment

retrieving

37500000.00

Cash received as investment gains 154711770.84 31318703.34

Net cash retrieved from disposal of

fixed assets intangible assets and

other long-term assets

6300.00

Net cash received from disposal of

subsidiaries or other operational units

Other investment-related cash

received

Items Amount in this period Amount in last period

Sub-total of cash inflow due to

investment activities

192211770.84 31325003.34

Cash paid for construction of fixed

assets intangible assets and

other long-term assets

34226195.85 104578459.51

Cash paid as investment 1246839292.00

Net cash received from subsidiaries

and other operational units

Other cash paid for investment

activities

Sub-total of cash outflow due to

investment activities

1281065487.85 104578459.51

Net cash flow generated by

investment

-1088853717.01 -73253456.17

III. Cash flow generated by financing

Cash received as investment

Cash received as loans 1166930000.00 1000000000.00

Other financing –related ash received

Sub-total of cash inflow from

financing activities

1166930000.00 1000000000.00

Cash to repay debts 181200000.00 625100000.00

Cash paid as dividend profit or

interests

118889480.00 59022402.54

Other cash paid for financing

activities

776869.75 750000.00

Sub-total of cash outflow due to

financing activities

300866349.75 684872402.54

Net cash flow generated by financing 866063650.25 315127597.46

IV. Influence of exchange rate

alternation on cash and cash

equivalents

V.Net increase of cash and cash

equivalents

310312100.36 372235788.36

Add: balance of cash and cash

equivalents at the beginning of term

1780543319.09 2790163301.78

VI ..Balance of cash and cash

equivalents at the end of term

2090855419.45 3162399090.14

Legal Representative: Zheng Renfa

General Manager: Wang Chunhua

Person in charge of accounting：Lu Ming

Accounting Dept Leader: Zhou Fang

II Adjustments to the Financial Statements

1. Adjustment of the relevant items of the financial statements at the current year beginning according to the new

standards for financial instruments the new standards for revenues and the new standards for lease implemented

commencing from year 2021

√ Applicable □Not applicable

Whether to adjust the balance sheet account at the beginning of the year

√ Yes □No

Consolidated balance sheet

In RMB

Items December 312020 January 12021 Adjustments

Current asset：

Monetary fund 2847398003.89 2847398003.89

Account receivable 168907517.56 168907517.56

Prepayments 3607538.01 2831124.98 -776413.03

Other account receivable 60925367.64 60925367.64

Dividend receivable 2705472.90 2705472.90

Other account receivable 58219894.74 58219894.74

Inventories 53761.06 53761.06

Contract assets 5452813.90 5452813.90

Non-current asset due

within 1 year

51745.32 51745.32

Other current assets 27051.69 27051.69

Total of current assets 3086423799.07 3085647386.04 -776413.03

Non-current assets：

Long-term equity

investment

2382381165.60 2381947306.18 -433859.42

Other equity instruments 1737015528.29 1737015528.29

Items December 312020 January 12021 Adjustments

investment

Property investment 3110381.89 3110381.89

Fixed assets 11540075929.69 11540075929.69

Construction in progress 340611095.47 340611095.47

Use right assets Not applicable 23154055.78 23154055.78

Intangible assets 302381356.52 302381356.52

Long-term expenses to be

amortized

3462122.00 2454375.00 -1007747.00

Deferred tax assets 330755418.39 330755418.39

Other non-current asset 22361861.19 22361861.19

Total of non-current assets 16662154859.04 16683867308.40 21712449.36

Total of assets 19748578658.11 19769514694.44 20936036.33

Current liabilities

Short-term loans 200192500.00 200192500.00

Account payable 369773342.71 369773342.71

Advance payment 11309007.41 11309007.41

Contract liabilities 309734.51 309734.51

Employees’ wage payable 16726198.13 16726198.13

Tax payable 217748392.78 217748392.78

Other account payable 1512619359.78 1512619359.78

Dividend payable 22262804.39 22262804.39

Other account payable 1490356555.39 1490356555.39

Non-current liability due

within 1 year

266328017.47 266328017.47

Other current liability 648581.64 648581.64

Total of current liability 2595655134.43 2595655134.43

Non-current liabilities：

Long-term loan 4977438800.00 4977438800.00

Bond payable 1426488336.65 1426488336.65

Lease liability Not applicable 21369895.75 21369895.75

Long-term payable 40406172.37 40406172.37

Deferred income 89170569.64 89170569.64

Deferred income tax

liabilities

387103060.74 387103060.74

Items December 312020 January 12021 Adjustments

Total of current liability 6920606939.40 6941976835.15 21369895.75

Total of liabilities 9516262073.83 9537631969.58 21369895.75

Owners’ equity

Share capital 2090806126.00 2090806126.00

Capital reserves 645969210.48 645969210.48

Other comprehensive

income

302895877.65 302895877.65

Surplus reserves 1167785965.63 1167785965.63

Retained profit 3725679319.35 3725245459.93 -433859.42

Total of owner’s equity

belong to the parent

company

7933136499.11 7932702639.69 -433859.42

Minority shareholders’

equity

2299180085.17 2299180085.17

Total of owners’ equity 10232316584.28 10231882724.86 -433859.42

Total of liabilities and

owners’ equity

19748578658.11 19769514694.44 20936036.33

Adjustment statement

On December 7 2018 the Ministry of Finance issued the notice on revising and printing the accounting standards

for Business Enterprises No. 21 - leasing (CK [2018] No. 35). Through the resolution of the 16th meeting of the

9th board of directors of the company on March 26 2021 the company began to implement the above-mentioned

new lease criteria from January 1 2021. In this accounting policy change the company adjusts the amount of

retained earnings at the beginning of the period and other relevant items in the financial statements according to

the cumulative impact of the first implementation of the standard.Parent Company Balance Sheet

In RMB

Items December 312020 January 12021 Adjustments

Current asset：

Monetary fund 1781764519.09 1781764519.09

Account payable 27004827.41 27004827.41

Prepayments 2181215.03 1404802.00 -776413.03

Other account receivable 54148114.53 54148114.53

Dividend receivable 2705472.90 2705472.90

Other account receivable 58219894.74 58219894.74

Non-current asset due 256279340.60 256279340.60

Items December 312020 January 12021 Adjustments

within 1 year

Other current assets 27051.69 27051.69

Total of current assets 2121405068.35 2120628655.32 -776413.03

Non-current assets：

Creditor's rights

investment

287903684.98 287903684.98

Long term share equity

investment

5529362536.53 5528928677.11 -433859.42

Other equity instruments

investment

1737015528.29 1737015528.29

Property investment 2858243.64 2858243.64

Fixed assets 6245462940.39 6245462940.39

Construction in progress 43086545.58 43086545.58

Use right assets Not applicable 21927040.99 21927040.99

Intangible assets 150582241.22 150582241.22

Deferred tax assets 322365911.10 322365911.10

Other non-current asset 7089990.48 7089990.48

Total of non-current assets 14325727622.21 14347220803.78 21493181.57

Total of assets 16447132690.56 16467849459.10 20716768.54

Current liabilities

Short-term loans 200192500.00 200192500.00

Account payable 105919984.52 105919984.52

Employees’ wage payable 6472802.81 6472802.81

Tax payable 9165801.86 9165801.86

Other account payable 1431814861.38 1431814861.38

Dividend payable 22262804.39 22262804.39

Other account payable 1409552056.99 1409552056.99

Non-current liability due

within 1 year

190331701.48 190331701.48

Other current liability 539618124.00 539618124.00

Total of current liability 2483515776.05 2483515776.05

Non-current liabilities：

Long-term loan 4389653800.00 4389653800.00

Bond payable 1426488336.65 1426488336.65

Items December 312020 January 12021 Adjustments

Long-term payable 40406172.37 40406172.37

Lease liabilities Not applicable 21150627.96 21150627.96

Deferred income t 13403327.12 13403327.12

Deferred income tax

liability

105636866.50 105636866.50

Total of Non-current

liabilities

5975588502.64 5996739130.60 21150627.96

Total of liability 8459104278.69 8480254906.65 21150627.96

Owners’ equity

Share capital 2090806126.00 2090806126.00

Capital reserves 938969546.79 938969546.79

Other comprehensive

income

302895877.65 302895877.65

Surplus reserves 987813698.07 987813698.07

Retained profit 3667543163.36 3667109303.94 -433859.42

Total of owners’ equity 7988028411.87 7987594552.45 -433859.42

Total of liabilities and

owners’ equity

16447132690.56 16467849459.10 20716768.54

Adjustment statement

On December 7 2018 the Ministry of Finance issued the notice on revising and printing the accounting standards

for Business Enterprises No. 21 - leasing (CK [2018] No. 35). Through the resolution of the 16th meeting of the

9th board of directors of the company on March 26 2021 the company began to implement the above-mentioned

new lease criteria from January 1 2021. In this accounting policy change the company adjusts the amount of

retained earnings at the beginning of the period and other relevant items in the financial statements according to

the cumulative impact of the first implementation of the standard.

2. Note to the retroactive adjustment of the previous comparative data according to the new standards for

financial instruments and the new standards for lease implemented commencing from year 2021

行情