Guangdong Provincial Expressway Development Co.，Ltd.The First Quarterly Report 2020
April 2020
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 Quarterly Report was examined.
Mr.Zheng Renfa Leader Mr.Wang Chunhua General Manager Mr. Fang Zhi Chief of the accounting workMs
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
This period Same period of last year
Changes of this period over
same period of last year
（％）
Operating revenue（Yuan） 211215592.28 736437257.60 -71.32%
Net profit attributable to the shareholders
of the listed company（Yuan）
-70094226.94 354064646.18 -119.80%
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of
listed company（Yuan）
-71989487.82 353871455.69 -120.34%
Net cash generated from /used in operating
activities（Yuan）
142313822.41 518337607.13 -72.54%
Basic earning per share(Yuan/Share) -0.034 0.17 -120%
Diluted gains per share(Yuan/Share) -0.034 0.17 -120%
Weighted average return on equity
（%）
-0.72% 3.61% -4.33%
End of this period End of last period
Changes of this period-end
over same period-end of last
year(%)
Total assets（Yuan） 17764608422.89 17674545340.78 0.51%
Net assets attributable to the shareholders
of the listed company（Yuan）
9620855660.12 9823426849.75 -2.06%
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)
54135.66
Government subsidies recognized in current gain and
loss(excluding those closely related to the Company’s business
and granted under the state’s policies)
634569.81
Stable post allowance maternity
allowance
Other non-business income and expenditures other than the above 2469693.04
Less :Influenced amount of income tax 747383.83
Influenced amount of minor shareholders’equity (after tax) 515753.80
Total 1895260.88 --
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
54195
Total preference shareholders with
the voting power recovered at the
end of the reporting period(if any)
0
Shares held by the top 10 shareholders
Shareholder name Properties of Share Quantity Amount of Pledging or freezing
shareholder proportion % tradable shares
with Conditional
held
Status of the
shares
Quantity
Guangdong
Communication
Group Co. Ltd.State-owned legal
person
24.56% 513412507 410032765
Guangdong
Highway
Construction Co.
Ltd
State-owned legal
person
22.30% 466325020
Yadong Fuxing
Yalian
Investment Co.Ltd.
Domestic non
State-owned
Legal person
9.68% 202429149
Tibet Yingyue
Investment
Management Co.Ltd.State-owned legal
person
4.84% 101214574
Guangdong
Expressway Co.
Ltd.State-owned legal
person
2.53% 52937491 19582228
China Life
Insurance Co.Ltd.－Dividend
－Personal
dividend
-005L-FH002
Shen
Other 1.74% 36330529
China Life
Insurance Co.Ltd.－Traditional
－Common
insurance
products-005L-C
T001Shen
Other 1.73% 36225847
Orient Securities
Co. Ltd.
State-owned legal
person
1.08% 22508593
Feng Wuchu
Domestic natural
person shares
0.93% 19545052
Hong Kong
Securities
Overseas legal
person
0.88% 18408606
Clearing Co. Ltd.
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
shares
466325020
Yadong Fuxing Yalian Investment
Co. Ltd.
202429149
RMB Common
shares
202429149
Guangdong Communication Group
Co. Ltd.
103379742
RMB Common
shares
103379742
Tibet Yingyue Investment
Management Co. Ltd.
101214574
RMB Common
shares
101214574
China Life Insurance Co. Ltd.－
Dividend －Personal dividend
-005L-FH002 Shen
36330529
RMB Common
shares
36330529
China Life Insurance Co. Ltd.－
Traditional－Common insurance
products-005L-CT001Shen
36225847
RMB Common
shares
36225847
Guangdong Expressway Co. Ltd. 33355263
RMB Common
shares
33355263
Orient Securities Co. Ltd. 22508593
RMB Common
shares
22508593
Feng Wuchu 19545052
RMB Common
shares
17451789
Foreign shares
placed in
domestic
exchange
2093263
Hong Kong Securities Clearing Co.Ltd.
18408606
RMB Common
shares
18408606
Explanation on associated
relationship or concerted action of
the above shareholders
Guangdong Communication Group Co. Ltd. is the parent company of Guangdong Highway
Construction Co. Ltd.and Guangdong Expressway Co. Ltd. It is unknown 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)
Nil
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.Notes receivable and account receivable
Accounts receivable decreased by 45.61 million yuan and 36.39% from the beginning of the year mainly due
to the decrease in toll income to be split between Guangdong Provincial Expressway Development Co. Ltd. Fokai
Branch and Jingzhu Expressway Guangzhu Section Co. Ltd.
2.Construction in process
Construction in progress projects include construction in progress and engineering materials.
The construction in progress increased by 100.9 million yuan and 44.04% compared with the beginning of
the year mainly due to the influence of the transfer of project funds from the expansion project of Sanbao to
Shuikou section of Fokai Expressway.
3.Taxes payable decreased by 55.91 million yuan and 66.36% from the beginning of the year mainly due to
the taxes accrued in the previous year by affiliated branches and subsidiaries and the taxes accrued in the current
period affected by the new coronavirus pneumonia epidemic.
4. Non-current liabilities due within one year decreased by 639.36 million yuan and 80.34% from the
beginning of the year which is the combined effect of the company's repayment of 625.35 million yuan of loans
due long-term payables and reclassification of accounts.
5. Bonds payable increased by 747.65 million yuan and 110.25% from the beginning of the year which are
five-year medium-term notes issued by the company in March 2020.
6. Other comprehensive income decreased by 136.43 million yuan and 35.70% from the beginning of the year
which is the combined effect of the parent company's confirmation of changes in the fair value of shares of China
Everbright Bank Corporation Limited and confirmation of changes in other comprehensive income of Guoyuan
Securities Corporation Limited by share ratio.(II) Items of income statement as compared with the same period of the previous year
1.Operating income decreased by 525.22 million yuan and 71.32 % year on year Mainly due to the
following factors:.(1)Dueto the sudden new coronary virus pneumonia epidemic the period of exempting the
toll fee for small passenger cars during the 2020 Chinese New Year holiday (January 24-January 30) was ext
ended to February 8; (2) The document-Notice of the Ministry of Transport on Toll-free of Highway Vehicle Tolls
during the Prevention and Control of New Coronary Pneumonia Epidemic (No. 62-[2020] Ministry of Transport)
stipulates that: From 0:00 on February 17 2020 to the end of the epidemic prevention and control work the toll fe
es for vehicles on roads across the country previously toll charged shall be exempted;(3) ETC implements the new
preferential policy which is adjusted from 98% to 95%.
2. Operating costs decreased by 42.89 million yuan and 16.63% year on year. The main reason is that the
company in each section is currently in the free expressway period for new coronavirus pneumonia epidemic
prevention and control. The company in each section adopts the predicted vehicle flow to accrue depreciation and
adopts 2019 version of predicted vehicle flow as depreciation basis for Fokai Branch and Jingzhu Expressway
Guangzhu section company from January 1 2020.
3. .Invesement income decreased by 114.15 million yuan and 95.24% year on year The main reason is that
most of the companies that our company participates are highway enterprises. Affected by the new coronavirus
pneumonia epidemic and toll free during the epidemic prevention and control period the company confirms that
the investment income of the companies that our company participates decreases year on year according to the
proportion of shares held.
4.Income tax decreased by 118.04 million yuan and 123.00% year on year The main reasons are as follows:
Firstly the total profit of Fokai Branch has decreased and deferred income tax assets with unrecovered losses
have been recognized as a result of consolidated tax payment by the branch. The current year-on-year decrease in
income tax is 51.31 million yuan; Secondly the total profit of Guangzhou-Foshan Expressway Co. Ltd. and
Guangzhu Section of Jiangzhu Expressway Co. Ltd. decreased with a year-on-year reduction in income tax
expense of 66.73 million yuan.
5. The net profit attributable to the owner of the parent company decreased by 424.16 million yuan and
119.80% year on year mainly due to the combined effects of the above factors.
(III) Notes of main items of cash flow statement
1. Cash received from sales of goods or rending of services decreased by 490.67 million yuan dn 66.43%
year on year due to the sudden new coronary virus pneumonia epidemic the period of exempting the toll fee for
small passenger cars during the 2020 Chinese New Year holiday (January 24-January 30) was extended to Februar
y 8 From 0:00 on February 17 2020 to the end of the epidemic prevention and control work the toll fees for vehic
les on roads across the country previously toll charged shall be exempted.
2. Other cash paid for business activities increased by 54.48 million yuan and 666.01% This is mainly because
Fokai Branch Guangfo Expressway Co. Ltd. and Jingzhu Expressway Guangzhu Section Company have
received 35.41 million yuan in subsidies for canceling provincial toll stations.
3. Cash paid for purchasing of merchandise and services The main accounting payment of special projects
maintenance costs and networking fees etc. This period witnessed a year-on-year decrease of 21.39 million yuan
and 41.02% mainly due to the year-on-year decrease in project funds paid by Fokai Branch Guangfo Expressway
Co. Ltd. and Jingzhu Expressway Guangzhu Section Company.
4. Cash received from investment retrieving decreased by 47.18 million yuan and 60.10% year on year
mainly due to a decrease in cash dividends of Zhaoqing Yuezhao Highway Co. Ltd.
5. Cash paid for construction of fixed assets intangible assets and other long-term assets decreased by 132.2
million yuan dn 45.35% year on year It is mainly because the main line of the reconstruction and expansion
project of Sanbao-Shuikou section of Fokai Branch has been completed and opened to traffic and the amount of
progress payment has been reduced.
6. Cash to repay debts decreased by 316.55 million yuan and 33.62% year on year The reason is that the
parent company's loan repayment in this period decreased by 280.9 million yuan year on year and the loan
repayment in this period of Jingzhu Expressway Guangzhu Section Co. Ltd. decreased by 35.65 million yuan
year on year.II. The progress of significant events and influence as well as the analysis and explanation on resolving
proposal.
√ Applicable □Not applicable
The Ministry of Transportation issued the Nnotice of the Ministry of Transportation on Waiving Tolls for Toll
Roads During the Prevention and Control Period (hereinafter referred to as the Notice) on February 15 2020.
According to the requirements of the Notice from 00: 00 on February 17 2020 until the end of the epidemic
prevention and control all expressways controlled and shared by the company will be free of vehicle tolls for all
vehicles that pass through these sections according to law and the specific deadline will be notified separately.Suspension of vehicle tolls is expected to adversely affect the company's short-term operating results. As of the
disclosure date of this report the time for resuming the collection of vehicle tolls has not yet been determined
Related supporting policies will be issued separately.The company will actively respond and do its best to mitigate the adverse impact of the epidemic on the
company. On the basis of strict epidemic prevention and control and ensuring smooth traffic flow the company
strictly controlled the cost and actively strived for reasonable policy support. In fact the company has done the
following work well to make sufficient preparations for restarting the charging business and accelerating the
development after the epidemic prevention and control work is completed.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. Investment in securities
√ Applicable □Not applicable
In RMB
Security
category
Security
code
Stock
Abbreviatio
n:
Initial
investment
cost
Mode of
accounting
measuremen
t
Book value
balance at
the
beginning of
the reporting
period
Changes
in fair
value of
the this
period
Cumulative fair
value changes in
equity
Purchase
amount in
the this
period
Sale
amount in
the this
period
Gain/loss of
the reporting
period
Book value
balance at the end
of the reporting
period
Accounting
items
Source of the shares
Domesti
c and
foreign
stocks
601818
China
Everbright
Bank
5175608
76.80
FVM
10374743
03.04
0.00 331709471.04 0.00 0.00 0.00 849270347.84
Investment in
other equity
instruments
Self fund
Total
5175608
76.80
--
10374743
03.04
0.00 331709471.04 0.00 0.00 0.00 849270347.84 -- --
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
V. Entrusted Financial Management
□ Applicable √Not applicable
There is no Entrusted Financial Management during the report period.VI. Investment in derivatives
□ Applicable √Not applicable
There is no derivative investment during the report period.VII. The registration form of acceptance of investigation communication and interview in the report
period for future reference
□ Applicable √ Not applicable
The Period has no research communication and written inquiry from the investors in the report period.VIII. External guarantee get out of line
□ Applicable √Not applicable
The Company has no external guarantee get out of the line in the Period
IX. 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
IV. Financial Statement
I. Financial statement
1. Consolidated balance sheet
Prepared by：Guangdong Provincial Expressway Development Co. Ltd.March 312020
In RMB
Items March 312020 December 312019
Current asset：
Monetary fund 3207183328.94 2817920894.50
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 81940551.16 125343724.66
Financing receivable
Prepayments 10910436.29 10894246.41
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 16701798.64 26618178.57
Including：Interest receivable
Dividend receivable 1205472.90 7205472.90
Repurchasing of financial assets
Inventories 111683.22 111683.22
Contract assets 5095277.77
Assets held for sales
Non-current asset due within 1 year 51745.32 51745.32
Other current asset
Total of current assets 3321994821.34 2980940472.68
Non-current assets：
Loans and payment on other’s behalf
disbursed
Items March 312020 December 312019
Creditor's Investment
Other Creditor's Investment
Long-term receivable
Long term share equity investment 3244958991.90 3255739898.36
Other equity instruments investment 1647618649.57 1835822604.77
Other non-current financial assets
Property investment 3276220.75 3331500.37
Fixed assets 8766501362.25 8925700473.65
Construction in progress 329998673.90 229098299.48
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 5899225.58 6393895.17
Development expenses
Goodwill
Long-germ expenses to be amortized 1114764.44 1114764.44
Deferred income tax asset 411904538.16 385494106.13
Other non-current asset 31341175.00 50909325.73
Total of non-current assets 14442613601.55 14693604868.10
Total of assets 17764608422.89 17674545340.78
Current liabilities
Short-term loans 250000000.00
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 219443159.02 290657734.31
Advance receipts 13008000.22 15605094.69
Contract liabilities 2787610.63
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Items March 312020 December 312019
Entrusted selling of securities
Employees’ wage payable 19648713.12 14822524.70
Tax payable 28348082.08 84257586.94
Other account payable 605596839.14 626180586.92
Including：Interest payable
Dividend payable 20020119.31 20020119.31
Other payable 585576719.83 606160467.61
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 156497285.01 795861958.07
Other current liability 96959.93 189628.17
Total of current liability 1295426649.15 1827575113.80
Non-current liabilities：
Reserve fund for insurance
contracts
Long-term loan 4724660000.00 4640425000.00
Bond payable 1425779626.12 678124972.89
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 41138247.84 39369379.91
Long-term remuneration payable to
staff
Expected liabilities
Deferred income 35416900.00
Deferred income tax liability 192796146.59 238453976.29
Other non-current liabilities
Total non-current liabilities 6419790920.55 5596373329.09
Total of liability 7715217569.70 7423948442.89
Owners’ equity
Share capital 2090806126.00 2090806126.00
Other equity instruments
Including：preferred stock
Items March 312020 December 312019
Sustainable debt
Capital reserves 2566524645.31 2562570465.31
Less：Shares in stock
Other comprehensive income 245762202.21 382193344.90
Special reserve
Surplus reserves 910425068.90 910425068.90
Common risk provision
Retained profit 3807337617.70 3877431844.64
Total of owner’s equity belong to the
parent company
9620855660.12 9823426849.75
Minority shareholders’ equity 428535193.07 427170048.14
Total of owners’ equity 10049390853.19 10250596897.89
Total of liabilities and owners’ equity 17764608422.89 17674545340.78
Legal Representative: Zheng Renfa
General Manager: Wang Chunhua
Person in charge of accounting：Fang Zhi
Accounting Dept Leader: Zhou Fang
2.Parent Company Balance Sheet
In RMB
Items March 31 2020 December 31 2019
Current asset：
Monetary fund 3163620290.14 2791384501.78
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 21864051.27
Financing receivable
Prepayments 1871208.06 1737598.88
Other account receivable 9263878.95 13435651.19
Including：Interest receivable
Dividend receivable 1205472.90 7205472.90
Other receivable 8058406.05 6230178.29
Inventories
Contract assets
Assets held for sales
Non-current asset due within 1 year 164982252.56 151637139.08
Other current asset
Total of current assets 3339737629.71 2980058942.20
Non-current assets：
Creditor's right investment 537903684.98 537903684.98
Other Creditor's right investment
Long-term receivable
Long term share equity investment 4778624000.71 4789404907.17
Other equity instruments investment 1647618649.57 1835822604.77
Other non-current financial assets
Property investment 3024082.50 3079362.12
Fixed assets 6696160197.05 6818701482.08
Construction in progress 147137194.70 46952925.08
Production physical assets
Oil & gas assets
Use right assets
Items March 31 2020 December 31 2019
Intangible assets 2350441.04 2533878.12
Development expenses
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 411722506.14 385296935.33
Other non-current asset 17297114.17 36901029.57
Total of non-current assets 14241837870.86 14456596809.22
Total of assets 17581575500.57 17436655751.42
Current liabilities
Short-term loans 250000000.00
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 133476829.30 129930285.56
Advance receipts
Contract Liabilities
Employees’ wage payable 5892751.84 6340740.61
Tax payable 1888703.95 8704510.83
Other account payable 561437707.65 582131356.01
Including：Interest payable
Dividend payable 20020119.31 20020119.31
Other payable 541417588.34 562111236.70
Liabilities held for sales
Non-current liability due within 1 year 124021209.32 744589133.72
Other current liability 848674656.72 821133339.57
Total of current liability 1925391858.78 2292829366.30
Non-current liabilities：
Long-term loan 4243630000.00 4243730000.00
Bond payable 1425779626.12 678124972.89
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 41138247.84 39369379.91
Items March 31 2020 December 31 2019
Long-term remuneration payable to
staff
Expected liabilities
Deferred income 16138700.00
Deferred income tax liability 82927367.76 129978356.56
Other non-current liabilities
Total non-current liabilities 5809613941.72 5091202709.36
Total of liability 7735005800.50 7384032075.66
Owners’ equity
Share capital 2090806126.00 2090806126.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 2978412876.93 2974458696.93
Less：Shares in stock
Other comprehensive income 245762202.21 382193344.90
Special reserve
Surplus reserves 894580785.25 894580785.25
Retained profit 3637007709.68 3710584722.68
Total of owners’ equity 9846569700.07 10052623675.76
Total of liabilities and owners’ equity 17581575500.57 17436655751.42
Legal Representative: Zheng Renfa
General Manager: Wang Chunhua
Person in charge of accounting：Fang Zhi
Accounting Dept Leader: Zhou Fang
3.Consolidated Income statement
In RMB
Items Report period Same period of the previous year
I. Income from the key business 211215592.28 736437257.60
Including：Business income 211215592.28 736437257.60
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 310872891.11 352232513.86
Including：Business cost 214952514.53 257839452.31
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 1411031.51 3168467.28
Sales expense
Administrative expense 33888825.63 36707007.01
R & D costs
Financial expenses 60620519.44 54517587.26
Including：Interest expense 67218676.58 58652879.99
Interest income 7404419.59 5041225.60
Add：Other income 634569.81 115533.91
Investment gain（“-”for loss） 5699699.42 119851621.21
Including: investment gains from
affiliates
5259044.40 119198798.96
Termination of recognition of gains on
financial assets at amortized cost
Gains from currency exchange
Net exposure hedging income
Changing income of fair value
Items Report period Same period of the previous year
Loss of credit impairment
Impairment losses on assets
Income on disposal of assets 4.37
III. Operational profit（“-”for loss） -93323025.23 504171898.86
Add ：Non-operational income 2675740.31 332608.56
Less: Non-operating expense 151915.98 190851.47
IV. Total profit(“-”for loss) -90799200.90 504313655.95
Less：Income tax expenses -22070118.89 95971634.16
V. Net profit -68729082.01 408342021.79
(I) Classification by business continuity
1.Net continuing operating profit -68729082.01 408342021.79
2.Termination of operating net profit
(II) Classification by ownership
Net profit attributable to the owners of
parent company
-70094226.94 354064646.18
Minority shareholders’ equity 1365144.93 54277375.61
VI. Net after-tax of other comprehensive
income
-136431142.69 70193314.91
Net of profit of other comprehensive inco
me attributable to owners of the parent co
mpany.
-136431142.69 70193314.91
（I）Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent accounting
period
-141152966.40 70576483.20
1.Re-measurement of defined benefit pla
ns of changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclass
ified into profit or loss.
3. Changes in the fair value of
investments in other equity instruments
-141152966.40 70576483.20
4. Changes in the fair value of the
company’s credit risks
5.Other
Items Report period Same period of the previous year（II）
Other comprehensive income that will be
reclassified into profit or loss.
4721823.71 -383168.29
1.Other comprehensive income under the
equity method investee can be reclassifie
d into profit or loss.
4721823.71 -383168.29
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 financ
ial statements
7.Other
Net of profit of other comprehensive inco
me attributable to Minority shareholders’
equity
VII. Total comprehensive income -205160224.70 478535336.70
Total comprehensive income attributable
to the owner of the parent company
-206525369.63 424257961.09
Total comprehensive income
attributable minority shareholders
1365144.93 54277375.61
VIII. Earnings per share
（I）Basic earnings per share -0.03 0.17
(II)Diluted earnings per share -0.03 0.17
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 the accounting work：Fang Zhi
Person-in -charge of the accounting organ：Zhou Fang
4. Income statement of the Parent Company
In RMB
Items Report period Same period of the previous year
I. Revenue 96834013.49 324156876.46
Including：Business cost 138349439.05 151217612.97
Business tax and surcharge 982137.56 1724079.25
Sales expense
Administrative expense 19008010.33 20909420.29
R & D costs
Financial expenses 57156264.13 50832482.65
Including：Interest expenses 64517846.96 55840761.99
Interest income 7384203.28 5026938.55
Add: Other income 251296.73
Investment gain（“-”for loss） 18442347.73 119851621.21
Including: investment gains from
affiliates
5259044.40 119198798.96
Termination of recognition of gains on
financial assets at amortized cost
Net exposure hedging income
Changing income of fair value
Credit impairment loss
Asset impairment loss
Income on disposal of assets 4.37
II. Operational profit（“-”for loss） -99968188.75 219324902.51
Add ：Non-operational income 67487.91 111869.48
Less：Non -operational expenses 101882.97 35895.17
III. Total profit(“-”for loss) -100002583.81 219400876.82
Less：Income tax expenses -26425570.81 24887313.90
IV. Net profit -73577013.00 194513562.92
1.Net continuing operating profit -73577013.00 194513562.92
2.Termination of operating net profit
V. Net after-tax of other comprehensive
income
-136431142.69 70193314.91
Items Report period Same period of the previous year
（I）Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent
accounting period
-141152966.40 70576483.20
1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets
2.Other comprehensive income under th
e equity method investee can not be recl
assified into profit or loss.
3. Changes in the fair value of
investments in other equity instruments
-141152966.40 70576483.20
4. Changes in the fair value of the
company’s credit risks
5.Other（II）
Other comprehensive income that will b
e reclassified into profit or loss.
4721823.71 -383168.29
1.Other comprehensive income under th
e equity method investee can be reclassi
fied into profit or loss.
4721823.71 -383168.29
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 fina
ncial statements
7.Other
VI. Total comprehensive income -210008155.69 264706877.83
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：Fang Zhi
Accounting Dept Leader: Zhou Fang
5. Consolidated Cash flow statement
In RMB
Items Report period Same period of the previous year
I. Cash flows from operating activities
Cash received from sales of goods or
rending of services
247991044.46 738658072.58
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
62657171.96 8177214.62
Sub-total of cash inflow 310648216.42 746835287.20
Cash paid for purchasing of
merchandise and services
30752706.57 52141942.34
Net increase of client trade and advance
Items Report period Same period of the previous year
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 68502304.72 73711658.04
Taxes paid 62705913.66 82310582.56
Other cash paid for business activities 6373469.06 20333497.13
Sub-total of cash outflow from business
activities
168334394.01 228497680.07
Net cash generated from /used in
operating activities
142313822.41 518337607.13
II. Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains 31318703.34 78499342.80
Net cash retrieved from disposal of
fixed assets intangible assets and other
long-term assets
6300.00 31580.00
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
31325003.34 78530922.80
Cash paid for construction of fixed
assets intangible assets and other
long-term assets
159341895.02 291544023.52
Cash paid as investment
Net increase of loan against pledge
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to 159341895.02 291544023.52
Items Report period Same period of the previous year
investment activities
Net cash flow generated by investment -128016891.68 -213013100.72
III.Cash flow generated by financing
Cash received as investment
Including: Cash received as investment
from minor shareholders
Cash received as loans 1060000000.00 1410000000.00
Other financing –related cash
received
Sub-total of cash inflow from financing
activities
1060000000.00 1410000000.00
Cash to repay debts 625100000.00 941650000.00
Cash paid as dividend profit or
interests
59184496.29 64965149.34
Including: Dividend and profit paid by
subsidiaries to minor shareholders
Other cash paid for financing activities 750000.00 791384.00
Sub-total of cash outflow due to
financing activities
685034496.29 1007406533.34
Net cash flow generated by financing 374965503.71 402593466.66
IV. Influence of exchange rate
alternation on cash and cash equivalents
V.Net increase of cash and cash
equivalents
389262434.44 707917973.07
Add: balance of cash and cash
equivalents at the beginning of term
2816699694.50 2123303796.32
VI ..Balance of cash and cash
equivalents at the end of term
3205962128.94 2831221769.39
Legal Representative: Zheng Renfa
General Manager: Wang Chunhua
Person in charge of accounting：Fang Zhi
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
113507357.25 317930569.57
Tax returned
Other cash received from business
operation
86723417.53 227481382.77
Sub-total of cash inflow 200230774.78 545411952.34
Cash paid for purchasing of
merchandise and services
3452081.46 6738037.43
Cash paid to staffs or paid for staffs 26023676.00 27527028.50
Taxes paid 9893866.80 13682757.81
Other cash paid for business activities 30499503.45 25373283.31
Sub-total of cash outflow from business
activities
69869127.71 73321107.05
Net cash generated from /used in
operating activities
130361647.07 472090845.29
II. Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains 31318703.34 78499342.80
Net cash retrieved from disposal of
fixed assets intangible assets and other
long-term assets
6300.00 3700.00
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 213750.00
Sub-total of cash inflow due to
investment activities
31325003.34 78716792.80
Cash paid for construction of fixed
assets intangible assets and other
long-term assets
104578459.51 276927693.99
Cash paid as investment
Net cash received from subsidiaries and
other operational units
Items Amount in this period Amount in last period
Other cash paid for investment
activities
Sub-total of cash outflow due to
investment activities
104578459.51 276927693.99
Net cash flow generated by investment -73253456.17 -198210901.19
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 1000000000.00 1410000000.00
Other financing –related ash received
Sub-total of cash inflow from
financing activities
1000000000.00 1410000000.00
Cash to repay debts 625100000.00 906000000.00
Cash paid as dividend profit or
interests
59022402.54 60068493.09
Other cash paid for financing activities 750000.00 791384.00
Sub-total of cash outflow due to
financing activities
684872402.54 966859877.09
Net cash flow generated by financing 315127597.46 443140122.91
IV. Influence of exchange rate
alternation on cash and cash equivalents
V.Net increase of cash and cash
equivalents
372235788.36 717020067.01
Add: balance of cash and cash
equivalents at the beginning of term
2790163301.78 2095376368.04
VI ..Balance of cash and cash
equivalents at the end of term
3162399090.14 2812396435.05
Legal Representative: Zheng Renfa
General Manager: Wang Chunhua
Person in charge of accounting：Fang Zhi
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 2020
√ Applicable □ Not applicable
Consolidated balance sheet
In RMB
Items December 31 2019 January 1 2020 Adjustment
Current asset：
Monetary fund 2817920894.50 2817920894.50
Account receivable 125343724.66 127694377.99 2350653.33
Prepayments 10894246.41 10894246.41
Other account receivable 26618178.57 19172247.47 -7445931.10
Dividend receivable 7205472.90 7205472.90
Inventories 111683.22 111683.22
Contract assets 5095277.77 5095277.77
Non-current asset due
within 1 year
51745.32 51745.32
Total of current assets 2980940472.68 2980940472.68
Non-current assets：
Long-term equity investment 3255739898.36 3255739898.36
Other equity instruments
investment
1835822604.77 1835822604.77
Property investment 3331500.37 3331500.37
Fixed assets 8925700473.65 8925700473.65
Construction in progress 229098299.48 229098299.48
Intangible assets 6393895.17 6393895.17
Long-term expenses to be
amortized
1114764.44 1114764.44
Deferred tax assets 385494106.13 385494106.13
Other non-current asset 50909325.73 50909325.73
Total of non-current assets 14693604868.10 14693604868.10
Total of assets 17674545340.78 17674545340.78
Items December 31 2019 January 1 2020 Adjustment
Current liabilities
Account payable 290657734.31 290657734.31
Advance payment 15605094.69 12817484.06 -2787610.63
Contract liabilities 2787610.63 2787610.63
Employees’ wage payable 14822524.70 14822524.70
Tax payable 84257586.94 84257586.94
Other account payable 626180586.92 626180586.92
Dividend payable 20020119.31 20020119.31
Non-current liability due
within 1 year
795861958.07 795861958.07
Other current liability 189628.17 189628.17
Total of current liability 1827575113.80 1827575113.80
Non-current liabilities：
Long-term loan 4640425000.00 4640425000.00
Bond payable 678124972.89 678124972.89
Long-term payable 39369379.91 39369379.91
Deferred income tax asset 238453976.29 238453976.29
Total of current liability 5596373329.09 5596373329.09
Non-current liabilities： 7423948442.89 7423948442.89
Owners’ equity
Share capital 2090806126.00 2090806126.00
Capital reserves 2562570465.31 2562570465.31
Other comprehensive income 382193344.90 382193344.90
Surplus reserves 910425068.90 910425068.90
Retained profit 3877431844.64 3877431844.64
Total of owner’s equity
belong to the parent company
9823426849.75 9823426849.75
Minority shareholders’
equity
427170048.14 427170048.14
Total of owners’ equity 10250596897.89 10250596897.89
Total of liabilities and
owners’ equity
17674545340.78 17674545340.78
Adjustment statement
Parent Company Balance Sheet
In RMB
Items December 31 2019 January 1 2020 Adjustment
Current asset：
Monetary fund 2791384501.78 2791384501.78
Account payable 21864051.27 21864051.27
Prepayments 1737598.88 1737598.88
Other account receivable 13435651.19 13435651.19
Dividend receivable 7205472.90 7205472.90
Non-current asset due within
1 year
151637139.08 151637139.08
Total of current assets 2980058942.20 2980058942.20
Non-current assets：
Creditor's rights
investment
537903684.98 537903684.98
Long term share equity
investment
4789404907.17 4789404907.17
Other equity instruments
investment
1835822604.77 1835822604.77
Property investment 3079362.12 3079362.12
Fixed assets 6818701482.08 6818701482.08
Construction in progress 46952925.08 46952925.08
Intangible assets 2533878.12 2533878.12
Deferred tax assets 385296935.33 385296935.33
Other non-current asset 36901029.57 36901029.57
Total of non-current assets 14456596809.22 14456596809.22
Total of assets 17436655751.42 17436655751.42
Current liabilities
Account payable 129930285.56 129930285.56
Employees’ wage payable 6340740.61 6340740.61
Tax payable 8704510.83 8704510.83
Other account payable 582131356.01 582131356.01
Dividend payable 20020119.31 20020119.31
Non-current liability due
within 1 year
744589133.72 744589133.72
Items December 31 2019 January 1 2020 Adjustment
Other current liability 821133339.57 821133339.57
Total of current liability 2292829366.30 2292829366.30
Non-current liabilities：
Long-term loan 4243730000.00 4243730000.00
Bond payable 678124972.89 678124972.89
Long-term payable 39369379.91 39369379.91
Deferred income tax liability 129978356.56 129978356.56
Total of Non-current
liabilities
5091202709.36 5091202709.36
Total of liability 7384032075.66 7384032075.66
Owners’ equity
Share capital 2090806126.00 2090806126.00
Capital reserves 2974458696.93 2974458696.93
Other comprehensive
income
382193344.90 382193344.90
Surplus reserves 894580785.25 894580785.25
Retained profit 3710584722.68 3710584722.68
Total of owners’ equity 10052623675.76 10052623675.76
Total of liabilities and
owners’ equity
17436655751.42 17436655751.42
Adjustment statement
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 2020
√Applicable□Not applicable
On July 5 2017 the Ministry of Finance issued the Notice on Revising and Issuing Accounting Standards for
Enterprises No.14-Income (CK [2017] No.22) (hereinafter referred to as the "New Income Standards"). After the
fourth meeting of the ninth board of directors of the company approved the resolution on April 3 2020 the
company will implement the aforesaid New Income Standards from January 1 2020. According to the relevant
requirements of the above-mentioned New Income Standards the company must make corresponding adjustments
to the relevant accounting policies previously adopted.Under the New Income Standards the Company shall first recognize the amount of merchandise sales
received in advance from customers as a contractual liability and convert it into income when relevant
performance obligations are fulfilled; The company has transferred goods to customers and has the right to receive
consideration of which unconditional (only depending on the passage of time) shall be recognized as accounts
receivable and those depending on other factors other than the passage of time shall be recognized as contract
assets.The Company retroactively applied the New Income Standards but chose not to restate the classification and
measurement (including impairment) involving the inconsistency between the data in the previous comparative
financial statements and the New Income Standards. Therefore the Company adjusted the accounts receivable
other receivables contractual assets pre-paid accounts and contractual liabilities at the beginning of 2020 for the
cumulative impact of the first implementation of the revised standards and the financial statements for 2019 were
not restated.III. Auditors’Report
Is the First Quarterly Report be audited?
□ Yes √No
The First Quarterly report is not audited.
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