粤电力Ｂ：2019年第三季度报告全文（英文版）

Guangdong Electric Power Development Co. Ltd.October 2019

1 Important notes

The Board of Directors，the Supervisory Committee the directors the supervisors and executives of the

Company guarantee that there are no significant omissions fictitious or misleading statements carried in the

Quarterly Report and we will accept individual and joint responsibilities for the truthfulness accuracy and

completeness of the Quarterly Report.

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

Mr. Wang Jin Person in charge of the Company Mr.Liu Wei Person in charge of accounting works Mr.Meng

Fei 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 about the company

I. Main financial data and indices

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

As at the end of the

reporting period

As at the end of last year

Changed （%）over end of

prev. year

Gross assets（Yuan） 73915799989 73329662306 0.80%

Net assets attributable to the

shareholders of the listed company（Yuan）

25285860007 24227302288 4.37%

Reporting period

Increase/decrease over

the same period of last

year（%）

Between beginning of

the year to the end of

the report period

Changed （%）over

end of prev. year

Operating revenue（Yuan） 8646351018 22.45% 21520532268 2.69%

Net profit attributable to the

shareholders of the listed company（Yuan）

757309917 54.56% 1338879300 42.61%

Net profit after deducting of

non-recurring gain/loss attributable to

the shareholders of listed company（Yuan）

719277830 52.65% 1307866747 47.89%

Net cash generated from /used in

operating activities（Yuan）

-- -- 6773575977 29.88%

Basic earning per share(Yuan/Share) 0.1442 54.56% 0.2550 42.62%

Diluted gains per share(Yuan/Share) 0.1442 54.56% 0.2550 42.62%

Weighted average return on equity（%） 3.18% 1.10% 5.42% 1.50%

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)

-13971117

Scrap loss of Power Generation assets of

some subsidiaries

Govemment subsidy recognized in current

gain and loss(excluding those closely related

to the Company’s business and granted under

the state’s policies)

7424991

Switch back of provision for depreciation of

account receivable which was singly taken

depreciation test.

48647647

It’s the bankruptcy claims by the parent

company to Guangdong International Trust

and Investment Co. Ltd-that was handled

with bad debt losses in 2003 but the funds

are now recovered and treated to offset the

impairment losses of assets.Effect on current gains/losses when a one-off

adjustment is made to current gains/losses

according to requirements of taxation

accounting and other relevant laws and

regulations

-250472

Other non-business income and expenditures

other than the above

581676

Less: Amount of influence of income tax 10608181

Influenced amount of minor shareholders’

equity (after tax)

811991

Total 31012553 --

For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on

information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and

its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure

for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as

recurring gains and losses it is necessary to explain the reason.

□ Applicable√ Not applicable

None of Non-recurring gain /loss items recorgnized 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 number of shareholders at the period-end and shareholdings of top 10 shareholders

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

95913

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 Energy Group Co. Ltd.State-owned legal

person

67.39% 3538005285 1893342621

China Securities Finance Co. Ltd.

State-owned legal

person

2.84% 148862420

Shenzhen Guangfa Electric Power Investment

Co. Ltd.

State-owned legal

person

2.22% 116693602

Guangdong Electric Power Development

Corporation

State-owned legal

person

1.80% 94367341

Li Zhuo

Domestic Natural

person

0.60% 31606023

Zheng Jianxiang

Domestic Natural

person

0.44% 23234898

Harbin Hali Industry Co. Ltd.

Domestic

Non-State owned

legal person

0.41% 21763533

CHINA INT'L CAPITAL CORP HONG

KONG SECURITIES LTD

Overseas Legal

person

0.29% 15316066

Harbin Daoli District Charity Foundation

Domestic

Non-State owned

legal person

0.26% 13730793

VANGUARD EMERGING MARKETS

STOCK INDEX FUND

Overseas Legal

person

0.25% 13088628

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 Energy Group Co. Ltd. 1644662664

RMB Common

1644662664

China Securities Finance Co. Ltd. 148862420

RMB Common

148862420

Shenzhen Guangfa Electric Power

Investment Co. Ltd.

116693602

RMB Common

116693602

Guangdong Electric Power

Development Corporation

94367341

RMB Common

94367341

Li Zhuo 31606023

RMB Common

31606023

Zheng Jianxiang 23234898

Foreign shares

placed in

domestic

exchange

23234898

Harbin Hali Industry Co. Ltd. 21763533

RMB Common

21763533

CHINA INT'L CAPITAL CORP

HONG KONG SECURITIES LTD

15316066

Foreign shares

placed in

domestic

exchange

15316066

Harbin Daoli District Charity

Foundation

13730793

RMB Common

13730793

VANGUARD EMERGING

MARKETS STOCK INDEX FUND

13088628

Foreign shares

placed in

domestic

exchange

13088628

Explanation on associated

relationship or concerted action of

the above shareholders

The fourth largest shareholder Guangdong Electric Power Development Corporation is the

wholly-owned subsidiaries of the largest shareholder Guangdong Energy Group. These two

companies have relationships; whether the other shareholders have relationships or unanimous

acting was unknown.Note to the top 10 common

stockholders involved in margin

financing & securities lending (If

any)

The Fifth largest shareholder Li Zhuo holds98700 A shares of the Company through stock

account with credit transaction and guarantee and holds 31507323 A shares through ordinary

stock account hold 31606023 shares of the Company's stock totally;

The Seventh largest shareholder Harbin Hali Industry Co. Ltd. holds 820888 A shares of the

Company through stock account with credit transaction and guarantee and holds 20942645 A

shares through ordinary stock account hold 21763533 shares of the Company's stock totally;

The Ninth largest shareholder Harbin Daoli District Charity Foundation holds80187 A shares

of the Company through stock account with credit transaction and guarantee and holds

13650606 A shares through ordinary stock account hold 13730793 shares of the Company's

stock totally.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. Particular about large-margin change of main accounting statement item and financial index and its

reason.

√ Applicable □ Not applicable

1. In the first three quarters of 2019 the Company completed the combined on-gird power of 52.545 billion kWh

down 3.48% YOY the average on-grid price in the consolidated statement was 460.60 yuan/thousands kWh

(including tax the same below) up 18.54 yuan/thousands kWh. The cost of power generation fuel was 12925.779

million yuan a YOY decrease of 858.6669 million yuan or down 6.23%. Upon the combined effects of YOY

decline of coal price the narrowing of the market electricity price the dividends brought by implementation of the

tax reduction and fee reduction policy and the various cost controls the Company’s power generation gross

profits increased YOY and the realized net profits attributable to the parent company in the first three quarters

were 1338.8793 million yuan a YOY increase of 42.61%.

2. The net non-operating revenues and expenses decreased 90.7962 million yuan YOY in the reporting period a

decrease of 117.35% which was mainly due to that Xuwen company received 45.456 million yuan of insurance

compensation for damage by typhoon Wilmasun and the donated fixed assets from Duojing Company received by

some subsidies resulting in high non-operating income. This year the scrap of power generation assets of some

subsidiaries generated the non-operating expenses of 13.24 million yuan.

3. The asset impairment losses decreased by 48.1976 million yuan a decrease of 100.00% which was mainly due

to the bankruptcy claims by the parent company to Guangdong International Trust and Investment Co. Ltd-that

was handled with bad debt losses in 2003 but the funds are now recovered and treated to offset the impairment

losses of assets.

4. The income tax expenses increased by 256.4174 million yuan an increase of 71.80% which was mainly due to

the better earnings by some subsidiaries this year resulting in YOY increase of the income tax expenses.II. The progress of significant events and influence as well as the analysis and explanation on resolving

proposal.

√ Applicable □ Not applicable

1. In order to improve the Company's debt structure and broaden the Company's financing channels and approved

by the Company's third extraordinary shareholders’ meeting on September 19 2019 the Company plans to

publicly issue the corporate bonds of no more than RMB 4 billion and the green renewable corporate bonds of no

more than RMB 4 billion. At present the Company is carrying out the work related to the declaration and

application of approval for the bonds issuance as planned.

2. During the reporting period due to changes in work Ms. Wen Shufei no longer served as a director of the ninth

session of the board of directors of the Company a member of the budgetary committee of the board of directors

and a member of the audit committee of the board of directors; Mr. Li baobing no longer served as a supervisor of

the ninth board of supervisors of the Company. The Company is currently carrying out the by-election work of

members of the board of directors and the board of supervisors in accordance with the relevant laws and

regulations of the Company Law and the relevant provisions of the Company's "Articles of Association".

3. During the reporting period Guangdong Yudean Binhai Energy Co. Ltd a wholly-owned subsidiary of the

Company received the “Reply from the Guangdong Development and Reform Commission on the Approval of

Alternative Power Source of Dongguan Ningzhou Site” (No.3309-[2019] Yuefa Reform Energy Letter) agreed to

build the Dongguan Ningzhou site alternative power project. The project plans to construct three sets of 700MW

class gas-steam combined cycle heat and power cogeneration unit and the supporting facilities adopting three

H-class gas-steam combined cycle heat and cooling cogeneration units. The total dynamic investment of the

project is 5.928 billion yuan of which the project capital is 1.186 billion yuan accounting for 20% of the total

investment of the project and the loan is 4.742 billion yuan. The Company will fully promote the project

construction work in accordance with the relevant requirements of the project approval documents.

Announcement Date of disclosure Website for disclosure

Company Bond Issuance Preplan August 312019 http//www.cninfo.com.cn.

Green renewable corporate bond issuance preplan August 312019 http//www.cninfo.com.cn.

Announcement About Departure of partial

Directors and Supervisors

September 252019 http//www.cninfo.com.cn.

Announcement on Receiving the Approval of the

Alternative Power Project of Dongguan Ningzhou Site

September 302019 http//www.cninfo.com.cn.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

No such cases in the reporting period.IV. Securities investment

√ Applicable □Not applicable

In RMB

Security

category

Security

code

Stock

Abbreviation

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

Purcha

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

Accoun

ting

items

Source

of the

Domestic

and

foreign

stocks

000027

Shenzhen

Energy

15890628

Fair value

measurem

ent

66150000 6678000 56937372 630000 72828000

Other

assets

Own-Fu

nds

Domestic

and

foreign

stocks

600642 Shenergy 235837988

Fair value

measurem

ent

270997380 37206608 72366000 11106450 308203988

Other

assets

Own-Fu

nds

Domestic

and

foreign

stocks

831039 NEEQ 3600000

Fair value

measurem

ent

3618000 2376000 2394000 360000 5994000

Other

assets

Own-Fu

nds

Total 255328616 -- 340765380 46260608 131697372 0 0 12096450 387025988 -- --

Disclosure date for the notice of

approval by the Board (If any)

October 312018

Disclosure date for the notice of

approval by shareholders’

Meeting (If any)

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

Reception time Way of reception Types of visitors Basic index

February 202019 Onsite investigation Organization

Details can be found in the Record Chart of the

Investor Relation Activity disclosed on Juchao

website(www.cninfo.com.cn) on February 22

2019.

June 202019 Onsite investigation Organization

Details can be found in the Record Chart of the

Investor Relation Activity disclosed on Juchao

website(www.cninfo.com.cn) on June 252019.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 Electric Power Development Co. Ltd.September 302019

In RMB

Items September 302019 December 312018

Current asset：

Monetary fund 5645228165 5574382892

Settlement provision

Outgoing call loan

Transactional financial assets

Financial assets measured at fair

value with variations accounted into

current income account

Derivative financial assets

Notes receivable

Account receivable 3319154887 3358331949

Financing of receivables

Prepayments 808806342 906261046

Insurance receivable

Reinsurance receivable

Provisions of Reinsurance contracts

receivable

Other account receivable 276283404 222976826

Including：Interest receivable 18595586 18856569

Dividend receivable

Repurchasing of financial assets

Inventories 1865454356 1481817270

Contract assets

Assets held for sales

Non-current asset due within 1 year

Other current asset 256260503 617853476

Total of current assets 12171187657 12161623459

Non-current assets：

Loans and payment on other’s behalf

disbursed

Debt investment

Available for sale of financial assets 1565806331

Other investment on bonds

Expired investment in possess

Long-term receivable 91538867 89762071

Long term share equity investment 6626923016 6395134754

Other equity instruments investment 1690229178

Other non-current financial assets

Property investment 22716561 10810722

Fixed assets 39203194358 41157594848

Construction in progress 9312895745 7740754343

Production physical assets

Oil & gas assets

Use right assets

Intangible assets 1833632927 1863588771

Development expenses

Goodwill 2449886 2449886

Long-germ expenses to be amortized 20089272 22089179

Deferred income tax asset 444126914 448431684

Other non-current asset 2496815608 1871616258

Total of non-current assets 61744612332 61168038847

Total of assets 73915799989 73329662306

Current liabilities

Short-term loans 6005383548 7526000000

Loan from Central Bank

Borrowing funds

Transactional financial liabilities

Financial liabilities measured at fair

value with variations accounted into

current income account

Derivative financial liabilities

Notes payable 1274236650 941161107

Account payable 2358732010 2196600415

Advance receipts 188688 343894

Contract Liabilities

Selling of repurchased financial assets

Deposit taking and interbank deposit

Entrusted trading of securities

Entrusted selling of securities

Employees’ wage payable 385459082 235741179

Tax payable 700481232 397001706

Other account payable 3891343831 4152518495

Including：Interest payable 175122199 59316077

Dividend payable 9796594 9703930

Fees and commissions payable

Reinsurance fee payable

Liabilities held for sales

Non-current liability due within 1 year 2236596045 2779347654

Other current liability 1505285967 1107904110

Total of current liability 18357707053 19336618560

Non-current liabilities：

Reserve fund for insurance contracts

Long-term loan 17848540420 18802292664

Bond payable 1464189017 838326742

Including：preferred stock

Sustainable debt

Lease liability

Long-term payable 2471247841 2311513249

Long-term remuneration payable to

staff

108584393 122913388

Expected liabilities

Deferred income 131724820 133043646

Deferred income tax liability 160171428 100726841

Other non-current liabilities 166405569 166405569

Total non-current liabilities 22350863488 22475222099

Total of liability 40708570541 41811840659

Owners’ equity

Share capital 5250283986 5250283986

Other equity instruments

Including：preferred stock

Sustainable debt

Capital reserves 5102846886 5102846886

Less：Shares in stock

Other comprehensive income 584705588 550010133

Special reserve

Surplus reserves 8245767593 7834155143

Common risk provision

Retained profit 6102255954 5490006140

Total of owner’s equity belong to the

parent company

25285860007 24227302288

Minority shareholders’ equity 7921369441 7290519359

Total of owners’ equity 33207229448 31517821647

Total of liabilities and owners’ equity 73915799989 73329662306

Legal representative ：Wang Jin

Person-in-charge of the accounting work：Liu Wei

Person-in -charge of the accounting organ：Meng Fei

2. Balance sheet of Parent Company

In RMB

Items September 302019 December 312018

Current asset：

Monetary fund 470938995 385577463

Transactional financial assets

Financial assets measured at fair

value with variations accounted into

current income account

Derivative financial assets

Notes receivable

Account receivable 242555864 264537475

Financing of receivables

Prepayments 46137800 44826500

Other account receivable 86959123 375296228

Including：Interest receivable 2287265 1121522

Dividend receivable 0 447956

Inventories 195841833 187058140

Contract assets

Assets held for sales

Non-current asset due within 1 year

Other current asset 199679 199679

Total of current assets 1042633294 1257495485

Non-current assets：

Debt investment

Available for sale of financial assets 1565806331

Other investment on bonds

Expired investment in possess

Long-term receivable 306460000 306460000

Long term share equity investment 26298594684 24699820321

Other equity instruments investment 1690229178

Other non-current financial assets

Property investment 7184343 7661041

Fixed assets 771609143 978022437

Construction in progress 16232999 9394075

Production physical assets

Oil & gas assets

Use right assets

Intangible assets 83970573 86681362

Development expenses

Goodwill

Long-germ expenses to be amortized

Deferred income tax asset

Other non-current asset 356004000 356004000

Total of non-current assets 29530284920 28009849567

Total of assets 30572918214 29267345052

Current liabilities

Short-term loans 1500000000 1500000000

Transactional financial liabilities

Financial liabilities measured at fair

value with variations accounted into

current income account

Derivative financial liabilities

Notes payable

Account payable 216907981 223827319

Advance receipts

Contract Liabilities

Employees’ wage payable 90148461 53346100

Tax payable 37534092 48590195

Other account payable 127783657 98528954

Including：Interest payable 51084354 15787356

Dividend payable 9796594 9703930

Liabilities held for sales

Non-current liability due within 1 year 40292266

Other current liability 1509050959 1107904110

Total of current liability 3521717416 3032196678

Non-current liabilities：

Long-term loan 1500000000 1500000000

Bond payable 765137333 838326742

Including：preferred stock

Sustainable debt

Lease liability

Long-term payable 5506949 4340898

Long-term remuneration payable to

staff

29693395 32170769

Expected liabilities

Deferred income 48362943 48362943

Deferred income tax liability 158906208 99461621

Other non-current liabilities

Total non-current liabilities 2507606828 2522662973

Total of liability 6029324244 5554859651

Owners’ equity

Share capital 5250283986 5250283986

Other equity instruments

Including：preferred stock

Sustainable debt

Capital reserves 5605794601 5605794601

Less：Shares in stock

Other comprehensive income 584705588 550010133

Special reserve

Surplus reserves 8245767593 7834155143

Retained profit 4857042202 4472241538

Total of owners’ equity 24543593970 23712485401

Total of liabilities and owners’ equity 30572918214 29267345052

3.Consolidated Income statement of the Report period

In RMB

Items Amount in this period Amount in last period

I. Turnover 8646351018 7060929815

Including ：Operating income 8646351018 7060929815

Interest income

Insurance fee earned

Fee and commission received

II. Total operating costs 7497679016 6635830401

Including ：Operating costs 6928192466 6089990898

Interest expense

Fee and commission paid

Insurance discharge payment

Net claim amount paid

Appropriation of deposit for duty net

Insurance policy dividend paid

Reinsurance expenses

Business tax and surcharge 71719992 52349958

Sales expense 11243947 8280287

Administrative expense 174317245 146494451

R & D expense 1289004 598480

Financial expenses 310916362 338116327

Including：Interest expense 319264192 352800506

Interest income 11283318 16030193

Add：Other income 6877778 3525337

Investment gain（“-”for loss） 136008997 231802229

Including: investment gains from

affiliates

134803712 196213706

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

Credit impairment loss

Impairment loss of assets 48197647

Assets disposal income -3650548

III. Operating profit（“-”for loss） 1339756424 656776432

Add ：Non-operating income 3309345 33997213

Less: Non-operating expenses 1790954 7418728

IV. Total profit(“-”for loss) 1341274815 683354917

Less：Income tax expenses 303700779 49351732

V. Net profit 1037574036 634003185

(I) Classification by business

continuity

1.Net continuing operating profit 1037574036 634003185

2.Termination of operating net profit

(II) Classification by ownership

1.Net profit attributable to the owners of

parent company

757309917 489988070

2.Minority shareholders’ equity 280264119 144015115

VI. Net after-tax of other comprehensive

income

-22817126 13964804

Net of profit of other comprehensive inco

me attributable to owners of the parent co

mpany.

-22817126 13964804

（I）Other comprehensive income items

that will not be reclassified into

gains/losses in the subsequent accounting

period

-22817126

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

-22817126

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.

13964804

1.Other comprehensive income under the

equity method investee can be reclassifie

d into profit or loss.2. Changes in the fair value of

investments in other debt obligations

3.Gains and losses from changes in fair v

alue available for sale financial assets

13964804

4. Other comprehensive income arising

from the reclassification of financial

assets

5.Held-to-maturity investments reclassifi

ed to gains and losses of available for sal

e financial assets

6. Allowance for credit impairments in

investments in other debt obligations

7. Reserve for cash flow hedges

Translation differences in currency financ

ial statements

9.Other

Net of profit of other comprehensive inco

me attributable to Minority shareholders’

equity

VII. Total comprehensive income 1014756910 647967989

Total comprehensive income attributable

to the owner of the parent company

734492791 503952874

Total comprehensive income

attributable minority shareholders

280264119 144015115

VIII. Earnings per share

（I）Basic earnings per share 0.1442 0.0933

(II)Diluted earnings per share 0.1442 0.0933

Legal representative ：Wang Jin

Person-in-charge of the accounting work：Liu Wei

Person-in -charge of the accounting organ：Meng Fei

4.Income statement of the Parent Company of the Report period

In RMB

Items Amount in this period Amount in last period

I. Revenue 635806632 577942718

Including ：Operating costs 594224355 515284438

Business tax and surcharge 2450238 3078514

Sales expense 422950 524829

Administrative expense 28185676 21402614

R & D expense 360401 302564

Financial expenses 52177490 50695820

Including：Interest expenses 52540192 52034315

Interest income 1454556 1813721

Add：Other income 268463

Investment gain（“-”for loss） 223828335 351302307

Including: investment gains from

affiliates

134624138 196520010

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 48647647

Assets disposal income

II. Operating profit（“-”for loss） 230461503 339439644

Add ：Non-operating income 174784 4376527

Less：Non -operating expenses 702682 43758

III. Total profit(“-”for loss) 229933605 343772413

Less：Income tax expenses -12227012

IV. Net profit 229933605 355999425

1.Net continuing operating profit 229933605 355999425

2.Termination of operating net profit

V. Net after-tax of other comprehensive

income

-22817126 13964805

（I）Other comprehensive income items

that will not be reclassified into

gains/losses in the subsequent

accounting period

-22817126

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

-22817126

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.

13964805

1.Other comprehensive income under th

e equity method investee can be reclassi

fied into profit or loss.

2. Changes in the fair value of

investments in other debt obligations

Gains and losses from changes in fair v

alue available for sale financial assets

13964805

4. Other comprehensive income

arising from the reclassification of

financial assets

5.Held-to-maturity investments reclassif

ied to gains and losses of available for s

ale financial assets

6. Allowance for credit impairments

in investments in other debt obligations

7. Reserve for cash flow hedges

Translation differences in currency fina

ncial statements

9.Other

VI. Total comprehensive income 207116479 369964230

VII. Earnings per share

（I）Basic earnings per share 0.0438 0.0678

(II)Diluted earnings per share 0.0438 0.0678

5. Consolidated Income statement between the beginning of the year and end of the report period

In RMB

Items Amount in this period Amount in last period

I. Turnover 21520532268 20955914994

Including：Operating income 21520532268 20955914994

Interest income

Insurance fee earned

Commission charge and commission

income

II. Total operating costs 19534660935 19849361205

Including ：Operating costs 17952335942 18290847325

Interest expense

Fee and commission paid

Insurance discharge payment

Net claim amount paid

Appropriation of deposit for dutynet

Insurance policy dividend paid

Reinsurance expenses

Business tax and surcharge 165085350 151882523

Sales expense 24088735 18596417

Administrative expense 445202049 416866769

R & D expense 1636527 1933046

Financial expenses 946312332 969235125

Including：Interest expense 983273645 1009905889

Interest income 42944823 45903200

Add：Other income 46350634 20556096

Investment gain（“-”for loss） 440490979 522820821

Including: investment gains from

affiliates

408421926 468618691

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

Credit impairment loss -523441

Impairment loss of assets 48197647

Assets disposal income -3262041

III. Operating profit（“-”for loss） 2520387152 1646668665

Add ：Non-operating income 8602532 86606114

Less: Non-operating expense 22025650 9233051

IV. Total profit(“-”for loss) 2506964034 1724041728

Less：Income tax expenses 613536709 357119310

V. Net profit 1893427325 1366922418

(I) Classification by business

continuity

1.Net continuing operating profit 1893427325 1366922418

2.Termination of operating net profit

(II) Classification by ownership

1.Net profit attributable to the owners of

parent company

1338879300 938821588

2.Minority shareholders’ equity 554548025 428100830

VI. Net after-tax of other comprehensive

income

34695456 -32887013

Net of profit of other comprehensive inco

me attributable to owners of the parent co

mpany.

34695456 -32887013

（I）Other comprehensive income items

that will not be reclassified into

gains/losses in the subsequent accounting

period

34695456

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

34695456

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.

-32887013

1.Other comprehensive income under the

equity method investee can be reclassifie

d into profit or loss.

2. Changes in the fair value of

investments in other debt obligations

3.Gains and losses from changes in fair v

alue available for sale financial assets

-32887013

4. Other comprehensive income arising

from the reclassification of financial

assets

5.Held-to-maturity investments reclassifi

ed to gains and losses of available for sal

e financial assets

6. Allowance for credit impairments in

investments in other debt obligations

7. Reserve for cash flow hedges

Translation differences in currency financ

ial statements

9.Other

Net of profit of other comprehensive inco

me attributable to Minority shareholders’

equity

VII. Total comprehensive income 1928122781 1334035405

Total comprehensive income attributable

to the owner of the parent company

1373574756 905934575

Total comprehensive income

attributable minority shareholders

554548025 428100830

VIII. Earnings per share

（I）Basic earnings per share 0.2550 0.1788

(II)Diluted earnings per share 0.2550 0.1788

Legal representative ：Wang Jin

Person-in-charge of the accounting work：Liu Wei

Person-in -charge of the accounting organ：Meng Fei

6.Income Statement of the Parent Between the Beginning of the Year and End of the Report Period

In RMB

Items Amount in this period Amount in last period

I. Revenue 1620715714 1726288740

Including ：Operating costs 1572358236 1598465653

Business tax and surcharge 8340931 7693638

Sales expense 1098839 1442447

Administrative expense 65049565 58951622

R & D expense 630094 1214935

Financial expenses 153134251 150768384

Including：Interest expenses 154449687 152944226

Interest income 3932287 4566763

Add：Other income 10000 553359

Investment gain（“-”for loss） 1289334443 1427022196

Including: investment gains from

affiliates

404708029 466595698

Financial assets measured at

amortized cost cease to be recognized

as income

Net exposure hedging income

Changing income of fair value

Credit impairment loss -303753

Impairment loss of assets 48647647

Assets disposal income 3218915 -32933

II. Operating profit（“-”for loss） 1161011049 1336509618

Add ：Non-operating income 182626 4503789

Less：Non -operating expenses 1884087 720426

III. Total profit(“-”for loss) 1159309588 1340292981

Less：Income tax expenses 47879436 -12227012

IV. Net profit 1111430152 1352519993

1.Net continuing operating profit 1111430152 1352519993

2.Termination of operating net profit

V. Net after-tax of other comprehensive

income

34695456 -32887013

（I）Other comprehensive income items

that will not be reclassified into

gains/losses in the subsequent

accounting period

34695456

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

34695456

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.

-32887013

1.Other comprehensive income under th

e equity method investee can be reclassi

fied into profit or loss.

2. Changes in the fair value of

investments in other debt obligations

Gains and losses from changes in fair v

alue available for sale financial assets

-32887013

4. Other comprehensive income

arising from the reclassification of

financial assets

5.Held-to-maturity investments reclassif

ied to gains and losses of available for s

ale financial assets

6. Allowance for credit impairments

in investments in other debt obligations

7. Reserve for cash flow hedges

Translation differences in currency fina

ncial statements

9.Other

VI. Total comprehensive income 1146125608 1319632980

VII. Earnings per share

（I）Basic earnings per share 0.2117 0.2576

(II)Diluted earnings per share 0.2117 0.2576

7. Consolidated Cash Flow Statement Between the Beginning of the Year and End of the Report Period

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

24362498308 24799345474

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 58799293 23986752

Other cash received from business

operation

243645593 316000156

Sub-total of cash inflow 24664943194 25139332382

Cash paid for purchasing of

merchandise and services

15275232014 17204974896

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 1131162005 1129219428

Taxes paid 1014809741 1209544746

Other cash paid for business activities 470163457 380282755

Sub-total of cash outflow from business

activities

17891367217 19924021825

Net cash generated from /used in

operating activities

6773575977 5215310557

II. Cash flow generated by investing

Cash received from investment

retrieving

102820430

Cash received as investment gains 201960518 205304813

Net cash retrieved from disposal of

fixed assets intangible assets and other

long-term assets

3329189

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

304780948 208634002

Cash paid for construction of fixed

assets intangible assets and other

long-term assets

3000250669 2184056309

Cash paid as investment 79035790 98000000

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

investment activities

3079286459 2282056309

Net cash flow generated by investment -2774505511 -2073422307

III.Cash flow generated by financing

Cash received as investment 512000000 4000000

Including: Cash received as investment

from minor shareholders

512000000 4000000

Cash received as loans 10903258541 10983650853

Other financing –related cash received 1038130 1101067918

Sub-total of cash inflow from financing

activities

11416296671 12088718771

Cash to repay debts 13544754488 12117550767

Cash paid as dividend profit or

interests

1795543714 2042180267

Including: Dividend and profit paid by

subsidiaries to minor shareholders

385697942 466862545

Other cash paid for financing activities 3335383 139293933

Sub-total of cash outflow due to

financing activities

15343633585 14299024967

Net cash flow generated by financing -3927336914 -2210306196

IV. Influence of exchange rate

alternation on cash and cash equivalents

V.Net increase of cash and cash

equivalents

71733552 931582054

Add: balance of cash and cash

equivalents at the beginning of term

5570382893 4996580490

VI ..Balance of cash and cash

equivalents at the end of term

5642116445 5928162544

8. Cash Flow Statement of the Parent Between the Beginning of the Year and End of the Report Period

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

1820859152 1997490437

Tax returned

Other cash received from business

operation

46901686 40391202

Sub-total of cash inflow 1867760838 2037881639

Cash paid for purchasing of

merchandise and services

1338827716 1612998291

Cash paid to staffs or paid for staffs 202912167 234297388

Taxes paid 70035488 57690048

Other cash paid for business activities 43410776 51890628

Sub-total of cash outflow from business

activities

1655186147 1956876355

Net cash generated from /used in

operating activities

212574691 81005284

II.Cash flow generated by investing

Cash received from investment

retrieving

348864150 187920000

Cash received as investment gains 1057794667 1122385336

Net cash retrieved from disposal of

fixed assets intangible assets and other

long-term assets

6281001 713237

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

1412939818 1311018573

Cash paid for construction of fixed

assets intangible assets

and other long-term assets

26677506 71096344

Cash paid as investment 1445721936 951000000

Net cash received from subsidiaries and

other operational units

Other cash paid for investment

activities

Sub-total of cash outflow due to

investment activities

1472399442 1022096344

Net cash flow generated by investment -59459624 288922229

III. Cash flow generated by financing

Cash received as investment

Cash received as loans 2398950000 4428650000

Other financing –related ash received 1035360 1055608

Sub-total of cash inflow from

financing activities

2399985360 4429705608

Cash to repay debts 2000000000 3889693500

Cash paid as dividend profit or

interests

465720875 595653843

Other cash paid for financing activities 2018021 1696572

Sub-total of cash outflow due to

financing activities

2467738896 4487043915

Net cash flow generated by financing -67753536 -57338307

IV. Influence of exchange rate

alternation on cash and cash equivalents

V.Net increase of cash and cash

equivalents

85361531 312589206

Add: balance of cash and cash

equivalents at the beginning of term

385577464 429724538

VI ..Balance of cash and cash

equivalents at the end of term

470938995 742313744

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 2019

√ Applicable □ Not applicable

Consolidated balance sheet

In RMB

Items December 312018 January 12019

Amount involved in the

adjustment

Current asset：

Monetary fund 5574382892 5574382892

Settlement provision

Outgoing call loan

Transactional financial assets

Financial assets measured

at fair value with variations

accounted into current

income account

Derivative financial assets

Notes receivable

Account receivable 3358331949 3358331949

Financing of receivables

Prepayments 906261046 906261046

Insurance receivable

Reinsurance receivable

Provisions of Reinsurance

contracts receivable

Other account receivable 222976826 222976826

Including：Interest receivable 18856569 18856569

Dividend receivable

Repurchasing of financial

assets

Inventories 1481817270 1481817270

Contract assets

Assets held for sales

Non-current asset due within

1 year

Other current asset 617853476 617853476

Total of current assets 12161623459 12161623459

Non-current assets：

Loans and payment on

other’s behalf disbursed

Debt investment

Available for sale of financial

assets

1565806331 -1565806331

Other investment on bonds

Expired investment in

possess

Long-term receivable 89762071 89762071

Long term share equity

investment

6395134754 6395134754

Other equity instruments

investment

1565806331 1565806331

Other non-current financial

assets

Property investment 10810722 10810722

Fixed assets 41157594848 41157594848

Construction in progress 7740754343 7740754343

Production physical assets

Oil & gas assets

Use right assets

Intangible assets 1863588771 1863588771

Development expenses

Goodwill 2449886 2449886

Long-germ expenses to be

amortized

22089179 22089179

Deferred income tax asset 448431684 448431684

Other non-current asset 1871616258 1871616258

Total of non-current assets 61168038847 61168038847

Total of assets 73329662306 73329662306

Current liabilities

Short-term loans 7526000000 7526000000

Loan from Central Bank

Borrowing funds

Transactional financial

liabilities

Financial liabilities measured

at fair value with variations

accounted into current

income account

Derivative financial liabilities

Notes payable 941161107 941161107

Account payable 2196600415 2196600415

Advance receipts 343894 343894

Contract liabilities

Selling of repurchased

financial assets

Deposit taking and interbank

deposit

Entrusted trading of

securities

Entrusted selling of securities

Employees’ wage payable 235741179 235741179

Tax payable 397001706 397001706

Other account payable 4152518495 4152518495

Including：Interest payable 59316077 59316077

Dividend payable 9703930 9703930

Fees and commissions

payable

Reinsurance fee payable

Liabilities held for sales

Non-current liability due

within 1 year

2779347654 2779347654

Other current liability 1107904110 1107904110

Total of current liability 19336618560 19336618560

Non-current liabilities：

Reserve fund for insurance

contracts

Long-term loan 18802292664 18802292664

Bond payable 838326742 838326742

Including：preferred stock

Sustainable debt

Lease liability

Long-term payable 2311513249 2311513249

Long-term remuneration

payable to staff

122913388 122913388

Expected liabilities

Deferred income 133043646 133043646

Deferred income tax liability 100726841 100726841

Other non-current liabilities 166405569 166405569

Total non-current liabilities 22475222099 22475222099

Total of liability 41811840659 41811840659

Owners’ equity

Share capital 5250283986 5250283986

Other equity instruments

Including：preferred stock

Sustainable debt

Capital reserves 5102846886 5102846886

Less：Shares in stock

Other comprehensive income 550010133 550010133

Special reserve

Surplus reserves 7834155143 7834155143

Common risk provision

Retained profit 5490006140 5490006140

Total of owner’s equity

belong to the parent company

24227302288 24227302288

Minority shareholders’ equity 7290519359 7290519359

Total of owners’ equity 31517821647 31517821647

Total of liabilities and

owners’ equity

73329662306 73329662306

Adjustment statement

According to the No. 22 Accounting Standards for Business Enterprises the No. 23 Accounting Standards for

Business Enterprises the No. 24 Accounting Standards for Business Enterprises revised and issued by the

Ministry of Finance on March 31 2017 the No. 37 Accounting Standards for Business Enterprises (hereinafter

referred to as the new Financial Instruments Standards) revised and issued by the Ministry of Finance on May 2

2017 and the Notice on Issuance of the Amended 2019 Annual General Financial Statements of the General

Enterprises (No. 6 [2019] Cai hui) issued on April 30 2019 and combined with the Group's business model for

managing financial assets and the contract cash flow characteristics of the financial assets the investment of the

three companies held shall be adjusted from the accounting of available-for-sale financial assets originally

calculated by cost method to the accounting of financial assets measured by fair value and whose changes are

included in other comprehensive income and it shall be presented in the investment of other equity instruments.Parent Company Balance Sheet

In RMB

Items December 312018 January 12019

Amount involved in the

adjustment

Current asset：

Monetary fund 385577463 385577463

Transactional financial assets

Financial assets measured

at fair value with variations

accounted into current

income account

Derivative financial assets

Notes receivable

Account receivable 264537475 264537475

Financing of receivables

Prepayments 44826500 44826500

Other account receivable 375296228 375296228

Including：Interest receivable 1121522 1121522

Dividend receivable 447956 447956

Inventories 187058140 187058140

Contract assets

Assets held for sales

Non-current asset due within

1 year

Other current asset 199679 199679

Total of current assets 1257495485 1257495485

Non-current assets：

Debt investment

Available for sale of financial

assets

1565806331 -1565806331

Other investment on bonds

Expired investment in

possess

Long-term receivable 306460000 306460000

Long term share equity

investment

24699820321 24699820321

Other equity instruments

investment

1565806331 1565806331

Other non-current financial

assets

Property investment 7661041 7661041

Fixed assets 978022437 978022437

Construction in progress 9394075 9394075

Production physical assets

Oil & gas assets

Use right assets

Intangible assets 86681362 86681362

Development expenses

Goodwill

Long-germ expenses to be

amortized

Deferred income tax asset

Other non-current asset 356004000 356004000

Total of non-current assets 28009849567 28009849567

Total of assets 29267345052 29267345052

Current liabilities

Short-term loans 1500000000 1500000000

Transactional financial

liabilities

Financial liabilities measured

at fair value with variations

accounted into current

income account

Derivative financial liabilities

Notes payable

Account payable 223827319 223827319

Advance receipts

Contract Liabilities

Employees’ wage payable 53346100 53346100

Tax payable 48590195 48590195

Other account payable 98528954 98528954

Including：Interest

payable

15787356 15787356

Dividend payable 9703930 9703930

Liabilities held for sales

Non-current liability due

within 1 year

Other current liability 1107904110 1107904110

Total of current liability 3032196678 3032196678

Non-current liabilities：

Long-term loan 1500000000 1500000000

Bond payable 838326742 838326742

Including：preferred stock

Sustainable debt

Lease liability

Long-term payable 4340898 4340898

Long-term remuneration

payable to staff

32170769 32170769

Expected liabilities

Deferred income 48362943 48362943

Deferred income tax liability 99461621 99461621

Other non-current liabilities

Total non-current liabilities 2522662973 2522662973

Total of liability 5554859651 5554859651

Owners’ equity

Share capital 5250283986 5250283986

Other equity instruments

Including：preferred stock

Sustainable debt

Capital reserves 5605794601 5605794601

Less：Shares in stock

Other comprehensive income 550010133 550010133

Special reserve

Surplus reserves 7834155143 7834155143

Retained profit 4472241538 4472241538

Total of owners’ equity 23712485401 23712485401

Total of liabilities and

owners’ equity

29267345052 29267345052