FOSHAN ELECTRICAL AND LIGHTING CO. LTD.
FIRST QUARTERLY REPORT 2021
April 2021
Part I Important Notes
The Board of Directors (or the “Board”) the Supervisory Committee as well as the directors
supervisors and senior management of Foshan Electrical and Lighting Co. Ltd. (hereinafter
referred to as the “Company”) hereby guarantee the factuality accuracy and completeness of
the contents of this Report and its summary and shall be jointly and severally liable for any
misrepresentations misleading statements or material omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.Wu Shenghui the Company’s legal representative Tang Qionglan the Company’s Chief
Financial Officer (CFO) and Peng Fentao the person-in-charge of the Company’s accounting
organ (equivalent to accounting manager) hereby guarantee that the Financial Statements
carried in this Report are factual accurate and complete.This Report has been prepared in both Chinese and English. Should there be any
discrepancies or misunderstandings between the two versions the Chinese version shall
prevail.
Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.√ Yes □ No
Reason for retrospective restatement:
Business combination involving entities under common control.
Q1 2021
Q1 2020 Change (%)
Before Restated Restated
Operating revenue (RMB) 825678013.99 560357960.57 560357960.57 47.35%
Net profit attributable to the listed
company’s shareholders (RMB)
42203399.57 32282776.35 31238269.29 35.10%
Net profit attributable to the listed
company’s shareholders before exceptional
gains and losses (RMB)
39266019.69 34187987.98 34187987.98 14.85%
Net cash generated from/used in operating
activities (RMB)
48558082.07 -24040955.33 -21233501.52 328.69%
Basic earnings per share (RMB/share) 0.0305 0.0234 0.0226 34.96%
Diluted earnings per share (RMB/share) 0.0305 0.0234 0.0226 34.96%
Weighted average return on equity (%) 0.71% 0.65% 0.62% 0.09%
31 March 2021
31 December 2020 Change (%)
Before Restated Restated
Total assets (RMB) 7851627428.83 8519336914.11 8519336914.11 -7.84%
Equity attributable to the listed company’s
shareholders (RMB)
5629948280.73 6263921304.54 6263921304.54 -10.12%
Note: Due to share repurchases in the Reporting Period the total share capital is calculated on a weighted average
basis according to the time of share changes when computing the earnings per share and the earnings per share of
the same period of last year were adjusted accordingly as per the aforesaid principle.
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2021 Note
Gain or loss on disposal of non-current assets (inclusive of
impairment allowance write-offs)
149083.95
Government subsidies charged to current profit or loss (exclusive
of government subsidies given in the Company’s ordinary course
of business at fixed quotas or amounts as per the government’s
uniform standards)
4237000.00
Capital occupation charges on non-financial enterprises that are
recognized in profit or loss
303275.64
Gain or loss on fair-value changes on held-for-trading and
derivative financial assets and liabilities & income from disposal
of held-for-trading and derivative financial assets and liabilities
and other debt investments (exclusive of the effective portion of
hedges that arise in the Company’s ordinary course of business)
197950.00
Non-operating income and expense other than the above 94596.37
Less: Income tax effects 1785892.81
Non-controlling interests effects (net of tax) 258633.27
Total 2937379.88 --
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases for the Reporting Period.II Total Number of Shareholders and Holdings of Top 10 Shareholders at the End of the
Reporting Period
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders at
the period-end
73406
Number of preferred shareholders
with resumed voting rights at the
period-end (if any)
0
Top 10 shareholders
Name of
shareholder
Nature of
shareholder
Shareholding
percentage
Total shares held
Restricted shares
held
Shares in pledge or frozen
Status Shares
Hongkong Wah
Shing Holding
Foreign legal
person
13.47% 188496430 0 In pledge 92363251
Company
Limited
Prosperity Lamps
& Components
Limited
Foreign legal
person
10.50% 146934857 0
Guangdong
Electronics
Information
Industry Group
Ltd.State-owned legal
person
8.77% 122694246 0 In pledge 32532815
Shenzhen Rising
Investment
Development
Co. Ltd.
State-owned legal
person
5.12% 71696136 0 In pledge 35800000
Central Huijin
Asset
Management Co.Ltd.State-owned legal
person
2.42% 33878900 0
Essence
International
Securities (Hong
Kong) Co. Ltd.
Foreign legal
person
2.34% 32780128 0
Special securities
account for
repurchases of
Foshan Electrical
and Lighting Co.Ltd.Other 2.22% 31070300 0
Rising
Investment
Development
Limited
Foreign legal
person
1.82% 25482252 0
China Merchants
Securities (Hong
Kong) Co. Ltd
State-owned legal
person
1.04% 14504423 0
DBS Vickers
(Hong Kong) Ltd
A/C Clients
Foreign legal
person
0.94% 13118691 0
Top 10 unrestricted shareholders
Name of shareholder Unrestricted shares held
Shares by type
Type Shares
Hongkong Wah Shing Holding
Company Limited
188496430
RMB-denominate
d ordinary stock
188496430
Prosperity Lamps & Components
Limited
146934857
RMB-denominate
d ordinary stock
146934857
Guangdong Electronics Information
Industry Group Ltd.
122694246
RMB-denominate
d ordinary stock
122694246
Shenzhen Rising Investment
Development Co. Ltd.
71696136
RMB-denominate
d ordinary stock
71696136
Central Huijin Asset Management
Co. Ltd.
33878900
RMB-denominate
d ordinary stock
33878900
Essence International Securities
(Hong Kong) Co. Ltd.
32780128
Domestically
listed foreign
stock
32780128
Special securities account for
repurchases of Foshan Electrical and
Lighting Co. Ltd.
31070300
RMB-denominate
d ordinary stock
31070300
Rising Investment Development
Limited
25482252
Domestically
listed foreign
stock
25482252
China Merchants Securities (Hong
Kong) Co. Ltd
14504423
Domestically
listed foreign
stock
14504423
DBS Vickers (Hong Kong) Ltd A/C
Clients
13118691
Domestically
listed foreign
stock
13118691
Related or acting-in-concert parties
among the shareholders above
Among the top 10 shareholders holding unrestricted ordinary shares Hongkong Wah Shing
Holding Company Limited Shenzhen Rising Investment Development Co. Ltd. Guangdong
Electronics Information Industry Group Ltd. and Rising Investment Development Limited are
acting-in-concert parties. Apart from that it is unknown whether there is among the top 10
shareholders any other related parties or acting-in-concert parties as defined in the
Administrative Measures for the Acquisition of Listed Companies.
Top 10 shareholders involved in
securities margin trading (if any)
None
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary
shareholders of the Company conducted any promissory repo during the Reporting Period.□ Yea √ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
Unit: RMB
Item
Q1 2021/31 March
2021
Q1 2020/31
December 2020
Change (%) Explanation of why
Held-for-trading
financial assets
203249119.16 407619201.36 -50.14%
Disinvestment in bank’s wealth management
products upon maturity in the Current Period
Other receivables 35876484.95 20194968.19 77.65%
Increase in export tax rebates in the Current
Period
Notes payable 630905437.90 480971214.80 31.17% Increase in procurement in the Current Period
Employee benefits
payable
53626433.18 82485090.47 -34.99%
Payment in the Current Period of the year-end
bonuses of last year to the employees
Other current liabilities 7373666.58 5503702.07 33.98%
Increase in output tax to be recognized as a
result of an increase in contract liabilities at
the period-end
Other non-current
liabilities
30636.07 1244064.84 -97.54%
Settlement of loan of subsidiary to be
liquidated and de-registered in the Current
Period
Treasury shares 207340531.49 N/A
Repurchase of treasury shares in the Current
Period
Operating revenue 825678013.99 560357960.57 47.35%
Increase in operating revenue in the Current
Period
Cost of sales 676742067.81 450843200.86 50.11%
Mainly due to the increase in the cost of sales
with the rising of the operating revenue for the
Reporting Period; for the Company starts to
implement the new standards governing
revenue since 1 January 2020 the freight
related to contract performance was turned
into the cost of sales for accounting thus the
data of the same period of last year shall be
adjusted accordingly.
R&D expense 35175015.78 19828312.32 77.40%
The Company increased R&D investments in
the Current Period with an expanded R&D
team and an increase in R&D projects.
Finance costs -5512578.78 -13912036.15 60.38%
Mainly due to the decrease in interest of the
Company and fluctuation of exchange rates for
the Reporting Period.
Other income 4247000.00 122198.82 3375.48%
Increase in government grants received in the
ordinary course of business in the Current
Period
Gain on changes in fair
value
-6092000.00 -1528400.00 -298.59%
As the forward forex settlement products
outstanding at the beginning of the period
were delivered upon maturity in the period the
gain/loss on changes in the corresponding fair
value was transferred to return on investment
Credit impairment loss 3529334.65 -730317.40 583.26%
Reversal of allowances for expected credit
losses due to a decrease in accounts receivable
Asset disposal income 149083.95 N/A Disposal of assets in the Current Period
Non-operating income 269122.60 72280.75 272.33%
Refunds of handling charges received in the
Current Period
Non-operating expense 174526.23 684869.08 -74.52%
Decrease in loss on disposal of fixed assets in
the Current Period
Gross profit 53310213.85 37767693.04 41.15%
Increase in operating revenue in the Current
Period
Income tax expense 9123807.96 6072161.84 50.26% Increase in gross profit in the Current Period
Net profit 44186405.89 31695531.20 39.41% Increase in gross profit in the Current Period
Net profit attributable to
owners of the Company
as the parent
42203399.57 31238269.29 35.10% Increase in net profit in the Current Period
Net profit attributable to
non-controlling interests
1983006.32 457261.91 333.67%
Increase in profits of non-wholly-owned
subsidiaries in the Current Period
Other comprehensive
income net of tax
-468665430.52 100555938.69 -566.07%
Decrease in the fair value of investments in
other equity instruments in the Current Period
Other comprehensive
income net of tax
attributable to owners of
the Company as the
parent
-468665430.52 100555938.69 -566.07%
Decrease in the fair value of investments in
other equity instruments in the Current Period
Changes in the fair value
of investments in other
equity instruments
-468616484.90 100595067.77 -565.84%
Decrease in the fair value of investments in
other equity instruments in the Current Period
Net cash generated
from/used in operating
activities
48558082.07 -21233501.52 328.69% Increase in sales collected
Net cash generated
from/used in financing
activities
-207510992.86 - N/A
Repurchase of treasury shares in the Current
Period
Net increase in cash and
cash equivalents
35692307.61 256047246.55 -86.06%
Decrease in net cash generated from financing
activities in the Current Period
II Progress Influence and Solutions with regard to Significant Events
√ Applicable □ Not applicable
The Company held the 6
th
Meeting of the 9
th
Board of Directors and the 3
rd
Extraordinary General Meeting of
2020 respectively on 2 December 2020 and 18 December 2020. On the meetings the Proposal on the
Related-party Transaction of Acquisition of 100% Equities of Hunan Keda New Energy Investment and
Development Co. Ltd. was reviewed and approved and the acquisition by the Company was agreed. As for the
above-mentioned equity transfer the registration for the transfer of share ownership was completed. For more
details please refer to the Announcement on the Related-party Transaction of Acquisition of 100% Equities of
Hunan Keda New Energy Investment and Development Co. Ltd. and Announcement on the Progress of the
Acquisition of 100% Equities of Hunan Keda New Energy Investment and Development Co. Ltd. disclosed on
Cninfo (cninfo.com.cn) respectively on 3 December 2020 and 28 January 2021.
Summary of the significant event Disclosure date Index to the related announcement
Announcement on the Related-party
Transaction of Acquisition of 100%
Equities of Hunan Keda New Energy
Investment and Development Co. Ltd.
3 December 2020 www.cninfo.com.cn
Announcement on the Progress of the
Acquisition of 100% Equities of Hunan
Keda New Energy Investment and
Development Co. Ltd.
28 January 2021 www.cninfo.com.cn
Progress on any share repurchases:
√ Applicable □ Not applicable
On 18 December 2020 the Company called the 3
rd
Extraordinary General Meeting of 2020 at which the Proposal
on the Repurchase of Part of the Company's Renminbi-Denominated Ordinary Shares (A-Shares) and Domestic
Listed Foreign Investment Shares (B-Shares) was examined and approved. As of 31 March 2021 the Company
had repurchased a total of 31070300 A-Shares and 3799702 B-shares of the Company through centralized
bidding. The repurchased shares account for 2.49% of the Company's total share capital. The A-shares were
repurchased at a highest price of RMB6.70 per share and a lowest price of RMB6.03 per share with a total cost of
RMB196.959 million (excluding transaction costs). The B shares were repurchased a highest price of HKD3.40
per share and a lowest price of HKD3.14 per share with a total cost of HKD12.4382 million (excluding
transaction costs).
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller Shareholders Related Parties
Acquirers the Company Itself or Other Parties Failed to Fulfill on Time during the
Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IV Financial Investments
1. Securities Investments
√ Applicable □ Not applicable
Unit: RMB
Type of
securities
Code
of
secur
ities
Name
of
securiti
es
Initial
investment
cost
Accoun
ting
measur
ement
method
Opening
carrying
amount
Gain/loss
on
fair-value
changes
in the
current
period
Cumulativ
e
fair-value
changes
through
equity
Purch
ased
in the
curre
nt
perio
d
Sol
d in
the
curr
ent
peri
od
Gain/
loss
in the
curre
nt
perio
d
Closing
carrying
amount
Accou
nting
title
Fundin
g
source
Domestically/
Overseas
listed stock
0020
74
Guoxua
n
High-te
ch
160000000
.00
Fair
value
method
1778218
182.00
-140457
417.75
1417525
624.61
1637760
764.25
Invest
ment
in
other
equity
instru
ments
Self-fu
nded
Domestically/
Overseas
listed stock
6018
18
China
Everbri
ght
Bank
30828816.
00
Fair
value
method
7400154
8.46
1669207
.86
5202100
8.50
7567075
6.32
Invest
ment
in
other
equity
instru
ments
Self-fu
nded
Domestically/
Overseas
listed stock
6011
87
Xiamen
Bank
292574133
.00
Fair
value
method
1448227
123.20
-412525
301.76
7431276
88.44
1035701
821.44
Invest
ment
in
Self-fu
nded
other
equity
instru
ments
Domestically/
Overseas
listed stock
N/A
Foshan
branch
of
Guangd
ong
Develo
pment
Bank
500000.00
Fair
value
method
500000.0
0
0.00
500000.0
0
Invest
ment
in
other
equity
instru
ments
Self-fu
nded
Total
48390
2949.0
0
--
3300946
853.66
-551313
511.65
2212674
321.55
0.00 0.00 0.00
2749633
342.01
-- --
Disclosure date of the
announcement on the Board’s
approval of securities
investments
Disclosure date of the
announcement on the general
meeting’s approval of
securities investments (if any)
2. Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: USD’0000
Operati
ng party
Relation
ship
with the
Compan
y
Related-
party
transacti
on or
not
Type of
derivativ
e
Initial
investm
ent
amount
Beginni
ng date
Ending
date
Beginni
ng
investm
ent
Purchas
ed in
Reporti
ng
Period
Sold in
Reporti
ng
Period
Impairm
ent
allowan
ce (if
any)
Ending
investm
ent
Ending
investm
ent as %
of the
Compan
y’s
ending
net
assets
Actual
gain/los
s in
Reporti
ng
Period
Agricult
ural
Bank of
China
(Foshan
Not
related
Not
Ordinary
forward
forex
settleme
nt (USD)
600
25
August
2020
29
March
2021
600 600 0 48.59
branch)
Industri
al and
Comme
rcial
Bank of
China
(Foshan
branch)
Not
related
Not
Ordinary
forward
forex
settleme
nt (USD)
300
30
Septem
ber
2020
23
Februar
y 2021
300 300 0 19.51
Industri
al and
Comme
rcial
Bank of
China
(Foshan
branch)
Not
related
Not
Ordinary
forward
forex
settleme
nt (USD)
600
20
October
2020
23 April
2021
600 400 200 15.38
Industri
al and
Comme
rcial
Bank of
China
(Foshan
branch)
Not
related
Not
Ordinary
forward
forex
settleme
nt (USD)
300
28
October
2020
29
January
2021
300 300 0 10.4
Industri
al and
Comme
rcial
Bank of
China
(Foshan
branch)
Not
related
Not
Ordinary
forward
forex
settleme
nt (USD)
200
3
Decemb
er 2020
29
January
2021
200 200 0 1.45
Bank of
Commu
nication
(Foshan
branch)
Not
related
Not
Ordinary
forward
forex
settleme
nt (USD)
300
15
January
2021
25
Februar
y 2021
300 300 0 1.1
Industri
al and
Comme
rcial
Not
related
Not
Ordinary
forward
forex
settleme
200
21
January
2021
25
Februar
y 2021
200 200 0 0.49
Bank of
China
(Foshan
branch)
nt (USD)
Foshan
branch
of the
Agricult
ural
Bank of
China
Not
related
Not
Ordinary
forward
forex
settleme
nt (USD)
400
8 March
2021
29 April
2021
400 400 0.46%
Industri
al and
Comme
rcial
Bank of
China
(Foshan
branch)
Not
related
Not
Ordinary
forward
forex
settleme
nt (USD)
300
25
March
2021
29 April
2021
300 300 0.35%
Total 3200 -- -- 2000 1200 2300 0 900 0.81% 96.92
Funding source All self-funded
Legal matters involved (if
applicable)
N/A
Disclosure date of board
announcement approving derivative
investment (if any)
10 April 2020
28 Jan 2021
Disclosure date of general meeting
announcement approving derivative
investment (if any)
8 May 2020
Analysis of risks and control
measures associated with derivative
investments held in Reporting Period
(including but not limited to market
risk liquidity risk credit risk
operational risk legal risk etc.)
Risk Analysis of Forward Exchange Settlement Business: 1. Risk of exchange rate
fluctuations. In the case of large fluctuations in the exchange rate the quoted price of the
bank’s forward exchange rate may be lower than the Company’s quoted exchange rate to the
customer which will make the Company unable to lock the quoted exchange rate to the
customer or the bank’s forward exchange rate may deviate from the exchange rate at the time
of the Company’s actual receipt and payment and causes exchange losses. 2. Risk of
customer default. The customer’s accounts receivable may be overdue and the payment for
goods cannot be recovered within the predictable payback period which will result in the
loss of the Company due to the delayed forward settlement. 3. Risk of payback prediction.The marketing department shall made corresponding payback prediction based on customer
orders and expected orders. However during the actual implementation process customers
may adjust their orders and predictions which will result in the Company’s incorrect
payback prediction and cause the risk of delayed delivery of forward exchange settlement.
Adopted Risk Control Measures: 1. The Company will strengthen the research and analysis
of the exchange rate. When the exchange rate fluctuates greatly it will adjust the business
strategy in a timely manner to stabilize the export business and avoid exchange losses to the
utmost. 2. The Management System for Forward Settlement and Sales of Foreign Exchanges
reviewed and approved by the board of directors of the Company stipulates that all forward
foreign exchange settlement businesses of the Company shall be based on the normal
production and operation and relied on specific business operations to avoid and prevent
various exchange rate risks. However speculative transaction and interest arbitrage are not
allowed. At the same time the system clearly defines the operating principles approval
authority responsible department and responsible person internal operation procedures
information isolation measures internal risk reporting system risk management procedures
and information disclosure related to the forward settlement business as well. In fact the
system is conducive to strengthen the management of the Company’s forward foreign
exchange settlement business and prevent investment risks. 3. In order to prevent any delay
in the forward exchange settlement the Company will strengthen the management of
accounts receivable actively collect receivables and avoid any overdue receivables. In the
meantime the Company plans to increase the export purchases and purchase corresponding
credit insurance so as to reduce the risk of default and customer default. 4. The Company’s
forward foreign exchange settlement transactions must be based on the Company’s foreign
exchange earnings prediction. Besides the Company shall strictly control the scale of its
forward foreign exchange settlement business and manage all risks that the Company may
face within a controllable range. 5. The internal audit department of the Company shall check
the actual signing and execution situation of all trading contracts on a regular or irregular
basis.
Changes in market prices or fair
value of derivative investments in
Reporting Period (fair value analysis
should include measurement method
and related assumptions and
parameters)
The Company carries out recognition and measurement in accordance with the Accounting
Standard for Business Enterprises No. 22—Recognition and Measurement of Financial
Instruments the Accounting Standard for Business Enterprises No. 24—Hedges the
Accounting Standard for Business Enterprises No. 37—Presentation of Financial Instrument
and other applicable regulations. Fair value is arrived at based on the price provided by
pricing service providers such as banks or the price obtained. Fair value measurement and
recognition are carried out on a monthly basis. Changes in the fair value of forward exchange
settlement contracts entered into by the Company are mainly attributable to difference arising
from exchange rate fluctuations.Major changes in accounting policies
and specific accounting principles
adopted for derivative investments in
Reporting Period compared to last
reporting period
N/A
Opinion of independent directors on
derivative investments and risk
control
Opinions of the Independent Directors: The forward foreign exchange settlement transactions
conducted by the Company are based on normal production and operation are supported by
specific businesses aim to avoid and prevent foreign exchange risks associated with export
businesses do not involve speculative operations and are consistent with the needs of the
Company's operation and development. The Company has established relevant business
management policies and risk control and prevention measures. The risk is controllable. The
proposal was passed following a lawful valid decision-making procedure has no negative
impact on the Company's normal operation and business development and does not
undermine the interest of the Company and its shareholders. Therefore the Company's
conducting forward foreign exchange settlement transactions is approved.V Progress of Projects Financed with Raised Funds
□ Applicable √ Not applicable
VI Operating Performance Forecast for January-June 2021
Warning of a forecast loss on or a forecast significant YoY change in the accumulative net profit from the
beginning of the year to the end of the next reporting period as well as explanation of why:
□ Applicable √ Not applicable
VII Significant Contracts Arising from the Company’s Ordinary Course of Business
□ Applicable √ Not applicable
VIII Cash Entrusted for Wealth Management
√ Applicable □ Not applicable
Unit: RMB’0000
Type Funding source Amount Undue amount
Unrecovered overdue
amount
Bank’s wealth
management product
Self-funded 40000 20000 0
Total 40000 20000 0
High-risk wealth management transactions with a significant single amount or with low security low liquidity or
no principal protection:
√ Applicable □ Not applicable
Unit: RMB’0000
Truste
e
Type
of
trustee
Type
of
wealth
manag
ement
Princi
pal
Source
of
princi
pal
Begin
ning
date
Endin
g date
Use of
princi
pal
Deter
minati
on of
yield
Annua
lized
yield
rate
for
Expect
ed
yield
(if
Actual
gain/lo
ss in
Report
ing
Receip
t/paym
ent of
such
gain/lo
Allow
ance
for
impair
ment
Prescr
ibed
proced
ure
execut
Plan
for
more
transa
ction
Index
to
transa
ction
summ
product refere
nce
any) Period ss (if
any)
ed or
not
or not ary
and
other
infor
matio
n (if
any)
China
Merch
ants
Bank
(Fosha
n
branch
)
Bank
Not
princip
al-prot
ected
with
floatin
g yield
10000
The
Comp
any’s
own
idle
funds
17
Sept.
2020
17
Sept.
2021
Invest
ment
Repay
ment
of
princi
pal
with
yield
upon
maturi
ty
4.30% 428.82 212.05
To be
receiv
ed
Yes Yes
www.cninfo.com.c
n
Industr
ial
Bank
(sub-b
ranch
of
Baiyu
n
Guang
zhou)
Bank
Not
princip
al-prot
ected
with
floatin
g yield
10000
The
Comp
any’s
own
idle
funds
31
Dec.
2020
30
Jun.
2021
Invest
ment
Repay
ment
of
princi
pal
with
yield
upon
maturi
ty
3.60% 178.52 88.77
To be
receiv
ed
Yes Yes
www.cninfo.com.c
n
Total 20000 -- -- -- -- -- -- 607.34 300.82 -- -- -- --
Wealth management transactions with possible impairments including an expectedly unrecoverable principal:
□ Applicable √ Not applicable
IX Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.X Occupation of the Company’s Capital by the Controlling Shareholder or Its Related Parties
for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
XI Communications with the Investment Community such as Researches Inquiries and
Interviews during the Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by Foshan Electrical and Lighting Co. Ltd.
31 March 2021
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 1045900558.16 981249699.49
Settlement reserve
Interbank loans granted
Held-for-trading financial assets 203249119.16 407619201.36
Derivative financial assets
Notes receivable 180468347.32 140972143.00
Accounts receivable 940223382.28 1134233235.70
Accounts receivable financing
Prepayments 11214269.84 11994745.05
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 35876484.95 20194968.19
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 883309501.72 735685116.91
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 184909000.24 175090368.85
Total current assets 3485150663.67 3607039478.55
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 181440282.83 181365016.32
Investments in other equity
instruments
2754187518.41 3305501030.06
Other non-current financial assets
Investment property
Fixed assets 681636804.62 685707548.55
Construction in progress 521082060.29 503941120.31
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets 169972066.94 170693873.30
Development costs
Goodwill
Long-term prepaid expense 13329715.28 13411226.23
Deferred income tax assets 35853135.21 40253777.17
Other non-current assets 8975181.58 11423843.62
Total non-current assets 4366476765.16 4912297435.56
Total assets 7851627428.83 8519336914.11
Current liabilities:
Short-term borrowings
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 630905437.90 480971214.80
Accounts payable 972841055.92 1059674020.99
Advances from customers 1508780.05 1285357.28
Contract liabilities 84453803.87 65777726.45
Financial assets sold under
repurchase agreements
Customer deposits and interbank
deposits
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 53626433.18 82485090.47
Taxes payable 15410647.10 18876657.51
Other payables 73385698.36 76668330.66
Including: Interest payable
Dividends payable
Handling charges and commissions
payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities 7373666.58 5503702.07
Total current liabilities 1839505522.96 1791242100.23
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income
Deferred income tax liabilities 331901148.22 414670609.97
Other non-current liabilities 30636.07 1244064.84
Total non-current liabilities 331931784.29 415914674.81
Total liabilities 2171437307.25 2207156775.04
Owners’ equity:
Share capital 1399346154.00 1399346154.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 15157514.90 15157514.90
Less: Treasury stock 207340531.49
Other comprehensive income 1880723103.09 2349388533.61
Specific reserve
Surplus reserves 741396578.18 741567039.55
General reserve
Retained earnings 1800665462.05 1758462062.48
Total equity attributable to owners of
the Company as the parent
5629948280.73 6263921304.54
Non-controlling interests 50241840.85 48258834.53
Total owners’ equity 5680190121.58 6312180139.07
Total liabilities and owners’ equity 7851627428.83 8519336914.11
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 December 2021 31 December 2020
Current assets:
Monetary assets 974627411.83 896261882.77
Held-for-trading financial assets 203249119.16 407619201.36
Derivative financial assets
Notes receivable 178039378.10 137477199.21
Accounts receivable 852409341.60 1030713074.22
Accounts receivable financing
Prepayments 9788452.03 9581302.45
Other receivables 517859300.45 462284585.09
Including: Interest receivable
Dividends receivable
Inventories 740154062.06 615106650.81
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 143917931.44 139275518.71
Total current assets 3620044996.67 3698319414.62
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 552024578.24 536949311.73
Investments in other equity
instruments
2754187518.41 3305501030.06
Other non-current financial assets
Investment property
Fixed assets 623968198.88 628174755.88
Construction in progress 64597964.57 54652119.14
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets 122047889.91 122391701.60
Development costs
Goodwill
Long-term prepaid expense 11859189.57 11651100.48
Deferred income tax assets 27002792.82 31403727.94
Other non-current assets 6185496.63 7548885.47
Total non-current assets 4161873629.03 4698272632.30
Total assets 7781918625.70 8396592046.92
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 644395437.90 484230566.21
Accounts payable 1084351433.92 1108208382.75
Advances from customers
Contract liabilities 70981283.18 53572800.70
Employee benefits payable 40299566.96 62075512.08
Taxes payable 7236105.44 7819839.48
Other payables 148299043.78 171916835.73
Including: Interest payable
Dividends payable
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities 6300427.00 4483279.11
Total current liabilities 2001863298.18 1892307216.06
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income
Deferred income tax liabilities 331901148.22 414670609.97
Other non-current liabilities
Total non-current liabilities 331901148.22 414670609.97
Total liabilities 2333764446.40 2306977826.03
Owners’ equity:
Share capital 1399346154.00 1399346154.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 7426635.62 7426635.62
Less: Treasury stock 207340531.49
Other comprehensive income 1880773173.33 2349389658.23
Specific reserve
Surplus reserves 741396578.18 741567039.55
Retained earnings 1626552169.66 1591884733.49
Total owners’ equity 5448154179.30 6089614220.89
Total liabilities and owners’ equity 7781918625.70 8396592046.92
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
3. Consolidated Income Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Revenue 825678013.99 560357960.57
Including: Operating revenue 825678013.99 560357960.57
Interest income
Insurance premium income
Handling charge and
commission income
2. Costs and expenses 784152595.65 527891623.07
Including: Cost of sales 676742067.81 450843200.86
Interest expense
Handling charge and
commission expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and surcharges 6729392.37 7084171.07
Selling expense 30751003.52 32287937.98
Administrative expense 40267694.95 31760036.99
R&D expense 35175015.78 19828312.32
Finance costs -5512578.78 -13912036.15
Including: Interest
expense
Interest
income
3988043.22 10602533.79
Add: Other income 4247000.00 122198.82
Return on investment (“-” for loss) 9856780.54 8050462.45
Including: Share of profit or loss
of joint ventures and associates
75266.51
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss)
-6092000.00 -1528400.00
Credit impairment loss (“-” for
loss)
3529334.65 -730317.40
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for
loss)
149083.95
3. Operating profit (“-” for loss) 53215617.48 38380281.37
Add: Non-operating income 269122.60 72280.75
Less: Non-operating expense 174526.23 684869.08
4. Profit before tax (“-” for loss) 53310213.85 37767693.04
Less: Income tax expense 9123807.96 6072161.84
5. Net profit (“-” for net loss) 44186405.89 31695531.20
5.1 By operating continuity
5.1.1 Net profit from continuing
operations (“-” for net loss)
44186405.89 31695531.20
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
owners of the Company as the parent
42203399.57 31238269.29
5.2.1 Net profit attributable to
non-controlling interests
1983006.32 457261.91
6. Other comprehensive income net of -468665430.52 100555938.69
tax
Attributable to owners of the Company
as the parent
-468665430.52 100555938.69
6.1 Items that will not be
reclassified to profit or loss
-468616484.90 100595067.77
6.1.1 Changes caused by
remeasurements on defined benefit
schemes
6.1.2 Other comprehensive
income that will not be reclassified to
profit or loss under the equity method
6.1.3 Changes in the fair value of
investments in other equity instruments
-468616484.90 100595067.77
6.1.4 Changes in the fair value
arising from changes in own credit risk
6.1.5 Other
6.2 Items that will be reclassified to
profit or loss
-48945.62 -39129.08
6.2.1 Other comprehensive
income that will be reclassified to profit
or loss under the equity method
6.2.2 Changes in the fair value of
investments in other debt obligations
6.2.3 Other comprehensive
income arising from the reclassification
of financial assets
6.2.4 Credit impairment
allowance for investments in other debt
obligations
6.2.5 Reserve for cash flow
hedges
6.2.6 Differences arising from the
translation of foreign
currency-denominated financial
statements
-48945.62 -39129.08
6.2.7 Other
Attributable to non-controlling
interests
7. Total comprehensive income -424479024.63 132251469.89
Attributable to owners of the Company
as the parent
-426462030.95 131794207.98
Attributable to non-controlling
interests
1983006.32 457261.91
8. Earnings per share
8.1 Basic earnings per share 0.0305 0.0226
8.2 Diluted earnings per share 0.0305 0.0226
Where business combinations under common control occurred in the current period the net profit achieved by the acquirees before
the combinations was RMB0.00 with the amount for last year being RMB0.00.Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
4. Income Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Operating revenue 749661660.91 525496491.07
Less: Cost of sales 629874068.88 432357989.78
Taxes and surcharges 5497116.23 6177097.24
Selling expense 27724076.48 30083400.00
Administrative expense 31428131.61 26821027.28
R&D expense 31190272.17 17626070.34
Finance costs -5335497.92 -13775921.87
Including: Interest expense
Interest income 3828283.03 10456543.51
Add: Other income 2501000.00 75128.00
Return on investment (“-” for
loss)
9856780.54 8050462.45
Including: Share of profit or
loss of joint ventures and associates
75266.51
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss)
-6092000.00 -1528400.00
Credit impairment loss (“-” for
loss)
4845885.57 772220.24
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
loss)
149083.95
2. Operating profit (“-” for loss) 40544243.52 33576238.99
Add: Non-operating income 234583.03 18235.94
Less: Non-operating expense 6889.83 -71320.11
3. Profit before tax (“-” for loss) 40771936.72 33665795.04
Less: Income tax expense 6104500.55 5049869.23
4. Net profit (“-” for net loss) 34667436.17 28615925.81
4.1 Net profit from continuing
operations (“-” for net loss)
34667436.17 28615925.81
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income net of
tax
-468616484.90 100595067.77
5.1 Items that will not be reclassified
to profit or loss
-468616484.90 100595067.77
5.1.1 Changes caused by
remeasurements on defined benefit
schemes
5.1.2 Other comprehensive income
that will not be reclassified to profit or
loss under the equity method
5.1.3 Changes in the fair value of
investments in other equity instruments
-468616484.90 100595067.77
5.1.4 Changes in the fair value
arising from changes in own credit risk
5.1.5 Other
5.2 Items that will be reclassified to
profit or loss
5.2.1 Other comprehensive income
that will be reclassified to profit or loss
under the equity method
5.2.2 Changes in the fair value of
investments in other debt obligations
5.2.3 Other comprehensive income
arising from the reclassification of
financial assets
5.2.4 Credit impairment allowance
for investments in other debt
obligations
5.2.5 Reserve for cash flow hedges
5.2.6 Differences arising from the
translation of foreign
currency-denominated financial
statements
5.2.7 Other
6. Total comprehensive income -433949048.73 129210993.58
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
and rendering of services
1031138656.04 669750377.22
Net increase in customer deposits and
interbank deposits
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest handling charges and
commissions received
Net increase in interbank loans
obtained
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax rebates 26143863.35 15719615.48
Cash generated from other operating
activities
18358589.39 43411843.79
Subtotal of cash generated from
operating activities
1075641108.78 728881836.49
Payments for commodities and
services
705267730.79 510880370.55
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and in interbank loans granted
Payments for claims on original
insurance contracts
Net increase in interbank loans
granted
Interest handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 219582109.41 165291285.47
Taxes paid 25466476.99 15730276.50
Cash used in other operating
activities
76766709.52 58213405.49
Subtotal of cash used in operating
activities
1027083026.71 750115338.01
Net cash generated from/used in
operating activities
48558082.07 -21233501.52
2. Cash flows from investing activities:
Proceeds from disinvestment 210000000.00 280000000.00
Return on investment 8161200.00 12613429.83
Net proceeds from the disposal of
fixed assets intangible assets and other
long-lived assets
41640.28 109978.12
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
investing activities
218202840.28 292723407.95
Payments for the acquisition of fixed
assets intangible assets and other
long-lived assets
16677660.59 15530355.37
Payments for investments
Net increase in pledged loans granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
activities
16677660.59 15530355.37
Net cash generated from/used in
investing activities
201525179.69 277193052.58
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings raised
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayment of borrowings
Interest and dividends paid
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
activities
207510992.86
Subtotal of cash used in financing
activities
207510992.86
Net cash generated from/used in
financing activities
-207510992.86
4. Effect of foreign exchange rates
changes on cash and cash equivalents
-6879961.29 87695.49
5. Net increase in cash and cash
equivalents
35692307.61 256047246.55
Add: Cash and cash equivalents
beginning of the period
875728218.57 1055682413.47
6. Cash and cash equivalents end of the
period
911420526.18 1311729660.02
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
and rendering of services
955336342.43 640471098.43
Tax rebates 26143724.06 15714059.77
Cash generated from other operating
activities
12809461.57 12361475.68
Subtotal of cash generated from
operating activities
994289528.06 668546633.88
Payments for commodities and
services
668245564.84 497890855.63
Cash paid to and for employees 173671566.86 127807771.53
Taxes paid 14265423.35 8859709.89
Cash used in other operating
activities
62557862.59 54781434.63
Subtotal of cash used in operating
activities
918740417.64 689339771.68
Net cash generated from/used in
operating activities
75549110.42 -20793137.80
2. Cash flows from investing activities:
Proceeds from disinvestment 210000000.00 280000000.00
Return on investment 8161200.00 12613429.83
Net proceeds from the disposal of
fixed assets intangible assets and other
long-lived assets
103361.02
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
investing activities
218161200.00 292716790.85
Payments for the acquisition of fixed
assets intangible assets and other
long-lived assets
14686415.99 14962496.05
Payments for investments 15000000.00
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
activities
29686415.99 14962496.05
Net cash generated from/used in
investing activities
188474784.01 277754294.80
3. Cash flows from financing activities:
Capital contributions received
Borrowings raised
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayment of borrowings
Interest and dividends paid
Cash used in other financing
activities
207510992.86
Subtotal of cash used in financing
activities
207510992.86
Net cash generated from/used in
financing activities
-207510992.86
4. Effect of foreign exchange rates
changes on cash and cash equivalents
-6856683.37 120937.17
5. Net increase in cash and cash
equivalents
49656218.20 257082094.17
Add: Cash and cash equivalents
beginning of the period
803264792.72 983378125.66
6. Cash and cash equivalents end of the
period
852921010.92 1240460219.83
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the New
Standards Governing Leases from 2021
□ Applicable √ Not applicable
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the New
Standards Governing Leases from 2021
□ Applicable √ Not applicable
III Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.□ Yes √ No
These financial statements have not been audited by such an auditor.
Foshan Electrical and Lighting Co. Ltd.
Legal representative: Wu Shenghui
23 April 2021
沪公网安备31011802005267号
