Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2024
Stock Code: 000541 200541 Stock Name: FSL FSL-B Announcement No.2024-032
FOSHAN ELECTRICAL AND LIGHTING CO. LTD.FIRST QUARTERLY REPORT 2024
Foshan Electrical and Lighting Co. Ltd. (hereinafter referred to as the “Company”) and all the members of the
Company’s Board of Directors hereby guarantee that the contents of this Report are true accurate and complete
and free of any misrepresentations misleading statements or material omissions.Important Notes:
1. The Board of Directors the Supervisory Committee as well as the directors supervisors and senior
management of the Company hereby guarantee that the contents of this Report are true accurate and complete
and free of any misrepresentations misleading statements or material omissions and collectively and
individually accept legal responsibility for such contents.
2. The Company’s legal representative Chief Financial Officer (CFO) and person-in-charge of the Company’s
accounting organ (equivalent to accounting manager) hereby guarantee that the financial statements carried in
this Report are true accurate and complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes □ No
4. 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.
1Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2024
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate whether there is any retrospectively restated datum in the table below.□Yes □No
Q1 2024 Q1 2023 YoY change (%)
Operating revenue (RMB) 2517243351.93 2193613606.54 14.75%
Net profit attributable to the
listed company’s shareholders 83714220.74 66221546.43 26.42%
(RMB)
Net profit attributable to the
listed company’s shareholders
76725491.1659526020.9528.89%
before exceptional gains and
losses (RMB)
Net cash generated from/used
77337687.9374718240.103.51%
in operating activities (RMB)
Basic earnings per share
0.05450.049111.00%
(RMB/share)
Diluted earnings per share
0.05410.048611.32%
(RMB/share)
Weighted average return on
1.32%1.27%0.05%
equity (%)
31 March 2024 31 December 2023 Change (%)
Total assets (RMB) 16743443081.77 16934439915.02 -1.13%
Equity attributable to the
listed company’s shareholders 6358579328.50 6285442808.19 1.16%
(RMB)
(II) Exceptional Gains and Losses
□ Applicable □ Not applicable
Unit: RMB
Item Q1 2024 Note
Gain or loss on disposal of non-current
assets (inclusive of impairment 71208.17
allowance write-offs)
Government grants recognised in profit
or loss (exclusive of those that are
closely related to the Company's normal
business operations and given in
14481564.17
accordance with defined criteria and in
compliance with government policies
and have a continuing impact on the
Company's profit or loss)
Gain or loss on fair-value changes in
financial assets and liabilities held by a
non-financial enterprise as well as on
disposal of financial assets and liabilities 1181146.09
(exclusive of the effective portion of
hedges that is related to the Company's
normal business operations)
2Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2024
Capital occupation charges on non-
financial enterprises that are charged to 41758.63
current gains and losses
Reversed portions of impairment
allowances for receivables which are 38706.02
tested individually for impairment
Non-operating income and expense other
230293.58
than the above
Less: Income tax effects 1774097.55
Non-controlling interests effects
7281849.53
(net of tax)
Total 6988729.58 --
Other items that meet the definition of exceptional gain/loss:
□Applicable □ Not applicable
No such cases in the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item 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 in the Reporting Period.(III) Changes in Key Financial Statement Line Items and Explanation of why
□ Applicable □ Not applicable
Unit: RMB
Q1 2024/31 March Q1 2023/31
Item Change (%) Main reason for the change
2024 December 2023
Contract assets 2366030.73 4252013.94 -44.36% Receipt of customer payments in the current period
Purchase of time depository receipts with a
Other current assets 194491321.99 109292399.14 77.96%
maturity within one year in the current period
Other debt Purchase of large depository receipts in the current
1137475227.53454822905.25150.09%
investments period
Short-term Derecognition of discounted notes receivable with
115406529.09220019877.73-47.55%
borrowings recourse in the current period
Advances from Decrease in advances of rentals in the current
193618.85466872.69-58.53%
customers period
Decreased advances from customers in the current
Contract liabilities 137625250.32 235335693.28 -41.52%
period
Taxes and levies Increase in value added tax payable in the current
95149122.9842940157.30121.59%
payable period
Other non-current Transfer of output tax pending write-off in the
205769.48-100.00%
liabilities current period
3Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2024
Establishment of specific reserve in the current
Specific reserve 1719382.45 1213325.92 41.71%
period
Increased business promotion and advertising
Selling expense 83278275.64 52638260.76 58.21% expenses paid in the process of selling products for
market expansion in the current period
R&D expense 130242811.21 98541775.73 32.17% Greater inputs in R&D in the current period
Finance costs -14291426.54 5335776.00 -367.84% Currency fluctuations in the current period
Decreased interest expense on borrowings in the
Interest costs 4840250.34 8813441.07 -45.08%
current period
Increase in government grants received in the
Other income 27748471.98 15294205.55 81.43%
current period
Increased interest income from large depository
Return on investment 8290925.60 4102704.62 102.08%
receipts in the current period
Share of profit of Increase in net profits of associates attributable to
joint ventures and 990924.47 468407.36 111.55% owners of the Company as the parent in the current
associates period
Decreased gain on changes in fair value as a result
Gain on changes in of the transfer of investments in wealth
-466532.762355332.19-119.81%
fair value management instruments to return on investment
upon maturity
Credit impairment Increased allowance for expected credit loss in the
-11578477.05-6018416.50-92.38%
loss (“-” for loss) current period
Asset impairment Increased inventory valuation allowances in the
-23811074.89-12009254.31-98.27%
loss (“-” for loss) current period
Asset disposal
-99108.79 152323.52 -165.06% Loss on disposal of assets in the current period
income
Non-operating Decreased non-operating income in the current
217620.551102454.61-80.26%
income period
Reversal in the current period of loss on damage
Non-operating and retirement of non-current assets recognized in
-182989.992805527.75-106.52%
expense the same period of last year and a higher base of
such loss in the same period of last year
Increased changes in the fair value of investments
Other comprehensive
-11249041.00 -1178927.49 -854.18% in other equity instruments in the current period
income net of tax
compared with the same period of last year
Other comprehensive
income attributable Increased changes in the fair value of investments
to owners of the -11083756.96 -1542425.45 -618.59% in other equity instruments in the current period
Company as the compared with the same period of last year
parent net of tax
Changes in the fair
Increased changes in the fair value of investments
value of investments
-10891442.27 -1962252.78 -455.05% in other equity instruments in the current period
in other equity
compared with the same period of last year
instruments
Differences arising
from the translation
Fluctuations of the RMB against foreign
of foreign currency- -192314.69 419827.33 -145.81%
currencies
denominated
financial statements
Other comprehensive
income attributable Fluctuations of the RMB against foreign
-165284.04363497.96-145.47%
to non-controlling currencies
interests net of tax
Net cash generated
Purchase of a higher total amount of large
from/used in -846896748.45 -160051306.41 -429.14%
depository receipts in the current period
investing activities
Net cash generated Increase in borrowings obtained in the current
from/used in 57657087.76 23862522.56 141.62% period and higher amount of borrowing repayment
financing activities in the same period of last year
4Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2024
Net increase in cash Decrease in net cash generated from investing
-705683822.03-64182857.56-999.49%
and cash equivalents activities
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of preference shareholders with resumed
Number of ordinary shareholders 75427 0
voting rights (if any)
Top 10 shareholders (exclusive of shares lent in refinancing)
Name of Nature of Shareholding Total shares Restricted Shares in pledge marked or frozen
shareholder shareholder percentage held shares held Status Shares
Hong Kong
Wah Shing
Foreign
Holding 12.17% 188496430.00 0.00 N/A 0.00
corporation
Company
Limited
Prosperity
Lamps & Foreign
9.49% 146934857.00 0.00 N/A 0.00
Components corporation
Limited
Guangdong
Rising State-owned
8.38% 129826793.00 46695895.00 N/A 0.00
Holdings corporation
Group Co. Ltd.Guangdong
Electronics
State-owned
Information 7.92% 122694246.00 0.00 N/A 0.00
corporation
Industry Group
Ltd.Essence
International
Foreign
Securities 2.50% 38645124.00 0.00 N/A 0.00
corporation
(Hong Kong)
Limited
Central Huijin
Asset State-owned
2.14% 33161800.00 0.00 N/A 0.00
Management corporation
Co. Ltd.Rising
Investment Foreign
1.65% 25482252.00 0.00 N/A 0.00
Development corporation
Limited
Hong Kong
Securities
Foreign
Clearing 1.61% 25009733.00 0.00 N/A 0.00
corporation
Company
Limited
Caitong Fund-
Huatai
Securities Co.Ltd.-Caitong
Fund Junxinag Other 0.99% 15392492.00 15392492.00 N/A 0.00
Yongxi Single
Asset
Management
Plan
Nuode Asset
Management- Other 0.96% 14846416.00 14846416.00 N/A 0.00
Huatai
5Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2024
Securities Co.Ltd.-Caitong
Fund Pujiang
No. 120 Single
Asset
Management
Plan
Top 10 unrestricted shareholders
Shares by class
Name of shareholder Unrestricted shares held
Class Shares
RMB-
Hong Kong Wah Shing Holding
188496430.00 denominated 188496430.00
Company Limited
ordinary share
RMB-
Prosperity Lamps & Components
146934857.00 denominated 146934857.00
Limited
ordinary share
RMB-
Guangdong Electronics
122694246.00 denominated 122694246.00
Information Industry Group Ltd.ordinary share
RMB-
Guangdong Rising Holdings
83130898.00 denominated 83130898.00
Group Co. Ltd.ordinary share
Domestically
Essence International Securities
38645124.00 listed foreign 38645124.00
(Hong Kong) Limited
share
RMB-
Central Huijin Asset Management
33161800.00 denominated 33161800.00
Co. Ltd.ordinary share
Domestically
Rising Investment Development
25482252.00 listed foreign 25482252.00
Limited
share
RMB-
Hong Kong Securities Clearing
25009733.00 denominated 25009733.00
Company Limited ordinary share
RMB-
Zhang Shaowu 11700000.00 denominated 11700000.00
ordinary share
Domestically
China Merchants Securities (HK)
9039244.00 listed foreign 9039244.00
Co. Limited share
Among the top 10 shareholders Hong Kong Wah Shing Holding
Company Limited Guangdong Electronics Information Industry Group
Ltd. Guangdong Rising Holdings Group Co. Ltd. and Rising
Related or acting-in-concert parties among the
Investment Development Limited are acting-in-concert parties. Apart
shareholders above
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
None
trading (if any)
5% or greater shareholders top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing
shares lending
□Applicable □ Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return
compared with the prior period
□Applicable □ Not applicable
6Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2024
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable □ Not applicable
III Other Significant Events
□Applicable □ Not applicable
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Foshan Electrical and Lighting Co. Ltd.
31 March 2024
Unit: RMB
Item 31 March 2024 1 January 2024
Current assets:
Monetary assets 2833101452.72 3596049654.55
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 127063242.65 152529775.41
Derivative financial assets
Notes receivable 1055338819.72 1057352267.60
Accounts receivable 2381690924.69 2093499280.40
Receivables financing 385082240.27 443201960.02
Prepayments 26945411.10 34508638.92
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 40464946.94 49108300.85
Including: Interest receivable
Dividends receivable
Financial assets purchased under resale
agreements
Inventories 1646905367.28 1971171641.14
Including: data resources
Contract assets 2366030.73 4252013.94
Assets held for sale 17147339.84 17147339.84
Current portion of non-current assets
Other current assets 194491321.99 109292399.14
Total current assets 8710597097.93 9528113271.81
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments 1137475227.53 454822905.25
Long-term receivables
Long-term equity investments 180179479.62 179188555.15
7Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2024
Investments in other equity
686949284.85699762746.35
instruments
Other non-current financial assets
Investment property 161845679.22 163636347.41
Fixed assets 3366822749.15 3453214586.47
Construction in progress 1209628279.34 1174533505.11
Productive living assets
Oil and gas assets
Right-of-use assets 8405429.70 8812320.64
Intangible assets 396890751.29 434549913.99
Including: data resources
Development costs
Including: data resources
Goodwill 421831593.46 421831593.46
Long-term prepaid expense 199075201.62 190362699.25
Deferred income tax assets 114183830.17 106283766.95
Other non-current assets 149558477.89 119327703.18
Total non-current assets 8032845983.84 7406326643.21
Total assets 16743443081.77 16934439915.02
Current liabilities:
Short-term borrowings 115406529.09 220019877.73
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 2130533325.60 2271174787.69
Accounts payable 2791661140.59 2875980206.64
Advances from customers 193618.85 466872.69
Contract liabilities 137625250.32 235335693.28
Financial assets sold under repurchase
agreements
Customer deposits and deposits from
other banks and financial institutions
Payables for acting trading of securities
Payables for underwriting of securities
Employee benefits payable 176204266.96 193830812.66
Taxes and levies payable 95149122.98 42940157.30
Other payables 386631533.18 362491923.01
Including: Interest payable
Dividends payable
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
369352382.68343914214.45
liabilities
Other current liabilities 96227554.81 95008427.01
Total current liabilities 6298984725.06 6641162972.46
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 304807255.75 253093421.29
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 4657156.29 4310967.92
Long-term payables
Long-term employee benefits payable
8Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2024
Provisions 18196474.55 14277087.30
Deferred income 68698458.52 75185461.27
Deferred income tax liabilities 172072818.81 174806746.25
Other non-current liabilities 205769.48
Total non-current liabilities 568432163.92 521879453.51
Total liabilities 6867416888.98 7163042425.97
Owners’ equity:
Share capital 1548778230.00 1548778230.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 914336325.66 914336325.66
Less: Treasury stock 82165144.15 82165144.15
Other comprehensive income 348943270.63 360027027.59
Specific reserve 1719382.45 1213325.92
Surplus reserves 107944679.06 107944679.06
General reserve
Retained earnings 3519022584.85 3435308364.11
Total equity attributable to owners of the
6358579328.506285442808.19
Company as the parent
Non-controlling interests 3517446864.29 3485954680.86
Total owners’ equity 9876026192.79 9771397489.05
Total liabilities and owners’ equity 16743443081.77 16934439915.02
Legal representative: Wan Shan Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
2. Consolidated Income Statement
Unit: RMB
Item Q1 2024 Q1 2023
1. Revenues 2517243351.93 2193613606.54
Including: Operating revenue 2517243351.93 2193613606.54
Interest revenue
Insurance premium income
Fee and commission
income
2. Costs and expenses 2386645489.59 2084362951.90
Including: Cost of sales 2056502024.36 1813154540.46
Interest costs
Fee and commission
expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and levies 18361206.30 16950032.53
Selling expense 83278275.64 52638260.76
Administrative expense 112552598.62 97742566.42
R&D expense 130242811.21 98541775.73
Finance costs -14291426.54 5335776.00
9Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2024
Including: Interest costs 4840250.34 8813441.07
Interest
12831299.7211539895.40
revenue
Add: Other income 27748471.98 15294205.55
Return on investment (“-” for loss) 8290925.60 4102704.62
Including: Share of profit or loss
990924.47468407.36
of joint ventures and associates
Income from the derecognition
of financial assets at amortized cost (“-”
for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
-466532.762355332.19
for loss)
Credit impairment loss (“-” for
-11578477.05-6018416.50
loss)
Asset impairment loss (“-” for
-23811074.89-12009254.31
loss)
Asset disposal income (“-” for
-99108.79152323.52
loss)
3. Operating profit (“-” for loss) 130682066.43 113127549.71
Add: Non-operating income 217620.55 1102454.61
Less: Non-operating expense -182989.99 2805527.75
4. Profit before tax (“-” for loss) 131082676.97 111424476.57
Less: Income tax expense 15957470.97 20116039.48
5. Net profit (“-” for net loss) 115125206.00 91308437.09
5.1 By operating continuity
5.1.1 Net profit from continuing
115125206.0091308437.09
operations (“-” for net loss)
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
83714220.7466221546.43
owners of the Company as the parent
5.2.1 Net profit attributable to non-
31410985.2625086890.66
controlling interests
6. Other comprehensive income net of
-11249041.00-1178927.49
tax
Attributable to owners of the
-11083756.96-1542425.45
Company as the parent
6.1 Items that will not be
-10891442.27-1962252.78
reclassified to profit or loss
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
-10891442.27-1962252.78
investments in other equity instruments
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
-192314.69419827.33
profit or loss
6.2.1 Other comprehensive
income that will be reclassified to profit
or loss under the equity method
6.2.2 Changes in the fair value of
other debt investments
6.2.3 Other comprehensive
income arising from the reclassification
of financial assets
10Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2024
6.2.4 Credit impairment
allowance for other debt investments
6.2.5 Reserve for cash flow
hedges
6.2.6 Differences arising from the
translation of foreign currency- -192314.69 419827.33
denominated financial statements
6.2.7 Other
Attributable to non-controlling
-165284.04363497.96
interests
7. Total comprehensive income 103876165.00 90129509.60
Attributable to owners of the
72630463.7864679120.98
Company as the parent
Attributable to non-controlling
31245701.2225450388.62
interests
8. Earnings per share
8.1 Basic earnings per share 0.0545 0.0491
8.2 Diluted earnings per share 0.0541 0.0486
Where business combinations under common control occurred in the current period the net profit achieved by the acquirees before
the combinations was RMB0.00 with the amount for the same period of last year being RMB0.00.Legal representative: Wan Shan Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2024 Q1 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities
2069241779.071755313840.62
and rendering of services
Net increase in customer deposits and
deposits from other banks and financial
institutions
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest fees and commissions received
Net increase in loans from other banks
and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax and levy rebates 41874360.02 47283404.19
Cash generated from other operating
74500446.9760839027.29
activities
Subtotal of cash generated from
2185616586.061863436272.10
operating activities
Payments for commodities and services 1559871489.82 1257371909.59
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and other banks and financial
institutions
Payments for claims on original
insurance contracts
11Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2024
Net increase in loans to other banks and
financial institutions
Interest fees and commissions paid
Policy dividends paid
Cash paid to and for employees 390430757.95 350439220.39
Taxes and levies paid 44761183.74 90343198.54
Cash used in other operating activities 113215466.62 90563703.48
Subtotal of cash used in operating
2108278898.131788718032.00
activities
Net cash generated from/used in
77337687.9374718240.10
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 180000000.00 20981292.12
Return on investment 1746539.59 15446.65
Net proceeds from the disposal of fixed
assets intangible assets and other long- 29708.48 356000.00
lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
181776248.0721352738.77
investing activities
Payments for the acquisition of fixed
assets intangible assets and other long- 89672996.52 51404045.18
lived assets
Payments for investments 939000000.00 130000000.00
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
1028672996.52181404045.18
activities
Net cash generated from/used in
-846896748.45-160051306.41
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings received 87057389.10 50000000.00
Cash generated from other financing
27046956.7378509476.58
activities
Subtotal of cash generated from
114104345.83128509476.58
financing activities
Repayment of borrowings 50829326.00 100000000.00
Interest and dividends paid 3630486.09 4578701.69
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing activities 1987445.98 68252.33
Subtotal of cash used in financing
56447258.07104646954.02
activities
Net cash generated from/used in
57657087.7623862522.56
financing activities
4. Effect of foreign exchange rates
6218150.73-2712313.81
changes on cash and cash equivalents
5. Net increase in cash and cash
-705683822.03-64182857.56
equivalents
Add: Cash and cash equivalents
3101252943.881945971307.26
beginning of the period
6. Cash and cash equivalents end of the
2395569121.851881788449.70
period
Legal representative: Wan Shan Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
12Foshan Electrical and Lighting Co. Ltd. First Quarterly Report 2024
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation
of the New Accounting Standards Implemented since 2024
□ 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.The Board of Directors
Foshan Electrical and Lighting Co. Ltd.
29 April 2024
13
沪公网安备31011802005267号
