长安B：2020年第三季度报告全文（英文版）

2020 Third Quarter Report

Chongqing Changan Automobile Company Limited

October 2020

Chapter 1 Important Notes

The Board of Directors the Supervisory Committee and directors supervisors and seniormanagement of Chongqing Changan Automobile Company Limited (hereinafter referred to as “the

Company”) hereby guarantee that no false or misleading statement or major omission was made to

the materials in this report and that they will assume all the responsibilities individually and jointly

for the trueness accuracy and completeness of the contents of this report.

Except the following directors all the directors attended the board meeting for reviewing the

third quarter report.The name of the directors absent Positions Reasons for the absence Name of the consignee

Tan Xiaogang Director Go out on business Zhou Zhiping

Chen Quanshi Independent director Go out on business Pang Yong

Wei Xinjiang Independent director Go out on business Liu Jipeng

Lv Laisheng Director Go out on business --

The Chairman of the Board Zhu Huarong the Chief Financial Officer Zhang Deyong and the

responsible person of the accounting institution (Accountant in charge) Chen Jianfeng hereby

declare that the Financial Statements enclosed in this report are true accurate and complete.

Chapter 2 Basic Information

I. Main accounting data and financial indicators

Does the company conduct the retrospective adjustment or restatement of previous years accounting data due to changes in

accounting policies or accounting errors?

□Yes √No

In RMB Yuan

The reporting period The same period of last year Variance (%)

Total assets 111454983833.18 97617053590.38 14.18%

Net assets attributable to shareholders

of listed company

47574285870.08 44028312743.66 8.05%

The reporting period Variance (%)

Amount of the

period from the

beginning of year to

the end of report

term

Variance (%)

Operating income 23059924854.44 51.32% 55841582333.54 23.77%

Net profit attributable to shareholders

of the Company

883806569.75 309.70% 3485972972.43 230.98%

Net profit excluding non-recurring

gains and losses attributable to

shareholders of listed company

519048534.49 183.52% -2097839766.98 40.63%

cash flow from operating activities - - 7019439880.31 86.80%

Basic earnings per share 0.18 325.00% 0.73 232.73%

Diluted earnings per share - - - -

Weighted average return on net assets 1.93%

Increase by 2.89

percentage points

7.61%

Increase by 13.54

percentage points

Accidental gain/loss item and amount

√ Applicable □ Not applicable

In RMB Yuan

Item

Amount of the period from the beginning

of year to the end of report term

Non-current asset disposal gains and losses 3547958240.58

Government subsidies included in the profit and loss of the current period (Except

closely related to business operations in accordance with the national unified standard

quota or quantitative enjoyment of government subsidies)

404396688.75

In addition to the effective hedging business related to the normal business of the

company the gains and losses from changes in fair value arising from the holding of

trading financial assets derivative financial assets trading financial liabilities

derivative financial liabilities and disposal of transactional financial assets derivative

finance Investment income from assets trading financial liabilities derivative financial

liabilities and other debt investments

1960648739.46

Gains and losses from entrusted loans 10344929.28

Other non-business income and expenditures other than the above items -11478048.37

Interest on deferred payment of funds received by non-financial enterprises 33690992.81

Subtract: Influenced amount of income tax 341014560.27

Influenced amount of miniority shareholders’ equity (after tax) 20734242.83

Total 5583812739.41

According to “Public offering of securities information disclosure of the company's information disclosure announcement No. 1 –non-recurring gains and losses “Public offering of securities information disclosure of the company's information disclosureannouncement No. 1 – non-recurring gains and losses” defined non-recurring items and Public offering of securities informationdisclosure of the company's information disclosure announcement No. 1 - non-recurring gains and losses “The items listed in thenon-recurring items defined as recurring items shall be explained .

□ Applicable √Not applicableThe company in the reporting period does not base on the definition and listing of “Public offering of securities informationdisclosure of the company's information disclosure announcement No. 1 – non-recurring gains and losses” about non-recurring gains

and losses to define a case of recurring profit or loss.II. Total number of shareholders at the end of the reporting period and statement on shares

held by the top ten tradable shareholders

1. Total number of shareholders at the end of the reporting period and statement on shares held by the top

ten shareholders

Unit: share

As of the reporting period the

total number of shareholders

137049

Total number of preferred

shareholders with voting rights

restored at the end of the

reporting period (if any)

Top 10 Shareholders

Name of the shareholder

Properties of

shareholder

Percentage of

total shares

（%）

Number of

Conditional

Pledging or freezing

Share status

Amou

China South Industries Group Co.

Ltd.State-owned legal person

20.84% 1001080085

No pledge or

frozen

China Changan Automobile Co. State-owned legal person 19.32% 928044946 No pledge or -

Ltd. shares frozen

China securities finance Co Ltd

domestic general legal

person shares

4.88% 234265333

No pledge or

frozen

Hong Kong Central Clearing

Company Limited

foreign legal person

4.79% 229847911

No pledge or

frozen

United Prosperity (Hong Kong)

Investment Co. Limited.foreign legal person

3.21% 154120237

No pledge or

frozen

Central Huijin Investment Ltd.

domestic general legal

person shares

1.15% 55393100

No pledge or

frozen

GIC PRIVATE LIMITED

foreign legal person

0.73% 35283393

No pledge or

frozen

DRAGON BILLION SELECT

MASTER FUND

foreign legal person

0.57% 27561583

No pledge or

frozen

Qianhai Life Insurance Co.Ltd.-own funds

fund finance products

etc.

0.57% 27162766

No pledge or

frozen

CAPE ANN GLOBAL

DEVELOPING MARKETS FUND

foreign legal person

0.50% 24130860

No pledge or

frozen

Top 10 holders of unconditional shares

Name of the shareholder

Amount of shares

without sales

restriction

Category of shares

Category of shares Category of shares

China South Industries Group Co. Ltd. 1001080085 RMB ordinary shares 1001080085

China Changan Automobile Co. Ltd. 928044946 RMB ordinary shares 928044946

China securities finance Co Ltd 234265333 RMB ordinary shares 234265333

Hong Kong Central Clearing Company Limited 229847911 RMB ordinary shares 229847911

United Prosperity (Hong Kong) Investment Co. Limited. 154120237

Domestic listed foreign

154120237

Central Huijin Investment Ltd. 55393100 RMB ordinary shares 55393100

GIC PRIVATE LIMITED 35283393

Domestic listed foreign

35283393

DRAGON BILLION SELECT MASTER FUND 27561583

Domestic listed foreign

27561583

Qianhai Life Insurance Co. Ltd.-own funds 27162766 RMB ordinary shares 27162766

CAPE ANN GLOBAL DEVELOPING MARKETS FUND 24130860

Domestic listed foreign

24130860

Explanation on the relationship and the action alike of above

shareholders

Among the top 10 shareholders China South Industries Group Co. Ltd. the

actual controller; China Changan Automobile Group Co. Ltd. the

controlling shareholder and its wholly owned subsidiary United Prosperity

(Hong Kong) Investment Co. Limited. belong to the concerted actorregulated by “Disclosure Administration of Shares Change Information ofThe Listed Company”.Whether the company top 10 shareholders of ordinary shares and the top 10 circulated shareholders agreed on the repurchase

transactions during the report period

□Applicable √Not Applicable

The top 10 shareholders of ordinary shares and the top 10 circulated shareholders have not agreed on the repurchase transactions

during the report period

2. Total number of preferred shareholders at the end of the reporting period and statement on preferred

shares held by the top ten tradable shareholders

□Applicable √Not Applicable

Chapter 3 Important Matters

I. Significant changes & reasons in major accounting data financial indicators

√Applicable □Not Applicable

In RMB Yuan

Number Balance Sheet Items Sep. 30th2020 Jan. 1st 2020 Changes (%)

1 Cash 21523795949.13 10066171353.48 113.82%

2 Transactional financial assets 417297862.80 2419476200.00 -82.75%

3 Accounts receivable 2168748567.22 838314076.82 158.70%

4 Inventories 4854582355.32 3375441488.37 43.82%

5 Contract assets 1795811136.71 3462221902.09 -48.13%

6 Other current assets 999687355.44 1746120128.04 -42.75%

7 Short-term loans 380000000.00 229580000.00 65.52%

8 Contract liabilities 5289446772.53 2315641685.78 128.42%

9 Other payables 2847502506.48 4809918141.45 -40.80%

10 Long-term loans 1555300000.00 55300000.00 2712.48%

Income Statement Items Jan-Sep 2020 Jan-Sep 2019 Changes (%)

11 Tax and surcharges 2076509817.05 1579840592.98 31.44%

12 General and administrative expenses 2360629505.98 1559033968.43 51.42%

13 Other income 404396688.75 762226068.65 -46.95%

14 Investment income 3524898587.68 -522405370.82 774.74%

15 Gains from changes in fair value 1816243496.56 127407169.45 1325.54%

16 Income tax expense -318261022.83 141920459.01 -324.25%

17 Net profit attributable to owners 3485972972.43 -2661510402.32 230.98%

Cash Flow Statement Items Jan-Sep 2020 Jan-Sep 2019 Changes (%)

18 Net cash flows from operating activities 7019439880.31 3757823903.36 86.80%

19 Net cash flows from investing activities 2873739202.45 -3172586837.66 190.58%

20 Net cash flows from financing activities 1492765197.42 -413937943.57 460.63%

21 Net increase of cash and cash equivalents 11344467853.86 202190712.04 5510.78%

As at the end of reporting period the company’s total asset was 111.455 billion yuan with 14.18% increase compared with

the beginning of the year. The total liability was 63.997 billion yuan with 19.17% increase compared with the beginning of the

year. The debt asset ratio was 57.40% which was 2.41 percentage points higher than that at the beginning of the year. The

substantial increase in cash was mainly due to the net cash inflow from operating activities and investment activities during the

current period. Transactional financial assets decreased significantly mainly due to the sale of transactional financial assets. The

significant increase in accounts receivable was mainly due to the changes in the scope of consolidation during the current period.The accounts receivable in the original consolidation scope were converted into accounts receivable outside the consolidation

scope. Inventories increased substantially mainly due to the increase in Inventories. Contract assets increased substantially mainly

due to new energy vehicle subsidies received this year. Other current assets decreased significantly mainly due to the decrease in

the debit balance of value-added tax payable. Short-term loans increased significantly due to the company’s new borrowings.

Contract liabilities increased significantly mainly due to the increase in advance payments from dealers. Other payables decreased

significantly mainly due to the transfer of CAPSA disposal funds into investment income. The substantial increase in long-term

loans was due to the company's new special loans this year.

During the reporting period taxes and surcharges increased sharply mainly due to the increase in income which caused the

increase in value-added tax consumption tax and surcharges. The general and administrative expenses increased significantly

mainly due to changes in organization and prepaid wages. Other income decreased significantly mainly due to the decrease in

government financial subsidies obtained. Investment income increased significantly mainly due to the income from the mixed

reform of new energy technology companies and the sale of CAPSA equity. Gains from changes in fair value increased

significantly mainly due to changes in fair value of transactional financial assets. Income tax expense decreased significantly

mainly due to the increase in deductible temporary differences. The net profit attributable to the owners increased significantly

mainly due to the company's sales growth product structure optimization substantial improvement in profitability of independent

businesses and steady increase in profitability of joint venture businesses. At the same time non-recurring gains and losses

increased by approximately 5.6 billion yuan in net profit attributable to shareholders of listed companies.

During the reporting period the net increase of cash and cash equivalents increased significantly mainly due to the net cash

inflow from operating activities and investment activities during the current period. The net cash flow from operating activities

increased significantly mainly due to the increase in cash received from sales of goods and provision of labor services. The net

cash flow from investment activities increased significantly mainly due to the sale of transactional financial assets. The net cash

flow from financing activities increased significantly mainly due to the increase in borrowings.II. The progress and influence of significant events and the analysis and explanation on

resolving proposal

√Applicable □Not Applicable

(1) Non-public offering of shares

On April 27 2020 the company held the 64th meeting of the seventh board of directors at which 13 proposals including the

"Proposal on the Company's Non-public Issuance of A Shares" were reviewed and approved and the company plans to issue

non-public shares to specific targets. The total amount of raised funds does not exceed 6 billion yuan (including this figure). For

details please refer to the relevant announcement disclosed by the company on the http://www.cninfo.com.cn on April 28 2020.On May 22 2020 this matter was approved by the 2019 Annual General Meeting of Shareholders (Announcement No.:

2020-44).

On June 9 2020 the company received the application acceptance form for administrative license of China Securities

Regulatory Commission (Announcement No.: 2020-52).On July 24 2020 the company held the third meeting of the eighth session of the board of directors and approved 5 proposals

including the "Proposal on Adjusting the Company's 2020 Non-public Issuance of A Shares-The Validity Period of Resolutions of the

General Meeting of Shareholders". For details please refer to the relevant announcement disclosed by the company on the

http://www.cninfo.com.cn website on July 25 2020.

On August 10 2020 the relevant adjustment proposal was approved by the third extraordinary general meeting of shareholders

in 2020 (Announcement No.: 2020-74).

On September 18 2020 the company received the "Reply for the Approval of Non-public Issuance of Shares by Chongqing

Changan Automobile Co. Ltd." issued by the China Securities Regulatory Commission (Announcement No.: 2020-84).

(2) Free transfer matters

On April 18 2020 the company disclosed the "Indicative Announcement Concerning the Gratuitous Transfer of 0.71% Equity

of the Company by the Actual Controller" (Announcement No.: 2020-18). The company’s actual controller China South Industries

Group has signed a free transfer agreement with China Power Technology Investment Holdings Co. Ltd. (hereinafter referred to as

“China Power Technology Investment Holdings”) to transfer 34232588 shares of Changan Automobile for free. which accounts for

0.71% of the company’s total issued shares.

On May 29 2020 the company disclosed the "Announcement on Obtaining the Approval of the State-owned Assets Supervision

and Administration Commission of the State Council for the Gratuitous Transfer of the Company's Equity by the Actual Controller"

(Announcement No.: 2020-45). On June 19 2020 the company disclosed the "Announcement on the Completion of Transfer

Registration for the Gratuitous Transfer of State-owned Equity of the Actual Controller" (Announcement No.: 2020-54) confirming

that the transfer and registration procedures of the above-mentioned freely transferred shares was completed and the transfer date

was June 18 2020.

(3) Equity incentive matters

On July 13 2020 the company held the second meeting of the eighth session of the board of directors and approved three

proposals related to the restricted stock incentive plan. For details please refer to the "Announcement of Resolutions of the Second

Meeting of the Eighth Board of Directors" (Announcement number: 2020-63).Implementation progress of share repurchase

□Applicable √Not Applicable

Progress in the implementation of the reduction of share repurchase by centralized bidding

□Applicable √Not Applicable

III. Commitments made within the reporting period by the controlling shareholders

shareholders related party acquirer and the company overdue and not fulfilled

□Applicable √Not Applicable

During the reporting period the company's actual controllers shareholders related parties purchasers and companies and other

commitment parties don’t have any overdue unfulfilled commitments.IV. Securities investment

(1)Equity-holdings in financial enterprises

√Applicable □Not Applicable

Securiti

variety

Securities

code

Securities

short

name

Initial

investment cost（Yuan）

Number of

shares held at

the beginning

of the period（Share）

Percentage

of shares

held at the

beginning of

the period

Number of

shares held at

the end of the

period（Share）

Percentage

of shares

held at the

end of the

period

Book value at

the end of the

period（Yuan）

Reporting period

profit and loss（Yuan）

Accounting

account

Source of

Stock 600369

Southwest

Securities

50000000 35500000 0.63% 33630000 0.51% 176893800.00 6856244.22

Transactional

financial assets

Initial

investment

Stock 300750 CATL 1000000821 22999575 1.06% 1149159 0.05% 240404062.80 1960539622.40

Transactional

financial assets

Initial

investment

Total 1050000821 58499575 -- 34779159 -- 417297862.80 1967395866.62 -- --

(2) Derivative Investments

□ Applicable √ Not applicable

V. Progress of investment projects with raised funds

□ Applicable √ Not applicable

VI. Forecast of operation performance of 2020

The warning or a reason for a loss or a significant change of cumulative net profit from the beginning of the year to the end of the

next reporting period compared with the same period of last year

□Applicable √Not Applicable

VII. Major contracts for daily operations

□ Applicable √ Not applicable

VIII. Entrusted financial management

□Applicable √Not Applicable

During the reporting period there is no entrusted financial management.

IX. Illegal external guarantee

□Applicable √Not Applicable

The company doesn’t violate the rules of external guarantee during the reporting period.

X. Controlling shareholder and its related parties to the listing Corporation's non-operating

funds

□Applicable √Not Applicable

During the reporting period there is no non-operating capital occupied by the controlling shareholder and its related parties to the

listed company.XI. Interviews and visits in the reporting period

√Applicable □Not Applicable

Date Manner Object Content discussed and material offered

2020.01.14 On-Site Survey Institution

For details see the January 16 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 14 2020

investor relations activities record sheet

2020.01.21 On-Site Survey Institution

For details see the January 21 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 21 2020

investor relations activities record sheet

2020.04.30

"Panorama·Roadshow

World" Webcast

All investors

For details see the May 6 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: April 30 2020 investor

relations activities record sheet

2020.05.07 Telephone conference Institution

For details see the May 9 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: May 7 2020 investor

relations activities record sheet

2020.05.08 Telephone conference Institution

For details see the May 9 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: May 8 2020 investor

relations activities record sheet

2020.05.12 Telephone conference Institution

For details see the May 14 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: May 12 2020 investor

relations activities record sheet(1)

2020.05.12 On-Site Survey Institution

For details see the May 14 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: May 12 2020 investor

relations activities record sheet(2)

2020.06.24 On-Site Survey Institution

For details see the June 28 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: June 24 2020 investor

relations activities record sheet

2020.07.14 Telephone conference Institution

For details see the July 17 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: July 14 2020 investor

relations activities record sheet

2020.07.15 Telephone conference Institution

For details see the July 17 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: July 15 2020 investor

relations activities record sheet

2020.07.16 Telephone conference Institution

For details see the July 17 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: July 16 2020 investor

relations activities record sheet

2020.07.17 On-Site Survey Institution

For details see the July 21 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: July 17 2020 investor

relations activities record sheet

2020.08.31 On-Site Survey Institution

For details see the September 2 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: August 31 2020

investor relations activities record sheet

2020.09.01 On-Site Survey Institution

For details see the September 3 2020 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: September 1 2020

investor relations activities record sheet

Chapter 4 Financial Statements

I. Financial Statements

1. Consolidated Balance Sheet

Prepared by: CHONGQING CHANGAN AUTOMOBILE CO. LTD.In RMB Yuan

Account September 30 2020 December 31 2019

Current assets:

Cash 21523795949.13 10066171353.48

Transactional financial assets 417297862.80 2419476200.00

Notes receivable 30413714401.95 26805635587.19

Accounts receivable 2168748567.22 838314076.82

Prepayments 704484935.11 623801896.07

Other receivables 252819974.76 3731755992.46

Inventories 4854582355.32 3375441488.37

Contract assets 1795811136.71 -

Other current assets 999687355.44 1746120128.04

Total current assets 63130942538.44 49606716722.43

Non-current assets:

Long-term receivables 12285663719.73 11008336989.09

Other equity investment 731506100.00 734506100.00

Investment properties 6932816.05 7102849.72

Fixed assets 25868780947.38 26939490554.19

Construction in progress 1983254088.69 1729803028.43

Intangible assets 5005050384.40 5209619313.49

Development expenditure 656321457.16 814745464.20

Goodwill 42586584.41 9804394.00

Long-term deferred expenses 11178367.22 14327639.90

Deferred tax assets 1732766829.70 1542600534.93

Total non-current assets 48324041294.74 48010336867.95

Total assets 111454983833.18 97617053590.38

Current liabilities:

Short-term loans 380000000.00 229580000.00

Notes payable 17247043895.19 13430543294.23

Accounts payable 21767207102.05 18905725271.50

Advances from customers - 2315641685.78

Contract liabilities 5289446772.53 -

Payroll payable 1447674590.20 1046335781.91

Taxes payable 747018131.42 889092442.80

Other payables 2847502506.48 4809918141.45

Other current liabilities 5097986867.56 4253942761.77

Total current liabilities 54823879865.43 45880779379.44

Non-current liabilities:

Long-term loans 1555300000.00 55300000.00

Long-term payable 733843848.69 857356423.71

Long term payroll payable 42757719.81 45932000.00

Estimated liabilities 3333071776.86 3352580839.28

Deferred earnings 3351421757.75 3194291079.21

Deferred tax liabilities 136332297.60 296742890.29

Total non-current liabilities 9152727400.71 7802203232.49

Total liabilities 63976607266.14 53682982611.93

Owners’ equity:

Share capital 4802648511.00 4802648511.00

Capital reserves 5366097594.66 5366097594.66

Other Comprehensive Income 168429195.19 139994580.19

Special reserves 78641781.70 47076242.71

Surplus reserves 2401324255.50 2401324255.50

Retained earnings 34757144532.03 31271171559.60

Equity attributable to owners 47574285870.08 44028312743.66

Minority interests -95909303.04 -94241765.21

Total equity 47478376567.04 43934070978.45

Total liabilities and owener’s equity 111454983833.18 97617053590.38

Legal person: Zhu Huarong Chief financial officer: Zhang Deyong The head of accounting department: Chen Jianfeng

2. Balance Sheet

In RMB Yuan

Account September 30 2020 December 31 2019

Current assets:

Cash 17029501888.30 6563020335.56

Transactional financial assets 176893800.00 184245000.00

Notes receivable 29375242977.48 25837326483.09

Accounts receivable 5778121669.49 5094270365.72

Prepayments 496420849.75 403105316.24

Other receivables 1240530868.92 2597314344.40

Inventories 3074491279.82 1735570691.28

Contract assets 1172197092.60 -

Other current assets 389992598.91 798430035.62

Total current assets 58733393025.27 43213282571.91

Non-current assets:

Long-term equity investments 15124868084.61 16052319271.82

Other equity investment 721309400.00 724309400.00

Fixed assets 19285216175.68 20301231002.41

Construction in progress 1679999223.82 1545211000.22

Intangible assets 3656821788.41 4030438649.57

Development expenditure 558477357.68 431774377.27

Long-term deferred expenses 7428051.29 9719259.84

Deferred tax assets 1494121159.07 1318884054.48

Total non-current assets 42528241240.56 44413887015.61

Total assets 101261634265.83 87627169587.52

Current liabilities:

Short-term loans 310000000.00 29580000.00

Notes payable 14490288462.75 11983445725.06

Accounts payable 19346216599.63 15601432751.74

Advances from customers - 1870992349.08

Contract liabilities 4871687965.73 -

Payroll payable 1139239054.00 641340149.30

Taxes payable 575189732.39 453619905.66

Other payables 2537112623.44 4301257819.04

Other current liabilities 4130092838.96 3400065879.02

Total current liabilities 47399827276.90 38281734578.90

Non-current liabilities:

Long-term loans 1555300000.00 55300000.00

Long-term payable 162300028.54 285768478.89

Long term payroll payable 19956878.06 22747000.00

Estimated liabilities 2485065446.17 2413434397.36

Deferred earnings 2141455899.06 2135615106.85

Deferred tax liabilities 80853445.83 81775341.60

Total non-current liabilities 6444931697.66 4994640324.70

Total liabilities 53844758974.56 43276374903.60

Owners' equity:

Share capital 4802648511.00 4802648511.00

Capital reserves 5014772792.87 5014772792.87

Other comprehensive income 259380413.58 259380413.58

Special reserves 21064487.30 19917658.63

Surplus reserves 2401324255.50 2401324255.50

Retained earnings 34917684831.02 31852751052.34

Total owners' equity 47416875291.27 44350794683.92

Total liabilities and owners’ equity 101261634265.83 87627169587.52

3. Consolidated Income Statement of the reporting term

In RMB Yuan

Account Current Period Prior Period

1.Total operating revenue 23059924854.44 15239641870.97

Less:Operating cost 19854726032.02 12377295658.38

Tax and surcharges 870223433.60 499570118.20

Operating expenses 776936277.11 1373059373.36

General and administrative expenses 1196476733.07 715873415.81

Research and development expenses 832151987.62 506613694.43

Financial expenses -56682430.59 -35453408.66

Add: Other income 188418733.47 141492994.54

Investment income 524094923.69 -414068660.88

Including: Investment income from associates and joint

venture

309260124.00 -469708441.67

Gains from changes in fair value 62568799.56 87070018.18

Credit impairment loss 6359894.64 -4361637.66

Asset impairment loss -1970600.37 -

Gain on disposal of assets 230996.02 5165289.52

2.Operating profit 365795568.62 -382018976.85

Add: Non-operating income 8485196.78 5135954.79

Less: Non-operating expenses -209540.54 20336854.47

3.Total profit 374490305.94 -397219876.53

Less: Income tax expense -508192319.47 25352762.93

4.Net profit 882682625.41 -422572639.46

Classification by going concern

Net profit from continuing operations 882682625.41 -422572639.46

Net profit from discontinued operations

Classification by ownership attribution

Net profit attributable to owners 883806569.75 -421470641.21

Minority interests -1123944.34 -1101998.25

5.Other comprehensive income net of tax 21667675.63 13299672.07

Net after-tax net of other comprehensive income

attributable to the parent company owner

21667675.63 13299672.07

Other comprehensive income that will be reclassified

into profit or loss

21667675.63 13299672.07

Foreign currency financial statement translation

difference

21667675.63 13299672.07

6.Total comprehensive income 904350301.04 -409272967.39

Total comprehensive income attributable to owners 905474245.38 -408170969.14

Total comprehensive income attributable to minority

interest

-1123944.34 -1101998.25

7.Earnings per share

Basic earnings per share 0.18 -0.08

Diluted earnings per share Not applicable Not applicable

Legal person: Zhu Huarong Chief financial officer: Zhang Deyong The head of accounting department: Chen Jianfeng

4. Income Statement of the reporting term

In RMB Yuan

Account Current Period Prior Period

1.Operating revenue 22405653698.10 14120637727.72

Less: Operating cost 19804992963.20 12031564713.41

Tax and surcharges 564573659.98 358002714.07

Operating expenses 761720910.64 968592956.55

General and administrative expenses 978360073.16 473600026.95

Research and development expenses 753736455.57 460428130.07

Financial expenses -82499176.26 -32976211.68

Add: Other income 48537577.77 34022327.37

Investment income 3286330730.80 -384329858.65

Including: Investment income from associates and joint

venture

393278347.97 -431385259.48

Gains from changes in fair value 22532100.00 -15265000.00

Credit impairment loss 1695735.18 -2514873.36

Asset impairment loss - -

Gain on disposal of assets - 3009509.76

2.Operating profit 2983864955.56 -503652496.53

Add: Non-operating income 7238557.75 3122855.88

Less: Non-operating expenses - 18753563.34

3.Total profit 2991103513.31 -519283203.99

Less: Income tax expense -90372920.40 -3216467.13

4.Net profit 3081476433.71 -516066736.86

Net profit from continuing operations 3081476433.71 -516066736.86

Net profit from discontinued operations

5.Other comprehensive income net of tax

6.Total comprehensive income 3081476433.71 -516066736.86

7.Earnings per share

Basic earnings per share 0.64 -0.11

Diluted earnings per share Not applicable Not applicable

5. Consolidated Income Statement from 1st January to 30th September

In RMB Yuan

Account Current Period Prior Period

1.Total operating revenue 55841582333.54 45115421967.81

Less: Operating cost 49589341729.65 39796706285.30

Tax and surcharges 2076509817.05 1579840592.98

Operating expenses 2047653359.18 2816275914.66

General and administrative expenses 2360629505.98 1559033968.43

Research and development expenses 2296706411.04 2226773353.31

Financial expenses -154735975.97 -132286117.81

Add: Other income 404396688.75 762226068.65

Investment income 3524898587.68 -522405370.82

Including: Investment income from associates and joint

venture

-219022032.89 -578045151.61

Gains from changes in fair value 1816243496.56 127407169.45

Credit impairment loss -16940224.37 -13891371.32

Asset impairment loss -210213218.08 -152676538.06

Gain on disposal of assets 33659642.99 14557748.80

2.Operating profit 3177522460.14 -2515704322.36

Add: Non-operating income 39664057.22 23972635.23

Less: Non-operating expenses 51142105.59 32981921.67

3.Total profit 3166044411.77 -2524713608.80

Less: Income tax expense -318261022.83 141920459.01

4.Net profit 3484305434.60 -2666634067.81

Classification by going concern

Net profit from continuing operations 3484305434.60 -2666634067.81

Net profit from discontinued operations

Classification by ownership attribution

Net profit attributable to owners 3485972972.43 -2661510402.32

Minority interests -1667537.83 -5123665.49

5.Other comprehensive income net of tax 28434615.00 35867520.20

Net after-tax net of other comprehensive income 28434615.00 35867520.20

attributable to the parent company owner

Other comprehensive income that will be reclassified

into profit or loss

28434615.00 35867520.20

Foreign currency financial statement translation

difference

28434615.00 35867520.20

6.Total comprehensive income 3512740049.60 -2630766547.61

Total comprehensive income attributable to owners 3514407587.43 -2625642882.12

Total comprehensive income attributable to minority

interest

-1667537.83 -5123665.49

7.Earnings per share

Basic earnings per share 0.73 -0.55

Diluted earnings per share Not applicable Not applicable

Legal person: Zhu Huarong Chief financial officer: Zhang Deyong The head of accounting department: Chen Jianfeng

6. Income Statement from 1st January to 30th September

In RMB Yuan

Account Current Period Prior Period

1.Operating revenue 52164573595.47 40925746049.94

Less: Operating cost 47716851866.23 36669471484.36

Tax and surcharges 1326595162.77 1213169611.10

Operating expenses 1722760567.36 1870809533.03

General and administrative expenses 1704843597.33 781474535.63

Research and development expenses 2134550600.79 2170651071.80

Financial expenses -180469941.05 -121729573.14

Add: Other income 106422387.91 440862305.46

Investment income 5603470503.46 -458228680.98

Including: Investment income from associates and joint

venture

-36967363.11 -509433452.89

Gains from changes in fair value 1232100.00 36565000.00

Credit impairment loss -19418826.10 -6896127.61

Asset impairment loss -162746163.89 -141818001.51

Gain on disposal of assets -10976304.75 9756936.37

2.Operating profit 3257425438.67 -1777859181.11

Add: Non-operating income 30164079.45 17355197.17

Less: Non-operating expenses 43916807.17 27472289.72

3.Total profit 3243672710.95 -1787976273.66

Less: Income tax expense -176159000.35 96571829.17

4.Net profit 3419831711.30 -1884548102.83

Net profit from continuing operations 3419831711.30 -1884548102.83

Net profit from discontinued operations

5.Other comprehensive income net of tax

6.Total comprehensive income 3419831711.30 -1884548102.83

7.Earnings per share

Basic earnings per share 0.71 -0.39

Diluted earnings per share Not applicable Not applicable

7. Consolidated cash flow statement

In RMB Yuan

Account Current Period Prior Period

1.Cash flows from operating activities:

Cash received from sale of goods or rendering of services 59930321923.05 52195863813.18

Refunds of taxes 360670888.01 370518656.33

Cash received relating to other operating activities 2075715232.73 4051700128.82

Subtotal of cash inflows 62366708043.79 56618082598.33

Cash paid for goods and services 43414997218.34 41039472205.53

Cash paid to and on behalf of employees 3908561563.58 4256843195.40

Cash paid for all types of taxes 2917091828.88 2275961263.72

Cash paid relating to other operating activities 5106617552.68 5287982030.32

Subtotal of cash outflows 55347268163.48 52860258694.97

Net cash flows from operating activities 7019439880.31 3757823903.36

2.Cashflows from investing activities:

Cash received from return on investments 1763103867.38 -

Cash received from investment income 4123878052.39 1382556705.95

Net cash received from disposal of fixed assets intangible assets

and other long-term assets

48841644.04 9246980.58

Cash received relating to other investing activities 18790704.55 2198000.00

Subtotal of cash inflows 5954614268.36 1394001686.53

Cash paid for acquisition of fixed assets intangible assets and

other long-term assets

2826038840.71 3313861816.59

Cash paid for acquisition of investments 150604996.00 936788517.00

Cash paid relating to other investing activities 104231229.20 315938190.60

Subtotal of cash outflows 3080875065.91 4566588524.19

Net cash flows from investing activities 2873739202.45 -3172586837.66

3.Cash flows from financing activities:

Cash received from borrowing 2011525472.30 85580000.00

Cash received relating to other financing activities 243609412.22 6166032.98

Subtotal of cash inflows 2255134884.52 91746032.98

Cash repayments of borrowings 361105472.30 52708100.00

Cash paid for distribution of dividends or profits and interest

expenses

31841983.79 119340285.40

Cash paid relating to other financing activities 369422231.01 333635591.15

Subtotal of cash outflows 762369687.10 505683976.55

Net cash flows from financing activities 1492765197.42 -413937943.57

4.Effect of changes in exchange rate on cash -41476426.32 30891589.91

5.Net increase in cash and cash equivalents 11344467853.86 202190712.04

Add: Opening balance of cash and cash equivalents 9360474674.89 9648153614.80

6.Closing balance of cash and cash equivalents 20704942528.75 9850344326.84

8. Cash Flow Statement

In RMB Yuan

Account Current Period Prior Period

1.Cash flows from operating activities:

Cash received from sale of goods or rendering of services 52480910634.81 47436005517.08

Cash received relating to other operating activities 723986897.62 2387245384.10

Subtotal of cash inflows 53204897532.43 49823250901.18

Cash paid for goods and services 39732970912.48 37783862965.51

Cash paid to and on behalf of employees 2833913413.03 2963826773.83

Cash paid for all types of taxes 1539194258.50 1594920019.03

Cash paid relating to other operating activities 3406567463.74 4938851025.43

Subtotal of cash outflows 47512646047.75 47281460783.80

Net cash flows from operating activities 5692251484.68 2541790117.38

2.Cashflows from investing activities:

Cash received from return on investments 1942989489.98 -

Cash received from investment income 3916753315.02 1389178372.61

Net cash received from disposal of fixed assets intangible assets

and other long-term assets

93034.76 -

Cash received relating to other investing activities 16388900.00 -

Subtotal of cash inflows 5876224739.76 1389178372.61

Cash paid for acquisition of fixed assets intangible assets and

other long-term assets

1738710737.94 3084777049.44

Cash paid for acquisition of investments 1127218581.00 997294972.55

Cash paid relating to other investing activities - 300000000.00

Subtotal of cash outflows 2865929318.94 4382072021.99

Net cash flows from investing activities 3010295420.82 -2992893649.38

3.Cash flows from financing activities:

Cash received from borrowings 1839580000.00 29580000.00

Subtotal of cash inflows 1839580000.00 29580000.00

Cash paid for debt repayment 59160000.00 -

Cash paid for distribution of dividends or profits and interest

expenses

16485352.76 105545010.80

Subtotal of cash outflows 75645352.76 105545010.80

Net cash flows from financing activities 1763934647.24 -75965010.80

4.Effect of changes in exchange rate on cash - -

5.Net increase in cash and cash equivalents 10466481552.74 -527068542.80

Add: Opening balance of cash and cash equivalents 6563020335.56 7310973018.99

6.Closing balance of cash and cash equivalents 17029501888.30 6783904476.19

II. Notes on financial statement adjustments

1. Since 2020 the first implementation of the new revenue standards the new lease standards to adjust the

first implementation of the financial statements at the beginning of the year.

√Applicable □Not Applicable

Consolidated balance sheet

In RMB Yuan

Account December 31 2019 January 01 2020 Adjustment

Current assets:

Cash 10066171353.48 10066171353.48

Transactional financial assets 2419476200.00 2419476200.00

Notes receivable 26805635587.19 26805635587.19

Accounts receivable 838314076.82 838314076.82

Prepayments 623801896.07 623801896.07

Other receivables 3731755992.46 269534090.37 -3462221902.09

Inventories 3375441488.37 3375441488.37

Contract assets 3462221902.09 3462221902.09

Other current assets 1746120128.04 1746120128.04

Total current assets 49606716722.43 49606716722.43

Non-current assets:

Long-term receivables 11008336989.09 11008336989.09

Other equity investment 734506100.00 734506100.00

Investment properties 7102849.72 7102849.72

Fixed assets 26939490554.19 26939490554.19

Construction in progress 1729803028.43 1729803028.43

Intangible assets 5209619313.49 5209619313.49

Devlopment expenditure 814745464.20 814745464.20

Goodwill 9804394.00 9804394.00

Long-term deferred expenses 14327639.90 14327639.90

Deferred tax assets 1542600534.93 1542600534.93

Total non-current assets 48010336867.95 48010336867.95

Total assets 97617053590.38 97617053590.38

Current liabilities:

Short-term loans 229580000.00 229580000.00

Notes payable 13430543294.23 13430543294.23

Accounts payable 18905725271.50 18905725271.50

Advances from customers 2315641685.78 -2315641685.78

Contract liabilities 2315641685.78 2315641685.78

Payroll payable 1046335781.91 1046335781.91

Taxes payable 889092442.80 889092442.80

Other payables 4809918141.45 4809918141.45

Other current liabilities 4253942761.77 4253942761.77

Total current liabilities 45880779379.44 45880779379.44

Non-current liabilities:

Long-term loans 55300000.00 55300000.00

Long-term payable 857356423.71 857356423.71

Long term payroll payable 45932000.00 45932000.00

Estimated liabilities 3352580839.28 3352580839.28

Deferred earnings 3194291079.21 3194291079.21

Deferred tax liabilities 296742890.29 296742890.29

Total non-current liabilities 7802203232.49 7802203232.49

Total liabilities 53682982611.93 53682982611.93

Owners’ equity:

Share capital 4802648511.00 4802648511.00

Capital reserves 5366097594.66 5366097594.66

Other Comprehensive Income 139994580.19 139994580.19

Special reserves 47076242.71 47076242.71

Surplus reserves 2401324255.50 2401324255.50

Retained earnings 31271171559.60 31271171559.60

Equity attributable to owners 44028312743.66 44028312743.66

Minority interests -94241765.21 -94241765.21

Total equity 43934070978.45 43934070978.45

Total liabilities and owener’s equity 97617053590.38 97617053590.38

Statement of adjustment

On July 5 2017 the Ministry of Finance revised and issued "Accounting Standards for Business Enterprises No. 14-Revenue"

(Caihui [2017] No. 22). According to the requirements of the Ministry of Finance companies listed at home and abroad at the same

time as well as listed overseas and adopt international Financial reporting standards or corporate accounting standards for companies

that prepare financial statements will be implemented from January 1 2018; other domestic listed companies will be implemented

from January 1 2020; non-listed companies that implement corporate accounting standards will be implemented from 2021. It will

take effect on January 1. Due to the revision of the above corporate accounting standards the company needs to adjust the relevant

accounting policies originally adopted.

According to the time stipulated by the Ministry of Finance the company will implement the new revenue standard from

January 1 2020.

Balance sheet

In RMB Yuan

Account December 31 2019 January 01 2020 Adjustment

Current assets:

Cash 6563020335.56 6563020335.56

Transactional financial assets 184245000.00 184245000.00

Notes receivable 25837326483.09 25837326483.09

Accounts receivable 5094270365.72 5094270365.72

Prepayments 403105316.24 403105316.24

Other receivables 2597314344.40 941161145.80 -1656153198.60

Inventories 1735570691.28 1735570691.28

Contract assets 1656153198.60 1656153198.60

Other current assets 798430035.62 798430035.62

Total current assets 43213282571.91 43213282571.91

Non-current assets:

Long-term equity investments 16052319271.82 16052319271.82

Other equity investment 724309400.00 724309400.00

Fixed assets 20301231002.41 20301231002.41

Construction in progress 1545211000.22 1545211000.22

Intangible assets 4030438649.57 4030438649.57

Development expenditure 431774377.27 431774377.27

Long-term deferred expenses 9719259.84 9719259.84

Deferred tax assets 1318884054.48 1318884054.48

Total non-current assets 44413887015.61 44413887015.61

Total assets 87627169587.52 87627169587.52

Current liabilities:

Short-term loans 29580000.00 29580000.00

Notes payable 11983445725.06 11983445725.06

Accounts payable 15601432751.74 15601432751.74

Advances from customers 1870992349.08 -1870992349.08

Contract liabilities 1870992349.08 1870992349.08

Payroll payable 641340149.30 641340149.30

Taxes payable 453619905.66 453619905.66

Other payables 4301257819.04 4301257819.04

Other current liabilities 3400065879.02 3400065879.02

Total current liabilities 38281734578.90 38281734578.90

Non-current liabilities:

Long-term loans 55300000.00 55300000.00

Long-term payable 285768478.89 285768478.89

Long term payroll payable 22747000.00 22747000.00

Estimated liabilities 2413434397.36 2413434397.36

Deferred earnings 2135615106.85 2135615106.85

Deferred tax liabilities 81775341.60 81775341.60

Total non-current liabilities 4994640324.70 4994640324.70

Total liabilities 43276374903.60 43276374903.60

Owners' equity:

Share capital 4802648511.00 4802648511.00

Capital reserves 5014772792.87 5014772792.87

Other comprehensive income 259380413.58 259380413.58

Special reserves 19917658.63 19917658.63

Surplus reserves 2401324255.50 2401324255.50

Retained earnings 31852751052.34 31852751052.34

Total owners' equity 44350794683.92 44350794683.92

Total liabilities and owners’ equity 87627169587.52 87627169587.52

Statement of adjustment

On July 5 2017 the Ministry of Finance revised and issued "Accounting Standards for Business Enterprises No. 14-Revenue"

(Caihui [2017] No. 22). According to the requirements of the Ministry of Finance companies listed at home and abroad at the same

time as well as listed overseas and adopt international Financial reporting standards or corporate accounting standards for companies

that prepare financial statements will be implemented from January 1 2018; other domestic listed companies will be implemented

from January 1 2020; non-listed companies that implement corporate accounting standards will be implemented from 2021. It will

take effect on January 1. Due to the revision of the above corporate accounting standards the company needs to adjust the relevant

accounting policies originally adopted.

According to the time stipulated by the Ministry of Finance the company will implement the new revenue standard from

January 1 2020.

2. Since 2020 the first implementation of the new income criteria the new lease criteria retroactive

行情