2021 First Quarter Report
Of
Chongqing Changan Automobile Company Limited
April 2021
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.
All directors attended the board meeting for reviewing the first quarter report.
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 annual report are true accurate and complete.The report shall be presented in both Chinese and English and should there be any conflicting
understanding of the text the Chinese version shall prevail.
Chapter 2 Basic Information
I. Main accounting data and financial indicators
Does the company need to retrospectively adjust or restate the accounting data of previous years
√Yes □No
Reasons for retrospective adjustment or restatement: changes in accounting policies
In RMB Yuan
The reporting period
The same period of last year Variance (%)
Before adjustment After adjustment After adjustment
Operating income 32027320806.54 11564077463.34 11564077463.34 176.96%
Net profit attributable to shareholders of
the Company
853585805.31 631077888.63 631077888.63 35.26%
Net profit excluding non-recurring gains
and losses attributable to shareholders of
listed company
720085110.43 -1793324817.62 -1793324817.62 140.15%
cash flow from operating activities 7236025541.31 4155344266.52 4155344266.52 74.14%
Basic earnings per share 0.16 0.13 0.13 23.08%
Diluted earnings per share N/A N/A N/A N/A
Weighted average return on net assets 1.58% 1.42% 1.42% Up 0.16 Points
At the end of the
reporting period
End of 2020 Variance (%)
Before adjustment After adjustment After adjustment
Total assets 127989062491.55 120915805349.52 118265186394.85 8.22%
Net assets attributable to shareholders of
listed company
54846284914.36 53410193236.09 53410193236.09 2.69%
Reasons for changes in accounting policies and corrections of accounting errors
In order to make the company’s accounting more accurate objective and fair to reflect the company’s financial status and operating
results the company’s government subsidy accounting policy is changed from January 1 2021 from the total amount method to the
net amount method. For details see " Announcement on Changes in Accounting Policies (Announcement Number: 2021-43).
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
Explanation
Gain/loss of non-current assets 9257168.41
Government subsidies accounted into current gain/loss account other than
those closely related to the Company’s common business comply with the
national policy and continues to enjoy at certain fixed rate or amount.
153059746.06
Interest on deferred payment of funds received by non financial enterprises 10136218.01
In addition to the effective hedging business related to the normal operation
of the company the fair value change profit and loss arising from the
holding of trading financial assets derivative financial assets trading
financial liabilities and derivative financial liabilities
-31345241.34
Gains and losses from external entrusted loans 3385613.22
Other non-business income and expenditures other than the above 9717311.60
Less: Influenced amount of income tax 4055612.77
Influenced amount of minority shareholders’ equity 16654508.31
Total 133500694.88
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 381802
Top 10 Shareholders
Name of the shareholder
Properties of
shareholder
Shareholding
(%)
Number of
shares
Conditional
shares
Pledging or freezing
Share status Amount
China Changan Automobile Co. Ltd.
State-owned legal
person shares 18.78% 1021502890 93457944
No pledge or
frozen
-
China South Industries Group Co.
Ltd.State-owned legal
person shares 13.98% 760304571 2764486
No pledge or
frozen
-
Southern Industrial Asset Management
Co. Ltd.
State-owned legal
person shares 7.11% 386915888 186915888
No pledge or
frozen
-
China Securities Finance Corporation
Limited
domestic general legal
person shares
4.31% 234265333
No pledge or
frozen
-
Hong Kong Securities Clearing
Company Limited
foreign legal person
shares 3.74% 203191650
No pledge or
frozen
-
United Prosperity (Hongkong)
Investment Co. Limited
foreign legal person
shares 2.83% 154120237
No pledge or
frozen
-
China Galaxy Securities Co. Ltd.
domestic general legal
person shares
0.70% 38318957 38317757
No pledge or
frozen
-
JPMORGAN CHASE
BANKNATIONAL ASSOCIATION
foreign legal person
shares
0.60% 32710378 32710280
No pledge or
frozen
-
CAPE ANN GLOBAL
DEVELOPING MARKETS FUND
foreign legal person
shares
0.42% 22867612
No pledge or
frozen
-
Guotai Junan Securities Co. Ltd.domestic general legal
person shares
0.40% 21843893 14018691
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 Amount
China Changan Automobile Co. Ltd. 928044946 RMB ordinary shares 928044946
China South Industries Group Co. Ltd. 757540085 RMB ordinary shares 757540085
China Securities Finance Corporation Limited 234265333 RMB ordinary shares 234265333
Hong Kong Securities Clearing Company Limited 203191650 RMB ordinary shares 203191650
Southern Industrial Asset Management Co. Ltd. 200000000 RMB ordinary shares 200000000
United Prosperity (Hongkong) Investment Co. Limited 154120237
Domestic listed foreign
shares 154120237
CAPE ANN GLOBAL DEVELOPING MARKETS FUND 22867612
Domestic listed foreign
shares 22867612
CHINA INT'L CAPITAL CORP HONG KONG SECURITIES
LTD
20937863
Domestic listed foreign
shares 20937863
GIC PRIVATE LIMITED 19605410
Domestic listed foreign
shares 19605410
Haitong International Securities Company Limited-Account
Client
19162244
Domestic listed foreign
shares 19162244
Explanation on the relationship and the action alike of above
shareholders
Among the top 10 shareholders China South Industries Group Co. Ltd. With
its wholly-owned subsidiary Southern Industrial Asset Management 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 actor regulatedby “Disclosure Administration of Shares Change Information of The Listed
Company”.
Explanation of the Top 10 Shareholders' Participation in Margin
Trading
China South Industries Group Co. Ltd. participated in the refinancing
securities lending business. As of the end of the reporting period 43540000
shares had been lent. The ownership of the refinancing securities lending
shares will not be transferred.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 Mar. 31st2021 Jan. 1st 2021 Changes (%)
1 Prepayments 217323536.22 460703603.80 -52.83%
2 Inventories 4139263364.19 5967516230.57 -30.64%
3 Development expenditure 372952680.61 596577787.95 -37.48%
4 Taxes payable 498101187.52 1292001263.86 -61.45%
Income Statement Items Jan-Mar 2021 Jan-Mar 2020 Changes (%)
5 Total operating income 32027320806.54 11564077463.34 176.96%
6 Operating cost 27508384891.85 10504652155.97 161.87%
7 Tax and surcharges 1139344789.09 443622963.22 156.83%
8 Operating expenses 1010369424.61 649835784.68 55.48%
9
General and administrative
expenses
1244629210.77 398803812.20 212.09%
10 Financial expenses -105473984.82 -27860921.06 -278.57%
11 Investment income 284235894.75 1452112755.17 -80.43%
12 Earnings from fair value changes -31345241.34 341035600.71 -109.19%
13 Income tax expense -65165798.22 67615994.89 -196.38%
Cash Flow Statement Items Jan-Mar 2021 Jan-Mar 2020 Changes (%)
14
Net cash flows from operating
activities
7236025541.31 4155344266.52 74.14%
15
Net cash flows from investing
activities
-457478573.37 -2100075814.59 78.22%
16
Net cash flows from financing
activities
651004840.56 1306529442.19 -50.17%
17
Net increase of cash and cash
equivalents
7428018280.20 3346491148.05 121.96%
As of the end of the reporting period the company's total assets were 127.989 billion yuan total liabilities were 73.071 billion
yuan and the asset-liability ratio was 57.09% an increase of 2.29 percentage points from the beginning of the year.
During the reporting period the balance of prepayments decreased from the beginning of the year mainly due to the receipt of
prepayment related materials; the decrease in inventory was mainly due to the increase in sales; the decrease in development
expenditure was mainly due to the transfer of intangible assets; the decrease in taxes payable was mainly due to the payment of taxes.
During the reporting period total operating income operating costs taxes and surcharges and sales expenses increased
year-on-year mainly due to the increase in product sales during the quarter. The year-on-year increase in management expenses was
mainly due to the accrual of fuel and new energy points costs and the increase in employee compensation. The year-on-year decrease in
financial expenses was mainly due to the increase in interest income. The year-on-year decrease in investment income was mainly due
to the dilution of Chongqing Changan New Energy Automobile Technology Co. Ltd.'s equity in 2020 and the company confirmed the
investment income. The decrease in the gains from changes in fair value year-on-year was mainly due to the gains from changes in the
fair value of Ningde Times stocks in 2020. Ningde Times stocks have been disposed of in 2020. The year-on-year decrease in income
tax expenses was mainly due to the increase in deferred income tax assets.
During the reporting period the company's net increase in cash and cash equivalents was 7.428 billion yuan an increase of
121.96% year-on-year mainly due to the substantial increase in net cash flow from operating activities. The net cash flow from
operating activities was 7.236 billion yuan an increase of 74.14% year-on-year mainly due to the substantial increase in cash received
from the sale of goods and the provision of services. The net cash flow from investment activities was -457 million yuan an increase of
78.22% year-on-year mainly due to the significant decrease in other cash paid for investment activities. The net cash flow from
financing activities was 651 million yuan a year-on-year decrease of 50.17% mainly due to the substantial decrease in cash received
from absorbing investments.II. The progress and influence of significant events and the analysis and explanation on
resolving proposal
√Applicable □Not Applicable
On February 1 2021 the company held the eleventh meeting of the eighth session of the board of directors and reviewed and
approved two proposals related to the revision of the restricted stock incentive plan. For details please refer to the "Resolutions of
the Eleventh Meeting of the Eighth Board of Directors" Announcement (Announcement Number: 2021-05).
On February 18 2021 the company held the first extraordinary general meeting of shareholders in 2021 and reviewed and
approved 3 proposals related to the restricted stock incentive plan. For details please refer to the "Announcement on Resolutions of
the First Extraordinary General Meeting of 2021" (Announcement) Number: 2021-13).
On February 22 2021 the company held the twelfth meeting of the eighth session of the board of directors at which it reviewed
and approved the "Proposal on Adjusting the List of Restricted A Shares Incentive Plan and the Number of Incentives Granted" and
"Regarding the Restriction of A Shares" The Proposal for the First Grant of Restricted Stocks to Incentives of the Stock Incentive
Plan. For details please refer to the "Announcement on Resolutions of the Twelfth Meeting of the Eighth Board of Directors"
(Announcement Number: 2021-14).
On March 5 2021 the shares granted by equity incentives is listed for circulation. For details please refer to the "Announcement
on Completion of Registration for the First Grant of A Share Restricted Stock Incentive Plan" (Announcement No.: 2021-20).
Implementation progress of share repurchase
□Applicable √Not Applicable
Progress in the implementation of reducing share buyback through 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. Forecast of operation performance from Jan. – June of 2021
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
V. Securities Investment
1. Equity-holdings in financial enterprises
√Applicable □Not Applicable
Security
variety
Stock
code
Stock
name
Initial
investment
cost (RMB
Yuan)
Opening
equity
Holdings
(share)
Opening
equity
holding ratio
(%)
Closing
equity
holdings
(share)
Closing
equity
Holdings
（%）
Closing
book value
(RMB
Yuan)
Gain/loss
in the
reporting
period
(RMB
Yuan)
Accounting
title
Equity
source
Stock 600369
Southwest
Securities
50000000 33630000 0.51% 33630000 0.51% 156715800 -24213600
Transactional
financial assets
Initial
investment
Total 50000000 33630000 -- 33630000 -- 156715800 -24213600
2. Derivative Investments
□Applicable √Not Applicable
During the company's reporting period there is no derivative investment.
VI. Progress of investment projects with raised funds
√Applicable □Not Applicable
During the reporting period “committed investment projects” used raised funds totaling 253.0548 million yuan and the net interest
income obtained from the special account for raised funds during the reporting period was 11.8674 million yuan. As of March 31
2021 the raised funds have been directly invested in fund-raising projects of 3505.1402 million yuan (including supplementary
working capital projects of 1800 million yuan) the accumulated net interest income from the special account for raised funds was
22.6168 million yuan and the balance of the raised funds was 2504.3167 million yuan.
VII. Major contracts for daily operation
□Applicable √Not Applicable
VIII. Entrusted financial management
□Applicable √Not Applicable
There is no entrusted financial management during the reporting period.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
2021.3.3
On-Site Survey
telephone
communication
Institution
For details see the March 5 2021 Shenzhen stock exchange interactive
(http://irm.cninfo.com.cn) on the Changan Automobile: March 3 2020 investor
relations activities record sheet
Chapter 4 Financial Statements
I. Financial Statements
1. Consolidated Balance Sheet
Prepared by: CHONGQING CHANGAN AUTOMOBILE CO. LTD.March 31 2021
In RMB Yuan
Account 2021.3.31 2020.12.31
Current assets:
Cash 39255172266.74 32001775600.07
Trading financial assets 172909158.66 204254400.00
Notes receivable 33188863184.35 28371541054.75
Accounts receivable 2195171039.65 2141197139.45
Prepayments 217323536.22 460703603.80
Other receivables 617382928.77 723919037.36
Inventories 4139263364.19 5967516230.57
Contract assets 1409293533.41 1450031414.61
Other current assets 1605747167.26 1568711870.61
Total current assets 82801126179.25 72889650351.22
Non-current assets:
Long-term equity investments 12389940077.21 12109089795.67
Investment in other equity instruments 691990000.00 691990000.00
Investment properties 6819460.27 6876138.16
Fixed assets 23973970838.30 24298402558.49
Construction in progress 903207112.78 1048036148.70
Right-of-use asset 61073778.92 -
Intangible assets 4530941810.81 4433771236.26
Development expenditure 372952680.61 596577787.95
Goodwill 48883188.37 48883188.37
Long-term deferred expenses 11734850.68 10642512.51
Deferred tax assets 2196422514.35 2131266677.52
Total non-current assets 45187936312.30 45375536043.63
TOTAL ASSETS 127989062491.55 118265186394.85
Current liabilities:
Short-term loans 558000000.00 578000000.00
Notes payable 21643827043.44 17574014553.46
Accounts payable 26991165603.27 23118793794.42
Contract liability 4613841527.95 4471158190.75
Payroll payable 1737635550.55 2015868366.57
Taxes payable 498101187.52 1292001263.86
Other payables 4476574969.60 4475215625.98
Non-current liabilities within one year 100054857.28 100000000.00
Other current liabilities 6817884263.93 5842758104.08
Total current liabilities 67437085003.54 59467809899.12
Non-current liabilities:
Long-term loans 955300000.00 955300000.00
Lease liability 60484054.10 -
Long-term payables 241555450.79 261260928.70
Long-term payroll payable 39501978.16 41634000.00
Estimated liabilities 3439256762.04 3125170942.46
Deferred Revenue 787102655.40 818398430.21
Deferred tax liabilities 110939521.14 115304728.61
Total non-current liabilities 5634140421.63 5317069029.98
Total liabilities 73071225425.17 64784878929.10
Owners’ equity (or Shareholders’ equity):
Share capital 5439591574.00 5363396174.00
Capital reserves 11388509086.42 10930781918.64
Other comprehensive income 101928900.48 78420720.78
Special reserves 65922568.89 40847443.41
Surplus reserves 2681698087.00 2681698087.00
Retained earnings 35168634697.57 34315048892.26
Equity attributable to owners 54846284914.36 53410193236.09
Minority interests 71552152.02 70114229.66
Total Owners’ equity (or Shareholders’ equity) 54917837066.38 53480307465.75
Liabilities and owners' equity (or shareholders' equity) in total 127989062491.55 118265186394.85
Legal person: Zhu Huarong Chief financial officer: Zhang Deyong The head of accounting department: Chen Jianfeng
2. Balance Sheet
In RMB Yuan
Account 2021.3.31 2020.12.31
Current assets:
Cash 33280567130.30 25238014025.38
Trading financial assets 156715800.00 180929400.00
Notes receivable 31611447120.59 27248111565.13
Accounts receivable 6303832803.63 5464541185.63
Prepayments 45256018.54 294088044.01
Other receivables 1584181286.67 1990616778.83
Inventories 2730351086.60 4332579774.46
Contract assets 914624005.60 941046613.60
Other current assets 310655546.94 322467261.74
Total current assets 76937630798.87 66012394648.78
Non-current assets:
Long-term equity investments 16338104282.42 15911304527.87
Investment in other equity instruments 681630000.00 681630000.00
Fixed assets 18095123730.85 18282163718.91
Construction in progress 498520058.30 586144839.34
Right-of-use asset 58800812.73 -
Intangible assets 3270375608.83 3166081547.59
Development expenditure 340611070.84 555569523.02
Long-term deferred expenses 8319408.86 7470626.86
Deferred tax assets 1889919258.48 1803491965.40
Total non-current assets 41181404231.31 40993856748.99
TOTAL ASSETS 118119035030.18 107006251397.77
Current liabilities:
Short-term loans 510000000.00 510000000.00
Notes payable 18570789242.23 14600240612.86
accounts payable 23933606717.45 18770044628.44
Contract liability 3896570628.50 3885522883.33
Payroll payable 1443950832.63 1604474120.45
Taxes payable 300520162.79 1045768022.62
Other payables 3547287239.92 3166636684.63
Non-current liabilities due within one year 100000000.00 100000000.00
Other current liabilities 5986733397.74 5235294795.79
Total current liabilities 58289458221.26 48917981748.12
Non-current liabilities:
Long-term loans 955300000.00 955300000.00
Lease liability 58367526.23 -
Long-term payables 181269821.39 187142303.66
Long-term payroll payable 19651794.06 21657000.00
Estimated liabilities 2511092012.02 2196924682.57
Deferred Revenue 150000000.00 150000000.00
Deferred tax liabilities 71526611.38 75158651.38
Total non-current liabilities 3947207765.08 3586182637.61
Total liabilities 62236665986.34 52504164385.73
Owners’ equity (or Shareholders’ equity):
Share capital 5439591574.00 5363396174.00
Capital reserves 10898624070.30 10440896902.52
Other comprehensive income 159954052.00 159954052.00
Special reserves 14150864.62 7505438.57
Surplus reserves 2681698087.00 2681698087.00
Retained earnings 36688350395.92 35848636357.95
Total Owners’ equity (or Shareholders’ equity) 55882369043.84 54502087012.04
Liabilities and owners' equity (or shareholders' equity) in total 118119035030.18 107006251397.77
3. Consolidated Income Statement of the report term
In RMB Yuan
Account Current Period Prior Period
I. Total operating income 32027320806.54 11564077463.34
Less: Operating cost 27508384891.85 10504652155.97
Tax and surcharges 1139344789.09 443622963.22
Operating expenses 1010369424.61 649835784.68
General and administrative expenses 1244629210.77 398803812.20
R&D expenses 710391890.16 696517648.90
Financial expenses -105473984.82 -27860921.06
Add: Other income
Investment income (‘-‘ represent loss) 284235894.75 1452112755.17
Investment income from associates and from joint venture 280338657.91 -667413071.43
Earnings from fair value changes -31345241.34 341035600.71
Impairment of credit -1681788.85 -2142668.54
Asset disposal income 9257168.41 1354464.30
II. Operating profit (‘-’ represent loss) 780140617.85 690866171.07
Add: Non-operating income 10387052.00 6811073.58
Less: Non-operating expenses 669740.40 6491243.42
III. Total profit(‘-’ represent loss) 789857929.45 691186001.23
Less: Income tax expense -65165798.22 67615994.89
IV. Net profit (‘-’ represent net loss) 855023727.67 623570006.34
I) Net profit from continuing operations 855023727.67 623570006.34
II) Net profit from discontinued operations
Net profit attributable to owners 853585805.31 631077888.63
Minority interests 1437922.36 -7507882.29
V. Other comprehensive income net of tax 23508179.70 -9000909.71
Total comprehensive income attributable to owners net of tax 23508179.70 -9000909.71
I) Other comprehensive income not to be reclassified to profit or loss in
subsequent periods
155000.00 -38000.00
Change from defined benefit plan 155000.00 -38000.00
II) Other comprehensive income to be reclassified to profit or loss in
subsequent periods
23353179.70 -8962909.71
Foreign currency reserve 23353179.70 -8962909.71
VI. Total comprehensive income 878531907.37 614569096.63
Total comprehensive income attributable to owners 877093985.01 622076978.92
Total comprehensive income attributable to minority interest 1437922.36 -7507882.29
VII. Earnings per share:
I) Basic earnings per share 0.16 0.13
II) Diluted earnings per share 0.16 0.13
Legal person: Zhu Huarong Chief financial officer: Zhang Deyong The head of accounting department: Chen Jianfeng
4. Income Statement of the report term
In RMB Yuan
Account Current Period Prior Period
I. Operating income 30376645267.72 10675079250.36
Less: Operating cost 26524375588.05 10001993927.70
Tax and surcharges 834751224.47 291774994.51
Operating expenses 849385869.12 470740974.96
General and administrative expenses 1129211744.22 206455978.44
R&D expenses 684046695.33 699618911.59
Financial expenses -72586754.26 -31674277.08
Add: Other income
Investment income (‘-‘ represent loss) 335945304.87 113578786.80
Investment income from associates and from joint venture 331419754.55 -618249269.01
Earnings from fair value changes -24213600.00 -23785000.00
Impairment of credit -1113674.23 -1493618.14
Asset disposal income 4845248.97 -
II. Operating profit (‘-’ represent loss) 742924180.40 -875531091.10
Add: Non-operating income 6730962.63 3519692.63
Less: Non-operating expenses 438.13 778677.68
III. Total profit(‘-’ represent loss) 749654704.90 -872790076.15
Less: Income tax expense -90059333.07 3063866.43
IV. Net profit (‘-’ represent net loss) 839714037.97 -875853942.58
I) Net profit from continuing operations 839714037.97 -875853942.58
II) Net profit from discontinued operations
V. Other comprehensive income net of tax
VI. Total comprehensive income 839714037.97 -875853942.58
VII. Earnings per share:
I) Basic earnings per share 0.16 -0.18
II) Diluted earnings per share 0.16 -0.18
5. Consolidated Cash Flow Statement from the beginning of year to the end of report term.
In RMB Yuan
Account Current Period Prior Period
I. CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from sale of goods or rendering of services 30112384312.29 21257466605.15
Refunds of taxes 179407299.39 45969851.95
Cash received relating to other operating activities 1595191409.36 386274604.44
Sub-total of cash inflows 31886983021.04 21689711061.54
Cash paid for goods and services 17418081707.69 13417907129.60
Cash paid to and on behalf of employees 1926702389.58 1565688589.42
Cash paid for all types of taxes 2904469816.33 1078573272.46
Cash paid relating to other operating activities 2401703566.13 1472197803.54
Sub-total of cash outflows 24650957479.73 17534366795.02
Net cash flows from operating activities 7236025541.31 4155344266.52
II. CASH FLOWS FROM INVESTING ACTIVITIES:
Cash received from investment income 3588750.00 3628625.00
Net cash received from disposal of fixed assets intangible assets and other
long-term assets
45138653.89 170091.83
Sub-total of cash inflows 48727403.89 3798716.83
Cash paid for acquisition of fixed assets intangible assets and other long-term
assets
506205977.26 566554431.22
Cash paid for acquisition of investments - 13088871.00
Cash paid relating to other investing activities - 1524231229.20
Sub-total of cash outflows 506205977.26 2103874531.42
Net cash flows from investing activities -457478573.37 -2100075814.59
III. CASH FLOWS FROM FINANCING ACTIVITIES:
Absorb cash received from investment 507461364.00 1420000000.00
Cash received from borrowings 20000000.00 150000000.00
Cash received relating to other financing activities 174621613.52 264541204.27
Sub-total of cash inflows 702082977.52 1834541204.27
Cash repayments of borrowings 40000000.00 20000000.00
Cash paid for distribution of dividends or profits and interest expenses 10836847.22 9459181.50
Cash paid relating to other financing activities 241289.74 498552580.58
Sub-total of cash outflows 51078136.96 528011762.08
Net cash flows from financing activities 651004840.56 1306529442.19
IV. EFFECT OF CHANGES IN EXCHANGE RATE ON CASH -1533528.30 -15306746.07
V. NET INCREASE IN CASH AND CASH EQUIVALENTS 7428018280.20 3346491148.05
Add: Opening balance of cash and cash equivalents 30655968057.63 9360474674.89
VI. CLOSING BALANCE OF CASH AND CASH EQUIVLANT 38083986337.83 12706965822.94
6. Cash Flow Statement from the beginning of year to the end of report term.
In RMB Yuan
Account Current Period Prior Period
I. CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from sale of goods or rendering of services 26828012609.19 18868422291.72
Refunds of taxes
Cash received relating to other operating activities 795160254.72 54826509.91
Sub-total of cash inflows 27623172863.91 18923248801.63
Cash paid for goods and services 14846049568.22 12099237602.48
Cash paid to and on behalf of employees 1436120942.70 1112718300.63
Cash paid for all types of taxes 2394177408.28 513342838.61
Cash paid relating to other operating activities 1175567944.68 891028153.93
Sub-total of cash outflows 19851915863.88 14616326895.65
Net cash flows from operating activities 7771257000.03 4306921905.98
II. CASH FLOWS FROM INVESTING ACTIVITIES:
Cash received from return on investments
Cash received from investment income 4797083.33 5827791.67
Net cash received from disposal of fixed assets intangible assets and other
long-term assets
7508823.89 -
Net cash received from disposal of subsidiaries and other business units
Cash received relating to other investing activities 200000000.00 -
Sub-total of cash inflows 212305907.22 5827791.67
Cash paid for acquisition of fixed assets intangible assets and other
long-term assets
438041626.59 527234258.30
Cash paid for acquisition of investments - 112338871.00
Net cash paid for subsidiaries and other business units
Cash paid relating to other investing activities
Sub-total of cash outflows 438041626.59 639573129.30
Net cash flows from investing activities -225735719.37 -633745337.63
III. CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received from investors 507461364.00 -
Cash received from borrowings
Cash received relating to other financing activities 200000.00 -
Sub-total of cash inflows 507661364.00 -
Cash repayments of borrowings
Cash paid for distribution of dividends or profits and interest expenses 10188250.00 3171376.00
Cash paid relating to other financing activities 241289.74 -
Sub-total of cash outflows 10429539.74 3171376.00
Net cash flows from financing activities 497231824.26 -3171376.00
IV. EFFECT OF CHANGES IN EXCHANGE RATE ON CASH
V. NET INCREASE IN CASH AND CASH EQUIVALENTS 8042753104.92 3670005192.35
Add: Opening balance of cash and cash equivalents 25190870784.06 6563020335.56
VI. CLOSING BALANCE OF CASH AND CASH EQUIVLANT 33233623888.98 10233025527.91
II. Notes on financial statement adjustments
1. The first implementation of the new lease standard from 2021 adjustments to the first implementation of
the financial statements at the beginning of the year
√Applicable □Not Applicable
Whether to adjust the balance sheet account at the beginning of the year
√Yes □No
Consolidated Balance Sheet
In RMB Yuan
Account 2020.12.31 2021.1.1 Adjustment
Current assets:
Cash 32001775600.07 32001775600.07
Trading financial assets 204254400.00 204254400.00
Notes receivable 28371541054.75 28371541054.75
Accounts receivable 2141197139.45 2141197139.45
Prepayments 460703603.80 460703603.80
Other receivables 723919037.36 723919037.36
Inventories 5967516230.57 5967516230.57
Contract assets 1450031414.61 1450031414.61
Other current assets 1568711870.61 1568711870.61
Total current assets 72889650351.22 72889650351.22
Non-current assets:
Long-term equity investments 12109089795.67 12109089795.67
Investment in other equity instruments 691990000.00 691990000.00
Investment properties 6876138.16 6876138.16
Fixed assets 24298402558.49 24298402558.49
Construction in progress 1048036148.70 1048036148.70
Right-of-use asset - 55231380.07 55231380.07
Intangible assets 4433771236.26 4433771236.26
Development expenditure 596577787.95 596577787.95
Goodwill 48883188.37 48883188.37
Long-term deferred expenses 10642512.51 10642512.51
Deferred tax assets 2131266677.52 2131266677.52
Total non-current assets 45375536043.63 45430767423.70 55231380.07
TOTAL ASSETS 118265186394.85 118320417774.92 55231380.07
Current liabilities:
Short-term loans 578000000.00 578000000.00
Notes payable 17574014553.46 17574014553.46
Accounts payable 23118793794.42 23118793794.42
Contract liability 4471158190.75 4471158190.75
Payroll payable 2015868366.57 2015868366.57
Taxes payable 1292001263.86 1292001263.86
Other payables 4475215625.98 4475215625.98
Non-current liabilities within one year 100000000.00 100000000.00
Other current liabilities 5842758104.08 5842758104.08
Total current liabilities 59467809899.12 59467809899.12
Non-current liabilities:
Long-term loans 955300000.00 955300000.00
Lease liability - 55231380.07 55231380.07
Long-term payables 261260928.70 261260928.70
Long-term payroll payable 41634000.00 41634000.00
Estimated liabilities 3125170942.46 3125170942.46
Deferred Revenue 818398430.21 818398430.21
Deferred tax liabilities 115304728.61 115304728.61
Total non-current liabilities 5317069029.98 5372300410.05 55231380.07
Total liabilities 64784878929.10 64840110309.17 55231380.07
Owners’ equity (or Shareholders’ equity):
Share capital 5363396174.00 5363396174.00
Capital reserves 10930781918.64 10930781918.64
Other comprehensive income 78420720.78 78420720.78
Special reserves 40847443.41 40847443.41
Surplus reserves 2681698087.00 2681698087.00
Retained earnings 34315048892.26 34315048892.26
Equity attributable to owners 53410193236.09 53410193236.09
Minority interests 70114229.66 70114229.66
Total Owners’ equity (or Shareholders’ equity) 53480307465.75 53480307465.75
Liabilities and owners' equity (or shareholders' equity) in
total
118265186394.85 118320417774.92 55231380.07
Statement of adjustment
On December 7 2018 the Ministry of Finance revised and issued the "Accounting Standards for Business Enterprises No.
21-Leasing" (Caikuai [2018] No. 35). According to the requirements of the Ministry of Finance companies listed at the Financial
Reporting Standards or Accounting Standards for Business Enterprises shall be implemented on January 1 2019 for enterprises that
prepare financial statements; other enterprises that implement the Accounting Standards for Business Enterprises shall be
implemented on January 1 2021. Due to the revision of the above-mentioned accounting standards for enterprises the company
needs to adjust the related accounting policies originally adopted.In accordance with the time set by the Ministry of Finance the company will implement the new lease standards from January 1
2021.
Balance Sheet
In RMB Yuan
Account 2020.12.31 2021.1.1 Adjustment
Current assets:
Cash 25238014025.38 25238014025.38
Trading financial assets 180929400.00 180929400.00
Notes receivable 27248111565.13 27248111565.13
Accounts receivable 5464541185.63 5464541185.63
Prepayments 294088044.01 294088044.01
Other receivables 1990616778.83 1990616778.83
Inventories 4332579774.46 4332579774.46
Contract assets 941046613.60 941046613.60
Other current assets 322467261.74 322467261.74
Total current assets 66012394648.78 66012394648.78
Non-current assets:
Long-term equity investments 15911304527.87 15911304527.87
Investment in other equity instruments 681630000.00 681630000.00
Fixed assets 18282163718.91 18282163718.91
Construction in progress 586144839.34 586144839.34
Right-of-use asset - 52544645.37 52544645.37
Intangible assets 3166081547.59 3166081547.59
Development expenditure 555569523.02 555569523.02
Long-term deferred expenses 7470626.86 7470626.86
Deferred tax assets 1803491965.40 1803491965.40
Total non-current assets 40993856748.99 41046401394.36 52544645.37
TOTAL ASSETS 107006251397.77 107058796043.14 52544645.37
Current liabilities:
Short-term loans 510000000.00 510000000.00
Notes payable 14600240612.86 14600240612.86
accounts payable 18770044628.44 18770044628.44
Contract liability 3885522883.33 3885522883.33
Payroll payable 1604474120.45 1604474120.45
Taxes payable 1045768022.62 1045768022.62
Other payables 3166636684.63 3166636684.63
Non-current liabilities due within one year 100000000.00 100000000.00
Other current liabilities 5235294795.79 5235294795.79
Total current liabilities 48917981748.12 48917981748.12
Non-current liabilities:
Long-term loans 955300000.00 955300000.00
Lease liability - 52544645.37 52544645.37
Long-term payables 187142303.66 187142303.66
Long-term payroll payable 21657000.00 21657000.00
Estimated liabilities 2196924682.57 2196924682.57
Deferred Revenue 150000000.00 150000000.00
Deferred tax liabilities 75158651.38 75158651.38
Total non-current liabilities 3586182637.61 3638727282.98 52544645.37
Total liabilities 52504164385.73 52556709031.10 52544645.37
Owners’ equity (or Shareholders’ equity):
Share capital 5363396174.00 5363396174.00
Capital reserves 10440896902.52 10440896902.52
Other comprehensive income 159954052.00 159954052.00
Special reserves 7505438.57 7505438.57
Surplus reserves 2681698087.00 2681698087.00
Retained earnings 35848636357.95 35848636357.95
Total Owners’ equity (or Shareholders’ equity) 54502087012.04 54502087012.04
Liabilities and owners' equity (or shareholders' equity) in
total
107006251397.77 107058796043.14 52544645.37
Statement of adjustment
On December 7 2018 the Ministry of Finance revised and issued the "Accounting Standards for Business Enterprises No.
21-Leasing" (Caikuai [2018] No. 35). According to the requirements of the Ministry of Finance companies listed at the Financial
Reporting Standards or Accounting Standards for Business Enterprises shall be implemented on January 1 2019 for enterprises that
prepare financial statements; other enterprises that implement the Accounting Standards for Business Enterprises shall be
implemented on January 1 2021. Due to the revision of the above-mentioned accounting standards for enterprises the company
needs to adjust the related accounting policies originally adopted.In accordance with the time set by the Ministry of Finance the company will implement the new lease standards from January 1
2021.
2. Explanation of the retrospective adjustment of the previous comparative data of the new lease standard
for the first time from 2021
□Applicable √Not Applicable
III. Auditors’ Report
Whether the first quarter report has been audited
□ Yes √No
The first quarter report has not been audited.
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