长安B：2019年第一季度报告全文（英文版）

2019 First Quarter Report

Chongqing Changan Automobile Company Limited

April 2019

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 Zhang Baolin 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 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 (%)

Operating income 16007950602.50 20010746940.77 -20.00%

Net profit attributable to shareholders of the Company -2096352326.12 1391793407.67 -250.62%

Net profit excluding non-recurring gains and losses

attributable to shareholders of listed company

-2161147810.27 896758297.55 -341.00%

cash flow from operating activities 3258788381.35 2636312735.66 23.61%

Basic earnings per share -0.44 0.29 -251.72%

Diluted earnings per share - - -

Weighted average return on net assets -4.62% 2.88% Down 7.50 points

The reporting period End of 2018 Variance (%)

Total assets 95867326904.10 93488854098.95 2.54%

Net assets attributable to shareholders of listed

company

44437673227.16 46244958676.52 -3.91%

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 -1633541.79

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.

57557097.02

Interest on deferred payment of funds received by non financial enterprises 10682531.96

Other non-business income and expenditures other than the above 8990590.89

Less: Influenced amount of income tax 10286093.79

Influenced amount of minority shareholders’ equity 515100.14

Total 64795484.15

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 203311

Top 10 Shareholders

Name of the shareholder

Properties of

shareholder

Shareholding

(%)

Number of

Conditional

Pledging or freezing

Share status Amount

China South Industries Group Co.

Ltd.State-owned legal

person shares 21.56% 1035312673

No pledge or

frozen

China Changan Automobile Co. Ltd.

State-owned legal

person shares 19.32% 928044946 139762403

No pledge or

frozen

China securities finance Co Ltd

domestic general legal

person shares 4.88% 234265333

No pledge or

frozen

United Prosperity (Hongkong)

Investment Co. Limited

foreign legal person

shares 3.21% 154120237

No pledge or

frozen

Central Huijin Investment Ltd.

domestic general legal

person shares 1.15% 55393100

No pledge or

frozen

DRAGON BILLION SELECT

MASTER FUND

foreign legal person

0.85% 40597114

No pledge or

frozen

GIC PRIVATE LIMITED

foreign legal person

0.74% 35340771

No pledge or

frozen

China Merchants Bank Co. Ltd.-Boss

CSI Central Enterprise Structure

Adjustment Transaction Open Index

Securities Investment Fund

fund finance

products etc.

0.55% 26498722

No pledge or

frozen

Hong Kong Central Clearing

Company Limited

foreign legal person

shares 0.47% 22768083

No pledge or

frozen

VANGUARD TOTAL

INTERNATIONAL STOCK INDEX

FUND

foreign legal person

shares 0.38% 18012213

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 South Industries Group Co. Ltd. 1035312673 RMB ordinary shares 1035312673

China Changan Automobile Co. Ltd. 788282543 RMB ordinary shares 788282543

China securities finance Co Ltd 234265333 RMB ordinary shares 234265333

United Prosperity (Hongkong) Investment Co. Limited 154120237

Domestic listed foreign

shares 154120237

Central Huijin Investment Ltd. 55393100 RMB ordinary shares 55393100

DRAGON BILLION SELECT MASTER FUND 40597114

Domestic listed foreign

shares 40597114

GIC PRIVATE LIMITED 35340771

Domestic listed foreign

shares 35340771

China Merchants Bank Co. Ltd.-Boss CSI Central Enterprise

Structure Adjustment Transaction Open Index Securities

Investment Fund

26498722 RMB ordinary shares 26498722

Hong Kong Central Clearing Company Limited 22768083 RMB ordinary shares 22768083

VANGUARD TOTAL INTERNATIONAL STOCK INDEX

FUND

18012213

Domestic listed foreign

shares 18012213

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 actor regulated by

“Disclosure Administration of Shares Change Information of The 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 Mar. 31st2019 Jan. 1st 2019 Changes (%)

1 Advances from customers 3214095309.18 1556482278.92 106.50%

2 Payroll payables 950601604.89 1362995277.56 -30.26%

3 Taxes payable 252387664.11 669316487.25 -62.29%

4 Other payables 5163334579.88 3079749015.80 67.65%

5 Deferred tax liabilities 185815474.08 135231170.60 37.41%

6 Other comprehensive income 495814992.98 235509930.44 110.53%

Income Statement Items Jan-Mar 2019 Jan-Mar 2018 Changes (%)

1 R&D expenses 455925951.99 265386051.26 71.80%

2 Financial expenses -42420980.32 -124880508.71 66.03%

3 Investment income -397154020.56 1148431489.58 -134.58%

4 Income tax expenses 67508680.94 17667374.07 282.11%

Cash Flow Statement Items Jan-Mar 2019 Jan-Mar 2018 Changes (%)

Net cash flows from operating

activities

3258788381.35 2636312735.66 23.61%

Net cash flows from investing

activities

-1241139566.02 -1683776880.84 26.29%

Net cash flows from financing

activities

-491899844.50 758546761.56 -164.85%

Net increase of cash and cash

equivalents

1542739858.66 1712679597.26 -9.92%

As at the end of reporting period the company’s total asset was 95.867 billion Yuan with 2.54% increase compared with the

beginning of the year. The total liability was 51.528 billion Yuan with 8.86% increase compared with the beginning of the year. The

debt asset ratio was 53.75% which was 3.12 percentage points higher than the beginning of the year. The balance of advances from

customers increased compared with the beginning of the year mainly due to the increase in on-transit vehicles that the company had

invoiced but did not reach the dealers at the end of the quarter. The balance of payroll payables decreased mainly due to the company's

first quarterly payment of the payables due from the end of the previous year. The balance of taxes payable decreased mainly due to the

decrease in the consumption tax. The balance of other payables increased mainly due to the increase of dealer acceptance bill deposits.The balance of deferred tax liabilities increased mainly due to the increase in the fair value of the stocks held by the company. The

balance of other comprehensive income increased mainly due to the increase in the fair value of the stocks held.

During the reporting period R&D expenses increased significantly compared with the same period of last year mainly due to the

company’s accounting conversion from year-end to quarter-end in the first quarter of 2019. Financial expenses increased significantly

mainly due to the decrease in interest income. Investment income decreased mainly due to the significant decrease in investment

income of Changan Ford. Income tax expenses increased mainly due to the decrease in deferred income tax assets.

During the reporting period net increase of cash and cash equivalents was 1.543 billion Yuan decreased by 9.92% on a

year-on-year basis mainly due to the significant decrease in net cash flows from financing activities. Net cash flows from operating

activities was 3.259 billion Yuan increased by 23.61% on a year-on-year basis mainly due to the significant increase in other cash

received related to operating activities. Net cash flows from investing activities was -1.241 billion Yuan increased by 26.29% on a

year-on-year basis mainly due to the significant decrease in cash paid for the purchase and construction of fixed assets intangible

assets and other long-term assets. Net cash flows from financing activities was -0.492 billion Yuan decreased by 164.85% on a

year-on-year basis mainly due to the significant decrease in other cash received (finance acceptance letter of credit recovery) and the

significant increase in other cash payments related to financing activities.II. The progress and influence of significant events and the analysis and explanation on

resolving proposal

□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 2019

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

√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 35500000 0.63% 35500000 0.63% 196315000 -

Investment

in other

equity

instruments

Initial

investment

Total 50000000 35500000 -- 35500000 -- 196315000 - -- --

VI. Derivative Investment

□Applicable √Not Applicable

During the company's reporting period there is no derivative investment.

VII. Interviews and visits in the reporting period

√Applicable □Not Applicable

Date Manner Object Content discussed and material offered

2019.01.2 On-Site Survey Institution

For details see the January 4 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 2 2019 investor

relations activities record sheet

2019.01.10 On-Site Survey Institution

For details see the January 14 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 10 2019 investor

relations activities record sheet(1)

2019.01.10 On-Site Survey Institution

For details see the January 14 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 10 2019 investor

relations activities record sheet(2)

2019.01.10 On-Site Survey Institution

For details see the January 14 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 10 2019 investor

relations activities record sheet(3)

2019.01.11 On-Site Survey Institution

For details see the January 14 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 11 2019 investor

relations activities record sheet(1)

2019.01.11 On-Site Survey Institution

For details see the January 14 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 11 2019 investor

relations activities record sheet(2)

2019.01.15 On-Site Survey Institution

For details see the January 17 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 15 2019 investor

relations activities record sheet

2019.01.15 On-Site Survey Institution

For details see the January 18 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 15 2019 investor

relations activities record sheet(2)

2019.01.16 On-Site Survey Institution

For details see the January 18 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 16 2019 investor

relations activities record sheet

2019.01.18 On-Site Survey Institution

For details see the January 22 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 18 2019 investor

relations activities record sheet

2019.01.22 On-Site Survey Institution

For details see the January 24 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 22 2019 investor

relations activities record sheet(1)

2019.01.22 On-Site Survey Institution

For details see the January 24 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: January 22 2019 investor

relations activities record sheet(2)

2019.02.26 On-Site Survey Institution

For details see the February 27 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: February 26 2019 investor

relations activities record sheet

2019.02.28 On-Site Survey Institution

For details see the March 1 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: February 28 2019 investor

relations activities record sheet

2019.03.05 On-Site Survey Institution

For details see the March 7 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: March 5 2019 investor

relations activities record sheet

2019.03.14 On-Site Survey Institution

For details see the March 18 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: March 14 2019 investor

relations activities record sheet(1)

2019.03.14 On-Site Survey Institution

For details see the March 18 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: March 14 2019 investor

relations activities record sheet

2019.03.19 On-Site Survey Institution

For details see the March 20 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: March 19 2019 investor

relations activities record sheet

2019.03.22 On-Site Survey Institution

For details see the March 25 2019 Shenzhen stock exchange interactive

(http://irm.cninfo.com.cn) on the Changan Automobile: March 22 2019 investor

relations activities record sheet

VIII. Illegal external guarantee

□Applicable √Not Applicable

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

Chapter 4 Financial Statements

I. Financial Statements

1. Consolidated Balance Sheet

Prepared by: CHONGQING CHANGAN AUTOMOBILE CO. LTD.March 31 2019

In RMB Yuan

Account Ending Balance Opening Balance

Current assets:

Cash 12023594008.52 9980544526.14

Notes receivable and accounts receivable 20598377328.35 21971045405.74

Notes receivable

Accounts receivable

Prepayments 1017399139.96 866249749.51

Other receivables 3321107193.86 3250452923.70

Inventories 6199642538.90 4917420457.19

Holding assets for sale

Non-current assets due within one year

Other current assets 1681537503.74 2227565353.23

Total current assets 44841657713.33 43213278415.51

Non-current assets:

Available-for-sale financial assets - 1957873311.31

Long-term receivables

Long-term equity investments 12878016098.27 13275170118.83

Investment in other equity instruments 2295847767.70 -

Investment properties 7272883.39 7329561.28

Fixed assets 23197358204.84 22161054058.31

Construction in progress 5157326015.29 5383844030.75

Intangible assets 4924692543.75 5018243552.80

Development expenditure 952809135.58 789597615.60

Goodwill 9804394.00 9804394.00

Long-term deferred expenses 16529048.19 17104601.67

Deferred tax assets 1586013099.76 1655554438.89

Other non-current assets

Total non-current assets 51025669190.77 50275575683.44

TOTAL ASSETS 95867326904.10 93488854098.95

Current liabilities:

Short-term loans 215000000.00 190000000.00

Notes payable and accounts payable 30035449763.21 28724063539.34

Advances from customers 3214095309.18 1556482278.92

Payroll payable 950601604.89 1362995277.56

Taxes payable 252387664.11 669316487.25

Other payables 5163334579.88 3079749015.81

Non-current liabilities within one year - 6594120.00

Other current liabilities 3796224641.85 4325441152.61

Total current liabilities 43627093563.12 39914641871.49

Non-current liabilities:

Long-term loans

Long-term payables 323229072.47 303590824.69

Long-term payroll payable 50819993.72 53837000.00

Estimated liabilities 3689408475.45 3245322744.12

Deferred Revenue 3651912499.87 3683308534.73

Deferred tax liabilities 185815474.08 135231170.59

Other non-current liabilities

Total non-current liabilities 7901185515.59 7421290274.13

Total liabilities 51528279078.71 47335932145.62

Owners’ equity (or Shareholders’ equity):

Share capital 4802648511.00 4802648511.00

Capital reserves 5057242440.17 5057242440.17

Other comprehensive income 495814992.98 235509930.44

Special reserves 69984183.32 41222369.10

Surplus reserves 2401324255.50 2401324255.50

Retained earnings 31610658844.19 33707011170.31

Equity attributable to owners 44437673227.16 46244958676.52

Minority interests -98625401.77 -92036723.19

Total Owners’ equity (or Shareholders’ equity) 44339047825.39 46152921953.33

Liabilities and owners' equity (or shareholders' equity) in total 95867326904.10 93488854098.95

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

2. Balance Sheet

In RMB Yuan

Account Ending Balance Opening Balance

Current assets:

Cash 8590074700.84 7310973018.99

Notes receivable and accounts receivable 25019975366.50 25070320963.39

Notes receivable

Accounts receivable

Prepayments 874981674.29 671849711.04

Other receivables 2118212863.27 2344318158.83

Inventories 5266224082.52 3851783233.12

Holding assets for sale

Non-current assets due within one year

Other current assets 951218608.28 1355155749.21

Total current assets 42820687295.70 40604400834.58

Non-current assets:

Available-for-sale financial assets - 541182000.00

Long-term receivables

Long-term equity investments 17888228446.96 18017137600.72

Investment in other equity instruments 613957000.00 -

Investment properties

Fixed assets 17851564773.32 16795537563.35

Construction in progress 3910699408.35 4114409774.13

Intangible assets 3970912888.25 4054893372.88

Development expenditure 588978506.49 559309970.45

Goodwill

Long-term deferred expenses 11916261.00 12555353.69

Deferred tax assets 1480578729.97 1533057523.95

Other non-current assets - 250000000.00

Total non-current assets 46316836014.34 45878083159.17

TOTAL ASSETS 89137523310.04 86482483993.75

Current liabilities:

Short-term loans

Notes payable and accounts payable 26291048980.23 24263743505.87

Advances from customers 2888962129.86 1208631011.05

Payroll payable 647298578.68 1001765362.99

Taxes payable 255030148.19 604525457.30

Other payables 4691552086.11 3219909047.22

Holding liabilities for sale

Non-current liabilities within one year

Other current liabilities 3330483877.42 3923419042.37

Total current liabilities 38104375800.49 34221993426.80

Non-current liabilities:

Long-term loans

Long-term payables 254265380.88 248240115.29

Long-term payroll payable 21454931.87 24315000.00

Estimated liabilities 2680122419.91 2372512543.49

Deferred Revenue 2894468237.77 2827208446.74

Deferred tax liabilities 37599992.04 26683742.04

Other non-current liabilities

Total non-current liabilities 5887910962.47 5498959847.56

Total liabilities 43992286762.96 39720953274.36

Owners’ equity (or Shareholders’ equity):

Share capital 4802648511.00 4802648511.00

Capital reserves 4705917638.38 4705917638.38

Other comprehensive income 211384553.58 149525803.58

Special reserves 23659869.51 19835367.61

Surplus reserves 2401324255.50 2401324255.50

Retained earnings 33000301719.11 34682279143.32

Total Owners’ equity (or Shareholders’ equity) 45145236547.08 46761530719.39

Liabilities and owners' equity (or shareholders' equity) in total 89137523310.04 86482483993.75

3. Consolidated Income Statement of the report term

In RMB Yuan

Account Current Period Prior Period

I. Total operating income 16007950602.50 20010746940.77

Operating income 16007950602.50 20010746940.77

Interest income

Earned premium

Fee and commission income

II. Total operating cost 17711143051.82 20389516370.09

Including: Operating cost 15204463239.37 17608864072.39

Tax and surcharges 587353356.83 733870230.80

Operating expenses 875729224.29 1244708672.52

General and administrative expenses 626499621.93 660215017.26

R&D expenses 455925951.99 265386051.26

Financial expenses -42420980.32 -124880508.71

Interest expense

Interest income

Impairment loss on assets - 1352834.57

Impairment loss on credit 3592637.73 -

Add: Other income 57557097.02 612605944.25

Investment income (‘-‘ represent loss) -397154020.56 1148431489.58

Investment income from associates and from joint venture -388909153.76 1148431489.57

Asset disposal income -1633541.79 3187946.74

III. Operating profit (‘-’ represent loss) -2044422914.65 1385455951.25

Add: Non-operating income 9940462.40 13858456.32

Less: Non-operating expenses 949871.51 24442068.39

IV. Total profit(‘-’ represent loss) -2035432323.76 1374872339.18

Less: Income tax expense 67508680.94 17667374.07

V. Net profit (‘-’ represent net loss) -2102941004.70 1357204965.11

I) Net profit from continuing operations -2102941004.70 1357204965.11

II) Net profit from discontinued operations

Net profit attributable to owners -2096352326.12 1391793407.67

Minority interests -6588678.58 -34588442.56

VI. Other comprehensive income net of tax 260305062.54 -29597039.17

Total comprehensive income attributable to owners net of tax 260305062.54 -29597039.17

I) Other comprehensive income not to be reclassified to profit or loss in

subsequent periods

- -

Change from defined benefit plan

Other comprehensive income not to be reclassified to profit or loss

under equity method

II) Other comprehensive income to be reclassified to profit or loss in

subsequent periods

260305062.54 -29597039.17

Other comprehensive income transferable to profit or loss under the

equity method

Changes in fair value from available-for-sale financial assets 287350152.91 -8147250.00

Foreign currency reserve -27045090.37 -21449789.17

VII. Total comprehensive income -1842635942.16 1327607925.94

Total comprehensive income attributable to owners -1836047263.58 1362196368.50

Total comprehensive income attributable to minority interest -6588678.58 -34588442.56

VIII. Earnings per share:

I) Basic earnings per share -0.44 0.29

II) Diluted earnings per share -0.44 0.29

Legal person: Zhang Baolin 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 14441944991.72 19213800292.11

Less: Operating cost 13806773684.94 16928217741.42

Tax and surcharges 483106911.75 650954224.15

Operating expenses 670541870.34 1162227767.63

General and administrative expenses 347026490.13 478427972.21

R&D expenses 455935285.81 262185401.90

Financial expenses -44343446.15 -126234600.20

Interest expense

Interest income

Impairment loss on assets - 646710.64

Impairment loss on credit 769683.06 -

Add: Other income 27829453.81 595291993.63

Investment income (‘-‘ represent loss) -386857266.96 1149969197.43

Investment income from associates and from joint venture -388909153.76 1148431489.57

Asset disposal income -1611974.75 3192925.68

II. Operating profit (‘-’ represent loss) -1638505276.06 1605829191.10

Add: Non-operating income 8494672.83 10480635.46

Less: Non-operating expenses -511973.00 17500000.00

III. Total profit(‘-’ represent loss) -1629498630.23 1598809826.56

Less: Income tax expense 52478793.98 -3333793.88

IV. Net profit (‘-’ represent net loss) -1681977424.21 1602143620.44

I) Net profit from continuing operations -1681977424.21 1602143620.44

II) Net profit from discontinued operations

V. Other comprehensive income net of tax 61858750.00 -8147250.00

I) Other comprehensive income not to be reclassified to profit or loss in

subsequent periods

Change from defined benefit plan

Other comprehensive income not to be reclassified to profit or loss

under equity method

II) Other comprehensive income to be reclassified to profit or loss in

subsequent periods

61858750.00 -8147250.00

Other comprehensive income transferable to profit or loss under the

equity method

Changes in fair value from available-for-sale financial assets 61858750.00 -8147250.00

Foreign currency reserve

VI. Total comprehensive income -1620118674.21 1593996370.44

VII. Earnings per share:

I) Basic earnings per share -0.35 0.33

II) Diluted earnings per share -0.35 0.33

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 20101009864.13 24813884558.55

Refunds of taxes 130977526.05 155823063.63

Cash received relating to other operating activities 2351463047.17 1228231229.46

Sub-total of cash inflows 22583450437.35 26197938851.64

Cash paid for goods and services 14906195196.51 18818161279.64

Cash paid to and on behalf of employees 1732748414.84 2032314303.62

Cash paid for all types of taxes 1046776024.48 966403211.09

Cash paid relating to other operating activities 1638942420.17 1744747321.63

Sub-total of cash outflows 19324662056.00 23561626115.98

Net cash flows from operating activities 3258788381.35 2636312735.66

II. CASH FLOWS FROM INVESTING ACTIVITIES:

Cash received from return on investments

Cash received from investment income

Net cash received from disposal of fixed assets intangible assets and other

long-term assets

20000.00 811738.47

Net cash received from disposal of subsidiaries and other business units

Cash received relating to other investing activities 348000.00 -

Sub-total of cash inflows 368000.00 811738.47

Cash paid for acquisition of fixed assets intangible assets and other long-term

assets

1241507566.02 1684588619.31

Cash paid for acquisition of investments

Net cash paid for subsidiaries and other business units

Cash paid relating to other investing activities

Sub-total of cash outflows 1241507566.02 1684588619.31

Net cash flows from investing activities -1241139566.02 -1683776880.84

III. CASH FLOWS FROM FINANCING ACTIVITIES:

Cash received from borrowings 35000000.00 150000000.00

Cash received from the issuance of bonds

Cash received relating to other financing activities 28195180.76 782908132.54

Sub-total of cash inflows 63195180.76 932908132.54

Cash repayments of borrowings 16708100.00 171300000.00

Cash paid for distribution of dividends or profits and interest expenses 9358472.79 3061370.98

Cash paid relating to other financing activities 529028452.47 -

Sub-total of cash outflows 555095025.26 174361370.98

Net cash flows from financing activities -491899844.50 758546761.56

IV. EFFECT OF CHANGES IN EXCHANGE RATE ON CASH 16990887.83 1596980.88

V. NET INCREASE IN CASH AND CASH EQUIVALENTS 1542739858.66 1712679597.26

Add: Opening balance of cash and cash equivalents 9648153614.80 21478422090.31

VI. CLOSING BALANCE OF CASH AND CASH EQUIVLANT 11190893473.46 23191101687.57

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 17714720410.20 24043396961.25

Refunds of taxes

Cash received relating to other operating activities 2039698293.41 843542276.55

Sub-total of cash inflows 19754418703.61 24886939237.80

Cash paid for goods and services 13537740196.23 17648824167.26

Cash paid to and on behalf of employees 1250523925.99 1669215548.31

Cash paid for all types of taxes 825010270.02 739200376.02

Cash paid relating to other operating activities 1679903064.63 1461235460.94

Sub-total of cash outflows 17293177456.87 21518475552.53

Net cash flows from operating activities 2461241246.74 3368463685.27

II. CASH FLOWS FROM INVESTING ACTIVITIES:

Cash received from return on investments - 839201.56

Cash received from investment income 2175000.00 1800416.67

Net cash received from disposal of fixed assets intangible assets and other

long-term assets

- 785538.47

Net cash received from disposal of subsidiaries and other business units

Cash received relating to other investing activities

Sub-total of cash inflows 2175000.00 3425156.70

Cash paid for acquisition of fixed assets intangible assets and other

long-term assets

1169656810.40 1577600661.86

Cash paid for acquisition of investments 10000000.00 8000000.00

Net cash paid for subsidiaries and other business units

Cash paid relating to other investing activities - 200000000.00

Sub-total of cash outflows 1179656810.40 1785600661.86

Net cash flows from investing activities -1177481810.40 -1782175505.16

III. CASH FLOWS FROM FINANCING ACTIVITIES:

Cash received from investors

Cash received from borrowings

Cash received from the issuance of bonds

Cash received relating to other financing activities - 416856503.42

Sub-total of cash inflows - 416856503.42

Cash repayments of borrowings

Cash paid for distribution of dividends or profits and interest expenses 4657754.49 -

Cash paid relating to other financing activities

Sub-total of cash outflows 4657754.49 -

Net cash flows from financing activities -4657754.49 416856503.42

IV. EFFECT OF CHANGES IN EXCHANGE RATE ON CASH - -

V. NET INCREASE IN CASH AND CASH EQUIVALENTS 1279101681.85 2003144683.53

Add: Opening balance of cash and cash equivalents 7310973018.99 20217657984.53

VI. CLOSING BALANCE OF CASH AND CASH EQUIVLANT 8590074700.84 22220802668.06

II. Notes on financial statement adjustments

1. Relevant situations of adjustment in financial statement at the beginning of the year when the new

financial instrument standards new income standards and new lease standards are first implemented

√Applicable □Not Applicable

Consolidated Balance Sheet

In RMB Yuan

Account 2018.12.31 2019.1.1 Adjustment

Current assets:

Cash 9980544526.14 9980544526.14

Notes receivable and accounts receivable 21971045405.74 21971045405.74

Notes receivable

Accounts receivable

Prepayments 866249749.51 866249749.51

Other receivables 3250452923.70 3250452923.70

Inventories 4917420457.19 4917420457.19

Holding assets for sale

Non-current assets due within one year

Other current assets 2227565353.23 2227565353.23

Total current assets 43213278415.51 43213278415.51

Non-current assets:

Available-for-sale financial assets 1957873311.31 not applicable -1957873311.31

Long-term receivables

Long-term equity investments 13275170118.83 13275170118.83

Investment in other equity instruments not applicable 1957873311.31 1957873311.31

Investment properties 7329561.28 7329561.28

Fixed assets 22161054058.31 22161054058.31

Construction in progress 5383844030.75 5383844030.75

Intangible assets 5018243552.80 5018243552.80

Development expenditure 789597615.60 789597615.60

Goodwill 9804394.00 9804394.00

Long-term deferred expenses 17104601.67 17104601.67

Deferred tax assets 1655554438.89 1655554438.89

Other non-current assets

Total non-current assets 50275575683.44 50275575683.44

TOTAL ASSETS 93488854098.95 93488854098.95

Current liabilities:

Short-term loans 190000000.00 190000000.00

Notes payable and accounts payable 28724063539.34 28724063539.34

Advances from customers 1556482278.92 1556482278.92

Payroll payable 1362995277.56 1362995277.56

Taxes payable 669316487.25 669316487.25

Other payables 3079749015.81 3079749015.81

Non-current liabilities within one year 6594120.00 6594120.00

Other current liabilities 4325441152.61 4325441152.61

Total current liabilities 39914641871.49 39914641871.49

Non-current liabilities:

Long-term loans

Long-term payables 303590824.69 303590824.69

Long-term payroll payable 53837000.00 53837000.00

Estimated liabilities 3245322744.12 3245322744.12

Deferred Revenue 3683308534.73 3683308534.73

Deferred tax liabilities 135231170.59 135231170.59

Other non-current liabilities

Total non-current liabilities 7421290274.13 7421290274.13

Total liabilities 47335932145.62 47335932145.62

Owners’ equity (or Shareholders’ equity):

Share capital 4802648511.00 4802648511.00

Capital reserves 5057242440.17 5057242440.17

Other comprehensive income 235509930.44 235509930.44

Special reserves 41222369.10 41222369.10

Surplus reserves 2401324255.50 2401324255.50

Retained earnings 33707011170.31 33707011170.31

Equity attributable to owners 46244958676.52 46244958676.52

Minority interests -92036723.19 -92036723.19

Total Owners’ equity (or Shareholders’ equity) 46152921953.33 46152921953.33

Liabilities and owners' equity (or shareholders' equity) in

total

93488854098.95 93488854098.95

Statement of adjustment

In 2017 the Ministry of Finance revised and issued the “Accounting Standard for Business Enterprise No.22- Recognition offinancial instrument and measurement” “Accounting Standard for Business Enterprise No.23- Transfer of Financial assets”

“Accounting Standard for Business Enterprise No.24- Hedge Accounting” and “Accounting Standard for Business Enterprise No.37-Presentation of financial instruments” and the enterprises listed in China are required to implementing relevant accounting rules of

new financial instruments since 1 Jan. 2019.In accordance with the requirement the company carries out above mentioned accounting rules since 1 Jan. 2019 and reclassify

“Available-for-sale financial assets” into “Investment in other equity instruments” for presenting.

Balance Sheet

In RMB Yuan

Account 2018.12.31 2019.1.1 Adjustment

Current assets:

Cash 7310973018.99 7310973018.99

Notes receivable and accounts receivable 25070320963.39 25070320963.39

Notes receivable

Accounts receivable

Prepayments 671849711.04 671849711.04

Other receivables 2344318158.83 2344318158.83

Inventories 3851783233.12 3851783233.12

Holding assets for sale

Non-current assets due within one year

Other current assets 1355155749.21 1355155749.21

Total current assets 40604400834.58 40604400834.58

Non-current assets:

Available-for-sale financial assets 541182000.00 not applicable -541182000.00

Long-term receivables

Long-term equity investments 18017137600.72 18017137600.72

Investment in other equity instruments not applicable 541182000.00 541182000.00

Investment properties

Fixed assets 16795537563.35 16795537563.35

Construction in progress 4114409774.13 4114409774.13

Intangible assets 4054893372.88 4054893372.88

Development expenditure 559309970.45 559309970.45

Goodwill

Long-term deferred expenses 12555353.69 12555353.69

Deferred tax assets 1533057523.95 1533057523.95

Other non-current assets 250000000.00 250000000.00

Total non-current assets 45878083159.17 45878083159.17

TOTAL ASSETS 86482483993.75 86482483993.75

Current liabilities:

Short-term loans

Notes payable and accounts payable 24263743505.87 24263743505.87

Advances from customers 1208631011.05 1208631011.05

Payroll payable 1001765362.99 1001765362.99

Taxes payable 604525457.30 604525457.30

Other payables 3219909047.22 3219909047.22

Holding liabilities for sale

Non-current liabilities within one year

Other current liabilities 3923419042.37 3923419042.37

Total current liabilities 34221993426.80 34221993426.80

Non-current liabilities:

Long-term loans

Long-term payables 248240115.29 248240115.29

Long-term payroll payable 24315000.00 24315000.00

Estimated liabilities 2372512543.49 2372512543.49

Deferred Revenue 2827208446.74 2827208446.74

Deferred tax liabilities 26683742.04 26683742.04

Other non-current liabilities

Total non-current liabilities 5498959847.56 5498959847.56

Total liabilities 39720953274.36 39720953274.36

Owners’ equity (or Shareholders’ equity):

Share capital 4802648511.00 4802648511.00

Capital reserves 4705917638.38 4705917638.38

Other comprehensive income 149525803.58 149525803.58

Special reserves 19835367.61 19835367.61

Surplus reserves 2401324255.50 2401324255.50

Retained earnings 34682279143.32 34682279143.32

Total Owners’ equity (or Shareholders’ equity) 46761530719.39 46761530719.39

Liabilities and owners' equity (or shareholders' equity) in

total

86482483993.75 86482483993.75

Statement of adjustment

new financial instruments since 1 Jan. 2019.In accordance with the requirement the company carries out above mentioned accounting rules since 1 Jan. 2019 and reclassify

“Available-for-sale financial assets” into “Investment in other equity instruments” for presenting.

2. Explanation on retrospective adjustments in the previous comparison data for the first implementation

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