Bengang Steel Plates Co. Ltd.
Third Quarter Report 2020
October 2020
I. Important Notice
The Board of Directors the Supervisory Committee and the Directors members of the
Supervisory Committee and senior management of the Company guarantee that there
are no misrepresentations or misleading statements or material omission in this report
and individually and collectively accept full responsibility for the authenticity
accuracy and integrity of the information contained in this report.
All the members of the Board of Directors attended the board meeting on which this
report was examined.Gao Lie Chairman of the Company Shen Qiang the principal in charge of the
accounting and Zhao Zhonghua Chief of Accounting Affairs make the pledge for the
authenticity accuracy and integrity of the attached financial statements.
II. Company Profile
I. Summary of Accounting data and Financial index
Whether the Company makes retroactive adjustment or restatement of the accounting data of the previous year
□ Yes √ No
At the end of the current
period
At the end of previous year
Increase or decrease at the end of
this reporting period over the
previous year
Total assets（RMB） 65200664816.84 60731425193.90 7.36%
Net assets attributable to
shareholders of the listed company
（RMB）
20945268782.71 19487665261.17 7.48%
This reporting period
Increase or decrease
over the same period
of the previous year
From the beginning of
this year to the end of
this reporting period
Increase or decrease over
the same period of the
previous year
Operating income（RMB） 12667300144.93 -12.29% 34851837404.98 -9.58%
Net profit attributable to the
shareholders of the listed company
（RMB）
28865084.77 -15.67% 283509289.10 -41.84%
Net profit after deducting of non-
recurring gain/loss attributable to
the shareholders of listed company
（RMB）
4967865.93 -81.11% 244853338.47 -48.94%
Net Cash flow generated by
business operation（RMB）
-- -- -1407629344.42 -117.11%
Basic earnings per
share(RMB/Share)
0.01 0.00% 0.07 -46.15%
Diluted earnings per
share(RMB/Share)
0.01 0.00% 0.07 -46.15%
Weighted average net assets yield 0.14% -0.04% 1.37% -1.16%
Items and amount of non-recurring profit and loss
√ Applicable □ Not applicable
Unit: Yuan
Items
From the beginning of the year to
the end of the current period
Notes
Profit or loss from disposal of non-current assets
(including the write-off part for which assets
impairment provision is made)
-19551512.21
Details of government subsidies recorded into currentprofits and loss（except such government subsidyclosely related to the company’s normal business
operation meeting the regulation of national policy and
enjoyed constantly in certain quota or quantityaccording to a certain standard）
57452382.09
Profit or loss from debt restructuring 32800.02
Other non-operating revenue and expenditure other than
above items
988008.32
Less: Impact of income tax 255202.08
Impact of minority interests (after tax) 10525.51
Total 38655950.63 --
For the Company’s non-recurring profit and loss items as defined in “the Explanatory Announcement No.1 on informationdisclosure for Companies Offering their Securities to the Public-Non-recurring Profits and Losses” and its non-recurring profit andloss items as illustrated in “the Explanatory Announcement No.1 on information disclosure for Companies Offering their Securitiesto the Public-Non-recurring Profits and Losses” which have been defined as recurring profits and losses it is necessary to explain
the reason.
□ Applicable √ Not applicableNone of Non-recurring profit and loss items recognized as recurring profit and loss items as defined by “the Explanatory
Announcement No.1 on information disclosure for Companies Offering their Securities to the Public-Non-recurring Profits andLosses” in the report period.II. Total Number of Shareholders and Shareholding of top 10 shareholders
1. Total number of common shareholders preferred shareholders whose voting rights
restored and shareholding of top 10 shareholders
Unit: Share
Total number of common
shareholders at the end of the
reporting period
50963
The total number of preferred
shareholders whose voting rights has
been restored at end of the reporting
period（if any）
0
Shareholding by Top 10 shareholders
Name of the Nature of Proportion of Quantity of Amount of Number of share pledged/frozen
shareholder shareholder shares held shares restricted shares
held
State of share Quantity
Benxi Steel & Iron
(Group) Co. Ltd.State-
owned legal
person
62.18% 2409628094
Pledged 712545000
Frozen 102100000
CCB Principal
Asset
Management –
ICBC – CR Trust
– CR Trust · Xing
Sheng No. 5
Collective Fund
Trust Plan
Others 4.77% 184842883
Bei Xin Rui Feng
Fund – China
Merchants Bank –
Bei Xin Rui Feng
Fund Feng Qing
No. 229 Asset
Management Plan
Others 4.77% 184842883
China Life AMP
Fund– ICBC –
China Life AMP –
Hua Xin Trust
Targeted
Additional Shares
Issuance No. 10
Asset
Management Plan
Others 4.77% 184842883
Liaoning
Provincial
Transportation
Investment Group
Co. Ltd.
State-
owned legal
person
3.92% 151806883
Fang Lei
Domestic
natural
person
0.36% 14126600
Shanghai Yi Cun
Investment
Management Co.Ltd. – Yi Cun
Sheng Hui No. 3
Others 0.31% 12000000
Private Securities
Investment Fund
Fang Huaiyue
Domestic
natural
person
0.24% 9205501
Shanghai Ying
Shui Investment
Management Co.Ltd. – Ying Shui
Fu Lin No. 10
Private Securities
Investment Fund
Others 0.24% 9175030
Vanguard
Investment
Australia Ltd. –
Vanguard
Emerging Markets
Stock Index Fund
Overseas
legal person
0.22% 8384044
Shareholding of top 10 shareholders of unrestricted shares
Name of the shareholder
Number of non-restricted common shares held at the
period-end
Category of shares
Category of shares Quantity
Benxi Steel & Iron (Group) Co.
Ltd.
2409628094
Common shares in
RMB
2409628094
CCB Principal Asset
Management – ICBC – CR Trust
– CR Trust · Xing Sheng No. 5
Collective Fund Trust Plan
184842883
Common shares in
RMB
184842883
Bei Xin Rui Feng Fund – China
Merchants Bank – Bei Xin Rui
Feng Fund Feng Qing No. 229
Asset Management Plan
184842883
Common shares in
RMB
184842883
China Life AMP Fund– ICBC –
China Life AMP – Hua Xin
Trust Targeted Additional
Shares Issuance No. 10 Asset
Management Plan
184842883
Common shares in
RMB
184842883
Liaoning Provincial
Transportation Investment
Group Co. Ltd.
151806883
Common shares in
RMB
151806883
Fang Lei 14126600
Common shares in
RMB
14126600
Shanghai Yi Cun Investment
Management Co. Ltd. – Yi Cun
Sheng Hui No. 3 Private
Securities Investment Fund
12000000
Common shares in
RMB
12000000
Fang Huaiyue 9205501
Common shares in
RMB
9205501
Shanghai Ying Shui Investment
Management Co. Ltd. – Ying
Shui Fu Lin No. 10 Private
Securities Investment Fund
9175030
Common shares in
RMB
9175030
Vanguard Investment Australia
Ltd. - Vanguard Emerging
Markets Stock Index Fund
8384044
Common shares in
RMB
8384044
Related-parties or acting-in-
concert parties among the
above-mentioned shareholders
It is unknown to the Company whether there is any related parties or action-in-concert parties as
defined in “Measures for the Administration of the Takeover of Listed Companies”among the
above-mentioned shareholders.Shareholders among the top 10
participating in securities
margin trading (if any)
Benxi Steel & Iron (Group) Co. Ltd. holds 2170628094 shares of the company through an
ordinary securities account and holds 239000000 shares through the investor's credit securities
account therefore it holds a total of 2409628094 shares. Fang Lei holds 14126600 shares of
the company through an investor's credit securities account. Shanghai Yi Cun Investment
Management Co. Ltd. – Yi Cun Sheng Hui No. 3 Private Securities Investment Fund holds
12000000 shares of the company through an investor's credit securities account. Fang Huaiyue
holds 9205501 shares of the company through an investor's credit securities account. Shanghai
Ying Shui Investment Management Co. Ltd. – Ying Shui Fu Lin No. 10 Private Securities
Investment Fund holds 9175030 shares of the company through an investor's credit securities
account.Whether top 10 common shareholders and top 10 un-restricted common shareholders have a buy-back
agreement dealing in reporting period
□ Yes √ No
Top 10 common shareholders and top 10 un-restricted common shareholders had no buy-back agreement
dealing in reporting period.
2. Total Number of Preferred Shareholders and Shareholding of Top 10 Preferred
Shareholders
□ Applicable √ Not applicable
III. Important Events
I. Major Changes in Financial Data and Financial Index and Reasons
√ Applicable □ Not applicable
? Items and reasons for the changes of more than 30% compared with the beginning of the year in the
consolidated statement
1. Statement of Financial Position
Increase /
Decrease
Reasons
Accounts receivable financing 113%
Due to the increase of accounts receivable
received during the current period
Construction in progress 74%
Due to the increase of construction in
progress that did not meet the conditions of
transferring to fixed assets at the end of the
period
Other non-current assets 61%
Due to the increase of lease guarantee paid
during the current period
Employee benefits payables 174%
Due to the increase of employee benefits
payables during the current period
Tax payables -94%
Due to the decrease of VAT payable at the
end of this period
Interest payables 146%
Due to the increase of interest accrued
during the current period
Non-current liabilities due within
one year
350%
Due to the increase of non-current liabilities
due within one year during the current
period
Long-term payables 169%
Due to the increase of lease payment during
the current period
Special reserves 13073%
Due to the increase of unpaid safety
production fee during the current period
? Items and reasons for the changes of more than 30% compared to January to September 2019 in the
consolidated financial statements
2. Statement of comprehensive income
Increase /
Decrease
Reasons
Financial expenses -35%
Due to the increase of exchange loss during
the current period
Assets disposal gains -87%
Due to the decrease in assets sold during the
current period
Non-operating income -82%
Due to the decrease of other non-operating
income
Non-operating expenses -68%
Due to the decrease of losses arose from
fixed assets scrapping
3. Statement of cash flows
Increase /
Decrease
Reasons
Cash paid for goods and services 52%
Due to the increase of cash paid for goods and
services during the current period
Cash paid for acquisition of fixed
assets intangible assets and other
long-term assets
-65%
Due to the decrease of payment of acquisition
of fixed assets intangible assets during the
current period
Cash repayments of borrowings 67%
Due to the increase of cash on repayment of
borrowings
Cash and cash equivalents at the
ending of the period
-86%
Due to the increase of cash paid for goods and
services and payment of acquisition of fixed
assets intangible assets during the current
period
II. Progress and influence of significant events as well as the analysis and
explanation on solutions
√ Applicable □ Not applicable
1. Public offering and listing of A-share convertible corporate bonds
(1) Issue of convertible corporate bonds. Approved by the China Securities Regulatory Commission on
Approval of the Public Issuance of A-Share Convertible Corporate Bonds by Bengang Steel Plate Co.
Ltd. (Zheng Jian Permit [2020] No. 46) the company was approved to publicly issue a total face value
of 6.8 billion convertible bonds to the public with a maturity of 6 years. The company actually issued 68
million convertible corporate bonds to the public each with a face value of 100 yuan and the total raised
funds were 6.8 billion yuan. After deducting underwriting and sponsorship fees issuance registration
fees and other expenses a total of 41084701.18 yuan (excluding tax) was raised. The net amount of
funds is RMB 6758915298.82. The above funds have been transferred to the company's fund-raising
account on July 6 2020. BDO Shu Lun Pan Certified Public Accountants LLP verified the receipt of the
funds raised above and issued Xin Kuai Shi Bao Zi [2020] No. ZB11494 "Capital Verification Report".
(2) Public offering of convertible corporate bonds. On August 4 2020 the company’s A-share
convertible corporate bonds were listed on the Shenzhen Stock Exchange the abbreviation of the bond:
Bengang Convertible Bonds bond code: 127018 bond listings: 6.800 billion yuan (68 million). The
beginning and ending date of existence: June 29 2020 to June 28 2026 the beginning and ending date
of the conversion of convertible bonds: January 4 2021 to June 28 2026.Overview of important matters Date of disclosure
Interim report disclosure
website query index
Public issuance of A-share convertible
corporate bonds. The total issuance is
RMB 6.8 billion each with a face value
of RMB 100 a total of 68 million with
a term of 6 years.June 23 2020
www.cninfo.com.cn
Announcement No.: 2020-037
The company used RMB
366180860.17 to replace self-raised
funds that were invested in investment
projects with raised funds in advance
and paid for issuance.July 14 2020
www.cninfo.com.cn
Announcement No.: 2020-047
The company uses a quota of no more
than RMB 4 billion (including)
temporarily idle raised funds for cash
management and the period is no more
than 12 months.July 14 2020
www.cninfo.com.cn
Announcement No.: 2020-048
The company used idle raised funds of
4846 million yuan to temporarily
supplement working capital of which
666 million yuan was raised from non-
public issuance of stocks and 4180
million yuan was raised from public
issuance of convertible bonds. The use
period shall not exceed 12 months from
the date of approval by the board of
directors.July 29 2020
www.cninfo.com.cn
Announcement No.: 2020-052
The company’s A-share convertible
corporate bonds were listed on the
Shenzhen Stock Exchange on August
4 2020. The abbreviation of the bond:
Bengang Convertible Bond the bond
code: 127018 and the number of
bonds listed: 6.8 billion yuan (68
million pieces)
August 3 2020
www.cninfo.com.cn
Announcement No.: 2020-053
Progress in the implementation of share repurchase
□ Applicable √ Not Applicable
Progress in the implementation of the reduction of shareholding shares by centralized competitive
bidding
□ Applicable √ Not Applicable
III. The Under-Fulfillment Commitments by the End of the Period Made by
Actual Controller Acquirer Director Supervisor Senior Management
Personnel and other Related Parties.
√ Applicable □ Not applicable
Commitments
Commitment
party
Type of
commitment
Contents
Commitment
time
Commitment
period
Performance
Commitment of shares
reform
Commitment made in the
acquisition report or the
equity change report
Commitment made during
asset restructuring
Commitment made during
initial public offering or
refinancing
Company
directors
senior
management
Other
commitment
According to the
relevant regulations of
the China Securities
Regulatory Commission
all directors and senior
management of the
Company have made the
following commitments
to the Company’s
fulfillment of the diluted
immediate return
measures: 1. I promise to
perform my duties
faithfully and diligently
and safeguard the
legitimate rights and
interests of the Company
and all shareholders . 2. I
promise not to deliver
benefits to other units or
individuals without
compensation or under
unfair conditions nor to
use other means to
May 22 2019 Long term
Under normal
fulfillment
damage the Company's
interests. 3. I promise to
restrict the position-
related consumption
behavior of company
directors and senior
management personnel.
4. I promise not to use
the Company’s assets to
do investment and
consumption activities
that are not related to the
performance of my
duties. 5. Within the
scope of my
responsibilities and
authority I promise to
make every effort to
promote the company's
board of directors or the
remuneration system
established by the
remuneration and
appraisal committee to
be linked to the
implementation of the
company's
compensation measures
and vote in favor of the
relevant proposals
reviewed by the
company's board of
directors and general
meeting (If I have voting
rights). 6. If the company
intends to implement
equity incentives I
promise to within my
own responsibilities and
jurisdiction make every
effort to promote the
Company’s proposed
equity incentive exercise
conditions to be linked to
the Company’s
implementation of the
return measures and to
review the Company’s
board of directors and
shareholders’ general
meetings and vote in
favor of the relevant
proposals reviewed by
the company's board of
directors and general
meeting (If I have voting
rights). 7. If the future
issuance of this
commitment and the
implementation of the
Company’s public
issuance of convertible
corporate bonds are
completed if the China
Securities Regulatory
Commission makes
other new regulatory
provisions on the
measures for filling
returns and their
commitments and the
above commitments
cannot meet the
requirements of the
China Securities
Regulatory Commission
When other regulations
are stipulated a
commitment will be
issued in accordance
with the latest
regulations of the China
Securities Regulatory
Commission. The
company's controlling
shareholder Benxi Iron
and Steel (Group) Co.Ltd. promised not to
interfere with the
company's operation and
management activities
beyond its authority and
not to infringe on the
Company's interests.
Benxi Steel &
Iron (Group)
Co. Ltd. and
Bengang
Group Co.Ltd.Other
Commitment
The sales companies of
Bengang International
Trade Co.Ltd. and
Bengang Steel plates in
the same region
guarantee independent
personnel independent
business independent
finance and independent
assets and are
guaranteed not to be in
the same registration
place or in the same
office; The filing of
foreign economic and
trade operators taking
into account the need to
gradually improve the
qualification
certification of raw
material suppliers
customs import and
export qualification
certification etc. In the
short term the actual
conditions and
capabilities for
independent import and
export business are still
lacking. In order to
ensure the normal
business development of
Benxi Steel Plate the
Group agrees that within
the period of not more
than 5 years from the
date of issuance of this
commitment the main
July 242019 Long term
Under normal
fulfillment
import and export
business of Benxi Steel
Plate will still be
represented by Bengang
International Trade until
Bengang Steel Plates can
be independently
developed Import and
export business and
during this period
Bengang International
Trade will provide the
necessary support for the
establishment and
improvement of
Bengang's import and
export business. In
addition the sales
company under Bengang
International Trade is
only responsible for
selling the products of
Beiying Iron and Steel
Group and never sells
third-party steel
products. 3. The three
sales companies under
the Group Shanghai
Bengang Iron and Steel
Sales Co. Ltd. Shanghai
Bengang Iron and Steel
Materials Co. Ltd. and
Guangzhou Free Trade
Zone Bengang Sales Co.Ltd. are currently no
longer actually engaged
in any business
activities as follows: (1 )
Shanghai Bengang Iron
& Steel Sales Co. Ltd.filed for bankruptcy in
2014 and the Shanghai
Changning District
People's Court issued an
announcement to
appoint Guohao Lawyer
(Shanghai) Office as the
bankruptcy
administrator. After
communication with the
bankruptcy
administrator it is
expected that the
bankruptcy and
liquidation of Shanghai
Bengang Iron and Steel
Sales Co. Ltd. will be
completed by the end of
2020. Upon completion
of the aforementioned
bankruptcy liquidation
procedures the relevant
procedures for
cancellation of Shanghai
Bengang Iron and Steel
Sales Co. Ltd. will be
handled immediately. (2)
Shanghai Bengang Iron
& Steel Materials Co.Ltd. is a holding
subsidiary of Shanghai
Bengang Iron & Steel
Sales Co. Ltd. and its
business license has been
revoked. As the
shareholder Shanghai
Bengang Iron & Steel
Sales Co. Ltd. is in the
process of bankruptcy
and liquidation
Shanghai Bengang Iron
& Steel Materials Co.Ltd. was unable to
convene a shareholders'
meeting to cancel the
company and establish a
liquidation group
according to law.
Therefore the
cancellation has not yet
been completed. After
the aforementioned
bankruptcy and
liquidation procedures of
Shanghai Bengang Iron
& Steel Sales Co. Ltd.are completed the
relevant procedures for
cancellation of Shanghai
Bengang Iron & Steel
Materials Co. Ltd. will
be processed
immediately. (3)
Guangzhou Free Trade
Zone Bengang Sales Co.Ltd. has a contract
arrears dispute with
Jiedong County Trading
Corporation. According
to the Civil Judgment
((1999) Ben Jing No.
116) Guangzhou Free
Trade Zone Bengang
Sales Co. Ltd. applied to
the court to seal 62
properties under the
name of Jiedong County
Trading Corporation.However due to serious
local protection
property rights and other
factors the content of the
judgment has not been
enforceable. Later after
applying again from
Guangzhou Free Trade
Zone Bengang Sales Co.Ltd. the Intermediate
People's Court of Benxi
City Liaoning Province
issued an execution
ruling again and 62
properties of Jiedong
County Trading
Corporation were re-
sealed. As of February 4
2022. Except for
participating in the
litigation activities for
the purpose of realizing
creditor's rights
Guangzhou Free Trade
Zone Bengang Sales Co.Ltd has not carried out
other business activities.
After the litigation is
completed the relevant
procedures for the
cancellation of
Guangzhou Free Trade
Zone Bengang Sales Co.Ltd. will be handled
immediately.
Benxi Steel &
Iron (Group)
Co. Ltd.
Other
Commitment
The Group's horizontal
competition with Benxi
Steel Plates and the
measures and
commitments to avoid
inter-industry
competition 1. During
the period when the
Group is the controlling
shareholder of Bengang
Steel Plates in addition
to the matters listed in
Article 1 of this
Commitment Letter the
Group and other
enterprises controlled by
the Group other than
Bengang Steel Plates no
longer produce or
develop any products
that compete or may
compete with the
products produced by
July 242019 Long term
The company
has completed
the acquisition
of the
2300mm hot
rolling mill
production
line and the
industry
competition
problem has
been
completely
resolved.Other
commitments
continue to be
fulfilled
Bengang Steel Plates and
its subsidiaries at home
and abroad and do not
directly or indirectly
operate any business that
competes with Bengang
Steel Plates and its
subsidiaries. Businesses
that may constitute
competition nor are they
involved in investing in
any other enterprise that
competes with or may
compete with products
or businesses produced
by Bengang Steel Plates
and its subsidiaries. 2. If
Bengang Steel Plates and
its subsidiaries further
expand their business
scope the Group and
other enterprises
controlled by the Group
will not compete with the
expanded business of
Bengang Steel Plates and
its subsidiaries; they may
compete with Bengang
Steel Plates and its
subsidiaries If the
company's expanded
business produces
competition it will
withdraw from the
competition with
Bengang Steel Plates as
follows: (1) Stop
business that may or may
compete with Bengang
Steel Plates and its
subsidiaries; (2) Will
compete The business is
incorporated into
Bengang Steel Plates and
its subsidiaries in a legal
and compliant manner;
(3) Competitive business
is transferred to
unrelated third parties. 3.If the Group has any
business opportunities to
engage in or participate
in the competition with
Bengang Steel Plates’
operations the Group
shall immediately notify
Bengang Steel Plates of
the above commercial
opportunities. Within a
reasonable period
specified in the notice
Bengang Steel Plates If
an affirmative answer is
made to take advantage
of the business
opportunity the Group
will endeavor to give the
business opportunity to
Bengang Steel Plates on
terms not less than that
provided to any
independent third party.
4. If the above
commitments are
violated the Group is
willing to bear all the
responsibilities arising
therefrom and fully
compensate or
compensate for all direct
or indirect losses caused
to Bengang Steel Plates.
5. This letter of
commitment continues
to be effective during the
period of the Group as
the controlling
shareholder of Bengang
Steel Plates and cannot
be changed or withdrawn
Benxi Steel &
Iron (Group)
Co. Ltd. and
Bengang
Group Co.Ltd.Other
Commitment
In order to regulate and
reduce the Company ’s
transactions with
controlling shareholders
and other related parties
and to protect the
interests of the Company
and small and medium
shareholders Benxi Iron
and Steel (Group) Co.Ltd. and Bengang Group
Co. Ltd. have issued the
following commitments:
"Benxi Iron and Steel
(Group) Co. Ltd. and
Bengang Group Co.
Ltd. (hereinafter
collectively referred to
as the "Group") as a
direct controlling
shareholder and an
indirect controlling
shareholder of Bengang
Steel Plates Co. Ltd.(hereinafter referred to
as "Bengang Steel
Plates") in order to
protect the interests of
Bengang Steel Plates and
other shareholders of
Bengang Steel Plates
regulate The Group's
related transaction with
Bengang Steel Plates
hereby promises: 1. The
Group will fully respect
the independent legal
person status of Bengang
Steel Plates ensure the
independent operation
and independent
decision-making of
July 242019 Long term
Under normal
fulfillment
Bengang Steel Plates
ensure the independence
of Bengang Steel Plates’
business asset integrity
and personnel
Independence and
financial independence
to avoid and reduce
unnecessary related
transactions; the Group
will strictly control
related transactions with
Bengang Steel Plates and
its subsidiaries. 2. The
Group and other
controlled companies
promise not to use loans
or occupy or
misappropriate the funds
of Bengang Steel Plates
and its subsidiaries to
repay debts substitute
funds or otherwise nor
We ask Bengang Steel
Plates and its
subsidiaries to provide
illegal guarantees for the
Group and other
companies under its
control. 3. The Group
and other controlled
companies and Bengang
Steel Plates will
minimize related
transactions. It is indeed
necessary and
unavoidable to carry out
in the related party
transactions strictly
implement the decision-
making authority
decision-making
procedures avoidance
system and other
contents stipulated in
Bengang's "Articles of
Association" and related
party transaction
decision-making system
give full play to the role
of the board of
supervisors and
independent directors
and earnestly fulfill the
obligation of
information disclosure
To ensure that
transactions are
conducted in accordance
with the open fair and
fair principles of market
transactions and normal
commercial terms the
Group and other
companies under control
will not require or accept
Bengang Steel Sheets to
give preferential
treatment to third parties
in any fair market
transaction Conditions to
protect other
shareholders of Benxi
Steel Plates and the
interests of Benxi Steel
Plates from damage. 4.The Group guarantees
that the above
commitments are
continuously effective
and irrevocable as long
as Bengang Steel Plates
is listed on the domestic
stock exchange and the
Group acts as its direct
and indirect controlling
shareholder. If any
violation of the above
commitments occurs the
Group therefore bear all
the losses caused to
Bengang Steel Plates.
Stock option incentive
commitment
Other commitments to the
company's minority
shareholders
Whether Commitment
fulfilled on time or not
Yes
IV. Financial Asset Investment
1. Investment in Securities
□ Applicable √ Not applicable
There are no securities investments in the reporting period.
2. Investment in Derivatives
□ Applicable √ Not applicable
There is no investment in derivatives in the reporting period.V. Progress of Investment Projects with Raised Funds
√ Applicable □ Not applicable
1. Funds raised by non-public offering of shares
From the beginning of the year to the end of the reporting period the company actually used RMB
93860100 to raise funds. As of September 30 2020 the unused amount of the company's raised funds
was 685287300 of which the supplementary working capital balance was 660 million and the raised
funds account balance was 25287300.
2. Public issuance of convertible bonds to raise funds
Approved by the China Securities Regulatory Commission on Approval of the Public Issuance of A-
Share Convertible Corporate Bonds by Bengang Steel Plate Co. Ltd. (Zheng Jian Permit [2020] No. 46)
the company was approved to publicly issue a total face value of 6.8 billion convertible bonds Corporate
bonds with a maturity of 6 years. The company actually issued 68 million convertible corporate bonds
to the public each with a face value of 100 yuan and the total raised funds were 6.8 billion yuan. After
deducting underwriting and sponsorship fees issuance registration fees and other expenses a total of
41084701.18 yuan (excluding tax) was raised. The net amount of funds is RMB 6758915298.82. The
above funds have been transferred to the company's fund-raising account on July 6 2020. BDO Shu Lun
Pan Certified Public Accountants LLP verified the receipt of the funds raised above and issued Xin Kuai
Shi Bao Zi [2020] No. ZB11494 "Capital Verification Report".
As of the end of the reporting period the company actually used the raised funds of RMB 2425.36
million. As of September 30 2020 the unused amount of the company's raised funds was 4332.81
million of which the supplementary working capital balance was 4180 million and the raised funds
account balance was 152.81 million.VI. Forecast of 2020 Business Performance
A warning and explanation of the reason for predicting that the cumulative net profit from the beginning
of the year to the end of the next reporting period may be a loss or a significant change compared with
the same period of the previous year
□ Applicable √ Not applicable
VII. Major Contracts for Daily Operations
□ Applicable √ Not applicable
VIII. Entrusted Financial Management
□ Applicable √ Not applicable
There is no entrusted financial management in the reporting period.IX. Violation of Regulations in Provision of External Guaranty
□ Applicable √ Not applicable
There is no violation of regulations in provision of external guaranty during the reporting period.X. Illustrations of Non-Operating Occupation of Funds by the Controlling
Shareholder and Related Parties
□ Applicable √ Not applicable
There is no non-operating occupation of funds by the controlling shareholder and related parties.XI. Registration form of Activities such as Research Communication Interview
in this Reporting Period
□ Applicable √ Not applicable
There is no researches visits and interviews received in the reporting period.
IV. Financial Report
I. Financial Statements
1. CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Prepared by: Bengang Steel Plates Co. Ltd.Unit: Yuan
Items Sep 30th 2020 Dec 31st 2019
Current assets:
Cash at bank and on hand 18428336735.95 18415844397.77
Settlement provisions
Capital lent
Financial assets held for trading
Derivative financial assets
Notes receivable
Accounts receivable 237139957.62 235696265.66
Accounts receivable financing 5164706591.79 2429542461.88
Prepayments 1251892309.68 1291047458.11
Premium receivable
Reinsurance accounts receivable
Receivable deposit for reinsurance
contract
Other receivables: 170756516.11 172807036.77
Including: Interest receivables 19697718.27 20504422.47
Dividend receivables
Redemptory financial assets for sale
Inventories 9481415336.65 7700397685.61
Contract assets
Assets classified as held for sale
Non-current assets due within one year
Other current assets 274237764.53 312904824.09
Total current assets 35008485212.33 30558240129.89
Non-current assets:
Loan and advances issued
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 2642998.70 2642998.70
Other equity instrument investments 1042024829.00 1041824829.00
Other non-current financial assets
Investment properties
Fixed assets 24355855265.63 26123375492.40
Construction in progress 3187454346.07 1833853572.58
Productive biological assets
Oil and gas assets
Right of use assets
Intangible assets 278072797.76 271500023.34
Development expenditure
Goodwill
Long-term deferred expenses
Deferred tax assets 182418902.56 191485595.49
Other non-current assets 1143710464.79 708502552.50
Total non-current assets 30192179604.51 30173185064.01
Total assets 65200664816.84 60731425193.90
Current Liabilities:
Short-term loans 10971919000.00 13151478000.00
Loan from central bank
Absorbed deposit and interbank deposit
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 9755186320.32 11828514676.95
Accounts payable 5650489113.68 4527513030.27
Advance from customers 4429821526.79
Contract Liabilities 4395896282.20
Financial assets sold for repurchase
Deposits from customers and interbank
Acting trading securities
Acting underwriting securities
Employee benefits payable 64817798.23 23698174.56
Current tax liabilities 16033518.47 284825814.80
Other payables 685226321.42 662701744.97
Including: Interest payables 26573361.30 10818986.30
Dividend payables
Handling charges and commission
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one
year
1055994293.11 234474657.99
Other current liabilities
Total current liabilities 32595562647.43 35143027626.33
Non-current liabilities:
Provision for insurance contract
Long-term loans 3917863991.04 4849675910.73
Bonds payable 5647525812.18
Including: Preferred stock
Perpetual bond
Lease liabilities
Long-term payables 1390036449.50 516939408.14
Long-term employee benefits payables
Estimated liabilities
Deferred income 174010233.06 208955407.30
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 11129436485.78 5575570726.17
Total liabilities 43724999133.21 40718598352.50
Shareholders’ equity:
Share capital 3875371532.00 3875371532.00
Other equity instruments 1146290662.42
Including: Preferred stock
Perpetual bond
Capital reserves 12343209847.29 12343209847.29
Less: treasury shares
Other comprehensive income
Special reserves 28016257.43 212687.41
Surplus reserves 961105529.85 961105529.85
General risk reserves
Undistributed profits 2591274953.72 2307765664.62
Total equity attributable to equity holders of
the parent company
20945268782.71 19487665261.17
Non-controlling interests 530396900.92 525161580.23
Total shareholder’s equity 21475665683.63 20012826841.40
Total liabilities and shareholder’s equity 65200664816.84 60731425193.90
Legal Representative: Gao Lie Person in charge of accounting: Shen Qiang Accounting Dept. Leader: Zhao Zhonghua
2. STATEMENT OF FINANCIAL POSITION OF THE PARENT COMPANY
Unit: Yuan
Items Sep 30th 2020 Dec 31st 2019
Current assets:
Cash at bank and on hand 16766413093.60 16982227928.89
Financial assets held for trading
Derivative financial assets
Notes receivable
Accounts receivable 374165618.46 388997108.46
Accounts receivable financing 4753243417.46 2193319842.60
Prepayments 1151892309.68 1184632345.13
Other receivables 254693349.32 266663235.81
Including: Interest receivables 19697718.27 19658230.77
Dividend receivables
Inventories 7835149045.38 6114582832.33
Contract assets
Assets classified as held for sale
Non-current assets due within one year
Other current assets 226583443.14 191249460.42
Total current assets 31362140277.04 27321672753.64
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 2016281902.16 2016281902.16
Other equity instrument investments 1041624829.00 1041624829.00
Other non-current financial assets
Investment properties
Fixed assets 22851496439.85 24447763305.12
Construction in progress 3119248726.75 1813889136.42
Productive biological assets
Oil and gas assets
Right of use assets
Intangible assets 183630437.72 145470040.68
Development expenditure
Goodwill
Long-term deferred expenses
Deferred tax assets 84273622.44 93555276.54
Other non-current assets 1141588572.16 696351867.38
Total non-current assets 30438144530.08 30254936357.30
Total assets 61800284807.12 57576609110.94
Current Liabilities:
Short-term loans 10011919000.00 11851478000.00
Financial assets held for trading
Derivative financial liabilities
Notes payable 7980864104.70 10225969445.22
Accounts payable 5631646967.19 4909389629.86
Advance from customers 5597707687.22
Contract liabilities 5635804031.87
Employee benefits payable 63498749.91 21872906.71
Current tax liabilities 10049192.88 274181048.14
Other payables 387153718.08 384125032.59
Including: Interest payables 23918986.30 10818986.30
Dividend payables
Liabilities held for sale
Non-current liabilities due within one 1055994293.11 234474657.99
year
Other current liabilities
Total current liabilities 30776930057.74 33499198407.73
Non-current liabilities:
Long-term loans 3917863991.04 4849675910.73
Bonds payable 5647525812.18
Including: Preferred stock
Perpetual bond
Lease liabilities
Long-term payables 1390036449.50 516939408.14
Long-term employee benefits payable
Estimated liabilities
Deferred incomes 174010233.06 208955407.30
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 11129436485.78 5575570726.17
Total liabilities 41906366543.52 39074769133.90
Shareholders’ equity:
Share capital 3875371532.00 3875371532.00
Other equity instruments 1146290662.42
Including: Preferred stock
Perpetual bond
Capital reserves 11923058165.17 11923058165.17
Less: treasury shares
Other comprehensive income
Special reserves 24191289.71 53330.99
Surplus reserves 961105529.85 961105529.85
Undistributed profits 1963901084.45 1742251419.03
Total shareholder’s equity 19893918263.60 18501839977.04
Total liabilities and shareholder’s equity 61800284807.12 57576609110.94
3. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME OF THE
CURRENT REPORTING PERIOD
Unit: Yuan
Items The Current Period The Previous Period
1. Total operating income 12667300144.93 14441830940.38
Including: Operating income 12667300144.93 14441830940.38
Interest income
Premium earned
Income from handling charges
and commission
2. Total operating cost 12682362775.14 14421363860.63
Including: Operating cost 12169624645.87 13739273641.14
Interest cost
Expenditure for handling charges
and commission
Surrender value
Net expenditure for compensation
Net provision for insurance
contract appropriated
Bonus payment for policy
Reinsurance premium
Taxes and surcharges 53364357.78 60775436.14
Selling and distribution expenses 255130098.08 257155173.90
General and administrative
expenses
200521607.24 219140981.53
Research and development
expenses
9059465.61 7306019.67
Financial expenses -5337399.44 137712608.25
Including: interest expenses 260988980.85 136052012.01
Interest incomes 91001679.51 89695933.07
Add: Other incomes 18865049.69 20821500.00
Income on investment ("-" for loss) 77242.47
Including: Income from associates and
joint ventures
Income from derecognition
of financial assets measured at amortised cost
("-" for loss)
Exchange Income ("-" for loss)Hedging income from net exposure (“-"for loss)
Gains from the change in fair value (“-"for loss)
Expected credit losses (“-" for loss) 1394133.21 2093121.45
Asset impairment losses (“-" for loss) 48426143.08
Assets disposal gains（“-” for loss） 68683.20 579216.73
3. Operating profit ("-" for loss) 53768621.44 43960917.93
Add: Non-operating income 604118.24 1506324.18
Less: Non-operating expenses 239714.81 6120953.63
4. Total profit ("-" for loss) 54133024.87 39346288.48
Less: Income tax expenses 22372416.47 4904499.90
5. Net Profit ("-" for loss) 31760608.40 34441788.58
(1) Classification by continuing
operating
1 Net profit from continuing
operation
31760608.40 34441788.58
2 Net profit from discontinued
operation
(2) Classification by ownership
1 Net profit attributable to the
owners of parent company
28865084.77 34229631.12
2 Net profit attributable to non-
controlling shareholders
2895523.63 212157.46
6. Other comprehensive income after tax
Other comprehensive income attributable to
owners of parent company after tax
1) Other comprehensive income items
that will not be reclassified into gains/losses
(1) . Re-measurement of defined
benefit plans of changes in net debt or net
assets
(2) . Other comprehensive income
under the equity method cannot be reclassified
into profit or loss
(3). Changes of fair value of other
equity instrument investments
(4). Changes in the fair value of
the company's own credit risk
(5). Others
2) Other comprehensive income that will
be reclassified into profit or loss
(1) . Other comprehensive income
under the equity method can be reclassified
into profit or loss
(2). Gains and losses from fair
value changes of other debt investments
(3). Gains and losses resulting
from reclassification of financial assets
recognised in other comprehensive income
(4). Credit impairment losses of
other debt investments
(5). Effective portion of gains or
losses from cash flow hedging
(6). Translation differences in
foreign currency financial statements
(7). Others
Other comprehensive income attributable to
non-controlling shareholders after tax
7. Total comprehensive income 31760608.40 34441788.58
Total comprehensive income attributable
to owners of parent company
28865084.77 34229631.12
Total comprehensive income attributable
to non-controlling shareholders
2895523.63 212157.46
8. Earnings per share:
1) Basic earnings per share 0.01 0.01
2) Diluted earnings per share 0.01 0.01
The current business combination under common control the net profits of the combined party before achieved: Yuan net profit
of previous period of the combined party realized: Yuan.Legal Representative: Gao Lie Person in charge of accounting: Shen Qiang Accounting Dept. Leader: Zhao Zhonghua
4. STATEMENT OF COMPREHENSIVE INCOME OF THE PARENT COMPANY OF
THE CURRENT REPORTING PERIOD
Unit: Yuan
Items The Current Period The Previous Period
1. Total operating income 13000555008.97 14566987831.66
Less: Operating cost 12660551211.93 14024765556.43
Taxes and surcharges 42476807.35 49468259.31
Selling and distribution expenses 163145859.93 147799392.26
General and administrative expenses 186584532.02 205034439.76
Research and development expenses 9059465.61 7306019.67
Financial expenses -8934597.73 127265933.34
Including: interest expenses 249633292.63 120934881.27
Interest incomes 81952729.77 84996191.09
Add: Other incomes 18861219.48 20821500.00
Income on investment ("-" for loss) 77242.47 27594915.42
Including: Income from associates and
joint ventures
Income from derecognition
of financial assets measured at amortised cost
("-" for loss)Hedging income from net exposure (“-"for loss)Gains from the change in fair value (“-"for loss)
Expected credit losses (“-" for loss) 1394133.21 1245121.45
Asset impairment losses (“-" for loss) 48426143.08
Assets disposal gains（“-” for loss） 68683.20 579216.73
2. Operating profit ("-" for loss) 16499151.30 55588984.49
Add: Non-operating income 574699.43 1141958.73
Less: Non-operating expenses 226440.47 6116261.39
3. Total profit ("-" for loss) 16847410.26 50614681.83
Less: Income tax expenses 12455069.07 521085.42
4. Net Profit ("-" for loss) 4392341.19 50093596.41
(1) Net profit from continuing operation
("-" for loss)
4392341.19 50093596.41
(2) Net profit from discontinued operation
("-" for loss)
5. Other comprehensive income after tax
1) Other comprehensive income items
that will not be reclassified into gains/losses
(1) . Re-measurement of defined
benefit plans of changes in net debt or net
assets
(2) . Other comprehensive income
under the equity method cannot be reclassified
into profit or loss
(3). Changes of fair value of other
equity instrument investments
(4). Changes in the fair value of
the company's own credit risk
(5). Others
2) Other comprehensive income that will
be reclassified into profit or loss
(1) . Other comprehensive income
under the equity method can be reclassified
into profit or loss
(2). Gains and losses from fair
value changes of other debt investments
(3). Gains and losses resulting
from reclassification of financial assets
recognised in other comprehensive income
(4). Credit impairment losses of
other debt investments
(5). Effective portion of gains or
losses from cash flow hedging
(6). Translation differences in
foreign currency financial statements
(7). Others
6. Total comprehensive income 4392341.19 50093596.41
7. Earnings per share:
1) Basic earnings per share
2) Diluted earnings per share
5. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FROM THE
BEGINNING OF THE YEAR TO THE END OF THE CURRENT REPORTING
PERIOD
Unit: Yuan
Items The Current Period The Previous Period
1. Total operating income 34851837404.98 38544426107.52
Including: Operating income 34851837404.98 38544426107.52
Interest income
Premium earned
Income from handling charges
and commission
2. Total operating cost 34609468735.28 38043189142.86
Including: Operating cost 32609871008.54 35806886370.79
Interest cost
Expenditure for handling charges
and commission
Surrender value
Net expenditure for compensation
Net provision for insurance
contract appropriated
Bonus payment for policy
Reinsurance premium
Taxes and surcharges 141762794.46 174900799.11
Selling and distribution expenses 897523316.86 831600373.04
General and administrative
expenses
581349923.65 665908793.30
Research and development
expenses
29262450.81 22714491.95
Financial expenses 349699240.96 541178314.67
Including: interest expenses 700850334.78 703293515.07
Interest incomes 245883963.84 216779712.65
Add: Other incomes 57452382.09 62516500.00
Income on investment ("-" for loss) 106546.47 25907.49
Including: Income from associates and
joint ventures
Income from derecognition
of financial assets measured at amortised cost
("-" for loss)
Exchange Income ("-" for loss)Hedging income from net exposure (“-"for loss)Gains from the change in fair value (“-"for loss)
Expected credit losses (“-" for loss) 4881916.63 5844635.28
Asset impairment losses (“-" for loss) 33104544.46
Assets disposal gains（“-” for loss） 394334.81 2997921.07
6. Operating profit ("-" for loss) 338308394.16 572621928.50
Add: Non-operating income 1744482.36 9716506.42
Less: Non-operating expenses 20275186.23 64095275.68
7. Total profit ("-" for loss) 319777690.29 518243159.24
Less: Income tax expenses 31610231.55 30866681.63
8. Net Profit ("-" for loss) 288167458.74 487376477.61
(1) Classification by continuing
operating
1 Net profit from continuing
operation ("-" for loss)
288167458.74 487376477.61
2 Net profit from discontinued
operation ("-" for loss)
(2) Classification by ownership
1 Net profit attributable to the
owners of parent company
283509289.10 487439246.88
2 Net profit attributable to non-
controlling shareholders
4658169.64 -62769.27
6. Other comprehensive income after tax
Other comprehensive income attributable to
owners of parent company after tax
1) Other comprehensive income items
that will not be reclassified into gains/losses
(1) . Re-measurement of defined
benefit plans of changes in net debt or net
assets
(2) . Other comprehensive income
under the equity method cannot be reclassified
into profit or loss
(3). Changes of fair value of other
equity instrument investments
(4). Changes in the fair value of
the company's own credit risk
(5). Others
2) Other comprehensive income that will
be reclassified into profit or loss
(1) . Other comprehensive income
under the equity method can be reclassified
into profit or loss
(2). Gains and losses from fair
value changes of other debt investments
(3). Gains and losses resulting
from reclassification of financial assets
recognised in other comprehensive income
(4). Credit impairment losses of
other debt investments
(5). Effective portion of gains or
losses from cash flow hedging
(6). Translation differences in
foreign currency financial statements
(7). Others
Other comprehensive income attributable to
non-controlling shareholders after tax
7. Total comprehensive income 288167458.74 487376477.61
Total comprehensive income attributable
to owners of parent company
283509289.10 487439246.88
Total comprehensive income attributable
to non-controlling shareholders
4658169.64 -62769.27
8. Earnings per share:
1) Basic earnings per share 0.07 0.13
2) Diluted earnings per share 0.07 0.13
The current business combination under common control the net profits of the combined party before achieved: Yuan net profit
of previous period of the combined party realized: Yuan.Legal Representative: Gao Lie Person in charge of accounting: Shen Qiang Accounting Dept. Leader: Zhao Zhonghua
6. STATEMENT OF COMPREHENSIVE INCOME OF THE PARENT COMPANY
FROM THE BEGINNING OF THE YEAR TO THE END OF THE CURRENT
REPORTING PERIOD
Unit: Yuan
Items The Current Period The Previous Period
1. Total operating income 34760336691.09 38014203689.59
Less: Operating cost 33039699493.20 35782055553.61
Taxes and surcharges 116717589.70 133935663.72
Selling and distribution expenses 550078792.86 482893940.32
General and administrative expenses 541211684.30 647086930.06
Research and development expenses 29262450.81 22714491.95
Financial expenses 328569658.11 515337847.93
Including: interest expenses 659897744.52 659441927.72
Interest incomes 223250379.61 199185818.03
Add: Other incomes 56863565.01 62516500.00
Income on investment ("-" for loss) 77242.47 27594915.42
Including: Income from associates and
joint ventures
Income from derecognition
of financial assets measured at amortised cost
("-" for loss)Hedging income from net exposure (“-"for loss)Gains from the change in fair value (“-"for loss)
Expected credit losses (“-" for loss) 4022071.94 4996635.28
Asset impairment losses (“-" for loss) 33104544.46
Assets disposal gains（“-” for loss） 394334.81 3044923.32
2. Operating profit ("-" for loss) 249258780.80 551046727.97
Add: Non-operating income 1386359.30 9279999.48
Less: Non-operating expenses 19713820.58 64051443.56
3. Total profit ("-" for loss) 230931319.52 496275283.89
Less: Income tax expenses 9281654.10 15830148.17
4. Net Profit ("-" for loss) 221649665.42 480445135.72
(1) Net profit from continuing operation
("-" for loss)
221649665.42 480445135.72
(2) Net profit from discontinued operation
("-" for loss)
5. Other comprehensive income after tax
1) Other comprehensive income items
that will not be reclassified into gains/losses
(1) . Re-measurement of defined
benefit plans of changes in net debt or net
assets
(2) . Other comprehensive income
under the equity method cannot be reclassified
into profit or loss
(3). Changes of fair value of other
equity instrument investments
(4). Changes in the fair value of
the company's own credit risk
(5). Others
2) Other comprehensive income that will
be reclassified into profit or loss
(1) . Other comprehensive income
under the equity method can be reclassified
into profit or loss
(2). Gains and losses from fair
value changes of other debt investments
(3). Gains and losses resulting
from reclassification of financial assets
recognised in other comprehensive income
(4). Credit impairment losses of
other debt investments
(5). Effective portion of gains or
losses from cash flow hedging
(6). Translation differences in
foreign currency financial statements
(7). Others
6. Total comprehensive income 221649665.42 480445135.72
7. Earnings per share:
1) Basic earnings per share
2) Diluted earnings per share
7. CONSOLIDATED STATEMENT OF CASH FLOWS FROM THE BEGINNING OF
THE YEAR TO THE END OF THE CURRENT PERIOD
Unit: Yuan
Items The Current Period The Previous Period
1. Cash flow from operating activities:
Cash received from sale of goods or 25444022450.66 26790594559.41
rendering of services
Net increase of customers’ deposit and
interbank deposit
Net increase of loan from central bank
Net increase of loans from other
financial institutions
Cash received for premium of original
insurance contract
Net cash received for reinsurance
business
Net increase of deposit and investment
of the insured
Net increase of Financial assets at fair
value through profit or loss
Cash from receiving interest handling
charge and commission
Net increase of loans from other
financial institutions
Net increase of fund for buy-back
business
Tax rebate received 387294316.80 330537134.71
Other cash received relating to
operating activities
168025766.48 179458663.12
Subtotal of cash inflow received from
operation activities
25999342533.94 27300590357.24
Cash paid for goods and services 24909229260.23 16361584571.18
Net increase of customer’s loan and
advances
Net increase of deposit in central bank
and interbank deposit
Cash for payment of compensation for
original insurance contract
Net increase in funds lent
Cash for payment of interest handling
charge and commission
Cash for payment of policy bonus
Cash paid to and on behalf of
employees
1408629415.56 1450655474.24
Cash paid for all types of taxes 758524302.98 911658861.03
Other cash paid relating to operating
activities
330588899.59 351573590.15
Subtotal of cash outflow received from
operation activities
27406971878.36 19075472496.60
Net cash flows generated from operating
activities
-1407629344.42 8225117860.64
2. Cash flows from investing activities:
Cash received from return on
investments
Cash received from distribution of
dividends or profit
Net cash received from disposal of
fixed assets intangible assets and other long-
term assets
Net cash received from disposal of
subsidiary and other operating units
Other cash paid relating to investing
activities
Subtotal of cash inflow received from
investing activities
Cash paid for acquisition of fixed
assets intangible assets and other long-term
assets
1765038590.65 5012911837.02
Cash paid for acquisition of investments
Net increase of mortgage loan
Net cash received from subsidiary and
other operating unit
Other cash paid relating to investing
activities
Subtotal of cash outflows from investing
activities
1765038590.65 5012911837.02
The net cash flow generated by investment
activities
-1765038590.65 -5012911837.02
3. Cash flows from financing activities:
Proceeds from investment
Including: Proceeds from investment of
non-controlling shareholders of subsidiary
Proceeds from borrowings 9297194000.00 7482429000.00
Other proceeds relating to financing
activities
6800000000.00
Subtotal cash inflow received from financing
activities
16097194000.00 7482429000.00
Cash repayments of borrowings 11555411601.25 6938475606.71
Cash payments for distribution of
dividends profit or interest expenses
956166264.68 1194142072.60
Including: Cash paid to non-controlling
shareholders as dividend and profit by
subsidiaries
Other cash payments relating to
financing activities
43549783.25
Subtotal of cash outflows from financing
activities
12555127649.18 8132617679.31
The net cash flow generated by financing
activities
3542066350.82 -650188679.31
4. Effect of foreign exchange rate changes on
cash and cash equivalents
-12482658.90 57000333.44
5. Net increase in cash and cash equivalents 356915756.85 2619017677.75
Add: Cash and cash equivalents at the
beginning of the period
13441414988.58 11752548621.97
6. Cash and cash equivalents at the ending of
the period
13798330745.43 14371566299.72
8. STATEMENT OF CASH FLOWS OF THE PARENT COMPANY FROM THE
BEGINNING OF THE YEAR TO THE END OF THE CURRENT PERIOD
Unit: Yuan
Items The Current Period The Previous Period
1.Cash flow from operating activities:
Cash received from sale of goods or
rendering of services
24484591411.24 25300199068.22
Tax rebate received 324249789.72 284437850.97
Other cash received relating to
operating activities
163745932.07 174941066.19
Subtotal of cash inflow received from
operation activities
24972587133.03 25759577985.38
Cash paid for goods and services 24410006721.64 14731205692.56
Cash paid to and on behalf of
employees
1344314670.02 1371069525.86
Cash paid for all types of taxes 660630096.94 789815447.75
Other cash paid relating to operating
activities
291312691.44 310224763.98
Subtotal of cash outflow received from
operation activities
26706264180.04 17202315430.15
Net cash flows generated from operating
activities
-1733677047.01 8557262555.23
2. Cash flows from investing activities:
Cash received from return on
investments
27594915.42
Cash received from distribution of
dividends or profit
Net cash received from disposal of
fixed assets intangible assets and other long-
term assets
Net cash received from disposal of
subsidiary and other operating units
Other cash paid relating to investing
activities
Subtotal of cash inflow received from
investing activities
27594915.42
Cash paid for acquisition of fixed
assets intangible assets and other long-term
assets
1746442503.88 5006076777.58
Cash paid for acquisition of investments
Net cash received from subsidiary and
other operating unit
Other cash paid relating to investing
activities
Subtotal of cash outflows from investing
activities
1746442503.88 5006076777.58
The net cash flow generated by investment
activities
-1746442503.88 -4978481862.16
3. Cash flows from financing activities:
Proceeds from investment
Proceeds from borrowings 8237194000.00 6282429000.00
Other proceeds relating to financing
activities
6800000000.00
Subtotal cash inflow received from financing
activities
15037194000.00 6282429000.00
Cash repayments of borrowings 10155411601.25 5438545606.71
Cash payments for distribution of
dividends profit or interest expenses
917902736.92 1112682499.61
Other cash payments relating to
financing activities
43549783.25
Subtotal of cash outflows from financing
activities
11116864121.42 6551228106.32
The net cash flow generated by financing
activities
3920329878.58 -268799106.32
4. Effect of foreign exchange rate changes on
cash and cash equivalents
-12477383.25 56922645.03
5. Net increase in cash and cash equivalents 427732944.44 3366904231.78
Add: Cash and cash equivalents at the
beginning of the period
13029616298.47 10807824843.20
6. Cash and cash equivalents at the ending of
the period
13457349242.91 14174729074.98
II. Adjustments of Financial Statements
1. Adjustments of beginning balance due to the first-time implementation of the new
revenue standards and new lease standards from 2020
√ Applicable □ Not applicable
Whether to adjust the balance sheet accounts at the beginning of the year
√ Applicable □ Not applicable
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unit: yuan
Items Dec 31st 2019 Jan 1st 2020 Adjustment amount
Current assets:
Cash at bank and on hand 18415844397.77 18415844397.77
Settlement provisions
Capital lent
Financial assets held for trading
Derivative financial assets
Notes receivable
Accounts receivable 235696265.66 235696265.66
Accounts receivable financing 2429542461.88 2429542461.88
Prepayments 1291047458.11 1291047458.11
Premium receivable
Reinsurance accounts receivable
Receivable deposit for
reinsurance contract
Other receivables: 172807036.77 172807036.77
Including: Interest receivables 20504422.47 20504422.47
Dividend receivables
Redemptory financial assets for
sale
Inventories 7700397685.61 7700397685.61
Contract assets
Assets classified as held for sale
Non-current assets due within
one year
Other current assets 312904824.09 312904824.09
Total current assets 30558240129.89 30558240129.89
Non-current assets:
Loan and advances issued
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 2642998.70 2642998.70
Other equity instrument
investments
1041824829.00 1041824829.00
Other non-current financial assets
Investment properties
Fixed assets 26123375492.40 26123375492.40
Construction in progress 1833853572.58 1833853572.58
Productive biological assets
Oil and gas assets
Right of use assets
Intangible assets 271500023.34 271500023.34
Development expenditure
Goodwill
Long-term deferred expenses
Deferred tax assets 191485595.49 191485595.49
Other non-current assets 708502552.50 708502552.50
Total non-current assets 30173185064.01 30173185064.01
Total assets 60731425193.90 60731425193.90
Current Liabilities:
Short-term loans 13151478000.00 13151478000.00
Loan from central bank
Absorbed deposit and interbank
deposit
Financial liabilities held for
trading
Derivative financial liabilities
Note payables 11828514676.95 11828514676.95
Account payables 4527513030.27 4527513030.27
Advance from customers 4429821526.79 -4429821526.79
Contract liabilities 4429821526.79 4429821526.79
Financial assets sold for
repurchase
Deposits from customers and
interbank
Acting trading securities
Acting underwriting securities
Employee benefits payable 23698174.56 23698174.56
Current tax liabilities 284825814.80 284825814.80
Other payables 662701744.97 662701744.97
Including: Interest payables 10818986.30 10818986.30
Dividend payables
Handling charges and
commission payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within
one year
234474657.99 234474657.99
Other current liabilities
Total current liabilities 35143027626.33 35143027626.33
Non-current liabilities:
Provision for insurance contract
Long-term loans 4849675910.73 4849675910.73
Bonds payable
Including: Preferred stock
Perpetual bond
Lease liabilities
Long-term payables 516939408.14 516939408.14
Long-term employee benefits
payables
Estimated liabilities
Deferred income 208955407.30 208955407.30
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 5575570726.17 5575570726.17
Total liabilities 40718598352.50 40718598352.50
Shareholders’ equity:
Share capital 3875371532.00 3875371532.00
Other equity instruments
Including: Preferred stock
Perpetual bond
Capital reserves 12343209847.29 12343209847.29
Less: treasury shares
Other comprehensive income
Special reserves 212687.41 212687.41
Surplus reserves 961105529.85 961105529.85
General risk reserves
Undistributed profits 2307765664.62 2307765664.62
Total equity attributable to equity
holders of the parent company
19487665261.17 19487665261.17
Non-controlling interests 525161580.23 525161580.23
Total shareholder’s equity 20012826841.40 20012826841.40
Total liabilities and shareholder’s
equity
60731425193.90 60731425193.90
Notes:
None
STATEMENOT OF FINANCIAL POSITION OF THE PARENT COMPANY
Unit: Yuan
Items Dec 31st 2019 Jan 1st 2020 Adjustment amount
Current assets:
Cash at bank and on hand 16982227928.89 16982227928.89
Financial assets held for trading
Derivative financial assets
Notes receivable
Accounts receivable 388997108.46 388997108.46
Accounts receivable financing 2193319842.60 2193319842.60
Prepayments 1184632345.13 1184632345.13
Other receivables 266663235.81 266663235.81
Including: Interest receivables 19658230.77 19658230.77
Dividend receivables
Inventories 6114582832.33 6114582832.33
Contract assets
Assets classified as held for sale
Non-current assets due within one year
Other current assets 191249460.42 191249460.42
Total current assets 27321672753.64 27321672753.64
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 2016281902.16 2016281902.16
Other equity instrument investments 1041624829.00 1041624829.00
Other non-current financial assets
Investment properties
Fixed assets 24447763305.12 24447763305.12
Construction in progress 1813889136.42 1813889136.42
Productive biological assets
Oil and gas assets
Right of use assets
Intangible assets 145470040.68 145470040.68
Development expenditure
Goodwill
Long-term deferred expenses
Deferred tax assets 93555276.54 93555276.54
Other non-current assets 696351867.38 696351867.38
Total non-current assets 30254936357.30 30254936357.30
Total assets 57576609110.94 57576609110.94
Current Liabilities:
Short-term loans 11851478000.00 11851478000.00
Financial assets held for trading
Derivative financial liabilities
Notes payable 10225969445.22 10225969445.22
Accounts payable 4909389629.86 4909389629.86
Advance from customers 5597707687.22 -5597707687.22
Contract liabilities 5597707687.22 5597707687.22
Employee benefits payable 21872906.71 21872906.71
Current tax liabilities 274181048.14 274181048.14
Other payables 384125032.59 384125032.59
Including: Interest payables 10818986.30
Dividend payables
Liabilities held for sale
Non-current liabilities due within one year 234474657.99 234474657.99
Other current liabilities
Total current liabilities 33499198407.73 33499198407.73
Non-current liabilities:
Long-term loans 4849675910.73 4849675910.73
Bonds payable
Including: Preferred stock
Perpetual bond
Lease liabilities
Long-term payables 516939408.14 516939408.14
Long-term employee benefits payable
Estimated liabilities
Deferred incomes 208955407.30 208955407.30
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 5575570726.17 5575570726.17
Total liabilities 39074769133.90 39074769133.90
Shareholders’ equity:
Share capital 3875371532.00 3875371532.00
Other equity instruments
Including: Preferred stock
Perpetual bond
Capital reserves 11923058165.17 11923058165.17
Less: treasury shares
Other comprehensive income
Special reserves 53330.99 53330.99
Surplus reserves 961105529.85 961105529.85
Undistributed profits 1742251419.03 1742251419.03
Total shareholder’s equity 18501839977.04 18501839977.04
Total liabilities and shareholder’s equity 57576609110.94 57576609110.94
Notes:
None
2. Retroactive adjustment due to the first time implementation of the new revenue
standards and new lease standards
□ Applicable √ Not applicable
III. Audit report
Whether the third quarter report is audited
□ Yes √ No
The third quarter report is not audited.
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