Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
HAINAN JINGLIANG HOLDINGS CO., LTD.
FIRST QUARTER REPORT 2019
April 2019
1
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of Hainan Jingliang Holdings Co., Ltd. (hereinafter
referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of
the contents of this Report and its summary, and shall be jointly and severally liable for any
misrepresentations, misleading statements or material omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.
Li Shaoling, the Company’s legal representative, Guan Ying, the Company’s head for
financial affairs, and Liu Quanli, head of the Company’s financial department (equivalent to
financial manager) hereby guarantee that the Financial Statements carried in this Report are
factual, accurate and complete.
This Report and its summary have been prepared in both Chinese and English. Should there
be any discrepancies or misunderstandings between the two versions, the Chinese versions
shall prevail.
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Q1 2019 Q1 2018 Change (%)
Operating revenue (RMB) 1,707,549,259.31 1,866,527,190.78 -8.52%
Net profit attributable to the listed
26,311,530.50 31,041,912.71 -15.24%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before exceptional 17,033,200.00 29,930,951.86 -43.09%
items (RMB)
Net cash generated from/used in operating
172,926,738.46 671,468,699.31 -74.25%
activities (RMB)
Basic earnings per share (RMB/share) 0.04 0.05 -20.00%
Diluted earnings per share (RMB/share) 0.04 0.05 -20.00%
Weighted average return on equity (%) 1.15% 1.47% -0.32%
31 March 2019 31 December 2018 Change (%)
Total assets (RMB) 4,957,598,566.20 4,917,148,996.28 0.82%
Equity attributable to the listed company’s
2,298,664,279.60 2,272,469,925.43 1.15%
shareholders (RMB)
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2019 Note
Gain or loss on disposal of non-current assets (inclusive of
12,024,268.43
impairment allowance write-offs)
Government subsidies charged to current profit or loss (exclusive
of government subsidies given in the Company’s ordinary course
529,365.60
of business at fixed quotas or amounts as per government’s
uniform standards)
Non-operating income and expense other than the above -31,600.05
Less: Income tax effects 3,130,733.50
Non-controlling interests effects (net of tax) 112,969.98
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Total 9,278,330.50 --
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases for the Reporting Period.
II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2019
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of preferred shareholders
Number of ordinary shareholders at
36,473 with resumed voting rights at the 0
the period-end
period-end (if any)
Top 10 shareholders
Shares in pledge or
Nature of Shareholding Restricted shares
Name of shareholder Total shares held frozen
shareholder percentage held
Status Shares
BEIJING GRAIN GROUP CO., State-owned legal
42.06% 288,439,561 164,877,598
LTD. person
BEIJING STATE-OWNED
State-owned legal
CAPITAL OPERATION AND 7.07% 48,510,460 48,510,460
person
MANAGEMENT CENTER
CHINA DEVELOPMENT BANK State-owned legal
3.33% 22,828,451
CAPITAL CO., LTD. person
GOLD BUFFALO RUNYING
(TIANJIN) EQUITY
INVESTMENT FUND
MANAGEMENT CO., Other 3.20% 21,972,451
LTD.—GOLD BUFFALO
RUNYING (TIANJIN) EQUITY
INVESTMENT FUND (L.P.)
Foreign natural
LI SHERYN ZHAN MING 2.71% 18,578,700
person
Domestic natural
MEI JIANYING 0.38% 2,604,203
person
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Domestic natural
HU TIANGAO 0.35% 2,376,052
person
Foreign legal
SOCIETE GENERALE 0.32% 2,183,500
person
Domestic
DONGYANG HENGDIAN
non-state-owned 0.31% 2,105,469
GUARANTY CO., LTD.
legal person
Domestic natural
ZHANG XIAOXIA 0.28% 1,949,250
person
Top 10 unrestricted shareholders
Shares by type
Name of shareholder Unrestricted shares held
Type Shares
BEIJING GRAIN GROUP CO., RMB-denominated
123,561,963 123,561,963
LTD. ordinary stock
CHINA DEVELOPMENT BANK RMB-denominated
22,828,451 22,828,451
CAPITAL CO., LTD. ordinary stock
GOLD BUFFALO RUNYING
(TIANJIN) EQUITY
INVESTMENT FUND
RMB-denominated
MANAGEMENT CO., 21,972,451 21,972,451
ordinary stock
LTD.—GOLD BUFFALO
RUNYING (TIANJIN) EQUITY
INVESTMENT FUND (L.P.)
Domestically listed
LI SHERYN ZHAN MING 18,578,700 18,578,700
foreign stock
RMB-denominated
MEI JIANYING 2,604,203 2,604,203
ordinary stock
RMB-denominated
HU TIANGAO 2,376,052 2,376,052
ordinary stock
RMB-denominated
SOCIETE GENERALE 2,183,500 2,183,500
ordinary stock
DONGYANG HENGDIAN RMB-denominated
2,105,469 2,105,469
GUARANTY CO., LTD. ordinary stock
Domestically listed
ZHANG XIAOXIA 1,949,250 1,949,250
foreign stock
RMB-denominated
WANG XIAOXING 1,775,000 1,775,000
ordinary stock
Beijing State-Owned Capital Operation And Management Center owns 100% of Beijing
Related or acting-in-concert parties Grain Group Co., Ltd., and Beijing Grain Group Co., Ltd. is a shareholder of the Company (a
among the shareholders above 42.06% holding). Apart from that, the Company does not know whether there are any other
related parties or acting-in-concert parties among the top 10 shareholders.
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
1. Shareholder Hu Tiangao holds 338,000 shares in the Company through his account of
Top 10 ordinary shareholders collateral securities for margin trading in Zheshang Securities Co., Ltd., and 2,038,052 shares
involved in securities margin trading in the Company through his ordinary securities account.
(if any) 2. Shareholder Wang Xiaoxing holds 1,775,000 shares in the Company through his account of
collateral securities for margin trading in Soochow Securities Co., Ltd.
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary
shareholders of the Company conducted any promissory repo during the Reporting Period.
□ Yea √ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
1. Monetary capital as at 31 March 2019 declined compared to 31 December 2018, primarily driven by the
repayment of bank loans and the purchase of growth receipts with raised funds for cash management purposes
during Q1 2019.
2. The change in available-for-sale financial assets was primarily driven by the reclassification of certain
“available-for-sale financial assets” as “financial assets at fair value through profit or loss” into “investments in
other equity instruments” according to the new accounting standards governing financial instruments.
3. Other current assets as at 31 March 2019 rose compared to 31 December 2018, primarily driven by the growth
receipts purchased during Q1 2019 with raised funds for cash management purposes being undue at 31 March
2019.
4. Notes and accounts payable as at 31 March 2019 rose compared to 31 December 2018, primarily driven by the
purchases of raw materials during Q1 2019.
5. Payroll payable as at 31 March 2019 declined compared to 31 December 2018, primarily driven by the payment
of the 2018 annual performance remuneration during Q1 2019.
6. Finance costs went down in Q1 2019 compared to Q1 2018, primarily driven by a smaller interest expense due
to decreased bank loans during Q1 2019.
7. Net cash generated from operating activities went down in Q1 2019 compared to Q1 2018, primarily driven by
more purchases of raw materials during Q1 2019.
II Progress, Influence and Solutions with regard to Significant Events
√ Applicable □ Not applicable
Summary of the significant event Disclosure date Index to the related announcement
1. On 20 February 2019, Proposal on Election of the Chairman of the
www.cninfo.com.cn: Announcement
8th Board of Directors of the Company was reviewed and approved at
on the Resignation of Chairman and
the 31th Meeting of the 8th Board of Directors by the Company. The 21 February 2019
the Election for New Chairman
Board of Directors of the Company agreed that Mr. Li Shaoling held
(Announcement No. 2019-002)
the post of the Chairman of the 8th Board of Directors. According to the
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
relevant regulations of Articles of Association, the Chairman is the
legal representative of the Company. At present, the Company has
completed the procedures for industrial and commercial registration of
changes in its legal representative, and obtained the business license or
enterprise legal person approved and renewed by Hainan
Administrative Bureau or Industry and Commerce.
Progress of any share repurchases:
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,
Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during the
Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IV Operating Performance Forecast for H1 2019
Warning of a forecast loss on or a forecast significant year-on-year change in the net profit of H1 2019, as well as
explanation of why:
□ Applicable √ Not applicable
V Securities Investments
√ Applicable □ Not applicable
Gain/lo
ss of Accumula
change tive Endin
Variet Symb Name Accounti Beginni Purchased in Gain/los
Initial s in fair changes in Sold in the g
y of ol of of ng ng the s in Account Capital
investm value fair value Reporting Reporti carryi
securi securi securi measurem carryin Reporting ng ing title source
ent cost in the recorded Period ng
ty ty ty ent model g value Period Period
Reporti into value
ng equities
Period
2040 GC00 Cost 3,142,600,00 3,142,600,00 322,286 Other Self-rai
Other 0.00
01 1 method 0.00 0.00 .47 assets sed
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
2040 GC00 Cost 70,200,000.0 70,200,000.0 96,465. Other Self-rai
Other 0.00
07 7 method 0 0 51 assets sed
3,212,800,00 3,212,800,00 418,751
Total 0.00 -- 0.00 0.00 0.00 0.00 -- --
0.00 0.00 .98
Disclosure date of
announcement on
Board’s consent for 21 February 2019
securities
investment
Disclosure date of
announcement on
shareholders’
N/A
meeting’s consent
for securities
investment (if any)
VI Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: RMB’0,000
Ending investment
Actual gain/loss
Ending as % of the
Type of derivative Start date End date in Reporting
investment Company’s ending net
Period
assets
Soybean hedging 1 January 2019 31 March 2019 3,172.23 1.38% -81.59
Agricultural product future
1 January 2019 31 March 2019 1,616 0.70% -271
contract
Agricultural product future
1 January 2019 31 March 2019 1,195 0.52% -33
contract
Agricultural product future
1 January 2019 31 March 2019 2 0.00% 208
contract
Agricultural product future
1 January 2019 31 March 2019 51 0.02% 0
contract
Total -- -- 6,036.23 2.62% -177.59
Funding source Self-funded
Legal matters involved (if
N/A
applicable)
Disclosure date of board
announcement approving 21 February 2019
derivative investment (if
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
any)
Disclosure date of general
meeting announcement
9 March 2019
approving derivative
investment (if any)
The Company’s conduction of hedging business is not aimed at speculation, but mainly to effectively
avoid the impact of raw material price fluctuation on the Company. However, there will be certain
risks: 1. Price fluctuation risk: price fluctuation risk may be generated when the futures market
changes greatly, resulting in transaction losses; 2. Capital risk: capital risk may be correspondingly
brought because the futures trading adopts margin and marking-to-market system; 3. Internal control
risk: there may be risks due to imperfect internal control system for the high expertise and complexity
of futures trading; 4. Technical risk: there may be technical risks due to incomplete computer systems.
Analysis of risks and control
The Company adopts following risk control measures: 1. Matching the hedging business with the
measures associated with
Company’s production and operation so as to maximally reduce the price fluctuation risk; 2. The
derivative investments held
Company will reasonably dispatch its own funds for hedging business, strictly control the hedging
in Reporting Period
fund scale and reasonably plan and use margins; 3. Management System for Commodity Futures
(including but not limited to
Trading is formulated based on actual situation of the Company and pursuant to governing
market risk, liquidity risk,
stipulations of Guidelines for Standard Operation of Main board Companies Listed in Shenzhen Stock
credit risk, operational risk,
Exchange which have made clearly stipulations about the amount, variety scope, approval authority,
legal risk, etc.)
internal approval procedures, responsible departments and persons, information isolation measures,
internal risk report and related solution process, information disclosure, etc. regarding hedging
business. The Company will strictly control all sectors in accordance with Management System for
Commodity Futures Trading; 4. Establishing qualified systems for transaction, communication and
information services so as to guarantee the normal operation of the transaction system and smooth
proceeding of transactions. When a wrong order occurs, corresponding measures should be timely
taken to reduce losses.
Changes in market prices or
fair value of derivative
investments in Reporting
The value of the Company’s future contracts changed according to the contract prices declared by the
Period (fair value analysis
future exchange, which were broadly representative. And the fair value of the Company’s future
should include measurement
contracts was executed in strict compliance with the future exchange’s settlement methods.
method and related
assumptions and
parameters)
Major changes in
accounting policies and
specific accounting
principles adopted for N/A
derivative investments in
Reporting Period compared
to last reporting period
Opinion of independent After check, The Company carried out the business of futures hedging based on normal production
directors on derivative and management, relying on specific business. Under the premise of ensuring normal production and
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
investments and risk control management, the Company used futures hedging tools to avoid the adverse impacts on the Company’s
operation from the large price fluctuation of raw materials and products, which is not detrimental to
the interests of the Company and all other shareholders, especially minority shareholders. At the same
time, the Company formulated relevant systems, and specific operating instructions for the business
of futures hedging through strengthening internal control and implementing risk prevention measures.
It is agreed that the Company and its subsidiaries will continue to conduct futures hedging business
according to the relevant regulations.
VII Communications with the Investment Community such as Researches, Inquiries and
Interviews during the Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VIII Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Occupation of the Company’s Capital by the Controlling Shareholder or Its Related
Parties for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by Hainan Jingliang Holdings Co., Ltd.
31 March 2019
Unit: RMB
Item 31 March 2019 31 December 2018
Current assets:
Monetary capital 488,126,501.99 924,870,016.78
Settlement reserve
Interbank loans granted
Trading financial assets
Financial assets at fair value through
profit or loss
Derivative financial assets 61,508,961.00 71,260,414.60
Notes and accounts receivable 96,916,812.55 97,775,710.11
Including: Notes receivable 410,429.54
Accounts receivable 96,506,383.01 97,775,710.11
Prepayments 113,376,773.82 120,181,442.89
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 15,756,505.97 18,256,513.93
Including: Interest receivable 2,133,849.72 2,400,877.51
Dividends receivable
Financial assets purchased under resale
agreements
Inventories 1,240,776,747.17 1,224,186,963.07
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 778,685,680.59 288,821,816.63
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Total current assets 2,795,147,983.09 2,745,352,878.01
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Available-for-sale financial assets 20,000,000.00
Investments in other debt obligations
Held-to-maturity investments
Long-term receivables
Long-term equity investments 187,125,274.16 182,827,226.11
Investments in other equity instruments 20,000,000.00
Other non-current financial assets
Investment property 32,991,663.95 33,395,101.68
Fixed assets 1,275,635,891.13 1,271,803,080.56
Construction in progress 27,961,203.26 37,369,757.78
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets 378,055,999.37 383,382,527.68
R&D expense
Goodwill 191,394,422.51 191,394,422.51
Long-term prepaid expense 33,737,059.71 34,671,018.22
Deferred income tax assets 13,927,065.43 15,330,980.14
Other non-current assets 1,622,003.59 1,622,003.59
Total non-current assets 2,162,450,583.11 2,171,796,118.27
Total assets 4,957,598,566.20 4,917,148,996.28
Current liabilities:
Short-term borrowings 1,329,168,292.50 1,437,715,080.91
Borrowings from central bank
Interbank loans obtained
Trading financial liabilities
Financial liabilities at fair value through
profit or loss
Derivative financial liabilities
Notes and accounts payable 228,615,002.80 140,564,713.11
Advances from customers 185,808,365.02 145,317,064.18
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Financial assets sold under repurchase
agreements
Customer deposits and interbank
deposits
Payables for acting trading of securities
Payables for underwriting of securities
Payroll payable 15,500,452.97 31,494,568.05
Taxes payable 27,407,214.57 35,783,819.84
Other payables 130,572,740.19 111,288,708.99
Including: Interest payable 14,833,643.11 26,972,826.90
Dividends payable 11,197,317.01 11,197,317.01
Handling charges and commissions
payable
Reinsurance payables
Contractual liabilities
Liabilities directly associated with assets
classified as held for sale
Current portion of non-current liabilities
Other current liabilities 11,100,915.25
Total current liabilities 1,917,072,068.05 1,913,264,870.33
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term payroll payable 40,245,406.52 40,245,406.52
Provisions
Deferred income 74,530,445.42 74,953,385.51
Deferred income tax liabilities 57,660,581.98 49,618,839.47
Other non-current liabilities
Total non-current liabilities 172,436,433.92 164,817,631.50
Total liabilities 2,089,508,501.97 2,078,082,501.83
Owners’ equity:
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Share capital 685,790,364.00 685,790,364.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 1,595,711,805.31 1,595,711,805.31
Less: Treasury stock
Other comprehensive income -116,738.00 438.33
Special reserves
Surplus reserves 122,122,436.98 122,122,436.98
General reserve
Retained earnings -104,843,588.69 -131,155,119.19
Total equity attributable to owners of the
2,298,664,279.60 2,272,469,925.43
Company as the parent
Non-controlling interests 569,425,784.63 566,596,569.02
Total owners’ equity 2,868,090,064.23 2,839,066,494.45
Total liabilities and owners’ equity 4,957,598,566.20 4,917,148,996.28
Legal representative: Li Shaoling Head for financial affairs: Guan Ying
Head of the financial department: Liu Quanli
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 March 2019 31 December 2018
Current assets:
Monetary capital 1,028,420.43 13,597,659.66
Trading financial assets
Financial assets at fair value through
profit or loss
Derivative financial assets
Notes and accounts receivable 74,460.00 79,986.00
Including: Notes receivable
Accounts receivable 74,460.00 79,986.00
Prepayments 20,000.00 20,000.00
Other receivables 12,420,402.45 227,353.10
Including: Interest receivable
Dividends receivable
Inventories 4,824,035.45 4,824,035.45
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 2,117,690.86 1,962,371.32
Total current assets 20,485,009.19 20,711,405.53
Non-current assets:
Investments in debt obligations
Available-for-sale financial assets 20,000,000.00
Investments in other debt obligations
Held-to-maturity investments
Long-term receivables
Long-term equity investments 2,377,420,527.10 2,375,639,964.05
Investments in other equity instruments 20,000,000.00
Other non-current financial assets
Investment property 5,703,185.18 5,778,794.33
Fixed assets 3,222,868.08 3,260,620.04
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets 145,408.80 171,069.18
R&D expense
Goodwill
Long-term prepaid expense 157,232.68 180,817.60
Deferred income tax assets
Other non-current assets
Total non-current assets 2,406,649,221.84 2,405,031,265.20
Total assets 2,427,134,231.03 2,425,742,670.73
Current liabilities:
Short-term borrowings
Trading financial liabilities
Financial liabilities at fair value through
profit or loss
Derivative financial liabilities
Notes and accounts payable
16
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Advances from customers 38,896.41 38,896.41
Contractual liabilities
Payroll payable 300,469.34 438,195.96
Taxes payable 968,602.50 976,458.68
Other payables 463,519,055.23 449,947,050.56
Including: Interest payable 21,082,795.47 21,082,795.47
Dividends payable 3,213,302.88 3,213,302.88
Liabilities directly associated with assets
classified as held for sale
Current portion of non-current liabilities
Other current liabilities
Total current liabilities 464,827,023.48 451,400,601.61
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term payroll payable
Provisions
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities 464,827,023.48 451,400,601.61
Owners’ equity:
Share capital 685,790,364.00 685,790,364.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 2,173,387,468.71 2,173,387,468.71
Less: Treasury stock
Other comprehensive income
Special reserves
17
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Surplus reserves 109,487,064.39 109,487,064.39
Retained earnings -1,006,357,689.55 -994,322,827.98
Total owners’ equity 1,962,307,207.55 1,974,342,069.12
Total liabilities and owners’ equity 2,427,134,231.03 2,425,742,670.73
3. Consolidated Income Statement
Unit: RMB
Item Q1 2019 Q1 2018
1. Revenue 1,707,549,259.31 1,866,527,190.78
Including: Operating revenue 1,707,549,259.31 1,866,527,190.78
Interest income
Premium income
Handling charge and commission
income
2. Costs and expenses 1,701,869,672.84 1,841,620,802.54
Including: Cost of sales 1,587,493,295.12 1,729,424,214.02
Interest expense
Handling charge and commission
expense
Surrenders
Net claims paid
Net amount provided as insurance
contract reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and surcharges 4,739,849.10 6,306,256.24
Selling expense 53,329,529.57 47,255,530.90
Administrative expense 48,807,017.63 47,273,728.57
R&D expense 248,751.52 417,383.55
Finance costs 7,246,885.74 11,042,135.57
Including: Interest expense 16,484,863.99 23,168,464.32
Interest income 8,697,066.79 6,130,369.62
Asset impairment loss 4,344.16 -98,446.31
Credit impairment loss
Add: Other income 529,365.60 374,931.06
Return on investment (“-” for loss) 3,057,637.45 3,756,489.11
18
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Including: Share of profit or loss of joint
ventures and associates
Foreign exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss) 15,874,468.46 19,033,892.64
Asset disposal income (“-” for loss) 12,024,268.43 -20,558.77
3. Operating profit (“-” for loss) 37,165,326.41 48,051,142.28
Add: Non-operating income 1,151,376.64 2,194,528.27
Less: Non-operating expense 182,176.69 101,985.74
4. Profit before tax (“-” for loss) 38,134,526.36 50,143,684.81
Less: Income tax expense 8,993,780.25 13,089,751.48
5. Net profit (“-” for net loss) 29,140,746.11 37,053,933.33
5.1 By operating continuity
5.1.1 Net profit from continuing operations
29,140,746.11 37,053,933.33
(“-” for net loss)
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to owners of the
26,311,530.50 31,041,912.71
Company as the parent
5.2.1 Net profit attributable to
2,829,215.61 6,012,020.62
non-controlling interests
6. Other comprehensive income, net of tax -117,176.33
Attributable to owners of the Company as the
-117,176.33
parent
6.1 Items that will not be reclassified to
profit or loss
6.1.1 Changes caused by remeasurements
on defined benefit pension schemes
6.1.2 Other comprehensive income that
will not be reclassified to profit or loss under the
equity method
6.1.3 Changes in the fair value of
investments in other equity instruments
6.1.4 Changes in the fair value of the
company’s credit risks
6.1.5 Other
6.2 Items that will be reclassified to profit
-117,176.33
or loss
19
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
6.2.1 Other comprehensive income that
will be reclassified to profit or loss under the
equity method
6.2.2 Changes in the fair value of
investments in other debt obligations
6.2.3 Gain/Loss on changes in the fair
value of available-for-sale financial assets
6.2.4 Other comprehensive income
arising from the reclassification of financial
assets
6.2.5 Gain/Loss arising from the
reclassification of held-to-maturity investments
to available-for-sale financial assets
6.2.6 Allowance for credit impairments in
investments in other debt obligations
6.2.7 Reserve for cash flow hedges
6.2.8 Differences arising from the
translation of foreign currency-denominated -117,176.33
financial statements
6.2.9 Other
Attributable to non-controlling interests
7. Total comprehensive income 29,023,569.78 37,053,933.33
Attributable to owners of the Company as the
26,194,354.17 31,041,912.71
parent
Attributable to non-controlling interests 2,829,215.61 6,012,020.62
8. Earnings per share
8.1 Basic earnings per share 0.04 0.05
8.2 Diluted earnings per share 0.04 0.05
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
the combinations was RMBXXX, with the amount for the same period of last year being RMBXXX.
Legal representative: Li Shaoling Head for financial affairs: Guan Ying
Head of the financial department: Liu Quanli
4. Income Statement of the Company as the Parent
Unit: RMB
Item Q1 2019 Q1 2018
1. Operating revenue 0.00 0.00
Less: Cost of sales 0.00 75,609.15
Taxes and surcharges 36,788.40 38,992.73
20
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Selling expense
Administrative expense 8,299,221.03 3,955,623.47
R&D expense
Finance costs 3,694,507.98 2,459,641.30
Including: Interest expense 3,699,792.76 2,980,777.10
Interest income 9,134.39 934,956.82
Asset impairment loss 4,344.16 -98,446.31
Credit impairment loss
Add: Other income
Return on investment (“-” for
loss)
Including: Share of profit or
loss of joint ventures and associates
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss)
Asset disposal income (“-” for
loss)
2. Operating profit (“-” for loss) -12,034,861.57 -6,431,420.34
Add: Non-operating income
Less: Non-operating expense
3. Profit before tax (“-” for loss) -12,034,861.57 -6,431,420.34
Less: Income tax expense
4. Net profit (“-” for net loss) -12,034,861.57 -6,431,420.34
4.1 Net profit from continuing
operations (“-” for net loss)
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income, net of
tax
5.1 Items that will not be reclassified
to profit or loss
5.1.1 Changes caused by
remeasurements on defined benefit
pension schemes
5.1.2 Other comprehensive income
that will not be reclassified to profit or
21
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
loss under the equity method
5.1.3 Changes in the fair value of
investments in other equity instruments
5.1.4 Changes in the fair value of
the company’s credit risks
5.1.5 Other
5.2 Items that will be reclassified to
profit or loss
5.2.1 Other comprehensive income
that will be reclassified to profit or loss
under the equity method
5.2.2 Changes in the fair value of
investments in other debt obligations
5.2.3 Gain/Loss on changes in the
fair value of available-for-sale financial
assets
5.2.4 Other comprehensive income
arising from the reclassification of
financial assets
5.2.5 Gain/Loss arising from the
reclassification of held-to-maturity
investments to available-for-sale
financial assets
5.2.6 Allowance for credit
impairments in investments in other
debt obligations
5.2.7 Reserve for cash flow hedges
5.2.8 Differences arising from the
translation of foreign
currency-denominated financial
statements
5.2.9 Other
6. Total comprehensive income -12,034,861.57 -6,431,420.34
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2019 Q1 2018
1. Cash flows from operating activities:
22
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Proceeds from sale of commodities
1,993,101,212.16 2,175,325,772.32
and rendering of services
Net increase in customer deposits
and interbank deposits
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Net increase in proceeds from
disposal of financial assets at fair value
through profit or loss
Interest, handling charges and
commissions received
Net increase in interbank loans
obtained
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax rebates 1,989,284.94 4,353,341.48
Cash generated from other operating
222,605,666.42 640,978,685.79
activities
Subtotal of cash generated from
2,217,696,163.52 2,820,657,799.59
operating activities
Payments for commodities and
1,703,243,616.27 1,348,654,820.64
services
Net increase in loans and advances
to customers
Net increase in deposits in the
central bank and in interbank loans
granted
Payments for claims on original
insurance contracts
Net increase in financial assets held
for trading purposes
Net increase in interbank loans
granted
23
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Interest, handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 86,117,594.16 79,113,433.88
Taxes paid 44,910,779.37 50,185,919.15
Cash used in other operating
210,497,435.26 671,234,926.61
activities
Subtotal of cash used in operating
2,044,769,425.06 2,149,189,100.28
activities
Net cash generated from/used in
172,926,738.46 671,468,699.31
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 408,094,662.13 232,510,000.00
Return on investment 2,718,922.13 1,472,885.18
Net proceeds from the disposal of
fixed assets, intangible assets and other 44,844.68 322,250.00
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
104,370,288.32
activities
Subtotal of cash generated from
410,858,428.94 338,675,423.50
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 17,181,094.76 13,101,741.12
long-lived assets
Payments for investments 822,386,686.00 621,530,000.00
Net increase in pledged loans
granted
Net payments for the acquisition of
1,780,563.05 7,764,985.00
subsidiaries and other business units
Cash used in other investing
140,631,056.14
activities
Subtotal of cash used in investing
841,348,343.81 783,027,782.26
activities
Net cash generated from/used in
-430,489,914.87 -444,352,358.76
investing activities
3. Cash flows from financing activities:
Capital contributions received 6,553,500.00
Including: Capital contributions
by non-controlling interests to
24
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
subsidiaries
Borrowings obtained 342,470,792.50 150,698,502.12
Net proceeds from the issuance of
bonds
Cash generated from other financing
46,091,606.72 1,443,544,816.72
activities
Subtotal of cash generated from
388,562,399.22 1,600,796,818.84
financing activities
Repayments of borrowings 446,871,965.95 323,198,502.12
Payments for interest and dividends 17,691,810.54 21,335,613.45
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
46,119,629.69 1,318,105,876.66
activities
Subtotal of cash used in financing
510,683,406.18 1,662,639,992.23
activities
Net cash generated from/used in
-122,121,006.96 -61,843,173.39
financing activities
4. Effect of foreign exchange rate
-59,331.42 -528,252.76
changes on cash and cash equivalents
5. Net increase in cash and cash
-379,743,514.79 164,744,914.40
equivalents
Add: Cash and cash equivalents,
867,870,016.78 1,014,438,663.43
beginning of the period
6. Cash and cash equivalents, end of
488,126,501.99 1,179,183,577.83
the period
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2019 Q1 2018
1. Cash flows from operating activities:
Proceeds from sale of commodities
and rendering of services
Tax rebates 1,800.00
Cash generated from other operating
20,428,310.16 7,179,777.27
activities
Subtotal of cash generated from
20,430,110.16 7,179,777.27
operating activities
Payments for commodities and
14,172.05
services
Cash paid to and for employees 4,980,819.49 1,802,949.00
Taxes paid 39,120.34 2,116,405.74
25
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Cash used in other operating
29,639,022.05 10,336,154.55
activities
Subtotal of cash used in operating
34,673,133.93 14,255,509.29
activities
Net cash generated from/used in
-14,243,023.77 -7,075,732.02
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment
Net proceeds from the disposal of
fixed assets, intangible assets and other
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 47,052.41
long-lived assets
Payments for investments 13,500,000.00
Net payments for the acquisition of
1,780,563.05
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
1,827,615.46 13,500,000.00
activities
Net cash generated from/used in
-1,827,615.46 -13,500,000.00
investing activities
3. Cash flows from financing activities:
Capital contributions received
Borrowings obtained 3,500,000.00 27,500,000.00
Net proceeds from the issuance of
bonds
Cash generated from other financing
activities
Subtotal of cash generated from
3,500,000.00 27,500,000.00
financing activities
Repayments of borrowings
Payments for interest and dividends
26
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2019
Cash used in other financing
1,775,293.17
activities
Subtotal of cash used in financing
1,775,293.17
activities
Net cash generated from/used in
3,500,000.00 25,724,706.83
financing activities
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
-12,570,639.23 5,148,974.81
equivalents
Add: Cash and cash equivalents,
13,597,659.66 15,360,177.32
beginning of the period
6. Cash and cash equivalents, end of
1,027,020.43 20,509,152.13
the period
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New
Standards Governing Financial Instruments, Revenue or Leases
□ Applicable √ Not applicable
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any New
Standards Governing Financial Instruments or Leases
□ Applicable √ Not applicable
III Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes √ No
These financial statements have not been audited by such an auditor.
Hainan Jingliang Holdings Co., Ltd.
27 April 2019
27
