深圳中冠纺织印染股份有限公司2010 年第一季度季度报告全文
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Shenzhen Victor Onward Textile Industrial Co., Ltd.
The First Quarterly Report 2010
§1 Important Notice
1.1 The Board of Directors of the Company hereby guarantees that there are no misstatement,
misleading representation or important omissions in this report and shall assume joint and
several liability for the authenticity, accuracy and completeness of the contents hereof.
1.2 The financial report of the Company in this quarterly Report period has not been audited.
1.3.Mr. Hu Yongfeng, board chairman and General Manager of the Company, Mr.Zhang Jinliang,
Deputy General Manager of the Company, Mr. Ren Chengzheng , Manager of Financial Dept
represent and warrant the financial report in this quarterly report is true and complete.
§2 Basic Information
2.1 Highlights of Accounting Data and Financial Indicators
Unit：RMB
At the period-end of this At the period-end of last
year Increase /decrease（％）
Total assets（RMB） 194,140,183.00 201,318,234.00 -3.57%
Owner’s equity attributable to the parent
company(RMB) 138,612,190.00 143,058,948.00 -3.11%
Stock capital(Share ) 169,142,356.00 169,142,356.00 0.00%
Net assets per share attributable to the parent
company(RMB/share) 0.82 0.85 -3.53%
Amount of current period Amount of the same period
in last year Increase /decrease（％）
Total turnover(RMB) 1,924,354.00 6,445,026.00 -70.14%
Net profit attributable to owners of parent
company(RMB) -3,524,663.00 -1,814,716.00 94.23%
Net cash flow arising from operating
activities(RMB) -639,091.00 -624,750.00 2.30%
Net cash flow per share arising from operating
activities(RMB/share) 0.00 0.00 0.00%
Basic earnings per share(RMB/share) -0.02 -0.01 100.00%深圳中冠纺织印染股份有限公司2010 年第一季度季度报告全文
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Diluted earnings per share(RMB/share) -0.02 -0.01 100.00%
Weighted average return on equity（%） -2.51% -1.41% -1.10%
Weighted average return on equity after
deducting non-recurring gains and losses（%） -2.51% -1.42% -1.09%
Items of non-current gains and losses Year begin to end of report
period
Other non-operating income and expense other than above-mentioned 60.00
Total 60.00
Explanation on important items of extraordinary gains and losses:
.
2.2 Top 10 shareholders and top 10 holders of unconditional shares
Unit：Shares
Total number of shareholders at the end of report
period 11,336
Particulars about the shares held by the top ten tradable shareholders with unrestricted conditions
Full name of shareholder
Amount of tradable shares with
unrestricted conditions held at the end of
report period
Type of shares
Union Holding Co., Ltd. 43,141,032 RMB common shares
STYLE-SUCCESS LIMITED 24,466,029 Foreign shares placed in domestic
exchange
Shenzhen Textile (Group)Holdings Ltd 10,385,894 RMB common shares
Rich Crown Investment Co., Ltd. 6,114,556 Foreign shares placed in domestic
exchange
Union Developing Group Co., Ltd. 5,821,089 RMB common shares
Shing Ying Chieh 2,438,959 Foreign shares placed in domestic
exchange
BOCI SECURITIES LIMITED 1,493,276 Foreign shares placed in domestic
exchange
Bo Haowen 1,200,000 Foreign shares placed in domestic
exchange
Wang Guangyuan 1,020,050 RMB common shares
Xu Qiongying 1,018,172 RMB common shares
§3 Significant Events
3.1 Particular about large-margin change of main accounting statement item and financial index and its
reason.
√ applicable □ not applicable
1.Analysis of the reason for big change of the items of balance sheet of the Company as of the end of the report period.
Unit: RMB
Items March 31,2010 December 31,2009 Amount of increased / Proportion increased/
Decreased Decreased深圳中冠纺织印染股份有限公司2010 年第一季度季度报告全文
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Trading financial assets 241,351 171,221 70,130 40.96
Account receivable 1,145,790 2,398,250 -1,252,460 -52.22%
Prepayments 34,457 942,126 907,669 -96.34%
Other account receivable 359,263 1,227,246 867,983 -70.73%
Account payable 2,765,098 4,101,084 1,335,986 -32.58%
Advance account received 3,403,883 4,555,433 1,151,550 -25.28%
Tradable financial assets increased by RMB 70,000 and 40.96% mainly because the new shares won in IPO subscription were not
tradable.
Accounts receivable, payment in advance, other receivables, accounts payable and advance collections respectively decreased mainly
due to decrease of business.
2.Analysis of the reason for big change of the items of profit statement as of the end of the report period.
In the period from January 2010 to March 2010,the company earned operating income of RMB 1.92 million on accumulative basis,
which decreased by RMB 4.52 million and 70.14% year on year. Net profit is RMB -3.54 million. compare to the data last year same
period, which loss increased by RMB 1.70 million and 91.92%.
⑴Analysis of reason for decrease of operating income：
Due to continuous production suspense in the report year.
⑵The main reason for increased of amount of loss：
It was affected by continuous production suspense and rectification and accounting for loss from investment in enterprises on equity
basis.
3.Analysis of the reason for big change of the items of cash flow statement of the Company in the report period.
Unit: RMB
Items This period Same period of last year amount of Proportion
increased/decreased Increased/ decreased
Net cash flows arising form
Operating activities -639,091 -624,750 -14,341 2.30%
Net cash flows from investing activities -96,282 -34,347 -61,935 180.32%
Net cash flows from financing activities 0 0 0 0
The influence of change in exchange rate
Cash and cash equivalents -47,028 16,280 -63,308 -388.87%
Net increase of cash and cash equivalents -782,401 -642,817 -139,584 21.71%
⑴At the end of the report period, net increase in cash and cash equivalents decreased by RMB 10,000 year on year;
⑵In the report period, Net cash flows from investing activities decreased by RMB 60,000 year on year;
⑶At the end of the report period, There were no net cash flows from financing activities in the report period and the same period of
previous year;
⑷At the end of the report period, the influence of change in exchange rate on cash and cash equivalents decreased by RMB 60,000
year on year;
⑸At the end of the report period, net increase in cash and cash equivalents decreased by RMB 0.14 million year on year.
3.2 The progress of significant events and influence, as well as the analysis and explanation on resolving
proposal.
√ applicable □ not applicable
Since March 2007, Shenzhen Victor Onward Textile Industrial Co., Ltd. stopped production and dismissed most of workers. The
company currently only had some agent import and export business and house leasing business.
Except that the Shenzhen East Asia Company was operating normally, the main subsidiary controlled
by the company had stopped the operation and were depending on house lease to maintain. In 2007
the company intended to invest part of machineries and equipments to Nanjing East Asia Textile
Printing & Dyeing Co., Ltd. But due to the reasons of the joint venture party and the prospect change
in the industry, the construction project for the Nanjing Factory plan was delayed.深圳中冠纺织印染股份有限公司2010 年第一季度季度报告全文
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The company mainly made efforts to promote the transfer of printing and dyeing mill project, the company
will strengthen construction direction coordination work，in order to carry out the transfer project as soon as
possible.
3.3 The fulfillment of the commitment made by the Company , shareholders and the actual controller
□ applicable √not applicable
3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report period to
be loss probably or the warning of its material change compared with the corresponding period of the last
year and explanation of reason.
√Applicable □ Not applicable
Forenotice of earnings Carry-back of losses
Year beginning to end of next
report period
Same period of the
previous year Increase or decrease%
Estimated amount of
accumulative net
profit(RMB’0000)
500.00 -127.00 Increase -493.70%
Basic earnings per shares
(Yuan/share) 0.03 -0.01 increase -400.00%
Notes to forenotice of earnings
Due to sales realization of real estate projects of Zhejiang Union Hangzhou Bay Ventures Co., Ltd.
accounted for on equity basis, the accumulative net profit for the period from January 2010 to June
2010 is estimated to be about RMB 4 million to RMB 6 million.
3.5 Major events needs to be explained
3.5.1 Investment in securities
√applicable □not applicable
Unit：RMB
No Stock type Stock code Stock
abbreviation
Initial
investment
amount(Yuan)
Holding
quantity(Shar
e)
Book values at
the end of
period(RMB)
Percentage of
total
investment in
this stock at
the end or
period(%)
Profit and loss
during the report
period(RMB)
1 Hongkong
H 178 Shasha
International 9,052.00 2,000.00 10,656.00 4.42% 1,604.00
2 Hongkong
H 560 Chukong
Shipping 6,709.00 6,000.00 10,445.00 4.33% 3,736.00
3 Hongkong
H 604 Shenzhen
Holding 69,750.00 24,000.00 60,770.00 25.18% -8,980.00
4 Shenzhen
A 002328 Xinpeng 9,690.00 500.00 0.00 0.00% 2,332.00
5 Shaighai
Ａ 601117 China National
chemical 76,020.00 14,000.00 0.00 0.00% 2,052.00
6 Shanghai
Ａ 601179 China XD 0.00 17,000.00 134,300.00 55.65% 0.00深圳中冠纺织印染股份有限公司2010 年第一季度季度报告全文
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7 Shenzhen
Ａ 002386 YIBIN
TIANYUAN 0.00 500.00 7,680.00 3.18% 0.00
8 Shenzhen
A 002385 Beijing
Dabeinong 0.00 500.00 17,500.00 7.25% 0.00
Other securities investment held at the end of the
period 0.00 - 0.00 0.00% 0.00
Gain and loss from investment in securities already
sold in the report period - - - - 73,709.00
Total 171,221.00 - 241,351.00 100% 74,453.00
Explanation Investment in securities ：
Changes of securities investment are the purchases and sales of new shares won in IPO subscription.
3.5.2 Reception of investigations , communications , or interviews
Reception Place Mode Object Discussion issue and offered
information
February 1, 2010 Office of board secretary
of the Company Telephone Individual
shareholder
To learn about the Company’s operating
status, To learn about the progress of
investment projects
March 1,2009 Office of board secretary
of the Company Telephone Individual
shareholder
To learn about whether the Company
has a reorganization plan
March 4, 2009 Office of board secretary
of the Company Sport investigation Individual
shareholder
To learn about the Company’s operating
status
3.5.3 Explanation or other significant events
□applicable √ not applicable
3.6 Derivative Investment
□applicable √ not applicable
3.6.1 Particulars about derivatives investment held at the end of report period
□applicable √ not applicable
§4 Appendix
4.1 Balance sheet
Prepared by：Shenzhen Victor Onward Textile Industrial Co., Ltd. March31, 2010 Unit：RMB
Year-end balance
Year-beginning balance
Items
Consolidated Parent company Consolidated Parent company
Current asset：
Monetary fund 55,323,225.00 24,754,872.00 56,105,626.00 24,960,502.00
Settlement provision
Outgoing call loan深圳中冠纺织印染股份有限公司2010 年第一季度季度报告全文
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Trading financial assets 241,351.00 159,480.00 171,221.00 85,725.00
Bill receivable
Account receivable 1,145,790.00 2,398,250.00 488,528.00
Prepayments 34,457.00 942,126.00
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance
contracts receivable
Interest receivable 5,480.00
Dividend receivable
Other account receivable 359,263.00 79,355,255.00 1,227,246.00 81,416,712.00
Repurchasing of financial
assets
Inventories 941,962.00 443,901.00 856,553.00 444,557.00
Non-current asset due in 1
year
Other current asset
Total of current assets 58,046,048.00 104,713,508.00 61,706,502.00 107,396,024.00
Non-current assets：
Loans and payment on
other’s behalf disbursed
Disposable financial asset 302,656.00 309,399.00
Expired investment in
possess
Long-term receivable
Long term share equity
investment
65,886,147.00 41,256,195.00 68,427,751.00 41,317,197.00
Property investment 43,533,577.00 6,493,933.00 44,445,185.00 6,595,088.00
Fixed assets 18,668,595.00 14,844,235.00 18,772,745.00 14,867,709.00
Construction in progress
Engineering material
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 2,172,643.00 2,172,643.00 2,117,958.00 2,117,958.00
R & D petrol
Goodwill 5,530,517.00 5,538,694.00
Long-germ expenses to be
amortized
Differed income tax asset
Other non-current asset
Total of non-current assets 136,094,135.00 64,767,006.00 139,611,732.00 64,897,952.00
Total of assets 194,140,183.00 169,480,514.00 201,318,234.00 172,293,976.00
Current liabilities深圳中冠纺织印染股份有限公司2010 年第一季度季度报告全文
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Short-term loans
Loan from Central Bank
Deposit received and hold
for others
Call loan received
Trade off financial
liabilities
Bill payable
Account payable 2,765,098.00 116,653.00 4,101,084.00 1,793,753.00
Advance account received 3,403,883.00 2,297,489.00 4,555,433.00 3,448,961.00
Selling of repurchased
financial assets
Fees and commissions
receivable
Employees’ wage payable 466,782.00 446,804.00 559,967.00 559,967.00
Tax payable 2,943,886.00 1,832,142.00 2,519,063.00 1,192,456.00
Interest payable
Dividend payable
Other account payable 30,080,507.00 657,962.00 30,926,067.00 652,984.00
Reinsurance fee payable
Insurance contract
provision
Entrusted trading of
securities
Entrusted selling of
securities
Non-current liability due in
1 year
Other current liability 2,795,309.00 1,141,219.00 2,460,013.00 1,139,376.00
Total of current liability 42,455,465.00 6,492,269.00 45,121,627.00 8,787,497.00
Non-current liabilities：
Long-term loan 1,497,783.00 1,534,300.00
Bond payable
Long-term payable 9,203,955.00 9,217,564.00
Special payable 907,497.00 907,497.00 908,839.00 908,839.00
Expected liabilities
Differed income tax liability 967,438.00 4,288,266.00 968,868.00 4,294,606.00
Other non-current
liabilities
Total of non-current
liabilities
12,576,673.00 5,195,763.00 12,629,571.00 5,203,445.00
Total of liability 55,032,138.00 11,688,032.00 57,751,198.00 13,990,942.00
Owners’ equity
Share capital 169,142,356.00 169,142,356.00 169,142,356.00 169,142,356.00深圳中冠纺织印染股份有限公司2010 年第一季度季度报告全文
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Capital reserves 39,290,818.00 31,606,598.00 39,297,104.00 31,606,598.00
Less：Shares in stock
Special Reserve
Surplus reserves 26,704,791.00 26,309,287.00 26,704,791.00 26,309,287.00
Common risk provision
Undistributed profit -106,292,604.00 -76,804,684.00 -102,767,941.00 -76,527,638.00
Different of foreign currency
translation 9,766,829.00 7,538,925.00 10,682,638.00 7,772,431.00
Total of owner’s equity belong to
the parent company 138,612,190.00 157,792,482.00 143,058,948.00 158,303,034.00
Minor shareholders’ equity 495,855.00 508,088.00
Total of owners’ equity 139,108,045.00 157,792,482.00 143,567,036.00 158,303,034.00
Total of liabilities and owners’
equity 194,140,183.00 169,480,514.00 201,318,234.00 172,293,976.00
4.2 Profit statement
Prepared by：Shenzhen Victor Onward Textile Industrial Co., Ltd. January-March 2010 Unit：RMB
Report period Same period of the previous year
Items Consolidated Parent company Consolidated Parent company
I.Total operating income 1,924,354.00 182,867.00 6,445,026.00 2,527,972.00
Including：Operating income 1,924,354.00 182,867.00 6,445,026.00 2,527,972.00
Interest income
Insurance gained
Commission charge and
commission income
II.Total operating cost 3,539,513.00 537,997.00 7,756,674.00 2,429,523.00
Including：Operating cost 1,625,230.00 -407,845.00 4,404,659.00 1,472,917.00
Interest expense
Commission chare and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of guarantee
slip
Reinsurance expense
Operating tax and extras 857.00
Sales expenses 244,011.00 799,222.00
Administration
expenses 1,973,276.00 1,560,553.00 2,276,214.00 1,211,719.00
Financial expenses -303,861.00 -614,711.00 276,579.00 -255,113.00
Losses of devaluation of assets
Add ：Changing income of fair
value -3,502.00 12,378.00深圳中冠纺织印染股份有限公司2010 年第一季度季度报告全文
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Investment income -1,924,817.00 78,084.00 -549,183.00
Including：Investment income
on affiliate company and joint
venture
Exchange income
III. Operating profit -3,543,478.00 -277,046.00 -1,848,453.00 98,449.00
Add ：Non-operating income 2,339.00
Less：Non-operating expense 60.00 220.00
Including :Disposal loss of
non-current assets
IV. Total profit -3,543,538.00 -277,046.00 -1,846,334.00 98,449.00
Less：Income tax
V. Net profit -3,543,538.00 -277,046.00 -1,846,334.00 98,449.00
Net profit attributable to
owner’s equity of parent company -3,524,663.00 -277,046.00 -1,814,716.00 98,449.00
Minority shareholders’ gains and
losses -18,875.00 -31,618.00
VI. Earnings per share
（i）Basic earnings per share -0.02 -0.01
（ii）Diluted earnings per share -0.02 -0.01
VII. Other comprehensive income 0.00 0.00 0.00 0.00
VIII. Total comprehensive income -3,543,538.00 -277,046.00 -1,846,334.00 98,449.00
Total comprehensive income
attributable to the owner of the
parent company
-3,543,538.00 -277,046.00 -1,846,334.00 98,449.00
Total comprehensive income
attributable minority shareholders 0.00 0.00 0.00 0.00
4.3 Cash flow statement
Prepared by：Shenzhen Victor Onward Textile Industrial Co., Ltd. January-March 2010 Unit：RMB
Report period Same period of the previous year
Items Consolidated Parent company Consolidated Parent company
I.Cash flows from operating
activities
Cash received from sales of
goods or rending of services 3,890,104.00 2,308,306.00 5,963,391.00 2,092,610.00
Net increase of customer
deposits and capital kept for
brother company
Net increase of loans
from central bank
Net increase of inter-bank
loans from other financial
bodies
Cash received against
original insurance contract
Net cash received from
reinsurance business深圳中冠纺织印染股份有限公司2010 年第一季度季度报告全文
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Net increase of client
deposit and investment
Net increase of trade
financial asset disposal
171,819.00 171,819.00
Cash received as interest,
processing fee and
commission
Net increase of
inter-bank fund received
Net increase of
repurchasing business
Tax returned 175,182.00 106,115.00 541,172.00 283,836.00
Other cash received from
business operation
414,364.00 111,121.00 2,047,725.00 1,067,280.00
Sub-total of cash inflow 4,651,469.00 2,697,361.00 8,552,288.00 3,443,726.00
Cash paid for purchasing
of merchandise and services 2,051,814.00 1,051,700.00 4,208,776.00 2,504,075.00
Net increase of client trade
and advance
Net increase of savings
central bank and brother
company
Cash paid for original
contract claim
Cash paid for interest,
processing fee and
commission
Cash paid for policy
dividend
Cash paid to staffs or
paid for staffs
986,618.00 565,612.00 966,398.00 430,303.00
Taxes paid 424,991.00 165,731.00 393,816.00 174,716.00
Other cash paid for
business activities
1,827,137.00 1,061,133.00 3,608,048.00 675,354.00
Sub-total of cash
outflow from business
activities
5,290,560.00 2,844,176.00 9,177,038.00 3,784,448.00
Cash flow generated by
business operation, net
-639,091.00 -146,815.00 -624,750.00 -340,722.00
II.Cash flow generated by
investing
Cash received from
investment retrieving
Cash received as
investment gains
Net cash retrieved from
disposal of fixed assets,
intangible assets, and other深圳中冠纺织印染股份有限公司2010 年第一季度季度报告全文
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long-term assets
Net cash received from
disposal of subsidiaries or
other operational units
Other investment-related
cash received
Sub-total of cash inflow
due to investment activities
Cash paid for construction of
fixed assets, intangible assets
and other long-term assets
96,282.00 56,658.00 34,347.00
Cash paid as investment
Net increase of loan
against pledge
Net cash received from
subsidiaries and other
operational units
Other cash paid for
investment activities
Sub-total of cash
outflow due to investment
activities
96,282.00 56,658.00 34,347.00
Net cash flow generated
by investment
-96,282.00 -56,658.00 -34,347.00
III.Cash flow generated by
financing
Cash received as investment
Incl: Cash received as
investment from minor
shareholders
Cash received as loans
Cash received from bond
placing
Other financing
–related ash received
Sub-total of cash inflow
from financing activities
Cash to repay debts
Cash paid as dividend,
profit, or interests
Incl: Dividend and profit
paid by subsidiaries to minor
shareholders
Other cash paid for
financing activities
Sub-total of cash outflow
due to financing activities
Net cash flow generated by深圳中冠纺织印染股份有限公司2010 年第一季度季度报告全文
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financing
IV.Influence of exchange rate
alternation on cash and cash
equivalents
-47,028.00 -2,157.00 16,280.00 13,937.00
V.Net increase of cash and
cash equivalents
-782,401.00 -205,630.00 -642,817.00 -326,785.00
Add: balance of cash and
cash equivalents at the
beginning of term
56,105,626.00 24,960,502.00 61,368,428.00 30,750,018.00
VI .Balance of cash and cash
equivalents at the end of term 55,323,225.00 24,754,872.00 60,725,611.00 30,423,233.00
4.4 Auditor’ report
Auditor’s opinions: Not audited
The Board of Directors of Shenzhen Victor Onward Textile Industrial Co., Ltd.
April 26, 2010
