深圳市特力(集团)股份有限公司 2017 年半年度报告全文
深圳市特力(集团)股份有限公司
SHENZHEN TELLUS HOLDING CO., LTD
Semi-Annual Report 2017
August 2017
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Section I. Important Notice, Contents and Paraphrase
Board of Directors, Supervisory Committee, all directors, supervisors and senior
executives of Shenzhen Tellus Holding Co., Ltd. (hereinafter referred to as the
Company) hereby confirm that there are no any fictitious statements, misleading
statements, or important omissions carried in this report, and shall take all
responsibilities, individual and/or joint, for the reality, accuracy and completion
of the whole contents.
Lv Hang, Principal of the Company, Yang Jianping, person in charge of
accounting works and Liu Yuhong, person in charge of accounting organ
(accounting principal) hereby confirm that the Financial Report of
Semi-Annual Report 2017 is authentic, accurate and complete.
All directors are attended the Board Meeting for report deliberation.
Securities Times, Hong Kong Commercial Daily and Juchao Website
(www.cninfo.com.cn) are the media for information disclosure appointed by the
Company, all information under the name of the Company disclosed on the
above said media shall prevail. Concerning the forward-looking statements with
future planning involved in the Report, they do not constitute a substantial
commitment for investors, and investors are advised to exercise caution of
investment risks.
The Company has no plan of cash dividends carried out, bonus issued and
capitalizing of common reserves either.
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Contents
Section I Important Notice, Contents and Paraphrase ............................................................................................... 2
Section II Company Profile and Main Finnaical Indexes .......................................................................................... 5
Section III Summary of Company Business .............................................................................................................. 8
Section IV Discussion and Analysis of the Operation ............................................................................................. 10
Section V Important Events ..................................................................................................................................... 20
Section VI Changes in shares and particular about shareholders ............................................................................ 32
Section VII Preferred Stock ..................................................................................................................................... 36
Section VIII Particulars about Directors, Supervisors and Senior Executives ........................................................ 37
Section IX Corporate Bonds .................................................................................................................................... 38
Section X Financial Report ...................................................................................................................................... 39
Section XI Notes to financial statement .................................................................................................................. 61
Section XII Documents available for reference…………………………………………………………………..157
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Paraphrase
Items Refers to Contents
CSRC Refers to China Securities Regulatory Commission
SZ Exchange Refers to Shenzhen Stock Exchange
Shenzhen Branch of China Securities Depository & Clearing
Shenzhen Branch of SD&C Refers to
Corporation Limited
Company, the Company, our Company, Tellus
Refers to Shenzhen Tellus Holding Co., Ltd.
Group
Reporting period, this reporting period Refers to January to June of 2017
Auto Industry and Trade Co., Refers to Shenzhen Auto Industry and Trade Corporation
Zhongtian Company Refers to Shenzhen Zhongtian Industrial Co,. Ltd.
SDG Property Refers to Shenzhen SDG Property Management Co., Ltd.
Tellus Property Refers to Shenzhen SDG Tellus Property Management Co., Ltd.
Tellus Starlight Jinzun Refers to Anhui Tellus Starlight Jinzun Jewelry Co., Ltd.
Tellus Starlight Refers to Anhui Tellus Starlight Jewelry Investment Co., Ltd.
SDG Refers to Shenzhen Special Development Group Co., Ltd.
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Section II Company Profile and Main Finnaical Indexes
I. Company information
Short form of the stock Tellus-A, Tellus-B Stock code 000025, 200025
Stock exchange for listing Shenzhen Stock Exchange
Name of the Company (in
深圳市特力(集团)股份有限公司
Chinese)
Short form of the Company
特力 A
(in Chinese)
Foreign name of the Company
Shenzhen Tellus Holding Co., Ltd
(if applicable)
Legal representative Lv Hang
II. Person/Way to contact
Secretary of the Board Rep. of security affairs
Name Qi Peng Sun Bolun
15/F, CNNC Building, Shennan Middle 15/F, CNNC Building, Shennan Middle
Contact add.
Road, Futian District, Shenzhen Road, Futian District, Shenzhen
Tel. (0755) 83989378 (0755) 83989339
Fax. (0755) 83989386 (0755) 83989386
E-mail ir@tellus.cn sunbl@tellus.cn
III. Others
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting period or
not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change in reporting period,
found more details in Annual Report 2016.
2. Information disclosure and preparation place
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
The newspaper appointed for information disclosure, website for semi-annual report publish appointed by CSRC and preparation
place for semi-annual report have no change in reporting period, found more details in Annual Report 2016
IV. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□ Yes √ No
Current period Same period of last year Changes over last year
Operating income (RMB) 160,984,104.56 157,147,166.48 2.44%
Net profit attributable to shareholders of
24,596,905.09 17,747,952.63 38.59%
the listed Company(RMB)
Net profit attributable to shareholders of
the listed Company after deducting 17,705,046.11 15,449,772.01 14.60%
non-recurring gains and losses(RMB)
Net cash flow arising from operating
7,380,561.40 23,971,506.36 -69.21%
activities(RMB)
Basic earnings per share (RMB/Share) 0.0827 0.0597 38.53%
Diluted earnings per share (RMB/Share) 0.0827 0.0597 38.53%
Weighted average ROE 2.71% 2.02% 0.69%
Changes over period-end of
Period-end Period-end of last year
last year
Total assets (RMB) 1,217,998,855.68 1,189,001,074.98 2.44%
Net assets attributable to shareholder of
920,993,189.04 895,362,614.95 2.86%
listed Company (RMB)
V. Difference of the accounting data under accounting rules in and out of China
1. Difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either IAS (International
Accounting Standards) or Chinese GAAP (Generally Accepted Accounting Principles) in the period.
2. Difference of the net profit and net assets disclosed in financial report, under both foreign accounting
rules and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreign accounting rules or
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Chinese GAAP (Generally Accepted Accounting Principles) in the period.
VI. Items and amounts of extraordinary profit (gains)/loss
√Applicable □ Not applicable
In RMB
Item Amount Note
Gains/losses from the disposal of non-current asset (including the Including: income from equity
4,967,267.25
write-off that accrued for impairment of assets) transfer 4.92 million Yuan
Gains/losses from entrust investment or assets management 1,790,968.34 Income from financing products
Restoring of receivable impairment provision that tested
5,884.91
individually
Other non-operating income and expenditure except for the
261,331.17
aforementioned items
Less: Impact on income tax 30,378.16
Impact on minority shareholders’ equity (post-tax) 103,214.53
Total 6,891,858.98 --
Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring profit (gain)/loss according to
the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their
Securities to the Public --- Extraordinary Profit/loss, explain reasons
□ Applicable √ Not applicable
In reporting period, the Company has no particular about items defined as recurring profit (gain)/loss according to the lists of
extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to
the Public --- Extraordinary Profit/loss
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Section III Summary of Company Business
I. Main businesses of the Company in the reporting period
Does the Company need to comply with the disclosure requirements of the special industry
No
The main business of the company during the reporting period was auto sales; auto testing, maintenance and
accessories sales; property leasing and service business. During the reporting period, under the leadership of the
Board of Directors, the company took innovation-driven development as the guiding principle, actively promoted
the company's strategic transformation in accordance with the company's strategic planning, ensured the sound
development of existing main business, accelerated to implement the new business model and ensured the smooth
implementation of strategic transformation through the overall allocation of resources.
II. Major changes in main assets
1. Major changes in main assets
Major assets Note of major changes
Equity assets No major change
Fixed assets No major change
Intangible assets No major change
Book value of the construction in progress till end of 30 June 2017 amounting to
Construction in progress 354,723,200 Yuan, an increase of 11,357,900 Yuan from a year earlier with 3.31% up.
Mainly due to the continuous input on Shuibei Jewelry Building
Book value of other current assets till end of 30 June 2017 amounting to 185,824,000
Other current assets Yuan, an increase of 95,700,100 Yuan from a year earlier with 106.19% up, mainly
because financing products purchased in the period increased.
2. Main overseas assets
□ Applicable √ Not applicable
III. Core Competitiveness Analysis
Does the Company need to comply with the disclosure requirements of the special industry
No
1. Rich resources accumulation: Shenzhen jewelry market shares account for over 70% of the national jewelry
industry, Shuibei area is the core gathering area of Shenzhen jewelry industry and forms a huge domestic gold
jewelry enterprises cluster which covers the entire industry chain, including raw materials purchase, production
and processing, and wholesale sales, and has established good cooperation relationships with many jewelry
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
enterprises by providing various stable services for many leading enterprises in jewelry industry in Shenzhen over
the years. Therefore, with the help of resources at the leading jewelry enterprises with whom the company has
established strategic partnership, the company can gather jewelry enterprises and attract talents to enter Shuibei
industry park project.
2. Low-cost funds access: in recent years, the macro economy has continued the downturn, the macroeconomic
downturn has caused a certain impact on the jewelry wholesale and retail industry, and the bank credit tightening
has caused continuous tension to the capital chain of jewelry wholesaler and retailer. As a listed company, the
company has diversified and low-cost financing channels; as a state-owned listed company with lower
asset-liability ratio, the company has low bank loan costs. Smooth financing channels and lower capital costs
provide strong financial supports for the company's transformation development and platform layout.
3. Clear strategic blueprint for third-party service providers: stay out of the competition among jewelers, drop out
of the third-party service positioning of specific management jewelry products, avoid the conflicts of interest
between the company and jewelry enterprises, which is helpful for the company to give full play to its own
advantages, establish in-depth relations with numerous jewelry brands and operators, integrate the entire industry
chain resources, and provide full services.
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Section IV Discussion and Analysis of the Operation
1. Introduction
During the reporting period, under the general background of continued downturn in the marketing environment,
the Company achieved good operating results by innovating ideas, integrating business, exploring the greatest
potential of stock business, and giving play to the basic support role of the original business, and the total profit
and the net profit attributable to the parent company raised substantially over the same period last year. From
January to June 2017, the company achieved operating income of RMB 160,984,100, an increase of RMB
3,836,900 or 2.44% compared with RMB 157,147,200 in the same period of last year; the total profit was RMB
24,025,100, an increase of RMB 5,457,700 or 29.39% compared with RMB 18,567,400 in the same period of last
year; net profit attributable to the parent company was RMB 24,596,900, an increase of RMB 6,849,000 or
38.59% compared with RMB 17,748,000 in the same period of last year. The main reason for the increase of the
total profit and the net profit attributable to the parent company over the same period last year was because of the
increase in the property leasing income and the investment income from equity transfer.
On the basis of the steady and healthy development of the current main business, the transformation of Tellus
Group has also entered the implementation stage. During the reporting period, Anhui Tellus Starlight Jinzun
Jewelry Co., Ltd. which was established for entering the retail market of jewelry market has been opened for
business; Sichuan Tellus Jewelry Technology Co., Ltd., the regional channel platform project of jewelry market
channel, has completed the industrial and commercial registration, and shall carry out business soon; Tellus
Shuibei Jewelry Building phase I project which aimed at the jewelry physical platform has entered the investment
attraction stage and is predicted to put into use before the end of 2017. In the second half of 2017, Tellus Group
will continue to explore new ideas, develop steadily, and strive to complete the annual economic indicators.
II. Main business analysis
See the ―I-Introduction‖ in ―Discussion and Analysis of the Operation‖
Change of main financial data on a y-o-y basis
In RMB
Current period Same period of last year y-o-y changes (+,-) Reasons
Revenue from vehicle
sales increased from a
year earlier, particularly
Operation revenue 160,984,104.56 157,147,166.48 2.44%
the high and mid grade
vehicles; and rental
revenue increased
Operating costs increased
for the vehicle sales
Operation costs 118,024,813.96 112,822,380.88 4.61%
increased, and
furthermore, leasing
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
costs from the new Tellus
Starlight Company
increased from a year
earlier
Sales expense 6,883,605.25 7,399,760.23 -6.98%
Management expense 19,352,021.76 20,805,027.12 -6.98%
Interest expenditure
Financial expense 26,460.54 289,000.78 -90.84% declined after SDG loans
are paid
Income tax expense 623,687.09 597,869.12 4.32%
The new Tellus Starlight
paid margins of the
goods to Chow Tai Fook
Net cash flow arising and at end of May in the
7,380,561.40 23,971,506.36 -69.21%
from operation activities period, the net cash flow
from operation declined
for the property company
transferred
Net cash flow arising Financing products
from investment -84,354,916.88 24,320,840.63 investment increased
activities from a year earlier
Loans of engineering
increased and minority
investment for Tellus
Net cash flow arising Starlight Company
21,709,660.64 -16,495,591.67
from financing activities increased in the period;
while loans interest paid
to SDG at same period of
last year
Net increase of cash and
-55,264,848.22 31,796,882.13
cash equivalent
Earnings from
Investment earnings 9,636,578.24 5,100,570.96 88.93% subsidiary’s equity
transfer increased
Major changes on profit composition or profit resources in reporting period
□ Applicable √ Not applicable
No major changes on profit composition or profit resources occurred in reporting period
Constitution of main business
In RMB
Increase or Increase or Increase or
Operating
Operating cost Gross profit ratio decrease of decrease of decrease of gross
revenue
operating revenue operating cost profit ratio over
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
over same period over same period same period of
of last year of last year last year
According to industries
Auto sales 74,929,639.26 73,852,237.08 1.44% 10.96% 11.28% -0.28%
Auto inspection
and maintenance
24,232,935.05 18,604,006.02 23.23% -8.99% -10.55% 1.35%
and accessories
sales
Rental and
58,726,081.12 22,176,416.41 62.24% -1.75% -10.25% 3.58%
service
Jewelry business 432,616.24 2,538,282.27 -486.73% -486.73%
According to products
Auto sales 74,929,639.26 73,852,237.08 1.44% 10.96% 11.28% -0.28%
Auto inspection
and maintenance
24,232,935.05 18,604,006.02 23.23% -8.99% -10.55% 1.35%
and accessories
sales
Rental and
58,726,081.12 22,176,416.41 62.24% -1.75% -10.25% 3.58%
service
Jewelry business 432,616.24 2,538,282.27 -486.73% -486.73%
According to region
Shenzhen 157,888,655.43 114,632,659.51 27.40% 2.58% 2.47% 0.08%
Anhui 432,616.24 2,538,282.27 -486.73%
III. Analysis of non-main business
√Applicable □ Not applicable
In RMB
Amount Ratio in total profit Note Whether be sustainable
The investment income from
disposal equity of Property
Company in the year and
Investment earnings 4,916,001.05 20.46% N
loss from equity transfer of
share holding corporation
Biske
Assets impairment -189,620.97 -0.79%
Non-operation
319,517.17 1.33%
revenue
Non-operation 6,919.80 0.03%
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
expenditure
IV. Assets and liability
1. Major changes of assets composition
In RMB
Period-end Period-end of last year
Ratio
Ratio in total Ratio in total Notes of major changes
Amount Amount changes
assets assets
153,232,791.8 More financing products and
Monetary fund 12.58% 190,981,593.06 16.36% -3.78%
8 engineering input increased
Account
2,221,154.93 0.18% 1,664,778.74 0.14% 0.04%
receivable
Inventory 7,989,799.13 0.66% 9,179,418.55 0.79% -0.13%
Investment real
75,475,007.05 6.20% 79,847,555.27 6.84% -0.64%
estate
Change of the investment earnings that
Long-term equity 198,496,585.9
16.30% 216,689,503.20 18.56% -2.26% accrual by equity method from shares
investment 1
holding corporation
124,060,216.9
Fix assets 10.19% 132,707,486.29 11.37% -1.18%
4
Construction in 354,723,231.1 Investment for 1st phase of Shuibei
29.12% 314,412,966.77 26.93% 2.19%
process 6 Jewelry Building increased
Short-term loans 50,000,000.00 4.11% 4.11% Bank credit increased
Long-term loans 27,600,000.00 2.27% 2.27% Loans for engineering increased
Other current 185,823,991.9
15.26% 110,319,674.72 9.45% 5.81% Financing products increased
assets 3
Intangible assets 53,042,802.82 4.35% 54,296,001.28 4.65% -0.30%
Other account 114,778,401.1
9.42% 179,682,571.96 15.39% -5.97% Loans from SDG decreased
payables 9
2. Assets and liability measured by fair value
□Applicable √ Not applicable
3. Right of the assets restrained till end of the Period
Item Book value at period-end Restriction reasons
Monetary fund 30,000,000.00 structured financing products over
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
3 months
Investment real estate 45,656,477.74 （1）
Fixed assets 1,580,835.53 （1）
Intangible assets 50,752,685.52 （2）
Long-term equity investment 75,219,913.29 （3）
Total 203,209,912.08
(1)In order to meet the needs of operation and construction, the Company signed a comprehensive credit contract
(No. 2014SYJTZZ007) with China Citic Bank Jingtian Sub-branch on August 28, 2014, the credit amount was
RMB 211,000,000.00, and at the same time signed a highest mortgage contract (No. 2014SYJTZDZ008) by
taking the book assets of Shenzhen SDG Tellus Real Estate Co., Ltd. as the mortgage with amount of RMB
50,293,453.68, and signed a highest mortgage contract (No. 2014SYJTZDZ007) by taking the book assets of the
Company as the mortgage with amount of RMB 117,706,546.32, and accordingly signed a loan contract (No.
2014SYJTDZ0012) on August 28, 2014 with loan amount of RMB 157,500,000.00 and loan period from August
28, 2014 to on August 28, 2017, the repayment method was paying interest monthly and returning 8% of principal
for every half year after offering loans, and the balance should be paid off at a time once due, up to June 30, 2017,
the loans were returned, but the assets were still in mortgage because the loan commitment was still valid.
(2) In order to meet the project construction needs of Tellus Shuibei Jewelry Building, Shenzhen Zhongtian
Industrial Co., Ltd., a subsidiary of the Company, took the land (No. SFDZ2000609764) of this project as the
mortgage and signed a loan contract (DJ2014G250TB) with China Construction Bank Shuibei Jewelry
Sub-branch on June 24, 2014 with loan amount of RMB 300 million and loan term from June 24, 2014 to June 23,
2024, and the Company provided the joint liability guaranty (BJ2014G250TB), up to June 30, 2017, Shenzhen
Zhongtian Industrial Co., Ltd. borrowed RMB 27,600,000.00 from the bank.
(3)The Company signed a Pledge Contract with Zung Fu Automobile Management (Shenzhen) Co., Ltd.
(hereinafter referred to as ―Zung Fu Shenzhen‖) which agreed that from the establishment of the Company’s joint
venture Shenzhen Zung Fu Tellus Automobile Service Co., Ltd. (hereinafter referred to as ―Zung Fu Tellus‖) to
the expiration date of the joint venture contract between the Company and Zung Fu Shenzhen, Zung Fu Shenzhen
provided loans to Zung Fu Tellus by entrusted loan, and Zung Fu Tellus asked for loans to banks or other
financial enterprises and Zung Fu Shenzhen provided guarantee for it, if the total amount of above loans was no
more than RMB 100 million, Zung Fu Shenzhen would undertake 35% of the liabilities caused by above loans
according to the equity ratio, and agree the Company to pledge its 35% equity stake of Zung Fu Tellus to Zung Fu
Shenzhen as the corresponding counter guarantee of above loans.
V. Investment
1. Overall situation
□Applicable √ Not applicable
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
2. The major equity investment obtained in the reporting period
□Applicable √ Not applicable
3. The major non-equity investment doing in the reporting period
□Applicable √ Not applicable
4. Financial assets investment
(1) Securities investment
□ Applicable √ Not applicable
The Company had no securities investment in the reporting period.
(2) Derivative investment
□ Applicable √ Not applicable
The Company has no derivatives investment in the Period
VI. Sales of major assets and equity
1. Sales of major assets
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.
2. Sales of major equity
√Applicable □ Not applicable
Net
profit
contribu
Whether
ted by
Ratio of implem
the The Equity
the net ented as
equity influenc Whether have
Trading profit Relation schedul
to listed e of to be a ownersh
price (in contribu Pricing ship ed, Disclos
Counter Equity Date on compan equity related ip Disclos
10 ted by principl with the explain ure
party on sale sale y (from sales to transacti transfer ure date
thousan equity e counter reasons index
period-b the on complet
d Yuan) sales in party and
egin to compan (Y/N) ed
total net counter
date on y (Y/N)
profit measure
sale) (in
if not
10
thousan
d Yuan)
Shenzhe 100% The Accordi SDG Notice
n SDG equity transacti ng to Property No:
Complet
Property of on’s the has the 2017-0
2017-05 ed as 2017-05
Manage Shenzhe 1,415 25 pricing 21.58% Assets Y same Y 39 on
-25 schedul -26
ment n SDG basis Apprais controlli Securit
e
Co., Tellus based al ng ies
Ltd. Property on the Report sharehol Times,
15
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Manage appraisa [Guo der as Hong
ment l Zhong the Kong
Co., conclusi Lian Compan Comm
Ltd. on, after Apprais y, it has ercial
equity al Zi a related Daily
transferr (2017) relations and
ed, No. hip with Juchao
Tellus 3-0058 the Websit
Property issued Compan e
will not by Guo y (www.
included ZHong cninfo.
in the Lian com.cn
consolid Assets )
ation Apprais
stateme al Land
nt any and
more. Real
The Estate
Compan Apprais
y, by al Co.,
initial Ltd.,
calculati who has
on, the
earns qualific
approxi ation for
mately perform
5.05 ing
million related
Yuan business
from of
this securitie
transacti s and
on, futures,
which the
shows a assessm
positive ent
impact based
on on
operatio asset-ba
n sed
perform approac
ance for h and
year of income
2017. approac
h.
VII. Analysis of main Holding Company and stock-jointly companies
√Applicable □ Not applicable
Particular about main subsidiaries and stock-jointly companies net profit over 10%
In RMB
Company Main Register Operating Operating
Type Industry Total assets Net Assets Net profit
name business capital revenue profit
Shenzhen Own
Auto property
RMB 58.96 286,537,25 248,268,63 9,741,743.0 1,251,680
Industry Subsidiary Commerce leasing and 865,680.72
million 1.74 3.32 7 .23
and Trade sales of
Corporation auto and
16
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
accessories
Auto
Shenzhen
maintenanc
SD Huari
Service e and US$ 5 75,743,190. 28,892,660. 17,870,512.
Automobile Subsidiary -5,163.39 146,386.14
industry production million 68 36 30
Enterprise
and sales of
Co.Limited
accessories
Shenzhen
RMB
Zhongtian Service Property 425,673,91 282,517,63 1,589,953.3 -881,245.
Subsidiary 267.25 -882,202.36
Industrial industry rental 3.34 2.25 2 76
million
Co,. Ltd.
Shenzhen
Huari
Toyota Sales of RMB 2 45,085,172. -4,130,784. 97,707,246. 171,752.3
Subsidiary Commerce 204,462.59
Automobile automobile million 36 29 23 0
Sales Co.
Ltd
Shenzhen
Manufactur
Xinyongton
e of
g Auto
Service inspection RMB 19.61 10,578,172. 3,598,514.9 2,301,999.0 578,273.2
Vehicle Subsidiary 452,026.51
industry equipment million 81 1 5 9
Inspection
for motor
Equipment
vehicle
Co., Ltd.
Shenzhen
Tellus
Inspection
Xinyongton
Service and repair RMB 32.90 85,455,484. 49,541,290. 6,148,572.3 2,017,047
g Subsidiary 1,909,938.96
industry of motor million 28 74 9 .00
Automobile
vehicle
Developme
nt Co. Ltd
Anhui
Tellus
Starlight Sales Retail of RMB 9.8 14,455,973. 12,477,568. -2,243,90
Subsidiary 432,616.24 -2,243,908.10
Jewelry industry jewelry million 67 14 8.10
Investment
Co., Ltd.
Shenzhen
Car sales
Zung Fu
Joint stock Service and RMB 30 372,867,46 216,285,30 602,080,90 31,936,10 24,584,092.9
Tellus
Company industry maintenanc million 3.47 3.21 7.00 5.58 6
Automobile
e
Service Co.,
17
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Ltd.
Manufactur
Shenzhen
e and
Dongfeng Joint stock Manufactur RMB 100 537,123,54 132,294,33 249,209,51 -12,315,0
maintenanc -9,138,940.53
Automobile Company ing industry million 4.17 7.69 5.73 05.42
e of
Co., Ltd.
automobile
Shenzhen Property
Tellus managemen RMB
Joint stock Service 446,185,83 107,752,43 19,777,905. -6,609,39
Gman t; own 123,704,96 -6,609,390.37
Company industry 2.21 6.26 85 0.37
Investment property 0
Co., Ltd. leasing
Particular about subsidiaries obtained or disposed in report period
√Applicable □ Not applicable
Impact on overall operation and
Name Way to obtained and dispose in the Period
performance
The transaction’s pricing basis based on
the appraisal conclusion, after equity
transferred, Tellus Property will not
included in the consolidation statement any
more. The Company, by initial calculation,
will earns approximately 5.05 million Yuan
Shenzhen SDG Tellus Property Subsidy disposal by equity transfer
from this transaction, which shows a
Management Co., Ltd. agreement
positive impact on operation performance
for year of 2017. Found more in relevant
notice (Notice No.: 2017-039) released on
Securities Times, Hong Kong Commercial
Daily and Juchao Website
(www.cninfo.com.cn)
VIII. Structured vehicle controlled by the Company
□Applicable √ Not applicable
IX. Prediction of business performance from January – September 2017
Estimation on 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 on reason
□Applicable √ Not applicable
X. Risks and countermeasures
1. Construction in progress: the project construction and development plans and completion plans may be affected
by the following force majeure factors:
18
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
(1) Changes in laws and regulations may have an impact on the project development;
(2) The license procedures processing of the audit institutions to the development project may have an impact on
the development progress of the project;
(3) The demolition progress of the project involving demolition may have an impact on the project progress;
(4) Significant weather changes may have an impact on the project progress;
(5) Other unpredictable major events may have impacts on the project progress.
2. Existing business: the current situation of jewelry industry is grim, although the company’s operating
performance is in an opposite trend and has turned losses into gains, the relevant industry has not yet formed core
competitiveness, before the jewelry project producing benefits, the company still needs to rely on the existing
business to maintain profitability, and faces greater operating pressure. The company will be market-oriented,
optimize and adjust the main business structure, fully revitalize its own resources, improve business management
and cost control level, and enhance the profitability of existing main businesses.
3. Transformational business: through the repeated market researches in the past two years, the company has a
more clear understanding about the characteristics of jewelry industry, the core links of industrial chain and the
corporate pain point, and begins to try to implement the transformational business. But the market research still
has some limitations, and there are large uncertainties whether the platform can graft the jewelry financial services
to leverage the entire supply chain. From the external environment, it is still a serious year for the shuffling of
jewelry industry, and there are still uncertainties whether the industry can bottom out. In this regard, the company
will strengthen the transformation faith, carefully lay out, seek the industry value depression at the low-tide period,
strengthen the risk control, build operation teams and regulatory agencies based on the company's own staff, and
ensure that the landed projects are efficient and controllable.
19
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Section V. Important Events
I. AGM and extraordinary general meeting
1. AGM held in the period
Participation ratio
Meeting Type Holding date Disclosure date Index
for investors
Notice No.:
2017-029 on
Securities Times,
Annual General Hong Kong
AGM 73.01% 2017-05-04 2017-05-05
Meeting of 2016 Commercial Daily
and Juchao Website
(www.cninfo.com.cn
)
Notice No.:
2017-036 on
Securities Times,
First Extraordinary Extraordinary
Hong Kong
Shareholders Shareholders 73.01% 2017-05-25 2017-05-26
Commercial Daily
Meeting of 2017 Meeting
and Juchao Website
(www.cninfo.com.cn
)
2. Request for extraordinary general meeting by preferred stockholders with rights to vote
□Applicable √ Not applicable
II. Profit distribution plan and capitalizing of common reserves in the period
□ Applicable √ Not applicable
There are no cash dividend, bonus and capitalizing of common reserves carried out in the semi-annual
III. Commitments that actual controller, shareholder, related parties, buyer and committed
party as the Company etc. have fulfilled during the reporting period and have not yet fulfilled
by the end of reporting period
□ Applicable √ Not applicable
There are no commitments that the actual controller, shareholder, related parties, buyer and committed party as the Company etc.
have fulfilled during the reporting period and have not yet fulfilled by the end of reporting period
20
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
IV. Appointment and non-reappointment (dismissal) of CPA
Whether the semi-annual financial report had been audited
□Yes √ No
The semi-annual report was not audited
V. Explanation on “Qualified Opinion” from CPA by the Board and Supervisory Committee
□ Applicable √ Not applicable
VI. Explanation from the Board for “Qualified Opinion” of last year’s
□ Applicable √ Not applicable
VII. Bankruptcy reorganization
□ Applicable √ Not applicable
No bankruptcy reorganization in Period.
VIII. Lawsuits
Material lawsuits and arbitration
□ Applicable √ Not applicable
No material lawsuits and arbitration in the reporting
Other lawsuits
□Applicable √ Not applicable
Found more in Note X. Commitment and contingency in the Section XI ―Notes to Financial Statement‖ .
IX. Penalty and rectification
□ Applicable √ Not applicable
No penalty and rectification for the Company in reporting period.
X. Integrity of the Company and its controlling shareholders and actual controllers
□Applicable √ Not applicable
XI. Implementation of the company’s stock incentive plan, employee stock ownership plan or
other employee incentives
□Applicable √ Not applicable
21
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Nil
XII. Major related transaction
1. Related transaction with routine operation concerned
√Applicable □ Not applicable
Whether
Trading
Related over the
Content transacti Proporti limit Clearing Availabl Index
Type of approve Date of
of Pricing Related on on in approve form for e similar of
Related Relation related
related principl transacti amount similar d related disclosu
party ship transacti
transacti e on price (in 10 transacti d (in 10 transacti market disclos
on limited re
on thousan ons (%) thousan on price ure
d Yuan) or not
d Yuan)
(Y/N)
Notice
No.:
2017-0
17 on
Securit
ies
Shenzhe
Director Times,
n Zung
/Supervi Hong
Fu By
sor/ SE Routine Referen Kong
Tellus contract
serves related Housing ce to 2017-04 Comm
Automo 265 265 5.90% 265 N or 265
director transacti lease market -08 ercial
bile agreeme
of the ons price Daily
Service nt
compan and
Co.,
y Juchao
Ltd.
Websit
e
(www.
cninfo.
com.c
n)
Total -- -- 265 -- 265 -- -- -- -- --
Detail of sales return with major
N/A
amount involved
Report the actual implementation of
the normal related transactions which
were projected about their total Performing normally
amount by types during the reporting
period(if applicable)
Reasons for major differences
Not applicable
between trading price and market
22
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
reference price (if applicable)
2. Related transactions by assets acquisition and sold
□ Applicable √ Not applicable
No related transactions by assets acquisition and sold for the Company in reporting period
3. Main related transactions of mutual investment outside
□ Applicable √ Not applicable
No main related transactions of mutual investment outside for the Company in reporting period
4. Contact of related credit and debt
√Applicable □ Not applicable
Whether has non-operational contact of credit and debts or not
√Yes □No
C
Debts payable to related party:
Balance at Current Current Current Balance at
period-begin newly added recovery interest period-end
Related party Relationship Causes Interest rate
(10 thousand (10 thousand (10 thousand (10 thousand (10 thousand
Yuan) Yuan) Yuan) Yuan) Yuan)
Shenzhen
Intercourse
Special
Majority funds and
Development 3,186 32 3,218
shareholder loans
Group Co.,
interests
Ltd.
Shenzhen
Special
Majority
Development Loans 1,879 4 26 1,874
shareholder
Group Co.,
Ltd.
Impact on operation results
Total profit decreased 260,000 Yuan due to the interest expenses increased in the Year
and financial status
5. Other related transactions
√Applicable □ Not applicable
In order to centralize the resources and promote the strategy transformation of the company, the company signed a
Property Rights Transfer Contract with Shenzhen SDG Property Management Co., Ltd., and transferred 100%
equity stake of Shenzhen SDG Tellus Property Management Co., Ltd. held by the Company to SDG Property
Company by agreement transfer, and the transfer price was RMB 14.15 million. SDG Property Management and
the Company were controlled by the same controlling shareholder and had a related relation. See details on the
relevant announcement the company published on Securities Times, Hong Kong Commercial Daily and
23
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
www.cninfo.com.cn., the announcement No. is 2017-039.
Relevant inquiry for the major related transactions
Notice name Date for disclosure Website disclosed
Equity Transfer of Shenzhen SDG Tellus Securities Times, Hong Kong Commercial
Property Management Co., Ltd. and Related 2017-05-26 Daily and Juchao Website
Transactions (www.cninfo.com.cn)
XIII. Non-business capital occupying by controlling shareholders and its related parties
□ Applicable √ Not applicable
No non-business capital occupied by controlling shareholders and its related parties in Period
XIV. Significant contract and implementations
1. Trusteeship, contract and leasing
(1) Trusteeship
□ Applicable √ Not applicable
No trusteeship for the Company in reporting period
(2) Contract
□ Applicable √ Not applicable
No contract for the Company in reporting period
(3) Leasing
□ Applicable √ Not applicable
No leasing for the Company in reporting period
2. Major guarantees
√Applicable □ Not applicable
(1) Guarantees
In 10 thousand Yuan
Particulars about the external guarantee of the Company (Barring the guarantee for subsidiaries)
Related Guarante
Actual date of
Name of the Announce e for
Guarantee happening (Date Actual Guarantee Guarantee Implemen
Company ment related
limit of signing guarantee limit type term ted (Y/N)
guaranteed disclosure party
agreement)
date (Y/N)
Shenzhen Zung Fu To the expire
2014-09-30 3,500 2007-04-17 3,500 Pledge N Y
Tellus Automobile date of joint
24
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Service Co., Ltd. venture
contract
Total actual occurred external
Total approving external
0 guarantee in report period 3,500
guarantee in report period (A1)
(A2)
Total approved external Total actual balance of
guarantee at the end of report 3,500 external guarantee at the end 3,500
period ( A3) of report period (A4)
Guarantee of the Company and the subsidiaries
Guarante
Related
Actual date of e for
Name of the Announce Implemen
Guarantee happening (Date Actual Guarantee Guarantee
Company ment related
limit of signing guarantee limit type term ted (Y/N)
guaranteed disclosure
agreement) party
date
(Y/N)
Shenzhen 24 June 2014
Joint liability
Zhongtian 2014-05-07 30,000 2014-06-24 30,000 to 23 June N Y
guaranty
Industrial Co,. Ltd. 2024
Total amount of actual
Total amount of approving
occurred guarantee for
guarantee for subsidiaries in 0 30,000
subsidiaries in report period
report period (B1)
(B2)
Total balance of actual
Total amount of approved
guarantee for subsidiaries at
guarantee for subsidiaries at the 30,000 30,000
the end of reporting period
end of reporting period (B3)
(B4)
Guarantee of the subsidiaries and the subsidiaries
Guarante
Related
Actual date of e for
Name of the Announce Implemen
Guarantee happening (Date Actual Guarantee Guarantee
Company ment related
limit of signing guarantee limit type term ted (Y/N)
guaranteed disclosure
agreement) party
date
(Y/N)
Total amount of actual
Total amount of approving
occurred guarantee for
guarantee for subsidiaries in 0 0
subsidiaries in report period
report period (C1)
(C2)
Total balance of actual
Total amount of approved
guarantee for subsidiaries at
guarantee for subsidiaries at the 0 0
the end of reporting period
end of reporting period (C3)
(C4)
Total amount of guarantee of the Company( total of three abovementioned guarantee)
Total amount of approving Total amount of actual
guarantee in report period 0 occurred guarantee in report 33,500
(A1+B1+C1) period (A2+B2+C2)
Total amount of approved Total balance of actual
guarantee at the end of report 33,500 guarantee at the end of report 33,500
period (A3+B3+C3) period (A4+B4+C4)
The proportion of the total amount of actually guarantee in the
36.37%
net assets of the Company (that is A4+ B4+C4)
Including:
25
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Amount of guarantee for shareholders, actual controller and its
0
related parties(D)
The debts guarantee amount provided for the guaranteed
parties whose assets-liability ratio exceed 70% directly or 0
indirectly(E)
Proportion of total amount of guarantee in net assets of the
0
Company exceed 50%(F)
Total amount of the aforesaid three guarantees(D+E+F) 0
Explanations on possibly bearing joint and several liquidating
N/A
responsibilities for undue guarantees (if applicable)
Explanations on external guarantee against regulated
N/A
procedures (if applicable)
Explanation on guarantee with composite way
(2)Guarantee outside against the regulation
□Applicable √ Not applicable
No guarantee outside against the regulation in Period.
(3) Entrust others to cash asset management
The
Amount Actual Actual
Amount actual
of amount reporting of
connec of amount
Payment impairm Projecte of profit profits and
ted product entruste Expiration of
Trustee Start date determinatio ent d and loss losses
transac type d date principal
n method provisio earnings during during the
tion financin recovere
n (if reporting reporting
g d in this
any) period period
period
Everbright
Bank, Guarant Repayment
Limited by eed 2016.10.1 of principal
no 2,000 2017.1.14 2,000 14.03 14.03 14.03
Share Ltd, floating 4 and interest
Shenzhen income at maturity
branch
Societe
Generale
Guarant Repayment
Bank,
eed 2016.11.2 of principal
Limited by no 4,000 2017.2.22 4,000 33.04 33.04 33.04
floating 4 and interest
Share Ltd,
income at maturity
Shenzhen
branch
26
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Everbright
Bank, Repayment
Guarant
Limited by of principal
no eed 2,000 2016.12.2 2017.3.2 2,000 14.75 14.75 14.75
Share Ltd, and interest
income
Shenzhen at maturity
branch
CITIC Bank
Shenzhen Guarant Repayment
branch of eed of principal
no 1,000 2016 .12.7 2017.3.8 1,000 7.48 7.48 7.48
Limited by floating and interest
Share Ltd income at maturity
King
CITIC Bank, Guarant
Repayment
Limited by eed
of principal
Share Ltd, no 3,000 2017.1.6 3,000 27.3 27.3 27.3
2017.4.7
and interest
Shenzhen
at maturity
branch
CITIC Bank, Guarant
Repayment
Limited by eed
of principal
Share Ltd, no 2,000 2017.1.6 2,000 18.2 18.2 18.2
2017.4.7
and interest
Shenzhen
at maturity
branch
CITIC Bank, Guarant
Repayment
Limited by eed
of principal
Share Ltd, no 3,000 2017.1.18 2017.4.19 3,000 27.3 27.3 27.3
and interest
Shenzhen
at maturity
branch
Everbright
Bank, Repayment
Guarant
Limited by of principal
no eed 2,000 2017.1.18 2017.4.18 2,000 17.5 17.5 17.5
Share Ltd, and interest
income
Shenzhen at maturity
branch
China Guarant
Merchants eed
Repayment
Bank,
of principal
Limited by no 1,000 2017.2.14 2017.5.19 1,000 7.72 7.72 7.72
and interest
Share Ltd,
at maturity
Shenzhen,
Luohu branch
Industrial Guarant Repayment
no 3,000 2017.2.23 2017.5.24 3,000 30.33 30.33 30.33
Bank, eed of principal
27
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Limited by and interest
Share Ltd, at maturity
Shenzhen
Cheonan
subbranch
Everbright
Bank, Repayment
Guarant
Limited by of principal
no eed 1,000 2017.2.24 2017.5.24 1,000 9.38 9.38 9.38
Share Ltd, and interest
income
Shenzhen at maturity
branch
Everbright
Bank, Repayment
Guarant
Limited by of principal
no eed 2,000 2017.3.3 2,000 18.78 18.78 18.78
Share Ltd, 2017.6.3
and interest
income
Shenzhen at maturity
branch
CITIC Bank, Guarant
Repayment
Limited by eed
of principal
Share Ltd, no 1,000 2017.3.17 2017.6.28 1,000 10.44 10.44 10.44
and interest
Shenzhen
at maturity
branch
Industrial Guarant
Bank, eed
Repayment
Limited by
of principal
Share Ltd, no 3,000 2017.4.13 2017.7.12 0 31.41 0 0
and interest
Shenzhen
at maturity
Cheonan
subbranch
CITIC Bank, Guarant
Repayment
Limited by eed
of principal
Share Ltd, no 2,000 2017.4.14 2017.7.26 0 20.94 0 0
and interest
Shenzhen
at maturity
branch
Industrial Guarant
Bank, eed
Repayment
Limited by
of principal
Share Ltd, no 2,000 2017.4.21 2017.7.20 0 20.94 0 0
and interest
Shenzhen
at maturity
Cheonan
subbranch
CITIC Bank no Guarant 2,000 2017.4.21 2017.8.2 Repayment 0 22.01 0 0
28
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Shenzhen eed of principal
branch of floating and interest
Limited by income at maturity
Share Ltd
King
Everbright
Bank, Repayment
Guarant
Limited by of principal
no eed 1,000 20174.21 2017.7.21 0 9.63 0 0
Share Ltd, and interest
income
Shenzhen at maturity
branch
Bank of Guarant
Repayment
Shenzhen eed
of principal
Jiangsu no 1,000 20175.25 T+0 0 0 0
and interest
Branch Sales
at maturity
Department
Industrial Guarant
Bank, eed
Repayment
Limited by
of principal
Share Ltd, no 3,000 2017.6.5 2017.9.4 0 33.75 0 0
and interest
Shenzhen
at maturity
Cheonan
subbranch
Everbright
Bank, Repayment
Guarant
Limited by of principal
no eed 2,000 2017.6 .14 2017.9.14 0 22.25 0 0
Share Ltd, and interest
income
Shenzhen at maturity
branch
Total 43,000 -- -- -- 27,000 397.18 236.25 --
Capital resource
Idle raised funds and Part of its own funds
Principal uncollected for
overdue and accumulated
earnings 0
s
Lawsuit involved (if
applicable) Not applicable
Disclosure date for approval
2016.4.29、2017.4.8
from the Board for trust
29
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
financing (if applicable)
Disclosure date for approval
from board of shareholders for
trust financing (if applicable) 2016.5.21、2017.5.5
Yes, the decision-making process that the Company uses idle raised funds and part of the
self-owned fund to purchase financial products meets the "Articles of Association", "Raised Funds
Trust financing plan in the Management System" and other relevant provisions. Using idle raised funds to purchase financial
future products is implemented in the premise of not affecting the main business. A certain amount of
investment income can be obtained by properly investing in the low-risk financial products so as to
improve the Company's capital usage efficiency.
(4)Other material contracts
□ Applicable √ Not applicable
No other material contracts for the Company in reporting period
XV. Social responsibility
1. Targeted poverty alleviation social responsibility
(1) Summary of the targeted poverty alleviation for the half year
During the reporting period, the company participated in the targeted poverty alleviation at Libai Village,
Shangguan Town, Dongyuan County, Heyuan City, Guangdong Province. The Company sent representatives to
stay at the village to complete the identification, approval, archiving work by visiting the poor households, went to
the surrounding villages and towns for investigation and study, and made preparation for establishing help
programs and developing the various industries for the village to be helped.
(2)Targeted poverty alleviation for the first half of 2017
The second half of 2017, the company plans to develop accurate poverty alleviation plan, to participate in the
improvement of infrastructure construction to help the village, to improve the village appearance and other initiatives and
helping promote the economic development of the region.
2. Material environmental protection
The listed Company and its subsidiary whether belongs to the key sewage units released from environmental protection department
No
30
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
XVI. Explanation on other significant events
□Applicable √ Not applicable
Nil
XVII. Significant event of subsidiary of the Company
□Applicable √ Not applicable
31
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Section VI. Changes in Shares and Particulars about Shareholders
I. Changes in Share Capital
1. Changes in Share Capital
In Share
Before change Increase/decrease in this time (+ , - ) After change
Capitalizat
Bonus ion of
Amount Ratio New issue Other Subtotal Amount Ratio
share public
reserve
77,000,00 77,000,00
I. Restricted shares 25.90% 25.90%
0 0
2. State-owned corporation
6,000,000 2.02% 6,000,000 2.02%
shares
71,000,00 71,000,00
3. Other domestic shares 23.88% 23.88%
0 0
Including: domestic legal 71,000,00 71,000,00
23.88% 23.88%
person’s shares 0 0
220,281,6 220,281,6
II. Un-restricted shares 74.10% 74.10%
00 00
193,881,6 193,881,6
1. RMB ordinary shares 65.22% 65.22%
00 00
2. Domestically listed 26,400,00 26,400,00
8.88% 8.88%
foreign shares 0 0
297,281,6 297,281,6
III. Total shares 100.00% 100.00%
00 00
Reasons for share changed
□Applicable √ Not applicable
Approval of share changed
□Applicable √ Not applicable
Ownership transfer of share changes
□Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common
shareholders of Company in latest year and period
□Applicable √ Not applicable
32
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Other information necessary to disclose for the Company or need to disclosed under requirement from security regulators
□Applicable √ Not applicable
2. Changes of restricted shares
□Applicable √ Not applicable
II. Securities issuance and listing
□Applicable √ Not applicable
III. Amount of shareholders of the Company and particulars about shares holding
In Share
Total preference shareholders
Total common stock
with voting rights recovered at
shareholders in reporting 65,094 0
end of reporting period (if
period-end
applicable) (found in note8)
Particulars about shares held above 5% by common shareholders or top ten common shareholders
Total Number of share pledged/frozen
Amount
sharehold Amount of
Changes in of
Proportion ers at un-restricte
Full name of Nature of
of shares report restricted
Shareholders shareholder the end of d shares State of share
held Amount
period shares
report held
held
period
Shenzhen
Special State-owned 145,925,2 139,925,25
49.09% 6,000,000
Development corporation 56 6
Group Co., Ltd.
Shenzhen
Capital Fortune
Jewelry
Domestic non
Industry 71,000,00 71,000,00
state-owned 23.88%
Investment 0 0
corporate
Enterprise
(limited
partnership)
GUOTAI
JUNAN
Foreign
SECURITIES( 0.88% 1,241,440 1,241,440
corporation
HONGKONG)
LIMITED
33
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Domestic nature
Li Guangxin 0.26% 761,161 761,161
person
Weng Foreign nature
0.19% 579,528 579,528
Zhengwen person
Domestic nature
He Xing 0.10% 300,100 300,100
person
Foreign nature
Zeng Huiming 0.09% 270,000 270,000
person
Domestic nature
Huang Chuyun 0.09% 266,500 266,500
person
Agricultural
Bank of China
Other 0.08% 242,400 242,400
Ltd. – CSI 500
ETF
Domestic nature
Lin Fengfang 0.07% 216,933 216,933
person
Strategy investors or general
corporation comes top 10
N/A
shareholders due to rights issue (if
applicable) (see note3)
Among the top ten shareholders, there exists no associated relationship between the
Explanation on associated state-owned legal person’s shareholders SDG, Ltd and other shareholders, and they do not
relationship among the top ten belong to the consistent actionist regulated by the Management Measure of Information
shareholders or consistent action Disclosure on Change of Shareholding for Listed Companies. For the other shareholders of
circulation share, the Company is unknown whether they belong to the consistent actionist.
Particular about top ten shareholders with un-restrict shares held
Type of shares
Shareholders’ name Amount of un-restrict shares held at Period-end
Type Amount
Shenzhen Special Development RMB ordinary
139,925,256
Group Co., Ltd. shares
GUOTAI JUNAN Domestically
SECURITIES(HONGKONG) 1,241,440 listed foreign
LIMITED shares
Domestically
Li Guangxin 761,161 listed foreign
shares
Domestically
Weng Zhengwen 579,528 listed foreign
shares
34
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Domestically
He Xing 300,100 listed foreign
shares
Domestically
Zeng Huiming 270,000 listed foreign
shares
Domestically
Huang Chuyun 266,500 listed foreign
shares
Agricultural Bank of China Ltd. – RMB ordinary
242,400
CSI 500 ETF shares
Domestically
Lin Fengfang 216,933 listed foreign
shares
Domestically
Liu Jun 195,100 listed foreign
shares
Expiation on associated relationship
Among the top ten shareholders, there exists no associated relationship between the
or consistent actors within the top
state-owned legal person’s shareholders SDG and other shareholders, and they do not belong
10 un-restrict shareholders and
to the consistent actionist regulated by the Management Measure of Information Disclosure on
between top 10 un-restrict
Change of Shareholding for Listed Companies. For the other shareholders of circulation share,
shareholders and top 10
the Company is unknown whether they belong to the consistent actionist.
shareholders
Explanation on shareholders
involving margin business about top
ten common shareholders with N/A
un-restrict shares held(if applicable)
(see note 4)
Whether top ten common stock shareholders or top ten common stock shareholders with un-restrict shares held have a buy-back
agreement dealing in reporting period
□ Yes √ No
The top ten common stock shareholders or top ten common stock shareholders with un-restrict shares held of the Company have no
buy-back agreement dealing in reporting period.
IV. Changes of controlling shareholders or actual controller
Changes of controlling shareholders in reporting period
□ Applicable √ Not applicable
Changes of controlling shareholders had no change in reporting period.
Changes of actual controller in reporting period
□ Applicable √ Not applicable
Changes of actual controller in reporting period had no change in reporting period.
35
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Section VII. Preferred Stock
□ Applicable √ Not applicable
The Company had no preferred stock in the reporting.
36
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Section VIII. Directors, Supervisors and Senior Executives
I. Changes of shares held by directors, supervisors and senior executives
□Applicable √ Not applicable
Found more in annual report 2016 for the changes of shares held by directors, supervisors and senior executives
II. Resignation and dismissal of directors, supervisors and senior executives
√Applicable □ Not applicable
Title Type Date Reasons
Name
Li Miao Supervisor Leave office 2017-05-04 Resigned supervisor for career move
Chen Yangsheng Supervisor Election 2017-05-04 Elected as supervisor in shareholders meeting
Ke Wensheng Staff supervisor Leave office 2017-04-06 Resigned supervisor for career move
Liu Yuhong Staff supervisor Election 2017-04-06 Elected as staff supervisor
37
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Section IX Corporate Bond
Whether the Company has a corporation bonds that issuance publicly and listed on stock exchange and without due on the date when
semi-annual report approved for released or fail to cash in full on due
No
38
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Section X Financial Report
I. Audit reports
Whether the semi-annual report was audited or not
□ Yes √ No
The financial report of this semi-annual report was unaudited
II. Financial statements
Units in Notes of Financial Statements is RMB
1. Consolidated Balance Sheet
Prepared by Shen Zhen Tellus Holding Co., Ltd
2017-06-30
In RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 153,232,791.88 218,497,640.10
Settlement provisions
Capital lent
Financial assets measured by fair
value and with variation reckoned into
current gains/losses
Derivative financial liability
Notes receivable
Accounts receivable 2,221,154.93 113,736.64
Accounts paid in advance 8,771,027.57 8,436,668.35
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance
receivable
Interest receivable 118,000.00 172,055.56
Dividend receivable
Other receivables 17,508,786.88 16,586,387.45
Purchase restituted finance asset
Inventories 7,989,799.13 11,038,915.69
Divided into assets held for sale
Non-current asset due within one
year
39
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Other current assets 185,823,991.93 90,123,901.32
Total current assets 375,665,552.32 344,969,305.11
Non-current assets:
Loans and payments on behalf
Finance asset available for sales 10,176,617.20 10,478,985.77
Held-to-maturity investment
Long-term account receivable
Long-term equity investment 198,496,585.91 203,633,308.06
Investment property 75,475,007.05 77,602,248.53
Fixed assets 124,060,216.94 129,226,236.16
Construction in progress 354,723,231.16 343,365,313.46
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 53,042,802.82 53,739,118.72
Expense on Research and
Development
Goodwill
Long-term expenses to be
1,845,342.27 1,437,761.31
apportioned
Deferred income tax asset 24,413,500.01 24,448,797.86
Other non-current asset 100,000.00 100,000.00
Total non-current asset 842,333,303.36 844,031,769.87
Total assets 1,217,998,855.68 1,189,001,074.98
Current liabilities:
Short-term loans 50,000,000.00 50,000,000.00
Loan from central bank
Absorbing deposit and interbank
deposit
Capital borrowed
Financial liability measured by fair
value and with variation reckoned into
current gains/losses
Derivative financial liability
Notes payable
Accounts payable 22,195,793.29 23,599,227.33
Accounts received in advance 11,203,114.07 11,930,493.02
Selling financial asset of
40
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
repurchase
Commission charge and
commission payable
Wage payable 23,210,374.12 27,144,631.18
Taxes payable 9,340,563.46 10,081,678.60
Interest payable 94,347.00 77,826.33
Dividend payable
Other accounts payable 114,778,401.19 126,045,854.54
Reinsurance payables
Insurance contract reserve
Security trading of agency
Security sales of agency
Divided into liability held for sale
Non-current liabilities due within 1
year
Other current liabilities
Total current liabilities 230,822,593.13 248,879,711.00
Non-current liabilities:
Long-term loans 27,600,000.00 12,000,000.00
Bonds payable
Including: preferred stock
Perpetual capital
securities
Long-term account payable 3,920,160.36 3,920,160.36
Long-term wages payable
Special accounts payable
Accrual liabilities 434,487.74 1,192,618.90
Deferred income
Deferred income tax liabilities 110,024.04 232,711.06
Other non-current liabilities 14,468,198.45 14,239,537.48
Total non-current liabilities 46,532,870.59 31,585,027.80
Total liabilities 277,355,463.72 280,464,738.80
Owner’s equity:
Share capital 297,281,600.00 297,281,600.00
Other equity instrument
Including: preferred stock
Perpetual capital
securities
Capital public reserve 565,226,274.51 564,192,605.51
41
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Less: Inventory shares
Other comprehensive income
Reasonable reserve
Surplus public reserve 2,952,586.32 2,952,586.32
Provision of general risk
Retained profit 55,532,728.21 30,935,823.12
Total owner’s equity attributable to
920,993,189.04 895,362,614.95
parent company
Minority interests 19,650,202.92 13,173,721.23
Total owner’s equity 940,643,391.96 908,536,336.18
Total liabilities and owner’s equity 1,217,998,855.68 1,189,001,074.98
Legal Representative: Lv Hang Person in charge of Accounting Works:Yang Jianping
Person in charge of Accounting Institution: Liu Yuhong
2. Balance Sheet of Parent Company
In RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 105,697,579.64 150,800,890.39
Financial assets measured by fair
value and with variation reckoned into
current gains/losses
Derivative financial liability
Notes receivable
Accounts receivable
Account paid in advance 21,000.00 32,280.00
Interest receivable 118,000.00 172,055.56
Dividends receivable
Other receivables 98,341,250.33 98,999,650.03
Inventories
Divided into assets held for sale
Non-current assets maturing within
one year
Other current assets 170,000,000.00 90,000,000.00
Total current assets 374,177,829.97 340,004,875.98
Non-current assets:
Available-for-sale financial assets 10,176,617.20 10,176,617.20
42
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Held-to-maturity investments
Long-term receivables
Long-term equity investments 680,829,138.92 686,225,666.43
Investment real estate 48,298,436.85 49,847,406.09
Fixed assets 16,063,024.44 16,497,899.89
Construction in progress 911,072.59 373,191.69
Project materials
Disposal of fixed assets
Productive biological assets
Oil and natural gas assets
Intangible assets 411,230.25 484,538.73
Research and development costs
Goodwill
Long-term deferred expenses 256,747.22 239,924.49
Deferred income tax assets 13,888,782.94 13,908,254.04
Other non-current assets
Total non-current assets 770,835,050.41 777,753,498.56
Total assets 1,145,012,880.38 1,117,758,374.54
Current liabilities:
Short-term borrowings 50,000,000.00 50,000,000.00
Financial liability measured by fair
value and with variation reckoned into
current gains/losses
Derivative financial liability
Notes payable
Accounts payable
Accounts received in advance 2,523,809.60
Wage payable 6,578,609.50 7,713,651.26
Taxes payable 1,623,330.66 524,089.23
Interest payable 54,375.00 66,458.33
Dividend payable
Other accounts payable 252,122,572.01 253,475,259.99
Divided into liability held for sale
Non-current liabilities due within 1
year
Other current liabilities
43
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Total current liabilities 312,902,696.77 311,779,458.81
Non-current liabilities:
Long-term loans
Bonds payable
Including: preferred stock
Perpetual capital
securities
Long-term account payable
Long-term wages payable
Special accounts payable
Accrual liabilities
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities 312,902,696.77 311,779,458.81
Owners’ equity:
Share capita 297,281,600.00 297,281,600.00
Other equity instrument
Including: preferred stock
Perpetual capital
securities
Capital public reserve 562,032,851.23 560,999,182.23
Less: Inventory shares
Other comprehensive income
Reasonable reserve
Surplus reserve 2,952,586.32 2,952,586.32
Retained profit -30,156,853.94 -55,254,452.82
Total owner’s equity 832,110,183.61 805,978,915.73
Total liabilities and owner’s equity 1,145,012,880.38 1,117,758,374.54
3. Consolidated Profit Statement
In RMB
Item Current Period Last Period
I. Total operating income 160,984,104.56 157,147,166.48
Including: Operating income 160,984,104.56 157,147,166.48
Interest income
44
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Insurance gained
Commission charge and commission
income
II. Total operating cost 146,908,206.30 143,719,895.22
Including: Operating cost 118,024,813.96 112,822,380.88
Interest expense
Commission charge 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
Tax and extras 2,810,925.76 2,403,726.21
Sales expenses 6,883,605.25 7,399,760.23
Administration expenses 19,352,021.76 20,805,027.12
Financial expenses 26,460.54 289,000.78
Losses of devaluation of asset -189,620.97
Add: Changing income of fair
value(Loss is listed with ―-‖)
Investment income (Loss is listed
9,636,578.24 5,100,570.96
with ―-‖)
Including: Investment income
2,929,608.85 2,808,781.91
on affiliated company and joint venture
Exchange income (Loss is
listed with ―-‖)
Other income
III. Operating profit (Loss is listed with
23,712,476.50 18,527,842.22
―-‖)
Add: Non-operating income 319,517.17 45,280.90
Including: Disposal gains of
58,186.00 28,104.37
non-current asset
Less: Non-operating expense 6,919.80 5,764.84
Including: Disposal loss of
6,919.80 1,237.84
non-current asset
IV. Total Profit (Loss is listed with ―-‖) 24,025,073.87 18,567,358.28
Less: Income tax expense 623,687.09 597,869.12
45
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
V. Net profit (Net loss is listed with ―-‖) 23,401,386.78 17,969,489.16
Net profit attributable to owner’s of
24,596,905.09 17,747,952.63
parent company
Minority shareholders’ gains and
-1,195,518.31 221,536.53
losses
VI. Net after-tax of other comprehensive
income
Net after-tax of other comprehensive
income attributable to owners of parent
company
(I) Other comprehensive income
items which will not be reclassified
subsequently to profit of loss
1. Changes as a result of
re-measurement of net defined benefit
plan liability or asset
2. Share of the other
comprehensive income of the investee
accounted for using equity method which
will not be reclassified subsequently to
profit and loss
(II) Other comprehensive income
items which will be reclassified
subsequently to profit or loss
1. Share of the other
comprehensive income of the investee
accounted for using equity method which
will be reclassified subsequently to profit
or loss
2. Gains or losses arising
from changes in fair value of
available-for-sale financial assets
3. Gains or losses arising
from reclassification of held-to-maturity
investment as available-for-sale financial
assets
4. The effect hedging portion
of gains or losses arising from cash flow
hedging instruments
5. Translation differences
arising on translation of foreign currency
financial statements
46
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
6. Other
Net after-tax of other comprehensive
income attributable to minority
shareholders
VII. Total comprehensive income 23,401,386.78 17,969,489.16
Total comprehensive income
24,596,905.09 17,747,952.63
attributable to owners of parent Company
Total comprehensive income
-1,195,518.31 221,536.53
attributable to minority shareholders
VIII. Earnings per share:
(i) Basic earnings per share 0.0827 0.0597
(ii) Diluted earnings per share 0.0827 0.0597
Enterprise combine under the same control in the Period, the combined party realized net profit of 0 Yuan before
combination, and realized 0 Yuan at last period for combined party
Legal Representative: Lv Hang Person in charge of Accounting Works:Yang Jianping
Person in charge of Accounting Institution: Liu Yuhong
4. Profit Statement of Parent Company
In RMB
Item Current Period Last Period
I. Operating income 21,455,828.43 21,654,258.03
Less: Operating cost 1,800,520.02 1,787,004.39
Tax and extras 852,504.05 794,738.55
Sales expenses
Administration expenses 8,630,924.30 9,195,278.67
Financial expenses -315,599.87 53,700.38
Losses of devaluation of asset -189,620.97
Add: Changing income of fair
value(Loss is listed with ―-‖)
Investment income (Loss is
14,439,969.08 4,753,088.69
listed with ―-‖)
Including: Investment income
5,721,803.49 2,579,910.59
on affiliated company and joint venture
Other income
II. Operating profit (Loss is listed
25,117,069.98 14,576,624.73
with ―-‖)
Add: Non-operating income 0.01
Including: Disposal gains of
47
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
non-current asset
Less: Non-operating expense
Including: Disposal loss of
non-current asset
III. Total Profit (Loss is listed with
25,117,069.98 14,576,624.74
―-‖)
Less: Income tax expense 19,471.10 19,471.10
IV. Net profit (Net loss is listed with
25,097,598.88 14,557,153.64
―-‖)
V. Net after-tax of other comprehensive
income
(I) Other comprehensive income
items which will not be reclassified
subsequently to profit of loss
1. Changes as a result of
re-measurement of net defined benefit
plan liability or asset
2. Share of the other
comprehensive income of the investee
accounted for using equity method
which will not be reclassified
subsequently to profit and loss
(II) Other comprehensive income
items which will be reclassified
subsequently to profit or loss
1. Share of the other
comprehensive income of the investee
accounted for using equity method
which will be reclassified subsequently
to profit or loss
2. Gains or losses arising
from changes in fair value of
available-for-sale financial assets
3. Gains or losses arising
from reclassification of held-to-maturity
investment as available-for-sale
financial assets
4. The effect hedging
portion of gains or losses arising from
cash flow hedging instruments
5. Translation differences
arising on translation of foreign
48
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
currency financial statements
6. Other
VI. Total comprehensive income 25,097,598.88 14,557,153.64
VII. Earnings per share:
(i) Basic earnings per share 0.0844 0.0490
(ii) Diluted earnings per share 0.0844 0.0490
5. Consolidated Cash Flow Statement
In RMB
Item Current Period Last Period
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 172,205,464.81 158,112,964.06
services
Net increase of customer deposit
and interbank deposit
Net increase of loan from central
bank
Net increase of capital borrowed
from other financial institution
Cash received from original
insurance contract fee
Net cash received from reinsurance
business
Net increase of insured savings and
investment
Net increase of amount from
disposal financial assets that measured
by fair value and with variation
reckoned into current gains/losses
Cash received from interest,
commission charge and commission
Net increase of capital borrowed
Net increase of returned business
capital
Write-back of tax received
Other cash received concerning
17,681,721.14 22,370,091.90
operating activities
Subtotal of cash inflow arising from 189,887,185.95 180,483,055.96
49
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
operating activities
Cash paid for purchasing
commodities and receiving labor 100,485,791.06 88,512,297.28
service
Net increase of customer loans and
advances
Net increase of deposits in central
bank and interbank
Cash paid for original insurance
contract compensation
Cash paid for interest, commission
charge and commission
Cash paid for bonus of guarantee
slip
Cash paid to/for staff and workers 30,466,874.43 29,272,522.61
Taxes paid 12,522,480.67 13,224,238.25
Other cash paid concerning
39,031,478.39 25,502,491.46
operating activities
Subtotal of cash outflow arising from
182,506,624.55 156,511,549.60
operating activities
Net cash flows arising from operating
7,380,561.40 23,971,506.36
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
237,000,000.00 165,500,000.00
investment
Cash received from investment
10,890,968.34 8,591,789.05
income
Net cash received from disposal of
fixed, intangible and other long-term 272,340.00
assets
Net cash received from disposal of
2,343,240.90
subsidiaries and other units
Other cash received concerning
investing activities
Subtotal of cash inflow from investing
250,506,549.24 174,091,789.05
activities
Cash paid for purchasing fixed,
12,861,466.12 38,970,948.42
intangible and other long-term assets
Cash paid for investment 322,000,000.00 110,800,000.00
Net increase of mortgaged loans
50
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Net cash received from
subsidiaries and other units obtained
Other cash paid concerning
investing activities
Subtotal of cash outflow from investing
334,861,466.12 149,770,948.42
activities
Net cash flows arising from investing
-84,354,916.88 24,320,840.63
activities
III. Cash flows arising from financing
activities
Cash received from absorbing
7,672,000.00
investment
Including: Cash received from
absorbing minority shareholders’ 7,672,000.00
investment by subsidiaries
Cash received from loans 15,600,000.00
Cash received from issuing bonds
Other cash received concerning
financing activities
Subtotal of cash inflow from financing
23,272,000.00
activities
Cash paid for settling debts
Cash paid for dividend and profit
1,562,339.36 16,495,591.67
distributing or interest paying
Including: Dividend and profit of
minority shareholder paid by
subsidiaries
Other cash paid concerning
financing activities
Subtotal of cash outflow from financing
1,562,339.36 16,495,591.67
activities
Net cash flows arising from financing
21,709,660.64 -16,495,591.67
activities
IV. Influence on cash and cash
equivalents due to fluctuation in -153.38 126.81
exchange rate
V. Net increase of cash and cash
-55,264,848.22 31,796,882.13
equivalents
Add: Balance of cash and cash
178,497,640.10 159,184,710.93
equivalents at the period -begin
VI. Balance of cash and cash 123,232,791.88 190,981,593.06
51
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
equivalents at the period -end
6. Cash Flow Statement of Parent Company
In RMB
Item Current Period Last Period
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 32,112,173.50 30,405,761.68
services
Write-back of tax received
Other cash received concerning
4,567,298.11 24,198,098.94
operating activities
Subtotal of cash inflow arising from
36,679,471.61 54,603,860.62
operating activities
Cash paid for purchasing
commodities and receiving labor
service
Cash paid to/for staff and workers 8,371,531.53 7,686,514.98
Taxes paid 1,808,421.17 1,923,502.73
Other cash paid concerning
11,123,303.80 23,114,646.01
operating activities
Subtotal of cash outflow arising from
21,303,256.50 32,724,663.72
operating activities
Net cash flows arising from operating
15,376,215.11 21,879,196.90
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
220,000,000.00 135,000,000.00
investment
Cash received from investment
10,718,165.59 8,473,178.10
income
Net cash received from disposal of
fixed, intangible and other long-term
assets
Net cash received from disposal of
14,150,000.00
subsidiaries and other units
Other cash received concerning
investing activities
Subtotal of cash inflow from investing 244,868,165.59 143,473,178.10
52
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
activities
Cash paid for purchasing fixed,
250,108.10 205,838.02
intangible and other long-term assets
Cash paid for investment 293,998,000.00 100,000,000.00
Net cash received from
subsidiaries and other units
Other cash paid concerning
investing activities
Subtotal of cash outflow from investing
294,248,108.10 100,205,838.02
activities
Net cash flows arising from investing
-49,379,942.51 43,267,340.08
activities
III. Cash flows arising from financing
activities
Cash received from absorbing
investment
Cash received from loans
Cash received from issuing bonds
Other cash received concerning
financing activities
Subtotal of cash inflow from financing
activities
Cash paid for settling debts
Cash paid for dividend and profit
1,099,583.35 16,495,591.67
distributing or interest paying
Other cash paid concerning
financing activities
Subtotal of cash outflow from financing
1,099,583.35 16,495,591.67
activities
Net cash flows arising from financing
-1,099,583.35 -16,495,591.67
activities
IV. Influence on cash and cash
equivalents due to fluctuation in
exchange rate
V. Net increase of cash and cash
-35,103,310.75 48,650,945.31
equivalents
Add: Balance of cash and cash
110,800,890.39 80,301,551.68
equivalents at the period -begin
VI. Balance of cash and cash
75,697,579.64 128,952,496.99
equivalents at the period -end
53
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
7. Statement of Changes in Owners’ Equity (Consolidated)
Current Period
In RMB
Current period
Owners’ equity attributable to parent company
Other equity
instrument
Item Perpet Less: Other Provisio Minorit Total
Reason
Share ual Capital Invento compre Surplus n of Retaine y owners’
Prefer able interests equity
capital capita reserve ry hensive reserve general d profit
red Other reserve
l shares income risk
stock
securi
ties
297,28
I. Balance at the 564,192 2,952,5 30,935, 13,173, 908,536
1,600.
end of the last year ,605.51 86.32 823.12 721.23 ,336.18
00
Add:
Changes of
accounting policy
Error
correction of the
last period
Enterprise
combine under
the same control
Other
II. Balance at the 297,28
564,192 2,952,5 30,935, 13,173, 908,536
beginning of this 1,600.
,605.51 86.32 823.12 721.23 ,336.18
year 00
III. Increase/
Decrease in this 1,033,6 24,596, 6,476,4 32,107,
year (Decrease is 69.00 905.09 81.69 055.78
listed with ―-‖)
(i) Total
24,596, -1,195,5 23,401,
comprehensive
905.09 18.31 386.78
income
(ii) Owners’
7,672,0 7,672,0
devoted and
00.00 00.00
decreased capital
1.Common shares
7,672,0 7,672,0
invested by
00.00 00.00
shareholders
2. Capital invested
by holders of other
equity instruments
54
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
3.Amount
reckoned into
owners equity with
share-based
payment
4．Other
(III) Profit
distribution
1. Withdrawal of
surplus reserves
2. Withdrawal of
general risk
provisions
3. Distribution for
owners (or
shareholders)
4. Other
(IV) Carrying
forward internal
owners’ equity
1. Capital reserves
conversed to
capital (share
capital)
2. Surplus reserves
conversed to
capital (share
capital)
3. Remedying loss
with surplus
reserve
4. Other
(V) Reasonable
reserve
1. Withdrawal in
the report period
2. Usage in the
report period
1,033,6 1,033,6
(VI)Others
69.00 69.00
IV. Balance at the 297,28
565,226 2,952,5 55,532, 19,650, 940,643
end of the report 1,600.
,274.51 86.32 728.21 202.92 ,391.96
period 00
Last Period
In RMB
Item Last Period
55
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Owners’ equity attributable to parent company
Other equity
instrument
Minorit
Perpet Less: Other Provisio Total
Reason y
Share ual Capital Invento compre Surplus n of Retaine owners’
Prefer able interest
capital reserve ry hensive reserve general d profit s equity
capita
red Other reserve
l shares income risk
stock
securi
ties
297,28
I. Balance at the 564,192 2,952,5 3,742,2 10,419, 878,588
1,600.
end of the last year ,605.51 86.32 60.49 351.32 ,403.64
00
Add:
Changes of
accounting policy
Error
correction of the
last period
Enterprise
combine under the
same control
Other
II. Balance at the 297,28
564,192 2,952,5 3,742,2 10,419, 878,588
beginning of this 1,600.
,605.51 86.32 60.49 351.32 ,403.64
year 00
III. Increase/
Decrease in this 17,747, 221,536 17,969,
year (Decrease is 952.63 .53 489.16
listed with ―-‖)
(i) Total
17,747, 221,536 17,969,
comprehensive
952.63 .53 489.16
income
(ii) Owners’
devoted and
decreased capital
1.Common shares
invested by
shareholders
2. Capital invested
by holders of other
equity instruments
3. Amount
reckoned into
owners equity with
share-based
payment
4 Other
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
(III) Profit
distribution
1. Withdrawal of
surplus reserves
2. Withdrawal of
general risk
provisions
3. Distribution for
owners (or
shareholders)
4. Other
(IV) Carrying
forward internal
owners’ equity
1. Capital reserves
conversed to
capital (share
capital)
2. Surplus reserves
conversed to
capital (share
capital)
3. Remedying loss
with surplus
reserve
4. Other
(V) Reasonable
reserve
1. Withdrawal in
the report period
2. Usage in the
report period
(VI)Others
IV. Balance at the 297,28
564,192 2,952,5 21,490, 10,640, 896,557
end of the report 1,600.
,605.51 86.32 213.12 887.85 ,892.80
period 00
8. Statement of Changes in Owners’ Equity (Parent Company)
Current Period
In RMB
Current period
Other equity instrument
Perpetu Other
Less: Total
Item Share al Capital comprehe Reasonab Surplus Retaine
Preferre Inventory owners’
capital capital Other reserve nsive le reserve reserve d profit
d stock shares equity
securiti income
es
I. Balance at the 297,281, 560,999,1 2,952,586 -55,254, 805,978,9
57
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
end of the last year 600.00 82.23 .32 452.82 15.73
Add: Changes
of accounting
policy
Error
correction of the
last period
Other
II. Balance at the
297,281, 560,999,1 2,952,586 -55,254, 805,978,9
beginning of this
600.00 82.23 .32 452.82 15.73
year
III. Increase/
Decrease in this 1,033,669 25,097, 26,131,26
year (Decrease is .00 598.88 7.88
listed with ―-‖)
(i) Total
25,097, 25,097,59
comprehensive
598.88 8.88
income
(ii) Owners’
devoted and
decreased capital
1.Common shares
invested by
shareholders
2. Capital invested
by holders of other
equity instruments
3. Amount
reckoned into
owners equity with
share-based
payment
4. Other
(III) Profit
distribution
1. Withdrawal of
surplus reserves
2. Distribution for
owners (or
shareholders)
3. Other
(IV) Carrying
forward internal
owners’ equity
1. Capital reserves
conversed to
capital (share
capital)
2. Surplus reserves
conversed to
58
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
capital (share
capital)
3. Remedying loss
with surplus
reserve
4. Other
(V) Reasonable
reserve
1. Withdrawal in
the report period
2. Usage in the
report period
1,033,669 1,033,669
(VI)Others
.00 .00
IV. Balance at the
297,281, 562,032,8 2,952,586 -30,156, 832,110,1
end of the report
600.00 51.23 .32 853.94 83.61
period
Last period
In RMB
Last period
Other equity instrument
Perpetu Other
Less: Total
Item Share al Capital comprehe Reasonab Surplus Retaine
Preferre Inventory owners’
capital capital Other reserve nsive le reserve reserve d profit
d stock shares equity
securiti income
es
I. Balance at the 297,281, 560,999,1 2,952,586 -91,388, 769,844,4
end of the last year 600.00 82.23 .32 913.41 55.14
Add: Changes
of accounting
policy
Error
correction of the
last period
Other
II. Balance at the
297,281, 560,999,1 2,952,586 -91,388, 769,844,4
beginning of this
600.00 82.23 .32 913.41 55.14
year
III. Increase/
Decrease in this 14,557, 14,557,15
year (Decrease is 153.64 3.64
listed with ―-‖)
(i) Total
14,557, 14,557,15
comprehensive
153.64 3.64
income
(ii) Owners’
59
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
devoted and
decreased capital
1.Common shares
invested by
shareholders
2. Capital invested
by holders of other
equity instruments
3. Amount
reckoned into
owners equity with
share-based
payment
4. Other
(III) Profit
distribution
1. Withdrawal of
surplus reserves
2. Distribution for
owners (or
shareholders)
3. Other
(IV) Carrying
forward internal
owners’ equity
1. Capital reserves
conversed to
capital (share
capital)
2. Surplus reserves
conversed to
capital (share
capital)
3. Remedying loss
with surplus
reserve
4. Other
(V) Reasonable
reserve
1. Withdrawal in
the report period
2. Usage in the
report period
(VI)Others
IV. Balance at the
297,281, 560,999,1 2,952,586 -76,831, 784,401,6
end of the report
600.00 82.23 .32 759.77 08.78
period
60
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Section XI Notes to Financial Statement
(The unit is RMB unless otherwise specified)
I. Company profiles
1. Company profile
Chinese name of the Company: 深圳市特力(集团)股份有限公司
Foreign name of the Company: Shenzhen Tellus Holding Co.,Ltd
Registered address of the Company: 3/F, Tellus Building, Shuibei 2nd Road, Luohu District, Shenzhen, Guangdong
Province.
Office address of the Company: 15/F, Zhonghe Building, Shennan Middle Road, Futian District, Shenzhen
Stock exchange for listing: Shenzhen Stock Exchange
Short form of the stock and Stock code: Tellus-A(000025),Tellus-B(200025)
Registered capital: RMB 297,280,000.00
Legal representative: Lv Hang
Unified social credit code: 91440300192192210U
2. Business nature, operating scope and major products and services of the Company
Business nature: wholesale industry of energy, materials and machinery electronic equipments.
Operating scope: mainly engaged in provision of auto related comprehensive services, including sales and maintenance of
autos, production of detection equipments, and property leasing and management.
Major products and services: sales, detection and maintenance of autos and components, property leasing and service.
3. The history of the Company
Shenzhen Testrite Group Co., Ltd. (hereinafter referred to as the Company), previously known as Shenzhen Machinery
Industry Company, was incorporated on 10 November 1986. In 1992, as authorized by the reply relating to Shenzhen
Machinery Industry Company transforming to Shenzhen Testrite Machinery Co., Ltd.(SFBF[1991]1012) issued by the
Office of Shenzhen People Government, Shenzhen Machinery Industry Company was transformed to Shenzhen Testrite
Machinery Co., Ltd. in 1993, as authorized by the reply relating to Shenzhen Testrite Machinery Co., Ltd. transforming to
a public company (SFBF[1992]1850) issued by the Office of Shenzhen People Government and the reply relating to
issuance of stocks by Shenzhen Testrite Machinery and Electric Co., Ltd. (SRYFZ[1993]092) issued by Shenzhen branch
of People’s Bank of China, Shenzhen Testrite Machinery Co., Ltd. changed to be a public company and made the initial
public offering. The name of the Company changed to Shenzhen Testrite Machinery and Electric Co., Ltd., with a total
share capital of 166,880,000 shares, among which, 120,900,000 shares were converted from the original assets and
45,980,000 shares were newly issued. The newly issued shares comprises of 25,980,000 RMB ordinary shares (A shares)
and 20,000,000 RMB special shares (B shares). In June 1993, as approved by the reply relating to listing of Shenzhen
61
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Testrite Machinery and Electric Co., Ltd. (SZBF[1993]34) issued by Shenzhen Securities Management Office and the
Listing Grant issued by Shenzhen Stock Exchange(SZSZ[1993]22), Shenzhen Testrite Machinery and Electric Co., Ltd.
was listed on Shenzhen Stock Exchange. On 15 March 1993, being approved by branch of Shenzhen Special Economic
Zone of People’s Bank of China ―Shen Ren Yin Fu Zi (1993) No.: 092‖, the Company released 25.98 million registered
common A shares with RMB 1.00 par value as well as 20 million B shares. And the Company renamed as Shenzhen Tellus
Holding Co., Ltd. instead of Shenzhen Testrite Machinery Co., Ltd. dated 30 June 1994 after approval from the Shenzhen
Administration for Industry and commerce.
Capital structure of the Company while initial public offering:
Type Amount (Share) Ratio (%)
I. Non-tradable share
Including: State shares 120,900,000 72.45
Total non-tradable shares 120,900,000 72.45
II. Outstanding shares
1. Tradable A-Share 25,980,000 15.57
2. Tradable B-Share 20,000,000 11.98
Total tradable shares 45,980,000 27.55
Total 166,880,000 100.00
All previous changes in the share capital after the public issue of the Company:
(1) Bonus shares in 1993
The Company held the resolution of annual shareholders' general meeting of 1993, distribute dividend of 0.5 Yuan in cash
for every 10 shares and 2 more bonus shares to all shareholders based on the Company’s total share capital of 166,880,000
shares on 31st, Dec., 1993, and the Company’s total share capital changed to 200,256,000 shares.
On 22nd April 1994, Shenzhen Securities Regulatory Office approved the stock dividend scheme of the Company. After the
implementation of the stock dividend program, the ownership structure of the Company became as follows:
Type Amount (Share) Ratio (%)
State-owned corporate shares 145,080,000 72.45
Domestic public shares 31,176,000 15.57
RMB special stock (B-Share) 24,000,000 11.98
Total 200,256,000 100.00
(2) Bonus shares and capitalization in 1994
On 28th May 1995, the shareholders' general meeting of the Group approved the bonus share and capitalization program
62
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
proposed by the board of directors. The Company distributes 0.5 bonus shares to every 10 shares with 0.5 more shares
increased for 0.5 Yuan dividend in cash to all shareholders based on the Company’s total share capital of 200,256,000
shares on 31st, Dec., 1994, and the Company’s total share capital changed to 220,281,600 shares.
Equity structure of the Company after bonus scheme implemented:
Type Amount (Share) Ratio (%)
State-owned corporate shares 159,588,000 72.45
Domestic public shares 34,293,600 15.57
RMB special stock (B-Share) 26,400,000 11.98
Total 220,281,600 100.00
(3) The changes of controlling shareholders in 1997
On 31st March 1997, in accordance with the approval of ―Shenfuhan [1997] No.19‖ and ―Zhengjianhan [1997] No.5‖, the
People's Government of SZ Municipality and China Securities Regulatory Commission agreed Shenzhen Investment and
Management Company to transfer its 159,588,000 shares of State shares to ―Shenzhen Special Development Group Co.,
Ltd‖ (hereinafter referred to as ―SDG‖), which took proportion of 72.45% in the total share capital.
(4) Reform of non-tradable shares in 2006
In December 2005, Shenzhen State-owned Assets Supervision and Administration Commission approved the non-tradable
shares reform program of Shenzhen Tellus (Group) Ltd. which reported by the Company’s non-tradable shareholders -
Shenzhen Special Development Group Co., Ltd.
On 4th January 2006, SDG paid 13,717,440 shares of stock to the shareholders of A shares in circulation as the
consideration of the non-tradable shares reform, and SDG held 66.22% of the Company’s total share capital after the
non-tradable shares reform. After the implementation of the non-tradable shares reform program, the ownership structure
of the company became as follows:
Type Amount (Share) Ratio (%)
State-owned corporate shares 145,870,560 66.22
Domestic public shares 48,011,040 21.80
RMB special stock (B-Share) 26,400,000 11.98
Total 220,281,600 100.00
(5) Non-public RMB common stock offer in 2015
In accordance with the provisions of the Company’s 19th extraordinary meeting of the 7th session of board of directors on
April 21, 2014 and the resolutions of the fourth extraordinary general meeting of 2014 on June 3, 2014, the non-public
offering of RMB ordinary shares (A shares) that the Company issues to Shenzhen SDG Co., Ltd. and Shenzhen CMAF
Jewelry Industry Investment Company (limited partnership) should not exceed 77,000,000 shares, of which the par value is
1 Yuan per share, the total raised funds are no more than RMB 646,800,000.00 Yuan, the issuance objects are all subscribed
63
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
by cash.
On May 19, 2014, State-owned Assets Supervision and Administration Commission of the People's Government of
Shenzhen Municipality issued ―Reply to issues related to non-public offering of shares of Shenzhen Test Rite (Group) Co.,
Ltd. from SASAC of Shenzhen Municipality‖ (SGZWH No. [2014]237) which agreed the Company’s plan for non-public
offering of shares. The Company’s non-public offering has obtained the ―Approval for non-public offering of shares of
Shenzhen Test Rite (Group) Co., Ltd.‖ (CSRC License No. [2015]173) approved by China Securities Regulatory
Commission, which agrees the Company to issue the non-public offering of RMB ordinary shares (A shares) not exceeding
77,000,000 new shares. The registered capital is RMB 297,281,600.00 after change, and the company’s ownership
structure is as follows:
Type Amount (Share) Ratio (%)
State-owned corporate shares 151,870,560 51.09
Domestic public shares 119,011,040 40.03
RMB special stock (B-Share) 26,400,000 8.88
Total 297,281,600 100.00
(6) Reducing stock by controlling shareholder in 2016
In accordance with the Announcement on Reducing Share Holding of Controlling Shareholder the company disclosed on
June 1, 2016, from May 4, 2016 to May 31, 2016, Shenzhen SDG Co., Ltd. totally reduced 2,972,537 shares of the
company’s unrestricted outstanding shares by concentrated bidding, accounting for 1% of the company’s total share capital.
On September 30, 2016, the company received a Letter About Reducing Test Rite A Shares and Completing the Share
Holding Reducing Plan from SDG, from September 29, 2016 to September 29, 2016, SDG totally reduced 2,972,767
shares of the company’s unrestricted outstanding shares by concentrated bidding, accounting for 1% of the company’s total
share capital. Up to September 29, 2016, SDG completed the share holding reducing plan. The company's equity structure
was as follows:
Type Amount (Share) Ratio (%)
State-owned corporate shares 145,925,256 49.09
Domestic public shares 124,956,344 42.03
RMB special stock (B-Share) 26,400,000 8.88
Total 297,281,600 100.00
As of 30 June 2017, the Company have 297,281,600 shares offered in total, found more in 31 of Note VI.
4. Consolidation scope of the Company in the year
Totally 15 companies included in the consolidation scope for the first half Year of 2017, found more in ―Equity in other
entity‖ in the Note VIII. One company deducted in consolidation range in the Year.
64
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
5. Relevant party offering approval reporting of financial statements and date thereof
This financial statement is approved for disclosure by resolution from the Board dated 30 August 2017.
II. Basis Preparation of the Financial Statements
The financial statements of the Group is prepared based on the going-concern assumption in accordance with the actually
occurred transactions and events, the ―Accounting standards for Business Enterprise-Basic rules‖ (ministry of finance
order No. 33 issued, ministry of finance No.76 revised), the ―Accounting Standards for Business Enterprises – Basic
Standards‖ and 41 specific accounting standards promulgated by the ministry of finance on 15 th, Feb., 2006, the
subsequently promulgated application guide and interpretation of the accounting standards for business enterprises and
other relevant provisions (hereinafter collectively referred to as ―ASBE‖), and China Securities Regulatory Commission
―information disclosure regulations No.15 for the companies publicly issuing securities - general provisions of financial
reports‖ (2014 Revision).
According to the relevant requirements under the Accounting Standards for Business Enterprises, the Company has
adopted the accrual basis as its basis of accounting. Except for certain financial instruments, historical costs have been
adopted as the basis of measurement in these Financial Statements. Non-current assets held for sale are recorded at the
lower of fair value less predicted expenses and the original carrying value when the assets satisfy such conditions for sale.
Provisions of corresponding impairment losses are recognized in respect of any impairment of assets.
III. Statement of Compliance with the Accounting Standards for Business Enterprises
The financial statements prepared by the Groups meet the requirements of the Accounting Standards for Business
Enterprises, truthfully and completely reflect the financial situation of the Company on 30 th, June 2017 and the business
performance and cash flow in January to June of 2017. In addition, the financial statements of the Company and the Group
meet the disclosure requirements of ―Preparation Regulation of Information Disclosure for Enterprise with Security Issued
Publicly No.15—General Rules of Financial Report‖ revised by China Securities Regulatory Commission in all significant
aspects in 2014.
IV. Main accounting policy and estimate
The Company and its subsidiaries determine specific accounting policies and accounting estimation based on their actual
production characteristics according to the relevant requirements under the Accounting Standards for Business Enterprises.
Details relating to significant accounting judgment and estimation made by the management, please refer to note IV(29)
―Significant accounting judgment and estimation‖.
1. Fiscal period
The accounting period of the Group includes annual and interim, accounting interim refers to the reporting period shorter
than a complete fiscal year. The fiscal year of the Group adopts the Gregorian calendar, i.e. from 1 January to 31 December
for each year.
2. Business cycle
Normal business cycle is the period from purchasing assets used for process by the Company to the cash and cash
equivalent achieved.
The Company’s normal business cycle was one-year (12 months), and as the determining criterion of the liquidity for
assets and liabilities.
65
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
3. Book-keeping currency
RMB is the currency in the major economic environment of the Company and its sub-company which take RMB as the
book-keeping currency. The Group adopts RMB as the currency when preparing this financial statement.
4. The accounting treatment of business merger under the common control and the different control.
Business merger refers to the transactions or matters that two or more than two individual enterprises form a reporting
entity. Business combination is at least subject to the following conditions: to acquire controlling right upon another or
multiple enterprises (or business); enterprises to be combined must constitute business. In case that an acquirer obtains
controlling right upon another or multiple enterprises which do not constitute business, the transaction shall not constitute
business combination.
When acquirer acquires a group of assets or net assets which don’t constitute business, the acquisition costs shall be
allocated into various identifiable assets or liabilities based on their fair value as of the acquisition date. Where there are
specific identifiable assets which cannot be substituted taking substantial proportion in a group of assets or net assets and
the future cash flow of the acquiree also highly depends on such specific identifiable assets, the remaining amount between
acquisition costs less fair value of other identifiable assets shall be entirely recorded in such specific identifiable assets.
Business merger includes the business merger under the common control and the different control.
(1) Business merger under the common control
Business merger under the common control means the enterprises participated in the merger are subject to the ultimate
control of the same party or the same multi-party before and after the merger, and the control is not temporary. For the
business merger under the same control, the party obtains the control rights of other enterprises participated in the merger
on the merger date is the merging party, and other enterprises participated in the merger are the merged party. The merger
date refers to the date that the merging party obtains the control rights of the merged party.
The assets and liabilities of the merging party should be measured in accordance with the book value of the combined party
on the combining date. The balance between the book value of the net asset obtained by the merging party and the book
value of the merger consideration (or the total face value of the issued shares) paid by the merging party, and adjust the
capital reserve (share premium); for the capital reserve (share premium) insufficient to reduce, adjust the retained earnings.
All direct expenses the merging party spent for the business merger are included in the current profit and loss when the
business merger occurred.
(2) Business merger under the different control
Business merger under the different control means the enterprises participated in the merger are not subject to the ultimate
control of the same party or the same multi-party before and after the merger. For the business merger under the different
control, the party obtains the control rights of other enterprises participated in the merger on the acquisition date is the
acquirer, and other enterprises participated in the merger are the acquiree. The acquisition date refers to the date that the
acquirer obtains the control rights of the acquiree.
As for the business merger under the different control, the merger costs contain the assets paid by the acquirer for obtaining
the control rights of the acquiree on the acquisition date, the liabilities incurred or assumed, and the fair value of the issued
equity securities. The intermediary fees such as auditing, legal services and consulting services costs and other
administrative costs incurred by the business merger are charged to the current profit and loss. The transaction costs of the
equity securities or debt securities issued as the combination consideration by the acquirer are reckoned in the initially
recognized amount of the equity securities or debt securities. As for the involved or existing consideration reckoned in the
merger costs in accordance with the fair value on the acquisition date, correspondingly adjust the consolidated goodwill for
these needs to be adjusted or possess consideration because new or further evidence appears for the situations existing on
the acquisition date within 12 months after the acquisition date The merger costs of the acquirer and the net identifiable
assets obtained in the merger are reckoned in accordance with the fair value on the acquisition date. The balance of which
66
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
the merger costs are more than the net identifiable assets’ fair value share of the acquiree obtained in the merger on the
acquisition date is recognized as goodwill. For those whose merger costs are less than the net identifiable assets’ fair value
share of the acquiree obtained in the merger, recheck the obtained identifiable assets, liabilities, and the fair value with
contingent liability of the acquiree, and the measurement of the merger costs at first, while for those whose merger costs
are still less than the net identifiable assets’ fair value share of the acquiree obtained in the merge after rechecking, reckon
its the balance in the current profit and loss.
For the deductable temporary difference obtained by the acquirer from the acquiree that is not confirmed because of not
meeting the assets confirmation requirements of the deferred income taxes on the acquisition date, if there is new or further
information states that the relevant conditions on the acquisition date has already existed and the economic interests on the
acquisition date brought by the deductable temporary difference can be realized by the acquiree within 12 months after the
acquisition date, then confirm the relevant deferred income tax assets, and decrease the goodwill, as for the goodwill
insufficient for reducing, confirm the difference to be the current profit and loss; except for the above-mentioned cases,
reckon those deferred income tax assets related to the business merger in the current profit and loss.
For a business combination not involving enterprises under common control and achieved in stages, the company shall
determine whether the business combination shall be regarded as ―a bundle of transactions‖ in accordance with
―Interpretation 5 on Accounting Standards for Business Enterprises‖ (Cai Kuai 2012 No. 19) and clause 51 of ASBE 33-
Consolidated Financial Statements relating to judgment standard for ―a bundle of transactions‖(please refer to this Note IV
5(2)). When the business combination is regarded as ―a bundle of transactions‖, the accounting treatment for the business
combination shall be in accordance with the previous paragraphs and Note IV 13 ―long term equity investment‖; when the
business combination is not regarded as ―a bundle of transactions‖, the accounting treatment should be different when
comes to individual financial report and consolidated financial report.
In the individual financial statements, the initial cost of the investment shall be the sum of the carrying amount of its
previously-held equity interest in the acquiree prior to the acquisition date and the amount of additional investment made to
the acquiree at the acquisition date. Other comprehensive income involved in the previously-held equity interest of the
acquiree prior to the acquisition date shall be subject to accounting treatment on the same basis adopted by the acquiree in
its direct disposal of related assets or liabilities (which are reclassified as investment income during the period , net of the
audited changing corresponding shares resulted from the net liability and net assets re-measured and set by acquiree
according to equity method ).
In the consolidate financial statements, the previously-held equity interest of the acquire is re-measured according to the
fair value at the acquisition date; the difference between the fair value and the carrying amount is recognized as investment
income for the current period; the amount recognized in other comprehensive income relating to the previously-held equity
interest in the acquire shall be subject to accounting treatment on the same basis adopted by the acquire in its direct
disposal of related assets or liabilities (which are reclassified as investment income during the period, net of the audited
changing corresponding shares resulted from the net liability and net assets re-measured and set by acquire according to
equity method).
5. Preparing method of consolidated financial statements
(1) Determinate principles of range for consolidation financial statement
The scope of consolidated financial statements is determined based on control. Control is the power to govern the investees
so as to obtain benefits from their operating activities by the involvement in the relevant activities of the investee. The
scope of consolidation comprises the Company and all of its subsidiaries. Subsidiaries are the entities controlled by the
Company.
Once relevant elements involved in the above definition of control change due to alteration of relevant facts or situations,
the Company will make evaluation again.
(2) Preparing method of consolidated financial statements
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Since the date of gaining the net assets and the actual control rights of the production and operation decision-making of the
subsidiaries, the Group has started to bring it into the consolidation scope; stop to bring into the consolidation scope since
the date of losing the actual control rights. As for the disposed subsidiaries, the business performance and cash flow before
the disposal have been suitably included in the consolidated income statement and the consolidated cash flow statement; as
for the subsidiaries currently disposed; don’t adjust the opening balance of the consolidated balance sheet. For the
subsidiaries increased by the business merger under the different control, the business performance and cash flow after its
acquisition date have been suitably included in the consolidated income statement and the consolidated cash flow statement,
and don’t adjust the opening balance and correlation date of the combined financial statement. For the subsidiaries
increased by the business merger under the common control, the business performance and cash flow from the beginning
period of the merger to its merger date have been suitably included in the consolidated income statement and the
consolidated cash flow statement, and adjust the correlation date of the combined financial statement at the same time.
When preparing the consolidated financial statements, for the accounting policies adopted by the subsidiaries and the
Company being inconsistent during the accounting time period, adjust in accordance with the accounting policies of the
Company and the financial statements of the subsidiaries during the accounting time period. As for the subsidiaries
obtained by the business merger under the different control, adjust the financial statements based on the fair value of the
net identifiable assets on the acquisition date.
All significant intra-group current account balances, transactions and unrealized profits are offset in the preparation of
consolidated financial statements.
The stockholders' equity of the subsidiaries and the shares not belong to the Company in the current net profit or loss are
respectively served as the separate presentation in the stockholders' equity and net profits of the minority interest and
minority interest income in the consolidated financial statements. The shares of the current net profit or loss of the
subsidiaries that belong to the minority interest are listed under net profit item in the consolidated profit statement as
―minority interest income‖ item. Reduce the minority interest for those that the subsidiaries’ losses shared by the minority
shareholders exceed the shares that the minority shareholders gained from the owner's equity at the beginning period of this
subsidiary.
When losing the control rights of the original sub companies because of disposing some equity investment or other reasons,
re-measure the residual equity in accordance with its fair value on the date of losing the control rights. Use the sum of the
consideration obtained by disposing the stock rights and the fair value of the residual equity to minus the balance among
the net assets’ shares of the original sub companies continuously calculated since the acquisition date in accordance with
the original shareholding ratio, and then reckon in the current investment income when losing the control rights. The other
consolidated incomes related to the equity investment of the original sub companies, It shall be subject to accounting
treatment on the same basis adopted by the acquiree in its direct disposal of related assets or liabilities during the period
when the control ceases (which are reclassified as investment income for the current period, other than changes resulting
from re-measuring net liability or net assets under defined benefit plan of the original subsidiary). Thereafter, do the
follow-up measurement for this part’s residual equity in accordance with the relevant provisions of ―Accounting Standards
for Business Enterprises No.2 - long-term equity investment‖ or ―Accounting Standards for Business Enterprises No.22 -
financial instruments recognition and measure’, refer to the Note IV 13 ―long-term equity investment‖ or the Note IV 9
―financial instruments‖ for details.
The company shall determine whether loss of control arising from disposal in a series of transactions should be regarded as
a bundle of transactions. When the economic effects and terms and conditions of the disposal transactions met one or more
of the following situations, the transactions shall normally be accounted for as a bundle of transactions: (i) The transactions
are entered into after considering the mutual consequences of each individual transaction; (ii) The transactions need to be
considered as a whole in order to achieve a deal in commercial sense; (iii) The occurrence of an individual transaction
depends on the occurrence of one or more individual transactions in the series; (iv) The result of an individual transaction
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is not economical, but it would be economical after taking into account of other transactions in the series. When the
transactions are not regarded as a bundle of transactions, the individual transactions shall be accounted as ―disposal of a
portion of an interest in a subsidiary which does not lead to loss of control‖) (for details, please refer to Note IV 13(2)④)
and ―disposal of a portion of an interest in a subsidiary which lead to loss of control‖ (details are set out in previous
paragraph). When the transactions are regarded as a bundle of transactions, the transactions shall be accounted as a single
disposal transaction; however, the difference between the consideration received from disposal and the share of net assets
disposed in each individual transactions before loss of control shall be recognized as other comprehensive income, and
reclassified as profit or loss arising from the loss of control when control is lost.
6. Classification of joint arrangement and accounting for joint operations
A joint arrangement refers to an arrangement jointly controlled by two or more parties. In accordance with the Company’s
rights and obligations under a joint arrangement, the Company classifies joint arrangements into: joint ventures and joint
operations. Joint operations refer to a joint arrangement during which the Company is entitled to relevant assets and
obligations of this arrangement. Joint ventures refer to a joint arrangement during which the Company only is entitled to
net assets of this arrangement.
Investment in joint venture is accounted for using the equity method accounting to the accounting policies referred to Note
IV 13(2)②―Long-term equity investment accounted for using the equity method‖.
The Company shall, as a joint venture, recognize the assets held and obligations assumed solely by the Company, and
recognize assets held and obligations assumed jointly by the Company in appropriation to the share of the Company;
recognize revenue from disposal of the share of joint operations of the Company; recognize fees solely occurred by
Company and recognize fees from joint operations in appropriation to the share of the Company.
When the Company, as a joint venture, invests or sells assets to or purchase assets (the assets dose not constitute a business,
the same below) from joint operations, the Company shall only recognize the part of profit or lost from this transaction
attributable to other parties of joint operations before these assets are sold to a third party. In case of an impairment loss
incurred on these assets which meets the requirements as set out in ―Accounting Standards for Business Enterprises No. 8 –
Asset Impairment‖, the Company shall recognize the full amount of this loss in relation to its investment in or sale of assets
to joint operations, or recognize the loss according to the Company’s share of commitment in relation to the its purchase of
assets from joint operations.
7. Determination criteria of cash and cash equivalent
Cash and cash equivalent of the Company including stock cash, deposits available for payment at any
time and the investment held by the Company with the follow characters obtained at the same time: short
term (expire within 3 months commencing from purchase day), active liquidity, easy to convert to
already-known cash, and small value change risks.
8. Foreign Currency Operations and translation of foreign currency statements
(1) Basis for translation of foreign currency transactions
The foreign currency transactions of the Company, when initially recognized, are translated into functional currency at the
prevailing spot exchange rate on the date of exchange (usually refers to the middle rate of the exchange rate for the day as
quoted by the People’s Bank of China, the same below) while the Company’s foreign currency exchange operations and
transactions in connection with foreign currency exchange shall be translated into functional currency at the exchange rate
actually adopted.
(2) Basis for translation of foreign currency monetary items and foreign currency non-monetary items
On the balance sheet date, foreign currency monetary items shall be translated at the spot exchange rate
on the balance sheet date. All differences are included in the consolidated income statement, except for:
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① the differences arising from foreign currency borrowings related to the acquisition or construction of
fixed assets which are qualified for capitalization; and ② except for other carrying amounts of the
amortization costs, the differences arising from changes of the foreign currency items available for sale.
When preparing consolidated financial statement involving overseas operation, in case there is foreign currency monetary
items which substantially constitute net investment in overseas operation, the exchange difference arising from exchange
rate fluctuation shall be included in other comprehensive income; and shall transfer to gains and losses from disposal for
the current period when the overseas operation is disposed of.
The foreign currency non-monetary items measured at historical cost shall still be measured by the
functional currency translated at the spot exchange rate on the date of the transaction. Foreign currency
non-monetary items measured at fair value are translated at the spot exchange rate on the date of
determination of the fair value. The difference between the amounts of reporting currency before and
after the translation will be treated as changes in fair value (including changes in foreign exchange rates)
and recognized in profit or loss for the period or recognized as other consolidated income.
(3) Translation of foreign currency financial statement
When preparing consolidated financial statement involving overseas operation, in case there is foreign currency monetary
items which substantially constitute net investment in overseas operation, the exchange difference arising from exchange
rate fluctuation shall be included in other comprehensive income as ―translation difference of foreign currency statement‖;
and shall transfer to gains and losses from disposal for the current period when the overseas operation is disposed of.
Foreign currency financial statement for overseas operation is translated into RMB statement by the following means:
assets and liabilities in balance sheet are translated at the spot rate as of balance sheet date; owner’s equity items (other
than undistributed profit) are translated at the spot rate prevailing on the date of occurrence. Income and expense items in
profit statement are translated at the spot rate prevailing on the date of transactions. Beginning undistributed profit
represents the translated ending undistributed profit of previous year; ending undistributed profit is allocated and stated as
several items upon translation. Upon translation, difference between assets, liabilities and shareholders’ equity items shall
be recorded as foreign currency financial statement translation difference and recognized as other comprehensive income.
In case of disposal of overseas operation where control is lost, foreign currency financial statement translation difference
relating to the overseas operation as stated under shareholders’ equity in balance sheet shall be transferred to current gains
and losses of disposal in full or under the proportion it disposes.
Foreign currency cash flow and cash flow of overseas subsidiary are translated at the spot rate prevailing on the date of
occurrence of cash flow. Influence over cash from exchange rate fluctuation is taken as adjustment items to separately
stated in cash flow statement.
The beginning figure and previous year actual figures are stated at the translated figures in previous year financial
statement.
If the Company loses control over overseas operation due to disposal of all the owners’ equity or part equity investment in
the overseas operation or other reasons, foreign currency financial statement translation difference relating to the overseas
operation attributable to owners’ equity of parent company as stated under shareholders’ equity in balance sheet shall be
transferred to current gains and losses of disposal in full.
If the Company reduces equity proportion while not loses control over overseas operation due to disposal of part equity
investment in the overseas operation or other reasons, foreign currency financial statement translation difference relating to
the disposed part will be vested to minority interests and will not transfer to current gains and losses. When disposing part
equity interests of overseas operation which is associate or joint venture, foreign currency financial statement translation
difference relating to the overseas operation shall transfer to current disposal gains and losses according to the disposed
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proportion.
9. Financial instruments
(1) Method of determination of the fair value for financial assets and financial liabilities
Fair value represents the price that market participator can receive for disposal of an asset or he should pay for transfer of a
liability in an orderly transaction happened on the measurement date. Financial instruments exist in an active market. Fair
value is determined based on the quoted price in such market. An active market refers to where pricing is easily and
regularly obtained from exchanges, brokers, industrial organizations and price-fixing service organizations, representing
the actual price of a market transaction that takes place in a fair deal. While financial instruments do not exist in an active
market, the fair value is determined using valuation techniques. Valuation technologies include reference to be familiar
with situation and prices reached in recent market transactions entered into by both willing parties, reference to present fair
values of similar other financial instruments, cash flow discounting method and option pricing models.
(2) Classification, recognition and measurement of the financial assets
Financial asset or financial liability is recognized when the Company becomes a party to financial instrument contract.
Financial assets and liabilities are initially measured at fair value. For financial assets and financial liabilities classified as
fair value through profit or loss, relevant transaction costs are directly recognized in profit or loss for the period. For
financial assets and financial liabilities classified as other categories, relevant transaction costs are included in the amount
initially recognized.
①Financial assets carried at fair value through profit or loss for the current period
They include financial assets held for trading and financial assets designated as at fair value through
profit or loss for the current period.
Financial assets may be classified as financial assets held for trading if one of the following conditions is
met: A. the financial assets is acquired or incurred principally for the purpose of selling it in the near term;
B. the financial assets is part of a portfolio of identified financial instruments that are managed together
and for which there is objective evidence of a recent pattern of short-term profit taking; or C. the
financial assets is a derivative, excluding the derivatives designated as effective hedging instruments, the
derivatives classified as financial guarantee contract, and the derivatives linked to an equity instrument
investment which has no quoted price in an active market nor a reliably measured fair value and are
required to be settled through that equity instrument.
A financial asset may be designated as at FVTPL upon initial recognition only when one of the following
conditions is satisfied: A. Such designation eliminates or significantly reduces a measurement or
recognition inconsistency that would otherwise result from measuring assets or recognizing the gains or
losses on them on different bases; or B. The financial asset forms part of a group of financial assets or a
group of financial assets and financial liabilities, which is managed and its performance is evaluated on a
fair value basis, in accordance with the Group’s documented risk management or investment strategy,
and information about the grouping is reported to key management personnel on that basis.
Financial assets carried at fair value through profit or loss for the current period is subsequently measured
at fair value. The gain or loss arising from changes in fair value and dividends and interest income related
to such financial assets are charged to profit or loss for the current period.
②Held-to-maturity investments
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They are non-derivative financial assets with fixed maturity dates and fixed or determinable payments
that the Group has positive intent and ability to hold to maturity.
Held-to-maturity investments are subsequently measured at amortized cost using the effective interest
method. Gain or loss on derecognition, impairment or amortization is recognized through profit or loss
for the current period.
The effective interest method is a method of calculating the amortized cost of a financial asset and of
allocating interest income or expense over each period based on the effective interest of a financial asset
or a financial liability (including a group of financial assets or financial liabilities). The effective interest
is the rate that discounts future cash flows from the financial asset or financial liability over its expected
life or (where appropriate) a shorter period to the carrying amount of the financial asset or financial
liability.
In calculating the effective interest rate, the Group will estimate the future cash flows (excluding future
credit losses) by taking into account all contract terms relating to the financial assets or financial
liabilities whilst considering various fees, transaction costs and discounts or premiums which are part of
the effective interest rate paid or received between the parties to the financial assets or financial liabilities
contracts.
③ Loans and receivable
They are non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market. Financial assets, including bills receivable, accounts receivable, interest receivable,
dividends receivable and other receivables, are classified as loans and receivables by the Group.
Loans and receivables are subsequently measured at amortized cost using the effective interest method.
Gain or loss arising from derecognition, impairment or amortization is recognized in current profit or
loss.
④Available-for-sale financial assets
They include non-derivative financial assets that are designated in this category on initial recognition,
and the financial assets other than the financial assets at fair value through profit and loss, loans and
receivables and held-to-maturity investments.
The closing cost of available-for-sale debt instruments are determined based on amortized cost method, which means the
amount of initial recognition less the amount of principle already repaid, add or less the accumulated amortized amount
arising from the difference between the amount due on maturity and the amount initially recognized using effective interest
rate method, and less the amount of impairment losses recognized. The closing cost of available-for-sale equity instruments
is equal to its initial acquisition cost.
Available-for-sale financial assets are subsequently measured at fair value. The gain or loss on change in
fair value are recognized as other comprehensive income, except for impairment loss and exchange
differences arising from foreign monetary financial assets and amortized cost which are accounted for
through profit or loss for the current period. The financial assets will be transferred out of the financial
assets on derecognition and accounted for through profit or loss for the current period.
However, equity instrument investment which is not quoted in active market and whose fair value cannot be measured
reliably, and derivative financial asset which is linked to the equity instrument and whose settlement is conditional upon
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delivery of the equity instrument, shall be subsequently measured at cost.
Interests received from available-for-sale financial assets held and the cash dividends declared by the
investee are recognized as investment income.
(3) Impairment of financial assets
In addition to financial assets at fair value through profit or loss for the current period, the Group reviews
the book value of other financial assets at each balance sheet date and provide for impairment where
there is objective evidence that financial assets are impaired.
For a financial asset that is individually significant, the Group assesses the asset individually for
impairment. For a financial asset that is not individually significant, the Group assess the asset
individually for impairment or include the asset in a group of financial assets with similar credit risk
characteristics and collectively assess them for impairment. If it is determined that no objective evidence
of impairment exists for an individually assessed financial asset, whether the financial asset is
individually significant or not, the financial asset is included in a group of financial assets with similar
credit risk characteristics and collectively assessed for impairment. Financial assets for which an
impairment loss is individually recognized are not included in the collective assessment for impairment.
①Impairment of held-to-maturity investments, loans and receivables
The carrying amount of financial assets measured at costs or amortized costs are subsequently reduced to
the present value discounted from its projected future cash flow. The reduced amount is recognized as
impairment loss and recorded as profit or loss for the period. After recognition of the impairment loss
from financial assets, if there is objective evidence showing recovery in value of such financial assets
impaired and which is related to any event occurring after such recognition, the impairment loss
originally recognized shall be reversed to the extent that the carrying value of the financial assets upon
reversal will not exceed the amortized cost as at the reversal date assuming there is no provision for
impairment.
②Impairment of available-for-sale financial assets
In the event that decline in fair value of the available-for-sale equity instrument investment is regarded as ―severe decline‖
or ―non-temporary decline‖ on the basis of comprehensive related factors, it indicates that there is impairment loss of the
available-for-sale equity instrument investment.
The company’s standards to judge if the fair value of available for sale equity instruments investment has a ―severe‖
depreciation is that if the fair value of a single available for sale financial asset has a sharp fall which exceeds 50% of its
holding cost, then this available for sale financial asset is affirmed to have a severe decrease in value and should have the
provision for asset impairment to confirm the impairment loss.
The company’s standards to judge if the fair value of available for sale equity instruments investment has a
―non-temporary" depreciation is that if the fair value of a single available for sale financial asset has a sharp fall and this
downtrend is predicted to be non-temporary with the duration over a year that cannot be fundamentally changed in the
whole holding period, then this available for sale financial asset is affirmed to have a non-temporary decrease in value and
should have the provision for asset impairment to confirm the impairment loss.
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When the available-for-sale financial assets impair, the accumulated loss originally included in the capital
reserve arising from the decrease in fair value was transferred out from the capital reserve and included in
the profit or loss for the period. The accumulated loss that transferred out from the capital reserve is the
balance of the acquired initial cost of asset, after deduction of the principal recovered, amortized amounts,
current fair value and the impairment loss originally included in the profit or loss.
After recognition of the impairment loss, if there is objective evidence showing recovery in value of such
financial assets impaired and which is related to any event occurring after such recognition in subsequent
periods, the impairment loss originally recognized shall be reversed. The impairment loss reversal of the
available-for-sale equity instrument will be recognized as other consolidated income, and the impairment
loss reversal of the available-for-sale debt instrument will be included in the profit or loss for the period.
When an equity investment that is not quoted in an active market and the fair value of which cannot be
measured reliably, or the impairment loss of a derivative financial asset linked to the equity instrument
that shall be settled by delivery of that equity instrument, then it will not be reversed.
(4) Recognition and measurement of transfers of financial asset
Financial asset that satisfied any of the following criteria shall be derecognized: ①the contract right to
recover the cash flows of the financial asset has terminated; ② the financial asset, along with
substantially all the risk and return arising from the ownership of the financial asset, has been transferred
to the transferee; and ③ the financial asset has been transferred to the transferee, and the transferor has
given up the control on such financial asset, though it does not assign maintain substantially all the risk
and return arising from the ownership of the financial asset.
When the entity does not either assign or maintain substantially all the risk and return arising from the
ownership of the financial asset and does not give up the control on such financial asset, to the extent of
its continuous involvement in the financial asset, the entity recognizes it as a related financial asset and
recognizes the relevant liability accordingly. The extent of the continuous involvement is the extent to
which the entity exposes to changes in the value of such financial assets.
On derecognition of a financial asset, the difference between the following amounts is recognized in
profit or loss for the current period: the carrying amount and the sum of the consideration received and
any accumulated gain or loss that had been recognized directly in equity.
If a part of the financial assets qualifies for derecognition, the carrying amount of the financial asset is
allocated between the part that continues to be recognized and the part that qualifies for derecognition,
based on the fair values of the respective parts. The difference between the following amounts is
recognized in profit or loss for the period: the sum of the consideration received and the carrying amount
of the part that qualifies for derecognition and the aforementioned carrying amount.
For financial assets that are transferred with recourse or endorsement, the Company needs to determine whether the risk
and rewards of ownership of the financial asset have been substantially transferred. If the risk and rewards of ownership of
the financial asset have been substantially transferred, the financial assets shall be derecognized. If the risk and rewards of
ownership of the financial assets have been retained, the financial assets shall not be derecognized. If the Company neither
transfers nor retains substantially all the risks and rewards of ownership of the financial assets, the Company shall assess
whether the control over the financial assets is retained, and the financial assets shall be accounted for according to the
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above paragraphs.
(5) Classification and measurement of financial liabilities
At initial recognition, financial liabilities are classified either as ―financial liabilities at fair value through
profit or loss‖ or ―other financial liabilities‖. Financial liabilities are initially recognized at fair value. For
financial liabilities classified as fair value through profit or loss, relevant transaction costs are directly
recognized in profit or loss for the period. For financial liabilities classified as other categories, relevant
transaction costs are included in the amount initially recognized.
① Financial liabilities at fair value through profit or loss for the period
The criteria for a financial liability to be classified as held for trading and designated as at financial
liabilities at fair value through profit or loss are the same as those for a financial asset to be classified as
held for trading and designated as at financial assets at fair value through profit or loss.
Financial liabilities at fair value through profit or loss for the period are subsequently measured at fair
value. The gain or loss arising from changes in fair value and dividends and interest income related to
such financial liabilities are included into the current profit or loss.
② Other financial liabilities
Derivative financial liabilities which are linked to equity instruments that are not quoted in an active
market and the fair value of which cannot be measured reliably measured, and which shall be settled by
delivery of equity instruments are subsequently measured at cost. Other financial liabilities are
subsequently measured at amortized cost using the effective interest method. Gains or losses arising from
derecognition or amortization is recognized in profit or loss for the current period.
③Financial guarantee contract
Financial guarantee contract in respect of financial liabilities not designed at fair value through profit or loss shall be
initially measured at fair value, and subsequently measured at the lower between the amount determined under Accounting
Standards for Enterprises No.13-Contingent issues and its initial measurement amount less accumulative amortization
determined under Accounting Standards for Enterprises No.14-Revenue.
(6) Derecognition of financial liabilities
Financial liabilities are derecognized in full or in part only when the present obligation is discharged in full or in part. An
agreement is entered between the Group (debtor) and a creditor to replace the original financial liabilities with new
financial liabilities with substantially different terms, derecognize the original financial liabilities as well as recognize the
new financial liabilities.
When financial liabilities is derecognized in full or in part, the difference between the carrying amount of
the financial liabilities derecognized and the consideration paid (including transferred non-cash assets or
new financial liability) is recognized in profit or loss for the current period.
(7) Derivatives and embedded derivatives
Derivatives are initially measured at fair value as of the execution date of relevant contract, and subsequently measured at
fair value. Change of fair value of derivatives is recorded in profit or loss for the period.
In respect of mixed instruments containing embedded derivatives, if they are financial assets or financial liabilities not
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designated at fair value through profit or loss, and there is no close relation between embedded derivatives and such main
contract in terms of economic characteristics and risk, separate instrument shares the same conditions with embedded
derivatives and meets definition of derivatives, the embedded derivatives are split off from the mixed instruments and
accounted for as separate derivative financial instrument. If an embedded derivative instrument cannot be measured
separately upon acquisition or at subsequent balance sheet date, the mixed instruments shall be taken in its entirety as
financial assets or financial liabilities designated at fair value through profit or loss.
(8) Offset of Financial Assets and Financial Liabilities
If the Group owns the legitimate rights of offsetting the recognized financial assets and financial
liabilities, which are enforceable currently, and the Group plans to realize the financial assets or to clear
off the financial liabilities by net amount method, the amount of the offsetting financial assets and
financial liabilities shall be reported in the balance sheep. Otherwise, financial assets and financial
liabilities are presented separately in the balance sheet without offsetting.
(9) Equity instruments
Equity instruments are any contract that evidences a residual interest in the assets of an entity after deducting all of its
liabilities. The Company issues (including refinancing), repurchases, sells or cancels equity instruments as movement of
equity. No fair value change of equity instrument would be recognized by the Company. Transaction fees relating to equity
transactions are deducted from equity.
The distribution (excluding the dividends) to the equity instrument holders by the Group shall reduce the
shareholder’s equity. The Group shall not recognize the changes of the equity instruments’ fair value.
10. Account receivable
Account receivable including receivables and other account receivables etc.
(1) Recognition standards for bad debt provision
On balance sheet date, the Company examined book value of the account receivable, if the followed objective evidence has
been show for impairment occurred, impairment provision shall withdrawal: ①the debtor has serious financial difficulties;
②debtor violated the terms of the contract (such as interest or principal payment default or overdue etc.); ③debtor
probably close down or exercise other financial restructuring; and ④other objective evidence showing impairment
occurred on receivables.
(2) Withdrawal method for bad debt provision
①Recognition criteria and depreciation method for account receivable with large single amount and accrued for provision
of bad debt on a single basis
Account receivable with over RMB one million and other account receivable with over RMB 500,000 are recognized as
account receivable with large single amount.
The Company exercise impairment test separately on account receivable with large single amount, if no impairment been
found in financial assets after separate testing, they shall be included in portfolios of accounts receivable with similar credit
risk features for impairment tests.
For accounts receivable with confirmed impairment losses after separate tests, they shall not be included in portfolios of
accounts receivable with similar credit risk features for impairment tests.
②Recognition criteria and depreciation method for account receivable with accrued for provision of bad debt on credit risk
portfolio basis
A. Recognition basis for credit risk characteristics portfolio
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As for the account receivable with minor single amount and those with major amount without impairment had been found
after testing on a single basis, the Company grouping the financial assets according to similarity and relativity of the credit
risk characteristics. The credit risk characteristics usually reflect the repaying capability for all due amount from debtors, in
line with the terms of the contract, and related with the measurement of future cash flow on assets which has been
examined.
Recognition basis for different portfolio:
Item Basis
Age portfolio Divide the portfolio on the age of account receivable as a credit risk characteristics
B. Depreciation method for bad debt provision recognized by credit risk characteristics portfolio
At the time of impairment testing, the bad debt amount will recognized by the estimated losses, according to historical
losses experience, which has been occurred in account receivable portfolio, and current economic status as well as
portfolio structure and similar credit risk characteristics (debt paying capability for debtor based on terms of the contract).
Depreciation method of bad debt provision in different portfolio:
Item Depreciation method
Age portfolio Accrual bad debt provision by aging of accounts
a. Depreciation method of bad debt provision by aging of accounts in portfolio
Accrual ratio of account Accrual ratio of other
Age
receivable (%) receivables (%)
Within 1 year (including one year, the same below) No accrual No accrual
1-2 years 5 5
2-3 years 20 20
Over 3 years 50 50
③Accounts receivable that are individually insignificant but with bad debt provision provided on an individual basis:
Account receivable with RMB one million at most and other account receivable with RMB 500,000 at most are recognized
as account receivable with insignificant single amount.
As for the account receivable with insignificant single amount but with followed features, exercise impairment separately,
if there has evidence of impairment, provision for bad debts shall be made at the difference of present value of estimated
future cash flows in short of their book values, and shall be recognized as impairment losses: account receivable with
dispute and arbitration involved or exist with the counter party; receivables which has obvious evidence that the debtor
probably unable to performed payment obligations etc.
(3) Reversal of bad debt provisions
If there is evidence showing that the value of the account receivable has been recovered, and that the
recovery is objectively related to events after recognition of the loss, the originally recognized
impairment loss should be reversed and included in current profit and loss. However, the book values
after such reversal shall not exceed the amortized costs of the account receivable on the reversal date,
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assuming there is no provision for impairment.
11. Inventories
(1) Classification of inventories
Inventory including raw materials, stock commodity and low value consumables etc.
(2) Pricing for inventories delivered and obtained
Inventories are priced at actual costs when acquired. Inventory cost includes procurement cost, processing cost and other
costs. Raw materials and inventory commodities are measured under weighted average method when applied for use and
delivered.
(3) Recognition for net realizable value of inventories and withdrawal method for inventory impairment provision
Net realizable value refers to the amount resulted by inventory’s estimated sale price minor the cost, which is going to
occurred till end of the completion, estimated sales expenses and relevant taxes, in daily activities. At the time of
recognizing the net realizable value for inventory, on basis of unambiguous evidence, take the purpose of inventory held
and influence of events after the balance sheet date into account at the same time.
On balance sheet date, measure of the inventory is made as the lower of their cost and or net realizable
values. Provision for inventory depreciation reserve are made while the net realizable values below the
cost. Inventory falling price reserves withdrawal usually base on the difference of the cost of single
inventory which over the net realizable value. As for inventories with numerous quantity and low unit
price, inventory depreciation provision is made based on categories of inventories.
After inventory impairment provision, if any factor rendering write-downs of the inventories has been
eliminated as net realizable value higher than its book value resulted, the amounts written down are
recovered and reversed from the inventory depreciation reserve, which has been provided for. The
reversed amounts are included into the current profit and loss.
(4) Inventory system was the perpetual inventory system.
(5) Low value consumptions and packing materials are amortized under amortization method when applied for use.
12. Classified as assets held for sale
If a non-current asset can be promptly sold at its existing status only according to the practice terms in connection with
disposal of this kind of assets, and the Company has already made resolution on disposal of the non-current asset and
entered into irrevocable transfer agreement with the transferee, and this transfer will be completed within one year, then the
non-current asset would be calculated as non-current asset held for sale which would be not applicable to depreciation or
amortization since the date of classification as asset held for sale, and would be measured at the lower of its carrying value
less disposal cost and fair value less disposal cost. Non-current asset held for sale consists of single item asset and disposal
group. If a disposal group is a group of assets as defined by No.8 of Business Accounting Standards-Assets Impairment,
and goodwill arising from business combination shall be allocated to the group of assets under this accounting principle, or
the disposal group constitutes one operation of the group of assets, then the disposal group includes the goodwill arising
from business combination.
For single non-current asset and asset in disposal group classified as assets held for sale, they shall be presented in balance
sheet separately as current assets. For liabilities in disposal group relating to the transferred assets classified as assets held
for sale, they shall be presented in balance sheet separately as current liabilities.
If an asset or disposal group classified as held for sale no longer meets the recognition condition as non-current asset held
for sale, the Company will cease such recognition and measure the asset at the lower of (1)the carrying value of the asset or
disposal group prior to being classified as held for sale, based on the amount adjusted with the depreciation, amortization
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or impairment which should have been recognized assuming it had not been classified as held for sale; (2)the recoverable
amount on the date when the Company decides to cease disposal.
13. Long-term equity investments
Long-term equity investments under this section refer to long-term equity investments in which the Company has control,
joint control or significant influence over the investee. Long-term equity investment without control or joint control or
significant influence of the Group is accounted for as available-for-sale financial assets or financial assets measured at fair
value with any change in fair value charged to profit or loss. Details on its accounting policy please refer to Note 9.
―Financial instruments‖ under section IV.
Joint control is the Company’s contractually agreed sharing of control over an arrangement, which relevant activities of
such arrangement must be decided by unanimously agreement from parties who share control. Significant influence is the
power of the Company to participate in the financial and operating policy decisions of an investee, but to fail to control or
joint control the formulation of such policies together with other parties.
(1) Determination of investment cost
For a long-term equity investment acquired through a business combination involving enterprises under common control,
the initial investment cost of the long-term equity investment shall be the absorbing party’s share of the carrying amount of
the owner’s equity under the consolidated financial statements of the ultimate controlling party on the date of combination.
The difference between the initial cost of the long-term equity investment and the cash paid, non-cash assets transferred as
well as the book value of the debts borne by the absorbing party shall offset against the capital reserve. If the capital
reserve is insufficient to offset, the retained earnings shall be adjusted. If the consideration of the merger is satisfied by
issue of equity securities, the initial investment cost of the long-term equity investment shall be the absorbing party’s share
of the carrying amount of the owner’s equity under the consolidated financial statements of the ultimate controlling party
on the date of combination. With the total face value of the shares issued as share capital, the difference between the initial
cost of the long-term equity investment and total face value of the shares issued shall be used to offset against the capital
reserve. If the capital reserve is insufficient to offset, the retained earnings shall be adjusted. For business combination
resulted in an enterprise under common control by acquiring equity of the absorbing party under common control through a
stage-up approach with several transactions, these transactions will be judged whether they shall be treat as ―transactions in
a basket‖. If they belong to ―transactions in a basket‖, these transactions will be accounted for a transaction in obtaining
control. If they are not belong to ―transactions in a basket‖, the initial investment cost of the long-term equity investment
shall be the absorbing party’s share of the carrying amount of the owner’s equity under the consolidated financial
statements of the ultimate controlling party on the date of combination. The difference between the initial cost of the
long-term equity investment and the aggregate of the carrying amount of the long-term equity investment before merging
and the carrying amount the additional consideration paid for further share acquisition on the date of combination shall
offset against the capital reserve. If the capital reserve is insufficient to offset, the retained earnings shall be adjusted. Other
comprehensive income recognized as a result of the previously held equity investment accounted for using equity method
on the date of combination or recognized for available-for-sale financial assets will not be accounted for.
For a long-term equity investment acquired through a business combination involving enterprises not under common
control, the initial investment cost of the long-term equity investment shall be the cost of combination on the date of
acquisition. Cost of combination includes the aggregate fair value of assets paid by the acquirer, liabilities incurred or
borne and equity securities issued. For business combination resulted in an enterprise not under common control by
acquiring equity of the acquiree under common control through a stage-up approach with several transactions, these
transactions will be judged whether they shall be treat as ―transactions in a basket‖. If they belong to ―transactions in a
basket‖, these transactions will be accounted for a transaction in obtaining control. If they are not belong to ―transactions in
a basket‖, the initial investment cost of the long-term equity investment accounted for using cost method shall be the
aggregate of the carrying amount of equity investment previously held by the acquiree and the additional investment cost.
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For previously held equity accounted for using equity method, relevant other comprehensive income will not be accounted
for. For previously held equity investment classified as available-for-sale financial asset, the difference between its fair
value and carrying amount, as well as the accumulated movement in fair value previously included in the other
comprehensive income shall be transferred to profit or loss for the current period.
Agent fees incurred by the absorbing party or acquirer for the acquisition such as audit, legal service, and valuation and
consultation fees, and other related administration expenses are charged to profit or loss in the current period at the time
such expenses incurred.
The long-term equity investment acquired through means other than a business combination shall be initially measured at
its cost. Such cost is depended upon the acquired means of long-term equity investments, which is recognized based on the
purchase cost actually paid by the Company in cash, the fair value of equity securities issued by the Group, the agreed
value of investment contract or agreement, the fair value or original carrying amounts of the non-monetary asset exchange
transaction which the asset will be transferred out of the Company, and the fair value of long-term equity investment itself.
The costs, taxes and other necessary expenses that are directly attributable to the acquisition of the long-term equity
investments are also included in the investment cost. For additional equity investment made in order to obtain significant
influence or common control over investee without resulted in control, the relevant cost for long-term equity investment
shall be the aggregate of fair value of previously held equity investment and additional investment cost determined
according to ―Accounting Standard for Business Enterprises No. 22 – Recognition and measurement of Financial
Instruments‖.
(2) Subsequent measurement and income recognition method
Long term equity investment by which the Company has common control (other than that constituting joint operation) or
significant influence in investee is measured under equity method. In addition, long term equity investment by which the
Company is able to exercise control in investee is measured under cost method in financial statements.
①Long term equity investment measured under cost method
Under cost method, long term equity investment is measured at initial investment cost, and cost of long term equity
investment shall be adjusted in case of adding or recovering investment. Other than the price actually paid when obtaining
investment or cash dividends or distribution declared but not paid in consideration, investment income for the period would
be recognized based on the cash dividend or distribution declared by the investee.
② Long-term equity investments accounted for using the equity method
Under the equity method, where the initial investment cost of a long-term equity investment exceeds the
investor’s interest in the fair value of the investee’s identifiable net assets at the acquisition date, no
adjustment shall be made to the initial investment cost. Where the initial investment cost is less than the
investor’s interest in the fair value of the investee’s identifiable net assets at the acquisition date, the
difference shall be charged to profit or loss for the current period, and the cost of the long term equity
investment shall be adjusted accordingly.
Under the equity method, investment gain and other comprehensive income shall be recognized based on the Group’s share
of the net profits or losses and other comprehensive income made by the investee, respectively. Meanwhile, the carrying
amount of long-term equity investment shall be adjusted. The carrying amount of long-term equity investment shall be
reduced based on the Group’s share of profit or cash dividend distributed by the investee. In respect of the other movement
of net profit or loss, other comprehensive income and profit distribution of investee, the carrying value of long-term equity
investment shall be adjusted and included in the capital reserves. The Group shall recognize its share of the investee’s net
profits or losses based on the fair values of the investee’s individual separately identifiable assets at the time of acquisition,
after making appropriate adjustments thereto. In the event of inconformity between the accounting policies and accounting
periods of the investee and the Company, the financial statements of the investee shall be adjusted in conformity with the
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accounting policies and accounting periods of the Company. Investment gain and other comprehensive income shall be
recognized accordingly. In respect of the transactions between the Group and its associates and joint ventures in which the
assets disposed of or sold are not classified as operation, the share of unrealized gain or loss arising from inter-group
transactions shall be eliminated by the portion attributable to the Company. Investment gain shall be recognized
accordingly. However, any unrealized loss arising from inter-group transactions between the Group and an investee is not
eliminated to the extent that the loss is impairment loss of the transferred assets. In the event that the Group disposed of an
asset classified as operation to its joint ventures or associates, which resulted in acquisition of long-term equity investment
by the investor without obtaining control, the initial investment cost of additional long-term equity investment shall be the
fair value of disposed operation. The difference between initial investment cost and the carrying value of disposed
operation will be fully included in profit or loss for the current period. In the event that the Group sold an asset classified as
operation to its associates or joint ventures, the difference between the carrying value of consideration received and
operation shall be fully included in profit or loss for the current period. In the event that the Company acquired an asset
which formed an operation from its associates or joint ventures, relevant transaction shall be accounted for in accordance
with ―Accounting Standards for Business Enterprises No. 20 ―Business combination‖. All profit or loss related to the
transaction shall be accounted for.
The Group’s share of net losses of the investee shall be recognized to the extent that the carrying amount
of the long-term equity investment together with any long-term interests that in substance form part of the
investor’s net investment in the investee are reduced to zero. If the Group has to assume additional
obligations, the estimated obligation assumed shall be provided for and charged to the profit or loss as
investment loss for the period. Where the investee is making profits in subsequent periods, the Group
shall resume recognizing its share of profits after setting off against the share of unrecognized losses.
If there is debit variation in relation to the long-term equity investments in associates and joint venture
held prior to first adoption of the Accounting Standards for Business Enterprises by the Group on 1
January 2007, the amounts amortized over the original residual term using the straight-line method is
included in the profit or loss for the period.
③Acquisition of minority interests
Upon the preparation of the consolidated financial statements, since acquisition of minority interests
increased of long-term equity investment which was compared to fair value of identifiable net assets
recognized which are measured based on the continuous measurement since the acquisition date (or
combination date) of subsidiaries attributable to the Group calculated according to the proportion of
newly acquired shares, the difference of which recognized as adjusted capital surplus, capital surplus
insufficient to set off impairment and adjusted retained earnings.
④Disposal of long-term equity investments
In these consolidated financial statements, where the parent company disposes of a portion of the long
term equity investments in a subsidiary without a change in control, the difference between disposal cost
and disposal of long-term equity investments relative to the net assets of the subsidiary is charged to the
shareholders’ equity. As for the disposal of a portion of the long term equity investments in a subsidiary
by the parent company leading to lose of control over such subsidiary, it shall be accounted for under the
relevant accounting policies described in Note IV.5-(2) Headed ―preparation methods for consolidated
financial statements‖.
On disposal of a long-term equity investment otherwise, the difference between the carrying amount of the investment and
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the actual consideration paid is recognized through profit or loss in the current period.
In respect of long-term equity investment at equity with the remaining equity interest after disposal also accounted for
using equity method, other comprehensive income previously under owners’ equity shall be accounted for in accordance
with the same accounting treatment for direct disposal of relevant asset or liability by investee on pro rata basis at the time
of disposal. The owners’ equity recognized for the movement of other owners’ equity (excluding net profit or loss, other
comprehensive income and profit distribution of investee) shall be transferred to profit or loss for the current period on pro
rata basis.
In respect of long-term equity investment at cost with the remaining equity interest after disposal is also accounted for at
cost, other comprehensive income recognized due to measurement at equity or recognition and measurement for financial
instruments prior to obtaining control over investee shall be accounted for in accordance with the same accounting
treatment for direct disposal of relevant asset or liability by investee and carried forward to current gains and losses on pro
rata basis. The movement of other owners’ equity (excluding net profit or loss, other comprehensive income and profit
distribution of investee) shall be transferred to profit or loss for the current period on pro rata basis.
In the event of loss of control over investee due to partial disposal of equity investment by the Group, in preparing separate
financial statements, the remaining equity interest which can apply common control or impose significant influence over
the investee after disposal shall be accounted for using equity method. Such remaining equity interest shall be treated as
accounting for using equity method since it is obtained and adjustment was made accordingly. For remaining equity
interest which cannot apply common control or impose significant influence over the investee after disposal, it shall be
accounted for using the recognition and measurement standard of financial instruments. The difference between its fair
value and carrying amount as at the date of losing control shall be included in profit or loss for the current period. In
respect of other comprehensive income recognized using equity method or the recognition and measurement standard of
financial instruments before the Group obtained control over the investee, it shall be accounted for in accordance with the
same accounting treatment for direct disposal of relevant asset or liability by investee at the time when the control over
investee is lost. Movement of other owners’ equity (excluding net profit or loss, other comprehensive income and profit
distribution under net asset of investee accounted for and recognized using equity method) shall be transferred to profit or
loss for the current period at the time when the control over investee is lost. Of which, for the remaining equity interest
after disposal accounted for using equity method, other comprehensive income and other owners’ equity shall be
transferred on pro rata basis. For the remaining equity interest after disposal accounted for using the recognition and
measurement standard of financial instruments, other comprehensive income and other owners’ equity shall be fully
transferred.
In the event of loss of common control or significant influence over investee due to partial disposal of equity investment by
the Group, the remaining equity interest after disposal shall be accounted for using the recognition and measurement
standard of financial instruments. The difference between its fair value and carrying amount as at the date of losing
common control or significant influence shall be included in profit or loss for the current period. In respect of other
comprehensive income recognized under previous equity investment using equity method, it shall be accounted for in
accordance with the same accounting treatment for direct disposal of relevant asset or liability by investee at the time when
equity method was ceased to be used. Movement of other owners’ equity (excluding net profit or loss, other comprehensive
income and profit distribution under net asset of investee accounted for and recognized using equity method) shall be
transferred to profit or loss for the current period at the time when equity method was ceased to be used.
The Group disposes its equity investment in subsidiary by a stage-up approach with several transactions until the control
over the subsidiary is lost. If the said transactions belong to ―transactions in a basket‖, each transaction shall be accounted
for as a single transaction of disposing equity investment of subsidiary and loss of control. The difference between the
disposal consideration for each transaction and the carrying amount of the corresponding long-term equity investment of
disposed equity interest before loss of control shall initially recognized as other comprehensive income, and subsequently
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transferred to profit or loss arising from loss of control for the current period upon loss of control.
14. Investment real estate
Investment real estate is the real estate that held by the Company for purpose of obtaining rent or capital appreciation or
both purpose received. Investment real estate including rented land use right, land use right held ready for transfer after
appreciation and rented buildings etc.
The investment real estate shall be measured initially at the cost. The subsequent spending related to the investment real
estate, if it is very likely for the related economic interest to flow in and its cost can be reliably measured, shall be included
in the cost for the investment real estate. Other subsequent spending shall be included in the current profit or loss when
occurring.
The Company applies the cost model for subsequent measurement of investment real estate, and depreciates and amortizes
it as per the policy consistent to those for the houses and buildings and land use right.
For details about the methods for impairment testing of the investment real estate and for accrual of impairment provision,
see Note IV 20 ―Impairment of long term assets‖.
Where property for own use or inventory transfers to investment property, or investment property transfers to property for
own use, carrying value before such transfer shall be taken as book value after such transfer.
In the event that an investment property is converted to an owner-occupied property, such property shall become fixed
assets or intangible assets since the date of its conversion. In the event that an owner-occupied property is converted to real
estate held to earn rentals or for capital appreciation, such fixed assets or intangible assets shall become an investment
property since the date of its conversion. Upon the conversion, investment property which is measured at cost is accounted
for with the carrying value prior to conversion, and investment property which is measured at fair value is accounted for
with the fair value as of the conversion date.
If an investment property is disposed of or if it withdraws permanently from use and no economic benefit will be obtained
from the disposal, the recognition of it as an investment property shall be terminated. When an investment property is sold,
transferred, retired or damaged, the amount of proceeds on disposal of the property net of the carrying amount and related
tax and surcharges is recognized in profit or loss for the current period.
15. Fixed assets
(1) Recognition criteria of fixed assets
Fixed assets refer to the tangible assets held for the purpose of producing commodities, rendering services, renting or
business management with useful lives exceeding one fiscal year. Fixed assets are only recognized when the relevant
economic benefits are likely to inflow to the Company and their cost can be measured reliably. Fixed assets are initially
measured at cost taking into account predicted disposal expenses.
(2) Depreciation method of fixed assets
The initial measurement of a fixed assets shall be made at its cost and consider expected discard expenses factors
alternatives. Accrual depreciation of fixed assets shall be made based on straight-line depreciation within the service life
since the second month, when the fixed assets reached its expected condition for use. Service life, estimated net residual
value and annual depreciation rate for vary fixed assets are as:
Annual depreciation rate
Type Depreciation term (year) Residual rate (%)
(%)
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House and buildings 35 3 2.77
Machinery equipment 12 3 8.08
Transportation equipment 7 3 13.86
Electronic equipment 7 3 13.86
Office and other equipment 7 3 13.86
Decoration charge for 10 0 10.00
self-owned houses
Estimated net residual value is the amount obtained from disposal of such fixed assets after estimated disposal expense
deducted, on assumption basis of the fixed assets has full estimated service life and in an anticipating condition of service
life terminated.
(3) Impairment test method and accrual of depreciation reserves for fixed asset
Impairment test method and accrual of depreciation reserves for fixed asset please found in ―20. Impairment of non-current
and non-financial assets‖ in Note IV.
(4) Others
As for the subsequent expenditure related to fixed assets, if the economic benefits related to the fixed
assets is probable to flow into the Company and its cost could be measured reliably, then the expenditure
shall be included in costs of the fixed assets, and the carrying value of the replaced portion shall be
derecognized. Other subsequent expenditures other than this shall be included in profits or losses of the
period when occurred.
The disposal income from disposal, transfer, dumping or damage of fixed assets less its carrying value
and related tax expenses shall be recorded in profits or losses of the period.
The Company, at least, re-reviews the use of life, projected net residual value and depreciation method of
fixed assets at the end of year. For any change of the above factor, it shall be dealt as change of
accounting estimation.
16. Construction-in-progress
Cost of construction-in-progress should recognized by the actual construction costs, including vary construction costs
during the period of construction, the capitalized borrowing costs prior to the expected conditions for use and other
relevant expenses etc. The construction-in-progress should carry forward as fixed assets after reached the expected
conditions for use.
Impairment test method and impairment provision method for the construction-in-progress found in ―20.impairment of
non-current/non-financial assets‖ in Note IV.
17. Borrowing costs
Borrowing costs include interest, amortization of discounts or premiums related to borrowings, ancillary
costs incurred in connection with the arrangement of borrowings, and exchange differences arising from
foreign currency borrowings. For borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset, when expenditures for the asset and borrowing costs are
being incurred, activities relating to the acquisition, construction or production of the asset that are
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necessary to prepare the asset for its intended use or sale have commenced, such borrowing costs shall be
capitalized as part of the cost of that asset; and capitalization shall discontinue when the qualifying asset
is ready for its intended use or sale. Other borrowing costs shall be recognized as expense in the period in
which they are incurred.
Where funds are borrowed for a specific purpose, the amount of interest to be capitalized shall be the
actual interest expense incurred on that borrowing for the period less any bank interest earned from
depositing the borrowed funds before being used into banks or any investment income on the temporary
investment of those funds. Where funds are borrowed for general purpose, the Group shall determine the
amount of interest to be capitalized on such borrowings by applying a capitalization rate to the weighted
average of the excess amounts of cumulative expenditures on the asset over and above the amounts of
specific-purpose borrowings. The capitalization rate shall be the weighted average of the interest rates
applicable to the general-purpose borrowings.
During the capitalization period, exchange differences related to the principal and interest on a specific
purpose borrowing denominated in foreign currency shall be capitalized as part of the cost of the
qualifying asset. Exchange differences related to general-purpose borrowings denominated in foreign
currency shall be included in profit or loss for the current period.
Qualifying assets are assets (fixed assets, investment property, inventories, etc) that necessarily take a
substantial period of time for acquisition, construction or production to get ready for their intended use or
sale.
Capitalization of borrowing costs shall be suspended during periods in which the acquisition,
construction or production of a qualifying asset is interrupted abnormally, when the interruption is for a
continuous period of more than 3 months, until the acquisition, construction or production of the
qualifying asset is resumed.
18. Intangible assets
(1) Intangible assets
An intangible asset is an identifiable non-monetary asset without physical substance owned or controlled
by the Group.
An intangible asset shall be initially measured at cost. The expenditures incurred on an intangible asset
shall be recognized as cost of the intangible asset only if it is probable that economic benefits associated
with the asset will flow to the Group and the cost of the asset can be measured reliably. Other
expenditures on an item asset shall be charged to profit or loss when incurred.
Land use right acquired shall normally be recognized as an intangible asset. Self-constructed buildings (e.g. plants), related
land use right and the buildings shall be separately accounted for as an intangible asset and fixed asset. For buildings and
structures purchased, the purchase consideration shall be allocated among the land use right and the buildings on a
reasonable basis. In case there is difficulty in making a reasonable allocation, the consideration shall be recognized in full
as fixed assets.
An intangible asset with a finite useful life shall be stated at cost less estimated net residual value and any accumulated
impairment loss provision and amortized using the straight-line method over its useful life when the asset is available for
use. Intangible assets with indefinite life are not amortized.
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The Group shall review the useful life of intangible asset with an infinite useful life and the amortization
method applied at period-end. A change in the useful life or amortization method used shall be accounted
for as a change in accounting estimate. For an intangible asset with an indefinite useful life, the Group
shall review the useful life of the asset. If there is evidence indicating that the period during which the
intangible assets brings in economic benefits to the Group can be predicted, the Group shall estimate the
useful life of that asset and make amortization under the amortization policies applicable to intangible
assets with finite useful life.
(2) Research and development expenditures
Research and development expenditure of the Group was divided into expenses incurred during the research phase and
expenses incurred during the development phase.
Expenses incurred during the research phase are recognized as profit or loss in the current period.
Expenses incurred during the development phase that satisfy the following conditions are recognized as intangible assets,
while those that do not satisfy the following conditions are accounted for in the profit or loss for the current period:
①it is technically feasible that the intangible asset can be used or sold upon completion;
②there is intention to complete the intangible asset for use or sale;
③the intangible asset can produce economic benefits, including there is evidence that the products produced using the
intangible asset has a market or the intangible asset itself has a market; if the intangible asset is for internal use, there is
evidence that there exists usage for the intangible asset;
④there is sufficient support in terms of technology, financial resources and other resources in order to complete the
development of the intangible asset, and there is capability to use or sell the intangible asset;
⑤the expenses attributable to the development phase of the intangible asset can be measured reliably.
If the expenses incurred during the research phase and the development phase cannot be distinguished separately, all
development expenses incurred are accounted for in the profit or loss for the current period.
(3) Intangible assets impairment test method and their impairment provision
The method for impairment test and impairment provision of intangible assets is detailed in Note IV. 20
―Impairment of non-current non-monetary financial asset‖.
19. Long-term prepaid expenses
Long-term prepaid expenses refer to the general expenses that occurred but shall be amortized over one year in reporting
period and later period. Long-term prepaid expenses shall amortized by straight-line method in expected benefit period.
20. Long-term assets impairment
The Group will judge if there is any indication of impairment as at the balance sheet date in respect of
long-term investments such as fixed assets, construction in progress, intangible assets with a finite useful
life, investment properties measured at cost, and long-term equity investments in subsidiaries, joint
controlled entities and associates. If there is any evidence indicating that an asset may be impaired,
recoverable amount shall be estimated for impairment test. Goodwill, intangible assets with an indefinite
useful life and intangible assets beyond working conditions will be tested for impairment annually,
regardless of whether there is any indication of impairment.
If the impairment test result shows that the recoverable amount of an asset is less than its carrying amount,
the impairment provision will be made according to the difference and recognized as an impairment loss.
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The recoverable amount of an asset is the higher of its fair value less costs of disposal and the present
value of the future cash flows expected to be derived from the asset. An asset’s fair value is the price in a
sale agreement in an arm’s length transaction. If there is no sale agreement but the asset is traded in an
active market, fair value shall be determined based on the bid price. If there is neither sale agreement nor
active market for an asset, fair value shall be based on the best available information. Costs of disposal
are expenses attributable to disposal of the asset, including legal fee, relevant tax and surcharges,
transportation fee and direct expenses incurred to prepare the asset for its intended sale. The present value
of the future cash flows expected to be derived from the asset over the course of continued use and final
disposal is determined as the amount discounted using an appropriately selected discount rate. Provisions
for assets impairment shall be made and recognized for the individual asset. If it is not possible to
estimate the recoverable amount of the individual asset, the Group shall determine the recoverable
amount of the asset group to which the asset belongs. The asset group is the smallest group of assets
capable of generating cash flows independently.
For the purpose of impairment testing, the carrying amount of goodwill presented separately in the financial statements
shall be allocated to the asset groups or group of assets benefiting from synergy of business combination. If the recoverable
amount is less than the carrying amount, the Group shall recognize an impairment loss. The amount of impairment loss
shall first reduce the carrying amount of any goodwill allocated to the asset group or set of asset groups, and then reduce
the carrying amount of other assets (other than goodwill) within the asset group or set of asset groups, pro rata on the basis
of the carrying amount of each asset.
An impairment loss recognized on the aforesaid assets shall not be reversed in a subsequent period in
respect of the restorable value.
21. Staff remuneration
Staff remuneration includes short term staff remuneration, post office benefit, dismissal benefit, among
which:
Short term staff remuneration mainly consists of salary, bonus, allowance and subsidy, staff benefits,
medical insurance, maternity insurance, work related injury insurance, housing funds, labor unit fee and
education fee, non-monetary benefits, etc. short term staff remuneration actually happened during the
accounting period in which staff provides services to the Company is recognized as liability, and shall be
included in current gains and losses or relevant asset cost. Non-monetary benefits are measured at fair
value.
Post office benefits mainly consist of defined withdraw plan and defined benefit plan. Defined withdraw plan mainly
includes basic pension insurance, unemployment insurance and annuity, and the contribution payable is included in
relevant asset cost or current gains and losses when occurs. Our defined benefit plan mainly relates to retirement benefits.
The Company engaged independent actuary to make estimation on demographic variables and financial variables under
predicted accumulative benefits unit method with unbiased and consistent actuary assumption, measure liabilities arising
from defined benefit plan and determine vesting periods of various liabilities. On balance sheet date, the Company
presented liabilities arising from defined benefit plan at present value, and recorded service costs as profit or loss for the
period.
When the Company terminates the employment relationship with employees before the end of the employment contracts or
provides compensation as an offer to encourage employees to accept voluntary redundancy, the Company shall recognize
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employee compensation liabilities arising from compensation for staff dismissal and included in profit or loss for the
current period, when the Company cannot revoke unilaterally compensation for dismissal due to the cancellation of labor
relationship plans and employee redundant proposals; and the Company recognize cost and expenses related to payment of
compensation for dismissal and restructuring, whichever is earlier. However, if the compensation for termination of
employment is not expected to be fully paid within 12 months from the reporting period, it shall be accounted for other
long-term staff remuneration.
Employee internal retirement plans is to use the same principle to deal with termination benefits. The group will pay staff
salary, social insurance and others from the date they stop providing service to their retire-day. This amount shall be
included in the current profits and losses (termination benefits), only when it meets the projected liabilities confirmation
conditions.
For other long-term employee benefits provided by the Company to its employees, if satisfy with the established withdraw
plan, then the benefits are accounted for under the established withdraw plan, otherwise accounted for under defined
benefit scheme.
22. Accrual liability
The obligation pertinent to contingencies shall be recognized as accrual liability when the following conditions are
satisfied simultaneously: (1) That obligation is a current obligation of the Group; (2) It is likely to cause any economic
benefit to flow out of the enterprise as a result of performance of the obligation; and (3) The amount of the obligation can
be measured in a reliable way.
At the balance sheet date, considering matters related to risks, uncertainties and time value of money and other factors, the
expected liabilities are measured in accordance with the best estimate of the necessary expenses for the performance of the
current obligation.
If the expenditure required paying all or part of the expected liabilities was compensated by the third party, and the amount
of compensation basically can be sure when received, it could be recognized as a separate asset. But the amount of
compensation confirmed couldn’t be more than the book value of the estimated debts.
23. Income
(1) Income of commodities sales
When the transfer of significant risks and rewards of ownership of the goods to the buyer is done, when the right of
management usually associated with ownership is not reserved, when we didn’t effectively control the goods sold, the
amount of revenue can be measured reliably. The associated economic benefits are likely to flow into the enterprise. And
the related costs incurred or to be incurred can be measured in a reliable way. Thus we realize sales income.
The company engages in sales of cars, confirming income after the vehicle delivery to customers according to agreement,
payment received or the rights to receive payment.
(2) Income from providing labor
On condition that provision of services trade results can be reliably estimated, we confirm income from providing labor on
the balance sheet date according to the percentage of completion. The Company calculates the completion schedule
through the ratio of the costs incurred taking up of the estimated total cost.
The results of labor transaction provided can be estimated reliably only when simultaneously: ①the amount of revenue can
be measured reliably; ②the economic interests are likely to flow into the enterprise; ③the degree of completion can be
reliably determined; ④cost occurred and to be occurred can be reliably measured.
If the service transaction results couldn’t be able to reliably estimated, labor income will be calculated according to
according to amount of labor costs which has occurred and is expected to be t compensated, and labor costs occurred
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would be included as expenses of the current period. Labor cost occurred which cannot be compensated will not be
included as revenue.
The Company engages in car repair services, confirming income after the car repair service is delivered to customers
according to agreement, payment received or the rights to receive payment.
(3) Use fee income
According to the relevant contract or agreement, revenue is recognized in accordance with the accrual basis.
(4) Interest income
Interest income is confirmed in accordance with time and actual interest others make use of the monetary capital of the
group
24. Government subsidy
A government subsidy means the monetary or non-monetary assets obtained free by the Group from the government, but
excluding the capital invested by the government as the owner of the enterprise. Government subsidies consist of the
government subsidies pertinent to assets and government subsidies pertinent to income. Government grant obtained by the
Company for the purpose of constructing or otherwise forming long term assets is recognized as government grant related
to assets, and other government grants are recognized as those related to income. If government document fails to identify
specific grantee, government grants will be categorized into government grants related to income or assets respectively
under the below method: (1) in case government document indicates the specific project applicable to the grant, such
categorization shall be made based on the respective proportion of expenditures to form assets or be recorded as expenses
in budget for the specific project. The allocation proportion will be reviewed on each balance sheet date, and is subject to
necessary alteration; (2) in case government document only indicate general purpose of such grant instead of specific
project, the grant shall be viewed as government grant related to income.
The government subsidy with monetary assets concerned should be measured by the actual received or receivable amount
while non-monetary assets government subsidy measured by fair value; if without realizable fair value obtained, measured
by nominal amount instead. The government subsidy with nominal amount measured should reckon into current gains and
losses.
Government grants are generally recognized when received and measured at the amount actually received, but are
measured at the amount likely to be received when there is conclusive evidence at the end of the accounting period that the
Group will meet related requirements of such grants and will be able to receive the grants. The government grants so
measured should also satisfy the following conditions: (1) the amount of the grants be confirmed with competent
authorities in written form or reasonably deduced from related requirements under financial fund management measures
officially released without material
uncertainties; (2) the grants be given based on financial support projects and fund management policies officially published
and voluntarily disclosed by local financial authorities in accordance with the requirements under disclosure of government
information, where such policies should be open to any company satisfying conditions required and not specifically for
certain companies; (3) the date of payment be specified in related documents and the payment thereof be covered by
corresponding budget to ensure such grants will be paid on time as specified; and (4)other relevant conditions which shall
be met based on the specific situations of the Company and the subject matter.
Asset-related government subsidies are recognized as deferred income and accounted into the current gains/losses equally
within service life for the relevant assets. The government subsidies pertinent to incomes, which are used for compensating
the related future expenses or losses of the enterprise shall be recognized as deferred income and should reckoned into
current gains/losses in period of when relevant expenses are recognized; if used for compensating the occurred relevant
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expenses and losses, reckoned into current gains/losses directly.
As for the recognized government subsidy needs to return, if there has relevant balance of deferred incomes, relevant book
balance of the deferred income should be written down, and the exceeded part should included in the current gains/losses;
if there has no relevant balance of deferred incomes, reckoned into current gains/losses directly.
25. Deferred income tax assets and deferred income tax liabilities
(1) The current income tax
At the balance sheet date, for the current income tax liabilities (or assets) arising during the current and previous periods,
current income tax should be calculated in line with expected payable (or return) income tax amount in accordance with
the provisions of the tax law. Calculation of the current income tax expenses on the basis of the computation of taxable
income is adjusted to the pre-tax accounting profit according to the relevant provisions of the tax law.
(2) The deferred income tax assets and deferred income tax liabilities
As for the balance between the book value of some assets and liabilities and the tax base, and those temporary difference
arisen from balance which is not recognized as an asset or liability but whose difference between the book value and tax
base could be calculable in accordance with the provisions of the tax law, we adopt debt method of balance sheet to
recognize deferred income tax assets and deferred income tax liabilities.
As for taxable temporary differences which is arisen from initial recognition of goodwill, and those related to initial
recognition of assets or liabilities arisen during trade with neither merging nor those which won’t affect the accounting
profit and taxable income (or deductible loss), related deferred tax liabilities will not be confirmed. In addition, as for
temporary differences taxable related to subsidiary companies, associated enterprises and joint venture investment, if the
group is able to control the reversal time of the temporary difference, and the temporary differences in the foreseeable
future probably will not be reversed, we also could not confirm the deferred income tax liabilities. In addition to the above
condition, the group could confirm all the other deferred income tax liabilities arising from taxable temporary differences.
As for deductible temporary differences related to initial reorganization of asset or liability arising from trades with neither
merge nor those which won’t affect the accounting profit and taxable income (or deductible loss), we’ll not recognize
relevant deferred income tax assets. In addition, as for deductible temporary differences related to subsidiary companies,
associated enterprises and joint venture investment, if the temporary differences in the foreseeable future probably will not
be reversed, we also could not confirm the deferred income tax assets. In addition to the above condition, the group could
confirm all the other deferred income tax assets arising from deductible temporary differences within benchmark of income
of taxable deductible temporary differences.
As for deductible loss or tax deduction which to be reversed in the following years, we confirm the corresponding deferred
income tax assets within benchmark of future taxable income to be likely deducted for deductible loss and tax deduction.
On the balance sheet date, the deferred income tax assets and liabilities are measured according to the provisions of the tax
law, in accordance with the applicable tax rate during related assets to be expected recovery or related liabilities to be paid
off.
At the balance sheet date, we recheck the book value of deferred income tax assets. If in future it is unlikely to obtain
adequate taxable income to offset the benefit of the deferred income tax asset, then we write down the book value of
deferred income tax assets. When it is probable to obtain adequate taxable income, amount written down shall be reversed.
(3) The income tax expenses
The income tax expense included the current income tax and deferred income tax.
In addition to trades and current income tax and deferred income tax related to projects which are included in other
comprehensive income or directly included in owners’ interest, as well as the book value whose goodwill arranged in line
with deferred income tax arising from enterprises combination, all the other current income tax and deferred income tax
expenses or income will be included in current profit and loss.
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(4) Offset of income tax
When the Group has a legal right to settle on a net basis and intends either to settle on a net basis or to realize the assets
and settle the liabilities simultaneously, current tax assets and current tax liabilities are offset and presented on a net basis.
When the Group has a legal right to settle current tax assets and liabilities on a net basis, and deferred tax assets and
deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or
different taxable entities which intend either to settle current tax assets and liabilities on a net basis or to realize the assets
and liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are
expected to be reversed, deferred tax assets and deferred tax liabilities are offset and presented on a net basis.
26. Leasing
Finance lease transfers substantially all the risks and rewards related to the ownership of an asset. Its ownership may
eventually transfer, also may not. While all the other leases are classified as operating leases.
(1) The Company keeps record of lease business as lessee
Rental expense of operating lease is included in the relevant asset costs or current profits and losses through the
straight-line method during every period. Initial direct costs shall be included in profit or loss for the current period. Or rent
to the actual shall be included in the current profits and losses.
(2) The Company keeps record of lease business as lessor
Rental income of operating lease is included in the relevant asset costs or current profits and losses through the
straight-line method during every period. The larger amount of initial direct costs shall be capitalized when it is created,
and shall be included in the current profits and losses during the lease period in accordance with same basic as the
confirmed amount by stages. The other small amount of initial direct costs shall be included in the current profits and
losses when it’s created. Or rent to the actual shall be included in the current profits and losses.
(3) Financing lease business with the Group recorded as lessee
On the beginning date of the lease, the entry value of leased asset shall be at the lower of the fair value of the leased asset
and the present value of minimum lease payment at the beginning date of the lease. Minimum lease payment shall be the
entry value of long-term accounts payable, with difference recognized as unrecognized financing expenses. In addition,
initial direct costs attributable to leased items incurred during the process of lease negotiation and signing of lease
agreement shall be included in the value of leased assets. The balance of minimum lease payment after deducting
unrecognized financing expenses shall be accounted for long-term liability and long-term liability due within one year.
Unrecognized financing expenses shall be recognized as financing expenses for the current period using effective interest
method during the leasing period. Contingent rent shall be included in profit or loss for the current period at the time it
incurred.
(4) Financing lease business with the Group recorded as lessor
On the beginning date of the lease, the entry value of lease receivable shall be the aggregate of minimum lease receivable
and initial direct costs at the beginning date of the lease. The unsecured balance shall be recorded. The aggregate of
minimum lease receivable, initial direct costs and unsecured balance and the different between their present value shall be
recognized as unrealized financing income. The balance of lease receivable after deducting unrecognized financing income
shall be accounted for long-term debt and long-term debt due within one year.
Unrecognized financing income shall be recognized as financing income for the current period using effective interest
method during the leasing period. Contingent rent shall be included in profit or loss for the current period at the time it
incurred.
27. Other significant accounting policies and accounting estimation
(1) Discontinued operation
Discontinued operation refers to the operation disposed or classified as held-for-sale by the Company and presented
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separately under operation segments and financial statements, which has fulfilled one of the following criteria: ① it
represents an independent key operation or key operating region; ② it is part of the proposed disposal plan on an
independent key operation or proposed disposal in key operating region; or ③ it only establishes for acquisition of
subsidiary through disposal.
Accounting for discontinued operation is set out in note IV 12 ―classified as assets held for sale‖.
(2) Repurchase of shares
Share repurchase consideration paid and transaction costs to reduce the owner’s equity, repurchase, transfer or cancellation
of Chenming Paper’s shares, the gains or losses are not recognized.
In respect of transfer of treasury shares, the difference between the actual amount received and the carrying amount of
treasury shares shall be included in capital reserve. When insufficient to dilute, capital reserve will be offset against the
surplus reserve and retained profits. Treasury shares are cancelled at par value and by the number of shares cancelled to
reduce the share capital. The difference between the book balance and the nominal value of the treasury shares shall be
offset against the capital reserve. When insufficient to dilute, capital reserve will be offset against the surplus reserve and
retained profits.
(3) Assets securitization
Partial assets (―trust properties‖) of the Company are securitized. Relevant assets are operated by special purpose vehicles
on trust. The special purpose vehicles issue superior assets supporting securities to investors and the Company holds
subordinated assets supporting securities. The subordinated ones are not allowed to transfer prior to completion of
repayment of principal and interest of superior ones. As assets service provider, the Company provides assets maintenance
and normal management, determination of annual assets disposal plan, preparation and implementation of assets disposal
plan, execution of relevant assets disposal agreement and regular preparation of assets service report. In addition, as
liquidity supporting institution, the Company shall provide liquidity support where principal of superior assets supporting
securities aren’t paid in full, to make up shortage of interest or principal. Trust properties, after being applied to pay trust
taxes and associate expenses, are preferentially used to repay the principal and interests of superior assets supporting
securities, and the remaining trust properties after full settlement of such principal and interests are recorded as income of
subordinated assets supporting securities and vested by the Company. The Company actually keeps nearly all the risks and
rewards of trust properties, thus it doesn’t derecognize trust properties. Besides, the Company owns effective control over
special purpose vehicle which is included in consolidated financial statements.
When applying accounting policies in relation to securitization of financial assets, the Company has considered the risks
and rewards of assets transferred to other entity as well as the level of control that the Company can exercise in respect of
such entity:
- In case that the Company has transferred nearly all the risks and rewards of ownership of financial assets, the Company
derecognizes such financial assets;
- In case that the Company keeps nearly all the risks and rewards of ownership of financial assets, the Company continues
to recognize such financial assets;
- In case that the Company doesn’t transfer or keep nearly all the risks and rewards of ownership of financial assets, the
Company considers whether it owns control over such financial assets. If the Company maintains no control, it will
derecognize such assets, and recognize the rights and liabilities occurred or kept during transfer as assets or liabilities
respectively. If the Company maintains control, it will recognize such financial assets based on the continuous
involvement level in respect of such assets.
28. Changes of major accounting policies and accounting estimation
(1) Changes of accounting policy
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No accounting policy changed in reporting period.
(2) Changes of accounting estimate
No accounting estimate changed in reporting period.
29. Major accounting judgment and estimate
The Company need make judgment, estimation and hypothesis to book value of those unaccountable items in sheet due to
inner uncertainties of operating activities in the process of using accounting policies. These judgments, estimates and
assumptions are made in line with the Company's past management experience, and in consideration of other relevant
factors. These judgments, estimates and assumptions will affect disclosure of amount of income, expenses, assets and
liabilities as well as contingent liability on the balance sheet day. However, the uncertainties in these estimates may cause
significant adjustments to book value of those asset or liability affected in the future.
The Company rechecks regularly the judgment, estimation and hypothesis based on sustainable management. As for a
change affecting only the current period, the amount shall be confirmed only in the current period; for those not only
affecting the current but the future, the amount shall be confirmed in the current and future period.
At the balance sheet date, the Company needs to determine amount of items of the financial statements, estimation and
hypothesis shown as the following important areas:
(1) Provision for bad debts
The Company accounts for the allowance for bad debt losses according to the receivable accounting policies. Accounts
receivable is the valuation of accounts receivable can be recovered based on. Identification of devaluation of accounts
receivable needs judgments and estimates of management level. Difference between actual results and the original
estimates impact reversal of the book value accounts receivable and accounts receivable for provision for bad debts during
the estimation was changing.
(2) Provision of inventory devaluation
According to the inventory accounting policies, the Company shall accrue inventory devaluation provision as for inventory
whose cost is higher than net realizable and those obsolete or unmarketable in accordance with the lower one in cost and
net realizable value. Write-down of inventories to net realizable value is to assess the salability and net amount of prospect
realization. Identification of inventory impairment requires management’s judgment and estimation after their obtaining
conclusive evidence and consideration of the purpose for holding inventories, events effects occurring after balance sheet
date. The difference between actual results and original estimates will affect the reversal of book value and devaluation
provision of inventories during the estimation was changing.
(3) Financial assets available for sale
In respect of impairment of available-for-sale financial assets, whether impairment loss shall be recognized in income
statement significantly depends on the judgments and assumptions of the management. While making judgments and
assumptions, the Company shall assess the excess of cost of the investee’s identifiable net assets attributable to the
investment over fair value and the duration, and financial condition and short term business outlook of the investee,
including industry situation, technical reform, credit rating, default rate and risks from counterparties.
(4) Long-term provision for asset impairment
The Company has checked if there is any sign that the long-term asset except for the financial assets may have the
impairment at the balance sheet date. For the intangible assets with uncertain service life, in addition to the annual
impairment test, make the impairment test when it has signs of impairment. Proceed with the impairment test when there is
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any sign indicates that the book amounts of other long-term assets except for the financial assets are uncollectible
When the book value of the asset or group of assets exceeds its recoverable amount, i.e. the higher one between the net
amount after subtracting the disposal costs from the fair value and the present value of the future cash flow, it indicates
impairment occurs.
The net amount after subtracting the disposal costs from the fair value is determined by subtracting the incremental costs
directly attributable to this disposal of assets from the sales agreement price similar to assets in fair dealing or the
observable market price.
When predicting the present value of future cash flows, it is required to make significant judgments to the output, selling
price and related operating expenses of this asset or group of assets and the discount rate used for calculating the present
value. The Company shall adopt all available related data when predicting the recoverable amounts, including making
predictions about the relevant output, selling price and related operating expenses based on reasonable and supportable
assumptions.
(5) Depreciation and amortization
For the investment real estate, fixed assets and intangible assets, the Company takes a straight-line depreciation and
amortization within service life in consideration of its residual value. The Company regularly review service life, thus
determine the depreciation and amortization amount in each reporting period. Life is determined based on past experience
of similar assets and technology update is expected. If the previous estimate changes, we will adjust depreciation and
amortization expense in future periods.
(6) The deferred income tax assets
Within the limits that it is very likely to have sufficient taxable profits to offset losses, the Company confirms deferred
income tax assets using all unused tax losses. This requires the management to use a lot of judgment to estimate the time
and amount of future taxable profits, combined with the tax planning strategy, thus confirm the amount of deferred income
tax assets.
(7) The income tax
During ordinary course of business, uncertainty exists in final tax treatment and calculation of a part of trading. Whether
part of the project is in pre tax expenses requires approval of tax authorities. If the final confirmation of these tax matters
differs from an initial estimate, the difference will affect current income tax and deferred income tax during the final
period.
(8) Accrual liabilities
The Company estimates and accrues corresponding provision for product quality guarantee, expected contract loss, penalty
for late delivery and others in accordance with terms of the contract, existing knowledge and experience. When such
contingencies has formed a present obligation, and the performance of the current obligation is likely to lead to the outflow
of economic benefits of the Company, the Company recognizes the best estimate of required expense when performing
current obligation as accrual liability. The recognition and measurement of debt is largely dependent on the judgment of
management. In the process of judgment the Company needs to assess the contingent risks, uncertainties and money and
the time value and other factors.
V. Taxation
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
1. Main tax and tax rate
Type Tax rate
Calculate and pay added-value tax for rent and water fee income respectively by 5%
and 3% charge rate; automobile and parts sales, automobile maintenance, jewelry
VAT *1 retail, electric charge by 17%, and calculate output tax for property management fee
by 6% tax rate, and calculate and pay added-value tax by the balance after deducting
the input tax allowed to be deducted in the current period.
The property management fee and rental before 1 May 2016 will paying business
Operation tax
tax by 5% of the turnover
Consumption duty 5% of the sales revenue of jewelry taxable consumer goods
City maintaining & construction
Calculated and paid on 7% of the turnover tax actually paid
tax
Education surcharge Calculated and paid on 3% of the turnover tax actually paid
Local education surcharge Calculated and paid on 2% of the turnover tax actually paid
Corporation income tax *2 Calculated and paid on 25% of the taxable income amount and tax by the levy rate
* 1. The Company's property management fee income and property lease were originally levied the business tax by 5% tax
rate, which was changed to levy the VAT since May 1, 2016 in accordance with the relevant provisions of the Notice on
Comprehensively Piloting the Change of Business Tax to VAT (CS No. [2016] 36), the tax rate of property management
fee was 6%, and the property lease needed to pay VAT by 5% tax rate.
* 2. The Company and its subsidiaries in addition to Shenzhen New Yongtong Dongxiao Vehicle Inspection Co., Ltd.
should be levied the tax by the approved collection rate, i.e. by 25% tax rate in 2017.
VI. Enterprise consolidation and consolidated financial statements
Unless otherwise stated, the follow notes (including the items of financial statement of the Company), year-begin refers to
1st January 2017 while period-end refers to 30th June 2017.
1. Monetary fund
Item Period-end balance Balance at year-begin
Stock cash 67,334.26 96,167.91
Bank deposits: 153,165,457.62 218,401,472.19
Total 153,232,791.88 218,497,640.10
As of 30 June 2017, the monetary fund with right of use limited amounting to 30,000,000.00 Yuan, refers to the structured
deposit with 3 months. Same deposit at last year has balance of 40,000,000.00 Yuan.
2. Accounts receivable
(1) Accounts receivable by category
Category Period-end balance
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Book balance Bad debt reserve
Book value
Amount Ratio (%) Amount Accrual ratio (%)
Account receivable with single
significant amount and withdrawal bad 22,512,414.52 44.13 22,512,414.52 100.00
debt provision separately
Receivables with bad debt provision
2,221,154.93 4.35 2,221,154.93
accrual by credit portfolio
Accounts with single significant
amount and bad debts provision 26,282,070.64 51.52 26,282,070.64 100.00
accrued individually
Total 51,015,640.09 100.00 48,794,485.16 95.65 2,221,154.93
(Cont.)
Balance at year-begin
Book balance Bad debt reserve
Category
Accrual ratio Book value
Amount Ratio (%) Amount
(%)
Account receivable with single
significant amount and withdrawal bad 22,512,414.52 46.03 22,512,414.52 100.00
debt provision separately
Receivables with bad debt provision
113,736.64 0.23 113,736.64
accrual by credit portfolio
Accounts with single significant
amount and bad debts provision 26,282,070.64 53.74 26,282,070.64 100.00
accrued individually
Total 48,908,221.80 100.00 48,794,485.16 99.77 113,736.64
① Account receivable with single significant amount and withdrawal bad debt
provision separately at period end
Period-end balance
Account receivable(units) Account Bad debt Accrual
Accrual reasons
receivable reserve ratio
Shenzhen Jinlu Industry and Trade Co., 9,846,607.00 9,846,607.00 100.00 Has greater uncertainty in
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Period-end balance
Account receivable(units) Account Bad debt Accrual
Accrual reasons
receivable reserve ratio
Ltd. collection
Guangdong Zhanjiang Sanxing Auto 4,060,329.44 4,060,329.44 100.00 Not expected to collected due to
Service Co., Ltd. long account age
2,380,760.40 2,380,760.40 100.00 Not expected to collected due to
Wang Changlong long account age
Huizhou Jiandacheng Daoqiao 2,021,657.70 2,021,657.70 100.00
Less likely to collection
Engineering Company
1,862,000.00 1,862,000.00 100.00 Not expected to collected due to
Guangdong Materials Group Corp long account age
1,191,059.98 1,191,059.98 100.00 Not expected to collected due to
Jiangling Automobile Factory long account age
1,150,000.00 1,150,000.00 100.00 Not expected to collected due to
Yangjiang Auto Trade Co., Ltd. long account age
Total 22,512,414.52 22,512,414.52 100.00
② Account receivable provided for bad debt reserve under aging analysis method in
the groups
Period-end balance
A/C age
Account receivable Bad debt reserve Accrual ratio (%)
Within 1 year 2,221,154.93
Total 2,221,154.93
(2)Bad debt provision accrual collected or switch back
Bad debt provision accrual was 0 Yuan; the amount collected or switches back amounting to 0 Yuan.
(3)Top 5 account receivables at ending balance by arrears party
Proportion
in total
Relationship with
Name of the company Amount Terms account
the Company
receivables
(%)
Shenzhen Jinlu Industry and Trade Co., Ltd. Non-related party 9,846,607.00 Over 3 years 19.30
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Guangdong Zhanjiang Sanxing Auto Service Co., Ltd. Non-related party 4,060,329.44 Over 3 years 7.96
Wang Changlong Non-related party 2,380,760.40 Over 3 years 4.67
Huizhou Jiandacheng Daoqiao Engineering Company Non-related party 2,021,657.70 Over 3 years 3.96
Guangdong Materials Group Corp Non-related party 1,862,000.00 Over 3 years 3.65
Total 20,171,354.54 39.54
(4)Account receivable derecognition due to financial assets transfer
The Company has no account receivable derecognition due to financial assets transfer
in the Period.
(5)Assets and liabilities resulted by account receivable transfer and continues
involvement
The Company has no assets and liabilities resulted by account receivable transfer and
continues involvement in the Period.
3. Advance payment
(1)Advance payment by age
Period-end balance Balance at year-begin
A/C age
Amount Ratio (%) Amount Ratio (%)
Within 1 year 8,627,722.80 98.37 8,259,644.18 97.90
1-2 years 68,400.90 0.81
2-3 years 68,400.90 0.78
Over 3 years 74,903.87 0.85 108,623.27 1.29
Total 8,771,027.57 100.00 8,436,668.35 100.00
(2)Top 5 advance payment at ending balance by prepayment object
Total year-end balance of top five advance payment by prepayment object amounting to 8,729,227.63Yuan, takes 99.52
percent of the total advance payment at year-end.
4. Interest receivable
(1) Interest receivable by category
Item Period-end balance Balance at year-begin
Structured deposit 118,000.00 172,055.56
Total 118,000.00 172,055.56
5. Other accounts receivable
(1) Other accounts receivable by category
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Period-end balance
Category Book balance Bad debt reserve
Book value
Amount Ratio (%) Amount Accrual ratio (%)
Other account receivable with single
significant amount and withdrawal bad 39,194,955.77 55.23 39,194,955.77 100.00
debt provision separately
Other receivables with bad debt
21,162,072.06 29.82 3,653,285.18 17.26 17,508,786.88
provision accrual by credit portfolio
Other accounts with single significant
amount and bad debts provision accrued 10,614,976.75 14.95 10,614,976.75 100.00
individually
Total 70,972,004.58 100.00 53,463,217.70 75.33 17,508,786.88
(Cont.)
Balance at year-begin
Category Book balance Bad debt reserve
Book value
Amount Ratio (%) Amount Accrual ratio (%)
Other account receivable with single
significant amount and withdrawal bad 39,200,840.68 55.76 39,200,840.68 100.00
debt provision separately
Other receivables with bad debt
20,423,595.69 29.05 3,837,208.24 18.79 16,586,387.45
provision accrual by credit portfolio
Other accounts with single significant
amount and bad debts provision accrued 10,678,096.75 15.19 10,678,096.75 100.00
individually
Total 70,302,533.12 100.00 53,716,145.67 76.41 16,586,387.45
① Other receivable with single significant amount and withdrawal bad debt provision
separately at end of period
Account receivable(units) Period-end balance
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Account Accru
Bad debt reserve Accrual reasons
receivable al ratio
9,832,956.37 The Company has revoked, and
Zhongqi South China Auto Sales Company 9,832,956.37 100.00
estimated of uncollectible amount
South Industry & TRADE Shenzhen 7,359,060.75 The Company has revoked, and
7,359,060.75 100.00
Industrial Company estimated of uncollectible amount
5,000,000.00 Win a lawsuit, no executable assets
Shenzhen Zhonghao (Group) Co., Ltd. 5,000,000.00 100.00
from adversary
2,706,983.51 Not expected to collected due to
Gold Beili Electrical Appliances Company 2,706,983.51 100.00
long account age
2,418,512.90 The Company has revoked, and
Shenzhen Xinxingtai Trade Co., Ltd. 2,418,512.90 100.00
estimated of uncollectible amount
Shenzhen Petrochemical Group 1,912,849.63 1,912,849.63 100.00 Less likely to collection
Shenzhen SDG Huatong Industrial Package 1,212,373.79 The Company has revoked, and
1,212,373.79 100.00
Co., Ltd. estimated of uncollectible amount
1,023,560.00 The Company has revoked, and
Shenzhen Jinhe Standard Mould Co., ltd. 1,023,560.00 100.00
estimated of uncollectible amount
Heyuan Dongfeng Technology Service 930,000.00 The company has revoked, and
930,000.00 100.00
station estimated of uncollectible amount
906,024.60 Not expected to collected due to
Shenzhen Nuoer Electrical Co., Ltd. 906,024.60 100.00
long account age
Shenzhen South Great Wall Investment 819,460.91 Has greater uncertainty in collection
819,460.91 100.00
Holding Co., Ltd.
660,790.09 The Company has revoked, and
Shenzhen Xiandao New Materials Company 660,790.09 100.00
estimated of uncollectible amount
Shenzhen Baodong Property Development 609,773.00 Not expected to collected due to
609,773.00 100.00
Company long account age
3,802,610.22 Not expected to collected due to
Others 3,802,610.22 100.00
long account age
Total 39,194,955.77 39,194,955.77 100.00
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
② In combination, other accounts receivable whose bad debts provision was accrued
by age analysis
Period-end balance
A/C age
Other accounts receivable Bad debt reserve Accrual ratio (%)
Within 1 year 12,424,797.34
1-2 years 1,537,777.10 76,888.86 5.00
2-3 years 77,841.64 15,568.33 20.00
Over 3 years 7,121,655.98 3,560,827.99 50.00
Total 21,162,072.06 3,653,285.18 17.26
(2)Bad debt provision accrual collected or switch back
The amount of the allowance for bad debts is 189,620.97 yuan.; and the bad debt reserve reduced 63,307.00 Yuan for
subsiddiary transfer – Shenzhen SDG Tellus Property Management Co., Ltd.
(3)Classification of other receivables by nature
Nature Closing book balance Book balance at year-begin
Intercourse accounts of related units 5,003,096.14 4,960,425.05
receivable
Other intercourse 65,968,908.44 65,342,108.07
Total 70,972,004.58 70,302,533.12
(4)Top 5 other receivables at ending balance by arrears party
Ratio in total ending Period-end
Period-end
Name of the company Nature A/C age balance of other balance of bad
balance
receivables(%) debt reserves
Zhongqi South China Auto Sales Intercourse 9,832,956.37 Over 3 13.85 9,832,956.37
Company funds years
South Industry & TRADE Shenzhen Intercourse 7,359,060.75 Over 3 10.37 7,359,060.75
Industrial Company funds years
Intercourse Over 3 7.05
Shenzhen Zhonghao (Group) Co., Ltd. funds 5,000,000.00 years 5,000,000.00
Shenzhen Kaifeng Special Vehicles Intercourse Over 3 6.22
Industry Co., Ltd. funds 4,413,728.50 years 2,206,864.25
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Ratio in total ending Period-end
Period-end
Name of the company Nature A/C age balance of other balance of bad
balance
receivables(%) debt reserves
Gold Beili Electrical Appliances Intercourse 2,706,983.51 Over 3 3.81 2,706,983.51
Company funds years
Total 29,312,729.13 41.30 27,105,864.88
6. Inventory
(1) Inventory classification
Period-end balance
Item
Book balance Depreciation reserve Book value
Raw materials 15,301,274.91 14,771,812.17 529,462.74
Low value consumable
Stock products 22,324,176.80 14,863,840.41 7,460,336.39
Total 37,625,451.71 29,635,652.58 7,989,799.13
(Cont.)
Balance at year-begin
Item
Book balance Depreciation reserve Book value
Raw materials 15,237,602.35 14,771,812.17 465,790.18
Low value consumable 855.67 855.67
Stock products 25,436,110.25 14,863,840.41 10,572,269.84
Total 40,674,568.27 29,635,652.58 11,038,915.69
(2) Inventory depreciation reserve
Increase in
the current Decrease in the current period
Item Balance at year-begin period Period-end balance
Switch back or
Accrual Other Other
write-off
Raw materials 14,771,812.17 14,771,812.17
Low value consumable
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Stock products 14,863,840.41 14,863,840.41
Total 29,635,652.58 29,635,652.58
(3)Accrual basis for inventory depreciation reserve and reason of switch back or
write-off in the year
Reasons of switch-back
Accrual basis for inventory Reasons of write-off for inventory
Item for inventory falling
impairment provision falling price reserves
price reserves
Its net realizable value is lower The products with depreciation
Stock products
than cost of inventory reserves accrual have been sell
7. Other current assets
Item Period-end balance Balance at year-begin
Input tax ready for deducted 823,991.93 123,901.32
Financial products 185,000,000.00 90,000,000.00
Total 185,823,991.93 90,123,901.32
8. Financial assets available for sale
(1) Particular about financial assets available for sale
Period-end balance Balance at year-begin
Item Depreciation Depreciation
Book balance Book value Book balance Book value
reserves reserves
Equity instrument
18,302,857.20 8,126,240.00 10,176,617.20 18,605,225.77 8,126,240.00 10,478,985.77
available for sale
Including: measured by
fair value
Measured by cost 18,302,857.20 8,126,240.00 10,176,617.20 18,605,225.77 8,126,240.00 10,478,985.77
Total 18,302,857.20 8,126,240.00 10,176,617.20 18,605,225.77 8,126,240.00 10,478,985.77
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(2)Financial assets available for sale measured by cost at period-end
Book balance Depreciation reserves Ratio of
Increas Increas share-holdin
The invested entity Decreas g in
ed in Decreased ed in
At year-begin At period-end At year-begin ed in At period-end invested
the in the year the
the year entity (%)
year year
China Pudong Development Machinery
10,176,617.20 10,176,617.20 4.94
Industry Co., Ltd.
Shenzhen Jingwei Industrial Co., Ltd. 4,000,000.00 4,000,000.00 4,000,000.00 4,000,000.00 12.50
Shenzhen (Masco) Co., Ltd. 825,000.00 825,000.00 825,000.00 825,000.00 7.00
Wuhan Weite Hotel 640,000.00 640,000.00 640,000.00 640,000.00
Shenzhen Petrochemical Group 700,000.00 700,000.00 700,000.00 700,000.00 10 万股
Shenzhen Shuntian Electro car Technology
600,000.00 600,000.00 600,000.00 600,000.00 11.10
Development Co., Ltd.
Shenzhen Jinhe Standard Mould Co., ltd. 453,440.00 453,440.00 453,440.00 453,440.00 15.00
Shenzhen China Auto Training Center 600,000.00 600,000.00 600,000.00 600,000.00 6.25
Dratini 162,000.00 162,000.00 162,000.00 162,000.00 6.25
Shenzhen Bisike Machinery Transport Co., Ltd. 302,368.57 302,368.57
Rishen International Co., Ltd. 145,800.00 145,800.00 145,800.00 145,800.00 7.50
Total 18,605,225.77 302,368.57 18,302,857.20 8,126,240.00 8,126,240.00
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
(3)Changes of impairment in Year
Equity instrument Debt instrument
Type Total
available for sale available for sale
Balance of impairment accrual at year-begin 8,126,240.00 8,126,240.00
Accrual
Including: transfer-in from other
comprehensive income
Decreased in the year
Including: switch back due to fair value
rebound at period-end
Balance of impairment accrual at year-end 8,126,240.00 8,126,240.00
9. Held-to-maturity investment
(1) Held-to-maturity investment
Period-end balance Balance at year-begin
Item Depreciation Depreciation
Book balance Book value Book balance Book value
reserves reserves
Treasury 20,000.00 20,000.00 20,000.00 20,000.00
Total 20,000.00 20,000.00 20,000.00 20,000.00
10. Long-term account receivable
(1) Long-term account receivable
Period-end balance Balance at year-begin Range
of
Item Depreciation Book Depreciation Book
Book balance Book balance discou
reserves value reserves value
nt rate
Other:
Essentially constitute a
long-term equity for net
2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
investment of invested
company
Including: Shenzhen
Tellus Auto Service Chain 2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
Co., Ltd. *
Total 2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
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* Notes: the Company is an associate of the Company, thus the non-operating receivables by the Company substantially
constitute net investments in investee. Till the end of this reporting period, the total liabilities exceeded total assets, and
owners’ equity was negative. Carrying value of the long term equity investment in the company has been less to nil. This
company ceased operation in this reporting period. Considering the actual conditions of this company, the Company made
bad debt provision in full for this long term receivables.
11. Long-term equity investment
+,-
Other
Balance at Capita comprehe
The invested entity Investment Other
Additional l nsive
year-begin gains recognized equity
investment reducti income
under equity change
on adjustmen
t
I. Joint venture
Shenzhen Tellus Gman Investment Co., Ltd 57,180,913.33 -3,304,695.19
Shenzhen Tellus Hang Investment Co., Ltd. 10,583,444.88 140,991.05
Subtotal 67,764,358.21 -3,163,704.14
II. Associated enterprise
Shenzhen Xinglong Machinery Mould Co., Ltd. 15,878,254.74 4,219,677.45 -2,904,933.36
Shenzhen Tellus Auto Service Chain Co., Ltd.
Shenzhen Zung Fu Tellus Auto Service Co., Ltd. 75,715,480.75 8,604,432.54
Shenzhen Auto Industry Imp& Exp Co., Ltd. 8,427,067.20 -319,129.32
Shenzhen Dongfeng Auto Co., Ltd. 35,476,407.97 -2,485,088.04
Shenzhen New Yongtong Technology Co., Ltd. 368,948.94 14,812.97
Shenzhen New Yongtong Oil Pump 127,836.59
Environment Protection Co., Ltd.
Shenzhen New Yongtong Consultant Co., Ltd. 41,556.83
Shenzhen New Yongtong Auto Service Co., Ltd. 2,790.25 -2,790.25
Shenzhen New Yongtong Dongxiao Auto Parts
Sales Co., LTd.
Shenzhen Yongtong Xinda Inspection Equipment
Co., Ltd.
Hunan Changyang Industrial Co., Ltd.*① 1,810,540.70
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
+,-
Other
Balance at Capita comprehe
The invested entity Investment Other
Additional l nsive
year-begin gains recognized equity
investment reducti income
under equity change
on adjustmen
t
Shenzhen Jiecheng Electronic Co., Ltd*① 3,225,000.00
Shenzhen Xiandao New Materials Company*① 4,751,621.62
China Auto Industrial Shenzhen Trading 400,000.00
Company*①
Shenzhen General Standard Co., Ltd.*① 500,000.00
Shenzhen Huoju Spark Plug Industry Co., Ltd. 17,849.20
Zhongqi South China Auto Sales Company*① 2,250,000.00
Shenzhen Bailiyuan Power Supply Co., Ltd*① 1,320,000.00
Shenzhen Yimin Auto Trading Co., Ltd*① 200,001.10
Subtotal 150,513,355.89 4,219,677.45 2,907,304.54
III. Other equity investment
Shenzhen Hanli Hi-Tech Ceramics Co., Ltd.*② 1,956,000.00
Shenzhen South Auto Maintenance Center*② 6,700,000.00
Subtotal 8,656,000.00
Total 226,933,714.10 4,219,677.45 -256,399.60
(Cont.)
+,- Period-end
Cash dividend or Accrual Period-end balance
The invested entity Othe
profit announced provisio balance depreciation
r
to issued n reserves
I. Joint venture
Shenzhen Tellus Gman Investment Co., Ltd 53,876,218.14
Shenzhen Tellus Hang Investment Co., Ltd. 10,724,435.93
Subtotal 64,600,654.07
II. Associated enterprise
Shenzhen Xinglong Machinery Mould Co., Ltd. 17,192,998.83
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Shenzhen Tellus Auto Service Chain Co., Ltd.
Shenzhen Zung Fu Tellus Auto Service Co., Ltd. 9,100,000.00 75,219,913.29
Shenzhen Auto Industry Imp& Exp Co., Ltd. 8,107,937.88
Shenzhen Dongfeng Auto Co., Ltd. 32,991,319.93
Shenzhen New Yongtong Technology Co., Ltd. 383,761.91
Shenzhen New Yongtong Oil Pump Environment 127,836.59 127,836.59
Protection Co., Ltd.
Shenzhen New Yongtong Consultant Co., Ltd. 41,556.83 41,556.83
Shenzhen New Yongtong Auto Service Co., Ltd.
Shenzhen Xinyongtong Dongxiao Auto Parts Sales Co.,
LTd.
Shenzhen Yongtong Xinda Inspection Equipment Co.,
Ltd.
Hunan Changyang Industrial Co., Ltd.*① 1,810,540.70 1,810,540.70
Shenzhen Jiecheng Electronic Co., Ltd*① 3,225,000.00 3,225,000.00
Shenzhen Xiandao New Materials Company*① 4,751,621.62 4,751,621.62
China Auto Industrial Shenzhen Trading Company*① 400,000.00 400,000.00
Shenzhen General Standard Co., Ltd.*① 500,000.00 500,000.00
Shenzhen Huoju Spark Plug Industry Co., Ltd. 17,849.20 17,849.20
Shenzhen Zhongqi South China Auto Sales Company*① 2,250,000.00 2,250,000.00
Shenzhen Bailiyuan Power Supply Co., Ltd*① 1,320,000.00 1,320,000.00
Shenzhen Yimin Auto Trading Co., Ltd*① 200,001.10 200,001.10
Subtotal 9,100,000.00 148,540,337.88 14,644,406.04
III. Other equity investment
Shenzhen Hanli Hi-Tech Ceramics Co., Ltd.*② 1,956,000.00 1,956,000.00
Shenzhen South Auto Maintenance Center*② 6,700,000.00 6,700,000.00
Subtotal 8,656,000.00 8,656,000.00
Total 9,100,000.00 221,796,991.95 23,300,406.04
Note: *①Industry and commerce registration of the enterprise have been revoked, the long-term equity investment for the
above mentioned enterprise have accrual for depreciation reserves in total.
Note: more details of *②Other equity investment can be seen in Note VIII-1 ―Equity of subsidiaries‖.
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12. Investment real estate
(1) Investment real estate measured at cost
Item House and building Total
I. Original book value
1、Balance at year-begin 160,870,656.51 160,870,656.51
2、Increase in the current period 446,468.61 446,468.61
(1) Newly increased 446,468.61 446,468.61
3、Decrease in the current period
(1) Disposal
4、Period-end balance 161,317,125.12 161,317,125.12
II. Accumulated depreciation and accumulated amortization
1、Balance at year-begin 83,268,407.98 83,268,407.98
2、Increase in the current period 2,573,710.09 2,573,710.09
(1) Accrual or amortization 2,573,710.09 2,573,710.09
3、Decrease in the current period
(1) Disposal
4、Period-end balance 85,842,118.07 85,842,118.07
III.Depreciation reserves
IV. Book value
1. Ending book value 75,475,007.05 75,475,007.05
2. Book value at year-begin 77,602,248.53 77,602,248.53
(2) Investment real estate with ownership restricted
Up to 30 June 2017, investment real estate with ownership restricted found more in Note VI-47
(3) Investment real estate with certificate of title im-completed
There are no investment real estate with certificate of title im-completed up to 30 June 2017
109
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
13. Fixed assets
(1) Fixed assets
Machinery Transportation Office and other Renovation costs of
Item House and buildings Electronic equipment Total
equipment equipment equipment self-owned housing
I. Original book value
1. Balance at year-begin 271,459,922.00 17,638,367.72 6,214,055.64 12,659,097.05 4,757,968.36 3,056,469.95 315,785,880.72
2.Increase in the current period 85,351.12 117,116.96 304,213.21 506,681.29
(1) Purchase 85,351.12 117,116.96 304,213.21 506,681.29
3. Decrease in the current period 446,468.61 640,163.70 682,922.47 1,434,114.23 938,407.83 358,757.96 4,500,834.80
(1) Disposal or scrapping 540,922.47 315,954.21 856,876.68
(2)Other 446,468.61 640,163.70 142,000.00 1,118,160.02 938,407.83 358,757.96 3,643,958.12
4. Period-end balance 271,013,453.39 16,998,204.02 5,616,484.29 11,342,099.78 4,123,773.74 2,697,711.99 311,791,727.21
II. Accumulated depreciation
1. .Balance at year-begin 147,097,591.99 13,133,465.78 4,438,240.34 9,693,651.39 3,938,766.93 2,775,087.22 181,076,803.65
2. Increase in the current period 3,570,866.64 160,257.03 202,401.02 282,664.57 87,773.96 4,303,963.22
(1) Accrual 3,570,866.64 160,257.03 202,401.02 282,664.57 87,773.96 4,303,963.22
3. Decrease in the current period 322,215.25 344,476.51 569,114.81 985,065.84 552,467.14 358,757.96 3,132,097.51
(1) Disposal or scrapping 500,480.22 36,915.82 25,066.35 562,462.39
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Machinery Transportation Office and other Renovation costs of
Item House and buildings Electronic equipment Total
equipment equipment equipment self-owned housing
(2)Other 322,215.25 344,476.51 68,634.59 948,150.02 527,400.79 358,757.96 2,569,635.12
4. Period-end balance 150,346,243.38 12,949,246.30 4,071,526.55 8,991,250.12 3,474,073.75 2,416,329.26 182,248,669.36
III.Depreciation reserves
1. Balance at year-begin 3,555,385.70 1,552,359.79 6,165.00 17,984.71 69,562.98 281,382.73 5,482,840.91
2. Increase in the current period
(1) Accrual
3. Decrease in the current period
(1) Disposal or scrapping
4. Period-end balance 3,555,385.70 1,552,359.79 6,165.00 17,984.71 69,562.98 281,382.73 5,482,840.91
IV. Book value
1. Ending book value 117,111,824.31 2,496,597.93 1,538,792.74 2,332,864.95 580,137.01 124,060,216.94
2. Book value at year-begin 120,806,944.31 2,952,542.15 1,769,650.30 2,947,460.95 749,638.45 129,226,236.16
Note: Depreciation in this period amounting to RMB 4,303,963.22. Transfer from construction in progress to fixed assets amounting as RMB 0.00 in this year.
Decrease of fixed assets in the period mainly due to the equity of subsidiary Shenzhen SDG Tellus Property Management Co., Ltd. transfer in the period
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
(2) Temporary idle fixed asset
The Company had no temporary idle fixed asset end as 30 June 2017.
(3) Certificate of title un-completed
Item Book value Reasons
1,205,848.98 A failure to carry out the property certificate is
Shuibei Zhongtian Comprehensive Build caused by issues rooted in history
Hostel of People North Road 5,902.41 A failure to carry out the property certificate is
caused by issues rooted in history
Songquan Apartment (mixed) 39,164.42 A failure to carry out the property certificate is
caused by issues rooted in history
Tellus Building underground parking 10,788,443.42 Parking lot is un-able to carried out the
certificate
Tellus Building transformation layer 1,930,274.00 Un-able to carried out the certificate
Trade department warehouse 96,789.01 A failure to carry out the property certificate is
caused by issues rooted in history
Warehouse 993,456.97 A failure to carry out the property certificate is
caused by issues rooted in history
1#,2# and 3-5/F 3# plant of Taoyuan Road 4,418,379.76 A failure to carry out the property certificate is
caused by issues rooted in history
41,054,829.73 A failure to carry out the property certificate is
Yongtong Building caused by issues rooted in history
16# Taohua Garden 1,803,617.16 A failure to carry out the property certificate is
caused by issues rooted in history
Automotive building 18,830,674.99 A failure to carry out the property certificate is
caused by issues rooted in history
1,123,843.41 A failure to carry out the property certificate is
First floor of Bao’an commercial-residence build caused by issues rooted in history
5,451,530.91 A failure to carry out the property certificate is
Nuclear Office build caused by issues rooted in history
Total 87,742,755.17
(4) Fixed assets with restriction in ownership
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Up to 30 June 2017, more details of fixed assets with restriction in ownership can be seen in Note VI-47.
14. Construction in process
(1) Basic situation of construction in process
Period-end balance Balance at year-begin
Item Depreciation Depreciation
Book balance Book value Book balance Book value
reserves reserves
Shuibei Jewelry Building 354,723,231.1 354,723,231.1 343,365,313.4 343,365,313.4
etc. 6 6 6 6
354,723,231.1 354,723,231.1 343,365,313.4 343,365,313.4
Total
6 6 6 6
(2) Changes of major projects under construction
Other
Balance at Increased in the Transfer to fixed
Item Budget decrease in Period-end balance
year-begin year assets in the year
the year
Shuibei Jewelry 360.96 Million 343,365,313.46 10,446,845.11 353,812,158.57
Building Yuan
Total 343,365,313.46 10,446,845.11 353,812,158.57
(Cont.)
Proportion of project Interest
Accumulated Including: interest Capital
Item investment in budget Progress amount of interest capitalized amount capitalization rate of
capitalization of the year source
the year (%)
(%)
Shuibei Jewelry 98.02% 98.02% 15,826,987.02 720,020.72
5.22 Self-raised
Building
Total 98.02% 98.02% 15,826,987.02 720,020.72 5.22
(3) Accrual of depreciation reserves of construction in process in the Year
Up to 30 June 2017, the construction in process of the Company has no impairment evidence
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
15. Intangible assets
(1) Particular about intangible assets
Item Land use right Trademark right Software Total
I. Original book value
1. Balance at year-begin 56,252,774.80 95,800.00 1,070,185.00 57,418,759.80
2. Increase in the current period
(1) Purchase
3. Decrease in the current period
(1) Disposal
4. Period-end balance 56,252,774.80 95,800.00 1,070,185.00 57,418,759.80
II. accumulated amortization
1. Balance at year-begin 3,052,194.81 68,924.87 558,521.40 3,679,641.08
2. Increase in the current period 609,507.42 4,789.98 82,018.50 696,315.90
(1) Accrual 609,507.42 4,789.98 82,018.50 696,315.90
3. Decrease in the current period
(1) Disposal
4. Period-end balance 3,661,702.23 73,714.85 640,539.90 4,375,956.98
III.Depreciation reserves
IV. Book value
1. Ending book value 52,591,072.57 22,085.15 429,645.10 53,042,802.82
2. Book value at year-begin 53,200,579.99 26,875.13 511,663.60 53,739,118.72
Note: The amount amortized in this year accounting as RMB 696,315.90.
(2) Up to 30 June 2017, details of intangible assets restricted in aspect of ownership or use of rights can be seen in Note VI-47.
(3)Up to 30 June 2017, the Company has no intangible assets with un-confirmed service life
16. Long-term deferred expense
Balance at Increase in the Amortization during
Item Other decrease Closing amount
year-begin current period this year
Decoration charge 1,437,761.31 1,534,382.62 381,828.78 744,972.88 1,845,342.27
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Balance at Increase in the Amortization during
Item Other decrease Closing amount
year-begin current period this year
Total 1,437,761.31 1,534,382.62 381,828.78 744,972.88 1,845,342.27
17. Deferred income tax assets/ deferred income tax liabilities
(1) Details of recognized deferred income tax assets
Period-end balance Balance at year-begin
Deductible temporary Deductible
Item Deferred income tax Deferred income tax
difference temporary difference
assets assets
Provision of assets impairment 78,513,371.60 19,628,342.90 78,576,678.60 19,644,169.65
Equity investment difference 14,844,139.32 3,711,034.83 14,844,139.31 3,711,034.83
Un-realized transaction profit with 4,296,489.12 4,374,373.52
1,074,122.28 1,093,593.38
affiliated companies
Total 97,654,000.04 24,413,500.01 97,795,191.43 24,448,797.86
(2) Details of recognized deferred income tax liabilities
Period-end balance Balance at year-begin
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
differences liabilities differences liabilities
Depreciation of fixed assets 440,096.16 110,024.04 930,844.24 232,711.06
Total 440,096.16 110,024.04 930,844.24 232,711.06
(3) Details of unrecognized deferred income tax assets
Item Period-end balance Balance at year-begin
Deductible temporary difference 101,206,474.29 103,706,658.55
Offset-able losses 40,352,154.22 39,164,563.93
Total 141,558,628.51 142,871,222.48
(4) Offset-able losses of the unrecognized deferred income tax assets will expire the following year
Year Period-end balance Balance at year-begin Note
2017 5,875,485.17
2018 15,579,607.94 15,020,960.85
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
2019 15,973,786.46 14,499,089.58
2020 507,700.61 507,700.61
2021 4,824,496.17 3,261,327.72
2020 3,466,563.04
Total 40,352,154.22 39,164,563.93
18. Other non current assets
Item Period-end balance Balance at year-begin
Other 100,000.00 100,000.00
Total 100,000.00 100,000.00
19. Details of asset impairment provision
Decreased in the
Amount at Provision in the year Closing
Item
year-begin period Written amount
Other
back
104,689,834.51 189,620.9 63,307.0 104,436,906.5
I. Bad debt reserve
7 0 4
II. Held-to-maturity investment 20,000.00 20,000.00
impairment provision
29,635,652.58
III. Inventory impairment provision
29,635,652.58
IV.Long-term equity investment impairment 23,300,406.04
provision 23,300,406.04
V. Fixed assets impairment provision 5,482,840.91 5,482,840.91
VI. Financial assets depreciation reserves available 8,126,240.00 8,126,240.00
for sale
171,254,974.04 189,620.9 63,307.0 171,002,046.0
Total
7 0 7
Other decreased refers to the bad debt reserves have 63,307.00 Yuan deduction for transferring subsidiary Shenzhen SDG Tellus
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Property Management Co., Ltd.
20. Short-term loans
(1)category
Item Period-end balance Balance at year-begin
Debt of honor 50,000,000.00 50,000,000.00
Total 50,000,000.00 50,000,000.00
(2) No un-settlement short-term loans due in the period
21. Account payable
(1) Account payable
Item Period-end balance Balance at year-begin
Account payables 22,195,793.29 23,599,227.33
Total 22,195,793.29 23,599,227.33
(2) Major account payable with over one year age
Item Period-end balance Unsettled reasons
Shenzhen SDG Real Estate Co., Ltd. 6,054,855.46 Not paid from related company
Total 6,054,855.46
22. Account received in advance
(1) Account received in advance
Item Period-end balance Balance at year-begin
Within 1 year 10,144,741.49 10,872,120.44
1-2 years 345,811.38
2-3 years 345,811.38
Over 3 years 712,561.20 712,561.20
Total 11,203,114.07 11,930,493.02
Notes: payments in advance over three years mainly represent those by our subsidiary Shenzhen New Yongtong Automobile
Detection equipments Co., Ltd. due to that installment and commissioning of equipments have not been inspected and accepted by
clients, the payments are not carried forward accordingly.
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23. Wages payable
(1) Wages payable
Decreased in the
Increased in the year
Item Balance at year-begin year Period-end balance
I. Short-term compensation
25,209,472.43 27,541,228.54 30,810,742.75 21,939,958.22
II. Post-employment welfare- defined
1,935,158.75 3,363,037.53 4,027,780.38 1,270,415.90
contribution plans
III. Compensation from labor
relationship dismissed
IV. Other welfare due within one
year
Total 27,144,631.18 30,904,266.07 34,838,523.13 23,210,374.12
(2) Short-term compensation
Decreased in the
Increased in the year
Item Balance at year-begin year Period-end balance
1. Wages,bonuses,allowances and subsidies
22,876,175.76 23,578,708.90 26,716,100.56 19,738,784.10
2. Welfare for workers and staff
372,445.00 372,445.00
3. Social insurance
8,030.90 1,206,437.69 1,205,845.47 8,623.12
Including: Medical insurance
7,002.85 1,056,947.68 1,056,429.17 7,521.36
Work injury insurance
456.99 64,390.42 64,363.96 483.45
Maternity insurance
571.06 85,099.59 85,052.34 618.31
4. Housing accumulation fund
2,094,682.39 1,739,959.05 1,738,404.32 2,096,237.12
5. Labor union expenditure and
230,583.38 643,677.90 777,947.40 96,313.88
personnel education expense
6. Short-term compensated absences
7. Short-term profit sharing plan
8. Other
Total 25,209,472.43 27,541,228.54 30,810,742.75 21,939,958.22
(3) Defined contribution plans
Decreased in
Item Balance at year-begin Increased in the year Period-end balance
the year
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Decreased in
Item Balance at year-begin Increased in the year Period-end balance
the year
1. Basic endowment insurance 143,967.68 2,614,335.71 2,631,221.36 127,082.03
2. Unemployment insurance 1,133.94 59,078.96 59,005.70 1,207.20
3. Enterprise annuity 1,790,057.13 689,622.86 1,337,553.32 1,142,126.67
Total 1,935,158.75 3,363,037.53 4,027,780.38 1,270,415.90
24. Tax payable
Item Period-end balance Balance at year-begin
Value-added tax 581,172.02 979,259.98
Business tax 8,825.60
Enterprise income tax 964,981.43 1,951,517.14
Individual income tax 1,082,028.34 260,584.17
Urban maintenance and construction tax 100,931.76 179,827.99
Property right tax 895,432.45 864,954.73
land VAT 5,362,682.64 5,362,682.64
Land use tax 220,338.33 241,516.81
Educational surtax 114,091.47 168,983.23
Other 10,079.42 72,351.91
Total 9,340,563.46 10,081,678.60
25. Interest payable
Item Period-end balance Balance at year-begin
Interest payable of short-term loans 54,375.00 66,458.33
Interest of long-term loans with interest-installment and principal paid on due 39,972.00 11,368.00
Total 94,347.00 77,826.33
26. Other payable
(1) Classification of other payable according to nature of account
Item Period-end balance Balance at year-begin
Relevance contact, borrowings and interests 56,892,514.68 56,774,469.90
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Item Period-end balance Balance at year-begin
Deposit and margin 13,103,828.65 16,252,470.66
Other 44,782,057.86 53,018,913.98
Total 114,778,401.19 126,045,854.54
(2) Significant other payable with over one year age
Item Period-end balance Reasons of un-paid or carry-over
Shenzhen SDG Co., Ltd. 50,603,246.05 Term of repayment has not been regulated by parent company
Total 50,603,246.05
27. Long-term loans
Item Period-end balance Balance at year-begin
Mortgage loan 27,600,000.00 12,000,000.00
Total 27,600,000.00 12,000,000.00
28. Long-term account payable
Item Period-end balance Balance at year-begin
Deposit of staff residence 3,908,848.40 3,908,848.40
Allocation for technology innovation projects 11,311.96 11,311.96
Total 3,920,160.36 3,920,160.36
29. Accrual liability
Period-end
Item Balance at year-begin Reasons
balance
Found more in 2-⑤⑥ in Note X. Commitment and
Pending litigation 434,487.74 1,192,618.90
contingency
Total 434,487.74 1,192,618.90
30. Other non-current liability
Item Closing amount Amount at year-begin
Rental received in advance 14,468,198.45 14,239,537.48
Total 14,468,198.45 14,239,537.48
Notes: other non-current liability refers to the rental received in advance from Shuibei Jewelry Building, the income was
subsequently measured at amortized cost at effective rate.
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31. Share capital
Increased/decreased (+,-) in the Period
Shares
Balance at converted
Item New shares Bonus Period-end balance
year-begin from Other Subtotal
issued shares
public
reserve
I. Restricted shares
1. State-owned shares
2. State-owned legal
person’s shares 6,000,000.00 6,000,000.00
3.Other domestic shares
Including: Domestic legal 71,000,000.00 71,000,000.00
person’s shares
Domestic natural person’s
shares
4. Foreign shares
Including: Foreign legal
person’s shares
Foreign natural person’s
shares
Total restricted shares 77,000,000.00 77,000,000.00
II. Unrestricted shares
1. RMB Ordinary shares 193,881,600.00 193,881,600.00
2. Domestically listed
foreign shares 26,400,000.00 26,400,000.00
3. Overseas listed foreign
shares
4. Others
Total unrestricted shares 220,281,600.00 220,281,600.00
III. Total shares 297,281,600.00 297,281,600.00
32. Capital reserves
Item Balance at year-begin Increased in the year Decreased in the year Period-end balance
Capital premium 559,544,773.35 559,544,773.35
Other capital reserve 4,647,832.16 1,033,669.00 5,681,501.16
121
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Total 564,192,605.51 1,033,669.00 565,226,274.51
33. Surplus reserves
Item Balance at year-begin Increased in the year Decreased in the year Period-end balance
Statutory surplus reserves 2,952,586.32 2,952,586.32
Total 2,952,586.32 2,952,586.32
34. Retained profits
Item The period Last year
Undistributed profits at the end of last year before adjustment 30,935,823.12 3,742,260.49
Adjust the total undistributed profits at the beginning of the year (Increase +, Decrease -)
Undistributed profits at the beginning of the year after adjustment 30,935,823.12 3,742,260.49
Add: The net profits belong to shareholders of patent company of this year 24,596,905.09 27,193,562.63
Less: Withdraw statutory surplus reserves
Withdraw free surplus reserves
Withdrawal of general risk provisions
Common stock dividends payable
Common stock dividends transferred to capital stock
Retained profits at end of the period 55,532,728.21 30,935,823.12
35. Operating income and cost
Jan.- Jun.2017 Jan.- Jun.2016
Item
Income Cost Income Cost
Main operating 158,321,271.67 117,170,941.78 153,921,452.19 111,871,099.40
Other operating 2,662,832.89 853,872.18 3,225,714.29 951,281.48
Total 160,984,104.56 118,024,813.96 157,147,166.48 112,822,380.88
36. Tax and surcharges
Item Jan.- Jun.2017 Jan.- Jun.2016
Consumption tax 21,580.86
Business tax 1,724,935.71
City maintenance and construction tax 368,816.45 401,069.68
122
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Item Jan.- Jun.2017 Jan.- Jun.2016
Education surcharge 254,567.79 277,720.82
Land use right 312,379.03
Property tax 1,792,852.09
Other taxes 60,729.54
Total 2,810,925.76 2,403,726.21
Note: ① See details about the payment standards of business tax and additional on Note V. Taxes.
② According to the relevant provisions of the notification about VAT Accounting Treatment Regulations (CK No. [2016] 22) issued
by the Ministry of Finance, after the comprehensive trial implementation of business tax to added-value tax, the subject title of
―business tax and additional‖ should be adjusted to be ―tax and additional‖, this subject accounts the consumption tax, urban
maintenance and construction tax, resource tax, education surcharge and property tax, land use tax, travel tax, stamp duty and other
related taxes and fees generated from the business operation; ―business tax and additional‖ item in the profit statement was adjusted
to be ―tax and additional‖ item. The property tax, land use tax, travel tax, stamp duty and other related taxes and fees of the Company
were originally listed in the management fees, and started to be listed in this subject since May 1, 2016.
37. Sales expenses
Item Jan.- Jun.2017 Jan.- Jun.2016
Employee compensation 4,628,353.86 4,695,023.72
Advertising and exhibition expenses 110,070.26 164,859.10
Depreciation and amortization 451,080.13 398,391.34
Office expenses 411,090.60 422,227.60
Utilities 150,135.43 142,347.99
Transportation and business trip cost 189,297.19 252,965.15
Other 943,577.78 1,323,945.33
Total 6,883,605.25 7,399,760.23
38. Administration expense
Item Jan.- Jun.2017 Jan.- Jun.2016
Employee compensation 14,072,858.71 13,469,076.10
Taxes 1,489,743.87
Office expenses 1,384,396.56 1,276,135.32
Transportation and business trip cost 626,527.69 423,970.13
123
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Item Jan.- Jun.2017 Jan.- Jun.2016
Business entertainment expenses 376,655.28 363,685.60
Depreciation and amortization 959,488.65 838,535.59
Consulting and service expenses 898,254.97 1,090,214.77
Other 1,033,839.90 1,853,665.74
Total 19,352,021.76 20,805,027.12
39. Financial expenses
Item Jan.- Jun.2017 Jan.- Jun.2016
Interest expenses 2,069,420.04 2,202,107.56
Less: Interest income 1,396,595.43 1,584,498.59
Less: interest capitalized amount 720,020.72 567,873.61
Exchange gains and losses -81,475.00 44,675.69
Other 155,131.65 194,589.73
Total 26,460.54 289,000.78
40. Assets impairment loss
Item Jan.- Jun.2017 Jan.- Jun.2016
Bad debt loss -189,620.97
Total -189,620.97
41. Investment income
Item Jan.- Jun.2017 Jan.- Jun.2016
Income of long-term equity investment 2,929,608.85 2,808,781.91
calculated based on equity
Income of disposal of long-term equity 4,916,001.05
investment
Investment income of financial products during 1,790,968.34 2,291,789.05
the holding period
Total 9,636,578.24 5,100,570.96
42. Non-operating income
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Amount reckoned into current
Item Jan.- Jun.2017 Jan.- Jun.2016
non-recurring gains/losses
Non-current assets disposal gains 58,186.00 28,104.37 58,186.00
Including: fixed assets disposal gains 58,186.00 28,104.37 58,186.00
Other 261,331.17 17,176.53 261,331.17
Total 319,517.17 45,280.90 319,517.17
43. Non-operating expenditure
Amount reckoned into current
Item Jan.- Jun.2017 Jan.- Jun.2016
non-recurring gains/losses
Non-current assets disposal losses 6,919.80 1,237.84 6,919.80
Including: fixed assets disposal losses 6,919.80 1,237.84 6,919.80
Other 4,527.00
Total 6,919.80 5,764.84 6,919.80
44. Income tax expense
(1) Statement of income tax expense
Item Jan.- Jun.2017 Jan.- Jun.2016
Current income tax expense 1,077,177.35 701,085.04
Deferred income tax expense -103,215.92 -103,215.92
Adjustment for precious period -350,274.34
Total 623,687.09 597,869.12
(2) Adjustment on accounting profit and income tax expenses
Item Jan.- Jun.2017
Total profit
24,025,073.87
Income tax measured by statutory/applicable tax rate
6,006,268.47
Impact by different tax rate applied by subsidies
Adjusted the previous income tax
-350,274.34
Impact by non-taxable revenue
Impact on cost, expenses and losses that unable to deducted
-808,604.16
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Impact by the deductible losses of the un-recognized previous deferred income tax
-5,090,343.66
The deductible temporary differences or deductible losses of the un-recognized deferred income
866,640.77
tax assets in the Period
Change of the balance of deferred income tax assets/liabilities at period-begin resulted by tax rate
adjustment
Income tax expense 623,687.09
45. Notes to statement of cash flow
(1) Other cash received in relation to operation activities
Item Jan.- Jun.2017 Jan.- Jun.2016
Intercourse funds and others 16,403,125.71 20,785,593.31
Interest income 1,278,595.43 1,584,498.59
Total 17,681,721.14 22,370,091.90
(2) Other cash paid in relation to operation activities
Item Jan.- Jun.2017 Jan.- Jun.2016
Expenses of operation management cash paid 6,123,845.66 7,268,703.14
Intercourse funds and other 32,907,632.73 18,233,788.32
Total 39,031,478.39 25,502,491.46
46. Supplementary information to statement of cash flow
(1) Supplementary information to statement of cash flow
Supplementary information Jan.- Jun.2017 Jan.- Jun.2016
1. Net profit adjusted to cash flow of operation activities:
Net profit
23,401,386.78 17,969,489.16
Add: Provision of assets impairment
-189,620.97
Depreciation of fixed assets, consumption of oil assets and depreciation of
productive biology assets 6,493,475.89 6,600,980.21
Amortization of intangible assets
696,315.90 99,401.25
Amortization of long-term deferred expenses
381,828.78 279,461.61
Loss from disposal of fixed assets, intangible assets and other long-term
-57,116.20 -23,466.53
assets(gain is listed with ―-‖)
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Supplementary information Jan.- Jun.2017 Jan.- Jun.2016
Loss of disposing fixed assets(gain is listed with ―-‖)
5,850.00
Loss from change of fair value(gain is listed with ―-‖)
Financial expenses (gain is listed with ―-‖)
1,267,924.32 1,678,909.64
Investment loss (gain is listed with ―-‖)
-9,636,578.24 -5,100,570.96
Decrease of deferred income tax asset( (increase is listed with ―-‖)
35,297.85 19,471.10
Increase of deferred income tax liability (decrease is listed with ―-‖)
-122,687.02 -122,687.02
Decrease of inventory (increase is listed with ―-‖)
3,049,116.56 6,971,918.06
Decrease of operating receivable accounts (increase is listed with ―-‖)
-3,111,248.97 -2,280,192.36
Increase of operating payable accounts (decrease is listed with ―-‖)
-14,833,383.28 -2,121,207.80
Other
Net cash flow arising from operating activities
7,380,561.40 23,971,506.36
2. Material investment and financing not involved in cash flow
Debt transfer to capital
Convertible bonds due within one year
Fixed assets financing lease-in
3. Net change of cash and cash equivalents:
Balance of cash at period end
123,232,791.88 190,981,593.06
Less: Balance of cash equivalent at year-begin
178,497,640.10 159,184,710.93
Add: Closing balance of cash equivalents
Less: Opening balance of cash equivalents
Net increasing of cash and cash equivalents
-55,264,848.22 31,796,882.13
(2) Constitution of cash and cash equivalent
Period-end Balance at
Item
balance year-begin
123,232,791.8 178,497,640.1
I. Cash
8 0
Including: stock cash
67,334.26 96,167.91
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Period-end Balance at
Item
balance year-begin
Bank deposit available for payment at any time 123,165,457.6 178,401,472.1
2 9
Other monetary fund available for payment at any time
II. Cash equivalent
Including: bond investment matured within 3 months
123,232,791.8 178,497,640.1
II. Balance of cash and cash equivalent at year-end
8 0
Including: Cash and cash equivalent with restriction used by parent company or subsidiary in the
Group
Note: cash and cash equivalent excluding the cash and cash equivalent with use-restricted concerned of the parent company or
subsidiaries in the Group
47. Assets with ownership or use right restricted
Item Book value at Period-end Reason
Monetary fund 30,000,000.00 Found in Note VI-1
Investment real estate 45,656,477.74
Fixed assets 1,580,835.53
Intangible assets 50,752,685.52
Long-term equity investment 75,219,913.29 见附注九、5、(2)
Total 203,209,912.08
(1) In order to meet needs in operation and construction, the Company signed the comprehensive credit contract (2014 SYJTZZ
No.007) with credit amount of 211,000,000.00 Yuan with China Citic Bank Jingtian Branch on August 28, 2014, and signed the
highest mortgage contract (2014 SYJTZDZ No.008) by taking the book assets with the amount of 50,293,453.68 Yuan of Shenzhen
SDG Testrite Real Estate Co. Ltd. as the mortgage, and also signed the highest mortgage contract (2014 SYJTZDZ No.007) by taking
the book assets with the amount of 117,706,546.32 Yuan of the Company as the mortgage, and hereby signed the loan contract (2014
SYJTDZ No.0012) with the amount of 157,500,000.00 Yuan and the length of maturity from August 28, 2014 to August 28, 2017 on
August 28, 2014, the mode of repayment is to pay interest monthly and return 8% of principal semiannually after the loan origination
and pay the balance at one time once due, up to June 30, 2017, this loan has been returned, but the assets are still in the state of
mortgage because the credit ceiling still in period of validity.
(2)The land of this project (SFDZ No. 2000609764) needs to be mortgaged in order to satisfy the requirements for the
implementation of Testrite Shuibei Jewelry Building project, the Company’s subsidiary Shenzhen Zhongtian Industry Co., Ltd.
signed the loan contract (Mortgage & Loan 2014 Gu 250 Tianbei) with borrowing amount of 0.3 billion Yuan and loan term from
June 24, 2014 to June 23, 2024 with China Construction Bank Shuibei Branch on June 24, 2014, and the Company providing the
128
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
joint liability guaranty (Guarantee and loan 2014 Gu 250 Tianbei). Up to June 30, 2017, loans of 27,600,000.00 Yuan from the bank
under the name of Shenzhen Zhongtian Industrial Co., Ltd.
48. Item of foreign currency
(1) Item of foreign currency
Closing balance of foreign
Item Rate of conversion Ending RMB balance converted
currency
Monetary fund
Including: USD 856.00 6.7744 5,798.89
HKD
VII. Changes of consolidation range
1.Enterprise merger under the different control
The Company had no enterprise merger under the different control in Period.
2.Enterprise merger under the same control
The Company had no enterprise merger under the same control in Period.
3.Reverse purchase
The Company had no reverse purchase in Period.
4.Disposal of subsidiaries
The Company has one subsidiary (Shenzhen Tellus SDG Property Management Co., Ltd. ) disposed by negotiating transfer in the
period, after equity transfer, Tellus Property is excluding in consolidation statement of the Company.
5. Change of consolidation range from other reasons
Nil
VIII. Equity in other entity
1. Equity in subsidiary
(1) Constitute of enterprise group
Main Share-holding ratio
Registered
Subsidiary operation Business nature (%) Acquired way
place
place
Directly Indirectly
Shenzhen Tellus New Yongtong Automobile Service Obtained by
Shenzhen Shenzhen 100.00
Development Co. Ltd*1 industry establishment or
129
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Main Share-holding ratio
Registered
Subsidiary operation Business nature (%) Acquired way
place
place
Directly Indirectly
investment
Obtained by
Shenzhen Dongchang Yongtong Motor Service
Shenzhen Shenzhen 95.00 establishment or
Vehicle Detection Co., Ltd. industry
investment
Obtained by
Shenzhen New Yongtong Dongxiao Vehicle Service
Shenzhen Shenzhen 95.00 establishment or
Inspection Co., Ltd. industry
investment
Obtained by
Shenzhen Bao’an Shiquan Industrial Co., Ltd Shenzhen Shenzhen Commerce 100.00 establishment or
investment
Obtained by
Shenzhen SDG Tellus Real Estate Co., Ltd Shenzhen Shenzhen Manufacture 100.00 establishment or
investment
Obtained by
Shenzhen Tellus Real Estate Exchange Co. Service
Shenzhen Shenzhen 100.00 establishment or
Ltd industry
investment
Obtained by
Shenzhen New Yongtong Automobile Service
Shenzhen Shenzhen 51.00 establishment or
Inspection Equipment Co. Ltd industry
investment
Obtained by
Shenzhen Automobile Industry Trading
Shenzhen Shenzhen Commerce 100.00 establishment or
General Company*1
investment
Obtained by
Shenzhen Automotive Industry Supply Service
Shenzhen Shenzhen 100.00 establishment or
Corporation industry
investment
Obtained by
Shenzhen SDG Huari Automobile Enterprise Service
Shenzhen Shenzhen 60.00 establishment or
Co.Limited industry
investment
Shenzhen Huari Anxin Automobile Inspection Shenzhen Shenzhen Service 100.00 Obtained by
130
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Main Share-holding ratio
Registered
Subsidiary operation Business nature (%) Acquired way
place
place
Directly Indirectly
Ltd industry establishment or
investment
Obtained by
Service
Shenzhen Zhongtian Industrial Co., Ltd. Shenzhen Shenzhen 100.00 establishment or
industry
investment
Obtained by
Shenzhen Huari TOYOTA Automobile Sales
Shenzhen Shenzhen Commerce 60.00 establishment or
Service Co., Ltd.
investment
Obtained by
Shenzhen Hanli Hi-Tech Ceramics Co., Ceramic
Shenzhen Shenzhen 80.00 establishment or
Ltd.*2 technology
investment
Obtained by
Vehicle
Shenzhen South Auto Maintenance Center*2 Shenzhen Shenzhen 100.00 establishment or
maintenance
investment
Obtained by
Anhui Tellus Starlight Jewelry Investment
Hefei Hefei Commerce 51.00 establishment or
Co., Ltd.
investment
Obtained by
Anhui Tellus Starlight Junzun Jewelry Co.,
Hefei Hefei Commerce 60.00 establishment or
Ltd.
investment
Note: * 1 Due to the execution case of dedicated funds for housing public facilities of Fu Yi Ya Ju, the court froze the business
registration information or equity of the companies, and the freezing time limit was until August 12, 2017. See details about the
execution case on Note X. 2.
* 2 The operating period of Shenzhen Hanli Hi-Tech Ceramics Co., Ltd. was from September 21, 1993 to September 21, 1998, and
the operating period of Shenzhen South Auto Maintenance Center was from July 12, 1994 to July 2002 11, these companies have
ceased to operate for many years and have been revoked the industrial and commercial registration because they did not participate in
the annual inspection of industry and commerce. The Company has not been able to exercise effective control over such companies
which should not be included in the consolidated scope of the consolidated financial statements of the Company, and the book value
of the Company's investment in such companies and the net value of the net investment in these companies was zero.
(2) Important non-wholly-owned subsidiary
131
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Gains/losses
Dividend announced
Share-holding ratio of attributable to Ending equity of
to distribute for
Subsidiary minority (%) minority in the minority
minority in the Period
Period
Shenzhen Huari Toyota Automobile Co. Ltd 40% 81,785.04 -1,652,313.72
Shenzhen SDG Huari Automobile Enterprise
40% 58,554.46 11,557,064.14
Co.Limited
(3) Main finance of the important non-wholly-owned subsidiary
Period-end balance
Subsidiary Non-current Non-current
Current assets Total assets Current liability Total liability
assets liability
Shenzhen Huari Toyota
43,666,739.87 1,418,432.49 45,085,172.36 49,215,956.65 49,215,956.65
Automobile Co. Ltd
Shenzhen SDG Huari
Automobile Enterprise 45,009,780.56 30,733,410.12 75,743,190.68 46,306,018.54 544,511.78 46,850,530.32
Co.Limited
(Cont.)
Balance at year-begin
Subsidiary Non-current Non-current
Current assets Total assets Current liability Total liability
assets liability
Shenzhen Huari
Toyota Automobile 40,898,136.14 1,571,594.67 42,469,730.81 46,804,977.69 46,804,977.69
Co. Ltd
Shenzhen SDG Huari
Automobile
42,822,752.85 31,691,585.09 74,514,337.94 45,100,864.92 667,198.80 45,768,063.72
Enterprise
Co.Limited
132
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Jan.- Jun.2017 Jan.- Jun.2016
Subsidiar Total Cash flow from Total Cash flow from
y Business income Net profit comprehensi operating Business income Net profit comprehensiv operating
ve income activities e income activities
Shenzhen
Huari
Toyota 97,707,246.23 204,462.59 204,462.59 967,416.91 94,044,194.14 -19,548.04 -19,548.04 211,114.88
Automobi
le Co. Ltd
Shenzhen
SDG
Huari
Automobi
le 17,870,512.30 146,386.14 146,386.14 -2,957,442.18 19,299,222.50 101,794.49 101,794.49 2,163,653.64
Enterpris
e
Co.Limite
d
(4) Material limits on using group assets or discharging group debts
There is no material limit on using group assets or discharging group debts by our subsidiaries.
2. Transactions leading to change of owner’s equity while not resulting in loss of control in
subsidiary
There is no transaction by the Company leading to change of owner’s equity while not resulting in
loss of control in subsidiary.
3. Equity in joint venture and cooperative enterprise
(1) Important cooperative enterprise
Share-holding ratio Accounting
Main (%) treatment on
Registered
Name operation Business nature
place investment for joint
place
Directly Indirectly venture and
cooperative
133
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
enterprise
Affiliation:
Shenzhen Zung Fu Tellus Auto Sales and maintain of
Shenzhen Shenzhen
Benz 35.00 Equity method
Service Co., Ltd.
Auto manufacture and
Shenzhen Shenzhen
Shenzhen Dongfeng Auto Co., Ltd. maintain 25.00 Equity method
Joint venture:
Investment in industry
Shenzhen Tellus Gman Investment and property
Shenzhen Shenzhen
management and 50.00 Equity method
Co., Ltd
leasing
(2) Main financial information of the important joint venture
2017-6-30 / Jan.- Jun.2017 2016-12-31/ Jan.- Jun.2016
Shenzhen
Item Shenzhen Zung Fu Tellus Shenzhen Zung Fu Tellus Shenzhen Dongfeng
Dongfeng Auto
Auto Service Co., Ltd. Auto Service Co., Ltd. Auto Co., Ltd.
Co., Ltd.
Current assets
351,648,271.11 385,507,565.21 380,939,942.00 433,147,120.64
Non -current assets
21,219,192.36 151,615,978.96 22,120,081.00 154,874,554.92
Total assets 372,867,463.47 537,123,544.17 403,060,023.00 588,021,675.56
Current liabilities 156,582,160.26 337,636,227.33 186,730,078.00 376,098,044.69
Non –current liabilities
67,192,979.15 68,990,352.65
Total liabilities
156,582,160.26 404,829,206.48 186,730,078.00 445,088,397.34
Minority shareholders’ equity
329,057.95 1,027,646.31
Attributable to parent company
shareholders’ equity 216,285,303.21 131,965,279.74 216,329,945.00 141,905,631.91
Share of net assets calculated by
shareholding ratio 75,699,856.12 32,991,319.93 75,715,480.75 35,476,407.97
Adjustment items
--Goodwill
134
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
2017-6-30 / Jan.- Jun.2017 2016-12-31/ Jan.- Jun.2016
Shenzhen
Item Shenzhen Zung Fu Tellus Shenzhen Zung Fu Tellus Shenzhen Dongfeng
Dongfeng Auto
Auto Service Co., Ltd. Auto Service Co., Ltd. Auto Co., Ltd.
Co., Ltd.
--Unrealized profit of internal
trading
—Other
-479,942.83
Book value of equity investment
75,219,913.29 32,991,319.93 75,715,480.75 35,476,407.97
in joint ventures
Fair value of the equity
investment of affiliation with
public offers concerned
Operation income
602,080,907.00 249,209,515.73 509,511,244.05 254,428,669.06
Net profit
24,584,092.96 -9,138,940.53 6,120,624.89 2,210,135.53
Net profit of the termination of
operation
Other comprehensive income
Total comprehensive income
24,584,092.96 -9,138,940.53 6,120,624.89 2,210,135.53
Dividends received from
9,100,000.00 6,300,000.00
affiliation in the year
(3) Main financial information of the important cooperative enterprise
Shenzhen Tellus Gman Investment Co., Ltd
Item
2017-6-30 / Jan.- Jun.2017 2016-12-31/ Jan.- Jun.2016
Current assets
24,183,364.59 28,920,938.79
Including: cash and cash equivalents
14,238,992.04 18,429,108.04
Non -current assets
422,002,467.62 422,125,153.92
Total assets
446,185,832.21 451,046,092.71
135
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Shenzhen Tellus Gman Investment Co., Ltd
Item
2017-6-30 / Jan.- Jun.2017 2016-12-31/ Jan.- Jun.2016
Current liabilities
46,433,395.95 55,664,266.08
Non –current liabilities
292,000,000.00 281,020,000.00
Total liabilities
338,433,395.95 336,684,266.08
Minority shareholders’ equity
Attributable to parent company shareholders’ equity
107,752,436.26 114,361,826.63
Share of net assets calculated by shareholding ratio
53,876,218.14 57,180,913.32
Adjustment items
--Goodwill
--Unrealized profit of internal trading
—Other
Book value of equity investment in joint ventures
53,876,218.14 57,180,913.32
Fair value of the equity investment of joint ventures with
public offers concerned
Operation income 19,777,905.85
Financial expense
10,275,774.46 -27,701.41
Income tax expense
Net profit
-6,609,390.37 27,701.41
Net profit of the termination of operation
Other comprehensive income
Total comprehensive income
-6,609,390.37 27,701.41
Dividends received from joint venture in the year
136
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
(4) Summary financial information of not important joint venture and cooperative enterprise
Item 2017-6-30 / Jan.- Jun.2017 2016-12-31/ Jan.- Jun.2016
Joint ventures:
Total investment of book value 10,724,435.93 10,583,444.89
Total amount of the follow items calculated by share-holding
ratio
—net profit 140,991.04 345,955.27
—Other comprehensive income
—Total comprehensive income 140,991.04 345,955.27
affiliation:
Total investment of book value 25,684,698.62 24,677,061.13
Total amount of the follow items calculated by share-holding
ratio
—net profit 1,007,637.49 -360,487.61
—Other comprehensive income
—Total comprehensive income 1,007,637.49 -360,487.61
(5) Excess deficit from joint venture or affiliated business
Cumulative losses Losses of last year Cumulative losses
Name un-recognized in un-recognized (or net profit un-recognized at current
last year shares in the Year ) period-end
Shenzhen Tellus Auto Service Chain Co., Ltd. 97,868.99 136.42 98,005.41
Shenzhen Xinyongtong Dongxiao Auto Parts Sales
758,585.00 179,199.78 937,784.78
Co., LTd.
Shenzhen Yongtong Xinda Inspection Equipment Co.,
381,557.52 -62,529.86 319,027.66
Ltd.
Shenzhen New Yongtong Auto Service Co., Ltd. 55,106.12 55,106.12
4. Important co-management
No co-management in the Period.
137
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
IX. Related party and related transactions
1. Parent company of the enterprise
Share-holding ratio
Registration Registered Voting right ratio on the
Parent company Business nature on the enterprise for
place capital enterprise (%)
parent company (%)
Development and
operation of real
2,582,820,000
Shenzhen SDG Co., Ltd. Shenzhen estate and 49.09 49.09
Yuan
domestic
commerce
Note: Ultimate controller of the Company is SASAC of Shenzhen.
2. Subsidiary of the Company
Found more in Note VIII-1.
3. Details of joint-venture and affiliated enterprise of the Company
Found more in Note VIII-3.
4. Particulars about other related parties
Other related parties Relationship with the Company
Shenzhen SDG Swan Industrial Company Ltd. Subsidiary of parent company
Shenzhen Machinery Equipment Imp & Exp. Company Subsidiary of parent company
Shenzhen SDG Real Estate Co., Ltd. Subsidiary of parent company
Hong Kong Yujia Investment Co, Ltd. Subsidiary of parent company
Shenzhen Tellus Real Estate Yueyang Co., Subsidiary of parent company
Shenzhen SDG Development Center Construction Supervision Subsidiary of parent company
Co., Ltd.
Shenzhen Tellus Yangchun Real Estate Co., Ltd. Subsidiary of parent company
Shenzhen Longgang Tellus Real Estate Co., Ltd. Subsidiary of parent company
Shenzhen SDG Property Management Co., Ltd. Subsidiary of parent company
5. Related transaction
(1) Related lease
①As a lessor for the Company
Lessee Assets type Lease income in Lease income in
138
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
recognized in recognized in Jan.-
Jan.- Jun. 2017 Jun. 2016
Shenzhen Zung Fu Tellus Auto Service Co., Ltd. House leasing 2,523,809.60 2,523,809.42
Shenzhen New Yongtong Auto Service Co., Ltd. House leasing 134,586.67 203,557.22
Shenzhen Xinyongtong Dongxiao Auto Parts Sales Co., LTd. House leasing 95,190.49 144,933.34
(2) Related guarantee
①The Company serves as guarantor
The Company entered into pledge contract with Zung Fu Auto Management (Shenzhen) Co., Ltd. (hereinafter referred to as Zung Fu
Shenzhen), pursuant to which, during the period from establishment of our associate company Shenzhen Renhu Tellus Auto Service
Co., Ltd. (hereinafter referred to as Renhu Tellus) to the expiration date of the joint venture contract between the Company and
Renhe Shenzhen, provided that Zung Fu Shenzhen provides borrowings to Zung Fu Tellus under entrusted loan, Zung Fu Tellus
makes borrows from bank or other financial institutions and guaranteed by Zung Fu Shenzhen, and the total borrowings shall not
exceed RMB100 million, the Company bears 35% of the obligations arising from above borrowings according to its shareholding
proportion. It was agreed for the Company to pledge 35% equity interests held in Zung Fu Tellus to Zung Fu Shenzhen as counter
guarantee for the above borrowings.
Other than the above guarantee, the Company’s provision of guarantees as guarantor all relates to such guarantees provided to
subsidiaries.
(3) Engagement of related parties to provide labor services
Zhongtian Industrial selected construction supervision institution for Tellus Shuibei Project through public bidding. On 14 May 2013,
SDG Supervision obtained letter of acceptance (No. 20130514002C) issued by Shenzhen Construction Project Trading Service
Center, and became the construction supervision institution for Tellus Shuibei Project through public bidding.
In May 2013, Zhongtian Industrial signed Supervision Contract in respect of Tellus Shuibei Jewelry Building Project with SDG
Supervision, pursuant to which, Zhongtian Industrial engaged SDG Supervision to exercise supervision in respect of Tellus Shuibei
Jewelry Building Project. The supervision fee was RMB 5,041,900. As at 30 June 2017, an aggregate of RMB 4,637,200 has been
paid.
(4) Related fund occupation expenses
Related party Content Jan.- Jun.2017 Jan.- Jun.2016
Borrow-in:
Shenzhen SDG Co., Ltd. Fund occupation expenses 1,634,233.95
Borrow-out:
139
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Shenzhen Xinglong Machinery Mould Co., Ltd. Fund occupation expenses 37,708.32 38,013.32
(5) Remuneration of key manager
Item Jan.- Jun.2017 Jan.- Jun.2016
Remuneration of key manager 4.19 million Yuan 2.81 million Yuan
Note: The year-end bonus for year of 2016 are paid in the Year, part of the bonus are paid last year, rests of the bonus will pay in
second half of 2017
(6) Related transaction from equity transfer
The Company signed a Property Rights Transfer Contract with Shenzhen SDG Property Management Co., Ltd. (hereinafter referred
to as SDG Property Company) on May 31, 2017, which transferred 100% equity stake of Shenzhen SDG Tellus Property
Management Co., Ltd. held by the Company to SDG Property Company by agreement transfer, and the transfer price was RMB 14.15
million. Up to June 30, 2017, SDG Property Company has received all transferred money, and the transfer was completed.
6. Receivable/payable items of related parties
(1) Receivable item
Period-end balance Balance at year-begin
Item Book balance Bad debt Book balance Bad debt
reserve reserve
Account receivable:
Shenzhen New Yongtong Auto Service Co., Ltd. 927,602.00 927,602.00 960,731.00 927,602.00
Shenzhen Xinyongtong Dongxiao Auto Parts Sales Co., LTd. 680,400.00 680,400.00 704,700.00 680,400.00
Total 1,608,002.00 1,608,002.00 1,665,431.00 1,608,002.00
Other account receivable:
Shenzhen Tellus Auto Service Chain Co., Ltd. 1,359,297.00 1,359,297.00 1,359,297.00 1,359,297.00
Shenzhen New Yongtong Technology Co., Ltd. 116,480.22 58,240.11 116,480.22 58,240.11
Shenzhen Yongtong Xinda Inspection Equipment Co., Ltd. 527,361.24 522,398.47 522,398.47 522,398.47
Shenzhen Xiandao New Material Co., Ltd. 660,790.09 660,790.09 660,790.09 660,790.09
Shenzhen Xinglong Machinery Mould Co., Ltd. 2,224,391.26 1,016,991.08 2,186,682.94 998,136.92
Shenzhen Tellus New Yongtong Auto Service Co., ltd. 114,776.33 114,776.33 114,776.33 114,776.33
Total 5,003,096.14 3,732,493.08 4,960,425.05 3,713,638.92
Long-term account receivables
Shenzhen Tellus Auto Service Chain Co., Ltd. 2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
140
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Period-end balance Balance at year-begin
Item Book balance Bad debt Book balance Bad debt
reserve reserve
Total 2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
(2) Payable item
Item Period-end balance Balance at year-begin
Account received in advance:
Shenzhen Zung Fu Tellus Auto Service Co., Ltd. 2,523,809.60
Total 2,523,809.60
Account payable:
Shenzhen SDG Real Estate Co., Ltd. 6,054,855.46 6,054,855.46
Shenzhen Machinery Equipment Imp & Exp. Company 45,300.00 45,300.00
Total 6,100,155.46 6,100,155.46
Other account payable:
Shenzhen SDG Real Estate Co., Ltd. 335,701.34 335,701.34
Hong Kong Yujia Investment Co, Ltd. 2,031,576.35 2,171,300.16
Shenzhen SDG Swan Industrial Company Ltd. 20,703.25 20,703.25
Shenzhen Machinery Equipment Imp & Exp. Company 1,554,196.80 1,576,424.94
Shenzhen SDG Co., Ltd. 50,925,608.78 50,645,612.05
Shenzhen Longgang Tellus Real Estate Co., Ltd. 1,095,742.50 1,095,742.50
Shenzhen Tellus Yangchun Real Estate Co., Ltd. 476,217.49 476,217.49
Shenzhen Xinglong Machinery Mould Co., Ltd. 78,515.56 78,515.56
Shenzhen New Yongtong Technology Co., Ltd. 320,000.00 320,000.00
Shenzhen Tellus Hang Investment Co., Ltd. 29,912.61 29,912.61
Shenzhen Yongtong Xinda Inspection Equipment Co., Ltd. 24,340.00 24,340.00
Total 56,892,514.68 56,774,469.90
X. Commitment or contingency
1. Important commitments
141
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
(1) Capital commitments
Item Period-end balance Balance at year-begin
Signed without recognized in financial statement
—Purchase and construction of long-term assets 77,873,064.21 126,313,353.45
commitment
Total 77,873,064.21 126,313,353.45
2. Contingency
(1) Contingent liability and its financial influence formed by un-settle lawsuits or arbitration
①In October 2005, a lawsuit was brought before Shenzhen Luo Hu District People’s Court by the Company,
which was the recognizer of Jintian Industrial (Group) Co., Ltd. (―Jintian‖) to require Jintian to redress RMB
4,081,830 (principal: RMB 3,000,000, interest: RMB 1,051,380, legal fare: RMB 25,160 and executive fare:
RMB 5,290). Shenzhen Intermediate People’s Court had adjudged that the Company won the lawsuit and the
forcible execution had been applied by the Company. As for the deducted amount in previous years, the Company
has counted as debt losses. The lawsuit has not executed yet till the date when the Report approved.
In April 2006, Shenzhen Development Bank brought an accusation against Jintian’s overdue loan two million U.S. dollars and the
Company who guaranteed for this loan. The company took on the principal and all interest. After that, the Company appealed to
Shenzhen Luohu District People's Court, asking Jintian to repay 2,960,490 U.S. dollars and interest. In 2008, it reached Shen Luo
No.937 Civil Reconciliation Agreement (2008) after the mediating action taken by Shenzhen Luohu District People's Court. The
agreement is as follows: If Jintian repay 2,960,490 U.S. dollars before October 31, 2008, the company will exempt all the interest. If
Jintian can not settle the amount on time, it will pay the penalty in accordance with the People's Bank of China RMB benchmark
lending rate over the same period. At present, the implementation of property has new progress, and our attorney agent is negotiating
and drafting the pay-off plan with Jintian Company. Jintian Company is handling the bankruptcy reorganization and pay-off
procedures.
On January 29, 2016, Shenzhen Intermediate People's Court ruled that the reorganization plan of Jintian Company was completed
and the bankruptcy proceedings were terminated, Jintian Company was re-allocating to the creditors, including the Company,
according to the reorganization plan. Up to the approval date of this financial report, the Company has not yet received the allocated
property.
②Subsidiary of the Company Shenzhen SD Tellus Real Estate Company (―Tellus Real Estate Company‖) entered
into the ―Contract of Liyehui Food Street Co-operation in Buji Town‖ with Shenzhen Jinlu Industrial & Trading
Company (―Jinlu Company‖) on 29 November 1994. In accordance with the Contract, on the foundation of
―Cooperative Development Contract of Liyehui Food Street in Buji Town‖ signed between the Jinlu Company and
land providers -- Shenzhen Real Estate Management Branch Bureau of Guangzhou Military Region (―Real Estate
Management Branch Bureau‖) and People’s Liberation Army Unit 75731 (― Unit 75731‖), construction funds 10
million Yuan invested by Tellus Real Estate, received fixed floor area of 6,000 M2 property, and Jinlu Company
promise to delivered the completed building and ancillary facility at the end of November 1995. Tellus Real Estate
Company have invested a total of 9,822,500.00 Yuan in cooperative development up to 31 December 1996,
142
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
however, Tellus Real Estate Company failed to get the property should enjoy on the agreed date for property hand
over. Tellus Real Estate Company institute an action at law to the Court, requesting Jinlu Company pay back the
9.8 million Yuan investment and interests immediately and shoulder all the Court Costs, Real Estate Management
Branch Bureau and Unit 75731 were sentence to be the defendant pursuant to the law in trial. On 18 March 2003,
in line with the Written Judgment (2000) Shen Zhong Fa Fang Chu Zi No. 101 by Shenzhen Intermediate People’s
Court, the above mentioned ―Cooperative Contract‖ is valid, identified as nature of cooperative housing, the two
parties continue to perform the contract and legitimate mechanism should be follow if any disputes arising from
executing the Contract by parties in the Contract.
In March 2005, as a joint plaintiff, Tellus Real Estate Company and Jinlu Company start a suit to Real Estate
Management Branch Bureau and Unit 75731(Communication Equipment Repair Institute of Guangzhou Military
Region), requesting two defendants performing cooperative contract, and delivered 11,845 M2(approximately
11,851,357 Yuan in value) property of Liyehui Food Street to two plaintiff, moreover, pay for the rental income
5,034,664.94 Yuan in total due to two plaintiff since 1998. Meanwhile, Tellus Real Estate Company and Jinlu
Company entered into an agreement, that is, due to the self-executing or mandatory enforcement by the Court,
concerning the Liyehui Food Street property taken back in lawsuit, Tellus Real Estate Company received a fixed
property of 6,000 M2, rests of the property belongs to Jinlu Company and Tellus Real Estate Company owns all
property while less than 6,000 M2; the income deserved in the lawsuit should be allocated according to 5:5
ratio by two parties, and as for this lawsuit, which have its first trial in Shenzhen Intermediate People’s Court in
August 2010, because details of a case is complex, the case did not judge in court.
In 2011, Tellus Real Estate Company received a civil ruling paper (2005) Shen Zhong Fa Min Chu Zi No. 82 from
Shenzhen Intermediate People’s Court, that is, ―People’s Court has no right to judged how to allocate the building
and its working interest‖, because Liyehui Food Street property ―is part of the illegal building‖, reject the Tellus
Real Estate Company and Jinlu Company’s claim in aspect of the property delivery and rental allocation of
Liyehui Food Street. The cooperative development fund invested for Tellus Real Estate Company has been
provision for bad debts in total in previous year by the Company.
③In 2014, our subsidiary Shenzhen Auto Industrial Trading General Company (hereinafter referred to as Auto
Industrial Trading Company) was served with a summon from people’s court in Futian district, Shenzhen,
pursuant to which, Shenzhen branch of China Huarong Asset Management Co., Ltd. (―Huarong Shenzhen‖) sued
Auto Industrial Trading Company for joint settlement responsibility in respect of the debt disputes between
Shenzhen Guangming Watch Co., Ltd. (―Guangming Watch‖) and its creditors.
Pursuant to the civil verdict (SFFJCZD No.801(1997)) issued by people’s court in Futian district, Shenzhen on 24
November 1997, Guangming Watch shall repay RMB700,000 and interests thereof to Shenzhen Futian branch of
China CITIC Bank. Guangming Watch failed to discharge debts after such verdict, and Shenzhen Futian branch of
China CITIC Bank applied for compulsive execution and recovered an amount of RMB561,398.30. later, due to
that there was no property available for execution, people’s court in Futian district of Shenzhen issued civil verdict
(SFFZZD No.102(1998)) to suspend execution on 10 December 1998. In July, the original creditor Shenzhen
Futian branch of China CITIC Bank transferred the above creditor’s right (namely outstanding principal of
RMB350,000 million and relevant interests) to Huarong Shenzhen.
143
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Guangming Watch was an associate company of Auto Industrial Trading Company with a shareholding of 10% in
1990. Guangming Watch has been deregistered with Shenzhen Business and Commerce Bureau on 28 February
2002. Huarong Shenzhen sued Guangming Watch and Auto Industrial Trading Company at people’s court in
Futian district of Shenzhen in May 2014, requesting to obtain all the interests of Guangming Watch under the civil
verdict (SFFJCZD No.801(1997)), and request an order for Auto Industrial Trading Company to take joint
settlement responsibility for the above debts on the grounds that failure of Guangming Watch to settle debts
resulted in prejudice in creditors’ right by shareholders. Up to the approval date of the financial report, the case
has not been ruled yet.
④ The Company’s subsidiary, Shenzhen Automobile Industry and Trade Co., Ltd (hereinafter referred to as "Automobile Industry
and Trade Company") got shares in Shenzhen Guangming Watch Co., Ltd. (hereinafter referred to as "Guangming Watch Company",
Automobile Industry and Trade Company holds 10% of shares) in 1990, this company loaned RMB 2 million from China
Construction Bank on December 12, 1990 with time limit of nine months, Guangming Watch Company repaid RMB 100,000 in
October 1992, but the balance was still in arrears. Shenzhen Bao'an District People's Court (1996) BFJZ No. 183 paper of civil
judgment determined Guangming Watch Company to repay the loan of RMB 1.9 million and the interests to China Construction
Bank, Shenzhen Intermediate People's Court (1996) SZFJYZZ No. 563 paper of civil judgment’ final judgment affirmed the original
judgment. After the judgment, Guangming Watch Company didn’t perform the obligations, so China Construction Bank applied for
compulsory execution and got repayment of 1.64 million Yuan, but later due to no property for execution, Bao'an District People's
Court (1997) SBFZZ No. 220 civil ruling paper had the verdict for termination of execution on May 20, 2003. In June 2004, the
original creditor CCB transferred the above-mentioned creditor's rights to Assets Management Company, after several transfers,
Ezhou Liantai Investment and Consulting Co., Ltd. put forward the creditor's rights in April 2008.
Guangming Watch Company has been revoked license by Shenzhen Industrial and Commercial Bureau on February 28, 2002. Ezhou
Liantai Investment and Consulting Co., Ltd. submitted the case of Guangming Watch Company and Automobile Industry and Trade
Company to Shenzhen Futian District People's Court in May 2012, requesting to order Guangming Watch Company to pay off 3.607
million Yuan and the interests from May 11, 2012 to the actual repayment date, and requesting to order Automobile Industry and
Trade Company to assume the joint liability for above-mentioned debts by the reason of Automobile Industry and Trade Company
being its last shareholder, not setting up a liquidation team for liquidation within the legal time limit, and assuming the joint liability
for debts.
In 2013, Shenzhen Futian District People's Court (2012) SFFMECZ No. 4328 paper of civil judgment determined Automobile
Industry and Trade Company to assume the joint liability for debts in (1996) SZFJYZZ No. 563 paper of civil judgment to the
accused, Guangming Watch Company. Automobile Industry and Trade Company appealed, on December 12, 2013, Shenzhen
Intermediate People's Court (2013) SZFSZZ No. 1677 civil judgment’s final judgment affirmed the original judgment. Automobile
144
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Industry and Trade Company accrued the payable joint liability funds of 2,130,200 Yuan in 2013.
Hua Rong District People's Court of Ezhou City (2008) HMCZ No. 57 civil judgment determined the accused Ezhou Liantai
Investment and Consulting Co., Ltd. to pay the accuser Huizhou Lamei Information Consulting Co., Ltd. assignment of claims and
liquidated damages and also bear the legal fare. In the executing process, on April 14, 2015, Hua Rong District People's Court of
Ezhou City (2015) EHRZYZ No. 0005 execution ruling added Automobile Industry and Trade Company as the person subject to
enforcement and ordered Automobile Industry and Trade Company to pay the object funds of 4,170,859.54 Yuan. Hua Rong District
People's Court of Ezhou City held that the object Guangming Watch Company should perform is the loan principal of 1.9 million
Yuan and the promissory loan interest of 331,785.60 Yuan from November 21, 1995 to January 22, 1997, with a total of 2,231,785.60
Yuan. Shenzhen Bao’an District People's Court has executed 1,641,888.10 Yuan, deducting the litigation fee of 21,700 Yuan and
execution fee of 28,500 Yuan, up to March 25, 2002, there were still object funds of 1,161,725.65 Yuan and debt interest of
1,274,604.31 Yuan during the delay in performance calculated by the principle of repayment of principal with interest and debt
interest of 1,734,529.5 Yuan caused by delay in performance from March 25, 2002 to March 30, 2009, principal and interest
amounting to 4,170,859.54 Yuan. Automobile Industry and Trade Company proposed an opposition to execution that Automobile
Industry and Trade Company should assume the joint liability for the debts of 258,111.90 Yuan and the interest to be assumed by
Guangming Watch Company, and (1996) BFJZ No. 183 litigation fee of 21,700 Yuan, and (1997) SBFZZ No. 220 case execution fee
of 28,500 Yuan.
Ezhou City Intermediate People's Court held that the surplus creditor's rights was non liquet after Shenzhen Bao'an District People's
Court’s execution of (1996) SZFJYZZ No. 563 civil judgment, both parties had large difference in opinion whether the executed 1.64
million Yuan was just principal or principal and interest, which was difficult to be determined, therefore, Ezhou City Intermediate
People's Court (2015) EHRZYZ No. 00005 execution ruling was repealed and returned for re-examination.
On July 12, 2017, the Higher People's Court of Guangdong Province issued the Civil Judgment No. (2016) YMZ 205 and upheld the
Civil Judgment No. (2013) SZFSZZ 1677 of Shenzhen Intermediate People's Court, and this judgment was the final judgment.
⑤ Shenzhen Futian District Construction Bureau made a Written Decision on Paying the Dedicated Funds for Housing Public
Facilities No. SFJJJ (2010) 115 to three construction units of Fu Yi Ya Ju, including Shenzhen Automobile Industry Trading General
Company, Shenzhen Fuyida Investment and Development Co., Ltd., and Wenzhou Huaou Real Estate Development Co., Ltd. in
October 2010, and ordered the three companies to pay the dedicated funds for housing public facilities of a total of RMB
2,161,910.40 within the time limit. The Company and Shenzhen Fuyida Investment and Development Co., Ltd. have paid their shares,
but Wenzhou Huaou Real Estate Development Co., Ltd. has not yet paid. Shenzhen Futian District Construction Bureau applied to
Futian District People's Court to force the respondents (above three companies) to fulfill all obligations determined by the written
decision.
In May 2017, the Company actually paid the joint liability loss related to the execution case of RMB 758,131.16. After paying the
remaining execution funds of the maintenance funds for the real estate, the Housing and Construction Bureau requested our company
to pay the interest penalty for the case. Up to June 30, 2017, the Company has been communicating with Futian District Housing and
Construction Bureau and the executive board of Futian District People's Court on whether the interest penalty should be paid and the
specific amount.
Influenced by this case, (2015) SFFZHZ No. 452 executed the case, froze and sealed up the following business registration
information, equity and assets:
The business registration information of Shenzhen Automobile Industry Trading General Company was frozen;
35.75% equity stake of Shenzhen Automobile Industry Import and Export Co., Ltd. held by Shenzhen Automobile Industry Trading
General Company was frozen;
25% equity stake of Shenzhen Dongfeng Motor Co., Ltd. held by Shenzhen Automobile Industry Trading General Company was
frozen;
95% equity stake of Shenzhen Tellus Yongtong Automobile Development Co., Ltd. held by Shenzhen Automobile Industry Trading
145
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
General Company was frozen;
The property located at 5B, Building 4, Weipeng Garden, Futian District of Shenzhen Automobile Industry Trading General
Company was seized.
⑥ Shenzhen Nigang Industrial Co., Ltd. prosecuted the attribution of land parcel No. H403-0054(B) to Shenzhen People's Court of
Luohu District in 2016, and the first instance of Shenzhen People's Court of Luohu District judged that the Company should return
the land area of 1,585.84 square meters and pay the land use fee of RMB 347,271.74 and then return RMB 7,268 per month to the
plaintiff. The Company appealed to the Higher People's Court of Guangdong Province, up to June 30, 2017, the Company has
counted and withdrawn the losses related to the litigation of RMB 434,487.74.
XI. Events occurring after the balance sheet date
1. Profit distribution
The Company has no plan of cash dividends carried out and capitalizing of common reserves either
XII. Other important events
1. Previous accounting errors collection
The Company had no previous accounting errors collection in Period.
2. Debt restructuring
The Company had no debt restructuring in Period.
3. Assets replacement
The Company had no non-monetary assets change in Period.
4. Segment
Financial information for reportable segment
Jan.- Jun.2017
Auto maintenance Leasing and Jewelry Offset of
Item Auto sales Total
and repair services segment
operation
Main operating revenue
81,828,629.57 30,933,280.83 59,669,477.32 432,616.24 -14,542,732.29 158,321,271.67
Main operating cost
80,552,582.86 25,502,996.33 23,195,618.35 2,538,282.27 -14,618,538.03 117,170,941.78
Total assets
32,917,126.16 98,657,932.40 1,983,022,242.18 14,455,973.67 -911,054,418.73 1,217,998,855.68
Total liabilities
46,119,475.69 60,693,706.80 556,102,721.70 1,978,405.53 -387,538,846.00 277,355,463.72
Jan.- Jun.2016
Auto Offset of segment
Auto sales
Item maintenance and Leasing and services Total
repair
Main operating revenue
67,525,711.38 42,408,814.86 62,272,010.17 -18,285,084.22 153,921,452.19
146
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Auto Offset of segment
Auto sales
Item maintenance and Leasing and services Total
repair
Main operating cost
66,364,064.95 36,582,170.38 27,209,948.29 -18,285,084.22 111,871,099.40
Total assets
24,632,259.44 92,225,788.83 1,962,620,091.40 -912,148,674.84 1,167,329,464.83
Total liabilities
39,554,548.10 53,603,597.08 565,862,967.94 -388,249,541.09 270,771,572.03
XIII. Principle notes of financial statements of parent company
1. Account receivable
(1) Accounts receivable by category
Period-end balance
Book balance Bad debt reserve
Category Book
Ratio
Amount Amount Ratio (%) value
(%)
Account receivable with single significant amount and withdrawal bad debt provision
separately
Receivables with bad debt provision accrual by credit portfolio
Accounts with single significant amount and bad debts provision accrued individually 484,803.08 100.00 484,803.08 100.00
Total 484,803.08 100.00 484,803.08 100.00
(Cont.)
Balance at year-begin
Book balance Bad debt reserve
Category Book
Ratio
Amount Amount Ratio (%) value
(%)
Account receivable with single significant amount and withdrawal bad debt provision
separately
Receivables with bad debt provision accrual by credit portfolio
Accounts with single significant amount and bad debts provision accrued individually 484,803.08 100.00 484,803.08 100.00
Total 484,803.08 100.00 484,803.08 100.00
2. Other accounts receivable
(1) Classification
147
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Period-end balance
Category Book balance Bad debt reserve
Book value
Amount Ratio (%) Amount Ratio (%)
Other account receivable with single
significant amount and withdrawal bad 12,256,478.81 10.80 12,256,478.81 100.00
debt provision separately
Other receivables with bad debt
99,388,668.03 87.56 1,047,417.70 1.05 98,341,250.33
provision accrual by credit portfolio
Other accounts with single significant
amount and bad debts provision 1,858,735.58 1.64 1,858,735.58 100.00
accrued individually
Total 113,503,882.42 100.00 15,162,632.09 13.36 98,341,250.33
(Cont.)
Balance at year-begin
Category Book balance Bad debt reserve
Book value
Amount Ratio (%) Amount Ratio (%)
Other account receivable with single
significant amount and withdrawal bad 12,262,363.72 10.72 12,262,363.72 100.00
debt provision separately
Other receivables with bad debt
100,230,803.79 87.65 1,231,153.76 1.23 98,999,650.03
provision accrual by credit portfolio
Other accounts with single significant
amount and bad debts provision 1,858,735.58 1.63 1,858,735.58 100.00
accrued individually
Total 114,351,903.09 100.00 15,352,253.06 13.43 98,999,650.03
①Other receivable with single significant amount and withdrawal bad debt provision separately at
end of period
Other receivable(By unit) Period-end balance
148
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Bad debt
Other receivable Accrual ratio (%) Accrual reasons
reserve
Shenzhen Zhonghao (Group) Co., Ltd. 5,000,000.00 5,000,000.00 100.00 Win a lawsuit, no executable
assets from adversary
Gold Beili Electrical Appliances Company 2,706,983.51 2,706,983.51 100.00 Not expected to collected due to
long account age
Shenzhen Petrochemical Group 1,912,849.63 1,912,849.63 100.00 Less likely to collection
Huatong Package Co., Ltd. Not expected to collected due to
1,212,373.79 1,212,373.79 100.00
long account age
Shenzhen Xiandao New Materials Not expected to collected due to
660,790.09 660,790.09 100.00
Company long account age
Other_VAT(trade department) 763,481.79 763,481.79 Not expected to collected due to
100.00
long account age
Total 12,256,478.81 12,256,478.81
③ In combination, other accounts receivable whose bad debts provision was accrued by age
analysis
Period-end balance
A/C age
Other receivable Bad debt reserve Accrual ratio
Within 1 year 97,012,445.28
1-2 years 261,958.19 13,097.91 5.00
2-3 years 76,041.64 15,208.33 20.00
Over 3 years 2,038,222.92 1,019,111.46 50.00
Total 99,388,668.03 1,047,417.70 1.05
(2)Bad debt provision accrual collected or switch back
Amount of bad debt reserve switch back in the year amounted as 189,620.97 Yuan
(3)Classification of other receivables by nature
Nature Closing book balance Book balance at year-begin
Intercourse funds receivable between inner 96,807,496.08 97,287,270.49
units
149
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Intercourse accounts of related units 2,885,181.35 2,883,953.25
receivable
Other 13,811,204.99 14,180,679.35
Total 113,503,882.42 114,351,903.09
(4)Top 5 other receivables at ending balance by arrears party
Ratio in total ending Bad debt
Period-end balance of other reserve
Name of the company Nature A/C age
balance receivables(%) Period-end
balance
Intercourse Over 3 4.41
Shenzhen Zhonghao (Group) Co., Ltd. 5,000,000.00 5,000,000.00
funds years
Gold Beili Electrical AppliancesIntercourse Over 3 2.38
2,706,983.51 2,706,983.51
Company funds years
Intercourse Over 3
Shenzhen Petrochemical Group 1,912,849.63 1.69 1,912,849.63
funds years
Intercourse Over 3 1.07
Huatong Package Co., Ltd. 1,212,373.79 1,212,373.79
funds years
Shenzhen Xinglong Machinery MouldIntercourse Over one 1.96
2,224,391.26 1,016,991.08
Co., Ltd. funds year
Total 13,056,598.19 11.50 11,849,198.01
(5) Account receivable with government grand involved
No account receivable with government grand involved of the Company at period-end.
(6) Other account receivable derecognition due to financial assets transfer
No other account receivable derecognition due to financial assets transfer of the Company in
Period.
(7) Assets and liabilities resulted by other account receivable transfer and continues involvement
No assets or liabilities resulted by other account receivable transfer and continues involvement of
the Company in Period.
3. Long-term equity investment
(1) Category of Long-term equity investment
150
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Period-end balance Balance at year-begin
Depreciati
Item Book Book Depreciation
on Book value Book value
balance balance reserves
reserves
525,771,572. 1,956,000.0 523,815,572. 528,823,572. 526,867,572.
Investment for subsidiary 1,956,000.00
73 0 73 73 73
Investment for associates and joint 166,800,728. 9,787,162.3 157,013,566. 169,145,256. 159,358,093.
9,787,162.32
venture
51 2 19 02 70
692,572,301. 11,743,162. 680,829,138. 697,968,828. 686,225,666.
Total 11,743,162.32
24 32 92 75 43
(2) Investment for subsidiary
Depreciat
Period-end
ion
Balance at Increased in the Decreased in the balance of
The invested entity Period-end balance reserves
year-begin period period depreciation
accrual in
reserves
the period
Shenzhen SDG Tellus
31,152,888.87 31,152,888.87
Real Estate Co., Ltd
Shenzhen Tellus Real
2,000,000.00 2,000,000.00
Estate Exchange Co. Ltd
Shenzhen SDG Tellus
Property Management 7,050,000.00 7,050,000.00
Co., Ltd*
Shenzhen Tellus New
Yongtong Automobile 57,672,885.22 57,672,885.22
Development Co. Ltd
Shenzhen Zhongtian
270,708,622.90 270,708,622.90
Industrial Co., Ltd.
Shenzhen Automobile
Industry Trading General 126,251,071.57 126,251,071.57
Company
151
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Depreciat
Period-end
ion
Balance at Increased in the Decreased in the balance of
The invested entity Period-end balance reserves
year-begin period period depreciation
accrual in
reserves
the period
Shenzhen SDG Huari
Automobile Enterprise 19,224,692.65 19,224,692.65
Co.Limited
Shenzhen Huari
TOYOTA Automobile 1,807,411.52 1,807,411.52
Sales Service Co., Ltd.
Shenzhen New Yongtong
Automobile Inspection 10,000,000.00 10,000,000.00
Equipment Co. Ltd
Shenzhen Hanli Hi-Tech
1,956,000.00 1,956,000.00 1,956,000.00
Ceramics Co., Ltd.*
Anhui Tellus Starlight
Jewelry Investment Co., 1,000,000.00 3,998000.00 4,998,000.00
Ltd.
Total 528,823,572.73 3,998000.00 7,050,000.00 525,771,572.73 1,956,000.00
Note: more details of * Shenzhen hanli Hi-Tech Ceramics Co., Ltd. can be seen in Note VIII-1 ―Equity of subsidiaries‖.
*Shenzhen SDG Tellus Property Management Co., Ltd found more in Note VII- 4.Disposal of subsidiary
(3) Investment for associates and joint venture
+,-
Other
Balance at Capita
Investment comprehe Other
The invested entity Additional l
year-begin gains recognized nsive equity
investment reducti
under equity income change
on
adjustment
I. Joint venture
Shenzhen Tellus Gman Investment Co., Ltd 57,180,913.33 -3,304,695.19
Shenzhen Tellus Hang Investment Co., Ltd. 10,583,444.88 140,991.05
152
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+,-
Other
Balance at Capita
Investment comprehe Other
The invested entity Additional l
year-begin gains recognized nsive equity
investment reducti
under equity income change
on
adjustment
Subtotal 67,764,358.21 -3,163,704.14
II. Associated enterprise
Shenzhen Xinglong Machinery Mould Co.,
15,878,254.74 4,219,677.45 -2,904,933.36
Ltd.
Shenzhen Tellus Auto Service Chain Co.,
Ltd.
Shenzhen Zung Fu Tellus Auto Service Co.,
75,715,480.75 8,604,432.54
Ltd.
Hunan Changyang Industrial Co., Ltd.* 1,810,540.70
Shenzhen Jiecheng Electronic Co., Ltd* 3,225,000.00
Shenzhen Xiandao New Materials 4,751,621.62
Company*
Subtotal 101,380,897.81 4,219,677.45 5,699,499.18
Total 169,145,256.02 4,219,677.45 2,535,795.04
(Cont.)
+,-
Cash dividend Period-end balance of
The invested entity or profit Period-end balance
Impairment accrual Other depreciation reserves
announced to
issued
I. Joint venture
Shenzhen Tellus Gman
53,876,218.14
Investment Co., Ltd
Shenzhen Tellus Hang
10,724,435.93
Investment Co., Ltd.
Subtotal 64,600,654.07
153
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
+,-
Cash dividend Period-end balance of
The invested entity or profit Period-end balance
Impairment accrual Other depreciation reserves
announced to
issued
II. Associated enterprise
Shenzhen Xinglong
17,192,998.83
Machinery Mould Co., Ltd.
Shenzhen Tellus Auto
Service Chain Co., Ltd.
Shenzhen Zung Fu Tellus
9,100,000.00 75,219,913.29
Auto Service Co., Ltd.
Hunan Changyang Industrial 1,810,540.70 1,810,540.70
Co., Ltd.*
Shenzhen Jiecheng 3,225,000.00 3,225,000.00
Electronic Co., Ltd*
Shenzhen Xiandao New 4,751,621.62 4,751,621.62
Materials Company*
Subtotal 9,100,000.00 102,200,074.44 9,787,162.32
Total 9,100,000.00 166,800,728.51 9,787,162.32
4. Operating income and operating cost
Jan.- Jun.2017 Jan.- Jun.2016
Item
Income Cost Income Cost
Main business 21,455,828.43 1,800,520.02 21,654,258.03 1,787,004.39
Total 21,455,828.43 1,800,520.02 21,654,258.03 1,787,004.39
5. Investment income
Item Jan.- Jun.2017 Jan.- Jun.2016
Long-term equity investment measured by costs
Long-term equity investment measured by 5,721,803.49 2,579,910.59
equity
154
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Item Jan.- Jun.2017 Jan.- Jun.2016
Investment income from disposal of long-term 7,100,000.00
equity investment
Investment income of financial products during 1,618,165.59 2,173,178.10
the holding period
Total 14,439,969.08 4,753,088.69
XIV. Supplementary Information
1. Details of non-recurring gains and losses in Year
Item Amount Note
Including: equity tra
Gains/losses from disposal of non-current asset 4,967,267.25 nsfer income 4.92
million Yuan
Tax refund or mitigate due to examination-and-approval beyond power or without official
approval document or accident
Government subsidies included in current gains and loss (excluding those closely in
accordance with corporation business and enjoyed according to fixed amount under
national united standard)
Capital occupancy expense, collected from non-financial enterprises and recorded in
current gains and losses
Income from the exceeding part between investment cost of the Company paid for
obtaining subsidiaries, associates and joint-ventures and recognizable net assets fair value
attributable to the Company when acquiring the investment
Gains and losses from exchange of non-monetary assets
Income from
Gains and losses from assets under trusted investment or management 1,790,968.34
financial products
Various provision for impairment of assets withdrew due to act of God, such as natural
disaster
Gains and losses from debt restructuring
Enterprise reorganization expense, such as expenses from staffing and integrated cost etc.
155
深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Item Amount Note
Gains and losses of the part arising from transaction in which price is not fair and
exceeding fair value
Current net gains and losses occurred from period-begin to combination day by
subsidiaries resulting from business combination under common control
Gains and losses arising from contingent proceedings irrelevant to normal operation of the
Company
Except for effective hedge business relevant to normal operation of the Company, gains and
losses arising from fair value change of tradable financial assets and tradable financial
liabilities, and investment income from disposal of tradable financial assets, tradable
financial liabilities and financial assets available for sale
Switch-back of provision of impairment of account receivable which are treated with
separate depreciation test 5,884.91
Gains and losses obtained from external trusted loans
Gains and losses arising from change of fair value of investment real estate whose follow-up
measurement are conducted according to fair value pattern
Affect on current gains and losses after an one-time adjustment according to requirements
of laws and regulations regarding to taxation and accounting
Trust fee obtained from trust operation
Other non-operating income and expenditure except for the aforementioned ones 261,331.17
Other gains and losses items complying with definition for non-current gains and losses
Subtotal 7,025,451.67
Affect on income tax
30,378.16
Affect on minority equity(after tax)
103,214.53
Total 6,891,858.98
Note: as for the numbers of non-recurring gains/losses, ―+‖ stands for income or earnings,‖-―stands for losses or expenses
The Company recognizes non-recurring profit or loss items according to Information Disclosure Explanatory Document
Announcement No.1 for Public Listed Issuer- Non-recurring Profit or Loss (ZJHGG[2008]43).
2. REO and earnings per share
Weighted average Earnings per share
Profits during report period
ROE (%) Basic EPS Diluted EPS
Net profits belong to common stock stockholders of the Company 2.71 0.0827 0.0827
Net profits belong to common stock stockholders of the Company
1.95 0.0596 0.0596
after deducting nonrecurring gains and losses
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深圳市特力(集团)股份有限公司 2017 年半年度报告全文
Section XII Documents Available for Reference
(I) Financial statement carrying the signatures and seals of the legal person, principal of the accounting works and
person in charge of accounting organ (accounting Supervisor);
(II) Original documents of the Company and manuscripts of public notices that disclosed in the press designated
by CSRC in the report period.
157
