深圳市特力(集团)股份有限公司 2021 年半年度报告全文
SHENZHEN TELLUS HOLDING CO., LTD.
Financial Report
Semi-Annual Report 2021
（Un-audited）
August 2021
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Financial statements
1. Consolidated balance sheet
June 30, 2021
In RMB
Item June 30, 2021 December 31, 2020
Current assets:
Monetary funds 387,706,347.94 237,625,698.93
Settlement provisions
Capital lent
Trading financial assets 211,374,917.81 314,013,869.86
Derivative financial assets
Note receivable
Account receivable 22,463,253.23 19,828,510.36
Receivable financing
Accounts paid in advance 11,415,380.88 9,847,749.74
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance
receivable
Other account receivable 31,608,617.41 29,269,790.83
Including: Interest receivable
Dividend receivable 24,647,732.42 24,647,732.42
Buying back the sale of financial
assets
Inventories 12,782,551.14 22,079,679.93
Contractual assets
Assets held for sale
Non-current asset due within one
year
Other current assets 4,379,772.91 6,000,566.69
Total current assets 681,730,841.32 638,665,866.34
Non-current assets:
Loans and payments on behalf
Debt investment
Other debt investment
Long-term account receivable
Long-term equity investment 133,324,594.04 123,640,955.57
Investment in other equity 10,176,617.20 10,176,617.20
instrument
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Other non-current financial
assets
Investment real estate 558,347,822.91 568,246,616.13
Fixed assets 115,624,967.86 119,136,917.91
Construction in progress 135,900,468.42 101,740,485.48
Productive biological asset
Oil and gas asset
Right-of-use assets
Intangible assets 50,910,957.73 51,627,673.21
Expense on Research and
Development
Goodwill
Long-term expenses to be 31,366,000.92 30,714,879.22
apportioned
Deferred income tax asset 8,479,351.00 8,498,822.10
Other non-current asset 58,264,427.76 55,993,467.99
Total non-current asset 1,102,395,207.84 1,069,776,434.81
Total assets 1,784,126,049.16 1,708,442,301.15
Current liabilities:
Short-term loans
Loan from central bank
Capital borrowed
Trading financial liability
Derivative financial liability
Note payable
Account payable 78,222,681.88 76,583,166.53
Accounts received in advance 1,799,359.80 2,403,580.47
Contractual liability 8,322,128.79 18,988,628.13
Selling financial asset of
repurchase
Absorbing deposit and interbank
deposit
Security trading of agency
Security sales of agency
Wage payable 33,296,017.64 28,365,685.21
Taxes payable 20,576,507.89 21,062,154.32
Other account payable 171,255,364.09 158,663,974.62
Including: Interest payable 40,098.14
Dividend payable 46,295.65 46,295.65
Commission charge and
commission payable
Reinsurance payable
Liability held for sale
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Non-current liabilities due
within one year
Other current liabilities 434,069.37 2,237,573.19
Total current liabilities 313,906,129.46 308,304,762.47
Non-current liabilities:
Insurance contract reserve
Long-term loans 40,886,819.43 11,171,759.33
Bonds payable
Including: Preferred stock
Perpetual capital
securities
Lease liability
Long-term account payable 3,920,160.36 3,920,160.36
Long-term wages payable
Accrual liability 268,414.80 268,414.80
Deferred income 4,672,272.59 131,102.38
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 49,747,667.18 15,491,436.87
Total liabilities 363,653,796.64 323,796,199.34
Owner’s equity:
Share capital 431,058,320.00 431,058,320.00
Other equity instrument
Including: Preferred stock
Perpetual capital
securities
Capital public reserve 431,449,554.51 431,449,554.51
Less: Inventory shares
Other comprehensive income 26,422.00 26,422.00
Reasonable reserve
Surplus public reserve 23,848,485.62 23,848,485.62
Provision of general risk
Retained profit 460,063,442.26 424,141,893.34
Total owner’ s equity attributable to 1,346,446,224.39 1,310,524,675.47
parent company
Minority interests 74,026,028.13 74,121,426.34
Total owner’ s equity 1,420,472,252.52 1,384,646,101.81
Total liabilities and owner’ s equity 1,784,126,049.16 1,708,442,301.15
Legal representative: Fu Chunlong
Accounting Principal: Lou Hong
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Accounting Firm’s Principal: Liao Zebin
2. Balance Sheet of Parent Company
In RMB
Item June 30, 2021 December 31, 2020
Current assets:
Monetary funds 78,459,033.08 71,772,303.28
Trading financial assets 187,374,917.81 118,484,941.09
Derivative financial assets
Note receivable
Account receivable 2,352,571.12 249,428.20
Receivable financing
Accounts paid in advance - -
Other account receivable 81,508,454.04 126,970,097.13
Including: Interest receivable
Dividend 547,184.35 547,184.35
receivable
Inventories
Contractual assets
Assets held for sale
Non-current assets maturing
within one year
Other current assets - -
Total current assets 349,694,976.05 317,476,769.70
Non-current assets:
Debt investment
Other debt investment
Long-term receivables
Long-term equity investments 889,294,940.30 876,760,784.88
Investment in other equity 10,176,617.20 10,176,617.20
instrument
Other non-current financial
assets
Investment real estate 30,691,201.66 31,971,205.42
Fixed assets 18,345,195.46 19,082,604.22
Construction in progress 134,405,642.66 100,252,309.72
Productive biological assets
Oil and natural gas assets
Right-of-use assets
Intangible assets 49,477,355.44 50,135,951.98
Research and development costs
Goodwill
Long-term deferred expenses 9,024,144.19 8,786,280.69
Deferred income tax assets 3,378,237.65 3,397,708.75
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Other non-current assets 30,879,227.76 27,427,939.18
Total non-current assets 1,175,672,562.32 1,127,991,402.04
Total assets 1,525,367,538.37 1,445,468,171.74
Current liabilities:
Short-term borrowings
Trading financial liability
Derivative financial liability
Notes payable
Account payable 239,126.06 267,841.07
Accounts received in advance 405,837.22 682,934.41
Contractual liability
Wage payable 20,083,061.30 15,784,381.93
Taxes payable 1,922,599.19 1,123,476.72
Other accounts payable 387,367,692.32 345,894,297.23
Including: Interest payable 40,098.14 -
Dividend payable
Liability held for sale
Non-current liabilities due
within one year
Other current liabilities
Total current liabilities 410,018,316.09 363,752,931.36
Non-current liabilities:
Long-term loans 40,886,819.43 11,171,759.33
Bonds payable
Including: Preferred stock
Perpetual capital
securities
Lease liability
Long-term account payable
Long term employee compensation
payable
Accrued liabilities
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 40,886,819.43 11,171,759.33
Total liabilities 450,905,135.52 374,924,690.69
Owners’ equity:
Share capital 431,058,320.00 431,058,320.00
Other equity instrument
Including: Preferred stock
Perpetual capital
securities
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Capital public reserve 428,256,131.23 428,256,131.23
Less: Inventory shares
Other comprehensive income
Special reserve
Surplus reserve 23,848,485.62 23,848,485.62
Retained profit 191,299,466.00 187,380,544.20
Total owner’s equity 1,074,462,402.85 1,070,543,481.05
Total liabilities and owner’s equity 1,525,367,538.37 1,445,468,171.74
3. Consolidated Profit Statement
In RMB
Item Semi-annual of 2021 Semi-annual of 2020
I. Total operating income 249,492,261.24 197,051,790.29
Including: Operating income 249,492,261.24 197,051,790.29
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 208,332,636.82 177,927,309.69
Including: Operating cost 173,313,253.96 154,774,587.52
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 2,614,156.04 1,376,727.57
Sales expense 12,002,312.02 6,776,144.54
Administrative expense 20,807,474.69 17,202,000.61
R&D expense
Financial expense -404,559.89 -2,202,150.55
Including: Interest 1,200,000.00 46,986.20
expenses
Interest 1,719,072.96 2,453,494.99
income
Add: Other income 326,420.16 52,846.70
Investment income (Loss is 14,395,758.68 12,881,490.50
listed with “-”)
Including: Investment 9,683,638.47 8,521,866.84
income on affiliated company and joint
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
venture
The termination of
income recognition for financial assets
measured by amortized cost
Exchange income (Loss is
listed with “-”)
Net exposure hedging
income (Loss is listed with “-”)
Income from change of fair -418,952.05 -356,102.35
value (Loss is listed with “-”)
Loss of credit impairment - 599,201.43
(Loss is listed with “-”)
Losses of devaluation of - -
asset (Loss is listed with “-”)
Income from assets disposal 56,242.77 -
(Loss is listed with “-”)
III. Operating profit (Loss is listed with 55,519,093.98 32,301,916.88
“-”)
Add: Non-operating income 72,884.60 946,106.92
Less: Non-operating expense 9,945.86 29,059.48
IV. Total profit (Loss is listed with “-”) 55,582,032.72 33,218,964.32
Less: Income tax expense 11,085,413.51 6,448,306.06
V. Net profit (Net loss is listed with 44,496,619.21 26,770,658.26
“-”)
(i) Classify by business continuity
1.continuous operating net profit 44,496,619.21 26,770,658.26
(net loss listed with ‘-”)
2.termination of net profit (net
loss listed with ‘-”)
(ii) Classify by ownership
1.Net profit attributable to 44,542,715.32 25,594,985.78
owner’s of parent company
2.Minority shareholders’ gains -46,096.11 1,175,672.48
and 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 of the defined
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
benefit plans that re-measured
2.Other comprehensive
income under equity method that
cannot be transfer to gain/loss
3.Change of fair value of
investment in other equity instrument
4.Fair value change of
enterprise's credit risk
5. Other
(ii) Other comprehensive income
items which will be reclassified
subsequently to profit or loss
1.Other comprehensive
income under equity method that can
transfer to gain/loss
2.Change of fair value of
other debt investment
3.Amount of financial
assets re-classify to other
comprehensive income
4.Credit impairment
provision for other debt investment
5.Cash flow hedging
reserve
6.Translation differences
arising on translation of foreign
currency financial statements
7.Other
Net after-tax of other comprehensive
income attributable to minority
shareholders
VII. Total comprehensive income 44,496,619.21 26,770,658.26
Total comprehensive income 44,542,715.32 25,594,985.78
attributable to owners of parent
Company
Total comprehensive income -46,096.11 1,175,672.48
attributable to minority shareholders
VIII. Earnings per share:
(i) Basic earnings per share 0.1033 0.0594
(ii) Diluted earnings per share 0.1033 0.0594
Legal representative: Fu Chunlong
Accounting Principal: Lou Hong
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Accounting Firm’s Principal: Liao Zebin
4. Profit Statement of Parent Company
In RMB
Item Semi-annual of 2021 Semi-annual of 2020
I. Operating income 19,483,635.23 13,120,854.52
Less: Operating cost 5,163,217.03 3,857,719.57
Taxes and surcharge 717,195.50 409,089.36
Sales expenses - 1,569,961.98
Administration expenses 16,198,882.72 12,509,528.85
R&D expenses - -
Financial expenses -671,872.77 -961,656.89
Including: Interest
- -
expenses
Interest
659,566.06 1,050,258.70
income
Add: Other income - 21,849.42
Investment income (Loss is
14,609,726.37 19,230,523.18
listed with “-”)
Including: Investment
income on affiliated Company and 12,534,155.42 8,715,946.43
joint venture
The termination of
income recognition for financial
- -
assets measured by amortized cost
(Loss is listed with “-”)
Net exposure hedging
- -
income (Loss is listed with “-”)
Changing income of fair
-110,023.28 -324,383.56
value (Loss is listed with “-”)
Loss of credit impairment
(Loss is listed with “-”)
Losses of devaluation of
asset (Loss is listed with “-”)
Income on disposal of
assets (Loss is listed with “-”)
II. Operating profit (Loss is listed
12,575,915.84 14,664,200.69
with “-”)
Add: Non-operating income 19,127.02 -18,810.00
Less: Non-operating expense
III. Total Profit (Loss is listed with
12,595,042.86 14,645,390.69
“-”)
Less: Income tax 54,954.66 -369,343.18
IV. Net profit (Net loss is listed with 12,540,088.20 15,014,733.87
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
“-”)
(i) continuous operating net profit
12,540,088.20 15,014,733.87
(net loss listed with ‘-”)
(ii) termination of net profit (net
loss listed with ‘-”)
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 of the defined
benefit plans that re-measured
2.Other comprehensive
income under equity method that
cannot be transfer to gain/loss
3.Change of fair value of
investment in other equity instrument
4.Fair value change of
enterprise's credit risk
5. Other
(ii) Other comprehensive income
items which will be reclassified
subsequently to profit or loss
1.Other comprehensive
income under equity method that can
transfer to gain/loss
2.Change of fair value of
other debt investment
3.Amount of financial
assets re-classify to other
comprehensive income
4.Credit impairment
provision for other debt investment
5.Cash flow hedging
reserve
6.Translation differences
arising on translation of foreign
currency financial statements
7.Other
VI. Total comprehensive income 12,540,088.20 15,014,733.87
5. Consolidated Cash Flow Statement
In RMB
Item Semi-annual of 2021 Semi-annual of 2020
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 255,459,153.13 263,485,972.58
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
Cash received from interest,
commission charge and commission
Net increase of capital borrowed
Net increase of returned business
capital
Net cash received by agents in
sale and purchase of securities
Write-back of tax received -
Other cash received concerning
73,388,884.28 38,218,429.50
operating activities
Subtotal of cash inflow arising from
328,848,037.41 301,704,402.08
operating activities
Cash paid for purchasing
commodities and receiving labor 141,066,170.40 142,251,999.24
service
Net increase of customer loans
and advances
Net increase of deposits in
central bank and interbank
Cash paid for original insurance
contract compensation
Net increase of capital lent
Cash paid for interest,
commission charge and commission
Cash paid for bonus of guarantee
slip
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Cash paid to/for staff and
30,623,586.20 24,589,002.12
workers
Taxes paid 20,257,855.77 68,873,589.78
Other cash paid concerning
77,329,026.02 48,683,488.74
operating activities
Subtotal of cash outflow arising from
269,276,638.39 284,398,079.88
operating activities
Net cash flows arising from operating
59,571,399.02 17,306,322.20
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
896,400,000.00 755,800,000.00
investment
Cash received from investment
4,969,394.03 4,556,873.60
income
Net cash received from disposal
of fixed, intangible and other 334,000.00 6,400.00
long-term assets
Net cash received from disposal
- -
of subsidiaries and other units
Other cash received concerning
- -
investing activities
Subtotal of cash inflow from
901,703,394.03 760,363,273.60
investing activities
Cash paid for purchasing fixed,
37,930,602.45 37,821,844.32
intangible and other long-term assets
Cash paid for investment 794,280,000.00 810,800,000.00
Net increase of mortgaged loans - -
Net cash received from
- -
subsidiaries and other units obtained
Other cash paid concerning
investing activities
Subtotal of cash outflow from
832,210,602.45 848,621,844.32
investing activities
Net cash flows arising from investing
69,492,791.58 -88,258,570.72
activities
III. Cash flows arising from financing
activities:
Cash received from absorbing
investment
Including: Cash received from
absorbing minority shareholders’
investment by subsidiaries
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Cash received from loans 29,715,060.10 -
Other cash received concerning
- -
financing activities
Subtotal of cash inflow from
29,715,060.10 -
financing activities
Cash paid for settling debts - 2,952,372.85
Cash paid for dividend and
9,165,434.86 21,825,829.24
profit 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
9,165,434.86 24,778,202.09
financing activities
Net cash flows arising from financing
20,549,625.24 -24,778,202.09
activities
IV. Influence on cash and cash
equivalents due to fluctuation in -16,779.45 88.42
exchange rate
V. Net increase of cash and cash
149,597,036.39 -95,730,362.19
equivalents
Add: Balance of cash and cash
208,462,656.63 400,668,257.81
equivalents at the period -begin
VI. Balance of cash and cash
358,059,693.02 304,937,895.62
equivalents at the period -end
Legal representative: Fu Chunlong
Accounting Principal: Lou Hong
Accounting Firm’s Principal: Liao Zebin
6. Cash Flow Statement of Parent Company
In RMB
Item Semi-annual of 2021 Semi-annual of 2020
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 4,331,488.77 4,151,391.53
services
Write-back of tax received - -
Other cash received concerning
145,968,999.79 40,826,847.87
operating activities
Subtotal of cash inflow arising from 150,300,488.56 44,978,239.40
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
operating activities
Cash paid for purchasing
commodities and receiving labor - 239,375.15
service
Cash paid to/for staff and
14,532,885.73 11,892,984.82
workers
Taxes paid 1,621,570.18 54,859,179.71
Other cash paid concerning
47,698,960.71 46,163,081.37
operating activities
Subtotal of cash outflow arising from
63,853,416.62 113,154,621.05
operating activities
Net cash flows arising from operating
86,447,071.94 -68,176,381.65
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
269,900,000.00 307,000,000.00
investment
Cash received from investment
2,175,570.95 10,641,433.09
income
Net cash received from disposal
of fixed, intangible and other
long-term assets
Net cash received from disposal
of subsidiaries and other units
Other cash received concerning
investing activities
Subtotal of cash inflow from
272,075,570.95 317,641,433.09
investing activities
Cash paid for purchasing fixed,
33,234,690.43 17,257,856.83
intangible and other long-term assets
Cash paid for investment 339,000,000.00 267,000,000.00
Net cash received from
- -
subsidiaries and other units obtained
Other cash paid concerning
200,150.00 -
investing activities
Subtotal of cash outflow from
372,434,840.43 284,257,856.83
investing activities
Net cash flows arising from investing
-100,359,269.48 33,383,576.26
activities
III. Cash flows arising from financing
activities:
Cash received from absorbing
investment
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Cash received from loans 29,715,060.10
Other cash received concerning
-
financing activities
Subtotal of cash inflow from
29,715,060.10
financing activities
Cash paid for settling debts
Cash paid for dividend and
9,116,132.76 18,104,449.44
profit distributing or interest paying
Other cash paid concerning
- -
financing activities
Subtotal of cash outflow from
9,116,132.76 18,104,449.44
financing activities
Net cash flows arising from financing
20,598,927.34 -18,104,449.44
activities
IV. Influence on cash and cash
equivalents due to fluctuation in
exchange rate
V. Net increase of cash and cash
6,686,729.80 -52,897,254.83
equivalents
Add: Balance of cash and cash
42,609,260.98 173,702,343.04
equivalents at the period -begin
VI. Balance of cash and cash
49,295,990.78 120,805,088.21
equivalents at the period -end
7. Statement of Changes in Owners’ Equity (Consolidated)
Current Amount
In RMB
Semi-annual of 2021
Owners’ equity attributable to the parent Company
Other
equity
Othe
instrument Less Tota
r Prov
Per : Reas Min l
Sha Capi com Surp ision Reta
Item pet Inve onab ority own
re Pre tal preh lus of ined Othe Subt
ual ntor le inter ers’
cap fer reser ensi reser gene profi r otal
cap Ot y reser ests equit
ital red ve ve ve ral t
ital her shar ve y
sto inco risk
sec es
ck me
urit
ies
431 - - - 431, - 26,4 - 23,8 424, 1,31 74,1 1,38
I. The ending ,05 449, 22.0 48,4 141, 0,52 21,4 4,64
balance of the 8,3 554. 0 85.6 893. 4,67 26.3 6,10
previous year 20. 51 2 34 5.47 4 1.81
00
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Add: Changes of
accounting policy
Error correction of
the last period
Enterprise combine
under the same
control
Other
431 - - - 431, - 26,4 - 23,8 424, 1,31 74,1 1,38
II. The beginning ,05 449, 22.0 48,4 141, 0,52 21,4 4,64
balance of the 8,3 554. 0 85.6 893. 4,67 26.3 6,10
current year 20. 51 2 34 5.47 4 1.81
00
III. Increase/ 35,9 35,9 -95, 35,8
Decrease in the 21,5 21,5 398. 26,1
period (Decrease is 48.9 48.9 21 50.7
listed with “-”) 2 2 1
44,5 44,5 -46, 44,4
(i) Total
42,7 42,7 096. 96,6
comprehensive
15.3 15.3 11 19.2
income
2 2 1
(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
-8,6 -8,6 -8,6
-49,
(iii) Profit 21,1 21,1 70,4
302.
distribution 66.4 66.4 68.5
10
0 0 0
1. Withdrawal of - -
surplus reserves
2. Withdrawal of
general risk
provisions
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
-8,6 -8,6 -8,6
3. Distribution for -49,
21,1 21,1 70,4
owners (or 302.
66.4 66.4 68.5
shareholders) 10
0 0 0
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. Carry-over
retained earnings
from the defined
benefit plans
5. Carry-over
retained earnings
from other
comprehensive
income
6. Other
(v) Reasonable
reserve
1. Withdrawal in the
report period
2. Usage in the
report period
(vi) Others
431 - - - 431, - 26,4 - 23,8 460, 1,34 74,0 1,42
,05 449, 22.0 48,4 063, 6,44 26,0 0,47
IV. Balance at the
8,3 554. 0 85.6 442. 6,22 28.1 2,25
end of the period
20. 51 2 26 4.39 3 2.52
00
Amount of the previous period
In RMB
Semi-annual of 2020
Owners’ equity attributable to the parent Company
Item Mino Total
Other
Sha Capi Less Othe Reas Surp Prov Reta Othe Subt rity owne
equity
18
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
re instrument tal : r onab lus ision ined r otal intere rs’
cap Pe reser Inve com le reser of profi sts equit
ital rpe ve ntor preh reser ve gene t y
tua y ensi ve ral
Pr
l shar ve risk
efe
ca es inco
rre Oth
pit me
d er
al
sto
sec
ck
uri
tie
s
431 - - - 431, - 26,4 - 21,0 1,27 68,24 1,339
I. The ending 387,
,05 449, 22.0 07,4 0,96 7,700 ,212,
balance of 423,
8,3 554. 0 88.7 5,29 .77 996.7
the previous 510.
20. 51 3 6.02 9
year 78
00
Add:
Changes of
accounting
policy
Error
correction of
the last
period
Enterprise
combine
under the
same control
Other
II. The 431 - - - 431, - 26,4 - 21,0 1,27 68,24 1,339
387,
beginning ,05 449, 22.0 07,4 0,96 7,700 ,212,
423,
balance of 8,3 554. 0 88.7 5,29 .77 996.7
510.
the current 20. 51 3 6.02 9
78
year 00
III. Increase/ 7,49 7,49 -2,54 4,944
Decrease in 0,53 0,53 5,707 ,829.
the period 6.34 6.34 .32 02
(Decrease is
listed with
“-”)
(i) Total 25,5 25,5 1,175 26,77
comprehensi 94,9 94,9 ,672. 0,658
ve income 85.7 85.7 48 .26
19
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
8 8
(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
-18, -18,
-3,72 -21,8
(iii) Profit 104, 104,
1,379 25,82
distribution 449. 449.
.80 9.24
44 44
1.
Withdrawal
of surplus
reserves
2.
Withdrawal
of general
risk
provisions
3.
-18, -18,
Distribution -3,72 -21,8
104, 104,
for owners 1,379 25,82
449. 449.
(or .80 9.24
44 44
shareholders)
4. Other
(iv) Carrying
forward
internal
owners’
20
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
equity
1. Capital
reserves
conversed to
capital (share
capital)
2. Surplus
reserves
conversed to
capital (share
capital)
3.
Remedying
loss with
surplus
reserve
4. Carry-over
retained
earnings
from the
defined
benefit plans
5. Carry-over
retained
earnings
from other
comprehensi
ve income
6. Other
(v)
Reasonable
reserve
1.
Withdrawal
in the report
period
2. Usage in
the report
period
(vi) Others
431 - - - 431, - 26,4 - 21,0 394, 1,27 65,70 1,344
IV. Balance
,05 449, 22.0 07,4 914, 8,45 1,993 ,157,
at the end of
8,3 554. 0 88.7 047. 5,83 .45 825.8
the period
20. 51 3 12 2.36 1
21
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
00
Legal representative: Fu Chunlong
Accounting Principal: Lou Hong
Accounting Firm’s Principal: Liao Zebin
8. Statement of Changes in Owners’ Equity (Parent Company)
Current Amount
In RMB
Semi-annual of 2021
Other
equity instrument Other
Perp Capita Less: compr Reaso Surplu Retai
Share Total
Item etual l Invent ehensi nable s ned
capit Prefe Other owners’
capit Othe reserv ory ve reserv reserv profi
al rred equity
al r e shares incom e e t
stock
secur e
ities
431,0 - - - 428,25 - - - 23,848 187,
I. The ending
58,32 6,131. ,485.6 380, 1,070,54
balance of the
0.00 23 2 544. 3,481.05
previous year
20
Add: Changes
of accounting
policy
Error
correction of
the last period
Other
II. The 431,0 - - - 428,25 - - - 23,848 187,
beginning 58,32 6,131. ,485.6 380, 1,070,54
balance of the 0.00 23 2 544. 3,481.05
current year 20
III. Increase/ 3,91 3,918,92
Decrease in 8,92 1.80
the period 1.80
(Decrease is
listed with “-”)
12,5 12,540,0
(i) Total
40,0 88.20
comprehensive
88.2
income
0
(ii) Owners’
22
深圳市特力(集团)股份有限公司 2021 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
-8,62
(iii) Profit -8,621,1
1,16
distribution 66.40
6.40
1. Withdrawal
of surplus
reserves
2. Distribution -8,62
-8,621,1
for owners (or 1,16
66.40
shareholders) 6.40
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
23
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
loss with
surplus reserve
4. Carry-over
retained
earnings from
the defined
benefit plans
5. Carry-over
retained
earnings from
other
comprehensive
income
6. Other
(v) Reasonable
reserve
1. Withdrawal
in the report
period
2. Usage in the
report period
(vi) Others
431,0 - - - 428,25 - - - 23,848 191,
IV. Balance at
58,32 6,131. ,485.6 299, 1,074,46
the end of the
0.00 23 2 466. 2,402.85
period
00
Amount of the previous period
In RMB
Semi-annual of 2020
Other
equity instrument
Other
Perp
Shar Capit Less: compr Surpl
Pref etual Reason Total
Item e al Invent ehensi us Retaine
erre capit able Other owners’
capit Othe reserv ory ve reserv d profit
d al reserve equity
al r e shares incom e
stoc secu
e
k ritie
s
431, - - - 428,2 - - - 21,00 179,91
I. The ending
058, 56,13 7,488 6,021.6 1,060,23
balance of the
320. 1.23 .73 0 7,961.56
previous year
00
Add:
Changes of
24
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
accounting
policy
Error
correction of
the last
period
Other
II. The 431, - - - 428,2 - - - 21,00 179,91
beginning 058, 56,13 7,488 6,021.6 1,060,23
balance of the 320. 1.23 .73 0 7,961.56
current year 00
III. Increase/ -3,089, -3,089,71
Decrease in 715.57 5.57
the period
(Decrease is
listed with
“-”)
(i) Total 15,014, 15,014,7
comprehensiv 733.87 33.87
e 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 -18,104 -18,104,4
distribution ,449.44 49.44
1.
Withdrawal
25
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
of surplus
reserves
2.
Distribution
-18,104 -18,104,4
for owners
,449.44 49.44
(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. Carry-over
retained
earnings from
the defined
benefit plans
5. Carry-over
retained
earnings from
other
comprehensiv
e income
6. Other
(v)
Reasonable
reserve
1.
Withdrawal
26
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
in the report
period
2. Usage in
the report
period
(vi) Others
431, - - - 428,2 - - - 21,00 176,82
IV. Balance at
058, 56,13 7,488 6,306.0 1,057,14
the end of the
320. 1.23 .73 3 8,245.99
period
00
Shenzhen Tellus Holding Co., Ltd.
Notes to Financial Statements (Jan.-Jun. 2021)
(The unit is RMB unless otherwise specified)
I. Company information
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, No.56, Shui Bei Er Road, Luohu District, Shenzhen
Office address of the Company: 3/F, 4/F, Tellus Building, No.56, Shui Bei Er Road, Luohu 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 431,058,300
Legal representative: Fu Chunlong
Unified social credit code: 91440300192192210U
2. Business scope and major products and services of the Company
Business scope: Investment in industries (a separate application would be made for specific project); domestic
commerce, supply and distribution of materials (excluding those commodities subject to exclusive operation,
control and sale); rental and management of independently-owned properties. Operation of the products produced
by the Company and its subsidiaries, productive materials used by us, and import and export of metal proceeding
machinery and general components; the import and export business is subject to the foreign trade certificate Shen
Mao Guan Zheng Zi No. 098.
27
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Major products and services: automobile sales, auto maintenance and inspection, sales of jewelry, property rental
and service.
3. History of the Company
Shenzhen Tellus Holding 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
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. As of 30 June 2021,
the Company has 431,058,300 shares issued in total.
The 15 subsidiaries including Shenzhen Zhongtian Industrial Co,. Ltd., Sichuan Tellus Jewelry Tech. Co., Ltd and
Shenzhen Huari Toyota Automobile Sales Service Co., Ltd are included in the consolidate financial statement
scope, found more in the explanation of Note 7 and Note 8 carried in the financial statement.
II. Basis Preparation of the Financial Statements
1.Preparation base
Financial statement of the Company is prepared on a going concern basis.
2. Going concern
The Company does not have any events or circumstances that would cause significant doubt about its ability to
continue as a going concern within 12 months from the end of the reporting period.
28
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
III. Important accounting policy & accounting estimation
Specific accounting policies and estimation attention:
Important tips: according to the characteristics of the actual production and operation, the Company formulated
specific accounting policies and estimation for transactions or events such as impairment of financial instruments,
depreciation of fixed assets, amortization of intangible assets and revenue recognition.
1. Statement of Compliance with the Accounting Standards for Business Enterprises
The financial statements prepared by the Company are in accordance to requirements of Accounting Standard for
Business Enterprise, which truly and completely reflect the financial status of the Company, as well as the
operation results and cash flows.
2. Accounting period
Accounting period of the Company is falls to the range starting from 1 January to 31 December.
3. Operating cycle
Operating cycle of the Company’s business is relatively short, and 12 months is taken as the liquidity division
standard of assets and liabilities.
4. Standard currency
The recording currency of the Company is Renminbi(RMB/CNY), and the foreign (branch) subsidiaries are
recorded in the currency of the primary economic environment in which they operates.
5. Accounting treatment methods of business combination under the same control and not under the same
control
(1) Business combination under the same control
The assets and liabilities acquired by the Company in the business combination shall be measured at the book
value of the combined party in the consolidated financial statements of the final controlling party on the date of
combination. Among them, if the accounting policies adopted by the combined party and the Company before the
business combination are different, the accounting policies shall be unified based on the materiality principle, that
is, the book value of the assets and liabilities of the combined party shall be adjusted according to the accounting
policies of the Company. If there is a difference between the book value of the net assets acquired in the
business combination and the book value of the consideration paid by the Company, the Company shall first
adjust the capital reserve (capital premium or equity premium). If the balance of the capital reserve (capital
premium or equity premium) is insufficient to offset, the surplus reserve and undistributed profit shall be offset
successively.
For the accounting treatment of a business combination under the same control through step-by-step transactions,
please see Notes V. 6 (6).
29
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
(2) Business combination not under the same control
The identifiable assets and liabilities of the acquiree acquired by the Company in the business combination shall
be measured at their fair value on the purchase date. Among them, if the accounting policies adopted by the
acquiree and the Company before the business combination are different, the accounting policies shall be unified
based on the materiality principle, that is, the book value of the assets and liabilities of the acquiree shall be
adjusted according to the accounting policies of the Company. The difference between the combined cost of the
Company on the acquisition date and the fair value of the identifiable assets and liabilities of the acquiree acquired
by the purchaser in the business combination shall be recognized as goodwill; if the combined cost is less than the
difference of fair value of the identifiable assets and liabilities of the acquiree acquired in the business
combination, first of all, the combined cost and the fair value of the identifiable assets and liabilities of the
acquiree acquired in the business combination shall be reviewed, after review, if the combined cost is still less
than the fair value of the identifiable assets and liabilities of the acquiree, the difference shall be recognized as
consolidated profits and losses for the current period.
For the accounting treatment of a business combination not under the same control through step-by-step
transactions, please see Notes V. 6 (6).
(3) Disposal of transaction costs in business combination
The intermediary fees for auditing, legal services, evaluation and consultation and other related administrative
expenses incurred for the business combination shall be recorded into the current profits and losses when incurred.
Transaction costs of equity securities or debt securities issued as consideration for the merger are included in the
initial recognition amount of the equity securities or debt securities.
6. Methods for preparation of consolidated financial statements
(1) Determination of the consolidated scope
The consolidated scope of the consolidated financial statements is determined on the basis of control, including
not only subsidiaries as determined by voting rights (or similar voting rights) on their own or in combination with
other arrangements, but also structured entities as determined by one or more contractual arrangements.
Control means that the Company has the power over the investee, enjoys variable returns by participating in
related activities of the investee, and has the ability to use the power over the investee to influence the amount of
return. A subsidiary is an entity under the control of the Company (including the separable part of an enterprise
and an invested entity, and the structured entity controlled by the enterprise, etc.), a structured entity is one that is
designed without taking the right to vote or similar rights as a determining factor when determining its controlling
party (Note: sometimes it is also known as the entity of special purpose).
(2) Special provisions on the parent company being an investment entity
If the parent company is an investment entity, only those subsidiaries that provide relevant services for the
30
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
investment activities of the investment entity will be included in the consolidation scope, and other subsidiaries
will not be merged. Equity investors of the subsidiaries that are not included in the consolidation scope are
recognized as financial assets measured at fair value and their changes are recorded in the profits and losses of
current period.
When the parent company simultaneously satisfies the following conditions, the parent company is an investment
entity:
① The company obtains funds from one or more investors for the purpose of providing investment management
services to investors.
② The sole purpose of the company's operation is to provide returns to investors through capital appreciation,
investment income, or both.
③ The company considers and evaluates the performance of almost all investments in accordance with the fair
value.
When the parent company changes from the non-investment entity into the investment entity, except only include
the subsidiaries providing related services for their investment activities into the scope of consolidated financial
statements, the company no longer merge other subsidiaries since the change day, and deal with according to the
principle of disposing subsidiary equity but not losing the right of control.
When the parent company changes from the investment entity into the non-investment entity, the subsidiary
originally not included in the scope of consolidated financial statements shall be included into the scope of
consolidated financial statements on the change day, the fair value of the subsidiary originally not included in the
scope of consolidated financial statements on the change day shall be regarded as the trading consideration of
purchase, and deal with according to the accounting treatment method for business combination not under the
same control.
(3) Preparation method of consolidated financial statements
The Company shall, on the basis of its own financial statements and those of its subsidiaries, prepare consolidated
financial statements in accordance with other relevant information.
When preparing consolidated financial statements, the Company shall regard the entire enterprise group as an
accounting entity, and reflect the overall financial position, operating results and cash flow of the enterprise group
in accordance with the requirements of recognition, measurement and presentation of relevant accounting
standards for enterprises, and in accordance with unified accounting policies and accounting periods.
① Merge the assets, liabilities, owners' equity, revenues, expenses and cash flows of the parent company and its
subsidiaries.
② Offset the parent company's long-term equity investment in the subsidiary and the parent company's share in
the owner's equity of the subsidiary.
③ Offset the impact of internal transactions between the parent company and its subsidiaries and among the
31
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
subsidiaries. Where the internal transaction indicates the impairment loss of the relevant assets, the loss shall be
recognized in full.
④ Adjust special transactions from the perspective of enterprise groups.
(4) Disposal of increase or decrease in subsidiaries during the reporting period
① Increase subsidiaries or businesses
A. A subsidiary or business increased by the business merger under the same control
(a) When preparing the consolidated balance sheet, the opening balance of the consolidated balance sheet shall be
adjusted, and the relevant items in the comparative statement shall be adjusted, so that the consolidated reporting
entity shall be deemed to have been in existence since the beginning of the control by the final controlling party.
(b) When preparing the consolidated income statement, the revenues, expenses and profits of the subsidiary and
its business combination from the beginning of the current period to the end of the reporting period shall be
included in the consolidated income statement, and relevant items in the comparative statement shall be adjusted,
so that the consolidated reporting entity shall be deemed to have been in existence since the beginning of the
control by the final controlling party.
(c) When preparing the consolidated cash flow statement, the cash flow of the subsidiary and the business
combination from the beginning of the current period to the end of the reporting period shall be included in the
consolidated cash flow statement, and the relevant items in the comparative statement shall be adjusted, so that the
consolidated reporting entity shall be deemed to have been in existence since the beginning of the control by the
final controlling party.
B. A subsidiary or business added by a business combination not under the same control
(a) The opening balance of the consolidated balance sheet shall not be adjusted when preparing the consolidated
balance sheet.
(b) When preparing the consolidated income statement, the income, expenses and profits of the subsidiary and the
business from the purchase date to the end of the reporting period shall be included in the consolidated income
statement.
(c) When preparing the consolidated cash flow statement, the cash flow of the subsidiary from the purchase date
to the end of the reporting period shall be included in the consolidated cash flow statement.
② Disposal of subsidiaries or businesses
A. The opening balance of the consolidated balance sheet shall not be adjusted when preparing the consolidated
balance sheet.
B. When preparing the consolidated income statement, the income, expenses and profits of the subsidiary and the
business from the beginning of the period to the disposal date shall be included in the consolidated income
statement.
C. The cash flows of the subsidiary and the business from the beginning of the period to the disposal date shall be
included in the consolidated cash flow statement when preparing the consolidated cash flow statement.
(5) Special considerations in the merger offset
32
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
① The long-term equity investment of the Company held by a subsidiary shall be regarded as the treasury shares
of the Company and listed as "deduct: treasury share" in the consolidated balance sheet under the owner's equity
item as a deduction of the owner's equity. The long-term equity investments held by the subsidiaries shall offset
against their respective shares in the owner's equity of the subsidiaries in accordance with the method used by the
Company to offset the equity investments in the subsidiaries.
② "Special reserve" and "general risk reserve" are not paid-up capital (or equity) or capital reserves, and are
different from retained earnings and undistributed profits. After the long-term equity investment and the owner's
equity of the subsidiary offset each other, the "special reserve" and "general risk reserve" shall be restored
according to the share belonging to the owner of the parent company.
③Where the offsetting of unrealized internal sales gains and losses results in temporary differences between the
carrying value of assets and liabilities in the consolidated balance sheet and the tax base of their taxable entity, the
deferred income tax assets or deferred income tax liabilities shall be recognized in the consolidated balance sheet,
at the same time, the income tax expenses in the consolidated income statement shall be adjusted, except for the
deferred income taxes related to the transactions or events directly included in the owner's equity and the business
combination.
④The profit and loss of the unrealized internal transaction incurred by the Company in selling assets to
subsidiaries shall fully offset against the "net profit attributable to the owner of the parent company". The profit
and loss of the unrealized internal transaction arising from the sale of assets by a subsidiary to the Company shall
be distributed and offset between the "net profit attributable to the owner of the parent company" and the
"minority shareholders' profit and loss" in accordance with the proportion distributed by the Company to the
subsidiary. The profit and loss of the unrealized internal transaction arising from the sale of assets among
subsidiaries shall be distributed and offset between "net profit attributable to the owner of the parent company"
and "minority shareholders' profit and loss" in accordance with the distribution ratio of the Company to the
subsidiaries of the seller.
⑤If the current loss shared by the minority shareholders of the subsidiary exceeds the minority shareholders'
share in the initial owner's equity of the subsidiary, the balance shall still be offset against the shareholders' equity.
(6) Accounting treatment of special transactions
① Purchase minority shareholder equity
When the Company purchases the equity of a subsidiary owned by the minority shareholder of the subsidiary, the
investment cost of the long-term equity investment newly acquired through the purchase of minority equity shall
be measured according to the fair value of the consideration paid in individual financial statements. In the
consolidated financial statements, the difference between the newly acquired long-term equity investment due to
the purchase of a minority stake and the share of the net assets of the subsidiary calculated continuously from the
purchase date or merger date according to the new shareholding ratio should adjust the capital reserves (capital
premium or stock premium), if the capital reserves are insufficient to offset, the surplus reserves and undistributed
profits shall be offset in turn.
② Obtaining the control of the subsidiary step by step through multiple transactions
33
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
A. Realizing business combination under the same control step by step through multiple transactions
On the merger date, the Company shall determine the initial investment cost of long-term equity investment in the
individual financial statements according to the share of the net assets of the subsidiaries that shall be enjoyed after
the merger in the book value of the consolidated financial statements of the ultimate controlling party; The
difference between the initial investment cost and the book value of the long-term equity investment before the
merger plus the book value of the new payment consideration for further shares acquired on the merger date shall
adjust capital reserves (capital premium or stock premium), if the capital reserves are insufficient to offset, the
surplus reserves and undistributed profits shall be offset in turn.
In the consolidated financial statements, the assets and liabilities of the merged party acquired by the merging
party during the merger shall be measured according to the book value in the consolidated financial statements of
the final controlling party on the merger date, except for the adjustments made due to different accounting policies;
The difference between the sum of the book value of the investment held before the merger plus the book value of
the consideration paid on the date of merger and the book value of the net assets acquired during the merger shall
adjust the capital reserves (equity premium/capital premium), and adjust the retained earnings if the capital
reserves are insufficient to offset.
Where the equity investment held by the merging party prior to the acquisition of control of the merged party are
accounted for according to the equity method, the changes in relevant profit or loss, other comprehensive income
and other owners' equity that has been recognized between the date on which the original equity was acquired and
the date on which the merging party and the merged party are in the final control of the same party shall
respectively offset against the retained earnings at the beginning of the comparative statement period.
B. Realization of business combination under different control step by step through multiple transactions
On the merger date, in the individual financial statements, the initial investment cost of the long-term equity
investment on the merger date shall be the sum of the book value of the original long-term equity investment plus
the new investment cost on the merger date.
In the consolidated financial statements, the equity of the acquiree held before the purchase date shall be
re-measured according to the fair value of the equity on the purchase date, and the difference between the fair
value and the book value shall be recorded into the investment income of the current period; If the equity held by
the acquiree prior to the purchase date involves other comprehensive income under the equity method, the
relevant other comprehensive income shall be converted to the current income on the purchase date, except other
comprehensive income generated by the change in net assets or net liabilities of the benefit plan set by the merged
party. In the notes, the Company shall disclose the fair value on the purchase date of the equity held by the
company prior to the purchase date and the amount of relevant gains or losses generated by re-measurement in
accordance with the fair value.
③ The Company disposes of its long-term equity investment in its subsidiaries without losing control
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Where the parent company partially disposes of its long-term equity investment in a subsidiary without losing
control, in the consolidated financial statements, the difference between the disposal cost and the subsidiary's
share of the net assets calculated continuously from the purchase date or the merger date corresponding to the
disposal of the long-term equity investment shall adjust the capital reserves (capital premium or stock premium),
if the capital reserves is insufficient to offset, adjust the retained earnings.
④ The Company disposes of its long-term equity investment in its subsidiaries and loses control
A. One transaction disposal
Where the Company loses the control of the investee due to the disposal of some equity investments and other
reasons, the remaining equity shall be remeasured according to the fair value of the equity at the date of loss of
control when the consolidated financial statements are prepared. The sum of the consideration obtained from the
disposal of the equity and the fair value of the remaining equity minus the difference between the shares of the net
assets of the original subsidiary which should be continuously calculated from the purchase date or merger date
according to the original shareholding ratio shall be included into the investment income of the current period
when the control right is lost.
Other comprehensive income and changes in other owners' equity related to the equity investment of the original
subsidiary shall be transferred to the current profit and loss when the control right is lost, except other
comprehensive income generated by changes in net liabilities or net assets of the benefit plan set by the investee.
B. Multiple transactions handled in steps
In the consolidated financial statements, we should first judge whether the step transaction is a "package
transaction".
If the step transaction does not belong to the "package transaction", in the individual financial statements, each
transaction before the loss of control of the subsidiary shall be carried forward with the book value of the
long-term equity investment corresponding to the each disposal of equity, and the difference between the income
price and the book value of the disposal of the long-term equity investment shall be included in the current
investment income; In the consolidated financial statements, the relevant provisions of "the parent company
disposes of its long-term equity investment in the subsidiary without losing control" shall be followed.
If the step transaction is a "package transaction", each transaction shall be accounted for as a transaction for the
disposal of the subsidiary and loss of control; In the individual financial statements, the difference between each
disposal price before the loss of control and the book value of the long-term equity investment corresponding to
the disposed equity shall be first recognized as other comprehensive income, and then transferred to the current
profit and loss of the lost control when the control right is lost; In the consolidated financial statements, for each
transaction before the loss of control, the difference between the disposal price and the disposal investment
corresponding to the share of the subsidiary's net assets shall be recognized as other comprehensive income,
which shall be transferred to the profit and loss of the current period at the time of loss of control.
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Multiple transactions are usually accounted for as "package transactions" where the terms, conditions and
economic impact of the transactions meet one or more of the following conditions:
(a) The transactions were concluded at the same time or with consideration for their mutual impact.
(b) The transactions as a whole are required to achieve a complete commercial outcome.
(c) The occurrence of one transaction depends on the occurrence of at least one other transaction.
(d) A transaction is not economic when considered in isolation, but it is economic when considered in conjunction
with other transactions.
⑤ The proportion of equity owned by the parent company is diluted due to the capital increase by minority
shareholders of subsidiary
The other shareholders (minority shareholders) of the subsidiary increase the capital of the subsidiary, thus
diluting the shareholding ratio of the parent company to the subsidiary. In the consolidated financial statements,
the share of the parent company in the book net assets of the subsidiary before the capital increase shall be
calculated according to the proportion of the parent company's equity before the capital increase, and the
difference between this share and the share of book net assets of the subsidiary after capital increase calculated
according to the shareholding ratio of the parent company shall adjust the capital reserve (capital premium or
stock premium), if the capital reserves is insufficient to offset, adjust the retained earnings.
7. Classification of joint venture arrangement and accounting for joint operations
The joint venture arrangement is an arrangement under the common control of two or more participants. Joint
venture arrangement of the Company are classified as joint operations and joint ventures.
(1) Joint operations
The joint operation is a joint arrangement in which the Company enjoys the assets and bears the liabilities
associated with such arrangement.
The Company recognizes the following items that related to its shares of interest in a joint operation and accounts
for them in accordance with the provisions of the Accounting Standards for Business Enterprises (ASBE):
① To recognize separately-held assets and jointly-held assets under its proportion;
②To recognize separately-assumed liabilities and jointly-assumed liabilities under its proportion;
③To recognize revenue from disposal of the output which the Company is entitled to under the proportion;
④To recognize revenue from disposal of the output under the proportion;
⑤To recognize separately occurred expenses, and to recognize expenses occurred for joint operations under its
proportion.
(2) Joint venture
A joint venture is a joint venture arrangement in which the Company has rights only to the net assets of such
arrangement.
The Company accounts for its investments in joint ventures in accordance with the regulations of the equity
method of the long-term equity investment.
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8. Recognition standards for cash and cash equivalents
Cash refers to the enterprise’s cash on hand and deposits that are readily available for disbursement. The cash
equivalents are investments that are held for a short period of time (generally maturing within three months from
the date of purchase), are highly liquid, are easily convertible to known amounts of cash, and are subject to an
insignificant risk of changes in value.
9. Foreign currency business and conversion of foreign currency statement
(1) Method of determining the conversion rate for foreign currency transactions
For the initial recognition of foreign currency transactions, the Company shall convert to the standard currency for
accounting at the spot rate on the date of the transaction or at the exchange rate (hereinafter referred to as the
approximate exchange rate of spot rate) determined in accordance with a systematic and reasonable method and
similar to the spot rate on the date of the transaction.
(2) Conversion method of foreign currency monetary items on the balance sheet date
On the balance sheet date, the spot rate on the balance sheet date is used for conversion for foreign currency
monetary items. The exchange difference resulting from the difference between the spot exchange rate on the
balance sheet date and the spot exchange rate at the initial recognition or the previous balance sheet date shall be
booked into the profit and loss of the current period. For foreign currency non-monetary items measured at
historical cost, the spot exchange rate on the transaction date is still used for conversion; The foreign currency
non-monetary items measured at fair value shall be converted at the spot exchange rate on the date on which the
fair value is determined, and the difference between the amount of the standard currency for accounting after
conversion and the amount of the original standard currency for accounting shall be recorded into the profits and
losses of the current period.
(3) Conversion method of foreign currency statements
Adjust accounting periods and accounting policies of overseas operations before the conversion of the financial
statements of enterprises' overseas operations, make it consistent with the accounting periods and accounting
policies of the enterprise, and then prepare financial statements in corresponding currencies (currencies other than
the standard currency for accounting) according to the adjusted accounting policies and accounting periods, and
convert the overseas business financial statements according to the following methods:
①Spot exchange rate as of the balance sheet date is adopted for conversion of assets and liabilities in the balance
sheet; as for the items in statement of owners’ equity except for “Retained profit”, conversion is made pursuant to
the spot exchange rate of business day.
②items of income and expenses in the profit statement shall be converted at the spot exchange rate on the date of
transaction or the approximate exchange rate translation of the spot rates.
③ Foreign currency cash flow and cash flow of overseas subsidiaries shall be converted by the spot exchange rate
on the date of cash flow occurrence or an approximate exchange rate of spot exchange rate. The impact of
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exchange rate changes on cash shall be presented separately in the statement of cash flows as an adjustment item.
④The balance generated from the conversion of foreign currency financial statements shall be separately
presented as "other comprehensive income" under the owner's equity item in the consolidated balance sheet when
preparing the consolidated financial statements.
When disposing of overseas operations and losing control of such operations, the balance of conversion of foreign
currency statements related to such operations shown in the owner's equity item of the balance sheet shall be
transferred into the disposal of current profits and losses in whole or in proportion to the disposal of such overseas
operations.
10. Financial instruments
The financial instrument is a contract that forms a financial asset of one party and creates a financial liability or
equity instrument of another party.
(1) Recognition and terminate of recognition for a financial instrument
When the Company becomes a party to a financial instrument contract, the relevant financial assets or liabilities
are recognized.
A financial asset is terminate for recognition when one of the following conditions is met:
①the contractual rights to receive the cash flow of such financial assets are terminated:
②the financial assets have been transferred and the following conditions for derecognition of transfer of such
financial assets are met.
Where the current obligation of a financial liability (or any part thereof) has been terminated, the recognition of
the financial liability (or the part of the financial liability) shall be terminated. If the Company (borrower) and the
lender sign an agreement to replace the original financial liabilities by assuming new financial liabilities, and the
contract terms of the new financial liabilities and the original financial liabilities are substantially different, the
recognition of the original financial liabilities shall be terminated and the new financial liabilities shall be
recognized at the same time. If the Company materially modifies the contract terms of the original financial
liability (or any part thereof), the original financial liability shall be terminated, and at the same time a new
financial liability shall be recognized in accordance with the modified terms.
Accounting recognition and termination of recognition are made on the trading day for buying and selling of
financial assets in the normal way. Conventional buying and selling of financial assets means that the financial
assets are delivered in accordance with the terms of the contract and on a schedule determined by regulation or
market practice. "Trading day" means the date on which the Company commits to buy or sell financial assets.
(2) Classification and measurement of financial assets
In the initial recognition, the Company classifies the financial assets as financial assets measured at the amortized
cost, financial assets measured at fair value and the changes are recorded into the profits and losses of the current
financial assets, and financial assets measured at fair value and the changes are included in the financial assets of
other comprehensive income according to the business model for managing financial assets and the contractual
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cash flow characteristics of the financial assets. Financial assets shall not be reclassified after initial recognition
unless the Company changes its business model for managing financial assets, in which case all affected relevant
financial assets shall be reclassified on the first day of the first reporting period following the change in business
model.
Financial assets are measured at fair value when they are initially recognized. For the financial assets measured at
fair value and whose changes are included in the current profits and losses, the related transaction costs are
directly included in the current profits and losses, and the related transaction costs of other types of financial
assets are included in the initially recognized amount. For notes receivable and accounts receivable that are
generated by the sale of goods or the rendering of services and do not include or take into account a material
financing component, the Company will initially measure them in accordance with the transaction price as defined
by the revenue standards.
Subsequent measurement of financial assets depends on their classification:
① Financial assets measured at amortized cost
Financial assets simultaneously meet the following conditions are classified as financial assets measured at
amortized cost. The Company's business model for managing the financial assets is to collect contract cash flows;
the contract terms of the financial assets stipulate that the cash flows generated at a specific date are only payment
of principal and interest based on the amount of outstanding principal. For such financial assets, the effective
interest method is used for follow-up measurement by the amortized cost, and its termination of recognition, and
the profit or loss arising from amortization and impairment by the effective interest rate method are included in
the profits and losses of the current period.
② Financial assets measured at fair value and their changes are included in other comprehensive income
Financial assets simultaneously meet the following conditions are classified as financial assets measured at fair
value and whose changes are included in other comprehensive income. The Company's business model for
managing the financial assets is not only to collect contract cash flows but also to sell the financial asset; the
contractual terms of the financial assets stipulate that the cash flows generated at a specific date are only payment
of principal and interest on the amount of outstanding principal. For such financial assets, the fair value is used for
subsequent measurement. Except the impairment loss or gain and the exchange gain or loss are recognized as
current profits and losses, the changes in fair value of such financial assets are recognized as other comprehensive
income until the termination of recognition of the financial assets, the accumulated gains or losses are transferred
into the current profits and losses. However, the relevant interest income of the financial asset calculated by using
the effective interest rate method is included in the profit and loss of the current period.
The Company irrevocably select part of non-transactional equity instrument investment to be designated as
financial assets measured at fair value and whose changes are included in other comprehensive income, only the
relevant dividend income is recorded into the profits and losses of the current period, fair value changes are
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recognized as other comprehensive income, and the cumulative profits or losses are transferred into retained
earnings until the termination of recognition of the financial assets.
③ Financial assets measured at fair value and whose changes are included in current profits and losses
Financial assets in addition to the above financial assets measured at amortized cost and financial assets measured
at fair value and whose changes are included in other comprehensive income are classified as financial assets
measured at fair value and whose changes are included in current profits and losses. For such financial assets, the
fair value is used for subsequent measurement, and all changes in fair value are included in the current profits and
losses.
(3) Classification and measurement of financial liabilities
The Company classifies the financial liabilities as financial liabilities measured at fair value and whose changes
are included in the profits and losses of the current period, loan commitment and financial guarantee contract
liabilities below market interest rate loans, and financial liabilities measured at amortized cost.
The subsequent measurement of a financial liability depends on its classification:
① Financial liabilities measured at fair value and whose changes are included in the profits and losses of the
current period
Such financial liabilities include tradable financial liabilities (including derivatives belonging to financial
liabilities) and financial liabilities designated to be measured at fair value and whose changes are included in
current profits and losses. After initial recognition, the fair value is used for subsequent measurement for such
financial liabilities. Except for those related to the hedge accounting, the profits or losses (including interest
expense) generated are recorded into the current profits and losses. However, for the financial liabilities
designated by the Company to be measured at fair value and whose changes are included in the profits and losses
of the current period, the amount of changes in the fair value of the financial liabilities caused by changes in its
own credit risk is included in other comprehensive income, at the termination of recognition of the financial
liabilities, the accumulated gains and losses previously included in other comprehensive income shall be
transferred from other comprehensive income and included in retained earnings.
② Loan commitment and financial guarantee contract liabilities
A loan commitment is an undertaking provided by the Company to the customer to issue a loan to the customer
within the commitment period on the terms of the established contract. The impairment loss of the loan
commitment is set down in accordance with the expected credit loss model.
A financial guarantee contract is a contract that requires the Company to pay a specified amount of money to the
contract holder who suffers a loss when the particular debtor is unable to pay the debt in accordance with the
original or modified terms of the debt instrument at maturity. Financial guarantee contract liabilities shall be
measured in accordance with the impairment principle of financial instruments determined in accordance with the
loss provision and initial recognition of the amount of the balance of the accumulated amortization determined in
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accordance with the income recognition principle.
③ Financial liabilities measured at amortized cost
After initial recognition, other financial liabilities are measured at amortized cost by using the effective interest
rate method.
Except in special circumstances, financial liabilities and equity instruments are distinguished according to the
following principles:
① A contractual obligation meets the definition of a financial liability if the Company cannot unconditionally
refrain from performing it by paying cash or other financial assets. Although some financial instruments do not
explicitly contain terms and conditions for the obligation to deliver cash or other financial assets, it is possible to
indirectly form contractual obligations through other terms and conditions.
② If a financial instrument has to use or can use the Company's own equity instrument for settlement,
consideration needs to be given to whether the Company's own equity instrument used to settle the instrument is
to be used as a substitute for cash or other financial assets or to give the owner of the instrument a residual interest
in the issuer's assets after all liabilities have been deducted. In the former case, the instrument is a financial
liability of the issuer; In the latter case, the instrument is an equity instrument of the issuer. In some cases, a
financial instrument contract requires that the Company has to use or can use its own equity instrument to settle
the financial instrument, of which the amount of contractual rights or contractual obligations is equal to the
number of its own equity instruments available or delivered multiplying its fair value at the settlement, no matter
the amount of the contract rights or obligations are fixed or are based, in whole or in part, on changes in variables
(such as interest rates, the price of a commodity or the price of a financial instrument) other than the market price
of the Company’s own equity instruments, the contract is classified as a financial liability.
(4) Derivative financial instruments and embedded derivative instruments
Derivative financial instruments are initially measured at the fair value of the date on which the derivative
transaction contract is signed, and are subsequently measured at their fair value. A derivative financial instrument
with a positive fair value is recognized as an asset; and a derivative financial instrument with a negative fair value
is recognized as a liability.
Except the effective part of the hedge in the cash flow hedging is included in other comprehensive income and
transferred out into the current profit and loss when the hedged item affects the profit and loss, the profit or loss
generated by the change of the fair value of the derivative instrument shall be directly included in the profits and
losses of the current period.
For hybrid instruments containing embedded derivatives, if the main contract is a financial asset, the hybrid
instruments as a whole apply to the relevant provisions on the classification of financial assets. If the main
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contract is not a financial asset, and the hybrid instruments are not measured at fair value and the changes are
recorded into the current profits and losses for accounting treatment, the embedded derivatives have no close
relationship with the main contract in economic characteristics and risks, and the instrument with the same
conditions as the embedded derivatives and existing alone satisfies the definition of derivatives, the embedded
derivatives shall be split from the hybrid instruments and handled as an individual derivative financial instrument.
If the fair value of the embedded derivative on the acquisition date or on the subsequent balance sheet date cannot
be measured separately, the hybrid instruments as a whole shall be designated as a financial asset or financial
liability measured at fair value and whose changes are recorded in the profits and losses of the current period.
(5) Impairment of financial instruments
For financial assets measured at amortized cost, debt investment measured at fair value and whose changes are
included in other comprehensive income, contract assets, lease receivables, loan commitments and financial
guarantee contract, the Company recognizes loss provisions on the basis of expected credit losses.
① Measurement of expected credit losses
Expected credit loss refers to the weighted average of the credit loss of a financial instrument weighted by the risk
of default. Credit loss refers to the difference between all contractual cash flows receivable under the contract and
all cash flows expected to be received by the Company discounted at the original effective interest rate, namely,
the present value of all cash shortfalls. Among them, the financial assets purchased or generated by the Company
which have credit impairment shall be discounted according to the credit adjusted effective interest rate of the
financial assets.
The expected credit loss over the entire duration refers to the expected credit loss due to all possible default events
that may occur during the entire expected duration of a financial instrument.
Expected credit loss in the next 12 months refers to the expected credit loss resulting from the default event of a
financial instrument that may occur within 12 months after the balance sheet date (or the expected duration if the
expected duration of the financial instrument is less than 12 months), and is a part of the expected credit loss over
the entire duration.
At each balance sheet date, the Company measures the expected credit losses of financial instruments at different
stages of development separately. If the credit risk of the financial instrument has not increased significantly since
the initial recognition, it shall be in the first stage and the Company shall measure the loss provisions according to
the expected credit loss in the next 12 months; Where the credit risk of a financial instrument has increased
significantly since the initial recognition but no credit impairment has occurred, the financial instrument shall be
in the second stage, and the Company shall measure the loss provisions in accordance with the expected credit
loss of the instrument throughout its lifetime; Where a financial instrument has suffered credit impairment since
its initial recognition, it shall be in the third stage, and the Company shall measure the loss provisions in
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accordance with the expected credit loss for the entire duration of the instrument.
For financial instruments with low credit risk at the balance sheet date, the Company assumes that the credit risk
has not increased significantly since the initial recognition and measures the loss provisions in accordance with
the expected credit loss in the next 12 months.
The Company calculates the interest income for financial instruments in the first and second stages and with low
credit risk on the basis of their book balance and the actual interest rate without deduction of impairment
provision. For a financial instrument in the third stage, the interest income is calculated on the basis of the book
balance minus the amortized cost and the actual interest rate after the provision for impairment.
For notes receivable, accounts receivable, receivables financing and contractual assets, whether or not there is a
significant financing component, the Company measures loss provisions in accordance with the expected credit
losses over the entire duration.
A. Receivables/Contractual assets
For notes receivable, accounts receivable, other receivables, receivables financing, contract assets and long-term
receivables that have objective evidence indicating the existence of impairment and are applicable to single
evaluation, implement impairment test separately, recognize expected credit losses, and set aside single
impairment reserves. For notes receivable, accounts receivable, other receivables, receivables financing,
contractual assets and long-term receivables that have objective evidence of impairment, or when the single
financial assets cannot assess the expected credit losses at reasonable costs, the Company divides notes receivable,
accounts receivable, other receivables, receivables financing, contractual assets and long-term receivables into
several portfolios based on credit risk characteristics, and calculates the expected credit loss on the basis of the
portfolios, and the portfolio is determined on the following basis:
The basis for determining the portfolio of notes receivable is as follows:
Notes receivable portfolio 1 Commercial acceptance bill
Notes receivable portfolio 2 Bank’s acceptance bill
For notes receivable divided into portfolios, the Company calculates the expected credit loss by referring to the
historical credit loss experience, combining the current situation and the forecast of future economic conditions,
and through default risk exposure and the expected credit loss rate of the entire duration.
The portfolio of accounts receivable is determined as follows:
Accounts receivable portfolio 1 Aging portfolio
Accounts receivable portfolio 2 Jewelry sales portfolio
For accounts receivable divided into portfolio, the Company refers to the historical credit loss experience,
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combines the current situation and the forecast of the future economic situation, prepares a comparison table of
the aging account receivable and the expected credit loss rate of the entire duration, and calculates the expected
credit loss.
The portfolio of other receivables is determined on the following basis:
Other receivables portfolio 1 Interest receivable
Other receivables portfolio 2 Dividends receivable
Other receivables portfolio 3 Aging portfolio
Other receivables portfolio 4 Deposit receivable and cash deposit portfolio
Other receivables portfolio 5 Related portfolio within the consolidation scope of receivables
For other receivables divided into portfolios, the Company calculates the expected credit loss by referring to the
historical credit loss experience, combining the current situation and the forecast of future economic conditions,
and through default risk exposure and the expected credit loss rate within the next 12 months and over the entire
duration.
The basis for determining the portfolio of long-term receivables is as follows:
Long-term receivables portfolio 1 Other receivables
For the long-term receivables divided into Portfolio 1, the Company calculates the expected credit loss by
referring to the historical credit loss experience, combining the current situation and the forecast of future
economic conditions, and through default risk exposure and the expected credit loss rate over the entire duration.
B. Bond investment and other bond investment
With respect to bond investments and other bond investments, the Company calculates the expected credit losses in
accordance with the nature of the investment and the various types of counterparties and risk exposures and the
expected credit loss rates in the next 12 months or over the entire duration.
② Low credit risk
If a financial instrument has low credit risk, the the borrower has a strong ability to fulfill its contractual cash flow
obligations in the short term, and even adverse changes in the economic situation and operating environment over
a longer period may not necessarily reduce the borrower's ability to fulfill its contractual cash flow obligations, the
financial instrument shall be regarded as a lower credit risk.
③ Credit risk increases significantly
The Company determines the relative changes in the probability of default over the expected duration of a
financial instrument and evaluates whether the credit risk of the financial instruments has increased significantly
since the initial recognition by comparing the probability of default over the expected duration of a financial
instrument as determined at the balance sheet date and the probability of default over the expected duration as
determined at the time of initial recognition.
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When determining whether the credit risk has increased significantly since the initial recognition, the Company
considers reasonable and evidence-based information, including forward-looking information, that is available
without unnecessary additional cost or effort. Information considered by the Company includes:
A. Whether the internal price index has changed significantly due to the change of credit risk;
B. Adverse changes in business, finance or economic conditions that are expected to result in a significant change
in the ability of the debtor to meet its debt service obligations;
C. Whether there is an actual or expected significant change in the debtor's operating results; Whether there has
been a significant adverse change in the regulatory, economic or technological environment of the debtor;
D. Whether there has been a significant change in the value of the collateral secured as collateralized debt
obligations or in the quality of the guarantees or credit enhancements provided by third parties. These changes are
expected to reduce the economic incentive of the debtor to repay within the contractual period or affect the
probability of default;
E. Whether there are significant changes in the economic incentives that are expected to reduce the economic
incentive of the debtor to repay within the contractual period;
F. Expected changes in the loan contract include whether an anticipated breach of contract might result in exemption
or revision of contractual obligations, grant of interest free periods, jump in interest rates, request for additional
collateral or guarantee, or other changes to the contractual framework of the financial instrument;
G. Whether there is a significant change in the debtor's expected performance and repayment behavior;
H. Whether the contract payment is overdue for more than (including) 30 days.
Based on the nature of the financial instruments, the Company assesses whether the credit risk has increased
significantly on the basis of individual financial instruments or a portfolio of financial instruments. When
assessing on the basis of a portfolio of financial instruments, the Company may classify the financial instruments
based on common credit risk characteristics, such as overdue information and credit risk ratings.
Typically, if it is overdue for more than 30 days, the Company determines that the credit risk of financial
instruments has increased significantly. Unless the Company does not need to pay too much cost or effort and can
obtain reasonable and well-founded information, which demonstrates that although the payment is overdue for 30
days, the credit risk has not been significantly increased since the initial recognition.
④Financial assets whose credit impairment has occurred
On the balance sheet date, the Company assesses whether credit impairment has occurred in the financial assets
measured at amortized cost and the debt investment measured at fair value and the changes of which are included
in other comprehensive income. When one or more events that have an adverse effect on the expected future
cash flow of a financial asset occur, the financial asset becomes a financial asset whose credit impairment has
occurred. Evidence indicating that a credit impairment has occurred on a financial asset includes the following
observable information:
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The creditor, for economic or contractual reasons relating to the debtor's financial difficulties, gives the debtor
concessions that would not have been made in any other circumstances; The issuer or the debtor has significant
financial difficulties; The debtor breaches the contract, such as default or overdue payment of interest or principal;
The creditor, for economic or contractual reasons relating to the debtor's financial difficulties, gives the debtor
concessions that would not have made in any other circumstances; The debtor is likely to go bankrupt or undergo
other financial restructuring; The financial difficulties of the issuer or debtor lead to the disappearance of the
active market for the financial asset; Purchase or originate a financial asset at a substantial discount that reflects
the fact that a credit loss has occurred.
⑤ Presentation of provisions for expected credit losses
In order to reflect the change of the credit risk of financial instruments since the initial recognition, the Company
shall re-measure the expected credit loss on each balance sheet date, and the resulting increase or reversal amount
of the loss provisions shall be recorded into the current profit and loss as impairment loss or gain. For a financial
asset measured at amortized cost, the loss provision is offset against the carrying value of the financial asset as
shown in the balance sheet; For a debt investment measured at fair value and whose changes are included in other
comprehensive income, the Company shall recognize its loss provision in other comprehensive income and shall
not offset the carrying value of the financial asset.
⑥ Write-off
If the Company no longer reasonably expects the contract cash flow of the financial asset to be recovered in whole
or in part, the book balance of the financial asset shall be written down directly. Such write-down constitutes the
termination of recognition of the underlying financial asset. This usually occurs when the Company determines
that the debtor has no assets or sources of income which will generate sufficient cash flow to repay the amount to
be written down.
If the write-down financial asset is recovered later, the impairment loss shall be reversed and included in the
profits and losses of the recovery period.
(6) Transfer of financial assets
Transfer of financial assets refers to the following two situations:
A. Transfer the contractual right to receive the cash flow of the financial asset to another party;
B. Transfer the financial asset in whole or in part to another party, but retain the contractual right to receive the
cash flow of the financial asset and the contractual obligation to pay the cash flow received to one or more payees.
①Terminate the recognition of transferred financial assets
Where almost all risks and rewards of ownership of a financial asset have been transferred to the transferee, or
almost all risks and rewards of ownership of a financial asset have been neither transferred nor retained, but the
control over the financial asset has been relinquished, recognition of the financial asset shall be terminated.
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When judging whether the control of the transferred financial asset has been given up, based on the actual ability
of the transferee to sell the financial asset, if the transferee can unilaterally sell the transferred financial asset as a
whole to an unrelated third party with no additional conditions restricting such sale, it means that the Company
has given up its control over the financial asset.
The Company pays attention to the essence of financial asset transfer when judging whether the transfer of
financial assets meets the conditions for the termination of recognition of financial asset.
Where the overall transfer of financial assets meets the conditions for termination of recognition, the difference
between the following two amounts shall be recorded into the profits and losses of the current period:
A. Book value of the transferred financial assets;
B.The sum of the consideration received due to the transfer and the amount for the termination of recognition part
in the cumulative amount of changes in fair value directly included in other comprehensive income (The financial
assets involved in transfer are financial assets that are measured at fair value and their changes are included in
other comprehensive income according to Article 18 of Accounting Standards for Business Enterprises No. 22 -
Recognition and Measurement of Financial Instruments).
When the partial transfer of a financial asset meets the criteria for recognition of termination, the entire book
value of the transferred financial asset shall be apportioned between the portion whose recognition is terminated
and the portion whose recognition is not terminated (in this case, the reserved service assets shall be regarded as a
part of the financial assets continued to be recognized) in accordance with the respective relative fair value on the
transfer day, and the balance between the following two amounts shall be recorded into the profits and losses of
the current period :
A. Book value of the the portion whose recognition is terminated on the date of termination of recognition;
B. The sum of the consideration of the portion whose recognition has been terminated and the amount for the
termination of recognition part in the cumulative amount of changes in fair value directly included in other
comprehensive income (The financial assets involved in transfer are financial assets that are measured at fair
value and their changes are included in other comprehensive income according to Article 18 of Accounting
Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments).
② Continued involvement in the transferred financial assets
Where almost all the risks and rewards of ownership of the financial asset are neither transferred nor retained,
control over the financial asset has not been relinquished, the relevant financial asset shall be recognized in
accordance with the extent of its continued involvement in the transferred financial asset and the relevant
liabilities shall be recognized accordingly.
The extent of continued involvement in the transferred financial assets refers to the extent to which the enterprise
bears the risk or reward of changes in the value of the transferred financial assets.
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③ Continue to recognize the transferred financial assets
Where almost all the risks and rewards of the ownership of the transferred financial asset are still retained, the
transferred financial asset as a whole shall continue to be recognized and the consideration received shall be
recognized as a financial liability.
The financial assets and the relevant financial liabilities recognized shall not offset each other. In the subsequent
accounting period, the enterprise shall continue to recognize the income (or gain) generated by the financial asset
and the expense (or loss) generated by the financial liability.
(7) Offset of financial assets and financial liabilities
Financial assets and financial liabilities shall be shown separately in the balance sheet and should not be set off
against each other. However, if the following conditions are met at the same time, the net amount after mutual
offset shall be presented in the balance sheet:
The Company has the legal right to offset the recognized amount, and such legal right is currently enforceable;
The Company plans a net settlement, or cashes the financial asset and liquidates the financial liability at the same
time.
If the transfer of financial assets does not meet the conditions for termination of recognition, the transferring party
shall not offset the transferred financial assets and related liabilities.
(8) Determination method of the fair value of financial instruments
Fair value refers to the price that the market participants can receive by selling an asset or need to pay for
transferring a liability in orderly transactions occurred on the measurement day.
The Company measures the fair value of the relevant assets or liabilities at the prices in the main market. If there
is no main market, the Company measures the fair value of the relevant assets or liabilities at the prices in the
most favorable market. The Company adopts the assumptions used by market participants in pricing such asset or
liability in order to maximize their economic benefits.
The main market refers to the market with the largest trading volume and the highest trading activity degree of
related assets or liabilities. The most favorable market refers to the market in which the relevant assets can be sold
for the highest amount or the related liabilities can be transferred for the lowest amount after considering
transaction costs and transportation costs
For financial assets or financial liabilities with active market, the Company determines their fair value by using
quotations in active market. Where there is no active market for financial instruments, the Company shall use
valuation techniques to determine their fair value.
If non-financial assets are measured at fair value, the ability of market participants to produce economic benefits
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by using the assets for the best use, or the ability to produce economic benefits by selling the assets to other
market participants who can use the assets for the best use shall be considered.
① Valuation technique
The Company adopts the valuation techniques applicable to the current situation and supported by sufficient
available data and other information. The valuation techniques used mainly include the market method, the
revenue method and the cost method. The Company uses the method consistent with one or multiple valuation
techniques to measure the fair value. If multiple valuation techniques are used to measure the fair value, the
Company shall consider the rationality of the valuation results and select the amount that best represents the fair
value in the current situation as the fair value.
The Company prioritizes the use of relevant observable inputs in the application of valuation techniques, and uses
unobservable inputs only when relevant observable inputs cannot be obtained or are not feasible to obtain.
Observable input values are those that can be obtained from market data. The input value reflects the assumptions
used by market participants in pricing the underlying asset or liability. Unobservable input values are those that
cannot be obtained from market data. The input value is derived from the best available information about the
assumptions used by market participants in pricing the underlying asset or liability.
② Fair value levels
The Company divides the input value used for fair value measurement into three levels, and uses the input value
of the first level first, and then uses the input value of the second level, and the input value of the third level last.
The first-level input values are the unadjusted quotations in the active market for the same asset or liability that
can be obtained at the measurement date. The second-level input values are the directly or indirectly observable
input values of the underlying asset or liability in addition to the first-level input values. The third-level input
values are the unobservable input values of the underlying asset or liability.
11. Inventory
(1)Classification
Inventory includes finished products or commodities held for sale in daily activities, products in the production
process, materials and supplies consumed in the production process or the process of providing labor services, etc.,
including raw materials, inventory goods, goods sold on consignment and working capital materials.
(2)Valuation methods for delivery of inventory
The delivery of inventory shall be priced individually on a first-in, first-out basis.
(3) Inventory system
Inventory of the Company is inventoried on a perpetual basis. And the inventory is taken at least once a year and
amount of gains/losses is recognized in gains/losses for the year.
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(4) How to set aside the inventory write down
On the balance sheet date, it shall be measured at the lower of cost and net realizable value. If the inventory cost is
higher than the net realizable value, set aside the inventory write down and record it into the profit and loss of the
current period.
The net realizable value of the inventory shall be determined on the basis of reliable evidence obtained, and
factors such as the purpose for which the inventory is held and the impact of events after the balance sheet date
shall be taken into account.
① The net realizable value of the inventory directly used for sale, such as finished products, commodities and
materials for sale, shall be determined in the normal process of production and operation by deducting the
estimated selling cost and relevant taxes from the estimated selling price of the inventory. For inventories held for
the execution of sales contracts or service contracts, the contract price shall be used as the measurement basis for
the net realizable value; If the quantity of inventory held exceeds the quantity ordered under the sales contract, the
net realizable value of the excess inventory shall be measured on the basis of the general sales price. The market
price shall be used as the measurement basis for the net realizable value of the materials for sale, etc.
② The net realizable value of the inventory of materials to be processed is determined by the amount after
deducting the estimated cost, estimated selling expenses and relevant taxes and fees at the time of completion
from the estimated selling price of the finished products. If the net realizable value of the finished product
produced by it is higher than the cost, the material shall be measured at cost; If the decline in the price of a
material indicates that the net realizable value of the finished product is less than the cost, the material is measured
at the net realizable value and inventory write down is set aside based on the difference.
③ The reserve for inventory write down is generally set aside as a single inventory item. For the inventory with
large quantity and low unit price, it shall be set aside by inventory type.
④ On the balance sheet date, if the influencing factors of the previous write-down of the inventory value have
disappeared, the write-down amount shall be restored, and the amount shall be reversed within the original
amount of the inventory write down, and the reversed amount shall be recorded into the profits and losses of the
current period.
12. Contractual assets and liabilities
The Company lists contractual assets or contractual liabilities in the balance sheet based on the relationship
between performance obligations and customer payments. The consideration to which the Company is entitled to
receive for the goods or services it has transferred to the customer (and the right depends on factors other than the
passage of time) is listed as contractual assets. The company's obligations to transfer goods or provide services to
customers for which consideration has been received or receivable are listed as contractual liabilities.
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The Company's determination method and accounting treatment method on expected credit loss of contract assets
are detailed in Notes V. 10.
Contractual assets and contractual liabilities shall be listed separately in the balance sheet. The contractual assets
and contractual liabilities under the same contract are listed as net amount. If the net amount is the debit balance,
it shall be listed under the item "Contractual Assets" or "Other Non-current Assets" according to its liquidity; If
the net amount is the net credit balance, it shall be listed under the "Contractual Liabilities" or "Other Non-current
liabilities" according to its liquidity. Contractual assets and contractual liabilities under different contracts cannot
offset each other.
13. Contract cost
Contract cost is divided into contract performance cost and contract acquisition cost.
The cost incurred by the Company for the performance of the contract is recognized as an asset as the
performance cost of the contract when the following conditions are met simultaneously:
① The cost is directly related to a current or expected contract, including direct labor, direct materials,
manufacturing expenses (or similar expenses), costs expressly borne by the customer and other costs incurred
solely as a result of the contract.
② This cost increases the Company's resources for future performance obligations.
③ The cost is expected to be recouped.
If the incremental cost incurred by the Company to acquire the contract is expected to be recovered, it shall be
recognized as an asset as the contract acquisition cost.
Assets related to contract costs are amortized on the same basis as revenue recognition for the goods or services
related to the assets, however, if the amortization period of the contract acquisition cost does not exceed one year,
the Company will record it into the current profit and loss when it occurs.
If the carrying value of the assets related to the contract cost is higher than the difference between the following
two items, the Company will set aside impairment reserves of the excess part and recognize it as impairment loss
of the asset, and further consider whether to set aside provision for the expected liabilities related to the loss
contract:
① The remaining consideration expected to be obtained from the transfer of goods or services related to the asset;
② Cost estimated to be incur for transferring the related goods or services.
If the aforesaid asset impairment provision is subsequently reversed, the carrying value of the asset after the
reversal shall not exceed the carrying value of the asset on the reversal date under the assumption that no
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impairment provision is made.
Contract performance costs recognized as assets whose amortization period at the initial recognition does not
exceed one year or one normal operating cycle shall be listed in the item "Inventory", and those whose
amortization period at the initial recognition exceed one year or one normal operating cycle shall be listed in the
item "Other Non-current Assets".
Contract acquisition costs recognized as assets whose amortization period at the initial recognition does not
exceed one year or one normal operating cycle shall be listed in the item "Other Current Assets", and those whose
amortization period at the initial recognition exceeds one year or one normal operating cycle shall be listed in the
item "Other Non-current Assets".
14. Non-current assets or disposal groups held-for-sale
(1)Classification of non-current assets or disposal groups held for sale
The Company classifies non-current assets or disposal groups that meet all of the following conditions as
held-for-sale:
①according to the practice of selling this type of assets or disposal groups in a similar transaction, the non-current
assets or disposal group can be sold immediately at its current condition;
②The sale is likely to occur, that is, the Company has made resolution on the selling plan and obtained definite
purchase commitment, the selling is estimated to be completed within one year. Those assets whose disposal is
subject to approval from relevant authority or supervisory department under relevant requirements are subject to
that approval.
The non-current assets or disposal group acquired by the company specifically for resale shall be classified as held
for sale on the date of acquisition if meets the condition of “expected to complete the sale within one year” on the
acquisition date, and is likely to meet other classification conditions of held for sale in the short term (usually 3
months) .
Where the Company loses control over its subsidiary due to disposal of investment in the subsidiary, whether or
not the Company retains part equity investment after such disposal, investment in the subsidiary shall be classified
in its entirety as held for sale in the separate financial statement of the parent company subject to that the
investment in the subsidiary proposed to be disposed satisfies the conditions for being classified as held for sale,
and all the assets and liabilities of the subsidiary shall be classified as held for sale in consolidated financial
statement.
(2) Measurement of non-current assets held for sale or disposal group
The investment real estate by using fair value model for subsequent measurement, the biological assets measured
at net amount after fair value minus sale cost, the assets formed by employee compensation, the deferred income
tax assets, the financial assets specified by related accounting standards of financial instruments and the
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measurements of the rights generated by the insurance contract specified by related accounting standards of
insurance contract respectively apply to other related accounting standards.
When initially measuring or remeasuring the non-current assets held for sale or disposal group on the balance
sheet date, if its book value is higher than the net amount after the fair value minus the sale cost, book value will
be written down to the net amount after the fair value minus the sale cost, the write-down amount shall be
recognized as asset impairment loss and included in the current profits and losses, and the impairment reserves
held for sale shall be set aside at the same time. On the subsequent balance sheet date, if the net amount of the fair
value of the non-current assets or disposal group held for sale increases after subtracting the selling expenses, the
previously written-down amount shall be recovered and reversed within the amount of the asset impairment losses
recognized as non-current assets after being classified as held for sale, and the reversed amount is included in the
current profits and losses. The carrying amount of goodwill that has been offset is not recovered.
When non-current assets or disposal groups no longer continue to be classified as held for sale as they no longer
meet the classification conditions of the held for sale category or non-current assets are removed from the held for
sale disposal group, measure based on the lower of the following two:
①Book value before being classified as held for sale, the amount adjusted according to the depreciation,
amortization, or impairment that should have been recognized under the assumption that it is not classified as held
for sale;
②Recoverable amount.
(3) Presentation
In the balance sheet, the Company lists non-current assets held for sale or assets in the disposal group held for sale
separately from other assets, and lists liabilities in the disposal group held for sale separately from other liabilities.
Non-current assets held for sale or assets in the disposal group held for sale and liabilities in the disposal group
held for sale do not offset each other and are listed as current assets and current liabilities respectively.
15. Long-term equity investment
The long-term equity investment of the Company includes the equity investment which controls and has a
significant impact on the investee and the equity investment in the joint venture. If the Company is able to exert
significant influence on the invested entity, it shall be an associate enterprise of the Company.
(1) Basis for determining the joint control and significant impact on the investee
Joint control refers to the common control of an arrangement according to relevant agreements, and relevant
activities of the arrangement must be agreed upon by all the participants who share the control right. When
judging whether there is joint control, first judge whether all participants or participant portfolios collectively
control the arrangement. If all participants or a group of participants must act in concert to determine the relevant
activities of an arrangement, then all participants or a group of participants are considered to collectively control
the arrangement. Secondly, it will judge whether the decision of the activities related to the arrangement must be
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agreed by the participants who collectively control the arrangement. If two or more participant portfolios can
collectively control an arrangement, it does not constitute joint control. The existence of joint control is judged
without regard to the protective rights enjoyed.
Significant impact means that the investor has the right to participate in the decision-making of the financial and
operational policies of the investee, but cannot control or jointly control the formulation of these policies with
other parties. When determining whether it can exert a significant impact on the investee, it shall consider the
impact of the voting shares directly or indirectly held by the investor and the potential voting rights of the investor
and other parties in the current period assumed to be converted into the equity of the investee, including the
impact of current convertible warrants, stock options and convertible corporate bonds issued by the investee.
When the Company owns more than 20% (including 20%) but less than 50% of the voting shares of the investee
directly or indirectly through its subsidiaries, it is generally considered to have a significant impact on the investee,
unless there is clear evidence that it cannot participate in the production and operation decisions of the investee
under such circumstances, it shall not have a significant impact.
(2) Recognition of initial investment cost
①Investment cost of the long-term equity investment resulting from enterprise combination is recognized in
accordance with the following provisions:
A. In the case of a business combination under the same control, if the combining party pays cash, transfers
non-cash assets or assumes debts as the merger consideration, the share of the book value of the acquired owner’s
equity of the combined party in the consolidated financial statements of the ultimate controlling party shall be
used as its initial investment cost. The difference between the initial investment cost of long-term equity
investment and the carrying amount of cash paid, non-cash assets transferred and liabilities assumed is adjusted to
capital reserves; if the capital reserves is not sufficient to offset the difference, retained earnings is adjusted.
B. For a business combination under the same control, where the merging party issues equity securities as the
merger consideration, the initial investment cost of the long-term equity investment shall be the share of the book
value of the owner's equity of the merged party in the consolidated financial statements of the final controlling
party on the merger date. The capital reserves shall be adjusted according to the difference between the initial
investment cost of a long-term equity investment and the total par value of the issued shares; if the capital reserves
are insufficient to offset, the retained earnings shall be adjusted;
C. For a business combination not under the same control, the fair value of the assets paid, liabilities incurred or
assumed and equity securities issued on the purchase date in order to acquire the control of the acquiree
determines the merger cost as the initial investment cost of long-term equity investment. The intermediary fees for
auditing, legal services, evaluation and consultation and other related administrative expenses incurred by the
merger party shall be recorded into the profits and losses of the current period when incurred.
② Except for the long-term equity investment formed by enterprise merger, the investment cost of the long-term
equity investment obtained by other means shall be determined in accordance with the following provisions:
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A. For long-term equity investment acquired by paying cash, the actual purchase price paid is regarded as the
investment cost. Initial investment cost includes expenses, taxes and other necessary expenses directly related to
the acquisition of long-term equity investment.
B. For long-term equity investment acquired by issuing equity securities, the fair value of issuing equity securities
is regarded as the investment initial investment cost.
C. For long-term equity investment acquired by the exchange of non-monetary assets,
if the exchange is of a commercial nature and the fair value of the assets received or surrendered can be reliably
measured, the fair value of the assets surrendered and the relevant taxes and fees shall be taken as the initial
investment cost, and the difference between the fair value and the book value of the assets surrendered shall be
included in the current profits and losses. If the exchange of non-monetary assets does not meet the above two
conditions at the same time, the book value of the assets surrendered and relevant taxes and fees shall be taken as
the initial investment cost.
D. For long-term equity investment acquired through debt restructuring, its entry value shall be determined by the
fair value of the abandoned creditor's rights and the taxes and other costs directly attributable to the asset, and the
difference between the fair value of the abandoned creditor's rights and the carrying value shall be recorded into
the current profits and losses.
(3) Methods of subsequent measurement and profit and loss recognition
The long-term equity investment that the Company can control over the invested unit shall use cost method for
business accounting; Long-term equity investments in joint ventures and cooperative enterprises shall use equity
method for business accounting.
① Cost method
For the long-term equity investment uses cost method for business accounting, the cost of the long-term equity
investment shall be adjusted when the investment is added or recovered; Cash dividends or profits declared to be
distributed by the invested entity shall be recognized as current investment income.
② Equity method
The general accounting treatment for long-term equity investments using equity method for business accounting is
as follows:
If the investment cost of the Company's long-term equity investment is greater than the fair value share of the
identifiable net assets of the invested entity, the initial investment cost of the long-term equity investment shall not
be adjusted; If the initial investment cost of the long-term equity investment is less than the fair value share of the
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identifiable net assets of the invested entity at the time of investment, the difference shall be recorded into the
current profits and losses, and the cost of the long-term equity investment shall be adjusted at the same time.
The Company recognizes investment income and other comprehensive income respectively according to the share
of net profit and loss realized by the invested entity and other comprehensive income which the Company shall
enjoy or share, and adjusts the book value of long-term equity investment at the same time; The Company
calculates its share based on the profits or cash dividends declared and distributed by the invested entity and
reduce the book value of the long-term equity investment accordingly; The book value of the long-term equity
investment shall be adjusted based on other changes in the owner's equity other than the net profit or loss, other
comprehensive income and profit distribution of the invested entity, and recorded into the owner's equity. When
recognizing the share of the net profit or loss of the invested entity, the fair value of the identifiable net assets of
the invested entity at the time of acquiring the investment shall be taken as the basis, and the net profit of the
invested entity shall be recognized after adjustment. If the accounting policies and accounting periods adopted by
the invested entity are inconsistent with those of the Company, the financial statements of the invested entity shall
be adjusted in accordance with the accounting policies and accounting periods of the Company, and the
investment income and other comprehensive income shall be recognized on the basis thereof. The part of profit
and loss of the unrealized internal transactions between the Company and the associated enterprises and joint
ventures which is attributable to the Company by calculating according to the proportion enjoyed shall be set off,
and the investment profit and loss shall be recognized on this basis. If the loss of unrealized internal transaction
between the Company and the invested entity belongs to impairment loss of assets, it shall be recognized in full.
If the company is able to exert significant influence or implement joint control on the investee due to additional
investment and other reasons, which does not constitute control, the fair value of the original equity investment
plus the new investment cost shall be taken as the initial investment cost according to the equity method. If the
previously held equity investment is classified as other equity instrument investment, the difference between its
fair value and book value, as well as the accumulated gains or losses originally included in other comprehensive
income shall be transferred from other comprehensive income and included in retained earnings in the current
period when changing to use equity method for accounting.
Where the joint control or significant influence on the invested unit is lost due to the disposal of some equity
investments, the remaining equity after disposal shall be measured by the fair value, and the difference between
the fair value and the book value on the date of the loss of joint control or significant influence shall be recorded
into the current profits and losses. Other comprehensive income of the original equity investment recognized by
using the equity method for accounting adopts the same basis as the direct disposal of related assets or liabilities
by the invested entity for accounting treatment when the equity method is discontinued.
(4) Equity investments held for sale
Where the equity investment of a joint venture or associated enterprise is classified in whole or in part as assets
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held for sale, see Notes V. 14 for relevant accounting treatment.
For the remaining equity investment not classified as assets held for sale, the equity method is used for accounting
treatment.
If an equity investment in a joint venture or associated enterprise that has been classified as assets held for sale no
longer meets the classification conditions for assets held for sale, it shall be retroactively adjusted by using the
equity method from the date when it is classified as assets held for sale. The financial statements for the period
classified as held for sale are adjusted accordingly.
(5) Impairment test method and impairment reserve calculation method
For the investment of a subsidiary, associated enterprise or joint venture, see Notes V. 20 for the method of setting
aside the impairment of assets.
16. Investment real estate
(1) Category of investment real estate
The investment real estate is the real estate that held to earn rents or for capital appreciation, or both. Mainly
includes:
①Leased land use rights.
②Land use rights held and ready to be transferred after appreciation.
③Leased buildings
(2) Measurement of investment real estate
The Company adopts the cost model to carry out follow-up measurement of investment real estate, see Note V. 20
for the method of setting aside the impairment of assets.
After deducting the accumulated impairment and net residual value of the investment real estate cost, the
Company calculates the depreciation or amortization by the straight-line method. The categories of the investment
real estate, the estimated economic useful life and the estimated net residual value rate determine the depreciation
life and the annual depreciation rate as follows:
Category Years of depreciation(year) Scrap value rate(%) Yearly depreciation rate(%)
House and buildings 35-40 3 2.77-2.43
Land use right 50 — 2.00
16. Fixed assets
Fixed assets are the tangible assets with a high unit value that are held for good production, provision of service,
rental or operation management with a useful life of more than one year.
(1) Recognition
Fixed assets are recognized at their actual cost at the time of acquisition when both of the following conditions are
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met:
①the economic benefits associated with the fixed assets are likely to flow into the enterprise.
②cost of the fixed assets can be measured reliably.
If the subsequent expenditure incurred for fixed assets that meet the conditions for recognition of fixed assets are
included in the costs of fixed assets; those that qualify for recognition as fixed assets are recognized in current
gain/loss.
(2) Depreciation methods for various type of fixed assets
The Company depreciates the fixed assets on an average annual basis from the month following the date when the
fixed assets reach their intended usable condition. The year of depreciation and annual depreciation rates are
determined by the category of fixed assets, estimated economic useful lives and estimated net salvage rates
respectively are as:
Years of Salvage rates Annual depreciation rates
Category Method
depreciation(Year) (%) (%)
Straight-line 10、35-40 0、3 2.43-2.77、10.00
House and buildings
depreciation
Including: owned house Straight-line 10 0 10.00
renovation depreciation
Straight-line 12 3 8.08
Machinery equipment
depreciation
Straight-line 7 3 13.86
Transport equipment
depreciation
Straight-line 5-7 3 13.86-19.40
Electronic equipment
depreciation
Office and other equipment Straight-line 7 3 13.86
depreciation
As for the fixed assets with impairment accrual, the provision for impairment of fixed assets is deducted when the
depreciation is provided.
At the end of each year, the Company reviews the useful life, estimated net salvage value and depreciation method
of fixed assets. When the estimated useful life differs from the original estimates, the useful life of such fixed
assets should be adjusted.
(3) Recognition, measurement and depreciation of fixed assets held under finance lease
The Company recognizes the lease of a fixed asset as a financial lease when all the risks and rewards related to the
leased fixed asset have been transferred substantially. The cost of fixed assets acquired by finance lease shall be
determined by the lower of the fair value of the leased asset and the present value of the minimum lease payment
on the commencement date of lease. The fixed assets leased through financing adopt the depreciation policy
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consistent with the self-owned fixed assets to calculate the depreciation of the leased assets. Where it can
reasonably be determined that ownership of the leased asset will be acquired at the end of the lease term,
depreciation of the leased asset shall be calculated during the useful life of the leased asset; Where it can not
reasonably be determined that ownership of the leased asset will be acquired at the end of the lease term,
depreciation shall be accrued during the shorter of the lease term and the useful life of the leased asset.
17. Construction in progress
(1) Business accounting of the construction work in process in based on project classification.
(2) Standard and time point for carrying forward the construction work in process into fixed assets
For the construction work in process project, the book value of the fixed asset is all the expenses incurred before
the construction of the asset reaches the predetermined serviceable state. Including construction costs, the original
price of machinery and equipment, other necessary expenses incurred to make the construction work in process
reach the predetermined serviceable state, as well as the borrowing costs incurred for the special borrowing of the
project before the assets reach the predetermined serviceable state and the borrowing costs incurred for the
occupied general borrowing. The Company transfers the construction work in process into fixed assets when the
project installation or construction is completed and reaches the predetermined serviceable state. The constructed
fixed assets which have reached the predetermined serviceable state but have not yet completed the final account
shall be transferred to the fixed assets based on the estimated value according to the construction budget, cost or
actual cost of work performed from the date of reaching the predetermined serviceable state, and calculates the
depreciation of fixed assets in accordance with the Company's policy for depreciation of fixed assets, and the
original provisional estimated value shall be adjusted according to the actual cost after the completion of the final
account, but the previously accrued amount of depreciation shall not be adjusted.
18. Borrowing expenses
(1) The recognition principle of capitalization of borrowing costs and capitalization period
The borrowing expenses incurred by the Company which can be directly attributed to the acquisition and
construction or production of assets that meet the capitalization conditions shall be capitalized and included into
the related asset costs when the following conditions are met simultaneously:
① Asset expenditure has incurred;
② Borrowing costs have incurred;
③The necessary acquisition and construction or production activities have begun to make the assets reach the
predetermined serviceable state.
Other interest on borrowings, discounts or premiums and exchange gains or losses shall be included in the profits
or losses of the current period.
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If abnormal interruption occurs in the process of acquisition, construction or production of the assets eligible for
capitalization, and the interruption period exceeds 3 consecutive months, the capitalization of borrowing costs
shall be suspended.
The capitalization of the borrowing costs shall be stopped when the assets that meet the capitalization conditions
of the acquisition, construction or production reach the predetermined serviceable or marketable status; Borrowing
costs incurred later are recognized as expenses in the current period of occurrence.
(2) The capitalization rate of borrowing costs and the calculation method of capitalization amount
Where specific borrowings are borrowed for the acquisition and construction or production of assets eligible for
capitalization, the amount after deducting the interest income obtained by depositing the unused loan funds in the
bank or the investment income obtained through temporary investment from the interest expenses actually
incurred in the current period of the specific borrowings is determined as the amount of the capitalization of the
interest charges for specific borrowings.
Where general borrowings are occupied for the acquisition and construction or production of assets eligible for
capitalization, the amount of interest that should be capitalized on the general borrowings shall be calculated and
determined by multiplying the asset expenditure weighted average of the accumulated asset expenditure
exceeding the specific borrowings and the capitalization rate of the general borrowings. The capitalization rate is
calculated and determined based on the weighted average interest rate of general borrowings.
19. Intangible assets
(1) Valuation of intangible assets
Recorded at the actual cost at the time of acquisition.
(2) Useful life and amortization of intangible assets
①Estimated useful life of the intangible assets with finite useful life:
Estimated useful
Item Basis
life
Land use right 50 years Legal right of use
Computer Useful life is determined by the reference to the period that can bring economic benefit to the
5years
software Company
Useful life is determined by the reference to the period that can bring economic benefit to the
Trademark 10years
Company
At the end of each year, the company shall review the service life and amortization method of intangible assets
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with limited service life. Upon review, the service life and amortization method of intangible assets at the end of
this period are not different from previous estimates.
② Intangible assets that cannot be foreseen to bring economic benefits to the enterprise shall be regarded as
intangible assets with uncertain service life. For intangible assets with uncertain service life, the company shall
review the service life of the intangible assets with uncertain service life at the end of each year. If the service life
of the intangible assets is still uncertain after the review, an impairment test shall be conducted on the balance
sheet date.
③Amortization of intangible assets
For intangible assets with limited service life, the Company shall determine their service life at the time of
acquisition, and make reasonable amortization within the service life by using the straight line method system, and
the amortization amount shall be recorded into the current profits and losses according to the benefit items. The
specific amount to be amortized is the amount after deducting the estimated residual value from the cost. For
intangible assets for which impairment reserves have been set aside, the accumulated amount of impairment
reserves for intangible assets which have been set aside shall also be deducted. For intangible assets with limited
service life, its residual value shall be regarded as zero, except in the following cases: a third party promises to
purchase the intangible asset at the end of its service life, or the estimated residual value information can be
obtained based on the active market, and such market is likely to exist at the end of the service life of the
intangible asset.
Intangible assets with uncertain service life shall not be amortized. At the end of each year, the service life of
intangible assets with uncertain service life shall be reviewed. If there is evidence that the service life of intangible
assets is limited, the service life of intangible assets shall be estimated and reasonably amortized in a system
within the expected service life.
20. Long-term assets impairment
The asset impairment of the long-term equity investment of subsidiary companies, associated enterprises and joint
ventures, the investment real estate using cost model for subsequent measurement, the fixed assets, the
construction work in process, the intangible assets, the goodwill, etc. (except for inventory, investment real estate
measured by fair value model, deferred income tax assets, financial assets) is determined according to the
following methods:
On the balance sheet date, the Company judges whether there are any signs of possible impairment of the assets.
If there are any signs of impairment, the Company will estimate the recoverable amount and conduct an
impairment test. For goodwill formed by business combination, intangible assets with uncertain service life and
intangible assets that have not reached the usable state, impairment test is carried out every year, regardless of
whether there is any indication of impairment.
The recoverable amount is determined according to the higher between the net amount of the fair value of the
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asset minus the disposal expense and the present value of the expected future cash flow of the asset. The
Company estimates the recoverable amount on the basis of individual assets; If it is difficult to estimate the
recoverable amount of a single asset, the recoverable amount of an asset group shall be determined on the basis of
the asset group to which the asset belongs. The identification of an asset group shall be based on whether the main
cash inflow generated by the asset group is independent of the cash inflow of other assets or asset group.
When the recoverable amount of an asset or an asset group is lower than its carrying amount, the Company will
write down the carrying amount to the recoverable amount, record the write-down amount into the current profits
and losses, and at the same time make a provision for the corresponding asset impairment.
For the impairment test of goodwill, the book value of the goodwill formed by the business combination shall be
apportioned to the relevant asset group in a reasonable manner from the purchase date; If it is difficult to be
apportioned to the relevant asset group, it shall be apportioned to the relevant asset group portfolio. The related
asset group or asset group portfolio is the asset group or asset group portfolio that can benefit from the synergies
of business combination and is not greater than the reporting segment identified by the Company.
During the impairment test, if the asset group or asset group portfolio related to goodwill shows signs of
impairment, the impairment test shall be carried out on the asset group or asset group portfolio which does not
contain goodwill, the recoverable amount shall be calculated and the corresponding impairment loss shall be
confirmed. Then the impairment test is carried out on the asset group or the asset group portfolio containing
goodwill, comparing its book value with the recoverable amount, if the recoverable amount is lower than the book
value, the impairment loss of goodwill is confirmed.
Once an asset impairment loss is recognized, it shall not be reversed in the subsequent accounting period.
21.Long-term prepaid expenses
To account for the expenses that have been incurred but which shall be borne by the current and future periods
and which are apportioned over a period of more than one year.
The long-term prepaid expenses will amortized equally over the period of benefit.
22. Employee remuneration
Employee remuneration refers to various forms of remuneration or compensation given by the Company to the
employee for obtaining the service provided by the employee or the termination of labor relationship. Employee
remuneration includes short-term remuneration, after-service benefits, dismissal benefits and other long-term
employee benefits. The benefits provided by the Company to spouses, children, dependants, deceased employees'
survivors and other beneficiaries shall also be considered as employee remuneration.
According to the liquidity, employee remuneration is listed separately under the "employee remuneration payable"
and "long-term employee remuneration payable" items in the balance sheet.
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(1) Accounting treatment of short-term remuneration
① Basic remuneration (salary, bonus, allowance, subsidy)
During the accounting period when the employees provide services to the Company, the Company recognizes the
short-term remuneration actually incurred as a liability and records it into the current profits and losses, except for
those required or allowed to be included in the cost of assets under other accounting standards.
② Employee welfare expenses
The employee welfare expenses incurred by the Company shall be included in the current profits and losses or
related asset costs according to the actual amount incurred when they actually occur. If employee welfare
expenses are non-monetary welfare, they shall be measured at fair value.
③Medical insurance, industrial injury insurance, maternity insurance and other social insurance premiums and
housing provident funds, as well as labor union funds and staff education funds
The medical insurance, industrial injury insurance, maternity insurance and other social insurance premiums and
housing provident funds the Company paid for its employees, as well as the labor union funds and staff education
funds set aside by rule calculate and determine the corresponding employee remuneration amount according to the
stipulated provisions basic and provision ratio during the accounting period for the employee to provide services,
and confirm the corresponding liabilities and record them into the current profits and losses or related asset cost.
④Short-term paid absence
The Company recognizes the employee's compensation related to the accumulated paid absence when the service
provided by the employee increases his or her right to enjoy future paid absence, and measures it with the increase
in expected payment due to the accumulated unexercised right. The Company recognizes employee compensation
related to non-cumulative paid absence during the accounting period when the absence actually occurs.
⑤ Short-term profit sharing plan
If the profit sharing plan satisfies the following conditions at the same time, the Company recognizes the relevant
employee compensation payable:
A. The enterprise has a statutory or constructive obligation to pay its employees due to past events;
B. The amount of payroll obligations arising from profit sharing plans can be reliably estimated.
(2) Accounting treatment of post-employment benefits
① Defined contribution plans
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The Company recognizes the amount payable calculated according to the defined contribution plans as a liability
during the accounting period when the employee provides services to it, and records it into the current profits and
losses or the related asset cost.
According to the defined contribution plans, where it is not expected to pay the full amount payable within 12
months after the end of the annual reporting period for the relevant services provided by the employee, the
Company measures the payroll payable by the amount after discounting the full amount payable with reference to
the corresponding discount rate (determined by the treasury bonds matching with the obligatory term of defined
contribution plans or the market yield of the high quality corporate bonds in the active market at the balance sheet
date).
② Defined benefit plans
A. Determine the present value and current service cost of the obligations under the defined benefit plans
According to the expected accumulative welfare unit method, the relevant demographic variables and financial
variables are estimated by using unbiased and consistent actuarial assumptions, the obligations arising from the
defined benefit plans are measured, and the period of attribution of the relevant obligations is determined.
The Company discounts the obligations arising from the defined benefit plans according to the corresponding
discount rate (determined by the treasury bonds matching with the obligatory term of defined benefit plans or the
market yield of the high quality corporate bonds in the active market at the balance sheet date) to determine the
present value of the obligations of the defined benefit plans and the current service cost.
B. Recognize the net liabilities or net assets of the defined benefit plans
Where there are assets in the defined benefit plans, the Company shall recognize the deficit or surplus formed by
the present value of the obligations of the defined benefit plans minus the fair value of the assets of the defined
benefit plans as the net liabilities or net assets of a defined benefit plan.
If there is surplus in the defined benefit plans, the Company shall measure the net assets of the defined benefit
plans by the lower of the defined benefit plans’ surplus or the upper limit of assets.
C. Determine the amount to be included in the asset cost or the current profit and loss
Service cost includes current service cost, past service cost and settlement gains or losses. Among them, except for
the current service costs required or allowed to be included in the cost of assets under other accounting standards,
other service costs are included in the current profits and losses.
Net interest on net liabilities or net assets of defined benefit plans, including interest income on plan assets,
interest expense on defined benefit plan obligations, and interest on the impact of asset caps, are recorded in the
current profits and losses.
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D. Determine the amount to be included in other comprehensive income
Remeasurement of changes in net liabilities or net assets of a defined benefit plan, including:
(a) Actuarial gain or loss is an increase or decrease in the present value of the previously measured defined benefit
plan obligations as a result of actuarial assumptions and empirical adjustments;
(b) Return on plan assets, deduct the amount included in the net interest on the net liabilities or net assets of the
defined benefit plan;
(c) Changes in the impact of the asset cap, deduct the amount included in the net interest on the net liabilities or
net assets of the defined benefit plan.
Changes in net liabilities or net assets of the above-mentioned remeasured benefit plan are directly included in
other comprehensive income and are not allowed to be transferred back to profit or loss in subsequent accounting
periods, but the Company may transfer these amounts recognized in other comprehensive income within the range
of equity.
(3) Accounting treatment of dismiss benefits
Where the Company provides dismiss benefits to its employees, the Company shall recognize the employees'
compensation liabilities arising from dismiss benefits at the earlier day of the following two, and record them into
the current profits and losses:
①The enterprise cannot unilaterally withdraw the dismiss benefits provided by the plan for the termination of
labor relations or the downsizing proposal;
② When the enterprise recognizes the costs or expenses related to the restructuring involving the payment of
dismiss benefits.
If the dismiss benefits are not expected to be fully paid within 12 months after the end of the annual report period,
the amount of dismiss benefits shall be discounted according to the corresponding discount rate (determined by
the treasury bonds matching with the obligatory term of defined benefit plans or the market yield of the high
quality corporate bonds in the active market at the balance sheet date), and the discounted amount shall be used to
measure the payroll payable.
(4) Other accounting treatment methods for long-term employee benefits
① Meeting the conditions of the defined benefit plan
If other long-term employee benefits provided by the Company meet the conditions of the defined benefit plan,
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the payroll payable shall be measured at the discounted amount of the total amount payable.
② Meeting the conditions of the defined benefit plan
At the end of the reporting period, the Company recognizes the employee compensation costs generated by other
long-term employee benefits as the following components:
A. Service cost;
B. Net interest on net liabilities or net assets of other long-term employee benefits;
C. Remeasurement of changes in net liabilities or net assets of other long-term employee benefits.
In order to simplify the relevant accounting treatment, the total net amount of the above items is included in the
current profits and losses or the related asset cost.
23. Accrual liability
(1) Recognition standards
The Company recognizes an accrual liability if the obligation associated with the contingency also meets the
following conditions:
①the obligation is a present obligation assumed by the Company;
②it is probable that the performance of the obligation will result in an outflow of the economic benefits to the
Company;
③the obligation can be measured reliably for its value.
(2) Measurement
Accrual liabilities are initially measured in accordance with the best estimate of the expenses required to fulfill the
relevant current obligations, taking into account the risks, uncertainties and time value of money related to
contingencies. The book value of the Accrual liabilities is reviewed on each balance sheet date. If there is
conclusive evidence that the book value cannot reflect the current best estimate, the book value shall be adjusted
according to the current best estimate.
24.Recognition and measurement of revenue
(1) General principles
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Income is the total inflow of economic benefits generated in the daily activities of the Company that will lead to
an increase in shareholders' equity and have nothing to do with the capital invested by shareholders.
The Company recognizes revenue when the performance obligation in the contract has been fulfilled, that is, when
the customer obtains the control of the relevant commodity. To gain control of a relevant commodity means to be
able to dominate the use of the commodity and gain almost all economic benefits from it.
If the contract contains two or more performance obligations, the Company shall, on the commencement date of
the contract, apportion the transaction price to each individual performance obligation in accordance with the
relative proportion of the individual selling price of the goods or services promised in each individual
performance obligation, and measure its income according to the transaction price apportioned to each individual
performance obligation.
The transaction price is the amount of consideration the Company expects to be entitled to receive in connection
with the transfer of goods or services to the customer, excluding payments received on behalf of third parties.
When determining the contract transaction price, if there is a variable consideration, the Company determines the
best estimate of the variable consideration in terms of the expected or most likely amount, and includes the
transaction price in an amount not exceeding the cumulatively recognized income which is highly unlikely to be
materially reversed when the relevant uncertainty is removed. If there is a significant financing component in the
contract, the Company will determine the transaction price on the basis of the amount payable paid in cash by the
customer at the time of acquisition of control of the goods, the difference between the transaction price and the
contract consideration is amortized over the period of the contract by using the effective interest method. Where
the time between the transfer of control and the payment by the customer is less than one year, the Company shall
not consider the financing component.
It belongs to fulfillment of performance obligations within a certain period of time if meeting one of the following
conditions; otherwise, it belongs to fulfillment of performance obligations at a certain point of time:
①The customer obtains and consumes the economic benefits brought by the performance of the Company when
performing the contract;
② The customer can control the goods under construction in the process of the company's performance;
③The products produced by the Company during the performance of the contract have irreplaceable uses, and the
Company has the right to collect payment for the accumulated part of the performance completed so far during the
entire contract period.
For performance obligations performed within a certain period of time, the Company shall recognize revenue in
accordance with the performance progress within that period, except where the performance progress cannot be
reasonably determined. The Company determines the performance progress of the services provided according
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to the input (or output) method. When the performance progress cannot be reasonably determined, if the cost
already incurred by the Company is expected to be compensated, the revenue shall be recognized according to the
amount of cost already incurred until the performance progress can be reasonably determined.
For performance obligations performed at a certain point of time, the Company recognizes revenue at the time
point when the customer obtains control of the relevant goods. When judging whether the customer has acquired
control of the goods or services, the Company will consider the following indications:
①The Company is entitled to current payment rights in respect of the goods or services, that is, the customer has
current payment obligations in respect of the goods;
② The Company has transferred the legal ownership of the goods to the customer, that is, the customer has the
legal ownership of the goods;
③ The Company has transferred the commodity in kind to the customer, that is, the customer has physical
possession of the commodity;
④The Company has transferred the main risks and rewards of the ownership of the goods to the customer, that is,
the customer has acquired the main risks and rewards of the ownership of the goods;
⑤ The customer has accepted the goods.
Sales return clause
For sales with a sales return clause, the Company shall recognize the revenue according to the amount of
consideration to which the customer is entitled as a result of the transfer of the goods to the customer when the
customer acquires the control of the relevant goods, and the amount refunded as expected due to the sales return
shall be recognized as an estimated liability. At the same time, the balance after deducting the cost expected to be
incurred for the recovery of the goods (including impairment of the value of the returned goods) from the book
value of the returned commodity at the time of transfer is recognized as an asset, i.e. the cost of returns receivable,
and deducts the net amount carryover cost of the above asset cost according to the book value of the transferred
commodity at the time of transfer. On each balance sheet date, the Company re-estimates the return of future sales
and remeasures the above assets and liabilities.
Warranty obligations
According to the contract and legal provisions, the Company provides quality assurance for the sale of goods,
construction of the project, etc. For the warranty quality assurance designed to assure customers that the products
sold meet established standards, the Company conducts accounting treatment in accordance with the Accounting
Standards for Business Enterprises No. 13 - Contingencies. For service class quality assurance that provides a
separate service in addition to assuring customers that the goods sold meet established standards, the Company
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regards it as a single performance obligation and apportions part of the transaction price to the service class
quality guarantee in accordance with the relative proportion of the separate price for providing goods and service
class quality guarantee, and recognizes the revenue when the customer obtains the control of the service. When
assessing whether quality assurance provides a separate service in addition to assuring the customer that the goods
sold meet established standards, the Company considers such factors as whether the warranty is a statutory
requirement, the quality warranty period and the nature of the task to which the Company is committed.
Principal responsible persons and agents
If the Company acquires the control of the trading commodities from a third party and then transfers them to
customers, the Company shall have the right to determine the price of the trading commodities independently, that
is, the Company can control the trading commodities before transferring them to the customers, therefore, the
Company is the principle responsible person, and the revenue is recognized according to the total consideration
received or receivable. Otherwise, the Company, acting as the agent, shall recognize the revenue on the basis of
the amount of commissions or service charges it is expected to be entitled to receive, this amount should be
determined on the basis of the net amount after deducting the price payable to other relevant parties from the total
consideration received or receivable, or on the basis of the amount or proportion of fixed commissions, etc.
Customer consideration payable
If there is a customer consideration payable in the contract, unless the consideration is to obtain other clearly
distinguishable goods or services from the customer, the Company will offset the consideration payable against
the transaction price, and the Company will offset the current revenue at the later time point between the time
recognizing the relevant revenue or the time paying (or promising to pay) the customer consideration.
Contractual rights not exercised by the client
If the Company receives payments for sales of goods or services from customers in advance, it will first recognize
such payments as liabilities and then turn them into income when the relevant performance obligations are
fulfilled. Where any advance received by the Company is not refundable and the Customer may waive all or part
of its contractual rights, and the Company anticipates to be entitled to an amount in connection with the
contractual rights waived by the customer, such amount shall be recognized as revenue pro rata according to the
mode in which the customer exercises the contractual rights. Otherwise, the Company will convert the relevant
balance of the said liabilities into income only when it is highly unlikely that the customer will require the
fulfillment of the remaining performance obligations.
(2) Specific methods
Specific methods for revenue recognition of the Company are as follows:
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① Commodity sales contract
The sales contract between the Company and the customer contains the performance obligation of the transferred
goods, which belongs to the performance obligation at a certain point in time.
The revenue recognition of auto sales and jewelry wholesale need to satisfy the following conditions: the
Company has delivered goods to the customer according to the contract and customer has accepted the goods, the
payment has been received or the receipt has been obtained and the associated economic benefits are likely to
flow in, the major risks and rewards of ownership of the goods have been transferred, and the legal ownership of
the goods has been transferred.
②Auto repair and test contract
The performance obligations contained in the auto repair and test contract between the Company and the customer
belong to the performance obligations at a certain point in time.
The revenue recognition of auto repair and test contract needs to meet the following conditions: the Company has
completed the service of auto repair and test as agreed in the contract, settled all materials and working hours with
the customer, and allowed the customer's automobile to leave the Company's repair shop.
③ Provision of service contract
The provision of service contract between the Company and customers includes the performance obligations for
services related to the rental of real estate, as the customer obtains and consumes the economic benefits brought
by the Company's performance of the contract while the Company performs the contract, the Company considers
them as the performance obligations to be performed within a certain period of time, and apportions and
recognizes them equally during the service provision period.
④ Real estate lease contract
For the recognition method for the Company's real estate rental income, see "Notes V. 27".
25. Government subsidy
(1) Recognition
Government subsidies are recognized when the following conditions are met at the same time:
①The company can meet the conditions attached to the government subsidies;
②The company can receive government subsidies.
(2) Measurement
If the government subsidy is a monetary asset, it shall be measured according to the amount received or receivable.
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If the government subsidy is a non-monetary asset, it shall be measured at fair value; If the fair value cannot be
reliably obtained, it shall be measured according to the nominal amount of 1 yuan.
(3) Accounting treatment of government subsidies
① Asset-related government subsidies
The government subsidies obtained by the company for the purchase and construction or the formation of
long-term assets in other ways are classified as the government subsidies related to assets. Government subsidies
related to assets are recognized as deferred income, which shall be included into profits and losses in a reasonable
and systematic way in the service life of the relevant assets. Government subsidies measured in nominal amounts
shall be directly included in current profits and losses. If the relevant assets are sold, transferred, scrapped or
destroyed before the end of their useful life, the undistributed balance of relevant deferred income shall be
transferred to the current profit sand loss of the asset disposal.
② Government subsidies related to income
Government subsidies other than those related to assets are classified as income-related government subsidies.
The government subsidies related to income shall be conducted accounting treatment according to the following
regulations in different cases:
Those used to compensate the relevant costs or losses of the Company in subsequent periods shall be recognized
as deferred income and shall be recorded into the current profits and losses during the period in which the relevant
costs or losses are recognized;
Those used to compensate the relevant costs or losses incurred by the Company shall be directly recorded into the
current profit and loss.
For the government subsidies that contain both the part related to assets and the part related to income, separate
different parts for accounting treatment; for the indistinguishable part, the whole is classified as income-related
government subsidies.
Government subsidies related to the daily activities of the Company shall be included in other earnings in
accordance with the substance of economic business. The government subsidies unrelated to the daily activities of
the Company shall be included in the non-operating income and expenditure.
③Return of government subsidies
When the recognized government subsidies need to be returned, the book value of the assets shall be adjusted if
the book value of the relevant assets is written down during the initial recognition; If there is a balance of the
relevant deferred income, the book balance of the relevant deferred income shall be written down, and the excess
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part shall be included into the current profits and losses; Under other circumstances, they shall be directly
recorded into current profits and losses.
26. Deferred income tax assets and deferred income tax liabilities
The Company usually recognizes and measures the amount of income tax impact of taxable temporary differences
or deductible temporary differences as deferred income tax liabilities and deferred income tax assets by using the
balance sheet liability method based on the temporary differences between the book value of assets and liabilities
on the balance sheet date and the tax base. The Company does not discount deferred tax assets and deferred tax
liabilities.
(1) Recognition of deferred tax assets
For deductible temporary differences, deductible losses and tax credits that can be carried forward to the next year,
their amount of impact on income tax is calculated at the expected income tax rate during the reversal period and
is recognized as a deferred income tax asset, but is within the limit of future taxable income that the Company are
likely to use to offset deductible temporary differences, deductible losses and tax credits.
The impact amount of income tax of a deductible temporary difference arising from the initial recognition of an
asset or liability in a transaction or event simultaneously having both the following characteristics shall not be
recognized as a deferred income tax asset:
A. The transaction is not a business merger;
B. The transaction occurs without affecting either accounting profit or taxable income (or deductible loss).
The impact amount of income tax of the Company's deductible temporary differences related to its investments in
subsidiaries, associated companies and joint ventures shall be recognized as deferred income tax assets if both of
the following conditions are met:
A. Temporary differences are likely to be reversed in the foreseeable future;
B. Taxable income is likely to be obtained in the future to offset the deductible temporary difference;
At the balance sheet date, if there is conclusive evidence that sufficient taxable income is likely to be obtained in
the future period to offset the deductible temporary difference, the deferred income tax assets not recognized in
the previous period shall be recognized.
At the balance sheet date, the Company reviews the book value of the deferred tax assets. Write down the book
value of the deferred tax asset if it is likely that sufficient taxable income will not be available to offset the benefit
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
of the deferred tax asset in future periods. When sufficient taxable income is likely to be obtained, the amount of
the write-down shall be reversed.
(2) Recognition of deferred income tax liabilities
The impact of all taxable temporary differences of the Company on income tax is measured at the expected
income tax rate during the reversal period and is recognized as a deferred income tax liability, except in the
following cases:
① The effect of taxable temporary differences on income tax arising from the following transactions or events is
not determined as a deferred income tax liability:
A. Initial recognition of goodwill;
B. Initial recognition of assets or liabilities arising from transactions having the following characteristics: the
transaction is not a business combination and affects neither accounting profit nor taxable income or deductible
losses when the transaction occurs.
② The impact amount of income tax of the Company's taxable temporary differences related to its investments in
subsidiaries, associated enterprises and joint ventures shall be recognized as deferred income tax liabilities, except
where the following two conditions are met:
A. The Company can control the time for the temporary difference to be reversed;
B. The temporary difference is unlikely to reverse in the foreseeable future.
(3) Recognition of deferred income tax liabilities or assets involved in a particular transaction or event
① Deferred income tax liabilities or assets related to the business combination
For taxable temporary differences or deductible temporary differences arising from business combinations not
under the same control, when a deferred tax liability or deferred tax asset is recognized, the associated deferred
income tax expense (or income) is usually adjusted for the goodwill recognized in the business combination.
②Items directly included in owners' equity
The current income tax and deferred income tax related to the transaction or event directly included in the owner's
equity shall be included in the owner's equity. The influence of temporary differences on income taxes are
included in the transactions or events of owners' equity, including other comprehensive income generated by
changes in fair value of other creditor's rights investments, retained earnings at the beginning of the period
adopting retroactive adjustment method for changes in accounting policies or adjusting retroactive restatement
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
method for prior (or important) accounting errors correction difference, and hybrid financial instruments
containing both liabilities ingredients and equity ingredients at the same time included in the owner's equity at the
initial recognition, etc.
③ Recoverable loss and tax deduction
A. Recoverable losses and tax deductions arising from the Company's own operations
Deductible loss refers to the loss calculated and determined in accordance with the provisions of the tax law which
is allowed to be made up with the taxable income of subsequent years. Uncovered losses (deductible losses) and
tax deductions that can be carried forward to subsequent years in accordance with the provisions of the tax law
shall be dealt with as deductible temporary differences. Where sufficient taxable income is likely to be obtained in
the future periods in which losses or tax deductions are expected to be available, the corresponding deferred
income tax asset shall be recognized within the limit of the taxable income likely to be obtained, and the income
tax expense in the current income statement shall be reduced.
B. Recoverable uncovered losses of the combined enterprise resulting from business combination
In a business combination, the Company shall not recognize the deductible temporary differences acquired by the
acquiree that do not meet the conditions for the recognition of deferred income tax assets on the purchase
date.Within 12 months after the acquisition date, if new or further information indicates that relevant conditions
existed on the date of purchase, and it is expected that the economic benefits of the acquiree brought by the
deductible temporary differences on the purchase date can be realized, recognize the relevant deferred income tax
assets, and reduce the goodwill at the same time, if the goodwill is insufficient for write-down, the difference part
shall be recognized as the current profits and losses; In addition to the above conditions, the deferred income tax
assets related to the business combination shall be recognized and recorded into the current profits and losses.
④Temporary differences formed by merger offset
When preparing the consolidated financial statements, where there is a temporary difference between the book
value of the assets or liabilities in the consolidated balance sheet and the tax base of the taxable entity due to the
offset of unrealized internal sales gains and losses, the deferred income tax assets and deferred income tax
liabilities shall be recognized in the consolidated balance sheet, and the income tax expenses in the consolidated
income statement shall be adjusted at the same time, but except for the transactions or events directly included in
owners' equity and the deferred income taxes related to the business combination.
⑤ Equity-settled share-based payments
If the tax law allows a pre-tax deduction for expenses related to share-based payments, within the period during
which costs and expenses are recognized in accordance with accounting standards, the Company shall calculate
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
and determine its tax base and temporary differences arising therefrom according to the amount of pre-tax
deductions estimated by the information obtained at the end of the accounting period, and recognize the relevant
deferred income taxes in compliance with recognition conditions. Among them, the amount that can be deducted
before tax in the future period is expected to exceed the cost and expense related to share-based payment
recognized in accordance with the provisions of accounting standards, and the income tax impact of the excess
part shall be directly recorded into the owner's equity.
27. Leasing
The leases that transfer substantially all the risks and rewards associated with the ownership of assets are regarded
as financial leases, except for those that are operating leases.
(1) Accounting treatment of operating leases
①When the Company acts as the lessee of an operating lease, the rental expenses of the operating lease shall be
recorded into the current profits and losses in each period of the lease term according to the straight line method or
according to the usage of the leased asset. Where the lessor provides a rent-free period, the Company shall
allocate the total rent by the straight line method or other reasonable methods throughout the entire lease term
without deducting the rent-free period, and recognize the rent expenses and the corresponding liabilities during the
rent-free period. If the lessor bears certain expenses of the lessee, the Company shall allocate the rent expense
balance after deducting such expenses from the total rent expenses during the lease term.
Initial direct expenses are recorded into the profits and losses of the current period. If there is contingent rent
agreed in the agreement, it will be recorded into the current profit and loss when it actually occurs.
②When the Company acts as a lessor of an operating lease, straight line method is adopted to recognize the rent
received as income during the lease term.Where the lessor provides a rent-free period, the lessor shall allocate the
total rent by the straight line method or other reasonable methods throughout the lease term without deducting the
rent-free period, and the lessor shall also recognize the rental income during the rent-free period. If the lessee
bears certain expenses, the Company shall allocate such expenses within the lease term according to the balance
of the rental income after deducting such expenses from the total rental income.
Initial direct expenses are recorded into the profits and losses of the current period. The larger amount will be
capitalized and recorded into the current profits and losses on the same basis as the rental income during the entire
operating lease term. If there is contingent rent agreed in the agreement, it shall be recorded into current income
when it actually occurs.
(2) Accounting treatment of finance lease
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
① When the Company is the lessee of a finance lease, on the beginning date of the lease term, the lower of the
fair value of the leased asset and the present value of the minimum lease payment on the beginning date of the
lease shall be regarded as the record value of the leased asset, the minimum lease payment shall be regarded as the
record value of the long-term payable, and the difference shall be regarded as unrecognized finance fees. In each
period of the lease term, the effective interest rate method is adopted for apportionment, which is recognized as
the current financing costs and included into the financial expenses.
The initial direct expenses incurred shall be included in the value of the leased asset.
When calculating the depreciation of finance lease assets, the Company adopts the depreciation policy consistent
with its own depreciable assets, and the period of depreciation is determined by the lease contract. If it can
reasonably be determined that the Company will acquire ownership of the leased asset at the expiration of the
lease term, the life of the leased asset on the commencement date of the lease term will be regarded as the
depreciation period. If it can not reasonably be determined whether the Company will be able to acquire
ownership of the leased asset at the expiration of the lease term, the shorter of the lease term or the life of the
leased asset shall be taken as the depreciation period.
② When the Company acts as the lessor of the finance lease, the sum of the minimum lease receivables on the
lease commencement date and the initial direct expenses shall be recorded as the book value of the finance lease
receivables on the lease commencement date and recorded into the long-term receivables in the balance sheet, and
the unsecured residual value shall be recorded at the same time. The difference between the sum of the minimum
lease receivables, the initial direct expenses and the unsecured residual value and its present value is regarded as
unrealized financing income, which is recognized as lease income by using the effective interest rate method in
each period of the lease term.
28. Important accounting judgement and estimates
The Company continuously evaluates the used significant accounting estimates and key assumptions based on
historical experience and other factors, including reasonable expectations of future events. Significant accounting
estimates and key assumptions that are likely to lead to a significant adjustment risk in the carrying value of assets
and liabilities in the next fiscal year are listed as below:
Classification of financial assets
The Company's major judgments involved in determining the classification of financial assets include the analysis
of business model and contract cash flow characteristics.
The Company determines the business model for the management of financial assets at the level of financial asset
portfolio, factors taken into account include the way in which the performance of financial assets is evaluated and
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
reported to key management personnel, the risks affecting the performance of financial assets and the way in
which the performance of financial assets is managed, and the way in which the management personnel of related
businesses are compensated, etc.
When evaluating whether the contractual cash flow of financial assets is consistent with the basic lending
arrangement, the Company has the following major judgments: whether the principal may change in the time
distribution or amount within the duration due to repayment in advance or other reasons; whether the interest
includes only the time value of money, credit risk, other fundamental borrowing risks, and consideration for costs
and profits. For example, whether the amount repaid in advance only reflects the outstanding principal and interest
based on the outstanding principal, as well as reasonable compensation paid for early termination of the contract.
Measurement of expected credit loss of accounts receivable
The Company calculates the expected credit loss of accounts receivable through the exposure at default of
accounts receivable and the expected credit loss rate, and determines the expected credit loss rate based on the
probability of default and the loss given default. When determining the expected credit loss rate, the Company
uses data such as its internal historical credit loss experience, and adjusts historical data in the light of current
conditions and forward-looking information. When considering forward-looking information, the Company uses
indicators such as the risk of economic downturns, external market conditions, technological environment and
changes in customer conditions. The Company regularly monitors and reviews assumptions related to the
calculation of expected credit losses.
Deferred tax assets
Deferred tax assets should be recognized for all unutilized tax losses to the extent that there is a high likelihood of
sufficient taxable profit to offset the loss. This requires management to use a great deal of judgment to estimate
the timing and amount of future taxable profits, and combine with tax planning strategies to determine the amount
of deferred tax assets to be recognized.
Determination of fair value of unlisted equity investments
The fair value of an unlisted equity investment is the projected future cash flow discounted by the current discount
rate of the project with similar terms and risk characteristics. Such valuation requires the Company to estimate
expected future cash flows and discount rates and is therefore subject to uncertainty. In limited cases, where the
information used to determine the fair value is insufficient, or where the possible estimated amounts of the fair
value are distributed over a wide range and the cost represents the best estimate of the fair value within that range,
the cost may represent the appropriate estimate of the fair value within that range.
29. Changes of important accounting policies and accounting estimate
(1)Changes of important accounting policies
□Applicable √ Not applicable
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
(2) Changes of important accounting estimate
□Applicable √ Not applicable
(3)Adjustment on the relevant items of financial statement at beginning of the year when implemented the
new leasing standards since 2021
Applicable
Whether need to adjust the balance sheet items at the beginning of the year
□Yes √No
Explain the reasons of no need to adjust the balance sheet items at the beginning of the year
On 7 December 2018, the Ministry of Finance revised and issued the “Accounting Standards for Business
Enterprises No.21- Leasing”(Cai Kuai [2018] No.35) (hereinafter referred to as New Leasing Standards), and
requires the enterprises listed both domestically and internationally, as well as enterprises listed aboard with
adoption of the IFRS or ASBEs for the preparation of financial statement, should implemented the new leasing
standards since 1 Jan. 2019; other enterprise implementing ASBEs will be effective from 1 Jan. 2021. The
Company disclose the accounting statements in accordance with the requirements of the new leasing standards
from 1 Jan. 2021, without adjusting the comparable figures for year of 2020, and the accounting policy change
will not affect relevant financial index of the Company for year of 2020.
(4) Retrospective adjustment of early comparison data description when implemented the new leasing
standards since 2021
□ Applicable √ Not applicable
30. Other
IV. Taxes
1. Type of tax and rate for main applicable tax
Taxes Basis Rate
Selling goods or providing taxable
VAT 13%, 11%, 9%, 5%, 6%, 3%
services
Consumption tax Sell goods 10%
Urban maintenance and construction tax Turnover tax payable 7%
Enterprise income tax Taxable income 20%, 25%
Price-based resource tax, 1.2 percent of
the remaining value after deducting 30%
Property tax of the original value of the property; tax 1.2%, 12%
on 12% of rent income for calculation
and collection based on rent
Educational surtax Turnover tax payable 3%
Local education surcharge Turnover tax payable 2%
Rate of income tax for different taxpaying body:
Taxpaying body Rate of income tax
Shenzhen Xinyongtong Motor Vehicle Testing Equipment Co.,
20%
Ltd.
Shenzhen Huari Anxin Automobile Inspection Co., Ltd. 20%
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Other taxpaying body than the above 25%
2. Tax preferential
According to the “Notice on Implementation of Preferential Tax-reduction & Exemption Policies for Small &
Micro Enterprises” (Cai Shui [2019] No.13) issued by SAT (State Administration of Taxation), Shenzhen
Xinyongtong Automobile Inspection Equipment Co. Ltd enjoys the preferential tax policies for small & micro
enterprises with enterprise income tax at the rate of 20%.
3. Other
V. Annotation to main items of consolidated financial statements
1. Monetary funds
In RMB
Item Ending balance Opening balance
Cash on hand 9,536.20 20,542.55
Cash in bank 387,696,811.74 237,605,156.38
Other monetary fund
Total 387,706,347.94 237,625,698.93
Including: total amount deposited in
overseas
The total amount of money that 29,646,654.29 29,163,042.30
has restrictions on use due to mortgage,
pledge or freezing
Bank deposits of 29,646,654.29 yuan is the supervision fund by the Company developed the land plot 03 project of the upgrading
project of Tellus-Gman Gold Jewelry Industrial Park. In addition, there are no other amount in the monetary funds at the end of the
period that are subject to restrictions on use and potential recovery risks due to mortgages, pledges or freezes.
2. Trading financial assets
In RMB
Item Ending balance Opening balance
Financial assets measured by fair value and
with variation reckoned into current 211,374,917.81 314,013,869.86
gains/losses
Including: structured deposits and wealth
211,374,917.81 314,013,869.86
management products
Total 211,374,917.81 314,013,869.86
3. Derivative financial assets
□ Applicable √Not applicable
4. Note receivable
□ Applicable √Not applicable
5. Account receivable
(1) Category
In RMB
Category Ending balance Opening balance
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Book balance Bad debt provision Book balance Bad debt provision
Book
Accrual Accrual Book value
Amount Ratio Amount value Amount Ratio Amount
ratio ratio
Account receivable 49,125,8 68.43% 49,125,8 100.00% - 49,125,86 71.04% 49,125,86 100.00% -
with bad debt 62.29 62.29 2.29 2.29
provision accrual on
a single basis
Account receivable 22,663,6 31.57% 200,423. 0.88% 22,463,25 20,028,93 28.96% 200,423.7 1.00% 19,828,510.
with bad debt 76.97 74 3.23 4.10 4 36
provision accrual on
portfolio
71,789,5 100.00% 49,326,2 68.71% 22,463,25 69,154,79 100.00% 49,326,28 71.33% 19,828,510.
Total
39.26 86.03 3.23 6.39 6.03 36
Bad debt provision accrual on single basis:
In RMB
Ending balance
Name
Book balance Bad debt provision Accrual ratio Accrual causes
The account age is long
Shenzhen Jinlu Industry
9,846,607.00 9,846,607.00 100.00 and is not expected to be
and Trade Co., Ltd. recovered
Guangdong Zhanjiang The account age is long
Sanxing Auto Service 4,060,329.44 4,060,329.44 100.00 and is not expected to be
recovered
Co., Ltd.
The account age is long
Wang Changlong 2,370,760.40 2,370,760.40 100.00 and is not expected to be
recovered
Huizhou Jiandacheng The account age is long
Daoqiao Engineering 2,021,657.70 2,021,657.70 100.00 and is not expected to be
recovered
Company
The account age is long
Jiangling Automobile
1,191,059.98 1,191,059.98 100.00 and is not expected to be
Factory recovered
The account age is long
Yangjiang Auto Trade
1,150,000.00 1,150,000.00 100.00 and is not expected to be
Co., Ltd. recovered
The account age is long
Guangdong Materials
1,862,000.00 1,862,000.00 100.00 and is not expected to be
Group Corp recovered
The account age is long
Other 26,623,447.77 26,623,447.77 100.00 and is not expected to be
recovered
Total 49,125,862.29 49,125,862.29 -- --
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Bad debt provision accrual on portfolio:
In RMB
Ending balance
Name
Book balance Bad debt provision Accrual ratio
Aging portfolio 22,663,676.97 200,423.74 0.88%
Total 22,663,676.97 200,423.74 --
Explanation on portfolio determines:
If the provision for bad debts of account receivable is made in accordance with the general model of expected credit losses, please refer
to the disclosure of other account receivables to disclose related information about bad-debt provisions:
□ Applicable √Not applicable
By account age
In RMB
Account age Ending balance
Within one year (including one year) 22,660,316.97
1-2 years 3,360.00
Over 3 years 49,125,862.29
Over 5 years 49,125,862.29
Total 71,789,539.26
(2) Bad debt provision accrual, collected or reversal in the period
Bad debt provision accrual in the period:
In RMB
Amount changed in the period
Category Opening balance Collected or Ending balance
Accrual Written-off Other
reversal
Accounts
receivable with
single item 49,125,862.29 49,125,862.29
provision for bad
debts
Accounts
receivable with
provision for bad 200,423.74 200,423.74
debts by
combination
Total 49,326,286.03 49,326,286.03
(3) Account receivable actually written-off in the period
Nil
(4) Top 5 account receivables at ending balance by arrears party
In RMB
Ending balance of accounts Proportion in total receivables at Bad debt preparation ending
Enterprise
receivable ending balance balance
Shenzhen Jinlu Industry
9,846,607.00 13.72 9,846,607.00
and Trade Co., Ltd.
Guangdong Zhanjiang 4,060,329.44 5.66 4,060,329.44
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Sanxing Auto Service Co.,
Ltd.
Shenzhen Shangjinyuan
3,094,799.85 4.31 33,906.53
Jewelry Industry Co., Ltd.
Wang Changlong 2,370,760.40 3.30 2,370,760.40
Guangdong Materials
1,862,000.00 2.59 1,862,000.00
Group
Total 21,234,496.69 29.58
(5) Account receivable derecognition due to financial assets transfer
Nil
(6) Assets and liabilities resulted by account receivable transfer and continues involvement
Nil
6. Account receivable financing
Nil
7. Accounts paid in advance
(1) By account age
In RMB
Ending balance Opening balance
Account age
Amount Ratio Amount Ratio
Within one year 11,402,054.94 99.88% 9,834,423.80 99.86%
1-2 years 800.00 0.01% 800.00 0.01%
2-3 years 632.00 632.00 0.01%
Over 3 years 11,893.94 0.10% 11,893.94 0.12%
Total 11,415,380.88 -- 9,847,749.74 --
(2) Top 5 account paid in advance at ending balance by prepayment object
Name Ending balance Proportion in prepayment balance at
the end of period
FAW Toyota Motor Sales Co., Ltd. 6,730,597.91 58.96%
Toyota Motor (China) Investment Co., Ltd. 1,335,990.00 11.70%
Xiaopeng Automobile Sales Co., Ltd. 582,456.88 5.10%
Shenzhen Gorgeous Decoration Furniture 494,476.31 4.33%
Enterprise Company
Shenzhen Shengshi Classic Lighting Technology 354,341.44 3.10%
Co., Ltd.
Total 9,497,862.54 83.20%
8. Other account receivable
In RMB
Item Ending balance Opening balance
Dividend receivable 24,647,732.42 24,647,732.42
Other account receivable 6,960,884.99 4,622,058.41
Total 31,608,617.41 29,269,790.83
(1) Interest receivable
□ Applicable √Not applicable
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
(2) Dividend receivable
1) Category
In RMB
Item (or invested unit) Ending balance Opening balance
China Pudong Development Machinery 547,184.35 547,184.35
Industry Co., Ltd
Shenzhen Dongfeng Motor Co., Ltd. 24,100,548.07 24,100,548.07
Total 24,647,732.42 24,647,732.42
(3) Other account receivable
1) By nature
In RMB
Nature Ending book balance Opening book balance
Deposit margin 477,190.50 477,190.50
Reserve fund 18,622.20 13,822.20
Interim payment receivable 58,228,121.58 55,894,095.00
Total 58,723,934.28 56,385,107.70
2) Accrual of bad debt provision
In RMB
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance on Jan. 1, 2021 109,600.10 51,653,449.19 51,763,049.29
Balance of Jan. 1, 2021
—— —— —— ——
in the period
--Transfer to the second
stage
-- Transfer to the third
stage
-- Reversal to the second
stage
-- Reversal to the first
stage
Current accrual
Current switch back
Current conversion
Current write off
Other change
Balance on Jun. 30, 2021 109,600.10 51,653,449.19 51,763,049.29
Change of book balance of loss provision with amount has major changes in the period
□ Applicable √Not applicable
By account age
In RMB
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Account age Ending balance
Within one year (including one year) 4,139,121.19
1-2 years 161,722.86
2-3 years 417,554.97
Over 3 years 54,005,535.26
Over 5 years 54,005,535.26
Total 58,723,934.28
Note: the notes to other receivable should state whether there is a single material receivable with an age of more than three year and,
if so, disclosed in detail the reasons for the high level of such receivables and indicate the risks of recovery, etc.
3) Bad debt provision accrual, collected or reversal in the period
Bad debt provision accrual in the period:
In RMB
Amount changed in the period
Category Opening balance Collected or Ending balance
Accrual Written off Other
reversal
Single provision
49,301,363.12 49,301,363.12
for bad debts
Provision for bad
debts by 2,461,686.17 - - 2,461,686.17
combination
Total 51,763,049.29 51,763,049.29
4) Other account receivable actually written-off in the period
Nil
5) Top 5 other receivables at ending balance by arrears party
In RMB
Ratio in total ending
Ending balance of
Enterprise Nature Ending balance Account age balance of other
bad debt reserve
account receivables
Zhongqi South
China Auto Sales Intercourse funds 9,832,956.37 Over 3 years 16.74% 9,832,956.37
Company
South Industry &
TRADE Shenzhen Intercourse funds 7,359,060.75 Over 3 years 12.53% 7,359,060.75
Industrial Company
Shenzhen Zhonghao
Intercourse funds 5,000,000.00 Over 3 years 8.51% 5,000,000.00
(Group) Co., Ltd
Shenzhen Kaifeng
Special Automobile Intercourse funds 4,413,728.50 Over 3 years 7.52% 4,413,728.50
Industry Co., Ltd.
Shenzhen Gold Beili
Intercourse funds 2,706,983.51 Over 3 years 4.61% 2,706,983.51
Electrical Appliances
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Co., Ltd.
Total -- 29,312,729.13 -- 49.92% 29,312,729.13
6) Other account receivables related to government grants
Not applicable
7) Other receivable for termination of confirmation due to the transfer of financial assets
Not applicable
8) The amount of assets and liabilities that are transferred other receivable and continued to be involved
Not applicable
1. Inventories
Does the company need to comply with the disclosure requirements of the real estate industry
No
Category
In RMB
Ending balance Opening balance
Provision for Provision for
inventory inventory
depreciation or depreciation or
Item
Book balance contract Book value Book balance contract Book value
performance cost performance cost
impairment impairment
provision provision
Raw materials 15,656,716.17 14,772,382.17 884,334.00 15,481,888.98 14,772,382.17 709,506.81
Inventory 26,043,517.76 14,145,300.62 11,898,217.14 35,515,473.74 14,145,300.62 21,370,173.12
Consignment 6,307,872.38
merchandise
Consignment -6,307,872.38
merchandise
Total 41,700,233.93 28,917,682.79 12,782,551.14 50,997,362.72 28,917,682.79 22,079,679.93
Provision for inventory depreciation or contract performance cost impairment provision
In RMB
Current amount increased Current amount decreased
Item Opening balance Reversal or Ending balance Note
Accrual Other Other
write-off
Raw materials 14,772,382.17 14,772,382.17
Inventory 14,145,300.62 14,145,300.62
Total 28,917,682.79 28,917,682.79 --
The interest capitalization rate in the inventory balance at the end of the period
Not applicable
Inventory restrictions
Not applicable
Explanation on inventories with capitalization of borrowing costs included at ending balance
Not applicable
Description of the current amortization amount of contract performance costs
Not applicable
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
10. Contract assets
Not applicable
11. Assets held for sale
Not applicable
12. Non-current asset due within one year
Not applicable
13. Other current assets
In RMB
Item Ending balance Opening balance
Input VAT to be deducted 4,379,772.91 6,000,566.69
Total 4,379,772.91 6,000,566.69
14. Creditors’ investment
Not applicable
15. Other creditors’ investment
Not applicable
16. Long-term account receivable
(1) Long-term account receivable
In RMB
Ending balance Opening balance
Discount rate
Item Bad debt Bad debt
Book balance Book value Book balance Book value interval
provision provision
Related 2,179,203.68 2,179,203.68 - 2,179,203.68 2,179,203.68 -
transactions
Total 2,179,203.68 2,179,203.68 - 2,179,203.68 2,179,203.68 --
Impairment of bad debt provision
In RMB
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance of Jan. 1, 2021 2,179,203.68 2,179,203.68
Balance of Jan. 1, 2020
—— —— —— ——
in the period
--Transfer to the second
stage
-- Transfer to the third
stage
-- Reversal to the second
stage
-- Reversal to the first
stage
Current provision
Current reversal
86
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Current conversion
Current write off
Other change
Balance of Jun. 30, 2020 2,179,203.68 2,179,203.68
Change of book balance of loss provision with amount has major changes in the period
□ Applicable √Not applicable
(2) Long-term account receivable derecognition due to financial assets transfer
Not applicable
(3) Assets and liabilities resulted by long-term account receivable transfer and continues involvement
Not applicable
17. Long-term equity investment
In RMB
Current changes (+, -)
Ending
Other Cash
Opening Investme Accrual Ending balance
The Additiona comprehe dividend
balance nt gains Other of balance of
invested l Capital nsive or profit
(book recognize equity impairme Other (book impairme
entity investmen reduction income announce
value) d under change nt value) nt
t adjustmen d to
equity provision provision
t issued
I. Joint venture
Shenzhen
Tellus
Gman 37,666,74 4,623,167 42,289,90
Investme 1.13 .75 8.88
nt Co.,
Ltd
Shenzhen
Tellus
Hang 12,697,42 361,200.1 13,058,62
Investme 4.88 5 5.03
nt Co.,
Ltd.
50,364,16 4,984,367 55,348,53
Subtotal
6.01 .90 3.91
II. Associated enterprise
Shenzhen
Zung Fu
Tellus 33,607,14 7,549,787 41,156,93
Auto 6.14 .52 3.66
Service
Co., Ltd.
Shenzhen
995,270.3 -203,702. 791,568.2
Automobi
3 12 1
le
87
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Industry
Import
and
Export
Co., Ltd.
Shenzhen
Dongfeng 38,674,37 -2,646,81 36,027,55
Motor 3.09 4.83 8.26
Co., Ltd.
Shenzhen
Xinyongt
ong Oil
Pump 127,836.5
Environm 9
ent
Protection
Co., Ltd.
Shenzhen
Xinyongt
ong 41,556.83
Consultan
t Co., Ltd.
Shenzhen
Tellus
Automobi
le Service
Chain
Co., Ltd.
[Note 3]
Shenzhen
Xinyongt
ong Auto
Service
Co., Ltd.
[ Note 3]
Shenzhen
Xinyongt
ong
Dongxiao
Auto
Service
Co., Ltd.
[ Note 3]
Shenzhen
88
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Yongtong
Xinda
Inspectio
n
Equipmen
t Co., Ltd.
[ Note 3]
Hunan
Changyan
g 1,810,540
Industrial .70
Co., Ltd.
[ Note 1]
Shenzhen
Jiecheng
3,225,000
Electronic
.00
Co., Ltd.
[ Note 1]
Shenzhen
Xiandao
New 4,751,621
Materials .62
Co., Ltd.
[ Note 1]
China
Auto
Industrial
400,000.0
Shenzhen
0
Trading
Company
[Note 1]
Shenzhen
General
500,000.0
Standard
0
Co., Ltd.
[ Note 1]
Shenzhen
Zhongqi
South
China 2,250,000
Auto .00
Sales
Company
[Note 1]
89
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Shenzhen
Bailiyuan
Power 1,320,000
Supply .00
Co., Ltd.
[ Note 1]
Shenzhen
Yimin
Auto 200,001.1
Trading 0
Company
[Note 1]
Shenzhen
Torch
Spark
17,849.20
Plug
Industry
Company
73,276,78 4,699,270 77,976,06 14,644,40
Subtotal
9.56 .57 0.13 6.04
Shenzhen
Hanligao
Technolo
1,956,000
gy
.00
Ceramics
Co., Ltd.
[ Note 2]
Shenzhen
South
Auto
6,700,000
Maintena
.00
nce
Center
[Note 2]
8,656,000
Subtotal
.00
123,640,9 9,683,638 133,324,5 23,300,40
Total
55.57 .47 94.04 6.04
18. Other equity instrument investment
In RMB
Item Ending balance Opening balance
Unlisted equity instrument investment 10,176,617.20 10,176,617.20
Total 10,176,617.20 10,176,617.20
90
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Itemized disclosure of investment in non-trading equity instruments for the current period
The reason for
the designation
The amount of
as being Reasons for
other
measured at fair transferring
Recognized comprehensive
Cumulative Accumulated value and the other
Item dividend income
gain loss change comprehensive
income transferred to
included in income to
retained
other retained income
earnings
comprehensive
income
China Pudong Strategic
Development investment that
Machinery is expected to
Industry Co., be held for a
Ltd long time
19. Other non-current financial assets
Not applicable
20. Investment real estate
(1) Measured at cost
√ Applicable □Not applicable
In RMB
Item House and building Land use right Construction in progress Total
I. Original book value
1.Opening balance 639,235,625.45 49,079,520.00 688,315,145.45
2.Current amount
increased
(1) Outsourcing
(2) Inventory\fixed
assets\construction in
process transfer-in
(3) Increased by
combination
3.Current amount
decreased
(1) Disposal
(2) Other transfer-out
4.Ending balance 639,235,625.45 49,079,520.00 688,315,145.45
II. Accumulated
depreciation and
accumulated
amortization
91
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
1.Opening balance 117,837,641.96 2,230,887.36 120,068,529.32
2.Current amount 9,341,071.38 557,721.84 9,898,793.22
increased
(1) Accrual or 9,341,071.38 557,721.84 9,898,793.22
amortization
3.Current amount
decreased
(1) Disposal
(2) Other transfer-out
4.Ending balance 127,178,713.34 2,788,609.20 129,967,322.54
III. Impairment provision
1.Opening balance
2.Current amount
increased
(1) Accrual
3. Current amount
decreased
(1) Disposal
(2) Other transfer-out
4.Ending balance
IV. Book value
1.Ending book value 512,056,912.11 46,290,910.80 558,347,822.91
2. Opening book value 521,397,983.49 46,848,632.64 568,246,616.13
(2) Measure at fair value
□ Applicable √Not applicable
(3) Investment real estate without property certificate completed
In RMB
Item Book value Reasons
Shuibei Jewelry Building Phase I (Houses 407,142,618.23
Uncompleted settlement, failure to handle
and Buildings)
the ownership certificate
13,814.69
Failure to handle the ownership
12 buildings in Sungang
certificate for historical reasons
42,855.15
Failure to handle the ownership
12 building shops in Sungang
certificate for historical reasons
Total 407,199,288.07
21. Fixed assets
In RMB
Item Ending balance Opening balance
92
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Fixed assets 115,624,967.86 119,136,917.91
Fixed assets liquidation
Total 115,624,967.86 119,136,917.91
(1) Fixed assets
In RMB
House and Machinery Transport Electronic Office and other
Item Total
buildings equipment equipment equipment equipment
I. Original book value:
1.Opening balance 281,403,065.30 22,284,034.71 5,177,216.34 10,901,047.18 6,719,081.84 326,484,445.37
2.Current amount - 26,371.68 747,895.10 1,198,770.77 110,236.79 2,083,274.34
increased
(1) Purchase - 26,371.68 747,895.10 1,198,770.77 110,236.79 2,083,274.34
3.Current amount - 74,451.54 457,412.12 12,931.73 - 544,795.39
decreased
(1) Disposal or scrap - 74,451.54 457,412.12 12,931.73 544,795.39
4.Ending balance 281,403,065.30 22,235,954.85 5,467,699.32 12,086,886.22 6,829,318.63 328,022,924.32
II. Accumulated
depreciation
1.Opening balance 181,251,255.82 8,561,758.35 3,426,528.00 7,601,240.63 2,261,291.60 203,102,074.40
2.Current amount 3,925,217.60 606,249.44 246,965.37 381,676.30 234,624.27 5,394,732.98
increased
(1) Accrual 3,925,217.60 606,249.44 246,965.37 381,676.30 234,624.27 5,394,732.98
3.Current amount - 67,006.38 265,659.05 11,638.55 - 344,303.98
decreased
(1) Disposal or scrap - 67,006.38 265,659.05 11,638.55 344,303.98
4.Ending balance 185,176,473.42 9,101,001.41 3,407,834.32 7,971,278.38 2,495,915.87 208,152,503.40
III. Impairment provision
1.Opening balance 3,836,768.43 319,675.11 6,165.00 17,984.71 64,859.81 4,245,453.06
2.Current amount
increased
(1) Accrual
3.Current amount
decreased
(1) Disposal or scrap
4.Ending balance 3,836,768.43 319,675.11 6,165.00 17,984.71 64,859.81 4,245,453.06
IV. Book value
1.Ending book value 92,389,823.45 12,815,278.33 2,053,700.00 4,097,623.13 4,268,542.95 115,624,967.86
2. Opening book value 96,315,041.05 13,402,601.25 1,744,523.34 3,281,821.84 4,392,930.43 119,136,917.91
(2) Temporarily idle fixed assets
Not applicable
(3) Fixed assets leased out by operation
In RMB
Item Ending book value
93
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
House building 67,589,117.03
(4) Fix assets without property certification held
In RMB
Reasons for without the property
Item Book value
certification
29,591,993.09 Failure to handle the ownership certificate
Yongtong Building for historical reasons
15,093,229.49 Failure to handle the ownership certificate
Automotive building
for historical reasons
8,734,694.78
Tellus Building underground parking Parking lot is un-able to carried out the
certificate
4,529,854.59 Failure to handle the ownership certificate
Nuclear Office build for historical reasons
3,394,143.13 Failure to handle the ownership certificate
1#,2# and 3-5/F 3# plant of Taoyuan Road
for historical reasons
1,482,511.76
Tellus Building transformation layer Un-able to carried out the certificate
1,313,385.78 Failure to handle the ownership certificate
16# Taohua Garden
for historical reasons
844,455.06 Failure to handle the ownership certificate
Shuibei Zhongtian comprehensive building for historical reasons
851,351.25 Failure to handle the ownership certificate
First floor of Bao’an commercial-residence
for historical reasons
build
817,309.45 Failure to handle the ownership certificate
Warehouse
for historical reasons
67,468.69 Failure to handle the ownership certificate
Trade department warehouse
for historical reasons
10,086.79 Failure to handle the ownership certificate
Songquan Apartment (mixed)
for historical reasons
5,902.41 Failure to handle the ownership certificate
Hostel of Renmin North Road for historical reasons
Subtotal 66,736,386.27
(5) Fixed assets disposal
Not applicable
22. Construction in progress
In RMB
Item Ending balance Opening balance
Construction in progress 135,900,468.42 101,740,485.48
Engineer material
Total 135,900,468.42 101,740,485.48
(1) Construction in progress
In RMB
Item Ending balance Opening balance
94
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Tellus Jinzhuan 134,405,642.66 134,405,642.66 100,252,309.72 100,252,309.72
Trading Building
05 plots 1,397,981.44 1,397,981.44 1,391,331.44 1,391,331.44
Other projects 96,844.32 96,844.32 96,844.32 96,844.32
Total 135,900,468.42 135,900,468.42 101,740,485.48 101,740,485.48
(2) Changes of major construction in progress
In RMB
Includi
ng:
Propor Accum
Curren amoun Interes
Other tion of ulated
Openi t Transf t of t
decrea Ending project capital Source
ng amoun er-in Progre capital capital
Item Budget sed in balanc invest ization s of
balanc t fixed ss ization ization
the e ment of funds
e increas assets of rate in
Period in interes
ed interes Period
budget t
t in
Period
Own
Tellus funds
Jinzhu and
an 100,25 34,153 134,40 loans
515,46 26.07 26.07 547,42 547,42
Tradin 2,309. ,332.9 5,642. 4.20% from
0,000 % % 7.56 7.56
g 72 4 66 financi
Buildi al
ng institut
ions
100,25 34,153 134,40
515,46 547,42 547,42
Total 2,309. ,332.9 5,642. -- -- 4.20% --
0,000 7.56 7.56
72 4 66
(3) The provision for impairment of construction in progress
Not applicable
(4) Engineering material
Not applicable
23. Productive biological asset
Not applicable
24. Oil and gas asset
Not applicable
25. Right-of-use asset
Not applicable
26. Intangible assets
(1) Intangible assets
In RMB
95
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Item Land use right Trademark Software Total
I. Original book value
1.Opening balance 50,661,450.00 128,500.00 4,157,254.20 54,947,204.20
2.Current amount increased
(1) Purchase
3.Current amount decreased
(1) Disposal
4.Ending balance 50,661,450.00 128,500.00 4,157,254.20 54,947,204.20
II. Accumulated depreciation
1.Opening balance 1,790,459.00 94,972.64 1,434,099.35 3,319,530.99
2.Current amount increased 378,142.08 23,869.88 314,703.53 716,715.48
(1) Accrual 378,142.08 23,869.88 314,703.53 716,715.48
3.Current amount decreased - - - -
(1) Disposal - - - -
4.Ending balance 2,168,601.08 118,842.52 1,748,802.88 4,036,246.47
III. Impairment provision
1.Opening balance
2.Current amount increased
(1) Accrual
3.Current amount decreased
(1) Disposal
4.Ending balance
IV. Book value
1.Ending book value 48,492,848.92 9,657.48 2,408,451.32 50,910,957.73
2. Opening book value 48,870,991.00 33,527.36 2,723,154.85 51,627,673.21
(2) Land use rights without certificate of ownership
Not applicable
27. Expense on Research and Development
Not applicable
28. Goodwill
Not applicable
29. Long-term expenses to be apportioned
In RMB
Current amount
Item Opening balance Current amortization Other decreased Ending balance
increased
Renovation costs 30,714,879.22 2,731,409.28 2,080,287.58 31,366,000.92
Total 30,714,879.22 2,731,409.28 2,080,287.58 31,366,000.92
30. Deferred income tax asset /Deferred income tax liabilities
(1) Deferred income tax assets without offset
In RMB
Ending balance Opening balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
differences asset differences asset
96
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Credit impairment 33,917,404.00 8,479,351.00 33,995,288.38 8,498,822.10
provision
Total 33,917,404.00 8,479,351.00 33,995,288.38 8,498,822.10
(2) Deferred income tax liability without offset
Not applicable
(3) Deferred income tax assets and deferred income tax liabilities listed after off-set
Not applicable
(4) Details of uncertain deferred income tax assets
In RMB
Item Ending balance Opening balance
Deductible temporary differences 126,457,938.51 126,380,054.13
Deductible loss 27,588,656.95 27,588,656.95
Total 154,046,595.46 153,968,711.08
(5) Deductible losses of un-recognized deferred income tax assets expired on the followed year
In RMB
Year Ending amount Opening amount Note
2021 513,356.86 513,356.86
2022 4,702,701.91 4,702,701.91
2023 5,238,151.51 5,238,151.51
2024 7,380,279.17 7,380,279.17
2025 9,754,167.50 9,754,167.50
Total 27,588,656.95 27,588,656.95 --
31. Other non-current asset
In RMB
Ending balance Opening balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Advance payment for engineering 51,749,228.0 51,749,228.0 49,478,268.2 49,478,268.2
equipment 6 6 9 9
VAT to be deducted (input tax on 6,415,199.70 6,415,199.70 6,415,199.70 6,415,199.70
engineering and equipment)
Other 100,000.00 100,000.00 100,000.00 100,000.00
58,264,427.7 58,264,427.7 55,993,467.9 55,993,467.9
Total
6 6 9 9
32. Short-term loans
Not applicable
33. Tradable financial liability
Not applicable
34. Derivative financial liability
Not applicable
35. Note payable
Not applicable
97
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
36. Account payable
(1) Account payable
In RMB
Item Ending balance Opening balance
Purchase of goods and services 5,548,321.22 5,130,983.91
Engineering equipment 72,674,360.66 71,452,182.62
Total 78,222,681.88 76,583,166.53
(2) Major accounts payable with age over one year
In RMB
Item Ending balance Reasons of outstanding or carry-over
Shenzhen Yinglong Jian’an (Group) Co., 28,503,133.19
Project unsettled
Ltd.
6,054,855.46
Shenzhen SDG Real Estate Co., Ltd Unrepayment from related enterprise
Shenzhen Yinuo Construction Engineering 4,274,022.22
Project unsettled
Co., Ltd.
Shenzhen Ruihe Building Decoration Co., 3,621,859.50
Project unsettled
Ltd.
Total 42,453,870.37 --
37. Accounts received in advance
(1) Accounts received in advance
In RMB
Item Ending balance Opening balance
Rent 1,799,359.80 2,403,580.47
Total 1,799,359.80 2,403,580.47
(2) Important advance receipts aged more than 1 year
Not applicable
38. Contractual liabilities
In RMB
Item Ending balance Opening balance
Advance payment 5,270,378.54 17,833,476.50
Pre-collected service fee 3,051,750.25 1,155,151.63
Total 8,322,128.79 18,988,628.13
39. Wage payable
(1) Wage payable
In RMB
Item Opening balance Current increased Current decreased Ending balance
I. Short-term 28,365,685.21 32,641,387.66 27,711,055.23 33,296,017.64
compensation
II. After-service 2,460,992.84 2,460,992.84 -
welfare-defined
contribution plans
III. Dismissed welfare 243,137.00 243,137.00 -
IV. Other benefits due
98
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
within one year
Total 28,365,685.21 35,345,517.50 30,415,185.07 33,296,017.64
(2) Short-term compensation
In RMB
Item Opening balance Current increased Current decreased Ending balance
1. Wage, bonus,
28,150,871.60 28,273,384.82 23,230,501.23 33,193,755.19
allowance and subsidy
2. Employees’ welfare 380,278.97 416,892.32 -36,613.35
3. Social insurance
- 1,641,626.01 1,641,626.01 -
charges
Including: medical
1,509,301.62 1,509,301.62 -
insurance premium
Industrial injury
17,195.20 17,195.20 -
insurance premiums
Maternity insurance
premiums 115,129.19 115,129.19 -
- - -
4. Housing public reserve 1,756,632.02 1,757,055.62 -423.60
5. Trade union fee and
214,813.61 589,465.84 664,980.05 139,299.40
education fee
6. Short-term paid
absence
7. Short-term profit
sharing plan
Total 28,365,685.21 32,641,387.66 27,711,055.23 33,296,017.64
(3) Defined contribution plans
In RMB
Item Opening balance Current increased Current decreased Ending balance
1. Basic endowment 2,435,090.35 2,435,090.35
insurance premiums
2. Unemployment 25,902.49 25,902.49
insurance premiums
3. Enterprise annuity
Total 2,460,992.84 2,460,992.84
40. Taxes payable
In RMB
Item Ending balance Opening balance
VAT 579,567.13 1,003,221.74
Enterprise income tax 11,692,516.67 13,891,223.58
Personal income tax 770,240.66 281,053.06
Urban maintenance and construction tax 89,508.55 79,176.17
5,362,682.64 5,362,682.64
Land VAT
House property tax 1,750,236.76 -
99
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Use tax of land 252,008.39 26,459.98
Educational surtax 79,622.52 43,391.83
Local education surcharges 36,674.70 28,927.88
Other tax -36,550.13 346,017.44
Total 20,576,507.89 21,062,154.32
41. Other account payable
In RMB
Item Ending balance Opening balance
Interest payable 40,098.14
Dividend payable 46,295.65 46,295.65
Other account payable 171,168,970.30 158,617,678.97
Total 171,255,364.09 158,663,974.62
(1) Interest payable
In RMB
Item Ending balance Opening balance
Other 40,098.14
Total 40,098.14
(2) Dividend payable
In RMB
Item Ending balance Opening balance
Common stock dividend 46,295.65 46,295.65
Total 46,295.65 46,295.65
(3) Other account payable
1) By nature
In RMB
Item Ending balance Opening balance
Deposit margin 38,037,143.52 37,603,031.07
Related transactions 74,578,791.87 76,457,197.82
Withholding payments 20,132,334.81 15,300,654.81
Payable interim payment 38,420,700.10 29,256,795.27
Total 171,168,970.30 158,617,678.97
2) Significant other account payable with over one year age
In RMB
Reasons for non-repayment or
Item Ending balance
carry-over
Shenzhen Special Development Group 17,416,948.94 Related company non-repayment
Co., Ltd.
Hong Kong Yujia Investment Co., Ltd. 2,172,091.54 Related company non-repayment
Total 19,589,040.48 --
42. Liability held for sale
Not applicable
43. Non-current liabilities due within one year
Not applicable
100
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
44. Other current liabilities
In RMB
Item Ending balance Opening balance
Tax amount to be written off 434,069.37 2,237,573.19
Total 434,069.37 2,237,573.19
45. Long-term loans
(1) Classification of long-term loans
In RMB
Item Ending balance Opening balance
Mortgage loan 40,886,819.43 11,171,759.33
Total 40,886,819.43 11,171,759.33
46. Bonds payable
Not applicable
47. Lease liability
Not applicable
48. Long-term account payable
In RMB
Item Ending balance Opening balance
Long-term account payable 3,920,160.36 3,920,160.36
Total 3,920,160.36 3,920,160.36
(1) By nature
In RMB
Item Ending balance Opening balance
3,908,848.40 3,908,848.40
Deposit of staff residence
11,311.96 11,311.96
Allocation for technology innovation
projects
Total 3,920,160.36 3,920,160.36
(2) Special account payable
Not applicable
49. Long-term wage payable
Not applicable
50. Accrual liabilities
In RMB
Item Ending balance Opening balance Causes
268,414.80 268,414.80
Pending litigation
Total 268,414.80 268,414.80 --
51. Deferred income
In RMB
Item Opening balance Current increased Current decreased Ending balance Causes
Government 131,102.38 4,590,000.00 48,829.79 4,672,272.59 Receive government
subsidies subsidies
Total 131,102.38 4,590,000.00 48,829.79 4,672,272.59 --
101
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Item with government grants involved:
In RMB
Amount
Oth
reckone Amount Cost
er Assets
Opening New grants d in reckoned in reductio Ending
Liability cha related/inc
balance in the Period non-ope other n in the balance
nge ome related
ration income period
s
revenue
Elevator Renewal Subsidy Fund
Assets
for Futian District Old Elevator 131,102.38 131,102.38
related
Renovation Working Group
2020 Consumption Promotion Income
4,590,000.00 48,829.79 4,541,170.21
Support Program Subsidy Funds related
52. Other non-current liabilities
Not applicable
53. Share capital
In RMB
Increased (decreased) in this period+, -
Opening Shares
New shares Ending balance
balance Bonus shares converted from Other Subtotal
issued
public reserve
Total shares 431,058,320.00 431,058,320.00
54. Other equity instrument
Not applicable
55. Capital public reserve
In RMB
Item Opening balance Current increased Current decreased Ending balance
Capital premium (Share 425,768,053.35 425,768,053.35
capital premium)
Other capital reserve 5,681,501.16 5,681,501.16
Total 431,449,554.51 431,449,554.51
56. Treasury stock
Not applicable
57. Other comprehensive income
In RMB
Current Period
Less: Less:
written in written
Account Belong to Endin
other in other Less: Belong to
Opening before minority g
Item comprehen compreh income parent
balance income sharehold balanc
sive ensive tax company
tax in the ers after e
income in income expense after tax
period tax
previous in
period and previous
102
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
carried period
forward to and
gains and carried
losses in forward
current to
period retained
earnings
in
current
period
I. Other comprehensive income
items which will not be
reclassified subsequently to
profit of loss
Including: Changes of the
defined benefit plans that
re-measured
Other comprehensive
income under equity method
that cannot be transfer to
gain/loss
Change of fair value of
investment in other equity
instrument
Fair value change of
enterprise's credit risk
II. Other comprehensive income
items which will be reclassified 26,422.00 26,422
subsequently to profit or loss .00
Including: Other comprehensive
income under equity method 26,422.00 26,422
that can transfer to gain/loss .00
Change of fair value of
other debt investment
Amount of financial assets
re-classify to other
comprehensive income
Credit impairment
provision for other debt
investment
Cash flow hedging reserve
Translation differences
arising on translation of foreign
103
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
currency financial statements
Total other comprehensive 26,422
26,422.00
income .00
58. Reasonable reserve
Not applicable
59. Surplus public reserve
In RMB
Item Opening balance Current increased Current decreased Ending balance
Statutory surplus
23,848,485.62 23,848,485.62
reserves
Total 23,848,485.62 23,848,485.62
60. Retained profit
In RMB
Item Current period Last period
Retained profit at the end of the previous period 424,141,893.34 387,423,510.78
before adjustment
Adjust the total Retained profits at the beginning
of the period (Increase +, Decrease -)
Total retained profit at the beginning of the 424,141,893.34 387,423,510.78
previous period before adjustment
Add: net profit attributable to shareholder of 44,542,715.32 57,663,828.89
parent company
Less: withdrawal of legal surplus reserve 2,840,996.89
Withdraw of discretionary surplus reserve
Withdraw of general risk provision
Common stock dividends payable 8,621,166.40 18,104,449.44
Dividend of ordinary shares transferred to
share capital
Retained profit at period-end 460,063,442.26 424,141,893.34
61. Operating income and operating cost
In RMB
Current period Last period
Item
Income Cost Income Cost
Main business 244,632,938.62 172,326,102.86 193,056,348.40 153,545,320.45
Other business 4,859,322.62 987,151.10 3,995,441.89 1,229,267.07
Total 249,492,261.24 173,313,253.96 197,051,790.29 154,774,587.52
Income related information
In RMB
Auto maintenance and Lease and service Jewelry sales and
Contract classification Auto sales Total
inspection service
Product types
Including: Auto sales 95,643,935.09 95,643,935.09
104
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Auto maintenance and 23,157,150.81 23,157,150.81
inspection
Lease and service 99,013,183.37 99,013,183.37
Jewelry sales and service 31,677,991.97 31,677,991.97
Classified by business area
Including: Shenzhen 95,643,935.09 23,157,150.81 99,013,183.37 31,677,991.97 249,492,261.24
Total 95,643,935.09 23,157,150.81 99,013,183.37 31,677,991.97 249,492,261.24
Information on the top five items of revenue recognized during the reporting period:
In RMB
Serial Item Income
1 Customer I 29,242,478.00
2 Customer II 4,137,114.27
3 Customer III 4,101,654.49
4 Customer IV 4,055,466.04
5 Customer V 2,793,716.42
62. Tax and surcharges
In RMB
Item Current period Last period
Urban maintenance and construction tax 373,364.45 273,827.41
Education surcharge 266,566.48 195,109.16
House property tax 1,750,236.76 365,803.85
Use tax of land 132,393.16 554,437.90
Stamp duty 88,215.19 82,782.69
Other taxes 3,380.00 -95,233.44
Total 2,614,156.04 1,376,727.57
63. Sales expenses
In RMB
Item Current period Last period
6,414,558.14 4,368,623.68
Staff remuneration
813,955.93 190,434.21
Advertising and exhibition expenses
Depreciation and amortization 2,066,128.41 762,935.85
Office expenses 202,242.09 266,706.77
Property and utilities 433,397.24 371,102.25
114,255.71 6,650.61
Transportation and business trip cost
476,862.25 31,824.74
Insurance supervision fee
1,480,912.25 777,866.43
Other
Total 12,002,312.02 6,776,144.54
64. Administration expenses
In RMB
Item Current period Last period
16,070,330.49 13,255,712.63
Staff remuneration
105
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Office expenses 248,988.77 522,602.46
Transportation and business trip cost 124,886.80 105,949.65
170,483.29 103,117.88
Business entertainment expenses
Depreciation and amortization 1,614,251.84 989,192.76
1,285,160.67 1,270,520.91
Intermediary agency service fee
1,293,372.83 954,904.32
Other
Total 20,807,474.69 17,202,000.61
65. R&D expenses
Not applicable
66. Financial expenses
In RMB
Item Current period Last period
Interest expenses 1,747,427.56 46,986.20
Less: Interest income 1,719,072.96 2,453,494.99
547,427.56
Less: interest capitalized amount
Exchange loss -7,790.79 66,918.38
Other 122,303.86 137,439.86
Total -404,559.89 -2,202,150.55
67. Other income
In RMB
Sources Current period Last period
Handling fee refund for withholding 4,082.49 36,471.10
personal income tax
322,337.67 16,375.60
Other
Total 326,420.16 52,846.70
68. Investment income
In RMB
Item Current period Last period
Long-term equity investment income 9,683,638.47 8,521,866.84
measured by equity
Investment income of wealth management 4,712,120.21 4,359,623.66
products during the holding period
Total 14,395,758.68 12,881,490.50
69. Net exposure hedge gains
Not applicable
70. Income of fair value changes
In RMB
Sources Current period Last period
Trading financial assets -418,952.05 -356,102.35
Total -418,952.05 -356,102.35
106
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
71. Credit impairment loss
In RMB
Item Current period Last period
Loss of bad debt of other account
13.87
receivable
Loss of bad debt of other account
599,187.56
receivable
Total 599,201.43
72. Assets impairment loss
Not applicable
73. Income from assets disposal
In RMB
Sources Current period Last period
56,242.77
Income from disposal of non-current assets
Total 56,242.77
74. Non-operating income
In RMB
Amount included in the current
Item Current period Last period
non-recurring profit and loss
Government grants 230,000.00
72,884.60 716,106.92 72,884.60
Other
Total 72,884.60 946,106.92 72,884.60
75. Non-operating expenditure
In RMB
Amount included in the current
Item Current period Last period
non-recurring profit and loss
Other 9,945.86 29,059.48 9,945.86
Total 9,945.86 29,059.48 9,945.86
76. Income tax expense
(1) Income tax expense
In RMB
Item Current period Last period
Current income tax expenses 11,085,413.51 6,407,943.06
Deferred income tax expenses 19,471.10
20,891.90
Adjustment for precious period
Total 11,085,413.51 6,448,306.06
(2) Adjustment process of accounting profit and income tax expenses
In RMB
Item Current period
Total profit 55,582,032.72
Income tax expenses calculated by statutory tax rate 13,895,508.18
Impact by different tax rate applied by subsidies -79,147.76
107
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Impact of non taxable income -2,420,909.62
Unrecognized impacts of deductible temporary differences or -310,037.29
deductible losses on deferred income tax assets in the period
Income tax expenses 11,085,413.51
77. Other comprehensive income
Found more in annotations
78. Annotation of cash flow statement
(1) Cash received with other operating activities concerned
In RMB
Item Current period Last period
Deposit margin 9,160,722.91 3,272,399.10
Interest income 1,719,072.96 1,643,158.09
Intercourse funds and other 62,509,088.41 33,302,872.31
Total 73,388,884.28 38,218,429.50
(2) Cash paid with other operating activities concerned
In RMB
Item Current period Last period
Cash paid 28,551,813.16 18,510,703.27
Deposit margin 6,501,628.21 734,563.26
Intercourse funds and other 42,275,584.65 29,438,222.21
Total 77,329,026.02 48,683,488.74
79. Supplementary information to statement of cash flow
(1) Supplementary information to statement of cash flow
In RMB
Supplementary information Current period Last period
1. Net profit adjusted to cash flow of
-- --
operation activities:
Net profit 44,496,619.21 26,770,658.26
Add: Impairment provision for assets -599,201.43
Depreciation of fixed assets, consumption of 15,293,526.20 11,167,637.52
oil assets and depreciation of productive
biology assets
Depreciation of right-of-use assets
Amortization of intangible assets 716,715.48 638,732.46
Amortization of long-term pending expenses 2,080,287.58 764,042.88
Loss from disposal of fixed assets, intangible -56,242.77
assets and other long-term assets (income is
listed with “-”)
Losses on scrapping of fixed assets (income - 23,933.75
is listed with “-“)
Loss from change of fair value (income is 418,952.05 356,102.35
listed with “-“)
Financial expenses (income is listed with 1,200,000.00 46,986.20
108
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
“-”)
Investment loss (income is listed with “-”) -14,395,758.68 -12,881,490.50
Decrease of deferred income tax assets 19,471.10 19,471.10
(increase is listed with “-”)
Increase of deferred income tax assets
(decrease is listed with “-”)
Decrease of inventory (increase is listed with 9,297,128.79 6,275,613.37
“-”)
Decrease of operating receivable accounts -7,192,322.29 48,012,932.94
(increase is listed with “-”)
Increase of operating payable accounts 7,693,022.35 -63,289,096.70
(decrease is listed with “-”)
Other
Net cash flow arising from operating 59,571,399.02 17,306,322.20
activities
2. Material investment and financing not
-- --
involved in cash flow
Conversion of debt into capital
Switching Company bonds due within
one year
financing lease of fixed assets
3. Net change of cash and cash equivalents: -- --
Balance of cash at period end 358,059,693.02 304,937,895.62
Less: Balance of cash equivalent at 208,462,656.63 400,668,257.81
period-begin
Add: Balance at period-end of cash
equivalents
Less: Balance at period-begin of cash
equivalents
Net increase of cash and cash 149,597,036.39 -95,730,362.19
equivalents
(2) Net cash paid for obtaining subsidiary in the Period
Not applicable
(3) Net cash received by disposing subsidiary in the Period
Not applicable
(4) Constitution of cash and cash equivalent
In RMB
Item Ending balance Opening balance
I. Cash 358,059,693.02 208,462,656.63
Including: Cash on hand 9,536.20 20,542.55
Bank deposit available for payment 358,050,156.82 208,442,114.08
at any time
III. Balance of cash and cash equivalent at 358,059,693.02 208,462,656.63
109
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
period-end
80. Notes of changes of owners’ equity
Not applicable
81. Assets with ownership or use right restricted
In RMB
Item Ending book value Reasons for restriction
29,646,654.29 Upgrading project of the Tellus-Gman
Monetary fund Gold & Jewelry Industrial Park -
supervision funds for the 03# land
48,854,178.50 Bank loan mortgage
Intangible assets
Total 78,500,832.79 --
82. Foreign currency monetary
(1) Foreign currency monetary
In RMB
Ending foreign currency
Item Convert rate Ending RMB balance converted
balance
Monetary funds -- -- 8,684,970.31
Including: USD 1,342,859.53 6.4639 8,680,043.47
EURO
HKD 5921.6834 0.832 4,926.84
Account receivable -- --
Including: USD
EURO
HKD
Long-term loans -- --
Including: USD
EURO
HKD
Other explanation:
(2) Explanation on foreign operational entity, including as for the major foreign operational entity,
disclosed main operation place, book-keeping currency and basis for selection; if the book-keeping
currency changed, explain reasons
□Not applicable
83. Hedging
Not applicable
84. Government grants
(1) Government grants
In RMB
Amount reckoned into current
Category Amount Item
gains/losses
110
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Elevator Renewal Subsidy Fund
for Futian District Old Elevator 131,102.38 Deferred income
Renovation Working Group
2020 Consumption Promotion
Support Program Subsidy 4,541,170.21 Deferred income 48,829.79
Funds
(2) Government grants rebate
□ Applicable √Not applicable
85. Other
VI. Changes of consolidation range
1. Enterprise combine not under the same control
Not applicable
2. Enterprise combine under the same control
Not applicable
3. Reverse purchase
Not applicable
4. Disposal of subsidiaries
Whether there is a single disposal of an investment in a subsidiary that resulted in a loss of control
□ Yes √ No
Whether there is a step-by-step disposal of investment in a subsidiary through multiple transactions and loss of control during the
period
□ Yes √ No
5. Other reasons for consolidation range changed
During the reporting period, the liquidation of the holding subsidiaries Anhui Tellus Starlight Jewelry Investment Co., Ltd. and Anhui
Tellus Starlight Jinzun Jewelry Co., Ltd. was completed.
During the reporting period, a newly established subsidiary, Shanghai Fanyue Diamond Co., Ltd., completed industrial and commercial
registration and obtained a business license on June 29, 2021, with a registered capital of 3.5 million yuan. As of June 30, 2021, the
capital injection has not been completed.
VII. Equity in other entity
1. Equity in subsidiary
(1) Constitute of enterprise group
Main operation Share-holding ratio
Subsidiary Registered place Business nature Acquired way
place Directly Indirectly
Shenzhen Tellus
Xinyongtong
Automobile Shenzhen Shenzhen Commerce 100.00% Establishment
Development Co.
Ltd
Shenzhen Bao’an
Shiquan Shenzhen Shenzhen Commerce 100.00% Establishment
Industrial Co.,
111
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Ltd.
Shenzhen SDG
Tellus Real Estate Shenzhen Shenzhen Manufacture 100.00% Establishment
Co., Ltd.
Shenzhen Tellus
Chuangying Tech. Shenzhen Shenzhen Commerce 100.00% Establishment
Co., Ltd.
Shenzhen
Xinyongtong
Auto Vehicle
Shenzhen Shenzhen Commerce 51.00% Establishment
Inspection
Equipment Co.,
Ltd.
Shenzhen Auto
Industry and
Shenzhen Shenzhen Commerce 100.00% Establishment
Trade
Corporation
Shenzhen
Automotive
Shenzhen Shenzhen Commerce 100.00% Establishment
Industry Supply
Corporation
Shenzhen SDG
Huari Auto
Shenzhen Shenzhen Commerce 60.00% Establishment
Enterprise Co.,
Ltd.
Shenzhen Huari
Anxin
Shenzhen Shenzhen Commerce 100.00% Establishment
Automobile
Inspection Ltd.
Shenzhen
Zhongtian
Shenzhen Shenzhen Commerce 100.00% Establishment
Industrial Co,.
Ltd.
Shenzhen Huari
TOYOTA
Shenzhen Shenzhen Commerce 60.00% Establishment
Automobile Sales
Service Co., Ltd.
Sichuan Tellus
Jewelry Tech. Chengdu Chengdu Commerce 66.67% Establishment
Co., Ltd.
Shenzhen Tellus
Treasure Supply
Shenzhen Shenzhen Commerce 100.00% Establishment
Chain Tech. Co.,
Ltd.
112
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Shenzhen Jewelry
Industry Service Shenzhen Shenzhen Commerce 65.00% Establishment
Co., LTD
Shanghai Fanyue
Diamond Co., Shanghai Shanghai Commerce 100% Establishment
Ltd.
Sichuan Tellus Jewelry Tech. Co., Ltd. is currently in the liquidation stage.
(2) Important non-wholly-owned subsidiary
In RMB
Dividend announced to
Share-holding ratio of Gains/losses attributable Ending equity of
Subsidiary distribute for minority in
minority to minority in the Period minority
the Period
Shenzhen Huari Toyota
40.00% -438,775.60 3,669,231.39
Auto Sales Co., Ltd
Shenzhen SDG Huari
40.00% 753,045.12 11,708,020.08
Auto Enterprise Co., Ltd.
(3) Main finance of the important non-wholly-owned subsidiary
In RMB
Ending balance Opening balance
Subsidia Non-curr Non-curr Non-curr Non-curr
Current Total Current Total Current Total Current Total
ry ent ent ent ent
assets assets liabilities liabilities assets assets liabilities liabilities
assets liabilities assets liabilities
Shenzhe
n Huari
Toyota 60,835,1 6,629,77 67,464,9 58,291,8 58,291,8 67,507,2 6,694,50 74,201,7 63,931,7 63,931,7
Auto 87.17 3.21 60.38 81.91 81.91 56.67 9.17 65.84 48.36 48.36
Sales
Co., Ltd
Shenzhe
n SDG
Huari
62,981,6 21,214,8 84,196,4 54,776,4 54,776,4 52,641,9 22,198,3 74,840,3 47,302,8 47,302,8
Auto
81.49 16.41 97.90 47.71 47.71 86.30 18.35 04.65 67.25 67.25
Enterpris
e Co.,
Ltd.
In RMB
Current period Last period
Cash flow Cash flow
Total Total
Subsidiary Operating from Operating from
Net profit comprehensi Net profit comprehensi
income operation income operation
ve income ve income
activity activity
Shenzhen 120,908,660. 119,178,692.
-1,096,939.01 -1,096,939.01 -1,066,151.60 -3,930.02 -3,930.02 1,564,040.84
Huari Toyota 87 47
113
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Auto Sales
Co., Ltd
Shenzhen
SDG Huari
18,429,177.5 16,003,589.0
Auto 1,882,612.79 1,882,612.79 68,643.14 549,866.95 549,866.95 -4,077,786.01
7 1
Enterprise
Co., Ltd.
(4) Significant restrictions on the use of enterprise group assets and pay off debts of the enterprise group
Nil
(5) Financial or other supporting offers to the structured entity included in consolidated financial statement
range
Nil
2. Transaction that has owners equity shares changed in subsidiary but still with controlling rights
Nil
3. Equity in joint venture and associated enterprise
(1) Important joint venture or associated enterprise
Share-holding ratio Accounting
treatment on
Joint venture or
Main operation investment for
Associated Registered place Business nature
place Directly Indirectly joint venture and
enterprise
associated
enterprise
Shenzhen Tellus Investment and
Equity method
Gman Investment Shenzhen Shenzhen establishment of 50.00%
accounting
Co., Ltd industries
Shenzhen Zung
Equity method
Fu Tellus Auto Shenzhen Shenzhen Sales of Benz 35.00%
accounting
Service Co., Ltd.
Shenzhen
Auto manufacture Equity method
Dongfeng Motor Shenzhen Shenzhen 25.00%
accounting
Co., Ltd. and maintain
(2) Main financial information of the important joint venture
In RMB
Ending balance/Current period Opening balance/Last period
Shenzhen Tellus Gman Investment Co., Shenzhen Tellus Gman Investment Co.,
Ltd Ltd
Current assets 46,270,805.12 37,797,029.81
36,205,315.04 34,281,101.96
Including: Cash and cash equivalent
Non current assets 357,302,453.86 360,906,421.80
Total Assets 403,573,258.98 398,703,451.61
Current liabilities 32,649,441.22 27,947,969.41
Non current liabilities 286,344,000.00 295,422,000.00
Total liabilities 318,993,441.22 323,369,969.41
114
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Minority interests
Shareholders' equity attributable to the 84,579,817.76 75,333,482.20
parent company
Share of net assets calculated by 42,289,908.88 37,666,741.10
shareholding ratio
Adjustment matters
--Goodwill
—Unrealized profit of internal trading
--Others
42,289,908.88 37,666,741.10
Book value of equity investment in joint
ventures
Fair value of the equity investment of joint
venture with public offers concerned
Business income 42,642,620.11 6,840,207.33
7,886,096.17 2,693,091.50
Financial expenses
3,082,111.84 8,079,274.57
Income tax expenses
9,246,335.50 8,079,274.57
Net profit
Net profit of the termination of operation
Other comprehensive income
Total comprehensive income 9,246,335.50 8,079,274.57
(3) Main financial information of the important associated enterprise
In RMB
Ending balance/Current period Opening balance/Last period
Shenzhen Zung Fu Tellus Shenzhen Dongfeng Shenzhen Zung Fu Tellus Shenzhen Dongfeng
Auto Service Co., Ltd. Motor Co., Ltd. Auto Service Co., Ltd. Motor Co., Ltd.
Current assets 201,916,166.19 339,417,321.97 214,297,861.00 378,483,991.85
Non current assets 35,188,951.04 169,934,989.83 23,368,404.54 172,244,888.77
Total Assets 237,105,117.23 509,352,311.80 237,666,265.54 550,728,880.62
Current liabilities 104,915,154.85 308,042,380.41 141,645,848.00 344,958,726.39
Non current liabilities 14,598,723.35 62,303,663.43 0 65,583,477.43
Total liabilities 119,513,878.20 370,346,043.84 141,645,848.00 410,542,203.82
Minority interests -5,103,965.10 -14,510,815.59
Shareholders' equity
attributable to the parent 117,591,239.03 144,110,233.06 96,020,417.54 154,697,492.39
company
Share of net assets
calculated by 41,156,933.66 36,027,558.27 33,607,146.14 38,674,373.09
shareholding ratio
Adjustment matters
--Goodwill
115
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
—Unrealized profit of
internal trading
--Other
Book value of equity
investment in associated 41,156,933.66 36,027,558.27 33,607,146.14 38,674,373.09
enterprise
Fair value of the equity
investment of associated
enterprise with public
offers concerned
Business income 638,056,465.79 140,302,873.97 542,501,386.62 154,117,515.10
Net profit 21,570,821.49 -11,541,030.10 12,502,889.67 -345,684.65
Net profit of the
termination of operation
Other comprehensive
income
Total comprehensive
21,570,821.49 -11,541,030.10 12,502,889.67 -345,684.65
income
(4) Financial summary for non-important Joint venture and associated enterprise
In RMB
Ending balance/Current period Opening balance/Last period
Joint venture: -- --
Total book value of investment 13,058,625.03 12,697,424.88
Amount based on share-holding ratio -- --
-- Net profit 708,235.59 588,819.14
--Other comprehensive income
-- Total comprehensive income 708,235.59 588,819.14
Associated enterprise: -- --
Total book value of investment 791,568.21 995,270.33
Amount based on share-holding ratio -- --
-- Net profit -565,839.22 -959,266.17
--Other comprehensive income
-- Total comprehensive income -565,839.22 -959,266.17
Other explanation:
1. Not important joint venture: Shenzhen Tellus Hang Investment Co., Ltd.
2. Not important associated enterprise: Shenzhen Automobile Industry Import and Export Co., Ltd.
(5) Major limitation on capital transfer ability to the Company from joint venture or associated enterprise
Nil
(6) Excess loss occurred in joint venture or associated enterprise
In RMB
116
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Un-recognized losses not
Joint venture/Associated Cumulative un-recognized Cumulative un-recognized
recognized in the Period (or net
enterprise losses losses at period-end
profit enjoyed in the Period)
Shenzhen Yongtong Xinda 1,176,212.73 378,447.10 1,554,659.83
Inspection Equipment Co., Ltd.
Shenzhen Tellus Automobile 98,865.26 98,865.26
Service Chain Co., Ltd.
(7) Unconfirmed commitment with joint venture investment concerned
Nil
(8) Intangible liability with joint venture or affiliates investment concerned
Nil
4. Major conduct joint operation
Nil
5. Structured body excluding in consolidate financial statement
Nil
6. Other
VIII. Risk related with financial instrument
The Company's risks related to financial instruments originate from various financial assets and financial
liabilities recognized by the Company in the course of operation, including credit risk, liquidity risk and market
risk.
The management of the Company is responsible for the management objectives and policies of various risks
related to financial instruments of the Company. Operating management is responsible for daily risk
management through functional departments (e.g., the credit management department of the Company checks the
credit sales of the company on a case-by-case basis). The internal audit department of the Company conducts
daily supervision over the implementation of the company's risk management policies and procedures and reports
relevant findings to the audit committee of the Company in a timely manner.
The overall goal of the Company's risk management is to formulate risk management policies that may minimize
the risks associated with various financial instruments without unduly affecting the company's competitiveness
and resilience.
1. Credit risk
Credit risk is the risk that one party of a financial instrument fails to fulfill its obligations, resulting in a financial
loss to the other party. The credit risk of the Company is mainly generated from monetary funds, accounts
receivable, other receivables and long-term receivables, etc. The credit risk of these financial assets is derived
from the default of the counterparty, and the maximum risk exposure is equal to the book amount of these
instruments.
The Company's monetary funds are mainly deposited in commercial banks and other financial institutions. The
Company believes that these commercial banks have high credit and asset status and low credit risk.
For receivables, other receivables and long-term receivables, the Company establishes relevant policies to control
117
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
credit risk exposure. The Company evaluates customers' credit qualifications and sets up corresponding credit
periods based on their financial status, the possibility of obtaining guarantees from third parties, credit history and
other factors such as current market conditions. The Company regularly monitors the credit records of customers.
For customers with poor credit records, the Company will adopt written payment reminders, shortening or
cancellations of credit periods, etc., to ensure that the Company's overall credit risk is within a controllable range.
(1) Judgment criteria for a significant increase in credit risk
On each balance sheet date, the Company evaluates whether the credit risk of the relevant financial instrument has
increased significantly since the initial recognition. In determining whether the credit risk has increased
significantly since the initial recognition, the Company considers the reasonable and evidence-based information
that can be obtained without unnecessary additional cost or effort, including qualitative and quantitative analysis
based on the Company's historical data, external credit risk ratings and forward-looking information. On the basis
of a single financial instrument or a portfolio of financial instruments with similar credit risk characteristics, the
Company determines the change of the default risk during the expected duration of the financial instrument by
comparing the risk of default of the financial instrument on the balance sheet date with the risk of default on the
initial recognition date.
When one or more of the following quantitative or qualitative criteria are triggered, the Company considers that
the credit risk of the financial instrument has significantly increased. The quantitative criteria mainly mean that
the probability of default of the remaining duration on the reporting date increases over a certain percentage
compared with the initial recognition.The qualitative criteria are the significant adverse changes in major debtor's
business or financial situation, the list of early warning customers, etc.
(2) Definition of assets with credit impairment
In order to determine whether credit impairment has occurred, the Company adopts the definition criteria
consistent with the internal credit risk management objectives for relevant financial instruments, and considers
both quantitative and qualitative indicators.
When assessing whether the debtor has suffered credit impairment, the Company mainly considers the following
factors: major financial difficulties of the issuer or the debtor; the debtor breaches the contract, such as the default
or overdue payment of interest or principal; the creditor, for economic or contractual reasons relating to the
debtor's financial difficulties, gives the debtor concessions that it would not have given in any other circumstances;
the debtor is likely to go bankrupt or undergo other financial restructuring; the financial difficulties of the issuer or
debtor lead to the disappearance of the active market for the financial asset; purchase or origination of a financial
asset at a substantial discount reflects the fact that a credit loss has occurred.
The credit impairment of financial assets may be caused by the joint action of several events, but is not necessarily
by separately identifiable events.
118
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
(3) Parameters of expected credit loss measurement
Depending on whether the credit risk has significantly increased and whether the credit impairment has occurred,
the Company measures the impairment reserve for different assets at the expected credit loss of 12 months or the
entire duration respectively. The key parameters of expected credit loss measurement include probability of
default, loss given default and exposure at default. The Company establishes the probability of default, loss given
default and exposure at default model by taking into account the quantitative analysis and forward-looking
information of historical statistical data (such as counterparty rating, guarantee method and collateral type,
repayment mode, etc.).
The probability of default is the probability that the debtor will not be able to meet its reimbursement obligations
in the next 12 months or in the entire duration.
Loss given default refers to the Company's expectation to the extent of loss caused by exposure at default. The
loss given default also varies depending on the type of the counterparty, the type and priority of the claim, and the
collateral. The loss given default is the percentage of the risk exposure loss when the default occurs, which is
calculated on the basis of the next 12 months or the entire duration;
Exposure at default is the amount payable by the Company at the time of the occurrence of default over the next
12 months or over the entire remaining duration. Both the assessment of a significant increase in credit risk and
the calculation of expected credit losses involve the forward-looking information. Through historical data analysis,
the Company identifies the key economic indicators that affect the credit risk and expected credit loss of each
business type.
The maximum credit risk exposure of the Company is the carrying amount of each financial asset on the balance
sheet. The Company does not provide any other guarantee which may expose the Company to credit risk.
2. Liquidity risk
Liquidity risk refers to the risk of capital shortage when an enterprise performs its obligations of settlement in the
form of cash payment or other financial assets. The Company is responsible for the overall cash management of
the company's subsidiaries, including short-term investment of surplus cash and financing of loans to meet
projected cash needs. It is the Company's policy to regularly monitor short - and long-term working capital
requirements and compliance with borrowing agreements to ensure adequate cash reserves and marketable
securities readily available for cash for cash at any time.
As of June 30, 2021, the maturity periods of the company's financial liabilities are as follows:
Item June 30, 2021
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Within 1 year 1-2 years 2-3 years Over 3 years
78,222,681.88
Accounts payable
171,168,970.30
Other payable
40,886,819.43
Long term loan
3,920,160.36
Long-term payable
290,278,471.61 - - 3,920,160.36
Total
3. Market risk
(1) Foreign exchange risk
The exchange rate risk of the Company mainly derives from the foreign currency assets and liabilities held by the
Company and its subsidiaries that are not denominated in their standard currency for accounting. The Company
operates in mainland China and its main activities are denominated in RMB. Therefore, the Company's exposure
to the foreign exchange market is not material.
On the balance sheet date, the Company's foreign currency monetary assets and liabilities are described in Note V
52 to the financial statements.
(2) Interest rate risk
The Company's interest rate risk is mainly generated from long-term bank borrowing. Financial liabilities with
floating rate expose the Company to cash flow interest rate risk, while financial liabilities with fixed rate expose
the Company to fair value interest rate risk. The Company determines the relative ratio of fixed and floating rate
contracts based on prevailing market conditions.
The finance department of the Company headquarters continuously monitors the interest rate of the Group. An
increase in interest rates will increase the cost of additional interest-bearing debt and the interest expense of the
Company's outstanding interest-bearing debt with floating interest rate and will have a material adverse impact on
the Company's financial results, the management will make timely adjustments based on the latest market
conditions.
IX. Disclosure of fair value
1. Ending fair value of the assets and liabilities measured by fair value
In RMB
Ending fair value
Item
First-order Second-order Third-order Total
I. Sustaining measured
-- -- -- --
by fair value
(I) Transaction financial
211,374,917.81 211,374,917.81
asset
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
1.Financial assets
measured at fair value
and whose changes are 211,374,917.81 211,374,917.81
included in current
profit or loss
(III) Other equity
10,176,617.20 10,176,617.20
instrument investment
II. Non-persistent
-- -- -- --
measure
2. Recognized basis for the market price sustaining and non-persistent measured by fair value on
first-order
3. The qualitative and quantitative information for the valuation technique and critical parameter that
sustaining and non-persistent measured by fair value on second-order
4. The qualitative and quantitative information for the valuation technique and critical parameter that
sustaining and non-persistent measured by fair value on third-order
5. Continuous third-level fair value measurement items, adjustment information between the opening and
closing book value and sensitivity analysis of unobservable parameters
6. Continuous fair value measurement items, if there is a conversion between various levels in the current
period, the reasons for the conversion and the policy for determining the timing of the conversion
7. Changes in valuation technology during the current period and reasons for the changes
8. The fair value of financial assets and financial liabilities not measured by fair value
X. Related party and related transactions
1. Parent company
Ratio of shareholding Ratio of voting right
Parent company Registration place Business nature Registered capital
on the Company on the Company
Development and
Shenzhen SDG Co., operation of real 3582.82 million Yua
Shenzhen 49.09% 49.09%
Ltd.
estate and domestic n
commerce
Explanation on parent company of the enterprise
Shenzhen SDG Co., Ltd. is invested by the State-owned Assets Supervision and Administration Commission of Shenzhen Municipal
People's Government and was established on August 1, 1981. The company now holds a business license with a unified social credit
code of 91440300192194195C and a registered capital of 3582.82 million yuan.
Ultimate controller of the Company is Shenzhen Municipal People’s Government State-Owned Assets Supervision and
Administration Commission.
2. Subsidiary
Subsidiary of the Company found more in Note IX
3. Joint venture and associated enterprise
Joint Venture of the Company found more in Note IX
Other cooperative enterprise and joint venture that have related transaction with the Company in the Period or occurred in pr evious
period:
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Joint venture/Associated enterprise Relationship
Shenzhen Xinyongtong Auto Service Co., Ltd. Associated company
Shenzhen Tellus Xinyongtong Auto Service Co., Ltd. Associated company
Shenzhen Tellus Automobile Service Chain Co., Ltd. Associated company
Shenzhen Yongtong Xinda Inspection Equipment Co., Ltd. Associated company
Shenzhen Xiandao New Material Co., Ltd. Associated company
Shenzhen Tellus Hang Investment Co., Ltd. Joint venture
4. Other related party
Other related party Relationship with the Enterprise
Shenzhen SD Petty Loan Co., Ltd. Holding subsidiary of the parent company
Shenzhen SDG Swan Industrial Co., Ltd. Holding subsidiary of the parent company
Shenzhen Machinery Equipment Imp & Exp. Company Holding subsidiary of the parent company
Shenzhen SDG Real Estate Co., Ltd Holding subsidiary of the parent company
Hong Kong Yujia Investment Co, Ltd. Holding subsidiary of the parent company
Shenzhen SDG Engineering Management Co., Ltd. Holding subsidiary of the parent company
Shenzhen Tellus Yangchun Real Estate Co., Ltd. Holding subsidiary of the parent company
Shenzhen Longgang Tellus Real Estate Co., Ltd. Holding subsidiary of the parent company
Shenzhen SDG Tellus Property Management Co., Ltd. Holding subsidiary of the parent company
Shenzhen SDG Service Co., Ltd. Jewelry Park Branch Holding subsidiary of the parent company
5. Related transaction
(1) Goods purchasing, labor service providing and receiving
Goods purchasing/labor service receiving
In RMB
Whether more than
Related transaction Approved transaction
Related party Current Period the transaction limit Last Period
content limit
(Y/N)
Shenzhen SDG
Engineering
Accept labor 518,499.99 43 Y 637,620.00
Management Co.,
Ltd.
Shenzhen SDG
Tellus Property
Accept labor 7,668,080.71 1,570 N 7,001,541.81
Management Co.,
Ltd.
Shenzhen SDG
Service Co., Ltd.
Accept labor 412,752.47 36 Y 199,490.25
Jewelry Park
Branch
Goods sold/labor service providing
In RMB
Related party Related transaction content Current Period Last Period
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Shenzhen SDG Petty Loan Co., Ltd. Providing services 80,602.62 93,615.92
Shenzhen SDG Tellus Property 36,701.08
Providing services
Management Co., Ltd.
(2) Related trusteeship management/contract & entrust management/ outsourcing
Nil
(3) Related lease
As a lessor for the Company:
In RMB
Lease income in recognized in Lease income in recognized last
Lessee Assets type
the Period the Period
Shenzhen Zung Fu Tellus Auto
House lease 2,595,238.12 1,694,444.45
Service Co., Ltd.
Shenzhen Xinyongtong Auto
House lease 404,910.00 231,379.05
Service Co., Ltd.
Shenzhen Xinyongtong
Dongxiao Auto Service Co., House lease 297,000.00 169,714.29
Ltd.
Shenzhen SD Petty Loan Co.,
House lease 495,064.92 620,733.12
Ltd.
Shenzhen SDG Tellus Property
House lease 23,041.90 25,402.04
Management Co., Ltd.
Shenzhen SDG Service Co.,
House lease 542,136.57 897,970.47
Ltd. Jewelry Park Branch
Subtotal 4,357,391.51 3,639,643.42
As lessee:
Nil
(4) Related guarantee
As guarantor
In RMB
Whether the guarantee
Secured party Guarantee amount Guarantee start date Guarantee expiry date
has been fulfilled
Shenzhen Zung Fu Tellus Until the expiry date of
3,500,000.00 April 17, 2007 No
Auto Service Co., Ltd. the joint venture contract
Explanation on related guarantee:
The Company signed a "Pledge Contract" with Zung Fu Automobile Management (Shenzhen) Co., Ltd. (hereinafter referred to as
"Zung Fu Shenzhen"), which agreed that during the period from the establishment of Shenzhen Zung Fu Tellus Auto Service Co., Ltd.
(hereinafter referred to as "Zung Fu Tellus"), a joint venture of the Company, to the expiration of the contract period between the
Company and Zung Fu Shenzhen, Zung Fu Shenzhen provides loans to Zung Fu Tellus in the form of entrusted loans, and Zung Fu
Tellus borrows from banks or other financial enterprises with the guarantee provided by Zung Fu Shenzhen, and the total amount of
borrowing does not exceed 100 million yuan, it shall assume 35% of the liabilities arising from the above borrowings in accordance
with the equity proportion, it’s agreed that the Company will pledge its 35% of the equity of Zung Fu Tellus to Zung Fu Shenzhen as
the corresponding counter-guarantee for the above loan.
The Company’s subsidiary Sichuan Tellus Jewelry Tech. Co., Ltd.’s shareholder Chengdu Caizhiyuan Jewelry Co., Ltd. 's affiliated
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
enterprise Chengdu Hezhiyuan Jewelry Co., Ltd. and affiliated individual Xiong Yungui, Chengdu Ruihang Jewelry Co., Ltd., a
shareholder of Sichuan Tellus Jewelry Tech. Co., Ltd., and affiliated individual Lin Hang, Sichuan Tellus Jewelry Tech. Co., Ltd.’s
shareholder Chengdu Zhongjin Guifu Jewelry Co., Ltd and affiliated individual Lin Tonggui, Sichuan Tellus Jewelry Tech. Co.,
Ltd.’s shareholder Chengdu Hengyue Trading Co., Ltd and affiliated enterprise Chengdu Zhongcheng Shubao Jewelry Co., Ltd set
Sichuan Tellus Jewelry Tech. Co., Ltd. as the creditor's maximum amount of guarantee, and the principal debt of the guarantee is
Sichuan Tellus Jewelry Tech. Co., Ltd. For the receivables of Lin Qin and other warrantees, the guaranteed amount is 41,479,900
yuan.
(5) Related party’s borrowed funds
In RMB
Related party Borrowing amount Starting date Maturity date Note
Borrowing
Payment of property
Shenzhen Tellus Hang
155,131.17 January 1, 2021 December 31, 2022 rights representative
Investment Co., Ltd.
salary
Hancheng Energy July 17, 2020 Including interest
Group Co., Ltd. 52,200,000.00 payable 2,200,000.00
yuan
Lending
(6) Related party’s assets transfer and debt reorganization
Nil
(7) Remuneration of key manager
In RMB
Item Current period Last period
Remuneration of directors, supervisors and
2,695,100.00 2,926,900.00
senior executives
(8) Other related transaction
6. Receivable and payable of related party
(1) Receivable item
In RMB
Ending balance Opening balance
Item Related party Bad debt Bad debt
Book balance Book balance
provision provision
Shenzhen Xinyongtong Auto
Accounts receivable 927,602.00 927,602.00 927,602.00 927,602.00
Service Co., Ltd.
Shenzhen SDG Petty Loan Co.,
7,324.78 1,154.82 115,481.80 1,154.82
Ltd.
Shenzhen Zung Fu Tellus Auto
2,103,142.92 -
Service Co., Ltd.
Subtotal 3,038,069.70 928,756.82 1,043,083.80 928,756.82
Shenzhen Dongfeng Motor Co.,
Dividend receivable 24,100,548.07 24,100,548.07
Ltd.
Subtotal 24,100,548.07 - 24,100,548.07
Other receivable Shenzhen Tellus Automobile 1,359,297.00 1,359,297.00 1,359,297.00 1,359,297.00
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Service Chain Co., Ltd.
Shenzhen Yongtong Xinda
531,882.24 531,882.24 531,882.24 531,882.24
Inspection Equipment Co., Ltd.
Shenzhen Xiandao New Material
660,790.09 660,790.09 660,790.09 660,790.09
Co., Ltd.
Shenzhen Tellus Xinyongtong Auto
114,776.33 114,776.33 114,776.33 114,776.33
Service Co., Ltd.
Jewelry Park Branch of Shenzhen
549,449.40 -
SDG Service Co., Ltd.
Subtotal 3,216,195.06 2,666,745.66 2,666,745.66 2,666,745.66
Long-term Shenzhen Tellus Automobile
2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
receivables Service Chain Co., Ltd.
Subtotal 2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
(2) Payable item
In RMB
Item Related party Ending book balance Opening book balance
Accounts 6,054,855.46 6,054,855.46
Shenzhen SDG Real Estate Co., Ltd
payable
Shenzhen Machinery Equipment Import & Export 45,300.00 45,300.00
Corporation
Shenzhen Tellus Gman Investment Co., Ltd. 200,000.00 200,000.00
Shenzhen SDG Engineering Management Co., - 12,905.66
Ltd
Shenzhen SDG Tellus Property Management Co., 8,626,405.80 2,516,323.68
Ltd.
Subtotal 14,926,561.26 8,829,384.80
Advances Shenzhen Zung Fu Tellus Auto Service Co., Ltd. 492,095.20
received
Subtotal 492,095.20
Other payable Hong Kong Yujia Investment Co, Ltd. 2,158,064.96 2,172,091.54
Shenzhen SDG Swan Industrial Co., Ltd. 20,703.25 20,703.25
Shenzhen Machinery Equipment Imp & Exp. 1,554,196.80 1,554,196.80
Company
Shenzhen Special Development Group Co., Ltd. 17,416,948.94 17,429,247.94
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 Tellus Hang Investment Co., Ltd. 155,131.17 122,978.63
Shenzhen Yongtong Xinda Inspection Equipment 5,600.00 5,600.00
Co., Ltd.
Anhui Jinzun Jewelry Co., Ltd. 1,330,000.00
Shenzhen SDG Tellus Property Management Co., 461,751.96 124,550.87
Ltd.
Jewelry Park Branch of Shenzhen SDG Service 6,598.00 6,598.00
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Co., Ltd.
Shenzhen Zung Fu Tellus Auto Service Co., Ltd. 833,334.00
Shenzhen SDG Petty Loan Co., Ltd. 227,836.80 227,836.80
Jewelry Park Branch of Shenzhen SDG Service 58,100.00
Co., Ltd.
Hancheng Energy Group Co., Ltd. 51,000,000.00 51,000,000.00
Subtotal 74,578,791.87 76,457,197.82
XI. Share-based payment
1. Overall situation of share-based payment
□ Applicable √Not applicable
2. Share-based payment settled by equity
□ Applicable √Not applicable
3. Share-based payment settled by cash
□ Applicable √Not applicable
4. Modification and termination of share-based payment
Nil
XII. Commitment or contingency
1. Important commitments
Capital commitment
Capital commitments that have been signed but not yet confirmed in the financial statements June 30, 2021 December 31, 2020
Large contract 192,579,624.03 220,523,772.58
2. Contingency
(1) Contingency on balance sheet date
In March 1998, Tellus Group provides guarantee for the loan of 3 million yuan to China Citic Bank for Jintian
Industrial (Group) Co., Ltd. (hereinafter referred to as Jintian Company). Subsequently, as Jintian Company failed
to repay the loan, China Citic Bank filed a lawsuit, requiring Jintian Company to fulfill the repayment
responsibility and Tellus Group to assume the guarantee responsibility. As a result, Tellus Group was forced to
deduct 4,081,830 yuan (including 3 million yuan of principal, 1,051,380 yuan of interest, 25,160 yuan of legal
fees, and execution fee of 5,290 yuan). In October 2005, Tellus Group filed a lawsuit with the People's Court of
Luohu District, Shenzhen City, requesting that Jintian Company should be ordered to pay the deducted money to
Tellus Group. The court ruled in favour of Tellus Group, and Tellus Group applied for compulsory execution, but
the execution was suspended as Jintian Company had no property for execution.
In August 1997, Tellus Group provided guarantee for Jintian Company's loan of US $2 million to Shenzhen
Development Bank Renminqiao Branch. Subsequently, due to Jintian Company's failure to repay the loan,
Shenzhen Development Bank filed a lawsuit, requiring Jintian Company to fulfill the repayment responsibility
and Tellus Group to assume the guarantee responsibility. Tellus Group repaid US $2,960,490 plus interest to
Shenzhen Development Bank. In 2008, Tellus Group filed a lawsuit with the People's Court of Luohu District,
Shenzhen City, requesting that Jintian Company should be ordered to pay the said amount and interest repaid by
Tellus Group on its behalf. Through the mediation of the People's Court of Luohu District, Shenzhen, they reached
the agreement that Jintian Company should pay the amount of US $2,960,490 to Tellus Group by October 31,
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
2008, and Tellus Group should exempt Jintian Company from interest payment. If Jintian Company failed to pay
on time, it should pay a penalty for overdue payment according to the RMB benchmark lending rate for the same
period published by the People's Bank of China. The People's Court of Luohu District made the paper of civil
mediation (2008) SLFMYCZ No.937. Jintian Company did not fulfill its repayment obligation, Tellus Group
applied for compulsory enforcement, but the execution was ruled to terminate as Jintian Company had no property
for execution.
In 2014, Jintian Company filed for bankruptcy due to its insolvency and later entered the bankruptcy
reorganization process. On January 29, 2016, Shenzhen Intermediate People's Court ruled that the execution of the
reorganization plan of Jintian Company was completed and the bankruptcy proceedings were terminated. Jintian
Company should make additional distributions to creditors including Tellus Group according to the reorganization
plan, and Tellus Group should be distributed cash of 325,000 yuan and 427,604 A shares and 163,886 B shares of
Jintian Company. On August 15, 2018, after failing to communicate with Jintian for many times about the cash
and shares to be distributed after the bankruptcy and reorganization of Jintian Company, Tellus Group filed a
lawsuit with the People's Court of Qianhai Cooperation Zone, and the Qianhai Court issued a civil judgment (2018)
Yue 0391 Min Chu No. 3104, Jintian Company was ordered to pay Tellus Group 325,000 yuan in cash and
427,604 A shares and 163,886 B shares of Jintian Company within five days of the legal effect of this judgment (if
the shares cannot be delivered, they may be paid in cash at the market price of the shares on the last day of the
deadline for performance). On January 7, 2021, Tellus Group applied to the People's Court of Qianhai
Cooperation Zone for compulsory execution, but the execution was terminated as no available property of Jintian
Company was found. Tellus Group filed for the execution of the bankruptcy application to Qianhai Court to apply
for the bankruptcy of Jintian Company again, Qianhai Court has transferred our company's application to
Shenzhen Intermediate People's Court for bankruptcy examination. As of the approval date of this financial report,
Shenzhen Intermediate People's Court has not yet issued the examination result, and Tellus Group has not received
the execution payment.
Tellus Group has dealt with the above claims as non-operating expenses in the early years, included them in the
profits of the year, which no longer have an impact on future operations.
(2) If the Company has no important contingency need to disclosed, explain reasons
The Company has no important contingency that need to disclose.
3. Other
XIII. Events after balance sheet date
Not applicable
XIV. Other important events
1. Previous accounting errors collection
Nil
2. Debt restructuring
Nil
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深圳市特力(集团)股份有限公司 2021 年半年度报告全文
3. Assets exchange
Nil
4. Pension plan
Nil
5. Discontinuing operation
Nil
6. Segment
(1) Recognition basis and accounting policy for reportable segment
The Company determines operating (segment) divisions based on internal organizational structure, management
requirements and internal reporting system, and determines the reporting segment based on the industry segment.
Respectively assess the operating performance of automobile sales, automobile maintenance and testing, leasing
and services, and jewelry wholesale and retail. The assets and liabilities used with each segment are distributed
among the different segments in proportion to their size.
(2) Financial information for reportable segment
In RMB
Auto
Leasing and Wholesale and Offset between
Item Auto sales maintenance and Total
retail of jewelry segment
services
inspection
Main business
95,643,935.09 38,834,580.73 96,482,509.28 31,677,991.97 -18,006,078.45 244,632,938.62
income
Main business
94,251,556.02 34,300,774.64 29,273,508.61 32,194,329.55 -17,694,065.96 172,326,102.86
cost
-1,352,996,877.9
Total assets 67,464,960.38 84,196,497.90 2,759,935,992.82 225,525,476.01 1,784,126,049.16
5
Total liability 58,291,881.91 54,776,447.71 796,958,486.62 13,758,824.42 -560,131,844.02 363,653,796.64
7. Other major transaction and events makes influence on investor’s decision
Nil
8. Other
On July 17, 2020, the 17th interim meeting of the 9th Board of Directors of the Company deliberated and approved
the Proposal on the Signing of Intention Agreement Between the Subsidiary and Hubei Hans’ Industry Investment
Co., Ltd. According to the agreement signed on the same day between the company's subsidiary Auto Industry and
Trade Company (Party A) and Hubei Hans’ Industry Investment Co., Ltd. (Party B), Party B undertakes to
participate in Party A's plan to sell 25% of its equity in Shenzhen Dongfeng Motor Co., Ltd through the Shanghai
United Asserts and Equity Exchange in accordance with laws and regulations. The target equity shall be
transferred at a price not less than 1/2 of the transaction price of 50% of the equity held by Party B in Shenzhen
Dongfeng Motor Co., Ltd., which is transferred to Party B by Dongfeng Special Commercial Vehicle Co., Ltd.,
and at a price not less than the appraisal price of the third-party intermediary selected or approved by Party A.
Party B shall pay Party A a performance bond of 50,000,000.00 yuan, and the interest on the bond shall be
calculated according to the agreement. Auto Industry and Trade Company has received a performance bond of
128
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
50,000,000.00 yuan from Hubei Hans’ Industry Investment Co., Ltd. in July 2020, and accrued interest was
2,200,000.00 yuan as of June 30, 2021. As of now, Auto Industry and Trade Company has not publicly listed the
said stock equity for sale.
XV. Principal notes of financial statements of parent company
1. Account receivable
(1) Category
In RMB
Ending balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book
Accrual Accrual Book value
Amount Ratio Amount value Amount Ratio Amount
ratio ratio
Account receivable
with bad debt 484,803. 484,803. 484,803.0 484,803.0
17.07% 100.00% - 65.79 100 0
provision accrual on 08 08 8 8
a single basis
Account receivable
with bad debt 2,355,22 2,352,571 252,083.4
82.93% 2,655.23 0.11% 34.21 2,655.23 1.05 249,428.20
provision accrual on 6.35 .12 3
portfolio
2,840,02 487,458. 2,352,571 736,886.5 487,458.3
Total 100.00% 17.16% 100.00% 66.15% 249,428.20
9.43 31 .12 1 1
Bad debt provision accrual on single basis:
In RMB
Ending balance
Name
Book balance Bad debt provision Accrual ratio Accrual causes
172,000.00 172,000.00 100.00 The accounts age is long
Shenzhen Bijiashan
and is not expected to be
Entertainment Company recovered
97,806.64 97,806.64 100.00 The accounts age is long
Gong Yanqing and is not expected to be
recovered
86,940.00 86,940.00 100.00 The accounts age is long
Guangzhou Lemin
and is not expected to be
Computer Center recovered
128,056.44 128,056.44 100.00 The accounts age is long
Other and is not expected to be
recovered
Total 484,803.08 484,803.08 -- --
Bad debt provision accrual on portfolio:
In RMB
Ending balance
Name
Book balance Bad debt provision Accrual ratio
129
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Within one year 2,355,226.35 2,655.23 0.11%
Total 2,355,226.35 2,655.23 --
If the provision for bad debts of account receivable is made in accordance with the general model of expected credit losses, please refer
to the disclosure of other account receivables to disclose related information about bad-debt provisions:
□ Applicable
By account age
In RMB
Account age Ending balance
Within one year (including one year) 2,355,226.35
Over 3 years 484,803.08
Over 5 years 484,803.08
Total 2,840,029.43
(2) Bad debt provision accrual, collected or reversal in the period
Bad debt provision accrual in the period:
In RMB
Amount changed in the period
Opening
Category Collected or Ending balance
balance Accrual Written off Other
reversal
Bad debt 484,803.08 484,803.08
provision
accrual on a
single basis
Provision for 2,655.23 2,655.23
bad debts by
combination
Total 487,458.31 487,458.31
(3) Account receivable actually written-off in the period
Nil
(4) Top 5 account receivables at ending balance by arrears party
In RMB
Ending balance of accounts Proportion in total receivables Bad debt preparation ending
Enterprise
receivable at ending balance balance
Shenzhen Zung Fu Tellus Auto
2,103,142.92 74.05%
Service Co., Ltd.
Shenzhen Bijiashan
172,000.00 6.06% 172,000.00
Entertainment Company
Shenzhen Jincheng Yinyu
248,723.43 8.76% 2,487.23
Jewelry Co., Ltd.
Gong Yanqing 97,806.64 3.44% 97,806.64
Guangzhou Lemin Computer
86,940.00 3.06% 86,940.00
Center
Total 2,708,612.99 95.37%
130
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
(5) Account receivable derecognition due to financial assets transfer
Nil
(6) Assets and liabilities resulted by account receivable transfer and continues involvement
Nil
2. Other account receivable
In RMB
Item Ending balance Opening balance
Dividends receivable 547,184.35 547,184.35
Other account receivable 80,961,269.69 126,422,912.78
Total 81,508,454.04 126,970,097.13
(1) Interest receivable
Nil
(2) Dividend receivable
1) Category
In RMB
Item (or invested enterprise) Ending balance Opening balance
China Pudong Development Machinery 547,184.35 547,184.35
Industry Co., Ltd
Total 547,184.35 547,184.35
2) Important dividend receivable with account age over one year
Nil
3) Accrual of bad debt provision
□ Applicable √Not applicable
(3) Other account receivable
1) By nature
In RMB
Nature Ending book balance Opening book balance
Other interim payment receivable 13,908,997.69 13,650,486.51
Related transactions within the scope of 80,643,106.99 126,363,261.26
consolidation
Total 94,552,104.68 140,013,747.77
2) Accrual of bad debt provision
In RMB
Phase I Phase II Phase III
Expected credit losses for Expected credit losses for
Expected credit
Bad debt provision the entire duration the entire duration (with Total
losses over next 12
(without credit credit impairment
months
impairment occurred) occurred)
Balance of Jan. 1, 2021 2,489.33 13,588,345.66 13,590,834.99
Balance of Jan. 1, 2020
—— —— —— ——
in the period
--Transfer to the
second stage
-- Transfer to the third
131
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
stage
-- Reversal to the
second stage
-- Reversal to the first
stage
Current provision
Current reversal
Current conversion
Current write off
Other change
Balance of Jun. 30, 2,489.33 13,588,345.66 13,590,834.99
2020
Change of book balance of loss provision with amount has major changes in the period
□Not applicable
By account age
In RMB
Account age Ending balance
Within one year (including one year) 80,963,759.02
1-2 years
2-3 years
Over 3 years 13,588,345.66
3-4 years
4-5 years
Over 5 years 13,588,345.66
Total 94,552,104.68
3) Bad debt provision accrual, collected or reversal in the period
Bad debt provision accrual in the period:
In RMB
Amount changed in the period
Opening
Category Collected or Ending balance
balance Accrual Written off Other
reversal
Bad debt 13,588,345.66 13,588,345.66
provision
accrual on a
single basis
Provision for 2,489.33 2,489.33
bad debts by
combination
Total 13,590,834.99 13,590,834.99
4) Other account receivable actually written-off in the period
Nil
5) Top 5 other receivables at ending balance by arrears party
In RMB
132
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Ratio in total
ending balance Ending balance of
Enterprise Nature Ending balance Account age
of other account bad debt reserve
receivables
Internal 9,832,956.37 10.40% 9,832,956.37
Zhongqi South China Auto Sales
Over 3 years
intercourse
Company
Internal 7,359,060.75 7.78% 7,359,060.75
South Industry & TRADE Shenzhen
Over 3 years
intercourse
Industrial Company
Internal 5,000,000.00 5.29% 5,000,000.00
Shenzhen Zhonghao (Group) Co., Ltd Over 3 years
intercourse
Shenzhen Kaifeng Special Internal 4,413,728.50 4.67% 4,413,728.50
Over 3 years
Automobile Industry Co., Ltd. intercourse
Gold Beili Electrical Appliances Internal 2,706,983.51 2.86% 2,706,983.51
Over 3 years
Company intercourse
Total -- 29,312,729.13 -- 31.00% 29,312,729.13
6) Other account receivables related to government grants
Nil
7) Other receivable for termination of confirmation due to the transfer of financial assets
Nil
8) The amount of assets and liabilities that are transferred other receivable and continued to be involved
Nil
Other explanation:
Name Ending balance
Book balance Bad debt provision Provision Reason for provision
ratio
5,000,000.00 5,000,000.00 100% The accounts age is
Shenzhen Zhonghao (Group) Co., long and is not
expected to be
Ltd
recovered
Gold Beili Electrical Appliances 2,706,983.51 2,706,983.51 100% The accounts age is
Company long and is not
expected to be
recovered
1,903,819.59 1,903,819.59 100% The accounts age is
long and is not
Shenzhen Petrochemical Group
expected to be
recovered
1,212,373.79 1,212,373.79 100% The accounts age is
Shenzhen SDG Huatong Packaging long and is not
Industry Co., Ltd. expected to be
recovered
Shenzhen Xiandao New Materials 660,790.09 660,790.09 100% The accounts age is
133
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Co., Ltd. long and is not
expected to be
recovered
Other 2,104,378.68 2,104,378.68 100% The accounts age is
long and is not
expected to be
recovered
Total 13,588,345.66 13,588,345.66 -- --
3. Long-term equity investment
In RMB
Ending balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Investment for
794,745,472.73 1,956,000.00 792,789,472.73 799,743,472.73 6,954,000.00 792,789,472.73
subsidiary
Investment for
associates and 106,292,629.89 9,787,162.32 96,505,467.57 93,758,474.47 9,787,162.32 83,971,312.15
joint venture
Total 901,038,102.62 11,743,162.32 889,294,940.30 893,501,947.20 16,741,162.32 876,760,784.88
(1) Investment for subsidiary
In RMB
Opening Increase and decrease in current period Ending balance
The invested Ending balance
balance (book Additional Reduce Provision for of impairment
entity Other (book value)
value) investment investment impairment provision
Shenzhen SDG
Tellus Real 31,152,888.87 31,152,888.87
Estate Co., Ltd.
Shenzhen Tellus
Chuangying
14,000,000.00 14,000,000.00
Technology Co.,
Ltd.
Shenzhen Tellus
Xinyongtong
Automobile 57,672,885.22 57,672,885.22
Development
Co. Ltd.
Shenzhen
Zhongtian 369,680,522.9
369,680,522.90
Industrial Co,. 0
Ltd.
Shenzhen Auto
126,251,071.5
Industry and 126,251,071.57
7
Trade
134
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Corporation
Shenzhen SDG
Huari Auto
19,224,692.65 19,224,692.65
Enterprise Co.,
Ltd.
Shenzhen Huari
TOYOTA
Automobile 1,807,411.52 1,807,411.52
Sales Service
Co., Ltd.
Shenzhen
Xinyongtong
Automobile
10,000,000.00 10,000,000.00
Inspection
Equipment Co.
Ltd.
Sichuan Tellus
100,000,000.0
Jewelry Tech. 100,000,000.00
0
Co., Ltd.
Shenzhen Tellus
Treasure Supply
50,000,000.00 50,000,000.00
Chain Tech. Co.,
Ltd.
Shenzhen
Hanligao
Technology 0.00 0.00 1,956,000.00
Ceramics Co.,
Ltd.
Shenzhen
Jewelry Industry
13,000,000.00 13,000,000.00
Service Co.,
LTD
792,789,472.7
Total 792,789,472.73 1,956,000.00
3
(2) Investment for associates and joint venture
In RMB
Current changes (+, -)
Ending
Other Cash
Opening Investme Accrual Ending balance
investmen Additiona comprehe dividend
balance nt gains Other of balance of
t l Capital nsive or profit
(book recognize equity impairme Other (book impairme
company investmen reduction income announce
value) d under change nt value) nt
t adjustmen d to
equity provision provision
t issued
I. Joint venture
135
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Shenzhen
Tellus
Gman 37,666,74 4,623,167 42,289,90
Investme 1.13 .75 8.88
nt Co.,
Ltd
Shenzhen
Tellus
Hang 12,697,42 361,200.1 13,058,62
Investme 4.88 5 5.03
nt Co.,
Ltd.
50,364,16 4,984,367 55,348,53
Subtotal
6.01 .90 3.91
II. Associated enterprise
Shenzhen
Zung Fu
Tellus 33,607,14 7,549,787 41,156,93
Auto 6.14 .52 3.66
Service
Co., Ltd.
Hunan
Changyan
1,810,540
g
.70
Industrial
Co., Ltd.
Shenzhen
Jiecheng 3,225,000
Electronic .00
Co., Ltd.
Shenzhen
Xiandao
4,751,621
New
.62
Materials
Co., Ltd.
33,607,14 7,549,787 41,156,93 9,787,162
Subtotal
6.14 .52 3.66 .32
115,314,5 12,534,15 96,505,46 9,787,162
Total
67.87 5.42 7.57 .32
(3) Other notes
4. Operating income and operating cost
In RMB
Current period Last period
Item
Income Cost Income Cost
136
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
Main business 19,483,635.23 5,163,217.03 13,120,854.52 3,857,719.57
Total 19,483,635.23 5,163,217.03 13,120,854.52 3,857,719.57
5. Investment income
In RMB
Item Current period Last period
Long-term equity investment income 8,400,304.32
measured by cost
Long-term equity investment income 12,534,155.42 8,715,946.43
measured by equity
Investment income from the disposal of 21,843.90
long-term equity investments
Investment income of trading financial assets 2,053,727.05 2,114,272.43
during the holding period
Total 14,609,726.37 19,230,523.18
6. Other
XVI. Supplementary information
1. Current non-recurring gains/losses
√ Applicable □Not applicable
In RMB
Item Amount Note
Governmental subsidy reckoned into current
gains/losses (not including the subsidy
enjoyed in quota or ration according to 322,337.67 Government subsidies
national standards, which are closely
relevant to enterprise’s business)
Except for effective hedge business relevant
to normal operation of the Company, gains
and losses arising from fair value change of
tradable financial assets, derivative financial
liabilities, tradable financial liability and
4,293,168.16 Wealth management income
derivative financial liability and investment
income from disposal of tradable financial
assets, derivative financial liabilities,
tradable financial liability, derivative
financial liability and other debt investment
Other non-operating income and expenditure The income from forfeiture of lease
62,938.74
except for the aforementioned items deposit due to the tenant withdrew the
lease in advance
Other gain/loss that meet the definition of
4,082.49
non-recurring gain/loss
Less: Impact on income tax 1,085,554.08
Impact on minority interests 644,850.13
Total 2,952,122.85 --
137
深圳市特力(集团)股份有限公司 2021 年半年度报告全文
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
2. ROE and earnings per share
Earnings per share
Profits during report period Weighted average ROE Diluted EPS
Basic EPS (Yuan/share)
(Yuan/share)
Net profits belong to common stock
3.34% 0.1033 0.1033
stockholders of the Company
Net profits belong to common stock
stockholders of the Company after
3.12% 0.0965 0.0965
deducting nonrecurring gains and
losses
3. 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
(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
(3) Explanation on data differences under the accounting standards in and out of China; as for the
differences adjustment audited by foreign auditing institute, listed name of the institute
Nil
138
