China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
China Fangda Group Co., Ltd.
2021 First Quarter Report
April 2021
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
I Important Statement
The members of the Board and the Company guarantee that the quarterly
report is free from any false information, misleading statement or material
omission and are jointly and severally liable for the information’s truthfulness,
accuracy and integrity.
All the Directors have attended the meeting of the board meeting at which
this report was examined.
Mr. Xiong Jianming, the Chairman of Board, Mr. Lin Kebin, the Chief
Financial Officer, and Mr. Wu Bohua, the manager of accounting department
declare: the Financial Report carried in this report is authentic and completed.
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
II. General Information
1. Financial Highlight
Whether the Company needs to make retroactive adjustment or restatement of financial data of previous years
□ Yes √ No
This report period Same period last year Year-on-year change (%)
Turnover (yuan) 643,347,177.89 413,826,888.79 55.46%
Net profit attributable to shareholders of
75,153,468.91 94,777,419.75 -20.71%
the listed company (yuan)
Net profit attributable to the shareholders
of the listed company and after deducting 58,982,525.69 95,563,557.35 -38.28%
of non-recurring gain/loss (yuan)
Net cash flow generated by business
-423,296,463.74 -339,105,046.99 -24.83%
operation (yuan)
Basic earnings per share (yuan/share) 0.07 0.08 -12.50%
Diluted Earnings per share (yuan/share) 0.07 0.08 -12.50%
Weighted average net income/asset ratio 1.39% 1.81% -0.42%
End of the report period End of last year Year-on-year change
Total asset (yuan) 11,298,662,748.85 11,866,857,250.39 -4.79%
Net profit attributable to the shareholders
5,456,823,373.42 5,380,857,155.39 1.41%
of the listed company (RMB)
The operating income for the current period increased by 55.46% over the same period of the previous year, and the net profit
attributable to shareholders of the listed company decreased by 20.71% over the same period of the previous year. This was mainly
due to the accounting for the expected credit loss rate of accounts receivable and contract assets in the same period last year. The
estimated change resulted in an increase of TMB75,702,600 in recurring net profit in the first quarter of last year. After deducting the
impact, the net profit attributable to shareholders of the listed company for the current period increased by 293.99% over the same
period of the previous year.
Accidental gain/loss item and amount
√ Applicable □ Inapplicable
In RMB
Amount from beginning of
Item the year to the end of the Notes
report period
Non-current asset disposal gain/loss (including the write-off part
-114,249.43
for which assets impairment provision is made)
Subsidies accounted into the current income account (except the 1,784,051.29
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
government subsidy closely related to the enterprise’s business
and based on unified national standard quota)
Gain/loss from change of fair value of transactional financial
asset and liabilities, and investment gains from disposal of
transactional and derivative financial assets and liabilities and 2,278,731.89
sellable financial assets, other than valid period value instruments
related to the Company’s common businesses
Write-back of impairment provision of receivables and contract
14,600,000.00
assets for which impairment test is performed individually
Other non-business income and expenditures other than the above 706,830.36
Less: Influenced amount of income tax 2,959,293.30
Influenced amount of minority shareholders’ equity
125,127.59
(after-tax)
Total 16,170,943.22 --
Explanation statement should be made for accidental gain/loss items defined and accidental gain/loss items defined as regular
gain/loss items according to the Explanation Announcement of Information Disclosure No. 1 - Non-recurring gain/loss mentioned.
□ Applicable √ Inapplicable
No circumstance that should be defined as recurrent profit and loss according to Explanation Announcement of Information
Disclosure No. 1 - Non-recurring gain/loss occurs in the report period.
2. Total number of shareholders and shareholding of top 10 shareholders by the end of the
report period
1. Ordinary shareholders, preference shareholders with resumed voting rights and top 10 shareholders
In share
Number of shareholders of preferred
Number of shareholders of common
57,739 stocks of which voting rights 0
shares at the end of the report period
recovered in the report period
Top 10 Shareholders
Nature of Shareholding Shareholding Conditional Pledging or freezing
Shareholder name
shareholder percentage number shares Share status Quantity
Shenzhen
Banglin Domestic
Technologies non-state legal 10.87% 118,307,546 Pledged 32,700,000
Development person
Co., Ltd.
Shengjiu Foreign legal
9.66% 105,134,562
Investment Ltd. person
Fang Wei Domestic natural 2.90% 31,537,937
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
person
Gong Qing
Cheng Shi Li He
Investment Domestic
Management non-state legal 1.46% 15,860,609
Partnership person
Enterprise
(limited partner)
VANGUARD
EMERGING
Foreign legal
MARKETS 0.58% 6,312,683
person
STOCK INDEX
FUND
VANGUARD
TOTAL
Foreign legal
INTERNATION 0.57% 6,247,740
person
AL STOCK
INDEX FUND
Shenwan
Hongyuan Foreign legal
0.53% 5,783,896
Securities (Hong person
Kong) Co., Ltd.
Domestic natural
Qu Chunlin 0.52% 5,666,861
person
First Shanghai
Foreign legal
Securities 0.36% 3,938,704
person
Limited
Shanghai Silver
Leaf Investment
Co., Ltd.-Silver
Leaf Quantitative Others 0.35% 3,755,500
Hedging Phase 1
Private Securities
Investment Fund
Top 10 holders of unconditional shares
Category of shares
Shareholder name Amount of shares without sales restriction Category of
Quantity
shares
Shenzhen Banglin Technologies RMB common
118,307,546 118,307,546
Development Co., Ltd. shares
Shengjiu Investment Ltd. 105,134,562 Domestically 105,134,562
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
listed foreign
shares
RMB common
Fang Wei 31,537,937 31,537,937
shares
Gong Qing Cheng Shi Li He
RMB common
Investment Management Partnership 15,860,609 15,860,609
shares
Enterprise (limited partner)
Domestically
VANGUARD EMERGING
6,312,683 listed foreign 6,312,683
MARKETS STOCK INDEX FUND
shares
VANGUARD TOTAL Domestically
INTERNATIONAL STOCK INDEX 6,247,740 listed foreign 6,247,740
FUND shares
Domestically
Shenwan Hongyuan Securities
5,783,896 listed foreign 5,783,896
(Hong Kong) Co., Ltd.
shares
RMB common
Qu Chunlin 5,666,861 5,666,861
shares
Domestically
First Shanghai Securities Limited 3,938,704 listed foreign 3,938,704
shares
Shanghai Silver Leaf Investment
Co., Ltd.-Silver Leaf Quantitative RMB common
3,755,500 3,755,500
Hedging Phase 1 Private Securities shares
Investment Fund
Among the shareholders, Shenzhen Banglin Technology Development Co., Ltd. and Shengjiu
Investment Co., Ltd. are parties action-in-concert. Shenzhen Banglin Technology
Notes to top ten shareholder
Development Co., Ltd. and Gong Qing Cheng Shi Li He Investment Management Partnership
relationship or "action in concert"
Enterprise are related parties. The Company is not notified of other action-in-concert or
related parties among the other holders of current shares.
Shenzhen Banglin Technology Development Co., Ltd. holds 55,000,000 shares of the
Explanation of the top 10 Company through the customer credit transaction guarantee securities account of Ping An
shareholders' participation in Securities Co., Ltd., and Shanghai Yinye Investment Co., Ltd.-Yinye Quantitative Hedging
financing and securities lending Phase 2 Private Securities Investment Fund through Xiangcai Securities Co., Ltd. The
business customer credit transaction guarantee securities account holds 3,755,500 shares of the
Company.
Agreed re-purchasing by the Company’s top 10 shareholders of common shares and top 10 shareholders of unconditional common
shares in the report period
□ Yes √ No
No agreed re-purchasing by the Company’s top 10 shareholders of common shares and top 10 shareholders of unconditional common
shares in the report period
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
2. Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of
the report period
□ Applicable √ Inapplicable
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
III Significant Events
1. Major changes in accounting items and financial data in the report period and reasons
√ Applicable □ Inapplicable
Item December 31, 2021 December 31, 2020 YOY change (%) Reason
Transactional 51,205,573.26 4,051,015.05 1164.02% Mainly due to increase in
financial assets Closing balance bank
borrowings
Construction in 91,011,771.79 168,626,803.01 -46.03% Mainly due to the completion
process of the renovation of the
self-use part of Fangda Town
No. 1 Building and the
conversion to fixed assets
Employees' wage 26,000,808.23 60,188,812.64 -56.80% Annual bonus paid
payable
Taxes payable 31,636,000.44 -91.18% Mainly due to the current
358,662,944.42 liquidation declaration
and payment of the Fangda
Twon project land
value-added tax
Other current 60,852,310.99 107,688,425.69 -43.49% Mainly due to the decrease
liabilities of unterminated notes
receivable at the end of
the period
Long-term loans 1,531,661,462.35 1,099,411,462.35 39.32% Mainly due to long-term
borrowing of the return
portion of the current
period
Item Total amount in Last period YOY change (%) Reason
this year
Turnover 643,347,177.89 413,826,888.79 55.46% With the gradual
stabilization of the
domestic epidemic, the
Company’s major industry
revenues have increased
significantly over the
same period last year
Operating cost 482,994,905.47 314,413,603.27 53.62% Mainly due to the
substantial increase in
revenue
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Administrative 42,172,744.29 31,000,994.73 36.04% Mainly due to the increase
expense in related expenses
R&D cost 35,042,482.29 14,980,824.81 133.92% Mainly due to increased
investment in research and
development
Credit impairment ("-" 19,539,581.61 54,750,204.80 -64.31% Mainly due to changes in
for loss) the accounting estimates
Investment 22,587,469.07 38,328,588.76 -41.07% of the expected credit loss
impairment loss ("-" rate in the same period
for loss) last year
Cash flow generated -92,492,491.98 97,240,746.73 -195.12% Mainly due to the current
by investment financial investment
activities, net expenditure is greater
than the recovery
2. Progress of key issues and its impacts and solutions
□ Applicable √ Inapplicable
Progress in the implementation of share repurchase
√ Applicable □ Inapplicable
The second meeting of the Ninth Board of Directors of the Company held on June 23, 2020 deliberated and approved the "Plan
on Repurchase of Certain Domestically Listed Foreign Shares (B Shares) of the Company in 2020". In order to maintain the
Company's value and shareholders' rights and interests, the Company decided to use its own funds to repurchase some domestically
listed foreign shares (B shares) in a centralized bidding transaction.
From July 23, 2020 to September 22, 2020, the Company has cumulatively repurchased 14,404,724 B shares of the Company,
accounting for 1.32% of the Company’s total share capital. The highest purchase price was HK$3.47 per share, and the lowest price
was HK$3.16 per share, the average purchase price is HK$3.36 per share, and the actual cumulative payment for the repurchase of
shares is HK$48,359,819.24 (including transaction-related expenses).
On April 12, 2021, the Company held the 2020 Annual General Meeting of Shareholders, and reviewed and approved the
"Proposal on Canceling the Repurchased B Shares in 2020 to Reduce the Registered Capital and Amend the Articles of Association."
According to the resolution, the Company will cancel the 14,404,724 B shares repurchased in 2020 and reduce the Company's
registered capital accordingly.
On April 23, 2021, the Company completed the share repurchase and cancellation procedures at the Shenzhen Branch of China
Securities Depository and Clearing Co., Ltd., and disclosed the "Announcement on Completion of Repurchase Shares Cancellation
and Share Changes" on April 27, 2021.
Progress in the implementation of the reduction of shareholding shares by means of centralized bidding
□ Applicable √ Inapplicable
3. Commitments that have not been fulfilled by actual controller, shareholders, related parties,
acquirers of the Company
□ Applicable √ Inapplicable
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
There is no commitment that has not been fulfilled by actual controller, shareholders, related parties, acquirers of the Company
4. Financial assets investment
1. Securities investment
□ Applicable √ Inapplicable
The Company made no investment in securities in the report period
2. Derivative investment
√ Applicable □ Inapplicable
In RMB10,000
Proporti
on of
closing
investm
Derivati
Impairm ent Actual
ve Initial Amount Closing
Related Amount ent amount gain/los
investm Relation Initial Start End investm sold in investm
transacti Type in this provisio in the s in the
ent ship amount date date ent this ent
on period n (if closing report
operator amount period amount
any) net period
name
assets in
the
report
period
Shangha Wednes
Shangha Friday,
i day,
i April 4,637.2
Futures No No 8,112.09 March 8,112.09 3,474.8 0.64% 619.09
aluminu 17, 9
Exchan 31,
m 2020
ge 2021
Wednes
Forward Wednes
day,
foreign 5,803.0 day, 5,803.0 2,749.5 3,053.4
Banks No No March 0.56% 84.54
exchang 3 July 29, 3 3 9
31,
e 2020
2021
13,915. 13,915. 7,386.8 6,528.2
Total -- -- 0 0 1.20% 703.63
12 12 2 9
Capital source Self-owned fund
Lawsuit involved None
Disclosure date of derivative Tuesday, March 23, 2021
investment approval by the Board of Wednesday, October 21, 2020
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Directors
Disclosure date of derivative
investment approval by the None
shareholders’ meeting
The company's aluminum futures hedging and foreign exchange derivatives trading business
Risk analysis and control measures are all derivatives investment business. The company has established and implemented the
for the derivative holding in the "Derivatives Investment Business Management Measures" and "Commodity Futures
report period (including without Hedging Business Internal Control and Risk Management System". It has made clear
limitation market, liquidity, credit, regulations on the approval authority, business management, risk management, information
operation and legal risks) disclosure and file management of derivatives trading business, which can effectively control
the risk of the company's derivatives holding positions.
Changes in the market price or fair
value of the derivative in the report
period, the analysis of the
Fair value of derivatives are measured at open prices in the open market
derivative’s fair value should
disclose the method used and related
assumptions and parameters.
Material changes in the accounting
policies and rules related to the
None
derivative in the report period
compared to last period
Opinions of independent directors on
the Company’s derivative investment None
and risk controlling
5. Progress of investment projects with raised funds
□ Applicable √ Inapplicable
6. Forecast of operating performance between January and June in 2021
Warning and reasons of possible net loss or substantial change from the last period between the beginning of the year and the end of
the next report period
□ Applicable √ Inapplicable
7. Major contracts for daily operations
□ Applicable √ Inapplicable
8. Entrusted wealth management
√ Applicable □ Inapplicable
In RMB10,000
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Due balance to be
Type Source of fund Amount Undue balance
recovered
Bank financial products Self-owned fund 77,235.1 5,120.56 0
Total 77,235.1 5,120.56 0
Specific circumstances of high-risk entrusted financing with large individual amount or low security, poor liquidity, and no cost
protection
□ Applicable √ Inapplicable
Entrusted financial management expected to fail to recover the principal or likely result in impairment
□ Applicable √ Inapplicable
9. Incompliant external guarantee
□ Applicable √ Inapplicable
The Company made no incompliant external guarantee in the report period.
10. Non-operating capital use by the controlling shareholder or related parties in the
reporting term
□ Applicable √ Inapplicable
The controlling shareholder and its affiliates occupied no capital for non-operating purpose of the Company during the report period.
XI. Reception of investigations, communications, or interviews in the reporting period
√ Applicable □ Inapplicable
Main content
involved and Disclosure of
Time/date Place Way Visitor Visitor
materials information
provided
For details,
please refer to
the Investor
Relations Shenzhen Stock
Thursday, March
Online Others Others Online investors Activity Record Exchange's interactive
25, 2021
Sheet of Fangda platform
Group
Performance
Presentation
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
IV Financial Statements
1. Financial statements
1. Consolidated Balance Sheet
Prepared by: China Fangda Group Co., Ltd.
Wednesday, March 31, 2021
In RMB
Item Wednesday, March 31, 2021 Thursday, December 31, 2020
Current asset:
Monetary capital 1,050,347,975.31 1,459,840,020.10
Settlement provision
Outgoing call loan
Transactional financial assets 51,205,573.26 4,051,015.05
Derivative financial assets 7,520,875.00 6,974,448.22
Notes receivable 181,149,565.46 207,145,563.97
Account receivable 452,811,227.09 616,195,129.40
Receivable financing 13,500,000.00 10,727,129.28
Prepayment 15,839,501.91 23,845,963.67
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance
contracts receivable
Other receivables 164,422,400.16 162,145,236.85
Including: interest receivable
Dividend receivable
Repurchasing of financial assets
Inventory 818,438,139.00 837,831,790.88
Contract assets 1,420,880,863.67 1,425,040,223.27
Assets held for sales
Non-current assets due in 1 year 117,654,240.29 141,681,778.35
Other current assets 248,724,209.42 233,223,084.51
Total current assets 4,542,494,570.57 5,128,701,383.55
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Non-current assets:
Loan and advancement provided
Debt investment
Other debt investment
Long-term receivables
Long-term share equity investment 55,616,828.32 55,902,377.95
Investment in other equity tools 17,506,572.52 17,628,307.59
Other non-current financial assets 5,025,885.00 5,025,186.16
Investment real estate 5,641,240,481.37 5,634,648,416.52
Fixed assets 560,717,417.41 483,161,673.38
Construction in process 91,011,771.79 168,626,803.01
Productive biological assets
Gas & petrol
Use right assets 6,681,205.46
Intangible assets 76,697,231.79 77,192,825.83
R&D expense
Goodwill
Long-term amortizable expenses 4,520,479.46 4,581,487.32
Deferred income tax assets 180,563,589.26 186,649,335.96
Other non-current assets 116,586,715.90 104,739,453.12
Total of non-current assets 6,756,168,178.28 6,738,155,866.84
Total of assets 11,298,662,748.85 11,866,857,250.39
Current liabilities
Short-term loans 816,676,597.11 1,048,250,327.62
Loans from Central Bank
Call loan received
Transactional financial liabilities
Derivative financial liabilities 417,122.26 915,234.93
Notes payable 704,681,085.59 866,224,515.42
Account payable 1,040,826,381.61 1,279,434,551.95
Prepayment received 4,940,392.61 1,544,655.62
Contract liabilities 208,326,703.19 265,487,113.12
Selling of repurchased financial
assets
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Deposit received and held for
others
Entrusted trading of securities
Entrusted selling of securities
Employees' wage payable 26,000,808.23 60,188,812.64
Taxes payable 31,636,000.44 358,662,944.42
Other payables 159,412,770.95 147,615,289.31
Including: interest payable
Dividend payable
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liabilities due in 1
108,500,350.04 103,359,833.57
year
Other current liabilities 60,852,310.99 107,688,425.69
Total current liabilities 3,162,270,523.02 4,239,371,704.29
Non-current liabilities:
Insurance contract provision
Long-term loans 1,531,661,462.35 1,099,411,462.35
Bond payable
Including: preferred stock
Perpetual bond
Lease liabilities 5,474,263.34
Long-term payable
Long-term employees' wage
payable
Anticipated liabilities 31,992,824.43 33,425,500.13
Deferred earning 9,053,366.84 9,168,492.17
Deferred income tax liabilities 1,037,058,135.50 1,038,084,099.97
Other non-current liabilities
Total of non-current liabilities 2,615,240,052.46 2,180,089,554.62
Total liabilities 5,777,510,575.48 6,419,461,258.91
Owner's equity:
Share capital 1,088,278,951.00 1,088,278,951.00
Other equity tools
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Including: preferred stock
Perpetual bond
Capital reserves 11,459,588.40 11,459,588.40
Less: Shares in stock 42,748,530.12 42,748,530.12
Other miscellaneous income 2,890,916.75 2,078,167.63
Special reserves
Surplus reserve 106,783,436.96 106,783,436.96
Common risk provisions
Retained profit 4,290,159,010.43 4,215,005,541.52
Total of owner's equity belong to the
5,456,823,373.42 5,380,857,155.39
parent company
Minor shareholders' equity 64,328,799.95 66,538,836.09
Total of owners' equity 5,521,152,173.37 5,447,395,991.48
Total of liabilities and owner's interest 11,298,662,748.85 11,866,857,250.39
Legal representative: Xiong Jianming CFO: Lin Kebing Accounting Manager: Wu Bohua
2. Balance Sheet of the Parent Company
In RMB
Item Wednesday, March 31, 2021 Thursday, December 31, 2020
Current asset:
Monetary capital 24,753,184.02 204,828,995.78
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 671,542.60 885,849.08
Receivable financing
Prepayment 660,304.84 1,323,361.34
Other receivables 1,401,224,399.72 1,156,802,204.91
Including: interest receivable
Dividend receivable
Inventory
Contract assets
Assets held for sales
Non-current assets due in 1 year
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Other current assets 1,124,624.60 1,071,138.13
Total current assets 1,428,434,055.78 1,364,911,549.24
Non-current assets:
Debt investment
Other debt investment
Long-term receivables
Long-term share equity investment 1,196,831,253.00 1,196,831,253.00
Investment in other equity tools 16,392,331.44 16,392,331.44
Other non-current financial assets 30,000,001.00 30,000,001.00
Investment real estate 334,498,436.00 334,498,436.00
Fixed assets 64,692,915.48 65,157,481.98
Construction in process
Productive biological assets
Gas & petrol
Use right assets
Intangible assets 1,444,285.35 1,521,975.72
R&D expense
Goodwill
Long-term amortizable expenses 555,171.41 687,202.16
Deferred income tax assets 27,340,270.29 26,592,617.26
Other non-current assets
Total of non-current assets 1,671,754,663.97 1,671,681,298.56
Total of assets 3,100,188,719.75 3,036,592,847.80
Current liabilities
Short-term loans 490,523,263.90 491,503,263.89
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 606,941.85 606,941.85
Prepayment received 723,098.39 927,674.32
Contract liabilities
Employees' wage payable 1,273,149.41 3,440,073.04
Taxes payable 3,065,122.39 2,993,196.12
Other payables 63,857,788.94 28,068,648.70
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Including: interest payable
Dividend payable
Liabilities held for sales
Non-current liabilities due in 1
year
Other current liabilities
Total current liabilities 560,049,364.88 527,539,797.92
Non-current liabilities:
Long-term loans
Bond payable
Including: preferred stock
Perpetual bond
Lease liabilities
Long-term payable
Long-term employees' wage
payable
Anticipated liabilities
Deferred earning
Deferred income tax liabilities 73,762,656.21 73,837,511.85
Other non-current liabilities
Total of non-current liabilities 73,762,656.21 73,837,511.85
Total liabilities 633,812,021.09 601,377,309.77
Owner's equity:
Share capital 1,088,278,951.00 1,088,278,951.00
Other equity tools
Including: preferred stock
Perpetual bond
Capital reserves 360,835.52 360,835.52
Less: Shares in stock 42,748,530.12 42,748,530.12
Other miscellaneous income -371,129.71 -371,129.71
Special reserves
Surplus reserve 106,783,436.96 106,783,436.96
Retained profit 1,314,073,135.01 1,282,911,974.38
Total of owners' equity 2,466,376,698.66 2,435,215,538.03
Total of liabilities and owner's interest 3,100,188,719.75 3,036,592,847.80
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
3. Consolidated Income Statement
In RMB
Item Amount occurred in the current period Occurred in previous period
1. Total revenue 643,347,177.89 413,826,888.79
Incl. Business income 643,347,177.89 413,826,888.79
Interest income
Insurance fee earned
Fee and commission
received
2. Total business cost 598,103,967.00 394,659,366.67
Incl. Business cost 482,994,905.47 314,413,603.27
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net insurance policy
responsibility contract reserves provided
Insurance policy dividend
paid
Reinsurance expenses
Taxes and surcharges 7,222,382.29 3,390,682.90
Sales expense 10,158,035.76 8,076,166.66
Administrative expense 42,172,744.29 31,000,994.73
R&D cost 35,042,482.29 14,980,824.81
Financial expenses 20,513,416.90 22,797,094.30
Including: interest cost 17,542,167.55 22,193,016.28
Interest income 2,952,322.09 2,199,503.22
Add: other gains 3,743,091.62 1,234,219.99
Investment gains (“-” for loss) 41,032.31 241,358.65
Incl. Investment gains from
-285,549.63 -168,943.59
affiliates and joint ventures
Financial assets
-1,951,451.11
derecognised as a result of amortized cost
Exchange gains ("-" for loss)
Net open hedge gains (“-” for
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
loss)
Gains from change of fair value
698.84 4,128.92
(“-“ for loss)
Credit impairment ("-" for loss) 19,539,581.61
54,750,204.80
Investment impairment loss
22,587,469.07
("-" for loss) 38,328,588.76
Investment gains ("-" for loss) -114,249.43
3. Operational profit ("-" for loss) 91,040,834.91 113,726,023.24
Plus: non-operational income 883,540.49 106,391.56
Less: non-operational expenditure 176,710.13 3,026,114.28
4. Gross profit ("-" for loss) 91,747,665.27 110,806,300.52
Less: Income tax expenses 14,783,162.05 16,037,544.87
5. Net profit ("-" for net loss) 76,964,503.22 94,768,755.65
(1) By operating consistency
1. Net profit from continuous
76,964,503.22 94,768,755.65
operation ("-" for net loss)
2. Net profit from discontinuous
operation ("-" for net loss)
(2) By ownership
1. Net profit attributable to the
75,153,468.91 94,777,419.75
shareholders of the parent company
2. Minor shareholders’ equity 1,811,034.31 -8,664.10
6. After-tax net amount of other misc.
781,394.67 -13,049,080.39
incomes
After-tax net amount of other misc.
812,749.12 -13,049,080.39
incomes attributed to parent's owner
(1) Other misc. incomes that cannot
-121,735.07
be re-classified into gain and loss
1. Re-measure the change in
the defined benefit plan
2. Other comprehensive
income that cannot be transferred to
profit or loss under the equity method
3. Fair value change of
-121,735.07
investment in other equity tools
4. Fair value change of the
20
China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Company's credit risk
5. Others
(2) Other misc. incomes that will be
934,484.19 -13,049,080.39
re-classified into gain and loss
1. Other comprehensive
income that can be transferred to profit or
loss under the equity method
2. Fair value change of other
debt investment
3. Gains and losses from
changes in fair value of available-for-sale
financial assets
4. Other credit investment
credit impairment provisions
5. Cash flow hedge reserve 920,482.22 -12,650,960.02
6. Translation difference of
14,001.97 -398,120.37
foreign exchange statement
7. Others
After-tax net of other misc. income
-31,354.45
attributed to minority shareholders
7. Total of misc. incomes 77,745,897.89 81,719,675.26
Total of misc. incomes attributable
75,966,218.03 81,728,339.36
to the owners of the parent company
Total misc gains attributable to the
1,779,679.86 -8,664.10
minor shareholders
8. Earnings per share:
(1) Basic earnings per share 0.07 0.08
(2) Diluted earnings per share 0.07 0.08
Net profit contributed by entities merged under common control in the report period was RMB0.00, net profit realized by parties
merged during the previous period is RMB0.00.
Legal representative: Xiong Jianming CFO: Lin Kebing Accounting Manager: Wu Bohua
4. Income Statement of the Parent Company
In RMB
Item Amount occurred in the current period Occurred in previous period
1. Turnover 6,059,661.51 6,518,715.41
21
China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Less: Operation cost 79,702.77 38,161.28
Taxes and surcharges 69,555.62 320,625.81
Sales expense
Administrative expense 6,163,118.29 6,007,355.43
R&D cost
Financial expenses 3,347,465.47 9,528,622.34
Including: interest cost 3,301,250.01 10,094,338.89
Interest income 220,423.32 571,446.30
Add: other gains 77,100.49 70,235.05
Investment gains (“-” for loss) 33,862,460.96 125,658.72
Incl. Investment gains from
affiliates and joint ventures
Financial assets
derecognised as a result of amortized
cost ("-" for loss)
Net open hedge gains (“-” for
loss)
Gains from change of fair
value (“-“ for loss)
Credit impairment ("-" for
700.20 -6,241.41
loss)
Investment impairment loss
("-" for loss)
Investment gains ("-" for loss)
2. Operational profit (“-” for loss) 30,340,081.01 -9,186,397.09
Plus: non-operational income
Less: non-operational expenditure 1,429.05
3. Gross profit ("-" for loss) 30,338,651.96 -9,186,397.09
Less: Income tax expenses -822,508.67 -2,278,347.27
4. Net profit (“-” for net loss) 31,161,160.63 -6,908,049.82
(1) Net profit from continuous
31,161,160.63 -6,908,049.82
operation ("-" for net loss)
(2) Net profit from discontinuous
operation ("-" for net loss)
5. After-tax net amount of other misc.
incomes
22
China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
(1) Other misc. incomes that
cannot be re-classified into gain and
loss
1. Re-measure the change
in the defined benefit plan
2. Other comprehensive
income that cannot be transferred to
profit or loss under the equity method
3. Fair value change of
investment in other equity tools
4. Fair value change of the
Company's credit risk
5. Others
(2) Other misc. incomes that will
be re-classified into gain and loss
1. Other comprehensive
income that can be transferred to profit
or loss under the equity method
2. Fair value change of
other debt investment
3. Gains and losses from
changes in fair value of
available-for-sale financial assets
4. Other credit investment
credit impairment provisions
5. Cash flow hedge reserve
6. Translation difference of
foreign exchange statement
7. Others
6. Total of misc. incomes 31,161,160.63 -6,908,049.82
7. Earnings per share:
(1) Basic earnings per share
(2) Diluted earnings per share
5. Consolidated Cash Flow Statement
In RMB
Item Amount occurred in the current period Occurred in previous period
23
China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
1. Net cash flow from business
operations:
Cash received from sales of
841,141,839.35 552,621,802.47
products and providing of services
Net increase of customer deposits
and capital kept for brother company
Net increase of loans from central
bank
Net increase of inter-bank loans
from other financial bodies
Cash received against original
insurance contract
Net cash received from reinsurance
business
Net increase of client deposit and
investment
Cash received as interest,
processing fee, and commission
Net increase of inter-bank fund
received
Net increase of repurchasing
business
Net cash received from trading
securities
Tax refunded 12,748,845.37 1,811,320.46
Other cash received from business
70,643,051.32 72,333,751.51
operation
Sub-total of cash inflow from business
924,533,736.04 626,766,874.44
operations
Cash paid for purchasing products
786,329,162.59 606,808,963.41
and services
Net increase of client trade and
advance
Net increase of savings in central
bank and brother company
Cash paid for original contract
claim
Net increase in funds dismantled
24
China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Cash paid for interest, processing
fee and commission
Cash paid for policy dividend
Cash paid to and for the staff 109,277,627.51 99,253,547.69
Taxes paid 367,577,705.38 31,853,052.06
Other cash paid for business
84,645,704.30 227,956,358.27
activities
Sub-total of cash outflow from business
1,347,830,199.78 965,871,921.43
operations
Cash flow generated by business
-423,296,463.74 -339,105,046.99
operations, net
2. Cash flow generated by investment:
Cash received from investment
1,687,886,805.14 1,344,500,000.00
recovery
Cash received as investment profit 2,096,669.70 8,789,161.18
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 194.69
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash
250.00
received
Sub-total of cash inflow generated from
1,689,983,669.53 1,353,289,411.18
investment
Cash paid for construction of fixed
assets, intangible assets and other 47,616,161.51 59,588,664.45
long-term assets
Cash paid as investment 1,734,860,000.00 1,196,460,000.00
Net increase of loan against pledge
Net cash paid for acquiring
subsidiaries and other operational units
Other cash paid for investment
Subtotal of cash outflows 1,782,476,161.51 1,256,048,664.45
Cash flow generated by investment
-92,492,491.98 97,240,746.73
activities, net
3. Cash flow generated by financing
activities:
Cash received from investment
25
China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Incl. Cash received from
investment attracted by subsidiaries
from minority shareholders
Cash received from borrowed
470,000,000.00 1,725,388,124.18
loans
Other cash received from financing
activities
Subtotal of cash inflow from financing
470,000,000.00 1,725,388,124.18
activities
Cash paid to repay debts 78,249,952.00 1,403,978,153.39
Cash paid as dividend, profit, or
24,136,165.50 24,999,493.27
interests
Incl. Dividend and profit paid by
subsidiaries to minority shareholders
Other cash paid for financing
148,275,409.77
activities
Subtotal of cash outflow from financing
250,661,527.27 1,428,977,646.66
activities
Net cash flow generated by financing
219,338,472.73 296,410,477.52
activities
4. Influence of exchange rate changes
-1,062,752.02 467,765.09
on cash and cash equivalents
5. Net increase in cash and cash
-297,513,235.01 55,013,942.35
equivalents
Plus: Balance of cash and cash
1,024,252,387.39 725,269,902.90
equivalents at the beginning of term
6. Balance of cash and cash equivalents
726,739,152.38 780,283,845.25
at the end of the period
6. Cash Flow Statement of the Parent Company
In RMB
Item Amount occurred in the current period Occurred in previous period
1. Net cash flow from business
operations:
Cash received from sales of
6,294,925.95 3,513,156.36
products and providing of services
Tax refunded
Other cash received from business 826,433,373.37 2,136,488,278.30
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China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
operation
Sub-total of cash inflow from business
832,728,299.32 2,140,001,434.66
operations
Cash paid for purchasing products
216,123.22 29,756.47
and services
Cash paid to and for the staff 6,686,301.30 6,328,845.37
Taxes paid 354,839.22 399,458.88
Other cash paid for business
1,034,995,313.64 1,707,124,112.24
activities
Sub-total of cash outflow from business
1,042,252,577.38 1,713,882,172.96
operations
Cash flow generated by business
-209,524,278.06 426,119,261.70
operations, net
2. Cash flow generated by investment:
Cash received from investment
285,000,000.00 364,500,000.00
recovery
Cash received as investment profit 33,862,460.96 125,658.72
Net cash retrieved from disposal of
fixed assets, intangible assets, and other
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash
received
Sub-total of cash inflow generated from
318,862,460.96 364,625,658.72
investment
Cash paid for construction of fixed
assets, intangible assets and other 132,744.66 6,250.00
long-term assets
Cash paid as investment 285,000,000.00 364,500,000.00
Net cash paid for acquiring
subsidiaries and other operational units
Other cash paid for investment
Subtotal of cash outflows 285,132,744.66 364,506,250.00
Cash flow generated by investment
33,729,716.30 119,408.72
activities, net
3. Cash flow generated by financing
activities:
27
China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Cash received from investment
Cash received from borrowed
200,000,000.00
loans
Other cash received from financing
activities
Subtotal of cash inflow from financing
200,000,000.00
activities
Cash paid to repay debts 510,000,000.00
Cash paid as dividend, profit, or
4,281,250.00 10,580,009.03
interests
Other cash paid for financing
activities
Subtotal of cash outflow from financing
4,281,250.00 520,580,009.03
activities
Net cash flow generated by financing
-4,281,250.00 -320,580,009.03
activities
4. Influence of exchange rate changes
on cash and cash equivalents
5. Net increase in cash and cash
-180,075,811.76 105,658,661.39
equivalents
Plus: Balance of cash and cash
204,578,995.78 175,341,953.63
equivalents at the beginning of term
6. Balance of cash and cash equivalents
24,503,184.02 281,000,615.02
at the end of the period
II. Financial Statement Adjustment
1. The first implementation of the new financial instruments guidelines, new lease standards, adjustments
the first implementation of the financial statements at the beginning of the year 2021
√ Applicable □ Inapplicable
Whether to adjust the balance sheet accounts at the beginning of the year
√ Yes □ No
Consolidated Balance Sheet
In RMB
Item Thursday, December 31, 2020 Friday, January 1, 2021 Adjustment
Current asset:
Monetary capital 1,459,840,020.10 1,459,840,020.10 0.00
Settlement provision 0.00 0.00
28
China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Outgoing call loan 0.00 0.00
Transactional financial
4,051,015.05 4,051,015.05 0.00
assets
Derivative financial
6,974,448.22 6,974,448.22 0.00
assets
Notes receivable 207,145,563.97 207,145,563.97 0.00
Account receivable 616,195,129.40 616,195,129.40 0.00
Receivable financing 10,727,129.28 10,727,129.28 0.00
Prepayment 23,845,963.67 23,845,963.67 0.00
Insurance receivable 0.00 0.00
Reinsurance receivable 0.00 0.00
Provisions of
Reinsurance contracts 0.00 0.00
receivable
Other receivables 162,145,236.85 162,145,236.85 0.00
Including: interest
0.00 0.00
receivable
Dividend
0.00 0.00
receivable
Repurchasing of
0.00 0.00
financial assets
Inventory 837,831,790.88 837,831,790.88 0.00
Contract assets 1,425,040,223.27 1,425,040,223.27 0.00
Assets held for sales 0.00 0.00
Non-current assets due
141,681,778.35 141,681,778.35 0.00
in 1 year
Other current assets 233,223,084.51 233,223,084.51 0.00
Total current assets 5,128,701,383.55 5,128,701,383.55 0.00
Non-current assets:
Loan and advancement
0.00 0.00
provided
Debt investment 0.00 0.00
Other debt investment 0.00 0.00
Long-term receivables 0.00 0.00
Long-term share equity
55,902,377.95 55,902,377.95 0.00
investment
29
China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Investment in other
17,628,307.59 17,628,307.59 0.00
equity tools
Other non-current
5,025,186.16 5,025,186.16 0.00
financial assets
Investment real estate 5,634,648,416.52 5,634,648,416.52 0.00
Fixed assets 483,161,673.38 483,161,673.38 0.00
Construction in process 168,626,803.01 168,626,803.01 0.00
Productive biological
0.00 0.00
assets
Gas & petrol 0.00 0.00
Use right assets 7,208,915.40 7,208,915.40
Intangible assets 77,192,825.83 77,192,825.83 0.00
R&D expense 0.00 0.00
Goodwill 0.00 0.00
Long-term amortizable
4,581,487.32 4,581,487.32 0.00
expenses
Deferred income tax
186,649,335.96 186,649,335.96 0.00
assets
Other non-current assets 104,739,453.12 104,739,453.12 0.00
Total of non-current assets 6,738,155,866.84 6,745,364,782.24 7,208,915.40
Total of assets 11,866,857,250.39 11,874,066,165.79 7,208,915.40
Current liabilities
Short-term loans 1,048,250,327.62 1,048,250,327.62 0.00
Loans from Central
0.00 0.00
Bank
Call loan received 0.00 0.00
Transactional financial
0.00 0.00
liabilities
Derivative financial
915,234.93 915,234.93 0.00
liabilities
Notes payable 866,224,515.42 866,224,515.42 0.00
Account payable 1,279,434,551.95 1,279,434,551.95 0.00
Prepayment received 1,544,655.62 1,544,655.62 0.00
Contract liabilities 265,487,113.12 265,487,113.12 0.00
Selling of repurchased
0.00 0.00
financial assets
30
China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Deposit received and
0.00 0.00
held for others
Entrusted trading of
0.00 0.00
securities
Entrusted selling of
0.00 0.00
securities
Employees' wage
60,188,812.64 60,188,812.64 0.00
payable
Taxes payable 358,662,944.42 358,662,944.42 0.00
Other payables 147,615,289.31 147,615,289.31 0.00
Including: interest
0.00 0.00
payable
Dividend
0.00 0.00
payable
Fees and commissions
0.00 0.00
payable
Reinsurance fee payable 0.00 0.00
Liabilities held for sales 0.00 0.00
Non-current liabilities
103,359,833.57 105,466,746.78 2,106,913.21
due in 1 year
Other current liabilities 107,688,425.69 107,688,425.69 0.00
Total current liabilities 4,239,371,704.29 4,241,478,617.50 2,106,913.21
Non-current liabilities:
Insurance contract
0.00 0.00
provision
Long-term loans 1,099,411,462.35 1,099,411,462.35 0.00
Bond payable 0.00 0.00
Including: preferred
0.00 0.00
stock
Perpetual
0.00 0.00
bond
Lease liabilities 5,102,002.19 5,102,002.19
Long-term payable 0.00 0.00
Long-term employees'
0.00 0.00
wage payable
Anticipated liabilities 33,425,500.13 33,425,500.13 0.00
Deferred earning 9,168,492.17 9,168,492.17 0.00
31
China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
Deferred income tax
1,038,084,099.97 1,038,084,099.97 0.00
liabilities
Other non-current
0.00 0.00
liabilities
Total of non-current
2,180,089,554.62 2,185,191,556.81 5,102,002.19
liabilities
Total liabilities 6,419,461,258.91 6,426,670,174.31 7,208,915.40
Owner's equity:
Share capital 1,088,278,951.00 1,088,278,951.00 0.00
Other equity tools 0.00 0.00
Including: preferred
0.00 0.00
stock
Perpetual
0.00 0.00
bond
Capital reserves 11,459,588.40 11,459,588.40 0.00
Less: Shares in stock 42,748,530.12 42,748,530.12 0.00
Other miscellaneous
2,078,167.63 2,078,167.63 0.00
income
Special reserves 0.00 0.00
Surplus reserve 106,783,436.96 106,783,436.96 0.00
Common risk provisions 0.00 0.00
Retained profit 4,215,005,541.52 4,215,005,541.52 0.00
Total of owner's equity
5,380,857,155.39 5,380,857,155.39 0.00
belong to the parent company
Minor shareholders'
66,538,836.09 66,538,836.09 0.00
equity
Total of owners' equity 5,447,395,991.48 5,447,395,991.48 0.00
Total of liabilities and
11,866,857,250.39 11,874,066,165.79 7,208,915.40
owner's interest
About the adjustment:
According to the requirements of the new lease standard, the Company will recognize all leased assets (except short-term
leases and low-value asset leases that choose simplified processing) to recognize right-of-use assets and lease liabilities from January
1, 2021, and recognize depreciation and interest expenses respectively.
In the standard convergence policy, simplified treatment is selected, that is, the lease liabilities are equal to the present value of
the remaining lease payment, and the right-of-use asset is equal to the amount of the lease liabilities and necessary adjustments are
made. Using this method will not affect the company's retained earnings at the beginning of 2021.
Balance Sheet of the Parent Company
32
China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
In RMB
Item Thursday, December 31, 2020 Friday, January 1, 2021 Adjustment
Current asset:
Monetary capital 204,828,995.78 204,828,995.78
Account receivable 885,849.08 885,849.08
Prepayment 1,323,361.34 1,323,361.34
Other receivables 1,156,802,204.91 1,156,802,204.91
Other current assets 1,071,138.13 1,071,138.13
Total current assets 1,364,911,549.24 1,364,911,549.24
Non-current assets:
Long-term share equity
1,196,831,253.00 1,196,831,253.00
investment
Investment in other
16,392,331.44 16,392,331.44
equity tools
Other non-current
30,000,001.00 30,000,001.00
financial assets
Investment real estate 334,498,436.00 334,498,436.00
Fixed assets 65,157,481.98 65,157,481.98
Intangible assets 1,521,975.72 1,521,975.72
Long-term amortizable
687,202.16 687,202.16
expenses
Deferred income tax
26,592,617.26 26,592,617.26
assets
Total of non-current assets 1,671,681,298.56 1,671,681,298.56
Total of assets 3,036,592,847.80 3,036,592,847.80
Current liabilities
Short-term loans 491,503,263.89 491,503,263.89
Account payable 606,941.85 606,941.85
Prepayment received 927,674.32 927,674.32
Employees' wage
3,440,073.04 3,440,073.04
payable
Taxes payable 2,993,196.12 2,993,196.12
Other payables 28,068,648.70 28,068,648.70
Total current liabilities 527,539,797.92 527,539,797.92
Non-current liabilities:
Deferred income tax 73,837,511.85 73,837,511.85
33
China Fangda Group Co., Ltd. 2021 Q1 Report (Full)
liabilities
Total of non-current
73,837,511.85 73,837,511.85
liabilities
Total liabilities 601,377,309.77 601,377,309.77
Owner's equity:
Share capital 1,088,278,951.00 1,088,278,951.00
Capital reserves 360,835.52 360,835.52
Less: Shares in stock 42,748,530.12 42,748,530.12
Other miscellaneous
-371,129.71 -371,129.71
income
Surplus reserve 106,783,436.96 106,783,436.96
Retained profit 1,282,911,974.38 1,282,911,974.38
Total of owners' equity 2,435,215,538.03 2,435,215,538.03
Total of liabilities and
3,036,592,847.80 3,036,592,847.80
owner's interest
About the adjustment:
The parent company of the Company has no leases other than short-term leases and leases of low-value assets. Therefore, the
implementation of the new lease standards has no impact on the balance sheet of the parent company at the beginning of 2021.
2. Description of the 2021 first implementation of the new lease standard retrospective adjustment of the
previous period comparison data
□ Applicable √ Inapplicable
3. Auditor’s Report
Whether the Q1 report is audited
□ Yes √ No
The Q2 Report is not audited.
China Fangda Group Co., Ltd.
Legal representative: Xiong Jianming
Wednesday, April 28, 2021
34