Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
HAINAN JINGLIANG HOLDINGS CO., LTD.
FIRST QUARTERLY REPORT 2021
April 2021
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of Hainan Jingliang Holdings Co., Ltd. (hereinafter
referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of
the contents of this Report and its summary, and shall be jointly and severally liable for any
misrepresentations, misleading statements or material omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.
Li Shaoling, the Company’s legal representative, Guan Ying, the Company’s head for
financial affairs, and Liu Quanli, head of the Company’s financial department (equivalent to
financial manager) hereby guarantee that the Financial Statements carried in this Report are
factual, accurate and complete.
This Report and its summary have been prepared in both Chinese and English. Should there
be any discrepancies or misunderstandings between the two versions, the Chinese versions
shall prevail.
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Q1 2021 Q1 2020 Change (%)
Operating revenue (RMB) 2,338,783,061.35 1,719,261,111.71 36.03%
Net profit attributable to the listed
36,585,077.36 27,655,045.32 32.29%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before exceptional 32,694,567.66 23,730,342.72 37.78%
items (RMB)
Net cash generated from/used in operating
274,757,224.16 328,948,834.32 -16.47%
activities (RMB)
Basic earnings per share (RMB/share) 0.05 0.04 25.00%
Diluted earnings per share (RMB/share) 0.05 0.04 25.00%
Weighted average return on equity (%) 1.34% 1.14% 0.20%
31 March 2021 31 December 2020 Change (%)
Total assets (RMB) 5,684,487,935.29 5,695,504,493.73 -0.19%
Equity attributable to the listed company’s
2,747,216,903.27 2,710,571,543.53 1.35%
shareholders (RMB)
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2021 Note
Gain or loss on disposal of non-current assets (inclusive of
123,210.12
impairment allowance write-offs)
Government grants through profit or loss (exclusive of government
grants given in the Company’s ordinary course of business at fixed 406,977.39
quotas or amounts as per the government’s uniform standards)
Gain or loss on fair-value changes on held-for-trading and derivative
financial assets and liabilities & income from disposal of
4,619,547.66
held-for-trading and derivative financial assets and liabilities and
other debt investments (exclusive of the effective portion of hedges
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
that arise in the Company’s ordinary course of business)
Non-operating income and expense other than the above 97,845.34
Project confirmed with the definition of non-recurring gains and
28,548.78
losses
Less: Income tax effects 1,319,032.32
Non-controlling interests effects (net of tax) 66,587.27
Total 3,890,509.70 --
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases for the Reporting Period.
II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2021
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of preferred
shareholders with resumed
Number of ordinary shareholders at the period-end 68,418 0
voting rights at the period-end
(if any)
Top 10 shareholders
Nature of Shareholdin Total shares Restricted Shares in pledge or frozen
Name of shareholder
shareholder g percentage held shares held Status Shares
BEIJING GRAIN GROUP CO., State-owned
39.68% 288,439,561 164,877,598
LTD. legal person
BEIJING STATE-OWNED
State-owned
CAPITAL OPERATION AND 6.67% 48,510,460 0
legal person
MANAGEMENT CENTER
Domestic
WANG YUECHENG 5.66% 41,159,887 41,159,887
natural person
Foreign
LI SHERYN ZHAN MING 1.23% 8,930,000 0
natural person
GOLD BUFFALO RUNYING
(TIANJIN) EQUITY
INVESTMENT FUND Other 0.40% 2,889,803 0
MANAGEMENT CO.,
LTD.—GOLD BUFFALO
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
RUNYING (TIANJIN) EQUITY
INVESTMENT FUND (L.P.)
Domestic
MEI JIANYING 0.36% 2,604,203 0
natural person
Domestic
ZHANG XIAOXIA 0.27% 1,949,250 0
natural person
Domestic
WANG XIAOXING 0.23% 1,691,200 0
natural person
Domestic
TAN WENQIONG 0.20% 1,474,700 0
natural person
ORIENT SECURITIES （ HONG Foreign
0.18% 1,330,400 0
KONG） LIMITED corporation
Top 10 unrestricted shareholders
Shares by type
Name of shareholder Unrestricted shares held
Type Shares
RMB-denominate
BEIJING GRAIN GROUP CO., LTD. 123,561,963 123,561,963
d ordinary stock
BEIJING STATE-OWNED CAPITAL RMB-denominate
48,510,460 48,510,460
OPERATION AND MANAGEMENT CENTER d ordinary stock
Domestically
LI SHERYN ZHAN MING 8,930,000 listed foreign 8,930,000
stock
GOLD BUFFALO RUNYING (TIANJIN)
EQUITY INVESTMENT FUND MANAGEMENT RMB-denominate
2,889,803 2,889,803
CO., LTD.—GOLD BUFFALO RUNYING d ordinary stock
(TIANJIN) EQUITY INVESTMENT FUND (L.P.)
RMB-denominate
MEI JIANYING 2,604,203 2,604,203
d ordinary stock
Domestically
ZHANG XIAOXIA 1,949,250 listed foreign 1,949,250
stock
RMB-denominate
WANG XIAOXING 1,691,200 1,691,200
d ordinary stock
RMB-denominate
TAN WENQIONG 1,474,700 1,474,700
d ordinary stock
Domestically
ORIENT SECURITIES （ HONG KONG ）
1,330,400 listed foreign 1,330,400
LIMITED
stock
RMB-denominate
YANG SHULING 1,122,900 1,122,900
d ordinary stock
Related or acting-in-concert parties among the ① Beijing State-Owned Capital Operation and Management Center owns
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
shareholders above 100% of Beijing Grain Group Co., Ltd., and Beijing Grain Group Co., Ltd. is
the controlling shareholder of the Company (a 39.68% holding). ② Wang
Yuecheng is a Deputy General Manager of the Company. Apart from the
aforesaid, the Company does not know whether there are any other related
parties or acting-in-concert parties among the top 10 shareholders.
Shareholder Wang Xiaoxing held 1,691,200 shares in the Company through
Top 10 shareholders engaged in securities margin
his account of collateral securities for margin trading in Soochow Securities
trading (if any)
Co., Ltd.
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary
shareholders of the Company conducted any promissory repo during the Reporting Period.
□ Yes √ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
1. Monetary assets increased primarily driven by an increase in sales revenue received in the oils business in the
current period.
2. Held-for-trading financial assets increased primarily driven by the purchase of wealth management products
with part of the amount arising from the redemption of investments in cash management products upon maturity
in the current period.
3. Derivative financial liabilities decreased primarily driven by changes in the fair value of hedge instruments in
the Current Period.
4. Total revenues increased primarily driven by rising product prices and unit sales in the Current Period.
5. R&D expense increased primarily driven the cost rising by more new product development projects in the
Current Period.
6. Finance costs decreased primarily driven by decreases in exchange losses and interest expense in the Current
Period.
7. Other income increased primarily driven by an increase in VAT rebates in the Current Period.
8. Gain on fair value changes increased primarily driven by changes in the value of futures contracts in the current
period.
9. Net cash generated from investing activities decreased primarily driven by an increase in investments in wealth
management products.
10. Net cash generated from financing activities decreased primarily driven by a decrease in new borrowings in
the current period.
II Progress, Influence and Solutions with regard to Significant Events
√ Applicable □ Not applicable
Summary of the significant event Disclosure date Index to the related announcement
The Company signed the Joint Venture and Cooperation Announcement No. 2021-004 of Hainan
5 January 2021
Agreement on Yueyang Oil Processing Project and the Articles of Jingliang Holdings Co., Ltd. on Progress
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Association of Jingliang (Yueyang) Grains & Oils Industries Co., of Yueyang Oil Base Project disclosed on
Ltd. with Sinograin Oils Co., Ltd. on 31 December 2020. This www.cninfo.com.cn.
external investment has been approved by Beijing Capital
Agribusiness & Foods Group Co., Ltd. During the Reporting
Period, Sinograin Oils Co., Ltd., upon internal decisions, obtained
the approval of China Grain Reserves Group Ltd. Company.
Subsequently, both parties will actively go through the paper
work for the establishment of the joint venture.
On 6 April 2021, the Company signed the Cooperation
Framework Agreement with SDIC Traffic Holding Co., Ltd. and Announcement No. 2021-020 of Hainan
China Grain Reserves Group Ltd. Guangzhou Branch in Beijing, Jingliang Holdings Co., Ltd. on Signing
8 April 2021
reaching an agreement on cooperation in grain storage, logistics the Cooperation Framework Agreement
and processing at SDIC Yangpu Port, Yangpu Economic disclosed on www.cninfo.com.cn.
Development Zone, Hainan Province.
Progress of any share repurchases:
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,
Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during the
Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IV Financial Investments
1. Securities Investments
√ Applicable □ Not applicable
Unit: RMB
Gain/los
Cumulat
Initi s on
Accoun Begin ive
Type al fair-valu Gain/los
Code of ting ning fair-valu Purchased in Sold in the Ending Accou Fundin
of Name of inve e s in the
securitie measur carryi e the current current carrying nting g
securit securities stme changes current
s ement ng changes period period value title source
ies nt in the period
model value through
cost current
equity
period
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Cost 1,980,700,00 1,980,700,00 275,836 Self-ra
Other 204001 GC001 0.00 Other
method 0.00 0.00 .11 ised
1,980,700,00 1,980,700,00 275,836
Total 0.00 -- 0.00 0.00 0.00 0.00 -- --
0.00 0.00 .11
Disclosure date of
announcement on Board’s
27 March 2021
consent for securities
investment
Disclosure date of
announcement on
shareholders’ meeting’s N/A
consent for securities
investment (if any)
2. Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: RMB’0,000
Ending investment as %
Type of derivative Beginning Ending Actual gain/loss in
Start date End date of the Company’s ending
financial instrument investment investment Reporting Period
net assets
Agricultural product 1 January 31 March
25,014.36 23,798.9 8.66% -20,727.38
future contract 2021 2021
Foreign exchange 1 January 31 March
13,336.81 40,543.15 14.76% -18.51
forwards 2021 2021
Total -- -- 38,351.17 64,342.05 23.42% -20,745.89
The Company's own funds are used in commodity derivatives transactions; in foreign exchange derivatives
Funding source transactions, the Company's comprehensive bank credit line or margin for trading is mainly used. Principal
delivery or differential delivery is adopted at maturity.
Legal matters involved
N/A
(if applicable)
Disclosure date of the
announcement about the
board’s consent for the 27 March 2021
securities investment (if
any)
Disclosure date of the
announcement about the
17 April 2021
general meeting’s
consent for the securities
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
investment (if any)
The Company's main purpose of conducting commodity derivatives transactions and foreign exchange
derivatives transactions is to hedge and lock in exchange rates, other than for speculation purposes.
Existing risks include but are not limited to market risk, liquidity risk, price fluctuation risk and internal
Risk analysis and control control risk. In this regard, the Company has adopted the following risk control measures: 1) The
measures in respect of development of derivatives trading business is based on normal production and operation; 2) the Company
derivative investments has formulated the Management Policy of Hainan Jingliang Holdings Co., Ltd. on Commodity Derivatives
held in the Reporting Transactions and the Management Policy of Hainan Jingliang Holdings Co., Ltd. on Financial Derivatives
Period (including but not Transactions to control transaction risks; 3) own funds are reasonably allocated for hedging business. In
limited to market risk, principle, the Company purchases options contracts only. The asset scale of futures and options is strictly
liquidity risk, credit risk, controlled. The margin is planned and used reasonably; 4) the Company is only allowed to conduct foreign
operational risk, legal exchange derivatives trading business with banks and financial institutions that are approved by regulatory
risk, etc.) authorities and eligible for foreign exchange derivatives trading business, other than with other
organizations or individuals, so as to prevent customer default risks. During the Reporting Period, gains
and losses of commodity derivatives transactions offset the gains and losses of hedged items (spot
agricultural products).
Changes in market prices
or fair value of
derivative investments in
the Reporting Period The value of the Company’s future contracts changed according to the contract prices declared by the
(fair value analysis future exchange, which were broadly representative. And the fair value of the Company’s future contracts
should include was executed in strict compliance with the future exchange’s settlement methods.
measurement method
and related assumptions
and parameters)
Significant changes in
accounting policies and
specific accounting
principles adopted for
N/A
derivative investments in
the Reporting Period
compared to the last
reporting period
Opinion of independent directors on commodity derivatives transactions: the Company has formulated the
Management Policy of Hainan Jingliang Holdings Co., Ltd. on Commodity Derivatives Transactions,
which can effectively normalize commodity derivatives transaction behaviors and control transaction risks.
Opinion of independent Based on normal production and operation, the Company properly uses derivative financial instruments to
directors on derivative effectively offset operation risks. It is agreed that the Company will conduct commodity derivatives
investments and risk transactions in 2021.
control Opinion of independent directors on foreign exchange derivatives trading business: after check, the
relevant decision-making procedures for the Company and its majority-owned subsidiaries to conduct
foreign exchange derivatives trading business are in compliance with relevant national laws, regulations
and the governing provisions of the Articles of Association after verification. Based on normal production
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
and operation, the Company uses foreign exchange derivatives instruments to reduce exchange rate risks
and help to enhance financial soundness. There is no harm to the interests of the Company and all other
shareholders, especially minority shareholders. The Company has established the Management Policy of
Hainan Jingliang Holdings Co., Ltd. on Financial Derivatives Transactions, which helps to enhance the
trading risks control. It is agreed that the Company and its majority-owned subsidiaries will conduct
foreign exchange derivative trading business within the consideration amount.
V Progress of Projects Financed with Raised Funds
□ Applicable √ Not applicable
VI Operating Performance Forecast for January-June 2021
Warning of a forecast loss on or a forecast significant year-on-year change in the accumulative net profit from the
beginning of the year to the end of the next reporting period, as well as explanation of why:
□ Applicable √ Not applicable
VII Significant Contracts Arising from the Company’s Ordinary Course of Business
□ Applicable √ Not applicable
VIII Cash Entrusted for Wealth Management
√ Applicable □ Not applicable
Unit: RMB’0,000
Type Funding source Amount Undue amount Unrecovered overdue amount
Bank’s wealth management product Self-funded 2,300 1,000 0
Broker’s wealth management product Idle raised funds 28,000 0 0
Total 30,300 1,000 0
High-risk wealth management transactions with a significant single amount, or with low security, low liquidity or
no principal protection:
□ Applicable √ Not applicable
Wealth management transactions with possible impairments including an expectedly unrecoverable principal:
□ Applicable √ Not applicable
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
IX Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.
X Occupation of the Company’s Capital by the Controlling Shareholder or any of Its Related
Parties for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
XI Communications with the Investment Community such as Researches, Inquiries and
Interviews Received during the Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by Hainan Jingliang Holdings Co., Ltd.
31 March 2021
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 638,272,610.63 335,466,169.61
Settlement reserve
Interbank loans granted
Held-for-trading financial assets 180,350,671.73 63,478,071.73
Derivative financial assets
Notes receivable 348,845.25 456,565.85
Accounts receivable 79,755,021.15 92,245,667.60
Accounts receivable financing
Prepayments 352,445,575.71 282,343,218.05
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 363,447,586.33 541,905,656.97
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 1,149,368,193.12 1,225,083,742.26
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 623,586,751.17 845,450,678.36
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Total current assets 3,387,575,255.09 3,386,429,770.43
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 217,762,487.79 217,762,487.79
Investments in other equity
20,000,000.00 20,000,000.00
instruments
Other non-current financial assets
Investment property 22,148,688.37 22,560,212.50
Fixed assets 1,109,204,988.73 1,131,143,854.07
Construction in progress 22,405,581.50 28,458,413.67
Productive living assets
Oil and gas assets
Right-of-use assets 2,484,266.44
Intangible assets 350,415,434.47 354,139,335.32
Development costs
Goodwill 191,394,422.51 191,394,422.51
Long-term prepaid expense 20,543,516.72 20,529,601.50
Deferred income tax assets 3,330,952.00 3,346,814.27
Other non-current assets 337,222,341.67 319,739,581.67
Total non-current assets 2,296,912,680.20 2,309,074,723.30
Total assets 5,684,487,935.29 5,695,504,493.73
Current liabilities:
Short-term borrowings 1,509,813,010.95 1,497,414,079.05
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities 204,172,909.98 371,219,136.84
Notes payable
Accounts payable 64,823,024.76 75,384,075.39
Advances from customers 1,402,363.91 1,087,874.02
Contract liabilities 439,986,754.33 346,874,260.90
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Financial assets sold under
repurchase agreements
Customer deposits and interbank
deposits
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 13,838,869.45 33,345,136.94
Taxes payable 27,631,015.04 50,884,214.64
Other payables 111,293,858.63 72,292,881.24
Including: Interest payable 21,082,795.47 21,082,795.47
Dividends payable 11,013,302.88 11,013,302.88
Handling charges and commissions
payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities 4,956,685.90 8,319,696.79
Total current liabilities 2,377,918,492.95 2,456,821,355.81
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 2,479,427.07
Long-term payables
Long-term employee benefits
5,677,134.00 5,677,134.00
payable
Provisions
Deferred income 68,243,587.67 68,716,699.34
Deferred income tax liabilities 88,830,153.02 65,115,801.22
Other non-current liabilities
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Total non-current liabilities 165,230,301.76 139,509,634.56
Total liabilities 2,543,148,794.71 2,596,330,990.37
Owners’ equity:
Share capital 726,950,251.00 726,950,251.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 1,674,828,350.95 1,674,828,350.95
Less: Treasury stock
Other comprehensive income -302,976.28 -363,258.66
Specific reserve
Surplus reserves 122,122,436.98 122,122,436.98
General reserve
Retained earnings 223,618,840.62 187,033,763.26
Total equity attributable to owners of
2,747,216,903.27 2,710,571,543.53
the Company as the parent
Non-controlling interests 394,122,237.31 388,601,959.83
Total owners’ equity 3,141,339,140.58 3,099,173,503.36
Total liabilities and owners’ equity 5,684,487,935.29 5,695,504,493.73
Legal representative: Li Shaoling Head for financial affairs: Guan Ying
Head of the financial department: Liu Quanli
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 971,206.16 1,523,322.79
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 11,784.00 11,784.00
Accounts receivable financing
Prepayments 423,679.12 423,679.12
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Other receivables 100,008.26 103,341.26
Including: Interest receivable
Dividends receivable
Inventories 3,775,954.85 3,775,954.85
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 2,472,089.46 2,445,772.47
Total current assets 7,754,721.85 8,283,854.49
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 2,626,437,846.24 2,626,437,846.24
Investments in other equity
20,000,000.00 20,000,000.00
instruments
Other non-current financial assets
Investment property 6,136,711.10 6,222,001.73
Fixed assets 2,643,065.57 2,809,083.51
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets 182,183.72 209,185.10
Development costs
Goodwill
Long-term prepaid expense
Deferred income tax assets
Other non-current assets
Total non-current assets 2,655,399,806.63 2,655,678,116.58
Total assets 2,663,154,528.48 2,663,961,971.07
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
17
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Derivative financial liabilities
Notes payable
Accounts payable
Advances from customers 38,896.41 38,896.41
Contract liabilities
Employee benefits payable 188,025.74 341,902.14
Taxes payable 960,020.24 1,037,881.62
Other payables 310,401,556.88 309,067,618.99
Including: Interest payable 21,082,795.47 21,082,795.47
Dividends payable 3,213,302.88 3,213,302.88
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities
Total current liabilities 311,588,499.27 310,486,299.16
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities 311,588,499.27 310,486,299.16
Owners’ equity:
Share capital 726,950,251.00 726,950,251.00
Other equity instruments
Including: Preferred shares
18
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Perpetual bonds
Capital reserves 2,379,144,900.84 2,379,144,900.84
Less: Treasury stock
Other comprehensive income
Specific reserve
Surplus reserves 109,487,064.39 109,487,064.39
Retained earnings -864,016,187.02 -862,106,544.32
Total owners’ equity 2,351,566,029.21 2,353,475,671.91
Total liabilities and owners’ equity 2,663,154,528.48 2,663,961,971.07
3. Consolidated Income Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Revenue 2,338,783,061.35 1,719,261,111.71
Including: Operating revenue 2,338,783,061.35 1,719,261,111.71
Interest income
Insurance premium income
Handling charge and
commission income
2. Costs and expenses 2,333,218,041.73 1,658,412,402.25
Including: Cost of sales 2,226,013,163.78 1,544,129,698.32
Interest expense
Handling charge and
commission expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and surcharges 5,955,781.15 4,029,610.82
Selling expense 48,411,864.19 52,228,754.23
Administrative expense 44,040,201.27 41,898,096.16
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Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
R&D expense 2,417,187.46 526,336.27
Finance costs 6,379,843.88 15,599,906.45
Including: Interest
8,671,148.55 9,935,743.28
expense
Interest
2,685,086.53 2,406,568.62
income
Add: Other income 3,012,534.83 1,879,509.69
Return on investment (“-” for loss) 4,619,547.66 4,768,109.67
Including: Share of profit or loss
of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
47,688,252.08 -14,186,448.05
for loss)
Credit impairment loss (“-” for
loss)
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for
-24,042.07
loss)
3. Operating profit (“-” for loss) 60,861,312.12 53,309,880.77
Add: Non-operating income 489,618.17 512,126.89
Less: Non-operating expense 151,256.17 1,181,483.76
4. Profit before tax (“-” for loss) 61,199,674.12 52,640,523.90
Less: Income tax expense 19,094,319.28 12,926,062.26
5. Net profit (“-” for net loss) 42,105,354.84 39,714,461.64
5.1 By operating continuity
5.1.1 Net profit from continuing
42,105,354.84 39,714,461.64
operations (“-” for net loss)
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
36,585,077.36 27,655,045.32
shareholders of the Company as the
20
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
parent
5.2.2 Net profit attributable to
5,520,277.48 12,059,416.32
non-controlling interests
6. Other comprehensive income, net of
60,282.38 112,438.44
tax
Attributable to owners of the Company
60,282.38 112,438.44
as the parent
6.1 Items that will not be
reclassified to profit or loss
6.1.1 Changes caused by
remeasurements on defined benefit
schemes
6.1.2 Other comprehensive
income that will not be reclassified to
profit or loss under the equity method
6.1.3 Changes in the fair value of
investments in other equity instruments
6.1.4 Changes in the fair value
arising from changes in own credit risk
6.1.5 Other
6.2 Items that will be reclassified to
60,282.38 112,438.44
profit or loss
6.2.1 Other comprehensive
income that will be reclassified to profit
or loss under the equity method
6.2.2 Changes in the fair value of
investments in other debt obligations
6.2.3 Other comprehensive
income arising from the reclassification
of financial assets
6.2.4 Credit impairment allowance
for investments in other debt obligations
6.2.5 Reserve for cash flow hedges
6.2.6 Differences arising from the
translation of foreign
60,282.38 112,438.44
currency-denominated financial
statements
6.2.7 Other
Attributable to non-controlling
21
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
interests
7. Total comprehensive income 42,165,637.22 39,826,900.08
Attributable to owners of the Company
36,645,359.74 27,767,483.76
as the parent
Attributable to non-controlling
5,520,277.48 12,059,416.32
interests
8. Earnings per share
8.1 Basic earnings per share 0.05 0.04
8.2 Diluted earnings per share 0.05 0.04
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
the combinations was RMBXXX, with the amount for the same period of last year being RMBXXX.
Legal representative: Li Shaoling Head for financial affairs: Guan Ying
Head of the financial department: Liu Quanli
4. Income Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Operating revenue 147,765.14 0.00
Less: Cost of sales 85,290.63 0.00
Taxes and surcharges 50,806.93 2,700.00
Selling expense
Administrative expense 1,926,595.42 6,328,612.55
R&D expense
Finance costs 1,022.57 -3,113.45
Including: Interest expense
Interest income 771.43 3,963.45
Add: Other income
Return on investment (“-” for
loss)
Including: Share of profit or
loss of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Net gain on exposure hedges (“-”
22
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
for loss)
Gain on changes in fair value (“-”
for loss)
Credit impairment loss (“-” for
loss)
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
-24,042.07
loss)
2. Operating profit (“-” for loss) -1,939,992.48 -6,328,199.10
Add: Non-operating income 30,349.78
Less: Non-operating expense 1,000,000.00
3. Profit before tax (“-” for loss) -1,909,642.70 -7,328,199.10
Less: Income tax expense
4. Net profit (“-” for net loss) -1,909,642.70 -7,328,199.10
4.1 Net profit from continuing
-1,909,642.70 -7,328,199.10
operations (“-” for net loss)
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income, net of
tax
5.1 Items that will not be reclassified
to profit or loss
5.1.1 Changes caused by
remeasurements on defined benefit
pension schemes
5.1.2 Other comprehensive income
that will not be reclassified to profit or
loss under the equity method
5.1.3 Changes in the fair value of
investments in other equity instruments
5.1.4 Changes in the fair value of
the company’s credit risks
5.1.5 Other
5.2 Items that will be reclassified to
profit or loss
5.2.1 Other comprehensive income
that will be reclassified to profit or loss
under the equity method
5.2.2 Changes in the fair value of
investments in other debt obligations
23
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
5.2.3 Other comprehensive income
arising from the reclassification of
financial assets
5.2.4 Allowance for credit
impairments in investments in other
debt obligations
5.2.5 Reserve for cash flow hedges
5.2.6 Differences arising from the
translation of foreign
currency-denominated financial
statements
5.2.7 Other
6. Total comprehensive income -1,909,642.70 -7,328,199.10
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
2,723,222,764.35 1,881,294,907.03
and rendering of services
Net increase in customer deposits and
interbank deposits
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest, handling charges and
commissions received
Net increase in interbank loans
obtained
Net increase in proceeds from
repurchase transactions
24
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Net proceeds from acting trading of
securities
Tax rebates 2,397,841.07 3,888,658.17
Cash generated from other operating
500,143,601.78 322,173,357.74
activities
Subtotal of cash generated from
3,225,764,207.20 2,207,356,922.94
operating activities
Payments for commodities and
2,302,395,084.62 1,512,095,916.20
services
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and in interbank loans granted
Payments for claims on original
insurance contracts
Net increase in interbank loans
granted
Interest, handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 92,696,571.12 90,315,621.12
Taxes paid 68,496,499.66 48,656,100.30
Cash used in other operating
487,418,827.64 227,340,451.00
activities
Subtotal of cash used in operating
2,951,006,983.04 1,878,408,088.62
activities
Net cash generated from/used in
274,757,224.16 328,948,834.32
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 553,344,218.29 430,158,276.12
Return on investment 4,786,581.45 4,513,448.35
Net proceeds from the disposal of
fixed assets, intangible assets and other 85,994.78 2,500.00
long-lived assets
Net proceeds from the disposal of
5,000,000.00
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
558,216,794.52 439,674,224.47
investing activities
Payments for the acquisition of fixed 16,999,069.25 4,848,818.22
25
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
assets, intangible assets and other
long-lived assets
Payments for investments 510,000,000.00 238,280,000.00
Net increase in pledged loans granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
526,999,069.25 243,128,818.22
activities
Net cash generated from/used in
31,217,725.27 196,545,406.25
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings obtained 921,639,571.50 1,223,077,644.38
Cash generated from other financing
activities
Subtotal of cash generated from
921,639,571.50 1,223,077,644.38
financing activities
Repayments of borrowings 908,547,195.60 1,174,444,005.01
Payments for interest and dividends 16,299,326.30 16,033,923.34
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
activities
Subtotal of cash used in financing
924,846,521.90 1,190,477,928.35
activities
Net cash generated from/used in
-3,206,950.40 32,599,716.03
financing activities
4. Effect of foreign exchange rate
38,441.99 -7,811,914.24
changes on cash and cash equivalents
5. Net increase in cash and cash
302,806,441.02 550,282,042.36
equivalents
Add: Cash and cash equivalents,
334,389,017.41 555,097,777.21
beginning of the period
6. Cash and cash equivalents, end of the
637,195,458.43 1,105,379,819.57
period
26
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
1,930.25
and rendering of services
Tax rebates 200.00
Cash generated from other operating
1,657,348.13 4,596,500.27
activities
Subtotal of cash generated from
1,659,278.38 4,596,700.27
operating activities
Payments for commodities and
9,688.23 6,089.61
services
Cash paid to and for employees 1,131,342.20 4,536,346.77
Taxes paid 45,031.71 296,186.19
Cash used in other operating
1,069,757.65 4,678,032.18
activities
Subtotal of cash used in operating
2,255,819.79 9,516,654.75
activities
Net cash generated from/used in
-596,541.41 -4,919,954.48
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment
Net proceeds from the disposal of
fixed assets, intangible assets and other 44,424.78
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
44,424.78
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other
long-lived assets
Payments for investments
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
27
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
activities
Subtotal of cash used in investing
activities
Net cash generated from/used in
44,424.78
investing activities
3. Cash flows from financing activities:
Capital contributions received
Borrowings obtained 4,000,000.00
Cash generated from other financing
activities
Subtotal of cash generated from
4,000,000.00
financing activities
Repayments of borrowings
Payments for interest and dividends
Cash used in other financing
activities
Subtotal of cash used in financing
activities
Net cash generated from/used in
4,000,000.00
financing activities
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
-552,116.63 -919,954.48
equivalents
Add: Cash and cash equivalents,
1,523,322.79 3,536,102.19
beginning of the period
6. Cash and cash equivalents, end of the
971,206.16 2,616,147.71
period
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the New
Standards Governing Leases from 2021
√ Applicable □ Not applicable
Whether the Company needs to adjust items in balance sheets at the beginning of the year
√ Yes □ No
Consolidated Balance Sheet
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
28
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Current assets:
Monetary assets 335,466,169.61 335,466,169.61
Held-for-trading financial
63,478,071.73 63,478,071.73
assets
Notes receivable 456,565.85 456,565.85
Accounts receivable 92,245,667.60 92,245,667.60
Prepayments 282,343,218.05 282,234,970.05 -108,248.00
Other receivables 541,905,656.97 541,905,656.97
Inventories 1,225,083,742.26 1,225,083,742.26
Other current assets 845,450,678.36 845,450,678.36
Total current assets 3,386,429,770.43 3,386,321,522.43 -108,248.00
Non-current assets:
Long-term equity
217,762,487.79 217,762,487.79
investments
Investments in other equity
20,000,000.00 20,000,000.00
instruments
Investment property 22,560,212.50 22,560,212.50
Fixed assets 1,131,143,854.07 1,131,143,854.07
Construction in progress 28,458,413.67 28,458,413.67
Use rights assets 2,722,789.09 2,722,789.09
Intangible assets 354,139,335.32 354,139,335.32
Goodwill 191,394,422.51 191,394,422.51
Long-term prepaid
20,529,601.50 20,529,601.50
expense
Deferred income tax assets 3,346,814.27 3,346,814.27
Other non-current assets 319,739,581.67 319,739,581.67
Total non-current assets 2,309,074,723.30 2,311,797,512.39 2,722,789.09
Total assets 5,695,504,493.73 5,698,119,034.82 2,614,541.09
Current liabilities:
Short-term borrowings 1,497,414,079.05 1,497,414,079.05
Held-for-trading financial
371,219,136.84 371,219,136.84
liabilities
Accounts payable 75,384,075.39 75,384,075.39
Advances from customers 1,087,874.02 1,087,874.02
Contractual liabilities 346,874,260.90 346,874,260.90
Payroll payable 33,345,136.94 33,345,136.94
29
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Taxes payable 50,884,214.64 50,884,214.64
Other payables 72,292,881.24 72,292,881.24
Including: Interest
21,082,795.47 21,082,795.47
payable
Dividends
11,013,302.88 11,013,302.88
payable
Other current liabilities 8,319,696.79 8,319,696.79
Total current liabilities 2,456,821,355.81 2,456,821,355.81
Non-current liabilities:
Lease liabilities 2,614,541.09 2,614,541.09
Long-term payroll payable 5,677,134.00 5,677,134.00
Deferred income 68,716,699.34 68,716,699.34
Deferred income tax
65,115,801.22 65,115,801.22
liabilities
Total non-current liabilities 139,509,634.56 142,124,175.65 2,614,541.09
Total liabilities 2,596,330,990.37 2,598,945,531.46 2,614,541.09
Owners’ equity:
Share capital 726,950,251.00 726,950,251.00
Capital reserves 1,674,828,350.95 1,674,828,350.95
Other comprehensive
-363,258.66 -363,258.66
income
Surplus reserves 122,122,436.98 122,122,436.98
Retained earnings 187,033,763.26 187,033,763.26
Total equity attributable to
owners of the Company as 2,710,571,543.53 2,710,571,543.53
the parent
Non-controlling interests 388,601,959.83 388,601,959.83
Total owners’ equity 3,099,173,503.36 3,099,173,503.36
Total liabilities and owners’
5,695,504,493.73 5,698,119,034.82 2,614,541.09
equity
Balance sheet of the company as the parent
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 1,523,322.79 1,523,322.79
Accounts receivable 11,784.00 11,784.00
30
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
Prepayments 423,679.12 423,679.12
Other receivables 103,341.26 103,341.26
Inventories 3,775,954.85 3,775,954.85
Other current assets 2,445,772.47 2,445,772.47
Total current assets 8,283,854.49 8,283,854.49
Non-current assets:
Long-term equity
2,626,437,846.24 2,626,437,846.24
investments
Investments in other equity
20,000,000.00 20,000,000.00
instruments
Investment property 6,222,001.73 6,222,001.73
Fixed assets 2,809,083.51 2,809,083.51
Intangible assets 209,185.10 209,185.10
Total non-current assets 2,655,678,116.58 2,655,678,116.58
Total assets 2,663,961,971.07 2,663,961,971.07
Current liabilities:
Advances from customers 38,896.41 38,896.41
Payroll payable 341,902.14 341,902.14
Taxes payable 1,037,881.62 1,037,881.62
Other payables 309,067,618.99 309,067,618.99
Including: Interest
21,082,795.47 21,082,795.47
payable
Dividends
3,213,302.88 3,213,302.88
payable
Total current liabilities 310,486,299.16 310,486,299.16
Non-current liabilities:
Total liabilities 310,486,299.16 310,486,299.16
Owners’ equity:
Share capital 726,950,251.00 726,950,251.00
Capital reserves 2,379,144,900.84 2,379,144,900.84
Surplus reserves 109,487,064.39 109,487,064.39
Retained earnings -862,106,544.32 -862,106,544.32
Total owners’ equity 2,353,475,671.91 2,353,475,671.91
Total liabilities and owners’
2,663,961,971.07 2,663,961,971.07
equity
31
Hainan Jingliang Holdings Co., Ltd. First Quarterly Report 2021
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the New
Standards Governing Leases from 2021
□ Applicable √ Not applicable
III Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□ Yes √ No
These financial statements have not been audited by such an auditor.
Hainan Jingliang Holdings Co., Ltd.
28 April 2021
32
