Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
0
Hefei Meiling Co., Ltd.
Semi-Annual Report 2010
(Full-Text)Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
1
Content
SectionI. Important Notes
SectionII. CompanyProfile
SectionIII.Change in Share Capital and Particulars about Shares Held by Main Shareholders
SectionIV.Particulars about Directors, Supervisors and Senior Executives
SectionV. Report of Board of Director
Section VI. Significant Events
Section VII. Financial Report(un-audit)
Section VIII. Documents available for ReferenceHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
2
Section I. Important Notes
1. Board of Directors, Supervisory Committee of Hefei Meiling Co., Ltd. (hereinafter
referred to as the Company) and its directors, supervisors and senior executives hereby
confirm that there are no any important omissions, fictitious statements or serious misleading
information carried in this report, and shall take all responsibilities, individual and/or joint,
for the reality, accuracy and completion of the whole contents.
2. There was no case in the Company that directors, supervisors and senior management
couldn’t guarantee for the truth, accuracy and completion of the Report or had objections to
it.
3. All directors were present in the Board Meeting by spot& telecom.
4. The Mid-term Financial Report of 2010 has not been audited by CPAs.
5. Chairman of the Board Mr. Zhao Yong, President Mr. Wang Yong, Vice-president Yu
Wanchun and person in charge of accounting institution Mr. Liu Bimin hereby confirm that
the Financial Report of the Semi-annual Report is true and complete.Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
3
Section II. Company Profile
I. Basic information
（I）Legal Name of the Company
In Chinese: 合肥美菱股份有限公司
In English: HEFEI MEILING CO., LTD
Short Form in English: HFML
（II）Legal representative: Zhao Yong
（III）Secrtary of the Board: Li Xia
Contact Address: No. 2163, Lian Hua Road, Economic and Technology Development Zone,
Hefei
Tel.: (0551)2219021 Fax: (0551)-2219021
E-mail: lixia@meiling.com
（IV）Registered Address: Address: No. 2163, Lian Hua Road, Economic and Technology
Development Zone, Hefei
Post Code: 230601
Office address: Address: No. 2163, Lian Hua Road, Economic and Technology Development
Zone, Hefei
Post Code: 230601
Internet website: http://www.meiling.com
E-mail of the Company: info@meiling.com
(V) Newspapers Chosen for Disclosing the Information of the Company: Securities
Times, Hong Kong Commercial Daily
Internet Website for Publishing Annual Report Designated by CSRC: Juchao Website,
http://www.cninfo.com.cn
Place Where the Semi-Annual Report is Prepared and Placed: Secretariat of the Board on the
2nd floor of the Office Building of the Company
（VI）Stock listed in: Shenzhen Stock Exchange
Short Form of the Stock: MEILING DIANQI WANMEILING-B
Stock Code: 000521 200521
（VII）Other related information
1. Initial registration date: December 31, 1992
Registration address: Hefei Municipal Administration Bureau of Industrial and Commerce
Registration date after change: 21 May 2009
Address for change: Anhui Province Administration Bureau of Industrial andHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
4
Commerce
2. Legal Person Business License Registration No.: 340000400001278
3.Taxation Registration No.: GSWZi No.34010414918555X
4.Organization Code Certificate: 14918555-X
5. Name and office address of the certified public accountants engaged by the
Company:
Shinwing Certified Public Accountants Co., Ltd.
Office Address: 9/F, Block A, Fuhua Building, Beida Street, Chaoyangmen,
Dongcheng District, Beijing
II.Major financial data and indexes
（I）Major accounting data and financial indexes
Unit: RMB
At the end of this
report period
At the period-end
of last year
Increase/decrease at
the end of this
report period
compared with that
in period-end of last
year (%)
Total assets 6,091,714,916.69 4,786,934,109.38 27.26%
Owners’ equity attributable to
shareholders of the listed company
1,434,622,300.53 1,324,427,907.57 8.32%
Share capital 413,642,949.00 413,642,949.00 0.00%
Net assets per share attributable to
shareholders of the listed company
（RMB/Share）
3.47 3.20 8.32%
This report period
(Jan. to Jun.)
The same period
of last year
Increase/decrease in
this report period
year-on-year (%)
Total operating income 4,575,759,806.96 3,393,249,805.15 34.85%
Operating profit 164,996,610.95 37,629,752.93 338.47%
Total profit 259,241,220.50 43,261,973.78 499.24%
Net profit attributable to shareholders of
the listed company 218,616,696.38 36,255,089.84 503.00%Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
5
Net profit attributable to shareholders of
the listed company after deducting
non-recurring gains and losses
82,893,472.54 11,803,953.92 602.25%
Basic earnings per share (RMB/Share) 0.5285 0.0876 503.31%
Diluted earnings per share (RMB/Share) 0.5285 0.0876 503.31%
Return on equity (%) 15.24% 3.18% 391.51%
Net cash flow arising from operating
activities -163,991,222.01 -40,145,826.36 308.49%
Net cash flow per share arising from
operating activities (RMB/Share) -0.3965 -0.0971 308.49%
（II）Items of non-recurring gains and losses
Unit: RMB
Items of non-recurring gains and losses Amount Note(If applicable)
Gains and losses from the disposal of non-current
assets
2,037,104.82
Governmental subsidy reckoned into current gains
and losses, but closely relevant to the Company’s
business except for the governmental subsidy
enjoyed in quota or ration according to the national
general standards
22,650,367.20
Gains and losses of debt restructuring
Investmetn gains from the disposal of transactional
financial assets and financial assets available for
sale
134,809,167.26
Written-off of welfarism payable
Other gains/losses items meets the definition of
non-recurring gains and losses
Net amount of non-operating income and expense
excluded the aforementioned items
607,137.53
Amount of income tax influence 24,217,840.09
Influence amount of non-recurring gains and losses
attibutable to minority shareholders
162,712.88
Total of non-recurring gains and losses 135,723,223.84
Net profit attributable to owners’ of the parent
company
218,616,696.38
Net profit attributable to common shareholders of the 82,893,472.54Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
6
parent company after deducting non-recurring gains
and losses
（III）Accounting difference between IAS and CAS
Unit: RMB
Net profit attributable to
shareholders of listed company
Owners’ equity attributable to
shareholders of listed company
Jan.-Jun. 2010 Jan.-Jun. 2009 30 June 2010 30 June 2009
IAS 218,616,696.38 36,255,089.84 1,434,622,300.53 1,324,427,907.57
CAS 218,616,696.38 36,255,089.84 1,434,622,300.53 1,324,427,907.57
Sub-items and total adjusted based on IAS:0
Total amount of
differences between
CAS and IAS
- - - -
Explanations on
differences between
CAS and IAS
No differences
On 12 September 2007, the CSRC announced the and acclaimed from the announcement day to cancel the ‘dual auditory’
requirement of hiring the stock CPAs and foreign auditing as information disclosure
standardization for the B-share Company . The Companyhas not prepared the financial
report under the IFRS since the year of 2007, and the company’s financial report under the
China Accounting Standard, so there is no difference between the CAS and IFRS.
（IV）Supplementary profit statement
Unit: RMB
Return on equity Earnings per share
Items
Profit in the
report period
Fully diluted Weighted
average
Basic
earnings per
share
Diluted
earnings per
share
Net profit
attributable to
common
shareholders
218,616,696.3
8
15.24% 15.85 0.5285 0.5285
Net profit
attributable to
common
82,893,472.54 5.78% 6.01 0.2004 0.2004Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
7
shareholders after
deducting the
non-recurring
losses and gainsHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
8
Section III. Changes in Share Capital and Particulars about Shares Held by Main
Shareholders
I. Particulars about change in share capital（As at the end of 30 June）
（I）Changes of shares
Unite: Share
Before the change Increase/decrease of this time (+, -) After the change
Amount Proport
ion
New
shar
es
issue
d
Bonu
s
share
s
Capi
taliz
ation
of
publi
c
reser
ve
Others Subtotal Amount Proport
ion
I. Restricted
shares 113,806,751 27.52% -76,857,362 -76,857,362 36,949,389 8.94%
1. State-owned
shares
2. State-owned
legal person’s
shares
104,461,498 25.26% -75,110,025 -75,110,025 29,351,473 7.10%
3. Other
domestic
shares
9,277,998 2.24% -1,747,337 -1,747,337 7,530,661 1.82%
Including:
Domestic
non-state-owne
d legal person’s
shares
9,149,917 2.21% -1,619,256 -1,619,256 7,530,661 1.82%
Domestic
natural
person’s shares
128,081 0.03% -128,081 -128,081 0 0
4. Foreign
shares
Including:
Foreign legal
person’s shares
Foreign natural
person’s shares
5.Senior
executives’
shares
67,255 0.02% 67,255 0.02%Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
9
II. Unrestricted
shares 299,836,198 72.48%
+76,857,36
2
+76,857,36
2
376,693,560 91.06%
1. RMB
Ordinary
shares
186,736,198 45.14%
+76,857,36
2
+76,857,36
2
263,593,560 63.72%
2.
Domestically
listed foreign
shares
113,100,000 27.34% 113,100,000 27.34%
3. Overseas
listed foreign
shares
4. Others
III. Total shares 413,642,949
100.00
%
413,642,949
100.00
%
（II）particulars about the shares held by top 10 shareholders and shares held by top
10 unrestricted shareholders
Unit: Share
Total amount of
shareholders
71,027
Particulars about shares held by the top ten shareholders
Full name of Shareholders
Nature of
shareholder
Proportion
of shares
held
Total of
shares held
Numbers of
non-circulating
shares held
Number of
share
pledged/
frozen
Sichuan Changhong Electric
Co., Ltd.
State-owned 18.01% 74,491,952 28,850,503
Hefei Xingtai Holding Group
Co., Ltd
Domestic
legal person
8.03% 33,210,696 500,970
Changhong (Hong Kong)
Trade Co., Ltd.
Foreign legal
person
4.15% 17,150,815
CAO SHENGCHUN Foreign
natural
person
1.83% 7,579,969
ICBC － Huitianfu Growth
Focus Share Securities
Investment Fund
Fund,
financial
products and
0.63% 2,617,537Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
10
other
Long Qinfang Foreign
natural
person
0.51% 2,100,766
GUOTAI JUNAN
SECURITIES(HONGKONG)
LIMITED
Foreign legal
person
0.50% 2,054,024
Provincial ABC Trust Hefei
Office
Domestic
legal person
0.37% 1,536,975
Wo Liangliang Domestic
natural
person
0.33% 1,377,000
Bank of Communucation －
Guotai Jinying Growth
Securities Investment Fund
Fund,
financial
products and
other person
0.33% 1,369,916
Particulars about the shares held by the top ten unrestricted shareholders
Full Name of shareholder Amount of unrestricted shares
held Type of shares
Sichuan Changhong Electric Co.,
Ltd
45,641,449
RMB common share
Hefei Xingtai Holding Group Co.,
Ltd
32,709,726
RMB common share
Changhong (Hong Kong) Trade Co.,
Ltd.
17,150,815
Domestically listed foreign share
CAO SHENGCHUN 7,579,969 Domestically listed foreign share
ICBC － Huitianfu Growth Focus
Share Securities Investment Fund
2,617,537
RMB common share
Long Qinfang 2,100,766 Domestically listed foreign share
GUOTAI JUNAN
SECURITIES(HONGKONG)
LIMITED
2,054,024
Domestically listed foreign share
Provincial ABC Trust Hefei Office 1,536,975 RMB common share
Wo Liangliang 1,377,000 RMB common share
Bank of Communucation－Guotai 1,369,916 RMB common shareHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
11
Jinying Growth Securities
Investment Fund
Explanation on associated
relationship or accordant action
among the aforesaid
shareholders
Among the above shareholders, Changhong (Hong Kong) Trade Co., Ltd. is
the controlling subsidiary of Sichuan Changhong Electric Co., Ltd.; there
existed no associated relationship or belong to the concerted actors as
specified in the Measures for the Administration of Information Disclosure of
Shareholder Equity Changes of Listed Companies among Sichuan Changhong
Electric Co., Ltd., Changhong (Hong Kong) Trade Co., Ltd. and other top 8
shareholders; and top ten shareholders with unconditional subscription; as the
Company has not known whether there exists any business relationship
among the above shareholders with unconditional subscription or they belong
to the concerted actors as specified in the Measures for the Administration of
Information Disclosure of Shareholder Equity Changes of Listed Companies.
（III）Statement on changes of restricted shares
Unit: Share
Name of
shareholders
Restricted
shares in
year-begin
Restricted
shares
increased
this year
Restricted
shares
released
this year
Restricted
shares in
period-end
Reason for
condition
Date of
releasing
Sichuan
Changhong
Electric Co., Ltd.
70,214,797 41,364,294 28,850,503
Commitment
for Share
Merger
Reform
4 January
2010
Hefei Xingtai
Holding Group
Co., Ltd
27,730,974 500,970 27,730,974 500,970
Commitment
for Share
Merger
Reform
4 January
2010
Hefei Meiling
(Group) Holdings
Co., Ltd.
4,978,752 0 4,978,752 0
Commitment
for Share
Merger
Reform
4 January
2010
Total 102,924,523 500,970 74,074,020 29,351,473
（IV）Amount of shares held by top 10 restricted shareholders and restrited
conditionHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
12
Unit: Share
Name of shareholders
Amount of restricted shares
held
Restricted condition
Sichuan Changhong Electric
Co., Ltd.
28,850,503
Commitment for Share Merger
Reform
Provincial ABC Trust Hefei
Office
1,536,975
Commitment for Share Merger
Reform; not return the consideration
of share merger, the shares still
un-traded in market
Hefei Technology Bank
853,875
Commitment for Share Merger
Reform; not return the consideration
of share merger, the shares still
un-traded in market
Hefei Insurance Company
853,875
Commitment for Share Merger
Reform; not return the consideration
of share merger, the shares still
un-traded in market
Hefei Xingtai Holding Group
Co., Ltd
500,970
Commitment for Share Merger
Reform
Bank of China Hefei Branch
426,937
Commitment for Share Merger
Reform; not return the consideration
of share merger, the shares still
un-traded in market
Hefei Group Industry
Federation
426,937
Commitment for Share Merger
Reform; not return the consideration
of share merger, the shares still
un-traded in market
Provincial Trust Investment
Co.,Wuhu Office
341,550
Commitment for Share Merger
Reform; not return the consideration
of share merger, the shares still
un-traded in market
Liaoning Huaxing Precision
Machinery Plant
256,162
Commitment for Share Merger
Reform; not return the consideration
of share merger, the shares stillHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
13
un-traded in market
Longtang Ice Distribution Plant 170,775
Commitment for Share Merger
Reform; not return the consideration
of share merger, the shares still
un-traded in market
II. Particular about controlling shareholder and actual controller
（I） Change of share held
Upon the transfer, the Company’s largest shareholder—Sichuan Changhong held
40214797 restricted shares accounting for 16.98% of the total. Sichuan Changhong
committee to continue fulfill commitments in the Share Merger Scheme.
（II）Brief introduction on controlling shareholder and actual controller
（II）Brief introduction on controlling shareholder and actual controller
Sichuan Changhong is the controlling shareholder.
Sichuan Changhong Electric Co., Ltd.: Legal representative: Mr. Zhao Yong; registered
capital: RMB 1,898,210,000; registered address: No. 35, Mianxing (E) Road, Hi-tech Zone,
Mianyang, Sichuan; business scope: manufactures, sales and maintenance of household
appliance, electric products and spare parts, comminications equipments, computer and other
electrical equioments, specialized equipments of electronic and electrician, electrical
machinery and equipment, series products of batteries, electric medicine products, electrical
equipments, digital monitoring products, metal products, apparatus and instruments, culture
and office machines, culture and education and sports products, furniture, kitchen cabinet
and gas appliance; house and equipment rental, packing products and technical services;
road transportaion, storage and discharging convey; e-commerce; R&D, sales and services of
software; consultance and services of enterprise management; hi-tech project investment and
other state-permitted business; development and operation of property; callback and disposal
of obsolete appliance and electric products.
Sichuan Changhong Electronics Group is the controlling shareholder of Sichuan
Changhong Apparatus Co., Ltd. with the legal person representative Mr. ZhaoYong,
rgisterred capital 898040000 and business scope of production and sales of home
apparatus,electronic information products and so on. As ending 30 June2010, Sichuan
Changhong held 849152736 shares,accounting for 29.82% of the Sichuan Changhong
stocking。
Mianyang SASAC is the actual shareholder of Sichuan Changhong with100%
shareholding in Sichuan Changhong.Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
14
Equity structure chart of the Company is as follows:
100%
29.82%
100%
18.01%
4.15%
Section IV. Directors, Supervisors, and Senior Executives
I. Changes of shares held by directors, supervisor and senior executives of the
Company
In the report period, among the directors, supervisors and senior executives, only the
vice-president--- Mr. Wang Jiazhang held the shares of the Company with 89,674 shares. In
report period, the shares held by Mr. Wang Jiazhang has no change.
II. New engagement and dismissal of directors, supervisors and senior executives of the
Company:
Pursuant to the company’s operation development, and upon the approval of 34th of 6th of
the Board Meeting, and according to theCEO’s nomination, it was agreed to appointed Li
Wei as the Deputy CEO. Relevant announcements were published in Secuties Times,
Hongkong Commercial Daily and Juchao website on 2ND June 2010.
On 26 Jan.2010,the supervisor—Mr. Qi Dunwei resigned for personal reason and got
the supervisors’ approval. On 26 Feb.2010, the supervisors appointed Mr. Shang Wen as the
supervisors. The above-mentioned were disclosed respectively on On 28 Jan.2010 and 2
March.2010 in Secuties Times, Hongkong Commercial Daily and Juchao website.
State‐owned Assets Supervision & Administration Commission of Mianyang Municipality
Sichuan Changhong Electric Group Co., Ltd.
Sichuan Changhong Electric Co.,
Ltd.
Changhong (Hong Kong) Trade Co., Ltd.
Hefei Meiling Co., Ltd.Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
15
Section V. Report of Board of Directors
I. operation results and its financial analysts
（一）opeation results analysts
In first half year of 2010, at the background of the fluctuation of global crisis , the
Company follwing the operation stategy of “ products basis, quality principle, innovation
marketing and lowed the cost”, and unde the promotion of benefial policies from the State,
the Company obtaining a great performance. From the January to June of 2010, the
capability of production and sales has a dramatically growth compared with same period of
2009. realized the operation income of RMB 4,576,000,000, ayear-on-year growth of
34.85%. In which, the refrigerator industry realized the operation income of
RMB3,273,000,000, a year-on-year 34.91% growth, realized a currring gains and loss of
RMB 75,000,000, a year-on-year 296.53% growth. At the same time, according to the data,
Meiling has a sales occupation rate of 10.61%(Zhong YIkang) in first and second degree
market at the first half year of 2010, up a 0.5 percentage point year-on-year; in the rural
household appliance , the sales occupation rate was accumulated to10.5%( Market reseach
center of Maimaiti), a year-on-year growth of 0.2 percentage point.
In report period, the Company fouce on the marketing of quality service. Concerning
the innovation marketing, greatly promoted the sales volume by setting up Joint venture
marketing company, organizing activities of rural household appliance with 10 years free
maintance and quality examination activities (Meiling will return for you when the
frigerator was not cooling) and brand present activities, the sales bolume increase 38%
year-on-year.
The Company also developed the products activily for strength the competition of
Meiling. Quality modification in order to promoted the products’ quality, and push the
stategy work of lower the cost, the amount of cost lowing has a year-on-year growth of
116%. Meanwhile, the Company star on the stategy plan of unifiying development of
Dianbai Industry. Though plan the midterm future of Meiling to determined the future
development and projects with th purpose of promiting the stantially develpmetn ability of
Meiling.
Main operation index:
Unit: RMB
Item Jan. to June, 2010 Jan. to June, 2009
Increase or
decrease of
variance scope（%）Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
16
Operation income 4,575,759,806.96 3,393,249,805.15 34.85%
Operation cost 3,448,098,730.82 2,555,248,647.49 34.94%
Gross profit from
sales 1,127,661,076.14 838,001,157.66 34.57%
Sales expense 986,399,238.84 666,569,872.07 47.98%
Administration
expense 84,359,075.10 95,574,281.02 -11.73%
Financial expense -4,425,042.15 12,158,103.88 -136.40%
Net profit attributable
to owners of parent
company
218,616,696.38 36,255,089.84 503.00%
Analysis on reason for change:
1.Growth in operation income year-on-year mainly came from: benefited from policies
of state Appliance-sent-to-Countryside, Replacement household appliances and
Enviornmental & Economical, the promotion of management ability of the Company;
strength the innovation construction with different ways; strengthening in market
construction and product promotion; and adjustment of products structure in the report
period.
2. there have a year-on-year growth on operating cost and sales gross profit, mainly due
to the influence of growth of operating income.
3. sals expenses increase compared with last year mainly caused by the layout of “Rural
household appliance”. Marketing resource innovation, category the market, strength the sales
ability that results in the increase of market support fee, AD fee, labor fee, vehicle gas
expense and logistic warehouse etc. and the predicted fee of “10 years free maintaince” in a
Rural household appliance plan.
4. net profit dramatically increase compared with that of last year mainly caused by
theperformance upgrade from the enlargement of business scale. The operation profit
increased, and investment gains from dispodal of partial financial assets available for sale,
and the income of government subsidy .
（II）Analysis on financial status
Unit: RMB
Item 30 June 2010 31 December 2009
Variance scope(+,-)
（%）
Notes receivable 1,991,166,609.04 892,748,372.08 123.04%
Account receivable 590,080,988.03 317,114,097.62 86.08%Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
17
Account paid in
advance 204,748,953.43 109,721,377.94 86.61%
Inventory 1,255,457,988.28 1,052,702,140.26 19.26%
Account payable 1,716,535,832.24 1,157,326,858.96 48.32%
Account received
in advance 806,709,974.79 718,021,736.69 12.35%
Tax payable 126,857,235.77 65,662,600.35 93.20%
Analysis on reason for change:
1 、Increase in notes receivable compared with that of year-beginning, RMB
1,098,418,236.96,123.04%，was mainly due to the sales scope extension, sales payment
notes increase and bill discounting endorsement.
2、Increase in accounts payable compared with that of year-beginning, was mainly due
to large delivery sum and undue account receivable increase.
3、Increase in accounts paid in advance compared with that of year-beginning, was
mainly due to the uncompleted transfer of 100% state-owned property in Meiling Grou.
4、Increase in inventoy compared with that of year-beginning, was mainly due to the
busy season inventory.
5、Increase in account payable compared with that of year-beginning, was mainly due to
increase in material purchase and undue account payable in the busy season of production
and sales.
6、Increase in accounts received in advance compared with that of year-beginning, was
mainly due to increase in accounts paid in advance by the dealers as of the prosperous sales
in home-appliances-to-the-countyside products.
7、Increase in tax payable compared with that of year-beginning, was mainly due to
payment for the added value tax and income tax payable.
II. Operation in the report period
（I）Main business scope and operation status
As house appliances enterprise, the Company’s main business scope is manufacture of
cooling appliance, air-conditioner, washer, CNC Injection Machine, computerized
water-heater, plastic products, packaging and ornament production, the import-export of
technology and operating in self-products.
1. Main business according to products of semi-annual 2010
Unit: RMB ‘0000
Item
Operatin
g
income
Operatin
g Cost
Gross
rare
（%）
Year-on-year
increase/decr
ease in
Year-on-year
increase/decr
ease in
Year-on-year
increase/decr
ease in grossHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
18
operating
income （%）
operating cost
（%）
rate（%）
Refrigerator
(Ice Box)
327,322.
34
226,544.
88
30.79
%
34.91% 22.83% 1.33%
Air-conditio
ner
101,584.
86
93,638.5
8
7.82
%
21.99% 26.06% -5.80%
Total
428,907.
20
320,183.
46
25.35
%
31.01% 31.72% -0.06%
2. Main business according to are of semi-annual 2010
Unit: RMB’0000
This period Last period
Area
Main
business
income
cost
Gross
rate(%)
income cost
Gross rate
(%)
Sales in
domestic
389,428.34 283,501.28 27.20% 293,777.60 214,548.26 26.97%
Exported
products
39,478.87 36,682.18 7.08% 32,122.65 28,531.57 11.18%
Toal 428,907.20 320,183.46 25.35% 325,900.26 243,079.83 25.41%
（II）In the report period, there is no material change happened to profit constitution, main
business and its structure, and profit-making ability of main business of the Company.
（III）In the report period, there is no other business activity which brings significant
influence upon profit.
（IV）Particular about investment income from single joint-stock company brings influence
on the Company’s net profit over 10% in the report period.
In the report period, the Company sold part financial assets available for sale and received
investment income after tax amounted to RMB 114,587,800 and obtained the dividend bonus
of the shares amounted to RMB 210,000.
（V）Problems and strategies in operation
As for the instability of the global economic situation in the second half of 2010, the
comapny will face up to some certain challenge and pressure. The company will popularize
deeply the quality service,aggressively explore market and strengthen the sales.
III. Corporate Investment in Period
(I) Usage of Raised Funds
In the Period, there was no raised fund or use of previous fund continuing into the Period.
(II) Investment project by non-raised fund in Period
1. Refrigerator Capacity Extension
According to the Company’s business needs, on 13 November 2009, the Company’s 26th ofHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
19
6th Board Meeting approved the Proposal of Reformation and Capacity Extension of Hefei
Production Base, namely refrigerator capacity extension. The Company’s 32nd of 6th Board
Meeting on 19 April 2010 and 2nd Temporary Shareholders’ Meeting approved the
non-public issuance scheme and then the project of refrigerator capacity extension will be
invested and established by use of non-public issuance raised funds, totaled RMB
37,517,780,000 (current capital included). The project is able two-phase; and upon
two-phase construction, the annual production will be up to 600000 refrigerators of volume
below 300L and 600000 refrigerators of volume above 300L, totaled 1,200,000 a year.
Details of the aforementioned events were disclosed in announcements in Securities Times,
Hongkong Commercial Daily and http://www.cninfo.com.cn.
The project was put on records by Hefei Development and Reformation Commission, and
got approval and permission from the Hefei Environment Protection Bureau. As ending 30
June 2010, the Company has been channelling the own funds into the project while
construction of land and houses are in early implementation as well as equipment asset
inquiry, bidding and purchasing are in line with the project progress.
As under construction, the project has no investment return at present.
2. Capacity Extension of Environment Protection and Energy Saving Refrigerator
According to the Company’s development strategy needs to enhance further the competition
of the environment protection and energy saving refrigerator and that in domestic Midwest,
the Company’s 32nd of 6th Board Meeting on 19 April 2010 and 2nd Temporary Shareholders’
Meeting approved the non-public issuance scheme and then the project of capacity extension
of environment protection and energy saving refrigerator will be invested and established by
use of non-public issuance raised funds, totaled RMB 37,517,780,000 (current capital
included). The project subject included the Company and its subsidiary—Mianyang Meiling
Cooling Co., Ltd. (hereafter referred as “Mianyang Meiling”); and the project construction
included technology reformation of existing production lines for 600,000 environment
protection and energy saving refrigerators to form two-shift productivity and construction of
a new production line with 600,000 (two-shift) a year to finally form a production base of
1200000(two-shift) a year. The supplementary capital is used for R&D, purchase and sales of
environment protection and energy saving refrigerators. Details of the aforementioned events
were disclosed in announcements in Securities Times, Hongkong Commercial Daily and
http://www.cninfo.com.cn.
The project was put on records by Economical Development Bureau of China (Mianyang)
Scientific City Regulatory Commission, and got approval and permission from the Hefei
Environment Protection Bureau. As ending 30 June 2010, the Company has been channelling
the own funds into the project while the equipment asset inquiry, bidding and purchasing are
in implementation.
As under construction, the project has no investment return at present.
IV. Routine of Board in Period
Date & session Contents
Newspaper for
disclosure
14 Jan. 2010
28th of 6th of
Board Meeting
Approval for Proposal of Application to Anhui
People’s Bank of China for RMB50000000
Short-term Credit
Securities
Times
Hongkong
Commercial
DailyHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
20
26 Jan. 2010
29th of 6th of
Board Meeting
Approvals for Proposal of Changhong Air
Conditioner Bidding for 10% shareholding in
Zhongshan Changhong Air Conditioner and
Proposal of Application to Luyang (Hefei)
Branch of People’s Bank of China for
RMB150000000 Short-term Credit
Securities
Times
Hongkong
Commercial
Daily
15 Mar. 2010
30th of 6th of
Board Meeting
Approvals for Twenty Proposals as 2009 Annual
Report and Summary of Report, Proposal of
Compensation for Loss of Surplus Reserve,
Proposal of Preparation for Price Fall of
Accrued Inventory
Securities
Times
Hongkong
Commercial
Daily
25 Mar. 2010
31st of 6th of
Board Meeting
Approvals for Proposal of Transfer of 100%
State-owned Property in Hefei Meiling Co., Ltd.
and Proposal of Holding 1st Temporary
Shareholders’ Meeting
Securities
Times
Hongkong
Commercial
Daily
19 April. 2010
32nd of 6th of
Board Meeting
Approvals for Nine Proposals as Proposal of
Company’s Qualifications for Non-public
Issuance, Proposal of Non-public Issuance
Scheme, Proposal of Preplan of Non-public
Issuance of Hefei Meiling Co., Ltd.
Securities
Times
Hongkong
Commercial
Daily
21 April. 2010
33rd of 6th of
Board Meeting
Approvals for Five Proposals as 2010 First
Quarter Report and Proposal for Bank Credit
Guarantee for Sichuan Changhong Air
Conditiner Co., Ltd.
Securities
Times
Hongkong
Commercial
Daily
31 May. 2010
34th of 6th of
Board Meeting
Approvals for Seven Proposals as Proposal of
Appointment of Deputy CEO, Proposal of
Application to Hefei China Merchants for
RMB120000000 Credit, Proposal of Signing of
Agreement on Trademark Use Between
Zhongshan Changhong Air Conditiner Co., Ltd.
and Sichuan Changhong Air Conditiner Co., Ltd.
Securities
Times
Hongkong
Commercial
Daily
11 June. 2010
35th of 6th of
Board Meeting
Approval for Report of Use of Last Raised Fund Securities
Times
HongkongHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
21
Commercial
Daily
In the Periodical, the Company also held three Shareholders’ General Meeting. On 6th April
2010, it held the 2009 Annual Shareholders’ General Meeting and approved sixteen
approvals as 2009 Annual Report and Summary of Report Proposal of Withdrawal of Staff
Retirement and Pension Benefit. On 12th April 2010, it held the 1st Temporary Shareholders’
Meeting and approved Proposal of Transfer of 100% State-owned Property in Hefei Meiling
Co., Ltd.. On 19th May 2010, it held the 2nd Temporary Shareholders’ Meeting and approved
eight proposals as Proposal of Non-public Issuance Scheme, Proposal of Preplan of
Non-public Issuance. All the above events were disclosed in Securities Times, Hongkong
Commercial Daily as well as in http://www.cninfo.com.cn, the designated website by the
CSRC, and you can enquiry by inputting the Company’s stock code in Personal Stock
Inquiry.
V. the Financial Report of this semi-annual report have not been audited
带格式的: 字体: Times
New Roman, 小四Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
22
Section VI. Significant Events
I. Corporate Governance
In the Period, pursuant to the requirements of Company Law, Securities Law, Governance
Ordinance of Listing Company and Regulation of Stock Listing in Shenzhen Stock Exchange
together with relevant law and rule, the Company continued establishing and perfecting the
Corporate Governance Structure, enforced information disclosure, established and improved
internal management and control systems, launch the corporate governance campaign
continually and deeply, standardized the corporate operation and improved the corporate
governance. At present, all corporate systems are basically healthy and complete, business
operation standard, legal person structure perfect, which are up to requirements of
standardization documents for listed company’s governance announced by CSRC.
In the Period, pursuant to requirements of (No. 103 Anhui SRB [2010])and (hereafter referred as Announcements) (No. 149 Anhui SRB [2010]) by Anhui
Stock Regulatory Bureau, the Company get together the Company’s directors, supervisors,
and senior management together with principals of all functional departments, branches and
holding subsidiaries and launched the specific campaign for study and implementation of the
Announcements. In this way, their sense of standard operation on inside information and
reception to specific objects for investigation & study, and interview was strengthened with
improvement of consciousness and initiative of the work. Meanwhile, upon the system
building and perfection as included, and enforcement of regulation on registration of information insider and
standardization of reception to specific subjects for investigation and study in practical work,
the Company implemented the requirements of the Announcements practically. Later on,
with enforcement of system building and execution, and improvement of corporate
governance and business management, all facilitated improvement of creditability and
transparency and promoted that of corporate standard operation.
II. Option Incentive Scheme in Period
In the Period, the Company has not made out or implemented the Option Incentive
Scheme.
(I) Asset Acquisition
1. Changhong Air Conditioner Bidding for 10% Shareholding in Zhongshan Changhong
In Jan. 2010, China Five-Ore Group Co., Ltd. (hereafter referred as “China Five-Ore”)
made open selling of its 10% shareholding asset in Zhongshan Changhong Electrical
Apparatus Co., Ltd. (hereafter referred as Zhongshan Changhong) in Beijing Property
Exchange. According to the Company’s strategic development needs in white power industry
and for purpose of improvement of controlling capacity in and efficiency of decision and
management and operation of Zhongshan Changhong, further integration and optimization
of white power industry sources and development of air conditioner industry, the Company
held 29th of 6th Session of the Board Meeting on 26th January 2010, and approved the
, namely agreed the Company’s participation via its wholly-owned subsidiary
— Sichuan Changhong Air Conditioner Company., Ltd. (hereafter referred as Changhong
Air Conditioner) in the open selling of 10% shareholding in Zhongshan Changhong by
China Five-ore. The evaluation price of bidden assets before the open seeling was RMB
11398300 and yet the listed price is RMB 11412800. The permitted bidding price was no
more than RMB 11500000. Complying with the required procedure, the Changhong Air
Conditioner decided and entered for the bidding. As only one intentional transfereeHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
23
(Changhong Air Conditioner) present in the open selling, and the stock transfer in agreement
transferee pursuant to procedures and requirements in the Announcements, China Five-ore
signed the with Changhong Air Conditioner, namely
transfer of its 10% shareholding asset in Zhongshan Changhong to Changhong Air
Conditioner at agreement price of 11412800. upon Zhongshan Changhong’s completion of
registration of the industry-commerce change on 14th May, Sichuan Changhong had 10%
direct shareholding in Zhongshan Changhong, and the Company 10% indirect shareholding
via Sichuan Changhong.
2. Agreement Transfer of 100% State-owned Property in Hefei Meiling Co., Ltd.
Pursuant to the Company’s development program and need of uniform maintenance and
management of Meiling brand, the Company held 31st of 6th Session of Board Meeting on
25th March 2010 and approved the with agreement of the agreement transfer of 100%
state-owned property in Hefei Meiling Company., Ltd. (hereafter referred as Meiling Group)
by Hefei Xingtai Holding Group Co., Ltd. (hereafter referred as Xingtai Holding), in
exclusion of 1.2% stock property in the Company by Hefei Meiling. According to the
evaluation result of the 100% state-owned asset by Hefei Group which was put on records by
the State-owned Property Supervision and Regulatory Commission of Hefei Municipality,
the asset evaluation price of the bidding was RMB 111,200,000 and the asset transfer price
RMB 113,200,000 after full negotiation with Xingtai Holding. It was permitted to sign the
with the Xingtai Holding. The Company held 1st Temporary
Shareholders’ Meeting on 12th April 2010, and approved the . As the directors and supervisors
were approving the proposal, all related directors and shareholders withdrew from the vote
with all voting procedures up to rules of relevant law and regulation, price-setting of related
transaction public, just and fair and without harm to the interest of the Company or other
shareholders.
The 100% state-owned property in the agreement transfer included:
(1) Long-term investment: 100% state-owned shareholding in seven enterprises as
Hefei Meiling Apparatus Industrial Trade Co., Ltd., Meiling Yingkaite Apparatus (Hefei) Co.,
Ltd., Hefei Yingkaite Apparatus Co., Ltd., Hefei Meiling Nonferrous Metal Product Co., Ltd.,
Hefei Meiling Precision Pine Indystry Co., Ltd., Hefei Meiling Environment Protection
Packaging Material Co., Ltd., Hefei Yingkaite Apparatus Co., Ltd. and 51.72% state-owned
shareholding in Hefei Meiling Packaging Product Co., Ltd..
(2) Intangible assets: patent of registered trademark—“Meiling”and name of Meiling 28
products were registered as Meiling and the Meiling Group possessed patents of all products
registered to the exclusion of 11th product and 23-year free use of “Meiling” trade mark of
11th product to the exclusion of refrigerator, ice cube and air conditioner.
On 9th April 2010, the Company received the document--< Approval of Agreement to
Agreement Transfer of State-owned Property in Meiling Group > (Hefei State-owned
Property No.34 [2010]), that issuance, the State-owned Property Supervision and Regulatory
Commission of Hefei Municipality agreed the Xingtai Holding to transfer under agreement
100% state-owned property in partially off-stripped and indebted Meiling Group (name of
the Meiling Group) at price of RMB 113,200,000 to the Company.
At present, Xingtai Holding has fulfilled procedures of reduction in assets of Meiling
Group partially off-stripped and indebted. As at 28th July 2010, the Company has completed
the procedures of registration for industry-commerce changes. Upon the stock transfer, the
Company had 100% shareholding of the Meiling Group.
Announcements of all the aforementioned events were disclosed respectively on 26
March 2010, 13 April 2010, June 25 2010 and 29 July 2010, in Securities Times, HongkongHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
24
Commercial Daily and Juchao website (Announcement No. 2010-012, 2010-016,
2010-017,2010-035, 2010-038)
(II) Asset sales
Pursuant to the Company’s business development and for purpose of the Company’s
main business development and revitalization of financial assets available for sale by
concentration of core resource, the Company, after the resolution of the shareholders and
directors, agreed to authorize the operation level to sell progressively in the secondary
market the financial assets (Kedaxunfei,share of China Insurace)available for sale complying
with relevant rules and financial market environment, of which, stock in China Insurace has
sold out by 2009. In the Period, the operation level has sold the financial assets of 3618233
shares in Kedaxunfei in accumulation with the net investment return of RMB 11458779217.
As ending 30 July 2010, the Company still held 84767 shares in Anhui Kedaxunfei
Information Technology Co., Ltd.
V. Material related transactions in the report period
（I） Related purchase
1. Policy for setting price
The Company’s purchase of materials from related enterprises was all conducted in the form
of public bidding according to market prices.
2. Statement on the purchase of goods from related parties
pe of related Amount in this period Amount at same period of last year
ties and name
of related
Amount(RMB’0000) Proportion Amount(RMB’0000) Proportion
nt company
ultimated
troller
which: Sichuan
nghong Electric
iance Co., Ltd
3,665.57 0.94% 43,356.35 15.83%
t venture and affiliated enterprise
hich: Hefei
ing Packing
oration
2,477.94 0.64% 1,620.66 0.59%
er enterprise under the control of same parent company and ultimated controller
which: Sichuan
nghong
heng Logistics
Ltd.
2,859.19 0.74% 918.76 0.34%
ayi
pressor Co., 20,457.92 5.27% 13,664.01 4.99%Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
25
uan
nghong Mould
astic
nology Co.,
11,292.04 2.91% 2,697.28 0.98%
uan
nghong Jijia
Co., ltd.
8,973.03 2.31% 2,243.27 0.82%
huan Hongxin
tware Co., Ltd.
70.00 0.02% 108.38 0.04%
anyang
ngfaMode
ign Co., ltd.
10.59 0.00%
huan
nghong
ing Printing
Ltd.
1,618.73 0.42% 639.87 0.23%
huan
nghong Power
ted Liability
pany
0.39 0.00%
huan
nghong
gyuan Fine
pment Co.,
1,886.66 0.49% 227.77 0.08%
huan
nghong Fine
ric technology
Ltd.
119.53 0.03% 24.30 0.01%
huan
nghong Device
nology Co.,
1,083.60 0.28% 406.74 0.15%
huan 30.14 0.01% 13.33 0.00%Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
26
（II）Associated sales
1、Goods sold to the related party was at the market price of the same type.
nghong New
gy Technology
Ltd.
huan Liyuan
onic Co., Ltd.
375.08 0.10%
anyang
grun Electronic
Ltd.
angdong
nghong
ronic Co., Ltd.
1.05 0.00% 7.09 0.00%
ongshan
nghong
ld-Plastic
nology Co.,
10.70 0.00% 37.71 0.01%
ated enterprises of controlling shareholders and actual controller
uan Changhe
nology Co.,
79.40 0.02%
huan Changxin
rigeration
mponent Co.,
238.83 0.06%
uan Jinghong
ing Co., Ltd.
413.61 0.11%
huan Hongyu
tal
nufacture
mited Liability
mpany
35.25 0.01%
Total 55,699.25 14.34% 65,965.52 24.08%Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
27
2、Detailed table of goods to the related party
Amount in this period
Amount at same period of last
year
Type of related
parties and name
Amount(RMB’0000) Proportion Amount(RMB’0000) Proportion
Parent company and ultimated controller
In which: Sichuan
Changhong Electric
Appliance Co., Ltd
57,743.39 12.62% 44,341.78 13.07%
Joint venture and affiliated enterprise
In which: Chaohu
Meiling Marketing
Co., Ltd.
2,423.07 0.53% 0.00%
Jiujiang Meiling
Marketing Co., Ltd.
1,716.17 0.38% 0.00%
Haozhou Meiling
Marketing Co., Ltd.
1,671.99 0.37% 0.00%
Guangyuan
Meiling Marketing
Co., Ltd.
1,386.35 0.30% 0.00%
Guangxi Meiling
Marketing Co., Ltd.
939.60 0.21% 0.00%
Changzhou Meiling
Marketing Co., Ltd.
636.63 0.14% 0.00%
Other enterprise under the control of same parent company and ultimated controller
In which:
PT.CHANGHONG
ELECTRIC IND
3,043.97 0.67% 3,697.00 1.09%
Sichuan Changhong
Jijia Fine Co., Ltd.
2,152.78 0.47% 1,333.37 0.39%
Sichuan
Changhong
Mould-Plastic
Technology Co.,
4,013.21 0.88% 1,418.18 0.42%Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
28
Ltd.
Sichuan Hongshi
Display Technology
Co., Ltd.
0.00%
Mianyang Lejiayi
Commerce Chain
Co., Ltd.
95.35 0.02% 178.17 0.05%
Jiangxi Changhong
Electronic
Technology
Development Co.,
Ltd.
6.76 0.00% 0.00%
Sichuan Changhong
Fine Electronic
Technology Co.,
Ltd.
125.87 0.03% 0.00%
Hong Kong
(Changhong) Trade
Co., Ltd.
31.38 0.01%
Sichuan Changhong
Xinrui Technology
Co., Ltd.
62.61 0.01% 98.40 0.03%
Chengdu Lejiayi
Commerce Co., Ltd.
5.30 0.00%
Sichuan Changhong
International Hotel
Linited Liability
Company
0.39 0.00% 41.54 0.01%
Chongqing Hong
Life Commerce Co.,
Ltd.
25.25 0.01% 21.84 0.01%
Tianjin Lejiayi
Commerce Co., Ltd.
0.00%
Huayi Compressor
Holding Co., Ltd.
0.00%Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
29
Sichuan
Changhong Device
Technology Co.,
Ltd.
13.33 0.00% 4.70 0.00%
Kunming Yijiahong
Commerce Co., Ltd.
5.93 0.00% 0.00%
Sichuan Changhong
Electronic System
Co., Ltd.
3.09 0.00% 2.05 0.00%
Fuzhou Lejiayi
Commece Co., Ltd.
-1.05 0.00% 3.29 0.00%
Tianjin Lejiayi
Commerce Co., Ltd.
0.00%
Jinan Lejiayi
Commmerce Co.,
Ltd.
0.00%
Sichuan Hongrui
Electrician Limited
Liability Company
0.00%
Sichuan Hongou
Display Device Co.,
Ltd.
458.59 0.10% 1.46 0.00%
Sichuan Changgong
New Energy
Technology
Co.,Ltd.
0.00%
Guangdong
Changhong
Electronic Co., Ltd.
47.60 0.01% 0.75 0.00%
Guangdong
Changhong Digital
Technology Co.,
Ltd.
3.92 0.00% 0.00%
Taiyuan Lejiayi
Commerce Chain
0.77 0.00%Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
30
Co., Ltd.
Sichuan Changhong
Dongyuan Fine
Equipment Co., Ltd.
0.44 0.00% 0.16 0.00%
Lejiayi Chain
Management Co.,
Ltd.
0.00%
Changhong
Electrical
Apparatus(Austrilia)
Co., Ltd.
221.03 0.05% 1.59 0.00%
Zhongshan
Guanghong
Mould-Plastic
Technology Co.,
Ltd.
10.00 0.00% 22.63 0.01%
Sichuan Changhong
Packing Printing
Co., Ltd.
10.95 0.00% 0.00%
Sichuan Changhong
Minsheng Logistic
Limited Liability
Company
18.46 0.00% 0.00%
Sichuan Kuaiyidian
Electrical Apparatus
Service Chain Co.,
Ltd.
0.38 0.00% 0.00%
Affiliated enterprise of controlling shareholders and actual contoller
Sichuan Changxin
Refrigeration
Device Co., Ltd.
0.00%
Total 76,836.06 16.79% 51,204.36 15.09%
（IIi）2010 年年初公司预计全年关联交易总金额将不超过315,000.00 万元，2010
年上半年公司与关联方发生关联采购及销售金额合计为132,535.31 万元，占年初预计
金额的42.07%。Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
31
（IV）in report period, particulars about eh liabilities and debt transaction or
guarantees between the Company and its related parties.
1、particular about liabilities and debts between the company and its related parties
Capital offer to
related parties from
listed company
Capital offer to listed company
Name of related from related parties
parties
Relationship
with the
listed
company
Occurred
amount
Balance
Occurred
amount
Balance
Sichuan
Changhong
Electric Co., Ltd
Parent
company
-92,313,755.86 193,928,843.19
Hefei Meiling
Packing
Corporation
Affiliated
enterprise
340,000.00
Sichuan
Changhong
Minsheng
Logistics Co.,
Ltd.
Other
enterprise
under the
control of
same parent
company
and
ultimated
controller
139,137.30 5,652,223.28
Sichuan
Changhong
Mould & Plastic
Technology Co.,
Ltd.
Other
enterprise
under the
control of
same parent
company
and
ultimated
controller
100,000.00
Sichuan
Changhong Jijia
Fine Co., Ltd.
Other
enterprise
under the
150,000.00Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
32
control of
same parent
company
and
ultimated
controller
Sichuan
Changhe
Technology Co.,
ltd.
Affiliated
enterprise of
controlling
shareholders
and actual
controller
50,000.00 50,000.00
081
ElectronicGrou
p Sichuan
Liyuan
Electronic Co.,
Ltd.
Affiliated
enterprise of
controlling
shareholders
and actual
controller
55,362.36 55,362.36
Total -92,069,256.20 200,276,428.83
Of which: Occurred amount of fund provided by the listed company to controlling
shareholder and its subsidiaries in the report period was RMB 0.00, balance RMB 0.00.
2. Guarantees between the Company and related parties in the report period
Ended 30 June 2010, guarantee provided by Sichuan Changhong Electric Group Co., Ltd for
loans of the Company totaled to RMB 60 million in period-end. Toal RMB 300 million was
provide for bank acceptance.
(VI) Other related connections
1. Agreement Transfer of 100% State-owned Property in Hefei Meiling Co., Ltd.
Details in the part of (I) 2 of part IV in Section VI.., named as Agreement Transfer of
100% State-owned Property in Hefei Meiling Co., Ltd..
2. among Changhong Air Conditioner, Zhongshan
Changhong and Sichuan Changhong
Pursuant to the Company’s business development, upon the approval of 34th of the 6th
Session of the Board Meeting, it was agreed to sign the . It was stipulated that: under the condition that Sichuan Changhong is the
controlling shareholder of Hefei Meiling Co., Ltd. and Hefei Meiling Co., Ltd. the
controlling shareholder of Changhong Air Conditioner and Zhongshan Changhong, the
owner of the trademark—Sichuan Changhong permitted Changhong Air Conditioner and
Zhongshan Changhong free use of the registered trademark“长虹”in the air conditioner and
air clearer; and then Changhong Air Conditioner and Zhongshan Changhong were to useHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
33
the trademark in the registry pursuant to the stipulations. It was also stipulated
specifically as the mutual right and duty, change and termination of contract, responsibility
of breach of contract.
Concerning the above related transaction, the independent directors all aired admissive
and independent opinions. The transaction was favorable to the listed company’
development and correspondent to all directors’ interest without harm to the company’s or
other shareholders’. Details of the aforementioned were referred to relevant announcements
in Securities Times, Hongkong Commercial Daily and Juchao website (Announcements No.
2010-030, 2010-031).
3. between Zhongshan Changhong and Sichuan
Changhong
Pursuant to the Company’s development in air conditioner business, and upon the
approval of 34th of the 6th Session of the Board Meeting, it was agreed that Zhongshan
Changhon as the controlling subsidiary, signed with Sichuan Changhon as the controlling
shareholder, the . It was stipulated that under the condition that
Sichuan Changhong is the controlling shareholder of Hefei Meiling Co., Ltd. and Hefei
Meiling Co., Ltd. the controlling shareholder of Changhong Air Conditioner and Zhongshan
Changhong, the owner of the trademark—Sichuan Changhong authorized Zhongshan
Changhong free use of four patents in air conditioner (out-door equipment of split type air
conditioner, heat exchanger of air-conditioner included) in the legal patent validity. The
pattern and scope of the license were Sichuan Changhong’s authorization to Zhongshan
Changhong for exclusive possession with no use, transfer, sub-license, or global license and
right to produce, use, develop and sell the licensed products in the contract period. It was
also specifically stipulated as offer and share of the confidence and follow-up improvement,
and breach, claim and validity of contract.
Concerning the above related transaction, the independent directors aired admissive and
independent opinions. The transaction was favorable to the listed company’ development
and correspondent to all directors’ interest without harm to the company’s or other
shareholders’. Details of the aforementioned were referred to relevant announcements in
Securities Times, Hongkong Commercial Daily and Juchao website (Announcements No.
2010-030, 2010-031) on 2 June 2010.
4. Sichuan Changhong’s Subscription for the Company’s A-share offered non-publicly
in 2010
Sichuan Changhong were to participate in the Company’s non-public intended
offering of A-share in 2010 and committed to subscribe for the non-public stock with RMB
400000000 in cash and in amount of no more than 40000000 shares. Details were referred to
Section 7 VII. Other significant events.
VI. Material contracts and their implementations in the report period
（I）there are no major trust, contract, lease of other company’s assets or items
entrsted , contracted, leased of the Company.
（II）Material guarantee contracts
Except for the controlling subsidiaries of the Company, there are no any legal person or
nature person received guarantee from the Company. All guarantees provided to contolling
subsidiaries based on the loans arising from supporting their operations, and all in
warrantee. As at the end of 30 June 2010, the external guarantee and guarantee for
subsidiaries are as follwed:Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
34
Unit: RMB’0000
External guarantees (excluding guarantees for controlling subsidiaries)
Guarantee’s
name
Relevant
disclosure
date /No.
Guarante
e amount
Date of
happening
(date of
agreement
signing)
Actual
guarantee
amount
Guaran
tee
type
Guarante
e term
Accom
plished
or no
For
related
parties
or not
(yes or
no)
N/A
Total of external guarantee
approved in Period（A1）
0
Total of actual external
guarantee in Period（A2）
0
Total of external guarantee
approved at Period-end
（A3）
0
Total of actual external
guarantee at Period-end
（A4）
0
Company ‘s Guarantee for subsidiaries
Guarantee’s
name
Relevant
disclosure
date /No.
Guarant
ee
amount
Date of
happening
(date of
agreement
signing)
Actual
guarante
e
amount
Guaran
tee
type
Guarante
e term
Accom
plished
or not
For
related
parties
or not
(yes or
no)
Zhongke
Meiling
Cryogenic
Technology
Limited
Liability
Co.
2 June 2010
No.:2010-032
1,000 8 June 2010 1,000 Credit 1year Not No
Sichuan
Chuanghon
g Air
Conditioner
Co., Ltd.
22April 2010
No.:2010-024
8,000 1 June 2010 8,000 Credit 1 year Not No
Total of guarantee for
subsidiaries approved in
9,000
Total of actual guarantee
for subsidiaries in
9,000Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
35
Period (B1) Period (B2)
Total of guarantee for
subsidiaries approved at
Period-end (B3)
10,500
Total of actual guarantee
for subsidiaries at
Period-end (B4)
10,500
Total of Company’s guarantee（namely total of the large two aforementioned）
Total of guarantee
approved in the Period
(A1+B1)
9,000
Total of actual guarantee
in the Period
(A2+B2)
9,000
Total of guarantee
approved at Period-end
(A3+B3)
10,500
Total of actual guarantee
at Period-end
(A4+B4)
10,500
Proportion of the actual guarantee total in Company’s
net assets (A4+ B4) 7.32%
Including:
Guarantee for shareholders, actual controllers and
related parties(C)
0
Debt guarantee for guarantee objects of direct/indirect
asset liabilities above 70% (D)
0
Guarantee totaled above net assets 50%(E) 0
Total of three guarantees aforementioned (C+D+E) 0
Explanations on possible affiliated redemption
responsibilities for undue guarantees
N/A
The aforementioned warrantees are the Company’s controlling subsidiaries. These
companies run normally, bringing no negative influence on the Company’s financial status.
Details are as followings:
Unite: RMB’0000
Guarantees provided by the Company to controlling
subsidiaries
Name of guarantee Amount of
guarantee
Guarantee
initial date
Guarantee
due date
Accomplished
or not
Zhongke Meiling Cryogenic
Technology Limited Liability
Co.,
300 2008-8-18 2010-8-18 Not
Zhongke Meiling Cryogenic
Technology Limited Liability
Co.,
800 2009-5-15 2010-5-15 YesHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
36
Zhongke Meiling Cryogenic
Technology Limited Liability
Co.,
2,000 2008-3-3 2010-3-3 Yes
Zhongke Meiling Cryogenic
Technology Limited Liability
Co.,
1,200 2009-4-18 2012-4-18 Not
Zhongke Meiling Cryogenic
Technology Limited Liability
Co.,
1,000 2010-6-1 2011-5-30 Not
Sichuan Changhong Air
Conditioner Co., Ltd.
8,000 2010-4-27 2011-4-27 Not
Total balance at report period-end for
controlling subsidiaries
10,500
Proportion of guarantees to net assets of the
Company
7.32%
（III）No cash management entrusted in report period
VII. Other Significant Events
In the Period, pursuant to the development strategy and operation development, and
upon the approval of 32nd of 6th of the Board Meeting, the Company planned to raise funds
by non-public offering to specific objects including the first largest shareholder (Sichuan
Changhong) for investment in projects as deluxe refrigerator production based, capacity
extension of energy-saving-and-environment-protection refrigerator and ice cuber and
supplementation to current capital. Net of raised funds in the non-public offering was
expected no more than RMB 1200000000 with no more than ten specific issuing objects
including Sichuan Changhong, no less than 5000000 shares and yet no more than 13000000
shares of which Sichuan Changhong was to subscribe for no more than 40000000 shares
with RMB 400000000, and offering price no less than RMB10.18 each.
Details of the aforementioned were referred to relevant announcements in Securities
Times, Hongkong Commercial Daily and Juchao website respectively on 20 April 2010 and
20 May 2010.
In the end of June 2010, the Company presented the application material for the
non-public offering; and on 1 July 2010, the CSRC provided the acceptance advice.
VIII. Commitments
(I) Commitments for Share Merge Reform
The Company implemented the Share Merge Reform on 24 August 2010, that is, the
Company took the 151530340 current shares before the Reform and arranged 1.5share per
10 shares by valuable consideration for all current A-share holders registered before the
registered date of scheme implementation. Upon completion of the valuable consideration,
the shareholding of Meiling non-current share holders got the right to come into the market.
As at end of the Period, the non-current shareholders all have strictly fulfilled
commitments in the moratorium and other relevant commitment.
(II) Commitments for transfer of air conditioner asset
10 November 2009, the Company signed with Sichuan Changhong andHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
37
ChanghongChuangtou in Mianyang City the concerning the
successful bidding fro shareholding in Zhongshan Changhong and Changhong Air
Conditioner; at the same day, the Company received the presented by
the large shareholder—Sichuan Changhong. For purpose of Meiling’s development, its
independence and withdrawal from the intratype competition between the Sichaun
Changhong and Meiling Apparatus, Sichuan Changhong committed that:
1. Concerning property and land in use by Changhong Air Conditioner were not in
the assets scope of the transfer, Sichaun Changhong committed that it would continue
leasing to Changhong Air Conditioner at market price and negotiate with Meiling Appratus
about the transfer of partial property and land according to Changhong Air Conditioner’s
operation.
2. Upon the transfer, Sichuan Changhong committed that it would make efforts to
withdraw from new related transaction with Meiling Appratus; however, as for the inevitable
ones, it committed that it would set price of related transaction in market manner to make
sure the transaction fair, just and with no harm to Meiling’s interest.
3. For support of development of Meiling apparatus and air conditioner, and upon the
transfer, Sichuan Changhong committed that it would continue authorizing free use of
trademark--‘Changhong’ in the coming three years to Changhong Air Conditioner and
Zhongshan Changhong. As the above authority due, Sichuan Changhong would negotiate
with Meiling Apparatus about the authorized use of patent“Changhong”according to Meiling
Apparatus’s air conditioner development.
4. Upon the transfer, Sichuan Changhong committed that it would not enter into
operation business or activities that competed or conflicted with Meiling Apparatus’s current
or future business, as air conditioner or refrigerator.
(III) Commitments for Reduction of and Withdrawal from Intratype Competition
The Company was to issue A-share non-publicly and presented
and committed and guaranteed that:
1. In addition to assistance activities required by Meiling Apparatus for its interest,
Sichuan Changhong would not take initiative in business and activities competing or
conflicting with Meiling Apparatus’s.
2. The Company guaranteed that it would use the shareholders’ right legally and
reasonablely without take any activities restricting or influencing Meiling’s normal
operational.
3. If Meiling expanded its business scope futher while the Company had already
operated the new business, the Company agreed to authorize Meiling Apparatus the relevant
preferential acquisition right only that the Company was still the controlling shareholder or
actual controller.
(IV) Sichuan Changhong’s Commitment Letter of Reduction and Standardization of
Related Transaction with the Company
The Company was to issue A-share non-publicly and presented
and committed and guaranteed that:
1. It would take measures to make efforts to avoid continual related transaction with
Meiling, and as for the inevitable ones, signed the related connection contract legally and set
the just price respectively according to the marketization principle—equity and mutual
benefit, making compensation for equal value, and current market standard.
2. It would fulfill duties as necessary withdrawal of related directors and shareholders
from the vote and obedience to legal procedures of related transactions and duties of
information disclosure.
3. It guaranteed that it would not harm the legal interests of Meilng Apparatus and
带格式的: 字体: (默认)
Times New Roman, 小四
带格式的: 字体: (默认)
Times New Roman, 小四Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
38
other shareholders of Meiling.
(VI) Transfer of State-owned Property in Meiling Group
As the Company (A Party or Transferee) signed decimal the with Xingtai Holding Co., Ltd. (hereafter referred as Xingtai Holding) on 25th
March 2010, the Company transferred under the agreement the 100% state-owned property
in Hefei Meiling Co., Ltd. (hereafter referred as Meiling Group) which is partially striped
and indebled, held by Xingtai Holding, (including“Meiling”trademark, business name,
together with 8 wholly-owned or controlling subsidiaries, excluding 1.2% stock property of
Meiling Group in the Company ). Commitments relevant to the Company were as follows:
1. There was no change in the legal subject position of the transferring enterprise.
The new transferee entity would not move out from the Hefei City within the legal duration
and continue enter into apparatus and its related industry. The new transferee entity would
pay tax no less than RMB 15000000—sum of the last year within 5 years in Hefei City.
2. Within 5 years from the effectual day of the contract, investment newly increased
in Hefei City is no less than RMB 10000000.
3. Within 5 years from the signing, A Party, besides the internal transfer, would not
transfer the bid.
4. Meiling Group transferred to Hefei Xingtai Asset Management Co., Ltd.the credit
in total of RMB 4869000 under the transfer scope held by the subsidiary (the actual sum is
the one in the audited report as ending 25th March 2010) with the new transferee entity
paying off in 2 years from the signing day(a legal valid contract is necessary).
5. The transferee offered the post in proportion to 80% of the now on-the-job number
in the transferring enterprise and subsidiary in the transfer. Under the same condition, the
existing staff and management had the privileges to be hired and arranged. As day of the
displacement is the continuing day of labor relations, it signed the labor contract of no less
than 3 years with hired people within one month from the effecting day. It continued and
handled all social insurances and paid for the housing reserve according to Hefei relevant
rules.
6. The transferee inherited all assets and liabilities evaluated and confirmed, of the
transferring enterprise.
7. The transferee continued fulfilling the agreement signed with the external parties
by the transferring enterprise.
8. The transferee continued cooperating with the A Party to complete the strip-off of
the nontransferable equity in the transferring enterprise.
9. The transferee had to make rational utilization of land in the transfer without claim
to change in land usage.
10. The transferee did not dilute or weaken the trademark and business
name“Meiling”, maintain them properly and committed that Meiling production amount in
Hefei was no less than 70% of the total, increase of sales amount no less than 20%, fee for
its product research and development and trademark maintenance no less than 1% of the
sales sum.
IV. General situation of Company’s Capital appropriation by controlling shareholders
and subsidiaries and independent opinions by independent directors on Listed Company’s
capital appropriation by controlling shareholders and other related parties, and Company’s
external guarantee
(I) There was no appropriation of the Company’s capital by the largest shareholder,
actual controllers and its subsidiaries.
(II) Pursuant to the requirements (CSRC No.56 [2003])
released by CSRC and SASAC. As ending in the Period, there was no guarantee of the
Company for the related party or previous guarantee continuing into the Period.
带格式的: 字体: (默认)
Times New Roman, 小四
带格式的: 字体: (默认)
Times New Roman, 小四
带格式的: 字体: (默认)
Times New Roman, 小四Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
39
(III) Specific explanation and independent opinion of independent directors on
Company’s Capital appropriation by controlling shareholders and other related party
Pursuant to the requirements (CSRC No.56 [2003]) released by CSRC and
External Guarantee of Listed Company and (CSRC No.120 [2005])(hereafter referred as ), independent
directors as Mr. Wang Xingzhong, Mr. Song Baozeng, and Mr. Liu Youpeng with the attitude
of being rigorous, practical and realistic, and serious and responsible, carefully checked the
Company’s semi-annual external guarantees in 2010 and made explanations and independent
opinions on the checking.
In the Period, total of the external guarantee of the Company and its subsidiaries
was RMB 105000000, accounting for 7.93% of the net assets audited lately, all of which
were parent company’s guarantees for its controlling subsidiaries with bank financing credit
guarantee of RMB 2500 for Zhongke Meiling Low-temperature Technology Co., Ltd. and
bank financing credit guarantee of RMB 8000 for Sichuan Meiling Co., Ltd. The controlling
subsidiaries’ guarantee for the joint stock subsidiaries was RMB 0 and there was no over-due
external guarantee.
As ending 30 June 2010, there was no listed company’s capital appropriation for
non-operation by the controlling shareholders or related party. In the Period, even though
there was listed company’s capital appropriation for non-operation by the controlling
shareholders or related party, the Company did not provide direct or indirect capital for their
use.
Independent directors concluded that the Company executed the following strictly
complying with regulations and requirements in the , standardization on
the capital dealings between the Company and its controlling shareholders or related party,
and external guarantee which was up to the regulatory requirements and regulation, fulfilled
the relevant approval procedures without illegal external guarantees, strict control and
prevention on the business risk to protect the interest of stock public and the Company. In
the period, all external guarantees were for the production and business, and rational capital
utilization of the Company and its subsidiaries, and the guarantee procedures were legal and
rational without harm to the interests of the Company and shareholders, especially the
mid-small ones.
IX. General situation of Company’s Capital appropriation by controlling
shareholders and subsidiaries and independent opinions by independent directors on Listed
Company’s capital appropriation by controlling shareholders and other related parties, and
Company’s external guarantee
(I) There was no appropriation of the Company’s capital by the largest shareholder,
actual controllers and its subsidiaries.
(II) Pursuant to the requirements (CSRC No.56 [2003])
released by CSRC and SASAC. As ending in the Period, there was no guarantee of the
Company for the related party or previous guarantee continuing into the Period.
(III) Specific explanation and independent opinion of independent directors on
Company’s Capital appropriation by controlling shareholders and other related party
Pursuant to the requirements (CSRC No.56 [2003]) released by CSRC and
External Guarantee of Listed Company and (CSRC No.120 [2005])(hereafter referred as ), independent
directors as Mr. Wang Xingzhong, Mr. Song Baozeng, and Mr. Liu Youpeng with the attitudeHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
40
of being rigorous, practical and realistic, and serious and responsible, carefully checked the
Company’s semi-annual external guarantees in 2010 and made explanations and independent
opinions on the checking.
In the Period, total of the external guarantee of the Company and its subsidiaries was RMB
105000000, accounting for 7.93% of the net assets audited lately, all of which were parent
company’s guarantees for its controlling subsidiaries with bank financing credit guarantee of
RMB 2500 for Zhongke Meiling Low-temperature Technology Co., Ltd. and bank financing
credit guarantee of RMB 8000 for Sichuan Meiling Co., Ltd. The controlling subsidiaries’
guarantee for the joint stock subsidiaries was RMB 0 and there was no over-due external
guarantee.
As ending 30 June 2010, there was no listed company’s capital appropriation for
non-operation by the controlling shareholders or related party. In the Period, even though
there was listed company’s capital appropriation for non-operation by the controlling
shareholders or related party, the Company did not provide direct or indirect capital for their
use.
Independent directors concluded that the Company executed the following strictly
complying with regulations and requirements in the , standardization on
the capital dealings between the Company and its controlling shareholders or related party,
and external guarantee which was up to the regulatory requirements and regulation, fulfilled
the relevant approval procedures without illegal external guarantees, strict control and
prevention on the business risk to protect the interest of stock public and the Company. In
the period, all external guarantees were for the production and business, and rational capital
utilization of the Company and its subsidiaries, and the guarantee procedures were legal and
rational without harm to the interests of the Company and shareholders, especially the
mid-small ones.
X. Registration form for receiving research, communication and interview in the report
period.
Date Place Way The received
parties
Contents discussed and
materials supplied
13 January
2010
Conference Room
of the Company Spot investigation Everbright
securities Operation situation disclosed
21 January
2010
Conference Room
of the Company Spot investigation Ruiyin
Securities Operation situation disclosed
23 Mar. 2010 Conference Room
of the Company Spot investigation Guangfa Fund Operation situation disclosed
25 Mar. 2010 Conference Room
of the Company Spot investigation Shenyin&Wang
uo Operation situation disclosed
8 Apr.2010 Conference Room
of the Company Spot investigation
QFFI
Investor ,Everes
t Capital
Operation situation disclosed
28 April.
2010
Conference Room
of the Company Spot investigation
Shenyin&Wang
uo, Ruiyin
International
Fund and
CITIC
securities
Operation situation disclosed
and the non-public offering
scheme 2010
7 May 2010 Conference Room
of the Company Spot investigation
Everbright
Securities and
Haitong
Operation situation disclosed
and the non-public offering
scheme 2010Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
41
securities
21 May 2010 Conference Room
of the Company Spot investigation Guotai Fund
Operation situation disclosed
and the non-public offering
scheme 2010
8 June. 2010 Conference Room
of the Company Spot investigation
Changsheng
Fund and
Guoyuan
Securities
Operation situation disclosed
and the non-public offering
scheme 2010
18 June 2010 Conference Room
of the Company Spot investigation Securities
Times
Operation situation disclosed
and the non-public offering
scheme 2010Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
42
Section VII. Financial Report (Un-audited)
I. Financial Statement
（I）Consolidation and Balance Sheet of Parent Company
Prepared by Hefei Meiling Co., Ltd. 30 June 2010 Unit: RMB
Form-01
Note Merger Parent Company
Assets
Me
rge
r
Parent
Comp
any
Amount at
period-end
Amount in
year-begin
Amount at
period-end
Amount in
year-begin
Current assets:
Monetary funds 1
503,480,177.
19
747,572,445.
88
373,124,414.9
6
579,447,940.
41
Settlement
provisions - - - -
Capital lent - - - -
Transaction finance
asset - - - -
Notes receivable 2
1,991,166,60
9.04
892,748,372.
08
1,845,783,387
.37
842,917,722.
71
Accounts receivable 3 1
590,080,988.
03
317,114,097.
62
309,465,553.7
3
201,332,264.
42
Accounts paid in
advance 4
204,748,953.
43
109,721,377.
94
206,399,852.0
1
134,789,646.
12
Insurance receivable - - - -
Reinsurance
receivables - - - -
Contract reserve of
reinsurance receivable - - - -
Interest receivable - - - -
Dividend receivable - - - -
Other receivables 5 2
49,090,699.0
0
18,325,650.1
9
30,077,431.10
13,900,993.2
4
Purchase restituted
finance asset - - -
Inventories 6
1,255,457,98
8.28
1,052,702,14
0.26
862,734,573.8
4
806,388,957.
97
Non-current asset
due within one year - - -
Other current assets - - -
Total current assets 4,594,025,41 3,138,184,08 3,627,585,213 2,578,777,52Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
43
4.97 3.97 .01 4.87
Non-current assets: - -
Granted loans and
advances - - - -
Finance asset
available for sales 7 3,021,943.55
134,011,570.
00
3,021,943.55
134,011,570.
00
Held-to-maturity
securities - - - -
Long-term account
receivable - - - -
Long-term equity
investment 8 3
37,589,372.9
7
37,028,371.6
3
555,446,230.1
3
557,185,228.
79
Investment real estate 9
14,087,505.7
4
14,423,395.2
1
9,968,382.30
10,136,925.0
5
Fixed assets: 10
773,727,924.
18
802,671,721.
93
581,610,657.6
3
592,203,832.
78
Construction in
progress 11
17,097,671.6
1
8,930,438.02 28,854,519.95
19,652,067.3
1
Engineering
material - - - -
Disposal of fixed
asset 12 - - - -
Productive
biological asset - - - -
Oil and gas asset - - - -
Intangible assets 13
586,483,054.
72
603,705,411.
46
537,766,045.9
5
550,011,819.
36
Expense on
Research and
Development
14
25,019,544.8
9
15,413,612.9
7
- -
Goodwill - - - -
Long-term expenses
to be apportioned 15 300,000.00 600,000.00 - -
Deferred income tax
asset 16
40,362,484.0
6
31,965,504.1
9
38,159,521.15
30,546,536.7
9
Other non-current
asset - - - -
Total non-current asset
1,497,689,50
1.72
1,648,750,02
5.41
1,754,827,300
.66
1,893,747,98
0.08
Total assets 6,091,714,91 4,786,934,10 5,382,412,513 4,472,525,50Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
44
6.69 9.38 .67 4.95
Legal representative: Zhao Yong Person in Charge of Accounting Works:
Yu Wanchun
Person in Charge of Accounting Institution: Liu Bimin
（II）Consolidation and Balance Sheet of Parent Company (Con.)
Prepared by Hefei Meiling Co., Ltd. 30 June 2010 Unit: RMB
Form-01
Note Merger Parent Company
Liabilities and
shareholder’s equity
Mer
ger
Parent
Comp
any
Amount at
period-end
Amount in
year-begin
Amount at
period-end
Amount in
year-begin
Current liabilities:
Short-term loans 18
218,590,000.
00
184,000,000.
00
218,590,000.
00
184,000,000.
00
Loan from central
bank - - - -
Absorbing deposit
and interbank deposit - - - -
Capital borrowed - - - -
Transaction financial
liabilities - - - -
Notes payable 19
743,537,578.
54
404,691,072.
19
538,000,000.
00
362,864,725.
10
Accounts payable 20
1,716,535,83
2.24
1,157,326,85
8.96
1,236,075,91
7.86
963,182,987.
91
Accounts received in
advance 21
806,709,974.
79
718,021,736.
69
768,213,435.
49
703,731,317.
30
Selling financial asset
of repurchase - - - -
Commission charge
and commission payable - - - -
Wage payable 22
54,072,481.3
0
70,861,486.0
7
47,920,338.8
0
58,091,040.1
9
Taxes payable 23
126,857,235.
77
65,662,600.3
5
126,428,862.
60
60,760,397.1
9
Interest payable - - - -
Dividend payable 24 906,201.72 1,217,175.42 906,201.72 1,217,175.42
Other accounts 25 743,709,730. 624,779,113. 788,768,591. 598,352,508.Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
45
payable 17 24 17 10
Reinsurance payables - - - -
Insurance contract
reserve - - - -
Security trading of
agency - - - -
Security sales of
agency - - - -
Long-term liabilities
due within 1 year 26 3,000,000.00 3,000,000.00 - -
Other current
liabilities 27 -
20,172,100.0
0
-
20,172,100.0
0
Total current liabilities
4,413,919,03
4.53
3,249,732,14
2.92
3,724,903,34
7.64
2,952,372,25
1.21
Non-current liabilities: - -
Long-term loans 28
15,247,300.0
0
15,247,300.0
0
15,247,300.0
0
15,247,300.0
0
Bonds payable - - - -
Long-term account
payable - - - -
Special accounts
payable 29
33,877,270.4
1
34,223,417.4
7
33,877,270.4
1
34,223,417.4
7
Projected liabilities 30
147,996,584.
51
90,868,730.5
1
147,996,584.
51
90,868,730.5
1
Deferred income tax
liabilities 16 428,940.30
19,037,964.6
0
428,940.30
19,037,964.6
0
Other non-current
liabilities 31
28,603,099.8
7
28,257,754.5
2
28,003,099.8
7
28,257,754.5
2
Total non-current
liabilities
226,153,195.
09
187,635,167.
10
225,553,195.
09
187,635,167.
10
Total liabilities
4,640,072,22
9.62
3,437,367,31
0.02
3,950,456,54
2.73
3,140,007,41
8.31
shareholders’ equity: -
Share capital 32
413,642,949.
00
413,642,949.
00
413,642,949.
00
413,642,949.
00
Capital public reserve 33
551,864,719.
11
660,287,022.
53
566,745,998.
35
672,197,136.
09Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
46
Less: Inventory
shares - - - -
Surplus public
reserve 34
246,896,167.
23
285,107,714.
19
246,678,001.
55
284,889,548.
51
Provision of general
risk - - - -
Retained profit 35
222,218,465.
19
-34,609,778.1
5
204,889,022.
04
-38,211,546.9
6
Balance difference of
foreign currency
translation
- - - -
Total shareholders’ equity
attributable to parent
company
1,434,622,30
0.53
1,324,427,90
7.57
1,431,955,97
0.94
1,332,518,08
6.64
Minority interests 36
17,020,386.5
4
25,138,891.7
9
- -
Total shareholders’ equity
1,451,642,68
7.07
1,349,566,79
9.36
1,431,955,97
0.94
1,332,518,08
6.64
Toal liabilities and
shareholders’ equity
6,091,714,91
6.69
4,786,934,10
9.38
5,382,412,51
3.67
4,472,525,50
4.95
Legal representative: Zhao Yong Person in Charge of Accounting Works:
Yu Wanchun
Person in Charge of Accounting Institution: Liu Bimin
（III）Consolidation and Profit Statement of Parent Company
Prepared by Hefei Meiling Co., Ltd. 30 June 2010 Unit: RMB
Form-02
Note Merger Parent Company
Items Merger Parent
Company
Amount in this
period
Amount at
same period of
last year
Amount in this
period
Amoun
same peri
last ye
Total operating income 4,575,759,806.96 3,393,249,805.15 3,744,656,537.81 2,608,376,
ncluding: Operating income 37 4 4,575,759,806.96 3,393,249,805.15 3,744,656,537.81 2,608,376,
Interest income - - -
Insurance gained - - -
ommission charge and
ommission income
- - -
. Total operating cost 4,548,403,958.07 3,366,055,509.75 3,660,096,413.17 2,582,876,3Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
47
ncluding: Operating cost 37 4 3,448,098,730.82 2,555,248,647.49 2,722,248,263.61 1,893,612,
Interest expense - - -
Commission charge and
ommission expense - - -
Cash surrender value - - -
Net amount of expense of
ompensation - - -
Net amount of withdrawal of
surance contract reserve - - -
Bonus expense of
uarantee slip - - -
Reinsurance expense - - -
Operating tax and extras 38 18,442,086.28 19,230,600.94 17,305,600.13 18,383,6
Sales expenses 39 986,399,238.84 666,569,872.07 854,448,246.08 574,174,2
Administration expenses 40 84,359,075.10 95,574,281.02 58,272,200.56 70,794,
Financial expenses 41 -4,425,042.15 12,158,103.88 -2,493,076.05 11,947,
Losses of devaluation of
set 42 15,529,869.18 17,274,004.35 10,315,178.84 13,964,7
dd: Changing income of fair
alue(Loss is listed with “-”)
- - -
nvestment income (Loss is
sted with “-”)
43 5 137,640,762.06 10,435,457.53 137,640,762.06 10,435,4
ncluding: Investment income
n affiliated company and joint
enture
-1,738,998.66 146,972.66 -1,738,998.66 146,9
Exchange income (Loss is
sted with “-”) - - -
I. Operating profit (Loss is
sted with “-”) 164,996,610.95 37,629,752.93 222,200,886.70 35,935,6
Add: Non-operating
come 44 94,773,177.51 5,924,218.63 21,510,732.53 4,736,
Less: Non-operating
xpense 45 528,567.96 291,997.78 485,236.58 116,
Including: Disposal loss of
on-current asset 513,620.69 132,405.75 485,236.58 98,
V. Total Profit (Loss is listed
ith “-”) 259,241,220.50 43,261,973.78 243,226,382.65 40,555,9
Less: Income tax 46 40,301,395.05 7,739,442.80 38,337,360.61 4,003,2
Net profit (Net loss is listed
ith “-”) 218,939,825.45 35,522,530.98 204,889,022.04 36,552,7
Net profit attributable to
wner’s equity of parent
ompany
218,616,696.38 36,255,089.84 204,889,022.04 36,552,7Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
48
Minority shareholders’
ains and losses 323,129.07 -732,558.86 -
I. Earnings per share
Basic earnings per share 47 0.5285 0.0876 0.4953 0
Diluted earnings per share 47 0.5285 0.0876 0.4953 0
II. Other consolidated income 48 -105,451,137.74 53,748,347.62 -105,451,137.74 53,748,3
III. Total consolidated income 113,488,687.71 89,270,878.60 99,437,884.30 90,301,0
otal consolidated income
tributable to shareholders of
arent company
113,165,558.64 90,003,437.46 99,437,884.30 90,301,0
otal consolidated income
tributable to minority
hareholders
323,129.07 -732,558.86 -
Legal representative: Zhao Yong Person in Charge of Accounting Works:
Yu Wanchun
Person in Charge of Accounting Institution: Liu Bimin
（IV）Consolidation and Cash Flow of Parent Company
Prepared by Hefei Meiling Co., Ltd. 30 June 2010 Unit: RMB
Form-03
Note Merger Parent Company
Items Merger Parent
Company
Amount in this
period
Amount at
same period of
last year
Amount in this
period
Amount at
same period of
last year
I. Cash flows
arising from
operating
activities:
- - - -
Cash received
from selling
commodities
and providing
labor services
1,629,352,363.89 1,496,202,042.63 1,237,608,247.28 1,121,847,318.39
Net
increase of - - - -Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
49
customer
deposit and
interbank
deposit
Net
increase of loan
from central
bank
- - - -
Net increase of
capital
borrowed from
other financial
institution
- - - -
Cash received
from original
insurance
contract fee
- - - -
Net cash
received from
reinsurance
business
- - - -
Insured savings
and net increase
of investment
- - - -
Net increase of
disposal of
transaction
financial asset
- - - -
Cash
received from
interest,
commission
charge and
commission
- - - -
Net
increase of
capital
borrowed
- - - -
Net
increase of
returned
- - - -Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
50
business capital
Write-back
of tax received 6,229,079.97 8,435,065.23 3,147,453.85 82,579.91
Other cash
received
concerning
operating
activities
49 76,594,890.57 49,826,217.69 7,169,995.00 32,744,084.56
Subtotal of cash
inflow arising
from operating
activities
1,712,176,334.43 1,554,463,325.55 1,247,925,696.13 1,154,673,982.86
Cash paid for
purchasing
commodities
and receiving
labor service
1,077,401,546.51 1,079,296,552.54 837,452,255.59 770,877,593.18
Net increase of
customer loans
and advances
- - - -
Net increase of
deposits in
central bank
and interbank
- - - -
Cash paid for
original
insurance
contract
compensation
- - - -
Cash paid for
interest,
commission
charge and
commission
- - - -
Cash paid for
bonus of
guarantee slip
- - - -
Cash paid to/for
staff and
workers
152,199,970.04 140,361,651.89 102,904,862.93 87,321,967.36
Taxes paid 144,078,717.64 131,741,182.84 131,106,069.75 124,219,453.85Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
51
Other cash
paid concerning
operating
activities
49 502,487,322.25 243,209,764.64 387,019,503.17 205,844,913.11
Subtotal of
cash outflow
arising from
operating
activities
1,876,167,556.44 1,594,609,151.91 1,458,482,691.44 1,188,263,927.50
Net cash flows
arising from
operating
activities
-163,991,222.01 -40,145,826.36 -210,556,995.31 -33,589,944.64
II. Cash flows
arising from
investing
activities:
- - - -
Cash received
from
recovering
investment
6,929,464.41 - 6,929,464.41 -
Cash received
from
investment
income
139,379,760.72 1,897,125.00 139,379,760.72 1,897,125.00
Net cash
received from
disposal of
fixed,
intangible and
other long-term
assets
57,596.00 8,143,321.61 34,196.00 57,803,796.33
Net cash
received from
disposal of
subsidiaries and
other units
- - - -
Other cash
received
concerning
investing
activities
49 7,139,285.65 202,600,392.30 5,888,249.15 1,733,410.49
Subtotal of cash
inflow from
153,506,106.78 212,640,838.91 152,231,670.28 61,434,331.82Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
52
investing
activities
Cash paid for
purchasing
fixed,
intangible and
other long-term
assets
34,230,003.11 17,372,894.33 40,310,235.70 10,224,613.19
Cash paid for
investment
227,722,800.00 - 213,200,000.00 45,000,000.00
Net
increase of
mortgaged
loans
- - - -
Net cash
received from
subsidiaries and
other units
- - - -
Other cash
paid concerning
investing
activities
49 48,965,120.78 -
Subtotal of
cash outflow
from investing
activities
261,952,803.11 66,338,015.11 253,510,235.70 55,224,613.19
Net cash flows
arising from
investing
activities
-108,446,696.33 146,302,823.80 -101,278,565.42 6,209,718.63
III. Cash flows
arising from
financing
activities
- - - -
Cash
received from
absorbing
investment
- - - -
Including:
Cash received
from absorbing
minority
shareholders’
investment by
- - - -Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
53
subsidiaries
Cash
received from
loans
238,590,000.00 313,825,872.57 238,590,000.00 313,825,872.57
Cash
received from
issuing bonds
- - - -
Other cash
received
concerning
financing
activities
49 - - 89,000,000.00 -
Subtotal of cash
inflow from
financing
activities
238,590,000.00 313,825,872.57 327,590,000.00 313,825,872.57
Cash paid
for settling
debts
204,000,000.00 253,682,493.90 204,000,000.00 253,682,493.90
Cash paid
for dividend
and profit
distributing or
interest paying
4,554,164.55 9,001,239.63 4,472,264.55 8,343,292.13
Including:
Dividend and
profit of
minority
shareholder
paid by
subsidiaries
- - - -
Other cash
paid concerning
financing
activities
49 - - 11,500,000.00 -
Subtotal of
cash outflow
from financing
activities
208,554,164.55 262,683,733.53 219,972,264.55 262,025,786.03
Net cash
flows arising
from financing
activities
30,035,835.45 51,142,139.04 107,617,735.45 51,800,086.54
IV. Influence on
cash due to -1,690,185.80 -254,128.55 -2,105,700.17 -265,744.50Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
54
fluctuation in
exchange rate
V. Net increase
of cash and
cash
equivalents
-244,092,268.69 157,045,007.93 -206,323,525.45 24,154,116.03
Add: Balance
of cash and
cash
equivalents at
the period
-begin
747,572,445.88 409,853,966.49 579,447,940.41 306,127,639.14
VI. Balance of
cash and cash
equivalents at
the period -end
49 503,480,177.19 566,898,974.42 373,124,414.96 330,281,755.17
Legal representative: Zhao Yong Person in Charge of Accounting Works:
Yu Wanchun
Person in Charge of Accounting Institution: Liu BiminHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
13
（V）Consolidated Statement on Changes of Owners’ Equity
Prepared by Hefei Meiling Co., Ltd. Jan.-Jun. 2010 Unit: RMB Form-04
Amount in this period Amount in last year
Owners’ equity attributable to the parent company Owners’ equity attributable to the parent company
Items
Not
e
Share
capita
l
Capital
reserves
Less
:
Trea
sury
Stoc
k
Surpl
us
reserv
es
Gener
al risk
provis
ion
Retain
ed
profit
Minorit
y
interest
s
Total
owners’
equity
Share
capital
Capital
reserves
Less
:
Trea
sury
Stoc
k
Surpl
us
reserv
es
Gener
al risk
provis
ion
Reta
ined
profi
t
Minor
ity
intere
sts
Total
owners’
equity
I. Balance
at the end of
the last year
413,6
42,94
9.00
660,287,
022.53
-
285,1
07,71
4.19
-
-34,60
9,778.
15
25,138,
891.79
1,349,56
6,799.36
413,642
,949.00
1,073,16
8,078.72
-
285,1
07,71
4.19
-
-335
,808,
091.
35
25,16
1,154.
20
1,461,27
1,804.76
Add:
Changes of
accounting
policy
- -
Error
correction
of the last
period
- -Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
14
II. Balance
at the
beginning
of this year
413,6
42,94
9.00
660,287,
022.53
-
285,1
07,71
4.19
-
-34,60
9,778.
15
25,138,
891.79
1,349,56
6,799.36
413,642
,949.00
1,073,16
8,078.72
-
285,1
07,71
4.19
-
-335
,808,
091.
35
25,16
1,154.
20
1,461,27
1,804.76
III.
Increase/
Decrease in
this year
(Decrease is
listed
with'"-")
-
-108,422
,303.42
-
-38,21
1,546.
96
-
256,8
28,24
3.34
-8,118,
505.25
102,075,
887.71
-
-412,881
,056.19
- - -
301,
198,
313.
20
-22,26
2.41
-111,705
,005.40
(I) Net
profit
218,6
16,69
6.38
323,12
9.07
218,939,
825.45
301,
198,
313.
20
-22,26
2.41
301,176,
050.79
(II) Other
consolidate
d income
-
-105,451
,137.74
- - - - -
-105,451
,137.74
-
-16,796,
200.66
- - - - -
-16,796,
200.66
Subtotal of
(I) and (II)
-
-105,451
,137.74
- - -
218,6
16,69
6.38
323,12
9.07
113,488,
687.71
-
-16,796,
200.66
- - -
301,
198,
313.
20
-22,26
2.41
284,379,
850.13Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
15
(III)
Owners'
devoted and
decreased
capital
-
-2,971,1
65.68
- - - -
-8,441,
634.32
-11,412,
800.00
-
-396,084
,855.53
- - - - -
-396,084
,855.53
1. Owners'
devoted
capital(Meil
ing’s house
property)
-
2. Amount
calculated
into owners'
equity paid
in shares
- -
3. Others
-2,971,1
65.68
-8,441,
634.32
-11,412,
800.00
-396,084
,855.53
-
-396,084
,855.53
(IV) Profit
distribution - - - - - - - - - - - - - - - -
1.
Withdrawal
of surplus
reserves
- - - - - -
2.
Withdrawal
of general
risk
provisions
- - - - - -Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
16
3.Distributi
on for
owners
(shareholder
s)
- - -
4.Others - - -
(V)
Carrying
forward
internal
owners'
equity
- - -
-38,21
1,546.
96
-
38,21
1,546.
96
- - - - - - - - - -
1.Capital
reserves
conversed
to capital
(share
capital)
- -
2. Surplus
reserves
conversed
to capital
(share
capital)
- -
3.Remedyin
g loss with
profit
-38,21
1,546.
96
38,21
1,546.
96
- -Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
17
surplus
4.Other s - -
IV. Balance
at the end of
this year
413,6
42,94
9.00
551,864,
719.11
-
246,8
96,16
7.23
-
222,2
18,46
5.19
17,020,
386.54
1,451,64
2,687.07
413,642
,949.00
660,287,
022.53
-
285,1
07,71
4.19
-
-34,
609,
778.
15
25,13
8,891.
79
1,349,56
6,799.36
Legal representative: Zhao Yong Person in Charge of Accounting Works: Yu Wanchun Person in Charge of
Accounting Institution: Liu BiminHefei Meiling Co., Ltd. Semi‐Annual Report of 2010
13
（VI）Statement on Changes of Owners’ Equity of Parent Company
Prepared by Hefei Meiling Co., Ltd. Jan.-Jun. 2010 Unit: RMB Form-04
Amount in this year Amount in last year
Owners’ equity attributable to the parent company Owners’ equity attributable to the parent company
Items
N
ot
e Share
capital
Capital
reserves
L
es
s:
T
re
as
ur
y
St
o
c
k
Surplus
reserves
Gen
eral
risk
prov
ision
Retained
profit
Total
owners’
equity
Share
capital
Capital
reserves
L
es
s:
T
re
as
ur
y
St
o
c
k
Surplus
reserves
Gen
eral
risk
prov
ision
Retaine
d profit
Total
owners’
equity
I. Balance at the
end of the last
year
413,642,
949.00
672,197,
136.09
-
284,889,5
48.51
-
-38,211,
546.96
1,332,51
8,086.64
413,642,
949.00
701,168,7
51.59
-
284,889,5
48.51
-
-332,09
3,144.5
8
1,067,60
8,104.52
Add: Changes of
accounting policy - -
Error correction
of the last period - -Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
14
II. Balance at the
beginning of this
year
413,642,
949.00
672,197,
136.09
-
284,889,5
48.51
-
-38,211,
546.96
1,332,51
8,086.64
413,642,
949.00
701,168,7
51.59
-
284,889,5
48.51
-
-332,09
3,144.5
8
1,067,60
8,104.52
III. Increase/
Decrease in this
year (Decrease is
listed with'"-")
-
-105,451
,137.74
-
-38,211,54
6.96
-
243,100,
569.00
99,437,8
84.30
-
-28,971,61
5.50
- - -
293,88
1,597.6
2
264,909,
982.12
(I) Net profit
- -
204,889,
022.04
204,889,
022.04
293,88
1,597.6
2
293,881,
597.62
(II) Other
consolidated
income
-
-105,451
,137.74
- - - -
-105,451
,137.74
-
-16,796,20
0.66
- - - -
-16,796,
200.66
Total of (I) and
(II)
-
-105,451
,137.74
- - -
204,889,
022.04
99,437,8
84.30
-
-16,796,20
0.66
- - -
293,88
1,597.6
2
277,085,
396.96
(III) Owners'
devoted and
decreased capital
- - - - - - - -
-12,175,41
4.84
- - - -
-12,175,
414.84
1. Owners'
devoted capital - -
2. Amount
calculated into
owners' equity
- -Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
15
paid in shares
3. Others
-
-12,175,41
4.84
-12,175,
414.84
(IV) Profit
distribution
- - - - - - - - - - - - - -
1. Withdrawal of
surplus reserves - - - -
2. Withdrawal of
general risk
provisions
- - - -
3.Distribution for
shareholders
- - -
4.Others - - - -
(V) Carrying
forward internal
owners' equity
- - -
-38,211,54
6.96
-
38,211,5
46.96
- - - - - - - -
1.Capital reserves
conversed to
capital (share
capital)
- -
2. Surplus
reserves
conversed to
capital (share
capital)
- -
3.Remedying loss
with profit -38,211,54 38,211,5 - -Hefei Meiling Co., Ltd. Semi‐Annual Report of 2010
16
surplus 6.96 46.96
4.Others - -
IV. Balance at the
end of this year
413,642,
949.00
566,745,
998.35
-
246,678,0
01.55
-
204,889,
022.04
1,431,95
5,970.94
413,642,
949.00
672,197,1
36.09
-
284,889,5
48.51
-
-38,211
,546.96
1,332,51
8,086.64
Legal representative: Zhao Yong Person in Charge of Accounting Works: Yu Wanchun Person in Charge of
Accounting Institution: Liu Bimin合肥美菱股份有限公司2010 年半年度报告
17
II. Notes toFinancial Statement
（I）Basic information of the Company
1. Company Profile
Hefei Meiling Co., Ltd (hereinafter referred to as “this company”) is an incorporated
company established and reorganized by Hefei Meiling Refrigerator General Factory and
approved on June 12th 1992 through [WanTiGaiHanZi (1992) No.039] issued by original
Mechanism Reform Committee of Anhui Province. On August 30th 1993, through Anhui
Provincial Government [Wanzhenmin (1993) No.166] and reexamination of China Securities
Regulatory Commission, the company made first public issue for 3,000 A shares and the
company was listed on Oct. 18th, 1993 in Shenzhen Stock Exchange. On August 13th, 1996,
the company was approved to issue 10,000 B shares to investors abroad through
[ZhengWeiFa(1996) No.26] issued by China Securities Regulatory Commission. The
company went public in Shenzhen Stock Exchange on August 28th, 1996.
On May 18, 2006 and on January 11, 2007, Hefei Meiling Group Holdings Company
Limited (hereinafter abbreviated as Meiling Group) signed “Ownership of Meiling Co., Ltd.
(also called as Company) Transfer Agreement” and “Supplementary Agreement of
Ownership Transfer of Meiling Co., Ltd.” respectively with Sichuan Changhong Electric Co.
Ltd (Sichuan Changhong for short) and Sichuan Changhong Electronic Group Co., Ltd
(Changhong Group for short), Meiling Group transferred its holding 37,852,683 shares in
82,852,683 state-owned shares of the Company to Changhong Group, other 45,000,000
shares to Sichuan Changhong. On March 27, 2007, State-owned Assets Supervision &
Administration Commission of the State Council approved such transfers with Document
Guozi Chanquan No.253 in 2007 Reply on Matters of Hefei Meiling Group Holdings
Company Limited Transferring Partial State-owned Ownership. On Aug 15, 2007, the above
ownerships were transferred in Shenzhen Branch of China Securities Journal Depository and
Cleaning Corporation Limited. After these ownerships transferred, Sichuan Changhong
holds Meiling Group’s 45,000,000 shares (sponsor state shares), or 10.88% of total shares of
the Company, is the Company’s first largest shareholder; Meiling Group holds Meiling
Group’s 40,543,692 shares (sponsor state shares), or 9.80% of total shares of the Company,
is the Company’s second largest shareholder; Changhong Group holds Meiling Group’s
37,852,683 shares (sponsor state corporate shares), or 9.15% of total shares of the Company,
is the Company’s third largest shareholder. On May 18, 2006, Changhong Group issued
Promise Letter, Changhong Group promises that the Company’s these shares will be
consigned to be managed by Sichuan Changhong, and Sichuan Changhong will begin to
exercise voting right of these shares since such voting right obtained. The promise period is
from the signature of Promise Letter to the date any document in written re-issued by
Changhong Group on such matter.
On July 31, 2007, State-owned Assets Supervision & Administration Commission of Anhui
Provincial Government replied with Document Wan Guozi Chanquan Han No.309 in 2007合肥美菱股份有限公司2010 年半年度报告
18
Reply on Related Matters of Share Merger Reformof Meiling Co., Ltd., agreed the
Company’s ownership split reform plan. After ownership split reform completed, the total
shares are still 413,642,949, including: 34,359,384 state shares held by Meiling Group, or
8.31% of total shares; 32,078,846 state corporate shares held by Changhong Group, or
7.76% of total shares; agreed that Meiling Group made prepayment for other non-tradable
share holders who fails to exercise stock reform consideration, and when any such
non-tradable shares shareholder circulates its non-tradable shares, it must return the
prepayment made by Meiling Group, or approved by Meiling Group in advance. On Aug. 27,
2007, according to Share Merger Reform plan approved by Shareholders’ Meeting related to
Share Merger Reformheld on Aug 6, 2007, the Company made consideration that
non-tradable share holders deliver 1.5 share to A share holders per 10 shares, and Meiling
Group made prepayment 3,360,329 shares for some non-tradable share holders as
consideration, and as registered in Shenzhen Branch of China Securities Depository and
Cleaning Corporation Limited after Share Merger Reform plan implemented, the structure of
Company’s shareholders is following:
Before Share Merger Reform After Share Merger Reform
Share nature or holding
enterprise
Shares
Prop
ortio
n %
Shares
Prop
ortio
n %
Note
1. Non-tradable shares 149,012,606 36.02 126,283,055 30.53
Conditional
tradable
shares
(1) Sichuan Changhong
Electric Co., Ltd.
45,000,000 10.88 38,135,951 9.22 State shares
(2) Heifei Meiling (Group)
Holding Co., Ltd.
40,543,692 9.80 30,999,055 7.49 State shares
(3) Sichuan Changhong
Electric Group Co., Ltd.
37,852,683 9.15 32,078,846 7.76
State-owned
corporate
shares
(4) Other corporate 25,616,231 6.19 25,069,203 6.06
2. Tradable shares 264,630,343 63.98 287,359,894 69.47
Uncondition
al tradable
shares
(1) Domestically listed
RMB common shares
151,530,343 36.63 174,259,894 42.13 A shares
(2) Domestically listed
Foreign shares
113,100,000 27.34 113,100,000 27.34 B shares
Subtotal of shares 413,642,949
100.0
0
413,642,949
100.0
0
After approved by State-owned Assets Supervision & Administration Commission of Anhui合肥美菱股份有限公司2010 年半年度报告
19
Provincial Government replied with Document WGZCQHan（2007） No.309 Meiling Group
made prepayment 3,360,329 shares as consideration for some non-tradable shareholders, and
after the situations of the Company’s structure of conditional tradable shares after
consideration not prepaid and actually prepaid in Share Merger Reform as followings:
After consideration
not prepaid in Share
Merger Reform
After consideration
actually prepaid in
Share Merger Reform
Difference
Shareholders of
conditional tradable
shares
Shares
Propor
tion
(%)
Shares
Propor
tion
(%)
Shares
Prop
ortio
n
(%)
Sichuan Changhong
Electric Co., Ltd.
38,135,951 9.22 38,135,951 9.22 - -
Heifei Meiling (Group)
Holding Co., Ltd.
34,359,384 8.31 30,999,055 7.49
-3,360,329.0
0
-0.81
Sichuan Changhong
Electric Group Co.,
Ltd.
32,078,846 7.76 32,078,846 7.76 - -
Other corporate 21,708,874 5.25 25,069,203 6.06 3,360,329.00 0.81
Total of restricted
circulating shares
126,283,055 30.54 126,283,055 30.53 - -
After the accomplishment of Share Merger Reform, Sichuan Changhong held 38,135,951.00
shares of the Company which accounted for 9.22% in total shares.
On May 29, 2008, Hefei State-owned Assets Supervision & Administration Commission
［HGZCQuan（2008）No.59］issued Notice On Meiling Dianqi Equities Held by Meiling
Group without Payment, in which 34,359,384 state-owned shares of Meiling Group held by
the Company (including 3,360,329 state-owned shares paid instead by Meiling Group for
other non-tradable shareholders in the Share Merger Reform)were transferred to Hefei
Xingtai Holding Group Co., Ltd(hereinafter refers to Xingtai Holding Company) without
payment.
On June 2, 2008, Meiling Group Company and Xingtai Holding Company signed Agreement
on Equity Transfer Without Payment, in which Meiling Group Company agreed to transfer
its holding 30,999,100 state-owned shares(accounting for 7.49% in total shares) to Xingtai
Holding Company without payment; in the Share Merger Reform Scheme of the Company,
the equities, which were formed from the share merger reform consideration paid by Meiling
Group Company for other non-tradable shareholders, were also undertaken by Xingtai
Holding Company. For the aforesaid event, State-owned Assets Supervision and
Administration Commission of the State Council approved on August 7, 2008 with Reply to
Related Matters on Transfer Shares Held by Part of State-owned Shareholders of Hefei
Meiling Co., Ltd.Without Payment［GZCQuan（2007）No. 752］.
The aforementioned transferred shares have been accomplished the procedure of transferring合肥美菱股份有限公司2010 年半年度报告
20
ownership in Shenzhen Branch of China Securities Depository and Clearing Corporation
Limited.
On Oct. 28, 2008, 12,543,559.00 tradable shares, the first batch of the Company with
conditional subscription, were released conditional subscription, the share structure after
releasing the conditional conditions were as follows:
Before release After release
Types Amount(sha
re)
Proporti
on in
total
Types Amount(shar
e)
Proport
ion in
total
I. Tradable shares
with conditional
subscription
126,350,310 30.55
I. Tradable
shares with
conditional
subscription
113,806,751 27.52
Shares held by state 32,078,846 7.76 Shares held by 32,078,846 7.76
State-owned legal
person’ shares
69,135,006
16.71
State-owned
legal person’
h
72,382,652 17.50
Public legal
person’s shares
25,069,203 6.06
Public legal
person’s shares
9,277,998 2.24
Senior executives’
shares
67,255 0.02
Senior
executives’ 67,255 0.02
Foreign legal
person’s shares
- -
Foreign legal
person’s shares
- -
II. Tradable shares
with unconditional
subscription
287,292,639 69.45
II. Tradable
shares with
unconditional
b i ti
299,836,198 72.48
A Public shares 174,192,639 42.11 A Public shares 186,736,198 45.14
B shares 113,100,000 27.34 B shares 113,100,000 27.34
H shares and others - - H shares and - -
III. Total shares 413,642,949 100.00 III. Total shares 413,642,949 100.00
On Oct. 29, 2008, Changhong Group sigend Agreement on Eqity Transfer of Hefei Meiling
Co., Ltd with Sichuan Changhong, in which 32,078,846 tradable A-shares with conditioan
subscription of the Company (accounting for 7.76% in total shares) held by Changhong
Group Company. On Dec. 23, 2008, for the aforesaid event, State-owned Assets Supervision
and Administration Commission of the State Council approved with Reply to Related合肥美菱股份有限公司2010 年半年度报告
21
Matters on Transfer Shares Held by State-owned Shareholders of Hefei Meiling Co., Ltd.
［GZCQuan（2008）No. 1413］. The aforesaid equity transfer have been accomplished the
procedure of transferring the ownership in Shenzhen Branch of China Securities Depository
and Clearing Corporation Limited on Janurary 21, 2009. So far, Sichuan Changhong—the
Company’s first largest shareholder, holds 70,214,797tradable condition shares which
occupied 16.98% of the total share capital of the Company.
During 2008, Sichuan Changhong held 4,277,155 additional circulating A-share of the
Company in aggregate through the trading system of Shenzhen Stock Exchange, and
5,888,405 additional B-share of the Company in aggregate through its whole-owned
subsidiary Changhong (Hong Kong) Trade Co., Ltd.(hereinafter referred to as Hong Kong
Changhong);during 2009, it held 6,287,486 additional B-share of the Company in aggregate
through Hong Kong Changhong. As at 31 March 2010, Sichuan Changhong and Hong Kong
Chang (person under the concert) totally held 91,642,767 shares of the Company,
representing 22.06% of the total share capital, among which, Sichuan Changhong directly
held 74,491,952 A-share of the Company and Hong Kong Changhong held 17,150,815
circulating B-share of the Company, representing 18.01% and 4.15% of the total share
capital respectively.
The second batch of the considtional shares of the Company amount to 74,074,020 shares
were released on 4 January 2010. Share structure after releasing were as follows:
Before trade in market after trade in market
Types Amount of
shares
proportion
(%)
Data of
changed
Amount of
shares
proportion
(%)
I. tradable shares
with conditional
subscription
113,806,751 27.51 -74,074,020 39,732,731 9.61
1.State-owned
shares
- - - - -
2. State-owned
legal person
shares
104,461,498 25.25 -74,074,020 30,387,478 7.35
3. Domestically
common legal
person shares
9,277,998 2.24 - 9,277,998 2.24
4.Senior
executives’
shares
67,255 0.02 - 67,255 0.02
Total of tradable
shares with
conditional
113,806,751 27.51 -74,074,020 39,732,731 9.61合肥美菱股份有限公司2010 年半年度报告
22
Before trade in market after trade in market
Types Amount of
shares
proportion
(%)
Data of
changed
Amount of
shares
proportion
(%)
subscription
II. Un-restricted
tradable shares
299,836,198 72.49 74,074,020 373,910,218 90.39
1. RMB common
shares
186,736,198 45.15 74,074,020 260,810,218 63.05
2. Foreign shares
of domestically
listed
113,100,000 27.34 - 113,100,000 27.34
3. Foreign shares
of listed
overseas
- - - - -
4. Other - - - - -
Total of
un-restricted
tradable shares
299,836,198 72.49 74,074,020 373,910,218 90.39
III. Total of
shares
413,642,949 100.00 - 413,642,949 100.00
On 29 January 2010, 9 restricted circulating shareholders, including Hefei Machine Mould
Factory, entrusted the Board of Hefei Meiling Co., Ltd. To apply for repayment of
consideration paid in advance from Shenzhen Stock Exchange and China Securities
Depository & Clearing Corp. Ltd. Shenzhen Branch, pursuant to which, totally 500,970
shares have been repaid to Hefei Meiling Group Holdings Co., Ltd. and Hefei Xingtai
Holdings (Group) Co., Ltd.
Amount of shares held by the 9 restricted tradable shareholders after paying the
consideration of share merger reform in Hefei Machinery Mould plant:
tradable restricted
shares held at
implementation date
of share merger
reform
Released shares
No.
Name of
repayment party
Total
shares
(share)
Proportion
of total
share
Payment of
advanceme
nt
shares Total
shares
(share)
Proportion
of total
share合肥美菱股份有限公司2010 年半年度报告
23
capial
(%)
capial
(%)
1
Hefei Machinery
Mould Plant
170,775 0.04 26,049 144,726 0.04
2
Taizhou
Shuangling Air
Conditioner Pipe
Manuafacture
Co., Ltd.
85,387 0.02 13,024 72,363 0.02
3
Anhui Children
and Teenagers’
Fund
85,387 0.02 13,024 72,363 0.02
4
Cixi
XianglongMoul
d Plastic Co.,
Ltd.
512,325 0.12 78,147 434,178 0.11
5
Shanghai
Shenwan
Commerce
Consultant Co.,
Ltd.
170,775 0.04 26,049 144,726 0.04
6
Yuyao
Electricial
Apparatus Key
Plant
509,220 0.12 77,674 431,546 0.10
7 Zhao Fugen 128,081 0.03 19,537 108,544 0.03
8
China Xinda
Assets
Management
Company
1,536,975 0.37 234,442 1,302,533 0.31
85,387 0.02 13,024 72,363 0.02
3,284,312 0.79 500,970 2,783,342 0.67
The third batch of the restricted shares of the Company amount to 27,833,420,000 shares
were released on 23 March 2010. Share structure after releasing were as follows:合肥美菱股份有限公司2010 年半年度报告
24
Before trade in
market
After trade in
market
Type of share
Amount of
shares
Propo
rtion
(%)
Data of
changed Amount of
shares
Propo
rtion
(%)
I. Restricted tradable shares 39,732,731 9.61 -2,783,342 36,949,389 8.93
1.State-owned shares - - - - -
2.State-owned legal person
shares
30,654,006 7.41 -1,302,533 29,351,473 7.09
3. Domestically common
legal person shares
8,902,926 2.15 -1,372,265 7,530,661 1.82
4. Senior executives shares 67,255 0.02 - 67,255 0.02
5. Other domestically
nature person shares
108,544 0.03 -108,544 - -
Total of restricted tradable
shares
39,732,731 9.61 -2,783,342 36,949,389 8.93
II. Un-restricted tradable
shares
373,910,21
8
90.39 2,783,342
376,693,56
0
91.07
1．RMB common share
260,810,21
8
63.05 2,783,342
263,593,56
0
63.73
2．Foreign shares of
domestically listed
113,100,00
0
27.34 -
113,100,00
0
27.34
3．Foreign shares of listed
overseas
- - - - -
4．Other - - - - -
Total of un-restricted
tradable shares
373,910,21
8
90.39 2,783,342
376,693,56
0
91.07
III. Total shares
413,642,94
9
100.0
0
-
413,642,94
9
100.0
0
As at 30 June 2010, the total share capital of the Company amounted to 413,642,949 shares,
all of which were ordinary shares. Among these shares, 300,542,949 shares are A-share and
113,100,000 are B-share, representing 72.66% and 27.34% of the total shares respectively.
Among the total share capital, 36,949,389, 263,593,560 and 113,100,000 shares respectively
stand for restricted circulating shares, non-restricted A-share and non-restricted B-share. The
business license No. of the Company is 340000400001278, with the address being No.2163,
Lianhua Road, Economy and Technology Development Zone, Hefei. Its legal representative
is Zhao Yong, with the operation scope covering refrigerator appliances, air conditioner,合肥美菱股份有限公司2010 年半年度报告
25
wash machine, computer-controlled injector, digital heater, plastic products, packing
products and decoration products. It operates self-made products and is engaged in technical
export business and import business in respect of raw affiliate materials, machine
equipments, instruments and technical as required by the Company itself. In addition, it also
deals with sales and transportation of daily-used products.
2. Business nature and main operations of the Company
Business nature Main operations
Light manufacture
industry
The Company and its subsidiary are mainly engaged in
production and sales of refrigerators and freezers at present.
3. Name of the parent company and final actual controller of the group
The parent company of the Company is Sichun Chuanghong Electric Co., Ltd., ended 30
June 2010, the Sichuan Changhong and its action concert person totally hold 22.16% of the
Company’s shares and is the first largest shareholders. Chuanghong Group held849,152,736
shares of Sichuan Changhong accounting for 29.82% and is the first largest shareholder of
Sichuan Changhong. State-owned Assets Supervision & Administration Commission of
Mianyang Municipality held 100% equities of Changhong Group and is the ultimated actual
controller of the Company.
4. Basic organization structure of the Company
Board of the Meeting is a power institute of the Company. Approvel the company’s
strategy, financing , investment, profit distribution matters according to the law. The Board
responsible for shareholers’ General meeting. Management organized the Shareholders’
General Meeting, the approvals in Board of Director’s Meeting and host the management
of enterprises’ operation. The official management department sonsist of opearational
management, sales, marketing, purchse, research, technology ,HR and Finance.
（II）Compilation basis of the Company’s financial statements
The fianncail statement base on the continuously opration, according to the actual
happen events and tansactions, comply with relecant regulation of Corporation Accounting
Standard issue by Finance Burear, and the preparation method on Note4.
（III）Statement on compliance with Corporate Accounting Rules
Financial statements compiled by the Company are in compliance with Corporate
Accounting Rules, and actually and completely reflect the Company’s financial situation,
operational effects, cash flow and other related information.
（IV）Major accounting policy, accounting estimation and the prepared method of
consolidated financial statement
1. Fiscal term
The fiscal term of the Company adopt calendar year, one calendar year means period
from 1 January to 31 December.
2. Accounting currency合肥美菱股份有限公司2010 年半年度报告
26
RMB is the accounting currency of the Company.
3. Accounting basis and valuation principle
The accounting of the Company based on accrual basis. The valuation principle base on
the historical cost(excluding transactional financial assets, financial assets available for sale
which calculated by fair value).
4. Cash and cash equivalent
Cash in Cash Flow Statement of the Company refers to in-stock cash which are
available for payment whenever needed. Cash equivalent in Cash Flow Statement refers to
the investment held by the Company with no longer than three months, strong liquidity and
low risk of value fluctuation that is easy to be converted into cash of known amount.
5. Translation of business and accounts in foreign currency
（1）Foreign currency business
Convert amount of foreign currency to amount of RMB according to the spot exchange rate
on transaction occurring day regarding foreign currency transactions. On balance sheet day,
convert foreign currency monetary item to RMB according to the spot exchange rate on
balance sheet day, the raised conversion difference will be directly included in current gains
and losses, while the exchange difference arising from borrowed reasonable foreign loan for
constructing or producing assets which meet the terms of capitalization. Convert foreign
currency non-monetary item measured by fair value to RMB according to the spot exchange
rate on fair value confirmation day. The raised conversion difference will be directly
included in current gains and losses in form of fair value. As for the foreign currency
non-monetary items measured by historic cost, the spot exchange rate on transaction
occurrence day will still be adopted, unchanging the amount of RMB.
（2）Translation of foreign currency fianacial statement
Items about assets and liabilities on foreign currency balance sheet will be converted by the
spot exchange rate on balance sheet day; items about equity of owners will be converted by
the spot exchange rate on the business occurrence time besides the undistributed profit; the
items about income and expense in profit form will be converted by the spot exchange rate
on transaction occurrence day. The conversion difference of foreign currency sheet arising
from the above conversion will be singly listed under the item of owners’ equity. Cash flow
of foreign currency adopts the spot exchange rate on occurrence day of cash flow. The
influence amount of cash made by change of exchange rate will be listed singly in cash flow
sheet.
6. Financial assets and financial liabilities
（1）Financial assets
The Company divided its own financial assets according to investment goals and economic
substance into four types. Concretely they are financial asset calculated by fair value and
involving changes in current loss and gains, held-to-maturity investment, loans and accounts
receivable as well as available-for-sale financial assets.
1) The financial asset which was calculated by fair value and involving changes in current
gains and losses refer to those financial assets held mainly for short-term sales. It is listed in
balance sheet in the name of trading financial assets.合肥美菱股份有限公司2010 年半年度报告
27
2. The held-to-maturity investment refers to un-derived financial assets with fixed maturity,
fixed or sure recovery cost. The supervisors hold held-to-maturity investment with specific
intension and ability.
3. Loans and accounts receivable refer to un-derived financial assets with fixed or sure
recovery cost which has no quote in active market.
4. The available-for-sale financial assets include available-for-sale un-derived financial
assets which was promptly appointed at its initial recognition and unclassified financial
assets.
Financial assets get initial recognition according to fair value. The produced related
transaction fees from getting initial recognition of financial asset which was calculated by
fair value and involving changes in current loss and gains are directly reckoned in current
loss and gains. The produced related transaction fees from other financial assets are included
in amounts of initial recognition. Stop recognizing this financial asset when its contract right
of collecting cash flow is due or nearly all the risk and payment based on ownership of this
financial asset have been transferred to transferee.
The financial asset which was calculated according to fair value and involving changes in
current loss and gains and available-for-sale financial assets get measurement after
recognition according to fair value; loans and accounts receivable as well as held-to-maturity
investment are calculated according to effective interest method, listed in form of amortized
cost.
The change of fair value of financial asset which was calculated according to fair value and
involving changes in current loss and gains is reckoned in loss and gains of change of fair
value; The interest and cash dividend got during holding period of assets are determined as
investment income; when being dealt, the balance between its fair value and entered initial
amount is recognized as loss and gains of investment, and the change of loss and gains of
fair value should be adjusted.
Fair value changes of available-for-sale financial asset are included in stockholders' equity;
interests calculated according to effective interest method during holding period are
reckoned in investment income; cash dividends invested by available-for-sale equity
instrument are included in investment income when invested unit declaims issuing equity;
the difference between obtained price and book value after deducting accumulated fair value
changes which are originally directly included in shareholders’ equity is reckoned in
investment loss and gains.
Besides of financial assets which are measured through fair value and containing its change
in current loss and gains, the Company inspects book value of other financial assets on
balance sheet day. If impairment of financial assets can be proved by objective evidence, no
provision shall be made for public welfare biological assets. If the fair value of
available-for-sale financial assets decline largely or un-temporarily, the accumulated loss
resulting from decline of fair value is included in impairment loss. The accumulated loss is
originally and directly reckoned in shareholders’ equity.
（2）Financial liabilities
The financial liabilities of the Company are classified into financial assets which are
measured by fair value and other financial liabilities. The former one contains its change in
current losses and gains.
The financial liabilities, which are measured by fair value and whose change is reckoned in
current gains and losses, comprise trading financial liabilities and financial liabilities which
are appointed to be measured by fair value at its original confirmation and whose change is
included in current gains and losses. They get measurement after recognition by fair value.合肥美菱股份有限公司2010 年半年度报告
28
The gains or losses resulting from fair value change and equity and interest expense related
to this financial liability are calculated in current gains and losses.
Other financial liabilities adopt effective interest method and get measurement after
recognition according to amortized cost.
（3）The confirmation method of fair value of financial assets and liabilities
Financial instruments which enjoy their own active market adopt marketing price in active
market for making sure its fair value. In active market, the financial assets the Company has
been holding or financial liabilities the Company is planning to take over are used as fair
value of corresponding assets or liabilities with current bid; the financial assets the Company
is planning to purchase or financial liabilities the Company has taken over are used as fair
value of corresponding assets or liabilities with current charge. For those financial assets or
liabilities lacking current bid and charge, market price in recent transaction will be used to
determine the fair value of this financial assets or liabilities on the condition that no large
change takes place in economic environment.
Financial instruments which haven’t enjoyed an active market adopt valuation technology to
confirm its fair value. The valuation technology comprises the prices which refers to traders
who are familiar with condition and voluntarily make deals and then is adopted in recent
market transaction, current fair value which refers to other financial assets with same
substance, discounted cash flow technique and option pricing model.
7.Receivables provision for bad debts
The Company regards the following situation as confirmation standard of receivable
provision for bad debts: shutdown resulting from debt units’ withdraw, bankruptcy,
insolvency, large shortness of cash flow, occurrence of terrible nature disaster and so on lead
being incapable in meeting liabilities in predicted time, or other evidence prove that
possibility of reclaim is un-existed or little.
Contra method of accounting is aiming at possible receivables provision for bad debts. While
in the end bad debt reserves will be accrued in bill age analysis method and the individual
recognition method, and then will be included in current gains and losses. Those receivables
which can’t be reclaimed through true evidence’s proving will be regarded as bad debts loss
after the Company approve it by ruled procedure. And then they will be used to offset the
accrued provision for bad debts.
The Company regards receivables whose single value is beyond RMB 20 million and other
receivables whose single value is beyond RMB 1 million as important receivables. If there
exists objective evidence proving the Company can’t receive all the accounts back in
accordance with original terms of receivables, the Company will take frequency of
impairment test on these accounts singly according to the difference between current value
of the future cash flow and the book value, thus accrue bad debts.
For those receivables with unimportant single amount, the Company will gather them
and un-devalued receivables after single test and will divide them into a number of
combinations according to credit risk. Based on the actual loss ratio of receivables
combination with the same or similar credit risk trait as in previous years, combined with
current situation, the Company confirms the proportion of every combination accruing合肥美菱股份有限公司2010 年半年度报告
29
provision for bad debts in this year thus calculates the provision for bad debts which should
be accrued in this year. The Company divides those accounts which were proved to be with
no or little possibility of withdraw by true evidence into special assets combination, and take
fully provision for bad debts of them.
The accrue proportion of provision for bad debt divided in account receivable age method is
as follows:
Account receivable age Accrue proportion（%）
Within 1 year 5%
1-2 years 15%
2-3 years 35%
3-4 years 55%
4-5 years 85%
Above 5 years 100%
Account receivable of associated parties belongs to settlement account of transaction
between associated parties, its risk is under control and it can avoid accruing provision for
bad debts; account receivable of employee which is paid instead, temporary loans of
long-term equity investment won’t form bad debts and can avoid accruing provision for bad
debts because they will be gradually deducted from employees’ salary or transferred to
long-term equity investment.
7.Inventory
Inventory of the Company mainly includes raw material, finished goods, goods in process,
self-manufactured goods, entrusted processing material, low value consumables, prepaid
expenses of mould and so on.
Inventory implements perpetual inventory system, raw material, low value consumables and
finished goods apply standard price to carry out daily calculation, difference of distributed
price at end of month will be adjusted to cost of this month; material on road is included in
account according to actual cost, low value consumables will be written off at one time when
accepted.
Closing stock is valued according to the principle of choosing the lower value between
inventory cost and net realizable value. The predicted uncollectible part of inventory will be
extracted provision for obsolete stocks. Inventory becomes uncollectible due to suffering
loss and damage or becoming out of date or suffering lower sales price than cost. Provision
for obsolete stocks of finished goods and raw materials purchasing department will be
extracted in accordance with the difference between higher cost of single inventory and its
lower net realizable value; other quantities of raw material with lower single price will be
accrued provision for obsolete stocks according to category.
Finished goods, goods in process and material for sales and other goods inventory directly
for sale, the net realizable value of the above will be confirmed according to the amount after合肥美菱股份有限公司2010 年半年度报告
30
estimated price of this inventory deducting estimated sales expense and related expense;
while the amount after estimated price of the finished products deducting estimated possible
cost till its completion, estimated sales expense and related taxes will determine the net
realizable value of material inventories held for production.
7. Accounting method of mould charge is as follow: calculate prepaid expenses
included actual cost when occurring; appoint them within a year according to
units-of-production method when using. Implement according to units-of-production of
actual amortization method for those shorter than a year, transfer th
9.Long-term equity investment
.The long-term stock investment is mainly composed of equity investment held by the
Company for controll over , common controll over or significant influence to invested
units or equity investment unable to be calculated reliably
.The common control is the common held control over the economic activities under
contract.
.Significant influence is right to take part in the decision-making of invested units without
controlling or commonly controlling the decision-making with the other party.
.Long-term stock investment received by consolidation of enterprises under the same control
is taken as the initial investment cost according to share of the book value of the owners'
equity of the consolidated party.
.In additin to the abovequity, the long-term stock investment received in cash is taken as
the initial investment cost based on the actual purchase price.Long-term stock investment
received by offering equity shares is taken as the initial investment cost. Long-term stock
invnvestment by inventors is taken as the initial investment cost based on agreed
valuation.Long-term sock investment by non-monetary asset exchange is taken as the initial
investment stock according to the relevant accounting standards.
. The subsidiaries' investment is audited by cost , the joint or affiliated companny'investment
equity.
. The cost auditory is calculated as the initial investment cost. The equity auditory as share of
net equity in the invested party.
9.Investment property
Investment property of the Company comprises housing and building which have been
rented. Investment property regards its cost as entry value, the cost of external investment
real estate comprises purchase price, related taxes and other expenses which can belong to
this assets directly; the cost of self-built investment property consist of necessary expense for
building this asset before these assets reach the predicted usable situation.
The Company apply cost model to take measurement after recognition on investment
property, and apply straight-line-method to accrue depreciation or implement stalls selling
according to predicted service life along with net scrap value rate. Predicted service life and
net scrap value rate along with yearly depreciation of investment property is as follow:合肥美菱股份有限公司2010 年半年度报告
31
Category Depreciation life
(Year)
Estimated residual
rate (%)
Yearly
depreciation (%)
Housing and
building 30-40 years 4% 3.20%-2.40%
When the usage of investment property becomes self-use, transfer this investment property
to fixed or intangible assets since the change day. When the usage of self-use property
becomes earning rent or capital valuation, transfer the fixed or intangible assets to
investment property since change day. When transfer occurs, regard the book value before
transfer as entry value after transfer.
When investment property is dealt with or it exits usage forever and predicted that it can’t
get economic interest from disposal, stop confirming this investment property. The amount
of disposal income from sales, transfer, scrap or damage of investment property deducting its
book value and related taxes will be reckoned in current gains and losses.
10.. Fixed assets
The fixed assets of the Company refer to tangible assets possessing the following traits at the
same time, they are tangible assets with over RMB 2000 of unit value, over 1 year of service
life. They are held for producing goods, offering labours, leasing or administration.
Fixed assets contain housing and building, machinery instrument, delivery equipment and
other equipment. Fixed assets regard the cost spent on its obtaining as entry value, including,
external fixed assets comprise purchase price and the import tariff and related taxes, along
with other expense which can be directly included in this assets before enabling fixed assets
to reach predicted usable situation; the cost of self-built fixed assets consist of necessary
expense occurred before enabling fixed assets to reach predicted usable situation; as for
fixed assets the investors invest, regard the value agreed on contract or term as entry value,
but unfair value from contract or term is still be included in account in form of fair value;
as for the leased fixed assets from financial leasing, choose the lower one between fair value
of lease assets since the first leasing day and the lowest present lease payments as entry
value.
Subsequent expenditure related to fixed assets includes overhaul, updating and restructuring
expense and so on. Those conforming to confirmation terms of fixed assets will be included
in cost of fixed assets while the replaced part will be stopped the confirmation on the book
value; those un-conforming to confirmation terms of fixed assets will be included in current
gains and losses.
The Company will accrue depreciation of all the fixed assets besides of fixed assets fully
accrued but still being used and land singly charged and included account. Apply
straight-line-method to accrue depreciation and respectively include in related assets or
current expense according to application. Depreciable life, estimated residual value rate,
yearly depreciation of fixed assets of the Company are as follows:
Order
number Category Depreciable life
(Year)
Estimated
residual value rate
(%)
Yearly depreciation
(%)
1 House and building 30-40 years 4% 3.20%-2.40%
2 Machinery 10-14 years 4% 9.60%-6.86%合肥美菱股份有限公司2010 年半年度报告
32
Order
number Category Depreciable life
(Year)
Estimated
residual value rate
(%)
Yearly depreciation
(%)
equipment
3
Delivery
equipment 5-12 years 4% 19.00%-8.00%
4 Other equipment 8-12 years 4% 12.00%-8.00%
At end of every year, the Company will re-audit the predicted service life, estimated residual
rate and depreciation ways of fixed assets. If some change occurs, they will be dealt with as
change of accounting estimation.
When fixed assets are dealt with or predicted that it can’t get economic interest regardless of
usage or disposal, stop confirming this fixed assets. The amount of disposal income from
sales, transfer, scrap or damage of fixed assets deducting its book value and related taxes
will be reckoned in current gains and losses.
11.. Project under construction
Project under construction will be calculated by actually occurred cost. Self-built
construction work will be calculated according to direct material, direct salary, direct
engineering cost and so on; a packet of building will be accounted by project accounts
payable; project cost of installation project of instruments will be confirmed according to the
value of installed instruments, installation expense, and occurred expense arising from
project trial operation. Cost of project under construction also includes loans expense which
should be capitalized and exchange gains and losses.
Since the project under construction reaches the predicted usable situation, transfer the fixed
assets according to estimated value, in accordance with project budget, manufacturing cost
or actual project cost, start accruing depreciation in next month, and adjust the original
differences of fixed assets after final accounts of completed project.
12.Borrowing costs
Borrowing costs include borrowing interest rate, discount or amortization of premium,
subsidiary costs and exchange balance arising from foreign loans etc. Borrowing costs of
construction or production directly attributable to the assets which meet the conditions of
capitalization begin its capitalization when assets expenditure has happened, borrowing costs
has happened, and necessary construction or production activities for the assets reaching the
state of being available-for-use and available-for-sale had already started; stop capitalization
when the construction or production of assets which meet the conditions of capitalization
reaches the state of being available-for-use and available-for-sale. The other borrowing costs
will be recognized as expenses currently.
The interest income arising from deposited current actual interest charges of special loan
deducted unused loans, or the temporary capital investment gains amounts to capitalization;
after borrowing money from the average expenditure exceeds the special loan part of the
assets of the weighted average expenditure by quite simply multiplying by the occupying the合肥美菱股份有限公司2010 年半年度报告
33
loan rates and identify capitalization amount of money according to the general loan
weighted average interest.
The assets meeting the condition of capitalization are in terms of fixed assets, investment
real estate and inventory and other assets. They need a long time （usually longer than 1
year）of construction or production activities to attain the state of being available-for-use and
available-for-sale.
If interruption takes place at the assets meeting the condition of capitalization, and
suspending time lasts for over three months, suspend the capitalization of borrowing cost
until the construction or production activities start again.
13.Intangible assets
The intangible assets of the Company include use power of land, patent technology and
non-patent technology and so on. They are accounted according to the actual cost, including,
the purchased intangible assets are accounted according to actual paid price and other
expenses; confirm the actual cost of intangible asset investors invested according to the
value agreed by contract or agreement, but the agreed value of contract or agreement if not
fair, determine the actual cost according to fair value.
Leasing land from the start date, according to the transfer of sales average out age limit;
patented technology and non-patent technology and other intangible assets to use and
projected age limit the contract from age limit and the law effectively age limit three of the
shortest of the average selling out in stages. The offset amount of benefits related to the
object into the current costs and gains.
On the use of the intangible assets have limited life span of life and is expected to play in
every year check, such as a change in accounting estimate, as amended. the uncertainty of
life of the intangible assets is expected to be life for check, as there are evidences to prove
the intangible assets have limited service life, the estimated of its service life and life is in
the market.
14.Research and development
The company's research and development expenditures based on the nature and development
activities in the form of intangible assets is with great uncertainty, divided into the study
phase the expenditure on research and development stages. phase expenditure, on the stage
of development gains; shall be spending, at the same time satisfy the following conditions, as
the intangible assets:
（1）There is feasibility in technical of finishing this intangible assets to make it reach the
state of being available-for-use and available-for-sale;
（2）Possessing intension of finishing this intangible assets and making it reach the state of
being available-for-use and available-for-sale;
（3）There exists market for production produced by this intangible assets or the intangible
asset has its own market;合肥美菱股份有限公司2010 年半年度报告
34
（4）Having enough technological, financial resources and other resources to support to
complete the development of the intangible asset, and having the ability to make it reach the
state of being available-for-use and available-for-sale;
（5）Expenditure attributable to this development phase of intangible assets can be measured
reliably.
Not satisfy these conditions the development phase expenditure, there shall be in when the
profit and loss. The gains have been included in the development of expenditure during the
period is no longer believed to be assets. The development phase capitalization expenditure
in the balance sheet for the expenses listed in the development, since the project is scheduled
to use the state the date by the intangible assets
15.impairment of long-tern non-financial assets
The company undertakes inspection on the items of long-tern equity investment, fixed
assets, construction in process and the intangible assets with limited use life at each balance
sheet date, where practical evidence showing that impairment might occur with them,
impairment testing will provided. Concerning the intangible assets of un-certain use life,
impairment testing will undertake every year no matter what exist evidence of impairment
on them. Concerning the difficulties in testing the recoverable amount on single assets, based
on the assets group or assets combination that it belongs to for testing.
After testing, if the book value of the assets is exceeding its recoverable amounts, the
difference recognized as impairment losses. The impairment losses will not be restored in
later accounting period while losses have been recognized. Recoverable amount of assets
refers to the higher ones, which is the amount of fair value of assets less net amount after
disposal and the current amount of predicted future cash flows of the assets.
Impairment evidence as follow:
（1）dramatically down price of eth current assets’ market price, the down range higher
than the predicted range under the normal usage;
（2）significant changes of the economic environment, technology or laws happened
recently or to be happen, which caused a unbeneficial influence of the company;
（3）the market rate or other market investment return has been growth in current
period, influenced the conversion rate of future cash flow on predicted assets calculated by
the Company, a dramatically down on the amount recoverable;
（4）evidence showing that the assets are old or have damaged on real body;
（5）assets have been in idle used or plan to be idle use, termination of use or plans to
disposal in advance;合肥美菱股份有限公司2010 年半年度报告
35
（6）evidence from internal report showing that the assts’ economy interest have lower
or will lower than prediction. That is net cash flow contributed from assets or operation
profits (or loss) much lower (or higher) than predicted amount;
（7）other evidence of showing the assets have indication of impairment.
16.Goodwill
Goodwill connected with the subsidiaries will list in the consolidated financial
statements individually. Goodwill connected with the affiliated enterprise and joint
ventures are included in the book value of long-tern equity investment.
17.long-tern amortized expenses
the long-tern amortized expenses refers to the expense that have been paid, but the expenses
should amortized in the following term over 1 year(excluded 1year), this kind of expenses will
amortized in the beneficial term. If the long-tern amortized expenses could not benefit in the
following accounting period, than the amortized value of un-amortized parts will accounted into
current gains and losses.
18.wages payables
the employees providing service in the Company’s accounting period, the wages
payable recognized as liabilities. And according to the benefit objects from the employees’
service, accounted the item of benefit into the relevant assets cost and expenses. The
compensation paid for labour forces determination, reckoned into current gains and losses.
Wages welfare mainly including the salary, bonus, subsidy, welfare, social insurance
fee and residential public reserves, labour union and educational expenses of employees and
the relevant expenses for service provided from employees.。
If terminated the contract before the expiry date of the labour contract, or the suggestion
of compensation for voluntaries resignation. If the Company make out a official labor
termination plan or suggest the voluntary resignation, and take into effect. At the same
time, the Company was unable to take-back the termination of labor relationship or
voluntaries resignation, the compensation from termination of labor relationship will
accounted as projected liabilities reckoned into current gains and losses.
19.Shares payment
Shares payment refers to the transaction, that meets the followings (1) bestowed equity
instrument with the purpose of gaining the service from staff or other providers and (2)
burden the liabilities recognized based on the equity instrument. Shares payment consisted of
share payment based on the equity settlement and based on the cash settlement.合肥美菱股份有限公司2010 年半年度报告
36
Share payment for exchange the service provided from staff with equity settlement, will
measure by the fair value at bestowed date of equity instrument bestowed to staff. The
amount of fair value accomplished the service in waiting period, under the condition of
accomplishing meets the regular performances, base on the best value of equity instrument
of accomplish abilities in waiting period, calculated into relevant cost or expensed on direct
line method, and increase the capital reserve accordingly.
Share payment settlement on cash, measured under the fair value recognized based on
the burden shares of the Group or other equity instrument. If put into effect after
bestowing, the fair value of burden liabilities at bestowed dated will reckoned into
relevant cost or expense, and increase the liabilities accordingly; if put into effect after
finished regulated performance in waiting period, at each waiting balance sheet date, base
on the best estimation of accomplish ability, the amount of fair value of burden liabilities
from the Group, reckoned the service gaining in the period into cost or expense, adjust the
liabilities accordingly.
At the settlement date or each balance sheet date before relevant liabilities settlement,
re-measured the fair value of liabilities, reckoned into current gains and losses.
20. projected liabilities
if the external guarantee, business acceptance bill discount, un-judge lawsuit or
arbitration, quality of the products or relevant business of contingency meets the follow
condition, the Company recognized it as liabilities: a liability was a current liabilities
burden by the Company; a liability that results in the out-flow of benefits; a liability could
measure stability.
Projected liabilities will initial measured according to the best valuation of expenses
that accomplished the current liabilities. And take consolidated consideration of risk related
to contingency, un-certain and currency time value. If the currency time value has a major
influence, make out a best valuation after the conversion of relevant future cash value.
Re-examination the book value of projected liabilities at each balance sheet date, if there
have changes, adjusted the book value for a best valuation.
21. principle of income recognition
the business income including incomes from selling products, incomes from service
providing, assets use rights transfer. The principle of recognition as follows:
the main risk and reward on the products have been transfer to purchaser. The Company
have no the continually management right on hand, and no the actual control of goods
have been sold, the income can be measure stable, relevant economy benefit probably合肥美菱股份有限公司2010 年半年度报告
37
in-flow in the Company, relevant occurred or will happen in futures’ cost can measured
stable, recognized the income of products selling.。
recognized the service income while receiving the account evidence after service
providing.。
Economy benefits probably in-flow into the Company, the amount can measure stable,
recognized the assets use right income of transferring.
22.government subsidy
Government subsidy recognized while the Company meets the condition of government
subsidy and received in the Company. If the government subsidy belongs to a monetary asset,
calculation based on the actually received amount. The subsidy with fixed amount will
calculated on the actual received amount. If the government subsidy is a non-monetary
assts, calculated based on the fair value, if the fair value could not stable received, measured
based on the nominal amount (RMB1).
Government subsidy related to assets are recognized as deferred income, and distributed
into current gains and losses in the relevant use life of the assets. Government subsidy
related to income, if the income was compensated the relevant expenses or losses in
following period, recognized as deferred income and accounted into current gains and losses
in the period of recognition; if the income was compensated the expense and losses that have
been happened, reckoned into current gains and losses directly.
23.deferred income tax and deferred income tax liabilities
the difference between the book value and taxable basis of assets and liabilities items, and
provisional differences occurred between the book value and taxable value which are not
recognized as assets and liabilities, but may be recognized for taxable basis according to the
law, area recognized as deferred income tax assts and deferred income tax liabilities on
liability basis of the balance sheet.
24. rent
the rent including financing rent and operational rent in the date of renting.
financing rent refers to rental that have been transfer the risk and reward related toe the
ownership of the assets materially. The Company is a leaser, at the lease date, the lower
amount between the fair value of lease date and the minimum cash amount, consider as the
book value of fixed assets from financing. The difference between the two aboved
mentioned amount recognized as financing expenses合肥美菱股份有限公司2010 年半年度报告
38
operational renting refers to the other rental other than the financing rental. The rent in
rental period of the Company will accounted into relevant assets cost or current gains and
loss based on the directly line method as a leasor. The rent in rental period of the Company
will accounted into income based on directly line method as a leasee.
25.calculation of income tax
the income tax calculated as the method of income tax liabilities. Income tax expenses
consist of the current income tax and deferred income tax. Besides the current deferred
income tax and income tax related to the shareholders’ equity and the book value of
goodwill of the deferred income tax adjustment from enterprise merger, other current income
tax and deferred income tax expenses or incomes accounted into current gains and losses.
26. Division information
Business division refers to a component which is diacritical and can offer individual event or
a group of related products or labors. This component undertakes risk and payment different
from other components. Geographic segment refers to a component which is distinguishable
and can offer products or labors in a specific economic environment. This component
undertakes risk and payment different from other components.
The Company takes business division as main reporting form and geographic division as
minor reporting form.
The transferring price among divisions is confirmed according to the market price, the
expense related to assets used by every division will be distributed among different divisions
according to income proportion.
27. Discontinuing operation
Discontinuing operation refers to components which have been disposed or divided in
component where they are for sale and they can be distinguished singly when they are
operating or compiling financial sheet. The integrity or part of this component will be dealt
with according to the plan of the Company.
The component of the Company will be included in being for sale if it meets the following
terms: The Company has made decision for disposing this component, the Company has
signed irrevocable agreement for assignment with the transferee and the assignment will be
completed in a year.
28. Accounting method of transferring financial assets and securitization business of
non-financial assets
Transferred financial assets should be judged according to the transferring condition of all
the risk and payment from ownership of related financial assets; stop confirmation of related
financial assets if the financial assets have been fully transferred; do not stop confirmation if
the financial assets have not been transferred and retain all the risk and payment from
ownership of related financial assets; if the financial assets have not been transferred and
also didn’t retain all the risk and payment from ownership of related financial asset, decide
whether stop it or not according to the involving degree of control on this financial asset;
stop confirming this financial asset if the control on it has been given up; confirm this
financial and its related liabilities according to the involving degree of control on this
financial asset if the control on it has not been given up. Include the difference between合肥美菱股份有限公司2010 年半年度报告
39
received consideration arising from transferring and book value in current gains and losses if
the financial asset meets the integrity final confirmation, and the amount of accumulated
change of fair value which was previously directly included in owners’ equity will be also
included in current gains and losses; if the financial asset meets partial final confirmation,
allocate the integrity book value of financial assets concerning transferring between final
confirmation part and non-final confirmation part according to relative fair value. Make
disposal comparing the fully transferred with the partially transferred based on the book
value after allocation. If the financial asset does not meet the final confirmation, regard the
received consideration as a kind of financial liabilities.
29. merger of enterprises
As for the consolidation of enterprises under the same control, Balance of the consolidator’s
assets less consolidation cost received in the consolidation and then less the identifiable
net asset of the consolidated party at fair value is identified as the business fame. The
balance is minus, which is calculated into the current gain and loss.
30. Method of preparation of consolidated statements
（1） Principle of consolidation scope
Subsidiaries of actual controlling right and subjects for special purpose
（2）Accounting Method of the Preparation
Pursuant to relevant regulations of Enterprise Accounting Standard, all substantive
internal transactions and dealings were set off.
（V）Changes to accounting policy, accounting estimation and correction on previously
accounting errors.
1.Changes and influence of accounting policy: Nil
2.Contents and reasons of accounting estimation: Nil
3.Correction and influence of previously accounting errors: Nil
（VI）Taxation
Major tax and tax rate
Tax category Taxation basis Tax rate
VAT
Production sale revenue and
processing revenue
17%
Business tax
Income from rent and commission
charge
5%
City construction and
maintenance tax
Payable turnover tax 5% or 7%
Extra charges for
education
Payable turnover tax 3%
Local extra charges for Payable turnover tax 1%合肥美菱股份有限公司2010 年半年度报告
40
Tax category Taxation basis Tax rate
education
Enterprise income tax Income taxable 15% or 25%
Tax preference and approvals
(II)Coporate income tax
The Company and its subsidiaries--Zhongke Meilling and Zhongshan Changhong
were designated as the provincial high and new technology enterprises, which
enjoyed provincial preferential 15% income tax of the state income tax of high and
new enterprises in three years.合肥美菱股份有限公司2010 年半年度报告
41
（VII）Enterprise merger and consolidated financial statements
1. Subsidiaries
Name
Ty
pe
Regi
stere
d
plac
e
Busi
ness
natu
re
Regis
ter
capita
l(RM
B’000
0)
Business scope
Investm
ent
capital
at
period-e
nd
(RMB’0
000)
Other
projects
balance
composed
of the
Company
's net
investmen
t in
subsidiari
es
Hol
din
g
pro
por
tion
（
%）
Voti
ng
pro
port
ion
（%
）
C
o
ns
ol
id
at
ed
st
at
e
m
en
t
(
Y
es
/N
o)
Interes of
minority
shareholder
s
Minor
ity
shareh
olders'
interes
t for
reduct
ion of
loss of
Minor
ity
shareh
olders'
equity
Balance
of parent
company
owners'
equity
for loss
in Period
more
than
minority
sharehol
ders'
equity in
Period-b
eginning
Long-ter
m stock
investme
nt
Subsidiaries invested directly for setting up合肥美菱股份有限公司2010 年半年度报告
42
Zhongke
Meiling
Cryogenic
Technology
Company
LTD(1)
Li
mit
ed
Co
mp
any
Hefe
i
Man
ufact
uring
and
sale
6,000.
00
Cryogenic and cooler
equipment, research and
develop, manuafacture
and after-sael service of
the aboveed products,
self-business and agent
various products ,import
of technology and
business export-inport.
4,200.00 -
70.
00
70.0
0
Y
es
17,134,511.7
9
-
Jiangxi
Meiling
Refrigeration
Co., Ltd.(2)*
Li
mit
ed
Co
mp
any
Jingd
e
Tow
n
Man
ufact
ur
and
sale
4,000.
00
R&D, manufacturing
and selling of cooling
apparatus and the parts
4,500.00 -
97.
00
97.0
0
Y
es
6,961.27 -
Mianyang
Meiling
Refrigeration
Co., Ltd.(3)
Li
mit
ed
Co
mp
any
Mian
yang
Man
ufact
ur
and
sale
5,000.
00
R&D, manufacturing
and selling of cooling
apparatus and the parts
4,500.00 -
97.
00
97.0
0
Y
es
121,473.04 -
Hefei Li Hefe sale 1,000. R&D, manufacturing 990.00 - 99. 99.9 Y -合肥美菱股份有限公司2010 年半年度报告
43
Meiling
Electric
Marketing
Co., Ltd.（4）
mit
ed
Co
mp
any
i 00 and selling of cooling
apparatus and the parts
and other sales
97 7 es 386.52
Subsidiaries of merger under the common control
Sichuan
Changhong
Air
Conditioner
Co.,Ltd.
（5）
Li
mit
ed
Co
mp
any
Mian
yang
Man
ufact
ur
and
sale
20,00
0.00
Manufacture and
development of
air-conditioner and
after-sale service.
Fittings process external
and sale of
metal(excluded silver
and golde)
30,560.0
0
-
100
.00
100.
00
Y
es
- -
Zhongshan
Changhong
Air
Conditioner
Co.,Ltd.
（6）
Li
mit
ed
Co
mp
any
Zhon
gsha
n
Man
ufact
ur
and
sale
8,000.
00
Production , process,
sale of air conditioner,
TV, DVD, Speaker, and
Computer and its
fittings.
7,625.00 -
100
.00
100.
00
Y
es
- -合肥美菱股份有限公司2010 年半年度报告
44
（1）Zhongke Meiling Cryogenic Technology Company LTD（hereinafter called
“Zhongke Meiling Company”） was established on Oct 29th of 2002 by the Company
and CAS’s Physical & Chemical Technology Research, whose registered capital was
RMB 60,000,000. The Company poured RMB 42,000,000.00 yuan for this investment,
including material contribution of RMB 35,573,719.70 yuan and cash contribution of
RMB 6,426,280.30 yuan which totally accounted for 70% of the registered capital.
CAS’s Physical & Chemical Technology Research made investment by its intangible
asset-new mixed throttle refrigeration technology and its application research in
low-temperatured storage box. The estimated value for the license of this technology
was RMB 18,000,000 yuan accounting for 30% of registered capital.
（2）Jiangxi Meiling Refrigeration Co., Ltd. (Jiangxi Meiling Company for
short)was established under the joint investment from the Company and Zhongke
Meiling Cryogenic Technology Company LTD on 6 November 2007. Register
capital was RMB 20 million including RMB 18 million contributed by the Company,
accounts 90% of the total register capital while Zhongke Meiling Cryogenic
Technology Company LTD accounts 10% of the register capital with RMB 2 million
contribution. On 10 December 2008, Jiangxi Meiling Company increased the capital
and shares. The register capital and paid-up capital changed to RMB 40 million after
capital increased. In which the Company contributed RMB 45 million in cash,
consisting register capital of RMB 36 million which accounts 90% of the register
capital. The reset RMB 9 million accounted into the capital reserve under the name
of Jiangxi Meiling Company; Zhongke Meiling contributed RMB 5 million in cash
with registered capotal of RMB 4 million which accounts 10% of the registered
capital, and rest of RMB 1 million accounted into the capital reserve under the name
of Jiangxi Meiling Company. The aforementioned increased capital have been
complished the changed procedure in the Industry and Commerce Administration
Bureau in 2008.
（3）Mianyang Meiling Refrigeration Co., Ltd. (Mianyang Meiling Company for
short)was a limited liability company that established under the joint investment from
the Company and Zhongke Meiling Cryogenic Technology Company LTD on 6
March 2009. The registered capital and paid-up capital was RMB50 million with
RMB45 million contributed from the Company that accounts 90% of the register
capital while RMB 5 million contributed by Zhongke Meiling Cryogenic Technology
Company LTD, accounts 10% of the register capital. The paid-up capital have been合肥美菱股份有限公司2010 年半年度报告
45
verificated by Sichuan Xinrui CPA with Capital Verification Report No.008[2009]
Chuan XinKuaiYan.
（4）Heifei Meiling Elctric Marketing Co., Ltd.(Meiling Marketing Company for
short) was a limited liability company that established under the joint ivestment
from the Company and Mianyang Meiling Company on 21 October 2009. Register
capital and paid-up capital was RMB 10 million. Including RMB9.9 million
contributed by the Company which accounts 99% of the register capital; Mianyang
Meiling Company contributed RMB 0.1 million accounts 1% of the register capital.
The paid-up capital have been verificated by Anhui Anlianxinda CPA with Capital
Verification Report No.074[2009] Wan ALXD Yanzi.
（ 5 ） Sichuan Changhong Air Conditioner Co., Ltd.( Changhong Air
Conditionerf or short) was a limited liability company that established under the
joint ivestment from the Sichuan Changhong and Changhong Chuangtou on 28
November 2008. Register capital was RMB200 million. Including RMB298 million
contributed from Sichuan Changhong( monetary capital RMB 210,088,900 and real
asets capital RMB87,911,100) that converted shares of RMB198 million, accounts
99% of the register capital; Chuanghong Chuangtou contributed RMB3 million as
monetary capital, converted shares of RMB 2 million accounts 1% of the register
capital. Changhong Air Conditioner, Sichuan Changhong and Changhong Group
entered into a tripartite agreement in March 2009 for 100% equity assignation of
Hunan Changhong Air Conditioner Sale Co., Ltd.( Hunan Air Conditioner for short)
with RMB 2.00 (RMB 1.00 for Sichuan Changhong and Changhong Group each) ,
and the changed procedure have been registered on 16 April 2009 in the Industry and
Commerce Administration Bureau. Chuanghong Air Conditioner merger Hunan Air
Conditioner on 25 June 2009. In December 2009, the Company obtained 100%
equity of Chuanghong Air Conditioner through mergering under the same controlled.
The business scope of Chuanghong Air Conditioner have no changed after merger,
its business scope is: engaged in the reserache, manufacture and saling of air
conditioner and spare parts and after-sale service, the external processing service of
spare parts, sales of metal materials( Gold and silver excluded).
（6）Zhongshan Changhong Electric Co., Ltd.( Zhongshan Changhong for
short)—the original Guangdong Changhong Electric Co., Ltd. was a limited liability
company that established under the joint ivestment from the Sichuan Changhong
and China Minmetals Corporation on 22 May 2010. The register capial was RMB 80合肥美菱股份有限公司2010 年半年度报告
46
million, Sichuan Changhong accounts 90% of the register capital with totally RMB72
million including RMB 69.3 million of the movable and immovable property from the
former Zhongshan Sanrong Air Conditioner Plant Co., Ltd. that obtained from
auctioning and RMB 2.7 million of the right to the use of patent. China Minmetals
Corporation contributed monetary capital of RMB 8 million which accounts 10% of
the register capital.
Current name of the Company changed from Guangdong Changhong Electic in
July 2003. The Company obtained 90% equity of Zhongshan Changhong through
merger under the same contrl in December 2009. The principle business of Zhongshan
Changhong have no changed after mergered, its business scope mainly engaged in the
manufature, process and sale of air conditioner, television, DVD, stereo equipment
and computers and the spare parts of the aforementioned products. Sichuan
Changhong Air Conditioner Co., Ltd. ( Sichuan Changhong Air Conditioner for short)
and China Minmetals Corportation( China Minmetals for short) are entered into a
contract of propery exchange on 2 March 2010 with a greement of transfeering 10%
equity of the Company to Sichuan Changhong Air Conditioner held by China
Minmetals. Relevant transferred accounts have been paid at the end of March 2010
and handled the changed procedure in the Industry and Commerce Administration
Bureau on 14 May 2010.
The main body with special purpose and controller management body formed by
entrust operation or lease etc.: Nil
2. Change of consolidated scope in consolidated financial statements in this year
（1）Profile of the company cooptation in consolidated scope in this year: Nil
（2）Profile of the company without in consolidated scope in this year: Nil
3. Enterprises merger occurred in this year: Nil
4. Conversion of foreign currency statement: Nil
（VIII）Notes to major items of consolidated financial statement
Concerning the financial data disclosed as followed, except for further notes, the
following data means: “Year-begin” refers to 1 January 2010, “Period-end” refers to
30 June 2010, “This period” refers to 1 January 2010 to 30 June 2010, “Same period
of last year” refers to 1 January 2009 to 30 June 2009, the currency unit was RMB.
1.Monetary fund
Items Amount at period-end Amount in year-begin合肥美菱股份有限公司2010 年半年度报告
47
Original
currency
Conversion
exchange
rate
Converted
into RMB
Original
currency
Conversion
exchange
rate
Converted
into RMB
Cash on
hand
182,525.20 - 182,525.20 109,910.06 - 109,910.06
RMB 182,525.20 1.00000 182,525.20 109,910.06 1.0000 109,910.06
Bank deposit - - 266,126,100.63 - - 590,487,924.37
RMB 232,810,614.28 1.00000 232,810,614.28 578,401,640.58 1.0000 578,401,640.58
USD 4,593,526.16 6.79090 31,194,176.80 1,743,498.87 6.8282 11,904,958.98
EUR 256,448.83 8.27100 2,121,088.27 16,807.28 9.7971 164,662.60
GBP 21.65 10.21350 221.12 21.63 10.9780 237.45
JPY 2.00 0.076686 0.15 211,215.00 0.0738 15,587.67
AUD - 5.87888 - - - -
HKD - 0.87239 - 950.71 0.8805 837.09
Other
monetary
fund
- - 237,171,551.36 - - 156,974,611.45
RMB 209,770,250.28 1.00000 209,770,250.28 125,248,411.02 1.0000 125,248,411.02
USD 2,054,920.75 6.79090 13,954,761.32 3,669,437.82 6.8282 25,055,651.65
EUR 1,625,391.00 8.27100 13,443,608.96 680,559.01 9.7971 6,667,504.63
GBP - 10.21350 -
AUD 498.53 5.87888 2,930.80 496.65 6.1294 3,044.15
Total - - 503,480,177.19 - - 747,572,445.88
Amount of monetary fund in period-end has decreased RMB244,092,268.69
compared with that of year-begin with decrease of 32.65%. In which, the amount of
bank deposit in period-end has decreased RMB324,361,823.74 compared with that of
year-begin with decrease of 54.93% caused mainly by the acquisition amounts of 10%
equity of Zhongshan Changhong paid to China Minmetals Coporation, the acquisition
amounts of 100% equity of Meiling Group paid to Hefei Xintai Holding Co., Ltd. and
the RMB 100 milion of equity amounts of Air Conditioner paid to Sichuan
Changhong. Besides, the Company controlled remain scale of monetary funds
moderately according to actual operation conditions.
Other monetary funds mainly refers to margin of bank acceptance and
to-be-verfied accounts of foreign exchange savings ( due to the new foreign currency
policy from Foreign Exchange Bureau, all of the foreign exchange accounts must be
in the to-be-verified accounts for verification. Restricted the use of these accounts
temporary before verificat.)合肥美菱股份有限公司2010 年半年度报告
48
Except for the margins, there has no accounts that limited the liquidation of
mortgage, freeze in monetary funds, and has no accounts that saving aboard or
accounts with potential recovery risk.
2. Notes receivable
（1）tpes of notes receivables
types Amount at period-end Amount in year-begin
Bank acceptance bill 1,991,166,609.04 891,395,483.60
Commercial acceptance bill - 1,352,888.48
Total 1,991,166,609.04 892,748,372.08
Amount of notes receivable in period-end increased RMB1,098,418,236.96
compared with that of year-begin with increase of 123.04%. Mainly due to the
enlarged sale scale, increased sales recovery notes and decreased notes discounted
endorsement.
（2） No discount of note receivables used in this period-end.
（3）Note receivables for pledge in this period
Type Amount in period-end Amount in year-begin
Bank acceptance bill 40,106,053.19 -
Commercial acceptance bill - -
Total 40,106,053.19 -
Notes pledge mainly due to the decrease of margin while issuing notes, in order
to saving capital cost, RMB 40,000,000 bank acceptance bill have been issued in
China CITIC Bank with notes pledge. The pledge will be release before the end of
this year.
（4）Notes that have been endorsement at period-end but have not due( top 5)
Type Issuer
Date of
issue
Date of
due
Amount Note
20 10-5-27 2010-11-26 10,000,000.00 CB0102639245
2010-5-27 2010-11-26 10,000,000.00 CB0102639233
2010-5-27 2010-11-26 10,000,000.00 CB0102639232
2010-5-27 2010-11-26 10,000,000.00 CB0102639231
Bank
acceptance
bill
Sichuan
Changhong
Electric Co.,
Ltd.
2010-6-23 2010-12-22 10,000,000.00 CB0102639647
Total 50,000,000.00
3. accounts receivable合肥美菱股份有限公司2010 年半年度报告
49
（1）Account receivable disclosed according to types
Amount in period-end Amount in year-begin
Balance at book Bad debt items provision Balance at book Bad debt pro
Amount Proportion Amount Proportion Amount Proportion Amount
Classification
1
285,844,850.24 45.78% 11,682,489.60 34.06% 148,225,080.34 42.99% 3,838,838.77
Classification
2
1,944,169.89 0.31% 291,625.48 0.85% - 0.00% -
Classification
3
336,588,852.56 53.91% 22,322,769.58 65.09% 196,561,315.25 57.01% 23,833,459.20
Toal 624,377,872.69 100.00% 34,296,884.66 100.00% 344,786,395.59 100.00% 27,672,297.97
Net value 590,080,988.03 317,
The book balance of account receivable at period-end increased RMB
279,591,477.10 compared with that of year-beign, up 81.09%. Mainly due to the
major dispatchment in busy season, and the increase of accounts receivable due
not-yet.
Classification 1: single major accounts receivable refers to the account
receivables above RMB 20,000,000 at period-end balance.
Classification 2: refers to the single minor accouts recevables but with major risk
after combination of credit risk characteristics.。
Classification 3: refers to other minor accounts receivable.
（2）account receivables of single item with major amount at period-end, or with
minor amount but having impairment testing individually.
Neme of the company
Balance of
book
Amount of
bad debt
Accruing
proporti
on
Reasons
Sichuan Changhong Electric
Co., Ltd.
101,479,396.1
9
- -
related parties
un-withdrawa
l
Suning Electric Co., Ltd.
Nanjing Purchasing Center
131,728,646.2
8
6,586,432.31 5%
Withdrawal
based on age
Electrolux (China) Electric
Co.,Ltd.
30,688,877.96 1,534,443.90 5%
Withdrawal
based on age
Jiangsu Five Star Electronic Co., 21,947,929.81 1,097,396.49 5% Withdrawal合肥美菱股份有限公司2010 年半年度报告
50
Ltd. based on age
Total
285,844,850.2
4
9,218,272.70
（3）account receivable that actually verificated at this report period:
Name of the company
Nature of
account
receivable
Verification
amount
Verification
reasons
Whether
caused by
related
transaction
or not
28 companies with detail
account recivables
Loan 3,938,609.75
Cancelled for
debtor
bankrupt
Not
（4）Recovery of the verificated account receivable of previously period in this
period: Nil
（5）Arrears held by shareholders with over 5%(5% included) voting rights of the
Company:
Amount at period-end Amount at year-begin
Name of the company
Arrears
Amount of bad
debt provision
Arrears
Amount of
bad debt
provision
Sichuan Changhong
Electric Co., Ltd.
101,479,396.19 - 71,448,305.06 -
（6）accounts receivable in top 5 companies
Name Relationship Amount Age
Proportion
to the
account
recievables
Suning Electronic Co., Ltd. Nanjing
Non-related
party
131,728,646.28
Within
1year
21.10%
Sichuan Changhong Electric Co., Ltd. Parent company 101,479,396.19
Within
1year
16.25%
Electrolux (China) Electric Co., Ltd. Non-related 30,688,877.96 Within 4.92%合肥美菱股份有限公司2010 年半年度报告
51
party 1year
Jiangsu Five Stat Electric Co., Ltd.
Non-related
party
21,947,929.81
Within
1year
3.52%
PT.CHANGHONG ELECTRIC IND Related party 17,767,690.65
Within
1year
2.85%
Toal 303,612,540.89 48.63%
（7）account receivable of related parties
Name Relationship Amount
Proportion to
the account
recievables
Sichuan Changhong Electric Co., Ltd. Parent company 101,479,396.19 16.25%
CHANGHONG ELECTRIC(AUSTRA 1,737,477.21 0.28%
Chengdu Lejiayi Commerce Co., Ltd. 136,857.35 0.02%
Kunming Yijiahong Commerce Co.,Ltd. 36,511.77 0.01%
Chongqing HongLife Commerce Co., Ltd. 60,980.21 0.01%
Tianjin Lejiayi Commerce Co., Ltd. 29,104.92 0.00%
Jinan Lejiayi Commerce Co., Ltd. 24,007.60 0.00%
Taiyuan Lejiayi Commerce Chain Co., Ltd. 23,534.05 0.00%
Fuzhou Lejiayi Commerce Co., Ltd. 11,025.65 0.00%
Sichuan Changhong Mould& Plastic
Technology Co., Ltd.
1,933,290.17 0.31%
PT.CHANGHONG ELECTRIC IND 17,767,690.65 2.85%
Sichuan Changhong Minsheng Logistic
Limited Liability Company
216,033.28 0.03%
Sichuan ChanghongXinrui Technology
Co.,Ltd.
1,480,861.05 0.24%
Sichuan Changhong International Hotel
Limited Liability Company
25,800.00 0.00%
Sichuan Hongou Display Co., Ltd. 3,755,850.00 0.60%
Sichuan Hongshi Display Technology
Co.,Ltd.
3,078,687.20 0.49%
Jiangxi Changhong Electric Technology
Developmetn Co., Ltd.
267,550.00 0.04%
Hefei Changhong Industry Co., Ltd.
Other enterprises
under the same
controller of
parent company
and ultimated
controller
68,500.00 0.01%合肥美菱股份有限公司2010 年半年度报告
52
Huayi Compressor Holding Co., Ltd. 8,550.50 0.00%
Changhong Network Technology (China)
Marketing Co., Ltd. Beijing District
4,470.00 0.00%
Sichuan Kuaiyidian Electric Service
ChainCo., Ltd.
4,400.20 0.00%
Total 132,150,578.00 21.17%
（8）foreign currency balance of account receivables
Amount in period-end Amount in year-begin
Name Original
currency
Conversion
rate
Converted
into RMB
Original
currency
Conversion
rate
Converted
into RMB
USD 11,949,612.01 6.7909 81,148,620.20 4,205,809.36 6.8282 28,718,107.47
EUR 486,589.73 8.271 4,024,583.66 328,721.23 9.7971 3,220,514.76
JPY - 0.076686 - - 0.0738 -
Total 85,173,203.86 4,534,530.59 31,938,622.23
4. Account paid in advance
（1）age of the account paid in advance
Amount in period-end Amount in year-begin
Items
Amount Proportion Amount Proportion
Within 1 year 201,569,990.93 98.45% 101,230,842.68 92.26%
1－2years 3,178,962.50 1.55% 5,311,572.76 4.84%
2－3years - 0.00% - 0.00%
Over 3yeras - 0.00% 3,178,962.50 2.90%
Toal 204,748,953.43 100.00% 109,721,377.94 100.00%
The amount of account paid in advance at period-end increase RMB
95,027,575.49 compared with that of year-begin, up 86.61%. Mainly becaused the
Meiling Group and its subsidiaries purchasing have not been transferred, the purchase
amount paid in advance have not been transferred into capital .
（2）top 5 companies in amount of account paid in advance
Name Relationship Amount Age
Reason for
un-settlement
Hefei Xintai Holding Co.,
Ltd.
Shareholder 113,200,000.00
Within
1 year
Account of purching
of Meiling Group have
not been transferred in合肥美菱股份有限公司2010 年半年度报告
53
account.
Anhui Baogang Steel
Dilivery Co., Ltd.
Supplier 30,258,813.39
Within
1 year
Un-settlement
Angang Shares Co., Ltd. Supplier 27,161,185.82
Within
1 year
Un-settlement
BASF China Limited Supplier 11,133,096.00
Within
1 year
Un-settlement
Sichuan First Construction
Co., Ltd.
Supplier 7,103,000.00 v Un-settlement
Total 188,856,095.21
（3）Arrears held by shareholders with over 5%(5% included) voting rights of the
Company in accounts paid in advance at period-end:
Name Relationship Amount Age
Reason for
un-settlement
Hefei Xintai Holding Co.,
Ltd.
Shareholder 113,200,000.00
Within
1 year
Account of purching
of Meiling Group have
not been transferred in
account.
（4）balance of foreign currency in account paid in advance
Amount in period-end Amount in year-begin
Name Original
currency
Conversion
rate
Converted
into RMB
Original
currency
Conversion
rate
Converted
into RMB
USD 3,406,742.60 6.7909 23,134,848.32 545,863.65 6.8282 3,727,266.18
EUR 282,078.77 8.271 2,333,073.51 31,165.69 9.7971 305,333.37
Total 25,467,921.83 4,032,599.55
5. Other receivables
（1）classified according to types
Amount in period-end Amount in year-begin
Book balance Provision for bad debt Book balance Provision for bad de
Item
Amount
proportio
n（%）
Amount
proportio
n（%）
Amount
proportio
n（%）
Amount
prop
ion（
assification
1
18,867,077.62 35.45% 240,463.59 5.81% 2,073,076.93 8.64% 2,073,076.93 36.5合肥美菱股份有限公司2010 年半年度报告
54
assification
2
2,712,070.45 5.10% 2,524,998.16 61.02% 2,632,579.45 10.97% 2,348,984.23 41.4
assification
3
31,649,559.68 59.46% 1,372,547.00 33.17% 19,288,877.31 80.39% 1,246,822.34 21.9
Total 53,228,707.75 100.00% 4,138,008.75 100.00% 23,994,533.69 100.00% 5,668,883.50
100
Net value 49,090,699.00 18,325,650
The book balance of other receivables at period-end increased RMB
29,234,174.06 compared with that of year-begin, up 121.84%. Mainly because the
account of refund tax for exporting have not been received and the sales branch’s
reserves fund increased.
Classification 1: single major accounts receivable refers to the account
receivables above RMB 1,000,000 or with minor amounts but having impairment
testing individually;
Classification2: refers to the single minor accouts recevables but with major risk
after combination of credit risk characteristics;
Classification3: other minor accounts receivable.
Classification 1: single major accounts receivable or with minor amounts but
having impairment testing individually at period-end:
Name Amount
Amount
of bad
bedt
Withdrawa
l
proportion
Withdrawal reasons
Zhongshan State Taxation
Bureau Nantou Sub-bureau
14,057,805.88 - -
amount of export
drawback exist no risk
Provincial Power Hefei Power
Supply Co.,
3,532,431.74 176,621.59 5% withdrawal based on age
Advertisement Center of Anhui
TV
1,276,840.00 63,842.00 5% withdrawal based on age
Total 18,867,077.62 240,463.59
Classification2: single minor accouts recevables but with major risk after combination
of credit risk characteristics
amount at report period-end amount in year-begin
items
Amount Proportion Bad debt Amount Proportion Bad debt合肥美菱股份有限公司2010 年半年度报告
55
provision provision
Within
1 year
0.00% 0.00%
1-2years 0.00% 0.00%
2-3years 0.00% 0.00%
3-4years 220,879.33 8.14% 121,483.63 285,990.00 10.86% 36,294.50
4-5years 584,510.62 21.55% 496,834.03 225,998.12 8.58% 192,098.40
Over 5
years
1,906,680.50 70.30% 1,906,680.50 2,120,591.33 80.55% 2,120,591.33
Total 2,712,070.45 100.00% 2,524,998.16 2,632,579.45 100.00% 2,348,984.23
（2）Reversal amount of bad debt provision: Nil
（3）Other account receivable actually verified in this report period
Name
nature of
account
receivable
Verified
amount
Verified
reason
Wheather casued
by related
transactions
Jiangxi Kesheng
Industry&Trade Co.,
Ltd.
Loan 2,073,076.93
cancelled for
bankrupt of
debtor
Not
The Jiangxi Kesheng Industry&Trade Co., Ltd. have bankrupt , the account was
difficult to recover and last over 5 years. All amount have been accounted into bad
bedt provision and approved by 23 rd Meeting of 6th Board of Directors’ for
canceling..
（4）No arrears held by shareholders with over 5%(5% included) voting rights of the
Company in other account receivable at period-end :
（5）Other accounts receivable in top 5 companies
Name Amount Age
Proportion
to total
other
account
receivables
Nature and
content
Zhongshan State Taxation
Bureau Nantou Sub-bureau
14,057,805.88
Within 1
year
26.41% Export tax rebate
Provincial Power Hefei Power
Supply Co.,
3,532,431.74
Within 1
year
6.64%
Utilities paid in
advance合肥美菱股份有限公司2010 年半年度报告
56
Name Amount Age
Proportion
to total
other
account
receivables
Nature and
content
Advertisement Center of
Anhui TV
1,276,840.00
Within 1
year
2.40%
AD fee paid in
advance
Beijing Branch reserve fund 941,284.44
Within 1
year
1.77%
Beijing Branch
reserve fund
investment account of joint
venture paid in advance
800,000.00
Within 1
year
1.50%
registration
procedure of join
tventure have
been complished
Total 20,608,362.06 38.72%
6. Inventory
（1）Classified
amount in period-end Amount in year-begin
items
Book balance
Depreciation
provision
Bool value Book balance
Devalue
provision
Bool value
w material 144,021,394.37 5,149,148.00 138,872,246.37 121,717,700.47 1,059,300.55 120,658,399.
ventory
erchandise
906,514,083.72 62,228,826.81 844,285,256.91 728,277,821.44 62,122,441.19 666,155,380.
w value
nsumable
icles
3,179,426.49 - 3,179,426.49 2,944,921.07 - 2,944,921.
oods in transit 210,824,589.22 - 210,824,589.22 189,767,136.17 - 189,767,136.
oods-in-process 40,860,400.25 461,032.19 40,399,368.06 59,535,475.82 376,628.57 59,158,847.
ould expense
be apportioned 17,897,101.23 - 17,897,101.23 14,017,455.60 - 14,017,455.
Total 1,323,296,995.28 67,839,007.00 1,255,457,988.28 1,116,260,510.57 63,558,370.31 1,052,702,140.
The book balance of inventory at period-end increase RMB 207,036,484.71
compared with that of year-begin, up 18.55%, in which the book balance of inventory
merchandise at period-end increase RMB 178,236,262.28 compared with that of
year-begin, up 24.47%.合肥美菱股份有限公司2010 年半年度报告
57
（2）Provision for inventory depreciation
Decreased this period
Item
amount in
year-begin
Increase
this period Switch-back Other
amount in
period-end
Raw material 1,059,300.55 4,089,847.45 - - 5,149,148.00
Goods-in-process 376,628.57 228,237.49 - 143,833.87 461,032.19
Inventory
merchandise
62,122,441.19 106,385.62 - - 62,228,826.81
Total 63,558,370.31 4,424,470.56 - 143,833.87 67,839,007.00
（3）withdwal of provision for inventory depreciation
Item Withdwal base
Reason of
swithch-back
this year
Proportion of amoun
of switch-back to the
inventory amount at
period-end
Raw material - -
Goods-in-process - -
Inventory
merchandise
Compared the book cost of
inventory with its net relizable
value based on category,
withdrawal or swith-back the
provision of inventory
depreciation based on the
difference between net
relizable value and its book
cost.
- -
7. Financial assets available for sale
（1）category of financial assets available for sale
item Fair value at period-end Fair value at year-begin
1.Bond available for sale - -
2.Equity instrument available for
sale 3,021,943.55 134,011,570.00
3.Others - -
Total 3,021,943.55 134,011,570.00
There are legal shares of 3,703,000 shares under the name of Anhui
KefaxunfeiInformation Technology Co., ltd.(short form: KDXF, stock code: 002260)
held by the Company at year-begin, share cost was RMB7,091,806.06. in the year of合肥美菱股份有限公司2010 年半年度报告
58
2010, the Company totally sales 3,618,233 shares in the bidding trade system in
Shenzheng Securities Exchange, with RMB39.17 per share. As at the end of 30 June,
2010, the Company held 84,767 shares of the Anhui KefaxunfeiInformation
Technology Co., ltd., the close price was RMB35.65 per shaer, fair value was
RMB3,021,943.55. including RM accounted into capital reserve, and the relevant
income tax influence will adjusted into capital reservce and deferred income tax
liabilities.
8. Long-term equity investments
（1）category of Long-term equity investments
Item amount at period-end Amount at year-begin
Long-term equity investment
calculated based on cost method 10,900,000.00
10,260,000.00
Long-term equity investment
calculated based on quity method 26,689,372.97
28,428,371.63
total of Long-term equity investment
37,589,372.97
38,688,371.63
Less: impairment provision of
Long-term equity investment
- 1,660,000.00
vale of Long-term equity investment
37,589,372.97
37,028,371.63
（2）Long-term equity investment calculated based on cost method and equity method
ested
pany
Proportion
of share
holding
（%）
Proportion
of voting
rights（%）
Initial
amount
Amount at
year-begin
Increase in
this period
Decrease in
this period
Amount at
period-end
Ca
divid
this
on
ethod
ang
Co., 1.15 1.15 5,000,000.00 5,000,000.00 - - 5,000,000.00 4,360,
g
nce
td
20.00 20.00 1,660,000.00 1,660,000.00 - 1,660,000.00 -合肥美菱股份有限公司2010 年半年度报告
59
u
g
c
ting
td.
20.00 20.00 1,000,000.00 1,000,000.00 - - 1,000,000.00
g
g
c
ting
td.
20.00 20.00 1,000,000.00 1,000,000.00 - - 1,000,000.00
ou
g
c
ting
td.
20.00 20.00 800,000.00 800,000.00 - - 800,000.00
yuan
g
c
ting
td.
20.00 20.00 800,000.00 800,000.00 - - 800,000.00
zhou
g
c
ting
td.
20.00 20.00 600,000.00 - 600,000.00 - 600,000.00
xi
g
hold
nces
ting
td.
20.00 20.00 1,000,000.00 - 1,000,000.00 - 1,000,000.00
ng
c
20.00 20.00 700,000.00 - 700,000.00 - 700,000.00合肥美菱股份有限公司2010 年半年度报告
60
ting
td.
al 12,560,000.00 10,260,000.00 2,300,000.00 1,660,000.00 10,900,000.00
on
d
ology
ty
Co.,
28.57 28.57 1,000,000.00 2,588,783.96 - 764,088.90 1,824,695.06
g
g Co.,
48.28 48.28 25,055,600.00 25,839,587.67 - 974,909.76 24,864,677.91
al 26,055,600.00 28,428,371.63 - 1,738,998.66 26,689,372.97
tal 38,615,600.00 38,688,371.63 561,001.34 1,660,000.00 37,589,372.97
（3）Investmetn in affiliated enterprises
Invested
company
Type of
company
Register
place
Legal
person
Business
nature
Register capital
Proportion
of share
holding
（%）
Proportion
of voting
right（%）
1. Hefei
Meiling
Packing Co.,
Lltd.
Limited
company
Hefei
Sun
qingfeng
Manufacture
and sale
RMB18,400,000 48.28 48.28
2. Anhui
United
Technology
Property Trade
Co., Ltd.
Limited
company
Hefei
Chen
Hua
Property
transaction
RMB5,000,0005 28.57 28.57
（Con’t）合肥美菱股份有限公司2010 年半年度报告
61
Invested
company
total assets at
period-end
total liabilities
at period-end
total net
assets at
period-end
Total
operating
income in
this period
net profit
in this
period
1. Hefei
Meiling
Packing Co.,
Ltd.
159,672,115.38 108,171,125.50 51,500,989.88 63,425,141.06 -3,899.83
2. Anhui
United
Technology
Property
Trade Co.,
Ltd.
8,237,235.76 1,850,483.71 6,386,752.05 - -770,010.29
（4）impairment provision of long-tern equity investment
Invested company
amount at
year-begin
Increase
this
period
Decrease
this period
Amount at
period-end
Reasons for
decrerse
Hefei Meiling
Sigma Appliance
Co., Ltd
1,660,000.00 - 1,660,000.00 -
Cancellation
ofbusiness
license.
Verified
The Meiling Sigma Appliance Co., Ltd. have cancelled the business license. On
21 April 2010, the 33rd Meeting of 6th Board of Directors have approved the
verification.
9. Investment real estate
（1）Investment real estate calculated based on cost method
Item
Amount in
year-begin
Increased
amount in
this period
Decreased
amount in
this period
Amount at
period-end
Original price 18,858,648.21 - - 18,858,648.21
Including: House and buildings 17,941,956.83 - - 17,941,956.83
Land Use Right 916,691.38 - - 916,691.38
accumulative depreciation or 4,435,253.00 335,889.47 - 4,771,142.47合肥美菱股份有限公司2010 年半年度报告
62
accumulative amortization
Including: House and buildings 4,249,034.87 316,705.19 - 4,565,740.06
Land Use Right 186,218.13 19,184.28 - 205,402.41
Accumulative amount of
impairment provision
- - - -
Including: House and buildings - - - -
Land Use Right - - - -
book value 14,423,395.21 14,087,505.74
Including: House and buildings 13,692,921.96 13,376,216.77
Land Use Right 730,473.25 711,288.97
（2）Investment real estate without property certificate
Items
Reasons for not holding property
certificate
predicted time for
obtaining the property
certificate
House of sheet-metal plant
Procedure of fire protection
acceptance still in process
Year of 2010
House of injection molded
plant
Procedure of fire protection
acceptance still in process
Year of 2010
（3）As at the end of this report period, investment real estate for pledge:
Name of intangible
assets
Certificate of land
Property
area
Net value of
book
Note
Nantou village,
Nantou Town,
Zhongshan
Yue Property Zi
No.C1628036
5,153.32 3,407,834.47
China Merchants
Bank, Foshan
Branch
Nantou village,
Nantou Town,
Zhongshan
Zhong Fu Guo
Yong(2003) No. 020642
845 711,288.97
China Merchants
Bank, Foshan
Branch
Total 5,998.32 4,119,123.44
10,Fixed assets
（1）Fixed assets classified according to items
items
Amount in
year-begin
Increased in
this period
Decreased in
this period
Amount in
peiod-end
Original price 1,267,747,876.12 26,228,222.70 14,600,088.65 1,279,376,010.17合肥美菱股份有限公司2010 年半年度报告
63
items
Amount in
year-begin
Increased in
this period
Decreased in
this period
Amount in
peiod-end
House and buildings 376,730,987.50 1,269,989.97 - 378,000,977.47
Specific equipment 802,434,002.04 21,757,025.89 12,867,778.99 811,323,248.94
Transportation
equipment
25,511,879.29 2,369,152.49 937,900.40 26,943,131.38
others 63,071,007.29 832,054.35 794,409.26 63,108,652.38
accumulative
depreciation
445,929,541.36 54,746,384.46 7,176,808.03 493,499,117.79
House and buildings 44,581,912.50 6,347,424.53 148,162.44 50,781,174.59
Specific equipment 372,987,216.71 42,322,284.85 6,132,907.35 409,176,594.21
Transportation
equipment
13,553,535.25 1,504,100.93 684,396.71 14,373,239.47
others 14,806,876.90 4,572,574.15 211,341.53 19,168,109.52
impairment
provision
19,146,612.83 7,122,144.63 12,148,968.20
House and buildings 950,000.00 - - 950,000.00
Specific equipment 15,817,245.24 124,500.00 6,997,672.87 8,944,072.37
Transportation
equipment
596,067.96 - - 596,067.96
others 1,783,299.63 - 124,471.76 1,658,827.87
Book value 802,671,721.93 773,727,924.18
House and buildings 331,199,075.00 326,269,802.88
Specific equipment 413,629,540.09 393,202,582.36
Transportation
equipment
11,362,276.08 11,973,823.95
others 46,480,830.76 42,281,714.99
Concerning the fixed assts increased in this year, RMB 1,744,742.78 from
construction in progress; the accumulative depreciation increased in this year have
been accounted as withdrawal in the year. Concerning the fixed assets decreased in
this year, the original value decreased RMB 14,600,088.65 in this year.
（2） Temporary idle fixed assets: Nil
（3）Fixed assets rented by leasing operating
Name Original Net value Lessee合肥美菱股份有限公司2010 年半年度报告
64
value
Rolling plate cutting machine 459,000.00 22,950.00
Guangdong Xiongfeng Electric
Co., Ltd.
Four-leg oil press machine 324,200.00 16,210.00
Guangdong Xiongfeng Electric
Co., Ltd.
Open fixed press machine 313,768.00 15,688.40
Guangdong Xiongfeng Electric
Co., Ltd.
Auto spray production line 297,900.00 14,895.00
Guangdong Xiongfeng Electric
Co., Ltd.
Suspension delivery line 220,500.00 11,025.00
Guangdong Xiongfeng Electric
Co., Ltd.
Powerder spray equipment 155,000.00 7,750.00
Guangdong Xiongfeng Electric
Co., Ltd.
Welding machine, open fixed
press machine etc.
627,109.00 60,456.45
Guangdong Xiongfeng Electric
Co., Ltd.
Total 2,397,477.00 148,974.85
（4）As at the end of this period, fixed assets used in pledge:
Name No. Original value Net value Bank for pledge
Economic
development
zone
HeJingKaiYong（2007）
No.076
170,916,716.00 155,218,343.16
Bank of
Import&Export
Substation Proporty(FD)No.028277 12,055.47 7,561.77
Hefei Municipal
Bureau of Finance
Workshop plant Proporty(FD)No.028283 2,796,137.00 2,376,959.27
Hefei Municipal
Bureau of Finance
Air compressor
plant
Proporty(FD)No.028282 231,928.00 9,277.12
Hefei Municipal
Bureau of Finance
Distribution
substation
Proporty(FD)No.028278 88,970.00 82,485.06
Hefei Municipal
Bureau of Finance
Crusher
chamber
Proporty(FD)No.028284 242,232.00 212,658.80
Hefei Municipal
Bureau of Finance
Central
warehouse
Proporty(FD)No.028285 22,228,826.09 14,011,462.57
Huishang Bank,
Da Dongmen
Sub-branch合肥美菱股份有限公司2010 年半年度报告
65
Name No. Original value Net value Bank for pledge
Office building 860,810.06 204,671.50
China Merchants
Bank, Foshan
branch
Office building
（decoration）
1,309,613.63 876,000.54
China Merchants
Bank, Foshan
branch
Office building
（decoration）2
Yue Proporty Zi
No.C1628036
Zhong Fu Guo Yong
No.（2003)020642
3,332,464.76 2,229,085.67
China Merchants
Bank, Foshan
branch
2/F 1# plant
2/F 2# plant
4,461,822.45 2,376,844.25
China Merchants
Bank, Foshan
branch
1/F 1# plant
2,230,911.23 1,188,421.91
China Merchants
Bank, Foshan
branch
1/F 2# plant
Yue Proporty Zi
No.C1628035
Zhong Fu Guo Yong
No.（2003)020643
2,230,911.23 1,188,421.91
China Merchants
Bank, Foshan
branch
3# plant
10,510,553.63 5,827,792.82
China Merchants
Bank, Foshan
branch
3# plant
2
961,963.73 533,380.59
China Merchants
Bank, Foshan
branch
Warehouse
Yue Proporty Zi
No. C 1628037
Zhong Fu Guo Yong
No.（2003)020641
1,897,142.05 1,051,909.47
China Merchants
Bank, Foshan
branch
4# plant
２
Yue Proporty Zi
No.C 1628020
Zhong Fu Guo Yong
No.（2003)020640
1,212,957.95 672,549.50
China Merchants
Bank, Foshan
branch
5# plant
Zhong Fu Guo Yong
No.（2003)020639 6,580,091.13 5,043,378.58 China Merchants
Bank, Foshan合肥美菱股份有限公司2010 年半年度报告
66
Name No. Original value Net value Bank for pledge
branch
5# plant
2
408,822.23 313,346.00
China Merchants
Bank, Foshan
branch
6# warehouse
for stock
temporary
382,020.00 160,236.15
China Merchants
Bank, Foshan
branch
Dormitory of
1#, 2# and 3#
4,910,007.80 2,717,645.81
China Merchants
Bank, Foshan
branch
4# dormitory
Yue Proporty Zi
No.C 1652755、
No.C1652821、
No.C1652754、
No.C1628038
Zhong Fu Guo YongNo.
（2003)020644
1,519,062.18 840,787.38
China Merchants
Bank, Foshan
branch
Canteen
Yue Proporty Zi
No.C1652823
Zhong Fu Guo Yong
No.(2003)020644
1,178,632.00 653,516.67
China Merchants
Bank, Foshan
branch
Total 240,504,650.62 197,796,736.50
（5）Fixed assts without property certificate
Items
Reasons for not holding property
certificate
predicted time for
obtaining the
property certificate
Cantee
Procedure of fire protection
acceptance still in process
Year of 2010
1#Doemitory
Procedure of fire protection
acceptance still in process
Year of 2010
2# Doemitory
Procedure of fire protection
acceptance still in process
Year of 2010
Station of of distribution air
compressor
Procedure of fire protection
acceptance still in process
Year of 2010
Chemical warehouse Procedure of fire protection Year of 2010合肥美菱股份有限公司2010 年半年度报告
67
acceptance still in process
2# main plant
Procedure of fire protection
acceptance still in process
Year of 2010
2# products house
Procedure of fire protection
acceptance still in process
Year of 2010
Plant of pressing suction
plastic
Procedure of fire protection
acceptance still in process
Year of 2010
warehouse of raw material
Procedure of fire protection
acceptance still in process
Year of 2010
Waste station
Procedure of fire protection
acceptance still in process
Year of 2010
R&D center
Procedure of fire protection
acceptance still in process
Year of 2010
Administrative center
Procedure of fire protection
acceptance still in process
Year of 2010
Marketing center
Procedure of fire protection
acceptance still in process
Year of 2010
Multi-functional centre
Procedure of fire protection
acceptance still in process
Year of 2010
6# Plant
Procedure of fire protection
acceptance still in process
Year of 2010
1# Key Doemitory
Procedure of fire protection
acceptance still in process
Year of 2010
5#Plant
procedure of application have not
being handling
2#Key Doemitory
Procedure of fire protection
acceptance still in process
Year of 2010
11.Construction in process
（1）details of construction in process
Amount at period-end Amount at year-begin
Item Balance of
book
Impairment
provision
Vale of book
Balance of
book
Impairment
provision
Vale of book
Changhong Meiling
Industry Garden
2,809,247.06 - 2,809,247.06 1,976,901.20 - 1,976,901.20合肥美菱股份有限公司2010 年半年度报告
68
PhaseII
construction of South
Zone in Industry
garden
6,133,516.22 - 6,133,516.22 522.00 - 522.00
Equipment ready for
setting up
4,826,921.07 - 4,826,921.07 5,939,138.73 124,500.00 675,217.04
Other odd projects 3,327,987.26 - 3,327,987.26 1,138,376.09 - 16,705,413.35
Toal 17,097,671.61 - 17,097,671.61 9,054,938.02 124,500.00 8,930,438.02
（2）impaiement provision of construction in process
item
Amount
at
year-begin
Increased
in this
period
Decreased
in this
period
Amount at
period-end
Reasons of
withdrawal
Equipment ready for
setting up （ pipe
bender）
124,500.00 124,500.00 -
The technology
relatively
backward
12、Disposal of fixed assets
item
Amount at
year-begin
Increased in
this year
Decreased in
this year
Amount at
period-end
Disposal of fixed assets - 2,733,628.10 2,733,628.10 -
13、Intangible assets
（1）Intangible assts classified according to items
Items
Amount at
year-begin
Increased in
this period
Decreased
in this
period
Amount at
period-end
Original price 693,859,336.10 - - 693,859,336.10
land use right 593,889,312.37 - - 593,889,312.37
Exclusive right of trademark 73,711,036.84 - - 73,711,036.84
extra-low tempreture cooler
technology with new mex
refrigerant
9,000,000.00 - - 9,000,000.00
Non-patent technology 17,258,986.89 - - 17,258,986.89
accumulative amortizing 90,153,924.64 17,222,356.74 - 107,376,281.38
land use right 37,834,496.10 6,326,432.22 - 44,160,928.32合肥美菱股份有限公司2010 年半年度报告
69
Exclusive right of trademark 39,023,490.09 6,503,915.02 - 45,527,405.11
extra-low tempreture cooler
technology with new mex
refrigerant
6,750,000.00 1,125,000.00 - 7,875,000.00
Non-patent technology 6,545,938.45 3,267,009.50 - 9,812,947.95
impairment provision - - - -
land use right - -
Exclusive right of trademark - -
extra-low tempreture cooler
technology with new mex
refrigerant
- -
Non-patent technology - -
Book value 603,705,411.46 586,483,054.72
land use right 556,054,816.27 549,728,384.05
Exclusive right of trademark 34,687,546.75 28,183,631.73
extra-low tempreture cooler
technology with new mex
refrigerant
2,250,000.00 1,125,000.00
Non-patent technology 10,713,048.44 7,446,038.94
（2）Constitution of land use
①Land use right at Year- beginning was exchanged from land in the Meiling Group
development district in the form of account receivable.
②Land use right was paid off by Meiling Group, Meiling Air Conditioner for the
Company’s debt on 31 Nov.2005.
③Jiangxi Meiling bid for the bankruptcy asset in Jingde Huayi Parent Company Air
Conditioner Branch on 24 Nov.2009.
（3）Paten of trademark was received by transfer from Meiling Group i n 2002.
（4）Intangible assets of “New Mixed Material J-T Cooling Technology and
Application Research in Ultra-low Temperature Storage Cuber” was evaluated RMB
1800000 accounting for 30% shareholding of Zhongke Meiling.
（5）As at the end of this period, the intangible assets for pledge as follow:
Name Land certificate
Proporty
area (M2)
Net value of
book
Note
A zone Meiling Industry Dong Guo Yong2002 10,560.00
4,000,352.70
Bank of合肥美菱股份有限公司2010 年半年度报告
70
Name Land certificate
Proporty
area (M2)
Net value of
book
Note
Garden Longgang
Industry Zone
Zi No. 0257 Communicatio,
Hefei Branch
A zone Meiling Industry
Garden Longgang
Industry Zone
Dong Guo Yong 2002
Zi No. 0259
5,015.00
Bank of
Communicatio,
Hefei Branch
Nantou village Nantou
Town Zhongshan
Zhong Fu Guo Yong
No. (2003) 020639
14,834.30
ChinaMerchantsBank
Foshan Branch
Nantou village Nantou
Town Zhongshan
Zhong Fu Guo Yong
No. (2003) 020640
5,375.90
ChinaMerchantsBank
Foshan Branch
Nantou village Nantou
Town Zhongshan
Zhong Fu Guo Yong
No. (2003) 020641
16,198.20
ChinaMerchantsBank
Foshan Branch
Nantou village Nantou
Town Zhongshan
Zhong Fu Guo Yong
No. (2003) 020642
12,394.10
ChinaMerchantsBank
Foshan Branch
Nantou village Nantou
Town Zhongshan
Zhong Fu Guo Yong
No. (2003) 020643
15,381.40
ChinaMerchantsBank
Foshan Branch
Nantou village Nantou
Town Zhongshan
Zhong Fu Guo Yong
Zhong Fu Guo Yong
(2003) 020644
14,451.10
ChinaMerchantsBank
Foshan Branch
Nantou village Nantou
Town Zhongshan
Zhong Fu Guo Yong
Zhong Fu Guo Yong
(2003) 021955
21,713.00
10,432,954.78
ChinaMerchantsBank
Foshan Branch
Total 115,923.00 14,433,307.48
14、development expenditure
Decreased in this year
items
Amount
of
year-begi
n
Increased
in this
year
Reckoned
into current
gains/losses
Intangible
assets
recognition
Amount
at
period-en
d
Zhongshan Changhong
New surface patent
design
137,665.9
8
- 137,665.98 - -
Technology development
of Changhong Air
15,275,94
6.99
13,624,49
0.94
3,880,893.04
25,019,54
4.89合肥美菱股份有限公司2010 年半年度报告
71
Conditioner
Toal
15,413,61
2.97
13,624,49
0.94
4,018,559.02 -
25,019,54
4.89
15、long-term prepaid expenses
Item
Amount
at
year-begin
Increase
inthis
year
Prepaid in
this year
other
decreased
in this year
amount at
year-end
Other
decreased
reasons
R3
information
system
600,000.00 - 300,000.00 - 300,000.00
16、Deferred income tax asets and deferred income tax liabilities
（1）Deferred income tax asets and deferred income tax liabilities that recognized
Item
Amoun tat
period-end
Amount at
year-begin
Deferred income tax asets
impairment provision of asets 18,007,878.17 18,128,370.33
Projected liabilities 22,199,487.68 13,630,309.58
difference of converted terms 155,118.21 206,824.28
Toal 40,362,484.06 31,965,504.19
Deferred income tax liabilities
estimation value of transactional financial
instrument and derivative financial instrument
- -
change of the fair value of financial assets available
for sale reckoned into capital reserve
428,940.30 19,037,964.60
Toal 428,940.30 19,037,964.60
（2）items of deferred income tax assets without recognizion
Item Amoun tat period-end Amount at year-begin
temporary difference deductable 1,391,556.81 1,383,379.73
deductable losses 4,049,101.56 5,522,300.23
Total 5,440,658.37 6,905,679.96
（3）relevant temporary difference of assets or liabilities caused the difference
Item amount of difference
deferred income tax assets合肥美菱股份有限公司2010 年半年度报告
72
Item amount of difference
bad debt provision of account receivable 34,289,631.09
bad debt provision of other account
receivable
4,277,964.95
depreciation provision of inventory 67,683,351.26
depreciation provision of long-term equity
investment
-
depreciation provision of construction in
process
124,500.00
depreciation provision of fixed assets 12,024,468.20
difference of converted terms 1,034,121.40
projected liabilities 147,996,584.51
Total 267,430,621.41
deferred income tax liabilities
change of fair value of financial asets
available for sale
2,859,601.90
Total 2,859,601.90
17、details of impairment provision of assets
Decreased in this period
items
Amount at
year-begin
Increased in
this period Written-back other
Amount at
period-end
Bad debt
provision
33,341,181.47 11,262,934.10 157,535.48 6,011,686.68 38,434,893.41
depreciation
provision of
inventory
63,558,370.31 4,424,470.56 - 143,833.87 67,839,007.00
depreciation
provision of
financial
assets
available for
sale
- - - - -
depreciation
provision of
investment
- - - - -合肥美菱股份有限公司2010 年半年度报告
73
Decreased in this period
items
Amount at
year-begin
Increased in
this period Written-back other
Amount at
period-end
held with
due-maturity
depreciation
provision of
long-term
equity
investment
1,660,000.00 - - 1,660,000.00 -
depreciation
provision of
investment
real estate
- - - - -
depreciation
provision of
fixed assets
19,146,612.83 124,500.00 - 7,122,144.63 12,148,968.20
depreciation
provision of
engineering
materials
- - - - -
depreciation
provision of
construction
in process
124,500.00 - 124,500.00 - -
depreciation
provision of
productive
biological
assets
- - - - -
incl:
depreciation
provision of
marutiry
productive
- - - - -合肥美菱股份有限公司2010 年半年度报告
74
Decreased in this period
items
Amount at
year-begin
Increased in
this period Written-back other
Amount at
period-end
biological
assets
depreciation
provision of
oil and
petrol assets
- - - - -
depreciation
provision of
intangible
assets
- - - - -
depreciation
provision of
goodwill
- - - - -
Other - - - - -
Total 117,830,664.61 15,811,904.66 282,035.48 14,937,665.18 118,422,868.61
18、short-tern loans
Type Amoun at period-end Amount at year-begin
Mortgage loan
-
-
Pledge loan 79,730,000.00 9,000,000.00
Guarantee loan 60,000,000.00 175,000,000.00
Credit loan 78,860,000.00
Total 218,590,000.00 184,000,000.00
19、Notes payable
（1）classified according to type
Type Amount at period-end
Amount at
year-begin
Bank acceptance bill 743,537,578.54 404,691,072.19
Commerce acceptance bill - -
Total 743,537,578.54 404,691,072.19
（2）Major bank acceptance bill (top 5)合肥美菱股份有限公司2010 年半年度报告
75
Bank of issuer Beneficiary
Date of
issuer Due date Amount
Huishang Bank
Dongdamen
Branch
Wuhu Oubao
Electro-mechanical Co.,
ltd.
2010.02.24 2010.08.24 15,100,000.00
Huishang Bank
Dongdamen
Branch
Guangzhou Wanbao Group
Compressor Co., ltd.
2010.01.21 2010.07.21 13,200,000.00
China CITIC bank
Shengli Road
branch
Hangzhou Qianjiang
Presser Co., Ltd.
2010.04.27 2010.10.27 11,900,000.00
China CITIC bank
Shengli Road
branch
Huayi Presser Holding Co.,
Ltd.
2010.05.21 2010.11.21 11,210,000.00
China Merchants
Bank Hefei Branch
Business
Department
Wuhu Oubao
Electro-mechanical Co.,
ltd.
2010.01.18 2010.07.18 11,000,000.00
Total - 62,410,000.00
20、accounts payable
（1）accounts payable
Item Amount at period-end Amount at year-begin
Total 1,716,535,832.24 1,157,326,858.96
Incl: over 1 year 8,374,777.49 4,856,442.30
Amount of account payable at period-end increased RMB 559,208,973.28
compared with that of at year-begin, up 48.32%. Mainly due to the busy season, the
purchase materials increased and accounts that have not been in due.
（2）account payables of shareholders with 5%( 5% included) voting rights of the
Company
Name Amount at period-end Amount at year-begin
Sichuan Changhong Electric Co.,
Ltd.
16,196,975.92 5,769,505.99
（3）foreign currency balance in accout payables合肥美菱股份有限公司2010 年半年度报告
76
Amount at period-end Amount at year-begin
Name Original
currency
Conversion
rate
Converted
into RMB
Original
currency
Conversion
rate
Converted
into RMB
USD 1,077,193.63 6.7909 7,315,114.22 101933.53 6.8282 696,022.54
JPY 4,435,872.84 0.076686 340,169.34 40,324,770.27 0.0738 2,975,242.20
Total 7,655,283.57 40,426,703.80 3,671,264.74
（4）Age over 1 year account in account payable this period was RMB8,374,777.49
without settlement.
21、account received in advance
（1）account received in advance
Item Amount at period-end Amount at year-begin
Total 806,709,974.79 718,021,736.69
Incl: over 1 year 42,628,719.22 40,337,297.60
The amount of account received in advance at period-end increase
RMB88,688,238.10 compared with that of at year-begin, up 12.35%. mainly because
the increased saling in rural , the dealer increased the account paid in advance.
（2）account received in advance of shareholders with 5%( 5% included) voting rights
of the Company
Name Amount at period-end Amount at year-begin
Sichuan Changhong Electric
Co., Ltd.
4,549,925.81 4,681,218.92
（3）balance of foreign currency in accout received in advance
Amount at period-end Amount at year-begin
Name
Original
currency
Conversion
rate
Converted
into RMB
Original
currency
Conversion
rate
Converted
into RMB
EUR 1,732.56 8.271 14,330.00 18,884.62 9.7971 185,014.51
USD 4,661,856.90 6.7909 31,658,204.02 4,320,142.04 6.8282 29,498,793.88
Total 31,672,534.03 4,339,026.66 29,683,808.39
（4）The account with over 1 year in accounts received in advance at period-end
mainly caused by the commcer accounts paid by dealer but not withdrw the goods in
time.
22、Wage payable
（1）classified according to items合肥美菱股份有限公司2010 年半年度报告
77
Item
Amount at
year-begin
Increase in this
period
Decrease in
this period
Amount at
period-end
Salary, bonus, allowance
and subsidy
22,316,079.72 141,090,802.69 156,028,813.84 7,378,068.57
Welfare for workers
and staff 21,000.00 7,614,264.25 7,536,735.43 98,528.82
Social insurance 6,044,357.38 24,340,195.59 28,245,879.49 2,138,673.48
Including:
Medical insurance 173,223.66 4,810,126.87 4,170,236.06 813,114.47
Basic endowment
insurance
5,697,235.60 17,608,862.23 22,304,133.15 1,001,964.68
Unemployment
insurance
147,624.79 1,146,397.74 1,000,156.57 293,865.96
Work injury insurance 15,325.62 406,445.94 404,430.64 17,340.92
Maternity insurance 10,947.71 368,362.81 366,923.07 12,387.45
Housing accumulation
fund
4,633,058.85 11,242,424.63 11,051,806.75 4,823,676.73
Labor union expenditure
and personnel education
expense
471,546.63 127,013.68 149,331.88 449,228.43
Non-monetary welfare - - - -
Discharge welfare * 36,353,487.94 5,473,061.00 3,669,246.54 38,157,302.40
Others 1,021,955.55 14,833.93 9,786.61 1,027,002.87
Including: cash-settled
share-based payment
- - - -
Total 70,861,486.07 189,902,595.77 206,691,600.54 54,072,481.30
*according to the internal retirement regulated in the Company and the
Resolution of 29th Meeting of 5th Board of Ditrectirs on 28 January 2008, the female
worker with over 45 ages and male workers with over 48 ages will voluntary for
retirement before hand while cencent with the Company. The withdrawal salary and
social insurance welfare in first half year was RMB 5,473,06.
（2）the wage payable at period-end mainly caused by the withdrawal of
performance reward in first half year of 2010. and there are no arear s in the account
this year.合肥美菱股份有限公司2010 年半年度报告
78
23、Tax payable
Item Amount at period-end Amount at year-begin
Value-added tax 19,254,669.89 7,659,079.78
Business tax 84,802.33 108,452.68
Enterprise income tax 92,857,405.14 50,364,171.13
Individual income tax 1,463,987.46 1,948,106.37
Urban maintenance and
construction tax
5,061,566.42 1,767,330.82
House property tax 913,694.25 854,921.87
Land-use right tax 2,492,394.64 531,328.86
Educational surtax 3,122,747.61 1,006,341.02
Stamp tax 474,290.50 329,088.92
Construction fund of Water
Conservancy Projects
527,661.20 682,917.39
Fund for coarse adjustment 171,283.95 156,037.62
Flood-control fund 412,732.38 238,436.77
embankment fee 20,000.00 16,387.12
Total 126,857,235.77
65,662,600.35
。The payable tax at period-end increase RMB61,194,635.42 compared with that
of year-begin, up 93.20%, mainly caused by the delay payment of payable VAT and
enterprise income tax.
24、Dividends payable
Name
Amount at
period-end
Amount at
year-begin
Reasons for delay
payment over 1 day
Hefei Meiling Group
(Holdings) Co., Ltd 167,506.42 167,506.42
No receiving procedure
from opposite
International Business
Department of Industry and
Commercial Bank of China
of Anhui Branch
153,697.50 153,697.50
No receiving procedure
from opposite
Provincial Technic Import
and Export Company - 153,697.50
Communication Bank of No receiving procedure合肥美菱股份有限公司2010 年半年度报告
79
Hefei Branch 153,697.50 153,697.50 from opposite
Other 20 piecemeal units
431,300.30 588,576.50
No receiving procedure
from opposite
Total 906,201.72 1,217,175.42
25、Other payable
（1）Other payable
Item Amount at period-end Amount at year-begin
Total 743,709,730.17 624,779,113.24
incl: Over 1 year 69,240,509.30 42,859,491.14
Other payable at period-end increase RMB118,930,616.93 compared with that of
year-beign, up 19.04%, mainly caused by the pre-withdwral of sales expenses that
haven been occurred but have not been reinburement. The account with over 1year
mainly from the payable margin to dealers.
（2）Account paid to the shareholder unit which holds above 5% of the shares of the
Company in the balance of other payable at the year-end:
Name Amount at period-end Amount at year-begin
Sichuan Changhong Electric Co.,
Ltd
193,928,843.19 286,242,599.05
Total 193,928,843.19 286,242,599.05
（3）other payables with major amount at period-end
Item A mount Age Nature& content
Sichuan Changhong
Electric Co., Ltd
193,928,843.19 Within 1year
Purchase account of Air
conditioner and wages
account of Changhong Air
Condition from Sichuan
Changhong
sales expenditure
pre-withdraw
476,068,371.20 Within 1year
Sales expenditure
pre-withdraw without
reinbursment yet
Total 669,997,214.39
26、Non-current liabilities due within one year
（1）classified according to items
Item Amount at period-end Amount at year-begin合肥美菱股份有限公司2010 年半年度报告
80
long-term borrowings due
within one year
3,000,000.00 3,000,000.00
bond payable due within
one year
- -
long-term payables due
within one year
- -
Total 3,000,000.00 3,000,000.00
（2）Long-tern loans due within one year
Type Amount at period-end Amount at year-begin
pledge loan - -
Mortage loan - -
Guarantee loan 3,000,000.00 3,000,000.00
Credit loan - -
Total 3,000,000.00 3,000,000.00
（3）top 5 Long-tern loans due within one year at period-end
company Amont term Annual rate%
Huishang Bank Hefei
Chenghuangmiao Branch
3,000,000.00 2008.08.18-2010.08.18 6.30
Total 3,000,000.00
27 other current-liabilities
Item
Amount at
period-end
Amount at
year-begin
reward capital received in advacen from
government
- 20,172,100.00
According to the Notice of No（. 2009）43 ‘Reward of promoting the industry
economysteady development“from the Heifei Economy Committee and Hefei
Finance Burear, with purpose of encourage the production and more selling, the
exceed part of the total industry production volum and main business income of
2009 compared with that of 2008, will give reward after deducting growth rate of
basic increasing. The Company received a reward of RMB20,172,100.00 in April合肥美菱股份有限公司2010 年半年度报告
81
2009. The amount was recognized as liabilities in 2009 .RMB15,247,000 of 2009
from the increase production reward have been settled in first half year of 2010,
the exceeded RMB4,925,000 have been refund.
28 Long-tern loans
（1）classification of long-tern loans
Type
Amount at
period-end
Amount at
year-begin
pledge loan - -
Mortage loan 7,040,000.00 7,040,000.00
Guarantee loan - -
Credit loan 8,207,300.00 8,207,300.00
Total 15,247,300.00 15,247,300.00
（2）top 5 Long-tern loans r at period-end
loans loans Amount at period-end Amount at year-b
Company Start
from(date)
End
at(date)
Currency
rate
（%）
Foreign
currency
amount
Local
currency
amount
Foreign
currency
amount
Loc
curre
amou
cipal Bureau of
Finance of Hefei（1）
2006-11-09 2021-11-08 RMB 4.44 - 7,040,000.00 - 7,040,0
cipal Bureau of
ce of Hefei（2）
2002-11-21 2017-11-20 RMB 2.82 - 5,207,300.00 - 5,207,3
cipal Bureau of
ce of Hefei（3）
2004-12-10 2019-12-10 RMB 2.82 - 3,000,000.00 - 3,000,0
Total - - - - - 15,247,300.00 - 15,247,3
（1）in August 2006, the Company signed a Assets Pledge Agreement with Hefei
Finance Bureau. The amount of RMB7040000 of 15 years capital from state debt with
the industy plant of area of 2,322.98 square meters in Cresser Plant as pledge. The
transfer capital will calculated the interest from the date of withdrwal the capial from
Finance Bureau。 The compensation interest of first half year will be RMB.
（2）On Nov. 1st of 2002, the Company signed Agreement on Implementing
Construction Program Using On-lending National Debts with finance bureau of Hefei.
The agreement indicates that finance bureau of Hefei transfers to the Company
worthy of RMB 7.16 million of national debts for technology reform item of NM
preservation board of the Company. The loan tenure was 15 years. Interest accrual合肥美菱股份有限公司2010 年半年度报告
82
over on-lending capital was calculated since Hefei Finance Bureau made the fund
appropriation (Nov. 21st, 2002), the Company should pay for this debt to Hefei
Finance Bureau in average way by year within loan period. The previous 4 years was
grace period, and the yearly interest of on-leading capital was calculated in floating
rate. (The yearly interest of every group national debts on-leading capital was
confirmed according to one-year deposit interest issued by People's Bank of China
dating from the value date of that year, plus 0.3% )（3）on 10 December 2004, the
Company received a state-debt special capital from Hefei Finance Bureau fro the
reformation of enterprises’ information system.
29 reasonable account payable
Item
amount at
year-begin
Increased
inthis period
Decreased in
this period
Amount at
period-end
compensation of
governmental
moving
34,223,417.47
-
346,147.06 33,877,270.41
In September 2006, the Company and Hefei Land Reserve Center(short for Reserve
Center) sign an agreement of re-back of the land use right of state-owned lands. The
Reserve center recovered the land use right of No.33 and No.48 land in Hefei Wuhu
Road, total as area of 119,400 square meters. According to the agreement, the reback
compenstion fee (including moving , distalltion and settlement As agreed in the
Agreement, the Finance Department of Hefei will pay land compensation fees
(including dismantlement, removal and settlement etc.) to the Company within six
months upon trading of the lands. The detailed compensation fees are calculated at
65% of the total trading amount less taxes of deed and bank interests on the loan from
pledge of the land (including appraisal fees). In June 2009, the above two state-owned
lands originally held by the Company were trade. According to the Supplemental
Agreement of Recovery of the State-owned Land Use Rights signed by the Company
and the Bureau of Finance of Hefei, State-owned Assets Supervision and
Administration Sub-Commission of Hefei, the Economic Committee of Hefei and the
Land Reserve Center of Hefei on Dec. 10, 2009, as jointly negotiated by all parties,
the agreed land compensation fees (including dismantlement, removal and settlement
etc.) payable to the Company by the Bureau of Finance of Hefei was RMB 422.5112
million. The Company received RMB 422.5112 million of the above land
compensation fees on Dec. 15, 2009. The special payables decreased by RMB
388,287,782.53 in 2009, which was mainly the expenditures of dismantlement,
removal and settlement in the initial stage of cancellation.
Specific payable in this period decreased RMB 3.4,617,406 million, mainly due
to spending on finished apartment building and facilities for staffs’ settlement. It has
been transferred into fixed assets and used since specific payable was transferred into合肥美菱股份有限公司2010 年半年度报告
83
deferred income. Till 6th of 2010, the balance of specific payable was RMB
338.7,727,041 million.
30、Projected liabilities
Item
amount at
year-begin
Increased
inthis period
Carry-forward
this period
Amount at
period-end
external
guarantee
- - - -
un-judge lawsuit - - - -
quality guarantee
of products
90,868,730.51 57,127,854.00 - 147,996,584.51
restucturing
liabilities
- - - -
losses contract
ready for
implement
- - - -
Other - - - -
Total 90,868,730.51 57,127,854.00 - 147,996,584.51
The Product quality bond predicted at first half year was RMB 57,127,854.00,
mainly cused by the commitment of the Company for a ten-year guarantee for the
household electrical appliance products going into rural families.
31 Other non-current liabilities
Item
amount at
year-begin
Increased inthis
period
Decrease in
this period
Amount at
period-end
deferred
income
28,257,754.52 906,147.06 560,801.71 28,603,099.87
1）The Company obtained land compensation expense from government due to
removal, including original value of dormitory matching facilities for allocating
employee amounted to RMB 306,147.06 recognized as deferred income, according to
depreciation period of the aforesaid buildings and matching facilities, amortization
was taken since the withdrawal month of depreciation of fixed assets, the amortized
amount in this report period RMB560,801.71 was transferred from deferred income
into non-operating income.
2) Subsidiary Sichuan Changhong Air-conditioner Company obtained government
support amounting to RMB0.6 million for 2009 applicable technological research and
development project, recognizing as deferred income, including: i. MCJ No.
[2009]134 stated supporting fund amounting to RMB0.1 million for 180-degree合肥美菱股份有限公司2010 年半年度报告
84
direct-current variable frequency energy conservation air-conditioner and
industrialization project; ii. MCJ No. [2009]140 stated the fund amounting to RMB0.5
million for curved centrifugal fan of energy conservation air-conditioner project.
32、Share capital
amount at year-begin
Changed in
this year
Amount at period-end
Name /type
Amount
proportion
（%）
Other Amount
proportion
（%）
restricted
shares
113,806,751.00 27.52 -76,857,362.00 36,949,389.00 8.93
State-owned
shares
- - - - -
State-owned
legal person’s
shares
104,461,498.00 25.26 -75,110,025.00 29,351,473.00 7.09
Other
domestic
shares
9,277,998.00 2.24 -1,747,337.00 7,530,661.00 1.82
Including:
Domestic
legal person
9,149,917.00 2.21 -1,619,256.00 7,530,661.00 1.82
Domestic
natural
person’s
shares
128,081.00 0.03 -128,081.00 - -
Foreign
shares
- - - - -
Including:
Foreign legal
person’s
shares
- - - - -
Foreign
natural
person’s
- - - - -合肥美菱股份有限公司2010 年半年度报告
85
shares
senior
executive
share
67,255.00 0.02 - 67,255.00 0.02
unrestricted
shares
299,836,198.00 72.48 76,857,362.00 376,693,560.00 91.07
RMB
common
share
186,736,198.00 45.14 76,857,362.00 263,593,560.00 63.73
Domestically
listed foreign
shares
113,100,000.00 27.34 - 113,100,000.00 27.34
Overseas
listed foreign
shares
- - - - -
Others - - - - -
Total shares 413,642,949.00 100.00 - 413,642,949.00 100.00
33、Capital reserve
Item
Amount at
year-begin
Increased
this period
Decreased this
period
Amount at peirod-end
Share
premium
504,324,664.36 - 2,971,165.68 501,353,498.68
Other capital
reserve 155,962,358.17 8,444,563.00 113,895,700.74 50,511,220.43
Total 660,287,022.53 8,444,563.00 116,866,866.42 551,864,719.11
share premium decreased RMB 2,971,165.6 in this period, mainly caused by the
difference between the consideration and the book net assets of Zhongshan at the
end of purchased date while purchase 10% equity of Zhongshan.
Other capital reserve decreased RMB105,451,137.74, according to “expert views on
implementation issues of accounting standards for business enterprise” promulgated
on 21 Jan 2008, the enterprises, holding restricted equity of listed companies and had
no control, joint control or major influences on listed companies, should conform to
accounting standards for business enterprise No.22---financial instruments
confirmation and measurement, and the Company took its holding restricted equity
into financial assets available for sales. The Company confirmed its holding restricted
equity of iFLYTEK as financial assets available for sales based on its fair value. The合肥美菱股份有限公司2010 年半年度报告
86
balance between fair value and cost of original book value, that was gains from
changes of fair value, directly was reckoned into other capital reserve. After changes
of financial assets available for sales deducting influences of deferred income tax
liabilities in this report period, capital reserve had an increase of RMB8,444,563.00.
Capital reserve was transferred out from sales of financial assets was
RMB109,373,267.54 in this report period. After changes of fair values from financial
assets available for sales deducting influences of deferred income tax liabilities,
capital reserve has a decrease of RMB4,522,433.20, and totally capital reserve had a
decrease of RMB113,895,700.74 in the report period.
34、Surplus reserves
Item
Amount at
year-begin
Increased this
period
Decreased this
period
Amount at
peirod-end
Statutory surplus
reserve
131,288,465.07 - - 131,288,465.07
Free surplus
reserve 153,819,249.12 - 38,211,546.96 115,607,702.16
Total 285,107,714.19 - 38,211,546.96 246,896,167.23
the surplus reserves of this period decreased RMB 38,211,546.96. According to
the relevant regulation of the developemt of the Company and accounting policies, the
remedy losses with surplus reserves was RMB38,211,546.96, that bave been approved
by the 30th Meeting of 6th Board of Directors.
35、Undistributed profit
Item Amount
proportion of
withdrawal or
distribution
amount at period-end of last year -34,609,778.15
Plus: adjustment undistributed profit at
year-begin
incl: Changed of accounting policies
important previously error correction
consolidated changed under the same
control
other adjustment factors
amount at year-begin of this year -34,609,778.15
Plus: Net profit distributable to shareholder
of parent company this year
218,616,696.38合肥美菱股份有限公司2010 年半年度报告
87
Plus: remedy losses of surplus reserves 38,211,546.96
Less: withdrawal of Statutory surplus
reserve
withdrawal of Free surplus reserve
withdrawal of general risk provision
common share dividen payable
common shaer dividen converted to share
capital
Amount at period-end this year 222,218,465.19
36、Minority shareholder’s equity
Name of subsidiaries
proportion
of minority
shares
Amoun tat
period-end
Amount at
year-begin
Zhongke Meiling
Low-TemperatureTechnology Co.,
Ltd.
30% 17,134,511.79 16,829,423.24
Mianyang Meiling Refrigerating
Co., Ltd
3% -121,473.04 -128,369.89
Jiangxi Meiling Refrigerating Co.,
Ltd
3% 6,961.27 -35,074.81
Hefei Meiling Electric
MarketingCo., Ltd.
0.03% 386.52 -22.24
Zhongshan Changhong Electric
Co., Ltd.
10% 8,472,935.49
Total 17,020,386.54 25,138,891.79
Zhongshan Changhong Electric Co., Ltd.(Zhongshan Changhong), its former name
was Guangdong Changhong Electric Co., Ltd., jointly started as company limited by
Sichuan Changhong and China Minmetals Corporation on 22 May 2001. The
company’s registration capital was RMB80 million of which Sichuan Changhong
funded RMB72 million accounting for 90 percent and China Minmetals Corporation
funded RMB8 million accounting for 10 percent. The company changed its former
name in July 2003. In Dec 2009, the Company acquired 90 percent equity of
Zhongshan Changhong from Sichuan Changhong via common control. On March 2,
2010, Sichuan Changhong Air-conditioner Co., Ltd.( Sichuan Changhong
Air-conditioner) signed equity transaction agreement with China Minmetals
Corporation, in which 10 percent equity of the Company held by China Minmetals合肥美菱股份有限公司2010 年半年度报告
88
Corporation was transferred to Sichuan Changhong Air-conditioner. The agreement
payment was accomplished at the end of March 2010 and registration change was
handled on 14 May 2010. Sichuan Changhong Air-conditioner Co., Ltd. was the
wholly-owned subsidiary of the Company. Therefore, after the aforesaid transaction,
minority shareholders’ interests belonged to the Company.
37、operating income and operating cost
（1）operating income and operating cost
Item amount in this period
Amoun tat same
period of last year
Main business income 4,289,072,025.85 3,259,002,551.73
Other business income 286,687,781.11 134,247,253.42
Total 4,575,759,806.96 3,393,249,805.15
Main business cost 3,201,834,567.45 2,430,798,328.90
Other business cost 246,264,163.37 124,450,318.59
Total 3,448,098,730.82 2,555,248,647.49
（2）main business classified according to industry
Amount at this peiod
Amoun tat same period of last
year
Industry
Main business
income
Main business
cost
Main business
income
Main business
cost
household
appliance
4,289,072,025.85 3,201,834,567.45 3,259,002,551.73 2,430,798,328.90
Total 4,289,072,025.85 3,201,834,567.45 3,259,002,551.73 2,430,798,328.90
（3）main business classified according toproducts
Amount at this peiod Amoun tat same period of last year
Name Main business
income
Main business
cost
Main business
income
Main business
cost
Refrigerator
freezer
3,273,223,447.00 2,265,448,780.85 2,426,257,410.05 1,711,464,315.37
Air
condotioner
1,015,848,578.85 936,385,786.60 832,745,141.68 719,334,013.53
Total 4,289,072,025.85 3,201,834,567.45 3,259,002,551.73 2,430,798,328.90
（4）main business classified according to ares
Item Amount at this peiod Amoun tat same period of last year合肥美菱股份有限公司2010 年半年度报告
89
Main business
income
Main business
cost
Main business
income
Main business
cost
domestic 3,894,283,359.62 2,835,012,783.88 2,937,776,023.90 2,145,482,628.55
aboard 394,788,666.23 366,821,783.57 321,226,527.83 285,315,700.35
Total 4,289,072,025.85 3,201,834,567.45 3,259,002,551.73 2,430,798,328.90
（5）top 5 sale income from clients this year
Name
Main business
income
Proportion to total business
income 例(%)
Sichuan Changhong Electric Co., Ltd. 577,433,958.87 12.62%
Suning Electric Holding Co., Ltd.
Nanjing Purchasing Center
358,428,521.39 7.83%
Electrolux (China) Electric Co., Ltd. 47,079,473.50 1.03%
Jiangsu Five Star Electric Co., Ltd. 43,464,120.94 0.95%
Anhui Baida Electric Chain Co., Ltd. 43,274,964.25 0.95%
Toal 492,247,080.08 10.76%
38、Business tax and extra charges
Item Amount of this period
Amount of the same period of
last year
Business tax 120,876.52 76,156.11
City construction tax 11,505,185.55 12,169,595.45
Extra charge for education 6,816,024.21 6,984,448.69
Total 18,442,086.28 19,230,600.94
39、Operation expense
Item
Amount of this
period
Amount of the same
period of last year
market supporting fee 317,792,258.09 311,706,554.74
wage and surcharge 131,115,249.44 85,869,265.61
transportation fee 167,445,489.95 78,337,628.13
maintainance fee, loss of three
guarantee etc.( including 10 years free
manitainence fee)
112,240,158.06 80,865,438.10
AD fee 90,095,738.32 16,843,492.32
Exhibition fee 40,162,599.21 13,033,903.11合肥美菱股份有限公司2010 年半年度报告
90
warehouse leasing fee 24,572,457.05 14,094,399.95
setting up fee of air conditioner 35,410,966.66 20,002,507.56
Business fee 11,911,126.51 10,741,273.45
Business activities fee 11,867,997.44 11,851,484.86
organization fee 9,967,074.67 2,999,394.51
communication fee 3,677,065.32 3,969,928.64
rental 4,427,552.38 3,708,724.18
social insurance 3,787,319.55 3,262,997.69
vehicle comsuption 3,548,840.18 2,975,089.55
office fee 2,207,881.28 1,948,808.27
house public reserve 1,383,945.35 300,490.91
depreciation fee 1,605,377.60 1,258,110.53
cumsuption of materisl 2,271,675.23 544,877.58
Other fees 10,908,466.55 2,255,502.38
Toal 986,399,238.84 666,569,872.07
销售费用本期发生额较上年同期发生额增加319,829,366.77 元，上升
47.98%，主要是由于公司增强营销力度，加大宣传力度，致使市场支持费、广告
费，会展费、人工费、物流仓储费等费用增加及预计家电下乡冰箱“十年免费保
修”费所致。
40、Administration expense
Item
Amount of this
period
Amount of the same
period of last year
amortized of intangible assets 17,241,541.02 16,791,025.23
wages and surcharge 21,572,285.54 21,965,539.48
assignment welfare 5,473,061.00 21,630,950.94
Taxes 7,667,470.25 6,389,516.32
R&D fee 4,953,844.93 2,797,287.52
depreciation fee 4,443,207.51 6,637,384.17
social insurance and house public reserve 9,656,324.18 6,801,144.87
office fee 828,747.62 553,687.97
assets insurance fee 1,321,035.32 127,173.21
forcing subsidiary 837,156.04 628,193.70
examination fee 1,268,710.76 1,757,753.46合肥美菱股份有限公司2010 年半年度报告
91
software usage fee 879,780.19 569,605.00
operating fee of Board 577,241.10 806,233.10
Business activities fee 770,211.49 605,046.05
fee of business trip domestically 1,315,021.21 673,824.40
Fee of lawsuit 333,566.50 84,609.99
transportation fee of buses 739,784.89 774,451.77
Labor Union fees 366,080.30 188,283.68
Other 4,114,005.25 5,792,570.16
Total 84,359,075.10 95,574,281.02
Administration fee this year decreased RMB 11,215,205.92 compared with that
of last year, down 11.73%. mainly caused by the decrease of retire internally, and the
decrease of assignment welfare withdrwal.
41、Financial expense
Item
Amount of this
period
Amount of the same
period of last year
Interest expenditure 4,422,220.94 12,785,631.90
Less：Interest income 3,392,394.20 2,939,446.95
Plus: Foreign exchange losses 4,716,418.74 554,328.80
Plus: commission expenditure 1,870,212.49 1,502,109.00
Plus: discount expenditure -11,511,174.36 573,901.30
Plus: other expenditure -530,325.76 -318,420.17
Total -4,425,042.15
12,158,103.88
Financial expenses decrease RMB 16,583,146.03 this period compared with that
of last year, mainly caused by the decrease of interest expenditure and increased of the
partial supplier’s discount paid in advance.
42、Assets depreciation reserves
Item Amount of this period
Amount of the same
period of last year
provision for bad debts 11,105,398.62 16,707,052.72
Provision for falling price of inventory 4,424,470.56 566,951.63
Provision for devaluation of financial - -合肥美菱股份有限公司2010 年半年度报告
92
Item Amount of this period
Amount of the same
period of last year
asset available for sales
Provision for devaluation of
held-to-maturity investment
- -
Provision for devaluation of long-term
equity investment
- -
Provision for devaluation of investing
property
- -
provision for devaluation of fixed assets 124,500.00 -
Provision for devaluation of
engineering materials
- -
Provision for devaluation of
construction in progress
-124,500.00 -
Provision for devaluation of productive
biological asset
- -
Provision for devaluation of oil asset - -
Provision for devaluation of intangible
asset
- -
Provision for devaluation of goodwill - -
Total 15,529,869.18 17,274,004.35
43、Investment gains
（1）source of investment gains
Item Amount of this period
Amount of the
same period of
last year
gains of long-tern equity investment calculated
based on cost method
4,360,593.46 -
gains of long-tern equity investment calculated
based on equity method
-1,738,998.66 146,972.66
investment gains arising from disposal of long-tern
equity investment
- -
investment gains obtained in the period of
transactional fiancail assets held
- -合肥美菱股份有限公司2010 年半年度报告
93
nvestment gains obtained in the period of
investment with held-maturity
- -
nvestment gains obtained in the period of
holding fiancail assets available for sale
210,000.00 1,897,125.00
income from disposal oftransactional finacial
assets
- -
income from disposal of investment held-tomaturity
- -
income from disposal of finacial assets available
for sale
134,809,167.26 8,391,359.87
Total 137,640,762.06 10,435,457.53
（2）gains of long-tern equity investment calculated based on equity method
Item
Amount of this
period
Amount of the
same period of
last year
notes
Total -1,738,998.66 146,972.66 -
Including: -
Anhui United Technology Property
Trade Co., ltd.
-764,088.90 127,291.99 -
Hefei Meiling Packing Co., Ltd. -974,909.76 19,680.67 -
（3）investment income arising from disposal of fiancial assts available for sale
The gains from saleing equity instrument could be found in No.7 under
Note8—relevant notes of fianancial assets available for sale.
44、Non-operation revenue
（1）detail of Non-operation revenue
Item
Amount of this
period
Amount of the
same period of last
year
Gains from disposal of non-current assets 2,550,725.51 157,459.91
Incl.：gains from disposal of fixed assets 2,550,725.51 157,459.91
gains from disposal of Intangible assets - -
Gains from debt restructuring - -
Gains from exchange non monetary capital - -
Gains from donation - -合肥美菱股份有限公司2010 年半年度报告
94
Item
Amount of this
period
Amount of the
same period of last
year
Goverment subsidy 91,039,565.49 5,048,205.45
amortized of deferred income 560,801.71 -
income of penalty 157,530.61 75,698.15
Others 464,554.19 642,855.12
Total 94,773,177.51 5,924,218.63
（2）Goverment subsidy( including amortized of deferred income)
Item
Amount of
this period
Amount of
the same
period of last
year
Source and basis
Reward of
innovation
research
16,047,100.00
“reward policy of promoting the
steadly developemt of industry
econoly”
post subsidy of
difficulty
enterprises
1,561,500.00 1,892,700.00
“Notice of release the burden for
stable the employment situation”
subsidy of fixed
assets
472,560.00
”notice of concent the recording
ofPhase II of Meiling Hi-tec
Industry Garden of Hefei Meiling
Co., Ltd.”
subsidy of loan
interest
111,400.00
amortize of
deferred income
560,801.71
Depreciation and amortize of Group
welfare utility of moving
compensation
finance subsidy
capital
after-disaster
1,125,600.00
”Notice of distribution of 2009
onafter-shock from governemtmm
subsidy for reconstruction”
post subsidy of
difficulty
enterprises
88,200.00
“Notice of release the burden for
stable the employment situation”(No.
LSMD [2009]2)合肥美菱股份有限公司2010 年半年度报告
95
subsidy of
measure
equipment
90,900.00
“Notice of reasonable capial plan for
enviornmetnal 2009(2nd )”（No.HH
[2009]157）
subsidy of
self-research
projects
400,000.00
Self-innovation and absorption of
re-innovation capital
Returen of VAT 665,204.93 442,129.45
export tax refund
of 3rd quarter of
2009
64,629.00 -
Exportaion income of 3rd quarter of
2009
Air conditioner
energy-saving
subsidy
68,950,000.00 -
Finance Burearu, State FGWNo. [CJ
（2009）213]; Finance Burearu, State
FGWNo.5 [2009] and No.6 [2009
Other spare
government
subsidy
2,046,431.56 2,129,416.00
Brand reward, environmental
spesificsubsidy fund, technology
advancement reward and Further
development reward
Total 91,600,367.20 5,048,205.45
45、non-operating expenditure
Item
Amount at this
period
Amount at same
period of last year
disposal gains/losses of non-current assts 513,620.69 153,672.66
Inc: disposal gains/losses of fixed assts 513,620.69 153,672.66
gains/losses of disposing of intangible assts - -
losses from debt reconstructing - -
exchanged losses of non-monetry assets - -
Donation 14,947.27 -
penalty and fine - 18,605.62
Other - 119,719.50
Total 528,567.96 291,997.78
46、income tax expensese
Item
Amount at this
period
Amount at same period
of last year
current yerar’s income tax 48,698,374.92 10,550,397.85合肥美菱股份有限公司2010 年半年度报告
96
deferred income tax -8,396,979.87 -2,810,955.05
Total 40,301,395.05 7,739,442.80
47、basic earnings per share and diluted earnings per share
Item No.
Amount at
this period
Amount at
same period
of last year
net profit attributable to
shareholders of parent
company
1 218,616,696.38 36,255,089.84
current gains/losses
-attributable to shareholders
of parent company
2 135,723,223.84 11,803,953.92
net profit attributable to
shareholders of parent
company after deduting
non-recurring gains/losses
3=1-2 82,893,472.54 24,451,135.92
total shares at year-begin 4 413,642,949.00 413,642,949.00
Share increase from Public
reserve transfer to capital or
share distribution（Ⅰ）
5 -
Issuing new shares or
transferred to shaes from
liabilities（Ⅱ）
6 -
accumulative months from
the second month of increase
shares toteh end of year
7 -
decresed shaes due to
re-purchased
8 -
accumulative months from
the second monteh of
decrease sahes to the end of
year
9 -
decrease shaers due to share
holding decrease
10 -合肥美菱股份有限公司2010 年半年度报告
97
Item No.
Amount at
this period
Amount at
same period
of last year
toal month in report period 11 6 6
weighted average of common
share issusing external
12=4+5+6×7÷11-8×9÷11-10 413,642,949.00 413,642,949.00
basi earnings per share
（Ⅰ）
13=1÷12 0.5285 0.0876
Basic earnings per share
（Ⅱ）
14=3÷12 0.2004 0.0591
interest of potential shares of
dilued recognized expenses
15 -
Transfer expenses 16 -
rate of income tax 17 15% 15%
increased common weighted
average of warrant, ,options
and transferable bonds
18 -
Diluted earningsper share
（Ⅰ）
19=[1+(15-16)×(1-17)]÷(12+18) 0.5285 0.0876
Diluted earningsper share
（Ⅱ）
20=[3+(15-16)×(1-17)]÷(12+18) 0.2004 0.0591
48、other consolidated income
Item
Amount at this
period
Amount at
same period
of last year
1．Amount of gains(losses) from Financial assets available
for sales
-45,774.18 69,138,938.31
Less:income tax influence amount from Financial assets
available for sales
-6,866.13 10,370,840.75
Amount which was reckoned into other consolidated
income in front period but transferred into current profit
105,412,229.69 5,019,749.94
Subtotal -105,451,137.74 53,748,347.62
2．Shares enjoyed in other consolidated income of
investeed unit based on euity method
- -合肥美菱股份有限公司2010 年半年度报告
98
Item
Amount at this
period
Amount at
same period
of last year
Less: impact on income tax arising from Shares enjoyed in
other consolidated income of investeed unit based on euity
method
- -
Amount which was reckoned into other consolidated
income in front period but transferred into current profit
- -
Subtotal - -
3．Amoun of gain/loss from hedging insturmetn of cash
flow
- -
Less: impact on income tax arising from hedging
insturmetn of cash flow
- -
Amount which was reckoned into other consolidated
income in front period but transferred into current profit
- -
Adjusted amount that transfer as the initial amounted of
hedging items
- -
Subtotal - -
4．Conversion difference of foreign currency financial
statemtn
- -
Less: net amount of disposal of external business
reckonedinto current gains/losses
- -
Subtotal - -
5．Other - -
Less: Impact on income tax reckoned into other
consolidated income
- -
Amount which was reckoned into other consolidated
income in front period but transferred into current profit
- -
Subtotal - -
Total -105,451,137.74 53,748,347.62
49、cash flow
（1）cash received and paid related the operating activities/investment financing
1） cash received from other operating activities
Item Amount at this period合肥美菱股份有限公司2010 年半年度报告
99
subsidy of energy saving 68,950,000.00
Insurance and deposit received 4,999,272.16
Insurance compensation received 846,525.52
loan of reserve fund from employees 585,522.22
other government subsidy income 5,167,140.00
Account received in priously ready for recognition
another
-3,953,569.33
Total 76,594,890.57
2） cash paid for other operating activities
3）
Item Amount at this period
market supporting fee 140,064,645.64
AD fee 72,350,639.71
Transportation fee 64,253,397.26
exhibition fee 39,162,000.00
maintainance fee, three gararantee fees 38,652,896.76
setting up fee of air conditioner 35,410,966.66
utilities fee 34,605,826.45
loan of employee’s reserve fund 15,503,653.18
Fee of business trip 13,598,462.84
Business activities fee 12,662,892.74
refund insurance and deposit 4,348,716.91
Fee of communication 3,716,390.42
Office fee 3,078,560.73
Fee of vehiles 2,890,850.00
Spare processing fees 1,834,916.00
Assets insurance fee 1,680,672.72
Medical fee 1,032,023.32
Handling charge of bank 962,446.39
Other 16,677,364.52
Total 502,487,322.25
4） cash received from other investmetn activities
5）合肥美菱股份有限公司2010 年半年度报告
100
Item Amount at this period
bank deposit and interest income 3,494,285.65
Guarantee capital from projiect bidding 3,045,000.00
Account of R&D 600,000.00
Total 7,139,285.65
6） cash paid for other investmetn activities: Nil
7） cash received from other financing activities : Nil
cash paid for other financing activities: Nil
（2）supplementay of consolidated cash flow statement
Item
Amount at this
period
Amount at same
period of last
year
1.adjusted the net profit to cahs flow of operation
activities：
Net profit 218,939,825.45 35,522,530.98
Plus: impairment provision of assets 15,529,869.18 17,274,004.35
Depreciation of fixed assets, consumption of oil and gas
dn depreciation of productive biological assets
61,524,991.55 43,964,504.29
amortize of intangible assts 16,152,537.26 16,791,025.23
amortizing of long-term amortized expenses 300,000.00 300,000.00
Loss of disposal of fixed assesa, intangible assts and
otherlong-tern assts (income is listed with”-“)
-1,704,426.03 17,357.35
Losss of fixed assets for disposal(income is listed with”-“) - 34,258.30
Gains/loss of change of fair value (income is listed
with”-“)
- -
Financial expenses (income is listed with”-“) 1,268,294.65 10,028,315.68
Investment losses(income is listed with”-“) -137,640,762.06 -10,435,457.53
Decrease of deferred income tax assets (increased is
listed with”-“)
-8,396,979.87 -2,810,955.05
Increase of deferred income tax liabilities (decreased is
listed with”-“)
-18,609,024.30 9,485,002.51
Decrease of inventory (increased is listed with”-“) -207,036,484.71 414,920.88
Decrease of recurring gains/losses (increased is listed -1,483,491,254.32 -1,027,519,628.00合肥美菱股份有限公司2010 年半年度报告
101
with”-“)
Increase of recurring gains/losses (decreased is listed
with”-“)
1,379,172,191.19 866,788,294.65
Other
Net cash flow from operating activities -163,991,222.01 -40,145,826.36
2. major investment and financiang involved no cash ： -
capital from liabilities
Company bond available for transfer due within 1 year
Rental fixed assets for financing
3. net change of cash and cash equivalent t：
Cahs at period-end 503,480,177.19 566,898,974.42
Less: Cahs at period-begin 747,572,445.88 409,853,966.49
Plus: amount of cash and cash equivalent at period-end - -
Less: amount of cash and cash equivalent at
period-begin
- -
Net increase amount o f cash and cash equivalent -244,092,268.69 157,045,007.93
（3）cash and cash equivalent
Item
Amount at
this period
Amount at
same period
of last year
Cash 503,480,177.19 566,898,974.42
Inc: Inventory cash 182,525.20 140,692.17
Bank deposit available for payment while need 236,348,632.63 351,854,473.63
Other monetary fund available for payment while need 266,949,019.36 214,903,808.62
Account in central bank for payment
accont in counterbank
account in lend
Cash equivalent
Inc: bond investment due within 3 months
Balance of csh snd ccsh equivalent at period-end 期 503,480,177.19 566,898,974.42
Inc:cash and cash equivalent with limited in the parent
company and subsidiaries
237,171,551.36
（IX）related party and relate transaction合肥美菱股份有限公司2010 年半年度报告
102
1、realtionship of related party
（1）parent company and finacl controller
I parent company and finacl controller
parent company and
finacl controller
Type
Register
place
nature
Legal
person
Code
Sichuan Changhong
Electric Co.,Ltd.
Limited
company
Mianyang
Manufacture
sale
Zhao
Yong
20541230-8
Sichuan Changhong
Electric Group Co.,Ltd.
Limited
company
Mianyang
Manufacture
sale
Zhao
Yong
72081866-0
II register capital of parent company and its changes
Parent company
Amount at
period-begin
Increase this
period
Decreased
this year
Amount
at-period-end
Sichuan Changhong
Electric Co.,Ltd.
1,898,211,418.00 949,105,709.00 - 2,847,317,127.00
III shares or equity held by parent company and its changes
Amount of share held
Proportion of share held
（%）
Parent company
Amount
at-period-end
Amount at
year-begin
Proportion
at
period-end
Proportion
at
year-begin
Sichuan Changhong Electric
Co.,Ltd.
91,663,277.50 91,663,277.50 22.16 22.16
the shares and equity shares held by the Parent Company this period are 22.16%
respectively.
（2）Subsidiaries
I Subsidiaries
Subsidiaries Type
Register
place
nature
Legal
person
Organization
code
Zhongke Meiling
Hypothermia
Technology Co., Ltd.
Limited
company
Hefei
Householde
manufacture
家电制造
Wang
Yong
74309835-2
Jiangxi Meiling
Cooling Co., Ltd.
Limited
company
Jingdezheng
Householde
manufacture
Wang
Yong
66748284-5合肥美菱股份有限公司2010 年半年度报告
103
Mianyang Meiling
Cooling Co., Ltd.
Limited
company
Mianyang
Householde
manufacture
李代江 68610561-5
Hefei Meiling Electriv
Commerce Co., Ltd.
Limited
company
Hefei
Householde
manufacture
Wang
Yong
69573778-8
Sichuan Changahong
Air Conditioner CO.,Ｌ
ｔｄ
Limited
company
Mianyang
Householde
manufacture
Li Jin 68236997-1
Zhongshan Changahong
ElctricCo., Ltd.
Limited
company
Zhongshan v Li Jin 728773292
II register capital of subsidiaries and its changes
Name
Amount at
year-begin
Increase
this
period
Decreased
this
period
Amount
at-period-end
Zhongke Meiling Hypothermia
Technology Co., Ltd.
60,000,000.00 - - 60,000,000.00
Jiangxi Meiling Cooling Co.,
Ltd.
40,000,000.00 - - 40,000,000.00
Mianyang Meiling Cooling
Co., Ltd.
50,000,000.00 - - 50,000,000.00
Hefei Meiling Electriv
Commerce CO., Ltd.
10,000,000.00 - - 10,000,000.00
Sichuan Changahong Air
Conditioner CO.,Ｌｔｄ．
200,000,000.00 - - 200,000,000.00
Zhongshan Changahong
ElctricCo., Ltd.
80,000,000.00 - - 80,000,000.00
III proportion of share hole and equity and its change s
Amount of share held
Proportion of share hold
（%）
Name
Amount
at-period-end
Amount at
year-begin
Proportion
at-period-end
Proportion
at
year-begin
Zhongke Meiling
Hypothermia Technology
Co., Ltd.
42,000,000.00 42,000,000.00 70.00% 70.00%合肥美菱股份有限公司2010 年半年度报告
104
Jiangxi Meiling
CoolingCo., Ltd.
38,800,000.00 38,800,000.00 97.00% 97.00%
Mianyang Meiling
CoolingCo., Ltd.
48,500,000.00 48,500,000.00 97.00% 97.00%
Hefei Meiling Electriv
Commerce Co., Ltd.
9,970,000.00 9,970,000.00 99.97% 99.97%
Sichuan Changhong
AirCondition Co., Ltd.
200,000,000.00 200,000,000.00 100.00% 100.00%
Zhongshan Changhong
Electric Co., Ltd.
80,000,000.00 72,000,000.00 100.00% 90.00%
（3）joint venture and affiliated enterprise
Invested
company
Type
Register
place
nature
Legal
person
Register
capital
Proportion
of share
held
Organization
code
joint
venture
（nil ）
affiliated
enterprise
Anhui
United
Technology
Property
Trade CO.,
Ltd.
Limited
company
Hefei
Property
transaction
Chen Hua
RMB
5000000
28.57% 73003846-5
Hefei
Meiling
PackingCo
., Ltd
Limited
company
Hefei
Production
and sale
Sun
Qingfeng
RMB
18400000
48.28% 61030893-4
Chaohu
Meiling
Electric
Commerce
Co., Ltd
Limited
company
Chaohu Puechse
Li
Jinrong
RMB
1000000
20.00% 69739029-8合肥美菱股份有限公司2010 年半年度报告
105
Jiujiang
Meiling
Electric
Commerce
Co., Ltd
Limited
company
Jiujiang Puechse
Zhang
Jianyong
RMB
1000000
20.00% 69609608-9
Haozhou
Meiling
Electric
Commerce
Co., Ltd
Limited
company
Haozhou Puechse
Wang
Guanghua
RMB
800000
20.00% 69896652-7
c Meiling
Electric
Commerce
Co., Ltd
Limited
company
Haozhou Puechse
Zhou
Xianxin
RMB
800000
20.00% 69915460-0
Changzhou
Meiling
Electric
Commerce
Co., Ltd
Limited
company
Changzhou Puechse Xie Hong
RMB
600000
20.00% 55026803-6
Guangxi
Meiling
Electric
Commerce
Co., Ltd
Limited
company
Guangxi Puechse
Qing
Tanzong
RMB
1000000
20.00% 55225094-8
Xinxiang
Meiling
Electric
Commerce
Co., Ltd
Limited
company
Xinxiang Puechse
Yue
Zhaoyang
RMB700000 20.00% 55572305-0
（4）other related parties
Type of related Name Content Code
other enterprise under same parent company final controller
PT.CHANGHONG ELECTRIC
INDONESIA
Sale --合肥美菱股份有限公司2010 年半年度报告
106
Type of related Name Content Code
Chengdu Lejiayi Commerce
Co.,Ltd.
Sale 79782546-3
Fuzhou Lejiayi Commerce
Co.,Ltd.
Sale 67652028-4
Guangdong Changhong
Electronic CO., Ltd.
Sale 78940429-8
Guangdong Changhong
DigitaoTechnology CO., Ltd.
Utilities
supplier
78940429-8
Guiyang Lejiayi Commerce
Co.,Ltd.
Sale 67071455-5
Hefei Changhong Industy CO.,
Ltd.
Sale 66621592-1
Huayi COmpresser Holding
Co.,Ltd
purchse 70562223-x
Jinan Lejiayi Commerce
Co.,Ltd.
Sale 67227469-6
Jiangxi Changhong Elctronic Co., Sale 667483178
Kunming Yijiahong Commerce
Co., Ltd.
Sale 67656328-4
Lejiayi Chain Management
CO.,Ltd.
Sale 66535156-9
Mianyang Hongfa Mode
DesignCo.,Ｌｔｄ．
purchase 79582077-3
Mianyang Lejiayi Commerce
Chain Co.,Ｌｔｄ
Sale 665391552
Sichuan Hongou Display Co., ltd Sale 66275681-9
Sichuan Hongrui Electrician
Co.,ltd
purchase 68237616-X
S ichuan Hongshi Display Co.,
ltd
Sale 66968647-0
Sichuan Hongxin Software
CO.mltd
purchase 671440445
Sichuan Changhong Packing purchase 79399834-0合肥美菱股份有限公司2010 年半年度报告
107
Type of related Name Content Code
Co.,Ltd
Sichuan Changhong Power
Limited liability Co.,
purchase --
Sichuan Changhong Electronic
System CO., Ltd
purchase 779839036
Sichuan Changhong DOngyuan
Fine Equpmetm co., ltd.
purchase --
Sichuaan
ChanghongInternationalHotel
Co., Ltd
Sale 720818652
Sichuaan Changhong Jijia Fine
Co., Lrd
purchase 793998375
Sichuaan ChanghongFine
Technology CO., Ltd.
purchase 79399836-7
Sichuan Changhong Minsheng
Logistic Co., ltd.
purchase、
transportation
79785892-7
Sichuan Changhong
Mold&Palstic Tech. Co., Ltd
采purchase 782291526
Sichuan Changhong Ewuipment
Technology CO., Ltd
purchase 793998359
Sichuan Changhong Xinrui
Technology Co.,Ｌｔｄ
purchase 66276762-2
Sichuan ChanghongNew
EnergytechnologyCo, Ltd
purchase 79399394-5
Taiyuan Lejiayi Commerce
ChainCo., Ltd.
Sale 779841582
Sale Sale 67371694-3
Changhong (HK) Trade CO.,Lrd. Sale --
Changhong Elctric (Austrilia)
Co.,Ltd.
Sale --
Zhongshan Guangjong
Mould-Plastic Co., Ltd.
purchase 69226840
Chongqing Hong Life Sale 69226840合肥美菱股份有限公司2010 年半年度报告
108
Type of related Name Content Code
CommerceCo., Ltd.
affiliated enterprise of controlling shareholders and
actual controller
Changzhi Guangdian (Sichuan)
CO., Ltd.
purchase 69226840-2
Sichuan Jinghong Packing CO.,
Lrd
purchase --
Sichuan Changhe Technology
CO., Ltd
purchase 777909555
Sichuan Changxin Cool CO., Ltd. purchase 779841582
2、related transaction
The transaction between the Company and related enterprises are in the market
operational principle, and considered the same business transation with other
enterprises. The price provided to related parties from purchasing and provding labor
service based on the price setting by nation if applicable or based ont the market price.
Setting the price based on the actual cost and reasonabel expenses between two parties
while there are no market price. Concerning the special service not fiiting the
principle of “Cost and expenses”, the price will decided by two parties though
negotiation.
（1）commodities purchaseing
Amount at this period
Amount at same period of last
Type of related parties and name year
Amount(RMB’000) proportion Amount(RMB’000) proportion
parent company and final controller
Incl: Sichuan Changhong Electric Co.,
ltd.
3,665.57 0.94% 43,356.35 15.83%
Joint venture and affiliated enterprise
Incl: Hefei Meiling Packing Co., ltd. 2,477.94 0.64% 1,620.66 0.59%
other enterprise under the control of
same parent compay and final
controller
Incl: Sichuan Changhong Minsheng 2,859.19 0.74% 918.76 0.34%合肥美菱股份有限公司2010 年半年度报告
109
Amount at this period
Amount at same period of last
Type of related parties and name year
Amount(RMB’000) proportion Amount(RMB’000) proportion
Logistic Co., ltd.
Huayi Compressor Co., Ltd. 20,457.92 5.27% 13,664.01 4.99%
Sichuan Changhong Mold&Palstic Tech.
Co., Ltd
11,292.04 2.91% 2,697.28 0.98%
Changhong Jijia Precise Machine Co.,
Ltd.
8,973.03 2.31% 2,243.27 0.82%
Sichuan Hongxin Software Co., Ltd. 70.00 0.02% 108.38 0.04%
Mianyang Hongfa Mode Design Co., ltd. 10.59 0.00%
Sichuan Changhong Packing Printing
Co., Ltd
1,618.73 0.42% 639.87 0.23%
Sichuan Changhong Power supply
Limited Liabilities Company
0.39 0.00%
Sichuan Changhong Dongyuan Fine
Equipmetn Co., Ltd.
1,886.66 0.49% 227.77 0.08%
Sichuan Changhong Fine Electronic
Technology Co., ltd.
119.53 0.03% 24.30 0.01%
Sichuan ChanghongEquipmetn
Technology Co., ltd.
1,083.60 0.28% 406.74 0.15%
Sichuan Changhong New Energy
Technology Co., Ltd.
30.14 0.01% 13.33 0.00%
Sichuan Liyuan Electicial Co., Ltd. 375.08 0.10%
Mianyang Hongrun Eelctrical Co., Ltd.
Guangdong Changhong Electicial Co.,
ltd.
1.05 0.00% 7.09 0.00%
Zhongshan Guanghong Mould-Plastic
technology Co., Ltd.
10.70 0.00% 37.71 0.01%
affiliated enterprise of shaeholdersand
actual controller :
Sichuan CHanghe Technology Co., Ltd. 79.40 0.02%
Sichuang Changxin Cooling Parts Co.,
ltd.
238.83 0.06%合肥美菱股份有限公司2010 年半年度报告
110
Amount at this period
Amount at same period of last
Type of related parties and name year
Amount(RMB’000) proportion Amount(RMB’000) proportion
Sichuang Jinghong packing Co., ltd. 413.61 0.11%
Sichuang Hongyu Metal Manufacture
Limited Liability Company
35.25 0.01%
Toal 55,699.25 14.34% 65,965.52 24.08%
（2）sales of products
Amount at this period
Amount at same period of last
Type of related parties and name year
Amount(RMB’000) proportion Amount(RMB’000) proportion
parent company and final controller
Incl: Sichuan Changhong Electric Co.,
ltd.
57,743.39 12.62% 44,341.78 13.07%
Joint venture and affiliated enterprise 0.00%
Incl: Chaohu Meiling Marketing Co., ltd. 2,423.07 0.53% 0.00%
Jiujiang Meiling Marketing Co., Ltd. 1,716.17 0.38% 0.00%
Haozhou Meiling Marketing Co., Ltd. 1,671.99 0.37% 0.00%
Guangyuan Meiling Marketing Co.,
Ltd.
1,386.35 0.30% 0.00%
Guangxi Meiling Marketing Co., Ltd. 939.60 0.21% 0.00%
ChangzhouMeiling Marketing Co., Ltd. 636.63 0.14% 0.00%
other enterprise under the control of
same parent compay and final
controller
0.00%
Incl: PT.CHANGHONG ELECTRIC
IND
3,043.97 0.67% 3,697.00 1.09%
Sichuang Changhong JijiaFine Co., Ltd. 2,152.78 0.47% 1,333.37 0.39%
Sichuang Changhong
Mould-PlaseticTechnology Co., ltd.
4,013.21 0.88% 1,418.18 0.42%
Sichuang Hongshi Display
TechnologyCo., Ltd.
0.00%
Mianyang Lejiayi Commer Chain Co., 95.35 0.02% 178.17 0.05%合肥美菱股份有限公司2010 年半年度报告
111
Amount at this period
Amount at same period of last
Type of related parties and name year
Amount(RMB’000) proportion Amount(RMB’000) proportion
Ltd.
Jiangxi Changhong Electronic
Technology Developmetn Co., ltd.
6.76 0.00% 0.00%
Sichuang Changhong Fine Electric
Technology Co., ltd.
125.87 0.03% 0.00%
Hong Kong(Changhong) Trade Co., ltd. 31.38 0.01%
Sichuan Changhong Xinrui
TechnologyCo., ltd.
62.61 0.01% 98.40 0.03%
Chengdu Lejiayi Commerce Co., ltd. 5.30 0.00%
Sichuang Changhong International
HotelLimited Liability Company
0.39 0.00% 41.54 0.01%
Chongqing Hong Life Commerce Co.,
Ltd.
25.25 0.01% 21.84 0.01%
Tianjing Lejiayi Commerce Co., ltd. 0.00%
Huayi Compressor Co., Ltd. 0.00%
Sichuan Changhong Equipmetn
Technology Co., ltd.
13.33 0.00% 4.70 0.00%
Kunming Yijiahong Commerce Co., ltd. 5.93 0.00% 0.00%
Sichuan Changhong Electronic
SystemCo., ltd.
3.09 0.00% 2.05 0.00%
Fuzhou Lejiayi Commerce Co., ltd. -1.05 0.00% 3.29 0.00%
Tianjing Lejiayi Commerce Co., ltd 0.00%
Jinan Lejiayi Commerce Co., ltd. 0.00%
Sichuan Hongrui Electician Limited
Liability Company
0.00%
Sichuan Hongou Display Equipment
Co.,ltd.
458.59 0.10% 1.46 0.00%
Sichuan Changhong New Energy
Technology Co., ltd.
0.00%
Guangdong Changhong Electonic Co.,
ltd.
47.60 0.01% 0.75 0.00%合肥美菱股份有限公司2010 年半年度报告
112
Amount at this period
Amount at same period of last
Type of related parties and name year
Amount(RMB’000) proportion Amount(RMB’000) proportion
Guagdong Changhong Digital
technology Co., ltd.
3.92 0.00% 0.00%
Taiyuan Lejiayi Commerce Chain Co.,ｌ
ｔｄ．
0.77 0.00%
Sichua Changhong Dongyuan Fine
Equipment Co.,ｌｔｄ．
0.44 0.00% 0.16 0.00%
Lejiayi Chain Management Co.,ｌｔｄ． 0.00%
Ｃhanghong Electric(Austrilian) Co.,
Lrd.
221.03 0.05% 1.59 0.00%
Zhongshan Guanghong Mold
Technology Co.,Ltd.
10.00 0.00% 22.63 0.01%
Sichuan Changhong packing Co., Ltd. 10.95 0.00% 0.00%
Sichuan Changhong Minsheng
LogisticCo., ltd.
18.46 0.00% 0.00%
Sichuan Kuaiyidian Electric
ServiceChain CO., Ltd.
0.38 0.00% 0.00%
affiliated enterprise of shaeholdersand
actual controller :
0.00%
Sichuan Changxin Cooling Co, ltd 0.00%
Toal 76,836.06 16.79% 51,204.36 15.09%
（3）rental of related parties
Amount of reantal
Lessor lessee Rental assets Original
value
Net value
Hefei Meiling
Holding Co.,Ltd.
Sichuang Changhong
Mould-PlaseticTechnology
Co., ltd.
Injected plantof area of
6885square meters, big
steel house with
4590square meter
3,146,929.72 2,994,111.66
Hefei Meiling
Holding Co.,Ltd.
Sichuang Changhong
JijiaFine Co., Ltd.
Plot plant area of 3240
square metter
2,648,088.00 2,543,856.72合肥美菱股份有限公司2010 年半年度报告
113
Sichuan Changhong
Minsheng Logistic
Limited
Mianyang Meiling
CoolingCo., Ltd.
620#621#622#house,toal
51615 square metter
26,668,025.28 23,606,439.29
Sichuan
Changhong
Elctric Holding
Co., Ltd.
Sichuan Changhong Air
Conditioner Co., Ltd.
Area of rental 71926.8
square metter
82,303,007.65 59,894,881.56
Zhongshan
ChanghongElctr
ic Co., Ltd.
Guangdong
ChanghongElctric Co.,
Ltd.
Flame of 6/F,total floor
area of 10704.52 square
metter rented 4096.37
square metter
6,582,644.93 4,119,123.44
Zhongshan
ChanghongElctric
Co., Ltd.
Guangdong Changhong
Digital Technology Co.,
Ltd.
Flame of 6/F,total floor
area of 10704.52 square
metter rented 939.51
square metter
6,582,644.93 4,119,123.44
Zhongshan
ChanghongElctric
Co., Ltd.
Sichuan Changhong
Minsheng Logistic Co.,
Ltd. Zhongshans Branch
Flame of 6/F,total floor
area of 10704.52square
metter , rented
117.44square meter
6,582,644.93 4,119,123.44
（con’t）
Rental
income
rental
begging
date
End of
rental
（charge ）
Recognition base
Influence to the
Company
2010-1-1 2010-6-30 523,260.00 plant rental contract
Minor amount with
no influence
2010-1-1 2010-6-30 174,960.00 plant rental contract
Minor amount with
no influence
2010-1-1 2010-6-30 2,415,582.00
Assigned contract:
RMB7.8/M2 /Month
Minor amount with
no influence
2010-1-1 2010-12-31 5,885,219.04
Base on the contrace,
note of rental settlemetn
Minor amount with
no influence
2010-1-1 2010-6-30 320,197.30 10.96/ M2
Minor amount with
no influence
2010-1-1 2010-6-30 61,112.63 10.96/ M2 Minor amount with合肥美菱股份有限公司2010 年半年度报告
114
no influence
2010-1-1 2010-6-30 7,723.00 10.96/ M2
Minor amount with
no influence
（4）trusteeship of relted parties
Nil
（5）related guarantee
guarantee(provider) guarantee(receiver)
Maximum
guarantee
amount
Date of
guarantee
Expiray
date
Accomplished
the guarantee
or not
Hefei Meiling
Holding Co.,Ltd.
Zhongke Meiling
Cryogenic Technology
Limited Company
RMB3000000 2008-8-18 2010-8-18 not
Hefei Meiling
Holding Co.,Ltd.
Zhongke Meiling
Cryogenic Technology
Limited Company
RMB
8000000
2009-5-15 2010-5-15 yes
Hefei Meiling
Holding Co.,Ltd.
Zhongke Meiling
Cryogenic Technology
Limited Company
RMB
20000000
2008-3-3 2010-3-3 yes
Hefei Meiling
Holding Co.,Ltd.
Zhongke Meiling
Cryogenic Technology
Limited Company
RMB
12000000
2009-4-18 2012-4-18 not
Hefei Meiling
Holding Co.,Ltd.
Zhongke Meiling
Cryogenic Technology
Limited Company
RMB
10000000
2010-6-1 2011-5-30 not
Sichuan Changhong
Electric Co., Ltd.
Hefei Meiling
Holding Co.,Ltd.
RMB
150000000
2009-6-1 2010-6-1 yes
Sichuan Changhong
Electric Co., Ltd.
Hefei Meiling
Holding Co.,Ltd.
RMB
250000000
2009-5-1 2012-5-1 not
Sichuan Changhong
Electric Co., Ltd.
Hefei Meiling
Holding Co.,Ltd.
RMB
110000000
2009-4-1 2010-4-1 yes
Sichuan Changhong
Electric Co., Ltd.
Hefei Meiling
Holding Co.,Ltd.
RMB
120000000
2009-6-30 2010-6-30 yes
Sichuan Changhong
Electric Co., Ltd.
Hefei Meiling
Holding Co.,Ltd.
RMB
150000000
2009-1-1 2010-1-1 yes合肥美菱股份有限公司2010 年半年度报告
115
Sichuan Changhong
Electric Co., Ltd.
Hefei Meiling
Holding Co.,Ltd.
RMB
120000000
2009-3-1 2010-3-1 yes
Sichuan Changhong
Electric Co., Ltd.
Hefei Meiling
Holding Co.,Ltd.
RMB
500000000
2009-4-1 2010-4-1 yes
Sichuan Changhong
Electric Co., Ltd.
Hefei Meiling
Holding Co.,Ltd.
RMB
50000000
2009-5-1 2010-5-1 yes
Sichuan Changhong
Electric Co., Ltd.
Hefei Meiling
Holding Co.,Ltd.
RMB
100000000
2010-5-27 2011-5-26 not
Guangdong
Changhong Electric
Co., Ltd.
Zhongshan
Changhong Electric
Co., Ltd.*
RMB
55000000
2009-8-24 2010-8-24 not
Zhongshan
Changhong Electric
Co., Ltd.*
Guangdong
Changhong Electric
CO., ltd
RMB
100000000
2009-4-10 2010-4-10 yes
Hefei Meiling
Holding Co.,Ltd.
Sichuan Changhong
Electric Co., Ltd.
RMB
80000000
2010-4-27 2011-4-27 not
* On 5 February 2010, Sichuan Changhong--controlling subsidiary is
renamed as Hefei Meiling. Guangdong Changhong may not use the guarantee by
Zhongshan Changhong ,and the latter one will not take affliated responsibility for the
guarantee.
（6）purchase of fixed assets
name of seller Amount at period
Amount at same
period of last yera
Sichuan Changhong Elctric Co., Ltd. 9,712,803.15 643,989.55
Sichuan Hongxin Software CO., Ltd. 4,230,000.00
Toal 13,942,803.15 643,989.55
（7）receiveing labor
Supplier of labor Amount at period
Amount at same
period of last yera
Sichuan Hongxin Software CO., Ltd. 1,580,000.00
Sichuan Kuaiyidian Electri Service
Chain Co.,Ｌｔｄ．
12,076,661.19
Sichuan Jiahong Industry Co.,Ｌｔｄ合肥美菱股份有限公司2010 年半年度报告
116
Sichuan Changhong Minsheng Logistic
Limited
22,038,865.74
Toal 35,695,526.93
（8）utiities supplier and other paymen in advance
Related name(receiver) Amount at period
Amount at same
period of last yera
Guangdong Changhong Electric Co.,
Ltd.
607,549.24 638,946.87
Guangdong ChanghongDigitao
Technology CO.,Ltd.广
53,345.44 53,298.48
Leyijia Chain Management Co., Ltd. 2,646.13
Sichuan Changhong Minsheng Logistic
Limited
8,850.33 5,357.56
Zhongshan Guanghong Mould-Plastic
Technology Co., Ltd.
14,469.86
Sichuan Kuaiyidian Service Chain
CO.,Ltd.
2,224.13 2,066.40
Sichuan Changhong Electric Co., ltd. 16,550.16
Toal 702,989.16 702,315.44
As the business between the Zhongshan Changhong and the related party transaction,
the Company has regulated the above business according to the relevant regulatory
rules upon the transfer of Zhongshan Changhong's stock in December 2009
3、current amount between related parties
（1）account receivable of related party
Related （item ） Amount at period-end
Amoun tat
–year-begin
pareant company and final controller
Include:Sichuan Changhong Electriv Co.,
ltd.
101,479,396.19 71,448,305.06
joint venture and affiliated enterprise
incluHefei Meiling Packing Products Co., Ltd 61,654.64
other enterprise under the same parent
company and finacl controller
Incl: Sichuan Hongshi Display 3,078,687.20 3,078,687.20合肥美菱股份有限公司2010 年半年度报告
117
Related （item ） Amount at period-end
Amoun tat
–year-begin
TechnologyCO., Ltd.
Sichuan Changhong Mould-Plastic Co., Ltd. 1,933,290.17 1,509,399.13
Sichuan Changhong Jijia Fine Co., Ltd.
Changhong Elctrci (Austrilian)Co., Ltd. 1,737,477.21 1,089,035.55
Jiangxi Changhong Electric Technology
Co.,Ltd.
267,550.00 1,038,560.00
Sichuan Changhong Xinrui Technology
Co.,Ltd.
1,480,861.05 748,345.00
Changhong (HK) Trade Co., Ltd. 727,782.00
PT.CHANGHONG ELECTRIC IND 17,767,690.65 499,524.13
Mianyang Lejiayi Commerce Co.,Ltd 224,364.82
Chengdu Lejiayi Commerce Co.,Ltd 136,857.35 139,628.95
Hefei Changhong Industry CO., Ltd. 68,500.00 68,500.00
Huayi Compressor Holding Co.,Ltd. 8,550.50 59,853.50
Guangdong Changhong Digital
TechnologyCo., Ltd.
52,462.49
Sichuan Changhong Electronic System
Co.,Ltd
Sichuan Changanhong DOngyuan Fine
Ewuipment Co., Ltd
Sichuan Changhong International Hotel
Limited Liability CO.,
25,800.00 41,580.00
Sichuan Changhong Minsheng Logistic Limited 216,033.28
Sichuan Changhong Equipment
TechnologyCO.,Ｌｔｄ
Tianjing Lejiayi Commerce CO., Ltd. 29,104.92 26,333.32
Jinan Lejiayi Commerce CO., Ltd. 24,007.60 24,007.60
Fuzhou Lejiayi Commerce CO., Ltd. 11,025.65 23,267.70
Sichuan Hongruui Electrician Limited
liability CO.,
18,400.00
Kunming YijiaHong Commerce CO., Ltd 36,511.77 14,729.77
Guangdong Changhong Electronic CO.,Ｌｔ 9,172.80合肥美菱股份有限公司2010 年半年度报告
118
Related （item ） Amount at period-end
Amoun tat
–year-begin
ｄ．
Taiyuan Lejiayi Commerce CO., Ltd. 23,534.05 4,402.05
Chongqing Hong Life Commerce Co., Ltd. 60,980.21 1,386.00
Sichuan Changhong Fine Technology Co.,
Ltd.
Changhong Network Technology (China)
Marketing Beijing sub-district
4,470.00
Sichuan Hongou Display Co., Ltd. 3,755,850.00
Sichuan Kuaiyidian Electric Service
ChainCo., Ltd.
4,400.20
Zhongshan Guanghong Mould-Plastic
Technology Co., Ltd.
affiliated enterprise of controller
shareholers and actual controller
Changzhi Guangdian (Sichuan) CO., ltd 34,278.93
Total 132,150,578.00 80,943,660.64
（2）account receivable in advance of related party
Related parties(item) Amount at –period-end
Amount at
year-begin
pareant company and final controller
Include:Sichuan Changhong Electriv Co.,
ltd.
4,549,925.81 4,681,218.92
joint venture and affiliated enterprise
Include: Chaohu Meiling Electric Marketing
Co.,Ltd.
9,668,693.66 1,500,000.00
Jiujian g Meiling Electric Marketing
Co.,Ltd.
3,832,898.20 600,000.00
Guangyuan Meiling Electric Marketing
Co.,Ltd.
2,770,146.63 860,000.00
Haozhou Meiling Electric Marketing
Co.,Ltd.
3,169,327.67
Guangxi Meiling Electric Marketing 8,072,911.64合肥美菱股份有限公司2010 年半年度报告
119
Co.,Ltd.
Changzhou Meiling Electric Marketing
Co.,Ltd.
2,730,122.22
Xinxiang Meiling Electric Marketing
Co.,Ltd.
7,078,639.00
other enterprise under the same parent
company and finacl controller
Include: Chengdu Lejiayi Commerce Co.,
Ltd.
77,938.07
Changhong (HK) Commerce Co., Ltd. 27,207.44 2,628.21
Mianyang Lejiayi Commerce Chain Co.,
Ltd.
210,070.96
Sichuan Changhong Minsheng Logistic Limited
Sichuan Changhong Electric System Co.,
Ltd.
1.98 1.99
Sichuan Kuaiyidian Electric Service
ChainCo., Ltd.
4,574.16
Total 42,114,519.37 7,721,787.19
（3）accounts payable of related parties
Related parties(item) Amount at –period-end
Amount at
year-begin
parant company and finanl controller
Include: Sichuan Changhong 16,196,975.92 5,769,505.99
joint venture and affiliated
inclu：Hefei Meiling Packing Products Co., Ltd 17,375,810.21 8,862,117.70
other enterprise under the same parent
company and finacl controller
inclu Sichuan Changhong Mold&Palstic Tech. Co.,
Ltd
58,409,641.29 20,958,816.80
Huayi Compressor Co., Ltd. 118,076,255.04 20,108,781.52
Changhong Jijia Precise Machine Co., Ltd. 67,370,744.71 14,210,937.69
Sichuan Changhong Minsheng Logistic Limited 20,530,430.12 9,408,488.07
Sichuan Changhong Packing Printing Co., Ltd. 9,423,440.37 5,240,438.83合肥美菱股份有限公司2010 年半年度报告
120
Related parties(item) Amount at –period-end
Amount at
year-begin
Sichuan Changhong Equipment Co.,Ｌｔｄ 7,782,955.10 3,821,685.56
Mianyan Hongrui Electriv Co., Ltd. 946,241.24
Sichuan Changhong DOngyuan Fine
Equipment Co., ltd,
10,975,589.13 530,482.70
Sichuan Changhong Fine Technology Co.,
ltd
492,540.62 306,904.21
Sichuan Liyuan Electric CO,m ltd 1,387,904.58 255,573.34
Mianyang Hongfa Mode Design Co.,Ｌｔ
ｄ．
123,886.60 138,078.40
Sichuan CHanghog Energy Co., ltd. 207,736.07 85,205.84
Guangdong Changhong Elcetric Co.m ltd 12,813.73 26,819.44
Sichuan Hongxin Softwar CO., ltd. 1,397.25 17,250.00
Sichuan Changhong Electic Limited
Liability Co.,
17,766.98 13,818.02
Zhongshan Guanghong Mould-Plastic
Co.,Ltd.
28,768.42
affiliated of controlling sharehoders and
actual controller
Sichuan CHangxin Cooling Co.,Ｌｔｄ． 20,735,956.85 9,491,061.15
Sichuan Jinghong Packing Co.,Ｌｔｄ． 3,146,014.39 2,590,038.30
Sichuan Changhe Technology Co., Ltd. 574,936.45 216,173.53
Sichuan Hongyu Metal Co.,Ｌｔｄ
Toal 352,871,563.83 102,998,418.33
（4）accounts paid in advance of related parties
Related parties（item） Amount at period-edn
Amount at
year-begin
other enterprise under the same parent
company and finacl controller
Sichuan Changhong Minsheng
LogisticCo．Ltd.
404,023.72合肥美菱股份有限公司2010 年半年度报告
121
Toal 404,023.72
（5）other payable of related parties
Related parties（item） Amount at period-edn
Amount at
year-begin
parent company and final controller
Incl: Sichuan Changhong Electric Co., Ltd. 193,928,843.19 286,242,599.05
joint venture and affilicated
Inc;: Hefei Meiling packing Co. Ltd.． 340,000.00 340,000.00
other enterprise under the same parent
company and finacl controller
Inc; Sichuan Changhong Minsheng
LogisticCo．Ltd.
5,652,223.28 5,513,085.98
Sichuan Changhong Mould-Plastic Co.,Ｌｔ
ｄ．
100,000.00 100,000.00
Sichuan Changhong Jijia Fine Co.,Ｌｔｄ． 150,000.00 150,000.00
affiated of shareholders and actual
controllers
Sichuan Changhe Technology co., ltd 50,000.00
081 Elcetonic Group Sichuan Liyuan Co.,
ltd
55,362.36
Total 200,276,428.83 292,345,685.03
（X）Contingency
1、contingency from external gaurantee
The RMB25000000 of bank credit offer guarantee to Zhongke Meiling Co., , and
guarantee RMB 8000000 for bank credit to Sichuang Changhong Zir Conditioner
Co.,Ltd. See more details in 5. Affilliated guarantee of I(I) Related transactiona in
Note 9.
No other external guarantee provided bedise the abovementioned.
2、other contingency liabilities
Nil.
（XI）Commitment
1、major assets ttansfer and its commitments
Commitments
(I) Commitments for Share Merge Reform合肥美菱股份有限公司2010 年半年度报告
122
The Company implemented the Share Merge Reform on 24 August 2010, that
is, the Company took the 151530340 current shares before the Reform and arranged
1.5share per 10 shares by valuable consideration for all current A-share holders
registered before the registered date of scheme implementation. Upon completion of
the valuable consideration, the shareholding of Meiling non-current share holders got
the right to come into the market.
As at end of the Period, the non-current shareholders all have strictly fulfilled
commitments in the moratorium and other relevant commitment.
(II) Commitments for transfer of air conditioner asset
10 November 2009, the Company signed with Sichuan Changhong and
ChanghongChuangtou in Mianyang City the
concerning the successful bidding fro shareholding in Zhongshan Changhong and
Changhong Air Conditioner; at the same day, the Company received the
presented by the large shareholder—Sichuan Changhong. For
purpose of Meiling’s development, its independence and withdrawal from the
intratype competition between the Sichaun Changhong and Meiling Apparatus,
Sichuan Changhong committed that:
1. Concerning property and land in use by Changhong Air Conditioner were
not in the assets scope of the transfer, Sichaun Changhong committed that it would
continue leasing to Changhong Air Conditioner at market price and negotiate with
Meiling Appratus about the transfer of partial property and land according to
Changhong Air Conditioner’s operation.
2. Upon the transfer, Sichuan Changhong committed that it would make efforts
to withdraw from new related transaction with Meiling Appratus; however, as for the
inevitable ones, it committed that it would set price of related transaction in market
manner to make sure the transaction fair, just and with no harm to Meiling’s interest.
3. For support of development of Meiling apparatus and air conditioner, and
upon the transfer, Sichuan Changhong committed that it would continue authorizing
free use of trademark--‘Changhong’ in the coming three years to Changhong Air
Conditioner and Zhongshan Changhong. As the above authority due, Sichuan
Changhong would negotiate with Meiling Apparatus about the authorized use of
patent“Changhong”according to Meiling Apparatus’s air conditioner development.
4. Upon the transfer, Sichuan Changhong committed that it would not enter
into operation business or activities that competed or conflicted with Meiling
Apparatus’s current or future business, as air conditioner or refrigerator.
(III) Commitments for Reduction of and Withdrawal from Intratype
Competition
The Company was to issue A-share non-publicly and presented and committed and guaranteed that:
1. In addition to assistance activities required by Meiling Apparatus for its
interest, Sichuan Changhong would not take initiative in business and activities
competing or conflicting with Meiling Apparatus’s.
2. The Company guaranteed that it would use the shareholders’ right legally
带格式的: 字体: (默认)
Times New Roman, 小四合肥美菱股份有限公司2010 年半年度报告
123
and reasonablely without take any activities restricting or influencing Meiling’s
normal operational.
3. If Meiling expanded its business scope futher while the Company had
already operated the new business, the Company agreed to authorize Meiling
Apparatus the relevant preferential acquisition right only that the Company was still
the controlling shareholder or actual controller.
(IV) Sichuan Changhong’s Commitment Letter of Reduction and
Standardization of Related Transaction with the Company
The Company was to issue A-share non-publicly and presented and committed and guaranteed that:
1. It would take measures to make efforts to avoid continual related transaction
with Meiling, and as for the inevitable ones, signed the related connection contract
legally and set the just price respectively according to the marketization
principle—equity and mutual benefit, making compensation for equal value, and
current market standard.
2. It would fulfill duties as necessary withdrawal of related directors and
shareholders from the vote and obedience to legal procedures of related transactions
and duties of information disclosure.
3. It guaranteed that it would not harm the legal interests of Meilng Apparatus
and other shareholders of Meiling.
(VI) Transfer of State-owned Property in Meiling Group
As the Company (A Party or Transferee) signed decimal the with Xingtai Holding Co., Ltd. (hereafter referred as Xingtai
Holding) on 25th March 2010, the Company transferred under the agreement the
100% state-owned property in Hefei Meiling Co., Ltd. (hereafter referred as Meiling
Group) which is partially striped and indebled, held by Xingtai Holding,
(including“Meiling”trademark, business name, together with 8 wholly-owned or
controlling subsidiaries, excluding 1.2% stock property of Meiling Group in the
Company ). Commitments relevant to the Company were as follows:
1. There was no change in the legal subject position of the transferring
enterprise. The new transferee entity would not move out from the Hefei City within
the legal duration and continue enter into apparatus and its related industry. The new
transferee entity would pay tax no less than RMB 15000000—sum of the last year
within 5 years in Hefei City.
2. Within 5 years from the effectual day of the contract, investment newly
increased in Hefei City is no less than RMB 10000000.
3. Within 5 years from the signing, A Party, besides the internal transfer, would
not transfer the bid.
4. Meiling Group transferred to Hefei Xingtai Asset Management Co., Ltd.the
credit in total of RMB 4869000 under the transfer scope held by the subsidiary (the
actual sum is the one in the audited report as ending 25th March 2010) with the new合肥美菱股份有限公司2010 年半年度报告
124
transferee entity paying off in 2 years from the signing day(a legal valid contract is
necessary).
5. The transferee offered the post in proportion to 80% of the now on-the-job
number in the transferring enterprise and subsidiary in the transfer. Under the same
condition, the existing staff and management had the privileges to be hired and
arranged. As day of the displacement is the continuing day of labor relations, it signed
the labor contract of no less than 3 years with hired people within one month from the
effecting day. It continued and handled all social insurances and paid for the housing
reserve according to Hefei relevant rules.
6. The transferee inherited all assets and liabilities evaluated and confirmed, of
the transferring enterprise.
7. The transferee continued fulfilling the agreement signed with the external
parties by the transferring enterprise.
8. The transferee continued cooperating with the A Party to complete the
strip-off of the nontransferable equity in the transferring enterprise.
9. The transferee had to make rational utilization of land in the transfer
without claim to change in land usage.
10. The transferee did not dilute or weaken the trademark and business
name“Meiling ”, maintain them properly and committed that Meiling production
amount in Hefei was no less than 70% of the total, increase of sales amount no less
than 20%, fee for its product research and development and trademark maintenance
no less than 1% of the sales sum.
2、there are no major commitemnt beside the above items
（XII）items after balacne sheet date
As the Company (A Party or Transferee) signed decimal the with Xingtai Holding Co., Ltd. (hereafter referred as Xingtai Holding) on
25th March 2010, the Company transferred under the agreement the 100% state-owned
property in Hefei Meiling Co., Ltd. (hereafter referred as Meiling Group) which is
partially striped and indebled, held by Xingtai Holding,
(including“Meiling”trademark, business name, together with 8 wholly-owned or
controlling subsidiaries, excluding 1.2% stock property of Meiling Group in the
Company ).
Recently ,Xintai Holding have been accomplished the procedure of
transfering.on 28 July 2010, the 100% of state-owned eqity have been transfer
accomplished
（XIII）information of sub-department (Unit: RMB ‘0000)
Item
Refrigerator,
frezzer
Air
conditioner
Off-setting Toal
Operating income 351,444.11 106,132.43 0.56 457,575.98合肥美菱股份有限公司2010 年半年度报告
125
Incl: income from external 351,444.11 106,131.87 - 457,575.98
Income from transaction
between the departments
- 0.56 0.56 -
Operating expenses 342,599.21 112,241.75 0.56 454,840.40
Operating profit （loss） 22,608.98 -6,109.32 - 16,499.66
Total assets 567,560.44 115,021.51 73,410.46 609,171.49
Total liabilities 407,906.21 74,984.50 18,883.49 464,007.22
Supplementary information
Depreciation and amortized
expenses
7,977.94 1,805.66 - 9,783.60
capital expenditure 1,665.93 1,430.66 - 3,096.59
Non-cash expenditures besides
Depreciation and amortized
- - - -
（XIIII）other significant events
1、rental
（1）operating rented assts
Type Amout at peiod-end
Amout at
year-begin
House and buildings 13,376,216.77
13,692,921.96
land use right 711,288.97
730,473.25
specific equipment 148,974.85 -
Total 14,236,480.59
14,423,395.21
（2）assets and liabilities measured on fair value
Item
Amout at
year-begin
Sold this
period
Gain/loss
of fair
value
in this
period
accumultive
fair value
changes
reckon into
equity
impairment
of
withdrwal
in this
period
Amout at
peiod-end
financial assets合肥美菱股份有限公司2010 年半年度报告
126
Item
Amout at
year-begin
Sold this
period
Gain/loss
of fair
value
in this
period
accumultive
fair value
changes
reckon into
equity
impairment
of
withdrwal
in this
period
Amout at
peiod-end
change of financial
assets calculated with
fair value that
accounted into current
gains/losses (excluding
derivative financial
assets)
- - - - - -
derivative financial
assets
- - - - - -
financial assets
available for sale
134,011,570.00 135,603,896.80 - 4,614,270.35 - 3,021,943.55
Incl: share capital 7,091,806.06 6,929,464.41 - - - 162,341.65
fair value 126,919,763.94 128,674,432.39 - 4,614,270.35 - 2,859,601.90
sutotal of financial
assets
134,011,570.00 135,603,896.80 - 4,614,270.35 - 3,021,943.55
Real estate investment - - - - - -
Productive biological
assets
- - - - - -
total 134,011,570.00 135,603,896.80 - 4,614,270.35 - 3,021,943.55
financial liabilities - - - - - -
2、foreign currency financial assets and liabilities
Item
Amout at
year-begin
Gain/loss of
fair value
in this
period
accumultive
fair value
changes
reckon into
equity
impairment
of
withdrwal
in this
period
Amout at
peiod-end
financial assets
change of financial assets
calculated with fair value
- - - - -合肥美菱股份有限公司2010 年半年度报告
127
that accounted into current
gains/losses (excluding
derivative financial assets)
derivative financial assets - - - - -
loans dan account recivabel 35,971,221.78 - - 161,594.71 110,641,125.69
financial assets available for
sale
- - - - -
investmetn held-to-maturity - - - - -
sutotal of financial assets 35,971,221.78 - - 161,594.71 110,641,125.69
financial liabilities - - - - -
short-ten loan - - - - -
subtotal of financial
liabilities
- - - - -
（十五）major notes to financail statemetn of parent company
1、account receivables
（1）account receivables classified according to risk
Amount at period-end Amount at year-begin
f book Bad debt provision Balance of book Bad debt provision
proportion
（%）
Amount
proportion
（%）
Amount
proportion
（%）
Amount
proportion
（%）
32.98% 5,543,954.73 20.70% 65,020,591.37 28.74% 3,251,029.57 13.04%
0.00% - 0.00% - 0.00% - 0.00%
67.02% 21,233,676.17 79.30% 161,238,499.30 71.26% 21,675,796.68 86.96%
100.00% 26,777,630.90 100.00% 226,259,090.67 100.00% 24,926,826.25 100.00%
309,465,553.73 201,332,264.42
Other account receivale at period-end increaed RMB 279,591,477.10compared
with that of year-begin, up 81.09%. mainly caused by the major delivery amount in
busy season, and increase of the account receivables not due.合肥美菱股份有限公司2010 年半年度报告
128
Classification 1 account receivale with single major amount (over
RMB20,000,000) or with minor amount but have impairment testing individually;
Name amount
Bad debt
amount
acurring
proportion
Acurring
reason
Suning Electric Co., ltd. Nanjing
purchase Center
80,190,216.55 4,009,510.83 5%
Withdrwal
on age
Electrolux (China) Electric
Co.,Ltd.
30,688,877.96 1,534,443.90 5%
Withdrwal
on age
Total 110,879,094.51 5,543,954.73
Classification 2 other account receivale with single minor amount bur with major
risk after combime with other credit risk: Classification 3：is the other minor account
receivables.
（2）account receivables verificated in report period
Name
nature of
account
receivables
Verification
amount
Verification
reason
Whether caused
by relted
transaction
28 companies of accout
receivables
loans 3,938,609.75
Bankrupt
cancellation of
debtor
Not
（3）Arrears of shareholders with 5%(including 5%) of voting rights of the Company
Amount at period-end Amount at year-begin
Name Arrears
amount
Amount
withdrwal of
bsd debt
Arrears
amount
Amount
withdrwal of
bsd debt
Sichuan Changhong
Electric Co., Ltd.
265,069.75 - 261,249.75 -
（4）top 5 account receivables in amount
Name Relationship Amount Age
Proportion
in total
account
receivables
Suning Electric Holding
Co., ltd. Nanjing
Non-related 80,190,216.55 Within 1year 23.85%合肥美菱股份有限公司2010 年半年度报告
129
Electrolux (China) Electric
Co., ltd.
Non-related 30,688,877.96 Within 1year 9.13%
Jiangsu Five Star Electric
Co., Ltd.
Non-related 16,047,068.90 Within 1year 4.77%
ELECTROLUX MAJOR
APPLIANC
Non-related 9,192,478.69 Within 1year 2.73%
Beijing Dazhong
Household Electric Chain
Sales
Non-related 9,042,071.18 Within 1year 2.69%
Total 145,160,713.28 43.17%
（5）accout receivable from related parties
Name Relationship Amount
Proportion
in total
account
receivables
CHANGHONG
ELECTRIC(AUSTRA
other enterprise under the same control
of parent company and final controller
1,686,697.23 0.50%
Sichuan Changhong
Electric Co., Ltd.
Paren tCompany 265,069.75 0.08%
Chengdu Lejiayi
Commerce Co., ltd.
other enterprise under the same control
of parent company and final controller
136,857.35 0.04%
Kunming Yijiahong
Commerce Co., ltd.
other enterprise under the same control
of parent company and final controller
36,511.77 0.01%
Chongqing Hong Life
Commerce Co., ltd.
other enterprise under the same control
of parent company and final controller
32,327.20 0.01%
Tianjing Lejiayi Commerce
Co., ltd.
other enterprise under the same control
of parent company and final controller
29,104.92 0.01%
Jinan Lejiayi Commerce
Co., ltd.
other enterprise under the same control
of parent company and final controller
24,007.60 0.01%
taiyuan Lejiayi Commerce
Chain Co., ltd.
other enterprise under the same control
of parent company and final controller
23,534.05 0.01%
Fuzhou Lejiayi Commerce
Co., ltd.
other enterprise under the same control
of parent company and final controller
11,025.65 0.00%
Total 2,245,135.52 0.67%合肥美菱股份有限公司2010 年半年度报告
130
（6）foregin currency balance in account receivable
Amount at period-end Amount at year-begin
foregin
currency Original
currency
Convert
exchange
rate
Converted to
RMB
Original
currency
Convert
exchange
rate
Converted to
RMB
USD 3,613,878.19 6.7909 24,541,485.40 3,555,234.77 6.8282 24,275,854.06
EUR 486,589.73 8.271 4,024,583.66 328,721.23 9.7971 3,220,514.76
JPY - 0.076686 - - 0.0738 -
Total - 28,566,069.06 - 27,496,368.82
2.other account receivable
（1）other account receivable classified according to risk
Amount at period-end Amount at year-begin
Balance of book Bad debt provision Balance of book Bad debt provisio
item
Amount
proportion
（%）
Amount
proportion
（%）
Amount
proportion
（%）
Amount v（%
sification
4,809,271.74 14.16% 240,463.59 6.17% 2,073,076.93 10.67% 2,073,076.93 37.4
sification
2,712,070.45 7.98% 2,524,998.16 64.81% 2,412,579.45 12.41% 2,348,984.23 42.4
sification
26,451,888.89 77.86% 1,130,338.23 29.01% 14,948,296.78 76.92% 1,110,898.76 20.0
Toal 33,973,231.08 100.00% 3,895,799.98 100.00% 19,433,953.16 100.00% 5,532,959.92 100.0
et value 30,077,431.10 13,900,99
Other account receivale at period-end increaed RMB 14,539,277.92 compared
with that of year-begin, up 74.81%. mainly caused by the increase reserve fund from
sale sub-departmetn.
Classification 1: account receivale with single major amount (over
RMB1,000,000) or with minor amount but have impairment testing individually;
Name amount
Bad debt
amount
acurring
proportion
Acurring reason
Provincial power Hefei Power
supply co.,
3,532,431.74 176,621.59 5% withdrwal on age
AD center of Anhui TV 1,276,840.00 63,842.00 5% withdrwal on age合肥美菱股份有限公司2010 年半年度报告
131
Toal 4,809,271.74 240,463.59
Classification 2:other account receivale with single minor amount bur with major
risk after combime with other credit risk:
Amount at perid-end Amount at year-begin
Item
amount proportion
Bad debt
provision
amount proportion
Bad debt
provision
Over 3
years
2,712,070.45 100.00% 2,524,998.16 2,412,579.45 100.00% 2,348,984.23
Classification 3 is the other minor account receivables.
（2）other account receivable verifcated in report period actually:
Name
nature of
account
receivable
Verification
amount
Verification
reason
Whether caused by
related transaction
Jiangxi Kesheng
Industry&Commerce
Co., Ltd.
Loan 2,073,076.93
debt paying
ability of
debtor
Not
Jiangxi Kesheng Industry&Commerce Co., Ltd. Have been cancelled for
bankruption. The recovery of account is difficult and last over 5 years, and all amoun
thave been in bad debt provision. The 33th Metting o f6th Board of Directors have
been approved for verification.
（3）No arrears of shareholders with 5%(including 5%) of voting rights of the
Company in period-end.
（4）top 5 companies of other account receivables in amount
Name Amount Age
Proportion
in other
accounts
receivable
Nature and
content
Provincial power Hefei Power
supply co.,
3,532,431.74
Within
1year
10.40%
Utilities paid in
advance
AD center of Anhui TV 1,276,840.00
Within
1year
3.76%
AD fee paid in
advane
Reserve fund of Beijing
sub-branch
941,284.44
Within
1year
2.77%
Reserve fund of
Beijing合肥美菱股份有限公司2010 年半年度报告
132
Name Amount Age
Proportion
in other
accounts
receivable
Nature and
content
sub-branch
Reserve fund of Hefei
sub-branch
668,649.73
Within
1year
1.97%
Reserve fund of
Hefei sub-branch
Reserve fund of Nanjing
sub-branch
606,318.14 v 1.78%
Reserve fund of
Nanjing
sub-branch
Toal 7,025,524.05 20.68%
3、long-tern equity investment
（1）classification of long-tern equity investment
Item Amount at perid-end
Amount at
year-begin
long-tern equity investment based on cost 528,756,857.16 530,416,857.16
long-tern equity investment based on equity 26,689,372.97 28,428,371.63
total of long-tern equity investment 555,446,230.13 558,845,228.79
Less: impairment provision of long-tern equity
investment
- 1,660,000.00
Value of long-tern equity investment 555,446,230.13 557,185,228.79
（2）long-tern equity investment based on cost and on equity
ompany
Proportion
of share
holding
（%）
Proportion
of voting
right（%）
Initial amount
amount at
year-begin
Additional
this
period
Decrease
this period
Amount at
period-end
t
ling
chnology
pany
70.00 70.00 42,000,000.00 42,000,000.00 - - 42,000,000.00
ng Cooling
90.00 97.00 45,000,000.00 45,000,000.00 - - 45,000,000.00
eiling 90.00 97.00 45,000,000.00 45,000,000.00 - - 45,000,000.00合肥美菱股份有限公司2010 年半年度报告
133
ltd.
g Electric
o., Ltd.
99.00 99.97 9,900,000.00 9,900,000.00 - - 9,900,000.00
nghong
ner Co., 100.00 100.00 305,600,437.79 305,600,437.79 - - 305,600,437.79
hanghong
., Ltd.
90.00 100.00 76,256,419.37 76,256,419.37 - - 76,256,419.37
nk Co., ltd. 1.15 1.15 5,000,000.00 5,000,000.00 - - 5,000,000.00
ma Electric
20.00 20.00 1,660,000.00 1,660,000.00 - 1,660,000.00 -
otal 530,416,857.16 530,416,857.16 - 1,660,000.00 528,756,857.16
uity
d
Proprty
d.
28.57 28.57 1,000,000.00 2,588,783.96 - 764,088.90 1,824,695.06
g packing
48.28 48.28 25,055,600.00 25,839,587.67 - 974,909.76 24,864,677.91
otal 26,055,600.00 28,428,371.63 - 1,738,998.66 26,689,372.97
al 556,472,457.16 558,845,228.79 - 3,398,998.66 555,446,230.13
（3）investmetn to affiliated enterprises
Invested
company
type
Register
place
Legal
person
Nature
Register
capital
Proportion
of share
holding
（%）
Proportion
of voting
right（%）
Hefei
Meiling
packing
Co., Ltd.
Limited
Company
Hefei
Sun
Qingfeng
Sale,
manufacture
and
production
RMB1,840,000 48.28 48.28
Anhui
United
Technology
Property
Limited
Company
Hefei ChanHua
Property
trading
RMB
5,000,000
28.57 28.57合肥美菱股份有限公司2010 年半年度报告
134
Trade Co.,
Ltd.
（con’t）
Invested company
total asset at
period-end
total liabilities
at period-end
Total net
asset at
period-end
Total
operation
income this
period
Net profit
of this
period
Hefei Meiling packing
Co., Ltd.
159,672,115.38 108,171,125.50 51,500,989.88 63,425,141.06 -3,899.83
Anhui United
Technology Property
Trade Co., Ltd.
8,237,235.76 1,850,483.71 6,386,752.05 - -770,010.29
（4）impairment provision of long-tern equty investment
Invested company
Amount at
year-begin
Increased
this peiod
decreased
this peiod
Amount at
period-end
Decrease reason
Hefei Meiling Sigema
Electric Co., Ltd.
1,660,000.00 - 1,660,000.00 -
Cancellation of
business license,
and have been
verificated
4、operation income and cost
（1）operation income and operation cost
Item Amount in the period
Amount at same
period of lase year
Main operation income 3,253,792,487.32 2,407,107,841.51
Other operation income 490,864,050.49 201,268,734.72
Total 3,744,656,537.81 2,608,376,576.23
Main operation income 2,262,294,849.69 1,700,631,957.58
Other operation income 459,953,413.92 192,980,161.69
Total 2,722,248,263.61 1,893,612,119.27
（2）operation income classified according to products
Name Amount in the period
Amount at same period of lase
year合肥美菱股份有限公司2010 年半年度报告
135
Opearion
income
Opearion cost
Opearion
income
Opearion cost
Main operation income 3,253,792,487.32 2,262,294,849.69 2,407,107,841.51 1,700,631,957.58
（1）refrigrator,
freezer
3,253,792,487.32 2,262,294,849.69 2,402,916,122.73 1,696,231,622.86
（2）air conditioner 4,191,718.78 4,400,334.72
Other business income 490,864,050.49 459,953,413.92 201,268,734.72 192,980,161.69
（1）sales of raw
materils
490,125,830.49 459,774,576.18 200,205,514.72 192,748,343.73
（2）rental income 738,220.00 178,837.74 1,063,220.00 231,817.96
（3）other income
Total of operation
income
3,744,656,537.81 2,722,248,263.61 2,608,376,576.23 1,893,612,119.27
（3）operation income classified according to area
Amount in the period
Amount at same period of lase
year
Name
Opearion
income
Opearion cost
Opearion
income
Opearion cost
income from internal
sale
3,517,497,655.60 2,509,950,919.69 2,404,928,372.61 1,711,324,514.27
income from external
sale
227,158,882.21 212,297,343.92 203,448,203.62 182,287,605.00
Total 3,744,656,537.81 2,722,248,263.61 2,608,376,576.23 1,893,612,119.27
（4）top 5 client of the Company in sale income this year
Name Operation income
Proportion in total
operation income (%)
Suning Electric Holding Co., Ltd.
Nanjing Purchase center
270,350,732.80 7.22%
Electrolux(China) Electric Co., Ltd. 47,079,473.50 1.26%
Anhui Baida Electric Chain Co., Ltd. 43,274,964.25 1.16%
Jiangsu Five Star Electric Co., Ltd. 33,780,979.83 0.90%
Anhui Xinqiu Commerce Limited
Liabilities Company
32,610,211.93 0.87%合肥美菱股份有限公司2010 年半年度报告
136
Total 427,096,362.31 11.41%
5、investment income
Item Amount in this period
Amount in same period
of last year
income of long-tern equity investment
based on cost method
4,360,593.46 -
income of long-tern equity investment
based on equity method
-1,738,998.66 146,972.66
investment income from disposal of
long-tern equity investment
- -
investment income in the period of
holding transactional fianncail assets
- -
investment income in the period of
holding held-to-maturity investment
- -
investment income in the period of
holdingl fianncail assets available for sale
210,000.00 1,897,125.00
investment income from disposal of
transactional financial assets
- -
investment income from disposal of
held-to-maturity investment
- -
益investment income from disposal of
financial assets available for sale
134,809,167.26 8,391,359.87
Total 137,640,762.06 10,435,457.53
（十六）notes to cash statement of parent company
Item
Amount in this
period
Amount in same
period of last year
1. cash flow of operating activities adjusted
from net profit：
net profit 204,889,022.04 36,552,718.66
Plus: Assets impairment provision 10,315,178.84 13,964,724.54
Depreciation of fixed assets, oil and gas assets
and productive biological assets
38,300,628.78 31,307,116.87
amortized of intangible assets 12,245,773.41 12,245,773.41合肥美菱股份有限公司2010 年半年度报告
137
Item
Amount in this
period
Amount in same
period of last year
amortized of long-tern amortized expenses - -
Loss from disposal of fixed assets, intangible
assets and other long-tern assets(income is
listed with “-“)
465,977.93 27,701.45
discrd losses of fixed assets(income is listed
with “-“)
- -
income of changes of fair value(income is listed
with “-“)
- -
financial expenses(income is listed with “-“) 1,664,900.65 10,779,033.97
investment losses (income is listed with “-“) -137,640,762.06 -10,435,457.53
losses of deferred income tax assts(increased is
listed with “-“)
-7,612,984.36 -2,349,962.65
decreased of deferred income tax
liabilities( loss is listed with”-“)
-18,609,024.30 9,485,002.51
decreased of inventory(increased is listed with
“-“)
-60,435,463.32 119,149,768.94
decrease of recurring payable items(increased is
listed with “-“)
-1,186,902,213.87 -993,388,173.64
increase of recurring payable items(decreased is
listed with “-“)
932,761,970.95 739,071,808.83
Other
net amount of cash flow arising from recurring
activities
-210,556,995.31 -33,589,944.64
2. major investment and raised fund
activities not involved to cash ：
liabilities turens to capital
transferable company bonds due within 1 year
rental fixed assets from financing
3. net change of cash and cash equivalent ：
balance of cash at period-end 373,124,414.96 330,281,755.17
Less: balance of cash at period-begin 579,447,940.41 306,127,639.14
Plus: balance of cash equivalent at period-end -合肥美菱股份有限公司2010 年半年度报告
138
Item
Amount in this
period
Amount in same
period of last year
Less: balance of cash equivalent at period-begin -
net increase amount of cash and cash equivalent -206,323,525.45 24,154,116.03
（十七）Complementary information
1.non-recurring gains and losses in this period
Item
amount at
this peiod
Note
Disposal profit and loss on non-current assets 2,037,104.82
Details in
non-operating
expenditure
Tax refund and exemption approved by exceeding authority
or without formal document of approval
-
Government subsidy reckoned into current profit/loss, but
close to the Company’s business, except for government
subsidy at an uniform national standard or with a certain
ratio
22,650,367.20
Details in
non-operating
income
Capital occupation received from non- financial enterprises
and recorded into the current gains and losses
-
The investment cost of subsidiaries, affiliated enterprise
and combined enterprise obtained by the enteprise is less
than the gains resulting from recoganizable fair value of net
asset enjoyed by investee units
-
Profit and loss on exchange of non-monetary assets -
Profit and loss on entrusted investment -
Assets devalue provisions withdrawn for force majeure,
such as natural disaster
-
Debt restructuring gains/losses -
expenses of enterprise restructuring -
Profit and loss exceeding fair value, resulting from unfair
transactions
-
Current net gains/losses of the subsidiaries from the
period-begin to merger date occurred in enterprise merger
-合肥美菱股份有限公司2010 年半年度报告
139
Item
amount at
this peiod
Note
under the common control
Losses/gains occurred in contigent matters non-irelevant
with normal operations of the Company
-
Held trasaction financial asset, gains/losse of changes of
fair values from transaction financial liablities, and
investment gains from disposal of transaction financial
asset, transaction financial liablities and financial asset
available for sales, exclude the effective hedging business
relevant with normal operations of the Company
134,809,167.26
Details in
investment
income
Switch back of provision for the devaluation of account
receivable of singly adopting devaluation test
-
Losses and gains obtained from external entrusted loans -
Losses/gains from the change of fair values of investing
property of subsequent measurement adopted by method of
fair value
-
Influences on current losses/gains for one adjustment of
current losses/gains in accordance with the requirements of
laws and regualations such taxation and accountings.
-
Income of trustee fee from entrusted operation -
Net amount of other non-operating income and expense
except the above items
607,137.53
Details in
non-operating
expenditure
Other losses/gains items conforming the definitions of
non-recurring gains/losses
-
Subtotal 160,103,776.81
inpact on income tax 24,217,840.09
impact on minority shareholders equity(after tax) 162,712.88
Total 135,723,223.84
Explanation :Sichuan Changhong got the government
energy-saving-and-people-benefiting subsidy RMB68950000.In order to合肥美菱股份有限公司2010 年半年度报告
140
reflect the Company’s business situation fully, upon the full communication
between the Company and the auditing institution and according to
principle of importance, the Company calculated the item into reocurrening
gain and loss.
2、net assts income rate and income of per share
incomes per share
Profit in report period
Net assets
return of
weighted
average（%）
basic income
per share
diluted
basic per
share
net profit attributable to shareholders of the
parent company
15.85 0.5285 0.5285
net profit attributable to shareholders of the
parent company after deducting
non-recurring gains and losses
6.01 0.2004 0.2004
（XVIII）Approval of financial report
The fiancial report approved for disclosued on 5 August 2010 by the Board of
Directors
Section VIII. Documents Available for Reference
I. The text of semi-annual report carrying the signature of Chairman of the Board;
II. The accounting statements carrying the signatures and seals of Chairman of the
Board, Financial Principal and Principal of Accounting Institutes;
III. Originals of all documents of the Company and manuscripts of public notices ever
disclosed in the newspapers designated by CSRC in the report period;
VI. Articles of Association of Hefei Meiling Co., Ltd.
The aforesaid documents are all available at headquarter of the Company. The
Company would provide them timely when CSRC and Shenzhen Stock Exchange
require or the shareholders need consultation according to the regulations and Articles
of Association.
Chairman of the Board: Zhao Yong
Board of Directors of
Hefei Meiling Co., Ltd.
August 6, 2010
