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大 冷B:2018年第一季度报告全文(英文版)2018-04-21  

						       Dalian Refrigeration Co., Ltd.
QUARTERLY REPORT FOR FIRST QUARTER,
               2018




                                        1
                                    DALIAN REFRIGERATION CO., LTD.
                                QUARTERLY REPORT FOR FIRST QUARTER, 2018

         §1 Important Notes
         1.1 The directors and the Board of Directors, the supervisors and the Supervisory Board, and Senior staff
         members of Dalian Refrigeration Co., Ltd. (hereinafter referred to as the Company) hereby confirm that there are
         no any important omissions, fictitious statements or serious misleading carried in this report, and shall take all
         responsibilities, individual and/or joint, for the reality, accuracy and completeness of the whole contents.
         1.2 All the directors have attended this Board meeting of the Company.
         1.3 Chairman of the Board of Directors of the Company Mr. Ji Zhijian, Financial Majordomo Mr. Ma Yun, and the
         head of Accounting Department Mrs. Mao Chunhua hereby confirm that the financial report of the quarterly
         report is true and complete.
         1.4 This report is written respectively in Chinese and in English. In the event of any discrepancy between the two
         above-mentioned versions, the Chinese version shall prevail.

         §2 Company Profile
         2.1 Major accounting data and financial indexes

                                                                                                                Increase/decrease compared with
                                                                              January-March, 2017
                                              January-March, 2018                                                        previous year
                                                                     Before adjustment     After adjustment            After adjustment
Operating revenue                                  515,183,744.97         474,819,352.69       504,654,807.75                              2.09%

Net profit attributable to shareholders of
                                                    25,593,358.53          33,297,454.56        34,979,790.84                             -26.83%
listed companies
Net profit belonging to the shareholders of
listed companies after the deduction of             24,307,838.37          32,797,617.05        34,254,953.33                             -29.04%

non-recurring profit and loss
Net cash flow from operating activities            -117,217,303.00       -137,117,775.57      -157,927,050.15                             25.78%

Basic earnings per share                                     0.03                   0.05                 0.04                             -25.00%

Diluted earnings per share                                   0.03                   0.05                 0.04                             -25.00%

Weighted average return on net asset yield                  0.75%                 1.02%                1.05%     Decrease 0.30 percentage points

                                                                                                                Increase/decrease compared with
                                                                               December 31, 2017
                                                March 31, 2018                                                           previous year
                                                                     Before adjustment     After adjustment            After adjustment
Total assets                                      5,430,876,897.88    4,994,298,464.88       5,619,621,500.67                              -3.36%

Owner's equity attributable to shareholders
                                                  3,409,943,829.36    3,275,951,495.82       3,416,531,064.91                              -0.19%
of listed companies

         Note 1: Net profit attributable to parent company decreased significantly y-o-y, mainly due to the cash dividend
         11.15 million from Guotai Junan last period. After deducting the cash dividend effect from Guotai Junan, the net
         profit attributable to parent company increased 7.39% y-o-y.

         Note 2: Guotai Junan disclosed 2017 Profit Distribution Preplan on March 30, 2018. The dividend of RMB 4.0 in
         cash (including tax) will be distributed for every 10 shares. If the above mentioned 2017 Profit Distribution Preplan
         approved by 2017 shareholders’ general meeting of Guotai Junan, the Company would share a cash dividend of
         10.84 million according to the 27,098,895 shares of Guotai Junan currently held by the Company.

         non-recurring gains and losses
         √ Applicable □ Inapplicable

                                                                                                                                           2
          Item of non-recurring gains and losses            Amount from beginning of year to the end of report period
Disposal gains and losses of non-current asset                                                                   15,166.64
Government subsidies included in current profit or loss                                                         500,600.00
The cost of investment that the Company acruring
subsidiary,the associated and the joint venture are less                                                      1,068,246.27
than the book net assets of the invested entity
Other operating revenue or expense                                                                               -3,853.64
Income tax effect                                                                                               266,873.53
Minority shareholders’ gains and losses                                                                         27,765.58
                           Total                                                                              1,285,520.16
  2.2 Total number and particulars of the shareholders by the end of the report period
  Total shareholders at the end of report period                                      51,354
                                             Shareholding of top ten shareholders
                                                                                             Number of
                                                                                                              Number of
                                                                                  Total     shares with
                  Name                            Nature          Proportion                               pledged shares
                                                                                number           sale
                                                                                                           or shares frozen
                                                                                             restriction
                                                Domestic
  Dalian Bingshan Group Co., Ltd.         non-state-owned legal       19.97% 170,916,934                 0
                                                  person
  SANYO ELECTRIC CO LTD                    Foreign legal person        8.59% 73,503,150                  0
                                                Domestic
  Huatai securities Co. LTD.              non-state-owned legal        0.89% 7,630,001                   0
                                                  person
  Lin Zhenming                           Foreign natural person        0.73% 6,280,000                   0
  JOHCM INTERNATIONAL
                                          Overseas legal person        0.63% 5,432,942                   0
  SMALL CAP EQUITY FUND
  Wu An                                 Domestic natural person        0.61% 5,187,230                   0
  Industrial Securities Gold Kylin 2
                                                  Others               0.60% 5,101,286                   0
  Aggregate asset management plan
  Sun Huiming                           Domestic natural person        0.51% 4,384,079                   0
  Caitong Capital Kunze No. 2
                                                  Others               0.48% 4,114,534                   0
  Securities Investment Fund
  National Social Security Funds 104
                                                  Others               0.48% 4,105,157                   0
  Portfolio
            Particulars about shares held by the top ten negotiable shareholders not subject to conditional sales
                              Name of shareholder                                 EORP (shares)               Type
  Dalian Bingshan Group Co., Ltd.                                                      170,916,934              A
  SANYO ELECTRIC CO LTD                                                                 73,503,150              B
  Huatai securities Co. LTD.                                                             7,630,001              A
  Lin Zhenming                                                                           6,280,000              B
  JOHCM INTERNATIONAL
                                                                                         5,432,942              B
  SMALL CAP EQUITY FUND
  Wu An                                                                                  5,187,230              B
  Industrial Securities Gold Kylin 2 Aggregate asset management plan                     5,101,286              A
  Sun Huiming                                                                            4,384,079              B
  Caitong Capital Kunze No. 2 Securities Investment Fund                                 4,114,534              A
  National Social Security Funds 104 Portfolio                                           4,105,157              A
                                                                               Dalian Bingshan Group Co., Ltd. had the
                                                                               association relationship with Sanyo
  Notes to the associated relationship and uniform actions of the above        Electric Co., Ltd. among the above
  shareholders                                                                 shareholders. Sanyo Electric Co., Ltd.
                                                                               holds 26.6% of Dalian Bingshan Group
                                                                               Co., Ltd.'s equity.



                                                                                                                      3
          §3 Important Matters
          3.1 Major changes in main financial items and indexes, and description of the cause
          √ Applicable □ Inapplicable
          1. Monetary fund decreased significantly compared with the year-beginning, mainly due to fund-raise capital
          from privately offering of A-share decreased after payment for fund-raised projects.
          2. Interest receivable decreased significantly compared with the year-beginning, mainly due to the accrual of
          interest on CDs expired partly.
          3. Other current assets decreased significantly compared with the year-beginning, mainly due to the bank
          financial product investment of 76 million expired and took back.
          4. Payment in advance decreased significantly compared with the year-beginning, mainly due to the advance
          payment transferring income.
          5. Employee compensation payable decreased significantly compared with the year-beginning, mainly due to
          the payment of provision employee compensation of last period-end during the reporting period.
          6. Tax payable decreased significantly compared with the year-beginning, mainly due to the decrease of
          VAT payable and income tax payable.
          7. Taxes and surcharge increased significantly y-o-y, mainly due to the increase of paying VAT attached.
          8. Financial expense increased significantly y-o-y, mainly due to the credit loan increase, and increase in
          interest income accordingly during the reporting period.
          9. Investment income decreased significantly y-o-y, mainly due to the cash dividend 11.15 million from
          Guotai Junan last period.
          10.Net cash flow from investing activities increased significantly y-o-y, mainly due to the bank financial
          product investment of 76 million expired and took back, and the investment in cash 39.20 million to the
          Dalian Bingshan Group Management Consulting Co., Ltd. during last period.
          11. Net cash flow from financing activities decreased significantly y-o-y, mainly due to the Company
          receiving less bank loan during the reporting period.
          3.2 Important Progress and the analysis of the influence and solution
          □Applicable√Inapplicable
          3.3 Commitments of the Company or its shareholders , actual controller and other related parties in the reporting
          period or carried to the reporting period
          □ Applicable √ Inapplicable
          3.4 Precautions on forecasting that by the beginning of year till the end of the next report period, the accumulated
          net profit may be turned into loss or change greatly compared with that in the same period of the last year, and
          description of the cause
          □ Applicable √ Inapplicable
          3.5 The securities investment
          √Applicable □Inapplicable
                                                                                                                    Gain/(lo
                        Short                                  Proporti                                                      Financial
                               Initial cost     Number of               Number of Proportion                           ss)
 Type of      Stock     Form                                    on of                             Final Book                                             Stock
                                    of            initial                  final   of final                          during accounting subject
securities    Code      of the                                  initial                              value                                              sources
                               investment        holdings                holdings holdings                          reportin
                        Stock                                  holdings
                                                                                                                    g period
                      Guotai                                                                                                   Finance asset held     legal persons
Stock        601211             27,098,895.00     27,098,895      0.31%   27,098,895      0.31%    462,307,148.70       0.00
                      Junan                                                                                                    available for sales   investment
Total                           27,098,895.00     27,098,895      --      27,098,895     --        462,307,148.70       0.00             --                   --
          3.6 Derivative investment
          □ Applicable √ Inapplicable
          3.7 Table of investigation, communication, interview received
        Receiving time         Way of receiving          Received object type                                 Basic situation index
        Jan. 10, 2018            Field investigation                       Institution            http://irm.cninfo.com.cn/ssessgs/S000530
         Jan.19, 2018            Field investigation                       Institution            http://irm.cninfo.com.cn/ssessgs/S000530
        Jan. 25, 2018        Field investigation            Institution        http://irm.cninfo.com.cn/ssessgs/S000530
          3.8 Violation of external guaranty
          □ Applicable √ Inapplicable
          3.9 Non-operation capital occupation by holding shareholders and their related parties in the listed company
          □ Applicable √ Inapplicable



                                                                                                                                                          4
§4 Financial Report (attached)
Not audited.

                                  Board of Directors of Dalian Refrigeration Co., Ltd.
                                                      April 20, 2018




                                                                                         5
                                                    BALANCE SHEET
               Prepared by Dalian Refrigeration Co., Ltd.               March 31, 2018               Unit: RMB Yuan
                                                                  31-Mar-2018                             31-Dec-2017
                          Assets
                                                        Consolidation      Parent Company       Consolidation     Parent Company
Current assets:
Monetary funds                                            257,172,342.88     166,665,706.29      394,809,694.11     234,655,092.14
Financial assets which are measured by fair value and
which changes are recorded in current profit and loss
Derivative financial assets
Notes receivable                                          144,227,877.24        50,566,832.08    172,818,176.20      57,455,446.82
Accounts receivable                                     1,034,078,842.91     385,438,437.78 1,036,255,895.79        356,557,956.93
Accounts in advance                                       180,433,896.83        62,078,894.99    140,808,375.21      33,125,666.30
Interest receivables                                          950,000.00          950,000.00       1,871,783.33         1,871,783.33
Dividend receivable                                                                                   33,450.00
Other receivables                                          62,117,615.34         2,894,936.01     52,049,009.83         2,822,798.03
Inventories                                               394,353,577.03     148,445,182.43      352,279,664.64     149,549,915.80
Assets held for sale
Non-current asset due within one year
Other current assets                                       29,129,086.07        17,015,411.27    114,907,269.33     102,402,409.84
                    Total current assets                2,102,463,238.30     834,055,400.85 2,265,833,318.44        938,441,069.19
Non-current assets:
Finance asset held available for sales                    476,318,807.29     474,903,664.79      515,783,193.99     514,468,051.49
Held-to-maturity investment
Long-term account receivable
Long-term equity investment                             1,583,455,140.69    2,065,724,740.44 1,568,255,738.12      2,044,438,551.88
Investment property                                       103,467,573.19     114,441,301.36      103,861,275.27     114,812,363.92
Fixed assets                                              882,325,113.17     650,437,056.88      890,874,647.40     658,637,271.68
Construction in progress                                   83,555,824.15        80,307,439.72     82,999,382.90      80,314,961.09
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets                                         151,328,375.26        71,050,325.15    143,918,516.87      71,715,598.15
Expense on Research and Development
Goodwill                                                    1,750,799.49                           1,750,799.49
Long-term expenses to be apportioned                       14,123,859.38        12,364,360.62     14,431,131.01      12,737,555.16
Deferred income tax asset                                  32,088,166.96         5,375,507.65     31,913,497.18         5,815,160.93
Other non-current asset
                  Total non-current asset               3,328,413,659.58    3,474,604,396.61 3,353,788,182.23      3,502,939,514.30
                    Total assets                          5,430,876,897.88  4,308,659,797.46 5,619,621,500.67     4,441,380,583.49
Legal Representative: Ji Zhijian Chief Financial Official: Ma Yun Person in Charge of Accounting Organization: Mao Chunhua




                                                                                                                             6
                                              BALANCE SHEET (CONTINUED)
      Prepared by Dalian Refrigeration Co., Ltd.                  March 31, 2018               Unit: RMB Yuan
                                                                 31-Mar-2018                             31-Dec-2017
          Liabilities and shareholders’ equity
                                                        Consolidation      Parent Company      Consolidation     Parent Company
Current liabilities:
Short-term loans                                         340,000,000.00      260,000,000.00    349,801,300.00      260,000,000.00
Derivative financial liabilities
Notes payable                                            238,017,851.35      117,676,094.60    260,443,167.67      119,034,784.44
Accounts payable                                         852,903,152.80      337,843,695.85    889,964,317.63      385,076,569.09
Accounts received in advance                               82,488,841.84       10,012,680.37   147,172,195.05       61,450,463.91
Wage payable                                               17,626,155.71        1,414,295.52     46,751,562.36      11,445,665.15
Taxes payable                                              13,819,148.03        1,200,505.01     29,992,558.62         1,274,710.89
Interest payable                                                                                    379,085.53          379,085.53
Dividend payable                                             863,516.60          533,156.00         863,516.60          533,156.00
Other accounts payable                                     62,967,964.22       28,163,158.62     67,674,829.07      30,346,173.96
Liabilities held for sale
Non-current liabilities due within one year
Other current liabilities
                  Total current liabilities             1,608,686,630.55     756,843,585.97 1,793,042,532.53       869,540,608.97
Non-current liabilities:
Long-term loans                                          160,000,000.00      160,000,000.00    160,000,000.00      160,000,000.00
Bonds payable
Long-term account payable
Long-term wage payable
Deferred income                                            99,108,953.55       55,941,452.55   100,336,504.07       56,890,504.07
Deferred income tax liabilities                            65,494,908.31       65,494,908.31     71,429,566.31      71,429,566.31
Other non-current liabilities
                Total non-current liabilities            324,603,861.86      281,436,360.86    331,766,070.38      288,320,070.38
                       Total liabilities                1,933,290,492.41   1,038,279,946.83 2,124,808,602.91      1,157,860,679.35
Shareholders’ equity
Share capital                                            855,908,981.00      855,908,981.00    856,487,181.00      856,487,181.00
Other equity instruments
Capital public reserve                                   757,280,151.56      801,782,246.39    757,532,081.34      802,034,176.17
Less:Treasury stock                                        21,026,106.00       21,026,106.00     23,305,370.40      23,305,370.40
Other comprehensive income                               373,639,273.41      372,677,172.74     407,269,002.11     406,306,901.44
Special preparation
Surplus public reserve                                   668,150,375.30      668,150,375.30    668,150,375.30      668,150,375.30
Retained profit                                          775,991,154.09      592,887,181.20    750,397,795.56      573,846,640.63
Translation of foreign currency capital
 Total owner’s equity attributable to parent company   3,409,943,829.36   3,270,379,850.63 3,416,531,064.91      3,283,519,904.14
Minority interests                                         87,642,576.11                         78,281,832.85
                   Total owner’s equity                3,497,586,405.47   3,270,379,850.63 3,494,812,897.76      3,283,519,904.14
      Total liabilities and shareholder’s equity        5,430,876,897.88 4,308,659,797.46 5,619,621,500.67     4,441,380,583.49
Legal Representative: Ji Zhijian Chief Financial Official: Ma Yun Person in Charge of Accounting Organization: Mao Chunhua




                                                                                                                              7
                                                INCOME STATEMENT
 Prepared by Dalian Refrigeration Co., Ltd.                 January-March, 2018               Unit: RMB Yuan
                                                            January-March, 2018                       January-March, 2017
                        Items
                                                      Consolidation     Parent Company          Consolidation      Parent Company
I. Total sales                                         515,183,744.97     180,020,669.02         504,654,807.75      191,248,157.66
Including: Operating income                            515,183,744.97     180,020,669.02         504,654,807.75      191,248,157.66
II. Total operating cost                               509,898,926.11     182,066,309.20         499,031,473.17      190,640,540.70
Including: Operating cost                              423,905,884.12     159,122,415.64         423,056,262.70      166,603,901.44
Taxes and associate charges                              4,569,447.66       2,298,420.18           3,075,268.64        1,649,780.92
Selling and distribution expenses                       23,648,268.09         226,199.11          20,316,993.53          652,777.41
Administrative expenses                                 53,442,807.95      23,204,575.05          53,404,451.03       23,933,429.36
Financial expense                                        5,199,059.85       1,594,855.68             879,115.61          124,728.04
Impairment loss                                           -866,541.56      -4,380,156.46           -1,700,618.34      -2,324,076.47
Add: Gain/(loss) from change in fair value
Gain/(loss) from investment                             21,067,648.84      21,586,188.56          31,503,380.46       48,868,481.05
Including: income from investment on affiliated
                                                        20,767,648.84      21,286,188.56          20,086,145.33       20,086,145.33
enterprise and jointly enterprise
Gain/(loss) from asset disposal                             15,166.64             19,145.40           72,310.71             72,310.71
Other income                                               328,499.15
III. Operating profit                                   26,696,133.49      19,559,693.78          37,199,025.75       49,548,408.72
Add: non-business income                                 1,685,340.09               500.07         1,265,489.18          138,418.00
Less: non-business expense                                 120,347.46             80,000.00           19,842.24
IV. Total profit                                        28,261,126.12      19,480,193.85          38,444,672.69       49,686,826.72
Less: Income tax                                         2,589,476.69         439,653.28           3,010,696.66          348,611.47
V. Net profit                                           25,671,649.43      19,040,540.57          35,433,976.03       49,338,215.25
(I) Classification by continuous operation
1. Net profit from continuous operation                 25,671,649.43      19,040,540.57          35,433,976.03       49,338,215.25
2. Net profit from discontinuing operation
(II)Classification by ownership
1.Net profit attributable to parent company             25,593,358.53      19,040,540.57          34,979,790.84       49,338,215.25
2.Minority shareholders’ gains and losses                  78,290.90                                454,185.19
VI. After-tax net amount of other comprehensive
                                                       -33,629,728.70     -33,629,728.70           -8,528,746.74      -8,265,080.66
incomes
After-tax net amount of other comprehensive
                                                       -33,629,728.70     -33,629,728.70           -8,528,746.74      -8,265,080.66
incomes attributable to owners of the Company
(I) Other comprehensive incomes that will not be
reclassified into gains and losses
1. Changes in net liabilities or assets with a
defined benefit plan upon re-measurement
2. Enjoyable shares in other comprehensive
incomes in investees that cannot be reclassified
into gains and losses under the equity method
(II) Other comprehensive incomes that will be
                                                       -33,629,728.70     -33,629,728.70           -8,528,746.74      -8,265,080.66
reclassified into gains and losses
1. Enjoyable shares in other comprehensive
incomes in investees that will be reclassified into                                                 -263,666.08
gains and losses under the equity method
2. Gains and losses on fair value changes of
                                                       -33,629,728.70     -33,629,728.70           -8,265,080.66      -8,265,080.66
available-for-sale financial assets
3. Gains and losses on reclassifying
held-to-maturity investments into
available-for-sale financial assets


                                                                                                                                  8
4. Effective hedging gains and losses on cash
flows
5. Foreign-currency financial statement
translation difference
6. Other
After-tax net amount of other comprehensive
incomes attributable to minority shareholders
VII Total comprehensive income                         -7,958,079.27      -14,589,188.13       26,905,229.29      41,073,134.59
Total comprehensive income attributable to
                                                       -8,036,370.17      -14,589,188.13       26,451,044.10      41,073,134.59
parent company
Total comprehensive income attributable to
                                                           78,290.90                             454,185.19
minority shareholders
VIII. Earnings per share
(I) basic earnings per share                                    0.03                                    0.04
(II) diluted earnings per share                                   0.03                                   0.04
 Legal Representative: Ji Zhijian   Chief Financial Official: Ma Yun Person in Charge of Accounting Organization: Mao Chunhua




                                                                                                                                9
                                           CASH FLOW STATEMENT

           Prepared by Dalian Refrigeration Co., Ltd.             January -March, 2018           Unit: RMB Yuan
                                                       January -March, 2018                    January -March, 2017
                    Items
                                                Consolidation      Parent Company      Consolidation       Parent Company
I. Cash flows arising from operating
activities:
Cash received from selling commodities and
                                                234,680,891.94         87,595,028.58     301,122,870.03        76,710,267.43
providing labor services
Write-back of tax received                        3,340,686.50                             5,056,014.38
Other cash received concerning operating
                                                 14,176,990.93          3,619,053.46       8,339,100.88         1,574,756.48
activities
     Subtotal of cash inflow arising from
                                                252,198,569.37         91,214,082.04     314,517,985.29        78,285,023.91
             operating activities
Cash paid for purchasing commodities and
                                                186,514,869.99        111,441,564.06     313,953,489.13       115,453,705.91
receiving labor service
Cash paid to/for staff and workers              112,992,030.52         41,872,999.01     106,761,004.77        40,953,327.52
Taxes paid                                       32,738,439.61          2,527,993.35      19,238,059.23         2,164,084.70
Other cash paid concerning operating
                                                 37,170,532.25          3,716,271.65      32,492,482.31         2,660,805.51
activities
     Subtotal of cash outflow arising from
                                                369,415,872.37        159,558,828.07     472,445,035.44      161,231,923.64
   operating activities
      Net cash flows arising from operating
                                                -117,217,303.00       -68,344,746.03   -157,927,050.15        -82,946,899.73
                    activities
II. Cash flows arising from investing
activities:
Cash received from recovering investment
Cash received from investment income                333,450.00           300,000.00       11,192,594.05        21,153,569.05
Net cash received from disposal of fixed,
                                                   1,892,374.11                             120,520.00
intangible and other long-term assets
Net cash received from disposal of
subsidiaries and other units
Other cash received concerning investing
                                                 76,000,000.00         76,000,000.00
activities
     Subtotal of cash inflow from investing
                                                 78,225,824.11         76,300,000.00      11,313,114.05        21,153,569.05
                  activities
Cash paid for purchasing fixed, intangible
                                                 77,208,918.11         70,448,645.50      27,831,200.35        21,105,516.46
and other long-term assets
Cash paid for investment                          4,327,733.43                            39,200,000.00        39,200,000.00
Net cash paid for achievement of subsidiaries
and other business units
Other cash paid concerning investing
activities
     Subtotal of cash outflow from investing
                                                 81,536,651.54         70,448,645.50      67,031,200.35        60,305,516.46
             activities
     Net cash flows arising from investing
                                                  -3,310,827.43         5,851,354.50     -55,718,086.30       -39,151,947.41
                    activities
III. Cash flows arising from financing
activities
Cash received from absorbing investment
Including: Cash received from absorbing
minority shareholders' equity investment by
subsidiaries
Cash received from loans                          9,040,000.00                            35,819,700.00         3,000,000.00
Other cash received concerning financing
                                                 30,116,287.80                            21,576,815.56
activities
     Subtotal of cash inflow from financing
                                                 39,156,287.80                            57,396,515.56         3,000,000.00
             activities


                                                                                                                         10
Cash paid for settling debts                        17,810,100.00                             24,000,000.00
Cash paid for dividend and profit distributing
                                                      4,431,888.96          3,216,043.81       1,123,770.83            480,000.00
or interest paying
Including: dividends or profit paid by
subsidiaries to minority shareholders
Other cash paid concerning financing
                                                    10,774,088.89           2,279,264.40      11,632,035.91
activities
     Subtotal of cash outflow from financing
                                                    33,016,077.85           5,495,308.21      36,755,806.74            480,000.00
           activities
     Net cash flows arising from financing
                                                      6,140,209.95         -5,495,308.21      20,640,708.82          2,520,000.00
                     activities
IV. Influence on cash due to fluctuation in
                                                     -1,411,497.70               -686.11        -315,714.24               -320.32
exchange rate
V. Net increase of cash and cash equivalents      -115,799,418.18         -67,989,385.85    -193,320,141.87       -119,579,167.46
Add: Balance of cash and cash equivalents at
                                                   364,693,406.31        234,655,092.14      691,238,822.98        495,217,106.54
the period -begin
VI. Balance of cash and cash equivalents at
                                                   248,893,988.13        166,665,706.29      497,918,681.11        375,637,939.08
the period–end
   Legal Representative: Ji Zhijian Chief Financial Official: Ma Yun   Person in Charge of Accounting Organization: Mao Chunhua




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