The Third Quarterly Report 2020
Guangdong Electric Power Development Co., Ltd.
The Third Quarterly Report 2020
October 2020
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The Third Quarterly Report 2020
1 Important notes
The Board of Directors，the Supervisory Committee, the directors, the supervisors, and executives of the
Company guarantee that there are no significant omissions, fictitious or misleading statements carried in the
Quarterly Report and we will accept individual and joint responsibilities for the truthfulness, accuracy and
completeness of the Quarterly Report.
Other directors attending the Meeting for Quarterly Report deliberation except for the followed:
Name of director absent Title for absent director Reasons for absent Attorney
Rao Subo Director Due to business Wang Jin
Chen Ze Director Due to business Wang Jin
Wen Lianhe Director Due to business Zheng Yunpeng
Yan Ming Director Due to business Zheng Yunpeng
Liang Peilu Director Due to business Li Baobing
Mao Qinghan Director Due to business Ma Xiaoqian
Mr. Wang Jin, Person in charge of the Company, Mr.Liu Wei , Person in charge of accounting works, Mr.Meng
Fei , Chief of the accounting organ (chief of accounting ) hereby confirm the authenticity and completeness of the
financial report enclosed in this report.
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The Third Quarterly Report 2020
II. Basic information about the company
I. Main financial data and indices
Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.
□ Yes √ No
As at the end of the Changed （%）over end of
As at the end of last year
reporting period prev. year
Gross assets（Yuan） 81,793,310,492 75,472,027,123 8.38%
Net assets attributable to the
shareholders of the listed company 27,099,905,152 26,178,241,077 3.52%
（Yuan）
Increase/decrease over Between beginning of
Changed （%）over
Reporting period the same period of last the year to the end of
end of prev. year
year（%） the report period
Operating revenue（Yuan） 8,313,722,282 -3.85% 20,853,640,105 -3.10%
Net profit attributable to the
shareholders of the listed company 755,703,910 -0.21% 1,569,388,405 17.22%
（Yuan）
Net profit after deducting of
non-recurring gain/loss attributable to
753,661,026 4.78% 1,538,203,735 17.61%
the shareholders of listed company
（Yuan）
Net cash generated from /used in
2,470,190,633 -16.83% 6,488,412,530 -4.21%
operating activities（Yuan）
Basic earning per share(Yuan/Share) 0.1439 -0.21% 0.2989 17.22%
Diluted gains per share(Yuan/Share) 0.1439 -0.21% 0.2989 17.22%
Weighted average return on
2.83% -0.35% 6.09% 0.67%
equity（%）
Items and amount of non-current gains and losses
√ Applicable □ Not applicable
In RMB
Amount
(Year-beginning
Items Notes
to the end of the
report period.)
Non-current asset disposal gain/loss(including the write-off part Yuejia Company liquidated the proceeds from
51,176,503
for which assets impairment provision is made) the sale of machinery and equipment.
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The Third Quarterly Report 2020
Mainly due to Zhenneng Company received
Govemment subsidy recognized in current gain and
unemployment insurance rebate and
loss(excluding those closely related to the Company’s business 10,656,170
Guangqian Company received subsidy for
and granted under the state’s policies)
stable growth of electricity.
Other non-business income and expenditures other than the above 1,383,385
Fines and overdue payment fees -2,784,751
Mainly due to the income from scrapped fixed
Non-current assets scrap income 8,035,492 assets of Zhongyue Company and Pinghai
Power Plant.
Loss of Non-current assets scrapped -2,265,819
Less: Amount of influence of income tax 16,550,245
Influenced amount of minor shareholders’ equity (after tax) 18,466,065
Total 31,184,670 --
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
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The Third Quarterly Report 2020
II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders
1. About Total Common Shareholders, Total Preference Shareholders with the Voting Power Recovered
and the Shares Held by Top Ten Common Shareholders
In shares
Total preference
shareholders with the
Total number of common shareholders at the period-end 89,268 voting power recovered at 0
the end of the reporting
period(if any)
Shares held by the top 10 shareholders
Amount of Pledging or freezing
Share
Properties of tradable shares
Shareholder name proportion Quantity Status of
shareholder with Conditional Quantity
% the shares
held
State-owned legal
Guangdong Energy Group Co., Ltd. 67.39% 3,538,005,285 1,893,342,621
person
State-owned legal
China Securities Finance Co., Ltd. 2.84% 148,862,420
person
Guangdong Development Group State-owned legal
2.22% 116,693,602
Incorporated person
Guangdong Electric Power Development State-owned legal
1.80% 94,367,341
Corporation person
Domestic Natural
Li Zhuo 1.15% 60,527,911
person
Domestic Natural
Zheng Jianxiang 0.47% 24,804,886
person
Domestic
Harbin Hali Industry Co., Ltd. Non-State owned 0.40% 20,942,945
legal person
VANGUARD TOTAL INTERNATIONAL Overseas Legal
0.35% 18,553,952
STOCK INDEX FUND person
CHINA INT'L CAPITAL CORP HONG Overseas Legal
0.29% 15,216,066
KONG SECURITIES LTD person
Domestic
Harbin Daoli District Charity Foundation Non-State owned 0.26% 13,667,406
legal person
Shares held by the Top 10 Shareholders of Non-restricted shares
Number of the non-restricted shares Share type
Shareholders’ Names
held Share type Quantity
Guangdong Energy Group Co., Ltd. 1,644,662,664 RMB Common shares 1,644,662,664
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The Third Quarterly Report 2020
China Securities Finance Co., Ltd. 148,862,420 RMB Common shares 148,862,420
Guangdong Development Group Incorporated 116,693,602 RMB Common shares 116,693,602
Guangdong Electric Power Development
94,367,341 RMB Common shares 94,367,341
Corporation
Li Zhuo 60,527,911 RMB Common shares 60,527,911
Foreign shares placed
Zheng Jianxiang 24,804,886 24,804,886
in domestic exchange
Harbin Hali Industry Co., Ltd. 20,942,945 RMB Common shares 2,094,294
VANGUARD TOTAL INTERNATIONAL STOCK Foreign shares placed
18,553,952 18,553,952
INDEX FUND in domestic exchange
CHINA INT'L CAPITAL CORP HONG KONG Foreign shares placed
15,216,066 15,216,066
SECURITIES LTD in domestic exchange
Harbin Daoli District Charity Foundation 13,667,406 RMB Common shares 13,667,406
The fourth largest shareholder Guangdong Electric Power Development
Explanation on associated relationship or concerted Corporation is the wholly-owned subsidiaries of the largest shareholder
action of the above shareholders Guangdong Energy Group. These two companies have relationships; whether
the other shareholders have relationships or unanimous acting was unknown.
The Fifth largest shareholder Li Zhuo holds 1,125,720 A shares of the
Company through A shares ordinary stock account, and holds 59,402,191A
shares of the Company through stock account with credit transaction and
guarantee. hold 60,527,911 shares of the Company's stock totally.
The Seventh largest shareholder Harbin Hali Industry Co., Ltd. holds300 A
shares of the Company through A shares ordinary stock account, and holds
Explanation on associated relationship or concerted
20,942,645 A shares of the Company through stock account with credit
action of the above shareholders
transaction and guarantee, hold 20,942,945 shares of the Company's stock to
The Tenth largest shareholder Harbin Daoli District Charity Foundation
holds16,800 A shares of the Company through A shares ordinary stock account,
and holds 13,650,606A shares of the Company through stock account with
credit transaction and guarantee, hold 13,667,406 shares of the Company's
stock totally.
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.
2.Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of the
report period
□ Applicable √Not applicable
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The Third Quarterly Report 2020
III. Significant Events
I. Particular about large-margin change of main accounting statement item and financial index and its
reason.
√ Applicable □ Not applicable
1. In the first three quarters of 2020, the Company completed the combined on-gird power of 51.689 billion kWh,
down 1.63% YOY, the average on-grid price in the consolidated statement was 445.76 yuan/thousands kWh
(including tax, the same below), up 14.84 yuan/thousands kWh. The cost of fuel for power generation decreased by
RMB 1,314,493,800, a decrease of 10.17%. With the continuous improvement of the epidemic prevention and
control situation in Guangdong Province and the steady recovery of social and economic operations, the Company's
power production in the third quarter of 2020 was generally stable, and the main cost and expense control effects
were good. With the influence of factors such as coal price falling, the profit margin of the main business was
certainly increased, and the net profit attributable to shareholders of the parent company in the first three quarters of
2020 was RMB 1,569,388,400, a year-on-year increase of 17.22%.
2. During the reporting period, the asset impairment losses increased by RMB 111,916,100 YOY, an increase of
232.20%. The main reason was: on the one hand, the #1 unit of Sha A Power Plant was expected to be scrapped
before the end of this year, with an impairment loss of RMB 60,878,800; on the other hand, the Company’s
headquarter recovered the debt investment fund of RMB 48,197,600 that had been withdrawn for impairment in
previous years.
3. The net non-operating income and expenditure increased by RMB 25,089,900 YOY, an increase of 286.96%. It’s
mainly because the Company scrapped fixed assets leading to the net non-operating income and expenditure
increased by RMB 22 million yuan YOY.
4. During the reporting period, the corporate income tax expenses increased by RMB 300,222,500 YOY, an
increase of 48.93%. It’s mainly due to the Company's better YOY profit this year, resulting in an increase in income
tax expenses.
II. The progress of significant events and influence, as well as the analysis and explanation on resolving
proposal.
√ Applicable □ Not applicable
1. During the reporting period, the Company received the Guangdong Provincial Development and Reform
Commission's "Notice on Adjusting the On-grid Price of Natural Gas Generation Power in Our Province" (Yue Fa
Gai Price No. 284 - [2020]). In order to promote the healthy development of the natural gas power generation
industry and appropriately reduce the electricity cost of the whole society, the Guangdong Provincial Development
and Reform Commission had decided to further adjust the on-grid price for natural gas power in our province.
According to the Company's preliminary calculations, this adjustment of natural gas power price is expected to
affect from August to December 2020 to reduce revenue by RMB 61.61 million, net profit by RMB 46.21 million,
and net profit attributable to parent company by RMB 38.75 million.
2. During the reporting period, Mr. Lin Weifeng, Workers' Supervisor of Guangdong Electric Power Development
Co., Ltd., no longer serves as workers' supervisor of the Company due to job changes, but still serves as the head
of the finance department at Shajiao A Power Plant-a branch of the Company. According to the relevant provisions
of the Company's "Articles of Association", Mr. Li Jianwen (with resume attached) was democratically elected by
the Company's employees as the workers' director of the Company's ninth board of supervisors, with his term of
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The Third Quarterly Report 2020
office is from the date of the announcement to the date of expiry of the current board of supervisors.
3. In order to implement the requirements of deepening the reform of state-owned enterprises and improve the
level of integration of industry and finance, Approved by the 14th meeting of the ninth board of directors of the
Company on August 26, 2020, The board of directors agreed to the Company participating in the capital increase
and share expansion of Guangdong Energy Financial Leasing Co., Ltd and obtaining 25% equity of Guangdong
Energy Financial Leasing Co., Ltd by injecting RMB 512,958,300 into the financial leasing company. After the
capital injection, it will hold its registered capital of RMB 500 million. The price of the capital injection shall be
determined on the basis of the net asset assessment value of the financial leasing company recorded and approved
by the competent authority. Currently, the Company is promoting the capital increase of the financial leasing
company as planned.
4. In order to accelerate the large-scale development of the Company’s new energy power projects, increase the
proportion of installed capacity of clean energy, Approved by the 14th meeting of the ninth board of directors of the
Company on August 26, 2020, the board of directors agreed in principle that the wholly-owned
subsidiary-Guangdong Wind Power Co., Ltd acquires the 100% equity of Dacheng County Dun’an New Energy
Co., Ltd in the form of pre-acquisition. The total investment in the acquisition shall not exceed 800 million yuan,
and the specific transaction price shall be based on the asset evaluation results.The transaction deposit of 80
million yuan for the equity acquisition transaction will be resolved by the Company’s capital increase to
Guangdong Wind Power Company. the Company is currently carrying out the pre-acquisition work of Dun’an New
Energy Company as planned.
5. Approved by the 14th meeting of the ninth board of directors of the Company on August 26, 2020, It is agreed to
hire PricewaterhouseCoopers Zhongtian Certified Public Accountants (special general partnership) as the
domestic and overseas audit institution of the company in 2020.This proposal must be submitted to the
Provisional General Meeting of Shareholders for consideration.
6. As of 17: 32, September 10, 2020, the Unit 1 of Guangdong Yudean Maoming Bohe Power Plant's 2×1 million
kilowatt “Replacing Small Units with Large Ones " power generation project built by the Company's holding
subsidiary Guangdong Yudean Bohe Coal Power Co., Ltd was successfully passed the 168-hour full-load trial
operation and marked it’s officially put into commercial operation.
7. The term of the Company's ninth board of directors and ninth board of supervisors expired on September 18, 2020.
As the preparations for the nomination of candidates for the new board of directors and board of supervisors have
not been completed, the election of the change of the Company's board of directors and board of supervisors will be
postponed, and the tenure of the special committees of the board of directors and the senior management staff has
also been extended accordingly. Currently, the Company is actively promoting the election for the change of board
of directors and board of supervisors.
Announcement Date of disclosure Website for disclosure
Announcement on the adjustment of on-grid electricity prices for
August 5,2020 http//www.cninfo.com.cn.
gas-fired power plants
Announcement on changes in Employee Workers’ Supervisor August 14,2020 http//www.cninfo.com.cn.
Announcement on Related transaction in Capital Increase and Share
August 28,2020 http//www.cninfo.com.cn.
Expansion of Guangdong Energy Finance Leasing Co., Ltd.
Announcement of Resolutions of the 14th Meeting of the Ninth
August 28,2020 http//www.cninfo.com.cn.
Board of Directors
Announcement on Hiring the Company's Annual Audit Institution September 1,2020 http//www.cninfo.com.cn.
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The Third Quarterly Report 2020
Voluntary Information Disclosure Announcement Regarding Project
September 11,2020 http//www.cninfo.com.cn.
Commissioning
Reminder announcement on the postponement of the change of board
October 17,2020 http//www.cninfo.com.cn.
of directors and board of supervisors
Progress in the implementation of share repurchase
□ Applicable √ Not applicable
Progress in the implementation of the reduction of the repurchased shares by means of centralized bidding
□ Applicable √ Not applicable
III. Commitments finished in implementation by the Company, shareholders, actual controller, acquirer,
directors, supervisors, senior executives or other related parties in the reporting period and commitments
unfinished in implementation at the end of the reporting period
□ Applicable √Not applicable
No such cases in the reporting period.
IV. Financial asset investment
1.Securities investment
√ Applicable □Not applicable
In RMB
Purc
Book Sale
hase Book
value amo
Mode of Changes Cumulativ amo value
Stock balance at unt Gain/loss
Initial accounti in fair e fair unt balance at Accou Source
Security Security Abbr the in of the
investment ng value of value in the end of nting of the
category code eviati beginning the reporting
cost measure the this changes in the the items shares
on: of the this period
ment period equity this reporting
reporting peri
peri period
period od
od
Other
Domesti Shen Fair equity
c and zhen value instru Own-F
000027 15,890,628 78,246,000 -10,710,000 51,645,372 630,000 67,536,000
foreign Ener measure ment unds
stocks gy ment Invest
ment
Other
Domesti Fair equity
c and Shen value instru Own-F
600642 235,837,988 322,642,373 -17,214,998 69,589,387 12,217,095 305,427,375
foreign ergy measure ment unds
stocks ment Invest
ment
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The Third Quarterly Report 2020
Other
Domesti Fair equity
c and NEE value instru Own-F
831039 3,600,000 7,182,000 4,338,000 7,920,000 450,000 11,520,000
foreign Q measure ment unds
stocks ment Invest
ment
Total 255,328,616 -- 408,070,373 -23,586,998 129,154,759 0 0 13,297,095 384,483,375 -- --
Disclosure date for the
notice of approval by October 31, 2019
the Board (If any)
Disclosure date for the
notice of approval by
shareholders’ Meeting
(If any)
2.Investment in derivatives
□ Applicable √Not applicable
There is no derivative investment during the report period.
V. Progress of investment projects with raised funds
□ Applicable √Not applicable
VI. Prediction of 2020 business performance
Estimation on accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation on reason
□ Applicable √ Not applicable
VII. Major contracts for daily operations
□ Applicable √ Not applicable
VIII. Entrusted Financial Management
□ Applicable √Not applicable
There is no Entrusted Financial Management during the report period.
IX. External guarantee get out of line
□ Applicable √Not applicable
The Company has no external guarantee get out of the line in the Period
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The Third Quarterly Report 2020
X. Controlling shareholder and its related parties occupying non-business capital of the listed company
□ Applicable √Not applicable
There are no controlling shareholder and its related parties occupying non-business capital of the listed company
in Period
XI. The registration form of acceptance of investigation, communication and interview in the report period
for future reference
□ Applicable √Not applicable
No such cases in the reporting period.
IV. Financial Statement
I. Financial statement
1. Consolidated balance sheet
Prepared by: Guangdong Electric Power Development Co., Ltd.
In RMB
Items September 30,2020 December 31, 2019
Current asset：
Monetary fund 6,594,174,586 5,081,641,969
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 3,277,998,883 3,197,690,464
Financing of receivables
Prepayments 924,266,841 605,314,333
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Other account receivable 316,027,817 272,801,588
Including：Interest receivable 21,528,655 20,866,069
Dividend receivable
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The Third Quarterly Report 2020
Repurchasing of financial assets
Inventories 1,890,925,907 1,817,059,269
Contract assets
Assets held for sales
Non-current asset due within 1 year 50,012,703 28,865,131
Other current asset 484,773,258 305,595,567
Total of current assets 13,538,179,995 11,308,968,321
Non-current assets：
Loans and payment on other’s behalf disbursed
Creditor's right investment
Other Creditor's right investment
Long-term receivable 65,856,346
Long term share equity investment 6,519,452,671 6,455,784,562
Other equity instruments investment 3,188,520,935 3,142,371,373
Other non-current financial assets
Property investment 50,180,522 52,093,631
Fixed assets 41,946,261,667 38,555,718,718
Construction in progress 9,583,892,764 10,882,003,846
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 2,149,264,203 1,787,738,640
Development expenses
Goodwill 2,449,886 2,449,886
Long-germ expenses to be amortized 20,009,625 19,473,586
Deferred income tax asset 303,803,785 445,709,226
Other non-current asset 4,491,294,439 2,753,858,988
Total of non-current assets 68,255,130,497 64,163,058,802
Total of assets 81,793,310,492 75,472,027,123
Current liabilities
Short-term loans 7,134,452,824 5,904,132,791
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable 1,579,992,546 1,364,236,650
Account payable 2,419,111,438 2,465,154,162
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The Third Quarterly Report 2020
Advance receipts 682,983 432,714
Contract liabilities 152,249,845
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 493,618,916 242,510,538
Tax payable 714,411,002 571,377,151
Other account payable 5,100,733,767 4,042,117,097
Including：Interest payable
Dividend payable 9,771,322 9,771,322
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 2,016,804,892 3,182,980,482
Other current liability 1,590,334,825 1,912,282,192
Total of current liability 21,202,393,038 19,685,223,777
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 18,325,551,691 16,587,103,380
Bond payable 3,014,377,193 1,496,631,799
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 2,955,816,598 2,485,346,245
Long-term remuneration payable to staff 120,176,705 134,988,860
Expected liabilities
Deferred income 139,840,678 139,256,513
Deferred income tax liability 533,536,101 537,385,614
Other non-current liabilities 200,000,000 216,405,569
Total non-current liabilities 25,289,298,966 21,597,117,980
Total of liability 46,491,692,004 41,282,341,757
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
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Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 5,096,918,174 5,096,918,174
Less：Shares in stock
Other comprehensive income 1,658,452,796 1,676,143,044
Special reserve
Surplus reserves 8,515,360,638 8,245,767,593
Common risk provision
Retained profit 6,578,889,558 5,909,128,280
Total of owner’s equity belong to the parent company 27,099,905,152 26,178,241,077
Minority shareholders’ equity 8,201,713,336 8,011,444,289
Total of owners’ equity 35,301,618,488 34,189,685,366
Total of liabilities and owners’ equity 81,793,310,492 75,472,027,123
Legal representative ：Wang Jin
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
2.Parent Company Balance Sheet
In RMB
Items September 30,2020 December 31, 2019
Current asset：
Monetary fund 373,751,028 224,504,289
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 126,472,923 209,249,102
Financing of receivables
Prepayments 26,680,500 43,002,000
Other account receivable 152,656,368 108,149,278
Including：Interest receivable 3,173,329 689,092
Dividend receivable 2,652,502
Inventories 132,984,215 151,518,056
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The Third Quarterly Report 2020
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 271,301 1,228,009
Total of current assets 812,816,335 737,650,734
Non-current assets：
Creditor's right investment
Other Creditor's right investment
Long-term receivable 596,000,000 340,000,000
Long term share equity investment 27,470,574,979 26,514,106,513
Other equity instruments investment 3,188,520,935 3,142,371,373
Other non-current financial assets
Property investment 6,548,745 7,025,443
Fixed assets 587,086,827 706,435,221
Construction in progress 3,415,153 14,945,019
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 82,733,157 85,839,959
Development expenses
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset
Other non-current asset 208,353,879 356,004,000
Total of non-current assets 32,143,233,675 31,166,727,528
Total of assets 32,956,050,010 31,904,378,262
Current liabilities
Short-term loans 1,709,620,917 1,401,641,708
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 84,028,584 156,122,676
Advance receipts
Contract Liabilities 5,364,445
Employees’ wage payable 112,893,153 63,480,425
Tax payable 11,685,237 44,298,675
Other account payable 53,545,127 71,126,853
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The Third Quarterly Report 2020
Including：Interest payable
Dividend payable 9,771,322 9,771,322
Liabilities held for sales
Non-current liability due within 1 year 500,763,889 1,554,314,700
Other current liability 1,604,091,803 1,912,282,192
Total of current liability 4,081,993,155 5,203,267,229
Non-current liabilities：
Long-term loan
Bond payable 2,315,554,141 798,857,333
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 3,466,237
Long-term remuneration payable to staff 32,102,143 36,570,958
Expected liabilities
Deferred income 39,984,807 39,984,807
Deferred income tax liability 529,296,935 535,193,684
Other non-current liabilities
Total non-current liabilities 2,916,938,026 1,414,073,019
Total of liability 6,998,931,181 6,617,340,248
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 5,599,980,903 5,599,980,903
Less：Shares in stock
Other comprehensive income 1,658,452,796 1,676,143,044
Special reserve
Surplus reserves 8,515,360,638 8,245,767,593
Retained profit 4,933,040,506 4,514,862,488
Total of owners’ equity 25,957,118,829 25,287,038,014
Total of liabilities and owners’ equity 32,956,050,010 31,904,378,262
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The Third Quarterly Report 2020
3.Consolidated Income statement of the Report period
In RMB
Items Amount in this period Amount in last period
I. Income from the key business 8,313,722,282 8,646,351,018
Incl：Business income 8,313,722,282 8,646,351,018
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 6,961,633,784 7,497,679,016
Incl：Business cost 6,384,412,514 6,928,192,466
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net amount of withdrawal of insurance contract reserve
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 61,578,856 71,719,992
Sales expense 11,771,851 11,243,947
Administrative expense 218,078,599 174,317,245
R & D costs 15,185,561 1,289,004
Financial expenses 270,606,404 310,916,362
Including：Interest expense 289,291,728 319,264,192
Interest income 19,873,826 11,283,318
Add: Other income 1,681,229 6,877,778
Investment gain（“-”for loss） 171,148,439 136,008,997
Incl: investment gains from affiliates 158,931,344 134,803,712
Financial assets measured at amortized cost cease to be
recognized as income
Gains from currency exchange
Net exposure hedging income
Changing income of fair value
Credit impairment loss
Impairment loss of assets -46,974,810 48,197,647
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The Third Quarterly Report 2020
Assets disposal income -273
III. Operational profit（“-”for loss） 1,477,943,083 1,339,756,424
Add ：Non-operational income 8,483,098 3,309,345
Less: Non-operating expense 656,594 1,790,954
IV. Total profit(“-”for loss) 1,485,769,587 1,341,274,815
Less：Income tax expenses 440,869,839 303,700,779
V. Net profit 1,044,899,748 1,037,574,036
(I) Classification by business continuity
1.Net continuing operating profit 1,044,899,748 1,037,574,036
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners of parent company 755,703,910 757,309,917
2.Minority shareholders’ equity 289,195,838 280,264,119
VI. Net after-tax of other comprehensive income -12,081,166 -22,817,126
Net of profit of other comprehensive income attributable to own -12,081,166 -22,817,126
ers of the parent company.
（I）Other comprehensive income items that will not be
reclassified into gains/losses in the subsequent accounting -12,081,166 -22,817,126
period
1.Re-measurement of defined benefit plans of changes in net de
bt or net assets
2.Other comprehensive income under the equity method investe
e can not be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity
-12,081,166 -22,817,126
instruments
4. Changes in the fair value of the company’s credit risks
5.Other
（II）
Other comprehensive income that will be reclassified into profit
or loss.
1.Other comprehensive income under the equity method investe
e can be reclassified into profit or loss.
2. Changes in the fair value of investments in other debt
obligations
3. Other comprehensive income arising from the reclassification
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The Third Quarterly Report 2020
of financial assets
4.Allowance for credit impairments in investments in other debt
obligations
5. Reserve for cash flow hedges
6.Translation differences in currency financial statements
7.Other
Net of profit of other comprehensive income attributable to Min
ority shareholders’ equity
VII. Total comprehensive income 1,032,818,582 1,014,756,910
Total comprehensive income attributable to the owner of the
743,622,744 734,492,791
parent company
Total comprehensive income attributable minority
289,195,838 280,264,119
shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.1439 0.1442
(II)Diluted earnings per share 0.1439 0.1442
The current business combination under common control, the net profits of the combined party before achieved ne
t profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal representative ：Wang Jin
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
4.Income statement of the Parent Company of the Report period
In RMB
Items Amount in this period Amount in last period
I. Income from the key business 356,610,269 635,806,632
Incl：Business cost 314,268,839 594,224,355
Business tax and surcharge 1,684,037 2,450,238
Sales expense 567,210 422,950
Administrative expense 28,556,216 28,185,676
R & D expense 161,909 360,401
Financial expenses 51,583,168 52,177,490
Including：Interest expenses 51,993,612 52,540,192
Interest income 1,670,271 1,454,556
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The Third Quarterly Report 2020
Add：Other income
Investment gain（“-”for loss） 277,223,757 223,828,335
Including: investment gains from affiliates 159,656,349 134,624,138
Financial assets measured at amortized cost cease to be
recognized as income
Net exposure hedging income
Changing income of fair value
Credit impairment loss
Impairment loss of assets -46,974,810 48,647,647
Assets disposal income
II. Operational profit（“-”for loss） 190,199,746 230,461,503
Add ：Non-operational income 4,874,977 174,784
Less：Non -operational expenses 45,210 702,682
III. Total profit(“-”for loss) 195,029,513 229,933,605
Less：Income tax expenses
IV. Net profit 195,029,513 229,933,605
1.Net continuing operating profit 195,029,513 229,933,605
2.Termination of operating net profit
V. Net after-tax of other comprehensive income -12,081,168 -22,817,126
（I）Other comprehensive income items that will not be
reclassified into gains/losses in the subsequent accounting -12,081,168 -22,817,126
period
1.Re-measurement of defined benefit plans of changes in net de
bt or net assets
2.Other comprehensive income under the equity method investe
e can not be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity
-12,081,168 -22,817,126
instruments
4. Changes in the fair value of the company’s credit risks
5.Other
(II)Other comprehensive income that will be reclassified into pr
ofit or loss
1.Other comprehensive income under the equity method investe
e can be reclassified into profit or loss.
2. Changes in the fair value of investments in other debt
20
The Third Quarterly Report 2020
obligations
3. Other comprehensive income arising from the
reclassification of financial assets
4.Allowance for credit impairments in investments in other debt
obligations
5. Reserve for cash flow hedges
6.Translation differences in currency financial statements
7.Other
VI. Total comprehensive income 182,948,345 207,116,479
VII. Earnings per share
（I）Basic earnings per share 0.0371 0.0438
(II)Diluted earnings per share 0.0371 0.0438
5. Consolidated Income statement between the beginning of the year and end of the report period
In RMB
Items Amount in this period Amount in last period
I. Turnover 20,853,640,105 21,520,532,268
Including：Operating income 20,853,640,105 21,520,532,268
Interest income
Insurance fee earned
Commission charge and commission income
II. Total operating costs 18,097,475,127 19,534,660,935
Including ：Operating costs 16,535,385,536 17,952,335,942
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Appropriation of deposit for duty,net
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 159,730,933 165,085,350
Sales expense 34,666,408 24,088,735
Administrative expense 519,754,272 445,202,049
R & D expense 16,016,670 1,636,527
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The Third Quarterly Report 2020
Financial expenses 831,921,309 946,312,332
Including：Interest expense 883,583,234 983,273,645
Interest income 55,714,232 42,944,823
Add：Other income 15,169,944 46,350,634
Investment gain（“-”for loss） 407,217,504 440,490,979
Including: investment gains from affiliates 373,629,965 408,421,926
Financial assets measured at amortized cost cease to be
recognized as income
Gains from currency exchange
Net exposure hedging income
Changing income of fair value
Credit impairment loss 20,911 -523,441
Impairment loss of assets -63,718,440 48,197,647
Assets disposal income 51,176,503
III. Operating profit（“-”for loss） 3,166,031,400 2,520,387,152
Add ：Non-operating income 25,351,020 8,602,532
Less: Non-operating expense 13,684,188 22,025,650
IV. Total profit(“-”for loss) 3,177,698,232 2,506,964,034
Less：Income tax expenses 913,749,251 613,536,709
V. Net profit 2,263,948,981 1,893,427,325
(I) Classification by business continuity
1.Net continuing operating profit 2,263,948,981 1,893,427,325
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners of parent company 1,569,388,405 1,338,879,300
2.Minority shareholders’ equity 694,560,576 554,548,025
VI. Net after-tax of other comprehensive income -17,690,248 34,695,456
Net of profit of other comprehensive income attributable to ow -17,690,248 34,695,456
ners of the parent company.
（I）Other comprehensive income items that will not be
reclassified into gains/losses in the subsequent accounting -17,690,248 34,695,456
period
1.Re-measurement of defined benefit plans of changes in net de
bt or net assets
2.Other comprehensive income under the equity method invest
22
The Third Quarterly Report 2020
ee can not be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity
-17,690,248 34,695,456
instruments
4. Changes in the fair value of the company’s credit risks
5.Other
(II)Other comprehensive income that will be reclassified into pr
ofit or loss
1.Other comprehensive income under the equity method invest
ee can be reclassified into profit or loss.
2. Changes in the fair value of investments in other debt
obligations
3. Other comprehensive income arising from the
reclassification of financial assets
4.Allowance for credit impairments in investments in other
debt obligations
5. Reserve for cash flow hedges
6.Translation differences in currency financial statements
7.Other
Net of profit of other comprehensive income attributable to Mi
nority shareholders’ equity
VII. Total comprehensive income 2,246,258,733 1,928,122,781
Total comprehensive income attributable to the owner of the
1,551,698,157 1,373,574,756
parent company
Total comprehensive income attributable minority
694,560,576 554,548,025
shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.2989 0.2550
(II)Diluted earnings per share 0.2989 0.2550
The current business combination under common control, the net profits of the combined party before achieved ne
t profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal representative ：Wang Jin
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
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The Third Quarterly Report 2020
6.Income Statement of the Parent Between the Beginning of the Year and End of the Report Period
In RMB
Items Amount in this period Amount in last period
I. Revenue 826,164,433 1,620,715,714
Including ：Operating costs 816,067,727 1,572,358,236
Business tax and surcharge 5,489,002 8,340,931
Sales expense 1,831,908 1,098,839
Administrative expense 82,641,254 65,049,565
R & D expense 161,909 630,094
Financial expenses 162,667,973 153,134,251
Including：Interest expenses 164,915,238 154,449,687
Interest income 3,993,460 3,932,287
Add：Other income 44,061 10,000
Investment gain（“-”for loss） 1,612,809,083 1,289,334,443
Including: investment gains from affiliates 371,180,201 404,708,029
Financial assets measured at amortized cost cease to be
recognized as income
Net exposure hedging income
Changing income of fair value
Credit impairment loss 20,911 -303,753
Impairment loss of assets -63,718,440 48,647,647
Assets disposal income 157,963 3,218,915
II. Operating profit（“-”for loss） 1,306,618,238 1,161,011,049
Add ：Non-operating income 14,662,914 182,626
Less：Non -operating expenses 1,419,294 1,884,087
III. Total profit(“-”for loss) 1,319,861,858 1,159,309,588
Less：Income tax expenses 2,056,715 47,879,436
IV. Net profit 1,317,805,143 1,111,430,152
1.Net continuing operating profit 1,317,805,143 1,111,430,152
2.Termination of operating net profit
V. Net after-tax of other comprehensive income -17,690,248 34,695,456
（I）Other comprehensive income items that will not be
reclassified into gains/losses in the subsequent accounting -17,690,248 34,695,456
period
1.Re-measurement of defined benefit plans of changes in net d
24
The Third Quarterly Report 2020
ebt or net assets
2.Other comprehensive income under the equity method invest
ee can not be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity
-17,690,248 34,695,456
instruments
4. Changes in the fair value of the company’s credit risks
5.Other
（II）
Other comprehensive income that will be reclassified into profi
t or loss.
1.Other comprehensive income under the equity method invest
ee can be reclassified into profit or loss.
2. Changes in the fair value of investments in other debt
obligations
3. Other comprehensive income arising from the
reclassification of financial assets
4. Allowance for credit impairments in
investments in other debt obligations
5. Reserve for cash flow hedges
6. Translation differences in currency financial statements
7.Other
VI. Total comprehensive income 1,300,114,895 1,146,125,608
VII. Earnings per share
（I）Basic earnings per share 0.2510 0.2117
(II)Diluted earnings per share 0.2510 0.2117
7. Consolidated Cash Flow Statement Between the Beginning of the Year and End of the Report Period
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 23,410,418,937 24,362,498,308
Net increase of customer deposits and capital kept for
brother company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial bodies
Cash received against original insurance contract
Net cash received from reinsurance business
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The Third Quarterly Report 2020
Net increase of client deposit and investment
Cash received from interest, commission charge and
commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Net cash received by agent in securities trading
Tax returned 127,569,517 58,799,293
Other cash received from business operation 279,600,355 243,645,593
Sub-total of cash inflow 23,817,588,809 24,664,943,194
Cash paid for purchasing of merchandise and services 13,959,789,469 15,275,232,014
Net increase of client trade and advance
Net increase of savings in central bank and brother company
Cash paid for original contract claim
Net increase for Outgoing call loan
Cash paid for interest, processing fee and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 1,053,661,424 1,131,162,005
Taxes paid 1,779,907,829 1,014,809,741
Other cash paid for business activities 535,817,557 470,163,457
Sub-total of cash outflow from business activities 17,329,176,279 17,891,367,217
Net cash generated from /used in operating activities 6,488,412,530 6,773,575,977
II. Cash flow generated by investing
Cash received from investment retrieving 102,820,430
Cash received as investment gains 343,549,395 201,960,518
Net cash retrieved from disposal of fixed assets, intangible
278,790,688
assets, and other long-term assets
Net cash received from disposal of subsidiaries or other
operational units
Other investment-related cash received 10,000,000
Sub-total of cash inflow due to investment activities 632,340,083 304,780,948
Cash paid for construction of fixed assets, intangible assets and
5,480,965,047 3,000,250,669
other long-term assets
Cash paid as investment 70,294,338 79,035,790
Net increase of loan against pledge
Net cash received from subsidiaries and other operational units
26
The Third Quarterly Report 2020
Other cash paid for investment activities
Sub-total of cash outflow due to investment activities 5,551,259,385 3,079,286,459
Net cash flow generated by investment -4,918,919,302 -2,774,505,511
III.Cash flow generated by financing
Cash received as investment 4,400,000 512,000,000
Including: Cash received as investment from minor
4,400,000 512,000,000
shareholders
Cash received as loans 18,088,592,531 10,903,258,541
Other financing –related cash received 2,546,535 1,038,130
Sub-total of cash inflow from financing activities 18,095,539,066 11,416,296,671
Cash to repay debts 15,936,421,657 13,544,754,488
Cash paid as dividend, profit, or interests 2,210,125,314 1,795,543,714
Including: Dividend and profit paid by subsidiaries to minor
245,761,088 385,697,942
shareholders
Other cash paid for financing activities 5,952,486 3,335,383
Sub-total of cash outflow due to financing activities 18,152,499,457 15,343,633,585
Net cash flow generated by financing -56,960,391 -3,927,336,914
IV. Influence of exchange rate alternation on cash and cash
-220
equivalents
V.Net increase of cash and cash equivalents 1,512,532,617 71,733,552
Add: balance of cash and cash equivalents at the beginning of
5,079,641,969 5,570,382,893
term
VI ..Balance of cash and cash equivalents at the end of term 6,592,174,586 5,642,116,445
8. Cash Flow Statement of the Parent Between the Beginning of the Year and End of the Report Period
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 958,831,367 1,820,859,152
Tax returned 1,797,630
Other cash received from business operation 76,854,450 46,901,686
Sub-total of cash inflow 1,037,483,447 1,867,760,838
Cash paid for purchasing of merchandise and services 689,992,723 1,338,827,716
Cash paid to staffs or paid for staffs 195,677,333 202,912,167
Taxes paid 71,326,703 70,035,488
27
The Third Quarterly Report 2020
Other cash paid for business activities 42,084,971 43,410,776
Sub-total of cash outflow from business activities 999,081,730 1,655,186,147
Net cash generated from /used in operating activities 38,401,717 212,574,691
II.Cash flow generated by investing
Cash received from investment retrieving 16,460,000 348,864,150
Cash received as investment gains 1,553,075,401 1,057,794,667
Net cash retrieved from disposal of fixed assets, intangible
855,007 6,281,001
assets, and other long-term assets
Net cash received from disposal of subsidiaries or other
operational units
Other investment-related cash received
Sub-total of cash inflow due to investment activities 1,570,390,408 1,412,939,818
Cash paid for construction of fixed assets, intangible assets
13,312,373 26,677,506
and other long-term assets
Cash paid as investment 1,113,926,727 1,445,721,936
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities
Sub-total of cash outflow due to investment activities 1,127,239,100 1,472,399,442
Net cash flow generated by investment 443,151,308 -59,459,624
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 6,099,335,332 2,398,950,000
Other financing –related ash received 2,546,535 1,035,360
Sub-total of cash inflow from financing activities 6,101,881,867 2,399,985,360
Cash to repay debts 5,600,000,000 2,000,000,000
Cash paid as dividend, profit, or interests 831,816,281 465,720,875
Other cash paid for financing activities 2,371,652 2,018,021
Sub-total of cash outflow due to financing activities 6,434,187,933 2,467,738,896
Net cash flow generated by financing -332,306,066 -67,753,536
IV. Influence of exchange rate alternation on cash and cash
-220
equivalents
V.Net increase of cash and cash equivalents 149,246,739 85,361,531
Add: balance of cash and cash equivalents at the beginning of
224,504,289 385,577,464
term
VI ..Balance of cash and cash equivalents at the end of term 373,751,028 470,938,995
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The Third Quarterly Report 2020
II Adjustments to the Financial Statements
1. Adjustment of the relevant items of the financial statements at the current year beginning according to
the new standards for financial instruments, the new standards for revenues and the new standards for
lease implemented commencing from year 2020
□ Applicable √ Not applicable
2. Note to the retroactive adjustment of the previous comparative data according to the new standards for
financial instruments and the new standards for lease implemented commencing from year 2020
□ Applicable √ Not applicable
III. Auditor’ report
Is the Third Quarterly Report be audited?
□ Yes √No
The Third Quarterly report is not audited.
29
