Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Stock Code: 000541, 200541 Stock Name: FSL, FSL-B Announcement No.2021-081
FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
THIRD QUARTERLY REPORT 2021
Foshan Electrical and Lighting Co., Ltd. (hereinafter referred to as the “Company”) and all the members
of the Company’s Board of Directors hereby guarantee that the contents of this Report are true, accurate
and complete and free of any misrepresentations, misleading statements or material omissions.
Important Notes:
1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior
management of the Company hereby guarantee that the contents of this Report are true, accurate and complete and
free of any misrepresentations, misleading statements or material omissions, and collectively and individually
accept legal responsibility for such contents.
2. The Company’s legal representative, Chief Financial Officer (CFO), and person-in-charge of the Company’s
accounting organ (equivalent to accounting manager) hereby guarantee that the financial statements carried in this
Report are true, accurate and complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes √ No
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate whether there is any retrospectively restated datum in the table below.
√ Yes □ No
Reason
Business Combination under the same control
YoY YoY
Q3 2020 change Q1-Q3 Q1-Q3 2020 change
Q3 2021 (%) (%)
2021
Before Restated Restated Before Restated Restated
1,291,797, 1,036,642, 1,036,642, 3,247,139, 2,559,526, 2,559,526,
Operating revenue (RMB) 24.61% 26.86%
822.97 740.19 740.19 939.17 867.23 867.23
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Net profit attributable to the listed 81,457,735 81,713,561 80,361,361 192,013,27 232,775,00 229,257,6
1.36% -16.25%
company’s shareholders (RMB) .74 .32 .50 8.67 9.15 36.05
Net profit attributable to the listed
company’s shareholders before 49,859,285 71,099,990 71,099,990
-29.87%
148,809,79 221,534,82 221,534,8
-32.83%
exceptional gains and losses .46 .80 .80 2.97 6.80 26.80
(RMB)
Net cash generated from/used in -53,586,11 352,083,95 358,429,1
—— —— —— —— -114.95%
operating activities (RMB) 9.35 2.07 29.88
Basic earnings per share 0.0590 0.0593 0.0582 1.37% 0.1392 0.1688 0.1662 -16.25%
(RMB/share)
Diluted earnings per share 0.0590 0.0593 0.0582 1.37% 0.1392 0.1688 0.1662 -16.25%
(RMB/share)
Weighted average return on equity 1.34% 1.68% 1.64% -0.30% 3.16% 4.62% 4.50% -1.34%
(%)
31 December 2020 Change (%)
30 September 2021
Before Restated Restated
Total assets (RMB) 9,680,260,873.44 8,519,336,914.11 8,519,336,914.11 13.63%
Equity attributable to the listed 5,768,505,220.54 6,263,921,304.54 6,263,921,304.54 -7.91%
company’s shareholders (RMB)
(II) Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
Item Q3 2021 Q1-Q3 2021 Note
Gain or loss on disposal of non-current assets 34,427,822.81 37,465,645.94
(inclusive of impairment allowance write-offs)
Government grants through profit or loss (exclusive
of government grants given in the Company’s 1,992,367.94 9,783,400.54
ordinary course of business at fixed quotas or
amounts as per the government’s uniform standards)
Capital occupation charges on non-financial
156,022.79 672,918.25
enterprises that are recognized in profit or loss
Gain or loss on fair-value changes on
held-for-trading financial assets and liabilities &
income from disposal of held-for-trading financial
assets and liabilities and available-for-sale financial 729,976.10 3,086,026.10
assets (exclusive of the effective portion of hedges
that arise in the Company’s ordinary course of
business)
Non-operating income and expense other than the 272,067.17 461,715.28
above
Less: Income tax effects 5,571,510.58 7,540,835.61
Non-controlling interests effects (net of tax) 408,295.95 725,384.80
Total 31,598,450.28 43,203,485.70 --
Other items that meet the definition of exceptional gain/loss:
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases in the Reporting Period.
(III) Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
Unit: RMB
30 September 2021 (or 31 December 2020
Item Change (%) Explanation of why
Q1~Q3 2021) (or Q1~Q3 2020)
Sale of shares in Gotion High-tech and
Monetary assets 1,760,127,913.79 981,249,699.49 79.38%
Everbright Bank in the current period
Held-for-trading Disinvestment in wealth management products
15,849,274.83 407,619,201.36 -96.11%
financial assets upon maturity in the current period
Acquisition of Nanning Liaowang, which was
Notes
539,331,195.31 140,972,143.00 282.58% not under common control with the Company, in
receivable
the current period
Accounts Acquisition of Nanning Liaowang, which was
1,518,848,691.05 1,134,233,235.70 33.91% not under common control with the Company, in
receivable
the current period
Acquisition of Nanning Liaowang, which was
not under common control with the Company,
Prepayments 34,161,622.80 11,994,745.05 184.80% and increase in prepayments as a way to lock
material prices considering the rising trends, in
the current period
Acquisition of Nanning Liaowang, which was
Other
37,472,402.46 20,194,968.19 85.55% not under common control with the Company, in
receivables
the current period
Acquisition of Nanning Liaowang, which was
Inventories 1,082,058,596.03 735,685,116.91 47.08% not under common control with the Company, in
the current period
Current portion Acquisition of Nanning Liaowang, which was
of non-current 828,260.33 N/A not under common control with the Company, in
assets the current period
Other current Redemption of large bank deposit receipt upon
98,583,324.68 175,090,368.85 -43.70%
assets maturity in the period
Investments in Sale of shares in Gotion High-tech and
1,896,379,865.09 3,305,501,030.06 -42.63%
other equity Everbright Bank in the current period
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
instruments
Transfer of certain properties for self-use
Investment
43,939,108.83 N/A purposes to investment property in the current
property
period
Acquisition of Nanning Liaowang, which was
Fixed assets 1,333,797,307.59 685,707,548.55 94.51% not under common control with the Company, in
the current period
Construction in
667,212,280.64 503,941,120.31 32.40% Greater investments in plant and office building
progress construction in the current period
Right-of-use The Company has adopted the new accounting
7,025,188.45 N/A
assets standard governing leases since 1 January 2021
Acquisition of Nanning Liaowang, which was
Intangible assets 266,206,860.62 170,693,873.30 55.96% not under common control with the Company, in
the current period
Acquisition of Nanning Liaowang, which was
Long-term not under common control with the Company,
109,270,354.86 13,411,226.23 714.77%
prepaid expense and high decoration expenditure on new
construction project, in the current period
Deferred Acquisition of Nanning Liaowang, which was
income tax 53,170,745.58 40,253,777.17 32.09% not under common control with the Company, in
assets the current period
Other Acquisition of Nanning Liaowang, which was
non-current 36,635,070.12 11,423,843.62 220.69% not under common control with the Company, in
assets the current period
Acquisition of Nanning Liaowang, which was
Short-term
99,609,290.15 N/A not under common control with the Company, in
borrowings
the current period
Acquisition of Nanning Liaowang, which was
Notes payable 975,990,073.22 480,971,214.80 102.92% not under common control with the Company, in
the current period
Acquisition of Nanning Liaowang, which was
Accounts
1,499,932,297.53 1,059,674,020.99 41.55% not under common control with the Company, in
payable
the current period
Acquisition of Nanning Liaowang, which was
Advances from
3,944,098.24 1,285,357.28 206.85% not under common control with the Company, in
customers
the current period
Taxes and levies Sale of shares in Gotion High-tech and
149,486,282.38 18,876,657.51 691.91%
payable Everbright Bank in the current period
Other payables 273,639,931.65 76,668,330.66 256.91% Acquisition of Nanning Liaowang, which was
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
not under common control with the Company, in
the current period
Current portion
The Company has adopted the new accounting
of non-current 27,954,184.73 N/A
standard governing leases since 1 January 2021
liabilities
Acquisition of Nanning Liaowang, which was
Other current
8,880,985.50 5,503,702.07 61.36% not under common control with the Company, in
liabilities
the current period
The Company has adopted the new accounting
Lease liabilities 3,879,727.77 N/A
standard governing leases since 1 January 2021
Acquisition of Nanning Liaowang, which was
Long-term
2,660,158.50 N/A not under common control with the Company, in
payables
the current period
Acquisition of Nanning Liaowang, which was
Dividends
15,646.07 N/A not under common control with the Company, in
payable
the current period
Acquisition of Nanning Liaowang, which was
Provisions 7,988,407.72 N/A not under common control with the Company, in
the current period
Acquisition of Nanning Liaowang, which was
Deferred
1,739,611.97 N/A not under common control with the Company, in
income
the current period
Deferred
Sale of shares in Gotion High-tech and
income tax 236,662,936.70 414,670,609.97 -42.93%
Everbright Bank in the current period
liabilities
Other
Clearing of liabilities of subsidiary to be
non-current 1,244,064.84 -100.00%
liquidated and deregistered
liabilities
Acquisition of Nanning Liaowang, which was
Capital reserves 716,896.42 15,157,514.90 -95.27% not under common control with the Company, in
the current period
Less: Treasury Repurchase of treasury shares in the current
234,482,185.55 N/A
stock period
Other
Sale of shares in Gotion High-tech and
comprehensive 1,250,583,258.27 2,349,388,533.61 -46.77%
Everbright Bank in the current period
income
Acquisition of Nanning Liaowang, which was
Retained
2,610,974,583.29 1,758,462,062.48 48.48% not under common control with the Company,
earnings
transfer of gains on the sale of shares in Gotion
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
High-tech and Everbright Bank to retained
earnings, in the current period
Acquisition of Nanning Liaowang, which was
Non-controlling
471,520,095.77 48,258,834.53 877.06% not under common control with the Company, in
interests
the current period
Cost of sales increased accordingly when
operating revenue increased in the current
period; and the Company has adopted the new
accounting standard governing revenue since 1
Cost of sales 2,688,051,460.39 2,021,309,966.18 32.99%
January 2020, transferring transportation
expense related to contract performance to cost
of sales, and cost of sales of Q1-Q3 2020 was
adjusted accordingly.
Acquisition of Nanning Liaowang, which was
Taxes and levies 35,666,632.84 25,476,192.44 40.00% not under common control with the Company, in
the current period
Acquisition of Nanning Liaowang, which was
Administrative
139,028,237.97 106,118,667.06 31.01% not under common control with the Company, in
expense
the current period
Finance costs -2,864,640.73 -14,891,399.78 80.76% Decrease in interest income in the current period
Acquisition of Nanning Liaowang, which was
Interest expense 2,778,317.57 N/A not under common control with the Company, in
the current period
Interest income 8,464,154.75 28,278,343.23 -70.07% Decrease in bank deposits in the current period
Returns on
Decrease in net profits of associates attributable
investments in
78,184.56 3,696,391.14 -97.88% to owners of the Company as the parent in the
associates and
current period
joint ventures
Changes in the fair value of forward FX
Gain on changes
2,669,976.10 445,000.00 499.99% settlement contracts as a result of exchange rate
in fair value
fluctuations
Credit Increase in allowances for expected credit losses
-9,044,765.70 -4,002,685.70 -125.97%
impairment loss due to an increase in accounts receivable
Asset Increase in inventory valuation allowances in
-9,854,112.27 -3,200,793.69 -207.86%
impairment loss the period
Asset disposal Increase in asset liquidization in the current
36,004,193.06 7,489.02 480659.74%
income period
Non-operating Increase in gains on the disposal of fixed assets
2,576,875.64 936,299.73 175.22%
income in the period
Non-operating 653,707.48 1,135,442.81 -42.43% Decrease in losses on the disposal of fixed assets
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
expense in the period
Due to the tax policy that the R&D expense was
allowed for over-deduction in the calculation of
the taxable income amount according to the
Income tax Notice of Further Implementing the Policy with
27,104,238.58 39,481,644.30 -31.35%
expense Respect to Taxable Income Over-deduction for
R&D Expense (STA Notice 2021 No. 28)
issued by the State Taxation Administration in
the current period
Net profit
Acquisition of Nanning Liaowang, which was
attributable to
8,523,262.26 4,056,265.84 110.13% not under common control with the Company, in
non-controlling
the current period
interests
Other
comprehensive Decrease in price of shares held in listed
-302,248,841.46 345,434,286.72 -187.50%
income, net of company in the current period
tax
Other
comprehensive
income, net of
Decrease in price of shares held in listed
tax attributable -302,458,364.50 345,434,286.72 -187.56%
company in the current period
to owners of the
Company as the
parent
Changes in the
fair value of
Decrease in price of shares held in listed
investments in -302,616,816.85 345,412,469.12 -187.61%
company in the current period
other equity
instruments
Differences
arising from the
translation of
foreign 158,452.35 21,817.60 626.26% Fluctuation of foreign currency against RMB
currency-denom
inated financial
statements
Other
comprehensive
Acquisition of Nanning Liaowang, which was
income, net of
209,523.04 N/A not under common control with the Company, in
tax attributable
the current period
to
non-controlling
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
interests
Total
Decrease in price of shares held in listed
comprehensive -101,712,300.53 578,748,188.61 -117.57%
company in the current period
income
Net cash
generated
Increase in payments for goods as a result of
from/used in -53,586,119.35 358,429,129.88 -114.95%
rising material prices in the current period
operating
activities
Net cash
Sale of shares in Gotion High-tech and
generated
Everbright Bank in the current period, resulting
from/used in 1,189,612,389.08 -138,956,001.55 956.11%
in an increase in cash generated from investing
investing
activities
activities
Net cash
generated Repurchase of treasury shares in the current
from/used in -519,401,249.39 -258,879,038.49 -100.63% period, resulting in an increase in cash used in
financing financing activities
activities
Effect of foreign
exchange rates
changes on cash -38,165,626.64 -1,874,714.70 -1935.81% Fluctuation of foreign currency against RMB
and cash
equivalents
Net increase in
Increase in net cash generated from investing
cash and cash 578,459,393.70 -41,280,624.86 1501.29%
activities
equivalents
Cash and cash
Increase in net cash generated from investing
equivalents, end 1,530,248,538.98 1,014,401,788.61 50.85%
activities
of the period
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of preference
Number of ordinary shareholders 69,229 shareholders with resumed 0
voting rights (if any)
Top 10 shareholders
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Name of Nature of Shareholding Restricted shares Shares in pledge, marked or frozen
Total shares held
shareholder shareholder percentage held Status Shares
Hong Kong Wah
Shing Holding Foreign
13.47% 188,496,430 0 In pledge 92,363,251
Company corporation
Limited
Prosperity Lamps
Foreign
& Components 10.50% 146,934,857 0
corporation
Limited
Guangdong
Electronics
State-owned
Information 8.77% 122,694,246 0 In pledge 32,532,815
corporation
Industry Group
Ltd.
Shenzhen Rising
Investment State-owned
5.12% 71,696,136 0
Development corporation
Co., Ltd.
Essence
International Foreign
2.51% 35,125,872 0
Securities (Hong corporation
Kong) Limited
Central Huijin
Asset State-owned
2.42% 33,878,900 0
Management Co., corporation
Ltd.
Rising
Investment Foreign
1.82% 25,482,252 0
Development corporation
Limited
China Merchants
State-owned
Securities (HK) 1.05% 14,714,285 0
corporation
Co., Limited
Foreign
Zhuang Jianyi 0.85% 11,903,509 0
individual
Guangdong
State-owned
Rising Finance 0.82% 11,434,762 0
corporation
Holding Co., Ltd.
Top 10 unrestricted shareholders
Shares by class
Name of shareholder Unrestricted ordinary shares held
Class Shares
Hong Kong Wah Shing Holding RMB-denominate
188,496,430 188,496,430
Company Limited d ordinary share
Prosperity Lamps & Components RMB-denominate
146,934,857 146,934,857
Limited d ordinary share
Guangdong Electronics Information RMB-denominate
122,694,246 122,694,246
Industry Group Ltd. d ordinary share
Shenzhen Rising Investment RMB-denominate
71,696,136 71,696,136
Development Co., Ltd. d ordinary share
Domestically
Essence International Securities
35,125,872 listed foreign 35,125,872
(Hong Kong) Limited
share
Central Huijin Asset Management RMB-denominate
33,878,900 33,878,900
Co., Ltd. d ordinary share
Domestically
Rising Investment Development
25,482,252 listed foreign 25,482,252
Limited
share
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Domestically
China Merchants Securities (HK)
14,714,285 listed foreign 14,714,285
Co., Limited
share
Guangdong Rising Finance Holding RMB-denominate
11,434,762 11,434,762
Co., Ltd. d ordinary share
Domestically
DBS VICKERS (HONG KONG)
9,744,456 listed foreign 9,744,456
LTD A/C CLIENTS
share
Among the top 10 shareholders, Hong Kong Wah Shing Holding Company Limited,
Shenzhen Rising Investment Development Co., Ltd., Guangdong Electronics Information
Industry Group Ltd., Guangdong Rising Finance Holding Co., Ltd. and Rising Investment
Related or acting-in-concert parties
Development Limited are acting-in-concert parties; Prosperity Lamps & Components Limited
among the shareholders above
and Zhuang Jianyi are acting-in-concert parties. Apart from that, it is unknown whether there
is among the top 10 shareholders any other related parties or acting-in-concert parties as
defined in the Administrative Measures for the Acquisition of Listed Companies.
Top 10 shareholders involved in
None
securities margin trading (if any)
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
III Other Significant Events
√ Applicable □ Not applicable
1. Share repurchase
The Third Extraordinary Shareholders’ General Meeting for 2020 of the Company reviewed and passed the
Proposal on Repurchasing Some A and B Shares of the Company on 18 December 2020 The Company formulated
and disclosed the repurchase report in line with relevant regulations. See the Report on Repurchasing Some A and B
Shares of the Company published on Cninfo (www.cninfo.com.cn) on 24 December 2020. As of 30 September 2021,
the Company accumulatively repurchased 31,070,300 A-Shares and 13,998,884 B-Shares, respectively, through
call auction, representing 3.22% of the total share capital. RMB196,959,000 (excluding the transaction cost) and
HKD45,059,500 (excluding the transaction cost) were spent for the repurchase of the A and B Shares, respectively.
2. Sales of shares of Gotion High-tech and Everbright Bank
On 25 August 2021, the Proposal on Asset Disposal was approved at the 16th Meeting of the 9th Board of Directors
of the Company. As such, the Company was agreed to sell shares in Gotion High-tech, Xiamen Bank, and
Everbright Bank, with a total transaction amount not exceeding 30% of the Company’s total assets as at the end of
2020, i.e. RMB2.55 billion (exclusive of the financial assets sold in H1 2021). The assets would be sold within
two years starting from approval of the sale by the Board of Directors. The management was authorized by the
Board of Directors to sell, within the aforesaid time limit, the aforesaid assets in a proper timing via the securities
trading system by way of centralized bidding or bulk trading. In September 2021, the Company sold 12,349,900
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
shares of Gotion High-tech at the price of RMB600.7638 million (with fees not deducted yet). Upon the decrease, it
held 20,316,675 shares of Gotion High-tech, representing 1.59% of the total share capital. Meanwhile, the
Company sold 3,000,000 shares of Everbright Bank at the price of RMB10.1288 million (with fees not deducted
yet). Upon the decrease, it held 15,546,754 shares of Everbright Bank, representing 0.03% of the total share capital.
In conformity with the new financial instrument standards effective on 1 January 2019, the Company recorded the
investments in Gotion High-tech and Everbright Bank as non-trading equity instrument investment at fair value
through other comprehensive income. The decreases did not affect the Company's profit in the current period.
3. Significant asset restructuring
On 21 June 2021, the Company received the Letter of Intent to Transfer Shares in Foshan NationStar
Optoelectronics Co., Ltd. from its controlling shareholder Guangdong Rising Holdings Group Co., Ltd. (Rising
Group). In pursuit of the strategic objective of the integration and synergies of the LED business, Rising Group
and its acting-in-concert party intended to transfer their 21.32% interest in Foshan NationStar Optoelectronics Co.,
Ltd. (NationStar Optoelectronics) to the Company.
On 28 September 2021, the Preliminary Plan of Foshan Electrical and Lighting Co., Ltd. for Significant Asset
Purchase & Related-party Transaction and its summary, together with other relevant proposals, were approved at
the 17th Meeting of the 9th Board of Directors of the Company. On 27 October 2021, the Report (Draft) on
Significant Asset Purchase & Related-party Transaction and its summary, together with other relevant proposals,
were approved at the 19th Meeting of the 9th Board of Directors of the Company. As such, the Company was
agreed to acquire, through cash payment, the 100% interest in Foshan Sigma Venture Capital Co., Ltd. (Sigma,
holding 79,753,050 shares in NationStar Optoelectronics) from Guangdong Electronics Information Industry
Group Ltd. (Electronics Group), and a total of 52,051,945 shares in NationStar Optoelectronics from Rising
Group and Guangdong Rising Finance Holding Co., Ltd. (GD Rising Finance). Before this restructuring, the
Company held 1,014,900 shares in NationStar Optoelectronics. After this restructuring, the Company and its
wholly-owned subsidiary would hold a total of 132,819,895 shares, or 21.48%, in NationStar Optoelectronics,
which would make the Company the controlling shareholder of NationStar Optoelectronics. There is uncertainty
with respect to this restructuring for it is subject to further approval from the Company’s general meeting, or other
possible approval as required by applicable laws and regulations. For further information, see the relevant
announcements including the Preliminary Plan of Foshan Electrical and Lighting Co., Ltd. for Significant Asset
Purchase & Related-party Transaction and the Report (Draft) on Significant Asset Purchase & Related-party
Transaction disclosed by the Company on http://www.cninfo.com.cn dated 30 September 2021 and 28 October
11
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
2021.
4. Acquisition of Nanning Liaowang
On 23 June 2021, the 14th Meeting of the Ninth Board of Directors of the Company reviewed and passed the
Proposal on Acquisition of Nanning Liaowang Auto Lamp Co., Ltd., which allowed the Company to acquire the
underlying asset with the equity fund of RMB487.52 million (the total investment does not exceed RMB500 million
and is subject to the actual amount incurred), through equity acquisition, capital increase, and share expansion.
On 27 July 2021, the Company received the Decision of the State Administration for Market Regulation on Not
Carrying out Further Anti-monopoly Review Concerning Concentration of Business Operators (Anti-monopoly
Review Decision [2021] No. 426, which means that the aforesaid acquisition has passed the review concerning
concentration of business operators.
In August 2021, formalities were completed with the industry and commerce administration with respect to the
transfer of share ownership and the increase in Nanning Liaowang’s registered capital, and Nanning Liaowang
received the new Business License issued by Nanning Administrative Review Bureau. Currently, the Company
directly holds a 53.79% interest in Nanning Liaowang, which has become a majority-owned subsidiary of the
Company and has been included in the consolidated financial statements of the Company. For further information,
see the Announcement on Acquisition of Nanning Liaowang Auto Lamp Co., Ltd. and the Announcement on
Progress on the Acquisition of Nanning Liaowang Auto Lamp Co., Ltd. published by the Company on
www.cninfo.com.cn on 24 June 2021, 29 July 2021 and 17 August 2021, respectively.
5. De-registration of subsidiary
FSL New Light Source Technology Co., Ltd. received the Notice of Approval for De-registration from Foshan
Bureau for Market Regulation in September 2021, which means that the formalities regarding the de-registration
of this company have been completed. As such, the said company has been excluded from the consolidated
financial statements of the Company since the date of de-registration.
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Foshan Electrical and Lighting Co., Ltd.
30 September 2021
Unit: RMB
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Item 30 September 2021 31 December 2020
Current assets:
Monetary assets 1,760,127,913.79 981,249,699.49
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 15,849,274.83 407,619,201.36
Derivative financial assets
Notes receivable 539,331,195.31 140,972,143.00
Accounts receivable 1,518,848,691.05 1,134,233,235.70
Receivables financing
Prepayments 34,161,622.80 11,994,745.05
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 37,472,402.46 20,194,968.19
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 1,082,058,596.03 735,685,116.91
Contract assets
Assets held for sale
Current portion of non-current assets 828,260.33
Other current assets 98,583,324.68 175,090,368.85
Total current assets 5,087,261,281.28 3,607,039,478.55
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 179,362,810.38 181,365,016.32
Investments in other equity
1,896,379,865.09 3,305,501,030.06
instruments
Other non-current financial assets
Investment property 43,939,108.83
Fixed assets 1,333,797,307.59 685,707,548.55
Construction in progress 667,212,280.64 503,941,120.31
Productive living assets
Oil and gas assets
Right-of-use assets 7,025,188.45
Intangible assets 266,206,860.62 170,693,873.30
Development costs
Goodwill
Long-term prepaid expense 109,270,354.86 13,411,226.23
Deferred income tax assets 53,170,745.58 40,253,777.17
Other non-current assets 36,635,070.12 11,423,843.62
13
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Total non-current assets 4,592,999,592.16 4,912,297,435.56
Total assets 9,680,260,873.44 8,519,336,914.11
Current liabilities:
Short-term borrowings 99,609,290.15
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 975,990,073.22 480,971,214.80
Accounts payable 1,499,932,297.53 1,059,674,020.99
Advances from customers 3,944,098.24 1,285,357.28
Contract liabilities 80,791,218.18 65,777,726.45
Financial assets sold under
repurchase agreements
Customer deposits and deposits from
other banks and financial institutions
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 67,076,352.89 82,485,090.47
Taxes and levies payable 149,486,282.38 18,876,657.51
Other payables 273,639,931.65 76,668,330.66
Including: Interest payable
Dividends payable 15,646.07
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
27,954,184.73
liabilities
Other current liabilities 8,880,985.50 5,503,702.07
Total current liabilities 3,187,304,714.47 1,791,242,100.23
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 3,879,727.77
Long-term payables 2,660,158.50
Long-term employee benefits
payable
Provisions 7,988,407.72
Deferred income 1,739,611.97
Deferred income tax liabilities 236,662,936.70 414,670,609.97
Other non-current liabilities 1,244,064.84
Total non-current liabilities 252,930,842.66 415,914,674.81
Total liabilities 3,440,235,557.13 2,207,156,775.04
Owners’ equity:
14
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Share capital 1,399,346,154.00 1,399,346,154.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 716,896.42 15,157,514.90
Less: Treasury stock 234,482,185.55
Other comprehensive income 1,250,583,258.27 2,349,388,533.61
Specific reserve
Surplus reserves 741,366,514.11 741,567,039.55
General reserve
Retained earnings 2,610,974,583.29 1,758,462,062.48
Total equity attributable to owners of 5,768,505,220.54 6,263,921,304.54
the Company as the parent
Non-controlling interests 471,520,095.77 48,258,834.53
Total owners’ equity 6,240,025,316.31 6,312,180,139.07
Total liabilities and owners’ equity 9,680,260,873.44 8,519,336,914.11
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
2. Consolidated Income Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2021 Q1~Q3 2020
1. Revenues 3,247,139,939.17 2,559,526,867.23
Including: Operating revenue 3,247,139,939.17 2,559,526,867.23
Interest income
Insurance premium income
Fee and commission
income
2. Costs and expenses 3,083,822,353.14 2,328,425,120.71
Including: Cost of sales 2,688,051,460.39 2,021,309,966.18
Interest expense
Fee and commission
expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and levies 35,666,632.84 25,476,192.44
Selling expense 97,504,547.84 93,125,368.77
Administrative expense 139,028,237.97 106,118,667.06
R&D expense 126,436,114.83 97,286,326.04
15
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Finance costs -2,864,640.73 -14,891,399.78
Including: Interest
2,778,317.57
expense
Interest
8,464,154.75 28,278,343.23
income
Add: Other income 10,478,472.71 10,870,023.46
Return on investment (“-” for loss) 32,146,261.42 37,773,909.66
Including: Share of profit or loss 78,184.56 3,696,391.14
of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
2,669,976.10 445,000.00
for loss)
Credit impairment loss (“-” for
-9,044,765.70 -4,002,685.70
loss)
Asset impairment loss (“-” for loss) -9,854,112.27 -3,200,793.69
Asset disposal income (“-” for
36,004,193.06 7,489.02
loss)
3. Operating profit (“-” for loss) 225,717,611.35 272,994,689.27
Add: Non-operating income 2,576,875.64 936,299.73
Less: Non-operating expense 653,707.48 1,135,442.81
4. Gross profit (“-” for loss) 227,640,779.51 272,795,546.19
Less: Income tax expense 27,104,238.58 39,481,644.30
5. Net profit (“-” for net loss) 200,536,540.93 233,313,901.89
5.1 By operating continuity
5.1.1 Net profit from continuing
200,536,540.93 233,313,901.89
operations (“-” for net loss)
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to 192,013,278.67 229,257,636.05
owners of the Company as the parent
5.2.1 Net profit attributable to 8,523,262.26 4,056,265.84
non-controlling interests
6. Other comprehensive income, net of
-302,248,841.46 345,434,286.72
tax
Attributable to owners of the Company
-302,458,364.50 345,434,286.72
as the parent
6.1 Items that will not be
-302,616,816.85 345,412,469.12
reclassified to profit or loss
6.1.1 Changes caused by
remeasurements on defined benefit
schemes
6.1.2 Other comprehensive
income that will not be reclassified to
profit or loss under the equity method
6.1.3 Changes in the fair value of
-302,616,816.85 345,412,469.12
investments in other equity instruments
6.1.4 Changes in the fair value
arising from changes in own credit risk
6.1.5 Other
6.2 Items that will be reclassified to
158,452.35 21,817.60
profit or loss
6.2.1 Other comprehensive
16
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
income that will be reclassified to profit
or loss under the equity method
6.2.2 Changes in the fair value of
other debt investments
6.2.3 Other comprehensive
income arising from the reclassification
of financial assets
6.2.4 Credit impairment
allowance for other debt investments
6.2.5 Reserve for cash flow
hedges
6.2.6 Differences arising from the
translation of foreign
158,452.35 21,817.60
currency-denominated financial
statements
6.2.7 Other
Attributable to non-controlling
209,523.04
interests
7. Total comprehensive income -101,712,300.53 578,748,188.61
Attributable to owners of the Company -110,445,085.83 574,691,922.77
as the parent
Attributable to non-controlling 8,732,785.30 4,056,265.84
interests
8. Earnings per share
8.1 Basic earnings per share 0.1392 0.1662
8.2 Diluted earnings per share 0.1392 0.1662
Where business combinations under common control occurred in the current period, the net profit achieved by the
acquirees before the combinations was RMB0.00, with the amount for the same period of last year being
RMB0.00.
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
3. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2021 Q1~Q3 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
3,085,511,864.49 2,372,665,610.58
and rendering of services
Net increase in customer deposits and
deposits from other banks and financial
institutions
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
17
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Net increase in deposits and
investments of policy holders
Interest, fees and commissions
received
Net increase in loans from other
banks and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax and levy rebates 67,824,017.34 78,544,375.70
Cash generated from other operating
183,149,876.57 348,511,200.38
activities
Subtotal of cash generated from
3,336,485,758.40 2,799,721,186.66
operating activities
Payments for commodities and
2,349,116,131.34 1,441,367,716.28
services
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and other banks and financial
institutions
Payments for claims on original
insurance contracts
Net increase in loans to other banks
and financial institutions
Interest, fees and commissions paid
Policy dividends paid
Cash paid to and for employees 610,789,268.92 488,980,780.48
Taxes and levies paid 151,873,804.01 132,543,748.28
Cash used in other operating
278,292,673.48 378,399,811.74
activities
Subtotal of cash used in operating
3,390,071,877.75 2,441,292,056.78
activities
Net cash generated from/used in
-53,586,119.35 358,429,129.88
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 617,614,728.08
Return on investment 1,028,240,118.94 40,476,714.61
Net proceeds from the disposal of
fixed assets, intangible assets and other 2,051,425.43 134,956.12
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
1,647,906,272.45 40,611,670.73
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 192,707,372.24 54,567,672.28
long-lived assets
Payments for investments 265,586,511.13 125,000,000.00
Net increase in pledged loans granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
458,293,883.37 179,567,672.28
activities
Net cash generated from/used in
1,189,612,389.08 -138,956,001.55
investing activities
18
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings received
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayment of borrowings 147,457,301.21
Interest and dividends paid 137,261,237.19 258,879,038.49
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
234,682,710.99
activities
Subtotal of cash used in financing
519,401,249.39 258,879,038.49
activities
Net cash generated from/used in
-519,401,249.39 -258,879,038.49
financing activities
4. Effect of foreign exchange rates
-38,165,626.64 -1,874,714.70
changes on cash and cash equivalents
5. Net increase in cash and cash
578,459,393.70 -41,280,624.86
equivalents
Add: Cash and cash equivalents,
951,789,145.28 1,055,682,413.47
beginning of the period
6. Cash and cash equivalents, end of the
1,530,248,538.98 1,014,401,788.61
period
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
(II) Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the New
Standards Governing Leases from 2021
√ Applicable □ Not applicable
Whether the Company needs to adjust items in the balance sheet at the beginning of the year
√ Yes □ No
Consolidated Balance Sheet
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 981,249,699.49 981,249,699.49
Settlement reserve
19
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Loans to other banks and
financial institutions
Held-for-trading financial
407,619,201.36 407,619,201.36
assets
Derivative financial assets
Notes receivable 140,972,143.00 140,972,143.00
Accounts receivable 1,134,233,235.70 1,134,233,235.70
Receivables financing
Prepayments 11,994,745.05 11,994,745.05
Premiums receivable
Reinsurance receivables
Receivable reinsurance
contract reserve
Other receivables 20,194,968.19 20,194,968.19
Including: Interest
receivable
Dividends
receivable
Financial assets purchased
under resale agreements
Inventories 735,685,116.91 735,685,116.91
Contract assets
Assets held for sale
Current portion of
non-current assets
Other current assets 175,090,368.85 175,090,368.85
Total current assets 3,607,039,478.55 3,607,039,478.55
Non-current assets:
Loans and advances to
customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity
181,365,016.32 181,365,016.32
investments
Investments in other equity
3,305,501,030.06 3,305,501,030.06
instruments
Other non-current financial
assets
Investment property
Fixed assets 685,707,548.55 685,707,548.55
Construction in progress 503,941,120.31 503,941,120.31
Productive living assets
Oil and gas assets
Right-of-use assets 6,229,690.85 6,229,690.85
Intangible assets 170,693,873.30 170,693,873.30
Development costs
Goodwill
Long-term prepaid
13,411,226.23 13,411,226.23
expense
Deferred income tax assets 40,253,777.17 40,253,777.17
Other non-current assets 11,423,843.62 11,423,843.62
20
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Total non-current assets 4,912,297,435.56 4,918,527,126.41 6,229,690.85
Total assets 8,519,336,914.11 8,525,566,604.96 6,229,690.85
Current liabilities:
Short-term borrowings
Borrowings from the
central bank
Loans from other banks
and financial institutions
Held-for-trading financial
liabilities
Derivative financial
liabilities
Notes payable 480,971,214.80 480,971,214.80
Accounts payable 1,059,674,020.99 1,059,674,020.99
Advances from customers 1,285,357.28 1,285,357.28
Contract liabilities 65,777,726.45 65,777,726.45
Financial assets sold under
repurchase agreements
Customer deposits and
deposits from other banks
and financial institutions
Payables for acting trading
of securities
Payables for underwriting
of securities
Employee benefits payable 82,485,090.47 82,485,090.47
Taxes and levies payable 18,876,657.51 18,876,657.51
Other payables 76,668,330.66 76,668,330.66
Including: Interest
payable
Dividends
payable
Fees and commissions
payable
Reinsurance payables
Liabilities directly
associated with assets held
for sale
Current portion of
2,812,729.51 2,812,729.51
non-current liabilities
Other current liabilities 5,503,702.07 5,503,702.07
Total current liabilities 1,791,242,100.23 1,794,054,829.74 2,812,729.51
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preference
shares
Perpetual
bonds
Lease liabilities 3,416,961.34 3,416,961.34
Long-term payables
Long-term employee
benefits payable
Provisions
21
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Deferred income
Deferred income tax
414,670,609.97 414,670,609.97
liabilities
Other non-current
1,244,064.84 1,244,064.84
liabilities
Total non-current liabilities 415,914,674.81 419,331,636.15 3,416,961.34
Total liabilities 2,207,156,775.04 2,213,386,465.89 6,229,690.85
Owners’ equity:
Share capital 1,399,346,154.00 1,399,346,154.00
Other equity instruments
Including: Preference
shares
Perpetual
bonds
Capital reserves 15,157,514.90 15,157,514.90
Less: Treasury stock
Other comprehensive
2,349,388,533.61 2,349,388,533.61
income
Specific reserve
Surplus reserves 741,567,039.55 741,567,039.55
General reserve
Retained earnings 1,758,462,062.48 1,758,462,062.48
Total equity attributable to
owners of the Company as 6,263,921,304.54 6,263,921,304.54
the parent
Non-controlling interests 48,258,834.53 48,258,834.53
Total owners’ equity 6,312,180,139.07 6,312,180,139.07
Total liabilities and owners’
8,519,336,914.11 8,525,566,604.96 6,229,690.85
equity
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the New
Standards Governing Leases from 2021
□ Applicable √ Not applicable
(III) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes √ No
These financial statements have not been audited by such an auditor.
22
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 202 1
Foshan Electrical and Lighting Co., Ltd.
Legal representative: Wu Shenghui
29 October 2021
23
