Changchai Company, Limited First Quarterly Report 2024
Stock Code: 000570, 200570 Stock Name: Changchai, Changchai-B Announcement No. 2024-015
CHANGCHAI COMPANY, LIMITED
FIRST QUARTERLY REPORT 2024
Changchai Company, Limited (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, General Manager, and head of the financial department (equivalent to
financial 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 by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Q1 2024 Q1 2023 YoY change (%)
Operating revenue (RMB) 836,479,520.73 703,102,297.70 18.97%
Net profit attributable to the listed company’s
32,382,777.70 23,934,592.54 35.30%
shareholders (RMB)
Net profit attributable to the listed company’s
39,340,826.68 1,107,543.07 3,452.08%
shareholders before exceptional items (RMB)
Net cash generated from/used in operating
-16,877,796.78 -71,086,048.66 ——
activities (RMB)
Basic earnings per share (RMB/share) 0.0459 0.0339 35.40%
Diluted earnings per share (RMB/share) 0.0459 0.0339 35.40%
Weighted average return on equity (%) 0.95% 0.73% 0.22%
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Changchai Company, Limited First Quarterly Report 2024
31 March 2024 31 December 2023 Change (%)
Total assets (RMB) 5,310,015,979.74 5,159,394,958.92 2.92%
Equity attributable to the listed company’s
3,455,988,885.60 3,398,946,911.23 1.68%
shareholders (RMB)
(II) Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2024 Note
Gain or loss on disposal of non-current
assets (inclusive of impairment allowance 421,678.54
write-offs)
Government grants recognised in profit or
loss (exclusive of those that are closely
related to the Company's normal business
operations and given in accordance with
205,752.64
defined criteria and in compliance with
government policies, and have a
continuing impact on the Company's profit
or loss)
Gain or loss on fair-value changes in Decrease in the fair value of stocks of
financial assets and liabilities held by a Jiangsu Liance Electromechanical
non-financial enterprise, as well as on Technology Co., Ltd. and Kailong High
disposal of financial assets and liabilities -12,754,548.76 Technology Co., Ltd. held by the
(exclusive of the effective portion of Company’s wholly-owned subsidiary
hedges that is related to the Company's Changzhou Horizon Investment Co., Ltd.
normal business operations) at the period-end.
Non-operating income and expense other
266,860.33
than the above
Less: Income tax effects -4,901,912.10
Non-controlling interests effects
-296.17
(net of tax)
Total -6,958,048.98 --
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 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
1. Consolidated Balance Sheet Items
31 March 2024 1 January 2024
Item Change (%) Explanation of why
(RMB) (RMB)
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Changchai Company, Limited First Quarterly Report 2024
Increase in wealth management
Trading financial
392,073,902.48 225,641,429.94 73.76% products purchased in the Reporting
assets
Period
Most of the Company’s multi-
cylinder diesel engine customers
are supporting companies of main
engine, which are usually given
Accounts longer payment days and the
927,309,793.04 316,543,159.91 192.95%
receivable Company properly allowed
customers’ buying on credit for
more markets to step up efforts to
expand the market due to the
product emission upgrading
Discounting some bank acceptance
Receivables
43,039,962.27 195,875,948.92 -78.03% bills with higher credit rating in the
financing
Reporting Period
Receiving the remaining housing
expropriation compensation of
Other receivables 8,369,962.10 49,699,753.61 -83.16%
Changzhou Wuxing branch
company in the Reporting Period
Other current
11,246,642.93 20,910,504.84 -46.22% Decreased overpaid value added tax
assets
Decrease in prepayment for
Other non-
1,439,496.77 2,578,776.77 -44.18% purchasing equipment in the
current assets
Reporting Period
Salaries and bonuses accrued last
Employee
19,915,758.78 47,738,883.57 -58.28% period were paid in the Reporting
benefits payable
Period
Taxes and levies Increased value added tax payable
33,356,751.03 6,231,169.74 435.32%
payable and other taxes and levies payable
Increase in transferred bank
Other current acceptance bills before maturity
91,687,395.08 67,069,965.96 36.70%
liabilities with low credit rating in the
Reporting Period
2. Consolidated Income Statement Items
Item Q1 2024 (RMB) Q1 2023 (RMB) Change (%) Explanation of why
Development Increase in investment in R&D
20,281,737.94 15,089,418.27 34.41%
costs projects in the Reporting Period
Increased exchange gains and
Finance costs -3,640,059.02 2,888,672.62 ——
decreased interest expenses
Other income 205,752.64 1,110,261.12 -81.47% Decreased government grants
Return on YoY decrease in interest income
523,222.06 2,726,741.04 -80.81%
investment from trading financial assets
Decrease in the fair value of stocks
of Jiangsu Liance Electromechanical
Technology Co., Ltd. and Kailong
Gain on changes High Technology Co., Ltd. held by
-13,802,251.45 25,718,114.28 -153.67%
in fair value the Company’s wholly-owned
subsidiary Changzhou Horizon
Investment Co., Ltd. at the period-
end.
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Changchai Company, Limited First Quarterly Report 2024
Increase in impairment losses
Credit provided accordingly to the increase
-11,899,204.76 -7,540,965.36 ——
impairment loss in accounts receivable in the
Reporting Period
Asset impairment
421,678.54 16,000.00 2535.49% Disposal of fixed assets
loss
Decrease in fair value of trading
financial assets held by the
Company’s wholly-owned
Income tax subsidiary Changzhou Horizon
5,272,662.37 7,666,120.91 -31.22%
expense Investment Co., Ltd. and
corresponding decrease in deferred
income tax liabilities in the
Reporting Period
Net profit Increase in sales proportion of
attributable to products with higher gross profit
shareholders of 32,382,777.70 23,934,592.54 35.30% margins with the optimization of the
the Company as sales structure of the Company’s
the parent products in the Reporting Period
3. Consolidated Cash Flow Statement Items
Item Q1 2024 (RMB) Q1 2023 (RMB) Change (%) Explanation of why
Net cash Decrease in cash paid to customers
generated for purchase due to that the
from/used in -16,877,796.78 -71,086,048.66 —— Company digested the previous
operating year’s inventory goods in the
activities Reporting Period
Net cash
generated Increase in investment in wealth
from/used in -187,867,211.79 -119,390,601.99 —— management in the Reporting
investing Period
activities
Net cash
There were no financing activities
generated
in the Reporting Period, but there
from/used in 0.00 -69,125.00 ——
was repayment of interest by
financing
subsidiaries in the prior year
activities
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 ordinary Number of preference shareholders with resumed
56,686 0
shareholders voting rights
Top 10 shareholders (exclusive of shares lent in refinancing)
Shares in pledge, marked
Name of Nature of Shareholdin Total shares Restricted or frozen
shareholder shareholder g percentage held shares held
Status Shares
Changzhou
State-owned
Investment 32.26% 227,663,417.00 56,818,181.00 N/A 0.00
corporation
Group Co.,
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Changchai Company, Limited First Quarterly Report 2024
Ltd.
Domestic
Song Yang 0.71% 5,000,000.00 0.00 N/A 0.00
individual
Domestic
Chen Jian 0.55% 3,862,800.00 0.00 N/A 0.00
individual
KGI ASIA Foreign
0.44% 3,101,695.00 0.00 N/A 0.00
LIMITED corporation
Domestic
Wu Chunhua 0.35% 2,442,200.00 0.00 N/A 0.00
individual
Domestic
Lu Zhang 0.30% 2,090,243.00 0.00 N/A 0.00
individual
Goldman Foreign
0.28% 1,945,467.00 0.00 N/A 0.00
Sachs, LLC corporation
BARCLAYS Foreign
0.26% 1,835,622.00 0.00 N/A 0.00
BANK PLC corporation
Chen Domestic
0.23% 1,633,600.00 0.00 N/A 0.00
Hengjun individual
Domestic
Li Suinan 0.23% 1,593,800.00 0.00 N/A 0.00
individual
Top 10 unrestricted shareholders
Unrestricted ordinary shares Shares by class
Name of shareholder
held Class Shares
Changzhou Investment Group RMB-denominated
170,845,236.00 170,845,236.00
Co., Ltd. ordinary share
RMB-denominated
Song Yang 5,000,000.00 5,000,000.00
ordinary share
RMB-denominated
Chen Jian 3,862,800.00 3,862,800.00
ordinary share
Domestically listed
KGI ASIA LIMITED 3,101,695.00 3,101,695.00
foreign share
RMB-denominated
Wu Chunhua 2,442,200.00 2,442,200.00
ordinary share
Domestically listed
Lu Zhang 2,090,243.00 2,090,243.00
foreign share
RMB-denominated
Goldman Sachs, LLC 1,945,467.00 1,945,467.00
ordinary share
RMB-denominated
BARCLAYS BANK PLC 1,835,622.00 1,835,622.00
ordinary share
RMB-denominated
Chen Hengjun 1,633,600.00 1,633,600.00
ordinary share
Domestically listed
Li Suinan 1,593,800.00 1,593,800.00
foreign share
It is unknown whether there is among the top 10 public
shareholders and the top 10 unrestricted public shareholders
Related or acting-in-concert parties among
any related parties or acting-in-concert parties as defined in the
the shareholders above
Administrative Measures for Information Regarding
Shareholding Alteration.
Shareholders Chen Jian and Wu Chunhua respectively held
Top 10 shareholders engaged in securities
3,022,800 shares and 2,442,200 shares in the Company through
margin trading
their credit accounts.
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Changchai Company, Limited First Quarterly Report 2024
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
III Other Significant Events
√ Applicable □ Not applicable
1. Expropriation of the Wuxing branch company’s properties on state-owned land and compensation
On 25 May 2023, the Proposal on the Intention to Sign the Agreement on the Expropriation of the Properties of
the Wuxing Branch Company on State-owned Land in Changzhou City and the Compensation was approved at
the 17th Meeting of the Ninth Board of Directors. Later, the said matter was approved at the First Extraordinary
General Meeting of Shareholders in 2023 dated 12 June 2023. As such, the Company was agreed to sign a
contract with Changzhou Zhonglou District Housing and Urban-Rural Development Bureau on the
expropriation of the Wuxing branch company’s properties on state-owned land and the compensation, with the
contractual total compensation amount being RMB117 million. On 14 June 2023, the Company signed the
Agreement on the Expropriation of the Properties of the Wuxing Branch Company on State-owned Land in
Changzhou City and the Compensation with Changzhou Zhonglou District Housing and Urban-Rural
Development Bureau, and received the first compensation payment of RMB70 million on 28 June 2023, and
received the residual compensation payment of RMB47 million on 9 January 2024.
2. Housing expropriation on state-owned land and compensation of Sanjing Branch
On 27 October 2023, the Company held the Third Meeting of the Tenth Board of Directors, deliberating on and
approving the Proposal on Signing the Sanjing Branch's Agreement on Non-residential Housing Expropriation
and Compensation in Xinbei District, Changzhou City. The matter was approved at the third extraordinary
general meeting on 14 November 2023, approving that the Company would sign agreement with the Housing
and Urban-Rural Development Bureau of Changzhou National High-tech Industrial Development Zone and the
Housing Expropriation and Compensation Service Centre of Sanjing Street, Xinbei District, Changzhou City,
regarding the housing expropriation on state-owned land and compensation of the Sanjing Branch. The total
compensation amount under the agreement was RMB99,929,900. On 29 November 2023, the Company signed
the Agreement on Non-residential Housing Expropriation and Compensation with the Housing and Urban-Rural
Development Bureau of Changzhou National High-tech Industrial Development Zone and the Housing
Expropriation and Compensation Service Centre of Sanjing Street, Xinbei District, Changzhou City. The
Company received the first compensation of RMB30 million in the Reporting Period.
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Changchai Company, Limited First Quarterly Report 2024
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Changchai Company, Limited
31 March 2024
Unit: RMB
Item 31 March 2024 1 January 2024
Current assets:
Monetary assets 856,670,442.52 1,083,867,966.87
Settlement reserve
Loans to other banks and
financial institutions
Held-for-trading financial assets 392,073,902.48 225,641,429.94
Derivative financial assets
Notes receivable 113,604,375.63 161,632,567.94
Accounts receivable 927,309,793.04 316,543,159.91
Receivables financing 43,039,962.27 195,875,948.92
Prepayments 10,894,841.77 12,333,310.85
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 8,369,962.10 49,699,753.61
Including: Interest receivable
Dividends
receivable
Financial assets purchased under
resale agreements
Inventories 637,704,906.34 789,220,185.68
Including: Data resource
Contract assets
Assets held for sale
Current portion of non-current
40,773,509.75 40,773,509.75
assets
Other current assets 11,246,642.93 20,910,504.84
Total current assets 3,041,688,338.83 2,896,498,338.31
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
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Changchai Company, Limited First Quarterly Report 2024
Long-term equity investments
Investments in other equity
997,802,025.67 969,488,025.67
instruments
Other non-current financial
412,914,576.80 412,914,576.80
assets
Investment property 39,313,379.72 39,837,558.11
Fixed assets 656,580,629.54 675,596,920.95
Construction in progress 4,438,282.27 4,275,622.18
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets 146,380,637.41 148,458,185.68
Including: Data resource
Development costs
Including: Data resource
Goodwill
Long-term prepaid expense 7,939,616.94 8,227,958.66
Deferred income tax assets 1,518,995.79 1,518,995.79
Other non-current assets 1,439,496.77 2,578,776.77
Total non-current assets 2,268,327,640.91 2,262,896,620.61
Total assets 5,310,015,979.74 5,159,394,958.92
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 560,693,656.21 528,139,582.33
Accounts payable 612,997,833.81 641,484,184.05
Advances from customers 30,647,441.22 1,647,441.22
Contract liabilities 40,073,982.98 33,352,877.66
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 19,915,758.78 47,738,883.57
Taxes and levies payable 33,356,751.03 6,231,169.74
Other payables 186,400,648.38 159,023,382.81
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Changchai Company, Limited First Quarterly Report 2024
Including: Interest payable
Dividends payable 3,891,433.83 3,891,433.83
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities 91,687,395.08 67,069,965.96
Total current liabilities 1,575,773,467.49 1,484,687,487.34
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income 32,795,896.48 32,795,896.48
Deferred income tax liabilities 172,670,628.68 171,843,455.52
Other non-current liabilities
Total non-current liabilities 205,466,525.16 204,639,352.00
Total liabilities 1,781,239,992.65 1,689,326,839.34
Owners’ equity:
Share capital 705,692,507.00 705,692,507.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 640,509,675.84 640,509,675.84
Less: Treasury stock
Other comprehensive income 691,247,221.82 667,180,321.82
Specific reserve 20,024,386.19 19,432,089.52
Surplus reserves 363,695,592.34 363,695,592.34
General reserve
Retained earnings 1,034,819,502.41 1,002,436,724.71
Total equity attributable to owners
3,455,988,885.60 3,398,946,911.23
of the Company as the parent
Non-controlling interests 72,787,101.49 71,121,208.35
Total owners’ equity 3,528,775,987.09 3,470,068,119.58
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Changchai Company, Limited First Quarterly Report 2024
Total liabilities and owners’ equity 5,310,015,979.74 5,159,394,958.92
Legal representative: Xie Guozhong General Manager: Xie Guozhong
Head of the accounting department: Jiang He
2. Consolidated Income Statement
Unit: RMB
Item Q1 2024 Q1 2023
1. Revenues 836,479,520.73 703,102,297.70
Including: Operating revenue 836,479,520.73 703,102,297.70
Interest revenue
Insurance premium income
Fee and commission income
2. Costs and expenses 772,816,412.40 691,918,401.77
Including: Cost of sales 689,569,001.62 610,046,549.40
Interest costs
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 4,683,468.33 3,617,737.48
Selling expense 35,869,182.08 34,136,631.64
Administrative expense 26,053,081.45 26,139,392.36
R&D expense 20,281,737.94 15,089,418.27
Finance costs -3,640,059.02 2,888,672.62
Including: Interest costs 587,604.70 2,590,486.99
Interest revenue 3,080,070.64 3,370,700.72
Add: Other income 205,752.64 1,110,261.12
Return on investment (“-” for loss) 523,222.06 2,726,741.04
Including: Share of profit or loss of joint ventures and
associates
Income from the derecognition of financial
assets at amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss) -13,802,251.45 25,718,114.28
Credit impairment loss (“-” for loss) -11,899,204.76 -7,540,965.36
Asset impairment loss (“-” for loss) -57,832.48
Asset disposal income (“-” for loss) 421,678.54 16,000.00
3. Operating profit (“-” for loss) 39,054,472.88 33,214,047.01
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Changchai Company, Limited First Quarterly Report 2024
Add: Non-operating income 370,474.42 380,282.59
Less: Non-operating expense 103,614.09 99,246.35
4. Gross profit (“-” for loss) 39,321,333.21 33,495,083.25
Less: Income tax expense 5,272,662.37 7,666,120.91
5. Net profit (“-” for net loss) 34,048,670.84 25,828,962.34
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net loss) 34,048,670.84 25,828,962.34
5.1.2 Net profit from discontinued operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to owners of the Company as the
32,382,777.70 23,934,592.54
parent
5.2.2 Net profit attributable to non-controlling interests 1,665,893.14 1,894,369.80
6. Other comprehensive income, net of tax 24,066,900.00 78,150,700.00
Attributable to owners of the Company as the parent 24,066,900.00 78,150,700.00
6.1 Items that will not be reclassified to profit or loss 24,066,900.00 78,150,700.00
6.1.1 Changes caused by remeasurements on defined
benefit schemes
6.1.2 Other comprehensive income that will not be
reclassified to profit or loss under the equity method
6.1.3 Changes in the fair value of investments in other
24,066,900.00 78,150,700.00
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 profit or loss
6.2.1 Other comprehensive income that will be reclassified
to profit or loss under the equity method
6.2.2 Changes in the fair value of 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
currency-denominated financial statements
6.2.7 Other
Attributable to non-controlling interests
7. Total comprehensive income 58,115,570.84 103,979,662.34
Attributable to owners of the Company as the parent 56,449,677.70 102,085,292.54
Attributable to non-controlling interests 1,665,893.14 1,894,369.80
8. Earnings per share
8.1 Basic earnings per share 0.0459 0.0339
8.2 Diluted earnings per share 0.0459 0.0339
Legal representative: Xie Guozhong General Manager: Xie Guozhong
Head of the accounting department: Jiang He
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Changchai Company, Limited First Quarterly Report 2024
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2024 Q1 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 456,415,221.66 447,807,917.75
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
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 6,692,216.64 13,664,218.21
Cash generated from other operating activities 6,180,466.59 4,216,912.24
Subtotal of cash generated from operating activities 469,287,904.89 465,689,048.20
Payments for commodities and services 340,923,732.36 387,355,660.67
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 91,776,376.54 96,431,976.19
Taxes and levies paid 10,294,557.87 10,202,886.37
Cash used in other operating activities 43,171,034.90 42,784,573.63
Subtotal of cash used in operating activities 486,165,701.67 536,775,096.86
Net cash generated from/used in operating activities -16,877,796.78 -71,086,048.66
2. Cash flows from investing activities:
Proceeds from disinvestment 101,700,000.00 339,016,751.99
Return on investment 711,860.42 2,726,741.04
Net proceeds from the disposal of fixed assets, intangible assets
422,378.54 16,000.00
and other 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 investing activities 102,834,238.96 341,759,493.03
Payments for the acquisition of fixed assets, intangible assets
8,657,126.75 119,772,481.02
and other long-lived assets
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Changchai Company, Limited First Quarterly Report 2024
Payments for investments 282,044,324.00 341,377,614.00
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 activities 290,701,450.75 461,150,095.02
Net cash generated from/used in investing activities -187,867,211.79 -119,390,601.99
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
Interest and dividends paid 69,125.00
Including: Dividends paid by subsidiaries to non-controlling
interests
Cash used in other financing activities
Subtotal of cash used in financing activities 69,125.00
Net cash generated from/used in financing activities -69,125.00
4. Effect of foreign exchange rates changes on cash and cash
equivalents
5. Net increase in cash and cash equivalents -204,745,008.57 -190,545,775.65
Add: Cash and cash equivalents, beginning of the period 971,629,523.46 810,350,966.05
6. Cash and cash equivalents, end of the period 766,884,514.89 619,805,190.40
Legal representative: Xie Guozhong General Manager: Xie Guozhong
Head of the accounting department: Jiang He
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation
of the New Accounting Standards Implemented since 2024
□ 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.
The Board of Directors
Changchai Company, Limited
30 April 2024
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