2021 First Quarter Report
Of
Chongqing Changan Automobile Company Limited
April, 2021
1
Chapter 1 Important Notes
The Board of Directors, the Supervisory Committee and directors, supervisors and senior
management of Chongqing Changan Automobile Company Limited (hereinafter referred to as “the
Company”) hereby guarantee that no false or misleading statement or major omission was made to
the materials in this report and that they will assume all the responsibilities, individually and jointly,
for the trueness, accuracy and completeness of the contents of this report.
All directors attended the board meeting for reviewing the first quarter report.
The Chairman of the Board Zhu Huarong, the Chief Financial Officer Zhang Deyong and the
responsible person of the accounting institution (Accountant in charge) Chen Jianfeng hereby
declare that the Financial Statements enclosed in this annual report are true, accurate and complete.
The report shall be presented in both Chinese and English, and should there be any conflicting
understanding of the text, the Chinese version shall prevail.
2
Chapter 2 Basic Information
I. Main accounting data and financial indicators
Does the company need to retrospectively adjust or restate the accounting data of previous years
√Yes □No
Reasons for retrospective adjustment or restatement: changes in accounting policies
In RMB Yuan
The same period of last year Variance (%)
The reporting period
Before adjustment After adjustment After adjustment
Operating income 32,027,320,806.54 11,564,077,463.34 11,564,077,463.34 176.96%
Net profit attributable to shareholders of
853,585,805.31 631,077,888.63 631,077,888.63 35.26%
the Company
Net profit excluding non-recurring gains
and losses attributable to shareholders of 720,085,110.43 -1,793,324,817.62 -1,793,324,817.62 140.15%
listed company
cash flow from operating activities 7,236,025,541.31 4,155,344,266.52 4,155,344,266.52 74.14%
Basic earnings per share 0.16 0.13 0.13 23.08%
Diluted earnings per share N/A N/A N/A N/A
Weighted average return on net assets 1.58% 1.42% 1.42% Up 0.16 Points
At the end of the End of 2020 Variance (%)
reporting period Before adjustment After adjustment After adjustment
Total assets 127,989,062,491.55 120,915,805,349.52 118,265,186,394.85 8.22%
Net assets attributable to shareholders of
54,846,284,914.36 53,410,193,236.09 53,410,193,236.09 2.69%
listed company
Reasons for changes in accounting policies and corrections of accounting errors
In order to make the company’s accounting more accurate, objective and fair to reflect the company’s financial status and operating
results, the company’s government subsidy accounting policy is changed from January 1, 2021, from the total amount method to the
net amount method. For details, see " Announcement on Changes in Accounting Policies (Announcement Number: 2021-43).
Accidental gain/loss item and amount
√ Applicable □ Not applicable
In RMB Yuan
Amount of the period from the
Item beginning of year to the end of Explanation
report term
Gain/loss of non-current assets 9,257,168.41
Government subsidies accounted into current gain/loss account, other than
those closely related to the Company’s common business, comply with the 153,059,746.06
national policy and continues to enjoy at certain fixed rate or amount.
Interest on deferred payment of funds received by non financial enterprises 10,136,218.01
In addition to the effective hedging business related to the normal operation
of the company, the fair value change profit and loss arising from the
-31,345,241.34
holding of trading financial assets, derivative financial assets, trading
financial liabilities and derivative financial liabilities
Gains and losses from external entrusted loans 3,385,613.22
Other non-business income and expenditures other than the above 9,717,311.60
Less: Influenced amount of income tax 4,055,612.77
Influenced amount of minority shareholders’ equity 16,654,508.31
Total 133,500,694.88
3
According to “Public offering of securities information disclosure of the company's information disclosure announcement No. 1 –
non-recurring gains and losses “Public offering of securities information disclosure of the company's information disclosure
announcement No. 1 – non-recurring gains and losses” defined non-recurring items ,and Public offering of securities information
disclosure of the company's information disclosure announcement No. 1 - non-recurring gains and losses “The items listed in the
non-recurring items defined as recurring items shall be explained.
□ Applicable √Not applicable
The company in the reporting period does not base on the definition and listing of “Public offering of securities information
disclosure of the company's information disclosure announcement No. 1 – non-recurring gains and losses” about non-recurring gains
and losses to define a case of recurring profit or loss.
II. Total number of shareholders at the end of the reporting period and statement on shares
held by the top ten tradable shareholders
1. Total number of shareholders at the end of the reporting period and statement on shares held by the top
ten shareholders
Unit: share
As of the reporting period, the total number of shareholders 381,802
Top 10 Shareholders
Properties of Shareholding Number of Conditional Pledging or freezing
Name of the shareholder
shareholder (%) shares shares Share status Amount
State-owned legal No pledge or
China Changan Automobile Co., Ltd. person shares 18.78% 1,021,502,890 93,457,944 -
frozen
China South Industries Group Co., State-owned legal No pledge or
person shares 13.98% 760,304,571 2,764,486 -
Ltd. frozen
Southern Industrial Asset Management State-owned legal No pledge or
person shares 7.11% 386,915,888 186,915,888 -
Co., Ltd. frozen
China Securities Finance Corporation domestic general legal No pledge or
person shares 4.31% 234,265,333 -
Limited frozen
Hong Kong Securities Clearing foreign legal person No pledge or
shares 3.74% 203,191,650 -
Company Limited frozen
United Prosperity (Hongkong) foreign legal person No pledge or
shares 2.83% 154,120,237 -
Investment Co., Limited frozen
domestic general legal No pledge or
China Galaxy Securities Co., Ltd. person shares 0.70% 38,318,957 38,317,757 -
frozen
JPMORGAN CHASE foreign legal person No pledge or
shares 0.60% 32,710,378 32,710,280 -
BANK,NATIONAL ASSOCIATION frozen
CAPE ANN GLOBAL foreign legal person No pledge or
shares 0.42% 22,867,612 -
DEVELOPING MARKETS FUND frozen
domestic general legal No pledge or
Guotai Junan Securities Co., Ltd. person shares 0.40% 21,843,893 14,018,691 -
frozen
Top 10 holders of unconditional shares
Amount of shares Category of shares
Name of the shareholder without sales
restriction Category of shares Amount
China Changan Automobile Co., Ltd. 928,044,946 RMB ordinary shares 928,044,946
China South Industries Group Co., Ltd. 757,540,085 RMB ordinary shares 757,540,085
China Securities Finance Corporation Limited 234,265,333 RMB ordinary shares 234,265,333
Hong Kong Securities Clearing Company Limited 203,191,650 RMB ordinary shares 203,191,650
Southern Industrial Asset Management Co., Ltd. 200,000,000 RMB ordinary shares 200,000,000
Domestic listed foreign
United Prosperity (Hongkong) Investment Co., Limited 154,120,237 shares 154,120,237
Domestic listed foreign
CAPE ANN GLOBAL DEVELOPING MARKETS FUND 22,867,612 shares 22,867,612
4
CHINA INT'L CAPITAL CORP HONG KONG SECURITIES Domestic listed foreign
20,937,863 shares 20,937,863
LTD
Domestic listed foreign
GIC PRIVATE LIMITED 19,605,410 shares 19,605,410
Haitong International Securities Company Limited-Account Domestic listed foreign
19,162,244 shares 19,162,244
Client
Among the top 10 shareholders, China South Industries Group Co., Ltd., With
its wholly-owned subsidiary, Southern Industrial Asset Management Co., Ltd.,
the actual controller; China Changan Automobile Group Co., Ltd., the
Explanation on the relationship and the action alike of above
controlling shareholder, and its wholly owned subsidiary United Prosperity
shareholders (Hong Kong) Investment Co., Limited. belong to the concerted actor regulated
by “Disclosure Administration of Shares Change Information of The Listed
Company”.
China South Industries Group Co., Ltd. participated in the refinancing
Explanation of the Top 10 Shareholders' Participation in Margin securities lending business. As of the end of the reporting period, 43,540,000
Trading shares had been lent. The ownership of the refinancing securities lending
shares will not be transferred.
Whether the company top 10 shareholders of ordinary shares, and the top 10 circulated shareholders agreed on the repurchase
transactions during the report period
□Applicable √Not Applicable
The top 10 shareholders of ordinary shares, and the top 10 circulated shareholders have not agreed on the repurchase transactions
during the report period
2. Total number of preferred shareholders at the end of the reporting period and statement on preferred
shares held by the top ten tradable shareholders
□Applicable √Not Applicable
5
Chapter 3 Important Matters
I. Significant changes & reasons in major accounting data, financial indicators
√Applicable □Not Applicable
In RMB Yuan
Number Balance Sheet Items Mar. 31st,2021 Jan. 1st, 2021 Changes (%)
1 Prepayments 217,323,536.22 460,703,603.80 -52.83%
2 Inventories 4,139,263,364.19 5,967,516,230.57 -30.64%
3 Development expenditure 372,952,680.61 596,577,787.95 -37.48%
4 Taxes payable 498,101,187.52 1,292,001,263.86 -61.45%
Income Statement Items Jan-Mar 2021 Jan-Mar 2020 Changes (%)
5 Total operating income 32,027,320,806.54 11,564,077,463.34 176.96%
6 Operating cost 27,508,384,891.85 10,504,652,155.97 161.87%
7 Tax and surcharges 1,139,344,789.09 443,622,963.22 156.83%
8 Operating expenses 1,010,369,424.61 649,835,784.68 55.48%
General and administrative
9 1,244,629,210.77 398,803,812.20 212.09%
expenses
10 Financial expenses -105,473,984.82 -27,860,921.06 -278.57%
11 Investment income 284,235,894.75 1,452,112,755.17 -80.43%
12 Earnings from fair value changes -31,345,241.34 341,035,600.71 -109.19%
13 Income tax expense -65,165,798.22 67,615,994.89 -196.38%
Cash Flow Statement Items Jan-Mar 2021 Jan-Mar 2020 Changes (%)
Net cash flows from operating
14 7,236,025,541.31 4,155,344,266.52 74.14%
activities
Net cash flows from investing
15 -457,478,573.37 -2,100,075,814.59 78.22%
activities
Net cash flows from financing
16 651,004,840.56 1,306,529,442.19 -50.17%
activities
Net increase of cash and cash
17 7,428,018,280.20 3,346,491,148.05 121.96%
equivalents
As of the end of the reporting period, the company's total assets were 127.989 billion yuan, total liabilities were 73.071 billion
yuan, and the asset-liability ratio was 57.09%, an increase of 2.29 percentage points from the beginning of the year.
During the reporting period, the balance of prepayments decreased from the beginning of the year, mainly due to the receipt of
prepayment related materials; the decrease in inventory was mainly due to the increase in sales; the decrease in development
expenditure was mainly due to the transfer of intangible assets; the decrease in taxes payable was mainly due to the payment of taxes.
During the reporting period, total operating income, operating costs, taxes and surcharges, and sales expenses increased
year-on-year, mainly due to the increase in product sales during the quarter. The year-on-year increase in management expenses was
mainly due to the accrual of fuel and new energy points costs and the increase in employee compensation. The year-on-year decrease in
financial expenses was mainly due to the increase in interest income. The year-on-year decrease in investment income was mainly due
to the dilution of Chongqing Changan New Energy Automobile Technology Co., Ltd.'s equity in 2020, and the company confirmed the
investment income. The decrease in the gains from changes in fair value year-on-year was mainly due to the gains from changes in the
fair value of Ningde Times stocks in 2020. Ningde Times stocks have been disposed of in 2020. The year-on-year decrease in income
tax expenses was mainly due to the increase in deferred income tax assets.
During the reporting period, the company's net increase in cash and cash equivalents was 7.428 billion yuan, an increase of
121.96% year-on-year, mainly due to the substantial increase in net cash flow from operating activities. The net cash flow from
operating activities was 7.236 billion yuan, an increase of 74.14% year-on-year, mainly due to the substantial increase in cash received
from the sale of goods and the provision of services. The net cash flow from investment activities was -457 million yuan, an increase of
78.22% year-on-year, mainly due to the significant decrease in other cash paid for investment activities. The net cash flow from
financing activities was 651 million yuan, a year-on-year decrease of 50.17%, mainly due to the substantial decrease in cash received
6
from absorbing investments.
II. The progress and influence of significant events and the analysis and explanation on
resolving proposal
√Applicable □Not Applicable
On February 1, 2021, the company held the eleventh meeting of the eighth session of the board of directors, and reviewed and
approved two proposals related to the revision of the restricted stock incentive plan. For details, please refer to the "Resolutions of
the Eleventh Meeting of the Eighth Board of Directors" Announcement (Announcement Number: 2021-05).
On February 18, 2021, the company held the first extraordinary general meeting of shareholders in 2021, and reviewed and
approved 3 proposals related to the restricted stock incentive plan. For details, please refer to the "Announcement on Resolutions of
the First Extraordinary General Meeting of 2021" (Announcement) Number: 2021-13).
On February 22, 2021, the company held the twelfth meeting of the eighth session of the board of directors, at which it reviewed
and approved the "Proposal on Adjusting the List of Restricted A Shares Incentive Plan and the Number of Incentives Granted" and
"Regarding the Restriction of A Shares" The Proposal for the First Grant of Restricted Stocks to Incentives of the Stock Incentive
Plan. For details, please refer to the "Announcement on Resolutions of the Twelfth Meeting of the Eighth Board of Directors"
(Announcement Number: 2021-14).
On March 5, 2021, the shares granted by equity incentives is listed for circulation. For details, please refer to the "Announcement
on Completion of Registration for the First Grant of A Share Restricted Stock Incentive Plan" (Announcement No.: 2021-20).
Implementation progress of share repurchase
□Applicable √Not Applicable
Progress in the implementation of reducing share buyback through centralized bidding
□Applicable √Not Applicable
III. Commitments made within the reporting period by the controlling shareholders,
shareholders, related party, acquirer and the company overdue and not fulfilled
□Applicable √Not Applicable
During the reporting period, the company's actual controllers, shareholders, related parties, purchasers and companies and other
commitment parties don’t have any overdue unfulfilled commitments.
IV. Forecast of operation performance from Jan. – June of 2021
The warning or a reason for a loss or a significant change of cumulative net profit from the beginning of the year to the end of the
next reporting period compared with the same period of last year
□Applicable √Not Applicable
V. Securities Investment
1. Equity-holdings in financial enterprises
√Applicable □Not Applicable
Gain/loss
Initial Opening Opening Closing Closing Closing in the
Security Stock Stock investment equity equity equity equity book value reporting Accounting Equity
variety code name cost (RMB Holdings holding ratio holdings Holdings (RMB period title source
Yuan) (share) (%) (share) （%） Yuan) (RMB
Yuan)
Southwest Transactional Initial
Stock 600369 50,000,000 33,630,000 0.51% 33,630,000 0.51% 156,715,800 -24,213,600
Securities financial assets investment
Total 50,000,000 33,630,000 -- 33,630,000 -- 156,715,800 -24,213,600
7
2. Derivative Investments
□Applicable √Not Applicable
During the company's reporting period, there is no derivative investment.
VI. Progress of investment projects with raised funds
√Applicable □Not Applicable
During the reporting period, “committed investment projects” used raised funds totaling 253.0548 million yuan, and the net interest
income obtained from the special account for raised funds during the reporting period was 11.8674 million yuan. As of March 31,
2021, the raised funds have been directly invested in fund-raising projects of 3505.1402 million yuan (including supplementary
working capital projects of 1800 million yuan), the accumulated net interest income from the special account for raised funds was
22.6168 million yuan, and the balance of the raised funds was 2504.3167 million yuan.
VII. Major contracts for daily operation
□Applicable √Not Applicable
VIII. Entrusted financial management
□Applicable √Not Applicable
There is no entrusted financial management during the reporting period.
IX. Illegal external guarantee
□Applicable √Not Applicable
The company doesn’t violate the rules of external guarantee during the reporting period.
X. Controlling shareholder and its related parties to the listing Corporation's non-operating
funds
□Applicable √Not Applicable
During the reporting period, there is no non-operating capital occupied by the controlling shareholder and its related parties to the
listed company.
XI. Interviews and visits in the reporting period
√Applicable □Not Applicable
Date Manner Object Content discussed and material offered
On-Site Survey, For details, see the March 5, 2021 Shenzhen stock exchange interactive
2021.3.3 telephone Institution (http://irm.cninfo.com.cn) on the Changan Automobile: March 3, 2020 investor
communication relations activities record sheet
8
Chapter 4 Financial Statements
I. Financial Statements
1. Consolidated Balance Sheet
Prepared by: CHONGQING CHANGAN AUTOMOBILE CO., LTD.
March 31, 2021
In RMB Yuan
Account 2021.3.31 2020.12.31
Current assets:
Cash 39,255,172,266.74 32,001,775,600.07
Trading financial assets 172,909,158.66 204,254,400.00
Notes receivable 33,188,863,184.35 28,371,541,054.75
Accounts receivable 2,195,171,039.65 2,141,197,139.45
Prepayments 217,323,536.22 460,703,603.80
Other receivables 617,382,928.77 723,919,037.36
Inventories 4,139,263,364.19 5,967,516,230.57
Contract assets 1,409,293,533.41 1,450,031,414.61
Other current assets 1,605,747,167.26 1,568,711,870.61
Total current assets 82,801,126,179.25 72,889,650,351.22
Non-current assets:
Long-term equity investments 12,389,940,077.21 12,109,089,795.67
Investment in other equity instruments 691,990,000.00 691,990,000.00
Investment properties 6,819,460.27 6,876,138.16
Fixed assets 23,973,970,838.30 24,298,402,558.49
Construction in progress 903,207,112.78 1,048,036,148.70
Right-of-use asset 61,073,778.92 -
Intangible assets 4,530,941,810.81 4,433,771,236.26
Development expenditure 372,952,680.61 596,577,787.95
Goodwill 48,883,188.37 48,883,188.37
Long-term deferred expenses 11,734,850.68 10,642,512.51
Deferred tax assets 2,196,422,514.35 2,131,266,677.52
Total non-current assets 45,187,936,312.30 45,375,536,043.63
TOTAL ASSETS 127,989,062,491.55 118,265,186,394.85
Current liabilities:
Short-term loans 558,000,000.00 578,000,000.00
Notes payable 21,643,827,043.44 17,574,014,553.46
Accounts payable 26,991,165,603.27 23,118,793,794.42
Contract liability 4,613,841,527.95 4,471,158,190.75
Payroll payable 1,737,635,550.55 2,015,868,366.57
Taxes payable 498,101,187.52 1,292,001,263.86
Other payables 4,476,574,969.60 4,475,215,625.98
9
Non-current liabilities within one year 100,054,857.28 100,000,000.00
Other current liabilities 6,817,884,263.93 5,842,758,104.08
Total current liabilities 67,437,085,003.54 59,467,809,899.12
Non-current liabilities:
Long-term loans 955,300,000.00 955,300,000.00
Lease liability 60,484,054.10 -
Long-term payables 241,555,450.79 261,260,928.70
Long-term payroll payable 39,501,978.16 41,634,000.00
Estimated liabilities 3,439,256,762.04 3,125,170,942.46
Deferred Revenue 787,102,655.40 818,398,430.21
Deferred tax liabilities 110,939,521.14 115,304,728.61
Total non-current liabilities 5,634,140,421.63 5,317,069,029.98
Total liabilities 73,071,225,425.17 64,784,878,929.10
Owners’ equity (or Shareholders’ equity):
Share capital 5,439,591,574.00 5,363,396,174.00
Capital reserves 11,388,509,086.42 10,930,781,918.64
Other comprehensive income 101,928,900.48 78,420,720.78
Special reserves 65,922,568.89 40,847,443.41
Surplus reserves 2,681,698,087.00 2,681,698,087.00
Retained earnings 35,168,634,697.57 34,315,048,892.26
Equity attributable to owners 54,846,284,914.36 53,410,193,236.09
Minority interests 71,552,152.02 70,114,229.66
Total Owners’ equity (or Shareholders’ equity) 54,917,837,066.38 53,480,307,465.75
Liabilities and owners' equity (or shareholders' equity) in total 127,989,062,491.55 118,265,186,394.85
Legal person: Zhu Huarong Chief financial officer: Zhang Deyong The head of accounting department: Chen Jianfeng
2. Balance Sheet
In RMB Yuan
Account 2021.3.31 2020.12.31
Current assets:
Cash 33,280,567,130.30 25,238,014,025.38
Trading financial assets 156,715,800.00 180,929,400.00
Notes receivable 31,611,447,120.59 27,248,111,565.13
Accounts receivable 6,303,832,803.63 5,464,541,185.63
Prepayments 45,256,018.54 294,088,044.01
Other receivables 1,584,181,286.67 1,990,616,778.83
Inventories 2,730,351,086.60 4,332,579,774.46
Contract assets 914,624,005.60 941,046,613.60
Other current assets 310,655,546.94 322,467,261.74
Total current assets 76,937,630,798.87 66,012,394,648.78
Non-current assets:
Long-term equity investments 16,338,104,282.42 15,911,304,527.87
Investment in other equity instruments 681,630,000.00 681,630,000.00
Fixed assets 18,095,123,730.85 18,282,163,718.91
Construction in progress 498,520,058.30 586,144,839.34
10
Right-of-use asset 58,800,812.73 -
Intangible assets 3,270,375,608.83 3,166,081,547.59
Development expenditure 340,611,070.84 555,569,523.02
Long-term deferred expenses 8,319,408.86 7,470,626.86
Deferred tax assets 1,889,919,258.48 1,803,491,965.40
Total non-current assets 41,181,404,231.31 40,993,856,748.99
TOTAL ASSETS 118,119,035,030.18 107,006,251,397.77
Current liabilities:
Short-term loans 510,000,000.00 510,000,000.00
Notes payable 18,570,789,242.23 14,600,240,612.86
accounts payable 23,933,606,717.45 18,770,044,628.44
Contract liability 3,896,570,628.50 3,885,522,883.33
Payroll payable 1,443,950,832.63 1,604,474,120.45
Taxes payable 300,520,162.79 1,045,768,022.62
Other payables 3,547,287,239.92 3,166,636,684.63
Non-current liabilities due within one year 100,000,000.00 100,000,000.00
Other current liabilities 5,986,733,397.74 5,235,294,795.79
Total current liabilities 58,289,458,221.26 48,917,981,748.12
Non-current liabilities:
Long-term loans 955,300,000.00 955,300,000.00
Lease liability 58,367,526.23 -
Long-term payables 181,269,821.39 187,142,303.66
Long-term payroll payable 19,651,794.06 21,657,000.00
Estimated liabilities 2,511,092,012.02 2,196,924,682.57
Deferred Revenue 150,000,000.00 150,000,000.00
Deferred tax liabilities 71,526,611.38 75,158,651.38
Total non-current liabilities 3,947,207,765.08 3,586,182,637.61
Total liabilities 62,236,665,986.34 52,504,164,385.73
Owners’ equity (or Shareholders’ equity):
Share capital 5,439,591,574.00 5,363,396,174.00
Capital reserves 10,898,624,070.30 10,440,896,902.52
Other comprehensive income 159,954,052.00 159,954,052.00
Special reserves 14,150,864.62 7,505,438.57
Surplus reserves 2,681,698,087.00 2,681,698,087.00
Retained earnings 36,688,350,395.92 35,848,636,357.95
Total Owners’ equity (or Shareholders’ equity) 55,882,369,043.84 54,502,087,012.04
Liabilities and owners' equity (or shareholders' equity) in total 118,119,035,030.18 107,006,251,397.77
3. Consolidated Income Statement of the report term
In RMB Yuan
Account Current Period Prior Period
I. Total operating income 32,027,320,806.54 11,564,077,463.34
Less: Operating cost 27,508,384,891.85 10,504,652,155.97
Tax and surcharges 1,139,344,789.09 443,622,963.22
11
Operating expenses 1,010,369,424.61 649,835,784.68
General and administrative expenses 1,244,629,210.77 398,803,812.20
R&D expenses 710,391,890.16 696,517,648.90
Financial expenses -105,473,984.82 -27,860,921.06
Add: Other income
Investment income (‘-‘ represent loss) 284,235,894.75 1,452,112,755.17
Investment income from associates and from joint venture 280,338,657.91 -667,413,071.43
Earnings from fair value changes -31,345,241.34 341,035,600.71
Impairment of credit -1,681,788.85 -2,142,668.54
Asset disposal income 9,257,168.41 1,354,464.30
II. Operating profit (‘-’ represent loss) 780,140,617.85 690,866,171.07
Add: Non-operating income 10,387,052.00 6,811,073.58
Less: Non-operating expenses 669,740.40 6,491,243.42
III. Total profit(‘-’ represent loss) 789,857,929.45 691,186,001.23
Less: Income tax expense -65,165,798.22 67,615,994.89
IV. Net profit (‘-’ represent net loss) 855,023,727.67 623,570,006.34
I) Net profit from continuing operations 855,023,727.67 623,570,006.34
II) Net profit from discontinued operations
Net profit attributable to owners 853,585,805.31 631,077,888.63
Minority interests 1,437,922.36 -7,507,882.29
V. Other comprehensive income, net of tax 23,508,179.70 -9,000,909.71
Total comprehensive income attributable to owners, net of tax 23,508,179.70 -9,000,909.71
I) Other comprehensive income not to be reclassified to profit or loss in
155,000.00 -38,000.00
subsequent periods
Change from defined benefit plan 155,000.00 -38,000.00
II) Other comprehensive income to be reclassified to profit or loss in
23,353,179.70 -8,962,909.71
subsequent periods
Foreign currency reserve 23,353,179.70 -8,962,909.71
VI. Total comprehensive income 878,531,907.37 614,569,096.63
Total comprehensive income attributable to owners 877,093,985.01 622,076,978.92
Total comprehensive income attributable to minority interest 1,437,922.36 -7,507,882.29
VII. Earnings per share:
I) Basic earnings per share 0.16 0.13
II) Diluted earnings per share 0.16 0.13
Legal person: Zhu Huarong Chief financial officer: Zhang Deyong The head of accounting department: Chen Jianfeng
4. Income Statement of the report term
In RMB Yuan
Account Current Period Prior Period
I. Operating income 30,376,645,267.72 10,675,079,250.36
Less: Operating cost 26,524,375,588.05 10,001,993,927.70
Tax and surcharges 834,751,224.47 291,774,994.51
Operating expenses 849,385,869.12 470,740,974.96
General and administrative expenses 1,129,211,744.22 206,455,978.44
12
R&D expenses 684,046,695.33 699,618,911.59
Financial expenses -72,586,754.26 -31,674,277.08
Add: Other income
Investment income (‘-‘ represent loss) 335,945,304.87 113,578,786.80
Investment income from associates and from joint venture 331,419,754.55 -618,249,269.01
Earnings from fair value changes -24,213,600.00 -23,785,000.00
Impairment of credit -1,113,674.23 -1,493,618.14
Asset disposal income 4,845,248.97 -
II. Operating profit (‘-’ represent loss) 742,924,180.40 -875,531,091.10
Add: Non-operating income 6,730,962.63 3,519,692.63
Less: Non-operating expenses 438.13 778,677.68
III. Total profit(‘-’ represent loss) 749,654,704.90 -872,790,076.15
Less: Income tax expense -90,059,333.07 3,063,866.43
IV. Net profit (‘-’ represent net loss) 839,714,037.97 -875,853,942.58
I) Net profit from continuing operations 839,714,037.97 -875,853,942.58
II) Net profit from discontinued operations
V. Other comprehensive income, net of tax
VI. Total comprehensive income 839,714,037.97 -875,853,942.58
VII. Earnings per share:
I) Basic earnings per share 0.16 -0.18
II) Diluted earnings per share 0.16 -0.18
5. Consolidated Cash Flow Statement from the beginning of year to the end of report term.
In RMB Yuan
Account Current Period Prior Period
I. CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from sale of goods or rendering of services 30,112,384,312.29 21,257,466,605.15
Refunds of taxes 179,407,299.39 45,969,851.95
Cash received relating to other operating activities 1,595,191,409.36 386,274,604.44
Sub-total of cash inflows 31,886,983,021.04 21,689,711,061.54
Cash paid for goods and services 17,418,081,707.69 13,417,907,129.60
Cash paid to and on behalf of employees 1,926,702,389.58 1,565,688,589.42
Cash paid for all types of taxes 2,904,469,816.33 1,078,573,272.46
Cash paid relating to other operating activities 2,401,703,566.13 1,472,197,803.54
Sub-total of cash outflows 24,650,957,479.73 17,534,366,795.02
Net cash flows from operating activities 7,236,025,541.31 4,155,344,266.52
II. CASH FLOWS FROM INVESTING ACTIVITIES:
Cash received from investment income 3,588,750.00 3,628,625.00
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Net cash received from disposal of fixed assets, intangible assets and other
45,138,653.89 170,091.83
long-term assets
Sub-total of cash inflows 48,727,403.89 3,798,716.83
Cash paid for acquisition of fixed assets, intangible assets and other long-term
506,205,977.26 566,554,431.22
assets
Cash paid for acquisition of investments - 13,088,871.00
Cash paid relating to other investing activities - 1,524,231,229.20
Sub-total of cash outflows 506,205,977.26 2,103,874,531.42
Net cash flows from investing activities -457,478,573.37 -2,100,075,814.59
III. CASH FLOWS FROM FINANCING ACTIVITIES:
Absorb cash received from investment 507,461,364.00 1,420,000,000.00
Cash received from borrowings 20,000,000.00 150,000,000.00
Cash received relating to other financing activities 174,621,613.52 264,541,204.27
Sub-total of cash inflows 702,082,977.52 1,834,541,204.27
Cash repayments of borrowings 40,000,000.00 20,000,000.00
Cash paid for distribution of dividends or profits and interest expenses 10,836,847.22 9,459,181.50
Cash paid relating to other financing activities 241,289.74 498,552,580.58
Sub-total of cash outflows 51,078,136.96 528,011,762.08
Net cash flows from financing activities 651,004,840.56 1,306,529,442.19
IV. EFFECT OF CHANGES IN EXCHANGE RATE ON CASH -1,533,528.30 -15,306,746.07
V. NET INCREASE IN CASH AND CASH EQUIVALENTS 7,428,018,280.20 3,346,491,148.05
Add: Opening balance of cash and cash equivalents 30,655,968,057.63 9,360,474,674.89
VI. CLOSING BALANCE OF CASH AND CASH EQUIVLANT 38,083,986,337.83 12,706,965,822.94
6. Cash Flow Statement from the beginning of year to the end of report term.
In RMB Yuan
Account Current Period Prior Period
I. CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from sale of goods or rendering of services 26,828,012,609.19 18,868,422,291.72
Refunds of taxes
Cash received relating to other operating activities 795,160,254.72 54,826,509.91
Sub-total of cash inflows 27,623,172,863.91 18,923,248,801.63
Cash paid for goods and services 14,846,049,568.22 12,099,237,602.48
Cash paid to and on behalf of employees 1,436,120,942.70 1,112,718,300.63
Cash paid for all types of taxes 2,394,177,408.28 513,342,838.61
14
Cash paid relating to other operating activities 1,175,567,944.68 891,028,153.93
Sub-total of cash outflows 19,851,915,863.88 14,616,326,895.65
Net cash flows from operating activities 7,771,257,000.03 4,306,921,905.98
II. CASH FLOWS FROM INVESTING ACTIVITIES:
Cash received from return on investments
Cash received from investment income 4,797,083.33 5,827,791.67
Net cash received from disposal of fixed assets, intangible assets and other
7,508,823.89 -
long-term assets
Net cash received from disposal of subsidiaries and other business units
Cash received relating to other investing activities 200,000,000.00 -
Sub-total of cash inflows 212,305,907.22 5,827,791.67
Cash paid for acquisition of fixed assets, intangible assets and other
438,041,626.59 527,234,258.30
long-term assets
Cash paid for acquisition of investments - 112,338,871.00
Net cash paid for subsidiaries and other business units
Cash paid relating to other investing activities
Sub-total of cash outflows 438,041,626.59 639,573,129.30
Net cash flows from investing activities -225,735,719.37 -633,745,337.63
III. CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received from investors 507,461,364.00 -
Cash received from borrowings
Cash received relating to other financing activities 200,000.00 -
Sub-total of cash inflows 507,661,364.00 -
Cash repayments of borrowings
Cash paid for distribution of dividends or profits and interest expenses 10,188,250.00 3,171,376.00
Cash paid relating to other financing activities 241,289.74 -
Sub-total of cash outflows 10,429,539.74 3,171,376.00
Net cash flows from financing activities 497,231,824.26 -3,171,376.00
IV. EFFECT OF CHANGES IN EXCHANGE RATE ON CASH
V. NET INCREASE IN CASH AND CASH EQUIVALENTS 8,042,753,104.92 3,670,005,192.35
Add: Opening balance of cash and cash equivalents 25,190,870,784.06 6,563,020,335.56
VI. CLOSING BALANCE OF CASH AND CASH EQUIVLANT 33,233,623,888.98 10,233,025,527.91
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II. Notes on financial statement adjustments
1. The first implementation of the new lease standard from 2021, adjustments to the first implementation of
the financial statements at the beginning of the year
√Applicable □Not Applicable
Whether to adjust the balance sheet account at the beginning of the year
√Yes □No
Consolidated Balance Sheet
In RMB Yuan
Account 2020.12.31 2021.1.1 Adjustment
Current assets:
Cash 32,001,775,600.07 32,001,775,600.07
Trading financial assets 204,254,400.00 204,254,400.00
Notes receivable 28,371,541,054.75 28,371,541,054.75
Accounts receivable 2,141,197,139.45 2,141,197,139.45
Prepayments 460,703,603.80 460,703,603.80
Other receivables 723,919,037.36 723,919,037.36
Inventories 5,967,516,230.57 5,967,516,230.57
Contract assets 1,450,031,414.61 1,450,031,414.61
Other current assets 1,568,711,870.61 1,568,711,870.61
Total current assets 72,889,650,351.22 72,889,650,351.22
Non-current assets:
Long-term equity investments 12,109,089,795.67 12,109,089,795.67
Investment in other equity instruments 691,990,000.00 691,990,000.00
Investment properties 6,876,138.16 6,876,138.16
Fixed assets 24,298,402,558.49 24,298,402,558.49
Construction in progress 1,048,036,148.70 1,048,036,148.70
Right-of-use asset - 55,231,380.07 55,231,380.07
Intangible assets 4,433,771,236.26 4,433,771,236.26
Development expenditure 596,577,787.95 596,577,787.95
Goodwill 48,883,188.37 48,883,188.37
Long-term deferred expenses 10,642,512.51 10,642,512.51
Deferred tax assets 2,131,266,677.52 2,131,266,677.52
Total non-current assets 45,375,536,043.63 45,430,767,423.70 55,231,380.07
TOTAL ASSETS 118,265,186,394.85 118,320,417,774.92 55,231,380.07
Current liabilities:
Short-term loans 578,000,000.00 578,000,000.00
Notes payable 17,574,014,553.46 17,574,014,553.46
Accounts payable 23,118,793,794.42 23,118,793,794.42
Contract liability 4,471,158,190.75 4,471,158,190.75
Payroll payable 2,015,868,366.57 2,015,868,366.57
Taxes payable 1,292,001,263.86 1,292,001,263.86
Other payables 4,475,215,625.98 4,475,215,625.98
Non-current liabilities within one year 100,000,000.00 100,000,000.00
16
Other current liabilities 5,842,758,104.08 5,842,758,104.08
Total current liabilities 59,467,809,899.12 59,467,809,899.12
Non-current liabilities:
Long-term loans 955,300,000.00 955,300,000.00
Lease liability - 55,231,380.07 55,231,380.07
Long-term payables 261,260,928.70 261,260,928.70
Long-term payroll payable 41,634,000.00 41,634,000.00
Estimated liabilities 3,125,170,942.46 3,125,170,942.46
Deferred Revenue 818,398,430.21 818,398,430.21
Deferred tax liabilities 115,304,728.61 115,304,728.61
Total non-current liabilities 5,317,069,029.98 5,372,300,410.05 55,231,380.07
Total liabilities 64,784,878,929.10 64,840,110,309.17 55,231,380.07
Owners’ equity (or Shareholders’ equity):
Share capital 5,363,396,174.00 5,363,396,174.00
Capital reserves 10,930,781,918.64 10,930,781,918.64
Other comprehensive income 78,420,720.78 78,420,720.78
Special reserves 40,847,443.41 40,847,443.41
Surplus reserves 2,681,698,087.00 2,681,698,087.00
Retained earnings 34,315,048,892.26 34,315,048,892.26
Equity attributable to owners 53,410,193,236.09 53,410,193,236.09
Minority interests 70,114,229.66 70,114,229.66
Total Owners’ equity (or Shareholders’ equity) 53,480,307,465.75 53,480,307,465.75
Liabilities and owners' equity (or shareholders' equity) in
118,265,186,394.85 118,320,417,774.92 55,231,380.07
total
Statement of adjustment
On December 7, 2018, the Ministry of Finance revised and issued the "Accounting Standards for Business Enterprises No.
21-Leasing" (Caikuai [2018] No. 35). According to the requirements of the Ministry of Finance, companies listed at the Financial
Reporting Standards or Accounting Standards for Business Enterprises shall be implemented on January 1, 2019 for enterprises that
prepare financial statements; other enterprises that implement the Accounting Standards for Business Enterprises shall be
implemented on January 1, 2021. Due to the revision of the above-mentioned accounting standards for enterprises, the company
needs to adjust the related accounting policies originally adopted.
In accordance with the time set by the Ministry of Finance, the company will implement the new lease standards from January 1,
2021.
Balance Sheet
In RMB Yuan
Account 2020.12.31 2021.1.1 Adjustment
Current assets:
Cash 25,238,014,025.38 25,238,014,025.38
Trading financial assets 180,929,400.00 180,929,400.00
Notes receivable 27,248,111,565.13 27,248,111,565.13
Accounts receivable 5,464,541,185.63 5,464,541,185.63
Prepayments 294,088,044.01 294,088,044.01
Other receivables 1,990,616,778.83 1,990,616,778.83
Inventories 4,332,579,774.46 4,332,579,774.46
Contract assets 941,046,613.60 941,046,613.60
Other current assets 322,467,261.74 322,467,261.74
Total current assets 66,012,394,648.78 66,012,394,648.78
Non-current assets:
17
Long-term equity investments 15,911,304,527.87 15,911,304,527.87
Investment in other equity instruments 681,630,000.00 681,630,000.00
Fixed assets 18,282,163,718.91 18,282,163,718.91
Construction in progress 586,144,839.34 586,144,839.34
Right-of-use asset - 52,544,645.37 52,544,645.37
Intangible assets 3,166,081,547.59 3,166,081,547.59
Development expenditure 555,569,523.02 555,569,523.02
Long-term deferred expenses 7,470,626.86 7,470,626.86
Deferred tax assets 1,803,491,965.40 1,803,491,965.40
Total non-current assets 40,993,856,748.99 41,046,401,394.36 52,544,645.37
TOTAL ASSETS 107,006,251,397.77 107,058,796,043.14 52,544,645.37
Current liabilities:
Short-term loans 510,000,000.00 510,000,000.00
Notes payable 14,600,240,612.86 14,600,240,612.86
accounts payable 18,770,044,628.44 18,770,044,628.44
Contract liability 3,885,522,883.33 3,885,522,883.33
Payroll payable 1,604,474,120.45 1,604,474,120.45
Taxes payable 1,045,768,022.62 1,045,768,022.62
Other payables 3,166,636,684.63 3,166,636,684.63
Non-current liabilities due within one year 100,000,000.00 100,000,000.00
Other current liabilities 5,235,294,795.79 5,235,294,795.79
Total current liabilities 48,917,981,748.12 48,917,981,748.12
Non-current liabilities:
Long-term loans 955,300,000.00 955,300,000.00
Lease liability - 52,544,645.37 52,544,645.37
Long-term payables 187,142,303.66 187,142,303.66
Long-term payroll payable 21,657,000.00 21,657,000.00
Estimated liabilities 2,196,924,682.57 2,196,924,682.57
Deferred Revenue 150,000,000.00 150,000,000.00
Deferred tax liabilities 75,158,651.38 75,158,651.38
Total non-current liabilities 3,586,182,637.61 3,638,727,282.98 52,544,645.37
Total liabilities 52,504,164,385.73 52,556,709,031.10 52,544,645.37
Owners’ equity (or Shareholders’ equity):
Share capital 5,363,396,174.00 5,363,396,174.00
Capital reserves 10,440,896,902.52 10,440,896,902.52
Other comprehensive income 159,954,052.00 159,954,052.00
Special reserves 7,505,438.57 7,505,438.57
Surplus reserves 2,681,698,087.00 2,681,698,087.00
Retained earnings 35,848,636,357.95 35,848,636,357.95
Total Owners’ equity (or Shareholders’ equity) 54,502,087,012.04 54,502,087,012.04
Liabilities and owners' equity (or shareholders' equity) in
107,006,251,397.77 107,058,796,043.14 52,544,645.37
total
Statement of adjustment
On December 7, 2018, the Ministry of Finance revised and issued the "Accounting Standards for Business Enterprises No.
21-Leasing" (Caikuai [2018] No. 35). According to the requirements of the Ministry of Finance, companies listed at the Financial
Reporting Standards or Accounting Standards for Business Enterprises shall be implemented on January 1, 2019 for enterprises that
prepare financial statements; other enterprises that implement the Accounting Standards for Business Enterprises shall be
18
implemented on January 1, 2021. Due to the revision of the above-mentioned accounting standards for enterprises, the company
needs to adjust the related accounting policies originally adopted.
In accordance with the time set by the Ministry of Finance, the company will implement the new lease standards from January 1,
2021.
2. Explanation of the retrospective adjustment of the previous comparative data of the new lease standard
for the first time from 2021
□Applicable √Not Applicable
III. Auditors’ Report
Whether the first quarter report has been audited
□ Yes √No
The first quarter report has not been audited.
19
