Joyoung Co., Ltd. Interim Report of the First Quarter 2024
Ticker: 002242 Stock Abbreviation: Joyoung
Joyoung Co., Ltd.
Interim Report of the First Quarter 2024
The Company and all members of the Board of Directors have guaranteed that the information disclosed is true, accurate
and complete, and contains no false record, misleading statements or material omissions.
Important Notice:
Board of Directors, the Supervisory Committee as well as all the directors, supervisors and senior management staff of Joyoung Co., Ltd.
(hereinafter referred to as the “Company”) have guaranteed that this Report contains no false record, misleading statement or material omission and
shall be jointly and severally liable for the factuality, accuracy and completeness of the information given in this Report.
CEO of the Company, CFO of the Company, and Chief Accountant of Accounting Institution, declared that the quarterly financial statements
should be true, accurate and complete.
In case of any discrepancy, the Chinese version of the report shall prevail.
Whether the first quarterly report was audited
□ Yes √ No
I. Key Financial Data
1.Key Accounting Data and Financial Indicators
Whether the Company performed a retroactive adjustment to or restatement of accounting data
□ Yes √ No
From 1 January 2024 From 1 January 2023
YoY Change
to 31 March 2024 to 31 March 2023
Operating revenue (RMB) 2,065,327,130.90 1,892,190,788.93 9.15%
Net Profit attributable to shareholders of the Company (RMB) 129,962,893.25 121,389,403.14 7.06%
Net profit attributable to shareholders of the Company before non- 125,416,859.18 116,958,852.23 7.23%
recurring gains and losses (RMB)
Net cash flows from operating activities (RMB) 313,309,588.31 306,900,520.10 2.09%
Basic earnings per share (RMB / share) 0.17 0.16 6.25%
Diluted earnings per share (RMB / share) 0.17 0.16 6.25%
Weighted average return on net assets 3.67% 3.64% Increase by 0.03pct.
31 March 2024 31 December 2023 Flux
Total assets (RMB) 7,617,060,903.71 7,612,080,030.42 0.07%
Net assets attributable to shareholders of the Company (RMB) 3,603,566,285.42 3,471,347,161.90 3.81%
2. Non-recurring gain and loss items and amounts thereof
Unit: RMB
Item From 1 January Note
2024 to 31 March
1
Joyoung Co., Ltd. Interim Report of the First Quarter 2024
2024
Profit or loss from disposal of non-current assets (including the write-off of the provision for impairment of 365,933.40
assets)
Government grants included in the current profit or loss (that is closely related to the operations of the 7,350,572.56
Company, except for those of fixed quotas or amounts according to the nationally unified standards)
Gains or losses from changes in fair value arising from the holding of trading financial assets, derivative -473,369.89
financial assets, trading financial liabilities and derivative financial liabilities and investment income from the
disposal of trading financial assets, derivative financial assets, trading financial liabilities, derivative financial
liabilities and other debt investments, excluding the effective hedging business related to the Company’s
normal business operations
Other non-operating income or expenses except the above items -1,890,460.56
Less: Impact of income taxes 652,690.45
Impact of minority interests (after tax) 153,950.99
Total 4,546,034.07 --
Details of other profit and loss items that meet the definition of non-recurring profit or loss
□ Applicable √ Not applicable
Not Applicable to the Company.
Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in the as a recurring gain/loss
item
□ Applicable √ Not applicable
Not Applicable to the Company.
3. Major Changes of Main Items in Financial Statements and Financial Indicators within the Report Period, as well as
the Reasons for the Changes
Unit: RMB
Item 31 March 2024 31 December 2023 Flux Notes
Trading financial assets Mainly attributable to the increase in purchases of
7,030,838.89 5,022,027.78 40.00% financial assets during the period
Goodwill Mainly as a result of business combinations
120,942,004.71 0.00 100.00% during the period
Notes payable 2,183,042,669.93 1,606,217,651.11 35.91% Mainly attributable to an increase in the use of
Accounts payable notes for payment during the period
1,178,786,806.17 1,713,571,450.01 -31.21%
Payroll payable Mainly due to payment of year-end bonuses
17,311,133.77 139,617,024.49 -87.60%
during the period
Tax payable Mainly due to taxes and surcharges paid during
36,260,036.05 66,870,416.50 -45.78% the period
From 1 January 2024 From 1 January 2023
Item YoY Change Note
to 31 March 2024 to 31 March 2023
Financial income Mainly attributable to the increase in interest
-23,266,570.93 -9,254,867.05 -151.40% income during the period
Other income Mainly due to the increase in value-added tax
18,384,944.40 3,447,033.97 433.36% deduction during the period
Investment income/(loss) Mainly attributable to the decrease in investment
4,025,380.32 9,816,415.26 -58.99% income from affiliated business during the period
Gains/(Losses) on changes in Mainly due to loss on change in fair value of funds
fair value -473,369.89 2,218,988.14 -121.33% during the period
Refund of taxes and Mainly as a result of the increase in tax refunds
surcharges 84,649,664.56 41,862,838.07 102.21% during the period
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Joyoung Co., Ltd. Interim Report of the First Quarter 2024
Cash paid relating to other Mainly attributable to the increase in recoveries of
operating activities 301,328,961.42 180,223,418.77 67.20% note deposits during the period
Payments of taxes and Mainly due to lower value-added tax paid during
154,537,559.59 224,081,324.08 -31.04%
surcharges the period
Cash paid relating to other Mainly attributable to the increase in payment of
760,634,655.63 531,102,598.57 43.22%
operating activities note deposits during the period
Cash paid to acquire fixed Mainly attributable to the increase in fixed assets
assets, intangible assets and 2,874,662.11 682,784.29 321.02% and intangible assets purchased during the period
other long-term assets
Net cash paid to acquire Mainly as a result of the acquisition of Shenzhen
subsidiaries and other 106,260,501.00 100.00% Beetle Intelligence Co., Ltd.
business units 0.00
Cash paid relating to other Mainly attributable to the decrease in time
investing activities 20,735,393.00 151,800,000.00 -86.34% deposits and large certificates of deposit paid
during the period
II. Shareholders and Shares
1) Total number of common shareholders and number of preferred shareholders whose voting rights were restored,
shareholdings of the top ten common shareholders at the period-end
Unit: share
Total number of common shareholders at the end Total number of preferred shareholders with resumed voting
41,850 0
of the Reporting Period rights at the end of the Reporting Period (if any)
Top 10 common shareholders（excluding lending and transfer of shares business）
Number of Pledged or frozen shares
Nature of Shareholding Total shares held
Name of shareholder restricted
shareholder percentage at the period-end Status Number
shares held
Domestic non-
Shanghai Lihong Enterprise Management Limited state-owned 50.13% 384,523,746 0 N/A 0
corporation
Foreign N/A
BILTING DEVELOPMENTS LIMITED 16.94% 129,924,090 0 0
corporation
Foreign N/A
Hong Kong Securities Clearing Co., Ltd. 2.21% 16,988,826 0 0
corporation
Joyoung ESOP Plan (Phase 1) Others 2.09% 16,000,000 0 N/A 0
State-owned N/A
Central Huijin Investment Ltd. 1.46% 11,201,233 0 0
corporation
China Universal Asset Management Co.,Ltd - N/A
Others 1.05% 8,025,810 0 0
Social Security Fund 423 Portfolio
China Life Insurance Co., Ltd.-Traditional- General N/A
Others 0.82% 6,289,485 0 0
Insurance Product - 005L - CT001 SH
CPIC-Dividend-Personal Dividend Others 0.40% 3,045,512 0 N/A 0
PICC-Traditional-General Insurance Products Others 0.28% 2,112,340 0 N/A 0
Basic Pension Insurance Fund Portfolio No. 101 Others 0.26% 2,031,792 0 N/A 0
Top 10 non-restricted common shareholders
Number of non- Type of shares
Name of shareholder
restricted shares held Type of shares Number
Shanghai Lihong Enterprise Management Limited 384,523,746 RMB common stock 384,523,746
BILTING DEVELOPMENTS LIMITED 129,924,090 RMB common stock 129,924,090
Hong Kong Securities Clearing Co., Ltd. 16,988,826 RMB common stock 16,988,826
Joyoung ESOP Plan (Phase 1) 16,000,000 RMB common stock 16,000,000
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Joyoung Co., Ltd. Interim Report of the First Quarter 2024
Central Huijin Investment Ltd. 11,201,233 RMB common stock 11,201,233
China Universal Asset Management Co.,Ltd - Social Security Fund 8,025,810 8,025,810
RMB common stock
423 Portfolio
China Life Insurance Co., Ltd.-Traditional- General Insurance Product 6,289,485 6,289,485
RMB common stock
- 005L - CT001 SH
CPIC-Dividend-Personal Dividend 3,045,512 RMB common stock 3,045,512
PICC-Traditional-General Insurance Products 2,112,340 RMB common stock 2,112,340
Basic Pension Insurance Fund Portfolio No. 101 2,031,792 RMB common stock 2,031,792
In April 2019, the shareholding structure of Bilting Developments Limited changed. MR. Xuning WANG,
the controlling shareholder of the Company, became the controlling shareholder of Bilting Developments
Limited (See Announcement No. 2019-027 of the Company on www.chinainfo.com.cn). As a result, Shanghai
Lihong Enterprise Management Co., Ltd. and Bilting Developments Limited, both controlled by Mr. Xuning
Related or acting-in-concert parties
among shareholders above WANG, are defined as acting-in-concert parties by the Administrative Measures for the Takeover of Listed
Companies.
Other than the aforementioned related and acting-in-concert parties, the Company is uncertain about
whether there are related or acting-in-concert parties among shareholders above.
Notes on the existence of
The number of ordinary shares held in the repurchase specialized account of Joyoung Co., Ltd. at the
repurchase specialized accounts
end of the reporting period was 4,000,000 shares, accounting for 0.52% of the total share capital of the
among the top 10 shareholders (if
Company.
any)
Explanation on common
shareholders participating in N/A
securities margin trading (if any)
Shareholders holding more than 5% of shares, top 10 shareholders and top 10 shareholders with non-restricted shares outstanding
participating in the lending and transfer of shares business
□ Applicable √ Not applicable
Top 10 shareholders and top 10 shareholders with non-restricted shares outstanding changed from the previous period due to
lending/repatriation in the lending and transfer of shares business
□ Applicable √ Not applicable
2) Total Number of Preferred Shareholders and TOP 10 Preferred Shareholders and Their Shareholdings
□ Applicable √ Not applicable
III. Other Important Matters
□ Applicable √ Not applicable
IV. Quarterly Financial Statements
1. Financial Statements
1.1 Consolidated Balance Sheet
Prepared by: Joyoung Co., Ltd.
Unit: RMB
Item 31 March 2024 31 December 2023
Current assets:
Cash at bank and on hand 2,915,609,170.31 2,431,377,953.47
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Joyoung Co., Ltd. Interim Report of the First Quarter 2024
Item 31 March 2024 31 December 2023
Deposit reservation for balance
Lending funds
Trading financial assets 7,030,838.89 5,022,027.78
Derivative financial assets
Notes receivable 847,293,360.40 1,145,265,457.70
Accounts receivable 774,490,828.71 1,009,769,220.20
Receivables financing 96,885,527.73 113,072,886.20
Prepaid expense 38,846,943.59 40,569,709.89
Premium receivable
Reinsurance accounts receivable
Provision of cession receivable
Other receivables 77,011,312.13 81,174,451.49
Including: interest receivable
Dividend receivable
Redemptory monetary capital for sale
Inventories 578,338,491.93 558,417,131.83
Including: data resources
Contract assets
Holding assets for sale
Current portion of non-current assets
Other current assets 183,588,552.20 242,101,070.20
Total current assets 5,519,095,025.89 5,626,769,908.76
Non-current assets:
Issuance of loans and advances
Equity expense
Other equity investments
Long-term receivables 5,508,000.00 5,883,450.00
Long-term equity investments 146,802,579.42 142,801,263.54
Investments in other equity instruments 291,350,002.12 290,575,197.32
Other non-current financial assets 479,464,536.06 479,448,325.26
Investment properties 92,437,517.56 94,895,832.88
Fixed assets 620,305,511.11 611,365,494.86
Construction in progress 9,419,755.71 8,379,340.61
Productive biological asset
Oil and gas assets
Right-of-use assets 31,243,087.74 35,953,302.35
Intangible assets 118,070,355.54 117,464,913.01
Including: data resources
Development expenditures
Including: data resources
Goodwill 120,942,004.71
Long-term prepaid expenses 6,615,166.54 1,908,351.12
Deferred tax assets 110,807,361.31 111,634,650.71
Other non-current assets 65,000,000.00 85,000,000.00
Total non-current assets 2,097,965,877.82 1,985,310,121.66
TOTAL ASSETS 7,617,060,903.71 7,612,080,030.42
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Joyoung Co., Ltd. Interim Report of the First Quarter 2024
Item 31 March 2024 31 December 2023
Current liabilities:
Short-term borrowings
Loans from the central bank
Loans from other banks
Trading financial liabilities
Derivative financial liability
Notes payable 2,183,042,669.93 1,606,217,651.11
Accounts payable 1,178,786,806.17 1,713,571,450.01
Unearned revenue
Contract liabilities 197,593,987.02 204,341,444.90
Financial assets sold for repurchase
Deposits from customers and interbank
Receiving from vicariously traded securities
Receiving from vicariously sold securities
Payroll payable 17,311,133.77 139,617,024.49
Tax payable 36,260,036.05 66,870,416.50
Other payables 116,973,963.09 119,655,990.70
Including: Interest payable
Dividend payable
Handling fees and commissions payable
Dividend payable for reinsurance
Holding liabilities for sale
Current portion of non-current liabilities 14,580,135.71 19,091,131.36
Other current liabilities 193,062,381.98 197,217,987.77
Total current liabilities 3,937,611,113.72 4,066,583,096.84
Non-current liabilities
Reserve fund for insurance contracts
Long-term borrowings
Bonds payable
Including: Preferred stock
Perpetual bonds
Lease liabilities 18,143,639.52 18,213,206.13
Long-term payables
Long-term payroll payable
Accrued liabilities 2,788,739.97 3,046,860.41
Deferred income 7,434,236.31 7,757,777.97
Deferred tax liabilities 29,684,457.29 30,232,127.06
Other non-current liabilities
Total non-current liabilities 58,051,073.09 59,249,971.57
Total liabilities 3,995,662,186.81 4,125,833,068.41
Shareholders’ equity
Share capital 767,017,000.00 767,017,000.00
Other equity instruments
Including: Preferred stock
Perpetual bond
Capital surplus 668,056,425.85 668,056,425.85
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Joyoung Co., Ltd. Interim Report of the First Quarter 2024
Item 31 March 2024 31 December 2023
Less: Treasury stock 68,026,879.84 68,026,879.84
Other comprehensive income 24,537,937.79 22,281,707.52
Special reserve
Surplus reserve 397,820,873.71 397,820,873.71
General risk reserve
Undistributed profits 1,814,160,927.91 1,684,198,034.66
Total equity attributable to shareholders of the Company 3,603,566,285.42 3,471,347,161.90
Minority interests 17,832,431.48 14,899,800.11
Total shareholders’ equity 3,621,398,716.90 3,486,246,962.01
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 7,617,060,903.71 7,612,080,030.42
Legal representative: Ningning Yang Principal in charge of accounting: Jiangang Kan Head of accounting department: Wen Guo
1.2 CONSOLIDATED INCOME STATEMENTS FOR THE THREE MONTHS ENDED 31 MARCH 2024
Unit: RMB
For the three months ended 31 For the three months ended 31
Item
March 2024 March 2023
Total revenue 2,065,327,130.90 1,892,190,788.93
Including: Operating revenue 2,065,327,130.90 1,892,190,788.93
Interest income
Earned Premium
Handling fees and commission income
Total operating cost 1,943,787,658.33 1,759,501,873.53
Including: Cost of sales 1,509,291,296.17 1,364,823,521.76
Interest expense
Handling fees and commission expenses
Surrender value
Net payments for insurance claims
Net provision for insurance liability
Bond insurance expense
Amortized Reinsurance Expenditures
Taxes and surcharges 7,274,152.65 5,170,590.35
Selling and distribution expenses 273,210,444.62 236,603,248.25
General and administrative expenses 89,527,123.11 77,548,043.15
Research and development expenses 87,751,212.71 84,611,337.07
Financial income -23,266,570.93 -9,254,867.05
Including: Interest expenses 327,898.03 1,047,287.10
Interest income 22,549,661.30 10,229,723.97
Add: Other income 18,384,944.40 3,447,033.97
Investment income/(loss) 4,025,380.32 9,816,415.26
Including: Investment income from associates and joint ventures 4,001,315.88 9,816,415.26
Including: Profits or losses arising from derecognition of
financial assets measured at amortized costs
Foreign exchange gains/(losses)
Net exposure to hedging gains/(losses)
Gains/(Losses) on changes in fair value -473,369.89 2,218,988.14
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Joyoung Co., Ltd. Interim Report of the First Quarter 2024
For the three months ended 31 For the three months ended 31
Item
March 2024 March 2023
Credit impairment losses 7,238,390.57 -7,439,938.44
Asset impairment losses -1,173,554.09 -3,037,437.60
Losses on disposal of assets 477,442.08
Operating profit 150,018,705.96 137,693,976.73
Add: Non-operating income 2,393.09 89,715.70
Less: Non-operating expenses 2,004,362.33 401,409.36
Total profit 148,016,736.72 137,382,283.07
Less: Income tax expenses 17,572,422.47 15,262,466.04
Net Profit 130,444,314.25 122,119,817.03
(1) Classified by continuity of operations
Net profit from continuing operations 130,444,314.25 122,119,817.03
Net profit from discontinued operations
(2) Classified by ownership of the equity
Attributable to shareholders of the Company 129,962,893.25 121,389,403.14
Minority interests 481,421.00 730,413.89
Other comprehensive income, net of tax 2,256,230.27 4,600,484.01
Other comprehensive income attributable to equity owners of the 2,256,230.27 4,600,484.01
Company, net of tax
(1) Other comprehensive income items which will not be reclassified 774,804.80 10,395,068.86
subsequently to profit or loss
1) Changes arising from remeasurement of defined benefit
plan
2) Other comprehensive income that cannot be transferred to
profit or loss under the equity method
3) Changes in fair value of investments in other equity 774,804.80 10,395,068.86
instruments
4) Changes in fair value of an enterprise's own credit risk
5) Others
(2) Other comprehensive income items which will be reclassified 1,481,425.47 -5,794,584.85
subsequently to profit or loss
1) Other comprehensive income available for transfer to profit
or loss under the equity method
2) Changes in fair value of other debt investments
3) Reclassification of financial assets to other comprehensive
income
4) Provision for credit impairment of other debt investments
5) Cash flow hedge reserve
6) Exchange differences on translating foreign operations 1,481,425.47 -5,794,584.85
7) Others
Other comprehensive income attributable to minority shareholders, net
of tax
Total comprehensive income 132,700,544.52 126,720,301.04
Attributable to equity owners of the Company 132,219,123.52 125,989,887.15
Attributable to minority interests 481,421.00 730,413.89
Earnings per share:
(1) Basic earnings per share 0.17 0.16
(2) Diluted earnings per share 0.17 0.16
In the case of a business combination under the same control in the current period, the net income realized by the party being consolidated before
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Joyoung Co., Ltd. Interim Report of the First Quarter 2024
the combination was: RMB 0.00, and the net income realized by the party being consolidated in the previous period was: RMB 0.00.
Legal representative: Ningning Yang Principal in charge of accounting: Jiangang Kan Head of accounting department: Wen Guo
1.3 CONSOLIDATED CASH FLOW STATEMENTS
Unit: RMB
For the three months ended 31 For the three months ended 31
Item
March 2024 March 2023
1. Cash flows from operating activities
Cash received from sales of goods or rendering of services 2,834,614,526.40 2,653,000,428.22
Net increase in customer deposits and deposits from banks and other
financial institutions
Net decrease in deposits with the Central Bank
Net decrease in deposits with other financial institutions
Cash received from premiums of original insurance contracts
Net cash received from reinsurance operations
Net increase in policyholders' savings and investment funds
Cash received from interest, fee and commission
Net increase in borrowed funds
Net increase in funds for repurchase operations
Net cash received from agency purchases and sales of securities
Refund of taxes and surcharges 84,649,664.56 41,862,838.07
Cash received relating to other operating activities 301,328,961.42 180,223,418.77
Sub-total of cash inflows 3,220,593,152.38 2,875,086,685.06
Cash paid for goods and services 1,701,792,509.23 1,511,475,350.80
Net increase in loans and advances to customers
Deposits from banks and other financial institutions
Cash payment of benefits from the original insurance contract
Net increase in funds removed
Cash paid for interest, fee and commission
Cash paid as policy dividends
Cash paid to and on behalf of employees 290,318,839.62 301,526,891.51
Payments of taxes and surcharges 154,537,559.59 224,081,324.08
Cash paid relating to other operating activities 760,634,655.63 531,102,598.57
Sub-total of cash outflows 2,907,283,564.07 2,568,186,164.96
Net cash flows from operating activities 313,309,588.31 306,900,520.10
2. Cash flows from investing activities
Cash received from disposal of investments 750,900.00 787,500.00
Cash received from returns on investments 22,027.78
Net cash received from disposal of fixed assets, intangible assets and 6,344,400.00
other long-term assets
Net cash received from disposal of subsidiaries and other business units
Cash received relating to other investing activities 227,126,861.75 215,000,000.00
Sub-total of cash inflows 234,244,189.53 215,787,500.00
Cash paid to acquire fixed assets, intangible assets and other long- 2,874,662.11 682,784.29
term assets
Cash paid to acquire investments 230,817.27
Net increase in pledged loans
9
Joyoung Co., Ltd. Interim Report of the First Quarter 2024
For the three months ended 31 For the three months ended 31
Item
March 2024 March 2023
Net cash paid to acquire subsidiaries and other business units 106,260,501.00
Cash paid relating to other investing activities 20,735,393.00 151,800,000.00
Sub-total of cash outflows 130,101,373.38 152,482,784.29
Net cash flows from investing activities 104,142,816.15 63,304,715.71
3. Cash flows from financing activities
Cash received from capital contributions
Including: Cash received from capital contributions by minority
shareholders of subsidiaries
Cash received from borrowings
Cash received relating to other financing activities
Sub-total of cash inflows
Cash repayments of borrowings
Cash payments for interest expenses and distribution of dividends or
profits
Including: Cash payments for dividends or profit to minority shareholders
of subsidiaries
Cash payments relating to other financing activities 8,748,029.07 10,077,203.92
Sub-total of cash outflows 8,748,029.07 10,077,203.92
Net cash flows from financing activities -8,748,029.07 -10,077,203.92
4. Effect of foreign exchange rate changes on cash and cash equivalents 2,159,836.19 -4,979,669.84
5. Net increase in cash and cash equivalents 410,864,211.58 355,148,362.05
Add: Cash and cash equivalents at the beginning of the period 1,990,989,697.94 1,185,675,103.58
6. Cash and cash equivalents at the end of the period 2,401,853,909.52 1,540,823,465.63
2. Adjustments to financial statements at the beginning of the year of first implementation of new accounting standards
for the first time starting in 2024
□ Applicable √ Not applicable
3. Auditing Report
Whether the first quarterly report was audited
□ Yes √ No
The first quarterly report was not audited.
Joyoung Co., Ltd. Board of Directors
18 April 2024
10
