Joyoung Co., Ltd. Interim Report of the First Quarter 2023
Ticker: 002242 Stock Abbreviation: Joyoung
Joyoung Co., Ltd.
Interim Report of the First Quarter 2023
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.
Imporant 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 2023 to From 1 January 2022
YoY Change
31 March 2023 to 31 March 2022
Operating revenue (RMB) 1,892,190,788.93 2,328,527,536.97 -18.74%
Net Profit attributable to shareholders of the Company (RMB) 121,389,403.14 166,241,068.10 -26.98%
Net profit attributable to shareholders of the Company before non-
116,958,852.23 157,259,318.46 -25.63%
recurring gains and losses (RMB)
Net cash flows from operating activities (RMB) 306,900,520.10 495,669,740.10 -38.08%
Basic earnings per share (RMB / share) 0.16 0.22 -27.27%
Diluted earnings per share (RMB / share) 0.16 0.22 -27.27%
Weighted average return on net assets 3.64% 3.83% Decrease by 0.19pct.
31 March 2023 31 December 2022 Flux
Total assets (RMB) 7,299,838,075.42 7,074,762,950.69 3.18%
Net assets attributable to shareholders of the Company (RMB) 3,439,064,123.03 3,313,074,235.88 3.80%
2. Non-recurring gain and loss items and amounts thereof
Unit: RMB
Item From 1 January Note
2023 to 31 March
1
Joyoung Co., Ltd. Interim Report of the First Quarter 2023
2023
Profit or loss from disposal of non-current assets (including the write-off of the provision for impairment of
-81,010.28
assets)
Government grants included in the current profit or loss (that is closely related to the operations of the
3,043,441.97
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
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 2,218,988.14
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 172,908.62
Less: Impact of income taxes 922,667.23
Impact of minority interests (after tax) 1,110.31
Total 4,430,550.91 --
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.
For non-recurring profit or loss items defined by the Company according to the definitions under the Interpretative Announcement on
Information Disclosure of Companies Offering Securities to the Public No. 1 — Non-recurring Profit or Loss and the non-recurring profit
or loss items listed in the Interpretative Announcement on Information Disclosure of Companies Offering Securities to the Public No. 1 —
Non-recurring Profit or Loss that have been defined as recurring profit or loss items by the Company, please provide the reasons
□ 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 2023 31 December 2022 Flux Notes
Cash at bank and on hand 2,170,363,147.36 1,569,780,561.99 38.26% Mainly due to the decrease in the cash to invest.
Mainly due to the increase in the amount of
Prepaid expense 36,629,555.84 15,317,578.78 139.13%
locking in raw material prices during the period
Mainly due to the increase in provisional
Other receivables 42,348,822.21 23,864,332.45 77.46%
payments
Mainly due to the increase in realization of notes
Receivables financing 150,581,055.93 427,367,850.03 -64.77%
receivable
Mainly due to amortization of expenses during the
Long-term prepaid expenses 937,532.12 2,035,089.24 -53.93%
period
Mainly due to the increase in the use of notes for
Notes payable 1,793,914,414.22 1,034,463,227.41 73.42%
payment during the period
Payroll payable 20,550,500.93 176,390,700.65 -88.35% Mainly due to year-end bonus payment
Tax payable 67,045,860.41 128,468,391.57 -47.81% Mainly due to tax payment during the period
From 1 January 2023 From 1 January 2022
Item YoY Change Note
to 31 March 2023 to 31 March 2022
Mainly due to the increase in interest income for
Financial income -9,254,867.05 -4,704,695.55 -96.72%
the period
Gains/(Losses) on changes in
2,218,988.14 -2,493,895.04 188.98% Mainly due to changes in fair value of funds
fair value
Mainly due to the decrease in bad debts of
Credit impairment losses -7,439,938.44 -12,330,806.81 39.66% accounts receivable and other receivables during
the period
2
Joyoung Co., Ltd. Interim Report of the First Quarter 2023
Cash received relating to other Mainly due to the increase in recovery of deposits
180,223,418.77 109,601,494.16 64.44%
operating activities on notes during the period
Cash paid relating to other Mainly due to the increase in the deposit paid for
531,102,598.57 396,926,676.37 33.80%
operating activities the note during the period
Cash received from disposal Mainly due to the decrease in the disposal of
787,500.00 3,988,500.00 -80.26%
of investments associates during the period
Cash paid to acquire fixed
Mainly due to the decrease in the purchase of
assets, intangible assets and 682,784.29 16,428,905.48 -95.84%
long-term assets during the period
other long-term assets
Mainly due to the decrease in the purchase of
Cash paid relating to other
151,800,000.00 328,000,000.00 -53.72% large-denomination certificates of deposit during
investing activities
the period
Cash payments relating to Mainly due to the increase in lease expenses
10,077,203.92 4,199,845.36 139.94%
other financing activities 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
34,678 0
of the Reporting Period rights at the end of the Reporting Period (if any)
Top 10 common shareholders
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 pledged 307,618,897
corporation
Foreign
BILTING DEVELOPMENTS LIMITED 16.94% 129,924,090 pledged 103,939,172
corporation
Foreign
Hong Kong Securities Clearing Co., Ltd. 5.57% 42,740,471
corporation
Joyoung ESOP Plan (Phase 1) Others 2.09% 16,000,000
State-owned
Central Huijin Investment Ltd. 1.46% 11,201,233
corporation
China Universal Fund - Social Security Fund
Others 1.09% 8,363,110
Portfolio No.423
Basic Pension Insurance Fund Portfolio No. 1001 Others 0.65% 5,001,435
Hongde Fund -Ruixing Three-Year Holding Hybrid
Others 0.44% 3,353,862
Portfolio-CMB
PICC P&C -Traditional - General Insurance
Others 0.40% 3,040,240
Products
PICC Life -Dividend - Individual Insurance
Others 0.34% 2,640,400
Dividend
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
3
Joyoung Co., Ltd. Interim Report of the First Quarter 2023
Hong Kong Securities Clearing Co., Ltd. 42,740,471 RMB common stock 42,740,471
Joyoung ESOP Plan (Phase 1) 16,000,000 RMB common stock 16,000,000
Central Huijin Investment Ltd. 11,201,233 RMB common stock 11,201,233
China Universal Fund - Social Security Fund Portfolio No.423 8,363,110 RMB common stock 8,363,110
Basic Pension Insurance Fund Portfolio No. 1001 5,001,435 RMB common stock 5,001,435
Hongde Fund -Ruixing Three-Year Holding Hybrid Portfolio-CMB 3,353,862 RMB common stock 3,353,862
PICC P&C -Traditional - General Insurance Products 3,040,240 RMB common stock 3,040,240
PICC Life - Dividend - Individual Insurance Dividend 2,640,400 RMB common stock 2,640,400
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.
Explanation on common
shareholders participating in N/A
securities margin trading (if any)
Notes on the existence of
repurchase specialized accounts The number of ordinary shares held in the repurchase specialized account of Joyoung Co., Ltd. at the end of
among the top 10 shareholders (if the reporting period was 4,000,000 shares, accounting for 0.52% of the total share capital of the Company.
any)
2) Total Number of Preferred Shareholders and TOP 10 Preferred Shareholders and Their Shareholdings
□ Applicable √ Not applicable
III. Other Important Matters
IV. Quarterly Financial Statements
1. Financial Statements
1.1 Consolidated Balance Sheet
Prepared by: Joyoung Co., Ltd.
Unit: RMB
Item 31 March 2023 31 December 2022
Current assets:
Cash at bank and on hand 2,170,363,147.36 1,569,780,561.99
Deposit reservation for balance
Lending funds
Trading financial assets
Derivative financial assets
Notes receivable 1,108,172,271.77 1,397,044,352.08
Accounts receivable 754,128,238.08 687,360,521.01
Receivables financing 150,581,055.93 427,367,850.03
4
Joyoung Co., Ltd. Interim Report of the First Quarter 2023
Item 31 March 2023 31 December 2022
Prepaid expense 36,629,555.84 15,317,578.78
Premium receivable
Reinsurance accounts receivable
Provision of cession receivable
Other receivables 42,348,822.21 23,864,332.45
Including: interest receivable
Dividend receivable
Redemptory monetary capital for sale
Inventories 741,461,726.59 680,206,435.03
Contract assets
Holding assets for sale
Current portion of non-current assets
Other current assets 171,241,600.85 135,347,853.88
Total current assets 5,174,926,418.63 4,936,289,485.25
Non-current assets:
Issuance of loans and advances
Equity expense
Other equity investments
Long-term receivables 11,076,800.00 11,628,050.00
Long-term equity investments 227,835,810.84 218,019,395.58
Investments in other equity instruments 304,162,016.62 293,766,947.76
Other non-current financial assets 519,424,591.37 518,498,260.84
Investment properties 102,270,778.30 104,729,093.62
Fixed assets 623,433,714.80 637,041,742.43
Construction in progress 20,465,869.86 24,650,115.63
Productive biological asset
Oil and gas assets
Right-of-use assets 53,136,827.12 63,214,031.04
Intangible assets 119,918,781.69 120,749,523.33
Development expenditures
Goodwill
Long-term prepaid expenses 937,532.12 2,035,089.24
Deferred tax assets 77,248,934.07 79,141,215.97
Other non-current assets 65,000,000.00 65,000,000.00
Total non-current assets 2,124,911,656.79 2,138,473,465.44
TOTAL ASSETS 7,299,838,075.42 7,074,762,950.69
Current liabilities:
Short-term borrowings
Loans from the central bank
Loans from other banks
Trading financial liabilities
Derivative financial liability
Notes payable 1,793,914,414.22 1,034,463,227.41
Accounts payable 1,435,664,971.99 1,890,029,094.22
Unearned revenue
Contract liabilities 275,303,980.55 235,079,333.95
5
Joyoung Co., Ltd. Interim Report of the First Quarter 2023
Item 31 March 2023 31 December 2022
Financial assets sold for repurchase
Deposits from customers and interbank
Receiving from vicariously traded securities
Receiving from vicariously sold securities
Payroll payable 20,550,500.93 176,390,700.65
Tax payable 67,045,860.41 128,468,391.57
Other payables 120,537,669.87 147,446,172.97
Including: Interest payable
Dividend payable
Handling fees and commissions payable
Dividend payable for reinsurance
Holding liabilities for sale
Current portion of non-current liabilities 20,618,794.47 30,821,675.68
Other current liabilities 35,789,517.47 30,049,004.28
Total current liabilities 3,769,425,709.91 3,672,747,600.73
Non-current liabilities
Reserve fund for insurance contracts
Long-term borrowings
Bonds payable
Including: Preferred stock
Perpetual bonds
Lease liabilities 36,699,849.29 34,865,866.13
Long-term payables
Long-term payroll payable
Accrued liabilities
Deferred income 8,069,236.28 8,392,777.94
Deferred tax liabilities 32,458,801.51 32,292,528.50
Other non-current liabilities
Total non-current liabilities 77,227,887.08 75,551,172.57
Total liabilities 3,846,653,596.99 3,748,298,773.30
Shareholders’ equity
Share capital 767,017,000.00 767,017,000.00
Other equity instruments
Including: Preferred stock
Perpetual bond
Capital surplus 652,750,093.75 652,750,093.75
Less: Treasury stock 68,026,879.84 68,026,879.84
Other comprehensive income 44,572,450.69 39,971,966.68
Special reserve
Surplus reserve 397,820,873.71 397,820,873.71
General risk reserve
Undistributed profits 1,644,930,584.72 1,523,541,181.58
Total equity attributable to shareholders of the Company 3,439,064,123.03 3,313,074,235.88
Minority interests 14,120,355.40 13,389,941.51
Total shareholders’ equity 3,453,184,478.43 3,326,464,177.39
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 7,299,838,075.42 7,074,762,950.69
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Joyoung Co., Ltd. Interim Report of the First Quarter 2023
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 2023
Unit: RMB
For the three months ended 31 For the three months ended 31
Item
March 2023 March 2022
Total revenue 1,892,190,788.93 2,328,527,536.97
Including: Operating revenue 1,892,190,788.93 2,328,527,536.97
Interest income
Earned Premium
Handling fees and commission income
Total operating cost 1,759,501,873.53 2,139,608,721.45
Including: Cost of sales 1,364,823,521.76 1,708,513,720.94
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 5,170,590.35 7,637,733.84
Selling and distribution expenses 236,603,248.25 256,877,422.54
General and administrative expenses 77,548,043.15 82,842,695.63
Research and development expenses 84,611,337.07 88,441,844.05
Financial income -9,254,867.05 -4,704,695.55
Including: Interest expenses 1,047,287.10
Interest income 10,229,723.97 9,147,598.22
Add: Other income 3,447,033.97 4,389,633.19
Investment income/(loss) 9,816,415.26 14,890,821.06
Including: Investment income from associates and joint ventures 9,816,415.26 6,690,563.34
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 2,218,988.14 -2,493,895.04
Credit impairment losses -7,439,938.44 -12,330,806.81
Asset impairment losses -3,037,437.60 -5,141,480.04
Losses on disposal of assets 134,213.37
Operating profit 137,693,976.73 188,367,301.25
Add: Non-operating income 89,715.70 802,073.08
Less: Non-operating expenses 401,409.36 789,449.76
Total profit 137,382,283.07 188,379,924.57
Less: Income tax expenses 15,262,466.04 25,702,572.30
Net Profit 122,119,817.03 162,677,352.27
(1) Classified by continuity of operations
Net profit from continuing operations 122,119,817.03 162,677,352.27
Net profit from discontinued operations
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Joyoung Co., Ltd. Interim Report of the First Quarter 2023
For the three months ended 31 For the three months ended 31
Item
March 2023 March 2022
(2) Classified by ownership of the equity
Attributable to shareholders of the Company 121,389,403.14 166,241,068.10
Minority interests 730,413.89 -3,563,715.83
Other comprehensive income, net of tax 4,600,484.01 -3,076,805.98
Other comprehensive income attributable to equity owners of the
4,600,484.01 -3,076,805.98
Company, net of tax
(1) Other comprehensive income items which will not be reclassified
10,395,068.86 -973,909.55
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
10,395,068.86 -973,909.55
instruments
4) Changes in fair value of an enterprise's own credit risk
5) Others
(2) Other comprehensive income items which will be reclassified
-5,794,584.85 -2,102,896.43
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 -5,794,584.85 -2,102,896.43
7) Others
Other comprehensive income attributable to minority shareholders, net
of tax
Total comprehensive income 126,720,301.04 159,600,546.29
Attributable to equity owners of the Company 125,989,887.15 163,164,262.12
Attributable to minority interests 730,413.89 -3,563,715.83
Earnings per share:
(1) Basic earnings per share 0.16 0.22
(2) Diluted earnings per share 0.16 0.22
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
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 2023 March 2022
1. Cash flows from operating activities
Cash received from sales of goods or rendering of services 2,653,000,428.22 3,185,829,510.02
Net increase in customer deposits and deposits from banks and other
financial institutions
8
Joyoung Co., Ltd. Interim Report of the First Quarter 2023
For the three months ended 31 For the three months ended 31
Item
March 2023 March 2022
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 41,862,838.07 69,849,205.75
Cash received relating to other operating activities 180,223,418.77 109,601,494.16
Sub-total of cash inflows 2,875,086,685.06 3,365,280,209.93
Cash paid for goods and services 1,511,475,350.80 1,974,413,890.39
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 301,526,891.51 316,063,045.71
Payments of taxes and surcharges 224,081,324.08 182,206,857.36
Cash paid relating to other operating activities 531,102,598.57 396,926,676.37
Sub-total of cash outflows 2,568,186,164.96 2,869,610,469.83
Net cash flows from operating activities 306,900,520.10 495,669,740.10
2. Cash flows from investing activities
Cash received from disposal of investments 787,500.00 3,988,500.00
Cash received from returns on investments 10,617,165.92
Net cash received from disposal of fixed assets, intangible assets and
355,848.48
other long-term assets
Net cash received from disposal of subsidiaries and other business units
Cash received relating to other investing activities 215,000,000.00 253,999,999.95
Sub-total of cash inflows 215,787,500.00 268,961,514.35
Cash paid to acquire fixed assets, intangible assets and other long-
682,784.29 16,428,905.48
term assets
Cash paid to acquire investments
Net increase in pledged loans
Net cash paid to acquire subsidiaries and other business units
Cash paid relating to other investing activities 151,800,000.00 328,000,000.00
Sub-total of cash outflows 152,482,784.29 344,428,905.48
Net cash flows from investing activities 63,304,715.71 -75,467,391.13
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 50,000,000.00
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Joyoung Co., Ltd. Interim Report of the First Quarter 2023
For the three months ended 31 For the three months ended 31
Item
March 2023 March 2022
Sub-total of cash inflows 50,000,000.00
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 10,077,203.92 4,199,845.36
Sub-total of cash outflows 10,077,203.92 4,199,845.36
Net cash flows from financing activities -10,077,203.92 45,800,154.64
4. Effect of foreign exchange rate changes on cash and cash equivalents -4,979,669.84 -5,454,768.55
5. Net increase in cash and cash equivalents 355,148,362.05 460,547,735.06
Add: Cash and cash equivalents at the beginning of the period 1,185,675,103.58 1,675,928,534.37
6. Cash and cash equivalents at the end of the period 1,540,823,465.63 2,136,476,269.43
2. Auditing Report
Whether the first quarterly report was audited
□ Yes √ No
The first quarterly report was not audited.
Joyoung Co., Ltd. Board of Directors
26 April 2023
10
