深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Shenzhen China Bicycle Company (Holdings) Limited
SEMI-ANNUAL REPORT 2015
August 2015
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Section I. Important Notice, Contents and Paraphrase
Board of Directors, Supervisory Committee, all directors, supervisors and senior
executives of Shenzhen China Bicycle Company (Holdings) Limited (hereinafter
referred to as the Company) hereby confirm that there are no any fictitious
statements, misleading statements, or important omissions carried in this report,
and shall take all responsibilities, individual and/or joint, for the reality,
accuracy and completion of the whole contents.
All directors are attended the Board Meeting for report deliberation.
The Company has no plans of cash dividend distributed, no bonus shares and
has no share converted from capital reserve either.
Li Hai, Principal of the Company, Sun Longlong, person in charge of accounting
works and Zhong Xiaojin, person in charge of accounting organ (accounting
principal) hereby confirm that the Financial Report of 2015 Semi-Annual
Report is authentic, accurate and complete.
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Contents
Semi-Annual Report 2015 ................................................................................................................. 1
Section I Important Notice, Contents and Paraphrase ................................................................. 2
Section II Company Profile ............................................................................................................... 6
Section III Accounting data and summary of finnaical indexes .................................................. 9
Section IV Report of the Board of Directors ................................................................................ 11
Section V Important Events .......................................................................................................... 27
Section VI Changes in shares and particular about shareholders............................................... 29
Section VII Preferred Stock……………………………………………………………………….33
Section VIII Particulars about Directors, Supervisors,Senior Executives and Employees ...... 35
Section IX Financial Report ............................................................................................................ 51
Section X Documents available for reference ................................................................................ 51
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Section II Company profile
I. Company information
Short form of the stock Zhonghua – A, Zhonghua -B Stock code 000017, 200017
Stock exchange for listing Shenzhen Stock Exchange
Name of the Company (in
深圳中华自行车(集团)股份有限公司
Chinese)
Short form of the Company
深中华
(in Chinese)
Foreign name of the
China Bicycle Company (Holdings) Limited
Company(if applicable)
Short form of foreign name of
CBC
the Company(if applicable)
Legal representative Li Hai
II. Person/Way to contact
Secretary of the Board Rep. of security affairs
Name Sun Longlong Cui Hongxia
Room 1201, Wantong Building, No.3002, Room 1201, Wantong Building, No.3002,
Contact add.
Sungang East Road, Shenzhen Sungang East Road, Shenzhen
Tel. 0755-25516998,28181666 0755-25516998,28181666
Fax. 0755-28181009 0755-28181009
E-mail dmc@szcbc.com dmc@szcbc.com
III. Other
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting period or
not
□ Applicable √ Not applicable
Registration address, office address and code, the website and email of the Company have no changed in the Period, found more in
Annual Report 2014
2. Information disclosure and preparation place
Whether information disclosure and preparation place changed in reporting period or not
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
□ Applicable √ Not applicable
Newspaper appointed for information disclosure, the website for annual report publish appointed by CSRC and the preparation place
for annual report under the name of the Company has no changed in the Period, found more in Annual Report 2014
3. Registration changes of the Company
Whether registration has changed in reporting period or not
□ Applicable √ Not applicable
Date/place for registration of the Company, registration number for enterprise legal license, number of taxation registration and
organization code have no change in reporting period, found more details in Annual Report 2014.
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Section III. Accounting data and summary of financial indexes
I. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy changed and accounting
error correction or not
□Yes √ No
Increase/decrease in this
Current period Same period of last year
report y-o-y
Operating revenue (RMB) 76,536,800.68 85,666,634.40 -10.66%
Net profit attributable to shareholders of
416,172.86 1,874,649.46 -77.80%
the listed company(RMB)
Net profit attributable to shareholders of
the listed company after deducting 383,148.86 -2,694,064.82 -114.22%
non-recurring gains and losses(RMB)
Net cash flow arising from operating
-5,618,253.35 2,745,840.89 -304.61%
activities(RMB)
Basic earnings per share (RMB/Share) 0.0008 0.0034 -76.47%
Diluted earnings per share (RMB/Share) 0.0008 0.0034 -76.47%
Weighted average ROE 3.44% 23.61% -20.17%
Increase/decrease in this
End of current period End of last period report-end over that of last
period-end
Total assets (RMB) 56,305,899.30 51,489,647.55 9.35%
Net assets attributable to shareholder of
12,319,520.53 11,903,347.67 3.50%
listed company(RMB)
II. Difference of the accounting data under accounting rules in and out of China
1. Difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
The Company has no difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles) in reporting period
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
2. Difference of the net profit and net assets disclosed in financial report, under both foreign accounting
rules and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
The Company has no difference of the net profit and net assets disclosed in financial report, under both foreign accounting rules and
Chinese GAAP (Generally Accepted Accounting Principles) in reporting period
III. Items and amounts of extraordinary profit (gains)/loss
√ Applicable □ Not applicable
In RMB
Item Amount Note
Other loss/profit qualified definition of extraordinary profit and
44,032.00
loss
Less: Impact on income tax 11,008.00
Total 33,024.00 --
Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring profit (gain)/loss according to
the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their
Securities to the Public --- Extraordinary Profit/loss, explain reasons
□ Applicable √ Not applicable
In reporting period, the Company has no particular about items defined as recurring profit (gain)/loss according to the lists of
extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to
the Public --- Extraordinary Profit/loss
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Section IV. Report of the Board of Directors
I. Introduction
In 2015, domestic macro-economic situation remains severe, as in the field of traditional manufacturing, the bicycle industry
continues to face the difficulties in soaring material costs, manufacture costs and capital costs, total available market continue to fall.
In conference of the low market entry barriers and multiple vendors, market is extremely competitive. However, with the
development of social economic in China and changes of the concept of life, the consciousness of green travel and practice relaxation
continues been around, bicycle industry stands in the opportunity of structural development. In 2015 Semi-Annual, on basis of
maintain key market areas of northern and eastern China, the Company emphasize market development in the South and northwest
through gridding method in aspect of business development; while in aspect of operation method, gradually establish the mode of
supermarket-operation and E-commerce; in aspect of product research, continues to strengthen the development of mid-to high-end
bicycles, E-bike and auxiliaries; meanwhile, improve supporting and cooperation standards towards front office for the back office
via reinforcing back office management and office automation. Through carrying out various operations, under the circumstances of
slightly down in bicycle business over that of last year, in 2015 Semi-Annual , the gross profit from bicycle operation stands the
same as last year’s, business operation of the bicycle maintains a smooth and healthy running.
From January to June of 2015, the Company achieved operating income of RMB76,536,800, total profit of RMB832,500, and net
profit attributable to shareholders of the listed corporation of RMB 416,200.
II. Main business analysis
Y-o-y changes of main financial data
In RMB
Current period Same period of last year Y-o-y increase/decrease Reasons for changes
Operation revenue 76,536,800.68 85,666,634.40 -10.66% Sales drops
Operation cost 69,992,522.11 80,326,800.62 -12.87% Sales drops
Sales expenses from
Sales expenses 3,611,607.87 1,856,602.82 94.53% subsidiary EMMELLE
increased
Administrative expenses 2,555,069.40 5,077,370.04 -49.68%
Financial cost -620,228.45 -98,274.42 531.12% Interest income increased
Income tax expense 239,892.79 789,686.25 -69.62% The net profit drops
Net cash flow arising
-5,618,253.35 2,745,840.89 -304.61%
from operation activities
Net cash flow arising
from investment -222,222.22 -219,304.27 1.33%
activities
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Net increase of cash and
-5,840,475.57 2,526,536.62 -331.17%
cash equivalent
Note receivable 3,342,714.00 2,200,000.00 51.94%
Advance payment 806,345.01 348,277.01 131.52%
Grows dramatically
compare with
Inventory 14,959,855.12 6,171,307.53 142.41%
period-begin refers to the
inventory for peak season
Purchasing new fix assets
Fixed assets 1,051,862.95 773,961.84 35.91%
in the Period
Grows dramatically
compare with
period-begin refers to the
Account payables 14,754,811.13 10,278,377.96 43.55%
unpaid purchases
increased due to prepare
goods
Account received in
5,283,273.78 2,595,736.07 103.54%
advance
Wages payable 853,053.95 1,772,814.72 -51.88%
Taxes payable 783,347.69 2,232,187.80 -64.91%
Assets impairment loss -21,848.43 -13,244.86 64.96%
Receiving the operation
fund for year of 2014
retained as reorganization
plan distributed by
Non-operation revenue 49,388.00 4,902,358.37 -98.99%
administrator at same
period of last yera, which
comes as the
non-operation revenue
Non-operation
5,356.00 23,054.00 -76.77%
expenditure
Major changes on profit composition or profit resources in reporting period
√ Applicable □ Not applicable
Change of the performance mainly because receiving the operation fund for year of 2014 retained as reorganization plan distributed
by administrator at same period of last yera, which comes as the non-operation revenue
The future development and planning extended to reporting period that published in disclosure documents as prospectus, private
placing memorandum and recapitalize statement
□ Applicable √ Not applicable
No future development and planning extended to reporting period that published in disclosure documents as prospectus, private
placing memorandum and recapitalize statement
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Review on the previous business plan and its progress during reporting period
III. Constitution of main business
In RMB
Increase or Increase or Increase or
decrease of decrease of decrease of gross
Operating
Operating cost Gross profit ratio operating revenue operating cost profit ratio over
revenue
over same period over same period same period of
of last year of last year last year
According to industries
Bicycle and sales
73,267,509.78 68,162,375.38 6.97% -11.10% -12.32% 1.30%
of spare parts
According to products
Electric vehicle 54,835,830.13 50,940,014.83 7.10% -12.00% -13.33% 1.43%
Bicycle 18,391,940.77 17,198,432.07 6.49% -8.23% -8.88% 0.66%
Other 39,738.88 23,928.48 39.79% -31.98% -74.07% 97.72%
According to region
Shenzhen 503,282.05 468,347.90 6.94% -23.02% -23.63% 0.75%
Other places 72,764,227.73 67,694,027.48 6.97% -11.00% -12.23% 1.31%
IV. Core competitive-ness analysis
Despite the fierce market competition in the bicycle industry as a conventional industry, the increased awareness of
green commuting, leisure and exercises as a result of the development of China’s social economy and the change of
people’s living concept creates structural development opportunity for the bicycle industry. The Company will
continue to do better in various aspects of operation such as market development, product development and quality
management so as to maintain and improve the Company’s ability to continue as a going concern before the
restructuring. On the other side, the Company has set out the condition of introduction of investors in the
restructuring plan with expectation to restore its ability to continue as a going concern and its continuous
profitability through the restructuring of assets.
V. Investment analysis
1. Equity investment outside
(1) Investment outside
□ Applicable √ Not applicable
The Company has no investment outside in the Period
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
(2) Holding equity of financial enterprise
□ Applicable √ Not applicable
The Company has no equity of financial enterprise held in the Period
(3) Securities investment
□ Applicable √ Not applicable
The Company has no securities investment in the Period
(4) Explanation on holding equity of other listed company
□ Applicable √ Not applicable
The Company did not holding equity of other listed company in the Period
2. Trust financing, investment of derivatives and entrustment loan
(1) Trust financing
□ Applicable √ Not applicable
The Company has no trust financing in the Period
(2) Investment of derivatives
□ Applicable √ Not applicable
The Company has no derivatives investment in the Period
(3) Entrustment loan
□ Applicable √ Not applicable
The Company has no entrustment loan in the Period
3. Application of raised proceeds
□ Applicable √ Not applicable
The Company has no application of raised proceeds in the Period
4. Main subsidiaries and joint-stock companies analysis
√ Applicable □ Not applicable
Main subsidiaries and joint-stock companies
In RMB
Name Type Industry Main Registered Total assets Net assets Operation Operation Net profit
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
involved products or capital revenue profit
service
Shenzhen Sales of
Emmelle bicycles 49,889,827. 5,897,207.9 73,914,096. 826,387.5
Subsidiary Home trade 2000000 588,013.32
Industry and 06 9 70 8
Co., Ltd. accessories
5. Major project invested by non-raised funds
□ Applicable √ Not applicable
No major project invested by non-raised funds in Period.
VI. Prediction of business performance from January – September 2015
Estimation on accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the
warning of its material change compared with the corresponding period of the last year and explanation on reason
□ Applicable √ Not applicable
VII. Explanation from the Board and Supervisory Committee for “Qualified Opinion” from
the CPA of this year’s
□ Applicable √ Not applicable
VIII. Explanation from the Board for “Qualified Opinion” of last year’s
√ Applicable □ Not applicable
On 11th, May 2012, the largest shareholder and biggest creditor of the Company, Shenzhen Guosheng Energy
Investment and Development Co., Ltd. applied to Shenzhen Municipal Intermediate People's Court for reforming
the Company as the Company couldn’t pay off the matured debts and was seriously insolvent. On 12th, Oct., 2012,
Shenzhen Municipal Intermediate People's Court ruled to accept the application proposed by Guosheng Energy
according to (2012) Shenzhen Intermediate Court Po Zi No. 30 civil ruling. In late October 2012, Shenzhen
Municipal Intermediate People's Court ruled to reform the Company since 25th, Oct., 2012 according to (2012)
Shenzhen Intermediate Court Po Zi No. 30-1 civil ruling, appointed King & Wood (Shenzhen) Mallesons and
Shenzhen Zhengyuan Liquidation Affairs Co., Ltd. as the custodians of the Company. At the same time, Shenzhen
Municipal Intermediate People's Court made (2012) Shenzhen Intermediate Court Po Zi No. 30-1 written decision,
and approved the Company to manage property and business affairs by itself under the supervision of custodians
according to the law. On 5 November 2013, the Shenzhen Intermediate People’s Court (2012) Shen Zhong Fa Po
Zi No. 30-6 Civil Ruling Paper judged that approved the reorganization plan of the Company. On 27 December
2013, the Civil Ruling Paper Shenzhen Intermediate People’s Court (2012) Shen Zhong Fa Po Zi No. 30-10 ruled
that the reorganization plan of CBC was completed and bankruptcy procedures of CBC closed down.
The Company has solved the debt problem by reforming, realized the net assets with positive value, the main
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
business of bicycle is able to be maintained and realizes the stable development. The Company has set up the
conditions for introducing the recombination party in the reforming plan, and expects to restore the abilities of
sustainable operation and sustained profitability by reorganization. The conditions of introducing the
recombination party includes: the assessed value of net assets should be no less than 2 billion Yuan, the net assets
in the same year for implementing the major reorganization should be no less than 200 million Yuan. The
Company doesn’t have the recombination party at the moment. The Company will continue to carry out vary
related works actively and promote the reorganization work with all efforts.
IX. Implementation of profit distribution in reporting period
Implementation or adjustment of profit distribution plan in reporting period, cash dividend plan and shares converted from capital
reserve in particular
□ Applicable √ Not applicable
Previous year’s profit distribution plan was no profit distribution and shares converted from capital reserve either
X. Profit distribution and capitalization of capital reserves in the Period
□ Applicable √ Not applicable
The Company has no plans of cash dividend distributed, no bonus shares and has no share converted from capital reserve either for
the semi-annual year
XI. In the report period, reception of research, communication and interview
√ Applicable □ Not applicable
Contents discussed and material
Time Place Way Type Reception
provided
Phone Public Debt restructure progress of the
Jan-Jun 2015 The Company Individual
communication shareholders Company
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Section V. Important Events
I. Corporate governance
During the report period, in accordance with its actual situation, the Company has constantly improved the
corporate governance structure of the company and strived to establish the modern enterprise system by strictly
following the requirements of the Company Law, the Securities Law, and the Governance Standards for Listed
Companies, and the normative documents. The Company also has operated and convoked the stockholders'
meeting, the board meeting and the meeting of the board of directors by strictly following the relevant rules and
procedures of the Articles of Association, and has maintained the interests of the company. The actual situation of
the corporate governance structure meets requirements of the normative documents about the governance of listed
companies issued by the China Securities Regulatory Commission.
Actual corporate governance of the Company shows no difference with the Company Law and relevant
regulations of CSRC
II. Lawsuits
Significant lawsuits and arbitrations
□ Applicable √ Not applicable
The Company has no significant lawsuits and arbitrations in reporting period
Other lawsuits
□ Applicable √ Not applicable
III. Question from media
□ Applicable √ Not applicable
No universal questioned by media in reporting period
IV. Bankruptcy reorganization
□ Applicable √ Not applicable
In reporting period, the Company has no bankruptcy reorganization occurred.
V. Transaction in assets
1. Assets acquisition
□ Applicable √ Not applicable
The Company did not purchased assets in the Period
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
2. Sales of assets
□ Applicable √ Not applicable
The Company did not sell assets in the Period
3. Business combination
□ Applicable √ Not applicable
The Company has no business combined in the Period
VI. Implementation of the company’s equity incentive and the effects
□ Applicable √ Not applicable
No equity incentive in reporting period
VII. Significant related transaction
1. Related transaction routine operations concerned
□ Applicable √ Not applicable
The Company has no related transaction with routine operations concerned occurred in the Period
2. Related transaction incurred by purchase or sales of assets
□ Applicable √ Not applicable
No related transaction incurred by purchase or sales of assets in Period
3. Related transaction from jointly investment outside
□ Applicable √ Not applicable
No related transaction from jointly investment outside occurred in Period
4. Contact of related credit and debt
√ Applicable □ Not applicable
Whether exist non-operating contact of related credit and debt or not
√Yes □No
Creditor’s rights receivable from related party:
Whether Amount Amount
Balance of Current Balance at
exist increased in collected in
period-begin interest (in period-end
Related Related Forming non-operatio the Period the Period
(in 10 Interest rate 10 (in 10
party relationship reason nal capital (in 10 (in 10
thousand thousand thousand
occupying thousand thousand
Yuan) Yuan) Yuan)
Yuan) Yuan)
Debts payable to related party:
Related party Related Forming Balance of Amount Amount Interest rate Current Balance at
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
relationship reason period-begin increased in returned in interest (in 10 period-end
(in 10 the Period (in the Period (in thousand (in 10
thousand 10 thousand 10 thousand Yuan) thousand
Yuan) Yuan) Yuan) Yuan)
Shenzhen
Guosheng
Subsidiary
Energy The largest
borrow 650 0 0 0.00% 0 650
Investment shareholder
capital
Development
Co., Ltd
5. Other significant related transactions
□ Applicable √ Not applicable
The Company had no other related transactions in the reporting period
VIII. Non-business capital occupying by controlling shareholders and its related parties
□ Applicable √ Not applicable
No non-business capital occupied by controlling shareholders and its related parties in Period
IX. Major contract and implantation
1. Trusteeship, contract and leasing
(1) Trusteeship
□ Applicable √ Not applicable
The Company had no trusteeship in the reporting period.
(2) Contract
□ Applicable √ Not applicable
The Company had no contract in the reporting period.
(3) Leasing
√ Applicable □ Not applicable
Explanation
Till end of the balance sheet date, the long-term leasing contract signed outside by the Company are as:
1. The Company entere in to a long-term house-leasing contract with Shenzhen Material Group Co., Ltd. dated 1 May 2014, leased
the property located at Room 1201, Wantong Building, No. 3002, Sungang East Road, Luohu District, Shenzhen, as the office floor
of the Company. The leasing terms agreed from 1 May 2014 to 30 April 2017, the floor area leased counted as 681.34 M2. The
Company has payable rent of 474,200 Yuan for one year since 1 May 2014 in line with the contract, till end of the contract or resind
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
the contract by two parties.
2. The Company entere in to a long-term house-leasing contract with Shenzhen Anjingheng Industrial Co., Ltd. dated 18 September
2014, leased the property located at C section, 2/F, D-building, Shengli Industrial Park, Southwest side, Qinghua Road, Longhua
Office, Longhua New District, Shenzhen, as the production spot of the Company. The leasing terms agreed from 21 September 2014
to 19 September 2018. The Company has payable rent of 510,600 Yuan for one year since 21 September 2014 in line with the
contract, till end of the contract or resind the contract by two parties.
Items that have items bringing gains/losses over 10% of the total profit in the Period
□ Applicable √ Not applicable
The Company did not have items bringing gains/losses over 10% of the total profit in the Period
2. Guarantee
□ Applicable √ Not applicable
The Company had no guarantee in Period.
3. Other material contracts
□ Applicable √ Not applicable
The Company had no other material contracts in the reporting period.
4. Other material transactions
□ Applicable √ Not applicable
The Company had no other material transactions in the reporting period.
X. Commitments made by the Company or shareholders holding above 5% shares of the
Company in reporting period or occurred in the previous reporting period but continued to
reporting period
□ Applicable √ Not applicable
The Company had no commitment made by the Company or shareholders holding above 5% shares of the Company in reporting
period or occurred in the previous reporting period but continued to reporting period.
XI. Engagement and non-reappointment of CPA
Whether the semi-annual report was audited or not
□ Yes √ No
The semi-annual report was un-audited
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
XII. Penalty and rectification
□ Applicable √ Not applicable
The Company had no penalty or rectification in the reporting period.
XIII. Risk disclosure of delisting with laws and rules violated
□ Applicable √ Not applicable
The Company has no delisting risks with laws and rules violated in Period
XIV. Explanation on other significant events
□ Applicable √ Not applicable
The Company has no other significant events that need to explain in the Period
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Section VI. Changes in Shares and Particulars about Shareholders
I. Changes in shares
In share
Before the Changes Increase/Decrease in the Change (+, -) After the Changes
Public
Newly-
Bonus reserve-co Proportio
Amount Proportion issued Others Subtotal Amount
shares nverted n
shares
shares
I. Restricted shares 8,232 0.00% -2,025 -2,025 6,207 0.00%
1. State-owned shares 0 0.00% 0 0.00%
2. State-owned legal
0 0.00% 0 0.00%
person’s shares
3. Other domestic shares 8,232 0.00% -2,025 -2,025 6,207 0.00%
Including: Domestic legal
0 0.00% 0 0.00%
person’s shares
Domestic natural person’s
8,232 0.00% -2,025 -2,025 6,207 0.00%
shares
4. Foreign shares 0 0.00% 0 0.00%
Including: Foreign legal
0 0.00% 0 0.00%
person’s shares
Foreign natural person’s
0 0.00% 0 0.00%
shares
551,339,7 551,341,7
II. Unrestricted shares 100.00% 2,025 2,025 100.00%
15 40
302,976,7 302,978,7
1. RMB Ordinary shares 54.95% 2,025 2,025 54.95%
33 58
2. Domestically listed 248,362,9 248,362,9
45.05% 45.05%
foreign shares 82 82
3. Overseas listed foreign
0 0.00% 0 0.00%
shares
4. Others 0 0.00% 0 0.00%
551,347,9 551,347,9
III. Total shares 100.00% 0 100.00%
47 47
Reasons for share changed
□ Applicable √ Not applicable
Approval of share changed
19
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
□ Applicable √ Not applicable
Ownership transfer of share changed
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common
shareholders of Company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose for the Company or need to disclosed under requirement from security regulators
□ Applicable √ Not applicable
Explanation on changes of total shares and shareholders structure as well as changes of structure of assets and liability
□ Applicable √ Not applicable
II. Number of shares and shares held
In Share
Total preference shareholders
Total common shareholders at with voting rights recovered at
42,768 0
period-end end of reporting period (if
applicable) (see Note 8)
Particulars about shares held above 5% by common shareholders or top ten common shareholders
Number Number of share pledged/frozen
of Amount
Amount of
Proportion common Changes in of restrict
Nature of un-restrict
Shareholders of shares shares reporting common
shareholder common State of share Amount
held held at period shares
shares held
period-en held
d
Shenzhen
Guosheng
Domestic
Energy 63,508,74
non-State-owned 11.52% 0 0 63,508,747
Investment 7
legal person
Development
Co., Ltd
Specific
account of
property Domestic
disposition for non-State-owned 1.53% 8,450,002 0 0 8,450,002
bankruptcy legal person
enterprise of
CBC
Domestic nature
Zeng Ying 1.15% 6,352,517 0 0 6,352,517
person
20
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Zhongrong
International
Trust –
Rongxiang Other 1.02% 5,639,218 5639218 0 5,639,218
No.3 structured
Security Group
Capital Trust
Domestic nature
Yao Ming 0.84% 4,611,456 4611456 0 4,611,456
person
Shang H.K.
Foreign legal
Wanguo 0.79% 4,361,568 4361568 0 4,361,568
person
Securities
Domestic nature
Li Huili 0.71% 3,891,124 0 0 3,891,124
person
CMS H.K. Co., State-owned legal
0.67% 3,691,386 3691386 0 3,691,386
Ltd. person
Domestic nature
Xu Hongbo 0.57% 3,137,419 0 0 3,137,419
person
BOCI
Foreign legal
SECURITIES 0.53% 2,927,271 2927271 0 2,927,271
person
LIMITED
Strategy investors or general
corporate becomes top 10 common
N/A
shareholders due to rights issued (if
applicable) (see Note 3)
Li Huili, the spouse of actual controller Ji Hanfei, holding B-share of the Company on behalf
Explanation on associated of Shenzhen Guocheng Energy Investment Development Co., Ltd., beyond that, the Company
relationship among the aforesaid has no idea of whether other circulated shareholders belong to concerted action persons ruled
shareholders in the Administration Norms for Information Disclosure of Change on Shareholding of
Shareholders of Listed Companies.
Particular about top ten shareholders with un-restrict common shares held
Amount of un-restricted common shares held at Type of shares
Shareholders’ name
period-end Type Amount
Shenzhen Guosheng Energy Investment RMB common
63,508,747 63,508,747
Development Co., Ltd shares
RMB common
4,655,913
shares
Specific account of property disposition
8,450,002 Domestically
for bankruptcy enterprise of CBC
listed foreign 3,794,089
shares
21
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Domestically
Zeng Ying 6,352,517 listed foreign 6,352,517
shares
Zhongrong International Trust –
RMB common
Rongxiang No.3 structured Security 5,639,218 5,639,218
shares
Group Capital Trust
Domestically
Yao Ming 4,611,456 listed foreign 4,611,456
shares
Domestically
Shang H.K. Wanguo Securities 4,361,568 listed foreign 4,361,568
shares
Domestically
Li Huili 3,891,124 listed foreign 3,891,124
shares
Domestically
CMS H.K. Co., Ltd. 3,691,386 listed foreign 3,691,386
shares
Domestically
Xu Hongbo 3,137,419 listed foreign 3,137,419
shares
Domestically
BOCI SECURITIES LIMITED 2,927,271 listed foreign 2,927,271
shares
Expiation on associated relationship or
Li Huili, the spouse of actual controller Ji Hanfei, holding B-share of the Company on
consistent actors within the top 10
behalf of Shenzhen Guocheng Energy Investment Development Co., Ltd., beyond that,
un-restrict common shareholders and
the Company has no idea of whether other circulated shareholders belong to concerted
between top 10 un-restrict common
action persons ruled in the Administration Norms for Information Disclosure of Change
shareholders and top 10 common
on Shareholding of Shareholders of Listed Companies.
shareholders
Explanation on shareholders involving
margin business about top ten common
N/A
shareholders with un-restrict shares
held(if applicable) (see note4)
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement
dealing in reporting period
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy-back
agreement dealing in reporting period.
22
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
III. Changes of controlling shareholders or actual controller
Changes of controlling shareholders in reporting period
□ Applicable √ Not applicable
Changes of controlling shareholders had no change in reporting period.
Changes of actual controller in reporting period
□ Applicable √ Not applicable
Changes of actual controller in reporting period had no change in reporting period.
IV. Share holding increasing plan proposed or implemented in reporting period from
shareholder of the Company and its concerted action person
□ Applicable √Not applicable
As far as the Company knows, there are no share holding increasing plan proposed or implemented in Period from shareholder of the
Company and its concerted action person.
23
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Section VII. Preferred Stock
□ Applicable √ Not applicable
The Company had no preferred stock in the reporting.
24
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Section VIII. Directors, Supervisors and Senior Executives
I. Changes of shares held by directors, supervisors and senior executives
√ Applicable □ Not applicable
Increasing Decreasing Restricted Restricted
Shares Shares Restricted shares
shares held shares held shares shares
Working held at held at awarded at
Title in this in this awarded at awarded in
Name status period-beg period-end period-end
period period period-begin the period
in (Share) (Share) (Share)
(Share) (Share) (Share) (Share)
Zheng Currently
Zhonghua Supervisor 8,276 0 2,000 6,276 6,207 0 6,207
n in office
Total -- -- 8,276 0 2,000 6,276 6,207 0 6,207
II. Changes of directors, supervisors and senior executives
√ Applicable □ Not applicable
Name Title Type Date Reason
Director, Office Resigned as director and chairman of the Company due
Luo Guiyou 2015-04-13
chairman leaving to personal reasons
Director,
Li Hai Be elected 2015-04-15 Be elected as Chairman of the Company
chairman
25
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Section IX. Financial Report
I. Audit reports
Whether the semi-annual report was audited or not
□ Yes √ No
The financial report of this semi-annual report was unaudited
II. Financial statements
Units in Notes of Financial Statements is RMB
1. Consolidated balance sheet
Prepared by SHENZHEN CHINA BICYCLE COMPANY (HOLDINGS) LIMITED
2015-06-30
In RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 24,323,391.21 30,163,866.78
Settlement provisions
Capital lent
Financial liability measured by fair
value and with variation reckoned into
current gains/losses
Derivative financial liability
Notes receivable 3,342,714.00 2,200,000.00
Accounts receivable 7,008,963.97 6,790,982.50
Accounts paid in advance 806,345.01 348,277.01
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance
receivable
Interest receivable
Dividend receivable
Other receivables 659,269.96 511,254.81
Purchase restituted finance asset
26
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Inventories 14,959,855.12 6,171,307.53
Divided into assets held for sale
Non-current asset due within one
year
Other current assets
Total current assets 51,100,539.27 46,185,688.63
Non-current assets:
Loans and payments on behalf
Finance asset available for sales
Held-to-maturity investment
Long-term account receivable
Long-term equity investment
Investment property
Fixed assets 1,051,862.95 773,961.84
Construction in progress
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 4,141,500.00 4,518,000.00
Expense on Research and
Development
Goodwill
Long-term expenses to be
apportioned
Deferred income tax asset 11,997.08 11,997.08
Other non-current asset
Total non-current asset 5,205,360.03 5,303,958.92
Total assets 56,305,899.30 51,489,647.55
Current liabilities:
Short-term loans
Loan from central bank
Absorbing deposit and interbank
deposit
Capital borrowed
Financial liability measured by fair
value and with variation reckoned into
current gains/losses
27
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Derivative financial liability
Notes payable
Accounts payable 14,754,811.13 10,278,377.96
Accounts received in advance 5,283,273.78 2,595,736.07
Selling financial asset of
repurchase
Commission charge and
commission payable
Wage payable 853,053.95 1,772,814.72
Taxes payable 783,347.69 2,232,187.80
Interest payable
Dividend payable
Other accounts payable 20,542,729.82 21,114,424.93
Reinsurance payables
Insurance contract reserve
Security trading of agency
Security sales of agency
Divided into liability held for sale
Non-current liabilities due within 1
year
Other current liabilities
Total current liabilities 42,217,216.37 37,993,541.48
Non-current liabilities:
Long-term loans
Bonds payable
Including: preferred stock
Perpetual capital
securities
Long-term account payable
Long-term wages payable
Special accounts payable
Projected liabilities
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities 42,217,216.37 37,993,541.48
28
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Owner’s equity:
Share capital 551,347,947.00 551,347,947.00
Other equity instrument
Including: preferred stock
Perpetual capital
securities
Capital public reserve 627,834,243.83 627,834,243.83
Less: Inventory shares
Other comprehensive income
Reasonable reserve
Surplus public reserve 32,673,227.01 32,673,227.01
Provision of general risk
Retained profit -1,199,535,897.31 -1,199,952,070.17
Total owner’s equity attributable to
12,319,520.53 11,903,347.67
parent company
Minority interests 1,769,162.40 1,592,758.40
Total owner’s equity 14,088,682.93 13,496,106.07
Total liabilities and owner’s equity 56,305,899.30 51,489,647.55
Legal Representative: Li Hai Person in charge of Accounting Works: Sun Longlong
Person in charge of Accounting Institution: Zhong Xiaojin
2. Balance Sheet of Parent Company
In RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 965,340.25 1,363,097.01
Financial liability measured by fair
value and with variation reckoned into
current gains/losses
Derivative financial liability
Notes receivable
Accounts receivable 694,416.00 694,416.00
Account paid in advance 258,070.50 140,275.00
Interest receivable
Dividends receivable
29
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Other receivables 11,670,722.64 13,714,033.12
Inventories 46,730.10
Divided into assets held for sale
Non-current assets maturing within
one year
Other current assets
Total current assets 13,635,279.49 15,911,821.13
Non-current assets:
Available-for-sale financial assets
Held-to-maturity investments
Long-term receivables
Long-term equity investments 10,379.73 10,379.73
Investment property
Fixed assets 794,668.68 624,330.89
Construction in progress
Project materials
Disposal of fixed assets
Productive biological assets
Oil and natural gas assets
Intangible assets 4,141,500.00 4,518,000.00
Research and development costs
Goodwill
Long-term deferred expenses
Deferred income tax assets
Other non-current assets
Total non-current assets 4,946,548.41 5,152,710.62
Total assets 18,581,827.90 21,064,531.75
Current liabilities:
Short-term borrowings
Financial liability measured by fair
value and with variation reckoned into
current gains/losses
Derivative financial liability
Notes payable
Accounts payable 294,300.00
30
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Accounts received in advance
Wage payable 22,308.47 568,210.39
Taxes payable -309,038.85 309,944.51
Interest payable
Dividend payable
Other accounts payable 10,666,703.61 11,694,785.72
Divided into liability held for sale
Non-current liabilities due within 1
year
Other current liabilities
Total current liabilities 10,379,973.23 12,867,240.62
Non-current liabilities:
Long-term loans
Bonds payable
Including: preferred stock
Perpetual capital
securities
Long-term account payable
Long-term wages payable
Special accounts payable
Projected liabilities
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities 10,379,973.23 12,867,240.62
Owners’ equity:
Share capita 551,347,947.00 551,347,947.00
Other equity instrument
Including: preferred stock
Perpetual capital
securities
Capital public reserve 627,834,243.83 627,834,243.83
Less: Inventory shares
Other comprehensive income
31
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Reasonable reserve
Surplus reserve 32,673,227.01 32,673,227.01
Retained profit -1,203,653,563.17 -1,203,658,126.71
Total owner’s equity 8,201,854.67 8,197,291.13
Total liabilities and owner’s equity 18,581,827.90 21,064,531.75
3. Consolidated Profit Statement
In RMB
Item Current Period Last Period
I. Total operating income 76,536,800.68 85,666,634.40
Including: Operating income 76,536,800.68 85,666,634.40
Interest income
Insurance gained
Commission charge and commission
income
II. Total operating cost 75,748,363.03 87,395,185.64
Including: Operating cost 69,992,522.11 80,326,800.62
Interest expense
Commission charge and commission
expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of guarantee slip
Reinsurance expense
Operating tax and extras 231,240.53 245,931.44
Sales expenses 3,611,607.87 1,856,602.82
Administration expenses 2,555,069.40 5,077,370.04
Financial expenses -620,228.45 -98,274.42
Losses of devaluation of asset -21,848.43 -13,244.86
Add: Changing income of fair
value(Loss is listed with ―-‖)
Investment income (Loss is listed
32
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
with ―-‖)
Including: Investment income on
affiliated company and joint venture
Exchange income (Loss is listed
with ―-‖)
III. Operating profit (Loss is listed with
788,437.65 -1,728,551.24
―-‖)
Add: Non-operating income 49,388.00 4,902,358.37
Including: Disposal gains of
39,731.46
non-current asset
Less: Non-operating expense 5,356.00 23,054.00
Including: Disposal loss of
5,880.00
non-current asset
IV. Total Profit (Loss is listed with ―-‖) 832,469.65 3,150,753.13
Less: Income tax expense 239,892.79 789,686.25
V. Net profit (Net loss is listed with ―-‖) 592,576.86 2,361,066.88
Net profit attributable to owner’s of
416,172.86 1,874,649.46
parent company
Minority shareholders’ gains and
176,404.00 486,417.42
losses
VI. Net after-tax of other comprehensive
income
Net after-tax of other comprehensive
income attributable to owners of parent
company
(I) Other comprehensive income
items which will not be reclassified
subsequently to profit of loss
1. Changes as a result of
re-measurement of net defined benefit
plan liability or asset
2. Share of the other
comprehensive income of the investee
accounted for using equity method which
will not be reclassified subsequently to
profit and loss
(II) Other comprehensive income
items which will be reclassified
subsequently to profit or loss
33
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
1. Share of the other
comprehensive income of the investee
accounted for using equity method which
will be reclassified subsequently to profit
or loss
2. Gains or losses arising
from changes in fair value of
available-for-sale financial assets
3. Gains or losses arising
from reclassification of held-to-maturity
investment as available-for-sale financial
assets
4. The effect hedging portion
of gains or losses arising from cash flow
hedging instruments
5. Translation differences
arising on translation of foreign currency
financial statements
6. Other
Net after-tax of other comprehensive
income attributable to minority
shareholders
VII. Total comprehensive income 592,576.86 2,361,066.88
Total comprehensive income
416,172.86 1,874,649.46
attributable to owners of parent Company
Total comprehensive income
176,404.00 486,417.42
attributable to minority shareholders
VIII. Earnings per share:
(i) Basic earnings per share 0.0008 0.0034
(ii) Diluted earnings per share 0.0008 0.0034
Enterprise combine under the same control in the Period, the combined party realized net profit of 0 Yuan before combination, and
realized 0 Yuan at last period for combined party
Legal Representative: Li Hai Person in charge of Accounting Works: Sun Longlong
Person in charge of Accounting Institution: Zhong Xiaojin
4. Profit Statement of Parent Company
In RMB
Item Current Period Last Period
I. Operating income 3,838,933.33 3,703,766.10
34
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Less: Operating cost 1,830,146.73 2,536,032.31
Operating tax and extras 150,658.40 192,196.65
Sales expenses
Administration expenses 1,895,716.02 4,731,814.61
Financial expenses 362.11 1,132.90
Losses of devaluation of asset 1,356.41
Add: Changing income of fair
value(Loss is listed with ―-‖)
Investment income (Loss is
listed with ―-‖)
Including: Investment income
on affiliated company and joint venture
II. Operating profit (Loss is listed
-37,949.93 -3,758,766.78
with ―-‖)
Add: Non-operating income 49,388.00 4,762,626.91
Including: Disposal gains of
non-current asset
Less: Non-operating expense 5,356.00 17,174.00
Including: Disposal loss of
non-current asset
III. Total Profit (Loss is listed with
6,082.07 986,686.13
―-‖)
Less: Income tax expense 1,518.53 247,010.64
IV. Net profit (Net loss is listed with
4,563.54 739,675.49
―-‖)
V. Net after-tax of other comprehensive
income
(I) Other comprehensive income
items which will not be reclassified
subsequently to profit of loss
1. Changes as a result of
re-measurement of net defined benefit
plan liability or asset
2. Share of the other
comprehensive income of the investee
accounted for using equity method
which will not be reclassified
subsequently to profit and loss
35
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
(II) Other comprehensive income
items which will be reclassified
subsequently to profit or loss
1. Share of the other
comprehensive income of the investee
accounted for using equity method
which will be reclassified subsequently
to profit or loss
2. Gains or losses arising
from changes in fair value of
available-for-sale financial assets
3. Gains or losses arising
from reclassification of held-to-maturity
investment as available-for-sale
financial assets
4. The effect hedging
portion of gains or losses arising from
cash flow hedging instruments
5. Translation differences
arising on translation of foreign
currency financial statements
6. Other
VI. Total comprehensive income 4,563.54 739,675.49
VII. Earnings per share:
(i) Basic earnings per share 0.0000 0.0013
(ii) Diluted earnings per share 0.0000 0.0013
5. Consolidated Cash Flow Statement
In RMB
Item Current Period Last Period
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 34,158,138.33 43,219,779.00
services
Net increase of customer deposit
and interbank deposit
Net increase of loan from central
bank
36
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Net increase of capital borrowed
from other financial institution
Cash received from original
insurance contract fee
Net cash received from reinsurance
business
Net increase of insured savings and
investment
Net increase of amount from
disposal financial assets that measured
by fair value and with variation
reckoned into current gains/losses
Cash received from interest,
commission charge and commission
Net increase of capital borrowed
Net increase of returned business
capital
Write-back of tax received
Other cash received concerning
3,482,868.77 110,619,815.38
operating activities
Subtotal of cash inflow arising from
37,641,007.10 153,839,594.38
operating activities
Cash paid for purchasing
commodities and receiving labor 31,689,708.37 42,938,795.58
service
Net increase of customer loans and
advances
Net increase of deposits in central
bank and interbank
Cash paid for original insurance
contract compensation
Cash paid for interest, commission
charge and commission
Cash paid for bonus of guarantee
slip
Cash paid to/for staff and workers 3,739,557.53 5,398,978.85
Taxes paid 2,433,552.58 93,668,033.13
Other cash paid concerning
5,396,441.97 9,087,945.93
operating activities
37
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Subtotal of cash outflow arising from
43,259,260.45 151,093,753.49
operating activities
Net cash flows arising from operating
-5,618,253.35 2,745,840.89
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
investment
Cash received from investment
income
Net cash received from disposal of
fixed, intangible and other long-term 100,500.00
assets
Net cash received from disposal of
subsidiaries and other units
Other cash received concerning
investing activities
Subtotal of cash inflow from investing
100,500.00
activities
Cash paid for purchasing fixed,
222,222.22 319,804.27
intangible and other long-term assets
Cash paid for investment
Net increase of mortgaged loans
Net cash received from
subsidiaries and other units obtained
Other cash paid concerning
investing activities
Subtotal of cash outflow from investing
222,222.22 319,804.27
activities
Net cash flows arising from investing
-222,222.22 -219,304.27
activities
III. Cash flows arising from financing
activities
Cash received from absorbing
investment
Including: Cash received from
absorbing minority shareholders’
investment by subsidiaries
38
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Cash received from loans
Cash received from issuing bonds
Other cash received concerning
financing activities
Subtotal of cash inflow from financing
activities
Cash paid for settling debts
Cash paid for dividend and profit
distributing or interest paying
Including: Dividend and profit of
minority shareholder paid by
subsidiaries
Other cash paid concerning
financing activities
Subtotal of cash outflow from financing
activities
Net cash flows arising from financing
activities
IV. Influence on cash and cash
equivalents due to fluctuation in
exchange rate
V. Net increase of cash and cash
-5,840,475.57 2,526,536.62
equivalents
Add: Balance of cash and cash
30,163,866.78 26,834,171.59
equivalents at the period -begin
VI. Balance of cash and cash
24,323,391.21 29,360,708.21
equivalents at the period -end
6. Cash Flow Statement of Parent Company
In RMB
Item Current Period Last Period
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor
services
Write-back of tax received
Other cash received concerning 6,815,760.81 116,130,748.61
39
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
operating activities
Subtotal of cash inflow arising from
6,815,760.81 116,130,748.61
operating activities
Cash paid for purchasing
commodities and receiving labor 565,829.60
service
Cash paid to/for staff and workers 1,464,271.76 3,769,818.64
Taxes paid 802,407.36 92,786,756.90
Other cash paid concerning
4,158,786.63 19,248,933.80
operating activities
Subtotal of cash outflow arising from
6,991,295.35 115,805,509.34
operating activities
Net cash flows arising from operating
-175,534.54 325,239.27
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
investment
Cash received from investment
income
Net cash received from disposal of
fixed, intangible and other long-term
assets
Net cash received from disposal of
subsidiaries and other units
Other cash received concerning
investing activities
Subtotal of cash inflow from investing
activities
Cash paid for purchasing fixed,
222,222.22 316,300.00
intangible and other long-term assets
Cash paid for investment
Net cash received from
subsidiaries and other units
Other cash paid concerning
investing activities
Subtotal of cash outflow from investing
222,222.22 316,300.00
activities
40
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Net cash flows arising from investing
-222,222.22 -316,300.00
activities
III. Cash flows arising from financing
activities
Cash received from absorbing
investment
Cash received from loans
Cash received from issuing bonds
Other cash received concerning
financing activities
Subtotal of cash inflow from financing
activities
Cash paid for settling debts
Cash paid for dividend and profit
distributing or interest paying
Other cash paid concerning
financing activities
Subtotal of cash outflow from financing
activities
Net cash flows arising from financing
activities
IV. Influence on cash and cash
equivalents due to fluctuation in
exchange rate
V. Net increase of cash and cash
-397,756.76 8,939.27
equivalents
Add: Balance of cash and cash
1,363,097.01 1,080,836.82
equivalents at the period -begin
VI. Balance of cash and cash
965,340.25 1,089,776.09
equivalents at the period -end
7. Statement of Changes in Owners’ Equity (Consolidated)
This Period
In RMB
This Period
Owners’ equity attributable to parent company Minorit Total
Item
Other Capital Less: Other Reason Surplus Provisio Retaine y owners’
Share interests equity
equity instrument reserve Invento compre able reserve n of d profit
41
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
capital Perpet ry hensive reserve general
ual shares income risk
Prefer
capita
red Other
l
stock
securi
ties
551,3 -1,199,9
I. Balance at the 627,834 32,673, 1,592,7 13,496,
47,94 52,070.
end of the last year ,243.83 227.01 58.40 106.07
7.00 17
Add:
Changes of
accounting policy
Error
correction of the
last period
Enterprise
combine under
the same control
Other
II. Balance at the 551,3 627,834 32,673,
-1,199,9
1,592,7 13,496,
beginning of this 47,94 52,070.
,243.83 227.01 58.40 106.07
year 7.00 17
III. Increase/
Decrease in this 416,172 176,404 592,576
year (Decrease is .86 .00 .86
listed with ―-‖)
(i) Total 416,172 176,404 592,576
comprehensive
.86 .00 .86
income
(ii) Owners’
devoted and
decreased capital
1.Common shares
invested by
shareholders
2. Capital invested
by holders of other
equity instruments
3. Amount
reckoned into
owners equity with
share-based
payment
4. Other
(III) Profit
distribution
1. Withdrawal of
surplus reserves
42
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
2. Withdrawal of
general risk
provisions
3. Distribution for
owners (or
shareholders)
4. Other
(IV) Carrying
forward internal
owners’ equity
1. Capital reserves
conversed to
capital (share
capital)
2. Surplus reserves
conversed to
capital (share
capital)
3. Remedying loss
with surplus
reserve
4. Other
(V) Reasonable
reserve
1. Withdrawal in
the report period
2. Usage in the
report period
(VI)Others
IV. Balance at the 551,3 627,834 32,673,
-1,199,5
1,769,1 14,088,
end of the report 47,94 35,897.
,243.83 227.01 62.40 682.93
period 7.00 31
Last Period
In RMB
Last Period
Owners’ equity attributable to the parent Company
Other
equity instrument Minorit
Item Less: Other Provisio Total
Perpet Reason y
Share
ual Capital Invento compre Surplus n of Retaine interest owners’
able equity
capital Prefer capita reserve ry hensive reserve general d profit s
red Other reserve
l shares income risk
stock
securi
ties
551,34 -1,204,8
I. Balance at the 627,819 32,673, 695,437 7,698,7
7,947. 37,748.
43
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
end of the last year 00 ,910.12 227.01 73 .78 73.18
Add:
Changes of
accounting policy
Error
correction of the
last period
Enterprise
combine under the
same control
Other
II. Balance at the 551,34 -1,204,8
627,819 32,673, 695,437 7,698,7
beginning of this 7,947. 37,748.
,910.12 227.01 .78 73.18
year 00 73
III. Increase/
Decrease in this 14,333. 4,885,6 897,320 5,797,3
year (Decrease is 71 78.56 .62 32.89
listed with ―-‖)
(i) Total 4,885,6 897,320 5,782,9
comprehensive
78.56 .62 99.18
income
(ii) Owners’
devoted and
decreased capital
1.Common shares
invested by
shareholders
2. Capital invested
by holders of other
equity instruments
3. Amount
reckoned into
owners equity with
share-based
payment
4 Other
(III) Profit
distribution
1. Withdrawal of
surplus reserves
2. Withdrawal of
general risk
provisions
3. Distribution for
owners (or
shareholders)
4. Other
(IV) Carrying
44
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
forward internal
owners’ equity
1. Capital reserves
conversed to
capital (share
capital)
2. Surplus reserves
conversed to
capital (share
capital)
3. Remedying loss
with surplus
reserve
4. Other
(V) Reasonable
reserve
1. Withdrawal in
the report period
2. Usage in the
report period
14,333. 14,333.
(VI)Others
71 71
IV. Balance at the 551,34 627,834 32,673,
-1,199,9
1,592,7 13,496,
end of the report 7,947. 52,070.
,243.83 227.01 58.40 106.07
period 00 17
8. Statement of Changes in Owners’ Equity (Parent Company)
This Period
In RMB
This Period
Other
equity instrument
Other Total
Item Perpetu Less:
Share Capital comprehe Reasonab Surplus Retaine
Inventory owners’
capital Preferre al reserve nsive le reserve reserve d profit
capital Other shares equity
d stock income
securiti
es
-1,203,6
I. Balance at the 551,347, 627,834,2 32,673,22 8,197,291
58,126.
end of the last year 947.00 43.83 7.01 .13
71
Add: Changes
of accounting
policy
45
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Error
correction of the
last period
Other
II. Balance at the 551,347, -1,203,6
627,834,2 32,673,22 8,197,291
beginning of this 58,126.
947.00 43.83 7.01 .13
year 71
III. Increase/
Decrease in this 4,563.5
4,563.54
year (Decrease is 4
listed with ―-‖)
(i) Total 4,563.5
comprehensive 4,563.54
4
income
(ii) Owners’
devoted and
decreased capital
1.Common shares
invested by
shareholders
2. Capital invested
by holders of other
equity instruments
3. Amount
reckoned into
owners equity with
share-based
payment
4. Other
(III) Profit
distribution
1. Withdrawal of
surplus reserves
2. Distribution for
owners (or
shareholders)
3. Other
(IV) Carrying
forward internal
owners’ equity
1. Capital reserves
conversed to
capital (share
capital)
2. Surplus reserves
conversed to
capital (share
capital)
46
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
3. Remedying loss
with surplus
reserve
4. Other
(V) Reasonable
reserve
1. Withdrawal in
the report period
2. Usage in the
report period
(VI)Others
IV. Balance at the 551,347, -1,203,6
627,834,2 32,673,22 8,201,854
end of the report 53,563.
947.00 43.83 7.01 .67
period 17
Last period
In RMB
Last period
Other
equity instrument
Other Total
Item Perpetu Less:
Share Capital comprehe Reasonab Surplus Retaine
Inventory owners’
capital Preferre al reserve nsive le reserve reserve d profit
capital Other shares equity
d stock income
securiti
es
-1,206,4
I. Balance at the 551,347, 627,819,9 32,673,22 5,391,026
50,057.
end of the last year 947.00 10.12 7.01 .98
15
Add: Changes
of accounting
policy
Error
correction of the
last period
Other
II. Balance at the 551,347, -1,206,4
627,819,9 32,673,22 5,391,026
beginning of this 50,057.
947.00 10.12 7.01 .98
year 15
III. Increase/
Decrease in this 2,791,9 2,806,264
14,333.71
year (Decrease is 30.44 .15
listed with ―-‖)
(i) Total 2,791,9 2,791,930
comprehensive
30.44 .44
income
47
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
(ii) Owners’
devoted and
decreased capital
1.Common shares
invested by
shareholders
2. Capital invested
by holders of other
equity instruments
3. Amount
reckoned into
owners equity with
share-based
payment
4. Other
(III) Profit
distribution
1. Withdrawal of
surplus reserves
2. Distribution for
owners (or
shareholders)
3. Other
(IV) Carrying
forward internal
owners’ equity
1. Capital reserves
conversed to
capital (share
capital)
2. Surplus reserves
conversed to
capital (share
capital)
3. Remedying loss
with surplus
reserve
4. Other
(V) Reasonable
reserve
1. Withdrawal in
the report period
2. Usage in the
report period
(VI)Others 14,333.71 14,333.71
IV. Balance at the 551,347, 627,834,2 32,673,22 -1,203,6 8,197,291
end of the report
947.00 43.83 7.01 58,126. .13
period
48
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
71
III. Company Profile
I. Company Profile
(I) History
According to the Approval Document SFBF (1991) No. 888 issued by the People’s Government of Shenzhen,
Shenzhen China Bicycle Company (Holdings) Limited (hereinafter referred to as the Company) was
reincorporated as the company limited by shares in November 1991. On 28 December 1991, upon the Approval
Document SRYFZ(1991) No. 119 issued by Shenzhen Special Economic Zone Branch of the People’s Bank of
China, the Company got listed on Shenzhen Stock Exchange. The Company reserves the business license for the
enterprise legal person (QGYSZFZ No.101165) [the registered number has been altered as 440301501122085]
with the registered capital of RMB551, 347,947.00.
(II) Business Scope and Operation
The Company belongs to the machinery manufacture industry and mainly engages in the production and assembly
of various bicycles and spare parts, components, parts, mechanical product, sport machinery, fine chemicals,
carbon fiber composites material, household electrical appliance and affiliated components (products management by license
excluded).
The Company is specialized in making the middle-top rank bicycles, the main brands are EMMELLE and various
electrical bicycles.
The majority of its products were previously exported, however, the sales volume sharply declined in recent years
because of the antidumping litigation. Hence, the Company commences on the debt reorganization and the
reorganization plan was completed on 27 December 2013 with bankruptcy proceedings terminated. Meanwhile,
makes greater efforts to develop and research the new products, and creates a range of electrical bicycles to
occupy the domestic market. Up to 30 June 2015, shares issued by the Company counted as 551,347,947 shares
accumulated.
The financial statement has been deliberated and approved for reported on the Board dated 18 August 2015
IV. Compilation Basis of Financial Statement
1. Compilation basis
The Company proceed on continue operating as a premise, according to the actual occurred transactions and
events, based on Accounting Standard for Enterprise—Basic Rules(Ministry of Finance Order No. 33, Ministry of
Finance Order No. 76 Revised), 41 specific accounting rules issued and revised on 15 February 2006 and later, the
Application Guide of Accounting Standard for Enterprise, the Accounting Standard Explanation and other relevant
regulations(together as ―Accounting Standards for Business Enterprises‖) as well as the Information Disclosure
49
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Rules of the Company who Publicly Issues Securities No.15—General Rules of Financial Report (2015 Revised)
issued by CSRC to prepare financial statements.
Accounting records of the Company is based on accrual basis in line with relevant regulations of Accounting
Standards for Enterprise. Except for some financial instruments, the financial statement is calculated based on
historical cost. As for the non-current assets ready for sold, amount after deducted estimated cost by fair value and
the original book value qualify with condition of hold ready for sold, calculated based on the lower one. If
impairment occurred for assets, accrual relevant impairment provision in line with relevant regulations.
2. Going concern
V. Main accounting policy and Accounting Estimate
Tips for specific accounting policy and estimate:
1. Declaration on compliance with accounting standards
The financial statement prepared by the Company are compliance with the requirement of accounting rules, reflect
a true and completed financial status of the Company dated 30 June 2015 and operation results and cash flows for
the first half year of 2015. Furthermore, the financial statement, in all major aspects, conform to the Information
Disclosure Rules of the Company who Publicly Issues Securities No.15—General Rules of Financial Report
issued by CSRC, revised in 2014, and relevant disclosure requirement and its notes.
2. Accounting period
Accounting period of the Company consist of annual and mid-term, mid-term refers to the reporting period shorter
than one annual accounting year. The company adopts Gregorian calendar as accounting period, namely form each
1 January to 31 December.
3. Business cycles
Normal business cycle is the period from purchasing assets used for process by the Company to the cash and cash
equivalent achieved. The Company’s business cycle was 12 months, and it is the determining criterion for asses
liquidity and liability liquidity.
4. Recording currency
Renminbi is the operation location and main economy environment’s currency for the Company and subsidiaries
in China, Renminbi is the book-keeping currency of the Company and subsidiaries. Renminbi is used for
recording in the financial statement under the name of the Company.
50
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
5. Accounting Treatment Method for Business Combinations
Business combination is the transaction or events that two or two above independent enterprises combined as a
reporting entity. Business combination including enterprise combined under the same control and business
combined under different control.
(1) The business combination under the same control
Enterprise combination under the same control is the enterprise who take part in the combination are have the
same ultimate controller or under the same controller, the control is not temporary. The combining party is the one,
on combination day, obtained controlling rights from other participant enterprise. Combination day is the date
when combining party obtained controlling rights from the combined party.
The assets and liability acquired by combining party are measured by book value of the combined party on
combination date. Balance of net assets’s book value acquired by combining party and combine consideration
paid (or total book value of the shares issued), shall adjusted capital reserve (share premium); if the capital
reserves (share premium) is not enough for deducted, adjusted for retained earnings.
Vary directly expenses occurred for enterprise combination, the combining party shall reckoned into current
gains/losses while occurring.
(2) Combine not under the same control
A business combination not involving entities under common control is a business combination in which all of the
combining entities are not ultimately controlled by the same party or parties both before and after the combination.
For a business combination not involving entities under common control, the party that, on the acquisition date,
obtains control of another entity participating in the combination is the acquirer, while that other entity
participating in the combination is the acquiree. Acquisition date refers to the date on which the acquirer
effectively obtains control of the acquiree.
For business combinations not under common control, the combination cost is the assets paid, liabilities incurred
or assumed and the equity securities issued by the acquirer, at fair value at the acquisition date, in exchange for
the control power over the acquiree. The direct cost, of the business combination including the expenses for audit,
legal service, valuation and other administrative expenses, is recorded into the profit or loss in the current period.
Transaction expenses of the issued equity securities or liability securities for the consideration are recorded into
the amount of initial measurement of the equity securities or liability securities. The relevant contingent
consideration is recorded into the combination costs at its fair value at the acquisition date, and the goodwill is
adjusted if the new or additional evidences of adjustment to contingent considerations emerged within 12 months
51
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
from the acquisition date. The cost of combination and identifiable net assets obtained by the acquirer in a
business combination is measured at fair value at the acquisition date. If the cost of combination exceeds the fair
value of the acquirer’s share in the identifiable net assets, the difference is recognized as good will; if the cost of
combination is lower than the fair value of the acquirer’s share in the identifiable net assets, the acquirer shall
firstly review the measurement of the fair value of the identifiable assets obtained, liabilities incurred and
contingent liabilities incurred, as well as the combination costs. after that, if the combination costs are still lower
than the fair value of the identifiable net assets obtained, the acquirer shall recognize the difference as the profit or
loss in the current period.
In relation to the deductible temporary difference acquired from the acquiree, which was not recognized as
deferred tax assets due to non-fulfillment of the recognition criteria at the date of the acquisition, if new or further
information that is obtained within 12 months after the acquisition date indicates that related conditions at the
acquisition date already existed, and that the implementation of the economic benefits brought by the deductible
temporary difference of the acquiree can be expected, the relevant deferred tax assets shall be recognized and
goodwill shall be deducted. When the amount of goodwill is less than the deferred tax assets that shall be
recognized, the difference shall be recognized in the profit or loss of the period. Except for the above
circumstances, deferred tax assets in relation to business combination are recognized in the profit or loss of the
period.
For a business combination not involving enterprises under common control and achieved in stages, the company
shall determine whether the business combination shall be regarded as ―a bundle of transactions‖ in accordance
with the standards in relation to judgment of a bundle of transactions in ―Notice issued by the Ministry of Finance
on Interpretation 5 on Accounting standards for Business Enterprises‖(CK(2012)No.19) and rule No. 51 of ―No.
33 Accounting standards for Business Enterprises – Consolidated Financial Statement‖ (Refer to note IV 5(2)).
When the business combination is regarded as ―a bundle of transactions‖, the accounting treatment for the
business combination shall be in accordance with the previous paragraphs and note IV 4, 13 ―Long term equity
investment‖; when the business combination is not regarded as ―a bundle of transactions‖, the accounting
treatment for the business combination in the company’s and the consolidated financial statements shall be as
follows:
In the company’s financial statements, the initial cost of the investment shall be the sum of the carrying amount of
its previously-held equity interest in the acquiree prior to the acquisition date and the amount of additional
investment made to the acquiree at the acquisition date. other comprehensive income involved in the
previously-held equity interest of the acquiree prior to the acquisition date shall be treated on the same basis as if
they were disposed of by the acquiree directly, namely be transferred to current investment income other than the
relevant part of the movement arising from re-measuring net liabilities or net assets under defined benefit scheme
52
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
by the acquiree which shall be calculated under equity method.
In the consolidated financial statements, the previously-held equity interest of the acquiree is re-measured
according to the fair value at the acquisition date; the difference between the fair value and the carrying amount is
recognized as investment income for the current period; other comprehensive income involved in the
previously-held equity interest of the acquiree prior to the acquisition date shall be treated on the same basis as if
they were disposed of by the acquiree directly, namely be transferred to current investment income other than the
relevant part of the movement arising from re-measuring net liabilities or net assets under defined benefit scheme
by the acquiree which shall be calculated under equity method.
6. Preparation method for consolidated financial statement
1) Recognition principle of consolidated scope
The scope of consolidation of consolidated financial statements is ascertained on the basis of effective control.
Control is the right to govern an investee so as to obtain variable return through participating in the investee’s
relevant activities and the ability to affect such return by use of the aforesaid right over the investee. The
consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries.
Subsidiaries refer to entities regulated by the Company.
Once certain elements involved in the above definition of control change due to changes of relevant facts or
circumstances, the Company will make separate assessment.
2) Preparation of consolidated financial statements
Subsidiaries are consolidated from the date on which the company obtains their net assets and actual control over
their operating decisions, and are deconsolidated from the date that such control ceases. For subsidiaries being
disposed, the operating results and cash flows prior to the date of disposal are included in the consolidated income
statement and consolidated cash flow statement; for subsidiaries disposed during the period, the opening balances
of the consolidated balance sheet would not be restated. For subsidiaries acquired from a business combination
not under common control, their operating results and cash flows subsequent to the acquisition date are included
in the consolidated income statement and consolidated cash flow statement, and the opening balances and
comparative figures of the consolidated balance sheet would not be restated. For subsidiaries acquired from a
business combination under common control, their operating results and cash flows from the date of
53
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
commencement of the accounting period in which the combination occurred to the date of combination are
included in the consolidated income statement and consolidated cash flow statement, and the comparative figures
of the consolidated balance sheet would be restated.
In preparing the consolidated financial statements, where the accounting policies or the accounting periods are
inconsistent between the company and subsidiaries, the financial statements of subsidiaries are adjusted in
accordance with the accounting policies and accounting period of the company. For subsidiaries acquired from a
business combination not under common control, the financial statements of the subsidiaries are adjusted based on
the fair value of the identifiable net assets at the acquisition date.
All significant inter-group balances, transactions and unrealized profits are eliminated in the consolidated
financial statements.
The portion of a subsidiary’s equity and the portion of a subsidiary’s net profits and losses for the period not
attributable to company are recognized as minority interests and profits and losses attributable to minority
interests. Minority interest is presented separately in the consolidated balance sheet within shareholders’ equity.
Net profit or loss attributable to minority shareholders is presented separately in the consolidated income
statement under the net profit line item. When the amount of loss for the current period attributable to the minority
shareholders of a subsidiary exceeds the minority shareholders’ portion of the opening balance of shareholders’
equity of the subsidiary, the excess is allocated against the minority interests.
When the control over a subsidiary is ceased due to disposal of a portion of an interest in a subsidiary, the fair
value of the remaining equity interest is re-measured on the date when the control ceased. The difference between
the sum of the consideration received from disposal of equity interest and the fair value of the remaining equity
interest, less the net assets attributable to the company since the acquisition date, is recognized as the investment
income from the loss of control. Other comprehensive income relating to original equity investment in
subsidiaries shall be treated on the same basis as if the relevant assets or liabilities were disposed of by the
acquiree directly when the control is lost, namely be transferred to current investment income other than the
relevant part of the movement arising from re-measuring net liabilities or net assets under defined benefit scheme
by the original subsidiary.. Subsequent measurement of the remaining equity interests shall be in accordance with
relevant accounting standards such as ―Accounting Standards for business Enterprises 2 – Long-term Equity
Investments‖ or ―Accounting Standards for business Enterprises 22 – Financial Instruments Recognition and
Measurement‖, which are detailed in Note IV 13 ―Long-term equity investments‖ or Note IV 9 ―Financial
instruments‖.
54
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
The company shall determine whether loss of control arising from disposal in a series of transactions should be
regarded as a bundle of transactions. When the economic effects and terms and conditions of the disposal
transactions met one or more of the following situations, the transactions shall normally be accounted for as a
bundle of transactions: (i) The transactions are entered into after considering the mutual consequences of each
individual transaction; (ii) The transactions need to be considered as a whole in order to achieve a deal in
commercial sense; (iii) The occurrence of an individual transaction depends on the occurrence of one or more
individual transactions in the series; (iv) The result of an individual transaction is not economical, but it would be
economical after taking into account of other transactions in the series. When the transactions are not regarded as
a bundle of transactions, the individual transactions shall be accounted as ―disposal of a portion of an interest in a
subsidiary which does not lead to loss of control‖ (detailed in Note IV 13 (2) (iv)) and ―disposal of a portion of an
interest in a subsidiary which lead to loss of control‖ (detailed in previous paragraph). When the transactions are
regarded as a bundle of transactions, the transactions shall be accounted as a single disposal transaction; however,
the difference between the consideration received from disposal and the share of net assets disposed in each
individual transactions before loss of control shall be recognized as other comprehensive income, and reclassified
as profit or loss arising from the loss of control when control is lost.
7. Joint arrangement classification and accounting treatment for joint operations
A joint arrangement refers to an arrangement of two or more parties have joint control. In accordance with the
Company’s rights and obligation ns under a joint arrangement, the Company classifies joint arrangements into:
joint ventures and joint operations. Joint operations refer to a joint arrangement during which the Company is
entitled to relevant assets and obligations of this arrangement. Joint ventures refer to a joint arrangement during
which the Company only is entitled to net assets of this arrangement.
The Company treats investments in joint ventures by using the equity method of accounting in accordance with
accounting policies as set out in Note IV.13.(2) ② ―long-term equity investment by using equity method of
accounting‖.
The Company shall, as a joint venture, recognize the assets held and obligations assumed solely by the Company,
and recognize assets held and obligations assumed jointly by the Company in appropriation to the share of the
Company; recognize revenue from disposal of the share of joint operations of the Company; recognize fees solely
occurred by Company and recognize fees from joint operations in appropriation to the share of the Company.
When the Company, as a joint venture, invests or sells assets to or purchase assets (the assets dose not constitute a
business, the same below) from joint operations, the Company shall only recognize the part of profit or lost from
this transaction attributable to other parties of joint operations before these assets are sold to the third party. If the
occurrence of these assets meet the impairment loss of asset as set our in ―Accounting Standard for Business
Enterprises No. 8 – Asset Impairment‖, the Company shall recognize the full amount of this loss in relation to the
Company invests in or sells assets to joint operations; the Company recognize the loss according to the
55
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Company’s share of commitment in relation to the Company purchase assets from joint operations.
8. Determining standards for cash and cash equivalent
Cash and cash equivalent including stock cash, savings available for paid at any time and the cash held by the
Company with short terms(expired within 3 months since purchased), and liquid and easy to transfer as known
amount and investment with minor variation in risks.
9. Foreign currency business and conversion
(1) Conversion for foreign currency transaction
Foreign currency transactions are, on initial recognition, translated to the functional currency using the exchange
rates prevailing at the dates of the transactions, except when the Company carries on a business of currency
exchange or involves in currency exchange transactions, at which the actual exchange rates would be used.
(2) Foreign currency translations for foreign-currency monetary items and foreign-currency non-monetary items
At the balance sheet date, monetary items denominated in foreign currency are translated into the functional
currency using the spot rate of the balance sheet date. Exchange differences arising from these translations are
recognized in profit or loss for the current period, except for (i) those attributable to foreign currency borrowings
that have been taken out specifically for the acquisition, construction or production of qualifying assets, which are
capitalised as part of the cost of those assets; (ii)exchange difference of hedge instruments used as effective
hedging for net investment of overseas operations (this difference is included in other comprehensive income until
such net investment is disposed of, and is recognized as profit or loss for the current period upon such disposal) ;
and (iii) exchange difference arising from changes in carrying amount of available for sale foreign-currency
monetary items other than changes in amortized cost, which is recognized in other comprehensive income.
In case that preparation of consolidated financial statement involves overseas operation, and if there is foreign
currency monetary items that indeed constitute net investment in overseas operation, the exchange difference
arising from movement of exchange rate shall be included in other comprehensive income, and transferred to
current profit or loss for the current period when the overseas operation is disposed of.
Non-monetary items denominated in foreign currency that are measured in terms of historical cost are translated
into the functional currency at the balance sheet date using the spot rate at the date of the transactions.
Non-monetary items denominated in foreign currency that are measured at fair value are translated into the
functional currency using the spot rate on the date when fair value is determined and the resulting exchange
differences will be recognized as fair value change (including exchange difference) in profit or loss or in other
comprehensive income as capital reserve in the current year.
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(3) Translation of foreign currency financial statement
In case that preparation of consolidated financial statement involves overseas operation, and if there is foreign
currency monetary items that indeed constitute net investment in overseas operation, the exchange difference
arising from movement of exchange rate shall be recognized in other comprehensive income as ―foreign statement
translation difference‖, and transferred to current profit or loss for the current period when the overseas operation
is disposed of.
The following displays the methods for translating financial statements involving foreign operations into the
statements in RMB: The asset and liability items in the balance sheets for overseas operations are translated at the
spot exchange rates on the balance sheet date. Among the shareholders’ equity items, the items other than
―undistributed profits‖ are translated at the spot exchange rates of the transaction dates. The income and expense
items in the income statements of overseas operations are translated at the spot exchange rates of the transaction
dates. Opening balance of undistributed profits is equal to the closing balance of undistributed profits after
translation in last year; closing balance of undistributed profit is computed according to the items in profit
distribution after translation. The exchange difference arising from translation of assets, liabilities and equity items
are recognized in other comprehensive income and is shown separately under shareholders’ equity in the balance
sheet, such exchange difference will be reclassified to profit or loss in current year when the foreign operation is
disposed according to the proportion of disposal.
The cash flows of overseas operations are translated at the spot exchange rates on the dates of the cash flows. The
effect of exchange rate changes on cash is presented separately in the cash flow statement.
The opening balance and the prior year’s figures are presented according to the translated amounts of the prior
year.
On disposal of the entire owners’ equity in a foreign operation of the Company, or upon a loss of control over a
foreign operation due to disposal of certain equity investment or other reasons, the Company transfers the
exchange differences arising on translation of financial statements of this foreign operation attributable to owners’
equity of parent company presented under owners’ equity in the balance sheet, to profit or loss in the period in
which the disposal took place.
In case of partial disposal of equity investment or other reason that result in reduction in shareholding in a foreign
operation without losing control over it, the proportionate share of exchange differences arising from the
translation of financial statements will attributable to minority interests and will not recognized in profit or loss.
For partial disposals of equity interests in foreign operations which are associates or joint ventures, the
proportionate share of the exchange differences arising from the translation of financial statements of foreign
operations is reclassified to profit or loss.
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10. Financial instrument
Financial asset or financial liability will be recognized when the Group became one of the parties under a financial
instrument contract. Financial assets and financial liabilities are initially recognized at fair value. For financial
assets and financial liabilities at fair value through profit or loss, relevant transaction costs are directly recognized
in profit or loss for the period. For financial assets and financial liabilities classified as other categories, relevant
transaction costs are included in the amount initially recognized.
1) Determination of fair values for financial assets and financial liabilities
The fair value refers to the price that will be received when selling an asset or the price to be paid to transfer a
liability in an orderly transaction between market participants on the date of measurement. Financial instruments
exist in an active market. Fair value is determined based on the quoted price in such market. An active market
refers to where pricing is easily and regularly obtained from exchanges, brokers, industrial organizations and price
fixing service organizations, representing the actual price of a market transaction that takes place in a fair deal.
While financial instruments do not exist in an active market, the fair value is determined using valuation
techniques. Valuation technologies include reference to be familiar with situation and prices reached in recent
market transactions entered into by both willing parties, reference to present fair values of similar other financial
instruments, cash flow discounting method and option pricing models.
2) Classification, recognition and measurement of financial assets
Conventionally traded financial assets shall be recognized and derecognized at the trading date. Financial assets
shall be classified into financial assets at fair value through profit and loss, held-to-maturity investment, loans and
accounts receivable and available-for-sale financial assets for initial recognition.
①Financial assets at fair value through profit or loss
They include financial assets held for trading and financial assets designated as at fair value through profit or loss
for the current period.
Financial assets may be classified as financial assets held for trading if one of the following conditions is met: A.
the financial assets is acquired or incurred principally for the purpose of selling it in the near term; B. the financial
assets is part of a portfolio of identified financial instruments that are managed together and for which there is
objective evidence of a recent pattern of short-term profit-taking; or C. the financial assets is a derivative,
excluding the derivatives designated as effective hedging instruments, the derivatives classified as financial
guarantee contract, and the derivatives linked to an equity instrument investment which has no quoted price in an
active market nor a reliably measured fair value and are required to be settled through that equity instrument.
A financial asset may be designated as at fair value through profit or loss upon initial recognition only when one
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of the following conditions is satisfied: A. Such designation eliminates or significantly reduces a measurement or
recognition inconsistency that would otherwise result from measuring assets or recognizing the gains or losses on
them on different bases; or B. The financial asset forms part of a group of financial assets or a group of financial
assets and financial liabilities, which is managed and its performance is evaluated on a fair value basis, in
accordance with the Group’s documented risk management or investment strategy, and information about the
grouping is reported to key management personnel on that basis.
A financial asset at fair value through profit or loss is subsequently measured at fair value. Any gains or losses
arising from changes in the fair value and any dividend or interest income earned on the financial asset are
recognized in profit or loss in the current period.
②Held-to-maturity investment
The non-derivative financial assets with maturity date, fix return amount or amount able to determined, and the
Company held with specific intention and ability.
Held-to-maturity investment adopts effective interest method and carry out subsequent measure on amortized cost,
the incomes and losses arising from derecognition, impairment or amortization shall reckoned into current
gains/losses/
The effective interest method is a method of calculating the amortized cost of a financial asset and of allocating
interest income or expense over each period based on the effective interest of a financial asset or a financial
liability (including a group of financial assets or financial liabilities). The effective interest is the rate that
discounts future cash flows from the financial asset or financial liability over its expected life or (where
appropriate) a shorter period to the carrying amount of the financial asset or financial liability.
In calculating the effective interest rate, the Group will estimate the future cash flows (excluding future credit
losses) by taking into account all contract terms relating to the financial assets or financial liabilities whilst
considering various fees, transaction costs and discounts or premiums which are part of the effective interest rate
paid or received between the parties to the financial assets or financial liabilities contracts.
③Loan and account receivable
Refers to the non-derivative financial assets for which there is no quoted price in the active market and of which
the repo amount is fixed or determinable. The financial assets classify as loans and account receivables including
note receivable, account receivable, interest receivable, dividend receivable and other account receivables etc.
Loans and account receivables subsequently stated at amortized cost using the effective interest method; the gains
or losses arising from derecognition, impairment incurred or amortization shall reckoned into current gains/losses.
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④Financial assets available for sale
Including the non-derivative financial assets initial recognition that is appointed as available for sale, and except
for the financial assets measured by fair value and with its variation reckoned into current gains/losses as financial
assets, loans and receivables and held-to-maturity investment.
The closing cost of available-for-sale debt instrument investment is determined based on its amortized cost,
namely the initial recognition amount less the repaid principal plus or less the accumulated amortization amount
as amortized against the difference between the initial recognition amount and amount as of the maturity date at
effective interest method, and less the occurred impairment loss. The closing cost of available-for-sale equity
instrument investment refers to the acquisition cost.
Available-for-sale financial assets are subsequently measured at fair value. The gain or loss on change in fair value
are recognized as other comprehensive income, except for impairment loss and exchange differences arising from
foreign monetary financial assets and amortized cost which are accounted for through profit or loss for the current
period. The financial assets will be transferred out of the financial assets on derecognition and accounted for
through profit or loss for the current period. However, equity investment that is not quoted in an active market and
the fair value of which cannot be measured reliably and derivative financial assets related to the equity instrument
which must be settled by delivery of such equity instrument are subsequently measured at cost.
Interests received from available-for-sale financial assets held and the cash dividends declared by the investee are
recognized as investment income.
3) Impairment of financial assets
In addition to financial assets at fair value through profit or loss for the current period, the Group reviews the book
value of other financial assets at each balance sheet date and provide for impairment where there is objective
evidence that financial assets are impaired.
For a financial asset that is individually significant, the Group assesses the asset individually for impairment. For
a financial asset that is not individually significant, the Group assess the asset individually for impairment or
include the asset in a group of financial assets with similar credit risk characteristics and collectively assess them
for impairment. If it is determined that no objective evidence of impairment exists for an individually assessed
financial asset, whether the financial asset is individually significant or not, the financial asset is included in a
group of financial assets with similar credit risk characteristics and collectively assessed for impairment. Financial
assets for which an impairment loss is individually recognized are not included in the collective assessment for
impairment.
①Impairment of held-to-maturity investments, loans and receivables
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The carrying amount of financial assets measured as costs or amortized costs are subsequently reduced to the
present value discounted from its projected future cash flow. The reduced amount is recognized as impairment
loss and recorded as profit or loss for the period. After recognition of the impairment loss from financial assets, if
there is objective evidence showing recovery in value of such financial assets impaired and which is related to any
event occurring after such recognition, the impairment loss originally recognized shall be reversed to the extent
that the carrying value of the financial assets upon reversal will not exceed the amortized cost as at the reversal
date assuming there is no provision for impairment.
②Impairment of available-for-sale financial assets
In the event that decline in fair value of the available-for-sale equity instrument is regarded as ―severe decline‖ or
―non-temporary decline‖ on the basis of comprehensive related factors, it indicates that there is impairment loss of
the available-for-sale equity instrument. In particular, ―severe decline‖ refers to fair value is lower than 50% of
the cost price and last for over one year. ―Non-temporary decline‖ refers to fair value is lower than 80% of the
cost price and last for over three years.
When the available-for-sale financial assets impair, the accumulated loss originally included in the other
comprehensive income arising from the decrease in fair value was transferred out from the capital reserve and
included in the profit or loss for the period. The accumulated loss that transferred out from the capital reserve is
the balance of the acquired initial cost of asset, after deduction of the principal recovered, amortized amounts,
current fair value and the impairment loss originally included in the profit or loss.
After recognition of the impairment loss, if there is objective evidence showing recovery in value of such financial
assets impaired and which is related to any event occurring after such recognition in subsequent periods, the
impairment loss originally recognized shall be reversed. The impairment loss reversal of the available-for-sale
equity instrument will be recognized as other comprehensive income, and the impairment loss reversal of the
available-for-sale debt instrument will be included in the profit or loss for the period.
When an equity investment that is not quoted in an active market and the fair value of which cannot be measured
reliably, or the impairment loss of a derivative financial asset linked to the equity instrument that shall be settled
by delivery of that equity instrument, then it will not be reversed.
4) Recognition and measurement of transfers of financial asset
Financial asset that satisfied any of the following criteria shall be derecognized: ① the contract right to recover
the cash flows of the financial asset has terminated; ② the financial asset, along with substantially all the risk
and return arising from the ownership of the financial asset, has been transferred to the transferee; and ③ the
financial asset has been transferred to the transferee, and the transferor has given up the control on such financial
asset, though it does not assign maintain substantially all the risk and return arising from the ownership of the
financial asset.
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When the entity does not either assign or maintain substantially all the risk and return arising from the ownership
of the financial asset and does not give up the control on such financial asset, to the extent of its continuous
involvement in the financial asset, the entity recognizes it as a related financial asset and recognizes the relevant
liability accordingly. The extent of the continuous involvement is the extent to which the entity exposes to
changes in the value of such financial assets.
On derecognition of a financial asset, the difference between the following amounts is recognized in profit or loss
for the current period: the carrying amount and the sum of the consideration received and any accumulated gain or
loss that had been recognized directly in equity.
If a part of the financial assets qualifies for derecognition, the carrying amount of the financial asset is allocated
between the part that continues to be recognized and the part that qualifies for derecognition, based on the fair
values of the respective parts. The difference between the following amounts is recognized in profit or loss for the
period: the sum of the consideration received and the carrying amount of the part that qualifies for derecognition
and the aforementioned carrying amount.
For financial assets that are sold or transferred with recourse or endorsement, the Company need to determine
whether the risk and rewards of ownership of the financial asset have been substantially transferred. If the risk and
rewards of ownership of the financial asset have been substantially transferred, the financial assets shall be
derecognized. If the risk and rewards of ownership of the financial asset have been retained, the financial assets
shall not be derecognized. If the Company neither transfers nor retains substantially all the risks and rewards of
ownership of the financial asset, the Company shall assess whether the control over the financial asset is retained,
and the financial assets shall be accounting for according to the above paragraphs.
5) Category and measurement of financial liability
Financial liability divide into financial liability and other financial liability which are measured by fair value and
with its variation reckoned into current gains/losses, while initially recognized. The financial liability initially
recognized shall be measured at their fair values. As for the financial liability measured by fair value and with its
variation reckoned into current gains/losses, relevant transaction expenses shall reckoned into current gains/losses
directly; and for the other financial liability, relevant transaction expenses shall be reckoned as initial
recognization amount.
①Financial liability measured by fair value and with its variation reckoned into current gains/losses
Financial liability held for trading and financial liability designated as at fair value through profit and loss meet
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the same condition to classify financial assets as financial assets held for trading and financial assets designated as
at fair value through profit and loss.
Subsequent measurement of liability at fair value through profit or loss is based on fair value. The gain or loss
arising from the change in fair value and the dividend and interest expenses related to the financial liability are
included into the current profit or loss.
②Other financial liabilities
Other financial liabilities which have no quoted price in an active market, or are linked to equity instrument
without a reliably measured fair value and are required to be settled through that equity instrument are
subsequently measured based on cost. Other financial liabilities are subsequently measured based on amortized
cost using the effective interest rate method. The gain or loss arising from discontinuing recognition or
amortization is included in current profit or loss.
③Financial guarantee contracts and loan commitment
Financial guarantee contracts other than those designated as financial liabilities at fair value through profit or loss
or loan commitments that are not designated at fair value through profit or loss and granted at a rate below market
rates are initially recognized at fair value, and shall be subsequently measured at the higher of the following: the
amount determined in accordance with CAS 13 ―Contingencies‖ and the amount initially recognized less
cumulative amortization recognized in accordance with the principles set out in CAS No. 14‖Revenue‖.
6) Derecognition of Financial Liabilities
The Group derecognizes a financial liability (or part of it) only when the underlying present obligation (or part of
it) is discharged. An agreement between the Group (an existing borrower) and an existing lender to replace the
original financial liability with a new financial liability with substantially different terms is accounted for as an
extinguishment of the original financial liability and the recognition of a new financial liability.
When the Group derecognizes a financial liability or a part of it, it recognizes the difference between the carrying
amount of the financial liability (or part of the financial liability) derecognized and the consideration paid
(including any non-cash assets transferred or new financial liabilities assumed) in profit or loss.
7) Derivatives and embedded derivatives
Derivative financial instruments initially recognize at fair value at the contract date, and subsequently measured at
their fair value. Except for designated as hedge instrument and high effective hedging instruments, the gain or loss
arising from changes in fair value shall be recognized into related period profit or loss on the basis of accounting
standards of hedging accounting based on hedge characteristics, and fair value change of other derivative
instruments is recorded to current profit or loss.
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For hybrid instrument with embedded derivatives, where the hybrid instrument is not designated as a financial
asset or financial liability at FVTPL, and the economic characteristics and risks of the embedded derivatives are
not closely related to that of the host contract and the conditions of which are the same as that of the embedded
derivatives and a separate instrument meet the definition of a derivative, the embedded derivatives are separated
from the hybrid instrument. If the Group is unable to measure the embedded derivative separately either at
acquisition or at a subsequent balance sheet date, it designates the entire hybrid instrument as a financial asset or
financial liability at FVTPL.
8) Offsetting financial assets and financial liabilities
Where the Group has current enforceable legal rights to offset the recognized financial assets and financial
liabilities, and intends either to settle on a net basis, or to realize the financial asset and settle the financial liability
simultaneously, the amount after offsetting the financial assets and the financial liabilities is presented in the
balance sheet. Except for the above circumstances, financial assets and financial liabilities shall be presented
separately in the balance sheet and shall not be offset.
9) Equity instruments
An equity instrument is a contract that evidences a residual interest in the assets of the Group after deducting all of
its liabilities. The Company issues (including refinancing), repurchases, sells or cancels equity instruments as
treatment for change of equity. The Company does not recognize change of fair value of equity instrument.
Transaction fees related to equity transactions are deducted from equity.
All types of distributions (excluding share dividends) made by the Group to holders of equity instruments are
charged to shareholders’ equity. The Group does not recognize any changes in the fair value of equity
instruments.
11. Account receivable
(1) Account Receivable Withdrawal method on single significant amount and with bad debt provision
accrued for single item
Determine basis or amount standards for Single Significant
The account receivable over RMB 5 million
Amount
Impairment testing for the receivables independently with single
significant amount, if no impairment being found in financial
Withdrawal method on single significant amount and with bad
assets, testing in the assets portfolio with similar risk. If
debt provision accrued for single item
impairment losses being recognized, than not testing in the
receivable combination with similar risk.
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(2) Receivables with bad debt provision accrual by credit portfolio
Combination Bad debt provision accrual
Age group Aging analysis
Adopt age analysis method for bad debt provision withdrawal in combination:
√ Applicable □ Not applicable
Age Accrued ratio for account receivable Accrued ratio for other account receivable
within one year (1 year included) 0.30% 0.30%
1－2 years 0.30% 0.30%
2－3 years 0.30% 0.30%
Over 3 years 100.00% 100.00%
In combination, accrual bad debt provision with percentage of receivables:
□ Applicable √ Not applicable
In combination, accrual bad debt provision with other method:
□ Applicable √ Not applicable
(3) Account receivable with minor single amount but with withdrawal bad debt provision for single item:
Reasons of withdrawal bad debt provision for single item Clearly evidence shows that the account hard to recover
Recognized impairment loss and accrued the bad debt provision
Withdrawal method for bad debt provision according to the balance between future cash flow on account
receivable and its book value
12. Inventory
(1) Classification of inventory
The inventory of the Company refers to such seven classifications as the raw materials, product in process, goods
on hand, wrap page, low value consumables, materials for consigned processing and goods sold.
(2)Valuing of the delivered and received inventory
Purchasing and storage for the inventory are priced at actual costs, inventory cost including purchasing cost,
processing cost and other expenses belongs to the inventory costs, and the expenses qualify capitalization of
borrowing costs condition. Determined the amount for inventory by perpetual inventory system.
3) Basis for determining net realizable value of inventories and provision methods for decline in value of
inventories
Net realizablevalue is the estimated selling price in the ordinary course of business less the estimated costs of
completion, the estimated costs necessary to make the sale and relevant taxes. Net realizable value is determined
on the basis of clear evidence obtained, and takes into consideration the purposes of holding inventories and effect
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of post balance sheet events.
At the balance sheet date, inventories are measured at the lower of cost and net realizable value. If the net
realizable value is below the cost of inventories, a provision for decline in value of inventories is made. Provision
for decline in value of inventories is generally made based on the difference between the cost of single item of
inventory and its net realizable value. As for inventories with huge number and relatively low unit price, such
provision is made under categories of inventories; as for inventories related to a series of products produced and
sold in the same region, with same or similar ultimate usage or purpose and for which it is difficult to be measured
separately from other items, such provision can be made on a consolidated basis.
After the provision for decline in value of inventories is made, if the circumstances that previously caused
inventories to be written down below cost no longer exist so that the net realizable value of inventories is higher
than their cost, the original provision for decline in value is reversed and the reversal is included in profit or loss
for the period.
4) Inventory system
Perpetual inventory system
5) Amortization method for the low-value consumables and wrappage
The Company adopts one-off amortization method to amortize the low-value consumables.
The Company adopts one-off amortization method to amortize the wrappage at the time of receipt.
13. Classified as assets held for sale
If a non-current asset can be promptly sold at its existing status only according to the practice terms in connection
with disposal of this kind of assets, and the Company has already made resolution on disposal of the non-current
asset and entered into irrevocable transfer agreement with the transferee, and this transfer will be completed
within one year, then the non-current asset would be calculated as non-current asset held for sale which would be
not applicable to depreciation or amortization since the date of classification as asset held for sale, and would be
measured at the lower of its carrying value less disposal cost and fair value less disposal cost. Non-current asset
held for sale consists of single item asset and disposal group. If a disposal group is a group of assets as defined by
No.8 of Business Accounting Standards-Assets Impairment, and goodwill arising from business combination shall
be allocated to the group of assets under this accounting principle, or the disposal group constitutes one operation
of the group of assets, then the disposal group includes the goodwill arising from business combination.
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For single non-current asset and asset in disposal group classified as assets held for sale, they shall be presented in
balance sheet separately as current assets. For liabilities in disposal group relating to the transferred assets
classified as assets held for sale, they shall be presented in balance sheet separately as current liabilities.
If an asset or disposal group classified as held for sale no longer meets the recognition condition as non-current
asset held for sale, the Company will cease such recognition and measure the asset at the lower of (1)the carrying
value of the asset or disposal group prior to being classified as held for sale, based on the amount adjusted with
the depreciation, amortisation or impairment which should have been recognized assuming it had not been
classified as held for sale; (2)the recoverable amount on the date when the Company decides to cease disposal.
14. Long-term equity investments
Long-term equity investments under this section refer to long-term equity investments in which the Company has
control, joint control or significant influence over the investee. Long-term equity investment without control or
joint control or significant influence of the Group is accounted for as available-for-sale financial assets or
financial assets measured at fair value with any change in fair value charged to profit or loss. Details on its
accounting policy please refer to Note 10. ―Financial instruments‖.
Joint control is the Company’s contractually agreed sharing of control over an arrangement, which relevant
activities of such arrangement must be decided by unanimously agreement from parties who share control.
Significant influence is the power of the Company to participate in the financial and operating policy decisions of
an investee, but to fail to control or joint control the formulation of such policies together with other parties.
1) Determination of investment cost
For a long-term equity investment acquired through a business combination involving enterprises under common
control, the initial investment cost of the long-term equity investment shall be the absorbing party’s share of the
carrying amount of the owner’s equity under the consolidated financial statements of the ultimate controlling
party on the date of combination. The difference between the initial cost of the long-term equity investment and
the cash paid, non-cash assets transferred as well as the book value of the debts borne by the absorbing party shall
offset against the capital reserve. If the capital reserve is insufficient to offset, the retained earnings shall be
adjusted. If the consideration of the merger is satisfied by issue of equity securities, the initial investment cost of
the long-term equity investment shall be the absorbing party’s share of the carrying amount of the owner’s equity
under the consolidated financial statements of the ultimate controlling party on the date of combination. With the
total face value of the shares issued as share capital, the difference between the initial cost of the long-term equity
investment and total face value of the shares issued shall be used to offset against the capital reserve. If the capital
reserve is insufficient to offset, the retained earnings shall be adjusted. For business combination resulted in an
enterprise under common control by acquiring equity of the absorbing party under common control through a
stage-up approach with several transactions, these transactions will be judged whether they shall be treat as
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―transactions in a basket‖. If they belong to ―transactions in a basket‖, these transactions will be accounted for a
transaction in obtaining control. If they are not belong to ―transactions in a basket‖, the initial investment cost of
the long-term equity investment shall be the absorbing party’s share of the carrying amount of the owner’s equity
under the consolidated financial statements of the ultimate controlling party on the date of combination. The
difference between the initial cost of the long-term equity investment and the aggregate of the carrying amount of
the long-term equity investment before merging and the carrying amount the additional consideration paid for
further share acquisition on the date of combination shall offset against the capital reserve. If the capital reserve is
insufficient to offset, the retained earnings shall be adjusted. Other comprehensive income recognized as a result
of the previously held equity investment accounted for using equity method on the date of combination or
recognized for available-for-sale financial assets will not be accounted for.
For a long-term equity investment acquired through a business combination involving enterprises not under
common control, the initial investment cost of the long-term equity investment shall be the cost of combination on
the date of acquisition. Cost of combination includes the aggregate fair value of assets paid by the acquirer,
liabilities incurred or borne and equity securities issued. For business combination resulted in an enterprise not
under common control by acquiring equity of the acquire under common control through a stage-up approach with
several transactions, these transactions will be judged whether they shall be treat as ―transactions in a basket‖. If
they belong to ―transactions in a basket‖, these transactions will be accounted for a transaction in obtaining
control. If they are not belong to ―transactions in a basket‖, the initial investment cost of the long-term equity
investment accounted for using cost method shall be the aggregate of the carrying amount of equity investment
previously held by the acquire and the additional investment cost. For previously held equity accounted for using
equity method, relevant other comprehensive income will not be accounted for. For previously held equity
investment classified as available-for-sale financial asset, the difference between its fair value and carrying
amount, as well as the accumulated movement in fair value previously included in the other comprehensive
income shall be transferred to profit or loss for the current period.
Agent fees incurred by the absorbing party or acquirer for the acquisition such as audit, legal service, and
valuation and consultation fees, and other related administration expenses are charged to profit or loss in the
current period at the time such expenses incurred.
The long-term equity investment acquired through means other than a business combination shall be initially
measured at its cost. Such cost is depended upon the acquired means of long-term equity investments, which is
recognized based on the purchase cost actually paid by the Company in cash, the fair value of equity securities
issued by the Group, the agreed value of investment contract or agreement, the fair value or original carrying
amounts of the non-monetary asset exchange transaction which the asset will be transferred out of the Company,
and the fair value of long-term equity investment itself. The costs, taxes and other necessary expenses that are
directly attributable to the acquisition of the long-term equity investments are also included in the investment cost.
For additional equity investment made in order to obtain significant influence or common control over investee
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without resulted in control, the relevant cost for long-term equity investment shall be the aggregate of fair value of
previously held equity investment and additional investment cost determined according to ―Accounting Standard
for Business Enterprises No. 22 – Recognition and measurement of Financial Instruments‖.
2) Subsequent measurement and method for profit or loss recognition
Long-term equity investments with joint control (excluding those constitute joint ventures) or significant influence
on the investee are accounted for using equity method. In addition, long-term equity investments with control on
the investee are accounted for using cost method and record in the Company’s financial statements.
①Long-term equity investments accounted for using the cost method
Under the cost method, a long-term equity investment is measured at its initial investment cost. The cost for
long-term equity investment is adjusted in the event of additional investment or investment recovery. Except
receiving the actual consideration paid for the investment or the declared but not yet distributed cash dividends or
profits which is included in the consideration, investment gains for the period is recognized as the cash dividends
or profits declared by the investee.
②Long-term equity investments accounted for using the equity method
Under the equity method, where the initial investment cost of a long-term equity investment exceeds the
investor’s interest in the fair value of the investee’s identifiable net assets at the acquisition date, no adjustment
shall be made to the initial investment cost. Where the initial investment cost is less than the investor’s interest in
the fair value of the investee’s identifiable net assets at the acquisition date, the difference shall be charged to
profit or loss for the current period, and the cost of the long term equity investment shall be adjusted accordingly.
Under the equity method, investment gain and other comprehensive income shall be recognized based on the
Group’s share of the net profits or losses and other comprehensive income made by the investee, respectively.
Meanwhile, the carrying amount of long-term equity investment shall be adjusted. The carrying amount of
long-term equity investment shall be reduced based on the Group’s share of profit or cash dividend distributed by
the investee. In respect of the other movement of net profit or loss, other comprehensive income and profit
distribution of investee, the carrying value of long-term equity investment shall be adjusted and included in the
capital reserves. The Group shall recognise its share of the investee’s net profits or losses based on the fair values
of the investee’s individual separately identifiable assets at the time of acquisition, after making appropriate
adjustments thereto. In the event of inconformity between the accounting policies and accounting periods of the
investee and the Company, the financial statements of the investee shall be adjusted in conformity with the
accounting policies and accounting periods of the Company. Investment gain and other comprehensive income
shall be recognized accordingly. In respect of the transactions between the Group and its associates and joint
ventures in which the assets disposed of or sold are not classified as operation, the share of unrealised gain or loss
arising from inter-group transactions shall be eliminated by the portion attributable to the Company. Investment
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gain shall be recognized accordingly. However, any unrealised loss arising from inter-group transactions between
the Group and an investee is not eliminated to the extent that the loss is impairment loss of the transferred assets.
In the event that the Group disposed of an asset classified as operation to its joint ventures or associates, which
resulted in acquisition of long-term equity investment by the investor without obtaining control, the initial
investment cost of additional long-term equity investment shall be the fair value of disposed operation. The
difference between initial investment cost and the carrying value of disposed operation will be fully included in
profit or loss for the current period. In the event that the Group sold an asset classified as operation to its
associates or joint ventures, the difference between the carrying value of consideration received and operation
shall be fully included in profit or loss for the current period. In the event that the Company acquired an asset
which formed an operation from its associates or joint ventures, relevant transaction shall be accounted for in
accordance with ―Accounting Standards for Business Enterprises No. 20 ―Business combination‖. All profit or
loss related to the transaction shall be accounted for.
The Group’s share of net losses of the investee shall be recognized to the extent that the carrying amount of the
long-term equity investment together with any long-term interests that in substance form part of the investor’s net
investment in the investee are reduced to zero. If the Group has to assume additional obligations, the estimated
obligation assumed shall be provided for and charged to the profit or loss as investment loss for the period. Where
the investee is making profits in subsequent periods, the Group shall resume recognizing its share of profits after
setting off against the share of unrecognized losses.
③Acquisition of minority interest
Upon the preparation of the consolidated financial statements, since acquisition of minority interest increased of
long-term equity investment which was compared to fair value of identifiable net assets recognized which are
measured based on the continuous measurement since the acquisition date (or combination date) of subsidiaries
attributable to the Group calculated according to the proportion of newly acquired shares, the difference of which
recognized as adjusted capital surplus, capital surplus insufficient to set off impairment and adjusted retained
earnings.
④Disposal of long-term equity investments
In these consolidated financial statements, for disposal of a portion of the long-term equity investments in a
subsidiary without loss of control, the difference between disposal cost and disposal of long-term equity
investments relative to the net assets of the subsidiary is charged to the owners’ equity. If disposal of a portion of
the long-term equity investments in a subsidiary by the parent company results in a change in control, it shall be
accounted for in accordance with the relevant accounting policies as described in Note 6. (2) ―Preparation Method
of the Consolidated Financial Statements‖.
On disposal of a long-term equity investment otherwise, the difference between the carrying amount of the
investment and the actual consideration paid is recognized through profit or loss in the current period.
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In respect of long-term equity investment accounted for using equity method with the remaining equity interest
after disposal also accounted for using equity method, other comprehensive income previously under owners’
equity shall be accounted for in accordance with the same accounting treatment for direct disposal of relevant
asset or liability by investee on pro rata basis at the time of disposal. The owners’ equity recognized for the
movement of other owners’ equity (excluding net profit or loss, other comprehensive income and profit
distribution of investee) shall be transferred to profit or loss for the current period on pro rata basis.
In the event of loss of control over investee due to partial disposal of equity investment by the Group, in preparing
separate financial statements, the remaining equity interest which can apply common control or impose significant
influence over the investee after disposal shall be accounted for using equity method. Such remaining equity
interest shall be treated as accounting for using equity method since it is obtained and adjustment was made
accordingly. For remaining equity interest which cannot apply common control or impose significant influence
over the investee after disposal, it shall be accounted for using the recognition and measurement standard of
financial instruments. The difference between its fair value and carrying amount as at the date of losing control
shall be included in profit or loss for the current period. In respect of other comprehensive income recognized
using equity method or the recognition and measurement standard of financial instruments before the Group
obtained control over the investee, it shall be accounted for in accordance with the same accounting treatment for
direct disposal of relevant asset or liability by investee at the time when the control over investee is lost.
Movement of other owners’ equity (excluding net profit or loss, other comprehensive income and profit
distribution under net asset of investee accounted for and recognized using equity method) shall be transferred to
profit or loss for the current period at the time when the control over investee is lost. Of which, for the remaining
equity interest after disposal accounted for using equity method, other comprehensive income and other owners’
equity shall be transferred on pro rata basis. For the remaining equity interest after disposal accounted for using
the recognition and measurement standard of financial instruments, other comprehensive income and other
owners’ equity shall be fully transferred.
In the event of loss of common control or significant influence over investee due to partial disposal of equity
investment by the Group, the remaining equity interest after disposal shall be accounted for using the recognition
and measurement standard of financial instruments. The difference between its fair value and carrying amount as
at the date of losing common control or significant influence shall be included in profit or loss for the current
period. In respect of other comprehensive income recognized under previous equity investment using equity
method, it shall be accounted for in accordance with the same accounting treatment for direct disposal of relevant
asset or liability by investee at the time when equity method was ceased to be used. Movement of other owners’
equity (excluding net profit or loss, other comprehensive income and profit distribution under net asset of investee
accounted for and recognized using equity method) shall be transferred to profit or loss for the current period at
the time when equity method was ceased to be used.
The Group disposes its equity investment in subsidiary by a stage-up approach with several transactions until the
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control over the subsidiary is lost. If the said transactions belong to ―transactions in a basket‖, each transaction
shall be accounted for as a single transaction of disposing equity investment of subsidiary and loss of control. The
difference between the disposal consideration for each transaction and the carrying amount of the corresponding
long-term equity investment of disposed equity interest before loss of control shall initially recognized as other
comprehensive income, and subsequently transferred to profit or loss arising from loss of control for the current
period upon loss of control.
15. Investment property
Measurement mode
Measured by cost method
Depreciation or amortization method
Investment property refers to real estate held to earn rentals or for capital appreciation, or both. Including the
leased land use right, land use right held for transfer upon appreciation, leased buildings, etc. in addition, in
connection with the vacant buildings held by the Company for operating lease, if the board of directors (or similar
organ) makes written resolution that the buildings are to be used for operating lease and the holding purpose will
not change in a short time, these buildings will be stated as investment properties.
Investment property is initially measured at cost. Subsequent expenditures related to an investment property shall
be included in cost of investment property only when the economic benefits associated with the asset will likely
flow to the Group and its cost can be measured reliably. All other expenditures on investment property shall be
included in profit or loss for the current period when incurred.
The Group adopts cost method for subsequent measurement of investment property, which is depreciated using
the same policy as that for buildings and land use rights.
Impairment test method and impairment provision method in relation to investment property is detailed in note
IV.20 ―Long term assets impairment‖
In the event that an investment property is converted to an owner-occupied property, such property shall become
fixed assets or intangible assets since the date of its conversion. In the event that an owner-occupied property is
converted to real estate held to earn rentals or for capital appreciation, such fixed assets or intangible assets shall
become an investment property since the date of its conversion. Investment property is measured at cost during its
conversion. Upon the conversion, the property shall be stated at the carrying amount prior to the conversion.
If an investment property is disposed of or if it withdraws permanently from use and no economic benefit will be
obtained from the disposal, the recognition of it as an investment property shall be terminated. When an
investment property is sold, transferred, retired or damaged, the amount of proceeds on disposal of the property
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net of the carrying amount and related tax and surcharges is recognized in profit or loss for the current period.
16. Fixed assets
(1) Confirmation conditions
Fixed assets refer to the tangible assets for production of products, provision of labor, lease or operation, and with a service life in
excess of 1 financial year. Fixed assets are recognized while relevant economic interests flow into the Company and the cost is can be
reliably measured. Fixed assets shall be initially measured according to the cost and take the predicted discard expenses into
consideration.
(2) Depreciation methods
Categories Method Years of depreciation Scrap value rate Yearly depreciation rate
Housing buildings Straight-line depreciation 20% 10% 4.5%
Machines and equipment Straight-line depreciation 10% 10% 9%
Office equipment Straight-line depreciation 5% 10% 18%
Electronic equipment Straight-line depreciation 5% 10% 18%
Transportation
Straight-line depreciation 5% 10% 18%
equipment
Other equipment Straight-line depreciation 5% 10% 18%
(3) Recognization basis, valuation and depreciation method for financial lease assets
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and
rewards of asset ownership to the lessee and titles to the assets may or may not eventually be transferred. For
fixed assets acquired under finance leases, the basis for provision of leased assets depreciation is the same as that
of self-owned fixed assets. When it can be reasonably determined that the ownership of a leased asset will be
transferred at the end of the lease term, it is depreciated over the period of expected use; otherwise, the lease asset
is depreciated over the shorter period of the lease term and the period of expected use.
17. Project under Construction
Costs of construction in progress are recognized by actual construction expenses, including vary engineering
spendings in construction period, the capitalized borrowing cost and other related costs before the construction
reaches condition for planned use. When construction in progress reaches condition for planned use, it shall be
carried forward to fixed assets.
Impairment testing and provision for impairment found more in ―22. Long-term assets impairment‖
18. Borrowing costs
Borrowing costs include interest, amortization of discounts or premiums related to borrowings, ancillary costs
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incurred in connection with the arrangement of borrowings, and exchange differences arising from foreign
currency borrowings. For borrowing costs that are directly attributable to the acquisition, construction or
production of a qualifying asset, when expenditures for the asset and borrowing costs are being incurred, activities
relating to the acquisition, construction or production of the asset that are necessary to prepare the asset for its
intended use or sale have commenced, such borrowing costs shall be capitalized as part of the cost of that asset;
and capitalization shall discontinue when the qualifying asset is ready for its intended use or sale. Other borrowing
costs shall be recognized as expense in the period in which they are incurred.
Where funds are borrowed for a specific purpose, the amount of interest to be capitalized shall be the actual
interest expense incurred on that borrowing for the period less any bank interest earned from depositing the
borrowed funds before being used into banks or any investment income on the temporary investment of those
funds. Where funds are borrowed for general purpose, the Group shall determine the amount of interest to be
capitalized on such borrowings by applying a capitalization rate to the weighted average of the excess amounts of
cumulative expenditures on the asset over and above the amounts of specific-purpose borrowings. The
capitalization rate shall be the weighted average of the interest rates applicable to the general-purpose borrowings.
During the capitalization period, exchange differences on a specific purpose borrowing denominated in foreign
currency shall be capitalized. Exchange differences related to general-purpose borrowings denominated in foreign
currency shall be included in profit or loss for the current period.
Qualifying assets are assets (fixed assets, investment property, inventories, etc.) that necessarily take a substantial
period of time for acquisition, construction or production to get ready for their intended use or sale.
Capitalization of borrowing costs shall be suspended during periods in which the acquisition, construction or
production of a qualifying asset is interrupted abnormally, when the interruption is for a continuous period of
more than 3 months, until the acquisition, construction or production of the qualifying asset is resumed.
19. Biological assets
20. Oil-and-gas assets
21. Intangible assets
(1) Valuation method, service life and impairment test
(1) Intangible assets
An intangible asset is an identifiable non-monetary asset without physical substance owned or controlled by the
Company.
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An intangible asset shall be initially measured at cost. The expenditures incurred on an intangible asset shall be
recognized as cost of the intangible asset only if it is probable that economic benefits associated with the asset will
flow to the Company and the cost of the asset can be measured reliably. Other expenditures on an item asset shall
be charged to profit or loss when incurred.
Land use right acquired shall normally be recognized as an intangible asset. Self-constructed buildings (e.g.
plants), related land use right and the buildings shall be separately accounted for as an intangible asset and fixed
asset. For buildings and structures purchased, the purchase consideration shall be allocated among the land use
right and the buildings on a reasonable basis. In case there is difficulty in making a reasonable allocation, the
consideration shall be recognized in full as fixed assets.
An intangible asset with a finite useful life shall be stated at cost less estimated net residual value and any
accumulated impairment loss provision and amortized using the straight-line method over its useful life when the
asset is available for use.
Intangible assets with indefinite life are not amortized.
The Group shall review the useful life of intangible asset with a finite useful life and the amortization method
applied at least at each financial year-end. A change in the useful life or amortization method used shall be
accounted for as a change in accounting estimate. For an intangible asset with an indefinite useful life, the Group
shall review the useful life of the asset in each accounting period. If there is evidence indicating that the useful life
of that intangible asset is finite, the Company shall estimate the useful life of that asset and apply
the accounting policies accordingly.
(2)Internal accounting policies relating to research and development expenditures
Research and development expenditure of the Group was divided into expenses incurred during the research phase
and expenses incurred during the development phase.
Expenses incurred during the research phase are recognized as profit or loss in the current period.
Expenses incurred during the development phase that satisfy the following conditions are recognized as intangible
assets, while those that do not satisfy the following conditions are accounted for in the profit or loss for the current
period:
①it is technically feasible that the intangible asset can be used or sold upon completion;
②there is intention to complete the intangible asset for use or sale;
③the intangible asset can produce economic benefits, including there is evidence that the products produced using
the intangible asset has a market or the intangible asset itself has a market; if the intangible asset is for internal use,
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there is evidence that there exists usage for the intangible asset;
④there is sufficient support in terms of technology, financial resources and other resources in order to complete
the development of the intangible asset, and there is capability to use or sell the intangible asset;
⑤the expenses attributable to the development phase of the intangible asset can be measured reliably.
If the expenses incurred during the research phase and the development phase cannot be distinguished separately,
all development expenses incurred are accounted for in the profit or loss for the current period.
22. Impairment of long-term asset
The Company will judge if there is any indication of impairment as at the balance sheet date in respect of
non-current non-financial assets such as fixed assets, construction in progress, intangible assets with a finite useful
life, investment properties measured at cost, and long-term equity investments in subsidiaries, joint controlled
entities and associates. If there is any evidence indicating that an asset may be impaired, recoverable amount shall
be estimated for impairment test. Goodwill, intangible assets with an indefinite useful life and intangible assets
beyond working conditions will be tested for impairment annually, regardless of whether there is any indication of
impairment.
If the impairment test result shows that the recoverable amount of an asset is less than its carrying amount, the
impairment provision will be made according to the difference and recognized as an impairment loss. The
recoverable amount of an asset is the higher of its fair value less costs of disposal and the present value of the
future cash flows expected to be derived from the asset. An asset’s fair value is the price in a sale agreement in an
arm’s length transaction. If there is no sale agreement but the asset is traded in an active market, fair value shall be
determined based on the bid price. If there is neither sale agreement nor active market for an asset, fair value shall
be based on the best available information. Costs of disposal are expenses attributable to disposal of the asset,
including legal fee, relevant tax and surcharges, transportation fee and direct expenses incurred to prepare the
asset for its intended sale. The present value of the future cash flows expected to be derived from the asset over
the course of continued use and final disposal is determined as the amount discounted using an appropriately
selected discount rate. Provisions for assets impairment shall be made and recognized for the individual asset. If it
is not possible to estimate the recoverable amount of the individual asset, the Group shall determine the
recoverable amount of the asset group to which the asset belongs. The asset group is the smallest group of assets
capable of generating cash flows independently.
For the purpose of impairment testing, the carrying amount of goodwill presented separately in the financial
statements shall be allocated to the asset groups or group of assets benefiting from synergy of business
combination. If the recoverable amount is less than the carrying amount, the Group shall recognize an impairment
loss. The amount of impairment loss shall first reduce the carrying amount of any goodwill allocated to the asset
group or set of asset groups, and then reduce the carrying amount of other assets (other than goodwill) within the
asset group or set of asset groups, pro rata on the basis of the carrying amount of each asset.
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An impairment loss recognized on the aforesaid assets shall not be reversed in a subsequent period in respect of
the restorable value.
23. Long-term Deferred Expenses
Long term unamortized expenses represent the occurred expenses which should be shared by the current period
and future periods with term more than one year. And shall be amortized by straight-line method during the period
for estimated benefit.
24. Employee compensation
(1) Accounting treatment for short-term compensation
Short-term compensation including salary, bonus, allowance and subsidy, welfare expenses, medical insurance,
birth insurance premium, industrial injury insurance premium, housing fund, labor union expenditure, personnel
education fund and non-monetary welfare. During the accounting period when staff providing service to the
Company, the acual short-term compensation occurred shall recognized as liabilities and reckoned into current
gains/losses or relevant assets costs. The non-monetary welfare is measured by fair value.
(2) Accounting treatment for post-employment benefit
The post-employment benefit including the defined contribution plans. And defined contribution plans including
basic endowment insurance, unemployment insurance and annuity, corresponding payable amount will reckoned
into relevant assets costs or current gains/losses while occurred.
(3)Accounting for retirement benefits
When the Company terminates the employment relationship with employees before the end of the employment
contracts or provides compensation as an offer to encourage employees to accept voluntary redundancy, the
Company shall recognise employee compensation liabilities arising from compensation for staff dismissal and
included in profit or loss for the current period, when the Company cannot revoke unilaterally compensation for
dismissal due to the cancellation of labour relationship plans and employee redundant proposals; and the
Company recognise cost and expenses related to payment of compensation for dismissal and restructuring,
whichever is earlier. However, if the compensation for termination of employment is not expected to be fully paid
within 12 months from the reporting period, it shall be accounted for other long-term staff remuneration.
The early retirement plan shall be accounted for in accordance with the accounting principles for compensation
for termination of employment. The salaries or wages and the social contributions to be paid for the employees
who retire before schedule from the date on which the employees stop rendering services to the scheduled
retirement date, shall be recognized (as compensation for termination of employment) in the current profit or loss
by the Group if the recognition principles for provisions are satisfied.
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(4)Accounting for other long-term employee benefits
For other long-term employee benefits provided by the Company to its employees, if satisfy with the established
withdraw plan, then the benefits are accounted for under the established withdraw plan, otherwise accounted for
under defined benefit scheme.
25. Accrued liabilities
Obligations pertinent to the contingencies which satisfy the following conditions are recognized as accrued
liabilities: (1) The obligation is a current obligation borne by the Company; (2) it is likely that an outflow of
economic benefits will be resulted from the performance of the obligation; and (3) the amount of the obligation
can be reliably measured.
At the balance sheet date, accrued liabilities shall be measured at the best estimate of the necessary expenses
required for the performance of existing obligations, after taking into account relevant risks, uncertainties, time
value of money and other factors pertinent to the contingencies.
If all or some expenses incurred for settlement of accrued liabilities are expected to be borne by the third party, the
compensation amount shall, on a recoverable basis, be recognized as asset separately, and compensation amount
recognized shall not be more than the carrying amount of accrued liabilities.
1) Contact in loss
Contact in loss is identified when the inevitable cost for performance of the contractual obligation exceeds the
inflow of expected economic benefits. When a contract in loss is identified and the obligations there under are
qualified by the aforesaid recognition criterion for contingent liability, the difference of estimated loss under
contract over the recognized impairment loss (if any) of the subject matter of the contract is recognized as
contingent liability.
2) Restructuring obligations
For detailed, official and publicly announced restructuring plan, the direct expenses attributable to the
restructuring are recognized as contingent liabilities, provided that the aforesaid recognition criterion for
contingent liability is met. For restructuring obligations arising from disposal of part business, the Company will
recognise the obligations relating to restructuring only when it undertakes to dispose part business (namely
entering into finalized disposal agreement).
26. Share-based payment
1)Accounting for share-based payment
Share based payment refers to the transactions involving grant of equity instrument or assume liabilities as
determined based on equity instrument for the purpose of acquiring services from employees or other parties.
Share based payment is divided into the equity settled share based payment and cash settled share based payment.
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①equity settled share based payment
Equity settled share based payment for exchange of service provided by employees is measured at the fair value of
the equity instrument granted to the employees as at the grant date. Subject to completion of services during the
vest period or satisfaction with the required performance conditions for exercising right, the amount of the fair
value is included in relevant cost or expense under straight line method based on the best estimate on the number
of exercisable equity instruments during the vest period. If it becomes exercisable immediately following the
relevant grant, it is included in relevant cost or expense on the grant date and accordingly increase capital reserve.
On each balance sheet date during the vest period, the Company makes the best estimate based on subsequent
information such as the latest available information about change of number of exercisable employees, thus to
amend the number of equity instruments which are expected to be exercisable. Impact of the above estimate is
included in relevant cost or expense for the current period, with corresponding adjustment in capital reserve.
Equity settled share based payment for exchange of service provided by others is measured at fair value of the
service as of the acquisition date provided that such fair value can be measured reliably. If such fair value can not
be measured reliably, while fair value of the equity instrument can be measured reliably, the payment shall be
measured at the fair value of equity instrument as of the acquisition date, and included in relevant cost or expense
with corresponding increase in shareholders’ equity.
②cash settled share based payment
As for cash settled share based payment, it is measured at the fair value of the liabilities assumed by the Company
as determined based on shares or other equity instruments. If it becomes exercisable immediately following the
relevant grant, it is included in relevant cost or expense on the grant date and accordingly increase liabilities. If it
is subject to completion of services during the vest period or satisfaction with the required performance conditions
for exercising right, on each balance sheet date during the vest period, the Company makes the best estimate on
the exercisable rights, and accounts for the service obtained in the current period in relevant cost or expense with
corresponding increase of liabilities based on the fair value of the liabilities assumed by the Company.
The Company re-measures the fair value of liabilities on each balance sheet date and settlement date prior to
settlement of relevant liabilities, with changes thereof included in profit or loss for the current period.
2) Relevant accounting for amending or terminating share based payment plan
In case that the Company amends share based payment plan which leads to increase of fair value of the granted
equity instruments, the Company will correspondingly increase recognition for services obtained according to the
increase of fair value of equity instrument. Increase of fair value of equity instrument refers to the difference of
fair values of equity instruments as at the revision date before and after such revision. In case that the amendment
results in decrease in total fair value of share based payment or adoption of other means which are not beneficial
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to employees, the Company will continue account for the services obtained as if such amendment had never
occurred, unless the Company cancel part or all the granted equity instruments.
During the vest period, if the granted equity instruments are cancelled, the Company will accelerate exercise of
rights attaching to the granted equity instruments which are cancelled, and the remaining amount which should be
recognized during the vest period is included in profit or loss for the current period promptly, meanwhile to
recognise capital reserve. If employees or other parties who can choose to satisfy the non exercisable rights do not
satisfy such conditions during the vest period, the Company will regard them as cancellation of granted equity
instruments.
3)Accounting for share based payment concerning the Company, its shareholders or actual controllers
As for share based payment concerning the Company, its shareholders or actual controllers, with either the
settlement entity or service-acceptance entity in the Company or not, it is accounted for in our consolidated
financial statement under the following provisions:
①for settlement entity making settlement with its own equity instruments, the transaction is accounted for as
equity settled share based payment, otherwise it shall be accounted for as cash settled share based payment.
If the settlement entity is an investor of the service-acceptance entity, the transaction is recognized as long term
equity investment in the service-acceptance entity based on the fair value of the equity instruments as at the grant
date or the fair value of assumed liabilities, with recognition of capital reserve (other capital reserve) or liabilities.
②If service-acceptance entity is not obliged to settle or grant its own equity instruments to its employees, the
share based payment transaction is accounted for as equity settled share based payment. If service-acceptance
entity is obliged to settle or the equity instruments granted to its employee are not the own instruments of the
entity, the share based payment transaction is accounted for as cash settled share based payment.
For intra-company share based payment transactions, if the service-acceptance entity and settlement entity are not
the same enterprise, the share based payment transaction shall be recognized and measured in the respective
financial statement of the two entities under the aforesaid principles.
27. Other financial instruments including senior shares and perpetual bonds
(1) Distinguish of perpetual capital securiteis and preferred stock
The perpetual bonds and senior shares issued by the Company are treated as equity instruments subject to
satisfaction of all the below conditions:
①the financial instrument excludes delivery of cash or other financial assets to others, or exchange for contractual
obligations on financial assets or financial liabilities with others under potential negative conditions;
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②if its own equity instruments are required or may be used to settle the financial instruments, it excludes the
contractual obligation to deliver varied numbers of own equity instruments for settlement provided that the
financial instruments are non-derivatives; if the financial instruments are derivatives, the Company can only settle
the financial instruments by fixed number of own equity instruments for exchange for fixed amount of cash or
other financial assets.
Other than the financial instruments which can be classified as equity instruments under the above conditions,
other financial instruments issued by the Company shall be classified as financial liabilities.
In case that financial instruments issued by the Company are compound financial instruments, they shall be
recognized as liabilities at the fair value of liabilities portion. The actual amount received less fair value of the
liabilities portion shall be recornised as other equity instrument. Transaction expenses occurred in issuance of
compound financial instruments are allocated to the portions of liabilities and equities according to their
respective proportion to the total issuance price.
2)Accounting for perpetual bonds and senior shares
For perpetual bonds and senior shares classified into financial liabilities, their relevant interest, dividends, gains or
losses and gains or losses arising from redemption or refinancing are all included in current profit or loss other
than those borrowing expenses which meet condition for capitalisation (please refer to note 18 ―borrowing
expenses‖).
For perpetual bonds and senior shares classified into equity instruments, their issuance (including refinancing),
repurchase, sale or cancel are treated as change of equity, and relevant transaction fees are also deducted from
equity. The Company accounts for allocation of holders of equity instruments as profit distribution.
The Company dose not recognises change of fair value of equity instruments.
28. Revenue
1) Income from goods sales
Income from goods sales are realized when the following conditions are met: the major risks and remuneration
entitled to the ownership of goods are transferred to buyer; neither retain the continued management right
generally related to ownership, nor exercise effective control over the sold products; the relevant economic
benefits are probable to flow into the Company; the relevant income and costs can be measured reliably.
2) Provision of labor services
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
When the outcome of a transaction involving the rendering of services can be reliably estimated, it shall, on the
balance sheet date, recognize the revenue from the rendering of services employing the percentage-of-completion
method.
The outcome of a transaction concerning the rendering of services can be reliably estimated, which shall
concurrently satisfy: ① The relevant amount of revenue can be reliably measured; ② it is probable that the
economic benefits will flow into the enterprise; ③ the completion schedule of the transaction can be reliably
ascertained; and ④ transaction costs incurred and to be incurred can be reliably measured.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, it shall
recognize the revenue from the rendering of services based on the cost of rendering services already incurred and
expected to be compensated, and the cost of rendering services incurred shall be recognized as an expense for the
current period. If the cost of rendering services is expected not to be compensated, it shall be recognized as an
expense.
When a contract or agreement signed by the Group includes sales of goods and rendering of services, if sales of
goods and rendering of services can be differentiated and separately measured, they will be recognized
respectively. If sales of goods and rendering of services cannot be differentiated or cannot be separately measured,
they will be recognized as sales of goods in full.
(3) Income from charge for use
In line with relevant contract or agreement, recognized income on accrual basis
(4) Interest income
Recognized based on the times and real interest rates for the money used by others
29. Government Grants
(1)Determination basis and accounting for government grants related to assets
Government grants are transfer of monetary assets or non-monetary assets from the government to the Group at
no consideration, excluding capital considerations from the government as an owner of the Group. Government
grants are classified into government grants related to assets and government grants related to income.
If a government grant is in the form of a transfer of monetary asset, the item shall be measured at the amount
received or receivable. If a government grant is in the form of a transfer of non-monetary asset, the item shall be
measured at fair value. If fair value is not reliably determinable, the item shall be measured at a nominal amount
and recognized immediately in profit or loss for the current period.
Government grants are generally recognized when received and measured at the amount actually received, but are
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
measured at the amount likely to be received when there is conclusive evidence at the end of the accounting
period that the Group will meet related requirements of such grants and will be able to receive the grants. The
government grants so measured should also satisfy the following conditions: (1) the amount of the grants be
confirmed with competent authorities in written form or reasonably deduced from related requirements under
financial fund management measures officially released without material
uncertainties; (2) the grants be given based on financial support projects and fund management policies officially
published and voluntarily disclosed by local financial authorities in accordance with the requirements under
disclosure of government information, where such policies should be open to any company satisfying conditions
required and not specifically for certain companies; (3) the date of payment be specified in related documents and
the payment thereof be covered by corresponding budget to ensure such grants will be paid on time as specified;
and (4)other relevant conditions which shall be met based on the specific situations of the Company and the
subject matter.
A government grant related to an asset shall be recognized as deferred income, and evenly amortized to profit or
loss over the useful life of the asset.
For the repayment of a government grant already recognized, if there is any related deferred income, the
repayment shall be off set against the carrying amount of the deferred income, and any excess shall be recognized
in profit or loss for the current period; if there is no related deferred income, the repayment shall be recognized
immediately in profit or loss for the current period.
(2) Determination basis and accounting for government grants related to income
Government grants are transfer of monetary assets or non-monetary assets from the government to the Group at
no consideration, excluding capital considerations from the government as an owner of the Group. Government
grants are classified into government grants related to assets and government grants related to income.
If a government grant is in the form of a transfer of monetary asset, the item shall be measured at the amount
received or receivable. If a government grant is in the form of a transfer of non-monetary asset, the item shall be
measured at fair value. If fair value is not reliably determinable, the item shall be measured at a nominal amount
and recognized immediately in profit or loss for the current period.
Government grants are generally recognized when received and measured at the amount actually received, but are
measured at the amount likely to be received when there is conclusive evidence at the end of the accounting
period that the Group will meet related requirements of such grants and will be able to receive the grants. The
government grants so measured should also satisfy the following conditions: (1) the amount of the grants be
confirmed with competent authorities in written form or reasonably deduced from related requirements under
financial fund management measures officially released without material
uncertainties; (2) the grants be given based on financial support projects and fund management policies officially
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
published and voluntarily disclosed by local financial authorities in accordance with the requirements under
disclosure of government information, where such policies should be open to any company satisfying conditions
required and not specifically for certain companies; (3) the date of payment be specified in related documents and
the payment thereof be covered by corresponding budget to ensure such grants will be paid on time as specified;
and (4)other relevant conditions which shall be met based on the specific situations of the Company and the
subject matter.
For a government grant related to income, if the grant is a compensation for related expenses or losses to be
incurred in subsequent periods, the grant shall be recognized as deferred income, and recognized in profit or loss
over the periods in which the related costs are recognized; if the grant is a compensation for related expenses or
losses already incurred, the grant shall be recognized immediately in profit or loss for the current period.
For the repayment of a government grant already recognized, if there is any related deferred income, the
repayment shall be off set against the carrying amount of the deferred income, and any excess shall be recognized
in profit or loss for the current period; if there is no related deferred income, the repayment shall be recognized
immediately in profit or loss for the current period.
30. Deferred tax assets / deferred income tax liabilities
1) Current income tax
At the balance sheet date, current income tax liabilities (or assets) for the current and prior periods shall be
measured at the amount expected to be paid (or recovered) according to the requirements of tax laws. Taxable
profits, which are the basis for calculating the current income tax expense, are determined after adjusting the
accounting profits before tax for the year in accordance with relevant requirements of tax laws.
2) Deferred income tax assets and deferred income tax liabilities
Temporary differences arising from the difference between the carrying amount of an asset or liability and its tax
base, and the difference between the tax base and the carrying amount of those items that are not recognized as
assets or liabilities but have a tax base that can be determined according to tax laws, shall be recognized as
deferred income tax assets and deferred income tax liabilities using the balance sheet liability method.
Deferred income tax liabilities are not recognized for taxable temporary differences related to: the initial
recognition of goodwill; and the initial recognition of an asset or liability in a transaction which is neither a
business combination nor affects accounting profit or taxable profit (or deductible loss) at the time of the
transaction. In addition, the Group recognises the corresponding deferred income tax liability for taxable
temporary differences associated with investments in subsidiaries, associates and joint ventures, except when both
of the following conditions are satisfied: the Company able to control the timing of the reversal of the temporary
difference; and it is probable that the temporary difference will not reverse in the foreseeable future.
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Deferred income tax assets are not recognized for deductible temporary differences related to the initial
recognition of an asset or liability in a transaction which is neither a business combination nor affects accounting
profit or taxable profit (or deductible loss) at the time of the transaction. In addition, the Group recognises the
corresponding deferred income tax asset for deductible temporary differences associated with investments in
subsidiaries, associates and joint ventures to the extent that it is probable that taxable profits will be available
against which the deductible temporary differences can be utilised, except when both of the following conditions
are satisfied: it is not probable that the temporary difference will reverse in the foreseeable future; and it is not
probable that taxable profits will be available in the future, against which the temporary difference can be utilised.
The Company recognises a deferred income tax asset for the carry forward of deductible losses and tax credits to
subsequent periods, to the extent that it is probable that future taxable profits will be available against which the
deductible losses and tax credits can be utilised.
At the balance sheet date, deferred income tax assets and deferred income tax liabilities are measured at the tax
rates that are expected to apply to the period when the asset is realised or the liability is settled, according to the
requirements of tax laws.
At the balance sheet date, the Company shall review the carrying amount of a deferred income tax asset. If it is
probable that sufficient taxable profits will not be available in future periods to allow the benefit of the deferred
income tax asset to be utilised, the carrying amount of the deferred income tax asset shall be reduced. Any such
reduction in amount shall be reversed when it becomes probable that sufficient taxable profits will be available.
3) Income tax expense
Income tax expense comprises current income tax expense and deferred income tax expense.
Current income tax expense (current income tax income) and deferred income tax expense (deferred income tax
income) are included in profit or loss for the current period, except for: recognized as other comprehensive
income or current income tax and deferred income tax related to transactions or events that are directly recognized
in other comprehensive income or owners’ equity, which are recognized directly in owners’ equity, and deferred
income tax arising from a business combination, which is adjusted against the carrying amount of goodwill.
4) Presentation of income tax
When the Group has a legal right to settle on a net basis and intends either to settle on a net basis or to realise the
assets and settle the liabilities simultaneously, current tax assets and current tax liabilities are offset and presented
on a net basis.
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
When the Group has a legal right to settle current tax assets and liabilities on a net basis, and deferred tax assets
and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable
entity or different taxable entities which intend either to settle current tax assets and liabilities on a net basis or to
realise the assets and liabilities simultaneously, in each future period in which significant amounts of deferred tax
assets or liabilities are expected to be reversed, deferred tax assets and deferred tax liabilities are offset and
presented on a net basis.
31. Lease
(1)Accounting for operating lease
A. Operating lease business with the Group recorded as lessee
Lease payment for operating lease is recognized as related asset cost or profits and losses for the current period
using the straight-line method over the lease term. The initial direct cost is directly accounted in profit or loss for
the current period. Contingent rent is recognized as profit or loss for the current period upon occurrence.
B. Operating lease business with the Group recorded as lessor
Rental income is recognized in profit or loss for the current period using the straight-line method over the lease
term. The initial direct cost where the amount is larger is capitalised when incurred, and accounted for as profit or
loss for the current period on the same basis as recognition of rental income over the entire lease period; the initial
direct cost where the amount is fewer is included in the profit or loss for the period when incurred. Contingent
rental is accounted for as profit or loss for the period in which it is incurred.
(2) Accounting for financing lease
A. Financing lease business with the Group recorded as lessee
On the beginning date of the lease, the entry value of leased asset shall be at the lower of the fair value of the
leased asset and the present value of minimum lease payment at the beginning date of the lease. Minimum lease
payment shall be the entry value of long-term accounts payable, with difference recognized as unrecognized
financing expenses. In addition, initial direct costs attributable to leased items incurred during the process of lease
negotiation and signing of lease agreement shall be included in the value of leased assets. The balance of
minimum lease payment after deducting unrecognized financing expenses shall be accounted for long-term
liability and long-term liability due within one year.
Unrecognized financing expenses shall be recognized as financing expenses for the current period using effective
interest method during the leasing period. Contingent rent shall be included in profit or loss for the current period
at the time it incurred.
B. Financing lease business with the Group recorded as lessor
On the beginning date of the lease, the entry value of lease receivable shall be the aggregate of minimum lease
receivable and initial direct costs at the beginning date of the lease. The unsecured balance shall be recorded. The
aggregate of minimum lease receivable, initial direct costs and unsecured balance and the different between their
86
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
present value shall be recognized as unrealised financing income. The balance of lease receivable after deducting
unrecognized financing income shall be accounted for long-term debt and long-term debt due within one year.
Unrecognized financing income shall be recognized as financing income for the current period using effective
interest method during the leasing period. Contingent rent shall be included in profit or loss for the current period
at the time it incurred.
32. Other important accounting policy and estimation
1) Discontinued operation
Discontinued operation refers to the operation disposed or classified as held-for-sale by the Company and
presented separately under operation segments and financial statements, which has fulfilled one of the following
criteria: ① it represents an independent key operation or key operating region; ② it is part of the proposed
disposal plan on an independent key operation or proposed disposal in key operating region; or ③ it only
establishes for acquisition of subsidiary through disposal.
Accounting for discontinued operation is set out in note 13 ―classified as assets held for sale‖.
33. Major accounting policy and changes
(1) Main accounting policy changes
□ Applicable √ Not applicable
(2) Changes of important accounting estimate
□ Applicable √ Not applicable
34. Other
VI. Taxes
1. Mai tax category and tax rate
Tax category Tax calculation evidence Tax rate
Sales income, and income from
processing, maintenance, making repairs
Value added tax 17%
and supplying replacements, and labor
service
Sales tax Taxable labor income 5%
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Amount of value-added tax and sales tax
Tax for maintaining and building cities 7%
payable
25%
Business income tax Taxable income
Amount of value-added tax and sales tax
Educational surtax 3%
payable
Amount of value-added tax and sales tax
2%
Local educational surtax
payable
1.2%
Property tax 70% of the original value of the property
Disclose reasons for different taxpaying body
Taxpaying body Income tax rate
2. Tax preference
Nil
3. Other
Nil
VII. Notes to Items in Consolidated Financial Statements
1. Monetary fund
In RMB
Item Ending balance Opening balance
Cash on hand 142,091.02 2,894.71
Cash in bank 24,181,300.19 30,160,972.07
Total 24,323,391.21 30,163,866.78
Other explanation
2. Financial assets measured by fair value and reckoned into current gains/losses with its variation
In RMB
Item Ending balance Opening balance
Other explanation:
3. Derivative financial assets
□ Applicable √ Not applicable
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
4. Note receivables
(1) Classification of notes receivable
In RMB
Item Ending balance Opening balance
Bank acceptance bill 3,342,714.00 2,200,000.00
Trade acceptance 0.00 0.00
Total 3,342,714.00 2,200,000.00
(2) Pledge at period-end
In RMB
Item Amount pledge at period-end
Bank acceptance bill 0.00
Trade acceptance 0.00
Total 0.00
(3) Notes endorsement or discount and undue on balance sheet date
In RMB
Item Amount derecognition at period-end Amount not derecognition at period-end
Bank acceptance bill 59,026,004.68 0.00
Total 59,026,004.68 0.00
(4) Notes transfer to account receivable due for failure implementation by drawer at period-end
In RMB
Item Amount transfer to account receivable at period-end
Trade acceptance 0.00
Total 0.00
Other explanation
There are no notes that transfer to account reeivable due for the drawer failure to perform the contract at period-end
5. Accounts receivable
(1) Accounts receivable by category:
In RMB
Category Ending balance Opening balance
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Book balance Bad debt provision Book balance Bad debt provision
Book
Accrual Accrual Book value
Amount Ratio Amount value Amount Ratio Amount
ratio ratio
Receivables with bad
debt provision 8,320,48 1,311,52 7,008,963 8,101,9 1,310,937 6,790,982.5
100.00% 15.76% 100.00% 16.18%
accrual by credit 7.45 3.48 .97 19.90 .40 0
portfolio
8,320,48 1,311,52 7,008,963 8,101,9 1,310,937 6,790,982.5
Total 100.00% 15.76% 100.00% 16.18%
7.45 3.48 .97 19.90 .40 0
Receivable with single significant amount and withdrawal bad debt provision separately at end of period:
□ Applicable √ Not applicable
In combination, accounts receivable whose bad debts provision was accrued by age analysis:
√ Applicable □ Not applicable
In RMB
Ending balance
Age
Account receivable Bad debt provision Accrual ratio
within one year
within one year 6,852,746.52 20,488.62 0.30%
Subtotal within one year 6,852,746.52 20,488.62 0.30%
1-2 years 117,506.98 352.52 0.30%
2-3 years 59,730.80 179.19 0.30%
Over 3 years 1,290,503.15 1,290,503.15 100.00%
Total 8,320,487.45 1,311,523.48
Explanation on combination determines:
According to the business scale, business nature, and customers’ settlement, etc., the account receivable with single significant
amount is determined to be RMB 5 million. The account receivable with single significant amount has no depreciation reserve, and
the reserve for bad debt provision is withdrawn with age analysis method.
In combination, withdrawal proportion of bad debt provision based on balance proportion for account receivable:
□ Applicable √ Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods for account receivable:
(2) Bad debt provision accrual collected or switch back
Bad debt provision accrual was 24,531.27 Yuan; the amount collected or switches back amounting to 0.00 Yuan
Important bad debt provision collected or switch back:
In RMB
Company Collected or switch back amount Collection way
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Total 0.00 --
(3) Account receivable actual charge off in the Period
In RMB
Item Amount written off
Written-off for the major receivable:
In RMB
Verification Arising from related
Company Nature Amount written off Reason for write-off
procedures transaction (Y/N)
Total -- 0.00 -- -- --
Explanation for write-off of receivables:
(4) Top 5 receivables at ending balance by arrears party
Total year-end balance of top five receivables by arrears party amounting to 6,506,979.28 Yuan, takes 78.20 percent of the total
account receivable at year-end, bad debt provision accrual correspondingly at year-end amounting as 1,191,481.48 Yuan.
(5) Receivable derecognition due to transfer of financial assets
(6) Assets and liability resulted by receivable transfer and continous involvement
Other explanation:
6. Advance payment
(1) Advance payment by age
In RMB
Ending balance Opening balance
Age
Amount Ratio Amount Ratio
within one year 806,345.01 100.00% 348,277.01 100.00%
Total 806,345.01 -- 348,277.01 --
Explanation on reasons of failure to settle on important advance payment with age over one year:
(2) Top 5 advance payment at ending balance by prepayment object
Total year-end balance of top five advance payment by prepayment object amounting to 296,220.50 Yuan, takes 36.74 percent of the
total advance payment at year-end
Other explanation:
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
7. Interest receivable
(1) Category
In RMB
Item Ending balance Opening balance
(2) Important overdue interest
Overdue time Overdue Impairment (Y/N) and
Borrower Ending balance Overdue reason
time judgment basis
Other explanation:
8. Dividend receivables
(1) Dividend receivables
In RMB
Item (or the invested entity) Ending balance Opening balance
(2) Major dividend receivables with over one year age
In RMB
Item or the invested Impairment (Y/N) and
Ending balance Age Reasons
entity) judgment basis
Other explanation:
9. Other accounts receivable
(1) Other accounts receivable by category
In RMB
Ending balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book
Accrual Accrual Book value
Amount Ratio Amount value Amount Ratio Amount
ratio ratio
Other receivables
with bad debt 1,087,10 427,839. 659,269.9 961,528 450,273.9
100.00% 39.36% 100.00% 46.83% 511,254.81
provision accrual by 9.35 39 6 .71 0
credit portfolio
Total 1,087,10 100.00% 427,839. 39.36% 659,269.9 961,528 100.00% 450,273.9 46.83% 511,254.81
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
9.35 39 6 .71 0
Other receivable with single significant amount and withdrawal bad debt provision separately at end of period:
□ Applicable √ Not applicable
In combination, other accounts receivable whose bad debts provision was accrued by age analysis:
√ Applicable □ Not applicable
In RMB
Ending balance
Age
Other accounts receivable Bad debt provision Accrual ratio
within one year
within one year 649,253.72 1,947.76 0.30%
Subtotal within one year 649,253.72 1,947.76 0.30%
1-2 years 12,000.00 36.00 0.30%
Over 3 years 425,855.63 425,855.63 100.00%
Total 1,087,109.35 427,839.39
Explanations on combination determine:
According to the business scale, business nature, and customers’ settlement, etc., the other account receivable with single big amount
is determined to be RMB 5 million. The other account receivable with single big amount has no depreciation reserve, and the reserve
for bad debt provision is withdrawn with age analysis method.
In combination, withdrawal proportion of bad debt provision based on balance proportion for other account receivable:
□ Applicable √ Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods for other account receivable:
□ Applicable √ Not applicable
(2) Bad debt provision accrual collected or switch back
Bad debt provision accrual was 445.38 Yuan; the amount collected or switches back amounting to 22,879.89 Yuan
Important bad debt provision collected or switch back:
In RMB
Company Amount reversal or collected Collection way
(3) Other receivables actually written-off during the reporting period
In RMB
Item Amount written off
Written-off for the major other receivable:
In RMB
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Nature of other Verification Arising from related
Company Amount written off Reason for write-off
receivables procedures transaction (Y/N)
Total -- 0.00 -- -- --
Explanation for write-off of other receivables:
(4) Other receivables by nature
In RMB
Nature Ending book balance Opening book balance
Deposit 220,999.00 220,999.00
Current money 866,110.35 740,529.71
Total 1,087,109.35 961,528.71
(5) Top 5 other receivables at ending balance by arrears party
In RMB
Ratio in total ending
Ending balance of
Company Nature Ending balance Age balance of other
bad bet provision
receivables
Luwei Electrical
Intercourse funds 300,000.00 Over 3 years 27.60% 300,000.00
Equipment Co.,
Shenzhen Anjinheng
Deposit 141,964.00 within one year 13.06% 425.89
Industrial Co., Ltd.
After-sale service
dept. Fuxin Electric
Intercourse funds 100,000.00 within one year 9.20% 300.00
vehicle, Beilin
District, Xi’an City
Shenzhen Material
Deposit 79,035.00 within one year 7.27% 237.11
Group
Total -- 620,999.00 -- 57.12% 300,963.00
(6) Account receivable with government grants involved
In RMB
Time, amount and basis
Company Item Ending balance Ending age of amount collection
estimated
Total -- 0.00 -- --
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
(7) Other account receivable derecognition due to financial assets transfer
(8) Assets and liability resulted by other account receivable transfer and continuous involvement
Other explanation:
10. Inventory
(1) Inventory classification
In RMB
Ending balance Opening balance
Item Depreciation Depreciation
Book balance Book value Book balance Book value
reserve reserve
Raw materials 327,321.13 327,321.13 302,597.03 302,597.03
Finished goods 14,632,533.99 14,632,533.99 5,868,710.50 5,868,710.50
Total 14,959,855.12 0.00 14,959,855.12 6,171,307.53 0.00 6,171,307.53
(2) Inventory depreciation reserve
In RMB
Increase in the current period Decrease in the current period
Item Opening balance Switch back or Ending balance
Accrual Other Other
write-off
Total 0.00 0.00 0.00 0.00 0.00 0.00
(3) Explanation on capitalization of borrowing costs at ending balance of inventory
(4) Assets that completed without settlement from construction contract
In RMB
Item Amount
Accumulative costs 0.00
Accumulative gross profit recognized 0.00
Less: accrual losses 0.00
Amount settle 0.00
Other explanation:
11. Assets holding ready for sold
In RMB
Item Ending book value Fair value Expected disposal Expected disposal time
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
expenses
Total 0.00 0.00 0.00 --
Other explanation:
12. Non-current assets due within one year
In RMB
Item Ending balance Opening balance
Other explanation:
13. Other current assets
In RMB
Item Ending balance Opening balance
Other explanation:
14. Financial assets available for sale
(1) Financial assets available for sale
In RMB
Ending balance Opening balance
Item Depreciation Depreciation
Book balance Book value Book balance Book value
reserves reserves
Total 0.00 0.00 0.00 0.00
(2) Financial assets available for sale measured by fair value at period-end
In RMB
Equity instrument Debt instrument
Type Total
available for sale available for sale
(3) Financial assets available for sale measured by cost at period-end
In RMB
Book balance Depreciation reserves Ratio of
The share-holdi
Cash
invested Period-beg Period-beg ng in
Increased Decreased Period-end Increased Decreased Period-end dividend
entity inning inning invested
entity
Total 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -- 0.00
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
(4) Changes of impairment in Period
In RMB
Equity instrument Debt instrument
Type Total
available for sale available for sale
(5) Fair value of equity instrument available for sale sharply declined or other-than-temporary declined at
period-end without depreciation reserves accrual
In RMB
Fair value Time of drops Amount with
Reasons for
Item Investment cost Ending fair value declined relative persistently impairment
un-accural
to cost (month) accrual
Total 0.00 0.00 -- -- 0.00 --
Other explanation
15. Held-to-maturity investment
(1) Held-to-maturity investment
In RMB
Ending balance Opening balance
Item Depreciation Depreciation
Book balance Book value Book balance Book value
reserves reserves
Total 0.00 0.00 0.00 0.00
(2) Important held-to-maturity investment at period-end
In RMB
Bond Face value Coupon value Actual rate Maturity date
Total 0.00 -- -- --
(3) Held-to-maturity investment reclassify in the Period
Other explanation
16. Long-term account receivable
(1) Long-term account receivable
In RMB
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Ending balance Opening balance
Discount rate
Item Bad debt Bad debt
Book balance Book value Book balance Book value section
provision provision
Total 0.00 0.00 0.00 0.00 --
(2) Long-term account receivable derecognition due to transfer of financial assets
(3) Assets and liability resulted by long-term account receivable transfer and continuous involvement
Other explanation
17. Long-term equity investment
In RMB
+,-
Ending
Other Cash
Investme balance
The Additiona comprehe dividend
Opening nt gains Other Ending of
invested l Capital nsive or profit Impairme
balance recognize equity Other balance impairme
entity investmen reduction income announce nt accrual
d under change nt
t adjustmen d to
equity provision
t issued
I. Joint venture
Subtotal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
II. Associated enterprise
Subtotal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other explanation
18. Investment real estate
(1) Investment real estate measured at cost
□ Applicable √ Not applicable
(2) Investment real estate measured at fair value
□ Applicable √ Not applicable
(3) Certificate of title un-completed
In RMB
Item Book value Reasons for un-completed
98
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Other explanation
19. Fixed assets
(1) Fixed assets
In RMB
Transportation Electronic and other
Item Machines and equipment Total
equipment equipment
I. Original book value :
1.Opening balance 194,406.84 515,814.24 637,606.48 1,347,827.56
2. increased in the
222,222.22 122,831.69 345,053.91
Period
(1) Purchase 222,222.22 122,831.69 345,053.91
(2) Transfer from
construction in process
(3) Increased by
enterprise combination
3. decreased in the
Period
(1) Disposal or
scrap
4.Ending balance 416,629.06 638,645.93 637,606.48 1,692,881.47
II. Accumulative
depreciation
1.Opening balance 1,474.16 155,799.08 416,592.48 573,865.72
2. increased in the
14,030.36 39,716.28 13,406.16 67,152.80
Period
(1) Accrual 14,030.36 39,716.28 13,406.16 67,152.80
3. decreased in the
Period
(1) Disposal or
scrap
4.Ending balance 15,504.52 195,515.36 429,998.64 641,018.52
III. Impairment provision
99
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
1.Opening balance
2. increased in the Period
(1) Accrual
3. decreased in the
Period
(1) Disposal or
scrap
4.Ending balance
IV. Book value
1. ending book value 401,124.54 443,130.57 207,607.84 1,051,862.95
2. Opening book value 192,932.68 360,015.16 221,014.00 773,961.84
(2) Fixed assts temporary idle
In RMB
Accumulated Depreciation
Item Original book value Book value Note
depreciation reserves
(3) Fixed assets leased through operating lease
In RMB
Accumulated
Item Original book value Depreciation reserves Book value
depreciation
(4) Fixed assets leased through operating lease
In RMB
Item Ending book value
(5) Certificate of title un-completed
In RMB
Item Book value Reasons
Other explanation
100
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
20. Construction in progress
(1) Construction in progress
In RMB
Ending balance Opening balance
Item Depreciation Depreciation
Book balance Book value Book balance Book value
reserves reserves
Total 0.00 0.00 0.00 0.00
(2) Changes in significant construction in progress
In RMB
Accumul including
Proporti
Fixed ated : interest Interest
Other on of
increased assets amount capitaliz capitaliz
Opening decrease Ending project Sourceof
Item Budget in the transfer-i Progress of ed ation rate
balance d in the balance investme funds
Period n in the interest amount of the
Period nt in
Period capitaliz of the year
budget
ation year
Total 0.00 0.00 0.00 0.00 0.00 0.00 -- -- 0.00 0.00 0.00% --
(3) Depreciation reserves accrual
In RMB
Item Accrual Amount Reasons
Total 0.00 --
Other explanation
21. Engineering materials
In RMB
Item Ending balance Opening balance
Other explanation:
22. Disposal of fixed assets
In RMB
Item Ending balance Opening balance
101
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Other explanation:
23. Productive biological assets
(1) Productive biological assets measured by cost
□ Applicable √ Not applicable
(2) Productive biological assets measured by fair value
□ Applicable √ Not applicable
24. Oil-and-gas assets
□ Applicable √ Not applicable
25. Intangible assets
(1) Intangible assets
In RMB
Non-patent
Item Land use right Patent Trademark Total
technology
I. Original book
value
1.Opening
5,271,000.00 5,271,000.00
balance
2.increased
in the Period
(1)
Purchase
(2) Internal
R&D
(3) Increased
by enterprise
combination
3. decreased in the
Period
(1) Disposal
102
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
4.Ending
5,271,000.00 5,271,000.00
balance
II. Accumulative
amortization
1.Opening
753,000.00 753,000.00
balance
2.increased
376,500.00 376,500.00
in the Period
(1)
376,500.00 376,500.00
Accrual
3. decreased in
the Period
(1)
Disposal
4.Ending
1,129,500.00 1,129,500.00
balance
III. Impairment
provision
1.Opening
balance
2.increased
in the Period
(1)
Accrual
3. decreased
in the Period
(1) Disposal
4.Ending
balance
IV. Book value
1.Ending book
4,141,500.00 4,141,500.00
value
2. Opening
4,518,000.00 4,518,000.00
book value
103
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Ratio of the intangible assets from internal R&D in balance of intangible assets at period-end
(2) Land use right without certificate of title completed
In RMB
Item Book value Reasons
Other explanation:
26. Development expense
In RMB
Opening Ending
Item increased in the Period Decreased Amount
balance balance
Other explanation
27. Goodwill
(1) Original book value of goodwill
In RMB
The invested
Opening balance Increase during the year Decreased during the year Ending balance
entity or items
(2) Depreciation reserves of goodwill
In RMB
The invested
Opening balance Increase during the year Decreased during the year Ending balance
entity or items
Process of impairment testing, parameter and recognition method for impairment losses
Other explanation
28. Long-term unamortized expenses
In RMB
increased in the Amortized in the
Item Opening balance Other decrease Ending balance
Period Period
Other explanation
29. Deferred income tax assets and deferred income tax liabilities
(1) Deferred income tax assets un-offset
In RMB
104
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Ending balance Opening balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Asset depreciation
47,988.32 11,997.08 47,988.32 11,997.08
reserves
Total 47,988.32 11,997.08 47,988.32 11,997.08
(2) Deferred income tax liabilities un-offset
In RMB
Ending balance Opening balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
differences liabilities differences liabilities
(3) Deferred income tax assets and deferred income tax liabilities listed after off-set
In RMB
Ending balance of Trade-off between the Opening balance of
Trade-off between the
deferred income tax deferred income tax deferred income tax
Item deferred income tax
assets or liabilities after assets and liabilities at assets or liabilities after
assets and liabilities
off-set period-begin off-set
Deferred income tax
47,988.32 11,997.08 47,988.32 11,997.08
assets
(4) Details of unrecognized deferred income tax assets
In RMB
Item Ending balance Opening balance
Total 0.00
(5) Deductible losses of un-recognized deferred income tax assets expired on the followed year
In RMB
Year Ending amount Opening amount Note
Total 0.00 0.00 --
Other explanation:
30. Other non-current assets
In RMB
Item Ending balance Opening balance
105
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Other explanation:
31. Short-term loans
(1)Types of short-term loans
In RMB
Item Ending balance Opening balance
Explanation on short-term loans category
(2) overdue outstanding short-term loans
Total 0.00 Yuan overdue outstanding short-term loans at period-end, including the followed significant amount:
In RMB
Unit Ending balance Lending rate Overdue time Overdue rate
Other explanation:
32. Financial liability measured by fair value and with its variation reckoned into current gains/losses
In RMB
Item Ending balance Opening balance
Other explanation:
33. Derivative financial liabilities
□ Applicable √ Not applicable
34. Notes payable
In RMB
Type Ending balance Opening balance
Notes expired at year-end without paid was 0.00 Yuan
35. Account payable
(1) Account payable
In RMB
Item Ending balance Opening balance
payment for goods 14,754,811.13 10,278,377.96
Total 14,754,811.13 10,278,377.96
106
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
(2) Account payable with over one year book age
In RMB
Item Ending balance Reasons of un-paid or carry-over
Total 0.00 --
Other explanation:
There are no important account payable with over one year book age in the Peirod
36. Account received in advance
(1) Account received in advance
In RMB
Item Ending balance Opening balance
payment for goods 5,283,273.78 2,595,736.07
Total 5,283,273.78 2,595,736.07
(2) Account received in advance with over one year book age
In RMB
Item Ending balance Reasons of un-paid or carry-over
Total 0.00 --
(3) Projects that settle without completed from construction contract at period-end
In RMB
Item Amount
Other explanation:
There are no important account received in advance in the Peirod
37. Wages payable
(1) Wages payable
In RMB
Decreased during the
Item Opening balance Increase during the year Ending balance
year
I. Short-term compensation 1,767,497.76 2,410,970.36 3,341,436.77 826,573.92
II. Post-employment
welfare- defined 5,316.96 210,044.04 188,880.97 26,480.03
contribution plans
107
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Total 1,772,814.72 2,621,014.40 3,530,317.74 853,053.95
(2) Short-term compensation
In RMB
Decreased during the
Item Opening balance Increase during the year Ending balance
year
1. Wages, bonuses, allowances
1,526,329.12 2,108,854.87 3,060,906.14 563,820.42
andsubsidies
3. Social insurance 1,293.08 92,248.68 81,791.25 11,750.51
Including: Medical
1,293.08 73,875.90 64,907.97 10,261.01
insurance
Work injury
3,878.58 3,216.58 662.00
insurance
Maternity
14,494.20 13,666.70 827.50
insurance
4. Housing accumulation
11,334.44 175,380.92 158,529.54 28,185.82
fund
5. Labor union
expenditure and
228,541.12 34,485.89 40,209.84 222,817.17
personnel education
expense
Total 1,767,497.76 2,410,970.36 3,341,436.77 826,573.92
(3) Defined contribution plans
In RMB
Decreased during the
Item Opening balance Increase during the year Ending balance
year
1. Basic endowment
5,172.32 199,569.24 181,571.53 23,170.03
insurance
2. Unemployment
144.64 10,474.80 7,309.44 3,310.00
insurance
Total 5,316.96 210,044.04 188,880.97 26,480.03
Other explanation:
The Company participates in the pension insurance and unemployment insurance plans established by government authorities by
laws. Under these plans, the Company makes monthly contribution to these plans based on 14% and 2% of the paid salaries of its
employees respectively. Other than the aforesaid monthly contribution, the Company takes no further payment obligation. The
relevant expenditure is included in current profit or loss or cost of relevant assets when occurs.
108
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
38. Tax payable
In RMB
Item Ending balance Opening balance
Value-added tax 580,489.54 1,256,783.68
Business tax 37,059.17 25,782.60
Enterprise income tax 54,192.84 745,109.42
Individual income tax 38,128.41 40,662.68
Urban maintenance and construction tax 16,932.67 64,952.41
Educational surtax 7,275.83 41,575.59
Embankment expenses 4,198.63 4,198.63
House property tax 45,070.60 53,122.79
Total 783,347.69 2,232,187.80
Other explanation:
39. Interest payable
In RMB
Item Ending balance Opening balance
Interest overdue without paid:
In RMB
Borrower Amount overdue Reasons
Other explanation:
40. Dividends payable
In RMB
Item Ending balance Opening balance
Other explanation, including dividends payable with over one year age and disclosure un-payment reasons:
41. Other payable
(1) Classification of other payable according to nature of account
In RMB
Item Ending balance Opening balance
Custodian and common benefit debts 9,816,853.85 9,840,809.85
Intercourse funds 8,757,397.97 9,370,269.08
Margin 1,968,478.00 1,903,346.00
109
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Total 20,542,729.82 21,114,424.93
(2) Significant other payable with over one year age
In RMB
Item Ending balance Reasons of un-paid or carry-over
Custodian and common benefit debts 9,816,853.85 Un-cleared
Guosheng Energy 6,500,000.00 Interest-free loans
Total 16,316,853.85 --
Other explanation
42. Liability holding ready for sold
In RMB
Item Ending balance Opening balance
Other explanation:
43. Non-current liability due within one year
In RMB
Item Ending balance Opening balance
Other explanation:
44. Other current liability
In RMB
Item Ending balance Opening balance
Changes of short-term bond payable:
In RMB
Accrual Premium/
Face Release Bond Issuing Opening Issued in interest discount Paid in Ending
Bond
value date period amount balance the Period by face amortizati the Period balance
value on
Other explanation:
45. Long-term loans
(1)Classification of long-term loans
In RMB
Item Ending balance Opening balance
Explanation:
Other explanation, including interest rate section:
110
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
46. Bonds payable
(1) Bonds payable
In RMB
Item Ending balance Opening balance
(2) Changes of bonds payable (not including the other financial instrument of preferred stock and
perpetual capital securities that classify as financial liability)
In RMB
(3) Convertible conditions and time for shares transfer for the convertible bonds
(4) Other financial instruments classify as financial liability
Basic information of the outstanding preferred stock and perpetual capital securities at period-end
Changes of outstanding preferred stock and perpetual capital securities at period-end
In RMB
Outstanding Period-begin Increase during the year Decreased Period-end
financial
Amount Book value Amount Book value Amount Book value Amount Book value
instrument
Basis for financial liability classification for other financial instrument
Other explanation
47. Long-term account payable
(1) Listed by nature
In RMB
Item Ending balance Opening balance
Other explanation:
48. Long-term employee payable
(1) Long-term employee payable
In RMB
Item Ending balance Opening balance
(2) Changes of defined benefit plans
Present value of the defined benefit plans:
111
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
In RMB
Item Current amount Last amount
Scheme assets:
In RMB
Item Current amount Last amount
Net liability (assts) of the defined benefit plans
In RMB
Item Current amount Last amount
Content of defined benefit plans and relevant risks, impact on future cash flow of the Company as well as times and uncertainty:
Major actuarial assumption and sensitivity analysis:
Other explanation:
49. Special payable
In RMB
Increase during the
Item Opening balance Decreased Ending balance Causes
year
Other explanation:
50. Accrued liability
In RMB
Item Ending balance Opening balance Causes
Other explanation, including relevant important assumptions and estimation:
51. Deferred income
In RMB
Increase during the
Item Opening balance Decreased Ending balance Causes
year
Item with government grants involved:
In RMB
Amount reckoned
New grants in the Assets-related/inc
Item Opening balance in non-operation Other changes Ending balance
Period ome related
revenue
Other explanation:
52. Other non-current liability
In RMB
112
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Item Ending balance Opening balance
Other explanation:
53. Share capital
In RMB
Changeduringtheyear(+,-)
Shares
Opening
New shares transferred Ending balance
balance Bonus share Other Subtotal
issued from capital
reserve
Total shares 551,347,947.00 0.00 551,347,947.00
Other explanation:
54. Other equity instrument
(1) Basic information of the outstanding preferred stock and perpetual capital securities at period-end
(2) Changes of outstanding preferred stock and perpetual capital securities at period-end
In RMB
Outstanding Period-begin Increase during the year Decreased Period-end
financial
Amount Book value Amount Book value Amount Book value Amount Book value
instrument
Changes of other equity instrument, change reasons and relevant accounting treatment basis:
Other explanation:
55. Capital reserve
In RMB
Item Opening balance Increase during the year Decreased Ending balance
Other capital reserve 627,834,243.83 627,834,243.83
Including: income from
482,580,588.23 482,580,588.23
debt restructuring
Other 145,253,655.60 145,253,655.60
Total 627,834,243.83 627,834,243.83
Other explanation, including changes and reasons for changes:
Among the other capital reserves, 135,840,297.18 Yuan refers to the payment for creditor from shares assignment by whole
shareholders; majority shareholder Guosheng Energy donated 5,390,399.74 Yuan.
113
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
56. Treasury stock
In RMB
Item Opening balance Increase during the year Decreased Ending balance
Other explanation, including changes and reasons for changes:
57. Other comprehensive income
In RMB
Current amount
Less: written in
other
Account comprehensive
Opening Belong to Belong to Ending
Item before income in
balance Less : income parent minority balance
previous period
income tax in and carried tax expense company after shareholders
tax after tax
the year forward to gains
and losses in
current period
Other explanation, including the active part of the hedging gains/losses of cash flow transfer to initial recognization adjustment for
the arbitraged items
58. Special reserves
In RMB
Item Opening balance Increase during the year Decreased Ending balance
Other explanation, including changes and reasons for changes:
59. Surplus reserves
In RMB
Item Opening balance Increase during the year Decreased Ending balance
Statutory surplus reserve 32,673,227.01 32,673,227.01
Total 32,673,227.01 32,673,227.01
Other explanation, including changes and reasons for changes:
60. Retained profit
In RMB
Item Current period Last period
Retained profit at period-end before adjustment -1,199,952,070.17 -1,204,837,748.73
Retained profit at period-begin after adjustment -1,199,952,070.17 -1,204,837,748.73
Add: net profit attributable to shareholders of 416,172.86 4,885,678.56
114
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
parent company for this year
Retained profit at period-end -1,199,535,897.31 -1,199,952,070.17
Adjustment for retained profit at period-begin:
1). Retroactive adjustment due to the Accounting Standards for Business Enterprise and relevant new regulations, retained profit at
period-begin has 0.00 Yuan affected;
2) Due to the accounting policy changes, retained profit at period-begin has 0.00 Yuan affected;
3) Due to the major accounting errors correction, retained profit at period-begin has 0.00 Yuan affected;
4) Consolidation range changed due to the same control, retained profit at period-begin has 0.00 Yuan affected;
5) Total other adjustment impacts 0.00 Yuan retained profit at period-begin
61. Operating income and operating cost
In RMB
Current amount Last amount
Item
Income Cost Income Cost
Main business 73,267,509.78 68,162,375.38 82,413,282.09 77,743,826.24
Other business 3,269,290.90 1,830,146.73 3,253,352.31 2,582,974.38
Total 76,536,800.68 69,992,522.11 85,666,634.40 80,326,800.62
62. Business tax and surcharge
In RMB
Item Current amount Last amount
Business tax 134,516.43 171,604.15
Urban maintenance and construction tax 56,422.39 43,357.58
Educational surtax 40,301.71 30,969.71
Total 231,240.53 245,931.44
Other explanation:
63. Sales expense
In RMB
Item Current amount Last amount
Salary, social insurance 1,481,509.71 1,246,169.99
Development costs for new products 537,519.41 45,540.34
Advertising promotion costs 771,999.30
Lease and property management fee 272,867.70 262,879.39
Travel expenses 172,991.20 199,145.50
115
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Other 374,720.55 102,867.60
Total 3,611,607.87 1,856,602.82
Other explanation:
64. Administration expense
In RMB
Item Current amount Last amount
Salary, social insurance and public reserves 1,598,310.64 1,669,744.66
Lease and property management fee 595,190.26 1,509,289.55
Other 361,568.50 1,898,335.83
Total 2,555,069.40 5,077,370.04
Other explanation:
65. Financial expense
In RMB
Item Current amount Last amount
Interest expenditure
Less: Interest income -629,395.63 -113,868.86
exchange loss
Other 9,167.18 15,594.44
Total -620,228.45 -98,274.42
Other explanation:
66. Loss from Assets depreciation
In RMB
Item Current amount Last amount
I. Bad debt losses -21,848.43 -13,244.86
Total -21,848.43 -13,244.86
Other explanation:
67. Changes in fair value gains
In RMB
Changes resources Current amount Last amount
Other explanation:
116
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
68. Investment income
In RMB
Item Current amount Last amount
Other explanation:
69. Non-operation revenue
In RMB
Amount reckoned into
Item Current amount Last amount non-recurring gains/losses in
the Year
Total gains from disposal of
39,731.46
non-current assets
Including: Gains from disposal
39,731.46
of fixed assets
Other 49,388.00 4,862,626.91 49,388.00
Total 49,388.00 4,902,358.37 49,388.00
Government grants reckoned into current gains/losses:
In RMB
Item Current amount Last amount Assets-related/gains-related
Other explanation:
70. Non-operating expenditure
In RMB
Amount reckoned into
Item Current amount Last amount non-recurring gains/losses in
the Year
Total non-current assets
5,880.00
disposal losses
Including: fixed assets disposal
5,880.00
losses
Other 5,356.00 17,174.00 5,356.00
Total 5,356.00 23,054.00 5,356.00
Other explanation:
117
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
71. Income tax expense
(1) Income tax expense
In RMB
Item Current amount Last amount
Current income tax 239,892.79 789,686.25
Total 239,892.79 789,686.25
(2) Adjustment on accounting profit and income tax expenses
In RMB
Item Current amount
Total profit 832,469.65
Income tax measured by statutory/applicable tax rate 239,892.79
income tax expenses 239,892.79
Other explanation
72. Other comprehensive income
Found more in Note
73. Items of cash flow statement
(1) Other cash received in relation to operation activities
In RMB
Item Current amount Last amount
Rent and utilities etc. 1,536,196.28 2,270,088.04
Other intercourse funds 1,946,672.49 108,349,727.34
Total 3,482,868.77 110,619,815.38
Explanation on other cash received in relation to operation activities
(2) Other cash paid in relation to operation activities
In RMB
Item Current amount Last amount
Period expenses, operation costs and
5,396,441.97 9,087,945.93
common benefit debts paid
Total 5,396,441.97 9,087,945.93
Explanation on other cash paid in relation to operation activities
(3) Cash received from other investment activities
In RMB
118
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Item Current amount Last amount
Explanation on cash received from other investment activities
(4) Cash paid related with investment activities
In RMB
Item Current amount Last amount
Explanation on cash paid related with investment activities
(5) Other cash received in relation to financing activities
In RMB
Item Current amount Last amount
Explanation on other cash received in relation to financing activities
(6) Cash paid related with financing activities
In RMB
Item Current amount Last amount
Explanation on cash paid related with financing activities
74. Supplementary information to statement of cash flow
(1) Supplementary information to statement of cash flow
In RMB
Supplementary information This Period Last Period
1. Net profit adjusted to cash flow of
-- --
operation activities:
Net profit 592,576.86 2,361,066.88
Add: Assets impairment provision -21,848.43 -13,244.86
Depreciation of fixed assets, consumption of
oil assets and depreciation of productive 67,152.80 28,846.25
biology assets
Amortization of intangible assets 376,500.00 376,500.00
Loss from disposal of fixed assets, intangible
assets and other long-term assets(gain is -33,851.46
listed with ―-‖)
Financial expenses gain is listed with ―-‖) -620,228.45
Decrease of inventory (increase is listed with
-8,788,547.59 -18,301,324.25
―-‖)
Decrease of operating receivable accounts
-1,966,778.62 101,120,144.74
(increase is listed with ―-‖)
Increase of operating payable accounts
4,742,920.08 -82,792,296.41
(decrease is listed with ―-‖)
Net cash flow arising from operating -5,618,253.35 2,745,840.89
119
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
activities
2. Material investment and financing not
-- --
involved in cash flow
3. Net change of cash and cash equivalents: -- --
Balance of cash at period end 24,323,391.21 29,360,708.21
Less: Balance of cash at year-begin 30,163,866.78 26,834,171.59
Net increasing of cash and cash equivalents -5,840,475.57 2,526,536.62
(2) Net cash paid for obtaining subsidiary in the Period
In RMB
Amount
Including: --
Including: --
Including: --
Other explanation:
(3) Net cash received by disposing subsidiary in the Period
In RMB
Amount
Including: --
Including: --
Including: --
Other explanation:
(4) Constitution of cash and cash equivalent:
In RMB
Item Ending balance Opening balance
Ⅰ. Cash 24,323,391.21 30,163,866.78
Including: Cash on hand 142,091.02 2,894.71
Bank deposit available for
24,181,300.19 30,160,972.07
payment at any time
Ⅲ. Balance of cash and cash equivalent at
24,323,391.21 30,163,866.78
period-end
Other explanation:
120
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
75. Notes of changes of owners’ equity
Explain the name and adjusted amount in ―Other‖ at end of last period:
76. Assets with ownership or use right restricted
In RMB
Item Ending book value Restriction reasons
Other explanation:
77. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
Ending foreign currency
Item Convert rate Ending RMB balance converted
balance
Other explanation:
(2) Explanation on foreign operational entity, including as for the major foreign operational entity,
disclosed main operation place, book-keeping currency and basis for selection; if the book-keeping
currency changed, explain reasons
□ Applicable √ Not applicable
78. Hedging
Disclosed hedging items and relevant hedging instrument based on hedging’s category, disclosed qualitative and quantitative
information for the arbitrage risks:
79. Other
VIII. Changes of consolidation range
1. Enterprise combined under different control
(1) Enterprise combined under different control in the Period
In RMB
Standard to Income of Net profit of
Time point Cost of Ratio of Acquired
Purchasing determine the acquiree from acquiree from
Acquiree for equity equity equity way Equity
date purchasing purchasing purchasing
obtained obtained obtained obtained way
date date to date to
121
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
period-end period-end
Other explanation:
(2) Combination cost and goodwill
In RMB
Combination cost
Determination method for fair value of the combination cost and contingent consideration and changes:
Main reasons for large goodwill resulted:
Other explanation:
(3) Identifiable assets and liability on purchasing date under the acquiree
In RMB
Fair value on purchasing date Book value on purchasing date
Determination method for fair value of the identifiable assets and liabilities:
Contingent liability of the acquiree bear during combination:
Other explanation:
(4) Gains or losses arising from re-measured by fair value for the equity held before purchasing date
Whether it is a business combination realized by two or more transactions of exchange and a transaction of obtainted control rights in
the Period or not
□Y √N
(5) On purchasing date or period-end of the combination, combination consideration or fair value of
identifiable assets and liability for the acquiree are un-able to confirm rationally
(6) Other explanation
2. Enterprise combined under the same control
(1) Enterprise combined under the same control in the Period
In RMB
Income of the Net profit of Income of the Net profit of
Basis of Standard to combined the combined combined the combined
Equity ratio
combined Combination determine the party from party from party during party during
Acquiree obtained in
under the date combination period-begin period-begin the the
combination
same control date of of comparison comparison
combination combination period period
122
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
to the to the
combination combination
date date
Other explanation:
(2) Combination cost
In RMB
Combination cost
Explanation on contingent consideration and its changes:
Other explanation:
(3) Assets and liability of the combined party on combination date
In RMB
Combination date Ending period of last year
Contingent liability of the combined party bear during combination
Other explanation:
3. Counter purchase
Basic transaction information, basis of counter purchase, whether making up business due to the assets and liability reserved by listed
company and basis, determination of combination cost, amount and calculation on adjusted equity by equity transaction
4. Subsidiary disposal
Whether lost controlling rights while dispose subsidiary on one time or not
□Y√N
Whether lost controlling rights in the Period while dispose subsidiary on two or more steps or not
□Y√N
5. Other reasons for consolidation range changed
Reasons for changed on consolidation range (such as new subsidiary established, subsidiary liquidated etc.)And relevant information
123
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
6. Other
IX. Equity in other entity
1. Equity in subsidiary
(1) Constitute of enterprise group
Main operation Share-holding ratio
Subsidiary Registered place Business nature Acquired way
place Directly Indirectly
Shenzhen
Emmelle Bicycle and spare
Shenzhen Shenzhen 70.00% Investment
Industrial Co., parts distribution
Ltd.
Explanation on share-holding ratio in subsidiary different from ratio of voting right:
Basis for controlling the invested entity with half or below voting rights held and without controlling invested entity but with over
half and over voting rights
Controlling basis for the structuring entity included in consolidated range
Basis on determining to be a agent or consignor:
Other explanation:
(2) Important non-wholly-owned subsidiary
In RMB
Dividend announced to
Share-holding ratio of Gains/losses attributable Ending equity of
Subsidiary distribute for minority in
minority to minority in the Period minority
the Period
Shenzhen Emmelle
30.00% 176,404.00 1,769,162.40
Industry Co., Ltd.
Explanation on share-holding ratio of minority different from ratio of voting right:
Other explanation:
(3) Main finance of the important non-wholly-owned subsidiary
In RMB
Ending balance Opening balance
Subsidia Non-curr Non-curr Non-curr Non-curr
Current Total Current Total Current Total Current Total
ry ent ent ent ent
assets assets liability liability assets assets liability liability
assets liability assets liability
Shenzhe 49,620,6 269,191. 49,889,8 43,992,6 43,992,6 44,487,1 161,628. 44,648,7 39,339,5 39,339,5
124
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
n 35.71 35 27.06 19.07 19.07 41.91 03 69.94 75.27 75.27
Emmelle
Industry
Co., Ltd.
In RMB
Current amount Last amount
Cash flow Cash flow
Total Total
Subsidiary Operation from Operation from
Net profit comprehensi Net profit comprehensi
Income operation Income operation
ve income ve income
activity activity
Shenzhen
Emmelle 73,914,096.7 83,395,111.0
588,013.32 588,013.32 -5,442,718.81 1,621,391.39 1,621,391.39 2,420,601.62
Industry Co., 0 4
Ltd.
Other explanation:
(4) Major restriction on using corporate’s assets and liquidate corporate’s debts
(5) Financial or other supporting provided to structuring entity that included in consolidated financial
statement
Other explanation:
2. Transaction that has owners equity shares changed in subsidiary but still with controlling rights
(1) Owners equity shares changed in subsidiary
(2) Impact on minority’s interest and owners’ equity attributable to parent company
In RMB
Other explanation
3. Equity in joint venture and cooperative enterprise
(1) Important joint venture and cooperative enterprise
Share-holding ratio Accounting
treatment on
Main operation
Name Registered place Business nature investment for
place Directly Indirectly
joint venture and
cooperative
125
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
enterprise
Share-holding ratio or shares enjoyed different from voting right ratio:
Basis of the voting rights with 20% below but with major influence, or without major influence but with over 20% (20% included)
voting rights hold:
(2) Main financial information of the important joint venture
In RMB
Ending balance /Current amount Opening balance /Last amount
Other explanation
(3) Main financial information of the important cooperative enterprise
In RMB
Ending balance /Current amount Opening balance /Last amount
Other explanation
(4) Financial summary for un-important joint venture or cooperative enterprise
In RMB
Ending balance /Current amount Opening balance /Last amount
Joint venture -- --
Total numbers measured by share-holding
-- --
ratio
Cooperative enterprise -- --
Total numbers measured by share-holding
-- --
ratio
Other explanation
(5) Assets transfer ability has major restriction from joint venture or cooperative enterprise
(6) Excess losses from joint venture or cooperative enterprise
In RMB
Un-confirmed losses not
Cumulative un-confirmed Cumulative un-confirmed
Name recognized in the Period (or net
losses losses at period-end
profit enjoyed in the Period)
Other explanation
126
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
(7) Un-confirmed commitment with investment concerned with joint venture
(8) Contingent liability with investment concerned with joint venture or cooperative enterprise
4. Co-runs operation
Share-holding ratio/ share enjoyed
Name Main operation place Registered place Business nature
Directly Indirectly
Share-holding ratio or shares enjoyed different from voting right ratio:
If the co-runs entity is the separate entity, basis of the co-runs classification
Other explanation
5. Equity in structuring entity that excluding in the consolidated financial statement
Relevant explanation
6. Other
X. Risk related with financial instrument
XI. Disclosure of fair value
1. Ending fair value of the assets and liabilities measured by fair value
In RMB
Ending fair value
Item
First-order Second-order Third-order Total
I. Sustaining measured by
-- -- -- --
fair value
II. Non-persistent measure -- -- -- --
127
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
2. Recognized basis for the market price sustaining and non-persistent measured by fair value on
first-order
3. Valuation technique and qualitative and quantitative information on major parameters for the fair value
measure sustaining and non-persistent on second-order
4. Valuation technique and qualitative and quantitative information on major parameters for the fair value
measure sustaining and non-persistent on third-order
5. Adjustment information and sensitivity analysis of unobservable parameters for the fair value measure
sustaining and non-persistent on third-order
6. Sustaining items measured by fair value, as for the conversion between at all levels, reasons for
conversion and policy for conversion time point
7. Changes of valuation technique in the Period
8. Financial assets and liability not measured by fair value
9. Other
XII. Related party and related transactions
1. Parent company of the enterprise
Share-holding ratio
Voting right ratio on
Parent company Registration place Business nature Registered capital on the enterprise for
the enterprise
parent company
Industrial
investment, domestic
commerce, supply
Shenzhen Guosheng and marketing
Energy Investment materials (excluding
Shenzhen 220000000.00 11.52% 11.52%
Development Co., monopolized
Ltd commodities, and
commodity under
special government
control)
Explanation on parent company of the enterprise
Ultimate controller of the Company is Ji Hanfei
Other explanation:
128
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
2. Subsidiary of the Enterprise
Found more in IX (1) of the Note
3. Cooperative enterprise and joint venture
Found more in 3 of Note IX.
Other cooperative enterprise and joint venture that have related transaction with the Company in the Period or occurred in pervious
period
Name Relationship
Other explanation
4. Other related party
Other related party Relationship with the Enterprise
Other explanation
5. Related transaction
(1) Goods purchasing, labor service providing and receiving
Goods purchasing/labor service receiving
In RMB
Whether over the
Related party Content Current amount Approval trading limit Last amount
trading limit (Y/N)
Goods sold/labor service providing
In RMB
Related party Content Current amount Last amount
Explanation on goods purchasing, labor service providing and receiving
(2) Related trusteeship/contract and delegated administration/outsourcing
Trusteeship/contract
In RMB
Income from
Client/ Entrusting party/ Yield pricing
Assets type Starting date Maturity date trusteeship/contra
contract-out party contractor basis
ct
Explanation on related trusteeship/contract
Delegated administration/outsourcing
In RMB
129
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Pricing basis of trustee
Client/
Entrusting party/ trustee fee/outsourcing
contract-out Assets type Starting date Maturity date
contractor fee/outsourcing fee recognized in
party
fee the Period
Explanation on related administration/outsourcing
(3) Related lease
As a lessor for the Company
In RMB
Lease income in recognized in Lease income in recognized last
Lessee Assets type
the Period the Period
As a lessee for the Company
In RMB
Lease income in recognized in Lease income in recognized last
Lessor Assets type
the Period the Period
Explanation on related lease
(4) Related guarantee
As a guarantor for the Company
In RMB
Guarantee completed
Secured party Amount guarantee Starting date Maturity date
(Y/N)
As a secured party for the Company
In RMB
Guarantee completed
Guarantor Amount guarantee Starting date Maturity date
(Y/N)
Explanation on related guarantee
(5) Borrowed funds of related party
In RMB
Related party Borrowed funds Starting date Maturity date Note
Borrowing
Lending
(6) Assets transfer and debt restructuring of related party
In RMB
130
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Related party Transaction content Current amount Last amount
6. Receivable/payable items of related parties
(1) Receivable item
In RMB
Ending balance Opening balance
Item Related party
Book balance Bad debt provision Book balance Bad debt provision
(2) Payable item
In RMB
Item Related party Ending book balance Opening book balance
Shenzhen Guosheng Energy
Other account payable Investment Development Co., 6,500,000.00 6,500,000.00
Ltd
7. Commitments of related party
8. Other
XIII. Share-based payment
1. General share-based payment
□ Applicable √ Not applicable
2. Share-based payment settled by equity
□ Applicable √ Not applicable
3. Share-based payment settled by cash
□ Applicable √ Not applicable
131
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
4. Revised and termination on share-based payment
5. Other
XIV. Commitment or contingency
1. Important commitments
Important commitments in balance sheet date
(1) Commitment of operation leasing
Till end of the balance sheet date, the long-term leasing contract signed outside by the Company are as:
1. The Company entere in to a long-term house-leasing contract with Shenzhen Material Group Co., Ltd. dated 1 May 2014, leased
the property located at Room 1201, Wantong Building, No. 3002, Sungang East Road, Luohu District, Shenzhen, as the office floor
of the Company. The leasing terms agreed from 1 May 2014 to 30 April 2017, the floor area leased counted as 681.34 M2. The
Company has payable rent of 474,200 Yuan for one year since 1 May 2014 in line with the contract, till end of the contract or resind
the contract by two parties.
2. The Company entere in to a long-term house-leasing contract with Shenzhen Anjingheng Industrial Co., Ltd. dated 18 September
2014, leased the property located at C section, 2/F, D-building, Shengli Industrial Park, Southwest side, Qinghua Road, Longhua
Office, Longhua New District, Shenzhen, as the production spot of the Company. The leasing terms agreed from 21 September 2014
to 19 September 2018. The Company has payable rent of 510,600 Yuan for one year since 21 September 2014 in line with the
contract, till end of the contract or resind the contract by two parties.
2. Contingency
(1) Contingency on balance sheet date
(2) For the important contingency not necessary to disclosed by the Company, explained reasons
The Company has no important contingency that need to disclosed
3. Other
XV. Events after balance sheet date
1. Important non-adjustment items
In RMB
Impact on financial status and Reasons on un-able to estimated
Item Content
operation results the impact number
132
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
2. Profit distribution
In RMB
3. Sales return
4. Other events after balance sheet date
XVI. Other important events
1. Previous accounting errors collection
(1) Retrospective restatement
In RMB
Impact items of statement
Content Treatment procedures Cumulative impacted number
during a comparison
(2) Prospective application
Reasons for prospective application
Accounting error correction Approval procedures
adopted
2. Debt restructuring
3. Assets replacement
(1) Non-monetary assets change
(2) Other assets replacement
4. Pension plan
5. Discontinued operations
In RMB
Discontinued
operations profit
Income tax
Item Revenue Expenses Total profit Net profit attributable to
expenses
owners of parent
company
Other explanation
133
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
6. Segment
(1) Recognition basis and accounting policy for reportable segment
(2) Financial information for reportable segment
In RMB
Item Offset between divisions Total
(3) The company has no reportable segments, or unable to disclose total assts and total liability for
reportable segments, explain reasons
(4) Other explanation
7. Major transaction and events makes influence on investor’s decision
8. Other
XVII. Principle notes of financial statements of parent company
1. Accounts receivable
(1) Category
In RMB
Ending balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book
Accrual Accrual Book value
Amount Ratio Amount value Amount Ratio Amount
ratio ratio
Receivables with bad
debt provision 694,416. 694,416.0 694,416
100.00% 100.00% 694,416.00
accrual by credit 00 0 .00
portfolio
694,416. 694,416.0 694,416
Total 100.00% 100.00% 694,416.00
00 0 .00
Receivable with single significant amount and withdrawal bad debt provision separately at end of period:
□ Applicable √ Not applicable
In combination, accounts receivable whose bad debts provision was accrued by age analysis:
√ Applicable □ Not applicable
In RMB
Ending balance
Age
Account receivable Bad debt provision Accrual ratio
134
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
within one year
within one year 694,416.00
within one year 694,416.00
Total 694,416.00
Explanations on combination determine:
In combination, withdrawal proportion of bad debt provision based on balance proportion for account receivable:
□ Applicable √ Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods for account receivable:
(2) Bad debt provision accrual, collected or reversed
Accrual bad debt provision 0.00 Yuan; collected or reversed 0.00 Yuan.
Major bad debt provision reversal or collected in the Period
In RMB
Company Amount reversal or collected Collection way
Total 0.00 --
(3) Receivables actually written-off during the reporting period
In RMB
Item Amount written off
Written-off for the major receivable
In RMB
Nature of Procedures Arising from related
Company Amount written off Reason for write-off
receivables implemented transactions
Total -- 0.00 -- -- --
Explanation for write-off of receivables
(4) Top 5 receivables at ending balance by arrears party
Account receivable has one subsidairy Shenzhen Emmelle Industry Co., Ltd. has the account receivable.The number is 694,416.00
Yuan.
(5) Receivable derecognition due to transfer of financial assets
(6) Assets and liability resulted by receivable transfer and continuous involvement
Other explanation:
135
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
2. Other accounts receivable
(1) Classification
In RMB
Ending balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book
Accrual Accrual Book value
Amount Ratio Amount value Amount Ratio Amount
ratio ratio
Other receivables
with bad debt 11,671,3 11,670,72 13,714, 13,714,033.
100.00% 587.29 100.00% 587.29
provision accrual by 09.93 2.64 620.41 12
credit portfolio
11,671,3 11,670,72 13,714, 13,714,033.
Total 100.00% 587.29 100.00% 587.29
09.93 2.64 620.41 12
Other receivable with single significant amount and withdrawal bad debt provision separately at end of period:
□ Applicable √ Not applicable
In combination, other accounts receivable whose bad debts provision was accrued by age analysis:
√ Applicable □ Not applicable
In RMB
Ending balance
Age
Other receivable bad debts provision Accrual ratio
within one year
within one year 11,671,309.93 587.29
within one year 11,671,309.93 587.29
Total 11,671,309.93 587.29
Explanations on combination determine:
In combination, withdrawal proportion of bad debt provision based on balance proportion for other account receivable:
□ Applicable √ Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods for other account receivable:
□ Applicable √ Not applicable
(2) Bad debt provision accrual, collected or reversed
Accrual bad debt provision 0.00 Yuan; collected or reversed 0.00 Yuan.
Major bad debt provision reversal or collected in the Period
In RMB
Company Amount reversal or collected Collection way
Total 0.00 --
136
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
(3) Other receivables actually written-off during the reporting period
In RMB
Item Amount written off
Written-off for the major other receivable:
In RMB
Nature of other Procedures Arising from related
Company Amount written off Reason for write-off
receivables implemented transactions
Total -- 0.00 -- -- --
Explanation for write-off of other receivables:
(4) Other receivables by nature
In RMB
Nature Ending book balance Opening book balance
Intercourse funds 11,460,959.93 13,518,858.41
Deposit 182,762.00 182,762.00
Employee borrows 27,588.00 13,000.00
Total 11,671,309.93 13,714,620.41
(5) Top 5 other receivables at ending balance by arrears party
In RMB
Ratio in total ending
Ending balance of
Company Nature Ending balance Book age balance of other
bad bet provision
receivables
Shenzhen Emmelle
Intercourse funds 11,460,959.93 within one year 98.20%
Industry Co., Ltd.
Shenzhen Anjinheng
Deposit 90,100.00 within one year 0.77%
Industrial Co., Ltd.
Shenzhen Material
Deposit 79,035.00 within one year 0.68%
Group CO., Ltd.
Employee borrows Employee borrows 27,588.00 within one year 0.24%
Shenzhen Baifanghe
Deposit 13,627.00 within one year 0.11%
Property Co., Ltd.
Total -- 11,671,309.93 -- 100.00%
137
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
(6) Account receivable with government subsidy involved
In RMB
Time, amount and basis
Company Item Ending balance Ending book age
for money collected
(7) Other receivable derecognition due to transfer of financial assets
(8) Assets and liability resulted by other receivable transfer and continuous involvement
Other explanation:
3. Long-term equity investment
In RMB
Ending balance Opening balance
Item
Book balance Impairment Book value Book balance Impairment Book value
Investment for
1,400,000.00 1,389,620.27 10,379.73 1,400,000.00 1,389,620.27 10,379.73
subsidiary
Total 1,400,000.00 1,389,620.27 10,379.73 1,400,000.00 1,389,620.27 10,379.73
(1) Investment for subsidiary
In RMB
Ending balance of
Impairment
The invested entity Opening balance Increased Decreased Ending balance impairment
accrual
provision
Shenzhen
Emmelle Industry 1,400,000.00 1,400,000.00 1,389,620.27
Co., Ltd.
Total 1,400,000.00 1,400,000.00 1,389,620.27
(2) Investment for associates and joint venture
In RMB
+,- Ending
Investme Other Cash balance
Additiona
Opening nt gains comprehe Other dividend Ending of
Company l Capital Impairme
balance recognize nsive equity or profit Other balance impairme
investmen reduction nt accrual
d under income change announce nt
t
equity adjustmen d to provision
138
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
t issued
I. Joint venture
Subtotal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
II. Associated enterprise
Subtotal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(3) Other explanation
4. Operating income and cost
In RMB
Current amount Last amount
Item
Income Cost Income Cost
Other business 3,838,933.33 1,830,146.73 3,703,766.10 2,536,032.31
Total 3,838,933.33 1,830,146.73 3,703,766.10 2,536,032.31
Other explanation:
5. Investment gains
In RMB
Item Current amount Last amount
6. Other
XVIII. Supplementary Information
1. Current non-recurring gains/losses
√ Applicable □ Not applicable
In RMB
Item Amount Note
Gains/losses items qualify definition of
44,032.00
non-recurring gains/losses
Less: Impact on income tax 11,008.00
Total 33,024.00 --
Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring profit (gain)/loss according to
the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their
Securities to the Public --- Extraordinary Profit/loss, explain reasons
139
深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
□ Applicable √ Not applicable
2. REO and earnings per share
Earnings per share
Profits during report period Weighted average ROE Diluted EPS
Basic EPS (RMB/Share)
(RMB/Share)
Net profits belong to common stock
3.44% 0.0008 0.0008
stockholders of the Company
Net profits belong to common stock
stockholders of the Company after
3.16% 0.0007 0.0007
deducting nonrecurring gains and
losses
3. Difference of the accounting data under accounting rules in and out of China
(1) Difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
(2) Difference of the net profit and net assets disclosed in financial report, under both foreign accounting
rules and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
(3) Explain accounting difference over the accounting rules in and out of China; as for the difference
adjustment for data audited by foreign auditing organ, noted the name of such foreign organ
4. Other
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深圳中华自行车(集团)股份有限公司 2015 年半年度报告全文
Section XII. Documents available for reference
1. Accounting statement carrying the signatures and seals of the legal representative, person in charge of
accounting and person in charge of accounting organ;
2. Originals documents of the Company and manuscripts of public notices that disclosed in the newspaper
designated by CSRC in the report period;
3. English version of the Semi-Annual Report 2015
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