深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Shenzhen China Bicycle Company (Holdings) Limited
SEMI-ANNUAL REPORT 2019
August 2019
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深圳中华自行车(集团)股份有限公司 2019 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.
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 2019 Semi-Annual
Report is authentic, accurate and complete.
All directors are attended the Board Meeting for report deliberation.
The Company has no plan of cash bonus, dividends and capitalizing of reserves
either.
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Content
Section I Important Notice and Paraphrase ............................................................. 2
Section II Company Profile and Main Financial Indexes ....................................... 5
Section III Summary of Company Business ............................................................. 8
Section IV Discussion and Analysis of the Operation .............................................. 9
Section V Important Events ..................................................................................... 16
Section VI Changes in shares and shareholders ..................................................... 23
Section VII Preferred Stock ...................................................................................... 28
Section VIII Particulars about Directors, Supervisors and Senior Executives ... 29
Section IX Corporate -bond ..................................................................................... 30
Section X Financial report ........................................................................................ 31
Section XI Documents available for reference...................................................... 157
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Paraphrase
Items Refers to Definition
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Section II. Company Profile and Main Financial Indexes
I. Company Profile
Short form of the stock Zhonghua – A, Zhonghua -B Code for share 000017, 200017
The abbreviation of the
N/A
changed stock (if applicable)
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) (if applicable)
Foreign name of the Company
Shenzhen China Bicycle Company (Holdings) Limited
(if applicable)
Short form of foreign name of
CBC
the Company (if applicable)
Legal representative Li Hai
II. Contact person and ways
Secretary of the Board Rep. of securities affairs
Name Sun Longlong Cui Hongxia, Zhong Xiaojin
Room 1201, Wantong Building, No.3002, Room 1201, Wantong Building, No.3002,
Contact adds. Sungang East Road, Luohu District, Sungang East Road, Luohu District,
Shenzhen Shenzhen
Tel. 0755-25516998,28181666 0755-25516998,28181666
Fax. 0755-28181009 0755-28181009
E-mail dmc@szcbc.com dmc@szcbc.com
III. Others
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
Registrations address, offices address and codes as well as website and email of the Company has no change in reporting period,
found more details in Annual Report 2018.
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
2. Information disclosure and preparation place
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
The newspaper appointed for information disclosure, website for semi-annual report publish appointed by CSRC and preparation
place for semi-annual report have no change in reporting period, found more details in Annual Report 2018.
IV. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□ Yes √ No
Increase/decrease in this
Current period Same period of last year
report y-o-y
Operating revenue (RMB) 38,274,433.02 67,734,899.35 -43.49%
Net profit attributable to shareholders of
-798,946.17 554,162.06 -244.17%
the listed company (RMB)
Net profit attributable to shareholders of
the listed company after deducting -910,390.17 521,366.39 -274.62%
non-recurring gains and losses (RMB)
Net cash flow arising from operating
-8,901,256.74 -3,362,971.19 164.68%
activities (RMB)
Basic earnings per share (RMB/Share) -0.0014 0.0010 -240.00%
Diluted earnings per share (RMB/Share) -0.0014 0.0010 -240.00%
Weighted average ROE -5.74% 3.43% -9.17%
Increase/decrease in this
End of current period End of last period report-end over that of last
period-end
Total assets (RMB) 64,830,640.85 73,242,960.17 -11.49%
Net assets attributable to shareholder of
13,507,355.77 14,306,301.94 -5.58%
listed company (RMB)
V. 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 had no difference of the net profit or net assets disclosed in financial report, under either IAS (International
Accounting Standards) or Chinese GAAP (Generally Accepted Accounting Principles) in the period.
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深圳中华自行车(集团)股份有限公司 2019 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 had no difference of the net profit or net assets disclosed in financial report, under either foreign accounting rules or
Chinese GAAP (Generally Accepted Accounting Principles) in the period.
VI. Items and amounts of extraordinary profit (gains)/loss
√Applicable □ Not applicable
In RMB
Item Amount Note
Other non-operating income and expenditure except for the
148,577.00
aforementioned items
Less: impact on income tax 37,144.25
Impact on minority shareholders’ equity (post-tax) -11.25
Total 111,444.00 --
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 2019 年半年度报告全文
Section III. Summary of Company Business
I. Main businesses of the Company in the reporting period
Does the Company need to comply with the disclosure requirement of the special industry
No
The company is engaged in the main business for the bicycle business and lithium battery material business, including production,
assembly, procurement, sales of bicycles and electric bicycles, etc.
II. Major changes in main assets
1. Major changes in main assets
Major assets Note of major changes
2. Main overseas assets
□ Applicable √ Not applicable
III. Core Competitiveness Analysis
Does the Company need to comply with the disclosure requirements of the special industry
No
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, quality management and sales of e-commerce, extended and expansion the application of upstream
& downstream industry for the industrial chain step by step, 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.
Furthermore, we strive to planning the privately placement in the period and hope to improve the operation ability
and development strength of the Company. The specific works are underway.
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Section IV. Discussion and Analysis of the Business
I. Introduction
In 2019, the international political and economic situation was complex and severe, the problem of unbalanced
and inadequate domestic development remains a serious one, new downward pressure has emerged in the
economy. Under the leadership of central government and governments at all levels, the whole nation
strengthened their confidence, overcame difficulties, and forged ahead, and achieved steady progress in economic
and social development, and the economic fundamentals were continuously consolidated and developed. As a
sector in the traditional manufacturing field, the bicycle industry continued the dilemma of rise in labor cost,
manufacturing costs, cost of capital, and material costs. In 2018, the relevant state ministry issued a new national
standard for electric bicycle safety technical specifications which was implemented on April 15, 2019.
Implementation of the new national standard, has accelerated the industry’s reshuffle industry shocks. In addition,
in the past two years, the bike sharing has been violently oscillating the bicycle industry and the upstream supply
chain operations with capital advantages, due to the lack of profit model and capital chain problems, and it
continued to have a big impact on the whole industry in 2019. At the same time, as a traditional manufacturing
industry, the bicycle industry also ushered in the “Made in China 2025” strategy, under the guidance of the basic
principles of “Innovation Driven, Quality First, Green Development, Structure Optimization, and Talent Based”,
took the important opportunity to speed up the transformation and upgrading, ushered in the development
opportunity of the implementation of the new national standards for electric bicycles, and also faced with the
important challenges of e-commerce development impacts on channels, channel integration and Internet+.
China has the world’s largest production and marketing of electric bicycles, after years of development, electric
bicycles have gradually become an important means of transportation for consumers on everyday short-distance
trips, at present, there are about 200 million bicycles in the entire society. Structural body, motor, power battery,
and control system are the core components of electric bicycles, Shenzhen China Bicycle has been closely
following up the research on their technological development, application development, and commercial value for
a long period of time, and has determined the qualified suppliers for core components year by year. The
non-public offering of shares for fund-raising investment project of Shenzhen China Bicycle being planned and
prepared at present also covers the application researches on switched reluctance motors, super-capacitor batteries,
new materials, electric car bus control systems, wearable devices, intelligent positioning lock systems, etc. As one
of the core components, electric bicycle power batteries have been mainly lead-acid batteries in the past decade or
two, with the development and popularization of new energy technologies and new energy materials, it is
expected to be replaced by the lithium batteries in the future. According to the strategy guidelines of “Made in
China 2025” by the State Council and the spirit of standardization reform, the Ministry of Industry and
Information Technology, the Ministry of Public Security, the State Administration for Industry and Commerce,
and the General Administration of Quality Supervision, Inspection and Quarantine have introduced a new national
standard for electric bicycles to comprehensively improve the safety performance of electric bicycles, adjust and
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
improve the speed limit, vehicle quality, pedaling and riding ability and other technical indicators. New standards
not only are close to people’s livelihood, but also improve the application space for lithium battery energy storage,
and lithium battery electric bicycles usher in a new stage of development.
In this context, in 2019, due to the actual situation of having a weak economic foundation after reforming, on the
one hand, the company adhered to taking the development of traditional business model as the principle,
combined with the new national standard of electric bicycle safety technical specifications, carried out research
and development on new products, optimized and adjusted product structure and sales model transformation,
actively expanded the e-commerce business model and realized the steady development operation of the
e-commerce retail business according to the e-commerce transformation of business team and the cost controllable
mode of external contact and cooperation and internal guidance; on the one hand, correspondingly carried out the
tracking study on industrial projects and technology applications of upstream and downstream of industrial chain
in the long-term process of electric bicycle business, started getting involved in the lithium battery materials
business based on the extensive business consultation and business opportunity sifting, taking one step to
expanding the business of Lithium battery materials and rich the main business; on the other hand, strive to
promote the selection work of the company's restructuring, planned the non-public offering of shares, and started
the business upgrades and connection work of the offline sales platform for sports experience and R & D center
construction projects.
In preparation for non-public offering of shares, in July 2016, the company initiated the planning and preparation
for non-public offering of shares and engaged securities companies, lawyers, accountants, and other intermediary
agencies to carry out various tasks. Since then, the nineteenth (temporary) meeting, the twenty-second (temporary)
meeting, and the twenty-sixth (temporary) meeting of the ninth session of board of directors of the company, and
the second extraordinary shareholders’ meeting in 2017 reviewed and approved the relevant proposals on
non-public offering of shares. Combining the capital market with the actual situation of the company, from
January to February, 2018, the fourth (temporary) meeting of the 10th session of board of directors and the first
extraordinary shareholders’ meeting of the company in 2018 reviewed and approved the Proposal on Adjusting
the Plan for the Company’s Non-Public Offering of A-Shares, and the Proposal on the Plan for the Company’s
Non-Public Offering of A-Shares (three revised versions) and other relevant proposals. According to the above
proposals, the total amount of funds raised in this non-public offering of shares did not exceed 750 million Yuan,
and planned to invest 680 million Yuan for the “online and offline marketing network platform construction and
upgrade project” and planned to invest 70 million Yuan for the “R&D center construction project after deducting
the issuance costs.
Under the background that the traditional manufacturing industry at home was still sluggish, in accordance with
the guidelines of “Made in China 2025”, the company insisted on accelerating its professional transformation and
e-commercial transformation, striving to expand its main business, strengthening the structural adjustment,
intensifying the quality management, strengthening cost control, overcoming the industry shocks and industry
punches of share-bicycle’s fluctuation on the eve of the implementation of new national standards, strive to
improving the ability of traditional enterprises to adapt to economy new normal and participate in market
competition. Through various efforts, the company achieved operating revenue of 38,274,400 Yuan and net profit
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
of (1,090,500) Yuan in 2019, of which, the net profit attributable to shareholders of listed companies was
(798,900) Yuan.
II. Main business analysis
See the “I-Introduction” in “Discussion and Analysis of the Business”
Y-o-y changes of main financial data
In RMB
Current period Same period last year y-o-y changes (+, -) Reasons
Decline in corporate
Operating revenue 38,274,433.02 67,734,899.35 -43.49%
business revenue
Decline in corporate
Operating costs 35,329,514.97 61,164,206.33 -42.24%
business cost
Sales expenses drops for
Sales expenses 1,875,723.61 2,755,927.53 -31.94% the decline of business
income
Administration expenses 2,359,383.84 3,309,720.24 -28.71%
Corporate bank deposit
Finance expenses -60,452.99 -260,975.81 -76.84%
interest income declined
The Company loss in the
Income tax expenses -4,152.36 233,133.98 -101.78% period by compare with
same period last year
Net cash flow arising Payment of tax payable
-8,901,256.74 -3,362,971.19 164.68%
from operating activities at the end of last year
Net cash flow arising
from investment -16,814.16
activities
筹资活动产生的现金流
16,600.82
量净额
Net increase of cash and Payment of tax payable
-8,901,470.08 -3,362,971.19 164.69%
cash equivalent at the end of last year
Payment of tax payable
Monetary funds 8,587,416.18 18,488,886.26 -53.55%
at the end of last year
The payment paid in
advance for lithium
battery materials
Advance payment 5,139,379.30 13,799,753.60 -62.76%
business last year, has
been delivery in the
period successively
Other current assets 4,609,858.93 2,266,241.66 103.41% The input to be deducted
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
in the period increased
Payment of tax payable
Tax payable 120,561.17 6,297,096.28 -98.09%
at the end of last year
Major changes on profit composition or profit resources in reporting period
□ Applicable √ Not applicable
No major changes on profit composition or profit resources occurred in reporting period.
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
Sales of bicycles
and accessories 26,915,238.10 24,727,880.83 8.13% -38.17% -36.80% -1.99%
and fittings
Lithium battery
11,359,194.92 10,601,634.14 6.67% -53.06% -51.89% -2.27%
materials
According to products
Sales of bicycles
and accessories 26,915,238.10 24,727,880.83 8.13% -38.17% -36.80% -1.99%
and fittings
Lithium battery
11,359,194.92 10,601,634.14 6.67% -53.06% -51.89% -2.27%
materials
According to region
Domestic 38,274,433.02 35,329,514.97 7.69% -43.49% -42.24% -2.01%
III. Analysis of the non-main business
□Applicable √ Not applicable
IV. Assets and liability
1. Major changes of assets composition
In RMB
End of same period of last
End of the Period
year Ratio
Notes of major changes
Ratio in total Ratio in total changes
Amount Amount
assets assets
Monetary fund 9,587,416.18 14.79% 15,814,304.99 22.33% -7.54%
Account 35,560,204.56 54.85% 34,951,941.66 49.34% 5.51%
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
receivable
Inventory 3,080,384.07 4.75% 4,810,375.32 6.79% -2.04%
Fix assets 3,333,489.56 5.14% 3,756,571.22 5.30% -0.16%
Advance payment 5,139,379.30 7.93% 6,076,785.42 8.58% -0.65%
2. Assets and liability measured by fair value
□ Applicable √ Not applicable
3. Assets rights restricted till end of the period
a. Other monetary funds with restriction in use amounted as 2,000,000.00 Yuan at end of the period, refers to the
deposit of bank acceptance.
b. Six suites of house properties at 7-20F Lianxin JiaYuan, Luohu District, Shenzhen, with original value of
2,959,824.00 Yuan, which were affordable housing purchased from the Housing and Construction Bureau of
Luohu District to provide to enterprise talents for living. The contract stipulated that the purchasing enterprise is
not allowed to conduct any form of property rights transaction with any units or individual other than the
government.
V. Investment
1. Overall situation
□ Applicable √ Not applicable
2. The major equity investment obtained in the reporting period
□ Applicable √ Not applicable
3. The major non-equity investment doing in the reporting period
□ Applicable √ Not applicable
4. Financial assets investment
(1) Securities investment
□ Applicable √ Not applicable
The Company had no securities investment in Period.
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(2) Derivative investment
□ Applicable √ Not applicable
The Company has no derivatives investment in Period.
VI. Sales of major assets and equity
1. Sales of major assets
□ Applicable √ Not applicable
The Company has no sales of major assets in Period.
2. Sales of major equity
□ Applicable √ Not applicable
VII. Analysis of main holding company and stock-jointly companies
√Applicable □ Not applicable
Particular about main subsidiaries and stock-jointly companies net profit over 10%
In RMB
Company Main Register Operating Operating
Type Total assets Net Assets Net profit
name business capital revenue profit
Shenzhen
Sales of
Emmelle 22,003,356.7 13,212,224.3 -975,809.6
Subsidiary bicycles and 2000000 7,942,168.75 -971,707.26
Industry Co., 2 4 2
accessories
Ltd.
Particular about subsidiaries obtained or disposed in report period
□ Applicable √ Not applicable
Notes of holding and shareholding companies
The Company holds 70 percent equity of the Shenzhen Emmelle Industry Co., Ltd., the balance of minority equity
at period-end amounting to 2,382,650.62 Yuan.
VIII. Structured vehicle controlled by the Company
□ Applicable √ Not applicable
IX. Prediction of business performance from January – September 2019
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
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
X. Risks and countermeasures
The tough international economic situation: The domestic economy is at the structural adjustment stage in the
course of development, structural problems and deep-seated conflicts are highlighted. The economic downturn
pressure continues to increase, many unstable and uncertain factors exist, which affect and impact the traditional
manufacturing industries and the social consumption structure demand. Since the domestic economy is at the
structural adjustment stage, coupled with a difficult situation of continuously rising labor cost, manufacturing cost,
financing cost and material cost the bicycle industry as a conventional manufacturing field recorded a decline in
the market turnover. Due to the low entry threshold and numerous manufacturers, the competition in the market is
extremely fierce. The bicycle sharing brands such as Mobike have obtained large amount of financing and rapid
promotion, but also further digested the user's demand, and squeezed the market space of traditional bicycle
enterprises.
Faced with the above problems, combine actual condition of financially insecure after reorganization, on the one
hand, we adhere to traditional business model development, strengthen R&D of the products, and continue to
optimize the structure for products and sales mode. According to the electricity supplier transformation and inner
lead of the cost controlling, the Company proactively develop the electricity supplier business model; on the one
hand, correspondingly carry out the tracking study on industrial projects and technology applications of upstream
and downstream of industrial chain in the long-term process of electric bicycle business, start getting involved in
the lithium battery materials business based on the extensive business consultation and business opportunity
sifting, and take it as an opportunity to gradually expand its main business; on the other hand, we strive to
promote the selection for recombinant party, planning a private placement of shares, and carry out a sport
experience sales platform online and offline and the construction of R&D center, recently the business upgrade
still in process.
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Section V. Important Events
I. In the report period, the Company held annual shareholders’ general meeting and
extraordinary shareholders’ general meeting
1. Shareholders’ General Meeting in the report period
Ratio of investor Index of
Session of meeting Type Date Date of disclosure
participation disclosure
Notice of
Resolution of First
First Extraordinary Extraordinary
Extraordinary
shareholders shareholders
12.09% 2019-02-22 2019-02-22 shareholders
general meeting general
general meeting
2019 meeting
2019 (No.:
2019005)
Notice of
Annual Resolution of
Annual General
General 12.51% 2019-06-27 2019-06-27 Annual General
Meeting 2018
Meeting Meeting 2018
(No.: 2019013)
2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore
□ Applicable √ Not applicable
II. Profit distribution plan and capitalizing of common reserves plan for 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.
III. Commitments that actual controller, shareholder, related parties, buyer and committed
party as the Company etc. have fulfilled during the reporting period and have not yet fulfilled
by the end of reporting period
□ Applicable √ Not applicable
No commitments that actual controller, shareholders, related parties, buyer and committed party as the Company
etc. have fulfilled during the reporting period and have not yet fulfilled by the end of reporting period
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
IV. Appointment and non-reappointment (dismissal) of CPA
Financial report has been audited or not
□ Yes √ No
Not been audited.
V. Explanation from Board of Directors, Supervisory Committee for “Qualified Opinion”
that issued by CPA
□ Applicable √ Not applicable
VI. Explanation from the Board for “Qualified Opinion” of last year’s
√Applicable □ Not applicable
On 11 May 2012, the largest shareholder and biggest creditor of the Company, Shenzhen Guosheng Energy
Investment 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. On the last ten-day of 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. On the same day,
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
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
works proactively in order to promoted the reorganization works.
VII. Bankruptcy reorganization
□ Applicable √ Not applicable
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
No bankruptcy reorganization for the Company in Period.
VIII. Lawsuits
Material lawsuits and arbitration
□ Applicable √ Not applicable
No significant lawsuits and arbitration occurred in the reporting period.
Other lawsuits events
□ Applicable √ Not applicable
IX. Penalty and rectification
□ Applicable √ Not applicable
No penalty and rectification for the Company in Period.
X. Integrity of the Company and its controlling shareholders and actual controllers
□ Applicable √ Not applicable
XI. Implementation of the Company’s stock incentive plan, employee stock ownership plan or
other employee incentives
□ Applicable √ Not applicable
The Company has no equity incentive plan, employee stock ownership plans or other employee incentives in Period.
XII. Major related transaction
1. Related transaction with routine operation concerned
□ Applicable √ Not applicable
The Company had no related transaction with routine operation concerned in Period.
2. Related transactions by assets acquisition and sold
□ Applicable √ Not applicable
No related transactions by assets acquisition and sold for the Company in Period.
3. Main related transactions of mutual investment outside
□ Applicable √ Not applicable
No main related transactions of mutual investment outside for the Company in Period.
18
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
4. Contact of related credit and debt
√Applicable □ Not applicable
Whether has non-operational contact of related liability and debts or not
√ Yes □ No
Claim receivable from related party:
Whether Current
Balance at Current Current Ending
has newly
period-be recovery interest balance
Related Relations non-busin added Interest
Causes gin (10 (10 (10 (10
party hip ess capital (10 rate
thousand thousand thousand thousand
occupying thousand
Yuan) Yuan) Yuan) Yuan)
or not Yuan)
Influence on business
performance and
financial status of the N/A
Company from related
liabilities
Debts payable to related party:
Current
Balance at Current Current
newly Ending
period-begi recovery interest
Related Relationshi added balance (10
Causes n (10 (10 Interest rate (10
party p (10 thousand
thousand thousand thousand
thousand Yuan)
Yuan) Yuan) Yuan)
Yuan)
Shenzhen
Guosheng Subsidiar
Energy The largest y
650 0 0 0.00% 0 650
Investment shareholder Emmelle
Developme loan
nt Co., Ltd.
Influence on business
performance and financial
N/A
status of the Company
from related debts
5. Other significant related transactions
□ Applicable √ Not applicable
The company had no other significant related transactions in reporting period.
19
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
XIII. 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.
XIV. Significant contract and implementations
1. Trusteeship, contract and leasing
(1) Trusteeship
□ Applicable √ Not applicable
No trusteeship for the Company in Period.
(2) Contract
□ Applicable √ Not applicable
No contract for the Company in Period.
(3) Leasing
□ Applicable √ Not applicable
No leasing for the Company in Period.
2. Major guarantees
□ Applicable √ Not applicable
No guarantee for the Company in Period.
3. Other material contracts
□ Applicable √ Not applicable
No other material contracts for the Company in Period.
XV. Social responsibility
1. Major environmental protection
The listed Company and its subsidiary whether belong to the key sewage units released from environmental protection department
Not applicable
Nil
20
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
2. Fulfill the precise social responsibility for poverty alleviation
(1) Targeted poverty alleviation
Nil
(2) Summary of semi-annual precision poverty alleviation
Nil
(3) Accuracy of poverty alleviation
Measurement
Target Numbers/progress
units
I. general condition —— ——
II. Implemented by detail —— ——
1. Industrial development poverty —— ——
2.Transfer employment —— ——
3. Anti-poverty by relocating in other places —— ——
4. Education poverty —— ——
5. Health poverty alleviation —— ——
6. Ecological conservation —— ——
7. Fallback protection —— ——
8. Social poverty alleviation —— ——
9. Other —— ——
III. Awards (content and level) —— ——
(4) Subsequent precision poverty alleviation program
Nil
XVI. Other major events
√Applicable □ Not applicable
In July 2016, the Company started to plan a non-public issue of shares with proceeds to be utilized to acquire
material assets. The Plan on Non-public Issue of A shares in 2016 was considered and approved by the Board of
the Company. Based on the due diligence, audit, assessment and business negation with intermediates, taking into
account the conditions of capital market and actual conditions of the Company, the Board of the Company
considered and approved the Proposal Relating to Adjusting the Plan of non-public of A Shares, the Explanation
on non-public of A-shares for year of 2016 Amendment, the Plan on Non-public Issue of A shares in 2016
21
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(amended), the Plan on Non-public Issue of A shares in 2016 (Second Amended) and Plan on Non-public Issue of
A shares in 2016 (Third Amended) from February 2017 to February 2018. and on 13 Feb. 2018, the Plan on
Non-public Issue of A Shares (Third Amended) was deliberated and approved by First Extraordinary Shareholders
General Meeting of 2018. According to the three revised drafts, the number of non-public offering of shares
should not exceed 110,269,586 shares, and the total amount of funds raised should not exceed 750 million Yuan.
The total amount of raised funds for this non-public offering should not exceed RMB 750 million, will be used for
the following projects after deducting the issuance expenses: 1. RMB 680 million of funds for “online and offline
marketing network platform construction and upgrading project”; 2. RMB 70 million of funds for “R & D center
construction project”. The issuing objects of this non-public offering include four specific investors which are
Ruian Information, Zhisheng High-tech, Wansheng Industry and Beier High-tech. The subscription amount of
Ruian Information does not exceed 250 million Yuan, and the number of subscribed shares does not exceed
36,756,529 shares; the subscription amount of Zhisheng High-tech does not exceed 200 million Yuan, and the
number of subscribed shares does not exceed 29,405,223 shares; the subscription amount of Wansheng Industry
and Beier High-tech respectively does not exceed 150 million Yuan, and the number of subscribed shares does not
exceed 22,053,917 shares respectively. See details on the announcement issued by the board of directors of the
company.
XVII. Major event of the subsidiaries
□ Applicable √ Not applicable
22
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Section VI. Changes in Shares and Shareholders
I. Changes in Share Capital
1. Changes in Share Capital
In Share
Before the Change Increase/Decrease in the Change (+, -) After the Change
Capitalizat
New
Bonus ion of Proportio
Amount Proportion shares Others Subtotal Amount
shares public n
issued
reserve
I. Restricted shares 3,957 0.00% 0 3,957 0.00%
1. State-owned shares 0 0.00% 0 0 0.00%
2. State-owned legal
0 0.00% 0 0 0.00%
person’s shares
3. Other domestic shares 3,957 0.00% 0 3,957 0.00%
Including: Domestic legal
0 0.00% 0 0 0.00%
person’s shares
Domestic natural person’s
3,957 0.00% 0 3,957 0.00%
shares
4. Foreign shares 0 0.00% 0 0 0.00%
Including: Foreign legal
0 0.00% 0 0 0.00%
person’s shares
Foreign natural person’s
0 0.00% 0 0 0.00%
shares
551,343,9 551,343,9
II. Unrestricted shares 100.00% 0 100.00%
90 90
302,981,0 302,981,0
1. RMB Ordinary shares 54.95% 0 54.95%
08 08
2. Domestically listed 248,362,9 248,362,9
45.05% 0 45.05%
foreign shares 82 82
3. Overseas listed foreign
0 0.00% 0 0 0.00%
shares
4. Others 0 0.00% 0 0 0.00%
551,347,9 551,347,9
III. Total shares 100.00% 0 100.00%
47 47
Reasons for share changed
23
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
□ Applicable √ Not applicable
Approval of share changed
□ Applicable √ Not applicable
Ownership transfer of share changes
□ Applicable √ Not applicable
Progress of shares buy-back
□Applicable √Not applicable
Implementation progress of the reduction of repurchases shares by centralized bidding
□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 or need to disclosed under requirement from security regulators
□ Applicable √ Not applicable
2. Changes of restricted shares
□ Applicable √ Not applicable
II. Securities issuance and listing
□ Applicable √ Not applicable
III. Number of shares and shares held
In Share
Total preference shareholders
Total common shareholders at with voting rights recovered at
49,822 0
period-end end of reporting period (if
applicable) (note 8)
Particulars about common shares held above 5% by shareholders or top ten common shareholders
Amount of Number of share
Number of Changes Amount of
Proportion restricted pledged/frozen
Nature of common in un-restricted
Shareholders of shares common
shareholder shares held at reporting common State of
held shares Amount
period-end period shares held share
held
Shenzhen Domestic 11.52% 63,508,747 0 0 63,508,747 - -
24
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Guosheng non-State-owned
Energy legal person
Investment
Development
Co., Ltd.
UOB Koy Hian
Foreign legal
(Hong Kong) 2.89% 15,907,850 0 0 15,907,850 - -
person
Co., Ltd.
Guosen
Securities
Foreign legal
(Hong Kong) 2.52% 13,909,425 0 0 13,909,425 - -
person
brokerage Co.,
Ltd.
Shenwan
Hongyuan
Foreign legal
Securities 1.20% 6,631,116 0 0 6,631,116 - -
person
(Hong Kong)
Co., Ltd.
Domestic nature
Li Huili 0.71% 3,891,124 0 0 3,891,124 - -
person
CMS Hong State-owned legal
0.57% 3,148,752 91,400 0 3,148,752 - -
Kong Co., Ltd person
Domestic nature
Xu Hongbo 0.50% 2,744,419 -393,000 0 2,744,419 - -
person
Domestic nature
Ge Zhiqiong 0.49% 2,720,552 523,736 0 2,720,552 - -
person
Special Account
for Property
Domestic
Disposal of
non-State-owned 0.47% 2,602,402 0 0 2,602,402 - -
Bankrupt
legal person
Enterprise of
CBC
Zhuorun
Foreign legal
Technology 0.36% 2,000,000 0 0 2,000,000 - -
person
Co., Ltd.
Strategy investors or general
corporation comes top 10 common
N/A
stock shareholders due to rights
issue (if applicable) (see note 3)
Explanation on associated Li Huili, spouse of the Ji Hanfei, the actual controller of the Company- Shenzhen Guosheng
relationship among the aforesaid Energy Investment Development Co., Ltd., holding B-share of the Company on behalf of
25
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
shareholders Shenzhen Guosheng Energy Investment Development Co., Ltd., beyond that, the Company
has no idea of whether other circulated shareholders belong to concerted action persons ruled
in the Administration Norms for Information Disclosure of Change on Shareholding of
Shareholders of Listed Companies.
Particular about top ten common shareholders with un-restrict shares held
Amount of un-restrict common shares held at Type of shares
Shareholders
period-end Type Amount
Shenzhen Guosheng Energy RMB common
63,508,747 63,508,747
Investment Development Co., Ltd. shares
Domestically
UOB Koy Hian (Hong Kong) Co.,
15,907,850 listed foreign 15,907,850
Ltd.
shares
Domestically
Guosen Securities (Hong Kong)
13,909,425 listed foreign 13,909,425
brokerage Co., Ltd.
shares
Domestically
Shenwan Hongyuan Securities
6,631,116 listed foreign 6,631,116
(Hong Kong) Co., Ltd.
shares
Domestically
Li Huili 3,891,124 listed foreign 3,891,124
shares
Domestically
CMS Hong Kong Co., Ltd 3,148,752 listed foreign 3,148,752
shares
Domestically
Xu Hongbo 2,744,419 listed foreign 2,744,419
shares
RMB common
233,900
shares
Ge Zhiqiong 2,720,552 Domestically
listed foreign 2,486,652
shares
RMB common
1,383,313
Special Account for Property shares
Disposal of Bankrupt Enterprise of 2,602,402 Domestically
CBC listed foreign 1,219,089
shares
RMB common
Zhuorun Technology Co., Ltd. 2,000,000 2,000,000
shares
Expiation on associated relationship Li Huili, spouse of the Ji Hanfei, the actual controller of he Company- Shenzhen Guosheng
26
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
or consistent actors within the top Energy Investment Development Co., Ltd., holding B-share of the Company on behalf of
10 un-restrict shareholders and Shenzhen Guosheng Energy Investment Development Co., Ltd., beyond that, the Company
between top 10 un-restrict has no idea of whether other circulated shareholders belong to concerted action persons ruled
shareholders and top 10 in the Administration Norms for Information Disclosure of Change on Shareholding of
shareholders Shareholders of Listed Companies.
Explanation on top 10 shareholders
involving margin business (if N/A
applicable) (see note 4)
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
Top ten common shareholders or top ten common shareholders with un-restrict shares not held have a buy-back agreement dealing in
reporting period
IV. 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.
27
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Section VII. Preferred Stock
□ Applicable √ Not applicable
The Company had no preferred stock in the reporting.
28
深圳中华自行车(集团)股份有限公司 2019 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
Found more in annual report 2018 for the changes of shares held by directors, supervisors and senior executives
II. Resignation and dismissal of directors, supervisors and senior executives
□Applicable √ Not applicable
No changes of directors, supervisors and senior executives, found more details in Annual Report 2018.
29
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Section IX. Corporate Bonds
Whether the Company has corporate bonds that issuance publicly and listed on stock exchange and without due on the date when
semi-annual report approved for released or fail to cash in full on due
No
30
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Section X. 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
2019-06-30
In RMB
Item 2019-6-30 2018-12-31
Current assets:
Monetary funds 9,587,416.18 18,488,886.26
Settlement provisions
Capital lent
Tradable financial assets
Financial assets measured by fair
value and with variation reckoned into
current gains/losses
Derivative financial assets
Note receivable 180,000.00
Account receivable 35,560,204.56 29,007,509.02
Receivable financing
Accounts paid in advance 5,139,379.30 13,799,753.60
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance
receivable
Other account receivable 765,634.71 844,537.19
31
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Including: Interest receivable
Dividend receivable
Buying back the sale of financial
assets
Inventories 3,080,384.07 2,386,603.94
Contractual assets
Assets held for sale
Non-current asset due within one
year
Other current assets 4,609,858.93 2,266,241.66
Total current assets 58,922,877.75 66,793,531.67
Non-current assets:
Loans and payments on behalf
Debt investment
Finance asset available for sales
Other debt investment
Held-to-maturity investment
Long-term account receivable
Long-term equity investment
Investment in other equity
instrument
Other non-current financial assets
Investment real estate
Fixed assets 3,333,489.56 3,502,807.32
Construction in progress
Productive biological asset
Oil and gas asset
Right-of-use assets
Intangible assets 1,129,500.00 1,506,000.00
Expense on Research and
Development
Goodwill
Long-term expenses to be
apportioned
Deferred income tax asset 1,044,773.54 1,040,621.18
32
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Other non-current asset 400,000.00 400,000.00
Total non-current asset 5,907,763.10 6,449,428.50
Total assets 64,830,640.85 73,242,960.17
Current liabilities:
Short-term loans
Loan from central bank
Capital borrowed
Transactional financial liability
Financial liability measured by fair
value and with variation reckoned into
current gains/losses
Derivative financial liability
Note payable 2,000,000.00 2,000,000.00
Account payable 7,076,229.24 9,979,010.69
Accounts received in advance 1,620,392.20 405,779.88
Selling financial asset of
repurchase
Absorbing deposit and interbank
deposit
Security trading of agency
Security sales of agency
Wage payable 539,521.95 435,736.16
Taxes payable 120,561.17 6,297,096.28
Other account payable 37,583,929.90 37,144,872.42
Including: Interest payable
Dividend payable
Commission charge and
commission payable
Reinsurance payable
Contractual liability
Liability held for sale
Non-current liabilities due within
one year
Other current liabilities
Total current liabilities 48,940,634.46 56,262,495.43
Non-current liabilities:
33
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Insurance contract reserve
Long-term loans
Bonds payable
Including: Preferred stock
Perpetual capital
securities
Lease liability
Long-term account payable
Long-term wages payable
Accrual liability
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities 48,940,634.46 56,262,495.43
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 627,834,297.85 627,834,297.85
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 -1,198,348,116.09 -1,197,549,169.92
Total owner’ s equity attributable to
13,507,355.77 14,306,301.94
parent company
Minority interests 2,382,650.62 2,674,162.80
Total owner’ s equity 15,890,006.39 16,980,464.74
Total liabilities and owner’ s equity 64,830,640.85 73,242,960.17
Legal Representative: Li Hai
34
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
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 2019-6-30 2018-12-31
Current assets:
Monetary funds 4,164,849.07 8,889,572.73
Transactional financial assets
Financial assets measured by fair
value and with variation reckoned into
current gains/losses
Derivative financial assets
Note receivable 180,000.00
Account receivable 25,962,772.24 12,827,954.16
Receivable financing
Accounts paid in advance 5,138,078.18 13,798,452.48
Other account receivable 380,925.78 380,925.78
Including: Interest receivable
Dividend receivable
Inventories 871,653.54
Contractual assets
Assets held for sale
Non-current assets maturing within
one year
Other current assets 4,080,909.10 2,130,677.11
Total current assets 40,779,187.91 38,027,582.26
Non-current assets:
Debt investment
Available-for-sale financial assets
Other debt investment
Held-to-maturity investments
Long-term receivables
Long-term equity investments 10,379.73 10,379.73
35
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Investment in other equity
instrument
Other non-current financial assets
Investment real estate
Fixed assets 2,891,083.46 2,995,407.48
Construction in progress
Productive biological assets
Oil and natural gas assets
Right-of-use assets
Intangible assets 1,129,500.00 1,506,000.00
Research and development costs
Goodwill
Long-term deferred expenses
Deferred income tax assets
Other non-current assets 400,000.00 400,000.00
Total non-current assets 4,430,963.19 4,911,787.21
Total assets 45,210,151.10 42,939,369.47
Current liabilities
Short-term borrowings
Transactional financial liability
Financial liability measured by fair
value and with variation reckoned into
current gains/losses
Derivative financial liability
Notes payable
Account payable 5,722,478.65
Accounts received in advance 2,016,142.00 327,632.18
Contractual liability
Wage payable 394,245.36 151,598.60
Taxes payable 120,548.17 5,416,117.27
Other accounts payable 28,998,519.55 28,967,052.96
Including: Interest payable
Dividend payable
Liability held for sale
Non-current liabilities due within
36
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
one year
Other current liabilities
Total current liabilities 37,251,933.73 34,862,401.01
Non-current liabilities:
Long-term loans
Bonds payable
Including: preferred stock
Perpetual capital
securities
Lease liability
Long-term account payable
Long term employee compensation
payable
Accrued liabilities
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities 37,251,933.73 34,862,401.01
Owners’ equity:
Share capital 551,347,947.00 551,347,947.00
Other equity instrument
Including: preferred stock
Perpetual capital
securities
Capital public reserve 627,834,297.85 627,834,297.85
Less: Inventory shares
Other comprehensive income
Special reserve
Surplus reserve 32,673,227.01 32,673,227.01
Retained profit -1,203,897,254.49 -1,203,778,503.40
Total owner’s equity 7,958,217.37 8,076,968.46
Total liabilities and owner’s equity 45,210,151.10 42,939,369.47
37
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
3. Consolidated Profit Statement
In RMB
Item Semi-annual of 2019 Semi-annual of 2018
I. Total operating income 38,274,433.02 67,734,899.35
Including: Operating income 38,274,433.02 67,734,899.35
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 39,540,757.20 67,044,616.04
Including: Operating cost 35,329,514.97 61,164,206.33
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
Tax and extras 36,587.77 75,737.75
Sales expense 1,875,723.61 2,755,927.53
Administrative expense 2,359,383.84 3,309,720.24
R&D expense
Financial expense -60,452.99 -260,975.81
Including: Interest
expenses
Interest income -71,134.40 -272,685.93
Add: other income
Investment income (Loss is
listed with “-”)
Including: Investment income
on affiliated company and joint venture
The termination of income
recognition for financial assets measured
38
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
by amortized cost(Loss is listed with “-”)
Exchange income (Loss is
listed with “-”)
Net exposure hedging income
(Loss is listed with “-”)
Income from change of fair
value (Loss is listed with “-”)
Loss of credit impairment
-17,479.82 -7,219.20
(Loss is listed with “-”)
Losses of devaluation of asset
40,616.29
(Loss is listed with “-”)
Income from assets disposal
(Loss is listed with “-”)
III. Operating profit (Loss is listed with
-1,243,187.71 683,064.11
“-”)
Add: Non-operating income 148,627.00 72,126.28
Less: Non-operating expense 50.00 30,140.00
IV. Total profit (Loss is listed with “-”) -1,094,610.71 725,050.39
Less: Income tax expense -4,152.36 233,133.98
V. Net profit (Net loss is listed with “-”) -1,090,458.35 491,916.41
(i) Classify by business continuity
1.continuous operating net profit
-1,090,458.35 491,916.41
(net loss listed with ‘-”)
2.termination of net profit (net loss
listed with ‘-”)
(ii) Classify by ownership
1.Net profit attributable to owner’s
-798,946.17 554,162.06
of parent company
2.Minority shareholders’ gains and
-291,512.18 -62,245.65
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
39
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
1.Changes of the defined
benefit plans that re-measured
2.Other comprehensive
income under equity method that cannot
be transfer to gain/loss
3.Change of fair value of
investment in other equity instrument
4.Fair value change of
enterprise's credit risk
5. Other
(ii) Other comprehensive income
items which will be reclassified
subsequently to profit or loss
1.Other comprehensive
income under equity method that can
transfer to gain/loss
2.Change of fair value of
other debt investment
3.gain/loss of fair value
changes for available-for-sale financial
assets
4.Amount of financial assets
re-classify to other comprehensive
income
5.Gain/loss of
held-to-maturity investments that
re-classify to available-for-sale financial
asset
6.Credit impairment
provision for other debt investment
7.Cash flow hedging reserve
8.Translation differences
arising on translation of foreign currency
financial statements
9.Other
Net after-tax of other comprehensive
income attributable to minority
shareholders
VII. Total comprehensive income -1,090,458.35 491,916.41
40
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Total comprehensive income
-798,946.17 554,162.06
attributable to owners of parent Company
Total comprehensive income
-291,512.18 -62,245.65
attributable to minority shareholders
VIII. Earnings per share:
(i) Basic earnings per share -0.0014 0.0010
(ii) Diluted earnings per share -0.0014 0.0010
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 Semi-annual of 2019 Semi-annual of 2018
I. Operating income 25,404,378.84 24,023,518.68
Less: Operating cost 23,670,022.62 20,846,218.08
Taxes and surcharge 14,194.90 13,741.20
Sales expenses 240,105.59 276,827.75
Administration expenses 1,721,493.88 2,107,312.50
R&D expenses
Financial expenses -13,583.08 -83,003.31
Including: interest
expenses
Interest income -18,497.84 -87,908.66
Add: other income
Investment income (Loss is
listed with “-”)
Including: Investment income
on affiliated Company and joint venture
The termination of
income recognition for financial assets
measured by amortized cost (Loss is
listed with “-”)
41
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Net exposure hedging income
(Loss is listed with “-”)
Changing income of fair
value (Loss is listed with “-”)
Loss of credit impairment
-39,523.02
(Loss is listed with “-”)
Losses of devaluation of asset
2,008.04
(Loss is listed with “-”)
Income on disposal of assets
(Loss is listed with “-”)
II. Operating profit (Loss is listed with
-267,378.09 864,430.50
“-”)
Add: Non-operating income 148,627.00 68,105.41
Less: Non-operating expense
III. Total Profit (Loss is listed with “-”) -118,751.09 932,535.91
Less: Income tax 233,133.98
IV. Net profit (Net loss is listed with
-118,751.09 699,401.93
“-”)
(i)continuous operating net profit
-118,751.09 699,401.93
(net loss listed with ‘-”)
(ii) termination of net profit (net
loss listed with ‘-”)
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 of the defined
benefit plans that re-measured
2.Other comprehensive
income under equity method that cannot
be transfer to gain/loss
3.Change of fair value of
investment in other equity instrument
4.Fair value change of
enterprise's credit risk
5. Other
(II) Other comprehensive income
items which will be reclassified
42
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
subsequently to profit or loss
1.Other comprehensive
income under equity method that can
transfer to gain/loss
2.Change of fair value of
other debt investment
3.gain/loss of fair value
changes for available-for-sale financial
assets
4.Amount of financial
assets re-classify to other
comprehensive income
5.Gain/loss of
held-to-maturity investments that
re-classify to available-for-sale financial
asset
6.Credit impairment
provision for other debt investment
7.Cash flow hedging
reserve
8.Translation differences
arising on translation of foreign
currency financial statements
9.Other
VI. Total comprehensive income -118,751.09 699,401.93
VII. Earnings per share:
(i) Basic earnings per share -0.0002 0.0013
(ii) Diluted earnings per share -0.0002 0.0013
5. Consolidated Cash Flow Statement
In RMB
Item Semi-annual of 2019 Semi-annual of 2018
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 8,643,245.76 15,792,549.13
services
Net increase of customer deposit
43
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
and interbank deposit
Net increase of loan from central
bank
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
Cash received from interest,
commission charge and commission
Net increase of capital borrowed
Net increase of returned business
capital
Net cash received by agents in sale
and purchase of securities
Write-back of tax received 57,448.96 5,306.26
Other cash received concerning
3,906,596.03 2,529,012.36
operating activities
Subtotal of cash inflow arising from
12,607,290.75 18,326,867.75
operating activities
Cash paid for purchasing
commodities and receiving labor 7,104,453.81 12,448,466.83
service
Net increase of customer loans and
advances
Net increase of deposits in central
bank and interbank
Cash paid for original insurance
contract compensation
Net increase of financial assets
held for transaction purposes
Net increase of capital lent
Cash paid for interest, commission
charge and commission
Cash paid for bonus of guarantee
44
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
slip
Cash paid to/for staff and workers 3,076,592.48 3,190,388.60
Taxes paid 5,517,601.44 1,336,400.97
Other cash paid concerning
5,809,899.76 4,714,582.54
operating activities
Subtotal of cash outflow arising from
21,508,547.49 21,689,838.94
operating activities
Net cash flows arising from operating
-8,901,256.74 -3,362,971.19
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,
16,814.16
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
16,814.16
activities
Net cash flows arising from investing
-16,814.16
activities
III. Cash flows arising from financing
activities
45
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Cash received from absorbing
investment
Including: Cash received from
absorbing minority shareholders’
investment by subsidiaries
Cash received from loans
Cash received from issuing bonds
Other cash received concerning
2,016,600.82
financing activities
Subtotal of cash inflow from financing
2,016,600.82
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
2,000,000.00
financing activities
Subtotal of cash outflow from financing
2,000,000.00
activities
Net cash flows arising from financing
16,600.82
activities
IV. Influence on cash and cash
equivalents due to fluctuation in
exchange rate
V. Net increase of cash and cash
-8,901,470.08 -3,362,971.19
equivalents
Add: Balance of cash and cash
16,488,886.26 19,177,276.18
equivalents at the period -begin
VI. Balance of cash and cash
7,587,416.18 15,814,304.99
equivalents at the period -end
6. Cash Flow Statement of Parent Company
In RMB
Item Semi-annual of 2019 Semi-annual of 2018
I. Cash flows arising from operating
activities:
46
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Cash received from selling
commodities and providing labor 2,949,631.00 6,974.00
services
Write-back of tax received 57,448.96 5,306.26
Other cash received concerning
4,242,368.68 1,963,467.24
operating activities
Subtotal of cash inflow arising from
7,249,448.64 1,975,747.50
operating activities
Cash paid for purchasing
commodities and receiving labor 721,217.50 17,278.04
service
Cash paid to/for staff and workers 1,498,002.56 1,237,282.20
Taxes paid 5,319,908.09 733,058.03
Other cash paid concerning
4,418,229.99 4,794,142.84
operating activities
Subtotal of cash outflow arising from
11,957,358.14 6,781,761.11
operating activities
Net cash flows arising from operating
-4,707,909.50 -4,806,013.61
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,
16,814.16
intangible and other long-term assets
Cash paid for investment
Net cash received from
47
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
subsidiaries and other units obtained
Other cash paid concerning
investing activities
Subtotal of cash outflow from investing
16,814.16
activities
Net cash flows arising from investing
-16,814.16
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
-4,724,723.66 -4,806,013.61
equivalents
Add: Balance of cash and cash
8,889,572.73 15,398,405.80
equivalents at the period -begin
VI. Balance of cash and cash
4,164,849.07 10,592,392.19
equivalents at the period -end
7. Statement of Changes in Owners’ Equity (Consolidated)
This Period
48
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
In RMB
Semi-annual of 2019
Owners’ equity attributable to parent company
Other
equity instrument Other Minori Total
Item Perpe Less: compr Provisi ty owners
Share Reaso Surplu Retain
tual Capital Invent ehensi on of Subtot interes ’
capita Prefe nable s ed Other
capit reserve ory ve genera al ts equity
l rred Other reserve reserve profit
al shares incom l risk
stock
secur e
ities
I. Balance at the 551,3 627,83 32,673 -1,197, 14,306 16,980
2,674,
end of the last 47,94 4,297. ,227.0 549,16 ,301.9 ,464.7
162.80
year 7.00 85 1 9.92 4 4
Add:
Changes of
accounting
policy
Error
correction of the
last period
Enterprise
combine under
the same
control
Other
II. Balance at 551,3 627,83 32,673 -1,197, 14,306 16,980
2,674,
the beginning of 47,94 4,297. ,227.0 549,16 ,301.9 ,464.7
162.80
this year 7.00 85 1 9.92 4 4
III. Increase/
Decrease in this
-798,9 -798,9 -291,5 -1,090,
year (Decrease
46.17 46.17 12.18 458.35
is listed with
“-”)
(i) Total
-798,9 -798,9 -291,5 -1,090,
comprehensive
46.17 46.17 12.18 458.35
income
(ii) Owners’
devoted and
decreased
capital
1.Common
shares invested
by shareholders
2. Capital
invested by
holders of other
equity
49
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
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
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．Carry-over
retained
earnings from
the defined
benefit plans
5．Carry-over
retained
earnings from
other
comprehensive
income
6. Other
(V) Reasonable
reserve
1. Withdrawal
50
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
in the report
period
2. Usage in the
report period
(VI)Others
IV. Balance at 551,3 627,83 32,673 -1,198, 13,507 15,890
2,382,
the end of the 47,94 4,297. ,227.0 348,11 ,355.7 ,006.3
650.62
report period 7.00 85 1 6.09 7 9
Last Period
In RMB
Semi-annual of 2018
Owners’ equity attributable to parent company
Other
equity instrument Other Minorit
Perp Less: compr Provisi Total
Item y
Share Reaso Surplu Retain
etual Capital Invent ehensi on of Subtot interest owners’
capita Prefe nable s ed Other equity
capit reserve ory ve genera al s
l rred Other reserve reserve profit
al shares incom l risk
stock
secur e
ities
I. Balance at 551,3 627,83 32,673 -1,195, 15,898
2,962,6 18,860,
the end of the 47,94 4,297. ,227.0 957,20 ,270.8
99.67 970.52
last year 7.00 85 1 1.01 5
Add:
Changes of
accounting
policy
Error
correction of
the last period
Enterprise
combine
under the
same control
Other
II. Balance at 551,3 627,83 32,673 -1,195, 15,898
2,962,6 18,860,
the beginning 47,94 4,297. ,227.0 957,20 ,270.8
99.67 970.52
of this year 7.00 85 1 1.01 5
III. Increase/
Decrease in this
554,16 554,16 -62,245 491,916
year (Decrease
2.06 2.06 .65 .41
is listed with
“-”)
(i) Total
554,16 554,16 -62,245 491,916
comprehensive
51
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
income 2.06 2.06 .65 .41
(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
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．Carry-over
retained
52
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
earnings
from the
defined
benefit plans
5．Carry-over
retained
earnings from
other
comprehensive
income
6. Other
(V) Reasonable
reserve
1. Withdrawal
in the report
period
2. Usage in the
report period
(VI)Others
IV. Balance at 551,3 627,83 32,673 -1,195, 16,452
2,900,4 19,352,
the end of the 47,94 4,297. ,227.0 403,03 ,432.9
54.02 886.93
report period 7.00 85 1 8.95 1
8. Statement of Changes in Owners’ Equity (Parent Company)
This Period
In RMB
Semi-annual of 2019
Other equity instrument
Perpet Other
Capital Less: Reasona Total
Item Share Preferr ual compreh Surplus Retaine
public Inventor ble Other owners’
capital ed capital Other ensive reserve d profit
reserve y shares reserve equity
stock securiti income
es
I. Balance at the 551,34 627,834, 32,673,2
-1,203,
8,076,968.
end of the last 7,947.0 778,50
297.85 27.01 46
year 0 3.40
Add:
Changes of
accounting
policy
Error
correction of the
last period
Other
II. Balance at the
551,34 627,834, 32,673,2 -1,203, 8,076,968.
beginning of this
53
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
year 7,947.0 297.85 27.01 778,50 46
0 3.40
III. Increase/
Decrease in this -118,75 -118,751.0
year (Decrease is 1.09 9
listed with “-”)
(i) Total
-118,75 -118,751.0
comprehensive
1.09 9
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)
3. Remedying
loss with surplus
reserve
54
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
4．Carry-over
retained earnings
from the defined
benefit plans
5．Carry-over
retained earnings
from other
comprehensive
income
6. Other
(V) Reasonable
reserve
1. Withdrawal in
the report period
2. Usage in the
report period
(VI)Others
IV. Balance at 551,34 -1,203,
627,834, 32,673,2 7,958,217.
the end of the 7,947.0 897,25
297.85 27.01 37
report period 0 4.49
Last period
In RMB
Semi-annual of 2018
Other equity
instrument
Other
Perpet Capital Less: Total
Item Share compre Reasonab Surplus Retained
Preferr ual public Inventor Other owners’
capital hensive le reserve reserve profit
ed capital Other reserve y shares equity
income
stock securit
ies
I. Balance at the 551,34
627,834 32,673, -1,202,85 8,995,684.6
end of the last 7,947.
,297.85 227.01 9,787.18 8
year 00
Add:
Changes of
accounting
policy
Error
correction of
the last period
Other
II. Balance at 551,34
627,834 32,673, -1,202,85 8,995,684.6
the beginning 7,947.
,297.85 227.01 9,787.18 8
of this year 00
III. Increase/ 699,401.9
699,401.93
Decrease in this 3
55
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
year (Decrease
is listed with
“-”)
(i) Total
699,401.9
comprehensive 699,401.93
3
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)
3. Remedying
loss with
surplus reserve
4．Carry-over
retained
56
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
earnings from
the defined
benefit plans
5．Carry-over
retained
earnings from
other
comprehensive
income
6. Other
(V) Reasonable
reserve
1. Withdrawal
in the report
period
2. Usage in the
report period
(VI)Others
IV. Balance at 551,34
627,834 32,673, -1,202,16 9,695,086.6
the end of the 7,947.
,297.85 227.01 0,385.25 1
report period 00
III. Company Profile
1. History and basic information
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. Registered capital of the Company amounted as
551,347,947.00 Yuan.
Legal representative: Li Hai
Location: No. 3008, Buxin Road, Luohu District, Shenzhen
Certificate for Uniform Social Credit Code: 914403006188304524
2. Business nature and main operation activities
The Company's industry: machinery manufacturing industry
Main business activities: Research & development and production of bicycles, electric bicycles, electric
motorcycles, motorcycles, electric tricycles, electric four-wheelers, children's bicycles, exercise bikes, sports
57
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
equipment, mechanical products, toys, electric toys, electronic products, new energy equipment and storage
equipment (lithium batteries, batteries, etc.), household appliances and spare parts, and electronic components;
wholesale, retail, import and export and related supporting business of above-mentioned products (excluding
commodities subject to state trade management, handling the application according to the relevant national
regulations for commodities involving quotas, license management and other special provisions and management,);
fine chemical products (excluding dangerous goods), wholesale and retail of carbon fiber composite materials;
technology development of computer software, transfer of self-developed technological achievements, and
providing relevant technical information consultation; own property leasing; property management. (The above
projects do not involve special administrative measures for the implementation access of national regulations, and
those involving restricted projects and pre-existing administrative licenses must obtain the pre-existing
administrative licensing documents before operation.)
3. Release of the financial report
The Financial Report released on 28 August 2019 after approved by 15th session of 10th BOD of the Company
One subsidiary included in consolidate scope in the period, found more in Note VIII-1 and Note IX-1
IV. Compilation Basis of Financial Statement
1. Compilation Basis
The financial statement is prepared based on continuing operation assumptions, and according to actual
occurrence, in line with relevant accounting rules and follow important accounting policy and estimation.
2. Going concern
On 11 May 2012, the largest shareholder and biggest creditor of the Company, Shenzhen Guosheng Energy
Investment 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 12 October 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. On the last ten-day of October 2012,
Shenzhen Municipal Intermediate People's Court ruled to reform the Company since 25 October 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. On the same
day, 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
58
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
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
the Company closed down.
The Company has solved the debt problem by reforming, realized the net assets with positive value, the main
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.
V. Main accounting policy and Accounting Estimate
Tips for specific accounting policy and estimate:
Nil
1. Declaration on compliance with accounting standards
The financial statement prepared by the Company, based on follow compilation basis, is comply with the
requirement of new accounting standards for business enterprise issued by Ministry of Finance and its application
guide, commentate as well as other regulations (collectively referred to as Accounting Standards for Business
Enterprise), which is reflect a real and truth financial status of the Company, as well as operation results and cash
flow situations.
Furthermore, the statement has reference to the listing and disclosure requirement from “Rules Governing the
Disclosure of Information for Enterprise with Stock Listed No.15-general regulation of financial report” (2014
Revised) and “Notice on Implementation of New Accounting Standards for Listed Companies” (KJBH (2018) No.
453)
2. Accounting period
Calendar year is the accounting period for the Company, which is starting from 1 January to 31 December.
3. Business cycles
The business period for the Company, which is the Gregorian calendar starting from 1 January to 31 December
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4. Recording currency
The Company and its subsidiaries take RMB as the standard currency for bookkeeping.
5. Accounting treatment for business combinations under the same control and those not under the same
control
(1) Accounting treatment for business combinations under the same control and those not under the same control
For a business merger that is under the same control and is achieved by the Company through one single
transaction or multiple transactions, assets and liabilities obtained from that business combination shall be
measured at their book value at the combination date as recorded by the party being absorbed in the consolidated
financial statement of ultimate controlling party. Capital reserve shall be adjusted as per the difference between
the book value of obtained net assets and the book value of paid consolidated consideration (or the nominal value
of the issued shares) of the Company; retained earnings shall be adjusted if the capital reserve is not sufficient for
offset.
(2) Accounting treatment for Enterprise combine not under the same control
The Company will validate the difference that the combined cost is more than the fair value of the net identifiable
assets gained from the acquiree on the acquisition date as goodwill; where the combined cost is less than the fair
value of net identifiable assets gained from the acquiree during business combination, the fair value and combined
cost of various identifiable assets, liabilities and contingent liabilities from the acquiree must be rechecked. Where
the combined cost is, after the recheck, still less than the fair value of net identifiable assets gained from the
acquiree during business combination, the difference shall be charged to current profits and losses.
As for business combination not under common control and realized through multiple transactions and by steps,
the Company shall make accounting treatment as follows:
1) Adjust the initial investment cost of long-term equity investments. As for stock equities held before the
acquisition date accounted according to the equity method, re-measurement is carried out according to the fair
value of the equity on the acquisition date. The balance between the fair value and the book value is included in
the current investment income. If the acquiree’s stock equities held before the acquisition date involves changes of
other comprehensive incomes and other owner's equities under accounting with the equity method, the balance
between the fair value and the book value is included in the current investment income on the acquisition date,
excluding other comprehensive incomes incurred by changes due to re-measurement of net liabilities or net assets
of the defined benefit plan.
2) Confirm the goodwill (or include the amount in the profits and losses). The initial investment cost of long-term
equity investments adjusted in step 1 is compared with the fair value of net identifiable assets of the subsidiary
shared on the acquisition date. If the former is greater than the latter, the balance is confirmed as goodwill; if the
former is less than the latter, the balance is included in the current profits and losses.
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Loss of control of a subsidiary in multiple transactions in which it disposes equity interests of its subsidiary in
stages
(1)In determining whether to account for the multiple transactions as a single transaction
A parent shall consider all the terms and conditions of the transactions and their economic effects. One or more of
the following may indicate that the parent should account for the multiple arrangements as a single transaction:
1) Arrangements are entered into at the same time or in contemplation of each other;
2) Arrangements work together to achieve an overall commercial effect;
3) The occurrence of one arrangement is dependent on the occurrence of at least one other arrangement;
4)One arrangement considered on its own is not economically justified, but it is economically justified when
considered together with other arrangements.
(2)Accounting treatment for each of the multiple transactions forming part of a bundled transactions which
eventually results in loss of control the subsidiary during disposal of its subsidiary in stages
If each of the multiple transactions forms part of a bundled transactions which eventually results in loss of control
the subsidiary, these multiple transactions should be accounted for as a single transaction. In the consolidated
financial statements, the difference between the consideration received and the corresponding percentage of the
subsidiary’s net assets in each transaction prior to the loss of control shall be recognized in other comprehensive
income and transferred to the profit or loss when the parent eventually loses control of the subsidiary.
The remaining equity investment shall be re-measured at its fair value in the consolidated financial statements at
the date when control is lost. The difference between the total amount of consideration received from the
transaction that resulted in the loss of control and the fair value of the remaining equity investment and the share
of net assets of the former subsidiary calculated continuously from the acquisition date or combination date based
on the previous shareholding proportion, shall be recognized as investment income for the current period when
control is lost. The amount previously recognized in other comprehensive income in relation to the former
subsidiary’s equity investment should be transferred to investment income for the current period when control is
lost
③Accounting treatment for each of the multiple transactions NOT forming part of a bundled transactions which
eventually results in loss of control the subsidiary during disposal of its subsidiary in stages
If the Company doesn't lose control of investee, the difference between the amount of the consideration received
and the corresponding portion of net assets of the subsidiary shall be adjusted to the capital reserve (capital /equity
premium) in the consolidated financial statements.
If the Company loses control of investee, the remaining equity investment shall be re-measured at its fair value in
the consolidated financial statements at the date when control is lost. The difference between the total amount of
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consideration received from the transaction that resulted in the loss of control and the fair value of the remaining
equity investment and the share of net assets of the former subsidiary calculated continuously from the acquisition
date or combination date based on the previous shareholding percentage, shall be recognized as investment
income for the current period when control is lost. The amount previously recognized in other comprehensive
income in relation to the former subsidiary’s equity investment should be transferred to investment income for the
current period when control is lost.
6. Compilation method of consolidated financial statement
Consolidated financial statements are prepared by the Company in accordance with Accounting Standard for
Business Enterprise No. 33-Consolidated Financial Statements and based on financial statements of parent
company and its subsidiaries and other related information.
When consolidating the financial statements, the following items are eliminated: internal equity investment and
owners’ equity of subsidiaries, proceeds on internal investments and profit distribution of subsidiaries, internal
transactions, internal debts and claim. The accounting policies adopted by subsidiaries are the same as parent
company.
7. Classification of joint venture arrangement and accounting treatment for joint control
(1) Affirmation and classification of joint venture arrangement
Joint arrangement refers to an arrangement controlled by two or more than two participants. Joint venture
arrangement has the following characteristics: 1) Each participant is bound by the arrangement; 2) Two or more
participants carry out joint control on implementation of the arrangement. Any participant cannot control the
arrangement independently. Any participant for joint control can stop other participants or participant
combinations to independently control the arrangement.
Joint control refers to the sharing of control over certain arrangement under related agreements, and related
activities of the arrangement must be determined only when obtaining the unanimous consent of the parties
sharing control.
Joint venture arrangement is classified in to joint operation and joint venture. Joint operation refers to an
arrangement that a joint party enjoys assets related to the arrangement and bears liabilities related to the
arrangement. Joint venture refers to an arrangement that a joint party only has the power governing net assets of
the arrangement.
(2) Accounting treatment of joint venture arrangement
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Joint venture participants should confirm the following items related to interest shares in joint venture and carry
out accounting settlement according to relevant provisions of the Accounting Standards for Business Enterprises:
1) confirm the assets held separately and confirm the assets held jointly based on shares; 2) confirm the liabilities
borne separately and confirm the liabilities borne jointly based on shares; 3) confirm the income incurred after
selling its shares in joint venture output; 4) confirm the income after selling the joint venture outputs based on
shares; 5) confirm the expenses incurred separately and confirm the expenses incurred in joint venture based on
shares.
Joint venture participants should carry out accounting settlement for investments of the joint venture according to
provisions of Accounting Standards for Business Enterprises No.2–Long-term Equity Investments.
8. Recognition of cash and cash equivalents
Cash in cash flow statement means the inventory cash and savings available for use anytime. Cash equivalents
refer to the short-term (generally due within three months since the date of purchase) highly liquid investments
that are readily convertible into known amounts of cash and that are subject to an insignificant risk of change in
value.
9. Foreign currency transaction and financial statement conversion
(1)Conversion for foreign currency transaction
When initially recognized, the foreign currency for the transaction shall be converted into CNY amount according
to the spot exchange rate on the date of transaction. For the foreign currency monetary items, conversion must be
based on the spot exchange rate on the balance sheet date and the exchange difference incurred from different
exchange rates, except for the exchange difference of principal and interest incurred due to foreign currency loan
related to acquisition or construction of assets that qualify for capitalization, shall be charged to current profits and
losses; foreign currency non-monetary items measured with historical cost are still converted as per the spot
exchange rate on the transaction date and keep the RMB amount unchanged; foreign currency non-monetary items
measured with fair value shall be converted as per the spot exchange rate on the date of determining the fair value
and the difference shall be charged to current profits and losses or other comprehensive income.
(2)Conversion of financial statements presented in foreign currencies
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The asset and liability items in the balance sheet shall be converted at the spot exchange rate on the balance sheet
date; the owner’s equity items, except for the items of “undistributed profit”, shall be converted at the spot
exchange rate on the transaction date; the income and expenditure items in the profit statement shall be converted
at the spot exchange rate on the transaction date. The translation difference of foreign financial statements
conducted as above is recognized as other comprehensive incomes.
10. Financial instruments
Financial instrument including the financial assets, financial liability and equity instrument
(1) Classification of financial assets and financial liability
Financial assets can be divided into four types while initially recognized: financial assets at fair value through
profit or loss (including transactional financial assets and those financial assets designated as at fair value through
profit or loss), held-to-maturity investments; loans & receivables; available-for-sale financial assets.
Financial liability can be divided into two types while initially recognized: financial liability at fair value through
profit or loss (including transactional financial liability and those financial liabilities designated as at fair value
through profit or loss) and other financial liability
(2)Recognition, measurement and derecognition of financial assets and financial liabilities
Financial assets or financial liabilities are recognized when the Group becomes a party to the contractual
provisions of the instrument. Financial assets or financial liabilities are initially measured at fair value. For
financial assets and financial liabilities at fair value through profit or loss, transaction costs are immediately
recognized to profit or loss. For other financial assets or financial liabilities, transaction costs are included in their
initial recognized amounts.
Financial assets are subsequently measured at fair value without considering of the possible transaction costs upon
the disposal thereof in the future, except that: (1) Held-to-maturity investments and loans and receivables are
subsequently measured at amortised cost using the effective interest method; and (2) Investments in equity
instruments that do not have a quoted price in an active market and whose fair value cannot be reliably measured,
and derivative financial assets that are linked to and must be settled by delivery of such unquoted equity
instruments, they are measured at cost.
Financial liabilities are subsequently measured at amortised cost using the effective interest method, except that:
(1) Financial liabilities at fair value through profit are subsequently measured at fair value without considering of
the possible transaction costs upon the settlement thereof in the future; (2) Derivative financial liabilities that are
linked to and must be settled by delivery of an unquoted equity instrument without a quoted price in an active
market whose fair value cannot be reliably measured, they are subsequently measured at cost; and (3) Financial
guarantee contracts that are not designated as financial liabilities at fair value through profit or loss, or loan
commitments to provide a loan at a below-market interest rate, which are not designated at fair value through
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profit or loss, subsequent to initial recognition, they are measured at the higher of: (1) the amount determined in
accordance with ASBE No. 13 “Contingencies”; and (2) the amount initially recognized less cumulative
amortisation recognized in accordance with the principles set out in ASBE No. 14 “Revenue”.
Any gains or losses arising from changes in the fair value on financial assets or financial liabilities, other than
those hedging instrument, are accounted for as follows: (1) Gains or losses arising from the change in fair value
on financial assets or financial liabilities at fair value through profit or loss are recorded as gains or losses from
change in fair value; Any interest or dividend income earned during the holding on such financial assets are
recognized to profit or loss. On disposal, the differences between the consideration received and initial recognized
amount are recognized as investment income and adjust to the gains or losses from change in fair value
accordingly; and (2) Changes in fair value of available-for-sale financial assets are recorded in the other
comprehensive income. Interest calculated using the effective interest method for the periods, in which the assets
are held, are recognized as investment income. Cash dividends from available-for-sale equity investments are
recognized as investment income when the dividends are declared by the investee. On disposal, the differences
between the considerations received and the carrying amounts of financial assets after deducting the accumulated
fair values adjustments previously recorded in the other comprehensive income are recognized as investment
income.
A financial asset is derecognized when the contractual rights to the cash flows from the financial asset terminate,
or when it transfers substantially all the risks and rewards of ownership of the asset to another entity. A financial
liability (or part of it) is derecognized only when the underlying present obligations (or part of it) are discharged.
(3)Recognition and measurement on transfer of financial assets
If the Group has transferred substantially all the risks and rewards of ownership of the financial asset to the
transferee, the financial asset should be derecognized; If the Group retains substantially all the risks and rewards
of ownership of a financial asset, the transferred financial asset should be recognized and the consideration
received should be recognized as a financial liability; If the Group neither transfers nor retains substantially all the
risks and rewards of ownership of a financial asset, it shall be accounted for as follows: (1)the financial asset
should be derecognized if the Group waives control over the asset; (2)it recognises the financial asset to the extent
of its continuing involvement in the transferred financial asset and recognises an associated liability if the Group
does not waives control over the asset.
For a transfer of a financial asset in its entirety that satisfies the derecognition criteria, the difference of the
following is recognized to profit or loss: (1) The carrying amount of the financial asset transferred; and (2) The
sum of the consideration received from the transfer and any cumulative change of fair value that has been
previously recognized in other comprehensive income directly. If a part of the transferred financial asset qualifies
for derecognition, the carrying amount of the transferred financial asset is allocated between the part that
continues to be recognized and the part that is derecognized, based on the respective fair values of those parts. The
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difference of the following is recognized to profit or loss: (i) The carrying amount allocated to the part
derecognized; and (ii) The sum of the consideration received for the part derecognized and any cumulative change
of fair value allocated to the part derecognized which has been previously recognized in other comprehensive
income directly.
(4)Determination of fair value of financial assets and financial liabilities
For a financial asset or financial liability which has an active market, the Group considers the quoted price in the
active market to determine its fair value. For a financial assets or financial liability which has no active market,
the Group uses a valuation technique (valuation techniques include using recent arm’s length market transactions
between knowledgeable, willing parties, reference to the current fair value of another instrument that is
substantially the same, discounted cash flow analysis and option pricing models) to determine its fair value. For a
financial asset acquired or a financial liability assumed initially, its fair value is based on the price of market
transactions.
(5) Provision for impairment on financial assets other than account receivables
At each balance sheet date, the Group assesses the carrying amounts of its financial assets other than those
financial assets at fair value through profit or loss. If there is objective evidence that a financial asset is impaired,
the Group determines the amount of any impairment loss.
For a financial asset that is individually significant, the Company assesses the asset individually for impairment.
For a financial asset that is not individually significant, the Company assesses the asset individually for
impairment or includes the asset in a group of financial assets with similar credit risk characteristics and
collectively assesses them for impairment. If the Company determines that no objective evidence of impairment
exists for an individually assessed financial asset (whether significant or not), it includes the asset in a group of
financial assets with similar credit risk characteristics and collectively reassesses them for impairment.
At the end of the reporting period, if there is objective evidence that an impairment loss on a financial asset
carried at amortized cost has occurred, an impairment loss is recognized as the excess of the carrying amount of
the financial asset over its present value of estimated future cash flows to profit or loss. If an impairment loss has
been incurred on an investment in unquoted equity instrument without a quoted price in an active market whose
fair value cannot be reliably measured, or on a derivative financial asset that is linked to and must be settled by
delivery of such equity instrument, an impairment loss is recognized as the excess of the carrying amount of the
unquoted equity investment or a derivative financial asset over its present value of estimated future cash flows
discounted at the current market rate of return for a similar financial asset to profit or loss.
An impairment is recognized where there is a significant decrease in the fair value of available for sale financial
assets, or taken into account all factors, the decrease trend is not temporary to profit or loss. The cumulative loss
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arising from decline in fair value previously recognized directly in the other comprehensive income is reclassified
from the capital reserve to profit or loss.
(6)There is no reclassification of held-to-maturity investment which is not due into financial assets available for
sale during the period.
11. Note receivable
12. Account receivable
(1) Account receivable with single significant amount and withdrawal bad debt provision on single basis
Single significant account: the single receivable has over 5 million yuan at end of the period
At the end of the period, the receivables with significant single amount are tested separately for impairment. If
there is objective evidence that they have been impaired, the impairment loss will be recognized and the provision
for bad debts will be made based on the balance between the present value of future cash flows and its book value.
(2) Provision for bad debts of accounts receivables by portfolio
Receivables with non-significant single amount at the end of the period are divided into several portfolios together
with the receivables that have not been impaired after the separate test by regarding aging as the credit risk
characteristics, and a certain ratio of the closing balance of these receivables portfolios is calculated to determine
the impairment loss and the provision for bad debts
Except for the receivables with separate provision for impairment, the company determines the proportion of
following bad debt provisions according to the same or similar in previous years, based on the actual loss rate of the
portfolio by regarding receivables aging as the credit risk characteristics, and combined with the current situation:
(2) Aging analysis
Account age Accrual ratio for account receivable
Within one year(one year included) 0.3%
1～2 years(2 years included) 0.3%
2～3 years(3 years included) 0.3%
Over 3 years 100%
Including: unrecoverable Charge off
Note: the account receivable and other account receivable between the enterprises in consolidate scope are not have bad debt
provision accrual
(3) Account receivable with minor single amount but with bad debt provision accrual on single basis
Reasons for provision of bad debt reserve: The Company conducts impairment test separately for receivables that
are not significant in single amount but have the following characteristics, if there is objective evidence that they
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have been impaired, the impairment loss will be recognized and the provision for bad debts will be made based on
the balance between the present value of future cash flows and its book value; receivables that are in dispute with
the other party or involving litigation or arbitration; there are clear signs indicating that the debtor is likely to be
unable to fulfill the repayment obligations of the receivables.
Provision method of bad debt reserve: If the impairment test is carried out separately and there is objective
evidence that it has been impaired, the impairment loss will be recognized and the provision for bad debts will be
made based on the balance between the present value of future cash flows and its book value.
13. Account receivable financing
14. Other account receivable
Determining method and accounting treatment on the expected credit loss of other account receivable
(1)Account receivable with single significant amount and withdrawal bad debt provision on single basis:
Single significant account: the single receivable has over 5 million yuan at end of the period
At the end of the period, the receivables with significant single amount are tested separately for impairment. If
there is objective evidence that they have been impaired, the impairment loss will be recognized and the provision
for bad debts will be made based on the balance between the present value of future cash flows and its book value.
(2) Provision for bad debts of accounts receivables by portfolio
Receivables with non-significant single amount at the end of the period are divided into several portfolios together
with the receivables that have not been impaired after the separate test by regarding aging as the credit risk
characteristics, and a certain ratio of the closing balance of these receivables portfolios is calculated to determine
the impairment loss and the provision for bad debts
Except for the receivables with separate provision for impairment, the company determines the proportion of
following bad debt provisions according to the same or similar in previous years, based on the actual loss rate of the
portfolio by regarding receivables aging as the credit risk characteristics, and combined with the current situation:
(2) Aging analysis
Account age Accrual ratio for other account
receivable
Within one year(one year included) 0.3%
1～2 years(2 years included) 0.3%
2～3 years(3 years included) 0.3%
Over 3 years 100%
Including: unrecoverable Charge off
Note: the account receivable and other account receivable between the enterprises in consolidate scope are not have bad debt
provision accrual
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(3) Account receivable with minor single amount but with bad debt provision accrual on single basis
Reasons for provision of bad debt reserve: The Company conducts impairment test separately for receivables that
are not significant in single amount but have the following characteristics, if there is objective evidence that they
have been impaired, the impairment loss will be recognized and the provision for bad debts will be made based on
the balance between the present value of future cash flows and its book value; receivables that are in dispute with
the other party or involving litigation or arbitration; there are clear signs indicating that the debtor is likely to be
unable to fulfill the repayment obligations of the receivables.
Provision method of bad debt reserve: If the impairment test is carried out separately and there is objective
evidence that it has been impaired, the impairment loss will be recognized and the provision for bad debts will be
made based on the balance between the present value of future cash flows and its book value.
15. Inventory
Whether the company needs to comply with the disclosure requirements of the particular industry
No
(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) Valuation of inventories
Inventories are initially measured at cost upon acquisition, which includes procurement costs, processing costs
and other costs. The prices of inventories are calculated using weighted average method when they are delivered.
(3) Provision for inventory impairment
When a comprehensive count of inventories is done at the end of the period, provision for inventory impairment is
allocated or adjusted using the lower of the cost of inventory and the net realizable value. The net realizable value
of stock in inventory (including finished products, inventory merchandize and materials for sale) that can be sold
directly is determined using the estimated saleable price of such inventory deducted by the cost of sales and
relevant taxation over the course of ordinary production and operation. The net realizable value of material in
inventory that requires processing is determined using the estimated saleable price of the finished product
deducted by the cost to completion, estimated cost of sales and relevant taxation over the course of ordinary
production and operation. The net realizable value of inventory held for performance of sales contract or labor
service contract is determined based on the contractual price; in case the amount of inventory held exceeds the
contractual amount, the net realizable value of the excess portion of inventory is calculated using the normal
saleable price.
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Provision for impairment is made according to individual items of inventories at the end of the period; however,
for inventories with large quantity and low unit price, the provision is made by categories; inventories of products
that are produced and sold in the same region or with the same or similar purpose or usage and are difficult to be
measured separately are combined for provision for impairment.
If the factors causing a previous write-off of inventory value has disappeared, the amount written-off is reversed
and the amount provided for inventory impairment is reversed and recognized in profit or loss for the period.
(4)Inventory system
Perpetual inventory system is adopted.
16. Contract assets
17. Contract cost
18. Assets held for sale
The Company classifies such corporate components (or non-current assets) that meet the following criteria as
held-for-sale: (1) Disposable immediately under current conditions based on similar transactions for disposals of
such assets or practices for the disposal group; (2) Probable disposal; that is, a decision has been made on a plan
for disposal and an undertaking to purchase has been obtained (the undertaking to purchase means a binding
purchase agreement entered into by the Company and other parties, which contains transaction price, time and
adequately strict punishments for breach of contract provisions, which renders the possibility of material
adjustment or revocation of the agreement is extremely minor), and the disposal is expected to be completed
within a year. Besides, approval from relevant competent authorities or regulatory authorities has been obtained as
required by relevant rules.
The expected net residual value of asset held for sale is adjusted by the Company to reflect its fair value less
selling expense, provided that the net amount shall not exceed the original carrying value of the asset. In case that
the original value is higher than the adjusted expected net residual value, the difference shall be recorded in profit
or loss for the period as asset impairment loss, and allowance of impairment for the asset shall be provided.
Impairment loss recognized in respect of the disposal group held for sale shall be used to offset the carrying value
of the goodwill in the disposal group, and then offset the carrying value of the non-current assets within the
disposal group based on their respective proportion of their carrying value.
In respect of the non-current assets held for sale, if the net amount after their fair value less the selling expenses
increased as at the subsequent balance date, the reduced amount before will be recovered and reversed in the
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assets impairment loss amount recognized after being classified as held for sale, and the reversed amount will be
recorded in the current profits or loss. The impairment loss on assets recognized before being classified as held for
sale will not be reversed. In respect of the disposal group held for sale, if the net amount after their fair value less
the selling expenses increased as at the subsequent balance date, the reduced amount before will be recovered and
reversed in the assets impairment loss amount recognized in non-current assets after being classified as held for
sale, and the reversed amount will be recorded in the current profits or loss. The reduced book value of the
goodwill as well as the impairment loss on assets recognized before the non-current assets are classified as held
for sale will not be reversed. The subsequent reversed amount in respect of the impairment loss on assets
recognized in the disposal group held for sale will increase the book value in proportion of the book value of each
non-current assets (other than goodwill) in the disposal group.
In respect of loss of control in a subsidiary arising from disposal of the investment in such subsidiary, the
investment in a subsidiary shall be classified as held for sale in its entirety in the individual financial statement of
the parent company, and all the assets and liabilities of the subsidiary shall be classified as held for sale in the
consolidated financial statement subject to that the proposed disposal of investment in the subsidiary satisfies such
conditions as required for being classified as held for sale notwithstanding part equity investment will be retained
by the Company after such disposal.
19. Creditors’ investment
20. Other creditors’ investment
21. Long-term account receivable
22. Long-term equity investment
(1)Determination of investment costs
1) If it is formed by the business combination under the common control, and that the combining party takes cash
payment, transfer of non-cash assets, assumption of debts or issuance of equity securities as the consolidation
consideration, the shares of the book value of the owner’s equity obtained from the combined party on the date of
combination in the ultimate controlling party’s consolidated financial statements shall be recognized as its initial
investment cost. Capital reserves shall be adjusted according to the balance between the initial investment cost for
long-term equity investment and the book value of paid consolidation consideration or the total face value of
issued shares (capital premium or equity premium). If capital reserves are insufficient for offset, retained earnings
shall be adjusted.
As for business combination under the common control realized by the Company through several transactions, the
initial investment cost of the investment shall be determined based on the share of the carrying value of the
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owners’ equity of the consolidated party as calculated according to the shareholding proportion on the
consolidation date. Difference between initial investment cost and the carrying value of long-term equity
investment before combination and the sum of carrying value of newly paid consideration for additional shares
acquired on the date of combination is to adjust capital reserve (capital premium or equity premium). If the
balance of capital reserve is insufficient, any excess is adjusted to retained earnings.
2) As for long-term equity investment formed from business combination not under common control, the fair
value of the consolidated consideration paid shall be deemed as the initial investment cost on the acquisition date.
3) Except those ones formed by the business combination, for all items obtained by means of cash payment,
actually paid acquisition costs shall be taken as the initial investment cost. For those ones obtained by the issuance
of equity securities, the fair value of the issued equity securities shall be taken as the initial investment cost. For
those ones invested by investors, the value agreed in the investment contract or agreement shall be taken as the
initial investment cost, provided that the value agreed in the contract or agreement shall be fair.
(2)Subsequent measurement and profit or loss recognition
For a long-term equity investment where the Company can exercise control over the investee, the long-term
investment is accounted for using the cost method in the Company’s financial statements. The equity method is
adopted when the Group has joint control, or exercises significant influence on the investee.
Under cost method, long term equity investment is measured at initial investment cost. Except for the price
actually paid for obtaining the investment or the cash dividends or profits declared but not yet distributed which is
included in the consideration, the Company recognizes cash dividends or profits declared by the investee as
current investment gains, and determine whether there is impairment on long term investment according to
relevant assets impairment policies.
Under equity method, when the initial investment cost of the long-term equity investment exceeds the share of fair
value in the net identifiable assets in the investee, the difference shall be included in initial investment cost of the
long-term equity investment. When the initial investment cost is lower than the share of fair value in the net
identifiable asset in the investee, such difference is recognized in profit or loss for the period with adjustment of
cost of the long-term equity investment.
Under equity method, after the Company acquires a long-term equity investment, it shall, in accordance with its
attributable share of the net profit or loss realized by the investee, recognize the investment profit or loss and
adjust carrying value of the investment. The Group recognizes its share of the investee’s net profits or losses after
making appropriate adjustments to the investee’s net profits and losses based on the fair value of the investee’s
identifiable assets at the acquisition date, using the Group’s accounting policies and periods, and eliminating the
portion of the profits or losses arising from internal transactions with its joint ventures and associates, attributable
to the investing entity according to its shareholding proportion (but impairment losses for assets arising from
internal transactions shall be recognized in full). The carrying amount of the investment is reduced based on the
Group’s share of any profit distributions or cash dividends declared by the investee. The Group’s share of net
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losses of the investee is recognized to the extent the carrying amount of the investment together with any
long-term interests that in substance form part of its net investment in the investee is reduced to zero, except that
the Group has the obligations to assume additional losses. The Group adjusts the carrying amount of the long-term
equity investment for any changes in owners’ equity of the investee (other than net profits or losses) and includes
the corresponding adjustments in the owners’ equity of the Group.
(3) Determination of control and significant influence on investee
Control is the power over an investee. An investor must have exposure or rights to variable returns from its
involvement with the investee, and the ability to use its power over the investee to affect the amount of the
investor’s returns. Significant influence is the power to participate in the financial and operating policy decisions
of the investee but is not control or joint control with other parties over those policies
(4)Disposal of long-term equity investment
1) Partial disposal of long term investment in which control is retained
When long term investment is been partially disposed but control is retained by the company, the difference
between disposal proceeds and carrying amount of the proportion being disposed is accounted for through profit
or loss.
2) Partial disposal of long term investment in which control is lost
When long term investment is partially disposed and control is lost as a result, the carrying value of the long term
invest on the stock right, the difference between carrying amount of the part being disposed and disposal proceeds
should be recognized as profit or loss. The residual part should be treated as long term investment or other
financial assets according to their carrying amount. After partial disposal, if the company is able to exert
significant influence or common control over the investee, the investment should be measured according to cost
method or equity method, in compliance with relevant accounting standards and regulations.
(5)Impairment test and provision for impairment
If there is objective evidence on the balance sheet date showing investment in subsidiaries, associates and joint
ventures is impaired, provision of impairment shall be made against the difference between the carrying amount
and the recoverable amount of the investment.
23. Investment real estate
Measurement mode
Measured by cost method
Depreciation or amortization method
(1) Investment property including land use right which has been rented out, land use right which is held for
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transfer upon appreciation and buildings which has been rented out.
(2) Investment properties are initially measured at cost and subsequently measured as per the cost pattern, and
relevant withdrawal of provision for depreciation or amortization is carried out by the same method for fixed
assets and intangible assets. As of the balance sheet date, where there is any indication that an investment property
experiences impairment, the relevant impairment provision shall be provided for based on the difference between
the carrying value and the recoverable amount.
24. 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 may be recognized unless it simultaneously meets the
conditions as follows: ①The economic benefits pertinent to the fixed asset are likely to flow into the enterprise;
and ②The cost of the fixed assets can be measured reliably.
(2) Depreciation methods
Category Method Years of depreciation Scrap value rate Yearly depreciation rate
Housing and buildings Straight-line depreciation 20-year 10% 4.5%
Machinery equipment Straight-line depreciation 10-year 10% 9%
Office equipment Straight-line depreciation 5-year 10% 18%
Electronic equipment Straight-line depreciation 5-year 10% 18%
Means of transportation Straight-line depreciation 5-year 10% 18%
Other equipment Straight-line depreciation 5-year 10% 18%
(3) Recognization basis, valuation and depreciation method for financial lease assets
Finance lease is determined when one or a combination of the following conditions are satisfied: (1) the
ownership has been transferred to the lessee when the leasing term is due; (2) the lessee has the option to purchase
the leasing asset at a price that is much lower than its fair value, so it can be reasonably determined that the lessee
will take the option at the very beginning of the lease; (3) the leasing term accounts for most time of the useful life
(ordinarily accounting for 75% or higher) even if the ownership does not transfer to the lessee; (4) the present
value of the minimum amount of rent that the lessee has to pay at the first day of the lease amounts to 90% or
higher of its fair value at the same date; or the present value of the minimum amount of rent that the lessor collects
at the first day of the lease amounts to 90% or higher of its fair value at the same date; and/or (5) the leased assets
are of such a specialized nature that only the lessee can use them without major modifications. Fixed assets
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rented-in under finance lease are recorded at the lower of fair value and the present value of the minimum lease
payment at the inception of the lease, and are depreciated following the depreciation policy for self-owned fixed
assets.
25. Construction in progress
(1)When the construction in progress has reached the intended condition for use, it will be treated as fixed assets
as per the actual construction cost. If the construction in progress has reached the intended condition for use but
completion accounting is not carried out, the construction in progress should be first treated as fixed assets as per
the estimated value. After completion accounting is carried out, the original estimated value should be adjusted as
per the actual cost, but the provision for depreciation withdrawn should not be adjusted.
(2)As of the balance sheet date, where there is any indication that a construction in process experiences
impairment, the relevant impairment provision shall be provided for based on the difference between the carrying
value and the recoverable amount.
26. Borrowing expenses
27. Biological assets
28. Oil and gas assets
29. Right-of-use assets
30. Intangible assets
(1) Valuation method, service life and impairment test
(1) Intangible assets include land use right, patent right and non-patent technology, which should be initially
measured at cost.
(2) Intangible assets with limited service life should be amortized systematically and reasonably in their service
lives as per the expected form of realization economic benefits relating to the said intangible assets. If the form of
realization cannot be reliably determined, the intangible assets should be amortized on a straight-line basis.
(3)At the balance sheet date, when there is any indication that the intangible assets with finite useful lives may be
impaired, a provision for impairment loss is recognized on the excess of the carrying amounts of the assets over
their recoverable amounts. Intangible assets with infinite useful lives and intangible assets not satisfying the
condition for use yet are subject to impairment test each year notwithstanding whether the assets are impaired.
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(2) Internal accounting policies relating to research and development expenditures
Expenditure incurred in the research phase of internal R&D shall be included in current gain/loss at the time of
occurrence.
Intangible assets recognized for expenditure in exploitation stage by satisfying the followed at same time:
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,
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.
31. Impairment of long-term assets
32. Long-term expenses to be apportioned
Long-term expenses to be apportioned are booked by actual amount occurred, and apportioned evenly during the
benefit period or regulated period.In case that the long-term deferred expenses are not likely to benefit the
subsequent accounting periods, the outstanding value of the item to be amortized shall be included in current
profit or loss in full.
33. Contract liability
34. Employee compensation
(1) Accounting treatment for short-term compensation
During the accounting period when staff providing service to the Company, the actual 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.
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(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 recognize 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 labor relationship plans and employee redundant proposals; and the Company
recognize cost and expenses related to payment of compensation for dismissal and restructuring, whichever is
earlier.
(4) Accounting for other long-term employee benefits
The employees of the Company have participated in the basic social endowment insurance organized and
implemented by the local labor and social security department. The Company pays the endowment insurance
premium to the local basic social endowment insurance agency on a monthly basis based on the base and ratio of
the local basic social endowment insurance payment. After the retirement of employees, the local labor and social
security department has the responsibility to pay the social basic pension to the retired employees. During the
accounting period in which employees provide services, the Company recognizes the amount payable calculated
according to the above social security insurance regulations as the liabilities and includes them in the current
profit and loss or related asset costs.
35. Lease liability
36. Accrual liability
(1)When the obligations arising from provision of external guarantee, lawsuits, product quality guarantee and
contract loss and other contingent issues become the present obligations of the company, the performance of
which is likely to result in outflow of benefit from the company and the amount of which can be measured reliably,
the company shall recognize such obligations as projected liabilities.
(2)Projected liabilities are initially measured at the best estimate on the expenses required to perform the relevant
present obligation by the Company, and the carrying value of project liabilities are reviewed on each balance sheet
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date.
37. Share-based payment
(1)Types of share-based payment
Share-based payment comprises of equity-settled share-based payment and cash-settled share-based payment.
(2)Determination of fair value of equity instruments
1)determined based on the price quoted in an active market if there exists active market for the instrument.
2)determined by adoption of valuation technology if there exists no active market, including by reference to the
recent arm’s length market transactions between knowledgeable, willing parties, reference to the current fair value
of another instrument that is substantially the same, discounted cash flow analysis and option pricing models.
(3)Basis for determination of the best estimate of exercisable equity instruments
To be determined based on the subsequent information relating to latest change of exercisable employees.
(4)Accounting relating to implementation, amendment and termination of share-based payment schemes
1)Equity-settled share-based payment
For equity instruments that may be exercised immediately after the grant, the fair value of such instrument shall,
on the date of the grant, be recognized in relevant costs or expenses with the increase in the capital reserve
accordingly. For equity-settled share-based payment made in return for the rendering of employee services that
cannot be exercised until the services are fully rendered during vesting period or specified performance targets are
met, on each balance sheet date within the vesting period, the services acquired in the current period shall, based
on the best estimate of the number of exercisable instruments, be recognized in relevant costs or expenses and the
capital reserves at the fair value of such instruments on the date of the grant.
For equity-settled share-based payment made in exchange for service from other parties, such payment shall be
measured at the fair value of the service as of the acquisition date is the fair value can be measured reliably. And if
the fair value of the service cannot be measured reliably while the fair value of the equity instrument can be
measured reliably, it shall be measure at the fair value of the instrument as of the date on which the service is
acquired, which shall be recorded in relevant cost or expense with increase in owners’ equity accordingly.
2)Cash-settled share-based payment
For the cash-settled share-based payment that may be exercised immediately after the grant in exchange for render
of service by employees, the fair value of the liability incurred by the Company shall, on the date of the grant, be
recognized in relevant costs or expenses and the liabilities shall be increased accordingly. For cash-settled
share-based payment made in return for the rendering of employee services that cannot be exercised until the
services are fully provided during vesting period or specified performance targets are met, on each balance sheet
date within the vesting period, the services acquired in the current period shall, based on the best estimate of the
number of exercisable instruments, be recognized in relevant costs or expenses and the corresponding liabilities at
the fair value of the liability incurred by the Company.
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3)Revision and termination of share-based payment schemes
If the revision results in an increase in the fair value of the equity instruments granted, the Company shall
recognize the increase in the services rendered accordingly at the increased fair value of the equity instruments. If
the revision results in an increase in the number of equity instruments granted, the Company will recognize the
increase in the services rendered accordingly at the fair value of the increased number of equity instruments. If the
Company revises the vesting conditions on terms favorable to the employees, the Company will take into
consideration of the revised vesting conditions when dealing with the vesting conditions.
If the revision results in a decrease in the fair value of the equity instruments granted, the Company shall continue
recognize the amount of services rendered accordingly at the fair value of the equity instruments on the date of
grant without considering the decrease in the fair value of the equity instruments. If the revision results in a
decrease in the number of equity instruments granted, the Company will account for such decrease by reducing
part of the cancellation of equity instruments granted. If the Company revises the vesting conditions on terms not
favorable to the employees, the Company will not take into consideration of the revised vesting conditions when
dealing with the vesting conditions.
If the Company cancels the equity instruments granted or settles the equity instruments granted during the vesting
period (other than cancellation as a result of failure to satisfy the vesting conditions), such cancellation or
settlement will be treated as accelerated exercisable rights and the original amount in the remaining vesting period
will be recognized immediately.
38. Other financial instruments including senior shares and perpetual bonds
(1) Distinguish of senior shares and perpetual bonds
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;
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.
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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 recognized 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 capitalization (please refer to Note V-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 recognizes change of fair value of equity instruments.
39. Revenue
Whether the company needs to comply with the disclosure requirements of the particular industry
No
Whether implemented the new revenue standards
□Yes √No
(1) Sales of goods
Income from sale of goods is recognized when the following conditions are met: 1)the Company has transferred
the key risks and return on the ownership of the merchandize to the buyer; 2)the Company has not retained
continued management rights associated with ownership and no longer exercises effective control on the
merchandize sold; 3)the amount of income can be reliably measured; 4)the relevant economic benefits are very
likely to flow to the enterprise; 5)the costs incurred or to be incurred can be reliably measured.
Timing for recognition of revenue of the Company from products sales: revenue is recognized upon delivery of
products to and confirmed by purchaser with signature.
(2)Rendering of services
When the outcome of the transaction can be estimated reliably, revenue from rendering of services is recognized
using the percentage of completion method. When the outcome of the transaction cannot be estimated reliably at
the balance sheet date, revenue is recognized based on the amount of the costs incurred and the costs incurred are
charged off at the same amount when the costs incurred are expected to be recoverable; and no revenue is
recognized and the costs incurred are charged off as an expense of the period when the costs incurred are not
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expected to be recovered.
(3)Transfer of asset use right revenue
When the economic benefits related to the transaction is likely to flow to the Company and the income
amount can be reliably calculated, the Company shall recognize income arising from transfer of asset use right.
The income of interests is determined on basis of the time and real interest rate of the Company’s cash funds which
is utilized by other persons. The income of royalties is determined on basis of the chargeable time and method
fixed under relevant agreement or contract.
40. Government Grants
(1) Government grants including those relating to assets and relating to income
(2)government grant, if granted as monetary assets, are measured at the amount received or receivable, and
measured at fair value if granted as non-monetary assets. If the fair value can not be determined reliably, they
shall be measured at nominal value.
(3) Aggregate method for government grants:
1)government grants relating to assets are recognized as deferred income, which shall be recorded in profit or loss
by installment reasonably and systematically within the useful life of the assets. If assets are sold, transferred,
discarded as useless or damaged prior to expiration of the useful life, the remaining deferred income undistributed
shall be transferred to profit or loss for the period in which the assets are disposed.
2)If government grants relating to income are used to compensate for relevant costs or loss for the subsequent
periods, they shall be recognized as deferred income, and recorded in profit or loss for the period in which the
relevant costs are recognized. If government grants relating to income are used to compensate for the relevant
costs or loss occurred, they shall be recorded in profit or loss for the period directly.
(4)Net method for government grants
1) Government grants relating to assets are used to write off the carrying value of the relevant assets;
2) If government grants relating to income are used to compensate for relevant costs or loss for the subsequent
periods, they shall be recognized as deferred income, and recorded in profit or loss for the period in which offset
against the relevant costs. If government grants relating to income are used to compensate for the relevant costs or
loss occurred, they shall be offset against the relevant costs for the period directly.
(5)The Company adopts aggregated accounting method for the government grants received.
(6)As for the government grants comprising both portions relating to assets and income, separate accounting
shall be made for different portion; in case it is hard to differentiate the portions, the grants will be recorded as
related to income in general.
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(7)The Company realizes government grants relating to its normal activities as other income based on the
substance of economic business, and if not related to its normal activities, realized as non-operating income and
expenditure.
(8)Subsidized loans from preferential policy obtained by the Company are classified based on whether subsidy
funds are paid to the loaning bank or directly to the Company by the competent financial authorities and are
treated based on the following principles:
1)Where subsidy funds are paid to the loaning bank by the competent financial authorities and the bank then
provides loans to the Company at a preferential policy rate, accounting shall be made by the Company as follows:
a. Recognizes the actual borrowing amount received as the carrying value of the loan, and calculates the relevant
borrowing costs based on the principal and the preferential policy rate.
b.Recognizes the fair value of the loan as the carrying value and calculates the borrowing cost under effective
interest method, and recognizes the difference between the actual amount received and the fair value of the loan as
deferred income. Deferred income is amortized over the term of the loan under effective interest method and
offset against the relevant borrowing costs.
2)Where subsidy funds are paid directly to the Company, the Company will offset the corresponding subsidy
against the relevant borrowing expenses.
41. Deferred income tax assets/Deferred income tax liabilities
(1) Deferred tax assets or deferred tax liabilities are calculated and recognized based on the difference between the
carrying amount and tax base of assets and liabilities (and the difference of the carrying amount and tax base of
items not recognized as assets and liabilities but with their tax base being able to be determined according to
tax laws) and in accordance with the tax rate applicable to the period during which the assets are expected to
be recovered or the liabilities are expected to be settled.
(2)A deferred tax asset is recognized to the extent of the amount of the taxable income, which it is most likely to
obtain and which can be deducted from the deductible temporary difference. At the balance sheet date, if there
is any exact evidence that it is probable that future taxable profits will be available against which deductible
temporary differences can be utilized, the deferred tax assets unrecognized in prior periods are recognized.
(3)At the balance sheet date, the carrying amount of deferred tax assets is reviewed. The carrying amount of a
deferred tax asset is reduced to the extent that it is no longer probable that sufficient taxable profits will be
available to allow the benefit of the deferred tax asset to be utilized. Such reduction is subsequently reversed to
the extent that it becomes probable that sufficient taxable income will be available.
(4)The income tax and deferred tax for the period are treated as income tax expenses or income through profit or
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loss, excluding those arising from the following circumstances: ① business combination; and ② the
transactions or items directly recognized in equity.
42. Lease
(1)Accounting for operating lease
When the Company is the lessee, lease payments are recognized as cost or profit or loss with straight-line method
over the lease term. Initial expenses are recognized directly into profit or loss. Contingent rents are charged as
profit or loss in the periods in which they are incurred.
When the Company is the lessor, lease income is recognized as profit or loss with straight-line method over the
lease term. Initial expenses, other than those with material amount and eligible for capitalization which are
recognized as profit or loss by installments, are recognized directly as profit or loss. Contingent rents are charged
into profit or loss in the periods in which they are incurred.
(2)Accounting for financing lease
When the company acts as lessee, at the inception of lease, the lower of fair value of leased assets at the inception
of lease and the present value of minimum lease payment is recognized as the value of leased assets. The
minimum lease payment is recognized as the value of long-term payable. Their difference is recorded as
unrecognized finance costs with any initial direct expense incurred recorded in the value of leased assets. For each
period of the lease term, current finance cost is calculated using effective interest method.
When the company acts as lessor, at the inception of lease, the sum of minimum lease income at the inception of
lease and the initial direct expense is recognized as the value of finance lease payment receivable, with unsecured
balance also recorded. The difference between the sum of minimum lease income, initial direct expense and
unsecured balance and the sum of their present values is recognized as unrealized finance income. For each period
of the lease term, current finance income is calculated using effective interest method.
43. Other important accounting policy and estimation
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
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(3) it only establishes for acquisition of subsidiary through disposal.
Accounting for discontinued operation is set out in note V-13 “Assets held for sale”.
44. Major accounting policy and changes
(1)Main accounting policy changes
□Applicable √Not applicable
(2) Changes of important accounting estimate
□Applicable √Not applicable
(3) Adjustment the financial statements at the beginning of the first year of implementation of new financial
instrument standards, new revenue standards and new leasing standards
□Applicable √Not applicable
(4) Retrospective adjustment of early comparison data description when initially implemented the new
financial instrument standards and new leasing standards
□Applicable √Not applicable
45. Other
Nil
VI. Taxes
1. Main tax category and tax rate
Tax category Tax calculation evidence Tax rate
Sales of goods, taxable labor service
Value added tax revenue, taxable income, intangible assets 5%, 6%, 13%, 16%
income and income from property leasing
Tax for maintaining and building cities Turnover tax payable 7%
Enterprise income tax Taxable income 25%
Educational surtax Turnover tax payable 3%
Local educational surtax Turnover tax payable 2%
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Property tax Turnover tax payable 1.2%
Disclose reasons for different taxpaying body
Taxpaying body Income tax rate
The Company 25.00%
Shenzhen Emmelle Industrial Co., Ltd. 25.00%
2. Tax preference
Nil
3. Other
According to the “Notice on Deepening the Policies Related to Value-Added Tax Reform” issued by Ministry of
Finance, the State Administration of Taxation and the General Administration of Customs on March 21, 2019, from
April 1, 2019, for taxpayers’ taxable sales behaviors or imported goods of VAT, if the original tax rate is 16% and
10%, the tax rate shall be adjusted to 13% and 9% respectively. The VAT rate of the Company and its subsidiaries
has been adjusted to 13% from April 1, 2019.
VII. Notes to Items in Consolidated Financial Statements
1. Monetary fund
In RMB
Item Balance at period-end Balance at period-begin
Cash on hand 67,591.16 126,486.63
Cash in bank 7,519,825.02 16,305,989.07
Other monetary fund 2,000,000.00 2,056,410.56
Total 9,587,416.18 18,488,886.26
Other explanation
(1) Other monetary fund with restricted application purposes at period-end amounted as 2,000,000.00 Yuan, refers to the cash
deposit for bank acceptance.
(2) there is no money deposited abroad at end of the period or potentially at risk of recovery.
2. Trading financial assets
In RMB
Item Balance at period-end Balance at period-begin
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Including:
Including:
Other explanation:
Nil
3. Derivative financial assets
In RMB
Item Balance at period-end Balance at period-begin
Other explanation:
Nil
4. Notes receivable
(1) Category
In RMB
Item Balance at period-end Balance at period-begin
Bank acceptance 180,000.00 0.00
Total 180,000.00 0.00
In RMB
Balance at period-end Balance at period-begin
Book balance Bad debt provision Book balance Bad debt provision
Category Book Book
Accrual Accrual
Amount Ratio Amount value Amount Ratio Amount value
ratio ratio
Including:
Including:
Total 0.00 0.00% 0.00 0.00% 0.00 0.00 0.00% 0.00 0.00% 0.00
Bad debt provision accrual on single basis:
In RMB
Balance at period-end
Name
Book balance Bad debt provision Accrual ratio Accrual causes
Total 0.00 0.00 -- --
Bad debt provision accrual on single basis:
In RMB
Balance at period-end
Name
Book balance Bad debt provision Accrual ratio Accrual causes
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Total 0.00 0.00 -- --
Bad debt provision accrual on single basis:
In RMB
Balance at period-end
Name
Book balance Bad debt provision Accrual ratio Accrual causes
Bad debt provision accrual on portfolio
In RMB
Balance at period-end
Name
Book balance Bad debt provision Accrual ratio
Total 0.00 0.00 --
Explanation on portfolio basis:
Bad debt provision accrual on portfolio
In RMB
Balance at period-end
Name
Book balance Bad debt provision Accrual ratio
Explanation on portfolio basis:
If the provision for bad debts of notes receivable is made in accordance with the general model of expected credit losses, please refer
to the disclosure of other account receivable to disclose related information about bad-debt provisions:
□Applicable √Not applicable
(2) Bad debt provision accrual, collected or reversal in the period
Accrual of bad debt provision in the period:
In RMB
Balance at Current changes Balance at
Category
period-begin Accrual Collected or reversal Charge-off period-end
Total 0.00 0.00 0.00 0.00 0.00
Including important amount of bad debt provision collected or reversal in the period:
□Applicable √Not applicable
(3) Note receivable pledged at period-end
In RMB
Item Amount pledged at period-end
Total 0.00
87
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(4) Note receivable which have endorsed and discount at period-end and has not expired on balance sheet
date
In RMB
Item Amount derecognition at period-end Amount not derecognition at period-end
Bank acceptance 24,200,000.00
Total 24,200,000.00
(5) 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
Total 0.00
Other explanation
Nil
(6) Note receivable actually charge-off in the period
In RMB
Item Amount charge-off
Including important note receivable charge-off:
In RMB
Amount cause by
Procedure for
Enterprise Nature Amount charge-off Causes of charge-off related transactions
charge-off
or not (Y/N)
Total -- 0.00 -- -- --
Explanation on note receivable change-off:
Nil
5. Account receivable
(1) Category
In RMB
Balance at period-end Balance at period-begin
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
Account receivable
2,477,48 6.37% 2,099,36 84.74% 378,124.1 2,477,485 7.66% 2,099,361 84.74% 378,124.19
with bad debt
88
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
provision accrual by 5.20 1.01 9 .20 .01
single basis
Including:
Account receivable
with bad debt 36,432,6 1,250,55 35,182,08 29,860,22 1,230,837 28,629,384.
93.63% 3.43% 92.34% 4.12%
provision accrual by 35.12 4.75 0.37 2.34 .51 83
portfolio
Including:
38,910,1 3,349,91 35,560,20 32,337,70 3,330,198 29,007,509.
Total 100.00% 8.61% 100.00% 10.30%
20.32 5.76 4.56 7.54 .52 02
Bad debt provision accrual on single basis: Account receivable with minor single amount period-end but withdrawal bad debt
provision on single basis
In RMB
Balance at period-end
Name
Book balance Bad debt provision Accrual ratio Accrual causes
Business terminated, and
Shijiazhuang Dasong
1,059,165.50 1,059,165.50 100.00% the money recovery is
Tech. Co., Ltd
uncertain
Sichuan Wanling Electric
1,103,452.20 882,761.76 80.00% Difficult to recover
Technology Co., Ltd.
Shanghai Swen Electric
314,867.50 157,433.75 50.00% Difficult to recover
Vehicle Co., Ltd.
Total 2,477,485.20 2,099,361.01 -- --
Bad debt provision accrual on single basis:
In RMB
Balance at period-end
Name
Book balance Bad debt provision Accrual ratio Accrual causes
Bad debt provision accrual on portfolio: Account receivable with bad debt provision accrual on aging analysis
In RMB
Balance at period-end
Name
Book balance Bad debt provision Accrual ratio
Within one year(one year
34,798,417.31 104,395.25 0.30%
included)
1-2 years (2 years included) 488,301.90 1,464.91 0.30%
2-3 years (3 years included) 1,225.00 3.68 0.30%
3-4 years (4 years included)
89
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Over 5 years 1,144,690.91 1,144,690.91 100.00%
Total 36,432,635.12 1,250,554.75 --
Explanation on portfolio basis:
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.
Bad debt provision accrual on portfolio
In RMB
Balance at period-end
Name
Book balance Bad debt provision Accrual ratio
Explanation on portfolio basis:
If the provision for bad debts of account receivable is made in accordance with the general model of expected credit losses, please refer
to the disclosure of other account receivable to disclose related information about bad-debt provisions:
□Applicable √Not applicable
By account age
In RMB
Account age Balance at period-end
Within one year(one year included) 34,798,417.31
1-2 years 488,301.90
2-3 years 1,225.00
Over 3 years 1,144,690.91
Over 5 years 1,144,690.91
Total 36,432,635.12
(2) Bad debt provision accrual, collected or reversal in the period
Accrual of bad debt provision in the period:
In RMB
Balance at Current changes Balance at
Category
period-begin Accrual Collected or reversal Charge-off period-end
Aging analysis and
accrual on single 3,330,198.52 39,523.02 19,805.78 3,349,915.76
basis
Total 3,330,198.52 39,523.02 19,805.78 3,349,915.76
Including important amount of bad debt provision collected or reversal in the period:
In RMB
90
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Enterprise Amount collected or reversal Collection way
(3) Account receivables actually charge-off during the reporting period
In RMB
Item Amount charge-off
Including major account receivables charge-off:
In RMB
Amount cause by
Procedure for
Enterprise Nature Amount charge-off Causes of charge-off related transactions
charge-off
or not (Y/N)
Explanation on account receivable charge-off
Nil
(4) Top five account receivables collected by arrears party at ending balance
Enterprise Relationship Amount Account age Bad debt Ratio in total Accoun
with the provision account t
Company receivable nature
(%)
Shenzhen Weiterui New Energy Non-related 8,822,791.17 Within one 26,468.37 22.68 Paymen
Technology Co., Ltd. party year t for
goods
Jinan Yuxintai Sales Co., Ltd. Non-related 7,556,575.55 Within one 22,669.73 19.42 Paymen
party year t for
goods
Shenzhen Jiahaosong Technology Co., Non-related 6,816,303.75 Within one 20,448.91 17.52 Paymen
Ltd. party year t for
goods
Zhengzhou Guiguan Tech. Trade. Co., Non-related 2,458,418.00 Within one 7,375.25 6.32 Paymen
Ltd party year t for
goods
Fu Qi Non-related 2,285,670.40 Within two 6,857.01 5.87 Paymen
party years t for
goods
Total 27,939,758.87 83,819.27 71.81
(5) Account receivable derecognition due to transfer of financial assets
Nil
91
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(6) Assets and liability resulted by account receivable transfer and continuous involvement
Nil
Other explanation:
At end of the period, there was no account receivable from shareholder unit and other related parties that holds 5%
(included) voting rights of the Company among Account Receivables
6. Receivables financing
In RMB
Item Balance at period-end Balance at period-begin
Change of receivables financing and fair value in the period
□Applicable √Not applicable
If the provision for bad debts of receivable financing is made in accordance with the general model of expected credit losses, please
refer to the disclosure of other account receivable to disclose related information about bad-debt provisions:
□Applicable √Not applicable
Other explanation:
Nil
7. Account paid in advance
(1) By account age
In RMB
Balance at period-end Balance at period-begin
Account age
Amount Ratio Amount Ratio
Within one year 5,139,379.30 100.00% 13,799,753.60 100.00%
Total 5,139,379.30 -- 13,799,753.60 --
Explanation on un-settlement in time for advance payment with over one year account age and major amounts:
Nil
(2) Top 5 advance payment at ending balance by prepayment object
Enterprise Relationship Amount Account age Ratio in total
with the Nature advance e
Company payment (%)
Zhaoqing Kaisite Battery Material Non-related 4,502,078.18 Within one Prepayments for 87.60
Co., Ltd. party year raw materials
Shenzhen OZM Decoration Design Non-related 636,000.00 Within one Prepayments for 12.38
Engineering Co., Ltd. party year decoration
Shenzhen JFM Package Material Co., Non-related 1,301.12 Within one Prepayments for 0.02
92
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Ltd. party year raw materials
Total 5,139,379.30 100.00
Other explanation:
At end of the period, there was no advance payment from shareholder unit and other related parties that holds 5%
(included) voting rights of the Company among Advance Payment
8. Other account receivable
In RMB
Item Balance at period-end Balance at period-begin
Other account receivable 765,634.71 844,537.19
Total 765,634.71 844,537.19
(1) Interest receivable
1) Category
In RMB
Item Balance at period-end Balance at period-begin
2) Important overdue interest
In RMB
Impairment (Y/N) and
Borrower Balance at period-end Overdue time Overdue reason
judgment basis
Total 0.00 -- -- --
Other explanation:
Nil
3) Accrual of bad debt provision
□Applicable √Not applicable
(2) Dividend receivable
1) Category
In RMB
Item(or invested company) Balance at period-end Balance at period-begin
2) Important dividend receivable with over one year aged
In RMB
Item(or invested Balance at period-end Account age Causes of failure for Impairment (Y/N) and
93
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
company) collection judgment basis
Total 0.00 -- -- --
3) Accrual of bad debt provision
□Applicable √Not applicable
Other explanation:
Nil
(3) Other account receivable
1) By nature
In RMB
Account nature Book balance at period-end Book balance at period-begin
Deposit or margin 721,672.00 783,672.00
Payment for equipment 311,400.00 311,400.00
Personal loan of employees 88,098.50 31,098.50
Other 129,610.55 205,750.45
Total 1,250,781.05 1,331,920.95
2) Accrual of bad debt provision
In RMB
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance of Jan. 1, 2019
—— —— —— ——
in the period
Change of book balance of loss provision with amount has major changes in the period
□Applicable √Not applicable
By account age
In RMB
Account age Balance at period-end
Within one year(one year included) 545,238.53
1-2 years 181,000.00
2-3 years 41,700.00
Over 3 years 482,842.52
3-4 years 13,943.00
4-5 years 20,164.00
Over 5 years 448,735.52
94
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Total 1,250,781.05
3) Bad debt provision accrual, collected or reversal in the period
Accrual of bad debt provision in the period:
In RMB
Current changes
Category Balance at period-begin Balance at period-end
Accrual Collected or reversal
Aging analysis 487,383.76 2,237.42 485,146.34
Total 487,383.76 2,237.42 485,146.34
Nil
Important amount of bad debt provision switch-back or collection in the period:
In RMB
Enterprise Amount switch-back or collection Collection way
Total 0.00 --
Nil
4) Other account receivables actually charge-off during the reporting period
In RMB
Item Amount charge-off
Including major other account receivables charge-off:
In RMB
Amount cause by
Procedure for
Enterprise Nature Amount charge-off Causes of charge-off related transactions
charge-off
or not (Y/N)
Total -- 0.00 -- -- --
Other Explanation on account receivable charge-off
Nil
5) Top 5 other account receivable collected by arrears party at ending balance
In RMB
Proportion in total
Balance at other account Ending balance of
Enterprise Nature Account age
period-end receivables at bad debt provision
period-end
Shenzhen Luwei
Payment for
Mechatronic 300,000.00 Over 5 years 23.95% 300,000.00
equipment
Equipment Co., Ltd
Shenzhen
Anjingheng Deposit and margin 266,000.00 Within one year 21.23% 798.00
Industrial Co., Ltd.
Shenzhen Material Deposit and margin 181,918.00 Within one year 14.52% 545.75
95
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Group Co., Ltd.
Alipay (China)
Network Technology Deposit and margin 110,000.00 Within two years 8.78% 330.00
Co., Ltd.
Guangzhou Vipshop
Deposit and margin 50,000.00 Within two years 3.99% 150.00
E-Business Co., Ltd.
Total -- 907,918.00 -- 72.47% 301,823.75
6) Account receivable with government grants involved
In RMB
Time, amount and basis
Enterprise Government grants Balance at period-end Ending account age of amount collection
estimated
Nil
7) Other account receivable derecognition due to financial assets transfer
Nil
8) Assets and liability resulted by other account receivable transfer and continuous involvement
Nil
Other explanation:
Nil
9. Inventory
Whether implemented the new revenue standards
□Yes √No
(1) Category
In RMB
Balance at period-end Balance at period-begin
Item Depreciation Depreciation
Book balance Book value Book balance Book value
reserve reserve
Raw materials 329,937.29 23,015.17 306,922.12 388,818.51 23,015.17 365,803.34
Finished goods 3,094,478.81 321,016.86 2,773,461.95 2,382,433.75 361,633.15 2,020,800.60
Total 3,424,416.10 344,032.03 3,080,384.07 2,771,252.26 384,648.32 2,386,603.94
Does the Company comply with the disclosure requirement of “Information Disclosure Guidelines of Shenzhen Stock Exchange
No.4 – Listed Companies Engaged in Seed Industry and Planting Business” or not
No
96
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(2) Inventory depreciation reserve
In RMB
Current increased Current decreased
Balance at Balance at
Item Switch back or
period-begin Accrual Other Other period-end
charge-off
Raw materials 23,015.17 23,015.17
Finished goods 361,633.15 40,616.29 321,016.86
Total 384,648.32 40,616.29 344,032.03
Nil
(3) Explanation on capitalization of borrowing costs at ending balance of inventory
Nil
(4) Assets that completed without settlement from construction contract
In RMB
Item Amount
Other explanation:
10. Contract assets
In RMB
Balance at period-end Balance at period-begin
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Book value of contract assets have major changes and causes:
In RMB
Item Amount changes Causes
If the provision for bad debts of contract asset is made in accordance with the general model of expected credit losses, please refer to the
disclosure of other account receivable to disclose related information about bad-debt provisions:
□Applicable √Not applicable
Accrual of impairment provision in the period
In RMB
Reversal/Charge-off in
Item Accrual in the period Switch-back in the period Causes
the period
Other explanation:
Nil
97
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
11. Assets held for sale
In RMB
Book balance at Impairment Ending book Expected disposal Expected disposal
Item Fair value
period-end provision value expenses time
Other explanation:
Nil
12. Non-current asset due within one year
In RMB
Item Balance at period-end Balance at period-begin
Important creditors’ investment/Other creditors’ investment
In RMB
Balance at period-end Balance at period-begin
Creditor's rights
Face value Coupon rate Actual rate Due date Face value Coupon rate Actual rate Due date
Other explanation:
Nil
13. Other current assets
Whether implemented the new revenue standards
□Yes √No
In RMB
Item Balance at period-end Balance at period-begin
Prepaid intermediary fee 1,792,452.81 1,792,452.81
Prepaid tax 2,817,406.12 473,788.85
Total 4,609,858.93 2,266,241.66
Other explanation:
Prepaid intermediary fee refers to the prepaid, which paid to the intermediary organ as securities, auditing and evaluation (according
to the service contract), for preparation of privately placement, and the money is not included in current gains/losses yet.
14. Creditors’ investment
In RMB
Balance at period-end Balance at period-begin
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Important creditors’ investment
98
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
In RMB
Balance at period-end Balance at period-begin
Creditor's rights
Face value Coupon rate Actual rate Due date Face value Coupon rate Actual rate Due date
Accrual of impairment provision
In RMB
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance of Jan. 1, 2019
—— —— —— ——
in the period
Change of book balance of loss provision with amount has major changes in the period
□Applicable √Not applicable
Other explanation:
Nil
15. Other creditors’ investment
In RMB
Cumulative
loss
Change of Cumulative impairment
Balance at Accrued Balance at
Item fair value in Cost changes of recognized in Note
period-begin interest period-end
the period fair value other
comprehensi
ve income
Important other creditors’ investment
In RMB
Other creditors’ Balance at period-end Balance at period-begin
investment
Face value Coupon rate Actual rate Due date Face value Coupon rate Actual rate Due date
Accrual of impairment provision
In RMB
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance of Jan. 1, 2019
—— —— —— ——
in the period
99
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Change of book balance of loss provision with amount has major changes in the period
□Applicable √Not applicable
Other explanation:
Nil
16. Long-term account receivable
(1) Long-term account receivable
In RMB
Balance at period-end Balance at period-begin
Discount rate
Item Bad debt Bad debt
Book balance Book value Book balance Book value interval
provision provision
Impairment of bad debt provision
In RMB
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance of Jan. 1, 2019
—— —— —— ——
in the period
Change of book balance of loss provision with amount has major changes in the period
□Applicable √Not applicable
Nil
(2) Long-term account receivable derecognized due to financial assets transfer
Nil
(3) Assets and liabilities resulted by long-term account receivable transfer and continues involvement
Nil
Other explanation
Nil
17. Long-term equity investments
In RMB
The Balance Changes in the period (+,-) Balance Ending
invested at Additiona Capital Investme Other Other Cash Accrual at balance
Other
entity period-be l reduction nt gains comprehe equity dividend of period-en of
100
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
gin(Book investmen recognize nsive change or profit impairme d(Book impairme
value) t d under income announce nt value) nt
equity adjustmen d to provision provision
t issued
I. Joint venture
II. Associated enterprise
Other explanation
Nil
18. Other equity instrument investment
In RMB
Item Balance at period-end Balance at period-begin
Itemized the non-tradable equity instrument investment in the period
In RMB
Causes of those
that designated
Retained earnings measured by fair Cause of retained
transfer from value and with its earnings transfer
Dividend income Cumulative
Item Cumulative gains other variation from other
recognized losses
comprehensive reckoned into comprehensive
income other income
comprehensive
income
Other explanation:
Nil
19. Other non-current financial assets
In RMB
Item Balance at period-end Balance at period-begin
Other explanation:
Nil
20. Investment real estate
(1) Investment real estate measured at cost
□Applicable √Not applicable
101
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(2) Investment real estate measured at fair value
□Applicable √Not applicable
(3) Investment real estate without property rights certificate
In RMB
Reasons for failing to complete the
Item Book value
property rights certificate
Other explanation
Nil
21. Fixed assets
In RMB
Item Balance at period-end Balance at period-begin
Fixed assets 3,333,489.56 3,502,807.32
Total 3,333,489.56 3,502,807.32
(1) Fixed assets
In RMB
Housing and Machinery Means of Electronic
Item Total
buildings equipment transportation equipment 及 Other
I. original book
value:
1.Balance at
2,959,824.00 416,629.06 958,593.21 225,888.32 4,560,934.59
period-begin
2.Current
increased
(1) Purchase 16,814.16
(2) construction
in process transfer-in
(3) the
increase in business
combination
3.Current
decreased
(1)Disposal or
102
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
scrap
4.Balance at
2,959,824.00 433,443.22 958,593.21 225,888.32 4,577,748.75
period-end
II. accumulated
depreciation
1.Balance at
332,980.20 146,742.76 442,326.93 136,077.38 1,058,127.27
period-begin
2.Current
66,596.04 19,000.54 86,273.40 14,261.94 186,131.92
increased
(1) Accrual 66,596.04 19,000.54 86,273.40 14,261.94 186,131.92
3.Current
decreased
(1)Disposal or
scrap
4.Balance at
399,576.24 165,743.30 528,600.33 150,339.32 1,244,259.19
period-end
III. Impairment
provision
1.Balance at
period-begin
2.Current
increased
(1) Accrual
3.Current
decreased
(1)Disposal or
scrap
4.Balance at
period-end
IV. Book value
1.Ending book
2,560,247.76 267,699.92 429,992.88 75,549.00 3,333,489.56
value
103
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
2.Opening book
2,626,843.80 269,886.30 516,266.28 89,810.94 3,502,807.32
value
(2) Fixed assets temporary idle
In RMB
Accumulated Impairment
Item Original book value Book value Note
depreciation provision
(3) Fixed assets leasing-in by financing lease
In RMB
Accumulated
Item Original book value Impairment provision Book value
depreciation
(4) Fixed assets leasing-out by operational lease
In RMB
Item Ending book value
(5) Fixed assets without property rights certificate
In RMB
Reasons for failing to complete the
Item Book value
property rights certificate
The six properties (7-20F) of Lianxin
Garden with original value of 2,959,824.00
Yuan. The property purchasing refers to the
indemnificatory housing for enterprise
talent buying from Shenzhen Housing and
Construction Bureau of Luohu District.
Six properties in Lianxin Garden 2,560,247.76
According to the agreement, the enterprise
shall not carrying any kind of property
trading with any units or individuals except
the government, and the company has no
property certification on the above
mentioned properties.
Other explanation
Nil
104
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(6) Fixed assets disposal
In RMB
Item Balance at period-end Balance at period-begin
Other explanation
Nil
22. Construction in progress
In RMB
Item Balance at period-end Balance at period-begin
(1) Construction in progress
In RMB
Balance at period-end Balance at period-begin
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
(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
(3) Depreciation reserves accrual
In RMB
Item Accrual in the period Reasons for accrual
Other explanation
Nil
(4) Engineering materials
In RMB
Item Balance at period-end Balance at period-begin
105
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Other explanation:
Nil
23. Productive biological asset
(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 asset
□Applicable √Not applicable
25. Right-of-use asset
In RMB
Item Total
Other explanation:
Nil
26. Intangible assets
(1) Intangible assets
In RMB
Non-patent
Item Land use right Patent Trademark Total
technology
I. Original book
value
1.Balance at
5,271,000.00 5,271,000.00
period-begin
2.Current
increased
(1) Purchase
(2) internal R
106
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
&D
(3) the
increase in business
combination
3.Current
decreased
(1) Disposal
4.Balance at
5,271,000.00 5,271,000.00
period-end
II. accumulated
depreciation
1.Balance at
3,765,000.00 3,765,000.00
period-begin
2.Current
376,500.00 376,500.00
increased
(1) Accrual 376,500.00 376,500.00
3.Current
decreased
(1) Disposal
4.Balance at
4,141,500.00 4,141,500.00
period-end
III. Impairment
provision
1.Balance at
period-begin
2.Current
increased
(1) Accrual
3.Current
decreased
(1) Disposal
107
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
4.Balance at
period-end
IV. Book value
1.Ending book
1,129,500.00 1,129,500.00
value
2.Opening book
1,506,000.00 1,506,000.00
value
Ratio of intangible assets resulted from internal R&D in balance of intangible assets at period-end
(2) Land use right without certificate of title completed
In RMB
Reasons for failing to complete the
Item Book value
property rights certificate
Other explanation:
Nil
27. Expense on Research and Development
In RMB
Balance at Balance at
Item Current increased Current decreased
period-begin period-end
Other explanation
Nil
28. Goodwill
(1) Original book value of goodwill
In RMB
The invested Balance at Balance at
Current increased Current decreased
entity or items period-begin period-end
(2) Impairment provision of goodwill
In RMB
The invested Balance at Balance at
Current increased Current decreased
entity or items period-begin period-end
Information about the asset group or asset group combination in which the goodwill is located
Nil
Explain the method of confirming the goodwill impairment test process, key parameters (such as the forecast period growth rate,
108
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
stable period growth rate, profit rate, discount rate, forecast period, etc. when estimating the present value of future cash flow), and
the impairment loss of goodwill :
Nil
Impact of impairment test for goodwill
Nil
Other explanation
Nil
29. Long-term expenses to be apportioned
In RMB
Balance at Amortized in the Balance at
Item Current increased Other decrease
period-begin Period period-end
Other explanation
Nil
30. Deferred income tax assets/Deferred income tax liabilities
(1) Deferred income tax assets without offset
In RMB
Balance at period-end Balance at period-begin
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Impairment provision of
4,179,094.13 1,044,773.54 4,162,484.72 1,040,621.18
assets
Total 4,179,094.13 1,044,773.54 4,162,484.72 1,040,621.18
(2) Deferred income tax liabilities without offset
In RMB
Balance at period-end Balance at period-begin
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
Trade-off between the Ending balance of Trade-off between the Opening balance of
Item deferred income tax deferred income tax deferred income tax deferred income tax
assets and liabilities assets or liabilities after assets and liabilities at assets or liabilities after
109
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
off-set period-begin off-set
Deferred income tax
1,044,773.54
assets
(4) Details of unrecognized deferred income tax assets
In RMB
Item Balance at period-end Balance at period-begin
(5) Deductible losses of un-recognized deferred income tax assets expired on the followed year
In RMB
Year Ending amount Opening amount Note
Other explanation:
As stated under article 17 of the Enterprise Accounting Standards No.18-Income Tax, deferred income tax assets and deferred income
tax liabilities shall be measured at the tax rate applicable in the period in which the assets are expected to be recovered or liabilities
are expected to be settled according to relevant tax laws on the balance sheet date. The tax rate adopted by the Company in
calculating deferred income tax assets is 25% for both parent company and subsidiaries.
31. Other non-current assets
Whether implemented the new revenue standards
□Yes √No
In RMB
Item Balance at period-end Balance at period-begin
Advance payment for house 400,000.00 400,000.00
Total 400,000.00 400,000.00
Other explanation:
Up to 30th June 2019, the houses for enterprise talent located in Luohu District has not yet been delivered by Shenzhen Housing and
Construction Bureau of Luohu District.
32. Short-term loans
(1) Category
In RMB
Item Balance at period-end Balance at period-begin
Explanation on short-term loans category:
Nil
110
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(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
Borrower Balance at period-end Lending rate Overdue time Overdue rate
Other explanation:
Nil
33. Trading financial liability
In RMB
Item Balance at period-end Balance at period-begin
Including:
Including:
Other explanation:
Nil
34. Derivative financial liability
In RMB
Item Balance at period-end Balance at period-begin
Other explanation:
Nil
35. Notes payable
In RMB
Category Balance at period-end Balance at period-begin
Bank acceptance 2,000,000.00 2,000,000.00
Total 2,000,000.00 2,000,000.00
Notes expired at period-end without paid was 0.00 Yuan.
36. Account payable
(1) Account payable
In RMB
Item Balance at period-end Balance at period-begin
Within one year(one year included) 6,810,356.07 9,713,137.52
111
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
1-2 years (2 years included) 7,099.50 7,099.50
2-3 years (3 years included) 137,423.41 137,423.41
3-4 years (4 years included) 2,366.00 2,366.00
Over 5 years 118,984.26 118,984.26
Total 7,076,229.24 9,979,010.69
(2) Important account payable with account age over one year
In RMB
Item Balance at period-end Reasons of un-paid or carry-over
Other explanation:
Nil
37. Account received in advance
Whether implemented the new revenue standards
□Yes √No
(1) Account received in advance
In RMB
Item Balance at period-end Balance at period-begin
Within one year(one year included) 1,585,651.60 371,039.28
1-2 years (2 years included) 3,469.60 3,469.60
2-3 years (3 years included) 2,080.00 2,080.00
Over 3 years 29,191.00 29,191.00
Total 1,620,392.20 405,779.88
(2) Account received in advance with over one year book age
In RMB
Item Balance at period-end Reasons of un-paid or carry-over
(3) Projects that settle without completed from construction contract at period-end
In RMB
Item Amount
Other explanation:
Nil
112
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
38. Contract liability
In RMB
Item Balance at period-end Balance at period-begin
Book value has major changes in the period and causes
In RMB
Item Amount changes Causes
39. Wage payable
(1) Wage payable
In RMB
Item Balance at period-begin Current increased Current decreased Balance at period-end
I. Short-term
435,736.16 2,823,763.18 2,719,977.39 539,521.95
compensation
II. Post-employment
benefit-Defined 207,279.90 207,279.90
contribution plan
Total 435,736.16 3,031,043.08 2,927,257.29 539,521.95
(2) Short-term compensation
In RMB
Item Balance at period-begin Current increased Current decreased Balance at period-end
1. Wages, bonus,
428,742.32 2,475,459.98 2,371,459.98 532,742.32
allowances and subsidy
3. Social insurance 94,453.52 94,453.52
Including: Medical
82,516.16 82,516.16
insurance
Work injury
5,386.86 5,386.86
insurance
Maternity
6,550.50 6,550.50
insurance
4. Housing accumulation
207,218.72 207,218.72
fund
5. Labor union
expenditure and
6,993.84 41,230.96 41,445.17 6,779.63
personnel education
expense
113
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Other short-term
5,400.00 5,400.00
compensation
Total 435,736.16 2,823,763.18 2,719,977.39 539,521.95
(3) Defined contribution plan
In RMB
Item Balance at period-begin Current increased Current decreased Balance at period-end
1. Basic endowment
201,559.48 201,559.48
insurance
2. Unemployment
5,720.42 5,720.42
insurance
Total 207,279.90 207,279.90
Other explanation:
Nil
40. Taxes payable
In RMB
Item Balance at period-end Balance at period-begin
Value added tax 5,716,531.88
Individual income tax 20,597.95 25,288.27
Tax for maintaining and building cities 4,511.47 325,396.78
Property tax 90,141.20
Educational surtax 3,184.85 227,569.65
Stamp tax 2,125.70 2,309.70
Total 120,561.17 6,297,096.28
Other explanation:
Nil
41. Other account payable
In RMB
Item Balance at period-end Balance at period-begin
Other account payable 37,583,929.90 37,144,872.42
Total 37,583,929.90 37,144,872.42
114
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(1) Interest payable
In RMB
Item Balance at period-end Balance at period-begin
Important interest overdue without paid:
In RMB
Borrower Amount overdue Overdue reason
Other explanation:
Nil
(2) Dividend payable
In RMB
Item Balance at period-end Balance at period-begin
Other explanation, including dividends payable with over one year age and disclosure un-payment reasons:
Nil
(3) Other account payable
1) By nature
In RMB
Item Balance at period-end Balance at period-begin
Custodian and common benefit debts 18,691,592.20 18,853,692.84
Intercourse funds 6,500,000.00 6,500,000.00
Warranty and guarantee money 10,626,764.76 9,767,553.26
Other payable service charge(intermediary
801,237.74 801,237.74
services included)
Other 964,335.20 1,222,388.58
Total 37,583,929.90 37,144,872.42
2) Significant other payable with over one year age
In RMB
Item Balance at period-end Reasons of un-paid or carry-over
Custodian and common benefit debts 18,691,592.20 -
Warranty and guarantee money 8,000,000.00 Performance bond
Shenzhen Guosheng Energy Investment
6,500,000.00 Interest-free loans
Development Co., Ltd.
Total 33,191,592.20 --
Other explanation
115
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Nil
42. Liability held for sale
In RMB
Item Balance at period-end Balance at period-begin
Other explanation:
Nil
43. Non-current liabilities due within one year
In RMB
Item Balance at period-end Balance at period-begin
Other explanation:
Nil
44. Other current liabilities
Whether implemented the new revenue standards
□Yes √No
In RMB
Item Balance at period-end Balance at period-begin
Changes of short-term bond payable:
In RMB
Accrual Premium/ Balance
Face Release Bond Issuing Opening Issued in interest discount Paid in at
Bond
value date period amount balance the Period by face amortizati the Period period-en
value on d
Other explanation:
Nil
45. Long-term loans
(1) category
In RMB
Item Balance at period-end Balance at period-begin
Explanation on category of long-term loans:
Nil
Other explanation, including interest rate section:
Nil
116
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
46. Bonds payable
(1) Bonds payable
In RMB
Item Balance at period-end Balance at period-begin
(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
Nil
(4) Other financial instruments classify as financial liability
Basic information of the outstanding preferred stock and perpetual capital securities at period-end
Nil
Changes of outstanding preferred stock and perpetual capital securities at period-end
In RMB
Outstanding Period-begin Current increased Current 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
Nil
Other explanation
Nil
47. Lease liability
In RMB
Item Balance at period-end Balance at period-begin
Other explanation
Nil
48. Long-term account payable
In RMB
Item Balance at period-end Balance at period-begin
117
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(1) By nature
In RMB
Item Balance at period-end Balance at period-begin
Other explanation:
Nil
(2) Special payable
In RMB
Balance at Balance at
Item Current increased Current decreased Causes of formation
period-begin period-end
Other explanation:
Nil
49. Long-term wages payable
(1) Long-term wages payable
In RMB
Item Balance at period-end Balance at period-begin
(2) Changes of defined benefit plans
Present value of the defined benefit plans:
In RMB
Item Current Period Last Period
Scheme assets:
In RMB
Item Current Period Last Period
Net liability (assets) of the defined benefit plans
In RMB
Item Current Period Last Period
Content of defined benefit plans and relevant risks, impact on future cash flow of the Company as well as times and uncertainty:
Nil
Major actuarial assumption and sensitivity analysis:
Nil
Other explanation:
Nil
118
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50. Accrual liability
Whether implemented the new revenue standards
□Yes √No
In RMB
Item Balance at period-end Balance at period-begin Causes of formation
Other explanation, including relevant important assumptions and estimation:
Nil
51. Deferred income
In RMB
Balance at Balance at
Item Current increased Current decreased Causes of formation
period-begin period-end
Item with government grants involved:
In RMB
Amount
Amount Cost Assets-relate
Balance at New grants reckoned in Other Balance at
Liability reckoned in reduction in d/income
period-begin in the Period non-operatio changes period-end
other income the period related
n revenue
Other explanation:
Nil
52. Other non-current liabilities
Whether implemented the new revenue standards
□Yes √No
In RMB
Item Balance at period-end Balance at period-begin
Other explanation:
Nil
53. Share capital
In RMB
Changes in the period (+,-)
Shares
Balance at Balance at
New shares transferred
period-begin Bonus share Other Subtotal period-end
issued from capital
reserve
119
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Total shares 551,347,947.00 0.00 551,347,947.00
Other explanation:
Nil
54. Other equity instrument
(1) Basic information of the outstanding preferred stock and perpetual capital securities at period-end
Nil
(2) Changes of outstanding preferred stock and perpetual capital securities at period-end
In RMB
Outstanding Period-begin Current increased Current 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:
Nil
Other explanation:
Nil
55. Capital public reserve
In RMB
Item Balance at period-begin Current increased Current decreased Balance at period-end
Other capital reserve 627,834,297.85 627,834,297.85
Total 627,834,297.85 627,834,297.85
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.
56. Treasury stock
In RMB
Item Balance at period-begin Current increased Current decreased Balance at period-end
Other explanation, including changes and reasons for changes:
Nil
120
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
57.Other comprehensive income
In RMB
Current Period
Less:
Less: written written in
in other other
comprehensi comprehe
ve income in nsive
Account Balance
Balance at previous income in Belong to Belong to
before at
Item period-begi period and previous Less : income parent minority
income tax period-e
n carried period and tax expense company shareholders
in the nd
forward to carried after tax after tax
period
gains and forward to
losses in retained
current earnings in
period current
period
Other explanation, including the active part of the hedging gains/losses of cash flow transfer to initial recognition adjustment for the
arbitraged items:
Nil
58. Reasonable reserve
In RMB
Item Balance at period-begin Current increased Current decreased Balance at period-end
Other explanation, including changes and reasons for changes:
Nil
59. Surplus public reserve
In RMB
Item Balance at period-begin Current increased Current decreased Balance at period-end
Statutory surplus
32,673,227.01 32,673,227.01
reserves
Total 32,673,227.01 32,673,227.01
Other explanation, including changes and reasons for changes:
Nil
60. Retained profit
In RMB
121
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Item Current period Last Period
Retained profit at period-end before adjustment -1,197,549,169.92 -1,195,957,201.01
Retained profit at period-begin after adjustment -1,197,549,169.92 -1,195,957,201.01
Add: net profit attributable to shareholders of
-798.946.17 -1,591,968.91
parent company for this year
Retained profit at period-end -1,198,348,116.09 -1,197,549,169.92
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. Operation revenue and operation cost
In RMB
Current Period Last Period
Item
Revenue Cost Revenue Cost
Main business 33,834,135.17 32,088,349.25 63,664,151.78 59,106,390.80
Other business 4,440,297.85 3,241,165.72 4,070,747.57 2,057,815.53
Total 38,274,433.02 35,329,514.97 67,734,899.35 61,164,206.33
Whether implemented the new revenue standards
□Yes √No
Other explanation
Nil
62. Tax and extras
In RMB
Item Current Period Last Period
Tax for maintaining and building cities 10,738.55 29,269.66
Educational surtax 8,298.22 20,906.89
Stamp tax 17,551.00 25,561.20
Total 36,587.77 75,737.75
Other explanation:
Nil
122
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
63. Sales expenses
In RMB
Item Current Period Last Period
Employee compensation 946,503.40 1,532,803.51
Business travel expenses 189,953.21 192,454.31
Lease fee 300,492.89 188,033.90
Sales expenses on internet 246,947.49 535,515.52
Other 191,826.62 307,120.29
Total 1,875,723.61 2,755,927.53
Other explanation:
Nil
64. Administrative expenses
In RMB
Item Current Period Last Period
Salary, social insurance 1,941,131.64 1,828,693.52
Other 418,252.20 1,481,026.72
Total 2,359,383.84 3,309,720.24
Other explanation:
Nil
65. R&D expenses
In RMB
Item Current Period Last Period
Other explanation:
Nil
66. Financial expenses
In RMB
Item Current Period Last Period
Interest expenses
Less: Interest income 71,134.40 272,686.20
Exchange loss
Commission charge etc. 10,681.41 11,710.39
123
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Total -60,452.99 -260,975.81
Other explanation:
Nil
67. Other income
In RMB
Sources Current Period Last Period
68. Investment income
In RMB
Item Current Period Last Period
Other explanation:
Nil
69. Net exposure hedge gains
In RMB
Item Current Period Last Period
Other explanation:
Nil
70. Income from change of fair value
In RMB
Sources Current Period Last Period
Other explanation:
Nil
71. Credit impairment loss
In RMB
Item Current Period Last Period
Bad debt loss of other account receivable 2,237.42 -10.25
Bad debt loss of long-term account
-19,717.24 -7,208.95
receivable
Total -17,479.82 -7,219.20
Other explanation:
Nil
124
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
72. Losses of devaluation of asset
Whether implemented the new revenue standards
□Yes √No
In RMB
Item Current Period Last Period
II. Inventory falling price loss 40,616.29
Total 40,616.29
Other explanation:
Nil
73. Income from assets disposal
In RMB
Sources Current Period Last Period
74. Non-operating income
In RMB
Amount reckoned in current
Item Current Period Last Period
non-recurring gains/losses
Other 148,627.00 72,126.28
Total 148,627.00 72,126.28
Government grants reckoned into current gains/losses:
In RMB
Subsidy
impact The special Assets-relate
Government Issuing Offering Amount in Amount in
Nature current subsidy d/income-rela
grants subject causes the Period last period
gains/losses (Y/N) ted
(Y/N)
Other explanation:
Nil
75. Non-operating expenses
In RMB
Amount reckoned in current
Item Current Period Last Period
non-recurring gains/losses
Other 50.00 30,140.00
125
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Total 50.00 30,140.00
Other explanation:
Nil
76. Income tax expenses
(1) Income tax expenses
In RMB
Item Current Period Last Period
Current income tax expense 233,133.98
Deferred income tax expense -4,152.36
Total -4,152.36 233,133.98
(2) Adjustment on accounting profit and income tax expenses
In RMB
Item Current Period
Total Profit -1,094,610.71
Income tax measured by statutory/applicable tax rate -273,652.68
Impact on deductible temporary differences or losses deductible
269,500.32
which was un-recognized as deferred income tax assets
Income tax expenses -4,152.36
Other explanation
Nil
77. Other comprehensive income
Found more in Note 57
78. Items of cash flow statement
(1) Other cash received in relation to operation activities
In RMB
Item Current Period Last Period
Interest and Rent and utilities etc. 2,583,334.70 1,673,601.27
Other intercourse funds 1,323,261.33 855,411.09
Total 3,906,596.03 2,529,012.36
Explanation on other cash received in relation to operation activities:
126
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Nil
(2) Other cash paid in relation to operation activities
In RMB
Item Current Period Last Period
Period expenses, operation development
5,809,899.76 4,714,582.54
and common benefit debts etc. paid
Total 5,809,899.76 4,714,582.54
Explanation on other cash paid in relation to operation activities:
Nil
(3) Cash received from other investment activities
In RMB
Item Current Period Last Period
Explanation on cash received from other investment activities:
Nil
(4) Cash paid related with investment activities
In RMB
Item Current Period Last Period
Explanation on cash paid related with investment activities
Nil
(5) Other cash received in relation to financing activities
In RMB
Item Current Period Last Period
Bill margin received 2,016,600.82
Total 2,016,600.82
Explanation on other cash received in relation to financing activities:
Nil
(6) Cash paid related with financing activities
In RMB
Item Current Period Last Period
Payment of bill margin 2,000,000.00
127
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Total 2,000,000.00
Explanation on cash paid related with financing activities:
Nil
79. Supplementary information to statement of cash flow
(1) Supplementary information to statement of cash flow
In RMB
Supplementary information Current period Last Period
1 ． Net profit adjusted to cash flow of
-- --
operation activities:
Net profit -1,090,458.35 491,916.41
Add: Impairment provision of assets -23,136.47 7,219.20
Depreciation of fixed assets, consumption of
oil assets and depreciation of productive 186,131.92 184,546.75
biology assets
Depreciation of right-of-use asset 376,500.00 376,500.00
Decrease of deferred income tax
-4,152.36
asset( (increase is listed with “-”)
Decrease of inventory (increase is listed with
-693,780.13 -2,033,200.69
“-”)
Decrease of operating receivable accounts
-2,006,581.24 -5,809,570.61
(increase is listed with “-”)
Increase of operating payable accounts
-5,645,780.11 3,419,617.75
(decrease is listed with “-”)
Net cash flow from operation activities -8,901,256.74 -3,362,971.19
2. Material investment and financing not
-- --
involved in cash flow
3. Net change of cash and cash equivalents: -- --
Balance of cash at period-end 7,587,416.18 15,814,304.99
Less: Balance of cash at period-begin 16,488,886.26 19,177,276.18
Net increased amount of cash and cash
-8,901,470.08 -3,362,971.19
equivalent
(2)Net cash paid for obtaining subsidiary in the Period
In RMB
Amount
128
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Including: --
Including: --
Including: --
Other explanation:
Nil
(3) Net cash received by disposing subsidiary in the Period
In RMB
Amount
Including: --
Including: --
Including: --
Other explanation:
Nil
(4) Constitution of cash and cash equivalent
In RMB
Item Balance at period-end Balance at period-begin
I. Cash 7,587,416.18 16,488,886.26
Including: Cash on hand 67,591.16 126,486.63
Bank deposit available for payment
7,519,825.02 16,305,989.07
at any time
Other monetary fund available for
56,410.56
payment at any time
Ⅲ. Balance of cash and cash equivalent at
7,587,416.18 16,488,886.26
period-end
Other explanation:
Nil
80. Notes of changes of owners’ equity
Explain the name and adjusted amount in “Other” at end of last period:
Nil
81. Assets with ownership or use right restricted
In RMB
129
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Item Ending book value Restriction reasons
Margin of 2,000,000.00 yuan for bank
Monetary fund 2,000,000.00
acceptance bill
The six houses for talents in Lianxin
Garden without the property certificate,
Fixed asset 2,560,247.76
and can no be traded with any party except
the government
Total 4,560,247.76 --
Other explanation:
Nil
82. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
Ending foreign currency
Item Convert rate Ending RMB balance converted
balance
Monetary fund -- --
Including: USD
EURO
HKD
Account receivable -- --
Including: USD
EURO
HKD
Long-term loans -- --
Including: USD
EURO
HKD
Other explanation:
Nil
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(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
83. Hedging
Disclosed hedging items and relevant hedging instrument based on hedging’s category, disclosed qualitative and quantitative
information for the arbitrage risks:
Nil
84. Government grants
(1) Government grants
In RMB
Amount reckoned into current
Category Amount Item
gains/losses
(2) Government grants rebate
□Applicable √Not applicable
Other explanation:
Nil
85. Other
Nil
VIII. Changes of consolidation range
1. Enterprise combined under different control
(1) Enterprise combined under different control in the Period
In RMB
Income of Net profit of
Standard to
Time point Cost of Ratio of Acquired acquiree from acquiree from
Purchasing determine the
Acquiree for equity equity equity way Equity purchasing purchasing
date purchasing
obtained obtained obtained obtained way date to date to
date
period-end period-end
Other explanation:
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Nil
(2) Combination cost and goodwill
In RMB
Combination cost
Determination method for fair value of the combination cost and contingent consideration and changes:
Nil
Main reasons for large goodwill resulted:
Nil
Other explanation:
Nil
(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:
Nil
Contingent liability of the acquiree bear during combination:
Nil
Other explanation:
Nil
(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 obtained control rights in
the Period or not
□Yes √No
(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
Nil
(6) Other explanation
Nil
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
2. Enterprise combine under the same control
(1) Enterprise combined under the same control in the Period
In RMB
Income of the Net profit of
combined the combined
Income of the Net profit of
party from party from
Basis of Standard to combined the combined
Equity ratio period-begin period-begin
Combined combined Combination determine the party during party during
obtained in of of
party under the date combination the the
combination combination combination
same control date comparison comparison
to the to the
period period
combination combination
date date
Other explanation:
Nil
(2) Combination cost
In RMB
Combination cost
Explanation on contingent consideration and its changes:
Nil
Other explanation:
Nil
(3) Assets and liability of the combined party on combination date
In RMB
Combination date At end of last period
Contingent liability of the combined party bear during combination:
Nil
Other explanation:
Nil
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
Nil
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4. Subsidiary disposal
Whether lost controlling rights while dispose subsidiary on one time or not
□ Yes √ No
Whether lost controlling rights in the Period while dispose subsidiary on two or more steps or not
□ Yes √ No
5. Other reasons for consolidation range changed
Reasons for changed on consolidation range (such as new subsidiary established, subsidiary liquidated etc.)And relevant information
Nil
6. Other
Nil
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 Sales of bicycles
Shenzhen Shenzhen 70.00% Investment
Industrial Co., and spare parts
Ltd.
Explanation on share-holding ratio in subsidiary different from ratio of voting right:
Nil
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
Nil
Controlling basis for the structuring entity included in consolidated range
Nil
Basis on determining to be an agent or consignor:
Nil
Other explanation:
Nil
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(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% -291,512.18 2,382,650.62
Industrial Co., Ltd.
Explanation on share-holding ratio of minority different from ratio of voting right:
Nil
Other explanation:
Nil
(3) Main finance of the important non-wholly-owned subsidiary
In RMB
Balance at period-end Balance at period-begin
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 liabilities assets assets liability liabilities
assets liability assets liability
Shenzhe
n
Emmelle 20,516,1 1,487,17 22,003,3 14,061,1 14,061,1 29,791,5 1,548,02 31,339,5 22,425,6 22,425,6
Industria 77.08 9.64 56.72 87.97 87.97 25.49 1.02 46.51 70.50 70.50
l Co.,
Ltd.
In RMB
Current Period Last Period
Cash flow Cash flow
Total Total
Subsidiary Operation from Operation from
Net profit comprehensi Net profit comprehensi
revenue operation revenue operation
ve income ve income
activity activity
Shenzhen
Emmelle 13,212,224.3 44,367,011.1
-971,707.26 -971,707.26 -4,193,347.24 -207,485.52 -207,485.52 1,114,664.36
Industrial 4 8
Co., Ltd.
Other explanation:
Nil
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(4) Major restriction on using corporate assets and liquidate corporate debts
Nil
(5) Financial or other supporting provided to structuring entity that included in consolidated financial
statement
Nil
Other explanation:
Nil
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 associated enterprise
(1)Important joint venture or associated enterprise
Joint venture or Share-holding ratio
Main operation Accounting
associated Registered place Business nature
place Directly Indirectly treatment
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
Balance at period-end/Current Period Balance at period-begin/Last Period
Other explanation
(3) Main financial information of the important associated enterprise
In RMB
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Balance at period-end/Current Period Balance at period-begin/Last Period
Other explanation
(4) Financial summary for un-important joint venture or associated enterprise
In RMB
Balance at period-end/Current Period Balance at period-begin/Last Period
Joint venture： -- --
Total numbers measured by share-holding
-- --
ratio
Associated enterprise： -- --
Total numbers measured by share-holding
-- --
ratio
Other explanation
(5) Assets transfer ability has major restriction from joint venture or associated enterprise
(6) Excess losses from joint venture or associated enterprise
In RMB
Un-confirmed losses not
Joint venture or associated Cumulative un-confirmed Cumulative un-confirmed
recognized in the Period (or net
enterprise losses losses at period-end
profit enjoyed in the Period)
Other explanation
(7) Un-confirmed commitment with investment concerned with joint venture
(8) Contingent liability with investment concerned with joint venture or associated 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
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
6. Other
X. Risk related with financial instrument
The major financial instruments of the Company consist of monetary fund, account receivable, other account
receivable, account payable and other account payable, etc. details of these financial instruments are disclosed in
the relevant notes. Risks relating to these financial instruments and risk management policies adopted by the
Company to minimize these risks are detailed as follows. Management of the Company manages and monitors the
risk exposures, to make sure they are under control.
1. Risk management targets and policies
The objectives of the Company’s risk management is to balance the risk and income, reduce the negative risk
impact of operating performance to the lowest level, maximize the interests of shareholders and other equity
investors. Based on these objectives, the Company has established risk management policies to identify and
analyze the risks faced by the Company, set adequate risk acceptable level and designed relevant internal control
system to monitor the level of risks. The Company regularly reviews these policies and related internal control
system to adapt to market development and change of operating activities of the Company. The major risks arising
from the Company’s financial instruments are credit risk and liquidity risk.
(1)Credit risk
Credit risk represents the risk of financial loss suffered by a party to a financial instrument due to failure of
performance obligation of another party.
Credit risk of the Company is managed by category. Credit risk mainly arises from bank deposits and trade
receivables. Since the bank deposits of the Company are mainly placed with those banks of high credit rating, the
Company expects no significant credit risk on bank deposits.
As for trade receivables, the Company establishes relevant policies to control credit risk exposure. The Company,
based on financial position of debtors, their credit records, market conditions and other factors, makes assessment
on debtors’ credit quality and sets relevant limit on amount of debt and credit term. The maximum credit risk
exposure assumed by the Company equals to the sum of carrying value of every financial asset in the balance
sheet. The Company provides no guarantee that may lead it to be exposed to credit risks.
(2)Liquidity risk
Liquidity risk refers to the risk of capital shortage of the Company when performing settlement obligation via
delivery of cash or other financial assets.
When managing liquidity risk, the Company maintains and monitors such cash and cash equivalents as deemed
adequate by the management, so as to satisfy its operation needs and minimize influence of fluctuation of cash
flow. Management of the Company monitors application of bank borrowings to make sure it complies with
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
relevant borrowing agreements.
2. Capital management
The capital management policy of the Company is designed to ensure sustainable operation Of the Company so as
to bring shareholders return and benefit other stakeholders, and to minimize capital cost by maintaining optimal
capital structure.
In order to maintain and adjust capital structure, the Company may adjust share dividend paid to shareholders or
issue new shares.
The Company monitors capital structure based on gearing ratio (total liabilities divided by total assets). As at 30th
June 2019, the gearing ratio of the Company was 75.49% (31 December 2018: 76.82%)
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-sustaining
-- -- -- --
measured by fair value
2. Recognized basis for the market price sustaining and non-persistent measured by fair value on
first-order
Nil
3. Valuation technique and qualitative and quantitative information on major parameters for the fair value
measure sustaining and non-persistent on second-order
Nil
4. Valuation technique and qualitative and quantitative information on major parameters for the fair value
measure sustaining and non-persistent on third-order
Nil
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
5. Adjustment information and sensitivity analysis of unobservable parameters for the fair value measure
sustaining and non-persistent on third-order
Nil
6. Sustaining items measured by fair value, as for the conversion between at all levels, reasons for
conversion and policy for conversion time point
Nil
7. Changes of valuation technique in the Period
Nil
8. Financial assets and liability not measured by fair value
Nil
9. Other
Nil
XII. Related party and related transactions
1. Parent company of the enterprise
Share-holding ratio
Voting right ratio on
Parent company Registered place Business nature Registered capital on the enterprise for
the enterprise
parent company
Explanation on parent company of the enterprise
The Company has no parent company so far
Ultimate controller of the Company: nil
Other explanation:
Controlling shareholder and actual controller of the Company have changed on 20 February 2017. Before changed, the first majority
shareholder of the Company was Shenzhen Guosheng Energy Investment Development Co., Ltd., actual controller was Mr. Ji Hanfei;
the Company has no actual controller and controlling shareholder after changed. Found more in the Annual Report 2016 released on
27 April 2017 and “Reply on Surveillance Attention Letter on CBC from Shenzhen Stock Exchange” released on 26 May 2017
2. Subsidiary of the Enterprise
Found more in Note IX-1
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
3. Associated enterprise and joint venture
Found more in Note IX-3
Other associated enterprise and joint venture that have related transaction with the Company in the Period or occurred in previous
period
Joint venture or associated enterprise Relationship with the Company
Other explanation
Nil
4. Other related party
Other related party Relationship with the Company
Supervisor of the Company Li Jialin is the legal person of the
Shenzhen Huahui Tongda Industrial Co., Ltd.
enterprise
Shenzhen Guosheng Energy Investment Development Co., Ltd. The first majority shareholder
Other explanation
11.52 percent shares of the Company are held by Shenzhen Guosheng Energy Investment Development Co., Ltd.
5. Related transaction
(1) Goods purchasing, labor service providing and receiving
Goods purchasing/labor service receiving
In RMB
Transaction Approved transaction Whether more than
Related party Current Period Last Period
content amount the transaction amount
Goods sold/labor service providing
In RMB
Related party Transaction content Current Period Last Period
Shenzhen Huahui Tongda
Sales of goods 15,683.10
Industrial Co., Ltd.
Explanation on goods purchasing, labor service providing and receiving
Nil
(2) Related trusteeship/contract and delegated administration/outsourcing
Trusteeship/contract
In RMB
Client/ Entrusting party/ Assets type Starting date Maturity date Yield pricing Income from
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
contract-out party contractor basis trusteeship/contra
ct
Explanation on related trusteeship/contract
Nil
Delegated administration/outsourcing
In RMB
Pricing basis of trustee
Client/ Entrusting party/ trustee fee/outsourcing
Assets type Starting date Maturity date
contract-out party contractor fee/outsourcing fee recognized in
fee the Period
Explanation on related administration/outsourcing
Nil
(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
Nil
(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
Nil
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(5) Borrowed funds of related party
In RMB
Related party Borrowed funds Starting date Due date Note
Borrowing
Lending
(6) Assets transfer and debt restructuring of related party
In RMB
Related party Transaction content Current Period Last Period
(7) Remuneration of key manager
In RMB
Item Current Period Last Period
Remuneration of key manager 818,870.00 1,258,900.00
(8) Other related transactions
Nil
6. Receivable/payable items of related parties
(1) Receivable item
In RMB
Balance at period-end Balance at period-begin
Item Related party
Book balance Bad debt provision Book balance Bad debt provision
(2) Payable item
In RMB
Item Related party Book balance at period-end Book balance at period-begin
Shenzhen Huahui Tongda
Account received in advance 5,439.00
Industrial Co., Ltd.
Shenzhen Guosheng Energy
Other account payable Investment Development Co., 6,500,000.00 6,500,000.00
Ltd.
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7. Commitments of related party
Nil
8. Other
Nil
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
4. Revised and termination on share-based payment
There is no share-based payment occurred in the reporting period
5. Other
Nil
XIV. Commitment or contingency
1. Important commitments
Important commitments in balance sheet date
Nil
2. Contingency
(1) Contingency on balance sheet date
Nil
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(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
Nil
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
2. Profit distribution
In RMB
3. Sales return
Nil
4. Other events after balance sheet date
Nil
XVI. Other important events
1. Previous accounting errors collection
(1) Retrospective restatement
In RMB
Impact items of statement
Correction content Treatment procedures Cumulative impacted number
during a comparison
(2) Prospective application
Reasons for prospective application
Correction content Approval procedures
adopted
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
2. Debt restructuring
Nil
3. Assets replacement
(1)Non-monetary assets change
Nil
(2) Other assets replacement
Nil
4. Pension plan
Nil
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
Nil
6. Segment
(1) Recognition basis and accounting policy for reportable segment
Nil
(2) Financial information for reportable segment
In RMB
Item Offset between segments Total
(3) The Company has no reportable segments, or unable to disclose total assets and total liability for
reportable segments, explain reasons
Nil
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(4) Other explanation
Nil
7. Major transaction and events makes influence on investor’s decision
Nil
8. Other
Nil
XVII. Principle notes of financial statements of parent company
1. Account receivable
(1) By category
In RMB
Balance at period-end Balance at period-begin
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
Including:
Account receivable
with bad debt 26,040,8 78,122.6 25,962,77 12,866,55 12,827,954.
100.00% 0.30% 100.00% 38,599.66 0.30%
provision accrual by 94.92 8 2.24 3.82 16
portfolio
Including:
26,040,8 78,122.6 25,962,77 12,866,55 12,827,954.
Total 100.00% 0.30% 100.00% 38,599.66 0.30%
94.92 8 2.24 3.82 16
Bad debt provision accrual on single basis:
In RMB
Balance at period-end
Name
Book balance Bad debt provision Accrual ratio Accrual causes
Bad debt provision accrual on portfolio 39523.02 Yuan
In RMB
Balance at period-end
Name
Book balance Bad debt provision Accrual ratio
Within one year(one year 26,040,894.92 78,122.68 0.30%
147
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
included)
Total 26,040,894.92 78,122.68 --
Explanation on portfolio basis:
Nil
Bad debt provision accrual on portfolio
In RMB
Balance at period-end
Name
Book balance Bad debt provision Accrual ratio
Explanation on portfolio basis:
Nil
Bad debt provision accrual on portfolio
In RMB
Balance at period-end
Name
Book balance Bad debt provision Accrual ratio
Explanation on portfolio basis:
If the provision for bad debts of account receivable is made in accordance with the general model of expected credit losses, please refer
to the disclosure of other account receivable to disclose related information about bad-debt provisions:
□Applicable √Not applicable
By account age
In RMB
Account age Balance at period-end
Within one year(one year included) 26,040,894.92
Total 26,040,894.92
(2) Bad debt provision accrual, collected or reversal in the period
Accrual of bad debt provision in the period:
In RMB
Balance at Current changes Balance at
Category
period-begin Accrual Collected or reversal Charge-off period-end
Aging analysis 38,599.66 39,523.02 78,122.68
Total 38,599.66 39,523.02 0.00 0.00 78,122.68
Including important amount of bad debt provision collected or reversal in the period:
In RMB
Enterprise Amount collected or reversal Collection way
Total 0.00 --
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Nil
(3) Account receivable actually charge-off in the period
In RMB
Item Amount charge-off
Including major account receivables charge-off:
In RMB
Amount cause by
Procedure for
Enterprise Nature Amount charge-off Causes of charge-off related transactions
charge-off
or not (Y/N)
Total -- 0.00 -- -- --
Explanation on account receivable charge-off
Nil
(4) Top five account receivables collected by arrears party at ending balance
Enterprise Relationship Amount Account Bad debt Ratio in total Accoun
with the age provision account t
Company receivable (%) nature
Shenzhen Weiterui New Energy Non-related 8,822,791.17 Within one 26,468.37 33.88 Paymen
Technology Co., Ltd. party year t for
goods
Shenzhen Jiahaosong Technology Co., Non-related 6,816,303.75 Within one 20,448.91 26.18 Paymen
Ltd. party year t for
goods
Jinan Yuxintai Sales Co., Ltd. Non-related 3,306,982.00 Within one 9,920.95 12.70 Paymen
party year t for
goods
Zhengzhou Guiguan Tech. Trade. Co., Non-related 2,458,418.00 Within one 7,375.25 9.44 Paymen
Ltd party year t for
goods
Guangdong Xinlingjia New Energy Non-related 1,853,000.00 Within one 5,559.00 7.12 Paymen
Co., Ltd. party year t for
goods
Total 23,257,494.92 69,772.48 89.32
(5) Account receivable derecognition due to transfer of financial assets
Nil
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(6) Assets and liability resulted by account receivable transfer and continuous involvement
Nil
Other explanation:
Nil
2. Other account receivable
In RMB
Item Balance at period-end Balance at period-begin
Interest receivable 0.00
Other account receivable 380,925.78 380,925.78
Total 380,925.78 380,925.78
(1) Interest receivable
1) Category
In RMB
Item Balance at period-end Balance at period-begin
Time deposit 0.00 0.00
Entrust loans 0.00 0.00
Bond investment 0.00 0.00
Total 0.00
2) Important overdue interest
Impairment (Y/N) and
Borrower Balance at period-end Overdue time Overdue reason
judgment basis
Total 0.00 -- -- --
Other explanation:
Nil
3) Accrual of bad debt provision
□Applicable √Not applicable
(2) Dividend receivable
1) Category
In RMB
Item(or invested company) Balance at period-end Balance at period-begin
2) Important dividend receivable with over one year aged
In RMB
150
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Item(or invested Causes of failure for Impairment (Y/N) and
Balance at period-end Account age
company) collection judgment basis
3) Accrual of bad debt provision
□Applicable √Not applicable
Other explanation:
Nil
(3) Other account receivable
1) By account nature
In RMB
Account nature Book balance at period-end Book balance at period-begin
Account receivable with bad debt
provision accrual by portfolio according
382,072.00 382,072.00
to credit risk characteristics (Aging
analysis )
Total 382,072.00 382,072.00
2) Accrual of bad debt provision
In RMB
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance of Jan. 1, 2019
—— —— —— ——
in the period
Change of book balance of loss provision with amount has major changes in the period
□Applicable √Not applicable
By account age
In RMB
Account age Balance at period-end
Within one year(one year included) 370,172.00
1-2 years 200.00
2-3 years 11,700.00
Total 382,072.00
3) Bad debt provision accrual, collected or reversal in the period
Accrual of bad debt provision in the period:
In RMB
Category Balance at period-begin Current changes Balance at period-end
151
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
Accrual Collected or reversal
Nil
Important amount of bad debt provision switch-back or collection in the period:
In RMB
Enterprise Amount switch-back or collection Collection way
Nil
4) Other account receivables actually charge-off during the reporting period
In RMB
Item Amount charge-off
Including major other account receivables charge-off:
In RMB
Amount cause by
Procedure for
Enterprise Nature Amount charge-off Causes of charge-off related transactions
charge-off
or not (Y/N)
Total -- 0.00 -- -- --
Other Explanation on account receivable charge-off
Nil
5) Top 5 other account receivable collected by arrears party at ending balance
In RMB
Proportion in total
Balance at other account Ending balance of
Enterprise Nature Account age
period-end receivables at bad debt provision
period-end
Shenzhen Material
Deposit or margin 181,918.00 Within one year 47.61% 545.75
Group Co., Ltd.
Shenzhen Anjingheng
Deposit or margin 161,000.00 Within one year 42.14% 483.00
Industrial Co., Ltd.
Shenzhen Jintaiyuan
Investment Deposit or margin 27,254.00 Within one year 7.13% 81.76
Management Co., Ltd.
Shenzhen Hongkang
Payment for
Instrument 11,400.00 2-3 years 2.98% 34.20
equipment
Technology Co., Ltd
Shenzhen Color Life
Property Management
Deposit and margin 300.00 2-3 years 0.08% 0.90
Co., Ltd. Lianxin
Garden Branch
Total -- 381,872.00 -- 99.94% 1,145.61
6) Account receivable with government grants involved
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
In RMB
Time, amount and basis
Enterprise Government grants Balance at period-end Ending account age of amount collection
estimated
Nil
7) Other account receivable derecognition due to financial assets transfer
Nil
8) Assets and liability resulted by other account receivable transfer and continuous involvement
Nil
Other explanation:
Nil
3. Long-term equity investment
In RMB
Balance at period-end Balance at period-begin
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
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
Changes in the period (+,-)
Balance at Balance at Ending balance
The invested Accrual of
period-begin(B Additional Capital period-end(Boo of impairment
entity impairment Other
ook value) investment reduction k value) provision
provision
Shenzhen
Emmelle
10,379.73 10,379.73 1,389,620.27
Industrial Co.,
Ltd.
Total 10,379.73 0.00 0.00 0.00 0.00 10,379.73 1,389,620.27
(2) Investment for associates and joint venture
In RMB
Balance Changes in the period (+,-) Balance Ending
Funded
at at balance
enterprise Additiona Capital Investme Other Other Cash Accrual Other
period-be period-en of
153
深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
gin(Book l reduction nt gains comprehe equity dividend of d(Book impairme
value) investmen recognize nsive change or profit impairme value) nt
t d under income announce nt provision
equity adjustmen d to 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
(3) Other explanation
Nil
4. Operation revenue and operation cost
In RMB
Current Period Last Period
Item
Revenue Cost Revenue Cost
Main business 21,426,406.12 20,428,856.90 20,600,065.94 18,788,402.55
Other business 3,977,972.72 3,241,165.72 3,423,452.74 2,057,815.53
Total 25,404,378.84 23,670,022.62 24,023,518.68 20,846,218.08
Whether implemented the new revenue standards
□Yes √No
Other explanation:
Nil
5. Investment income
In RMB
Item Current Period Last Period
6. Other
Nil
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
XVIII. Supplementary Information
1. Current non-recurring gains/losses
√Applicable □Not applicable
In RMB
Item Amount Note
Other non-operating income and expenditure
148,577.00
except for the aforementioned items
Less: Impact on income tax 37,144.25
Impact on minority shareholders’ equity -11.25
Total 111,444.00 --
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
2. ROE and EPS
Earnings per share
Profits during report period Weighted average ROE Basic earnings per Diluted earnings per
share(RMB/Share) share(RMB/Share)
Net profits belong to common stock
-5.74% -0.0014 -0.0014
stockholders of the Company
Net profits belong to common stock
stockholders of the Company after
-6.55% -0.0017 -0.0017
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
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深圳中华自行车(集团)股份有限公司 2019 年半年度报告全文
(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
Nil
4. Other
Nil
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Section XI. 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 2019
157
