深圳市深宝实业股份有限公司 2013 半年度报告全文
SHENZHEN SHENBAO INDUSTRIAL CO.,LTD
SEMI-ANNUAL REPORT 2013
August 2013
1
深圳市深宝实业股份有限公司 2013 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 Shenbao Industrial Co., Ltd. (hereinafter referred to as
the Company) hereby confirm that there are no any fictitious statements,
misleading statements, or important omissions carried in this report, and shall
take all responsibilities, individual and/or joint, for the reality, accuracy and
completion of the whole contents.
All directors are attended the Board Meeting for report deliberation.
The Company has no plans of cash dividend distributed, no bonus shares and
has no share converted from capital reserve either.
Chairman of the Company Mr. Zheng Yuxi, General Manager Mr. Yan Zesong,
Chief Financial Officer Ms. Wang Zhiping and Financial Management
Department Manager Mr. Xu Qiming hereby confirm that the Financial Report
of Semi-Annual Report 2013 is authentic, accurate and complete.
Securities Times, China Securities Journal, Hong Kong Commercial Daily and
Juchao Website (www.cninfo.com.cn) are the media appointed by the Company
for information disclosure, all information of the Company disclosed in the
above mentioned media should prevail. Investors are advised to exercise caution
of investment risks.
This report has been prepared in Chinese and English version respectively. In
the event of difference in interpretation between the two versions, Chinese
report shall prevail.
2
深圳市深宝实业股份有限公司 2013 半年度报告全文
Content
Section I Important Notice, Contents and Paraphrase .................................. 1
Section II Company Profile ............................................................................... 5
Section III Accounting data and summary of finnaical indexes .................... 7
Section IV Report of the Board of Directors ................................................... 9
Section V Important Events ............................................................................ 22
Section VI Changes in shares and particular about shareholders .............. 37
Section VII Directors, Supervisors and Senior Executives ......................... 37
Section VIII Financial Report ......................................................................... 38
Section IX Documents Available for Reference ......................................... 126
3
深圳市深宝实业股份有限公司 2013 半年度报告全文
Paraphrase
Items Refers to Definition
Shenshenbao/the Company/Listed
Refers to Shenzhen Shenbao Industrial Co., Ltd
Company
Shenzhen Shenbao Huacheng Science and Technology
Shenbao Huacheng Refers to
Co.,Ltd
Wuyuan Jufangyong Refers to Jufangyong Tea Industry Co., Ltd. in Wuyuan County
Hangzhou Ju Fang Yong Refers to Hangzhou Ju Fang Yong Holding Co., Ltd.
Shenbao Yuxing Refers to Fujian Mount Wuyi Shenbao Yuxing Tea Co., Ltd.
Shen Shenbao Huafa Refers to Zhejiang Shen Shenbao Huafa Tea Co., Ltd.
Technology Center Refers to Shenzhen Shenbao Technology Center Co., Ltd.
Huizhou Shenbao Science & Technology Refers to Huizhou Shenbao Science & Technology Co., Ltd.
Shenzhen Shenbao Sanjing Food & Beverage
Shenbao Sanjing Refers to
Development Co., Ltd
Shenbao Industrial & Trading Refers to Shenzhen Shenbao Industrial & Trading Co., Ltd.
Shenbao Properties Refers to Shenzhen Shenbao Properties Management Co., Ltd.
PepsiCo (China) Refers to PepsiCo Investment (China) Ltd.
Shenzhen PepsiCo Refers to Shenzhen PepsiCo Beverage Co., Ltd
Zhejiang Wafa Refers to Zhejiang Wafa Tea Co., Ltd.
Changzhou Sanjing Refers to Changzhou Sanjing Grease Co., Ltd
Agricultural Products Refers to Shenzhen Agricultural Products Co., Ltd
Shenzhen Investment Holding Refers to Shenzhen Investment Holding Co., Ltd
Tianzhong Investment Refers to Shenzhen Tianzhong Investment Co., Ltd.
Shenzhen Municipal People’s Government State-owned
Shenzhen SASAC Refers to
Assets Supervision & Administration Commission
CBC Refers to Shenzhen China Bicycle Company (Holdings) Limited
CSRC Refers to China Securities Regulation Commission
SSE Refers to Shenzhen Stock Exchange
Article of Association of Shenzhen Shenbao Industrial Co.,
Article of Association Refers to
Ltd
RMB/10 thousand Yuan Refers to CNY/ten thousand Yuan
4
深圳市深宝实业股份有限公司 2013 半年度报告全文
Section II Company profile
I. Company Profile
SHENSHENBAO-A, Code for
Short form for share 000019, 200019
SHENSHENBAO-B share
Listing stock exchange Shenzhen Stock Exchange
Chinese name of the Company 深圳市深宝实业股份有限公司
Abbr. of Chinese name of the Company(if
深宝
applicable)
English name of the Company(if
SHENZHEN SHENBAO INDUSTRIAL CO.,LTD
applicable)
Abbr. of English name of the Company(if
SBSY
applicable)
Legal Representative Zheng Yuxi
II. Contact person and ways
Secretary of the Board Rep. of securities affairs
Name Li Yiyan Zheng Guibo
23/F, Education Technology Mansion, No.26 Zizhu 23/F, Education Technology Mansion, No.26 Zizhu
Contact
Qi Dao, Zhuzilin Fourth Road, Futian District, Qi Dao, Zhuzilin Fourth Road, Futian District,
adds.
Shenzhen Shenzhen
Tel. 0755-82027522 0755-82027522
Fax. 0755-82027522 0755-82027522
E-mail lyy@sbsy.com.cn zhenggb@sbsy.com.cn
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 2012.
5
深圳市深宝实业股份有限公司 2013 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 2012.
3. Registration changes of the Company
Whether registration has changed in reporting period or not
□ Applicable √ Not applicable
Date/place for registration of the Company, registration number for enterprise legal license, number
of taxation registration and organization code have no change in reporting period, found more
details in Annual Report 2012.
4. Other relevant information
Whether other relevant information has changed in reporting period or not
□ Applicable √ Not applicable
6
深圳市深宝实业股份有限公司 2013 半年度报告全文
Section III. Accounting data and summary of financial indexes
I. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting
policy changed and accounting error correction or not
□Yes √ No
Increase/decrease in this
Current period Same period of last year
report y-o-y (%)
Operating revenue (RMB) 229,743,390.32 114,026,690.16 101.48%
Net profit attributable to shareholders
-5,934,967.21 88,867,376.42 -106.68%
of the listed company(RMB)
Net profit attributable to shareholders
of the listed company after deducting -10,772,467.32 -18,638,342.71 42.2%
non-recurring gains and losses(RMB)
Net cash flow arising from operating
-11,847,579.84 3,259,065.52 -463.53%
activities(RMB)
Basic earnings per share
-0.0237 0.3542 -106.69%
(RMB/Share)
Diluted earnings per share
-0.0237 0.3542 -106.69%
(RMB/Share)
Weighted average ROE (%) -0.62% 9.51% -10.13%
Increase/decrease in this
End of current period End of last period report-end over that of
last period-end (%)
Total assets (RMB) 1,334,276,104.88 1,222,994,595.75 9.1%
Net assets attributable to shareholder
908,101,676.17 964,216,674.18 -5.82%
of listed company(RMB)
II. Difference of the accounting data under accounting rules in and out of China
1. Difference of the net profit and net assets attributable to shareholders of parent company
disclosed in financial report, under both IAS (International Accounting Standards) and
Chinese GAAP (Generally Accepted Accounting Principles)
Unit: RMB
7
深圳市深宝实业股份有限公司 2013 半年度报告全文
Net profit attributable to Net assets attributable to
shareholders of listed company shareholders of listed company
Amount in this Amount in last Amount at Amount at
period period period-end period-begin
Chinese GAAP -5,934,967.21 88,867,376.42 908,101,676.17 964,216,674.18
Items and amount adjusted by IAS
1. Adjustment for amortization of
1,016,958.04 1,016,958.04
equity investment differences
2. Adjustment for cost of transfer of
381,359.27 -762,718.54 -762,718.54
equity of Shenzhen Pepsi
3.Adjustment for other payable fund
1,067,000.00 1,067,000.00
of stock market regulation
IAS -5,934,967.21 89,248,735.69 909,422,915.67 965,537,913.68
III. Items and amounts of extraordinary profit (gains)/loss
In RMB
Item Amount Note
Gains/losses from the disposal of non-current asset (including the write-off that accrued
2,310.17
for impairment of assets)
Governmental subsidy reckoned into current gains/losses (not including the subsidy
enjoyed in quota or ration according to national standards, which are closely relevant to 5,874,022.19
enterprise’s business)
Gains and losses from change of fair values of held-for-transaction financial assets and
financial liabilities except for the effective hedge business related to normal business of
6,688.65
the Company, and investment income from disposal of transactional financial assets and
liabilities and financial assets available for sale
Other non-operating income and expenditure except for the aforementioned items 253,966.23
Less: impact on income tax 1,299,487.13
Total 4,837,500.11 --
8
深圳市深宝实业股份有限公司 2013 半年度报告全文
Section IV. Report of the Board of Directors
I. Introduction
In reporting period, the Company rapid up the implementation of strategy promotion, formulated a
development strategy for vary business of the Company, well-defined the implementation scheme;
combine the development needs in business, adjusted organization structure of the Company, put
job responsibility in orders; established the tea deep-processing division and implemented the
operation style HQ plan; exercised optimization of performance management, activate construction
of information engineering of ERP system and e-business platform etc., improved informationalized
standards ; implemented brand development strategy, combing and integrated vary brands within
the Company, created a core value for the brand; centralized the resource, carried out transfer of the
10% equity of Shenzhen Pepsi, providing a fund support for the strategy implementation of the
Company.
During the reporting period, the Company expand main business actively, made solid progress in
the implementation of projects with fund raised. Firstly, accelerate the brand promotion and market
channel construction for ―Jufangyong‖ longjing tea and ―Xingjiu‖ rock tea, focous on the
development fundation for boutique tea business. Secondly, strenghthen the development of
marketing team and market pioneering efforts, maintain a stable in aspect of original clients and
marke quota for deep-processing business; meanwhile, steadily promote the comstruction of
comprehensive investment of tea industry chain, main construction and equipment installation and
debugging have completed, and through the QS certification. Thirdly, continues to enhance the
investment in scientific research, optimized and improved the research system and mechanism
innovation, product research and promotion gains a great progresses, and provide a strong support
for the sustainable development of every business of the Company.
In reporting period, the Company consolidated the work of safety production and food security,
which ensures no material safety production accidents and no major food quality security accidents
occurred in first half year; further to improved the construction of internal control system, upgrade
the internal control standards as a whole, promoted the capability in shielding against risks and risk
prevention.
II. Main business analysis
Introduction
Main business of the Company was tea industry. In the reporting period, the Company achieved
operating income of RMB 229.7434 million, a 101.48% up from a year earlier; operating profit
achieved RMB -7.5542 million, a 1283.13% down from a year ago; net profit attributable to
shareholders of listed companies was RMB -5.9349 million with 1597.15% down from a year
earlier.
Y-o-y changes of main financial data
In RMB
Same period of Y-o-y
Current period Reasons for changes
last year increase/decrease
9
深圳市深宝实业股份有限公司 2013 半年度报告全文
(%)
Operation Business of the subsidary increased last
229,743,390.32 114,026,690.16 101.48%
revenue year was showed in this period, and no
Operation cost 195,082,954.37 92,593,340.74 110.69% such presentation at same period of last
Sales expenses 16,359,699.07 6,539,865.06 150.15% yera
Mainly because current interest income
Financial increased, and payment of interest on
-112,173.57 381,706.23 -129.39%
expenses borrowings decreased than the same
period of last year.
Investment At same period of last year, there has
6,688.65 105,857,836.04 -99.99%
income equity interest from 15% equity of
Shenzhen Pepsi transfer, no such income
Operating profit (7,554,222.11) 89,376,111.45 -108.45%
in the Period
Non-operating Government subsidy obtained in the
6,133,709.15 772,170.63 694.35%
income Period increased
Mainly because current income tax
Income tax calculated according to tax law and
3,052,026.68 1,043,256.86 192.55%
expense related regulations increased in the
period.
Net cash flow
arising from Mainly because products purchasing
-11,847,579.84 3,259,065.52 -463.53%
operation increased in the period.
activities
Net cash flow New office building purchased and the
arising from comprehensive investment of tea
-128,480,521.51 87,409,452.21 -246.99%
investment industrial chain in Wuyuan Jufangyong
activities increased
Net cash flow
arising from Bank short-term loans increased in the
78,374,250.01 -8,816,431.20 988.96%
financing period.
activities
Net increase of
Fixed assets investment in the period
cash and cash -63,310,425.87 81,855,237.54 -177.34%
increased over that of last period
equivalent
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
The future development and planning extended to reporting period that published in disclosure
documents as prospectus, private placing memorandum and recapitalize statement
□ Applicable √ Not applicable
Review on the previous business plan and its progress during reporting period
The Company proceeded according to the business plan in the reporting.
III. Constitution of main business
In RMB
10
深圳市深宝实业股份有限公司 2013 半年度报告全文
Increase or Increase or Increase or
decrease of decrease of decrease of
Operating Gross profit operating operating cost gross profit
Operating cost
revenue ratio (%) revenue over over same ratio over
same period of period of last same period of
last year (%) year (%) last year (%)
According to industries
Industry 124,711,542.13 100,329,761.24 19.55% 9.83% 8.89% 0.7%
Trading 104,498,448.19 94,656,064.73 9.42%
Rental service 293,400.00 100% 0% 0%
According to products
Soft drinks 13,233,201.40 9,755,968.66 26.28% -18.59% -32.54% 15.24%
Seasoning 5,352,419.86 3,442,198.14 35.69% -16.45% -14.69% -1.33%
Tea products 210,624,369.06 181,787,659.17 13.69% 131.75% 146.85% -5.28%
Property rental 293,400.00 100% 0%
According to region
Export 107,635,235.06 96,204,044.83 10.62% 5,273.17% 7,562.67% -26.71%
South China 39,280,797.60 28,814,228.01 26.65% 4.85% 0.26% 3.36%
North China 11,141,038.11 9,717,383.35 12.78% 0.3% -5.6% 5.45%
East China 50,035,273.72 41,443,043.14 17.17% 44.61% 61.93% -8.86%
Central China 16,850,592.77 15,017,767.32 10.88% -20.18% -22.76% 2.98%
Other region 4,560,453.06 3,789,359.32 16.91% -39.63% -44.39% 7.12%
In the reporting period, the Company’s tea products and export business increased, which mainly because the new
subsidiaries Shenshenbao Huafa increased last year has a business presentation in the year while no such business
at same period of last year; tea product’s gross margin decreased mainly due to the change of product structure;
soft drink’s gross margin increased mainly due to a strengthen in cost control and part of the raw material price
declined.
IV. Core competitive-ness analysis
The core competitive-ness of the Company had no changes in the reporting period.
V. Investment analysis
1. Situation of foreign equity investment
(1) Securities investment
Variety Code of Short Initial Amount of Proportion Amount of Proportion Book Gains Accountin Source of
of securitie form of investmen stock-holdin of stock-holdin of value and loss g subject stock
11
深圳市深宝实业股份有限公司 2013 半年度报告全文
securitie s securitie t g at the stock-holdin g at the end stock-holdin at the in the
s s cost(RMB beginning of g at the of the period g at the end end of reportin
) the period beginning of (Share) of the period the g
(Share) the period (%) period (RMB)
(% (RMB
)
Legal
person
stocks
purchase
Hai Guo 272,288.0 6,688.6 d from
Stock 400005 150,000 0.06% 0
Tou 9 5 the
original
STAQ
trading
system
272,288.0 6,688.6
Total 150,000 -- 0 -- 0.00 -- --
9 5
Statement of holding equity of other listed companies
□ Applicable √ Not applicable
2. Application of raised proceeds
(1)Overall application of raised proceeds
In ten thousand Yuan
Total raised proceeds 57,239.21
Total raised proceeds invested during the
9,623.60
reporting period
Total accumulative raised proceeds invested 32,306.26
Total raised proceeds for new purposes during
0
the reporting period
Total accumulative raised proceeds for new
16,729.17
purposes
Proportion of the total accumulative raised
29.23%
proceeds for new purposes (%)
General application of raised proceeds
Being approved of ―Reply on Privately Offering from Shenzhen Shenbao Industrial Co., Ltd.‖ ZJXK[2011] No.
777 issued from CSRC, in June of 2011, the Company privately offering 68,977,066 shares of RMB ordinary
share (A share) to 8 target investors with issuing price of RMB 8.70 each. Total monetary capital RMB
12
深圳市深宝实业股份有限公司 2013 半年度报告全文
600,100,474.20 was raised, actual net capital raised for Shenshenbao amounting to RMB 572,392,141.89 after
deducting relevant offering expenses RMB 27,708,332.31. The capital privately raised above said has fully funded
on 23 June 2011 and has verified by ―Verification Report‖ LIXIN DAHUA YZi [2011] No. 177 issued from Lixin
Dahua. The fund-raised above said saving in the specific account dated 22 July 2011. In the year of 2012, the
Company raised proceeds of RMB 155 million by canceling the ―Comprehensive Project with Annual Capacity of
300 Tons Catechin‖, among which, RMB125 million was used to invest in the ―Project of Developing High-end
Brand Classical Tea‖ (including the original ―Chain Project for Classical Tea Leaves‖ with total investment of
RMB155 million, among which, RMB125 million was provided by the change in the proceeds application from
the aforesaid ―Comprehensive Project with Annual Capacity of 300 Tons Catechin‖, and RMB 30 million was
from the proceeds from the original ―Chain Project for Classical Tea Leaves‖, the project was implemented by the
subordinate Hangzhou Ju Fang Yong). Besides, the remaining RMB 30 million was used to establish a joint
venture with Zhejiang Wafa to carry out export business of tea leaves. The Company cancelled implementation for
the ―Expansion Project of Seasoning Production Line‖, pursuant to which, the original proceeds RMB12, 291,700
was adjusted in increasing investment for the ―Project of R&D Center for Tea and Natural Plants‖. The Company
also decided to change the implementation subject of such project from the original wholly-owned subsidiary
Wuyuan Jufangyong to the newly incorporated and registered subordinate wholly-owned subsidiary Shenzhen
Shenbao Research & Development Center Co., Ltd. also, the place for implementation was also changed from
Wuyuan county Jiangxi province to Shenzhen, Guangdong province. Those changes were deliberated and
approved in the 2011 Annual General Shareholders’ Meeting of the Company held on 27 April 2012.On 12
October 2012, the ―Proposal of Using Part of Idle Fund Raised for Supplement Current Capital Temporary Again‖
was deliberated and approved in Third Extraordinary Shareholders’ General Meeting of 2012, the Company
agrees to supplement current capital of the Company with RMB 120 million fund raised temporary for 6 months
at most; and this fund raised has been return by the Company on 9 April 2013. On 15 May 2013, the ―Proposal of
Using Part of Idle Fund Raised for Supplement Current Capital Temporary Again‖ was deliberated and approved
in Annual Shareholders’ General Meeting of 2012 with part of the fund raised RMB 110 million to supplement
current capital of the Company for 12 months at most.
13
深圳市深宝实业股份有限公司 2013 半年度报告全文
(2) Situation of committed project of raised proceeds
In ten thousand Yuan
Total Amount of Predicted Project
Projects
Total investment Investment Reach the
changed or
Committed investment committed after Amount accumulated program till
serviceable Profit
predicted
feasibility
not
projects &investment of investment adjustment invested in investment condition realized in was changed
(including the year-end interest or
raised fund of raised (1) this year till the date of this year hugely or
changed
capitals (3)=(2)/(1) not
partially) year-end (2) project not
Investment project commitment
1. Acquisition of 48.33%
equity from Shenbao No 6,510.05 6,510.05 6,510.05 100% 2011-07-31 20.16 Yes No
Huacheng
2. Comprehensive Investment
No 27,000 27,000 3,674.14 10,879.03 40.29% 2015-09-30 No No
Project of Tea Industry Chain
3. Comprehensive Project
with Annual Capacity of 300 Yes 15,500 2014-01-31 No Yes
Tons Catechin
4. Chain Project for Classical
Yes 3,000 2015-07-31 No No
Tea Leaves
5. Project of R&D Center for Not
Tea and Natural Plants Yes 4,000 2012-04-30 No
applicable
6. Expansion Project of
Yes 4,000 2012-07-31 No Yes
Condiment Production Line
7. Project of Developing
15,500 2,244.89 7,611.05 49.10% 2016-04-30 No No
High-end Brand Classical Tea
8. Establishment of joint
venture of Zhejiang Shen 3,000 3,000.42 100% 2012-12-31 151.08 Yes No
Shenbao Huafa Tea Co., Ltd.
9. Project of R&D Center for Not
Tea and Natural Plants 5,229.16 3,704.57 4,305.71 82.34% 2013-12-31 No
applicable
Subtotal of commitment
-- 60,010.05 57,239.21 9,623.60 32,306.26 -- -- 171.24 -- --
projects
14
深圳市深宝实业股份有限公司 2013 半年度报告全文
Investment of raised fund
Total -- 60,010.05 57,239.21 9,623.60 32,306.26 -- -- 171.24 -- --
Particular about not coming
up to schemed progress or Comprehensive Investment Project of Tea Industry Chain and project of Developing High-end Brand Classical Tea were in the
expected revenue and the investment period, which didn’t meet the expected income.
reason(In specific project)
(1) Comprehensive Project with Annual Capacity of 300 Tons Catechin: by virtue of technical innovation, the Company made
comprehensive enhancements in the original production crafts for instant tea powder, pursuant to which, the production line for instant
tea powder was equipped with the function of producing catechin and natural plant products. Therefore, the Company was able to
develop and produce catechin and natural plant products for sales, satisfying demands from its existing and new customers. As
compared to the original plan on implementing the Comprehensive Project with Annual Capacity of 300 Tons Catechin, the Company
can be better served with such innovated technologies to make comprehensive use of the production line of instant tea powder, with
fewer equipments allocation, more efficient benefits, reduction of fixed assets allocation and amortization, so as to improve the
integrated profitability of the Company. In order to effectively prevent from investment risks and protect the interests of the Company
and its shareholders, the Company, with careful and prudent consideration, decided to cancel the Comprehensive Project with Annual
Capacity of 300 Tons Catechin and thereby to change the proceeds application purposes. (2) Expansion Project of Condiment
Explanation on great changes
Production Line: despite that the prospectus of condiment market was positive; the furious market competition can’t be ignored. In
of feasibility of project
case that the Company wanted to make significant breakthrough in the furious market competition based on the prevailing operation
condition of condiment, the Company was required to allocate material human, assets and property resources. In 2011, the Company
experienced significant drop in income from its condiment operation, recording relatively material losses. Considering that it had no
advantage in condiment operation, the Company would face relatively significant market risks and uncertainty if the original resources
allocation couldn’t meet the expected target. By virtue of the non-public offering, the Company determined its development direction
for tea industry, namely Natural, Green and Healthy, in 2011. According to the development strategy, the Company would focus on
expanding tea industry. Therefore, the Company cancelled the Expansion Project of Condiment Production Line, and applied the
proceeds for such project to investment in the Project of R&D Center for Tea and Natural Plants. At the 2011 Annual General Meeting
held on 27 April 2012, the Company considered and approved the Proposal on Change of Part Proceeds Application Purposes,
approving the changes and adjustments involved in the above projects.
Amount, usage and progress
of using for fund raising out Not applicable
of the plan
15
深圳市深宝实业股份有限公司 2013 半年度报告全文
Applicable
Change of implementation Occurred in previous year
place of investment project of The Company changed the implementation place of Project of R&D Center for Tea and Natural Plants from Wuyuan county Jiangxi
raised capitals
province to Shenzhen Guangdong province. Those changes were considered and approved in the 2011 Annual General Meeting of the
Company held on 27 April 2012.
Adjustment to
implementation method of
Not applicable
investment project with
proceeds
Initial input and replacement
of investment project with Not applicable
proceeds
Applicable
On 12 October 2012, the ―Proposal of Using Part of Idle Fund Raised for Supplement Current Capital Temporary Again‖ was
Temporary supplement of deliberated and approved in Third Extraordinary Shareholders’ General Meeting of 2012, the Company agrees to supplement current
current capital with idle capital of the Company with RMB 120 million fund raised temporary for 6 months at most; and this fund raised has been return by the
proceeds
Company dated 9 April 2013.On 15 May 2012, the ―Proposal of Using Part of Idle Fund Raised for Supplement Current Capital
Temporary Again‖ was deliberated and approved in Annual Shareholders’ General Meeting of 2012 with part of the fund raised RMB
110 million to supplement current capital of the Company for 12 months at most.
Balance of fund raised in way
of implementation and Not applicable
reasons
Purposes and application of
Saved in the special account for proceeds and supplement current capital.
unutilized proceeds
Problems found during the The related information concerning proceeds disclosed by the Company is in-time, true, accurate and complete; no illegal issue has
application and disclosure of been found in place, use, management and disclosure of proceeds. The Company has never made financing for over 2 times, not even
proceeds or other issues the application of proceeds in those years.
(3)The changed project of raised proceeds
In ten thousand Yuan
16
深圳市深宝实业股份有限公司 2013 半年度报告全文
Accumulation Whether the
Corresponding Progress of the Whether it has
Total amount Virtual amount virtual amount Predicted feasibility of
Project after original investment come up to the
serviceable Income
invested after input in the input deadline deadline the end the project
the change committed condition date achieved in the scheduled
adjustment (1) reporting the end of the of the reporting changed after
of project
project (%)(3)=(2)/(1) reporting income
reporting (2) the alteration
Comprehensive
Project with
Investment Annual
development Capacity of
project for 300 Tons 15,500 2,244.89 7,611.05 49.10% 2016-04-30 No No
high-end brand Catechin
classical tea /Chain Project
of Classical Tea
Leaves
Comprehensive
Jointly
Project with
incorporation
Annual
of Zhejiang 3,000 3,000.42 100% 2012-12-31 151.08 Yes No
Capacity of
Shenbao Huafa
300 Tons
Tea Co., Ltd.
Catechin
Project of R&D
Center for Tea
and Natural
Project of R&D
Plants /
Center for Tea
Expansion 5,229.16 3,704.57 4,305.71 82.34% 2013-12-31 Not applicable No
and Natural
Project of
Plants
Condiment
Production
Line
17
深圳市深宝实业股份有限公司 2013 半年度报告全文
Total -- 23,729.16 5,949.46 14,917.18 -- -- 151.08 -- --
(1) Cancel the ―Comprehensive Project with Annual Capacity of 300 Tons Catechin‖: by virtue of technical
innovation, the Company made comprehensive enhancements in the original production crafts for instant tea
powder, pursuant to which, the production line for instant tea powder was equipped with the function of producing
catechin and natural plant products. Therefore, the Company was able to develop and produce catechin and natural
plant products for sales, satisfying demands from its existing and new customers. As compared to the original plan
on implementing the Comprehensive Project with Annual Capacity of 300 Tons Catechin, the Company can be
better served with such innovated technologies to make comprehensive use of the production line of instant tea
powder, with fewer equipments allocation, more efficient benefits, reduction of fixed assets allocation and
amortization, so as to improve the integrated profitability of the Company. In order to effectively prevent from
investment risks and protect the interests of the Company and its shareholders, the Company, with careful and
prudent consideration, decided to cancel the Comprehensive Project with Annual Capacity of 300 Tons Catechin.
The proceeds for such project were invested in investment development project for high-end brand classical tea and
jointly incorporation of Zhejiang Shenbao Wafa Tea Co., Ltd. (2) Cancel the ―Expansion Project of Condiment
Production Line‖: despite that the prospectus of condiment market was positive; the furious market competition
Changing reason, decision procedure and
can’t be ignored. In case that the Company wanted to make significant breakthrough in the furious market
statement of disclosure(In specific project)
competition based on the prevailing operation condition of condiment, the Company was required to allocate
material human, assets and property resources. In 2011, the Company experienced significant drop in income from
its condiment operation, recording relatively material losses. Considering that it had no advantage in condiment
operation, the Company would face relatively significant market risks and uncertainty if the original resources
allocation couldn’t meet the expected target. The Company determined its development direction for tea industry,
namely Natural, Green and Healthy. According to the development strategy, the Company would focus on
expanding tea industry. Therefore, the Company cancelled the Expansion Project of Condiment Production Line,
and applied the proceeds for such project to investment in the Project of R&D Center for Tea and Natural Plants. (3)
Changes of ―tea and natural plant R&D center "project location and implementation main body: there are many
advantages of the initial location of the project, which is in Wuyuan county, Jiangxi Province, owns many
advantages in tea industry resources and cost. However, the initial location of the project is weak in talent gathering,
information exchange, resource sharing and integration, and customer service market. Therefore, the initial location
in Wuyuan county Jiangxi Province was moved to Shenzhen city, Guangdong province. The implementation main
body was turned from Wuyuan Jufangyong into Shenzhen Shenbao Technology Center Co., Ltd., wholly owned
18
深圳市深宝实业股份有限公司 2013 半年度报告全文
subsidiary of the Company. The Company also increased its investment to RMB 54 million after counting the fixed
assets investment of the project and high labor cost in the new implementation. The modification of raise
investment project was deliberated and approved in the 20th Meeting of 7th session of the Board on 5 April 2012 and
annual shareholders’ general meeting of 2011 on 27 April 2012. For details, please refer to the related
announcement disclosed at Securities Times, China Securities, Hong Kong Commercial Daily and
www.cninfo.com.cn on 6 April 2012 and 28 April 2012 respectively.
Not meet the scheduled progress or projected
benefits, and reasons for that (based on specific Investment development project for high-end brand classical tea was in the investment period, which didn’t meet
project) the expected income.
Explanation on significant changes in feasibility
-
of projects
(4)Project of raised proceeds
Statement Date of disclosure Index of disclosure
‖Special Report of Raised Proceeds Deposit and
Utilization for Semi-Annual of 2013 of Shenzhen 2013-08-21 Juchao Website(www.cninfo.com.cn)
Shenbao Industrial Co., Ltd.‖
3. Main subsidiaries and joint-stock companies analysis
Main subsidiaries and joint-stock companies
In RMB
Main products or Registered Operation Operation
Name Type Industry involved Total assets Net assets Net profit
service capital revenue profit
Shenbao Instant tea powder
Subsidiary Manufacture 153,451,300.00 210,662,603.85 167,299,494.91 79,305,407.45 -1,095,162.94 417,088.35
Huacheng and tea extraction
Huizhou Seasoning, Soft
Subsidiary Comprehensive 60,000,000.00 231,145,520.73 42,467,790.85 18,585,621.26 -488,328.75 -488,328.75
Shenbao drinks
19
深圳市深宝实业股份有限公司 2013 半年度报告全文
Science &
Technology
Wuyuan
Subsidiary Manufacture Tea products 290,000,000.00 363,588,668.18 303,492,485.07 51,007,580.22 3,407,309.90 5,693,291.17
Jufangyong
Hangzhou
Ju Fang Subsidiary Comprehensive Tea products 175,000,000.00 186,622,611.29 179,675,566.06 9,626,163.96 -4,623,671.65 -4,619,705.42
Yong
Development,
Technology Science research
consultant and
Center Subsidiary and technology 54,000,000.00 50,918,050.51 50,654,595.69 -788,172.30 -788,172.30
transfer of
Company service
technology
Shen
Shenbao Subsidiary Trading Exportation of tea 30,000,000.00 124,471,478.70 62,221,874.25 104,738,448.19 3,895,080.22 2,921,030.16
Huafa
20
深圳市深宝实业股份有限公司 2013 半年度报告全文
VI. Prediction of business performance from January – September 2013
Estimation on accumulative net profit from the beginning of the year to the end of next report
period to be loss probably or the warning of its material change compared with the corresponding
period of the last year and explanation on reason
□ Applicable √ Not applicable
VII. Implementation of profit distribution in reporting period
Implementation or adjustment of profit distribution plan in reporting period, cash dividend plan and
shares converted from capital reserve in particular
√Applicable □Not applicable
On 15 May 2013, the Company held the Annual Shareholders’ General Meeting 2012 and approved
―Profit Distribution Preplan of the Company for year of 2012‖, that is: taking total 250,900,154
shares at end of 2012 as the radix, sending RMB 2.00 in cash (tax included) per 10 shares to its all
shareholders, total cash dividend of RMB 50,180,030.80 distributed, and the remaining
undistributed profit are credited to future years to distribute. As of 11 July 2013, the above said plan
has been fully implemented and completed
VIII. In the report period, reception of research, communication and interview
Time Place Way Type Reception Contents discussed and material provided
Conference Yu Xi, Discussion of production status of tea industry and future
room of Spot Wang strategy plan of the Company. No undisclosed material
2013-05-07 Institution
the research Peng, Fan information are reveal, disclose or leak to reception
Company Junhao object
21
深圳市深宝实业股份有限公司 2013 半年度报告全文
Section V. Iimportant Events
I. Corporate governance
Actual corporate governance of the Company shows no difference with the Company Law and requirement of relevant regulations from CSRC.
II. Significant lawsuits and arbitrations of the Company
√Applicable □Not applicable
Amount
Accrual
involved Trial results and Enforcement
liability Progress of Date for
General information of lawsuits(arbitration) (10 influence from of the Index for disclosure
formed lawsuits(arbitration) disclosure
thousand lawsuits(arbitration)judgment
(Yes/No)
Yuan)
On 12 October 2012,
The case concerning the joint-liability guarantee the concerning the The aforesaid events can be
Company provided for RMB 7 million loans which CBC application from found in ―Annual Report of
had obtained from Shenzhen Branch of China Shenzhen Guosheng
Construction Bank (―Construction Bank‖ for short) has 2003‖ dated 10 April
Energy Investment
been closed with reconciliation. The Agreement of 2004;‖Semi-Annual Report
Development Co.,
Interest Reduction was signed between the Company Ltd., Shenzhen The approval of 2004‖ dated 6 August
and Construction Bank in 2003, the RMB 7 million have Intermediate People’s amount from CBC 2004; Notice of the
been paid by the Company for CBC in two phases and Court accepted and
accomplished the jointly liability; Concerning the Not Company published on
No verdict the bankruptcy has no further 2004-4-10
jointly-liability of the Company for Letter of Credit applicable Juchao Website
case of CBC. The progress till
Opening for CBC in Shenzhen Branch of Bank of China Company declared (www.cninfo.com.cn) dated
with US$ 0.8 million, being verdict by Civil Ruling of creditor’s right of recently
(1999) YFJYZZ No. 26 from Guangdong Higher 30 July 2004, 20 November
RMB24, 061,322.14 to
People’s Court, the Company takes the jointly-liability manager of CBC. On
2004, 16 December 2004,
for payment. Till end of 30 June 2004, the RMB 6.6316 17 July 2013, a Civil 29 December 2004 ,18
million (USD 0.8 million by converted) have been paid Ruling Paper (2012) January 2005 and 7 August
by the Company for CBC and accomplished the jointly Shen Zhong Fa Po Zi
liability; later on 22 July 2004, the Company applied to 2013 respectively
No. 30-4 was carried
22
深圳市深宝实业股份有限公司 2013 半年度报告全文
Shenzhen Intermediate People’s Court (―Shenzhen out by the Shenzhen
Intermediate‖ for short) for the enforcement on the Intermediate People’s
above repayment. Shenzhen Intermediate People’s Court Court, the creditor’s
verdict that the RMB 7 million repaid by the Company right RMB
for CBC should be paid to the Company together with 20,972,491.51 for the
interest during capital occupation, (2004) SZFMECZ Company from CBC
No. 448. Due to the failure implementation for the was judged.
verdict on time and certain content from CBC, the
Company applied for enforcement to Shenzhen
Intermediate People’s Court on 20 December 2004. The
Civil Ruling and Execution Order of (2004) SZFZZ No.
1382 and (2005) SZFZZ No. 208 were delivered to CBC
on 14 January 2005 from Shenzhen Intermediate
People’s Court with verdict that: seal up and freeze the
property of CBC (limited as RMB 14,131,575.92) and
order CBC performed the effective-ness law documents
and relevant obligations within five days since the
execution order received. Un-performed undue, the
enforcement will exercise by Shenzhen Intermediate
People’s Court. Later, the abovementioned two
executions was appointed by the Court of Guangzhou
Railway Transportation by Guangdong Higher People’s
Court, and the case abortion due to no property clue
been found. On 12 October 2012, Shenzhen
Intermediate People’s Court accepted the bankruptcy
reorganization of the CBC, the Company to submit
claims of RMB 24,061,322.14 to its administrator.
Exactly claims will pursuit to the rule from the court.
III. Question from media
□ Applicable √ Not applicable
No universal questioned by media in reporting period
23
深圳市深宝实业股份有限公司 2013 半年度报告全文
IV. Transaction in assets
1. Acquisition of assets
Ratio of
Relationship
Trading Impact on the profit
Counterparty Assets Whether a with
price (in gains/losses contributed Disclosure
or ultimate acquired Progress Impact on operation of related counterparty
10 of the to listed date (Note Disclosure index
controlling or (Note 2) the Company (Note 3) transaction (apply to
thousand Company company 5)
party replaced or not related
Yuan) (Note 4) in total net
transaction)
profit (%)
The transaction was
based on the actual
development needs of the
Company; both parties
According
followed basis of
to the
cooperation of equality ‖Related Transaction of
purchase
and mutual benefit and The second Purchasing Office Site from
contract,
Shenzhen mutual consultation, in largest Shareholder of Shenzhen
the
Investment Office 8,684 accordance with the Yes shareholder 2013-05-16 Shenbao Industrial Co., Ltd.‖
Company
Holding principles of of the published on Juchao Website
has paid
transparency, fairness and Company (www.cninfo.com.cn) dated 16
the
justice, which without May 2013
transaction
damages the interests of
price.
the Company and
shareholders and didn’t
affect the company's
independence.
24
深圳市深宝实业股份有限公司 2013 半年度报告全文
2. Assets sold
Net profit Whethe
Whether
contributed r the
Ratio of ownershi
to listed Relationshi debts
Trading the profit p of the
company Impact on Whether a p with and
price (in contribute assets
Counterpart Assets Date for from the Pricing related counterpart liability Disclosure
10 d to listed have Disclosure index
y sold sales period-begi Company principle transactio y (apply to have date
thousan company been
n to date for (Note 3) n or not related been
d Yuan) in total net transfer
sale (in 10 transaction) transfer
profit (%) totally or
thousand totally
not
Yuan) or not
Publicly
‖Report of Sales of
It’s listed on
Substantial Assets‖
expected Shenzhen
(Revised) and
that can United
―Implementation of
bring to Property
10% Substantial Assets
equity of 2013.8.1 the And Share
PepsiCo Not 2013-05-1 Restructuring‖
Shenzhe 9,500 Company Rights No Yes Yes
China 6 applicable 3 published on Juchao
n investmen Exchange
PepsiCo Website
t income d to
(www.cninfo.com.c
of about determine
n) dated 13 May
68 million the
2013 and 21 August
Yuan. transactio
2013 respectively
n price
25
深圳市深宝实业股份有限公司 2013 半年度报告全文
V. Insignificant related transactions
1. Related transaction connected to routine operations
Related Proportion
transaction in the
Related Related Related Related
Related Related amount (in amount of Available
Date of
transaction transaction transaction Pricing principal transaction transaction market Index of disclosure
relationship 10 the same settlement disclosure
price price
parties type content
thousand transaction mode
Yuan) (%)
Measure and calculate the
cost base on market price,
that is setting ‖Estimated Day-to
recommended price after Day Related
cost analysis according to Transaction for year
Minority of 2013 of Shenzhen
shareholder the unit price for raw
Zhejiang Purchasing Purchase Not Not Shenbao Industrial
of 10,860.29 98.03% Installment 2013-04-22
Wafa goods of tea material purchasing, applicable applicable Co., Ltd.‖ (Revised)
controlling
subsidiary production cost and sales published on Juchao
unit price in market Website
provided by Zhejiang (www.cninfo.com.cn)
Wafa; in principle, the dated 22 April 2013
price should not higher the
5% of average market price
26
深圳市深宝实业股份有限公司 2013 半年度报告全文
in the previous year,
determine final trading
price based on fair and
justice principle.
Total -- -- 10,860.29 -- -- -- -- --
Detail of sales return with major amount
Not applicable
involved
Reasons for major differences between trading
price and market reference price (if Not applicable
applicable)
2. Related transaction from assets acquisition and assets sold
Trading
Book value Assessed Fair
Related Related Related Transfer Related profit
of the value of the market
Related price(in and
Pricing transferred transferred value (in transaction loss(in Date of
transaction transaction transaction ten Index of disclosure
relationship principal assets (in ten assets (in ten ten disclosure
thousand settlement ten
parties type content thousand thousand thousand
Yuan) mode thousand
Yuan) Yuan)） Yuan)
Yuan)
In
‖Related Transaction of
accordance
Purchasing Office Site
with the
from Shareholder of
Shenzhen The second principle
Purchase Shenzhen Shenbao
Purchase of One-time
Investment largest of office 8,801 8,684 2013-05-16 Industrial Co., Ltd.‖
of assets voluntary, payment
Holding shareholder space published on Juchao
equality,
Website
mutual
(www.cninfo.com.cn)
benefit and
dated 16 May 2013
fair, and
27
深圳市深宝实业股份有限公司 2013 半年度报告全文
transaction
price
determined
in
accordance
with
market
prices.
Reasons for major differences between
transfer price, book value and assessed value Not applicable
(if applicable)
The related transaction was based on the actual development needs of the Company, and both parties followed basis
Influence of operating results and financial of cooperation of equality and mutual benefit and mutual consultation, in accordance with the principles of
condition to the Company transparency, fairness and justice, which without damages to the interests of the Company and shareholders and didn’t
affect the company's independence.
VI. Significant contracts and its implementation
1. Guarantees
In ten thousand Yuan
Guarantee for the subsidiaries (not including guarantees to subsidiaries)
Guarantee
Related Actual date of Complete
Name of the Company Guarantee Actual guarantee for related
Announcement happening (Date of Guarantee type Guarantee term implementation
guaranteed limit limit party (Yes
disclosure date signing agreement) or not
or no)
Guarantee for the subsidiaries
Name of the Company Related Guarantee Actual date of Actual guarantee Complete Guarantee
Guarantee type Guarantee term
guaranteed Announcement limit happening (Date of limit implementation for related
28
深圳市深宝实业股份有限公司 2013 半年度报告全文
disclosure date signing agreement) or not party (Yes
or no)
Shenzhen Shenbao
Joint liability
Sanjing Food & Beverage - 3,000 2013-03-11 3,000 1 year Yes Yes
assurance
Development Co., Ltd
Shenzhen Shenbao
Joint liability
Huacheng Science and - 3,000 2013-03-11 3,000 1 year Yes Yes
assurance
Technology Co., Ltd
Shenzhen Shenbao
Joint liability
Huacheng Science and - 3,000 2013-05-30 3,000 1 year No Yes
assurance
Technology Co., Ltd
Shenzhen Shenbao
Joint liability
Sanjing Food & Beverage - 3,000 2013-06-19 2,500 1 year No Yes
assurance
Development Co., Ltd
Shenzhen Shenbao Joint liability
Huacheng Science and - 3,000 2013-06-19 2,500 1 year No Yes
Technology Co., Ltd assurance
Total amount of approving guarantee for Total amount of actual occurred
subsidiaries in report period (B1) 3,000 guarantee for subsidiaries in report 14,000
period (B2)
Total amount of approved guarantee for Total balance of actual guarantee for
subsidiaries at the end of reporting period 9,000 subsidiaries at the end of reporting 8,000
(B3) period (B4)
Total amount of guarantee of the Company( total of two abovementioned guarantee)
Total amount of approving guarantee in Total amount of actual occurred
3,000 14,000
report period (A1+B1) guarantee in report period (A2+B2)
Total amount of approved guarantee at the Total balance of actual guarantee at
9,000 8,000
end of report period (A3+B3) the end of report period (A4+B4)
The proportion of the total amount of actually guarantee in the net assets of the
8.81%
Company (that is A4+ B4) (%)
Including:
Explanation on guarantee with composite way
29
深圳市深宝实业股份有限公司 2013 半年度报告全文
VII. Commitments from the Company or shareholders (with over 5% shares held) in or continued to reporting period
Dated for Commitment
Undertakings Undertaker Contents Implementation
commitment term
The original shareholders of non circulation shares made the
following undertakings during the equity reform: 1. Agricultural
Products and Investment Holdings will observe relevant laws,
regulations and rules during the equity reform, and perform their
legal undertaking obligations;
Shenzhen Agricultural 2. Upon completion of the equity reform, in order to provide
Products Co., Ltd Observe the
Share Merger Reform long-term effective incentives to management, the original
Shenzhen Investmentshareholders of non circulation shares, namely Agricultural undertakings
Holding Co., Ltd
Products and Investment Holdings, will sell the shares which they
will hold upon satisfaction of consideration (such shares account
for 6%-8% of the total share capital (182,923,088 shares in total )
of the Company to management within 3 years according to their
shareholding percentages after the equity reform.
Commitments in report of
N/A
acquisition or equity change
Commitments in assets
N/A
reorganization
Commitments in initial
public offering or N/A
refinancing
Other commitments to
minority shareholders of the N/A
Company
30
深圳市深宝实业股份有限公司 2013 半年度报告全文
Completed on time or not No
In accordance with the ―Trial Method of Implementation of Stock Option Incentive for State Holding Listed Company (Domestic) ‖
Detail reasons for
jointly issued by SASAC and Ministry of Finance dated 6 December 2006, the stock option incentive plan of the Company should
un-complement and further
refining according to relevant regulations; the stock option incentive of management team should be promoted, in an appropriate market
plan (if applicable)
condition, with permission in relevant laws and regulations from the State for original shareholders with non-circulated shares hold.
31
深圳市深宝实业股份有限公司 2013 半年度报告全文
VIII. Engagement and non-reappointment of CPA
Whether the semi-annual report was audited or not
□ Yes √ No
IX. Explanation on other significant events
1. ten percent equity of Shenzhen Pepsi transfer with major assets restructuring involved
On 28 December 2012, the shares were suspended when starting trading, because the Company
planned to transfer shares of Shenzhen Pepsi. On 10 January 2013, the 3rd meeting of 8th session of
the board deliberated and approved to sell 10% equity of Shenzhen Pepsi with RMB 95 million in
the way of public trading. By the end of the listing day, a qualified buy Pepsi (China) came into
being. According to the property rights trading rules, the equity transfer has entered into the process
of contract transfer. On 28February 2013, the Company and PepsiCo (China) signed the equity
transfer agreement with the transaction price of RMB 95 million. On 18 March 2013 and 8 April,
the Company held the fourth session of the eighth board meeting and the first extraordinary
shareholders’ general meeting in 2013 respectively, approved the material assets sale plan, etc. On
10 May 2013, the Company received the Reply on Approval for the Plan of Sales of Major Assets
of Shenzhen Shenbao Industrial Co., Ltd (Zheng Jian Xu Ke [2013] No.635) issued by the CSRC,
to approve the aforesaid major assets sold. Ownership transfer procedure for 10% equity of
Shenzhen Pepsi was completed on 12 June 2013. The eqiuty transfer amount RMB 95 million was
received by the Company dated 16 August 2013 from PepsiCo (China), the major assets
restructuring with 10% equity of Shenzhen Pepsi concerned was completed. For details, please refer
to related announcements disclosed at www.cninfo.com.cn on 18 January, 22 March, 9 April, 13
May 2013 and 21 August 2013. .
32
深圳市深宝实业股份有限公司 2013 半年度报告全文
Section VI. Changes in Shares and Particulars about Shareholders
I. Changes in Shares
In share
Before the Change Increase/Decrease in the Change (+, -) After the Change
New Capitalization
Proportion Bonus Proportion
Amount shares of public Others Subtotal Amount
(%) shares (%)
issued reserve
I. Restricted
22,036,661 8.78% 22,036,661 8.78%
shares
1. State-owned
corporate 6,783,729 2.7% 6,783,729 2.7%
shares
2. Other domestic
15,252,932 6.08% 15,252,932 6.08%
shares
Including:
Domestic legal 7,770,118 3.1% 7,770,118 3.1%
person’s shares
Domestic nature
7,482,814 2.98% 7,482,814 2.98%
person’s shares
II. Un-restricted
228,863,493 91.22% 228,863,493 91.22%
shares
1. RMB common
202,727,493 80.8% 202,727,493 80.8%
shares
2. Domestically
listed foreign 26,136,000 10.42% 26,136,000 10.42%
shares
III. Total shares 250,900,154 100% 250,900,154 100%
II. Number of shares and shares held
In Share
Total shareholders at
21,393
period-end
Shareholders with over 5% shares held
Amount of Amount of Number of share
Proportion of Number of Changes in
Nature of pledged/frozen
Shareholders shares held shares held at reporting restrict un-restrict
shareholder
(%) period-end period State of share Amount
shares held shares held
Shenzhen
Agricultural
Other 19.09% 47,895,097 0 7,770,118 40,124,979
Products Co.,
Ltd
Shenzhen State-owned
16% 40,143,586 0 6,783,729 33,359,857
Investment legal person
33
深圳市深宝实业股份有限公司 2013 半年度报告全文
Holding Co.,
Ltd
Shenzhen
Tianzhong
Other 6.44% 16,152,418 -8,970,000 0 16,152,418
Investment
Co., Ltd
Special
account of
agreement
buy-back of Other 3.58% 8,970,000 8,970,000 0 8,970,000
Huatai
Securities
Co., Ltd.
Domestic
Li Duruo 3.5% 8,790,874 -132,210 0 8,790,874
nature person
Sino Life
Insurance
Other 3.31% 8,313,778 8,313,778 0 8,313,778
Co., Ltd. –
universal H
Domestic
Ma Zhihong 1.92% 4,814,900 4,814,900 4,814,900
nature person
Domestic
Lin Yixiang 1.02% 2,561,002 0 2,561,002 0
nature person
Xian Domestic
0.85% 2,134,917 0 2,134,917 0 Pledge 2,134,917
Zhenzhong nature person
Domestic
Cao Lijun 0.8% 2,012,758 0 2,012,758 0 Pledge 2,012,758
nature person
Shenzhen SASAC directly holds 24.09% equity interests of Agricultural Products, indirectly holds
Explanation on associated 5.22% equity interests of Agricultural Products and directly holds 100% equity interests of Shenzhen
relationship among the Investment Holding. Except for this, the Company was not aware of any related relationship between
aforesaid shareholders other shareholders above, and whether they belonged to parties acting in concert as defined by the
Acquisition Management Method of Listed Company.
Particular about top ten shareholders with un-restrict shares held
Type of shares
Shareholders’ name Amount of un-restricted shares held at period-end
Type Amount
RMB
Shenzhen Agricultural
47,895,097 common 47,895,097
Products Co., Ltd
shares
RMB
Shenzhen Investment
40,143,586 common 40,143,586
Holding Co., Ltd
shares
34
深圳市深宝实业股份有限公司 2013 半年度报告全文
RMB
Shenzhen Tianzhong
16,152,418 common 16,152,418
Investment Co., Ltd
shares
Special account of RMB
agreement buy-back of 8,970,000 common 8,970,000
Huatai Securities Co., Ltd. shares
RMB
Li Duruo 8,790,874 common 8,790,874
shares
RMB
Sino Life Insurance Co.,
8,313,778 common 8,313,778
Ltd. – universal H
shares
RMB
Ma Zhihong 4,814,900 common 4,814,900
shares
Xi’an Changliu Investment RMB
Management Limited 1,443,951 common 1,443,951
Partnership shares
RMB
Liu Yi 1,054,300 common 1,054,300
shares
RMB
Yu Jianjun 953,299 common 953,299
shares
Expiation on associated
relationship or consistent Shenzhen SASAC directly holds 24.09% equity interests of Agricultural Products, indirectly holds
actors within the top 10 5.22% equity interests of Agricultural Products and directly holds 100％equity interests of Shenzhen
un-restrict shareholders and Investment Holding. Except for this, the Company was not aware of any related relationship between
between top 10 un-restrict other shareholders above, and whether they belonged to parties acting in concert as defined by the
shareholders and top 10 Acquisition Management Method of Listed Company.
shareholders
Explanation on shareholders
involving margin Tianzhong Investment, shareholder of the Company, holds 16,152,418 shares through the guarantee
requirement (if securities account of customer credit transactions of Huatai Securities Co., Ltd.
applicable)(note 4)
Whether has a buy-back agreement dealing in reporting period
√Yes □No
On 27 May 2013, Tianzhong Investment, shareholder of the Company with 8,970,000 shares of the
Company held, exercise securities trading of buy-back agreement with Huatai Securities Co., Ltd.,
the initial trading volume was 8,970,000 shares in buy-back agreement, represeneting 3.58 percent
of the total share capital of the Company. In reporting period, no shares with buy-back trading
involved in Tianzhong Investment. As of reporting period, 16,152,418 shares of the Company was
held by Tianzhong Investment, representing 6.38 percent of the total share capital of the Company.
35
深圳市深宝实业股份有限公司 2013 半年度报告全文
III. Changes of controlling shareholders or actual controller
Changes of controlling shareholders in reporting period
□ Applicable √ Not applicable
Changes of actual controller in reporting period
□ Applicable √ Not applicable
36
深圳市深宝实业股份有限公司 2013 半年度报告全文
Section VII. Directors, Supervisors and Senior Executives
I. Changes of shares held by directors, supervisors and senior executives
□ Applicable √ Not applicable
Shares held by directors, supervisors and senior executives have no changes in reporting period,
found more details in Annual Report 2012.
II. Resignation and dismissal of directors, supervisors and senior executives
The Company had no resignation or dismissal of directors, supervisors and senior executives in the
reporting.
37
深圳市深宝实业股份有限公司 2013 半年度报告全文
Section VIII. Financial Report
I. Auditor’s report
Whether the report has been audited or not
□ Yes √No
II. Financial statement
Currency used in note of financial statement is RMB (Yuan)
1. Consolidated Balance Sheet
Prepared by Shenzhen Shenbao Industrial Co., Ltd
In RMB
Items Closing balance Opening balance
Current assets:
Monetary funds 310,211,598.60 373,422,024.47
Transaction finance asset 208,500.00
Accounts receivable 124,048,223.48 105,402,754.63
Accounts paid in advance 16,191,997.35 28,323,450.51
Other accounts receivable 32,709,966.50 22,251,167.26
Inventories 242,577,007.63 203,462,389.32
Non-current asset due within one year
Other current assets 4,423,309.30 1,760,669.36
Total current assets 730,162,102.86 734,830,955.55
Non-current assets:
Long-term account receivable
Long-term equity investment 25,471,291.08 25,471,291.08
Investment real estate
Fixed assets 179,480,359.50 160,018,803.58
Construction in progress 194,408,881.52 94,422,143.01
Engineering material
Disposal of fixed asset
38
深圳市深宝实业股份有限公司 2013 半年度报告全文
Productive biological asset 436,156.00 436,156.00
Intangible assets 195,478,271.69 198,302,445.47
Expense on Research and Development
Goodwill
Long-term expenses to be apportioned 6,284,259.26 6,958,018.09
Deferred income tax asset 2,554,782.97 2,554,782.97
Other non-current asset
Total non-current asset: 604,114,002.02 488,163,640.20
Total assets 1,334,276,104.88 1,222,994,595.75
Current liabilities:
Short-term loans 80,000,000.00
Accounts payable 38,427,365.64 42,544,365.20
Accounts received in advance 3,098,893.61 2,087,351.44
Wage payable 2,668,977.97 4,937,554.49
Taxes payable 2,649,672.27 2,448,094.70
Interest payable
Dividend payable 53,089,213.54 2,909,182.74
Other accounts payable 195,758,077.84 153,192,884.98
Non-current liabilities due within 1 year
Other current liabilities 43,137.43 43,137.43
Total current liabilities 375,735,338.30 208,162,570.98
Non-current liabilities:
Long-term loans
Long-term account payable
Special accounts payable
Accrual liabilities
Deferred income tax liabilities
Other non-current liabilities 7,026,087.06 8,661,364.25
Total non-current liabilities 7,026,087.06 8,661,364.25
Total liabilities 382,761,425.36 216,823,935.23
Owners’ equity (or shareholders’ equity):
Paid-up capital (or share capital) 250,900,154.00 250,900,154.00
Capital public reserve 568,510,912.82 568,510,912.82
Less: Inventory shares
39
深圳市深宝实业股份有限公司 2013 半年度报告全文
Reasonable reserve
Surplus public reserve 40,071,736.73 40,071,736.73
Provision of general risk
Retained profit 48,618,872.62 104,733,870.63
Balance difference of foreign currency translation
Total owner’s equity attributable to parent company 908,101,676.17 964,216,674.18
Minority interests 43,413,003.35 41,953,986.34
Total owner’s equity(or shareholders’ equity) 951,514,679.52 1,006,170,660.52
Total liabilities and owner’s equity(or shareholders’
1,334,276,104.88 1,222,994,595.75
equity)
Legal representative: Zheng Yuxi
Person in charge of accounting works: Wang Zhiping
Person in charge of accounting institution: Xu Qiming
2. Balance Sheet of parent company
Prepared by Shenzhen Shenbao Industrial Co., Ltd
In RMB
Items Closing balance Opening balance
Current assets:
Monetary funds 67,427,759.75 55,033,726.34
Accounts receivable
Accounts paid in advance
Interest receivable
Dividend receivable
Other receivables 242,703,401.80 206,844,593.12
Inventories 162,101,202.67 136,549,875.59
Non-current asset due within one year
Other current assets 308,987.65
Total current assets 472,541,351.87 398,428,195.05
Non-current assets:
Finance asset available for sales
Held-to-maturity investment
Long-term account receivable
Long-term equity investment 884,524,266.12 884,524,266.12
Investment real estate 23,424,568.78 23,840,011.01
Fixed assets 3,421,133.19 3,302,782.72
40
深圳市深宝实业股份有限公司 2013 半年度报告全文
Construction in progress 50,023,561.00
Engineering material
Productive biological asset 436,156.00 436,156.00
Intangible assets 5,834,676.10 5,887,134.46
Expense on Research and Development
Goodwill
Long-term expenses to be apportioned 411,202.22 543,883.58
Deferred income tax asset 1,449,942.42 1,449,942.42
Other non-current asset
Total non-current asset 969,525,505.83 919,984,176.31
Total assets 1,442,066,857.70 1,318,412,371.36
Current liabilities:
Short-term loans 55,000,000.00
Accounts payable
Accounts received in advance
Wage payable 638,238.88 3,801,195.32
Taxes payable 82,600.88 87,353.38
Interest payable
Dividend payable 53,089,213.54 2,909,182.74
Other accounts payable 315,011,578.14 235,348,510.46
Non-current liabilities due within 1 year
Other current liabilities
Total current liabilities 423,821,631.44 242,146,241.90
Non-current liabilities:
Long-term loans
Long-term account payable
Special accounts payable
Accrual liabilities
Deferred income tax liabilities
Other non-current liabilities 49,920.00 49,920.00
Total non-current liabilities 49,920.00 49,920.00
Total liabilities 423,871,551.44 242,196,161.90
Owner’s equity (or shareholders’ equity):
Paid-up capital (or share capital) 250,900,154.00 250,900,154.00
41
深圳市深宝实业股份有限公司 2013 半年度报告全文
Capital public reserve 583,300,472.29 583,300,472.29
Less: Inventory shares
Reasonable reserve
Surplus public reserve 40,071,736.73 40,071,736.73
Provision of general risk
Retained profit 143,922,943.24 201,943,846.44
Balance difference of foreign currency translation
Total owner’s equity(or shareholders’ equity) 1,018,195,306.26 1,076,216,209.46
Total liabilities and owner’s equity(or shareholders’ equity) 1,442,066,857.70 1,318,412,371.36
Legal representative: Zheng Yuxi
Person in charge of accounting works: Wang Zhiping
Person in charge of accounting institution: Xu Qiming
3. Consolidated Profit Statement
Prepared by Shenzhen Shenbao Industrial Co., Ltd
In RMB
Items Current period Last period
I. Total operating revenue 229,743,390.32 114,026,690.16
Including: Operating revenue 229,743,390.32 114,026,690.16
II. Total operating cost 237,304,301.08 131,477,781.95
Including: Operating cost 195,082,954.37 92,593,340.74
Operating tax and extras 784,078.71 662,775.12
Sales expenses 16,359,699.07 6,539,865.06
Administration expenses 25,189,742.50 31,343,771.04
Financial expenses -112,173.57 381,706.23
Losses of devaluation of asset -43,676.24
Add: Changing income of fair value(Loss is listed with ―-‖) 969,367.20
Investment income (Loss is listed with ―-‖) 6,688.65 105,857,836.04
Including: Investment income on affiliated company and joint venture -299,393.90
Exchange income (Loss is listed with ―-‖)
III. Operating profit (Loss is listed with ―-‖) -7,554,222.11 89,376,111.45
Add: Non-operating income 6,133,709.15 772,170.63
Less: Non-operating expense 3,410.56 237,648.80
Including: Disposal loss of non-current asset 3,410.56 237,578.80
IV. Total Profit (Loss is listed with ―-‖) -1,423,923.52 89,910,633.28
Less: Income tax expense 3,052,026.68 1,043,256.86
42
深圳市深宝实业股份有限公司 2013 半年度报告全文
V. Net profit (Net loss is listed with ―-‖) -4,475,950.20 88,867,376.42
Including: net profit realized before consolidation by mergered party 0.00
Net profit attributable to owner’s of parent company -5,934,967.21 88,867,376.42
Minority shareholders’ gains and losses 1,459,017.01
VI. Earnings per share -- --
i. Basic earnings per share -0.0237 0.3542
ii. Diluted earnings per share -0.0237 0.3542
VII. Other consolidated income -210,249.15
VIII. Total comprehensive income -4,475,950.20 88,657,127.27
Total consolidated income attributable to owners of parent company -5,934,967.21 88,657,127.27
Total consolidated income attributable to minority shareholders 1,459,017.01
Legal representative: Zheng Yuxi
Person in charge of accounting works: Wang Zhiping
Person in charge of accounting institution: Xu Qiming
4. Profit Statement of parent company
Prepared by Shenzhen Shenbao Industrial Co., Ltd
In RMB
Items Current period Last period
I. Operating revenue 1,200,000.00 2,050,941.33
Less: operating cost 0.00 422,583.09
Operating tax and extras 67,200.00 72,935.33
Sales expenses 266,780.75
Administration expenses 8,858,839.39 17,165,949.80
Financial expenses 367,081.15 -274,315.92
Losses of devaluation of asset
Add: Changing income of fair value(Loss is listed with ―-‖) 970,867.20
Investment income (Loss is listed with ―-‖) 105,857,836.04
Including: Investment income on affiliated company and joint venture -299,393.90
II. Operating profit (Loss is listed with ―-‖) -8,093,120.54 91,225,711.52
Add: Non-operating income 255,658.70
Less: Non-operating expense 3,410.56 180,081.65
Including: Disposal loss of non-current asset 3,410.56 180,081.65
III. Total Profit (Loss is listed with ―-‖) -7,840,872.40 91,045,629.87
Less: Income tax expense 92,575.65
IV. Net profit (Net loss is listed with ―-‖) -7,840,872.40 90,953,054.22
43
深圳市深宝实业股份有限公司 2013 半年度报告全文
V. Earnings per share -- --
i. Basic earnings per share
ii. Diluted earnings per share
VI. Other consolidated income -210,249.15
VII. Total comprehensive income -7,840,872.40 90,742,805.07
Legal representative: Zheng Yuxi
Person in charge of accounting works: Wang Zhiping
Person in charge of accounting institution: Xu Qiming
5. Consolidated Cash Flow Statement
Prepared by Shenzhen Shenbao Industrial Co., Ltd
In RMB
Items Current period Last period
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing labor services 238,998,648.55 176,491,074.07
Write-back of tax received 9,292,591.93 436,438.16
Other cash received concerning operating activities 49,400,632.04 2,938,001.74
Subtotal of cash inflow arising from operating activities 297,691,872.52 179,865,513.97
Cash paid for purchasing commodities and receiving labor service 246,117,728.89 126,671,262.26
Cash paid to/for staff and workers 24,281,608.61 22,096,377.43
Taxes paid 10,886,464.02 12,270,546.05
Other cash paid concerning operating activities 28,253,650.84 15,568,262.71
Subtotal of cash outflow arising from operating activities 309,539,452.36 176,606,448.45
Net cash flows arising from operating activities -11,847,579.84 3,259,065.52
II. Cash flows arising from investing activities:
Cash received from recovering investment 215,188.65 152,102,277.68
Cash received from investment income
Net cash received from disposal of fixed, intangible and other long-term
840,414.80
assets
Net cash received from disposal of subsidiaries and other units
Other cash received concerning investing activities
Subtotal of cash inflow from investing activities 215,188.65 152,942,692.48
Cash paid for purchasing fixed, intangible and other long-term assets 128,695,710.16 65,533,240.27
Cash paid for investment
Net increase of mortgaged loans
Net cash received from subsidiaries and other units
Other cash paid concerning investing activities
44
深圳市深宝实业股份有限公司 2013 半年度报告全文
Subtotal of cash outflow from investing activities 128,695,710.16 65,533,240.27
Net cash flows arising from investing activities -128,480,521.51 87,409,452.21
III. Cash flows arising from financing activities
Cash received from absorbing investment
Including: Cash received from absorbing minority shareholders’ investment
by subsidiaries
Cash received from loans 160,000,000.00 145,000,000.00
Cash received from issuing bonds
Other cash received concerning financing activities 2,723,285.23
Subtotal of cash inflow from financing activities 160,000,000.00 147,723,285.23
Cash paid for settling debts 80,000,000.00 153,000,000.00
Cash paid for dividend and profit distributing or interest paying 1,525,749.99 3,039,716.43
Including: Dividend and profit of minority shareholder paid by subsidiaries
Other cash paid concerning financing activities 100,000.00 500,000.00
Subtotal of cash outflow from financing activities 81,625,749.99 156,539,716.43
Net cash flows arising from financing activities 78,374,250.01 -8,816,431.20
IV. Influence on cash and cash equivalents due to fluctuation in exchange
-1,356,574.53 3,151.01
rate
V. Net increase of cash and cash equivalents -63,310,425.87 81,855,237.54
Add: Balance of cash and cash equivalents at the period -begin 372,922,024.47 436,842,717.15
VI. Balance of cash and cash equivalents at the period -end 309,611,598.60 518,697,954.69
Legal representative: Zheng Yuxi
Person in charge of accounting works: Wang Zhiping
Person in charge of accounting institution: Xu Qiming
6. Cash Flow Statement of parent company
Prepared by Shenzhen Shenbao Industrial Co., Ltd
In RMB
Items Current period Last period
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing labor services 1,200,000.00 1,192,862.90
Write-back of tax received
Other cash received concerning operating activities 43,471,525.75 126,209,411.56
Subtotal of cash inflow arising from operating activities 44,671,525.75 127,402,274.46
Cash paid for purchasing commodities and receiving labor service 21,341,175.13 79,699.32
Cash paid to/for staff and workers 7,764,120.82 7,395,526.26
Taxes paid 1,193,024.76 1,339,488.17
45
深圳市深宝实业股份有限公司 2013 半年度报告全文
Other cash paid concerning operating activities 3,755,169.07 7,502,361.90
Subtotal of cash outflow arising from operating activities 34,053,489.78 16,317,075.65
Net cash flows arising from operating activities 10,618,035.97 111,085,198.81
II. Cash flows arising from investing activities:
Cash received from recovering investment 152,102,277.68
Cash received from investment income
Net cash received from disposal of fixed, intangible and other long-term
115,000.00
assets
Net cash received from disposal of subsidiaries and other units
Other cash received concerning investing activities
Subtotal of cash inflow from investing activities 152,217,277.68
Cash paid for purchasing fixed, intangible and other long-term assets 51,953,960.00 1,947,919.14
Cash paid for investment 503,497,641.88
Net cash received from subsidiaries and other units
Other cash paid concerning investing activities
Subtotal of cash outflow from investing activities 51,953,960.00 505,445,561.02
Net cash flows arising from investing activities -51,953,960.00 -353,228,283.34
III. Cash flows arising from financing activities
Cash received from absorbing investment
Cash received from loans 105,000,000.00 130,000,000.00
Cash received from bond issuance
Other cash received concerning financing activities 1,977,263.06
Subtotal of cash inflow from financing activities 105,000,000.00 131,977,263.06
Cash paid for settling debts 50,000,000.00 100,000,000.00
Cash paid for dividend and profit distributing or interest paying 979,000.00 2,071,163.95
Other cash paid concerning financing activities
Subtotal of cash outflow from financing activities 50,979,000.00 102,071,163.95
Net cash flows arising from financing activities 54,021,000.00 29,906,099.11
IV. Influence on cash and cash equivalents due to fluctuation in exchange
-291,042.56
rate
V. Net increase of cash and cash equivalents 12,394,033.41 -212,236,985.42
Add: Balance of cash and cash equivalents at the period -begin 55,033,726.34 399,181,994.57
VI. Balance of cash and cash equivalents at the period -end 67,427,759.75 186,945,009.15
Legal representative: Zheng Yuxi
Person in charge of accounting works: Wang Zhiping
Person in charge of accounting institution: Xu Qiming
46
深圳市深宝实业股份有限公司 2013 半年度报告全文
7. Consolidated Statement on Changes of Owners' Equity
Prepared by Shenzhen Shenbao Industrial Co., Ltd
Current period
In RMB
Current period
Owners' equity attributable to the parent company
Items
Minority’s Total owners’
Less: General
Paid-up capital Capital Reasonable Surplus equity equity
Treasury risk Retained profit Others
(Share capital) reserves reserve reserves
Stock provision
I. Balance at the end of last year 250,900,154.00 568,510,912.82 40,071,736.73 104,733,870.63 41,953,986.34 1,006,170,660.52
Add: Changes of accounting policy
Error correction of the last period
Others
II. Balance at the beginning of this year 250,900,154.00 568,510,912.82 40,071,736.73 104,733,870.63 41,953,986.34 1,006,170,660.52
III. Increase/ Decrease in this year (Decrease
-56,114,998.01 1,459,017.01 -54,655,981.00
is listed with'"-")
(i) Net profit -5,934,967.21 1,459,017.01 -4,475,950.20
(ii) Other consolidated income
Subtotal of (i)and (ii) -5,934,967.21 1,459,017.01 -4,475,950.20
(III) Owners' devoted and decreased capital
1. Owners' devoted capital
2. Amount calculated into owners' equity paid
in shares
3. Others
(IV)Profit distribution -50,180,030.80 -50,180,030.80
1. Withdrawal of surplus reserves
2. Withdrawal of general risk provisions
47
深圳市深宝实业股份有限公司 2013 半年度报告全文
3. Distribution for owners (shareholders) -50,180,030.80 -50,180,030.80
4. Others
(V) 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. Others
(VI) Reasonable reserve
1. Withdrawal in this period
2. Usage in this period
(VII) Other
IV. Balance at the end of the report period 250,900,154.00 568,510,912.82 40,071,736.73 48,618,872.62 43,413,003.35 951,514,679.52
Last year
In RMB
Last year
Owners' equity attributable to the parent company
Items
Minority’s Total owners’
Less: General
Paid-up capital Capital Reasonable Surplus equity equity
Treasury risk Retained profit Others
(Share capital) reserves reserve reserves
Stock provision
I. Balance at the end of last year 250,900,154.00 568,700,222.51 32,464,033.34 37,812,102.74 889,876,512.59
Add: retroactive adjustment arising from
enterprise consolidation under the same
control
Add: Changes of accounting policy
Error correction of the last period
Others
48
深圳市深宝实业股份有限公司 2013 半年度报告全文
II. Balance at the beginning of this year 250,900,154.00 568,700,222.51 32,464,033.34 37,812,102.74 889,876,512.59
III. Increase/ Decrease in this year
-189,309.69 7,607,703.39 66,921,767.89 41,953,986.34 116,294,147.93
(Decrease is listed with'"-")
(i) Net profit 74,529,471.28 -465,546.20 74,063,925.08
(ii) Other consolidated income -210,249.15 -210,249.15
Subtotal of (i)and (ii) -210,249.15 74,529,471.28 -465,546.20 73,853,675.93
(III) Owners' devoted and decreased capital 20,939.46 42,419,532.54 42,440,472.00
1. Owners' devoted capital 42,400,000.00 42,400,000.00
2. Amount calculated into owners' equity
paid in shares
3. Others 20,939.46 19,532.54 40,472.00
(IV)Profit distribution 7,607,703.39 -7,607,703.39
1. Withdrawal of surplus reserves 7,607,703.39 -7,607,703.39
2. Withdrawal of general risk provisions
3. Distribution for owners (shareholders)
4. Others
(V) 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. Others
(VI) Reasonable reserve
1.Withdrawal in this period
2.Usage in this period
(VII) Other
49
深圳市深宝实业股份有限公司 2013 半年度报告全文
IV. Balance at the end of the report period 250,900,154.00 568,510,912.82 40,071,736.73 104,733,870.63 41,953,986.34 1,006,170,660.52
Legal representative: Zheng Yuxi
Person in charge of accounting works: Wang Zhiping
Person in charge of accounting institution: Xu Qiming
8. Statement on Changes of Owners' Equity of Parent Company
Prepared by Shenzhen Shenbao Industrial Co., Ltd
Current period
In RMB
Current period
Items Less:
Paid-up capital (Share Reasonable Surplus General risk Total owners’
Capital reserves Treasury Retained profit
capital) reserve reserves reserve equity
Stock
I. Balance at the end of last year 250,900,154.00 583,300,472.29 40,071,736.73 201,943,846.44 1,076,216,209.46
Add: Changes of accounting policy
Error correction of the last period
Others
II. Balance at the beginning of this year 250,900,154.00 583,300,472.29 40,071,736.73 201,943,846.44 1,076,216,209.46
III. Increase/ Decrease in this year (Decrease is listed
-58,020,903.20 -58,020,903.20
with'"-")
(i) Net profit -7,840,872.40 -7,840,872.40
(ii) Other consolidated income
Subtotal of (i)and (ii) -7,840,872.40 -7,840,872.40
(III) Owners' devoted and decreased capital
1. Owners' devoted capital
2. Amount calculated into owners' equity paid in
shares
50
深圳市深宝实业股份有限公司 2013 半年度报告全文
3. Others
(IV) Profit distribution -50,180,030.80 -50,180,030.80
1. Withdrawal of surplus reserves
2. Withdrawal of general risk reserve
3. Distribution for owners (shareholders) -50,180,030.80 -50,180,030.80
4. Others
(V) 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 reserves
4. Others
(VI) Reasonable reserve
1. Withdrawal in this period
2. Usage in this period
(VII) Other
IV. Balance at the end of the report period 250,900,154.00 583,300,472.29 40,071,736.73 143,922,943.24 1,018,195,306.26
Last year
In RMB
Last year
Items Less:
Paid-up capital (Share Reasonable Surplus General risk Total owners’
Capital reserves Treasury Retained profit
capital) reserve reserves reserve equity
Stock
I. Balance at the end of last year 250,900,154.00 583,510,721.44 32,464,033.34 133,474,515.96 1,000,349,424.74
Add: Changes of accounting policy
Error correction of the last period
51
深圳市深宝实业股份有限公司 2013 半年度报告全文
Others
II. Balance at the beginning of this year 250,900,154.00 583,510,721.44 32,464,033.34 133,474,515.96 1,000,349,424.74
III. Increase/ Decrease in this year (Decrease is listed
-210,249.15 7,607,703.39 68,469,330.48 75,866,784.72
with'"-")
(i) Net profit 76,077,033.87 76,077,033.87
(ii) Other consolidated income -210,249.15 -210,249.15
Subtotal of (i)and (ii) -210,249.15 76,077,033.87 75,866,784.72
(III) Owners' devoted and decreased capital
1. Owners' devoted capital
2. Amount calculated into owners' equity paid in
shares
3. Others
(IV) Profit distribution 7,607,703.39 -7,607,703.39
1. Withdrawal of surplus reserves 7,607,703.39 -7,607,703.39
3. Withdrawal of general risk reserve
3. Distribution for owners (shareholders)
4. Others
(V) 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 reserves
4. Others
(VI) Reasonable reserve
3. Withdrawal in this period
4. Usage in this period
52
深圳市深宝实业股份有限公司 2013 半年度报告全文
(VII) Other
IV. Balance at the end of the report period 250,900,154.00 583,300,472.29 40,071,736.73 201,943,846.44 1,076,216,209.46
Legal representative: Zheng Yuxi
Person in charge of accounting works: Wang Zhiping
Person in charge of accounting institution: Xu Qiming
53
深圳市深宝实业股份有限公司 2013 半年度报告全文
III. Company profile
1. Historical development of the Company
Shenzhen Shenbao Industrial Co., Ltd. (formerly named Shenzhen Shenbao Canned Food Company), obtained
approval (Document (1991) No.978) from Shenzhen Municipal People’s Government to change to the present
name as at 1 August 1991. Then with the approval (Document (1991)No.126) from People’s Bank of China, the
Company began to list on Shenzhen Stock Exchange.
The Company initially issued 107,312,935 shares in the stock exchange. In 1992, one bonus share was dispatched
for each 10 shares held by its shareholders, thus totally 10,731,290 shares were increased. In 1993, one bonus
share and one allotted share were dispatched for each 10 shares held by its shareholders, thus totally 20,878,845
shares were increased. Sequent, one bonus share was dispatched for each 10 shares held by shareholders upon the
basis of total share capital as at the end of 1996, and capitalizing of capital reserves was carried out at one to ten
basis, thus totally 27,784,614 shares were increased. In 2001, based on the total share capital as at the end of 1999,
3 shares were allotted for each 10 shares held by shareholders, and totally 15,215,404 shares were allotted. The
registered capital of the Company amounts to RMB181, 923,088.00.
On 22 June 2011, the Company privately offering 68,977,066 shares of RMB ordinary share (A share) to target
investors with issuing price of RMB 8.70 each while book value of RMB 1.00. Total monetary capital RMB
600,100,474.20 was raised. Change procedures of industrial and commerce has completed on 12 July 2011. Register
capital of the Company changed as RMB 250,900,154.00.
Registed address of the Company: South 20/F, Education Technology Mansion, Zhuzilin, Futian District,
Shenzhen, P.R. China; license No.: 440301103223954
2. Nature of business
The Company belongs to the manufactuing industry of beverage and refined tea.
3. Business scope
Main business scope including: production of tea, tea products, extract of tea and natural plant, canned food,
beverage and native products ( business license for the production place should apply separately); technology
development and technology service of tea, plant products, soft beverage and foods; info tech development and
supporting service; e-business; invesetment, operation, management and development of tea plantation;
investment in industrial projects (apply separately for detail projects); domestic trading(excluding special sales,
specific control and exclusive commodity); prepackaged food (excluding reheating prepackaged food); wholesales
(in non-physical way); import and export business; engaged in real estate development and operation in the land
legally obtained; lease and sales of the self-owned property and property management.‖ (as for the projects
subject to examination and approval regulated by the state laws, administrative regulations and state council,
approval should be obtained before operation)
4. Main products and labor service
The Company mainly engaged in the products of tea series of ―Jindiao‖ brand including instant tea power and tea
concentrate; rock tea of ―Xing Jiu‖ serial; ―Jufangyong‖ longjing green tea; ―Gutan‖ red tea and serials of ―Fu Hai
Tang‖; seasoning series under ―Sanjing‖ brand include oyster sauce, olive vegetable, and soy; beverages series
under ―Shenbao‖ brand include daisy tea, lemon tea, and wax gourd tea etc.
5. Basic structure of the Company
The highest authority organ of the Company is general meeting, and general manager take charge of the Company
under the board. Based on the needs for business development, the Company set function departments like office
of the Board, office of General Manager, HR department, financial management department, investment
development department, brand planning department, caffeine deep processing division, R&D center, inspection
office and internal audit department etc.
54
深圳市深宝实业股份有限公司 2013 半年度报告全文
IV. Major accounting policy, accounting estimation and prior-period errors correction
1. Basis of preparation of financial statements
Based on continuing operation, the Company conducts recognition and measurement according to actual
occurrence of transactions and issues, pursuant to the Accounting Standard for Business Enterprise -Basic
Standard and No.38 detailed accounting principle issued by the ministry of finance on 15 February 2006 as well
as the application guidance for the accounting principles for enterprise, interpretation to the accounting principles
for enterprise and other related requirements (hereinafter referred to as Accounting Standard for Business
Enterprise) later issued by the ministry of finance, as well as the Information Disclosure Preparation Rules for
Company Public Issuing Securities No.15-General Rules for Financial Report (amended in 2010) of the CSRC.
And financial report is prepared on such basis.
2. Statement for observation of Accounting Standard for Business Enterprise
The financial statements prepared by the Company are in accordance to requirements of Accounting Standard for
Enterprise, which truly and completely reflect the information related to financial position, operational results and
cash flow of the Company.
3. Accounting period
One accounting period falls to the range starting from Gregorian calendar of 1 January to 31 December.
4. Standard 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)Business combination under the same control
As for the business combination under the same control, assets and liabilities acquired by the acquirer in such
business combination shall be measured under their book value as at the combination date. As for the difference
between the book value of net assets acquired by the acquirer and the book vale of combination consideration paid
(or aggregate carrying value of shares issued), it is used to adjust capital reserve. If capital reserve is insufficient
to off set, then the retained earnings shall be adjusted.
In case that the accounting policies of acquiree differ from that of the Company, the Company shall make
adjustment under its own accounting policies as at the combination date, on the basis of which, to make
recognition according to enterprise accounting principles.
(2)Business combination not under the same control
As for the business combination not under the same control, combination costs shall be the fair value of assets
paid, liabilities occurred or assumed and equity securities issued by the acquirer for the purpose of acquiring the
control over the acquiree on the purchase date.
As for the business combination not under the same control realized through several exchange transactions step by
step, related accounting treatment shall be conducted based on individual financial statement and combined
financial statement:
(1)in individual financial statement, book value of the equity investment held in the acquiree prior to the
acquisition date and the new investment cost of the acquisition date shall be the initial investment cost of this
investment; if the equity investment held in the acquiree prior to the acquisition date involves other
comprehensive income, such comprehensive income related to this investment (i.e. change of fair value of
financial assets available for sale which is recorded in capital reserve) shall be transferred to current investment
income.
(2) In combined financial statement, the equity investment held in the acquiree prior to the acquisition date shall
be re-measured under its fair value as at the acquisition date; difference between the fair value and its book value
shall be recorded in current investment income. If the equity investment held in the acquiree prior to the
acquisition date involves other comprehensive income, such comprehensive income related to this investment
shall be transferred to current investment income as of the acquisition date.
55
深圳市深宝实业股份有限公司 2013 半年度报告全文
The intermediate expenses occurred by acquirer for business combination such as audit, legal service and
appraisal consultation expenses and other related management expenses shall be recorded in current gains and
losses when occurred; the trading expenses for such equity securities or debt securities issued by acquirer as
combination consideration shall be recorded in initial recognition amount of the equity securities or debt
securities.
Goodwill is realized by acquirer as for the difference between the combination cost and the fair value of the
recognizable net assets of the acquiree acquired by acquirer in such business combination. In case that the above
cost is less than the above fair value even with re-review, then the difference shall be recorded in current gains
and losses.
6. Methods for preparation of consolidated financial statements
(1) Methods for preparation of consolidated financial statements
The consolidation scope of the consolidated financial statements of the Company is fixed on the basis of control,
and all subsidiaries have been consolidated.
The accounting policies and accounting period adopted by the subsidiaries taken into account of the consolidation
scope are in line with the Company. If it is not the same as the Company, necessary adjustments will be made
when preparing consolidated financial statements according to the accounting policy and accounting period of the
Company.
Based on the financial statements of the Company and its subsidiaries, the Company prepares the consolidated
financial statements by reference to other related information after adjustment in its long-term equity investments
to subsidiaries by equity method.
When consolidating financial statements, the Company shall offset all effects upon consolidated balance sheet,
consolidated profit statement, consolidated cash flow statement and consolidated statement of changes in equity
arising from the internal transactions between the Company and each subsidiary and between various subsidiaries.
Concerning the balance between the current losses shared by minority shareholders of subsidiaries exceeding the
proportion shared by those shareholders in beginning owners’ equity of those subsidiaries, the balance shall be
used to offset minority equity.
During the report period, beginning amounts in consolidated balance sheet shall be subject to adjustment if
business combination under the same control results in additional subsidiaries; income, expense and profit of such
subsidiaries occurred during the whole consolidation period shall be accounted into consolidated profit statement;
and the cash flow of subsidiaries occurred during the whole consolidation period shall be accounted into
consolidated cash flow statement.
During the report period, beginning amounts in consolidated balance sheet is not subject to adjustment if business
combination not under the same control results in additional subsidiaries; income, expense and profit of such
subsidiaries occurred during the period commencing from purchase day to the end of reporting year shall be
accounted into consolidated profit statement; and the cash flow of such subsidiaries occurred during the period
commencing from purchase day to the end of reporting year shall be accounted into consolidated cash flow
statement.
During the report period, if the Company disposes subsidiaries, then the income, expense and profit of the
subsidiaries occurred during the period commencing from period-begin to the disposal day shall be written into
consolidated profit statement; and cash flow arising during such period of such subsidiaries shall be written into
consolidated cash flow statement.
In case that a company losses control over the original subsidiary due to disposal of certain equity investment or
other reasons, then in combined financial statement, the remaining equities shall be re-measured based on its fair
value as at the date when the control is lost. The sum between the consideration received from equity disposal and
fair value of the remaining equity less the net assets of the original subsidiary entitled by the company calculated
under the previous shareholding proportion on a continuing basis since the acquisition date shall be recorded in
investment income of the period when the control is lost. Other comprehensive income related to equity
56
深圳市深宝实业股份有限公司 2013 半年度报告全文
investment in original subsidiary shall be transferred to current investment income when the control is lost.
(2)Disclosure of related accounting method for buy-and-resell or sell-and-repurchase of equities in the same
subsidiary within two successive accounting years
7. Recognition standards for cash and cash equivalents
When preparing cash flow statement, the Company recognized the stock cash and deposits available for payment
at any time as cash, and investments featuring with the following four characters at the same time as cash
equivalents: short term (expire within 3 months commencing from purchase day), active liquidity, easy to convert
to already-known cash, and small value change risks.
8. Foreign currency business and the conversion of foreign currency statement
(1) Foreign currency business
For the foreign currency business, the Company converts the foreign currency into RMB for book-keeping based
on spot exchange rate at date of trading occurred.
Balance of foreign currency monetary items shall be converted based on the spot rate as at the balance sheet date,
and the arising exchange difference shall be recorded in current gains and losses other than those arising from the
special foreign currency borrowings related to purchasing assets qualifying for capitalization which is treated
under the principle of borrowing expense capitalization. As for the foreign currency non-monetary items measured
in historical cost, conversion is still conducted with the spot rate as at the transaction date, without any change to
its functional currency. As for the foreign currency non-monetary items measured in fair value, conversion is
conducted with the spot rate as at the date for determination of fair value, and the arising exchange difference
shall be recorded in current gains and losses or capital reserve.
(2) Translation of foreign currency statement
9. Financial instruments
Financial instruments include financial assets, financial liabilities and equities instruments.
(1) Categories of financial instruments
According to the purposes held for financial assets and liabilities, the management categorizes them into: financial
assets or financial liabilities at fair value through current gains and losses, including transactional financial assets
or financial liabilities; held-to-maturity investment; accounts receivable; financial assets available for sale; other
financial liabilities, etc.
(2) Recognition evidence and measurement methods for financial instruments
(1) Financial assets (financial liabilities) at fair value through current gains and losses
Such assets bear initial recognition amounts at fair value (after deduction of cash dividends declared but not
granted yet or bond interests which arrives at settlement moment but not collected yet) when being obtained, and
relevant transaction expense falls into current gains and losses.
Interests or cash dividends acquired during holding are recognized as investment income, and movement of fair
value is recorded in current gains and losses as at year end.
When disposing such assets or liabilities, the Company shall recognize the difference between fair value and
initial booking amount as investment income, and gains and losses from movements of fair value shall be subject
to adjustment at the same time.
(2) Held-to-maturity investment
Held-to-maturity investment bears initial recognition amount at aggregate of fair value (after deduction of bond
interests which arrives at settlement moment but not collected yet) and relevant transactional expenses when being
obtained.
When holding such investments, interest income is calculated and recognized according to remaining amortized
cost and effective interest rate, and then written into investment income. Effective interest rate is recognized when
obtaining such investments, and not subject to change during the expected duration period or applicable shorter
57
深圳市深宝实业股份有限公司 2013 半年度报告全文
period.
When disposing such investments, the Company shall treat the balance between the payment for obtaining such
investments and carrying value thereof as investment income.
(3)Account receivables
As for the creditor’s right receivables arising from commodity sales or labor service provision and the creditor’s
right arising from holding debt instruments of other companies (excluding those which have quotation on active
market) such as account receivables, other receivables, note receivables, account paid in advance and long term
account receivables, the initial recognition amount shall be determined based on the contract or agreement amount
receivable from the purchaser. If such creditor’s right has financing nature, then initial recognition shall be made
based on its present value.
Difference between the amount received from recover or disposal and the book value of the account receivables
shall be recorded in current gains and losses.
(4) Financial assets available for sale
Financial assets available for sale bear initial recognition amount at aggregate of fair value (after deduction of
cash dividends declared but not granted yet or bond interests which arrive at settlement moment but not collected
yet) and relevant transactional expenses when being obtained.
Interests or cash dividends acquired during holding are recognized as investment income. They will be measured
at fair value and movements of their fair values shall be recorded in capital reserve (other capital reserve) at year
end.
When disposing such assets, the Company shall treat the balance between the payments for obtaining such
financial assets and carrying value thereof as investment gains and losses; meanwhile, the amounts
correspondingly disposed due to accumulative movements of fair value originally recorded in owners’ equity
directly shall be reversed out and recorded in investment gains and losses.
(5) Other financial liabilities
Other financial liabilities bear initial recognition amount at aggregate of fair value and relevant transactional
expenses. Subsequent measurement is conducted at amortized cost.
(3) Confirmation evidence and measurement methods for transfer of financial assets
When transfer of financial assets occurs, the Company shall stop recognition of such financial assets if all risks
and remunerations related to ownership of such financial assets have almost been transferred to the receiver; while
shall continue to recognize such financial assets if all risks and remunerations related to ownership of such
financial assets have almost been retained.
When judging whether or not the aforesaid terminal recognition condition for financial assets is arrived at for
transfer of financial assets, the Company generally adopts the principle that substance overweighs format. The
Company divides such transfer into entire transfer and part transfer. As for the entire transfer meeting condition
for discontinued recognition, balance between the following two items is recorded in current gains and losses:
(1)Carrying value of financial assets in transfer;
(2)Aggregate of the consideration received from transfer and accumulative movements of fair value originally
recorded in owners’ equity directly (applicable when financial assets involved in transfer belong to financial assets
available for sale).
As for the part transfer meeting condition for discontinued recognition, entire carrying value of financial assets in
transfer is shared by discontinued recognition part and continued recognition part, in light of their respective fair
value. Balance between the following two items is recorded in current gains and losses:
(1)Carrying value of discontinued recognition part;
58
深圳市深宝实业股份有限公司 2013 半年度报告全文
(2)Aggregate of the consideration of discontinued recognition part and amount of such part attributable to
accumulative movements of fair value originally recorded in owners’ equity directly (applicable when financial
assets involved in transfer belong to financial assets available for sale).
Financial assets are still subject to recognition if transfer of such assets doesn’t satisfy the condition for
discontinued recognition. And consideration received is recognized as financial liability.
(4) De-recognition condition for financial liability
As for the financial liabilities with its whole or part present obligations released, the company shall de-realize
such financial liabilities or part of it. if the company enters into agreement with its creditor to substitute for the
existing financial liabilities by means of assuming new financial liabilities, then the company shall de-realize the
existing financial liabilities and realize the new financial liabilities provided that the contract clauses of the new
and the existing financial liabilities are different in substance.
If the company makes substantial amendment to the whole or part contract clauses of the existing financial
liabilities, it shall de-realize the existing financial liabilities or part of it. Meanwhile, the financial liabilities with
amendment to its clauses shall be realized as new financial liabilities.
In case of derecognizing of financial liabilities in whole or part, the difference between the carrying value of such
de-realized financial liabilities and consideration paid (including the non-cash assets exchanged or new financial
liabilities assumed) shall be recorded in current gains and losses.
In case that the company repurchases part of financial liabilities, based on the comparative fair value of the
continuing recognition part and the derecognizing part, the company shall allocate the carrying value of the
financial liabilities in whole on the repurchase date. Difference between the carrying value allocated to the
derecognizing part and the consideration paid (including the non-cash assets exchanged or new financial liabilities
assumed) shall be recorded in current gains and losses.
(5)Determination method for fair value of financial assets and financial liabilities
As for the financial assets and financial liabilities measured by fair value and in case that there are active market
for those assets and liabilities, then the fair value shall be determined based on the quotation on active market; in
case that there are no such active market for financial assets and financial liabilities, the fair value shall be
determined by evaluation technology (including by reference to the price adopted by the willing parties who are
familiar with the situation in their latest market transaction, by reference to the prevailing fair value of other
financial instruments which are the same in substance, cash flow discount method and option pricing pattern); as
for the financial assets initially acquired or financial liabilities assumed, their fair value are determined based on
the market transaction prices.
(6)Testing method for impairment of financial assets (excluding account receivables) and provision of
impairment reserve
The company reviews the carrying value of the financial assets (excluding those measured by fair value and the
change thereof is recorded in current gains and losses) on the balance sheet date, if there is objective evidence
showing impairment of the financial assets, it shall provide impairment reserve.
(1) Impairment reserve of financial assets available for sale:
If the financial assets available for sale experience great decline as to its fair value at the period end, or it is
predicted that the decline trend is not temporary after taking into account various factors, the assets would be
deemed as impaired. The accumulative losses arising from decrease of fair value which shall be originally
recorded in owners’ equity directly shall be transferred out and realize impairment losses.
(2) Impairment reserve of held-to-maturity investment:
As for the held-to-maturity investment, if there is objective evidence showing impairment of the investment,
impairment loss shall be realized according to the difference between the carrying value and the present value of
the predicted future cash flow; if there is evidence showing that the value has been recovered after the provision,
then the impairment loss previously realized can be transferred back and recorded in current gains and losses,
provided that the carrying value transferred back shall not exceed the amortized cost of the financial assets as at
the transfer-back date assuming no impairment reserve has ever been provided.
59
深圳市深宝实业股份有限公司 2013 半年度报告全文
(7)As for reclassification of un-matured held-to-maturity investments into financial assets available for sale,
please explain the holding purposes or references for change of ability
10. Recognition standards and accrual method for bad debt provision for accounts receivable
Accounts receivable refer to trade receivables and other receivables.
The Company adopts the following standards for recognition of bad debt: ①debts which can not be collected by
settlement with bankruptcy properties or heritage of debtors who face revoke, bankruptcy or death, and cash flow
is in serious shortage; ②debts which are past due while not settled by debtors and featured with obvious
characteristics indicating that it is not able to collect. Account receivable is recognized as bad debt losses if there
are obvious evidences indicating that the accounts are not possible to collect, and the provision of bad debt reserve
shall then be offset.
The Company adopts allowance method to calculate bad debt reserve which is likely to happen.
(1) Account receivable with single significant item and withdrawal bed debt provision separately
Amount occupied 10 percent (including 10 percent) of the
Determine basis or amount standards for single significant amount
balance of account receivable.
Conducted impairment testing separately, balance between
withdrawal method for account with single significant amount and the present value of future cash flow and its carrying value,
withdrawal single item bad debt provision bad debt provision withdrawal and reckoned into current
gains/losses.
(2) Accounts whose bad debts provision was accrued by combination
Methods on withdrawal of
Combination bad debt provision based on Basis for combination recognized
combination
Account receivable with bad Account receivable without impairment occurred after testing
debt provision accrued by age Age analysis
combination independently
In combination, accounts whose bad debts provision was accrued by age analysis:
√ Application □ Not application
Withdrawal proportion for account Withdrawal proportion for other account receivable
Aging
receivable (%) (%)
Within one year (one year
0% 0%
included)
1－2 years 5% 5%
2－3 years 10% 10%
Over 3 years 15% 15%
3－4 years 15% 15%
4－5 years 15% 15%
Over 5 years 15% 15%
In combination, withdrawal proportion of bad debt provision based on balance proportion:
□Applicable √Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods:
60
深圳市深宝实业股份有限公司 2013 半年度报告全文
□Applicable √Not applicable
(3) Accounts with single significant amount and bad debts provision accrued individually
Existence of objective evidence showing possible impairment, such as withdrawal,
Reasons for provision of bad debt reserve bankruptcy or death of debtor, debt can not be recovered or insufficient cash flow
after settlement with the bankruptcy property or heritage.
As for the account receivables where objective evidence shows impairment may
Provision method of bad debt reserve occur, it shall be separated from the related group and conduct impairment test
individually, thus to realize impairment losses.
11. Inventories
(1) Classification
1. Classification of inventories: the inventories of the Company mainly comprise of inventory commodities,
delivered commodities, unfinished products, raw materials, package materials, low-value consumables and
entrusted process materials, develop cost, planned development land, developed products as well as leasing
developed products.
(2) Calculation method of inventory
Calculation method: Weighted Average
Inventories are priced at costs when purchased or delivered to stock, and by weighted average method when
delivered out from stock
(3) Recognized standards of the net realizable value for inventory and withdrawal method on provision of
inventory
After inventory at period-end, the inventories are accounted depending on which is lower between the cost and the
net realizable value or adjusted the provision of inventory.
The net realizable value of finished goods, products and sellable materials, in normal business production, is
measured as the residual value after deducting the estimated sales expense and related taxes and fees from the
estimated selling price; the net realizable value of an item of inventories subject to further processing, in normal
business production, is measured as the residual value after deducting the sum of the estimated costs of
completion, sales expense and related taxes and fees from the estimated selling price of the sellable item. The net
realizable value of the quantity of inventories held to satisfy firm sales or service contracts is based on the contract
price. If the sales contracts are for less than the inventory quantities held, the net realizable value of the excess is
based on general selling prices.
An impairment allowance, if any, is generally individually recognized for each type of inventories at period-end
except: For an individual impairment allowance, if any, is recognized for the whole category of inventories of low
value and large quantities; and for an individual impairment allowance, if any, is recognized for a group of
inventories, which are held for the production and sales of products of a single territory and for identical or similar
usages or purposes, and which are indistinguishable from other types of inventories within the group.
If the previous factors resulting in deduction of inventories values disappear, then such deduction of value shall be
reversed back from the original provision of inventory depreciation reserve, and turns to current gains and losses.
(4) Inventory system
Inventory system is the perpetual inventory system.
(5) Amortization of low-value consumables and packaging materials
Low-value consumables: divide second amortize method
Adopt amortization method for low-value consumables;
Packing materials: one-off amortization method
Packing materials are recorded in production cost at once when being received.
12. Long-term equity investment
(1) Recognition of investment cost
(1) Long-term equity investment formed from business combination under the same control: if the Company takes
cash payment, transfers non-cash assets or undertakes debts and issues equity securities as consideration for
combination, the share of carrying value of owner's equity of the merged party on the merger date shall be taken
as the initial investment cost for such long-term equity investment. Capital reserve is subject to adjustment at
61
深圳市深宝实业股份有限公司 2013 半年度报告全文
difference between the initial investment cost and combination consideration paid for the long-term equity
investment; or otherwise adjust retained profit if the capital reserve is not enough for offset. Each direct expense
related to business combination, among other things, the audit fee, valuation expense and law service expense
paid for business combination shall be written into current gains and losses upon happening. If there has
consolidation financial statements in merged party, determined initial investment cost of long-term equity
investment, and based on owners’ equity of consolidated financial statements on merged date of the merged party.
Long-term equity investment formed from business combination not under the same control: the combination cost
is the asset given, liabilities occurred or undertaken by the Company for obtaining controlling power, and the fair
value of equity securities issued. And various related expenses occurred directly for business combination,
including auditing charge, legal service, evaluation consultancy and other agency charges paid by business
combination as well as relevant administration expenses should be reckoned into current gains/losses during
which they are incurred. As for those expenses from issuance of equity securities or debt securities by
combination consideration, reckoned into initial recognized amount for equity securities or debt securities.
The enterprise achieved amalgamation under different control systematically through multiple transactions should
distinguish the individual financial statements and combined financial statement and handle relevant accounts:
In the individual financial statements, the sum of book value of equity investment held by the acquiree before the
date of purchase and the newly increased investment cost on the date of purchase should be taken as the initial
investment cost of this investment, and the stock rights held by the acquiree before the date of purchase related to
other consolidated income should be transformed into the current investment income with other relevant
consolidated income (for example, the part of fair value change of financial assets available for sale reckoned in
the capital reserve, similar hereinafter) when disposing this investment.
In the combined financial statement, the stock rights held by the acquiree before the date of purchase should be
calculated again according to the fair value on the date of purchase, the balance between the fair value and its
book value should be reckoned in the current investment income. The stock rights held by the acquiree before the
date of purchase and related to other consolidated income should be transformed into the current investment
income with other relevant consolidated income and other consolidated income related to it should be transformed
into the current investment income on the date of purchase. In the combination contract, those that make
convention for the future events which may affect the combined cost and those that estimate the future events
are likely to take place on the date of purchase and the amount affecting the combine cost can be calculated
reliably should also be included in the combined cost.
(2) Long-term equity investments obtained through other ways
For long-term equity investments obtained through payment with cash, then the actual payment shall be viewed as
initial investment cost.
For long-term equity investments obtained through issuance of equity securities, then the fair value of such
securities shall be viewed as initial investment cost.
For long-term equity investments input by investors, then the value agreed in investment contract or agreement
(after deduction of cash dividend or profit declared while not granted yet) shall be viewed as initial investment
cost, while excluding the value agreed in contract or agreement is not fair valued.
Under the precedent condition that non-monetray assets exchanges are featured with commercial nature and fair
values of exchange-in or exchange-out assets can be reliably measured, long-term equity investment exchange-in
through non-monetary assets exchange shall be recognized with initial investment cost on the basis of the fair
value of the assets exchange-out, unless there is obvious evidence showing that fair value of exchange-in assets is
more reliable; as for non-monetray assets exchanges not satisfying such precedent condition, initial investment
cost of exchange-in long-term equity investment falls to the carrying value of exchange-out assets and relevant
taxes payable.
For long-term equity investments obtained through debt reorgnization, its initial investment cost is recognized
based on fair value.
62
深圳市深宝实业股份有限公司 2013 半年度报告全文
(2) Subsequent measurement and recognition of gains and losses
(1) Subsequent measurement:
As for long-term equity investment made by the Company to its subsidiaries, calculation is conducted by cost
method, while equity method is adopted for adjustment when preparing consolidated financial statements.
Cost method is used for calculation when the Company has no common control or significant influence over the
invested units. Besides, such long-term equity investments have no quotation in an active market and their fair
values can’t be reliably measured.
Equity method is used for calculation when the Company has common control or significant influence over the
invested units. When initial investment cost is higher than the share of fair value of net realizable assets of the
invested unit, then the initial investment cost of the long-term equity investment remains with no adjustment;
while if the aforesaid former is lower than the later, then difference shall be recorded in current gains and losses.
Disposal of other changes in owners’ equity (except for changes in net gains and losses) of the invested units: for
other changes in owners’ equity (except for changes in net gains and losses) of the invested units, with
shareholding proportion held constant, the Company computers how much it should share or undertake according
to the shareholding proportion, adjusts carrying value of such long-term equity investment and increase or
decrease capital reserve (other capital reserve) at the same time. In period of investment held, if invested units
provide consolidated financial statements, should calculated base on consolidated financial statement, net profit
and other changes of investment.
(2) Recognition of gains and losses
Under cost method for recognition of gains & losses, other than payment actually paid for obtaining investment or
cash dividend or profit included in consideration which has been declared while not granted yet, the Company
recognizes investment income according to its share in the cash dividend or profit declared for grant by the
invested unit.
Under equity method, investment enterprise should recognized net profit of invested unit after adjustment, based
on fair value of vary identifiable assets of invested unit while obtained investment, while recognized net profit or
net losses of invested units that should be enjoy by investment enterprise; the transaction gains/losses attributable
to investment enterprise, internally occurred between investment enterprise, affiliated units and joint-ventures
should calculated by proportion of shares-holding which should be offset, than recognized investment gains/losses;
when the Company is confirmed to share losses of the invested units, the following order shall prevail for disposal:
first of all, offset carrying value of long-term equity investment. Second, for long-term equity investment whose
carrying value is not enough for offset, investment loss should be continued to recognize within the limit of
carrying value of other long-term equity which substantially forms net investment to invested units, to offset
carrying value of long-term items receivable. At last, after the aforesaid treatment, if enterprise still bears
additional duties according to investment contract or agreement, projected liabilities are recognized in accordance
to the the obligations which are expected to undertake, and then recorded in current gains and losses.
In the event that the invested unit realizes profit in later periods, the Company will adopt disposal adversed to the
above order after deduction the unrecognized share of loss, i.e. write off the carrying value of the recognized
projected liabilities, recover carrying value of long-term equity which substantially forms net investment to
invested unit and long-term equity investment, and recognize investment income at the same time.
(3) Evidence showing common control and significant influence with invested units
Common control over certain economic activity agreed by contract only exist when investors who need to share
control power on material financial and operation decisions related to such economic activity make unanimous
agreement, and then it is deemed as common control implemented by other parties to invested unit; if a party has
power to join decision-making related to finance and operation of an enterprise, while no ability of control or joint
control with other parties upon establishement of such decisions, the party is then deemed that it has significant
influence upon invested unit.
(4) Impairment testing and withdrawal of the impairment
For long-term equity investment with no significant influence, no quotation in active market and whose fair value
could not be reliably measured, its impairment reserve is recognized based on the balnce between its carrying
63
深圳市深宝实业股份有限公司 2013 半年度报告全文
value and present value recognized through discounted future cash flow of similar financial assets at the
prevailing market rate of return.
For other long-term equity investments (except for goodwill) formed from business combination where
impairment signs appear, if the measurement on the recoverable amount shows that the recoverable amount of
such long-term equity investment is lower than its fair value, then the difference is recognized as impairment loss.
Long-term equity investment calculated base on cost, take depreciation into consideration for long-term equity
investment after recognized investment income from cash bonus or profit distribution announced by the invested
units.
As for goodwill formed from business combination, impairment testing will be made each year, no matter whether
or not there is impairment indication.
Once impairment loss is recognized for long-term equity investment, there will be no stand for any reversal.
13. Investment real estate
Investment real estate is defined as the real estate with the purpose to earn rent or capital appreciation or both,
including the rented land use rights and the land use rights which are held and prepared for transfer after
appreciation, the rented buildings.
The investment property of the Company is accounted at its cost. Cost of investment property purchased from the
external sources includes purchase payment, related taxes and other expenditures which can be directly
attributable to such assets; Cost of investment property constructed by the Company comprise of the necessary
expenditure occurred during the construction for reaching the condition of planned use.
The Company adopts cost method for subsequent measurement of investment property. As for the investment
property measured at cost method – buildings for lease are depreciated under the policies which are the same as
fixed assets, and land use right for lease are amortized under the policies which are the same as intangible assets.
When use of investment property changes to be used by the company itself, the company shall transfer the
investment property to fixed assets or intangible assets since the change date. When use of the self-use real estate
changes for earning rental or capital appreciation, the company shall transfer the fixed assets or intangible assets
to investment property since the change date. For such transfer, the carrying value prior to the transfer is deemed
to be the value accounted after the transfer.
For those where impairment indication exists, the company estimates the recoverable amount. Where the
recoverable amount is less than its carrying value, the company shall realize related impairment losses.
As for investment property, once impairment loss is realized, it shall not be written back.
The company would de-realize investment property when the same is disposed or out of use forever and no
economic benefit would be obtained from such disposal. The disposal income from sale, transfer, dump or destroy
of investment property less its carrying value and related taxes is recorded in current gains and losses.
14. Fixed asset
(1) Recognition of fixed assets
Fixed assets is defined as the tangible assets which are held for the purpose of producing goods, providing
services, lease or for operation & management, and have more than one year of service life. Fixed assets should be
recognized for qualified the followed conditions at the same time:
(1) It is probable that the economic benefits associated with the assets will flow into the Company; and
(2) The cost of the assts can be measured reliably.
(2) Basis of deciding the fixed assets from financing rental and its calculation
(3) Depreciation on various fixed assets
Fixed assets are withdrawal by classification on the age average basis, according to the categories, predicted
64
深圳市深宝实业股份有限公司 2013 半年度报告全文
service life and predicted net salvage, depreciation was recognized.
Depreciation terms and annual depreciation ratio for vary fixed assets are as:
Categories Depreciation term(year) Salvage value Annual
depreciation ratio
Buildings: Consistenc– Production buildings 35-year 5% 2.71%
–Non-production 40-year 5% 2.38%
buildings
Temporary buildings 9-year 5% 10.56%
Machinery equipment 12-year 5% 7.92%
Transportation facility 9-year 5% 10.56%
Other equipment 6-year 5% 15.83%
(4) Impairment test on fixed asset and providing of impairment provision
Judging the fixed assets at each period-end for probably evidence of impairment exists.
If evidence of impairment has been found on fixed assets, evaluate its recoverable value. The recoverable value
was determined by the higher one between the amount of fair value of the fixed assets minors the net amount after
disposal expenses and the current value of predicted cash flow in future of the fixed assets.
While the recoverable amount of the fixed assets lower its carrying value, the carrying value should be reduced
counted as recoverable amount. The reduced amount recognized as impairment losses for fixed assets reckoned
into current gains and losses and withdrawal relevant impairment losses for fixed assets.
After the impairment losses being recognized, depreciation of the impairment on fixed assts should be adjusted
correspondingly in future period. And during the rest of service life, the fixed assts should be amortized the book
value of fixed assts (with predicted net salvage deducted) after adjustment systematically.
Once fixed asset impairment is recognized, it shall not be written back in subsequent fiscal periods.
When evidence showing that impairment has occurred, the recoverable value shall be assessed.
Assessment of recoverable value is based on individual asset. If the recoverable value was hard to evaluate
separately, it shall be decided along with the group of assets it belongs to.
(5) Other explanation
15. Construction in process
(1) Category of construction in process
Construction in process is calculated at categorized initiated projects.
(2) Standard and point of time for construction in process carrying forward to fixed assets
Fixed asset is booked with the entire expenditures occurred in the construction in process till it arrives at predicted
state for use. For those constructions in process of fixed assets which have already arrived at the predicted state
for use, while still with absence of completion settlement, they shall be carried forward to fixed assets at the
estimated value based on engineering budget, construction cost or actual cost commencing from the date of arrival
of the predicted state for use. Meanwhile, they shall be also subject to the depreciation policies applicable to fixed
assets of the Company for provision of depreciation. Once completion settlement is made, the original temporary
estimated value shall be adjusted at the effective cost. However, the original provision of depreciation remains
unchanged.
(3) Methods of impairment testing and provision of impairment reserve for construction in process
The Company makes judgment at end of each year on whether there is indication showing that impairment is
65
深圳市深宝实业股份有限公司 2013 半年度报告全文
likely to happen in construction in process.
In case of existence of impairment indication in construction in process, the recoverable amount thereof shall be
estimated. And the recoverable amount is confirmed at fair value of construction in process less the higher of net
amount after disposal expense and present value of predicted future cash flow of such construction in process.
In the event that the recoverable amount of construction in process is lower than its carrying value, then the
carrying value shall be reduced to the recoverable amount, and the reduced part is recognized as impairment loss
of such construction in process through current gains and losses. Meanwhile, corresponding impairment reserve
for construction in process shall be provided.
Once impairment loss is recognized in construction in process, it will not be reversed in subsequent accounting
periods.
Should be there any indication showing possible impairment of one item construction in process, enterprise will
estimate its recoverable amount based on the single construction in process. If enterprise has difficulty in
estimating recoverable amount of such single construction in process, it shall turn to estimation of the recoverable
amount of the assets portfolio to which such single construction in process belongs.
16. Borrowing expenses
(1) Recognition of the borrowing expenses capitalization
Borrowing expenses that attributed for purchasing or construction of assets that are complying with capitalizing
conditions start to be capitalized and counted as relevant assts cost; other borrowing expenses, reckoned into
current gains and losses after expenses recognized while occurred.
Assets satisfying the conditions of capitalization are those assets of fixed, investment real estate etc. which need a
long period of time to purchase, construct, or manufacturing before becoming usable.
Capitalizing for borrowing expenses by satisfying the followed at same time:
(1) Assets expense occurred, and paid as expenses in way of cash, non-cash assets transfer or debt with interest
taken for purchasing, constructing or manufacturing assets that complying with capitalizing condition;
(2) Borrowing expenses have occurred;
(3) Necessary activities occurred for reaching predicted usable statues or sale-able status for assets purchased,
constructed or manufactured.
(2) Period of capitalization
Capitalizing period was from the time star capitalizing until the time of suspended capitalization. The period for
borrowing expensed suspended excluded in the period.
If purchasing, construction, or manufacturing process of an asset satisfying the conditions of capitalization
reached its predicted usable status or sale-able status, capitalization suspended for borrowing expenses.
If purchasing, construction, or manufacturing process of an asset satisfying the conditions of capitalization
completed projects and usable independently for part of the projects, borrowing expenses for this kind of assts
shall suspended capitalization.
If the assets have been completed in every part, but can be reached the useful status or sale-able status while
completed entirely, the borrowing expense shall be suspended for capitalization while the assets completely
finished in whole.
66
深圳市深宝实业股份有限公司 2013 半年度报告全文
(3) Period of suspended
If purchasing, construction, or manufacturing process of an asset satisfying the conditions of capitalization is
suspended abnormally for over 3 months, capitalizing of borrowing expenses shall be suspended; the suspended
assets that satisfying the conditions of capitalization meets the necessary procedure of reaching predicted usable
status or sellable status, capitalizing of borrowing expenses shall be resumed. The borrowing expenses occurred
during the period of suspended shall reckon into current gains and losses until the purchasing, construction, or
manufacturing process is resumed for capitalizing.
(4) Calculation for capitalization amount
Interest expenses practically occurred at the current term of a special borrowing are capitalized after deducting of
the bank saving interest of unused borrowed fund or provisional investment gains
Capitalization amounts of common borrowings are decided by the weighted average of exceeding part of
accumulated asset expenses over the special borrowing assets multiply the capitalizing rate of common
borrowings adopted. Capitalization rates are decided by the weighted average of common borrowings.
For those expenses with discount or premium, determined the amortizable discount or premium in every fiscal
year by effective interest method, than adjusted interest amount in every period
17. Biological assets
1. Classification and measurement
Biological assets of the Company refer to the productive biological assets with initial measurement by cost. The
actual expenses occur before reached its predicted production purpose for productive biological assets recognized
as cost; the subsequent expenditure occurred after reached its predicted production purpose for productive
biological assets counted into current gains and losses.
2. Withdrawal method on depreciation of biological assets
Biological assets of the Company refer to the tea plants. For those productive biological assts that reached it’s
predicted productive purpose, withdrawal depreciation by average age method. The service life was determined by
the residual terms of the residual term of land use after deducting the un-maturity period (5-year) of the tea plants
with 5 percent salvage value calculated. Reviewing the service life, predicted salvage vale and depreciation
method at year-end, if there have difference between the predicted number and original estimated number or have
major changes on way of profit earning, than adjusted the service life or predicted salvage value or depreciation
method as account estimation variation.
3. Depreciation reserves on biological assets
At every end of the year, examine the productive biological assets, if there have evidence showing that the net
realizable vale of revocable amount for productive biological assets lower its book value, than depreciation
provision recognized by the losses provision of productive biological assts withdrawal and reckoned into current
gains and losses; Once productive biological assets impairment loss was recognized, shall not be written back in
subsequent fiscal periods.
18. Intangible assets
(1) Measurement
(1) Intangible assets are initially measured at cost while obtained.
For those intangible assets purchased from outside, the purchase value, relevant taxes and other payments
attributable to predicted purpose obtained should recognized as cost for this assts. For those purchased amount
that paid overdue exceeded the normal credit condition, owns financing natures actually, the cost should be
recognized based on the current value while purchased
As for the intangible assets acquired from the debtor in debt restructuring for the purpose of settlement of debt, the
fair value of the intangible assets shall be based to determine the accounting value. The difference between the
carrying value of restructured debt and the fair value of the intangible assets use for settlement of debt shall be
recorded in current gains and losses.
With the preceding conditions that non-monetary assets exchange has commerce nature and the fair value of the
assets exchanged in or out can be measured reliably, the intangible assets exchanged in through non-monetary
67
深圳市深宝实业股份有限公司 2013 半年度报告全文
assets exchange are accounted at the value based on the fair value of assets exchanged out, unless there is obvious
evidence showing the fair value of assets exchanged in is more reliable; for non-monetary assets exchange not
qualifying for the preceding conditions, the carrying value of assets exchanged out and related taxes payable shall
be viewed as the cost of intangible assets exchanged in, without recognition of gains and losses.
Intangible assets obtained by means of enterprise mergered under common control, recognized book-keeping
value by the book value of mergered party; Intangible assets obtained by means of enterprise mergered under
different control, recognized book-keeping value by the its fair value.
For those cost of intangible assets development internally including: the used materials, labor cost and register
charge for development; amortization for other patent and concession used and interest expense satisfying the
capitalization condition during process of development; other directly expense before reached its predated useful
purpose.
(2) Subsequent measurement
Analysis and determined the service life for intangible assts while obtained.
Those intangible assets with limited useful life are evenly amortized on straight basis from the date when they
become useable to the end of expected useful life; for those intangible assts without limited useful life predicted,
amortized nothing due to intangible assts without certain service life.
(2) Particular about the estimation on intangible assets with limited service life
Items Predicted useful life Basis
Amortized the actual rest of life after certificate of Certificate of land use
Land use right
land use right obtained right
Manufacture technology for Actual situation of the
20-year
patent Company
At end of report term, revising will be performed on the useful life of intangible assets with limited useful life and
the methods of amortizing.
Being revised, the useful life of intangible assets and amortization method at period-end shows the same as
previous
Items Predicted useful life Basis
Amortized the actual rest
Land use right of life after certificate of Certificate of land use right
land use right obtained
Manufacture technology
20-year Actual situation of the Company
for patent
(3) Basis for intangible assets without certained service life:
No intangible assts without certain service life has been found in the period-end for the Company.
(4) Accrual of impairment provision for intangible assets
For those intangible assets with certain service life, conducting impairment testing at period-end if there has
clearly evidence of impairment.
Concerning the intangible assets without certain service life, conducted impairment testing at every end of the
term.
Estimated the revocable amount for those intangible assets with impairment testing conducted. The recoverable
amount was determined by the higher one between the net amount resulted from fair value for intangible assets
minor disposal expenses and current value of the predicted future cash flow.
If the recoverable amount lower its book value, than the book value shall reckoned as recoverable amount. The
minor amount recognized as depreciation losses for intangible assets reckoned into current gains and losses. And
68
深圳市深宝实业股份有限公司 2013 半年度报告全文
withdrawal relevant impairment reserves for intangible assets.
After impairment loses recognized, adjusted correspondingly in future period for depletion or amortized expenses
of intangible assets depreciated, make sure that the book value (with predicted salvage value deduction) of
intangible assets should systematically amortized after adjustment in rest of the service life of intangible assets.
Once intangible asset impairment loss was recognized, shall not be written back in subsequent fiscal periods.
When evidence showing that impairment has occurred, estimated its recoverable amount by individual assets. If
the recoverable value was hard to evaluate separately, it shall be decided along with the group of assets it belongs
to.
(5) Detail standard for classification on research stage and exploitation stage
Research stage: stage of the investigation and research activities exercising innovative-ness for new science or
technology knowledge obtained and understanding.
Exploitation stage: stage of the activities that produced new or material advance materials, devices and products
that by research results or other knowledge adoption in certain plan or design before the commercial production or
usage.
The expenditure of the research stage in R&D project internally shall reckon into current gains and losses while
occurred.
(6) Standards for capitalization satisfaction of expenditure in exploitation state
Intangible assets recognized for expenditure in exploitation stage by satisfying the followed at same time:
(1) Owes feasibility in technology and completed the intangible assets for useful or for sale;
(2) Owes the intention for completed the intangible assets and for sale purpose;
(3) Way of profit generated including: show evidence that the products generated from the intangible assets owes
a market or owes a market for itself; if the intangible assets will use internally, than show evidence of useful-ness;
(4) Possess sufficient technique, financial resources and other resources for the development of kind of intangible
assets and has the ability for used or for sale;
(5) The expenditure attributable to the exploitation stage for intangible assets could be measured reliably.
19. Long-term expenses to be amortized
Long-term expense is amortized at straight line method, averagely during the beneficial period.
20. Accrual liability
Concerning the lawsuit, debt guarantee, deficit contract and restructuring events involved, if fulfilling of the
responsibility may lead to assets payment or labour provide and the amount can be measured reliably, than accrual
liability shall be recognized.
(1) Recognition of accrual liabilities
Responsibilities connected to contingent issues and satisfied all of the following conditions are recognized as
accrual liabilities:
(1) The responsibility is a current responsibility undertaken by the Company;
(2) Fulfilling of the responsibility may lead to financial benefit outflow;
(3) The responsibility can be measured reliably for its value.
(2) Measurement
Accrual liabilities shall conduct initial measurement by best estimation of expenditures needed by fulfillment of
current responsibilities.
While determined the best estimation, take the risks, uncertainty and periodic value of currency that connected to
the contingent issues into consideration.
For major influence from periodic value of currency, determined best estimation after discount on future relevant
cash out-flow.
69
深圳市深宝实业股份有限公司 2013 半年度报告全文
Treatment for best estimation:
If the expenditure has a continuous range, and with similar possibility within the range, the best estimation should
determined by the middle value within the range, that is the average amount between the up and low limit.
If the expenditure has no continuous range, or has a continuous range but with different possibility within the
range, the possibility amount shall determined as the best estimation while single events involved by contingency;
if many events were involved by contingency, the best estimation shall be determined by various results and
relevant probability.
If the expenses for clearing of predictive liability is fully or partially compensated by a third party, and the
compensated amount can be definitely received, it is recognized separated as asset. Though the compensated
amount shall not greater than the book value of the predictive liability
21. Income
(1) Recognition of the income from commodity sales
When main risks and rewards attached to the ownership of goods have been transferred to the buyer, reserved
neither continuous management power nor effective control over the goods, incoming payment can be measured
reliably, relative financial benefit possibly inflow to the company, cost occurred or will occur can be reliably
measured, sales income of goods is recognized.
(2) Basis on use right income for transaction assets
Financial benefit attached to the contract is possibly inflow to the company; Overall income of the contract can be
measured reliably. Determined the use right income for transaction assts respectively as followed:
(1) Amount of interest income: determined by the time and effective interest rate of the currency capital used by
other people.
(2) Amount of income from use: determined by the charge time and calculation method agreed in the relevant
contract or agreement.
(3) Recognition of the income from labor service providing
(4) Basis and methods on completion while determined income of labor provided and income of construct
contracts by percentage of completion
When the results of construct contracts can be reliably estimated, income and costs are recognized at the
percentage of completion at the balance sheet day. Percentage of completion of the construction contracts are
decided by estimation of completed work and other whole work.
Total labor income provided determined by the amount of contract or agreement received or receivable except the
un-fair contract and agreement. At balance sheet date, recognized current labor income provided by the amount
resulted from the total labor income provided multiplied by the amount of completion process after accumulative
labor income confirmed in previously accounting period deduction; meanwhile, transferred current labor cost by
amount of completion process after accumulative labor income confirmed in previously accounting period
deduction.
If the results of construction contract are not able to reliably estimated at balance sheet date, treatment as:
(1) Labor cost occurred expected to be compensated; recognized labor income by amount of labor cost occurred
and transferred labor cost at same amount.
(2) Labor cost occurred un-expected to be compensated, reckoned the labor cost occurred into current gains and
losses without labor income recognized.
22. Government grants
(1) Type
Governments grants of the Company refer to the monetary and non-monetary assets obtained from government
for free, and are divided into those related to assets and others related to revenues
(2) Accounting method
Government grants in relation to purchase of long-term assets such as fixed assets or intangible assets shall be
70
深圳市深宝实业股份有限公司 2013 半年度报告全文
recognized as deferred income, and are recorded in non-operating income according to service life of such
constructed or purchased assets by installments;
Government grants in relation to revenues, shall be recognized as deferred income upon acquisition and recorded
in current non-operating income during the periods in which relevant expenses are recognized when such grants
are for the purposes of compensating relevant expenses or losses of an enterprise in future periods; and shall be
directly credited to current non-operating income upon acquisition when such grants are for the purposes of
compensating occurred relevant expenses or losses of an enterprise.
23. Deferred income tax assets and deferred income tax liabilities
(1) Reference for recognition of deferred income tax assets
Under the limit of the taxable income which is very likely to be obtained by the Company for use of offsetting
deductible temporary difference, the Company recognizes the deferred income tax assets arising from such
deductible temporary difference.
(2) Reference for recognition of deferred income tax liabilities
The Company recognizes taxable temporary difference of current and prior periods which should have been taxed
while not paid yet as deferred income tax liabilities, while other than the temporary differences formed from
transactions constituted by combination of goodwill and non-enterprises, meanwhile, such transactions bring no
affect on accounting profit and taxable income when happening.
V. Taxes
1. Major taxes and rates applicable to the Company
taxes Basis Rate
Base on sales of commodity or sales of
VAT 17%
taxable labor service provided
Business tax Base on sales 5%
Urban maintenance and 5% or 7% of the turnover taxes (5% applicable in Wuyuan,
Levied by payable turnover taxes
construction tax 7% applicable for other regions except Wuyuan)
enterprise income tax Base on payable income tax 15% or 25%
Rate of income tax in vary subsidiary and plants
Name of company Note Rate of enterprise income tax
for year of 2013
The Company --- 25%
Shenzhen Shenbao Huacheng Science and Technology Co.,Ltd. (Shenbao Wholly-owned 15%
Huacheng )* subsidiary
Including: Shantou Branch of Shenbao Huacheng(Huacheng Shantou) Branch of Shenbao 25%
Huacheng
Jufangyong Tea Industry Co., Ltd. in Wuyuan County (Wuyuan Jufangyong) Wholly-owned 25%
subsidiary
Shenzhen Shenbao Sanjing Food & Beverage Development Co., Ltd. Wholly-owned 25%
(Shenbao Sanjing) subsidiary
Huizhou Shenbao Technologies Co., Ltd. (Huizhou Shenbao Technologies) Wholly-owned 25%
subsidiary
Shenzhen Shenbao Properties Management Co., Ltd. (Shenbao Properties) Wholly-owned 25%
subsidiary
Shenzhen Shenbao Industrial & Trading Co., Ltd. (Shenbao Industrial & Wholly-owned 25%
Trading) subsidiary
Hangzhou Ju Fang Yong Holding Co., Ltd. (Hangzhou Ju Fang Yong) Wholly-owned 25%
subsidiary
Fujian Mount Wuyi Shenbao Yuxing Tea Co., Ltd. (Shenbao Yuxing) Controlling 25%
subsidiary of
Hangzhou Ju Fang
Yong
Shenzhen Shenbao Technology Center Co., Ltd. (Technology Center) Wholly-owned 25%
subsidiary
Zhejiang Shen Shenbao Wafa Tea Co., Ltd. (Shen Shenbao Huafa) Controlling 25%
subsidiary
71
深圳市深宝实业股份有限公司 2013 半年度报告全文
2. Tax preferential and approvals
Shenbao Huacheng, a wholly-owned subsidiary of the Company, has been granted High-tech Enterprise
Certification (No. GF201144200112) jointly promulgated by Shenzhen Technology & Information Bureau,
Bureau of Finance of Shenzhen, Shenzhen Municipal Bureau of State Taxation and Shenzhen Municipal Bureau
of Local Taxation as at the date of 7 March 2012. Such certificate was released on 3 November 2011, with a valid
term of 3 years. With relevant preferential policies adopted by the State in favor of high-tech enterprises, all
qualified high-tech enterprises are able to enjoy the lower income tax rate of 15% for collection of enterprise
income tax, capable for 3 years commencing from the year when they are deemed as qualified. Shenbao
Huacheng has favored from this preferential policy from 2011 to 2013.
72
深圳市深宝实业股份有限公司 2013 半年度报告全文
VI. Business combination and consolidated financial statements
1. Particular about subsidiary
(1) Subsidiaries obtained by establishment or investment
In RMB
The balance
after the parent
company’s
The owner’s equity
sum of writing down
Other money the excess of
balance of in the current loss
items minority undertaken by
Actual
constitute Proportion Proportion equity minority
Place of Nature of Register investment Consolidation Minority
Subsidiaries Type Business scope net of shares of voting which is shareholders of
registration business capita amount at or not equity
investment held(%) right(%) used to eth subsidiary
period-end
in write over the share
subsidiary down enjoyed by
actually the minority
minority shareholders in
interest the original
owners’ equity
of the
subsidiary
Shenzhen Production and Yes
Shenbao sales of
Huacheng Wholly-owned Shenzhen Manufacture 15,345.13 concentrated tea 168,551,781.80 100%
Science and juice and instant
Technology tea powder
73
深圳市深宝实业股份有限公司 2013 半年度报告全文
Co.,Ltd
Tea, nature Yes
plants, extract of
tea and nature
plants; planting
Jufangyong
and export
Tea Industry
&import of
Co., Ltd. in Wholly-owned Wuyuan Manufacture 29,000.00 292,804,134.35 100%
tea; agricultural
Wuyuan
products and
County *1
native products;
acquisition,
processing and
sales
Import &Export Yes
Shenzhen
business, normal
Shenbao
cargo
Sanjing Food
Wholly-owned Shenzhen Manufacture 3,015.00 transportation; 80,520,842.36 100%
& Beverage
wholesale of
Development
pre-packaging
Co., Ltd
food products
Industrial Yes
Huizhou
investment,
Shenbao
property
Science & Wholly-owned Huizhou Comprehensive 6,000.00 60,000,000.00 100%
management and
Technology
trading
Co., Ltd.
domestically
Shenzhen Management of Yes
Property
Shenbao Wholly-owned Shenzhen 500.00 self-owned 5,000,000.00 100%
management
Properties properties
74
深圳市深宝实业股份有限公司 2013 半年度报告全文
Management
Co., Ltd. *2
Shenzhen Yes
Shenbao
Commercial Commercial
Industrial & Wholly-owned Shenzhen 550.00 5,500,000.00 100%
wholesale wholesale
Trading Co.,
Ltd.
wholesales and Yes
retails: tea sets;
acquisition: teas
need for sales in
the Company
(purchased
limited to
original
producer in first
industry);
Hangzhou Ju
service:
Fang Yong
Wholly-owned Hangzhou Comprehensive 17,500.00 investment of tea 176,906,952.42 100%
Holding Co.,
enterprise and
Ltd.
assets
management,
technology
development on
tea and its
products;
technology
development and
consultant on tea
cultivation and
75
深圳市深宝实业股份有限公司 2013 半年度报告全文
feeding;
technology
service, result
transfer
Technology Yes
development,
Shenzhen consultant,
Development,
Shenbao transfer and
consultant and
Technology Wholly-owned Shenzhen 5,400.00 inspection 54,676,764.11 100%
transfer of
Center Co., service for tea,
technology
Ltd. plant products,
soft drinks and
foods
Technology Yes
development,
Zhejiang consultant,
Shen transfer and
Sheng Export trading
Shenbao Controlling 5,800.00 inspection 30,000,000.00 51.72% 30,038,320.89
Zhou of tea
Wafa Tea service for tea,
Co., Ltd. plant products,
soft drinks and
foods
wholesales and
Fujian Mount retail of
Wuyi prepackaged
Tea plantation,
Mount
Shenbao Controlling production and 4,000.00 food (tea 20,700,000.00 51.75% Yes 13,374,682.46
Wuyi
sales
Yuxing Tea included) and
Co., Ltd.*3 bulk food (tea
included)
76
深圳市深宝实业股份有限公司 2013 半年度报告全文
Shenzhen
Shenbao
(Liaoyuan)
Not operating
Industrial Controlling Shenzhen --- 237.80 57,628.53 53.5%
officially
Company
(―Shenbao
Liaoyuan‖)*4
Explanation on subsidiaries obtained by establishment or investment:
*1: Jufangyong Tea Industry Co., Ltd. in Wuyuan County—95.72% equity was held by the Company while Shenbao Huacheng, wholley-owned subsidiary of the Company holds 4.28% equity;
*2: Shenzhen Shenbao Properties Management Co., Ltd.—51.00% equity was held by the Company, while Shenbao Sanjing, wholley-owned subsidiary of the Company holds 49% equity;
*3: Fujian Mount Wuyi Shenbao Yuxing Tea Co., Ltd.-- being considered and approved at the 7th meeting of the 1st board of Hangzhou Jufangyong, it was agreed to transfer in the 30.38%
equities of Shenbao Yuxing held by Fujian Wuyishan Yuxing Tea Leaf Co., Ltd. at the price of RMB4.80 million, and increase capital contribution to Shenbao Yuxing with cash RMB15.90
million. After the capital increase, the registered capital of Shenbao Yuxing amounted to RMB40 million, among which, RMB20.70 million was contributed by Hangzhou Jufangyong
(representing 51.75% equities), RMB14.40 million was contributed by Fujian Wuyishan Yuxing Tea Leaf Co., Ltd. (representing 36% equities), RMB4.90 million was contributed by Xingjiu
Tea Co., Ltd. (representing 12.25% equities). As at 31 December 2012, Hangzhou Jufangyong and Fujian Wuyishan Yuxing Tea Leaf Co., Ltd. made the contribution in full, and the
contribution amount of RMB35.10 million was verified by the capital verification report (DHYZ(2012)No.098) issued by Da Hua Certified Public Accountants. As of 30 June 2013, Xingjiu Tea
Co., Ltd. making a price of its intellectual property (trademark right), which has been evaluated, as RMB 4.9 million for investment in place, and the capital was verify by the verification report
Da Hua Yan Zi.[2013] No.: 000198 issued from Da Hua Certified Public Accountant. Register capital of Shenbao Yuxing RMB 40 million has in place.
*4: Shenzhen Shenbao (Liaoyuan) Industrial Company-- the company has been established for a long time, while it has never conducted normal operation. Therefore, the industry & commerce
authorities have withdrawn the business license. The Company has already provided long-term investment impairment reserve for the investment in the company in full. The financial statements
of the company were not consolidated.
77
深圳市深宝实业股份有限公司 2013 半年度报告全文
VII. Notes to main items of consolidated financial statements
1. Monetary fund
In RMB
Closing amount Opening amount
Items translation translation
Foreign currency RMB Foreign currency RMB
rate rate
Cash: -- -- 250,670.64 -- -- 134,145.48
RMB -- -- 246,187.41 -- -- 129,582.17
HKD 4,860.00 0.7966 3,871.23 4,860.00 0.8108 3,940.73
USD 99.05 6.1787 612.00 99.05 6.2855 622.58
Bank deposit: -- -- 309,347,206.11 -- -- 372,787,878.99
RMB -- -- 280,103,789.67 -- -- 328,874,214.89
HKD 13,326.72 0.7966 10,615.42 13,326.38 0.8108 10,805.69
EUR 1.13 8.0533 9.10
USD 4,731,220.47 6.1787 29,232,791.92 6,984,785.02 6.2855 43,902,858.41
Other monetary funds: -- -- 613,721.85 -- -- 500,000.00
RMB -- -- 613,721.85 -- -- 500,000.00
Total -- -- 310,211,598.60 -- -- 373,422,024.47
Separate explanation on accounts with restriction in utilization, deposition aboard or has potential
recovery risks due to pledge, mortgage or forzen
The restricted monetary fund details are as follows:
Type of notes Closing balance Opening balance
Guarantee deposit 500,000.00 500,000.00
Alipay margin 100,000.00
Total 600,000.00 500,000.00
* Other monetary fund at period-end refers to the guarantee deposit from Shenbao Huacheng,
wholly-owned subsidayr of the Company, and alipay margin from Hangzhou Ju Fang Yong was
deducted in the cash and cash equivalent at period-end while prepare the cash flow statement
2. Transaction financial assets
(1) Transaction financial assets
In RMB
Items Fair value at period-end Fair value at period-begin
78
深圳市深宝实业股份有限公司 2013 半年度报告全文
Transactional equity instrument investment 208,500.00
Total 208,500.00
3. Accounts receivable
(1) Account receivable classified according to categories
In RMB
Closing amount Opening amount
Type Book balance Bad debt provision Book balance Bad debt provision
Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) Amount Ratio (%)
Account receivable of bad debt provision withdrawal by combination
Account receivable
withdrawal bad debt 124,770,65 106,125,1
86.55% 722,429.60 0.58% 84.55% 722,429.60 0.68%
provision by age 3.08 84.23
combination
124,770,65 106,125,1
Subtotal of group 86.55% 722,429.60 0.58% 15.45% 722,429.60 0.68%
3.08 84.23
Account receivable with
single minor amount but 19,391,001. 19,391,001. 19,391,00 19,391,001.7
13.45% 100% 15.45% 100%
withdrawal bad debt 77 77 1.77 7
provision for single item
144,161,65 20,113,431. 125,516,1 20,113,431.3
Total -- -- -- --
4.85 37 86.00 7
Statement on category of explanation on account receivables
Account receivables represent account receivables and other receivables.
The Company realizes bad debt under the following standards: ①due to withdrawal, bankruptcy
or death of debtor, debt can not be recovered or insufficient cash flow after settlement with the
bankruptcy property or heritage; ②debtor can’t perform his debt obligations within the time limit,
and there is obvious characteristics showing that the debt can’t be recovered. As for the account
receivables where there is obvious evidence showing that it is impossible to recover the same, the
account receivables shall be realized as bad debt losses, and the bad debt reserve provided shall be
written off accordingly.
The Company calculates the possible bad debt loss by allowance method.
1. Account receivables with significant amount of single item and bad debt reserve provided
item by item
Standards for realization of account receivables with significant amount of single item and bad
debt reserve provided item by item:
Specific standards for single item with significant amount: account for 10% (10% included) of the
balance of account receivables.
Provision method for bad debt reserve of account receivables with significant amount of single
79
深圳市深宝实业股份有限公司 2013 半年度报告全文
item: conduct impairment test individually, provide bad debt reserve based on the difference
between the present value of predicted future cash flow and its carrying value, and recorded in
current gains and losses.
2. Account receivables with bad debt reserve provided under aging groups
(1) The group belongs to account receivables which are not impaired after individual test.
(2) Provision method for the group: bad debt reserve is provided under aging method, with
provision standards as follows:
Age Withdrawal proportion of account Withdrawal proportion of other account
receivable receivable
Within 1 year(Including 1 year) 0% 0%
1-2years(Including 2 years) 5% 5%
2-3years(Including 3 years) 10% 10%
Above 3 years 15% 15%
3. Account receivables without significant amount of single item and bad debt reserve
provided item by item
Grounds for provision of bad debt reserve item by item: there is objective evidence showing it
maybe impaired. For example, due to withdrawal, bankruptcy or death of debtor, debt can not be
recovered or insufficient cash flow after settlement with the bankruptcy property or heritage.
Provision method for bad debt reserve: as for the account receivables which maybe impaired
proven by objective evidence, the account shall be separated from the related group and
experience individual impairment test, and realize impairment losses.
Account receivable with single major amount and withdrawal bad debt provision for single item at
period-end
□Application √Not-application
In the combination, account receivable withdrawal bad debt provision by age combination
√ Application □ Not-application
In RMB
Closing amount Opening amount
Age Book balance Book balance
Bad debt provision Bad debt provision
Amount Ratio (%) Amount Ratio (%)
Within 1 year
Including: -- -- -- -- -- --
subtotal within 1
119,357,038.22 82.8% 100,711,569.37 80.24%
year
1-2years 821,172.61 0.57% 41,058.63 821,172.61 0.65% 41,058.63
2-3years 149,907.23 0.1% 14,990.72 149,907.23 0.12% 14,990.72
Above 3 years 4,442,535.02 3.08% 666,380.25 4,442,535.02 3.54% 666,380.25
3-4years 351,505.04 0.24% 52,725.76 351,505.04 0.28% 52,725.76
4-5years 1,715,879.98 1.19% 257,382.00 1,715,879.98 1.37% 257,382.00
80
深圳市深宝实业股份有限公司 2013 半年度报告全文
Above 5 years 2,375,150.00 1.65% 356,272.50 2,375,150.00 1.89% 356,272.50
Total 124,770,653.08 -- 722,429.60 106,125,184.23 -- 722,429.60
Account receivables provided for bad debt reserve under balance percentage method in the groups:
□ Application √ Not-application
Account receivables provided for bad debt reserve under other method in the groups:
□ Application √ Not-application
Account receivable with single minor amount but withdrawal bad debt provision for single item at
period-end
√ Application □ Not-application
In RMB
Withdrawal proportion
Account receivable Book balance Bad debt provision reasons
(%)
Account receivable with
over 3 years of minor 19,391,001.77 19,391,001.77 100% Minor possibility recover
possibility recovery
Total 19,391,001.77 19,391,001.77 -- --
(2) Account receivables due from the shareholders holding 5% or above voting shares of the
Company during the reporting period
In RMB
Closing amount Opening amount
Name Bad debt amount Bad debt amount
Book balance Book balance
withdrawal withdrawal
Shenzhen Agricultural Products
6,602.00
Co., Ltd.
Total 6,602.00
(3) The top 5 arrears in account receivables
In RMB
Relationship with the Proportion in total
Name of the unit Amount Life
Company account receivable (%)
Customers I Non-related party 26,863,172.92 Within 1 year 18.63%
Customers II Non-related party 22,357,286.49 Within 1 year 15.51%
Customers III Non-related party 10,746,061.77 Within 1 year 7.45%
Customers IV Non-related party 9,055,998.99 Within 1 year 6.28%
Customers V Non-related party 6,465,116.00 Within 1 year 4.48%
Total -- 75,487,636.17 -- 52.35%
81
深圳市深宝实业股份有限公司 2013 半年度报告全文
4. Other receivables
(1) Other account receivable classified according to categories
In RMB
Closing amount Opening amount
Categories Book balance Bad debt provision Book balance Bad debt provision
Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) Amount Ratio (%)
Other receivable of bad debt provision withdrawal by combination
Other account receivable
withdrawal bad debt 35,028,977.1 24,570,177.9
66.58% 2,319,010.67 6.6% 58.29% 2,319,010.67 9.44%
provision by age 7 3
combination
35,028,977.1 24,570,177.9
Subtotal of group 66.58% 2,319,010.67 6.6% 58.29% 2,319,010.67 9.44%
7 3
Other account receivable
with single minor
17,584,990.0 17,584,990.0 17,584,990.0
amount but withdrawal 33.42% 100% 41.71% 17,584,990.00 100%
0 0 0
bad debt provision for
single item
52,613,967.1 19,904,000.6 42,155,167.9
Total -- -- -- 19,904,000.67 --
7 7 3
Statement on category of explanation on other account receivables
Account receivables represent account receivables and other receivables.
The Company realizes bad debt under the following standards: ①due to withdrawal, bankruptcy
or death of debtor, debt can not be recovered or insufficient cash flow after settlement with the
bankruptcy property or heritage; ②debtor can’t perform his debt obligations within the time limit,
and there is obvious characteristics showing that the debt can’t be recovered. As for the account
receivables where there is obvious evidence showing that it is impossible to recover the same, the
account receivables shall be realized as bad debt losses, and the bad debt reserve provided shall be
written off accordingly.
The Company calculates the possible bad debt loss by allowance method.
1. Account receivables with significant amount of single item and bad debt reserve provided
item by item
Standards for realization of account receivables with significant amount of single item and bad
debt reserve provided item by item:
Specific standards for single item with significant amount: account for 10% (10% included) of the
balance of account receivables.
Provision method for bad debt reserve of account receivables with significant amount of single
item: conduct impairment test individually, provide bad debt reserve based on the difference
between the present value of predicted future cash flow and its carrying value, and recorded in
current gains and losses.
2. Account receivables with bad debt reserve provided under aging groups
82
深圳市深宝实业股份有限公司 2013 半年度报告全文
(1) The group belongs to account receivables which are not impaired after individual test.
(2) Provision method for the group: bad debt reserve is provided under aging method, with
provision standards as follows:
Age Provision percentage for accounts Provision percentage for other receivable
receivable
Within 1 year(Including 1 year) 0% 0%
1-2years(Including 2 years) 5% 5%
2-3years(Including 3 years) 10% 10%
Above 3 years 15% 15%
3. Account receivables without significant amount of single item and bad debt reserve
provided item by item
Grounds for provision of bad debt reserve item by item: there is objective evidence showing it
maybe impaired. For example, due to withdrawal, bankruptcy or death of debtor, debt can not be
recovered or insufficient cash flow after settlement with the bankruptcy property or heritage.
Provision method for bad debt reserve: as for the account receivables which maybe impaired
proven by objective evidence, the account shall be separated from the related group and
experience individual impairment test, and realize impairment losses.
Other account receivable with single major amount and withdrawal bad debt provision for single
item at period-end
□ Application √ Not-application
In combination, other account receivable withdrawal bad debt provision by age combination
√ Application □ Not-application
In RMB
Closing amount Opening amount
Book balance Book balance
Age
Ratio Bad debt provision Ratio Bad debt provision
Amount Amount
(%) (%)
Within 1 year
Including:
Subtotal within 1 year 17,357,293.39 32.99% 6,898,494.15 16.36%
1-2years 1,111,143.06 2.11% 55,557.15 1,111,143.06 2.64% 55,557.15
2-3years 4,412,551.72 8.39% 441,255.17 4,412,551.72 10.47% 441,255.17
Above 3 years 12,147,989.00 23.09% 1,822,198.35 12,147,989.00 28.82% 1,822,198.35
3-4years 2,294,838.66 4.36% 344,225.80 2,294,838.66 5.45% 344,225.80
4-5years 3,599,457.51 6.84% 539,918.63 3,599,457.51 8.54% 539,918.63
Above5years 6,253,692.83 11.89% 938,053.92 6,253,692.83 14.83% 938,053.92
Total 35,028,977.17 -- 2,319,010.67 24,570,177.93 -- 2,319,010.67
83
深圳市深宝实业股份有限公司 2013 半年度报告全文
Other receivables provided for bad debt reserve under balance percentage method in the groups:
□ Application √ Not-application
Other receivables provided for bad debt reserve under other method in the groups:
□ Application √ Not-application
Other account receivable with single minor amount but withdrawal bad debt provision for single
item at period-end
√ Application □ Not-application
In RMB
Withdrawal proportion
Other account receivable Book balance Bad debt provision Reasons
(%)
Other account receivable Formed due to history
17,584,990.00 17,584,990.00 100%
with over 3 years reasons, hard to recover
Total 17,584,990.00 17,584,990.00 -- --
(2) The top 5 amounts in other account receivables
In RMB
Relationship with the Portion in total other
Name of the unit Amount Age
Company receivables (%)
Changzhou Sanjing Oil
Related party 17,524,213.70 1-5 years 33.31%
Co., Ltd.
Export tax refund
Non-related party 8,845,317.76 Within 1 year 16.81%
receivable
Atos Covics Business
Solutions (Shanghai) Non-related party 1,345,600.00 Within 1 year 2.56%
Co., Ltd.
QNC Co., Ltd. Non-related party 962,800.00 Within 1 year 1.83%
Shenzhen Jinsailong
Non-related party 400,000.00 Above 3 years 0.76%
Equipment Company
Total -- 29,077,931.46 -- 55.27%
(3) Other receivables due from related parties
In RMB
Portion in total other receivables
Name of the unit Relationship with the Company Amount
(%)
Changzhou Sanjing Oil Co.,
Related party 17,524,213.70 33.31%
Ltd.
Total -- 17,524,213.70 33.31%
84
深圳市深宝实业股份有限公司 2013 半年度报告全文
5. Account paid in advance
(1) Aging analysis
In RMB
Closing amount Opening amount
Age
Amount Ratio (%) Amount Ratio (%)
Within 1 year 15,927,656.86 98.38% 28,059,110.02 99.07%
1-2years 203,205.72 1.25% 203,205.72 0.72%
2-3years 40,967.97 0.25% 40,967.97 0.14%
Above 3 years 20,166.80 0.12% 20,166.80 0.07%
Total 16,191,997.35 -- 28,323,450.51 --
（2）The top 5 units in account paid in advance
In RMB
Relationship with the
Name of the unit Amount Time Reasons for outstanding
Company
Customers I Related party 10,282,192.09 Within 1 year Goods not received
Customers II Related party 1,482,747.00 Within 1 year Goods not received
Customers III Non-related party 696,000.00 Within 1 year Goods not received
Customers IV Non-related party 565,833.25 Within 1 year Goods not received
Customers V Non-related party 496,000.00 Within 1 year Goods not received
Total -- 13,522,772.34 -- --
6. Inventory
(1) Classification
In RMB
Closing amount Opening amount
Items Depreciation Depreciation
Book balance Book value Book balance Book value
provision provision
Raw materials 34,094,808.35 3,576,751.78 30,518,056.57 24,306,493.52 3,576,751.78 20,729,741.74
Product in process 14,385,370.75 14,385,370.75 12,364,557.73 12,364,557.73
Stock products 32,160,633.34 486,905.35 31,673,727.99 28,870,852.88 486,905.35 28,383,947.53
Revolving materials 3,719,084.46 3,719,084.46 3,310,455.97 3,310,455.97
85
深圳市深宝实业股份有限公司 2013 半年度报告全文
Goods delivered 100,869.58 100,869.58 2,062,123.63 2,062,123.63
OEM goods 5,376,707.29 5,298,011.68 78,695.61 5,359,698.81 5,298,011.68 61,687.13
Development costs 162,101,202.67 162,101,202.67 136,549,875.59 136,549,875.59
Total 251,938,676.44 9,361,668.81 242,577,007.63 212,824,058.13 9,361,668.81 203,462,389.32
(2) Inventory impairment provision
In RMB
Book-balance as at Provision for this Decrease during this period Book-balance as at
Kinds of inventories
period-begin period Reversal Written-off period-end
Raw materials 3,576,751.78 3,576,751.78
Stock products 486,905.35 486,905.35
OEM goods 5,298,011.68 5,298,011.68
Total 9,361,668.81 9,361,668.81
7. Other current assets
In RMB
Items Closing amount Opening amount
Deductible VAT 4,423,309.30 1,760,669.36
Total 4,423,309.30 1,760,669.36
8. Investment for affiliated enterprise and joint ventures
In RMB
Proportion of Proportion of Total net Total operating
Invested shares held to voting right to Total assets at Total liabilities Net profit in
assets at income in this
company the Company the Company period-end at period-end this period
(%) (%) period-end period
I. Joint-venture
II. Affiliated enterprise
Changzhou
Sanjing Oil 33% 33% 11,987,386.58 26,855,885.67 -14,868,499.09 362,395.00 -1,639,624.09
Co., Ltd.
Explanation on major difference of accounting policy and estimate between the Company and
affiliated enterprise and joint-venture
86
深圳市深宝实业股份有限公司 2013 半年度报告全文
9. Long-term equity investment
(1) Details of long-term equity investment
In RMB
Explanat
ion on
the
incongru
Proport
Shares ity in Provisio
ion of
proport share n Cash
voting
Calculat ion holding Impairme reserve divide
Invested Investmen Opening +, Closing rights
ion held in proporti nt withdra nd
unit t cost balance - balance held in
method investe on and provision wal in this
investe
d unit voting this period
d unit
(%) proporti period
(%)
on in
invested
compan
y
Shenzhen
Shenbao
2,870,000. 2,870,000. 2,870,000. 2,870,000.
(Xinmin) Equity 49.14% 49.14%
00 00 00 00
Foods Co.,
Ltd. *1
Changzhou
13,500,00
Sanjing Oil Equity 33% 33%
0.00
Co., Ltd.*2
Shenzhen
Sanjiu
2,480,000. 2,480,000. 2,480,000. 2,480,000.
Weitai Cost 0.95% 0.95%
00 00 00 00
Holdings
Co., Ltd.
Shenzhen
Tianji
Optical-Ele
15,000,00 15,000,00 15,000,00 15,000,00
ctric Cost 3.77% 3.77%
0.00 0.00 0.00 0.00
Technologi
es Co.,
Ltd.*3
Shenzhen
Shenbao Cost 57,628.53 57,628.53 57,628.53 53.5% 53.5% 57,628.53
(Liaoyuan)
87
深圳市深宝实业股份有限公司 2013 半年度报告全文
Industrial
Co., Ltd *1
Shenzhen
PepsiCo 24,071,62 25,413,79 25,413,79
Cost 10% 10%
Beverage 7.22 1.08 1.08
Co., Ltd.*5
Beijing
Tiantan
Cost 57,500.00 57,500.00 57,500.00
Holdings
Co., Ltd *4
58,036,75 45,878,91 45,878,91 20,407,62
Total -- -- -- --
5.75 9.61 9.61 8.53
*1. The two companies have founded for long time, whose license were revoked at present. Due to not settle the
accounts, all assets are made provision for impairment.
*2. The long-term equity investment of Changzhou Sanjing Oil Co., Ltd. is accounted by equity method, due to it
suffered heavy losses and the book value of long-term equity investment is 0.
*3. Since the foundation of the Company, it is in poor management and loss of business. The Company made
provision for impairment by the difference between recoverable amount and book value.
*4. The stock is legal person share stock brought from the original STAQ trading system, whose old name is
Beijing Shuanghesheng Five Star Beer Three-ring Co., Ltd. The initial stock of 55,000 shares, which changed to
33,333 shares after changing the company name.
*5: The Company held 10% equity of Shenzhen PepsiCo Beverage Co., Ltd. since 1 July 2012 without significant
influence held at the same time, than change cost method for calculation.
10. Fixed assets
(1) Particular about fixed assets
In RMB
Book balance at Decrease during this Book balance at
Items Increase during this period
period-begin period period-end
I. Total of book balance 272,310,741.53 25,282,438.22 133,049.85 297,460,129.90
Including:House &
116,761,418.04 20,138,335.44 136,899,753.48
buildings
Machinery equipments 143,256,617.41 3,304,632.72 146,561,250.13
Transportation tools 6,718,123.70 690,475.00 64,330.00 7,344,268.70
Other equipments 5,574,582.38 1,148,995.06 68,719.85 6,654,857.59
Book balance at Increase during Accrual in this Decrease during this Book balance at
--
period-begin this period period period period-end
II. Total of accumulated
109,644,825.26 159,464.00 5,617,580.54 89,212.09 115,332,657.71
depreciation
Including:House & 13,358,623.89 130,560.54 1,467,597.42 14,956,781.85
88
深圳市深宝实业股份有限公司 2013 半年度报告全文
buildings
Machinery equipments 90,574,570.21 17,216.49 3,471,238.94 94,063,025.64
Transportation tools 2,675,393.91 8,901.20 343,695.28 28,293.50 2,999,696.89
Other equipments 3,036,237.25 2,785.77 335,048.90 60,918.59 3,313,153.33
Book balance at Book balance at
-- --
period-begin period-end
III. Total net value of fixed
162,665,916.27 -- 182,127,472.19
assets
Including: House &
103,402,794.15 -- 121,942,971.63
buildings
Machinery equipments 52,682,047.20 -- 52,498,224.49
Transportation tools 4,042,729.79 -- 4,344,571.81
Other equipments 2,538,345.13 -- 3,341,704.26
IV. Total of impairment
2,647,112.69 -- 2,647,112.69
provision
Machinery equipments 2,647,112.69 -- 2,647,112.69
Other equipments --
V. Total book value of fixed
160,018,803.58 -- 179,480,359.50
assets
Including: House &
103,402,794.15 -- 121,942,971.63
buildings
Machinery equipments 52,682,047.20 -- 52,498,224.49
Transportation tools 4,042,729.79 -- 4,344,571.81
Other equipments 2,538,345.13 -- 3,341,704.26
Depreciation in this period amounts to RMB 5,777,044.54; original price transfer from
construction in progress to fixed assets amounting as RMB 20,222,902.30.
(2) Fixed assets without un-completed property certificates
Items Reasons for un-completed certificate Times expected for certificate completed
To manage it after the new plan comes out
Dormitory of the Shantou branch of
New plan for aged district and the company had been in the
Shenzhen Huacheng processing.
Statement on fixed assets:
1. Among the ending balance, the original value of fixed assets used for bank pledge was
RMB30,567,419.75, and the net value was RMB23,816,996.13. as for this pledge, the Company
pledged No. 1# and 2# factories located at He’ao village, Henggang town, Longgang district
Shenzhen to Shenzhen Branch of Shanghai Pudong Development Bank, in order to apply for
comprehensive credit loan of RMB 80 million.
2. At the period end, the Company found no recoverable amount of any fixed asset was less than
its carrying value, thus it hasn’t provided impairment reserve.
89
深圳市深宝实业股份有限公司 2013 半年度报告全文
11. Construction in process
(1) Particular about construction in process
In RMB
Closing amount Opening amount
Items Provision Provision Carrying
Book balance Carrying value Book balance
reserve reserve value
Shenbao Plaza project 3,842,333.64 3,842,333.64 3,842,333.64 3,842,333.64
Comprehensive
investment project of
103,434,660.39 103,434,660.39 72,627,916.30 72,627,916.30
tea industry chain(the
new factory project)
Project of production
line of Shenbao 481,570.00 481,570.00 531,703.86 531,703.86
Huacheng
Supervision system and
simple warehouse of
144,985.26 144,985.26 144,985.26 144,985.26
Huizhou Shenbao
Technology
Tetra packaging
3,355,555.58 3,355,555.58
production line
Office building of
19,868,374.03 19,868,374.03
Hangzhou Jufangyong
Equipments remaining
installation of Shenbao 2,727,409.84 2,727,409.84 1,249,163.56 1,249,163.56
Technology Center
Office building in
Nanshan district, 50,023,561.00 50,023,561.00
Shenzhen
Office building in
Nanshan District,
34,223,658.00 34,223,658.00
Shenbao Technology
Center
Cleaning process of
reverse osmosis 17,481.45 17,481.45
membrane in Shantou
Other 903,189.74 903,189.74 903,189.74 903,189.74
Total 199,154,404.90 4,745,523.38 194,408,881.52 99,167,666.39 4,745,523.38 94,422,143.01
90
深圳市深宝实业股份有限公司 2013 半年度报告全文
(2) Changes of major projects under construction
In RMB
Propor
Includi Interest
tion ofAccumul
Increase Transfer Othe ng: capitaliz
ated
project interest
Opening during red to r amount
Prog capitali ation Capital Closing
Project Budget invest of
amount this fixed decre ress zed rate of source amount
interest
ment amoun
period assets ase capitaliz
t of the the year
in ation
year (%)
budget
Compreh
ensive
investme
nt project Raised
150,000, 72,627,9 30,806,7 68.96 103,434,
of tea 90% procee
000.00 16.30 44.09 % 660.39
industry ds
chain(ne
w
factory)
Office
building
Self-o
in 50,023,5 50,023,5 50,023,5
wned
Nanshan 61.00 61.00 61.00
capital
district,
Shenzhen
Office
building
in
Raised
Nanshan 34,223,6 34,223,6 34,223,6
procee
District, 58.00 58.00 58.00
ds
Shenbao
Technolo
gy Center
Office
building
of Raised
21,000,0 19,868,3 269,961. 20,138,3
Hangzho procee
00.00 74.03 41 35.44
u ds
Jufangyo
ng
255,247, 92,496,2 115,323,9 20,138,3 187,681,
Total -- -- -- --
219.00 90.33 24.50 35.44 879.39
91
深圳市深宝实业股份有限公司 2013 半年度报告全文
(3) Construction in process impairment provision
In RMB
Increase during Decrease during
Items Opening amount Closing amount Accrual Reason
this period this period
Shenbao Plaza
3,842,333.64 3,842,333.64
project
Other 903,189.74 903,189.74
Total 4,745,523.38 4,745,523.38 --
(4) Progress of material construction in progress
Items Progress Note
Comprehensive investment project of tea industry chain(the new factory project) 90%
Office building in Nanshan district, Shenzhen -
Office building in Nanshan District, Shenbao Technology Center -
12. Productive biological assets
(1) Measured by cost
In RMB
Book balance at Increase during this Decrease during this Book balance at
Items
period-begin period period period-end
I. Farming industry
II. Animal husbandry and aquaculture
III. Forestry
Tea plant 436,156.00 436,156.00
IV. Aquatic
Total 436,156.00 436,156.00
13. Intangible assets
(1) Particular about intangible assets
In RMB
Book balance at Book balance at
Items Increased in the period decreased in the period
period-begin period-end
I. Total of original value 222,555,719.27 222,555,719.27
1. Land using right 176,719,514.87 176,719,514.87
2. Patent technologies 30,237,114.75 30,237,114.75
92
深圳市深宝实业股份有限公司 2013 半年度报告全文
3. Use right of forest 15,599,089.65 15,599,089.65
II. Total accumulated
24,253,273.80 2,824,173.78 27,077,447.58
amortization
1. Land using right 11,612,121.07 1,819,646.28 13,431,767.35
2. Patent technologies 12,309,373.37 809,052.90 13,118,426.27
3. Use right of forest 331,779.36 195,474.60 527,253.96
III. Total net book value of
198,302,445.47 -2,824,173.78 195,478,271.69
intangible assets
1. Land using right 165,107,393.80 -1,819,646.28 163,287,747.52
2. Patent technologies 17,927,741.38 -809,052.90 17,118,688.48
3. Use right of forest 15,267,310.29 -195,474.60 15,071,835.69
1. Land using right
2. Patent technologies
3. Use right of forest
Total of intangible asset book
198,302,445.47 -2,824,173.78 195,478,271.69
value
1. Land using right 165,107,393.80 -1,819,646.28 163,287,747.52
2. Patent technologies 17,927,741.38 -809,052.90 17,118,688.48
3. Use right of forest 15,267,310.29 -195,474.60 15,071,835.69
14. Long-term deferred expense
In RMB
Increased in the Amortization Reasons for other
Items Opening amount Other decrease Closing amount
period during this period decreased
Decoration
charge for office 1,010,162.64 329,403.28 139,592.51 1,199,973.41
rented-in
Project of
maintenance
reform on canned 258,262.88 44,273.64 213,989.24
warehouse and
waste tea house
Affiliated project
of resident area in
281,256.80 47,343.96 233,912.84
Jufangyong
Wuyuan
Reform of tea
305,208.76 79,999.92 39,484.45 345,724.23
park in Wuyuan
93
深圳市深宝实业股份有限公司 2013 半年度报告全文
Reform project of
warehouse and 2,359,857.30 49,808.73 287,499.18 2,122,166.85
swage
Lease of
workshop and 2,346,881.00 544,584.00 1,802,297.00
office building
Other 396,388.71 31,753.80 61,946.82 366,195.69
Total 6,958,018.09 490,965.73 1,164,724.56 6,284,259.26 --
15. Deferred income tax assets and deferred income tax liabilities
(1) Net amount of deferred income tax assets and deferred income tax liabilities before
deduction
Recognized deferred income tax assets and deferred income tax liabilities
In RMB
Items Closing amount Opening amount
Deferred income tax assets:
Impairment provision for assets 2,554,782.97 2,554,782.97
Subtotal 2,554,782.97 2,554,782.97
Deferred income tax liabilities:
Details of uncertain deferred income tax assets
In RMB
Items Closing amount Opening amount
Difference of temporary deductible 16,702,066.08 16,702,066.08
Losses deductible 6,971,958.26 6,971,958.26
Total 23,674,024.34 23,674,024.34
(2) Net amount of deferred income tax assets and deferred income tax liabilities after
deduction
The grouped project of deferred income tax assets or liabilities after deduction
In RMB
Deductible or taxable Deductible or taxable
Deferred income tax temporary Deferred income tax temporary
assets or liabilities differences after assets or liabilities differences after
Items
after deduction at the deduction at the end after deduction at the deduction at the
end of the reporting of the reporting begin of the reporting begin of the reporting
Deferred income tax assets 2,554,782.97 2,554,782.97
16. Details of asset impairment provision
In RMB
94
深圳市深宝实业股份有限公司 2013 半年度报告全文
Balance as at Increase during this Decrease during this period Balance as at
Items
period-begin period Reversal Written-off period-end
I. Bad debt reserve 40,017,432.04 40,017,432.04
II. Inventory impairment
9,361,668.81 9,361,668.81
provision
V. Long-term equity
investment impairment 20,407,628.53 20,407,628.53
provision
VII. Fixed asset impairment
2,647,112.69 2,647,112.69
provision
IX. Impairment provision for
4,745,523.38 4,745,523.38
construction materials
Total 77,179,365.45 77,179,365.45
17. Short-term loans
(1) Type of Short-term Loans
In RMB
Items Closing amount Opening amount
Ensure loans 50,000,000.00
Loan in credit 30,000,000.00
Total 80,000,000.00
18. Account payables
(1) Particular about account payables
In RMB
Items Closing amount Opening amount
within 1 year 35,728,008.08 39,845,007.64
Within 1 to 2 years 29,699.92 29,699.92
Within 2 to 3 years 22,085.17 22,085.17
Over 3 years 2,647,572.47 2,647,572.47
Total 38,427,365.64 42,544,365.20
(2)Statement of large accounts payable with age over 1 year
Name Amount Reason of not caring forward Notes
Customer I 518,655.52 Whether need to pay with uncertainty Over 3 years
Customer II 515,892.30 Whether need to pay with uncertainty Over 3 years
95
深圳市深宝实业股份有限公司 2013 半年度报告全文
Total 1,034,547.82
19. Account received in advance
(1) Particular about account received in advance
In RMB
Items Closing amount Opening amount
within 1 year 2,253,546.66 1,242,004.49
More than one year and less than two years 109,940.50 109,940.50
More than two years and less than three years
Over 3 years 735,406.45 735,406.45
Total 3,098,893.61 2,087,351.44
20. Wages payable
In RMB
Balance as at
Items Increase during this period Decrease during this period Balance as at period-end
period-begin
I. Wage, bonus,
allowance and 3,870,722.70 16,472,072.56 19,070,630.23 1,272,165.03
subsidy
II. Employees’
2,348,050.89 2,348,050.89
welfare
III. Social security 35,171.18 2,697,184.87 2,517,625.30 214,730.75
IV. Housing public
1,355,656.43 1,355,656.43
reserve
V. Compensation
from labor
158,644.10 158,644.10
relationship
dismissed
VII.Trade union fee
873,016.51 450,187.86 299,766.28 1,023,438.09
and education fee
Total 4,937,554.49 23,323,152.61 25,591,729.13 2,668,977.97
Labor union expenses and staff educational expenses amounting to RMB 1,023,438.09;
non-monetary welfare amounting to RMB 0 and compensation for dismiss of labor relationship
amounting to 0 Yuan.
96
深圳市深宝实业股份有限公司 2013 半年度报告全文
21. Tax payable
In RMB
Items Closing amount Opening amount
Business tax 20,245.50 8,245.50
Enterprise income tax 2,320,031.06 1,939,717.08
Individual income tax 121,263.57 190,943.51
City maintenance and construction tax -40,022.97 8,685.50
House property tax 47,440.64 40,812.40
Embankment fee 81,862.22 69,683.11
Surtax for education expenses -30,540.22 4,352.74
Use tax of land 25,000.13 65,906.08
Other tax fee 104,392.34 119,748.78
Total 2,649,672.27 2,448,094.70
22. Dividend payable
In RMB
Reasons for un-payment over one
Name Closing amount Opening amount
year
Shares without trusted 218,212.60 218,212.60
Original largest shareholder,
Shenzhen Investment Management
2,690,970.14 2,690,970.14 formed from left-over of historical
Co.,
guarantee
Cash bonus payable for year of 2012 50,180,030.80
Total 53,089,213.54 2,909,182.74 --
23. Other payables
(1) Particular about other payables
In RMB
Items Closing amount Opening amount
within 1 year 124,962,150.05 82,396,957.19
More than one year and less than two years 5,701,411.12 5,701,411.12
More than two years sand less than three years 59,979,741.54 59,979,741.54
Over 3 years 5,114,775.13 5,114,775.13
Total 195,758,077.84 153,192,884.98
(2) Explanation on major other account payable
Name Relationship Amount Nature or Age
with the content
97
深圳市深宝实业股份有限公司 2013 半年度报告全文
Company
Shenzhen Jitai Industrial Non-related 98,127,654.20 Construction of 1-3 years
Development Co., Ltd.* party Feicui
Apartment
Zhongtai Construction Group Co., Non-related 57,845,831.01 Construction of within 1
Ltd. * party Feicui year
Apartment
Current amount within 1
Zhejiang Wafa Tea Co., Ltd. Related party 19,400,000.00
year
Current amount Over 3 years
Shenzhen Investment Original largest 3,510,297.20
Management Co., Ltd. shareholder of
the Company
Huizhou Shengli Property Non-related 2,776,167.00 Current amount within 1
Investmetn Co., Ltd. party year
Total 181,659,949.41
24. Other current liability
In RMB
Items Book balance at period-end Book balance at period-begin
Research project on key technology for process
43,137.43 43,137.43
of the extracts from green tea
Total 43,137.43 43,137.43
Statement of other current liability
Special funds for special purpose of research project on key technology for process of the extracts
from green tea had RMB 43,137.43 not used until 30 June 2013
25. Other non-current liability
In RMB
Book balance at Book balance at
Items
period-end period-begin
Subsidy for tea seeding of New Tea Garden in Wangkou 49,920.00 49,920.00
Construction amount for 50 tons for clearly processing for
1,125,000.00 1,250,000.00
Mingyou tea *1
Industrialization project of instant tea power *2 3,192,014.89 4,000,000.00
*3 184,152.17 611,444.25
Base of further processing for tea and nature plants *4 2,475,000.00 2,750,000.00
Total 7,026,087.06 8,661,364.25
Statement of other non-current liability, including vary government subsidy obtained with assets
and benefit concerned in reporting period and its closing amount
*1 Construction amount for 50 tons for clearly processing for Mingyou tea: the project was invested
with the loan interests and financial subsidy granted by the finance bureau of Shangrao in respect
98
深圳市深宝实业股份有限公司 2013 半年度报告全文
of the comprehensive agriculture development operation of Wuyuan County. The total subsidy
amounted to RMB1.50 million; the starting date of amortization was 1 January 2011, with
amortization term of 12 years. RMB125, 000 was realized as non-operating income in this period.
*2 Instant tea powder industry project: this project was based on the circular (SFG2012 No.1461)
issued by the development and reform commission of Shenzhen. The total subsidy amounted to
RMB 4 million, with construction period from 2012-2013. RMB 807,985.11 was transfer as
non-operating revenue in the Period.
*3Special fund project of strategic emerging industry development: this project was based on the
circular (SFG2012 No.1065) issued by the science and technology innovation commission of
Shenzhen. The total subsidy amounted to RMB1.50 million, RMB 427,292.08 was realized as
non-operating revenue in this period.
*4Base of further processing for tea and nature plants: this project was based on the circular
(SFG2011 No.468) issued by the science and technology innovation commission of Shenzhen.
The total subsidy amounted to RMB3.3 million, with RMB275, 000 was realized as non-operating
income in this period, amortization from 1 January 2011 for 12-year in total.
26. Share capital
In RMB
Increased (decreased) in this year
Shares
Opening amount New shares Bonus Closing amount
converted from Other Sub-total
issued shares
public reserve
Total shares 250,900,154.00 250,900,154.00
27. Capital reserves
In RMB
Decrease during this
Items Opening amount Increase during this period Closing amount
period
Capital premium (Share capital
567,431,192.41 567,431,192.41
premium)
Other capital reserve 1,079,720.41 1,079,720.41
Total 568,510,912.82 568,510,912.82
28. Surplus reserves
In RMB
Decrease during this
Items Opening amount Increase during this period Closing amount
period
Statutory surplus reserves 40,071,736.73 40,071,736.73
Total 40,071,736.73 40,071,736.73
29. Retained profit
In RMB
99
深圳市深宝实业股份有限公司 2013 半年度报告全文
Withdrawal or Distribution
Items 金额
Proportion
Retained profit at the end of the previous year
104,733,870.63 --
before adjustment
Retained profit at the begin of the year after
104,733,870.63 --
adjustment
Add: Attributable to the owners of the parent
-5,934,967.21 --
company's net profit
Ordinary stock dividends payable -50,180,030.80
Retained profit at the end of the period. 48,618,872.62 --
30. Operating income and operating costs
(1) Operating income and operating cost
In RMB
Items Amount at this period Amount at last period
Main business operating income 229,503,390.32 113,840,078.74
Other business operating income 240,000.00 186,611.42
Operating cost 195,082,954.37 92,593,340.74
(2) Main business (by industry)
In RMB
Amount at this period Amount at last period
Industry
Operating income Operating cost Operating income Operating cost
Industry 124,711,542.13 100,329,761.24 113,546,678.74 92,139,709.60
Trade 104,498,448.19 94,656,064.73
Leasing service 293,400.00 293,400.00
Total 229,503,390.32 194,985,825.97 113,840,078.74 92,139,709.60
(3) Main business (by products)
In RMB
Amount at this period Amount at last period
Product
Operating income Operating cost Operating income Operating cost
Soft beverage 13,233,201.40 9,755,968.66 16,255,773.29 14,462,465.08
Seasoning 5,352,419.86 3,442,198.14 6,406,160.77 4,034,718.70
Tea products 210,624,369.06 181,787,659.17 90,884,744.68 73,642,525.82
Property leasing 293,400.00 293,400.00
Total 229,503,390.32 194,985,825.97 113,840,078.74 92,139,709.60
100
深圳市深宝实业股份有限公司 2013 半年度报告全文
(4) Main business (by area)
In RMB
Amount at this period Amount at last period
Area
Operating income Operating cost Operating income Operating cost
Export 107,635,235.06 96,204,044.83 2,003,197.52 1,255,489.58
South of China 39,280,797.60 28,814,228.01 37,464,399.74 28,738,770.15
North of China 11,141,038.11 9,717,383.35 11,108,038.79 10,293,637.20
East of China 50,035,273.72 41,443,043.14 34,599,721.54 25,593,179.03
Central of China 16,850,592.77 15,017,767.32 21,110,521.15 19,444,218.36
Other regions 4,560,453.06 3,789,359.32 7,554,200.00 6,814,415.28
Total 229,503,390.32 194,985,825.97 113,840,078.74 92,139,709.60
(5) Business income of top 5 clients
In RMB
Portion taken in all main business income of the
Customers Main business income
Company (%)
Customers I 34,977,800.00 15.22%
Customers II 33,720,300.00 14.68%
Customers III 16,402,400.00 7.14%
Customers IV 11,993,400.00 5.22%
Customers V 11,032,286.15 4.8%
Total 108,126,186.15 47.06%
31. Operating tax and extras
In RMB
Items Amount at this period Amount at last period Taxation standard
Business tax 86,670.00 152,670.00
City maintenance and construction
339,477.47 297,350.87
tax
Educational extra and others 357,931.24 212,754.25
Total 784,078.71 662,775.12 --
32. Sales expenses
In RMB
Items Amount at this period Amount at last period
Employee compensation and employee
4,269,343.14 1,633,406.60
costs
Rental and utilities 958,120.01 179,386.30
101
深圳市深宝实业股份有限公司 2013 半年度报告全文
Depreciation and amortization expenses 44,622.05 14,567.14
Goods transport miscellaneous expenses 5,964,368.29 2,519,765.99
Sales discounts and promotion fee 610,385.61 1,072,353.38
Daily office expenses 4,253,895.79 214,400.75
Others 258,964.18 905,984.90
Total 16,359,699.07 6,539,865.06
33. Management expenses
In RMB
Items Amount at this period Amount at last period
Employee compensation and employee
10,703,841.03 12,587,436.46
costs
Rental and utilities 1,119,969.97 774,406.72
Depreciation and amortization expenses 4,429,120.87 4,836,842.79
Intermediary and disclosure expenses 1,566,030.55 3,710,265.50
Taxes 768,587.36 1,893,427.58
Daily office expenses 4,536,911.60 4,011,908.58
Others 2,065,281.12 3,529,483.41
Total 25,189,742.50 31,343,771.04
34. Financial expenses
In RMB
Items Amount at this period Amount at last period
Interest expense 1,234,810.59 3,039,716.43
Less: Interest income -3,728,310.33 -2,735,677.05
Exchange loss 2,277,734.95 -4,339.31
Others 103,591.22 82,006.16
Total -112,173.57 381,706.23
35. Gains from change of fair value
In RMB
Source of gains from change of fair value Amount at this period Amount at last period
Transaction financial assets 969,367.20
Total 969,367.20
102
深圳市深宝实业股份有限公司 2013 半年度报告全文
36. Investment gains
(1) Details of investment gains
In RMB
Items Amount at this period Amount at last period
Long-term equity investment gains recognized
-299,393.90
under equity method
Investment income from disposal of long-term
103,546,568.40
equity investment
Investment income gained from disposal of
6,688.65 2,610,661.54
available-for-sales financial assets
Total 6,688.65 105,857,836.04
(2) Long-term equity investment gains calculated under equity method
In RMB
Reasons of changes compare with last
Invested unit Amount at this period Amount at last period
period
Shenzhen PepsiCo Beverage Co., Ltd. -299,393.90
Total -299,393.90 --
37. Asset impairment loss
In RMB
Items Amount at this period Amount at last period
I. Bad debt loss -43,676.24
Total -43,676.24
38. Non-operating income
(1) Particular about non-operating income
In RMB
Included in the current
Items Amount at this period Amount at last period non-recurring profit and loss
amount
Total income from disposal of non-current
5,720.73 8,590.63 5,720.73
assets
Including: Gains from disposal of fixed
5,720.73 5,720.73
assets
Gains from disposal of intangible
8,590.63
assets
Government grant 5,874,022.19 663,580.00 5,874,022.19
Other 253,966.23 100,000.00 253,966.23
Total 6,133,709.15 772,170.63 6,133,709.15
103
深圳市深宝实业股份有限公司 2013 半年度报告全文
(2) Details of government grant
In RMB
Amount at this Amount at last
Items Note
period period
Revenue Increase Award 2011 383,580.00
Special raw material industrialization of new-type tea drink 80,000.00
Support fund for backbone enterprise in Shenzhen for year of
180,000.00
2011
Advanced enterprise award of energy-saving and emission
10,000.00
reduction for year of 2012
Grant of demonstration plant of excellent-tea process for year
60,000.00
of 2012
Comprehensive investment award from Country Financial
3,988,745.00
Bureau
Deferred income transfer-in 1,635,277.19 200,000.00
Total 5,874,022.19 663,580.00 --
39. Non-operating expenses
In RMB
Included in the current
Items Amount at this period Amount at last period non-recurring profit and
loss amount
Losses from disposal of non-current assets 3,410.56 237,578.80 3,410.56
Including: Losses from disposal of fixed assets 3,410.56 237,578.80 3,410.56
Other 70.00
Total 3,410.56 237,648.80 3,410.56
40. Income tax expense
In RMB
Items Amount at this period Amount at last period
Current income tax calculated by tax law and relevant
3,052,026.68 924,490.46
regulations
Deferred income tax 118,766.40
Total 3,052,026.68 1,043,256.86
41. Calculation of basic earnings per share and diluted earnings per share
Profit in the Period Current amount Last amount
Basic EPS Diluted EPS Basic EPS Diluted EPS
104
深圳市深宝实业股份有限公司 2013 半年度报告全文
Net profit attributable to (0.0237) (0.0237) 0.3542 0.3542
shareholders of ordinary shares of
the Company
Net profit attributable to (0.0429) (0.0429) (0.0743) (0.0743)
shareholders of ordinary shares of
the Company after deducting
non-recurring gains/losses
Calculation of basic EPS
Items Current period
Basic EPS
(I) Numerator:
Net profit attributable to shareholders of ordinary shares of the (5,934,967.21)
Company(PO)
Net profit attributable to shareholders of ordinary shares of the (10,772,467.32)
Company after deducting non-recurring gains/losses (PO)
(II) Denominator:
Aggregate of shares as at period-begin (S0) 250,900,154.00
Share added due to conversion of public reserve to share capital or ---
allocation of share dividends during the report period (S1)
Share added due to new issuance of shares or shares converted ---
from debts during the report period (Si)
Shares decreased due to purchase-back of its own shares during ---
the period (Sj)
Shares diluted during the period (Sk) ---
Number of months for the period (M0) 6
The accumulated months commencing from the month subsequent ---
upon shares addition to year-end of the period (Mi)
The accumulated months commencing from the month subsequent ---
upon shares deduction to year-end of the period (Mj)
The weighted average number of ordinary shares in issue (S) 250,900,154.00
(Ⅲ) EPS ---
Basic EPS ---
Net profit attributable to ordinary shareholders of company (0.0237)
Net profit attributable to ordinary shareholders of company after (0.0429)
deducting non-recurring gains/losses
42. Other comprehensive gains
In RMB
Items Amount at this period Amount at last period
105
深圳市深宝实业股份有限公司 2013 半年度报告全文
Net amount reckoned into other comprehensive income in
210,249.15
previous period while transfer-in current gains/losses
Sub-total -210,249.15
Total -210,249.15
43. Notes to statement of cash flow
(1) Other cash received in relation to operation activities
In RMB
Items Amount
Government grants received 4,238,745.00
Accounts current with Jitai Company 21,500,000.00
Accounts current with Zhejiang Wafa Tea Co., Ltd. 19,400,000.00
Interest income 3,727,803.18
Others 534,083.86
Total 49,400,632.04
(2) Other cash paid in relation to operation activities
In RMB
Items Amount
Connected amount 1,461,521.39
Administration expense 12,208,528.44
sales expense 13,410,812.02
Others 1,172,788.99
Total 28,253,650.84
(3) Other cash paid in relation to financing activities
In RMB
Items Amount
Increase of other monetary fund 100,000.00
Total 100,000.00
44. 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 -4,475,950.20 88,867,376.42
Add: assets impairment losses -43,676.24
Depreciation of fixed assets, consumption of oil assets and depreciation of
5,777,044.46 5,287,017.49
productive biology assets
106
深圳市深宝实业股份有限公司 2013 半年度报告全文
Amortization of intangible assets 2,824,173.78 3,295,725.97
Amortization of long-term deferred expenses 1,142,929.69 579,974.15
Loss from disposal of fixed assets, intangible assets and other long-term
-2,310.17 228,988.17
assets(gain is listed with ―-‖)
Loss from change of fair value(gain is listed with ―-‖) -969,367.20
Financial expenses (gain is listed with ―-‖) 2,882,324.52 816,431.20
Investment loss (gain is listed with ―-‖) -6,688.65 -105,857,836.04
Decrease of deferred income tax asset( (increase is listed with ―-‖) 118,766.40
Decrease of inventory (increase is listed with ―-‖) -39,111,747.62 -13,838,531.10
Decrease of operating receivable accounts (increase is listed with ―-‖) -109,851,274.50 77,754,296.60
Increase of operating payable accounts (decrease is listed with ―-‖) 128,973,918.85 -52,980,100.30
Net cash flow arising from operating activities -11,847,579.84 3,259,065.52
2.Material investment and financing not involved in cash flow: -- --
3.Net change of cash and cash equivalents: -- --
Balance of cash at period end 309,611,598.60 518,697,954.69
Less: Balance of cash at year-begin 372,922,024.47 436,842,717.15
Net increase of cash and cash equivalents -63,310,425.87 81,855,237.54
(2) Constitution of cash and cash equivalent
In RMB
Items Closing amount Opening amount
I. Cash 309,611,598.60 372,922,024.47
Including: stock cash 246,187.41 134,145.48
Bank deposit available for payment at any time 309,365,411.19 372,787,878.99
III. Balance of cash and cash equivalent at period-end 309,611,598.60 372,922,024.47
VIII. Related Parties and Transactions
1. Parent company of the Company
Proportion Proportion
Final
Legal of shares of voting
Parent Relationsh Registratio Business Registered controller Organizati
Nature representat held to the right to the
company ip n place nature capital of the on code
ive Company Company
Company
(%) (%)
Developm
Shenzhen Controllin ent,
Limited RMB
Agricultur g Chen constructio SASAC of 19217916
Company Shenzhen 1,696,964, 19.09% 19.09%
al Products shareholde Shaoqun n, Shenzhen 3
(listed) 100
Co., Ltd. r operation
and
107
深圳市深宝实业股份有限公司 2013 半年度报告全文
manageme
nt of
agricultura
l products
retail
market,
operation
of market
leasing etc.
Explanation on parent company
2. Subsidiary of the Company
Proport Proport
Registra Legal ion of ion of Organiza
Subsidiary of Natur Registered
Type tion represent Business nature shares voting tion
the Company e capital
place ative held right code
(%) (%)
Shenzhen Limit
Shenbao ed
Holding
Huacheng liabili Shenzhe Yan 153,451,3 7362816
subsidia Manufacture 100% 100%
Science and ty n Zesong 00.00 9-3
ries
Technology comp
Co.,Ltd any
Limit
Jufangyong
ed
Tea Industry Holding
liabili Yan 290,000,0 95.72 95.72 7723687
Co., Ltd. in subsidia Wuyuan Manufacture
ty Zesong 00.00 % % 9-6
Wuyuan ries
comp
County
any
Limit
Hangzhou Ju ed
Holding
Fang Yong liabili Hangzh Qian 175,000,0 5930562
subsidia Comprehensive 100% 100%
Holding Co., ty ou Xiaojun 00.00 6-0
ries
Ltd. comp
any
Limit
Shenzhen
ed
Shenbao Holding Technological
liabili Shenzhe Luo 54,000,00 5956640
Technology subsidia development,consultancy, 100% 100%
ty n Longxin 0.00 5-9
Center Co., ries assignment
comp
Ltd.
any
Huizhou Holding Limit Huizho Yao
Manufacture 60,000,00 100% 100% 6649524
Shenbao subsidia ed u Xiaopeng
108
深圳市深宝实业股份有限公司 2013 半年度报告全文
Science & ries liabili 0.00 5-0
Technology ty
Co., Ltd. comp
any
Limit
Zhejiang
ed
Shen Holding Wholesale and retail,
liabili Shengz technological 58,000,00 51.72 51.72 0528026
Shenbao subsidia Li Yiyan
ty hou development, import and 0.00 % % 3-8
Wafa TeaCo., ries export of goods
comp
Ltd.
any
Limit
Fujian Mount
ed
Wuyi Holding
liabili Wuyish Chen 40,000,00 51.75 51.75 0503166
Shenbao subsidia Comprehensive
ty an Liang 0.00 % % 6-0
Yuxing Tea ries
comp
Co., Ltd.
any
Shenzhen Limit
Shenbao ed
Holding
Sanjing Food liabili Shenzhe Yao 30,150,00 1924637
subsidia Commercial wholesale 100% 100%
& Beverage ty n Xiaopeng 0.00 9-7
ries
Development comp
Co., Ltd any
Limit
Shenzhen
ed
Shenbao Holding
liabili Shenzhe 5,000,000. 2793140
Properties subsidia Li Fang Property management 51% 51%
ty n 00 9-X
Management ries
comp
Co., Ltd.
any
Limit
Shenzhen
ed
Shenbao Holding
liabili Shenzhe Guan 5,500,000. 1921863
Industrial & subsidia Commercial wholesale 100% 100%
ty n Lihua 00 9-8
Trading Co., ries
comp
Ltd.
any
Limit
Shenzhen
ed
Shenbao(Lia Holding
liabili Shenzhe 2,378,000.
oyuan) subsidia -- -- 53.5% 53.5%
ty n 00
Industrial ries
comp
Co., Ltd.
any
109
深圳市深宝实业股份有限公司 2013 半年度报告全文
3. Details of joint-venture and affiliated enterprise of the Company
Proporti
Equity
on of
proporti
Place of Legal voting Related
Nature of on held Organizati
Company Type registrati representati Register capital rights in relationsh
business by the on code
on ve invested ip
Compan
company
y (%)
(%)
I. Joint-venture
II. Affiliated enterprise
Changzh
Limited
ou Pan
liability Changzh Manufactu Affiliated 77052631-
Sanjing Guangshen 54,000,000.00 33% 33%
compan ou re company 6
Oil Co., g
y
Ltd.
Shenzhen Limited
PepsiCo liability Manufactu US$ 12,250,000. Affiliated 61890818-
Shenzhen Zhu Huaxi 10% 10%
Beverage compan re 00 company 4
Co., Ltd. y
4. Particulars about other related parties
Name Related relationship Organization code
The company’s original largest
Shenzhen Investment Management Co., Ltd. 192197644
shareholder
Second-largest shareholder of the
Shenzhen Investment Holdings Co., Ltd. 76756642-1
Company
Changzhou Sanjing Oil Co., Ltd. Affiliated company 66382186-2
Minority shareholders of holding
Zhejiang Wafa Tea Co., Ltd. 05280263-8
subsidiary company
Fujian province Wuyishan Shenbao Yuxing Tea Minority shareholders of holding
71730243-6
Co.,Ltd. subsidiary company
Minority shareholders of holding
Xingjiu Tea Co.,Ltd. 58310361-7
subsidiary company
5. Related transaction
(1) Statement of commodity purchased and labor service received
In RMB
Price-making Amount at this period Amount at last period
Related
Related Party Method and
Trading Amount Proportion in the Amount Proportion in the
Decision-making
110
深圳市深宝实业股份有限公司 2013 半年度报告全文
Procedure same trade amount same trade amount
(%) (%)
Zhejiang Wafa Tea Purchase
Market Price 108,602,905.57 98.03%
Co.,Ltd. of tea
Fujian province
Purchase
Wuyishan Yuxing Market Price 2,171,253.64 1.97%
of tea
Tea Co.,Ltd.
Shenzhen Purchase
Investment The Market Price 84,247,219.00 100%
Holdings Co., Ltd. office
Statement of commodity sales and labor service provided
In RMB
Amount at this period Amount at last period
Proportio Proportio
Price-making
n in the n in the
Method and
Related Party Related Trading same same
Decision-making Amount Amount
trade trade
Procedure
amount amount
(%) (%)
Shenzhen
Agricultural Sales of tea Market Price 258,046.00 100% 93,397.42 100%
Products Co., Ltd.
(2) Related leasing
Statement of company leasing
In RMB
Name of the Name of the Type of leasing The beginning The ending date Rent pricing basis The confirmed
lessor lessee assets date of leasing of leasing rent in the
reporting
Fujian Mount
Fujian province
Wuyi Shenbao
Wuyishan Yuxing Workshop 2012-09-08 2014-09-08 Market Price 180,000.00
Yuxing Tea Co.,
Tea Co.,Ltd.
Ltd.
Statement of related leasing
The production workshop that provided for Fujian province Wuyishan Yuxing Tea Co., Ltd.
located in Huanglongzhou Huangbaicun Wuyi Street Wuyishan City Fujian province, and the rent
was RMB 720,000 in total, and the cost of the period was RMB 180,000. Related trade pricing
was based on market price.
(3) Related guarantee
In RMB
Guaranteed Performed or
Guarantor Guaranteed Party Start Date Due Date
Amount not
111
深圳市深宝实业股份有限公司 2013 半年度报告全文
Shenzhen Shenbao Sanjing
Shenzhen Shenbao
Food & Beverage 30,000,000.00 2013-03-11 2014-03-10 Yes
Industrial Co., Ltd *1
Development Co., Ltd
Shenzhen Shenbao Sanjing
Shenzhen Shenbao
Food & Beverage 25,000,000.00 2013-06-19 2014-06-18 No
Industrial Co., Ltd*1
Development Co., Ltd
Shenzhen Shenbao
Shenzhen Shenbao
Huacheng Science and 30,000,000.00 2013-03-11 2014-03-10 Yes
Industrial Co., Ltd*2
Technology Co.,Ltd
Shenzhen Shenbao
Shenzhen Shenbao
Huacheng Science and 25,000,000.00 2013-06-19 2014-06-18 No
Industrial Co., Ltd*2
Technology Co.,Ltd
Shenzhen Shenbao
Shenzhen Shenbao
Huacheng Science and 30,000,000.00 2013-05-30 2014-05-30 No
Industrial Co., Ltd*3
Technology Co.,Ltd
Particulars about related guarantees
*1: The Company entered into the ―Contract of Warranty for the Maximum Amount‖ with town
bank of Baosheng Village, Nanshan disctrict, Shenzhen on 27 August 2012 for offering loan
guarantee for Shenzhen Sanjing, subsidiary of the Company with terms from 27 August 2012 to
26 August 2013.
Shenbao Sanjing entered into a contract of current capital loans with town bank of Baosheng
Village, Nanshan disctrict, Shenzhen on 11 March 2013 for loans RMB 30 million obtained with
one-year term. The Company offering joint liability guarantee for the loans, as of 29 May 2013,
RMB 30 million was returned.
Shenbao Sanjing entered into a contract of current capital loans with town bank of Baosheng
Village, Nanshan disctrict, Shenzhen on 19 June 2013 for loans RMB 25 million obtained with
one-year term. The Company offering joint liability guarantee for the loans. Blance at the
period-end was RMB 25 million.
*2: The Company entered into the ―Contract of Warranty for the Maximum Amount‖ with town
bank of Baosheng Village, Nanshan disctrict, Shenzhen on 27 August 2012 for offering loan
guarantee for Shenzhen Huacheng, subsidiary of the Company with terms from 27 August 2012 to
26 August 2013.
Shenbao Huacheng entered into a contract of current capital loans with town bank of Baosheng
Village, Nanshan disctrict, Shenzhen on 11 March 2013 for loans RMB 30 million obtained with
one-year term. The Company offering joint liability guarantee for the loans, as of 29 May 2013,
RMB 30 million was returned.
Shenbao Huacheng entered into a contract of current capital loans with town bank of Baosheng
112
深圳市深宝实业股份有限公司 2013 半年度报告全文
Village, Nanshan disctrict, Shenzhen on 19 June 2013 for loans RMB 25 million obtained with
one-year term. The Company offering joint liability guarantee for the loans. Blance at the
period-end was RMB 25 million.
*3: Subsidiary of the Company, Shenbao Huacheng entered into a ―Comprehensive Credit
Contract‖ with Shenzhen Branch of Ping An Bank Co., Ltd. dated 30 May 2013 for credit amount
of RMB 30 million borrowed. The Company offering joint liability guarantee for the loans with
one-year term, and blance at the period-end was RMB 30 million.
6. Account receivable/payable for related parties
The listed company account receivable from related parties
In RMB
Period-end Period-begin
Item Related party Bad debt Bad debt
Book balance Book balance
provision provision
Account Shenzhen Agricultural Products
6,602.00
receivable Co., Ltd.
Advance
Zhejiang Wafa Tea Co.,Ltd. 10,282,192.09 4,581,943.05
payments
Other account
Changzhou Sanjing Oil Co., Ltd. 17,524,213.70 2,022,775.72 16,488,110.19 2,022,775.72
receivable
The listed company account payable to related parties
In RMB
Items Related party Balance at period-end Balance at period-begin
Account payable Zhejiang Wafa Tea Co.,Ltd. 16,585,588.39 12,390,555.20
Shenzhen Investment
Other account payable 3,510,297.20 3,510,297.20
Management Co., Ltd.
Other account payable Zhejiang Wafa Tea Co.,Ltd. 19,400,000.00
Shenzhen Investment
Dividend payable 2,690,970.14 2,690,970.14
Management Co., Ltd.
IX.Contingency
1. Contingent liability and its financial influence formed by debt guarantee provided for
other units
The case concerning the joint-liability guarantee the Company provided for the RMB 7 million
loans which Shenzhen China Bicycle Company (Holdings) Limited (―CBC‖ for short) had
obtained from Shenzhen Branch of China Construction Bank (―Construction Bank‖ for short) has
been closed with reconciliation. The Agreement of Interest Reduction was signed between the
Company and Construction Bank in 2003, the RMB 7 million have been paid by the Company for
CBC in two phases and accomplished the jointly liability; Concerning the jointly-liability of the
Company for Letter of Credit Opening for CBC in Shenzhen Branch of Bank of China with USD
0.8 million, being verdict by Civil Ruling of (1999) YFJYZZ No. 26 from Guangdong Higher
People’s Court, the Company takes the jointly-liability for payment. Till end of 30 June 2004, the
RMB 6.6316 million (USD 0.8 million by converted) have been paid by the Company for CBC
113
深圳市深宝实业股份有限公司 2013 半年度报告全文
and accomplished the jointly liability; later on 22 July 2004, the Company applied to Shenzhen
Intermediate People’s Court for the enforcement on the above repayment. Shenzhen Intermediate
People’s Court verdict that the RMB 7 million repaid by the Company for CBC should be paid to
the Company together with interest during capital occupation, (2004) SZFMECZ No. 448. Due to
the failure implementation for the verdict on time and certain content from CBC, the Company
applied for enforcement to Shenzhen Intermediate People’s Court on 20 December 2004. The
Civil Ruling and Execution Order of (2004) SZFZZ No. 1382 and (2005) SZFZZ No. 208 were
delivered to CBC on 14 January 2005 from Shenzhen Intermediate People’s Court with verdict
that: seal up and freeze the property of CBC (limited as RMB 14,131,575.92) and order CBC
performed the effective-ness law documents and relevant obligations within five days since the
execution order received. Un-performed undue, the enforcement will exercise by Shenzhen
Intermediate People’s Court. Later, the abovementioned two executions was appointed by the
Court of Guangzhou Railway Transportation by Guangdong Higher People’s Court, and the case
abortion due to no property clue been found. Execution should be applied to Court of Guangzhou
Railway Transportation for recover due to the situation of abortion disappeared.
On 12 October 2012, concerning the application from Shenzhen Guosheng Energy Investment
Development Co., Ltd., Shenzhen Intermediate People’s Court accepted and verdict the
bankruptcy case of CBC. The Company declared creditor’s right of RMB24, 061,322.14 to
manager of CBC. On 17 July 2013, a Civil Ruling Paper (2012) Shen Zhong Fa Po Zi No. 30-4
was carried out by the Shenzhen Intermediate People’s Court, the creditors’ right RMB
20,972,491.51 for the Company from CBC was judged.
X. Events occurring after the balance
1. Explanation on profit distribution occurring after the balance sheet date
In RMB
Profit or dividend distributed and public after deliberation and
50,180,030.80
approval
XI. Other significant events
1. Other
1. According to the construction project cooperation agreement entered into by the Company and
Shenzhen Jitai Industrial Development Co., Ltd.(hereinafter referred to as Jitai Industrial), the
Company and Jitai Industrial developed and built office building for its own use with the land
located at Wenjin north road, Luohu district Shenzhen(No. H307-0018). The Company would not
increase any investment to this project and assume any cost, Jitai Industrial shall be responsible
for the entire capital for project construction. The Company determined the property allocation
proportion based on the appraisal value of the land (No. H307-0018) of RMB42 million. The
property allocation proportion of the Company was: based on the appraisal value of the land (No.
H307-0018), to determine the proportion that RMB42 million accounts for in the total
construction cost (namely RMB42 million plus the entire audited capital contributed by Jitai
Industrial to the project); if the proportion is less than 20%, then the smallest allocation proportion
of the Company shall be 20%. In December 2012, both parties agreed to cancel the purpose of the
above office building, and transferred the construction in progress of RMB77,295,880.97 occurred
by the project and land amortization cost of RMB58,892,053.48 to inventories-development cost
for calculation. As of 30 June 2013, Jitai Industrial has provided land premiums and construction
account of RMB98,127,654.20. The construction account of RMB 57,845,831.01 payable to
Zhongtai Construction Group Co., Ltd. still paid for provision and payment by Jitai Industrial.
2. Major assets restructuring from 10% euquity of Shenzhen Pepsi transfer
114
深圳市深宝实业股份有限公司 2013 半年度报告全文
The Company plan and prepare the euqity transfer of Shenzhen Pepsi, stock-jointly company of
the Company, stock of the Company suspended since 28 December 2012. Being deliberated and
approved by the 3rd meeting of 8th session of the Board dated 10 January 2013, ten percent equity
of Shenzhen Pepsi held by the Company was sold via publicly traded for RMB 95 million. As of
end of the listing, one qualified buyer emerge—PepsiCo (China). According to the relevatn
regulation of property transaction, the equity transfer entered into a process of contract transfer.
The Company entered into a ―Equity Transfer Agreement‖ with PepsiCo (China) dated 28
Febuarary 2013 with dealing price of RMB 95 million. On 18 March 2013 and 8 April 2013, the
4th meeting of 8th session of the Board and 1st extraordinary shareholders’ general meeting of
2013 were held respectively for deliberating the major assts sold and relevant proposals. On 10
May 2013, the Company received the Reply on Approval for the Plan of Major Assets
Restructuring of Shenzhen Shenbao Industrial Co., Ltd (Zheng Jian Xu Ke [2013] No.635) issued
by the CSRC, to approve the aforesaid major assets sold. Ownership transfer procedure for 10%
equity of Shenzhen Pepsi was completed on 12 June 2013. The Company recived equity transfer
amount RMB 95 million on 16 August 2013, so far, the 10% equity of Shenzhen Pepsi transfer
with major assets restructuring concerned was completed.
XII.Notes to main items in financial statements of parent company
1. Account receivable
(1) Account receivable
In RMB
Closing amount Opening amount
Book balance Bad debt provision Book balance Bad debt provision
Categories
Ratio Ratio Ratio Ratio
Amount Amount Amount Amount
(%) (%) (%) (%)
Account receivable of bad debt provision withdrawal by combination
Account receivable with
single minor amount but
28,453.08 100% 28,453.08 100% 28,453.08 100% 28,453.08 100%
withdrawal bad debt
provision for single item
Total 28,453.08 -- 28,453.08 -- 28,453.08 -- 28,453.08 --
Statement on category of explanation on account receivables
Account receivables represent account receivables and other receivables.
The Company realizes bad debt under the following standards: ①due to withdrawal, bankruptcy
or death of debtor, debt can not be recovered or insufficient cash flow after settlement with the
bankruptcy property or heritage; ②debtor can’t perform his debt obligations within the time limit,
and there is obvious characteristics showing that the debt can’t be recovered. As for the account
receivables where there is obvious evidence showing that it is impossible to recover the same, the
account receivables shall be realized as bad debt losses, and the bad debt reserve provided shall be
written off accordingly.
The Company calculates the possible bad debt loss by allowance method.
1. Account receivables with significant amount of single item and bad debt reserve provided
item by item
Standards for realization of account receivables with significant amount of single item and bad
debt reserve provided item by item:
Specific standards for single item with significant amount: account for 10% (10% included) of the
115
深圳市深宝实业股份有限公司 2013 半年度报告全文
balance of account receivables.
Provision method for bad debt reserve of account receivables with significant amount of single
item: conduct impairment test individually, provide bad debt reserve based on the difference
between the present value of predicted future cash flow and its carrying value, and recorded in
current gains and losses.
2. Account receivables with bad debt reserve provided under aging groups
(1) The group belongs to account receivables which are not impaired after individual test.
(2) Provision method for the group: bad debt reserve is provided under aging method, with
provision standards as follows:
Age Withdrawal proportion of Withdrawal proportion of other
account receivable account receivable
within 1 year(Including 1 year) 0% 0%
1-2years(Including 2 years) 5% 5%
2-3years(Including 3 years) 10% 10%
Over 3 years 15% 15%
3. Account receivables without significant amount of single item and bad debt reserve
provided item by item
Grounds for provision of bad debt reserve item by item: there is objective evidence showing it
maybe impaired. For example, due to withdrawal, bankruptcy or death of debtor, debt can not be
recovered or insufficient cash flow after settlement with the bankruptcy property or heritage.
Provision method for bad debt reserve: as for the account receivables which maybe impaired
proven by objective evidence, the account shall be separated from the related group and
experience individual impairment test, and realize impairment losses.
Account receivable with single major amount and withdrawal bad debt provision for single item at
period-end
□ Application √ Not-application
In combination, account receivable withdrawal bad debt provision by age analysis
√ Application □ Not-application
In RMB
Closing amount Opening amount
Book balance Book balance
Age
Ratio Bad debt provision Ratio Bad debt provision
Amount Amount
(%) (%)
Within 1 year
Including: -- -- -- -- -- --
Account receivables provided for bad debt reserve under balance percentage method in the
groups:
□ Application √ Not-application
Account receivables provided for bad debt reserve under other method in the groups:
□ Application √ Not-application
116
深圳市深宝实业股份有限公司 2013 半年度报告全文
Account receivable with single minor amount but withdrawal bad debt provision for single item at
period-end
√ Application □ Not-application
In RMB
Withdrawal proportion
Account receivable Book balance Bad debt provision Reasons
(%)
Instrument factory of Minor possibility in
9,996.58 9,996.58 100%
Potou Hubei recover
Minor possibility in
Guo Wenhui 18,456.50 18,456.50 100%
recover
Total 28,453.08 28,453.08 -- --
2. Other receivables
(1) Other receivables
In RMB
Closing amount Opening amount
Categories Book balance Bad debt provision Book balance Bad debt provision
Ratio Ratio Ratio Ratio
Amount Amount Amount Amount
(%) (%) (%) (%)
Other receivable of bad debt provision withdrawal by combination
Other account receivable
withdrawal bad debt 97.81 97.45
244,774,980.19 2,071,578.39 0.85% 208,916,171.51 2,071,578.39 0.99%
provision by age % %
combination
97.81 97.45
Subtotal of group 244,774,980.19 2,071,578.39 0.85% 208,916,171.51 2,071,578.39 0.99%
% %
Other account receivable
with single minor amount
5,472,398.91 2.19% 5,472,398.91 100% 5,472,398.91 2.55% 5,472,398.91 100%
but withdrawal bad debt
provision for single item
Total 250,247,379.10 -- 7,543,977.30 -- 214,388,570.42 -- 7,543,977.30 --
Statement on category of explanation on other account receivables
Account receivables represent account receivables and other receivables.
The Company realizes bad debt under the following standards: ①due to withdrawal, bankruptcy
or death of debtor, debt can not be recovered or insufficient cash flow after settlement with the
bankruptcy property or heritage; ②debtor can’t perform his debt obligations within the time limit,
and there is obvious characteristics showing that the debt can’t be recovered. As for the account
receivables where there is obvious evidence showing that it is impossible to recover the same, the
account receivables shall be realized as bad debt losses, and the bad debt reserve provided shall be
written off accordingly.
The Company calculates the possible bad debt loss by allowance method.
1. Account receivables with significant amount of single item and bad debt reserve provided
item by item
117
深圳市深宝实业股份有限公司 2013 半年度报告全文
Standards for realization of account receivables with significant amount of single item and bad
debt reserve provided item by item:
Specific standards for single item with significant amount: account for 10% (10% included) of the
balance of account receivables.
Provision method for bad debt reserve of account receivables with significant amount of single
item: conduct impairment test individually, provide bad debt reserve based on the difference
between the present value of predicted future cash flow and its carrying value, and recorded in
current gains and losses.
2. Account receivables with bad debt reserve provided under aging groups
(1) The group belongs to account receivables which are not impaired after individual test.
(2) Provision method for the group: bad debt reserve is provided under aging method, with
provision standards as follows:
Age Provision percentage for Provision percentage for other
accounts receivable receivable
Within 1 year(Including 1 year) 0% 0%
1-2years(Including 2 years) 5% 5%
2-3years(Including 3 years) 10% 10%
Over 3 years 15% 15%
3. Account receivables without significant amount of single item and bad debt reserve
provided item by item
Grounds for provision of bad debt reserve item by item: there is objective evidence showing it
maybe impaired. For example, due to withdrawal, bankruptcy or death of debtor, debt can not be
recovered or insufficient cash flow after settlement with the bankruptcy property or heritage.
Provision method for bad debt reserve: as for the account receivables which maybe impaired
proven by objective evidence, the account shall be separated from the related group and
experience individual impairment test, and realize impairment losses.
Other account receivable with single major amount and withdrawal bad debt provision for single
item at period-end
□ Application √ Not-application
In combination, other account receivable withdrawal bad debt provision by age combination
√ Application □ Not-application
In RMB
Closing amount Opening amount
Book balance Book balance
Age
Ratio Bad debt provision Ratio Bad debt provision
Amount Amount
(%) (%)
Within 1 year
Including: -- -- -- -- -- --
118
深圳市深宝实业股份有限公司 2013 半年度报告全文
Subtotal within
228,861,849.18 91.45% 193,003,040.50 90.02%
1 year
1-2years 948,836.79 0.38% 47,441.84 948,836.79 0.44% 47,441.84
2-3years 4,410,151.72 1.76% 441,015.17 4,410,151.72 2.06% 441,015.17
Above 3 years 10,554,142.50 4.22% 1,583,121.38 10,554,142.50 4.93% 1,583,121.38
3-4years 2,288,838.66 0.91% 343,325.80 2,288,838.66 1.07% 343,325.80
4-5years 3,411,568.79 1.36% 511,735.32 3,411,568.79 1.59% 511,735.32
Above5years 4,853,735.05 1.95% 728,060.26 4,853,735.05 2.27% 728,060.26
Total 244,774,980.19 -- 2,071,578.39 208,916,171.51 -- 2,071,578.39
Other receivables provided for bad debt reserve under balance percentage method in the groups:
□ Application √ Not-application
Other receivables provided for bad debt reserve under other method in the groups:
□ Application √ Not-application
Other account receivable with single minor amount but withdrawal bad debt provision for single
item at period-end
√ Application □ Not-application
In RMB
Withdrawal proportion
Other account receivable Book balance Bad debt provision Reasons
(%)
Other account receivable Formed due to history
5,472,398.91 5,472,398.91 100%
with over 3 years reasons, hard to recover
Total 5,472,398.91 5,472,398.91 -- --
(2) The top 5 amounts in other account receivables
In RMB
Relationship
Portion in total other receivables
Name of the unit with the Amount Age
(%)
Company
Wholly-owned within 1
Huizhou Shenbao Technology 158,220,104.73 63.23%
subsidiary year
Wholly-owned within 1
Shenbao Sanjing 26,204,103.10 10.47%
subsidiary year
Holding within 1
Shen Shenbao Huafa 20,600,000.00 8.23%
subsidiaries year
Affiliated
Changzhou Sanjing Oil Co., Ltd. 16,894,213.70 1-5 years 6.75%
company
Atos Covics Business Solutions Non-related within 1
1,345,600.00 0.54%
(Shanghai) Co., Ltd. party year
119
深圳市深宝实业股份有限公司 2013 半年度报告全文
Total -- 223,264,021.53 -- 89.22%
(3) Other receivables due from related parties
In RMB
Portion in total other receivables
Name of the unit Relationship with the Company Amount
(%)
Wholly-owned
Huizhou Shenbao Technology 158,220,104.73 63.23%
subsidiary
Wholly-owned
Shenbao Sanjing 26,204,103.10 10.47%
subsidiary
Shen Shenbao Huafa Holding subsidiaries 20,600,000.00 8.23%
Changzhou Sanjing Oil Co.,
Affiliated company 16,894,213.70 6.75%
Ltd.
Shenbao Industrial Trading & Wholly-owned
530,589.19 0.21%
Developmen subsidiary
Total -- 222,449,010.72 88.89%
3. Long-term equity investment
In RMB
Explanat
ion for
Votin un-conc Cas
Share Withdra
g ord h
s held wal of
rights between bon
Name of Calculat Chan in Impairme impairm
Investment Opening Closing in shares us
the ion ges invest nt ent
cost balance balance invest held and in
Companies method +,- ed provision provisio
ed voting this
unit n in this
unit rights peri
(%) period
(%) held in od
invested
unit
Shenzhen
Shenbao
Equity 2,870,000. 2,870,000. 2,870,000. 49.14 49.14 2,870,000
(Xinmin)
00 00 00 % % .00
Food Co.,
Ltd
Changzhou Equity 13,500,000
33% 33%
Sanjing Oil .00
120
深圳市深宝实业股份有限公司 2013 半年度报告全文
Co., Ltd.
Shenbao 2,550,000. 2,550,000. 2,550,000.
Cost 51% 51%
Properties 00 00 00
Shenbao
Industrial
5,500,000. 5,500,000. 5,500,000.
Trading & Cost 100% 100%
00 00 00
Developme
n
Shenbao 80,520,842 80,520,842 80,520,842
Cost 100% 100%
Sanjing .36 .36 .36
Shenbao 168,551,78 168,551,78 168,551,78
Cost 100% 100%
Huacheng 1.80 1.80 1.80
Huizhou
60,000,000 60,000,000 60,000,000
Shenbao Cost 100% 100%
.00 .00 .00
Technology
Wuyuan 280,404,13 280,404,13 280,404,13 95.72 95.72
Cost
Jufangyong 4.35 4.35 4.35 % %
Hangzhou 176,906,95 176,906,95 176,906,95
Cost 100% 100%
Jufangyong 2.42 2.42 2.42
Shenbao
54,676,764 54,676,764 54,676,764
Technology Cost 100% 100%
.11 .11 .11
Center
Shenbao 53.5 53.5
Cost 57,628.53 57,628.53 57,628.53 57,628.53
Liaoyuan % %
Shen
30,000,000 30,000,000 30,000,000 51.72 51.72
Shenbao Cost
.00 .00 .00 % %
Huafa
Shenzhen
Sanjiu
2,480,000. 2,480,000. 2,480,000. 0.95 0.95 2,480,000
Weitai Cost
00 00 00 % % .00
Holdings
Co., Ltd.
Shenzhen
Tianji
Optical-Ele
15,000,000 15,000,000 15,000,000 3.77 3.77 15,000,00
ctric Cost
.00 .00 .00 % % 0.00
Technologi
es Co.,
Ltd.*3
Shenzhen Cost 24,071,627 25,413,791 25,413,791 10% 10%
121
深圳市深宝实业股份有限公司 2013 半年度报告全文
PepsiCo .22 .08 .08
Beverage
Co., Ltd.
917,089,73 904,931,89 904,931,89 20,407,62
Total -- -- -- --
0.79 4.65 4.65 8.53
4. Operating income and operating cost
(1) Operating income
In RMB
Items Amount at this period Amount at last period
Operating income of main
850,941.33
business
Operating income of other
1,200,000.00 1,200,000.00
business
Total 1,200,000.00 2,050,941.33
Operating cost 0.00 422,583.09
(2) Main business (by industry)
In RMB
Amount at this period Amount at last period
Industry
Operating income operating cost Operating income operating cost
Industry 850,941.33 422,583.09
Total 850,941.33 422,583.09
(3) Main business (by products)
In RMB
Amount at this period Amount at last period
Product
Operating income operating cost Operating income operating cost
Tea products 850,941.33 422,583.09
Total 850,941.33 422,583.09
(4) Main business (by area)
In RMB
Amount at this period Amount at last period
Area
Operating income operating cost Operating income operating cost
South China 628,223.12 205,251.35
Other area 222,718.21 217,331.74
Total 850,941.33 422,583.09
(5) Main business income in top five clients
In RMB
Proportion in total main
Name Total Operating income
business income (%)
122
深圳市深宝实业股份有限公司 2013 半年度报告全文
Customer I 1,200,000.00 100%
Total 1,200,000.00 100%
5. Investment income
(1) Details of investment income
In RMB
Items Amount at this period Amount at last period
Investment income of long-term equity based on equity -299,393.90
Investment income from disposal of long-term equity 103,546,568.40
Investment income obtained from disposal of transactional
2,610,661.54
financial assets
Total 105,857,836.04
(2) Investment income of long-term equity based on equity
In RMB
Amount at last Reason of changes compare with last
Unit Amount at this period
period period
Shenzhen PepsiCo Beverage Co., Ltd. -299,393.90
Total -299,393.90 --
6. Supplementary information about statement of cash flow
In RMB
Supplementary information Current period Last period
1．Net profit adjusted to cash flow of operation activities: -- --
Net profit -7,840,872.40 90,953,054.22
Depreciation of fixed assets, consumption of oil assets and
624,570.06 621,105.81
depreciation of productive biology assets
Amortization of intangible assets 52,458.36 914,336.11
Amortization of long-term deferred expenses 132,681.36 143,469.28
Loss from disposal of fixed assets, intangible assets and other
-2,248.14 180,081.65
long-term assets(gain is listed with ―-‖)
Loss from change of fair value(gain is listed with ―-‖) -970,867.20
Financial expenses (gain is listed with ―-‖) 1,270,042.56 93,900.89
Investment loss (gain is listed with ―-‖) -105,857,836.04
Decrease of deferred income tax asset( (increase is listed with ―-‖) 92,575.65
Decrease of inventory (increase is listed with ―-‖) -25,551,327.08 112,154.23
Decrease of operating receivable accounts (increase is listed with
17,756,680.58 150,385,576.30
―-‖)
Increase of operating payable accounts (decrease is listed with ―-‖) 24,176,050.67 -25,582,352.09
123
深圳市深宝实业股份有限公司 2013 半年度报告全文
Net cash flow arising from operating activities 10,618,035.97 111,085,198.81
2. Material investment and financing not involved in cash flow: -- --
3. Net change of cash and cash equivalents: -- --
Balance of cash at period end 67,427,759.75 186,945,009.15
Less: Balance of cash at period-begin 55,033,726.34 399,181,994.57
Net increaseof cash and cash equivalents 12,394,033.41 -212,236,985.42
XIII.Supplementary information
1. Current non-recurring gains/losses
In RMB
Items Amount Note
Gains/losses from the disposal of non-current asset (including the
2,310.17
write-off that accrued for impairment of assets)
Governmental subsidy calculated into current gains and
losses(while closely related with the normal business of the
5,874,022.19
Company, excluding the fixed-amount or fixed-proportion
governmental subsidy according to the unified national standard)
Gains and losses from change of fair values of
held-for-transaction financial assets and financial liabilities except
for the effective hedge business related to normal business of the
6,688.65
Company, and investment income from disposal of transactional
financial assets and liabilities and financial assets available for
sale
Other non-operating income and expenditure except for the
253,966.23
aforementioned items
Less: Impact on income tax 1,299,487.13
Total 4,837,500.11 --
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
□ Application √ Not-application
2. Difference of accounting data under CAS and IAS
(1) Difference of net profit and net assets disclosed in financial report based on
IAS and CAS
In RMB
124
深圳市深宝实业股份有限公司 2013 半年度报告全文
Net profit attributable to Net assets attributable to
shareholders of listed company shareholders of listed company
Amount in this Amount in last
Closing amount Opening amount
period period
By Chinese Accounting Standards -5,934,967.21 88,867,376.42 908,101,676.17 964,216,674.18
Items and amount adjusted by IAS
1. Adjustment on amortization of
1,016,958.04 1,016,958.04
differences of equity investment
2. Adjustment on cost of transferring
381,359.27 -762,718.54 -762,718.54
Shenzhen Pepsi’s equity
3. Other adjustment on regulated
1,067,000.00 1,067,000.00
funds payable in share market
By International Accounting
-5,934,967.21 89,248,735.69 909,422,915.67 965,537,913.68
Standards
3. ROE and EPS
In RMB
EPS
Profit in the Period Weighted average ROE (%)
Basic EPS Diluted EPS
Net profit attributable to common shareholders
-0.62% -0.0237 -0.0237
of the Company
Net profit attributable to common shareholders
of the Company after deducting non-recurring -1.12% -0.0429 -0.0429
gains/losses
4. Abnormalities and reasons of the accounting statement items of the Company
Items Closing balance ( or Opening balance( or Changes % Reasons
Current period ) Last period )
Account paid in advance 16,191,997.35 28,323,450.51 (42.83) *1
Other account payable 32,709,966.50 22,251,167.26 47.00 *2
Other current assets 4,423,309.30 1,760,669.36 151.23 *3
Construction in process 194,408,881.52 94,422,143.01 105.89 *4
Short-term loans 80,000,000.00 --- 100 *5
Wages payable 2,668,977.97 4,937,554.49 (45.95) *6
Operation income 229,743,390.32 114,026,690.16 101.48 *7
Operation cost 195,082,954.37 92,593,340.74 110.69 *8
Sales expenses 16,359,699.07 6,539,865.06 150.15 *9
Investment Income 6,688.65 105,857,836.04 (99.99) *10
125
深圳市深宝实业股份有限公司 2013 半年度报告全文
Non-operation income 6,133,709.15 772,170.63 694.35 *11
*1: imported tea was arrival at port, and the account paid in advance for the tea decreased;
*2: export tax refund receivable increased;
*3: VAT ready for deducted increased;
*4: new office building purchased and the comprehensive investment of tea industrial chain in
Wuyuan Jufangyong increased;
*5: the short-term loans increased;
*6: the performance pay for year of 2012 was paid;
*7: business of the subsidary increased last year was showed in this year, and no such presentation
at same period of last yera;
*8: business of the subsidary increased last year was showed in this year, and no such presentation
at same period of last yera;
*9: business of the subsidary increased last year was showed in this year, and no such presentation
at same period of last yera;
*10: at same period of last yera, there has equity income obtained from 15% equity of Shenzhen
Pepsi transfer, and no such gains obtained in the Period;
*11: The governmetn grant of ―Comprehensive investment award‖ RMB 3.9887 million was
received in the Period and deferred income transfer-in.
Section IX. Documents available for Reference
I. Documents available for reference
The office of board in the Company had the complete reference file for CSRC,
Shenzhen Stock Exchange and shareholders of the company to query, including:
1. Text of financial statement with signature and seals of legal person, person in
charge of accounting works and person in charge of accounting institution;
2. Original and official copies of all documents which have been disclosed on
Securities Times, China Securities Journal, and Hong Kong Commercial Daily in the
report period;
3. Original copies of Semi-Annual Report 2013 with signature of the Chairman.
II. Disclosure approval for the financial statement
The financial statement published on 19 August 2013 approved by the Board
Shenzhen Shenbao Industrial Co., Ltd
19 August 2013
126
