深圳市深宝实业股份有限公司 2015 年半年度报告全文
深圳市深宝实业股份有限公司
SHENZHEN SHENBAO INDUSTRIAL CO.,LTD.
SEMI-ANNUAL REPORT 2015
August 2015
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
Section I. Important Notice, Contents and Paraphrase
Board of Directors, Supervisory Committee, all directors, supervisors and senior executives of
Shenzhen 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 deliberation of this Report.
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 2015 is
authentic, accurate and complete.
Concerning the forward-looking statements with future planning involved in the semi-annual
report, they do not constitute a substantial commitment for investors, 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.
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
Content
Section I Important Notice, Contents and Paraphrase............................................ 2
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 ..................................................................................... 28
Section VI Changes in shares and particular about shareholders........................ 31
Section VII Directors, Supervisors and Senior Executives .................................. 35
Section VIII Financial Report .................................................................................. 36
Section IX Documents Available for Reference .................................................. 143
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
Paraphrase
Items Refers to Contents
Shenshenbao/Shenbao Company/ Listed
Refers to Shenzhen Shenbao Industrial Co., Ltd
Company /the Company/
Shenbao Huacheng Refers to Shenzhen Shenbao Huacheng Science and Technology Co.,Ltd
Wuyuan Ju Fang Yong Refers to Ju Fang Yong Tea Industry Co., Ltd. in Wuyuan County
Hangzhou Ju Fang Yong Refers to Hangzhou Ju Fang Yong Holding Co., Ltd.
Shenbao 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 Development Co.,
Shenbao Sanjing Refers to
Ltd
Shenbao Industrial & Trading Refers to Shenzhen Shenbao Industrial & Trading Co., Ltd.
Shenbao Properties Refers to Shenzhen Shenbao Properties Management Co., Ltd.
Shenshenbao Investment Refers to Shenzhen Shenshenbao Investment Co., Ltd.
Shenbao Yuxing Refers to Fujian Mount Wuyi Shenbao Yuxing Tea Co., Ltd.
Shenbao Shengyuan Refers to Shenbao Shengyuan (Beijing) Food Co., Ltd.
Fuhaitang Ecological Refers to Fuhaitang Tea Ecological Technology Co., Ltd.
Chunshi Network Refers to Hangzhou Chunshi Network Technology Co.,Ltd.
Shenshenbao Tea Culture Refers to Shenzhen Shenshenbao Tea Culture Management Co., Ltd.
Pu’er Tea Trading Center Refers to Yunnan Pu’er Tea Trading Center Co., Ltd.
Agricultural Products Refers to Shenzhen Agricultural Products Co., Ltd
Shenzhen Investment Holding Refers to Shenzhen Investment Holding Co., Ltd
Shenzhen Municipal People’s Government State-owned Assets
Shenzhen SASAC Refers to
Supervision & Administration Commission
CBC Refers to Shenzhen China Bicycle Company (Holdings) Limited
Guangdong Sunrise Holdings Co., Ltd. (current named Fawer
Sunrise Refers to
Automotive Parts Limited Company)
CSRC Refers to China Securities Regulation Commission
Article of Association Refers to Article of Association of Shenzhen Shenbao Industrial Co., Ltd
RMB/10 thousand Yuan Refers to CNY/ten thousand Yuan
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
Section II Company profile
I. Company information
SHENSHENBAO-A,
Short form for share Stock code 000019, 200019
SHENSHENBAO-B
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
深宝
Company(if applicable)
English name of the
SHENZHEN SHENBAO INDUSTRIAL CO.,LTD.
Company(if applicable)
Abbr. of English name of the
SBSY
Company(if applicable)
Legal Representative Zheng Yuxi
II. Person/Way to contact
Secretary of the Board Rep. of security affairs
Name Li Yiyan Huang Bingxia
8/F, Tower-B, Building 4, Software 8/F, Tower-B, Building 4, Software
Industry Base, Science & Technology Park Industry Base, Science & Technology Park
Contact add.
(South), Xuefu Road, Nanshan District, (South), Xuefu Road, Nanshan District,
Shenzhen Shenzhen
Tel. 0755-82027522 0755-82027522
Fax. 0755-82027522 0755-82027522
E-mail lyy@sbsy.com.cn huangbx@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 2014.
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
2. Information disclosure and preparation place
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
The newspaper appointed for information disclosure, website for semi-annual report publish appointed by CSRC
and preparation place for semi-annual report have no change in reporting period, found more details in Annual
Report 2014.
3. Registration changes of the Company
Whether registration has changed in reporting period or not
□ Applicable √ Not applicable
Date/place for registration of the Company, registration number for enterprise legal license, number of taxation
registration and organization code have no change in reporting period, found more details in Annual Report 2014.
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
Section III. Accounting data and summary of financial indexes
I. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy changed
and accounting error correction or not
√Yes □No
Increase/decrease
Same period of last year in this report
Current period
y-o-y (%)
Pre-adjustment Post-adjustment Post-adjustment
Operating revenue (RMB) 163,356,143.27 118,250,169.14 118,250,169.14 38.14%
Net profit attributable to
shareholders of the listed 5,317,533.95 -23,382,126.99 -23,382,126.99 122.74%
company(RMB)
Net profit attributable to
shareholders of the listed company
-2,504,499.15 -28,395,649.40 -28,395,649.40 91.18%
after deducting non-recurring gains
and losses(RMB)
Net cash flow arising from
21,913,616.18 16,786,120.54 -47,903,947.22 145.74%
operating activities(RMB)
Basic earnings per share
0.0177 -0.0777 -0.0777 122.78%
(RMB/Share)
Diluted earnings per share
0.0177 -0.0777 -0.0777 122.78%
(RMB/Share)
Weighted average ROE 0.55% -2.47% -2.47% 3.02%
Increase/decrease
in this report-end
End of last period
End of current period over that of last
period-end
Pre-adjustment Post-adjustment Post-adjustment
Total assets (RMB) 1,107,604,723.34 1,154,612,267.59 1,154,612,267.59 -4.07%
Net assets attributable to
shareholder of listed 976,195,752.88 970,878,218.93 970,878,218.93 0.55%
company(RMB)
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
II. Difference of the accounting data under accounting rules in and out of China
1. Difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
√ Applicable □ Not applicable
In RMB
Net profit attributable to shareholders of listed Net assets attributable to shareholders of listed
company company
Amount at
Amount in this period Amount in last period Amount at period-end
period-begin
Chinese GAAP 5,317,533.95 -23,382,126.99 976,195,752.88 970,878,218.93
Items and amount adjusted by IAS
Adjustment for other payable
fund of stock market 1,067,000.00 1,067,000.00
regulation
IAS 5,317,533.95 -23,382,126.99 977,262,752.88 971,945,218.93
III. Items and amounts of extraordinary profit (gains)/loss
√ Applicable □ Not applicable
In RMB
Item Amount Note
Gains/losses from the disposal of non-current asset (including the write-off
-14,032.21
that accrued 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 2,368,991.93
closely relevant to 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 the Company, and investment income from disposal of 3,176,115.41
transactional financial assets and liabilities and financial assets available for
sale
Other non-operating income and expenditure except for the aforementioned
3,518,942.34
items
Gains/losses items qualify definition of non-recurring gains/losses 606,734.01
Less: impact on income tax 1,834,392.94
Impact on minority shareholders’ equity (post-tax) 325.44
Total 7,822,033.10 --
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
Section IV. Report of the Board of Directors
I. Introduction
During the reporting period, the management team of the company has actively responded to market changes, led
all staff of the company to focus on the business mode of "One core power, Three innovation platforms, Six
bases", steadily pushed forward the work of the various business segments, accelerated the implementation of the
strategies, endeavored to manage and create value in accordance with the established strategy and annual business
objectives so as to maintain a good operational status and momentum of development
During the reporting period, the company has actively expanded the main business, further implemented the
company's tea industry development strategy. Shenbao Technology Center has given full play to its R & D
subject-effect, gradually carried out the deep research and development to industry, not only continued to
contribute the research and development and the technical services for the company’s tea products, but also made
some achievements in the research and development of tea derivatives and carry forward the subsequent
industrialization, and provided effective technical supports for completing the sustainable development of the
company’s tea industry chain. At the same time, the subordinate brands have been actively innovating and steadily
developing. iTealife has opened 6 stores in different commercial activities, and shall continue to expand and open
according to the company’s fixed goal so as to lead the young people to start the health tea life. Teabank, as a
medium-high end tea product and a brand new compound trademark of tea drink that the company creates to adapt
the O2O marketing mode innovation in the internet era, the rise of middle class and the changes of urban social
life style, the first landmark store has been established at the software industry base at Nanshan Science and
Technology Park in Shenzhen and is officially in operation now after strict close beta test, and it shall continue to
gradually open new stores in accordance with the integrated planning and realize the online to offline interactive
cooperation so as to develop a platform of strategic resources for the tea industry chain. Yunnan Puer Tea Trading
Center invested and established by the company has completed the preparatory work, its supporting enterprise,
Yunnan Shenbao Puer Tea Supply Chain Management Co., Ltd., has also officially started making preparations, it
is predicted that Puer Tea Trading Center shall officially start trading within the year, it shall not only provide
the high quality and efficient trading, clearing, warehousing, logistics and other services for the trading parties at
the same time, but also shall gradually carry out the customized services for various tea trade, fully realize its
multiple functions such as transaction, evaluation, and identification, and steadily implement the company’ tea
industry development strategy.
In reporting period, the Company realized operating income of 163,356,100 Yuan, up by 38.14% compared to the
same period of last year; operating profit of 1,336,200 Yuan, up by 105.15% compared to the same period of last
year; net profit attributable to shareholders of listed company of 5,317,500 Yuan, up by 122.74% compared to the
same period of last year.
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
II. Main business analysis
Y-o-y changes of main financial data
In RMB
Y-o-y
Same period of last
Current period increase/decre Reasons for changes
year
ase
Income of Emerald Apartment project increased in
Operation revenue 163,356,143.27 118,250,169.14 38.14%
the Period
Financial expenses -461,784.95 -1,033,644.01 55.32% Mainly due to the decrease of monetary funds
Income tax
4,685,304.78 517,581.33 805.23% Mainly due to the increase of current income tax
expense
Net cash flow
arising from 21,913,616.18 -47,903,947.22 145.74% Income of Emerald Apartment project increased
operation activities
Net cash flow
arising from Mainly because financing by the owned funds in
-74,385,187.66 -21,860,148.84 -240.28%
investment the Period
activities
Net cash flow
arising from -33,859,000.00 89,120,187.24 -137.99% Mainly because bank loans are paid in the period
financing activities
Net increase of
Mainly because bank loans are paid in the period
cash and cash -86,373,233.51 19,471,976.76 -543.58%
and financing by the owned funds
equivalent
Mainly because financing by the owned funds in
monetary fund 180,974,544.93 267,347,778.44 -32.31%
the Period
Trading financial
Mainly due to the change of market value of shares
assets Trading 4,953,811.20 1,777,695.79 178.66%
in the period
financial assets
Account
58,268,507.85 103,147,982.43 -43.51% Mainly because account received in the Period
receivable
Account paid in Mainly because the tea import has been paid in
25,832,695.42 7,779,877.27 232.05%
advance advance in the Period
Other current Mainly because financing by the owned funds in
66,544,490.74 3,911,623.17 1,601.20%
assets the Period
Account payable 31,072,228.84 17,679,451.23 75.75% Material purchasing are increased in the Period
Other payables 21,523,757.48 48,845,820.69 -55.94% Major transaction amount are paid in the Period
Operation tax 9,353,461.16 363,563.74 2,472.72% Tax from Emerald Apartment project are paid in
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
the Perido
Net income of
Mainly due to the change of market value of shares
change of fair 3,176,115.41 397,336.94 699.35%
in the period
value
Non-operating Compensation from Sunrise are received in the
5,923,714.27 1,927,068.41 207.40%
income Period
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
No future development and planning extended to reporting period that published in disclosure documents as
prospectus, private placing memorandum and recapitalize statement
Review on the previous business plan and its progress during reporting period
The Company proceeded according to the business plan in the reporting.
III. Composition of main business
In RMB
Increase or
Increase or Increase or
decrease of
decrease of decrease of
Gross profit gross profit
Operating revenue Operating cost operating revenue operating cost
ratio ratio over same
over same period over same period
period of last
of last year of last year
year
According to industries
Industry 116,349,264.38 98,582,139.92 15.27% -1.36% 2.17% -2.93%
Real estate 46,371,344.00 6,992,547.85 84.92% - - -
According to products
Soft drink 11,054,286.98 8,191,716.52 25.90% -24.47% -20.97% -3.27%
Condiment 4,431,678.01 2,639,386.94 40.44% -19.78% -20.72% 0.71%
Tea products 100,863,299.39 87,751,036.46 13.00% 3.14% 5.99% -2.34%
Commercial
residential 46,371,344.00 6,992,547.85 84.92% - - -
building
According to region
Exportation 4,425,260.54 3,233,921.87 26.92% -36.12% -29.49% -6.87%
South China 82,715,122.48 35,567,147.67 57.00% 72.94% -4.03% 34.49%
North China 9,067,068.17 8,017,118.54 11.58% -2.73% -7.05% 4.11%
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
East China 49,212,498.32 42,520,421.24 13.60% 9.68% 12.71% -2.32%
Central China 14,061,963.42 12,312,827.20 12.44% 130.37% 122.02% 3.29%
Other 3,786,375.45 3,923,251.25 -3.61% 18.32% 33.36% -11.68%
IV. Core competitive-ness analysis
Core competitive-ness of the Company has no major changes in the Period.
V. Investment analysis
1. Situation of foreign equity investment
(1) Foreign investment
√ Applicable □ Not applicable
Foreign investment
Investment amount in the Period Investment amount in same period of last
Changes
(RMB) year(RMB)
3,825,000.00 0.00 100.00%
Invested company
Equity ratio of the listed company in
Company Main business
invested company
Sales of food; electronic products, daily
necessities, mechanical equipments, hardware and
electrical equipments, and clothing; provide
technology promotion services; organize cultural
and artistic exchange activities (not including the
performance); undertake exhibitions; do
Shenbao Shengyuan (Beijing) Food
marketing researches; design and make the 51.00%
Co., Ltd.
computer graphics; design, make, agent, agents,
and release advertisements; import and export
goods; agent import and export. (The projects that
are subject to approval by the relevant
departments should be carried out according to
the approved contents.
(2) Securities investment
√ Applicable □ Not applicable
Variet Code of Initial Amount of Proporti Amount of Proporti
Short form Book value at the Gains and loss in Account
stock-hold on of Source
y of securitie investment stock-hold on of end of the period the reporting ing
of securities ing at the stock-ho of stock
(RMB) (RMB) subject
securit s cost(RMB ing at the stock-ho end of the lding at
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
ies ) beginning lding at period the end
(Share) of the
of the the period
period beginnin
(Share) g of the
period
Paid
shares
Financia
Zhonghua- l assets from
Stock 000017 - 258,011 0.05% 258,011 0.05% 4,953,811.20 3,176,115.41
A available debt
for sale
reorgani
zation
Total - 258,011 -- 258,011 -- 4,953,811.20 3,176,115.41 -- --
2. Trust management , derivative investment and entrusted loans
Trust management
√ Applicable □ Not applicable
In 10 thousand Yuan
Principal Amount
Related actually actually
Related Amount Remuneration Predicted
Trustee transaction Products Stars Ended received loss in
relationship entrusted determination income
(Y/N) in the the
period Period
Shenzhen
Financial Pledgeable
branch of N/A N 3,000 2015-03-25 2015-06-25 3,000 38.25 38.25
product income
SPDB
Shenzhen
Financial Pledgeable
branch of N/A N 1,000 2015-04-10 2015-05-13 1,000 4.31 4.31
product income
SPDB
China CITIC Financial
N/A N 2,000 2015-03-24 2015-05-20 Floating profit 2,000 18.11 18.11
Bank product
China CITIC Financial
N/A N 3,000 2015-03-24 Floating profit 28.8
Bank product
China CITIC Financial
N/A N 2,000 2015-05-22 Floating profit 11.4
Bank product
China CITIC Financial
N/A N 1,000 2015-06-11 Floating profit 5.7
Bank product
Shenzhen
Financial
Rural N/A N 300 2015-06-24 2015-07-08 Floating profit 300 0.58 0.58
product
Commercial
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
bank
Total 12,300 -- -- -- 6,300 107.15 61.25
Capital source of the trust management Owned fund
Accumulative overdue principal and income
0
unrevoked
Cases involving lawsuit(if applicable) Not applicable
Date of the Board disclosed for trust management
2015-03-21
approval (if any)
3. Application of raised proceeds
√ Applicable □ Not applicable
(1)Overall application of raised proceeds
√ Applicable □ Not applicable
In 10 thousand Yuan
Total raised proceeds 57,239.21
Total raised proceeds invested during the reporting
2,389.18
period
Total accumulative raised proceeds invested 47,341.37
Total raised proceeds for new purposes during the
0
reporting period
Total accumulative raised proceeds for new purposes 16,729.17
Proportion of the total accumulative raised proceeds for
29.23%
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, 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, RMB 1.00 face value. Total monetary capital RMB 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. Up to 30th June
2015, accumulative investment RMB473,413,662.21 are contributed in the fund-raised projects, of which, RMB 66,221,936.38
used during the accounting period from 24 June 2011 to 31 December 20111; RMB 160,604,613.69 used in the year of 2012; and in
2013, RMB 138,192,148.43 are used; RMB 84,503,187.73 for year of 2014 and RMB 23,891,775.98 for the first half year of 2015.
Balance of the fund-raised amounting to RMB36,926,681.07 (deducted the RMB 80,000,000.00 for current capital
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
supplementation) up to 30 June 2015, RMB 17,948,201.39 interest income included.
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
(2) Situation of committed project of raised proceeds
√ Applicable □ Not applicable
In 10 thousand Yuan
Amount of
Projects Total Total Investment Predicted Reach the Project
Amount accumulated
changed or not committed investment program till serviceable Profit realized predicted feasibility was
Committed investment projects &investment invested in investment till
(including investment after
of raised fund the year-end condition date in this year interest or changed hugely
changed of raised adjustment this year the year-end
partially) capitals (1) (3)=(2)/(1) of project not (Y/N) or not(Y/N)
(2)
Investment project commitment
1. Acquisition of 48.33% equity from
N 6,510.05 6,510.05 0 6,510.05 100.00% 2011-07-31 -205.57 Y N
Shenbao Huacheng
2. Comprehensive Investment Project of Tea
N 27,000.00 27,000.00 832.12 17,952.20 66.49% 2015-09-30 -250.38 N N
Industry Chain
3. Comprehensive Project with Annual
Not
Capacity of 300 Tons Catechin Y 15,500.00 - Y
applicable
4. Chain Project for Classical Tea Leaves
Not
Y 3,000.00 - N
applicable
5. Project of R&D Center for Tea and
Not
Natural Plants Y 4,000.00 - N
applicable
6. Expansion Project of Condiment
Not
Production Line Y 4,000.00 - Y
applicable
7. Project of Developing High-end Brand
15,500.00 1,557.06 14,465.81 93.33% 2016-04-30 N N
Classical Tea
8. Establishment of joint venture of
3,000.00 0 3,000.42 100.00% 2012-12-31 Y N
Zhejiang Shen Shenbao Huafa Tea Co., Ltd.
9. Project of R&D Center for Tea and
5,229.17 0 5,412.89 100.00% 2014-12-31 Y N
Natural Plants
Total of commitment projects -- 60,010.05 57,239.22 2,389.18 47,341.37 -- -- -455.95 -- --
Investment of raised fund
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
Total -- 60,010.05 57,239.22 2,389.18 47,341.37 -- -- -455.95 -- --
Particular about not coming up to
schemed progress or expected Comprehensive Investment Project of Tea Industry Chain and project of Developing High-end Brand Classical Tea were both in the incubation period, which
revenue and the reason(In specific didn’t meet the expected income.
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.
Explanation on great changes of
2. Expansion Project of Condiment Production Line: despite that the prospectus of condiment market was positive; the furious market competition can’t be
feasibility of project
ignored. In 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 of the Not applicable
plan
Change of implementation place Applicable
of investment project of raised
capitals Occurred in previous years
17
深圳市深宝实业股份有限公司 2015 年半年度报告全文
The Company changed the implementation place of Project of R&D Center for Tea and Natural Plants from Wuyuan county Jiangxi 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 investment project with Not applicable
proceeds
Initial input and replacement of
Not applicable
investment project with proceeds
Applicable
Temporary supplement of current On 4 September 2014, the “Proposal of Using Part of Idle Fund Raised for Supplement Current Capital Temporary Again” was deliberated and approved in
capital with idle proceeds
First General Meeting of 2014 with part of the fund raised RMB 80 million to supplement current capital of the Company for 12 months at most. The above
fund raised will been return On 30 July 2015.
Applicable
In recent years, the company has comprehensively improved and optimized and upgraded its production technology by continuous technological innovation.
When refinancing funds to put into the projects, the company has used the raised funds according to the actual situation and based on the economical and
reasonable and effective principle, strictly controlled the expenses of raised funds in the premise of ensuring the project construction quality, fully considered
Balance of fund raised in way of the comprehensive utilization of resources, strengthened the control, supervision and management to project costs, reduced the engineering costs, and
implementation and reasons saved the project costs. Therefore, the raised funds generated surplus. Up to August 10, 2015, the total surplus of raised funds is 116, 207, 900 yuan (including
the interests). In order to increase the use efficiency of raised funds, reduce the financial costs and maintain the interests of company and investors, the
company convoked the 20th meeting of the eighth board of director on August 21, 2015 which deliberated and passed the “Motion about permanently
supplementing the surplus of raised funds to the circulating funds”, and agreed to permanently supplement the raised funds surplus of total 116, 207, 900 yuan
(including the interests, the specific is subject to the amount on transfer day) to the circulating funds, this motion should be implemented after the deliberation
of the general meeting of stockholders.
Purposes and application of Saved in the special account for proceeds.
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 been found in place, use,
application and disclosure of
management and disclosure of proceeds. The Company has never made financing for over 2 times, not even the application of proceeds in those years.
proceeds or other issues
18
深圳市深宝实业股份有限公司 2015 年半年度报告全文
(3)The changed project of raised proceeds
√ Applicable □ Not applicable
In 10 thousand Yuan
Whether it Whether the
Accumulation
Virtual Progress of the has come feasibility of
Total amount virtual amount Predicted
investment
Corresponding original committed amount input serviceable Income up to the the project
Project after the change invested after input deadlinedeadline the end
condition date of
project in the of the reporting achieved in scheduled changed after
adjustment (1) the end of the project
(%)(3)=(2)/(1)
reporting the reporting income the alteration
reporting (2)
(Y/N) (Y/N)
Comprehensive Project with Annual
Investment development
Capacity of 300 Tons Catechin
project for high-end brand 15,500.00 1,557.06 14,465.81 93.33% 2016-04-30 N N
/Chain Project of Classical Tea
classical tea
Leaves
Jointly incorporation of
Comprehensive Project with Annual
Zhejiang Shenbao Huafa 3,000.00 0 3,000.42 100.00% 2012-12-31 Y N
Capacity of 300 Tons Catechin
Tea Co., Ltd.
Project of R&D Center for Tea and
Project of R&D Center for
Natural Plants / Expansion Project 5,229.17 0 5,412.89 100.00% 2014-12-31 Y
Tea and Natural Plants
of Condiment Production Line
19
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Total -- 23,729.17 1,557.06 22,879.12 -- -- 0 -- --
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 Huafa Tea Co., Ltd. and original selected tea chain project was included in the high-end brand
Changing reason, decision procedure and statement of disclosure(In specific
classical tea investment.
project) 2. Cancel the “Expansion Project of Condiment Production Line”: despite that the prospectus of condiment
market was positive; the furious market competition can’t be ignored. In 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. 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
20
深圳市深宝实业股份有限公司 2015 年半年度报告全文
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 Ju Fang Yong into Shenzhen Shenbao
Technology Center Co., Ltd., wholly owned 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.
Not meet the scheduled progress or projected benefits, and reasons for that (based Project of Developing High-end Brand Classical Tea was in the incubation period, which didn’t meet the
on specific project) expected income.
Explanation on significant changes in feasibility of projects Not applicable
(4) Project of raised proceeds
Project of raised proceeds and summary Disclosure date Disclosure index
”Special Report of Raised Proceeds Deposit and Utilization for Semi-Annual of 2015 of Shenzhen Shenbao
2015-08-25 Juchao Website(www.cninfo.com.cn)
Industrial Co., Ltd.”
4. Main subsidiaries and stock-jointly companies
√ Applicable □ Not applicable
Particular about main subsidiaries and stock-jointly companies
In RMB
Main products or
Company name Type Industries Register capital Total assets Net Assets Operating revenue Operating profit Net profit
service
Shenbao Instant tea powder
Subsidiary Manufacture 153,451,300.00 193,715,176.33 159,361,243.25 74,200,210.97 -5,415,808.42 -3,545,096.49
Huacheng and tea extraction
21
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Shenshenbao Investment
Subsidiary Comprehensive 50,000,000.00 57,272,387.21 52,590,730.70 156,314.52 -2,570,137.08 -2,570,137.08
Investment management
Wuyuan Ju Fang
Subsidiary Manufacture Tea products 290,000,000.00 354,589,124.74 312,214,239.94 53,795,346.15 -974,764.94 -512,264.94
Yong
Development,
Science research
Shenzhen consulting and
Subsidiary and technology 54,000,000.00 48,965,106.36 46,901,058.13 20,451.21 -2,031,064.17 -2,031,064.17
Technology Center transfer of the
service
technology
Huizhou Shenbao Condiment,
Subsidiary Comprehensive 60,000,000.00 223,604,922.36 35,564,466.27 15,485,964.99 -706,469.90 -706,469.90
Technology softdrinks
Hangzhou Ju Fang
Subsidiary Comprehensive Tea products 175,000,000.00 161,491,507.98 153,580,941.48 10,262,843.72 -9,723,168.83 -9,819,490.48
Yong
22
深圳市深宝实业股份有限公司 2015 年半年度报告全文
VI. Prediction of business performance from January – September 2015
Estimation on accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation on reason
□ Applicable √ Not applicable
VII. 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
The Company has no plans of cash dividend distributed, no bonus shares and has no share converted from capital
reserve either in last year.
VIII. Profit distribution and share converted from capital reserve in the Period
□ Applicable √ Not applicable
The Company has no plans of cash dividend distributed, no bonus shares and has no share converted from capital
reserve either in semi-annual of the Year.
IX. In the report period, reception of research, communication and interview
√ Applicable □ Not applicable
Time Place Way Type Reception Contents discussed and material provided
Q&A of the
The Interactive
2015-01-01 Personal Investor Inquiry of numbers of shareholders of the Company
Company system of the
SSE
The Telephone Consulting sales of the Emerald Apartment and
2015-01-04 Personal Investor
Company communication Company’s operation
The Telephone Seeking cooperation and realize the operation
2015-01-09 Personal Investor
Company communication condition of the Company
The Telephone
2015-01-12 Personal Investor Realize the performance of the Company
Company communication
The Telephone
2015-01-15 Personal Investor Realize the performance of the Company
Company communication
The Telephone Consulting information disclosure issues and
2015-01-23 Personal Investor
Company communication shareholders of the Company
2015-01-30 The Q&A of the Personal Investor Consulting property relations of the Emerald
23
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Company Interactive Apartment
system of the
SSE
Q&A of the
The Interactive
2015-02-02 Personal Investor Realize the performance of the Company
Company system of the
SSE
Q&A of the
The Interactive Consulting whether the Company has a
2015-02-14 Personal Investor
Company system of the re-organization plan or not
SSE
The Telephone Consulting operation of the Company and whether
2015-02-25 Personal Investor
Company communication has a re-organization plan or not
The Telephone Consulting the annual development plans and
2015-03-02 Personal Investor
Company communication progress of the Pu’er Tea projects
Q&A of the
The Interactive
2015-03-04 Personal Investor Consulting numbers of the shareholders
Company system of the
SSE
Q&A of the
The Interactive
2015-03-10 Personal Investor Make recommendations on brand strategy
Company system of the
SSE
Q&A of the
The Interactive
2015-03-12 Personal Investor Make recommendations on brand strategy
Company system of the
SSE
The Telephone Consulting the main business development of the
2015-03-13 Personal Investor
Company communication Company
Q&A of the
The Interactive Make recommendations on main business
2015-03-14 Personal Investor
Company system of the development of the Company
SSE
Q&A of the
The Interactive Make recommendations on development strategy of
2015-03-20 Personal Investor
Company system of the the Company
SSE
Q&A of the
The Interactive
2015-03-21 Personal Investor Make recommendations on brand strategy
Company system of the
SSE
24
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Q&A of the
The Interactive Consulting whether the Company has
2015-03-27 Personal Investor
Company system of the re-organization intention or not
SSE
Q&A of the
The Interactive
2015-03-28 Personal Investor Make recommendations on brand strategy
Company system of the
SSE
Consulting the main business development of the
The Telephone
2015-04-01 Personal Investor Company and saels of the Emerald Apartment and
Company communication
whether has a re-organization plan or not
Q&A of the
The Interactive Realize the performance appraisal condition and
2015-04-01 Personal Investor
Company system of the development strategy of the Company
SSE
Q&A of the
The Interactive
2015-04-08 Personal Investor Make recommendations on brand strategy
Company system of the
SSE
Q&A of the
The Interactive Make recommendations on main business
2015-04-10 Personal Investor
Company system of the development of the Company
SSE
The Telephone Consulting sales of the Emerald Apartment and
2015-04-15 Personal Investor
Company communication Company’s operation
The Telephone Consulting operation of the Company and sales of
2015-04-16 Personal Investor
Company communication the Emerald Apartment
The Telephone Make recommendations on main business
2015-04-29 Personal Investor
Company communication development of the Company
Q&A of the
The Interactive Consulting the main business development of the
2015-05-04 Personal Investor
Company system of the Company
SSE
The Telephone Make recommendations on main business
2015-05-11 Personal Investor
Company communication development of the Company
The Yong An Consulting the operation status of the Company and
2015-05-13 Field research Institution
Company Furures main business development
The Telephone
2015-05-15 Personal Investor Consulting the shareholders and general elections
Company communication
2015-05-15 The Q&A of the Personal Investor Make recommendations on development strategy of
25
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Company Interactive the Company
system of the
SSE
The Telephone Consulting information disclosure issues and
2015-05-21 Personal Investor
Company communication shareholders of the Company
Q&A of the
The Interactive Make recommendations on development strategy of
2015-05-22 Personal Investor
Company system of the the Company
SSE
Q&A of the
The Interactive Consulting the shareholders and make
2015-05-25 Personal Investor
Company system of the recommendations on brand strategy
SSE
BoCom-Schrod
The ers Fund, Broad Consulting the operation status fo the Company and
2015-05-28 Field research Institution
Company Capital, CIFM, main business development
Huashang Fund
The Tianhong Consulting the operation status fo the Company and
2015-05-28 Field research Institution
Company Assets main business development
Q&A of the
The Interactive
2015-05-29 Personal Investor Make recommendations on brand strategy
Company system of the
SSE
Q&A of the
The Interactive Make recommendations on main business
2015-06-02 Personal Investor
Company system of the development of the Company
SSE
The Telephone Consulting saels of the Emerald Apartment and
2015-06-05 Personal Investor
Company communication whether has a re-organization plan or not
The Telephone Consulting saels of the Emerald Apartment and
2015-06-08 Personal Investor
Company communication whether has a re-organization plan or not
The Telephone Assist in handling registration required by B-share
2015-06-08 Personal Investor
Company communication shareholders
Q&A of the
The Interactive
2015-06-15 Personal Investor Consulting numbers of the shareholders
Company system of the
SSE
The Telephone
2015-06-17 Personal Investor Realize shareholders of the Company
Company communication
2015-06-25 The Telephone Institution Huatai Wish to make an appointment to research
26
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Company communication Securiteis
The Telephone Consulting whether stock of the Company
2015-06-29 Personal Investor
Company communication suspended or not
The Telephone
2015-06-29 Personal Investor Realize operation development condition
Company communication
The Company did not disclose or leak the un-released material information to the objects while receiving the above mentioned
research and communication activities
27
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Section V. Important Events
I. Corporate governance
The actual condition of the corporate governance shows no difference with the Company Law and relevant
requirement from CSRC.
II. Lawsuits
Significant lawsuits and arbitrations
□ Applicable √ Not applicable
There are no significant lawsuits and arbitrations occurred in the period
Other lawsuits
□ Applicable √ Not applicable
III. Media questioned
□ Applicable √ Not applicable
The Company has no media universality query in the Period
IV. Significant contracts and its implementation
1. Guarantees
√ Applicable □ Not applicable
In 10 thousand Yuan
Guarantee for the subsidiaries (not including guarantees to subsidiaries)
Related Guarante
Actual date of Complete
Name of the Announce e for
Guarantee happening (Date Actual Guarantee Guarantee implemen
Company ment related
limit of signing guarantee limit type term tation
guaranteed disclosure party
agreement) (Y/N)
date (Y/N)
Guarantee for the subsidiaries
Related Guarante
Actual date of Complete
Name of the Announce e for
Guarantee happening (Date Actual Guarantee Guarantee implemen
Company ment related
limit of signing guarantee limit type term tation
guaranteed disclosure party
agreement) (Y/N)
date (Y/N)
Shenzhen Shenbao
Sanjing Food &
Joint liability
Beverage 3,000 2014-04-14 3,000 One year Y Y
assurance
Development Co.,
Ltd
28
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Shenzhen Shenbao
Huacheng Science Joint liability
3,000 2014-04-14 0 One year Y Y
and Technology assurance
Co.,Ltd
Shenzhen Shenbao
Huacheng Science Joint liability
3,000 2014-07-07 3,000 One year N Y
and Technology assurance
Co.,Ltd
Total amount of approving Total amount of actual
guarantee for subsidiaries in occurred guarantee for
0 6,000
report period (B1) subsidiaries in report period
(B2)
Total amount of approved Total balance of actual
guarantee for subsidiaries at the guarantee for subsidiaries at
3,000 3,000
end of reporting period (B3) the end of reporting period
(B4)
Gurantee to subsidiary from subsiairy
Related Guarante
Actual date of Complete
Name of the Announce e for
Guarantee happening (Date Actual Guarantee Guarantee implemen
Company ment related
limit of signing guarantee limit type term tation
guaranteed disclosure party
agreement) (Y/N)
date (Y/N)
Total amount of guarantee of the Company( total of three abovementioned guarantee)
Total amount of approving Total amount of actual
guarantee in report 0 occurred guarantee in report 6,000
period(A1+B1+C1) period(A2+B2+C2)
Total amount of approved Total balance of actual
guarantee at the end of report 3,000 guarantee at the end of report 3,000
period (A3+B3+C3) period(A4+B4+C4)
The proportion of the total amount of actually guarantee in the
3.07%
net assets of the Company(that is A4+ B4+C4)
V. Explantion on other important matters
√ Applicable □ Not applicable
Emerald apartment project
According to the “Construction Project Cooperation Agreement” that the Company signed with Shenzhen Jitai
Industrial Development Co., Ltd. (hereinafter referred to as "Jitai Industrial Company”), the Company shall
develop its land at Wenjin North Road, Luohu District, Shenzhen (land parcel number is H307-0018) with Jitai
Industrial Company and build a self-use office building. The Company shall neither invest by any means nor bear
any cost for this construction project, and Jitai Industrial Company shall be responsible for the investment and
bear all the funds needed for the project construction. The Company has determined that the property allocation
proportion of the construction project is based on RMB 42 million yuan which is in terms of the assessed value of
land H307-0018. The Company’s property allocation proportion: the proportion of RMB 42 million yuan based on
29
深圳市深宝实业股份有限公司 2015 年半年度报告全文
the assessed value of land H307-0018 in the total cost (i.e. RMB 42 million yuan + all audited and confirmed
funds that Jitai Industrial Company shall invest in the project construction); if this proportion is less than 20%, the
Company’s minimum property allocation proportion shall be 20%. In December 2012, two parties in the project
cooperation have agreed to cancel the use of “self-use office building” and change to “Emerald Apartment”
commercial housing development project. On Oct. 26, 2014, the commercial residential building has joined in the
partnership. “Emerald Apartment” project is applicable to the jointly operated arrangement norm, up to June 30,
2015, Shenbao Company has achieved income of 152,320,050 yuan from the commercial residential building.
30
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Section VI. Changes in Shares and Particulars about
Shareholders
I. Changes in Shares
In share
Before the Change Increase/Decrease in the Change (+, -) After the Change
Bon Capitaliz
New
us ation of Subtot
Amount Proportion shares Others Amount Proportion
shar public al
issued
es reserve
I. Restricted shares 17,464,616 5.80% 17,464,616 5.80%
1. State-owned corporate
8,140,475 2.70% 8,140,475 2.70%
shares
2. Other domestic shares 9,324,141 3.10% 9,324,141 3.10%
Including: Domestic legal
9,324,141 3.10% 9,324,141 3.10%
person’s shares
Domestic nature person’s
0 0.00% 0 0.00%
shares
II. Un-restricted shares 283,615,568 94.20% 283,615,568 94.20%
1. RMB common shares 252,252,368 83.78% 252,252,368 83.78%
2. Domestically listed foreign
31,363,200 10.42% 31,363,200 10.42%
shares
III. Total shares 301,080,184 100.00% 301,080,184 100.00%
II. Amount of shareholders of the Company and particulars about shares holding
In share
Total preference shareholders with voting rights
Total common shareholders at
22,334 recovered at end of reporting period (if 0
period-end
applicable) (see Note 8)
Particulars about common shares held above 5% by shareholders or top 10 common shareholding
Number of
share
Total common Amount of
Amount of pledged/froze
Proportion
Nature of shareholders Changes in restrict un-restrict n
Full name of Shareholders of shares
shareholder common
held at the end of report period common State
shares held Amo
report period shares held of
unt
share
Shenzhen Agricultural
Other 19.09% 57,474,117 0 9,324,141 48,149,976
Products Co., Ltd
Shenzhen Investment State-owned
16.00% 48,172,304 0 8,140,475 40,031,829
Holding Co., Ltd legal person
ABC- Huaxia Stable Other 1.21% 3,654,826 3,654,826 0 3,654,826
31
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Growth Mix Stock Fund
China Resources Szitic
Trust Co., Ltd.- Runjin
Other 0.91% 2,753,193 2,753,193 0 2,753,193
No. 153 Group Asstes
Trust Plan
South Capital –Ping An
Bank – Zengli C
Other 0.83% 2,500,000 2,500,000 0 2,500,000
Allocation No.2 Asstes
Management Plan
Domestic
Sun Huiming 0.72% 2,175,850 616,052 0 2,175,850
nature person
Domestic
Wang Chengping 0.66% 2,000,000 588,045 0 2,000,000
nature person
Domestic
Sun Hongli 0.65% 1,961,625 1,961,625 0 1,961,625
nature person
Xiamen International
Trust Co., Ltd.
–Zhengshang No.1 New Other 0.56% 1,695,318 -431,000 0 1,695,318
Structured Security
Investment Group Trust
Domestic
Liu Qingfu 0.52% 1,562,426 849,326 0 1,562,426
nature person
Shenzhen SASAC directly holds 26.76%equity interests of Agricultural Products,
indirectly holds 5.24% equity interests of Agricultural Products and directly holds 00%
Explanation on associated relationship equity interests of Shenzhen Investment Holding. Except for this, the Company was not
among the aforesaid shareholders
aware of any related relationship between 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 common shareholders with un-restrict shares held
Amount of listed common shares held at end of Type of shares
Shareholders
the Period Type Amount
RMB common
Shenzhen Agricultural Products Co., Ltd 48,149,976 48,149,976
shares
RMB common
Shenzhen Investment Holding Co., Ltd 40,031,829 40,031,829
shares
ABC- Huaxia Stable Growth Mix Stock RMB common
3,654,826 3,654,826
Fund shares
China Resources Szitic Trust Co., Ltd.- 2,753,193 RMB common 2,753,193
32
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Runjin No. 153 Group Asstes Trust Plan shares
South Capital –Ping An Bank – Zengli C RMB common
2,500,000 2,500,000
Allocation No.2 Asstes Management Plan shares
Domestically
Sun Huiming 2,175,850 listed foreign 2,175,850
shares
RMB common
Wang Chengping 2,000,000 2,000,000
shares
RMB common
Sun Hongli 1,961,625 1,961,625
shares
Xiamen International Trust Co., Ltd.
RMB common
–Zhengshang No.1 New Structured 1,695,318 1,695,318
shares
Security Investment Group Trust
RMB common
Liu Qingfu 1,562,426 1,562,426
shares
Expiation on associated relationship or Shenzhen SASAC directly holds 26.76%equity interests of Agricultural Products,
consistent actors within the top 10 indirectly holds 5.24% equity interests of Agricultural Products and directly holds 00%
un-restrict common shareholders and equity interests of Shenzhen Investment Holding. Except for this, the Company was not
between top 10 un-restrict common aware of any related relationship between other shareholders above, and whether they
shareholders and top 10 common belonged to parties acting in concert as defined by the Acquisition Management Method
shareholders of Listed Company.
During the reporting period, shareholder of the Company Sun Hongli holds 1,961,625
Explanation on top 10 common shares through the guarantee securities account of client credit trading under the name of
shareholders involving margin business Huatai Securities Co., Ltd.; shareholder of the Company Liu Qingfu holds 1,562,426
(if applicable) (see note 4) shares through the guarantee securities account of client credit trading under the name of
Haitong Securities Co., Ltd.;
Agreed to buy back deals occurred in Period from top 10 common shareholders, top 10 un-restricted common
shareholders
√ Yes □No
Before the reporting period, one of the company’s shareholders, Chengping Wang, has made the repurchase
agreement on the 1,261,320 shares of the Company’s share he held with China Investment Securities and made
the repurchase agreement on the 479,999 shares of the Company’s share he held with Founder Securities, which
totally accounts for 0.58% of the company’s general capital. During the reporting period, Chengping Wang has
repurchased all shares involved in the above-mentioned two transactions. Up to the end of the reporting period,
Chengping Wang has held 2,000,000 shares of the Company’s share which accounts for 0.66% of the company’s
general capital.
33
深圳市深宝实业股份有限公司 2015 年半年度报告全文
III. Changes of controlling shareholders or actual controller
Changes of controlling shareholders in reporting period
□ Applicable √ Not applicable
Changes of controlling shareholders had no change in reporting period.
Changes of actual controller in reporting period
□ Applicable √ Not applicable
Changes of actual controller in reporting period had no change in reporting period.
34
深圳市深宝实业股份有限公司 2015 年半年度报告全文
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 2014.
II. Resignation and dismissal of directors, supervisors and senior executives
□ Applicable √ Not applicable
Resignation and dismissal of directors, supervisors and senior executives have no changes in reporting period,
found more details in Annual Report 2014.
35
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Section VIII. Financial Report
I. Audit reports
Whether the semi-annual report was audited or not
□ Yes √ No
The financial report of this semi-annual report was unaudited
II. Financial statements
Units in Notes of Financial Statements is RMB
1. Consolidated Balance Sheet
Prepared by Shenzhen Shenbao Industrial Co., Ltd
2015-06-30
In RMB
Items Ending balance Opening balance
Current assets:
Monetary funds 180,974,544.93 267,347,778.44
Financial liability measured by fair
value and with variation reckoned into 4,953,811.20 1,777,695.79
current gains/losses
Notes receivable 97,806.91
Accounts receivable 58,268,507.85 103,147,982.43
Accounts paid in advance 25,832,695.42 7,779,877.27
Other receivables 29,400,814.07 24,689,122.83
Inventories 137,361,701.75 130,041,684.50
Divided into assets held for sale
Non-current asset due within one
year
Other current assets 66,544,490.74 3,911,623.17
Total current assets 503,434,372.87 538,695,764.43
Non-current assets:
Financial assets available for sale 57,500.00 57,500.00
Hold-to-maturity investment
Long-term account receivable
36
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Long-term equity investment 1,066,403.37 1,042,686.34
Investment real estate
Fixed assets 387,286,572.05 397,461,013.05
Construction in process 5,250,335.30 4,040,726.71
Disposal of fixed asset
Productive biological assets 436,156.00 436,156.00
Intangible assets 193,639,251.23 196,961,086.80
Expense on Research and Development 1,402,869.39
Goodwill
Long-term expenses to be apportioned 12,331,571.45 12,961,711.79
Deferred income tax asset 2,699,691.68 2,955,622.47
Other non-current asset
Total non-current asset 604,170,350.47 615,916,503.16
Total assets 1,107,604,723.34 1,154,612,267.59
Current liabilities:
Short-term loans 40,000,000.00
Financial liability measured by fair
value and with variation reckoned into
current gains/losses
Notes payable
Accounts payable 31,072,228.84 17,679,451.23
Accounts received in advance 4,086,009.73 3,162,385.52
Wage payable 6,397,638.11 7,837,260.80
Taxes payable 23,326,884.01 24,901,069.25
Interest payable
Dividend payable 2,909,182.74 2,909,182.74
Other accounts payable 21,523,757.48 48,845,820.69
Divided into liability held for sale
Non-current liabilities due within 1 year
Other current liabilities
Total current liabilities 89,315,700.91 145,335,170.23
Non-current liabilities:
Long-term loans
Bonds payable
Including: preferred stock
37
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Perpetual capital
securities
Long-term account payable
Long-term wages payable
Special accounts payable
Projected liabilities
Deferred income 13,807,128.85 14,376,120.78
Deferred income tax liabilities 2,018,756.94 1,262,646.50
Other non-current liabilities
Total non-current liabilities 15,825,885.79 15,638,767.28
Total liabilities 105,141,586.70 160,973,937.51
Owner’s equity:
Share capital 301,080,184.00 301,080,184.00
Other equity instrument
Including: preferred stock
Perpetual capital
securities
Capital public reserve 518,186,429.67 518,186,429.67
Less: Inventory shares
Other comprehensive income
Reasonable reserve
Surplus public reserve 49,483,448.58 49,483,448.58
Retained profit 107,445,690.63 102,128,156.68
Total owners equity attributable to
976,195,752.88 970,878,218.93
parent Company
Minority interests 26,267,383.76 22,760,111.15
Total owners equity 1,002,463,136.64 993,638,330.08
Total liabilities and shareholders equity 1,107,604,723.34 1,154,612,267.59
Legal person: Mr. Zheng Yuxi
Person in Charge of Accounting Works: Ms. Wang Zhiping
Person in Charge of Accounting Institution: Mr. Xu Qiming
38
深圳市深宝实业股份有限公司 2015 年半年度报告全文
2. Balance sheet of parent company
In RMB
Items Ending balance Opening balance
Current assets:
Monetary funds 99,746,851.98 150,507,919.56
Financial liability measured by fair
value and with variation reckoned into 4,953,811.20 1,777,695.79
current gains/losses
Notes receivable
Accounts receivable 14,832,922.57 66,943,467.46
Accounts paid in advance
Interest receivable
Dividend receivable
Other receivables 304,878,298.41 226,739,055.48
Inventories 32,046.08 6,787,542.82
Divided into assets held for sale
Non-current asset due within one
year
Other current assets 60,036,430.68
Total current assets 484,480,360.92 452,755,681.11
Non-current assets:
Financial assets available for sale
Hold-to-maturity investment
Long-term account receivable
Long-term equity investment 879,110,475.04 879,110,475.04
Investment real estate 21,772,090.63 22,185,674.71
Fixed assets 53,852,418.65 54,632,801.84
Construction in process
Engineering material
Disposal of fixed asset
Productive biological assets 436,156.00 436,156.00
Intangible assets 7,927,074.31 7,849,895.35
Expense on Research and Development
Goodwill
39
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Long-term expenses to be apportioned 852,550.44 904,608.11
Deferred income tax asset 1,418,627.26 1,595,828.95
Other non-current asset
Total non-current asset 965,369,392.33 966,715,440.00
Total assets 1,449,849,753.25 1,419,471,121.11
Current liabilities:
Short-term loans 40,000,000.00
Financial liability measured by fair
value and with variation reckoned into
current gains/losses
Notes payable
Accounts payable 21,892,854.35 31,618,075.33
Accounts received in advance 523,043.09 537,767.09
Wage payable 2,289,340.00 2,963,536.35
Taxes payable 22,503,560.24 23,882,099.83
Interest payable
Dividend payable 2,909,182.74 2,909,182.74
Other accounts payable 257,459,039.71 197,493,420.54
Divided into liability held for sale
Non-current liabilities due within 1 year
Other current liabilities
Total current liabilities 307,577,020.13 299,404,081.88
Non-current liabilities:
Long-term loans
Bonds payable
Including: preferred stock
Perpetual capital
securities
Long-term account payable
Long-term wages payable
Special accounts payable
Projected liabilities
Deferred income 49,920.00 49,920.00
Deferred income tax liabilities 794,028.85
Other non-current liabilities
40
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Total non-current liabilities 843,948.85 49,920.00
Total liabilities 308,420,968.98 299,454,001.88
Owners equity:
Share capital 301,080,184.00 301,080,184.00
Other equity instrument
Including: preferred stock
Perpetual capital
securities
Capital public reserve 532,984,264.34 532,984,264.34
Less: Inventory shares
Other comprehensive income
Reasonable reserve
Surplus public reserve 49,483,448.58 49,483,448.58
Retained profit 257,880,887.35 236,469,222.31
Total owners equity 1,141,428,784.27 1,120,017,119.23
Total liabilities and owners equity 1,449,849,753.25 1,419,471,121.11
3. Profit statement
In RMB
Items Current Period Last Period
I. Total operating income 163,356,143.27 118,250,169.14
Including: Operating income 163,356,143.27 118,250,169.14
II. Total operating cost 165,826,500.44 147,437,528.99
Including: Operating cost 105,577,753.76 96,487,715.91
Operating tax and extras 9,353,461.16 363,563.74
Sales expenses 16,889,715.14 14,666,176.74
Administration expenses 34,606,106.08 36,953,716.61
Financial expenses -461,784.95 -1,033,644.01
Losses of devaluation of asset -138,750.75
Add: Changing income of fair value
3,176,115.41 397,336.94
(loss is listed with “-“)
Investment income (loss is
630,451.04 2,853,055.86
listed with “-“)
41
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Including: Investment income
23,717.03
on affiliated Company and joint venture
Exchange gains (loss is listed
with “-“)
III. Operating profit (loss is listed with
1,336,209.28 -25,936,967.05
“-“)
Add: Non-operating income 5,923,714.27 1,927,068.41
Including: Disposal gains of
1,000.00
non-current asset
Less: Non-operating expense 49,812.21 36,018.31
Including: Disposal loss of
14,032.21 36,018.31
non-current asset
IV. Total Profit (loss is listed with “-“) 7,210,111.34 -24,045,916.95
Less: Income tax 4,685,304.78 517,581.33
V. Net profit (loss is listed with “-“) 2,524,806.56 -24,563,498.28
Net profit attributable to owner’s
5,317,533.95 -23,382,126.99
equity of parent Company
Minority shareholders’ gains and losses -2,792,727.39 -1,181,371.29
VI. Net after-tax of other comprehensive
income
Net after-tax of other comprehensive
income attributable to owners of parent
company
(I) Other comprehensive income
items which will not be reclassified
subsequently to profit of loss
(II) Other comprehensive income
items which will be reclassified
subsequently to profit or loss
1. Translation differences
arising on translation of foreign currency
financial statements
2. Other
Net after-tax of other comprehensive
income attributable to minority
shareholders
VII. Total consolidated income 2,524,806.56 -24,563,498.28
Total consolidated income 5,317,533.95 -23,382,126.99
42
深圳市深宝实业股份有限公司 2015 年半年度报告全文
attributable to owners of parent Company
Total consolidated income
-2,792,727.39 -1,181,371.29
attributable to minority shareholders
VIII. Earnings per share:
(I) Basic earnings per share 0.0177 -0.0777
(II)Diluted earnings per share 0.0177 -0.0777
As for the enterprise combined un the same control, the combined party achiev net profit of RMB 0 before combination, achived net
profit RMB 0 in last period
Legal person: Mr. Zheng Yuxi Person in Charge of Accounting Works: Ms. Wang Zhiping
Person in Charge of Accounting Institution: Mr. Xu Qiming
4. Profit statement of parent company
In RMB
Items Current Period Last Period
I. Operation income 85,480,126.14 25,273,018.64
Less: Operation cost 43,785,055.08 22,911,987.88
Operating tax and extras 8,801,662.97 67,200.00
Sales expenses 2,071,906.33 1,545,164.84
Administration expenses 12,442,266.36 14,548,779.25
Financial expenses -271,686.64 -302,382.86
Losses of devaluation of asset -26,186.58
Add: Changing income of fair
3,176,115.41 397,336.94
value (loss is listed with “-“)
Investment income(loss is listed
606,734.01 4,452,349.39
with “-“)
Including: Investment income
on affiliated Company and joint venture
II. Operating profit (loss is listed with
22,459,958.04 -8,648,044.14
“-“)
Add: Non-operating income 3,554,722.34
Including: Disposal gains of
non-current asset
Less: Non-operating expense 17,101.29
Including: Disposal loss of 17,101.29
43
深圳市深宝实业股份有限公司 2015 年半年度报告全文
non-current asset
III. Total Profit (loss is listed with “-“) 26,014,680.38 -8,665,145.43
Less: Income tax 4,603,015.34 -91,201.62
IV. Net profit (loss is listed with “-“) 21,411,665.04 -8,573,943.81
V. Net after-tax of other comprehensive
income
(I) Other comprehensive income
items which will not be reclassified
subsequently to profit of loss
(II) Other comprehensive income
items which will be reclassified
subsequently to profit or loss
1. Translation differences
arising on translation of foreign
currency financial statements
2. Other
VI. Total consolidated income 21,411,665.04 -8,573,943.81
VII. Earnings per share:
(I) Basic earnings per share
(II)Diluted earnings per share
5. Consolidated cash flow statement
In RMB
Items Current Period Last Period
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 231,581,682.29 164,248,625.23
services
Write-back of tax received 940,545.56 420,918.45
Other cash received concerning
9,049,894.30 4,216,756.46
operating activities
Subtotal of cash inflow arising
241,572,122.15 168,886,300.14
from operating activities
Cash paid for purchasing
commodities and receiving labor 124,449,613.36 140,490,058.23
service
44
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Cash paid to/for staff and workers 34,380,163.13 30,400,666.87
Taxes paid 22,788,110.39 17,886,219.78
Other cash paid concerning
38,040,619.09 28,013,302.48
operating activities
Subtotal of cash outflow arising
219,658,505.97 216,790,247.36
from operating activities
Net cash flows arising from
21,913,616.18 -47,903,947.22
operating activities
II. Cash flows arising from investing
activities:
Cash received from recovering
60,000,000.00
investment
Cash received from investment
income
Net cash received from disposal of
fixed, intangible and other long-term 7,000.00 45,053.96
assets
Net cash received from disposal of
18,039,785.00
subsidiaries and other units
Other cash received concerning
606,734.01
investing activities
Subtotal of cash inflow from
60,613,734.01 18,084,838.96
investing activities
Cash paid for purchasing fixed,
11,998,921.67 35,327,793.35
intangible and other long-term assets
Cash paid for investment 123,000,000.00
Net increase of hypothecated loan
Net cash received from
4,617,194.45
subsidiaries and other units
Other cash paid concerning
investing activities
Subtotal of cash outflow from
134,998,921.67 39,944,987.80
investing activities
Net cash flows arising from
-74,385,187.66 -21,860,148.84
investing activities
III. Cash flows arising from financing
activities:
Cash received from absorbing 6,300,000.00
45
深圳市深宝实业股份有限公司 2015 年半年度报告全文
investment
Including: Cash received from
absorbing minority shareholders’ 6,300,000.00
investment by subsidiaries
Cash received from loans 90,000,000.00
Other cash received concerning
financing activities
Subtotal of cash inflow from
6,300,000.00 90,000,000.00
financing activities
Cash paid for settling debts 40,000,000.00
Cash paid for dividend and profit
159,000.00 879,812.76
distributing or interest paying
Including: Dividend and profit of
minority shareholder paid by
subsidiaries
Other cash paid concerning
financing activities
Subtotal of cash outflow from financing
40,159,000.00 879,812.76
activities
Net cash flows arising from financing
-33,859,000.00 89,120,187.24
activities
IV. Influence on cash due to fluctuation
-42,662.03 115,885.58
in exchange rate
V. Net increase of cash and cash
-86,373,233.51 19,471,976.76
equivalents
Add: Balance of cash and cash
266,847,778.44 243,452,272.91
equivalents at the period -begin
VI. Balance of cash and cash
180,474,544.93 262,924,249.67
equivalents at the period -end
6. Cash flow statement of parent company
In RMB
Items Current Period Last Period
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 143,902,587.96 46,660,937.69
services
46
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Write-back of tax received 222,117.20
Other cash received concerning
7,389,813.31 1,294,406.08
operating activities
Subtotal of cash inflow arising
151,514,518.47 47,955,343.77
from operating activities
Cash paid for purchasing
commodities and receiving labor 67,408,641.10 42,761,769.51
service
Cash paid to/for staff and workers 9,165,978.50 10,313,026.71
Taxes paid 15,035,678.71 12,114,941.26
Other cash paid concerning
10,445,172.69 61,100,512.24
operating activities
Subtotal of cash outflow arising
102,055,471.00 126,290,249.72
from operating activities
Net cash flows arising from
49,459,047.47 -78,334,905.95
operating activities
II. Cash flows arising from investing
activities:
Cash received from recovering
60,000,000.00
investment
Cash received from investment
income
Net cash received from disposal of
fixed, intangible and other long-term 45,053.96
assets
Net cash received from disposal of
34,450,000.00
subsidiaries and other units
Other cash received concerning
606,734.01
investing activities
Subtotal of cash inflow from
60,606,734.01 34,495,053.96
investing activities
Cash paid for purchasing fixed,
667,787.00 381,537.00
intangible and other long-term assets
Cash paid for investment 120,000,000.00
Net cash received from
50,000,000.00
subsidiaries and other units
Other cash paid concerning
investing activities
Subtotal of cash outflow from investing 120,667,787.00 50,381,537.00
47
深圳市深宝实业股份有限公司 2015 年半年度报告全文
activities
Net cash flows arising from
-60,061,052.99 -15,886,483.04
investing activities
III. Cash flows arising from financing
activities:
Cash received from absorbing
investment
Cash received from loans 60,000,000.00
Other cash received concerning
financing activities
Subtotal of cash inflow from
60,000,000.00
financing activities
Cash paid for settling debts 40,000,000.00
Cash paid for dividend and profit
159,000.00 586,562.76
distributing or interest paying
Other cash paid concerning
financing activities
Subtotal of cash outflow from
40,159,000.00 586,562.76
financing activities
Net cash flows arising from
-40,159,000.00 59,413,437.24
financing activities
IV. Influence on cash and cash
equivalents due to fluctuation in -62.06 984.52
exchange rate
V. Net increase of cash and cash
-50,761,067.58 -34,806,967.23
equivalents
Add: Balance of cash and cash
150,507,919.56 91,582,439.80
equivalents at the begin of year
VI. Balance of cash and cash
99,746,851.98 56,775,472.57
equivalents at the end of period
48
深圳市深宝实业股份有限公司 2015 年半年度报告全文
7. Consolidated Statement on Changes of Owners’ Equity
Current Period
In RMB
Current Period
Owners’ equity attributable to the parent company
Other equity instrument
Items Minority’s Total owners’
Less: Other General
Perpetual Capital Reasonable Surplus
Share capital Preferred Treasury comprehensive risk Retained profit equity equity
capital Other reserves reserve reserves
stock Stock income provision
securities
I. Balance at the
301,080,184.00 518,186,429.67 49,483,448.58 102,128,156.68 22,760,111.15 993,638,330.08
end of the last year
Add: Changes of
accounting policy
Error correction
of the last period
Enterprise
combine under the
same control
Other
II. Balance at the
beginning of this 301,080,184.00 518,186,429.67 49,483,448.58 102,128,156.68 22,760,111.15 993,638,330.08
year
III. Increase/
Decrease in this
5,317,533.95 3,507,272.61 8,824,806.56
year (loss is listed
with “-“)
(i) Total
comprehensive 5,317,533.95 -2,792,727.39 2,524,806.56
income
49
深圳市深宝实业股份有限公司 2015 年半年度报告全文
(ii) Owners’
devoted and 6,300,000.00 6,300,000.00
decreased capital
1.Common shares
invested by 6,300,000.00 6,300,000.00
shareholders
2. Capital invested
by holders of other
equity instruments
3. Amount reckoned
into owners equity
with share-based
payment
4. Other
(III) Profit
distribution
1. Withdrawal of
surplus reserves
2. Withdrawal of
General risk
provision
3. Distribution for
owners (or
shareholders)
4. Other
(IV) Carrying
forward internal
shareholders’ equity
1. Capital reserves
conversed to share
50
深圳市深宝实业股份有限公司 2015 年半年度报告全文
capital
2. Surplus reserves
conversed to share
capital
3. Remedying loss
with surplus reserve
4. Other
(V) Reasonable
reserve
1. Withdrawal in the
report period
2. Usage in the
report period
(VI)Others
IV. Balance at the
end of the report 301,080,184.00 518,186,429.67 49,483,448.58 107,445,690.63 26,267,383.76 1,002,463,136.64
period
Last year
In RMB
Last year
Owners’ equity attributable to the parent company
Other equity instrument
Items Less: Other General Minority’s Total owners’
Perpetual Capital Reasonable Surplus
Share capital Preferred Treasury comprehensive risk Retained profit equity equity
capital Other reserves reserve reserves
stock Stock income provision
securities
I. Balance at the
250,900,154.00 568,362,471.52 2,966,659.20 45,001,147.33 93,286,637.50 51,167,623.63 1,011,684,693.18
end of the last year
51
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Add: Changes
of accounting
policy
Error correction
of the last period
Enterprise
combine under the
same control
Other
II. Balance at the
beginning of this 250,900,154.00 568,362,471.52 2,966,659.20 45,001,147.33 93,286,637.50 51,167,623.63 1,011,684,693.18
year
III. Increase/
Decrease in this
50,180,030.00 -50,176,041.85 -2,966,659.20 4,482,301.25 8,841,519.18 -28,407,512.48 -18,046,363.10
year (loss is listed
with “-“)
(i) Total
comprehensive -2,966,659.20 13,323,820.43 802,370.94 11,159,532.17
income
(ii) Owners’
devoted and -29,209,883.42 -29,209,883.42
decreased capital
1.Common shares
invested by 2,625,000.00 2,625,000.00
shareholders
2. Capital invested
by holders of other
equity instruments
3. Amount reckoned
into owners equity
with share-based
52
深圳市深宝实业股份有限公司 2015 年半年度报告全文
payment
4. Other -31,834,883.42 -31,834,883.42
(III) Profit
4,482,301.25 -4,482,301.25
distribution
1. Withdrawal of
4,482,301.25 -4,482,301.25
surplus reserves
2. Withdrawal of
general risk
provision
3. Distribution for
owners (or
shareholders)
4. Other
(IV) Carrying
forward internal 50,180,030.00 -50,176,041.85 3,988.15
shareholders’ equity
1. Capital reserves
conversed to share 50,180,030.00 -50,180,030.00
capital
2. Surplus reserves
conversed to share
capital
3. Remedying loss
with surplus reserve
4. Other 3,988.15 3,988.15
(V)Reasonable
reserve
1. Withdrawal in
the report period
53
深圳市深宝实业股份有限公司 2015 年半年度报告全文
2. Usage in the
report period
(VI)Others
IV. Balance at the
end of the report 301,080,184.00 518,186,429.67 49,483,448.58 102,128,156.68 22,760,111.15 993,638,330.08
period
8. Statement on Changes of Owners’ Equity of Parent Company
Current Period
In RMB
Current Period
Other equity instrument
Other
Perpetua Less:
Items compreh Reasonabl
Share capital Preferre l capital Capital reserves Treasury Surplus reserves Retained profit Total owners’ equity
Other ensive e reserve
d stock securitie Stock
income
s
I. Balance at the end of the
301,080,184.00 532,984,264.34 49,483,448.58 236,469,222.31 1,120,017,119.23
last year
Add: Changes of
accounting policy
Error correction of the
last period
Other
II. Balance at the beginning
301,080,184.00 532,984,264.34 49,483,448.58 236,469,222.31 1,120,017,119.23
of this year
III. Increase/ Decrease in
this year (loss is listed with 21,411,665.04 21,411,665.04
“-“)
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
(i) Total comprehensive
21,411,665.04 21,411,665.04
income
(ii) Shareholders’ devoted
and decreased capital
1.Common shares invested
by shareholders
2. Capital invested by
holders of other equity
instruments
3. Amount reckoned into
owners equity with
share-based payment
4. Other
(III) Profit distribution
1. Withdrawal of surplus
reserves
2. Distribution for owners
(or shareholders)
3. Other
(IV) Carrying forward
internal shareholders’ equity
1. Capital reserves
conversed to share capital
2. Surplus reserves
conversed to share capital
3. Remedying loss with
surplus reserve
4. Other
(V) Reasonable reserve
1. Withdrawal in the report
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
period
2. Usage in the report period
(VI)Others
IV. Balance at the end of the
301,080,184.00 532,984,264.34 49,483,448.58 257,880,887.35 1,141,428,784.27
report period
Last year
In RMB
Last period
Other equity instrument
Less: Other
Items Perpetual Capital Reasonable Surplus Total owners’
Share capital Preferred Treasury comprehensive Retained profit
capital Other reserves reserve reserves equity
stock Stock income
securities
I. Balance at the end of the
250,900,154.00 583,160,306.19 45,001,147.33 196,128,511.03 1,075,190,118.55
last year
Add: Changes of
accounting policy
Error correction of the
last period
Other
II. Balance at the
250,900,154.00 583,160,306.19 45,001,147.33 196,128,511.03 1,075,190,118.55
beginning of this year
III. Increase/ Decrease in
this year (loss is listed with 50,180,030.00 -50,176,041.85 4,482,301.25 40,340,711.28 44,827,000.68
“-“)
(i) Total comprehensive
44,823,012.53 44,823,012.53
income
(ii) Shareholders’ devoted
and decreased capital
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
1.Common shares invested
by shareholders
2. Capital invested by
holders of other equity
instruments
3. Amount reckoned into
owners equity with
share-based payment
4. Other
(III) Profit distribution 4,482,301.25 -4,482,301.25
1. Withdrawal of surplus
4,482,301.25 -4,482,301.25
reserves
2. Distribution for owners
(or shareholders)
3. Other
(IV) Carrying forward
internal shareholders’ 50,180,030.00 -50,176,041.85 3,988.15
equity
1. Capital reserves
50,180,030.00 -50,180,030.00
conversed to share capital
2. Surplus reserves
conversed to share capital
3. Remedying loss with
surplus reserve
4. Other 3,988.15 3,988.15
(V) Reasonable reserve
1. Withdrawal in the report
period
2. Usage in the report
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
period
(VI)Others
IV. Balance at the end of
301,080,184.00 532,984,264.34 49,483,448.58 236,469,222.31 1,120,017,119.23
the report period
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
III. Company profile
Shenzhen Shenbao Industrial Co., Ltd. (the “Company” or “Company” for short), 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 on 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. Subsequently, 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, three 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.
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.
On 9 April 2014, the equity allocation plan was deliberated and approved by Annual General Meeting of 2013.
Based on 250,900,154 shares dated 31st December 2013, increase 2 shares by each 10 shares transferring to all
shareholders. Share capital increased to 301,080,184 shares after transferring.
Registed address of the Company: South 20/F, Education Technology Mansion, Zhuzilin, Futian District,
Shenzhen, P.R. China; license No.: 440301103223954
Nature of business
The Company belongs to the food and drinks industry
Business scope
General 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; on-line trading; 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); 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). Business in license: wholesale of prepackaged food
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
(excluding reheating prepackaged food) (in non-physical way)
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; “Xing Jiu”; “Ju Fang Yong”; “Gutan” 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
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 GM, HR Dept., Financial management Dept., investment development dept., brand
planning dept., caffeine deep processing division, R&D center, monitor room and internal auditing dept.
Report approval for the financial statement
The statement has been approved by the Board dated 21 August 2015 for reporting
IV. Basis of preparation of financial statements
1. Basis of preparation
Based on continuing operation, the Company conducts recognition and measurement according to actual
occurrence of transactions and issues, pursuant to the accounting principles for enterprise-basic rules and specific
accounting principle 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 Enterprise
Accounting Principles) issued by the ministry of finance, on that basis, combining the Information Disclosure
Preparation Rules for Company Public Issuing Securities No.15-General Rules for Financial Report (amended in
2014) of the CSRC for statement preparation.
2. Going concern
There are no substantial doubtable events or conditions on sustainable operation ability of the Company in 12
months since end of the reporting period
V. Major accounting policy, accounting estimation
Specific accounting policy and estimation tips:
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
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.
1. Statement for observation of Accounting Standard for 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.
2. Accounting period
Calendar year is the accounting period for the Company, that is falls to the range starting from 1 January to 31
December.
3. Operating cycle
Operating cycle of the Company was 12 months, and the operating cycle is the determining criterion for liquidity
of assets and liabilities.
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. If the terms, conditions, and economic impact of each transaction involved in business combination
achieved in stages fall within one or more of the following situations, such transactions will be accounted for
as a package deal:
1. such transactions are entered into simultaneously or in the case of considering the impact of each other;
2. such transactions as a whole in order to reach a complete business results;
3. the occurrence of a transaction subject to that of at least one other transaction;
4. one transaction alone is not economic, but otherwise when considered with other transactions.
2. Business combination under the same control
(1) Individual financial statements
Where the consideration for the combination is the cash paid, the non-cash assets transferred and the liabilities
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
assumed and equity securities issued, it shall, on the combining day, treat the share of the carrying amount of
owner's equity of the combined party as the initial cost of long-term equity investment. Difference between the
initial cost of the long-term equity investment and the consideration paid for the combination is adjusted to capital
reserve. If the capital reserve is not sufficient to absorb the difference, any excess shall be adjusted against
retained earnings. In case there is existence of contingent consideration which needs to confirm projected
liabilities or assets, then the difference between the projected liabilities or assets and settlement amount for
consequent contingent consideration is utilized to adjust capital reserve (capital premium or equity premium); in
case of insufficient capital reserve, adjust retained earnings.
As for business combination realized through numbers of transactions, and if these transactions belong to a bundle
of transactions, then each of them shall be accounted as a transaction to acquire controlling right; and if not belong
to a bundle of transactions, then the difference between the initial investment cost of the long term equity
investment as of the date on which the Company obtains controlling right and the carrying value of the long term
equity investment prior to combination plus the carrying value of the new consideration paid for further
acquisition of shares as of the combination date shall be used to adjust capital reserve; in case of insufficient
capital reserve, adjust retained earnings. For equity investment held prior to the combination date, the other
comprehensive income recognized due to calculation by equity method or based on recognition and measurement
principles for financial instruments would not be accounted for temporarily until the Company disposes of this
investment on the same basis as the investee directly disposes of relevant assets or liabilities; other changes of
owners’ equity in the net assets of investee as recognized under equity method, except for net profit or loss, other
comprehensive income and profit distribution, shall not be accounted for until being transferred to current profit
or loss when this investment is disposed of.
Any cost directly attributable to the combination should, including the expenses for audit, assessment and legal
services, be recognized in profit or loss for the current period; Transaction fee directly related to issuance of
equity instruments as combination consideration shall be used to offset capital reserve; in case of insufficient
capital reserve to offset, then to offset earning reserve and undistributed profit. Transaction fee directly related to
issuance of debt instruments as combination consideration is accounted for as initial recognition amount of the
instrument.
Where there are consolidated financial statements of the combined party, the initial cost of the long-term equity
investment shall be determined on the basis of owner's equity of the combined party in its consolidated financial
statements on the combining day.
(2) Consolidated financial statements
Assets and liabilities obtained by the absorbing party are measured at their carrying amounts(owner’s equity in
financial statement of the ultimate controller) on the combining day.
As for business combination realized through numbers of transactions, and if these transactions belong to a bundle
of transactions, then each of them shall be accounted as a transaction to acquire controlling right; and if not belong
to a bundle of transactions, and the relevant gains and losses, other comprehensive income and other change of
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
owners’ equity recognized in respect for the long term equity investment held by the acquirer prior to combination
during the period from the date of acquisition and the date on which acquirer and acquire are under common
control (whichever is later) to combination date shall be used to offset beginning retained earnings or current
profit or loss of the comparative statements.
Where the accounting policy adopted by the combined party is different from that adopted by the Company, the
Company shall, according to accounting policy it adopts, adjust the relevant items in the financial statements of
the combined party, and shall, pursuant to the accounting standards for enterprises, recognize them on the basis of
such adjustment.
3.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. In combination agreement, as for the contract made for the
influence that probably impact the combination costs, if the future event probably impact on the combination cost
on purchasing date, which can be measured reliably, than reckoned into combination cost.
The intermediate expenses occurred 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 the Company 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.
As for the business combination not under the same control realized through several exchange transactions step by
step, part of the package deal, than carrying accounting treatment on transactions with controlling rights obtained
through vary transactions; while related accounting treatment shall be conducted based on individual financial
statement and combined financial statement:
(1)In separate financial statement, for equity investment held prior to combination date which is calculated under
equity method, the sum between carrying value of the equity investment prior to acquisition date and cost of
additional investment made on the acquisition date is deemed to be the initial investment cost of this investment.
Other comprehensive income recognized for equity investment held prior to combination date under equity
method shall be accounted for when the Company disposes of this investment on the same basis as the investee
directly disposes of relevant assets or liabilities.
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
In case that equity investment held prior to combination date is calculated based on recognition and measurement
principles for financial instruments, then the fair value of this equity investment as of combination date plus new
investment cost shall be deemed as initial investment cost. The difference between fair value and carrying value of
the originally held equity interests and the accumulated fair value movements as originally recorded in other
comprehensive income shall be all transferred to investment income of the period in which the combination date
falls.
(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.
6. 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;
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
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
investment in original subsidiary shall be transferred to current investment income when the control is lost.
7. Classification of joint venture arrangement and accounting for joint operations
1. Classification of joint venture arrangement
The Company classifies joint venture arrangement into joint operations and joint ventures based on the structure,
legal form, agreed terms of the arrangement and other related facts and conditions.
Joint venture arrangement not concluded through separate entity is classified as joint operation; and those
concluded through separate entity are generally classified as joint ventures. However, joint venture arrangement
which meets any of the following conditions as proven by obvious evidence and satisfies relevant laws and rules
is grouped as joint operation:
(1)the legal form of the arrangement shows that parties to the arrangement are entitled to and assume rights and
obligations in respect of the relevant assets and liabilities.
(2)it is agreed by the terms of the arrangement that parties to the arrangement are entitled to and assume rights and
obligations in respect of the relevant assets and liabilities.
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
(3)other related facts and conditions shows that parties to the arrangement are entitled to and assume rights and
obligations in respect of the relevant assets and liabilities. For instance, joint parties are entitled to almost all the
output related to joint venture arrangement and settlement of the liabilities under the arrangement continues to rely
on supports from the joint parties.
2. Accounting for joint operations
The Company recognizes its proportion of interests in joint operation as related to the Company, and accounts for
under relevant business accounting principles:
(1)to recognize separately-held assets and jointly-held assets under its proportion;
(2)to recognize separately-assumed liabilities and jointly-assumed liabilities under its proportion;
(3) to recognize revenue from disposal of the output which the Company is entitled to under the proportion;
(4) to recognize revenue from disposal of the output under the proportion;
(5) to recognize separately occurred expenses, and to recognize expenses occurred for joint operations under its
proportion.
For injection to or disposal of assets of joint operations (other than those assets constituting business operation),
gain or loss arising from the transaction is only recognized to the extent it is attributable to other parties to the
joint operation before the joint operation is sold to any third party. In case those assets injected or disposed satisfy
the condition for asset impairment loss under Business Accounting Principle No.8-Assets Impairment, the
Company recognizes this loss in full.
For acquisition of assets from joint operations (other than those assets constituting business operation), gain or
loss arising from the transaction is only recognized to the extent it is attributable to other parties to the joint
operation before the relevant assets are sold to any third party. In case that the acquired assets satisfy the condition
for asset impairment loss under Business Accounting Principle No.8-Assets Impairment, the Company recognizes
relevant loss according to the proportion it assumes.
The Company exercises no common control over joint operations. If the Company is entitled to relevant assets of
the joint operation and assure relevant liabilities, it shall be accounted for under the above principle, otherwise it
would be accounted for under the relevant business accounting principles.
8. 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.
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9. Foreign currency business and 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.
On balance sheet date, 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.
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 financial statement
Assets and liabilities in balance sheet are translated at the spot exchange rate at the balance sheet date. Equity
items, excluding “undistributed profit”, are translated at the spot exchange rates at the transaction dates. Income
and expenses of foreign operation are translated at the spot exchange rates at the transaction dates. The resulting
translation differences are recognized in other comprehensive income.
When disposing overseas operations, the foreign currency financial statement translation differences listed under
items of other comprehensive income in balance sheet and which are directly related to the overseas operations
are transferred to profit or loss in the period when the overseas operation is disposed. In case of partial disposal,
foreign currency financial statement translation differences shall be calculated in respect of the disposed part
under disposal proportion and transferred to profit or loss in the period when the overseas operation is disposed.
10. Financial instruments
Financial instruments include financial assets, financial liabilities and equities instruments.
1. Categories of financial instruments
According to the contract terms of the financial instrument issued and economic substance reflects by such
instrument, not only in form of law, combine with purposes held for financial assets and liabilities, the
management categorizes financial assets and liability into different types: financial assets (or financial liabilities)
at fair value through current gains and losses; accounts receivable; financial assets available for sale; other
financial liabilities, etc.
2. Recognition and measurement for financial instrument
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(1)financial assets or liabilities at fair value through profit or loss
Financial assets or liabilities at fair value through profit or loss include transactional financial assets or financial
liabilities and financial assets or liabilities directly designated at fair value through profit or loss.
Transactional financial assets or financial liabilities refer to those meeting any of the following conditions:
1) purpose for holding the assets or liabilities are to disposal, repurchase or redemption in a short time;
2) constitute part of the identifiable financial instrument group for central management, and there is objective
evidence proving that the Company manages this group in a short-time-return way recently;
3) belong to derivative financial instrument, other than those derivatives designated as effective hedge instruments,
belonging to financial guarantee contracts and those linked to equity instrument investment which is not quoted in
an active market and whose fair cannot be measured reliably and the settlement of which is conditional upon
delivery of the equity instrument.
Subject to satisfaction of any of the following conditions, financial assets or liabilities can be designated as
financial assets or liabilities at fair value through profit or loss upon initial measurement:
1) The designation can eliminate or substantially eliminate the inconsistencies between profit and loss from the
financial assets arising from different measurement basis;
2) The portfolio of financial assets and liabilities in which the financial asset belongs to are designated as
measured at fair value in the risk management report or investment strategic report handed in to key
management personnel;
3) Hybrid instruments which contains one or more embedded derivatives, unless the containing of embedded
derivatives does not have substantial effect on the cash flows of the hybrid instruments, or the embedded
derivatives obviously should not be separated from relevant hybrid instruments;
4) Hybrid instruments which contains embedded derivatives that should split, but cannot be measured separately
when acquired or on the subsequent balance sheet date.
The Company initially measures financial assets or liabilities at fair value through profit or loss at their fair values
when acquiring the assets or liabilities (after deducting cash dividend already declared but not paid or bond
interests which is due for interest payment but not received), and the relevant transaction fee is included in current
profit or loss. Interest or cash dividend acquired during the holding period shall be recognized as investment
income, and movement of fair value at the end of period is included in current profit or loss. Upon disposal, the
difference between its fair value and initial accounting amount shall be recognized as investment income, with
corresponding adjustment to gains and losses from movement of fair value.
(2) Held-to-maturity investment
The non-derivative financial assets with maturity date, fix return amount or amount able to determined, and the
Company held with specific intention and ability.
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
The Company takes the sum of fair value (after deducting bond interests which is due for interest payment but not
received) and related transaction fee as initial recognition amount in respect of held-to-maturity investment upon
acquisition of the investment. During the holding period, the Company recognizes interest income at amortized
cost and effective interest rate which is included in investment income. The effective interest rate is determined
upon acquisition of the investment and remains unchanged for the expected continuous period or appropriate
shorter period. Difference between sale price and carrying value of the investment is included in investment
income.
If held-to-maturity investment is disposed or reclassified as other types of financial asset, and the relevant amount
is relatively bigger than the total amount of our all held-to-maturity investments prior to disposal or
reclassification, the remaining held-to-maturity investments shall be reclassified as available-for-sale financial
assets immediately following such disposal or reclassification. On the reclassification date, difference between the
carrying value and fair value of the investment is included in other comprehensive income and is transferred out
into current profit or loss when the available-for-sale financial assets experience impairment or derecognition.
However, the followings are exceptions:
1)the date of disposal or reclassification is approaching to the date of expiration or redemption of the investment
(such as three months prior to expiration), and change of market rate has no material influences over the fair value
of the investment.
2)company has already recovered nearly all initial principal under the repayment means as agreed in contract.
3)disposal or reclassification is arising from separate matters which are out of our control, which are expected not
to occur repeatedly and which are difficult to predict reasonably.
(3)Account receivables
The contract price charged to the buyers shall be recognized as initial value for those account receivables which
mainly comprise the receivable creditor’s right caused by the sale of goods and providing of labor service to
external customers by the Company, and receivables in other companies excluding debt instruments priced in
active markets, includes but not limited to trade receivables, notes receivables, account paid in advance and other
receivables. If characterized as of financing nature, the initial recognition shall be priced at the present value.
Upon disposal, the difference between the sale value and the book value of the receivables shall be accounted into
current profit or loss on its recovery or disposal.
(4) Available-for-sale financial assets
Available-for-sale financial assets are non-derivative financial assets that are designated as available-for-sale upon
initial recognition and financial assets other than other categories of financial assets.
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The Company initially measures available-for-sale financial assets at the sum between their fair values when
acquiring the assets or liabilities (after deducting cash dividend already declared but not paid or bond interests
which is due for interest payment but not received) and the relevant transaction fee. Interest or cash dividend
acquired during the holding period shall be recognized as investment income. Gains or losses arising from
movement of fair value is directly included in other comprehensive income except for impairment loss and
exchange difference arising from foreign currency monetary financial assets. When disposing available-for-sale
financial assets, the Company includes the difference between the acquired price and carrying value of the
financial assets into investment profit or loss. Meanwhile, accumulated fair value movement attributable to the
disposed part which is originally directly included in other comprehensive income is transferred out and included
investment profit or loss.
For equity instrument investment which is not quoted in an active market and whose fair value cannot be reliably
measured, and derivative financial assets which are linked to the equity instrument and whose settlement is
conditional upon delivery of the equity instrument, they are stated at cost by the Company.
(5)Other financial liabilities
Initial recognition amount is determined at the sum of fair value and relevant transaction fee. 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:
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(1)Carrying value of discontinued recognition part;
(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.
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6. provision of impairment reserve for impairment of financial assets (excluding account receivables)
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.
Objective evidence that a financial asset is impaired includes the following observable events:
(1) significant financial difficulty of the issuer or obligor;
(2) a breach of contract by the borrower, such as a default or delinquency in interest or principal payments;
(3) the creditor, for economic or legal reasons relating to the borrower’s financial difficulty, granting a concession
to the borrower;
(4) it becoming probable that the borrower will enter bankruptcy or other financial reorganizations;
(5) the disappearance of an active market for that financial asset because of financial difficulties of the issuer;
(6) observable data indicating that there is a measurable decrease in the estimated future cash flows from a group
of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with
the individual financial assets in the group, including: adverse changes in the payment status of borrowers in the
group, an increase in the unemployment rate in the country or geographical area of the borrowers, a decrease in
property prices for mortgages in the relevant area, or adverse changes in industry conditions that affect the
borrowers in the group;
(7) significant adverse changes in the technological, market, economic or legal environment in which the issuer
operates, indicating that the cost of the investment in the equity instrument may not be recovered by the investor;
(8) a significant or prolonged decline in the fair value of an investment in an equity instrument below its cost;
Details for impairment of financial assets are set out below:
(1)Impairment provision for available-for-sale financial assets
The Group has separately tested various available-for-sale equity instruments at the balance sheet date. It will be
defined as impairment if the fair value is lower than the initial investment cost by more than 50% (including 50%)
or the low state has lasted for no less than 1 year. While the lower proportion is between 20% and 50%, the Group
will take other factors such as price fluctuation into consideration to estimate whether the equity instrument has
impaired or not.
When an available-for-sale financial asset is impaired, the cumulative loss arising from decline in fair value that
had been recognized in other comprehensive income is reclassified to the profit or loss even though the financial
asset has not been derecognized. The amount of the cumulative loss that is removed from equity is the difference
between the acquisition cost (net of any principal repayment and amortization) and current fair value, less any
impairment loss on that financial asset previously recognized in profit or loss.
If there are objective evidences showing that the value of available-for-sale debt instrument is recovered and it
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relates to the matters happened after the impairment loss recognition, the impairment loss recognized shall be
reversed and accounted in current profit or loss. Impairment losses recognized for equity instrument investments
classified as available-for-sale are reversed through equity. However, impairment loss occurred by equity
instrument investment which is not quoted in an active market and whose fair value cannot be measured reliably
and derivative financial assets which are linked to the equity instrument and whose settlement is conditional upon
delivery of the equity instrument, shall not be reversed.
(2)Impairment provision for held-to-maturity investment
For held-to-maturity investment, if there is object evidence showing the investment is impaired, then impairment
loss is determined based on the difference between its fair value and present value of predicted future cash flow.
After provision, if there is evidence showing its value has been restored, the originally recognized impairment loss
can be reversed and included in current profit or loss, provided that the reversed carrying value shall not exceed
the amortized cost of the financial asset as at reversal date assuming no impairment provision had been made.
7. Offset of financial assets and financial liabilities
Financial assets and financial liabilities are stated in balance sheet separately without inner-offset. However, the
net amount after inner offset is stated in balance sheet date when the following conditions are all met:
(1)the Company has legal right to offset recognized amount and the right is enforceable;
(2)the Company plans to settle on a net basis, or simultaneously realize the financial assets and settle the financial
liabilities.
11. Account receivable
1. Account receivable with single significant amount and withdrawal single item bad debt provision
Account with single significant amount: Amount occupied 10 percent
Criterion and amount standards
(including 10 percent) of the balance of account receivable.
Conducted impairment testing separately, balance between the
present value of future cash flow and its carrying value, bad debt
Withdrawal method for bad debt provision of account receivable
provision withdrawal and reckoned into current gains/losses. For
with single significant amount
those without impairment being found after test, collected into
relevant combination for accrual.
2. Accounts receivable whose bad debts provision was accrued by combination
Combination Accrual of bad debt provision
Aging of accounts group Aging of account
In combination, accounts whose bad debts provision was accrued by age analysis:
√ Applicable □ Not applicable
Age Accrual ratio of account receivable Accrual ratio of other account receivable
Within one year (one year included) 0.00% 0.00%
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1－2 years 5.00% 5.00%
2－3 years 10.00% 10.00%
Over 3 years 15.00% 15.00%
3－4 years 15.00% 15.00%
4－5 years 15.00% 15.00%
Over 5 years 15.00% 15.00%
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:
□ Applicable √ Not applicable
3. Accounts receivables with single minor amount but with bad debts provision accrued individually
Existence of objective evidence showing possible impairment,
such as withdrawal, bankruptcy or death of debtor, debt can not
Reasons for provision of bad debt reserve individually
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 occur, it shall be separated from the related
Provision method of bad debt reserve
group and conduct impairment test individually, thus to realize
impairment losses.
12. Inventories
1. Classification
Inventory means finished goods and merchandise that are ready for sale, work-in-progress, or material used in the
process of production or provision of service in the ordinary course of business. Inventory includes merchandise
in warehouse, delivered goods, work- in-progress, raw materials, packing materials, low value consumables,
subcontracted materials, development cost, and land proposed for development, developed products and those for
lease, etc.
2. Valuation method
Inventory carried initial measured by cost, including purchasing cost, processing cost and other costs. The
inventory in transit was valued by weighted average method.
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 inventory products and
sellable materials, in normal business production, is measured as the residual value after deducting the estimated
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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
(1) Adopt five-five amortization for low-value consumables;
(2) Adopt one-off writing off process for packaging materials
6. Accounting method of land for development
The expenditure of projects purely for land development standing alone constitutes land development cost;
The expenditure of projects involving overall real estate development that is borne by other parties is generally
amortized into the cost of commercial properties according to the actual area.
7. Accounting method of ancillary facilities fee
Ancillary facilities that are not allowed to be transferred with compensation are amortized into the cost of
commercial properties according to the proportion of benefit;
Cost incurred for ancillary facilities that are allowed to be transferred with compensation is attributable to each
ancillary facilities project as a cost accounting unit.
8. Accounting method of maintenance fund
According to the relevant regulations of the place where the development projects are located, maintenance fund
shall, at the time of sale or presale of the development, be charged from the purchasers or credited by the
Company into the development cost accordingly, and turned over to the managing department of maintenance
fund.
9. Accounting method of retention
Retention is withheld from the progress payment of construction unit according to the construction contract.
Maintenance fee incurred during the warranty period of the development is credited against retention. At the
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maturity of warranty as stipulated for the development, balance of the retention will be returned to the
construction unit.
13. Classify as assets held for sale
14. Long-term equity investment
1. Recognition of investment cost
(1) As for the long-term equity investment formed from business combination under the same control, accounting
policy found in (V) Accounting method for busines combination (not) under the same control of NoteV
(2) Long-term equity investment obtained by other means
For long-term equity investments obtained through payment with cash, then the actual payment shall be viewed as
initial investment cost. Initial investment cost including the expenses, taxes and other necessary costs that directly
concerned with the long-term equity investment that acquired.
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 transaction expenses from issuing or own equity
instrument acquired, it can be deducted from the equity when such expenses attributable directly to equity
transaction.
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.
2. Subsequent measurement and recognition of gains and losses
(1) Cost method
The long-term equity investment control by invested entity shall counted by cost method, and pricing on initial
investment cost, cost of the long-term equity investment shall be adjusted while additional investment or
dis-investment.
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.
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(2)Equity method
The Company calculates long term equity investment in associates and joint ventures under equity method. For
certain equity investments in associates indirectly held through risk investment institutions, joint funds, trust
companies or similar entities including investment linked insurance fund, the Company measures the investment
at fair value through profit or loss.
where the initial investment cost of a long-term equity investment exceeds the Group’s share of the fair value of
the investee’s identifiable net assets at the time of acquisition, no adjustment is made to the initial investment cost.
Where the initial investment cost is less than the Group’s share of the fair value of the investee’s identifiable net
assets at the time of acquisition, the difference is recognized in profit or loss for the period.
Return on investments and other comprehensive income is recognized respectively by shares of net gains and
losses realized by the invested company and other comprehensive income after acquisition of long-term equity,
and book value of such investment is adjusted accordingly. Profit or cash dividends pro rata distributed by the
invested company are to minus book value of the relative long-term investment. Book value of long-term
investment is adjusted when changes occur other than net gains and losses, other comprehensive income and
profit distribution of the invested company, and is to reported in owners’ equity accordingly
The Company 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 un-realized transaction gains/losses attributable to
investment enterprise, internally occurred between the Company, 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. Transfer of calculation for long term equity investment
(1)measure at fair value transfer to equity method
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For the equity investment originally held by the Company in which it has no control, common control or
significant influence over the investee and which is accounted for under recognition and measurement principle as
financial assets, in case that the Company becomes able to exercise significant influence or common control upon
the investee due to additional investment while no control is reached, the sum of fair value of the originally held
equity investment as determined under Business Accounting Principles No.22- Recognition and Measurement
Principle as Financial Assets plus cost of the new investment shall be deemed as the initial investment cost upon
calculation under equity method.
If the originally held equity investment is classified as available for sale financial assets, the difference between its
fair value and carrying value and the accumulated fair value movement which is originally included in other
comprehensive income shall be transferred to current period gains and losses under equity method.
In case that the initial investment cost under equity method is lesser than share of fair value of the investee’s net
identifiable assets as of the date when additional investment is made as calculated based on the latest shareholding
proportion upon additional investment, carrying value of the long term equity investment shall be adjusted against
such difference which is included in current period non-operating income.
(2) measure at fair value or calculation under equity method transfer to calculation under cost method
For the equity investment originally held by the Company in which it has no control, common control or
significant influence over the investee and which is accounted for under recognition and measurement principle as
financial instrument, or for long term equity investment originally held in associates or joint ventures, in case that
the Company becomes able to exercise control over investee not under common control due to additional
investment, the sum of fair value of the originally held equity investment plus cost of the new investment shall be
deemed as the initial investment cost upon calculation under cost method when preparing separate financial
statement.
For other comprehensive income as recognized under equity method in respect of equity investment held prior to
acquisition date, when the Company disposes this investment, the aforesaid income shall be accounted for on the
same basis as the investee would otherwise adopt when it directly disposes relevant assets or liabilities.
For equity investment held prior to acquisition date which is accounted for under Business Accounting Principles
No.22- Recognition and Measurement of Financial Assets, the accumulated fair value movement which originally
included in other comprehensive income shall be transferred to current period gains and losses upon calculation
under cost method.
(3)calculation under equity method transfer to fair value measurement
In case that the Company lost common control or significant influence upon investee due to disposal of part equity
investment, the remaining equity investment shall be calculated under Business Accounting Principles No.22-
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Recognition and Measurement of Financial Assets, and the difference between its fair value and carrying value as
of the date when the Company lost common control or significant influence shall be included in current period
gains and losses.
For other comprehensive income as recognized under equity method in respect of the original equity investment,
when the Company ceases calculation under equity method, the aforesaid income shall be accounted for on the
same basis as the investee would otherwise adopt when it directly disposes relevant assets or liabilities.
(4)cost method transfer to equity method
In case that the Company lost control upon investee due to disposal of part equity investment, and if the remaining
equity investment can exercise common control or significant influence over the investee, equity method shall be
adopted when preparing separate financial statement, and the remaining equity investment shall be adjusted as if it
had been stated under equity method since the acquisition.
(5)cost method transfer to fair value measure
In case that the Company lost control upon investee due to disposal of part equity investment, and if the remaining
equity investment cannot exercise common control or significant influence over the investee, Business Accounting
Principles No.22- Recognition and Measurement of Financial Assets shall be adopted for accounting treatment
when preparing separate financial statement, and the fair value and carrying value as of the date when control is
lost shall be included in current period gains and losses.
4. Disposal of long term equity investment
Difference between carrying value and actual acquisition price in respect of disposal of long term equity
investment shall be included in current period gains and losses. For long term equity investment under equity
method, the Company shall adopt the same basis as the investee directly disposes relevant assets or liabilities
when disposing this investment, and account for the part originally included in other comprehensive income under
appropriate proportion.
If the terms, conditions and economic impact of each transaction involved in the disposal by steps of investment
in subsidiaries fall into one or more of the following situations, such transactions will be accounted for as a
package deal:
(1) such transactions are entered into simultaneously or in the case of considering the impact of each other;
(2) such transactions as a whole in order to reach complete commercial results;
(3) the occurrence of one transaction is subject to that of at least one other transaction;
(4) a transaction alone is not economic, but otherwise when considered with other transactions.
Enterprises that lose control of their original subsidiaries due to the disposal of partial equity investment or
otherwise, and therefore disqualify a package deal, should prepare the relevant accounting treatment in
differentiation with individual financial statements and consolidated financial statement:
(1)in separate financial statement, as for disposal of equity interest, difference between carrying value and actual
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acquisition price shall be included in current period gains and losses. In case that the remaining equity interests
can exercise common control or significant influence over investee, it shall be stated under equity method in stead,
and shall be adjusted as if the remaining equity interests had been stated under equity method since the acquisition.
In case that the remaining equity interests cannot exercise common control or significant influence over investee,
it shall be accounted for under Business Accounting Principles No.22- Recognition and Measurement Principle of
Financial Instruments, and the difference between its fair value and carrying value as of the date then the
Company lost control shall be included in current period gains and losses.
(2)in consolidated financial statement, for those transactions occurred before lost of control in subsidiaries, the
difference between disposal price and share of net assets of subsidiaries since purchase date or combination date
shall be used to adjust capital reserve (equity premium), and if capital reserve is insufficient to offset, then it shall
adjust retained earnings; when the Company lost control in a subsidiary, the remaining equity interests would be
re-measured at the fair value as of the control-lost date. The sum of consideration gained from the disposal of
equity and the fair value of remaining equity minus the share of net assets of original subsidiaries since the day of
purchase and based on its original shareholding ratio is credited into investment gain for the current period, and
off-set the goodwill at the same time. Other comprehensive income in relation to equity investments of original
subsidiaries should be transferred to investment gain for the period at the time of loss of control.
Each transaction involved in the disposal of equity investments of subsidiaries until loss of control falls into a
package deal, carrying accounting treatment on transaction of losing control rights and disposing the company,
and should be accounted for accordingly in differentiation with individual financial statements and consolidated
financial statements:
(1) In consolidated financial statements, difference between each payment from disposal of an equity and the book
value of such long-term equity investment before the loss of control should be recognized as other comprehensive
income and at the time of loss of control, transferred to profit or loss for the current period.
(2) In consolidated financial statements, difference between each payment from disposal of a subsidiary and the
share of its net assets through investment before the loss of control should be recognized as other comprehensive
income and at the time of loss of control, transferred to profit or loss for the current period.
5. Criteria for common control and significant influence
Where the Company jointly controls an arrangement with other participators under agreed terms, and decisions
which materially affect return of such arrangement can only exist when other participators unanimously agree on
the decisions, the Company is deemed to jointly control this arrangement with other participators, and the
arrangement belongs to joint venture arrangement.
In case of a joint venture arrangement concluded through separate entity, when the Company is judged to be
entitled to the net assets of the separate entity under relevant agreements, the entity shall be viewed as a joint
venture under equity method. However, when the Company is judged to be not entitled to the net assets of the
separate entity under relevant agreements, the entity shall be viewed as a joint operation, in which case, the
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Company recognizes items relating to its share of interests from the joint operation and accounts for according to
relevant business accounting rules.
Significant influence refers to that investor has right to participate in making decisions relating to the financial and
operational policies of the investee, while not able to control or jointly control (with others) establishment of these
policies. The following one or more conditions are based to judge whether the Company has significant influence
over investee with consideration of all facts and situations: (1)has delegate in the board of directors or similar
authority organs of investee; (2)participate in establishing financial and operational policies of the investee;
(3)occur material transactions with the investee; (4)delegate management to the investee; (5)provide key technical
data to the investee.
15. Investment real estate
Measurement model of investment real estate
Measured by cost
Depreciation or amortization method
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.
16. 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. Deprecition method
Types Deprecition method Deprecition term Residuals rate Yearly depreciation
House and buildings:
Straight-line depreciation 35 years 5% 2.71%
——Production building
——non-production Straight-line depreciation 40 years 5% 2.38%
occupancy
Straight-line depreciation 9 years 5% 10.56%
——Cabana
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Machinary equipment Straight-line depreciation 12 years 5% 7.92%
Transportation
Straight-line depreciation 9 years 5% 10.56%
instrument
Other equipment Straight-line depreciation 6 years 5% 15.83%
3. Recognition, measurement and depreciation of fixed assets held under finance lease
A fixed asset leased by the Company is recognized as the fixed asset held under finance lease if one or more of the
following criteria are met:
(1) Upon the expiry of the lease term, the ownership is transferred to the Company.
(2) the Company has the option to purchase the asset at a predetermined price that is expected to be sufficiently
lower than the fair value at the date the option becomes exercisable and it is reasonably ascertained at the
inception of lease that the option will be exercised.
(3) the lease term approximates the useful life of the relevant asset even if the ownership is not transferred.
(4) at the inception of the lease, the present value of the minimum lease payments is substantially equivalent to the
fair value of the leased asset.
(5) the leased assets are of such a specialized nature that only the Company can use them without major
modification.
A fixed asset held under finance lease is initially recognized at the lower of fair value of the leased asset and the
present value of the minimum lease payments, while the amount of the minimum lease payments will be
recognized as the entry value of long-term account payable, the difference between them will be recognized as
unrecognized financing costs. The initial direct costs such as commissions, attorney’s fees, and travelling
expenses, stamp duties attributable to the leased item incurred during the process of lease negotiating and signing
the leasing agreement shall be recorded in the asset value. Unrealized finance costs will be amortized using actual
interest rate method over each period during the lease terms.
The Company adopts depreciation policies for leased assets consistent with those of self-owned fixed assets for
the purpose of calculating the depreciation of a leased asset. If it is reasonable to be certain that the lessee will
obtain the ownership of the leased asset when the lease term expires, the leased asset shall be fully depreciated
over its useful life. If it is not reasonable to be certain that the lessee will obtain the ownership of the leased asset
at the expiry of the lease term, the leased asset shall be fully depreciated over the shorter one of the lease term or
its useful life.
17. Construction in process
1. Classification of constructions under progress
Self-constructed constructions under progress of the Company are carried at actual costs. Actual costs include the
necessary expenses for constructing such asset to the expected useable condition, including material costs for
project, labor cost, related taxes and fees paid, borrowing expenses to be capitalized and indirect costs to be
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amortized. The constructions under progress of the Company are accounted for by project category.
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.
18. 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
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completed entirely, the borrowing expense shall be suspended for capitalization while the assets completely
finished in whole.
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
19. Biological assets
Biological assets of the Company refer to the productive biological assets
Biological assets are recognized when the following three conditions are fully satisfied:
(1) an enterprise owns or controls such biological assets due to the past transactions or events；
(2) it may result in the inflow of economic benefits or service potential in relation to such biological assets;
(3) cost of such biological assets can be reliably measured.
Biological assets used for production are stated at cost at initial recognition. The cost of biological asset used for
production purchased from the outside includes the purchase price, related taxes, transportation expense,
insurance premium and other charges directly attributable to the purchase of such asset. Biological asset used for
production input by investors is stated at its entry value which is calculated based on the value as stipulated in the
investment contract or agreement plus the related taxes payable. Where value stipulated in the contract or
agreement is not fair, the actual cost is fixed at fair value. The cost of self-bred biological asset used for
production is determined based on the necessary expenses incurred so as to achieve the anticipated production and
operation purposes, including feed costs, labor costs and indirect costs to be allocated.
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Management and protection and feed expenses of the Company’s biological assets used for production incurred
after the canopy closure or achievement of the expected production and operation purposes are charged to profit or
loss for the current period.
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.
Gain and disposal of biological assets: the cost of biological assets after the shift of use is stated at the carrying
amount at the time of shift of use. When sold, destroyed and inventory losses occurred, the disposal income of
biological assets net of carrying amount and related taxes shall be charged to profit or loss for the current period.
20. Oil and gas assets
21. Intangible assets
1. valuation method, service life and impairment test
An intangible asset is an identifiable non-monetary asset without physical substance owned or controlled by the
Company, including land use right, technical know-how, forest tree use right, trademark use right and software
use right.
(1). Initial measurement of intangible assets
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
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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. And classified into intangible assets
with limited useful life and assets without certain service life
(1) intangible assets with limited useful life
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. 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 land use
Land use right Certificate of land use right
right obtained
Proprietary technology 20-year Actual situation of the Company
forest tree use right Service life arranged Protocol agreement
trademark use right 10-year Actual situation of the Company
software use right 5-8-year Protocol agreement
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; if there is a differences been found with the original estimated number, corresponding
adjustment shall prevail.
Being revised, the useful life of intangible assets and amortization method at period-end shows the same as
previous
(2) intangible assets without certained service life
Intangible assets for which it is impossible to predict the term during which the assets can bring in economic
benefits are viewed as intangible assets with indefinite life.
Intangible assets with indefinite life are not amortized during the holding period, and useful life is re-reviewed at
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the end of each accounting period. In case that it is still determined as indefinite after such re-review, then
impairment test will be conducted continuously in every accounting period.
The Company has no such intangible assets without certained service life after review.
2. Accounting policy for the internal R&D expenditure
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.
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.
Expenditure happened in development phase not satisfying the above conditions is included in current period
gains and losses when occurs. Development expenditure previously included in gains and losses in previous
periods will not be re-recognized as assets in later periods. Capitalized development expenditure is stated in
balance sheet as development expenditure, and is transferred to intangible assets when the project is ready for
planned use.
22. Impairment of long term assets
Long term asset is judged whether for which there is indication of impairment on balance sheet date. If there is
indication of impairment, the Company would estimate its recoverable amount based on single asset; if it is
difficult to estimate the recoverable amount of single asset, then the assets group which the single asset belongs to
is based to determine the recoverable amount of the assets group.
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Recoverable amount of an asset is determined at the higher of its fair value less disposal fee and present value of
its predicted future cash flow.
If measurement of recoverable amount shows that the recoverable amount of long term asset is lower than
carrying value, then the carrying value shall be deducted to recoverable amount, with the deducted amount
recognized as impairment loss which is included in current period gains and losses, meanwhile, asset impairment
provision shall be made accordingly. Once recognized, asset impairment loss would not be reversed in future
accounting period.
Once an asset is recognized for impairment loss, its depreciation or amortization expense would be adjusted in
future periods, so as to systematically allocate the adjusted asset carrying value (after deduction of predicted net
residual value) during the remaining useful life.
Goodwill arising from business combination and intangible assets with indefinite useful life shall be tested
annually for impairment whether or not there is indication of impairment.
Goodwill is tested for impairment with the related assets group. When conducting impairment test for relevant
asset group with inclusion of goodwill, in case that there is indication of impairment for such asset group,
impairment test would be firstly conducted in respect of the asset groups without inclusion of goodwill. Then, it
shall calculate the recoverable amount and determine the corresponding impairment loss as compared to its
carrying value. Second, asset group with inclusion of goodwill would be tested for impairment. If it is found after
comparison between the carrying value and recoverable amount of the asset group that the recoverable amount is
less than carrying value, the Company would recognize impairment loss for goodwill.
23. Long term prepaid expense
Long term prepaid expense represents the expense which the Company has occurred and shall be amortized in the
current and later periods with amortization period exceeding one year. Long term prepaid expense is amortized
during the beneficial period under straight line method.
24. Staff remuneration
1. Accounting treatment of short term remuneration
Short term remuneration refers to all the staff remuneration payable by the Company to its staff within 12 months
after the end of annual reporting period in which staff provides relevant services, other than post office benefit and
dismissal benefits. The Company recognizes short term remuneration payables as liabilities during the accounting
period during which staff provides services, and includes in cost and expense of relevant asset according to the
beneficial parties of such services.
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2. Accounting treatment of post office benefits
Post office benefits refer to kinds of remuneration or benefits granted by the Company to staff for their provision
of service upon retirement or release of employment, other than short term remuneration and dismissal benefits.
Post benefit plan is categorized as defined withdraw plan and defined benefit plan.
Defined withdraw plan under post office benefit mainly represents participation into social basic pension
insurance and unemployment insurance operated by labor and social security authorities. During the accounting
period when employee provides services for the Company, the contribution calculated under defined withdraw
plan would be recognized as liabilities and included in current gains and losses or relevant asset cost.
Other than periodic payment of the aforesaid amounts in compliance with national standards, the Company is not
obliged to make other payment.
3. Accounting treatment of dismissal benefit
Dismissal benefit represents compensation paid to employees for release of employment before expiration or as
compensation for their willing of cut, which is included in current gains and losses during the period when it
occurs.
4. Accounting treatment of other long term staff benefits
Other long term staff benefits refers to all the other staff benefits except for short term remuneration, post office
benefit and dismissal benefit.
For other long term staff benefits satisfying conditions under defined withdraw plan, the contribution payables
shall be recognized as liabilities and included in current gains and losses or relevant asset cost during the
accounting period in which the staff provides services to the Company.
25. Accrual liability
1. Recognition standards for accrual liability
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.
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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.
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
26. Share-based payment
27. Other financial instrument of preferred stock and perpetual capital securities
28. Revenue
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.
As for main sales in the Company, according to the arrival of acceptance period agreed in the contract, income
shall be recognized after the period expired
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.
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(2) Amount of income from use: determined by the charge time and calculation method agreed in the relevant
contract or agreement.
29. Government grants/subsidy
1. Basis for determination and accounting treatment for government grants with assets concerned
Government grants in relation to purchase of long-term assets such as fixed assets or intangible assets shall be
recognized as deferred income, and are recorded in non-operating income according to service life of such
constructed or purchased assets by installments;
2. Basis for determination and accounting treatment for government grants with revenue concerned
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.
When there is reversal of the government grants recognized, if the relevant deferred income exists, such deferred
income is offset against the balance of the carrying value with the excess dealt with in the profit or loss for the
period. If the relevant deferred income does not exist, it will be directly dealt with in the profit or loss for the
period.
30. Deferred income tax assets and deferred income tax liabilities
Deferred income tax assets and liabilities are measured at the difference between their tax bases and their carrying
values (temporary difference). On the balance sheet date, deferred income tax assets and liabilities are measured at
the tax rate which is appropriate in the period when the assts are recovered or liabilities are settled.
1. Reference for recognition of deferred income tax assets
Deferred income tax asset arising from deductable temporary difference is recognized to the extent of assessable
income which is likely to acquire to offset deductable temporary difference and for which deductable losses and
tax credit for subsequent years can be carried forward. However, deferred income tax assets arising from initial
measurement of assets or liabilities in transactions with the following characteristics would not be recognized:
(1)the transaction is not business combination; (2)occurrence of the transaction would neither affect accounting
profit nor affect assessable income or deductable loss.
For deductable temporary difference relating to investment in associates, the Company would recognize deferred
income tax assets accordingly if the following conditions are met: temporary difference is likely to be reversed in
foreseeable future and it is likely to acquire assessable income against which deductable temporary difference is
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utilized.
2. Basis for determination of deferred income tax liabilities
Assessable temporary difference which should be paid while not paid yet for the current and previous periods is
recognized as deferred income tax liabilities, excluding:
(1)temporary difference arising from initial measurement of goodwill;
(2)transaction or issue arising from non business combination, and its occurrence would neither affect accounting
profit, nor affect temporary difference arising from assessable income (or deductable loss);
(3)for assessable temporary difference relating to investments in subsidiary or associate, timing for reversal of the
temporary difference can be controlled and it is likely that the difference would not be reversed in foreseeable
future.
3. Deferred tax assets and liabilities are offset if all the following conditions are met.
(1) an enterprise has the legal rights to settle the income tax assets and income tax liabilities for the current
period by net amount;
(2) they relate to income taxes levied by the same tax authority on either the taxable entity has a legally
enforceable right or set off current income tax assets against current income tax liabilities, and different taxable
entities which either intend to settle the current income tax liabilities and assets on a net basis, or to realize the
assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax
liabilities or assets are expected to be settled or recovered.
31. Leasing
1. Accounting treatment of operating lease
2. Accounting treatment of finance lease
32. Other important accounting policy and estimation
Main accounting estimation has no changed in the Period
Main accounting policy has no changed in the Period
33. Changes of main accounting policy and estimation
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1. Changes of accounting policy
□ Applicable √ Not applicable
2. Changes of accounting estimation
□ Applicable √ Not applicable
34. Other
VI. Taxes
1. Main taxes and tax rate
Taxes Basis Rate
VAT Sales of goods 17%
Business tax Taxable turnover 5%
Urban maintenance and construction tax Payable turnover taxes 5%、7%
Enterprise income tax Payable turnover taxes 5%
Disclose reasons for different taxpaying body
Taxpaying body Income tax rate
The Company 25%
Shenbao Huacheng 15%
Including: Shantou Branch of Shenbao Huachen 25%
Shenbao Shengyuan 25%
Wuyuan Ju Fang Yong 15%
Shenbao Sanjing 25%
Huizhou Shenbao Technology 25%
Shenbao Property 25%
Shenzhen Technology Center 25%
Shenzhen Inudstry& Trading 25%
Hangzhou Ju Fang Yong 25%
Shenbao Yuxing 25%
Fuhaitang Ecology 25%
Chunshi Network 25%
Shenshenbao Investment 25%
Shenshenbao Tea Culture 25%
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
2. Tax preferential
Shenbao Huacheng, a wholly-owned subsidiary of the Company, has been granted High-tech Enterprise
Certification (No. GF201444201602) jointly promulgated by Shenzhen Commission on Innovation & Technology,
Shenzhen Finance Committee, Shenzhen Municipal Bureau of State Taxation and Shenzhen Municipal Bureau of
Local Taxation as at the date of 30 September 2014 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
2014 to 2016.
Wuyuan Ju Fang Yong, a wholly-owned subsidiary of the Company, has been granted High-tech Enterprise
Certification (No. GF201436000182) jointly promulgated by Jiangxi Provincial Department of Science &
Technology, Shenzhen Finance Committee, Finance Bureau of Jiangxi Province, Jiangxi Municipal Bureau of
State Taxation and Local Taxation as at the date of 8 October 2014 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. Wuyuan Ju Fang Yong has favored from this
preferential policy from 2014 to 2016.
3. Other
VII. Annotation to main items of consolidated financial statements
1. Monetary fund
In RMB
Items Ending balance Opening balance
Cash on hand 150,028.28 100,531.08
Cash in bank 180,324,516.65 266,747,247.36
Other monetary fund 500,000.00 500,000.00
Total 180,974,544.93 267,347,778.44
Other explanation:
Other monetary fund refers to the guarantee deposit with limited in use.
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2. Financial assets measured by fair value and with its changes reckoned into current gains/losses
In RMB
Items Ending balance Opening balance
Trading financial assets 4,953,811.20 1,777,695.79
Other 4,953,811.20 1,777,695.79
Total 4,953,811.20 1,777,695.79
Other explanation:
Ending balance refers to the stock of 258,011 shares of “Zhonghua-A” held
3. Notes receivables
Classification of notes receivables
In RMB
Items Ending balance Opening balance
Bank acceptance bill 97,806.91
Total 97,806.91
4. Account receivable
1. Account receivable classified according to types
In RMB
Ending balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Type Book
Accrual Accrual Book value
Amount Ratio Amount value Amount Ratio 金额
Ratio Ratio
Account receivable
59,076,1 807,627. 58,268,50 103,957 809,686.6 103,147,98
withdrawal bad debt 75.29% 1.37% 84.28% 0.78%
35.61 76 7.85 ,669.05 2 2.43
provision by group
Accounts receivables
with single minor
19,391,0 19,391,0 19,391, 19,391,00
amount but with bad 24.71% 100.00% 15.72% 100.00%
01.77 01.77 001.77 1.77
debts provision
accrued individually
78,467,1 20,198,6 58,268,50 123,348 20,200,68 103,147,98
Total 100.00% 25.74% 100.00% 16.38%
37.38 29.53 7.85 ,670.82 8.39 2.43
Account receivable with single major amount and withdrawal bad debt provision for single item at period-end
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
□ Applicable √ Not applicable
In combination, accounts whose bad debts provision was accrued by age analysis: Account receivable
√ Applicable □ Not applicable
In RMB
Ending balance
Age
Account receivable Bad debts provision Accrual Ratio
Within one year
Within one year 51,701,798.80
Subtotal of within one year 51,701,798.80
1-2 years 2,646,211.00 132,310.55 5.00%
2-3 years 678,033.35 67,803.34 10.00%
Over 3 years 4,050,092.46 607,513.87 15.00%
3-4 years 792,574.03 118,886.10 15.00%
4-5 years 176,272.85 26,440.93 15.00%
Over 5 years 3,081,245.58 462,186.84 15.00%
Total 59,076,135.61 807,627.76
Explanation on combination determination:
Account receivable accrual bad debt provision by combination
(1) Recognition standards on credit risk characteristics portfolio
As for the account receivable with single minor amount, and the ones without impairment being found after
testing independently, classified into many groups according to the credit risk characteristics, based on the actual
loss ratio of the account receivable groups with similar credit risk characteristics for previous years, accrual bad
debt provision by actual conditions
Recognition standards:
Take a best estimate on the accrual ratio for account receivables based on history of past
Aging of accounts group
experience, classified credit risk characteristics by referring to the age of receivables
(2)Accrual method based on group of credit risk characteristics
Group with bad debt provision accrual by aging:
Age Accrual ratio
Within one year (one year included) 0%
1－2 years 5%
2－3 years 10%
Over 3 years 15%
In combination, withdrawal proportion of bad debt provision based on balance proportion for account receivable:
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□ Applicable √ Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods for account receivable:
□ Applicable √ Not applicable
2. Bad debt provision accrual collected or switch back
Bad debt provision accrual was 0.00 Yuan; the amount collected or switches back amounting to 2,058.86Yuan
3. Top 5 receivables at ending balance by arrears party
Company Ending balance Ratio in ending balance of Bad debt provision accrual
the account receivable (%)
Client I 6,755,070.00 8.61 ---
Client II 4,911,360.00 6.26 ---
Client III 4,815,910.48 6.14 ---
Client IV 3,237,590.00 4.13 ---
Client V 2,349,301.00 2.99 ---
Total 22,069,231.48 28.13 ---
5. Advance payment
1. Advance payment by age
In RMB
Ending balance Opening balance
Age
Amount Ratio Amount Ratio
Within one year 23,767,008.18 92.00% 5,714,190.03 73.44%
1-2 years 1,816,392.30 7.03% 1,816,392.30 23.35%
2-3 years 37,919.50 0.15% 37,919.50 0.49%
Over 3 years 211,375.44 0.82% 211,375.44 2.72%
Total 25,832,695.42 -- 7,779,877.27 --
Explanation on the advance payment un-settled with over one year account age and with significant amount:
Company Ending balance Account age Reasons
Supplier IV 650,000.00 1-2 years Transaction still not completed yet
Total 650,000.00
2. Top 5 advance payment at ending balance by prepayment object
Company Ending amoutn Ratio in total advance payment (%)
97
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Supplier I 8,662,321.23 33.53
Supplier II 1,466,762.37 5.68
Supplier III 714,017.70 2.76
Supplier IV 650,000.00 2.52
Supplier V 624,140.88 2.42
Total 12,117,242.18 46.91
6. Other accounts receivable
1. Other accounts receivable by category
In RMB
Ending balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category
Accrual Book value Accrual Book value
Amount Ratio Amount Amount Ratio Amount
Ratio Ratio
Other
account
receivable
with bad
32,112,294.05 64.63% 2,711,479.98 8.44% 29,400,814.07 27,427,389.39 60.94% 2,738,266.56 9.98% 24,689,122.83
debt
provision
accrual by
portfolio
Other
account
receivable
with single
minor
amount
17,577,795.82 35.37% 17,577,795.82 100.00% 17,577,795.82 39.06% 17,577,795.82 100.00%
but
withdrawa
l bad debt
provision
for single
item
Total 49,690,089.87 100.00% 20,289,275.80 40.83% 29,400,814.07 45,005,185.21 100.00% 20,316,062.38 45.14% 24,689,122.83
Other account receivable with single major amount and withdrawal bad debt provision for single item at
period-end:
□ Applicable √ Not applicable
In combination, accounts whose bad debts provision was accrued by age analysis: Other account receivable:
98
深圳市深宝实业股份有限公司 2015 年半年度报告全文
√ Applicable □ Not applicable
In RMB
Ending balance
Age
Other account receivable Bad debts provision Accrual Ratio
Within one year
Within one year 12,490,798.32
Subtotal of within one year 12,490,798.32
1-2 years 1,840,898.20 92,044.91 5.00%
2-3 years 953,091.20 95,309.12 10.00%
Over 3 years 16,827,506.33 2,524,125.95 15.00%
3-4 years 1,049,241.82 157,386.27 15.00%
4-5 years 4,410,151.72 661,522.76 15.00%
Over 5 years 11,368,112.79 1,705,216.92 15.00%
Total 32,112,294.05 2,711,479.98
Explanation on combination determination:
Account receivable accrual bad debt provision by combination
(1)Recognition standards on credit risk characteristics portfolio
As for the account receivable with single minor amount, and the ones without impairment being found after
testing independently, classified into many groups according to the credit risk characteristics, based on the actual
loss ratio of the account receivable groups with similar credit risk characteristics for previous years, accrual bad
debt provision by actual conditions
Recognition standards:
Take a best estimate on the accrual ratio for account receivables based on history of past
Aging of accounts group
experience, classified credit risk characteristics by referring to the age of receivables
(2)Accrual method based on group of credit risk characteristics
Group with bad debt provision accrual by aging:
Account age Accrual ratio
Within one year (one year included) 0%
1－2 years 5%
2－3 years 10%
Over 3 years 15%
In combination, withdrawal proportion of bad debt provision based on balance proportion for other account
receivable :
□ Applicable √ Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods for other account receivable:
□ Applicable √ Not applicable
99
深圳市深宝实业股份有限公司 2015 年半年度报告全文
2. Bad debt provision accrual collected or switch back
Bad debt provision accrual was 0.00 Yuan; the amount collected or switches back amounting to 26,786.58 Yuan.
3. Other receivables by nature
In RMB
Nature Ending book balance Opening book balance
Margin and deposit 2,765,959.93 1,368,252.63
Receiable VAT rebates 72,512.38 337,748.21
Intercourse funds and other 46,851,617.56 43,299,184.37
Total 49,690,089.87 45,005,185.21
4. Top 5 other receivables at ending balance by arrears party
In RMB
Ratio in total ending
Ending balance of
Company Nature Ending balance Age balance of other
bad bet provision
receivables
Changzhou Shenbao
Chacang E-Business Intercourse funds 18,857,745.76 1-3 years and above 37.95% 2,497,820.07
Co., Ltd.
Shenzhen Shenbao
Manan
Intercourse funds 2,604,000.00 Within one year 5.24%
Bio-technology Co.,
Ltd.
Yunnan Pu’er Tea
Trading Center Co., Intercourse funds 1,768,096.39 Within one year 3.56%
Ltd.
Hangzhou
Shilongshan Intercourse funds 600,000.00 1-2 years 1.21% 30,000.00
Eco-Eden Co., Ltd.
Fujian Wuyi Mout.
Deposit 500,000.00 Within one year 1.01%
Yuxing Tea Co., Ltd.
Total -- 24,329,842.15 -- 48.97% 2,527,820.07
7. Inventory
1. Inventory classification
In RMB
100
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Ending balance Opening balance
Items Depreciation Depreciation
Book balance Book value Book balance Book value
reserve reserve
Raw materials 43,814,141.30 3,680,556.66 40,133,584.64 50,061,015.73 3,704,335.73 46,356,680.00
Goods in process 44,501,153.23 44,501,153.23 31,256,557.79 81,052.46 31,175,505.33
Finished goods 41,795,442.08 1,276,984.68 40,518,457.40 35,192,734.56 1,282,058.46 33,910,676.10
Wrappage 9,733,185.02 9,733,185.02 5,311,914.37 5,311,914.37
Goods in transit 2,345,967.04 2,345,967.04 6,484,704.45 6,484,704.45
Outside
processing 5,337,209.83 5,290,502.32 46,707.51 5,337,209.83 5,290,502.32 46,707.51
materials
Develop product 6,755,496.74 6,755,496.74
Low-value
consumption 82,646.91 82,646.91
goods
Total 147,609,745.41 10,248,043.66 137,361,701.75 140,399,633.47 10,357,948.97 130,041,684.50
2. Inventory depreciation reserve
In RMB
Increase in the current period Decrease in the current period
Items Opening balance Switch back or Ending balance
Accrual Other Other
write-off
Raw materials 3,704,335.73 23,779.07 3,680,556.66
Goods in process 81,052.46 81,052.46
Finished goods 1,282,058.46 5,073.78 1,276,984.68
Outside
processing 5,290,502.32 5,290,502.32
materials
Total 10,357,948.97 109,905.31 10,248,043.66
8. Other current assets
In RMB
Items Ending balance Opening balance
Pending deduct VAT input tax 3,544,490.74 3,911,623.17
Financial products 63,000,000.00
Total 66,544,490.74 3,911,623.17
101
深圳市深宝实业股份有限公司 2015 年半年度报告全文
9. Financial assets available for sale
1. Particular about financial assets available for sale
In RMB
Ending balance Opening balance
Items Depreciation Depreciation
Book balance Book value Book balance Book value
reserves reserves
Instrument equity
17,537,500.00 17,480,000.00 57,500.00 17,537,500.00 17,480,000.00 57,500.00
available for sale:
Measured by cost 17,537,500.00 17,480,000.00 57,500.00 17,537,500.00 17,480,000.00 57,500.00
Total 17,537,500.00 17,480,000.00 57,500.00 17,537,500.00 17,480,000.00 57,500.00
2. Financial assets available for sale measured by cost at period-end
In RMB
Book balance Depreciation reserves Ratio of
share-hold Cash
The invested
Period-beginnin Increa Decrea Period-beginnin Increa Decrea ing in divide
entity Period-end Period-end
g sed sed g sed sed invested nd
entity
Shenzhen
Sanjiu Weitai 2,480,000.00 2,480,000.00 2,480,000.00 2,480,000.00 0.95%
Co., Ltd.
Shenzhen
Tianji
Photo-electric
15,000,000.00 15,000,000.00 15,000,000.00 15,000,000.00 3.77%
Technology
Industrial Co.,
Ltd.
Beijing
Tiantan Co., 57,500.00 57,500.00
Ltd.
Total 17,537,500.00 17,537,500.00 17,480,000.00 17,480,000.00 --
3. Change of impairment for financial assets available for sale in the Period
In RMB
Equity instrument available for Debt instrument available for
Category Total
sale sale
Balance accrual at period-begin 17,480,000.00 17,480,000.00
102
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Current accrual
Includng: transfer-in from other
comprehensive income
Current decreased
Including: switch back due to
fair value gose up at period-end
Balance accrual at period-end 17,480,000.00 17,480,000.00
10. Long-term equity investment
In RMB
+,-
Addi Other Cash
Investment
tiona Capit compre dividend Impair Ending balance
The invested gains Other
Opening balance l al hensive or profit ment Ending balance of impairment
entity recognized equity Other
inve reduc income announc accrua provision
under change
stme tion adjustm ed to l
equity
nt ent issued
I. Joint venture
II. Associated enterprise
Shenzhen
Shenbao
2,870,000.00 2,870,000.00 2,870,000.00
(Xinmin)
Food Co., Ltd.
Shenzhen
Shenbao
(Liaoyuan) 57,628.53 57,628.53 57,628.53
Industrial Co.,
Ltd.
Shenzhen
Shenbao
Manan 1,042,686.34 23,717.03 1,066,403.37
Bio-technolog
y Co., Ltd.
Changzhou
Shenbao
Chacang
E-Business
Co., Ltd.
Subtotal 3,970,314.87 23,717.03 3,994,031.90 2,927,628.53
103
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Total 3,970,314.87 23,717.03 3,994,031.90 2,927,628.53
11. Fixed assets
1. Fixed assets
In RMB
Machinary Transportation
Items House and buildings: Other equipment Total
equipment equipment
I. original book
value:
1.Opening balance 297,592,711.14 222,594,118.72 7,237,524.52 11,095,596.25 538,519,950.63
2. increased in the
884,927.63 37,484.61 882,106.02 1,804,518.26
Period
(1)Purchase 37,484.61 882,106.02 919,590.63
(2) construction
884,927.63 884,927.63
in process transfer-in
(3)increased by
combination
3.decreased in the
25,000.00 18,600.00 43,600.00
Period
(1)disposal or
25,000.00 18,600.00 43,600.00
scrapping
4.Ending balance 298,477,638.77 222,606,603.33 7,237,524.52 11,959,102.27 540,280,868.89
II. Accumulated
depreciation
1.Opening balance 24,521,540.26 105,847,257.39 3,448,527.45 4,594,499.79 138,411,824.89
2. increased in the
4,113,389.45 6,764,183.58 323,111.69 757,242.33 11,957,927.05
Period
(1) accrual 4,113,389.45 6,764,183.58 323,111.69 757,242.33 11,957,927.05
3.decreased in the
19,131.95 3,435.84 22,567.79
Period
(1)disposal or
19,131.95 3,435.84 22,567.79
scrapping
4.Ending balance 28,634,929.71 112,592,309.02 3,771,639.14 5,348,306.28 150,347,184.15
III. Depreciation
reserves
1.Opening balance 2,647,112.69 2,647,112.69
104
深圳市深宝实业股份有限公司 2015 年半年度报告全文
2. increased in the
Period
(1) accrual
3.decreased in the
Period
(1)disposal or
scrapping
4.Ending balance 2,647,112.69 2,647,112.69
IV. Book value
1.Ending Book
269,842,709.06 107,367,181.62 3,465,885.38 6,610,795.99 387,286,572.05
value
2.Opening book
273,071,170.88 114,099,748.64 3,788,997.07 6,501,096.46 397,461,013.05
value
2. Certificate of title un-completed
In RMB
Items Book value Reasons
Still in process of relevant property
Nanshan Office Building 86,204,815.11
procedures
-No fixed assets rent-in through finance lease in the Period
-The property certificate of house & building that un-completed at end of the Period mainly refers to the office place of the
headquarter and R&D center, certificates are still in process. Original value of the house & buildings withtout certificated done was
92,773,968.85 Yuan at period-end.
-Among the ending balance, the original value of fixed assets used for bank pledge was RMB30,567,419.75, and the net value were
RMB 22,140,740.78. 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. Pledge term is from 13 March 2013 to 12 March 2016.
-At the period end, impairment reserves for corresponding fixed assets are accrual based on the condition as recoverable amount of
the fixed assets lower its book value.
12. Construction in progress
Construction in progress
In RMB
Items Ending balance Opening balance
105
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Depreciation Depreciation
Book balance Book value Book balance Book value
reserves reserves
Shenbao Plaza
3,842,333.64 3,842,333.64 3,842,333.64 3,842,333.64
project
Comprehensive
investment
project of tea
3,794,641.73 3,794,641.73 2,572,410.64 2,572,410.64
industry chain(the
new factory
project)
Production line of
Huizhou
4,188.03 4,188.03
Technology Lile
package
Equipments
remaining
installation of
1,203,806.04 1,203,806.04 998,299.44 998,299.44
Shenbao
Technology
Center
Store fitting-out
works of the
247,699.50 247,699.50
Sofeware
Gardern
Standard Park
Project of the
470,016.63 470,016.63
West Lake
Longjing Tea
Other 903,189.74 903,189.74 903,189.74 903,189.74
Total 9,995,858.68 4,745,523.38 5,250,335.30 8,786,250.09 4,745,523.38 4,040,726.71
13. Productive biological assets
1. Productive biological assets measured by cost
√ Applicable □ Not applicable
In RMB
Items Plantation Livestock Forestry Aquaculture Total
Tea tree
I. original book
value
106
深圳市深宝实业股份有限公司 2015 年半年度报告全文
1.Opening balance 436,156.00 436,156.00
2. increased in the
Period
(1) Outsourcing
(2)Self-cultivate
3.decreased in the
Period
(1)Disposal
(2)Other
4.Ending balance 436,156.00 436,156.00
II. Accumulated
depreciation
1.Opening balance
2. increased in the
Period
(1) accrual
3.decreased in the
Period
(1) Disposal
(2)Other
4.Ending balance
III. Depreciation
reserves
1.Opening balance
2. increased in the
Period
(1) accrual
3.decreased in the
Period
(1) Disposal
(2)Other
4.Ending balance
IV. Book value
1.Ending Book
436,156.00 436,156.00
value
107
深圳市深宝实业股份有限公司 2015 年半年度报告全文
2.Opening book
436,156.00 436,156.00
value
2. Productive biological assets measured by fair value
□ Applicable √ Not applicable
14. Intangible assets
1. Particular about intangible assets
In RMB
Non-patent forest tree use trademark use software use
Items Land use right Patent Know-How Total
technology right right right
I. original book
value
1.Opening
162,844,832.87 40,451,130.52 22,871,704.98 5,065,349.61 2,543,524.93 233,776,542.91
balance
2.
increased in 300,000.00 300,000.00
the Period
300,000.00 300,000.00
(1)Purchase
(2)Internal
R&D
(3)increased by
combination
3.decreased
in the Period
(1)
Disposal
4.Ending
162,844,832.87 40,451,130.52 22,871,704.98 5,065,349.61 2,843,524.93 234,076,542.91
balance
II. accumulated
amortization
1.Opening
18,455,786.37 15,953,549.25 1,113,677.76 1,171,899.76 120,542.97 36,815,456.11
balance
2. 1,872,974.95 1,125,051.40 195,474.60 257,971.91 170,362.71 3,621,835.57
108
深圳市深宝实业股份有限公司 2015 年半年度报告全文
increased in
the Period
(1)
1,872,974.95 1,125,051.40 195,474.60 257,971.91 170,362.71 3,621,835.57
accrual
3.decreased in
the Period
(1)
Disposal
4.Ending
20,328,761.32 17,078,600.65 1,309,152.36 1,429,871.67 290,905.68 40,437,291.68
balance
III.
Depreciation
reserves
1.Opening
balance
2.
increased in
the Period
(1)
accrual
3.decreased in
the Period
(1)
Disposal
4.Ending
balance
IV. Book value
1.Ending
142,516,071.55 23,372,529.87 21,562,552.62 3,635,477.94 2,552,619.25 193,639,251.23
Book value
2.Opening
144,389,046.50 24,497,581.27 21,758,027.22 3,893,449.85 2,422,981.96 196,961,086.80
book value
Ratio of intangible assets form by internal R&D at period-end in balance of intangible assets was 0.00%
15 Development expenses
In RMB
Opening
Items increased in the Period decreased in the Period Ending balance
balance
109
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Items I 142,289.07 142,289.07
ItemsII 2,944.38 2,944.38
ItemsIII 212,277.86 212,277.86
Items IV 227,084.64 227,084.64
ItemsV 112,301.23 112,301.23
ItemsVI 228,157.00 228,157.00
ItemsVII 226,466.62 226,466.62
ItemsVIII 129,829.96 129,829.96
Items IX 121,518.63 121,518.63
Total 1,402,869.39 1,402,869.39
16. Long-term unamortized expenses
In RMB
increased in the Amortized in the
Items Opening balance Other decrease Ending balance
Period Period
Reform of tea park
207,271.00 46,151.09 161,119.91
in Wuyuan
Decoration charge
6,758,578.06 369,895.81 867,121.21 6,261,352.66
for office
Affiliated project of
resident area in 1,233,819.39 182,369.32 1,051,450.07
Jufangyong Wuyuan
Reform project of
3,796,780.34 155,052.22 654,733.38 3,297,099.18
warehouse
Lease of workshop
673,493.98 337,525.40 667,999.19 343,020.19
and office building
Other 291,769.02 1,678,670.99 752,910.57 1,217,529.44
Total 12,961,711.79 2,541,144.42 3,171,284.76 12,331,571.45
17. Deferred income tax assets and deferred income tax liabilities
1. Deferred income tax assets un-offset
In RMB
Ending balance Opening balance
Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
110
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Depreciation reserves of
10,853,321.21 2,699,691.68 11,344,502.29 2,795,010.62
assets
Gains from changes of
642,447.39 160,611.85
fair value
Total 10,853,321.21 2,699,691.68 11,986,949.68 2,955,622.47
2. Deferred income tax liabilities un-offset
In RMB
Ending balance Opening balance
Items Taxable temporary Deferred income tax Taxable temporary Deferred income tax
differences liabilities differences liabilities
Asset evaluation
increment for
4,898,912.35 1,224,728.09 5,050,586.00 1,262,646.50
combination not under
the same control
Change of fair value for
the financial assets 3,176,115.40 794,028.85
available for sale
Total 8,075,027.75 2,018,756.94 5,050,586.00 1,262,646.50
3. Details of unrecognized deferred income tax assets
In RMB
Items Ending balance Opening balance
Deductible temporary differences 67,330,462.05 67,330,462.05
Deductible losses 53,723,670.54 61,597,923.02
Total 121,054,132.59 128,928,385.07
18. Short-term loans
Types of short-term loans
In RMB
Items Ending balance Opening balance
Guarantee loan 40,000,000.00
Total 40,000,000.00
111
深圳市深宝实业股份有限公司 2015 年半年度报告全文
19. Account payable
1. Account payable
In RMB
Items Ending balance Opening balance
Within one year 23,839,970.98 7,654,240.12
1-2 years 1,208,820.17 2,625,057.87
2-3 years 3,670,650.26 5,016,087.79
Over 3 years 2,352,787.43 2,384,065.45
Total 31,072,228.84 17,679,451.23
2. Accounts payable with age over 1 year
In RMB
Items Ending balance Reasons of outstanding or carry-over
Supplier 1 518,655.52 Has uncertainty in payment
Supplier 2 515,892.30 Has uncertainty in payment
Total 1,034,547.82 --
20. Account received in advance
Account received in advance
In RMB
Items Ending balance Opening balance
Within one year 2,715,662.78 1,752,043.85
1-2 years 105,000.00 144,994.72
2-3 years 420,000.00 420,000.00
Over 3 years 845,346.95 845,346.95
Total 4,086,009.73 3,162,385.52
21. Wages payable
1. Wages payable
In RMB
Items Opening balance Current increased Current decreased Ending balance
I. Short-term
7,596,846.63 32,634,392.36 34,022,923.45 6,208,315.54
compensation
112
深圳市深宝实业股份有限公司 2015 年半年度报告全文
II. After-service
welfare-defined 240,414.17 2,349,779.52 2,400,871.12 189,322.57
contribution plans
Total 7,837,260.80 34,984,171.88 36,423,794.57 6,397,638.11
2. Short-term compensation
In RMB
Items Opening balance Current increased Current decreased Ending balance
1. Wage, bonus,
6,328,955.71 25,225,551.24 26,987,489.74 4,567,017.21
allowance and subsidy
2. Employees’ welfare 3,336,649.24 3,336,649.24
3. Social insurance
38,815.79 1,434,849.34 1,293,969.53 179,695.60
charges
Including: basic
medical insurance 34,239.43 1,269,377.60 1,124,051.46 179,565.57
premium
Industrial injury
insurance 1,401.35 75,787.16 77,125.54 62.97
premiums
Maternity
insurance 3,175.01 89,684.58 92,792.53 67.06
premiums
Other
4. Housing public reserve 1,767,486.15 1,767,486.15
5. Trade union fee and
1,229,075.13 869,856.39 637,328.79 1,461,602.73
education fee
Total 7,596,846.63 32,634,392.36 34,022,923.45 6,208,315.54
3. Defined contribution plans
In RMB
Items Opening balance Current increased Current decreased Ending balance
1. Basic endowment
233,879.04 1,929,390.46 1,975,432.15 187,837.35
insurance premiums
2. Unemployment
6,535.13 420,389.06 425,438.97 1,485.22
insurance premiums
Total 240,414.17 2,349,779.52 2,400,871.12 189,322.57
113
深圳市深宝实业股份有限公司 2015 年半年度报告全文
22. Tax payable
In RMB
Items Ending balance Opening balance
VAT 111,588.38
business tax 1,695,125.10 5,328,791.75
Enterprise income tax 3,937,855.57 4,250,882.59
Personal income tax 167,649.42 164,636.83
Urban maintenance and construction tax 72,740.86 419,534.52
House property tax 148,805.38 212,077.16
Embankment fee 51,387.11 52,765.33
Surtax for education expenses 53,934.05 296,311.30
Use tax of land 16,927,829.08 13,986,409.88
Tenure tax 125,261.89 81,576.21
Other 34,707.17 108,083.68
Total 23,326,884.01 24,901,069.25
23. Dividend payable
In RMB
Items Ending balance Opening balance
Shares without trusted 218,212.60 218,212.60
Shenzhen Investment Management
2,690,970.14 2,690,970.14
Company
Total 2,909,182.74 2,909,182.74
Other explanation, including the dividend payable un-paid over one year, disclosed the reasons:
The dividend payabel to Shenzhen Investment Management Company is the leftover problems due to the history
of guarantee
24. Other payable
Classification of other payable according to nature
In RMB
Items Ending balance Opening balance
Deposit and margin 1,515,796.51 1,169,860.00
Engineering quality retention money and
7,499,006.69 26,721,572.13
fund of tail
114
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Intercourse funds and other 12,508,954.28 20,954,388.56
Total 21,523,757.48 48,845,820.69
25. Deferred income
In RMB
Items Opening balance Current increased Current decreased Ending balance 形成原因
Government grants 14,376,120.78 568,991.93 13,807,128.85
Total 14,376,120.78 568,991.93 13,807,128.85 --
Items with government grants involved:
In RMB
Amount reckoned Assets-related/inc
Grants increased
Liability Opening balance into non-operating Other changes Ending balance
in the Period ome-related
revenue
Subsidy for tea
seeding of New
49,920.00 49,920.00 Assets-related
Tea Garden in
Wangkou
Construction
amount for 50 tons
for clearly 1,000,000.00 62,500.00 937,500.00 Assets-related
processing for
Mingyou tea
Industrialization
project of instant 2,869,920.16 98,222.94 2,771,697.22 Assets-related
tea power
Special fund
project of strategic
20,123.05 20,123.05 Assets-related
emerging industry
development
Base of further
processing for tea 2,200,000.00 137,500.00 2,062,500.00 Assets-related
and nature plants
Enterprise
technology center
is a municipal
R&D center.
2,781,316.66 88,041.96 2,693,274.70 Assets-related
Subsidies for
industrial
technological
advancement
Subsidies for key
technology
research and 509,991.25 7,122.51 502,868.74 Assets-related
industrialization of
instant tea powder
Subsidy of
Guangdong
–Agricultural 1,120.58 1,120.58 Assets-related
public relation
project
Special funds for 4,943,729.08 175,604.52 4,768,124.56 Assets-related
Shenzhen strategic
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
emerging industrial
development (deep
processing of
natural plant
project) (Shen Fa
Gai No. 20131601)
Total 14,376,120.78 568,991.93 13,807,128.85 --
26. Share capital
In RMB
Increased (decreased) in this year +,-
Shares
Opening balance New shares Bonus Ending balance
converted from Other Sub-total
issued shares
public reserve
Total shares 301,080,184.00 301,080,184.00
27. Capital reserves
In RMB
Items Opening balance Current increased Current decreased Ending balance
Capital premium (Share
517,246,875.36 517,246,875.36
capital premium)
OtherCapital reserves 939,554.31 939,554.31
Total 518,186,429.67 518,186,429.67
28. Surplus reserves
In RMB
Items Opening balance Current increased Current decreased Ending balance
Statutory surplus
49,483,448.58 49,483,448.58
reserves
Total 49,483,448.58 49,483,448.58
29. Retained profit
In RMB
Items This period Last period
Retained profits at the end of last year before
102,128,156.68 93,286,637.50
adjustment
Retained profits at the beginning of the year after
102,128,156.68 93,286,637.50
adjustment
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
Add: The net profits belong to owners of patent
5,317,533.95 13,323,820.43
company of this period
Less: Exact Statutory surplus reserves 4,482,301.25
Retained profit at period-end 107,445,690.63 102,128,156.68
Details about adjusting the retained profits at the beginning of the period:
1) The retroactive adjustments to Accounting Standards for Business Enterprises and its relevant new regulations affect the retained
profits at the beginning of the period amounting to 0 Yuan.
2) The changes in accounting policies affect the retained profits at the beginning of the period amounting to 0 Yuan.
3) The major accounting error correction affects the retained profits at the beginning of the period amounting to 0 Yuan
4) Merge scope changes caused by the same control affect the retained profits at the beginning of the period amounting to 0 Yuan.
5) Other adjustments affect the retained profits at the beginning of the period amounting to 0 Yuan
30. Operating income and cost
In RMB
Current Period Last Period
Items
Income Cost Income Cost
Main operating 163,268,288.38 105,574,687.77 118,250,169.14 96,487,715.91
Other operating 87,854.89 3,065.99
Total 163,356,143.27 105,577,753.76 118,250,169.14 96,487,715.91
31. Business tax and surcharges
In RMB
Items Current Period Last Period
Business tax 2,408,951.65 74,670.00
Urban maintenance and construction tax 475,029.71 129,715.27
Educational surtax 347,779.17 159,178.47
Land VAT 6,121,700.63
Total 9,353,461.16 363,563.74
32. Sales expenses
In RMB
Items Current Period Last Period
Employee compensation and employee
6,788,330.62 5,632,456.90
costs
Rental and utilities 1,765,201.15 1,228,175.50
Depreciation and amortization expenses 759,933.91 205,761.60
117
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Goods transport miscellaneous expenses 2,342,091.04 2,615,002.62
Sales discounts, promotion fee and
2,331,330.29 2,556,056.62
advertising expenses
Daily office expenses 1,928,729.25 1,258,232.40
Other 974,098.88 1,170,491.10
Total 16,889,715.14 14,666,176.74
33. Management expenses
In RMB
Items Current Period Last Period
Employee compensation and employee
15,375,532.32 16,198,989.86
costs
Rental and utilities 922,959.85 1,423,397.02
Depreciation and amortization expenses 7,595,340.46 5,362,836.31
Intermediary and disclosure expenses 2,508,098.86 2,922,220.78
Tax and fee 1,455,551.93 1,327,436.15
Daily office expenses 5,301,740.34 7,034,140.42
Other 1,446,882.32 2,684,696.07
Total 34,606,106.08 36,953,716.61
34. Financial expenses
In RMB
Items Current Period Last Period
Interest expense 92,388.89 753,873.36
Less: interest income 987,191.77 1,720,498.76
Exchange loss 280,869.62 -173,697.00
Other 152,148.31 106,678.39
Total -461,784.95 -1,033,644.01
35. Asset impairment loss
In RMB
Items Current Period Last Period
1. Bad debt losses -28,845.44
2. Inventory falling price loss -109,905.31
Total -138,750.75
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
36. Gains from change of fair value
In RMB
Source of gains from change of fair value Current Period Last Period
Financial assets measured by fair value and
with its variation reckoned into current 3,176,115.41 397,336.94
gains/losses
Total 3,176,115.41 397,336.94
37. Investment gains
In RMB
Items Current Period Last Period
Long-term equity investment gains recognized
23,717.03
under equity method
Investment income from disposal of long-term
2,853,536.67
equity investment
Investment income gained from disposal of
-480.81
available-for-sales financial assets
Other 606,734.01
Total 630,451.04 2,853,055.86
38. Non-operating income
In RMB
Amount included in the current
Items Current Period Last Period
non-recurring profit and loss
Total income from disposal of
1,000.00
non-current assets
Including: Gains from disposal
1,000.00
of fixed assets
Government grant 2,368,991.93 1,639,508.42 2,368,991.93
Satisfaction from Sunrise
3,554,722.34 3,554,722.34
Company
Other 286,559.99
Total 5,923,714.27 1,927,068.41 5,923,714.27
Government grants reckoned into current gains/losses:
In RMB
Assets-related/
Items Current Period Last Period
Income-related
Science and technology award
300,000.00
received from Longgang
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
District
The ninth batch of patent
financing costs for year of 2013
4,000.00
received from Shenzhen Market
Supervisory Authority
Special subsidy received from
technology center of the 500,000.00
Finance Bureau
Subsidy of the energy audit for
region key energy-consuming
50,000.00
enterprise received from
Finance Bureau
Other government grants 14,629.00
Patent application subsidy
received from Shenzhen Market 8,000.00
Supervisory Authority
Fund of the provincial
agriculture industrialization for 200,000.00
year of 2013 – brand reward
Provincial tea funds for year of
40,000.00
2012
Fund of National Spark
Program of the sericulture and
200,000.00
tea research institute of Jiangxi
Province
The ninth batch of patent
financing costs for year of 2013
4,000.00
from Market Supervisory
Authority
Special subsidy of the famous
trademark in Guangdong 200,000.00
Province
Deferred income transfer-in 568,991.93 118,879.42
Agriculture development for
year of 2014 – subsidy of the 1,400,000.00 Income-related
solid milk tea project
Xingjiang Talent 866 project
100,000.00 Income-related
subsidy (the 2nd year)
Ganpan Talent 555 project
300,000.00 Income-related
subsidy (the 2nd year)
120
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Total 2,368,991.93 1,639,508.42 --
39. Non-operating expenditure
In RMB
Amount reckoned into current
Items Current Period Last Period
non-recurring gains/losses
non-current assets disposal
14,032.21 36,018.31 14,032.21
losses
Including: fixed assets disposal
14,032.21 36,018.31 14,032.21
losses
Other 35,780.00 35,780.00
Total 49,812.21 36,018.31 49,812.21
40. Income tax expense
1. Statement of income tax expenses
In RMB
Items Current Period Last Period
Current income tax expenses 3,714,074.24 616,915.57
Deferred income tax expenses 971,230.54 -99,334.24
Total 4,685,304.78 517,581.33
2. Adjustment process of accounting profit and income tax expenses
In RMB
Items Current Period
Total profit 7,210,111.34
Income tax expenses calculated by statutory tax rate 1,802,527.84
Impact from previous income tax adjusted 147,367.27
Cost, expenses and loss which are not deductible 2,735,409.67
Income tax expenses 4,685,304.78
41. Items of cash flow statement
1. Cash received with other operating activities concerned
In RMB
Items Current Period Last Period
Interest income 820,002.65 1,609,400.13
121
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Government grants 1,890,000.00 1,537,390.44
Intercourse funds and other 6,339,891.65 1,069,965.89
Total 9,049,894.30 4,216,756.46
2. Cash paid with other operating activities concerned
In RMB
Items Current Period Last Period
Expenses 21,227,901.03 25,195,118.77
Intercourse funds and other 16,812,718.06 2,818,183.71
Total 38,040,619.09 28,013,302.48
3. Cash received with other investment activities concerned
In RMB
Items Current Period Last Period
Financial products income 606,734.01
Total 606,734.01
42. Supplementary information to statement of cash flow
1. Supplementary information to statement of cash flow
In RMB
Item This Period Last Period
1.Net profit adjusted to cash flow of
-- --
operation activities:
Net profit 2,524,806.56 -24,563,498.28
Add: Impairment provision for assets -138,750.75
Depreciation of fixed assets, consumption of
oil assets and depreciation of productive 11,957,927.05 11,553,060.14
biology assets
Amortization of intangible assets 3,621,835.57 3,362,054.19
Amortization of long-term deferred expenses 3,171,284.76 2,622,925.36
Loss from disposal of fixed assets, intangible
assets and other long-term assets (income is 14,032.21 36,018.31
listed with “-“)
Loss from change of fair value (income is
-3,176,115.41 -397,336.94
listed with “-“)
Financial expenses (income is listed with
201,662.03 1,033,927.18
“-“)
Investment loss (income is listed with “-“) -630,451.04 -3,117,911.14
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
Decrease of deferred income tax assets
255,930.79 -99,334.24
(increased is listed with “-“)
Increase of deferred income tax liability
756,113.77 1,300,508.81
(loss is listed with “-“)
Decrease of inventory (increased is listed
-3,922,049.83 -39,883,531.73
with “-“)
Decrease of operating receivable accounts
-188,460,222.53 -100,563,419.78
(increased is listed with “-“)
Increase of operating payable accounts (loss
195,737,613.00 100,812,590.90
is listed with “-“)
Net cash flow arising from operating
21,913,616.18 -47,903,947.22
activities
2.Material investment and financing not
-- --
involved in cash flow:
3.Net change of cash and cash equivalents -- --
Balance of cash at period end 180,474,544.93 262,924,249.67
Less: Balance of cash at year-begin 266,847,778.44 243,452,272.91
Net increasing of cash and cash equivalents -86,373,233.51 19,471,976.76
2. Constitution of cash and cash equivalent
In RMB
Items Ending balance Opening balance
Ⅰ. Cash 180,474,544.93 266,847,778.44
Including: Cash on hand 150,028.28 100,531.08
Bank deposit available for payment at
180,324,516.65 266,747,247.36
any time
Ⅲ. Balance of cash and cash equivalent at
180,474,544.93 266,847,778.44
period-end
43. Assets with ownership or use right restricted
In RMB
Items Ending Book value Reason
Applying for the comprehensive credit
Fixed assets 22,140,740.78
limit
Total 22,140,740.78 --
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44. Item of foreign currency
Item of foreign currency
In RMB
Closing balance of foreign
Items Rate of conversion Ending RMB balance converted
currency
Monetary fund
Including: USD 6,750.80 6.1136 41,271.69
HKD 98,292.54 0.7886 77,513.50
Accounts receivable
Including: USD 255,141.58 6.1136 1,559,833.56
Account paid in advance
Including: USD 1,396,279.00 6.1136 8,536,291.29
VIII. Changes of consolidation range
Other reasons for consolidation range changed
Reasons for changed on consolidation range (such as new subsidiary established, subsidiary liquidated etc.)And relevant information:
Subsidiary included in consolidation scope in the Period
Name Reasons
Shenbao Shengyuan (Beijing) Food Co., Ltd. Establishment
Shenbao Shengyuan (Beijing) Food Co., Ltd. is established jointly by Shenbao Huacheng and Beijing Yuding
Shengyuan Commerce Co., Ltd., the Company holds 51% equity and inclued in the consolidation range
IX. Equity in other entity
1. Equity in subsidiary
(1) Constitute of enterprise group
Main operation Share-holding ratio
Subsidiary Registered place Business nature Acquired way
place Directly Indirectly
Shenbao
Shenzhen Shenzhen Manufacturing 100.00% Establishement
Huacheng
Shenshenbao Investment
Shenzhen Shenzhen 100.00% Establishement
Investment management
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Wuyuan Ju Fang
Shangrao Shangrao Manufacturing 100.00% Establishement
Yong
Shenbao Sanjing Huizhou Shenzhen Manufacturing 100.00% Establishement
Huizhou Shenbao
Huizhou Huizhou Comprehensive 100.00% Establishement
Technology
Property
Shenbao Property Shenzhen Shenzhen 100.00% Establishement
management
Shenzhen
Inudstry& Huizhou Shenzhen Wholesale 100.00% Establishement
Trading
Development,
Shenzhen
consulting and
Technology Shenzhen Shenzhen 100.00% Establishement
transfer of the
Center
technology
Hangzhou Ju
Hangzhou Hangzhou Comprehensive 100.00% Establishement
Fang Yong
Chunshi Network Hangzhou Hangzhou Wholesale 100.00% Establishement
Planting,
Fuhaitang
Hangzhou Hangzhou production and 92.00% Acquisition
Ecology
sales of tea
Shenshenbao Tea
Shenzhen Shenzhen Comer and tarde 65.00% Establishement
Culture
Shenbao Yuxing Wuyishan Wuyishan Manufacturing 51.75% Establishement
Shenbao
Beijing Beijing Wholesale 51.00% Establishement
Shengyuan
2. Important non-wholly-owned subsidiary
In RMB
Share-holding ratio of Gains/losses attributable Dividend distribute for Balance of minority’s
Subsidiary
minority (%) to minority in the Period minority in the Period equity at period-end
Shenbao Shengyuan 49.00% -110,941.76 3,564,058.24
Shenbao Yuxing 48.25% -1,725,580.08 18,009,491.49
Fuhaitang Ecology 8.00% -6,843.01 422,481.42
Shenshenbao Tea Culture 35.00% -949,362.54 4,271,352.61
3. Main finance of the important non-wholly-owned subsidiary
In RMB
125
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Ending balance Opening balance
Subsidia Non-curr Non-curr Non-curr Non-curr
Current Total Current Total Current Total Current Total
ry ent ent ent ent
assets assets liability liability assets assets liability liability
assets liability assets liability
Shenbao
13,016,9 13,025,1 5,751,55 5,751,55
Shengyu 8,157.06
81.99 39.05 0.81 0.81
an
Shenbao 42,669,7 19,734,4 62,404,1 25,078,7 25,078,7 42,956,1 19,469,1 62,425,3 21,523,6 21,523,6
Yuxing 70.64 00.21 70.85 99.88 99.88 45.94 79.80 25.74 23.00 23.00
Fuhaitan
1,961,63 3,255,96 5,217,60 3,610,76 3,610,76 2,189,14 3,008,63 5,197,77 3,619,16 3,619,16
g
4.21 7.91 2.12 8.75 8.75 2.96 3.12 6.08 0.24 0.24
Ecology
Shenshe
11,908,4 827,072. 12,735,5 531,656. 531,656. 7,437,96 37,991.4 7,475,95 59,624.0 59,624.0
nbao Tea
48.35 77 21.12 51 51 1.62 4 3.06 6 6
Culture
In RMB
Current Period Last Period
Total Cash flow from Total Cash flow from
Subsidiary Operation Operation
Net profit comprehensive operation Net profit comprehensive operation
Income Income
income activity income activity
Shenbao
Shengyua 2,217,737.68 -226,411.76 -226,411.76 -4,965,431.23
n
Shenbao
3,127,627.09 -3,576,331.77 -3,576,331.77 -3,170,714.22 3,366,573.63 -2,474,878.07 -2,474,878.07 -7,952,760.93
Yuxing
Fuhaitang
2,395,283.81 28,217.53 28,217.53 56,512.60 1,623,202.68 258,903.82 258,903.82 326,103.60
Ecology
Shenshenb
ao Tea 156,314.52 -2,712,464.39 -2,712,464.39 -4,397,196.44
Culture
2. Equity in joint venture and cooperative enterprise
1. Financial summary for un-important joint venture or cooperative enterprise
In RMB
Ending balance /Current Period Opening balance /Last Period
Joint venture: -- --
Total book value of the investment
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
Total numbers measured by share-holding
-- --
ratio
-- Net profit
--Other comprehensive income
-- Total comprehensive income
Cooperative enterprise: -- --
Total book value of the investment 1,066,403.37
Total numbers measured by share-holding
-- --
ratio
-- Net profit 46,503.98
--Other comprehensive income
-- Total comprehensive income 46,503.98
2. Excess losses from joint venture or cooperative enterprise
In RMB
Un-confirmed losses not
Cumulative un-confirmed Cumulative un-confirmed
Name recognized in the Period (or net
losses losses at period-end
profit enjoyed in the Period)
Changzhou Shenbao Chacang
6,337,663.92 1,478,373.34 7,816,037.26
E-Business Co., Ltd.
X. Risks relating to financial instruments
Our business operation makes the Company exposed to various financial risks: credit risk, liquidity risk and
market risk (mainly refers to exchange risk and interest risk). The general risk management policy of the
Company is to minimize potential negative effects on our financial performance in view of the unforeseeable
financial market.
1. Credit risk
The credit risk mainly arises from monetary capital, notes receivables, trade receivables and other receivables.
The management has established adequate credit policies and continues to monitor exposure of these credit risks.
Monetary capital held by the Company is mainly deposited with financial institutions such as commercial banks.
Management believes that these banks are relatively highly rated and possess sound assets and there is low credit
risk. The Company adopts amount-limitation policy to prevent credit risk from any financial institution.
For trade receivables, other receivables and note receivables, the Company establishes relevant policies to control
exposure of credit risk. The Company appraises customers’ credit quality based on their financial position,
possibility to obtain guarantee from third parties, credit history and other factors such as prevailing market
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
conditions, and set corresponding credit terms. Customers’ credit history would be regularly monitored by the
Company. For those customers who have bad credit history, the Company will call collection in written form,
shorten credit term or cancel credit term to ensure its overall credit risk is under control.
Up to 30th June 2015, the top five client’s account receivable takes 28.31% in total account receivable of the
Company (2014: 42.67%)
The maximum credit risk exposure equals to the carrying value of each financial asset in balance sheet (including
derivative financial instrument). The Company has not provided any guarantee which would otherwise make the
Company exposed to credit risk.
2. Liquidity risk
Liquidity risk represents the possibility that the Company is not able to acquire sufficient fund to satisfy business
requirement, settle debt when it is due and perform other obligation of payment.
The finance department continues to monitor capital requirement for short and long term, to ensure adequate cash
reserve. In addition, it continues to monitor whether borrowing agreement is complied with, and seeks for
commitment from major financial institutions for provision of sufficient back-up fund, so as to satisfy capital
requirement in a short and long term.
3. Exchange risk
The major operation of the Company is located in the PRC, and its major operation is settled in Renminbi.
However, there is also exchange risk in respect of the recognized foreign currency assets and liabilities and future
foreign currency transactions which are mainly denominated in US dollar. Our finance department is responsible
for monitoring scale of foreign currency assets and liabilities and foreign currency transactions, to minimize its
exposure to exchange risks. In 2014 and 2013, the Company did not sign any forward exchange contract or
monetary exchange contract.
4. Interest risk
Our interest risk mainly arises from bank borrowings. Financial liabilities at floating rate expose the Company to
cash flow interest risk, and financial liabilities at fixed rate expose the Company to fair value interest risk. The
Company determines the respective proportion of contracts at fixed rate and floating rate based on prevailing
market conditions.
5. Price risk
The Company purchases and sells products at market prices, therefore it is affected by fluctuation of these prices.
XI. Disclosure of fair value
Financial instrument at fair value
The Company states carrying value of the financial asset instruments at fair value as of 30 June 2015 under three
levels of fair value. When determining the three levels of fair value in general, the Company bases on the lowest
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
level to which the key inputs used in measuring fair value belong. The three levels are defined as follows:
Level 1: unadjusted quotation that is available for the same assets or liabilities in active market as of the
measurement date;
Level 2: inputs of relevant assets or liabilities which are observable directly or indirectly other than inputs stated
as level 1;
Inputs of level 2 consist of: 1)quotation of similar assets or liabilities in active market; 2)quotation of the same or
similar assets or liabilities in inactive market; 3)other observable inputs other than quotation, including observable
interest rate and yield curve, implied fluctuation rate and credit spread during the normal quotation interval period;
4) inputs as certified by market.
Ending fair value of the assets and liabilities measured by fair value
In RMB
Ending fair value
Items
First-order Second-order Third-order Total
I. Sustaining measured by
-- -- -- --
fair value
(i) Financial assets
measured by fair value
and with its changes 4,953,811.20 4,953,811.20
reckoned into current
gains/losses
1.Trading financial assets 4,953,811.20 4,953,811.20
II. Non-persistent measure -- -- -- --
XII. Related party and related transactions
1. Parent company of the enterprise
Share-holding
Registration ratio on the Voting right ratio
Parent company Business nature Registered capital
place enterprise for on the enterprise
parent company
Development, established,
Shenzhen Agricultural Products operated and management the RMB
Shenzhen 19.09% 19.09%
Co., Ltd agricultural wholesale market, 1,696,964,100
operates marketing leasing
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
business etc.
2. Subsidiary of the Enterprise
Found more in “IX. Equity in other entities” in this Section
3. Cooperative enterprise and joint venture
The joint venture or cooperative enterprise have balance of related transactions occurred in the Period or in
previsou period are as:
Company’s name Relationship with the Enterprise
Shenzhen Shenbao Manan Bio-technology Co., Ltd. Cooperative enterprise
Changzhou Shenbao Chacang E-Business Co., Ltd. Cooperative enterprise
Yunnan Pu’er Tea Trading Center Co., Ltd. Cooperative enterprise
Other explanation
On July 7, 2014, the Company’s 12th meeting of the eighth board of directors has deliberated and passed the “Motion about planning
to invest and establish Yunnan Puer Tea Trading Center and the supporting service items”, which agreed the company to invest and
establish Yunnan Puer Tea Trading Center Co., Ltd. in Pu’er City, Yunnan Province, the total investment amount is less than RMB
80 million yuan, as the project sponsor, and the Company has invested its owned funds of RMB 20 million yuan which accounts for
40% of the newly-established company’s stock rights. On December 18, 2014, Yunnan Puer Tea Trading Center Co., Ltd. has
gained the license of the business corporation issued by Administration for Industry and Commerce of Puer City, the registration
number is 532700000000078. Up to June 30, 2015, the Company has not actually funded yet.
4. Other related party
Other related party Relationship with the Enterprise
Shenzhen Investment Management Company Former first largest shareholder of the Company
Shenzhen Investment Holding Co., Ltd. Second largest shareholder of the Company
Fujian Wuyishan Yuxing Tea Co., Ltd. Minority shareholder of the Holding subsidiary
5. Related transaction
1. Goods purchasing, labor service providing and receiving
Goods purchasing/labor service receiving
In RMB
Trading limit Whether over the limit
Related party Content Current Period Last Period
approved (Y/N)
Fujian Wuyi Mout.
Yuxing Tea Co., Tea purchasing 5,234,000.00
Ltd.
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
Goods sold/labor service providing
In RMB
Related party Content Current Period Last Period
Shenzhen Agricultural Products
Sales of tea 143,130.77 114,140.00
Co., Ltd
2. Related lease
As a lessee:
In RMB
Lessor Assets type Rent recognized in the period Rent recognized in last period
Fujian Wuyi Mout. Yuxing Tea
Production plant 250,000.00 180,000.00
Co., Ltd.
3. Related guarantee
As a guarantor:
In RMB
Secured party Guarantee amount starts Ends Completed or not (Y/N)
Shenzhen Shenbao
Sanjing Food &
30,000,000.00 2014-04-14 2015-04-20 Y
Beverage Development
Co., Ltd
Shenzhen Shenbao
Huacheng Science and 30,000,000.00 2014-04-14 2015-04-20 Y
Technology Co.,Ltd
As a secured party
In RMB
Guarantor Guarantee amount starts Ends Completed or not (Y/N)
Shenzhen Shenbao
30,000,000.00 2014-04-14 2015-04-20 Y
Industrial Co., Ltd.
Explanation on related guarantee
*1. The Company had signed the “Contract of Guarantee Under the Debt Ceiling” with Shenzhen Nanshan Baosheng County
Bank on April 14, 2014 to provide loan guarantee for the subsidiary Shenzhen Sanjin, the term of validity was from April 14, 2014 to
April 14, 2015.
Shenbao Sanjin had signed the current fund loan contract with Shenzhen Nanshan Baosheng County Bank on April 14, 2014
and obtained the loan of RMB 30 million yuan, and the term of validity was one year. The Company had provided the joint liability
guarantee for it.
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
* 2: The Company had signed the “Contract of Guarantee Under the Debt Ceiling” with Shenzhen Nanshan Baosheng County
Bank on April 14, 2014 to provide loan guarantee for the subsidiary Shenzhen Huacheng, the term of validity was from April 14,
2014 to April 14, 2015.
Shenbao Huacheng had signed the current fund loan contract with Shenzhen Nanshan Baosheng County Bank on April 14,
2014 and obtained the loan of RMB 30 million yuan, and the term of validity was one year. The Company had provided the joint
liability guarantee for it.
*3. Shenzhen Huacheng had signed the “Contract of Guarantee Under the Debt Ceiling” with Shenzhen Nanshan Baosheng
County Bank on April 14, 2014 to provide loan guarantee for the Company, the term of validity was from April 14, 2014 to April 14,
2015.
The Company had signed the current fund loan contract with Shenzhen Nanshan Baosheng County Bank on April 14, 2014 and
obtained the loan of RMB 30 million yuan, and the term of validity was one year. Shenbao Huacheng had provided the joint liability
guarantee for it.
5. Receivables/payables with related parties
1. Receivables
In RMB
Ending balance Opening balance
Items Related party
Book balance Bad debt provision Book balance Bad debt provision
Shenzhen
Account receivable Agricultural 152,695.00 50,258.00
Products Co., Ltd
Changzhou Shenbao
Other account
Chacang E-Business 18,857,745.76 2,497,820.07 18,598,494.94 2,497,820.07
receivable
Co., Ltd.
Yunnan Pu’er Tea
Other account
Trading Center Co., 1,768,096.39 508,525.68
receivable
Ltd.
Fujian Wuyi Mout.
Yuxing Tea Co.,
Other account
Ltd.Fujian Wuyi 500,000.00
receivable
Mout. Yuxing Tea
Co., Ltd.
2. Payables
In RMB
Items Related party Ending book balance Opening book balance
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
Shenzhen Investment
Other account payable 3,510,297.20 3,510,297.20
Management Company
Shenzhen Investment
Dividend payable 2,690,970.14 2,690,970.14
Management Company
XIII. Commitment or contingency
1. Important commitment
Important commitment on balance sheet date
The Company has no commitment or contingency that need to disclosed up to 30 June 2015
2. Contingency
1. Impoartant contingency on balance sheet date
2. Explain reasons if the Company has no important contingency need to disclosed
The Company has no important contingency need to disclosed
3. Other
XIV. Event after balance sheet date
The Company has no event after balance sheet date
XV. Other important events
According to the construction cooperation agreement entered into between the Company and Shenzhen Jitai
Industrial Development Co., Ltd. (“Jitai Industrial Corporation”), the parcel of land owned by the Company at
Wenjin North Road, Luohu District, Shenzhen (No.: H307-0018) was developed by Jitai Industrial Corporation as
office building for its own use. The Company is not obliged to make any further investment nor to assume any
cost in respect of this construction project. And Jitai Industrial Corporation is responsible for inject and assume all
the capital needed for project construction. Based on the land appraisal value as stated in the document No.
H307-0018, the Company determines RMB42,000,000 as the basis for property allocation of this construction
project. Property allocation proportion attributable to the Company: based on the land appraisal value as stated in
the document No. H307-0018, the proportion of RMB42,000,000 to the total cost of this construction project
(namely RMB42,000,000 + all audited capital injected by Jitai Industrial Corporation for the construction project);
if the proportion is less than 20%, then the lowest property allocation proportion attributable the Company is 20%.
In December 2012, parties to this cooperation agreed to cancel the purpose of “office building for own use”, and
in stead change to commercial property named “Jadite Apartment”. Commercial properties of this project
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
commenced move-in since 26 October 2014. Joint arrangement principles are appropriate for “Jadite
Apartment ”project. As of 30 June 2015, sales revenue attributable to the Company is RMB 152,320,500.
XVI.Annotation to main items in financial statements of parent company
1. Accounts receivable
1. Accounts receivable by category
In RMB
Ending balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Type Book
Accrual Accrual Book value
Amount Ratio Amount value Amount Ratio Amount
ratio ratio
Account receivable
14,833,0 14,832,92 66,943, 66,943,467.
withdrawal bad debt 99.81% 170.00 0.00% 99.96% 170.00 0.00%
92.57 2.57 637.46 46
provision by group
Accounts receivables
with single minor
28,453.0 28,453.0 28,453.
amount but with bad 0.19% 100.00% 0.04% 28,453.08 100.00%
8 8 08
debts provision
accrued individually
14,861,5 28,623.0 14,832,92 66,972, 66,943,467.
Total 100.00% 0.19% 100.00% 28,623.08 0.04%
45.65 8 2.57 090.54 46
Account receivable with single major amount and withdrawal bad debt provision for single item at period-end:
□ Applicable √ Not applicable
In combination, accounts whose bad debts provision was accrued by age analysis: Account receivable
√ Applicable □ Not applicable
In RMB
Ending balance
Age
Account receivable Bad debt provision Accrual ratio
Within one year
Subtotal of within one year 14,829,692.57
1-2 years 3,400.00 170.00 5.00%
Total 14,833,092.57 170.00
Explanation on combination determination:
Account receivable accrual bad debt provision by combination
(1)Recognition standards on credit risk characteristics portfolio
As for the account receivable with single minor amount, and the ones without impairment being found after
134
深圳市深宝实业股份有限公司 2015 年半年度报告全文
testing independently, classified into many groups according to the credit risk characteristics, based on the actual
loss ratio of the account receivable groups with similar credit risk characteristics for previous years, accrual bad
debt provision by actual conditions
Recognition standards:
Take a best estimate on the accrual ratio for account receivables based on history of past
Aging of accounts group
experience, classified credit risk characteristics by referring to the age of receivables
(2)Accrual method based on group of credit risk characteristics
Group with bad debt provision accrual by aging:
Account age Accrual ratio
Within one year (one year included) 0%
1－2 years 5%
2－3 years 10%
Over 3 years 15%
In combination, withdrawal proportion of bad debt provision based on balance proportion for account receivable:
□ Applicable √ Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods for account receivable:
□ Applicable √ Not applicable
2. Account receivable collected by arrears party at end of the Period
Top 5 account receivable at ending balance
Company Ending balance Ratio in ending balance of Bad debt provision accrual
the account receivable(%)
Client 1 4,911,360.00 33.04 ---
Client 2 3,237,590.00 21.79 ---
Client 3 2,167,900.00 14.59 ---
Client 4 1,225,500.00 8.25 ---
Client 5 376,916.14 2.54 ---
Total : 11,919,266.14 80.21 ---
2. Other accounts receivable
1. Category of other account receivable
In RMB
Ending balance Opening balance
Book balance Bad debt reserves Book balance Bad debt reserves
Category Book
Accrual Accrual Book value
Amount Ratio Amount value Amount Ratio Amount
ratio ratio
135
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Other account
receivable with bad 307,375, 2,497,51 304,878,2 229,262 2,523,701 226,739,05
98.25% 0.81% 97.67% 1.10%
debt provision 813.73 5.32 98.41 ,757.38 .90 5.48
accrual by portfolio
Other account
receivable with
single minor amount 5,472,39 5,472,39 5,472,3 5,472,398
1.75% 100.00% 2.33% 100.00%
but withdrawal bad 8.91 8.91 98.91 .91
debt provision for
single item
312,848, 7,969,91 304,878,2 234,735 7,996,100 226,739,05
Total 100.00% 2.55% 100.00% 3.41%
212.64 4.23 98.41 ,156.29 .81 5.48
Other account receivable with single major amount and withdrawal bad debt provision for single item at
period-end:
□ Applicable √ Not applicable
In combination, accounts whose bad debts provision was accrued by age analysis: Other account receivable
√ Applicable □ Not applicable
In RMB
Ending balance
Age
Other account receivable Bad debt provision Accrual ratio
Within one year
Within one year 289,860,039.59
Subtotal of within one year 289,860,039.59
1-2 years 819,695.54 40,984.77 5.00%
2-3 years 957,624.79 95,762.48 10.00%
Over 3 years 15,738,453.81 2,360,768.07 15.00%
3-4 years 948,484.12 142,272.62 15.00%
4-5 years 4,410,151.72 661,522.76 15.00%
Over 5 years 10,379,817.97 1,556,972.69 15.00%
Total 307,375,813.73 2,497,515.32
Explanation on combination determination:
Account receivable accrual bad debt provision by combination
(1) Determination basis of the potfolio combination
As for the account receivable with single minor amount, and the ones without impairment being found after
testing independently, classified into many groups according to the credit risk characteristics, based on the actual
loss ratio of the account receivable groups with similar credit risk characteristics for previous years, accrual bad
debt provision by actual conditions
Combination recognition:
136
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Take a best estimate on the accrual ratio for account receivables based on history of past
Aging of accounts group
experience, classified credit risk characteristics by referring to the age of receivables
(2)Accrual method determined by portfolio
Combination of accrual bad debt provision by age analyst method:
Account age Accrual ratio
Within one year (one year included) 0%
1－2 years 5%
2－3 years 10%
Over 3 years 15%
In combination, withdrawal proportion of bad debt provision based on balance proportion for other account
receivable:
□ Applicable √ Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods for other account receivable:
□ Applicable √ Not applicable
2. Bad debt provision accrual, switch-back or taken back in reporting period
Amount RMB 0.00 accrual in the Period; amount RMB 26,186.58 switch-back or taken back in the Period
3. Other receivables by nature
In RMB
Nature Ending book balance Opening book balance
Intercourse funds 312,166,626.21 234,285,933.46
Deposit and other 681,586.43 449,222.83
Total 312,848,212.64 234,735,156.29
4. top 5 other receivables collected by arrears party at ending balance
In RMB
Proportion in total
Ending balance of
Company Nature Ending balance Account age other receivables at
bad debt provision
year-end
Huizhou Shenbao
Intercourse funds 153,277,449.92 Within one year 48.99%
Technology
Shenbao Sanjing Intercourse funds 26,205,535.88 Within one year 8.38%
Changzhou Shenbao
1-3 years and
Chacang E-Business Intercourse funds 18,227,745.76 5.83% 2,466,320.07
above
Co., Ltd.
Yunnan Pu’er Tea Intercourse funds 1,768,096.39 Within one year 0.57%
137
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Trading Center Co.,
Ltd.
Shenzhen Inudstry&
Intercourse funds 230,589.19 Within one year 0.07%
Trading
Total -- -- 63.84% 2,466,320.07
199,709,417.14
3. Long-term equity investment
In RMB
Ending balance Opening balance
Items Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Investment for
879,110,475.04 879,110,475.04 879,110,475.04 879,110,475.04
subsidiary
Investment for
affiliates and joint 2,927,628.53 2,927,628.53 2,927,628.53 2,927,628.53
venture
Total 882,038,103.57 2,927,628.53 879,110,475.04 882,038,103.57 2,927,628.53 879,110,475.04
1. Investment for subsidiary
In RMB
Ending balance
Increase during Decrease during Impairment
Invested Unit Opening balance Ending balance of impairment
the period this period accrual
provision
Shenbao Property 2,550,000.00 2,550,000.00
Shenzhen
Inudstry& 5,500,000.00 5,500,000.00
Trading
Shenbao Sanjing 80,520,842.36 80,520,842.36
Shenbao
168,551,781.80 168,551,781.80
Huacheng
Huizhou Shenbao
60,000,000.00 60,000,000.00
Technology
Wuyuan Ju Fang
280,404,134.35 280,404,134.35
Yong
Hangzhou Ju Fang
176,906,952.42 176,906,952.42
Yong
138
深圳市深宝实业股份有限公司 2015 年半年度报告全文
Shenzhen
54,676,764.11 54,676,764.11
Technology Center
Shenshenbao
50,000,000.00 50,000,000.00
Investment
Total 879,110,475.04 879,110,475.04
2. Investment for associates and joint venture
In RMB
+,-
Ending
Other Cash
Investme balance
Additiona comprehe dividend
Opening nt gains Other Ending of
Company l Capital nsive or profit Impairme
balance recognize equity Other balance impairme
investmen reduction income announce nt accrual
d under change nt
t adjustmen d to
equity provision
t issued
I. Joint venture
II. Associated enterprise
Shenzhen
Shenbao
(Liaoyuan
57,628.53 57,628.53 57,628.53
)
Industrial
Co., Ltd.
Shenzhen
Shenbao
2,870,000 2,870,000 2,870,000
(Xinmin)
.00 .00 .00
Food Co.,
Ltd.
Changzho
u
Shenbao
Chacang
E-Busines
s Co.,
Ltd.
2,927,628 2,927,628 2,927,628
Subtotal
.53 .53 .53
2,927,628 2,927,628 2,927,628
Total
.53 .53 .53
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
3. Other explanation
4. Operation income and costs
In RMB
Current Period Last Period
Items
Income Cost Income Cost
Main business 84,220,117.14 43,785,055.08 24,073,018.64 22,911,987.88
Other business 1,260,009.00 1,200,000.00
Total 85,480,126.14 43,785,055.08 25,273,018.64 22,911,987.88
5. Investment income
In RMB
Items Current Period Last Period
Investment income of long-term equity
measured by cost
Investment income of long-term equity
measured by equity
Investment income from disposal of
4,452,830.20
long-term equity
Investment gains during holding period from
the financial assets measured by fair value
and with its changes reckoned into current
gains/losses
Investment gains from disposal of the
financial assets measured by fair value and
-480.81
with its changes reckoned into current
gains/losses
Investment gains during holding period of
the investment held-to-maturity
Investment gains during holding period of
the financial assets available for sale
Investment gains from disposal of financial
assets available for sale
Gains from the residual equity re-measured
by fair value after controls loss
Other 606,734.01
Total 606,734.01 4,452,349.39
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
6. Other
XVII.Supplementary information
1. Current non-recurring gains/losses
√ Applicable □ Not applicable
In RMB
Items Amount Note
Gains/losses from the disposal of
-14,032.21
non-current asset
Governmental subsidy calculated into
current gains and losses(while closely related
with the normal business of the Company,
2,368,991.93
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
3,176,115.41
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
3,518,942.34
except for the aforementioned items
Other gains and losses items complying with
606,734.01
definition for non-current gains and losses
Less: Impact on income tax 1,834,392.94
Impact on minority shareholders’ equity
325.44
(post-tax)
Total 7,822,033.10 --
2. Return on equity and earnings per share
Earnings per share
Profit during period Weighted average ROE (%)
Basic earnings per Diluted earnings per
141
深圳市深宝实业股份有限公司 2015 年半年度报告全文
share(RMB/Share) share(RMB/Share)
Net profit attributable to
shareholders of ordinary shares of 0.55% 0.0177 0.0177
the Company
Net profit attributable to
shareholders of ordinary shares of
-0.26% -0.0083 -0.0083
the Company after non-recurring
gains/losses deducted
3. 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
√ Applicable □ Not applicable
In RMB
Net profit Net assets
Current Period Last Period Ending balance Opening balance
By Chinese Accounting
5,317,533.95 -23,382,126.99 976,195,752.88 970,878,218.93
Standards
Items and amount adjusted by IAS
Other adjustment on
regulated funds payable in 1,067,000.00 1,067,000.00
share market
By International
5,317,533.95 -23,382,126.99 977,262,752.88 971,945,218.93
Accounting Standards
4. Other
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深圳市深宝实业股份有限公司 2015 年半年度报告全文
Section XI. 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 2015 Semi-Annual Report with signature of the Chairman.
Shenzhen Shenbao Industrial Co., Ltd.
Chairman of Board: Zheng Yuxi
21 August 2015
143
